Net assets
The assets recognized in the condensed consolidated statement of financial position, broken down into non-current and current assets, were as follows as at December 31, 2025:
in € million |
Dec. 31, 2025 |
in % |
Dec. 31, 2024 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
13,214.1 |
72.2% |
13,236.4 |
70.4% |
–0.2% |
thereof: |
|
|
|
|
|
Goodwill |
3,450.9 |
18.9% |
3,648.2 |
19.4% |
–5.4% |
Other intangible assets |
2,022.4 |
11.1% |
2,166.7 |
11.5% |
–6.7% |
Leased assets |
1,726.4 |
9.4% |
1,631.5 |
8.7% |
5.8% |
Rental assets |
803.1 |
4.4% |
805.2 |
4.3% |
–0.3% |
Other property, plant and equipment |
2,013.0 |
11.0% |
1,986.1 |
10.6% |
1.4% |
Lease receivables |
2,349.0 |
12.8% |
2,088.9 |
11.1% |
12.5% |
|
|
|
|
|
|
Current assets |
5,080.8 |
27.8% |
5,569.0 |
29.6% |
–8.8% |
thereof: |
|
|
|
|
|
Inventories |
1,631.7 |
8.9% |
1,748.6 |
9.3% |
–6.7% |
Lease receivables |
787.1 |
4.3% |
723.8 |
3.8% |
8.7% |
Contract assets |
259.1 |
1.4% |
278.1 |
1.5% |
–6.8% |
Trade receivables |
1,528.3 |
8.4% |
1,695.6 |
9.0% |
–9.9% |
Cash and cash equivalents |
474.9 |
2.6% |
787.0 |
4.2% |
–39.7% |
Total assets |
18,294.9 |
100.0% |
18,805.4 |
100.0% |
–2.7% |
Non-current assets
Non-current assets were more or less unchanged year on year at €13,214.1 million (December 31, 2024: €13,236.4 million). The carrying amount of intangible assets was €5,473.3 million (December 31, 2024: €5,814.9 million). The total carrying amount of the goodwill included in this figure declined to €3,450.9 million (December 31, 2024: €3,648.2 million) owing to exchange-rate movements. Overall, other property, plant and equipment rose slightly to €2,013.0 million (December 31, 2024: €1,986.1 million). Other property, plant and equipment included right-of-use assets related to procurement leases, which increased to €717.6 million as at the end of 2025 (December 31, 2024: €707.3 million). Of this figure, €551.6 million was attributable to land and buildings (December 31, 2024: €536.4 million) and €166.0 million to plant & machinery and office furniture & equipment (December 31, 2024: €170.9 million).
The carrying amount of the rental assets from the short-term rental business was €803.1 million as at December 31, 2025 and thus virtually unchanged on a year earlier (December 31, 2024: €805.2 million). Leased assets for direct and indirect leases that are classified as operating leases grew to €1,726.4 million for volume-related reasons (December 31, 2024: €1,631.5 million). Non-current lease receivables arising from leases with end customers that are classified as finance leases also increased, reaching €2,349.0 million (December 31, 2024: €2,088.9 million).
The amount of deferred tax assets recognized in the statement of financial position came to €440.9 million as at December 31, 2025 (December 31, 2024: €489.3 million). They are recognized on temporary differences and on tax refund claims that arise in subsequent years from the expected utilization of tax loss carryforwards and interest carryforwards and from tax credits.
Current assets
Current assets decreased to a total of €5,080.8 million as at the end of 2025 (December 31, 2024: €5,569.0 million).
This decrease was largely driven by the fall in cash and cash equivalents to €474.9 million (December 31, 2024: €787.0 million). The cash and cash equivalents were used to reduce financial debt in view of the good level of liquidity over the course of the year.
Moreover, inventories contracted to €1,631.7 million as at December 31, 2025 (December 31, 2024: €1,748.6 million) as a result of the substantial reduction in stock levels during the fourth quarter. Trade receivables fell to €1,528.3 million due to reporting date-related effects (December 31, 2024: €1,695.6 million). Contract assets, which mainly related to project business in the Supply Chain Solutions segment, declined to €259.1 million at the end of the year (December 31, 2024: €278.1 million).
Thanks to rigorous management of working capital, the KION Group’s net working capital was down significantly at €1,508.5 million as at the end of 2025 (December 31, 2024: €1,783.2 million).
in € million |
Dec. 31, 2025 |
Dec. 31, 2024 |
Change |
|---|---|---|---|
Inventories |
1,631.7 |
1,748.6 |
–6.7% |
Trade receivables |
1,528.3 |
1,695.6 |
–9.9% |
Contract assets |
259.1 |
278.1 |
–6.8% |
Trade payables |
–1,255.4 |
–1,160.4 |
–8.2% |
Contract liabilities |
–655.3 |
–778.6 |
15.8% |
Net working capital |
1,508.5 |
1,783.2 |
–15.4% |
Current lease receivables from end customers increased from €723.8 million as at December 31, 2024 to €787.1 million as at December 31, 2025 for volume-related reasons.