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Knorr-Bremse (KBX) investor relations material
Knorr-Bremse Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3/25 delivered strong order intake (€1.96bn, +5.2% yoy) and a record order book (€7.37bn, +8.2% yoy), with robust profitability driven by the RVS segment and supported by strategic acquisitions such as duagon and KB Signaling.
RVS segment posted strong organic growth and margin expansion, while CVS achieved margin gains despite a challenging North American truck market.
The BOOST strategy advanced, including efficiency programs and asset sales, with ongoing focus on service business and customer proximity.
Confirmed operating guidance for 2025 and expressed confidence in achieving 2026 targets through cost discipline and structural improvements.
Free cash flow and cash conversion remained strong, supporting a robust balance sheet and ongoing investment.
Financial highlights
Q3/25 revenues reached €1.88bn (+2.7% yoy), with operating EBIT margin of 13.3%–13.6% (up 100bps yoy), the highest in 16 quarters.
Free cash flow for Q3/25 was €159m, with a cash conversion rate of 104%.
9M/25 revenues totaled €5.84bn (+0.4% yoy), with operating EBIT margin at 12.8% (+50bps yoy).
EPS for Q3/25 was €0.89 (+9.9% yoy); 9M/25 EPS was €2.59.
ROCE annualized improved to 21.0% in Q3/25 (+240bps yoy).
Outlook and guidance
Full-year 2025 revenue expected between €7,800 million and €8,100 million, revised down due to currency effects.
Operating EBIT margin forecast at 12.5%–13.5%; free cash flow guidance €700–800 million.
RVS expected to see solid revenue and margin increases; CVS revenue to decrease moderately with stable margins.
Guidance assumes stable macroeconomic and geopolitical conditions.
For 2026, targeting 14%+ EBIT margin, emphasizing cost control over market dependency.
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- KREF
Net loss for 2025, but strong liquidity, portfolio repositioning, and active capital management. - ORN
Acquisition expands marine construction scale, capabilities, and long-term growth prospects. - RSVR
Q3 revenue up 8% year-over-year; guidance raised on strong publishing and M&A activity. - IEX
Record HST orders and margin gains support 2026 growth outlook amid macro uncertainties. - PFGC
Q2 and first-half 2026 saw 5.2% sales growth and 45.5% higher net income, with updated guidance. - CB
Record earnings, premium growth, and strong outlook driven by digital and global expansion. - COR
Q1 FY2026 revenue up 5.5% to $85.9B; adjusted EPS rose 9.4% to $4.08. - MATW
Leverage below 3x, Q1 net income $43.6M, FY2026 EBITDA guidance at $180M. - SU
Record production, strong cash returns, and robust 2026 guidance highlight performance. - GARAN
Net income up 21% to TL 111.3bn, with strong capital, liquidity, and asset growth.
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