1) Strategy & Leadership - KONE's success in 2025 was attributed to disciplined strategy execution, with a focus on modernization and residential growth. - The service business became the largest segment, contributing over 40% of sales, enhancing KONE's resilience. - The company is committed to digital transformation, with over 40% of its maintenance base now connected, improving operational efficiency and customer service.

2) Financial & Segment Results - Q4 orders grew by 12.2% YoY, with strong performance in Asia Pacific, particularly India and the Middle East. - Sales increased by 4.3% YoY, driven by a 15% growth in modernization and 6% in services, despite challenges in China. - Adjusted EBIT margin expanded by 60 basis points to 12.3%, with cash flow from operations rising to nearly EUR 1.8 billion for the year.

3) Problems / Headwinds - KONE continues to face challenges in the Chinese market, particularly in New Building Solutions, where a decline is expected to persist. - Wage inflation and geopolitical uncertainties pose risks to financial performance. - Actions taken to improve service performance in China have temporarily slowed overall service growth.

4) Operational or Product Plans - KONE plans to accelerate digital initiatives, aiming for higher maintenance connectivity and improved productivity. - The company will focus on expanding partial modernization offerings to minimize disruption during upgrades, which has been well-received by customers. - Sustainability efforts have led to a 20% growth in impact revenue, which now constitutes over half of total sales.

5) Guidance & Outlook / Investor Angle - For 2026, KONE expects sales growth of 2% to 6% and an adjusted EBIT margin of 12.3% to 13%. - The company anticipates continued strong demand in modernization and services, while acknowledging ongoing challenges in China. - The proposed dividend of EUR 1.80 per Class B share reflects confidence in financial stability, despite not increasing the dividend this year.

Bottom line: KONE's disciplined strategy execution and strong service growth position it well for 2026, despite headwinds in China. The focus on modernization and digital transformation, coupled with solid cash generation, supports a positive outlook for shareholders.