Voestalpine Profit Jumps 46% Even as Guidance Ceiling Comes Down
Published on 11/14/2026 at 18:51 | Editorial boerse-global.de
Voestalpine delivered a stronger first half of 2026/27 than a year earlier, but the Austrian steelmaker used the same announcement to lower the top end of its full-year earnings range — a combination that left the stock 2.0% weaker at €36.94 on the following trading day.
Revenue for the six months came in at €7.7 billion, up 0.8%. EBITDA rose 17.1% to €846 million, while EBIT climbed 36% to €470 million. Net profit after tax advanced 46% to €290 million. The company flagged that both EBITDA and EBIT were flattered by positive one-off items worth roughly €100 million, meaning the underlying operating improvement was more modest than the headline figures suggest. Headcount fell 2% to 48,616 full-time equivalents.
Guidance Trimmed on War, Energy and Tariffs
Alongside the half-year release, Voestalpine narrowed its EBITDA forecast for the 2026/27 financial year to €1.60–1.70 billion. The previous range ran from €1.60 billion to €1.85 billion, so the floor stands unchanged while the ceiling has been pulled in by €150 million.
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Management pointed to three pressures behind the revision: the continuing war in the Middle East, which is driving up energy and logistics costs, and additional provisional US tariffs. Those same trade barriers are already feeding through to operations. On Monday the group announced a capacity adjustment at its Kindberg site involving the loss of around 150 jobs by the end of March 2027, citing US tariffs and difficult conditions in key alternative markets in the Middle East.
Brokers Recalibrate but Keep Their Buy Calls
Analysts responded within days. JPMorgan lowered its price target for Voestalpine from €56.80 to €52.50 on Thursday, with analyst Dominic O'Kane reaffirming an "Overweight" rating. Deutsche Bank Research took a scalpel to its forecasts the same day, cutting EBITDA estimates for the 2027 to 2029 financial years by 3–7%, while keeping both its "Buy" recommendation and its €63.00 target in place.
Linz and Donawitz Stay on Schedule
Not everything in the update pointed downward. Voestalpine confirmed that its electric arc furnace projects in Linz and Donawitz remain on track in terms of both timing and budget, with the facilities scheduled to start operating in the first half of 2027.
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Voestalpine Stock: New Analysis - 14 November
Fresh Voestalpine information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
