Konecranes published its Financial Statement Release 2025 on February 5, 2026. Following the release, we have met with investors in Helsinki, London and Paris and had various virtual one-on-one calls and group meetings. Here we have summarized the main messages and discussion topics.
Profitability improved in Q4 2025
Order intake and net sales continued on a solid level during the last quarter of 2025, even though both decreased against a strong comparison period; orders declined by 4.3% in comparable currencies and sales by 1.3%. However, comparable EBITA margin increased to 14.1% and was driven by good execution, pricing and efficient cost management. Profitability improved in Industrial Service and Industrial Equipment but decreased in Port Solutions.
Year 2025 reflects Konecranes’ strength
Solid performance in the fourth quarter sealed excellent full year results. In 2025, orders increased by 11.6% in comparable currencies and Konecranes closed the year with a robust order book of nearly EUR 3 billion. Sales remained relatively stable compared to 2024. Profitability was record high as the annual comparable EBITA margin increased to 14.0%. Improvement was mainly driven by good execution and cost management. This is now the third consecutive year of profitability improvement in all three Business Areas.
Free cash flow was also on a record level, resulting in a strong balance sheet at year-end. Net debt free balance sheet provides flexibility to grow and pay dividends in line with Konecranes’ dividend policy.
Earnings per share for 2025 was EUR 5.05. Konecranes’ Board of Directors is proposing a dividend of EUR 2.25 per share to be paid for year 2025, aligned with the dividend policy.
In 2025, we successfully executed our strategy throughout the year across our businesses, despite the uncertain operating environment. Looking into 2026 and beyond, we have an ambition to create long-term value through growth by further leveraging our strengths – broad customer access, technology leadership and lifecycle model. Our strong financial position, wide offering and global market leadership provide attractive opportunities which we are actively evaluating.
Demand outlook and guidance
We have not seen any major changes in our market environment thanks to our diversified customer base. Sales funnels remain on a good level in all Business Areas, but we continue to observe somewhat longer decision-making times within our customers.
Within the industrial customers segment, we expect our demand environment to remain on a healthy level. For our port customers, container throughput continues to be on a high level, and the long-term prospects for container handling remain good. However, uncertainty related to geopolitics and trade policy tensions remains high.
Konecranes expects net sales to remain approximately on the same level or to increase in 2026 compared to 2025, and comparable EBITA margin to remain approximately on the same level in 2026 compared to 2025.
Questions & Answers
What is the basis for your guidance? Why didn’t you guide for increasing sales?
Our sales guidance is mainly based on expected order intake and the timing of our orderbook. Our order intake has remained on a good level for a longer time and improved clearly in 2025 compared to 2024. At the end of 2025, our orderbook to be delivered in 2026 was somewhat over EUR 100 million higher versus the orderbook to be delivered in 2025 a year ago.
As we are guiding our net sales to remain approximately on the same level or to increase in 2026, we expect to see positive development compared to 2025. However, we have also considered the uncertainty in the operating environment as stated in our outlook.
Regarding comparable EBITA margin guidance, orderbook is higher, which is a key positive for operating leverage and EUR/USD FX rate is a key negative, if it stays on current level. Our orderbook margins are healthy. We have strengthened the company structurally through self-help actions over the past years and improved our profitability. There is still room to improve, but as many of the “low hanging fruits” have been already taken, underlying volume improvement becomes even more important.
Comparable EBITA margin of 14.0% is historically a very high level and we expect it to remain approximately on the same level in 2026 as we have stated in our guidance.
How does the demand environment look like for the industrial businesses?
Demand environment within industrial customer segments continues on a healthy level. However, uncertainty related to geopolitics and trade policy tensions remains high.
We have not seen any major changes in our market environment and sales funnels remain on a good level. In the US, service sentiment has turned somewhat better, while the surprising strength in equipment business is moderating. As we have mentioned earlier, decision-making times are somewhat longer.
Why was Port Solutions’ order intake so much lower in the fourth quarter and how does your order pipeline look like for 2026?
In the fourth quarter, customer activity continued on a good level, especially within Lift Trucks. Order intake was solid, but the comparison period was strong.
In 2025, Port Solutions’ order intake increased by 21.2% in comparable currencies compared to the previous year. At the end of 2025, Port Solutions’ orderbook is over a EUR 100 million higher than at the end of 2024. We have a good order pipeline consisting of projects of different sizes and customer activity continues on a good level.
For Port Solutions, fluctuating order intake is business as usual and it is not easy to estimate the exact timing of customers’ decision-making and order bookings.
Container throughput continues to be on a high level, and the long-term prospects for container handling remain good.
Is your order book on a good level and what is the periodization between years?
We closed the year 2025 with a strong order book of nearly EUR 3 billion, which is 7% higher compared to the previous year in comparable currencies. Our order book for year 2026 is EUR 2.3 billion, and for 2027 and beyond EUR 0.7 billion.
Why do you continue to highlight the service agreement base?
We aim to increase our service business in line with our strategy – it provides both stability and high margins. Agreement base expansion is the core engine for service orders growth. In 2025, our agreement base increased by 4.4% in comparable currencies.
How was order intake in the so-called short-cyclical and early cyclical products? How does their demand outlook look like?
In the fourth quarter, component and Lift Truck orders increased both sequentially and year-on-year. Standard crane orders were flat sequentially but decreased year-on-year.
We do not give product group level demand outlook comments. Overall, we consider that our industrial demand environment is healthy at the moment, but the uncertainty due to geopolitical and trade policy tensions remains high.
Comparable EBITA margin increased year-on-year both for the quarter and full year but decreased sequentially. What was driving these?
In the fourth quarter, comparable EBITA margin increased to 14.1% (13.2% in Q4/24) and was driven by good execution and pricing, which was supported by some timing-related tariff impacts, as well as efficient cost management.
Looking at the sequential development, the third quarter was exceptionally strong, and profitability was supported by positive one-off items.
In 2025, comparable EBITA margin increased to 14.0% (13.1% 2024) and was supported by good execution and cost management.
We expect that we are able to retain the current profitability level, and therefore, our guidance for year 2026 is that we expect our comparable EBITA margin to remain approximately on the same level compared to 2025.
Profitability improved year-on-year in Industrial Service, despite volume being lower. What was driving the development?
In the fourth quarter, comparable EBITA margin increased to 21.9% (20.6% in Q4/24) and was positively impacted by pricing, good execution and efficient cost management.
In 2025, comparable EBITA margin increased to 21.8% (21.0% in 2024), mainly thanks to pricing, execution and good cost management.
Generally, volume growth would support us in improving margins, even though we have a good track record of improving Industrial Service margins with also flat sales.
In Industrial Equipment, comparable EBITA margin increased year-on-year despite lower volumes – what was driving this and is the level sustainable?
In the fourth quarter, comparable EBITA margin increased to 11.7% (9.7% in Q4/24), mainly due to solid execution, pricing and favourable product mix.
In 2025, comparable EBITA margin was 9.4% (9.0% in 2024), and was mainly driven by good execution and mix.
The Industrial Service and Equipment optimization program continued to contribute to our performance, and the positive impact for year 2025 was some EUR 10 million.
We have improved Industrial Equipment profitability structurally, thanks to actions such as product platform harmonization and go-to-market model simplification.
In Port Solutions, comparable EBITA margin declined year-on-year and sequentially. Is there a reason to be concerned?
In the fourth quarter, comparable EBITA margin decreased to 9.2% (9.7% in Q4/24) and the decrease was mainly due to lower volume, but also less advantageous mix, partly offset by good project execution.
Sales decreased by 7.1% in comparable currencies, mainly due to the timing of the order book. Quarterly fluctuation is normal in the business, and no conclusions should be made based on the development of only one quarter.
In 2025, comparable EBITA margin increased to 10.5% (9.3% 2024) and was driven by good execution and mix.
What are your priorities in terms of capital allocation?
We aim to grow organically and through M&A and are committed to our dividend policy. After these, we can consider also other options for the capital.
What kind of M&A are you looking at and what is your criteria?
We are active in the M&A front and look for suitable acquisitions to expand our geographical presence or product portfolio. The market continues to provide opportunities for expansion and growth, and we are well positioned in the global landscape.
We focus on core or near-core acquisitions, especially in Industrial Service and port service, but there could also be technology related ones. We also evaluate opportunities in adjacencies.
We consider carefully the valuation and strategic suitability to Konecranes, but we have not disclosed any financial criteria. Each opportunity is evaluated case by case, considering all the aspects of the potential investment decision.
Why did you decide to increase dividend, and does it limit your M&A capabilities?
We believe our business model is able to generate sufficient cash over the cycle and our dividend is on a sustainable level. Proposed dividend does not limit our M&A capabilities, and we were net debt free at the end of the year.
