1) Strategy & Leadership - KONE demonstrated resilience in Q3 2026 amidst geopolitical and economic challenges. - The company reported a 5.5% growth in orders received, with modernization leading the growth. - The planned combination with TKE is progressing well, with regulatory approvals received in six countries and integration planning underway. - Innovation initiatives include a one-week modernization launch in Europe and the opening of a digital experience center in India.

2) Financial & Segment Results - Q3 sales grew by 3.8%, with year-to-date growth at 4.6%, aligning with guidance. - Adjusted EBIT margin expanded by 40 basis points, reaching EUR 369 million, despite ongoing cost inflation. - Cash flow remained healthy at nearly EUR 1.3 billion year-to-date, although affected by higher inventories due to logistics disruptions in the Middle East. - Order growth in Asia Pacific, the Middle East, and Africa was particularly strong, offsetting slight declines in Europe and the Americas.

3) Problems / Headwinds - The new building solutions market in China continues to face challenges, with expected declines of over 10% for the year. - Competitive pressures in China are impacting margins, although KONE remains profitable in the region. - Logistics-related challenges have affected cash flow, but mitigation actions are being implemented.

4) Operational or Product Plans - KONE is focusing on enhancing service and modernization offerings, with a target to increase service growth to 10% in the coming years. - The company is leveraging digital tools to improve operational efficiency and customer satisfaction, which is expected to support margin improvements. - Continued emphasis on high-rise construction innovations, exemplified by the Burj Azizi project, is a key part of KONE's growth strategy.

5) Guidance & Outlook / Investor Angle - KONE narrowed its 2026 sales growth guidance to 4% to 6% and adjusted EBIT margin guidance to 12.5% to 12.9%. - The outlook for 2027 indicates continued challenges in China but potential growth in service and modernization. - The company is committed to improving margins through pricing strategies and operational efficiencies.

Bottom line: KONE's solid performance in Q3 2026, driven by modernization and service growth, alongside strategic advancements in the TKE merger, positions the company favorably for future profitability despite ongoing challenges in the Chinese market.