KONE Corp. (KNEBV.HE) Post 2Q26 update

Equity Research 19 August 2026 | 6:38PM BST

KONE Corp. (KNEBV.HE): Post 2Q26 update

Daniela Costa | Goldman Sachs International

Meihan Yang | Goldman Sachs International We adjust our estimates post KONE’s 2Q26 results (see here). We increase sales Ines Lefranc estimates by c.2%/2% for 2026/27E to reflect the recent orders beat at 2Q26 but | keep our adj. EBIT estimates broadly unchanged. Goldman Sachs International

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Goldman Sachs KONE Corp. (KNEBV.HE)

Exhibit 1: KONE company pro昀le Company data for 2025 unless speci昀ed

Segment New Equipment Maintenance Modernization

Installation of new elevator and escalator units - Services, repairs and spare parts Upgrades of elevator and escalator units Products & Services into a new lift shaft - Service contract usually in the range of 3-5 years but could be up to 10 years within already existing lift shafts

Market Share (2025) c.14% Globally

Number of Employees by region (as % of EMEA Americas APAC 34% 12% 54% total)

Competitors Schindler, Otis, TKE, Mitsubishi, Shanghai Manufacturing, Fujitec, Canny Elevator

Equipment Statistics New Equipment Orders: 154,000 Units | Maintenance Base: > 1.6mn Units

APMEA APMEA APMEA 16% Europe 17% 10% 30% China 14% Europe China Europe 11% 43% Regional Sales Mix 48%

China 32% Americas Americas Americas 22% 24% 33%

China Asia Pacific, Middle East and Africa Europe Americas Infrastructure and Other, 10% Other, 9% Other, 12% Other, 10% Infrastructure, Residential, Infrastructure, Residential, medical, 4% Medical and 24% Medical and 49% Infrastructure, Industrial, 15% Industrial, 15% Medical and Retail and hospitality, Industrial, 26% 6%

Office, Hotel, Retail and 12% Leisure and hospitality, 9% Retail and Residential, Retail, 10% Office, Residential, hospitality, 68% 26% 52% 12% Office, 16% Office, End market (2024) and business 15% exposure by geography New Modernization« New Modernization Modernization New New Modernization Equipment Equipment 13% 23% Equipment 28% Equipment 32% 60% 27% 39%

Maintenance Maintenance Maintenance Maintenance 25% 50% 40% 48%

All data for 2025 unless specified

Source: Company data, Goldman Sachs Global Investment Research