Original-Research: Vossloh AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY

Classification of Quirin Privatbank Kapitalmarktgeschäft to Vossloh AG

Company Name:	Vossloh AG
ISIN:	DE0007667107
Reason for the research:	Update
Recommendation:	BUY
from:	25.07.2025
Target price:	102
Last rating change:
Analyst:	Daniel Kukalj, CIIA, CEFA

On Track for Profitable Growth Based on Vossloh AG's solid Q2 2025 results, high order backlog and confirmed full-year guidance, we maintain our Buy rating and TP of EUR 102, applied by our ROE/COE valuation approach. The company was able to increase its TTM sales by 4.8% yoy or 3.3% qoq. TTM order intake fell by 6.1% yoy or 10.0% qoq, the TTM book-to-bill ratio fell slightly below the important threshold of 1.0x, but management is confident of generating further orders in the coming months, so in our view the gap to 1.0x should be closed. The TTM net income margin rose by 18 basis points yoy, but fell by 43 basis points qoq. TTM net income amounted to EUR 57.7m, a gap to our FY 2025 net income forecast (QPe: EUR 70.2m) of EUR 12.5m, in the prior year period the gap to FY 2024 was EUR 10.3m, a stronger second half business should make our estimate realistic. Overall, Vossloh’s resilient order book, solid operating performance, and strategic growth initiatives position the company well for sustained profitable growth and enhanced shareholder value. You can download the research here: VOSSLOH_AG_20250725 For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/