Krones AG

Krones AG is a Germany-based manufacturer of bottling and packaging lines for beverages and liquid food, headquartered in Neutraubling, Bavaria. Founded in 1951, the company generated €5.663 billion in FY2025 revenue (up 7.0%) with 21,339 employees worldwide.

Core Business

Krones is the global leader in complete lines for the beverage and liquid-food industry: filling systems for PET and glass bottles (including aseptic filling), labeling and sleeving machines, carton packing and palletizing, PET blow molding, and process technology for brewing, dairy, and soft drinks. Its 2025 acquisition of Netstal added high-speed injection molding for medical and thin-wall packaging applications, while the intralogistics division supplies automated warehouses and conveyor systems. Around one in four PET bottles produced worldwide is processed on Krones equipment.

Global Presence

Core heavy manufacturing is concentrated at four German plants, with assembly and processing facilities being expanded in China, India, and the United States for faster regional response. Krones serves customers in over 100 countries and ended 2025 with a record €4.19 billion order backlog, securing full capacity utilization through Q3 2026.

Key Strengths

Krones holds the #1 global position in beverage filling and packaging lines with one-stop-shop integration of process, filling, packaging, and logistics technology. Its food & beverage exposure proved strongly counter-cyclical: FY2025 revenue grew 7.0% and EBITDA margin improved to 10.6% while agricultural machinery peers declined. The Netstal acquisition extends its closed-loop PET and medical molding capability.

Challenges & Outlook

Labor cost inflation, high working capital tied to large turnkey projects (17.3% of revenue), and Red Sea shipping delays continue to pressure short-term free cash flow. With a record backlog and expanding regional assembly in Asia and the Americas, Krones expects continued profitable growth through 2026. VerityRank Score of 86/100.