Outlook

Business outlook 2024

(Based on KONE's Half-Year Financial Report for January-June 2024 published July 19, 2024)

KONE expects its sales to grow 0–4% at comparable exchange rates in 2024. Adjusted EBIT margin is expected to be in the range of 11.5%–12.2%. Assuming that foreign exchange rates remain at the July 2024 level, the negative impact of foreign exchange rates on the adjusted EBIT would be approximately EUR 10 million.

Key drivers for sales growth are positive outlook for Service and Modernization and the strong order book. Declining New Building Solutions market in China is a headwind.

The key profitability drivers are sales growth in Service and Modernization, improved margin coming through in deliveries outside China and savings from the operating model renewal. Persistent cost inflation and decision to slightly increase investments in R&D and IT are expected to impact profitability negatively.

Market outlook 2024

(Based on KONE's Half-Year Financial Report for January-June 2024 published July 19, 2024)

In the New Building Solutions market, activity is expected to be stable both in North America and in Europe. In Asia-Pacific, Middle East and Africa activity is expected to grow clearly. In China, market is expected to decline over 10% in units and price pressure to continue.

Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings.

Service markets are expected to grow slightly in the more mature markets and grow clearly in Asia-Pacific, Middle East and Africa and in China.

Business outlook 2024

(Based on Interim Report of KONE Corporation for January-March 2024 published April 24, 2024)

KONE expects its sales to grow 0–5% at comparable exchange rates in 2024. Adjusted EBIT margin is expected to be in the range of 11.5%–12.3%. Assuming that foreign exchange rates remain at the April 2024 level, the impact of foreign exchange rates on the adjusted EBIT would be limited.

Key drivers for sales growth are positive outlook for Service and Modernization and the strong order book. Declining New Building Solutions market in China is a headwind.

The key profitability drivers are sales growth in Service and Modernization, better pricing coming through in deliveries and savings from the operating model renewal. Persistent cost inflation and decision to slightly increase investments in R&D and IT are expected to impact profitability negatively.

Market outlook 2024

(Based on Interim Report of KONE Corporation for January-March 2024 published April 24, 2024)

In the New Building Solutions market, activity is expected to be stable both in North America and in Europe. In Asia-Pacific, Middle East and Africa activity is expected to grow clearly. In China, market is expected to decline close to 10% in units.

Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings.

Service markets are expected to grow slightly in the more mature markets and grow clearly in Asia-Pacific, Middle East and Africa and in China.

Business outlook 2024

(Based on KONE's Financial Statement Bulletin for January-December 2023 published January 26, 2024)

KONE expects its sales to be stable or to grow slightly at comparable exchange rates in 2024. The improvement in adjusted EBIT margin is expected to continue in 2024, albeit with less tailwinds than in 2023.

Key drivers for sales growth are positive outlook for Service and Modernization and the strong order book. Declining New Building Solutions market in China, and continued uncertainty in Europe and North America are headwinds.

The key profitability drivers are sales growth in Service and Modernization, better pricing coming through in deliveries and savings from the operating model renewal. Persistent cost inflation and decision to slightly increase investments in R&D and IT are expected to impact profitability negatively.

Market outlook 2024

(Based on KONE's Financial Statement Bulletin for January-December 2023 published January 26, 2024)

We have a positive market outlook for nine of our twelve end-markets.

Activity is expected to decline slightly both in North America and in Europe. In China, the New Building Solutions market is expected to decline clearly. In Asia-Pacific, Middle East and Africa activity is expected to grow clearly.

Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings.

Service markets are expected to grow slightly in the more mature markets and grow clearly in Asia-Pacific, Middle East and Africa and in China.

Business outlook 2023

(Based on KONE's Interim Report for January-September 2023 published October 25, 2023)

KONE expects its sales growth at comparable exchange rates for the year 2023 to be in the range of 3–6%. The adjusted EBIT margin is expected to be in the range of 11.0–12.0%. Assuming that foreign exchange rates remain at the October 2023 level, the negative impact of foreign exchange rates on the adjusted EBIT is expected to be approximately EUR 40 million.

KONE has a positive outlook for Service and Modernization, a strong order book and improved margins on orders received. Declining commodity costs are also expected to support the results.

The anticipated decline in China’s New Building Solutions market and persistent inflation are expected to burden performance. The softer New Building Solutions market environment in Europe and North America is also a headwind.

Market outlook 2023

(Based on KONE's Interim Report for January-September 2023 published October 25, 2023)

In China, the New Building Solutions market is expected to decline by approximately 10–15% during 2023. Policy actions are central to market recovery. In the rest of Asia-Pacific, activity is expected to grow clearly thanks to a continued positive outlook in India and Southeast Asia. Economic uncertainty and rising interest rates are impacting activity in the European and North American construction markets. In the EMEA region, activity is expected to decline clearly. In North America, activity is expected to decline significantly.

Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings.

Service markets are expected to grow slightly in the more mature markets and grow clearly in Asia-Pacific.

Business outlook 2023

(Based on KONE's Half-Year Financial Report for January-June 2023 published July 20, 2023)

KONE expects its sales growth at comparable exchange rates for the year 2023 to be in the range of 3–6%. The adjusted EBIT margin is expected to be in the range of 11.0–12.0%. Assuming that foreign exchange rates remain at the July 2023 level, the negative impact of foreign exchange rates on the adjusted EBIT is expected to be approximately EUR 50 million.

KONE has a positive outlook for services, a strong order book and improved margins on orders received in 2022. Easing commodity cost headwinds are also expected to support the results.

The anticipated decline in China’s new equipment market and wage inflation are expected to burden performance. The softer new equipment market environment in Europe and North America is also a headwind.

Market outlook 2023

(Based on KONE's Half-Year Financial Report for January-June 2023 published July 20, 2023)

In China, the new equipment market is expected to decline by approximately 10–15% during 2023. Policy actions are central to market recovery. In the rest of Asia-Pacific, activity is expected to grow clearly thanks to a continued positive outlook in India and Southeast Asia. Economic uncertainty and rising interest rates are impacting activity in the European and North American construction markets. In the EMEA region, activity is expected to decline clearly. In North America, activity is expected to decline significantly following a weak first half.

Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings.

Maintenance markets are expected to grow slightly in the more mature markets and grow clearly in Asia-Pacific.

Business outlook 2023

(Based on Interim Report of KONE Corporation for January-March 2023 published April 26, 2023.)

KONE expects its sales at comparable exchange rates for the year 2023 to be somewhat above the previous year. The adjusted EBIT margin is expected to start to recover due to improved margins on orders received in 2022 and continued solid performance in the service business.

The business outlook assumes that construction activity in China starts to recover towards the end of the first half as a result of the measures introduced to create stability in the property sector.

KONE has a positive outlook for services, a strong order book and improved margins on orders received in 2022. Easing commodity cost headwinds in Asia are also expected to support the results.

The anticipated decline in China’s new equipment market, increased component costs outside China and wage inflation are expected to burden performance. The softer market environment in Europe and North America is also a headwind.

Market outlook 2023

(Based on Interim Report of KONE Corporation for January-March 2023 published April 26, 2023.)

In China, the new equipment market is expected to decline by close to 10% during 2023. Activity is expected to start to recover towards the end of the first half as a result of the broad stimulus measures that have already been announced. In the rest of the world, activity is expected to grow clearly in Asia-Pacific excluding China and decline slightly in both the EMEA region and in North America.

Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings.

Economic uncertainty and rising interest rates may limit growth in construction activity, which could impact demand in the new equipment and modernization markets.

Maintenance markets are expected to grow slightly in the more mature markets and grow clearly in Asia-Pacific.

Business outlook 2023

(Based on Financial Statement Bulletin of KONE Corporation for January-December 2022 published January 26, 2023.)

KONE expects its sales at comparable exchange rates for the year 2023 to be at a similar level as in the previous year. The adjusted EBIT margin is expected to start to recover due to improved margins on orders received in 2022 and continued solid performance in the maintenance business.

The business outlook assumes that construction activity in China starts to recover towards the end of the first half as a result of the measures introduced to create stability in the property sector.

KONE has a positive outlook for services, a strong order book and improved margins on orders received in 2022. Easing commodity cost headwinds in Asia are also expected to support the results.

Headwinds for the 2023 results include slower order book rotation, the anticipated decline in China's new equipment market, as well as wage inflation and increasing component costs.

Market outlook 2023

(Based on Financial Statement Bulletin of KONE Corporation for January-December 2022 published January 26, 2023.)

In China, the new equipment market is expected to decline by somewhat over 10% during 2023. Property developers' access to financing is likely to remain constrained especially during the first quarter of the year, but markets are expected to start to recover towards the end of the first half as a result of the broad stimulus measures that have already been announced. In the rest of the world, activity is expected to grow clearly in Asia-Pacific excluding China, be stable in the EMEA region and decline slightly North America from a high level

Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings.

Economic uncertainty and rising interest rates may limit growth in construction activity, which could impact demand in the new equipment and modernization markets.

Maintenance markets are expected to grow slightly in the more mature markets and grow clearly in Asia-Pacific.

Business outlook 2022

(Based on KONE's Interim Report for January-September 2022 published October 27, 2022. Revised on stock exchange release published October 14, 2022.)

KONE estimates its sales in 2022 to decline by -1 to -4% at comparable exchange rates as compared to 2021. The adjusted EBIT is expected to be in the range of EUR 1,010-1,090 million, assuming that foreign exchange rates would remain at the October 2022 level. Foreign exchange rates are estimated to impact EBIT positively by around EUR 80 million. This guidance assumes that KONE's delivery capability is not impeded by extended or more severe COVID-19 restrictions in China during the fourth quarter.

KONE has a positive outlook for services and a solid order book. Furthermore, the effect of product cost, productivity and pricing actions are expected to support the results towards the latter part of the year.

Headwinds for the 2022 results include increased material, component and logistics costs, as well as constraints in global supply chains. Other key headwinds are the deterioration of the market environment in China and the impact of COVID-19 restrictions.

Market outlook 2022

(Based on KONE's Interim Report for January-September 2022 published October 27, 2022.)

The Chinese new equipment market is expected to decline by over 20% due to the tightened liquidity situation in the property markets and the impact of COVID-19 related restrictions. In the rest of the world, activity is expected to be stable in the EMEA region and grow clearly in both North America and Asia-Pacific, excluding China.

Modernization markets are expected to grow across regions supported by an aging equipment base, stimulus measures, and the emphasis on the adaptability of buildings.

Maintenance activity is expected to return to pre-pandemic growth trajectory with slight growth in the more mature markets and clear growth in Asia-Pacific.

Supply chain constraints and rising interest rates may limit growth in construction activity, which could impact demand in the new equipment and modernization markets. COVID-19 related lockdown measures in China and the war in Ukraine are adding to global supply chain disruptions and increasing uncertainty in the demand environment.

Business outlook 2022

(Based on KONE's Half-Year Financial Report for January-June 2022 published July 20, 2022. Revised on stock exchange release published July 14, 2022.)

KONE estimates that in 2022, its sales growth will be in the range of -1 to +3% at comparable exchange rates as compared to 2021. The adjusted EBIT is expected to be in the range of EUR 1,130-1,210 million, assuming that foreign exchange rates would remain at the July 2022 level. Foreign exchange rates are estimated to impact EBIT positively by around EUR 80 million.

KONE has a positive outlook for services and a solid order book. Furthermore, the effect of product cost, productivity and pricing actions are expected to support the results towards the latter part of the year.

Headwinds for the 2022 results include increased material, component and logistics costs and further disruptions to global supply chains. Other key headwinds are the competitive dynamics, liquidity constraints and COVID-19 related restrictions in China.

Market outlook 2022

(Based on KONE's Half-Year Financial Report for January-June 2022 published July 20, 2022.)

The Chinese new equipment market is expected to decline significantly due to the tightened liquidity situation in the property markets and the impact of COVID-19 related restrictions. In the rest of the world, activity in the new equipment markets is expected to increase, with slight growth in the EMEA region, clear growth in North America and significant growth in Asia-Pacific, excluding China.

Modernization markets are expected to grow across regions supported by an aging equipment base, stimulus measures, and the emphasis on the adaptability of buildings.

Maintenance activity is expected to return to pre-pandemic growth trajectory with slight growth in the more mature markets and clear growth in Asia-Pacific.

Supply chain constraints may limit growth in construction activity, which could impact demand in the new equipment and modernization markets. COVID-19 related lockdown measures in China and the war in Ukraine are adding to global supply chain disruptions and increasing uncertainty in the demand environment.

Business outlook 2022

(Based on KONE's Interim Report for January-March 2022 published Apr, 27, 2022)

KONE estimates that in 2022, its sales growth will be in the range of 2% to 5% at comparable exchange rates as compared to 2021. The adjusted EBIT is expected to be in the range of EUR 1,180-1,280 million, assuming that foreign exchange rates would remain at the April 2022 level. Foreign exchange rates are estimated to impact EBIT positively by around EUR 70 million.

The outlook is dependent on the COVID-19 restrictions in China being lifted during the second quarter and a rapid recovery thereafter.

KONE has a positive outlook for services and a solid order book. Furthermore, the effect of product cost, productivity and pricing actions are expected to support the results towards the latter part of the year.

Headwinds for the 2022 results include increased material, component and logistics costs and further disruptions to global supply chains. Other key headwinds are the competitive dynamics, liquidity constraints and COVID-19 related restrictions in China.

Market outlook 2022

(Based on KONE's Interim Report for January-March 2022 published Apr, 27, 2022)

The Chinese new equipment market is expected to decline significantly due to the tightened liquidity situation in the property markets and the impact of COVID-19 related restrictions. In the rest of the world, activity in the new equipment markets is expected to increase, with clear growth in North America, slight growth in the EMEA region, and significant growth in Asia-Pacific, excluding China.

Modernization markets are expected to grow across regions supported by pent-up demand and stimulus measures.

Maintenance activity is expected to return to pre-pandemic growth trajectory with slight growth in the more mature markets and clear growth in Asia-Pacific.

Supply chain constraints may limit growth in construction activity, which could impact demand in the new equipment and modernization markets. COVID-19 related lockdown measures in China and the war in Ukraine are adding to global supply chain disruptions and increasing uncertainty in the demand environment.

Business outlook 2022

(Based on KONE's Financial Statement Bulletin published Feb 2, 2022)

KONE estimates that in 2022, its sales growth will be in the range of 2% to 7% at comparable exchange rates as compared to 2021. The adjusted EBIT is expected to be in the range EUR 1,180-1,330 million, assuming that foreign exchange rates would remain at the January 2022 level. Foreign exchange rates are estimated to impact EBIT positively by around EUR 50 million.

KONE has a solid order book and a positive outlook for services. Furthermore, the effect of product cost, productivity and pricing actions are expected to support the results towards the latter part of the year.

The key headwinds for the 2022 results are increased material, component and logistics costs, as well as the competitive dynamics and liquidity constraints in China.

Market outlook 2022

(Based on KONE's Financial Statement Bulletin published Feb 2, 2022)

The Chinese new equipment market is expected to remain solid although below that of 2021 due to the tightened liquidity situation in the property markets. In the rest of the world, the new equipment markets are expected to continue recovering. In North America and in the EMEA region, the new equipment markets are expected to grow slightly. The new equipment market in Asia-Pacific, excluding China, is expected to grow significantly.

Modernization markets are expected to grow across regions supported by pent-up demand and stimulus measures.

Continuing global supply chain constraints and potential labor shortages may limit growth in construction activity, which could impact demand in the new equipment and modernization markets.

Maintenance activity is expected to return to pre-pandemic growth trajectory with slight growth in the more mature markets and clear growth in Asia-Pacific.

Business outlook 2021

(Based on KONE's Interim Report 2021 published Oct 28, 2021)

In 2021, KONE's sales growth is estimated to be in the range of 4% to 6% at comparable exchange rates as compared to 2020. The adjusted EBIT margin is expected to be in the range of 12.4% to 12.8%. Assuming that foreign exchange rates remain at the October 2021 level, the impact of foreign exchange rates on the adjusted EBIT would be limited.

KONE has a solid order book and maintenance base for 2021. Continual improvements in quality and productivity are expected to support profitability.

The key headwinds for 2021 results are the increased component and logistics costs. KONE also continues to invest actively in building the capability to sell and deliver digital services and solutions.

Market outlook 2021

(Based on KONE's Interim Report 2021 published Oct 28, 2021)

In China, the new equipment market is expected to grow clearly from a high level thanks to strong activity in the first half of the year. In the rest of the world, the new equipment markets are expected to recover from a low comparison period. In Asia-Pacific, excluding China, and in North America the new equipment markets are expected to grow significantly. The new equipment market in the Europe, Middle East and Africa region is expected to be stable with growth in Central and North Europe and stable development in South Europe and in the Middle East.

With normalizing maintenance activity around the world, the maintenance markets are expected to grow clearly in Asia-Pacific and grow slightly in other regions.

Similarly, the modernization markets are expected to grow across all regions.

Business outlook 2021

(Based on KONE's Half-year Financial report 2021 published Jul, 20, 2021)

In 2021, KONE's sales growth is estimated to be in the range of 4% to 6% at comparable exchange rates as compared to 2020. The adjusted EBIT margin is expected to be in the range of 12.4% to 13.0%. Assuming that foreign exchange rates remain at the July 2021 level, the impact of foreign exchange rates on the adjusted EBIT would be limited.

KONE has a solid order book and maintenance base for 2021. Continual improvements in quality and productivity are expected to support profitability.

The key headwinds for 2021 results are the increased component and logistics costs. KONE also continues to invest actively in building the capability to sell and deliver digital services and solutions.

Market outlook 2021

(Based on KONE's Half-year Financial report 2021 published Jul, 20, 2021)

In China, the new equipment market is expected to grow clearly compared to 2020, which was already a very strong year in terms of market activity. In the rest of the world, the new equipment markets are expected to grow from a low comparison period. In Asia-Pacific, excluding China, the new equipment market is expected to grow significantly. In North America, the new equipment market is expected to grow clearly. The new equipment market in the Europe, Middle East and Africa region is expected to grow slightly.

With normalizing maintenance activity around the world, the maintenance markets are expected to grow clearly in Asia-Pacific and grow slightly in other regions.

Similarly, the modernization markets are expected to grow across all areas with the strongest growth in Asia-Pacific.

Business outlook 2021

(Based on KONE's Interim Report for January-March 2021 published Apr, 28, 2021)

In 2021, KONE's sales growth is estimated to be in the range of 2% to 6% at comparable exchange rates as compared to 2020. The adjusted EBIT margin is expected to be in the range of 12.4% to 13.2%. Assuming that foreign exchange rates remain at the April 2021 level, the impact of foreign exchange rates on the adjusted EBIT would be limited.

KONE has a solid order book and maintenance base for 2021. The improvement seen in the margin of orders received is expected to support profitability together with continual improvements in quality and productivity.

The key headwinds for 2021 results are the increased material and logistics costs. KONE also continues to invest actively in building the capability to sell and deliver digital services and solutions.

Market outlook 2021

(Based on KONE's Interim Report for January-March 2021 published Apr, 28, 2021)

The new equipment market is expected to grow slightly in China. In the rest of the world, the markets are expected to gradually recover.

The maintenance markets are expected to be resilient, excluding the direct impacts of the lockdown measures.

In the modernization markets, activity is expected to gradually recover supported by improving confidence.

Business outlook 2021

(Based on KONE's Financial Statement Bulletin published Jan, 28, 2021)

In 2021, KONE's sales growth is estimated to be in the range of 0 % to 6 % at comparable The adjusted EBIT margin is expected to be in the range of 12.4% to 13.4%. Assuming that foreign exchange rates would remain at the January 2021 level, foreign exchange rates are estimated to impact the adjusted EBIT negatively by around EUR 20 million.

KONE has a solid order book and maintenance base for 2021. The improvement seen in the margin of orders received is expected to support profitability together with continual improvements in quality and productivity.

The key headwinds for 2021 results are the potential impacts from COVID-19 as well as the rising raw material and logistics costs. KONE also continues to invest actively in building the capability to sell and deliver digital services and solutions.

Market outlook 2021

(Based on KONE's Financial Statement Bulletin published Jan, 28, 2021)

The new equipment market is expected to be stable or to grow in China. In the rest of the world, the market is expected to decline year-on-year in the first quarter due to a high comparison point and then to start recovering.

The maintenance markets are expected to be resilient, excluding the direct impacts of the lockdown measures.

In the modernization markets, the fundamental growth drivers are intact, but uncertainty could delay decision-making in modernization projects.

Business outlook 2020

(Business outlook updated on September 22, 2020. Impact from foreign exchange rates on adjusted EBIT updated in KONE's Q3 2020 Interim Report published on October 22, 2020.)

In 2020, KONE's sales growth is estimated to be in the range of -1% to 2% at comparable exchange rates as compared to 2019. The adjusted EBIT margin is expected to be in the range of 12.1% to 12.7%.Assuming that foreign exchange rates would remain at the October 2020 level, foreign exchange rates are estimated to impact the adjusted EBIT negatively by around EUR 40 million.

KONE has a solid order book and maintenance base for 2020. Excluding the COVID-19 related factors, KONE's profitability outlook has been positive. Targeted pricing and productivity actions, which have impacted the margin of orders received positively, are expected to support profitability together with around EUR 50 million of savings from the Accelerate program and other selective cost containments.

Profitability is expected to be burdened by COVID-19 related extra costs and inefficiencies. Increasing subcontracting costs as well as the investment in building our capability to sell and deliver digital services and solutions are also headwinds for the adjusted EBIT in 2020 in addition to the COVID-19 related items.

KONE is expecting to have around EUR 40 million of restructuring costs related to the Accelerate program in the final year of the program. These costs are excluded from the adjusted EBIT.

Market outlook for 2020

(September 22, 2020. Based on KONE's stock exchange release)

KONE also upgrades the 2020 outlook for the Chinese new equipment market. Otherwise, the market outlook for 2020 is unchanged.

The new equipment market is expected to grow in China and to decline in other regions as a result of the increased uncertainty related to the COVID-19 pandemic.

The maintenance markets are expected to be resilient, excluding the direct impacts of the lockdown measures. In the modernization markets, the fundamental growth drivers are intact, but uncertainty could delay decision-making in modernization projects.

Business outlook for 2020

(September 22, 2020. Based on KONE's stock exchange release)

KONE now estimates that in 2020, its sales growth will be in the range of -1% to 2% at comparable exchange rates as compared to 2019. The adjusted EBIT margin is expected to be in the range of 12.1% to 12.7%.

For the full year, foreign exchange rates are estimated to impact the adjusted EBIT negatively by around EUR 50 million.

Market outlook for 2020

(September 22, 2020. Based on KONE's stock exchange release)

KONE also upgrades the 2020 outlook for the Chinese new equipment market. Otherwise, the market outlook for 2020 is unchanged.

The new equipment market is expected to grow in China and to decline in other regions as a result of the increased uncertainty related to the COVID-19 pandemic.

The maintenance markets are expected to be resilient, excluding the direct impacts of the lockdown measures. In the modernization markets, the fundamental growth drivers are intact, but uncertainty could delay decision-making in modernization projects.

Market outlook 2020

(Updated on July 17, 2020. Based on KONE's Half-year Financial Report 2020)

The new equipment market is expected to be relatively stable in China and to decline in other regions as a result of the increased uncertainty related to the COVID-19 pandemic.

The maintenance markets are expected to be resilient, excluding the direct impacts of the lockdown measures.

In the modernization markets, the fundamental growth drivers are intact, but uncertainty could delay decision-making in modernization projects.

Business outlook 2020

(Specified on July 17, 2020.Based on KONE's Half-year Financial Report 2020)

In 2020, KONE's sales growth is estimated to be in the range of -4% to 0% at comparable exchange rates as compared to 2019. The adjusted EBIT margin is expected to decline slightly or to be stable at best.

KONE has a solid order book and maintenance base for 2020. Excluding the COVID-19 related factors, KONE’s profitability outlook has been positive. Targeted pricing and productivity actions, which have impacted the margin of orders received positively, are expected to support profitability together with around EUR 50 million of savings from the Accelerate program and other selective cost containments.

Profitability is expected to be burdened by weaker fixed cost absorption in many countries, the costs related to the measures to ensure the safety and wellbeing of KONE's employees, suppliers and customers and the costs related to the actions in the supply operations to ensure solid delivery capability among other things. Increasing subcontracting costs as well as the investment in building our capability to sell and deliver digital services and solutions are also headwinds for the adjusted EBIT in 2020 in addition to the COVID-19 related items. Foreign exchange rates are estimated to impact the EBIT negatively by around EUR 20 million.

KONE is expecting to have around EUR 40 million of restructuring costs related to the Accelerate program in the final year of the program. These costs are excluded from the adjusted EBIT.

Market outlook 2020

(April 22, 2020. Based on KONE's Q1 2020 Interim Report)

The new equipment market is expected to decline across regions as a result of the increased uncertainty related to the COVID-19 outbreak. The Chinese market started to recover in March.

The maintenance markets are expected to be resilient, excluding the direct impacts of the lockdown measures.

In the modernization markets, the fundamental growth drivers are intact, but uncertainty could delay decision-making in modernization projects.

Business outlook 2020

(Business outlook updated on March 23, 2020. Basis for business outlook specified based on KONE's Q1 2020 Interim Report published on April 22, 2020)

KONE estimates that in 2020, its sales will decline or be stable at best at comparable exchange rates as compared to 2019. The rate of decline in sales will depend on the duration and severity of the COVID-19 related government measures and the pace of recovery.

• Stable sales would require a relatively brisk recovery in the second half of 2020 and sustained positive progress in KONE's largest market China.
• KONE's sales are expected to decline by less than 5% in case the restrictive measures would impact KONE's business mainly in the first half of 2020 and there would be a gradual recovery in the second half.
• Should the broad and strict government measures continue to impact KONE's operations well into the second half of 2020, KONE's sales are expected to decline by 5-10%.

The adjusted EBIT margin is expected to decline somewhat or to be stable at best.

Profitability is expected to be burdened by weaker fixed cost absorption due to lower sales, the costs related to the measures to ensure the safety and wellbeing of KONE's employees, suppliers and customers and the costs related to the actions in the supply operations to ensure solid delivery capability among other things. Excluding the COVID-19 related factors, KONE's profitability outlook has been positive.

KONE has a solid order book and maintenance base for 2020. Targeted pricing and productivity actions, which have impacted the margin of orders received positively, are expected to support profitability together with around EUR 50 million of savings from the Accelerate program and other cost containment actions. Increasing subcontracting costs as well as the investment in building our capability to sell and deliver digital services and solutions are the main headwinds for the adjusted EBIT in 2020 in addition to the COVID-19 related items. KONE is also expecting to have around EUR 40 million of restructuring costs related to the Accelerate program in the final year of the program. These costs are excluded from the adjusted EBIT.

Market outlook 2020

(January 28, 2020. Based on KONE's Financial Statement Bulletin 2019)

The new equipment market is expected to be relatively stable or to grow slightly. However, the coronavirus outbreak creates uncertainty to the outlook. In China the market is expected to be relatively stable or to grow slightly in units ordered, while in the rest of the Asia-Pacific, the market is expected to grow slightly. The new equipment markets in North America and the Europe, Middle East and Africa region are expected to be rather stable.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific and to grow slightly in other regions.

The modernization market is expected to grow slightly in North America and in the Europe, Middle East and Africa region and to develop strongly in Asia-Pacific.

Business outlook 2020

(March 23, 2020. Based on KONE's stock exchange release)

KONE now estimates that in 2020, its sales will decline or be stable at best at comparable exchange rates as compared to 2019. The rate of decline in sales will depend on the duration and severity of the government measures and the pace of recovery.

• Stable sales would require a relatively brisk recovery in the second half of 2020 and sustained positive progress in KONE's largest market China.
• KONE's sales are expected to decline by less than 5% in case the restrictive measures would impact KONE's business mainly in the first half of 2020 and there would be a gradual recovery in the second half.
• Should the broad and strict government measures continue to impact KONE's operations well into the second half of 2020, KONE's sales are expected to decline by 5-10%.

The adjusted EBIT margin is expected to decline somewhat or to be stable at best.

Profitability is expected to be burdened by weaker fixed cost absorption due to lower sales, the costs related to the measures to ensure the safety and wellbeing of KONE's employees, suppliers and customers and the costs related to the actions in the supply operations to ensure solid delivery capability among other things. Excluding the COVID-19 related factors, KONE's profitability outlook has been positive.

Market outlook 2020

(January 28, 2020. Based on KONE's Financial Statement Bulletin 2019)

The new equipment market is expected to be relatively stable or to grow slightly. However, the coronavirus outbreak creates uncertainty to the outlook. In China the market is expected to be relatively stable or to grow slightly in units ordered, while in the rest of the Asia-Pacific, the market is expected to grow slightly. The new equipment markets in North America and the Europe, Middle East and Africa region are expected to be rather stable.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific and to grow slightly in other regions.

The modernization market is expected to grow slightly in North America and in the Europe, Middle East and Africa region and to develop strongly in Asia-Pacific.

Business outlook 2020

(January 28, 2020. Based on KONE's Financial Statement Bulletin 2019)

In 2020, KONE’s sales is estimated to grow by 0–6% at comparable exchange rates as compared to 2019. The adjusted EBIT is expected to be in the range of EUR 1,250–1,400 million, assuming that foreign exchange rates would remain at the January 2020 level. Foreign exchange rates are estimated to impact EBIT positively by around EUR 15 million.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. KONE has a solid order book for 2020 and the service business is expected to grow driven by KONE’s growing and aging installed base and overall positive market outlook. Targeted pricing and productivity actions, which have impacted the margin of orders received positively, are expected to support profitability together with around EUR 50 million of savings from the Accelerate program. Increasing labor and subcontracting costs as well as the investment in building our capability to sell and deliver digital services and solutions are the main headwinds for the adjusted EBIT in 2020. Furthermore, the recent coronavirus outbreak creates additional uncertainty. KONE is also expecting to have around EUR 40 million of restructuring costs related to the Accelerate program in the final year of the program. These costs are excluded from the adjusted EBIT.

Market outlook 2019

October 23, 2019. Based on KONE's Q3 2019 Interim Report.

The new equipment market is expected to be relatively stable or to grow slightly. In China the market is expected to grow slightly in units ordered, while in the rest of the Asia-Pacific, the market is expected to be stable. The new equipment markets in North America and the Europe, Middle East and Africa region are expected to be rather stable.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific and to grow slightly in other regions.

The modernization market is expected to grow slightly in North America and in the Europe, Middle East and Africa region and to develop strongly in Asia-Pacific.

Business outlook 2019

October 23, 2019. Based on KONE's Q3 2019 Interim Report.

In 2019, KONE’s sales is estimated to grow by 5–8% at comparable exchange rates as compared to 2018. The adjusted EBIT is expected to be in the range of EUR 1,190–1,250 million, assuming that foreign exchange rates would remain at the October 2019 level. Foreign exchange rates are estimated to impact EBIT positively by around EUR 20 million.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. KONE has a solid order book for 2019 in the new equipment business and the service business is expected to continue to grow. Targeted pricing and productivity improvement actions are expected to support profitability together with the savings from the Accelerate program. High component and labor costs together with trade tariffs are the main headwinds for the adjusted EBIT in 2019. The impact of high raw material prices and trade tariffs is estimated to be less than EUR 50 million.

Market outlook 2019

July 18, 2019. Based on KONE's H1 2019 Half-year Financial Report.

The new equipment market is expected to be relatively stable or to grow slightly. In China the market is expected to be relatively stable or to grow slightly in units ordered, while in the rest of the Asia-Pacific, the market is expected to grow slightly. The new equipment markets in North America and the Europe, Middle East and Africa region are expected to be rather stable.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific and to grow slightly in other regions.

The modernization market is expected to grow slightly in North America and in the Europe, Middle East and Africa region and to develop strongly in Asia-Pacific.

Business outlook 2019

July 18, 2019. Based on KONE's H1 2019 Half-year Financial Report.

In 2019, KONE’s sales is estimated to grow by 4–7% at comparable exchange rates as compared to 2018. The adjusted EBIT is expected to be in the range of EUR 1,170–1,250 million, assuming that foreign exchange rates would remain at the July 2019 level. Foreign exchange rates are estimated to impact EBIT positively by around EUR 20 million.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. KONE has a solid order book for 2019 in the new equipment business and the service business is expected to continue to grow. Targeted pricing and productivity improvement actions are expected to support profitability together with the savings from the Accelerate program. High component and labor costs together with trade tariffs are the main headwinds for the adjusted EBIT in 2019. The impact of high raw material prices and trade tariffs is estimated to be less than EUR 50 million.

Market outlook 2019

April 25, 2019. Based on KONE's Q1 2019 Interim Report.

The new equipment market is expected to be relatively stable overall. In China the market is expected to be relatively stable in units ordered, while in the rest of the Asia-Pacific, the market is expected to grow slightly. The new equipment markets in North America and the Europe, Middle East and Africa region are expected to be rather stable.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific and to grow slightly in other regions.

The modernization market is expected to be stable in the Europe, Middle East and Africa region, to grow slightly in North America and to develop strongly in Asia-Pacific.

Business outlook 2019

April 25, 2019. Based on KONE's Q1 2019 Interim Report.

In 2019, KONE’s sales is estimated to grow by 3–7% at comparable exchange rates as compared to 2018. The adjusted EBIT is expected to be in the range of EUR 1,160–1,260 million, assuming that foreign exchange rates would remain at the April 2019 level. Foreign exchange rates are estimated to impact EBIT positively by around EUR 30 million.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. KONE has a solid order book for 2019 in the new equipment business and the service business is expected to continue to grow. Targeted pricing and productivity improvement actions are expected to support profitability together with the savings from the Accelerate program. High component and labor costs together with trade tariffs are the main headwinds for the adjusted EBIT in 2019. The impact of high raw material prices and trade tariffs is estimated to be less than EUR 50 million.

Market outlook 2019

January 24, 2019. Based on KONE's Financial Statement Bulletin 2018.

The increased uncertainty in many major markets impacts the visibility of the overall market development for 2019. The new equipment market is expected to be stable or to decline slightly. In China the market is expected to decline slightly or to be stable in units ordered, while in the rest of the Asia-Pacific, the market is expected to grow slightly. A more stable development is expected in North America and the Europe,Middle East and Africa region.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific and to grow slightly in other regions.

The modernization market is expected to be stable in the Europe, Middle East and Africa region, to grow slightly in North America and to develop strongly in Asia-Pacific.

Business outlook 2019

January 24, 2019. Based on KONE's Financial Statement Bulletin 2018.

In 2019, KONE’s sales is estimated to grow by 2–7% at comparable exchange rates as compared to 2018. The adjusted EBIT is expected to be in the range of EUR 1,120–1,240 million, assuming that foreign exchange rates would remain at the January 2019 level. Foreign exchange rates are estimated to impact EBIT positively by less than EUR 10 million.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. KONE has a solid order book for 2019 in the new equipment business and the service business is expected to continue to grow. Targeted pricing and productivity improvement actions are expected to support profitability together with the savings from the Accelerate program. High component and labor costs together with trade tariffs are the main headwinds for the adjusted EBIT in 2019. The impact of high raw material prices and trade tariffs is estimated to be approximately EUR 50 million.

Market outlook 2018

October 25, 2018. Based on KONE's Q3 Interim Report 2018

In new equipment, the market in China is expected to be stable or to grow slightly in units ordered and competition to remain intense. In the rest of Asia-Pacific, the market is expected to grow. The market in North America is expected to grow slightly. In the Europe, Middle East and Africa region, the market is expected to be stable.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to grow slightly in other regions.

The modernization market is expected to be stable in the Europe, Middle East and Africa region, to grow slightly in North America, and to develop strongly in Asia-Pacific.

Business outlook 2018

October 25, 2018. Based on KONE's Q3 Interim Report 2018

In 2018, KONE’s sales is estimated to grow by 4–7% (previously 3–7%) at comparable exchange rates as compared to the restated 2017 sales. The adjusted EBIT is expected to be in the range of EUR 1,100–1,150 (previously 1,100–1,200) million, assuming that foreign exchange rates would remain at the end of September 2018 level for the remainder of the year. Foreign exchange rates are estimated to impact EBIT negatively by approximately EUR 45 (previously 35) million. The pressure on the adjusted EBIT margin is expected to start to ease towards the end of 2018 as a result of pricing and productivity actions that have been taken.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. The main factors continuing to pressure the adjusted EBIT margin in 2018 are the decrease in the margin of orders received witnessed in 2017, in China in particular, and higher labor and material costs. Higher raw material prices are estimated to impact KONE’s 2018 EBIT negatively by approximately EUR 100 million. Also, the increased geopolitical uncertainty is expected to have a negative impact. The margin pressure is expected to start to ease towards the end of 2018 as a result of pricing actions taken and general productivity improvements as well as the first savings from the Accelerate program.

Market outlook 2018

July 19, 2018. Based on KONE's Half-year Financial Report 2018

In new equipment, the market in China is expected to be stable or to decline slightly in units ordered and competition to remain intense. In the rest of Asia-Pacific, the market is expected to grow. The markets in both North America as well as in the Europe, Middle East and Africa region are expected to grow slightly.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to grow slightly in other regions.

The modernization market is expected to grow slightly in the Europe, Middle East and Africa region and in North America, and to develop strongly in Asia-Pacific.

Business outlook 2018

July 19, 2018. Based on KONE's Half-year Financial Report 2018

In 2018, KONE's sales is estimated to grow by 3-7% at comparable exchange rates as compared to the restated 2017 sales. The adjusted EBIT is expected to be in the range of EUR 1,100-1,200 million, assuming that foreign exchange rates would remain at the end of June 2018 level for the remainder of the year. Foreign exchange rates are estimated to impact EBIT negatively by approximately EUR 35 million. The pressure on the adjusted EBIT margin is expected to start to ease towards the end of 2018 as a result of pricing and productivity actions that have been taken.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. The main factors continuing to pressure the adjusted EBIT margin in 2018 are the decrease in the margin of orders received witnessed in 2017, in China in particular, and the higher raw material prices. Higher raw material prices are estimated to impact KONE’s 2018 EBIT negatively by approximately EUR 100 mil-lion. The margin pressure is expected to start to ease towards the end of 2018 as a result of pricing actions taken and general productivity improvements as well as the first savings from the Accelerate program. New equipment business outside China and the service business are expected to continue to develop positively.

Market outlook 2018

January 25, 2018. Based on KONE's 2017 Financial Statement Bulletin. Remained unchanged in Q1 2018

In new equipment, the market in China is expected to decline slightly or to be stable in units ordered and competition to remain intense. In the rest of Asia-Pacific, the market is expected to grow. The markets in both North America as well as in the Europe, Middle East and Africa region are expected to grow slightly.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to grow slightly in other regions.

The modernization market is expected to grow slightly in the Europe, Middle East and Africa region and in North America, and to develop strongly in Asia-Pacific.

Business outlook 2018

April 25, 2018. Based on KONE's Q1 interim report

In 2018, KONE’s sales is estimated to grow by 3–7% at comparable exchange rates as compared to the restated 2017 sales. The adjusted EBIT is expected to be in the range of EUR 1,100– 1,200 million, assuming that foreign exchange rates would remain at the end of March 2018 level for the remainder of the year. Foreign exchange rates are estimated to impact EBIT negatively by approximately EUR 40 million. The pressure on the adjusted EBIT margin is expected to start to ease towards the end of 2018 as a result of pricing and productivity actions that have been taken.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. The main factors continuing to pressure the adjusted EBIT margin in 2018 are the decrease in the margin of orders received witnessed in 2017, in China in particular, and the higher raw material prices. Higher raw material prices are estimated to impact KONE’s 2018 EBIT negatively by approximately EUR 100 mil-lion. The margin pressure is expected to start to ease towards the end of 2018 as a result of pricing actions taken and general productivity improvements as well as the first savings from the Accelerate program. New equipment business outside China and the service business are expected to continue to develop positively.

Business outlook for 2018

January 12, 2018. Based on a stock exchange release. Remained unchanged in Financial Statement Bulletin 2017.

In 2018, KONE’s sales is estimated to grow at around a similar rate as in 2017 at comparable exchange rates. The adjusted EBIT margin is expected to continue to decline in 2018 as witnessed in 2017. However, the margin pressure is expected to start to ease towards the end of 2018 as a result of pricing and productivity actions that have been taken.

The outlook is based on KONE’s maintenance base and order book as well as the market outlook. The main factors continuing to pressure the adjusted EBIT margin in 2018 are the decrease in the margin of orders received witnessed in 2017, in China in particular, and the increased raw material prices. The margin pressure is expected to start to ease towards the end of 2018 as a result of pricing actions taken and general productivity improvements as well as the first savings from the Accelerate program. New equipment business outside China and the service business are expected to continue to develop positively. Foreign exchange rates are estimated to have an approximately EUR 40 million negative impact on KONE’s EBIT in 2018 assuming that translation exchange rates would remain at the end of December 2017 level.

As a result of the adoption of new IFRS 15 accounting principles effective from January 1, 2018, KONE’s sales recognition will change in 2018. The IFRS 15 restated figures for 2017 will be published in March 2018. Given this change, KONE will provide a more precise business outlook for 2018 in connection to the Q1 2018 report that will be published on April 25, 2018. The change in accounting principles is not expected to have a material impact on annual sales and operating income.

October 26, 2017. KONE's business outlook remains unchanged

Market outlook 2017

In new equipment, the market in China is expected to be relatively stable in units ordered and the intense competition is expected to continue. In the rest of Asia-Pacific, the market is expected to decline slightly in 2017, but to return to growth towards the end of the year. The market in North America and Europe, Middle East and Africa region is expected to grow slightly.

The modernization market is expected to grow slightly in Europe and in North America and to develop strongly in Asia-Pacific.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific and to grow slightly also in other regions.

Business outlook for 2017

KONE’s net sales is estimated to grow by 1% to 3% at comparable exchange rates as compared to 2016. The adjusted EBIT is expected to be in the range of EUR 1,200–1,250 million, assuming that translation exchange rates would remain at approximately the end of September 2017 level for the remainder of the year.

September 26, 2017. KONE updates its 2017 business outlook to take into account restructuring costs from the Accelerate program, current foreign exchange rates and the latest business performance forecast

KONE announced today a program to accelerate the execution of the Winning with Customers strategy and to support profitable growth. As part of the Accelerate Winning with Customers program, KONE plans to adjust its organization and operations, and expects annual cost savings of around EUR 100 million from the end of 2020 onwards. The restructuring costs related to the program are expected to amount to approximately EUR 100 million, the majority of which is expected to accrue over the next two years.

Restructuring costs excluded from Adjusted EBIT

KONE updates its business outlook for 2017 to reflect the expected impact of the restructuring costs. In connection to this, KONE introduces a new alternative performance measure, adjusted EBIT, to enhance comparability of the business performance between reporting periods during the Accelerate program. The adjusted EBIT is calculated by excluding significant items impacting comparability such as significant restructuring costs.

Foreign exchange rate assumptions updated

KONE also updates the business outlook for 2017 to reflect current foreign exchange rates. The euro has strengthened significantly against for example the Chinese renminbi and the US dollar compared to January-June average translation exchange rates which was the basis of the previous EBIT guidance. Assuming that translation exchange rates would remain at the end of August level for the remainder of the year, it would have an around EUR 30 million negative impact on the 2017 EBIT compared to the previous assumption.

Updated forecast on business performance

KONE's forecast for the full-year business performance has improved slightly during the third quarter. The visibility for the full-year results is also better with majority of the Q3 already behind. Therefore KONE does not see a need to take down the lower end of the adjusted EBIT guidance range with the negative impact from foreign exchange rates.

UPDATED BUSINESS OUTLOOK FOR 2017:

KONE continues to expect net sales to grow by 1-3% at comparable exchange rates as compared to 2016.

The adjusted EBIT is expected to be in the range of EUR 1,200-1,250 million, assuming that translation exchange rates would remain approximately at the end of August level for the remainder of the year. Restructuring costs related to the Accelerate program are excluded in the calculation of the adjusted EBIT.

Previously KONE expected the operating income (EBIT) to be in the range of EUR 1,200-1,280 million, assuming that translation exchange rates would remain at approximately the average level of January-June 2017.

July 19, 2017. Basedon KONE's H1 Half-year Financial Report

Market outlook 2017

In new equipment, the market in China is expected to decline by 0–5% in units ordered and also the competition to continue intense. In the rest of Asia-Pacific, the market is expected to grow slightly. The market in North America and Europe, Middle East and Africa region is expected to grow slightly.

The modernization market is expected to grow slightly in Europe and in North America and to develop strongly in Asia-Pacific.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific and to grow slightly also in other regions.

Business outlook 2017

KONE’s net sales is estimated to grow by 1–3% at comparable exchange rates as compared to 2016.

The operating income (EBIT) is expected to be in the range of EUR 1,200–1,280 million, assuming that translation exchange rates would remain at approximately the average level of January–June 2017.

The sales outlook is based on KONE’s maintenance base and order book as well as the market outlook.

KONE’s operating income outlook is based on the current sales forecast combined with factors impacting profitability. In 2017, profitability is expected to be impacted by factors such as improved quality and productivity, pricing and business mix, a slight decrease in the margin of orders received in 2016 as well as cost pressures resulting from increased material costs and R&D and IT spend. The operating income outlook includes around EUR 10 million negative impact from translation exchange rates compared to 2016.

April 27, 2017. Based on KONE's Q1 Interim Report

Market outlook 2017

In new equipment, the market in China is expected to decline by 0–5% in units ordered and also the competition to continue intense. In the rest of Asia-Pacific, the market is expected to grow. The market in North America and Europe, Middle East and Africa region is expected to grow slightly.

The modernization market is expected to grow slightly in Europe and in North America, and to develop strongly in Asia-Pacific.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to grow slightly also in other regions.

Business outlook 2017

KONE’s net sales is estimated to grow by 0 to 3% at comparable exchange rates as compared to 2016.

The operating income (EBIT) is expected to be in the range of EUR 1,200–1,290 million, assuming that translation exchange rates would remain at approximately the average level of January–March 2017. The previous operating income outlook included around EUR 10 million positive impact from translation exchange rates.

January 26, 2017. Based on KONE's 2016 Financial Statement Bulletin

Market outlook 2017

In new equipment, the market in China is expected to decline by 0–5% in units ordered and also the competition to continue intense. In the rest of Asia-Pacific, the market is expected to grow. The market in North America and Europe, Middle East and Africa region is expected to grow slightly.

The modernization market is expected to grow slightly in Europe and in North America, and to develop strongly in Asia-Pacific.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to grow slightly also in other regions.

Business outlook 2017

KONE’s net sales is estimated to grow by -1% to 3% at comparable exchange rates as compared to 2016.

The operating income (EBIT) is expected to be in the range of EUR 1,180–1,300 million, assuming that translation exchange rates would remain at approximately the average level of January 2017.

October 26, 2016. Based on KONE's Q3 Interim Report

Market outlook 2016

In new equipment, the market in China is expected to decline by approximately 5% in units ordered. Competition is expected to continue intense. In the rest of Asia-Pacific and in North America, the market is expected to see some growth. Also the market in Europe, Middle East and Africa region is expected to grow slightly with slight growth in Europe and a more stable development in the Middle East.

The modernization market is expected to grow slightly in Europe, to continue to grow in North America, and to develop strongly in Asia-Pacific.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to develop rather well also in other regions.

Business outlook 2016

KONE’s net sales is estimated to grow by 3–5% at comparable exchange rates as compared to 2015.

The operating income (EBIT) is expected to be in the range of EUR 1,260–1,320 million, assuming that translation exchange rates would remain at approximately the average level of January-September 2016.

July 19, 2016. Based on KONE's Q2 Interim Report

Market outlook 2016

In new equipment, the market in China is expected to decline by 5–10% in units ordered and also the price competition to continue intense. In the rest of Asia-Pacific and in North America, the market is expected to see some growth. Also the market in Europe, Middle East and Africa region is expected to grow slightly with growth in Central and North Europe and a more stable development in South Europe and the Middle East.

The modernization market is expected to grow slightly in Europe, to continue to grow in North America, and to develop strongly in Asia-Pacific.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to develop rather well also in other regions.

Business outlook 2016

KONE’s net sales is estimated to grow by 2–6% at comparable exchange rates as compared to 2015.

The operating income (EBIT) is expected to be in the range of EUR 1,250–1,330 million, assuming that translation exchange rates would remain at approximately the average level of January-June 2016.

April 22, 2016. Based on KONE's Q1 Interim Report

Market outlook 2016

In new equipment, the market in China is expected to decline by 5–10% in units ordered and also the price competition to continue intense. In the rest of Asia-Pacific and in North America, the market is expected to see some growth. Also the market in Europe, Middle East and Africa region is expected to grow slightly with growth in Central and North Europe and a more stable development in South Europe and the Middle East.

The modernization market is expected to grow slightly in Europe, to continue to grow in North America, and to develop strongly in Asia-Pacific.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to develop rather well also in other regions.

Business outlook 2016

KONE’s net sales is estimated to grow by 2–6% at comparable exchange rates as compared to 2015.

The operating income (EBIT) is expected to be in the range of EUR 1,220–1,320 million, assuming that translation exchange rates would remain at approximately the average level of January-March 2016.

January 28, 2016. Based on KONE's Financial Statements Bulletin 2015

Market outlook 2016

In new equipment, the market in China is expected to decline by 5–10% in units ordered and also the price competition to continue intense. In the rest of Asia-Pacific and in North America, the market is expected to see some growth. Also the market in Europe, Middle East and Africa region is expected to grow slightly with growth in Central and North Europe and a more stable development in South Europe and the Middle East.

The modernization market is expected to grow slightly in Europe, to continue to grow in North America, and to develop strongly in Asia-Pacific.

Maintenance markets are expected to see the strongest growth rate in Asia-Pacific, and to develop rather well also in other regions.

Business outlook 2016

KONE’s net sales is estimated to grow by 2–6% at comparable exchange rates as compared to 2015.

The operating income (EBIT) is expected to be in the range of EUR 1,220–1,320 million, assuming that translation exchange rates would remain at approximately the average level of January 2016.

October 22, 2015. Based on KONE's Q3 Interim Report

Market outlook 2015

In new equipment, the market in Asia-Pacific is expected to slightly decline in 2015, due to a slight decline in China. In the Europe, Middle East and Africa region, the market is expected to grow slightly. In Central and North Europe, the market is expected to grow slightly, and the market in South Europe to continue to gradually recover. In the Middle East, the market is expected to see some growth. The market in North America is expected to continue to grow.

The modernization market is expected to remain rather stable in Europe, but to continue to grow in North America and Asia-Pacific. This is expected to result in a rather stable or slightly growing market globally.

The maintenance markets are expected to develop rather well in most countries.

Business outlook 2015

KONE specifies its business outlook for 2015.

KONE’s net sales is estimated to grow by 6–8% at comparable exchange rates as compared to 2014.

The operating income (EBIT) is expected to be in the range of EUR 1,200–1,250 million, assuming that translation exchange rates would remain at approximately the average level of January–September 2015.

July 17, 2015 based on KONE's Q2 Interim Report

Market outlook 2015

In new equipment, the market in Asia-Pacific is expected to be rather stable in 2015. The market in China is expected to remain at the good level of 2014 or slightly decline. In the Europe, Middle East and Africa region, the market is expected to grow slightly. In Central and North Europe, the market is expected to be stable or grow slightly, and the market in South Europe to start recovering. In the Middle East, the market is expected to see some growth. The market in North America is expected to continue to grow.

The modernization market is expected to remain rather stable in Europe, but to continue to grow in North America and Asia-Pacific. This is expected to result in a rather stable or slightly growing market globally.

The maintenance markets are expected to develop rather well in most countries.

Business outlook 2015

KONE specifies its business outlook for 2015. KONE’s net sales is estimated to grow by 6–8% at comparable exchange rates as compared to 2014.The operating income (EBIT) is expected to be in the range of EUR 1,190–1,250 million, assuming that translation exchange rates would remain at approximately the average level of January–June 2015.

April 22, 2015 based on KONE's Q1 Interim Report

Market outlook 2015

In new equipment, the market in Asia-Pacific is expected to grow slightly in 2015, with the expectation that the market in China will remain at the good level of 2014 or grow slightly. In the Europe, Middle East and Africa region, the market is expected to be rather stable. In Central and North Europe, the market is expected to be stable or grow slightly, while in South Europe it is expected to remain at a weak level. In the Middle East, the market is expected to be stable at the previous year’s level. The market in North America is expected to continue to grow.

The modernization market is expected to remain rather stable in Europe, but to continue to grow in North America and Asia-Pacific. This is expected to result in a rather stable or slightly growing market globally.

The maintenance markets are expected to develop rather well in most countries.

Business outlook 2015

KONE specifies its operating income outlook for 2015. KONE’s net sales is estimated to grow by 6–9% at comparable exchange rates as compared to 2014. The operating income (EBIT) is expected to be in the range of EUR 1,140–1,230 million, assuming that translation exchange rates would remain at approximately the average level of January–March 2015.

January 29, 2015 based on KONE's Financial Statement Bulletin 2014

Market outlook 2015

In new equipment, the market in Asia-Pacific is expected to grow slightly in 2015, with the expectation that the market in China will remain at the good level of 2014 or grow slightly. In the Europe, Middle East and Africa region, the market is expected to be rather stable. In Central and North Europe, the market is expected to be stable or grow slightly, while in South Europe it is expected to remain at a weak level. In the Middle East, the market is expected to be stable at the previous year’s level. The market in North America is expected to continue to grow.

The modernization market is expected to remain rather stable in Europe, but to continue to grow in North America and Asia-Pacific. This is expected to result in a rather stable or slightly growing market globally.

The maintenance markets are expected to develop rather well in most countries.

Business outlook 2015

In 2015, KONE’s net sales is estimated to grow by 6–9% at comparable exchange rates as compared to 2014.

The operating income (EBIT) is expected to be in the range of EUR 1,130–1,230 million, assuming that translation exchange rates would remain at approximately the average level of January 2015.

October 21, 2014 based on KONE's Interim Report for January-September 2014

Market outlook 2014
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2014. The market in China is expected to grow by approximately 10%. The market in the EMEA region is expected to grow slightly. In Central and North Europe, the market is expected to remain stable or grow slightly, to further slightly decline in South Europe, and to grow in the Middle East. The market in North America is expected to continue to grow.

The modernization market is expected to be rather stable or grow slightly.

The maintenance markets are expected to develop rather well in most countries.

Business outlook 2014
KONE’s net sales is estimated to grow by 6–8% at comparable exchange rates as compared to 2013.

The operating income (EBIT) is expected to be in the range of EUR 1,015–1,045 million.

July 18, 2014 based on KONE's Interim Report for January-June 2014

Market outlook 2014
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2014. The market in China is expected to grow by approximately 10%. The market in the EMEA region is expected to grow slightly, with slight growth in Central and North Europe, a further slight decline in South Europe, and a growing demand in the Middle East. The market in North America is expected to continue to grow.

The modernization market is expected to grow slightly.

The maintenance markets are expected to develop rather well in most countries.

Business outlook 2014
KONE’s net sales is estimated to grow by 6–9% at comparable exchange rates as compared to 2013.

The operating income (EBIT) is expected to be in the range of EUR 1,000–1,050 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of 2014.

April 23, 2014 based on KONE's Interim Report for January-March 2014

Market outlook 2014
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2014. The market in China is expected to grow by approximately 10%. The market in the EMEA region is expected to grow slightly, with a relatively stable demand in Central and North Europe, a further slight decline in South Europe, and a growing demand in the Middle East. The market in North

America is expected to continue to grow.

The modernization market is expected to grow slightly.

The maintenance markets are expected to develop rather well in most countries.

Business outlook 2014
KONE’s net sales is estimated to grow by 6–9% at comparable exchange rates as compared to 2013.

The operating income (EBIT) is expected to be in the range of EUR 990–1,050 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of 2014.

January 28, 2014 based on KONE's Interim Report for January-December 2013

Market outlook 2014
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2014. The market in China is expected to grow by approximately 10%. The market in the EMEA region is expected to grow slightly, with a relatively stable demand in Central and North Europe, a further slight decline in South Europe, and a growing demand in the Middle East. The market in North America is expected to continue to grow.

The modernization market is expected to grow slightly.

The maintenance markets are expected to develop rather well in most countries.

Business outlook 2014
In 2014, KONE’s net sales is estimated to grow by 6–9% at comparable exchange rates as compared to 2013. The operating income (EBIT) is expected to be in the range of EUR 980–1,050 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of 2014.

October 22, 2013 based on KONE's Interim Report for January-September 2013

Market outlook 2013
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2013. The new equipment market in China is expected to grow by 10-15% in 2013. The market in Central and North Europe is expected to decline, and the market in South Europe to further decline from an already weak level. The market in North America is expected to continue to grow.

The modernization market is expected to be at about the same level as in 2012 or decline slightly.

The maintenance market is expected to continue to develop rather well in most countries.

Business outlook 2013
KONE reiterates its business outlook, which was upgraded on September 11, 2013.

KONE's net sales is estimated to grow by 11-14% at comparable exchange rates as compared to 2012.

The operating income (EBIT) is expected to be in the range of EUR 920-955 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of September 2013.

September 11, 2013 based on KONE's stock exchange release

Market outlook 2013
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2013. The new equipment market in China is expected to grow by 10-15% in 2013. The market in Central and North Europe is expected to decline slightly, and the market in South Europe to further decline from an already weak level. The market in North America is expected to continue to grow.

The modernization market is expected to be at about the same level as in 2012 or decline slightly.

The maintenance market is expected to continue to develop rather well in most countries.

Business outlook 2013
KONE Corporation upgrades its sales and operating income (EBIT) outlook for the full year 2013. KONE now estimates its net sales to grow by 11-14% at comparable exchange rates as compared to 2012. The operating income (EBIT) is now expected to be in the range of EUR 920-955 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of September 2013.

Previously KONE expected its net sales to grow by 9-11% at comparable exchange rates as compared to 2012. The operating income (EBIT) was expected to be in the range of EUR 890-920 million, assuming no material deviation in translation exchange rates from the situation of the beginning of 2013.

The primary reason for the upgrades is the business impact of the improved liquidity situation in the Chinese economy, as a result of which KONE's new equipment deliveries in China have during the third quarter been stronger than expected and are expected to continue to be strong during the remainder of 2013. In addition, a better than expected productivity development in KONE's production network improves KONE's operating income (EBIT) outlook.

July 19, 2013 based on KONE's Interim Report January-June 2013

Market outlook 2013
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2013. The new equipment market in China is expected to grow by 10-15% in 2013. The market in Central and North Europe is expected to decline slightly, and the market in South Europe to further decline from an already weak level. The market in North America is expected to continue to grow.

The modernization market is expected to be at about the same level as in 2012 or decline slightly.

The maintenance market is expected to continue to develop rather well in most countries.

Business outlook 2013
KONE specifies its outlook for 2013.

KONE's net sales is estimated to grow by 9-11% at comparable exchange rates as compared to 2012.

The operating income (EBIT) is expected to be in the range of EUR 890-920 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of 2013.

April 23, 2013 based on KONE's Interim Report January-March 2013

Market outlook 2013
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2013. The new equipment market in China is expected to grow by approximately 10% in 2013. The market in Central and North Europe is expected to decline slightly, and the market in South Europe to further decline from an already weak level. The market in North America is expected to continue to grow.

The modernization market is expected to be at about the same level as in 2012 or decline slightly.

The maintenance market is expected to continue to develop rather well in most countries.

Business outlook 2013
KONE specifies its outlook due to the strong order intake in the first quarter.

KONE's net sales is estimated to grow by 7-10% at comparable exchange rates as compared to 2012.

The operating income (EBIT) is expected to be in the range of EUR 870-920 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of 2013.

January 24, 2013 based on KONE's Financial Statement Bulletin 2012

Market outlook 2013
In new equipment, the market in Asia-Pacific is expected to grow clearly in 2013. The market in Central and North Europe is expected to decline slightly, and the market inSouth Europeto further decline from an already weak level. The market inNorth Americais expected to continue to gradually recover.

The modernization market is expected to be at about the same level as in 2012 or decline slightly.

The maintenance market is expected to continue to develop rather well in most countries.

Business outlook 2013
KONE's net sales is estimated to grow by 5-9% at comparable exchange rates as compared to 2012.

The operating income (EBIT) is expected to be in the range of EUR 840-920 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of 2013.

October 23, 2012 based on KONE's Interim Report January - September 2012

Market outlook 2012
In new equipment, the markets in Asia-Pacific are expected to grow slightly in the last quarter of the year. The markets in Central and North Europe are expected to decline somewhat, and the markets in South Europe are expected to further decline from an already weak level. The market in North America is expected to continue to gradually recover from a low level. The modernization markets are expected to be stable or decline slightly in the last quarter of the year. The maintenance markets are expected to continue to develop rather well in most countries.

Business outlook 2012
KONE specifies its outlook for 2012.

KONE's net sales is estimated to grow by 13-17% at comparable exchange rates as compared to 2011.

The operating income (EBIT), excluding one-time costs, is expected to be in the range of EUR 780-820 million.

July 19, 2012 based on KONE's Interim Report January - June 2012

Market outlook 2012
In new equipment, the markets in Asia-Pacific are expected to be relatively stable or grow somewhat as compared with the second half of 2011. The markets in Central and North Europe are expected to decline slightly, and the markets in South Europe are expected to further decline from an already weak level. The market in North America is expected to continue to gradually recover from a low level. The modernization markets are expected to be at about the same level or decline slightly as compared to the second half of 2011. The maintenance markets are expected to continue to develop well.

Business outlook 2012
KONE upgrades its outlook slightly for 2012. The upgrade of the outlook is due to stronger than expected orders received and sales growth in Asia-Pacific, and with regard to the operating income outlook also due to favorable translation exchange rate movements.

KONE’s net sales is estimated to grow by 12-17% at comparable exchange rates as compared to 2011.

The operating income (EBIT), excluding one-time costs, is expected to be in the range of EUR 760–820 million.

April 24, 2012 based on KONE's Interim Report January - March 2012

Market outlook 2012
The new equipment markets are expected to continue to grow in Asia-Pacific, but at a significantly lower rate than in 2011, and there is uncertainty related to the development in the second half of the year. The markets in Central and North Europe are expected to remain relatively stable or decline slightly, and the markets in South Europe are expected to decline from an already weak level. The market in North America is expected to continue to gradually recover from a low level. The modernization markets are expected to be at about the same level as in 2011 or grow slightly. The maintenance markets are expected to continue to develop well.

Business outlook 2012
KONE upgrades its outlook slightly for 2012 due to stronger than expected orders received and sales growth in Asia-Pacific and more favorable material cost development than expected.

KONE’s net sales is estimated to grow by 10–15% at comparable exchange rates as compared to 2011.

The operating income (EBIT) is expected to be in the range of EUR 750–800 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of 2012.

January 26, 2012 based on KONE's Financial Statement Bulletin 2011

Market outlook 2012
The new equipment markets in Asia-Pacific are expected to continue to grow, but at a clearly lower rate than in 2011. In new equipment, the markets in Central and North Europe are expected to remain relatively stable or decline slightly, and the markets in South Europe are expected to decline from an already weak level. The new equipment market in North America is expected to gradually recover from a low level. The modernization markets are expected to be at about the same level as in 2011 or grow slightly. The maintenance markets are expected to continue to develop well.

Business outlook 2012
KONE’s net sales is estimated to grow by 8-13% at comparable exchange rates as compared to 2011.

The operating income (EBIT) is expected to be in the range of EUR 730-790 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of 2012.

October 20, 2011 based on KONE's Interim Report - January-September 2011

Market outlook 2011
The new equipment markets in Asia-Pacific are expected to continue to develop positively, albeit at a lower rate than during January–September 2011. The overall activity level in the new equipment markets in Central and North Europe is expected to remain relatively stable. Markets in South Europe are expected to remain weak. The new equipment markets in North America are expected to continue to gradually recover from a low level, but the outlook remains uncertain. The modernization markets are expected to grow slightly. The maintenance markets are expected to continue to develop well.

Business Outlook 2011
KONE specifies its outlook for 2011.

KONE’s net sales is estimated to grow by 3–6% at comparable exchange rates as compared to 2010.

The operating income (EBIT) is expected to be in the range of EUR 710–740 million, assuming that translation exchange rates do not deviate materially from the situation of the beginning of 2011.

July 19, 2011 based on KONE's Interim Report - January-June 2011

Market outlook 2011
The new equipment markets in Asia-Pacific are expected to continue to develop positively, albeit at a lower rate than during the first half of the year. The good activity level in the new equipment markets in Central and North Europe is expected to continue in most countries, whereas most markets in South Europe are expected to be relatively stable at the current low level. The new equipment markets in North America are expected to recover modestly, although the outlook has become more uncertain as compared to the first half of the year. The modernization markets are expected to grow slightly. The maintenance markets are expected to continue to develop well.

Business Outlook 2011
KONE’s net sales is estimated to grow by 0–5% at comparable exchange rates as compared to 2010. The operating income (EBIT) is expected to be in the range of EUR 700–750 million, assuming that translation exchange rates do not deviate materially from the situation of the beginning of 2011.

April 20, 2011 based on KONE's Interim Report - January-March 2011

Market outlook 2011
The new equipment markets in Asia-Pacific are expected to continue to develop positively. The recovery of the new equipment markets in Central and North Europe is expected to continue in most countries, whereas most markets in South Europe are expected to be relatively stable at the current low level. The new equipment markets in North America are expected to recover modestly. The modernization markets are expected to be at about last year’s level. The maintenance markets are expected to continue to develop well.

Business Outlook 2011
KONE’s net sales is estimated to grow 0–5% at comparable exchange rates as compared to 2010. The operating income (EBIT) is expected to be in the range of EUR 700–750 million, assuming that translation exchange rates do not deviate materially from the situation of the beginning of 2011.

January 26, 2011 based on KONE's Financial Statements 2010

Market outlook 2011
The new equipment markets in Asia-Pacific are expected to continue to develop positively, although with certain regional differences. The recovery of the new equipment markets in Central and North Europe is expected to continue in most countries, whereas most markets in South Europe are expected to be relatively stable at the current low level. The new equipment markets in the North America are expected to recover modestly. The modernization markets are expected to be at about last year’s level. The maintenance markets are expected to continue to develop well.

Business Outlook 2011
KONE’s net sales is estimated to grow 0–5% at comparable exchange rates as compared to 2010. The operating income (EBIT) is expected to be in the range of EUR 700–750 million, assuming that translation exchange rates do not deviate materially from the situation of the beginning of 2011.

October 19, 2010 based on KONE's Interim Report January-September 2010

Market outlook 2010
KONE specifies its market outlook for 2010. The new equipment markets in Asia-Pacific are expected to continue to grow, albeit at a lower rate than during the first half of the year. In Central and North Europe, the positive development in residential construction is expected to continue in most countries, while the markets in South Europe are stabilizing at a low level. The new equipment market in North America has stabilized at a low level. The development of the markets in South Europe and North America remains uncertain and their recovery is expected to be slow. The modernization markets are expected to be at about last year’s level. The maintenance markets are expected to continue to develop well, but remain very competitive.

Business Outlook 2010
KONE upgrades its outlook for 2010 due to strong sales growth in particular in the Asia-Pacific region as well as improved overall productivity.

KONE’s net sales is estimated to grow 2–6% compared to 2009.

The operating income (EBIT) is expected to be in the range of EUR 660–690 million.

July 20, 2010 based on KONE's Interim Report January-June 2010

Market outlook 2010
KONE specifies its market outlook for 2010. The new equipment markets in Asia-Pacific are expected to continue to grow, albeit at a lower rate than during the first half of the year. In EMEA and North America, the markets have started to stabilize, but the market environment remains uncertain and recovery is expected to be slow. The modernization markets are expected to be at about last year’s level. The maintenance markets are expected to continue to develop well, but remain very competitive.

Business Outlook 2010
KONE upgrades its outlook for 2010 due to strong orders received in the Asia-Pacific region and favorable movements in translation exchange rates.

KONE’s net sales is estimated to be at approximately the same level as in 2009.

The operating income (EBIT) is estimated to be in the range of EUR 630–660 million.

April 20, 2010 based on KONE's Interim Report January-March 2010

Market outlook 2010
The good development is expected to expand in the new equipment market in the Asia-Pacific region. In EMEA and North America, the market will continue to decline in most countries, however stabilization is expected towards the end of the year. The modernization market will be at about last year’s level. The maintenance market will continue to develop well, but remain very competitive.

Business Outlook 2010
KONE’s net sales is estimated to decline by 0–5% compared to 2009.

The operating income (EBIT) is expected to be in the range of EUR 580–620 million.

January 26, 2010 based on KONE's Financial Statements 2009

Market outlook 2010
The good development is expected to expand in the new equipment market in the Asia-Pacific region. In EMEA and North America, the market will continue to decline in most countries, however stabilization is expected towards the end of the year. The modernization market will be at about last year’s level. The maintenance market will continue to develop well, but remain very competitive.

Business Outlook 2010
KONE’s net sales is estimated to decline approximately 5% at comparable exchange rates.

The operating income (EBIT) is expected to be in the range of EUR 560–610 million.

October 20, 2009 based on KONE's Interim Report January-September 2009

Market outlook 2009
During the last quarter of 2009, the maintenance market will continue to develop well. The modernization market will be at about last year’s level. The new equipment market will remain weak but the rate of decline will decrease.

Business Outlook 2009
KONE further specifies its operating income outlook for 2009. KONE’s objective in net sales is to grow 2–5% as compared to net sales in 2008. In operating income (EBIT), the objective is EUR 580–595 million, excluding the one-time cost of EUR 33.6 million.

July 21, 2009 based on KONE's Interim Report January-June 2009

Market outlook 2009
In 2009, the maintenance market will continue to develop well. The modernization market will be at about last year’s level. The rate of decline will decrease in the new equipment market.

Business Outlook 2009
KONE further specifies its outlook for 2009. KONE’s objective in net sales is to grow 2–5% as compared to net sales in 2008. In operating income (EBIT), the objective is EUR 570– 595 million excluding the one-time cost of EUR 33.6 million.

April 23, 2009 based on KONE's Interim Report January-March, 2009

Market outlook 2009
In 2009, the new equipment market will continue to decline because of the weakening global economy. Modernizationwill be less impacted. The maintenance market will continue to develop well.

Business Outlook 2009
In 2009, KONE’s objective in net sales is to reach a growth of 5 percent or at least approximately the net sales level of 2008. In operating income (EBIT), the objective is to reach a growth of 5 percent or at least approximately the operating income level of 2008.

January 23, 2009 based on KONE's Financial Statements 2008

Market outlook 2009
In 2009, the new equipment market will continue to decline because of the weakening global economy. Modernization will be less impacted. The maintenance market will continue to develop well.

Business Outlook 2009
In 2009, KONE’s objective in net sales is to reach a growth of 5 percent or at least approximately the net sales level of 2008. In operating income (EBIT), the objective is to reach a growth of 5 percent or at least approximately the operating income level of 2008.

October 21, 2008 based on KONE's Interim Report January-September, 2008

Market outlook 2009
We estimate that the demand for new equipment will further decline in many markets during the final quarter of 2008, whilst the modernization and maintenance markets will grow. We believe that KONE has opportunities to reach a higher growth in orders received during Q4 than in Q3 2008, provided that the global financial markets will continue to function.

Business Outlook 2009
KONE reiterates its outlook given on July 22, 2008. KONE´s target for 2008 is to achieve, at comparable exchange rates, a growth of more than 10% in net sales, compared to 2007. The operating income (EBIT) target is to achieve a growth close to 20% compared to the 2007 figure of EUR 473 million. This corresponds to an operating income (EBIT) margin of at least 12.0%.

July 22, 2008 based on KONE's Interim Report January-June, 2008

• We estimate that the market continues to provide favorable opportunities for KONE to continue to grow in 2008 although market growth is weaker this year than in 2007, due to the weakened economic outlook.
• KONE´s target for 2008 is to achieve, at comparable exchange rates, a growth of more than 10% in net sales, compared to 2007. The operating income (EBIT) target is to achieve a growth close to 20% compared to the 2007 figure of EUR 473 million. This corresponds to an operating income (EBIT) margin of at least 12.0%.

April 22, 2008 based on KONE's Interim Report January-March, 2008

• We estimate that the market will continue to create favorable opportunities for KONE to grow in 2008 although market growth will not be equally strong in all markets this year as in 2007, due to the weakened economic outlook.
• KONE´s target for 2008 is to achieve, at comparable exchange rates, a growth of about 10% in net sales, compared to 2007. The operating income (EBIT) target is to achieve a growth close to 20% compared to the 2007 figure of EUR 473 million. This corresponds to an operating income (EBIT) margin of at least 12.0%.

January 25, 2008 based on KONE's Financial Statement Bulletin 2007

• We estimate that the market will continue to create favorable opportunities for KONE to continue to grow in 2008 although market growth will not be equally strong in all markets this year as in 2007, due to the weakened economic outlook.
• KONE’s target for 2008 is to achieve, at comparable exchange rates, a growth of about 10 percent in net sales, compared to 2007. The operating income (EBIT) target is to achieve a growth close to 20 percent compared to the 2007 figure of EUR 473 million. This corresponds to an operating income (EBIT) margin of at least 12.0 percent.