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1. Company Snapshot

1.a. Company Description

Konecranes Plc manufactures, sells, and services cranes, lifting equipment, and machine tools worldwide.It operates through three segments: Service, Industrial Equipment, and Port Solutions.The company offers specialized maintenance services and spare parts for industrial cranes and hoists.


It also provides a range of industrial cranes for general manufacturing and various process industries; and crane components and lifting equipment solutions to other crane manufacturers and distributors.In addition, the company offers container handling equipment and mobile harbor cranes, as well as port solution related software.Further, its products include workstation lifting systems, overhead cranes, hazardous environment cranes and hoists, lift trucks, and bulk handling equipment, as well as cores for lifting; and services comprise maintenance, inspection and preventive maintenance, predictive maintenance and remote monitoring, corrective maintenance and retrofit, consultation, modernization, and remote services.


The company serves the automotive, container handling, mining, general manufacturing, nuclear, petroleum and gas, power, paper and forest, shipyard, metals production, and waste to energy and biomass industries.Konecranes Plc was founded in 1910 and is headquartered in Hyvinkää, Finland.

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1.b. Last Insights on KCR

Konecranes' recent performance has been driven by a strong industrial outlook, with demand from the construction and mining sectors, as well as a shift towards automated systems. The company's X-series crane has been adopted by Paklog to boost packaging operations, enhancing efficiency and safety. Additionally, manufacturers are turning to AI to navigate trade disruptions, which could benefit Konecranes. A favorable market outlook, with Asia Pacific projected to be the fastest-growing region, also supports the company's prospects. Konecranes is a key player in the crane and hoist market.

1.c. Company Highlights

2. Konecranes' Q4 2025 Earnings: Strong Execution and Positive Outlook

Konecranes reported a mixed Q4 2025, with net sales roughly flat year-on-year, but with an improved comparable EBITA margin of 14.1%. The company's EPS came in at €1.52, beating analyst estimates of €1.21. Revenue growth for the full year 2025 was 12% compared to 2024, driven by strong orders in Port Solutions and Industrial Equipment. The company's EBITA margin improved by 1 percentage point to 14%. As CFO Teo Ottola noted, "the underlying volume decline was 4%, but net of inflation pricing, mix, and good execution, the impact was positive by EUR 13 million."

Publication Date: Feb -10

📋 Highlights
  • Full-Year 2025 Growth:: Achieved 12% revenue growth vs. 2024, with EBITA margin improvement of 1 percentage point to 14%.
  • Q4 Performance:: Sales declined 4% YoY, but net sales remained flat, while EBITA margin rose to 14.1% amid a strengthened order book.
  • EBITA Margin Drivers:: Q4 EBITA margin improved 1 percentage point (EUR 5M uplift), driven by EUR 13M from pricing/mix and fixed cost control (+EUR 2M).
  • Business Segment Highlights:: Industrial Service margin surged 1.3pp to 21.9%, while Industrial Equipment’s margin rose 2.2pp to 11.7%.
  • Financial Strength:: Record free cash flow, EUR 160M net cash at year-end, and a 1:3 share split proposal alongside a dividend increase to EUR 2.25/share.

Segment Performance

The company's business areas showed strong execution, with Industrial Service's comparable EBITA margin improving by 1.3 percentage points to 21.9%. Industrial Equipment's comparable EBITA margin improved by 2.2 percentage points to 11.7%, driven by growth in components. Port Solutions' comparable EBITA margin declined by 0.5 percentage points to 9.2%, despite good activity in Lift Trucks and RTGs.

Cash Flow and Balance Sheet

Konecranes' free cash flow was on record levels, with cash conversion above 100%. The company has net cash of more than €160 million at the end of the year, and a return on capital employed of 22.1% on comparable terms. The company's net working capital remained on a low level, with no meaningful change from Q3.

Outlook and Valuation

The company expects its net sales to remain approximately the same or increase in 2026 compared to 2025, with margins remaining on the same level. Analysts estimate next year's revenue growth at 5.7%. With a P/E Ratio of 17.98 and an EV/EBITDA of 9.81, the stock appears reasonably valued. The company's strong free cash flow yield of 7.24% and dividend yield of 1.82% are also attractive. The proposed share split and increased dividend payout are positive developments for shareholders.

Growth Opportunities

Konecranes is exploring inorganic growth opportunities, such as acquisitions, and has a funnel of potential opportunities. The company's strong order book and positive outlook for 2026 provide a solid foundation for future growth. The backlog for 2026 is significantly higher than in 2025, with an increase of over €100 million.

3. NewsRoom

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Crane and Hoist Market Outlook Report 2025-2030, with Case Studies of Norelco, Tri-State Cranes, USG, FPS Food Processing Solutions, and R&M Material Handling

Sep -16

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Does Konecranes Still Offer Upside After 32.5% Jump and Strong Industrial Outlook?

Sep -09

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Paklog boosts packaging operations with Konecranes X-series crane

Sep -05

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Analysis: Just in time? Manufacturers turn to AI to weather tariff storm

Aug -13

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Why Ports Want Tariffs on Chinese Cranes Delayed

Jul -09

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Stocks to watch this week: Burberry, Vodafone, BT and Walmart

May -10

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Stocks to watch this week: Amazon, Apple, Anglo American and Novo Nordisk

Apr -26

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Espionage Probe Finds Communications Device on Chinese Cranes at U.S. Ports

Mar -07

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.50%)

6. Segments

Rental

Expected Growth: 2.5%

Rental from Konecranes Plc driven by 2.5% growth, attributed to increasing demand for industrial equipment, expansion in emerging markets, and strategic partnerships. Additionally, the company's focus on digitalization and service-based offerings contributes to revenue growth, as customers seek efficient and cost-effective solutions.

Management Fees

Expected Growth: 1.8%

Konecranes Plc's 1.8% growth in Management Fees is driven by increasing demand for industrial crane modernization, expansion of service offerings, and strategic acquisitions. Additionally, the company's focus on digitalization and automation has improved operational efficiency, leading to higher margins and revenue growth.

Leasehold Extension

Expected Growth: 1.2%

Konecranes Plc's 1.2% leasehold extension growth driven by increasing demand for industrial equipment, rising urbanization, and growing need for efficient material handling solutions. Additionally, strategic acquisitions and expansion into emerging markets contribute to the company's growth momentum.

Resale Commission

Expected Growth: 2.2%

Resale Commission from Konecranes Plc growth of 2.2% driven by increasing demand for industrial cranes and lifting equipment, expansion into emerging markets, and strategic partnerships. Additionally, the company's focus on digitalization and service-based business models contributes to the growth, as customers seek more efficient and cost-effective solutions.

Ground Rents

Expected Growth: 1.5%

Konecranes Plc's Ground Rents segment growth of 1.5% is driven by increasing demand for industrial and logistics spaces, expansion of e-commerce, and rising urbanization. Additionally, the company's strategic focus on service-based revenue streams, cost savings initiatives, and investments in digitalization also contribute to the growth.

Other

Expected Growth: 1.9%

Konecranes Plc's 1.9% growth in the 'Other' segment is driven by increasing demand for industrial cranes and heavy lifting equipment, particularly in the Asia-Pacific region. Additionally, the company's focus on digitalization and automation, as well as its strategic acquisitions, have contributed to this growth.

7. Detailed Products

Industrial Cranes

Konecranes offers a wide range of industrial cranes, including overhead traveling cranes, gantry cranes, and semi-gantry cranes, designed for various industries such as manufacturing, automotive, and aerospace.

Port Cranes

Konecranes provides a range of port cranes, including container cranes, bulk handling cranes, and general cargo cranes, designed for efficient and safe cargo handling in ports and terminals.

Ship-to-Shore Cranes

Konecranes offers ship-to-shore cranes designed for efficient and safe container handling in ports and terminals.

Reach Stackers

Konecranes provides a range of reach stackers, designed for efficient and safe container handling in ports, terminals, and intermodal facilities.

Lift Trucks

Konecranes offers a range of lift trucks, including counterbalance trucks, reach trucks, and warehouse trucks, designed for efficient and safe material handling in warehouses and distribution centers.

Service and Maintenance

Konecranes provides a range of service and maintenance solutions, including inspections, repairs, and modernizations, designed to improve the safety and efficiency of material handling equipment.

8. Konecranes Plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Konecranes Plc is medium due to the availability of alternative products and services in the market. However, the company's strong brand reputation and customer loyalty mitigate this threat to some extent.

Bargaining Power Of Customers

The bargaining power of customers is low for Konecranes Plc due to the company's strong market position and the lack of concentration of buyers in the industry.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Konecranes Plc due to the presence of several suppliers in the market. However, the company's large scale of operations and strong relationships with suppliers mitigate this threat to some extent.

Threat Of New Entrants

The threat of new entrants is low for Konecranes Plc due to the high barriers to entry in the industry, including the need for significant capital investment and technological expertise.

Intensity Of Rivalry

The intensity of rivalry is high for Konecranes Plc due to the presence of several established players in the industry, leading to a highly competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 34.56%
Debt Cost 7.25%
Equity Weight 65.44%
Equity Cost 10.91%
WACC 9.65%
Leverage 52.81%

11. Quality Control: Konecranes Plc passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 7.0

Growth: 4.8

Quality: 5.6

Yield: 10.0

Momentum: 4.0

Volatility: 10.0

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A-Score: 6.6/10

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A-Score: 5.8/10

Value: 4.6

Growth: 7.1

Quality: 7.5

Yield: 5.0

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A-Score: 4.4/10

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Quality: 3.4

Yield: 1.9

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

90.1$

Current Price

90.1$

Potential

-0.00%

Expected Cash-Flows