Business situation and financial performance of the segments

Business situation and financial performance of the Industrial Trucks & Services segment

Business performance and level of orders

In 2025, the number of new trucks ordered in the Industrial Trucks & Services segment rose by 8.6 percent to 266 thousand. Order numbers in the core EMEA market were up sharply by 8.7 percent. The APAC region also recorded a tangible increase of 5.5 percent. In the Americas region, the number of new orders rose significantly by 25.0 percent compared with the weak level in the previous year.

The value of the segment’s order intake increased by 4.9 percent year on year to €8,146.9 million (2024: €7,765.8 million). The robust growth of new business in warehouse trucks continued. Furthermore, demand for counterbalance trucks recovered, with a marked rise in order intake compared with the weak level in 2024. The solid growth of the service business also helped to increase the segment’s order intake.

The order book of the Industrial Trucks & Services segment amounted to €2,023.9 million as at December 31, 2025 (December 31, 2024: €2,246.1 million).

Revenue

Total revenue in the Industrial Trucks & Services segment declined by 3.9 percent to €8,272.5 million in the year under review (2024: €8,608.8 million). The main reason for this was the reduction in unit sales in new business, which started the reporting year with a markedly smaller order book than at the start of 2024. The service business generated solid growth overall, notching up a year-on-year increase in revenue in all categories.

In the new business product category, revenue of €1,170.7 million (2024: €1,190.2 million) was earned from the direct and indirect lease business (finance leases). In the rental business product category, a sum of €666.4 million (2024: €619.1 million) was attributable to direct and indirect lease business (operating leases) and €556.6 million (2024: €571.2 million) to the short-term rental business. The proportion of the segment’s revenue from external customers accounted for by the service business increased from 47.8 percent in 2024 to 50.9 percent in the year under review.

Further details concerning revenue generated from external customers in the Industrial Trucks & Services segment can be found in the > table ‘Revenue from third parties by product category’.

Earnings

The adjusted EBIT of the Industrial Trucks & Services segment decreased to €721.8 million in 2025 (2024: €917.5 million). Consequently, the adjusted EBIT margin fell to 8.7 percent (2024: 10.7 percent). The deterioration in the segment’s earnings and profitability was mainly driven by the year-on-year decline in new business resulting from both reduced volumes and – as a result of pricing and mix effects – narrower margins. Fixed costs went up for production, sales, and administration too, primarily as a result of general increases in personnel expenses and a higher level of depreciation and amortization on the back of capital expenditure.

After taking into account non-recurring items and purchase price allocation effects, the EBIT of the Industrial Trucks & Services segment stood at €533.4 million (2024: €879.6 million). The non-recurring items, which amounted to a total expense of €184.4 million (2024: expense of €14.1 million), predominantly consisted of the non-recurring expenses of €156.1 million incurred in the segment in connection with the efficiency program. Among the other non-recurring items was a deconsolidation loss totaling €12.2 million that arose on the disposal of a subsidiary in South Africa. The effects from purchase price allocations amounted to an expense of €4.0 million (2024: expense of €23.8 million); the higher prior-year figure had been due to the impairment recognized on the goodwill of the KION ITS Americas Operating Unit in an amount of €22.4 million.

Adjusted EBITDA came to €1,682.8 million in 2025 (2024: €1,833.2 million), giving an adjusted EBITDA margin of 20.3 percent (2024: 21.3 percent).

Business situation and financial performance of the Supply Chain Solutions segment

Business performance and level of orders

Order intake in the Supply Chain Solutions segment improved by a very substantial 39.5 percent to €3,598.8 million in the year under review (2024: €2,579.1 million). The improving market conditions allowed the project business (business solutions) to pick up markedly, having seen weak demand in the previous year. It therefore registered a jump in orders from multiple customer segments, in particular e-commerce players. The robust growth of the service business also boosted the segment’s order intake. The modernization and extension work offered by the service business, together with maintenance and spare parts, enabled it to benefit from the larger installed base.

As at the end of 2025, the order book of the Supply Chain Solutions segment had increased to €2,688.4 million (December 31, 2024: €2,423.8 million).

Currency effects – primarily in relation to the weak US dollar – had an adverse impact on both order intake and the order book, reducing them by €146.2 million and €202.0 million respectively.

Revenue

The total revenue of the Supply Chain Solutions segment went up by 4.4 percent to €3,071.4 million in 2025 (2024: €2,943.2 million). The project business (business solutions) achieved solid year-on-year revenue growth that was underpinned by the rebound of order intake, especially in the first half of 2025. Moreover, the service business maintained its good level of revenue growth. The proportion of the segment’s revenue from external customers accounted for by the service business was on a par with the previous year at 41.0 percent (2024: 41.0 percent).

Further details concerning revenue generated from external customers in the Supply Chain Solutions segment can be found in the > table ‘Revenue from third parties by product category’.

Earnings

The Supply Chain Solutions segment increased its adjusted EBIT significantly to €183.2 million in the year under review (2024: €112.9 million). As a result, the adjusted EBIT margin swelled to 6.0 percent (2024: 3.8 percent). Both the steady growth of the high-margin service business and the higher level of gross profit from the project business (business solutions) contributed to the segment’s improved profitability.

After taking into account non-recurring items amounting to an expense of €14.7 million (2024: expense of €16.1 million) and purchase price allocation effects amounting to an expense of €82.5 million (2024: expense of €87.7 million), the EBIT of the Supply Chain Solutions segment rose to €85.9 million (2024: €9.1 million). The non-recurring items recognized in the reporting year predominantly consisted of impairment losses of €12.3 million on capitalized development costs for product technologies that are no longer used.

Adjusted EBITDA increased to €270.7 million (2024: €196.5 million). The adjusted EBITDA margin stood at 8.8 percent (2024: 6.7 percent).

Business situation and financial performance of Corporate Services

Business performance

Corporate Services comprises holding companies and other service companies that provide services such as IT and general administration across all segments.

Revenue and earnings

The total revenue reported for Corporate Services in 2025 was €295.5 million (2024: €296.6 million) and, as in previous years, mainly resulted from internal IT and general administrative services.

The adjusted EBIT for Corporate Services fell markedly to €352.2 million (2024: €611.5 million). This decrease was mainly attributable to the intragroup income from equity investments, which was lower than in 2024 in line with the general deterioration in financial performance. Excluding internal income from equity investments, adjusted EBIT amounted to minus €115.2 million (2024: minus €111.3 million). The moderate year-on-year deterioration can primarily be explained by increased personnel expenses, including variable remuneration components.

Adjusted EBITDA stood at €382.6 million (2024: €640.1 million) or minus €84.9 million (2024: minus €82.7 million) if intra-group income from equity investments is excluded.