Jungheinrich (JUN3) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €2,656 million, up 1.3% year-over-year, with subdued business in a challenging market.

• Incoming orders rose 2.9% to €2,743 million; orders on hand increased 6.3% to €1,510 million compared to year-end 2024.

• EBIT for H1 2025 was €211 million, down 1.9% year-over-year; EBIT margin declined to 7.9%.

• Free cash flow dropped to €57 million from €172 million, mainly due to higher working capital.

• 2025 forecast revised downward due to transformation costs and the sale of the Russian subsidiary.

Financial highlights

• Gross profit increased 5% to €888 million; gross margin improved to 33.4%.

• Shareholders' equity rose to €2,474 million; equity ratio stable at 34%.

• Market capitalisation surged to €4,076 million, with share price up 56% in H1 2025.

• Dividend of €0.80 per preferred share and €0.78 per ordinary share paid for 2024, totaling €81 million.

• Net profit reached €139 million, a 2.9% decrease year-over-year; EPS was €1.37.

Outlook and guidance

• 2025 revenue forecast lowered to €5.3–5.9 billion; incoming orders expected in the same range.

• EBIT guidance cut to €160–230 million; EBIT margin now 3.1–3.9%.

• EBT forecast reduced to €130–200 million; ROCE expected at 5–9%.

• Free cash flow for 2025 now expected to exceed €250 million.

• Forecast reflects €90 million in one-off transformation costs and €120 million negative effect from Russian subsidiary sale.