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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.
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Q3 2025 earnings summary30 Oct, 2025

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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Frequently asked questions

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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