Cash flows

After operating cash flow had already developed very satisfactorily in the previous year, it increased further by 8.4% in the current business year, from EUR 1,420.5 million in the 2024/25 business year to EUR 1,540.1 million in the 2025/26 business year. It should be noted that the voestalpine Group achieved a further reduction in net working capital of EUR 310.7 million in the current reporting period (previous year: reduction of EUR 480.1 million). A significant portion of this is attributable to the reduction of inventories.

Investments in other intangible assets and property, plant, and equipment amounted to EUR −983.4 million in the 2025/26 business year. Despite high investment activity for the implementation of the steel production transformation (“greentec steel”), capital expenditures nevertheless remain well below the prior-year figure of EUR −1,108.6 million. While investments were made in financial assets in the prior year, resulting in cash outflows of EUR −143.1 million, voestalpine generated cash inflows from the divestment of financial assets amounting to EUR 207.8 million in the current business year. Accordingly, cash flow from investing activities changed from EUR −1,254.6 million in the 2024/25 business year to EUR −794.9 million.

Regarding cash flow from financing activities, the voestalpine Group reported a figure of EUR −429.9 million in the 2025/26 business year (previous year: EUR −699.5 million). This includes dividend payments of EUR −123.9 million (previous year: EUR −214.6 million). Overall, these developments result in an increase in cash and cash equivalents of EUR 315.3 million (previous year: EUR −533.6 million). Taking into account the opening balance and currency translations, the closing balance of cash and cash equivalents as of March 31, 2026, was EUR 1,096.0 million (March 31, 2025: EUR 781.8 million).