Full Year 2025 Schindler Holding AG Earnings Call Transcript
Key Points
- Schindler Holding AG (SHLAF) completed its operational recovery, achieving 12 consecutive quarters of year-on-year EBIT margin improvement.
- The company delivered a reported EBIT margin of 12.6% for 2025, exceeding initial expectations of around 12%.
- Modernization orders increased by 19% in 2025, with revenue up 12% as backlog execution accelerated.
- Schindler Holding AG (SHLAF) achieved strong cash flow, with operating cash flow reaching CHF1.5 billion for the year.
- The Board proposed a dividend of CHF6 per share for 2025, along with an extraordinary dividend of CHF0.80, reflecting a payout ratio of 72%.
- Organic growth rate was lower than some peers, with significant challenges in China impacting overall performance.
- New Installation order volumes declined by over 10% in 2025, with a sharper decline of over 15% in Q4, primarily due to China.
- The company faced FX translation headwinds amounting to more than CHF450 million on order intake in 2025.
- Schindler Holding AG (SHLAF) anticipates a global market decline of more than 5% in New Installations for 2026, driven by a contraction in China.
- The margin tailwind from mix is expected to neutralize or turn modestly negative in 2026, as New Installations stabilize and Modernization grows.
Ladies and gentlemen, welcome to the Schindler full year results 2025 conference call and Live Webcast. I am Valentina, the Chorus Call operator. (Operator Instructions)
The conference is being recorded. (Operator Instructions)
The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Lars Brorson, Head, Investor Relations. Please go ahead.
Thank you, Valentina. Good morning, ladies and gentlemen, and welcome to our full year 2025 results conference call. My name is Lars Brorson. I'm Head of Investor Relations at Schindler, here together with Paolo Compagna, our CEO; and Carla De Geyseleer, our CFO.
As usual, Paolo will discuss the highlights of our 2025 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 10:30 local time.
And with that, I hand over to Paolo. Paolo, please go ahead.
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