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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Knorr-Bremse
Knorr-Bremse (KBX) investor relations material
Knorr-Bremse Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved strong FY2025 results, meeting all guidance targets and demonstrating resilience amid challenging macroeconomic and geopolitical conditions.
BOOST strategy execution improved cost efficiency, margin-accretive growth, and portfolio optimization, with Phase I nearly complete and Phase II focused on expansion.
Rail division (RVS) reached its midterm margin target a year early, now representing 55% of group revenues; truck division (CVS) maintained solid performance despite market headwinds.
Portfolio optimization included divestments of low-margin businesses and reinvestment into higher-margin, growth-oriented platforms.
Strategic focus on digitalization, AI transformation, and expansion in energy and signaling markets to drive future growth.
Financial highlights
FY25 revenues reached €7.82 billion, with organic growth in Europe and APAC, and a slight overall decline due to divestments and FX headwinds.
Operating EBIT margin improved by 70 bps to 13.0%, with EBIT exceeding €1 billion; EPS increased 20.7% to €3.33.
Record free cash flow of €790 million, with a cash conversion rate of 131%.
Order intake grew to €8.42 billion (+5.8% YoY), and order book reached €7.36 billion (+8% YoY), supporting future growth.
Equity ratio increased to 36%, net debt reduced by 31% to €627 million, and net debt/EBITDA at 0.49x.
CapEx was €319 million (4.1% of revenues), down year-over-year; ROCE improved by 200 bps to 23.4%.
Outlook and guidance
2026 guidance: revenues €8.0–8.3 billion, operating EBIT margin around 14%, and free cash flow €750–850 million.
RVS operating margin expected just below 17.5% for 2026; CVS margin targeted to improve toward 12%.
Organic revenue growth in CVS projected at low- to mid-single digits, with margin expansion as cost base is further optimized.
Up to €30 million in restructuring costs may be incurred to optimize global production footprint.
New midterm targets to be communicated with Q2 2026 results.
Detail BOOST strategy's cost-cutting initiatives
How did Truck Division maintain EBIT margin stability?
Explain 2026 restructuring costs and purpose
Energy tech M&A ticket size and strategy
AI impact on direct value functions
China high-speed rail platform impact
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Next Knorr-Bremse earnings date
Q1 20267 May, 2026
Knorr-Bremse
Next Knorr-Bremse earnings date
Q1 20267 May, 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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