Vossloh (VOS) Q3 2025 earnings summary

Executive summary

• Sales revenues in Q3 2025 rose 9.1% year-over-year to €325.9 million, with 9M 2025 sales up 5.7% to €908.5 million, driven by growth in Northern Europe and Africa.

• EBIT for 9M 2025 was €76.2 million, nearly matching the prior year, with a strong Q3 EBIT margin of 9.6%.

• Net income for 9M 2025 was €51.7 million, down from €56.6 million, mainly due to higher interest expenses and more outstanding shares.

• Free cash flow in Q3 2025 was €44.4 million, up from €38.9 million in Q3 2024.

Financial highlights

• EBITDA for 9M 2025 reached €121.8 million (margin 13.4%), up from €116.5 million (13.6%).

• Earnings per share for 9M 2025 were €2.12, down from €2.70 year-over-year.

• Capital expenditure increased to €56.1 million, mainly for new production facilities and ERP implementation.

• Equity rose to €776.8 million, with an equity ratio of 50.9%.

• Net financial debt decreased year-over-year to €137.6 million, but increased from year-end due to Sateba acquisition financing.

Outlook and guidance

• 2025 sales revenue guidance is €1.33–1.4 billion, driven by the Sateba acquisition and organic growth, especially in China and Africa.

• EBIT guidance for 2025 is €116–126 million before Sateba PPA effects, with an expected EBIT margin of 9% (+/- 0.5pp).

• Value added forecast for 2025 is not reliable due to PPA effects, but pre-PPA value added is expected to be €15–25 million.