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Company Research3 Apr 2023
12 Boring Businesses With Strong Track Records
To get great or stable returns, you don't necessarily need to be on the hunt for the "next big thing."
KONE
KONE (KNEBV) investor relations material
KONE Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Service and Modernization became the largest segments, now comprising up to 65% of sales, driving order growth, margin expansion, and resilience in 2025.
Digital transformation accelerated, with over 40% of the maintenance/service base connected and productivity tools deployed across two-thirds of the installed base.
Sustainability targets exceeded, including a 13% reduction in Scope 3 emissions and over 20% growth in impact revenue.
Board proposes a €1.80 per Class B share dividend, yielding nearly 3%.
Financial highlights
Orders grew 12.2% year-over-year in Q4 at comparable rates, with double-digit growth in Americas and APMEA.
Sales increased 4.3% year-over-year in Q4 at comparable rates, led by 15%–17.4% growth in modernization and 6%–7.6% in services.
Adjusted EBIT margin improved by 60bps in Q4 to 13.6%, and for FY 2025 reached 12.2%.
Full-year cash flow from operations rose to €1,761.3 million.
FY 2025 net income increased 3.2% to €991.9 million; basic EPS €1.89.
Outlook and guidance
2026 sales expected to grow 2%–6% at comparable currencies; adjusted EBIT margin guided at 12.3%–13.0%, with a 10bps negative FX impact if rates persist.
Modernization and services markets expected to remain active globally; NBS decline in China to continue but at a lower rate.
Geopolitical risks, wage inflation, and FX remain headwinds, but strong order book and performance initiatives provide tailwinds.
Offset China NBS market pressure in 2026 EBIT
Explain FX impact on 2025 order book value
Detail Service & Modernization business mix shift
China segment profitability trends?
Partial modernization's strategic value?
Key drivers of future margin expansion?
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Next KONE earnings date
Q1 202629 Apr, 2026
KONE
Next KONE earnings date
Q1 202629 Apr, 2026
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excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
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@theshortbearx.com
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Frequently asked questions
Finish quality in escalators and elevators
Over one billion people use KONE elevators and escalators daily. The company is a top-3 player in its niche, riding the structural trend of urbanization and building taller buildings. KONE’s high-margin maintenance and modernization services business accounts for roughly 50 percent of their revenue – their fastest-growing business area. They currently serve more than one million elevators and escalators from KONE and other manufacturers, giving each individual maintenance plan based on their usage, environment, and openings. Some of KONE’s competitors include Thyssenkrupp, Schindler, and OTIS.
Continued room for growth
The company expects continued growth in their maintenance and service segment, driven by an aging equipment base and further momentum outside the KONE installed base. Their newly released growth targets, revealed at its 2022 Investor Day, speaks for a readjustment into becoming less dependent on new equipment sales.
By redirecting their operations to more maintenance and services, the company opens up a more recurring and stable revenue stream. You can apparently save up to 70 percent in energy costs by modernizing your elevator, which makes for a great pitch toward customers.
Over 100 years of experience
With more than 100 years of experience and a track record of bringing some of the best industrial innovations to life, KONE is still at the forefront of innovation in its industry. For example, the company has enabled residents to comfortably travel to their apartments above the clouds at the top of the tallest building in the southern hemisphere, Australia 108 in Melbourne, in just 45 seconds.
KONE has high exposure to China, amounting to almost 40 percent of orders and 30 percent of net sales. The company has had a few challenging years due to COVID-19 lockdowns in China, and much of their future improvements depend on stabilizing the Chinese construction industry.
The Maintenance and Modernization legs
New Equipment sales has driven KONE’s growth in the last decade with a CAGR of nine percent, and Maintenance and Modernization with a CAGR of six and five percent respectively. For the future, the company predicts little to no growth in New Equipment sales but faster and more sustainable growth in Maintenance and Modernization.
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