Koenig & Bauer starts 2026 with strong momentum: Massive increase in order intake and successful turnaround in the S&T segment

• Highest Q1 order intake for two years: Significant increase of +21.4% to €297.6m
• Group revenue grows against market trend by +3.2% to €260.2m – strong book-to-bill ratio of 1.14
• Two-tier operating momentum: successful operating turnaround at S&T compensates for current market pressure at P&P
• Consistent “IMPACT” implementation: planned focusing of Group footprint, continuation of the coding business under its own management and strong trade-fair successes
• Outlook for 2026 confirmed: stable Group revenue at previous year’s level (~€1.3bn) and operating EBITDA of approximately €80m forecast

Koenig & Bauer AG has started the 2026 financial year with strong operating momentum. Despite a persistently volatile market environment, geopolitical risks due to the escalation in the Middle East and a weak global economy, the company recorded the highest order intake in a first quarter for two years.

“The strong start to the year in order intake is a massive vote of confidence from our customers and proves the pronounced resilience of Koenig & Bauer,” explains Dr Stephen Kimmich, Chief Executive Officer. “As already emphasised with our annual figures: in times of global trade policy uncertainty, stability is not a static state, but requires a high degree of organisational responsiveness. Our significant growth in order intake against the industry trend shows that we are doing our homework. This also includes the consistent implementation of our ‘IMPACT’ strategy: With the scheduled closure of the Albert-Frankenthal GmbH site, we are now delivering exactly what we announced for further Group focus and increased efficiency. We are providing the right impetus, actively shaping the industry transformation and securing our long-term competitiveness.” 

Group revenue rose in the first quarter by +3.2% to €260.2m (previous year: €252.2m). A strong book-to-bill ratio of 1.14 (previous year: 0.97) underlines this operating growth momentum. Order intake for the Group rose significantly by +21.4% to €297.6m (previous year: €245.2m). At €1,008.0m, the order backlog remains at a very strong level above the billion mark (previous year: €1,032.8m) and forms a reliable foundation for the coming quarters.

After a typically cautious start to the year for mechanical engineering, operating EBITDA stood at €-2.9m (previous year: €-0.6m). EBITDA of €-9.5m includes non-operating extraordinary items of €6.6m for the planned closure of the operations at Albert-Frankenthal GmbH. Net working capital (NWC) was kept securely within the target range of a maximum of 25% of Group revenue with a ratio of 23.7%.

The operating performance of the two Group segments varied in the first quarter: in the Special & New Technologies (S&T) segment, a successful operating turnaround was achieved. Operating EBITDA improved significantly to €4.1m (previous year: €-8.1m). Driven by performance progress on major projects, revenue grew strongly by +24.1% to €134.0m. Order intake recorded a massive plus of +40.6% to €114.7m. This strong commercial development is flanked by pioneering innovations: at the “Technology Days 2026”, Koenig & Bauer presented the new CI flexo demo machine XD Pro as the “workhorse” of modern flexo printing, supplemented by live demonstrations of RotaJET applications. In doing so, the company impressively demonstrated the seamless integration of CI flexo and digital printing into continuous end-to-end solutions. In addition, Koenig & Bauer showed how real value for customers is created by bringing together networked workflows and materials and strengthening industry partnerships.

In the Paper & Packaging Sheetfed Systems (P&P) segment, Koenig & Bauer also demonstrated relative market strength in order intake (+12.4% to €194.3m). However, revenue (€133.4m) and operating EBITDA (€-8.4m) were still influenced by the lower level of orders from the previous year as well as the noticeable investment and price pressure in Europe. Additional technological and commercial momentum is provided here by sheetfed digital printing: at the exclusive VariJET 106 Executive Summit in Radebeul, more than 80 industry experts learned about hybrid folding carton production. Successful experience reports from early adopters impressively underlined how seamless end-to-end integration reshapes customers’ operating strategies and enables profitable growth. Another important driver for the positive order trend in classic sheetfed offset was the great trade-fair success at ExpoPrint in São Paulo. Several highly automated sheetfed offset presses of the Rapida series were sold to new customers and existing partners in Brazil and neighbouring countries. The dense and highly specialised service network in the region is proving to be a decisive competitive advantage for businesses.

Koenig & Bauer expects operating stability to continue for the 2026 financial year.

“Our order book of over one billion Euros and the highest Q1 order intake for two years cushion external market resistance and provide us with a high degree of planning certainty,” emphasises CFO Dr Alexander Blum. “The operating turnaround in the S&T segment compensates for the current earnings pressure in the P&P area and underpins the achievement of our annual targets.”

Assuming that global economic developments in the relevant markets remain stable and that prompt clarity is provided regarding any further US import tariffs, the Executive Board forecasts Group revenue at the previous year's level as well as an operating EBITDA of approximately €80m for 2026, consistent with the previous year. The forecast is subject to the proviso that there is no further significant clouding of the global investment climate due to persistent geopolitical tensions.

Figures at a glance

The statement for the first quarter of 2026 is available as a PDF download here.