KION Group: Initiation of Coverage- Will Service-Led Innovation Power the Next Industrial Revolution? 

KION Group AG, a prominent player in the intralogistics sector, presented a nuanced performance in the first quarter of 2025, showcasing a blend of resilience and challenges that reflect the complex market environment it operates in. The company’s financial results illustrate both positive dynamics and areas where uncertainties prevail. In terms of order intake, KION displayed robust performance with a notable 11% increase year-over-year, reaching EUR 2.7 billion. This was driven by heightened demand across both of its operational segments, Supply Chain Solutions (SCS) and Industrial Trucks & Services (ITS). However, the revenue experienced a slight contraction due to the subdued demand in the new truck and project business, which echoed past quarters’ trends.