Krones stock faces slower growth after 2026 outlook cut

Krones lowered its currency-adjusted revenue growth forecast for 2026 on October 22, citing adverse market developments, higher customer costs linked to the geopolitical environment and persistent economic uncertainty. In its corporate release on November 6, the filling and packaging technology supplier said it now expects growth of 1 percent to 2 percent, compared with the previous range of 3 percent to 5 percent. The full-year EBITDA margin target remains 10.7 percent to 11.1 percent, while the ROCE target stays at 19 percent to 20 percent.

The revision followed the first nine months of 2026 and current planning for the fourth quarter. According to Krones, order intake increased 2.9 percent year on year to 4,223.6 million euros from January through September. The order backlog rose 3.0 percent to 4,314.3 million euros, and the book-to-bill ratio reached 1.03.

Orders Rise As Revenue Growth Slows

Reported revenue was 4,099.7 million euros, compared with 4,107.4 million euros a year earlier. Adjusted for currency translation effects, revenue increased 0.8 percent. Krones said customer demand remained robust overall, although economic uncertainty and higher operating costs affected orders across its product portfolio.

Profitability developed more favorably than sales. EBITDA rose 5.2 percent to 453.1 million euros in the first nine months, while the reported EBITDA margin improved to 11.1 percent from 10.5 percent. The result included an earnings benefit of approximately 10 million euros from US tariff refunds; excluding that effect, the margin was 10.8 percent. Net income rose 2.7 percent to 219.5 million euros, and earnings per share increased to 6.94 euros from 6.75 euros.

Free cash flow excluding acquisitions was negative 5.0 million euros for the first nine months, down from positive 80.2 million euros a year earlier. Krones said quarterly free cash flow improved to positive 25.8 million euros from July through September, after negative 21.3 million euros in the second quarter. ROCE stood at 17.6 percent, below the full-year target range.

Investors Weigh Outlook Against Margins

Krones stock traded at 110.60 euros on Lang & Schwarz at 12:19:58 CET on Friday, November 13, 2026, 0.54 percent below the Xetra close of Thursday, November 12, at 111.20 euros. The previous day's closing comparison is also reported by Ad-hoc News.

The investment case now turns on whether order momentum can convert into stronger fourth-quarter revenue without weakening returns. The combination of a lower sales outlook and stable margin targets places execution, customer investment and cost control at the center of the next update.

German industrial shares remain in focus alongside the DAX.

Further reporting will show whether Krones can deliver the stronger fourth quarter required by its revised outlook. More news and analyses on Krones stock.