Knorr-bremse Ag · XETR:KBX
Knorr-bremse — Q1 2025 Earnings Presentation
23 slides from Knorr-bremse's earnings presentation, May 8, 2025
Slide 1: Q1/25 Financial Results
STRICTLY CONFIDENTIAL Q1/25 FINANCIAL RESULTS Q1/25 FINANCIAL RESULTS MARC LLISTOSELLA I CEO MARC LLISTOSELLA I CEO FRANK WEBER I CFO FRANK WEBER I CFO May 8, 2025 May 8, 2025
Slide 2: Key take-aways today
Key take-aways today Good start in 2025 – RVS strong and CVS resilient KB well positioned in challenging geopolitical times ▪ Revenue share – Rail > Truck ▪ Balanced revenue mix – 49% EU, 27% NA, 24% APAC ▪ German stimulus program mid-term supportive ▪ Well financed long-term and high equity ratio B
Slide 3: Solid demand in Rail continues and tough Truck markets globally
Solid demand in Rail continues and tough Truck markets globally Current situation Outlook FY25 High order books at OEMs continue Global: Book-to-bill >1 expected Persisting Supply Chain situation, but EU: ongoing stable demand manageable NA: stable development, tariff effects to be E
Slide 4: Q1/25: Strong order intake and order book provide resilience
Q1/25: Strong order intake and order book provide resilience OPERATING REVENUES OF EBIT MARGIN ORDER INTAKE € 1.96bn 12.1% FREE CASHFLOW (-0.8% yoy) € 2.38bn (PY: 12.1%) €+ 15m (+12.5% yoy) (PY: € -95m) ORDER BOOK € 1.07bn 15.6% € 7.44bn 10% CASH (+10.6% yoy) CONVERSION € 894m 9.5% RATE 4
Slide 5: Strong improvement of NWC and FCF as promised
Strong improvement of NWC and FCF as promised CapEx NWC1 Free Cashflow ROCE1 (annualized) [€m] % of sales [€m] Scope of days [€m] [%] 71.6 69.0 3.6% 15 67.2 ex. KB Sign. 19.7% 19.5% 72 2.7% 1,557 1,513 53 -18 ex. KB Signaling (ex tax 1,411 delta) -95 Q1/24 Q1/25 31.03.24 31.03.25 Q1/24 Q1/25 Q1/24 Q
Slide 6: RVS: Strong organic order growth and B-t-B >1 for 14 quarters in a row
RVS: Strong organic order growth and B-t-B >1 for 14 quarters in a row Order intake [€m] Order book [€m] OI higher yoy in all Order book again on high 1.10 Book-to-bill 1.23 regions level +16.7% +23.5% 5,530 203 39 7 1,312 ▪ EU: Lion share of ▪ Order book adjusted by total orders from EU, 4,739 acq
Slide 7: RVS: Strong AM business in all regions and operating leverage
RVS: Strong AM business in all regions and operating leverage Revenue [€m] Op. EBIT [€m]/ Margin Organic revenues up Profitability up ~50bps 4% 15.1% 15.6% +10.5% ▪ Growth in NA driven 56 9 1,065 ▪ EU: Lower OE but +13.9% by Signaling deal higher AM ▪ Supportive growth in 36 overcompensated 12 1
Slide 8: CVS: Good market demand in Q1/25, despite growing market headwinds
CVS: Good market demand in Q1/25, despite growing market headwinds Order intake [€m] Order book [€m] OI solid after record Order book stable 1.04 Book-to-bill 1.19 demand driven by EU organically in Q1/25yoy -3.9% +1.3% 1,991 56 EU: significantly 1,914 EU slightly lower than 1,051 10 1,065 highe
Slide 9: CVS: Revenue and margin strongly impacted by weak truck markets
CVS: Revenue and margin strongly impacted by weak truck markets Revenue [€m] 1 Op. EBIT [€m]/ Margin1 Revenue drivers Profitability impacted 11.0% by lower TPRs -11.6% EU: significantly lower 9.5% 1,011 revenues mainly Negative volume driven by TPR impact impacts -2.4% on OE; AM higher yoy Neg
Slide 10: Guidance FY25 confirmed
Guidance FY25 confirmed Revenue [€m] Op. EBIT Margin Free Cashflow [€m] General Assumptions ▪ Stable FX vs. levels as of Feb. 2025 ▪ Essentially stable geopolitical and 8,100-8,400 macroeconomic conditions 12.5-13.5% 7,883 ▪ Potential restructuring costs of 12.3% 700-8003 around € 75m3 730 ▪ No larg
Slide 11: Q&A / Backup
Q&A / Backup
Slide 12: Financial calendar 2025 – Upcoming events and FY25 release dates
Financial calendar 2025 – Upcoming events and FY25 release dates DATE EVENT LOCATION May 8 Q1/25 financial results Online May 20 and 22 Berenberg European Conference New York May 27 dbAccess Conference Frankfurt Jun 11 JPM Conference London Jun 17 Roadshow London Jul 2 Roadshow Zurich Jul 31 Q2/25 f
Slide 13: Q1/25 – Group: Order intake and Order book
Q1/25 – Group: Order intake and Order book Order intake [€m] 1 Order book [€m] 1 1.07 Book-to-bill 1.21 +10.6% 7,443 +12.5% 6,728 260 17 2,376 2,112 -13 +12.3% 5,530 RVS 1,312 RVS 4,739 1,062 CVS 1,051 1,065 CVS 1,991 1,914 Q1/24 Organic M&A FX Q1/25 31.03.2024 31.03.2025 1) KB Signaling consolidate
Slide 14: Q1/25 – Group: Revenue development
Q1/25 – Group: Revenue development Revenue [€m] 1 Revenue [€m] By business By region -0.8% 1,974 1,958 1,974 8 16 1,958 Asia/ 6.7% 443 472 -40 Pacific -2.0% SA 41 9.7% 45 RVS 964 1,065 NA 480 2.6% 492 EU 1,011 -6.1% CVS 1,011 949 894 Q1/24 Organic M&A1 FX Q1/25 Q1/24 Q1/25 1) KB Signaling consolidat
Slide 15: Q1/25 – Group: op. EBIT growth vs. prior year
Q1/25 – Group: op. EBIT growth vs. prior year op. EBIT [€m]/ EBIT Margin 12.1% 12.1% -0.9% 238 18 236 Reported: Reported: 237 204 (12.0%) -1 (10.4%) -19 -7.9% 145 RVS (15.1%) 166 (15.6%) 111 CVS (11.0%) 85 (9.5%) Q1/24 Organic M&A FX Q1/25 15
Slide 16: Group Q1/25 – Bridge reported EBIT to operating EBIT
Group Q1/25 – Bridge reported EBIT to operating EBIT op. EBIT [€m]/Margin -160bps +0bps 237 6 2 236 238 (12.0%) 23 (12.1%) (12.1%) 204 CVS: ~€ 2m RVS: ~€ 6m (10.4%) RVS: ~€ 11m RVS 145 CVS: ~€ 12m 145 (15.0%) 166 (15.1%) (15.6%) 148 (13.9%) CVS 111 111 (11.0%) 71 85 (11.0%) (7.9%) (9.5%) Q1/24 rep.
Slide 17: Group – Income statement
Group – Income statement 2024 2025 in € million Q1/24 Q2/24 Q3/24 Q4/24 FY24 Q1/25 Revenues 1,974.2 2,012.9 1,909.6 1,986.5 7,883.2 1,958.1 Change in inventory of unfinished/finished products 52.1 4.3 32.6 -45.3 43.7 55.8 Own work capitalized 32.4 25.9 26.1 28.7 113.2 22.5 Total operating performanc
Slide 18: Group – Cashflow statement
Group – Cashflow statement 2024 2025 2025 € million Q1/24 Q2/24 Q3/24 Q4/24 12M/24 Q1/25 3M/24 Cash flow from operating activities -48.3 219.0 257.6 614.0 1,042.3 66.2 66.2 Cash flow from investing activities -8.1 -77.0 -574.9 -90.3 -750.3 -31.8 -31.8 Cash flow from financing activities -23.9 -311.5
Slide 19: Group – Balance sheet/ assets
Group – Balance sheet/ assets 2024 2025 in € million 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 Assets Intangible assets 778.6 770.2 957.9 933.4 914.8 Goodwill 688.5 689.2 864.1 883.4 873.2 Property, plant and equipment 1,864.1 1,851.2 1,879.5 1,898.6 1,833.6 Investments accounted for us
Slide 20: Group – Balance sheet/ liabilities
Group – Balance sheet/ liabilities 2024 2025 in € million 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 Equity Subscribed capital 161.2 161.2 161.2 161.2 161.2 Capital reserves 13.9 13.9 13.9 13.9 13.9 Retained earnings 9.4 309.4 309.8 309.4 309.4 Other components of equity -181.4 -165.8 -2
Slide 21: Group – Net Financial Debt / (Cash) Balance
Group – Net Financial Debt / (Cash) Balance 2024 2025 in € million 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 Cash and cash equivalents -1,268.6 -1,075.8 -1,760.3 -2,263.1 -2,259.9 Short-term liabilities to banks 86.4 59.1 79.6 60.7 58.3 Short-term bonds and obligations 18.8 768.1 752.6
Slide 22: Investor relations contact
Investor relations contact Andreas Sophia Spitzauer Kursawe +49 89 3547 182310 +49 89 3547 187311 +49 175 5281320 +49 151 62330709 Andreas.Spitzauer@knorr-bremse.com Sophia.Kursawe@knorr-bremse.com 22
Slide 23: 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