Kone Oyj Class B · OMXHEX:KNEBV
Kone Oyj Class B — Kone Oyj B — Q2 2026 Earnings Presentation
26 slides from Kone Oyj Class B's earnings presentation, Jul 22, 2026
Slide 1: KONE H1 2026
KONE H1 2026 Philippe Delorme, President & CEO Ilkka Hara, CFO JULY 22, 2026 HALF-YEAR FINANCIAL REPORT JANUARY -JUNE 2026
Slide 2: Highlights of Q2 2026: Strong order growth, solid execution
Highlights of Q2 2026: Strong order growth, solid execution • Double-digit order growth, driven by a re-acceleration in Modernization >10% >15% • Continued margin expansion and strong Growth in Growth in orders* Modernization orders* cash generation • Good progress in Rise strategy execution • Prepa
Slide 3: Q2 2026 financial highlights: growth in all key metrics
Q2 2026 financial highlights: growth in all key metrics Order momentum Sales growth driven Profitability Strong progress in strong, with double-digit by Service and improvement supported cash generation growth in 3 of 4 areas Modernization by favorable mix Orders received*, EUR bn Sales*, EUR bn Adj
Slide 4: Executing our Rise strategy with speed and precision
Executing our Rise strategy with speed and precision Accelerate Digital Drive Modernization • 44% connectivity in maintenance base • Enhanced customer value through faster • Field productivity tools live in over 50 countries installation and lower downtime • Double digit order growth Easiest to work
Slide 5: Rise in action – customer references across the world
Rise in action – customer references across the world Modernization Service New Building Solutions Orange Hotel, Makkah Clock Towers, Dvory Vysočany, Chong Qing City, China Makkah, Saudi Arabia Prague, Czech Republic JULY 22, 2026 HALF-YEAR FINANCIAL REPORT JANUARY -JUNE 2026 5
Slide 6: Progress in sustainability leadership
Progress in sustainability leadership Q2 highlights KONE Sustainability Index • Near-term science-based targets updated 100 90 and validated 80 • CDP’s Supplier Engagement Assessment 70 Leaderboard scoring A 60 50 40 30 20 10 0 2024 2025 2026 2030 Baseline Actual Target Ambition Governance Social En
Slide 7: Combination with TKE proceeding according to plan
Combination with TKE proceeding according to plan April 2026 June 2026 Path to completion Post completion • Signing and • Shareholder • Regulatory filings • Integration announcement approvals submitted or execution underway in all key jurisdictions • ~€700m annual run-rate cost • Integration plannin
Slide 8: Market development
Market development JULY 22, 2026 HALF-YEAR FINANCIAL REPORT JANUARY -JUNE 2026 8
Slide 9: Market development in Q2 2026
Market development in Q2 2026 North Europe APMEA Greater KONE’s indicative orders America China received split in Q2 2026* Americas New Building Solutions in units - + +++ --- Europe APMEA Greater China Service in units + + ++ + * Covers orders received from New Building Modernization in monetary va
Slide 10: Q2 Financials
Q2 Financials JULY 22, 2026 HALF-YEAR FINANCIAL REPORT JANUARY -JUNE 2026 10
Slide 11: Orders received
Orders received Broad-based order growth supported by strong momentum in Modernization MEUR MEUR +10.6% 12,000 +10.9% at comp FX 2,562 -5 10,000 8,853 9,131 9,087 8,578 8,759 8,000 2,316 Americas +++ 6,000 Europe +++ 4,695 4,894 APMEA +++ 4,000 Greater China -- 2,000 Margin of orders decreased sligh
Slide 12: Sales
Sales Solid development driven by Service and Modernization MEUR MEUR +3.1% 12,000 11,098 11,245 10,907 10,952 +3.4% at comp. FX 10,514 -10 2,938 10,000 35 70 8,000 2,850 -7 6,000 5,522 5,646 -0.7% +5.6% +6.7% 4,000 Americas +5.6% Europe +5.1% 2,000 APMEA +12.3% Greater China -7.7% 0 2021 2022 2023
Slide 13: Adjusted EBIT and profitability
Adjusted EBIT and profitability Margin expansion supported by favorable business mix MEUR, % MEUR, % 12.6% 12.5% 12.2% 1,600 11.7% 11.8% 11.4% 11.3% 370 1,400 1,369 0 1,310 9.9% 1,303 12.2% 1,248 1,200 1,077 347 1,000 800 627 664 600 + Business mix + Fixed cost leverage 400 - Margin pressure in Chin
Slide 14: Cash flow from operations and net working capital
Cash flow from operations and net working capital Cash flow increase driven by changes in working capital Cash flow from operations*, MEUR Net working capital**, MEUR 2,000 1,829 6/2025 12/2025 6/2026 1,800 1,761 1,589 1,600 1,485 1,400 1,200 1,000 937 851 800 755 -798 -843 -877 600 400 200 + Timing
Slide 15: Market and business outlook
Market and business outlook JULY 22, 2026 HALF-YEAR FINANCIAL REPORT JANUARY -JUNE 2026 15
Slide 16: Market outlook for 2026 (unchanged)
Market outlook for 2026 (unchanged) Resilient activity with attractive growth opportunities in Service and Modernization North Europe APMEA China America New Building Solutions in units + ++ + ++ -- Service in units + + ++ + Modernization in monetary value +++ ++ +++ +++ - - - Significant decline (>
Slide 17: Business outlook for 2026 (unchanged)
Business outlook for 2026 (unchanged) Supporting our Burdening our performance performance Sales Solid order book Outlook for New • KONE expects its sales to grow 3-6% at and positive outlook Building Solutions in comparable exchange rates for Service and China Modernization Continued wage Adjusted
Slide 18: Summary
Summary • Strong, broad-based order growth • Continued margin expansion • Good progress in strategic metrics driven by consistent execution • Preparations for combination with TKE progressing as planned JULY 22, 2026 HALF-YEAR FINANCIAL REPORT JANUARY -JUNE 2026 18
Slide 19: Slide 19
Slide 20: Appendix
Appendix JULY 22, 2026 HALF-YEAR FINANCIAL REPORT JANUARY -JUNE 2026 20
Slide 21: 4-6/2026 Sales split
4-6/2026 Sales split By business * By Area 19% 20% 25% (18%) (21%) 36% (24%) (38%) 15% (15%) 45% 41% (44%) (39%) New Building Solutions Americas Service Europe Modernization Asia-Pacific, Middle East and Africa Greater China JULY 22, 2026 HALF-YEAR FINANCIAL REPORT JANUARY -JUNE 2026 21 * The figure
Slide 22: Currencies
Currencies Sales by currencies Currency impact, MEUR* Main currencies 4-6/2026 2026 Q2/2026 Q2/2025 2025 MEUR Q2/2026 estimate average average average EUR Other EBIT 0.3 ca. -5 EUR / CNY 8.0202 7.9086 8.0693 EUR / USD 1.1673 1.0920 1.1243 Sales -10 ca. -60 EUR / GBP 0.8684 0.8393 0.8546 Orders recei
Slide 23: Q2 2026 key figures
Q2 2026 key figures Comparable Q2/2026 Q2/2025 Change change Orders received MEUR 2,562.3 2,316.2 10.6% 10.9% Order book MEUR 9,630.8 8,577.3 12.3% 8.9% Sales MEUR 2,937.6 2,850.1 3.1% 3.4% Operating income (EBIT) MEUR 322.2 338.0 -4.7% Operating income margin (EBIT margin) % 11.0 11.9 Adjusted EBIT
Slide 24: 1-6/2026 key figures
1-6/2026 key figures Comparable 1–6/2026 1–6/2025 Change change Orders received MEUR 4,893.7 4,694.6 4.2% 7.4% Order book MEUR 9,630.8 8,577.3 12.3% 8.9% Sales MEUR 5,645.9 5,522.4 2.2% 5.0% Operating income (EBIT) MEUR 605.2 614.7 -1.5% Operating income margin (EBIT margin) % 10.7 11.1 Adjusted EBI
Slide 25: Balance sheet – assets employed
Balance sheet – assets employed MEUR Jun 30, 2026 Jun 30, 2025 Assets employed Goodwill 1,585.1 1,511.1 Other intangible assets 333.7 334.2 Tangible assets 957.9 865.0 Shares and other non-current financial assets 88.2 107.4 Net working capital -877.0 -842.8 Assets employed total 2,087.8 1,974.9 Fin
Slide 26: Net working capital*
Net working capital* MEUR Jun 30, 2026 Jun 30, 2025 Net working capital Inventories 888.0 835.2 Advance payments received and deferred revenue -2,057.1 -1,922.4 Accounts receivable 2,560.8 2,331.8 Deferred assets and income tax receivables 1,001.8 880.8 Accruals and income tax payables -2,250.7 -2,1