1) Strategy & Leadership - Schindler reported a 3% growth in order intake for Q1 2026, maintaining operational momentum from 2025. - Key growth drivers include a new modular platform, a mid-rise product ramp-up in the U.S., and standardized modernization packages. - Modernization order intake surged 15%, with revenue growth exceeding this figure. - The company is expanding supply chain and installation capacities to support backlog execution throughout 2026. - Despite geopolitical tensions, particularly in the Middle East, Schindler's revenue impact remains modest due to limited exposure.

2) Financial & Segment Results - Total group revenue grew 1.7% in Q1, with new installations down by high single digits, primarily due to challenges in China. - Operating margin expanded by 100 basis points to 13%, with operating cash flow exceeding CHF 500 million. - Currency translation negatively impacted order intake by over CHF 200 million, primarily due to the Swiss franc's appreciation. - Revenue growth was 4.3% when excluding China, with Europe showing high single-digit growth, particularly in Northern Europe.

3) Problems / Headwinds - The ongoing crisis in the Middle East presents challenges, particularly affecting new installation deliveries, although its revenue contribution is less than 2%. - Schindler faces additional cost inflation in logistics, fuel, energy, and commodities, estimating an annual impact of up to CHF 50 million. - The company is implementing pricing actions to mitigate these cost pressures, including list price adjustments and surcharges.

4) Operational or Product Plans - Schindler plans to maintain its full-year guidance of low to mid-single-digit revenue growth, anticipating gradual improvement in the coming quarters. - The company is focused on enhancing operational efficiencies, particularly in field installation, to offset inflationary pressures. - Continued investment in modernization and service segments is expected to drive future growth, with a strong backlog supporting this outlook.

5) Guidance & Outlook / Investor Angle - Schindler confirmed its full-year guidance, projecting low to mid-single-digit growth in local currency for 2026. - The company expects a gradual easing of new installation headwinds and continued strong performance in modernization. - The upcoming Capital Markets Day on June 3rd will provide further insights into strategic plans and financial outlook.

Bottom line: Schindler's Q1 2026 results reflect solid operational momentum despite macroeconomic challenges, with a strong focus on modernization and efficiency improvements. The company maintains a cautious but optimistic outlook for the year, supported by a robust backlog and proactive pricing strategies.