Vossloh: Q2/26 preview - Rising sales but EBIT could be burdened by base effect

Research evidence excerpt

Vossloh: Q2/26 preview - Rising sales but EBIT could be burdened by base effect

3 July 2026

Vossloh

enhance Vossloh's offerings in innovative rail services and accelerate its entry into

new markets. Cordel specializes in lidar-based imaging technologies that utilize

laser measuring devices on trains to create 3D images of rail corridors. This

enables automated inspection for issues like uneven ballast beds and

obstructions, with data analyzed using artificial intelligence. Cordel's solutions are

currently employed by major railways globally, including Amtrak and Network

Rail. The acquisition will combine Cordel's technologies with Vossloh's existing

laser inspection capabilities to develop automated track inspection systems with

continuous railway line monitoring. The transaction is expected to be

implemented via a court-sanctioned scheme of arrangement and is anticipated to

complete during Q3/26, pending shareholder and UK regulatory approvals.

Cordel's board intends to unanimously recommend the offer to its shareholders.

According to Vossloh, one should expect business momentum to gain ground as

the year progresses, with management stating that “Q2 will be good, Q3 will be

better and Q4 will be excellent.” This is in line with our thinking and the reason is

that major deliveries under existing contracts begin from mid-Q3 onward. In

addition, Lifecycle Solutions typically sees a stronger second half, which should

further support the earnings progression through year-end. (Figure 2: Quarterly

EBITDA by division since Q1/20)

According to Vossloh, FY27 and the following years will still see a negative PPA

effect following the SATEBA acquisition. However, while Vossloh envisages it to

be EUR ~20m in FY26 (DBe EUR 20m), the CFO forecasts EUR <10m for FY27