Krones (KRN) Q2 2026 earnings summary

Executive summary

• Order intake increased by 4.5% year-over-year to approximately €2.85–2.9 billion in H1 2026, with a book-to-bill ratio of 1.05 and a robust order backlog of €4.3 billion.

• Revenue grew 1.8% year-over-year to €2.775–2.8 billion FX-adjusted, despite macroeconomic volatility.

• EBITDA margin improved to 10.8% from 10.6% year-over-year, while EBT margin declined to 7.3% due to higher depreciation and lower financial income.

• Free cash flow before M&A was -€30.8 million, mainly due to higher working capital and CapEx, but Q2 saw significant improvement.

• 2026 and 2028 financial targets are confirmed despite macroeconomic and geopolitical uncertainties.

Financial highlights

• Revenue: €2.775–2.8 billion FX-adjusted, up 1.8% year-over-year.

• EBITDA: €292.8–293 million, margin at 10.8% (up from 10.6%).

• EBT: €197.7–198 million, margin 7.3%, down from last year.

• Equity ratio increased to 43.6%, with equity up despite €88.5 million dividend payout.

• Working capital rose to 18.5% of revenue, mainly due to inventory buildup and lower prepayments.

• Net cash position at €404.5–405 million at period end.

Outlook and guidance

• 2026 guidance confirmed: revenue growth 3–5% (currency-adjusted), EBITDA margin 10.7–11.1%, ROCE 19–20%.

• Midterm 2028 targets reaffirmed: revenue ~€7 billion, EBITDA margin 11–13%, ROCE >20%.

• Management expects stronger H2 2026 to achieve full-year targets, with confidence in backlog and production schedules.

• Segment guidance for 2026: Filling & Packaging revenue +2–4%, Process Tech 0–5%, Intralogistics 5–10%.