Vossloh (VOS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 13.5% year-over-year to €331.5M, with H1 2025 revenue up 3.9% to €582.6M, driven by growth in Europe and Africa, offsetting declines in the Americas and Australia.

• EBIT in Q2 2025 increased 18.9% year-over-year to €37.6M; H1 2025 EBIT at €44.9M, slightly below prior year due to lower China deliveries and margin decline.

• Net income and EPS declined year-over-year, with H1 2025 net income at €34.7M and EPS at €1.50, both below prior year.

• Order backlog remains high at €865.8M, with a book-to-bill ratio of 1.07 after six months, despite a 19% drop in orders received.

• Workforce expanded by 13.1% to 4,647 employees, mainly due to acquisitions and consolidation.

Financial highlights

• H1 2025 sales: €582.6M (+3.9% YoY); Q2 2025 sales: €331.5M (+13.5% YoY).

• H1 2025 EBIT: €44.9M (7.7% margin), down from €49.5M (8.8%) in H1 2024; Q2 2025 EBIT margin rebounded to 11.3%.

• H1 2025 net income: €34.7M; EPS: €1.50, both below prior year.

• Free cash flow in H1 2025: €-44.2M, expected to turn positive in H2 2025.

• Capital expenditure increased to €30.0M, mainly for new plant in Sweden and ERP project.

Outlook and guidance

• 2025 revenue expected at €1.25B–€1.325B, up from €1.21B in 2024, driven by growth in China, Germany, US, and Africa.

• 2025 EBIT forecast at €110M–€120M (margin 8.5%–9.5%), with value added of €15M–€25M.

• Lifecycle Solutions division projected to deliver strongest growth.

• Sateba acquisition to add ~€30M sales and ~€4M EBIT per month post-closing.

• Negative currency effects and Sateba PPA expected to impact revenue and EBIT.