KONE (KNEBV) Q3 2026 earnings summary

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.