Segment report

The KPIs used to manage the Industrial Trucks & Services and Supply Chain Solutions segments are revenue and adjusted EBIT. Segment reporting therefore includes a reconciliation of externally reported consolidated earnings before interest and tax (EBIT) – including effects from purchase price allocations and non-recurring items – to the adjusted EBIT for the segments (‘adjusted EBIT’).

The following tables show information on the segments for the third quarter of 2025 and 2024 and for the first three quarters of 2025 and 2024.

Segment information Q3 2025

in € million

Industrial Trucks & Services

Supply Chain Solutions

Corporate Services

Consolidation

Total

Revenue from external customers

1,940.6

763.1

0.3

–

2,704.0

Intersegment revenue

3.6

5.4

74.5

–83.5

–

Total revenue

1,944.2

768.5

74.8

–83.5

2,704.0

Cost of sales

–1,370.2

–624.4

–69.3

83.9

–1,980.1

Earnings before tax

176.5

1.9

130.5

–166.8

142.1

Net financial expenses

–24.9

–8.2

–2.6

–

–35.6

EBIT

201.4

10.1

133.1

–166.8

177.7

+ Non-recurring items

–31.7

17.3

6.0

–

–8.4

+ PPA items

0.9

20.2

–

21.1

= Adjusted EBIT

170.6

47.6

139.1

–166.8

190.5

Capital expenditure¹

57.8

21.8

11.5

–

91.0

Amortization and depreciation²

52.3

16.5

6.5

–

75.2

Order intake

1,941.9

740.1

74.8

–80.9

2,675.9

1	Capital expenditure in property, plant and equipment and intangible assets, including capitalized development costs
2	On intangible assets and property, plant and equipment (excluding right-of-use assets and PPA items)

Segment information Q3 2024

in € million

Industrial Trucks & Services

Supply Chain Solutions

Corporate Services

Consolidation

Total

Revenue from external customers

1,994.9

703.3

1.0

–

2,699.2

Intersegment revenue

3.8

6.5

71.8

–82.2

–

Total revenue

1,998.7

709.8

72.8

–82.2

2,699.2

Cost of sales

–1,394.7

–588.9

–65.4

81.5

–1,967.5

Earnings before tax

158.2

–4.2

167.4

–190.8

130.6

Net financial expenses

–43.6

–8.1

–11.4

–

–63.1

EBIT

201.7

3.9

178.8

–190.8

193.7

+ Non-recurring items

0.5

2.9

0.9

–

4.2

+ PPA items

0.1

21.6

–

21.7

= Adjusted EBIT

202.3

28.4

179.7

–190.8

219.6

Capital expenditure¹

68.1

27.2

11.1

–

106.3

Amortization and depreciation²

49.5

12.9

6.2

–

68.6

Order intake

1,796.8

636.1

72.8

–78.5

2,427.3

1	Capital expenditure in property, plant and equipment and intangible assets, including capitalized development costs
2	On intangible assets and property, plant and equipment (excluding right-of-use assets and PPA items)

Segment information Q1 – Q3 2025

in € million

Industrial Trucks & Services

Supply Chain Solutions

Corporate Services

Consolidation

Total

Revenue from external customers

6,066.5

2,133.0

0.9

–

8,200.4

Intersegment revenue

12.9

21.3

223.6

–257.8

–

Total revenue

6,079.4

2,154.3

224.5

–257.8

8,200.4

Cost of sales

–4,343.3

–1,714.6

–213.8

257.1

–6,014.6

Earnings before tax

308.1

36.5

59.6

–190.3

213.9

Net financial expenses

–75.9

–15.7

–19.4

–

–111.0

EBIT

384.1

52.1

79.1

–190.3

325.0

+ Non-recurring items

142.7

11.3

31.2

–

185.2

+ PPA items

2.7

62.5

–

65.2

= Adjusted EBIT

529.5

126.0

110.2

–190.3

575.4

Segment assets

14,429.2

5,320.2

2,342.0

–3,943.3

18,148.1

Segment liabilities

10,404.3

2,797.3

2,861.1

–3,948.2

12,114.5

Capital expenditure¹

159.4

73.5

31.3

–

264.2

Amortization and depreciation²

153.1

39.0

19.3

–

211.3

Order intake

5,970.1

2,941.2

224.5

–253.9

8,882.0

Order book

2,038.9

2,936.0

–

–30.8

4,944.1

Number of employees³

30,895

9,987

1,420

–

42,302

1	Capital expenditure in property, plant and equipment and intangible assets, including capitalized development costs
2	On intangible assets and property, plant and equipment (excluding right-of-use assets and PPA items)
3	Number of employees (full-time equivalents; incl. apprentices; excl. inactive employees) as at Sep. 30, 2025; allocation according to the contractual relationships

Segment information Q1 – Q3 2024

in € million

Industrial Trucks & Services

Supply Chain Solutions

Corporate Services

Consolidation

Total

Revenue from external customers

6,295.7

2,137.0

2.6

–

8,435.3

Intersegment revenue

9.2

24.1

215.5

–248.8

–

Total revenue

6,305.0

2,161.1

218.1

–248.8

8,435.3

Cost of sales

–4,387.0

–1,797.4

–225.9

247.7

–6,162.5

Earnings before tax

564.6

–24.5

72.8

–194.6

418.3

Net financial expenses

–83.7

–17.7

–46.2

–

–147.6

EBIT

648.3

–6.7

119.0

–194.6

565.9

+ Non-recurring items

1.7

11.7

–1.1

–

12.3

+ PPA items

22.9

65.6

–

88.5

= Adjusted EBIT

672.9

70.5

117.9

–194.6

666.7

Segment assets

14,148.0

5,405.9

2,703.8

–4,296.7

17,960.9

Segment liabilities

9,940.8

2,747.3

3,647.6

–4,299.7

12,036.0

Capital expenditure¹

179.9

80.4

28.8

–

289.0

Amortization and depreciation²

122.8

37.6

17.0

–

177.4

Order intake

5,566.3

1,954.6

218.1

–233.1

7,505.9

Order book

2,321.1

2,541.7

–

–58.4

4,804.4

Number of employees³

31,109

9,924

1,457

–

42,490

1	Capital expenditure in property, plant and equipment and intangible assets, including capitalized development costs
2	On intangible assets and property, plant and equipment (excluding right-of-use assets and PPA items)
3	Number of employees (full-time equivalents; incl. apprentices; excl. inactive employees) as at Sep. 30, 2024; allocation according to the contractual relationships

Frankfurt am Main, October 29, 2025

The Executive Board

Segment report

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