Business review

In 2022, Schindler’s business was impacted by various external and internal factors. These circumstances called for immediate action.

Growth momentum in key construction markets started to fade in the course of the year due to macroeconomic uncertainty, persistent inflation, and supply chain disruptions as well as a slowing economy and ripple effects from the real estate market meltdown in China.

As immediate actions, we streamlined our product offering and increased prices while driving efficiency across the organi­zation. While China remains a high-­priority market, we started to adjust our operations to the new market reality.

These stabilizing measures have started to pay off sequentially, increasing profitability in the second half of the year. Nonetheless, resolving legacy issues and adjusting to the fast-evolving market conditions still require more time.