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K N O R R - B R E M S E Q U A R T E R L Y S T A T E M E N T
J A N U A R Y 1 T O S E P T E M B E R 3 0 , 2 0 2 5
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Quarterly Statement
JANUARY 1 TO SEPTEMBER 30, 2025
KNORR-BREMSE AG
K N O R R - B R E M S E Q U A R T E R L Y S T A T E M E N T
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K N O R R - B R E M S E G R O U P K E Y I N D I C A T O R S
First Nine Months
Third Quarter
2025
2024
2025
2024
Revenues
€ million
5,839
5,897
1,883
1,910
EBIT
€ million
650
694
218
219
EBIT margin
%
11.1
11.8
11.6
11.5
Operating EBIT
€ million
749
725
251
235
Operating EBIT margin
%
12.8
12.3
13.3
12.3
Net income
€ million
447
453
153
140
Return on sales after taxes
%
7.6
7.7
8.1
7.3
Earnings per share
€
2.59
2.66
0.89
0.81
Order intake
€ million
6,440
6,182
1,956
1,943
Order book (September 30)
€ million
7,368
7,058
7,368
7,058
Free cash flow
€ million
319
248
159
184
Cash flow from operating activities
€ million
505
428
231
258
Capital expenditure
€ million
194
216
78
80
Capital expenditure as % of revenues
%
3.3
3.7
4.2
4.2
R&D costs
€ million
400
414
129
128
R&D as % of revenues
%
6.9
7.0
6.8
6.7
Sept. 30, 2025
Dec. 31, 2024
Total assets
€ million
8,780
9,614
Equity
€ million
3,114
3,127
Equity ratio
%
35.5
32.5
Operating ROCE (annualized)*
%
21.0
20.8
Net working capital
Days’ sales
72.3
59.2
* The ratio of operating EBIT to adjusted capital employed; the latter being the recognized capital employed of € 5,075 million (December 31, 2024: € 5,011 million) less the KB Sig-
naling assets of € 314 million identified in the purchase price allocation (December 31, 2024: € 356 million).
F I R S T N I N E M O N T H S O F 2 0 2 5
Order intake of € 6,440 million up slightly by 4.2% year on year thanks to a significant increase in the rail vehicle business
and the acquisition of KB Signaling
Order book at € 7,368 million a slight € 310 million above prior year, rail vehicle business at record level
Revenues of € 5,839 million slightly below the previous year; rail vehicle business increases by a solid 8.2% to
€ 3,219 million while commercial vehicle business decreases by 10.3% to € 2,622 million due to market-related factors
and exchange rate effects as well as deconsolidations
Profitability: operating EBIT of € 749 million up slightly on the previous year by 3.3% with a solid increase in the oper-
ating EBIT margin to 12.8% (previous year: 12.3%)
Free cash flow of € 319 million up significantly on the prior-year period (€ 248 million), largely as a result of the im-
provement in working capital
Knorr-Bremse confirms its operating guidance for 2025:
Revenue: € 7,800 million to € 8,100 million, previously revised from originally € 8,100 million to € 8,400 million ex-
clusively due to currency translation effects (2024: € 7,883 million)
Operating EBIT margin: 12.5% to 13.5% (2024: 12.3%)
Free cash flow: € 700 million to € 800 million (2024: € 730 million)
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B U S I N E S S P E R F O R M A N C E N I N E M O N T H S 2 0 2 5
Order intake up 4.2%
The Knorr-Bremse Group’s order intake, at € 6,440 million as at the end of September 2025, saw a slight increase of
€ 258 million from the comparable period of the previous year, with significantly higher demand in the rail vehicle busi-
ness more than compensating for the moderate decline in the commercial vehicle order intake. The Rail Vehicle Systems
division recorded a positive order trend in all regions, with a significant rise in the order intake particularly in North
America and Asia, and benefited from the additional orders received by the company acquired effective August 30, 2024,
KB Signaling. In the commercial vehicle business, the increased order numbers in Europe failed to offset the significant
drop in demand in North America. The disposals in the Commercial Vehicle Systems division also acted as a drag on order
intake.
At € 7,368 million, the order book was therefore 4.4% higher year on year as of the end of September 2025.
Revenues of € 5,839 million down slightly by 1.0% on the previous year
In the first nine months of the 2025 fiscal year, consolidated revenues decreased slightly by 1.0% to € 5,839 million. Cur-
rency-adjusted (at actual rates in 2024), revenue would have been 0.9% higher. The solid increase in revenues in the rail
vehicle business was primarily driven by the acquisition of KB Signaling and organic growth, while the significantly lower
revenues from the commercial vehicles segment were almost fully offset. Consolidated revenues in Asia and Europe in-
creased slightly across all divisions, though revenues in North America registered a moderate decline.
The share of aftermarket revenues in the total revenues of the Knorr-Bremse Group increased to over 45.0%.
Solid improvement in the operating EBIT margin to 12.8%
Operating EBIT in the first nine months of 2025 was € 749 million, up by 3.3% on the prior-year period. The operating
EBIT margin of 12.8% also increased by a solid amount year on year (12.3%). This positive performance was largely due
to the to the implemented cost measures and the increase in operating performance in the Rail Vehicle Systems division,
which more than offset the declining performance of the Commercial Vehicle Systems division attributable in particular
to market factors. Operating EBIT was calculated by adjusting the recognized EBIT of € 650 million, primarily for expenses
associated with restructuring in the amount of € 37 million in the Rail Vehicle Systems division, € 28 million in the Com-
mercial Vehicle Systems division and € 8 million in the other segments, the majority of which relating to termination
benefits in connection with the termination of employment. Furthermore, adjustments were made for M&A-related ex-
penses of € 18 million concerning mainly amortization of the purchase price allocation connected to the acquisition of
KB Signaling in the Rail Vehicle Systems division. Adjustments were also made for a one time effect of € 5 million in the
Commercial Vehicle Systems division related to the support of a distressed supplier plant and for expenses of € 3 million
in connection with a recall campaign in the North American market reported in the previous year. In the first nine months
of the previous year, adjustments had been primarily made for expenses of € 18 million in connection with the prior-
period recall campaign as part of a software update in the North American market and for expenses of € 14 million relating
to M&A activities in the Commercial Vehicle Systems division, which largely comprised write-downs for the planned dis-
posal of GT Emissions Systems in the Commercial Vehicle Systems division.
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The cost of materials decreased in the first nine months of 2025 by a moderate 5.9% year on year to € 2,742 million
(previous year: € 2,913 million). With a less-strong decline in revenues, the material cost ratio decreased significantly by
240 basis points to 47.0% of revenues (previous year: 49.4%). The decline was primarily attributable to lower expenses in
the Commercial Vehicle Systems division in Europe and North America, partly due to the divestment of GT Emissions
Systems and R.H. Sheppard in these regions. A counteracting increase in cost of materials in the Rail Vehicle Systems
division, particularly in connection with the acquisition of KB Signaling, was less pronounced. Personnel costs, however,
saw a slight increase of 4.4% to € 1,603 million (previous year: € 1,535 million). The personnel costs ratio in the Commercial
Vehicle Systems division rose slightly, while it increased significantly in the Rail Vehicle Systems division. Overall, it in-
creased moderately throughout the Group by 140 basis points from 26.0% to 27.4%. The increase is due in particular to
personnel-related restructuring expenses. The sum of other operating income and expenses decreased slightly by
€ 10 million to € -655 million (previous year: € -645 million).
The negative financial result improved very significantly by € 52 million year-on-year to € 47 million. Interest expenses
increased by € 20 million, mainly because of the interest accrued for the new bond issued in September 2024. The loss
from entities accounted for using the equity method amounted to € 20 million (previous year: € 0 million), due largely to
the share in the result of Nexxiot AG, based in Zurich, Switzerland. In contrast, the other financial result increased year on
year by € 87 million, primarily due to the improved currency translation result in connection with the valuation of foreign
currency holdings.
Tax expense increased by € 14 million in the first nine months of 2025 to € 156 million (previous year: € 142 million). The
tax rate, at 25.9%, was significantly above the previous year’s level of 24.0%. The lower tax rate in the previous year was
partly driven by effects related to prior-year taxes. The higher tax rate in the first nine months of 2025 reflects increased
non-deductible operating expenses resulting from deconsolidations, as well as a rise in non-creditable withholding taxes
in the first nine months of 2025.
At € 447 million, net income for the period was down slightly by 1.3% on the prior-year figure (€ 453 million). The return
on sales after taxes, at 7.6%, was just 0.1 percentage points below the prior-year level (previous year: 7.7%).
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F I N A N C I A L S I T U A T I O N
F R E E C A S H F L O W
in € million
2025
2024
Net income (including minority interests)
447
453
Depreciation, amortization, and impairment losses on intangible assets and property, plant, and equipment
291
284
Non-cash changes in the measurement of derivatives
(80)
(5)
Other non-cash expenses and income
(20)
52
Interest income
53
33
Income tax expense
156
142
Income tax payments
(114)
(154)
Changes in inventories, trade accounts receivable, and other assets that cannot be allocated to investing or financ-
ing activities, including write-downs on these assets
(395)
(413)
Changes in trade accounts payable, provisions and other liabilities which cannot be allocated to investing or fi-
nancing activities
143
30
Other
24
6
Cash flow from operating activities
505
428
Cash changes in intangible assets and property, plant and equipment
(186)
(180)
Free cash flow
319
248
The cash flow from operating activities improved significantly in the first nine months of 2025 compared with the prior-
year period, which is primarily attributable to an increase in working capital. This increased the free cash flow in the first
nine months of 2025 to € 319 million (previous year: € 248 million).
C U R R E N T A N D N O N - C U R R E N T A S S E T S
in € million
Sept. 30, 2025
Dec. 31, 2024
Intangible assets and goodwill
1,736
1,816
Property, plant, and equipment
1,776
1,899
Other non-current assets
441
483
Non-current assets
3,953
4,198
Inventories
1,262
1,216
Trade accounts receivable
1,626
1,385
Contract assets
153
160
Cash and cash equivalents
1,398
2,263
Other current assets
388
392
Current assets
4,827
5,416
The decrease in current and non-current assets was attributable not only to negative currency effects arising from the
currency translation of US group companies, but also in particular to the repayment of the € 750 million bond issued on
June 14, 2018, which reduced cash and cash equivalents. An increase from December 31, 2024 was recorded in the trade
accounts receivable as a result of the typical buildup of receivables as the year progresses. In this regard – as in previous
years – we expect a noticeable improvement by year end.
The net working capital as at September 30, 2025, was € 1,563 million (December 31, 2024: € 1,296 million). Measured in
terms of days’ sales, this corresponds to a commitment of 72.3 days (December 31, 2024: 59.2 days). This increase is due
primarily to seasonal effects; a significant improvement in net working capital is therefore expected by the end of the
year. Compared with the first nine months of 2024, net working capital improved by a solid € 161 million or 6.7 days’ sales
(September 30, 2024: € 1,724 million or 79.0 days’ sales).
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C A P I T A L E X P E N D I T U R E
First Nine Months
2025
2024
Capital expenditure (before IFRS 16 and acquisitions)
€ million
194
216
Capital expenditure as % of revenues
%
3.3
3.7
The capital expenditure on property, plant, and equipment and intangible assets in the first nine months of 2025 was
significantly lower than the corresponding capital expenditure in the previous year and went primarily towards continuous
reinforcement of the production infrastructure through plant expansions, automation and site optimization. In addition
to the necessary capital expenditure on replacement and expansion, investments for intangible assets were made, partic-
ularly for digitalization in the area of IT.
The Knorr-Bremse Group’s equity ratio of 35.5% as of September 30, 2025 is significantly up on the level as of Decem-
ber 31, 2024 (32.5%).
C U R R E N T A N D N O N - C U R R E N T L I A B I L I T I E S
in € million
Sept. 30, 2025
Dec. 31, 2024
Provisions (incl. pensions)
443
499
Financial liabilities
2,482
2,555
Other non-current liabilities
114
120
Non-current liabilities
3,039
3,174
Trade accounts payable
1,144
1,128
Financial liabilities
648
1,391
Contract liabilities
339
343
Other liabilities
496
451
Current liabilities
2,627
3,313
Total liabilities
5,666
6,487
Current liabilities fell sharply by € 686 million to € 2,627 million, due in particular to the repayment of the €750 million
bond issued on June 14, 2018, which reduced current financial liabilities.
The following debt financing existed as of September 30, 2025:
Corporate bond of Knorr-Bremse AG in the amount of € 700 million (maturing in September 2027)
Corporate bond of Knorr-Bremse AG in the amount of € 600 million (maturing in September 2029)
Green corporate bond of Knorr-Bremse AG in the amount of € 500 million (maturing in September 2032)
Lease liabilities in the amount of € 513 million
Bank liabilities of the Knorr-Bremse Group in the amount of € 117 million
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I N F O R M A T I O N O N R E P O R T A B L E S E G M E N T S
D I V I S I O N A L K E Y I N D I C A T O R S
in € million
Rail Vehicle Sys-
tems
Commercial Vehicle
Systems
TOTAL
Other segments
and consolidation
Group
2025
First Nine
Months
Third
Quarter
First Nine
Months
Third
Quarter
First Nine
Months
Third
Quarter
First Nine
Months
Third
Quarter
First Nine
Months
Third
Quarter
Key Figures
Order intake
3,773
1,173
2,667
783
6,440
1,956
(0)
(0)
6,440
1,956
Order book (September 30)
5,659
5,659
1,710
1,710
7,369
7,369
(1)
(1)
7,368
7,368
Condensed Statement of Income
Revenues
3,219
1,050
2,622
833
5,841
1,883
(2)
(0)
5,839
1,883
Changes in inventory and own work
capitalized
35
10
64
27
99
37
3
0
102
37
Cost of materials
(1,309)
(429)
(1,429)
(458)
(2,738)
(887)
(4)
(2)
(2,742)
(889)
Personnel expenses
(916)
(289)
(573)
(181)
(1,489)
(470)
(114)
(33)
(1,603)
(503)
Other operating income and expenses
(433)
(138)
(310)
(100)
(743)
(238)
88
24
(655)
(214)
Depreciation, amortization, and impair-
ment
(125)
(41)
(146)
(49)
(271)
(90)
(20)
(6)
(291)
(96)
Earnings before interest and taxes
(EBIT)
471
163
228
72
699
235
(49)
(17)
650
218
M&A activities
18
5
0
(0)
18
5
–
–
18
5
Restructuring expenses
37
11
28
11
65
22
8
1
73
23
Expenses and income from one-off ef-
fects, for example in connection with
litigation
–
–
8
5
8
5
–
–
8
5
Operating EBIT
526
179
264
88
790
267
(41)
(16)
749
251
Operating EBIT margin (as % of revenues)
16.4
17.0
10.1
10.5
13.5
14.1
–
–
12.8
13.3
2024
First Nine
Months
Third
Quarter
First Nine
Months
Third
Quarter
First Nine
Months
Third
Quarter
First Nine
Months
Third
Quarter
First Nine
Months
Third
Quarter
Key Figures
Order intake
3,323
1,121
2,861
823
6,184
1,944
(2)
(1)
6,182
1,943
Order book (September 30)
5,222
5,222
1,838
1,838
7,060
7,060
(2)
(2)
7,058
7,058
Condensed Statement of Income
Revenues
2,976
995
2,922
915
5,898
1,910
(1)
(0)
5,897
1,910
Changes in inventory and own work
capitalized
73
34
98
24
171
58
3
0
174
58
Cost of materials
(1,267)
(436)
(1,642)
(503)
(2,909)
(939)
(4)
(1)
(2,913)
(940)
Personnel expenses
(802)
(264)
(638)
(200)
(1,440)
(464)
(95)
(32)
(1,535)
(496)
Other operating income and expenses
(395)
(130)
(317)
(120)
(712)
(250)
67
25
(645)
(225)
Depreciation, amortization, and impair-
ment
(118)
(35)
(144)
(46)
(262)
(81)
(22)
(7)
(284)
(88)
Earnings before interest and taxes
(EBIT)
467
164
279
70
746
234
(52)
(15)
694
219
M&A activities
–
–
14
2
14
2
–
–
14
2
Restructuring expenses
1
–
2
1
3
1
–
–
3
1
Expenses and income from one-off ef-
fects, for example in connection with
litigation
(5)
(5)
19
18
14
13
–
–
14
13
Operating EBIT
463
159
314
91
777
250
(52)
(15)
725
235
Operating EBIT margin (as % of revenues)
15.5
16.0
10.7
10.0
13.2
13.1
–
–
12.3
12.3
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Rail Vehicle Systems division
Order intake in the Rail Vehicle Systems division increased year on year by as much as 13.5% to € 3,773 million as of the
end of September 2025 (previous year: € 3,323 million). All regions recorded a positive order trend, with North America,
due to acquisitions, and Asia in particular achieving significant growth. The order book also showed a solid increase of
8.4% to € 5,659 million as of September 30, 2025 (previous year: € 5,222 million).
In the first nine months of 2025, the Rail Vehicle Systems division recorded a solid 8.2% revenue increase to € 3,219 million
(previous year: € 2,976 million). This positive revenue growth is attributable to an increase in aftermarket revenues. The
division increased aftermarket revenues in all regions. The aftermarket-intensive business of KB Signaling also had a pos-
itive effect on revenues compared with the previous year. In Europe, increased OE revenues in the regional & commuter
category almost completely made up for declining revenues in the freight and high-speed business. The decline in OE
revenues in North America is primarily market-related attributable to a drop in freight business, which was offset to some
degree by higher revenues from the locomotive business. The year-on-year decrease in OE revenues in Asia was mainly
due to a downturn in the metro business, which was compensated by higher revenues in the high-speed and locomotive
business. Due to the noticeably increased aftermarket business in all regions and the acquitision of KB Signaling, the share
of aftermarket revenues in the division’s total revenues increased to over 55.0% in the first nine months of 2025.
Operating EBIT, at € 526 million, was up significantly by 13.8% on the same period of the previous year (€ 463 million)
due to volume and mix factors and resulted in an operating EBIT margin of 16.4%, which was solidly above the previous
year’s level of 15.5%. In addition to positive effects from the BOOST program, KB Signaling also contributed positively to
the result. To calculate operating EBIT, the recognized EBIT of € 471 million was adjusted in particular for € 37 million of
expenses associated with restructuring, the majority of which related to termination benefits in connection with the ter-
mination of employment. Furthermore, adjustments were made for M&A-related expenses of € 18 million mainly con-
cerning amortization of the purchase price allocation connected to the acquisition of KB Signaling.
Commercial Vehicle Systems division
Order intake in the Commercial Vehicle Systems division in the first nine months of 2025 was € 2,667 million, a moderate
6.8% decrease on the previous year (€ 2,861 million). The significantly improved customer demand in Europe failed to
offset the significant decline in the North American market, while Asia nearly matched the prior-year level. The order book
as of September 30, 2025 therefore likewise recorded a moderate decrease of 7.0% to € 1,710 million from € 1,838 million
in the previous year.
Revenues in the Commercial Vehicle Systems division declined significantly, by 10.3% to € 2,622 million in the first nine
months of 2025 (previous year: € 2,922 million), due to market and currency factors but also as a result of the loss of
revenue from recently sold companies. While the aftermarket business saw only a slight decline, revenues in the OE
business decreased significantly. As a result of this development, the share of aftermarket revenues in the total revenues
of the Commercial Vehicle Systems division increased very significantly year on year from 31.1% to 34.3%.
Operating EBIT in the Commercial Vehicle Systems division fell significantly in the first nine months of 2025 by 15.9% to
€ 264 million, giving rise to a moderate drop in the operating EBIT margin from 10.7% in the previous year to 10.1%. This
is largely attributable to a lower volume and to higher write-downs from the research and development area, while the
division was able to compensate through a more profitable aftermarket business and through effects from the BOOST
program. To calculate operating EBIT, the recognized EBIT of € 228 million was adjusted in particular for € 28 million of
expenses associated with restructuring, the majority of which related to termination benefits in connection with the ter-
mination of employment. Adjustments were also made for a one time effect of € 5 million in the Commercial Vehicle
Systems division related to the support of a distressed supplier plant and for expenses of € 3 million in connection with a
recall campaign in the North American market reported in the previous year. In the first nine months of the previous year,
adjustments had been primarily made for expenses of € 18 million in connection with the prior-period recall campaign as
part of a software update in the North American market and for expenses relating to M&A activities of € 14 million, which
largely comprised write-downs for the planned disposal of GT Emissions Systems in the Commercial Vehicle Systems
division.
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Regional revenues developed as follows:
R E V E N U E B Y C O U N T R Y O F K N O R R - B R E M S E C O M P A N Y
First Nine Months
in € million
2025
%
2024
%
Europe/Africa
2,856
48.9
2,847
48.3
North America
1,379
23.6
1,460
24.8
South America
139
2.4
136
2.3
Asia–Pacific
1,465
25.1
1,454
24.6
5,839
100.0
5,897
100.0
S I G N I F I C A N T E V E N T S D U R I N G T H E R E P O R T I N G
P E R I O D
Acquisition of the duagon Group
Upon the signing on September 25, 2025, Knorr-Bremse acquired the duagon Group for a purchase price of around
€ 500 million plus a potential performance bonus based on the achievement of predefined results. The closing is subject
to the customary regulatory approvals and is expected to take place in the next months. The acquisition will enable Knorr-
Bremse to strengthen its global rail business and invest in fast-growing, high-margin market segments for electronic,
communications and software solutions in rail transport.
Restructuring measures
On February 20, 2025, Knorr-Bremse announced extensive efficiency measures and plans to increase profitability as part
of the group-wide BOOST program, which will run until 2026 but also affect the period beyond that. Restructuring ex-
penses of around € 75 million are planned for the full year. As of September 30, 2025, € 73 million of this amount had
already been recognized as an expense. The provisions formed in this context amount to € 46 million as of the reporting
date. Of this amount, € 23 million is attributable to the Rail Vehicle Systems division, € 15 million to the Commercial
Vehicle Systems division and € 8 million to the other segments. The estimated restructuring costs mainly include termi-
nation benefits in connection with the termination of employment. They are based on a detailed plan that was developed
in consultation with the respective employee representatives and taking into account local legal requirements. The
measures affect all regions worldwide.
Act for an Immediate Investment Tax Program to Strengthen Germany as a Business
Location
A gradual reduction in corporation tax, from the current 15% to 10% starting in 2032, was resolved in July 2025. The plan
is to reduce the corporation tax rate in stages, by one percentage point per year from 2028. Deferred taxes were measured
taking into account the gradual reduction in the corporation tax rate, whereby the year of the expected reduction was
determined for each temporary difference on the basis of a projection and the tax rate in force at that time was applied.
This resulted in deferred tax income of € 5 million.
S I G N I F I C A N T E V E N T S A F T E R T H E R E P O R T I N G P E R I O D
Dr. Nicolas Lange’s Contract Renewed
The Supervisory Board of Knorr-Bremse AG renewed the contract with Dr. Nicolas Lange, member of the Executive Board
of Knorr-Bremse AG, ahead of time by five years as of October 2026.
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Acquisition of TRAVIS Road Services International B.V.
Knorr-Bremse signed a contract on October 20, 2025 to acquire TRAVIS Road Services International B.V., Eindhoven, Neth-
erlands, for a mid-double-digit million-euro sum. The closing is expected to take place by the end of Q1 2026. The acqui-
sition will enable Knorr-Bremse to expand a digital aftermarket ecosystem for commercial vehicles and invest in the fast-
growing market for data-driven services.
G U I D A N C E
Knorr-Bremse confirms its operating guidance for the 2025 fiscal year. The guidance is based on the assumption of stable
geopolitical and macroeconomic environments, exchange rates at the October 2025 level and no major impacts from
possible tariffs. Knorr-Bremse expects revenues between € 7,800 million and € 8,100 million, previously revised from orig-
inally € 8,100 million to € 8,400 million exclusively due to currency translation effects (2024: € 7,883 million), an operating
EBIT margin between 12.5% and 13.5% (2024: 12,3%) and free cash flow between € 700 million and € 800 million (2024:
€ 730 million).
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C O N S O L I D A T E D S T A T E M E N T O F I N C O M E
C O N S O L I D A T E D S T A T E M E N T O F I N C O M E
First Nine Months
in € million
2025
2024
Revenues
5,839
5,897
Change in inventory of unfinished/finished products
36
89
Own work capitalized
66
85
Total operating performance
5,941
6,071
Other operating income
66
71
Cost of materials
(2,742)
(2,913)
Personnel expenses
(1,603)
(1,535)
Other operating expenses
(721)
(716)
Earnings before interest, tax, depreciation, and amortization (EBITDA)
941
978
Depreciation, amortization, and impairment
(291)
(284)
Earnings before interest and taxes (EBIT)
650
694
Interest income
41
41
Interest expenses
(94)
(74)
Result from financial investments using the equity method
(20)
0
Impairment of other financial assets
(3)
(8)
Other financial result
29
(58)
Income before taxes
603
595
Taxes on income
(156)
(142)
Net income
447
453
of which attributable to:
Profit (loss) attributable to non-controlling interests
29
25
Profit (loss) attributable to the shareholders of Knorr-Bremse AG
418
428
Earnings per share in €
undiluted
2.59
2.66
diluted
2.59
2.66
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C O N S O L I D A T E D B A L A N C E S H E E T
A S S E T S
in € million
Sept. 30, 2025
Dec. 31, 2024
Assets
Intangible assets
876
933
Goodwill
860
883
Property, plant, and equipment
1,776
1,899
Investments accounted for using the equity method
47
36
Other financial assets
87
83
Other assets
103
102
Income tax receivables
2
1
Assets from employee benefits
18
24
Deferred tax assets
184
237
Non-current assets
3,953
4,198
Inventories
1,262
1,216
Trade accounts receivable
1,626
1,385
Other financial assets
121
89
Other assets
221
206
Contract assets
153
160
Income tax receivables
46
81
Cash and cash equivalents
1,398
2,263
Assets held for sale and disposal groups
–
16
Current assets
4,827
5,416
Total assets
8,780
9,614
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E Q U I T Y A N D L I A B I L I T I E S
in € million
Sept. 30, 2025
Dec. 31, 2024
Equity
Subscribed capital
161
161
Capital reserves
14
14
Retained earnings
309
309
Other components of equity
(296)
(144)
Group earnings
2,841
2,705
Equity attributable to the shareholders of Knorr-Bremse AG
3,029
3,045
Equity attributable to non-controlling interests
85
82
Equity
3,114
3,127
Liabilities
Provisions for pensions
201
239
Provisions for other employee benefits
34
32
Other provisions
208
228
Trade accounts payable
9
11
Financial liabilities
2,482
2,555
Other liabilities
17
13
Income tax liabilities
18
6
Deferred tax liabilities
70
90
Non-current liabilities
3,039
3,174
Provisions for other employee benefits
20
19
Other provisions
211
170
Trade accounts payable
1,144
1,128
Financial liabilities
648
1,391
Other liabilities
150
139
Contract liabilities
339
343
Income tax liabilities
115
113
Liabilities directly associated with assets held for sale
–
10
Current liabilities
2,627
3,313
Liabilities
5,666
6,487
Total equity and liabilities
8,780
9,614
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C O N S O L I D A T E D S T A T E M E N T O F C A S H F L O W S
C O N S O L I D A T E D S T A T E M E N T O F C A S H F L O W S
First Nine Months
in € million
2025
2024
Net income (including minority interests)
447
453
Adjustments for
Depreciation, amortization, and impairment losses on intangible assets and property, plant, and equipment
291
284
(Gain)/loss on the sale of consolidated companies and other business units
1
8
(Gain)/loss on the disposal of fixed assets
3
(1)
Non-cash changes in the measurement of derivatives
(80)
(5)
Other non-cash expenses and income
(20)
52
Interest result
53
33
Investment result
20
(1)
Income tax expense
156
142
Income tax payments
(114)
(154)
Changes of
Inventories, trade accounts receivable, and other assets that cannot be allocated to investing or financing activi-
ties, including write-downs on these assets
(395)
(413)
Trade accounts payable, provisions, and other liabilities that cannot be allocated to investing or financing activi-
ties
143
30
Cash flow from operating activities
505
428
Proceeds from the sale of intangible assets
–
4
Disbursements for investments in intangible assets
(69)
(82)
Proceeds from the sale of property, plant, and equipment
1
31
Disbursements for investments in property, plant, and equipment
(118)
(133)
Proceeds from financial investments and from the sale of investments
0
191
Disbursements for investments in financial assets
(16)
(44)
Proceeds from the sale of consolidated companies and other business units less cash and cash equivalents dis-
posed of
8
(20)
Disbursements for the acquisition of consolidated companies and other business units
less cash and cash equivalents acquired
(8)
(636)
Interest received
33
32
Other disbursements
(3)
(3)
Cash flow from investing activities
(172)
(660)
Proceeds from borrowings
66
1,096
Disbursements from the repayment of borrowings
(772)
(25)
Disbursements for lease liabilities
(55)
(51)
Interest paid
(83)
(52)
Dividends paid to parent company shareholders
(282)
(264)
Dividends paid to non-controlling interests
(17)
(13)
Proceeds from grants and subsidies
4
4
Payments from settlement of derivatives
6
(21)
Cash flow from financing activities
(1,133)
674
Cash flow changes in cash funds
(800)
442
Change in cash funds resulting from exchange rate and valuation-related movements
(66)
(15)
Change in cash funds
(866)
427
Cash funds at the beginning of the period
2,230
1,283
Cash funds at the end of the period
1,364
1,710
Cash and cash equivalents
1,398
1,760
Short-term bank debt (less than 3 months)
(34)
(50)
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This interim report contains statements regarding future developments which can represent forward-looking statements.
Such statements are to be recognized in terms, among others, such as "expect", "anticipate" and their negation and similar
variations or comparable terminology. These statements – just as every business activity in a global environment – are
always associated with uncertainty. These statements are based on convictions and assumptions of the Management
Board of Knorr-Bremse AG, which in turn are based on currently available information. The following factors could affect
the success of our strategic and operational measures: macroeconomic or regional developments, changes in the general
economic conditions, especially a continuing economic recession, changes in exchange rates and interest rates, changes
in energy prices and material costs, insufficient customer acceptance of new Knorr-Bremse products or services, including
growing competitive pressure. Should these factors or other uncertainties arise, or the assumptions underlying the state-
ments turn out to be incorrect, the actual results can vary from the forecast results. Knorr-Bremse assumes no obligation
and does not intend to continually update or correct forward-looking statements and information. They relate to the
conditions as of the date of their publication.
This document contains supplementary financial figures not precisely defined in the relevant financial reporting frame-
work which represent or could represent so-called alternative performance indicators. Knorr-Bremse’s financial position,
financial performance, and cash flows should not be assessed solely on the basis of these alternative supplemental finan-
cial 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. Other companies which pre-
sent or report performance figures with similar designations may calculate these differently. Due to rounding, it is possible
that individual figures in this and other documents do not add up exactly to the reported total and that reported per-
centages do not reflect the absolute values to which they relate.
This document is a quarterly report pursuant to Section 53 of the Stock Exchange Regulations issued by the Frankfurt
Stock Exchange.
