Industrial Trucks & Services segment
Business performance and level of orders
At 174.9 thousand, the number of new trucks ordered in the Industrial Trucks & Services segment in the first three quarters of 2024 was at the same level as in the prior-year period. The number of units ordered in the core EMEA market decreased by a moderate amount, whereas the order volume in the Americas region fell sharply. Order numbers in the APAC region increased significantly relative to the first nine months of 2023.
The value of order intake fell to €5,566.3 million (Q1–Q3 2023: €5,713.9 million). This decline was due to changes in the product and country mix, with warehouse trucks accounting for an increasing proportion of overall orders and the APAC region registering a much higher order volume. In the service business, the value of order intake increased across all of the main categories.
The value of the Industrial Trucks & Services segment’s order book was further reduced during the reporting period and came to €2,321.1 million as at September 30, 2024 (December 31, 2023: €3,197.4 million).
in € million |
Q3 |
Q3 |
Change |
Q1 – Q3 |
Q1 – Q3 |
Change |
||
|---|---|---|---|---|---|---|---|---|
Total revenue |
1,998.7 |
2,025.1 |
–1.3% |
6,305.0 |
6,159.8 |
2.4% |
||
EBITDA |
425.6 |
444.4 |
–4.2% |
1,343.1 |
1,245.1 |
7.9% |
||
Adjusted EBITDA |
426.0 |
447.8 |
–4.9% |
1,346.2 |
1,251.2 |
7.6% |
||
EBIT |
201.7 |
230.7 |
–12.5% |
648.3 |
606.2 |
6.9% |
||
Adjusted EBIT |
202.3 |
234.7 |
–13.8% |
672.9 |
613.6 |
9.7% |
||
|
|
|
|
|
|
|
||
Adjusted EBITDA margin |
21.3% |
22.1% |
– |
21.4% |
20.3% |
– |
||
Adjusted EBIT margin |
10.1% |
11.6% |
– |
10.7% |
10.0% |
– |
||
|
|
|
|
|
|
|
||
Order intake |
1,796.8 |
1,756.6 |
40.3 |
5,566.3 |
5,713.9 |
–147.5 |
||
Order book1 |
|
|
|
2,321.1 |
3,197.4 |
–876.4 |
||
|
||||||||
Revenue
Total revenue in the Industrial Trucks & Services segment went up by 2.4 percent to €6,305.0 million in the first nine months of 2024 (Q1–Q3 2023: €6,159.8 million), driven by a rise in the volume of unit sales and greater success in pushing through higher prices. Moreover, the service business generated growth in all of the main categories and saw its revenue go up by 2.2 percent.
At 48.0 percent, the share of the segment’s external revenue generated by the service business was on a par with the prior-year period (Q1–Q3 2023: 48.1 percent).
Earnings
The adjusted EBIT of the Industrial Trucks & Services segment rose sharply in the first nine months of 2024 to €672.9 million (Q1–Q3 2023: €613.6 million). The revenue growth in conjunction with the continued stability of the cost of materials led to a much improved gross margin and thus to a rise in the adjusted EBIT margin to 10.7 percent (Q1–Q3 2023: 10.0 percent). After taking into account non-recurring items and purchase price allocation effects, the segment’s EBIT increased to €648.3 million (Q1–Q3 2023: €606.2 million). The effects from purchase price allocations included the impairment of the goodwill of the KION ITS Americas Operating Unit that was carried out in an amount of €22.3 million in the second quarter of 2024.
Adjusted EBITDA amounted to €1,346.2 million in the first three quarters of 2024 (Q1–Q3 2023: €1,251.2 million), giving an adjusted EBITDA margin of 21.4 percent (Q1–Q3 2023: 20.3 percent).