Intelligent Automation Solutions segment

Business performance and level of orders

Order intake in the Intelligent Automation Solutions segment improved by 25.9 percent to €951.2 million in the first three months of 2026 (Q1 2025: €755.7 million). The improving market conditions allowed the project business (Business Solutions) to pick up very significantly compared with the first quarter of the previous year. It registered a jump in orders from both pure-play e-commerce and other customer segments. Order intake in the service business continued to grow robustly in the first three months and was almost on a par with the high level generated in the first quarter of the prior year.

The Intelligent Automation Solutions segment’s order book advanced to €2,916.9 million as at March 31, 2026 (December 31, 2025: €2,688.4 million). Currency effects – primarily in relation to the stronger US dollar – increased the order book for the segment by a total of €51.4 million.

Revenue

Total revenue in the Intelligent Automation Solutions segment increased by 11.7 percent to €768.1 million in the first quarter of 2026 (Q1 2025: €687.7 million). Revenue in the project business (Business Solutions) grew significantly year on year thanks to an improved level of orders on hand. Segment revenue in the service business was noticeably below the high level of the prior-year period. The proportion of the segment’s revenue from external customers accounted for by the service business returned to a normal level, by historical standards, of 37.5 percent in the reporting period (Q1 2025: 46.9 percent).

Further details concerning revenue generated from external customers in the Intelligent Automation Solutions segment can be found in the table ‘Revenue from third parties by product category’.

Earnings

The Intelligent Automation Solutions segment’s adjusted EBIT rose sharply to €46.2 million in the first three months of 2026 (Q1 2025: €36.4 million). A major factor influencing this growth was a rise in the gross margin from the project business, which more than made up for the decline in revenue in the high-margin service business. The lower value of long-term variable remuneration as a result of share price movements also contributed to the increase in earnings. The adjusted EBIT margin improved from 5.3 percent in the first quarter of 2025 to 6.0 percent in the first quarter of 2026.

After taking into account non-recurring items and purchase price allocation effects, the segment’s EBIT amounted to €25.9 million (Q1 2025: €13.0 million).

Adjusted EBITDA improved to €69.7 million (Q1 2025: €55.3 million). The adjusted EBITDA margin was 9.1 percent (Q1 2025: 8.0 percent).