• 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)

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 the 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. The 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. The 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 the project business and the 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 due to lower volumes and a decline in 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 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. The first positive impact on earnings already occurred in 2025 and should be nearly fully effective in 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 even more extensively 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 for KION Group’s business situation and financial performance in 2026 will be influenced by the different growth rates across 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, based on assumptions about the market situation. At the same time, the efficiency program will boost earnings. Its positive effects were already discernible in 2025 and should be nearly fully effective in 2026. By contrast, ongoing competitive pressure is expected 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, driven by a much better order situation in the project business and sustained positive momentum in the service business. The higher revenue, improved gross margin in the project business, and the high-margin service business will have a significant positive impact on adjusted EBIT, resulting in further increases 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 portion of the non-recurring expenses from the efficiency program will only start impacting cash flow in 2026. Moreover, the KION Group plans to increase acquisition-related capital expenditure compared with 2025.

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