Krones (KRN) Q4 2025 earnings summary

Executive summary

• Achieved 7.0% revenue growth in 2025, meeting or exceeding all key financial targets despite €99 million negative currency effects and geopolitical headwinds.

• EBITDA margin improved to 10.6%, reaching the upper end of the target range, with EBITDA up 12.2% year-over-year.

• Order intake rose 1.9% year-over-year to €5.6 billion, with Q4 up 8.6%, and a book-to-bill ratio of 0.98 in 2025.

• Strong free cash flow of €283 million and high liquidity at year-end, with net cash position at €548.2 million.

• Order backlog at €4.2 billion, providing visibility into Q3 2026.

Financial highlights

• Revenue: €5.7 billion in 2025, up 7.0% year-over-year, with a €99 million negative FX impact; Q4 revenue reached €1.556 billion, up 9.7% year-over-year.

• EBITDA: €602.3 million (+12.2%), margin at 10.6% (prior year: 10.1%).

• EBT: €424.1 million (+11.1%), margin at 7.5% (prior year: 7.2%).

• Net income was €299 million; equity increased by €207 million to €2.18 billion; equity ratio at 42.2%.

• Free cash flow was €283 million, with a cash conversion rate at 95%.

• ROCE improved to 19.1%, up from 18.2%, driven by EBIT growth outpacing capital employed.

Outlook and guidance

• 2026 revenue growth expected at 3%-5% (currency-adjusted), with a similar €100 million FX headwind anticipated.

• EBITDA margin guidance for 2026 is 10.7%-11.1%; ROCE expected at 19%-20%.

• Segment guidance: Filling & Packaging revenue +2%-4%, EBITDA margin 11%-11.5%; Process Technology revenue +0%-5%, EBITDA margin 9%-10%; Intralogistics revenue +5%-10%, EBITDA margin 7.5%-8.5%.

• Book-to-bill ratio expected to be slightly above 1 in 2026, supporting growth into Q3.

• Medium-term revenue target of around €7 billion for 2028 remains in place, subject to FX developments.