Continued Strong Momentum in the First Half of FY 2026: Sales up 4% to €4.5bn; EBITDA* up 11% to €776m, and Margin of 17.3% Announced Intention to Combine with Kone

Düsseldorf (Germany), May 7, 2026 – TK Elevator (TKE), a global leader in vertical transportation and urban mobility solutions reports continued strong momentum in the first half (H1) of financial year (FY) 2026 (the six months ended 31 March 2026). Strong financial performance driven by profitable sales growth and disciplined cost management, delivering margin improvements across all regions.

TK Elevator CEO Uday Yadav said: “These excellent results are another proof point of our progress over the last few years, the broad-based strength of TKE today, and our margin trajectory.

While we continued to successfully shift our mix toward service and modernization, we are also delivering growth in new installation sales, despite ongoing headwinds, especially in some Asian markets.

Our people are at the heart of TKE’s success, living our values and exceeding customer expectations every day. The strength of the culture we have created is testament to this.”

Driving Service and Modernization

Service and Modernization sales continued their structural growth in the first half, with both business lines now having delivered positive year-on-year growth in every single quarter for more than five years. Service sales increased 5% to €2.2 billion in H1, with improvements in all regions. This reflects the continued growth of the service portfolio to more than 1.4 million units under maintenance, as well as a further increased value per service unit. Modernization sales increased 7% to a new H1 high of €0.8 billion, driven by growth across all regions, led by a strong double- digit increase in TKE’s Europe Africa business unit.

Winning in the New Installation (NI) market

NI sales increased 1% to €1.5 billion, driven by a solid second quarter that marked a return to growth, in this line of business. Growth in the first half was led by a strong, double-digit performance in the Americas and the Middle East.

The second half of FY 2026 and beyond

Economic and political headwinds will continue through the second half, but the outlook in the Americas and across Europe Africa remains positive and prospects in certain Asian countries are exciting.

From a safety perspective, the company is monitoring the situation in the Middle East very closely. The wellbeing of the team is always of paramount importance at TKE. Commercially, it is largely business as usual in the Gulf, particularly in Saudi Arabia, where an 84% increase in NI orders was achieved in the first half of this year. TKE Alat, the company’s joint venture partnership in the region continues to be well positioned to capture the development super-cycle in the region.

By bringing together the company’s strong geographic positions and high-value portfolio, with targeted investments in capabilities, platforms, leadership, and high-growth segments, TKE will continue to truly Move Beyond.

Planned combination with KONE

After the period end, on April 29, 2026, TKE and KONE Corporation announced plans for a transformative business combination to create one of the world’s leading elevator and escalator companies. The planned union of two companies with long and distinguished histories, both at the top of their games, brings together complementary geographies, world-class service platforms and proven transformation capability.

As a result of the planned combination, customers would benefit from a broader and more innovative service and product offering, significantly expanded R&D investment, broader modernization capability, and an exceptional service network.

More than 100,000 employees would be able to grow and thrive in one of the world’s most ambitious and innovative industrial companies, with the reach and resources to develop and invest in people as well as products.

The combined group would serve customers across every major region in the world, with the capability, technology, and talent to raise the standards of elevator and escalator service globally. From the modernization of aging urban infrastructure to the intelligent connectivity of new buildings, its products would be positioned at the center of how cities move

Commenting at the time, on the planned combination, Uday Yadav, CEO of TKE said: “Four years ago, we set out to build something genuinely great – a business defined by operational excellence, customer trust, and the conviction that extraordinary people, given the right tools and leadership, will always outperform. What 50,000 colleagues have delivered with passion, pride and capability speaks for itself. As peers, we have deep respect for what KONE has built over more than a century. Together we would bring the very best of both companies to our customers, our people, and the cities we serve. The best of our story lies ahead.”

PRESS IMAGES
can be downloaded here (Source: TK Elevator).

PRESS CONTACT
Alastair Hetherington, Alastair.hetherington.external@tke.com, +49 153 346 05894
Amy Flécher, amy.flecher@tkelevator.com, +49 162 616 9953

ABOUT TK ELEVATOR
TK Elevator (TKE) is a global leader in vertical transportation and urban mobility. We provide engineering that keeps the world moving, including design, installation, and maintenance of elevators, escalators, walkways, lifts, passenger boarding bridges, stairlifts, platform lifts and home elevators – including multi-brand modernization and service any place, any time. With TK Elevator’s AI and digital solutions there are no longer any limits to urban mobility. TK Elevator became independent following its separation from the thyssenkrupp group in 2020. The company achieved sales of €9.2 billion in fiscal year 2025. With around 50,000 employees, 25,000 service technicians and over 1,000 support centers globally, we are moved by what moves people. TKE – Move Beyond.