Here are Aapeli’s pre-report comments as KONE publishes its Q3 report on Thursday. 
We expect the company’s revenue to have grown slightly despite currency headwinds, and the positive margin trend to have continued. Correspondingly, we expect reported orders to be roughly on par with the comparison period. In connection with the report, besides the figures, our particular interest will be in more detailed market comments, also looking ahead to next year.
Q3 published:
Strong growth in orders received, profitability continued to improve
July-September 2025
Business outlook for 2025 (specified)
KONE estimates its sales growth to be 3-5% at comparable exchange rates in 2025. The adjusted operating income margin is estimated to be between 11.9% and 12.3%. Assuming that exchange rates remain at the October 2025 level, their negative impact on adjusted operating income would be approximately EUR 30 million.
Previously, KONE estimated sales to grow by 2-5% at comparable exchange rates in 2025. The improvement in the adjusted operating income margin was estimated to be between 11.8% and 12.4%. Assuming that exchange rates would remain at the July 2025 level, their negative impact on adjusted operating income was estimated to be approximately EUR 50 million.
Aapeli has written his quick comment on KONE’s morning results.
KONE published its Q3 report this morning. The Q3 result was quite well in line with both our and consensus expectations, while orders received slightly exceeded expectations. As expected, the company made only minor clarifications to its guidance. We will update our forecasts and views on the company by Monday at the latest.
Aapeli has prepared a new company report following KONE’s Q3 results.
KONE’s Q3 results were quite well in line with both our and consensus expectations, while received orders slightly exceeded expectations. The company’s current year guidance also remained practically unchanged, with the exception of a slight positive revision to the revenue guidance. Reflecting this, forecast changes also remained marginal. With the share price increase, we see the stock as fully priced and reiterate our reduce recommendation, but we revise our target price to 56 euros (previously 55 euros) due to our slightly increased forecasts.
Quoted from the report:
The background drivers for the guidance remained unchanged, as the key drivers for revenue, according to the company, are positive outlooks in maintenance and modernization businesses, as well as a solid order book. Corresponding drivers for profitability include growth in maintenance and modernization revenue and initiated efficiency programs. Pressure continues to come from new construction solutions in China, a slight decrease in order intake margins for 2024, and the limited impact of tariffs. Based on comments, however, the impact of tariffs has been quite minor.
Ilkka Sinervä has written about Kone’s competitors.
The share prices of the global elevator trio – Kone, American Otis, and Swiss Schindler – have mostly stagnated after three quarterly earnings releases. The companies’ outlook for the current year is cautiously positive, but China’s boost is not expected to return to the demand for new equipment.
Stock market circles may have paid too little attention to the sharp decline in sales of new elevators and escalators, which fell for all three elevator companies in June–September.
New elevators and escalators always bring with them more orders for modernizations and maintenance. Kone, in particular, has succeeded in leveraging its previous order boom in China and has grown its service sales more strongly than its competitors.
Kone had an analyst call yesterday, here are @Aapeli_Pursimo’s comments on it:Tutut teemat esillä KONEen analyytikkopuhelussa - Inderes