Vossloh (VOS) Q4 2025 earnings summary

Executive summary

• Achieved record results for fiscal year 2025, with strong Q4 performance and new highs in orders received and sales revenues, driven by the Sateba acquisition.

• Expanded role as a leading system house and solution provider for rail infrastructure, with broad regional diversification and consistent execution of growth strategy.

• Sustainability integrated into strategy, with significant reductions in CO₂ emissions and high ESG ratings.

Financial highlights

• Orders received for FY 2025 reached €1,399M (+2% y-o-y); sales revenues €1,343M (+11% y-o-y).

• Q4 2025 orders received €450M (+33% y-o-y), sales revenues €435M (+24% y-o-y), EBIT €43M (+54% y-o-y), free cash flow €99M (+90% y-o-y).

• EBIT for FY 2025 was €120M (+14% y-o-y), free cash flow €99M (+15% y-o-y).

• Earnings per share €3.24 (-9% y-o-y), net income €79.9M (up from €76.5M in 2024).

• EBITDA margin 13.4%, EBIT margin 8.3%, ROCE 10.5%.

Outlook and guidance

• 2026 sales revenues expected at €1.56–1.66B, driven by full-year consolidation of Sateba.

• EBIT guidance for 2026: €118.5–131M (EBIT margin 7.4–8.2%), with up to €20M in one-off PPA charges for Sateba.

• EBITDA expected at €215–230M (margin 13.5–14.5%).

• Early 2026 expected to show subdued momentum due to seasonal and weather-related factors.