Kion Group (KGX) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered solid results, with group order intake up 18.3% year-over-year to €8.882 billion, and revenue nearly flat in Q3 but down 2.8% year-over-year to €8.200 billion for the first nine months.

• Adjusted EBIT reached €190 million in Q3 (7% margin), but for the first nine months fell 13.7% to €575.4 million, with margin narrowing to 7.0%.

• Free cash flow was strong at €231 million in Q3 and €392.8 million for the first nine months, driven by improved net working capital.

• Net income for Q3 rose 61% year-over-year to €119 million, but for the first nine months dropped 34.6% to €167.1 million due to non-recurring expenses.

• Notable business highlights included a major partnership with Airbus, a Platinum EcoVadis sustainability rating, and the launch of an efficiency program.

Financial highlights

• Q3 2025 order intake: €2.7 billion (+10% yoy); Q1–Q3 order intake: €8.882 billion (+18.3% yoy).

• Q3 revenue: €2.7 billion (flat yoy); Q1–Q3 revenue: €8.200 billion (down 2.8% yoy).

• Adjusted EBIT: €190 million in Q3 (7% margin); €575.4 million for Q1–Q3 (margin 7.0%).

• Free cash flow: €231 million in Q3; €392.8 million for Q1–Q3.

• Net financial debt decreased to €818 million; leverage ratio improved to 0.4x adjusted EBITDA.

Outlook and guidance

• 2025 revenue guidance narrowed to €11.1–11.4 billion; adjusted EBIT expected at €760–820 million.

• Free cash flow guidance raised to €600–700 million, as efficiency program expenses are deferred to 2026 and expected to be lower (€170–190 million).

• ROCE guidance refined to 7.4–8.0%.

• Guidance remains subject to macroeconomic, supply chain, and geopolitical uncertainties.