Kion Group (KGX) Status Update summary

Market trends and order intake

• Global industrial truck market is stabilizing at around 2.1 million units, with growth in EMEA and APAC, but a pronounced decline in the Americas.

• Q2 2024 saw sequential growth in new orders, but Q3 is expected to show a seasonal and macro-driven decline, especially in units and value.

• Order intake in SCS remains soft, with Q3 unlikely to recover much due to seasonality and macro uncertainty.

Revenue, margins, and guidance

• Q2 2024 revenue was €2.15 billion, with adjusted EBIT margin at 10.7%, down from 11.1% in Q1 due to mix shifts.

• Fiscal 2024 revenue outlook for ITS narrowed to €8.5–8.7 billion, down from €9 billion at the upper end.

• Adjusted EBIT guidance for 2024 tightened to €870–930 million, reflecting order intake trends.

• SCS revenue outlook for 2024 raised at the lower end to €2.8 billion, and adjusted EBIT to €80 million.

Profitability and cost measures

• Adjusted EBIT margin for ITS is expected to soften further in H2, reflecting ongoing mix shifts and seasonality.

• SCS adjusted EBIT improved in Q2 due to progress on legacy projects and cost optimization, with further improvements expected.

• Cost optimization measures initiated in late 2023 are expected to benefit margins in H2 2024.