Krones : Präsentation Conference Call Konzern Q1 2026

Krones Q1 2026

Conference Call May 08, 2026

Christoph Klenk, CEO Uta Anders, CFO

Krones starts financial year with strong order intake and confirms financial targets for 2026

Krones markets are generally

less affected by economic

fluctuations and Krones' customers continue to show robust willingness to invest. Nevertheless, the macroeconomic uncertainties are increasing.

Order intake in Q1 2026 was at

€1.5 billion which is 5.3% above Q1 prior year and 3.6% higher than in the strong fourth quarter of 2025.

Order backlog with €4.3 billion

and a book-to-bill ratio after 3 months 2026 of 1.1x.

Despite the difficult and volatile macroeconomic conditions, Revenue increased in Q1 2026 by 1.4% adjusted for currency translation effects in amount of €51 million.

After a very strong forth quarter 2025 Free cash flow in Q1 2026 was slightly negative

(-€9.5 million). This was also caused by the higher investments and an actively managed increase in working capital in Q1.

EBITDA margin in Q1 2026 improved again from 10.6% to 10.8% and is in line with our profitable growth strategy.

EBT margin was with 7.1% below prior year (7.7%) and influenced by higher depreciation and by a financial income of

-€0.9 million.

As a result of higher working capital and lower EBIT the ROCE, as the third target figure was with 17.6% below prior year.

Krones confirms its targets

for 2026.

For 2026 the revenue growth target is 3% to 5%; adjusted for currency translation effects.

With the expected profitable growth, the EBITDA margin target for 2026 is 10.7% to

11.1%.

For the third key figure, the ROCE, Krones plans a range of 19% to 20% in 2026.

Mid term targets 2028 with revenue around €7 billion and an EBITDA margin of 11% to 13% are confirmed. ROCE expected >20%.

€1.51 billion +1.4%* 10.8% -€10 million Order intake Revenue EBITDA margin Free cash flow

w/o M&A

(PY €1.44 billion) €1,379 million (PY 10.6%) (PY +€165 million)

* adjusted for currency translation effects

Order intake increases significantly in Q1 2026; pipeline is still robust

− Order intake rose significantly in first 3 months 2026, with an amount above

€1.5 billion, which is 5.3% higher than

in the previous year

− Strong growth in North- and South-America and in China; stable situation in Europe and APAC; decreasing order intake in Middle East/Africa

− Book-to-bill ratio after 3 months 2026 was at 1.10x. For full year the ratio will be slightly above 1.0x

Order intake (€ million)

5,461

1,323

1,345

1,483

1,436

1,512

1,294

1,310

1,375

1,460

+1.6%

Q4 Q3 Q2

Q1

FY 2024

5,565

+1.9%

FY 2025

+5.3%

Q1 2026

Krones' markets are generally less affected by economic fluctuations. However, Krones is not entirely unaffected by the uncertain macroeconomic and geopolitical developments. These uncertainties continue to exist even for our customers.

remained at a very high level of

− Order backlog after 3 months of 2026

€4.3 billion

− With a stronger growth in order intake than revenue, the order backlog was increased since end of 2025 by 3.2%

− Delivery times decreased to around 35 weeks

Order backlog (€ million)

+4.1%

-2.3%

+3.2%

4,290

4,190

4,323

FY 2024 FY 2025 31.03.2026

High order backlog utilizes production well into the fourth quarter 2026.

This offers Krones a high degree of financial visibility in a challenging global economic situation.

Krones' internationally balanced customer and revenue split -

is one of its strategic strengths: 51% sales in developed markets and 49% in emerging markets

Share of revenues (Q1) North and Central America Europe

29.3% 29.0%

29.5%

Eastern Europe/ Central Asia

8.0%

22.9%

21.2%

7.8%

7.8%

19.5%

2024 2025 2026

South America

11.0%

2024 2025 2026

Middle East and Africa

11.1% 12.0% 14.0%

2024 2025 2026

China

7.4% 7.8% 6.0%

2024 2025 2026

Asia/Pacific

10.4%

9.2%

11.1% 12.7% 12.3%

2024 2025 2026

2024 2025 2026

2024 2025 2026

Krones increased revenue in Q1 2026 to more than €1.4 billion

− Despite difficult macroeconomic conditions, sales rose to €1.4 billion in Q1 2026, mainly reflecting volume effects. The adjustment for currency translation effects was quite high in the first quarter, amounting to

€51 million

− The growth rate of 1.4% also results from a high base effect of Q1 2025

− For FY 2026 Krones expects a revenue growth of 3% to 5% adjusted for currency translation effects

− With this growth Krones is in line with mid-

term target for 2028 of around €7 billion

Q4

Q3

Q2

5,294

Q1

1,247

1,379

1,410

1,309

1,317

1,319

1,381

1,419

1,556

+12.1%

5,664

+7.0%

1,430*

+1.4%

7 Krones Conference Call May 08, 2026

FY 2024 FY 2025 Q1 2026

* adjusted for currency translation effects

EBITDA and EBITDA margin further improved (€ million and %)

602.3

EBITDA margin in Q1 2026 at 10.8% with EBITDA at €149 million

− EBITDA margin in Q1 2026 improved again from 10.6% to 10.8% and is in line with our profitable growth strategy

− With an improved EBITDA margin of 10.8% (previous year: 10.6%), Krones is on the way to achieve its margin target for 2026 of 10.7% to 11.1%

− The mid-term target for 2028 for the EBITDA margin of 11% to 13% is also confirmed

Q4

Q3

Q2

Q1

537.1

125.4

130.8

134.9

146.0

+17.5%

10.1%

+12.2%

149.3

139.2

142.2

171.6

EBITDA (€ million)

EBITDA margin Q1 in %

148.9

10.6% -0.3% 10.8%

EBT margin decreased in Q1 2026 to 7.1% vs. 7.7% prior year

− After 3 months in 2026, EBT decreased by 9.1% to €98 million and a EBT margin of 7.1%

− EBT was influenced by an increase of

depreciation of 15% to €50 million in Q1

and by a financial income of -€0.9 million

− The financial income includes a valuation expense of €2 million for purchase price adjustment of previous acquisitions

− EBT margin is in line with expectations for 2026

Q4

Q3

Q2

Q1

381.6

121.8

106.0

96.8

89.9

97.6

96.7

89.0

98.1

107.9

7.1% 7.1%

+22.9%

424.1

+11.1%

7.7%

EBT (€ million)

EBT margin Q1 in %

-9.1%

FY 2024 FY 2025 Q1 2026

− Because of an increasing number of employees (+4%) in the last 12 months and raised wages and salaries in 2025 the personnel costs increased by 4%.

The personnel cost ratio for the first

3 months 2026 was at 32.9%

− The material cost ratio decreased to 44.3% in first 3 months 2026. In addition to cost savings, increased efficiency impacted the ratio in the

3 months of 2026 and results in 6.9%

lower material costs

The present price structure offsets the actual cost developments in both categories

10 Krones Conference Call May 08, 2026

Personnel costs Q1

(€ million)

384

30.5%

31.6%

32.9%

441 459

2024 2025 2026

Personnel expenses to total performance (%)

Material costs Q1

(€ million)

620 618

44.3%

49.3%

47.6%

664

2024 2025 2026

Material expenses to total performance (%)

Krones employees worldwide

German Workforce slightly decreased by 0.5% since end of 2025; outside of Germany

headcount slightly increased by 0.3%, so a slight decrease of 0.2% worldwide.

20,379 21,339 21,299 Total Germany RoW

11,668 9,631

9,837

Thereof KAG

11,312 9,067

9,539

11,735 9,604

9,883

31.12.2024 31.12.2025 31.03.2026

11 Krones Conference Call May 08, 2026

Filling and Packaging Technology

− In Q1 2026 the revenue in the core segment increased by 2.7% adjusted for currency translation effects and is in the range of our expectations.

− The EBITDA increased and the margin was at 11.2% (prior year: 10.9%) and is also in the range of our expectations

− For 2026 Krones expects a revenue growth of 2% to 4% adjusted for currency translation effects and an EBITDA margin of 11.0% to 11.5%

Revenue development Q1

(€ million)

1,193 1,043

1,182

1,225* Segment EBITDA (€ million) and EBITDA margin (%) Q1 107

10.2%

11.2%

10.9%

130 132

Process Technology 128 130 123*

119

− Revenue in Q1 2026 decreased by 5.9% (adjusted for currency translation effects). Revenue in units and components business (pumps and valves) developed well, whereas in turnkey projects there is a shift in the timing of execution.

− EBITDA margin after 3 months 2026 of 10.3% (prior year: 10.7%) was in line with our expectations and in the range of the guidance

− For 2026 Krones expects a revenue growth of 0% to 5% adjusted for currency translation effects and an EBITDA margin of 9.0% to 10.0%

Revenue development Q1

(€ million)

Segment EBITDA (€ million) and EBITDA margin (%) Q1 12.2

11.6%

10.7%

10.3%

14.8 14.0 Intralogistics

− Challenging conditions on the international markets for intralogistics influenced the revenue in the first 3 months 2026. After the 3 months the revenue decreased by 4.9% (adjusted for currency translation effects).

77 86 82*

78

− The EBITDA margin increased from 5.8% to 6.0%. The focus on smaller projects with good margins are reflected in the earnings development

− As revenue always historically increase more towards the end of the year, Krones expects a revenue growth of 5% to 10% adjusted for currency translation effects and an EBITDA margin of 7.5% to 8.5%

Revenue development Q1

(€ million)

Segment EBITDA (€ million) and EBITDA margin (%) Q1

6.0%

5.2%

5.8%

4.0 5.0 4.7

base is essential to manage global economic volatility

− With €524 million in cash and €897 million in free credit lines, Krones holds a solid financial foundation, totaling €1.4 billion in liquidity reserves

− Also, the equity ratio of 43.4% reflects the very resilient financial position of Krones. A further increase of 1.2% compared to end of

Liquidity reserves 31.03.2026

Total

€1,421m

Used credit lines

€1m

Cash

€524m

Free credit

Equity (€ million) and equity ratio (in %) 2,205

December 2025 and 3% compared to end of March 2025

lines

2,128 1,922

40.5%

42.2%

43.4%

€897m

Working Capital increased to 18.1% (vs. 17.1% prior year)

− Receivables/POC were quite stable end of Q1 2026. In absolute terms they slightly decreased by 0.2% and their share relative to revenue increased by just 0.1%

Working Capital of revenue Q1

(%, average over four quarters)

Part of Working Capital in % of revenue (last 12 months)

Receivables/PoC

35.3

35.2

36.0

− The inventory increased by 5.2% in Euro and 0.7% to revenues due to a build-up of safety stock

− Payables decreased by 13.1% in Euro amount and have a strong effect on working capital. Their share relative to revenue decreased by 1.9%

13.6

17.7 17.1 18.1

15.5

13.8

Payables

Received

Inventory

13.2

12.5

12.1

− Based on a high order intake in Q1 2026 the prepayments increased by 2.6% in Euro and 1.9% relative to revenues

16.1

15.6

18.5

prepayments

31 Mar 2026

31 Dec 2025

31 Mar 2025

After a strong year-end 2025

Earnings before taxes (EBT)	98.1	107.9
+/- Other non-cash changes	+138.7	+118.2
+/- Change in Working Capital	-126.0	+0.4
+/- Other assets and liabilities	-70.6	-24.7
Cash flow from operating activities	40.2	201.8
+/- Capex	-54.2	-41.4
+/- Other	+4.5	+4.8
Free cash flow w/o M&A	-9.5	165.2
+/- M&A-Activities	-7.9	-2.2
Free cash flow reported	-17.4	163.0
+/- Financing activities/Others	-8.0	-13.5
Net change in cash	-25.4	+149.5
Cash at the end of period	524.1	592.0

(with €548 million) net cash slightly decreased to €524 million

− The positive earnings performance and other non-cash changes in Q1 2026 contributed to total of €237 million (prior year: €226 million); but combined with an increase in working capital (€126 million) the cash flow from operating activities decreased to €40 million

− Capital expenditures totaled €54 million are above the level of prior year (€41 million); with an investment ratio of 3.9% (prior year: 2.9%)

− As a result, the Free cash flow (w/o M&A) in Q1 2026 decreased to -€9.5 million

− Financing activities include mainly payments

for leasing

(€ million) Q1 2026 Q1 2025

Free cash flow in Q1 2026 influenced by increase in working capital

− After a very strong forth quarter 2025 Free cash flow in Q1 2026 was slightly negative. This was caused by the higher investments and an increase in working capital in Q1

− Based on a slightly negative free cash flow the cash conversion rate is slightly negative at -14%

Free cash flow (without M&A)

in € million

293

283

203 13 398

2021

2022

2023

2024

2025

-9.5

2026

2026e

− ROCE decreased after 3 months in 2026 to 17.6%

− This reduction is primarily driven by a 7% decrease in EBIT during the first 3 months 2026 and a growth in working capital

− The target for 2026 with a range of 19% to 20% reflects the further profitable growth of Krones and confirms the mid-term target of more than 20%

ROCE Q1 2024 - 2026* in % 19.0 17.6 20.5

* ROCE without one-offs, goodwill and financial assets

19 Krones Conference Call May 08, 2026

2024 2025 2026

Outlook 2026

20 Krones Conference Call May 08, 2026