KONE Oyj. (OTCPK:KNYJF) Q1 2025 Earnings Conference Call April 30, 2025 3:30 AM ET
Company Participants
Natalia Valtasaari – Head, IR
Philippe Delorme – President & CEO
Ilkka Hara – CFO
Conference Call Participants
John Kim – Deutsche Bank
Michael Harleaux – Morgan Stanley
Daniela Costa – Goldman Sachs
Vivek Midha – Citi
Benjamin Heelan – Bank of America
Delphine Brault – ODDO
Vlad Sergievskii – Barclays
Rizk Maidi – Jefferies
Mikael Doepel – Nordea
Natalia Valtasaari
Good morning, and welcome to KONE’s First Quarter Results Webcast. My name is Natalia Valtasaari. I’m Head of Investor Relations here at KONE, and I’m very pleased to be joined by Philippe Delorme.
Philippe Delorme
Good morning.
Natalia Valtasaari
Our CEO; and Ilkka Hara, our CFO. So as usual, Philippe will start by giving you an overview of the key developments in the quarter, focusing on business highlights, financials and strategy execution. And then Ilka will take over, talk you through what we’re seeing in the market, a bit more detail on the financials and our outlook for this year. And then we’ll move on to your questions. [Operator Instructions]. But with that, Philippe, please.
Philippe Delorme
Thank you, Natalia, and good morning, everyone. I’m glad to be here today presenting our results for the first quarter of 2025. Let me start by saying that we had a very good start of the year, both in terms of financial performance and strategy execution, and of course, the things come together. We delivered strong growth again in both service and modernization. Modernization, in particular, had an outstanding quarter with both orders and sales growing by nearly 20%.
From a geographical perspective, we saw good momentum in the Americas, Europe and Asia Pacific, Middle East and Africa. In China, orders declined by approximately 15%. New building market conditions remains very difficult
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