New Risk • Jun 09
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Upcoming Dividend • May 22
Upcoming dividend of €0.62 per share Eligible shareholders must have bought the stock before 29 May 2026. Payment date: 02 June 2026. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Italian dividend payers (4.5%). Higher than average of industry peers (1.0%). New Risk • May 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • May 05
First quarter 2026 earnings released: EPS: €0.69 (vs €0.36 loss in 1Q 2025) First quarter 2026 results: EPS: €0.69 (up from €0.36 loss in 1Q 2025). Revenue: €2.77b (flat on 1Q 2025). Net income: €89.9m (up €137.7m from 1Q 2025). Profit margin: 3.2% (up from net loss in 1Q 2025). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Declared Dividend • Apr 19
Dividend reduced to €0.62 Dividend of €0.62 is 24% lower than last year. Ex-date: 29th May 2026 Payment date: 2nd June 2026 Dividend yield will be 1.3%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 1.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 119% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €48.76, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Machinery industry in Italy. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €87.31 per share. New Risk • Feb 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 72% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (72% net debt to equity). Profit margins are more than 30% lower than last year (2.0% net profit margin). Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: €1.76 (vs €2.75 in FY 2024) Full year 2025 results: EPS: €1.76 (down from €2.75 in FY 2024). Revenue: €11.3b (down 1.8% from FY 2024). Net income: €230.1m (down 36% from FY 2024). Profit margin: 2.0% (down from 3.1% in FY 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year. Buy Or Sell Opportunity • Feb 11
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €63.40. The fair value is estimated to be €79.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. New Risk • Nov 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Tillkännagivande • Oct 14
KION GROUP AG to Report Fiscal Year 2025 Results on Feb 26, 2026 KION GROUP AG announced that they will report fiscal year 2025 results on Feb 26, 2026 Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: €0.72 (vs €0.52 in 2Q 2024) Second quarter 2025 results: EPS: €0.72 (up from €0.52 in 2Q 2024). Revenue: €2.71b (down 5.9% from 2Q 2024). Net income: €94.5m (up 39% from 2Q 2024). Profit margin: 3.5% (up from 2.4% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 5.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 5.6% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (1.8% net profit margin). New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings have declined by 5.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 5.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.8% net profit margin). Upcoming Dividend • May 21
Upcoming dividend of €0.82 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (1.6%). New Risk • May 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.8% net profit margin). Tillkännagivande • May 02
KION GROUP AG Provides Earnings Guidance for the Year 2025 KION GROUP AG provided earnings guidance for the year 2025. For the year, the company expects Revenue to be €10,900 million - €11,700 million. Reported Earnings • May 02
First quarter 2025 earnings released: €0.36 loss per share (vs €0.83 profit in 1Q 2024) First quarter 2025 results: €0.36 loss per share (down from €0.83 profit in 1Q 2024). Revenue: €2.79b (down 2.5% from 1Q 2024). Net loss: €47.8m (down 144% from profit in 1Q 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 09
KION GROUP AG Announces Board Changes KION GROUP AG announced the current Chairman of the Supervisory Board, Hans Peter Ring, will not be available for re-election at the Annual General Meeting when his term of office expires on May 27, 2025. The candidate to succeed him is Dr. Mohsen Sohi. Dr. Sohi, born in 1959, is currently CEO of Freudenberg SE and Spokesman of the Board of Management of Freudenberg & Co. Kommanditgesellschaft and has extensive experience in the management of internationally oriented companies. Previously, Dr. Sohi was President and CEO of Freudenberg-NOK General Partnership in Plymouth, Michigan (USA) and held executive positions at NCR Corporation and Honeywell. He holds an MBA from the Wharton School of Management, University of Pennsylvania, Philadelphia (USA) and a Doctor of Science in Mechanical Engineering from Washington University, St. Louis, Missouri (USA). The terms of office of Supervisory Board members Jiang Kui, Dr. Christina Reuter and Xu Ping will also end on 27 May 2025. Jiang Kui is available for a further term. In addition, Dr. Nicolas Peter will resign from his office as a member of the Supervisory Board with effect from the end of the Annual General Meeting on 27 May 2025. Additionally, the election of Dr. Sun Shaojun, who was appointed to the Supervisory Board in October 2024 is on the agenda. Elections of six shareholder representatives to the Supervisory Board are therefore required at the Annual General Meeting. Tillkännagivande • Apr 08
KION GROUP AG, Annual General Meeting, May 27, 2025 KION GROUP AG, Annual General Meeting, May 27, 2025, at 10:00 W. Europe Standard Time. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €31.55, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Machinery industry in Italy. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €61.48 per share. 
