TK Elevator reports higher service and modernisation sales in preliminary FY 2026 results

TK Elevator reported preliminary, unaudited results on 27 October for its financial year ended 30 September 2026. It said sales rose 4% to €9.3 billion and adjusted EBITDA rose 10% to €1.72 billion, with an 18.5% margin. The company says its reported growth rates are adjusted for currency movements. [1]

Service and modernisation lead the mix

Service and modernisation accounted for 67% of full-year sales, according to TK Elevator. It reported annual service sales of €4.6 billion and modernisation sales of more than €1.6 billion, both up year on year. Its maintenance portfolio exceeded 1.4 million units. In the final quarter, the company said modernisation order intake grew 27%, although that figure does not describe completed work. [1]

For contractors and building owners, the results provide a measure of how much of this manufacturer’s business now comes from existing equipment rather than new installations. TK Elevator reported full-year new-installation sales of €3.1 billion and said growth in Europe and the Americas offset weaker new-construction markets in China and South Korea. These are company-reported figures, not a measure of the wider market. [1]

Planned KONE combination remains conditional

TK Elevator also said regulatory filings for its planned combination with KONE had been submitted or were underway in key jurisdictions. It expects completion no earlier than the second quarter of 2027. KONE’s June announcement confirmed shareholder approval of resolutions related to the transaction but said completion remained subject to regulatory and other conditions. The businesses have not yet combined. [1][2]