Krones Ag · XETR:KRN
Krones — Q1 2026 Earnings Presentation
30 slides from Krones's earnings presentation, May 8, 2026
Slide 1: Krones Q1 2026 Conference Call
Krones Q1 2026 Conference Call May 08, 2026 Christoph Klenk, CEO Uta Anders, CFO
Slide 2: Krones starts financial year with strong order intake and confirms financial targets for 2026
Krones starts financial year with strong order intake and confirms financial targets for 2026 Krones markets are generally Despite the difficult and EBITDA margin in Q1 2026 Krones confirms its targets less affected by economic volatile macroeconomic improved again from 10.6% to for 2026. fluctuatio
Slide 3: Krones highlights Q1 2026
Krones highlights Q1 2026 €1.51 billion +1.4%* 10.8% -€10 million Order intake Revenue EBITDA margin Free cash flow w/o M&A (PY €1.44 billion) €1,379 million (PY 10.6%) (PY +€165 million) * adjusted for currency translation effects 3 Krones Conference Call May 08, 2026
Slide 4: Order intake (€ million)
Order intake (€ million) Order intake (€ million) Order intake increases significantly in Q1 2026; pipeline is still robust 5,461 5,565 +1.6% +1.9% − Order intake rose significantly in first 1,345 1,460 3 months 2026, with an amount above Q4 €1.5 billion, which is 5.3% higher than in the previous ye
Slide 5: Order backlog (€ million)
Order backlog (€ million) Order backlog (€ million) − Order backlog after 3 months of 2026 remained at a very high level of 4,323 4,290 4,190 €4.3 billion +3.2% +4.1% -2.3% − With a stronger growth in order intake than revenue, the order backlog was increased since end of 2025 by 3.2% − Delivery tim
Slide 6: Internationally balanced customer and revenue split
Krones‘ internationally balanced customer and revenue split – is one of its strategic strengths: 51% sales in developed markets and 49% in emerging markets Share of revenues (Q1) Europe Eastern Europe/ Central Asia North and 29.5% 29.3% 29.0% Central America 8.0% 7.8% 7.8% 22.9% 21.2% 19.5% 2024 202
Slide 7: Revenue development by quarter (€ million)
Revenue development by quarter (€ million) 5,664 Krones increased revenue in Q1 2026 to 5,294 +7.0% more than €1.4 billion +12.1% 1,556 − Despite difficult macroeconomic conditions, 1,419 sales rose to €1.4 billion in Q1 2026, mainly reflecting volume effects. The adjustment Q4 for currency translat
Slide 8: EBITDA and EBITDA margin further improved
EBITDA and EBITDA margin further improved (€ million and %) 602.3 EBITDA margin in Q1 2026 at 10.8% +12.2% EBITDA (€ million) 537.1 171.6 171.6 with EBITDA at €149 million +17.5% EBITDA margin Q1 in % − EBITDA margin in Q1 2026 improved 146.0 again from 10.6% to 10.8% and is in line with our profita
Slide 9: EBT and EBT margin by quarter
EBT and EBT margin by quarter (€ million and %) 424.1 +11.1% EBT margin decreased in Q1 2026 to 381.6 EBT (€ million) 121.8 7.1% vs. 7.7% prior year +22.9% EBT margin Q1 in % − After 3 months in 2026, EBT decreased 106.0 by 9.1% to €98 million and a EBT margin Q4 of 7.1% 96.8 − EBT was influenced by
Slide 10: Personnel and material expenses Q1
Personnel and material expenses Q1 (€ million and %) − Because of an increasing number of Personnel costs Q1 Material costs Q1 employees (+4%) in the last 12 months (€ million) (€ million) and raised wages and salaries in 2025 the personnel costs increased by 4%. 664 620 618 The personnel cost ratio
Slide 11: Krones employees worldwide
Krones employees worldwide German Workforce slightly decreased by 0.5% since end of 2025; outside of Germany headcount slightly increased by 0.3%, so a slight decrease of 0.2% worldwide. Total Germany RoW 21,339 21,299 20,379 Thereof KAG 11,735 11,668 11,312 9,604 9,631 9,067 9,883 9,837 9,539 31.12
Slide 12: Revenue and EBITDA per segment (1/3)
Revenue and EBITDA per segment (1/3) Filling and Packaging Technology Revenue development Q1 Segment EBITDA (€ million) − In Q1 2026 the revenue in the core (€ million) and EBITDA margin (%) Q1 segment increased by 2.7% adjusted for 1,225* currency translation effects and is in the 1,193 range of ou
Slide 13: Revenue and EBITDA per segment (2/3)
Revenue and EBITDA per segment (2/3) Process Technology Revenue development Q1 Segment EBITDA (€ million) − Revenue in Q1 2026 decreased by 5.9% (€ million) and EBITDA margin (%) Q1 (adjusted for currency translation effects). Revenue in units and components business (pumps and valves) developed wel
Slide 14: Revenue and EBITDA per segment (3/3)
Revenue and EBITDA per segment (3/3) Intralogistics Revenue development Q1 Segment EBITDA (€ million) − Challenging conditions on the international (€ million) and EBITDA margin (%) Q1 markets for intralogistics influenced the revenue in the first 3 months 2026. After the 3 months the revenue decrea
Slide 15: Krones strengthens its financial position
Krones strengthens its financial position; maintaining a robust capital base is essential to manage global economic volatility − With €524 million in cash Liquidity reserves Equity (€ million) and and €897 million in free 31.03.2026 equity ratio (in %) credit lines, Krones holds a solid financial fo
Slide 16: Working Capital Q1 (in %)
Working Capital Q1 (in %) Working Capital increased to 18.1% Working Capital of revenue Q1 Part of Working Capital in % (vs. 17.1% prior year) (%, average over four quarters) of revenue (last 12 months) − Receivables/POC were quite stable end of Q1 2026. In absolute terms they slightly Receivables/P
Slide 17: Free cash flow Q1
Free cash flow Q1 After a strong year-end 2025 (€ million) Q1 2026 Q1 2025 (with €548 million) net cash slightly Earnings before taxes (EBT) 98.1 107.9 decreased to €524 million +/– Other non-cash changes +138.7 +118.2 − The positive earnings performance and other non-cash changes in Q1 2026 contrib
Slide 18: Free cash flow
Free cash flow Free cash flow in Q1 2026 influenced Free cash flow (without M&A) by increase in working capital in € million − After a very strong forth quarter 2025 Free cash flow in Q1 2026 was 398 slightly negative. This was caused by the higher investments and an increase in working capital in Q
Slide 19: ROCE
ROCE − ROCE decreased after 3 months in 2026 ROCE Q1 2024 – 2026* in % to 17.6% − This reduction is primarily driven by a 7% decrease in EBIT during the first 3 months 20.5 2026 and a growth in working capital 19.0 − The target for 2026 with a range of 19% 17.6 to 20% reflects the further profitable
Slide 20: Outlook 2026
Outlook 2026 20 Krones Conference Call May 08, 2026
Slide 21: Krones Outlook 2026
Krones Outlook 2026 further growth and improvement of profitability 3% – 5% 10.7% – 11.1% 19% – 20% Revenue growth* EBITDA margin ROCE *adjusted for currency translation effects There are various unpredictable factors that could affect the company’s business processes and production. These include g
Slide 22: Krones Outlook 2026 – Segment targets
Krones Outlook 2026 – Segment targets Filling and Packaging Process Intralogistics Technology Technology Revenue* 2% – 4% 0% – 5% 5% – 10% growth EBITDA 11.0% – 11.5% 9.0% – 10.0% 7.5% – 8.5% margin *adjusted for currency translation effects 22 Krones Conference Call May 08, 2026
Slide 23: Mid term targets 2028
Mid term targets 2028 ~€7 bn €5.7 bn Revenue, bn € ~7% Revenue CAGR 2025 2028 target 11% – 13% 10.6% EBITDA +0.4 – 2.4 ppt EBITDA margin, % 2025 2028 target 19.1% >20% >1 ppt ROCE ROCE, % 2025 2028 target 23 Krones Conference Call May 08, 2026
Slide 24: Key take aways
Key take aways 1. Krones starts 2026 financial year with high order intake – profitability also up in first quarter 2. With a strong order intake in Q1 2026 of €1.5 billion and a book-to-bill ratio of 1.1x the backlog increased to €4.3 billion. Krones has good planning visibility and secured capacit
Slide 25: Questions and Answers
Questions and Answers 25 Krones Conference Call May 08, 2026
Slide 26: Conference Call Q1 2026
Conference Call Q1 2026 26 Krones Conference Call May 08, 2026
Slide 27: Thank you for your attention!
Thank you for your attention! 27 Krones Conference Call May 08, 2026
Slide 28: Financial calendar 2026
Financial calendar 2026 June 9, 2026 Annual General Meeting in Regensburg July 29, 2026 Conference Call Group Quarterly statement for the period from January 1 to June 30, 2026 November 6, 2026 Conference Call Group Quarterly statement for the period from January 1 to September 30, 2026 Olaf Scholz
Slide 29: Disclaimer
Disclaimer This investor presentation contains forward-looking statements that are based on current estimates, forecasts and assumptions made by Krones AG management to the best of its knowledge and other information currently available to Krones AG. The forward-looking statements of this presentati
Slide 30: Solutions beyond tomorrow
SOLUTIONS BEYOND TOMORROW