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Company research3 Apr 2023
12 Boring Businesses With Strong Track Records
To get great or stable returns, you don't necessarily need to be on the hunt for the "next big thing."
KONE
KONE (KNEBV) investor relations material
KONE Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 comparable orders rose 5.5% and comparable sales grew 3.8%; adjusted EBIT margin expanded 40 bps to 12.7%.
Service and Modernization represented 65% of Q3 sales and supported growth; China New Building Solutions remained a headwind.
2026 comparable sales guidance increased to 4–6%, with adjusted EBIT margin guidance narrowed to 12.5–12.9%.
Financial highlights
Q3 orders received were €2,292.9m, up 7.2% reported and 5.5% at comparable FX; sales were €2,906.0m, up 5.2% reported and 3.8% at comparable FX.
Q3 adjusted EBIT rose 8.3% to €369.0m; reported EBIT was €339.0m, up 1.4%.
9M sales rose 3.2% reported and 4.6% at comparable FX to €8,552.0m; adjusted EBIT increased 6.7% to €1,032.5m.
Q3 cash flow from operations was €347.9m versus €444.4m; 9M cash flow was €1,284.3m versus €1,295.5m, with logistics-related inventory build affecting cash generation.
Q3 net income was €272.0m, up 19.9%, and basic EPS was €0.52, up 19.3%.
Outlook and guidance
2026 comparable sales growth guidance rose from 3–6% to 4–6%; adjusted EBIT margin guidance narrowed from 12.3–13.0% to 12.5–12.9%.
The solid order book and Service and Modernization support growth; China New Building Solutions and geopolitical inflation pressure are headwinds.
China New Building Solutions market outlook was revised to a decline of slightly over 10%; Europe and the Americas are expected to grow slightly, with clear growth in APMEA.
The mid-term adjusted EBIT margin target corridor remains 13–14%; for 2027, Service and Modernization, fixed-cost leverage and performance initiatives are expected to support results amid China and inflation headwinds.
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Latest events from KONE
- Board leadership and committee appointments followed the February 29 AGM.KNEBV
AGM 2024 - Order and margin growth driven by Modernization, with TKE merger and China challenges ongoing.KNEBVQ2 2026
- Merger forms a global elevator leader with EUR 20.5bn sales and EUR 700m synergy target.KNEBVCorporate presentation
- Plans to combine with TKE, targeting EUR 700M synergies and 10.8% EBIT margin.KNEBVQ1 2026
- Service and Modernization growth drove margin gains, offsetting China market weakness.KNEBVQ4 2025
- Service and Modernization growth drove margin expansion and offset China market declines.KNEBVQ3 2025
- Targets 13–14% EBIT margin by 2027, led by digital, service, and modernization growth.KNEBVCMD 2024
- Service and Modernization growth offset China NBS weakness, supporting margin gains.KNEBVQ2 2024
- Service and Modernization growth offset China weakness, driving improved profitability.KNEBVQ1 2025
Next KONE earnings date
Q4 202629 Jan, 2027
KONE
Next KONE earnings date
Q4 202629 Jan, 2027
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Frequently asked questions
Finish quality in escalators and elevators
Over one billion people use KONE elevators and escalators daily. The company is a top-3 player in its niche, riding the structural trend of urbanization and building taller buildings. KONE’s high-margin maintenance and modernization services business accounts for roughly 50 percent of their revenue – their fastest-growing business area. They currently serve more than one million elevators and escalators from KONE and other manufacturers, giving each individual maintenance plan based on their usage, environment, and openings. Some of KONE’s competitors include Thyssenkrupp, Schindler, and OTIS.
Continued room for growth
The company expects continued growth in their maintenance and service segment, driven by an aging equipment base and further momentum outside the KONE installed base. Their newly released growth targets, revealed at its 2022 Investor Day, speaks for a readjustment into becoming less dependent on new equipment sales.
By redirecting their operations to more maintenance and services, the company opens up a more recurring and stable revenue stream. You can apparently save up to 70 percent in energy costs by modernizing your elevator, which makes for a great pitch toward customers.
Over 100 years of experience
With more than 100 years of experience and a track record of bringing some of the best industrial innovations to life, KONE is still at the forefront of innovation in its industry. For example, the company has enabled residents to comfortably travel to their apartments above the clouds at the top of the tallest building in the southern hemisphere, Australia 108 in Melbourne, in just 45 seconds.
KONE has high exposure to China, amounting to almost 40 percent of orders and 30 percent of net sales. The company has had a few challenging years due to COVID-19 lockdowns in China, and much of their future improvements depend on stabilizing the Chinese construction industry.
The Maintenance and Modernization legs
New Equipment sales has driven KONE’s growth in the last decade with a CAGR of nine percent, and Maintenance and Modernization with a CAGR of six and five percent respectively. For the future, the company predicts little to no growth in New Equipment sales but faster and more sustainable growth in Maintenance and Modernization.