Reviewed listing: XETR:JUN3 · Analysis dated Oct 30, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
Jungheinrich sells and leases forklifts and warehouse equipment to businesses, and also earns revenue from maintenance, repairs, and financing. The company also plans and builds automated warehouse solutions and mobile robots.
What supports the business?
In the first half of 2026, new orders rose 7.7 percent to 2,954 million euros. This may support future sales, but it is not yet additional profit.
What could improve?
If Jungheinrich successfully works through its larger order backlog, revenue and utilization could increase. Whether that also increases profit remains uncertain because of pricing pressure.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 22 euros, the preferred share appears defensible, but not clearly cheap: This is roughly 15 times half-year earnings per preferred share if doubled for comparison. This simple calculation is not an earnings forecast.
What is the main risk?
First-half earnings fell from 139 to 73.2 million euros; pricing pressure and lingering effects of strikes are additional headwinds. Free cash flow—cash after ongoing operations and investment—is now expected in 2026 to be above 50 rather than 250 million euros, mainly due to about 157 million euros in planned investments and acquisitions.
What is the overall assessment?
Jungheinrich is winning more orders, and the larger order backlog could support later sales. Declining earnings and a lowered earnings outlook are a headwind; the outlook for 2026 cash flow remaining after investment was also sharply reduced, mainly because of planned investments in companies and acquisitions, so the overall proposition is not yet compelling despite the price being conditionally reasonable.
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