KION with solid financial year 2025 – strong order intake

• Order intake significantly increases to € 11.705 billion (2024: € 10.321 billion)
• Revenue slightly down to € 11.297 billion (2024: € 11.503 billion)
• Adj. EBIT at € 788.6 million (2024: € 917.2 million)
• Adj. EBIT margin at 7.0 percent (2024: 8.0 percent)
• Strong free cash flow at € 709.5 million (2024: € 702.0 million)
• Efficiency program successfully completed in 2025
• Outlook 2026: KION on profitable growth path
• Supply Chain Solutions (SCS) segment renamed to “Intelligent Automation Solutions” (IAS)

Frankfurt am Main, February 26, 2026 – KION delivered a solid business performance in the financial year 2025 in a challenging geopolitical and macroeconomic environment. Customer demand increased and order intake in all of KION’s business lines was considerably higher year-on-year. For the Industrial Trucks & Services segment, 2025 was a look-through year as expected. The Supply Chain Solutions segment increased its results in line with its sustainable continuous improvement journey.

“In a challenging environment, order intake increased in both KION’s operating segments, outperforming their key markets. All key performance indicators on group level were in line with our updated outlook — free cash flow slightly exceeded expectations,” says Rob Smith, CEO of KION GROUP AG. “We made strong progress in implementing our ‘Playing to Win’ strategy, driving our industry leadership and securing the long-term success of KION. Looking ahead, our partnerships, our technology and our people give us the strength to accelerate innovation and unlock opportunities — in a market that is evolving at incredible speed.”

Financial Results

With € 11.705 billion (2024: € 10.321 billion), order intake on group level was considerably higher year-on-year. Order intake at Industrial Trucks & Services increased by 4.9 percent to € 8.147 billion (2024: € 7.766 billion), benefitting from growth in counterbalance trucks and warehouse equipment in the new truck business and the continued growth in the service business. The number of new trucks ordered rose by 8.6 percent to 266,000. Order intake at Supply Chain Solutions significantly increased by 39.5 percent to € 3.599 billion (2024: € 2.579 billion). Project business (Business Solutions) was driven by orders from multiple customer segments, in particular pure-play e-commerce. Service business grew robustly.

Group revenue in 2025 slightly declined by 1.8 percent to € 11.297 billion year-on-year (2024: € 11.503 billion). In the Industrial Trucks & Services segment, revenue declined by 3.9 percent to € 8.272 billion (2024: € 8.609 billion), mainly due to lead time normalization in 2024. Service business generated solid growth. Revenue in the Supply Chain Solutions segment increased by 4.4 percent to € 3.071 billion (2024: € 2.943 billion). Both project business and service business grew year-on-year.

Adjusted EBIT on group level was € 788.6 million (2024: € 917.2 million) corresponding to an adjusted EBIT margin of 7.0 percent (2024: 8.0 percent). Adjusted EBIT in the Industrial Trucks & Services segment decreased to € 721.8 million (2024: € 917.5 million) with an adjusted EBIT margin of 8.7 percent (2024: 10.7 percent), mainly impacted by lower volumes and the decline in the gross margin in new business due to pricing and product mix. At € 183.2 million, Supply Chain Solutions significantly increased adjusted EBIT year-on-year (2024: € 112.9 million) with an adjusted EBIT margin of 6.0 percent (2024: 3.8 percent). Both the steady growth of the service business and the higher level of gross profit from the project business (Business Solutions) contributed to this.

The Executive Board of KION GROUP AG initiated an efficiency program on February 4, 2025, to strengthen long-term competitiveness and maintain headroom for future investments. The measures under the program involved adapting organizational structures and processes of the Industrial Trucks & Services segment and in Corporate Services in the EMEA region. The vast majority (€ 168.8 million) of the total expenses expected was recognized as non-recurring items in 2025. The efficiency program will result in permanent cost savings of around € 150 million per year. First positive impact on earnings already came in 2025 and should be almost entirely effective during 2026.

Net income was € 240.5 million (2024: € 369.2 million), significantly impacted by one-time expenses related to the efficiency program. With € 709.5 million (2024: € 702.0 million), free cash flow was strong.

Supply Chain Solutions segment renamed

KION’s ongoing transformation to become The Supply Chain Solutions Company is reflected in the renaming of the Supply Chain Solutions (SCS) segment to “Intelligent Automation Solutions” (IAS) effective with the beginning of the financial year 2026. The Dematic brand will be positioned to an even larger extent in the supply chain orchestration space.

“KION’s business combines all the factors modern supply chains rely on: industrial trucks, automation, robotics, software and AI, with systems and solutions that learn in real-time, adapt within seconds, and plan ahead. Industrial Trucks & Services and Intelligent Automation Solutions will offer end-to-end solutions to our customers with an even more integrated approach,” says Rob Smith.

Outlook

Expectations around the KION Group’s business situation and financial performance in 2026 will be influenced by the different rates of growth in the two operating segments. The expectations set out below relate to the middle of the relevant forecast range.

The Industrial Trucks & Services segment is expected to see a slight year-on-year increase in revenue in 2026 in view of the assumptions regarding the market situation. At the same time, the efficiency program will provide a boost to earnings. Its positive effects were already discernible in 2025 and should be almost entirely effective during 2026. By contrast, ongoing competitive pressure is anticipated, which is likely to weigh on price levels. Overall, a marked rise in the segment's earnings and profitability is anticipated.

In the Intelligent Automation Solutions segment, revenue is expected to increase significantly in 2026 thanks to a much better order situation in the project business and sustained positive momentum in the service business. The higher level of revenue, an improved gross margin in the project business, and the high-margin service business will have a significant positive impact on adjusted EBIT, resulting in a further rise in profitability.

For 2026, the Executive Board of KION GROUP AG anticipates moderate growth in consolidated revenue and a significant improvement in adjusted EBIT compared with 2025. Return on capital employed (ROCE) is likely to be noticeably higher than in 2025. The Group's free cash flow is expected to be significantly lower than in 2025 because a material proportion of the non-recurring expenses from the efficiency program will only start impacting on cash flow over the course of 2026. Moreover, the KION Group is planning an increased level of acquisition-related capital expenditure compared with 2025.

The KION Group is aiming for its core key performance indicators and those of its operating segments to be within the following ranges:

 

Outlook 2026

	KION Group		Industrial Trucks & Services		Intelligent Automation Solutions
in million €	2025	Outlook 2026	2025	Outlook 2026	2025	Outlook 2026
Revenue1	11,297.2	11,400 – 12,300	8,272.5	8,200 – 8,800	3,071.4	3,200 – 3,500
Adjusted EBIT1	788.6	850 – 1,040	721.8	765 – 885	183.2	200 – 280
Free cash flow2	709.5	430 – 570	–	–	–	–
ROCE	7.7%	8.3% – 9.7%	–	–	–	–
Disclosures for the Industrial Trucks & Services and Intelligent Automation Solutions segments also include intra-group cross-segment revenue and effects on EBIT. The outlook 2026 was prepared in accordance with the definitional adjustment of the key performance indicator free cash flow.

 

Key performance indicators for KION and its two operating segments for the financial year 2025 and the fourth quarter ended December 31, 2025

in mil. €	FY 2025	FY 2024	Diff.	Q4 2025	Q4 2024	Diff
Revenue	11,297	11,503	-1.8%	3,097	3,068	0.9%
Industrial Trucks & Services	8,272	8,609	-3.9%	2,193	2,304	-4.8%
Supply Chain Solutions	3,071	2,943	4.4%	917	782	17.3%
Adjusted EBIT1	789	917	-14.0%	213	250	-14.9%
Industrial Trucks & Services	722	918	-21.3%	192	245	-21.4%
Supply Chain Solutions	183	113	62.3%	57	42	34.9%
Adjusted EBIT margin1	7.0%	8.0%		6.9%	8.2%
Industrial Trucks & Services	8.7%	10.7%		8.8%	10.6%
Supply Chain Solutions	6.0%	3.8%		6.2%	5.4%
Order Intake	11,705	10,321	13.4%	2,823	2,815	0.3%
Industrial Trucks & Services	8,147	7,766	4.9%	2,177	2,199	-1.0%
Supply Chain Solutions	3,599	2,579	39.5%	658	624	5.3%
Net Income	241	369	-34.9%	73	114	-35.4%
ROCE2	7,7%	8.7%
Earnings per Share (in €) undiluted3	1.75	2.75	-36.1%	0.53	0.85	-37.7%
Free Cash Flow4	709	702	1.1%	317	271	17.0%
Employees5				42.175	42.719
1 Adjusted for effects of purchase price allocations as well as non-recurring items. 2 ROCE is calculated as the ratio of adjusted EBIT on an annualized basis to the average capital employed for the past five quarterly reporting dates. 3 Net income attributable to shareholders of KION GROUP AG: € 230.1 million (2024: € 360.3 million). 4 Free cash flow is defined as cash flow from operating activities plus cash from investing activities. 5 Number of full-time equivalents incl. apprentices excl. inactive employees as of respective balance sheet date December 31.

 

The Company

KION is shaping world trade – globally, regionally, locally – and ensures that its customers’ supply chains reach their full potential: efficient, smart, sustainable, and reliable with real-time traceability and high delivery speed. The company’s full spectrum of services includes industrial trucks, integrated automation technologies, AI-based solutions, and software as well as all related services. KION’s supply chain solutions enable the smooth flow of materials and information in our customers’ warehouses, production plants, and distribution centers in over 100 countries worldwide.

The MDAX listed group is the largest manufacturer of industrial trucks in the EMEA region based on the number of units sold in 2024. Based on revenue for the year 2024, KION is the leading overseas manufacturer in China, and including domestic manufacturers, the third-largest supplier there. In the warehouse automation market, KION is the world’s leading provider based on 2024 revenue.

At the end of 2025, more than 2.0 million industrial trucks of KION were in use by customers from all manner of sectors and of varying sizes on six continents. The group currently has more than 42,000 employees and generated revenue of approx. € 11.3 billion in the 2025 financial year.

You can access up-to-date image material for the KION Group via our image database https://kionmediacenter.canto.global/v/MediaCenter/ as well as on our respective brands’ websites.

(cs)
 

Disclaimer

This release and the information contained herein are for information purposes only and do not constitute a prospectus or an offer to sell or a solicitation of an offer to buy any securities in the United States or in any other jurisdiction.

This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ significantly from the results that are currently expected due to various risk factors and uncertainties such as changes in economic or industry-specific conditions, changes in the market environment or political situation, changes in domestic or international legislation, interest rate or exchange rate fluctuations, legal disputes and investigations, and the availability of financial resources. We do not assume any responsibility for updating the forward-looking statements in this release.

 

Further information for media representatives   Dr. Christopher Spies Director Group Communications Cell +49 (0)151 14 06 52 27 christopher.spies@kiongroup.com   Website: www.kiongroup.com/media   Follow us on: LinkedIn | Instagram | Facebook | WeChat | TikTok | YouTube

Further information for investors   Raj Junginger Director Investor Relations Phone +49 (0)69 201 107 942 raj.junginger@kiongroup.com