Kone Oyj Class B · OMXHEX:KNEBV
Kone Oyj Class B — Q3 2025 Earnings Presentation
28 slides from Kone Oyj Class B's earnings presentation, Oct 23, 2025
Slide 1: KONE Q3 2025
KONE Q3 2025 Philippe Delorme, President & CEO Ilkka Hara, CFO
Slide 2: Q3 2025: Solid financials and good progress in strategy execution
Q3 2025: Solid financials and good progress in strategy execution • Strong growth in orders received • Consistent profitability improvement and Growth in Improvement in strong cash generation orders received* adjusted EBIT-% • Pivot towards Service and Modernization continues • Good progress in stra
Slide 3: Q3 2025 financial highlights: growth in all key metrics
Q3 2025 financial highlights: growth in all key metrics Order momentum Sales growth driven Profitability improvement Good progress in strong, with double-digit by Service and driven by favorable cash generation growth in 3 of 4 areas Modernization business mix Orders received*, EUR bn Sales*, EUR bn
Slide 4: Exciting new reference for our high-rise technology
Exciting new reference for our high-rise technology - 5 of top 10 buildings equipped by KONE • KONE to equip Jeddah Tower, the world’s tallest building currently under construction in Saudi Arabia • KONE's UltraRope technology enables a 630-meter elevator rise - a record in the industry Jeddah Burj
Slide 5: Our transformation to a more resilient, Service and Modernization-based business continues
Our transformation to a more resilient, Service and Modernization-based business continues Service: excellent strides in digitalization Modernization: delivering double-digit growth • Approaching 40% connectivity • Fastest growth in partial modernization • Field productivity tools live in over 40 co
Slide 6: Strengthening our sustainability leadership
Strengthening our sustainability leadership KONE Sustainability index Q3 highlights 100 • Successful scaling of KONE’s energy-efficient solutions continues 80 • Good progress in cybersecurity 60 • Featured on Forbes and Statista’s list of the 40 world’s best employers for the 6th year in a row 20 •
Slide 7: Market development
Market development OCTOBER 23, 2025
Slide 8: Market development in Q3 2025
Market development in Q3 2025 North Europe APMEA Greater KONE’s indicative orders America China received split* Americas New Building Solutions in units + + ++ --- Europe APMEA Service in units + + ++ + Greater China * Covers orders received from New Building Modernization in monetary value ++ ++ ++
Slide 9: Q3 Financials
Q3 Financials OCTOBER 23, 2025 INTERIM REPORT JANUARY-SEPTEMBER 2025
Slide 10: Orders received
Orders received Strong growth momentum outside China MEUR MEUR +3.0% 10,000 9,131 +7.8% at comp FX 8,853 8,759 8,578 8,185 8,000 -92 2,139 6,640 6,834 2,077 6,000 Americas +++ Europe +++ 4,000 APMEA +++ Greater China --- 2,000 Margin of orders stable y/y 0 2020 2021 2022 2023 2024 1-9/ 1-9/ Q3/2024
Slide 11: Sales
Sales High single-digit growth in Service, Modernization increased over 15% MEUR MEUR +0.3% 12,000 10,907 10,952 11,098 10,514 +3.9% at comp. FX 9,939 10,000 8,284 77 -95 8,123 2,762 8,000 2,754 -54 80 6,000 -5.0% +7.3% +15.5% Americas +6.6% 4,000 Europe +6.7% APMEA +12.9% 2,000 Greater China -9.6%
Slide 12: Adjusted EBIT and profitability
Adjusted EBIT and profitability Margin expansion supported by favorable business mix MEUR, % MEUR, % 12.6% 12.5% 1,600 11.7% 11.7% 11.6% 12.3% 11.4% 11.3% 1,400 1,310 1,303 1,251 9.9% 1,248 -8 341 1,200 1,077 1,000 967 916 319 800 + Business mix 600 - Margin pressure in Chinese new 400 equipment mar
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 and changes in working capital Cash flow from operations*, MEUR Net working capital**, MEUR 9/2024 12/2024 9/2025 2,000 1,908 1,829 1,800 1,589 1,600 1,485 1,400 1,295 1,200 1,056 1,000 800 755 -720
Slide 14: Market and business outlook
— "A Market and business outlook OCTOBER 23, 2025
Slide 15: Market outlook for 2025 (updated)
Market outlook for 2025 (updated) Resilient growth outlook in Service and Modernization North Europe APMEA China America New Building Solutions in units ++ + + ++ --- Service in units + + ++ + Modernization in monetary value +++ ++ +++ +++ - - - Significant decline (>10%), - - Clear decline (5-10%),
Slide 16: Business outlook for 2025 (specified)
Business outlook for 2025 (specified) Supporting our Burdening our performance performance Sales Strong growth in China under pressure • KONE expects its sales to grow 3-5% at Service and due to New Building comparable exchange rates Modernization Solutions market Solid order book Slight decline in
Slide 17: Headwinds and tailwinds going into 2026
Headwinds and tailwinds going into 2026 Boosting our performance Positive outlook for Service and Modernization Contribution from performance improvement initiatives Good progress in product cost reductions Burdening our result Continued challenging outlook for New Building Solutions in China Contin
Slide 18: Summary
Summary • Strong development in Q3 financials • Further increasing our resilience as pivot to Service and Modernization continues • Good progress in strategic metrics driven by consistent execution • On-track to delivering on 2025 and mid-term financial targets
Slide 19: Slide 19
Slide 20: Appendix
Appendix OCTOBER 23, 2025, INTERIM REPORT JANUARY-SEPTEMBER 2025 20
Slide 21: 7-9/2025 Sales split
7-9/2025 Sales split By business By Area 21% 20% 25% (19%) (23%) 37% (25%) (41%) 16% (15%) 42% 40% (41%) (37%) New Building Solutions Americas Service Europe Modernization Asia-Pacific, Middle East and Africa 7-9/2024 figures in brackets. Figures in charts are rounded and at historical exchange rate
Slide 22: Currencies
Currencies Sales by currencies Currency impact* Main currencies 7-9/2025 FY Q3/2025 Q3/2024 2024 MEUR Q3 MEUR EUR estimate average average average Other Sales -95 ca. -290 EUR / CNY 8.0270 7.8155 7.7793 EBIT -8 ca. -30 EUR / USD 1.1129 1.0891 1.0826 Orders received -92 ca. -260 EUR / GBP 0.8480 0.85
Slide 23: Q3 2025 key figures
Q3 2025 key figures Comparable Comparable 1–12/2024 Q3/2025 1–12/2023 Q3/2024 Change Change change change Orders Ordersreceived received MEUR MEUR 2,139.5 8,758.9 2,076.6 8,577.7 3.0% 2.1% 7.8% 3.3% Order Orderbook book MEUR MEUR 8,839.2 9,058.6 9,001.2 8,715.7 -1.8% 3.9% 2.6% 1.4% Sales Sales MEUR
Slide 24: 1-9/2025 key figures
1-9/2025 key figures Comparable Comparable 1–12/2024 1-9/2025 1–12/2023 1-9/2024 Change Change change change Orders Ordersreceived received MEUR MEUR 6,834.1 8,758.9 6,640.0 8,577.7 2.9% 2.1% 5.2% 3.3% Order Orderbook book MEUR MEUR 8,839.2 9,058.6 9,001.2 8,715.7 -1.8% 3.9% 2.6% 1.4% Sales Sales ME
Slide 25: Balance sheet – assets employed
Balance sheet – assets employed MEUR Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Assets employed Goodwill 1,524.6 1,504.0 1,558.4 Other intangible assets 339.2 341.6 333.3 Tangible assets 879.5 821.7 898.5 Shares and other non-current financial assets 128.1 96.7 98.9 Net working capital -818.0 -720.4 -82
Slide 26: Net working capital
Net working capital* MEUR Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Net working capital Inventories 869.3 872.0 856.7 Advance payments received and deferred revenue -1,938.3 -1,953.7 -2,016.9 Accounts receivable 2,305.8 2,469.0 2,494.8 Deferred assets and income tax receivables 873.6 879.8 812.5 Accrua
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% 20% 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 Q3 2025 y/y YTD 2025 y/y Real estate investment -19.3% -13.9% Residential sales volume -10.5% -5.6% New starts -16.6% -18.9% Completions -16.6% -15.3% New home prices in 70 largest cities