Summary: Jungheinrich confirmed its 2026 guidance despite reporting a softer headline margin in Q1. The company recorded headline EBIT of €57m (4.4% margin) while underlying EBIT was €83m (6.5% margin). Management pointed to competitive price pressure, capacity utilization effects and a strike as drivers of the weaker headline margin, while orders and backlog expanded year-over-year.
German intralogistics specialist Jungheinrich AG released first-quarter results showing a divergence between headline and underlying profitability, but left its 2026 outlook intact. The company reported EBIT of €57m for the quarter, equivalent to a 4.4% margin.
That headline EBIT was affected by discrete items totaling €26m: a €20m effect related to the de-consolidation of Russia, €5m tied to a strike at the Lüneburg plant that concluded in February, and €1m linked to a transformation program. Excluding those items, underlying EBIT amounted to €83m, representing a 6.5% margin.
Jungheinrich attributed the fall in reported margins to several operational pressures. Management cited intensified price competition, negative effects from capacity utilization and the Lüneburg strike as the main factors weighing on profitability during the quarter.
Orders, revenues and backlog
Incoming orders rose to €1,535m, an increase of 11% year-over-year, with part of the growth reflecting pre-buy activity ahead of planned price rises. Within that total, forklift orders climbed 9% while warehouse automation orders expanded by 18%.
Orders on hand for new trucks reached €1,590m, up 5% compared with the prior year and 20% on a sequential basis. The company reported a book-to-bill ratio of 1.21x for the quarter.
Revenues declined 3% to €1,272m. By segment, forklifts revenue fell 5%, warehouse automation rose 9% and financial services increased 2%.
2026 guidance and cash flow
Despite the Q1 softness, Jungheinrich confirmed its 2026 guidance ranges: incoming orders of €5.4bn-€6.0bn, revenues of €5.2bn-€5.8bn, and EBIT of €380m-€450m, implying margins between 7.2% and 8.0%. The company also expects free cash flow to exceed €250m.
Leadership update
Jungheinrich disclosed that CFO Wulff and the Supervisory Board have agreed not to extend her mandate beyond May 2027. Until a successor is appointed, CEO Brzoska will assume oversight of finance. The company noted that Wulff had taken on the CFO role in January, replacing the previous CFO, Hues.
Outlook context
While headline margins were weaker in the quarter, the company highlighted robust order intake and an increased backlog. Management preserved its medium-term financial targets for 2026, keeping ranges for orders, revenue, EBIT and free cash flow unchanged.