KRONES AG — Interim / Quarterly Report 2026

May 8, 2026

Krones Group

三

Quarterly statement for the period from 1 January to 31 March 2026

KRONES

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三

1. TO OUR SHAREHOLDERS
2. ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS
3. INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
4. OTHER INFORMATION

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11

1 | TO OUR SHAREHOLDERS

2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS

3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026

4 | OTHER INFORMATION

1

TO OUR SHAREHOLDERS

Highlights and key figures ... 4
Letter from the Executive Board ... 5
The Krones share ... 6

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1 | TO OUR SHAREHOLDERS

Highlights and key figures

2 | ASSETS, FINANCIAL POSITION,

AND RESULTS OF OPERATIONS

3 | INTERIM CONSOLIDATED FINANCIAL

STATEMENTS FOR THE PERIOD ENDED

31 MARCH 2026

4 | OTHER INFORMATION

Highlights and key figures

Krones starts 2026 financial year with high order intake – profitability also up in first quarter

• Krones' customers continue to show robust willingness to invest. In the first quarter of 2026, the company increased order intake by 5.3%, from €1,435.9 million in the previous year to €1,512.1 million. The contract value of orders is thus also higher than in the fourth quarter of 2025 (€1,460.0 million).
• Adjusted for currency translation effects, revenue increased by 1.4%. Reported revenue was €1,379.1 million (previous year: €1,410.0 million). Based on the book-to-bill ratio of 1.10 in the first quarter, Krones expects revenue growth to accelerate through to the year-end.
• The EBITDA margin from January to March improved from 10.6% in the previous year to 10.8%, which is within the guidance range for the current financial year.
• Due to the managed increase in working capital, Krones generated free cash flow before M&A activities of -€9.5 million in the first quarter of 2026 (previous year: €165.2 million). ROCE amounted to 17.6% (previous year: 20.5%).
• Following the positive first-quarter trend, Krones has confirmed the guidance for the full year 2026. The company expects revenue growth of 3% to 5% adjusted for currency translation effects, an EBITDA margin of 10.7% to 11.1% and ROCE of 19% to 20%.

		1 Jan – 31 Mar 2026	1 Jan – 31 Mar 2025	Change
Revenue	€ million	1,379.1	1,410.0	-2.2%
				+1.4%*
Order intake	€ million	1,512.1	1,435.9	+5.3%
Orders on hand at 31 March	€ million	4,323.4	4,315.4	+0.2%
EBITDA	€ million	148.9	149.3	-0.3%
EBITDA margin	%	10.8	10.6	+0.2 PP**
EBIT	€ million	99.0	106.0	-6.6%
EBT	€ million	98.1	107.9	-9.1%
EBT margin	%	7.1	7.7	-0.6 PP**
Consolidated net income	€ million	68.6	75.9	-9.6%
Earnings per share	€	2.17	2.40	-9.6%
Capital expenditure for PP&E and intangible assets	€ million	54.2	41.4	+€12.8 million
Free cash flow	€ million	-17.4	163.0	-€180.4 million
Free cash flow without M&A	€ million	-9.5	165.2	-€174.7 million
Net cash and cash equivalents at 31 March***	€ million	523.1	589.7	-€66.6 million
Working capital to revenue***	%	18.1	17.1	+1.0 PP**
ROCE	%	17.6	20.5	-2.9 PP**
Employees at 31 March
Worldwide		21,299	20,583	+716
Germany		11,668	11,386	+282
Outside Germany		9,631	9,197	+434

• Adjusted for currency translation effects ** PP = percentage points *** Cash and cash equivalents less debt *** Average of last 4 quarters

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Letter from the

Executive Board

2 | ASSETS, FINANCIAL POSITION,

AND RESULTS OF OPERATIONS

3 | INTERIM CONSOLIDATED FINANCIAL

STATEMENTS FOR THE PERIOD ENDED

31 MARCH 2026

Letter from the Executive Board

Dear shareholders and friends of Krones,

The first quarter of 2026 has demonstrated once again that the times are challenging for stable planning on the basis of reliable conditions. Companies must be prepared for a wide range of uncertainties and risks – such as the current geopolitical tensions in the Middle East – and respond to them with flexibility. While the direct impacts of the Middle East crisis on Krones are limited, the conflict could nonetheless influence Krones' business indirectly due to the threat of a global growth slowdown, rising raw material prices and disruptions to international supply chains. Consequently, the experts at the International Monetary Fund have revised their 2026 global economic growth forecast downward from 3.3% to 3.1%.

Following the first quarter, Krones confirms full-year financial targets for 2026

The first-quarter figures show that Krones is operating within its planning parameters for 2026 to date. Adjusted for currency translation effects, revenue increased by 1.4%. We expect growth to accelerate through to the year-end. This is also indicated by order intake, which developed very positively in the first quarter at €1,512.1 million (previous year: €1,435.9 million). The EBITDA margin has improved further from 10.6% in the previous year to 10.8%. Despite the difficult and volatile macroeconomic conditions, Krones confirms its guidance for the 2026 financial year as a whole.

The team's collective experience in successfully managing challenges is the primary reason why we remain realistically optimistic about the future. Krones proved its flexibility and resilience during both the Covid-19 pandemic and the Russia-Ukraine conflict, both of which had a profound impact on global supply chains. The Krones team, under CEO-designate Thomas Ricker, will also master upcoming challenges to the best of its ability. In line with our long-term succession planning, I will be leaving the Krones Executive Board on 10 June after 23 years of service.

Continuity and stability in corporate governance

Krones celebrates its 75th anniversary this year. Over this period, the company has had only three CEOs: company founder Hermann Kronseder, his son Volker Kronseder, and myself since 2016. This continuity and stability in corporate governance has contributed significantly to Krones' long-term success. With Thomas Ricker, who has been a member of the Executive Board since 2012, the company is maintaining this continuity. This is good news for our customers, employees, business partners and shareholders, especially in these volatile times. With the newly constituted Executive Board, a highly qualified and motivated workforce, an innovative range of products and services and a broad global footprint, Krones is ideally positioned to continue its profitable growth path over the medium and long term.

Christoph Klenk

CEO

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The Krones share

1 | 6

The Krones share

Geopolitical tensions in the Middle East weighed on stock markets in first quarter of 2026

Many major international stock markets ended 2025 with significant gains, and this upward trend initially continued into 2026. Share prices in Europe were supported by hopes that economic momentum was picking up. Speculation about interest rate cuts continued to prevail in the USA, boosting share prices. However, with the outbreak of the war in Iran on 28 February, stock market sentiment reversed. The sharp rise in commodity prices, driven by geopolitical tensions, fuelled inflation fears and concerns for the economy. This ended the upward trend on the stock markets.

Germany's most important share index, the DAX, started 2026 at around 24,500 points. The initially positive market sentiment drove the index to new record highs. The DAX reached its highest level in the first quarter of 2026 with a new all-time high of 25,508 points on 13 January. In the following weeks, the German benchmark index remained at a high level, moving sideways. On 27 February, the day before the war in Iran began, it stood at just under 25,300 points. The geopolitical tensions in the Middle East then caused share prices to fall sharply on stock markets worldwide. While there were news-driven short-term fluctuations, the overall share price trend in March was downward. The DAX temporarily slipped below the 22,000 mark. On 31 March 2026, it stood at 22,680 points, having lost 7.4% over the first quarter of 2026.

| Performance 1 January
to 31 March 2026 | Krones share data | First quarter 2026 | First quarter 2025 |
| --- | --- | --- | --- |
| Krones share | | | |
| MDA: -15.2% | Earnings per share (€) | 2.17 | 2.40 |
| MDAX: -8.5% | High (€) | 142.60 | 138.80 |
| | Low (€) | 113.20 | 120.60 |
| | Price at 31 March (€) | 115.20 | 125.40 |
| | Market capitalisation at 31 March (€ billion) | 3.64 | 3.96 |

Source share price data: extra (Closing price)

Krones share price falls 15% in first quarter amid a weak overall market

Krones shares started 2026 at €135.80. In a generally buoyant market, the price of our shares initially rose, reaching €142.60 on 15 January – the highest level in the first quarter of 2026. This was only slightly below the all-time high of €144.80 marked by Krones shares in May 2025. In the weeks that followed, our share price remained stable overall at a high level, moving sideways in the region of €140.

The Krones share

Following publication of the preliminary figures for the 2025 financial year and the forecast for 2026 on 19 February, our share price came under short-term pressure, even though the figures were generally in line with capital market expectations. The ensuing commentary from analysts was also largely positive. Over the following days, Krones shares managed to recover some of the losses. At the end of February, they were trading at €133.00.

Subsequently, our shares were caught up in the general slump in the stock market triggered by the geopolitical tensions in the Middle East. Our share price moved downwards in line with the market as a whole. Krones shares reached their lowest closing price of the first quarter at €113.20 on 20 March. Our share price recovered slightly by the end of March to close the first quarter of 2026 at €115.20. This represents a fall of $15.2\%$ compared with the price at the start of the year. The MDAX, in which Krones shares are a component, lost $8.1\%$ from January to March.

Key data for the Krones share

Number of shares	31,593,072
German securities identification number	633500
ISIN	DE 0006335003
XETRA ticker symbol	KRN

Analyst recommendations for Krones shares

Krones maintained its presence at global conferences and roadshows for international investors and analysts throughout the first quarter of 2026. The level of interest in our shares is also reflected in the extensive research coverage. Krones shares are analysed by 13 major national and international banks. At the end of April 2026, eleven banks issued a buy recommendation. One analyst rated Krones shares as a hold, while one recommended selling.

Analyst recommendations (as of April 2026)

Shareholder structure

Krones' shareholder structure remained unchanged in the first quarter of 2026 compared to the end of 2025. At 31 March 2026, 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 first quarter by the Schadeberg family.

Shareholder structure as of 31 March 2026

For further information on Krones shares, please see the Krones website:

https://www.krones.com/en/company/investor-relations/share.php

1 | TO OUR SHAREHOLDERS
2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS
3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
4 | OTHER INFORMATION

2

ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS

• Revenue ... 9
• Order intake ... 11
• Order backlog ... 12
• Earnings ... 13
• Earnings structure ... 14
• Statement of cash flows ... 17
• Balance sheet structure ... 19
• Report from the segments ... 21
• Employees ... 24
• Report on expected developments ... 25
• Risks and opportunities ... 26

2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS

Revenue

3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026

Revenue

Krones showed stable revenue performance in the first quarter of 2026

The overall economic environment deteriorated in the first quarter of 2026 due to geopolitical tensions. Krones nevertheless showed stable business performance, as the company's markets are generally less affected by economic fluctuations. Compared to the very high figure for the previous year, revenue fell slightly by 2.2% from €1,410.0 million to €1,379.1 million between January and March 2026. It should be noted that currency translation effects influenced revenue in the amount of around €50 million in the first quarter of 2026. Adjusted for these effects, revenue was 1.4% higher in the reporting period than in the first quarter of 2025. The rate of increase was thus below the 3% to 5% guidance range for revenue growth adjusted for currency translation effects in the full year 2026. While growth in the core Filling and Packaging Technology segment in the first quarter was within the guidance range for the full year 2026, growth in the Process Technology and Intralogistics segments fell short of that range due to intra-year revenue phasing. Krones expects growth to accelerate in both segments and in the group through to the year-end and confirms the guidance for the group and the segments.

Revenue in the new machinery business and in lifecycle services grew at roughly the same rate between January and March 2026. Krones' revenue in the first quarter of 2026 was not materially affected by acquisitions or divestments.

Due to currency translation effects, revenue in the first quarter of 2026, at €1,379.1 million, was 2.2% lower than the very high figure for the previous year. Adjusted for currency translation effects, Krones increased revenue by 1.4%.

Revenue from 1 January to 31 March (€ million)

Segment revenue from 1 Jan to 31 Mar 2026

Segment revenue from 1 Jan to 31 Mar 2025

Share of consolidated revenue of €1,379.1 million
Share of consolidated revenue of €1,410.0 million

Revenue

Revenue by region

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' business in Germany developed positively in the first quarter of 2026. Revenue went up by 10.8% year on year, from €125.8 million to €139.4 million. The German share of consolidated revenue in the first three months thus rose to 10.0% (previous year: 8.9%).

Krones has a 90% export ratio.

Revenue in the European sales markets (excluding Germany) was down in the reporting period. The largest fall in revenue was in Eastern Europe, by 21.8% to €73.4 million (previous year: €93.9 million). However, the very strong revenue growth in the first quarter of the previous year (+46.0%) must be taken into account here. In Central and Western Europe, revenue fell by 5.0% year on year, from €283.4 million to €269.1 million for the period January to March 2026. Overall, revenue in Europe (excluding Germany) amounted to €342.5 million in the first quarter of 2026, 9.2% lower than in the previous year (€377.3 million). This corresponds to a 24.8% share of consolidated revenue in the first three months (previous year: 26.8%).

In the Central Asia region, which only has a very minor impact on the company's business with 2.5% of consolidated revenue in the reporting period, revenue varies significantly from period to period. In the first three months of 2026, it rose from €17.8 million in the previous year to €34.0 million.

Among the remaining non-European markets, revenue developed best in the Middle East/Africa region. At €193.7 million, it was 14.3% above the already high level of €169.4 million recorded in the previous year. In Asia/Pacific, revenue in the first quarter of 2026 did not quite reach the high level of the previous year (€179.4 million; 29% increase in Q1 2025). Revenue there fell by 5.7% to €169.2 million. The base effect also made itself felt in China in the reporting period. In the first quarter of 2025, revenue there rose by just under 20%. From January to March 2026, it decreased by 25.2% from €110.1 million in the previous year to €82.4 million.

In North and Central America, revenue in the first quarter of 2026 amounted to €291.7 million, an increase of 5.9% compared with the previous year's figure (€275.5 million), despite negative currency translation effects. Revenue in South America/Mexico fell by 18.4% to €126.2 million in the period from January to March 2026 (previous year: €154.7 million; 19% increase in Q1 2025), although the previous year's high level must be taken into account here.

Overall, Krones generated revenue of €863.2 million in the non-European markets (excluding Central Asia) in the first quarter of 2026, 2.9% lower than in the previous year (€889.1 million). This also reflects currency translation effects. Adjusted for these effects, revenue was up on the previous year. The share of consolidated revenue was 62.6% (previous year: 63.0%).

Krones' internationally balanced customer and revenue split is one of its strategic strengths. Between January and March 2026, the company generated 49.3% (previous year: 51.5%) of group revenue in emerging and developing markets. The share of revenue generated in industrialised economies was 50.7% (previous year: 48.5%).

Krones Group revenue by region

| Share of consolidated revenue | 1 Jan to 31 Mar 2026 | | 1 Jan to 31 Mar 2025 | | Change
% |
| --- | --- | --- | --- | --- | --- |
| | € million | % | € million | % | |
| Germany | 139.4 | 10.0 | 125.8 | 8.9 | +10.8 |
| Central and Western Europe | 269.1 | 19.5 | 283.4 | 20.1 | -5.0 |
| Eastern Europe | 73.4 | 5.3 | 93.9 | 6.7 | -21.8 |
| Central Asia | 34.0 | 2.5 | 17.8 | 1.3 | +91.0 |
| Middle East/Africa | 193.7 | 14.0 | 169.4 | 12.0 | +14.3 |
| Asia/Pacific | 169.2 | 12.3 | 179.4 | 12.7 | -5.7 |
| China | 82.4 | 6.0 | 110.1 | 7.8 | -25.2 |
| South America/Mexico | 126.2 | 9.2 | 154.7 | 11.0 | -18.4 |
| North and Central America | 291.7 | 21.2 | 275.5 | 19.5 | +5.9 |
| Total | 1,379.1 | 100.0 | 1,410.0 | 100.0 | -2.2 |

1 | TO OUR SHAREHOLDERS
2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS
Order intake
3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
4 | OTHER INFORMATION

Order intake

Krones' order intake picked up in first quarter of 2026

Demand for the company's products and services continues to be strong. In the first quarter of 2026, order intake increased by 5.3% year on year to €1,512.1 million.

Krones' customers in the international food and beverage industry continue to show robust willingness to invest, despite the general economic uncertainties. Additionally, Krones benefits from its internationally balanced customer base. Krones is able to compensate for temporary fluctuations in demand in individual regions – as in the Middle East in the first quarter of 2026 – with good business in other sales markets.

Overall, Krones' order intake increased from January to March 2026. At €1,512.1 million, order intake exceeded the €1,435.9 million recorded in the previous year by 5.3% and was also higher than in the fourth quarter of 2025 (€1,460.0 million). The book-to-bill ratio – the ratio of order intake to revenue – was 1.10 in the first quarter of 2026 (previous year: 1.02). Order intake was not materially affected by exchange rates, acquisitions or divestments in the first three months of 2026.

In the reporting period, order intake significantly exceeded the previous year's level in North and South America, Eastern Europe and China. Order intake in Central and Western Europe and in Asia/Pacific developed similarly to the group as a whole. In the Middle East/Africa and Central Asia regions, the contract value of orders fell short of the previous year's level.

Order intake:
+3.6% compared to Q2 2025
-6.3% compared to Q1 2026

Book-to-bill Ratio
Q1 2026: 1.10

Order backlog

Order backlog

Order backlog remains at a very high level due to robust demand

From January to March 2026, the order backlog increased compared to the end of 2025 (€4,190.4 million) to €4,323.4 million.

The book-to-bill ratio exceeded 1 in the first quarter of 2026, and Krones' order backlog consequently increased from January to March 2026. Compared to the end of 2025 (€4,190.4 million), the order backlog grew by 3.2% to €4,323.4 million. A year earlier, the company had an order backlog totalling €4,315.4 million.

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

Order backlog:
+1.2% compared
to Q1 2025
+0.1% compared
to Q1 2025

2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS Earnings

Earnings

EBITDA margin improved to 10.8%

Krones improved profitability in the first quarter of 2026. The EBITDA margin increased from 10.6% to 10.8%. Exchange rates, acquisitions and divestments had no significant impact on first-quarter earnings.

Despite the slight fall in revenue, Krones' earnings before interest, taxes, depreciation and amortisation (EBITDA) was stable in the first quarter of 2026. This mainly reflects the implementation of strategic measures to improve the company's performance and cost structures. Prices for our machines and lines remained stable in the first quarter of 2026.

EBITDA from 1 January to 31 March (€ million)

From January to March 2026, Krones generated EBITDA of €148.9 million (previous year: €149.3 million). The EBITDA margin improved from 10.6% to 10.8%. This was within the target range of 10.7% to 11.1% for the EBITDA margin in the full year 2026.

Due to the increase in depreciation and amortisation of fixed assets and lower financial income/expense, earnings before taxes (EBT) fell by 9.1% year on year, from €107.9 million to €98.1 million in the first quarter. For the full year 2026, Krones expects EBT to increase compared to the previous year. The EBT margin decreased from 7.7% to 7.1%. In total, Krones generated consolidated net income of €68.6 million in the first quarter of 2026 (previous year: €75.9 million). This equates to earnings per share of €2.17 (previous year: €2.40).

EBITDA margin from 1 January to 31 March (%)

2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS Earnings structure

Earnings structure

| € million | 2026
1 Jan–31 Mar | 2025
1 Jan–31 Mar | Change
% |
| --- | --- | --- | --- |
| Revenue | 1,379.1 | 1,410.0 | –2.2 |
| Changes in inventories of finished goods and work in progress | 16.4 | –13.8 | – |
| Total operating performance | 1,395.5 | 1,396.2 | –0.1 |
| Goods and services purchased | –617.8 | –663.9 | –6.9 |
| Personnel expenses | –458.8 | –440.8 | +4.1 |
| Other operating income/expenses and own work capitalised | –170.0 | –142.2 | +19.6 |
| EBITDA | 148.9 | 149.3 | –0.3 |
| Depreciation and amortisation on fixed assets | –49.9 | –43.3 | +15.2 |
| EBIT | 99.0 | 106.0 | –6.6 |
| Financial income/expense | –0.9 | 1.9 | – |
| EBT | 98.1 | 107.9 | –9.1 |
| Income tax | –29.5 | –32.0 | –7.8 |
| Consolidated net income | 68.6 | 75.9 | –9.6 |

Total operating performance remained stable in the first quarter of 2026 compared to the previous year.

Krones showed stable business performance between January and March 2026. Revenue in the first three months fell slightly year on year by 2.2% to €1,379.1 million. Adjusted for currency translation effects, revenue increased by 1.4%. Total operating performance was almost unchanged in the first quarter, at €1,395.5 million (previous year: €1,396.2 million). The company increased inventories of finished goods and work in progress by €16.4 million in the reporting period. Last year, finished goods and work in progress decreased by €13.8 million.

Net income from 1 January to 31 March (€ million)

Earnings per share from 1 January to 31 March (€)

2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS Earnings structure

2 | 15

Goods and services purchased (€ million) and material expense ratio (%) from 1 January to 31 March

Personnel expenses (€ million) and personnel expense ratio (%) from 1 January to 31 March

Material expense ratio: 44.3%
Personnel expense ratio: 32.9%

Goods and services purchased fell significantly in the first quarter of 2026, decreasing by 6.9% to €617.8 million. Krones benefited in the reporting period from sophisticated production and procurement management and from the product mix. The material expense ratio – the ratio of goods and services purchased to total operating performance – fell significantly from 47.6% in the previous year to 44.3% in the reporting period.

Personnel expenses increased by 4.1% to €458.8 million between January and March 2026. The personnel expense ratio – the ratio of personnel expenses to total operating performance – consequently rose in the first quarter of 2026 to 32.9% (previous year: 31.6%). 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.

Earnings before taxes (EBT) from 1 January to 31 March (6 million)

At €221.3 million, other operating expenses in the reporting period were 10.8% higher than the previous year's figure of €199.7 million, while other operating income fell by 5.1% to €40.6 million. Both other operating expenses and other operating income were influenced by currency and hedging effects, although these almost cancelled each other out. At €10.7 million, own work capitalised was €4.0 million lower than in the previous year. The net balance of other operating income and expenses and own work capitalised changed from -€142.2 million in the prior-year period to -€170.0 million in the first quarter of 2026. As a percentage of total operating performance, this represented an increase to 12.2%, compared to 10.2% in the previous year.

In total, EBITDA (earnings before interest, taxes, depreciation and amortisation) remained stable in the reporting period, at €148.9 million (previous year: €149.3 million). The EBITDA margin rose from 10.6% in the previous year to 10.8%.

EBT margin from 1 January to 31 March (%)

After deducting depreciation and amortisation of fixed assets of €49.9 million (previous year: €43.4 million), earnings before interest and taxes (EBIT) decreased by 6.6% to €99.0 million in the first quarter of 2026 (previous year: €106.0 million). Financial income/expense amounted to -€0.9 million, compared to a positive €1.9 million in the previous year. The figure includes €1.6 million in expenses for contingent purchase price payments. Earnings before taxes (EBT) consequently fell by 9.1% in the reporting period to €98.1 million (previous year: €107.9 million). This results in an EBT margin of 7.1%, compared to 7.7% in the previous year. As the company's tax rate of 30.1% in the first quarter was at a similar level to the prior-year quarter (29.7%), consolidated net income fell almost in line with EBT by 9.6% to €68.6 million (previous year: €75.9 million).

Krones improved profitability in the first quarter of 2026 and generated an EBITDA margin of 10.8% (previous year: 10.6%). Earnings were not materially affected in the reporting period by exchange rates, acquisitions or divestments.

Statement of cash flows

2 | 17

Statement of cash flows

| € million | 2026
1 Jan–31 Mar | 2025
1 Jan–31 Mar |
| --- | --- | --- |
| Earnings before taxes | 98.1 | 107.9 |
| Other non-cash changes | +138.7 | +118.2 |
| Changes in working capital | –126.0 | +0.4 |
| Changes in other assets and liabilities | –70.6 | –24.7 |
| Cash flow from operating activities | 40.2 | 201.8 |
| Capital expenditure for FF&E and intangible assets | –54.2 | –41.4 |
| Other | +4.5 | +4.8 |
| Free cash flow without M&A | –9.5 | 165.2 |
| M&A activities | –7.9 | –2.2 |
| Free cash flow | –17.4 | 163.0 |
| Cash flow from financing activities | –13.2 | –11.7 |
| Other | +5.2 | –1.8 |
| Net change in cash and cash equivalents | –25.4 | 149.5 |
| Cash and cash equivalents at the end of the period | 524.1 | 592.0 |

In the first quarter of 2026, Krones generated operating cash flow of €40.2 million (previous year: €201.8 million) and free cash flow (excluding M&A activities) of –€9.1 million (previous year: +€165.2 million) – as planned, below the very high prior-year figures.

Krones generated cash flow from operating activities of €40.2 million in the first quarter of 2026 – as planned, below the very high prior-year figure of €201.8 million. Non-cash changes made a positive contribution to cash flow from operating activities. At €138.7 million, this contribution was larger in the reporting period than in the previous year (€118.2 million). This improvement was offset by the €9.8 million decrease in earnings before taxes. Changes in other assets and liabilities, at –€70.6 million (previous year: –€24.7 million), contributed to the decrease in operating cash flow, as did the change in working capital. Krones increased working capital by €126.0 million between January and March 2026. Last year, a reduction in working capital supported cash flow in the amount of plus €0.4 million.

Working capital to revenue at 31 March (%, average over 4 quarters)

Working capital as a percentage of revenue at 18.1%

Krones significantly reduced liabilities to suppliers in the reporting period. This active management was a key reason why the company increased working capital by a total of €126.0 million to €1,016.7 million in the first three months of 2026. While trade receivables and contract assets remained stable, advances received (contract liabilities) increased. Alongside the sharp reduction in trade payables, the slight rise in inventories contributed to the increase in working capital.

The ratio of average working capital over the past four quarters to revenue increased to 18.1% (previous year: 17.1%). As of the 31 March reporting date, the working capital to revenue ratio was 18.8% (previous year: 15.7%).

2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS Statement of cash flows

Free cash flow from 1 January to 31 March (€ million)

Capital expenditure for FF&E and intangible assets from 1 January to 31 March (€ million)

Free cash flow (excluding M&A) at -€9.5 million, below the very high prior-year figure

Krones invested a total of €54.2 million in property, plant and equipment and intangible assets in the reporting period. As planned, this is above the prior-year figure of €41.4 million. As a result, capital expenditure as a percentage of revenue rose from 2.9% to 3.9%. The increase in working capital, which mostly reflected the actively managed reduction in trade payables, also contributed to the reduced free cash flow. In addition, the company made a deferred purchase price payment of €7.9 million for Ampco Pumps in the first quarter of 2026 (previous year: €2.2 million). Free cash flow amounted to -€17.4 million in the reporting period (previous year: €163.0 million). Adjusted for M&A activities, free cash flow fell to -€9.5 million in the first three months of 2026 (previous year: +€165.2 million).

With repayments of lease liabilities in the amount of €11.5 million (previous year: €11.4 million) and of bank debt in the amount of €1.7 million (previous year: €0.3 million), the company's cash outflow from financing activities totalled €13.2 million in the first quarter of 2026 (previous year: €11.7 million). Krones had cash and cash equivalents of €524.1 million at 31 March 2026 (previous year: €592.0 million).

Balance sheet structure

Balance sheet structure

€ million	31 Mar 2026	31 Dec 2025	31 Mar 2025	31 Dec 2024
Non-current assets	1,633	1,637	1,530	1,551
of which fixed assets	1,544	1,544	1,445	1,462
Current assets	3,448	3,405	3,387	3,198
of which cash and equivalents	524	549	592	442
Equity	2,205	2,129	1,984	1,922
Total debt	2,876	2,913	2,933	2,828
Non-current liabilities	448	453	438	435
Current liabilities	2,428	2,460	2,495	2,393
Total	5,081	5,042	4,917	4,750

Krones' total assets rose slightly by 0.8% in the first quarter, while total operating revenue remained stable (-0.1%).

Krones' total assets remained almost stable in the first quarter of 2026, amounting to €5,080.7 million as of 31 March 2026 (31 December 2025: €5,042.1 million). The slight 0.8% increase in total assets was due on the assets side to higher current assets and on the equity and liabilities side to an improvement in equity.

Non-current assets were almost unchanged in the reporting period at €1,633.2 million (31 December 2025: €1,637.0 million), as were fixed assets, which stood at €1,544.4 million as of 31 March 2026 (31 December 2025: €1,544.2 million). Intangible assets, at €599.9 million (-€0.7 million), and property, plant and equipment and right-of-use assets, at €922.5 million (+€0.9 million), likewise changed only slightly compared to the end of 2025.

Krones' current assets showed a slight increase. Current assets came to €3,447.5 million at the end of the reporting period, a rise of 1.2% or €42.4 million on the figure as of 31 December 2025. This was due to an increase in other assets by €53.4 million to €244.9 million and in contract assets by €21.9 million to €1,097.9 million. Inventories increased to €699.8 million (31 December 2025: €677.4 million). Krones reduced trade receivables by €24.3 million in the reporting period to €875.2 million (31 December 2025: €899.5 million). Cash and cash equivalents also decreased by €25.4 million, from €549.5 million to €524.1 million, due to the slightly negative free cash flow from January to March.

Current liabilities were also down between January and March 2026, falling by €32.9 million to €2,427.5 million. This mainly related to trade payables, which decreased in the reporting period by €117.7 million to €750.5 million. In contrast, contract liabilities increased by €22.9 million to €907.0 million (31 December 2025: €884.1 million) and other liabilities and accruals by €46.8 million

Balance sheet structure

2 | 20

to €439.8 million. As of the end of March 2026, the company had current bank debt totalling €1.0 million (31 December 2025: €1.3 million).

Non-current liabilities changed only slightly, at €448.3 million as of 31 March 2026 (31 December 2025: €453.0 million). There were likewise only minor changes within this category relative to the 2025 year-end. The largest item, provisions for pensions, thus changed only minimally to €159.6 million (31 December 2025: €159.5 million). Other financial liabilities and lease liabilities went down €3.0 million to €131.1 million. Other provisions, on the other hand, increased to €98.8 million (31 December 2025: €97.6 million). The Company had no non-current bank debt as of the end of the quarter (31 December 2025: €1.4 million).

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

Equity ratio at 31 March (%)

Equity increased in first quarter of 2026 – ROCE at 17.6%

Due to the positive consolidated net income for the quarter, equity increased relative to the 2025 reporting date to €2,204.9 million (31 December 2025: €2,128.7 million). The equity ratio was a very solid 43.4% as of 31 March 2026 (31 December 2025: 42.2%). With net cash (cash and cash equivalents less bank debt) of €523.1 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 €897 million in unused lines of credit as of 31 March 2026.

Return on capital employed (ROCE) – the ratio of EBIT to average net capital employed over the last four quarters – fell to 17.6% in the reporting period, mainly as a result of the lower EBIT (previous year: 20.5%).

ROCE from 1 January to 31 March (%)

Report from the segments

Report from the segments

Filling and Packaging Technology

Segment revenue

Despite the very high level recorded in the previous year, revenue adjusted for currency translation effects rose by 2.7% in the first quarter of 2026.

Revenue in Krones' core Filling and Packaging Technology segment, at €1,182.4 million in the first quarter of 2026, was a slight 0.9% down on the very high prior-year figure (€1,193.4 million) due to currency translation effects. Adjusted for those effects, revenue from January to March 2026 was 2.7% higher than in the previous year. The rate of increase in the first quarter was thus within the 2% to 4% guidance range for revenue growth adjusted for currency translation effects in the full year 2026.

New machinery revenue and service revenue performance were broadly similar in the first three months of 2026. The share of consolidated revenue accounted for by the core Filling and Packaging Technology segment rose from 84.6% in the previous year to 85.7% in the first three months of this year.

Segment revenue (€ million) from 1 January to 31 March

Segment earnings

Despite the slight fall in revenue, earnings in the core segment developed positively and profitability further improved in the first quarter of 2026. This reflects the lasting positive effects of the strategic measures to improve performance and cost structures. The price level for our products and services remained stable in the first quarter of 2026.

From January to March 2026, earnings before interest, taxes, depreciation and amortisation (EBITDA) improved from €130.3 million in the previous year's period to €132.0 million. The EBITDA margin thus increased to 11.2% in the reporting period (previous year: 10.9%) and was within the guidance range of 11.0% to 11.5% for the full year 2026.

Segment EBITDA (€ million) and EBITDA margin (%) from 1 January to 31 March

Report from the segments

Process Technology

Segment revenue

In the Process Technology segment, Krones recorded a decline in revenue in the first quarter to €118.7 million (previous year: €130.4 million).

Revenue in the Process Technology segment declined by 9.0% year on year in the first three months of 2026, from €130.4 million to €118.7 million. Adjusted for currency translation effects, the fall in revenue amounts to 5.9%. A key reason for the decline is the execution of major projects being postponed.

Business in units and components (such as pumps and valves) performed better than revenue with major projects from January to March 2026. Overall, despite the slow first quarter for the Process Technology segment, we are maintaining our revenue growth guidance of 0% to 5% for the full year 2026, adjusted for currency translation effects. The Process Technology segment's share of consolidated revenue in the first quarter was 8.6% (previous year: 9.3%).

Segment revenue (€ million) from 1 January to 31 March

Segment earnings

Despite the decline in revenue and the high level seen in the previous year, the profitability of the Process Technology segment remained relatively stable in the first quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €12.2 million (previous year: €14.0 million). The EBITDA margin thus reached 10.3% (previous year: 10.7%), exceeding the figure of 9.0% to 10.0% forecast for the full year 2026.

At 10.3% in the first quarter, the EBITDA margin for the Process Technology segment was above the guidance range for the full year 2026 (9.0% to 10.0%).

The proportion of segment revenue accounted for by components (such as pumps and valves) in the first quarter had a positive effect on profitability. Profitability additionally benefited from strategic measures to increase efficiency.

Segment EBITDA (€ million) and EBITDA margin (%) from 1 January to 31 March

Intralogistics

Segment revenue

Due to the challenging market conditions, business in intralogistics was slow in the first quarter. Revenue decreased by 9.5% to €78.0 million.

As in the preceding quarters, conditions on the international markets for intralogistics products remained challenging in the reporting period. This is reflected in revenue performance. Revenue in Intralogistics from January to March 2026 showed a year-on-year decrease of 9.5%, from €86.2 million to €78.0 million. Adjusted for currency translation effects, the fall in revenue was 4.9%.

In addition to the challenges facing the market as a whole, Krones' focus on smaller, high-margin projects also had an impact on revenue performance in the first quarter of 2026. Given the robust order backlog, we expect growth to accelerate and consider that our full-year 2026 guidance of 5% to 10% growth in revenue adjusted for currency translation effects is achievable. The Intralogistics segment's share of consolidated revenue in the first three months was 5.7% (previous year: 6.1%).

Segment revenue (€ million) from 1 January to 31 March

Segment earnings

Krones has implemented numerous measures in the past to increase the flexibility and efficiency of the Intralogistics segment. This a major reason why earnings remained stable in the first quarter despite the revenue performance. The focus on smaller, high-margin projects also had a positive impact on profitability.

In the first three months of 2026, the Intralogistics segment generated earnings before interest, taxes, depreciation and amortization (EBITDA) of €4.7 million (previous year: €5.0 million). The EBITDA margin consequently improved from 5.8% to 6.0%. The guidance for the full year 2026 remains unchanged at 7.5% to 8.5%. Rising revenue through to the year-end should contribute to the achievement of this guidance.

Earnings in the Intralogistics segment remained stable in the first quarter. The EBITDA margin improved to 6.0% (previous year: 5.8%).

Segment EBITDA (€ million) and EBITDA margin (%) from 1 January to 31 March

Employees

2 | 24

Employees

Krones employs 21,299 people worldwide as of 31 March 2026

Krones' workforce remained almost constant in the reporting period. The stable development of our international markets and expansion of the service business led to a slight increase in the number of employees outside Germany.

Krones' workforce remained almost constant in the reporting period compared to 31 December 2025 (21,339). The number of employees fell by 40 to 21,299. While the number of employees outside Germany increased by 27 to 9,631 between January and March 2026 (31 December 2025: 9,604), the number of employees in Germany fell by 67 to 11,668 (31 December 2025: 11,735). Compared to the same quarter of the previous year, the workforce as a whole increased by 716 people or 3.5% as of 31 March 2026.

To ensure a sufficient pool of qualified employees for the long term, we continue to invest heavily in training and employee development. As of 31 March 2026, the Krones Group had 489 young people in training (previous year: 428).

Report on expected developments

Report on expected developments

Despite uncertainties, Krones forecasts a continuation of the profitable growth path and confirms the financial targets for the full year 2026

Overall, despite the volatile geopolitical and geoeconomic situation, Krones started the 2026 financial year with realistic optimism. The first quarter has confirmed the positive assessment given at the start of the year. From January to March, the company increased revenue adjusted for currency translation effects and also earnings compared to the same period of the previous year. The order backlog has further risen due to the high order intake in the first three months of 2026. A large order backlog ensures production capacity utilisation well into the fourth quarter of 2026. This assessment is also supported by the robust demand for Krones' products and services.

At the same time, the business environment is very demanding for Krones. As the current situation in the Middle East shows, the company once again faces numerous challenges this year. It is currently impossible to fully assess how the conflict in Iran will affect the economy in the Middle East and, by extension, the global economy. Another uncertainty surrounds global tariff policies, which could lead to a decline in world trade. Material shortages and problems in worldwide supply chains remain a further source of uncertainty.

Overall, based on the current expected development of the markets relevant to Krones and the positive first quarter, we confirm our financial targets for 2026. Adjusted for currency translation effects, we expect consolidated revenue growth of 3% to 5%. On the basis of increasing operating revenue, an ongoing disciplined price strategy and continued implementation of the cost optimisation measures, Krones aims to improve profitability again this year compared to 2025. At group level for 2026, the company forecasts an EBITDA margin of 10.7% to 11.1%. For the third financial performance target, BOCE, Krones expects between 19% and 20% this year.

Krones Group

	Guidance for 2026	Q1 2026 actual
Revenue growth*	3%–5%	1.4%
EBITDA margin	10.7% – 11.1%	10.8%
BOCE	19% – 20%	17.6%

• Adjusted for currency translation effects

1 | TO OUR SHAREHOLDERS
2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS
Report on expected developments
Risks and opportunities
3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
4 | OTHER INFORMATION

The forecast for Krones' individual segments also remains unchanged relative to the information provided in the Annual Report 2025 and is as follows:

Segment Filling and Packaging Technology
| | Guidance for 2026 | Q1 2026 actual |
| --- | --- | --- |
| Revenue growth | 2%–4% | 2.7% |
| EBITDA margin | 11.0% – 11.5% | 11.2% |
Adjusted for currency translation effects

Segment Process Technology
| | Guidance for 2026 | Q1 2026 actual |
| --- | --- | --- |
| Revenue growth | 0% – 5% | –5.9% |
| EBITDA margin | 9.0% – 10.0% | 10.3% |
Adjusted for currency translation effects

Segment Intralogistics
| | Guidance for 2026 | Q1 2026 actual |
| --- | --- | --- |
| Revenue growth | 5% – 10% | –4.9% |
| EBITDA margin | 7.5% – 8.5% | 6.0% |
Adjusted for currency translation effects

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.

Risks are generally defined as potential negative deviations from our earnings forecast for the 2026 financial year. Opportunities are potential positive deviations from our earnings forecast for the 2026 financial year. Because they have comparable selling and procurement markets, all three of the Krones Group's segments are essentially subject to the same risks and opportunities.

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 194 to 206 of the 2025 Annual Report. The information provided there on risks and opportunities continues to apply.

1 | TO OUR SHAREHOLDERS
2 | ASSETS, FINANCIAL POSITION, AND RESULTS OF OPERATIONS
3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
4 | OTHER INFORMATION

3

INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026

• Accounting principles ... 28
• Condensed consolidated statement of profit and loss ... 29
• Condensed consolidated statement of financial position ... 30
• Condensed consolidated statement of cash flows ... 32
• Consolidated segment reporting ... 33

3 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 Accounting principles

Accounting principles

Legal basis

The interim consolidated financial statements of Krones AG (the "Krones Group") for the period ended 31 March 2026 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 31 March 2026 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 2025.

Statement of profit and loss

Condensed consolidated statement of profit and loss

€ million	2026	2025	Change
	1 Jan – 31 Mar	1 Jan – 31 Mar	%
Revenue	1,379.1	1,410.0	-2.2
Changes in inventories of finished goods and work in progress	16.4	-13.8
Total operating performance	1,395.5	1,396.2	-0.1
Other own work capitalised	10.7	14.7	-27.2
Other operating income	40.6	42.8	-5.1
Goods and services purchased	-617.8	-663.9	-6.9
Personnel expenses	-458.8	-440.8	+4.1
Other operating expenses	-221.3	-199.7	+10.8
EBITDA	148.9	149.3	-0.3
Depreciation and amortisation of fixed assets	-49.9	-43.3	+15.2
EBIT	99.0	106.0	-6.6
Financial income/expense	-0.9	1.6
Profit or loss shares attributable to associates that are accounted for using the equity method	0.0	0.3
Earnings before taxes	98.1	107.9	-9.1
Income tax	-29.5	-32.0	-7.8
Consolidated net income	68.6	75.9	-9.6
Profit share of non-controlling interests	0.1	0.2
Profit share of Kronos Group shareholders	68.5	75.7
Earnings per share (diluted/basic) in €	2.17	2.40

Statement of financial position – Assets

Condensed consolidated statement of financial position – Assets

€ million	31 Mar 2026	31 Dec 2025
Intangible assets	599.9	600.6
Property, plant and equipment and right-of-use assets	922.5	921.6
Non-current financial assets	15.5	15.5
Investment accounted for using the equity method	6.5	6.5
Fixed assets	1,544.4	1,544.2
Deferred tax assets	60.7	63.1
Trade receivables	16.3	18.4
Income tax receivables	3.6	2.8
Other assets	8.2	8.5
Non-current assets	1,633.2	1,637.0
Inventories	699.8	677.4
Trade receivables	875.2	899.5
Contract assets	1,097.9	1,076.0
Income tax receivables	5.6	11.2
Other assets	244.9	191.5
Cash and cash equivalents	524.1	549.5
Current assets	3,447.5	3,405.1
Total	5,080.7	5,042.1

1 TO OUR SHAREHOLDERS

Statement of financial position – Equity and liabilities

Condensed consolidated statement of financial position – Equity and liabilities

€ million	31 Mar 2026		31 Dec 2025
Equity		2,204.9		2,128.7
Provisions for pensions	159.6		159.5
Deferred tax liabilities	55.0		57.3
Other provisions	98.8		97.6
Tax liabilities	1.4		1.6
Liabilities to banks	0.0		1.4
Liabilities from provisions	0.5		0.0
Other financial obligations and lease liabilities	131.1		134.1
Other liabilities	1.9		1.5
Non-current liabilities		448.3		453.0
Other provisions	242.9		223.6
Liabilities to banks	1.0		1.3
Contract liabilities	907.0		884.1
Trade payables	750.5		868.2
Tax liabilities	40.0		37.2
Other financial obligations and lease liabilities	46.3		53.0
Other liabilities and accruals	439.8		393.0
Current liabilities		2,427.5		2,460.4
Total		5,080.7		5,042.1

Statement of cash flows

Condensed consolidated statement of cash flows

€ million	2026	2025
	Lian = 31 Mar	Lian = 31 Mar
Earnings before taxes	98.1	107.9
Depreciation, amortisation and impairments	49.9	43.3
Increase in provisions and accruals	85.7	77.4
Interest and similar expenses and income	0.9	-1.6
Gains and losses from the disposal of fixed assets	-0.3	-0.3
Other non-cash expenses and income	2.5	-0.6
Increase in inventories, trade receivables contract assets and other assets not attributable to investing or financing activities	-50.5	-52.1
Decrease (previous year: increase) in trade payables, contract liabilities and other liabilities not attributable to investing or financing activities	-125.9	40.0
Cash generated from operating activities	60.4	214.0
Interest paid	-4.3	-1.8
Income tax paid and refunds received	-15.9	-10.4
Cash flow from operating activities	40.2	201.8
Cash payments to acquire intangible assets	-14.7	-14.6
Proceeds from the disposal of intangible assets	0.1	0.2
Cash payments to acquire property, plant and equipment	-39.5	-26.8
Proceeds from the disposal of property, plant and equipment	2.0	1.6
Cash payments to acquire non-current financial assets and time deposits	0.0	-0.9
Proceeds from the disposal of non-current financial assets and time deposits	0.2	1.1
Deferred purchase price payment for business acquisitions from prior periods	-7.9	-2.2
Interest received	2.2	2.8
Cash flow from investing activities	-57.6	-38.8
Cash payments to service debt	-1.7	-0.3
Cash payments for the repayment of lease liabilities	-11.5	-11.4
Cash flow from financing activities	-13.2	-11.7
Net change in cash and cash equivalents	-30.6	151.3
Changes in cash and cash equivalents arising from changes in exchange rates	5.2	-1.8
Cash and cash equivalents at the beginning of the period	549.5	442.5
Cash and cash equivalents at the end of the period	524.1	592.0

3 | 33

Consolidated segment reporting

	Filling and Packaging Technology		Process Technology		Intralogistics		Krones Group
	2026	2025	2026	2025	2026	2025	2026	2025
	1 Jan–31 Mar	1 Jan–31 Mar	1 Jan–31 Mar	1 Jan–31 Mar	1 Jan–31 Mar	1 Jan–31 Mar	1 Jan–31 Mar	1 Jan–31 Mar
	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million
Revenue	1,182.4	1,193.4	118.7	130.4	78.0	86.2	1,379.1	1,410.0
EBITDA	132.0	130.3	12.2	14.0	4.7	5.0	148.9	149.3
EBITDA margin	11.2%	10.9%	10.3%	10.7%	6.0%	5.8%	10.8%	10.6%

OTHER INFORMATION

Members of the Supervisory Board and the Executive Board ... 35
Contact ... 36
Publication information ... 36
Financial calendar ... 36

Members of the Supervisory Board and the Executive Board

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 in accordance 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	Robert Friedmann	Professor Dr. jur. Susanne Nonnast	Petra Schadeberg-Herrmann	Christoph Klenk
Volker Kronseder
Chairman of the Supervisory Board
* University Hospital Regensburg
* Economic Advisory Board, Bayerische Landesbank	Chairman of the central managing board of the Würth Group
* 2F Friedrichshafen AG	Professor at Ostbayerische Technische Hochschule (OTH)
Regensburg	Managing partner
Krombacher Brauerei
Bernhard Schadeberg GmbH & CO. KG,
Krombacher Finance GmbH,
Schawei GmbH,
Diversum Holding GmbH & Co. KG	CEO
* Mahr GmbH
* Phoenix Contact GmbH & Co. KG
Josef Weitzer**
Deputy Chairman of the Supervisory Board
Chairman of Group Works Council
Chairman of the Central Works Council
Chairman of the Works Council Neutraubling	Oliver Grober**
Chairman of the Works Council, Rosenheim	Dr. Verena Di Pasquale**
Head of Department, OCB Bayern (the German Trade Union Confederation in Bavaria)	Stephan Seifert
Chairman of the Executive Board of Körber AG, Hamburg
* Board of trustees of the Körber Foundation	Uta Anders
CEO
* Heidelberger Druckmaschinen AG
Norbert Broger
Diplom-Kaufmann	Thomas Hilf**
Chairman of the Works Council, Nittenau	Beate Eva Maria Pöpperl**
Works Council representative (released from all other responsibilities)	Matthias Winkler
Partner at Baker Tilly Germany
* SFIN AG	Thomas Ricker
CSO
* Döhler Group SE
Nora Diepold
Chief Executive Officer of NR Immobilienverwaltungs GmbH, Regensburg	Markus Hüttnner**
Deputy Chairman of the Group Works Council
Deputy Chairman of the Central Works Council
Deputy Chairman of the Works Council Neutraubling	Stephan Raith**
Head of Business Line, Line Solutions
*re-sult AG		Markus Tischer
International Operations and Services
		Olga Redda**
Second authorised representative and managing director, IG Metall Regensburg
* OSRAM Licht AG
* OSRAM GmbH
* ams OSRAM International GmbH
* Maschinenfabrik Reinhausen GmbH		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.

10

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
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 31 March 2026 (Quartalsmitteilung für den Zeitraum vom 1. Januar bis 31. März 2026).

In case of discrepancies the German text shall prevail.

You can find the Quarterly statement in the Investor Relations section at https://www.krones.com/de/unternehmen/investor-relations/finanzberichte.php

KRONES

This English language report is a translation of the original German Krones Quarterly statement for the period from 1 January to 31 March 2026 (Quartalsmitteilung für den Zeitraum vom 1. Januar bis 31. März 2026).

KRONES