Knorr-Bremse reports EUR 299 million EBIT. Knorr-Bremse stock falls 7.11 percent.

Published on 10/29/2026 at 17:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

For Knorr-Bremse stock, rail orders missed consensus by EUR 130 million in Q3. The company expects cash flow at the upper end of EUR 750-850 million.

What changed after the results

Knorr-Bremse's order book reached EUR 7,883.00 million at September 30, 2026, up 7.00 percent year over year.
Truck order intake rose 30.10 percent to EUR 1,018.00 million in the third quarter, while its operating EBIT margin reached 12.30 percent.
Management expects fiscal-year 2026 revenue and free cash flow at the upper ends of their guidance ranges.

Knorr-Bremse, DE000KBX1006, Illustration mit AI erstellt.

Knorr-Bremse (ISIN DE000KBX1006) delivered EUR 299.00 million in operating EBIT in the third quarter of 2026, but its rail order intake fell short of expectations. The result created a sharper market test than the previous coverage, because the operating improvement was paired with weaker rail orders and a negative stock reaction.

The company's Knorr-Bremse release dated October 28, 2026 reported a 14.60 percent operating EBIT margin, up from 13.30 percent in the prior-year quarter. Revenue increased 9.00 percent to EUR 2,051.00 million, while free cash flow rose 49.80 percent to EUR 238.00 million.

Rail orders missed consensus

Rail order intake reached EUR 1,045.00 million, EUR 130.00 million below the Vara Research consensus of EUR 1,175.00 million. The company attributed part of the gap to customer orders worth EUR 80.00 million being postponed and said it expects partial recovery in the fourth quarter.

The contrast with the truck division was material. Truck order intake climbed 30.10 percent to EUR 1,018.00 million, and operating EBIT increased 31.90 percent to EUR 116.00 million. That split makes the rail order timing the central issue for the next market assessment.

Why did the stock fall?

FinanzNachrichten reported on October 29, 2026 that JPMorgan kept a Neutral rating and a EUR 108.00 price target after the results. The bank said order intake, revenue and operating profit missed consensus, while the truck performance was solid and rail weakness was probably temporary.

Guidance stays at the upper end

Knorr-Bremse confirmed fiscal-year 2026 revenue guidance of EUR 8,100.00 million to EUR 8,300.00 million, an operating EBIT margin of 14.00 percent to 14.50 percent and free cash flow of EUR 750.00 million to EUR 850.00 million. Management expects revenue and free cash flow at the upper ends of those ranges.

Stock reaction after the release

Lang & Schwarz quoted the stock at EUR 89.45 on October 29, 2026 at 3:40 p.m. CEST, down 7.11 percent versus the Xetra close of October 28, 2026 at EUR 96.30. The move gives the rail order shortfall greater weight in the immediate market reading than the stronger margin and cash flow figures.

The further course of trading is shown by the continuously updated real-time quote of Knorr-Bremse stock.