Voestalpine Keeps Two Buy Calls as Tariffs Eat Into Guidance Ceiling

Published on 11/15/2026 at 13:31 | Editorial boerse-global.de

Voestalpine cut the top of its FY2026/27 EBITDA guidance to EUR 1.70 billion; UBS and Deutsche Bank kept buy ratings despite the revision.

Voestalpine Illustration mit AI erstellt.

Voestalpine has trimmed the top end of its profit outlook for fiscal 2026/27, yet two major brokerage houses are standing by their buy ratings on the Austrian steelmaker. The group now expects EBITDA of EUR 1.60–1.70 billion for the year, having lowered the upper bound from EUR 1.85 billion while leaving the floor untouched.

The revision, announced on Wednesday alongside first-half figures, was attributed to a combination of pressures: the ongoing war in the Middle East, elevated energy and logistics costs, postponed energy projects and additional provisional US tariffs.

Brokers split on emphasis, not on direction

UBS reaffirmed its buy recommendation and EUR 64.00 price target on Thursday, though it characterised both the half-year results and the reduced guidance as negative for the shares. Deutsche Bank Research took a similar stance, confirming its buy call and EUR 63.00 target while cutting its EBITDA estimates for fiscal 2027 through 2029 by 3–7% depending on the year. The stock slipped 2.0% on Friday.

Should investors sell immediately? Or is it worth buying Voestalpine?

First-half figures flattered by one-offs

For the first six months of 2026/27, Voestalpine posted revenue of EUR 7.7 billion and EBITDA of EUR 846 million. EBIT came in at EUR 470 million, with net profit of EUR 290 million. The company noted positive one-off effects of roughly EUR 100 million.

Kindberg talks under way

The US tariffs are also making themselves felt at the Kindberg site, where Voestalpine Tubulars plans to cut around 150 jobs by the end of March 2027. Negotiations with the works council over a social plan have now begun, with an agreement targeted by late November 2026. Management has cited the additional US duties on seamless tubes and difficult conditions in alternative Middle East markets as the reasons for the capacity adjustment.

Voestalpine's next scheduled financial update is set for 10 February 2027, when it will report third-quarter results for fiscal 2026/27.

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