Schindler Holding AG

Strong Q3 momentum (orders, revenue, margins) and guidance raised for profitability - Order intake: +10%+ organic in local currencies (broad-based across regions/businesses); service mid-to-high single digit, modernization +13%, new installations +~16% (excluding China ~+20%). - Revenue: +5% (local currencies), accelerating vs H1 (+1.4%), driven mainly by modernization backlog execution; modernization revenue growth in Q3 +16.5%. - Margins: +100 bps YoY reported (and +50 bps adjusted) in Q3, attributed to efficiency delivery and mitigation of cost inflation plus some mix tailwind (service growth).

FY 2026 outlook: revenue unchanged, margin upgraded - Revenue guidance (FY 2026): unchanged low-to-mid single-digit growth in local currencies. - EBIT margin guidance (FY 2026): revised up to 13.5% (from 13.0%). - Q4 implication: expect similar margin level in Q4 (i.e., support to 13.5% implies continued efficiency/cost mitigation despite ongoing inflation).

What’s good / opportunity areas: modernization strength + service recovery + market share gains from modular platforms - Modernization: 7th consecutive quarter of double-digit order growth, and modernization remains the “bright spot” globally; especially vibrant where upgrades/replacements are incentivized (e.g., Spain, China). - Service: described as stronger than expected in the quarter (supports mix and margins); expected pickup from portfolio recoveries and retention of installed base. - Market share gains: company cites gradual gains beyond China (including Europe, Americas, Asia Pacific) attributed to improved competitiveness from modular platforms, offering both quality positioning and value-chain efficiencies.