Vossloh Aktiengesellschaft
/ Key word(s): Quarterly / Interim Statement
Order situation remains at a high level after nine months of 2026, strong business performance expected in the fourth quarter
22.10.2026 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
Orders received increase to €1,154.5 million; book-to-bill ratio at 1.06; order backlog remains high at €1,094.0 million
Sales revenues increase by 19.6 percent to €1,086.8 million due to acquisitions
EBITDA rises to €128.5 million – EBIT of €56.6 million impacted by PPA effects for VTT Europe (Sateba) and other special factors
Outlook for financial year 2026, as adjusted in July, confirmed and specified Vossloh AG (“Vossloh”) continues to report a strong order situation after nine months. Orders received totaled €1,154.5 million, up by 21.7 percent on the prior year (9M 2025: €948.5 million). The main reason for this increase was the first-time full consolidation of VTT Europe (Sateba, orders received of €178 million). However, adjusted for acquisitions, orders received also increased by approximately 3 percent, primarily due to improved demand in North America. The Group's book-to-bill ratio stood at 1.06 in the first nine months of 2026. Accordingly, order backlog increased by 27.8 percent year-on-year to €1,094.0 million.
“The rail infrastructure market remains intact and underlines our confidence in achieving our medium-term ambitions. We are currently facing a number of challenges, not least against the backdrop of ongoing geopolitical tensions in large parts of the world, which are temporarily weighing on our profitability. It is therefore all the more important that we now set the right course for a successful future and, in particular, continue to consistently expand our portfolio of digital solutions,” comments Oliver Schuster, CEO of Vossloh AG.
Dr. Thomas Triska, CFO of the company, adds:“We got off to a very good start in the fourth quarter and remain on track to achieve the targets adjusted in July of this year. For 2027, we expect the factors currently weighing on profitability to decline noticeably, resulting in significantly improved earnings again.”
The Vossloh Group's sales revenues increased by 19.6 percent to €1,086.8 million in the first nine months of 2026 due to the consolidation of VTT Europe (Sateba) (9M 2025: €908.5 million). Excluding VTT Europe (Sateba), sales revenues were approximately 4 percent below the prior-year level due to project delays and lower call-offs under framework agreements in certain countries. At €128.5 million, EBITDA after three quarters exceeded the prior-year figure of €121.8 million due to the contribution from VTT Europe (Sateba). However, the EBITDA margin declined from 13.4 percent to 11.8 percent year-on-year, partly due to higher material and logistics prices as well as increased M&A-related consulting expenses. In the first nine months of 2026 Vossloh reported EBIT of €56.6 million (EBIT margin: 5.2 percent), which-compared with the prior-year level (€76.2 million; 8.4 percent)-was additionally impacted by PPA effects of €13.6 million resulting from the Sateba acquisition. As a result of the EBIT development, an above-average tax rate and higher financing expenses, net income amounted to €22.9 million (9M 2025: €51.7 million), while earnings per share stood at €0.35 (9M 2025: €2.12).
Clearly positive free cash flow expected for full year 2026
Net financial debt increased from €186.5 million to €674.7 million year-on-year, primarily driven by the purchase price payments for the acquisitions of Sateba, Cordel and RTI. At the reporting date, the equity ratio stood at a solid level of 40.4 percent, compared with 38.4 percent at year-end 2025. After nine months, free cash flow amounted to €(77.5) million (9M 2025: €0.2 million), mainly due to the €106.0 million increase in working capital since the beginning of the year. A significant reduction in working capital is forecast for the final quarter, meaning that positive free cash flow continues to be expected for the full year. Consequently, a substantial reduction in net financial debt is anticipated by year-end.
Core Components reports strong growth thanks to VTT Europe
Orders received in the Core Components division increased by 54.0 percent to €560.1 million in the first nine months of 2026 (9M 2025: €363.7 million). The increase was attributable to the Tie Technologies business unit. In addition to the first-time consolidation of VTT Europe (Sateba), the business unit's existing operations also recorded a noticeable upturn in North America. The book-to-bill ratio stood at 1.04 after nine months. The division's order backlog increased to €518.8 million as of September 30, 2026 (September 30, 2025: €299.3 million). Sales revenues for Core Components rose by 55 percent to €538.2 million during the reporting period due to acquisitions (9M 2025: €347.1 million). EBITDA increased from €55.1 million to €80.3 million, while EBIT improved slightly from €38.9 million to €39.2 million. The aforementioned PPA effects for VTT Europe (Sateba) of €13.6 million were recognized as a burden on earnings in 2026. While the transitional consolidation of a Lithuanian joint venture had a positive effect, the intragroup brand license fee charged to VTT Europe (Sateba) for the first time in the third quarter weighed on earnings performance.
Strong final quarter of 2026 expected for Customized Modules
After three quarters of 2026, the Customized Modules division reported orders received of €439.2 million, slightly above the prior-year figure of €432.6 million. The book-to-bill ratio stood at 1.04 after three quarters. Higher orders received were achieved in particular in Tanzania, Poland, and Australia. Order backlog as of September 30, 2026, amounted to €505.5 million (September 30, 2025: €524.8 million). At €423.9 million, the division's sales revenues remained close to the high level of the prior-year period of €427.1 million. Higher sales revenues, particularly in Morocco and Australia, nearly offset lower sales revenues in other regions. EBITDA decreased to €45.3 million (9M 2025: €58.3 million), and EBIT to €28.7 million (9M 2025: €42.8 million). In the prior year, these figures included significantly higher positive nonrecurring effects at a Swedish subsidiary as well as a positive book effect from the transitional consolidation of a Chinese joint venture. In 2026, ramp-up costs for the new production facility in Sweden, as well as higher logistics and material costs, weighed on performance. In the third quarter, the EBIT margin improved compared to the same quarter of the previous year. This positive trend is expected to continue in the final quarter.
Lifecycle Solutions expects significant pick-up in the final quarter
In the Lifecycle Solutions division, orders received rose again in the third quarter, resulting in a slight year-on-year increase to €179.7 million for the first nine months of 2026 (9M 2025: €176.2 million). Demand showed a positive trend, particularly in the German market and in China. The division's order backlog, at €78.3 million, was significantly higher than the previous year (€42.9 million). Sales revenues, at €152.1 million, remained below the prior-year level of €159.5 million. EBITDA came in at €17.0 million (9M 2025: €21.7 million), and EBIT at €3.5 million (9M 2025: €8.5 million). For the final quarter, a substantial increase in revenue and significantly higher profitability are forecast, driven by a noticeable pick-up in activity in Germany and internationally in machine sales.
Number of employees increases significantly due to acquisitions
As of September 30, 2026, the Vossloh Group employed a total of 5,691 employees worldwide. Compared with the same date last year, the number of employees increased by a total of 1,083, or 23.5 percent, due to the consolidation of VTT Europe (Sateba) and the newly acquired Cordel and RTI entities.
Outlook for financial year 2026 confirmed and specified
For the full year 2026, and based on a significant upturn in the final quarter, Vossloh expects sales revenues to be around the midpoint of the range of €1,510 million to €1,610 million adjusted in July (2025: €1,343.2 million). A significant year-on-year increase in sales continues to be forecast as a result of the inclusion of VTT Europe (Sateba). As previously communicated, EBITDA is expected to range from €195 million to €210 million (2025: €179.4 million), while EBIT is expected to range from €100 million to €110 million (2025: €111.9 million). Due to project delays and temporary or nonrecurring cost burdens, Vossloh expects both figures to be in the lower part of the forecast ranges communicated to date.
Development of key financial indicators:
| Vossloh Group |
|
1-9/2026 |
1-9/2025 |
Q3/2026 |
Q3/2025 | | Orders received |
€ mill. |
1,154.5 |
948.5 |
326.0 |
324.8 | | Order backlog as of 9/30 |
€ mill. |
1,094.0 |
856.3 |
|
| | Sales revenues |
€ mill. |
1,086.8 |
908.5 |
376.6 |
325.9 | | EBITDA |
€ mill. |
128.5 |
121.8 |
47.6 |
47.6 | | EBITDA margin |
% |
11.8 |
13.4 |
12.6 |
14.6 | | EBIT |
€ mill. |
56.6 |
76.2 |
24.2 |
31.3 | | EBIT margin |
% |
5.2 |
8.4 |
6.4 |
9.6 | | Net income |
€ mill. |
22.9 |
51.7 |
9.4 |
17.0 | | Earnings per share |
€ |
0.35 |
2.12 |
0.20 |
0.62 | | Value added |
€ mill. |
(53.4) |
4.6 |
(13.8) |
7.1 | | ROCE |
% |
4.9 |
10.1 |
6.0 |
12.3 | | Net financial debt as of 9/30 |
€ mill. |
674.7 |
186.5 |
|
| | Equity ratio as of 9/30 |
% |
40.4 |
50.9 |
|
| | Employees as of 9/30 |
|
5,691 |
4,608 |
|
|
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Phone: +49 (0) 23 92 / 52-609
About Vossloh:
Vossloh is a listed rail infrastructure technology company headquartered in Germany, with products and services in use in more than 100 countries.
Drawing on 140 years of experience, the Group provides rail fastening systems, concrete sleepers, turnouts and crossings, lifecycle services and digital solutions for condition monitoring and predictive maintenance. Its products and services support conventional, high-speed, heavy-haul and urban rail networks worldwide.
Vossloh employs around 5,500 people and operates more than 60 production sites worldwide. The Group generated sales of €1.3 billion in fiscal year 2025.
22.10.2026 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group.
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