Report on the financial key performance indicators
of the voestalpine Group

The voestalpine Group was confronted with low economic momentum in the current reporting period. As a result, revenue in the first half of 2024/25 weakened by 5.5% from EUR 8,512.8 million in the previous year to EUR 8,042.3 million. The year-on-year decline in revenue, which affected all four divisions equally, is the result of lower sales volumes and lower prices against the backdrop of declining raw material costs.

The voestalpine Group’s operating result (EBITDA) decreased by 20.5% from EUR 903.4 million (margin 10.6%) to EUR 718.1 million (margin 8.9%) in the first half of 2024/25 compared to the previous year. At divisional level, the High Performance Metals Division suffered the greatest losses, although EBITDA includes negative special effects of EUR 81 million due to the write-down required in the course of the Buderus Edelstahl sale process. While the Metal Engineering Division and the Metal Forming Division also recorded year-on-year declines in EBITDA, the Steel Division was able to increase its operating result. The voestalpine Group’s operating result (EBIT) fell by around a third year-on-year, from EUR 519.3 million (margin 6.1%) in the first half of 2023/24 to EUR 338.5 million (margin 4.2%) in the first half of 2024/25.

The net financial result (financial income reduced by financial expenses) remained at the previous year’s level of EUR –90.0 million in the first half of 2024/25 (EUR –91.5 million). At EUR 248.5 million, earnings before taxes were thus 41.9% below the previous year’s figure of EUR 427.8 million. Based on a tax rate of 26.4% (previous year: 24.6%), earnings after taxes amounted to EUR 182.9 million in the current reporting period. Compared to the first half of 2023/24 (EUR 320.7 million), this represents a decrease of 43.0%.

The gearing ratio (net financial debt as a percentage of equity) increased slightly year-on-year from 26.9% as of September 30, 2023, to 27.5% as of September 30, 2024. The gearing ratio also increased compared to the reporting date of March 31, 2024 (22.0%). The voestalpine Group was able to reduce net financial debt by 1.7% year-on-year, from EUR 2,080.1 million as of September 30, 2023, to EUR 2,045.7 million as of September 30, 2024. Compared to the reporting date of March 31, 2024 (EUR 1,650.8 million), however, net financial debt increased by 23.9%. The voestalpine Group’s equity of EUR 7,426.3 million as of September 30, 2024, represents a decrease of 3.9% compared to the previous year (EUR 7,729.9 million as of September 30, 2023) and a slight decrease of 1.0% compared to the reporting date of March 31, 2024 (EUR 7,499.6 million).

The number of employees (FTE, full-time equivalent) was 51,733 as of September 30, 2024. This represents an increase of 1.0% compared to September 30, 2023 (51,212 employees). Compared to the reporting date of March 31, 2024 (51,589), this represents an increase of 0.3%.

Net financial debt can be broken down as follows: