Interim report
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Q3 1 Classification: KONE Internal KONE Q3 2026 Interim report for January–September
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2 | Q3 KONE’s January–September 2026 review: Solid execution, continued growth momentum July–September 2026 • Orders received grew by 7.2% to EUR 2,292.9 (7–9/2025: 2,139.5) million. At comparable exchange rates, orders grew by 5.5%. • Sales grew by 5.2% to EUR 2,906.0 (2,762.0) million. At comparable exchange rates, sales grew by 3.8%. • Operating income (EBIT) was EUR 339.0 (334.4) million or 11.7% (12.1%) of sales. Adjusted EBIT was EUR 369.0 (340.7) million or 12.7% (12.3%) of sales. ¹ • Cash flow from operations (before financing items and taxes) was EUR 347.9 (444.4) million. January–September 2026 Orders received grew by 5.2% to EUR 7,186.6 (1–9/2025: 6,834.1) million. At comparable exchange rates, orders grew by 6.8%. Sales grew by 3.2% to EUR 8,552.0 (8,284.4) million. At comparable exchange rates, sales grew by 4.6%. Operating income (EBIT) was EUR 944.2 (949.0) million or 11.0% (11.5%) of sales. The adjusted EBIT was EUR 1,032.5 (967.4) million or 12.1% (11.7%) of sales. ¹ Cash flow from operations (before financing items and taxes) was EUR 1,284.3 (1,295.5) million. Business outlook for 2026 (specified) KONE expects its sales to grow 4-6% at comparable exchange rates in 2026 and its adjusted EBIT margin to be in the range of 12.5-12.9%. Assuming that foreign exchange rates remain at the October 2026 level, the impact of foreign exchange rates on the adjusted EBIT margin would be limited. KONE previously expected its sales to grow 3-6% at comparable exchange rates in 2026 and its adjusted EBIT margin to be in the range of 12.3-13.0%. The impact of foreign exchange rates on the adjusted EBIT margin was expected to be limited, assuming rates remained at the July 2026 level. ¹ KONE presents adjusted EBIT as an alternative performance measure to enhance comparability of business performance between reporting periods. In January–September 2026, items affecting comparability amounted to EUR 88.3 million consisting of EUR 48.5 million costs relating to the TKE transaction as well as costs related to restructuring and the resettlement of a defined benefit pension plan. In the comparison period, items affecting comparability amounted to EUR 18.3 million consisting mainly of costs related to the separ ation of the KONE Door Business under its own legal and operative structure.
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3 | Q3 Key figures 7–9/2026 7–9/2025 Change 1–9/2026 1–9/2025 Change 1–12/2025 Orders received MEUR 2,292.9 2,139.5 7.2% 7,186.6 6,834.1 5.2% 9,087.4 Order book ¹ MEUR 9,804.6 8,717.7 12.5% 8,693.0 Sales MEUR 2,906.0 2,762.0 5.2% 8,552.0 8,284.4 3.2% 11,245.2 Operating income MEUR 339.0 334.4 1.4% 944.2 949.0 -0.5% 1,336.2 Operating income margin % 11.7 12.1 11.0 11.5 11.9 Adjusted EBIT ² MEUR 369.0 340.7 8.3% 1,032.5 967.4 6.7% 1,369.3 Adjusted EBIT margin ² % 12.7 12.3 12.1 11.7 12.2 Income before tax MEUR 355.6 306.9 15.9% 950.0 946.2 0.4% 1,326.8 Net income MEUR 272.0 226.9 19.9% 726.8 719.1 1.1% 991.9 Basic earnings per share EUR 0.52 0.43 19.3% 1.39 1.37 1.0% 1.89 Cash flow from operations (before financing items and taxes) MEUR 347.9 444.4 1,284.3 1,295.5 1,761.3 Interest-bearing net debt ³ MEUR -716.1 -479.5 -699.8 Equity ratio % 38.1 36.8 39.9 Return on equity % 34.5 35.3 34.7 Net working capital (including financing items and taxes) ³ MEUR -876.3 -818.0 -797.6 Gearing % -25.6 -18.9 -24.8 ¹ Comparison period 2025 has been restated. More information is available in the Other notes section. ² KONE presents adjusted EBIT as an alternative performance measure to enhance comparability of business performance between re porting periods. In January–September 2026, items affecting comparability amounted to EUR 88.3 million consisting of EUR 48.5 million costs relating to the TKE transaction as well as costs related to restructuring and the resettlement of a defined benefit pension plan. In the comparison period, items affecting comparability amounted to EUR 18.3 million consisting mainly of costs related to the separation of the KONE D oor Business under its own legal and operative structure. ³ Interest-bearing net debt includes non-current deferred assets of EUR 32.5 million, non-current derivative assets of EUR 161.2 million and non- current derivative liabilities of EUR 6.4 million, all related to the TKE transaction. Other derivatives arising from operational activities, presented within current assets and liabilities, are included in net working capital.
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4 | Q3 Philippe Delorme, President and CEO: “The third quarter was characterized by solid execution, continued growth momentum, and excellent progress in bringing customer-focused innovations to market. Modernization once again served as the key driver of order growth, this quarter supported by strong activity in the volume business. From a regional perspective, Asia-Pacific, the Middle East and Africa stood out, with impressive growth in the Middle East. It was also encouraging to see our resilience once again reflected in improved profitability. Margin expansion was supported by a favorable business mix and fixed-cost leverage, while inflationary pressures were managed effectively. Together, these factors demonstrate the resilience of our business model and our ability to deliver profitable growth across varying market conditions. Importantly, the third quarter brought several tangible examples of innovation in action, translating our strategic priorities into solutions that create customer value and support long-term value creation. In high-rise, we continued to push the boundaries of our offering with new technologies that enable exceptional travel heights, free up valuable floor space and deliver enhanced user experience. Innovation was equally visible in the residential segment, where our Homelift concept for China’s growing luxury housing market received the Best of the Best distinction in the Red Dot Design Award. In Europe, we launched our one-week modernization approach, combining standardization, industrialization and modularity to significantly shorten installation times, minimize disruption and deliver a smoother modernization experience for our customers. Digital acceleration remains a top priority, and India is a strong example of focused efforts translating into a significant step-up in maintenance base connectivity. Building on this momentum, our recently opened industry-first Digital Experience Center in India gives customers a tangible view of how AI, connectivity and data can improve reliability, efficiency and performance across the building lifecycle. These innovations position us well as we prepare to combine with TKE and create even greater value for customers. The transaction continues to progress according to plan, with our first regulatory clearances received during the quarter. Integration planning is advancing well; with Day 1 plans being refined and a clear roadmap taking shape to capture the substantial synergies underpinning the strategic rationale of the combination. Looking ahead, we have specified our guidance for the year. We now expect sales growth of 4-6% and an adjusted EBIT margin of 12.5-12.9%. Our order book provides good support for future growth, and we remain focused on consistent execution toward our mid-term adjusted EBIT margin target corridor of 13-14%. I would like to thank all our employees for their dedication and commitment. Their focus on customers, innovation and strong execution remains fundamental to our success.”
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Terminology: slight <5%, clear 5–10%, significant >10% 5 | Q3 Key figures Orders received (MEUR) • In July–September 2026, orders received grew by 7.2% (at comparable exchange rates, orders received grew by 5.5%). • At comparable rates, New Building Solutions orders received grew slightly with clear decline in the volume business and significant growth in major projects. In Modernization, orders received grew clearly with significant growth in the volume business and slight growth in major projects. • The margin of orders received was stable year-on-year outside China. • In January–September 2026, orders received grew by 5.2% (grew by 6.8% at comparable exchange rates). Sales (MEUR) • In July–September 2026, sales grew by 5.2% (grew by 3.8% at comparable exchange rates). Growth (at comparable exchange rates) in Service and Modernization more than compensated for the slight decline in New Building Solutions. • New Building Solutions sales grew by 1.0%, declined by 0.9% at comparable exchange rates, due to lower deliveries in Greater China. Service sales grew by 7.0% (grew by 5.9% at comparable rates) and Modernization sales grew by 9.5% (grew by 8.1% at comparable rates). ¹ • In the Americas Area, sales grew by 6.9% (grew by 6.2% at comparable rates). Sales in the Europe Area grew by 5.3% (grew by 4.6% at comparable rates). In APMEA Area, sales grew by 15.8% (grew by 17.0% at comparable rates). In the Greater China Area, sales declined by 5.4% (declined by 10.7% at comparable rates). • In January–September 2026, sales grew by 3.2% (grew by 4.6% at comparable exchange rates). Sales by business 1 1–9/2026 (1–9/2025) Sales by Area 1–9/2026 (1–9/2025) 1 Comparison period 2025 has been restated. More information is available in the Other notes section. 2 077 2 139 2 293 8 759 9 087 7 187 0 2 000 4 000 6 000 8 000 10 000 2024 2025 1-9/2026 2 754 2 762 2 906 11 098 11 245 8 552 0 2 000 4 000 6 000 8 000 10 000 12 000 2024 2025 1-9/2026 New Building Solutions Service Modernization 19% (18%) 35% (36%) 46% (45%) Americas Europe APMEA Greater China 16% (15%) 25% (25%) 41% (40%) 18% (20%)
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Terminology: slight <5%, clear 5–10%, significant >10% 6 | Q3 Adjusted EBIT (MEUR) • In July–September 2026, operating income was 11.7% of sales (7–9/2025: 12.1%). Adjusted EBIT margin was 12.7% (12.3%). • Profitability improved thanks to a favorable business mix and fixed cost leverage. Margin pressure in the Chinese new equipment market remained the main headwind. • With comparable exchange rates, the translation impact on operating income for the comparison period was EUR 8.2 million. • In January–September 2026, operating income was 11.0% of sales (1–9/2025: 11.5%). The adjusted EBIT margin was 12.1% (11.7%). Net working capital 2 (MEUR) • At the end of September 2026, net working capital improved from the beginning of the year driven by timing of accounts payable and increased advances received, which more than offset higher inventories. • Foreign exchange rates had an approximately EUR 55 million favorable impact on net working capital. ² Including financing items and taxes Cash flow 3 (MEUR) • In July–September 2026, cash flow was EUR 347.9 million. • Cash flow was negatively impacted by higher inventories due to logistics constraints, particularly in the Middle East. • In January–September 2026, cash flow amounted to EUR 1,284.3 million. ³ Cash flow from operations before financing items and taxes 319 341 369 1 303 1 369 1 032 0 250 500 750 1 000 1 250 1 500 2024 2025 1-9/2026 -827 -798 -876-1 000 -800 -600 -400 -200 0 12/2024 12/2025 9/2026 345 444 348 1 589 1 761 1 284 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2024 2025 1-9/2026
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Terminology: slight <5%, clear 5–10%, significant >10% 7 | Q3 KONE’s January–September 2026 review KONE’s operating environment July–September 2026 The global New Building Solutions market declined slightly during the third quarter with regional differences in demand. The market in North America declined slightly and in Europe the market was stable. In Asia-Pacific, Middle East and Africa, activity grew clearly. Market remained weak in China. Service and Modernization markets offered the best growth opportunities. Both markets developed positively with growth across all regions. Intense competition continued to impact the New Building Solutions pricing environment in China, while elsewhere pricing was more stable. In the Service and Modernization markets, the pricing environment was more favorable. January–September 2026 The demand environment was favorable in many areas in the global New Building Solutions market in January-September 2026. The market in North America and in Europe grew slightly. In Asia- Pacific, Middle East and Africa, activity grew clearly, supported by healthy momentum in India, Australia and in the Middle East. In China, the market declined significantly as construction activity remained weak. The Service market developed positively with growth across all regions. Modernization growth was strong globally, supported by the aging of equipment and the demand for improved energy efficiency. Intense competition impacted the New Building Solutions pricing environment in China, while elsewhere pricing was more stable. In the Service and Modernization markets, the pricing environment was more favorable. New Building Solutions market in units Service market in units Modernization market in monetary value 7–9/2026 1–9/2026 7–9/2026 1–9/2026 7–9/2026 1–9/2026 Total market - - + + +++ +++ North America - + + + +++ +++ Europe Stable + + + ++ ++ Asia-Pacific, Middle East and Africa ++ ++ ++ ++ +++ +++ China --- --- + + +++ +++ – – – Significant decline (>10%), – – Clear decline (5–10%), – Slight decline (<5%), Stable, + Slight growth (<5%), ++ Clear growth (5–10%), +++ Significant growth (>10%)
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Terminology: slight <5%, clear 5–10%, significant >10% 8 | Q3 Orders received and order book Orders received, MEUR 7–9/2026 7–9/2025 Change Comparable change ¹ 1–9/2026 1–9/2025 Change Comparable change ¹ 1–12/2025 Orders received ² 2,292.9 2,139.5 7.2% 5.5% 7,186.6 6,834.1 5.2% 6.8% 9,087.4 Order book, MEUR Sep 30, 2026 Sep 30, 2025 Change Comparable change ¹ Dec 31, 2025 Order book ³ 9,804.6 8,717.7 12.5% 8.6% 8,693.0 ¹ Change at comparable foreign exchange rates ² Orders received consist predominantly of New Building Solutions and Modernization orders. Service contracts are not included in orders received, but the figure includes orders related to the Service business, such as repairs. ³ Comparison period 2025 has been restated. More information is available in the Other notes section. July–September 2026 Orders received grew by 7.2% as compared to July– September 2025 and totaled EUR 2,292.9 million. At comparable exchange rates, KONE’s orders received grew by 5.5%. At comparable rates, orders received in New Building Solutions grew slightly with clear decline in the volume business and significant growth in major projects. In Modernization, orders received grew clearly with significant growth in the volume business and slight growth in major projects. The margin of orders received was stable year- on-year outside China. Orders received in the Americas Area grew significantly at comparable rates as compared to July–September 2025. New Building Solutions orders grew significantly and Modernization orders grew slightly in the Area. Orders received in the Europe Area declined slightly at comparable exchange rates as compared to July–September 2025. New Building Solutions orders declined significantly and Modernization orders grew clearly in the Area. Orders received in the Asia-Pacific, Middle East and Africa (APMEA) Area grew significantly at comparable rates as compared to July–September 2025. New Building Solutions orders grew significantly and Modernization orders grew significantly in the Area. Orders received in Greater China Area declined significantly at comparable rates as compared to July–September 2025. New Building Solutions orders declined significantly in units and declined significantly in monetary value. Modernization orders grew significantly in the Area. January–September 2026 Orders received grew by 5.2% as compared to January–September 2025 and totaled EUR 7,186.6 million. At comparable exchange rates, KONE’s orders received grew by 6.8%. At comparable rates, orders received in New Building Solutions grew slightly with slight decline in the volume business and significant growth in major projects. In Modernization, orders received grew clearly. Orders grew significantly in the volume business and grew clearly in major projects. Orders received in the Americas Area grew clearly at comparable rates as compared to January–September 2025. New Building Solutions orders grew significantly and Modernization orders were stable in the Area. Orders received in the Europe Area grew clearly at comparable exchange rates as compared to January–September 2025. New Building Solutions orders grew significantly and Modernization orders grew clearly in the Area. Orders received in the Asia-Pacific, Middle East and Africa (APMEA) Area grew significantly at comparable rates as compared to January– September 2025. New Building Solutions orders grew significantly and Modernization orders grew significantly in the Area. Orders received in Greater China Area declined clearly at comparable rates as compared to January–September 2025. New Building Solutions orders declined clearly in units and declined significantly in monetary value. Modernization orders grew significantly in the Area. The order book grew by 12.5% compared to the end of September 2025 and stood at a strong level of EUR 9,804.6 million at the end of the reporting period. At comparable rates, the order book grew by 8.6%.
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Terminology: slight <5%, clear 5–10%, significant >10% 9 | Q3 Sales By business, MEUR 7–9/2026 7–9/2025 Change Comparable change ¹ 1–9/2026 1–9/2025 Change Comparable change ¹ 1–12/2025 New Building Solutions 1,030.3 1,020.2 1.0% -0.9% 2,988.2 3,020.2 -1.1% 0.4% 4,097.7 Service ² 1,328.3 1,241.8 7.0% 5.9% 3,947.4 3,758.3 5.0% 6.3% 5,054.6 Modernization ² 547.4 500.0 9.5% 8.1% 1,616.4 1,506.0 7.3% 8.6% 2,092.9 Total 2,906.0 2,762.0 5.2% 3.8% 8,552.0 8,284.4 3.2% 4.6% 11,245.2 By Area, MEUR 7–9/2026 7–9/2025 Change Comparable change ¹ 1–9/2026 1–9/2025 Change Comparable change ¹ 1–12/2025 Americas 739.1 691.6 6.9% 6.2% 2,146.9 2,084.7 3.0% 6.8% 2,812.1 Europe 1,149.2 1,091.8 5.3% 4.6% 3,496.7 3,315.1 5.5% 5.1% 4,524.4 APMEA 502.2 433.8 15.8% 17.0% 1,343.6 1,223.0 9.9% 15.2% 1,742.7 Greater China 515.5 544.8 -5.4% -10.7% 1,564.8 1,661.7 -5.8% -6.5% 2,166.0 Total 2,906.0 2,762.0 5.2% 3.8% 8,552.0 8,284.4 3.2% 4.6% 11,245.2 ¹ Change at comparable foreign exchange rates ² Comparison period 2025 has been restated. More information is available in the Other notes section. July–September 2026 KONE’s sales grew by 5.2% as compared to July– September 2025, and totaled EUR 2,906.0 million. At comparable exchange rates, KONE’s sales grew by 3.8%. Growth (at comparable exchange rates) in Service and Modernization more than compensated for the slight decline in New Building Solutions. New Building Solutions sales declined by 0.9% at comparable exchange rates due to lower deliveries in the Greater China Area. Service sales grew by 5.9% at comparable exchange rates. Modernization sales grew by 8.1% at comparable exchange rates. In the Americas Area, sales grew by 6.9% and totaled EUR 739.1 million. At comparable exchange rates, sales grew by 6.2%. New Building Solutions sales grew clearly, Service sales grew clearly and Modernization sales grew clearly in the Area. Sales in the Europe Area grew by 5.3% and totaled EUR 1,149.2 million. At comparable exchange rates, sales grew by 4.6%. New Building Solutions sales grew slightly, Service sales grew clearly and Modernization sales grew slightly in the Area. In the Asia-Pacific, Middle East and Africa (APMEA) Area, sales grew by 15.8% and totaled EUR 502.2 million. At comparable exchange rates, sales grew by 17.0%. New Building Solutions sales grew significantly, Service sales grew significantly and Modernization sales grew significantly in the Area. Sales in the Greater China Area declined by 5.4% and totaled EUR 515.5 million. At comparable exchange rates, sales declined by 10.7%. New Building Solutions sales declined significantly, Service sales were stable and Modernization sales grew significantly in the Area. January–September 2026 KONE’s sales grew by 3.2% as compared to January–September 2025, and totaled EUR 8,552.0 million. At comparable exchange rates, KONE’s sales grew by 4.6%. New Building Solutions sales grew by 0.4% at comparable exchange rates. Service sales grew by 6.3% at comparable exchange rates, driven by service base growth (including inorganic), repairs, pricing and value-added services. Modernization sales grew by 8.6% at comparable exchange rates. In the Americas Area, sales grew by 3.0% and totaled EUR 2,146.9 million. At comparable exchange rates, sales grew by 6.8%. New Building Solutions sales grew slightly, Service sales grew clearly and Modernization sales grew clearly in the Area. Sales in the Europe Area grew by 5.5% and totaled EUR 3,496.7 million. At comparable exchange rates, sales grew by 5.1%. New Building Solutions sales grew slightly, Service sales grew clearly and Modernization sales grew clearly in the Area. In the Asia-Pacific, Middle East and Africa (APMEA) Area, sales grew by 9.9% and totaled EUR 1,343.6 million. At comparable exchange rates, sales grew by 15.2%. New Building Solutions sales grew significantly. Service sales grew significantly and Modernization sales grew clearly in the Area. Sales in the Greater China Area declined by 5.8% and totaled EUR 1,564.8 million. At comparable exchange rates, sales declined by 6.5%. New Building Solutions sales declined significantly, Service sales were stable and Modernization sales grew significantly in the Area.
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10 | Q3 Financial result 7–9/2026 7–9/2025 Change 1–9/2026 1–9/2025 Change 1–12/2025 Operating income MEUR 339.0 334.4 1.4% 944.2 949.0 -0.5% 1,336.2 Operating income margin % 11.7 12.1 11.0 11.5 11.9 Adjusted EBIT MEUR 369.0 340.7 8.3% 1,032.5 967.4 6.7% 1,369.3 Adjusted EBIT margin % 12.7 12.3 12.1 11.7 12.2 Income before taxes MEUR 355.6 306.9 15.9% 950.0 946.2 0.4% 1,326.8 Net income MEUR 272.0 226.9 19.9% 726.8 719.1 1.1% 991.9 Basic earnings per share EUR 0.52 0.43 19.3% 1.39 1.37 1.0% 1.89 July–September 2026 KONE’s operating income (EBIT) was EUR 339.0 million or 11.7% of sales. Adjusted EBIT was EUR 369.0 million or 12.7% of sales. Profitability improved thanks to a favorable business mix and fixed cost leverage. Margin pressure in the Chinese New Building Solutions market remained the main headwind. In July–September 2026, items affecting comparability amounted to EUR 30.0 million consisting of EUR 22.7 million costs relating to the TKE transaction as well as costs related to restructuring. In the comparison period, items affecting comparability amounted to EUR 6.3 million consisting mainly of costs related to the separation of the KONE Door Business under its own legal and operative structure. With comparable exchange rates, the translation impact on operating income for the comparison period was EUR 8.2 million. Basic earnings per share was EUR 0.52. January–September 2026 KONE’s operating income (EBIT) was EUR 944.2 million or 11.0% of sales. Adjusted EBIT was EUR 1,032.5 million or 12.1% of sales. Profitability improved thanks to a favorable business mix and fixed cost leverage. Margin pressure in the Chinese New Building Solutions market remained the main headwind. In January–September 2026, items affecting comparability amounted to EUR 88.3 million consisting of EUR 48.5 million costs relating to the TKE transaction as well as costs related to restructuring and the resettlement of a defined benefit pension plan. In the comparison period, items affecting comparability amounted to EUR 18.3 million consisting mainly of costs related to the separation of the KONE Door Business under its own legal and operative structure. With comparable exchange rates, the translation impact on operating income for the comparison period was EUR -9.0 million. Basic earnings per share was EUR 1.39. Cash flow and financial position 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Cash flow from operations (before financing items and taxes) MEUR 347.9 444.4 1,284.3 1,295.5 1,761.3 Net working capital (including financing items and taxes) ¹ MEUR -876.3 -818.0 -797.6 Interest-bearing net debt ¹ MEUR -716.1 -479.5 -699.8 Gearing % -25.6 -18.9 -24.8 Equity ratio % 38.1 36.8 39.9 Equity per share EUR 5.33 4.83 5.40 ¹ Interest-bearing net debt includes non-current deferred assets of EUR 32.5 million, non-current derivative assets EUR 161.2 million and derivative liabilities of EUR 6.4 million, all related to the TKE transaction. Other derivatives arising from operational activities, presented within current assets and liabilities, are included in net working capital. KONE’s financial position was strong at the end of September 2026. In January–September 2026 cash flow from operations (before financing items and taxes) amounted to EUR 1,284.3 million. Net working capital (including financing items and taxes) was EUR -876.3 million at the end of September 2026. Net working capital improved from the beginning of the year driven by timing of accounts payable and increased advances received, which more than offset higher inventories. Foreign exchange rates had an approximately EUR 55 million favorable impact on net working capital. Interest-bearing net debt was EUR -716.1 million at the end of September 2026. KONE’s cash and cash equivalents together with current deposits and loan receivables were EUR 1,358.6 (Dec 31, 2025: 1,708.9) million at the end of the reporting period. Interest-bearing liabilities were EUR 854.8 (Dec 31, 2025: 1,028.3) million, including a pension liability of EUR 171.5 (Dec 31, 2025: 158.7) million and lease liabilities of EUR 463.8 (Dec 31, 2025: 455.5) million. Additionally, KONE had an asset on employee benefits amounting to EUR 12.8 (Dec 31, 2025: 13.9) million. Gearing was -25.6% and the equity ratio was 38.1% at the end of September 2026. Equity per share was EUR 5.33.
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11 | Q3 Capital expenditure and acquisitions MEUR 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 On fixed assets 26.4 42.4 79.0 93.5 153.9 On leasing agreements 37.0 57.8 140.7 156.9 224.1 On acquisitions 17.6 31.4 40.1 77.7 117.7 Total 81.0 131.6 259.8 328.0 495.8 KONE’s capital expenditure and acquisitions totaled EUR 259.8 million in January–September 2026. Capital expenditure excluding acquisitions is mainly related to manufacturing and R&D facilities, IT licenses, connectivity devices, as well as tools and equipment in R&D. Capital expenditure on leases consists mainly of maintenance vehicles and office facilities. Acquisitions totaled EUR 40.1 million in January– September 2026. KONE completed several service- related acquisitions mainly in Europe. Research and development 7–9/2026 7–9/2025 Change 1–9/2026 1–9/2025 Change 1–12/2025 R&D expenditure MEUR 56.5 56.6 -0.2% 173.3 178.1 -2.7% 233.9 As percentage of sales % 1.9 2.0 2.0 2.1 2.1 KONE’s R&D activities focus on developing smart and sustainable solutions that respond to future needs. KONE supports its customers in achieving their sustainability goals throughout the building lifecycle and develops a variety of partnerships to further enhance its customer-focused solutions. Research and development expenditure totaled EUR 173.3 million, representing 2.0% of sales in January– September 2026. R&D expenditure includes the development of new products and service concepts as well as further development of existing solutions and services. During the third quarter, KONE continued to develop its New Building Solutions offering in line with evolving market requirements and regulatory standards in Europe and China. Harmonization and simplification efforts progressed globally. In India, for instance, the ramp-up of the new elevator electrification platform was completed, enabling enhanced connectivity, digital and service capabilities. KONE continued to strengthen its high-rise offering portfolio during the third quarter through progress across several technology areas, including the UMX machine, double-deck elevator solutions, AI-enabled people flow optimization, wireless power and data transfer technologies, and digital safety systems. These innovations further enhance KONE's capabilities to improve building space efficiency, optimize people flow, simplify elevator system architecture, and enhance safety through digital technologies. During the third quarter, KONE launched its Life, upgraded in ONE week campaign in Europe, highlighting modernization solutions designed to minimize elevator downtime and disruption to building users while improving reliability, safety, performance and energy efficiency. The approach, which enables upgrades completed in as little as one week, reflects KONE’s continued focus on customer value and more efficient modernization projects. At the end of the third quarter, connected elevators represented over 45% of KONE's service base. KONE has been recognized with the following design awards during the third quarter of 2026: Award KONE’s solution Description Red Dot Best of the Best Award 2026 Winner KONE Homelift - Private villa elevator concept The design reimagines the high-end private elevator as an integral part of the home, creating a seamless space that connects levels, interiors, technologies, and moods. Iconic Awards 2026 Winner
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12 | Q3 Environmental sustainability One of KONE’s key strategic ambitions is to lead the industry in sustainability. To achieve this ambition, KONE has defined Cut Carbon as one of its four strategic shifts to drive customer value and differentiation. Environmental targets and performance During the second quarter of 2026, KONE updated and validated its near-term science-based targets with 2022 as the base year and validated its target to achieve net zero emissions across its value chain by 2050. KONE’s near-term target for Scope 1 and 2 greenhouse gas (GHG) emissions is an absolute reduction of 46% by 2030 from the base year 2022. For product and value-chain-related Scope 3 GHG emissions, KONE targets a reduction of 25% by 2030 from the base year 2022. In the event of a KONE-TKE combination, SBTi targets would be revisited to reflect the new business scope, as required by SBTi. Detailed emissions data and further information on environmental targets and outcomes are available in KONE’s 2025 Sustainability Statement and Sustainability Supplement. KONE’s sustainable offering, ratings and recognitions KONE’s offering combines energy-efficient technology, efficient material use and transparent environmental performance data for its products. KONE has a wide range of best-in-class energy performance references across building types, market areas and product specifications. Currently, 42 of KONE’s products have a best-in-class energy efficiency reference according to the ISO 25745 standard for the energy performance of lifts, escalators and moving walks. During the third quarter of 2026, KONE published four externally verified Environmental Product Declarations (EPDs), two Health Product Declarations (HPDs) and two Product Environmental Profiles (PEPs). Further information on valid product declarations is available on KONE’s website. During 2026, KONE has received the following sustainability ratings and recognitions: Sustainability recognitions KONE’s score Industry performance Published Forbes and Statista’s World’s Best Employers list 155th place Included for the 7th consecutive year and amongst highest-scoring elevator and escalator companies Q3/2026 TIME & Statista World’s Most Sustainable Companies 2026 #371 Amongst highest scoring elevator and escalator companies Q2/2026 CDP’s Supplier Engagement Assessment Leaderboard A Amongst the highest-performing companies on the leaderboard Q2/2026 EcoVadis 2025 Platinum Top 1% of all assessed companies Q1/2026 Corporate Knights’ Global 100 Most Sustainable Companies list 54th place Recognition of KONE’s strong global leadership in sustainability and its portfolio of high-performing solutions and products Q1/2026 Corporate Knights’ Europe 50 Most Sustainable Companies list 28th place Only elevator and escalator company on the list Q1/2026 Corporate Knights’ Carbon Clean 200 list 72nd place 8th consecutive year and the only elevator and escalator company on the list Q1/2026 Sustainalytics ESG Risk Rating KONE continues to be an ESG Leader with a low ESG risk rating Q1/2026 ISS ESG Corporate Rating B- Prime status in the industry Q1/2026
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13 | Q3 Social sustainability KONE employees 1–9/2026 1–9/2025 1–12/2025 Average number of employees 65,070 64,125 64,294 Number of employees at the end of period 65,299 64,653 64,978 Americas 8,133 8,087 8,021 Europe 22,153 22,032 22,119 APMEA 13,742 12,904 13,138 Greater China 21,270 21,630 21,701 People are at the core of KONE’s strategy. Alongside its four strategic shifts, KONE is strengthening its core by investing in engaged and skilled employees, whose close collaboration with customers is key to creating value. Through improved processes and courage, speed, and simplicity, KONE aims to be the easiest company to work for and work with. Safety is a top priority for KONE, supported by continuous efforts to strengthen safety culture, reporting capabilities, and data-driven decision- making. During the third quarter of 2026, KONE completed the global rollout of the KONE Safety Solution. The solution covers more than 80,000 employees and subcontractor workers and supports safety reporting, audits, and claims management. KONE’s safety culture was further strengthened with the Creating Safety program, an internal program aimed at strengthening employees’ focus on safety. KONE also advanced the use of data and digital solutions to support proactive safety management and decision-making. During the third quarter, KONE strengthened its human rights due diligence by updating its global human rights risk assessment and launching a dedicated human rights training to increase employee awareness and support effective risk management across its operations and value chain. During the third quarter, KONE continued to develop its high-performance culture by embedding its leadership and culture principles into leadership development, employee development and performance practices. Following the Pulse employee engagement survey conducted in the second quarter, actions were implemented across the organization to improve employee engagement and experience. Combination of KONE and TKE On April 29, 2026, KONE announced that it had entered into an agreement with a consortium led by Advent and Cinven to combine KONE and TKE in a cash and share transaction. Under the agreement, KONE would acquire TKE for EUR 5 billion in cash and a maximum of 270 million newly issued KONE class B shares. In addition, the majority of TKE’s existing interest-bearing net debt, amounting to approximately EUR 9.2 billion, would be refinanced. KONE has fully committed financing facilities in place to fund the transaction. Information on the accounting treatment of the related instruments can be found in the Notes to the interim report. The combined group is expected to receive a solid investment grade credit rating. By bringing KONE and TKE together, customers would benefit from faster innovation, improved installation and services, and greater ability to deliver safe and sustainable modernization across an aging global elevator and escalator base. For employees, the combination would offer broader development opportunities across a larger, more diverse, and truly global company with strong prospects. The transaction is expected to generate approximately EUR 700 million in annual run-rate pre-tax cost synergies by the end of year three after completion. The related cumulative one-off costs are estimated to be approximately 1-1.2 times expected run-rate synergies, incurred over a two- year period. On an illustrative basis for the last financial year, the combined group would have had approximately EUR 20.5 billion in annual sales, of which approximately 65% in Service and Modernization, more than EUR 2.7 billion in adjusted EBIT, excluding synergies, and approximately 3.2 million units under maintenance. KONE's shareholders approved the transaction- related proposals at the Extraordinary General Meeting held on June 3, 2026. Completion remains subject to regulatory approvals and is anticipated to occur earliest in the second quarter of 2027. The regulatory review process is progressing as planned. KONE has submitted prenotification filings with the European Commission, as well as merger control filings in all other required jurisdictions. KONE has received six unconditional merger control regulatory clearances. During January–September 2026, KONE recognized EUR 48.5 million of acquisition-related costs, which were reported as items affecting comparability. Further information and materials on the combination of KONE and TKE are available on KONE’s deal site at rise-together.kone.com.
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14 | Q3 Other events In 2007, a decision was issued by the European Commission concerning alleged local anticompetitive practices before early 2004 in Germany, Luxembourg, Belgium and the Netherlands by leading elevator and escalator companies, including KONE’s local subsidiaries. As previously announced by KONE, a number of civil damage claims by certain companies and public entities relating to the 2007 decision are pending in related countries. The claims have been made against various companies concerned by the decision, including certain KONE companies. All claims are independent and are progressing procedurally at different stages. The total capital amount claimed jointly and severally from all of the defendants together was EUR 30.5 million at the end of September 2026 (June 30, 2026: EUR 30.5 million). KONE’s position is that the claims are without merit. No provision has been made. The strategic review of the Doors business is ongoing, and any related actions are subject to local legal requirements and consultation of employee representatives. In 2025, the KONE Door Business accounted for approximately 2% of KONE’s revenue. During the second quarter, KONE recognized a provision of EUR 18 million related to the decision to terminate the KONE Inc. Employees’ Retirement Plan in the United States. The pension obligation for the defined benefit plan is expected to be settled or transferred to a third-party provider by the end of the year.
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15 | Q3 Most significant risks KONE is exposed to risks that may arise from its operations or changes in the operating environment. The most significant risk factors described below can potentially have an adverse effect on KONE’s business operations and financial position and, as a result, on the value of the company. Other risks, which are currently either unknown or considered immaterial to KONE may, however, become material in the future. Further information on KONE’s risk management is available in KONE’s Annual Review. Strategic risks The demand for KONE’s products and services and the competitive environment is impacted by the general economic cycles and especially the level of activity within the construction industry. The uncertain economic outlook, and its impacts on construction markets, represents a risk to KONE’s business and profitability. This applies especially to China, where activity in the New Building Solutions market remains subdued. Geopolitical risks and tensions, business environment unpredictability and disruptions in global supply chains may impact KONE’s main markets and expose KONE to business disruptions and profitability risks. Increased geopolitical risks may also impact KONE’s supply chain, leading to higher logistics costs and increased volatility in ocean freight, which could expose KONE to further business disruptions, order rescheduling, and margin pressure. Despite the war in the Middle East, KONE has been able to continue its business in the region with limited impact during the third quarter. In addition to the level of market demand, the competitiveness of KONE’s offering is a key driver for growth and profitability. A failure to anticipate or address changes in customer requirements and in competitors’ offerings, ecosystems and business models or in the regulatory environment could result in a deterioration of the competitiveness of KONE’s offering. Furthermore, structural changes in the competitive landscape of the elevator and escalator industry, such as increased competition and customer consolidation, could affect market dynamics and KONE’s market share. The planned combination of TKE and KONE, announced during the second quarter, is subject to risks and uncertainties typical of a transaction of this magnitude. At present, the primary uncertainty for KONE relates to the ongoing regulatory approval process for the transaction. Operational risks With business models and ways of working changing in the elevator and escalator industry, KONE needs new organizational capabilities, as well as new competencies and talent at the individual employee level in different fields, such as in digitalization. At the same time, labor scarcity and competition over talent, such as skilled field workforce, is increasing. Securing resources and their competence management is critical. A failure to develop, retain and attract the required capabilities could have an adverse impact on KONE’s growth and profitability. The majority of components used in KONE’s supply chain are sourced from external suppliers, a significant number of which are located in China. KONE also subcontracts a significant amount of installation activity, outsources certain business support processes and works with partners in e.g. digital services and logistics. This may expose KONE to supply chain and logistics constraints, risks related to the availability and cost of components and subcontracted labor, as well as to continuity risk in partnerships. In the third quarter, tariffs and export restrictions imposed on specific materials and components continued to have some negative impacts on KONE’s operations. A failure to secure the needed materials, components or resources, or quality issues within these, could cause business disruptions, rescheduling of orders and cost increases. Labor availability constraints may also impact progress at construction sites and performance of maintenance and repair services. As one of the leading companies in the industry, KONE has a strong brand and reputation. Issues that impact the company’s reputation or brand could affect KONE’s business and financial performance. Such reputational risks could materialize in the case of e.g. safety, cybersecurity or ethical and regulatory non-compliance incidents, major delivery issues or product or service quality issues. Hazard, security and incidental risks The operations of KONE, its suppliers and customers, utilize information technology extensively and KONE’s business is dependent on the quality, integrity, availability and confidentiality of information. Thus, KONE is exposed to IT disruption and cybersecurity risks, as operational information systems and products may be vulnerable to interruption, loss or manipulation of data, or malfunctions which can result in disruptions in processes and equipment availability. Geopolitical tensions, conflicts and crisis escalations, including developments in the Middle East or the European security environment, may lead to cyber, hybrid and even conventional attacks causing local and global disruptions that may impact KONE, our customers and our suppliers. A breach of sensitive employee or customer data may result in significant penalties as well as reputational damage. Such incidents could be caused by, including, but not limited to, cyber-crime, cyber-attacks, ransomware, information theft, fraud, or inadvertent actions from our employees and suppliers. Physical damage caused by fire, extreme weather conditions, natural catastrophes or terrorism, among other things, could also cause business interruption for KONE or its suppliers. KONE places a very strong emphasis on employee safety. Certain worker groups, especially those working on construction or maintenance sites, face elevated
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16 | Q3 exposure to occupational hazards due to the nature of their work. Financial risks The majority of KONE’s sales and financial results are denominated in currencies other than the euro, which exposes KONE to risks arising from foreign exchange rate fluctuations. KONE is also exposed to counterparty risks related to financial institutions, through the significant amounts of liquid funds deposited with financial institutions, in the form of financial investments and in derivatives. Additionally, KONE is exposed to risks related to liquidity and payment discipline of its customers, which may impact cash flow or lead to credit losses, especially in China. Significant changes in local financial or taxation regulation could also have an impact on KONE’s financial performance, liquidity, and cash flow. For further information on financial risks, please refer to the notes in the consolidated Financial Statements. As part of the planned TKE transaction, KONE has secured EUR 14.3 billion committed financing facilities to fund the cash component of the consideration and the refinancing of the majority of TKE’s interest-bearing net debt. This exposes KONE to foreign exchange and interest rate risks, which are mitigated through hedging instruments. KONE has entered into deal contingent forward contracts to hedge against currency fluctuation related to the USD refinancing of TKE’s USD-denominated debt and to lock in interest rates.
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17 | Q3 Decisions of the Annual General Meeting KONE Corporation held an Annual General Meeting in Helsinki on March 5, 2026. The meeting approved the financial statements and the Remuneration Report and discharged the Members of the Board and the President and CEO from liability for the financial period January 1–December 31, 2025. The number of Members of the Board of Directors was confirmed as eight. Banmali Agrawala, Matti Alahuhta, Susan Duinhoven, Marika Fredriksson, Antti Herlin, Jussi Herlin and Timo Ihamuotila were re-elected as Members of the Board. Anna Herlin was elected as a new Member of the Board. At its meeting held after the Annual General Meeting, the Board of Directors of KONE Corporation elected from among its members Antti Herlin as its Chairman and Jussi Herlin as Vice Chair. Marika Fredriksson was elected as Chair of the Audit Committee and Susan Duinhoven, Jussi Herlin and Timo Ihamuotila as members of the Audit Committee. Marika Fredriksson, Susan Duinhoven and Timo Ihamuotila are independent of both the company and of significant shareholders. Timo Ihamuotila was elected as Chair of the Nomination and Compensation Committee and Susan Duinhoven, Antti Herlin and Jussi Herlin as members of the Nomination and Compensation Committee. Timo Ihamuotila and Susan Duinhoven are independent of both the company and of significant shareholders. The General Meeting confirmed an annual compensation of EUR 220,000 for the Chairman of the Board, EUR 125,000 for the Vice Chairman and EUR 110,000 for Board Members. Of the annual compensation 40 percent will be paid in class B shares of KONE Corporation and the rest in cash. In addition, the General Meeting confirmed a separate annual compensation to the members of the board committees: Chairman of the Audit Committee: EUR 20,000 and members of the Audit Committee: EUR 10,000, and Chairman of the Nomination and Compensation Committee: EUR 20,000 and members of the Nomination and Compensation Committee: EUR 10,000. The annual compensation of the members of the board committees is paid in cash. In addition, it was resolved that annual compensation is not paid to a Board Member who is employed by the company. The General Meeting approved the authorization of the Board of Directors to repurchase KONE's own shares. Altogether no more than 52,930,000 shares may be repurchased, of which no more than 7,620,000 may be class A shares and 45,310,000 class B shares. The authorization will be valid until the conclusion of the following Annual General Meeting, however, at the latest until 30 June 2027. Furthermore, the General Meeting authorized the Board of Directors to decide on the issuance of shares as well as the issuance of options and other special rights entitling to shares referred to in Chapter 10, Section 1 of the Limited Liability Companies Act. The number of shares to be issued based on this authorization shall not exceed 7,620,000 class A shares and 45,310,000 class B shares. The Board of Directors was authorized to decide on all the conditions of the issuance of shares and of special rights entitling to shares. The authorization concerns both the issuance of new shares as well as the transfer of treasury shares either for consideration or without consideration. The issuance of shares and of special rights entitling to shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue), if there is a weighty financial reason for the company, such as using shares as consideration in potential corporate acquisitions or other arrangements related to the company's business, financing investments, developing the company's capital structure, or implementing the company's incentive schemes, however so that the Board of Directors may issue up to a maximum of 4,531,000 class B shares as part of the company's incentive schemes, which corresponds to approximately 0.86 percent of all the shares in the company. The authorization will be valid until the conclusion of the following Annual General Meeting, however, at the latest until 30 June 2027. Audit firm Ernst & Young Oy was re-elected as the auditor for the term 2026. Ernst & Young Oy was also elected as the company's sustainability reporting assurer for the term 2026.
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18 | Q3 Decisions of the Extraordinary General Meeting KONE Corporation held an Extraordinary General Meeting in Helsinki on June 3, 2026. The General Meeting approved the proposed resolutions related to the acquisition of TKE: an authorization to issue class B shares and the election of two new members to the Board of Directors. The General Meeting authorized the Board of Directors to resolve, on one or several occasions, upon the issuance of up to a maximum of 270,000,000 new class B shares in deviation from the shareholders' pre-emptive rights (directed share issue). The authorization may be used only for the issuance of the share consideration to the seller in connection with the acquisition of all shares in Vertical Topco II S.A. pursuant to the terms of the Share Purchase Agreement. The Board of Directors was authorized to decide on all other terms relating to the issuance of new class B shares, including the issuance of class B shares against consideration in kind or set-off. The authorization is valid until June 3, 2031 and does not revoke the authorization to resolve upon a share issue granted to the Board of Directors by the Annual General Meeting held on March 5, 2026. Furthermore, the General Meeting resolved to increase the number of Members of the Board of Directors from eight to ten. Ranjan Sen and Bruno Schick were elected as new Members of the Board. The resolutions regarding the increase in the number of Members of the Board and the election of the new Members are conditional upon the completion of the transaction, i.e., the resolutions will enter into force on the date on which completion of the transaction occurs. The current eight Members of the Board elected by the Annual General Meeting on March 5, 2026, Banmali Agrawala, Matti Alahuhta, Susan Duinhoven, Marika Fredriksson, Anna Herlin, Antti Herlin, Jussi Herlin and Timo Ihamuotila, will continue in their positions until the conclusion of the next Annual General Meeting. Share-based incentive plans KONE has two separate share-based incentive structures, a performance-based long-term incentive plan structure and a restricted share plan structure. The performance-based long-term incentive plan structure emphasizes profitable growth and sustainability. It consists of annually commencing individual share plans, each with a three-year rolling performance period. The plans vest and are delivered in one portion after the three years, based on accumulated outcomes of each performance year. If the participant's employment or service relationship with KONE Group terminates before the end of the performance period, the participant, as a rule, forfeits the share award without compensation. The target group and targets for each annually commencing long-term incentive plan as well as the rewards are decided upon annually by the Board. As a part of the long-term incentive plan for the top management, a long-term target for their ownership has been set. For the Executive Board members, the long-term ownership target is that the members have an ownership of KONE shares corresponding to at least five years’ annual base salary. For other selected top management positions, the ownership target is at least two years’ base salary. For the performance period 2026-2028, the plan includes approximately 600 top leaders and selected key employees, including the President and CEO and members of the Executive Board. The performance criteria applied to the year 2026 are based on adjusted EBIT margin, sales growth (jointly 80%) and a sustainability index (20%), which measures progress in diversity, carbon emission reduction, safety performance and cybersecurity. The restricted share plan structure serves as a complementary incentive structure used as a commitment instrument for retention and recruitment purposes for top management (excluding the President and CEO) and other selected key employees. The restricted share plan structure does not have a performance condition. Each annually commencing plan has a commitment period of up to three years, after which the potential share awards will be paid to the participant, provided that their employment or service relationship with KONE Group is in force at the time of payment. On 28 April 2026, the Board of Directors decided on a new tranche under the Restricted Share Plan 2026 to support the completion of the TKE transaction announced on 29 April 2026. Pursuant to the share-based incentive plan rules, the potential rewards are settled as a combination of KONE class B shares and/or cash when the criteria set in the terms and conditions for the plan are met. The number of shares earned by participants under the share-based incentive plans are determined on a gross basis with a deduction for taxes made when applicable before the delivery of the shares to the participants. Share-based incentive plans are classified as equity settled transactions.
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19 | Q3 Shares and share capital Share capital and market capitalization Sep 30, 2026 Dec 31, 2025 Number of class B shares 453,187,148 453,187,148 Number of class A shares 76,208,712 76,208,712 Total shares 529,395,860 529,395,860 Treasury shares 11,112,228 11,537,238 Share capital, EUR 66,174,483 66,174,483 Accounting par value 0.125 0.125 Market capitalization, MEUR ¹ 26,526 31,362 ¹ Market capitalization is calculated on the basis of both the listed B shares and the unlisted A shares excluding treasury sha res. Class A shares are valued at the closing price of the class B shares at the end of the reporting period. Treasury shares 1–9/2026 Treasury shares at the beginning of the period 11,537,238 Changes in treasury shares during the period -425,010 Treasury shares at the end of the period 11,112,228 At the end of September 2026, the Group’s parent company KONE Oyj had 11,112,228 class B treasury shares. The treasury shares represent 2.5% of the total number of class B shares. This corresponds to 0.9% of the total voting rights. Shares traded on Nasdaq Helsinki 1–9/2026 1–9/2025 1–12/2025 Shares traded on the Nasdaq Helsinki Ltd., millions 137.9 97.2 128.6 Average daily trading volume 733,616 517,213 514,342 Volume-weighted average share price EUR 53.84 53.07 54.36 Highest share notation EUR 64.42 58.76 60.82 Lowest share notation EUR 46.22 45.42 45.42 Share notation at the end of the period EUR 51.18 58.00 60.56 In addition to the Nasdaq Helsinki Ltd., KONE’s class B share is traded on various alternative trading platforms. The number of registered shareholders was 104,866 at the beginning of the review period and 120,014 at its end. The number of private households holding shares totaled 115,042 at the end of the period, which corresponds to approximately 12.0% of the listed B shares. At the end of September 2026, a total of 50.1% of the B shares were owned by nominee-registered and non-Finnish investors.
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20 | Q3 Market outlook 2026 (updated) Activity in the New Building Solutions market is expected to vary regionally in 2026. The market is expected to grow slightly in North America and in Europe. In Asia-Pacific, Middle East and Africa, activity is expected to grow clearly. In China, the market is expected to decline significantly. Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings. Service markets are expected to grow clearly in Asia-Pacific, Middle East and Africa and grow slightly in other regions. Business outlook 2026 (specified) KONE expects its sales to grow 4-6% at comparable exchange rates in 2026 and its adjusted EBIT margin to be in the range of 12.5-12.9%. Assuming that foreign exchange rates remain at the October 2026 level, the impact of foreign exchange rates on the adjusted EBIT margin would be limited. Key drivers for sales growth are the positive outlook for Service and Modernization and the solid order book. The declining New Building Solutions market in China is a headwind. The key drivers of EBIT margin expansion are sales growth in Service and Modernization and increased contribution from performance initiatives. The challenging New Building Solutions market in China is expected to impact profitability negatively. Geopolitical tensions are adding to inflationary pressure. KONE previously expected its sales to grow 3-6% at comparable exchange rates in 2026 and its adjusted EBIT margin to be in the range of 12.3- 13.0%. The impact of foreign exchange rates on the adjusted EBIT margin was expected to be limited, assuming rates remained at the July 2026 level. Helsinki, October 27, 2026 KONE Corporation’s Board of Directors North America Europe Asia-Pacific, Middle East and Africa China New Building Solutions in units + + ++ --- Service in units + + ++ + Modernization in monetary value +++ ++ +++ +++ – – – Significant decline (>10%), – – Clear decline (5–10%), – Slight decline (<5%), Stable, + Slight growth (<5%), ++ Clear growth (5–10%), +++ Significant growth (>10%)
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21 | Q3 Interim financial statements Consolidated statement of income MEUR 7–9/2026 % 7–9/2025 % 1–9/2026 % 1–9/2025 % 1–12/2025 % Sales 2,906.0 2,762.0 8,552.0 8,284.4 11,245.2 Costs and expenses -2,481.7 -2,348.7 -7,354.6 -7,101.3 -9,589.2 Depreciation and amortization -85.3 -78.9 -253.1 -234.1 -319.9 Operating income 339.0 11.7 334.4 12.1 944.2 11.0 949.0 11.5 1,336.2 11.9 Financing income 28.5 -15.5 44.5 32.9 41.5 Financing expenses -11.6 -11.9 -38.1 -35.7 -49.7 Share of result of associated companies -0.3 - -0.5 - -1.2 Income before taxes 355.6 12.2 306.9 11.1 950.0 11.1 946.2 11.4 1,326.8 11.8 Taxes -83.6 -80.1 -223.3 -227.1 -334.8 Net income 272.0 9.4 226.9 8.2 726.8 8.5 719.1 8.7 991.9 8.8 Net income attributable to: Shareholders of the parent company 268.3 224.4 718.5 710.9 980.1 Non-controlling interests 3.8 2.5 8.3 8.2 11.9 Total 272.0 226.9 726.8 719.1 991.9 Earnings per share for profit attributable to the shareholders of the parent company, EUR Basic earnings per share, EUR 0.52 0.43 1.39 1.37 1.89 Diluted earnings per share, EUR 0.52 0.43 1.38 1.37 1.89 Consolidated statement of comprehensive income MEUR 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Net income 272.0 226.9 726.8 719.1 991.9 Other comprehensive income, net of tax: Translation differences -0.3 4.4 41.6 -193.8 -184.3 Net investment hedge of foreign subsidiaries -0.4 20.1 -4.9 30.3 28.8 Cash flow hedges 191.1 6.0 137.9 9.3 9.1 Items that may be subsequently reclassified to statement of income 190.4 30.5 174.6 -154.1 -146.5 Changes in fair value 7.8 -5.5 4.1 -8.4 -14.8 Remeasurements of employee benefits -13.8 -2.3 -17.5 -3.5 14.0 Items that will not be reclassified to statement of income -5.9 -7.8 -13.4 -11.9 -0.8 Total other comprehensive income, net of tax 184.5 22.8 161.1 -166.0 -147.3 Total comprehensive income 456.6 249.7 887.9 553.1 844.7 Total comprehensive income attributable to: Shareholders of the parent company 452.8 247.2 879.6 544.9 832.8 Non-controlling interests 3.8 2.5 8.3 8.2 11.9 Total 456.6 249.7 887.9 553.1 844.7
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22 | Q3 Condensed consolidated statement of financial position Assets, MEUR Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Non-current assets Goodwill 1,587.4 1,524.6 1,552.9 Other intangible assets 335.6 339.2 336.7 Tangible assets 943.4 879.5 942.5 Employee benefit assets I 12.8 13.5 13.9 Deferred assets ¹ I 32.5 - - Deferred tax assets II 384.2 352.1 365.7 Derivative assets ¹ I 161.2 - - Shares and other non-current assets I/II 140.1 194.0 158.9 Total non-current assets 3,597.2 3,302.8 3,370.6 Current assets Inventories II 960.7 869.3 843.1 Accounts receivable II 2,516.0 2,305.8 2,350.7 Deferred assets ¹ II 773.9 699.4 657.4 Income tax receivables II 178.8 146.3 102.9 Deposits and other current assets I 952.9 1,175.4 1,268.4 Derivative assets ¹ II 46.6 27.9 18.3 Cash and cash equivalents I 405.7 293.6 440.5 Total current assets 5,834.7 5,517.7 5,681.4 Total assets 9,431.9 8,820.5 9,052.0 Equity and liabilities, MEUR Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Equity 2,798.3 2,532.9 2,826.8 Non-current liabilities Loans and other interest-bearing liabilities I 516.7 496.2 514.6 Employee benefit liabilities I 171.5 154.2 158.7 Deferred tax liabilities II 128.5 92.4 102.4 Derivative liabilities I 6.4 - - Total non-current liabilities 823.1 742.8 775.6 Provisions II 202.7 152.2 176.4 Current liabilities Loans and other interest-bearing liabilities I 160.2 358.0 355.1 Advances received and deferred revenue II 2,086.0 1,938.3 1,965.2 Accounts payable II 1,154.6 977.0 967.6 Accruals ¹ II 2,011.0 1,925.1 1,827.7 Income tax payables II 165.5 167.1 138.8 Derivative liabilities ¹ II 30.3 27.2 18.8 Total current liabilities 5,607.7 5,392.6 5,273.1 Total equity and liabilities 9,431.9 8,820.5 9,052.0 Items designated " I " comprise interest-bearing net debt. Items designated " II " comprise net working capital. ¹ Derivative assets and liabilities have been reclassified from deferred assets and accruals, respectively.
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23 | Q3 Consolidated statement of changes in equity Attributable to the equity holders of the parent MEUR Share capital Share premium account Paid-up unrestricted equity reserve Fair value and other reserves Translation differences Remeasurements of employee benefits Retained earnings Non-controlling interests Total equity Jan 1, 2026 66.2 100.3 245.7 -31.1 -20.2 -91.2 2,527.6 29.4 2,826.8 Net income for the period - - - - - - 718.5 8.3 726.8 Other comprehensive income: Translation differences - - - - 41.6 - - - 41.6 Net investment hedge of foreign subsidiaries - - - - -4.9 - - - -4.9 Cash flow hedges - - - 137.9 - - - - 137.9 Changes in fair value - - - 4.1 - - - - 4.1 Remeasurements of employee benefits - - - - - -17.5 - - -17.5 Transactions with shareholders and non- controlling interests: Profit distribution - - - - - - -932.7 - -932.7 Change in non-controlling interests - - - - - - -0.9 -1.4 -2.3 Share-based compensation - - - - - - 18.6 - 18.6 Sep 30, 2026 66.2 100.3 245.7 110.9 16.4 -108.6 2,331.1 36.4 2,798.3 Attributable to the equity holders of the parent MEUR Share capital Share premium account Paid-up unrestricted equity reserve Fair value and other reserves Translation differences Remeasurements of employee benefits Retained earnings Non-controlling interests Total equity Jan 1, 2025 66.2 100.3 245.7 -25.3 135.3 -105.2 2,449.7 26.3 2,893.1 Net income for the period - - - - - - 710.9 8.2 719.1 Other comprehensive income: Translation differences - - - - -193.8 - - - -193.8 Net investment hedge of foreign subsidiaries - - - - 30.3 - - - 30.3 Cash flow hedges - - - 9.3 - - - - 9.3 Changes in fair value - - - -8.4 - - - - -8.4 Remeasurements of employee benefits - - - - - -3.5 - - -3.5 Transactions with shareholders and non- controlling interests: Profit distribution - - - - - - -931.9 - -931.9 Change in non-controlling interests - - - - - - -1.8 -4.4 -6.2 Share-based compensation - - - - - - 24.8 - 24.8 Sep 30, 2025 66.2 100.3 245.7 -24.4 -28.1 -108.7 2,251.8 30.1 2,532.9
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24 | Q3 Attributable to the equity holders of the parent MEUR Share capital Share premium account Paid-up unrestricted equity reserve Fair value and other reserves Translation differences Remeasurements of employee benefits Retained earnings Non-controlling interests Total equity Jan 1, 2025 66.2 100.3 245.7 -25.3 135.3 -105.2 2,449.7 26.3 2,893.1 Net income for the period - - - - - - 980.1 11.9 991.9 Other comprehensive income: Translation differences - - - - -184.3 - - - -184.3 Net investment hedge of foreign subsidiaries - - - - 28.8 - - - 28.8 Cash flow hedges - - - 9.1 - - - - 9.1 Changes in fair value - - - -14.8 - - - - -14.8 Remeasurements of employee benefits - - - - - 14.0 - - 14.0 Transactions with shareholders and non- controlling interests: Profit distribution - - - - - - -931.9 - -931.9 Change in non-controlling interests - - - - - - -1.8 -8.8 -10.6 Share-based compensation - - - - - - 31.6 - 31.6 Dec 31, 2025 66.2 100.3 245.7 -31.1 -20.2 -91.2 2,527.6 29.4 2,826.8
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25 | Q3 Condensed consolidated statement of cash flows MEUR 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Operating income 339.0 334.4 944.2 949.0 1,336.2 Change in net working capital -76.4 31.1 87.0 112.3 105.3 Depreciation and amortization 85.3 78.9 253.1 234.1 319.9 Cash flow from operations before financing items and taxes 347.9 444.4 1,284.3 1,295.5 1,761.3 Cash flow from financing items and taxes ¹ -41.7 -105.1 -283.3 -344.5 -445.3 Cash flow from operating activities 306.2 339.3 1,001.0 951.0 1,316.0 Cash flow from investing activities -36.8 -94.1 -111.4 -188.0 -284.0 Cash flow after investing activities 269.4 245.2 889.6 762.9 1,032.0 Profit distribution - -0.6 -932.7 -931.9 -931.9 Change in deposits and loans receivable, net -259.2 -280.6 333.3 19.3 -51.6 Change in loans payable and other interest-bearing debt -46.9 -30.8 -330.7 -105.2 -150.0 Changes in non-controlling interests 2.7 0.0 -4.1 -1.3 -6.0 Cash flow from financing activities -303.4 -312.0 -934.2 -1,019.2 -1,139.5 Change in cash and cash equivalents -34.0 -66.8 -44.6 -256.2 -107.5 Cash and cash equivalents at beginning of period 440.1 359.5 440.5 576.0 576.0 Translation difference -0.3 0.9 9.8 -26.2 -28.0 Cash and cash equivalents at end of period 405.7 293.6 405.7 293.6 440.5 In January–September 2026, repayments of lease liabilities included in cash flow from financing activities were EUR 119.7 (1–9/2025: 113.4) million and interest payments of lease liabilities included in cash flow from financing items and taxes were EUR 22.1 (20.3) million. ¹ Cash flow from financing items includes EUR 31.1 million paid fees for the committed funding of the TKE transaction.
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26 | Q3 Notes to the interim report Accounting principles KONE Corporation’s interim report for January– September 2026 has been prepared in line with IAS 34, ‘Interim Financial Reporting’ and should be read in conjunction with KONE’s financial statements for 2025, published on February 6, 2026. KONE has applied the same accounting principles in the preparation of this interim report as in its financial statements for 2025 except for accounting of cost of hedging and commitment and facility fees. KONE has previously recognized hedging costs directly in the consolidated statement of income. In 2026, KONE revised its accounting policy to recognize cost of hedging, including changes in forward points and contingency premiums related to deal-contingent hedges, in other comprehensive income (OCI) and to accumulate such amounts in a separate Cost of hedging reserve within equity. Amounts accumulated in the Cost of hedging reserve are reclassified to profit or loss when the hedged cash flows affect profit or loss. This aligns hedging costs with the hedged item, improving transparency in the presentation of risk management activities. A dedicated Cost of hedging reserve is included in reserves under Fair value and other reserves in the consolidated statement of changes in equity. Given the immaterial impact of the cost of hedging accounting treatment on prior periods, comparative periods have not been restated. In addition, KONE has adopted the following accounting policy for facility and commitment fees related to committed funding arrangements. Fees incurred in securing loan facilities are capitalized when it is probable that the facilities will be drawn down. Such fees are recognized as prepayment for liquidity services and amortized over the contractual term of the related facility. KONE has extended the use of cash flow hedge accounting to cover deal contingent hedging instruments, which are used to mitigate new financial risks arising from the TKE transaction. For further information, refer to note Financial risks and instruments below. In applying cash flow hedge accounting, management exercises significant judgement in assessing whether the hedged cash flows are highly probable. Based on a comprehensive assessment of the financing strategy for the TKE transaction, management has concluded that the foreign currency cash flows are highly probable. These cash flows are expected to arise as a direct and necessary consequence of reaching the desired capital structure and financing terms. The information presented in this interim report has not been audited. Significant events during the reporting period The announced TKE transaction has impacted KONE’s financial result and other comprehensive income in 2026 through costs related to the planned acquisition as well as fair value changes related to hedging of the planned financing structure. Further information is provided in the note Financial risks and instruments. Key figures 1–9/2026 1–9/2025 1–12/2025 Basic earnings per share EUR 1.39 1.37 1.89 Diluted earnings per share EUR 1.38 1.37 1.89 Equity per share EUR 5.33 4.83 5.40 Interest-bearing net debt ¹ MEUR -716.1 -479.5 -699.8 Equity ratio % 38.1 36.8 39.9 Gearing % -25.6 -18.9 -24.8 Return on equity % 34.5 35.3 34.7 Return on capital employed % 27.2 27.1 26.9 Total assets MEUR 9,431.9 8,820.5 9,052.0 Assets employed MEUR 2,082.3 2,053.3 2,127.0 Net working capital (including financing and tax items) ¹ MEUR -876.3 -818.0 -797.6 The calculation formulas of key figures are presented in KONE's Financial Statements for 2025. ¹ Interest-bearing net debt includes non-current deferred assets of EUR 32.5 million, non-current derivative assets of EUR 161.2 million and non-current derivative liabilities of EUR 6.4 million, all related to the TKE transaction. Other derivatives arising from operational activities, presented within current assets and liabilities, are included in net working capital.
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27 | Q3 Alternative performance measure KONE reports an alternative performance measure, adjusted EBIT, to enhance the comparability of business performance between reporting periods. Adjusted EBIT is calculated by excluding from EBIT items affecting comparability such as significant restructuring costs and income and expenses incurred outside the ordinary course of business of KONE. In January–September 2026, items affecting comparability amounted to EUR 88.3 million consisting of EUR 48.5 million costs relating to the TKE transaction as well as costs related to restructuring and the resettlement of a defined benefit pension plan. Reconciliation of alternative performance measure 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Operating income MEUR 339.0 334.4 944.2 949.0 1,336.2 Operating income margin % 11.7 12.1 11.0 11.5 11.9 Items affecting comparability MEUR 30.0 6.3 88.3 18.3 33.1 Adjusted EBIT MEUR 369.0 340.7 1,032.5 967.4 1,369.3 Adjusted EBIT margin % 12.7 12.3 12.1 11.7 12.2
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28 | Q3 Quarterly figures Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 1/0/1900 Orders received MEUR 2,292.9 2,562.3 2,331.4 2,253.4 2,139.5 2,316.2 2,378.4 Order book ¹ MEUR 9,804.6 9,630.8 9,208.6 8,693.0 8,717.7 8,577.3 9,116.2 Sales MEUR 2,906.0 2,937.6 2,708.3 2,960.8 2,762.0 2,850.1 2,672.3 Operating income MEUR 339.0 322.2 283.0 387.1 334.4 338.0 276.7 Operating income margin % 11.7 11.0 10.4 13.1 12.1 11.9 10.4 Adjusted EBIT ² MEUR 369.0 369.9 293.6 401.9 340.7 347.2 279.6 Adjusted EBIT margin ² % 12.7 12.6 10.8 13.6 12.3 12.2 10.5 Items affecting comparability MEUR 30.0 47.7 10.6 14.8 6.3 9.2 2.8 Q4/2024 Q3/2024 Q2/2024 Q1/2024 Q4/2023 Q3/2023 Q2/2023 Q1/2023 Orders received MEUR 2,119.0 2,076.6 2,327.6 2,235.7 2,049.2 1,989.9 2,275.5 2,263.1 Order book MEUR 9,058.6 9,001.2 9,326.6 9,133.0 8,715.7 8,839.5 9,041.9 9,176.2 Sales MEUR 2,975.6 2,753.6 2,801.0 2,568.2 2,809.9 2,749.9 2,835.9 2,556.6 Operating income MEUR 332.5 319.4 334.7 262.4 362.1 316.5 283.2 238.3 Operating income margin % 11.2 11.6 11.9 10.2 12.9 11.5 10.0 9.3 Adjusted EBIT ² MEUR 386.5 319.4 334.7 262.4 358.6 315.9 332.0 241.9 Adjusted EBIT margin ² % 13.0 11.6 11.9 10.2 12.8 11.5 11.7 9.5 Items affecting comparability MEUR 54.0 - - - -3.6 -0.5 48.8 3.6 Q4/2022 Q3/2022 Q2/2022 Q1/2022 Q4/2021 Q3/2021 Q2/2021 Q1/2021 Orders received MEUR 1,944.2 2,155.5 2,609.0 2,422.6 2,155.1 2,211.1 2,410.7 2,075.9 Order book MEUR 9,026.1 9,890.5 10,000.4 9,255.4 8,564.0 8,436.9 8,272.5 8,180.4 Sales MEUR 2,911.5 2,998.2 2,555.1 2,441.9 2,766.8 2,610.0 2,810.8 2,326.4 Operating income MEUR 367.1 303.9 189.0 171.1 351.9 326.5 367.1 249.8 Operating income margin % 12.6 10.1 7.4 7.0 12.7 12.5 13.1 10.7 Adjusted EBIT ² MEUR 365.0 305.8 209.3 196.5 359.4 326.5 374.0 249.8 Adjusted EBIT margin ² % 12.5 10.2 8.2 8.0 13.0 12.5 13.3 10.7 Items affecting comparability MEUR -2.1 1.9 20.3 25.4 7.5 - 7.0 - Q4/2020 Q3/2020 Q2/2020 Q1/2020 Q4/2019 Q3/2019 Q2/2019 Q1/2019 Orders received MEUR 2,068.7 1,931.7 2,075.4 2,109.3 1,988.3 2,007.3 2,310.1 2,094.1 Order book MEUR 7,728.8 7,914.4 8,307.3 8,386.4 8,051.5 8,399.8 8,407.1 8,454.7 Sales MEUR 2,621.2 2,587.0 2,532.1 2,198.3 2,684.6 2,557.6 2,540.8 2,198.8 Operating income MEUR 367.1 333.1 315.5 197.2 356.4 314.2 306.5 215.4 Operating income margin % 14.0 12.9 12.5 9.0 13.3 12.3 12.1 9.8 Adjusted EBIT ² MEUR 380.6 339.8 324.6 205.6 367.5 321.9 319.6 228.4 Adjusted EBIT margin ² % 14.5 13.1 12.8 9.4 13.7 12.6 12.6 10.4 Items affecting comparability MEUR 13.5 6.7 9.1 8.4 11.1 7.7 13.1 13.1 ¹ Comparison period 2025 has been restated. More information is available in the Other notes section. ² Operating income excluding items affecting comparability.
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29 | Q3 Other notes Net working capital, MEUR Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Inventories 960.7 869.3 843.1 Advances received and deferred revenue -2,086.0 -1,938.3 -1,965.2 Accounts receivable 2,516.0 2,305.8 2,350.7 Deferred assets and income tax receivables ¹ ² 952.7 845.7 760.4 Accruals and income tax payables ¹ ² -2,176.6 -2,092.2 -1,966.5 Provisions -202.7 -152.2 -176.4 Accounts payable -1,154.6 -977.0 -967.6 Other non-current assets 42.1 60.4 60.9 Net derivative assets and liabilities ¹ ² 16.3 0.8 -0.5 Net deferred tax assets and liabilities 255.7 259.7 263.4 Total -876.3 -818.0 -797.6 Change in interest-bearing net debt, MEUR ¹ 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Interest-bearing net debt at beginning of period -245.5 -300.4 -699.8 -831.2 -831.2 Interest-bearing net debt at end of period -716.1 -479.5 -716.1 -479.5 -699.8 Change in interest-bearing net debt -470.6 -179.1 -16.3 351.7 131.4 ¹ Interest-bearing net debt includes non-current deferred assets of EUR 32.5 million, non-current derivative assets EUR 161.2 million and non- current derivative liabilities of EUR 6.4 million, all related to the TKE transaction. Other derivatives arising from operational activities, presented within current assets and liabilities, are included in net working capital. ² Derivative assets and liabilities have been reclassified from deferred assets and accruals, respectively . Depreciation and amortization, MEUR 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Depreciation and amortization of fixed assets 72.3 66.6 214.8 197.3 266.7 Amortization of acquisition-related intangible assets 12.9 12.4 38.3 36.8 53.2 Total 85.3 78.9 253.1 234.1 319.9 Key exchange rates 1–9/2026 1–9/2025 Average rate End rate Average rate End rate Chinese yuan EUR/CNY 7.9301 7.6130 8.0270 8.3591 US dollar EUR/USD 1.1615 1.1355 1.1129 1.1741 British pound EUR/GBP 0.8646 0.8546 0.8480 0.8734 Indian rupee EUR/INR 108.8855 108.8205 96.3369 104.2548 Australian dollar EUR/AUD 1.6589 1.6297 1.7431 1.7760
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30 | Q3 Service repair sales previously reported under the Modernization business have been reclassified to the Service business. Accordingly, the comparison period 2025 has been restated in certain business entities to align local practices with global standards and to better reflect the underlying nature of the business. Service repair sales restatement for 2025, MEUR Q1/2025 Q2/2025 Q3/2025 Q4/2025 1-12/2025 Order book, previously reported 9,253.2 8,699.4 8,839.2 8,804.3 8,804.3 Order book, restated 9,116.2 8,577.3 8,717.7 8,693.0 8,693.0 Sales, previously reported New Building Solutions 929.0 1,070.9 1,020.2 1,077.6 4,097.7 Service 1,188.7 1,181.4 1,168.4 1,215.1 4,753.6 Modernization 554.6 597.8 573.4 668.2 2,394.0 Total 2,672.3 2,850.1 2,762.0 2,960.8 11,245.2 Sales, restated New Building Solutions 929.0 1,070.9 1,020.2 1,077.6 4,097.7 Service 1,259.2 1,257.3 1,241.8 1,296.3 5,054.6 Modernization 484.1 521.9 500.0 586.9 2,092.9 Total 2,672.3 2,850.1 2,762.0 2,960.8 11,245.2 Financial risks and instruments In the second quarter of 2026, KONE signed a share purchase agreement to combine with TKE. The transaction is expected to close no earlier than Q2 2027, subject to regulatory approvals. KONE has secured committed funding of EUR 14.3 billion and has entered into deal-contingent foreign currency and interest rate hedging arrangements to hedge risks associated with the financing package. Cash flow hedge accounting is applied to these instruments. Information on the hedging instruments is presented in the tables below. Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Fair values of derivatives, MEUR Positive fair value Negative fair value Fair value, net Fair value, net Fair value, net Foreign exchange derivatives, current in cash flow hedge accounting 28.2 -17.9 10.2 -1.1 -1.8 in net investment hedge accounting - -8.3 -8.3 0.0 1.0 not in hedge accounting 18.4 -4.1 14.4 1.9 2.3 Foreign exchange derivatives, non-current in cash flow hedge accounting - -6.4 -6.4 - -2.0 Interest rate derivatives, non-current in cash flow hedge accounting 161.2 - 161.2 - - Nominal values of derivatives, MEUR Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Foreign exchange forward contracts and swaps 7,336.0 2,722.2 2,727.8 Interest rate swaps 6,403.3 - - Total 13,739.3 2,722.2 2,727.8
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31 | Q3 Changes in level 3 financial derivatives measured at fair value, MEUR 7-9/2026 7-9/2025 1-9/2026 1-9/2025 1-12/2025 Fair value at beginning of period -79.7 - - - - Fair value at end of period 154.8 - 154.8 - - Change in fair value 234.5 - 154.8 - - Cash flow hedge reserve, MEUR ¹ Cost of hedging reserve Reserve for cash flow hedges foreign currency derivatives Reserve for cash flow hedges interest rate swaps Total, net of tax Balance as of Jan 1, 2025 - -17.8 - -15.4 Gains/losses incurred during the year - 18.7 - 18.7 Reclassifications included in profit or loss - -9.2 - -9.2 Change in deferred taxes on cash flow hedge reserve - - - -0.3 Balance as of Sep 30, 2025 - -8.3 - -6.1 Gains/losses incurred during the year - 0.4 - 0.4 Reclassifications included in profit or loss - -0.4 - -0.4 Change in deferred taxes on cash flow hedge reserve - - - -0.2 Balance as of Dec 31, 2025 - -8.3 - -6.3 Gains/losses incurred during the year - 18.8 220.8 239.6 Hedging costs deferred and recognized in OCI -65.9 - - -65.9 Reclassifications included in profit or loss - -3.7 - -3.7 Change in deferred taxes on cash flow hedge reserve - - - -32.1 Balance as of Sep 30, 2026 -65.9 6.9 220.8 131.6 ¹ Cash flow hedge reserve within Fair value and other reserves in equity. The fair values of foreign exchange forward contracts and swaps are measured based on price information derived from active markets and commonly used valuation methods (fair value hierarchy level 2), whereas the deal contingent interest rate and foreign exchange derivatives related to transaction-specific funding arrangements are measured using valuation techniques incorporating significant unobservable inputs (fair value hierarchy level 3). The fair values are presented on the balance sheet on a gross basis and can be set off on conditional terms. No collaterals or pledges have been given as a security against any liabilities or received against any assets arising from derivatives or other financial instruments. Financial contracts are executed only with counterparties that have high credit ratings. The credit risk of these counterparties as well as the present creditworthiness of KONE are considered when calculating the fair values of outstanding financial assets and liabilities. Of the total fair value of derivative financial instruments, EUR 161.2 million relates to interest rate derivatives and EUR -6.4 million relates to foreign exchange derivatives, both classified within fair value hierarchy level 3. The valuation of these instruments is subject to estimation uncertainty, as the timing of the closing of the TKE transaction is unknown, requiring management to apply significant judgement in determining the expected timing of the underlying transaction, which determines the points on the observable interest rate and foreign exchange forward curves applied in the valuation. Management has assumed transaction to close no earlier than Q2 2027. The closing date of the acquisition will also impact the actual cost of hedging (contingency premiums). A one-year reduction in the assumed time horizon would have resulted in the fair value of the derivative contracts being approximately EUR 28.9 million higher, with all other assumptions held constant. Investments Shares and other non-current assets include a 19.9% holding in Toshiba Elevator and Building Systems Corporation (TELC). TELC is an investment in equity instruments that does not have a quoted price in an active market. Investments also include other non- current financial assets which involve smaller holdings in other companies without public quotation. The shares are classified as investments measured at fair value through other comprehensive income and the fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3.
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32 | Q3 Commitments Commitments include guarantees issued by banks and financial institutions for obligations arising in the ordinary course of business of KONE companies up to a maximum of EUR 2,183.1 (December 31, 2025: 1,735.4) million as of September 30, 2026. Events after the reporting period There were no significant events after the reporting period.
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33 | Q3 KONE Corporation Corporate Offices Keilasatama 3 P.O. Box 7 FI-02150 Espoo Finland Tel. +358 (0)204 751 www.kone.com For further information please contact: Natalia Valtasaari Vice President, Investor Relations Tel. +358 (0)204 75 4705 This report contains forward-looking statements that are based on the current expectations, known factors, decisions and plans of the management of KONE. Although the management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions as well as fluctuations in exchange rates.