Voestalpine AG

For the first 9 months of business year 2025/26, revenue was down roughly EUR 600 million year over year, with about EUR 450 million from lower prices, EUR 50 million from a weaker U.S. dollar, EUR 120 million from higher volumes, and EUR 220 million from the prior-year Buderus Edelstahl contribution. EBITDA was a little above EUR 1 billion versus EUR 970 million last year, and EBIT rose to EUR 470 million from EUR 390 million. Gross margin was down EUR 137 million, with management citing lower prices partly offset by lower raw materials; volume/mix contributed EUR 73 million, while misc. items added EUR 134 million. Management kept full-year EBITDA guidance at EUR 1.4 billion to EUR 1.55 billion and said investing cash outflow guidance remains EUR 1.1 billion for the year; they also expect slightly positive free cash flow in Q4 despite roughly EUR 180 million of ETS cash outflows and additional CapEx timing effects.

Herbert Eibensteiner described the operating environment as weak in Europe, mixed in North America, stable in China, and pressured in Brazil, but said Voestalpine still delivered solid results. He emphasized three strategic pillars: restructuring and portfolio optimization, growth in rail/aerospace/warehouse solutions/India, and the EUR 1.5 billion decarbonization project in Austria. His tone was constructive and confident, repeatedly stressing that programs are on time and on budget and that the company expects benefits to show more clearly into next year and 2027.

Gerald Mayer focused on the financial bridge: EBITDA rose above EUR 1 billion, EBIT reached EUR 470 million, and profit before tax benefited from roughly EUR 300 million lower average net debt and lower interest rates. He said cash flow from results was EUR 873 million, plus EUR 228 million from working capital optimization, and highlighted that net debt has been reduced by another roughly EUR 200 million since the beginning of the year. He reiterated guidance for EUR 1.1 billion of cash outflow from investing activities, noted about EUR 180 million of ETS cash outflows in Q4, and said the balance sheet is very solid with equity at EUR 7.6 billion and gearing at 1.0x net debt/EBITDA or 19%.

Analysts pressed on whether improved European steel spreads were fully reflected in guidance, and management said the business has a lag because of contract structure, so pricing benefits should flow through over the course of the year rather than all at once. On HPM, management said utilization is around 80%, described order intake as showing small signs of improvement, and said the business likely bottomed out, with restructuring and working-capital reduction expected to help next year. Questions also covered capital allocation and buybacks; CFO said policy is unchanged and that the balance sheet should remain a bit delevered in uncertain times, while capital return and CapEx plans stay aligned with the Capital Markets Day.