Koenig & Bauer (SKB) Q4 2025 earnings summary

Executive summary

• Achieved full-year results within original guidance, with strong Q4 performance and positive free cash flow, despite a weak macroeconomic environment and trade policy uncertainties.

• Order intake and backlog remain high, with Q1 order intake expected to surpass the previous year, providing a solid foundation for 2026.

• Launched the IMPACT strategic framework, focusing on intelligence, market focus, people, adaptability, competitiveness, and technology to enhance resilience and future growth.

• Celebrated the 40th anniversary of stock market listing and held a capital market day.

Financial highlights

• Revenue increased by 2.2% year-over-year to €1,302.4m, with growth in packaging and special/new technologies segments.

• Group EBIT improved by €66.4m to €31.3m, and operating EBIT margin rose to 2.8%.

• Asia Pacific revenue grew by over 30%, reflecting strong regional momentum.

• Gross profit rose 15.5% to €340.6m, with gross margin up to 26.2%.

• Free cash flow turned positive at €7.2m, supported by strong Q4 inflows.

Outlook and guidance

• 2026 guidance targets stable revenues (~€1.3 billion) and operating EBITDA (~€80 million), assuming no major external shocks.

• Paper packaging segment anticipated to remain stable with slightly lower profitability due to competition.

• Special and new technology segment expected to see significant revenue and profitability growth.

• Order intake in Q1 2026 projected to be higher than Q1 2025.