Schindler Holding AG

Strong Q3 operational momentum (good): - Order intake: >10% organic growth in local currency, broad-based across regions and businesses. - New Installations: >15% growth (fastest). - Modernization: 13% growth. - Service & Repair: mid- to high single digit growth. - Revenue: +5% in local currency, accelerating vs H1 (H1 +1.4%) and consistent with full-year guidance. - Profitability: +100 bps YoY operating margin reported (+50 bps adjusted), driven mainly by efficiencies and cost mitigation; EBIT margin guidance raised (see below).

Margin upgrade + clear path for Q4 (good, with updated forecast): - FY 2026 EBIT margin guidance revised to ~13.5% from ~13% earlier. - Q4 expected to deliver a similar margin level (management highlighted delivering 13.5% year-to-date and maintaining the level in Q4 while offsetting additional cost inflation). - Cost headwinds acknowledged (pricing + efficiency actions to offset inflation), but execution remains strong.

Guidance for 2026 revenue unchanged; margin visibility improved (expectations): - Revenue guidance unchanged: low to mid-single-digit growth in local currencies for FY26. - Backlog execution improved in Q3, supporting delivery confidence toward year-end. - Order backlog: +4.5% YoY in local currencies; backlog margin stable sequentially and improved YoY.