KION stock gains from automation as truck demand weakens

KION Group reported stronger revenue and profitability for the first nine months of 2026 on Thursday, October 29, while weaker order intake in Industrial Trucks & Services weighed on the outlook. The company said Intelligent Automation Solutions was the main growth driver in its release, which was published at 06:51 CET. The full announcement is available from KION's results announcement.

Group revenue rose 3.9 percent to 8.522 billion euros from 8.200 billion euros a year earlier. 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 reached 309.1 million euros, compared with 167.1 million euros in the prior-year period, which had been affected heavily by one-off expenses related to the efficiency program.

Automation drives the earnings improvement

Intelligent Automation Solutions generated revenue of 2.519 billion euros, up 16.9 percent year over year. Adjusted EBIT advanced 36.6 percent to 172.2 million euros, and the segment margin widened to 6.8 percent from 5.8 percent. KION attributed the improvement mainly to higher gross profit in the project business, while service earnings remained slightly below the high prior-year level.

Industrial Trucks & Services presented a more restrained picture. Revenue declined 0.7 percent to 6.034 billion euros, while adjusted EBIT edged down to 528.7 million euros from 529.5 million euros. The company said the segment did not keep pace with a growing material-handling market, particularly in value and economy trucks. Management also pointed to competitive pressure from Chinese industrial-truck manufacturers in the Asia-Pacific region.

Chief Executive Rob Smith described the automation division's double-digit revenue and adjusted EBIT growth as a strong performance in line with KION's profitable-growth strategy. At group level, free cash flow remained positive at 121.1 million euros, although it fell from 392.8 million euros a year earlier because of increased payments related to acquisitions and the efficiency program.

Lower guidance raises the execution bar

KION had already reduced its 2026 outlook on October 14 after third-quarter order intake in Industrial Trucks & Services fell short of expectations. The revised group targets call for revenue of 11.450 billion to 11.750 billion euros, adjusted EBIT of 815 million to 875 million euros and free cash flow of 400 million to 500 million euros. The previous ranges were 11.525 billion to 12.025 billion euros for revenue, 880 million to 980 million euros for adjusted EBIT and 420 million to 540 million euros for free cash flow, according to Yahoo Finance's results report.

KION now expects to reach its medium-term target of a double-digit adjusted EBIT margin for the group and both operating segments only after 2027. For investors, the results underline the growing contribution from automation, but they also leave the industrial-truck business and order intake as key execution risks.

KION stock traded at 33.72 euros on Lang & Schwarz at 10:33 CEST on Friday, October 30, 2026, 2.68 percent below the Xetra close of Thursday, October 29. The real-time quote of KION stock provides the latest trading indication.

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