Voestalpine AG Overview
voestalpine is a vertically integrated European steel and technology group that combines premium materials production with deep downstream processing. Roughly half of revenue comes from integrated flat steel (Linz) and long-product steelmaking (Donawitz), and the balance from high-margin niches in which the group claims global leadership: complete railway infrastructure systems (rails, turnouts, signalling, digital monitoring), high-alloy tool and high-speed steels, special sections, precision strip, and high-bay warehouse systems, plus aerospace forgings and materials. Its distinctive thesis is the "materials plus processing" model — owning the metallurgy that feeds proprietary engineered products — which historically delivered superior through-cycle margins versus pure-play European steelmakers. The group is executing a EUR 1.5 billion decarbonisation programme ("greentec steel") replacing one blast furnace each at Linz and Donawitz with electric arc furnaces from 2027, while restructuring weak units (German automotive components, parts of High Performance Metals) and redeploying capital toward rail, aerospace and North American "local-for-local" growth.
Company's own description (Annual Report 2025/26)
In its Annual Report 2025/26 the company describes itself as a globally leading steel and technology group with a unique combination of materials and processing expertise, organised as a holding company plus four divisions. It positions itself as a leading partner to the automotive, energy, mechanical engineering, consumer goods and aerospace industries, and as world market leader in rail infrastructure systems, high-quality tool steel and special sections. The annual report emphasises that the broad customer base contributes to earnings stability in a cyclical environment (AR 2025/26, ESRS 2 SBM-1).
Business model
voestalpine's business model is the efficient production and downstream processing of high-quality steel and other high-performance metallic materials for demanding applications. Primary steel is produced in Austria (Linz, Donawitz, Kapfenberg), Sweden (Hagfors) and Brazil (Sumaré); further processing is globally distributed. Large production sites generate a significant share of their own electricity from process gases (AR 2025/26, SBM-1).
The model operates on three layers:
Upstream materials: blast furnace/BOF integrated steel (Linz flat, Donawitz long), electric-arc special steel (Kapfenberg, Hagfors, Sumaré).
Midstream transformation: hot/cold rolling, coating, heavy plate, wire rod, seamless tubes, forging, powder metallurgy, additive manufacturing.
Downstream systems: turnouts and complete track systems, signalling and digital monitoring ("zentrak" ecosystem), roll-formed sections, automotive body components, high-bay warehouse racking, welding consumables and equipment, aerospace logistics services.
Revenue model
Revenue is overwhelmingly product sales (B2B, contract and spot). Service revenues (heat treatment, coating, rail maintenance and monitoring, aerospace logistics, warehouse installation) are embedded within divisions and not separately disclosed. There is no material subscription or licensing revenue. The company does not disclose a product/service split; an indicative characterisation is >90% product, <10% services and project/installation (analyst estimate, not company-disclosed). Management is explicitly targeting more recurring service revenue in Railway Systems (CMD 22 September 2026).
Value-chain position and customers
| Dimension | Characterisation |
|---|---|
| Upstream inputs | Iron ore, coal/coke, alloys, scrap (rising with EAF transition), HBI, electricity, natural gas |
| Position | Integrated producer + downstream engineered-products supplier |
| Customer types | OEMs (automotive, aircraft, rail operators), Tier-1 suppliers, infrastructure owners (DB, SBB, ÖBB, Rail Baltica, Canadian National), energy companies, machine builders, tool-makers, distributors |
| Customer concentration | No single external customer ≥10% of revenue (AR 2025/26, Note D.2) |
End-markets (FY2025/26 revenue by industry, AR 2025/26 SBM-1)
| Industry (EUR Mn) | FY2024/25 | FY2025/26 |
|---|---|---|
| Automotive | 4,772.2 | 4,560.7 |
| Energy | 2,711.7 | 2,413.1 |
| Railway systems | 2,266.2 | 2,211.0 |
| Construction | 1,503.6 | 1,480.9 |
| Mechanical engineering | 1,280.7 | 1,189.5 |
| White goods / consumer goods | 651.2 | 624.2 |
| Aerospace | 543.4 | 603.3 |
| Other | 2,014.7 | 1,980.4 |
Automotive (30%), energy (16%) and rail (15%) together account for about 61% of FY2025/26 revenue. Aerospace was the only industry to grow (+11.0%), consistent with record Airbus-linked orders.
Independent characterisation
voestalpine is best understood as a "premium cyclical": a European integrated steelmaker whose earnings are partly de-cyclicalised by structurally growing, high-return downstream niches. The Steel Division remains the profit anchor (EBITDA EUR 810.5M, 14.1% margin in FY2025/26) — remarkable for a European BOF producer and attributable to a high share of automotive-grade and coated products. The weakest links have been commoditised or structurally challenged processing businesses (German automotive components, oil-country tubulars exposed to US tariffs, certain HPM plants), which the company has been divesting or restructuring since FY2023/24. The investment case pivots on (a) whether EU trade defence (CBAM, post-safeguard quotas) structurally lifts Steel Division margins, (b) execution of greentec steel on time and budget, and (c) mix-shift toward rail and aerospace.
Strategy
Stated strategy (Group Strategy 2030+, AR 2025/26)
The AR 2025/26 frames Group Strategy 2030+ around a guiding principle of shaping a better, safer and more sustainable future, and three pillars (paraphrased):
-
Value-enhancing focused growth in attractive, high-yield processing fields — explicitly rail infrastructure, aerospace, special sections and warehouse technology — plus targeted internationalisation in growth regions.
-
Active portfolio management, efficiency and resilience — strengthening site competitiveness and reorganising low-return units.
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Economically successful decarbonisation of blast-furnace steelmaking toward net zero by 2050, and expansion of the circular economy.
Supporting themes: decentralised divisional organisation for customer proximity; diversification across segments, regions and products; and strategic independence provided by a stable core shareholder structure.
Strategic initiatives announced in the last 24 months
| Initiative | Status / targets | Source / date |
|---|---|---|
| greentec steel phase 1 | Two EAFs (Linz, Donawitz), approx. EUR 1.5 billion; approx. 60% invested by 31 March 2026; core equipment delivered autumn 2026; start-up H1 2027 (Linz reported for February 2027); targeted -30% Scope 1+2 CO2 by 2029 vs 2019 | AR 2025/26; corporate news 3 June 2026 |
| greentec steel Donawitz expansion | Approx. EUR 100 million (Supervisory Board approved) for power infrastructure, third secondary-metallurgy line and scrap logistics; full electrified steelmaking at Donawitz from 2030, subject to funding | Corporate news 18 June and 5 August 2026 |
| Railway Systems growth | Revenue from approx. EUR 2.2 billion to approx. EUR 3 billion by 2030/31; focus on digital, services, India, North America | CMD 22 September 2026 |
| Other growth fields | Aerospace, Warehouse & Rack Solutions, Tubes & Sections named as additional growth contributors | CMD 22 September 2026 |
| North American local-for-local | Jeffersonville capacity doubling (approx. EUR 70M); Thorold plant; CN long-term supply agreement | Q1 2026/27 release |
| India expansion | Rail (high-speed, freight, urban), aerospace, warehouse projects | Corporate news February 2026; CMD 2026 |
| Automotive Components Germany reorganisation | Capacity adjustment to secure long-term viability | AR 2025/26 |
| HPM portfolio restructuring | Buderus sale, site consolidations, BÖHLER Bleche capacity cuts, BÖHLER Profil sale, Camtec closure; declared largely complete | AR 2025/26; Q1 2026/27 |
| Tubulars production adjustment | Output reduced to demand under 50% US tariffs | AR 2025/26 |
| New dividend policy | 30% of EPS if net debt/EBITDA ≤2.0 after dividend; minimum EUR 0.40; extra distributions/buybacks possible when strong | AR 2025/26 FAQ; effective from FY2025/26 |
| Capital structure | EUR 35M tap of 2028 convertible (April 2026), to be serviced from treasury shares | Ad-hoc 2 March 2026; EQS 15 April 2026 |
| Hy4Smelt / hydrogen R&D | Pilot technologies for hydrogen-based direct reduction and smelting (with partners) | H1 2025/26 report feature |
Medium-term financial targets and guidance
| Item | Target / guidance |
|---|---|
| FY2026/27 EBITDA | EUR 1.60–1.85 billion (issued 3 June 2026; reaffirmed 5 August 2026) |
| Railway Systems revenue | approx. EUR 3 billion by FY2030/31 |
| Leverage framework | Net debt/EBITDA ≤2.0 after dividends (dividend policy anchor) |
| Climate | -30% Scope 1+2 and -25% Scope 3 by 2029 vs 2019 (SBTi, well-below-2°C); net zero by 2050 |
| Circularity | Increase scrap use by 50% by 2030 |
| Safety | Reduce accident frequency rate by 5.5% by 2030 |
No group-level revenue or margin targets beyond the annual EBITDA guidance were publicly disclosed.
Products & Services
Pricing models are not publicly disclosed for any line; steel products are typically priced via annual/quarterly contracts with automotive OEMs (often with raw-material escalators) and spot/short-term contracts elsewhere; rail and warehouse systems are project-priced.
Steel Division
| Product line | Description / capabilities | Target customers | Flagship / notes |
|---|---|---|---|
| Hot-rolled strip | High-strength, multiphase and micro-alloyed grades | Automotive, tubes, machinery | Supplies Group downstream units |
| Cold-rolled strip | Deep-drawing and high-strength grades | Automotive body-in-white | Premium European automotive supplier |
| Hot-dip galvanised & electrogalvanised strip | Zinc and zinc-magnesium coated sheet | Automotive exposed panels, white goods, construction | phs-ultraform (press-hardening steel, zinc-coated) — longstanding proprietary product |
| Organically coated strip ("colofer") | Pre-painted strip | Construction, appliances | — |
| Electrical steel strip | Non-grain-oriented; isovac / compacore laminated cores | E-mobility motors, generators | compacore bonded stator/rotor stacks |
| Heavy plate | Thermomechanically rolled plate, sour-service grades | Pipelines, offshore, wind | Exposed to delayed energy projects (FY2026/27 outlook) |
| Foundry products | Large steel castings (Linz) | Turbines, power generation | — |
| Steel & Service Center | Slitting, blanking, cut-to-length | Industrial customers | — |
| Logistics Services | Rail/shipping logistics | Internal and external | — |
| greentec steel products | CO2-reduced steel (initially via mass-balance; from 2027 EAF route) | Automotive OEMs, appliances | Production of approx. 2.5 Mt per year CO2-reduced steel from 2027 (press reports, March 2026) |
High Performance Metals Division
| Product line | Description / capabilities | Target customers | Flagship / notes |
|---|---|---|---|
| Tool steels (hot work, cold work, plastic mould) | Global market leader; brands BÖHLER and UDDEHOLM | Die-casting, forging, plastic-injection mould makers | Kapfenberg special steel plant (EAF; new plant inaugurated 2022 per prior company communications) |
| High-speed steel | Conventional and powder-metallurgical (PM) | Cutting tools, saws | Leading global position |
| Special alloys (nickel-base, titanium) | Forgings, bars, rings | Aerospace engines, airframe, energy | Aerospace orders of approx. EUR 1 billion secured for the next five years, largely Airbus (April 2026) |
| Special steel parts / closed-die forgings | Complex forged components | Aerospace (landing gear, structural), energy | BÖHLER Schmiedetechnik (Kapfenberg) |
| Powder metallurgy / additive manufacturing | Metal powders, AM parts | Aerospace, tooling, medical | AM centres in Austria, Germany, USA, Singapore, Taiwan (per prior company disclosures; not re-verified) |
| Service centers | Machining, heat treatment, coating, warehousing | Tool-making industry | Global network |
| Aerospace logistics / processing hubs | Inventory management, cut-to-size | Aircraft OEMs and Tier-1s | Included in Airbus package |
| Divested / restructured | Buderus Edelstahl (sold FY2024/25), voestalpine BÖHLER Profil (sold April 2026, profiles and industrial knives), BÖHLER Bleche Mürzzuschlag (capacity adjusted), voestalpine Camtec Linz (closure 2026) | — | Portfolio streamlining "largely complete" (AR 2025/26) |
Metal Engineering Division
| Product line | Description / capabilities | Target customers | Flagship / notes |
|---|---|---|---|
| Rails | Head-hardened premium rails up to 120 m lengths (Donawitz) | Infrastructure managers, heavy-haul | Koralmbahn (Austria) fully equipped |
| Turnout systems | High-speed, heavy-haul and urban turnouts; global leader | Rail operators (DB, SBB, ÖBB, CN, Rail Baltica) | Largest single order to date (>EUR 470M) for Rail Baltica high-speed line (16 June 2026); new crossing solutions PITSTOP and IMPACT launched at InnoTrans (18 September 2026) |
| Signalling and digital monitoring | Point machines, diagnostics, track condition monitoring | Rail operators | zentrak digital railway ecosystem |
| Rail services | Lifecycle services, maintenance, logistics | Rail operators | Strategic growth focus (CMD 2026) |
| Wire rod & drawn wire | Premium wire for automotive (springs, fasteners), energy | Automotive suppliers, construction | Donawitz rolling-mill upgrade for new billet formats (press, late 2025) |
| Seamless tubes (Tubulars) | Premium OCTG and industrial tubes (Kindberg) | Oil & gas (mainly USA) | Production reduced due to 50% US tariffs |
| Welding consumables & equipment (Böhler Welding) | Filler metals, welding systems | Energy, construction, fabrication | European leader in complete welding solutions |
Metal Forming Division
| Product line | Description / capabilities | Target customers | Flagship / notes |
|---|---|---|---|
| Special sections (roll-formed profiles) | Custom profiles, global leader in special sections | Construction, agriculture, commercial vehicles, energy (solar) | Jeffersonville (Indiana) capacity doubled — new facility for longitudinal truck-frame beams (approx. EUR 70M / USD 80M; full production expected mid-2027; 110 jobs) |
| Tubes & Sections | Welded precision tubes and sections | Automotive, machinery | Lost momentum during FY2025/26 |
| Precision strip | Cold-rolled precision strip | Saw blades, springs, knives | Performing well |
| Automotive Components | Press-hardened, stamped and roll-formed body parts | Premium European and US OEMs | German unit under reorganisation |
| Warehouse & Rack Solutions | High-bay racking and turnkey warehouse structures | Logistics, retail, cold storage | Largest high-bay order to date: 40-metre logistics hub in Istanbul (January 2026); growth driver |
Financial Narrative
Sources: Annual Reports 2022/23, 2023/24, 2024/25 and 2025/26 (five-year overviews); FY2022/23 retroactively restated. Currency EUR millions unless stated.
Income statement
FY2024/25 PBT per corporate news (EUR 271M; FY2025/26 described as +116.9%). FY2025/26 PBT derived as PAT EUR 424.3M plus tax EUR 162.3M. FY2021/22 PAT includes discontinued Texas operations.
Margins
Revenue CAGR FY2021/22–FY2025/26 (4 years): +0.2% per annum (analyst calculation). Peak-to-latest (FY2022/23 to FY2025/26): -6.2% per annum.
Commentary. The five-year arc is a classic steel-cycle round trip overlaid with restructuring. FY2021/22–FY2022/23 benefited from post-COVID restocking, energy-crisis price spikes and record spreads (EBITDA margin 14–15%). FY2023/24–FY2024/25 saw European demand recession (automotive, construction), falling steel prices and EUR 360M of HPM impairments (FY2023/24), pushing EBIT margins below 4%. FY2025/26 marks an inflection: despite revenue falling 4.3% (Buderus disposal, automotive capacity cuts), EBIT rose 59% and PAT 138% on cost programmes, mix, the absence of large impairments and better steel trade protection. Q1 2026/27 extended the trend (EBITDA margin 12.4%, including approx. EUR 100M one-offs; underlying approx. 9.9%).
Quarterly run-rate (most recent)
Source: Q1 2026/27 interim report and corporate news (5 August 2026).
Balance sheet
Cash figures for FY2021/22 and FY2022/23 per boerse-express data feed (not company-verified). Gearing history per AR five-year overviews. At 30 June 2026 net financial debt fell to approx. EUR 1.0 billion, equity rose to approx. EUR 8.0 billion and gearing to 12.9% (Q1 2026/27).
Commentary. The balance sheet is the strongest in roughly two decades: gearing of 16.2% at FY-end is the lowest since FY2005/06, achieved while funding peak greentec capex. Two analytical caveats apply. First, supplier-finance liabilities (EUR 852M, +17% YoY) are a quasi-debt item outside reported net debt; including them would lift adjusted net debt to roughly EUR 2.1 billion. Second, pension obligations (EUR 817M) are material. The 2019–2026 EUR 500M bond matured in April 2026 (refinanced from cash and operating cash flow).
Cash flow
The company's FCF definition differs from simple OCF-minus-capex; FY2025/26 investing cash flow benefited from EUR 207.8M of financial-asset disposals.
Ratios (analyst calculations from AR 2025/26)
ROIC uses FY2025/26 effective tax rate of 27.7%. Receivables include other receivables; payables exclude supplier finance.
Commentary. Returns remain well below cost of capital (ROIC approx. 6% vs. a WACC likely 8–9%), which explains why the shares traded near book value despite the strong balance sheet. The improvement path relies on (i) Steel margins sustaining 13–15% under EU trade protection, (ii) HPM and Metal Forming normalisation post-restructuring, and (iii) capex falling after greentec peaks in FY2026/27. Working capital is heavy (inventory approx. 4.5 months of cost of sales), typical of special steel, and has been a key cash lever (EUR 790M released over two years).
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Segment Overview
| Segment | Contents |
|---|---|
Steel Division | Hot- and cold-rolled strip; electrogalvanised, hot-dip galvanised and organically coated strip; electrical steel strip; heavy plate (energy sector, Linz); foundry products; Steel & Service Centers; Logistics Services |
High Performance Metals | High-alloy tool steel and high-speed steel (global leader); special alloys incl. nickel-base and titanium for aerospace, oil & gas, energy; global service-center network (machining, heat treatment, coating); additive manufacturing; aerospace logistics/processing hubs in USA, Germany, UK, China, Singapore |
Metal Engineering | Railway Systems (turnouts — global leader; rails; signalling; digital monitoring; services); Industrial Systems: wire rod and drawn wire, premium seamless tubes (Tubulars, Kindberg), welding consumables and machinery (Böhler Welding); own steelmaking at Donawitz |
Metal Forming | Special sections, tubes and sections, precision strip, automotive components (pressed/punched/roll-formed parts), Warehouse & Rack Solutions (high-bay storage systems) |
Holding & Group Services | voestalpine AG holding, US tax-group holdings, two financing entities, raw-materials purchasing company, personnel services, Group IT |
Segment revenue (EUR Mn)
| Segment revenue (EUR Mn) | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|
Steel Division | 6,087.8 | 5,799.1 | 5,730.6 |
High Performance Metals Division | — | 3,182.2 | 2,749.7 |
Metal Engineering Division | — | 4,167.9 | 4,054.7 |
Metal Forming Division | — | 3,125.1 | 3,030.1 |
Holding & Group Services | — | 1,012.4 | 944.2 |
Reconciliation | — | -1,543.0 | -1,446.2 |
Total Group | 16,684.3 | 15,743.7 | 15,063.1 |
Segment EBITDA (EUR Mn)
| Segment EBITDA (EUR Mn) | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|
Steel Division | 686.6 | 743.8 | 810.5 |
High Performance Metals Division | — | 83.0 | 216.2 |
Metal Engineering Division | — | 461.1 | 374.5 |
Metal Forming Division | — | 169.3 | 218.1 |
Holding & Group Services | — | -111.7 | -129.5 |
Segment EBIT (EUR Mn)
| Segment EBIT (EUR Mn) | FY2024/25 | FY2025/26 |
|---|---|---|
Steel Division | 478.8 | 559.1 |
High Performance Metals Division | -156.8 | 57.3 |
Metal Engineering Division | 273.5 | 184.0 |
Metal Forming Division | -15.3 | 73.5 |
Holding & Group Services | -126.0 | -146.2 |
Group | 455.1 | 723.5 |
Segment Overview — Steel
| Segment | Revenue YoY % | EBITDA margin % | EBIT margin % | Share of Group revenue % | EBITDA YoY % |
|---|---|---|---|---|---|
Steel | -1.2 | 14.1 | 9.8 | 38 | 9.0 |
HPM | -13.6 | 7.9 | 2.1 | 18 | 160.5 |
Metal Engineering | -2.7 | 9.2 | 4.5 | 27 | -18.8 |
Metal Forming | -3.0 | 7.2 | 2.4 | 20 | 28.8 |
EBITDA margin by segment (%)
| EBITDA margin by segment (%) | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|
Steel Division | 11.3 | 12.8 | 14.1 |
High Performance Metals Division | — | 2.6 | 7.9 |
Metal Engineering Division | — | 11.1 | 9.2 |
Metal Forming Division | — | 5.4 | 7.2 |
Segment Overview (2)
| Segment | Capex (EUR Mn) | Segment assets (EUR Mn) | Employees (FTE) | Net financial debt (EUR Mn) |
|---|---|---|---|---|
Steel | 536.9 | 5,593.5 | 10,791 | 1,372.0 |
HPM | 81.8 | 3,777.3 | 11,062 | 1,709.3 |
Metal Engineering | 293.2 | 4,211.7 | 14,914 | 1,298.8 |
Metal Forming | 147.8 | 2,482.7 | 10,698 | 966.9 |
Holding & Group Services | 9.5 | 11,146.5 | 1,312 | -4,009.0 |
Group | 1,069.2 | 16,002.2 | 48,777 | 1,263.7 |
Income Statement and Per-Share Data
| Metric | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 14,923.2 | 18,225.1 | 16,684.3 | 15,743.7 | 15,063.1 |
Gross profit (EUR Mn) | — | — | — | 2,838.2 | 3,014.9 |
EBITDA (EUR Mn) | 2,291.3 | 2,544.6 | 1,668.4 | 1,346.4 | 1,485.6 |
EBIT / operating income (EUR Mn) | 1,454.3 | 1,622.8 | 569.3 | 455.1 | 723.5 |
Profit before tax (EUR Mn) | 1,382.5 | 1,489.4 | 383.4 | 271.0 | 586.6 |
Profit after tax incl. NCI (EUR Mn) | 1,330.3 | 1,177.3 | 207.1 | 178.6 | 424.3 |
Profit attributable to parent (EUR Mn) | — | — | — | 153.5 | 424.7 |
EPS basic (EUR) | 7.28 | 6.01 | 0.59 | 0.90 | 2.48 |
EPS diluted (EUR) | 7.28 | 6.01 | 0.59 | 0.90 | 2.44 |
Dividend per share (EUR) | 1.20 | 1.50 | 0.70 | 0.60 | 0.75 |
Margin (%)
| Margin (%) | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
Gross margin | — | — | — | 18.0 | 20.0 |
EBITDA margin | 15.4 | 14.0 | 10.0 | 8.6 | 9.9 |
EBIT margin | 9.7 | 8.9 | 3.4 | 2.9 | 4.8 |
Net margin (PAT incl. NCI) | 8.9 | 6.5 | 1.2 | 1.1 | 2.8 |
Income Statement and Margin Analysis (%)
| Metric | Q1 FY2025/26 | Q1 FY2026/27 |
|---|---|---|
Revenue (EUR Mn) | 3,901.5 | 3,994.4 |
EBITDA (EUR Mn) | 361.2 | 495.0 |
EBITDA margin (%) | 9.3 | 12.4 |
EBIT (EUR Mn) | 171.5 | 306.6 |
Profit before tax (EUR Mn) | 139 | 279 |
Profit after tax (EUR Mn) | 106.3 | 196.2 |
Free cash flow (EUR Mn) | 188 | 224 |
Effective tax rate (%) | 23.4 | 29.6 |
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View Subscription PlansBalance Sheet and Margin Analysis (%)
| Metric | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | — | — | — | 15,734.3 | 16,002.2 |
Cash and cash equivalents (EUR Mn) | 842.8 | 1,055.8 | — | 781.8 | 1,096.0 |
Short-term financial liabilities (EUR Mn) | — | — | — | 843.7 | 963.8 |
Long-term financial liabilities (EUR Mn) | — | — | — | 1,911.5 | 1,524.0 |
Total financial debt (EUR Mn) | — | — | — | 2,755.2 | 2,487.8 |
Net financial debt (EUR Mn) | — | — | — | 1,650.0 | 1,263.7 |
Total equity (EUR Mn) | — | — | — | 7,464.7 | 7,800.6 |
Equity attributable to parent (EUR Mn) | — | — | — | 7,224.8 | 7,580.3 |
Goodwill (EUR Mn) | — | — | — | 999.4 | 998.9 |
Other intangible assets (EUR Mn) | — | — | — | 310.2 | 315.7 |
Inventories (EUR Mn) | — | — | — | 4,697.3 | 4,489.9 |
Working capital, current assets less current liabilities (EUR Mn) | — | — | — | 2,319.2 | 1,974.6 |
Gearing ratio, net debt / equity (%) | 32.4 | 21.4 | 22.0 | 22.1 | 16.2 |
Pensions and employee obligations (EUR Mn) | — | — | — | 894.7 | 816.6 |
Supplier finance liabilities (EUR Mn) | — | — | — | 729.5 | 852.3 |
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View Subscription PlansCash Flow
| Metric | FY2024/25 | FY2025/26 |
|---|---|---|
Operating cash flow (EUR Mn) | 1,420.5 | 1,540.1 |
Net working capital release (EUR Mn) | 480.1 | 310.7 |
Capex, cash, PP&E and intangibles (EUR Mn) | 1,108.6 | 983.4 |
Capex, investments per segment table (EUR Mn) | 1,243.1 | 1,069.2 |
Cash flow from investing (EUR Mn) | -1,254.6 | -794.9 |
Free cash flow, company definition (EUR Mn) | — | 537 |
OCF less cash capex, analyst (EUR Mn) | 311.9 | 556.7 |
Dividends paid incl. minorities (EUR Mn) | 214.6 | 123.9 |
Cash flow from financing (EUR Mn) | -699.5 | -429.9 |
Share buybacks (EUR Mn) | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2024/25 | FY2025/26 |
|---|---|---|
ROE, PAT / average equity (%) | 2.4 | 5.6 |
ROA, PAT / average assets (%) | 1.1 | 2.7 |
ROIC, NOPAT / (equity + net debt) (%) | 3.6 | 5.8 |
Current ratio (x) | 1.44 | 1.35 |
Debt / equity (x) | 0.37 | 0.32 |
Net debt / EBITDA (x) | 1.23 | 0.85 |
Interest coverage, EBIT / interest expense (x) | 1.9 | 3.8 |
Asset turnover (x) | 1.00 | 0.95 |
Inventory days | 133 | 136 |
Receivable days | 43 | 46 |
Payable days | 76 | 81 |
Cash conversion cycle (days) | 100 | 101 |
Revenue by Region
| Region (EUR Mn) | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|
European Union excl. Austria | — | 8,969.3 | 8,784.5 |
Austria | — | 1,083.2 | 1,074.4 |
USMCA (USA, Mexico, Canada) | — | 2,192.1 | 2,078.9 |
Asia | — | 1,430.5 | 1,193.5 |
South America | — | 528.0 | 447.3 |
Rest of World | — | 1,540.6 | 1,484.5 |
Total | 16,684.3 | 15,743.7 | 15,063.1 |
Region Overview
| Region | FY2025/26 share % | YoY growth % |
|---|---|---|
EU excl. Austria | 58 | -2.1 |
Austria | 7 | -0.8 |
USMCA | 14 | -5.2 |
Asia | 8 | -16.6 |
South America | 3 | -15.3 |
Rest of World | 10 | -3.6 |
Revenue by Region and Region Assets & Liabilities
| Geographic data (EUR Mn) | Austria FY2024/25 | Austria FY2025/26 | EU FY2024/25 | EU FY2025/26 | Other FY2024/25 | Other FY2025/26 |
|---|---|---|---|---|---|---|
External revenue | 1,083.2 | 1,074.4 | 8,969.3 | 8,784.5 | 5,691.2 | 5,204.2 |
Long-term assets | 5,534.7 | 5,794.7 | 1,424.6 | 1,409.5 | 971.2 | 975.6 |
Capex | 845.8 | 819.8 | 236.7 | 125.1 | 160.6 | 124.3 |
Capital Markets
| Measure | Value | Source |
|---|---|---|
Price 31 Mar 2025 | EUR 22.86 | AR 2025/26 |
Price 31 Mar 2026 | EUR 37.82 (+65% FY2025/26, outperforming ATX and international benchmarks) | AR 2025/26 |
FY2025/26 high / low | EUR 49.02 / EUR 19.67 | AR 2025/26 IR section |
52-week high (intraday) | EUR 49.10 (25 Feb 2026) | Press |
Latest | EUR 44.56 (Vienna close, 9 Oct 2026); approx. +18% YTD 2026 | MarketScreener |
Calendar 2025 | Approx. doubled (press reports +107% YTD by December 2025) | Press |
Share price, fiscal year-end (EUR) | FY2021/22 | FY2022/23 |
Valuation Multiples
| Multiple | voestalpine | Basis |
|---|---|---|
Trailing P/E | approx. 18.0x | FY2025/26 basic EPS EUR 2.48 |
Forward P/E | approx. 12x (FY2026/27e) / approx. 9x (FY2027/28e) | MarketScreener consensus |
EV (approx.) | approx. EUR 8.9 billion | Market cap + net debt approx. EUR 1.0–1.3 billion + minorities |
EV/EBITDA | approx. 5.2x | FY2026/27 guidance midpoint EUR 1.725 billion |
EV/Sales | approx. 0.56x (FY2026/27e) | MarketScreener |
P/B | approx. 1.0x | Equity attributable EUR 7.58 billion (31 Mar 2026) |
Dividend yield | approx. 1.7% (EUR 0.75); approx. 2.3–2.7% forward (consensus) | boerse.de; MarketScreener |
Analyst Ratings & Targets
| Broker | Rating | Target (EUR) | Date |
|---|---|---|---|
UBS | Neutral (from Buy) | 50 | Jun 2026 |
Morgan Stanley | Equal-weight | 48 | Jun 2026 |
BofA | Buy (PT lowered) | — | 21 Sep 2026 |
Erste Group | Accumulate (upgrade) | — | 7 Aug 2026 |
Wiener Privatbank | Hold (from Sell) | — | Sep 2026 |
Barclays | Overweight | 44 | Jan 2026 |
JPMorgan | Overweight | 40.60 | Late 2025 |
Deutsche Bank | Buy | — | Feb 2026 |
Citigroup | Neutral | — | Jan 2026 |
BNP Paribas | Neutral | — | Jan 2026 |
“—” = not publicly disclosed.
Dividend per share (EUR)
| Dividend per share (EUR) | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
DPS | 1.20 | 1.50 | 0.70 | 0.60 | 0.75 |
Payout ratio, DPS / basic EPS (%) | 16 | 25 | 119 | 67 | 30 |
Capital Instruments
| Instrument | ISIN | Amount | Maturity | Status |
|---|---|---|---|---|
Corporate bond 2019–2026 | AT0000A27LQ1 | EUR 500M | April 2026 | Repaid at maturity |
Convertible bond 2023–2028 | AT0000A33R11 | EUR 250M + EUR 35M tap = EUR 285M | 2028 | — |
Schuldschein / bank loans / leases | — | Balance of EUR 2.49 billion gross financial liabilities at 31 Mar 2026 | Various | — |
Analyst Conclusions
Management guidance
FY2026/27 EBITDA of EUR 1.60–1.85 billion (midpoint EUR 1.725 billion, +16% vs FY2025/26), reaffirmed 5 August 2026. Assumptions: global economic environment similar to FY2025/26; positive regulatory effects (CBAM, post-safeguard) for Steel; sustainable and one-off positive effects from HPM restructuring; continued strong Railway Systems; no significant change in US tariff impact on seamless tubes; positive effects from Automotive Components reorganisation; offset partly by delays in heavy-plate energy projects. Q1 2026/27 EBITDA of EUR 495M (approx. EUR 395M underlying) implies the guidance requires a run-rate of approx. EUR 370–450M per quarter for the remainder of the year.
Consensus growth expectations
Sell-side models cited in the press imply EPS of approx. EUR 3.8 in FY2026/27 and approx. EUR 4.3 in FY2027/28 (vs EUR 2.48 in FY2025/26), with dividends rising toward EUR 1.10–1.30. Forward P/E of approx. 12x and 9x reflect these expectations.
Bull case
-
Trade-defence margin uplift: CBAM plus halved import quotas could lift Steel Division EBITDA margins sustainably above 14% (FY2025/26: 14.1%) and support group EBITDA above EUR 1.8 billion.
-
Mix-shift to high-return niches: Rail (to approx. EUR 3 billion), aerospace (EUR 1 billion order book) and warehousing raise the share of stable, higher-margin earnings, warranting a re-rating toward diversified-industrial multiples.
-
FCF inflection post-greentec: with approx. 60% of phase-1 spent and Austria-centric capex peaking, FCF could exceed EUR 700M by FY2027/28, enabling the 30%-plus payout, extra distributions or buybacks from a gearing of approx. 13%.
Bear case
-
Cash-flow squeeze: greentec phase 2 (Donawitz expansion), higher electricity costs and ETS phase-out may keep FCF subdued — the explicit reason for UBS and Morgan Stanley downgrades in June 2026.
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Auto and energy weakness: automotive (30% of revenue) and energy (16%) remain soft; heavy-plate project delays and US tariffs on Tubulars persist.
-
Low returns and one-off reliance: underlying ROIC of approx. 6% is below WACC; FY2025/26–Q1 2026/27 improvement relied partly on absence of impairments and disposal gains (approx. EUR 100M in Q1).
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| 11 Nov 2026 | H1 2026/27 results — underlying EBITDA ex one-offs; guidance confirmation or narrowing |
| Q4 2026 – Q1 2027 | EU steel market response to post-safeguard regime; import volumes and spreads |
| Feb 2027 | Q1–Q3 2026/27 results; early commissioning updates |
| H1 2027 | EAF start-up in Linz (reported for February 2027) and Donawitz — on-time, on-budget execution |
| 2,027 | Clarity on public funding for Donawitz phase 2; EU ETS free-allocation path |
| Ongoing | US tariff developments; Middle East energy prices; Railway Systems order intake (India, North America); FCF vs capex; any bolt-on M&A in rail/aerospace |
| Jun 2027 | FY2026/27 results and first dividend under full-year policy application with higher EPS |
Concluding analyst verdict
voestalpine enters late 2026 at a genuine inflection point. After two years of restructuring-burdened earnings, FY2025/26 delivered EUR 1.49 billion EBITDA, a 59% EBIT increase and the strongest balance sheet in two decades, while the order book in rail and aerospace reached record levels. Most importantly, the European policy regime has shifted decisively in favour of domestic steelmakers: CBAM is live, and the post-safeguard quota regime materially curbs imports. For a producer whose Steel Division already earns 14% EBITDA margins, this is a meaningful structural tailwind.
The market has priced much of this. The shares roughly doubled in 2025 and have added about 18% in 2026, trading at approximately 12x forward earnings, approximately 5x EV/EBITDA on guidance and roughly 1x book — no longer the deep-value multiple of 2024, yet still below what a group with a EUR 2–3 billion rail business, global tool-steel leadership and aerospace franchise could command if returns normalised.
The swing factor is cash, not earnings. Greentec steel phase 1 is on time and on budget, but phase 2 at Donawitz, rising power needs and the gradual withdrawal of free ETS allowances mean capital intensity stays elevated, and group ROIC (approximately 6%) still trails its cost of capital. Underlying profitability also needs to be separated from one-offs: approximately EUR 100 million of Q1 2026/27 EBITDA was non-recurring.
Our synthesis is constructive but selective: a quality European steel-and-technology compounder in transition, with downside protected by balance-sheet strength and regulatory support, and upside dependent on demonstrating that post-restructuring HPM and Metal Forming margins, plus Railway Systems growth, can lift group EBITDA sustainably toward EUR 1.8–2.0 billion with falling capex from FY2027/28. The H1 2026/27 results on 11 November 2026 and the 2027 EAF start-ups are the decisive proof points.
Principal sources consulted
-
voestalpine Annual Report 2025/26 (online report: FAQs; Note D.2 Operating segments; Note D.32 Earnings per share; Statement of Financial Position; Cash flows; ESRS 2 SBM-1; Management Board; IR section PDF).
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voestalpine Annual Reports 2022/23, 2023/24, 2024/25 (five-year overviews).
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voestalpine corporate news / EQS: 12 Nov 2025; 11 Feb 2026; 2 Mar 2026; 18 Mar 2026; 15 Apr 2026; 3 Jun 2026; 1 Jul 2026; 5 Aug 2026; 22 Sep 2026; 5 Jun 2024.
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voestalpine Q1 2026/27 interim report (key figures).
-
voestalpine Capital Markets Day 2026 page.
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Kadant Inc. Forms 8-K, 10-K and 10-Q (2026) — BÖHLER Profil transaction.
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Press and data: Reuters (via onvista/MarketScreener), RTTNews/Nasdaq, APA/Der Standard, GMK Center, SteelOrbis, SteelRadar, boerse-express, trading-treff, finanztrends, boerse.de, MarketScreener, MarketBeat, industriemagazin, tips.at, getquin.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Role | Born | On board since | Term ends | Background |
|---|---|---|---|---|---|
Herbert Eibensteiner (Dipl.-Ing.) | Chairman / CEO; corporate development, R&D strategy, HR strategy, communications, legal, compliance, M&A, sustainability strategy, IR, internal audit | 1,963 | 1 Apr 2012 (CEO since 3 Jul 2019) | 31 Mar 2029 | Joined 1989 as maintenance engineer in Linz; previously headed Metal Forming and Steel divisions; mechanical engineering and business studies, TU Wien |
Gerald Mayer (Mag.) | CFO; accounting, controlling, treasury, tax, risk, insurance, IT | 1,971 | 1 Apr 2024 | 31 Mar 2032 (extended Mar 2026) | — |
Franz Kainersdorfer (Dipl.-Ing. Dr.) | Head of Metal Engineering Division; Group energy supply | 1,967 | 1 Jul 2011 | 31 Mar 2029 | Metallurgist; long Donawitz/Metal Engineering career |
Reinhard Nöbauer (Dipl.-Ing. Dr.) | Head of HPM Division; procurement strategy | 1,963 | 1 Apr 2024 | 31 Mar 2030 (extended Mar 2026) | — |
Carola Richter (Dr.) | Head of Metal Forming Division; health & safety | 1,973 | 1 Apr 2024 | 31 Mar 2032 (extended Mar 2026) | Recruited externally from industry; first woman on the Management Board |
Hubert Zajicek (Dipl.-Ing., MBA) | Head of Steel Division; raw materials supply | 1,968 | 4 Jul 2019 | 31 Mar 2029 | Long Steel Division career |
Board & Management Changes
| Date | Change |
|---|---|
29 Aug 2023 | Supervisory Board extends CEO Eibensteiner by five years (to March 2029); announces successors for Robert Ottel (CFO) and Peter Schwab (Metal Forming) |
1 Apr 2024 | Mayer (CFO), Nöbauer (HPM) and Richter (Metal Forming) join the Management Board |
18 Mar 2026 | Mandates of Mayer and Richter extended to 31 March 2032; Nöbauer to 31 March 2030 (effective from 1 April 2027); contracts of Eibensteiner, Zajicek and Kainersdorfer unchanged (to 31 March 2029) |
11 May 2026 | Eva Aigner appointed CFO of the Metal Engineering Division (divisional, not Management Board) |
By Aug 2026 | Head of IR changed from Peter Fleischer to Dino Malkic |
Board of Directors
| Name | Role | Notes |
|---|---|---|
Wolfgang Eder | Chair | Former CEO (2004–2019); confirmed as chair in March 2026 press materials |
Major Shareholders
| Holder | Stake | Source |
|---|---|---|
Raiffeisenlandesbank Oberösterreich Invest GmbH & Co OG | <15% | AR 2025/26 FAQ |
voestalpine Mitarbeiterbeteiligung Privatstiftung (employee foundation) | 14.0% | AR 2025/26 FAQ |
Oberbank AG | 8% | AR 2025/26 FAQ |
Treasury shares | approx. 3.98% (7,098,547 shares) | AR 2025/26 |
Other holders above 4% notification threshold | Not publicly disclosed in retrieved sources | — |
Competitive Landscape
Competitors by Segment
| Segment | Key competitors |
|---|---|
Steel (flat, automotive, plate) | ArcelorMittal, thyssenkrupp Steel Europe, Salzgitter, Tata Steel Nederland, SSAB, U. S. Steel/Nippon Steel (in some markets), Dillinger (plate) |
HPM (tool steel, special alloys, aerospace) | Swiss Steel Group (Deutsche Edelstahlwerke), Proterial (formerly Hitachi Metals), Daido Steel, Carpenter Technology, ATI, Aubert & Duval (Eramet group, now French-state-led consortium), Alleima |
Metal Engineering — Railway Systems | Vossloh, Pandrol (Delachaux), Progress Rail (Caterpillar), Wabtec, Schwihag, ArcelorMittal and Nippon Steel (rails), British Steel (rails) |
Metal Engineering — Tubulars, wire, welding | Tenaris, Vallourec (tubes); Lincoln Electric, ESAB, voestalpine Böhler Welding peers (welding) |
Metal Forming — automotive & sections | Gestamp, Benteler, Magna, Kirchhoff; Warehouse: Mecalux, SSI Schäfer, Stow (racking) |
Peer Comparison FY2024
| Company | FY | Revenue | Revenue growth % | EBITDA margin % | R&D intensity % |
|---|---|---|---|---|---|
voestalpine | FY2025/26 | EUR 15.1 bn | -4.3 | 9.9 | 1.5 |
ArcelorMittal | FY2024 | approx. USD 62 bn | approx. -9 | approx. 11 | approx. |
thyssenkrupp (group) | FY2023/24 | approx. EUR 35 bn | approx. -6 | approx. 4 (adj.) | approx. |
Salzgitter | FY2024 | approx. EUR 10 bn | approx. -6 | approx. 4 | — |
Vossloh (rail peer) | FY2024 | approx. EUR 1.2 bn | approx. +5 | approx. 14 | — |
