- Orders received increase to a new record of €1,398.7 million
- Sales revenues rise by 11.0 percent to €1,343.2 million, reaching a new high
- EBIT (before PPA effects for Sateba) rises by 13.7 percent to €119.6 million
- Free cash flow increased by 14.9 percent to €98.8 million
- Increased dividend proposal of €1.15 per share
- Vossloh expects significant growth in sales revenues and operating profit for 2026, also thanks to Sateba
Vossloh AG (“Vossloh”) continued its positive performance in financial year 2025. Strong orders received, along with rising sales revenues and earnings, underscore the Group’s strong positioning in the global rail infrastructure market.
“2025 was a successful and strategically significant year for Vossloh. In a geopolitical and economic environment that remains challenging, we further strengthened our market position in the growing rail infrastructure market and achieved very good operating results. Another important milestone last year was the strategically significant acquisition of the European concrete sleeper manufacturer Sateba,”
commented Oliver Schuster, CEO of Vossloh AG.
Demand for the Group’s products and services remains high. Orders received rose to €1,398.7 million in the past financial year and, including Sateba’s contribution, exceeded the previous year’s record figure (€1,364.9 million). Vossloh was particularly successful in the Core Components and Lifecycle Solutions divisions. As of December 31, 2025, the order backlog, including Sateba, stood at €1,034.3 million, exceeding the one-billion-euro mark for the first time and representing a 23.7 percent increase over the previous year’s figure of €836.2 million. The book-to-bill ratio stood at a robust 1.04 at year-end.
The first-time consolidation of the Sateba Group had a positive impact on the Vossloh Group’s sales revenues and earnings in financial year 2025. Sales revenues increased by 11.0 percent to €1,343.2 million, reaching a new record high. Significant growth momentum came from major infrastructure projects, particularly in Algeria and China; in addition, business in Northern and Eastern Europe developed particularly dynamically.
EBIT before effects from purchase price allocation (PPA) for Sateba increased by 13.7 percent to €119.6 million. In addition to Sateba’s contribution to earnings, the strong performance in the switch business in particular contributed to this increase.
High free cash flow generated
Net financial debt increased to €491.5 million in the reporting year (previous year: €88.7 million), driven primarily by the acquisition of Sateba. As expected, the ratio of net financial debt to EBITDA (net leverage) was below 2.75 at year-end. Free cash flow developed very positively thanks to a strong final quarter and, at €98.8 million, was significantly higher than the previous year’s high figure of €86.0 million.
Core Components benefits from Sateba and a strong final quarter
The performance of the Core Components division was positively influenced by the inclusion of the Sateba Group. As a result, orders received at Core Components, at €605.9 million, exceeded the high prior-year level by 13.8 percent. The order backlog rose even more sharply, by 68.4 percent to €494.6 million, due to the consolidation of Sateba’s concrete sleeper business. Sales revenues for the division rose by 21.0 percent to €560.9 million for the full year. In addition to the Fastening Systems business unit, the first-time inclusion of Sateba was a key contributor to this positive performance. At Core Components, EBIT in 2025 was €63.4 million, only slightly below the prior-year figure of €67.6 million from 2024. While the first-time inclusion of Sateba had a positive effect, this contribution was offset by significant PPA effects for Sateba amounting to €7.7 million. In addition, the brand license fee charged by Vossloh AG since the beginning of financial year 2025, as well as the reversal of provisions recognized in profit or loss in the prior year, had a negative impact on the year-over-year comparison. Despite the PPA burden, the EBIT margin remained at a solid level of 11.3 percent (prior year: 14.6 percent).
Customized Modules reports strong annual performance
The Customized Modules division recorded above-average revenue growth of 7 percent in 2025, reaching €600 million. EBIT increased by 4.7 percent to €58.2 million. The increase was driven by higher earnings contributions from the Swedish site and a positive effect from the transitional consolidation of a Chinese joint venture. This was partly offset by the charging of brand license fees. Nevertheless, the EBIT margin reached 9.7 percent, almost matching the strong prior-year level of 9.9%. Orders received amounted to €582.2 million and was, as expected, below the prior-year figure (€662.8 million), which had been characterized by exceptionally strong demand, particularly from major projects in Morocco and Algeria. The same applies to the order backlog of €500.2 million (previous year: €525.6 million).
Lifecycle Solutions with dynamic order development
The Lifecycle Solutions division recorded a significant increase in orders received of 23.1 percent to €243.8 million in financial year 2025. The order backlog increased noticeably at year-end to €50.9 million (previous year: €28.9 million), although framework agreements — including those with Deutsche Bahn — continue to be reflected only partially in the order backlog. Sales revenues rose by 5.6 percent to a new record high of €215.7 million, driven in particular by higher sales revenues in the Netherlands, Sweden, and France. At €13.1 million, EBIT was below the high prior-year figure, which was characterized by exceptionally high-margin projects. In addition, temporarily subdued demand from Deutsche Bahn for logistics and welding services, as well as the introduction of the brand license, contributed to this development. The EBIT margin amounted to 6.1 percent (previous year: 9.3 percent).
Number of employees rises significantly due to acquisitions
As of December 31, 2025, the number of employees in the Vossloh Group rose year-over-year from 4,321 to 5,501. The increase was primarily due to the first-time consolidation of Sateba.
Outlook for financial year 2026
The Executive Board of Vossloh AG expects significant growth for the 2026 financial year. Group sales are expected to increase to between €1.56 billion and €1.66 billion (2025: €1.34 billion), driven primarily by the Core Components division and the first-time full-year consolidation of the Sateba Group.
In terms of earnings, Vossloh expects a further increase in operating performance. Given the significant PPA effects related to the acquisition of Sateba, the focus in 2026 will be placed on EBITDA on a one-off basis, as this metric allows for a more meaningful assessment of the Group’s operating performance in light of the PPA effects. EBITDA is expected to increase to between €215 million and €230 million in financial year 2026 (2025: €179.4 million), corresponding to an EBITDA margin of 13.5 percent to 14.5 percent (2025: 13.4 percent).