Austrian steel and technology group voestalpine AG (0MKX) has reported solid first-half results for the 2026/27 business year, covering the period 1 April to 30 September 2026. Group revenue held broadly steady at €7.7 billion, while EBITDA rose 17.1% to €846 million and EBIT jumped 36% year on year to €470 million, partly aided by approximately €100 million in net positive one-off effects. The group has simultaneously trimmed the upper end of its full-year EBITDA forecast to €1.7 billion, citing prolonged conflict in the Middle East and rising energy and logistics costs as headwinds for the second half.

Key Points

  • voestalpine AG (0MKX), listed on the Vienna Stock Exchange, is a globally leading steel and technology group operating in more than 50 countries
  • H1 2026/27 EBITDA rose 17.1% to €846 million; EBIT increased 36% to €470 million year on year
  • Full-year EBITDA guidance revised to €1.60–€1.70 billion from a prior range of €1.60–€1.85 billion
  • Investors will be watching the greentec steel electric arc furnace start-up, expected in the first half of calendar year 2027, and its impact on the group's decarbonisation trajectory

voestalpine H1 2026/27 Profit Before Tax Climbs 46% as One-Off Effects Boost Earnings

The group recorded profit before tax of €408 million and profit after tax of €290 million in the first half of 2026/27, each representing a 46% year-on-year increase. The announcement states that earnings included positive and negative one-off effects in the High Performance Metals Division totalling approximately €100 million, notably from the sale of voestalpine BÖHLER Profil. Free cash flow reached €24 million despite significant ongoing capital investment, with the BÖHLER Profil disposal contributing a one-off effect of roughly €150 million. Group equity stood at €8 billion, up 6.6% year on year, while net financial debt fell 5.3% to €1.4 billion as of 30 September 2026, giving a gearing ratio of 17.3%.

Railway Systems and Aerospace Outperform While Automotive Components Face Structural Pressure

The announcement highlights a divergence in divisional performance during the period. voestalpine's Railway Systems segment — in which the group describes itself as the global market leader — benefited from continued infrastructure investment across Europe and international rail projects. The aerospace segment also delivered strong results, driven by demand from both European and North American customers. Conversely, the Automotive Components business unit within the Metal Forming Division continued to operate in challenging conditions across Europe, China, and North America. The construction, mechanical engineering, and consumer goods sectors also saw subdued demand, while energy-sector activity was disrupted by project postponements linked to geopolitical developments in the Middle East.

greentec Steel Electric Arc Furnaces in Linz and Donawitz Set for 2027 Start-Up

voestalpine's flagship decarbonisation programme, greentec steel, remains on schedule and within budget, the company confirmed. Core equipment for two electric arc furnaces — one in Linz and one in Donawitz, Austria — has arrived on site, with components being assembled and integrated. Cold commissioning, which involves testing conveyor, hydraulic, electrical, cooling, and automation systems, is set to follow ahead of a planned start-up in the first half of calendar year 2027. The programme forms a central pillar of voestalpine's commitment to meeting global climate targets by transforming its steelmaking process away from traditional blast-furnace production.

voestalpine Cuts Upper End of Full-Year EBITDA Guidance Amid Middle East Uncertainty

The Management Board has revised its full-year EBITDA forecast for 2026/27 to a range of €1.60 billion to €1.70 billion, narrowed from the prior guidance of €1.60 billion to €1.85 billion. The adjustment reflects ongoing conflict in the Middle East, which the announcement states has driven energy and logistics costs higher and caused further delays to regional energy projects. Provisional additional US duties are also cited as a dampening factor for second-half earnings. The group nonetheless indicated confidence in its strategic direction, noting that its workforce stood at 48,616 full-time equivalents as of 30 September 2026, down 2% year on year, primarily due to reorganisation in the High Performance Metals and Automotive Components divisions.