KNORR-BREMSE - UNSP ADR Business Summary

Knorr-Bremse AG is the global market leader in braking systems and a premier supplier of safety-critical subsystems for the rail and commercial vehicle industries. The company operates through two primary segments: Rail Vehicle Systems (RVS), providing braking, entrance, and signaling solutions, and Commercial Vehicle Systems (CVS), focusing on braking, steering, and e-mobility systems for trucks and buses. Revenue is generated through a dual-stream model of high-volume Original Equipment (OE) sales and a resilient, high-margin aftermarket service business (RailServices and TruckServices) that provides recurring income through maintenance and digital diagnostics. As of July 2026, the company has successfully completed its "BOOST" transformation and launched the "Growth Beyond" strategy, targeting €10 billion in revenue by 2030. Knorr-Bremse occupies a dominant position in a consolidated market with high regulatory barriers, competing primarily with Wabtec Corporation in rail and ZF Friedrichshafen AG, SAF-Holland, and Alstom in specialized subsystems. The executive leadership is led by CEO Marc Llistosella, a veteran of Daimler Trucks and former CEO of Mitsubishi Fuso, whose tenure was recently extended through 2030 to drive the company’s shift toward autonomous and electrified transport. He is joined by CFO Frank Markus Weber, formerly of BMW Group, and a specialized board including Dr. Nicolas Lange (Rail), Bernd Spies (Commercial), and Dr. Claudia Mayfeld (Integrity). The Supervisory Board is chaired by Dr. Reinhard Ploss, the former CEO of Infineon Technologies, whose background in semiconductors is pivotal for the firm’s digitalization goals. Strategic stability is maintained by the Heinz Hermann Thiele Family Foundation, which holds a majority stake of approximately 59% via KB Holding GmbH, ensuring long-term continuity alongside significant institutional backing from global asset managers such as BlackRock and Vanguard.