Two of Europe’s best-known brokerage houses have reaffirmed their bullish stance on Voestalpine, even as one of them trimmed its medium-term earnings assumptions for the Austrian steelmaker. Deutsche Bank Research and UBS both reiterated Buy ratings on Thursday, a day after the Linz-based group published its first-half figures, according to media reports. The price targets stayed put: EUR 63.00 at Deutsche Bank Research and EUR 64.00 at UBS.
A stronger half, a tighter full-year range
The interim report itself was solid. Revenue for the first half of fiscal 2026/27 came in at EUR 7.7 billion, while profit after tax jumped 46% to EUR 290 million. Operating lines moved in the same direction: EBITDA reached EUR 846 million, up 17.1% year on year, and EBIT climbed 36% to EUR 470 million.
Guidance for the full year, however, was reined in. Voestalpine now expects EBITDA of EUR 1.60–1.70 billion, against a previous range of EUR 1.60–1.85 billion — a cut that effectively lowers the top end of the corridor. Management pointed to the ongoing war in the Middle East, higher energy and logistics costs, and preliminary additional US tariffs as the drags behind the revision.
Deutsche Bank trims the outer years
Deutsche Bank’s endorsement came with a caveat. Alongside the unchanged target, the bank lowered its EBITDA estimates for fiscal years 2027 through 2029 by 3–7%, citing the same pressures the company flagged: elevated energy and freight expenses and the burden of US duties.
The more cautious modelling follows the company’s own downgrade after the half-year release. The equity fell 2.0% on Wednesday to close at EUR 36.94, and it was down another 2.9% on Thursday — a move that cannot be pinned directly to any single corporate announcement.
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Tariffs reach the shop floor in Kindberg
The trade barriers are already leaving marks on the workforce. At Voestalpine Tubulars in Kindberg, talks with the works council are under way over a social plan covering roughly 150 employees, with the reductions slated to run until March 2027. Voestalpine confirmed the details to the Oberösterreichische Nachrichten following an ORF report, attributing the step to additional US tariffs on the seamless tubes produced there.
On the investment side, the group said the electric arc furnaces in Linz and Donawitz remain on schedule and on budget, with commissioning planned for the first calendar half of 2027.
Investors get their next look at the numbers on 10 February 2027, when Voestalpine reports third-quarter results for fiscal 2026/27.
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