Financial markets

The general conditions in the financial markets were, on the whole, more favorable for the KION Group and its customers in 2025 than in 2024. The European Central Bank (ECB) progressively reduced the interest rate for its deposit facility from 3.00 percent to 2.00 percent, which resulted in more favorable conditions in the money market because it scaled back its asset purchase program at the same time. Although the banks in the eurozone responded to the more favorable financing conditions by slightly lowering interest rates, they continued to be cautious – especially in the corporate sector – about lending. Demand for credit in the corporate sector did pick up slightly, but remained weak overall owing to the risks and uncertainties that continue to be perceived (ECB, April 2025; July 2025; December 2025). The US central bank also pursued a strategy of cautiously loosening monetary policy in 2025, progressively lowering the target range for the federal funds rate from 4.25 to 4.50 to 3.50 to 3.75 percent (Federal Reserve, December 2025).

The KION Group generated 50.0 percent of its revenue outside the eurozone in 2025 (2024: 49.2 percent). The US dollar, pound sterling, and the Chinese renminbi were the most important foreign currencies, which had also been the case in 2024. In 2025, the euro appreciated moderately against each of these currencies. Overall, currency translation had no material impact on the KION Group’s operating performance in the reporting year.