Outlook
The geopolitical tensions that already had a significant impact on the 2025/26 business year continue to affect economic development in the first quarter of 2026/27. In particular, the renewed escalation of the conflict in the Middle East is influencing energy prices significantly and, consequently, is very likely to affect inflation and interest rates. Furthermore, the economic and regulatory conditions between Europe and North America remain volatile and difficult to predict.
The start of the 2026/27 business year was thus significantly shaped by external factors. To date, voestalpine AG has successfully navigated these developments, continuing to rely on a solid strategy that, among other things, focuses on the Group’s broad diversification.
Against the backdrop of a global economic environment similar to that of the 2025/26 business year, it is expected that the key market trends will largely continue. In Europe in particular, new regulatory measures are currently providing additional momentum, with initial positive effects already evident in the last quarter of the previous business year.
Operating conditions in the Steel Division continue to improve. Long-term planning prospects for the European steel industry have strengthened due to several regulatory developments. These include the entry into force of CBAM (Carbon Border Adjustment Mechanism) in early 2026, the EU safeguard measures effective since July 2026, and probably the European Commission’s proposal to extend the free allocation of emission allowances as well as slowing the reduction in their volume. As market participants prepared for the new safeguard regulations, imports were advanced and inventories were increased in the first quarter of the 2026/27 business year. As inventories are believed to normalize during the first half of the 2026/27 business year, pricing is likely to improve thereafter. Overall, the outlook for the Steel Division remains favorable, particularly for the second half of the 2026/27 business year. However, delays in energy-related projects continue to weigh on demand in the heavy plate segment.
In the High Performance Metals Division, the benefits of the reorganization measures implemented are expected to become increasingly visible in the 2026/27 business year. Demand is anticipated to remain stable overall, with the aerospace sector continuing to be a key growth driver.
The reorganization measures implemented in the High Performance Metals Division are expected to enhance performance over the coming quarters of the 2026/27 business year, following the positive effects already evident in the first quarter. Overall demand is projected to remain stable, supported in particular by continued robust growth in the aerospace sector. Earnings performance in the first quarter of 2026/27 was significantly influenced by positive and negative one-off effects in the High Performance Metals Division, particularly from the sale of voestalpine BÖHLER Profil and from the continued reorganization measures. Overall, EBITDA for the first quarter of 2026/27 includes approximately EUR 100 million in one-off effects.
Annual Report 2025/26
The Metal Engineering Division will continue to benefit from the stable positive trend in the Railway Systems segment. This positive development was most recently reflected in major project orders, such as the large-scale order for Rail Baltica worth EUR 470 million, that will support long-term capacity utilization. In the seamless tubes business, the market environment is predicted to remain under pressure from U.S. tariff policies as well as the conflict in the Middle East. The Wire product segment will continue to operate in a challenging market environment, while stable performance is expected for the Welding segment.
The Metal Forming Division is anticipated to deliver a mixed business performance. In the Tubes & Sections segment, significant regional differences are anticipated. The reorganization measures implemented in Automotive Components will contribute to positive earnings effects over the course of the 2026/27 business year compared with those of the previous business year. The Precision Strip business unit is expected to record slightly improved year-on-year development, while Warehouse & Rack Solutions is forecast to maintain its solid performance.
Considering ongoing geopolitical uncertainties, continuing market trends, and the positive effects from regulatory and internal measures, the Executive Board of voestalpine AG continues to expect solid financial performance for the 2026/27 business year, with EBITDA in the range of EUR 1.60 to 1.85 billion.