- Orders received rise to €828.5 million in the first half of 2026; Book-to-bill ratio at 1.17; Order backlog reaches a new record high of €1,140.7 million
- Sales revenues growth of 21.9 percentto €710.1 million
- EBITDA improves to €80.9 million – EBIT of €32.4 million impacted by PPA effects for VTT Europe (Sateba)
- Latest outlook for financial year 2026 projects absolute sales revenue growth and higher EBITDA
The order situation of Vossloh AG (“Vossloh”) developed very positively in the first half of 2026. Orders received increased significantly to €828.5 million (H1 2025: €623.7 million), reaching a new record high for a half-year period. In addition to the inclusion of VTT Europe (Sateba), this development was also driven by the positive performance of the existing business. The Book-to-bill ratio at the group level stood at 1.17 in the first half of 2026, up from 1.07 in the prior-year period. In the second quarter of 2026, Vossloh’s Orders received totaled €408.3 million, up 32.8 percent from the €284.6 million reached in the same quarter of the previous year. Accordingly, the Order backlog also rose by 31.8 percent year-over-year, reaching a new record high of €1,140.7 million as of June 30, 2026.
“Our record order backlog at mid-year is a strong vote of confidence from our customers and underscores the continued strong momentum in our market environment. Even though we cannot completely decouple ourselves from the challenging geopolitical and macroeconomic conditions and certain headwinds cannot be avoided in the current year, we believe Vossloh is very well positioned to continue benefiting from structurally attractive market opportunities in the years ahead,” commented Oliver Schuster, CEO of Vossloh AG.
The Vossloh Group’s sales revenues rose by 21.9 percent to €710.1 million in the first half of 2026 (H1 2025: €582.6 million). In the second quarter as well, sales revenue of €395.6 million represented significant growth compared with the corresponding prior-year figure of €331.5 million. EBITDA after six months came in at €80.9 million—notably higher than the prior-year figure (€74.2 million)—thanks to the contribution from VTT Europe (Sateba). A significantly lower earnings contribution from the Customized Modules division weighed on profitability, resulting in an EBITDA margin of 11.4 percent compared with 12.7 percent in the prior year. EBIT in the first half of 2026 was additionally reduced by €9.1 million of PPA effects related to the Sateba acquisition and, at €32.4 million (EBIT margin: 4.6 percent), did not reach the high level of the prior year (€44.9 million; 7.7 percent). Net income amounted to €13.5 million (H1 2025: €34.7 million), and Earnings per share to €0.15 (H1 2025: €1.50).
Working capital intensity declines to a historic low – Net financial debt expected to decrease significantly by year-end
Net financial debt increased by €381 million year-over-year, driven primarily by the financing of the purchase price for the Sateba acquisition, to €590.2 million (June 30, 2025: €209.2 million). The equity ratio stood at a solid 40.1 percent as of the half-year reporting date, up from the year-end figure for 2025 (38.4 percent). Free cash flow was negative at €(68.6) million, in line with seasonal trends due to the strong increase in working capital (H1 2025: €(44.2) million). A significantly positive free cash flow is expected for the second half of 2026, supporting the expectation of a substantial reduction in net financial debt from the organic business by year-end. The average working capital intensity declined by 3.7 percentage points to 14.6 percent, reaching a historic low in the rail infrastructure business.
Core Components reports strong growth thanks to VTT (Europe)
Orders received in the Core Components division rose by 63.5 percent to €423.1 million in the first half of 2026 (H1 2025: €258.8 million), primarily due to the first-time consolidation of VTT Europe (Sateba); the Book-to-bill ratio stood at 1.21. Also noteworthy were major orders for the high-speed rail lines currently under construction in Shandong Province in eastern China, totaling approximately €60 million, as well as for the first construction phase of the California High-Speed Line, with a volume of over €40 million. The division’s order backlog increased to €569.6 million as of June 30, 2026 (H1 2025: €332.9 million). Core Components’ sales revenues rose by more than 60 percent to €348.5 million during the reporting period due to the Sateba acquisition (H1 2025: €214.3 million). EBITDA improved from €31.8 million to €54.5 million, and EBIT increased by 28.8 percent to €27.2 million (H1 2025: €21.1 million). While PPA effects had a negative impact on Sateba (€9.1 million), the division benefited from a positive effect related to the transitional consolidation of a Lithuanian joint venture (€4.4 million).
Customized Modules records subdued performance in H1 2026
The Customized Modules division recorded Orders received of €296.7 million in the first half of 2026 (H1 2025: €259.6 million), with a Book-to-bill ratio of 1.04. Higher orders received were achieved particularly in Tanzania, Poland, and Turkey. The Order backlog as of June 30, 2026, reached €505.1 million (June 30, 2025: €498.9 million). In terms of Sales revenues, the division maintained the record level from the first half of 2025 (€282.5 million) at €284.6 million. Higher sales revenues in Sweden, Morocco, Algeria, and Australia offset lower sales revenues, in other regions. EBITDA decreased to €29.4 million (H1 2025: €41.5 million), and EBIT to €17.5 million (H1 2025: €32.0 million). The decline was primarily attributable to a changed project mix as well as higher logistics costs. In addition, EBIT in the prior year had benefited from higher positive one-off effects at a Swedish subsidiary and from a positive accounting effect resulting from the transitional consolidation of a Chinese joint venture. The EBIT margin decreased to 6.1 percent compared with the prior-year figure.
Lifecycle Solutions reports lower sales and earnings than last year—Dynamic business development expected in the second half of 2026
In the Lifecycle Solutions division, Orders received in the first half of 2026 were roughly on par with the prior-year level of €121.3 million (H1 2025: €123.5 million). Demand showed a positive trend, particularly in China and in the home market of Germany. The division’s Order backlog stood at €71.9 million, significantly higher than the previous year (€48.4 million). Sales revenues, at €95.2 million, were 6.4 percent below the prior-year level (€101.7 million). EBITDA amounted to €7.7 million (H1 2025: €10.4 million), and EBIT at €(1.1) million (H1-2025: €1.7 million). Despite a positive trend in the second quarter, earnings figures fell short of the prior-year performance due to lower sales revenues and a lower-margin order mix.
Number of employees rises significantly due to the Sateba acquisition
As of June 30, 2026, the Vossloh Group employed a total of 5,588 employees worldwide. Compared to the same date last year, the number of employees increased by 941, or approximately 20 percent, due to the consolidation of VTT Europe (Sateba).
Outlook for financial year 2026 recently adjusted – Confidence for subsequent years starting in 2027
Based on the latest insights into business performance, the Executive Board of Vossloh AG adjusted its sales revenues and earnings guidance for the current financial year on July 13, 2026. For 2026, Vossloh now expects Sales revenues in the range of €1,510 million to €1,610 million (2025: €1,343.2 million). Thanks to the inclusion of VTT Europe (Sateba), an absolute increase in sales revenues compared with the previous year is still forecast. In particular, lower call-offs from existing framework agreements in certain countries, as well as the postponement of individual deliveries planned for 2026 in connection with new construction projects to the following year, are the reasons for this adjustment. EBITDA is now expected to reach €195 million to €210 million (2025: €179.4 million), and EBIT €100 million to €110 million (2025: €111.9 million). In addition to the lower earnings contributions resulting from the adjusted sales revenue expectations, earnings are being temporarily impacted by higher procurement and logistics costs, which cannot be fully passed on to customers in financial year 2026. Furthermore, additional expenses are arising in connection with selective capacity adjustments and planned M&A projects. Notwithstanding the guidance adjustment, the Executive Board continues to view the medium- and long-term market outlook positively. The underlying headwinds are largely considered temporary or one-time in nature. Against this backdrop, Vossloh continues to expect significant organic growth and a substantial improvement in EBIT for financial year 2027.