Supply Chain Solutions segment
Business performance and level of orders
Order intake in the Supply Chain Solutions segment improved by a very substantial 66.9 percent to €2,201.2 million in the half year under review (H1 2024: €1,318.5 million). There was an exceptionally strong increase in order intake in the project business (business solutions). As a result, the segment’s order intake reached a record level in the second quarter. Another driving force behind this increase was the consistently strong growth of the service business (customer services), which comprises modernization and expansion work plus maintenance and spare parts, and continually benefits from the expanding pool of completed customer installations.
As at June 30, 2025, the order book in the Supply Chain Solutions segment was up sharply at €2,944.4 million (December 31, 2024: €2,423.8 million).
in € million |
Q2 |
Q2 |
Change |
Q1 – Q2 |
Q1 – Q2 |
Change |
||
|---|---|---|---|---|---|---|---|---|
Total revenue |
698.1 |
732.4 |
–4.7% |
1,385.8 |
1,451.3 |
–4.5% |
||
EBITDA |
66.1 |
27.7 |
> 100% |
120.1 |
71.5 |
67.9% |
||
Adjusted EBITDA |
62.2 |
42.2 |
47.1% |
117.4 |
80.3 |
46.2% |
||
EBIT |
29.1 |
–12.9 |
> 100% |
42.1 |
–10.7 |
> 100% |
||
Adjusted EBIT |
42.0 |
23.7 |
77.3% |
78.4 |
42.1 |
86.3% |
||
|
|
|
|
|
|
|
||
Adjusted EBITDA margin |
8.9% |
5.8% |
– |
8.5% |
5.5% |
– |
||
Adjusted EBIT margin |
6.0% |
3.2% |
– |
5.7% |
2.9% |
– |
||
|
|
|
|
|
|
|
||
Order intake |
1,445.4 |
676.9 |
> 100% |
2,201.2 |
1,318.5 |
66.9% |
||
Order book1 |
|
|
|
2,944.4 |
2,423.8 |
21.5% |
||
|
||||||||
Revenue
The total revenue of the Supply Chain Solutions segment fell by 4.5 percent to €1,385.8 million in the first six months of 2025 (H1 2024: €1,451.3 million) due to the muted level of orders in the project business (business solutions) in previous quarters. By contrast, the service business (customer services) continued to show stable revenue growth. The proportion of the segment’s revenue from external customers accounted for by the service business increased to 45.5 percent as a result (H1 2024: 39.4 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’s adjusted EBIT rose sharply to €78.4 million in the first half of 2025 (H1 2024: €42.1 million). As a result, the EBIT margin increased to 5.7 percent (H1 2024: 2.9 percent). The main factors driving the marked rise in profitability were the significant contribution to earnings made by the high-margin service business, and solid project execution.
After taking into account non-recurring items and purchase price allocation effects, EBIT amounted to €42.1 million (H1 2024: minus €10.7 million).
Adjusted EBITDA improved to €117.4 million (H1 2024: €80.3 million). The adjusted EBITDA margin was 8.5 percent (H1 2024: 5.5 percent).