Kone Q2‘26 Results - First Take - Strong order and mix momentum, revenues slightly light

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Kone Q2‘26 Results - First Take - Strong order and mix momentum, revenues slightly light

J P M O R G A N Europe Equity Research

22 July 2026

Kone Overweight

KNEBV.HE, KNEBV FH

Q2'26 Results - First Take - Strong order and mix Price (21 Jul 26):€48.20

momentum, revenues slightly light Price Target (Dec-27):€75.00

Our take: Kone’s Q2 order growth of more than 10% was strong, noting also the European Capital Goods

ACre-acceleration of modernization with double-digit growth across all regions. Sales Phil Buller

and mix should follow, of course, but for Q2 itself organic sales growth of +3.4% (44-20) 3493-9403

is c 100bps / 80bps shy of JPMe/consensus, which was to be expected given the phil.buller@jpmorgan.com

read-across from Schindler yesterday which pulled down the Kone shares too. J.P. Morgan Securities plc

Adjusted EBIT margins improved by 40 bps yoy (key to the OW thesis) to 12.6%, Jeremy Caspar

which is +20bps/in line versus JPMe/consensus. Regarding the TKE deal, there is (44-20) 3493-5188

jeremy.caspar@jpmorgan.com

no meaningful update in the release beyond highlighting that the regulatory review J.P. Morgan Securities plc

process is “progressing as planned, with filings submitted or underway in all key

Akash Gupta

jurisdictions”. The market and company outlook is unchanged and based on the Q2 (44-20) 7742-7978

results, we would be surprised to see consensus move meaningfully in either akash.z.gupta@jpmorgan.com

direction. J.P. Morgan Securities plc

Chitrita C Sinha

• Noteworthy Areas: Details on the headline numbers and versus JPMe/ (44-20) 7742-7176

consensus are in Table 1. We show the breakdown of orders and sales chitrita.sinha@jpmorgan.com

commentary by business area and region in Table 2 and Table 3, respectively. J.P. Morgan Securities plc