Knorr-Bremse stock slips as Q3 margin reaches 14.6%
Published on 10/30/2026 at 15:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSStrong profit, softer rail orders
- Knorr-Bremse lifted third-quarter operating EBIT by 19.1 percent to 299 million euros.
- Rail order intake fell below the prior-year level, while the division's order book increased.
- Management expects full-year revenue and free cash flow at the upper end of its 2026 ranges.
Knorr-Bremse reported a strong third quarter on October 28, 2026, but weaker Rail order intake added caution around the outlook for new business. In its company release, the braking systems supplier said operating EBIT rose 19.1 percent year on year to 299 million euros, while the margin reached 14.6 percent.
Knorr-Bremse stock traded at 87.75 euros on Lang & Schwarz at 15:39 Berlin time on Friday, October 30, 2.28 percent below the Xetra close of Thursday, October 29. The move leaves the shares well below the 97.40 euros cited in the company's October 28 market report, adding a separate market signal to the earnings assessment.
Profit improves while Rail lags
Group revenue increased 9.0 percent to 2.051 billion euros, and free cash flow rose 49.8 percent to 238 million euros. The order book reached 7.883 billion euros at September 30, up 7.0 percent from a year earlier.
Rail revenue grew 6.1 percent to 1.114 billion euros, with operating EBIT up 9.9 percent to 197 million euros and the division margin at 17.7 percent. Rail order intake, however, declined 10.9 percent to 1.045 billion euros, about 130 million euros below the prior-year figure. Knorr-Bremse attributed the softer intake to project timing and expects a partial recovery to roughly 1.2 billion euros in the fourth quarter.
Truck provided a counterweight. Its order intake increased 30.1 percent to 1.018 billion euros, revenue rose 12.5 percent to 938 million euros and operating EBIT climbed 31.9 percent to 116 million euros.
Upper-end guidance remains intact
Management confirmed its 2026 ranges of 8.1 billion to 8.3 billion euros in revenue, a 14.0 percent to 14.5 percent operating EBIT margin and 750 million to 850 million euros in free cash flow. Revenue and free cash flow are expected at the upper end of those ranges, subject to the company's stated assumptions.
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Knorr-Bremse AG at a glance
- Company: Knorr-Bremse AG
- ISIN: DE000KBX1006
- Ticker: KBX
- Lang & Schwarz price: 87.75 euros on October 30, 2026 at 15:39 Berlin time
- Change versus Xetra close: 2.28 percent lower than the October 29, 2026 close of 89.80 euros
- Sector: Rail and commercial vehicle systems
