Berenberg Cuts Price Target, Estimates for Kion Group Amid Lower Q2 Orders

Berenberg reduced its price target and earnings projections for Kion Group (KGX.F) after the company flagged a decline in second-quarter order intake during a pre-close call. "In summary, Q2 order intake appears to be a low- to mid-single-digit percentage below prior consensus forecasts following a strong Q1 that was helped by pre-buying, while revenues and adjusted EBIT are slightly ahead. We update our forecasts and maintain our Hold rating," analysts said in a Friday note. As such, Berenberg expects the supply chain company's second-quarter order intake to stand at 2.76 billion euros, down 21% year over year. Analysts cited "tough" comparables from the previous year, which saw record orders for the group's intelligent automation solutions and pre-buying of forklift truck orders before prices increased in April 2026. "We expect 7% yoy growth in revenues to EUR2,900m, helped by prior quarters' stronger order intake across both divisions, with adjusted EBIT margins of 7.5% - up 50bp yoy and 10bp qoq," Berenberg added. For full-year 2026, Berenberg trimmed its order intake and adjusted EBIT forecasts by 2% and 5%, respectively. It also cut sales, EBIT, and EPS projections.