Cash flows

Cash flows from operating activities remained at an attractive level in the 2024/25 business year, amounting to EUR 1,420.5 million (previous year: EUR 1,447.9 million). A positive effect resulted from the continued reduction of working capital (net current assets) by EUR 322.3 million, primarily due to lower inventory levels. This allowed the voestalpine Group to continue the successful trend of the previous year, during which working capital had already been reduced by EUR 179.1 million.

Investments in other intangible assets and property, plant, and equipment totaled EUR –1,108.6 million, virtually unchanged from the previous year’s figure of EUR –1,081.9. Investment activity is significantly above the level of depreciation due to the ongoing implementation of the “greentec steel” initiative, the transformation of steel production. During the current reporting period, the Group made investments in other financial assets, resulting in cash outflows of EUR –143.1 million. In contrast, the previous year saw divestments in this category, generating cash inflows of EUR 201.3 million. As a result, cash flows from investing activities declined from EUR –853.0 million in 2023/24 to EUR –1,254.6 million in 2024/25.

In the 2024/25 business year, the voestalpine Group reported cash flows from financing activities of EUR –699.5 million (previous year: EUR –325.3 million). This has led to a decrease in cash and cash equivalents of EUR 533.6 million. In 2023/24, by contrast, this position recorded an increase of EUR 269.6 million. Taking into account exchange rate effects, cash and cash equivalents on the reporting date of March 31, 2025 totaled EUR 781.8 million (March 31, 2024: EUR 1,322.1 million).