Kion Group (KGX) Q2 2026 earnings summary

Executive summary

• Revenue increased 3.5% year-over-year to €5.687 billion in H1 2026, with profitability and adjusted EBIT margin improving despite a decline in order intake from the prior year's high.

• Adjusted EBIT rose 12% to €429.6 million, with margin up to 7.6% from 7.0%, reflecting higher revenue and cost savings from efficiency programs.

• Net income surged to €207.6 million, rebounding from one-time expenses in H1 2025, and basic EPS increased to €1.56 from €0.36.

• Order intake declined 6.6% year-over-year to €5.794 billion, but the order book grew 3.6% to €5.070 billion.

• Free cash flow remained positive at €22.2 million, despite outflows for M&A and efficiency programs.

Financial highlights

• Adjusted EBITDA rose 34.9% year-over-year to €969.4 million; adjusted EBITDA margin improved to 17.1%.

• Net financial debt more than doubled to €1,244 million, mainly due to a €500 million bond issuance for lease business refinancing.

• Equity ratio stable at 33.6%.

• Dividend of €0.62 per share was paid, totaling €81.3 million.

• Earnings per share rose to €1.56 from €0.36 year-over-year.

Outlook and guidance

• 2026 revenue guidance narrowed to €11,525–12,025 million; adjusted EBIT expected at €880–980 million.

• Free cash flow guidance slightly lowered to €420–540 million, including €100 million for efficiency program and €200 million for M&A.

• ROCE forecast at 8.4–9.4%; guidance reflects macro/geopolitical uncertainty, especially in Europe and the Middle East.

• ITS guidance lowered at upper end due to macro/geopolitical headwinds; IAS guidance raised on strong H1.

• Outlook assumes no additional significant geopolitical disruptions.