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EBIT Margin: 12.6% for 2025, exceeding the initial expectation of around 12%.
Modernization Orders: Up 19% in 2025, with revenue up 12%.
Operating Cash Flow: CHF 1.5 billion for the year.
Dividend: Proposed ordinary dividend of CHF 6 per share and an extraordinary dividend of CHF 0.80.
Net Profit: CHF 1.1 billion for the year, with a margin of 9.8%.
Order Intake Growth: 3.1% in local currencies for 2025; excluding China, growth was 5.4%.
Revenue Growth: Driven by Modernization, up 22% in Q4 and 12% for the full year 2025.
Net Liquidity: CHF 3.9 billion at the end of 2025.
Share Buyback Program: Over 700,000 shares bought back for CHF 200 million in 2025.Release Date: February 11, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive 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%.
Negative Points
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.
Q & A Highlights
Q: Can you explain the lower organic growth rate compared to peers, especially regarding China and large projects? A: Our lower growth is primarily due to China, where we adjusted our structure and were selective with large projects. We deliberately chose not to pursue certain large projects to avoid past issues, impacting our order intake (OIT), especially in New Installations (NI).