Analysis of significant judgements and estimates
The uncertainties in judgments and estimates specified in the Consolidated Financial Statements as of March 31, 2026, have been reassessed in the preparation of the present Interim Consolidated Financial Statements and generally remain valid.
Geopolitical and trade policy developments
The economic environment continues to be impacted by geopolitical conflicts, particularly the ongoing conflict in the Middle East. These developments have resulted in adverse effects, including project delays in affected regions and higher energy costs. Additional uncertainties, particularly in connection with U.S. tariff policy, persist and have increased due to further protectionist measures, including temporary additional tariffs affecting the Tubulars business segment. In this challenging environment, the voestalpine Group was able to maintain its position across its core business segments and achieved an overall stable performance in the first half of the business year 2026/27. The countermeasures introduced to date – such as specific restructuring measures, targeted price adjustments, diversification of the customer portfolio, and efficiency improvements – continue to be implemented and are increasingly showing positive effects.
Effects of sustainability strategy—decarbonization and green transformation
The voestalpine Group continuously monitors and assesses ongoing developments, particularly current proposals by the European Commission concerning the timing of the phase-out of free allocations of EU ETS emission allowances and the potential implications for the voestalpine Group.
The disclosures as of March 31, 2026, remain valid in all material respects.
The greentec steel transformation projects at the Linz and Donawitz sites continued to advance according to plan during the first half of the business year 2026/27 and remain on track with respect to both timeline and budget. The start-up of the electric arc furnaces is still expected in the first half of calendar year 2027. In June 2026, the Supervisory Board approved the second phase of the greentec steel technology transformation program at the Donawitz site.
As of September 30, 2026, these developments did not give rise to any material changes in the assumptions underlying the accounting estimates and judgments as of March 31, 2026, since the project plan as approved has already been incorporated into the Group’s previous planning calculations.
No impairment was required in the first half of the 2026/27 business year resulting from climate-related risks and the associated transformation projects.