Slides
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Krones Preliminary Figures 2025 Conference Call February 19, 2026 Christoph Klenk, CEO Uta Anders, CFO
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Krones continued profitable growth path in 2025 – Executive Board forecasts further revenue and profitability growth for 2026 Krones markets are generally less affected by economic fluctuations and Krones’ customers continue to show robust willingness to invest. However, the global un- certainties are influencing our customers' final investment decisions. Order intake in Q4 2025 at €1.5 billion and 8.6% above prior year. At €5.6 billion, order intake for the fiscal year 2025 exceeded the high prior- year figure by 1.9%. Order backlog with €4.2 billion and a book-to-bill ratio after 12 months 2025 of 0.98x. Revenue growth in 2025 by 7.0% and in line with our target. Revenues include negative currency translation effects in an amount of €99 million. The strong Free cash flow (w/o M&A) in Q4 2025 with €203 million (prior year: €148 million) contributed to an amount of €283 million for the full year 2025 and to a high amount in liquidity at year-end. ROCE, as the third target figure, with 19.1% fully in range of our expectations for FY 2025 (18% to 20%). EBITDA margin in Q4 2025 improved significantly from 10.3% to 11.0%. With an improved EBITDA margin of 10.6% (previous year: 10.1%), Krones has achieved its margin target for 2025 of 10.2% to 10.8%. EBT margin increased in 12 months 2025 to 7.5% vs. 7.2% prior year. Targets for 2026 follow the profitable growth strategy of Krones. For 2026 the revenue growth target is 3% to 5%; adjusted for currency translation effects. With the expected profitable growth, the EBITDA margin target for 2026 is 10.7% to 11.1%. For the third key figure, the ROCE, Krones plans a range of 19% to 20% in 2026. Mid term targets 2028 with revenue around €7 billion and an EBITDA margin of 11% to 13% are confirmed. ROCE expected >20%. Krones Conference Call February 19, 20262
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Krones highlights Q1 – Q4 2025 Order intake Revenue EBITDA margin Free cash flow w/o M&A €5.56 billion +7.0% 10.6% +€283 million €5,664 million (PY 10.1%) (PY +€293 million)(PY €5.46 billion) Krones Conference Call February 19, 20263
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Targets 2025 achieved Revenue growth 7% – 9% EBITDA margin 10.2% – 10.8% ROCE 18% – 20% 4 Krones Conference Call February 19, 2026 7.0% All three key figures for 2025 were fully achieved ✓ Targets Actuals 10.6% ✓ 19.1% ✓
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Order intake (€ million) Order intake increases significantly in Q4 2025; pipeline is still robust − Order intake rose significantly from October to December 2025, reaching €1.5 billion, which is 8.6% higher than in the previous year − At €5,565 million, order intake for the fiscal year 2025 exceeded the high prior-year figure by 1.9% − As expected, book-to-bill ratio after 12 months 2025 was at 0.98x 5 Krones Conference Call February 19, 2026 Krones' markets are generally less affected by economic fluctuations. However, Krones is not entirely unaffected by the uncertain macroeconomic and geopolitical developments. These uncertainties continue to exist even for our customers. 1,345 1,483 1,323 Q3 Q4 FY 2023 1,310 FY 2024 1,328 1,513 1,273 FY 2025 Q2 Q1 Order intake (€ million) 5,461 +1.6% 1,263 1,436 5,377 -7.0% 1,294 5,565 +1.9% 1.375 1,460
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Order backlog (€ million) − Order backlog after 12 months of 2025 remained at a very high level of €4.2 billion − With a stronger growth in revenue than in order intake, the order backlog was slightly reduced by 2.3% − Delivery times improved in 2025 to around 40 weeks 6 Krones Conference Call February 19, 2026 High order backlog utilizes production well into the third quarter 2026. This offers Krones a high degree of financial visibility in a challenging global economic situation. Order backlog (€ million) 4,122 +18.9% 4,190 -2.3% FY 2023 FY 2024 FY 2025 4,290 +4.1%
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7 Krones Conference Call February 19, 2026 Share of revenues (Q1 – Q4 ) North and Central America South America Europe Middle East and Africa Asia/Pacific China Eastern Europe/ Central Asia 2023 2024 2025 25.3% 23,1% 21.2% 2023 2024 2025 10.1% 10.4% 10.8% 2023 2024 2025 28.3% 28.3% 30.1% 2023 2024 2025 9.4% 11.0% 12.7% 2023 2024 2025 5.1% 7.2% 7.3% 2023 2024 2025 7.4% 7.7% 6.3% 2023 2024 2025 14.4% 12.3% 11.6% Krones‘ internationally balanced customer base – with 51% sales in developed markets and 49% in emerging markets – is one of its strategic strenghts
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1,199 1,247 1,410 1,122 1,309 1,317 1,165 1,319 1,381 1,235 1,419 1,556 FY 2023 FY 2024 FY 2025 Revenue development by quarter (€ million) Krones continues its profitable growth path and increased revenue by 7.0% after 12 months of 2025 − Despite difficult macroeconomic conditions, sales rose to €5.7 billion in 2025, mainly reflecting volume effects. Krones has thus achieved its growth target for 2025 of 7% to 9% despite negative currency translation effects in an amount of €99 million − As expected, revenue increased in Q4 2025 by 9.7% vs. prior year − For 2026 Krones expects a revenue growth of 3% to 5% adjusted for currency translation effects − With this growth Krones is in line with mid- term target for 2028 of around €7 billion 5,294 +12.1% Q1 Q2 Q3 Q4 8 Krones Conference Call February 19, 2026 4,721 +12.2% 5,664 +7.0%
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114.9 125.4 149.3 106.5 130.8 139.2 110.9 134.9 142.2 146.0 171.6 9.7% 10.1% 10.6% Krones strengthens profitability significantly (€ million and %) EBITDA margin in 2025 at 10.6% with EBITDA at €602 million (+12.2%) − EBITDA margin in Q4 2025 improved significantly from 10.3% to 11.0%. This is the highest margin in a quarter Krones has ever achieved − With an improved EBITDA margin of 10.6% (previous year: 10.1%), Krones has achieved its margin target for 2025 of 10.2% to 10.8%. − For 2026 Krones expects a further increase in EBITDA margin of 10.7% to 11.1%, thus continuing Krones' profitable growth − The mid-term target for 2028 for the EBITDA margin of 11% to 13% is also confirmed EBITDA (€ million) EBITDA margin 31.12. in % Q1 Q2 Q3 Q4 9 Krones Conference Call February 19, 2026 457.3 +22.5% 537.1 +17.5% FY 2023 FY 2024 FY 2025 125.0 602.3 +12.2%
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89.0 107.9 96.7 83.0 6.6% 7.2% 7.5% EBT and EBT margin by quarter (€ million and %) EBT margin increased in 2025 to 7.5% vs. 7.2% prior year − After 12 months in 2025, EBT also increased by 11.1% up to €424 million and a EBT margin of 7.5% − EBT was just slightly influenced by a financial income of €7.1 million − EBT margin is in line with expectations for 2025 310.5 +28.3% FY 2024 FY 2025 Q1 Q2 Q3 Q4 89.9 FY 2023 381.6 +22.9% 10 Krones Conference Call February 19, 2026 75.1 74.3 78.1 EBT (€ million) EBT margin 31.12. in % 106.0 424.1 +11.1% 97.6 96.8 121.8
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2,382 2,713 2023 2024 2025 Personnel and material expenses Q1 – Q4 (€ million and %) − Despite an increasing number of employees (+5%) in the last 12 months and raised wages and salaries in 2025 the personnel costs increased just by 8%. The personnel cost ratio for the full year 2025 was at 30.1% − The material cost ratio decreased to 47.8% in 2025. In addition to cost savings, increased efficiency impacted the ratio in the 12 months of 2025 The present price structure offsets the actual cost developments in both categories Personnel costs Q1 – Q4 (€ million) Material costs Q1 – Q4 (€ million) 1,391 1,581 1,706 2023 2024 2025 Material expenses to total performance (%) Personnel expenses to total performance (%) 29.5% 29.7% 50.4% 49.0% 47.8% 11 Krones Conference Call February 19, 2026 2,603 30.1%
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18,513 20,379 21,339 10,654 11,312 11,735 7,859 9,067 9,604 Krones employees worldwide Germany Workforce expands 3.7% in 2025; outside of Germany headcount increased by 5.9%. Total headcount in the USA is around 1,600. Total Germany RoW 31.12.2023 31.12.2024 31.12.2025 Thereof KAG 12 Krones Conference Call February 19, 2026 9,8839,056 9,539
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2023 2024 2025 Filling and Packaging Technology − After a strong growth in Q4 2025 (+10%), the revenue in the core segment increased in 12 months 2025 by 7.2%; this means that the growth target of 7% to 9% was achieved despite negative currency translation effects − The EBITDA increased by 11.5% and the margin was at 10.8% and in the range of our expectations (target 2025: 10.5% to 11.0%); EBITDA margin in Q4 2025 was at 11.2% − For 2026 Krones expects a revenue growth of 2% to 4% adjusted for currency translation effects and an EBITDA margin of 11.0% to 11.5% Revenue development Q1 – Q4 (€ million) Segment EBITDA (€ million) and EBITDA margin (%) Q1 – Q4 402.3 464.3 517.8 2023 2024 2025 10.3% 10.4% 10.8% 3,925 4,454 4,774 13 Krones Conference Call February 19, 2026 Revenue and EBITDA per segment (1/3)
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34.7 49.5 52.9 Process Technology − Revenue in 2025 increased slightly by 1.2% yoy and is in the range of our expectations (target 2025: 0% to 5%). Revenue in units and components business (pumps and valves) developed well, whereas customers postpone investment decisions for turnkey projects − The weaker turnkey project market will influence the revenue growth in 2026 − EBITDA margin after 12 months 2025 of 10.3% significantly improved (prior year: 9.7%). In Q4 the EBITDA margin was at 9.6% − For 2026 Krones expects a revenue growth of 0% to 5% adjusted for currency translation effects and an EBITDA margin of 9.0% to 10.0% 453 508 514 2023 2024 2025 2024 2025202314 Krones Conference Call February 19, 2026 7.7% 9.7% 10.3% Revenue development Q1 – Q4 (€ million) Segment EBITDA (€ million) and EBITDA margin (%) Q1 – Q4 Revenue and EBITDA per segment (2/3)
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20.3 23.2 31.6 Revenue and EBITDA per segment (3/3) Intralogistics − Despite challenging conditions on the international markets for intralogistics, revenue continued to develop well in the first 12 months 2025 and increased by 13.2% − The EBITDA margin increased strongly from 7.0% to 8.4%. The focus on smaller projects with good margins are reflected in the earnings development − For 2026 Krones expects a revenue growth of 5% to 10% adjusted for currency translation effects and an EBITDA margin of 7.5% to 8.5% 343 332 376 2023 2024 2025 2024 2025202315 Krones Conference Call February 19, 2026 5.9% 7.0% 8.4% Revenue development Q1 – Q4 (€ million) Segment EBITDA (€ million) and EBITDA margin (%) Q1 – Q4
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1,715 1,922 2,128 31.12.2023 31.12.2024 31.12.2025 Equity (€ million) and equity ratio (in %) Krones strengthens its financial position; maintaining a robust capital base is essential to manage global economic volatility Free credit lines €888m Used credit lines €1m Cash €549mTotal €1,437m − With €549 million in cash and €888 million in free credit lines, Krones holds a solid financial foundation, totaling €1.4 billion in liquidity reserves − Despite of payment for dividends (€82.1 million) and increased business activity in 2025 (+7.0% in revenues) the equity increased by €207 million with an increased equity ratio of 42.2% Liquidity reserves 31.12.2025 16 Krones Conference Call February 19, 2026 38.3% 40.5% 42.2%
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Working Capital 2025 (in %) Working Capital stabilized at 17.3% (vs. 17.0% prior year) − In absolute terms receivables/POC increased by 4.1%, with a revenue growth of 7.0%, consequently, their share relative to revenue decreased by 1.0% − Inventory slightly decreased, representing 12.5% of revenue (vs. 12.9% prior year) − Payables remained stable, representing 15.5% of revenues, with a growth in Euro amount of 8.3% − The prepayments decreased by 1.9% relative to revenues, but remain on a high level Part of Working Capital in % of revenue (last 12 months) Working Capital of revenue Q4 (%, average over four quarters) 17.8 17.0 17.3 2023 2024 2025 14.5 12.9 12.5 15.6 15.4 15.5 22.1 17.5 15.6 Payables Receivables/PoC Inventory Received prepayments 31 Dec 2025 31 Dec 2024 31 Dec 2023 17 Krones Conference Call February 19, 2026 39.3 36.2 35.2
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Free cash flow Q1 – Q4 With a strong operative cash flow in 2025 the free cash flow (w/o M&A) was at €283 million again on a very high level − The positive earnings performance contributed to €446 million in cash flow from operating activities, although working capital increased by €80 million − Capital expenditures totaled €185 million and are on same level as prior year (€181 million); with an investment ratio of 3.3% (prior year: 3.4%) − The strong Free cash flow (w/o M&A) in Q4 2025 with €203 million (prior year: €148 million) contributed to the high amount in liquidity for the full year 2025 − Financing activities include mainly payments for dividends (€82.1 million) and for leasing (€ million) 2025 2024 Earnings before taxes (EBT) 424.1 381.6 +/– Other non-cash changes +257.3 +207.8 +/– Change in Working Capital -80.0 -89.4 +/– Other assets and liabilities -155.1 -47.4 Cash flow from operating activities 446.3 452.2 +/– Capex -185.1 -181.1 +/– Other +21.7 +21.4 Free cash flow w/o M&A 282.9 292.5 +/– M&A-Activities -35.2 -179.3 Free cash flow reported 247.7 113.2 +/– Financing activities/Others -128.1 -119.1 Net change in cash -12.6 -5.9 Cash at the end of period 549.5 442.5 18 Krones Conference Call February 19, 2026
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Free cash flow Strong growth in free cash flow in Q4 2025, in line with expectations − After 12 months the free cash flow was at a very high level. After a strong cash generation in the fourth quarter, Krones have a comfortable liquidity situation − Also, the cash conversion rate after 12 months of 2025 was on a high and expected level of 95% Free cash flow (without M&A) in € million 203 398 13 293 283 2022 FY 2023 FY 2021 FY 2024 FY 2026e FYKrones Conference Call February 19, 202619 2025 FY
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ROCE − ROCE reached 19.1% in 2025, in line with the full-year target range of 18% to 20%, and exceeding the 18.2% of prior year − This positive improvement is primarily driven by an 13% increase in EBIT during the period − The rise in earnings offsets the continued growth in working capital and fixed assets driven by increased business activities − The target for 2026 with a range of 19% to 20% reflects the further profitable growth of Krones and confirms the mid- term target of more than 20% ROCE Q1 – Q4 2023 – 2025* in % 17.3 18.2 19.1 2023 2024 2025 * ROCE without one-offs, goodwill and financial assets 20 Krones Conference Call February 19, 2026
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Outlook 2026 21 Krones Conference Call February 19, 2026
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Krones Outlook 2026 further growth and improvement of profitability Revenue growth 3% – 5%* EBITDA margin 10.7% – 11.1% ROCE 19% – 20% There are various unpredictable factors that could affect the company’s business processes and production. These include geopolitical risks in Europe, the Middle East and other parts of the world. Another source of uncertainty is the global tariff policy, which could create a downturn in global trade. Material shortages and problems in global supply chains also remain a source of uncertainty. The reliability of forecasting revenue is impacted by significant volatility of exchange rates. 22 Krones Conference Call February 19, 2026 *adjusted for currency translation effects
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Krones Outlook 2026 – Segment targets Krones Conference Call February 19, 202623 2% – 4% Filling and Packaging Technology Process Technology Intralogistics Revenue* growth EBITDA margin 0% – 5% 5% – 10% 11.0% – 11.5% 9.0% – 10.0% 7.5% – 8.5% *adjusted for currency translation effects
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Mid term targets 2028 2025 2028 target 10.6% 11% – 13% Revenue, bn € EBITDA margin, % ROCE, % 2025 2028 target 5.7 bn ~7 bn 2025 2028 target 19.1% >20% ~7% Revenue CAGR +0.4 – 2.4 ppt EBITDA >1 ppt ROCE Krones Conference Call February 19, 202624
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Key take aways 1. Krones has continued its path of profitable growth in 2025 and improved profitability significantly 2. In 2025, revenue increased by 7.0% (including currency translation effects in an amount of €99 million), and the EBITDA margin reached 10.6%, so completely in line with expectations 3. With a strong order backlog of €4.2 billion, Krones has good planning visibility and secured capacity utilization well into Q3 2026. Free Cash flow was again on a very high level 4. Despite challenging global economic conditions, the beverage market remains robust, and customer investment activity continues, although uncertainties persist 5. With the targets for 2026 Krones follows the profitable growth strategy and confirms the ambitious mid-term targets 2028 6. For 2026 the revenue growth target is 3% to 5%; adjusted for currency translation effect. The EBITDA margin target is 10.7% to 11.1%. The ROCE is planned in a range of 19% to 20% Krones Conference Call February 19, 202625
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Questions and Answers 26 Krones Conference Call February 19, 2026
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Krones Conference Call February 19, 202627 Conference Call Preliminary Figures 2025
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Thank you for your attention! 28 Krones Conference Call February 19, 2026
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Financial calendar 2026 Olaf Scholz Head of Investor Relations KRONES AG Böhmerwaldstrasse 5 93073 Neutraubling Germany Mail Olaf.Scholz@krones.com Phone +49 9401 70-1169 29 Krones Conference Call February 19, 2026 May 8, 2026 Conference Call Group Quarterly statement for the period from January 1 to March 31, 2026 June 9, 2026 Annual General Meeting in Regensburg July 29, 2026 Conference Call Group Quarterly statement for the period from January 1 to June 30, 2026 November 6, 2026 Conference Call Group Quarterly statement for the period from January 1 to September 30, 2026
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Disclaimer This investor presentation contains forward-looking statements that are based on current estimates, forecasts and assumptions made by Krones AG management to the best of its knowledge and other information currently available to Krones AG. The forward-looking statements of this presentation are by their very nature subject to various known and unknown risks, uncertainties and other factors, the non-occurrence or occurrence of which could cause material differences in future results of operations, financial situation, development or performance of Krones AG. Factors that could cause such differences include but are not limited to changes in political, business, economic and competitive environment, effects of future legal and legislative issues, fiscal, and other regulatory measures, foreign exchange rate fluctuations, interest rates, the availability of financing, developments in raw material and personnel costs, launches of competing products or services, poor acceptance of new products or services, and changes in business strategy. Krones AG does not intend and does not assume any liability whatsoever to publicly update or revise any forward-looking statements or other information contained in this presentation as a result of new information, future events or otherwise. No representation or warranty, express or implied, is made by Krones AG and/or its management with respect to the fairness, completeness, correctness, reasonableness, or accuracy of any information, facts, expectations or opinions contained herein. Neither Krones AG nor any of its affiliates, representatives or advisors shall have any liability whatsoever (in negligence or otherwise) for any losses or damages arising from any use of this presentation or its content or otherwise arising in connection with the statements given herein. Krones Conference Call February 19, 202630