Swiss elevator and escalator manufacturer Schindler has set expectations for its 2026 revenue to rise by low- to mid-single-digit percentages in local currency terms, projecting that recoveries in new installation activity across several markets will help offset tariff effects and ongoing pressure in China.
The company reported fourth-quarter sales of 2.79 billion Swiss francs, aligning with the average analyst forecast of 2.79 billion francs collected by Vara.
Schindler described a solid end to the year in the Americas and the Asia Pacific region, driven by growth in its new installations business in those areas. The company noted a notable exception in China, where the new installations segment contracted by more than 10% during 2025.
On China, Schindler pointed to the country's prolonged property sector difficulties. It cited a steep fall in new construction starts, which declined 20.4% in 2025 following a 23% drop the prior year.
Looking ahead to 2026, Schindler identified several headwinds that could weigh on results - volatile commodity prices, costs related to restructuring, and effects linked to its product mix. The company also highlighted broader market uncertainty, tariff impacts and specific pressures in the Chinese new installations market as potential drags.
On the upside, Schindler said it expects a number of levers to support performance during the 2026 financial year. Those include selective bolt-on mergers and acquisitions, disciplined pricing, and ongoing operational improvements. The company also cited growing demand in the modernisation segment and an anticipated recovery in new installations across key markets as supportive factors.
Schindler will propose a dividend of 6 francs per share and participation certificate, unchanged from the prior year. In addition, the company plans to propose an extraordinary dividend of 0.80 francs per share and participation certificate.
For currency context the company noted a conversion reference of $1 = 0.7659 Swiss francs.
Summary
Schindler predicts modest revenue growth in 2026, with recoveries in new installations outside China expected to offset tariff and China-related pressures. The firm reported Q4 sales that matched analyst expectations and flagged both risks and operational levers for the year ahead.
Key points
- 2026 revenue targeted to grow by low- to mid-single digits in local currencies, supported by recoveries in new installations in key markets.
- Q4 sales were 2.79 billion Swiss francs, in line with the average analyst forecast of 2.79 billion francs.
- China remained a specific area of weakness, with new installations down by more than 10% in 2025 amid a prolonged property sector downturn.
Risks and uncertainties
- Volatile commodity prices and one-off restructuring costs could pressure margins and overall results - impacting industrial manufacturing and construction sectors.
- Tariff effects, product-mix shifts and market uncertainty, together with the continued slump in Chinese new installations, present downside risk to revenue and installation activity - affecting global construction and real estate-linked demand.