First Read Kone Q2 26 Call: Clearly confident on pricing and on aftermarket growth reacceleration

研报英文原文证据摘录

First Read Kone Q2 26 Call: Clearly confident on pricing and on aftermarket growth reacceleration

Global Research

22 July 2026ab

First Read

EquitiesKone

Q2 26 Call: Clearly confident on pricing and on Finland

aftermarket growth reacceleration Industrial, Diversified

12-month rating Buy

12m price target €67.00

Bottom line

Management came across as clearly confident in Kone's ability to raise prices to

compensate for inflation and to continue to improve profitability further. Management Price (21 Jul 2026) €48.20

also confirmed that slower-than-hoped Q2 Service and Modernisation growth was RIC: KNEBV.HE BBG: KNEBV FH

mainly due to timing issues with confidence in reacceleration in the coming quarters. We

Trading data and key metrics

also found comments on TKE deal progress so far reassuring. We continue to expect

little change to consensus estimates on the back of this print and hence increasingly 52-wk range €64.02-48.20

disagree with the c-3% reaction today (further to -1.7% yesterday) given Kone's Market cap. €25.6b/US$29.1b

valuation has already moderated substantially to 19.4x one year forward P/E now. We Shares o/s 529m (ORD)

hence reiterate our Buy rating. Free float 80%

Avg. daily volume ('000) 860

Key highlights from call Avg. daily value (m) €43.6

Margin on orders. Stable up until Q2 where it declined slightly yoy, driven by cost Common s/h equity (12/26E) €2.87b

inflation. Pricing actions are being taken but tend to lag. Management expects P/BV (12/26E) 8.7x

order intake margin to be stable and up in the coming quarters Net debt to EBITDA (12/26E) NM

Pricing actions. Kone has increased prices across all businesses and all regions, EPS (UBS, diluted) (EUR)

and sees this progressing well. China market continues to be competitive, UBS Cons.