Kone Early look at Q2’26 Results

研报英文原文证据摘录

Kone Early look at Q2’26 Results

J P M O R G A N Europe Equity Research

26 June 2026

Kone Overweight

KNEBV.HE, KNEBV FH

Early look at Q2’26 Results Price (25 Jun 26):€49.63

▲Price Target (Dec-27):€75.00

Prior (Jun-27):€70.00

We update our model and view ahead of the Q2’26 results on 22 July, incorporating

our discussions with the company, latest top-down data and FX. We expect a European Capital Goods

continuation of Q1 trends, with no inflection in New Building Solutions yet, a Phil Buller AC

continued positive trajectory in Services, and the performance in Modernization (44-20) 3493-9403

supported by the growing installed base. We assume limited disruption from the phil.buller@jpmorgan.com

J.P. Morgan Securities plc

Middle East conflict so far, and continue to assume cost inflation is being well

Akash Guptamanaged via price increases to customers, albeit with the usual time lag. Beyond

(44-20) 7742-7978

the Q2, investors will be looking for any updates on the TKE deal, now that all akash.z.gupta@jpmorgan.com

resolutions have been passed at the June EGM. We wouldn’t be banking on a major J.P. Morgan Securities plc

announcement with the results, and while the company is unable to say much Chitrita C Sinha

regarding the scale and detailed scope of the remedies, we continue to assume these (44-20) 7742-7176

will be c15% or less of TKE (much less as a proportion of the combined entity), chitrita.sinha@jpmorgan.com

primarily from Europe. Management’s tone during the recent roadshow we hosted J.P. Morgan Securities plc

was comforting (see our takeaways here), and whilst the shares may take some time Jeremy Caspar

to “work”, we do not foresee a better entry point, and hence reiterate our OW rating. (44-20) 3493-5188

jeremy.caspar@jpmorgan.com