Operator

Ladies and gentlemen, welcome to the KION Group Quarter 1 2026 Update Call and Live Webcast. I am Chloe, the Chorus Call operator. [Operator Instructions]

At this time, it's my pleasure to hand over to Rob Smith. Please go ahead.

Richard Smith
CEO, Labour Director & Member of Executive Board

Thank you, Chloe, and good afternoon, ladies and gentlemen. Welcome to our update call and webcast on the first quarter of 2026. Please refer to our update call presentation on the IR website if you're joining by telephone.

I'm going to start with a quick summary of the first quarter of '26 and talk about some recent business highlights. And then Christian is going to take you through the detailed Q1 financials and reiterate our guidance for 2026, and I'll be back for some key takeaways, and we're looking forward to the Q&A thereafter.

Starting on Page 3, please. KION had a positive start into 2026, in line with our expectations. Order intake was EUR 3 billion, driven by both segments. Revenue was slightly below the prior year quarter level. Adjusted EBIT was EUR 205 million, corresponding to an adjusted EBIT margin of 7.4%. Both ITS and IAS segments contributed to the increased profitability. And free cash flow was positive at EUR 47 million and included the cash out for