KONE Corporation, stock exchange release, February 6, 2026 at 8.30 a.m. EET
Financial Statement Bulletin of KONE Corporation for January-December 2025
Solid end to the year, pivot to Service and Modernization delivering results
October-December 2025
- Orders received grew by 6.3% to EUR 2,253.4 (10-12/2024: 2,119.0) million. At comparable exchange rates, orders grew by 12.2%.
- Sales declined by 0.5% to EUR 2,960.8 (2,975.6) million. At comparable exchange rates, sales grew by 4.3%.
- Operating income (EBIT) was EUR 387.1 (332.5) million or 13.1% (11.2%) of sales. The adjusted EBIT was EUR 401.9 (386.5) million or 13.6% (13.0%) of sales.*
- Cash flow from operations (before financing items and taxes) was EUR 465.9 (533.7) million.
January-December 2025
- Orders received grew by 3.8% to EUR 9,087.4 (1-12/2024: 8,758.9) million. At comparable exchange rates, orders grew by 6.8%.
- Sales grew by 1.3% to EUR 11,245.2 (11,098.4) million. At comparable exchange rates, sales grew by 4.0%.
- Operating income (EBIT) was EUR 1,336.2 (1,249.0) million or 11.9% (11.3%) of sales. The adjusted EBIT was EUR 1,369.3 (1,303.0) million or 12.2% (11.7%) of sales.*
- Cash flow from operations (before financing items and taxes) was EUR 1,761.3 (1,589.3) million.
- Dividend proposal of EUR 1.80 for each class B share and EUR 1.7975 for each class A share
Business outlook for 2026
KONE expects its sales to grow 2-6% at comparable exchange rates in 2026 and its adjusted EBIT margin to be in the range of 12.3-13.0%. The negative impact of foreign exchange rates on the adjusted EBIT margin is expected to be approximately 10 basis points, assuming rates remain at the January 2026 level.
| Key figures | 10-12/2025 | 10-12/2024 | Change | 1-12/2025 | 1-12/2024 | Change | |
| Orders received | MEUR | 2,253.4 | 2,119.0 | 6.3% | 9,087.4 | 8,758.9 | 3.8% |
| Order book | MEUR | 8,804.3 | 9,058.6 | -2.8% | |||
| Sales | MEUR | 2,960.8 | 2,975.6 | -0.5% | 11,245.2 | 11,098.4 | 1.3% |
| Operating income | MEUR | 387.1 | 332.5 | 16.4% | 1,336.2 | 1,249.0 | 7.0% |
| Operating income margin | % | 13.1 | 11.2 | 11.9 | 11.3 | ||
| Adjusted EBIT* | MEUR | 401.9 | 386.5 | 4.0% | 1,369.3 | 1,303.0 | 5.1% |
| Adjusted EBIT margin* | % | 13.6 | 13.0 | 12.2 | 11.7 | ||
| Income before tax | MEUR | 380.6 | 329.5 | 15.5% | 1,326.8 | 1,254.1 | 5.8% |
| Net income | MEUR | 272.8 | 244.5 | 11.6% | 991.9 | 961.0 | 3.2% |
| Basic earnings per share | EUR | 0.52 | 0.47 | 10.7% | 1.89 | 1.84 | 3.0% |
| Cash flow from operations (before financing items and taxes) | MEUR | 465.9 | 533.7 | 1,761.3 | 1,589.3 | ||
| Interest-bearing net debt | MEUR | -699.8 | -831.2 | ||||
| Equity ratio | % | 39.9 | 39.8 | ||||
| Return on equity | % | 34.7 | 33.8 | ||||
| Net working capital (including financing items and taxes) | MEUR | -797.6 | -827.2 | ||||
| Gearing | % | -24.8 | -28.7 |
* KONE presents adjusted EBIT as an alternative performance measure to enhance comparability of business performance between reporting periods. In January-December 2025, items affecting comparability amounted to EUR 33 million consisting of costs related to the separation of KONE Door Business under its own legal and operative structure and restructuring costs. In the comparison period, items affecting comparability amounted to EUR 54 million including EUR 36 million restructuring costs and EUR 18 million expensed development costs as a result of redirecting development activities in alignment with KONE's new strategy.
Philippe Delorme, President and CEO:
"The fourth quarter marked a solid finish to 2025, a year defined by good progress in our transition toward Service and Modernization. Our financial performance in the quarter developed in line with expectations. Order momentum was robust, with growth well distributed across our businesses. New Building Solutions in China was the exception, as the property market continued to face significant pressure with no signs of recovery. It was encouraging to see that our efforts to strengthen competitiveness in the residential segment paid off, supporting order growth across several regions. Asia Pacific, the Middle East and Africa stood out, with excellent customer traction, especially in India.
A highlight for me this year was the consistent double-digit growth in Modernization and the continued expansion of Service, which has now become our largest business. Together, these developments supported steady margin improvement and further strengthened our resilience in a complex operating environment.
We have made meaningful progress in executing our Rise strategy in its first year. I am especially pleased with our advancements in digitalization. Our connectivity rate now exceeds 40% and we deployed field productivity tools to nearly 30 countries during the year, representing a clear acceleration in our transformation. We also made significant strides in industrializing our modernization approach and offering. Partial modernization grew at more than twice the rate of full replacement and now represents the largest business within our modernization portfolio. Moreover, customer response to this modular solution, and the benefits it offers in the form of optimized cost and minimized disruption, has been very positive.
Sustainability continues to be one of our strategic priorities. We saw several noteworthy developments in 2025, including a significant step forward in our cybersecurity performance and a strong ramp up of regenerative drive sales to support customers' progress towards their climate targets. I am pleased with our achievements and proud of the external recognition our efforts have received. Today, our impact revenue represents over half of KONE sales, growing by 20% during the year. To me, this is a clear illustration of how the progress we make in sustainability directly enhances business performance.
We move into 2026 with a healthy foundation for growth and clear opportunities to deliver consistent profitability improvement toward our mid-term targets. Maintaining momentum in strategy execution continues to be our top priority, alongside ensuring that our performance initiatives in the areas of procurement efficiency and sales & operations excellence deliver the intended results. I would like to express my appreciation to the entire KONE team for their dedication and commitment in driving our performance and advancing our strategy."
October-December 2025
The global New Building Solutions market declined slightly during the fourth quarter. This was mainly due to the continued weak market conditions in China. In North America, the market grew significantly from a low comparison point. In Asia-Pacific, Middle East and Africa, the market grew clearly. In Europe, the market grew slightly, mainly due to positive development in the non-residential segment.
Service and Modernization markets offered the best growth opportunities. Both markets developed positively with growth across all regions.
Intense competition continued to impact the New Building Solutions pricing environment in China, while elsewhere pricing was more stable. In the Service and Modernization markets, the pricing environment was more favorable.
January-December 2025
Regional differences in demand trends were visible in the global New Building Solutions market during 2025. In North America, trade policy impacts were visible early in the year, but activity rebounded towards the summer and continued on a healthy level throughout the rest of the year. In Europe, the market grew slightly. Weak activity in the Nordics was offset by growth elsewhere, particularly in Southern Europe. In Asia-Pacific, Middle East and Africa, activity grew clearly, supported by strong growth in India and in the Middle East. In China, activity declined significantly due to the property market downturn.
The Service market developed positively with growth across all regions. Modernization growth was strong globally, supported by the aging of equipment and the demand for improved energy efficiency.
Intense competition impacted the New Building Solutions pricing environment in China, while elsewhere pricing was more stable. In the Service and Modernization markets, the pricing environment was more favorable.
Market outlook 2026
Activity in the New Building Solutions market is expected to vary regionally in 2026. The market is expected to grow slightly in North America and in Europe. In Asia-Pacific, Middle East and Africa, activity is expected to grow clearly. In China, the market is expected to decline clearly.
Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings. Service markets are expected to grow clearly in Asia-Pacific, Middle East and Africa and grow slightly in other regions.
Business outlook 2026
KONE expects its sales to grow 2-6% at comparable exchange rates in 2026 and its adjusted EBIT margin to be in the range of 12.3-13.0%. The negative impact of foreign exchange rates on the adjusted EBIT margin is expected to be approximately 10 basis points, assuming rates remain at the January 2026 level.
Key drivers for sales growth are the positive outlook for Service and Modernization and the solid order book. The declining New Building Solutions market in China is a headwind.
The key drivers of EBIT margin expansion are sales growth in Service and Modernization, an increased contribution from performance initiatives and good progress in product cost reductions. The challenging New Building Solutions market in China and continued inflationary pressure on wages are expected to impact profitability negatively.
Press and analyst meetings
A Microsoft Teams call for the press, conducted in English, will be held on Friday, February 6, 2026 at 9:00 a.m. EET. Journalists are kindly asked to sign up to media@kone.com, and they will receive a link to the call upon registration.
A webcast for analysts, conducted in English, will begin at 10:30 a.m. EET and will be available on https://join.rajucast.tv/KONE-2026-0206-Q4. An on-demand version of the webcast will be available on www.kone.com later the same day. The event can also be joined via telephone conference.
U.S.: +1 786 697 3501
UK: +44 (0) 33 0551 0200
Finland: +358 (0)9 2319 5437
Participant code: 060226
For further information, please contact:
Natalia Valtasaari, Vice President, Investor Relations, KONE Corporation, tel. +358 204 75 4705
Sender:
KONE Corporation
Philippe Delorme
President and CEO
Ilkka Hara
CFO
About KONE
At KONE, our purpose is to shape the future of cities. As a global leader in the elevator and escalator industry, we move two billion people every day, making their journeys safe, convenient, and reliable with smart and sustainable People Flow®. In 2025, KONE had annual sales of EUR 11.2 billion, and at the end of the year over 60,000 employees in close to 70 countries. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.
www.kone.com
