Supply Chain Solutions segment
Business performance and level of orders
Order intake in the Supply Chain Solutions segment improved by a very substantial 50.5 percent to €2,941.2 million in the first nine months of 2025 (Q1–Q3 2024: €1,954.6 million). There was an exceptionally strong increase in order intake in the project business (business solutions), where the segment registered a record level of order intake in the second quarter alone. Another driving force behind the rise in orders was the ongoing growth of the service business (customer services), which comprises modernization and expansion work plus maintenance and spare parts, and benefits from the expanding pool of completed customer installations.
The order book in the Supply Chain Solutions segment rose by 21.1 percent to stand at €2,936.0 million as at September 30, 2025 (December 31, 2024: €2,423.8 million). Currency effects – primarily in relation to the weaker US dollar – reduced the order book by a total of €173.1 million.
in € million |
Q3 |
Q3 |
Change |
Q1 – Q3 |
Q1 – Q3 |
Change |
||
|---|---|---|---|---|---|---|---|---|
Total revenue |
768.5 |
709.8 |
8.3% |
2,154.3 |
2,161.1 |
–0.3% |
||
EBITDA |
65.2 |
46.4 |
40.7% |
185.4 |
117.9 |
57.2% |
||
Adjusted EBITDA |
67.4 |
48.4 |
39.2% |
184.8 |
128.7 |
43.6% |
||
EBIT |
10.1 |
3.9 |
> 100% |
52.1 |
–6.7 |
> 100% |
||
Adjusted EBIT |
47.6 |
28.4 |
67.4% |
126.0 |
70.5 |
78.7% |
||
|
|
|
|
|
|
|
||
Adjusted EBITDA margin |
8.8% |
6.8% |
– |
8.6% |
6.0% |
– |
||
Adjusted EBIT margin |
6.2% |
4.0% |
– |
5.8% |
3.3% |
– |
||
|
|
|
|
|
|
|
||
Order intake |
740.1 |
636.1 |
16.3% |
2,941.2 |
1,954.6 |
50.5% |
||
Order book1 |
|
|
|
2,936.0 |
2,423.8 |
21.1% |
||
|
||||||||
Revenue
The total revenue of the Supply Chain Solutions segment amounted to €2,154.3 million in the first nine months of 2025, which was close to the level of the prior-year period (Q1–Q3 2024: €2,161.1 million). The decline in revenue in the project business (business solutions) was due to a deterioration in the first half of the year following a low level of orders on hand in the prior year. Nevertheless, revenue from the project business increased substantially in the third quarter because order intake has begun to pick up again this year. The segment’s service business (customer services) recorded consistently good growth in the reporting period. The proportion of the segment’s revenue from external customers accounted for by the service business increased to 44.3 percent as a result (Q1–Q3 2024: 41.5 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 €126.0 million in the first nine months of 2025 (Q1–Q3 2024: €70.5 million). As a result, the adjusted EBIT margin increased to 5.8 percent (Q1–Q3 2024: 3.3 percent). The key factors driving the marked rise in the segment’s profitability were the significant contribution to earnings made by the high-margin service business and solid project execution in business solutions.
After taking into account non-recurring items and purchase price allocation effects, the segment’s EBIT amounted to €52.1 million (Q1–Q3 2024: minus €6.7 million). The non-recurring items included impairment losses on capitalized development costs (€14.2 million).
Adjusted EBITDA improved to €184.8 million (Q1–Q3 2024: €128.7 million). The adjusted EBITDA margin was 8.6 percent (Q1–Q3 2024: 6.0 percent).