Kone (AO) | Buy | Kone

研报英文原文证据摘录

Kone (AO) | Buy | Kone

consensus adjusted earnings, we continue to expect consensus adjusted EPS numbers for 2027 and

beyond to be raised by 3-4% in the coming days and weeks.

Against our earlier expectation of today, the stock is down by c. 3% at the time of writing, despite the clearly stronger-than-

expected Q2 order intake, which points towards consensus earnings upgrades. We understand that today's weakness is driven by

some commentators' remarks on the slightly weaker orders received margin in Q2. As outlined above, we think this argument is

flawed. Hence, we would advise investors to make use of this buying opportunity.

Main new messages from management's presentation

Q2 financial highlights: 1) Order momentum strong, with double-digit growth in 3 out of 4 areas (except China); 2) sales growth

driven by Service and Modernisation; 3) Profitability improvement supported by favourable mix; 4) strong progress in cash

generation.

Good progress in Rise strategy execution: 1) 44% connectivity in maintenance base (>42% in Q1) and field productivity tools live

in over 50 countries; 2) improved offering competitiveness driving New Building Solutions order growth; 3) improved customer

value through faster installation and lower downtime leading to double digit order growth; 4) c. 75% of deliveries equipped with

regenerative drives to cut carbon.

Combination with TKE proceeding according to plan: Regulatory filings have been submitted or are underway in all key

jurisdictions. Integration planning has started. Expected completion at the earliest in Q2 2027 (unchanged). Around EUR700m

annual run-rate cost synergy realisation is confirmed.

Market developments in Q2: The demand picture remains very similar to recent quarters. North America was affected by tough

comps.