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Knorr-Bremse (KBX) investor relations material
Knorr-Bremse Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Revenues were stable at €2bn in Q2 2025, with 1% organic growth, as strong rail aftermarket and cost measures offset truck market weakness.
Rail division (RVS) achieved its 2026 EBIT margin target of 16.5% early, with record order book and strong organic order growth.
Commercial vehicle division (CVS) faced headwinds from weak North American truck markets, impacting order intake, revenue, and profitability, though aftermarket and efficiency measures provided resilience.
Aftermarket revenues increased, raising their share of total revenues to 47%, providing resilience against economic volatility.
Group operating guidance for FY25 was confirmed, with revenue outlook adjusted solely for FX effects; BOOST efficiency program execution remains on track.
Financial highlights
Q2/25 revenues at €2.00bn, down 0.7% year-over-year; EBIT margin improved to 13.1% from 12.5% in Q2/24.
Operating EBIT margin increased by 60 bps year-over-year; free cash flow reached €146m despite negative FX effects.
EPS for Q2 was €0.87, impacted by €28m in restructuring costs; H1/25 EPS at €1.70 (H1/24: €1.85).
CapEx was €63m (3.1% of revenues) in Q2 and €115m (2.9% of sales) in H1, both down year-over-year.
ROCE improved to 21.3%; cash conversion rate at 96% in Q2 and 55% in H1.
Outlook and guidance
Full-year EBIT margin guidance remains at 12.5–13.5%; free cash flow expected between €700–800m.
Revenue outlook adjusted for FX, not operational performance; no recovery assumed for North American trucks in H2.
RVS expected to see solid revenue and EBIT margin increases; CVS revenue to decrease moderately with slight EBIT margin improvement.
Guidance assumes stable geopolitical and macroeconomic conditions and no major tariff impacts.
Full-year 2025 revenue guidance adjusted to €7,800–8,100 million due to exchange rate effects.
Assess impact of US tariffs on 2025 guidance.
Explain the decline in commercial vehicle EBIT.
What drove aftermarket revenue increase?
Assess impact of shifting production to LCCs.
What's driving RVS's strong M&A contribution?
Clarify tariff headwinds on margins.
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Next Knorr-Bremse earnings date
Q3 202530 Oct, 2025
Next Knorr-Bremse earnings date
Q3 202530 Oct, 2025
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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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