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KION Group AG

KION makes forklifts, warehouse equipment and automation that move, store and retrieve goods. Linde Material Handling and STILL supply trucks and services; Dematic builds automated warehouses and the software that coordinates them.

KGX · Xetra

Overview

Summary

KION became an independent group in 2006, bringing established forklift brands together. The 2016 acquisition of Dematic widened its role from moving pallets to designing and running the machinery inside distribution centres. Its headquarters are in Frankfurt.

Customers buy or rent trucks, arrange maintenance and commission warehouse projects. Conventional forklifts remain a substantial business alongside autonomous vehicles, conveyors, storage equipment and warehouse software. KION therefore combines industrial manufacturing, service income and large projects; it is not simply an AI software supplier.

Latest results

Jan–Sep 2026 · Reported in EUR

Revenue

EUR 8,522.0 million+3.9%

Operating profit

EUR 570.9 million+75.7%

Margin 6.7%

Cash held

EUR 398.6 million+16.4%

At Sep 30, 2026

Financial debt

EUR 2,388.4 million

At Sep 30, 2026

Latest financial publication

Oct 29, 2026 · Issuer publication

Q3 and nine-month 2026 results

Investment Thesis

Warehouse automation backed by a large truck and service business

European Tech Equities analysis · Oct 28, 2026

The investment case

The case rests on KION earning more from warehouses as customers automate repetitive handling and modernise existing equipment. Trucks, project engineering and maintenance provide several routes to the customer. Better software and autonomous vehicles could deepen those relationships, but the group’s economics still depend heavily on industrial demand and project delivery.

Sources[1][2]

Evidence of adoption

The GXO deployment is concrete evidence that KION’s simulation work has reached regular warehouse operations. The reported reduction in commissioning time could help future installations if it can be repeated. One site does not establish a new group margin or the profitability of every autonomous fleet.

Sources[3]

What drives demand

Customers need reliable goods handling, but can postpone a new warehouse or truck fleet. H1 2026 order intake was €5,794.1 million, down 6.6%, while revenue rose to €5,687.3 million. The combination shows that current deliveries and new demand do not necessarily move together.

Sources[2]

Profit and cash generation

H1 statutory operating profit rose from €147.2 million to €386.6 million, helped by much lower restructuring charges. Operating cash flow was negative €285.2 million and cash investment €153.5 million. Leasing-finance movements materially affect this comparison; KION’s own free cash flow was positive €22.2 million under a different definition.

Sources[2]

What the valuation assumes

At 27 October 2026, KION’s equity market value was about €4.45 billion. Assessing that value requires a view on sustainable truck margins, automation project returns and financing obligations. A technology demonstration alone cannot justify a valuation change; repeated customer deployments and cash generation are the relevant evidence.

Sources[4][1][2]

What would weaken the case

Warehouse projects can suffer delays, higher installation costs or weaker customer investment.
Customer leasing and rental operations create substantial financing obligations beyond ordinary financial debt.
Autonomous vehicles must operate safely and reliably in busy warehouses; a successful deployment does not eliminate integration risk.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	8,200.40	8,522.00
Gross profit	2,040.80	2,143.90
Gross margin	24.9%	25.2%
EBITDA	1,198.70	1,461.50
EBITDA margin	14.6%	17.1%
Operating profit (EBIT)	325.00	570.90
Operating margin	4.0%	6.7%
Net income	167.10	309.10
Earnings per share (EUR)	1.23	2.30

Cash flow

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Operating cash flow	676.90	-34.50
Capital expenditure	264.20	249.20
Free cash flow	412.70	-283.70

Balance sheet

At period endEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Cash & cash equivalents	342.50	398.60
Total debt	—	2,388.40
Net debt / (net cash)	—	1,989.80
Total assets	—	19,281.50
Total liabilities	—	12,718.70
Total equity	—	6,562.80

Sources and details

June 2026 remains the latest full statement at 28 October. Q3 results are scheduled for 29 October 2026.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

9M 2025 · Quarterly statement pp.19–23, actual statutory group accounts, EUR millions; EBITDA from p.2. Cost-allocation comparatives are restated. Operating cash flow is the consolidated cash-flow statement figure, before the issuer’s separate lease-financing adjustment. Debt includes financial liabilities and procurement leases (p.15).

9M 2026 · Quarterly statement pp.19–23, actual statutory group accounts, EUR millions; EBITDA from p.2. Cost-allocation comparatives are restated. Operating cash flow is the consolidated cash-flow statement figure, before the issuer’s separate lease-financing adjustment. Debt includes financial liabilities and procurement leases (p.15).

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

IFRS group figures in EUR millions; basic EPS in EUR. EBITDA is unadjusted. Cash investment excludes leased and rental assets, whose movements enter operating cash flow. The displayed cash-flow difference is not KION’s own free-cash-flow measure, which includes specified lease-business financing. H1 2025 cost allocation is restated.

Annual

RevenueOperating profitNet profit

Revenue

FY 202411,503.2

FY 202511,297.2

Operating profit

FY 2024777.8

FY 2025500.9

Net profit

FY 2024369.2

FY 2025240.5

Income statement

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	11,503.20	11,297.20
Gross profit	3,093.50	2,950.20
Gross margin	26.9%	26.1%
EBITDA	1,917.00	1,700.60
EBITDA margin	16.7%	15.1%
Operating profit (EBIT)	777.80	500.90
Operating margin	6.8%	4.4%
Net income	369.20	240.50
Earnings per share (EUR)	2.75	1.75

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	1,170.60	1,131.80
Capital expenditure	462.90	395.70
Free cash flow	707.70	736.10

Balance sheet

At period endEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	787.00	474.90
Total debt	2,470.40	1,823.00
Net debt / (net cash)	1,683.40	1,348.10
Total assets	18,805.40	18,294.90
Total liabilities	12,598.30	12,171.90
Total equity	6,207.10	6,123.00

Sources and details

June 2026 remains the latest full statement at 28 October. Q3 results are scheduled for 29 October 2026.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · Annual Report 2025 pp.258–263 consolidated statements; EBITDA p.82. EUR millions; EPS in EUR. Debt is financial liabilities plus procurement leases, excluding customer lease/rental financing, separately quantified in debtNote. Cash capex excludes leased/rental assets, whose cash movements are in operating cash flow.

FY 2025 · Annual Report 2025 pp.258–263 consolidated statements; EBITDA p.82. EUR millions; EPS in EUR. Debt is financial liabilities plus procurement leases, excluding customer lease/rental financing, separately quantified in debtNote. Cash capex excludes leased/rental assets, whose cash movements are in operating cash flow.

Half-year

RevenueOperating profitNet profit

Revenue

H1 20255,496.3

H1 20265,687.3

Operating profit

H1 2025147.2

H1 2026386.6

Net profit

H1 202547.9

H1 2026207.6

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	5,496.30	5,687.30
Gross profit	1,366.10	1,439.50
Gross margin	24.9%	25.3%
EBITDA	718.80	969.40
EBITDA margin	13.1%	17.0%
Operating profit (EBIT)	147.20	386.60
Operating margin	2.7%	6.8%
Net income	47.90	207.60
Earnings per share (EUR)	0.36	1.54

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	343.30	-285.20
Capital expenditure	173.20	153.50
Free cash flow	170.10	-438.70

Balance sheet

At period endEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	619.50	391.00
Total debt	2,352.30	2,410.20
Net debt / (net cash)	1,732.80	2,019.20
Total assets	18,431.40	18,983.40
Total liabilities	12,545.40	12,604.90
Total equity	5,886.00	6,378.50

Sources and details

June 2026 remains the latest full statement at 28 October. Q3 results are scheduled for 29 October 2026.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · Interim Report Q2 2026 pp.29–36 consolidated statements and pp.20–21 financing. EUR millions; EPS in EUR. Comparative functional cost allocation restated for 2026 presentation. Debt financial liabilities plus procurement leases; customer lease/rental financing separately disclosed. June 2025 balance-sheet assets EUR18431.4m and liabilities EUR12545.4m are supplemented from the original Q2 2025 report pp.18,27–28; debt EUR2352.3m equals financial debt1605.6 plus procurement leases746.7 in p.19. Source: https://reports.kiongroup.com/2025/ir/2/_assets/downloads/2025-Q2_Interim-Report_KION_Group.pdf?h=PQ7dqYBU

H1 2026 · Interim Report Q2 2026 pp.29–36 consolidated statements and pp.20–21 financing. EUR millions; EPS in EUR. Comparative functional cost allocation restated for 2026 presentation. Debt financial liabilities plus procurement leases; customer lease/rental financing separately disclosed. H1 2025 full balance sheet not repeated; cash and equity are reported in cash-flow/equity statements.

Quarterly

RevenueOperating profitNet profit

Revenue

Q3 20252,704

Q3 20262,834.7

Operating profit

Q3 2025177.7

Q3 2026184.2

Net profit

Q3 2025119.2

Q3 2026101.6

Income statement

For the periodEUR million	Q3 2025Sep 30, 2025	Q3 2026Sep 30, 2026
Revenue	2,704.00	2,834.70
Gross profit	674.70	704.40
Gross margin	25.0%	24.8%
EBITDA	479.90	492.10
EBITDA margin	17.7%	17.4%
Operating profit (EBIT)	177.70	184.20
Operating margin	6.6%	6.5%
Net income	119.20	101.60
Earnings per share (EUR)	0.87	0.76

Cash flow

For the periodEUR million	Q3 2025Sep 30, 2025	Q3 2026Sep 30, 2026
Operating cash flow	333.60	250.70
Capital expenditure	91.00	95.70
Free cash flow	242.60	155.00

Sources and details

June 2026 remains the latest full statement at 28 October. Q3 results are scheduled for 29 October 2026.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Q3 2025 · Quarterly statement pp.19–23, actual statutory group accounts, EUR millions; EBITDA from p.2. Cost-allocation comparatives are restated. Operating cash flow is the consolidated cash-flow statement figure, before the issuer’s separate lease-financing adjustment. Debt includes financial liabilities and procurement leases (p.15).

Q3 2026 · Quarterly statement pp.19–23, actual statutory group accounts, EUR millions; EBITDA from p.2. Cost-allocation comparatives are restated. Operating cash flow is the consolidated cash-flow statement figure, before the issuer’s separate lease-financing adjustment. Debt includes financial liabilities and procurement leases (p.15).

Year to date

RevenueOperating profitNet profit

Revenue

9M 20258,200.4

9M 20268,522

Operating profit

9M 2025325

9M 2026570.9

Net profit

9M 2025167.1

9M 2026309.1

Income statement

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	8,200.40	8,522.00
Gross profit	2,040.80	2,143.90
Gross margin	24.9%	25.2%
EBITDA	1,198.70	1,461.50
EBITDA margin	14.6%	17.1%
Operating profit (EBIT)	325.00	570.90
Operating margin	4.0%	6.7%
Net income	167.10	309.10
Earnings per share (EUR)	1.23	2.30

Cash flow

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Operating cash flow	676.90	-34.50
Capital expenditure	264.20	249.20
Free cash flow	412.70	-283.70

Balance sheet

At period endEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Cash & cash equivalents	342.50	398.60
Total debt	—	2,388.40
Net debt / (net cash)	—	1,989.80
Total assets	—	19,281.50
Total liabilities	—	12,718.70
Total equity	—	6,562.80

Sources and details

June 2026 remains the latest full statement at 28 October. Q3 results are scheduled for 29 October 2026.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Updated Oct 29, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Q3 and nine-month 2026 results

Investment Thesis

The investment case

Evidence of adoption

What drives demand

Profit and cash generation

What the valuation assumes

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Quarterly

Revenue

Operating profit

Net profit

Income statement

Cash flow

Year to date

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Performance

Research & updates

KION grows revenue and profitability in the first nine months driven by Intelligent Automation Solutions

Q3 and nine-month 2026 results

KION showcases how Physical AI delivers measurable customer value at NVIDIA GTC Berlin 2026

KION with positive first half of 2026

Half-year results 2026

Company publications

kion Q3 / nine-month 2026 results

KION Interim Report Q2 2026, 30 July 2026

KION Annual Report 2025, published 26 February 2026

Interviews

Interviews are coming soon

Sources

Sources & data dates

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