Krones stock slips as 2026 growth outlook is cut again

Published on 11/06/2026 at 12:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Krones stock faces a weaker growth outlook after the company reported stable nine-month revenue. Profitability and order intake improved.

Krones reports stable growth

Order intake rose 2.9 percent to 4,223.6 million euros in the first nine months.
Adjusted EBITDA margin reached 10.8 percent after excluding the positive tariff-refund effect.
Krones lowered its 2026 currency-adjusted revenue-growth forecast to 1 percent to 2 percent.

Krones, DE0006335003, Illustration mit AI erstellt.

Krones reported stable revenue and improved profitability for the first nine months of 2026 on Friday, November 6. In its corporate news release, the filling and packaging technology group said customers continued to show robust willingness to invest, although economic uncertainty and higher operating costs are affecting demand.

Orders and revenue remain resilient

Order intake increased 2.9 percent year on year to 4,223.6 million euros from 4,104.7 million euros. The book-to-bill ratio stood at 1.03, while the order backlog rose 3.0 percent from the end of 2025 to 4,314.3 million euros. Krones said the backlog includes orders that will be converted into revenue at the end of 2027 or later.

Reported revenue was almost unchanged 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 percent. Krones said currency movements reduced revenue by about 40 million euros, while US tariff refunds had a negative revenue impact of about 20 million euros that was not recognised in profit or loss.

Profitability improves despite adjustments

EBITDA rose 5.2 percent to 453.1 million euros from 430.7 million euros. The reported EBITDA margin improved to 11.1 percent from 10.5 percent. Excluding a positive earnings impact of about 10 million euros from US tariff refunds, the margin was 10.8 percent, within the full-year target range.

Net income increased 2.7 percent to 219.5 million euros, while earnings per share rose to 6.94 euros from 6.75 euros. Krones attributed the profitability improvement mainly to measures aimed at strengthening performance and cost structures. Prices for its machines and lines remained stable overall.

Free cash flow before mergers and acquisitions improved to an inflow of 25.8 million euros in the third quarter, compared with an outflow of 21.3 million euros in the second quarter. For the first nine months, however, free cash flow before mergers and acquisitions was negative at 5.0 million euros, compared with positive free cash flow of 80.2 million euros a year earlier.

Lower growth target sets next focus

Krones reduced its full-year 2026 currency-adjusted revenue-growth forecast to 1 percent to 2 percent from 3 percent to 5 percent. The company cited adverse market developments, geopolitical conditions, higher costs for customers and general economic uncertainty as factors likely to affect fourth-quarter growth.

The group retained its 2026 EBITDA-margin target of 10.7 percent to 11.1 percent and its ROCE target of 19 percent to 20 percent. Krones also lowered its 2028 revenue target to 6.0 billion euros to 6.2 billion euros from approximately 7 billion euros, while narrowing its 2028 EBITDA-margin target to 11 percent to 12 percent. The 2028 ROCE target of more than 20 percent remains unchanged.

The real-time quote of Krones stock traded at 114.10 euros on Lang & Schwarz at 12:07 CET on Friday, November 6, 2026, 0.26 percent below the Xetra close of Thursday, November 5.