General information/accounting policies

These Interim Consolidated Financial Statements of voestalpine AG as of September 30, 2024, for the first half of the business year 2024/25 were prepared in accordance with the International Financial Reporting Standards (IFRS)—as adopted by the European Union—pursuant to IAS 34, Interim Financial Reporting, as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRS-IC), which require application in 2024. The accounting policies are unchanged from the Consolidated Financial Statements for the business year 2023/24, with the exception of the changes below.

The following new and revised Standards and Interpretations were adopted for the first time in the business year 2024/25:

The amendments and new versions of Standards and Interpretations did not have any material effect on the voestalpine Group’s net assets, financial position, and results of operations. The amendment to IAS 7/IFRS 7 extends the disclosure requirements in connection with supplier finance arrangements. The transitional provisions clarify that an entity is not required to make these disclosures in its interim financial statements in the year of initial application of the amendments.

Further information on the other principles of preparation is provided in the Consolidated Financial Statements as of March 31, 2024, on which these Interim Consolidated Financial Statements are based.

The Interim Consolidated Financial Statements are presented in millions of euros (the functional currency of the parent company). The use of automated calculation systems may result in rounding differences that affect amounts and percentages.

Unless otherwise stated, comparative information relates to the first half of the business year 2023/24 (reporting date: September 30, 2023).

The present Interim Consolidated Financial Statements have not been audited or reviewed by auditors.

ERROR CORRECTION IN ACCORDANCE WITH IAS 8

Towards the end of the fourth quarter of the business year 2023/24, it was discovered within a company of the Metal Forming Division that intentional journal entries had been made in the recognition and measurement of assets and liabilities to improve reported profits. Specifically, regarding advance payments within inventories and other receivables (including contract assets), assets were overstated or derecognitions were omitted in the context of accounting for tools and development services, as well as price adjustments for serial production.

During extensive analyses conducted in the preparation period, the necessary corrections were identified. The determined adjustments were allocated to and retrospectively adjusted for the previously reported periods in accordance with IAS 8.42. Tax-related counter-effects were not originally recognized due to significant uncertainties.

The following tables show the effects of the error correction on the affected items of the Consolidated Income Statement in the first half of the business year 2023/24 and the second quarter of the business year 2023/24: