Forecast lowered: Kion stacks lower - medium-term goals postponed

The summer is disappointing for Kion. In the end, the warehouse logistics specialist has to readjust his annual goals. The orders fell short of expectations. Market participants had seen the development coming and reacted prudently.

The warehouse logistics specialist Kion has lowered its forecast for 2026 due to weak forklift business and has also postponed its medium-term goals. For the current year, the board of directors now expects an adjusted operating result (EBIT) of between 815 million and 875 million euros, the company said. So far, Kion had promised 880 million to 980 million euros. The sales forecast was also slightly reduced to 11.45 billion to 11.75 billion euros. After analysts' decidedly relaxed comments, the share in the MDax small cap index was up 3.9 percent in the early afternoon.

The adjustments are mainly due to order intake in the Industrial Trucks & Services (ITS) segment in the third quarter, which did not develop as expected, it said. The goal of a double-digit adjusted EBIT margin is now only expected after 2027.

The basis for the capped forecast are initial calculations regarding the course of the third quarter. Accordingly, the adjusted EBIT of around 203 million euros is likely to be below the market expectations of 211 million euros. Meanwhile, sales will reach the consensus estimate at around 2.84 billion euros. The decisive factor for the weaker development was the forklift truck and warehouse technology division (Industrial Trucks & Services). At around 163 million euros, their adjusted EBIT fell short of the analyst forecast of 175 million euros. The business with supply chain solutions (Intelligent Automation Solutions), on the other hand, developed in line with expectations.

Analysts showed little concern: for the Citi experts, the market has already taken this risk into account. The consensus for the 2027 margin had already been below the target. The focus is now on the final quarter. If Kion reaches the upper end of the new forecast range, the market consensus will hardly need to be adjusted. Although the share price is at a low level, a recovery in incoming orders remains the necessary stimulus for a sustainable revaluation.

JP Morgan also appeared relaxed. The balance sheet is solid and the profit warning is unlikely to have any impact on the company's creditworthiness. The analysts therefore see the profit warning as a buying opportunity to benefit from the attractive fundamentals of the warehouse automation business and a possible recovery or German economic stimulus.