Business review

Schindler continued to drive efficiency and profitability and improved competitiveness, despite testing market conditions and persistent foreign exchange headwinds.

2024 marked the third year of Schindler’s operational recovery, laying solid foundations for profitable growth. The company progressed towards its midterm margin target, and generated strong net profit and operating cash flow. Schindler continued to drive efficiency and profitability and improve competitiveness, despite testing market conditions and persistent foreign exchange headwinds.

The construction and real estate markets in numerous countries continued to face headwinds from high construction costs and elevated interest rates, impacting new installations in both residential and nonresidential segments.

Despite the overall macroeconomic uncertainty, pricing pressure and volatile inflation, the modernization market grew, driven by the aging installed base globally requiring updates and replacements. The global service markets kept growing at a healthy pace.