- Orders received rise significantly to €420.2 million; Book-to-bill ratio at 1.34
- Order backlog reaches new high of €1,137.1 million
- Revenue growth of 25.3percent to €314.6 million
- EBITDA improved from €21.7 million to €24.3 million year-on-year – EBIT impacted by PPA effects for Vossloh Tie Technologies Europe (Sateba)
- Vossloh confirms outlook for 2026 with significant growth in sales revenues and operating profit
Vossloh AG (“Vossloh”) has started strong to the 2026 financial year, also supported by the acquisition of VTT Europe (Sateba), reaching new highs in key performance indicators. The Order backlog increased by 22.7 percent compared to the previous year and reached a new all-time high of €1,137.1 million at the end of the first quarter of 2026 – even excluding the Sateba acquisition, a new record level would have been achieved. Orders received, at €420.2 million, were significantly higher than the previous year’s figure (€339.2 million), resulting in a Book-to-bill ratio of 1.34. The strong order situation confirms the continued very high level of market demand in the global rail infrastructure market.
“Given the weather conditions across large parts of Europe, we have made a solid start into the financial year 2026. The positive order trend across all divisions gives us confidence, despite the ongoing geopolitical uncertainties, that we will once again be able to achieve significant growth in revenues and operating profit for the full year 2026,” commented Oliver Schuster, CEO of Vossloh AG.
Sales revenues in the first quarter of 2026 were driven by the acquisition of VTT Europe (Sateba) and increased by 25.3 percent to €314.6 million, representing a new record level for a first quarter. Excluding the impact of the acquisition, sales revenues in the first three months were, as expected, roughly on par with the prior-year level despite challenging weather conditions. EBITDA improved year-on-year in the reporting quarter from €21.7 million to €24.3 million. This increase was attributable to the first-time consolidation of VTT Europe (Sateba), more than offsetting a partially weather-related, lower-margin project mix in the existing business. In addition, EBIT was impacted by effects from the purchase price allocation (PPA) related to VTT Europe (Sateba), resulting in EBIT of €0.2 million (Q1 2025: €7.4 million).
Net debt slightly reduced compared with year-end 2025
Net financial debt increased on a twelve-month basis, primarily driven by the acquisition of Sateba, to €531.3 million. However, it was reduced by €21.2 million compared to the end of 2025 as a result of the renewed and upsized hybrid capital placement at the beginning of the year, despite the seasonally typical increase in working capital. The Equity ratio stood at a very solid 39.7 percent at the end of the quarter. Free cash flow was clearly negative at €(63.1) million, reflecting the seasonally typical higher build-up of working capital as well as increased capital expenditure (March 31, 2025: €(37.4) million).
Core Components’ strong performance mainly driven by VTT Europe (Sateba)
Developments in the Core Components division were significantly shaped by the first-time recognition of the Sateba Group in a first-quarter period. Orders received in the division rose noticeably to €182.6 million, also driven by strong demand from Canada and Australia, compared with €151.1 million in the prior year. The Order backlog increased even more significantly, by 47.6 percent, from €348.3 million to €514.0 million, with the first-time recognition of VTT Europe (Sateba) again representing the key driver. Sales revenues in Core Components increased by 64.0 percent to €161.7 million in the first quarter. While the Fastening Systems business unit remained largely stable, Tie Technologies benefited significantly from the consolidation of VTT Europe (Sateba). EBITDA in Core Components rose from €11.7 million to €21.2 million. Despite PPA effects related to VTT Europe (Sateba) amounting to €4.5 million, EBIT increased from €6.4 million to €8.0 million.
Customized Modules with record Order backlog
The Customized Modules division is seeing strong customer demand, particularly from Tanzania, Poland and Italy, resulting in a dynamic 27.5 percent increase in Orders received to €174.3 million and a new all-time high in the Order backlog of €556.7 million. Sales revenues for the division increased from €115.0 million to €120.7 million, primarily due to higher sales in Algeria and Sweden. EBITDA declined to €7.8 million in the reporting quarter (Q1 2025: €12.9 million), while EBIT decreased to €1.8 million (Q1 2025: €8.5 million). The decline was mainly attributable to a changed project mix and higher logistics costs in the first quarter of 2026. In addition, higher expenses for project-related risk provisions were recorded year-on-year.
Lifecycle Solutions also reports strong Orders received
In the Lifecycle Solutions division, Vossloh reported a 10.6 percent increase in Orders received to €69.4 million by the end of the first quarter, driven primarily by strong demand from China and Germany. The Order backlog likewise reached a new high of €74.9 million. Despite the weather conditions, sales revenues of €41.2 million were only slightly below the level of the prior-year quarter (Q1 2025: €42.7 million). EBITDA came in weaker in the reporting quarter at €(0.4) million (Q1 2025: €2.1 million). This was primarily due to a weather-related lower share of high-speed grinding business. The same applies to quarterly EBIT, which amounted to €(5.0) million (Q1 2025: €(2.2) million). Since March, however, overall business trends have clearly improved, particularly in Germany, the division’s largest market.
Number of employees increases significantly due to acquisitions
As of March 31, 2026, the number of employees in the Vossloh Group rose year-on-year from 4,383 to 5,514. This increase was primarily attributable to the acquisition of VTT Europe (Sateba) as well as the employees of the joint venture in the Customized Modules division, which has been fully consolidated since June 2025.
Outlook for the 2026 financial year confirmed
For financial year 2026, the Executive Board of Vossloh AG continues to expect significant growth. Group sales are expected to increase to between €1.56 billion and €1.66 billion (2025: €1.34 billion), mainly driven by the Core Components division and the first-time full-year consolidation of the Sateba Group. On an organic basis, excluding VTT Europe (Sateba), the midpoint of the revenue outlook also implies slight growth. At the earnings level, Vossloh anticipates a further increase in operating earnings. EBITDA is expected to increase to between €215 million and €230 million in the 2026 reporting year (2025: €179.4 million). The EBITDA margin is forecast to improve from 13.4 percent in 2025 to between 13.5 percent and 14.5 percent. EBIT is also expected to increase, despite substantial PPA-related accounting burdens for Sateba and is forecast to range between €118.5 million and €131.0 million (2025: €111.9 million).
With regard to the full-year outlook, it remains to be seen to what extent geopolitical tensions in the Middle East – depending on their duration – could impact Vossloh’s business environment. Potential effects, particularly on energy, logistics, and raw materials markets, are continuously monitored and assessed.