SHR Income Statement - Schindler Holding AG

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Price: 189.2 EUR 0.75% Market Closed

Market Cap: €20.4B

	Schindler Holding AG F:SHR	CH
	China Nonferrous Mining Corp Ltd HKEX:1258	CN
	Aisin Corp OTC:ASEKY	JP
	Sumitomo Forestry Co Ltd TSE:1911	JP
	Lear Corp NYSE:LEA	US
	Shipping Corporation of India Ltd BSE:523598	IN
E	EBOS Group Ltd OTC:EBOSF	AU

Financial profile · FY2025

A low-capital industrial platform with recovering margins and substantial cash generation

Schindler has historically combined modest revenue growth with cyclical sensitivity, while operating margins have recovered materially from their recent trough. Its modest capital requirements support recurring conversion of earnings into cash and preserve balance-sheet flexibility for distributions and reinvestment.

What is developing

The 2025 results confirmed the operational recovery, with the reported EBIT margin reaching 12.6% as pricing, efficiency, and product mix offset reported-currency revenue pressure. Cash generation remained positive, but operating cash flow softened as working capital became a larger cash use, so profitability improved faster than cash conversion.

What matters next

Whether working capital returns toward neutral while the improved operating margin is maintained.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Revenue	9.6B	10B	10.9B	11.3B	10.6B	11.2B	11.3B	11.5B	11.2B
Cost of Revenue	(7.2B)	(7.5B)	(8.2B)	(8.5B)	(8.1B)	(8.6B)	(8.9B)	(8.7B)	(8.4B)	(8.1B)
Gross Profit	2.4B	2.5B	2.7B	2.8B	2.6B	2.7B	2.5B	2.8B	2.8B	2.9B
Operating Expenses	(1.3B)	(1.3B)	(1.4B)	(1.5B)	(1.5B)	(1.5B)	(1.6B)	(1.6B)	(1.6B)	(1.5B)
Selling, General & Administrative	(1.1B)	(1.1B)	(817m)	(709m)	(630m)	(644m)	(688m)	(717m)	(587m)	(578m)
Depreciation & Amortization	(141m)	(153m)	(174m)	(316m)	(371m)	(339m)	(344m)	(349m)	(330m)	(334m)
Other Operating Expenses	(96m)	(124m)	(427m)	(481m)	(520m)	(528m)	(568m)	(550m)	(637m)	(574m)
Operating Income	1.1B	1.2B	1.3B	1.3B	1B	1.2B	890m	1.2B	1.3B
Net Interest Income (Expense)	20m	22m	27m	(12m)	9m	9m	3m	32m	46m	14m
Interest Expense	14m	10m	11m	30m	21m	21m	23m	25m	36m	35m
Non-Recurring Items	(1m)	2m	9m	8m	—	—	14m	30m	11m	3m
Total Other Income	(50m)	(43m)	(44m)	(45m)	(48m)	(51m)	(54m)	(45m)	(40m)	(45m)
Pre-Tax Income	1.1B	1.2B	1.3B	1.2B	993m	1.1B	853m	1.2B	1.3B	1.4B
Tax Provision	(274m)	(282m)	(244m)	(272m)	(219m)	(243m)	(194m)	(240m)	(262m)	(280m)
Income from Continuing Operations	823m	884m	1B	929m	774m	881m	659m	935m	1B	1.1B
Income to Minority Interest	(59m)	(60m)	(65m)	(66m)	(52m)	(53m)	(49m)	(69m)	(60m)	(58m)
Net Income	764m	824m	943m	863m	722m	828m	610m	866m	950m
EPS (Diluted)	7.12	7.67	8.77	8.03	6.71	7.68	5.66	8.04	8.82