Outlook

The realignment of the United States' economic relations with its global trading partners created uncertainty in many markets and regions during the first half of 2025/26. The global economy had to adapt to the changed conditions within a short period of time.

For Europe, this resulted in very low levels of economic growth, which is expected to continue throughout the rest of the business year. In North America, the growth trajectory remained intact despite mounting uncertainty. The government shutdown and the associated loss of economic data have made it difficult to assess the economic situation. Nevertheless, most economists expect North American economic growth to continue over the course of the business year. In Brazil, industry was weighed down by high key interest rates, US tariff policy, and an influx of Chinese imports toward the end of the first half of 2025/26. No improvement is expected in the second half of the business year. China, on the other hand, maintained its growth trend, particularly in the industrial sector, and this is unlikely to change significantly in the remainder of the business year.

Against this backdrop, the prevailing trends in the individual market segments are expected to continue in the second half of 2025/26. The mechanical engineering, construction, and consumer goods segments are expected to remain at least stable at their current level.

Demand from the conventional energy sector is expected to remain strong in the pipeline plate segment, whereas no significant impetus is expected from exploration activities in the second half of the business year.

The development of the automotive industry also remains mixed for the voestalpine Group: While no significant recovery is expected on the components side, demand from this industry for high-quality steel sheets should remain at a satisfactory level comparable to the first half of the year.

The positive development in railway systems, aerospace, and warehouse technology is expected to continue unabated in the second half of 2025/26.

The ongoing reorganization programs in Automotive Components and the High Performance Metals Division will continue to be implemented as planned, with positive effects expected towards the end of the current business year. Additional positive momentum is expected for the Steel Division from the announced EU safeguard measures.

Against this backdrop, the Management Board of voestalpine AG confirms its previous forecast and continues to expect EBITDA in the range of EUR 1.40 to 1.55 billion for the 2025/26 business year.

This earnings forecast takes into account the negative effects of the US tariff measures known at this point in time.