D.2. Operating segments
The voestalpine Group has five reportable segments: Steel Division, High Performance Metals Division, Metal Engineering Division, Metal Forming Division, and Holding & Group Services. The reporting system is primarily based on the nature of the products provided and reflects the internal financial reporting system, the management structure, and the company’s main sources of risks and rewards.
The Steel Division focuses on the production of sophisticated hot and cold-rolled strip steel, as well as electrogalvanized, hot-dip galvanized, and organically coated strip steel. This is augmented by electrical steel strip, heavy plate, and foundry products, as well as the downstream Steel & Service Center and Logistics Services. The division is the first point of contact for renowned automotive manufacturers and suppliers in strategic product development and supports customers worldwide. Moreover, it is a key partner of the European white goods and mechanical engineering industries. The Steel Division produces heavy plates for use in the energy sector under the most demanding conditions.
The High Performance Metals Division is the global market leader in high alloy tool and high-speed steel. It holds a leading position in the global supply of special alloys for the oil and natural gas, aerospace, and energy engineering industries; utilizing nickel-base and titanium alloys as well. The division operates a global network of service centers for customers focused on tool manufacturing, offering services such as component processing, heat treatment, and coating, alongside warehousing and preprocessing of special steels. In the USA, Germany, Great Britain, China, and Singapore, the division also provides a broad range of services, including logistics, distribution, and processing for the aerospace industry as well as the oil and natural gas industries. For the oil and gas industry, these services are complemented by additional processing steps. This underscores the division’s position as a technology leader through the one-stop-shop solutions it offers its customers.
The Group’s expertise as the world market leader in turnout technology and as the leading provider of high-quality rails and digital monitoring systems, as well as services related to rail infrastructure, is brought together in the Metal Engineering Division. In addition, the division offers a broad range of high-quality wire rod and drawn wire, premium seamless tubes for special applications as well as high-quality welding consumables and welding machinery. The Metal Engineering Division also operates its own steel production, which ensures a reliable supply of ultra high-quality pre-materials throughout its operations.
The Metal Forming Division is voestalpine’s center of competence for highly refined special sections, tubes, and precision strip steel products, pre-finished system components made from pressed, punched, and roll-profiled parts, as well as storage system solutions. This combination of materials expertise and processing competence — unmatched in the industry — and the division’s global presence make it the first choice for customers who value innovation and quality. These customers include leading manufacturers in the automotive manufactoring and supply industries, with a significant focus on the premium segment, as well as numerous companies in the commercial vehicle, construction, storage, energy, and (agricultural) machinery sectors.
In addition to the holding company, the business segment Holding & Group Services also comprises two holding companies for the U.S. tax group, two financing entities, one raw materials purchasing company, one personal services entity as well as the group-IT companies. These companies were combined because their focus is on providing coordination services and support to the subsidiaries.
Segment revenue, segment expenses, and segment results include transfers between the operating segments. Such transfers are accounted for at transfer prices that correspond to competitive market prices charged to third-party customers for similar products. The intersegment transactions are eliminated in the Consolidated Financial Statements.
The voestalpine Group uses earnings before interest and taxes (EBIT) as well as earnings before interest, taxes, depreciation, and amortization (EBITDA) as key performance indicators (KPIs) for measuring segment performance. These key figures are generally accepted indicators for measuring profitability within the Group.
The key figures for the Group’s operating segments are as follows:
2024/25 |
|
Steel Division |
|
High Performance Metals Division |
|
Metal Engineering Division |
|
Metal Forming Division |
|
Holding & Group Services |
|
Reconciliation |
|
Total Group |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenue |
|
5,799.1 |
|
3,182.2 |
|
4,167.9 |
|
3,125.1 |
|
1,012.4 |
|
−1,543.0 |
|
15,743.7 |
Of which revenue with third parties |
|
5,364.3 |
|
3,160.1 |
|
4,126.6 |
|
3,089.1 |
|
3.6 |
|
0.0 |
|
15,743.7 |
Of which revenue with other segments |
|
434.8 |
|
22.1 |
|
41.3 |
|
36.0 |
|
1,008.8 |
|
−1,543.0 |
|
0.0 |
Cost of sales |
|
4,755.8 |
|
2,685.7 |
|
3,270.8 |
|
2,656.9 |
|
988.8 |
|
−1,452.5 |
|
12,905.5 |
EBITDA |
|
743.8 |
|
83.0 |
|
461.1 |
|
169.3 |
|
−111.7 |
|
0.9 |
|
1,346.4 |
EBITDA margin |
|
12.8% |
|
2.6% |
|
11.1% |
|
5.4% |
|
|
|
|
|
8.6% |
Depreciation and amortization of property, plant and equipment and intangible assets |
|
265.0 |
|
239.7 |
|
187.6 |
|
184.5 |
|
14.6 |
|
0.0 |
|
891.4 |
Of which impairment |
|
0.2 |
|
86.2 |
|
0.0 |
|
41.6 |
|
0.0 |
|
0.0 |
|
128.0 |
Reversal of impairment of property, plant and equipment and intangible assets |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
Share of profit of entities consolidated according to the equity method |
|
2.3 |
|
0.0 |
|
0.7 |
|
0.0 |
|
0.0 |
|
2.9 |
|
5.9 |
EBIT |
|
478.8 |
|
−156.8 |
|
273.5 |
|
−15.3 |
|
−126.0 |
|
0.9 |
|
455.1 |
EBIT margin |
|
8.3% |
|
−4.9% |
|
6.6% |
|
−0.5% |
|
|
|
|
|
2.9% |
Interest and similar income and income from other securities and loans |
|
7.8 |
|
27.5 |
|
13.8 |
|
9.6 |
|
379.4 |
|
−388.7 |
|
49.4 |
Interest and similar expenses |
|
96.7 |
|
134.2 |
|
80.6 |
|
64.7 |
|
254.5 |
|
−390.6 |
|
240.1 |
Tax expense |
|
−72.8 |
|
16.0 |
|
−35.2 |
|
25.8 |
|
−25.61 |
|
−0.11 |
|
−91.9 |
Profit after tax |
|
321.3 |
|
−247.1 |
|
171.5 |
|
−44.5 |
|
293.51 |
|
−316.11 |
|
178.6 |
Segment assets |
|
5,241.9 |
|
4,012.3 |
|
4,183.0 |
|
2,495.7 |
|
10,842.11 |
|
−11,040.71 |
|
15,734.3 |
Of which investments in entities consolidated according to the equity method |
|
213.8 |
|
0.0 |
|
5.4 |
|
0.0 |
|
0.0 |
|
35.5 |
|
254.7 |
Net financial debt |
|
1,288.6 |
|
1,866.2 |
|
1,084.4 |
|
981.2 |
|
−3,494.61 |
|
−75.81 |
|
1,650.0 |
Investments in property, plant and equipment and intangible assets |
|
535.0 |
|
126.1 |
|
381.9 |
|
174.9 |
|
25.2 |
|
0.0 |
|
1,243.1 |
Employees (full-time equivalent) |
|
10,675 |
|
11,679 |
|
15,071 |
|
10,899 |
|
1,335 |
|
0 |
|
49,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
In millions of euros |
||||||||||||||
2025/26 |
|
Steel Division |
|
High Performance Metals Division |
|
Metal Engineering Division |
|
Metal Forming Division |
|
Holding & Group Services |
|
Reconciliation |
|
Total Group |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenue |
|
5,730.6 |
|
2,749.7 |
|
4,054.7 |
|
3,030.1 |
|
944.2 |
|
−1,446.2 |
|
15,063.1 |
Of which revenue with third parties |
|
5,316.8 |
|
2,730.5 |
|
4,013.6 |
|
2,999.5 |
|
2.7 |
|
0.0 |
|
15,063.1 |
Of which revenue with other segments |
|
413.8 |
|
19.2 |
|
41.1 |
|
30.6 |
|
941.5 |
|
−1,446.2 |
|
0.0 |
Cost of sales |
|
4,605.6 |
|
2,170.3 |
|
3,152.5 |
|
2,540.5 |
|
928.5 |
|
−1,349.2 |
|
12,048.2 |
EBITDA |
|
810.5 |
|
216.2 |
|
374.5 |
|
218.1 |
|
−129.5 |
|
−4.2 |
|
1,485.6 |
EBITDA margin |
|
14.1% |
|
7.9% |
|
9.2% |
|
7.2% |
|
|
|
|
|
9.9% |
Depreciation and amortization of property, plant and equipment and intangible assets |
|
251.4 |
|
158.9 |
|
190.6 |
|
144.6 |
|
16.6 |
|
0.0 |
|
762.1 |
Of which impairment |
|
0.0 |
|
6.7 |
|
0.0 |
|
5.3 |
|
0.0 |
|
0.0 |
|
12.0 |
Reversal of impairment of property, plant and equipment and intangible assets |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
Share of profit of entities consolidated according to the equity method |
|
16.0 |
|
0.0 |
|
−0.2 |
|
0.0 |
|
0.0 |
|
3.4 |
|
19.2 |
EBIT |
|
559.1 |
|
57.3 |
|
184.0 |
|
73.5 |
|
−146.2 |
|
−4.2 |
|
723.5 |
EBIT margin |
|
9.8% |
|
2.1% |
|
4.5% |
|
2.4% |
|
|
|
|
|
4.8% |
Interest and similar income and income from other securities and loans |
|
7.9 |
|
23.0 |
|
8.7 |
|
7.0 |
|
339.4 |
|
−350.1 |
|
35.9 |
Interest and similar expenses |
|
83.8 |
|
115.7 |
|
72.3 |
|
59.6 |
|
218.6 |
|
−357.4 |
|
192.6 |
Tax expense |
|
−98.5 |
|
20.8 |
|
−25.4 |
|
−22.8 |
|
−36.4 |
|
0.0 |
|
−162.3 |
Profit after tax |
|
387.3 |
|
−14.3 |
|
95.0 |
|
−1.7 |
|
613.8 |
|
−655.8 |
|
424.3 |
Segment assets |
|
5,593.5 |
|
3,777.3 |
|
4,211.7 |
|
2,482.7 |
|
11,146.5 |
|
−11,209.5 |
|
16,002.2 |
Of which investments in entities consolidated according to the equity method |
|
213.0 |
|
0.0 |
|
5.0 |
|
0.0 |
|
0.0 |
|
38.5 |
|
256.5 |
Net financial debt |
|
1,372.0 |
|
1,709.31 |
|
1,298.8 |
|
966.9 |
|
−4,009.0 |
|
−74.31 |
|
1,263.7 |
Investments in property, plant and equipment and intangible assets |
|
536.9 |
|
81.81 |
|
293.2 |
|
147.8 |
|
9.5 |
|
0.0 |
|
1,069.21 |
Employees (full-time equivalent) |
|
10,791 |
|
11,062 |
|
14,914 |
|
10,698 |
|
1,312 |
|
0 |
|
48,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
In millions of euros |
||||||||||||||
The reconciliation of the key performance indicators, EBITDA and EBIT, is shown in the following tables:
|
|
2024/25 |
|
2025/26 |
|---|---|---|---|---|
|
|
|
|
|
Net exchange differences and result from valuation of derivatives |
|
−3.7 |
|
−7.5 |
Consolidation |
|
4.6 |
|
3.2 |
EBITDA – Total reconciliation |
|
0.9 |
|
−4.2 |
|
|
|
|
|
In millions of euros |
||||
|
|
2024/25 |
|
2025/26 |
|---|---|---|---|---|
|
|
|
|
|
Net exchange differences and result from valuation of derivatives |
|
−3.7 |
|
−7.5 |
Consolidation |
|
4.6 |
|
3.2 |
EBIT – Total reconciliation |
|
0.9 |
|
−4.2 |
|
|
|
|
|
In millions of euros |
||||
All other key performance indicators reflect only the effects of consolidation.
Geographical information
The following table provides selected financial information summarized according to the major geographical areas. External segment revenue is broken down by the customers’ geographical location.
Long-term assets and investments are reported based on the entities’ geographical location.
|
|
Austria |
|
European Union |
|
Other Countries |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
2024/25 |
|
2025/26 |
|
2024/25 |
|
2025/26 |
|
2024/25 |
|
2025/26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
External revenue |
|
1,083.2 |
|
1,074.4 |
|
8,969.3 |
|
8,784.5 |
|
5,691.2 |
|
5,204.2 |
Long-term assets |
|
5,534.7 |
|
5,794.7 |
|
1,424.6 |
|
1,409.5 |
|
971.2 |
|
975.6 |
Investments in property, plant and equipment and intangible assets |
|
845.8 |
|
819.8 |
|
236.7 |
|
125.1 |
|
160.6 |
|
124.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
||||||||||||
The voestalpine Group does not record revenue from transactions with a single external customer that amounts to 10% or more of the entity’s revenue.