Vossloh (VOS) Q4 2024 earnings summary

Executive summary

• Achieved record orders received and sales revenues in 2024, with strong Q4 performance (+25% and +21% YoY, respectively).

• Expanded as a leading rail infrastructure provider through major acquisitions, including Sateba, the largest in company history.

• Advanced sustainability, earning EcoVadis Gold and publishing the first CSRD-compliant report.

• Proposed increased dividend of €1.10 for 2024.

Financial highlights

• FY 2024 orders received: €1,365M (+12% YoY); sales revenues: €1,210M (stable at record level); EBIT: €105M (+7% YoY); net income: €76.5M (+38% YoY); EPS: €3.56 (+61% YoY); free cash flow: €86M (+21% YoY).

• Equity ratio rose to 50.4% (from 45.8%); net financial debt more than halved to €137.6M.

• Capital expenditure increased to €83.8M, mainly for new switch plants.

Outlook and guidance

• 2025 sales revenues expected at €1.25–1.325B (existing structure); EBIT €110–120M; EBIT margin 8.5–9.5%.

• With Sateba consolidation, sales guidance rises to €1.475–1.575B and EBIT to €140–155M.

• Q1 2025 EBIT expected significantly below prior year due to project timing in Core Components.