Vossloh (VOS) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 9.1% YoY to €325.9m; EBIT increased 13.4% to €31.3m, with margin at 9.6% versus 9.2%.

• 9M revenue grew 5.7% to €908.5m; EBIT was €76.2m versus €77.1m, supported by a strong Q3.

• 2025 sales and EBIT guidance, including Sateba, was confirmed after the acquisition closed on October 1, 2025.

Financial highlights

• 9M EBITDA was €121.8m versus €116.5m; EBITDA margin was 13.4% versus 13.6%.

• 9M net income declined to €51.7m from €56.6m; EPS fell to €2.12 from €2.70, primarily due to higher interest expense and more shares outstanding.

• 9M free cash flow was €0.2m versus €34.2m; Q3 free cash flow was €44.4m versus €38.9m.

• 9M capital expenditure rose to €56.1m from €42.5m, driven mainly by capacity projects and the group-wide ERP implementation.

Outlook and guidance

• 2025 sales guidance is €1.33bn–€1.40bn versus €1.21bn in 2024; Sateba is expected to contribute €330m–€350m in 2025.

• 2025 EBIT guidance is €116m–€126m before Sateba PPA effects; expected EBIT margin remains 9% ±0.5 percentage points.

• Existing operations are expected to grow sales by over 5% in 2025, particularly in China and Africa; high-margin project mix and positive Sateba contributions are expected in Q4.

• Sateba PPA is expected to significantly reduce EBIT for the first 24 months; transaction and integration costs, currency translation and tariffs are included in guidance.

• Value added guidance is not considered reliable due to PPA and higher capital employed; before PPA, the expected range remains €15m–€25m.