Outlook

Expected sectoral conditions

The KION Group is predicting that order numbers in the global market for industrial trucks in 2025 as a whole will now be noticeably higher than in 2024, largely as a result of significant growth in the APAC region. In the EMEA region, the Group anticipates slight growth in new business, while it expects to see a marked rise in order numbers for the Americas region compared with 2024. Market growth in terms of value is expected to be lower than growth in the number of units. This is due to ongoing shifts in the product mix in favor of affordable entry-level warehouse trucks.

In the market for warehouse automation solutions, the KION Group now expects moderate growth in order intake for project business in 2025. This outlook is backed by market research from Interact Analysis.

Expected business situation and financial performance of the KION Group

Based on business performance in the period under review, the Executive Board of KION GROUP AG has refined its outlook for 2025 that was published in the 2024 annual report with regard to revenue, adjusted EBIT, and ROCE. The expectations for the Group and the two operating segments have been firmed up within the forecast ranges that were originally published. Furthermore, the Executive Board of KION GROUP AG has raised the outlook for the Group’s free cash flow. This is because a material proportion of the non-recurring expenses from implementation of the efficiency program is not expected to impact on cash flow until the first quarter of 2026. Moreover, these expenses are likely to be between €170 million and €190 million overall, which is lower than originally anticipated (previously: €240 million to €260 million).

However, this assessment of the projected performance of the Group and its operating segments is contingent on there being no significant disruption to the KION Group’s supply chains as a result of trade barriers, especially tariffs and restrictions on access to critical commodities.