In the second quarter of the financial year 2025, KION continued its trend of the first three months, reporting results in line with expectations. Despite ongoing considerable macroeconomic and geopolitical uncertainties, customer demand increased: With € 6.206 billion (H1 2024: € 5.079 billion), order intake on KION level 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.
“With a record order intake in Supply Chain Solutions in the second quarter of 2025 and all key performance indicators in line with our outlook in the first half of this financial year, we are well on track to reach our targets”, says Rob Smith, CEO of KION GROUP AG. “In a global economy that is highly digitally and physically interconnected, KION offers its customers the full spectrum of solutions to make their supply chains future-ready – flexible, resilient, and smart. KION is shaping world trade – globally, regionally, and locally – even in times of political and economic uncertainty.”
Order intake at Industrial Trucks & Services was € 4.028 billion (H1 2024: € 3.770 billion), benefitting from both warehouse and counterbalance trucks in the new truck business and the continued growth in the service business. The significant increase in order intake at Supply Chain Solutions to € 2.201 billion (H1 2024: € 1.318 billion) included a record order intake of € 1.445 billion in the second quarter, driven by the project business and a continued growth in service business.
Group revenue in the first half of 2025 slightly declined by 4.2 percent to € 5.496 billion year-on-year (H1 2024: € 5.736 billion). In the Industrial Trucks & Services segment, revenue declined by 4.0 percent to € 4.135 billion (H1 2024: € 4.306 billion), mainly due to the normalized order book. Revenue in the Supply Chain Solutions segment declined by 4.5 percent to € 1.385 billion (H1 2024: € 1.451 billion) due to the lower order intake in the project business in the previous quarters. The service business achieved a significant increase year-on-year.
Adjusted EBIT on group level was € 385.0 million (H1 2024: € 447.0 million). The adjusted EBIT margin decreased to 7.0 percent (H1 2024: 7.8 percent). Adjusted EBIT in the Industrial Trucks & Services segment decreased to € 358.9 million (H1 2024: € 470.7 million) with an adjusted EBIT margin of 8.7 percent (H1 2024: 10.9 percent), mainly impacted by lower volumes and the year-on-year decline in the gross margin. At € 78.4 million, Supply Chain Solutions almost doubled adjusted EBIT year-on-year (H1 2024: € 42.1 million). The adjusted EBIT margin significantly improved to 5.7 percent (H1 2024: 2.9 percent). Key drivers of the increase in profitability were the strong growth in the service business and solid project execution.
Net income was € 47.9 million (H1 2024: € 181.7 million), significantly impacted by provisions for the efficiency program announced in February 2025. With € 161.9 million (H1 2024: € 202.2 million), free cash flow was clearly positive.
Outlook
KION delivered a solid business performance overall in the first half of 2025. The current economic conditions are still subject to significant uncertainty. The ongoing international trade disputes have exacerbated geopolitical risks and their potential adverse impact on KION’s value chain and sales markets.
As at the reporting date, the Executive Board of KION GROUP AG confirms the target figures for 2025 that it had published in the outlook section of the 2024 annual report for the Group and the two operating segments. 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.
| Outlook 2025 | ||||||||||||
| KION Group | Industrial Trucks & Services |
Supply Chain Solutions |
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| in million € | 2024 | Outlook 2025 | 2024 | Outlook 2025 | 2024 | Outlook 2025 | ||||||
| Revenue1 | 11,503.2 | 10,900 – 11,700 | 8,608.8 | 8,100 – 8,600 | 2,943.2 | 2,800 – 3,100 | ||||||
| Adjusted EBIT1 | 917.2 | 720 – 870 | 917.5 | 680 – 780 | 112.9 | 140 – 200 | ||||||
| Free Cash Flow | 702.0 | 400 – 550 | – | – | – | – | ||||||
| ROCE2 | 8.7% | 7.0% – 8.4% | – | – | – | – | ||||||
|
1 Disclosures for the Industrial Trucks & Services and Supply Chain Solutions segments also include intra-group cross-segment revenue and effects on EBIT. 2 The Outlook 2025 was prepared in accordance with the definition of the key performance indicator ROCE applicable from the 2025 financial year onward. |
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Key performance indicators for the KION Group and its two operating segments for the first half-year of 2025 and for the second quarter ending June 30, 2025
| in million € | Q2 2025 | Q2 2024 | Diff. | H1 2025 | H1 2024 | Diff. | ||
| Revenue
Industrial Trucks & Services |
2,708 2,019 698 |
2,877 2,153 732 |
-5.9% -6.2% -4.7% |
5,496 4,135 1,386 |
5,736 4,306 1,451 |
-4.2% -4.0% -4.5% |
||
| Adjusted EBIT [1] Industrial Trucks & Services Supply Chain Solutions |
189 173 42 |
220 231 24 |
-14.0% -24.9% 77.3% |
385 359 78 |
447 471 42 |
-13.9% -23.7% 86.3% |
||
| Adjusted EBIT margin [1] Industrial Trucks & Services Supply Chain Solutions |
7.0% 8.6% 6.0% |
7.7% 10.7% 3.2% |
7.0% 8.7% 5.7% |
7.8% 10.9% 2.9% |
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| Order Intake Industrial Trucks & Services Supply Chain Solutions |
3,500 2,070 1,445 |
2,640 1,965 677 |
32.6% 5.3% >100% |
6,206 4,028 2,201 |
5,079 3,770 1,318 |
22.2% 6.9% 66.9% |
||
| Net income | 95 | 71 | 34.2% | 48 | 182 | -73.6% | ||
| ROCE [2] | 8.2% | 8.5% | ||||||
| Basic earnings per share (in €) [3] |
0.72 | 0.52 | 38.5% | 0.36 | 1.35 | -73.6% | ||
| Free cash flow [4] | 132 | 136 | -3.1% | 162 | 202 | -19.9% | ||
| Employees [5] | 42,187 | 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: € 46.7 million (H1 2024: € 177.0 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 June 30, 2025, compared to balance sheet date Dec. 31, 2024.
