Earnings and profitability

EBIT and EBITDA

KION generated earnings before interest and tax (EBIT) of €570.9 million in the first three quarters of 2026. The figure for the prior-year period of €325.0 million had been weighed down heavily by non-recurring items in connection with the efficiency program aimed at strengthening long-term competitiveness and capacity to carry out capital investment. This had materially affected the cost of sales and other functional costs.

Against this backdrop, gross profit rose from €2,040.8 million in the prior-year period to €2,143.9 million. At the same time, selling and administrative expenses and research and development costs returned to a normal level, declining strongly by 7.4 percent and 16.2 percent respectively during the reporting period.

The ‘other’ item amounted to income of €17.8 million overall (Q1–Q3 2025: income of €22.2 million). This figure contained foreign currency exchange rate gains and losses, which, unlike in the prior-year period, had a strong negative impact. It also included, in particular, the share of profit (loss) of equity-accounted investments, along with income from the sale during the reporting period of individual shareholdings that were not material to the Group.

Condensed consolidated income statement

in € million

 

Q3
2026

 

Q3
2025

 

Change

 

Q1 – Q3
2026

 

Q1 – Q3
2025

 

Change

Revenue

 

2,834.7

 

2,704.0

 

4.8%

 

8,522.0

 

8,200.4

 

3.9%

Cost of sales1

 

−2,130.2

 

−2,029.4

 

−5.0%

 

−6,378.0

 

−6,159.6

 

−3.5%

Gross profit1

 

704.4

 

674.7

 

4.4%

 

2,143.9

 

2,040.8

 

5.1%

Selling and administrative expenses1

 

−466.4

 

−424.6

 

−9.8%

 

−1,420.3

 

−1,534.4

 

7.4%

Research and development costs

 

−58.7

 

−60.7

 

3.3%

 

−170.5

 

−203.6

 

16.2%

Other

 

4.9

 

−11.6

 

> 100.0%

 

17.8

 

22.2

 

−19.9%

Earnings before interest and tax (EBIT)

 

184.2

 

177.7

 

3.7%

 

570.9

 

325.0

 

75.7%

Net financial expenses

 

−34.4

 

−35.6

 

3.5%

 

−103.7

 

−111.0

 

6.6%

Earnings before tax

 

149.8

 

142.1

 

5.4%

 

467.2

 

213.9

 

> 100.0%

Income taxes

 

−48.3

 

−22.9

 

< −100.0%

 

−158.1

 

−46.8

 

< −100.0%

Net income

 

101.6

 

119.2

 

−14.8%

 

309.1

 

167.1

 

85.0%

1

The criteria for the allocation of costs to functional areas were revised with effect from Jan. 1, 2026. The figures for the prior-year period have been restated accordingly in order to provide better comparability

In total, non-recurring items amounting to income of €1.6 million (Q1–Q3 2025: expense of €185.2 million) and effects from purchase price allocations amounting to an expense of €63.2 million (Q1–Q3 2025: expense of €65.2 million) were recognized in the consolidated income statement. The non-recurring items stemming from the efficiency program had come to €160.8 million in the first nine months of 2025, whereas there were additional expenses of just €5.4 million under this program in the first three quarters of 2026.

The Group’s EBIT adjusted for non-recurring items and purchase price allocation effects (adjusted EBIT) rose by 9.9 percent to €632.5 million in the first nine months of 2026 (Q1–Q3 2025: €575.4 million). The adjusted EBIT margin improved from 7.0 percent to 7.4 percent. The improvement in earnings was primarily driven by the strong rise in the earnings contribution of the Intelligent Automation Solutions segment, which made up for the muted earnings performance of the Industrial Trucks & Services segment. The increasing impact of cost savings from the efficiency program and the lower value of employees’ long-term variable remuneration as a result of share price movements also contributed to the increase in KION’s adjusted EBIT.

EBIT

in € million

 

Q3
2026

 

Q3
2025

 

Change

 

Q1 – Q3
2026

 

Q1 – Q3
2025

 

Change

EBIT

 

184.2

 

177.7

 

3.7%

 

570.9

 

325.0

 

75.7%

Adjustment by functional costs:

 

 

 

 

 

 

 

 

 

 

 

 

+ Cost of sales

 

9.5

 

10.9

 

−13.6%

 

26.8

 

63.8

 

−58.0%

+ Selling and administrative expenses

 

15.3

 

−20.3

 

> 100.0%

 

48.6

 

149.3

 

−67.4%

+ Research and development costs

 

0.9

 

1.2

 

−26.6%

 

0.9

 

16.6

 

−94.7%

+ Other costs

 

−6.9

 

20.9

 

< −100.0%

 

−14.7

 

20.7

 

< −100.0%

Adjusted EBIT

 

202.9

 

190.5

 

6.5%

 

632.5

 

575.4

 

9.9%

adjusted for non-recurring items

 

−2.4

 

−8.4

 

71.1%

 

−1.6

 

185.2

 

< −100.0%

adjusted for PPA items

 

21.1

 

21.1

 

–0,0 %

 

63.2

 

65.2

 

−3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

EBIT margin

 

6.5%

 

6.6%

 

–

 

6.7%

 

4.0%

 

–

Adjusted EBIT margin

 

7.2%

 

7.0%

 

–

 

7.4%

 

7.0%

 

–

The Group’s earnings before interest, tax, depreciation, and amortization (EBITDA) rose to €1,461.5 million in the first nine months of 2026 (Q1–Q3 2025: €1,198.7 million). The much lower figure for the prior-year period had largely been due to the non-recurring items from the efficiency program. Adjusted EBITDA rose to €1,459.6 million (Q1–Q3 2025: €1,372.1 million), giving an adjusted EBITDA margin of 17.1 percent (Q1–Q3 2025: 16.7 percent).

EBITDA

in € million

 

Q3
2026

 

Q3
2025

 

Change

 

Q1 – Q3
2026

 

Q1 – Q3
2025

 

Change

EBITDA

 

492.1

 

479.9

 

2.5%

 

1,461.5

 

1,198.7

 

21.9%

Adjustment by functional costs:

 

 

 

 

 

 

 

 

 

 

 

 

+ Cost of sales

 

0.9

 

−2.1

 

> 100.0%

 

1.0

 

34.3

 

−97.0%

+ Selling and administrative expenses

 

2.7

 

−31.5

 

> 100.0%

 

11.2

 

114.0

 

−90.2%

+ Research and development costs

 

0.9

 

1.1

 

−17.6%

 

0.9

 

16.3

 

−94.5%

+ Other costs

 

−6.9

 

9.1

 

< −100.0%

 

−15.1

 

8.8

 

< −100.0%

Adjusted EBITDA

 

489.7

 

456.3

 

7.3%

 

1,459.6

 

1,372.1

 

6.4%

adjusted for non-recurring items

 

−2.4

 

−23.6

 

89.7%

 

−2.0

 

173.4

 

< −100.0%

adjusted for PPA items

 

–

 

–

 

–

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA margin

 

17.4%

 

17.7%

 

–

 

17.2%

 

14.6%

 

–

Adjusted EBITDA margin

 

17.3%

 

16.9%

 

–

 

17.1%

 

16.7%

 

–

ROCE

Return on capital employed (ROCE), defined as the ratio of adjusted EBIT to capital employed, stood at 8.2 percent as at the end of the third quarter of 2026 and was thus above the figure reported a year earlier (September 30, 2025: 8.0 percent). This was due to the rise in adjusted EBIT over the last twelve months.

Return on capital employed (ROCE)

in € million

 

Sep. 30, 2026

 

Sep. 30, 2025

Adjusted EBIT for the previous twelve months

 

845.6

 

825.9

Average capital employed for the past five quarterly reporting dates1

 

10,275.5

 

10,332.7

 

 

 

 

 

ROCE

 

8.2%

 

8.0%

1

Capital employed comprises net working capital and the following line items on the statement of financial position: ‘goodwill’, ‘other intangible assets’, ‘leased assets’, ‘rental assets’, ‘other property, plant and equipment’ and ‘equity-accounted investments’ less ‘other provisions’ and ‘other liabilities’

Net financial expenses

Net financial expenses, representing the balance of financial income and financial expenses, amounted to €103.7 million in the first nine months of 2026 (Q1–Q3 2025: €111.0 million). Major changes within this figure included interest expense on financial debt, which increased slightly year on year from €42.8 million to €44.4 million owing to the higher level of interest rates. Net interest expense from the lease and short-term rental business improved strongly to €13.3 million (Q1–Q3 2025: €33.7 million), while net interest expense of €3.1 million was realized on the interest-rate derivatives used for hedging purposes in the lease business (Q1–Q3 2025: net interest income of €6.3 million). Foreign currency exchange rate gains and losses, which amounted to a net expense of €4.5 million (Q1–Q3 2025: net expense of €2.0 million), also contributed to net financial expenses.

Income taxes

The income tax expenses incurred in the first nine months of 2026 amounted to €158.1 million. The figure for the prior-year period (€46.8 million) had been much lower, primarily due to the lower earnings before tax. In addition, deferred tax income had been recognized in the third quarter of 2025 (€38.1 million on a net basis) as a result of the decision made in 2025 to gradually reduce the German corporate income tax rate from 2028. The Group’s effective tax rate for the reporting period stood at 33.8 percent (Q1–Q3 2025: 21.9 percent).

Net income for the period

Net income for the period amounted to €309.1 million in the first nine months of 2026 and was thus much higher than the figure for the corresponding period of 2025 (€167.1 million), which had been weighed down heavily by non-recurring items in connection with the efficiency program. Basic earnings per share attributable to the shareholders of KION GROUP AG increased to €2.30 (Q1–Q3 2025: €1.23) based on a weighted average of 131.1 million no-par-value shares (Q1–Q3 2025: 131.1 million).

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