Vossloh (VOS) Q1 2025 earnings summary

Executive summary

• Order backlog reached a historic high of €926.4 million, up 15.2% year-over-year, supporting future growth.

• Q1 2025 sales revenues were €251.1 million, the third-highest Q1 in company history, but 6.6% below Q1 2024 as anticipated.

• EBIT normalized at €7.4 million, down from an exceptionally strong prior year due to lower sales and project mix.

• Earnings per share at €0.24, positively impacted by tax income from deferred tax capitalization.

• Free cash flow negative at €(37.4) million, reflecting seasonal patterns and higher capital expenditure.

Financial highlights

• Sales revenues: €251.1 million (down 6.6% year-over-year).

• EBIT: €7.4 million (2.9% margin), down from €17.9 million (6.7%) in Q1 2024.

• Net income: €6.9 million, down from €10.6 million year-over-year.

• Free cash flow: €(37.4) million, lower than €(19.9) million in Q1 2024.

• Equity ratio improved to 49.9% from 46.9% year-over-year, supported by a capital increase.

Outlook and guidance

• 2025 sales guidance confirmed at €1.25–1.325 billion, with strongest growth expected in Lifecycle Solutions.

• EBIT forecast for 2025: €110–120 million, margin 8.5–9.5%.

• Value added expected to rise to €15–25 million in 2025.

• Sateba acquisition expected to add ~€30 million sales and ~€4 million EBIT per month post-closing.