Knorr-bremse Ag · XETR:KBX
Knorr-bremse — Q3 2025 Earnings Presentation
35 slides from Knorr-bremse's earnings presentation, Oct 30, 2025
Slide 1: Q3/25 Financial Results
Q3/25 FINANCIAL RESULTS MARC LLISTOSELLA I CEO FRANK WEBER I CFO October 30, 2025
Slide 2: Key take-aways today
Key take-aways today RVS – Organic growth increased and strong profitability CVS – Margin expansion despite a very difficult truck market in NA BOOST strategy BROWNFIELD – Investors outreach for selling last asset of the SELL-IT program GREENFIELD – duagon’s electronics business expands accretive re
Slide 3: Accretive duagon business in electronics – Strategic & financial rationale
Accretive duagon business in electronics – Strategic & financial rationale ~€ 175m Accretive deal underpins BOOST revenues FY26e Underlining KB’s transformation path ~16% (e.g. expansion in rail infrastructure) op. EBIT margin FY26e Increase of RVS’s revenue share (M&A guardrail: >14%) Leading1 in t
Slide 4: Solid demand in rail globally and truck market very challenging in NA
Solid demand in rail globally and truck market very challenging in NA Current situation Outlook FY25 Order books at OEMs remain high Global: Book-to-bill >1 expected EU: Overall higher; passenger business stronger EU: Overall ongoing favorable demand, than freight OE slow-down in freight
Slide 5: Q3/25 – Strong orders and strong profitability driven by RVS
Q3/25 – Strong orders and strong profitability driven by RVS OPERATING REVENUES OF EBIT MARGIN ORDER INTAKE € 1.88bn 13.3% FREE CASHFLOW (+2.7% yoy1) € 1.96bn (PY: 12.3%) € 159m (+5.2% yoy1) (PY: € 184m) € 1,050m 17.0% (+5.4% yoy 1) (PY: 16.0%) ORDER BOOK 104% € 7.37bn CCR (+8.2% yoy1) € 833m 10.5%
Slide 6: ROCE and NWC efficiency strongly improved
ROCE and NWC efficiency strongly improved CapEx [€m] NWC [€m] Free Cashflow [€m] ROCE annualized [%] % of sales Scope of days CCR 4.2% 4.2% 79.0 +240bps 72.3 21.0% 71% 55% 18.6% 132% 319 80 1,724 104% 78 1,563 248 184 159 Q3/24 Q3/25 30.09.24 30.09.25 Q3/24 Q3/25 9M/24 9M/25 Q3/24 Q3/25 6
Slide 7: RVS – Strong OI with book-to-bill once again >1
RVS – Strong OI with book-to-bill once again >1 Order intake [€m] Order book [€m] 1.13 Book-to-bill 1.12 Org. OI 6% higher +8% Order book at record yoy level 5,659 +4.7% 5,2221 ▪ EU: strongly up2, ▪ Growth supported 67 32 1,173 order intake mainly +11.7% across all regions, 1,121 from OE passenger
Slide 8: RVS – All regions grew in AM business and converting well
RVS – All regions grew in AM business and converting well Revenue [€m] Op. EBIT [€m]/ op. EBIT margin [%] Org. revenues up >5% 16.0% 17.0% Profitability increase +5.5% +100bps by ~100bps 41 +12.5% 54 1,050 ▪ EU: Overall higher1 in ▪ Good operating 6 -39 OE and AM 20 179 leverage 995 ▪ APAC: -6 L
Slide 9: CVS – Organic order intake growth despite weak NA truck market
CVS – Organic order intake growth despite weak NA truck market Order intake [€m] Order book [€m] 0.90 Book-to-bill 0.94 Org. OI growing by -7.0% Slight decrease of OB -4.9% 4% yoy 1,838 mainly driven by NA 33 1,710 823 -1.8% 783 Org. +4.0% -43 -31 EU: significant1 growth1 EU: stable yoy in spite
Slide 10: CVS – Operating margin strongly supported by BOOST
CVS – Operating margin strongly supported by BOOST Revenue [€m] Op. EBIT [€m]/ op. EBIT margin [%] Org. revenue stable Op. margin -8.9% 10.0% 10.5% improving +50bps 915 -1 EU: solid1 growth yoy BOOST efficiency NA: significantly1 -0.1% -48 833 program lower due lower TPR -4.3% -32 (OE) and Tra
Slide 11: Operating Guidance FY25 confirmed
Operating Guidance FY25 confirmed Revenue [€m] Op. EBIT Margin Free Cashflow [€m] General Assumptions ▪ Revenue development ▪ Operating development confirmed 7,800-8,100 ▪ FX based on levels as of Oct. 2025 7,883 12.5-13.5% ▪ Essentially stable geopolitical and macroeconomic conditions 12.3% 700-800
Slide 12: Q&A / Backup
Q&A / Backup
Slide 13: Financial calendar 2025 – Upcoming events
Financial calendar 2025 – Upcoming events DATE EVENT LOCATION Oct 30 Q3/25 financial results Online Nov 5-6 Roadshow New York Nov 5 Roadshow Frankfurt Nov 11 UBS European Conference London Nov 13 Baird Conference Chicago Nov 19-20 Roadshow Helsinki/Copenhagen Nov 26 Roadshow Warsaw Dec 2-3 Goldman S
Slide 14: Group Q3/25 – Order intake and order book
Group Q3/25 – Order intake and order book Order intake [€m] Order book [€m] 1.02 Book-to-bill 1.04 +4.4% 7,368 7,058 +0.6% 101 +8.2% 1,943 1,956 Org. -11 growth -77 +5.2% RVS 5,2221 5,659 RVS 1,121 1,173 CVS 823 783 CVS 1,838 1,710 Q3/24 Organic M&A FX Q3/25 30.09.2024 30.09.2025 14
Slide 15: Group Q3/25 – Revenue development
Group Q3/25 – Revenue development Revenue [€m] Revenue [€m] By division By region -1.4% 1,910 1,883 1,910 50 1,883 -6 -72 +2.7% EU 890 +6% 943 RVS 995 1,050 NA 484 -14% 417 SA 47 +1% 48 CVS 915 833 Asia/ 489 -3% 475 Pacific Q3/24 Organic M&A FX Q3/25 Q3/24 Q3/25 y-o-y 15
Slide 16: Group Q3/25 – Profitability and EPS
Group Q3/25 – Profitability and EPS Op. EBIT [€m]/ op. EBIT margin [%] EPS2 [€] 12.3% 13.3% +100bps +6.7% +9.9% 9 0.89 16 251 0.81 235 -9 +6.7% Q3/24 Org. M&A1 FX Q3/25 Q3/24 Q3/25 1) M&A: before PPA 16 2) After minorities
Slide 17: Q3/25 – Bridge reported EBIT to operating EBIT
Group Q3/25 – Bridge reported EBIT to operating EBIT Op. EBIT [€m]/ op. EBIT margin [%] +100bps +10bps 251 5 5 235 219 218 23 (13.3%) (12.3%) (11.5%) (11.6%) RVS: ~€ 11m RVS: ~€ 5m 179 159 164 163 (17.0%) (16.0%) RVS (16.5%) (15.5%) 88 91 CVS 70 72 CVS: ~€ 11m CVS: ~€ 5m (10.5%) (10.0%) (7.7%) (8.7%
Slide 18: Q3/25 – Bridge reported EBIT to operating EBIT
Group Q3/25 – Bridge reported EBIT to operating EBIT Op. EBIT [€m]/ op. EBIT margin [%] +100bps +10bps 251 5 5 235 219 218 23 (13.3%) (12.3%) (11.5%) (11.6%) RVS: ~€ -4m 179 159 163 (17.0%) RVS 164 (16.0%) (16.5%) (15.5%) 72 87 91 CVS 70 CVS: ~€ 2.5m CVS: ~€ 18m (10.5%) (10.0%) (7.7%) (8.7%) Q3/24 r
Slide 19: 9M/25 – Summary
Group 9M/25 – Summary OPERATING REVENUES OF EBIT MARGIN ORDER INTAKE € 5.84bn 12.8% FREE CASHFLOW (+0.4% yoy1) € 6.44bn (PY: 12.3%) € 319m (+5.8% yoy1) (PY: € 248m) € 3.22m 16.4% (+4.0% yoy1) (PY: 15.5%) ORDER BOOK 71% € 7.37bn CCR (+8.2% yoy1) € 2.62m 10.1% (PY: 55%) (-3.3% yoy1) (PY: 10.7%) 1) Org
Slide 20: Group 9M/25 – Order intake and order book
Group 9M/25 – Order intake and order book Order intake [€m] Order book [€m] 1.05 Book-to-bill 1.10 +4.4% 7,368 7,058 +4.2% 27 +8.2% 359 6,440 6,182 Org. -129 growth +5.8% RVS 5,659 5,2221 RVS 3,323 3,773 CVS 2,861 2,667 CVS 1,838 1,710 9M/2024 Organic M&A FX 9M/2025 30.09.2024 30.09.2025 20
Slide 21: Group 9M/25 – Revenue development
Group 9M/25 – Revenue development Revenue [€m] Revenue [€m] By divison By region -1.0% 5,897 5,839 5,897 21 35 5,839 -113 +0.4% EU 2,847 +0.3% 2,857 RVS 2,976 3,219 NA 1,460 -6% 1,379 CVS SA 136 +2% 139 2,922 2,622 Asia/ 1,454 +1% 1,465 Pacific 9M/2024 Organic M&A1 FX 9M/2025 9M/24 9M/25 1) Kiepe wa
Slide 22: Group 9M/25 – Profitability and EPS
Group 9M/25 – Profitability and EPS Op. EBIT [€m]/ op. EBIT margin [%] EPS2 [€] 12.3% 12.8% +50bps +3.3% -2.6% 51 2.66 2.59 749 725 -14 -13 -1.8% 9M 2023 Organic M&A1 FX 9M 2024 9M/24 9M/25 1) M&A: before PPA 22 2) After minorities
Slide 23: 9M/25 – Bridge reported EBIT to operating EBIT
Group 9M/25 – Bridge reported EBIT to operating EBIT Op. EBIT [€m]/ op. EBIT margin [%] +50bps -70bps 749 725 694 18 8 (12.8%) (12.3%) (11.8%) 650 73 (11.1%) RVS: ~€ 37m RVS: ~€ 18m RVS 526 463 467 (15.5%) (15.7%) 471 (16.4%) (14.6%) CVS 279 CVS: ~€ 28m CVS: ~€ 8m 264 314 228 (10.7%) (9.6%) (8.7%) (
Slide 24: 9M/25 – KPIs
Group 9M/25 – KPIs CapEx [€m] NWC1 [€m] Free Cashflow [€m] ROCE annualized [%] % of sales Scope of days CCR 79.0 3.7% 72.3 71% +240bps 55% 3.2% 21.0% 216 1,724 319 1,563 18.6% 190 248 9M/24 9M/25 30.09.24 30.09.25 9M/24 9M/25 Q3/24 Q3/25 24
Slide 25: RVS 9M/24 – Order intake and order book
RVS 9M/24 – Order intake and order book Order intake [€m] Order book [€m]2 1.12 Book-to-bill 1.17 +8.4% +13.5% 5,659 174 3,773 5,222 355 3,323 -79 +10.7% +11.7% Org. growth 9M/2024 Organic M&A1 FX 9M/2025 30.09.24 30.09.25 1) Kiepe was deconsolidated end of January 2024 2) Orderbook 30.09.24: + € 23
Slide 26: RVS 9M/25 – Revenue and profitability
RVS 9M/25 – Revenue and profitability Revenue [€m] Op. EBIT [€m]/ op. EBIT margin [%] +8.2% 16.4% 184 15.5% 3,219 +90bps 119 -59 2,976 +4.0% +13.8% 39 526 34 463 -10 9M/2024 Organic M&A FX 9M/2025 9M/2024 Organic M&A1 FX 9M/2025 1) M&A: before PPA 26
Slide 27: CVS 9M/24 – Order intake and order book
CVS 9M/24 – Order intake and order book Order intake [€m] Order book [€m] 0.98 Book-to-bill 1.02 -7.0% -6.8% 1,838 2,861 2 1,710 2,667 -1.8% -146 Org. -50 +0.1% growth 9M/2024 Organic M&A FX 9M/2025 30.09.24 30.09.25 27
Slide 28: CVS 9M/24 – Revenue and profitability
CVS 9M/24 – Revenue and profitability Revenue [€m] Op. EBIT [€m]/ op. EBIT margin [%] -10.3% 10.7% 10.1% 2,922 -60bps -98 2,622 -3.3% -149 -54 -16.0% 314 12 264 -57 -5 9M/2024 Organic M&A FX 9M/2025 9M/2024 Organic M&A FX 9M/2025 28
Slide 29: Group – Income statement
Group – Income statement 2024 2025 2024 2025 in € million Q1/24 Q2/24 Q3/24 Q4/24 FY24 Q1/25 Q2/25 Q3/25 9M 2024 9M 2025 Revenues 1,974.2 2,012.9 1,909.6 1,986.5 7,883.2 1,958.1 1,998.6 1,882.8 5,896.7 5,839.5 Change in inventory of unfinished/finished products 52.1 4.3 32.6 -45.3 43.7 55.8 -36.9 17
Slide 30: Group – Cashflow statement
Group – Cashflow statement 2024 2025 2024 2025 € million Q1/24 Q2/24 Q3/24 Q4/24 12M/24 Q1/25 Q2/25 Q3/25 9M/24 9M/25 Cash flow from operating activities -48.3 219.0 257.6 614.0 1,042.3 66.2 207.9 231.0 428.3 505.0 Cash flow from investing activities -8.1 -77.0 -574.9 -90.3 -750.3 -31.8 -67.1 -72.7
Slide 31: 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 30.06.2025 30.09.2025 Assets Intangible assets 778.6 770.2 957.9 933.4 914.8 884.8 875.5 Goodwill 688.5 689.2 864.1 883.4 873.2 870.4 860.3 Property, plant and equipment 1,864.1 1,851.2 1,879.
Slide 32: 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 30.06.2025 30.09.2025 Equity Subscribed capital 161.2 161.2 161.2 161.2 161.2 161.2 161.2 Capital reserves 13.9 13.9 13.9 13.9 13.9 13.9 13.9 Retained earnings 9.4 309.4 309.8 309.4 309.4
Slide 33: Group – Net Financial Debt / (Cash) Balance
Group – Net Financial Debt / (Cash) Balance in € million 30.09.2025 30.09.2024 31.12.2024 Cash and cash equivalents -1,398.3 -1,760.3 -2,263.0 Short-term liabilities to banks 112.7 79.6 60.7 Short-term bonds and obligations 0.6 752.6 769.3 Short-term leasing liabilities 70.2 67.4 72.1 Securities 0.0
Slide 34: Investor relations contact
Investor relations contact Andreas Sophia Spitzauer Kursawe +49 89 3547 0593 +49 89 3547 0199 Andreas.Spitzauer@knorr-bremse.com Sophia.Kursawe@knorr-bremse.com 34
Slide 35: 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