KION: Solid 2Q26 performance but slight outlook reduction

研报英文原文证据摘录

KION: Solid 2Q26 performance but slight outlook reduction

NSTEIN FLASHMAIL

30 July 2026

Philippe Lorrain

+33 1 42 14 75 16

European Capital Goods philippe.lorrain@bernsteinsg.com

KION Group

Rating

Outperform

Price Target

KGX.GY 65.00 EUR

MIDCAPS

How did the results compare with expectations? 2Q26 numbers were c.1% ahead of consensus at the group order intake, group

sales and group adjusted EBIT level. There was a c.6% miss at the adjusted level in Industrial Trucks and Services (ITS) while all KPIs

for Intelligent Automation Solutions (IAS) beat estimates: by c.2%, c.4% and c.9% at the order intake, sales and adjusted EBIT levels

respectively.

Has the FY26 guidance changed? Yes. KION guides for group sales of €11.525bn-€12.025bn (old: €11.4bn-12.3bn), group adjusted

EBIT of €880-980m (old: €850-1,040m), FCF of €420-540m (old: €430-570m), ITS sales of €8.2bn-8.5bn (old: €8.2bn-8.8bn),

ITS adjusted EBIT of €765-835m (old: €765-885m), IAS sales of €3.325bn-3.525bn (old: €3.2bn-3.5bn) and IAS adjusted EBIT of

€230-270m (old: €200-280m). The FCF outlook includes c.€100m cash-out for the efficiency programme (announced in FY25) and

approximately €200m earmarked for M&A.

How does the FY26 guidance compare with consensus? At the group level, the sales guidance is c.1% above consensus expectations

at the mid-point. Meanwhile, the adjusted EBIT and FCF guides are respectively 2% above and in line with consensus expectations at

the mid-point. For ITS (Industrial Trucks and Services), the sales and adjusted EBIT guides are respectively in line with and c.2% ahead of

consensus expectations at the mid-point. For IAS (Intelligent Automation Solutions), the sales and adjusted EBIT guidance is respectively

c.1% above and c.4% above consensus expectations at the mid-point.