Kion Group Ag · XETR:KGX
Kion — FY2025 Earnings Presentation
27 slides from Kion's earnings presentation, Feb 26, 2026
Slide 1: KION GROUP AG Q4/FY 2025 Update Call
KION GROUP AG Q4/FY 2025 Update Call 26 February 2026 Rob Smith (CEO), Christian Harm (CFO) Frankfurt
Slide 2: Agenda
Agenda 01 Summary FY 2025 & Business Update Q4 2025 02 Financial Update 03 Outlook 2026 & Key Takeaways KION GROUP AG | Q4/FY 2025 Update Call | 2026-02-26 2
Slide 3: FY 2025 in line with outlook. Solid "look-through" year with strong free cash flow
FY 2025 in line with outlook. Solid “look-through” year with strong free cash flow Order intake Revenue Adj. EBIT 1 Free cash flow EPS DPS 2 EUR EUR EUR EUR EUR EUR 11.7 11.3 789 709 1.75 0.62 bn. bn. m. m. – 14% YoY 7.0% adj. EBIT ~ 35% payout ratio Margin +13 % YoY – 2% YoY – 100bp YoY + € 8m YoY
Slide 4: Business Update Q4 2025
Business Update Q4 2025 Shaping the Future New Strategic Partner Leveraging China Footprint KION is becoming The Supply Chain Partnership with Siemens added to our work A new lithium-ion battery from our own R&D Solutions company – offering everything with NVIDIA and Accenture to bring AI and and pr
Slide 5: Agenda
Agenda 01 Summary FY 2025 & Business Update Q4 2025 02 Financial Update 03 Outlook 2026 & Key Takeaways KION GROUP AG | Q4/FY 2025 Update Call | 2026-02-26 5
Slide 6: ITS – Key Financials
ITS – Key Financials Seasonal increase in revenue and adj. EBIT 1 Change Change (in €m) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 QoQ YoY Order intake (in ’000 units) 70.0 65.2 70.0 60.3 70.6 +1% +17% Order intake 2,199 1,958 2,070 1,942 2,177 –1% +12% Order book 2,246 2,082 2,052 2,039 2,024 –10% –1%
Slide 7: SCS – Key Financials
SCS – Key Financials Revenue continuing to benefit from OI recovery since beginning of 2025 1 Change Change (in €m) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 QoQ YoY Order intake 624 756 1,445 740 658 +5% –11% of which E-commerce (%)2 57% 42% 87% 24% 25% — — Order book 2,424 2,375 2,944 2,936 2,688 +1
Slide 8: KION Group – Key Financials
KION Group – Key Financials Solid development in all segments 1 Change Change (in €m) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 QoQ YoY Order intake 2,815 2,706 3,500 2,676 2,823 +0% +6% Order book 4,635 4,430 4,963 4,944 4,684 +1% –5% Revenue 3,068 2,788 2,708 2,704 3,097 +1% +15% of which service (%
Slide 9: Adjusted EBITDA to Net Income
Adjusted EBITDA to Net Income Net income significantly impacted by higher tax rate Change Change (in €m) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 YoY QoQ ❶ Adj. EBITDA 526 459 457 456 495 –6% +9% Non-recurring items include approx. € 8m expenses relating D&A –275 –263 –267 –266 –282 –2% –6% to effici
Slide 10: Cash Flow Statement – FCF benefited from further NWC release
Cash Flow Statement – FCF benefited from further NWC release Free cash flow Q4 2025 (in €m) 148 -59 19 455 ❶ -132 -7 317 Improvement in net -54 234 176 171 0 -29 working capital 1 2 driven by both EBIT D&A on NWC Taxes and Net change CF from Operating Others Free cash Procurement Dividends Others Ef
Slide 11: Net Debt – Further improvement in leverage ratio
Net Debt – Further improvement in leverage ratio Indebtedness and leverage1 ratios as at 31 December 2025 ❶ (in €m) Leverage ratio 1.2x 2,158 based on net finan- cial debt improved 764 again by 0.1x due to Liab. from substantial procurement leases 1 1 reduction in net 0.4x 0.3x financial debt 810 81
Slide 12: Agenda
Agenda 01 Summary FY 2025 & Business Update Q4 2025 02 Financial Update 03 Outlook 2026 & Key Takeaways KION GROUP AG | Q4/FY 2025 Update Call | 2026-02-26 12
Slide 13: FY 2026 Outlook – KION on profitable growth path
FY 2026 Outlook – KION on profitable growth path Intelligent Automation → ITS: adj. EBIT guidance KION Group Industrial Trucks & Services includes savings from efficiency Solutions (former SCS) program; the range in revenue FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 and adj. EBIT outlook reflec
Slide 14: Key Takeaways
Key Takeaways FY 2025 was in line with expectations with an expected “look-through” year in ITS and profitability increase in SCS. Both industrial trucks and warehouse automation markets passed their troughs and are on a growth path. KION order intake outperformed key markets in both operating segme
Slide 15: Questions & Answers
Questions & Answers KION GROUP AG | Q4/FY 2025 Update Call | 2026-02-26 15
Slide 16: Appendix
Appendix KION GROUP AG | Q4/FY 2025 Update Call | 2026-02-26 16
Slide 17: FY 2025 Outlook to Actual Results Comparison
FY 2025 Outlook to Actual Results Comparison – Fully achieved all KPIs and slightly exceeded FCF guidance KION Group Industrial Trucks & Services Supply Chain Solutions (in € m) Outlook1 Actuals Outlook1 Actuals Outlook1 Actuals Revenue 11,100 – 11,400 11,297 → 8,100 – 8,300 8,272 → 3,000 – 3,100 3,
Slide 18: Assumptions for Outlook 2026
Assumptions for Outlook 2026 Market expectations (measured in order intake) • Globally, the industrial truck market in units is expected to grow slightly year-on-year in all regions. However, in value terms, the global market growth is expected below unit growth reflecting ongoing product mix shifts
Slide 19: Basis for Outlook
Basis for Outlook Amended Free Cash Flow definition • Given expected strong growth in Leasing and KION’s good access to capital markets we intend to broaden the financing of the leasing business to include debt capital market instruments with general corporate purpose • Consequently, the definition
Slide 20: FY 2026 Expectation – Housekeeping Items
FY 2026 Expectation – Housekeeping Items Non-recurring items ¹ Operating Capex ² ... between – € 40m and – € 70m ... between – € 370m and – € 400m PPA R&D spending ³ ... around – € 85m to – € 90m ... Around 3% of group revenue Net Financial expenses Dividend policy … between – € 150m and – € 170m …
Slide 21: Leverage Development and Maturity Profile
Leverage Development and Maturity Profile Leverage development 1 Maturity profile and free liquidity Self-help returned leverage ratios to below post Dec. 2020 capital increase levels as at 31 December 2025 (in €m) 2.3x 1,860 2 1.4x 1.4x 474 1.5x 1,500 1.2x 0.9x 1.3x 1.2x 1,000 0.7x 508 1,386 0.3x 0
Slide 22: KION ITS: Electrification Rate
KION ITS: Electrification Rate Development of KION ITS segment Change Order intake Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Change YoY Change QoQ FY 2022 FY 2023 FY 2024 FY 2025 YoY 2025 Order intake (in ’000 units) 70.0 65.2 70.0 60.3 70.6 +1% +17% 268.2 241.7 245.0 266.1 +9% Thereof IC-trucks 6.1 4
Slide 23: Industrial Truck Market and ITS Order Intake
Industrial Truck Market and ITS Order Intake Industrial Truck Market 1 Development of KION ITS segment Region Regional growth Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 (Change in units YoY) (Change in units yoy) EMEA +13% +9% +10% +4% +2%
Slide 24: Financial Calendar
Financial Calendar Date Event 26 February 2026 Publication of 2025 Annual Report with press conference and analyst call 27 February 2026 Deutsche Bank Roadshow, Frankfurt, Germany 19 March 2026 BofA Global Industrials Conference, London, UK 25 March 2026 Jefferies Pan-European Mid-Cap Conference, Lo
Slide 25: Key Financials
Key Financials Group figures Industrial Trucks & Services Supply Chain Solutions Q4 Q3 Q2 Q1 FY Q4 Q4 Q3 Q2 Q1 FY Q4 FY Q4 Q3 Q2 Q1 FY Q4 (in € m) FY 2025 2025 2025 2025 2025 2024 2024 FY 2025 2025 2025 2025 2025 2024 2024 2025 2025 2025 2025 2025 2024 2024 Order intake 11,705 2,823 2,676 3,500 2,70
Slide 26: Disclaimer
Disclaimer This document has been prepared by KION GROUP AG (the “Company”, Certain industry, market and competitive position data contained in this and expectations and projections about future events and may be identified and together with its consolidated subsidiaries, the "KION Group") solely fo
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