Sparks

Vossloh reported H126 sales revenues up 21.9% y-o-y to €710.1m (H125: €582.6m), a first-half record, though the increase was almost entirely attributable to the first-time consolidation of VTT Europe (Sateba); organically, sales declined slightly. Orders received rose 32.8% to a record €828.5m and the order backlog reached €1,140.7m, up 31.8%, lifting the group book-to-bill to 1.17. EBITDA increased 9.0% to €80.9m but the EBITDA margin fell to 11.4% (H125: 12.7%), while EBIT declined 27.8% to €32.4m, with the EBIT margin at 4.6% (H125: 7.7%) after €9.1m of PPA amortisation related to Sateba. Net income fell to €13.5m (H125: €34.7m), €2.9m attributable to Vossloh shareholders (€28.9m), with EPS of €0.15 (€1.50). Free cash flow was a seasonally negative at -€68.6m and net financial debt (including leases) rose to €590.2m (H125: €552.5m).

By division, Core Components sales rose 62.6% to €348.5m on Sateba, with EBIT up 28.8% to €27.2m despite the PPA charge, aided by a €4.4m gain from the transitional consolidation of a Lithuanian joint venture (JV). Customized Modules held sales broadly flat at €284.6m (H125: €282.5m) but EBIT fell to €17.5m (H125: €32.0m) on weaker European contributions, an adverse project mix, higher logistics costs and the absence of a prior-year Chinese JV gain. Lifecycle Solutions sales declined 6.4% to €95.2m and the division posted a small EBIT loss of €1.1m (H125: €1.7m). Regionally, European sales grew 27.0% as a result of the first-time consolidation of Sateba, while the Americas fell 20.3% on lower concrete-tie shipments in the US and Mexico.

Vossloh confirmed the FY26 guidance it cut on 13 July, now expecting sales of €1,510–1,610m (previously €1,560–1,660m), EBITDA of €195–210m (previously €215–230m) and EBIT of €100–110m (previously €118.5–131.0m). This sits below consensus estimates of €1.58bn revenue, €210.8m EBITDA and €123.1m EBIT. Management attributes the reduction to timing shifts on framework call-offs and deliveries, and temporarily higher procurement and logistics costs, alongside selective capacity adjustments and planned digital M&A. It regards the headwinds as temporary or one-off and reiterated confidence in significant organic growth and a substantial EBIT improvement in 2027.