Krones stock slips as stronger profit meets lower growth outlook

Krones reported stronger orders and profitability for the first nine months of 2026 on Friday, November 6, while lowering its full-year revenue growth outlook. In its EQS News release, the company said order intake increased 2.9% year on year to 4,223.6 million euros from January through September.

Orders improve as growth slows

Reported revenue remained broadly stable at 4,099.7 million euros, compared with 4,107.4 million euros a year earlier. Adjusted for currency translation effects, revenue increased 0.8%. Krones said general economic uncertainty, geopolitical developments and higher operating costs for customers were affecting demand, particularly as the group looked toward the fourth quarter.

The order backlog rose 3.0% to 4,314.3 million euros from the end of 2025. The book-to-bill ratio was 1.03, meaning order intake exceeded revenue during the period. Krones said the backlog also contains orders expected to convert into revenue at the end of 2027 or later, supporting visibility but limiting the immediate effect on sales.

Profitability stays on track

EBITDA increased 5.2% to 453.1 million euros from 430.7 million euros. The reported EBITDA margin improved to 11.1% from 10.5% a year earlier. This figure includes an earnings benefit of approximately 10 million euros from US tariff refunds; excluding that effect, the margin was 10.8%.

Consolidated net income rose 2.7% to 219.5 million euros, while earnings per share increased to 6.94 euros from 6.75 euros. Krones attributed the profitability improvement mainly to measures aimed at strengthening performance and cost structures. Free cash flow excluding mergers and acquisitions improved to an inflow of 25.8 million euros in the third quarter, after an outflow of 21.3 million euros in the second quarter, but remained negative at 5.0 million euros for the first nine months.

Guidance reset for 2026 and 2028

Krones now expects currency-adjusted revenue growth of 1% to 2% in 2026, down from its previous range of 3% to 5%. The company retained its full-year EBITDA margin target of 10.7% to 11.1% and its ROCE target of 19% to 20%. Management said the revised revenue range reflects adverse market developments and expects a strong fourth quarter to reach it.

The medium-term 2028 revenue target was also reduced to 6.0 billion euros to 6.2 billion euros from approximately 7.0 billion euros. The 2028 EBITDA margin target was narrowed to 11% to 12%, while the ROCE target of more than 20% was maintained. The changes raise the importance of order conversion and customer investment conditions for the next stage of Krones' growth.

Krones stock traded at 112.00 euros on Lang & Schwarz at 12:32 CET on Monday, November 9, 2026, 0.72% above the Xetra close of Friday, November 6. Investors can follow the real-time quote of Krones stock.

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Upcoming company milestones include the conference call on preliminary 2026 figures on February 18, 2027, followed by publication of the annual report on March 19, 2027. More news and analyses on Krones stock remain available for investors following the revised outlook.