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Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft

24.03.2026 / 11:16 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Vossloh AG

Company Name: Vossloh AG
ISIN: DE0007667107

Reason for the research: Update
Recommendation: BUY
from: 24.03.2026
Target price: 86
Last rating change:
Analyst: Daniel Kukalj, CIIA, CEFA

Despite short-term volatility, the growth trajectory remains intact

Vossloh delivered robust full-year 2025 results, with revenue advancing
11.0% to EUR 1,343.2m against a demanding comparable. Adjusted EBIT grew
13.7% yoy to EUR 119.6m, maintaining the group EBIT margin at solid 8.9%
(8.7%). The group generated Free Cash Flow of EUR 98.8m (+15% yoy),
demonstrating healthy cash conversion despite the step-up in working capital
that accompanies Sateba's integration. Management's 2026 guidance implies
revenue growth of 16-24% yoy and EBITDA margin improvement up to 114bps. We
view this as achievable and potentially conservative if Sateba integration
proceeds on schedule and the German Sondervermögen spending accelerates as
anticipated. Our 2026e revenue estimate of EUR 1,605m and adjusted EBIT of
EUR 124.5m sit at the mid-point of the guidance. The investment case for
Vossloh in 2026 and beyond is as compelling as at any point in the company's
history. Three convergent forces a) Europe's most ambitious rail
infrastructure program in a generation, b) the structural underinvestment in
track maintenance that creates a secular demand floor, and c) Vossloh's
newly complete product portfolio spanning the entire track lifecycle combine
to create a multi-year earnings growth trajectory that we believe is
materially underpriced at current valuations. We maintain our Buy rating
with a reduced TP of EUR 86 (94), applied by our ROE/COE valuation approach.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=e07475d59ce67c88a9463a9845d335ef
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2296746 24.03.2026 CET/CEST

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