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www.voestalpine.com voestalpine AG Analyst & Investor Meeting, November 12, 2025 FIRST HALF 2025/26
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|| 11/12/20252 Investor Relations 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 makes us a leading partner for high tech industries with high entry barriers, such as aerospace, automotive or railway systems » We are stock listed since 1995 and committed to value creation for our shareholders
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|| 11/12/20253 Investor Relations Asia / China Stable economic development, growth supported by exports, weak development of the domestic economy Europe Subdued economic development, mood between cautious optimism and continuing uncertainty North America / USA Robust economic growth, high investments in the technology sector South America / Brazil Deterioration of the economic environment, high interest rates, strong competition from Chinese imports FIRST HALF 2024/25 GLOBAL ECONOMIC ENVIRONMENT
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|| 11/12/20254 Investor Relations 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 » Earnings as expected » Strong cash flow development » Very solid balance sheet structure » Reorganization and efficiency measures well on track » Decarbonization projects on time and on budget » Additional tailwind from announced EU safeguard measures and CBAM expected » Outlook and guidance for BY 2025/26 unchanged
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|| 11/12/20255 Investor Relations Hy4Smelt start of construction » CO2-free demonstration plant in Linz » Production of hydrogen-based pig iron » Planned start of production: 2027 » In partnership with Primetals and Rio Tinto Record order for high- bay warehouse » Major project in Turkey for leading logistics service provider » Start of construction: end of 2025 » Planned completion: 2027 » Production of side members for trucks to start in summer 2026 » New 15,000 m² production facility completed at Indiana site Capacity expansion in the USA Supply of complete rail track for Koralm tunnel » Complete solution supplier of railway infrastructure incl. high- tech turnouts and digital monitoring systems » Koralm tunnel: sixth longest railway tunnel in the world (33 km), top speed 250 km/h © ÖBB/emedia
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|| 11/12/20256 Investor Relations DIVISIONS H1 2025/26
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|| 11/12/20257 Investor Relations STEEL DIVISION H1 2025/26 » Very strong performance of voestalpine Steel Division in a difficult European steel market » Unchanged good demand from automotive and energy sector » Other markets remained stable on muted demand levels » General steel market sentiment improved after the announced EU safeguard measures » US-tariffs » Impact on voestalpine Steel Division negligible In millions of euros 2,877 REVENUE H1 2025/26 1,494 1,383 Q1 2025/26 | Q2 2025/26 396 EBITDA H1 2025/26 190 206 Q1 2025/26 | Q2 2025/26 13.8% EBITDA margin H1 2025/26 12.7% 14.9% Q1 2025/26 | Q2 2025/26 270 EBIT H1 2025/26 126 144 Q1 2025/26 | Q2 2025/26 9.4% EBIT margin H1 2025/26 8.4% 10.4% Q1 2025/26 | Q2 2025/26
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|| 11/12/20258 Investor Relations HIGH PERFORMANCE METALS DIVISION H1 2025/26 » Overall low demand and reduced utilization of special steel mills » Tooling and Industrials with muted demand and intense competition » Oil & Gas impacted by low exploration activities » Aerospace: strong demand and continued upward-trend » Reorganization projects on track » Streamlining of global sales network » Intense efficiency and cost-cutting programs in execution » US-tariffs » Manageable, main impact on Swedish and Brazilian special steel mill 1,348 REVENUE H1 2025/26 679 669 Q1 2025/26 | Q2 2025/26 103 EBITDA H1 2025/26 54 49 Q1 2025/26 | Q2 2025/26 7.6% EBITDA margin H1 2025/26 7.9% 7.4% Q1 2025/26 | Q2 2025/26 26 EBIT H1 2025/26 15 11 Q1 2025/26 | Q2 2025/26 1.9% EBIT margin H1 2025/26 2.2% 1.6% Q1 2025/26 | Q2 2025/26 In millions of euros
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|| 11/12/20259 Investor Relations METAL ENGINEERING DIVISION H1 2025/26 » Railway Systems continue strong performance » Mixed picture in Industrial Systems » Efficiency programs in place » Wire business stable on low levels » Low demand for seamless tubes » Welding stable on solid levels » US-tariffs » Negative impact on seamless tubes mill 2,105 REVENUE H1 2025/26 1,087 1,018 Q1 2025/26 | Q2 2025/26 192 EBITDA H1 2025/26 102 90 Q1 2025/26 | Q2 2025/26 9.1% EBITDA margin H1 2025/26 9.4% 8.8% Q1 2025/26 | Q2 2025/26 97 EBIT H1 2025/26 55 42 Q1 2025/26 | Q2 2025/26 4.6% EBIT margin H1 2025/26 5.0% 4.2% Q1 2025/26 | Q2 2025/26 In millions of euros
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|| 11/12/202510 Investor Relations METAL ENGINEERING DIVISION BUSINESS UNIT RAILWAY SYSTEMS H1 2025/26 voestalpine Railway Systems is a key driver of our long-term growth strategy. The business unit is a global full-service provider of solutions for railway infrastructure. » Turnout Systems (63% of sales) » Robust demand in all relevant markets globally » Rail Technology (29% of sales) » Stable strong demand in Europe » Fixations (2% of sales) » Solid development in Europe, in particular CEE » Signaling (6% of sales) » Stable demand trend in Europe, growth in Middle East 1,154 REVENUE H1 2025/26 581 573 Q1 2025/26 | Q2 2025/26 123 EBITDA H1 2025/26 60 63 Q1 2025/26 | Q2 2025/26 10.6% EBITDA margin H1 2025/26 10.4% 10.9% Q1 2025/26 | Q2 2025/26 92 EBIT H1 2025/26 45 47 Q1 2025/26 | Q2 2025/26 8.0% EBIT margin H1 2025/26 7.7% 8.2% Q1 2025/26 | Q2 2025/26 In millions of euros
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|| 11/12/202511 Investor Relations HIGHLIGHTS METAL FORMING DIVISION H1 2025/26 » Automotive Components » Muted car production in Europe » Reorganization project in execution » Tubes & Sections » Overall solid development » Demand slowed down after summer » Precision Strip » Improved in the course of 1H 25/26 » Warehouse and Rack Solutions » Strong development continues » US-tariffs » Impact on voestalpine Metal Forming Division negligible 1,505 REVENUE H1 2025/26 764 741 Q1 2025/26 | Q2 2025/26 95 EBITDA H1 2025/26 52 43 Q1 2025/26 | Q2 2025/26 6.3% EBITDA margin H1 2025/26 6.7% 5.8% Q1 2025/26 | Q2 2025/26 25 EBIT H1 2025/26 16 9 Q1 2025/26 | Q2 2025/26 1.7% EBIT margin H1 2025/26 2.1% 1.2% Q1 2025/26 | Q2 2025/26 In millions of euros
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|| 11/12/202512 Investor Relations FINANCIAL OVERVIEW H1 2025/26
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|| 11/12/202513 Investor Relations Financial Overview H1 2024/25 2024/04/01- 2024/09/30 H1 2025/26 2025/04/01- 2025/09/30 Delta % Revenue 8,042.3 7,591.1 -5.6 EBITDA 718.1 722.4 0.6 EBITDA margin 8,9 % 9,5 % EBIT 338.5 345.3 2.0 EBIT margin 4,2 % 4,5 % Profit before tax 248.5 278.4 12,0 Profit after tax* 182.9 198.6 8,6 EPS – earnings per share (euros) 0.94 1.14 21.3 * Before deduction of non-controlling interests. In millions of euros » Revenue » Revenue declined in all divisions » Additional effect from sale of Buderus Edelstahl (-150 m€ ) » Operational results » Steel and HPM Division improved » One-off effects in H1 2024/25 from sale of Buderus Edelstahl » Metal Engineering and Metal Forming posted lower earnings » Profit before tax » Net financial results significantly better » Lower net debt and lower interest rates » Profit after tax » Higher tax rate (29% in H1 2025/26 vs. 26% in H1 2024/25) Comments on Delta y-o-y:
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|| 11/12/202514 Investor Relations Y o Y DEVELOPMENT EBITDA H1 BY 2025/26 In millions of euros 718 -272 192 45 722 H1 2024/25 Price Raw Materials Mix/ Volume Misc. H1 2025/26 EBITDA margin 8.9 % EBITDA margin 9.5 % » Price vs. Raw Materials » Price declines partly offset by lower raw material costs » Mix / Volume » Improved volumes & mix in Steel Division » Decreased shipments in High Performance Metals Division » Miscellaneous » Positive effects of cost & efficiency programs as well as Buderus sale » Negative effects of US-tariffs 39
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|| 11/12/202515 Investor Relations Y o Y DEVELOPMENT EBITDA H1 BY 2025/26 718 1 87 -61 -23 0 722 H1 2024/25 Steel HPM Metal Engineering Metal Forming Holding & misc. H1 2025/26 In millions of euros EBITDA- margin 8.9 % EBITDA- margin 9.5 % Steel Division » Improved volume & mix as well as lower raw material cost offset weaker price level HPM Division » Declined volumes offset by cost savings » One-off effect of -81m€ in H1 2024/25 (sale of Buderus) Metal Engineering Division » Tubulars impacted by tough market and US-tariffs, wire also weaker Metal Forming Division » Automotive Components and Tubes & Sections below previous year
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|| 11/12/202516 Investor Relations High free cash flow generation In millions of euros H1 BY 2024/25 2024/04/01 – 2024/09/30 H1 BY 2025/26 2025/04/01 – 2025/09/30 Cash flow from results 481 687 Changes in net working capital -135 96 Cash flow from operating activities 346 783 Cash flow from investing activities -511 -487 Free cash flow -165 296 Increase of cash flow from results y-o-y based on lower interest and tax payments Strong focus on net working capital measures is paying off Strong free cash flow despite challenging economic environment and high decarbonization CAPEX
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|| 11/12/202517 Investor Relations Solid balance sheet structure 2.978 3.080 3.221 2.995 3.125 3.775 2.743 2.291 1.661 1.651 1.650 1.470 58% 54% 53% 46% 47% 67% 49% 32% 22% 22% 22% 20% 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 H1 25/26 Net financial debt (€m) Gearing Ratio (%) In millions of euros Solid equity base as of 2025/09/30: » Equity: 7,531 €m » Equity ratio: 49% Low debt level as of 2025/09/30: » Gearing ratio: 20 % » Net debt / EBITDA: 1.1 » No major redemptions in BY 2025/26
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|| 11/12/202518 Investor Relations OUTLOOK BY 2025/26
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|| 11/12/202519 Investor Relations » 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 divided: components muted but solid demand for high-quality steel sheet » Energy markets mixed: subdued exploration activities but ongoing robust demand from pipeline projects » Ongoing strong development in railway systems, aerospace, and warehouse technology » Reorganization projects well on track, positive effects in Q4 2025/26 planned » Announced EU-safeguard measures lead to positive momentum for Steel Division » The negative effects of the US-tariff measures known at this point of time are included in guidance » Reorganisationsmaßnahmen auf gutem Weg Guidance for BY 2025/26 confirmed: EBITDA expected in a range between 1.4 and 1.55 bn. EUR
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www.voestalpine.com voestalpine AG Q & A Investor and Analyst Meeting H1 2025/26