Schindler Holding AG

Strong Q3 performance; organic growth returning and margins accelerating - Order intake: >10% YoY in local currencies; broad-based across regions/businesses. - New installations: >15% growth (fastest-growing category); Modernization: 13%; Service & Repair: mid- to high single digit growth. - Revenue: accelerated to ~5% local-currency growth in Q3 (consistent with full-year guidance). - Profitability: another +100 bps YoY improvement in adjusted/operating margins (and +50 bps on an adjusted basis), driven primarily by efficiency delivery offsetting cost inflation.

Key outlook/forecast maintained + upgraded margin guidance - Full-year 2026 revenue guidance unchanged: low to mid-single-digit growth in local currencies. - Full-year EBIT margin guidance raised: to 13.5% (from 13.0%). - H2/Q4 expectation: management implies margin level similar to YTD pace in Q4, contingent on continuing pricing + efficiency mitigation of additional cost inflation.

Backlog execution and modernization momentum are central - Modernization revenue growth in Q3: 16.5% (notably strong backlog conversion/execution). - Backlog: grew ~4.5% YoY in local currencies; improving execution vs. Q2. - Market share momentum/opportunities: modular platform cited as supporting gradual market share gains (Europe, plus Americas and Asia Pacific outside China).