Climate change is shifting drought frequency and severity in alpine regions, affecting plant physiological processes, including the production and emission of biogenic volatile organic compounds (BVOCs), that influence atmospheric chemistry and the radiative properties of the atmosphere. While constitutive BVOC emissions are well-characterized for some plant species, drought-induced changes in monoterpene and sesquiterpene emissions remain poorly constrained, limiting predictions for future climate scenarios. We quantified the gas exchange of two conifer species, Pinus sylvestris and Juniperus communis , in a multi-week plant cuvette experiment with four drought intensity treatments. Continuous gas exchange measurements resolved temporal dynamics of CO₂ assimilation, transpiration, and BVOC emissions. Under severe drought, P. sylvestris maintained a positive carbon balance (21.0 g C m⁻² leaf area), while J. communis experienced net carbon loss (-0.48 g C m⁻² leaf area), reflecting contrasting carbon-uptake versus water-use strategies under drought stress. Total monoterpene emissions were largely drought-insensitive, although our data revealed a compound-specific regulation in P. sylvestris. Sesquiterpene emissions were strongly induced in both species, but diverged during the course of the experiment: sustained elevation in J. communis versus a bell-shaped response in P. sylvestris . Methyl salicylate responses were opposite: stress-induced and unimodal in P. sylvestris, but declining with drought severity in J. communis . These findings demonstrate that BVOC drought responses are determined by species-specific carbon balance and physiological thresholds rather than phylogeny alone, providing important insights for models of BVOC emission dynamics under climate change.