KRONES AG

Quarterly Report • Nov 7, 2025

Quarterly statement for the period from 1 January to 30 September 2025

To our shareholders

Assets, financial position, and results of operations

Interim consolidated financial statements for the period ended 30 SEPTEMBER 2025

Other information

TO OUR SHAREHOLDERS

Hig	hlights and key figures
Lett	er from the Executive Board
The	Krones share

Highlights and key figures 1 | 4

Krones continues profitable growth path in third quarter and confirms financial targets for 2025

• Krones' order intake rose significantly from July to September 2025 and at €1,374.3 million was 6.2% higher than in the preceding quarter. Compared to the third quarter of the previous year (€1,323.2 million), the contract value of orders went up by 3.9%.
• Third-quarter revenue increased by 4.7% year on year to €1,380.9 million. The first nine months of 2025 saw revenue growth of 6.0%.
• Krones improved EBITDA by more than revenue in the third quarter to €142.2 million (previous year: €134.9 million) despite expenses in the high single-digit million euro range for the drinktec trade fair. The EBITDA margin rose to 10.3% (previous year: 10.2%). Excluding the drinktec effect, the EBITDA margin for the third quarter is at the upper end of the guidance range of 10.2% to 10.8% for the full year 2025.
• Krones increased ROCE from 18.3% to 19.5% in the first nine months of 2025 and generated free cash flow of €80.2 million before M&A activities.
• Following the positive performance in the first three quarters, and despite the global uncertainties, Krones has confirmed the guidance for the full year 2025. The company expects revenue growth of 7% to 9%, an EBITDA margin of 10.2% to 10.8% and ROCE of 18% to 20%.

Key figures for Q1–Q3 2025		1 Jan–30 Sep 2025	1 Jan–30 Sep 2024	Change
Revenue	€million	4,107.4	3,874.8	+6.0%
Order intake	€million	4,104.7	4,116.1	–0.3%
Order backlog at 30 Sep	€million	4,286.8	4,363.6	–1.8%
EBITDA	€million	430.7	391.1	+10.1%
EBITDA margin	%	10.5	10.1	+0.4 PP*
EBIT	€million	296.9	268.1	+10.7%
EBT	€million	302.3	275.6	+9.7%
EBT margin	%	7.4	7.1	+0.3 PP*
Consolidated net income	€million	213.7	200.7	+6.5%
Earnings per share	€	6.75	6.35	+6.3%
Capital expenditure for PP&E and
intangible assets	€million	113.7	106.2	+€7.5million
Free cash flow	€million	45.1	–33.9	+€79.0million
Free cash flow without M&A	€million	80.2	145.0	–€64.8million
Net cash at 30 Sep**	€million	361.2	301.9	+€59.3million
ROCE	%	19.5	18.3	+1.2 PP*
Working capital to revenue***	%	17.2	17.1	+0.1 PP*
Employees at 30 Sep
Worldwide		21,133	20,025	+1,108
Germany		11,694	11,119	+575
Outside Germany		9,439	8,906	+533

^* PP = percentage points ** Cash and cash equivalents less bank debt *** Average of last 4 quarters

Key figures for Q3 2025		1 Jul – 30 Sep 2025	1 Jul – 30 Sep 2024	Change
Revenue	€million	1,380.9	1,318.7	+4.7%
Order intake	€million	1,374.3	1,323.2	+3.9%
EBITDA	€million	142.2	134.9	+5.4%
EBITDA margin	%	10.3	10.2	+0.1 PP*
EBIT	€million	96.6	89.6	+7.8%
EBT	€million	96.8	89.9	+7.7%
EBT margin	%	7.0	6.8	+0.2 PP*
Consolidated net income	€million	67.9	65.7	+3.3%
Earnings per share	€	2.15	2.08	+3.4%

Letter from the Executive Board

Dear shareholders and friends of Krones,

From 15 to 19 September, Krones showcased its role as an innovative global market leader at drinktec, the world's leading trade fair for the beverage and liquid food industry. Across 10,000 square metres of exhibition space, customers gained an impressive insight into how Krones is turning its vision into innovations under the slogan "Solutions beyond tomorrow". This included high-quality technologies and products for beverage production, energy and media-efficient filling and packaging systems, and fully automated intralogistics solutions. The highlight of the trade fair was our new, technologically advanced Ingeniq line concept (formerly "Line of the Future") with digital connectivity and an innovative service approach.

We received very positive feedback on the innovations we exhibited in many personal conversations with customers. Equally important to us, however, is the input we gain in these customer conversations. Working together with them to surmount their operational challenges and helping them to implement their long-term strategy is our aspiration and motivation.

However, the trade fair – which only takes place every three to four years – also demonstrated that the competition never sleeps and the contest for orders remains challenging. Although the beverage and liquid food industry is still willing to invest in principle, economic and political uncertainties are affecting customers' investment decisions in some cases. Krones will respond to these challenges by addressing issues and projects with even greater agility, quickly translating customer needs into sustainable innovations continuing to reliably deliver on its promises to customers. At the same time, we are investing heavily in Germany, the USA, India and China to improve the company's flexibility and resilience so that we can respond quickly and flexibly to changing general economic conditions

Positive business figures in first nine months

In parallel to the success of the drinktec trade fair, business also developed very satisfactorily in the third quarter of 2025. Demand for our products and services remains robust, despite the economic uncertainties. Krones' third-quarter order intake was up on the prior-year quarter (by 4%) and reached a good level at €1.37 billion. Revenue also developed positively. From January to September 2025, revenue went up by 6.0% year on year to €4.11 billion. Despite the expenses for drinktec, Krones improved the EBITDA margin to 10.5% (previous year: 10.1%). Overall, after the first nine months, we confirm our full-year financial targets for 2025.

At drinktec, Krones demonstrated that it is not only an excellent machine manufacturer, but also a comprehensive technology and service provider for the beverage and food industry. The entire Krones team will build on the positive momentum from drinktec, continuing to inspire customers with innovative, sustainable solutions to the benefit of both Krones and our customers.

Christoph Klenk

CEO

The Krones share

Stock market prices continue to rise

Despite geopolitical uncertainties, volatile US tariff policy and an ongoing subdued economic outlook, the world's most prominent stock indices rose significantly in the first nine months of 2025. Europe's stock markets outperformed the US markets between January and September. A key reason for the outperformance of European equities was the interest rate policy of the European Central Bank, which cut key interest rates four times in the first three quarters of 2025. The US Federal Reserve, on the other hand, did not start cutting interest rates until September. European equities also benefited from more favourable valuations compared to US stocks. In the first half of the year especially, the German DAX index benefited from investment packages agreed in March 2025 and from the growing interest of international investors in German blue-chip stocks.

The overall upward movement of the DAX was accompanied by sharp price fluctuations, above all in March and April. This was mainly due to the US administration's tariff policy. The DAX thus dropped sharply after "Liberation Day" on 2 April, when the US president announced wide-ranging tariffs. After losing

Q1–Q3 2025 MDAX: +18.3%

Krones share data	Q1–Q3 2025	Q1–Q3 2024
Earnings per share (€)	6.75	6.35
High (€)	144.80	131.80
Low (€)	107.20	108.30
Price at 30 September (€)	124.00	129.00
Market capitalisation at 30 September (€ billion)	3.92	4.08

Share price data source: Xetra (closing prices)

around 13% in just a few days, the index reached its low point for the year at 19,384 points on 9 April. Stock markets rebounded strongly after the US adThe Krones share price did not keep pace with the MDAX in the third quarter of 2025.

ministration initially suspended tariffs for most countries and went on to enter into numerous major trade agreements over the summer months. On 10 July, the DAX reached its annual and all-time high of 24,646 points. At the end of September, the index stood at 23,939 points, 20.0% higher than at the beginning of the year. The third quarter saw the DAX move sideways overall, while US stock markets benefited from the artificial intelligence boom.

1 | 7 Krones' share price up 3.3% in first three quarters of 2025

As with the market as a whole, Krones' share price fluctuated significantly during the first nine months of 2025. Krones shares started the year at €120.00. By the early March, our share price approached the €140 mark. Concerns about high US tariffs subsequently weighed down the market as a whole and also the Krones share price. At the end of the first quarter, our share price stood at €125.40.

At the start of the second quarter, the announcement of US tariffs triggered a sharp downward movement on the stock markets. On 7 April, Krones shares reached €107.20, the lowest closing price this year so far. The suspension of US tariffs resulted in a swift and substantial stock market recovery. As of 23 April, the Krones share price had already made up the lost ground and stood at €126.00. Following the publication of the figures for the first quarter of 2025, our share price rose further to mark a new all-time high of €144.80 on 14 May. Our shares closed the first half of 2025 at €140.00.

At the beginning of the third quarter, Krones shares continued to rise and came close to their all-time high, reaching €144.20 on 10 July. After that, the share price held its high level and moved sideways. The share price responded to the publication of the figures for the first half of 2025 on July 30 with price losses, falling from just under €140 to around €126. In the weeks that followed, our share price recovered from this setback and reached around €135 in mid-September. Following Capital Market Day, which took place on 17 September, the share came under renewed pressure and the price slipped to around €121. On 30 September, the Krones share price stood at €124.00. Krones' share price rose by 3.3% over the first nine months of 2025. Including the dividend of €2.60 per share, the performance since the beginning of the year was 5.5%. The MDAX rose by 18.3% in the same period.

Some 50 capital market experts join Capital Market Day at drinktec

Krones held a Capital Market Day for analysts and institutional investors at the drinktec trade fair in Munich on 17 September 2025. In addition to around 25 guests who attended in person, a similar number of capital market experts took the opportunity to follow the whole event by internet livestream on Teams. Executive Board members Christoph Klenk, Uta Anders, Thomas Ricker and Markus Tischer provided participants with an in-depth insight into Krones' strategy and innovations and explained how the company will achieve its ambitious mid-term targets. After the presentation, CSO Thomas Ricker showed the capital market experts around the Krones booth. He gave them detailed information about key Krones innovations such as the fully automated, data-driven Ingeniq filling and packaging line. The trade fair tour was also livestreamed and could be followed online.

Investors' Darling finance communication competition: Krones top in MDAX

The Investors' Darling competition for financial communication was held this year for the twelfth time. On behalf of Manager magazine, Professor Henning Zülch and his team at HHL Leipzig Graduate School of Management conducted a comprehensive analysis of the capital market communications of companies listed on the DAX, MDAX and SDAX indices and compiled a ranking of the companies covered.

Krones took first place among the 50 MDAX stocks in Investors' Darling 2025. Out of all 160 DAX family companies analysed, Krones took fourth place. The company also received a special award for the best reporting in the MDAX.

Investors' Darling 2025, Krones took first place. Krones out of all 160 DAX

Basis: 14 Recommendations

1 | 8

Analyst recommendations for the Krones share

The international investment community continues to show strong interest in our company. Krones securities are thus analysed by numerous major national and international banks. At the end of October 2025, 14 recommendations for Krones shares were available from analysts at various institutes. Eleven banks issued a buy recommendation. Two analysts rated Krones shares as a hold, while one recommended selling the shares.

Shareholder structure

Others 42.3%

Shareholder structure (as of 30 September 2025)

Krones' shareholder structure remained unchanged in the first three quarters of 2025 compared to the end of 2024. At 30 September 2025, Familie Kronseder Konsortium GbR held the majority of Krones AG's shares, with 51.9%. The Kronseder family intends to remain a stable majority shareholder of Krones AG. 5.8% of the shares were held at the end of the third quarter by the Schadeberg family.

en/company/inshare.php

Familie Kronseder Konsortium GbR 51.9% Familie Schadeberg 5.8%

Key data for the Krones share
Number of shares	31,593,072
German securities identification number	633500
ISIN	DE 0006335003
XETRA ticker symbol	KRN

2

ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS

Revenue	10
Order intake	12
Order backlog	13
Earnings	14
Earnings structure	15
Statement of cash flows	18
Assets and capital structure	20
Report from the segments	22
Employees	25
Report on expected developments	26
Risks and opportunities	27

Revenue

Krones' revenue up 6.0% in first three quarters of 2025

2 | ASSETS, FINANCIAL

OF OPERATIONS Revenue

Krones continued on its stable growth path in the first nine months of 2025. Following the moderate revenue growth in the second quarter due to calendar effects, Krones increased revenue from July to September 2025 by

4.7% year on year to €1,380.9 million. The company thus continued on its stable growth path despite challenging macroeconomic conditions.

Revenue in the first nine months of 2025 increased by 6.0% year on year, from €3,874.8 million to €4,107.4 million. The revenue growth over the first three quarters is on plan for within the course of the year. The company's revenue was also affected by the weakness of the dollar against the euro. A small part of the revenue growth in the first nine months is due to Netstal Maschinen AG, which was acquired in 2024 and whose revenue Krones has consolidated since 28 March 2024. Krones' revenue was not materially affected by divestments in the first three quarters of 2025.

The revenue growth in the first nine months mainly reflects volume effects. Prices for our products and services remained stable in the reporting period. The new machinery business benefited in the first three quarters from the overall improvement in efficiency in production and was up on the previous year. Service revenue also increased between January and September compared to the previous year.

Revenue by region

Revenue in Germany grew more strongly year on year than total revenue, increasing by 9.8% from €341.0 million to €374.4 million in the period January to September 2025. The domestic share of consolidated revenue consequently increased in the first three quarters to 9.1% (previous year: 8.8%).

2 | Assets, financial

of operations Revenue

Krones' revenue in the European sales markets (excluding Germany) developed even better over the first nine months of 2025. Revenue here rose by 18.4% from €911.7 million in the previous year to €1,079.0 million. This corresponds to a 26.3% share of consolidated revenue in the first three quarters (previous year: 23.5%). Within this, revenue in Central and Western Europe improved by 17.4% year on year, from €725.0 million to €851.1 million. In Eastern Europe, the company recorded revenue growth of 22.1% in the reporting period to €227.9 million (previous year: €186.7 million).

In the Central Asia region, which has only a very minor impact on the company's business with 1.7% of consolidated revenue in the first nine months, revenue fell by 28.7% to €68.7 million in the reporting period (previous year: €96.3 million).

Krones generated 90.9% of revenue

Among the remaining non-European markets, Krones achieved the highest percentage increase between January and September 2025 in the Middle East/Africa region. Following strong revenue growth there in the full year 2024, the rapid growth momentum continued in the reporting period with revenue rising by 14.9% to €509.2 million (previous year: €443.1 million). The positive business performance likewise continued in South America/Mexico in the first nine months of 2025. Revenue there went up more strongly than total revenue, increasing by 9.6% to €462.2 million (previous year: €421.8 million).

In North and Central America, business developed at a very high level. At €880.5 million from January to September 2025, revenue in the region was only a slight 2.4% short of the previous year's very high figure of €901.9 million. Revenue in

the Asia/Pacific region improved by 3.0% year on year, from €451.5 million to €464.9 million. In China, revenue fell by 12.7% in the reporting period to €268.5 million (previous year: €307.5 million).

Overall, revenue in non-European markets (excluding Central Asia) grew slightly less than total revenue, increasing by 2.4% in the first three quarters of 2025 to €2,585.3 million. The share of consolidated revenue thus decreased to 62.9% (previous year: 65.2%).

Krones' internationally balanced customer and revenue mix is one of its strategic strengths. Between January and September 2025, the company generated 48.7% (previous year: 49.2%) of Group revenue in emerging and developing markets. The share of revenue generated in industrialised economies was 51.3% (previous year: 50.8%).

Quarterly revenue figures for the various regions are generally not very meaningful because orders and revenue can fluctuate significantly from one quarter to the next.

Krones Group revenue by region

Share of consolidated revenue		1 Jan to 30 Sep 2025		1 Jan to 30 Sep 2024
	€ million		% € million	%	%
Germany	374.4	9.1	341.0	8.8	+9.8
Central and Western Europe	851.1	20.8	725.0	18.7	+17.4
Eastern Europe	227.9	5.5	186.7	4.8	+22.1
Central Asia	68.7	1.7	96.3	2.5	–28.7
Middle East/Africa	509.2	12.4	443.1	11.4	+14.9
Asia-Pacific	464.9	11.3	451.5	11.7	+3.0
China	268.5	6.5	307.5	7.9	–12.7
South America/Mexico	462.2	11.3	421.8	10.9	+9.6
North and Central America	880.5	21.4	901.9	23.3	–2.4
Total			4,107.4 100.0 3,874.8 100.0		+6.0

of operations Order intake

2 | 12

Order intake

Order intake picked up significantly in third quarter

In the third quarter of 2025, Krones' order intake rose by 3.9% year on year to €1,374.3 million. Compared to the preceding quarter, it increased by 6.2%.

Krones' customers continue to show robust willingness to invest. Numerous projects with international food and beverage companies are in the pipeline. However, the various overall economic uncertainties are leading to investment decisions

being postponed. Thanks to its internationally balanced customer structure, Krones is largely able to compensate for temporary fluctuations in demand in individual regions with good sales in other markets.

Despite the challenging conditions, customer orders picked up significantly in the third quarter of 2025. At €1,374.3 million, order intake between July and Sep-

Order intake from 1 Jan to 30 Sep (€ million) 0 2021 3,192.6 2022 4,599.7 2023 4,113.6 2024 4,116.1 2025 4,104.7 tember was 6.2% higher than in the preceding quarter. Compared to the third quarter of the previous year (€1,323.2 million), the contract value of orders improved by 3.9%. In total over the first nine months of 2025, Krones recorded an order intake of €4,104.7 million. This was almost on a par with the previous year's very high level (€4,116.1 million). Acquisitions and and divestments did not have a material impact on order intake in the first three quarters of 2025.

In the first nine months of 2025, order intake in the Middle East/Africa and Central Asia regions was up on the previous year, in some cases significantly. In the Central and Western Europe, Asia/Pacific and China regions, order intake from January to September developed similarly to the Group as a whole. In Eastern Europe and North and South America, the contract value of orders fell short of the previous year's level.

of operations Order backlog

² | 13 Order backlog

€4.29 billion order backlog increases planning certainty for Krones

The very large order backlog ensures production capacity utilisation until the mid of third quarter 2026.

The book-to-bill ratio – the ratio of order intake to revenue – was 1.00 in the third quarter. This means the order backlog as of 30 September has hardly changed from the end of the first half of 2025. At €4,286.8 mil-

lion, the order backlog as of 30 September 2025 was on par with the year-end 2024 (€4,289.5 million) and only 1.8% short of the very high prior-year figure of €4,363.6 million.

The continued very high order backlog enhances Krones' planning certainty and ensures production capacity utilisation in the lines and project business until the mid of third quarter 2026.

Earnings

Krones significantly strengthens profitability

Krones' profitability in the first nine months of 2025 benefited from increased efficiency in production. The stable availability of materials contributed significantly here. Profitability was also positively impacted by the implementation of strategic measures to improve performance and the company's cost structures.

OF OPERATIONSEarnings

Krones' earnings figures in the third quarter of 2025 were affected by the expenses for the drinktec trade fair, which were in the high single-digit million euro range. Despite this effect, Krones generated a disproportionately large increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) to €142.2 million between July and September (previous year: €134.9 million). The EBITDA margin improved to 10.3% (previous year: 10.2%). Excluding the expenses for drinktec, the EBITDA margin for the third quarter was at the upper end of the target range of 10.2% to 10.8% for the full year 2025. Earnings before taxes (EBT)

EBITDA from 1 Jan to 30 Sep (€ million)

430.7

391.1

400

270.1

212.6

134.9

142.2

110.9

95.0

110.9

95.0

120.2

2021

2022

2023

2024

2025

0

2021

2022

2023

2024

2025

climbed in the third quarter from €89.9 million in the previous year to €96.8 million. The EBT margin consequently rose from 6.8% to 7.0%. In total, Krones generated consolidated net income

Excluding the expenses for drinktec, the EBITDA margin in the third quarter was at the upper end of the target range of 10.2% to 10.8% for the full year 2025.

of €67.9 million in the third quarter (previous year: €65.7 million). This corresponds to earnings per share of €2.15 (previous year: €2.08).

In the first nine months of 2025, EBITDA improved by 10.1% to €430.7 million. The EBITDA margin thus increased significantly to 10.5% (previous year: 10.1%). The effects of the acquisition of Netstal Maschinen AG had a slight dilutive impact on the margin in the first three quarters of 2025. EBT increased by 9.7% to €302.3 million from January to September 2025. The EBT margin rose from 7.1% to 7.4%. Krones generated consolidated net income of €213.7 million in the first nine months of 2025, up 6.5% year on year. Earnings per share climbed to €6.75 (previous year: €6.35).

2 | 15 Earnings structure

€ million	2025 1 Jan – 30 Sep	2024 1 Jan – 30 Sep	Change %
Revenue	4,107.4	3,874.8	+6.0
Changes in inventories of finished goods and work in progress	14.2	17.2	-17.4
Total operating performance	4,121.6	3,892.0	+5.9
Goods and services purchased	-1,966.0	-1,909.3	+3.0
Personnel expenses	-1,277.2	-1,167.6	+9.4
Other operating income/expenses and own work capitalised	-447.7	-424.0	+5.6
EBITDA	430.7	391.1	+10.1
Depreciation and amortisation on fixed assets	-133.8	-123.0	+8.8
EBIT	296.9	268.1	+10.7
Financial income/expense	5.4	7.5	-28.0
ЕВТ	302.3	275.6	+9.7
Income tax	-88.6	-74.9	+18.3
Consolidated net income	213.7	200.7	+6.5

2 | ASSETS, FINANCIAL

OF OPERATIONSEarnings structure

POSITION, AND RESULTS

Between January and September 2025, Krones increased revenue and total operating performance almost in step with each other. Revenue rose in the first nine months by 6.0% year on year to €4,107.4 million. Total operating performance increased by 5.9% to €4,121.6 million. Inventories of finished goods and work in progress increased by €14.2 million in the reporting period (previous year: €17.2 million).

Cost of goods and services purchased increased in the first three quarters of 2025 by just 3.0% to €1,966.0 million, less than the rise in total operating performance. Krones was able to offset the high material costs thanks to sophisticated production and procurement management. The ratio of goods and services purchased to total operating performance went down in the reporting period from 49.1% in the previous year to 47.7%.

Earnings structure

Despite higher costs and one-off expenses for drinktec, Krones improved the EBITDA margin significantly in the first three quarters of 2025 to 10.5% (previous year: 10.1%). Earnings were not materially affected in the reporting period by exchange rates or divestments.

Personnel expenses rose more strongly than total operating performance between January and September 2025, increasing by 9.4% to €1,277.2 million. The personnel expense ratio – the ratio of personnel expenses to total operating performance – was consequently 31.0% in the first three quarters of 2025, higher than the prior-year

figure of 30.0%. This increased personnel expense ratio was mainly due to higher salaries compared to the previous year under collective agreements and to growth in the workforce.

At €648.5 million, other operating expenses in the reporting period were 10.7% up on the previous year's figure of €586.0 million, while other operating income climbed by 29.7% or €36.0 million to €157.4 million. At €43.4 million, own work capitalised was €2.8 million higher than in the previous year. The net balance of other operating income and expenses and own work capitalised changed from –€424.0 million in the prior-year period to –€447.7 million from January to September 2025. As a percentage of total operating performance, the figure was unchanged at 10.9% (previous year: 10.9%).

ratio: 47.7% Personnel expense ratio: 31.0% Earnings structure

Krones improved EBITDA (earnings before interest, taxes, depreciation and amortisation) by 10.1% in the reporting period – more than the increase in revenue and total operating performance – from €391.1 million to €430.7 million. The EBITDA margin went up from 10.1% in the previous year to 10.5%. Third-quarter earnings were affected by the expenses for the drinktec trade fair, which were in the high single-digit million euro range. Excluding the expenses for drinktec, the EBITDA margin for the third quarter was at the upper end of the target range of 10.2% to 10.8% for the full year 2025.

After deducting depreciation and amortisation of fixed assets of €133.8 million (previous year: €123.0 million), earnings before interest and taxes (EBIT) increased by 10.7% to €296.9 million from January to September 2025 (previous year: €268.1 million). Because financial income/expense, at €5.4 million, was lower than last year (€7.5 million), earnings before taxes (EBT) increased by 9.7% in the reporting period to €302.3 million (previous year: €275.6 million). This results in an EBT margin of 7.4%, compared with 7.1% in the previous year. As the company's tax rate of 29.3% in the first three quarters of 2025 was higher than in the same period of the previous year (27.2%), consolidated net income improved by less than EBT, increasing by 6.5% to €213.7 million (previous year: €200.7 million).

² | 18 Statement of cash flows

€ million	2025	2024
	1 Jan–30 Sep	1 Jan–30 Sep
Earnings before taxes	302.3	275.6
Other non-cash changes	+212.1	+166.7
Changes in working capital	–195.2	–188.1
Changes in other assets and liabilities	–145.1	–21.7
Cash flow from operating activities	174.1	232.5
Capital expenditure for PP&E and intangible assets	–113.7	–106.2
Other	+19.8	+18.7
Free cash flow without m&a	80.2	145.0
M&A activities	–35.1	–178.9
Free cash flow reported	+45.1	–33.9
Cash flow from financing activities	–118.6	–101.5
Other	–6.2	–7.9
Net change in cash and cash equivalents	–79.7	–143.3
Cash and cash equivalents at the end of the period	362.8	305.1

of operations Statement of cash flows

Krones' generated a cash flow from operating activities of €174.1 million in the first three quarters of 2025. This was €58.4 million below the previous year's very high figure of €232.5 million. In addition to the €26.7 million increase in earnings before taxes, non-cash changes also made a positive contribution to cash flow from operating activities. At €212.1 million, this contribution was larger in the reporting period than the €166.7 million recorded in the previous year. Changes in other assets and liabilities, at −€145.1 million (previous year: −€21.7 million), contributed significantly to the decrease in operating cash flow. The slight increase in working capital compared to the previous year also had a negative impact on cash flow from January to September, at −€195.2 million (previous year: −€188.1 million).

Working capital as a percentage of revenue stable on a low level at 17.2%

Krones increased working capital by €195.2 million to €1,050.9 million in the reporting period. While advance payments from customers (contract liabilities) remained stable, inventories, contract assets and trade receivables slightly increased due to the higher business volume. Only trade payables decreased to a greater extent.

In the first nine months of 2025, Krones generated operating cash flow of €174.1 million (previous year: €232.5 million) and free cash flow (excluding M&A activities) of €80.2 million (previous year: €145.0 million).

The ratio of average working capital for the past four quarters to revenue went up slightly to 17.2% (previous year: 17.1%). The working capital to revenue ratio was 19.0% as of the 30 September reporting date (previous year: 18.7%).

In the first three quarters, Krones generated free cash flow (excluding M&A) of €80.2 million

Statement of cash flows

Average working capital as a percentage of revenue remained almost stable in the first nine months of 2025, increasing slightly from 17.1% in the previous year to 17.2%. Krones invested €113.7 million in intangible assets and property, plant and equipment in the reporting period (previous year: €106.2 million). The company spent an additional €32.9 million in the reporting period on the acquisition of Can Systems Worldwide

(100% shareholding) and GHS Separationstechnik GmbH (60% shareholding). In addition, Krones made a deferred purchase price payment of €2.2 million in the reporting period for Ampco Pumps (previous year: €13.4 million).

The company significantly improved free cash flow in the reporting period by €79.0 million to €45.1 million (previous year: −€33.9 million). It should be noted €166.7 million on free cash flow in the previous year. Adjusted for M&A activities, free cash flow in the first nine months amounted to €80.2 million. In the same period of the previous year, free cash flow reached an extraordinarily high figure of €145.0 million. As a result of the dividend distribution of €82.1 million (previous year: €69.5

here that the acquisition of Netstal Maschinen AG had a negative impact of

million), and with repayments of lease liabilities in the amount of €33.4 million (previous year: €31.5 million) and of bank debt in the amount of €3.1 million (previous year: €0.5 million), the company's cash outflow from financing activities totalled €118.6 million in the first three quarters of 2025 (previous year: €101.5 million). Krones had cash and cash equivalents totalling €362.8 million at 30 September 2025 (previous year: €305.1 million).

² | 20 Assets and capital structure

€ million			30 Sep 2025 31 Dec 2024 30 Sep 2024 31 Dec 2023
Non-current assets	1,569	1,551	1,477	1,327
of which fixed assets	1,475	1,462	1,393	1,241
Current assets	3,253	3,198	3,053	3,150
of which cash and equivalents	363	442	305	448
Equity	2,029	1,922	1,835	1,715
Total debt	2,793	2,828	2,695	2,762
Non-current liabilities	449	435	420	410
Current liabilities	2,344	2,393	2,275	2,352
Total	4,822	4,750	4,530	4,477

2 | Assets, financial

of operations

Asset and capital structure

Krones' total assets increased slightly by 1.5% to €4,821.6 million as of 30 September 2025, while total operating performance went up by 5.9%.

Krones' total assets rose slightly from January to September 2025 due to the increase in business volume. Total assets increased by 1.5% to €4,821.6 million as of 30 September 2025 (31 December

2024: €4,749.5 million), a significantly smaller increase than the 5.9% rise in total operating performance.

Non-current assets went up by 1.1% to €1,568.6 million in the reporting period (31 December 2024: €1,551.0 million). This was partly due to fixed assets, which increased by €13.2 million or 0.9% to €1,475.0 million as of 30 September 2025 (31 December 2024: €1,461.8 million). The main factor here was a €10.4 million increase in intangible assets to €597.4 million due to two small acquisitions in the third quarter of 2025.

Krones' current assets also increased slightly. These amounted to €3,253.0 million at the end of the reporting period, a rise of €54.5 million or 1.7% on the figure as of 31 December 2024. Krones' inventories increased by €20.5 million to €685.3 million in the first three quarters of 2025. Contract assets likewise grew sharply by €53.7 million to €1,148.1 million (31 December 2024: €1,094.4 million). Trade receivables rose slightly to €820.5 million (31 December 2024: €808.8 million) and other assets increased to €222.7 million (31 December 2024: €180.3 million). Mainly due to the €82.1 million dividend payment and purchase price payments for acquisitions, cash and cash equivalents decreased between January and September by €79.7 million to €362.8 million.

Krones' current liabilities decreased between January and September 2025. These fell by 2.0% or €48.9 million to €2,344.1 million. The main reason for this was the €97.1 million reduction in trade payables to €705.1 million (31 Decem-

ber 2024: €802.2 million). While contract liabilities were almost unchanged at €927.2 million as of 30 September 2025 (31 December 2024: €926.8 million), other liabilities and accruals increased by €9.4 million to €400.5 million (31 December 2024: €391.1 million). As of the end of September 2025, the company had short-term bank debt totalling €1.3 million (31 December 2024: €1.3 million).

Asset and capital structure

Non-current liabilities rose by 3.2% to €449.0 million as of 30 September 2025 (31 December 2024: €435.0 million). The largest item within this figure, provisions for pensions, decreased by €5.6 million to €167.0 million (31 December 2024: €172.6 million), while deferred tax liabilities increased to €50.9 million (31 December 2024: €28.4 million). Other financial liabilities and lease liabilities remained unchanged at €136.6 million. The Company had €0.3 million in non-current bank debt as of 30 September (31 December 2024: €1.3 million).

There were no material exchange rate and divestment effects in the reporting period on any assets side or equity and liabilities side items of the statement of financial position.

Net cash: €361.2 million Equity ratio: 42.1%

Krones increased the equity ratio and ROCE in the first nine months of 2025

Due to the positive consolidated net income for the first nine months, equity increased relative to the 2024 reporting date to €2,028.5 million (31 December 2024: €1,921.5 million). The equity ratio rose to a very solid 42.1% as of 30 September 2025 (31 DecemThe very solid 42.1% equity ratio and €361.2 million in net cash give Krones the stability and flexibility needed in the current volatile and challenging environment.

ber 2024: 40.5%). With net cash (cash and cash equivalents less bank debt) of €361.2 million at the end of the reporting period, Krones continues to have a very stable financial and capital structure. In addition, the group had approximately €850 million in unused lines of credit as of 30 September 2025.

Krones improved return on capital employed (ROCE) – the ratio of EBIT to average net capital employed over the last four quarters – to 19.5% in the reporting period, mainly as a result of the higher EBIT (previous year: 18.3%).

1 | To our shareholders

2 | Assets, financial position, and results of operations

Report from the segments

3 | Interim consolidated financial 4 | other Information statements

2 | 22

Report from the segments

Filling and Packaging Technology

After the first three quarters, Krones confirms the growth forecast of 7% to 9% for the core segment in the full year 2025

Revenue in Krones' core Filling and Packaging Technology segment increased by 6.2% year on year from €3,277.2 million to €3,479.4 million between January and September 2025. The growth rate over the first nine

months is thus still slightly short of the 7% to 9% guidance range for the full year 2025. Strong new machinery revenue expected for the fourth quarter will help the core segment achieve its 2025 growth target.

Both new machinery and service revenue increased from January to September 2025 compared to the previous year. The rise in new machinery revenue reflects increased efficiency in machinery production and the large order intake in the preceding quarters. The core segment's share of consolidated revenue in the first three quarters changed only slightly to 84.7% (previous year: 84.5%).

Segment revenue Segment earnings

Increased efficiency in production had a positive impact on profitability in the Filling and Packaging Technology segment. Strategic measures to improve performance and cost structures also positively impacted profitability in the reporting period. The core segment increased earnings before interest, taxes, depreciation and amortiAdjusted for the expenses for drinktec, the core segment EBITDA margin for the third quarter was at the upper end of the guidance range of 10.5% to 11.0% for the full year 2025.

sation (EBITDA) more strongly than revenue in the first nine months of 2025 with growth of 8.9% from €342.3 million in the previous year to €372.8 million. It should be noted here that third-quarter expenses for drinktec in the high single-digit millions of euros were mostly incurred in the core segment.

Despite this effect, the EBITDA margin remained stable in the third quarter at 10.5% (previous year: 10.6%). Adjusted for the expenses for drinktec, the EBITDA margin from July to September was at the upper end of the guidance range of 10.5% to 11.0% for the full year 2025. In the first nine months, the EBITDA margin improved significantly to 10.7% (previous year: 10.4%).

1 TO OUR SHAREHOLDERS

2 | ASSETS, FINANCIAL
POSITION, AND RESULTS
OF OPERATIONS

Report from the segments

3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS

4 OTHER INFORMATION

2 | 23

Process Technology

Segment revenue

Process Technology revenue was 2.9% higher in the third quarter of 2025 than a year earlier. Following the slight (1.0%) decline in revenue in the first half of 2025, sales in the Process Technology segment climbed by 2.9% in the third quarter compared to the previous year. Revenue from January to Sep-

tember increased from €378.1 million to €379.1 million. Overall, segment revenue in the first three quarters thus developed in line with the forecast for the full year 2025, which is for growth of 0% to 5%.

Business with units and components (such as pumps and valves) improved in the first nine months of 2025. In the case of major projects, customers are delaying investment decisions due to the general economic uncertainty.

The Process Technology segment's share of consolidated revenue in the first three quarters decreased to 9.2% (previous year: 9.8%).

Segment earnings

Profitability in the Process Technology segment improved significantly in the first three quarters of 2025, despite the moderate revenue performance. Earnings before interest, taxes, depreciation and

The EBITDA margin in the Process Technology segment increased significantly from 9.6% in the previous year to 10.6% in the first three quarters of 2025.

amortisation (EBITDA) went up by more than revenue, from €36.4 million in the previous year to €40.0 million. As a result, the EBITDA margin increased to 10.6% (previous year: 9.6%). Krones continues to forecast an EBITDA margin of 9% to 10% for the segment in the full year 2025.

The rise in profitability in the first three quarters was mainly due to the favourable product mix. The share of revenue accounted for by components (such as pumps and valves) has increased relative to the previous year. Strategic measures to improve efficiency also had a positive impact on the segment's profitability.

1 | To our shareholders

2 | Assets, financial position, and results of operations

Report from the segments

3 | Interim consolidated financial 4 | other Information statements

2 | 24

Intralogistics

Segment revenue

Revenue in the Intralogistics segment was 13.4% higher in the first nine months of 2025 than in the same period of the previous year.

Conditions on the international markets for intralogistics products remain challenging. Despite this, revenue in the Intralogistics segment continued to develop well in the third quarter of 2025 and was up

11.2% on the previous year. Revenue from January to September showed a yearon-year increase of 13.4%, from €219.5 million to €248.9 million.

The Intralogistics segment had a large order backlog as of 30 September 2025. This is a another reason why, after the first three quarters, we remain confident that the segment will achieve the growth forecast of 15% to 20% for the full year 2025. The Intralogistics segment's share of consolidated revenue in the first three quarters rose to 6.1% (previous year: 5.7%).

Segment earnings

The increase in revenue is also reflected in the earnings performance of the Intralogistics segment in the reporting period. Profitability in the segment also benefited from its high level of flexibility and increasing efficiency. In the first three quarters of

The Intralogistics segment significantly improved profitability in the first nine months of 2025, increasing its EBITDA margin from 5.6% in the previous year to 7.2%.

2025, earnings before interest, taxes, depreciation and amortisation (EBITDA) went up by €5.5 million, from €12.4 million in the previous year to €17.9 million.

The EBITDA margin improved substantially to 7.2% between January and September (previous year: 5.6%). This means the margin for the first three quarters is within the guidance range of 6.5% to 7.5% for the full year 2025.

Employees in Germany: 11,694 Employees outside Germany: 9,439

of operations Employees

Krones employs 21,133 people worldwide as of 30 September 2025

The size of the Krones workforce increased by 3.7% in the reporting period compared to the end of 2024. Additions to the workforce resulted from the stable development of our markets and the expansion of the service business.

Relative to 31 December 2024, the number of employees at Krones increased in the reporting period by 754 employees or 3.7% to 21,133. The reason for the increase in the first nine months of this year is mainly the ongoing positive international market trend and growth in the service business. This

resulted in a disproportionately large increase in the international workforce from January to September 2025 by 372 employees or 4.1% to 9,439 (December 31, 2024: 9,067). The number of people employed in Germany rose by 382 or 3.4% to 11,694 (31 December 2024: 11,312). The start of the new training year on 1 September 2025 contributed around 130 employees to the third-quarter workforce growth in Germany.

Compared to the third quarter of the previous year, the workforce grew by 1,108 people or 5.5% as of 30 September 2025. Krones thus increased revenue (up 6.0%) by a larger proportion than the number of employees in the same period.

To ensure a sufficient pool of qualified employees for the long term, we continue to invest heavily in training and employee development. As of 30 September 2025, Krones had a total of 555 young people in training (previous year: 499). 3 | Interim consolidated financial 4 | other Information

2 | 26

Report on expected developments

Krones confirms full-year financial targets for 2025 despite global uncertainties

of operations Report on expected developments

Krones remains realistically optimistic for the full year 2025, despite the difficult global economic situation. The first nine months of 2025 confirm this assessment. From January to September, the company increased revenue and earnings as planned compared to the same period of the previous year. A large order backlog ensures production capacity utilisation until the mid of third quarter 2026. Our positive overall assessment is also supported by the robust demand for Krones' products and services.

However, the business environment nevertheless remains challenging for Krones. It is difficult to predict what impact the various tariff policies and trade agreements between the USA and key trading partners will have on world trade and global growth. This uncertainty continues to influence companies' investment decisions worldwide, at least over the short term. Geopolitical risks also persist in Europe, the Middle East and other parts of the world. Material shortages and problems in global supply chains as a result of trade conflicts and military action remain sources of uncertainty.

Overall, based on the current expected development of the markets relevant to Krones and the positive first nine months, we confirm our financial targets for 2025.

We expect consolidated revenue growth of 7% to 9%. On the basis of increasing revenue, an ongoing disciplined price strategy and continued implementation of the efficiency and cost optimisation measures, Krones plans to improve profitability again this year compared to 2024. At group level for 2025, the company forecasts an EBITDA margin of 10.2% to 10.8%. For the third performance target, return on capital employed (ROCE), Krones expects between 18% and 20% in the current financial year.

Krones Group

	Guidance for 2025	Actual 9M 2025
Revenue growth	7–9%	6.0%
EBiTda margin	10.2–10.8%	10.5%
ROCE	18–20%	19.5%

of operations

Report on expected developments Risks and opportunities

2 | 27

The forecast for Krones' individual segments also remains unchanged relative to the information provided in the Annual Report 2024 and is as follows:

Segment Filling and Packaging Technology

	Guidance for 2025	Actual 9M 2025
Revenue growth	7–9%	6.2%
EBiTda margin	10.5–11.0%	10.7%

Segment Process Technology

	Guidance for 2025	Actual 9M 2025
Revenue growth	0–5%	0.3%
EBiTda margin	9.0–10.0%	10.6%

Segment Intralogistics

	Guidance for 2025	Actual 9M 2025
Revenue growth	15–20%	13.4%
EBiTda margin	6.5–7.5%	7.2%

Risks and opportunities

Krones is exposed to a variety of risks that are inextricably linked with doing business globally. We continuously monitor all significant business processes to identify risks early and to actively manage and limit them. Within our corporate strategy, we also identify, analyse and unlock opportunities.

In essence, risks are defined as potential negative deviations from our earnings forecast for the 2025 financial year. Opportunities are potential positive deviations from our earnings forecast for the 2025 financial year. Because they have comparable selling and procurement markets, the same risks and opportunities essentially also apply to all three of the Krones Group's segments.

Krones' risk management system consists of an internal control system with which we record, analyse and assess all relevant risks. In a detailed, ongoing process that includes planning, information and control, we monitor all material risks and any countermeasures already taken.

We assess risks on the basis of the likelihood of an event and its potential financial impact. The measure of potential financial impact is earnings before interest and taxes (EBIT). Starting with gross risk, we determine the net risk, which takes into account any mitigating actions taken.

During the reporting period, the group has not identified any other significant risks and opportunities beyond those described on pages 216 to 229 of the 2024 Annual Report. The information provided there on risks and opportunities continues to apply.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Accounting principles	29
Consolidated statement of profit or loss	30
Consolidated statement of financial position	32
Consolidated statement of cash flows	34
Consolidated segment reporting	35

Accounting principles

3 | 29

Accounting principles

Legal basis

The interim consolidated financial statements of Krones AG (the "Krones Group") for the period ended 30 September 2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB), London, applicable at the reporting date, including the interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC), as adopted by the European Union. The interim consolidated financial statements are condensed relative to the consolidated financial statements.

Non-controlling interests in group equity are presented on the statement of financial position where applicable as a separate item within equity. On the statement of profit and loss, the share of profit or loss attributable to non-controlling interests is presented where applicable as a component of consolidated net income. The shares of consolidated net income attributable to the owners of the parent and to non-controlling interests are presented separately where applicable.

The consolidated statement of profit and loss was prepared using the nature of expense method. The group currency is the euro.

Consolidated group

Besides Krones AG, the interim consolidated financial statements of Krones AG for the period ended 30 September 2025 include all material domestic and foreign subsidiaries over which Krones AG has direct or indirect control.

Currency translation

The interim consolidated financial statements are presented in euros, the functional currency of Krones AG.

The financial statements of consolidated companies that are prepared in a foreign currency are translated on the basis of the functional currency approach under IAS 21 using a modified closing rate method. Because the subsidiaries primarily operate independently in the economic environment of their respective countries, the functional currency is normally the local currency for each subsidiary. In the interim consolidated financial statements, assets and liabilities are therefore translated at the closing rate at the reporting date, while income and expenses from the financial statements of subsidiaries are translated at average annual rates.

Any exchange differences resulting from translation using these different rates in the statement of financial position and the statement of profit and loss are recognised directly in other comprehensive income. Exchange differences resulting from the translation of equity using historical exchange rates are also recognised in other comprehensive income.

Exchange rate differences compared with the previous year arising from acquisition accounting are normally recognised outside profit or loss, in other profit reserves.

In the separate financial statements of Krones AG and its subsidiaries, receivables and liabilities in foreign currencies are translated using the exchange rate at the time of the transaction and exchange differences are recognised in profit or loss at the closing rate at the reporting date. Non-monetary items in foreign currencies are carried at historical cost.

Accounting policies

The separate financial statements of Krones AG and its domestic and foreign subsidiaries have been prepared using uniform accounting policies, in accordance with IFRS 10. As a fundamental rule, the accounting policies used in the interim consolidated financial statements are the standards and interpretations applied as of 31 December 2024.

3 | 30 Consolidated statement of profit or loss from 1 January to 30 September

MANAGEMENT REPORT

€ million	2025	2024	Change
	1 January –	1 January –	%
	30 September	30 September
Revenue	4,107.4	3,874.8	+6.0
Changes in inventories of finished goods and work in progress	14.2	17.2
Total operating performance	4,121.6	3,892.0	+5.9
Other own work capitalised	43.4	40.6	+6.9
Other operating income	157.4	121.4	+29.7
Goods and services purchased	–1,966.0	–1,909.3	+3.0
Personnel expenses	–1,277.2	–1,167.6	+9.4
Other operating expenses	–648.5	–586.0	+10.7
EBITDA	430.7	391.1	+10.1
Depreciation and amortisation of intangible assets and property, plant and equipment	–133.8	–123.0	+8.8
EBIT	296.9	268.1	+10.7
Financial income/expense	4.6	7.3
Profit or loss shares attributable to assiociates that are accounted for using
the equity method	0.8	0.2
Earnings before taxes	302.3	275.6	+9.7
Income tax	–88.6	–74.9	+18.3
Consolidated net income	213.7	200.7	+6.5
Profit share of non-controlling interests	0.4	0.1
Profit share of Krones Group shareholders	213.3	200.6
Earnings per share (diluted/basic) in €	6.75	6.35

€ million	2025	2024	Change
	1 July –	1 July –	%
	30 September	30 September
Revenue	1,380.9	1,318.7	+4.7
Changes in inventories of finished goods and work in progress	25.1	–10.9
Total operating performance	1,406.0	1,307.8	+7.5
Other own work capitalised	13.9	14.5	–4.1
Other operating income	45.6	43.5	+4.8
Goods and services purchased	–688.5	–637.5	+8.0
Personnel expenses	–410.1	–385.4	+6.4
Other operating expenses	–224.7	–208.0	+8.0
EBITDA	142.2	134.9	+5.4
Depreciation and amortisation of intangible assets and property, plant and equipment	–45.6	–45.3	+0.7
EBIT	96.6	89.6	+7.8
Financial income/expense	–0.1	0.1
Profit or loss shares attributable to assiociates that are accounted for using
the equity method	0.3	0.2
Earnings before taxes	96.8	89.9	+7.7
Income tax	–28.9	–24.2	+19.4
Consolidated net income	67.9	65.7	+3.3
Profit share of non-controlling interests	0.0	0.1
Profit share of Krones Group shareholders	67.9	65.6
Earnings per share (diluted/basic) in €	2.15	2.08

statements

Consolidated statement of financial position – Assets 3 | 32

€ million	30 September 2025		31 December 2024
Intangible assets	597.4		587.0
Property, plant and equipment and right of use assets	855.4		852.2
Non-current financial assets	15.6		16.8
Investments accounted for using the equity method	6.6		5.8
Fixed assets	1,475.0		1,461.8
Deferred tax assets	68.2		67.8
Trade receivables	13.4		12.8
Tax receivables	3.9		1.2
Other assets	8.1		7.4
Non-current assets		1,568.6		1,551.0
Inventories	685.3		664.8
Trade receivables	820.5		808.8
Contract assets	1,148.1		1.094.4
Tax receivables	13.6		7.7
Other assets	222.7		180.3
Cash and cash equivalents	362.8		442.5
Current assets		3,253.0		3,198.5
Total		4,821.6		4,749.5

Consolidated statement of financial position – Equity and liabilities 3 | 33

€ million		30 September 2025		31 December 2024
Equity		2,028.5		1,921.5
Provisions for pensions	167.0		172.6
Deferred tax liabilities	50.9		28.4
Other provisions	90.9		96.0
Tax liabilities	1.7		2.2
Liabilities to banks	0.3		1.3
Other financial obligations and lease liabilities	136.6		132.7
Other liabilities	1.6		1.8
Non-current liabilities		449.0		435.0
Other provisions Liabilities to banks	227.2 1.3		191.5 1.3
Contract liabilities	927.2		926.8
Trade payables	705.1		802.2
Tax liabilities	38.7		36.0
Other financial obligations and lease liabilities	44.1		44.1
Other liabilities and accruals	400.5		391.1
Current liabilities		2,344.1		2,393.0
Total		4,821.6		4,749.5

MANAGEMENT REPORT

Consolidated statement of cash flows 3 | 34

€ million	2025	2024
	1 Jan – 30 Sep	1 Jan – 30 Sep
Earnings before taxes	302.3	275.6
Depreciation and amortisation	133.8	123.0
Increase in provisions and accruals	68.4	45.3
Interest and similar expenses and income	–1.3	–2.5
Gains and losses from the disposal of fixed assets	–1.5	–0.2
Other non-cash expenses and income	12.7	1.2
Increase in inventories, trade receivables, contract assets and other assets not attributable
to investing or financing activities	–209.3	15.1
Decrease (previous year: increase) in trade payables, contract liabilities and other liabilities
not attributable to investing or financing activities	–43.4	–153.0
Cash generated from operating activities	261.7	304.5
Interest paid	–5.7	–8.7
Income tax paid and refunds received	–81.9	–63.3
Cash flow from operating activities	174.1	232.5
Cash payments to acquire intangible assets	–44.2	–41.4
Proceeds from the disposal of intangible assets	0.3	0.7
Cash payments to acquire property, plant and equipment	–69.5	–64.8
Proceeds from the disposal of property, plant and equipment	7.6	2.5
Cash payments to acquire non-current financial assets and time deposits	0.0	0.0
Proceeds from the disposal of non-current financial assets and time deposits	1.5	2.6
Cash payments for the acquisition of investments accounted for using the equity method	0.0	–5.3
Acquisition of a subsidiary, less acquired cash and cash equivalents	–32.9	–160.2
Deferred purchase price payment for business acquisitions from previous periods	–2.2	–13.4
Interest received	7.2	8.1
Dividends received	3.2	4.8
Cash flow from investing activities	–129.0	–266.4
Cash payments to company owners	–82.1	–69.5
Cash payments from the repayment of lease liabilities	–3.1	–0.5
Cash payments from the repayment of financial liabilities	–33.4	–31.5
Cash flow from financing activities	–118.6	–101.5
Net change in cash and cash equivalents	–73.5	–135.4
Changes in cash and cash equivalents arising from changes in exchange rates
and from changes in the consolidated group	–6.2	–7.9
Cash and cash equivalents at the beginning of the period	442.5	448.4
Cash and cash equivalents at the end of the period	362.8	305.1

Consolidated segment reporting

First nine months € million	Filling and Packaging Technology		Process Technology		Intralogistics		Krones Group
	2025	2024	2025	2024	2025	2024	2025	2024
	1 Jan–30 Sep	1 Jan–30 Sep	1 Jan–30 Sep	1 Jan–30 Sep	1 Jan–30 Sep	1 Jan–30 Sep	1 Jan–30 Sep	1 Jan–30 Sep
Revenue	3,479.4	3,277.2	379.1	378.1	248.9	219.5	4,107.4	3,874.8
EBITDA	372.8	342.3	40.0	36.4	17.9	12.4	430.7	391.1
EBiTda margin	10.7%	10.4%	10.6%	9.6%	7.2%	5.6%	10.5%	10.1%

Third quarter € million	Filling and Packaging Technology		Process Technology		Intralogistics		Krones Group
	2024	2023	2024	2023	2024	2023	2024	2023
	1 Jul–30 Sep	1 Jul–30 Sep	1 Jul–30 Sep	1 Jul–30 Sep	1 Jul–30 Sep	1 Jul–30 Sep	1 Jul–30 Sep	1 Jul–30 Sep
Revenue	1,178.6	1,127.6	127.1	123.5	75.2	67.6	1,380.9	1,318.7
EBITDA	123.6	119.2	13.0	10.7	5.6	5.0	142.2	134.9
EBiTda margin	10.5%	10.6%	10.2%	8.7%	7.4%	7.4%	10.3%	10.2%

OTHER INFORMATION

Members of the Supervisory Board and the Executive Board	3
Financial glossary	38
Publication information	39
Financial calender	39
Contact	39

Members of the Supervisory Board and the Executive Board

Pursuant to Section 8 (1) of the articles of association, eight members of the Supervisory Board are elected by the shareholders inaccordance with the German Stock Corporation Act (Sections 96 (1) and 101). Eight members are elected by the employees pursuant to Section 1 (1) and Section 7 (1) Sentence 1 Number 1 of the Codetermination Act.

Supervisory Board

Volker Kronseder

Chairman of the Supervisory Board

• * Universitätsklinikum Regensburg
• * Wirtschaftsbeirat Bayerische Landesbank

Josef Weitzer**

Deputy Chairman of the Supervisory Board, Chairman of Group Central Works Council Chairman of the Works Council Neutraubling

* Bay. Betriebskrankenkassen

Norbert Broger

Diplom-Kaufmann

Nora Diepold

Chief Executive Officer

NK Immobilienverwaltungs GmbH,
Regensburg

Robert Friedmann

Spokesman for the central managing board of the Würth Group

* zr Friedrichshafen AG

Oliver Grober**

Deputy Chairman of the Employees'
Council. Rosenheim

Thomas Hiltl**

Chairman of the Employees'
Council, Nittenau

Markus Hüttner**

Deputy Group Employees'
Council Chairman
Deputy Composite Employees'
Council Chairman
Deputy Employees' Council

Chairman, Neutraubling

Professor Dr. jur. Susanne Nonnast

Professor at Ostbayerische Technische Hochschule (отн) Regensburg

Dr. Verena Di Pasquale**

Deputy Chairperson of DGB Bayern (the German Trade Union Confederation in Bayaria)

Beate Eva Maria Pöpperl**

Independent Member of the Employees' Council

Stefan Raith**

Head of Business Line, Line Solutions
*re-sult AG

Olga Redda**

Second authorised representative and managing director, IG Metall Regensburg
*OSRAM Licht AG
*OSRAM GmbH
*ams OSRAM International GmbH

*Maschinenfabrik Reinhausen GmbH

Petra Schadeberg-Herrmann

Managing partner Krombacher Brauerei Bernhard Schadeberg GmbH & co. кG, Krombacher Finance GmbH, Schawei GmbH,

Diversum Holding GmbH & Co. KG

Stephan Seifert

Chairman of the Executive Board of Körber AG, Hamburg *Board of trustees of the Körber Foundation

Matthias Winkler

Partner at Baker Tilly Germany

Executive Board

Christoph Klenk

Chief Executive Officer

• * Mahr GmbH
• * Phoenix Contact GmbH & Co. KG

Uta Anders

Chief Financial Officer

* Heidelberger Druckmaschinen AG

Thomas Ricker

Chief Sales Officer

* Döhler Group SE

Markus Tischer

International Operations and Services

Ralf Goldbrunner

Operations

^* Other Supervisory Board seats held, pursuant to Section 125 (1) Sentence 5 of the German Stock Corporation Act ** Elected by the employees In addition, each of the group companies is the responsibility of two members of the Executive Board.

Financial glossary

Cash flow	All inflows and outflows of cash and cash equivalents during a period.
Depreciation and amortisation	Non-cash expenses that represent the cost of current and non-current assets being used over time.
EBIT	Earnings before interest and taxes.
EBITDA	Earnings before interest, taxes, depreciation and amortisation.
EBITDA margin	Ratio of earnings before interest, taxes, depreciation and amortisation to revenue.
ЕВТ	Earnings before taxes.
EBT margin	Ratio of earnings before taxes to revenue.
Equity	Funds made available to the company by the owners by way of contribution and/or investment, plus retained earnings.
Free cash flow	Measure of financial performance calculated as the cash flow from operating activities minus cash flow from investing activities. It is the cash available to pay dividends, reduce debt, or be retained.
IFRS	International Financial Reporting Standards. Accounting standards issued by the International Accounting Standards Board (IASB) that are harmonised and applied internationally.

Net cash	Cash and highly liquid securities under current assets less liabilities to banks.
ROCE	Return on capital employed, calculated as the ratio of EBIT to average capital employed. Net capital employed is defined as non-current assets (excluding goodwill and financial assets) plus working capital.
Total debt	Combined term for the provisions, liabilities and deferred income stated on the liabilities side of the balance sheet.
Working capital	Working capital is calculated as follows: (inventories + trade receivables + contract assets) – (trade payables + contract liabilities).
Working capital to revenue	The ratio of working capital to revenue indicates how much capital is needed to finance revenue generation.

1 TO OUR SHAREHOLDERS

2 | INTERIM CONSOLIDATED

MANAGEMENT REPORT

3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS

4 OTHER INFORMATION

Contact, Publishing information, Financial calendar

3 | 39 Contact

Krones AG
Investor Relations
Olaf Scholz
Phone +49 9401 70-1169
E-mail olaf.scholz@krones.com
Böhmerwaldstrasse 5
93073 Neutraubling
Germany

Publishing information

Published by Krones AG

Böhmerwaldstrasse 5 93073 Neutraubling

Germany

Project lead Olaf Scholz,

Head of Investor Relations,

Treasury and M&A

Design Büro Benseler

Text Krones AG

InvestorPress GmbH

This English language report is a translation of the original German Krones Quarterly statement for the period from 1 January to 30 September 2025 (Quartalsmitteilung für den Zeitraum vom 1. Januar bis 30. September 2025).

In case of discrepancies the German text shall prevail.

You can also find the Quarterly statement in the Investor Relations section at www.krones.com/en/company/ investor-relations/reports.php

63

Financial calendar

19 February 2026	Publication of preliminary figures for the 2025 financial year
20 March 2026	Krones Group Annual Report 31 December 2025
8 May 2026	Quarterly statement for the period ended 31 March 2026
9 June 2026	Annual General Meeting 2026
29 July 2026	Quarterly statement for the period ended 30 June 2026
6 November 2026	Quarterly statement for the period

ended 30 September 2026