Schindler Holding AG Announces Steady Financial Performance

Schindler Holding AG reported robust performance in the first nine months of 2024, underscoring resilience amid mixed market conditions. Notably, the Service and Modernization markets showed strength, albeit amidst a decline in the New Installations market, which presented selective growth opportunities.

Order intake rose across all regions except China, driven mainly by Modernization and Service sectors. The company reported a third quarter EBIT margin of 11.7%, with an adjusted margin of 12.6%, attributed to enhanced operational efficiencies. Additionally, operating cash flow surged by 29%.

The firm announced a planned CHF 500 million share buyback program, reaffirming its commitment to deliver on the 2024 guidance. Total revenue reached CHF 8,381 million, while operating profit increased to CHF 945 million. Net profit stood at CHF 748 million, indicating a net profit margin of 8.9%.