TK Elevator reports strong business momentum and record FY 2024/2025 financial results: Growth in Service and Modernization drove adjusted EBITDA up 12% to a new high of €1.6bn

Düsseldorf, Germany, December 9, 2025 – TK Elevator (TKE), a global leader in vertical transportation and urban mobility, reports strong momentum in fiscal year 2024/2025 (the 12 months ended 30 September 2025), with record adjusted EBITDA and margin, and the achievement of important strategic milestones.

The strong financial performance was fuelled by profitable growth in TKE’s Service and Modernization business lines and disciplined cost management across all business units. In the New Installation business line, the continued roll-out of TKE’s flagship, eco-efficient and digitally native EOX elevator platform drove notable growth outside of China. In a challenging New Installation environment, total EOX order intake increased more than 50%.

TK Elevator CEO Uday Yadav said, “Despite a tough macro environment, we are pleased that our teams remained laser-focused on performing today and building for tomorrow. Alongside strong and record financial results with profit and margin improvements across all regions driven by Service and Modernization, we achieved New Installation growth in Europe and the targeted segment in North America driven by our EOX platform. We launched an advanced Service model in North America and continued to deploy our proprietary Branch Excellence methodology around the world to drive continuous improvement across our 400 branches. We opened a new world-class product competence center in Germany, expanded capacity in India and built additional capability in Brazil. We executed a major structural recalibration of our business in the rapidly changing China market, to accelerate our shift from New Installation toward Service and Modernization.

As a validation of our progress and potential, we attracted a strong strategic partner in ALAT, a PIF company, as a long-term important new TK Elevator shareholder. We and Alat also formed a strategic joint venture for the exciting high-growth market of Saudi Arabia and, more broadly, the MENA region.”

Reinforcing Service and Modernization growth and investing in best-in-class capabilities

There are over 22 million aging elevators and escalators globally, and TKE is continually investing and transforming to meet the growing maintenance, repair, and modernization needs of the world’s urban mobility infrastructure. In its Service and Modernization business lines, the company delivered 19 and 21 consecutive quarters of positive organic revenue growth and continued to invest in scaling leading Service capabilities.

• In its Service business line, the company advanced its digital transformation with Universal Service by TKE — a differentiated multi-brand platform designed to drive growth, productivity and value per elevator and escalator unit. The company expanded its global International Technical Services (ITS) network and opened a state-of-the-art spare parts center in Germany. In North America, TKE’s largest Service market, the next-generation delivery model has moved from design to deployment, geared toward driving superior customer experience and efficiency.
• In its Modernization business line, the company introduced EOX-based solutions and is implementing regionally tailored go-to-market strategies to capture structural market growth opportunity.
  
  

Winning in the New Installation market with TKE’s eco-efficient and digitally native EOX platform

Continuing investment and innovation in EOX, TKE’s global elevator platform for low- and mid-rise market segments, is driving growth in its New Installation business line. These market segments are high volume and account for two-thirds of overall market demand. In FY 2024/25, EOX order intake rose over 50%, driving positive New Installation growth in Europe Africa and the Americas. The EOX platform now represents 80% of TKE’s elevator order intake units in Europe Africa and 40% in the Americas.

Eco-efficient and digitally native, EOX positions the company to capture New Installation opportunities today and high-margin Service growth over time. The company also inaugurated a state-of-the-art product competence center in Esslingen, Germany, integrating EOX production, R&D, and service to accelerate time-to-market and boost productivity.

A significant partnership in Saudi Arabia and the MENA region establishing TKE’s leadership in the regional super cycle

In 2025 TKE and Alat, a Saudi Public Investment Fund (PIF) company, announced and brought into operation a €160 million joint venture, headquartered in Riyadh, Saudi Arabia. This significant partnership positions TKE at the center of Saudi Arabia’s vision for smart, sustainable cities and the country’s construction super cycle. Over time, TKE-Alat will manufacture elevators, escalators and moving walks locally for the domestic market and the wider MENA region.

Supported by a local product development center, it will be the first elevator and escalator manufacturing operation in Saudi Arabia by a global company, fully aligned with PIF’s economic-diversification agenda. TKE-Alat serves as the TKE sales and service entity in Saudi Arabia. TKE-Alat is an innovative platform for strong organic growth in one of the world’s most dynamic markets.

At the same time, Alat became a 15% shareholder in TKE, investing alongside existing shareholders and endorsing the company’s exciting future.

Uday Yadav, CEO of TK Elevator continued: “Thank you to everyone in the TKE team. Over the past three years our team has delivered a step-change in performance, lifting EBITDA margins over 400 basis points and increasing profits around 50% – driven by disciplined execution and a deep commitment to our customers.

As a team, we have truly Moved Beyond to demonstrate our value creation potential as we deliver on our purpose: Improving the quality of urban life around the world, through our passion for moving people.”

PRESS IMAGES
Can be downloaded here (Credits: TK Elevator).

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 2024/2025. 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.