Kion Group (KGX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 4.8% to €2,834.7m and adjusted EBIT increased 6.5% to €202.9m; adjusted EBIT margin was 7.2%.

• Q1–Q3 revenue grew 3.9% to €8,522.0m and adjusted EBIT rose 9.9% to €632.5m, led by IAS; ITS adjusted EBIT was broadly flat over the nine months.

• IAS delivered strong growth, while ITS order intake and market participation fell short of expectations, especially in EMEA value and economy trucks; the FY26 outlook was revised lower.

Financial highlights

• Q3 order intake was €2.651bn, down 1% YoY; the order book was €4.884bn, also down 1%.

• Q3 adjusted EBITDA was €490m, up 7%, and reported EBIT was €184m, up 4%; net income was €102m, down 15%.

• Q1–Q3 net income increased 85.0% to €309.1m; the prior-year comparison reflected substantial one-off efficiency-program expenses.

• Q3 free cash flow was €99m, including €53m of M&A cash outflows; Q1–Q3 free cash flow was €121.1m under the revised definition, versus €392.8m.

Outlook and guidance

• FY26 Group guidance: revenue €11.45bn–€11.75bn, adjusted EBIT €815m–€875m, free cash flow €400m–€500m and ROCE 7.8%–8.4%; ranges were narrowed and lowered versus July.

• FY26 ITS guidance: revenue €8.1bn–€8.3bn and adjusted EBIT €690m–€740m; lower midpoints reflect Q3 orders and expected Q4 effects.

• FY26 IAS guidance: revenue €3.35bn–€3.45bn and adjusted EBIT €230m–€250m; ranges narrowed within prior guidance with improved Q4 visibility.

• Double-digit adjusted EBIT margin targets for both segments and the Group are now expected only after 2027; ITS 2027 margin is not expected to exceed the implied Q4 exit rate.