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The Business 

Jungheinrich was founded in 1953 and is one of the leading solution providers for the intralogistics sector. The company offers a wide range of material handling equipment as well as automatic systems and services. Whether retail or wholesale, logistics or industry - either automotive, food and beverages or pharmaceuticals - Jungheinrich offers expertise in almost all sectors. With an in-house manufacturing of parts, the company is able to offer tailored solutions to customers and ensure a timely production.


Jungheinrich is especially innovative in the energy sector and has gained a pioneer position in lithium-ion technology. The company is structured into two main divisions:

  • Intralogistics – Encompasses the new truck business (includes the former divisions Mail Orders and Logistic Systems), short-term rental and used equipment as well as after-sales services.

  • Financial Services – All the company’s financial service activities, includes individual transfer of use and sales financing.

The growth driver of this company and generator of most revenue is primarily due to developments in new truck business.

Source: Company Data

Overview by business


The Intralogistics segment encompasses three big sub-divisions: the new products, the reusable products and the service. The “new products” encompasses the development, production, sale and short-term rental of new material handling equipment as well as warehousing equipment products. The “reusable products” in contrast includes the sale and short-term leasing of used equipment, whereas the “service” portion of this segment offers the after-sale services which also consists of the maintenance, repair and spare parts.

In this segment are former divisions included, namely the logistics systems and mail orders divisions, that will not be reported separately. The Mail Order is Jungheinrichs link into the B2B e-commerce market to enable a digitalized sales process and therefore expand the market presence and accessibility of the company. The core target groups are small and medium-sized companies, that will profit form efficient consulting as well as sales concepts.

The logistics system business enables Jungheinrich to position themselves as an innovative solutions provider. To serve and coordinate the customers needs from one source, Jungheinrich offers a customized planning, projection and realization of complete warehouses, including racks, equipment, software, consulting and services.


Jungheinrich's product range can be divided into four main pillars: Industrial trucks (forklift trucks, high-bay stackers and tractors), rack systems (manual, semi-automatic and automatic storage), complete intralogistics solutions (new planning and optimization of existing warehouses) and warehouse logistic services (e.g. after-sale service and driver training).

Source: Company Data

Jungheinrich develops and manufactures not only the formerly mentioned products, but also electric engines, control units, software, batteries and charging technologies in-house. This holistic energy expertise enables a unique selling point that connects all necessary components from a single source. The company has many material handling equipment plants throughout Germany and one in China.

The material handling equipment consists almost exclusively of battery-powered trucks, of which almost all are available with a lithium-ion battery. In 2011, Jungheinrich was the first truck manufacturer to bring a series-produced truck with a lithium-ion battery onto the market. They are smaller, last three times longer than other batteries and can be recharged in a short amount of time. The production capacity of batteries is increasing continuously.

The company’s product portfolio is complemented by digital – often cloud based – products, such as a warehouse management system and fleet management system

Source: Company Data, SRH Alster Research AG

Jungheinrich’s Intralogistics division showed growth in the past. Since 2014, sales grew on average by 8.58% yoy (CAGR 2014-2019), with a clear and stable development.

In terms of margins, the Intralogistics division has been able to post the highest EBIT margins of the entire group. In fact, average EBIT margins have been in the range of some 75%, also reflecting the strong demand for Jungheinrich’s products.

Financial Services

This independent business area supports the operating sales units of the Intralogistics segment. The Financial Services segment provides individual Europe-wide usage transfer of material handling equipment and warehousing equipment as well as sales financing to promote the sale of trucks. 

To provide the customers a service encompassing the entire duration of a trucks' use and to secure long-term customer loyalty, the financial service agreements offered are always combined with full service or maintenance agreements.

All opportunities and risks that result from the financial service agreements are assigned to the operating sales units of the Intralogistics segment, with the exception of customer receivable default risks and refinancing risks.

Source: Company Data, SRH Alster Research AG

Jungheinrich’s Financial Services division showed growth in the past. Since 2014, this segment grew on average by 12.42% yoy (CAGR 2014-2019).


Investment Score





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