Development of the voestalpine share
voestalpine AG vs. the ATX and international indices
Changes compared with March 31, 2025, in %
During the period from April 1, 2025, to March 31, 2026, the performance of the voestalpine share was influenced by a variety of macroeconomic, industry-specific, and company-specific factors. In the first months of the 2025/26 business year, the share price initially showed a largely stable trend despite ongoing uncertainties related to the introduction of U.S. tariffs. Leading indicators such as the Purchasing Managers’ Index (PMI), which pointed to moderate recovery trends, had a positive effect on the European Union. In addition, interest rate cuts by the European Central Bank (ECB) in April and June 2025 provided positive momentum in the stock markets.
As a result, the share price gained significant momentum. In August and September 2025, the voestalpine share benefited from positive news and political decisions, including a retroactive reduction in U.S. tariffs on European automobile imports. Further support came from the regulator in the form of reports about plans to tighten import restrictions on international steel shipments to the European Union, which were made public toward the end of September 2025. The company’s financial results for the first half of the 2025/26 business year, published in mid-November 2025, were also well received by the capital markets.
Toward the end of the 2025/26 business year, military hostilities in the Middle East increasingly became a focus of capital markets. The blockade of the Strait of Hormuz led to significant disruptions in global energy markets. Expectations of weaker economic growth coupled with rising inflation and interest rates weighed on sentiment in the capital markets. The voestalpine stock could not escape this negative sentiment. In March 2026, following the previously strong performance, the share price declined noticeably.
The inclusion of voestalpine shares in the ATX Five took place amid this challenging capital market environment at the end of the 2025/26 business year. The index is considered one of the most important stock market barometers of the Vienna Stock Exchange and comprises the five most-traded companies.
Over the entire 2025/26 business year, the voestalpine share recorded a significant overall price increase of 65%. Starting from a price level of EUR 22.86 as of April 1, 2025, the share price rose to EUR 37.82 by March 31, 2026. During the same period, the benchmark ATX index rose by approximately 30%, while the STOXX Europe Index and the Dow Jones Industrial Average each recorded gains of around 10%.
New capital allocation and dividend policy
On June 30, 2025, the Executive Board of voestalpine AG adopted a new capital allocation strategy designed to support the implementation of the 2030+ corporate strategy through clear guidelines for investment decisions, the steering of the balance sheet structure, and the dividend policy. Going forward, the Executive Board’s annual dividend proposal to the Annual General Meeting will be based on the following principles:
Distribution of 30% of earnings per share (EPS), provided that the debt ratio (calculated as net financial debt/EBITDA) does not exceed 2.0 after the dividend payment.
In any case, a minimum dividend of EUR 0.40 per share.
In the event of exceptionally strong earnings and a corresponding debt ratio (net financial debt/EBITDA less than 2.0 after dividend payment), additional distributions and/or share buybacks are possible.
This model is intended to ensure a balanced mix of performance-based yet stable shareholder participation in the company’s success, as well as a resilient and solid capital structure for future growth.
Increase in convertible bonds
On March 2, 2026, the Management Board of voestalpine AG decided, due to the favorable market environment, to increase the convertible bonds issued in 2023 and maturing in 2028 by a total nominal amount of up to EUR 35 million. The original issue volume of the convertible bond from April 2023 was EUR 250 million. In addition, the Executive Board decided in early March 2026 to use treasury shares to service holders of the convertible bonds who exercise their conversion rights by the end of the term. This approach is consistent with that taken for the convertible bonds originally issued in 2023 (see ad hoc announcement of December 1, 2025).