Vossloh AG

VOS

Equity

ISIN DE0007667107 / Valor 352791

Xetra (2026-02-20)

EUR 83.30-0.48%

Vossloh AG
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About company

Vossloh AG is a leading global rail technology company, with rail infrastructure as its core business. The company offers integrated solutions for rail networks worldwide, contributing to safe, sustainable, and environmentally friendly mobility for both passengers and goods. Vossloh specializes in signalling systems, turnout technology, rail fastening systems, and the manufacturing of pre-stressed concrete railroad ties and turnout ties. The company also provides logistics services for the delivery of long rails and switch systems to track construction sites, as well as welding services. Vossloh's focus on innovation and customer satisfaction ensures the development of technical standards and customized solutions for various applications and climate zones in the rail industry.

Summarized from source with an LLMView SourceSector: Industrials

Sales and margins (Q3 and 9M 2025)

Q3 2025 sales rose 9.1% to €325.9m; 1‑9/2025 sales reached €908.5m (+5.7% y/y). Q3 EBIT margin improved to ~9.6% (Q3 2024: 9.2%). For the first nine months EBIT was €76.2m (EBIT margin 8.4%), slightly below the prior-year €77.1m (9.0%).

Profitability and earnings per share

Net income for 1‑9/2025 was €51.7m (down from €56.6m) and basic EPS fell to €2.12 (from €2.70). The reduction reflects higher interest expenses and a greater number of outstanding shares in 2025.

Cash flow, capex and working capital

Free cash flow was very strong in Q3 at +€44.4m, but free cash flow after nine months was only €0.2m (1‑9/2024: €34.2m) due to higher capex (1‑9/2025 capex €56.1m vs €42.5m prior year). Average working capital intensity improved to 18.3% (below 20%).

Orders and backlog

Orders received in Q3 2025 rose markedly versus Q3 2024 (company notes a 26.8% increase for the quarter to ~€324.8m); 1‑9/2025 orders were €948.5m (below the prior-year record €1,025.7m). Book‑to‑bill after nine months was 1.04 and order backlog remained high at €856.3m (9/30/2025).

Sateba acquisition and financing

Vossloh AG completed the acquisition of Sateba on Oct 1, 2025. Sateba is expected to generate €330–350m sales in 2025 and to expand Vossloh’s European systems portfolio. Purchase price allocation (PPA) effects will materially and negatively affect EBIT in the first 24 months. The €450m transaction is financed by a €200m long‑term loan and bridge financing with Schuldschein refinancing planned; net debt/EBITDA is expected to be below 2.75x at end‑2025.

Divisional snapshot (1‑9/2025)

Customized Modules: record sales after 9M and increased EBIT versus prior year. Core Components: sales +6.7%, profitability still above 10% but below a very strong prior year. Fastening Systems: strong sales growth (+22.6% y/y) and good value added. Tie Technologies: sales below prior year and weaker orders. Lifecycle Solutions: sales substantially up (new record), but EBIT below the very high prior‑year comparator.

Balance sheet and leverage

Equity increased to €776.8m (9/30/2025) and the equity ratio was ~50.9%. Net financial debt rose versus year‑end (impact from Sateba financing); management highlights increased capital employed from the acquisition and expects a higher capital employed level in Q4.

Outlook for full‑year 2025

Guidance (post‑Sateba) is sales €1.33–1.40bn and EBIT €116–126m (both figures before PPA effects for Sateba). Management reiterates a target Group EBIT margin of ~9% (±0.5 pp) before PPA; PPA, integration costs, currency effects and tariffs are noted as factors creating uncertainty for value‑oriented metrics in 2025.

Summarized from source with an LLMView Source

Key figures

71.9%1Y

107%3Y

87.0%5Y

Performance

40.2%1Y

28.5%3Y

28.2%5Y

Volatility