Knorr-Bremse (1K) | Buy | Rail resilience, truck upturn, and new targets

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Knorr-Bremse (1K) | Buy | Rail resilience, truck upturn, and new targets

#EstimatesRevision #Educational

Release date: 15 June 2026

Company research

ESG profile BuyKnorr-Bremse

Germany | Capital goods Beta Profile: MCap: EUR16.4bn

Target Price: EUR110.00 Change in TP: 0.0 % Bloomberg: KBX GR Reuters: KBX.DE

Current Price: EUR101.80 Change in Sales: 0.6% 26E/0.6% 27E Free float 41%

Up/downside: 8.1% Change in Adj EBIT: 4.8% 26E/2.9% 27E Avg. daily volume (EURm) 39.0

YTD abs performance 7.0% Market data: 12 June 2026 Change in Adj. EPS: 1.4% 26E/1.7% 27E

52-week high/low (EUR) 115.40/78.20

Rail resilience, truck upturn, and new targets Price performance

Why this report?

We make small updates to forecasts ahead of Q2 results, leave PT unchanged

and retain the Buy recommendation. Approaching H2 2026 the rail division

(RVS) looks set to deliver a step-up in margins H2, driven by volumes

(executing on record backlog), prior pricing, efficiency and potentially HVAC

divestment. Core heavy truck markets in Europe and America show continued

signs of cyclical inflection, set to lift margins in the trucks division (CVS). On

July 30th, with release of Q2 2026 results, investor focus will fall on

management's planned update to the BOOST strategy and new mid-term

financial targets. Newsflow should support a positive investment narrative.

Share price upside is partially challenged by valuation multiples. With a

rapidly strengthening balance sheet, supported by strong free cash flow,

management's messaging on capital allocation becomes a priority. FY to 31/12 (EUR) 12/26E 12/27E 12/28E

Sales 8,204 8,637 9,113

Key findings EBITDA adj. 1,531 1,712 1,876

The 2023-2026 BOOST phase 1 is nearly complete, with only the divestment of EBIT adj. 1,128 1,298 1,444

Net profit adj.