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Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft

27.04.2026 / 14:35 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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: 27.04.2026
Target price: 86
Last rating change:
Analyst: Daniel Kukalj, CIIA, CEFA

Record backlog, book-to-bill above one, robust revenue growth

Vossloh is positioned for material reported revenue growth in 2026 driven by
the Sateba consolidation with a sequential margin normalization from Q2
onwards relative to the seasonally weak Q1, albeit at a structurally lower
margin level than in 2025. A book-to-bill of 1.34x and an all-time-high
order backlog of EUR 1,137m are the real leading indicators. New orders in
Q1 came from Tanzania, Poland, Italy, Algeria, Sweden, China, and Germany.
The Deutsche Bahn framework agreement alone has potential exceeding EUR
100m. The next two reporting events are likely to be central to the market's
reassessment of the Q1 result. Q2 should provide an initial view on whether
the margin pressure observed in Customized Modules which management has
attributed to project mix and additional risk provisioning eases
sequentially, as suggested by the Q1 commentary, or whether it reflects a
more persistent set of factors. A margin recovery broadly in line with
management's expectations would, in our view, be supportive of the full-year
guidance and consistent with the divisional order book, which stood at a
record level at the end of Q1. We maintain our Buy rating with a TP of EUR
86, applied by our ROE/COE valuation approach. Our focus is unchanged on the
successful integration of Sateba. In the medium to long term, there is
enormous demand for investment in the rail sector, so we expect a very
positive environment for Vossloh's further business development, also with
regard to achieving its 2030 targets.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=aa2013721808180e6ba47b1c882e36c3
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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2315854 27.04.2026 CET/CEST

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