Jungheinrich Lowers 2030 Targets Amidst Chinese Competition

Jungheinrich AG has significantly lowered its financial ambitions for 2030, reducing its revenue target by 30% to €7-8 billion, a move precipitated by intensifying competition from Chinese manufacturers and broader economic headwinds. This revision marks a substantial recalibration of expectations for the forklift manufacturer, signaling a more cautious outlook despite a recent uptick in quarterly profits.

The downward adjustment of the 2030 revenue goal – from a previous €10 billion – accompanies a reduction in the projected EBIT margin to 8-9% from 10%. While the company confirmed its targets for the current year, the revised long-term outlook highlights the growing challenges posed by lower-priced competition originating from China, increasingly impacting not just the entry-level segment, but also higher-priced offerings. This pressure is exacerbated by ongoing economic weakness in Europe, particularly in Germany, Jungheinrich’s key market.

Despite the lowered targets, Jungheinrich reported a positive Q3, with a net profit of €61 million, a dramatic turnaround from the €65 million loss recorded in the same period last year. This improvement was driven by a near doubling of operating profit to €97 million, compared to a loss of €50 million in Q3 2025. However, order intake, while up 2.6% year-over-year to nearly €1.4 billion, fell slightly short of expectations. The company's shares rose more than 5% following the announcement, suggesting investor relief at the Q3 performance despite the longer-term revisions.

The move to lower expectations comes as Jungheinrich, along with competitor Kion, faces mounting pressure from Chinese firms offering cheaper machinery. Although Jungheinrich initially benefited from strong order intake, the current slowdown and the need to adjust long-term goals reflect a changing competitive landscape. The Q3 profit recovery, while encouraging, is offset by the acknowledgement that significant challenges remain, and the market’s reaction suggests investors are weighing the short-term gains against the revised long-term trajectory.