Voestalpine Ag · VIE:VOE
Voestalpine — Q2 2026 Earnings Presentation
20 slides from Voestalpine's earnings presentation, Nov 12, 2025
Slide 1: First Half 2025/26 Analyst & Investor Meeting
FIRST HALF 2025/26 Analyst & Investor Meeting, November 12, 2025 voestalpine AG www.voestalpine.com
Slide 2: voestalpine in Brief
voestalpine IN BRIEF » voestalpine is a global special metals, steel, and industrial group » We combine STEEL & METALS PRODUCTION with PROCESSING & ENGINEERING COMPETENCE » From this unique pool of expertise, we develop innovative solutions that offer our customers competitive advantages » That make
Slide 3: Global Economic Environment
FIRST HALF 2025/26 GLOBAL ECONOMIC ENVIRONMENT Europe Subdued economic development, North America / USA mood between cautious optimism Robust economic growth, high and continuing uncertainty investments in the technology sector Asia / China Stable economic development, growth supported by exports, w
Slide 4: Highlights
Highlights » US-tariff regime led to uncertainty worldwide – noticeable in North-America as well » Manageable earnings impact on voestalpine group (high double-digit EBITDA-impact in BY 2025/26 expected) » Major economic trends and market developments unchanged » Very solid results for 1H 2025/26 »
Slide 5: Hy4Smelt, Record Order, Capacity Expansion, Koralm Tunnel
Hy4Smelt Record order for high- start of construction bay warehouse » CO2-free demonstration plant in Linz » Major project in Turkey for » Production of hydrogen-based leading logistics service pig iron provider » Planned start of production: 2027 » Start of construction: end of 2025 » In partnershi
Slide 6: Divisions H1 2025/26
DIVISIONS H1 2025/26 6 | 11/12/2025 | Investor Relations
Slide 7: Steel Division
STEEL DIVISION 2,877 REVENUE H1 2025/26 H1 2025/26 1,494 1,383 Q1 2025/26 | Q2 2025/26 » Very strong performance of voestalpine Steel Division in a difficult European steel market 396 13.8% EBITDA EBITDA » Unchanged good demand from automotive and energy sector H1 2025/26 margin H1 2025/26 » Other m
Slide 8: High Performance Metals Division
HIGH PERFORMANCE METALS DIVISION 1,348 REVENUE H1 2025/26 H1 2025/26 679 669 Q1 2025/26 | Q2 2025/26 » Overall low demand and reduced utilization of special steel mills » Tooling and Industrials with muted demand and intense competition 103 7.6% EBITDA EBITDA » Oil & Gas impacted by low exploration
Slide 9: Metal Engineering Division
METAL ENGINEERING DIVISION 2,105 H1 2025/26 REVENUE H1 2025/26 1,087 1,018 » Railway Systems continue strong performance Q1 2025/26 | Q2 2025/26 » Mixed picture in Industrial Systems 192 9.1% » Efficiency programs in place EBITDA EBITDA H1 2025/26 margin » Wire business stable on low levels H1 2025/
Slide 10: Metal Engineering Division Business Unit Railway Systems
METAL ENGINEERING DIVISION BUSINESS UNIT RAILWAY SYSTEMS 1,154 H1 2025/26 REVENUE H1 2025/26 voestalpine Railway Systems is a key driver of our long-term growth 581 573 Q1 2025/26 | Q2 2025/26 strategy. The business unit is a global full-service provider of solutions for railway infrastructure. 123
Slide 11: Highlights Metal Forming Division
HIGHLIGHTS METAL FORMING DIVISION H1 2025/26 1,505 REVENUE H1 2025/26 » Automotive Components 764 741 » Muted car production in Europe Q1 2025/26 | Q2 2025/26 » Reorganization project in execution » Tubes & Sections 95 6.3% EBITDA EBITDA » Overall solid development margin H1 2025/26 H1 2025/26 » Dem
Slide 12: Financial Overview H1 2025/26
FINANCIAL OVERVIEW H1 2025/26 12 | 11/12/2025 | Investor Relations
Slide 13: Financial Overview
Comments on Delta y-o-y: H1 2024/25 H1 2025/26 Delta » Revenue 2024/04/01- 2025/04/01- % » Revenue declined in all divisions 2024/09/30 2025/09/30 » Additional effect from sale of Buderus Revenue 8,042.3 7,591.1 -5.6 Edelstahl (-150 m€ ) » Operational results EBITDA 718.1 722.4 0.6 » Steel and HPM D
Slide 14: YoY Development EBITDA H1 BY 2025/26
39 718 45 722 192 » Price vs. Raw Materials » Price declines partly offset by lower raw material costs » Mix / Volume » Improved volumes & mix in EBITDA -272 Steel Division margin EBITDA margin » Decreased shipments in High 8.9 % Performance Metals Division 9.5 % » Miscellaneous » Positive effects o
Slide 15: YoY Development EBITDA H1 BY 2025/26 by Division
Steel Division 87 718 1 0 722 » Improved volume & mix as well as -61 lower raw material cost offset weaker -23 price level HPM Division » Declined volumes offset by cost EBITDA- EBITDA- savings margin margin 9.5 % » One-off effect of -81m€ in H1 8.9 % 2024/25 (sale of Buderus) Metal Engineering Divi
Slide 16: High Free Cash Flow Generation
H1 BY 2024/25 H1 BY 2025/26 2024/04/01 – 2025/04/01 – 2024/09/30 2025/09/30 Increase of cash flow from results y-o-y based on lower interest and Cash flow from results 481 687 tax payments Changes in net working capital -135 96 Strong focus on net working capital measures is paying off Cash flow fro
Slide 17: Solid Balance Sheet Structure
3.775 3.221 Solid equity base 3.080 3.125 2.978 2.995 as of 2025/09/30: 67% 2.743 » Equity: 7,531 €m 58% 2.291 » Equity ratio: 49% 54% 53% 46% 47% 49% 1.661 1.651 1.650 1.470 Low debt level as of 2025/09/30: 32% 22% 22% » Gearing ratio: 20 % 22% 20% » Net debt / EBITDA: 1.1 2014/15 2015/16 2016/17 2
Slide 18: Outlook BY 2025/26
OUTLOOK BY 2025/26 18 | 11/12/2025 | Investor Relations
Slide 19: Guidance for BY 2025/26 confirmed
» Uncertainty following implementation of US-tariffs - global economy had to adapt quickly » Existing trends in the major economies and markets are expected to continue by and large » Mechanical engineering, construction, and consumer goods on low level, but stable » Demand from automotive industry
Slide 20: Q&A Investor and Analyst Meeting H1 2025/26
Q&A Investor and Analyst Meeting H1 2025/26 voestalpine AG www.voestalpine.com