Krones reported stable business development in the first quarter of 2026 despite ongoing macroeconomic uncertainty. The company stated that its markets are generally less affected by economic fluctuations and that customers continue to show a strong willingness to invest. From January to March, order intake increased to EUR 1,512.1 million, compared with EUR 1,435.9 million a year earlier, which represents growth of 5.3%. This result was also higher than in the fourth quarter of 2025, when new orders amounted to EUR 1,460.0 million. The book-to-bill ratio, which measures the relationship between order intake and revenue, reached 1.10, compared with 1.02 a year earlier. At the same time, the order backlog increased by 3.2% compared with the end of 2025, from EUR 4,190.4 million to EUR 4,323.4 million. According to the company, such a high backlog improves planning visibility and ensures production capacity utilisation in the lines and project business through to the fourth quarter of 2026.
Krones' revenue in the first quarter of 2026 was affected by currency translation effects of around EUR 50 million. Adjusted for this effect, revenue increased by 1.4% year on year. Reported revenue amounted to EUR 1,379.1 million, compared with EUR 1,410.0 million in the corresponding period of the previous year. The company indicated that in the key Filling and Packaging Technology segment, revenue growth adjusted for currency translation effects was within the guidance range for the full year 2026. In the Process Technology and Intralogistics segments, however, it was below that range, which Krones attributes to revenue phasing during the year. Based on the positive trend in order intake, the company expects growth to accelerate by the end of the year in both segments and at group level.
Improved profitability despite pressure on net profit
In the first three months of 2026, Krones improved profitability, which the company attributes mainly to the implementation of strategic measures aimed at improving performance and cost structures. EBITDA amounted to EUR 148.9 million, compared with EUR 149.3 million a year earlier. Despite the slightly lower nominal figure, the EBITDA margin increased from 10.6% to 10.8%, placing it within the full-year target range of 10.7% to 11.1%.
Earnings before taxes declined from EUR 107.9 million to EUR 98.1 million. Krones explained that this was due to higher depreciation and amortisation of fixed assets and lower financial income and expense. At the same time, the company maintained its expectation that EBT will increase in full-year 2026 compared with the previous year. Consolidated net income for the first quarter amounted to EUR 68.6 million, compared with EUR 75.9 million a year earlier, while earnings per share decreased from EUR 2.40 to EUR 2.17.
Cash flow and financing structure
In the first quarter of 2026, free cash flow before M&A activities amounted to minus EUR 9.5 million, compared with EUR 165.2 million a year earlier. The company stated that this result was in line with plan and was mainly related to a significant reduction in liabilities to suppliers between January and March. As a result, working capital increased by a total of EUR 126.0 million during the first three months of the year.
Krones emphasised that it continues to maintain a very solid financial and capital structure. At the end of March 2026, net cash, defined as cash and cash equivalents less bank debt, amounted to EUR 523.1 million. A year earlier, this figure was EUR 589.7 million. ROCE for the first quarter of 2026 came in at 17.6%, compared with 20.5% in the corresponding period of the previous year.
The company maintains its targets for full-year 2026
Krones stated that it remains cautiously optimistic about the full 2026 financial year despite the difficult global economic environment. At the same time, the management board points to the continuing high volatility of the business environment. Among the risk factors, the company mentions the situation in the Middle East, including uncertainty regarding the impact of the conflict in Iran on the region's economy and the global economy, as well as uncertainty surrounding global tariff policy, which could translate into reduced world trade. Material shortages and problems in global supply chains remain an additional source of uncertainty.
Based on the currently expected development of the markets relevant to the company's business and the positive course of the first quarter, Krones confirmed its full-year financial targets. Adjusted for currency translation effects, the management board expects consolidated revenue growth in the range of 3% to 5%. On the basis of increasing operating revenue, a disciplined pricing policy and continued implementation of cost optimisation measures, the company expects to improve profitability compared with 2025. At group level, the forecast EBITDA margin for 2026 is in the range of 10.7% to 11.1%, while expected ROCE is between 19% and 20%.
The company has published the full quarterly statement for the first quarter of 2026 on its website.
