Krones (KRN) Q1 2026 earnings summary

Executive summary

• Order intake rose 5.3% year-over-year to €1,512.1 million, exceeding both Q1 2025 and Q4 2025 levels.

• Revenue adjusted for currency effects increased 1.4% year-over-year to €1,379.1 million, despite challenging macroeconomic conditions.

• EBITDA margin improved to 10.8% from 10.6% prior year, within the annual guidance range.

• Order backlog reached €4,323.4 million, up 0.2% year-over-year and 3.2% from Q4 2025, providing high visibility into Q4 2026.

• Free cash flow before M&A was –€9.5 million, down from €165.2 million a year ago due to higher investments and increased working capital.

Financial highlights

• EBITDA was €148.9 million; EBITDA margin: 10.8% (prior year: 10.6%).

• EBT declined to €98.1 million from €107.9 million year-over-year; EBT margin: 7.1% (prior year: 7.7%).

• ROCE was 17.6%, down from 20.5% prior year.

• Net income for Q1 2026 was €68.6 million, with EPS of €2.17, both down from the previous year.

• Net cash position at quarter-end was €523.1 million, down from €589.7 million a year earlier.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue growth of 3–5% (currency-adjusted), EBITDA margin of 10.7–11.1%, ROCE of 19–20%.

• Mid-term (2028) targets: revenue ~€7 billion, EBITDA margin 11%–13%, ROCE >20%.

• Segment guidance for 2026: Filling & Packaging revenue +2%–4%, EBITDA margin 11.0%–11.5%; Process Technology revenue 0%–5%, EBITDA margin 9.0%–10.0%; Intralogistics revenue 5%–10%, EBITDA margin 7.5%–8.5%.

• Growth expected to accelerate through year-end, supported by strong order intake and backlog.