Knorr-bremse Ag · XETR:KBX

Knorr-bremse — FY2025 Earnings Presentation

39 slides from Knorr-bremse's earnings presentation, Feb 19, 2026

  1. Slide 1: Financial Results 2025

    FINANCIAL RESULTS 2025 MARC LLISTOSELLA I CEO FRANK WEBER I CFO February 19, 2026

  2. Slide 2: Key take-aways

    Key take-aways FY25 figures demonstrate KB’s excellence and resilience in challenging macro- and geopolitical environment RVS: strong profitable growth and revenue share @55% of KB group CVS: good cost management in tough market environment BOOST strategy: SELL-IT program ongoing FIX-IT program full

  3. Slide 3: Operating Guidance FY25 achieved on all metrics

    Operating Guidance FY25 achieved on all metrics Revenue [€m] Op. EBIT Margin Free Cashflow [€m] Additional achievements 7,800-8,100  Revenue FY25 within target range despite FX headwinds 13.0% 12.5-13.5% 7,817 and tough U.S. markets (rail 790 700-800 and truck)  Order book of >€ 7bn close to recor

  4. Slide 4: BOOST strategy fully on track to deliver shareholder value

    BOOST strategy fully on track to deliver shareholder value 2024 2025 2026e Brownfield (Housekeeping) Greenfield (Expansion) 1 SELL-IT 2 FIX-IT1 3 GREENFIELD People, Culture & Business optimization & Margin-accretive growth Organization margin improvement acceleration ▪ KB deep-dive ▪ Brownfield focu

  5. Slide 5: BOOST SELL-IT – Portfolio rotation strengthens profitability and growth

    BOOST SELL-IT – Portfolio rotation strengthens profitability and growth 1 SELL-IT Activities Strategic rationale Divestments Acquisitions  Low-margin businesses sold Σ €~750m1 REVENUES Σ €~600m  High-quality businesses with strong growth in attractive market segments added Negative EBIT MARGIN Ø >

  6. Slide 6: BOOST FIX-IT – Headcount rightsizing & further measures visible

    BOOST FIX-IT – Headcount rightsizing & further measures visible 2 FIX-IT BOOST impact Our achievements so far Revenue / FTE [€k] ROCE [%]  Good improvements of all FIX-IT business units so far +9% +6.4pp2  Strong headcount reduction: ~2,400 FTE (~25% via 231 246 244 251 20.8% 22.8% SELL-IT and ~75

  7. Slide 7: BOOST GREENFIELD – Creating long-term shareholder value

    BOOST GREENFIELD – Creating long-term shareholder value 3 GREENFIELD Long-term value creation Strategic rationale Development op. EBIT margin1  Clear portfolio strategy defined ~14%  Strengthening organic and non-organic investments in strong growth and high profitable segments in rail, 13.0% 12.3

  8. Slide 8: BOOST GREENFIELD – Success in SIGNALING strategy so far

    BOOST GREENFIELD – Success in SIGNALING strategy so far 3 GREENFIELD KB today Strategic rationale US Europe ▪ Project portfolio clean-up within KB Signaling Control completed Command & Signaling Revenues: ~€ 300m ▪ Focus on revenue growth going forward (CCS) EBIT margin: >17% ▪ US market entered, in

  9. Slide 9: BOOST GREENFIELD – Growth market ENERGY

    BOOST GREENFIELD – Growth market ENERGY 3 GREENFIELD KB today Strategic rationale Europe ▪ KB has been active for 55 years in the European Energy energy distribution grid and in the energy segment in Revenues: ~€ 240m industrial and rail applications Technologies ▪ Rising electricity demand in combi

  10. Slide 10: BOOST GREENFIELD – Growth market MOBILITY AS A SERVICE

    BOOST GREENFIELD – Growth market MOBILITY AS A SERVICE 3 GREENFIELD CVS Service Platform – aftermarket eco-system Strategic rationale ▪ Expanding high-margin aftermarket business Aftermarket Parts CVS Service Platform through a fully integrated digital ecosystem ▪ Accelerating the shift from compone

  11. Slide 11: FY25 – Operational highlights underlining KB’s strategy

    FY25 – Operational highlights underlining KB’s strategy Power of innovation Operations Governance / Other Important Rail contracts won ▪ 120 years Knorr-Bremse ▪ Alstom, EU, AP, NA ▪ Stable management team & ▪ CRRC, CN contracts of CEO and Head of Freight Control Sentinel – RVS ▪ Siemens, EU RVS eac

  12. Slide 12: Solid demand in Rail continues and good EU Truck market

    Solid demand in Rail continues and good EU Truck market Current situation Outlook FY26  Order books at OEMs remain high  Global: Book-to-bill ~1 or slightly above​  EU: Overall higher; passenger business stronger  EU: Ongoing high demand​ than freight  APAC: CN overall stable; IN positive  APA

  13. Slide 13: FY25 – Strong KPIs driven by strong execution of BOOST

    FY25 – Strong KPIs driven by strong execution of BOOST OPERATING REVENUES OF EBIT MARGIN ORDER INTAKE € 7.82bn 13.0% FREE CASHFLOW € 8.42bn (org. +1.9% yoy) (PY: 12.3%) € 790m (org. +5.8% yoy) (PY: € 730m) € 4.32bn 16.5% (org. +4.9% yoy) (PY: 15.6%) ORDER BOOK € 7.36bn 131%2 CCR (org. +8.0% yoy) € 3

  14. Slide 14: Strong basis for 2026 and beyond thanks to rock-solid balance sheet

    Strong basis for 2026 and beyond thanks to rock-solid balance sheet Equity/ Equ. Ratio [€m] Liquidity [€m] Net Debt/ Gr. Debt [€m] Rating +2% A- 3,180 3,127 -23% A3 -31% Outlook stable 2,263 912 1,738 +15% Gross Debt3 627 Leverage 33% 36% 1,5131 3,175 Net Debt/EBITDA (Ex € 750m Gross Debt bond, re-

  15. Slide 15: Capex and NWC down & ROCE up – Delivered as promised

    Capex and NWC down & ROCE up – Delivered as promised CapEx [€m] NWC [€m] ROCE [%] % of sales Scope of days 59.2 55.12 +200bps 4.4% 4.1% 23.4%1 51.61 1,296 22.8%2 20.8% 1,1962 1,1211 350 319 FY24 FY25 31.12.24 31.12.25 31.12.24 31.12.25 HVAC as “Asset held for sale” as of 31.12.25 1) As reported: exc

  16. Slide 16: Cash Conversion Rate again >100%

    Cash Conversion Rate again >100% Free Cashflow1 [€m] Cash Conversion Rate2 (CCR) [%] +8% 790 138% 730 "Collect“ 131% 113% program & improved EBIT boosted CCR FY24 FY25 FY24 FY25 1) FCF before M&A 2) 2024: Excluding non-cash book value effects from portfolio optimization; 2025 excluding effects from

  17. Slide 17: Sustainability activities consistently driven forward

    Sustainability activities consistently driven forward Progress on Climate Targets Scope 1&2 EU Taxonomy Highlights CO2e-EMISSIONS EMISSION SELF-PRODUCED ALIGNED REVENUES  First Allocation and Impact INTENSITY RENEWABLE Report for issued Green Bond SCOPE 1&21 POWER2 published (Scope 1&2/ Revenues) 3

  18. Slide 18: Q4/25 – Strong finish supported by both RVS and CVS

    Q4/25 – Strong finish supported by both RVS and CVS OPERATING REVENUES OF EBIT MARGIN ORDER INTAKE € 1.98bn 13.5% FREE CASHFLOW € 1.98bn (org. +6.4% yoy) (PY: 12.2%) € 471m (org. +5.7% yoy) (PY: € 482m) € 1.10bn 17.0% (org. +7.3% yoy) (PY: 15.6%) ORDER BOOK € 7.36bn 376% CCR (org. +8.0% yoy) € 0.88b

  19. Slide 19: RVS – OI > € 1bn and high OB leads to solid performance outlook

    RVS – OI > € 1bn and high OB leads to solid performance outlook Order intake [€m] Order book [€m] 1.05 Book-to-bill 0.91 +4.2% -10.4% OI lower yoy but still 5,576 OB close to record level 1,117 5,352 0 >€ 1bn​ 1,001 -62 +9.0% ▪ Growth mainly -5.5% -54 Organic ▪ EU: Only slightly supported by APAC lo

  20. Slide 20: RVS – New quarterly record achieved in revenues and strong EBIT margin

    RVS – New quarterly record achieved in revenues and strong EBIT margin Revenue [€m] Op. EBIT [€m]/ op. EBIT margin [%] 15.6% 17.0% +140bp +2.8% 78 0 Org. revenues up 7% +11.8% Profitability again above mid-term target 1,097 26 0 1,068 ▪ EU: Overall higher in 187 -48 +7.3% OE and AM 167 +7.1% -6 ▪ Go

  21. Slide 21: CVS – Strong rebound of orders supported by Europe and APAC

    CVS – Strong rebound of orders supported by Europe and APAC Order intake [€m] Order book [€m] 0.97 Book-to-bill 1.11 -2.4% +10.1% OI strongly 1,832 1,788 Organically growing OB 177 recovered 977 887 -40 -46 +4.9%  EU: lower, but org. flat  All regions up Organic +19.9%  APAC: stable; strong ≥20%

  22. Slide 22: CVS – Rebound of profitability and organic revenues +6%

    CVS – Rebound of profitability and organic revenues +6% Revenue [€m] Op. EBIT [€m]/ op. EBIT margin [%] Good organic growth, 9.5% 11.3% Profitability supported -4.1% 49 despite tough markets +180bps by leverage and cost measures 919 +14.0% -45 881  EU: higher in OE and +5.3% AM 17  BOOST: efficien

  23. Slide 23: Guidance FY26

    Guidance FY26 Revenue [€m] Op. EBIT Margin Free Cashflow [€m] General Assumptions ▪ FX based on levels as of 02/26 8,000-8,300 ▪ Essentially stable geopolitical and ~14% 750-850 macroeconomic conditions 7,817 13.0% 790 ▪ Restructuring cost buffer of ~€ 30m1 approx. approx. reserved for 2026 (net inc

  24. Slide 24: Visit us at 2026 fairs

    Visit us at 2026 fairs ) IAA TRANSPORTATION 15.- 20. September 2026 Messe Hannover InnoTrans Kno rummy ES 2026 Oo n t h e roa d in 2026. automechanika FRANKFURT 08. - 12. September 2026 Messe Frankfurt (C0) KNORR-BREMSE

  25. Slide 25: Backup

    Backup

  26. Slide 26: Financial calendar 2026 – Upcoming events and FY26 release dates

    Financial calendar 2026 – Upcoming events and FY26 release dates DATE EVENT LOCATION Feb 19 Preliminary FY25 results Online Feb 23 Roadshow London Feb 24 Roadshow Frankfurt Mar 10 Roadshow Paris Mar 11 Roadshow Zurich Mar 17 BofA Global Industrials London Apr 30 Annual General Meeting Online May 7 Q

  27. Slide 27: Group FY25 – Order intake and order book

    Group FY25 – Order intake and order book Order intake [€m] Order book1 [€m] 1.04 Book-to-bill 1.08 +2.5% 7,182 7,362 +2.8% +8.0% Organic 473 8,417 8,186 -13 -229 +5.8% RVS 5,352 5,576 RVS 4,440 4,774 CVS 3,748 3,644 CVS 1,832 1,788 FY24 Organic M&A FX FY25 31.12.24 31.12.25 27

  28. Slide 28: Group FY25 – Revenue development

    Group FY25 – Revenue development Revenue [€m] Revenue [€m] By business drivers By region -0.8% 7,883 147 7,817 7,883 7,817 +1.9% -10 -203 Asia/ 1.3% Pacific 1,969 1,994 RVS SA 176 -0.6% 4,044 4,316 175 NA 1,987 -8.5% 1,819 CVS 3,842 EU 3,751 2.1% 3,829 3,503 FY24 Organic M&A FX FY25 FY24 FY25 y-o-y

  29. Slide 29: Group FY25 – Profitability and EPS

    Group FY25 – Profitability and EPS Op. EBIT [€m]/ op. EBIT margin [%] EPS2 [€] 12.3% 13.0% +19.9% +70bps 3.31 Gross impact Reported: Reported: severance payments 911 +5.1% 903 2.76 of € 80m (11.6%) (11.6%) 24 51 1,016 966 -25 +2.5% RVS 630 713 (15.6%) (16.5%) CVS 401 363 (10.4%) (10.4%) FY24 Organic

  30. Slide 30: RVS FY25 – Order intake and order book

    RVS FY25 – Order intake and order book Order intake [€m] Order book [€m] 1.10 Book-to-bill 1.11 +4.2% 5,576 +7.5% 5,352 293 174 4,774 +9.0% 4,440 Organic -133 6.6% FY24 Organic M&A FX FY25 31.12.24 31.12.25 30

  31. Slide 31: RVS FY25 – Revenue and profitability

    RVS FY25 – Revenue and profitability Revenue [€m] op. EBIT [€m]/Margin1 By business drivers +6.7% 16.5% 15.6% +90bps 184 4,316 197 4,044 -108 +4.9% +13.2% 60 39 713 630 -16 +9.6% FY24 Organic M&A FX FY25 FY24 Organic M&A FX FY25 1) M&A: before PPA 31

  32. Slide 32: CVS FY25 – Order intake and order book

    CVS FY25 – Order intake and order book Order intake [€m] Order book [€m] 0.98 Book-to-bill 1.04 -2.4% 1,832 1,788 -2.8% 179 +4.9% 3,748 3,644 Organic +4.8% -187 -96 FY24 Organic M&A FX FY25 31.12.24 31.12.25 32

  33. Slide 33: CVS FY25 – Revenue and profitability

    CVS FY25 – Revenue and profitability Revenue [€m] op. EBIT [€m]/Margin1 By business drivers 10.4% 10.4% -8.8% +- 0bps 3,842 3,503 -49 -194 -95 -9.4% -1.3% 401 12 363 -40 -10 -9.9% FY24 Organic M&A FX FY25 FY24 Organic M&A FX FY25 1) M&A: before PPA 33

  34. Slide 34: Group FY25 – Bridge reported EBIT to operating EBIT

    Group FY25 – Bridge reported EBIT to operating EBIT op. EBIT [€m]/Margin + 70bps +- 0bps 22 8 1,016 80 2 966 911 903 (13.0%) (12.3%) (11.6%) CVS: ~€ 2m RVS: ~€ 22m CVS: ~€ 8m (11.6%) RVS: ~€ 45m CVS: ~€ 34m Other: ~€ 1m 713 630 RVS 625 (16.5%) 646 (15.6%) (15.5%) (15.0%) 350 363 401 CVS 319 (10.4%)

  35. Slide 35: Group Q4/25 – Order intake and Revenue

    Group Q4/25 – Order intake and Revenue Order intake [€m] Revenue [€m] Book-to-bill 1.00 By business drivers 1.01 -1.3% -0.4% 114 127 2,004 1,977 1,986 1,978 -40 -45 +5.7% -100 +6.4% -90 RVS 1,117 1,001 1,068 1,097 CVS 887 977 919 881 Q4/24 Organic M&A FX Q4/25 Q4/24 Organic M&A FX Q4/25 35

  36. Slide 36: Group Q4/25 – Op. EBIT growth vs. prior year

    Group Q4/25 – Op. EBIT growth vs. prior year op. EBIT [€m]/Margin1 12.2% 13.5% +130bps +10.7% 37 0 267 Reported: 242 -11 Reported: 216 253 (10.9%) +15.3% (12.8%) Q4/24 Organic M&A FX Q4/25 1) M&A: before PPA 36

  37. Slide 37: Group – Net Financial Debt / (Cash) Balance

    Group – Net Financial Debt / (Cash) Balance in € million 31.12.2023 31.12.2024 31.12.2025 Cash and cash equivalents -1,291.4 -2,263.0 -1,737.7 Short-term liabilities to banks 66.2 60.7 57.7 Short-term bonds and obligations 11.0 769.3 15.0 Short-term leasing liabilities 63.4 72.1 70.3 Securities -141

  38. Slide 38: Investor relations contact

    Investor relations contact Andreas Sophia Spitzauer Kursawe +49 89 3547 182310 +49 89 3547 187311 Andreas.Spitzauer@knorr-bremse.com Sophia.Kursawe@knorr-bremse.com 38

  39. Slide 39: 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

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