Kone Oyj B (KNYJF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to Kone's third quarter result webcast. My name is Natalia Valkisari. I head up the IR function here at Kone, and I'm very pleased to be joined by our president and CEO, Philippe Delon. Good morning, everyone. And our CFO, Ilkara. As usual, we'll start by walking you through the financial highlights of the quarter, what we're seeing in the business, and what we're seeing in the markets. Then we'll move on to your questions. And I would like to ask you already at this time that during the questions and answers session, please limit yourself to one question, one follow-up. And if you have anything else, you can feel free to hop back into the queue. But with that, over to you, Philippe. Thank you. Thank you, Natalia, and good morning, everyone. I'm very pleased to be presenting our third quarter results today, and let me start by saying that Q3 was in many ways a strong quarter. Order development was, of course, a key highlight. Nearly 8% growth is an excellent achievement, and I'm happy that growth was broad-based. We delivered again on our target to consistently improve profitability towards our mid-term margin corridor. Not only did we grow earnings, but we also had healthy cash conversion in a quarter. For me, a key point worth emphasizing is that over 60% of our sales is today coming from service and modernization. This shows that our pivot towards a more resilient business model is proving successful. And last but not least, we continue to drive our strategy forward with precision and speed. I will share a few concrete examples of strategy progress, but let's first take a look at our financial performance in more detail. So, as just mentioned, order growth was strong this quarter. We saw over 10% growth in all areas except China...