Voestalpine Braces for Costlier Second Half as Brokers Rework Targets
Published on 11/14/2026 at 16:53 | Editorial boerse-global.de
Voestalpine has trimmed the top end of its full-year earnings guidance, prompting a round of price-target revisions from major brokers even as the steelmaker booked a sharply stronger first half. The Linz-based group now expects EBITDA of EUR 1.60–1.70 billion for fiscal 2026/27, down from the EUR 1.60–1.85 billion range it had previously guided. Management pointed to the protracted war in the Middle East, higher energy and logistics costs, project delays and additional provisional US tariffs as the drags behind the cut.
The revised outlook landed alongside interim figures published on Wednesday. Revenue for the first half of 2026/27 came in at EUR 7.7 billion, a rise of 0.8%. EBITDA climbed 17.1% to EUR 846 million, against EUR 722 million a year earlier, while EBIT advanced 36% to EUR 470 million. Profit after tax jumped 46% to EUR 290 million. Both EBITDA and EBIT were flattered by positive one-off effects of roughly EUR 100 million, which also lifted operating profit before interest and taxes.
Brokers Diverge on the Road Ahead
Equity analysts responded to the guidance cut with a split verdict. BNP Paribas Exane reiterated its "Neutral" rating on Thursday while shaving its price target to EUR 41.50 from EUR 46. Deutsche Bank Research kept its "Buy" recommendation and EUR 63.00 target intact the same day, but lowered its EBITDA estimates for the 2027 to 2029 financial years by 3–7%, citing higher energy and logistics costs as well as US tariffs. JPMorgan, for its part, cut its target to EUR 52.50 from EUR 56.80 while reaffirming an "Overweight" rating, with analyst Dominic O'Kane maintaining his constructive stance.
Should investors sell immediately? Or is it worth buying Voestalpine?
The shares came under pressure following the narrower guidance range, according to Reuters, and shed a further 2.0% on Friday. Trading in Vienna was quiet that session, with the ATX edging slightly lower, APA reported.
Kindberg Cuts Tied to Trade Barriers
The fallout from US trade measures is being felt most acutely at the group's Voestalpine Tubulars unit. The company announced a capacity adjustment at its Kindberg site on Monday, involving the loss of around 150 jobs by the end of March 2027. US tariffs and difficult conditions in key alternative markets in the Middle East were given as the reasons. Talks with the works council over a social plan for Kindberg began on Friday, with the package due to be finalised by the end of November. Voestalpine has also flagged internal group and regional vacancies for affected employees.
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