Knorr-bremse Ag · XETR:KBX
Knorr-bremse — Q2 2026 Earnings Presentation
56 slides from Knorr-bremse's earnings presentation, Jul 30, 2026
Slide 1: Q2/26 Financial Results
Q2/26 FINANCIAL RESULTS Marc Llistosella Frank Weber CEO CFO July 30, 2026
Slide 2: Key take-aways today
Key take-aways today Group – current mid-term op. EBIT margin reached in Q2/26 RVS – organic growth accelerated and strong profitability CVS – strong orders and good operating leverage Sales agreement for HVAC business signed Guidance FY26 increased From BOOST to Growth Beyond New mid-term guidance
Slide 3: Q2/26
Q2/26
Slide 4: Robust demand in Rail continues and recovery of NA truck market started
Robust demand in Rail continues and recovery of NA truck market started Current situation Outlook FY26 Order books at OEMs remain very high Global: B-t-B ~1 or slightly above EU: Overall higher; passenger business stronger, EU: Ongoing high demand freight remains on low level APAC: CN lo
Slide 5: Q2/26 – Organic growth accelerated and strong EBIT margin in both divisions
Q2/26 – Organic growth accelerated and strong EBIT margin in both divisions REVENUES OF OPERATING EBIT MARGIN ORDER INTAKE € 2.14bn 14.2% € 2.20bn (org. +6.4% yoy) (PY: 13.1%) FREE CASHFLOW (org. +3.1% yoy) € 262m 1 € 1.18bn 17.5% (PY: € 146m) (org. +5.0% yoy) (PY: 16.5%) ORDER BOOK CASH CONVERSION
Slide 6: Strong improvement of NWC, ROCE and FCF as promised
Strong improvement of NWC, ROCE and FCF as promised CapEx [€m] NWC1,2 [€m] Free Cashflow [€m] ROCE1,2 (annual.) [%] % of sales Scope of days 67.6 3.3% +250bps 3.1% 67.32 63.11 2943 23.8%1 1,442 1,52521 2623 21.3% 1,485 23.2%2 274 70 1,4311 242 63 160 146 Q2/25 Q2/26 30.06.25 30.06.26 Q2/25 Q2/26 H1/
Slide 7: RVS – Continuously strong demand visible based on solid order backlog
RVS – Continuously strong demand visible based on solid order backlog Order intake [€m] Order book [€m] 1.17 Book-to-bill 0.96 Good OI, but tough Order book nearly at comps yoy +6.4% record level -11.8% 5,910 1,288 EU: almost flat yoy 5,555 Yoy increase driven 3 1,136 and good order by APAC and
Slide 8: RVS – Organic growth accelerated and strong EBIT margin increase
RVS – Organic growth accelerated and strong EBIT margin increase Revenue [€m] Op. EBIT [€m]/ Margin Org. revenues up 5% 17.5% Profitability up 100bps 16.5% +7.3% EU: Higher in OE Benefits from volume 32 1,185 and AM growth +14.4% 55 -7 APAC: overall lower Savings through 29 208 despite good
Slide 9: CVS – Very strong OI well supported by market recovery in NA
CVS – Very strong OI well supported by market recovery in NA Order intake [€m] Order book [€m] 0.92 Book-to-bill 1.11 OI better than Order book expected +11.7% significantly up yoy +29.5% 1,979 251 1 1,061 All regions up yoy EU: slightly higher 1,772 -11 EU: significantly vs. Q2/25 better, als
Slide 10: CVS – Remarkable organic growth and margin benefits additionally from BOOST
CVS – Remarkable organic growth and margin benefits additionally from BOOST Revenue [€m]1 Op. EBIT [€m]/ Margin1 Org. revenues up 8% 11.8% Profitability up 150bps +7.1% OE and AM higher 10.3% Op. EBIT margin 72 1 959 in every region strongly up yoy -10 EU: higher revenues, Impact of higher A
Slide 11: Guidance FY26 increased
Guidance FY26 increased Revenue2 [€m] Op. EBIT Margin2 Free Cashflow2 [€m] General Assumptions (prev.: 8,000-8,300) (prev.: ~14%) FX based on current levels 8,100-8,300 14.0-14.5% 750-850 Essentially stable geopolitical and 7,817 13.0% 790 macroeconomic conditions No stronger effects due to Mi
Slide 12: Growth Beyond
Growth Beyond
Slide 13: BOOST Brownfield – Margin improvement via stringent cost measures
BOOST Brownfield – Margin improvement via stringent cost measures July 2023: start of BOOST1 Clear priorities. Tough decisions. Relentless execution. SELL-IT program completed Portfolio rotation Investments in attractive Signaling market 2026e: Guidance Development of CVS service platform Discipline
Slide 14: BOOST Brownfield – Successfully improved margins of RVS and CVS
BOOST Brownfield – Successfully improved margins of RVS and CVS July 2023: start of BOOST1 2026e: What we will achieve with BOOST Revenue (€ bn) Op. EBIT mar. (%) Rev/ FTE (€k) Revenue (€ bn) Op. EBIT mar. (%) Rev/ FTE (€k) 7.2 11.1 ~230 8.1-8.3 >14 ~275 3.4 14.9 ~210 ~4.6 ~17.5 ~270 3.7 9.0 ~270 ~3
Slide 15: BOOST Brownfield – SELL-IT completed, FIX-IT well on track
BOOST Brownfield – SELL-IT completed, FIX-IT well on track SELL-IT FIX-IT COMPLETED ~90% COMPLETED YTD SELL-IT – key element of portfolio rotation FIX-IT – fully on track and ongoing Σ ~€ 750m 3 CVS assets revenues Structural improvements, incl. footprint and Negative to +5% headcount reduction, acr
Slide 16: Next level KB – Secure benefits from BOOST and increase accretive growth
Next level KB – Secure benefits from BOOST and increase accretive growth I II III IV IPO until China decline Headwinds Organic revenues shown Revenues ~€ 10bn1 7.9 7.9 7.8 8.2 6.6 6.9 7.2 6.7 11.3% 12.3% 13.0% 14.0-14.5% 6.2 op. EBIT 15.1% 11.1% Margin accretive Growth 14.7% margin 13.2% 13.5% ~16%
Slide 17: Growth Beyond – KB is already much more than "just" brakes
Growth Beyond – KB is already much more than “just” brakes KB Universe Organic targets 2030e Systems INDICATIVE Services Operation Automation Green Control Command Components Technologies Energy & Signaling Mobility Solutions Remanu- Entrance Technologies Automated facturing Systems Maintenance Main
Slide 18: Deep Dive/ Example – Transformation of existing ENERGY business of today…
Deep Dive/ Example – Transformation of existing ENERGY business of today… Today KB has been active >50 INDICATIVE 2026e years in energy business KB active in three Energy segments: rail, industry, grid Higher Level of Potential Leaders transformation Zelisko is established T1 supplier to big e
Slide 19: …to drive accretive growth and shareholder value of KB
…to drive accretive growth and shareholder value of KB Outlook Multiple opportunities for INDICATIVE 2030e KB to grow vertically and horizontally in energy Clear organic growth path, incl. portfolio and Higher Potential Leaders Level of regional expansion in EU transformation and NA Tech/ market
Slide 20: Growth Beyond – our clear plan to bring KB to the next level
Growth Beyond – our clear plan to bring KB to the next level WHY W H AT HOW Portfolio rotation continues to grow Growth Beyond is our strategy program We defend and extend the core, which shareholder value organically and via following BOOST gives us strategic and financial freedom M&A Growt
Slide 21: Growth Beyond – KB's strategy program strengthens accretive growth…
Growth Beyond – KB’s strategy program strengthens accretive growth… Value creation based on 4 key pillars… …to reach our revenue and margin growth ambitions Margin accretive Cost ONE Growth Efficiency Team Safeguard efficiency Organizational Rail Onboard achievements – productivity Acceleration of F
Slide 22: … which lead to ambitious financial targets 2030
ML … which lead to ambitious financial targets 2030 and an even stronger capital goods company Revenues Op. EBIT margin Cash conversion ~€ 10bn 1 ~ 16% >90% 1) Excluding HVAC business after closing, which is expected at YE26 22
Slide 23: Financial Strategy – KB target picture fully supports Growth Beyond
Financial Strategy – KB target picture fully supports Growth Beyond Targets FY30 1 2 3 4 5 6 Strong and margin- Margin increase from Further improvements Efficient capital Disciplined and Doubling down / accretive organic operational leverage in cash conversion allocation (internal value-accretive E
Slide 24: BOOST Recap – A proven track record of delivery with clearly improved KPIs
BOOST Recap – A proven track record of delivery with clearly improved KPIs Guidance FY26/ expectations in line vs. targets provided during “Strategy Update” in 07/23 Group Revenue RVS org. growth CVS org. growth ~€ 8.1-8.3bn € 8-9bn +8% +6-7% +1% +4-5% Despite FX headwinds (€ -0.5bn) Market developm
Slide 25: RVS – Clear target to outgrow markets also in the future
RVS – Clear target to outgrow markets also in the future Market assumptions Growth drivers Long-term growth supported by megatrend “Green Identified segments that will fuel Mobility” and governmental investments both revenue & margin growth Aftermarket as continuous growth driver (incl. CN) New tech
Slide 26: RVS China – Back to attractive growth
RVS China – Back to attractive growth Total RVS revenues in China only [in €m] Update Outlook new China will stay accretive for KB 950 Achieve- ment ~900 Good market share in brakes 800 in High Speed + Metro ~750 ~200 650 ~150 KB’s technology leadership pays off Outlook Expectation Strong export bus
Slide 27: CVS – Ability to outperform underlying market development
CVS – Ability to outperform underlying market development Market assumptions Growth drivers CPV1 growth through regulation, new emission stand., e-mobility, autom. driving and digitalization CPV1 CAGR for CVS ~5% 3-4% Shift to higher technology standards in emerging Ø 3-4% markets ~2% Increase of in
Slide 28: Smart capital allocation – Clear strategy and priorities for Knorr-Bremse
Smart capital allocation – Clear strategy and priorities for Knorr-Bremse ~6% R&D ratio 4-5% CapEx ratio Share buybacks M&A Special dividend ~50% or at least stable Dividend payout ratio High priority Low priority Organic Non-Organic 28
Slide 29: M&A – Disciplined guardrails continuously applied to drive value creation
M&A – Disciplined guardrails continuously applied to drive value creation Our M&A strategy for inorganic growth Focus Priorities Financial guardrails ▪ Guardrails apply to Capital goods/ 1 assets with revenues no automotive >€ 50m Rail Core & ▪ Value-accretive Truck Core positive NPV Soft/ hard syne
Slide 30: KB Group – Smart capital allocation for organic and non-organic growth
KB Group – Smart capital allocation for organic and non-organic growth KB revenue set-up regarding growth + margin Focused areas for organic and non-organic investments today ~€ 8.1-8.3bn2 ▪ Expansion of rev. share ▪ Increase of org. and non- high1 China ~20% Energy org. investments Tech & Rail Ways
Slide 31: Organic Growth – Resilient revenue expansion globally
Organic Growth – Resilient revenue expansion globally Revenues [€bn] 5.5-6.0 4.3 ~4.61 3.7 4.0 AM 3.4 ~55% 2.4 ~2.4 53% HS & HS Passenger Market Market Installed base 1.9 2.2 Metro, Regional & & Transit expansion expansion 1.6 Freight Commuter India OE 1.8 1.8 1.9 1.9 ~2.2 47% ~45% OE 2022 2023 2024
Slide 32: Op. EBIT margin – Clear strategy defined for further increase of profitability
Op. EBIT margin – Clear strategy defined for further increase of profitability Op. EBIT [€m] / margin ~20% ~17.5% 16.5% 14.9% 15.6% 14.3% 713 ~800 Profitable Profitable Platform White-Collar e.g. AI, 630 growth growth standardization & Break Even 507 536 footprint, incl. Pricing in fleet service Opt
Slide 33: Group Targets 2030 – Strengthening growth and securing efficiency gains
Group Targets 2030 – Strengthening growth and securing efficiency gains Op. EBIT margin Growth Revenue ~€ 10bn1 Organic CAGR Mid-single-digit p.a. ~ 1.0% ~(1.0%) Profitability ~ 2.0% ~16% Op. EBIT margin ~16% 14.0-14.5% RVS ~20% Profitable Efficiency / e.g. AI, growth Cost footprint, ~14% Good marke
Slide 34: From Good to Great – KB in 2030
From Good to Great – KB in 2030 Summary: Achievements via BOOST and ambitions driven by Growth Beyond “highly profitable 1 “more railish” 2 “more resilient” 3 Cash Machine” + 4 “future proof” ~48% >1bn KB Group – Smart capital allocation for organic and non-organic growth ~40% ~3.5bn ~3.5bn ~60% ~38
Slide 35: Summary – Turning strength into value creation
Summary – Turning strength into value creation The next phase of Knorr-Bremse 2030 targets Revenues ~€10bn1 Portfolio rotation and smart capital allocation are key Op. EBIT Safeguard efficiency gains from BOOST margin ~16% Higher exposure to segments with strong revenue growth and accretive margins
Slide 36: Back Up
~ (7 KNORR-BREMSE = Re oe
Slide 37: Status Quo – Superior financial profile creates solid basis for future value added
Status Quo – Superior financial profile creates solid basis for future value added Robust topline growth & high AM share High cash conversion potential >€ 7.5bn Free cash flow CCR € 750 - 850m org. +5% ~115% 45% ~100% p.a. (+7 %-p. vs. FY22) Share of AM sales Order Book FY26E FY22 FY26e CCR Revenue
Slide 38: Group Q2/26: Order intake and order book
Group Q2/26: Order intake and order book Order intake [€m] Order book [€m] 1.05 Book-to-bill 1.03 +7.7% +4.5% 7,887 7,326 66 36 2,202 2,108 +4.8% -8 Org. +3.1% growth RVS 1,136 RVS 5,910 1,288 5,555 CVS 1,061 820 CVS 1,772 1,979 Q2/25 Organic M&A1 FX Q2/26 30.06.25 30.06.26 38
Slide 39: Group Q2/26: Revenue development
Group Q2/26: Revenue development Revenue [€m] Revenue [€m] By division By region +7.2% 2,143 127 34 2,143 1,999 1,999 -16 Asia/ +1.4% 526 +6.4% 518 Pacific +5.4% 49 RVS 1,185 SA 47 1,104 501 +6.8% NA 469 EU 964 +10.6% 1,067 CVS 895 959 Q2/25 Organic M&A1 FX Q2/26 Q2/25 Q2/26 y-o-y 39
Slide 40: Group Q2/26: Profitability and EPS
Group Q2/26: Profitability and EPS Op. EBIT [€m]/ Margin EPS2 [€] 13.1% 14.2% + 110bps Q2/25 Q2/26 EPS impacted by EPS impacted by Restructuring +24.4% Restructuring +16.5% costs (severance costs (severance 49 payments) 1.08 payments) 305 € 28m € 13m 0 -5 262 0.87 +18.5% Q2/25 Organic M&A1 FX Q2
Slide 41: Group Q2/26: Bridge reported EBIT to operating EBIT
Group Q2/26: Bridge reported EBIT to operating EBIT Op. EBIT [€m]/ Margin + 110bps + 170bps 305 280 12 13 (14.2%) (13.1%) 262 RVS: ~€ 12m 227 RVS: ~€ 6m (13.1%) CVS: ~€ 2m (11.4%) Others: ~€ 5m 208 190 (17.5%) (16.1%) 182 RVS 160 (16.5%) (14.5%) 111 114 CVS 85 (11.6%) (11.8%) 92 (9.5%) (10.3%) Q2/25
Slide 42: Group Q2/26: op. EBIT development
Group Q2/26: op. EBIT development Op. EBIT [€m]/ Margin 14.2% 13.1% + 110bps +16.5% 49 305 Reported: Reported: 227 0 -5 280 (11.4%) 262 (13.1%) +18.5% RVS 208 182 (17.5%) (16.5%) CVS 92 114 (10.3%) (11.8%) Q2/25 Organic M&A1 FX Q2/26 1) M&A: after PPA 42
Slide 43: H1/26: Strong KPIs across the board
H1/26: Strong KPIs across the board REVENUES OF OPERATING EBIT MARGIN ORDER INTAKE € 4.08bn 13.9% € 4.43bn (org. +4.2% yoy) (PY: 12.6%) FREE CASHFLOW (org. -0.2% yoy) € 294m 1 € 2.25bn 17.1% (PY: € 160m) (org. +3.0% yoy) (PY: 16.0%) ORDER BOOK CASH CONVERSION € 7.89bn RATE (org. +4.8% yoy) € 1.84bn
Slide 44: Group H1/26: Order intake and order book
Group H1/26: Order intake and order book Order intake [€m] Order book [€m] 1.13 Book-to-bill 1.09 +7.7% 7,887 -1.2% 7,326 69 +4.8% 4,484 4,431 Org. -9 growth -113 -0.2% RVS 5,910 RVS 2,600 2,399 5,555 CVS 1,884 2,026 CVS 1,979 1,772 H1/25 Organic M&A1 FX H1/26 30.06.25 30.06.26 1) M&A: after PPA 44
Slide 45: Group H1/26: Revenue development
Group H1/26: Revenue development Revenue [€m] Revenue [€m] By division By region +3.1% 4,080 3,957 168 63 4,080 3,957 Asia/ -107 -1.4% 977 Pacific 990 +4.2% SA +0.6% 92 91 RVS RVS 2,169 2,245 NA -2.6% 936 961 EU 1,913 +8.5% 2,075 CVS CVS 1,789 1,837 H1/25 Organic M&A1 FX H1/26 H1/25 H1/26 1) M&A: af
Slide 46: Group H1/26: Profitability and EPS
Group H1/26: Profitability and EPS Op. EBIT [€m]/ Margin EPS2 [€] 12.6% 13.9% + 130bps Q2/25 Q2/26 EPS impacted by EPS impacted by +13.7% Restructuring +19% Restructuring costs (severance costs (severance 81 3 payments) 2.03 payments) 566 € 51m € 17m 498 -15 1.70 +16.2% H1/25 Organic M&A1 FX H1/
Slide 47: Group H1/26: Bridge reported EBIT to operating EBIT
Group H1/26: Bridge reported EBIT to operating EBIT Op. EBIT [€m]/ Margin + 130bps + 200bps 566 525 24 (13.9%) 17 (12.9%) 491 RVS: ~€ 6m RVS: ~€ 24m (12.6%) 432 (10.9%) CVS: ~€ 5m Others: ~€ 5m 383 352 RVS (17.1%) (15.7%) 347 RVS 308 (16.0%) (14.2%) 210 214 CVS 156 176 CVS (11.4%) (11.7%) (9.9%) (8.
Slide 48: Group H1/26: op. EBIT development
Group H1/26: op. EBIT development Op. EBIT [€m]/ Margin 13.9% 12.6% + 130bps +13.7% Reported: Reported: 432 525 (10.9%) 81 3 566 (12.9%) 498 -15 +16.2% 383 RVS RVS 347 (17.1%) (16.0%) 176 214 (9.9%) (11.7%) H1/25 Organic M&A1 FX H1/26 1) M&A: after PPA 48
Slide 49: Group H1/26
Group H1/26 CapEx [€m] NWC1,2 [€m] Free Cashflow [€m] ROCE1,2 (annual.) [%] % of sales Scope of days 3.2% 67.6 +250bps 67.32 2.9% 2943 63.11 23.8%1 132 1,442 1,52521 1,485 21.3% 23.2%2 115 274 1,4311 160 H1/25 H1/26 30.06.25 30.06.26 H1/25 H1/26 Q2/25 Q2/26 HVAC as “Asset held for sale” as of 31.12.
Slide 50: RVS H1/26: Order intake and order book
RVS H1/26: Order intake and order book Order intake [€m] Order book [€m] 1.20 Book-to-bill 1.07 +6.4% -7.7% 5,910 2,600 5,555 68 2,399 -218 -50 -8.4% H1/25 Organic M&A1 FX H1/26 30.06.25 30.06.26 1) M&A: after PPA 50
Slide 51: RVS H1/26: Revenue and profitability
RVS H1/26: Revenue and profitability Revenue [€m] Op. EBIT [€m]/ Margin +3.5% 17.1% 62 16.0% 64 2,245 + 110bps 2,169 -50 +3.0% +10.3% 41 3 383 347 -8 +11.8% H1/25 Organic M&A1 FX H1/26 H1/25 Organic M&A1 FX H1/26 1) M&A: after PPA 51
Slide 52: CVS H1/26: Order intake and order book
CVS H1/26: Order intake and order book Order intake [€m] Order book [€m] 1.05 Book-to-bill 1.10 +11.7% +7.5% 1,979 204 1 2,026 1,772 1,884 -64 +10.8% H1/25 Organic M&A FX H1/26 30.06.25 30.06.26 52
Slide 53: CVS H1/26: Revenue and profitability
CVS H1/26: Revenue and profitability Revenue [€m] Op. EBIT [€m]/ Margin +2.7% 11.7% 104 1 9.9% + 180bps 1,837 1,789 -57 +5.8% +21.5% 46 214 176 0 -7 +25.8% H1/25 Organic M&A FX H1/26 H1/25 Organic M&A FX H1/26 53
Slide 54: Financial calendar 2026 – Upcoming events and FY26 release dates
Financial calendar 2026 – Upcoming events and FY26 release dates DATE EVENT LOCATION Jul 30 Q2/26 financial results Online Sep 1 ODDO+CoBa Corporate Conference FFM Sep 3 Roadshow West Coast Los Angeles Sep 4 Roadshow West Coast San Francisco Sep 9 Jefferies Global Industrials Conference New York Sep
Slide 55: Investor relations contact
Investor relations contact Andreas Sophia Spitzauer Kursawe +49 89 3547 0593 +49 89 3547 0199 +49 175 5281320 +49 151 62330709 Andreas.Spitzauer@knorr-bremse.com Sophia.Kursawe@knorr-bremse.com 55
Slide 56: Disclaimer
Disclaimer IMPORTANT NOTICE This presentation has been prepared for information and background purposes only. It does not constitute or form part of, and should not be construed as, an offer of, a solicitation of an offer to buy, or an invitation to subscribe for, underwrite or otherwise acquire, an