Koenig & Bauer (SKB) Q2 2025 earnings summary

Executive summary

• Celebrated major milestones: 208 years in business, 100th AGM, and 40 years on the capital market.

• Revenue rose 3.5% year-over-year to €550.4m in H1 2025, with both segments contributing to growth.

• Leadership transition completed with new CEO and CFO; Executive Board reduced from five to two members, with a streamlined structure effective from 2026.

• Strong Q2 performance and record-high order backlog, driven by operational improvements and cost-saving initiatives.

• Strategic focus on portfolio optimization, digitalization, AI integration, and customer-centric innovation.

Financial highlights

• H1 2025 revenue: €550.4m (+3.5% YOY); Q2 revenue: €298.2m (+7.0% YOY).

• Order intake declined 5.4% to €606.9m, but order backlog reached a record €1,096.3m (+7.4%).

• Operating EBIT improved by 69.1% to -€9.6m (H1), with Q2 operating EBIT at €1.8m.

• Net loss narrowed to €-30.8m from €-49.3m year-over-year; EPS at €-1.86.

• Free cash flow was €-83.7m, impacted by higher net working capital.

Outlook and guidance

• 2025 guidance confirmed: slight revenue growth to €1.3bn, operating EBIT expected between €35–50m.

• Strategic ambition: revenue up to €1.5bn and EBIT margin 5–6% in the medium term.

• Further profitability improvements expected in 2026.

• Guidance depends on stable macroeconomic, geopolitical, and trade policy conditions.

• Monitoring impact of new 15% EU-US tariffs effective August 2025.