Half Year 2024 Schindler Holding AG Earnings Call Transcript
Key Points
- Schindler Holding AG (SHLRF) reported a 7% improvement in net profit, marking six consecutive quarters of year-on-year improvement.
- The company achieved an 80-basis-point improvement in EBIT adjusting margin, driven by efficiency gains.
- The modular platform rollout is gaining traction, with 70% of units sold year-to-date based on this new product.
- The service portfolio is growing at over 5%, with more than a third of the portfolio now connected to the cloud, enabling digital services.
- Modernization order intake accelerated globally in Q2, growing by more than 5% for the first half of the year, particularly driven by China and Americas.
- The new installation market in China remains weak, with continued price pressure and no major recovery expected for at least 12 to 24 months.
- Asia Pacific, largely due to China's downturn, is experiencing softness in the market.
- The US market saw a high-single-digit decline in the first half of the year, with no growth expected for the full year.
- Persistent inflationary pressures, particularly wage inflation, continue to impact the company's financials.
- Operating cash flow in the second quarter was not satisfactory, burdened by higher tax payments and one-off payments.
Ladies and gentlemen, welcome to the Schindler conference call on half-year results 2024 and live webcast. I am [Sandra], the Chorus Call Operator. I would like to remind you that all participants have been in listen-only mode and the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Lars Brorson, Head of Investor Relations. Please go ahead, sir.
Thank you, Sandra. Good morning, ladies and gentlemen, and welcome to our first-half 2024 results conference call. Again, my name is Lars Brorson. I'm the Head of Investor Relations at Schindler. I'm here together with Silvio Napoli, our Chairman and CEO; Paolo Compagna, our COO; and Carla De Geyseleer, our CFO. Silvio will provide a brief overview of the key messages this quarter. Paolo will discuss our market outlook and our order intake in the quarter and the first half. And Carla will take us through the financials. After the presentation, we
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