Knorr-Bremse stock slips below Xetra close as Rail orders lag

Published on 11/12/2026 at 17:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Knorr-Bremse stock faced mixed signals after strong third-quarter margins and weaker Rail orders. Management kept its 2026 outlook.

Margin strength meets Rail caution

Third-quarter revenue and operating EBIT increased from the prior-year period.
Truck order intake strengthened, while Rail order intake remained the main execution issue.
Management retained its 2026 revenue, margin and free cash flow outlook.

Knorr-Bremse, DE000KBX1006, Illustration mit AI erstellt.

Knorr-Bremse stock traded at 98.75 euros on Lang & Schwarz at 17:44 CET on Thursday, November 12, 2026, 0.30 percent below the Xetra close of 99.05 euros on Thursday. The latest quote is 2.38 percent above the 96.45-euro quote cited in the company's previous report dated November 10.

The new market snapshot follows Knorr-Bremse's strong third quarter, reported on October 28, and the company's decision to retain its 2026 outlook. The latest ad-hoc-news report said profitability and cash generation improved, while divisional order trends remained uneven.

Profitability strengthens across the group

Revenue for the July-to-September period rose 9.0 percent from the prior-year quarter to 2.051 billion euros. Operating EBIT increased 19.1 percent to 299 million euros, lifting the operating EBIT margin to 14.6 percent from 13.3 percent.

Free cash flow reached 238 million euros, about 50 percent above the prior-year quarter. Knorr-Bremse described the operating result as its second-highest quarterly level in company history.

Truck growth offsets Rail caution

Rail revenue increased 6.1 percent to 1.114 billion euros and operating EBIT advanced 9.9 percent to 197 million euros. Rail order intake nevertheless fell to 1.05 billion euros as customer orders were postponed and one European project was not pursued for profitability reasons.

Knorr-Bremse expects partial catch-up in the fourth quarter, with Rail order intake targeted at about 1.2 billion euros. Truck supplied the stronger demand signal: order intake rose 30.1 percent to 1.018 billion euros, revenue climbed 12.5 percent to 938 million euros and operating EBIT increased 31.9 percent to 116 million euros.

Full-year framework remains intact

Management confirmed 2026 revenue guidance of 8.1 billion to 8.3 billion euros, an operating EBIT margin of 14.0 percent to 14.5 percent and free cash flow of 750 million to 850 million euros. Revenue and free cash flow are expected at the upper ends of those ranges.