Slide 1: KONE Q4 2025
KONE Q4 2025 Philippe Delorme, President & CEO Ilkka Hara, CFO FEBRUARY 6, 2025 RESULT PRESENTATION 2025
Slide 2: Highlights of 2025
Highlights of 2025: Pivot to Service and Modernization delivering results • Broad-based growth in orders received 6.8% 45bps • Growth in Service and Modernization driving Growth in Improvement in margin expansion and resilience orders received* adjusted EBIT-% • ‘Rise’ strategy execution progressing
Slide 3: Q4 2025 financial highlights: Solid finish to the year
Q4 2025 financial highlights: Solid finish to the year Order momentum Sales growth driven Profitability improvement Cash flow on a strong, with double-digit by Service and driven by favorable solid level growth in Americas and Modernization business mix APMEA Orders received*, EUR bn Sales*, EUR bn
Slide 4: Good progress in our transformation to a more resilient, Service and Modernization-based business
Good progress in our transformation to a more resilient, Service and Modernization-based business Excellent strides in digitalization Delivering consistent double-digit Growing our future service base • >40% of service base connected Modernization growth in the residential market • Fastest growth in
Slide 5: Rise strategy resonating with our customers
Rise strategy resonating with our customers Elevating customer Driving modernization Cutting carbon with partial Winning in India’s experience with digital in the Americas modernization residential market Gloden Eagle World, Nanjing, American Airlines Center, CapMan Real Estate DLF Privana China Dal
Slide 6: Strengthening our sustainability leadership
Strengthening our sustainability leadership KONE Sustainability index Good progress on many fronts 100 Environment 80 Social 60 40 Governance -30% >60% 20 Share of regenerative Absolute 0 Scope 1 and 2 drives in deliveries 2024 baseline 2025 target 2025 actual 2030 ambition emissions* Sustainability
Slide 7: Market development
Market development FEBRUARY 6, 2025 RESULT PRESENTATION 2025 7
Slide 8: Market development in Q4 2025
Market development in Q4 2025 North Europe APMEA Greater KONE’s indicative orders America China received split in Q4 2025* Americas New Building Solutions in units +++ + ++ --- Europe APMEA Service in units + + ++ + Greater China * Covers orders received from New Building Modernization in monetary v
Slide 9: Q4 Financials
Q4 Financials FEBRUARY 6, 2025 RESULT PRESENTATION 2025 9
Slide 10: Orders received
Orders received Broad-based growth in orders MEUR +6.8% MEUR at comp. FX +6.3% 10,000 9,131 9,087 +12.2% at comp FX 8,853 8,759 8,578 8,185 98 -110 2,253 8,000 147 2,119 6,000 Americas +++ Europe ++ 4,000 APMEA +++ Greater China -- 2,000 Margin of orders stable 0 2020 2021 2022 2023 2024 2025 Q4/202
Slide 11: Sales
Sales Sales growth driven by Service and Modernization +4.0% at comp. FX MEUR MEUR -0.5% 12,000 11,245 10,907 10,952 11,098 10,514 +4.3% at comp. FX 9,939 10,000 87 -136 8,000 2,976 69 2,961 -34 6,000 -3.1% +6.0% +14.9% Americas +6.1% 4,000 Europe +5.0% APMEA +22.9% 2,000 Greater China -12.9% 0 2020
Slide 12: Adjusted EBIT and profitability
Adjusted EBIT and profitability Margin expansion supported by growth and favorable business mix MEUR, % MEUR, % 12.6% 12.5% 1,600 12.2% 13.0% 13.6% 11.4% 11.7% 1,400 1,369 1,310 9.9% 1,303 1,251 1,248 1,200 -11 402 1,077 1,000 387 800 600 + Business mix 400 - Margin pressure in Chinese 200 New Build
Slide 13: Cash flow from operations and net working capital
Cash flow from operations and net working capital Strong cash generation supported by earnings growth Cash flow from operations*, MEUR Net working capital**, MEUR 12/2023 12/2024 12/2025 2,000 1,908 1,829 1,800 1,761 1,589 1,600 1,485 1,400 1,200 1,000 800 755 -827 -798 600 -861 400 200 0 + Moderate
Slide 14: Market and business outlook
Market and business outlook FEBRUARY 6, 2025 RESULT PRESENTATION 2025 14
Slide 15: Market outlook for 2026
Market outlook for 2026 Growth expected in 11 of 12 markets North Europe APMEA China America New Building Solutions in units + ++ + ++ -- Service in units + + ++ + Modernization in monetary value +++ ++ +++ +++ - - - Significant decline (>10%), - - Clear decline (5-10%), - Slight decline (<5%), Stab
Slide 16: Business outlook for 2026
Business outlook for 2026 Supporting our Burdening our performance performance Sales Solid order book Outlook for New • KONE expects its sales to grow 2-6% at and positive outlook for Building Solutions in comparable exchange rates Service and China Modernization Continued inflationary Adjusted EBIT
Slide 17: Delivering on our ambition to lead the industry
Delivering on our ambition to lead the industry Key priorities for 2026 Maintain momentum in digital transformation Continue to scale partial modernization Ensure that performance initiatives in sales and operations excellence and procurement efficiency deliver results Continue evolution towards a h
Slide 18: Summary
Summary • Strategy execution delivering results • Pivot to Service and Modernization driving performance and strengthening resilience • Good progress toward mid-term financial targets FEBRUARY 6, 2025 RESULT PRESENTATION 2025 18
Slide 19: Slide 19
Slide 20: Appendix
Appendix FEBRUARY 6, 2025 RESULT PRESENTATION 2025 20
Slide 21: 2025 Sales split
2025 Sales split By business By Area 21% 19% 25% (19%) (23%) 36% (25%) (41%) 15% (14%) 42% 40% (41%) (38%) New Building Solutions Americas Service Europe Modernization Asia-Pacific, Middle East and Africa 2024 figures in brackets. Figures in charts are rounded and at historical exchange rates. Great
Slide 22: Currencies
Currencies Sales by currencies Currency impact* Main currencies 2025 2026 Q4/2025 Q4/2024 2024 MEUR Q4 2025 MEUR estimate average average average EUR Other Sales -136 -285 ca. -210 EUR / CNY 8.0693 7.7793 7.7793 EBIT -11 -23 ca. -40 EUR / USD 1.1243 1.0826 1.0826 Orders -110 -253 ca. -190 EUR / GBP
Slide 23: Q4 2025 key figures
Q4 2025 key figures Comparable Comparable 1–12/2024 Q4/2025 1–12/2023 Q4/2024 Change Change change change Orders Ordersreceived received MEUR MEUR 2,253.4 8,758.9 2,119.0 8,577.7 6.3% 2.1% 12.2% 3.3% Order Orderbook book MEUR MEUR 8,804.3 9,058.6 9,058.6 8,715.7 -2.8% 3.9% 4.5% 1.4% Sales Sales MEUR
Slide 24: 2025 key figures
2025 key figures Comparable Comparable 1–12/2024 2025 1–12/2023 2024 Change Change change change Orders Ordersreceived received MEUR MEUR 9,087.4 8,758.9 8,758.9 8,577.7 3.8% 2.1% 6.8% 3.3% Order Orderbook book MEUR MEUR 8,804.3 9,058.6 9,058.6 8,715.7 -2.8% 3.9% 4.5% 1.4% Sales Sales MEUR MEUR 11,2
Slide 25: Balance sheet – assets employed
Balance sheet – assets employed MEUR Dec 31, 2025 Dec 31, 2024 Assets employed Goodwill 1,552.9 1,558.4 Other intangible assets 336.7 333.3 Tangible assets 942.5 898.5 Shares and other non-current financial assets 92.5 98.9 Net working capital -797.6 -827.2 Assets employed total 2,127.0 2,061.9 Fina
Slide 26: Net working capital
Net working capital* MEUR Dec 31, 2025 Dec 31, 2024 Net working capital Inventories 843.1 856.7 Advance payments received and deferred revenue -1,965.2 -2,016.9 Accounts receivable 2,350.7 2,494.8 Deferred assets and income tax receivables 778.7 812.5 Accruals and income tax payables -1,985.3 -2,131
Slide 27: KONE in Greater China
KONE in Greater China New Building Solutions market Greater China’s share of KONE’s orders received New Building Solutions orders received in units vs. market and sales development Monetary value (at comp. FX) 50 45 KONE’s New Building Solutions ~20% 23% 19% 40 ~25% >35% orders declined clearly in u
Slide 28: Market activity in China
Market activity in China Construction activity under pressure, growth opportunities in Service and Modernization Q4 2025 y/y 2025 y/y Real estate investment -29.4% -17.2% Residential sales volume -19.5% -9.2% New starts -25.1% -20.4% Completions -20.9% -18.1% New home prices in 70 largest cities (De