Krones (KRN) Q2 2025 earnings summary

Executive summary

• Profitability increased significantly in H1 2025, with confirmed financial targets for 2025 despite macroeconomic and geopolitical uncertainties, including US tariff impacts on customer investment timing.

• Revenue grew 6.7% year-over-year to €2,727 million, with order intake at €2.73 billion, just 2.2% below the prior year.

• High order backlog of €4.3 billion ensures stable capacity utilization through mid-2026, providing strong financial visibility.

• Net income rose 8.0% year-over-year to €145.8 million, and earnings per share increased to €4.60.

Financial highlights

• EBITDA grew 12.6% year-over-year to €288.5 million, with the margin improving to 10.6%.

• EBT margin increased to 7.5%, with EBT up 11% to €206 million.

• Free cash flow before M&A was €46.7 million; net cash and cash equivalents rose to €375.2 million.

• Equity ratio improved to 41.4%; working capital stable at 17.1% of revenue.

• ROCE reached 19.0%, within the target range.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenue growth of 7–9%, EBITDA margin of 10.2–10.8%, and ROCE of 18–20%.

• Segment guidance: Filling & Packaging 7–9% revenue growth, 10.5–11% EBITDA; Process Technology 0–5%, 9–10%; Intralogistics 15–20%, 6.5–7.5%.

• Book-to-bill ratio expected around one for the year, with order intake backloaded between September and November.

• Mid-term 2028 targets: revenue ~€7.0 billion, EBITDA margin 11–13%, ROCE >20%.