Report on the financial key performance indicators
of the voestalpine Group

The voestalpine Group’s revenue decreased by 5.6 % year-on-year from EUR 8,042.3 million in the first half of 2024/25 to EUR 7,591.1 million in the first half of 2025/26. The High Performance Metals Division recorded the most significant decline in revenue due to the sale of Buderus Edelstahl in the fourth quarter of the previous business year. Capacity adjustments in the Automotive Components business unit in response to the challenging market environment led to a decline in revenue in the Metal Forming Division. By contrast, the Steel Division and the Metal Engineering Division recorded only a moderate decline in revenue. Although price levels fell slightly in both divisions, they were able to almost fully offset this through higher shipping volumes.

In terms of operating result (EBITDA), the voestalpine Group recorded a slight year-on-year increase of 0.6 % from EUR 718.1 million (margin 8.9 %) in the first half of 2024/25 to EUR 722.4 million (margin 9.5 %) in the first half of 2025/26. It should be noted that the previous year’s EBITDA included negative one-off effects of EUR 81.0 million due to valuation adjustments during the Buderus Edelstahl sales process. Based on the reported figures in accordance with IFRS, the High Performance Metals Division was thus able to significantly strengthen its EBITDA. The Steel Division recorded stable development at a good level. In contrast, the Metal Engineering Division and the Metal Forming Division posted declines compared with the previous year. The voestalpine Group achieved a 2.0 % increase in EBIT from EUR 338.5 million (margin 4.2 %) in the first half of 2024/25 to EUR 345.3 million (margin 4.5 %) in the first half of 2025/26.

Net financial result (finance income less finance expenses) improved significantly from EUR –90.0 million in the first half of 2024/25 to EUR –66.9 million in the first half of 2025/26. This resulted in a 12.0 % increase in earnings before taxes from EUR 248.5 million in the previous year to EUR 278.4 million in the current reporting period. The tax rate was slightly higher at 28.7 % in the first half of 2025/26 compared with the previous year’s figure of 26.4 %. This resulted in an 8.6 % increase in profit after tax from EUR 182.9 million in the first half of 2024/25 to EUR 198.6 million in the first half of 2025/26.

The voestalpine Group was able to reduce its gearing ratio (net financial debt as a percentage of equity ) to 19.5 % as of September 30, 2025. This represents a further improvement in this important debt ratio compared with September 30, 2024 (27.5 %) and the balance sheet date of March 31, 2025 (22.1 %). This encouraging development is mainly attributable to the reduction in net financial debt from EUR 2,045.7 million as of September 30, 2024, and EUR 1,650.0 million as of March 31, 2025, to EUR 1,469.7 million as of September 30, 2025. The focus on measures to reduce net working capital supported strong cash flow generation. This enabled the voestalpine Group to continue reducing its debt despite increased capital expenditures for the transformation of steel production (“greentec steel”) and the dividend payment in July 2025. This underscores the voestalpine Group’s strong internal financing capacity. In terms of equity, the voestalpine Group recorded an increase of EUR 7,426.3 million year-on-year as of September 30, 2024, or from EUR 7,464.7 million as of the balance sheet date of March 31, 2025, to EUR 7,530.7 million as of September 30, 2025.

The number of employees (FTE, full-time equivalent) at the voestalpine Group decreased by 4.1 % year-on-year from 51,733 as of September 30, 2024, to 49,614 as of September 30, 2025. The decrease is mainly due to the sale of Buderus Edelstahl and reorganization measures in the High Performance Metals Division and Automotive Components (Metal Forming Division).

Net financial debt can be broken down as follows: