The following is a summary of the Schindler Holding AG Bearer Participation Certificates (SHLAF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Schindler's order intake rose by 2.5% in local currency, driven by Modernization and Service.

• Q1 revenue grew by 1.1%, mainly attributed to the regions of EMEA and the Americas.

• Operational profitability saw a 15.8% increase in EBIT adjusted in local currency due to operational efficiency, pricing measures, and more Service, Modernization revenues.

• Operating cash flow increased by 80.4% because of higher profitability and lower net working capital requirements.

• Expecting low single-digit revenue growth in local currency and an EBIT reported margin of 11% for the full year 2024.

Business Progress:

• The new installations market continues to decline, whereas markets in India and the Middle East are growing strongly.

• The company launched a new modular platform, accounting for over 40% units sold in the EMEA region, adding strategic value to the future of the company's results.

• Schindler has implemented a sustained pricing discipline and efficiency measures across its value chain.

• Growth in both order intake and revenue in local currencies despite a declining New Installation market.

• Profitability was impacted in the Chinese market but improved overhead efficiency, and existing efforts suggest further profitability.

• Significant market shares were acquired in China with the introduction of new and competitive products and strict pricing disciplines.

• The company is optimistic for the development in the Modernisation business, citing higher margins compared to New Installation and strong Q1 performance.

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