Vossloh (VOS) Q2 2026 earnings summary

Executive summary

• Sales revenues rose 21.9% year-over-year to €710.1 million in H1 2026, mainly due to the consolidation of VTT Europe (Sateba), with significant growth in Europe and Africa but declines in the Americas.

• Orders received reached €828.5 million in H1 2026, up 32.9% year-over-year, driven by Sateba consolidation and strong organic growth.

• EBITDA increased to €80.9 million, but EBIT declined to €32.4 million, impacted by PPA effects from the Sateba acquisition.

• Net income dropped to €13.5 million, with EPS at €0.15, reflecting lower EBIT and higher financing expenses.

• Workforce increased by 20.2% to 5,588 employees, mainly due to the Sateba acquisition.

Financial highlights

• Sales revenues: €710.1 million (up from €582.6 million year-over-year).

• EBITDA: €80.9 million (margin 11.4%), up from €74.2 million.

• EBIT: €32.4 million (margin 4.6%), down from €44.9 million.

• Net income: €13.5 million, down from €34.7 million.

• Free cash flow: negative €68.6 million, lower than prior year due to higher capital expenditures and acquisition effects.

Outlook and guidance

• 2026 sales revenue guidance: €1,510–1,610 million, lowered from previous range.

• EBIT guidance: €100–110 million, reflecting up to €20 million in one-off PPA charges and higher costs.

• EBITDA guidance: €195–210 million, with margin expected at 12.5–13.5%.

• Value added expected between €(35) million and €(50) million due to PPA charges and higher capital employed.

• Management expects significant organic growth and EBIT improvement in 2027.