Statement of the Board of Directors

New standardized modular elevator platform successfully rolled out in Europe

EcoVadis Platinum rating

> 35% of all units connected to the cloud

The year 2024 marked Schindler’s 150th anniversary, a milestone built on the trust of our customers, on the support of our shareholders, and on the dedication of our employees. Innovative solutions, dedicated customer service, strong front-line capabilities, safety, and sustainability are main pillars of our corporate values. We continued to drive efficiency and profitability and improve competitive­ness, despite testing market conditions and persistent foreign exchange headwinds.

Innovative modular elevators and modernization solutions launched

In the course of 2024, the new standardized modular elevator platform was introduced in selected European markets, where it already accounts for more than 70% of new elevator units ordered. Leveraging the same platform, we also introduced a new mid-rise product for the US, to enhance Schindler’s product offering in the local commercial and high-end residential segments. Furthermore, our streamlined modernization tool kits gained traction across the globe.

Cloud-based service business

We continued our connectivity drive, with now more than 35% of our portfolio linked to the cloud. The more units we connect, the more we are reassured to see how connectivity results in higher uptime and better customer experience. In the meantime, cloud-based services have become an essential element of our low-carbon service offering, which grew further in 2024.

Sustainability Roadmap 2030 launched; progress recognized by EcoVadis

We continued to embed sustainability in all aspects of our business, building on our industry-leading commitment to reach net-zero greenhouse gas emissions by 2040, creating long-term value for all stakeholders and supporting our customers to reach their own sustainability goals. Our Sustainability Roadmap 2030 is structured around nine focus areas, each with specific targets and metrics, incorporating findings from an updated double materiality assessment.

For 2024, Schindler’s sustainability management system was recognized with an EcoVadis Platinum medal, ranking Schindler in the top 1% of the more than 150 000 companies worldwide that are evaluated annually.

BuildingMinds

Our Berlin-based “Software as a Service” company continues to drive digital transformation in the real estate industry. The platform offers building owners and managers science-based data management to drive real estate value creation and sustainability. As of the end of 2024, more than 370 million square meters of real estate worldwide – an equivalent to 213 000 soccer fields – were managed using the BuildingMinds platform.

Ranked among the world’s best and most trustworthy companies, and best employers

The company ranked in the top ten of Newsweek’s World’s Most Trustworthy Companies in the “machines and industrial equipment” sector, third in Forbes’ “engineering and manufacturing” segment of The World’s Best Employers, and was listed among TIME Magazine’s World’s 1 000 Best Companies. These awards are a testament to our 150-year legacy.

Financial performance

For the year 2024, order intake and revenue reached CHF 11 325 million and CHF 11 236 million, equivalent to a growth in local currencies of 2.2% and 0.8%, respectively. Operating profit increased to CHF 1 266 million, corresponding to an EBIT margin of 11.3%. The EBIT adjusted margin reached 12.0%. Net profit rose to CHF 1 010 million, corresponding to a net profit margin of 9.0%. Cash flow from operating activities increased by 25% to CHF 1 595 million.

Profit and dividend

Schindler Holding Ltd. closed the year 2024 with a net profit of CHF 752 million (previous year: CHF 685 million). The Board of Directors will submit a proposal to the forthcoming General Meeting of March 25, 2025, for a dividend of CHF 6.00 per registered share and per participation certificate, corresponding to an increase of CHF 1.00 per registered share and per participation certificate over the dividend of the previous year. The proposed dividend entails a payout ratio of 68%, which is in accordance with the dividend policy set by the Board of Directors.

Share buyback program

In November 2024, Schindler launched a share buyback program, covering registered shares and participation certificates for a combined amount of up to CHF 500 million. The program is expected to run until November 2026 at the latest.

Changes in the Board of Directors and in the Group Executive Committee

After more than 30 successful years with the company, Silvio Napoli decided not to stand for reelection to the Board of Directors. At the upcoming General Meeting of Shareholders on March 25, 2025, the Board will propose Josef Ming for election to the Board of Directors and as Chairman.

As of February 1, 2025, Paolo Compagna has been appointed Group CEO. With that, the Chairman and CEO dual mandate, introduced in January 2022 in response to various complex operational challenges, came to an end.

Outlook

For 2025, barring unexpected events, Schindler expects low single-digit revenue growth in local currencies and an EBIT reported margin of ~12%. In the midterm, Schindler aims to reach an EBIT reported level of 13%.

Thank you

We are deeply grateful to our customers for their business and confidence in our services and solutions. We thank our shareholders for their continued trust and relentless support as well as our employees for their extraordinary contribution.

Silvio Napoli

Chairman of the Board of Directors and CEO

Patrice Bula

Vice Chairman of the Board of Directors