Schindler Hldg Ag Akt (SHLRF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to our first half 2026 results conference call. My name is Lars Brorson. I'm head of Investor Relations at Schindler. I'm here together with Paolo Compagna, our CEO. and Carla De Geyseleer, our CFO. As usual, Paolo will discuss the highlights of our first half results and our 2026 market outlook, and Carla will take us through the financials. After the presentation, we're happy to take your questions. We plan to close the call at 11 o'clock. With that, I hand over to Paolo. Paolo, please go ahead. Good morning, everyone. Glad to be back to report on our first half year results. Overall, I'm very pleased with our operational execution in the first half of the year as we reached another record operating profit. But let us start with our top line development. In the first half of the year, our order intake grew 2.9% in local currencies. Similar to the recent quarters, with a strong contribution of the modernization business. With a growth close to 13% in local currencies, and a strong contribution from all regions. And that is on a tough comparison from last year, when we grew already 22% in the first half of the year. Order intake in new installation business in the first half of this year has an encouraging trend outside of China, particularly in EMEA and Asia Pacific. Outside of China, we grew high single digit in value and low double digit in units. In EMEA, we grew inner order intake by over 12% in units in a market which we estimate drew low single digit. And it's a broad-based strength in Europe, including Germany, our biggest market. While China continues to be a headwind, leading to the overall low single digit down in order intake. Also our modernization business is performing well in EMEA. Here we drew orders by...