Jungheinrich (JUN3) Q4 2025 earnings summary

Executive summary

• Incoming orders reached €5.4 billion, up 1.4%, and revenue increased 2% to €5.5 billion, driven by growth in new business, customer services, and foreign markets, despite significant one-off effects impacting earnings.

• Strategy 2030+ was launched, and the transformation programme was largely implemented, strengthening global competitiveness.

• Market entry into the Mid-Tech segment began positively, supported by a strategic partnership with EP Equipment.

• Operating performance remained stable despite a challenging economic environment and intense competition.

• Free cash flow was strong at €314 million, and the dividend payout ratio was maintained at 28%.

Financial highlights

• Revenue increased by 2% year-over-year to €5,502 million, with foreign revenue up 3.8%.

• EBIT was €228 million, heavily impacted by €220 million in one-off effects; adjusted EBIT was €448 million (margin 8.1%).

• EBT was €196 million (EBT margin 3.6%), with a tax rate of 47% due to non-deductible losses from the Russian subsidiary sale.

• Free cash flow reached €314 million, reflecting strong operational performance.

• Proposed dividend: €0.29 per preferred share, €0.27 per ordinary share.

Outlook and guidance

• 2026 forecast: incoming orders €5.4–6.0 billion, revenue €5.2–5.8 billion, EBIT €380–450 million (margin 7.2–8.0%), EBT €350–420 million, ROCE 14–18%, free cash flow >€250 million.

• Segment forecasts: ITS revenue €4.3–4.7 billion, EBIT €360–420 million; AWE revenue €0.9–1.1 billion, EBIT €0–15 million.

• Strategic focus on global expansion, automation, portfolio extension, and completion of the transformation programme.

• Assumes stable supply chains and no escalation in geopolitical tensions.