Vossloh AG

Latest Results (10.12.2025):

Vossloh AG — Q3 2025: The company reported a strong Q3 with sales up sharply and healthy profitability in the quarter. Q3 2025 sales rose 9.1% year‑on‑year to €325.9m, supporting a 9‑month sales total of €908.5m (+5.7%). EBIT after nine months was €76.2m, roughly on par with the prior year, while Q3 EBIT was €31.3m (≈9.6% margin). The strategic acquisition of Sateba was completed on 1 October 2025 and will materially change 2025 figures and capital structure; management confirmed 2025 guidance (pre‑PPA) of €1.33–1.40bn sales and €116–126m EBIT.

Sales and profitability (Q3 2025)

Q3 sales: €325.9m (+9.1% y/y). 9M sales: €908.5m (+5.7% y/y). 9M EBIT: €76.2m (vs €77.1m prior year). Q3 EBIT contribution: €31.3m, implying about a 9.6% EBIT margin for the quarter.

Orders and backlog

Orders received in Q3 2025 increased 26.8% vs Q3 2024 to €324.8m. 9M orders were €948.5m (below 2024’s record €1,025.7m). Book‑to‑bill after nine months: 1.04. Order backlog at 30 Sep 2025: €856.3m, remaining at a high level.

Cash flow, net income and capex

Q3 free cash flow was strong at +€44.4m (Q3 2024: €38.9m), but free cash flow after 9 months was only €0.2m. Net income 9M: €51.7m (down from €56.6m), EPS €2.12 (vs €2.70) due to higher interest and more shares outstanding. Capital expenditure increased to €56.1m (1‑9/2025), driven by factories, under‑sleeper pad production and an ERP rollout.

Balance sheet and financing impact of Sateba

Equity rose to €776.8m with an equity ratio of 50.9%. Cash and cash equivalents at 30 Sep 2025: €109.9m. Reported net financial debt increased (reflecting Sateba financing) to about €186.5m at 30 Sep 2025. The €450m Sateba acquisition is financed by a €200m long‑term loan plus bridge financing; refinancing via Schuldschein is planned and net debt/EBITDA is expected below 2.75x by year‑end 2025.

Sateba acquisition — immediate effects

Acquisition closed Oct 1, 2025. Sateba projected to generate €330–350m sales in 2025 and ~1,000 employees across 19 sites in 10 countries. Management expects significant PPA (purchase price allocation) charges that will have a materially negative impact on reported EBIT over the first 24 months; integration and synergy realization are underway.

2025 outlook (post‑acquisition, pre‑PPA)

Group guidance for 2025 (before PPA effects): sales €1.33–1.40bn and EBIT €116–126m, with an expected group EBIT margin around 9% (±0.5 pp). Value added cannot be reliably forecast yet because PPA details are pending; before PPA effects the company expected Value added roughly in the prior guidance range.

Division highlights

Customized Modules: record 9M sales (€427.1m) and EBIT ahead of prior year. Core Components: sales up, profitability remains above 10% but below very high prior levels. Lifecycle Solutions: sales up (new record after 9M) but EBIT below the exceptional prior‑year level. Fastening Systems: strong sales growth (notably Africa, Eastern Europe). Tie Technologies: sales below prior year; management expects Sateba to boost full‑year figures.