Krones (KRN) Q3 2025 earnings summary

Executive summary

• Profitable growth continued in Q3 2025, with revenue up 6.0% year-over-year and EBITDA margin reaching 10.5% for the first nine months, in line with expectations.

• Order intake in Q3 2025 was €1.4 billion, 3.9% above prior year, and order backlog remained high at €4.3 billion, securing capacity utilization through mid-Q3 2026.

• Financial targets for 2025 are confirmed, with robust customer investment activity and innovation in digitalization and lifecycle services driving engagement despite global uncertainties.

• Participation at DrinkTech/drinktec showcased digitalization and lifecycle services, enhancing competitive positioning and customer relationships.

• High order backlog and strong liquidity provide financial stability and visibility for the coming year.

Financial highlights

• Q3 2025 revenue reached €1,380.9 million, up 4.7% year-over-year; nine-month revenue at €4,107.4 million, up 6.0%.

• EBITDA for Q3 was €142.2 million (10.3% margin); nine-month EBITDA at €430.7 million (10.5% margin), up 0.4 percentage points year-over-year.

• Net income for Q3 was €67.9 million (+3.3% YoY); year-to-date net income at €214 million.

• Free cash flow (excluding M&A) for nine months: €80 million; outlook for 2025 around €200 million.

• Equity ratio improved to 42.1%, with equity at €2.029 billion and liquidity reserves at €1.24 billion.

Outlook and guidance

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

• Q4 expected to be strong, with high visibility from backlog and scheduled negotiations.

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

• Segment guidance for 2025: Filling and Packaging Technology revenue +7–9%, Process Technology +0–5%, Intralogistics +15–20%.