KION stock faces weaker truck orders after 2026 outlook cut

KION Group's third-quarter update showed a widening gap between its automation business and industrial-truck operations. Investing.com reported on November 1 that the company had lowered its full-year 2026 outlook after order intake in Industrial Trucks & Services fell short of expectations, while Intelligent Automation Solutions continued to grow.

For the first nine months, KION generated revenue of 8.522 billion euros, up 3.9 percent from the prior-year period. Adjusted EBIT increased 9.9 percent to 632.5 million euros, lifting the adjusted EBIT margin to 7.4 percent from 7.0 percent. Net income rose to 309.1 million euros from 167.1 million euros, although the comparison benefited from non-recurring charges in the prior-year period.

Automation offsets truck weakness

The segment split remained the central investor issue. Revenue from Intelligent Automation Solutions rose 17.1 percent to 2.498 billion euros in the first nine months. The business benefited from strong project activity and a healthy order backlog.

Industrial Trucks & Services revenue slipped 0.7 percent to 6.023 billion euros. KION said lower order intake for new business weighed on the segment. Investing.com said the weakness was particularly visible in EMEA's value and economy truck categories, while Asia-Pacific performed more strongly. The contrasting trends explain why group profitability improved even as the core truck operation lost momentum.

At group level, third-quarter revenue increased 4.8 percent year over year to 2.835 billion euros, while adjusted EBIT rose 6.5 percent to 202.9 million euros. Order intake, however, declined about 1 percent to 2.7 billion euros. The automation segment delivered quarterly revenue of 890.2 million euros and adjusted EBIT of 66.1 million euros, compared with 1.955 billion euros and 163.1 million euros respectively in Industrial Trucks & Services.

Lower targets raise execution risk

KION now expects 2026 group revenue of 11.45 billion to 11.75 billion euros, compared with the previous range of 11.525 billion to 12.025 billion euros. Adjusted EBIT guidance was reduced to 815 million to 875 million euros from 880 million to 980 million euros. The free cash flow range was lowered to 400 million to 500 million euros from 420 million to 540 million euros.

The revised targets place greater importance on execution in automation and on the timing of a recovery in truck demand. Investing.com said management did not expect the implied fourth-quarter Industrial Trucks & Services margin to improve in 2027 from current levels, pointing to a potentially prolonged turnaround. KION also expects unit growth in the global industrial-truck market, but sees product mix shifting toward lower-priced segments, which may limit revenue and margin benefits.

KION stock traded at 34.65 euros on Lang & Schwarz at 12:07 CET on Wednesday, November 11, 2026, 1.23 percent below the Xetra close of Tuesday, November 10, at 35.08 euros.

Germany's DAX market provides the broader backdrop for KION's domestic listing.

More news and analyses on KION stock.