2 Basis of preparation

The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards), as issued by the IASB, and are compliant with Swiss law. The consolidated financial statements are prepared using the historical cost approach except for financial instruments measured at fair value.

The consolidated financial statements are based on the financial statements of the individual Group companies controlled directly or indirectly by Schindler Holding Ltd. The reporting year of all Group companies ends on December 31. An overview of material Group companies is disclosed in note 27.

2.1 Changes in IFRS

Amendments to IFRS, applied for the first time as of January 1, 2025, did not have a material impact on the Group’s consolidated financial statements.

Schindler will apply IFRS 18 – Presentation and Disclosure in Financial Statements starting from January 1, 2027. The Group is currently performing an assessment of the impacts of the new IFRS standard on the consolidated financial statements. While no changes to the recognition and measurement basis are currently expected, the new standard impacts the structure of the consolidated financial statements. The Group expects that some transactions currently recognized in the financial result will be recognized in operating profit as a result of the revised presentation requirements. In addition, IFRS 18 introduces new disclosure requirements for the notes to the consolidated financial statements.

There are no plans for the early adoption of any other published standards, interpretations, or amendments prior to their mandatory effective date. Schindler does not expect other changes to IFRS to have a material impact on the Group’s consolidated financial statements.

2.2 Significant assumptions and estimates

The Group’s consolidated financial statements contain assumptions and estimates that impact the figures disclosed in this report. They are based on analyses and judgments that are continuously reviewed and adjusted if necessary. The actual results may differ from these assumptions and estimates.

The main assumptions and estimates that have a significant risk of resulting in a material adjustment to the consolidated financial statements in future years are described in the following notes: