Aktienanleihe Classic 11,4% 2026/09: Basiswert Vossloh

^

Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft

27.04.2026 / 14:35 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of Quirin Privatbank Kapitalmarktgeschäft to Vossloh AG

Company Name: Vossloh AG

ISIN: DE0007667107

Reason for the research: Update

Recommendation: BUY

from: 27.04.2026

Target price: 86

Last rating change:

Analyst: Daniel Kukalj, CIIA, CEFA

Record backlog, book-to-bill above one, robust revenue growth

Vossloh is positioned for material reported revenue growth in 2026 driven by

the Sateba consolidation with a sequential margin normalization from Q2

onwards relative to the seasonally weak Q1, albeit at a structurally lower

margin level than in 2025. A book-to-bill of 1.34x and an all-time-high

order backlog of EUR 1,137m are the real leading indicators. New orders in

Q1 came from Tanzania, Poland, Italy, Algeria, Sweden, China, and Germany.

The Deutsche Bahn framework agreement alone has potential exceeding EUR

100m. The next two reporting events are likely to be central to the market's

reassessment of the Q1 result. Q2 should provide an initial view on whether

the margin pressure observed in Customized Modules which management has

attributed to project mix and additional risk provisioning eases

sequentially, as suggested by the Q1 commentary, or whether it reflects a

more persistent set of factors. A margin recovery broadly in line with

management's expectations would, in our view, be supportive of the full-year

guidance and consistent with the divisional order book, which stood at a

record level at the end of Q1. We maintain our Buy rating with a TP of EUR

86, applied by our ROE/COE valuation approach. Our focus is unchanged on the

successful integration of Sateba. In the medium to long term, there is

enormous demand for investment in the rail sector, so we expect a very

positive environment for Vossloh's further business development, also with

regard to achieving its 2030 targets.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=aa2013721808180e6ba47b1c882e36c3

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/

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=ddf3918f-4234-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2315854 27.04.2026 CET/CEST

°