Kardex (KARN) Investor update summary

Strategic growth initiative and investments

• Launched a strategic growth initiative in late 2024, focusing on sales, marketing, IT, and R&D investments to target EUR 1.5 billion revenues by 2029–2031.

• Aims for annual revenue growth of 10–14% and an EBIT margin of 10–14% in the mid-term.

• Investments are intended to capture a larger share of the expanding automated intralogistics market.

Segment performance and financial outlook

• Standardized Systems segment is performing as planned, while Automated Products segment saw slower growth since H2 2025.

• Bookings in Automated Products have been increasing since March 2026.

• Elevated costs and lower Automated Products volume will reduce H1 2026 EBIT to about 60% of the prior year period.

• Full-year 2026 EBIT margin expected at 8–10%, below the original target, despite anticipated stronger H2 2026.

• Full-year 2026 order and revenue growth forecasted at 15–20%.

Industry drivers and future outlook

• Reshoring, labor shortages, and automation are key industry growth drivers.

• Increasing sales synergies across business units are expected to support further profitable growth.

• Confident in achieving mid-term financial targets for 2029–2031.