Knorr-Bremse (KBX) 20th International Investment Forum (IIF) summary

Business and market position

• 2025 revenue was €7.8bn, operating EBIT ~€1bn and operating EBIT margin 13%; workforce ~30,000 across 30+ countries and 100+ production facilities.

• Rail represented 55% of revenue and truck 45%; 2026 operating EBIT margin expectations were ~17.5% for rail and ~12% for truck.

• Braking-system market share was ~50% in rail and ~23% in trucks; Wabtec and the business together held ~80% of the rail market.

• Rail HVAC was planned for sale by year-end 2026 as it no longer fit the portfolio.

Resilience and aftermarket

• Aftermarket activities, including spare parts, services and modernizations, generated more than 45% of revenue and were more profitable than OE business.

• Rail aftermarket benefits from homologation requirements and customer retention; train lifetimes are ~40 years, supporting recurring lifecycle revenue.

• Rail and truck serve different economic cycles; diversified markets, customers and local-for-local production support resilience amid supply-chain disruption and tariffs.

Strategy and portfolio actions

• BOOST, introduced in 2023, focused on portfolio rotation and operational efficiency; five businesses were sold and two rail-related businesses acquired, including duagon AG.

• Growth Beyond launched in July 2026, targeting margin-accretive growth through priority growth fields, cost and working-capital discipline, performance culture, digitalization and AI.

• Growth priorities include rail signaling, energy technologies and aftermarket; acquisitions may target core, adjacent or complementary growth areas.