KION Group AG: Q2 preview: Earnings acceleration in warehouse automation

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KION Group AG: Q2 preview: Earnings acceleration in warehouse automation

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KION Group AG

Q2 preview: Earnings acceleration in

warehouse automation

Reiterate Rating: BUY | PO: 70.00 EUR | Price: 43.84 EUR

Slow forklifts but acceleration in warehouse automation 07 July 2026

We expect continued slow activity in KION’s ITS segment in Q2, as European industrial Equity

activity remains weak, impacted by the Middle East conflict. We forecast ITS orders to

contract c.8% YoY (consensus at -c.4%) as preorders in Q1 weigh on demand in Q2. Tore Fangmann >>

Additionally, input cost increases will likely weigh on margin but should be offset by Research Analyst

Merrill Lynch (DIFC)

higher volume delivery. From Q3 onwards, we expect pricing to offset cost inflation and +971 4 425 8210

support ITS adj EBIT margin (BofAE at 9.7%, +20bps vs cons in Q3). KION’s warehouse tore.fangmann@bofa.com

automation segment on the other hand enjoys supportive end market momentum with Benjamin Heelan >>

Research Analyst

continued project demand from multiple sectors. Additionally, strong 2025 orders Merrill Lynch (DIFC)

support revenue delivery and profit acceleration in the IAS segment, where we forecast +44 20 7996 5723 benjamin.heelan@bofa.com

2Q26 revenues up c.19% YoY, c.5% ahead of consensus. Overall, we cut our 2026 adj Alexander Jones, CFA >>

EBITA by <1%, largely driven by price/cost headwinds, leaving us at €912m in line with Research Analyst

cons and within the company’s €850-1,040m guidance (see Exhibit 2 for estimate MLI+44 (UK)20 7995 5828

changes). We reiterate our Buy rating as we think that 1) following c.40% share price alexander.jones2@bofa.com

decrease YTD, cyclical weakness is more than priced in, 2) resilient EU PMIs leave room Uma Samlin >>