KONE Oyj

Solid Q3 execution & continued order momentum (good) - Orders received: +5.5% in Q3 (comparable), +6.8% YTD across the first 3 quarters → management emphasized consistent multi-quarter order growth. - Regional strength: Asia Pacific, Middle East & Africa showed particularly strong order growth; growth was broad-based across the region and all 3 businesses. - Sales: +3.8% in Q3; +4.6% YTD → within full-year guidance range.

Profitability improving; margin expansion supported by mix & cost control (good) - Adjusted EBIT margin: +40 bps YoY in Q3; adjusted EBIT = EUR 369m. - Margin drivers: favorable business mix + disciplined cost management; Ilkka stressed operating leverage becoming increasingly important. - Q4 comparability costs expected: ~EUR 40m in Q4 mainly related to the planned TKE transaction (per CFO).

Cash flow pressured in Q3 by logistics; still healthy YTD (mixed/bad) - Cash flow impact: Q3 affected by higher inventories linked to logistic disruption in the Middle East. - Despite that: YTD cash flow ~EUR 1.3bn, described as healthy; working capital helped (advances received + timing of payables). FX added ~EUR 55m YTD.