Knorr-Bremse AG

Latest Results (23.10.2025):

Knorr-Bremse AG reported its financial results for the first half of 2025, showing a slight decrease in revenues but significant growth in order intake and free cash flow. The company maintained its profitability with an increased operating EBIT margin and confirmed its full-year guidance despite market challenges in the commercial vehicle sector.

Revenue and Order Intake

Revenues for the first half of 2025 stood at €3,957 million, slightly down from €3,987 million in the same period last year. However, order intake rose by 5.8% to €4,484 million, driven by a strong performance in the rail vehicle business and the acquisition of KB Signaling. The order book also increased to €7,326 million, supported by the recent acquisition.

Profitability

Operating EBIT improved to €498 million with a margin of 12.6%, up from 12.3% in the previous year. Despite a decrease in net income to €294 million from €313 million, the company maintained a solid return on sales after taxes at 7.4%.

Cash Flow

Free cash flow saw a substantial increase to €160 million, up from €64 million in the prior year, largely due to improved working capital management. Cash flow from operating activities also rose to €274 million.

Business Segments

The rail vehicle division experienced robust growth with revenues increasing by 9.5% to €2,169 million. In contrast, the commercial vehicle segment saw a decline of 10.9% to €1,789 million due to unfavorable market conditions. Aftermarket revenues significantly grew to €1,835 million, now representing 46.4% of total revenues.

Guidance and Outlook

Knorr-Bremse AG confirmed its full-year EBIT and cash flow guidance for 2025, adjusting the revenue forecast to between €7,800 million and €8,100 million due to exchange rate effects. The company remains focused on enhancing profitability through its BOOST program, despite challenges in the global commercial vehicle market.