Voestalpine Draws a Lower Guidance Ceiling While Profits and a Buy Rating Hold Their Ground
Published on 11/13/2026 at 17:00 | Editorial boerse-global.de
Voestalpine has trimmed the top end of its full-year EBITDA guidance even as first-half earnings climbed, a split-screen result that left sell-side analysts divided and put a Kindberg tube plant squarely in the path of US trade policy.
For fiscal 2026/27 the Austrian steelmaker now expects EBITDA of EUR 1.60–1.70bn, down from the EUR 1.60–1.85bn range it had previously guided. Management pointed to a longer-running war in the Middle East, higher energy and logistics costs, postponed energy projects and provisional additional US tariffs as the drags behind the cut.
A stronger half beneath the softer outlook
The numbers for the first six months of 2026/27 moved in the opposite direction. EBITDA rose to EUR 846m from EUR 722m a year earlier, while EBIT advanced to EUR 470m from EUR 345m. Revenue for the half came in at EUR 7.7bn and profit after tax reached EUR 290m, a gain of 46.1%. Roughly EUR 100m of positive one-off items were folded into the results.
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Logistics added a further complication at the Linz site, where low water on the Danube hampered shipments. CEO Herbert Eibensteiner, speaking at the half-year press conference on Wednesday, cited the shallow river as one reason for logistics problems and undelivered goods, according to Der Standard. The same report flagged encouraging momentum in the rail, aerospace and warehousing technology businesses, a reminder that the pressure is not spread evenly across the group.
Kindberg cuts tied to tariffs on seamless tubes
The tariff burden has already reached the workforce. Voestalpine Tubulars intends to adjust capacity at Kindberg and shed about 150 jobs by the end of March 2027, with the company blaming US duties on seamless tubes and difficult conditions in alternative Middle Eastern markets. Talks with the works council are aimed at completing a social plan by the end of November 2026, and management confirmed the capacity adjustment to the Oberösterreichische Nachrichten.
BNP Paribas trims its target, UBS stays bullish
The half-year release drew contrasting responses from two banks. BNP Paribas lowered its price target on Voestalpine to EUR 41.50 from EUR 46 while keeping a "Neutral" rating, holding to its assessment but marking the stock down. UBS went the other way, retaining its buy recommendation and a EUR 64 target.
Investors will get the next hard data point on 10 February 2027, when Voestalpine reports third-quarter figures for 2026/27.
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