Strong start to the year for Knorr-Bremse with high demand and a significantly higher profitability

Strong start to the year for Knorr-Bremse with high demand and a significantly higher profitability

• Demand still high in the first quarter of 2026, with order intake of € 2.2 billion and order book reaching a record € 7.8 billion
• Revenues at € 1.9 billion – organic revenue growth of over 2%
• Best Q1 in five years with EBIT margin of 13.5%, 140 basis points more than in the previous year
• Operating EBIT up by 11% to € 261 million
• Full-year guidance for 2026 confirmed
   

Munich, May 7, 2026 – Knorr-Bremse AG started the year on firm ground. The global market and technology leader in braking systems and a leading provider of other innovative solutions for the rail and commercial vehicle industries published a strong set of results for the first quarter of 2026 – a clear sign of the Group’s continued successful development.

Marc Llistosella, Chief Executive Officer of Knorr-Bremse AG: “We began the year with a strong tailwind behind us. Our businesses are developing very encouragingly as projected. The Rail division remains our stalwart. At the same time, the Truck division shows notable cost discipline with corresponding performance gains. A near 20% increase in operating EBIT represents a significant accomplishment amid challenging market conditions. Efficiency is very evidently paying off. We are also systematically pressing ahead with our BOOST measures. At Knorr-Bremse we focus on clear priorities, strong operating performance, and sustainable value enhancement.”

Frank Weber, Chief Financial Officer of Knorr-Bremse AG: “The first quarter showed, once again, how resilient our business is. We achieved the best Q1 operating EBIT margin (13.5%) in five years in a persistently difficult truck market. Our excellent return on capital employed (ROCE) of 22% underscores that we are consistently investing in the right areas. Together with our very solid financial basis overall, we created excellent conditions to successfully drive Knorr-Bremse forward in demanding markets.”

Globally, the political and economic environment remains uncertain and unstable. Knorr-Bremse is successfully navigating current challenges with discipline and remarkable resilience. This is borne out in the strong set of results for the first quarter, which show a substantial improvement in profitability.

Demand remains robust: Order intake maintained a high level in the first quarter of 2026 at € 2,229 million in a currently uncertain market environment, particularly in the Truck segment (Q1/2025: € 2,376 million). The order book rose to € 7,813 million as of the end of the quarter (March 31, 2025: € 7,443 million), an increase of as much as 5.0%. Despite significant exchange rate effects as compared with the previous year, consolidated revenues remained largely stable at € 1,937 million (Q1/2025: € 1,958 million); organically, this corresponds to a 2.1% increase in revenues.

Knorr-Bremse recorded a very high level of profitability in particular in the first quarter. Operating EBIT improved to € 261 million. The operating EBIT margin rose by 140 basis points to 13.5% (Q1/2025: 12.1%), reaching the highest Q1 level in five years. Free cash flow amounted to € 32 million (Q1/2025: € 15 million).

Highest Q1 profitability for both divisions in five years.

Rail Vehicle Systems Division (RVS):

• Order intake was robust at € 1,263 million (Q1/2025: € 1,312 million)
• Increasing by 7.3% to € 5,933 million, the order book reached a new all-time high (March 31, 2025: € 5,530 million), mainly on the back of strong development in the Asia-Pacific region and in the U.S. market
• Even including exchange effects, revenues came to € 1,060 million (Q1/2025: € 1,065 million); organically, this corresponds to an improvement of nearly 1%
• Operating EBIT improved to € 175 million compared with the figure for the year-earlier period (Q1/2025: € 166 million)
• At 16.5%, the operating EBIT margin was 90 basis points above the prior-year level (Q1/2025: 15.6%)

Commercial Vehicle Systems Division (CVS)

• Considering the market environment, the order intake was robust at € 964 million (Q1/2025: € 1,065 million)
• The order book as of March 31, 2026 amounted to € 1,882 million (March 31, 2025: € 1,914 million); organically, it rose by a slight 0.7% on the prior-year figure
• Due exclusively to currency factors, revenues of € 878 million remained slightly below the prior-year quarter (Q1/2025: € 894 million), recording strong organic growth of 3.6%
• Operating EBIT improved by a substantial 19.2% to € 101 million (Q1/2025: € 85 million) thanks to rigorous implementation of the BOOST and efficiency measures
• The operating EBIT margin increased equally robustly to 11.5%, a significant increase of 200 basis points (Q1/2025: 9.5%).

Guidance

Knorr-Bremse is confirming its guidance for the 2026 fiscal year. The company generally assumes that the geopolitical and economic backdrop will remain essentially stable. Assuming that the crisis in the Middle East does not escalate or persist, particularly with regard to supply chain disruptions, Knorr-Bremse expects revenues of between € 8,000 million and € 8,300 million for the current year, an operating EBIT margin of around 14% and free cash flow between € 750 million and € 850 million. These figures are based on the assumption that exchange rates will remain essentially stable at February 2026 levels. 

The full quarterly report is available at www.knorr-bremse.com. Notes to and reconciliations with the financial indicators used can be found in the 2025 Annual Report of Knorr-Bremse AG (available under Investor Relations/Annual Report).

Knorr-Bremse Group Key Performance Indicators:

Key Figures for the Knorr-Bremse Divisions:

Media Contacts:

Claudia Züchner | Spokeswoman, Financial Communications | Knorr-Bremse AG

T +49 89 3547 2582; E claudia.zuechner@knorr-bremse.com

Investor Relations contact:

Andreas Spitzauer | Head of Investor Relations | Knorr-Bremse AG

T +49 89 3547 0593; E andreas.spitzauer@knorr-bremse.com

About Knorr-Bremse

Knorr-Bremse (ISIN: DE000KBX1006, ticker symbol: KBX) is the global market and technology leader for braking systems and a leading supplier of other innovative solutions for the rail and commercial vehicle industry. Knorr-Bremse’s products make a decisive contribution to greater safety and energy efficiency on rail tracks and roads around the world. Approximately 30,000 employees at over 100 locations in 30 countries develop and produce innovative solutions and services that meet the highest technological standards. In 2025, Knorr-Bremse’s two divisions together generated revenues of approximately € 7.8 billion worldwide. For more than 120 years, the Company has been at the cutting edge of its industries, driving innovation in mobility and transportation technologies with a leading edge in connected system solutions. Knorr-Bremse is one of Germany’s most successful industrial companies and profits from the key global megatrends: urbanization, sustainability, digitalization, and mobility.

Disclaimer

This publication has been independently prepared by Knorr-Bremse AG. It may contain forward-looking statements which address key issues such as strategy, future financial results, events, competitive positions, and product developments. These forward-looking statements – like any business activity in a global environment – are always associated with uncertainty. They are subject to a number of risks, uncertainties, and other factors, including, but not limited to, those described in Knorr-Bremse’s disclosures. Should one or more of these risks, uncertainties or other factors materialize, or should underlying expectations not occur or should assumptions prove incorrect, the actual results, performances, or achievements of Knorr-Bremse may vary materially from those described in the relevant forward-looking statements. Such forward-looking statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Knorr-Bremse does not intend, nor does it assume any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated.

This publication may include supplemental financial measures – not clearly defined in the applicable financial reporting framework – that are or may be alternative performance measures (non-GAAP measures). Knorr-Bremse’s financial position, financial performance, and cash flows should not be assessed solely on the basis of these alternative supplemental financial measures. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the applicable financial reporting framework. The calculation by other companies that report or describe similarly titled alternative performance measures may vary despite the use of the same or similar terminology.