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KONE (KNEBV) investor relations material
KONE Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
- TimeTickerHeadlineOpen
- 6 FebMGY
Record production, strong free cash flow, and disciplined capital returns defined 2025. - 6 FebQNST
Record Q2 revenue, $50.2M net income, HomeBuddy acquisition, and AI drive growth. - 6 FebOPGN
Shareholders will vote on seven key proposals, including a new equity plan and company name change. - 6 FebCDP
2025 FFO/share up 5.8% with strong leasing; 2026 outlook positive amid record defense spending. - 6 FebVTR
2025 saw double-digit SHOP NOI and FFO growth, a raised dividend, and $2.5B in investments. - 6 FebREG
2025 delivered record NOI and FFO growth, with 2026 guidance projecting further gains. - 6 FebMNTS
All stock issuance proposals passed except the share increase, which was not approved. - 6 FebCPT
2025 beat guidance; 2026 sees lower FFO, Sun Belt focus, and major asset sales with share repurchases. - 6 FebKOG
Record growth, robust backlog, and a NOK 5.70 dividend proposal drive future expansion. - 6 FebTSBK
Net income rose 19.8% to $8.22M, with higher margins, strong capital, and a dividend increase.
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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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