$KTN (+2,93 %)

📊 𝐄𝐫𝐠𝐞𝐛𝐧𝐢𝐬𝐬𝐞

- Sales: €363.7M (previous year €357.5M adj.)

- Adj. EBITDA: €46.1M (previous year €45.3M)

- Adj. EBITDA: €37.6M

- Adj. net income: €20.0M

- Operating cash flow: -€9.1M

- Order backlog: €2.544B

- Book-to-bill: 1.13x

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🎯 𝐀𝐮𝐬𝐛𝐥𝐢𝐜𝐤𝐜𝐜𝐤

- Turnover in 2026 expected to be slightly above previous year

- Organic growth of around 8% expected

- Adj. EBITDA expected at €225M in 2026

- GreenTec to become profitable again from Q4 2026

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📌 𝐖𝐢𝐜𝐡𝐭𝐢𝐠𝐬𝐭𝐞 𝐏𝐮𝐧𝐤𝐭𝐞𝐭𝐞

- Aerospace & Defense (+25%) and Transportation (+28%) drive growth

- Record order backlog of over €2.5B achieved

- Restructuring burdens EBITDA with €8.5M in the quarter

- GreenTec cuts 500 jobs, savings of >€30M planned annually

- Focus clearly shifts towards Software + Solutions

- Supply chain problems lead to higher inventory build-up and negative cash flow

- Ennoconn prepares possible mandatory offer at €23.50 per share

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭-𝐀𝐮𝐬𝐬𝐜𝐚𝐠𝐞

"Kontron is the technology leader in key technologies such as VPX, FRMCS and AI cybersecurity."

$KTN (+2,93 %)

Weak sales development, a sharp rise in profits and then a slump in profits? At first glance, Kontron's development seems contradictory. But if you take a closer look, you might recognize a clear strategy behind it.

It's actually not that complicated

In my view, Kontron has been misunderstood for years and, on top of that, the share price has plummeted inexplicably.

In the end, the same reasons seem to be responsible for Kontron not being understood.

Kontron has been undergoing a strategic realignment for several years. Parts of the company were sold back in 2022 and, as Kontron achieved a good price, this led to a massive jump in profits.

This was followed by a supposed slump in profits, but this was caused by the elimination of this special effect and had nothing to do with the operational reality.

Part of the sales proceeds were distributed as a special dividend, which subsequently led to a "reduction in the dividend". If you consider this media classification to be nonsensical, you are not alone.

All of this will become important later on.

Since then, the operational successes on the stock market have only been received half-heartedly. Although the share price has risen considerably, it is lagging behind business developments.

Despite the recent price losses, the share price is still well above the low from 2022, but has been trending downwards again since the middle of last year.

Once again, the stock market does not seem to understand what is going on, although the current situation is essentially the same as in 2022.

How one-off effects are causing confusion

If you take a closer look, you will recognize a clear pattern: the company is trading volume for profitability.

Kontron develops and produces embedded computers, IoT platforms and software solutions that are primarily used in industrial applications. The products are used in trains, machines, communication networks and increasingly also in defense systems.

Traditionally, a large part of the business comes from hardware, such as computer-on-modules or industrial boards. These components are the backbone of many networked systems, but deliver comparatively low margins. This is precisely where the change in strategy comes in.

Instead of selling as much hardware as possible, Kontron is shifting towards software and integrated solutions.

This combination of device, operating system and service creates long-term customer loyalty and increases the added value per order. The company is thus following a clear trend in the industry: away from being a pure component supplier and towards becoming a solution provider with recurring revenues.

Why 2026 looks weak, but is not

The most visible step was the disposal of parts of the low-margin module business in the 2025 financial year, which once again artificially inflated profits.

However, anyone who is unaware of this and takes a superficial look at Kontron will only see a jump in profits and a supposedly weak forecast.

This is because this positive one-off effect will no longer apply in 2026, leading to an apparent decline in earnings.

None of this seems to be understood, but it's not that complicated. As I have been following live since 2022 how these developments are not understood, I assume that they are also insufficiently understood at present.

In addition, there are puzzling incidents such as on March 19, when the share price collapsed for no apparent reason.

We can only speculate as to what exactly triggered this: A so-called fat finger, a wave of stops triggered by this and a targeted short attack or a mixture of these.

Share buybacks, outlook and valuation

The Executive Board responded with tangible measures, both personally and at company level.

Since then, the CEO has bought back shares in the company several times, initially 5,000 shares at a price of EUR 17.62 and then a further 3,000 shares at EUR 18.74.

In addition, it was decided to buy back up to 2.9 million treasury shares, which corresponds to around 4.5% of all outstanding shares. In view of the company's valuation and capital resources, I believe this is the right decision.

According to consensus estimates, earnings of EUR 1.98 per share are expected for 2026. This gives Kontron a P/E ratio of 9.6.

That would be appropriate for an ailing group, but in my opinion this description does not apply to Kontron. In the last five years, the KGV averaged 15

Kontron share: chart from March 31, 2026, price: EUR 18.95 - symbol: KTN | source: TWS

If the long-term downward trends at around EUR 19.60 and EUR 20.50 can be overcome again, this could trigger a recovery towards EUR 21 or EUR 22.00 - 22.50.

A procyclical buy signal would be issued above this level.

However, if the share falls below EUR 18.80, this could lead to a renewed setback towards the upward trend.

Source

https://www.lynxbroker.de/boerse/boerse-kurse/aktien/kontron-aktie/kontron-analyse/?a=3355991664&utm_medium=email&utm_source=newsletter&utm_campaign=newsletter-boersenblick&newsletter=true&mc-rss-cache-bypass=2026040106&goal=0_d93daae099-018dcfff20-410756260#die-borse-scheint-es-nicht-zu-verstehen-so-tickt-kontron

Hello dear community,

After what I consider to be exaggerated sell-offs, I have entered the market.

It is currently a small position, but I reserve the right to make further purchases (depending on the momentum).

$KTN (+2,93 %) The Austrian technology group Kontron's performance in 2025 was weaker than expected. In addition, the outlook for the current year falls short of expectations.

Last year, turnover fell by almost five percent to just over EUR 1.6 billion, partly due to the sale of a division, the SDax-listed company announced in Linz on Thursday. In addition to the sale of a segment, the focus on higher-margin business put pressure on revenues. Adjusted for special effects, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 15 percent to 220.5 million euros.

Analysts had expected a better result. Kontron expects an adjusted operating result of EUR 225 million and revenue of between EUR 1.75 and 1.8 billion in 2026. The experts surveyed by Bloomberg had previously expected higher figures on average. On the other hand, the sharp rise in orders on hand could be seen as positive.

Let's see how the market reacts today, as the last few days have been quite turbulent 🙄

Source: dpa-AFX

How did it even come about?

Last week the $KTN (+2,93 %) inexplicably collapsed by almost 24% at its peak, and it is still not known why.

However, the management reacted immediately, bought shares itself and examined a share buyback program which was announced today 💪

As I was also very uncertain and the share price had already lost a lot in recent weeks, I briefly considered whether I should buy another 100 shares straight away or wait and see.

I then decided to add in a small tranche. 30 shares went into the portfolio.

I now have 350 shares at €17.38 and a current price gain of just under 18%.

Unfortunately, there was no further purchase as the share price shot up again within minutes.

Here is the announcement:

$KTN (+2,93 %) has today decided on a new share buyback program and intends to buy back up to 2.9 million of its own shares, which corresponds to around 4.54% of the share capital. The maximum total amount for the buyback program I 2026 is EUR 50 million. The program is expected to start on Thursday, 26 March 2026 and will run until 30 September 2026 at the latest.

Do you have the IoT specialist from Austria, which also pays a nice dividend and was/is hardly affected by US tariffs as it also operates plants in the USA, on your radar?

$KTN (+2,93 %) Kontron slumps by up to -23% in early trading. So far, it is impossible to make any sense of this in trading. There is no news. Everyone is wondering what is going on?

Source: Dow Jones Newswire

The DZ Bank analysts have drawn up two lists of shares that they consider to be particularly attractive. For more defensive investors and for investors who rely on continuous cash flows, they recommend the so-called "dividend aristocrats": In other words, companies that have regularly paid and raised dividends.

Top dividend aristocrats:

Pfizer $PFE (+1,62 %), Verizon $VZ (+0,2 %), BNP Paribas $BNP (+2,03 %)Zurich Insurance $ZURN (+1,77 %), Enel $ENEL (+2,32 %), Sanofi $SAN (+0,7 %), Hannover Re $HNR1 (+1,21 %) , Man and Machine $MUM (-0,7 %), Generali $G (+1,01 %) and Allianz $ALV (+1,49 %)

Another list has been compiled for investors with a somewhat higher risk appetite: Stocks with attractive dividend yields and additional share price potential. These not only pay a good dividend of at least three percent, but could also increase significantly in price in the future. However, the continuity of dividends in the past plays a lesser role - and this strategy is correspondingly riskier.

Top dividend rockets:

Man and machine $MUM (-0,7 %) , Cancom $COK (-0,58 %), Bastei Lübbe $BST (-1,56 %), Sixt $SIX2 (-0,41 %), Kontron $KTN (+2,93 %), Fresenius Medical Care $FME (+0,39 %), Vonovia $VNA (+0,93 %), Hawesko $HAW (-3,15 %), ElringKlinger $ZIL2 (+1,16 %) and Hannover Re $HNR1 (+1,21 %)

Source text (excerpt) & graphic: World | AAA, 19.02.2026