Zeppelin reports 2025 financials

Zeppelin Group – one of Caterpillar’s largest distributors – has reported a 16% increase in its 2025 revenues to €4.44 billion, driven primarily by the mid-year acquisition of Pepp Group, the Cat distributor in the Netherlands and Norway.

The 2025 results included seven months of revenues from Pepp and Zeppelin said it expects revenues this year to increase to around €5 billion with a full-year contribution.

The acquisition – the largest in Zeppelin’s history – has also rebalanced its domestic and international revenues: domestic sales in 2025 represented 54% of the total, down from 69% in 2024.

Zeppelin’s head office near Munich.

The group’s overall sales in Germany – dominated by the Cat dealership – were up by 5% to €2.38 billion, while its sales outside Germany – including Pepp – rose by 32% to €2.05 billion.

During the year, Zeppelin consolidated its construction equipment distribution business – largely the Cat dealerships - into a single business unit, Construction Industry & Mining. The division reported revenues of €2.4 billion, up 15%, representing 53% of Zeppelin’s total revenues.

Rental ‘holds its own’

Revenues at the rental business unit – Zeppelin Rental – were up almost 2% at €820 million, which is 18% of total sales at the group. The Power Systems business unit also grew because of the Pepp acquisition, with revenues up more than 50% to €862 million.

Zeppelin said Zeppelin Rental had “held its own in an overall challenging market”.

“2025 was a year of progress and key strategic decisions for Zeppelin,” said Matthias Benz, chairman of the managing board of the Zeppelin Group, “We have further strengthened our market position, expanded our international presence and thereby laid the foundation for continued sustainable growth.

“The acquisition of the Pepp Group was a key step in this process and also involves the deliberate expansion of a business model that is broadly based, international and sustainable in the long term.”

Christian Dummler, managing director and CFO of Zeppelin Group, added; “Especially in economically and geopolitically challenging times, it becomes clear how important a solid financial position is to secure sustainable and profitable growth – or indeed to make it possible in the first place. We proved this once again in 2025.”

The Munich-based company said it would expand its activities in the security and defence sectors.