Overall assessment of business performance and the economic situation

The Group’s business performance and economic situation proved positive overall in 2025 and were in line with expectations.

Consolidated revenue edged down by 1.8 percent to €11,297.2 million in 2025 (2024: €11,503.2 million). This was mainly attributable to the sharp decrease in revenue from new business in the Industrial Trucks & Services segment. The moderate growth of the service business was not enough to make up for this decrease. By contrast, the Supply Chain Solutions segment achieved solid year-on-year revenue growth both in its project business and in its service business.

Adjusted EBIT for the KION Group was down significantly on the figure for the previous year at €788.6 million (2024: €917.2 million) owing to the reduced contribution to earnings from the Industrial Trucks & Services segment. Consequently, the adjusted EBIT margin decreased to 7.0 percent (2024: 8.0 percent).

Non-recurring items – especially those in connection with the efficiency program – weighed heavily on net income, which declined from €369.2 million in 2024 to €240.5 million in 2025.

With the number of shares remaining unchanged year on year, basic earnings per share therefore fell to €1.75 (2024: €2.75). The Executive Board and Supervisory Board of KION GROUP AG will propose a dividend of €0.62 per share to the 2026 Annual General Meeting (dividend paid in 2025: €0.82).

The KION Group once again generated a high level of free cash flow that, at €709.5 million, was higher than the prior-year figure (2024: €702.0 million). A key factor in this regard was that a material proportion of the non-recurring expenses from implementation of the efficiency program will not impact on cash flow until 2026. Thanks to the healthy liquidity position, the Group had lowered its net financial debt to €584.0 million by the end of 2025 (December 31, 2024: €913.2 million); as a result, leverage improved to 0.3 times adjusted EBITDA (December 31, 2024: 0.5 times).