Vossloh Aktiengesellschaft · XETR:VOS
Vossloh Aktiengesellschaft — Investor Day (September 2026)
52 slides from Vossloh Aktiengesellschaft's investor day presentation, Sep 25, 2026
Slide 1: Connecting Rail Infrastructure Expertise
CONNECTING RAIL INFRASTRUCTURE EXPERTISE INVESTORS AND ANALYSTS MEETING AT INNOTRANS BERLIN, SEPTEMBER 25, 2026 Oliver Schuster, Dr. Thomas Triska, Jan Furnivall
Slide 2: Disclaimer
DISCLAIMER This presentation contains statements on the future business development of the Vossloh Group that are based on assumptions and estimates made by management. If the assumptions underlying the forecasts do not materialize, actual results may differ materially from those projected. Uncertai
Slide 3: Rail Infrastructure Is Entering a New Era
RAIL INFRASTRUCTURE IS ENTERING A NEW ERA WHY VOSSLOH: FROM SCALE TO SOLUTIONS WHY VOSSLOH: A CHANGING INDUSTRY PORTFOLIO MARKET OPPORTUNITIES FINANCIAL OVERVIEW A CHANGING PORTFOLIO MARKET FINANCIAL FROM SCALE INDUSTRY OPPORTUNITIES OVERVIEW TO SOLUTIONS 3 Vossloh – enabling green mobility
Slide 4: A Changing Industry
RAIL INFRASTRUCTURE IS ENTERING A NEW ERA WHY VOSSLOH: FROM SCALE TO SOLUTIONS A CHANGING INDUSTRY PORTFOLIO MARKET OPPORTUNITIES FINANCIAL OVERVIEW A CHANGING INDUSTRY 4 Vossloh – enabling green mobility
Slide 5: Rail Infrastructure Is Facing Increasing Operational Pressure
RAIL INFRASTRUCTURE IS FACING INCREASING OPERATIONAL PRESSURE… Surging traffic on Increasing traffic is intensifying capacity constrained networks constraints and operational complexity Ageing assets and Deteriorating infrastructure increases renewal maintenance backlogs needs and the risk of disrup
Slide 6: More Traffic Must Be Accommodated on Existing Networks
…AND AT THE SAME TIME MORE TRAFFIC MUST BE ACCOMMODATED ON EXISTING NETWORKS Levers to increase network capacity Higher traffic density Expanding physical network capacity Increase the number of trains operated on the same is often a long-term undertaking infrastructure New rail infrastructure requi
Slide 7: Customer Requirements for Infrastructure Suppliers Are Changing
CUSTOMER REQUIREMENTS FOR INFRASTRUCTURE SUPPLIERS ARE CHANGING Innovation For decades, the rail infrastructure industry relied on old and proven Sustainability technology The shift to a more sustainable economy Holistic track understanding New approaches are needed to is also impacting the mobility
Slide 8: Digital Technologies Create New Ways to Address Infrastructure Challenges
DIGITAL TECHNOLOGIES CREATE NEW WAYS TO ADDRESS INFRASTRUCTURE CHALLENGES Digitalization Technological progress is Automation Data-driven processes enable rapidly creating new Increasing efficiency of automation and efficiency gains and additional insights solutions robotics can be applied in produc
Slide 9: Rail Maintenance Is Becoming More Data-Driven
RAIL MAINTENANCE IS PROGRESSIVELY BECOMING MORE DATA-DRIVEN Time-based maintenance Condition-based maintenance Predictive maintenance Maintenance triggered by scheduled Maintenance triggered by measured Maintenance triggered by forecasted calendar timing, not asset condition condition conditions DES
Slide 10: Why Vossloh: From Scale to Solutions
RAIL INFRASTRUCTURE IS ENTERING A NEW ERA WHY VOSSLOH: FROM SCALE TO SOLUTIONS WHY VOSSLOH: A CHANGING INDUSTRY PORTFOLIO MARKET OPPORTUNITIES FINANCIAL OVERVIEW A CHANGING FROM SCALE INDUSTRY TO SOLUTIONS 10 Vossloh – enabling green mobility
Slide 11: Vossloh Is Uniquely Positioned to Address Changing Customer Requirements
VOSSLOH IS UNIQUELY POSITIONED TO ADDRESS CHANGING CUSTOMER REQUIREMENTS ONLY FULL-RANGE The only scalable provider of the complete track superstructure – fastenings, TRACK PROVIDER ties, turnouts, services and digital – holding #1 or #2 positions in key markets MOVING TO SYSTEM HOUSE Push scale and
Slide 12: Vossloh Covers the Complete Track Superstructure Lifecycle
VOSSLOH COVERS THE COMPLETE TRACK SUPERSTRUCTURE LIFECYCLE Vossloh Digital Solutions (VDS) Digital inspection & monitoring solutions that turn track condition data into maintenance decisions Maintenance Services Vossloh Tie Technologies (VTT) Manufacturing of concrete ties and turnout bearers that c
Slide 13: Vossloh Develops to System House and Solution Provider A
VOSSLOH DEVELOPS TO SYSTEM HOUSE AND SOLUTION PROVIDER A B C Become a solution Push scale Leverage scale provider Turn portfolio breadth into Connect hardware and services Complete the hardware and value via system selling, one into integrated offerings face to the customer, and service portfolio sy
Slide 14: Selected Initiatives Expand Vossloh's System-House Offering
SELECTED INITIATIVES EXPAND VOSSLOH’S SYSTEM- HOUSE OFFERING KEY GROWTH LEVERS DESCRIPTION OF LEVER AND ENVISAGED APPROACH Close product gaps across the track system with Engineered Polymer Pads (EPP), Engineered NEW Polymer Sleepers (EPS) and turnout components PRODUCTS Broaden the fastening portfo
Slide 15: Vossloh Develops to System House and Solution Provider B
VOSSLOH DEVELOPS TO SYSTEM HOUSE AND SOLUTION PROVIDER B A C Become a solution Push scale Leverage scale provider Complete the hardware and Connect hardware and services service portfolio into integrated offerings Turn portfolio breadth into value Expand geographically via system selling, one face t
Slide 16: Scale Strengthens Vossloh's Ability to Serve Customers
02 SCALE STRENGTHENS VOSSLOH’S ABILITY TO SERVE CUSTOMERS AND BUILD CAPABILITIES BROADER CUSTOMER Local customer access can be leveraged across Vossloh’s broader portfolio AND MARKET REACH Shared market knowledge supports earlier and more comprehensive customer engagement OPERATIONAL Purchasing scal
Slide 17: Common Foundations Help Leverage Increased Scale
COMMON FOUNDATIONS HELP VOSSLOH LEVERAGE ITS INCREASED SCALE Standardized processes Connected technology Common process standards increase A common digital workplace connects transparency and comparability across employees across business units the Group Harmonized systems support consistent Process
Slide 18: AI Turns Group-Wide Knowledge into Scalable Everyday Applications
AI TURNS GROUP-WIDE KNOWLEDGE INTO SCALABLE EVERYDAY APPLICATIONS A common AI environment for everyday work Scaling AI with common governance Knowledge access Document Intelligence Provides answers grounded Supports extraction, A central gateway provides controlled access in selected Vossloh sources
Slide 19: Vossloh Develops to System House and Solution Provider C
VOSSLOH DEVELOPS TO SYSTEM HOUSE AND SOLUTION PROVIDER C A B Push scale Leverage scale Become a solution provider Complete the hardware and Turn portfolio breadth into service portfolio value via system selling, one Connect hardware and services Expand geographically face to the customer, and into i
Slide 20: Become a Solution Provider
BECOME A SOLUTION PROVIDER Build recurring revenues across the asset lifecycle Expand from one-off product sales to multi-year monitoring, maintenance and performance-based contracts, strengthening recurring revenues and customer relationships Enable the shift from fixed-interval to condition-based
Slide 21: Digital Turns Products into Integrated Solutions
DIGITAL TURNS PRODUCTS INTO INTEGRATED SOLUTIONS Strengthen Build a digital Enable step hardware core & business in its towards solution its services own right provider Retain visibility into Scale inspection, Combine the full HW installed base and monitoring, asset portfolio & deep asset after-sale
Slide 22: Vossloh's Digital Strategy
VOSSLOH’S DIGITAL STRATEGY DIGITAL CONTINUITY One data foundation Our Digital Strategy is built End-to-end visibility across around 3 major axes the asset lifecycle allowing Vossloh to have a Connection of asset, condition holistic understanding of and maintenance data Accessories track infrastructu
Slide 23: Inspection and Monitoring Create the Foundation for Data-Driven Maintenance
INSPECTION AND MONITORING CREATE THE FOUNDATION FOR DATA-DRIVEN MAINTENANCE INSPECTION MONITORING Scalable network-wide condition assessment Continuous visibility of critical assets Fast Proto- typing Captures infrastructure condition efficiently across Provides real-time condition data of assets ex
Slide 24: Digital Continuity Connects Information Across the Asset Lifecycle
DIGITAL CONTINUITY CONNECTS INFORMATION ACROSS THE ASSET LIFECYCLE A CONSISTENT DIGITAL ASSET HISTORY Configuration Usage Condition Maintenance Track What is installed How the asset is How the asset Which interventions Works and how the asset operated and condition develops have been performed is co
Slide 25: Data Create Value by Improving Maintenance Decisions
DATA CREATE VALUE BY IMPROVING MAINTENANCE DECISIONS OPTIMIZE MAINTENANCE STRATEGIES SUPPORT TRACK CONFIGURATION Recommend where, when and how to Match products and track configurations intervene to customer requirements Accessories Focus resources on the most relevant asset Consider lifecycle cost,
Slide 26: Vossloh Digital Solutions – A Dedicated Business Unit
VOSSLOH DIGITAL SOLUTIONS – A DEDICATED BUSINESS UNIT FOR DIGITAL RAIL SOLUTIONS WHAT WILL BECOME PART OF VDS? WHY VDS? WHAT IS CHANGING? TRANSFER WITHIN VOSSLOH Digital rail applications are Focus all digital track VRS VSS becoming increasingly expertise in a dedicated i.e. Vehicle- i.e. turnout re
Slide 27: RTI Strengthens VDS with Automated Rail-Flaw Inspection
02 RTI STRENGTHENS VDS WITH AUTOMATED RAIL-FLAW INSPECTION PROVEN RAIL-INSPECTION TECHNOLOGY Automated rail-flaw inspection using ultrasonic and eddy- current technologies Integrated hardware, software and inspection services Vehicle-based systems designed for flexible deployment SCALABLE INSPECTION
Slide 28: Cordel Adds AI-Based LiDAR Analytics to VDS
CORDEL ADDS AI-BASED LIDAR ANALYTICS TO VDS PROVEN LIDAR AND AI TECHNOLOGY AI-based processing of LiDAR and video data Automated identification and measurement of rail infrastructure assets Cloud-based software for processing and validating large inspection datasets Proven railway applications used
Slide 29: Portfolio
RAIL INFRASTRUCTURE IS ENTERING A NEW ERA WHY VOSSLOH: FROM SCALE TO SOLUTIONS A CHANGING INDUSTRY PORTFOLIO MARKET OPPORTUNITIES FINANCIAL OVERVIEW A CHANGING PORTFOLIO INDUSTRY 29 Vossloh – enabling green mobility
Slide 30: Innotrans 2026
INNOTRANS 2026
Slide 31: One Portfolio for All Application Areas
ONE PORTFOLIO FOR ALL APPLICATION AREAS CONVENTIONAL HIGH-SPEED HEAVY HAUL & URBAN RAIL INDUSTRIAL TRANSPORTATION METRO TRAM 31 Vossloh – enabling green mobility
Slide 32: One Portfolio – Turning Track Insights into Targeted Action
ONE PORTFOLIO – TURNING TRACK INSIGHTS INTO TARGETED ACTION A deep systemic …is enhanced by data-driven …and translated into understanding of analysis to identify targeted physical solutions. complex track challenges… the right course of action… Continuous data turn track insights into portfolio inn
Slide 33: Market Opportunities
RAIL INFRASTRUCTURE IS ENTERING A NEW ERA WHY VOSSLOH: FROM SCALE TO SOLUTIONS A CHANGING INDUSTRY PORTFOLIO MARKET OPPORTUNITIES FINANCIAL OVERVIEW A CHANGING MARKET INDUSTRY OPPORTUNITIES 33 Vossloh – enabling green mobility
Slide 34: Rail Infrastructure Remains a Structurally Attractive Market – UNIFE Forecast
04 RAIL INFRASTRUCTURE REMAINS A STRUCTURALLY ATTRACTIVE MARKET – UNIFE FORECAST VOSSLOH’S ACCESSIBLE RAIL INFRASTRUCTURE MARKET COMMENTARY In €B Growth is supported by replacement and modernization CAGR 3,6 % and major greenfield investment, particularly in Africa, the 36,1 Middle East and parts of
Slide 35: Rail Infrastructure Demand Combines Resilience and High Entry Barriers
RAIL INFRASTRUCTURE DEMAND COMBINES RESILIENCE AND HIGH ENTRY BARRIERS SUSTAINED Sustained PREDICTABLE & BUDGET-DRIVEN SAFETY IS LOCALIZED & SHIFT IN TRAFFIC trafficGROWTH growth RECURRING DEMAND PARAMOUNT CONSOLIDATING PURCHASING Global megatrends DEMAND Demand tied to No approval, no MARKET CRITER
Slide 36: Public Investment Programs Support Long-Term Rail Demand
PUBLIC INVESTMENT PROGRAMS SUPPORT LONG- TERM RAIL DEMAND Italy until 2034 China until 2035 Sweden until 2037 ~€110 Bn. ~€900 bn. FS strategic plan (network Nation's rail investment plan ~€46 Bn. quality 50 bn and National Transportation transformation 60 bn) +35,000 km Infrastructure Plan 2026 - Ex
Slide 37: North America Combines Freight Market with Passenger-Rail Opportunities
NORTH AMERICA COMBINES AN ESTABLISHED FREIGHT MARKET WITH NEW PASSENGER-RAIL OPPORTUNITIES Vossloh’s net sales in North America 2020-’25 UNIFE Forecast: Accessible NAFTA market1 In €M In €B Covid CAGR 3.3% 12,361 185 10,180 141 112 115 119 84 2020 2021 2022 2023 2024 2025 2023-’25 2029-’31 1 Track s
Slide 38: Europe Remains Vossloh's Largest and Most Diversified Market
EUROPE REMAINS VOSSLOH’S LARGEST AND MOST DIVERSIFIED MARKET Vossloh’s net sales in Europe 2020-’25 UNIFE Forecast: Accessible Western Europe market1 Accessible Eastern Europe market1 In €M In €B In €B Covid CAGR 3.1% 14,413 858 773 12,018 683 4.3% CAGR 590 476 503 2,484 1,930 2020 2021 2022 2023 20
Slide 39: Long-Term Investment Programs in Germany and Sweden Support European Rail Demand
LONG-TERM INVESTMENT PROGRAMS IN GERMANY AND SWEDEN SUPPORT EUROPEAN RAIL DEMAND Germany Significantly higher infrastructure funding Sweden 2026-2037 plan provides long-term visibility Rail infrastructure investment in 2005-2026 In €B Sub- EU debt Covid prime crisis 23.0 crisis 21.1% 19.0 Budget Rai
Slide 40: Africa & Middle East Offer Attractive Growth in a Project-Driven Market
AFRICA & MIDDLE EAST OFFER ATTRACTIVE GROWTH IN A PROJECT-DRIVEN MARKET High-Speed Rail Vossloh’s net sales in Africa & Middle East 2020-’251 UNIFE Forecast: Accessible Africa & Middle East market1 MOROCCO EGYPT In €M In €B El-Alamein – Ain Sokhna Casablanca – Marrakesh Covid 119 CAGR 7.8% 75 1,846
Slide 41: Asia Provides a Stable Business Base with Selective Growth Opportunities
ASIA PROVIDES A STABLE BUSINESS BASE WITH SELECTIVE GROWTH OPPORTUNITIES Vossloh’s net sales in Asia 2020-20251 UNIFE Forecast: Accessible Asia & Pacific market1 In €M In €B Covid CAGR 4.2% 180 177 176 176 3,513 135 2,744 103 2020 2021 2022 2023 2024 2025 2023-’25 2029-’31 1 Track superstructure and
Slide 42: Australia Combines Established Market Position with Solid Infrastructure Outlook
AUSTRALIA COMBINES AN ESTABLISHED MARKET POSITION WITH A SOLID INFRASTRUCTURE OUTLOOK Vossloh’s net sales in Australia 2020-2025 UNIFE Forecast: Accessible Australia Market1 In €M In €B Covid 112 3.7% CAGR Australia’s 103 107 99 Brisbane High Speed Rail Plan 80 1,307 69 Connecting half 1,050 the cou
Slide 43: Financial Overview
RAIL INFRASTRUCTURE IS ENTERING A NEW ERA WHY VOSSLOH: FROM SCALE TO SOLUTIONS A CHANGING INDUSTRY PORTFOLIO MARKET OPPORTUNITIES FINANCIAL OVERVIEW A CHANGING FINANCIAL INDUSTRY OVERVIEW 43 Vossloh – enabling green mobility
Slide 44: IFRS 18: New Presentation Requirements with No Change to Steering Metrics in 2027
IFRS 18: NEW PRESENTATION REQUIREMENTS WITH NO CHANGE TO STEERING METRICS IN 2027 FY 2025 FY 2025 Income statement IAS 1 Income statement preliminary IFRS 18 IFRS 18 introduces mandatory operating, investing Sales revenues 1,343.2 Sales revenues 1.343.2 and financing categories Cost of sales 980.7 C
Slide 45: H1 2026: Sales and EBITDA Noticeably Higher Year-on-Year
H1 2026: SALES AND EBITDA NOTICEABLY HIGHER YEAR- ON-YEAR THANKS TO VTT EUROPE (SATEBA) KEY GROUP INDICATORS 1-6/2025 1-6/2026 NOTES Sales revenues in H1/2026 rose by 21.9 % thanks to the first-time consolidation Sales revenues € mill. 582.6 710.1 of VTT Europe (Sateba) (~€149 million); adjusted for
Slide 46: H1 2026: Net Financial Debt Increased Due to Seasonal Working Capital Build-Up
H1 2026: NET FINANCIAL DEBT INCREASED DUE TO THE SEASONAL BUILD-UP OF WORKING CAPITAL 1-6/2025 2025 1-6/2026 KEY GROUP INDICATORS 30/6/25 12/31/25 30/6/26 NOTES Equity increased compared with year-end, primarily due to the refinancing of Equity € mill. 760.5 815.7 906.2 hybrid capital (€150 million
Slide 47: H1 2026: Orders Received and Order Backlog Underscore Market Momentum
H1 2026: ORDERS RECEIVED AND ORDER BACKLOG UNDERSCORE CONTINUED STRONG MARKET MOMENTUM ORDERS RECEIVED (in € mill.) ORDER BACKLOG (in € mill.) NOTES 828.5 1,140.7 Orders received up 32.8 % year-over-year, primarily due to the inclusion of VTT 71.9 Europe (Sateba; €128 million); adjusted for acquisit
Slide 48: Strong Growth and Margin Improvement Since 2020 Validate Strategic Direction
STRONG GROWTH AND MARGIN IMPROVEMENT SINCE 2020 VALIDATE VOSSLOH’S STRATEGIC DIRECTION SALES & EBIT DEVELOPMENT VOSSLOH GROUP SINCE 2020 COMMENTARY Sales (€M) The 2019-2020 Performance Program built a 9.1% p.a. 1,343.2 more resilient operating base (FTE cuts, exit from 1,214.3 1,209.6 942.8 1,046.1
Slide 49: Outlook for 2026 – Guidance Adjusted in July
OUTLOOK FOR 2026 - GUIDANCE FOR FINANCIAL YEAR 2026 ADJUSTED IN JULY SALES REVENUES 2025: €1.34 billion 2026 Guidance: €1.51 billion to €1.61 billion Growth is primarily driven by the full-year consolidation of VTT Europe (Sateba) EBITDA 2025: €179.4 million 2026 Guidance: €195 million to €210 milli
Slide 50: Vossloh's Financial Ambition for the Future
VOSSLOH'S FINANCIAL AMBITION FOR THE FUTURE Vossloh 2025 Vossloh 2030E Structural market growth supports average organic sales growth of more than 5% Sales €1.34 billion >€2 billion Selective M&A complements organic growth in a consolidating market Scale benefits (e.g. market recovery in France, hig
Slide 51: Focused Capital Allocation to Support Deleveraging
FOCUSED CAPITAL ALLOCATION TO SUPPORT DELEVERAGING OVER THE COMING YEARS PRIORITY USES OF CAPITAL FUTURE FREE 01 Organic growth Expect capital expenditure of 5%–6% of net sales, slightly above depreciation on a multi-year average CASH FLOW AMBITION Maintain a robust M&A pipeline while prioritizing t
Slide 52: Q&A Thank You for Your Attention
Q&A THANK YOU FOR YOUR ATTENTION
Vossloh Aktiengesellschaft — Investor Day (September 2026) on 6ix