KSB SE & Co (KSB) H1 2025 earnings summary

Executive summary

• Order intake rose to €1,698.4 million, up 3.3% year-over-year, mainly driven by the Pumps segment, despite challenging macroeconomic and currency conditions.

• Sales revenue increased by 1.8% to €1,464.9 million, with growth in both the Pumps and Valves segments.

• Adjusted EBIT (excluding €13.5 million SAP S/4HANA costs) rose to €121.5 million, with an 8.3% margin, while reported EBIT was €108 million.

• Preference share price surged 46.3% in H1 2025, reaching record levels and outperforming the SDAX.

• Equity ratio stands at 46.6%, stable compared to previous periods.

Financial highlights

• Order backlog reached €1.9 billion, the highest in company history.

• Earnings after tax were €69.1 million, with a tax ratio of 33.5%.

• Free cash flow was negative at €-3.0 million, while net financial position was €276.1 million.

• Working capital improved, with a 127-day cash-to-cash cycle, 3 days better than last year.

• Equity declined by €47 million since December 2024, mainly due to €53 million in dividends and €77 million in currency translation effects.

Outlook and guidance

• Full-year 2025 guidance confirmed: order intake €3,100–3,400 million, sales revenue €2,950–3,150 million, EBIT €235–265 million.

• Second half of 2025 anticipated to outperform both the first half and the second half of 2024.

• Mission TEN30 goal: over €4 billion in order intake and sales, and >10% return on sales by 2030, likely to be achieved earlier.

• Segment outlooks: Pumps expected to outperform, Valves to see slight decline, SupremeServ to see slight order intake increase but EBIT decline.