KION GROUP (=) : Caution on Q2 - challenging times for industrial truck demand

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KION GROUP (=) : Caution on Q2 - challenging times for industrial truck demand

EQUITIES

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KION GROUP NEUTRALPRICE* EUR37.8  TARGET PRICE EUR42 (UPSIDE 11%) TARGET -18%PRICE EPS-2%26e EPS-4%27e

Caution on Q2 – challenging times for industrial truck demand

The slowdown in German business sentiment, coupled with heightened global macro uncertainty11 JUNE 2026

Securities Research Report and persistent inflationary pressure, leads us to trim our outlook for Q2 26. Kion will therefore need

Production time: 05:21* (London time)

a pick-up in operating performance to hit the lower end of its 2026 group guidance. Accordingly, we

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lower our 2026/2027 EPS forecasts by 2%/4% and cut our target price to EUR42 (down from EUR51)

Christoph Blieffert – we believe slightly lower multiplies are justified given rising macro uncertainty. Our revised adj.BNP Paribas SA

(+49) 69 4272 97321 EBITA forecast sits about 4% below BBG consensus for the quarter; we keep our Neutral rating and

christoph.blieffert@bnpparibas.com remain wary of early-cycle business models, as we see little near-term upside for margin-accretive

counterbalance trucks. The pre-close call is scheduled for 2 July 2026.

ITS – pre-buying was in Q1; reversal is in Q2

Order intake in Q1 2026 was driven by higher ASPs from pre-buying activity, delivering a 4% y/y

increase. We expect the pre-buying effect to evaporate in Q2 as highlighted here: KION GROUP:

Low counterbalance truck volumes weighed on profitability. While revenues should somewhat benefit

from good order intake levels in L6M, we expect increased inflationary pressure to burden margins

in Q2 26 and don’t see implemented price increases helping before Q3. Under these assumptions,