Schindler Holding AG

Schindler Holding AG achieved a record operating margin of 13.2% in the first half of 2026, expanding 90 basis points from the prior year. Order intake grew 2.9% in local currencies, driven by a nearly 13% increase in the modernization business, while revenue rose 1.4%. Net profit margin exceeded 10%, and the order backlog was up 5.8% versus year-end 2025. The company maintained its full-year guidance for low to mid-single-digit revenue growth in local currencies and a 13% operating margin, despite a CHF233 million foreign-exchange headwind on revenue and an expected CHF35 million in additional cost inflation from energy and commodities. Operating cash flow was below last year's level due to net working capital challenges, and the upcoming IFRS 18 accounting change is expected to reduce operating profit by approximately CHF20 million in the first half, or around CHF40 million for the full year, starting in 2027.

Vietnam's elevator and escalator market is forecast to grow from an estimated 41,717 units in 2025 to 51,013 units by 2031, a compound annual growth rate of 3.4 percent. Public investment reached VND 902 trillion, or 34 billion dollars, in 2025, driving demand through major transport projects and urban developments. An ageing population and stricter building regulations are further boosting the need for modern vertical transport systems. AI integration by companies like KONE, OTIS, and Schindler is creating new opportunities, while high installation costs exceeding 50,000 dollars per unit and geopolitical tensions remain key restraints.