奥钢联集团：2027财年第一季度——EBITDA符合预期，自由现金流/净债务优于预期

研报英文原文证据摘录

M

Update

August 5, 2026 06:19 AM GMT

Morgan Stanley & Co. International plc+

voestalpine AG | Europe

Alain Gabriel, CFA

Equity Analyst

1Q27 – EBITDA in Line, FCF/Net

Debt Beat

Adahna Ekoku

Equity Analyst

Ferdinand Huber

Research Associate

AlphaSignals Earnings Reaction

voestalpine AG (VOES.VI, VOE AV)

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

FY27 EBITDA guidance of €1.60-1.85 reiterated. FCF guidance upgraded on

improved NWC adjustments.

Carbon Steel | Austria

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (03/27e) (mn)*

EV, curr (mn)*

Equal-weight

In-Line

€48.00

€48.34

€49.28-23.24

€8,288

€1,237

€10,927

* = GAAP or approximated based on GAAP

Adjusted EBITDA was exactly in line with expectations, excluding one-off gains

from the BÖHLER Profil disposal.

1Q27 FCFE came in ahead of our forecasts on better NWC inflows, driving a beat

to net debt.

FY27 EBITDA guidance unchanged; FCF raised. The reported EBITDA range of

€1.60-1.85bn for FY27 (year to March) was reiterated and includes ~€100m net

positive one-offs, largely from the BÖHLER Profil disposal. The reported midpoint

of €1.725bn is 2% above company-compiled consensus median (€1.79bn) and in line

with MSe (€1.73bn). Ex one-offs, the implied range is €1.50-1.75bn, with a midpoint

of €1.625bn, 4% below consensus and 6% below MSe. FCF guidance was raised to ~

€250m from ~€200m, with NWC now expected to remain broadly stable versus a ~

€100m build previously. Capital expenditure guidance remained at ~€1.15bn,

including ~€400m peak greentec steel capex.

Q1 adj. EBITDA in line. The company's Q1 clean adj. EBITDA came in at €395mn, in

line with company-compiled consensus and MSe (both at €397mn). Q1 reported

EBITDA (including one-off items) of €495mn was also in line with estimates,

including a €100mn net positive one-off in High Performance Metals (BÖHLER Profil

disposal gain, partly offset by continued reorganisation charges. At the divisional

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