• Order intake strongly increases to € 8.882 billion (2024: € 7.506 billion)
• Revenue slightly down to € 8.200 billion (2024: € 8.435 billion)
• Adj. EBIT at € 575.4 million (2024: € 666.7 million)
• Adj. EBIT margin at 7.0 percent (2024: 7.9 percent)
• Positive free cash flow of € 392.8 million (2024: € 431.3 million)
• Expected expenses for efficiency program substantially reduced; expected savings remain intact
• Outlook narrowed for revenue, adj. EBIT & ROCE, increased for free cash flow

In the first nine months of the financial year 2025, KION’s results were overall in line with expectations. Continuing the positive trend of the first two quarters of the year, customer demand increased again in the third quarter. With € 8.882 billion (2024: € 7.506 billion), order intake in all business lines was considerably higher year-on-year. Revenue in both operating segments was slightly below prior year based on the lower level of the order book at the beginning of 2025.

“KION grew order intake in both operating segments in an ongoing challenging macroeconomic and geopolitical environment and made significant progress in implementing the efficiency program”, says Rob Smith, CEO of KION GROUP AG. “On the basis of our solid year-to-date performance, we narrowed our guidance ranges and raised our outlook for free cash flow for 2025.”

Order intake at Industrial Trucks & Services increased by 7.3 percent to € 5.970 billion (2024: € 5.566 billion), benefitting from both counterbalance trucks and warehouse equipment in the new truck business and the continued growth in the service business. The significant increase in order intake at Supply Chain Solutions by 50.5 percent to € 2.941 billion (2024: € 1.955 billion) was driven by a remarkable dynamic in the project business and a continued growth in the service business.

Group revenue in the first nine months of 2025 slightly declined by 2.8 percent to € 8.200 billion year-on-year (2024: € 8.435 billion). In the Industrial Trucks & Services segment, revenue declined by 3.6 percent to € 6.079 billion (2024: € 6.305 billion), mainly due to the normalized order book. Revenue in the Supply Chain Solutions segment marginally declined by 0.3 percent to € 2.154 billion (2024: € 2.161 billion) in the first nine months. Project business revenue increased noticeably in the third quarter driven by the recovering order intake in the financial year.

Adjusted EBIT on group level was € 575.4 million (2024: € 666.7 million) corresponding to an adjusted EBIT margin of 7.0 percent (2024: 7.9 percent). Adjusted EBIT in the Industrial Trucks & Services segment decreased to € 529.5 million (2024: € 672.9 million) with an adjusted EBIT margin of 8.7 percent (2024: 10.7 percent), mainly impacted by lower volumes and the year-on-year decline in the gross margin. With € 126.0 million, Supply Chain Solutions significantly increased adjusted EBIT year-on-year (2024: € 70.5 million) with an adjusted EBIT margin of 5.8 percent (2024: 3.3 percent). Key drivers of the increase in profitability were sustained growth in the service business and solid project execution.

Net income was € 167.1 million (2024: € 255.6 million), significantly impacted by non-recurring items in the reporting period. With € 392.8 million (2024: € 431.3 million), free cash flow was at a high level.

As published on Thursday, 23^rd October, the one-time expenses for the efficiency program are expected to decrease to € 170 to 190 million, which is lower than originally anticipated (previously: € 240 to 260 million). The savings target remains nearly unchanged at € 140 to 150 million.

Outlook

Based on business performance in the period under review, the Executive Board of KION GROUP AG has refined its outlook for 2025 that was published in the 2024 annual report with regard to revenue, adjusted EBIT, and ROCE. The expectations for the Group and the two operating segments have been firmed up within the forecast ranges that were originally published. Furthermore, the Executive Board of KION GROUP AG has raised the outlook for the Group’s free cash flow. This is because a material proportion of the non-recurring expenses from implementation of the efficiency program is not expected to impact on cash flow until the first quarter of 2026. Moreover, these expenses are likely to be between € 170 million and € 190 million overall, which is lower than originally anticipated (previously: € 240 million to € 260 million).

This assessment of the projected performance of the Group and its operating segments is contingent on there being no significant disruption to KION’s supply chains as a result of trade barriers, especially tariffs and restrictions on access to critical commodities.

Key performance indicators for the KION Group and its two operating segments for the first nine months of 2025 and the third quarter ending September 30, 2025

[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: € 161.0 million (2024: € 249.5 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 September 30, 2025, compared to balance sheet date December 31, 2024.