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Knorr-Bremse (KBX) investor relations material
Knorr-Bremse Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3/25 order intake was €1.96bn (+5.2% yoy), with the order book at €7.37bn (+8.2% yoy), driven by strong rail vehicle demand and acquisitions.
RVS delivered organic growth and margin expansion; CVS achieved margin gains despite a challenging North American truck market.
The BOOST strategy advanced, including the duagon acquisition, expanding RVS's revenue share and entering new rail signaling markets.
9M/25 revenues were €5.84bn (+0.4% yoy), with rail growth offsetting commercial vehicle declines.
Operating EBIT increased 3.3% to €749m, margin at 12.8% (+50bps yoy).
Financial highlights
Q3/25 revenues reached €1.88bn (+2.7% yoy), operating EBIT margin 13.3% (up 100bps yoy).
Free cash flow for Q3/25 was €159m (down from €184m prior year); 9M/25 free cash flow rose to €319m.
EPS for Q3/25 was €0.89 (+9.9% yoy); 9M/25 EPS was €2.59.
Net income for 9M/25 was €447m, down 1.3% yoy; return on sales after taxes was 7.6%.
ROCE annualized improved to 21.0% in Q3/25 (+240bps yoy).
Outlook and guidance
FY25 guidance confirmed: revenue €7.8–8.1bn, operating EBIT margin 12.5–13.5%, free cash flow €700–800m.
RVS expected to see solid revenue and margin increases; CVS revenue to decrease moderately with stable margins.
Guidance assumes stable macroeconomic and geopolitical conditions, with no major tariff impacts.
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