Schindler Intraday Update

Schindler's 4Q25 order intake of +0.8% lagged peers, but the company continues to deliver significant margin expansion and a positive 2026 outlook. ZKB maintains a 'Market Perform' rating, viewing the sharp share price drop as overdone.

Key Takeaways

• 1.Schindler's 4Q25 order intake growth (+0.8%) significantly lagged peers Kone (+12%) and Otis (+10%), causing market dissatisfaction.
• 2.Management is prioritizing margins over growth, particularly in China through greater selectivity in major projects.
• 3.The 2026 outlook is positive, with expectations for higher sales growth and continued EBIT margin improvement.

Table of Contents

• Executive Summary
• Facts / Assessment
• Conclusion
• Recommendation
• Valuation
• Stock data
• Analyst team
• Disclosures and disclaimer

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