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KSB SE & Co. KGaA
Interim / Quarterly Report • Jul 30, 2025
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Interim / Quarterly Report
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Half-year Financial Report 2025
Interim Group Management Report Interim Consolidated Financial Statements General Information 2
First Halfyear 2025 in Figures
↗ Compared with H1 2024
EBIT Employees
at 30 June 2025
Key Performance Indicators
Business development and earnings
| 2nd quarter | First half of the year | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Order intake | € m | 820.1 | 782.1 | 1,698.4 | 1,644.7 |
| Sales revenue | € m | 756.0 | 745.6 | 1,464.9 | 1,438.5 |
| Earnings before finance income / expense and income tax (EBIT) | € m | 62.5 | 67.9 | 108.0 | 116.3 |
Further information is provided in the Management Report.
Contents
Interim Group Management Report
- Basic Principles of the Group
- Macroeconomic Environment and Sector View
- Business Development and Results of Operations
- Financial Position and Net Assets
- Report on Expected Developments
- Opportunities and Risks Report
Interim Consolidated Financial Statements
- Balance Sheet
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes
General Information
- Appropriation of the Net Retained Earnings of KSB SE & Co. KGaA
- Responsibility Statement
- Contacts
- Financial Calendar
Key to Symbols
- Reference to table
- Interactive table of contents, links directly to the respective page
Interim Group Management Report
- 6 Basic Principles of the Group
- 6 Macroeconomic Environment and Sector View
- 7 Business Development and Results of Operations
- 11 Financial Position and Net Assets
- 14 Report on Expected Developments
- 14 Opportunities and Risks Report
Interim Group Management Report for the Six Months Ended 30 June 2025
Basic Principles of the Group
The basic business model of the KSB Group (hereinafter also referred to as "KSB" or the "Group") has not changed compared with the presentation in the 2024 consolidated financial statements. External economic and political changes, however, have had a partial effect on business. These are – where relevant and material to KSB – described in the following sections.
KSB takes management decisions primarily on the basis of the key performance indicators – order intake, sales revenue and earnings before finance income / expense and taxes (EBIT) – determined for the Pumps, Valves and KSB SupremeServ reporting segments (hereinafter also referred to as "Segments").
Macroeconomic Environment and Sector View
The outlook for global economic development in the current year has deteriorated compared with the start of the year. Trade barriers and economic and trade policy uncertainty have intensified in recent months, denting business and consumer confidence and curbing trade and investments. The global economic outlook is also fraught with considerable risks. These include the potential escalation of protectionism and trade policy uncertainty, as well as the further exacerbation of regional conflicts such as those in the Middle East or the war in Ukraine. They also extend to increasing fiscal risks brought about by public debt – which is already at a very high level in many economies.
These factors combined prompted the International Monetary Fund (IMF) to downgrade its current-year forecast for global economic growth issued in April 2025 from 3.3 % to 2.8 %. Global inflation is expected to continue to decline, albeit at a decelerated pace compared with expectations at the start of the year.
The IMF has lowered its economic growth forecast for the economically advanced countries from 1.9 % to 1.4 % overall. The downgrade was most prominent for the USA, with a reduction by 0.9 percentage points to 1.8 %, primarily due to the negative effects of its domestic tariff policy and the accompanying softening in demand.
In the euro zone, the expected macroeconomic recovery has also slowed, with growth now expected to top out at 0.8 %.
Growth in China is forecast to decrease further from 4.6 % at the start of the year to 4.0 %. This also reflects the impact of tariffs.
The growth prospects for India for 2025 are comparatively stable at 6.2 %, propped up by private consumption, particularly in rural areas. However, this forecast, too, has been slightly downgraded since the start of the year.
The economy of the ASEAN countries is expected to grow by 4.0 %, which also falls short of the rate of 4.6 % forecast at the beginning of the year.
In Brazil, growth has slowed on the back of the country's continued restrictive monetary policy and the anticipated cooling on the job market. The forecast for the year has been revised downwards again versus January and currently stands at 2.0 %.
The Region Middle East is expected to see growth of 3.0 %. This is down sharply on the January estimate, reflecting a rather gradual resumption of oil production, persistent repercussions of ongoing conflicts and slower-than-expected progress on structural reforms.
Prospects for the Sub-Saharan countries have also been revised slightly downwards to 3.8 %.
Slight growth in mechanical engineering
Uncertainty surrounding the further course of US trade policy coupled with the sluggish order situation in the manufacturing sector continue to hamper investment activity. Nonetheless, the German Mechanical Engineering Industry Association (VDMA) is forecasting a slight uptick for the current year due to positive production output numbers in some countries in the first quarter. India is likely to see the biggest gains in sales revenue, followed by China. The euro zone is expected to face a further decline in sales revenue adjusted for inflation.
Sales revenue of mechanical engineering companies producing in Germany, unadjusted for inflation, stagnated in the reporting period compared with the prior-year period. However, the order intake unadjusted for inflation rose by 5.0 % in the same period.
The order intake unadjusted for inflation for liquid pumps produced in Germany climbed by 4.0 % compared with the prior-year period. Order intake for industrial valves was up 1.0 %, while that for building services valves increased by 6.0 %.
Performance of key markets
The global slowdown in economic growth continues to make its presence felt in the industrial sector, which is anticipated to underperform the economy as a whole in the current year. There are differences in growth at the regional level, however, which are also reflected in the individual sales markets for pumps and valves and are developing at varying levels of intensity and time lags.
Key sales markets for KSB continued to be general industry and the water and waste water sector.
In general industry, growth in machinery and equipment production as well as in metal processing, adjusted for inflation, remained subdued. Expectations for the further course of the year were revised downwards compared with the start of the year. Vehicle construction is projected to stagnate this year following a slight downturn in the previous year. Stable growth is expected in the course of the year for the pharmaceutical industry. The consumer goods industry looks set to grow at a somewhat stronger pace than in the previous year.
Investments in water and waste water management are less sensitive to cyclical fluctuations compared with other sectors. State-subsidised infrastructure programmes in numerous countries, as well as tighter environmental regulations and market requirements for energy efficiency and digitalisation, continue to ensure stable growth of these investments.
Investments in energy generation are expected to increase worldwide, albeit less markedly than in the previous year. A renewed uptick is projected for investments in renewable energy generation and storage technologies, although at a slower pace. Investments in energy generation from coal and nuclear power are expected to increase as well, while investments in oil and gas for generating energy are anticipated to contract sharply.
Investments relevant for the Petrochemicals / Chemicals Market Area paint a varying picture. Lower oil prices and higher production costs fuelled by tariffs and inflated costs for essential materials are likely to depress investment in crude oil production this year. Global capital expenditure on gas production remains robust and looks set to increase in the current year. Spending on new plants for liquefied petroleum gas will also rise. Refinery capacities will likely remain at prior-year levels, as the commissioning of new capacities in China and India is offset by decommissioning in North America and Europe. Investments in refinery capacities are expected to decline sharply in the current year. The chemical industry is poised to consolidate its global growth trajectory. However, momentum in China, the key regional driver, is anticipated to ease. Chemical production in Europe is forecast to remain on a par with the previous year.
The construction industry continues to grow at a slow pace worldwide, with growth this year projected to be down on the previous year across all regions and affecting both residential and non-residential construction.
In mining, the production of nickel, lithium and other metals used for example in the area of green technologies will see continued strong growth throughout the current year. Overall, the mining of metals is expected to pick up year on year, with China remaining a major driver of demand. Oil sands production dropped in the reporting period.
Business Development and Results of Operations
KSB recorded slight growth in order intake and sales revenue in the first half of 2025 despite uncertainty on the markets triggered by potential trade conflicts, geopolitical tensions and negative currency effects.
Conversely, earnings before finance income / expense and income tax (EBIT) fell compared with the strong prior-year period due to external costs for the migration to the SAP S/4HANA system.
KSB continues to benefit from its broad positioning across several Market Areas and Regions, so that declines on the one hand can be offset by strengths on the other.
Order intake
Order intake in the first six months of the 2025 financial year amounted to € 1,698.4 million (previous year: € 1,644.7 million). The € 53.7 million year-on-year increase is largely attributable to the positive development of order intake in the Pumps Segment. Adjusted for currency effects of € 23.4 million, order intake would have been up 4.7 %.
For order intake overall, Europe again accounted for the largest business volume by far of all the Group's Regions. Order intake in this Region rose moderately by 3.2 % to € 807.8 million (previous year: € 783.1 million). The Region Asia / Pacific increased its order intake to € 476.1 million (previous year: € 449.7 million) or by 5.9 %. In the Region Americas, order intake declined by € 11.4 million or 3.5 % year on year to € 312.0 million (previous year: € 323.4 million) due to the weak US dollar. Order intake in the Region Middle East / Africa had the highest percentage growth rate of 15.9 %, rising to € 102.5 million (previous year: € 88.5 million).
Pumps
The order intake of € 940.8 million (previous year: € 869.1 million) in the Pumps Segment was € 71.6 million or 8.2 % up on the first half of 2024. Order intake totalling € 173.7 million (previous year: € 192.0 million) in the Mining and Energy operating segments, which include the project business in particular, was 9.5 % lower compared with the prior-year period. In the 2025 financial year, the Energy operating segment fell short of the level achieved in the previous year. This is mainly attributable to an important major order received in the 2024 financial year that gave a significant boost to order intake. The Mining operating segment was unable to offset the decrease, recording only a slight rise. The Standard Markets operating segment achieved order intake of € 767.1 million (previous year: € 677.1 million). This corresponds to an increase of 13.3 %, which was propped up by all Market Areas. The largest contribution in absolute and percentage terms was made by the Water Market Area, followed by the Petrochemicals / Chemicals Market Area. The Region Europe contributed the largest share of order intake in the Pumps Segment with € 423.0 million (previous year: € 398.2 million), followed by the Region Asia / Pacific with € 295.8 million (previous year: € 277.8 million) and the Regions
Americas and Middle East / Africa. The Region Middle East / Africa achieved the strongest percentage growth rate.
Valves
Order intake in the Valves Segment remained at the prior-year level, coming in at € 225.4 million (previous year: € 226.1 million).
At € 129.7 million (previous year: € 128.8 million), the Region Europe accounted for the largest share of order intake in the Valves Segment. The next-largest contributions amounted to € 78.0 million (previous year: € 73.6 million) from the Region Asia / Pacific, followed by the Region Americas and the Region Middle East / Africa. The strongest growth rate was achieved in the Region Middle East / Africa.
KSB SupremeServ
Order intake in the KSB SupremeServ Segment, which covers all service and spare parts activities, decreased by € 17.2 million or 3.1 % to € 532.3 million (previous year: € 549.5 million), primarily attributable to lower demand for spare parts from the energy and mining business.
In the KSB SupremeServ Segment, too, the Region Europe made the greatest contribution to order intake with € 255.2 million (previous year: € 256.1 million), followed by the Region Americas with € 152.2 million (previous year: € 172.9 million) and the Region Asia / Pacific as well as the Region Middle East / Africa. The highest growth rate was reported in the Region Asia / Pacific.
Sales revenue
Consolidated sales revenue, which follows order intake with a time lag, rose by € 26.4 million, or 1.8 %, to € 1,464.9 million (previous year: € 1,438.5 million). The Pumps Segment made the largest contribution to this increase in absolute terms. In addition, the Valves Segment also contributed to sales revenue growth.. Adjusted for currency effects of € 18.2 million, sales revenue would have been up 3.1 %.
As is the case with order intake, Europe also continues to account for by far the largest share of sales revenue of all the Group's Regions. Sales revenue in the Region Europe totalled € 718.7 million (previous year: € 711.5 million). This corresponds to a slight increase (1.0 %) compared with the previous year.
Segment reporting
| Order intake | Sales revenue | EBIT | ||||
|---|---|---|---|---|---|---|
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
| Pumps Segment | 940.8 | 869.1 | 775.8 | 753.7 | 27.3 | 17.6 |
| Valves Segment | 225.4 | 226.1 | 200.7 | 193.4 | -3.5 | -0.3 |
| KSB SupremeServ Segment | 532.3 | 549.5 | 488.4 | 491.4 | 84.2 | 99.0 |
| Total | 1,698.4 | 1,644.7 | 1,464.9 | 1,438.5 | 108.0 | 116.3 |
The Region Asia / Pacific increased sales revenue by € 21.1 million or 5.8 % year on year to € 386.6 million (previous year: € 365.4 million). Sales revenue also developed positively in the Region Middle East / Africa at € 82.3 million (previous year: € 76.1 million), while it was down on the previous year in the Region Americas at € 277.4 million (previous year: € 285.4 million).
Pumps
Sales revenue in the Pumps Segment rose by € 22.1 million or 2.9 % to € 775.8 million (previous year: € 753.7 million). At € 633.6 million (previous year: € 610.1 million), sales revenue in the Standard Markets operating segment was up 3.9 %.
Within the Standard Markets, the Water Market Area was the biggest driver of growth. The Building Services Market Area also recorded modest growth. The Mining and Energy operating segments remained roughly on a par with the previous year, at € 142.3 million compared with € 143.7 million. Specifically, the Mining operating segment was able to maintain the previous year's level with an increase of € 0.3 million, whereas the Energy operating segment posted a slight decline of € 1.6 million. The Region Europe contributed the largest share of sales revenue in the Pumps Segment with € 379.1 million (previous year: € 371.8 million), followed by the Region Asia / Pacific with € 227.0 million (previous year: € 221.0 million) and the Regions Americas and Middle East / Africa, each with lower contributions in absolute terms. The Region Middle East / Africa achieved the largest growth rate.
Valves
The Valves Segment increased its sales revenue to € 200.7 million (previous year: € 193.4 million) and thus achieved growth of € 7.3 million or 3.8 %.
At € 112.0 million (previous year: € 112.8 million), the Region Europe accounted for the largest share of sales revenue in the Valves Segment. The next-largest contribution amounted to € 72.1 million (previous year: € 61.3 million) from the Region Asia / Pacific, followed by the Region Americas and the Region Middle East / Africa. In relative terms, the Region Asia / Pacific contributed most to this growth.
KSB SupremeServ
In the KSB SupremeServ Segment, sales revenue was € 488.4 million and thus almost at the prior-year level of € 491.4 million. Principal reasons for this stagnation are, on the one hand, the fact that the prior-year period benefited from major spare parts orders in the Energy and Petrochemicals / Chemicals markets and, on the other hand, negative currency effects. With € 227.6 million (previous year: € 226.9 million), the Region Europe also contributed the greatest share of sales revenue in the KSB SupremeServ Segment, followed by the Region Americas with € 147.9 million (previous year: € 156.1 million), the Region Asia / Pacific and the Region Middle East / Africa. The strongest growth rate was achieved in the Region Asia / Pacific.
Earnings before finance income / expense and income tax (EBIT)
Compared with the prior-year period (€ 116.3 million), EBIT declined by € 8.3 million to € 108.0 million in the first half of 2025. This decrease was caused by external costs incurred during the reporting period in the amount of € 13.5 million (previous year: € 2.3 million) for the migration of the SAP R/3 system to the SAP S/4HANA system. Adjusted for this special factor, EBIT would have increased to € 121.5 million. For comparison, adjusted EBIT in the previous year would have been € 118.6 million.
A major contributor to EBIT was the sharp rise in the Pumps Segment, which improved to € 27.3 million following € 17.6 million in the previous year. The Standard Markets operating segment was the main driver of this increase. By contrast, the KSB SupremeServ Segment saw EBIT in the first half of 2025 fall from € 99.0 million in the previous year to € 84.2 million, primarily due to lower spare parts sales in the energy and mining markets. The Valves Segment likewise recorded a decline, from € -0.3 million in the previous year to € -3.5 million, due to the changed product mix.
Total output of operations
At € 1,486.2 million, total output of operations was € 18.9 million or 1.3 % higher than the prior-year figure of € 1,467.2 million. This increase was largely supported by sales revenue, which increased by € 26.4 million or 1.8 % from € 1,438.5 million to € 1,464.9 million, while changes in inventories fell by € 7.0 million, from € 27.5 million to € 20.5 million.
Income and expenses
Despite the increase in total output of operations, the cost of materials declined by € 8.5 million to a total of € 581.5 million compared with the first six months of the previous year. As a percentage of total output of operations, it fell from 40.2 % in the prior-year period to 39.1 %.
Staff costs increased from € 513.5 million to € 536.2 million. As a result, staff costs as a percentage of total output of operations rose by 1.1 percentage points to 36.1 % compared with the prior-year period. The number of employees increased from 16,407 to 16,658 compared with the 2024 year-end figure. The average headcount rose from 16,211 to 16,601 compared with the same period of the previous year.
Income statement
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
Percentage change |
|---|---|---|---|
| Sales revenue | 1,464.9 | 1,438.5 | 1.8 |
| Changes in inventories | 20.5 | 27.5 | 25.4 |
| Work performed and capitalised | 0.7 | 1.2 | 40.0 |
| Total output of operations | 1,486.2 | 1,467.2 | 1.3 |
| Other income | 21.7 | 19.9 | 8.8 |
| Cost of materials | -581.5 | -590.0 | 1.4 |
| Staff costs | -536.2 | -513.5 | 4.4 |
| Depreciation and amortisation | -48.7 | -45.6 | 6.9 |
| Other expenses | -233.5 | -221.8 | 5.3 |
| Earnings before finance income / expense and income tax (EBIT) | 108.0 | 116.3 | 7.1 |
| Finance income | 6.3 | 6.3 | 0.6 |
| Finance expense | -12.5 | -17.2 | 27.6 |
| Income from / expense to investments accounted for using the equity method | 2.2 | 3.4 | 36.2 |
| Finance income / expense | -4.0 | -7.5 | 46.3 |
| Earnings before income tax (EBT) | 104.0 | 108.8 | 4.4 |
| Taxes on income | -34.9 | -38.4 | 9.2 |
| Earnings after income tax | 69.1 | 70.4 | 1.8 |
| Attributable to: | |||
| Non-controlling interests | 11.3 | 12.1 | 6.4 |
| Shareholders of KSB SE & Co. KGaA | 57.8 | 58.2 | 0.8 |
| Diluted and basic earnings per ordinary share (€) | 32.86 | 33.13 | 0.8 |
| Diluted and basic earnings per preference share (€) | 33.12 | 33.39 | 0.8 |
income tax (EBIT)" section. Finance income / expense improved by € 3.5 million, mainly due to a € 4.1 million reduction in hyperinflation effects. Earnings before income tax (EBT) decreased accordingly, down by € 4.8 million, from € 108.8 million in the previous year to € 104.0 million.
Taxes on income dropped from € 38.4 million to € 34.9 million. The income tax rate in the first half of 2025 is 33.5 %, after 35.3 % in the comparative prior-year period. The higher tax rate in the previous year primarily resulted from taking account of the effects arising from a tax audit.
Earnings after income tax fell by € 1.3 million from € 70.4 million in the previous year to € 69.1 million, and thus remained largely stable year on year. Earnings attributable to non-controlling interests amounted to € 11.3 million in absolute terms (previous year: € 12.1 million). Earnings attributable to shareholders of KSB SE & Co. KGaA amounted to € 57.8 million (previous year: € 58.2 million).
Earnings per ordinary share were € 32.86, compared with € 33.13 in the previous year, and € 33.12 per preference share, compared with € 33.39 in the first half of 2024.
Other expenses climbed by 5.3 % from € 221.8 million to € 233.5 million. This is largely attributable to the € 11.2 million increase in external costs for the migration of the SAP R/3 system to the SAP S/4HANA system.
Earnings
Earnings before finance income / expense and income tax (EBIT) contracted by € 8.3 million from € 116.3 million in the previous year to € 108.0 million, as described in the "Earnings before finance income / expense and
Financial Position and Net Assets
Liquidity
Statement of cash flows
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
Percentage change |
|---|---|---|---|
| Earnings after income tax | 69.1 | 70.4 | 1.8 |
| Taxes on income | 34.9 | 38.4 | 9.2 |
| Finance income / expense | 6.2 | 10.9 | 43.2 |
| Depreciation and amortisation | 48.7 | 45.6 | 6.9 |
| Gain / loss on disposal of intangible assets and property, plant and equipment | -0.7 | -0.3 | 169.8 |
| Change in working capital | -30.3 | -42.5 | 28.8 |
| Change in other assets and liabilities as well as provisions | -55.5 | -19.0 | 191.6 |
| Income tax paid | -35.5 | -25.6 | 38.9 |
| Interest received | 5.8 | 5.6 | 4.9 |
| Cash flows from operating activities | 42.7 | 83.5 | 48.9 |
| Payments to acquire intangible assets and property, plant and equipment | -57.4 | -54.9 | 4.6 |
| Change in deposits | 10.9 | -10.5 | 204.2 |
| Change in the other items from investing activities | 0.8 | 0.5 | 54.9 |
| Cash flows from investing activities | -45.7 | -64.9 | 29.6 |
| Dividends paid | -53.3 | -59.6 | 10.6 |
| Change in financial liabilities (including lease liabilities) | -9.9 | -10.0 | 0.8 |
| Interest paid | -0.9 | -1.9 | 52.3 |
| Cash flows from financing activities | -64.1 | -71.4 | 10.3 |
| Changes in cash and cash equivalents | -67.1 | -52.8 | 26.9 |
| Effects of exchange rate changes on cash and cash equivalents | -12.4 | 1.7 | 814.8 |
| Effects of changes in consolidated Group | 0.3 | – | – |
| Cash and cash equivalents at beginning of period | 369.3 | 340.4 | 8.5 |
| Cash and cash equivalents at end of period | 290.1 | 289.3 | 0.3 |
Cash flows from operating activities amounted to € 42.7 million (previous year: € 83.5 million). The decline was driven by cash outflows in the amount of € -36.5 million from the change in other assets and liabilities as well as provisions, and the increase in income taxes paid, which were up by € 9.9 million.
Cash flows from investing activities totalled € -45.7 million (prior-year period: € -64.9 million), consisting mainly of payments for investments in the amount of € -57.4 million (previous year: € -54.9 million) and a cash inflow from longer-term investments in the amount of € 10.9 million (previous year: € -10.5 million).
The cash outflow from financing activities fell by € 7.4 million in the reporting period to € -64.1 million (previous year: € -71.4 million). This is attributable in particular to a € 7.2 million lower dividend payment to the holders of non-controlling interests, while dividend payments to the shareholders of KSB SE & Co. KGaA remained largely at the prior-year level.
Cash and cash equivalents from all cash flows decreased from € 369.3 million as at 31 December 2024 to € 290.1 million. Exchange rate effects of € -12.4 million (previous year: € 1.7 million) contributed to this, in particular in relation to the Chinese yuan, the US dollar and the Indian rupee. From the current perspective, the KSB Group's finance management continues to assume that it will meet the goal of ensuring liquidity without any additional financing measures.
Investments
Investments in the first half of 2025 amounted to € 56.8 million, a € 3.5 million increase compared with the prioryear period. Investments were made above all in Europe – in particular in Germany and France. Outside Europe, the focus of investments was on the USA, India and China. The investments comprise primarily investments in the expansion of production capacities and productivity enhancement.
Net financial position
The net financial position of the KSB Group (balance of interest-bearing financial liabilities and financial assets, mainly cash and cash equivalents as well as receivables from deposits) declined from € 371.0 million as at 31 December 2024 to € 276.1 million. Cash flows from operating activities of € 42.7 million contrasted with payments for investments of € 57.4 million and dividend payments of € 53.3 million. Exchange rate losses also had a significant impact on the decline.
Net Assets
Non-current assets of € 902.6 million decreased by € 27.3 million compared with the level as at 31 December 2024 (€ 929.9 million).
Property, plant and equipment fell by € 19.3 million. This mainly covers land and buildings (€ 11.2 million) and technical equipment and machinery (€ 11.2 million). Intangible assets declined by just € 2.9 million compared with 31 December 2024. Deferred tax assets declined by € 5.4 million, from € 81.8 million in the previous year to € 76.4 million in the reporting period.
Inventories, at € 767.0 million, were up only slightly by € 2.2 million on the 2024 year-end level.
The decrease in contract assets by € 4.4 million to € 52.6 million is mainly attributable to the fact that the advance payments received from customers for contract assets rose by € 26.1 million, while the level of completion of customer orders increased by only € 21.7 million.
Trade receivables decreased by € 4.8 million to € 600.6 million compared with the level as at 31 December 2024.
Other current financial assets fell by € 9.9 million. This is mainly attributable to lower longer-term investments in the amount of € 14.1 million, contrasted by an increase of € 6.6. million in the carrying amount of currency forwards.
Assets
Other current non-financial assets rose, above all due to prepaid expenses that were up € 15.4 million, from € 51.7 million in the prior-year period to € 71.2 million.
Cash and cash equivalents account for around 11 % of assets, totalling € 290.1 million (previous year: € 369.3 million).
Totals assets amounted to € 2,764.0 million as at 30 June 2025, representing a reduction of € 101.1 million or 3.5 % compared with the 2024 year-end figure. This change resulted primarily from lower cash and cash equivalents (€ -79.2 million) and the € 19.3 million decrease in property, plant and equipment.
| Non-current assets Intangible assets 70.8 73.6 Right-of-use assets 54.5 57.7 Property, plant and equipment 652.8 672.2 Non-current financial assets 1.6 1.9 Other non-financial assets 10.3 11.0 Investments accounted for using the equity method 36.1 31.7 Deferred tax assets 76.4 81.8 902.6 929.9 Current assets Inventories 767.0 764.8 Contract assets 52.6 56.9 Trade receivables 600.6 605.4 Other financial assets 80.0 89.9 Other non-financial assets 71.2 51.7 Cash and cash equivalents 290.1 369.3 1,861.5 1,938.0 2,764.0 2,867.9 |
€ millions | 30 June 2025 | 31 Dec. 2024 | Percentage change |
|---|---|---|---|---|
| 3.9 | ||||
| 5.4 | ||||
| 2.9 | ||||
| 16.7 | ||||
| 6.4 | ||||
| 14.1 | ||||
| 6.6 | ||||
| 2.9 | ||||
| 0.3 | ||||
| 7.7 | ||||
| 0.8 | ||||
| 11.0 | ||||
| 37.8 | ||||
| 21.4 | ||||
| 3.9 | ||||
| 3.6 |
Equity
KSB Group equity decreased from € 1,335.4 million (31 December 2024) to € 1,288.2 million.
€ 25.4 million of this € 47.2 million reduction was attributable to the shareholders of KSB SE & Co. KGaA, while the share attributable to non-controlling interests decreased by € 4.0 million.
Negative currency translation effects were a major contributor to the decrease in equity, denting other comprehensive income by € 76.9 million.
Equity was additionally impacted by dividends paid in the amount of € 53.3 million. Earnings after income tax of € 69.1 million had an opposite effect.
The equity ratio of 46.6 % was at the same level as at 31 December 2024.
Liabilities
Liabilities rose from € 1,532.5 million at the end of the previous year to € 1,475.9 million. This change (€ 56.6 million or 3.7 %) is essentially due to lower trade payables (down by € 15.9 million) and lower other provisions (down by € 15.2 million). Pension obligations fell by € 13.6 million as a result of the higher discount rate.
Equity and liabilities
| € millions | 30 June 2025 | 31 Dec. 2024 | Percentage change |
|---|---|---|---|
| Equity | |||
| Subscribed capital | 44.8 | 44.8 | – |
| Capital reserve | 66.7 | 66.7 | – |
| Revenue reserves | 955.7 | 981.1 | 2.6 |
| Equity attributable to shareholders of KSB SE & Co. KGaA | 1,067.2 | 1,092.5 | 2.3 |
| Non-controlling interests | 221.0 | 242.9 | 9.0 |
| 1,288.2 | 1,335.4 | 3.5 | |
| Non-current liabilities | |||
| Provisions for pensions and similar obligations | 476.0 | 489.6 | 2.8 |
| Other provisions | 11.3 | 12.5 | 9.0 |
| Financial liabilities | 35.0 | 37.8 | 7.6 |
| Deferred tax liabilities | 8.9 | 9.7 | 8.2 |
| 531.2 | 549.5 | 3.3 | |
| Current liabilities | |||
| Other provisions | 108.5 | 122.5 | 11.5 |
| Financial liabilities | 21.2 | 20.8 | 2.0 |
| Contract liabilities | 218.7 | 214.4 | 2.0 |
| Trade payables | 340.8 | 356.7 | 4.4 |
| Other financial liabilities | 29.6 | 35.1 | 15.8 |
| Other non-financial liabilities | 190.7 | 201.4 | 5.3 |
| Income tax liabilities 35.1 |
32.0 | 9.9 | |
| 944.7 | 983.0 | 3.9 | |
| 2,764.0 | 2,867.9 | 3.6 |
Report on Expected Developments
The following projections for the Group's key financial performance indicators for the 2025 financial year were made in the 2024 Annual Report:
- Order intake: € 3,100 million to € 3,400 million
- Sales revenue: € 2,950 million to € 3,150 million
- EBIT: € 235 million to € 265 million
KSB confirms the 2025 forecast for order intake, sales revenue and EBIT for the Group as a whole.
For order intake, KSB can confirm the forecast for the Pumps Segment made in the Annual Report. For the Valves and KSB SupremeServ Segments, the forecasts provided in the 2024 Annual Report cannot be confirmed. In the Valves Segment, a slight decline is expected instead of a moderate rise, while in the KSB SupremeServ Segment, a slight increase is expected instead of strong growth.
KSB forecasts a significant increase in sales revenue instead of moderate growth in the Pumps Segment, and a slight rise instead of stable development in the Valves Segment. In the KSB SupremeServ Segment, sales revenue is expected to decrease slightly instead of increase significantly.
Concerning EBIT in the Pumps Segment, stronger growth is anticipated, replacing the previous forecast that projected EBIT to match the prior-year level. In the Valves Segment, which had also been expected to remain at the previous year's level, EBIT is now forecast to contract sharply. The Group now expects the KSB SupremeServ Segment to see a noticeable decline, and no longer a significant increase.
Forward-looking Statements
This report contains forward-looking statements and information that are based upon the assumptions of the Managing Directors. They express current forecasts and expectations with regard to future events. As a result, these forward-looking statements and information are exposed to risks and uncertainties that lie outside the Management's sphere of influence. KSB wishes to point out that actual events or results may differ materially from the forward-looking statements and information presented, if one or more of the following opportunities or risks, or other opportunities, risks and uncertainties should materialise, or if the assumptions underlying the statements prove to be inaccurate.
Opportunities and Risks Report
Opportunities and risks KSB sees facing its business were presented in detail in the 2024 Annual Report. There has been no material change to the overall risk situation for KSB compared with this presentation. The legal representative continues to state that at the present time, according to the analysis of the KSB Group's overall risk position and risk-bearing capacity, no threat has been identified to the business continuity of the KSB Group.
Audit Review
This interim Group management report – as well as the underlying condensed interim consolidated financial statements – have neither been audited nor reviewed in accordance with Section 317 HGB [German Commercial Code].
Information and Publication
Due to rounding, there may be minor differences in the totals, the percentages and information on changes presented in the management report compared with the previous year.
The half-year financial report is published on the ksb.com web site.
Interim Consolidated Financial Statements
- 16 Balance Sheet
- 18 Statement of Comprehensive Income
- 20 Statement of Changes in Equity
- 21 Statement of Cash Flows
- 22 Notes
Balance Sheet
| Assets | |||
|---|---|---|---|
| € millions | Notes | 30 June 2025 | 31 Dec. 2024 |
| Non-current assets | |||
| Intangible assets | 1 | 70.8 | 73.6 |
| Right-of-use assets | 1 | 54.5 | 57.7 |
| Property, plant and equipment | 1 | 652.8 | 672.2 |
| Non-current financial assets | 1 | 1.6 | 1.9 |
| Other non-financial assets | 1 | 10.3 | 11.0 |
| Investments accounted for using the equity method | 1 | 36.1 | 31.7 |
| Deferred tax assets | 15 | 76.4 | 81.8 |
| 902.6 | 929.9 | ||
| Current assets | |||
| Inventories | 2 | 767.0 | 764.8 |
| Contract assets | 3 | 52.6 | 56.9 |
| Trade receivables | 3 | 600.6 | 605.4 |
| Other financial assets | 3 | 80.0 | 89.9 |
| Other non-financial assets | 3 | 71.2 | 51.7 |
| Cash and cash equivalents | 4 | 290.1 | 369.3 |
| 1,861.5 | 1,938.0 | ||
| 2,764.0 | 2,867.9 | ||
Equity and liabilities
| € millions Notes |
30 June 2025 | 31 Dec. 2024 |
|---|---|---|
| Equity 5 |
||
| Subscribed capital | 44.8 | 44.8 |
| Capital reserve | 66.7 | 66.7 |
| Revenue reserves | 955.7 | 981.1 |
| Equity attributable to shareholders of KSB SE & Co. KGaA | 1,067.2 | 1,092.5 |
| Non-controlling interests | 221.0 | 242.9 |
| 1,288.2 | 1,335.4 | |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations | 6 476.0 |
489.6 |
| Other provisions | 7 11.3 |
12.5 |
| Financial liabilities | 8 35.0 |
37.8 |
| Deferred tax liabilities | 8.9 | 9.7 |
| 531.2 | 549.5 | |
| Current liabilities | ||
| Other provisions | 7 108.5 |
122.5 |
| Financial liabilities | 8 21.2 |
20.8 |
| Contract liabilities | 8 218.7 |
214.4 |
| Trade payables | 8 340.8 |
356.7 |
| Other financial liabilities | 8 29.6 |
35.1 |
| Other non-financial liabilities | 8 190.7 |
201.4 |
| Income tax liabilities | 8 35.1 |
32.0 |
| 944.7 | 983.0 | |
| 2,764.0 | 2,867.9 |
Further information is provided in the Notes to the consolidated financial statements.
Statement of Comprehensive Income
| Income statement | |||
|---|---|---|---|
| € millions | Notes | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
| Sales revenue | 9 | 1,464.9 | 1,438.5 |
| Changes in inventories | 20.5 | 27.5 | |
| Work performed and capitalised | 0.7 | 1.2 | |
| Total output of operations | 1,486.2 | 1,467.2 | |
| Other income | 10 | 21.7 | 19.9 |
| Cost of materials | 11 | -581.5 | -590.0 |
| Staff costs | 12 | -536.2 | -513.5 |
| Depreciation and amortisation | 1 | -48.7 | -45.6 |
| Other expenses | 13 | -233.5 | -221.8 |
| Earnings before finance income / expense and income tax (EBIT) | 108.0 | 116.3 | |
| Finance income | 14 | 6.3 | 6.3 |
| Finance expense | 14 | -12.5 | -17.2 |
| Income from / expense to investments accounted for using the equity method | 14 | 2.2 | 3.4 |
| Finance income / expense | -4.0 | -7.5 | |
| Earnings before income tax (EBT) | 104.0 | 108.8 | |
| Taxes on income | 15 | -34.9 | -38.4 |
| Earnings after income tax | 69.1 | 70.4 | |
| Attributable to: | |||
| Non-controlling interests | 16 | 11.3 | 12.1 |
| Shareholders of KSB SE & Co. KGaA | 57.8 | 58.2 | |
| Diluted and basic earnings per ordinary share (€) | 17 | 32.86 | 33.13 |
| Diluted and basic earnings per preference share (€) | 17 | 33.12 | 33.39 |
Statement of income and expense recognised in equity
| € millions | Notes | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|---|---|---|---|
| Earnings after income tax | 69.1 | 70.4 | |
| Remeasurement of defined benefit plans | 13.4 | 24.9 | |
| Taxes on income | -4.3 | -7.6 | |
| Remeasurement of defined benefit plans attributable to investments accounted for using the equity method |
0.0 | -0.1 | |
| Items not classified to profit or loss in subsequent periods | 9.1 | 17.2 | |
| Currency translation differences | -73.6 | 15.1 | |
| Changes in the fair value of financial instruments: Hedging reserve | 7.5 | -1.9 | |
| Taxes on income: Hedging reserve | -2.4 | 0.5 | |
| Changes in the fair value of financial instruments: Hedging cost reserve | -0.5 | 0.0 | |
| Taxes on income: Hedging cost reserve | 0.2 | 0.0 | |
| Expense and income recognised directly in equity attributable to investments accounted for using the equity method |
-3.3 | -0.2 | |
| Items reclassified to profit or loss in subsequent periods if required | -72.1 | 13.6 | |
| Other comprehensive income | -63.0 | 30.8 | |
| Total comprehensive income | 6.1 | 101.1 | |
| Attributable to: | |||
| Non-controlling interests | -15.2 | 17.8 | |
| Shareholders of KSB SE & Co. KGaA | 21.3 | 83.3 |
Further information is provided in the Notes to the consolidated financial statements.
Statement of Changes in Equity
| Other comprehensive income | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Subscribed capital of KSB SE & Co. KGaA |
Capital reserve of KSB SE & Co. KGaA |
Other revenue reserves |
Currency translation differences |
Changes in the fair value of financial instruments: Hedging reserve |
Changes in the fair value of financial instruments: Hedging cost reserve |
Remeasure ment of defined benefit plans |
Equity attributable to shareholders of KSB SE & Co. KGaA |
Non-controlling interests |
Total equity |
| 44.8 | 66.7 | 1,156.8 | -137.3 | 0.2 | -0.1 | -130.6 | 1,000.4 | 216.5 | 1,216.9 |
| – | – | – | 9.1 | -1.4 | 0.0 | 17.4 | 25.1 | 5.7 | 30.8 |
| – | – | 58.2 | – | – | – | – | 58.2 | 12.1 | 70.4 |
| – | – | 58.2 | 9.1 | -1.4 | 0.0 | 17.4 | 83.3 | 17.8 | 101.1 |
| – | – | -45.8 | – | – | – | – | -45.8 | -13.8 | -59.6 |
| – | – | – | – | – | – | – | – | – | – |
| – | – | – | – | – | – | – | – | – | – |
| – | – | – | – | – | – | – | – | – | – |
| 44.8 | 66.7 | 1,169.3 | -128.2 | -1.1 | -0.1 | -113.2 | 1,038.0 | 220.4 | 1,258.4 |
| Revenue reserves |
| Revenue reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||||||
| € millions | Subscribed capital of KSB SE & CO. KGaA |
Capital reserve of KSB SE & Co. KGaA |
Other revenue reserves |
Currency translation differences |
Changes in the fair value of financial instruments: Hedging reserve |
Changes in the fair value of financial instruments: Hedging cost reserve |
Remeasure ment of defined benefit plans |
Equity attributable to shareholders of KSB SE & Co. KGaA |
Non-controlling interests |
Total equity |
| 1 Jan. 2025 | 44.8 | 66.7 | 1,231.2 | -126.6 | -2.3 | -0.1 | -121.2 | 1,092.5 | 242.9 | 1,335.4 |
| Other comprehensive income | – | – | – | -50.6 | 5.2 | -0.4 | 9.3 | -36.4 | -26.5 | -63.0 |
| Earnings after income tax | – | – | 57.8 | – | – | – | – | 57.8 | 11.3 | 69.1 |
| Total comprehensive income | – | – | 57.8 | -50.6 | 5.2 | -0.4 | 9.3 | 21.3 | -15.2 | 6.1 |
| Dividends paid | – | – | -46.6 | – | – | – | – | -46.6 | -6.6 | -53.3 |
| Capital increase / decrease | – | – | – | – | – | – | – | – | – | – |
| Step acquisitions | – | – | – | – | – | – | – | – | – | – |
| Other | – | – | -0.1 | – | – | – | – | -0.1 | – | -0.1 |
| 30 June 2025 | 44.8 | 66.7 | 1,242.2 | -177.1 | 2.9 | -0.5 | -111.8 | 1,067.2 | 221.0 | 1,288.2 |
Statement of Cash Flows
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|---|---|---|
| Earnings after income tax | 69.1 | 70.4 |
| Taxes on income | 34.9 | 38.4 |
| Finance income | -6.3 | -6.3 |
| Finance expense | 12.5 | 17.2 |
| Depreciation and amortisation | 48.7 | 45.6 |
| Gain / loss on disposal of intangible assets and property, plant and equipment |
-0.7 | -0.3 |
| Change in inventories | -43.4 | -34.3 |
| Change in contract assets | 3.7 | -4.1 |
| Change in trade receivables | -25.4 | -34.1 |
| Change in provisions | -19.5 | -9.1 |
| Change in contract liabilities | 20.2 | 18.8 |
| Change in trade liabilities | 14.6 | 11.3 |
| Change in other assets and liabilities | -36.1 | -9.9 |
| Income tax paid | -35.5 | -25.6 |
| Interest received | 5.8 | 5.6 |
| Cash flows from operating activities | 42.7 | 83.5 |
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|---|---|---|
| Proceeds from disposal of intangible assets and property, plant and equipment |
2.6 | 0.8 |
| Payments to acquire intangible assets and property, plant and equipment |
-57.4 | -54.9 |
| Acquisition of joint ventures and associates | -2.0 | – |
| Proceeds from deposits with an original maturity of more than 3 months | 14.3 | 13.4 |
| Payments for deposits with an original maturity of more than 3 months | -3.4 | -20.6 |
| Proceeds from investments in Group companies that are not fully consolidated |
– | 1.2 |
| Payments for investments in Group companies that are not fully consolidated |
– | -4.5 |
| Proceeds from dividends from Group companies that are not fully consolidated |
0.3 | 0.0 |
| Payments for capitalisation measures with Group companies that are not fully consolidated |
– | -0.3 |
| Cash flows from investing activities | -45.7 | -64.9 |
| Dividends paid to shareholders of KSB SE & Co. KGaA | -46.6 | -45.8 |
| Dividends paid to non-controlling interests | -6.6 | -13.8 |
| Proceeds from financial liabilities | 1.8 | 4.9 |
| Payments for financial liabilities (not including lease liabilities) | -2.0 | -5.6 |
| Repayment of lease liabilities | -9.7 | -9.2 |
| Interest paid | -0.9 | -1.9 |
| Cash flows from financing activities | -64.1 | -71.4 |
| Changes in cash and cash equivalents | -67.1 | -52.8 |
| Effects of exchange rate changes on cash and cash equivalents | -12.4 | 1.7 |
| Effects of changes in consolidated Group | 0.3 | – |
| Cash and cash equivalents at beginning of period | 369.3 | 340.4 |
| Cash and cash equivalents at end of period | 290.1 | 289.3 |
Notes
I. General Information on the Group
Basis of preparation of the interim consolidated financial statements
These unaudited condensed interim consolidated financial statements of KSB SE & Co. KGaA, Frankenthal / Pfalz, Germany, have been prepared in accordance with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB), as adopted by the European Union (EU), taking into consideration the interpretations of the IFRS Interpretations Committee (IFRIC). The standards and interpretations applicable as at 1 January 2025 were used. The interim consolidated financial statements have been prepared in euros (€) on a going concern basis.
Amounts in this report are generally presented in millions of euros (€ millions) using standard commercial rounding rules and in condensed form pursuant to IAS 34. Due to rounding, there may be minor differences in the totals and percentages presented in this report.
New accounting principles
Compared with the consolidated financial statements for the 2024 financial year, no accounting standards and interpretations were adopted for the first time that had a material impact on the KSB Group's (hereinafter also referred to as "KSB" or the "Group") assets, liabilities, financial position and results of operations.
II. Consolidation principles
Consolidated Group
As at 30 June 2025, in addition to KSB SE & Co. KGaA, 10 German and 78 foreign companies were fully consolidated in the interim consolidated financial statements. The equity method was used to consolidate five joint ventures and two associate companies as at 30 June 2025.
Changes in the consolidated Group
In the first half of the 2025 financial year, there were the following changes in the consolidated Group, none of which had a material impact on the Group's assets, financial position and results of operations. Against this background, no further information is provided in this context.
In the reporting period, KSB acquired 18.43 % of shares in ECOP Technologies GmbH, Wiener Neudorf (Austria), which specialises in the development of large heat pumps for use in industrial applications. This strategic stake will help KSB unlock technical synergies and secure access to the growing market for these products. The company is included in the consolidated financial statements as an associate company accounted for using the equity method. € 4.0 million of the total acquisition cost of € 6.0 million had not yet been paid as at 30 June 2025. These outstanding payments are linked to future events which are expected to occur within 12 months of the reporting date. Contingent purchase price obligations are reported under miscellaneous other financial liabilities.
KSB PUMPS AND VALVES (NAMIBIA) (PROPRIETARY) LIMITED, Klein Windhoek, Namibia, which was previously not consolidated because of immateriality, is now included in the Group financial statements as a fully consolidated company.
In addition, a number of individual companies have changed their names: the former Dalian KSB AMRI Valves Co., Ltd., Dalian (China) now trades as KSB Valve (Dalian) Co., Ltd. and the former KAGEMA Industrieausrüstungen GmbH, Pattensen (Germany) as KSB KAGEMA GmbH.
Consolidation and currency translation methods
There were no material changes to consolidation methods or currency translation methods compared with the consolidated financial statements for the 2024 financial year.
III. Accounting policies
The accounting policies were essentially unchanged from the consolidated financial statements for the 2024 financial year. They apply to all companies included in the interim consolidated financial statements.
Exchange rates of the most important currencies
| Closing rate | Average rate | |||
|---|---|---|---|---|
| 1 euro is equal to | 30 June 2025 | 30 June 2024 | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
| US dollar | 1.1720 | 1.0705 | 1.0839 | 1.0813 |
| Brazilian real | 6.4384 | 5.8915 | 6.2378 | 5.4922 |
| Indian rupee | 100.5605 | 89.2495 | 93.2944 | 89.9862 |
| Chinese yuan | 8.3970 | 7.7748 | 7.8589 | 7.8011 |
IV. Balance sheet disclosures
1. Non-current assets
In the first six months of the 2025 financial year, additions of € 56.8 million (compared with € 53.3 million for the same period of the previous year) were recognised for property, plant and equipment, rights of use to leased assets and intangible assets. At € 48.7 million (previous year: € 45.6 million), depreciation and amortisation on these items were slightly above the level of the comparative prior-year period.
Overall, no material impairment losses and reversals of impairment losses were recognised on intangible assets, property, plant and equipment, and rights of use to leased assets in the reporting period – as was the case too in the first half of 2024.
Contract assets, trade receivables and other financial and non-financial assets
| € millions | 30 June 2025 | 31 Dec. 2024 |
|---|---|---|
| Contract assets | 52.6 | 56.9 |
| Trade receivables | 600.6 | 605.4 |
| Trade receivables from third parties | 553.4 | 559.5 |
| Trade receivables from related parties | 47.2 | 45.9 |
| Other financial assets | 80.0 | 89.9 |
| Receivables from loans to related parties | 3.4 | 3.4 |
| Currency forwards | 9.1 | 2.5 |
| Other receivables and other current assets | 67.5 | 84.0 |
| Other non-financial assets | 71.2 | 51.7 |
| Other tax assets | 39.2 | 35.1 |
| Deferred income | 32.0 | 16.6 |
| € millions | 30 June 2025 | 31 Dec. 2024 |
|---|---|---|
| Raw materials, consumables and supplies |
256.3 | 271.4 |
| Work in progress | 255.8 | 258.9 |
| Finished goods and goods purchased and held for resale |
231.9 | 210.4 |
| Advance payments | 23.0 | 24.2 |
| 767.0 | 764.8 |
2. Inventories 3. Contract assets, trade receivables and other financial and non-financial assets
Impairment losses on contract assets amounted to € 1.0 million (year-end figure in 2024: € 1.2 million).
Impairment losses of € 33.2 million (year-end figure in 2024: € 34.4 million) were recognised on trade receivables from third parties as at the reporting date.
Impairment losses of € 0.1 million (year-end figure in 2024: € 0.2 million) were recognised on trade receivables from related parties as at the reporting date. The impairment losses relate entirely to receivables from other equity investments. No impairment losses were recognised for receivables from loans to related parties as at the reporting date, as was the case on 31 December 2024.
→ Contract assets, trade receivables and other financial and non-financial assets
4. Cash and cash equivalents
Cash and cash equivalents are term deposits with short maturities and call deposits, and also current account balances. Cash equivalents include short-term deposits with an original maturity of less than three months.
5. Equity
There was no change in the share capital of KSB SE & Co. KGaA as against the previous year. In accordance with the Articles of Association, it totals € 44,771,963.82 and, as in the previous year, is composed of 886,615 ordinary shares and 864,712 preference shares. Each nopar-value share represents an equal notional amount of the share capital. The preference shares carry separate cumulative preferred dividend rights and progressive additional dividend rights. All shares are no-par-value bearer shares. The individual shares have no par value.
The development of the currency translation differences recognised in equity is shown in the table below.
Non-controlling interest relates primarily to PAB Pumpen- und Armaturen-Beteiligungsges. mbH, Frankenthal / Pfalz, and the interests it holds, as well as to companies in India and China. KSB SE & Co. KGaA, Frankenthal / Pfalz, holds a 51 % interest in PAB Pumpenund Armaturen-Beteiligungsges. mbH, while Johannes und Jacob Klein GmbH, Frankenthal / Pfalz, holds a 49 % interest.
The development of the equity items, including the noncontrolling interests of other shareholders, is presented in the Statement of Changes in Equity.
Development of currency translation differences in equity
| € millions | Currency translation differences in equity attributable to shareholders of KSB SE & Co. KGaA |
Currency translation differences in equity attributable to non-controlling interests |
Total amount of currency translation differences in equity |
|---|---|---|---|
| 1 Jan. 2024 | -137.3 | -29.6 | -166.9 |
| Change in 2024 | 9.1 | 5.9 | 14.9 |
| 30 June 2024 | -128.2 | -23.8 | -152.0 |
| 1 Jan. 2025 | -126.6 | -17.4 | -143.9 |
| Change in 2025 | -50.6 | -26.3 | -76.9 |
| 30 June 2025 | -177.1 | -43.7 | -220.8 |
6. Provisions for pensions and similar obligations
The pension obligations in the KSB Group include defined contribution and defined benefit plans and contain both obligations from current pensions and future pension benefit entitlements.
Most of the provisions for pensions and similar obligations in the amount of € 476.0 million (year-end figure in 2024: € 489.6 million) result primarily from defined benefit plans in place for the German Group companies. Available plan assets are offset against the Group's pension obligations.
7. Other provisions
The provisions for warranty obligations and contractual penalties reported under other provisions cover the statutory and contractual obligations to customers and are based on estimates prepared using historical data for similar products and services.
Provisions for employee benefits relate primarily to anniversary and partial retirement obligations.
KSB uses provisions for onerous contracts to account for expected losses resulting in particular from project orders with customers.
Miscellaneous other provisions include, inter alia, provisions for process risks.
Other provisions
| € millions | 30 June 2025 | 31 Dec. 2024 |
|---|---|---|
| Warranty obligations and contractual penalties |
73.0 | 81.8 |
| Employee benefits | 19.0 | 20.0 |
| Onerous contracts | 6.1 | 6.3 |
| Miscellaneous other provisions | 21.6 | 26.9 |
| 119.8 | 135.0 |
8. Liabilities
Non-current liabilities
| € millions | 30 June 2025 | 31 Dec. 2024 |
|---|---|---|
| Financial liabilities | 35.0 | 37.8 |
| Bank loans and overdrafts | 0.1 | 0.1 |
| Finance lease liabilities | 34.4 | 37.4 |
| Other | 0.4 | 0.3 |
Current liabilities
| € millions | 30 June 2025 | 31 Dec. 2024 |
|---|---|---|
| Financial liabilities | 21.2 | 20.8 |
| Bank loans and overdrafts | 2.4 | 3.0 |
| Finance lease liabilities | 18.8 | 17.8 |
| Other | 0.0 | 0.0 |
| Contract liabilities | 218.7 | 214.4 |
| Trade payables | 340.8 | 356.7 |
| Trade payables to third parties | 324.2 | 339.8 |
| Trade payables to related parties | 16.6 | 16.9 |
| Other financial liabilities | 29.6 | 35.1 |
| Currency forwards | 2.1 | 6.2 |
| Miscellaneous other financial liabilities | 27.5 | 28.9 |
| Other non-financial liabilities | 190.7 | 201.4 |
| Social security and liabilities to employees | 148.6 | 165.5 |
| Tax liabilities (excluding income tax) | 37.7 | 31.4 |
| Prepaid expenses | 0.1 | 0.0 |
| Investment grants and subsidies | 4.4 | 4.5 |
| Income tax liabilities | 35.1 | 32.0 |
V. Income Statement Disclosures
9. Sales revenue
The Group's consolidated sales revenue during the reporting period was € 1,464.9 million (previous year: € 1,438.5 million).
KSB generates income from the transfer of goods and services over time or at a point in time in the segments presented.
→ Sales revenue by segment and timing of revenue recognition
Detailed information on KSB's Segments is provided in Section VII. Segment Reporting of the Notes to the consolidated financial statements.
Sales revenue by segment and timing of revenue recognition in the first six months of 2025
| € millions | Pumps Segment |
Valves Segment |
KSB SupremeServ Segment |
Total |
|---|---|---|---|---|
| Sales revenue | 775.8 | 200.7 | 488.4 | 1,464.9 |
| Of which goods and services transferred at a point in time | 677.2 | 191.2 | 308.3 | 1,176.7 |
| Of which goods and services transferred over time | 98.7 | 9.4 | 180.1 | 288.2 |
Sales revenue by segment and timing of revenue recognition in the first six months of 2024
| € millions | Pumps Segment |
Valves Segment |
KSB SupremeServ Segment |
Total |
|---|---|---|---|---|
| Sales revenue | 753.7 | 193.4 | 491.4 | 1,438.5 |
| Of which goods and services transferred at a point in time | 667.6 | 185.2 | 297.6 | 1,150.4 |
| Of which goods and services transferred over time | 86.1 | 8.2 | 193.8 | 288.1 |
10. Other income
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|---|---|---|
| Income from the reversal of impairment losses |
3.1 | 6.7 |
| Government grants | 4.6 | 3.5 |
| Currency translation gains | 3.6 | 3.8 |
| Insurance compensation | 3.8 | 0.2 |
| Income from the disposal of assets | 1.1 | 0.5 |
| Miscellaneous other income | 5.5 | 5.2 |
| 21.7 | 19.9 |
In the first half of 2025, the Group recognised income from insurance compensation of € 3.4 million in relation to the cyber attack on KSB in 2022.
Other income relates to a large number of individual items and includes, among other things, remuneration for various other services provided by the Group outside its primary business activities.
11. Cost of materials
The cost of materials amounted to € 581.5 million (previous year: € 590.0 million) in the reporting period. This item includes expenses for raw materials, consumables and supplies and for goods and services purchased.
12. Staff costs
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|---|---|---|
| Wages and salaries | 435.1 | 416.6 |
| Social security contributions and employee assistance costs |
91.1 | 85.9 |
| Pension costs | 9.9 | 11.0 |
| 536.2 | 513.5 |
Pension costs are reduced by the interest component included in the allocation of provisions that is reported in financial income / expense.
The average number of employees in the reporting period was 16,601, compared with 16,211 in the first half of the previous year.
13. Other expenses
| Six months ended |
Six months ended |
|
|---|---|---|
| € millions | 30 June 2025 | 30 June 2024 |
| Repairs, maintenance, third-party services * |
45.3 | 46.3 |
| Administrative expenses * | 92.1 | 78.0 |
| Marketing and selling expenses * | 43.8 | 48.2 |
| Other staff costs * | 22.7 | 21.8 |
| Other taxes | 7.2 | 6.7 |
| Rents and leases | 6.8 | 6.1 |
| Impairment losses on trade | ||
| receivables and contract assets | 4.5 | 5.9 |
| Currency translation losses | 7.1 | 0.6 |
| Losses from asset disposals | 0.4 | 0.2 |
| Miscellaneous other expenses | 3.6 | 8.0 |
| 233.5 | 221.8 |
* The prior-year figures were restated compared with the presentation in the 2024 half-year financial report as explained below.
In order to differentiate between individual expense items under other expenses according to their definitions, the allocation of certain expense types was changed compared with their presentation in the 2024 half-year financial report. The previous year's figures for the items in question have been restated accordingly. Specifically, costs for external workers for the first half of 2024 in the amount of € 5.8 million are no longer reported under repairs, maintenance and third-party services, but under other staff costs. Furthermore, the aforementioned item decreased by an additional € 30.2 million due to the reallocation of expenses for IT services, which are now included under administrative expenses. Conversely, marketing expenses totalling € 9.1 million incurred in the prior-year period are now recognised under marketing and selling costs rather than administrative expenses.
The increase in administrative expenses was due in particular to external costs for the migration of the SAP R/3 system to SAP S/4HANA amounting to € 13.5 million (previous year: € 2.3 million).
Other expenses primarily reflect the development of provisions for warranty obligations and penalties as well as provisions for onerous contracts.
14. Finance income / expense
Interest and similar expenses include the net interest expense for pension provisions amounting to € 7.8 million (previous year: € 7.5 million). In addition, the item also includes interest expense from the subsequent measurement of lease liabilities.
As was the case as at 31 December 2024, IAS 29 Financial Reporting in Hyperinflationary Economies was applied to KSB Compañía Sudamericana de Bombas S.A., Carapachay (Buenos Aires), Argentina, and KSB-Pompa, Armatür Sanayi ve Ticaret A.S., Ankara, Turkey. The associated net loss from the monetary depreciation of the affected monetary assets and liabilities of these companies to be taken into account is included under other finance expense.
Finance income / expense
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|---|---|---|
| Finance income | 6.3 | 6.3 |
| Income from other investments | – | 0.0 |
| Interest and similar income | 6.2 | 6.3 |
| Thereof from other investments |
0.0 | 0.0 |
| Thereof from investments accounted for using the equity method |
– | 0.0 |
| Other finance income | 0.0 | 0.0 |
| Finance expense | -12.5 | -17.2 |
| Interest and similar expenses | -9.7 | -10.4 |
| Other finance expense | -2.8 | -6.9 |
| Income from / expense to investments accounted for using the equity method |
2.2 | 3.4 |
| Finance income / expense | -4.0 | -7.5 |
15. Taxes on income
This item shows the effective and deferred taxes on income of the companies included in the consolidated financial statements. The tax rate for the first half of 2025 was 33.5 % compared with 35.3 % in the first half of 2024. The tax rate in the prior-year reporting period increased in particular due to adjustments made resulting from a tax audit.
Taxes on income
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|---|---|---|
| Effective taxes | 38.3 | 34.7 |
| Deferred taxes | -3.4 | 3.7 |
| 34.9 | 38.4 |
On 11 July 2025, the Bundesrat (German Federal Council) approved the law for an immediate tax investment programme to strengthen Germany as a business location in the version adopted by the Bundestag (German Parliament). The provisions contained in the law include a gradual reduction in corporation tax beginning on 1 January 2028, from its current level of 15 % to 10 % from 2032 onwards. This means that the deferred taxes of the German Group companies will need to be recalculated in the second half of 2025. The amounts as at 30 June 2025 remain unaffected by this. KSB expects the amended legislation to reduce the excess of deferred tax assets by mid-single-digit millions. This will be reflected mainly in the Group's other comprehensive income. The Group tax rate is projected to fall slightly.
16. Earnings after income tax – Non-controlling interests
The net profit attributable to non-controlling interests amounts to € 13.9 million (previous year: € 13.9 million) and the net loss attributable to non-controlling interests amounts to € 2.6 million (previous year: € 1.8 million). Further information on the non-controlling interests is provided under Notes No. 5 Equity.
17. Earnings per share
Earnings per share are calculated using the weighted average number of shares as the denominator.
An additional dividend attributable to preference shareholders of € 0.26 (previous year: € 0.26) per share is assumed for the calculation.
Earnings per share
| € | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|---|---|---|
| Diluted and basic earnings per ordinary share |
32.86 | 33.13 |
| Diluted and basic earnings per preference share |
33.12 | 33.39 |
VI. Further Information on Financial Instruments
1. Financial instruments – Fair values
In view of the following explanations, detailed information on the fair values of the financial instruments as at 30 June 2025 is not provided.
In line with the assessment provided as at 31 December 2024, it is assumed for the financial assets measured at amortised cost that the fair values correspond to the carrying amounts, given the predominantly short maturities of these financial instruments. This is also the case for all financial liabilities measured at amortised cost, with the exception of non-current financial liabilities.
There was no significant change from 31 December 2024 in the relation between the carrying amount and fair value of the non-current financial liabilities.
2. Financial risks
KSB is exposed to certain financial risks as a consequence of its business activities. These risks can be classified into three areas:
KSB is firstly exposed to credit risk. Credit risk is defined as the potential default or delays in the receipt of contractually agreed payments. KSB is also exposed to liquidity risk, which is the risk that an entity will be unable to meet its financial obligations, or will be unable to meet them in full. In addition, KSB is exposed to market price risk. The risk of exchange rate or interest rate changes may adversely affect the economic position of the Group. Risks from fluctuations in the prices of financial instruments are not material for KSB.
KSB limits all these risks through an appropriate risk management system, defining how these risks are addressed through guidelines and work instructions. In addition, KSB continuously monitors the current risk characteristics and regularly provides the information obtained in this way to the Managing Directors and the Supervisory Board in the form of standardised reports and individual analyses.
VII. Segment Reporting
The derivation of the Pumps, Valves and KSB SupremeServ reporting segments (hereinafter also referred to as "Segments") in accordance with IFRS 8 and their definition in terms of content is unchanged compared with 31 December 2024. KSB continues to take management decisions in this segment structure primarily on the basis of the key performance indicators – order intake, external sales revenue and earnings before finance income / expense and income tax (EBIT).
The amounts disclosed below for the individual segments have been established in compliance with the accounting policies of the present interim consolidated financial statements.
The order intake by segment presents order intake generated with third parties.
The sales revenue by segment presents sales revenue generated with third parties.
Earnings before finance income / expense and income tax (EBIT) for each segment also comprise the earnings attributable to non-controlling interests.
EBIT includes depreciation and amortisation of € 23.4 million (previous year: € 21.3 million) for the Pumps Segment, € 6.3 million (previous year: € 6.0 million) for the Valves Segment and € 18.9 million (previous year: € 18.2 million) for the KSB SupremeServ Segment.
Segment reporting
| Order intake | Sales revenue | EBIT | ||||
|---|---|---|---|---|---|---|
| € millions | Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
| Pumps Segment | 940.8 | 869.1 | 775.8 | 753.7 | 27.3 | 17.6 |
| Valves Segment | 225.4 | 226.1 | 200.7 | 193.4 | -3.5 | -0.3 |
| KSB SupremeServ Segment | 532.3 | 549.5 | 488.4 | 491.4 | 84.2 | 99.0 |
| Total | 1,698.4 | 1,644.7 | 1,464.9 | 1,438.5 | 108.0 | 116.3 |
VIII. Other Disclosures
Contingent liabilities and other financial obligations
Contingent liabilities and other financial obligations fall within the scope of what is required to carry on normal business activities. Contingent liabilities to third parties and other investments increased by € 13.4 million (63.0 %) compared with 31 December 2024. This is particularly attributable to higher contingent liabilities from legal disputes and warranties. The purchase obligation for property, plant and equipment was up 23.9 % on the year-end figure in 2024 at € 58.3 million.
Related party disclosures
Related parties are legal entities or natural persons that have influence over the KSB Group or are subject to control, joint control or significant influence by the KSB Group.
Overall, there were no significant changes in the contractual basis between the Group and its related parties compared with 31 December 2024.
Revenue from the sale of assets and services to joint ventures, associates and to companies not consolidated because of immateriality amounted to € 32.6 million in the first half of 2025 (previous year: € 26.6 million).
Further information on the pending receivables from and trade payables to related parties is included in Section IV. Balance Sheet Disclosures – Notes No. 3 "Contract assets, trade receivables and other financial and nonfinancial assets" and in Notes No. 8 "Liabilities".
Auditors
The Annual General Meeting of KSB SE & Co. KGaA on 8 May 2025 resolved to appoint KPMG AG Wirtschaftsprüfungsgesellschaft, Berlin, Stuttgart office, as auditors and group auditors for the 2025 financial year.
This half-year financial report has been neither reviewed nor audited in accordance with Section 317 HGB [German Commercial Code].
Events after the Reporting Period
Apart from the revised tax legislation in Germany explained in Section V. "Income Statement Disclosures" under Note No. 15, there were no events after the reporting date that are of particular significance for the Group's net assets, financial position and results of operations.
German Corporate Governance Code
The Managing Directors and the Supervisory Board of KSB SE & Co. KGaA issued the current Statement of Compliance with the recommendations of the Government Commission on the German Corporate Governance Code in accordance with Section 161 AktG [Aktiengesetz – German Public Companies Act] on 12 December 2024. The Statement is accessible to the public at KSB's web site: ksb.com/en-global > Investor Relations > Corporate Governance > Corporate Governance Statement / Statement of Compliance with the German Corporate Governance Code.
3
General Information
- 35 Appropriation of the Net Retained Earnings of KSB SE & Co. KGaA
- 36 Responsibility Statement
- 37 Contacts
- 38 Financial Calendar
Appropriation of the Net Retained Earnings of KSB SE & Co. KGaA
The Annual General Meeting on 8 May 2025 resolved to appropriate the net retained earnings of KSB SE & Co. KGaA, Frankenthal, of € 128,166,856.12 as follows:
Appropriation of net retained earnings
| € | |
|---|---|
| Dividend of € 26.50 per ordinary no-par-value share |
23,495,297.50 |
| Dividend of € 26.76 per preference no-par-value share |
23,139,693.12 |
| Total dividends | 46,634,990.62 |
| Carried forward to new account | 81,531,865.50 |
| 128,166,856.12 |
Pursuant to Section 58(4), sentence 2, of the German Public Companies Act [AktG – Aktiengesetz], the claim to the dividend shall be due on the third business day following the resolution adopted by the Annual General Meeting.
Responsibility Statement
To the best of our knowledge, and in accordance with the applicable interim reporting principles, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group during the remainder of the financial year.
Frankenthal, 30 July 2025
KSB Management SE
The Managing Directors
Contacts
Editor
KSB SE & Co. KGaA Johann-Klein-Straße 9 67227 Frankenthal, Germany Tel. +49 6233 86-0
Group Information
You will find the latest news on the KSB Group at: ksb.com
Should you need additional information, please contact:
Investor Relations
Dieter Pott Tel. +49 6233 86-2615 E-mail: [email protected]
Communications
Sonja Ayasse Tel. +49 6233 86-3118 E-mail: [email protected]
Concept and Design 3st kommunikation GmbH, Mainz KSB Communications, Frankenthal, Germany
Photography
Air Creative, Getty Images (cover)
Financial Calendar
11 November 2025 Quarterly financial report January – September 2025
3 February 2026 Preliminary report on the 2025 financial year
26 March 2026 Full report on the 2025 financial year Financial press conference
29 April 2026 Quarterly financial report January – March 2026
7 May 2026 Annual General Meeting
6 August 2026 Half-year financial report January – June 2026
KSB SE & Co. KGaA Johann-Klein-Straße 9 67227 Frankenthal, Germany