In 2025, Krones continued its stable and profitable growth path despite ongoing macroeconomic uncertainty. As one of the key suppliers of filling and packaging technology for the beverage and food industries, the group benefited from the relatively lower cyclicality of this market and from a broad, diversified portfolio of products and services. In the published 2025 Annual Report titled "Success factor innovation", the company highlights innovation as a key driver of further development and presents both financial and non-financial results, including its sustainability activities.
Revenue growth and order backlog
In 2025, Krones increased its revenue by 7.0%, from EUR 5,293.6 million in the previous year to EUR 5,663.8 million. This means the company achieved its previously announced sales growth forecast of 7–9%, despite adverse currency translation effects. Sales dynamics were driven by the broad scope of the technology portfolio and the internationally diversified customer base.
The stable situation in the industries served by Krones is reflected in the level of new orders. In 2025, order intake reached EUR 5,564.7 million, up 1.9% on 2024, when it had already reached a high level of EUR 5,460.7 million. The company emphasizes that this was achieved while maintaining a disciplined pricing strategy. The book-to-bill ratio, that is the ratio of order intake to revenue, developed as expected close to 1 and came to 0.98 in 2025.
At the end of December 2025, Krones’ order backlog stood at EUR 4,190.4 million compared to EUR 4,289.5 million as of 31 December 2024. According to the company, this solid backlog ensures capacity utilisation in lines and project business at least until the third quarter of 2026.
Improved profitability and higher EBITDA margin
In 2025, Krones increased its profitability in line with guidance, largely due to efficiency gains in production and the implementation of strategic measures aimed at improving performance and optimising the cost structure. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose in full-year 2025 by 12.2%, from EUR 537.1 million to EUR 602.3 million, thus outpacing sales growth.
The EBITDA margin increased from 10.1% in 2024 to 10.6% in 2025, which means that the target range of 10.2–10.8% for the reporting year was achieved. In the fourth quarter of 2025 alone, the EBITDA margin reached 11.0%, compared to 10.3% in the same quarter of the previous year.
Earnings before taxes (EBT) rose in 2025 by 11.1%, from EUR 381.6 million to EUR 424.1 million. Consequently, the EBT margin improved from 7.2% to 7.5%. Consolidated net income amounted to EUR 299.2 million, an increase of 7.9% compared to EUR 277.2 million a year earlier. Earnings per share rose to EUR 9.45 for 2025, up from EUR 8.77 for 2024.
Strong cash flows and higher net cash position
Krones generated strong cash flows in 2025. Free cash flow for the period from January to December 2025 increased by EUR 134.5 million to EUR 247.7 million, compared with EUR 113.2 million in the previous year. In 2025, the company spent a total of EUR 35.2 million on mergers and acquisitions (M&A), compared to EUR 179.3 million a year earlier.
As a result, free cash flow before M&A activities reached EUR 282.9 million and was only slightly below the very high level of EUR 292.5 million reported in 2024. Return on capital employed (ROCE) increased significantly from 18.2% to 19.1% in 2025, in line with the target range of 18–20% for the reporting year.
Due to strong cash inflows, the net cash position, defined as cash and cash equivalents less bank debt, increased to EUR 548.2 million at the end of December 2025, compared with EUR 439.9 million a year earlier. Krones’ financial and capital structure remains very solid and stable overall, as reflected in the increase of the equity ratio from 40.5% in 2024 to 42.2% in 2025.
The reported figures confirm the preliminary financial results published by the company on 19 February 2026.
Non-financial report in line with CSRD and net zero by 2040
In its 2025 Annual Report, Krones prepared the non-financial statement as part of the combined management report for the first time in full compliance with the requirements of the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). The company chose to do this on a voluntary basis, even though national legislation implementing CSRD in Germany is still pending. Krones states that in this way it is enhancing transparency and accountability in its business conduct.
Already in 2024, the group adopted the strategic goal of reducing greenhouse gas emissions along the entire value chain to net zero by 2040. Specific interim targets have been set for 2030. These provide for an 80% reduction in operational greenhouse gas emissions (Scopes 1 and 2) and a 30% reduction in upstream and downstream value chain emissions (Scope 3), compared to the 2019 base year.
Despite increased business volume, the reduction in Scope 1 and 2 emissions was maintained in 2025 at the previously achieved high level of 52% compared to 2019. For Scope 3, Krones recorded in 2025 an 8% reduction in emissions relative to the base year, alongside rising demand for products with a stronger profile in terms of economic sustainability.
The company reports that where both standard machines and enviro versions with higher energy and media efficiency are available, almost 80% of customers choose the enviro variant. These data indicate the growing significance of environmental criteria in investment decisions made by users of filling and packaging technology.
Higher dividend for shareholders
Krones’ long-term dividend policy is to distribute 25–30% of consolidated net income to shareholders, with the company having targeted the upper end of this range in recent years. For the successful 2025 financial year, the Executive Board and Supervisory Board will propose a dividend of EUR 2.80 per share at the Annual General Meeting on 9 June 2026.
This represents an increase of EUR 0.20 per share, or 7.7%, compared to the previous year, when the dividend was EUR 2.60 per share. The proposed dividend corresponds to 29.6% of consolidated net income for 2025, which is consistent with the company’s practice of keeping payouts close to the upper end of the adopted range.
Outlook for 2026: further growth and margin improvement
Krones reports a good start to the 2026 financial year, while at the same time highlighting numerous challenges, including the tense geopolitical situation in the Middle East. The company notes that it is not possible to estimate the impact of the conflict in Iran on the regional economy and on the global economy. Global tariff policies add another layer of uncertainty.
Despite these factors and assuming the current macroeconomic outlook and expectations for the markets relevant to Krones, the company remains realistically optimistic for 2026. Krones expects consolidated revenue growth, adjusted for currency effects, in the range of 3–5% in 2026.
Based on the anticipated increase in operating revenue, the continuation of a disciplined pricing strategy and the ongoing implementation of cost optimisation measures, Krones aims to improve profitability again compared to 2025. At group level, the company forecasts an EBITDA margin of 10.7–11.1% for 2026. For the third key financial performance metric, ROCE, Krones expects a level of 19–20% in the current year.
Annual report available online
The Krones 2025 Annual Report, providing detailed financial and non-financial information, has been published online at:
https://www.krones.com/media/downloads/GB_2025_Konzern_e.pdf
