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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.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3/25 delivered strong order intake (€1.96bn, +5.2% yoy) and a record order book (€7.37bn, +8.2% yoy), with robust profitability driven by the RVS segment and supported by strategic acquisitions such as duagon and KB Signaling.
RVS segment posted strong organic growth and margin expansion, while CVS achieved margin gains despite a challenging North American truck market.
The BOOST strategy advanced, including efficiency programs and asset sales, with ongoing focus on service business and customer proximity.
Confirmed operating guidance for 2025 and expressed confidence in achieving 2026 targets through cost discipline and structural improvements.
Free cash flow and cash conversion remained strong, supporting a robust balance sheet and ongoing investment.
Financial highlights
Q3/25 revenues reached €1.88bn (+2.7% yoy), with operating EBIT margin of 13.3%–13.6% (up 100bps yoy), the highest in 16 quarters.
Free cash flow for Q3/25 was €159m, with a cash conversion rate of 104%.
9M/25 revenues totaled €5.84bn (+0.4% yoy), with operating EBIT margin at 12.8% (+50bps yoy).
EPS for Q3/25 was €0.89 (+9.9% yoy); 9M/25 EPS was €2.59.
ROCE annualized improved to 21.0% in Q3/25 (+240bps yoy).
Outlook and guidance
Full-year 2025 revenue expected between €7,800 million and €8,100 million, revised down due to currency effects.
Operating EBIT margin forecast at 12.5%–13.5%; free cash flow guidance €700–800 million.
RVS expected to see solid revenue and margin increases; CVS revenue to decrease moderately with stable margins.
Guidance assumes stable macroeconomic and geopolitical conditions.
For 2026, targeting 14%+ EBIT margin, emphasizing cost control over market dependency.
Detail the strategic rationale for duagon and TRAVIS
How will CVS address declining revenues and EBIT?
What currency risks affect 2025 revenue guidance?
Detail the permanent impact of workforce reductions
How does the multi-brand platform create value?
Sustain RVS 17% margin and path to 19%
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Next Knorr-Bremse earnings date
Q4 20253 Mar, 2026
Next Knorr-Bremse earnings date
Q4 20253 Mar, 2026
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Knorr-Bremse develops, produces and maintains braking and other systems for rail and commercial vehicles. The Company's products include pneumatic braking systems, door systems, HVAC and driver advisory systems, couplers, and control electronics.
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