Solid Group EBITDA and Profitability
Group EBITDA of ~EUR 1.0 billion in the first 9 months (vs. EUR 970 million prior year), an increase of roughly +3.1%. EBIT reported at ~EUR 470 million versus EUR 390 million a year earlier (approx. +20.5%). Management notes all profit-line items were 'in green'.
Strong cash flow and working capital execution
Cash flow from results of EUR 873 million plus a EUR 228 million release from working capital, resulting in operating cash flows above EBITDA for the period. Company expects positive free cash flow for the full year and in Q4.
Improved balance sheet and deleveraging
Net debt reduced by roughly EUR 200–300 million (management cited ~EUR 300 million vs. same period last year and ~EUR 200 million since the beginning of the year). Net debt/EBITDA ~1.0 and equity ratio ~50% (EUR 7.6 billion). Gearing down to ~19%.
Confirmed EBITDA guidance
Management confirmed full-year EBITDA guidance between EUR 1.40 billion and EUR 1.55 billion, with the range reflecting closing/no-closing of a divestment in HPM.
Steel division outperformance
Steel division delivered a very strong operational performance in a weak market, with an EBITDA margin >13% and ~300,000 tonnes higher volumes year-to-date (contributing ~EUR 100m+). Management expects improving price momentum into next year tied to safeguards/CBAM and infrastructure demand.
Railway Systems and project wins
Railway Systems described as very strong: delivered major projects including Koralmbahn (35 km tunnel: 290 km rail, 235 turnouts plus digital monitoring). Railway Systems EBITDA margin ~10.3% and continues to show solid order book and international projects.
Large-scale decarbonization program on schedule
EUR 1.5 billion greentec decarbonization program (replace 2 of 5 blast furnaces with EAFs at two Austrian sites) is reported to be on time and on budget; ramp-up to start around one year from the call.
Growth initiatives and geographic expansion
Active growth focus on railway systems, tubes & sections, warehouse solutions and aerospace; India footprint: current revenue ~EUR 190 million, 5 sites, ~1,000 FTEs with plans to add production (special tubes/sections) and increase aerospace approvals and welding consumables capacity.