Half Year 2026 Schindler Holding AG Earnings Call Transcript
Key Points
- Schindler Holding AG (SHLAF) achieved a record operating profit with an operating margin expansion of 90 basis points to 13.2% in the first half of 2026.
- Order intake grew by 2.9% in local currencies, with strong contributions from the modernization business, which saw growth close to 13%.
- The company maintained its full-year guidance, expecting an acceleration in revenue growth in the second half of the year.
- Schindler's modular platform is gaining traction, improving field installation efficiencies and supporting market share gains, particularly in Europe.
- The modernization business continues to perform well, with double-digit growth across all regions, supported by government programs in countries like China and Spain.
- Revenue growth was only 1.4% in the first half of the year, which is below expectations, driven by a softer development in the new installation segment.
- China remains a significant headwind, with declining order volumes in the new installation business, impacting overall growth.
- The company is facing additional cost inflation from logistics, fuel, and commodities, with expected impacts of CHF35 million for the full year.
- Operating cash flow in the first half was below last year's level due to adverse net working capital developments, particularly in China and the US.
- The implementation of IFRS 18 is expected to reduce operating profit by approximately CHF20 million annually, impacting future financial statements.
Ladies and gentlemen, welcome to the Schindler half year results 2026 conference call and live webcast. I am Valentina, the Chorus Call operator. (Operator Instructions)
At this time, it's my pleasure to hand over to Lars Brorson, Head of Investor Relations. Please go ahead.
Thank you, Valentina. Good morning, ladies and gentlemen, and welcome to our first half 2026 results conference call. My name is Lars Brorson. I'm Head of Investor Relations agenda. I'm here together with Paolo Compagna, our CEO; and Carla De Geyseleer, our CFO.
As usual, Paolo will discuss the highlights of our first half results and our 2026 market outlook, and Carla will take us through the financials. After the presentation, we are happy to take your questions. We plan to close the call at 11:00.
With that, I hand over to Paolo. Paolo, please go ahead.
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