Schindler Holding AG

Schindler reported H1 2026 revenue growth of 1.4% in local currencies, with Q2 revenue up 1.1% in local currencies. Order intake rose 2.9% in local currencies in H1. EBIT margin was 13.2% in H1, up 90 basis points year over year, and adjusted EBIT margin was 13.5%. FX was a headwind of CHF 233 million in H1 revenue, and operating cash flow was below last year because of working capital pressure. Full-year 2026 guidance was confirmed: revenue growth of low to mid single digits in local currencies and EBIT margin of 13%. Management also said additional inflation from energy and commodities is expected to be circa CHF 35 million for 2026, with tariffs still estimated at approximately CHF 15 million gross P&L impact.

Paolo Compagna emphasized that operational execution was strong and that the company delivered another record operating profit. He highlighted broad-based margin improvement, good traction from the modular platform, and ongoing competitiveness in Europe and the U.S. He also said the strategy is unchanged despite industry consolidation, and that Schindler remains focused on profitable growth, customer stability, and long-term support.

Carla De Geyseleer said H1 EBIT margin reached 13.2% and adjusted EBIT margin 13.5%, with operational improvements contributing CHF 45 million in the H1 EBIT bridge. She said H1 revenue growth was held back by timing in modernization and softer NI, and noted FX headwinds of CHF 233 million in H1 revenue and CHF 48 million in Q2. She also flagged expected 2026 inflation of about CHF 35 million from energy and commodities, tariff impact of about CHF 15 million gross, and said operating cash flow was weaker year over year because of working capital pressure from China NI and the U.S. ERP rollout.

Analysts focused on the gap between stronger unit growth and weaker value growth outside China, and management said that was mainly mix-driven rather than price pressure. Questions also centered on the sustainability of efficiency gains and H2 margin support; management said efficiency remains solid, with modular platform benefits still ramping and H2 expected to be stronger than H1 on that front. Additional Q&A covered China NI declines, where management said the market remains challenging and likely still around high-single-digit to low-double-digit decline, plus North America services, where Schindler expects gradual improvement and better unit growth in H2.