KION GROUP AG

Latest Results (17.12.2025):

KION GROUP AG — Q3 2025 (results covering the third quarter and first nine months of 2025). The Group delivered a solid operating performance with Q1–Q3 2025 revenue of €8,200.4 million (‑2.8% y/y) and order intake up strongly to €8,882.0 million (+18.3% y/y). Adjusted EBIT for the period fell to €575.4 million (adjusted EBIT margin 7.0%), mainly due to weaker margins and volume in Industrial Trucks & Services and substantial non‑recurring costs tied to an efficiency program; net income for Q1–Q3 was €167.1 million and free cash flow remained strong at €392.8 million.

Revenue and quarter snapshot

Q3 2025 revenue was €2,704.0 million (flat vs. Q3 2024). For Q1–Q3 2025 total revenue was €8,200.4 million (‑2.8% y/y), driven by a larger share of service revenue (49.5% of consolidated revenue).

Profitability

EBIT for Q1–Q3 2025 fell to €325.0 million (‑42.6% y/y); adjusted EBIT was €575.4 million (‑13.7% y/y) with an adjusted EBIT margin of 7.0% (Q1–Q3 2024: 7.9%). Non‑recurring items of €185.2 million (including €160.8m related to the efficiency program) and PPA effects materially reduced reported earnings.

Net income and EPS

Net income for Q1–Q3 2025 was €167.1 million (‑34.6% y/y). Basic earnings per share were €1.23 (Q1–Q3 2024: €1.90).

Orders and backlog

Order intake rose sharply to €8,882.0 million (+18.3% y/y) and the order book increased to €4,944.1 million (+6.7% vs. Dec 31, 2024), despite negative currency effects on the backlog.

Segment performance — Industrial Trucks & Services

Industrial Trucks & Services: Q1–Q3 revenue €6,079.4m (‑3.6% y/y). Adjusted EBIT slid to €529.5m (margin 8.7%, down from 10.7%) reflecting lower new‑business margins and higher fixed costs; order intake grew to €5,970.1m (+7.3%).

Segment performance — Supply Chain Solutions

Supply Chain Solutions: Q1–Q3 revenue ~€2,154.3m (broadly stable). Order intake jumped to €2,941.2m (+50.5% y/y) and adjusted EBIT rose to €126.0m (margin 5.8%), supported by strong services and improving project execution.

Cash flow, liquidity and net debt

Free cash flow for Q1–Q3 2025 was €392.8 million (‑8.9% y/y). Cash and cash equivalents stood at €342.5m at Sept. 30, 2025, with an unused credit facility of €1,385.7m, giving unrestricted available liquidity of €1,727.5m. Net financial debt was €818.4m (down 10.4%), equivalent to ~0.4x adjusted EBITDA on an annualized basis.

One‑offs and efficiency program

The Executive Board recognized significant non‑recurring expenses tied to an efficiency program (€160.8m booked in the period); total expected program costs are now estimated at €170–190m (reduced from €240–260m) with recurring annual cost savings of roughly €140–150m.

Capital movements and financing

Cash outflows from financing included repayment of a €500m bond in Sept. 2025 and a dividend payment of €107.5m, which contributed to higher net cash used in financing activities (‑€825.6m YTD).

Outlook

The Executive Board refined its 2025 outlook: adjusted Group revenue guidance was firmed within ~€11.1–11.4 billion, adjusted EBIT guidance was updated to about €760–820 million, free cash flow guidance was raised to €600–700 million (from a prior €400–550m range), and ROCE guidance improved to ~7.4–8.0% (all subject to no major supply‑chain/trade disruptions).