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} }, "fact-1": { "value": "Basis of preparation In this section This section comprises following information about the basis of preparation of KONE\u2019s consolidated financial statements: Basis of preparation Consolidation principles Hyperinflation Segment information Accounting estimates and management judgements Effects of climate-related matters in financial statements Accounting principles are presented in connection with notes in sections 2\u20136. Basis of preparation KONE Corporation is a Finnish, public limited company domiciled in Helsinki, Finland. KONE Corporation and its subsidiaries together form the KONE Group (\u201cKONE\u201d or \u201cthe Group\u201d). KONE is a global leader in the elevator and escalator industry with a purpose to shape the future of cities. KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. KONE moves two billion people every day, making their journeys safe, convenient, and reliable with smart and sustainable People Flow\u00ae. KONE operates in close to 70 countries around the world, serving close to 600,000 customers. Headquartered in Helsinki, Finland, we have seven global R&D units and 10 manufacturing units in seven countries, as well as a worldwide network of agents and authorized distributors. The consolidated financial statements of KONE Corporation have been prepared in accordance with the IFRS (International Financial Reporting Standards) Accounting Standards as adopted by the EU, observing the standards and interpretations effective on December 31, 2025. KONE has adopted the new standards and interpretations that took effect during the accounting period and are relevant to its operations. The IFRS standards and amendments thereto that took effect in 2025 did not have a material impact on the Group\u2019s consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, effective for reporting periods beginning on or after January 1, 2027, will replace IAS 1 Presentation of Financial Statements standard. The new standard carries forward many of the requirements of IAS 1 unchanged but also introduces new and enhanced requirements related to presentation of the statement of profit or loss, grouping of information, and presentation of management-defined performance measures. Based on initial assessment, KONE expects IFRS 18 to primarily affect the presentation and disaggregation of information in the consolidated statement of income and in the notes, including the introduction of new defined subtotals. More detailed quantitative impact assessment will be completed during 2026. The consolidated financial statements have been prepared for the reporting period of 12 months from January 1 to December 31, 2025 and on the basis that the Group will continue to operate as going concern. The financial statements have been authorized for issue by the Board of Directors of KONE Corporation on February 5, 2026. According to the Finnish Companies\u2019 Act the Annual General Meeting has the right to approve, reject or make changes to the financial statements after the publication. The consolidated financial statements are presented in millions of euros and prepared under the historical cost convention except as disclosed in the accounting principles. Further, trade date accounting has been applied to all financial assets and liabilities. Amounts presented in these financial statements have been rounded from exact values and therefore the sum of amounts presented individually can deviate from the presented sum amount calculated based on the exact values. Key figures have been calculated using exact values. Consolidation principles The consolidated accounts include the parent company and those companies in which the parent company held, directly or indirectly, more than 50 percent of the voting power or had control through management agreements with shareholders holding the majority of the voting power at the end of the reporting period. In addition to these holdings, the consolidated accounts include possible holdings that are of a controlling-right nature (units/companies established for a specific reason). Subsidiaries acquired during the period were included in the consolidated financial statements from the date of acquiring the control, and divested subsidiaries up to the date of loss of control. The acquisition consideration, including deferred and contingent consideration, as well as the identifiable assets acquired and liabilities assumed, are measured at the acquisition date fair values. The acquisition-related costs are recognized as expenses in the period in which they are incurred. At the acquisition date, the non-controlling interests are valued either at the acquisition date fair values or at non-controlling interests\u2019 proportionate share in the recognized amounts of the identifiable net assets. Consolidated statement of income includes an allocation of net income between the shareholders of the parent company and the non-controlling interest. The allocation of the comprehensive income to the shareholders of the parent company and non-controlling interests is presented in the statement of comprehensive income. Non-controlling interests\u2019 share of total equity is presented separately under total consolidated equity. All inter-corporate transactions, receivables, liabilities and unrealized profits, as well as the distribution of profits within the Group have been eliminated in the consolidated financial statements. Inter-corporate shareholdings have been eliminated using the acquisition method. The results and financial position of foreign operations that have a functional currency different from the presentation currency of the Group, have been translated into the presentation currency as follows: assets and liabilities at the statement of financial position date closing rate, and income and expenses at average exchange rates of the reporting period. The resulting exchange rate differences have been recognized in other comprehensive income. Associated companies are companies where KONE exercises significant influence but not control. Associated companies are accounted using the equity method, where the carrying amount of the associate in the statement of financial position reflects the Group\u2019s share of the net assets of the associated company, together with any goodwill. The Group\u2019s share of the associated companies\u2019 profit or loss is recognized in the consolidated income statement after the operating profit. Hyperinflation Following continued growth in inflation rate, the accounting firms and regulatory authorities have based on criteria set-out in IAS 29 classified T\u00fcrkiye as a hyperinflationary economy for reporting periods ending on or after June 30, 2022. KONE is active in both New Building Solutions as well as service business in T\u00fcrkiye through its local subsidiary. KONE has assessed the impact of applying hyperinflationary accounting and concluded that the impact would be immaterial for the Group. Consequently, the consolidated statement of income or statement of financial position does not reflect the impact arising from remeasurement of operations in T\u00fcrkiye for hyperinflation. Segment reporting The profitability of KONE is presented as a single entity. KONE\u2019s business concept is to serve its customers by providing solutions throughout the entire life cycle of the equipment, beginning from the installation of new building solutions to the maintenance and modernization during their life cycle and the full replacement of the equipment. Most of the equipment that are delivered are converted into service base. Material operative decisions are made by the Board of Directors of KONE. Such decisions are prepared and presented by the Chairman of the Board and the President and Chief Executive Officer. Due to the business model of KONE, the nature of its operations and its governance structure, the Group as a whole is considered the relevant operating segment to be reported. Accounting estimates and management judgements The preparation of the financial statements in accordance with the IFRS requires management to make judgements, estimates and assumptions that affect the measurement of the reported assets and liabilities and other information, such as contingent assets and liabilities and the recognition of income and expenses in the consolidated statement of income. Although these estimates and assumptions are based on the management\u2019s best knowledge of current events, actual results may differ from the estimates. For KONE the most significant judgements, estimates and assumptions made by the management relate to revenue recognition, especially to defining and determining principles for revenue recognition in project business, to project estimates for long-term major projects, assumptions used in impairment testing, valuation of accounts receivables and inventories, determining the lease term applied in the lease accounting and recognition of provisions and evaluation of uncertain tax positions. Effects of climate-related matters in financial statements Climate-related matters have limited direct and indirect impacts in the following areas of KONE's consolidated financial statements in 2025: KONE has a sustainability-linked undrawn revolving credit facility of EUR 850.0 (850.0) million. The climate-related target impacting the fees of the facility is linked to the reduction of KONE\u2019s Scope 1, 2 and 3 greenhouse gas emissions. KONE's long-term incentive plans include a target related to reducing KONE\u2019s carbon footprint from Scope 1, 2 and 3 greenhouse gas emissions, and it has an impact on the share-based payment amounts. KONE\u2019s investments in low-emission vehicle fleet have increased the amount of right-of-use assets and lease liabilities as well as related depreciation and interest expenses. The climate-related risks and opportunities impact the cash flow estimates, terminal growth rate and discount rates used in the goodwill impairment testing. The general transition towards a low-carbon economy impact KONE\u2019s revenues, expenses, and cash flows. Such impact arises particularly through the demand for energy efficient equipment and the related cost of sales and R&D expenditure. Potential future impacts of climate change on the consolidated financial statements may include, for example, revenues and cash inflows from increased demand for sustainable offering, costs and cash flows related to climate change and transition towards low- carbon economy, capital expenditure in energy-efficient assets and related depreciation; impairment of assets due to physical damage from severe weather conditions and changes in the value of certain financial instruments due to climate risks. The nature and magnitude of potential future financial impacts of climate change are difficult to estimate. None of the separately identifiable financial impacts is assessed to be material to KONE as of the date of these financial statements. KONE continues to evaluate its exposure to climate-related impacts, risks and opportunities, and these matters will be reflected in consolidated financial statements, as appropriate ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "
Basis of preparation
KONE Corporation is a Finnish, public limited company
domiciled in Helsinki, Finland. KONE Corporation and its
subsidiaries together form the KONE Group (\u201cKONE\u201d or
\u201cthe Group\u201d). KONE is a global leader in the elevator and
escalator industry with a purpose to shape the future of
cities. KONE provides elevators, escalators and automatic
building doors, as well as solutions for maintenance and
modernization to add value to buildings throughout their
life cycle. KONE moves two billion people every day,
making their journeys safe, convenient, and reliable with
smart and sustainable People Flow\u00ae. KONE operates in
close to 70 countries around the world, serving close to
600,000 customers. Headquartered in Helsinki, Finland,
we have seven global R&D units and 10 manufacturing
units in seven countries, as well as a worldwide network
of agents and authorized distributors.
The consolidated financial statements of KONE Corporation have been prepared in accordance with the IFRS (International Financial Reporting Standards) Accounting Standards as adopted by the EU, observing the standards and interpretations effective on December 31, 2025. KONE has adopted the new standards and interpretations that took effect during the accounting period and are relevant to its operations. The IFRS standards and amendments thereto that took effect in 2025 did not have a material impact on the Group\u2019s consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, effective for reporting periods beginning on or after January 1, 2027, will replace IAS 1 Presentation of Financial Statements standard. The new standard carries forward many of the requirements of IAS 1 unchanged but also introduces new and enhanced requirements related to presentation of the statement of profit or loss, grouping of information, and presentation of management-defined performance measures. Based on initial assessment, KONE expects IFRS 18 to primarily affect the presentation and disaggregation of information in the consolidated statement of income and in the notes, including the introduction of new defined subtotals. More detailed quantitative impact assessment will be completed during 2026. The consolidated financial statements have been prepared for the reporting period of 12 months from January 1 to December 31, 2025 and on the basis that the Group will continue to operate as going concern. The financial statements have been authorized for issue by the Board of Directors of KONE Corporation on February 5, 2026. According to the Finnish Companies\u2019 Act the Annual General Meeting has the right to approve, reject or make changes to the financial statements after the publication. The consolidated financial statements are presented in millions of euros and prepared under the historical cost convention except as disclosed in the accounting principles. Further, trade date accounting has been applied to all financial assets and liabilities. Amounts presented in these financial statements have been rounded from exact values and therefore the sum of amounts presented individually can deviate from the presented sum amount calculated based on the exact values. Key figures have been calculated using exact values. Consolidation principles The consolidated accounts include the parent company and those companies in which the parent company held, directly or indirectly, more than 50 percent of the voting power or had control through management agreements with shareholders holding the majority of the voting power at the end of the reporting period. In addition to these holdings, the consolidated accounts include possible holdings that are of a controlling-right nature (units/companies established for a specific reason). Subsidiaries acquired during the period were included in the consolidated financial statements from the date of acquiring the control, and divested subsidiaries up to the date of loss of control. The acquisition consideration, including deferred and contingent consideration, as well as the identifiable assets acquired and liabilities assumed, are measured at the acquisition date fair values. The acquisition-related costs are recognized as expenses in the period in which they are incurred. At the acquisition date, the non-controlling interests are valued either at the acquisition date fair values or at non-controlling interests\u2019 proportionate share in the recognized amounts of the identifiable net assets. Consolidated statement of income includes an allocation of net income between the shareholders of the parent company and the non-controlling interest. The allocation of the comprehensive income to the shareholders of the parent company and non-controlling interests is presented in the statement of comprehensive income. Non-controlling interests\u2019 share of total equity is presented separately under total consolidated equity. All inter-corporate transactions, receivables, liabilities and unrealized profits, as well as the distribution of profits within the Group have been eliminated in the consolidated financial statements. Inter-corporate shareholdings have been eliminated using the acquisition method. The results and financial position of foreign operations that have a functional currency different from the presentation currency of the Group, have been translated into the presentation currency as follows: assets and liabilities at the statement of financial position date closing rate, and income and expenses at average exchange rates of the reporting period. The resulting exchange rate differences have been recognized in other comprehensive income. Associated companies are companies where KONE exercises significant influence but not control. Associated companies are accounted using the equity method, where the carrying amount of the associate in the statement of financial position reflects the Group\u2019s share of the net assets of the associated company, together with any goodwill. The Group\u2019s share of the associated companies\u2019 profit or loss is recognized in the consolidated income statement after the operating profit. Hyperinflation Following continued growth in inflation rate, the accounting firms and regulatory authorities have based on criteria set-out in IAS 29 classified T\u00fcrkiye as a hyperinflationary economy for reporting periods ending on or after June 30, 2022. KONE is active in both New Building Solutions as well as service business in T\u00fcrkiye through its local subsidiary. KONE has assessed the impact of applying hyperinflationary accounting and concluded that the impact would be immaterial for the Group. Consequently, the consolidated statement of income or statement of financial position does not reflect the impact arising from remeasurement of operations in T\u00fcrkiye for hyperinflation. Segment reporting The profitability of KONE is presented as a single entity. KONE\u2019s business concept is to serve its customers by providing solutions throughout the entire life cycle of the equipment, beginning from the installation of new building solutions to the maintenance and modernization during their life cycle and the full replacement of the equipment. Most of the equipment that are delivered are converted into service base. Material operative decisions are made by the Board of Directors of KONE. Such decisions are prepared and presented by the Chairman of the Board and the President and Chief Executive Officer. Due to the business model of KONE, the nature of its operations and its governance structure, the Group as a whole is considered the relevant operating segment to be reported. Accounting estimates and management judgements The preparation of the financial statements in accordance with the IFRS requires management to make judgements, estimates and assumptions that affect the measurement of the reported assets and liabilities and other information, such as contingent assets and liabilities and the recognition of income and expenses in the consolidated statement of income. Although these estimates and assumptions are based on the management\u2019s best knowledge of current events, actual results may differ from the estimates. For KONE the most significant judgements, estimates and assumptions made by the management relate to revenue recognition, especially to defining and determining principles for revenue recognition in project business, to project estimates for long-term major projects, assumptions used in impairment testing, valuation of accounts receivables and inventories, determining the lease term applied in the lease accounting and recognition of provisions and evaluation of uncertain tax positions. Effects of climate-related matters in financial statements Climate-related matters have limited direct and indirect impacts in the following areas of KONE's consolidated financial statements in 2025: KONE has a sustainability-linked undrawn revolving credit facility of EUR 850.0 (850.0) million. The climate-related target impacting the fees of the facility is linked to the reduction of KONE\u2019s Scope 1, 2 and 3 greenhouse gas emissions. KONE's long-term incentive plans include a target related to reducing KONE\u2019s carbon footprint from Scope 1, 2 and 3 greenhouse gas emissions, and it has an impact on the share-based payment amounts. KONE\u2019s investments in low-emission vehicle fleet have increased the amount of right-of-use assets and lease liabilities as well as related depreciation and interest expenses. The climate-related risks and opportunities impact the cash flow estimates, terminal growth rate and discount rates used in the goodwill impairment testing. The general transition towards a low-carbon economy impact KONE\u2019s revenues, expenses, and cash flows. Such impact arises particularly through the demand for energy efficient equipment and the related cost of sales and R&D expenditure. Potential future impacts of climate change on the consolidated financial statements may include, for example, revenues and cash inflows from increased demand for sustainable offering, costs and cash flows related to climate change and transition towards low- carbon economy, capital expenditure in energy-efficient assets and related depreciation; impairment of assets due to physical damage from severe weather conditions and changes in the value of certain financial instruments due to climate risks. The nature and magnitude of potential future financial impacts of climate change are difficult to estimate. None of the separately identifiable financial impacts is assessed to be material to KONE as of the date of these financial statements. KONE continues to evaluate its exposure to climate-related impacts, risks and opportunities, and these matters will be reflected in consolidated financial statements, as appropriate . Revenue recognition Revenue from contracts with KONE\u2019s customers is recognized at an amount that reflects the consideration to which KONE expects to be entitled to in exchange for delivering promised goods or services to a customer. KONE recognizes revenue when or as it satisfies a performance obligation by transferring control on the promised goods or services (performance obligation) to a customer. A performance obligation is a distinct good or service within a contract that a customer can benefit from on a stand-alone basis. For KONE\u2019s New Building Solutions and Modernization contracts, a performance obligation typically means delivery and installation of a single unit, i.e. an elevator, an escalator or other People Flow solution. For KONE\u2019s maintenance contracts, maintenance of a single unit is considered as a distinct performance obligation and for repairs business, typically a service order is a performance obligation for KONE. In New Building Solutions and Modernization contracts, KONE transfers the control of a single unit to a customer over time and, therefore, satisfies the performance obligation and recognizes revenue over time. The transfer of control is initiated when ordered equipment is delivered to a customer site as then the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, a unit constructed by KONE. Upon this milestone and onwards up to the project handover, revenue is recognized under the percentage of completion method using a cost-to-cost input method. Based on KONE\u2019s assessment it best depicts the transfer of control on the deliverable to the customer. Percentage of completion is defined as the proportion of an individual performance obligation\u2019s cost incurred to date from the total estimated costs for that particular performance obligation. The percentage of completion method requires accurate estimates of future revenues and costs over the full term of the contracts. These significant estimates form the basis for the amount of revenue to be recognized and include the latest updated estimate of total revenue and costs, adjusted with risks based on historical experience on typical estimation revisions for similar types of contracts. These estimates may materially change due to the stage of completion of the contract, changes in the contract scope, cost estimates and customer\u2019s plans and other factors. Revenues from the rendering of maintenance services and repairs are recognized when the Services have been rendered or over the contract term when the work is being carried out. For maintenance contracts the performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided as KONE performs the Services. Most of KONE\u2019s revenue is derived from fixed- price contracts and, therefore, the amount of revenue to be earned from each contract is determined by reference to those fixed prices. KONE\u2019s customer contracts do not typically contain any significant financing components. In New Building Solutions and Modernization contracts payment terms are typically based on either specific contractual milestones or progress of work performed. In maintenance contracts customers generally pay based on fixed payment schedules. When customer contracts contain multiple performance obligations, the transaction price is allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on estimated costs plus margin approach. Research and development costs Research and development costs are typically expensed as they incur, because the future economic benefits of new products and development of existing products and services can only be proven after their successful introduction to the market . Depreciation and amortization Depreciation and amortization are recorded on a straight-line basis over the economic useful lives of the assets, or over the lease contract periods, when applicable, if shorter. Economic useful lives: Customer-related intangibles Other intangible assets Buildings Machinery and equipment Land 10\u201315 years 3\u201310 years 5\u201340 years 2\u201315 years Infinite Foreign currency transactions and translation The items included in the financial statements are initially recognized in the functional currencies, which are defined for each group subsidiary based on their primary economic environment. The presentation currency of the financial statements is the euro, which is also the functional currency of the parent company. The initial recognition of transactions denominated in foreign currencies in the functional currency takes place at the rate of exchange prevailing at the date of the individual transaction. Foreign currency denominated receivables and liabilities are translated using period end exchange rates. Foreign exchange gains and losses related to business transactions are treated as adjustments within operating income. Foreign exchange gains and losses associated with financing transactions are included in financing income and expenses. The statements of income of foreign subsidiaries, whose functional currency is not the euro, are translated into euros based on the average exchange rate of the accounting period. Items in the statement of financial position, with the exception of net income for the accounting period, are translated into euros at the closing date exchange rates. Exchange rate differences arising from net investments in non-euro currency subsidiaries, as well as the exchange rate differences resulting from translating income and expenses at the average rates and assets and liabilities at the closing rate, are recorded in translation differences within equity. Respective changes during the period are presented in other comprehensive income. Exchange rate gains and losses resulting from financial instruments designated as hedges of net assets in foreign subsidiaries have been recognized as translation differences in other comprehensive income. The cumulative translation differences related to foreign operations are reclassified from equity to statement of income upon the disposal of the foreign operation. Income tax The Group tax expense includes taxes of subsidiaries based on taxable income for the period, together with tax adjustments for previous periods and changes in deferred taxes. Deferred taxes are provided for temporary differences arising from difference between the tax bases of assets and liabilities and their carrying amounts in financial reporting and measured with enacted tax rates. Typical temporary differences arise from provisions, depreciation and amortization, inter-company inventory margins, defined benefit type post- retirement plans and tax losses carried forward. Deferred tax assets on unused tax losses and other temporary differences are recognized to the extent it is probable that taxable profit is available to offset losses in the future. A deferred tax liability is recognized on the undistributed profits of subsidiaries where such tax is applicable, and it is expected to realize in the foreseeable future. The positions taken in tax returns are evaluated periodically by the management to identify situations in which applicable tax regulation is subject to interpretation. Based on the evaluation, adjustments for the uncertain tax positions are recognized when it is considered more likely than not that certain tax positions will be challenged by the tax authorities. The amounts recorded are based upon the estimated final taxes to be paid to the tax authorities. Earnings per share The basic earnings per share figure is calculated by dividing the net income attributable to the shareholders of the parent company by the weighted average number of shares outstanding during the year. Diluted earnings per share is calculated by adjusting the weighted average number of shares by the effect of potential diluting shares due to share-based incentive plans of the Group. KONE has two classes of shares that are both included in the calculation of earnings per share. Inventories Inventories are valued at the lower of cost or net realizable value. Raw materials and supplies are valued based on weighted average cost method or at standard cost. Semi-manufactures are valued at production costs. Work in progress includes direct labor and material costs as of the consolidated statement of financial position date with a proportion of indirect costs related to manufacturing and installation allocated to the firm customer order when control has not yet transferred to the customer. Firm customer orders are mainly fixed price contracts with customers for the sale of new equipment or for the modernization of old equipment. An allowance is recorded for obsolete items based on management\u2019s estimate of expected net realizable value. Accounts receivable Accounts receivable is recognized when the right to consideration becomes unconditional and are measured at amortized cost. For KONE\u2019s new equipment and modernization contracts, a receivable is typically recognized upon invoicing when the goods are delivered and for KONE maintenance contracts upon invoicing according to customer contract terms and conditions. KONE applies the expected credit loss model to assess impairment loss for the doubtful accounts receivable since the accounts receivable does not contain a significant financing component. To measure the lifetime expected credit losses trade receivables have been grouped based on shared credit risk characteristics and aging category and measured based on historical loss rates adjusted by forward looking estimates and individual assessment. A final impairment loss is recognized when receivership or bankruptcy is confirmed or when it is otherwise obvious that the customer will be unable to meet its payment obligations. Changes in impairment loss for doubtful accounts receivable and final impairment losses are recognized under cost and expenses in the consolidated statement of income. Unbilled contract revenueUnbilled contract revenue relates to consideration for performance obligations satisfied over time in KONE\u2019s new equipment and modernization contracts. It is recognized when the revenue recognized exceeds the amounts billed to the customer and receipt of transaction price is considered to be conditional upon factors other than the passage of time. Unbilled contract revenue is valued at net realizable value and is classified as contract asset and presented under deferred assets in the consolidated statement of financial position. An impairment loss for contract assets is estimated based on lifetime expected credit loss model and individual analysis. Deferred and accrued income on maintenance contractsWhen revenue recognized exceeds the amounts billed to the customer, an accrued income on maintenance contracts is recognized. It is stated at net realizable value and classified as contract assets and presented under deferred assets in the consolidated statement of financial position. When the amounts billed to the customer exceed the recognized revenue, deferred income on maintenance contracts is recognized. These balances are classified as contract liabilities and are presented under accruals in the consolidated statement of financial position. Advances received and deferred revenue Advances received and deferred revenue relates to payments received in advance of performance or billing in excess of revenue recognized under KONE\u2019s new equipment and modernization contracts. Advances received and deferred revenue are recognized as revenue as (or when) KONE performs under the contracts and are classified as contract liabilities. Other contract assetsOther contract assets consist of capitalized costs required to fulfil future performance obligations under long -term maintenance contracts. Such assets include for example the capitalized cost of remote monitoring devices of equipment in KONE's service bas e. The assets are valued at amortized cost and depreciated over a period of three years or over the underlying contract period, if shorter. Provisions Provisions are recognized when KONE has a current legal or constructive obligation as a result of past event, and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Recognition and measurement of a provision generally employs managerial estimates on the probability and the amount of the liability. Provisions for warranties cover the estimated liability to repair or replace products still under warranty at the statement of financial position date. This provision is calculated based on historical experience of levels of repairs and replacements. Provision for claims is recognized when the claim has been received and it is probable that it will be settled, and the settlement amount can be estimated reliably. A provision for business restructuring is recognized only when a detailed and formal plan has been established, there is a valid expectation that such a plan will be carried out and the plan has been communicated. Provisions for onerous (loss) contracts are recognized when it is probable that the costs will exceed the estimated total revenue or other income arising from the contract. The probable loss is recognized as an expense immediately. Other provisions include for example provisions for contractual and other obligations arising from disputes, labor relations or other regulatory matters. Deferred taxes Deferred taxes are provided for temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in financial reporting and measured with enacted tax rates. Typical temporary differences arise from revenue recognition, provisions, depreciation and amortization, inter-company inventory margins, defined benefit type post-retirement plans, lease contracts and tax losses carried forward. Deferred tax assets on unused tax losses and other temporary differences are recognized to the extent it is probable that taxable profit is available to take advantage of the asset in the future. A deferred tax liability is recognized on the undistributed profits of subsidiaries where such tax is applicable, and it is expected to realize in the foreseeable future. Deferred tax assets and liabilities are offset for presentation purposes when there is a legally enforceable right to offset income tax receivables against income tax payables and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority. Acquisitions Businesses acquired during the period have been combined in the consolidated financial statements from the date when Group has obtained control of the business and divested businesses up to the date when control has ceased. The acquisition consideration, including deferred and contingent consideration, as well as the identifiable assets acquired, and liabilities assumed, are measured at the acquisition date fair values. The acquisition related costs are recognized as expenses for the period in which they are incurred. At the acquisition date, any non-controlling interest is measured either at the acquisition date fair value or at non-controlling interest\u2019s proportionate share in the recognized amounts of the identifiable net assets. Non-current assets held for sale and discontinued operations The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Goodwill Acquisitions are accounted for using the acquisition method. Goodwill is calculated as the excess of acquisition cost over the fair values of identified net assets acquired. Goodwill typically represents the value of the acquired market share, business knowledge and the synergies obtained in connection with the acquisition. The carrying amount of goodwill is not amortized but is annually tested for impairment. Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed. Intangible assets Intangible assets that are acquired separately are initially measured at cost. These assets are amortized on a straight-line basis over their expected useful lifetime, which does not usually exceed five years. The customer-related intangibles are recognized at acquisition date fair values and are amortized over their useful economic lives, typically ten years. Impairment of assets The carrying amounts of non-current intangible assets and tangible assets are reviewed for impairment at each reporting date or whenever there is indication of that the carrying value of the asset may not be recoverable. Impairment test involves estimating the recoverable amount of the asset, subject to testing. The recoverable amount is the higher of the asset\u2019s fair value less cost of disposal and the value in use. An impairment loss is recognized in the statement of income whenever the carrying amount exceeds the recoverable amount. A previously recognized impairment loss is reversed only if there has been a significant change in the estimates used to determine the recoverable amount, but not, however, to an amount higher than the carrying amount that would have been determined without the impairment loss recognized in prior years, deducted by accumulated depreciation. Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and any impairment losses, when applicable. Depreciation is recognized on a straight-line basis over the economic useful lives of the assets or over the lease contract period, if shorter. Economic useful lives are as follows: Buildings Machinery and equipment Land 5\u201340 years 2\u201315 years Infinite Expenditure on repairs and maintenance of property, plant and equipment is recognized as expense when incurred. The carrying amount of any tangible asset is impairment tested (see impairment of assets accounting principles) when an indication of impairment exists. Leases As a lessee, KONE recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments, amounting to the present value of the future lease payments. The value of right-of-use asset corresponds the value of future lease payments at the inception of the lease, discounted with the incremental borrowing rate. Right-of-use assets are depreciated over the contract period or over the useful life of the asset, which is the shorter. An option to extend or terminate the lease contract is included to the lease period when exercising such option is considered highly probable. The cost arising from short-term leases and leases of low value assets are recognized as an expense on a straight-line basis over the contract period. Equity and profit distribution The total shareholders\u2019 equity consists of the share capital, the share premium account, the fair value and other reserves, translation differences, the paid-up unrestricted equity reserve, remeasurements of employee benefits and retained earnings. The fair value and other reserves include changes in the fair value of cash flow hedges. Differences arising from the application of the acquisition method on the translation of the net investment in foreign subsidiaries and associated companies are recognized as translation differences. Exchange rate differences resulting from financial instruments intended as hedges of the net assets in foreign subsidiaries are also recognized as translation differences. Actuarial gains and losses arising from revaluation of employee benefits are recognized as remeasurements of employee benefits. The purchase price of own shares purchased by KONE Corporation is deducted from retained earnings. The net income for the accounting period is recognized directly in retained earnings. When KONE Corporation purchases its own shares, the consideration paid and costs directly attributable to the purchase transaction are recognized as a deduction in equity. When such shares are sold, the consideration received, net of directly attributable transaction costs, is included in equity. Profit distribution includes dividends and donations decided by the Shareholders\u2019 Meeting. The dividend and distribution of profits proposed by the Board of Directors of KONE Corporation for the financial year ended, is not deducted from the equity prior to acceptance by a Shareholders\u2019 Meeting. Derivative financial instruments and hedge accounting Derivative financial instruments are initially and subsequently recognized at fair value in the statement of financial position. The fair values of foreign exchange forward contracts are calculated by discounting the future cash flows of the contracts with the relevant market interest rate yield curves on the valuation date and by calculating the difference between the discounted values as at the forward contract date and balance sheet date in euros. Currency options are valued as of each reporting date by using the Garman & Kohlhagen option valuation model. At the contract date the derivatives are classified according to the foreign exchange policy as hedging instruments of a business transaction arising from a firm or highly probable purchase or sales contract. These are partly included in cash flow hedge accounting, hedges against fair value changes of assets or liabilities or hedges of net investments in foreign entities. In cash flow hedge accounting KONE may use foreign currency forward contracts and options to hedge its exposure in foreign currency dominated cash flows which ensures economic relationship between the hedged item and the hedging instrument and full effectiveness as the value of the hedging instrument and the value of the hedged item move in the opposite direction because of the common underlying denominator. The full fair value of derivatives, including transaction related forward points, is designated in the hedging relationship. The effective portion of changes in the fair values of the foreign exchange, where hedge accounting is applied, is recognized through the statement of comprehensive income to the hedge reserve within equity. The cumulative changes of fair values are transferred into the statement of income as adjustment items to costs and expenses simultaneously when the hedged sale or purchase realizes. When cash flow hedge accounting is applied, at the inception of the hedging transaction the economic relationship between hedging instruments and hedged items is documented including whether the hedging instrument is expected to offset changes in cash flows of hedged items. Also, the risk management objective and strategy for undertaking various hedge transactions is documented at the inception of each hedge relationship. Hedge effectiveness is assessed before hedge accounting is applied and at least on a quarterly basis thereafter. The gain or loss relating to the ineffective portion is recognized immediately as an adjustment to cost and expenses. In hedges of foreign currency transaction, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. If a foreign exchange derivative included in the cash flow hedge accounting expires or is sold or when a hedge no longer meets the criteria for hedge accounting, the cumulative change in the fair value of the hedging instrument will remain in the hedge reserve and is recognized in the income statement at the same time with the hedged sale or purchase. The cumulative fair values of the hedging instruments are transferred from the hedge reserve to adjust cost and expenses immediately if the hedged cash flow is no longer expected to occur. The changes in the fair values of derivatives that are designated as hedging instruments but are not accounted for according to the principles of cash flow hedge accounting are recognized based on their nature either in the operative income or costs, or as financial income or expenses: if the hedged risk arises from an operative transaction, the fair values of the hedging instruments are recognized in costs and expenses, and if the hedged item is a monetary item, the fair values are recognized in financing items. Changes in the fair values of foreign exchange derivatives are recognized in financing income and expenses if the hedged item is a loan receivable, deposit or a financial asset or liability denominated in a foreign currency. The effective portion of the change in the fair values of currency forward contracts hedging translation differences arising from net investments in foreign subsidiaries, are recognized through the statement of comprehensive income to the translation differences within equity and would be transferred to the income statement in case the net investment were disposed of partially or in its entirety. The hedged risk is designated as movements in the spot rate (excluding changes due to interest rates i.e. forward points). Changes in fair value of the hedging instrument due to the forward points (cost of hedging) are immediately recognized in the consolidated statement of income. Fair values of derivative instruments are recognized under current assets and liabilities in the balance sheet. Loans Loans payable are in the consolidated statement of financial position presented as part of loans and other interest-bearing receivables. They are measured initially at fair value net of directly attributable transaction costs and are subsequently carried at amortized cost using the effective interest rate method. Lease liabilities Lease liabilities are measured to the present value of future lease payments discounted with the incremental borrowing rate. Financial assets Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment. KONE assesses on a forward-looking basis the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. All of these financial assets are considered to have low credit risk, and thus the impairment provision assessment is based on 12 months expected losses. Current deposits and loans receivable Current deposits and loans receivable are initially recognized at fair value and thereafter at amortized cost using the effective interest rate method except for interest rate funds which are classified and measured as investments at fair value through profit or loss. Only substantial transaction costs are considered for when measuring the acquisition cost. Investments in commercial papers, short-term bank deposits, interest rate funds and other money market instruments are included in deposits and loans receivable. Cash and cash equivalents Cash and cash equivalents include cash-in-hand and bank account balances. Bank overdrafts are included in other current liabilities. Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. Investment properties Investment properties are measured using the cost model with the carrying value equaling to initial cost less accumulated depreciation and impairment losses. KONE did not own any investment properties at the end of 2025. Other non-current receivables Other non-current receivables include credits obtained from residential sector customers in modernization projects. These credits are utilized by netting them against income tax and other related charges becoming payable through regular business activities in the following years and are accounted for under IAS 12. The receivables are subject to review for impairment in reporting periods subsequent to initial recognition. There were no impairment charges recognized during the reporting period. The receivables are not discounted.
Employee benefits
The Group operates various employee benefit
plans in accordance with local conditions and
practices. The plans are classified as either
defined contribution plans or defined benefit plans.
The pension plans are generally funded by
payments from employees a
nd by the relevant
KONE companies. The assets of these plans are
generally held in separate insurance companies or
trustee
-administered funds. Pension costs and
liabilities are based on calculations by the local
authorities or independent qualified actuari
es.
Contributions to the defined contribution plans are
charged directly to the statement of income in the
year to which these contributions relate. For
defined benefit plans, pension cost is determined
based on the advice of qualified actuaries who
carry
out a full valuation of the plan on a regular
basis using the projected unit credit method.
Under this method, the costs of providing pensions
are charged to the statement of income so as to
spread the regular costs over the working lives of
employees. KON
E presents the service cost
relating to defined benefit obligations in
employment expenses while the net interest is
presented in financing expenses.
The liability arising from the defined benefit
post
-employment plans is the present value of the
defined benefit obligation less the fair value of plan
assets. The discount rates used in the actuarial
calculations of employee benefits liabilities are
adjus
ted to market rates. Obligations to pay long-
term disability benefit, the level of which is
dependent on the length of service of the
employee, are measured to reflect the probability
that payments will be required and the length of
service for which it is
expected to be made.
Share-based payments KONE share-based incentive plan structures are targeted to the top management and other key employees of KONE. Pursuant to the plan rules, the potential rewards are settled as a combination of KONE class B shares and/or cash when the criteria set in the terms and conditions for the plan are met. The number of shares earned by participants under the share-based incentive plan structures are determined on gross basis with deduction for taxes made when applicable before delivery of the shares to the participants. The arrangements are equity settled only. The fair value of the share-based payments settled with KONE class B shares has been determined at the grant date and will be recognized as an expense over the vesting period. The total amount to be expensed over the vesting period is determined based on the Group\u2019s estimate of the number of the shares that are expected to be vested by the end of the vesting period. The impact of any non-market vesting conditions has been excluded, but they are included in assumptions about the number of shares that are expected to be distributed. At each statement of financial position date, the Group revises its estimates of the number of shares that are expected to be distributed. It recognizes the impact of the revision of original estimates in the statement of income. The fair value of the cash settled part of share-based payments reward has been determined so that it covers taxes and taxable benefit costs that are incurred. KONE recognizes the impact of the revision of original estimates, if any, in the statement of income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "KONE Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "KONE Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "KONE Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "Helsinki, Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": " KONE is a global leader in the elevator and escalator industry with a purpose to shape the future of cities. KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. KONE moves two billion people every day, making their journeys safe, convenient, and reliable with smart and sustainable People Flow\u00ae. KONE operates in close to 70 countries around the world, serving close to 600,000 customers. Headquartered in Helsinki, Finland, we have seven global R&D units and 10 manufacturing units in seven countries, as well as a worldwide network of agents and authorized distributors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "KONE operates in close to 70 countries around the world", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "
The consolidated financial statements of KONE
Corporation have been prepared in accordance with the
IFRS (International Financial Reporting Standards)
Accounting Standards as adopted by the EU, observing
the standards and interpretations effective on December
31, 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "
KONE has adopted the new standards and
interpretations that took effect during the accounting
period and are relevant to its operations. The IFRS
standards and amendments thereto that took effect in
2025 did not have a material impact on the Group\u2019s
consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial
Statements, effective for reporting periods beginning on
or after January 1, 2027, will replace IAS 1 Presentation of
Financial Statements standard. The new standard carries
forward many of the requirements of IAS 1 unchanged but
also introduces new and enhanced requirements related
to presentation of the statement of profit or loss, grouping
of information, and presentation of management-defined
performance measures. Based on initial assessment,
KONE expects IFRS 18 to primarily affect the presentation
and disaggregation of information in the consolidated
statement of income and in the notes, including the
introduction of new defined subtotals. More detailed
quantitative impact assessment will be completed during
2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "KONE has adopted the new standards and interpretations that took effect during the accounting period and are relevant to its operations. The IFRS standards and amendments thereto that took effect in 2025 did not have a material impact on the Group\u2019s consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, effective for reporting periods beginning on or after January 1, 2027, will replace IAS 1 Presentation of Financial Statements standard. The new standard carries forward many of the requirements of IAS 1 unchanged but also introduces new and enhanced requirements related to presentation of the statement of profit or loss, grouping of information, and presentation of management-defined performance measures. Based on initial assessment, KONE expects IFRS 18 to primarily affect the presentation and disaggregation of information in the consolidated statement of income and in the notes, including the introduction of new defined subtotals. More detailed quantitative impact assessment will be completed during 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "
The consolidated financial statements have been
prepared for the reporting period of 12 months from
January 1 to December 31, 2025 and on the basis that the
Group will continue to operate as going concern. The
financial statements have been authorized for issue by
the Board of Directors of KONE Corporation on February
5, 2026. According to the Finnish Companies\u2019 Act the
Annual General Meeting has the right to approve, reject or
make changes to the financial statements after the
publication.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Consolidation principles The consolidated accounts include the parent company and those companies in which the parent company held, directly or indirectly, more than 50 percent of the voting power or had control through management agreements with shareholders holding the majority of the voting power at the end of the reporting period. In addition to these holdings, the consolidated accounts include possible holdings that are of a controlling-right nature (units/companies established for a specific reason). Subsidiaries acquired during the period were included in the consolidated financial statements from the date of acquiring the control, and divested subsidiaries up to the date of loss of control. The acquisition consideration, including deferred and contingent consideration, as well as the identifiable assets acquired and liabilities assumed, are measured at the acquisition date fair values. The acquisition-related costs are recognized as expenses in the period in which they are incurred. At the acquisition date, the non-controlling interests are valued either at the acquisition date fair values or at non-controlling interests\u2019 proportionate share in the recognized amounts of the identifiable net assets. Consolidated statement of income includes an allocation of net income between the shareholders of the parent company and the non-controlling interest. The allocation of the comprehensive income to the shareholders of the parent company and non-controlling interests is presented in the statement of comprehensive income. Non-controlling interests\u2019 share of total equity is presented separately under total consolidated equity. All inter-corporate transactions, receivables, liabilities and unrealized profits, as well as the distribution of profits within the Group have been eliminated in the consolidated financial statements. Inter-corporate shareholdings have been eliminated using the acquisition method. The results and financial position of foreign operations that have a functional currency different from the presentation currency of the Group, have been translated into the presentation currency as follows: assets and liabilities at the statement of financial position date closing rate, and income and expenses at average exchange rates of the reporting period. The resulting exchange rate differences have been recognized in other comprehensive income. Associated companies are companies where KONE exercises significant influence but not control. Associated companies are accounted using the equity method, where the carrying amount of the associate in the statement of financial position reflects the Group\u2019s share of the net assets of the associated company, together with any goodwill. The Group\u2019s share of the associated companies\u2019 profit or loss is recognized in the consolidated income statement after the operating profit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
The consolidated accounts include the parent company
and those companies in which the parent company held,
directly or indirectly, more than 50 percent of the voting
power or had control through management agreements
with shareholders holding the majority of the voting
power at the end of the reporting period. In addition to
these holdings, the consolidated accounts include
possible holdings that are of a controlling-right nature
(units/companies established for a specific reason).
Subsidiaries acquired during the period were included
in the consolidated financial statements from the date of
acquiring the control, and divested subsidiaries up to the
date of loss of control. The acquisition consideration,
including deferred and contingent consideration, as well
as the identifiable assets acquired and liabilities assumed,
are measured at the acquisition date fair values. The
acquisition-related costs are recognized as expenses in
the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
The results and financial position of foreign operations
that have a functional currency different from the
presentation currency of the Group, have been translated
into the presentation currency as follows: assets and
liabilities at the statement of financial position date
closing rate, and income and expenses at average
exchange rates of the reporting period. The resulting
exchange rate differences have been recognized in other
comprehensive income.
Accounting principles Foreign currency transactions and translation The items included in the financial statements are initially recognized in the functional currencies, which are defined for each group subsidiary based on their primary economic environment. The presentation currency of the financial statements is the euro, which is also the functional currency of the parent company. The initial recognition of transactions denominated in foreign currencies in the functional currency takes place at the rate of exchange prevailing at the date of the individual transaction. Foreign currency denominated receivables and liabilities are translated using period end exchange rates. Foreign exchange gains and losses related to business transactions are treated as adjustments within operating income. Foreign exchange gains and losses associated with financing transactions are included in financing income and expenses. The statements of income of foreign subsidiaries, whose functional currency is not the euro, are translated into euros based on the average exchange rate of the accounting period. Items in the statement of financial position, with the exception of net income for the accounting period, are translated into euros at the closing date exchange rates. Exchange rate differences arising from net investments in non-euro currency subsidiaries, as well as the exchange rate differences resulting from translating income and expenses at the average rates and assets and liabilities at the closing rate, are recorded in translation differences within equity. Respective changes during the period are presented in other comprehensive income. Exchange rate gains and losses resulting from financial instruments designated as hedges of net assets in foreign subsidiaries have been recognized as translation differences in other comprehensive income. The cumulative translation differences related to foreign operations are reclassified from equity to statement of income upon the disposal of the foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "The results and financial position of foreign operations that have a functional currency different from the presentation currency of the Group, have been translated into the presentation currency as follows: assets and liabilities at the statement of financial position date closing rate, and income and expenses at average exchange rates of the reporting period. The resulting exchange rate differences have been recognized in other comprehensive income. Accounting principles Foreign currency transactions and translation The items included in the financial statements are initially recognized in the functional currencies, which are defined for each group subsidiary based on their primary economic environment. The presentation currency of the financial statements is the euro, which is also the functional currency of the parent company. The initial recognition of transactions denominated in foreign currencies in the functional currency takes place at the rate of exchange prevailing at the date of the individual transaction. Foreign currency denominated receivables and liabilities are translated using period end exchange rates. Foreign exchange gains and losses related to business transactions are treated as adjustments within operating income. Foreign exchange gains and losses associated with financing transactions are included in financing income and expenses. The statements of income of foreign subsidiaries, whose functional currency is not the euro, are translated into euros based on the average exchange rate of the accounting period. Items in the statement of financial position, with the exception of net income for the accounting period, are translated into euros at the closing date exchange rates. Exchange rate differences arising from net investments in non-euro currency subsidiaries, as well as the exchange rate differences resulting from translating income and expenses at the average rates and assets and liabilities at the closing rate, are recorded in translation differences within equity. Respective changes during the period are presented in other comprehensive income. Exchange rate gains and losses resulting from financial instruments designated as hedges of net assets in foreign subsidiaries have been recognized as translation differences in other comprehensive income. The cumulative translation differences related to foreign operations are reclassified from equity to statement of income upon the disposal of the foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
Hyperinflation
Following continued growth in inflation rate, the
accounting firms and regulatory authorities have based on
criteria set-out in IAS 29 classified T\u00fcrkiye as a
hyperinflationary economy for reporting periods ending on
or after June 30, 2022. KONE is active in both New
Building Solutions as well as service business in T\u00fcrkiye
through its local subsidiary. KONE has assessed the
impact of applying hyperinflationary accounting and
concluded that the impact would be immaterial for the
Group. Consequently, the consolidated statement of
income or statement of financial position does not reflect
the impact arising from remeasurement of operations in
T\u00fcrkiye for hyperinflation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Segment reporting The profitability of KONE is presented as a single entity. KONE\u2019s business concept is to serve its customers by providing solutions throughout the entire life cycle of the equipment, beginning from the installation of new building solutions to the maintenance and modernization during their life cycle and the full replacement of the equipment. Most of the equipment that are delivered are converted into service base. Material operative decisions are made by the Board of Directors of KONE. Such decisions are prepared and presented by the Chairman of the Board and the President and Chief Executive Officer. Due to the business model of KONE, the nature of its operations and its governance structure, the Group as a whole is considered the relevant operating segment to be reported. Due to KONE\u2019s business model, the nature of its operations and its governance structure, KONE has one operating segment. KONE\u2019s customer base consists of a large number of customers in several market areas with no significant customer concentration. In 2025, the single biggest customer, residing in USA, generated 0.3% of total revenue.
Sales by business,
Jan 1\u2013
Dec 31,
Jan 1\u2013
Dec 31,
MEUR 2025 % 2024 %
New Building
Solutions
4,097.7
36 4,506.9 41
Service
4,753.6
42 4,503.6 41
Modernization
2,394.0
21 2,088.0 19
Total
11,245.2
11,098.4
Sales by Area,
Jan 1\u2013
Dec 31,
Jan 1\u2013
Dec 31,
MEUR 2025 % 2024 %
Americas
2,812.1
25 2,727.1 25
Europe
4,524.4
40 4,233.8 38
APMEA
1,742.7
15 1,609.3 14
Greater China
2,166.0
19 2,528.2 23
Total
11,245.2
11,098.4
Top 10 countries by sales, % Country 2025 2024 USA 21% 21% China 18% 21% Germany 8% 7% France 6% 6% Great Britain 4% 4% Italy 4% 3% India 4% 3% Australia 3% 3% Canada 3% 3% Netherlands 2% 2% ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "
Accounting estimates and management
judgements
The preparation of the financial statements in accordance
with the IFRS requires management to make judgements,
estimates and assumptions that affect the measurement
of the reported assets and liabilities and other
information, such as contingent assets and liabilities and
the recognition of income and expenses in the
consolidated statement of income. Although these
estimates and assumptions are based on the
management\u2019s best knowledge of current events, actual
results may differ from the estimates.
For KONE the most significant judgements, estimates
and assumptions made by the management relate to
revenue recognition, especially to defining and
determining principles for revenue recognition in project
business, to project estimates for long-term major
projects, assumptions used in impairment testing,
valuation of accounts receivables and inventories,
determining the lease term applied in the lease
accounting and recognition of provisions and evaluation
of uncertain tax positions.
Revenue recognition Revenue from contracts with KONE\u2019s customers is recognized at an amount that reflects the consideration to which KONE expects to be entitled to in exchange for delivering promised goods or services to a customer. KONE recognizes revenue when or as it satisfies a performance obligation by transferring control on the promised goods or services (performance obligation) to a customer. A performance obligation is a distinct good or service within a contract that a customer can benefit from on a stand-alone basis. For KONE\u2019s New Building Solutions and Modernization contracts, a performance obligation typically means delivery and installation of a single unit, i.e. an elevator, an escalator or other People Flow solution. For KONE\u2019s maintenance contracts, maintenance of a single unit is considered as a distinct performance obligation and for repairs business, typically a service order is a performance obligation for KONE. In New Building Solutions and Modernization contracts, KONE transfers the control of a single unit to a customer over time and, therefore, satisfies the performance obligation and recognizes revenue over time. The transfer of control is initiated when ordered equipment is delivered to a customer site as then the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, a unit constructed by KONE. Upon this milestone and onwards up to the project handover, revenue is recognized under the percentage of completion method using a cost-to-cost input method. Based on KONE\u2019s assessment it best depicts the transfer of control on the deliverable to the customer. Percentage of completion is defined as the proportion of an individual performance obligation\u2019s cost incurred to date from the total estimated costs for that particular performance obligation. The percentage of completion method requires accurate estimates of future revenues and costs over the full term of the contracts. These significant estimates form the basis for the amount of revenue to be recognized and include the latest updated estimate of total revenue and costs, adjusted with risks based on historical experience on typical estimation revisions for similar types of contracts. These estimates may materially change due to the stage of completion of the contract, changes in the contract scope, cost estimates and customer\u2019s plans and other factors. Revenues from the rendering of maintenance services and repairs are recognized when the Services have been rendered or over the contract term when the work is being carried out. For maintenance contracts the performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided as KONE performs the Services. Most of KONE\u2019s revenue is derived from fixed- price contracts and, therefore, the amount of revenue to be earned from each contract is determined by reference to those fixed prices. KONE\u2019s customer contracts do not typically contain any significant financing components. In New Building Solutions and Modernization contracts payment terms are typically based on either specific contractual milestones or progress of work performed. In maintenance contracts customers generally pay based on fixed payment schedules. When customer contracts contain multiple performance obligations, the transaction price is allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on estimated costs plus margin approach. Income tax The Group tax expense includes taxes of subsidiaries based on taxable income for the period, together with tax adjustments for previous periods and changes in deferred taxes. Deferred taxes are provided for temporary differences arising from difference between the tax bases of assets and liabilities and their carrying amounts in financial reporting and measured with enacted tax rates. Typical temporary differences arise from provisions, depreciation and amortization, inter-company inventory margins, defined benefit type post- retirement plans and tax losses carried forward. Deferred tax assets on unused tax losses and other temporary differences are recognized to the extent it is probable that taxable profit is available to offset losses in the future. A deferred tax liability is recognized on the undistributed profits of subsidiaries where such tax is applicable, and it is expected to realize in the foreseeable future. The positions taken in tax returns are evaluated periodically by the management to identify situations in which applicable tax regulation is subject to interpretation. Based on the evaluation, adjustments for the uncertain tax positions are recognized when it is considered more likely than not that certain tax positions will be challenged by the tax authorities. The amounts recorded are based upon the estimated final taxes to be paid to the tax authorities. Inventories Inventories are valued at the lower of cost or net realizable value. Raw materials and supplies are valued based on weighted average cost method or at standard cost. Semi-manufactures are valued at production costs. Work in progress includes direct labor and material costs as of the consolidated statement of financial position date with a proportion of indirect costs related to manufacturing and installation allocated to the firm customer order when control has not yet transferred to the customer. Firm customer orders are mainly fixed price contracts with customers for the sale of new equipment or for the modernization of old equipment. An allowance is recorded for obsolete items based on management\u2019s estimate of expected net realizable value. Accounts receivable Accounts receivable is recognized when the right to consideration becomes unconditional and are measured at amortized cost. For KONE\u2019s new equipment and modernization contracts, a receivable is typically recognized upon invoicing when the goods are delivered and for KONE maintenance contracts upon invoicing according to customer contract terms and conditions. KONE applies the expected credit loss model to assess impairment loss for the doubtful accounts receivable since the accounts receivable does not contain a significant financing component. To measure the lifetime expected credit losses trade receivables have been grouped based on shared credit risk characteristics and aging category and measured based on historical loss rates adjusted by forward looking estimates and individual assessment. A final impairment loss is recognized when receivership or bankruptcy is confirmed or when it is otherwise obvious that the customer will be unable to meet its payment obligations. Changes in impairment loss for doubtful accounts receivable and final impairment losses are recognized under cost and expenses in the consolidated statement of income. Unbilled contract revenueUnbilled contract revenue relates to consideration for performance obligations satisfied over time in KONE\u2019s new equipment and modernization contracts. It is recognized when the revenue recognized exceeds the amounts billed to the customer and receipt of transaction price is considered to be conditional upon factors other than the passage of time. Unbilled contract revenue is valued at net realizable value and is classified as contract asset and presented under deferred assets in the consolidated statement of financial position. An impairment loss for contract assets is estimated based on lifetime expected credit loss model and individual analysis. Deferred and accrued income on maintenance contractsWhen revenue recognized exceeds the amounts billed to the customer, an accrued income on maintenance contracts is recognized. It is stated at net realizable value and classified as contract assets and presented under deferred assets in the consolidated statement of financial position. When the amounts billed to the customer exceed the recognized revenue, deferred income on maintenance contracts is recognized. These balances are classified as contract liabilities and are presented under accruals in the consolidated statement of financial position. Advances received and deferred revenue Advances received and deferred revenue relates to payments received in advance of performance or billing in excess of revenue recognized under KONE\u2019s new equipment and modernization contracts. Advances received and deferred revenue are recognized as revenue as (or when) KONE performs under the contracts and are classified as contract liabilities. Other contract assetsOther contract assets consist of capitalized costs required to fulfil future performance obligations under long -term maintenance contracts. Such assets include for example the capitalized cost of remote monitoring devices of equipment in KONE's service bas e. The assets are valued at amortized cost and depreciated over a period of three years or over the underlying contract period, if shorter. Provisions Provisions are recognized when KONE has a current legal or constructive obligation as a result of past event, and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Recognition and measurement of a provision generally employs managerial estimates on the probability and the amount of the liability. Provisions for warranties cover the estimated liability to repair or replace products still under warranty at the statement of financial position date. This provision is calculated based on historical experience of levels of repairs and replacements. Provision for claims is recognized when the claim has been received and it is probable that it will be settled, and the settlement amount can be estimated reliably. A provision for business restructuring is recognized only when a detailed and formal plan has been established, there is a valid expectation that such a plan will be carried out and the plan has been communicated. Provisions for onerous (loss) contracts are recognized when it is probable that the costs will exceed the estimated total revenue or other income arising from the contract. The probable loss is recognized as an expense immediately. Other provisions include for example provisions for contractual and other obligations arising from disputes, labor relations or other regulatory matters. Goodwill Acquisitions are accounted for using the acquisition method. Goodwill is calculated as the excess of acquisition cost over the fair values of identified net assets acquired. Goodwill typically represents the value of the acquired market share, business knowledge and the synergies obtained in connection with the acquisition. The carrying amount of goodwill is not amortized but is annually tested for impairment. Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed. Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. Investment properties Investment properties are measured using the cost model with the carrying value equaling to initial cost less accumulated depreciation and impairment losses. KONE did not own any investment properties at the end of 2025. Other non-current receivables Other non-current receivables include credits obtained from residential sector customers in modernization projects. These credits are utilized by netting them against income tax and other related charges becoming payable through regular business activities in the following years and are accounted for under IAS 12. The receivables are subject to review for impairment in reporting periods subsequent to initial recognition. There were no impairment charges recognized during the reporting period. The receivables are not discounted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "2.1 Sales Due to KONE\u2019s business model, the nature of its operations and its governance structure, KONE has one operating segment. KONE\u2019s customer base consists of a large number of customers in several market areas with no significant customer concentration. In 2025, the single biggest customer, residing in USA, generated 0.3% of total revenue.
Sales by business,
Jan 1\u2013
Dec 31,
Jan 1\u2013
Dec 31,
MEUR 2025 % 2024 %
New Building
Solutions
4,097.7
36 4,506.9 41
Service
4,753.6
42 4,503.6 41
Modernization
2,394.0
21 2,088.0 19
Total
11,245.2
11,098.4
Sales by Area,
Jan 1\u2013
Dec 31,
Jan 1\u2013
Dec 31,
MEUR 2025 % 2024 %
Americas
2,812.1
25 2,727.1 25
Europe
4,524.4
40 4,233.8 38
APMEA
1,742.7
15 1,609.3 14
Greater China
2,166.0
19 2,528.2 23
Total
11,245.2
11,098.4
Top 10 countries by sales, %
Country
2025
2024
USA
21%
21%
China
18%
21%
Germany
8%
7%
France
6%
6%
Great Britain
4%
4%
Italy
4%
3%
India
4%
3%
Australia
3%
3%
Canada
3%
3%
Netherlands
2%
2%
Revenue recognition Revenue from contracts with KONE\u2019s customers is recognized at an amount that reflects the consideration to which KONE expects to be entitled to in exchange for delivering promised goods or services to a customer. KONE recognizes revenue when or as it satisfies a performance obligation by transferring control on the promised goods or services (performance obligation) to a customer. A performance obligation is a distinct good or service within a contract that a customer can benefit from on a stand-alone basis. For KONE\u2019s New Building Solutions and Modernization contracts, a performance obligation typically means delivery and installation of a single unit, i.e. an elevator, an escalator or other People Flow solution. For KONE\u2019s maintenance contracts, maintenance of a single unit is considered as a distinct performance obligation and for repairs business, typically a service order is a performance obligation for KONE. In New Building Solutions and Modernization contracts, KONE transfers the control of a single unit to a customer over time and, therefore, satisfies the performance obligation and recognizes revenue over time. The transfer of control is initiated when ordered equipment is delivered to a customer site as then the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, a unit constructed by KONE. Upon this milestone and onwards up to the project handover, revenue is recognized under the percentage of completion method using a cost-to-cost input method. Based on KONE\u2019s assessment it best depicts the transfer of control on the deliverable to the customer. Percentage of completion is defined as the proportion of an individual performance obligation\u2019s cost incurred to date from the total estimated costs for that particular performance obligation. The percentage of completion method requires accurate estimates of future revenues and costs over the full term of the contracts. These significant estimates form the basis for the amount of revenue to be recognized and include the latest updated estimate of total revenue and costs, adjusted with risks based on historical experience on typical estimation revisions for similar types of contracts. These estimates may materially change due to the stage of completion of the contract, changes in the contract scope, cost estimates and customer\u2019s plans and other factors. Revenues from the rendering of maintenance services and repairs are recognized when the Services have been rendered or over the contract term when the work is being carried out. For maintenance contracts the performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided as KONE performs the Services. Most of KONE\u2019s revenue is derived from fixed- price contracts and, therefore, the amount of revenue to be earned from each contract is determined by reference to those fixed prices. KONE\u2019s customer contracts do not typically contain any significant financing components. In New Building Solutions and Modernization contracts payment terms are typically based on either specific contractual milestones or progress of work performed. In maintenance contracts customers generally pay based on fixed payment schedules. When customer contracts contain multiple performance obligations, the transaction price is allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on estimated costs plus margin approach", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "2.1 Sales Due to KONE\u2019s business model, the nature of its operations and its governance structure, KONE has one operating segment. KONE\u2019s customer base consists of a large number of customers in several market areas with no significant customer concentration. In 2025, the single biggest customer, residing in USA, generated 0.3% of total revenue.
Sales by business,
Jan 1\u2013
Dec 31,
Jan 1\u2013
Dec 31,
MEUR 2025 % 2024 %
New Building
Solutions
4,097.7
36 4,506.9 41
Service
4,753.6
42 4,503.6 41
Modernization
2,394.0
21 2,088.0 19
Total
11,245.2
11,098.4
Sales by Area,
Jan 1\u2013
Dec 31,
Jan 1\u2013
Dec 31,
MEUR 2025 % 2024 %
Americas
2,812.1
25 2,727.1 25
Europe
4,524.4
40 4,233.8 38
APMEA
1,742.7
15 1,609.3 14
Greater China
2,166.0
19 2,528.2 23
Total
11,245.2
11,098.4
Top 10 countries by sales, %
Country
2025
2024
USA
21%
21%
China
18%
21%
Germany
8%
7%
France
6%
6%
Great Britain
4%
4%
Italy
4%
3%
India
4%
3%
Australia
3%
3%
Canada
3%
3%
Netherlands
2%
2%
Revenue recognition Revenue from contracts with KONE\u2019s customers is recognized at an amount that reflects the consideration to which KONE expects to be entitled to in exchange for delivering promised goods or services to a customer. KONE recognizes revenue when or as it satisfies a performance obligation by transferring control on the promised goods or services (performance obligation) to a customer. A performance obligation is a distinct good or service within a contract that a customer can benefit from on a stand-alone basis. For KONE\u2019s New Building Solutions and Modernization contracts, a performance obligation typically means delivery and installation of a single unit, i.e. an elevator, an escalator or other People Flow solution. For KONE\u2019s maintenance contracts, maintenance of a single unit is considered as a distinct performance obligation and for repairs business, typically a service order is a performance obligation for KONE. In New Building Solutions and Modernization contracts, KONE transfers the control of a single unit to a customer over time and, therefore, satisfies the performance obligation and recognizes revenue over time. The transfer of control is initiated when ordered equipment is delivered to a customer site as then the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, a unit constructed by KONE. Upon this milestone and onwards up to the project handover, revenue is recognized under the percentage of completion method using a cost-to-cost input method. Based on KONE\u2019s assessment it best depicts the transfer of control on the deliverable to the customer. Percentage of completion is defined as the proportion of an individual performance obligation\u2019s cost incurred to date from the total estimated costs for that particular performance obligation. The percentage of completion method requires accurate estimates of future revenues and costs over the full term of the contracts. These significant estimates form the basis for the amount of revenue to be recognized and include the latest updated estimate of total revenue and costs, adjusted with risks based on historical experience on typical estimation revisions for similar types of contracts. These estimates may materially change due to the stage of completion of the contract, changes in the contract scope, cost estimates and customer\u2019s plans and other factors. Revenues from the rendering of maintenance services and repairs are recognized when the Services have been rendered or over the contract term when the work is being carried out. For maintenance contracts the performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided as KONE performs the Services. Most of KONE\u2019s revenue is derived from fixed- price contracts and, therefore, the amount of revenue to be earned from each contract is determined by reference to those fixed prices. KONE\u2019s customer contracts do not typically contain any significant financing components. In New Building Solutions and Modernization contracts payment terms are typically based on either specific contractual milestones or progress of work performed. In maintenance contracts customers generally pay based on fixed payment schedules. When customer contracts contain multiple performance obligations, the transaction price is allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on estimated costs plus margin approach", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
Revenue recognition
Revenue from contracts with KONE\u2019s customers is
recognized at an amount that reflects the consideration
to which KONE expects to be entitled to in exchange
for delivering promised goods or services to a
customer.
KONE recognizes revenue when or as it satisfies a
performance obligation by transferring control on the
promised goods or services (performance obligation) to
a customer.
A performance obligation is a distinct good or
service within a contract that a customer can benefit
from on a stand-alone basis. For KONE\u2019s New Building
Solutions and Modernization contracts, a performance
obligation typically means delivery and installation of a
single unit, i.e. an elevator, an escalator or other People
Flow solution. For KONE\u2019s maintenance contracts,
maintenance of a single unit is considered as a distinct
performance obligation and for repairs business,
typically a service order is a performance obligation for
KONE.
In New Building Solutions and Modernization
contracts, KONE transfers the control of a single unit to
a customer over time and, therefore, satisfies the
performance obligation and recognizes revenue over
time.
The transfer of control is initiated when ordered
equipment is delivered to a customer site as then the
customer has the ability to direct the use of, and obtain
substantially all of the remaining benefits from, a unit
constructed by KONE. Upon this milestone and
onwards up to the project handover, revenue is
recognized under the percentage of completion method
using a cost-to-cost input method. Based on KONE\u2019s
assessment it best depicts the transfer of control on
the deliverable to the customer. Percentage of
completion is defined as the proportion of an individual
performance obligation\u2019s cost incurred to date from the
total estimated costs for that particular performance
obligation.
The percentage of completion method requires
accurate estimates of future revenues and costs
over the full term of the contracts. These
significant estimates form the basis for the amount
of revenue to be recognized and include the latest
updated estimate of total revenue and costs,
adjusted with risks based on historical experience
on typical estimation revisions for similar types of
contracts. These estimates may materially change
due to the stage of completion of the contract,
changes in the contract scope, cost estimates and
customer\u2019s plans and other factors. Revenues from
the rendering of maintenance services and repairs
are recognized when the Services have been
rendered or over the contract term when the work
is being carried out.
For maintenance contracts the performance
obligation is satisfied over time because the
customer simultaneously receives and consumes
the benefits provided as KONE performs the
Services.
Most of KONE\u2019s revenue is derived from fixed-
price contracts and, therefore, the amount of
revenue to be earned from each contract is
determined by reference to those fixed prices.
KONE\u2019s customer contracts do not typically contain
any significant financing components. In New
Building Solutions and Modernization contracts
payment terms are typically based on either
specific contractual milestones or progress of work
performed. In maintenance contracts customers
generally pay based on fixed payment schedules.
When customer contracts contain multiple
performance obligations, the transaction price is
allocated to each performance obligation based on
the standalone selling prices. Where these are not
directly observable, they are estimated based on
estimated costs plus margin approach.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "2.2 Costs and expenses The majority of expenses of operations arise from direct materials and supplies, as well as cost of subcontracting. Other production costs comprise of logistics, tools and consumables, operative car fleet and traveling as well as other miscellaneous items of direct costs. Selling, administrative and other expenses include costs related to premises, consulting and external services, IT and traveling as well as other miscellaneous administrative costs. Expense arising from leases of low-value assets and short-term leases amounted to EUR 11.8 (13.0) million in 2025. Selling, administrative and other expenses include EUR 33 million items affecting comparability consisting of costs related to the separation of KONE Door Business under its own legal and operative structure and restructuring costs. In the comparison period, items affecting comparability amounted to EUR 54 million including EUR 36 million restructuring costs and EUR 18 million expensed development costs as a result of redirecting development activities in alignment with KONE's new strategy. Other income comprises rental income, received grants, interest on late payments including cancellation penalties, gains on sale of fixed assets and scrap as well as other miscellaneous income. Accounting principles Research and development costs Research and development costs are typically expensed as they incur, because the future economic benefits of new products and development of existing products and services can only be proven after their successful introduction to the market .
Cost and expenses,
MEUR Note Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Direct materials, supplies and subcontracting
3,877.9
3,947.5
Wages, salaries, and other employment expenses including pensions 5.6 4,090.7 3,907.0
Other production costs
879.2
882.4
Selling, administrative and other expenses
782.8
860.0
Depreciation and amortization
2.3
319.9 292.2
Costs, expenses, depreciation and amortization
9,950.5
9,889.1
Other income
41.4
39.6
Total costs, expenses, depreciation and amortization
9,909.1
9,849.5
Research and development costs,
MEUR or as indicated Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
R&D costs included in total costs
233.9
203.6
As percentage of sales
%
2.1 1.8
Auditors' fee,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Audit (to member firms of Ernst & Young network)
4.3
4.0
Sustainability assurance
0.3
0.3
Auditors' statements - 0.0
Tax services
0.1
0.4
Other services
0.2
1.7
Total
4.9
6.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "2.2 Costs and expenses The majority of expenses of operations arise from direct materials and supplies, as well as cost of subcontracting. Other production costs comprise of logistics, tools and consumables, operative car fleet and traveling as well as other miscellaneous items of direct costs. Selling, administrative and other expenses include costs related to premises, consulting and external services, IT and traveling as well as other miscellaneous administrative costs. Expense arising from leases of low-value assets and short-term leases amounted to EUR 11.8 (13.0) million in 2025. Selling, administrative and other expenses include EUR 33 million items affecting comparability consisting of costs related to the separation of KONE Door Business under its own legal and operative structure and restructuring costs. In the comparison period, items affecting comparability amounted to EUR 54 million including EUR 36 million restructuring costs and EUR 18 million expensed development costs as a result of redirecting development activities in alignment with KONE's new strategy. Other income comprises rental income, received grants, interest on late payments including cancellation penalties, gains on sale of fixed assets and scrap as well as other miscellaneous income. Accounting principles Research and development costs Research and development costs are typically expensed as they incur, because the future economic benefits of new products and development of existing products and services can only be proven after their successful introduction to the market .
Cost and expenses,
MEUR Note Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Direct materials, supplies and subcontracting
3,877.9
3,947.5
Wages, salaries, and other employment expenses including pensions 5.6 4,090.7 3,907.0
Other production costs
879.2
882.4
Selling, administrative and other expenses
782.8
860.0
Depreciation and amortization
2.3
319.9 292.2
Costs, expenses, depreciation and amortization
9,950.5
9,889.1
Other income
41.4
39.6
Total costs, expenses, depreciation and amortization
9,909.1
9,849.5
Research and development costs,
MEUR or as indicated Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
R&D costs included in total costs
233.9
203.6
As percentage of sales
%
2.1 1.8
Auditors' fee,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Audit (to member firms of Ernst & Young network)
4.3
4.0
Sustainability assurance
0.3
0.3
Auditors' statements - 0.0
Tax services
0.1
0.4
Other services
0.2
1.7
Total
4.9
6.3
Depreciation and amortization Depreciation and amortization are recorded on a straight-line basis over the economic useful lives of the assets, or over the lease contract periods, when applicable, if shorter. Economic useful lives: Customer-related intangibles Other intangible assets Buildings Machinery and equipment Land 10\u201315 years 3\u201310 years 5\u201340 years 2\u201315 years Infinite 2.3 Depreciation and amortization
Depreciation and amortization,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Intangible assets:
Customer-related intangibles
53.2
46.7
Other
Tangible assets:
10.7
11.5
Buildings
83.4
81.6
Machinery and equipment
172.6
152.4
Total
319.9
292.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "2.2 Costs and expenses The majority of expenses of operations arise from direct materials and supplies, as well as cost of subcontracting. Other production costs comprise of logistics, tools and consumables, operative car fleet and traveling as well as other miscellaneous items of direct costs. Selling, administrative and other expenses include costs related to premises, consulting and external services, IT and traveling as well as other miscellaneous administrative costs. Expense arising from leases of low-value assets and short-term leases amounted to EUR 11.8 (13.0) million in 2025. Selling, administrative and other expenses include EUR 33 million items affecting comparability consisting of costs related to the separation of KONE Door Business under its own legal and operative structure and restructuring costs. In the comparison period, items affecting comparability amounted to EUR 54 million including EUR 36 million restructuring costs and EUR 18 million expensed development costs as a result of redirecting development activities in alignment with KONE's new strategy. Other income comprises rental income, received grants, interest on late payments including cancellation penalties, gains on sale of fixed assets and scrap as well as other miscellaneous income. Accounting principles Research and development costs Research and development costs are typically expensed as they incur, because the future economic benefits of new products and development of existing products and services can only be proven after their successful introduction to the market .
Cost and expenses,
MEUR Note Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Direct materials, supplies and subcontracting
3,877.9
3,947.5
Wages, salaries, and other employment expenses including pensions 5.6 4,090.7 3,907.0
Other production costs
879.2
882.4
Selling, administrative and other expenses
782.8
860.0
Depreciation and amortization
2.3
319.9 292.2
Costs, expenses, depreciation and amortization
9,950.5
9,889.1
Other income
41.4
39.6
Total costs, expenses, depreciation and amortization
9,909.1
9,849.5
Research and development costs,
MEUR or as indicated Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
R&D costs included in total costs
233.9
203.6
As percentage of sales
%
2.1 1.8
Auditors' fee,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Audit (to member firms of Ernst & Young network)
4.3
4.0
Sustainability assurance
0.3
0.3
Auditors' statements - 0.0
Tax services
0.1
0.4
Other services
0.2
1.7
Total
4.9
6.3
Depreciation and amortization Depreciation and amortization are recorded on a straight-line basis over the economic useful lives of the assets, or over the lease contract periods, when applicable, if shorter. Economic useful lives: Customer-related intangibles Other intangible assets Buildings Machinery and equipment Land 10\u201315 years 3\u201310 years 5\u201340 years 2\u201315 years Infinite
2.3 Depreciation and amortization
Depreciation and amortization,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Intangible assets:
Customer-related intangibles
53.2
46.7
Other
Tangible assets:
10.7
11.5
Buildings
83.4
81.6
Machinery and equipment
172.6
152.4
Total
319.9
292.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "Other income comprises rental income, received grants, interest on late payments including cancellation penalties, gains on sale of fixed assets and scrap as well as other miscellaneous income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "Research and development costs Research and development costs are typically expensed as they incur, because the future economic benefits of new products and development of existing products and services can only be proven after their successful introduction to the market ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
Research and development costs,
MEUR or as indicated Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
R&D costs included in total costs
233.9
203.6
As percentage of sales
%
2.1 1.8
Accounting principles Research and development costs Research and development costs are typically expensed as they incur, because the future economic benefits of new products and development of existing products and services can only be proven after their successful introduction to the market . ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "
Research and development costs,
MEUR or as indicated Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
R&D costs included in total costs
233.9
203.6
As percentage of sales
%
2.1 1.8
Auditors' fee,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Audit (to member firms of Ernst & Young network)
4.3
4.0
Sustainability assurance
0.3
0.3
Auditors' statements - 0.0
Tax services
0.1
0.4
Other services
0.2
1.7
Total
4.9
6.3
The majority of expenses of operations arise from direct
materials and supplies, as well as cost of subcontracting.
Other production costs comprise of logistics, tools and
consumables, operative car fleet and traveling as well as
other miscellaneous items of direct costs. Selling,
administrative and other expenses include costs related
to premises, consulting and external services, IT and
traveling as well as other miscellaneous administrative
costs. Expense arising from leases of low-value assets
and short-term leases amounted to EUR 11.8 (13.0) million
in 2025.
Selling, administrative and other expenses include EUR
33 million items affecting comparability consisting of
costs related to the separation of KONE Door Business
under its own legal and operative structure and
restructuring costs. In the comparison period, items
affecting comparability amounted to EUR 54 million
including EUR 36 million restructuring costs and EUR 18
million expensed development costs as a result of
redirecting development activities in alignment with
KONE's new strategy.
Other income comprises rental income, received
grants, interest on late payments including cancellation
penalties, gains on sale of fixed assets and scrap as well
as other miscellaneous income.
Accounting principles
Research and development costs
Research and development costs are typically
expensed as they incur, because the future economic
benefits of new products and development of existing
products and services can only be proven after their
successful introduction to the market .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "
Auditors' fee,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Audit (to member firms of Ernst & Young network)
4.3
4.0
Sustainability assurance
0.3
0.3
Auditors' statements - 0.0
Tax services
0.1
0.4
Other services
0.2
1.7
Total
4.9
6.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "Depreciation and amortization Depreciation and amortization are recorded on a straight-line basis over the economic useful lives of the assets, or over the lease contract periods, when applicable, if shorter. Economic useful lives: Customer-related intangibles Other intangible assets Buildings Machinery and equipment Land 10\u201315 years 3\u201310 years 5\u201340 years 2\u201315 years Infinite ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "2.3 Depreciation and amortization
Depreciation and amortization,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Intangible assets:
Customer-related intangibles
53.2
46.7
Other
Tangible assets:
10.7
11.5
Buildings
83.4
81.6
Machinery and equipment
172.6
152.4
Total
319.9
292.2
Accounting principles
Depreciation and amortization
Depreciation and amortization are recorded on a
straight-line basis over the economic useful lives of
the assets, or over the lease contract periods, when
applicable, if shorter.
Economic useful lives:
Customer-related intangibles
Other intangible assets
Buildings
Machinery and equipment
Land
10\u201315 years
3\u201310 years
5\u201340 years
2\u201315 years
Infinite
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
2.4 Foreign exchange sensitivity
Foreign exchange risks
KONE operates internationally and is thus exposed to
risks arising from fluctuations in foreign exchange rates
related to currency flows of revenues and expenses
(transaction risk) and from the translation of statement of
income and statement of financial position of the foreign
subsidiaries from respective functional currencies into
euros (translation risk).
Transaction risks
A substantial part of KONE\u2019s operations is denominated in
local functional currencies of the subsidiaries and do not
therefore give rise to transaction risk. The sales of New
Building Solutions and Modernization, including
installation, typically take place in the local currency of
the customer. Component and material expenses may
occur in other currencies than the sales currency, which
exposes KONE to transaction risks. KONE policy is to
substantially hedge the foreign exchange exposure of firm
commitments and other highly probable future sales and
purchases with foreign exchange forward contracts. The
business units are responsible for evaluating and hedging
the transaction risks in their operations according to the
KONE Treasury Policy. The most significant transaction
risk exposures arising from business operations are in the
Chinese yuan, United Arab Emirates dirham, Saudi riyal,
Canadian dollar, and Australian dollar. The majority of the
currency forward contracts expire within one year.
Hedge accounting is applied in business units where
there are significant revenues or expenses in foreign
currency. When hedge accounting is applied, the gains
and losses from the hedges are recognized in the
statement of income at the same time as the exchange
rate gains and losses for the hedged items are
recognized.
The financial assets and liabilities of KONE subsidiaries
are in the local currencies of the subsidiaries whenever
possible. In case a subsidiary company has a financial
asset or liability in other than its local currency, these
assets and liabilities are hedged with foreign exchange
forward contracts whenever possible and required by the
KONE Treasury Policy.
KONE\u2019s internal loans and deposits are primarily
initiated in the local currencies of the subsidiaries in which
case the possible foreign exchange risks are hedged, by
the parent company, using foreign exchange swap
contracts.
Foreign exchange risk sensitivity analysis of
financial assets and liabilities
The foreign exchange risk sensitivity analysis for the most
important currency pairs has been calculated for the
KONE companies\u2019 foreign currency denominated financial
assets and liabilities, including foreign exchange forward
contracts outstanding at the statement of financial
position date. The order book or forecasted cash flows
are not included.
Sales by currency 1\u201312/2025
EUR
CNY
USD
Muu
Accounting principles
Foreign currency transactions and translation
The items included in the financial statements are
initially recognized in the functional currencies, which
are defined for each group subsidiary based on their
primary economic environment.
The presentation currency of the financial
statements is the euro, which is also the functional
currency of the parent company.
The initial recognition of transactions denominated
in foreign currencies in the functional currency takes
place at the rate of exchange prevailing at the date of
the individual transaction.
Foreign currency denominated receivables and
liabilities are translated using period end exchange
rates.
Foreign exchange gains and losses related to
business transactions are treated as adjustments within
operating income. Foreign exchange gains and losses
associated with financing transactions are included in
financing income and expenses.
The statements of income of foreign subsidiaries,
whose functional currency is not the euro, are
translated into euros based on the average exchange
rate of the accounting period. Items in the statement of
financial position, with the exception of net income for
the accounting period, are translated into euros at the
closing date exchange rates. Exchange rate differences
arising from net investments in non-euro currency
subsidiaries, as well as the exchange rate differences
resulting from translating income and expenses at the
average rates and assets and liabilities at the closing
rate, are recorded in translation differences within
equity.
Respective changes during the period are presented
in other comprehensive income. Exchange rate gains
and losses resulting from financial instruments
designated as hedges of net assets in foreign
subsidiaries have been recognized as translation
differences in other comprehensive income. The
cumulative translation differences related to foreign
operations are reclassified from equity to statement of
income upon the disposal of the foreign operation.
Foreign currency exposure related to foreign currency denominated balance sheet items and derivatives, MEUR
Against EUR
Against USD
Against CNY
Dec 31, Others JPY HKD SEK GBP Total CAD Others Total USD SGD Others Total
2025
-134
78
2 -65 -65 -184 -95 -12 -107 -342 -66 -161 -570
Dec 31,
2024
-103
93
-331 -66 -80 -487 -88 -4 -93 -303 -62 -128 -493
101 KONE Annual Review 2025
A 10% change in the foreign exchange rates
(strengthening of the euro, Chinese yuan and US dollar) at
the statement of financial position date would have
resulted in an impact of EUR -2.4 (-72.1) million on the net
income and an impact of EUR 88.4 (164.1) million on
equity. The foreign exchange risk sensitivity analysis
presents the impact of a change in the foreign exchange
rates of 10 percent on net income and on equity at the
statement of financial position date. Changes in the equity
are mainly caused by foreign exchange forwards
designated in cash flow hedge accounting. The sensitivity
analysis is calculated before taxes.
Translation risks
KONE\u2019s financial statements are presented in euros, and
as approximately 72% of KONE\u2019s revenues occur in
functional currencies other than euro, the translation risk
can be significant for KONE. A change of 10% in the
annual average foreign exchange rates would have
caused a 7.2% (7.3%) change in 2025 consolidated sales
in euros. Such a change would have had a higher impact
on KONE\u2019s operating income and therefore also some
impact on KONE\u2019s relative operating income. The
translation of the subsidiaries\u2019 balance sheets into euros
caused translation differences of EUR -184.3 (78.4)
million in 2025. The translation risk is not hedged as a rule
as KONE\u2019s business consists of continuous operations in
various currency areas. However, in individual cases,
KONE can also hedge translation risk related to net assets
of subsidiaries. The most significant translation risk
exposures arising from business operations are in the
Chinese yuan, US dollar, British pound, Indian rupee and
Australian dollar.
Jan 1\u2013Dec 31, 2025
Jan 1\u2013Dec 31, 2024
Key exchange rates
Average rate
End rate Average rate End rate
Chinese yuan
EUR/CNY
8.0693 8.2262 7.7793 7.5833
US dollar
EUR/USD
1.1243 1.1750 1.0826 1.0389
British pound
EUR/GBP
0.8546 0.8726 0.8469 0.8292
Indian rupee
EUR/INR
98.0741 105.5965 90.6243 88.9335
Australian dollar
EUR/AUD
1.7484 1.7581 1.6424 1.6772
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "2.4 Foreign exchange sensitivity Foreign exchange risks KONE operates internationally and is thus exposed to risks arising from fluctuations in foreign exchange rates related to currency flows of revenues and expenses (transaction risk) and from the translation of statement of income and statement of financial position of the foreign subsidiaries from respective functional currencies into euros (translation risk). Transaction risks A substantial part of KONE\u2019s operations is denominated in local functional currencies of the subsidiaries and do not therefore give rise to transaction risk. The sales of New Building Solutions and Modernization, including installation, typically take place in the local currency of the customer. Component and material expenses may occur in other currencies than the sales currency, which exposes KONE to transaction risks. KONE policy is to substantially hedge the foreign exchange exposure of firm commitments and other highly probable future sales and purchases with foreign exchange forward contracts. The business units are responsible for evaluating and hedging the transaction risks in their operations according to the KONE Treasury Policy. The most significant transaction risk exposures arising from business operations are in the Chinese yuan, United Arab Emirates dirham, Saudi riyal, Canadian dollar, and Australian dollar. The majority of the currency forward contracts expire within one year. Hedge accounting is applied in business units where there are significant revenues or expenses in foreign currency. When hedge accounting is applied, the gains and losses from the hedges are recognized in the statement of income at the same time as the exchange rate gains and losses for the hedged items are recognized. The financial assets and liabilities of KONE subsidiaries are in the local currencies of the subsidiaries whenever possible. In case a subsidiary company has a financial asset or liability in other than its local currency, these assets and liabilities are hedged with foreign exchange forward contracts whenever possible and required by the KONE Treasury Policy. KONE\u2019s internal loans and deposits are primarily initiated in the local currencies of the subsidiaries in which case the possible foreign exchange risks are hedged, by the parent company, using foreign exchange swap contracts. Foreign exchange risk sensitivity analysis of financial assets and liabilities The foreign exchange risk sensitivity analysis for the most important currency pairs has been calculated for the KONE companies\u2019 foreign currency denominated financial assets and liabilities, including foreign exchange forward contracts outstanding at the statement of financial position date. The order book or forecasted cash flows are not included. Sales by currency 1\u201312/2025 EURCNYUSDMuuAccounting principles Foreign currency transactions and translation The items included in the financial statements are initially recognized in the functional currencies, which are defined for each group subsidiary based on their primary economic environment. The presentation currency of the financial statements is the euro, which is also the functional currency of the parent company. The initial recognition of transactions denominated in foreign currencies in the functional currency takes place at the rate of exchange prevailing at the date of the individual transaction. Foreign currency denominated receivables and liabilities are translated using period end exchange rates. Foreign exchange gains and losses related to business transactions are treated as adjustments within operating income. Foreign exchange gains and losses associated with financing transactions are included in financing income and expenses. The statements of income of foreign subsidiaries, whose functional currency is not the euro, are translated into euros based on the average exchange rate of the accounting period. Items in the statement of financial position, with the exception of net income for the accounting period, are translated into euros at the closing date exchange rates. Exchange rate differences arising from net investments in non-euro currency subsidiaries, as well as the exchange rate differences resulting from translating income and expenses at the average rates and assets and liabilities at the closing rate, are recorded in translation differences within equity. Respective changes during the period are presented in other comprehensive income. Exchange rate gains and losses resulting from financial instruments designated as hedges of net assets in foreign subsidiaries have been recognized as translation differences in other comprehensive income. The cumulative translation differences related to foreign operations are reclassified from equity to statement of income upon the disposal of the foreign operation.
Foreign currency exposure related to foreign currency denominated balance sheet items and derivatives, MEUR
Against EUR
Against USD
Against CNY
Dec 31, Others JPY HKD SEK GBP Total CAD Others Total USD SGD Others Total
2025
-134
78
2 -65 -65 -184 -95 -12 -107 -342 -66 -161 -570
Dec 31,
2024
-103
93
-331 -66 -80 -487 -88 -4 -93 -303 -62 -128 -493
A 10% change in the foreign exchange rates (strengthening of the euro, Chinese yuan and US dollar) at the statement of financial position date would have resulted in an impact of EUR -2.4 (-72.1) million on the net income and an impact of EUR 88.4 (164.1) million on equity. The foreign exchange risk sensitivity analysis presents the impact of a change in the foreign exchange rates of 10 percent on net income and on equity at the statement of financial position date. Changes in the equity are mainly caused by foreign exchange forwards designated in cash flow hedge accounting. The sensitivity analysis is calculated before taxes. Translation risks KONE\u2019s financial statements are presented in euros, and as approximately 72% of KONE\u2019s revenues occur in functional currencies other than euro, the translation risk can be significant for KONE. A change of 10% in the annual average foreign exchange rates would have caused a 7.2% (7.3%) change in 2025 consolidated sales in euros. Such a change would have had a higher impact on KONE\u2019s operating income and therefore also some impact on KONE\u2019s relative operating income. The translation of the subsidiaries\u2019 balance sheets into euros caused translation differences of EUR -184.3 (78.4) million in 2025. The translation risk is not hedged as a rule as KONE\u2019s business consists of continuous operations in various currency areas. However, in individual cases, KONE can also hedge translation risk related to net assets of subsidiaries. The most significant translation risk exposures arising from business operations are in the Chinese yuan, US dollar, British pound, Indian rupee and Australian dollar.
Jan 1\u2013Dec 31, 2025
Jan 1\u2013Dec 31, 2024
Key exchange rates
Average rate
End rate Average rate End rate
Chinese yuan
EUR/CNY
8.0693 8.2262 7.7793 7.5833
US dollar
EUR/USD
1.1243 1.1750 1.0826 1.0389
British pound
EUR/GBP
0.8546 0.8726 0.8469 0.8292
Indian rupee
EUR/INR
98.0741 105.5965 90.6243 88.9335
Australian dollar
EUR/AUD
1.7484 1.7581 1.6424 1.6772
Customer credit risk management
Customer credit risks relate to advance payments
receivable from customers or to unbilled revenue and
accounts receivable related to equipment deliveries or to
services rendered. This risk is managed by defining the
rules for tendering, payment terms, authorizations and
credit control as well as project management controls.
Advance payments, documentary credits and guarantees
are used in payment terms to minimize customer credit
risks. KONE proactively manages its accounts receivable
in order to minimize the risk of customer defaults.
KONE\u2019s customer base consists of a large number of customers in several market areas and the geographic split of receivables and contract assets well mirrors the distribution of sales. During the reporting period KONE management has followed particularly closely the credit risks related to Chinese developers. The credit quality of advance payments receivable and accounts receivable is evaluated according to KONE\u2019s credit policy. According to this policy, the rules for credit quality evaluation are set separately for the new equipment business and the service business. The credit quality is evaluated both on the basis of the aging of the receivables as well as on the basis of individual case by case customer analysis in order to identify customers with a potentially higher credit risk due to individual customer specific reasons. The bad debt provision for the accounts receivable is recognized on the basis of this credit quality evaluation using the expected credit loss model. As at December 31, 2025, the gross amount of accounts receivable totaled to EUR 2,795.0 (2,953.6) million. The amount of bad debt provision recorded to cover doubtful accounts was EUR 444.3 (458.8) million at the end of the financial period. The majority of the bad debt provision continues to stem from the oldest aging category of receivables. The bad debt provision related to receivables in China increased due to the ongoing uncertainties in the Chinese markets, however offset by the currency translation. 5.3 Financial risks and instruments KONE\u2019s business activities are exposed to financial risks such as foreign exchange risks, interest rate risks, liquidity risks and credit risks. These financial risks are managed as part of the total KONE risk portfolio. KONE Treasury is responsible for the centralized management of financial risks in accordance with the KONE Treasury Policy approved by the Executive Board. KONE business units manage their financial risks locally in accordance with the KONE Treasury Policy. Financial credit risk KONE has substantial amounts of cash and financial investments. In order to diversify the financial credit risk and manage liquidity risk, funds are invested into highly liquid interest rate funds and deposits with several banks. All open exposures such as cash on bank accounts, investments, deposits and other financial assets, for example derivatives contracts, are included when measuring the financial credit risk exposure. When selecting counterparty banks and other investment targets, only counterparties with high creditworthiness are approved. The size of each limit reflects the creditworthiness of the counterparty. Counterparty creditworthiness is evaluated constantly and the required actions are considered case by case if significant changes in the creditworthiness of a counterparty occur. The fair values of interest rate funds are measured based on market information (fair value hierarchy level 2). Refinancing and liquidity risks KONE\u2019s cash and cash equivalents was EUR 440.5 (576.0) million and financial investments EUR 1,258.4 (1,221.9) million on December 31, 2025. Cash and financial investments are managed centrally by KONE Treasury. Due to local regulations, part of the funds resides in local investments and on decentralized bank accounts in a number of KONE countries. A substantial part of Accounting principles Derivative financial instruments and hedge accounting Derivative financial instruments are initially and subsequently recognized at fair value in the statement of financial position. The fair values of foreign exchange forward contracts are calculated by discounting the future cash flows of the contracts with the relevant market interest rate yield curves on the valuation date and by calculating the difference between the discounted values as at the forward contract date and balance sheet date in euros. Currency options are valued as of each reporting date by using the Garman & Kohlhagen option valuation model. At the contract date the derivatives are classified according to the foreign exchange policy as hedging instruments of a business transaction arising from a firm or highly probable purchase or sales contract. These are partly included in cash flow hedge accounting, hedges against fair value changes of assets or liabilities or hedges of net investments in foreign entities. In cash flow hedge accounting KONE may use foreign currency forward contracts and options to hedge its exposure in foreign currency dominated cash flows which ensures economic relationship between the hedged item and the hedging instrument and full effectiveness as the value of the hedging instrument and the value of the hedged item move in the opposite direction because of the common underlying denominator. The full fair value of derivatives, including transaction related forward points, is designated in the hedging relationship. The effective portion of changes in the fair values of the foreign exchange, where hedge accounting is applied, is recognized through the statement of comprehensive income to the hedge reserve within equity. The cumulative changes of fair values are transferred into the statement of income as adjustment items to costs and expenses simultaneously when the hedged sale or purchase realizes. When cash flow hedge accounting is applied, at the inception of the hedging transaction the economic relationship between hedging instruments and hedged items is documented including whether the hedging instrument is expected to offset changes in cash flows of hedged items. Also, the risk management objective and strategy for undertaking various hedge transactions is documented at the inception of each hedge relationship. Hedge effectiveness is assessed before hedge accounting is applied and at least on a quarterly basis thereafter. The gain or loss relating to the ineffective portion is recognized immediately as an adjustment to cost and expenses. In hedges of foreign currency transaction, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. If a foreign exchange derivative included in the cash flow hedge accounting expires or is sold or when a hedge no longer meets the criteria for hedge accounting, the cumulative change in the fair value of the hedging instrument will remain in the hedge reserve and is recognized in the income statement at the same time with the hedged sale or purchase. The cumulative fair values of the hedging instruments are transferred from the hedge reserve to adjust cost and expenses immediately if the hedged cash flow is no longer expected to occur. The changes in the fair values of derivatives that are designated as hedging instruments but are not accounted for according to the principles of cash flow hedge accounting are recognized based on their nature either in the operative income or costs, or as financial income or expenses: if the hedged risk arises from an operative transaction, the fair values of the hedging instruments are recognized in costs and expenses, and if the hedged item is a monetary item, the fair values are recognized in financing items. Changes in the fair values of foreign exchange derivatives are recognized in financing income and expenses if the hedged item is a loan receivable, deposit or a financial asset or liability denominated in a foreign currency. The effective portion of the change in the fair values of currency forward contracts hedging translation differences arising from net investments in foreign subsidiaries, are recognized through the statement of comprehensive income to the translation differences within equity and would be transferred to the income statement in case the net investment were disposed of partially or in its entirety. The hedged risk is designated as movements in the spot rate (excluding changes due to interest rates i.e. forward points). Changes in fair value of the hedging instrument due to the forward points (cost of hedging) are immediately recognized in the consolidated statement of income. Fair values of derivative instruments are recognized under current assets and liabilities in the balance sheet. the funds is nevertheless accessible to KONE Treasury. Changes in the local regulations can also in the future have an impact on the location of the cash and financial investments. KONE has a fixed rate loan of EUR 200.0 (200.0) million and a floating rate loan of EUR 200.0 (200.0) million from the European Investment Bank (EIB) for R&D purposes. The fixed rate loan will mature in 2026 and floating rate loan will mature in 2031. The fair value of the loan is estimated based on discounted cash flow method using a current borrowing rate (level 2 fair value hierarchy) as the discount rate. KONE has also an uncommitted commercial paper program of EUR 500.0 (500.0) million and a sustainability-linked revolving credit facility of EUR 850.0 (850.0) million to ensure sufficient liquidity. The sustainability targets included in the facility relate to KONE\u2019s decarbonization and gender diversity commitments. Interest rate risks KONE\u2019s cash and short-term investments were EUR 1,698.9 (1,797.9) million at the statement of financial position date. At the same time, KONE\u2019s interest-bearing debt was EUR 1,028.3 (987.1) million and consisted of EUR 857.9 (834.2) million of financial debt including lease liabilities, EUR 11.8 (9.2) million of option liabilities from acquisitions, and EUR 158.7 (141.4) million of employee benefit liabilities. Additionally, KONE had an asset on employee benefits of EUR 13.9 (15.0) million. As KONE\u2019s financial investments are mainly invested in tenors of less than one year, changes in the interest rates do not have any significant impact on their market values. Changes in the interest rates may however impact future interest income. A one percentage point change in the interest rate level would mean a change of EUR -13.5 (-18.5) million in net interest income. The interest rate sensitivity is calculated before taxes. When calculating the interest rate sensitivity analysis, the interest-bearing net financial debt, excluding foreign exchange forward contracts, is assumed to remain on the level of the closing balance of 2025 during the following financial period. The sensitivity analysis presents the impact of a one percentage point change in the interest rate level on the net interest income for the financial period by taking into account the net financial debt tied to interest periods of less than one year, EUR -1,353.8 (- 1,853.8) million. A change in interest rates does not have a material impact on the net interest on employee benefits, on financial debt or option liabilities from acquisition. Derivatives Treasury policy for hedging purposes is applied to all derivative contracts. The majority of the foreign exchange derivatives and swaps mature within a year. The fair values of foreign exchange derivatives and swaps are measured based on price information derived from active markets and commonly used valuation methods (fair value hierarchy level 2). Financial contracts are executed only with counterparties that have high Loans Loans payable are in the consolidated statement of financial position presented as part of loans and other interest-bearing receivables. They are measured initially at fair value net of directly attributable transaction costs and are subsequently carried at amortized cost using the effective interest rate method. Lease liabilities Lease liabilities are measured to the present value of future lease payments discounted with the incremental borrowing rate. Financial assets Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment. KONE assesses on a forward-looking basis the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. All of these financial assets are considered to have low credit risk, and thus the impairment provision assessment is based on 12 months expected losses. Current deposits and loans receivable Current deposits and loans receivable are initially recognized at fair value and thereafter at amortized cost using the effective interest rate method except for interest rate funds which are classified and measured as investments at fair value through profit or loss. Only substantial transaction costs are considered for when measuring the acquisition cost. Investments in commercial papers, short-term bank deposits, interest rate funds and other money market instruments are included in deposits and loans receivable. Cash and cash equivalents Cash and cash equivalents include cash-in-hand and bank account balances. Bank overdrafts are included in other current liabilities.
credit ratings. The credit risk of the counterparties and
KONE is considered when assessing the fair values of
outstanding financial assets and liabilities.
The fair values of the derivatives are represented in
the balance on a gross basis and can be set off on
conditional terms such as breach of contract or
bankruptcy. Derivative financial receivables from
counterparties after set off would be EUR 5.3 (9.2) million
and payables EUR 5.8 (9.4) million.
Loans and other interest-bearing liabilities
Loans and other interest-bearing liabilities in the
consolidated statement of financial position consist of
loans, lease liabilities, option liabilities from acquisitions
and other liabilities. KONE\u2019s non-current lease liabilities
were EUR 314.4 (299.8) million and current lease liabilities
were EUR 141.1 (EUR 132.8) million at the statement of
financial position date.
Maturity analysis of financial liabilities
Dec 31, 2025
Dec 31, 2024
and interest payment,
MEUR < 1 year 1-5 years > 5 years Total < 1 year 1-5 years > 5 years Total
Interest-bearing debt
Loans
-200.3
-0.2 -200.0 -400.4 - -200.7 -200.0 -400.7
Lease liabilities
-141.1
-269.3 -45.2 -455.5 -132.8 -265.1 -34.7 -432.6
Current loans and other liabilities
0.0
- - 0.0 -2.2 - - -2.2
Used bank overdraft limits
-1.9
- - -1.9 -0.9 - - -0.9
Option liabilities from acquisitions
-
-10.0 -1.8 -11.8 - -9.2 - -9.2
Non-interest-bearing debt
Accounts payable
-967.6
- - -967.6 -982.9 - - -982.9
Derivatives
Capital inflow
2,567.3
160.5 - 2,727.8 3,241.7 153.5 - 3,395.2
Capital outflow
-2,569.9
-163.1 - -2,733.0 -3,245.2 -152.7 - -3,397.9
Interest payments
-23.8
-48.0 -11.0 -82.7 -24.3 -50.3 -16.7 -91.3
Net outflow
-1,337.1
-330.0 -257.9 -1,925.1 -1,146.5 -524.6 -392.9 -2,064.0
Dec 31, 2025 Dec 31, 2024
Fair values of derivative financial instruments,
Derivative
MEUR
Derivative assets
liabilities Fair value, net Fair value, net
Foreign exchange derivatives
In cash flow hedge accounting
12.9
-16.7 -3.8 -13.5
In net investment hedge accounting
1.0
- 1.0 -13.3
Other foreign exchange hedges
4.5
-2.1 2.3 26.7
Total
18.3
-18.8 -0.5 -0.1
Nominal values of derivative financial instruments,
MEUR Dec 31, 2025 Dec 31, 2024
Foreign exchange derivatives
In cash flow hedge accounting
1,334.7
1,313.5
In net investment hedge accounting
122.6
315.9
Other foreign exchange hedges
1,270.5
1,765.8
Total
2,727.8
3,395.2
Dec 31, 2025
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets\u00b9 5.4 - - 86.7 86.7
Non-current loans receivable
I
5.4 - 5.4 - 5.4
Current assets
Accounts receivable
-
2,350.7 - 2,350.7
Derivative assets
4.5
- 13.9 18.3
Current deposits and loans receivable
I
5.4 935.9 332.5 - 1,268.4
Cash and cash equivalents
I
- 440.5 - 440.5
Total financial assets
940.4
3,129.1 100.5 4,170.0
Non-current liabilities \u00b2
Loans
I
- 200.2 - 200.2
Current liabilities
Loans
I
- 200.3 - 200.3
Other interest-bearing liabilities \u00b3
I
- 1.9 - 1.9
Option liabilities from acquisitions
I
11.8 - - 11.8
Accounts payable
-
967.6 - 967.6
Derivative liabilities
2.1
- 16.7 18.8
Total financial liabilities
13.9
1,369.9 16.7 1,400.5
\u00b9 Excluding shares in associated companies. \u00b2 Excluding non-current lease liabilities of EUR 314.4 million. 3 Excluding current lease liabilities of EUR 141.1 million. The fair values of the financial assets and liabilities are not materially different from their book values. Interest-bearing net debt comprises items marked with \u201c I \u201d.
Dec 31, 2024
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets 5.4 - - 98.9 98.9
Non-current loans receivable
I
5.4 - 4.4 - 4.4
Current assets
Accounts receivable
-
2,494.8 - 2,494.8
Derivative assets
31.2
- 13.3 44.4
Current deposits and loans receivable
I
5.4 909.1 313.9 - 1,223.0
Cash and cash equivalents
I
- 576.0 - 576.0
Total financial assets
940.3
3,389.1 112.2 4,441.5
Non-current liabilities \u00b9
Loans
I
- 400.7 - 400.7
Current liabilities
Other interest-bearing liabilities \u00b2
I
- 3.1 - 3.1
Option liabilities from acquisitions
I
9.2 - - 9.2
Accounts payable
-
982.9 - 982.9
Derivative liabilities
4.5
- 40.0 44.5
Total financial liabilities
13.7
1,386.7 40.0 1,440.5
\u00b9 Excluding non-current lease liabilities of EUR 299.8 million. \u00b2 Excluding current lease liabilities of EUR 132.8 million. The fair values of the financial assets and liabilities are not materially different from their book values. Interest-bearing net debt comprises items marked with \u201c I \u201d. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "Foreign exchange risks KONE operates internationally and is thus exposed to risks arising from fluctuations in foreign exchange rates related to currency flows of revenues and expenses (transaction risk) and from the translation of statement of income and statement of financial position of the foreign subsidiaries from respective functional currencies into euros (translation risk). Transaction risks A substantial part of KONE\u2019s operations is denominated in local functional currencies of the subsidiaries and do not therefore give rise to transaction risk. The sales of New Building Solutions and Modernization, including installation, typically take place in the local currency of the customer. Component and material expenses may occur in other currencies than the sales currency, which exposes KONE to transaction risks. KONE policy is to substantially hedge the foreign exchange exposure of firm commitments and other highly probable future sales and purchases with foreign exchange forward contracts. The business units are responsible for evaluating and hedging the transaction risks in their operations according to the KONE Treasury Policy. The most significant transaction risk exposures arising from business operations are in the Chinese yuan, United Arab Emirates dirham, Saudi riyal, Canadian dollar, and Australian dollar. The majority of the currency forward contracts expire within one year. Hedge accounting is applied in business units where there are significant revenues or expenses in foreign currency. When hedge accounting is applied, the gains and losses from the hedges are recognized in the statement of income at the same time as the exchange rate gains and losses for the hedged items are recognized. The financial assets and liabilities of KONE subsidiaries are in the local currencies of the subsidiaries whenever possible. In case a subsidiary company has a financial asset or liability in other than its local currency, these assets and liabilities are hedged with foreign exchange forward contracts whenever possible and required by the KONE Treasury Policy. KONE\u2019s internal loans and deposits are primarily initiated in the local currencies of the subsidiaries in which case the possible foreign exchange risks are hedged, by the parent company, using foreign exchange swap contracts. Foreign exchange risk sensitivity analysis of financial assets and liabilities The foreign exchange risk sensitivity analysis for the most important currency pairs has been calculated for the KONE companies\u2019 foreign currency denominated financial assets and liabilities, including foreign exchange forward contracts outstanding at the statement of financial position date. The order book or forecasted cash flows are not included. Sales by currency 1\u201312/2025 A 10% change in the foreign exchange rates (strengthening of the euro, Chinese yuan and US dollar) at the statement of financial position date would have resulted in an impact of EUR -2.4 (-72.1) million on the net income and an impact of EUR 88.4 (164.1) million on equity. The foreign exchange risk sensitivity analysis presents the impact of a change in the foreign exchange rates of 10 percent on net income and on equity at the statement of financial position date. Changes in the equity are mainly caused by foreign exchange forwards designated in cash flow hedge accounting. The sensitivity analysis is calculated before taxes. Translation risks KONE\u2019s financial statements are presented in euros, and as approximately 72% of KONE\u2019s revenues occur in functional currencies other than euro, the translation risk can be significant for KONE. A change of 10% in the annual average foreign exchange rates would have caused a 7.2% (7.3%) change in 2025 consolidated sales in euros. Such a change would have had a higher impact on KONE\u2019s operating income and therefore also some impact on KONE\u2019s relative operating income. The translation of the subsidiaries\u2019 balance sheets into euros caused translation differences of EUR -184.3 (78.4) million in 2025. The translation risk is not hedged as a rule as KONE\u2019s business consists of continuous operations in various currency areas. However, in individual cases, KONE can also hedge translation risk related to net assets of subsidiaries. The most significant translation risk exposures arising from business operations are in the Chinese yuan, US dollar, British pound, Indian rupee and Australian dollar.
Jan 1\u2013Dec 31, 2025
Jan 1\u2013Dec 31, 2024
Key exchange rates
Average rate
End rate Average rate End rate
Chinese yuan
EUR/CNY
8.0693 8.2262 7.7793 7.5833
US dollar
EUR/USD
1.1243 1.1750 1.0826 1.0389
British pound
EUR/GBP
0.8546 0.8726 0.8469 0.8292
Indian rupee
EUR/INR
98.0741 105.5965 90.6243 88.9335
Australian dollar
EUR/AUD
1.7484 1.7581 1.6424 1.6772
Interest rate risks KONE\u2019s cash and short-term investments were EUR 1,698.9 (1,797.9) million at the statement of financial position date. At the same time, KONE\u2019s interest-bearing debt was EUR 1,028.3 (987.1) million and consisted of EUR 857.9 (834.2) million of financial debt including lease liabilities, EUR 11.8 (9.2) million of option liabilities from acquisitions, and EUR 158.7 (141.4) million of employee benefit liabilities. Additionally, KONE had an asset on employee benefits of EUR 13.9 (15.0) million. As KONE\u2019s financial investments are mainly invested in tenors of less than one year, changes in the interest rates do not have any significant impact on their market values. Changes in the interest rates may however impact future interest income. A one percentage point change in the interest rate level would mean a change of EUR -13.5 (-18.5) million in net interest income. The interest rate sensitivity is calculated before taxes. When calculating the interest rate sensitivity analysis, the interest-bearing net financial debt, excluding foreign exchange forward contracts, is assumed to remain on the level of the closing balance of 2025 during the following financial period. The sensitivity analysis presents the impact of a one percentage point change in the interest rate level on the net interest income for the financial period by taking into account the net financial debt tied to interest periods of less than one year, EUR -1,353.8 (- 1,853.8) million. A change in interest rates does not have a material impact on the net interest on employee benefits, on financial debt or option liabilities from acquisition. oreign currency exposure related to foreign currency denominated balance sheet items and derivatives, MEUR Against EUR Against USD Against CNY Dec 31, Others JPY HKD SEK GBP Total CAD Others Total USD SGD Others Total 2025 -134 782 -65 -65 -184 -95 -12 -107 -342 -66 -161 -570 Dec 31, 2024 -103 93-331 -66 -80 -487 -88 -4 -93 -303 -62 -128 -493 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
2.5 Financing income and expenses
Financing income and expenses,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Dividend income \u00b9
3.2
0.0
Interest income:
Change in fair value of interest \u00b2
19.0
26.2
Interest income on foreign exchange rate derivatives
1.9
0.0
Interest income on loan receivables and financial assets
15.1
15.2
Other financing income
0.3
1.6
Exchange rate gains \u00b3
2.0
5.2
Financing income
41.5
48.3
Interest expenses:
Change in fair value of interest
-0.3
-2.2
Interest expenses on lease liabilities
-27.5
-23.4
Interest expense on foreign exchange rate derivatives
-0.2
-2.9
Interest expenses on other financial liabilities
-12.4
-6.8
Other financing expenses \u2074
-5.8
-5.2
Exchange rate losses \u00b3
-3.5
-2.5
Financing expenses
-49.7
-43.1
Total
-8.2
5.2
1
Primarily consists of dividend received from Toshiba Elevator and Building Systems CO.,LTD. (TELC). More information about TELC is available in
note 5.4 Shares, deposits and other assets.
2
Change in fair value of interest includes EUR 17.2 (25.4) million relating to interest rate funds measured at fair value through the statement of
income.
3
Exchange rate gains and losses include exchange rate differences on loans and other receivables of EUR 113.5 (-38.9) million and fair value
changes of foreign exchange derivatives of EUR -115.0 (41.6) million.
\u2084
Includes
commitment
fees for undrawn revolving credit facilities amounting to EUR -0.7 (-0.8) million and banking charges and
other expenses amounting to EUR -5.2 (-4.3) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "2.5 Financing income and expenses
Financing income and expenses,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Dividend income \u00b9
3.2
0.0
Interest income:
Change in fair value of interest \u00b2
19.0
26.2
Interest income on foreign exchange rate derivatives
1.9
0.0
Interest income on loan receivables and financial assets
15.1
15.2
Other financing income
0.3
1.6
Exchange rate gains \u00b3
2.0
5.2
Financing income
41.5
48.3
Interest expenses:
Change in fair value of interest
-0.3
-2.2
Interest expenses on lease liabilities
-27.5
-23.4
Interest expense on foreign exchange rate derivatives
-0.2
-2.9
Interest expenses on other financial liabilities
-12.4
-6.8
Other financing expenses \u2074
-5.8
-5.2
Exchange rate losses \u00b3
-3.5
-2.5
Financing expenses
-49.7
-43.1
Total
-8.2
5.2
1 Primarily consists of dividend received from Toshiba Elevator and Building Systems CO.,LTD. (TELC). More information about TELC is available in note 5.4 Shares, deposits and other assets. 2 Change in fair value of interest includes EUR 17.2 (25.4) million relating to interest rate funds measured at fair value through the statement of income. 3 Exchange rate gains and losses include exchange rate differences on loans and other receivables of EUR 113.5 (-38.9) million and fair value changes of foreign exchange derivatives of EUR -115.0 (41.6) million. \u2084 Includes commitment fees for undrawn revolving credit facilities amounting to EUR -0.7 (-0.8) million and banking charges and other expenses amounting to EUR -5.2 (-4.3) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "2.5 Financing income and expenses
Financing income and expenses,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Dividend income \u00b9
3.2
0.0
Interest income:
Change in fair value of interest \u00b2
19.0
26.2
Interest income on foreign exchange rate derivatives
1.9
0.0
Interest income on loan receivables and financial assets
15.1
15.2
Other financing income
0.3
1.6
Exchange rate gains \u00b3
2.0
5.2
Financing income
41.5
48.3
Interest expenses:
Change in fair value of interest
-0.3
-2.2
Interest expenses on lease liabilities
-27.5
-23.4
Interest expense on foreign exchange rate derivatives
-0.2
-2.9
Interest expenses on other financial liabilities
-12.4
-6.8
Other financing expenses \u2074
-5.8
-5.2
Exchange rate losses \u00b3
-3.5
-2.5
Financing expenses
-49.7
-43.1
Total
-8.2
5.2
1 Primarily consists of dividend received from Toshiba Elevator and Building Systems CO.,LTD. (TELC). More information about TELC is available in note 5.4 Shares, deposits and other assets. 2 Change in fair value of interest includes EUR 17.2 (25.4) million relating to interest rate funds measured at fair value through the statement of income. 3 Exchange rate gains and losses include exchange rate differences on loans and other receivables of EUR 113.5 (-38.9) million and fair value changes of foreign exchange derivatives of EUR -115.0 (41.6) million. \u2084 Includes commitment fees for undrawn revolving credit facilities amounting to EUR -0.7 (-0.8) million and banking charges and other expenses amounting to EUR -5.2 (-4.3) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
2.6 Income taxes
Pillar 2 legislation entered into force in Finland on January
1, 2024. The Group has applied the mandatory exception
to recognizing and disclosing information about deferred
tax assets and liabilities arising from Pillar 2 income taxes.
KONE is in scope of this legislation and has performed an
assessment of its potential Exposure of Pillar 2 income
taxes taking into consideration the OECD \u201cTransitional
Safe Harbour and Penalty Relief\u201d for Pillar 2 purposes.
Based on the assessment, most of the jurisdictions in
which the Group operates fall under the Safe Harbour
rules. The main jurisdictions in which the potential
exposure to top-up-tax exist are in the Middle East. The
assessment indicates the impact in terms of top-up tax to
be at the level of EUR 1.4 million (2024: 2.2 million).
Accounting principles
Income tax
The Group tax expense includes taxes of
subsidiaries based on taxable income for the
period, together with tax adjustments for
previous periods and changes in deferred taxes.
Deferred taxes are provided for temporary
differences arising from difference between the
tax bases of assets and liabilities and their
carrying amounts in financial reporting and
measured with enacted tax rates. Typical
temporary differences arise from provisions,
depreciation and amortization, inter-company
inventory margins, defined benefit type post-
retirement plans and tax losses carried forward.
Deferred tax assets on unused tax losses and
other temporary differences are recognized to
the extent it is probable that taxable profit is
available to offset losses in the future.
A deferred tax liability is recognized on the
undistributed profits of subsidiaries where such
tax is applicable, and it is expected to realize in
the foreseeable future.
The positions taken in tax returns are
evaluated periodically by the management to
identify situations in which applicable tax
regulation is subject to interpretation. Based on
the evaluation, adjustments for the uncertain tax
positions are recognized when it is considered
more likely than not that certain tax positions
will be challenged by the tax authorities. The
amounts recorded are based upon the
estimated final taxes to be paid to the tax
authorities.
Taxes in the statement of income,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Tax expense for current year
364.5
332.0
Change in deferred tax assets and liabilities
-22.1
-47.1
Tax expense for previous years
-7.6
8.2
Total
334.8
293.1
Reconciliation of income before taxes with total income taxes in the statement of
income,
MEUR or as indicated
Jan 1\u2013Dec 31, 2025
Jan 1\u2013Dec 31, 2024
Income before taxes
1,326.8
1,254.1
Tax calculated at the domestic corporation tax rate (20%)
265.4
250.8
Effect of different tax rates in foreign subsidiaries
27.7
17.0
Permanent differences
5.4
-3.7
Taxes from previous years and reassessment of deferred tax assets
-1.0 11.7
Deferred tax liability on undistributed earnings
7.0
13.6
Other
30.3
3.7
Total
334.8
293.1
Effective tax rate \u00b9
%
25.2 23.4
Tax rate of parent company
%
20.0 20.0
3.6 Deferred tax assets and liabilities
Deferred tax assets by category,
MEUR Dec 31, 2025 Dec 31, 2024
Tax losses carried forward
0.4
2.5
Provisions and accruals
297.5
311.6
Post-retirement obligations
11.2
15.8
Inventory
35.8
32.5
Property, plant and equipment
23.5
14.0
Other temporary differences
107.3
103.3
Offset against deferred tax liabilities
-110.0
-114.0
Total
365.7
365.7
Changes in deferred tax assets during the period,
MEUR Dec 31, 2025 Dec 31, 2024
Total at beginning of period
365.7
320.2
Translation differences
-4.1
7.3
Change in statement of income
6.2
31.7
Charged or credited to equity
-2.2
2.1
Acquisitions, divestments and other
-
4.5
Total at end of period
365.7
365.7
Deferred tax liabilities by category,
MEUR Dec 31, 2025 Dec 31, 2024
Property, plant and equipment
30.7
12.5
Goodwill and intangible assets
90.1
87.1
Other temporary differences
91.6
101.7
Offset against deferred tax assets
-110.0
-114.0
Total
102.4
87.3
Changes in deferred tax liabilities during the period,
MEUR Dec 31, 2025 Dec 31, 2024
Total at beginning of period
87.3
86.3
Translation difference
19.0
4.8
Change in statement of income
-15.9
-15.4
Acquisitions, divestments and other
12.0
11.6
Total at end of period
102.4
87.3
Net deferred tax assets and liabilities
263.3
278.4
Accounting principles Deferred taxes Deferred taxes are provided for temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in financial reporting and measured with enacted tax rates. Typical temporary differences arise from revenue recognition, provisions, depreciation and amortization, inter-company inventory margins, defined benefit type post-retirement plans, lease contracts and tax losses carried forward. Deferred tax assets on unused tax losses and other temporary differences are recognized to the extent it is probable that taxable profit is available to take advantage of the asset in the future. A deferred tax liability is recognized on the undistributed profits of subsidiaries where such tax is applicable, and it is expected to realize in the foreseeable future. Deferred tax assets and liabilities are offset for presentation purposes when there is a legally enforceable right to offset income tax receivables against income tax payables and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "Accounting principles Income tax The Group tax expense includes taxes of subsidiaries based on taxable income for the period, together with tax adjustments for previous periods and changes in deferred taxes. Deferred taxes are provided for temporary differences arising from difference between the tax bases of assets and liabilities and their carrying amounts in financial reporting and measured with enacted tax rates. Typical temporary differences arise from provisions, depreciation and amortization, inter-company inventory margins, defined benefit type post- retirement plans and tax losses carried forward. Deferred tax assets on unused tax losses and other temporary differences are recognized to the extent it is probable that taxable profit is available to offset losses in the future. A deferred tax liability is recognized on the undistributed profits of subsidiaries where such tax is applicable, and it is expected to realize in the foreseeable future. The positions taken in tax returns are evaluated periodically by the management to identify situations in which applicable tax regulation is subject to interpretation. Based on the evaluation, adjustments for the uncertain tax positions are recognized when it is considered more likely than not that certain tax positions will be challenged by the tax authorities. The amounts recorded are based upon the estimated final taxes to be paid to the tax authorities. Deferred taxes Deferred taxes are provided for temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in financial reporting and measured with enacted tax rates. Typical temporary differences arise from revenue recognition, provisions, depreciation and amortization, inter-company inventory margins, defined benefit type post-retirement plans, lease contracts and tax losses carried forward. Deferred tax assets on unused tax losses and other temporary differences are recognized to the extent it is probable that taxable profit is available to take advantage of the asset in the future. A deferred tax liability is recognized on the undistributed profits of subsidiaries where such tax is applicable, and it is expected to realize in the foreseeable future. Deferred tax assets and liabilities are offset for presentation purposes when there is a legally enforceable right to offset income tax receivables against income tax payables and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "
2.7 Earnings per share
Accounting principles
Earnings per share
The basic earnings per share figure is calculated
by dividing the net income attributable to the
shareholders of the parent company by the
weighted average number of shares outstanding
during the year. Diluted earnings per share is
calculated by adjusting the weighted average
number of shares by the effect of potential
diluting shares due to share-based incentive
plans of the Group. KONE has two classes of
shares that are both included in the calculation
of earnings per share.
Earnings per share Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Net income attributable to the shareholders of the parent
company
MEUR
980.1 951.3
Weighted average number of shares
1,000 shares
517,810 517,501
Basic earnings per share
EUR
1.89 1.84
Dilution effect of share-based incentive plans
1,000 shares
1,277 514
Weighted average number of shares, dilution adjusted
1,000 shares
519,087 518,014
Diluted earnings per share
EUR
1.89 1.84
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "Accounting principles Earnings per share The basic earnings per share figure is calculated by dividing the net income attributable to the shareholders of the parent company by the weighted average number of shares outstanding during the year. Diluted earnings per share is calculated by adjusting the weighted average number of shares by the effect of potential diluting shares due to share-based incentive plans of the Group. KONE has two classes of shares that are both included in the calculation of earnings per share. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "
3.1 Inventories
Inventories,
MEUR Dec 31, 2025 Dec 31, 2024
Raw materials, supplies and finished goods
371.9
364.2
Work in progress
454.8
476.7
Advance payments
16.4
15.9
Total
843.1
856.7
Accounting principles
Inventories
Inventories are valued at the lower of cost or net
realizable value. Raw materials and supplies are valued
based on weighted average cost method or at standard
cost. Semi-manufactures are valued at production
costs.
Work in progress includes direct labor and material
costs as of the consolidated statement of financial
position date with a proportion of indirect costs related
to manufacturing and installation allocated to the firm
customer order when control has not yet transferred to
the customer. Firm customer orders are mainly fixed
price contracts with customers for the sale of new
equipment or for the modernization of old equipment.
An allowance is recorded for obsolete items based
on management\u2019s estimate of expected net realizable
value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "Accounting principles Inventories Inventories are valued at the lower of cost or net realizable value. Raw materials and supplies are valued based on weighted average cost method or at standard cost. Semi-manufactures are valued at production costs. Work in progress includes direct labor and material costs as of the consolidated statement of financial position date with a proportion of indirect costs related to manufacturing and installation allocated to the firm customer order when control has not yet transferred to the customer. Firm customer orders are mainly fixed price contracts with customers for the sale of new equipment or for the modernization of old equipment. An allowance is recorded for obsolete items based on management\u2019s estimate of expected net realizable value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "
3.2 Accounts receivable and contract
assets and liabilities
Changes in contract assets and liabilities
The order book representing the unsatisfied performance
obligations with respect to new equipment and
modernization contracts stood at EUR 8,804.3 (9,058.6)
million as at Dec 31, 2025. The majority of the order book
is expected to be recognized as revenue within the next
12 months from the end of the reporting period. However,
lead-times especially in the long-term major projects are
somewhat longer depending on the size and complexity
of the projects.
The changes in unbilled contract revenue, advances
received and deferred revenue follow the developments
in business but are also impacted by the normal
fluctuation in project progress when applying percentage
of completion method for recognition of revenue.
Deferred income on maintenance contracts represents
the unsatisfied part of transaction price invoiced for
maintenance contracts. Typically, this will be recognized
as revenue within the next 12 months from the end of the
reporting period.
No material amounts of revenue were recognized
during the reporting period due to changes in transaction
prices or changes in estimates for performance
obligations partially or fully satisfied in previous years.
There were no significant impairment charges recognized
during the reporting period for the contract assets.
Deferred and accrued income on maintenance contractsWhen revenue recognized exceeds the amounts billed to the customer, an accrued income on maintenance contracts is recognized. It is stated at net realizable value and classified as contract assets and presented under deferred assets in the consolidated statement of financial position. When the amounts billed to the customer exceed the recognized revenue, deferred income on maintenance contracts is recognized. These balances are classified as contract liabilities and are presented under accruals in the consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "3.2 Accounts receivable and contract assets and liabilities Changes in contract assets and liabilities The order book representing the unsatisfied performance obligations with respect to new equipment and modernization contracts stood at EUR 8,804.3 (9,058.6) million as at Dec 31, 2025. The majority of the order book is expected to be recognized as revenue within the next 12 months from the end of the reporting period. However, lead-times especially in the long-term major projects are somewhat longer depending on the size and complexity of the projects. The changes in unbilled contract revenue, advances received and deferred revenue follow the developments in business but are also impacted by the normal fluctuation in project progress when applying percentage of completion method for recognition of revenue. Deferred income on maintenance contracts represents the unsatisfied part of transaction price invoiced for maintenance contracts. Typically, this will be recognized as revenue within the next 12 months from the end of the reporting period. No material amounts of revenue were recognized during the reporting period due to changes in transaction prices or changes in estimates for performance obligations partially or fully satisfied in previous years. There were no significant impairment charges recognized during the reporting period for the contract assets. Customer credit risk management Customer credit risks relate to advance payments receivable from customers or to unbilled revenue and accounts receivable related to equipment deliveries or to services rendered. This risk is managed by defining the rules for tendering, payment terms, authorizations and credit control as well as project management controls. Advance payments, documentary credits and guarantees are used in payment terms to minimize customer credit risks. KONE proactively manages its accounts receivable in order to minimize the risk of customer defaults. Accounts receivable Accounts receivable is recognized when the right to consideration becomes unconditional and are measured at amortized cost. For KONE\u2019s new equipment and modernization contracts, a receivable is typically recognized upon invoicing when the goods are delivered and for KONE maintenance contracts upon invoicing according to customer contract terms and conditions. KONE applies the expected credit loss model to assess impairment loss for the doubtful accounts receivable since the accounts receivable does not contain a significant financing component. To measure the lifetime expected credit losses trade receivables have been grouped based on shared credit risk characteristics and aging category and measured based on historical loss rates adjusted by forward looking estimates and individual assessment. A final impairment loss is recognized when receivership or bankruptcy is confirmed or when it is otherwise obvious that the customer will be unable to meet its payment obligations. Changes in impairment loss for doubtful accounts receivable and final impairment losses are recognized under cost and expenses in the consolidated statement of income. KONE\u2019s customer base consists of a large number of customers in several market areas and the geographic split of receivables and contract assets well mirrors the distribution of sales. During the reporting period KONE management has followed particularly closely the credit risks related to Chinese developers. The credit quality of advance payments receivable and accounts receivable is evaluated according to KONE\u2019s credit policy. According to this policy, the rules for credit quality evaluation are set separately for the new equipment business and the service business. The credit quality is evaluated both on the basis of the aging of the receivables as well as on the basis of individual case by case customer analysis in order to identify customers with a potentially higher credit risk due to individual customer specific reasons. The bad debt provision for the accounts receivable is recognized on the basis of this credit quality evaluation using the expected credit loss model. As at December 31, 2025, the gross amount of accounts receivable totaled to EUR 2,795.0 (2,953.6) million. The amount of bad debt provision recorded to cover doubtful accounts was EUR 444.3 (458.8) million at the end of the financial period. The majority of the bad debt provision continues to stem from the oldest aging category of receivables. The bad debt provision related to receivables in China increased due to the ongoing uncertainties in the Chinese markets, however offset by the currency translation. Aging of accounts receivable, MEUR Dec 31, 2025 Dec 31, 2024 Not past due and less than one month due receivables 1,648.8 1,772.1 Past due 1\u20133 months 328.1 313.6 Past due 3\u20136 months 187.9 194.3 Past due > 6 months 185.9 214.8 Total 2,350.7 2,494.
Assets and liabilities related to contracts with customer,
MEUR
Note Dec 31, 2025 Dec 31, 2024
Accounts receivable
2,350.7
2,494.8
Accrued income on maintenance contracts
3.3
51.3 45.5
Unbilled contract revenue
3.3
360.2 346.3
Other contract assets
3.3
7.0 3.5
Assets related to contracts with customers
2,769.1
2,890.1
Deferred income on maintenance contracts
3.4
372.5 418.1
Advances received and deferred revenue
1,965.2
2,016.9
Liabilities related to contracts with customers
2,337.8
2,435.0
5.3 Financial risks and instruments KONE\u2019s business activities are exposed to financial risks such as foreign exchange risks, interest rate risks, liquidity risks and credit risks. These financial risks are managed as part of the total KONE risk portfolio. KONE Treasury is responsible for the centralized management of financial risks in accordance with the KONE Treasury Policy approved by the Executive Board. KONE business units manage their financial risks locally in accordance with the KONE Treasury Policy. Financial credit risk KONE has substantial amounts of cash and financial investments. In order to diversify the financial credit risk and manage liquidity risk, funds are invested into highly liquid interest rate funds and deposits with several banks. All open exposures such as cash on bank accounts, investments, deposits and other financial assets, for example derivatives contracts, are included when measuring the financial credit risk exposure. When selecting counterparty banks and other investment targets, only counterparties with high creditworthiness are approved. The size of each limit reflects the creditworthiness of the counterparty. Counterparty creditworthiness is evaluated constantly and the required actions are considered case by case if significant changes in the creditworthiness of a counterparty occur. The fair values of interest rate funds are measured based on market information (fair value hierarchy level 2). Refinancing and liquidity risks KONE\u2019s cash and cash equivalents was EUR 440.5 (576.0) million and financial investments EUR 1,258.4 (1,221.9) million on December 31, 2025. Cash and financial investments are managed centrally by KONE Treasury. Due to local regulations, part of the funds resides in local investments and on decentralized bank accounts in a number of KONE countries. A substantial part of Accounting principles Derivative financial instruments and hedge accounting Derivative financial instruments are initially and subsequently recognized at fair value in the statement of financial position. The fair values of foreign exchange forward contracts are calculated by discounting the future cash flows of the contracts with the relevant market interest rate yield curves on the valuation date and by calculating the difference between the discounted values as at the forward contract date and balance sheet date in euros. Currency options are valued as of each reporting date by using the Garman & Kohlhagen option valuation model. At the contract date the derivatives are classified according to the foreign exchange policy as hedging instruments of a business transaction arising from a firm or highly probable purchase or sales contract. These are partly included in cash flow hedge accounting, hedges against fair value changes of assets or liabilities or hedges of net investments in foreign entities. In cash flow hedge accounting KONE may use foreign currency forward contracts and options to hedge its exposure in foreign currency dominated cash flows which ensures economic relationship between the hedged item and the hedging instrument and full effectiveness as the value of the hedging instrument and the value of the hedged item move in the opposite direction because of the common underlying denominator. The full fair value of derivatives, including transaction related forward points, is designated in the hedging relationship. The effective portion of changes in the fair values of the foreign exchange, where hedge accounting is applied, is recognized through the statement of comprehensive income to the hedge reserve within equity. The cumulative changes of fair values are transferred into the statement of income as adjustment items to costs and expenses simultaneously when the hedged sale or purchase realizes. When cash flow hedge accounting is applied, at the inception of the hedging transaction the economic relationship between hedging instruments and hedged items is documented including whether the hedging instrument is expected to offset changes in cash flows of hedged items. Also, the risk management objective and strategy for undertaking various hedge transactions is documented at the inception of each hedge relationship. Hedge effectiveness is assessed before hedge accounting is applied and at least on a quarterly basis thereafter. The gain or loss relating to the ineffective portion is recognized immediately as an adjustment to cost and expenses. In hedges of foreign currency transaction, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. If a foreign exchange derivative included in the cash flow hedge accounting expires or is sold or when a hedge no longer meets the criteria for hedge accounting, the cumulative change in the fair value of the hedging instrument will remain in the hedge reserve and is recognized in the income statement at the same time with the hedged sale or purchase. The cumulative fair values of the hedging instruments are transferred from the hedge reserve to adjust cost and expenses immediately if the hedged cash flow is no longer expected to occur. The changes in the fair values of derivatives that are designated as hedging instruments but are not accounted for according to the principles of cash flow hedge accounting are recognized based on their nature either in the operative income or costs, or as financial income or expenses: if the hedged risk arises from an operative transaction, the fair values of the hedging instruments are recognized in costs and expenses, and if the hedged item is a monetary item, the fair values are recognized in financing items. Changes in the fair values of foreign exchange derivatives are recognized in financing income and expenses if the hedged item is a loan receivable, deposit or a financial asset or liability denominated in a foreign currency. The effective portion of the change in the fair values of currency forward contracts hedging translation differences arising from net investments in foreign subsidiaries, are recognized through the statement of comprehensive income to the translation differences within equity and would be transferred to the income statement in case the net investment were disposed of partially or in its entirety. The hedged risk is designated as movements in the spot rate (excluding changes due to interest rates i.e. forward points). Changes in fair value of the hedging instrument due to the forward points (cost of hedging) are immediately recognized in the consolidated statement of income. Fair values of derivative instruments are recognized under current assets and liabilities in the balance sheet. the funds is nevertheless accessible to KONE Treasury. Changes in the local regulations can also in the future have an impact on the location of the cash and financial investments. KONE has a fixed rate loan of EUR 200.0 (200.0) million and a floating rate loan of EUR 200.0 (200.0) million from the European Investment Bank (EIB) for R&D purposes. The fixed rate loan will mature in 2026 and floating rate loan will mature in 2031. The fair value of the loan is estimated based on discounted cash flow method using a current borrowing rate (level 2 fair value hierarchy) as the discount rate. KONE has also an uncommitted commercial paper program of EUR 500.0 (500.0) million and a sustainability-linked revolving credit facility of EUR 850.0 (850.0) million to ensure sufficient liquidity. The sustainability targets included in the facility relate to KONE\u2019s decarbonization and gender diversity commitments. Interest rate risks KONE\u2019s cash and short-term investments were EUR 1,698.9 (1,797.9) million at the statement of financial position date. At the same time, KONE\u2019s interest-bearing debt was EUR 1,028.3 (987.1) million and consisted of EUR 857.9 (834.2) million of financial debt including lease liabilities, EUR 11.8 (9.2) million of option liabilities from acquisitions, and EUR 158.7 (141.4) million of employee benefit liabilities. Additionally, KONE had an asset on employee benefits of EUR 13.9 (15.0) million. As KONE\u2019s financial investments are mainly invested in tenors of less than one year, changes in the interest rates do not have any significant impact on their market values. Changes in the interest rates may however impact future interest income. A one percentage point change in the interest rate level would mean a change of EUR -13.5 (-18.5) million in net interest income. The interest rate sensitivity is calculated before taxes. When calculating the interest rate sensitivity analysis, the interest-bearing net financial debt, excluding foreign exchange forward contracts, is assumed to remain on the level of the closing balance of 2025 during the following financial period. The sensitivity analysis presents the impact of a one percentage point change in the interest rate level on the net interest income for the financial period by taking into account the net financial debt tied to interest periods of less than one year, EUR -1,353.8 (- 1,853.8) million. A change in interest rates does not have a material impact on the net interest on employee benefits, on financial debt or option liabilities from acquisition. Derivatives Treasury policy for hedging purposes is applied to all derivative contracts. The majority of the foreign exchange derivatives and swaps mature within a year. The fair values of foreign exchange derivatives and swaps are measured based on price information derived from active markets and commonly used valuation methods (fair value hierarchy level 2). Financial contracts are executed only with counterparties that have high Accounting principles Loans Loans payable are in the consolidated statement of financial position presented as part of loans and other interest-bearing receivables. They are measured initially at fair value net of directly attributable transaction costs and are subsequently carried at amortized cost using the effective interest rate method. Lease liabilities Lease liabilities are measured to the present value of future lease payments discounted with the incremental borrowing rate. Financial assets Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment. KONE assesses on a forward-looking basis the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. All of these financial assets are considered to have low credit risk, and thus the impairment provision assessment is based on 12 months expected losses. Current deposits and loans receivable Current deposits and loans receivable are initially recognized at fair value and thereafter at amortized cost using the effective interest rate method except for interest rate funds which are classified and measured as investments at fair value through profit or loss. Only substantial transaction costs are considered for when measuring the acquisition cost. Investments in commercial papers, short-term bank deposits, interest rate funds and other money market instruments are included in deposits and loans receivable. Cash and cash equivalents Cash and cash equivalents include cash-in-hand and bank account balances. Bank overdrafts are included in other current liabilities. credit ratings. The credit risk of the counterparties and KONE is considered when assessing the fair values of outstanding financial assets and liabilities. The fair values of the derivatives are represented in the balance on a gross basis and can be set off on conditional terms such as breach of contract or bankruptcy. Derivative financial receivables from counterparties after set off would be EUR 5.3 (9.2) million and payables EUR 5.8 (9.4) million. Loans and other interest-bearing liabilities Loans and other interest-bearing liabilities in the consolidated statement of financial position consist of loans, lease liabilities, option liabilities from acquisitions and other liabilities. KONE\u2019s non-current lease liabilities were EUR 314.4 (299.8) million and current lease liabilities were EUR 141.1 (EUR 132.8) million at the statement of financial position date.
Maturity analysis of financial liabilities
Dec 31, 2025
Dec 31, 2024
and interest payment,
MEUR < 1 year 1-5 years > 5 years Total < 1 year 1-5 years > 5 years Total
Interest-bearing debt
Loans
-200.3
-0.2 -200.0 -400.4 - -200.7 -200.0 -400.7
Lease liabilities
-141.1
-269.3 -45.2 -455.5 -132.8 -265.1 -34.7 -432.6
Current loans and other liabilities
0.0
- - 0.0 -2.2 - - -2.2
Used bank overdraft limits
-1.9
- - -1.9 -0.9 - - -0.9
Option liabilities from acquisitions
-
-10.0 -1.8 -11.8 - -9.2 - -9.2
Non-interest-bearing debt
Accounts payable
-967.6
- - -967.6 -982.9 - - -982.9
Derivatives
Capital inflow
2,567.3
160.5 - 2,727.8 3,241.7 153.5 - 3,395.2
Capital outflow
-2,569.9
-163.1 - -2,733.0 -3,245.2 -152.7 - -3,397.9
Interest payments
-23.8
-48.0 -11.0 -82.7 -24.3 -50.3 -16.7 -91.3
Net outflow
-1,337.1
-330.0 -257.9 -1,925.1 -1,146.5 -524.6 -392.9 -2,064.0
Dec 31, 2025 Dec 31, 2024
Fair values of derivative financial instruments,
Derivative
MEUR
Derivative assets
liabilities Fair value, net Fair value, net
Foreign exchange derivatives
In cash flow hedge accounting
12.9
-16.7 -3.8 -13.5
In net investment hedge accounting
1.0
- 1.0 -13.3
Other foreign exchange hedges
4.5
-2.1 2.3 26.7
Total
18.3
-18.8 -0.5 -0.1
Nominal values of derivative financial instruments,
MEUR Dec 31, 2025 Dec 31, 2024
Foreign exchange derivatives
In cash flow hedge accounting
1,334.7
1,313.5
In net investment hedge accounting
122.6
315.9
Other foreign exchange hedges
1,270.5
1,765.8
Total
2,727.8
3,395.2
Dec 31, 2025
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets\u00b9 5.4 - - 86.7 86.7
Non-current loans receivable
I
5.4 - 5.4 - 5.4
Current assets
Accounts receivable
-
2,350.7 - 2,350.7
Derivative assets
4.5
- 13.9 18.3
Current deposits and loans receivable
I
5.4 935.9 332.5 - 1,268.4
Cash and cash equivalents
I
- 440.5 - 440.5
Total financial assets
940.4
3,129.1 100.5 4,170.0
Non-current liabilities \u00b2
Loans
I
- 200.2 - 200.2
Current liabilities
Loans
I
- 200.3 - 200.3
Other interest-bearing liabilities \u00b3
I
- 1.9 - 1.9
Option liabilities from acquisitions
I
11.8 - - 11.8
Accounts payable
-
967.6 - 967.6
Derivative liabilities
2.1
- 16.7 18.8
Total financial liabilities
13.9
1,369.9 16.7 1,400.5
\u00b9 Excluding shares in associated companies. \u00b2 Excluding non-current lease liabilities of EUR 314.4 million. 3 Excluding current lease liabilities of EUR 141.1 million. The fair values of the financial assets and liabilities are not materially different from their book values. Interest-bearing net debt comprises items marked with \u201c I \u201d
Dec 31, 2024
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets 5.4 - - 98.9 98.9
Non-current loans receivable
I
5.4 - 4.4 - 4.4
Current assets
Accounts receivable
-
2,494.8 - 2,494.8
Derivative assets
31.2
- 13.3 44.4
Current deposits and loans receivable
I
5.4 909.1 313.9 - 1,223.0
Cash and cash equivalents
I
- 576.0 - 576.0
Total financial assets
940.3
3,389.1 112.2 4,441.5
Non-current liabilities \u00b9
Loans
I
- 400.7 - 400.7
Current liabilities
Other interest-bearing liabilities \u00b2
I
- 3.1 - 3.1
Option liabilities from acquisitions
I
9.2 - - 9.2
Accounts payable
-
982.9 - 982.9
Derivative liabilities
4.5
- 40.0 44.5
Total financial liabilities
13.7
1,386.7 40.0 1,440.5
\u00b9 Excluding non-current lease liabilities of EUR 299.8 million. \u00b2 Excluding current lease liabilities of EUR 132.8 million. The fair values of the financial assets and liabilities are not materially different from their book values. Interest-bearing net debt comprises items marked with \u201c I \u201d. 5.4 Shares, deposits and other assets Shares include a 19.9% holding in Toshiba Elevator and Building Systems Corporation (TELC) which is an investment in equity instruments that does not have a quoted price in an active market. The fair value of TELC shares is determined using a discounted cash flow model with the key inputs to the model including forecasted future dividends and other cash inflows to KONE, and the discount rate. While the fair value of the investment is sensitive to changes in these two assumptions, there is no reasonably possible change to these assumptions that would result in material impact on the total assets or equity of KONE. Shares also include the Group\u2019s holdings in associated companies, which are companies where KONE exercises significant influence, but not control. The associated companies are accounted using the equity method. The total share of the associated companies\u2019 result included in the income statement amounted to EUR -1.2 (-) million and the total carrying amount of the associated companies\u2019 shares in the balance sheet amounted to EUR 5.8 (-) million. Other non-current financial assets include investments in smaller holdings in other companies without public quotation. The fair values of deposits and loans receivable are not materially different from their carrying amounts. Current deposits mature within one year and consist of EUR 935.9 (909.1) million and EUR 322.5 (312.8) million of interest rate funds and short-term bank deposits, respectively .
Shares, deposits and other assets,
MEUR Dec 31, 2025 Dec 31, 2024
Shares and other non-current assets
Shares
89.8
96.2
Other financial assets
2.7
2.7
Non-current loans receivable
I
5.4 4.4
Investment properties
II
- 0.4
Other non-current receivables
II
60.9 46.6
Total
158.9
150.3
Deposits and other current assets
Current deposits
I
1,258.4 1,221.9
Current loans receivable
I
10.0 1.1
Total
1,268.4
1,223.0
Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "Changes in contract assets and liabilities The order book representing the unsatisfied performance obligations with respect to new equipment and modernization contracts stood at EUR 8,804.3 (9,058.6) million as at Dec 31, 2025. The majority of the order book is expected to be recognized as revenue within the next 12 months from the end of the reporting period. However, lead-times especially in the long-term major projects are somewhat longer depending on the size and complexity of the projects. The changes in unbilled contract revenue, advances received and deferred revenue follow the developments in business but are also impacted by the normal fluctuation in project progress when applying percentage of completion method for recognition of revenue. Deferred income on maintenance contracts represents the unsatisfied part of transaction price invoiced for maintenance contracts. Typically, this will be recognized as revenue within the next 12 months from the end of the reporting period. No material amounts of revenue were recognized during the reporting period due to changes in transaction prices or changes in estimates for performance obligations partially or fully satisfied in previous years. There were no significant impairment charges recognized during the reporting period for the contract assets. Customer credit risk management Customer credit risks relate to advance payments receivable from customers or to unbilled revenue and accounts receivable related to equipment deliveries or to services rendered. This risk is managed by defining the rules for tendering, payment terms, authorizations and credit control as well as project management controls. Advance payments, documentary credits and guarantees are used in payment terms to minimize customer credit risks. KONE proactively manages its accounts receivable in order to minimize the risk of customer defaults. Accounts receivable Accounts receivable is recognized when the right to consideration becomes unconditional and are measured at amortized cost. For KONE\u2019s new equipment and modernization contracts, a receivable is typically recognized upon invoicing when the goods are delivered and for KONE maintenance contracts upon invoicing according to customer contract terms and conditions. KONE applies the expected credit loss model to assess impairment loss for the doubtful accounts receivable since the accounts receivable does not contain a significant financing component. To measure the lifetime expected credit losses trade receivables have been grouped based on shared credit risk characteristics and aging category and measured based on historical loss rates adjusted by forward looking estimates and individual assessment. A final impairment loss is recognized when receivership or bankruptcy is confirmed or when it is otherwise obvious that the customer will be unable to meet its payment obligations. Changes in impairment loss for doubtful accounts receivable and final impairment losses are recognized under cost and expenses in the consolidated statement of income. Unbilled contract revenueUnbilled contract revenue relates to consideration for performance obligations satisfied over time in KONE\u2019s new equipment and modernization contracts. It is recognized when the revenue recognized exceeds the amounts billed to the customer and receipt of transaction price is considered to be conditional upon factors other than the passage of time. Unbilled contract revenue is valued at net realizable value and is classified as contract asset and presented under deferred assets in the consolidated statement of financial position. An impairment loss for contract assets is estimated based on lifetime expected credit loss model and individual analysis. Deferred and accrued income on maintenance contractsWhen revenue recognized exceeds the amounts billed to the customer, an accrued income on maintenance contracts is recognized. It is stated at net realizable value and classified as contract assets and presented under deferred assets in the consolidated statement of financial position. When the amounts billed to the customer exceed the recognized revenue, deferred income on maintenance contracts is recognized. These balances are classified as contract liabilities and are presented under accruals in the consolidated statement of financial position.
Other contract assets
Other contract assets consist of capitalized costs
required to fulfil future performance obligations under
long
-term maintenance contracts. Such assets include
for example the capitalized cost of remote monitoring
devices of equipment in KONE's service bas
e. The
assets are valued at amortized cost and depreciated
over a period of three years or over the underlying
contract period, if shorter.
KONE\u2019s customer base consists of a large number of customers in several market areas and the geographic split of receivables and contract assets well mirrors the distribution of sales. During the reporting period KONE management has followed particularly closely the credit risks related to Chinese developers. The credit quality of advance payments receivable and accounts receivable is evaluated according to KONE\u2019s credit policy. According to this policy, the rules for credit quality evaluation are set separately for the new equipment business and the service business. The credit quality is evaluated both on the basis of the aging of the receivables as well as on the basis of individual case by case customer analysis in order to identify customers with a potentially higher credit risk due to individual customer specific reasons. The bad debt provision for the accounts receivable is recognized on the basis of this credit quality evaluation using the expected credit loss model. As at December 31, 2025, the gross amount of accounts receivable totaled to EUR 2,795.0 (2,953.6) million. The amount of bad debt provision recorded to cover doubtful accounts was EUR 444.3 (458.8) million at the end of the financial period. The majority of the bad debt provision continues to stem from the oldest aging category of receivables. The bad debt provision related to receivables in China increased due to the ongoing uncertainties in the Chinese markets, however offset by the currency translation.
Aging of accounts receivable,
MEUR Dec 31, 2025 Dec 31, 2024
Not past due and less than one month due receivables
1,648.8
1,772.1
Past due 1\u20133 months
328.1
313.6
Past due 3\u20136 months
187.9
194.3
Past due > 6 months
185.9
214.8
Total
2,350.7
2,494. 8
Assets and liabilities related to contracts with customer,
MEUR
Note Dec 31, 2025 Dec 31, 2024
Accounts receivable
2,350.7
2,494.8
Accrued income on maintenance contracts
3.3
51.3 45.5
Unbilled contract revenue
3.3
360.2 346.3
Other contract assets
3.3
7.0 3.5
Assets related to contracts with customers
2,769.1
2,890.1
Deferred income on maintenance contracts
3.4
372.5 418.1
Advances received and deferred revenue
1,965.2
2,016.9
Liabilities related to contracts with customers
2,337.8
2,435.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "Customer credit risk management Customer credit risks relate to advance payments receivable from customers or to unbilled revenue and accounts receivable related to equipment deliveries or to services rendered. This risk is managed by defining the rules for tendering, payment terms, authorizations and credit control as well as project management controls. Advance payments, documentary credits and guarantees are used in payment terms to minimize customer credit risks. KONE proactively manages its accounts receivable in order to minimize the risk of customer defaults. KONE\u2019s customer base consists of a large number of customers in several market areas and the geographic split of receivables and contract assets well mirrors the distribution of sales. During the reporting period KONE management has followed particularly closely the credit risks related to Chinese developers. The credit quality of advance payments receivable and accounts receivable is evaluated according to KONE\u2019s credit policy. According to this policy, the rules for credit quality evaluation are set separately for the new equipment business and the service business. The credit quality is evaluated both on the basis of the aging of the receivables as well as on the basis of individual case by case customer analysis in order to identify customers with a potentially higher credit risk due to individual customer specific reasons. The bad debt provision for the accounts receivable is recognized on the basis of this credit quality evaluation using the expected credit loss model. As at December 31, 2025, the gross amount of accounts receivable totaled to EUR 2,795.0 (2,953.6) million. The amount of bad debt provision recorded to cover doubtful accounts was EUR 444.3 (458.8) million at the end of the financial period. The majority of the bad debt provision continues to stem from the oldest aging category of receivables. The bad debt provision related to receivables in China increased due to the ongoing uncertainties in the Chinese markets, however offset by the currency translation.
Aging of accounts receivable,
MEUR Dec 31, 2025 Dec 31, 2024
Not past due and less than one month due receivables
1,648.8
1,772.1
Past due 1\u20133 months
328.1
313.6
Past due 3\u20136 months
187.9
194.3
Past due > 6 months
185.9
214.8
Total
2,350.7
2,494. 8
Maturity analysis of financial liabilities
Dec 31, 2025
Dec 31, 2024
and interest payment,
MEUR < 1 year 1-5 years > 5 years Total < 1 year 1-5 years > 5 years Total
Interest-bearing debt
Loans
-200.3
-0.2 -200.0 -400.4 - -200.7 -200.0 -400.7
Lease liabilities
-141.1
-269.3 -45.2 -455.5 -132.8 -265.1 -34.7 -432.6
Current loans and other liabilities
0.0
- - 0.0 -2.2 - - -2.2
Used bank overdraft limits
-1.9
- - -1.9 -0.9 - - -0.9
Option liabilities from acquisitions
-
-10.0 -1.8 -11.8 - -9.2 - -9.2
Non-interest-bearing debt
Accounts payable
-967.6
- - -967.6 -982.9 - - -982.9
Derivatives
Capital inflow
2,567.3
160.5 - 2,727.8 3,241.7 153.5 - 3,395.2
Capital outflow
-2,569.9
-163.1 - -2,733.0 -3,245.2 -152.7 - -3,397.9
Interest payments
-23.8
-48.0 -11.0 -82.7 -24.3 -50.3 -16.7 -91.3
Net outflow
-1,337.1
-330.0 -257.9 -1,925.1 -1,146.5 -524.6 -392.9 -2,064.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "
Accounts receivable
Accounts receivable is recognized when the right to
consideration becomes unconditional and are measured at
amortized cost. For KONE\u2019s new equipment and
modernization contracts, a receivable is typically
recognized upon invoicing when the goods are delivered
and for KONE maintenance contracts upon invoicing
according to customer contract terms and conditions.
KONE applies the expected credit loss model to assess
impairment loss for the doubtful accounts receivable since
the accounts receivable does not contain a significant
financing component. To measure the lifetime expected
credit losses trade receivables have been grouped based
on shared credit risk characteristics and aging category
and measured based on historical loss rates adjusted by
forward looking estimates and individual assessment. A
final impairment loss is recognized when receivership or
bankruptcy is confirmed or when it is otherwise obvious
that the customer will be unable to meet its payment
obligations. Changes in impairment loss for doubtful
accounts receivable and final impairment losses are
recognized under cost and expenses in the consolidated
statement of income.
Derivative financial instruments and hedge accounting Derivative financial instruments are initially and subsequently recognized at fair value in the statement of financial position. The fair values of foreign exchange forward contracts are calculated by discounting the future cash flows of the contracts with the relevant market interest rate yield curves on the valuation date and by calculating the difference between the discounted values as at the forward contract date and balance sheet date in euros. Currency options are valued as of each reporting date by using the Garman & Kohlhagen option valuation model. At the contract date the derivatives are classified according to the foreign exchange policy as hedging instruments of a business transaction arising from a firm or highly probable purchase or sales contract. These are partly included in cash flow hedge accounting, hedges against fair value changes of assets or liabilities or hedges of net investments in foreign entities. In cash flow hedge accounting KONE may use foreign currency forward contracts and options to hedge its exposure in foreign currency dominated cash flows which ensures economic relationship between the hedged item and the hedging instrument and full effectiveness as the value of the hedging instrument and the value of the hedged item move in the opposite direction because of the common underlying denominator. The full fair value of derivatives, including transaction related forward points, is designated in the hedging relationship. The effective portion of changes in the fair values of the foreign exchange, where hedge accounting is applied, is recognized through the statement of comprehensive income to the hedge reserve within equity. The cumulative changes of fair values are transferred into the statement of income as adjustment items to costs and expenses simultaneously when the hedged sale or purchase realizes. When cash flow hedge accounting is applied, at the inception of the hedging transaction the economic relationship between hedging instruments and hedged items is documented including whether the hedging instrument is expected to offset changes in cash flows of hedged items. Also, the risk management objective and strategy for undertaking various hedge transactions is documented at the inception of each hedge relationship. Hedge effectiveness is assessed before hedge accounting is applied and at least on a quarterly basis thereafter. The gain or loss relating to the ineffective portion is recognized immediately as an adjustment to cost and expenses. In hedges of foreign currency transaction, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. If a foreign exchange derivative included in the cash flow hedge accounting expires or is sold or when a hedge no longer meets the criteria for hedge accounting, the cumulative change in the fair value of the hedging instrument will remain in the hedge reserve and is recognized in the income statement at the same time with the hedged sale or purchase. The cumulative fair values of the hedging instruments are transferred from the hedge reserve to adjust cost and expenses immediately if the hedged cash flow is no longer expected to occur. The changes in the fair values of derivatives that are designated as hedging instruments but are not accounted for according to the principles of cash flow hedge accounting are recognized based on their nature either in the operative income or costs, or as financial income or expenses: if the hedged risk arises from an operative transaction, the fair values of the hedging instruments are recognized in costs and expenses, and if the hedged item is a monetary item, the fair values are recognized in financing items. Changes in the fair values of foreign exchange derivatives are recognized in financing income and expenses if the hedged item is a loan receivable, deposit or a financial asset or liability denominated in a foreign currency. The effective portion of the change in the fair values of currency forward contracts hedging translation differences arising from net investments in foreign subsidiaries, are recognized through the statement of comprehensive income to the translation differences within equity and would be transferred to the income statement in case the net investment were disposed of partially or in its entirety. The hedged risk is designated as movements in the spot rate (excluding changes due to interest rates i.e. forward points). Changes in fair value of the hedging instrument due to the forward points (cost of hedging) are immediately recognized in the consolidated statement of income. Fair values of derivative instruments are recognized under current assets and liabilities in the balance sheet. Loans Loans payable are in the consolidated statement of financial position presented as part of loans and other interest-bearing receivables. They are measured initially at fair value net of directly attributable transaction costs and are subsequently carried at amortized cost using the effective interest rate method. Lease liabilities Lease liabilities are measured to the present value of future lease payments discounted with the incremental borrowing rate. Financial assets Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment. KONE assesses on a forward-looking basis the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. All of these financial assets are considered to have low credit risk, and thus the impairment provision assessment is based on 12 months expected losses. Current deposits and loans receivable Current deposits and loans receivable are initially recognized at fair value and thereafter at amortized cost using the effective interest rate method except for interest rate funds which are classified and measured as investments at fair value through profit or loss. Only substantial transaction costs are considered for when measuring the acquisition cost. Investments in commercial papers, short-term bank deposits, interest rate funds and other money market instruments are included in deposits and loans receivable. Cash and cash equivalents Cash and cash equivalents include cash-in-hand and bank account balances. Bank overdrafts are included in other current liabilities. Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "Accounts receivable Accounts receivable is recognized when the right to consideration becomes unconditional and are measured at amortized cost. For KONE\u2019s new equipment and modernization contracts, a receivable is typically recognized upon invoicing when the goods are delivered and for KONE maintenance contracts upon invoicing according to customer contract terms and conditions. KONE applies the expected credit loss model to assess impairment loss for the doubtful accounts receivable since the accounts receivable does not contain a significant financing component. To measure the lifetime expected credit losses trade receivables have been grouped based on shared credit risk characteristics and aging category and measured based on historical loss rates adjusted by forward looking estimates and individual assessment. A final impairment loss is recognized when receivership or bankruptcy is confirmed or when it is otherwise obvious that the customer will be unable to meet its payment obligations. Changes in impairment loss for doubtful accounts receivable and final impairment losses are recognized under cost and expenses in the consolidated statement of income. Unbilled contract revenueUnbilled contract revenue relates to consideration for performance obligations satisfied over time in KONE\u2019s new equipment and modernization contracts. It is recognized when the revenue recognized exceeds the amounts billed to the customer and receipt of transaction price is considered to be conditional upon factors other than the passage of time. Unbilled contract revenue is valued at net realizable value and is classified as contract asset and presented under deferred assets in the consolidated statement of financial position. An impairment loss for contract assets is estimated based on lifetime expected credit loss model and individual analysis. Deferred and accrued income on maintenance contractsWhen revenue recognized exceeds the amounts billed to the customer, an accrued income on maintenance contracts is recognized. It is stated at net realizable value and classified as contract assets and presented under deferred assets in the consolidated statement of financial position. When the amounts billed to the customer exceed the recognized revenue, deferred income on maintenance contracts is recognized. These balances are classified as contract liabilities and are presented under accruals in the consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "Accounts receivable Accounts receivable is recognized when the right to consideration becomes unconditional and are measured at amortized cost. For KONE\u2019s new equipment and modernization contracts, a receivable is typically recognized upon invoicing when the goods are delivered and for KONE maintenance contracts upon invoicing according to customer contract terms and conditions. KONE applies the expected credit loss model to assess impairment loss for the doubtful accounts receivable since the accounts receivable does not contain a significant financing component. To measure the lifetime expected credit losses trade receivables have been grouped based on shared credit risk characteristics and aging category and measured based on historical loss rates adjusted by forward looking estimates and individual assessment. A final impairment loss is recognized when receivership or bankruptcy is confirmed or when it is otherwise obvious that the customer will be unable to meet its payment obligations. Changes in impairment loss for doubtful accounts receivable and final impairment losses are recognized under cost and expenses in the consolidated statement of income. Financial assets Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment. KONE assesses on a forward-looking basis the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Cash and cash equivalents Cash and cash equivalents include cash-in-hand and bank account balances. Bank overdrafts are included in other current liabilities. Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. Investment properties Investment properties are measured using the cost model with the carrying value equaling to initial cost less accumulated depreciation and impairment losses. KONE did not own any investment properties at the end of 2025. Other non-current receivables Other non-current receivables include credits obtained from residential sector customers in modernization projects. These credits are utilized by netting them against income tax and other related charges becoming payable through regular business activities in the following years and are accounted for under IAS 12. The receivables are subject to review for impairment in reporting periods subsequent to initial recognition. There were no impairment charges recognized during the reporting period. The receivables are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "KONE applies the expected credit loss model to assess impairment loss for the doubtful accounts receivable since the accounts receivable does not contain a significant financing component. To measure the lifetime expected credit losses trade receivables have been grouped based on shared credit risk characteristics and aging category and measured based on historical loss rates adjusted by forward looking estimates and individual assessment. A final impairment loss is recognized when receivership or bankruptcy is confirmed or when it is otherwise obvious that the customer will be unable to meet its payment obligations. Changes in impairment loss for doubtful accounts receivable and final impairment losses are recognized under cost and expenses in the consolidated statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "
The credit quality of advance payments receivable and
accounts receivable is evaluated according to KONE\u2019s
credit policy. According to this policy, the rules for credit
quality evaluation are set separately for the new
equipment business and the service business. The credit
quality is evaluated both on the basis of the aging of the
receivables as well as on the basis of individual case by
case customer analysis in order to identify customers with
a potentially higher credit risk due to individual customer
specific reasons. The bad debt provision for the accounts
receivable is recognized on the basis of this credit quality
evaluation using the expected credit loss model.
As at December 31, 2025, the gross amount of
accounts receivable totaled to EUR 2,795.0 (2,953.6)
million. The amount of bad debt provision recorded to
cover doubtful accounts was EUR 444.3 (458.8) million at
the end of the financial period. The majority of the bad
debt provision continues to stem from the oldest aging
category of receivables. The bad debt provision related to
receivables in China increased due to the ongoing
uncertainties in the Chinese markets, however offset by
the currency translation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "
3.3 Deferred assets
Deferred assets,
MEUR Note Dec 31, 2025 Dec 31, 2024
Deferred interests
1.7
1.9
Accrued income on maintenance contracts
3.2
51.3 45.5
Unbilled contract revenue
3.2
360.2 346.3
Derivative assets
5.3
18.3 44.4
Value added tax assets
76.0
78.3
Prepaid expenses and other receivables
161.3
173.7
Other contract assets
3.2
7.0 3.5
Total
675.8
693.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "
3.4 Accruals
Accruals,
MEUR Note Dec 31, 2025 Dec 31, 2024
Accrued interests
2.7
2.6
Deferred income on maintenance contracts
3.2
372.5 418.1
Late cost accruals \u00b9
182.2
212.0
Accrued salaries, wages and employment costs
637.3
625.8
Derivative liabilities
5.3
18.8 44.5
Value added tax liabilities
80.7
75.1
Accruals on acquisitions
21.1
26.7
Other accruals
531.2
581.8
Total
1,846.5
1,986.6
\u00b9
Includes accrual for invoices still pending to be received on completed New Building Solutions and Modernization contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
3.5 Provisions
Accounting principles
Provisions
Provisions are recognized when KONE has a
current legal or constructive obligation as a result
of past event, and it is probable that an outflow of
resources will be required to settle the obligation
and a reliable estimate of the amount of the
obligation can be made. Recognition and
measurement of a provision generally employs
managerial estimates on the probability and the
amount of the liability.
Provisions for warranties cover the estimated
liability to repair or replace products still under
warranty at the statement of financial position
date. This provision is calculated based on
historical experience of levels of repairs and
replacements.
Provision for claims is recognized when the
claim has been received and it is probable that it
will be settled, and the settlement amount can be
estimated reliably.
A provision for business restructuring is
recognized only when a detailed and formal plan
has been established, there is a valid expectation
that such a plan will be carried out and the plan
has been communicated.
Provisions for onerous (loss) contracts are
recognized when it is probable that the costs will
exceed the estimated total revenue or other
income arising from the contract. The probable
loss is recognized as an expense immediately.
Other provisions include for example provisions
for contractual and other obligations arising from
disputes, labor relations or other regulatory
matters.
Jan 1\u2013Dec 31, 2025
Provision for
Provision
Changes in provisions,
Provision
Provision
business
for loss
Other
MEUR for warranty for claims restructuring contracts provisions Total
Total provisions at beginning of period
63.6
5.5 31.4 44.5 40.9 185.9
Translation differences
-2.5
0.0 -1.1 -2.7 -3.1 -9.4
Increase
13.8
4.8 6.9 51.1 31.8 108.4
Provisions used
-8.9
-2.0 -24.3 -32.5 -4.9 -72.6
Reversal of provisions
-3.7
-1.4 -5.0 -10.0 -17.3 -37.4
Companies acquired
0.1
0.3 - 0.1 0.9 1.4
Total provisions at end of period
62.4
7.2 7.9 50.6 48.2 176.4
of which non-current
34.9
of which current
141.5
Jan 1\u2013Dec 31, 2024
Provision for
Provision
Changes in provisions,
Provision
Provision
business
for loss
Other
MEUR for warranty for claims restructuring contracts provisions Total
Total provisions at beginning of period
74.0
8.2 26.4 48.3 40.0 196.9
Translation differences
1.1
0.0 0.5 1.2 0.6 3.3
Increase
16.9
2.9 26.9 50.5 20.4 117.6
Provisions used
-14.3
-2.0 -16.4 -46.1 -8.9 -87.7
Reversal of provisions
-14.0
-3.7 -6.2 -9.3 -12.2 -45.5
Companies acquired
0.0
0.2 0.3 0.0 0.9 1.4
Total provisions at end of period
63.6
5.5 31.4 44.5 40.9 185.9
of which non-current
42.0
of which current
143.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "Accounting principles Provisions Provisions are recognized when KONE has a current legal or constructive obligation as a result of past event, and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Recognition and measurement of a provision generally employs managerial estimates on the probability and the amount of the liability. Provisions for warranties cover the estimated liability to repair or replace products still under warranty at the statement of financial position date. This provision is calculated based on historical experience of levels of repairs and replacements. Provision for claims is recognized when the claim has been received and it is probable that it will be settled, and the settlement amount can be estimated reliably. A provision for business restructuring is recognized only when a detailed and formal plan has been established, there is a valid expectation that such a plan will be carried out and the plan has been communicated. Provisions for onerous (loss) contracts are recognized when it is probable that the costs will exceed the estimated total revenue or other income arising from the contract. The probable loss is recognized as an expense immediately. Other provisions include for example provisions for contractual and other obligations arising from disputes, labor relations or other regulatory matters. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Accounting principles Deferred taxes Deferred taxes are provided for temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in financial reporting and measured with enacted tax rates. Typical temporary differences arise from revenue recognition, provisions, depreciation and amortization, inter-company inventory margins, defined benefit type post-retirement plans, lease contracts and tax losses carried forward. Deferred tax assets on unused tax losses and other temporary differences are recognized to the extent it is probable that taxable profit is available to take advantage of the asset in the future. A deferred tax liability is recognized on the undistributed profits of subsidiaries where such tax is applicable, and it is expected to realize in the foreseeable future. Deferred tax assets and liabilities are offset for presentation purposes when there is a legally enforceable right to offset income tax receivables against income tax payables and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "
3.6 Deferred tax assets and liabilities
Deferred tax assets by category,
MEUR Dec 31, 2025 Dec 31, 2024
Tax losses carried forward
0.4
2.5
Provisions and accruals
297.5
311.6
Post-retirement obligations
11.2
15.8
Inventory
35.8
32.5
Property, plant and equipment
23.5
14.0
Other temporary differences
107.3
103.3
Offset against deferred tax liabilities
-110.0
-114.0
Total
365.7
365.7
Changes in deferred tax assets during the period,
MEUR Dec 31, 2025 Dec 31, 2024
Total at beginning of period
365.7
320.2
Translation differences
-4.1
7.3
Change in statement of income
6.2
31.7
Charged or credited to equity
-2.2
2.1
Acquisitions, divestments and other
-
4.5
Total at end of period
365.7
365.7
Deferred tax liabilities by category,
MEUR Dec 31, 2025 Dec 31, 2024
Property, plant and equipment
30.7
12.5
Goodwill and intangible assets
90.1
87.1
Other temporary differences
91.6
101.7
Offset against deferred tax assets
-110.0
-114.0
Total
102.4
87.3
Changes in deferred tax liabilities during the period,
MEUR Dec 31, 2025 Dec 31, 2024
Total at beginning of period
87.3
86.3
Translation difference
19.0
4.8
Change in statement of income
-15.9
-15.4
Acquisitions, divestments and other
12.0
11.6
Total at end of period
102.4
87.3
Net deferred tax assets and liabilities
263.3
278.4
Accounting principles
Deferred taxes
Deferred taxes are provided for temporary
differences arising between the tax bases of
assets and liabilities and their carrying amounts in
financial reporting and measured with enacted tax
rates. Typical temporary differences arise from
revenue recognition, provisions, depreciation and
amortization, inter-company inventory margins,
defined benefit type post-retirement plans, lease
contracts and tax losses carried forward. Deferred
tax assets on unused tax losses and other
temporary differences are recognized to the
extent it is probable that taxable profit is available
to take advantage of the asset in the future.
A deferred tax liability is recognized on the
undistributed profits of subsidiaries where such
tax is applicable, and it is expected to realize in the
foreseeable future. Deferred tax assets and
liabilities are offset for presentation purposes
when there is a legally enforceable right to offset
income tax receivables against income tax
payables and when the deferred tax assets and
liabilities relate to income taxes levied by the same
taxation authority.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "
4.1 Acquisitions and divestments
Acquisitions
KONE completed 33 (29) acquisitions during 2025 for a
total consideration of EUR 117.7 (125.6) million. The
acquired businesses are specialized in the elevator and
escalator businesses and are predominantly located in
Europe. The acquisitions completed during the financial
period were not material individually or as a whole to
KONE\u2019s 2025 financial statements. The sales consolidated
from the companies acquired during 2025 did not have a
material impact on KONE\u2019s sales for the financial period.
Of the total consideration, based on provisional
assessments, EUR 72.0 million was allocated to customer-
related intangibles in other intangible assets. Acquired
customer-related intangibles are typically amortized over
ten years. Note 4.3 provides more detail on other
intangible assets.
The fair values of the acquired net assets, based on a
provisional assessment, as well as the acquisition costs,
are summarized in the following table. The considerations
were paid for in cash, except for certain deferred
considerations, expected to be paid later. For most of the
completed acquisitions, the acquisition cost includes a
contingent consideration, which is typically determined by
the financial performance of the acquired business after
the date of the acquisition. Changes in the fair value of
the contingent consideration after the acquisition date are
recognized in the profit or loss. However, contingent
considerations are typically realized in the amount initially
recognized. KONE acquired a 100% interest in all
businesses acquired in 2025, with the exception of two
acquisitions.
Accounting principles
Acquisitions
Businesses acquired during the period have been
combined in the consolidated financial statements from
the date when Group has obtained control of the
business and divested businesses up to the date when
control has ceased. The acquisition consideration,
including deferred and contingent consideration, as well
as the identifiable assets acquired, and liabilities
assumed, are measured at the acquisition date fair
values. The acquisition related costs are recognized as
expenses for the period in which they are incurred.
At the acquisition date, any non-controlling interest is
measured either at the acquisition date fair value or at non-
controlling interest\u2019s proportionate share in the recognized
amounts of the identifiable net assets.
Assets and liabilities of the acquired businesses,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Customer-related intangibles
72.0
67.8
Other intangible assets
0.1
0.1
Tangible assets
1.5
3.4
Deferred tax assets
0.0
1.0
Inventories
1.6
5.0
Accounts receivables and other assets
8.8
18.3
Cash and cash equivalents
8.1
4.4
Total assets
92.0
100.0
Employee benefit liabilities
0.3
0.7
Interest-bearing loans
0.1
0.5
Provisions
1.1
1.4
Deferred tax liabilities
12.0
11.6
Other liabilities
13.5
15.1
Total liabilities
27.0
29.3
Net assets
64.7
70.2
Non-controlling interest
0.2
0.5
Acquisition cost paid in cash
104.8
106.7
Contingent and deferred consideration
12.9
18.8
Acquisition cost at date of acquisitions
117.7
125.6
Goodwill
52.9
55.4
Changes in the acquisition cost occurring after the acquisition date and recognized in the statement of income totaled EUR 1.7 (-0.2) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "Accounting principles Acquisitions Businesses acquired during the period have been combined in the consolidated financial statements from the date when Group has obtained control of the business and divested businesses up to the date when control has ceased. The acquisition consideration, including deferred and contingent consideration, as well as the identifiable assets acquired, and liabilities assumed, are measured at the acquisition date fair values. The acquisition related costs are recognized as expenses for the period in which they are incurred. At the acquisition date, any non-controlling interest is measured either at the acquisition date fair value or at non-controlling interest\u2019s proportionate share in the recognized amounts of the identifiable net assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "Accounting principles Acquisitions Businesses acquired during the period have been combined in the consolidated financial statements from the date when Group has obtained control of the business and divested businesses up to the date when control has ceased. The acquisition consideration, including deferred and contingent consideration, as well as the identifiable assets acquired, and liabilities assumed, are measured at the acquisition date fair values. The acquisition related costs are recognized as expenses for the period in which they are incurred. At the acquisition date, any non-controlling interest is measured either at the acquisition date fair value or at non-controlling interest\u2019s proportionate share in the recognized amounts of the identifiable net assets. Goodwill Acquisitions are accounted for using the acquisition method. Goodwill is calculated as the excess of acquisition cost over the fair values of identified net assets acquired. Goodwill typically represents the value of the acquired market share, business knowledge and the synergies obtained in connection with the acquisition. The carrying amount of goodwill is not amortized but is annually tested for impairment. Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "
Non-current assets held for sale and
discontinued operations
The Group classifies non-current assets and disposal
groups as held for sale if their carrying amounts will be
recovered principally through a sale transaction rather
than through continuing use. Non-current assets and
disposal groups classified as held for sale are measured
at the lower of their carrying amount and fair value less
costs to sell.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "Non-current assets held for sale and discontinued operations The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Non-current assets held for sale and discontinued operations The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "Non-current assets held for sale and discontinued operations The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
4.2 Goodwill
Goodwill allocation
For the purposes of impairment testing, goodwill is
allocated to cash-generating units (CGUs). A cash
generating unit is typically the country unit in which the
acquired business operates in accordance with KONE\u2019s
business model and organization structure. As at Dec 31,
2025 the carrying amount of goodwill tested for
impairment is allocated to 20 different CGUs. The number
of CGUs remained at the same level compared to 2024.
The five largest CGUs carry 78% of the goodwill. The
carrying amount of goodwill is below EUR 10 million for
seven CGUs. The geographical allocation of goodwill and
the weighted average discount rates are presented in the
adjacent table.
Impairment testing
The value-in-use calculations have been prepared
utilizing cash flow projections that are based on CGU
specific financial estimates approved by the Group
management. The explicit forecast period covers the
following three years for each CGU.
Key parameters underlying the cash flow projections
include assumptions on business growth, sales price and
cost development. These assumptions embedded in the
CGU specific cash flow projections are based on
management assessment of the market demand and
environment, which are examined against external
information sources. The productivity and efficiency
assumptions are based on internal targets, which are
evaluated against actual performance. The cash flows for
subsequent terminal year are assumed prudently without
growth, except as stated below.
The discount rates are based on the risk-free interest
rates, risk factors (beta coefficient) and market risk
premiums available on financial markets. The value-in-use
calculations are validated against KONE\u2019s market
capitalization.
As a result of the annual impairment test, no goodwill
impairment losses were recognized during the accounting
period.
Accounting principles
Goodwill
Acquisitions are accounted for using the acquisition
method. Goodwill is calculated as the excess of
acquisition cost over the fair values of identified net
assets acquired. Goodwill typically represents the value
of the acquired market share, business knowledge and
the synergies obtained in connection with the
acquisition. The carrying amount of goodwill is not
amortized but is annually tested for impairment.
Impairment testing
The Group assesses the carrying amount of goodwill
annually or more frequently if any indication of
impairment exists. Goodwill is allocated to the cash
generating units (CGUs) of the Group, which are
identified according to the
country of operation and business area at the level at
which goodwill is monitored for internal management
purposes. The recoverable amount of a CGU is
determined by value-in-use calculations. In assessing the
recoverable amount, estimated future cash flows are
discounted to their present value. Cash flow estimates are
based on management\u2019s estimates. The discount rate is
the weighted average cost of capital (WACC) for the main
currency area in the location of the CGU (country or
business area), which reflects the market assessment of
the time value of money and the risks specific in KONE\u2019s
business.
Any impairment loss of goodwill is recognized
immediately as an expense and is not subsequently
reversed.
Goodwill by Area,
MEUR
Discount rates used
Discount rates used
Dec 31, 2025 % (pre-tax), % Dec 31, 2024 % (pre-tax), %
Americas
343.1
22 11.03 383.4 25 11.23
Europe
977.0
63 9.59 924.1 59 8.90
APMEA
61.0
4 11.65 64.6 4 10.77
Greater China
171.8
11 9.14 186.2 12 8.60
Total
1,552.9
1,558.4
Changes in goodwill,
MEUR Note Dec 31, 2025 Dec 31, 2024
Opening net book value
1,558.4
1,469.0
Translation differences
-60.8
34.0
Increase
3.1
-
Decrease
-0.7
-
Companies acquired
4.1
52.9 55.4
Closing net book value
1,552.9
1,558.4
The impairment testing process includes a sensitivity
analysis in which the CGU specific cash flow estimates
were reduced by 10\u201340 percent and the discount rates
were increased by 1\u20134 percentage points. With the
terminal growth set at zero, the results are most sensitive
for changes in the cash flows. Based on the sensitivity
analysis, the probability of material impairment losses was
very low in all CGUs. An immaterial impairment loss would
take place in two CGUs if the CGU specific cash flow
estimates were reduced by 20% and discount rates
increased by +2 percentage points. Assumptions specific
to China local second brand CGU have been kept on a
revised level as per last year with the operating
environment largely remaining the same. In the base
scenario, the terminal growth for China local second
brand CGU is determined as 2% and discount rate as
9.1%. Headroom between value in use and assets
employed with the base scenario has decreased in this
CGU but immaterial impairment would only be recognized
in the most conservative sensitivity scenario.
Under the basic scenario for other CGUs, the value-in-
use calculations were on average 7.4 times higher than
the value of CGUs\u2019 assets employed. The respective ratio
for the five largest CGUs was 6.3; for the five smallest
23.9 and respectively for the other CGUs 9.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "4.2 Goodwill Goodwill allocation For the purposes of impairment testing, goodwill is allocated to cash-generating units (CGUs). A cash generating unit is typically the country unit in which the acquired business operates in accordance with KONE\u2019s business model and organization structure. As at Dec 31, 2025 the carrying amount of goodwill tested for impairment is allocated to 20 different CGUs. The number of CGUs remained at the same level compared to 2024. The five largest CGUs carry 78% of the goodwill. The carrying amount of goodwill is below EUR 10 million for seven CGUs. The geographical allocation of goodwill and the weighted average discount rates are presented in the adjacent table. Impairment testing The value-in-use calculations have been prepared utilizing cash flow projections that are based on CGU specific financial estimates approved by the Group management. The explicit forecast period covers the following three years for each CGU. Key parameters underlying the cash flow projections include assumptions on business growth, sales price and cost development. These assumptions embedded in the CGU specific cash flow projections are based on management assessment of the market demand and environment, which are examined against external information sources. The productivity and efficiency assumptions are based on internal targets, which are evaluated against actual performance. The cash flows for subsequent terminal year are assumed prudently without growth, except as stated below. The discount rates are based on the risk-free interest rates, risk factors (beta coefficient) and market risk premiums available on financial markets. The value-in-use calculations are validated against KONE\u2019s market capitalization. As a result of the annual impairment test, no goodwill impairment losses were recognized during the accounting period. Accounting principles Goodwill Acquisitions are accounted for using the acquisition method. Goodwill is calculated as the excess of acquisition cost over the fair values of identified net assets acquired. Goodwill typically represents the value of the acquired market share, business knowledge and the synergies obtained in connection with the acquisition. The carrying amount of goodwill is not amortized but is annually tested for impairment. Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed.
Goodwill by Area,
MEUR
Discount rates used
Discount rates used
Dec 31, 2025 % (pre-tax), % Dec 31, 2024 % (pre-tax), %
Americas
343.1
22 11.03 383.4 25 11.23
Europe
977.0
63 9.59 924.1 59 8.90
APMEA
61.0
4 11.65 64.6 4 10.77
Greater China
171.8
11 9.14 186.2 12 8.60
Total
1,552.9
1,558.4
Changes in goodwill,
MEUR Note Dec 31, 2025 Dec 31, 2024
Opening net book value
1,558.4
1,469.0
Translation differences
-60.8
34.0
Increase
3.1
-
Decrease
-0.7
-
Companies acquired
4.1
52.9 55.4
Closing net book value
1,552.9
1,558.4
The impairment testing process includes a sensitivity analysis in which the CGU specific cash flow estimates were reduced by 10\u201340 percent and the discount rates were increased by 1\u20134 percentage points. With the terminal growth set at zero, the results are most sensitive for changes in the cash flows. Based on the sensitivity analysis, the probability of material impairment losses was very low in all CGUs. An immaterial impairment loss would take place in two CGUs if the CGU specific cash flow estimates were reduced by 20% and discount rates increased by +2 percentage points. Assumptions specific to China local second brand CGU have been kept on a revised level as per last year with the operating environment largely remaining the same. In the base scenario, the terminal growth for China local second brand CGU is determined as 2% and discount rate as 9.1%. Headroom between value in use and assets employed with the base scenario has decreased in this CGU but immaterial impairment would only be recognized in the most conservative sensitivity scenario. Under the basic scenario for other CGUs, the value-in- use calculations were on average 7.4 times higher than the value of CGUs\u2019 assets employed. The respective ratio for the five largest CGUs was 6.3; for the five smallest 23.9 and respectively for the other CGUs 9.2.
Other intangible assets,
Customer-
related
Jan 1\u2013Dec 31, 2025
MEUR Note intangibles Other Total
Opening gross acquisition cost
682.8
308.4 991.2
Opening accumulated amortization and impairment
-419.0
-238.9 -657.9
Opening net book value
263.8
69.5 333.3
Changes during the period
Translation differences
-4.0
-1.1 -5.1
Increase
0.3
11.3 11.7
Decrease
-0.1
-1.6 -1.7
Reclassifications
-
-9.7 -9.7
Companies acquired
4.1
72.0 0.1 72.0
Amortization
-53.2
-10.7 -63.9
Closing net book value
278.9
57.8 336.7
Closing gross acquisition cost
751.1
301.4 1,052.4
Closing accumulated amortization and impairment
-472.2
-243.5 -715.7
Closing net book value
278.9
57.8 336.7
Other intangible assets,
Customer-
related
Jan 1\u2013Dec 31, 2024
MEUR Note intangibles Other Total
Opening gross acquisition cost
612.9
279.1 892.0
Opening accumulated amortization and impairment
-372.3
-232.5 -604.8
Opening net book value
240.6
46.6 287.2
Changes during the period
Translation differences
2.1
0.4 2.5
Increase
3.0
36.8 39.8
Decrease
-3.0
-2.8 -5.7
Reclassifications
-
-0.2 -0.2
Companies acquired
4.1
67.8 0.1 67.9
Amortization
-46.7
-11.5 -58.2
Closing net book value
263.8
69.5 333.3
Closing gross acquisition cost
682.8
308.4 991.2
Closing accumulated amortization and impairment
-419.0
-238.9 -657.9
Closing net book value
263.8
69.5 333.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "Impairment testing The value-in-use calculations have been prepared utilizing cash flow projections that are based on CGU specific financial estimates approved by the Group management. The explicit forecast period covers the following three years for each CGU. Key parameters underlying the cash flow projections include assumptions on business growth, sales price and cost development. These assumptions embedded in the CGU specific cash flow projections are based on management assessment of the market demand and environment, which are examined against external information sources. The productivity and efficiency assumptions are based on internal targets, which are evaluated against actual performance. The cash flows for subsequent terminal year are assumed prudently without growth, except as stated below. The discount rates are based on the risk-free interest rates, risk factors (beta coefficient) and market risk premiums available on financial markets. The value-in-use calculations are validated against KONE\u2019s market capitalization. As a result of the annual impairment test, no goodwill impairment losses were recognized during the accounting period. Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed. The impairment testing process includes a sensitivity analysis in which the CGU specific cash flow estimates were reduced by 10\u201340 percent and the discount rates were increased by 1\u20134 percentage points. With the terminal growth set at zero, the results are most sensitive for changes in the cash flows. Based on the sensitivity analysis, the probability of material impairment losses was very low in all CGUs. An immaterial impairment loss would take place in two CGUs if the CGU specific cash flow estimates were reduced by 20% and discount rates increased by +2 percentage points. Assumptions specific to China local second brand CGU have been kept on a revised level as per last year with the operating environment largely remaining the same. In the base scenario, the terminal growth for China local second brand CGU is determined as 2% and discount rate as 9.1%. Headroom between value in use and assets employed with the base scenario has decreased in this CGU but immaterial impairment would only be recognized in the most conservative sensitivity scenario. Under the basic scenario for other CGUs, the value-in- use calculations were on average 7.4 times higher than the value of CGUs\u2019 assets employed. The respective ratio for the five largest CGUs was 6.3; for the five smallest 23.9 and respectively for the other CGUs 9.2. Impairment of assets The carrying amounts of non-current intangible assets and tangible assets are reviewed for impairment at each reporting date or whenever there is indication of that the carrying value of the asset may not be recoverable. Impairment test involves estimating the recoverable amount of the asset, subject to testing. The recoverable amount is the higher of the asset\u2019s fair value less cost of disposal and the value in use. An impairment loss is recognized in the statement of income whenever the carrying amount exceeds the recoverable amount. A previously recognized impairment loss is reversed only if there has been a significant change in the estimates used to determine the recoverable amount, but not, however, to an amount higher than the carrying amount that would have been determined without the impairment loss recognized in prior years, deducted by accumulated depreciation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Accounting principles Goodwill Acquisitions are accounted for using the acquisition method. Goodwill is calculated as the excess of acquisition cost over the fair values of identified net assets acquired. Goodwill typically represents the value of the acquired market share, business knowledge and the synergies obtained in connection with the acquisition. The carrying amount of goodwill is not amortized but is annually tested for impairment. Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "Accounting principles Goodwill Acquisitions are accounted for using the acquisition method. Goodwill is calculated as the excess of acquisition cost over the fair values of identified net assets acquired. Goodwill typically represents the value of the acquired market share, business knowledge and the synergies obtained in connection with the acquisition. The carrying amount of goodwill is not amortized but is annually tested for impairment. Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed. Intangible assets Intangible assets that are acquired separately are initially measured at cost. These assets are amortized on a straight-line basis over their expected useful lifetime, which does not usually exceed five years. The customer-related intangibles are recognized at acquisition date fair values and are amortized over their useful economic lives, typically ten years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed. Impairment of assets The carrying amounts of non-current intangible assets and tangible assets are reviewed for impairment at each reporting date or whenever there is indication of that the carrying value of the asset may not be recoverable. Impairment test involves estimating the recoverable amount of the asset, subject to testing. The recoverable amount is the higher of the asset\u2019s fair value less cost of disposal and the value in use. An impairment loss is recognized in the statement of income whenever the carrying amount exceeds the recoverable amount. A previously recognized impairment loss is reversed only if there has been a significant change in the estimates used to determine the recoverable amount, but not, however, to an amount higher than the carrying amount that would have been determined without the impairment loss recognized in prior years, deducted by accumulated depreciation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "Impairment testing The Group assesses the carrying amount of goodwill annually or more frequently if any indication of impairment exists. Goodwill is allocated to the cash generating units (CGUs) of the Group, which are identified according to the country of operation and business area at the level at which goodwill is monitored for internal management purposes. The recoverable amount of a CGU is determined by value-in-use calculations. In assessing the recoverable amount, estimated future cash flows are discounted to their present value. Cash flow estimates are based on management\u2019s estimates. The discount rate is the weighted average cost of capital (WACC) for the main currency area in the location of the CGU (country or business area), which reflects the market assessment of the time value of money and the risks specific in KONE\u2019s business. Any impairment loss of goodwill is recognized immediately as an expense and is not subsequently reversed. Impairment of assets The carrying amounts of non-current intangible assets and tangible assets are reviewed for impairment at each reporting date or whenever there is indication of that the carrying value of the asset may not be recoverable. Impairment test involves estimating the recoverable amount of the asset, subject to testing. The recoverable amount is the higher of the asset\u2019s fair value less cost of disposal and the value in use. An impairment loss is recognized in the statement of income whenever the carrying amount exceeds the recoverable amount. A previously recognized impairment loss is reversed only if there has been a significant change in the estimates used to determine the recoverable amount, but not, however, to an amount higher than the carrying amount that would have been determined without the impairment loss recognized in prior years, deducted by accumulated depreciation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
4.3 Other intangible assets
KONE often acquires elevator, escalator, and door service
companies, where the excess of consideration transferred
over the net assets of the acquiree as at closing is
allocated to the acquired customer-related intangibles,
and consequently majority of intangible assets carried
consist of these customer contract assets. Intangible
assets also include expenditure on acquired patents,
trademarks and licenses, development expenditure
related to certain software as well as acquired software
licenses.
Accounting principles
Intangible assets
Intangible assets that are acquired separately are
initially measured at cost. These assets are amortized
on a straight-line basis over their expected useful
lifetime, which does not usually exceed five years. The
customer-related intangibles are recognized at
acquisition date fair values and are amortized over
their useful economic lives, typically ten years.
Impairment of assets
The carrying amounts of non-current intangible assets
and tangible assets are reviewed for impairment at
each reporting date or whenever there is indication of
that the carrying value of the asset may not be
recoverable. Impairment test involves estimating the
recoverable amount of the asset, subject to testing.
The recoverable amount is the higher of the asset\u2019s fair
value less cost of disposal and the value in use. An
impairment loss is recognized in the statement of
income whenever the carrying amount exceeds the
recoverable amount.
A previously recognized impairment loss is
reversed only if there has been a significant change in
the estimates used to determine the recoverable
amount, but not, however, to an amount higher than
the carrying amount that would have been determined
without the impairment loss recognized in prior years,
deducted by accumulated depreciation.
Other intangible assets,
Customer-
related
Jan 1\u2013Dec 31, 2025
MEUR Note intangibles Other Total
Opening gross acquisition cost
682.8
308.4 991.2
Opening accumulated amortization and impairment
-419.0
-238.9 -657.9
Opening net book value
263.8
69.5 333.3
Changes during the period
Translation differences
-4.0
-1.1 -5.1
Increase
0.3
11.3 11.7
Decrease
-0.1
-1.6 -1.7
Reclassifications
-
-9.7 -9.7
Companies acquired
4.1
72.0 0.1 72.0
Amortization
-53.2
-10.7 -63.9
Closing net book value
278.9
57.8 336.7
Closing gross acquisition cost
751.1
301.4 1,052.4
Closing accumulated amortization and impairment
-472.2
-243.5 -715.7
Closing net book value
278.9
57.8 336.7
Other intangible assets,
Customer-
related
Jan 1\u2013Dec 31, 2024
MEUR Note intangibles Other Total
Opening gross acquisition cost
612.9
279.1 892.0
Opening accumulated amortization and impairment
-372.3
-232.5 -604.8
Opening net book value
240.6
46.6 287.2
Changes during the period
Translation differences
2.1
0.4 2.5
Increase
3.0
36.8 39.8
Decrease
-3.0
-2.8 -5.7
Reclassifications
-
-0.2 -0.2
Companies acquired
4.1
67.8 0.1 67.9
Amortization
-46.7
-11.5 -58.2
Closing net book value
263.8
69.5 333.3
Closing gross acquisition cost
682.8
308.4 991.2
Closing accumulated amortization and impairment
-419.0
-238.9 -657.9
Closing net book value
263.8
69.5 333.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "Accounting principles Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and any impairment losses, when applicable. Depreciation is recognized on a straight-line basis over the economic useful lives of the assets or over the lease contract period, if shorter. Economic useful lives are as follows: Buildings Machinery and equipment Land 5\u201340 years 2\u201315 years Infinite Expenditure on repairs and maintenance of property, plant and equipment is recognized as expense when incurred. The carrying amount of any tangible asset is impairment tested (see impairment of assets accounting principles) when an indication of impairment exists.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
Leases
As a lessee, KONE recognizes a right-of-use asset
representing its right to use the underlying asset and a
lease liability representing its obligation to make lease
payments, amounting to the present value of the future
lease payments. The value of right-of-use asset
corresponds the value of future lease payments at the
inception of the lease, discounted with the incremental
borrowing rate.
Right-of-use assets are depreciated over the
contract period or over the useful life of the asset,
which is the shorter. An option to extend or terminate
the lease contract is included to the lease period when
exercising such option is considered highly probable.
The cost arising from short-term leases and leases of
low value assets are recognized as an expense on a
straight-line basis over the contract period.
Jan 1\u2013Dec 31, 2025
Machinery
Leased
Fixed assets
Tangible assets,
Leased
&
machinery &
under
Advance
MEUR
Note
Land Buildings buildings equipment equipment construction payments Total
Opening gross acquisition cost
5.9
402.4 486.1 806.4 376.4 46.1 2.1 2,125.4
Opening accumulated depreciation - -192.3 -290.8 -587.7 -156.1 - - -1,226.9
Opening net book value
5.9
210.1 195.3 218.7 220.4 46.1 2.1 898.5
Changes during the period
Translation differences
0.0
-11.2 -11.1 -12.6 -11.7 -0.6 -0.2 -47.5
Increase
-
14.3 71.4 97.1 152.8 29.4 1.8 366.8
Decrease
-0.1
-0.5 -3.6 -6.3 -17.9 -1.3 - -29.7
Reclassifications
-
24.7 0.0 39.4 0.0 -52.9 -1.5 9.6
Companies acquired
4.1
0.0 0.1 0.5 0.5 0.3 - - 1.5
Depreciation
-
-19.1 -64.4 -77.3 -95.9 0.0 - -256.7
Closing net book value
5.8
218.4 188.2 259.5 247.9 20.7 2.1 942.5
Closing gross acquisition cost
5.8
423.6 470.6 866.5 418.0 20.7 2.1 2,207.3
Closing accumulated depreciation
-
-205.2 -282.4 -607.0 -170.1 - - -1,264.7
Closing net book value
5.8
218.4 188.2 259.5 247.9 20.7 2.1 942.5
During the period of Jan 1\u2013Dec 31, 2025, capital expenditure totaled to EUR 378.0 (397.0) million, consisting of investments into production facilities,
installation equipment, R&D tools, patents and licenses and expenditure on connectivity devices. Capital expenditure on leases consists mainly of
maintenance vehicles and office facilities.
Lease payments in cash flow totaled to EUR -150.5 (-138.3) million
4.4 Tangible assets
Jan 1\u2013Dec 31, 2024
Machinery
Leased
Fixed assets
Tangible assets,
Leased
&
machinery &
under
Advance
MEUR
Note
Land Buildings buildings equipment equipment construction payments Total
Opening gross acquisition cost
5.9
350.9 435.6 750.8 280.4 50.5 3.6 1,877.8
Opening accumulated depreciation - -173.1 -243.3 -547.3 -134.3 - - -1,098.1
Opening net book value
5.9
177.8 192.3 203.5 146.0 50.5 3.6 779.7
Changes during the period
Translation differences
0.0
3.3 4.1 4.1 4.0 -0.6 0.0 14.9
Increase
-
15.3 72.3 62.2 159.9 48.9 1.7 360.2
Decrease
0.0
-0.4 -9.8 -2.9 -6.5 -5.8 -0.4 -25.9
Reclassifications
-
30.7 0.5 18.7 0.0 -46.9 -2.8 0.2
Companies acquired
4.1
- 0.2 0.7 2.4 0.1 - 0.0 3.4
Depreciation
-
-16.7 -64.9 -69.3 -83.1 - - -234.0
Closing net book value
5.9
210.1 195.3 218.7 220.4 46.1 2.1 898.5
Closing gross acquisition cost
5.9
402.4 486.1 806.4 376.4 46.1 2.1 2,125.4
Closing accumulated depreciation
0.0
-192.3 -290.8 -587.7 -156.1 - - -1,226.9
Closing net book value
5.9
210.1 195.3 218.7 220.4 46.1 2.1 898.5
Lease liabilities Lease liabilities are measured to the present value of future lease payments discounted with the incremental borrowing rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "Leases As a lessee, KONE recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments, amounting to the present value of the future lease payments. The value of right-of-use asset corresponds the value of future lease payments at the inception of the lease, discounted with the incremental borrowing rate. Right-of-use assets are depreciated over the contract period or over the useful life of the asset, which is the shorter. An option to extend or terminate the lease contract is included to the lease period when exercising such option is considered highly probable. The cost arising from short-term leases and leases of low value assets are recognized as an expense on a straight-line basis over the contract period.
Accounting principles
Lease liabilities Lease liabilities are measured to the present value of future lease payments discounted with the incremental borrowing rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
Jan 1\u2013Dec 31, 2025
Machinery
Leased
Fixed assets
Tangible assets,
Leased
&
machinery &
under
Advance
MEUR
Note
Land Buildings buildings equipment equipment construction payments Total
Opening gross acquisition cost
5.9
402.4 486.1 806.4 376.4 46.1 2.1 2,125.4
Opening accumulated depreciation - -192.3 -290.8 -587.7 -156.1 - - -1,226.9
Opening net book value
5.9
210.1 195.3 218.7 220.4 46.1 2.1 898.5
Changes during the period
Translation differences
0.0
-11.2 -11.1 -12.6 -11.7 -0.6 -0.2 -47.5
Increase
-
14.3 71.4 97.1 152.8 29.4 1.8 366.8
Decrease
-0.1
-0.5 -3.6 -6.3 -17.9 -1.3 - -29.7
Reclassifications
-
24.7 0.0 39.4 0.0 -52.9 -1.5 9.6
Companies acquired
4.1
0.0 0.1 0.5 0.5 0.3 - - 1.5
Depreciation
-
-19.1 -64.4 -77.3 -95.9 0.0 - -256.7
Closing net book value
5.8
218.4 188.2 259.5 247.9 20.7 2.1 942.5
Closing gross acquisition cost
5.8
423.6 470.6 866.5 418.0 20.7 2.1 2,207.3
Closing accumulated depreciation
-
-205.2 -282.4 -607.0 -170.1 - - -1,264.7
Closing net book value
5.8
218.4 188.2 259.5 247.9 20.7 2.1 942.5
During the period of Jan 1\u2013Dec 31, 2025, capital expenditure totaled to EUR 378.0 (397.0) million, consisting of investments into production facilities, installation equipment, R&D tools, patents and licenses and expenditure on connectivity devices. Capital expenditure on leases consists mainly of maintenance vehicles and office facilities. Lease payments in cash flow totaled to EUR -150.5 (-138.3) million Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and any impairment losses, when applicable. Depreciation is recognized on a straight-line basis over the economic useful lives of the assets or over the lease contract period, if shorter. Economic useful lives are as follows: Buildings Machinery and equipment Land 5\u201340 years 2\u201315 years Infinite Expenditure on repairs and maintenance of property, plant and equipment is recognized as expense when incurred. The carrying amount of any tangible asset is impairment tested (see impairment of assets accounting principles) when an indication of impairment exists.
Jan 1\u2013Dec 31, 2024
Machinery
Leased
Fixed assets
Tangible assets,
Leased
&
machinery &
under
Advance
MEUR
Note
Land Buildings buildings equipment equipment construction payments Total
Opening gross acquisition cost
5.9
350.9 435.6 750.8 280.4 50.5 3.6 1,877.8
Opening accumulated depreciation - -173.1 -243.3 -547.3 -134.3 - - -1,098.1
Opening net book value
5.9
177.8 192.3 203.5 146.0 50.5 3.6 779.7
Changes during the period
Translation differences
0.0
3.3 4.1 4.1 4.0 -0.6 0.0 14.9
Increase
-
15.3 72.3 62.2 159.9 48.9 1.7 360.2
Decrease
0.0
-0.4 -9.8 -2.9 -6.5 -5.8 -0.4 -25.9
Reclassifications
-
30.7 0.5 18.7 0.0 -46.9 -2.8 0.2
Companies acquired
4.1
- 0.2 0.7 2.4 0.1 - 0.0 3.4
Depreciation
-
-16.7 -64.9 -69.3 -83.1 - - -234.0
Closing net book value
5.9
210.1 195.3 218.7 220.4 46.1 2.1 898.5
Closing gross acquisition cost
5.9
402.4 486.1 806.4 376.4 46.1 2.1 2,125.4
Closing accumulated depreciation
0.0
-192.3 -290.8 -587.7 -156.1 - - -1,226.9
Closing net book value
5.9
210.1 195.3 218.7 220.4 46.1 2.1 898.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
5.1 Capital Management
KONE aims to manage its capital in a way that supports
the profitable growth of operations by securing an
adequate liquidity and capitalization of the Group at all
times. The target is to maintain a capital structure that
contributes to the creation of shareholder value.
The assets employed in KONE\u2019s business consist
principally of net working capital, fixed assets, and
financial investments which are funded by equity and net
debt, as shown in the adjacent table. Due to the business
model and the business processes of KONE, the level of
total assets employed is relatively low. KONE aims to
maintain a negative net working capital to ensure a
healthy cash flow even when the business is growing and
to maintain a high return on assets employed.
Cash flow from operations is the principal source of
KONE\u2019s financing. External funding, as well as cash and
financial investments, are managed centrally by KONE
Treasury according to the KONE Treasury Policy. Financial
investments are made only with counterparties with high
creditworthiness and mainly in short term instruments to
ensure continuous liquidity.
KONE has not defined a specific target for its capital
structure, but the aim is to ensure strong credit quality to
provide for ample access to external funding sources and
to support the growth ambitions of the business. KONE
considers its current capital structure to be a strength, as
it allows for capturing potential value creating business
opportunities, should such opportunities arise. If deemed
necessary, KONE could also utilize its borrowing capacity,
which could result in a higher level of debt and financial
gearing for a period of time. At the end of 2025, the
funding of KONE was secured through existing committed
credit facilities, loan arrangements, cash, and financial
investments.
KONE has not defined a specific target for dividends
or share buy-backs. The dividend proposal by the Board
of Directors is determined on the basis of the overall
business outlook, business opportunities, as well as the
present capital structure and the anticipated changes in it.
In 2021\u20132025, the dividend payout ratio has been 95.1%\u2013
117.0% for class B shares (2025 proposal by the Board of
Directors of KONE Corporation). At the end of December
2025, KONE had 11,537,238 class B shares in its
possession.
To ensure an efficient internal allocation and utilization
of its capital resources, KONE measures internally the
financial results of its business activities after a capital
allocation charge. The capital allocation charge is based
on the assets employed in the business activity and the
weighted average cost of capital (WACC).
The WACC is also used as a hurdle rate when
evaluating the shareholder value creation potential of new
acquisitions, major capital expenditure and other
investments. The valuation methods used are payback
time, discounted cash flow as well as earnings and cash
flow multipliers.
Non-current assets by country,
Dec 31,
Dec 31,
MEUR 2025 2024
USA
575.0
602.1
Germany
418.8
377.8
China
411.9
457.9
Spain
280.2
276.2
France
264.2
221.9
Italy
239.9
215.5
Finland
213.7
219.2
Other
967.0
950.7
Total
3,370.6
3,321.2
Capital management,
MEUR
2025 2024 2023 2022 2021
Assets employed
Goodwill and shares
1,645.4
1,657.3 1,566.9 1,536.4 1,549.7
Tangible and other intangible assets
1,279.3
1,231.8 1,066.9 924.9 953.6
Net working capital
-797.6
-827.2 -861.2 -903.9 -1,468.2
Total assets employed
2,127.0
2,061.9 1,772.6 1,557.5 1,035.0
Capital employed
Equity
2,826.8
2,893.1 2,786.0 2,866.5 3,199.2
Interest-bearing net debt
-699.8
-831.2 -1,013.4 -1,309.0 -2,164.1
Total capital employed
2,127.0
2,061.9 1,772.6 1,557.5 1,035.1
Gearing
-24.8%
-28.7% -36.4% -45.7% -67.6%
Equity ratio
39.9%
39.8% 40.9% 40.3% 41.2%
Change in interest-bearing net debt,
MEUR
Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Interest-bearing net debt at beginning of period
-831.2
-1,013.4
Interest-bearing net debt at end of period
-699.8
-831.2
Change in interest-bearing net debt
131.4
182.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "KONE has not defined a specific target for dividends or share buy-backs. The dividend proposal by the Board of Directors is determined on the basis of the overall business outlook, business opportunities, as well as the present capital structure and the anticipated changes in it. In 2021\u20132025, the dividend payout ratio has been 95.1%\u2013 117.0% for class B shares (2025 proposal by the Board of Directors of KONE Corporation). At the end of December 2025, KONE had 11,537,238 class B shares in its possession.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
5.2 Shareholders\u2019 equity
Shares and share capital
At the end of the 2025 financial year, the number of
shares outstanding was 529,395,860. The share capital
was EUR 66.2 million and the total number of votes was
121,527,427. Each class A share is assigned one vote, as
is each block of 10 class B shares, with the provision that
each shareholder is entitled to at least one vote. The
accounting par value of both classes of shares is EUR
0.125.
At the end of the financial year, the Board of Directors
of KONE Corporation had a valid authorization granted by
the Annual General Meeting in March 2025 to increase the
share capital and to issue stock options. The authorization
remains in effect until the conclusion of the following
annual general meeting, however at the latest until June
30, 2026.
In accordance with the Articles of Association, class B
shares are preferred for a dividend which is at least 1%
and no more than 2.5% higher than the dividend paid to
the holders of class A shares, calculated based on the
amount obtained by dividing the share capital entered
into the Trade Register by the number of shares entered
into the Trade Register.
In 2025 or 2024 there were no changes in the share
capital of KONE Corporation. For more information on
share-based incentive payments, please refer to section
6.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "5.2 Shareholders\u2019 equity Shares and share capital At the end of the 2025 financial year, the number of shares outstanding was 529,395,860. The share capital was EUR 66.2 million and the total number of votes was 121,527,427. Each class A share is assigned one vote, as is each block of 10 class B shares, with the provision that each shareholder is entitled to at least one vote. The accounting par value of both classes of shares is EUR 0.125. At the end of the financial year, the Board of Directors of KONE Corporation had a valid authorization granted by the Annual General Meeting in March 2025 to increase the share capital and to issue stock options. The authorization remains in effect until the conclusion of the following annual general meeting, however at the latest until June 30, 2026. In accordance with the Articles of Association, class B shares are preferred for a dividend which is at least 1% and no more than 2.5% higher than the dividend paid to the holders of class A shares, calculated based on the amount obtained by dividing the share capital entered into the Trade Register by the number of shares entered into the Trade Register. In 2025 or 2024 there were no changes in the share capital of KONE Corporation. For more information on share-based incentive payments, please refer to section 6.2. Authority to buy own shares KONE Corporation\u2019s Annual General Meeting held on March 5, 2025 authorized the Board of Directors to repurchase the company\u2019s own shares Altogether no more than 52,930,000 shares may be repurchased, of which no more than 7,620,000 may be class A shares and 45,310,000 class B shares. The authorization will be valid until the conclusion of the following annual general meeting, however, at the latest until 30 June 2026. The minimum and maximum consideration for the shares to be purchased is determined for both class A and class B shares on the basis of the trading price for class B shares determined on the Nasdaq Helsinki Ltd. on the time of purchase. All treasury shares at the end of the reporting period consisted of B class shares. Accounting principles Equity and profit distribution The total shareholders\u2019 equity consists of the share capital, the share premium account, the fair value and other reserves, translation differences, the paid-up unrestricted equity reserve, remeasurements of employee benefits and retained earnings. The fair value and other reserves include changes in the fair value of cash flow hedges. Differences arising from the application of the acquisition method on the translation of the net investment in foreign subsidiaries and associated companies are recognized as translation differences. Exchange rate differences resulting from financial instruments intended as hedges of the net assets in foreign subsidiaries are also recognized as translation differences. Actuarial gains and losses arising from revaluation of employee benefits are recognized as remeasurements of employee benefits. The purchase price of own shares purchased by KONE Corporation is deducted from retained earnings. The net income for the accounting period is recognized directly in retained earnings. When KONE Corporation purchases its own shares, the consideration paid and costs directly attributable to the purchase transaction are recognized as a deduction in equity. When such shares are sold, the consideration received, net of directly attributable transaction costs, is included in equity. Profit distribution includes dividends and donations decided by the Shareholders\u2019 Meeting. The dividend and distribution of profits proposed by the Board of Directors of KONE Corporation for the financial year ended, is not deducted from the equity prior to acceptance by a Shareholders\u2019 Meeting.
Treasury shares
Number of shares
Purchase cost, MEUR
Jan 1, 2025
11,867,752
 217.5
Distributed to the share-based incentive plan, January
-50,484
 -2.3
Distributed to the share-based incentive plan, February
-253,248
 -11.8
Distributed as the annual compensation of the Board, May
-7,605
 -0.4
Distributed to the share-based incentive plan, August
-19,177
 -0.9
Dec 31, 2025
11,537,238
 202.1
Jan 1, 2024
12,159,159
 230.2
Distributed to the share-based incentive plan, January
-280,902
 -12.3
Distributed as the annual compensation of the Board, April
-9,027
 -0.4
Distributed to the share-based incentive plan, June
-1,478
 -0.1
Dec 31, 2024
11,867,752
 217.5
Reconciliation of own shares
Quantity
Purchase cost, MEUR Average price, EUR
December 31, 2024
11,867,752
217.5 18.32
January 31, 2025
-50,484
-2.3 45.19
February 13, 2025
-253,248
-11.8 46.44
May 2, 2025
-7,605
-0.4 49.13
August 28, 2025
-19,177
-0.9 49.13
December 31, 2025
11,537,238
202.1 17.52
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "Authority to buy own shares KONE Corporation\u2019s Annual General Meeting held on March 5, 2025 authorized the Board of Directors to repurchase the company\u2019s own shares Altogether no more than 52,930,000 shares may be repurchased, of which no more than 7,620,000 may be class A shares and 45,310,000 class B shares. The authorization will be valid until the conclusion of the following annual general meeting, however, at the latest until 30 June 2026. The minimum and maximum consideration for the shares to be purchased is determined for both class A and class B shares on the basis of the trading price for class B shares determined on the Nasdaq Helsinki Ltd. on the time of purchase. All treasury shares at the end of the reporting period consisted of B class shares. Accounting principles Equity and profit distribution The total shareholders\u2019 equity consists of the share capital, the share premium account, the fair value and other reserves, translation differences, the paid-up unrestricted equity reserve, remeasurements of employee benefits and retained earnings. The fair value and other reserves include changes in the fair value of cash flow hedges. Differences arising from the application of the acquisition method on the translation of the net investment in foreign subsidiaries and associated companies are recognized as translation differences. Exchange rate differences resulting from financial instruments intended as hedges of the net assets in foreign subsidiaries are also recognized as translation differences. Actuarial gains and losses arising from revaluation of employee benefits are recognized as remeasurements of employee benefits. The purchase price of own shares purchased by KONE Corporation is deducted from retained earnings. The net income for the accounting period is recognized directly in retained earnings. When KONE Corporation purchases its own shares, the consideration paid and costs directly attributable to the purchase transaction are recognized as a deduction in equity. When such shares are sold, the consideration received, net of directly attributable transaction costs, is included in equity. Profit distribution includes dividends and donations decided by the Shareholders\u2019 Meeting. The dividend and distribution of profits proposed by the Board of Directors of KONE Corporation for the financial year ended, is not deducted from the equity prior to acceptance by a Shareholders\u2019 Meeting.
Treasury shares
Number of shares
Purchase cost, MEUR
Jan 1, 2025
11,867,752
 217.5
Distributed to the share-based incentive plan, January
-50,484
 -2.3
Distributed to the share-based incentive plan, February
-253,248
 -11.8
Distributed as the annual compensation of the Board, May
-7,605
 -0.4
Distributed to the share-based incentive plan, August
-19,177
 -0.9
Dec 31, 2025
11,537,238
 202.1
Jan 1, 2024
12,159,159
 230.2
Distributed to the share-based incentive plan, January
-280,902
 -12.3
Distributed as the annual compensation of the Board, April
-9,027
 -0.4
Distributed to the share-based incentive plan, June
-1,478
 -0.1
Dec 31, 2024
11,867,752
 217.5
Reconciliation of own shares
Quantity
Purchase cost, MEUR Average price, EUR
December 31, 2024
11,867,752
217.5 18.32
January 31, 2025
-50,484
-2.3 45.19
February 13, 2025
-253,248
-11.8 46.44
May 2, 2025
-7,605
-0.4 49.13
August 28, 2025
-19,177
-0.9 49.13
December 31, 2025
11,537,238
202.1 17.52
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "
Accounting principles
Equity and profit distribution
Profit distribution includes dividends and donations decided by the Shareholders\u2019 Meeting. The dividend and distribution of profits proposed by the Board of Directors of KONE Corporation for the financial year ended, is not deducted from the equity prior to acceptance by a Shareholders\u2019 Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "Equity and profit distribution The total shareholders\u2019 equity consists of the share capital, the share premium account, the fair value and other reserves, translation differences, the paid-up unrestricted equity reserve, remeasurements of employee benefits and retained earnings. The fair value and other reserves include changes in the fair value of cash flow hedges. Differences arising from the application of the acquisition method on the translation of the net investment in foreign subsidiaries and associated companies are recognized as translation differences. Exchange rate differences resulting from financial instruments intended as hedges of the net assets in foreign subsidiaries are also recognized as translation differences. Actuarial gains and losses arising from revaluation of employee benefits are recognized as remeasurements of employee benefits. The purchase price of own shares purchased by KONE Corporation is deducted from retained earnings. The net income for the accounting period is recognized directly in retained earnings. When KONE Corporation purchases its own shares, the consideration paid and costs directly attributable to the purchase transaction are recognized as a deduction in equity. When such shares are sold, the consideration received, net of directly attributable transaction costs, is included in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "When KONE Corporation purchases its own shares, the consideration paid and costs directly attributable to the purchase transaction are recognized as a deduction in equity. When such shares are sold, the consideration received, net of directly attributable transaction costs, is included in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "
Refinancing and liquidity risks
KONE\u2019s cash and cash equivalents was EUR 440.5
(576.0) million and financial investments EUR
1,258.4 (1,221.9) million on December 31, 2025.
Cash and financial investments are managed
centrally by KONE Treasury. Due to local
regulations, part of the funds resides in local
investments and on decentralized bank accounts in
a number of KONE countries. A substantial part of
the funds is nevertheless accessible to KONE Treasury.
Changes in the local regulations can also in the future
have an impact on the location of the cash and financial
investments.
KONE has a fixed rate loan of EUR 200.0 (200.0)
million and a floating rate loan of EUR 200.0 (200.0)
million from the European Investment Bank (EIB) for R&D
purposes. The fixed rate loan will mature in 2026 and
floating rate loan will mature in 2031. The fair value of the
loan is estimated based on discounted cash flow method
using a current borrowing rate (level 2 fair value
hierarchy) as the discount rate. KONE has also an
uncommitted commercial paper program of EUR 500.0
(500.0) million and a sustainability-linked revolving credit
facility of EUR 850.0 (850.0) million to ensure sufficient
liquidity. The sustainability targets included in the facility
relate to KONE\u2019s decarbonization and gender diversity
commitments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "Refinancing and liquidity risks KONE\u2019s cash and cash equivalents was EUR 440.5 (576.0) million and financial investments EUR 1,258.4 (1,221.9) million on December 31, 2025. Cash and financial investments are managed centrally by KONE Treasury. Due to local regulations, part of the funds resides in local investments and on decentralized bank accounts in a number of KONE countries. A substantial part of the funds is nevertheless accessible to KONE Treasury. Changes in the local regulations can also in the future have an impact on the location of the cash and financial investments.
Cash and cash equivalents
Cash and cash equivalents include cash-in-hand and bank
account balances. Bank overdrafts are included in other
current liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
Accounting principles
Derivative financial instruments and hedge accounting
At the contract date the derivatives are classified according
to the foreign exchange policy as hedging instruments of a
business transaction arising from a firm or highly probable
purchase or sales contract. These are partly included in cash
flow hedge accounting, hedges against fair value changes of
assets or liabilities or hedges of net investments in foreign
entities.
In cash flow hedge accounting KONE may use foreign
currency forward contracts and options to hedge its exposure
in foreign currency dominated cash flows which ensures
economic relationship between the hedged item and the
hedging instrument and full effectiveness as the value of the
hedging instrument and the value of the hedged item move in
the opposite direction because of the common underlying
denominator. The full fair value of derivatives, including
transaction related forward points, is designated in the
hedging relationship.
The effective portion of changes in the fair values of the
foreign exchange, where hedge accounting is applied, is
recognized through the statement of comprehensive income to
the hedge reserve within equity. The cumulative changes of
fair values are transferred into the statement of income as
adjustment items to costs and expenses simultaneously when
the hedged sale or purchase realizes. When cash flow hedge
accounting is applied, at the inception of the hedging
transaction the economic relationship between hedging
instruments and hedged items is documented including
whether the hedging instrument is expected to offset changes
in cash flows of hedged items. Also, the risk management
objective and strategy for undertaking various hedge
transactions is documented at the inception of each hedge
relationship. Hedge effectiveness is assessed before hedge
accounting is applied and at least on a quarterly basis
thereafter.
The gain or loss relating to the ineffective portion is
recognized immediately as an adjustment to cost and
expenses. In hedges of foreign currency transaction,
ineffectiveness may arise if the timing of the forecast
transaction changes from what was originally estimated. If a
foreign exchange derivative included in the cash flow hedge
accounting expires or is sold or when a hedge no longer
meets the criteria for hedge accounting, the cumulative
change in the fair value of the hedging instrument will remain
in the hedge reserve and is recognized in the income
statement at the same time with the hedged sale or
purchase. The cumulative fair values of the hedging
instruments are transferred from the hedge reserve to adjust
cost and expenses immediately if the hedged cash flow is no
longer expected to occur.
The changes in the fair values of derivatives that are
designated as hedging instruments but are not accounted for
according to the principles of cash flow hedge accounting are
recognized based on their nature either in the operative
income or costs, or as financial income or expenses: if the
hedged risk arises from an operative transaction, the fair
values of the hedging instruments are recognized in costs
and expenses, and if the hedged item is a monetary item, the
fair values are recognized in financing items.
Changes in the fair values of foreign exchange derivatives
are recognized in financing income and expenses if the
hedged item is a loan receivable, deposit or a financial asset
or liability denominated in a foreign currency.
The effective portion of the change in the fair values of
currency forward contracts hedging translation differences
arising from net investments in foreign subsidiaries, are
recognized through the statement of comprehensive income
to the translation differences within equity and would be
transferred to the income statement in case the net
investment were disposed of partially or in its entirety. The
hedged risk is designated as movements in the spot rate
(excluding changes due to interest rates i.e. forward points).
Changes in fair value of the hedging instrument due to the
forward points (cost of hedging) are immediately recognized
in the consolidated statement of income.
Fair values of derivative instruments are recognized under
current assets and liabilities in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Accounting principles Derivative financial instruments and hedge accountingDerivative financial instruments are initially and subsequently recognized at fair value in the statement of financial position. The fair values of foreign exchange forward contracts are calculated by discounting the future cash flows of the contracts with the relevant market interest rate yield curves on the valuation date and by calculating the difference between the discounted values as at the forward contract date and balance sheet date in euros. Currency options are valued as of each reporting date by using the Garman & Kohlhagen option valuation model. At the contract date the derivatives are classified according to the foreign exchange policy as hedging instruments of a business transaction arising from a firm or highly probable purchase or sales contract. These are partly included in cash flow hedge accounting, hedges against fair value changes of assets or liabilities or hedges of net investments in foreign entities. In cash flow hedge accounting KONE may use foreign currency forward contracts and options to hedge its exposure in foreign currency dominated cash flows which ensures economic relationship between the hedged item and the hedging instrument and full effectiveness as the value of the hedging instrument and the value of the hedged item move in the opposite direction because of the common underlying denominator. The full fair value of derivatives, including transaction related forward points, is designated in the hedging relationship. The effective portion of changes in the fair values of the foreign exchange, where hedge accounting is applied, is recognized through the statement of comprehensive income to the hedge reserve within equity. The cumulative changes of fair values are transferred into the statement of income as adjustment items to costs and expenses simultaneously when the hedged sale or purchase realizes. When cash flow hedge accounting is applied, at the inception of the hedging transaction the economic relationship between hedging instruments and hedged items is documented including whether the hedging instrument is expected to offset changes in cash flows of hedged items. Also, the risk management objective and strategy for undertaking various hedge transactions is documented at the inception of each hedge relationship. Hedge effectiveness is assessed before hedge accounting is applied and at least on a quarterly basis thereafter. The gain or loss relating to the ineffective portion is recognized immediately as an adjustment to cost and expenses. In hedges of foreign currency transaction, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. If a foreign exchange derivative included in the cash flow hedge accounting expires or is sold or when a hedge no longer meets the criteria for hedge accounting, the cumulative change in the fair value of the hedging instrument will remain in the hedge reserve and is recognized in the income statement at the same time with the hedged sale or purchase. The cumulative fair values of the hedging instruments are transferred from the hedge reserve to adjust cost and expenses immediately if the hedged cash flow is no longer expected to occur. The changes in the fair values of derivatives that are designated as hedging instruments but are not accounted for according to the principles of cash flow hedge accounting are recognized based on their nature either in the operative income or costs, or as financial income or expenses: if the hedged risk arises from an operative transaction, the fair values of the hedging instruments are recognized in costs and expenses, and if the hedged item is a monetary item, the fair values are recognized in financing items. Changes in the fair values of foreign exchange derivatives are recognized in financing income and expenses if the hedged item is a loan receivable, deposit or a financial asset or liability denominated in a foreign currency. The effective portion of the change in the fair values of currency forward contracts hedging translation differences arising from net investments in foreign subsidiaries, are recognized through the statement of comprehensive income to the translation differences within equity and would be transferred to the income statement in case the net investment were disposed of partially or in its entirety. The hedged risk is designated as movements in the spot rate (excluding changes due to interest rates i.e. forward points). Changes in fair value of the hedging instrument due to the forward points (cost of hedging) are immediately recognized in the consolidated statement of income. Fair values of derivative instruments are recognized under current assets and liabilities in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "Accounting principles Derivative financial instruments and hedge accounting Derivative financial instruments are initially and subsequently recognized at fair value in the statement of financial position. The fair values of foreign exchange forward contracts are calculated by discounting the future cash flows of the contracts with the relevant market interest rate yield curves on the valuation date and by calculating the difference between the discounted values as at the forward contract date and balance sheet date in euros. Currency options are valued as of each reporting date by using the Garman & Kohlhagen option valuation model. At the contract date the derivatives are classified according to the foreign exchange policy as hedging instruments of a business transaction arising from a firm or highly probable purchase or sales contract. These are partly included in cash flow hedge accounting, hedges against fair value changes of assets or liabilities or hedges of net investments in foreign entities. In cash flow hedge accounting KONE may use foreign currency forward contracts and options to hedge its exposure in foreign currency dominated cash flows which ensures economic relationship between the hedged item and the hedging instrument and full effectiveness as the value of the hedging instrument and the value of the hedged item move in the opposite direction because of the common underlying denominator. The full fair value of derivatives, including transaction related forward points, is designated in the hedging relationship. The effective portion of changes in the fair values of the foreign exchange, where hedge accounting is applied, is recognized through the statement of comprehensive income to the hedge reserve within equity. The cumulative changes of fair values are transferred into the statement of income as adjustment items to costs and expenses simultaneously when the hedged sale or purchase realizes. When cash flow hedge accounting is applied, at the inception of the hedging transaction the economic relationship between hedging instruments and hedged items is documented including whether the hedging instrument is expected to offset changes in cash flows of hedged items. Also, the risk management objective and strategy for undertaking various hedge transactions is documented at the inception of each hedge relationship. Hedge effectiveness is assessed before hedge accounting is applied and at least on a quarterly basis thereafter. The gain or loss relating to the ineffective portion is recognized immediately as an adjustment to cost and expenses. In hedges of foreign currency transaction, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. If a foreign exchange derivative included in the cash flow hedge accounting expires or is sold or when a hedge no longer meets the criteria for hedge accounting, the cumulative change in the fair value of the hedging instrument will remain in the hedge reserve and is recognized in the income statement at the same time with the hedged sale or purchase. The cumulative fair values of the hedging instruments are transferred from the hedge reserve to adjust cost and expenses immediately if the hedged cash flow is no longer expected to occur. The changes in the fair values of derivatives that are designated as hedging instruments but are not accounted for according to the principles of cash flow hedge accounting are recognized based on their nature either in the operative income or costs, or as financial income or expenses: if the hedged risk arises from an operative transaction, the fair values of the hedging instruments are recognized in costs and expenses, and if the hedged item is a monetary item, the fair values are recognized in financing items. Changes in the fair values of foreign exchange derivatives are recognized in financing income and expenses if the hedged item is a loan receivable, deposit or a financial asset or liability denominated in a foreign currency. The effective portion of the change in the fair values of currency forward contracts hedging translation differences arising from net investments in foreign subsidiaries, are recognized through the statement of comprehensive income to the translation differences within equity and would be transferred to the income statement in case the net investment were disposed of partially or in its entirety. The hedged risk is designated as movements in the spot rate (excluding changes due to interest rates i.e. forward points). Changes in fair value of the hedging instrument due to the forward points (cost of hedging) are immediately recognized in the consolidated statement of income. Fair values of derivative instruments are recognized under current assets and liabilities in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "Accounting principles Derivative financial instruments and hedge accounting Derivative financial instruments are initially and subsequently recognized at fair value in the statement of financial position. The fair values of foreign exchange forward contracts are calculated by discounting the future cash flows of the contracts with the relevant market interest rate yield curves on the valuation date and by calculating the difference between the discounted values as at the forward contract date and balance sheet date in euros. Currency options are valued as of each reporting date by using the Garman & Kohlhagen option valuation model. At the contract date the derivatives are classified according to the foreign exchange policy as hedging instruments of a business transaction arising from a firm or highly probable purchase or sales contract. These are partly included in cash flow hedge accounting, hedges against fair value changes of assets or liabilities or hedges of net investments in foreign entities. In cash flow hedge accounting KONE may use foreign currency forward contracts and options to hedge its exposure in foreign currency dominated cash flows which ensures economic relationship between the hedged item and the hedging instrument and full effectiveness as the value of the hedging instrument and the value of the hedged item move in the opposite direction because of the common underlying denominator. The full fair value of derivatives, including transaction related forward points, is designated in the hedging relationship. The effective portion of changes in the fair values of the foreign exchange, where hedge accounting is applied, is recognized through the statement of comprehensive income to the hedge reserve within equity. The cumulative changes of fair values are transferred into the statement of income as adjustment items to costs and expenses simultaneously when the hedged sale or purchase realizes. When cash flow hedge accounting is applied, at the inception of the hedging transaction the economic relationship between hedging instruments and hedged items is documented including whether the hedging instrument is expected to offset changes in cash flows of hedged items. Also, the risk management objective and strategy for undertaking various hedge transactions is documented at the inception of each hedge relationship. Hedge effectiveness is assessed before hedge accounting is applied and at least on a quarterly basis thereafter. The gain or loss relating to the ineffective portion is recognized immediately as an adjustment to cost and expenses. In hedges of foreign currency transaction, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. If a foreign exchange derivative included in the cash flow hedge accounting expires or is sold or when a hedge no longer meets the criteria for hedge accounting, the cumulative change in the fair value of the hedging instrument will remain in the hedge reserve and is recognized in the income statement at the same time with the hedged sale or purchase. The cumulative fair values of the hedging instruments are transferred from the hedge reserve to adjust cost and expenses immediately if the hedged cash flow is no longer expected to occur. The changes in the fair values of derivatives that are designated as hedging instruments but are not accounted for according to the principles of cash flow hedge accounting are recognized based on their nature either in the operative income or costs, or as financial income or expenses: if the hedged risk arises from an operative transaction, the fair values of the hedging instruments are recognized in costs and expenses, and if the hedged item is a monetary item, the fair values are recognized in financing items. Changes in the fair values of foreign exchange derivatives are recognized in financing income and expenses if the hedged item is a loan receivable, deposit or a financial asset or liability denominated in a foreign currency. The effective portion of the change in the fair values of currency forward contracts hedging translation differences arising from net investments in foreign subsidiaries, are recognized through the statement of comprehensive income to the translation differences within equity and would be transferred to the income statement in case the net investment were disposed of partially or in its entirety. The hedged risk is designated as movements in the spot rate (excluding changes due to interest rates i.e. forward points). Changes in fair value of the hedging instrument due to the forward points (cost of hedging) are immediately recognized in the consolidated statement of income. Fair values of derivative instruments are recognized under current assets and liabilities in the balance sheet.
Derivatives
Treasury policy for hedging purposes is applied to all
derivative contracts. The majority of the foreign exchange
derivatives and swaps mature within a year.
The fair values of foreign exchange derivatives and
swaps are measured based on price information derived
from active markets and commonly used valuation
methods (fair value hierarchy level 2). Financial contracts
are executed only with counterparties that have high
credit ratings. The credit risk of the counterparties and KONE is considered when assessing the fair values of outstanding financial assets and liabilities. The fair values of the derivatives are represented in the balance on a gross basis and can be set off on conditional terms such as breach of contract or bankruptcy. Derivative financial receivables from counterparties after set off would be EUR 5.3 (9.2) million and payables EUR 5.8 (9.4) million.
Dec 31, 2025 Dec 31, 2024
Fair values of derivative financial instruments,
Derivative
MEUR
Derivative assets
liabilities Fair value, net Fair value, net
Foreign exchange derivatives
In cash flow hedge accounting
12.9
-16.7 -3.8 -13.5
In net investment hedge accounting
1.0
- 1.0 -13.3
Other foreign exchange hedges
4.5
-2.1 2.3 26.7
Total
18.3
-18.8 -0.5 -0.1
Nominal values of derivative financial instruments,
MEUR Dec 31, 2025 Dec 31, 2024
Foreign exchange derivatives
In cash flow hedge accounting
1,334.7
1,313.5
In net investment hedge accounting
122.6
315.9
Other foreign exchange hedges
1,270.5
1,765.8
Total
2,727.8
3,395.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "
Accounting principles
Loans Loans payable are in the consolidated statement of financial position presented as part of loans and other interest-bearing receivables. They are measured initially at fair value net of directly attributable transaction costs and are subsequently carried at amortized cost using the effective interest rate method. Lease liabilities Lease liabilities are measured to the present value of future lease payments discounted with the incremental borrowing rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
Loans
Loans payable are in the consolidated statement of
financial position presented as part of loans and other
interest-bearing receivables. They are measured initially at
fair value net of directly attributable transaction costs and
are subsequently carried at amortized cost using the
effective interest rate method.
Lease liabilities
Lease liabilities are measured to the present value of future
lease payments discounted with the incremental borrowing
rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "
Current deposits and loans receivable
Current deposits and loans receivable are initially
recognized at fair value and thereafter at amortized cost
using the effective interest rate method except for interest
rate funds which are classified and measured as
investments at fair value through profit or loss. Only
substantial transaction costs are considered for when
measuring the acquisition cost.
Investments in commercial papers, short-term bank
deposits, interest rate funds and other money market
instruments are included in deposits and loans receivable.
5.4 Shares, deposits and other assets
Shares include a 19.9% holding in Toshiba Elevator and
Building Systems Corporation (TELC) which is an
investment in equity instruments that does not have a
quoted price in an active market. The fair value of TELC
shares is determined using a discounted cash flow model
with the key inputs to the model including forecasted
future dividends and other cash inflows to KONE, and the
discount rate. While the fair value of the investment is
sensitive to changes in these two assumptions, there is
no reasonably possible change to these assumptions that
would result in material impact on the total assets or
equity of KONE.
Shares also include the Group\u2019s holdings in associated
companies, which are companies where KONE exercises
significant influence, but not control. The associated
companies are accounted using the equity method. The
total share of the associated companies\u2019 result included in
the income statement amounted to EUR -1.2 (-) million
and the total carrying amount of the associated
companies\u2019 shares in the balance sheet amounted to EUR
5.8 (-) million.
Other non-current financial assets include investments
in smaller holdings in other companies without public
quotation.
The fair values of deposits and loans receivable are
not materially different from their carrying amounts.
Current deposits mature within one year and consist of
EUR 935.9 (909.1) million and EUR 322.5 (312.8) million of
interest rate funds and short-term bank deposits,
respectively .
Shares, deposits and other assets,
MEUR Dec 31, 2025 Dec 31, 2024
Shares and other non-current assets
Shares
89.8
96.2
Other financial assets
2.7
2.7
Non-current loans receivable
I
5.4 4.4
Investment properties
II
- 0.4
Other non-current receivables
II
60.9 46.6
Total
158.9
150.3
Deposits and other current assets
Current deposits
I
1,258.4 1,221.9
Current loans receivable
I
10.0 1.1
Total
1,268.4
1,223.0
Items designated \" I \" comprise interest-bearing net debt. Items designated \" II \" comprise net working capital
Accounting principles
Shares and other non-current financial assets
Shares include long-term strategic investments in equity
instruments that do not have a quoted price in an active
market. They are classified as investments measured at
fair value through other comprehensive income.
The fair value is measured using income or market
approach valuation techniques under fair value hierarchy
level 3. Upon disposal of these investments, any balance
within the fair value and other reserves for these
investments is reclassified to retained earnings and is not
reclassified to the statement of income.
Also holdings in associated companies, measured
using the equity method, are reported as part of shares.
Other non-current financial assets are measured at cost.
Investment properties
Investment properties are measured using the cost model
with the carrying value equaling to initial cost less
accumulated depreciation and impairment losses.
KONE did not own any investment properties at the end
of 2025.
Other non-current receivables
Other non-current receivables include credits obtained
from residential sector customers in modernization
projects. These credits are utilized by netting them
against income tax and other related charges becoming
payable through regular business activities in the
following years and are accounted for under IAS 12. The
receivables are subject to review for impairment in
reporting periods subsequent to initial recognition. There
were no impairment charges recognized during the
reporting period. The receivables are not discounted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "Current deposits and loans receivable Current deposits and loans receivable are initially recognized at fair value and thereafter at amortized cost using the effective interest rate method except for interest rate funds which are classified and measured as investments at fair value through profit or loss. Only substantial transaction costs are considered for when measuring the acquisition cost. Investments in commercial papers, short-term bank deposits, interest rate funds and other money market instruments are included in deposits and loans receivable. Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "Cash and cash equivalents Cash and cash equivalents include cash-in-hand and bank account balances. Bank overdrafts are included in other current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "
Dec 31, 2025 Dec 31, 2024
Fair values of derivative financial instruments,
Derivative
MEUR
Derivative assets
liabilities Fair value, net Fair value, net
Foreign exchange derivatives
In cash flow hedge accounting
12.9
-16.7 -3.8 -13.5
In net investment hedge accounting
1.0
- 1.0 -13.3
Other foreign exchange hedges
4.5
-2.1 2.3 26.7
Total
18.3
-18.8 -0.5 -0.1
Dec 31, 2025
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets\u00b9 5.4 - - 86.7 86.7
Non-current loans receivable
I
5.4 - 5.4 - 5.4
Current assets
Accounts receivable
-
2,350.7 - 2,350.7
Derivative assets
4.5
- 13.9 18.3
Current deposits and loans receivable
I
5.4 935.9 332.5 - 1,268.4
Cash and cash equivalents
I
- 440.5 - 440.5
Total financial assets
940.4
3,129.1 100.5 4,170.0
Non-current liabilities \u00b2
Loans
I
- 200.2 - 200.2
Current liabilities
Loans
I
- 200.3 - 200.3
Other interest-bearing liabilities \u00b3
I
- 1.9 - 1.9
Option liabilities from acquisitions
I
11.8 - - 11.8
Accounts payable
-
967.6 - 967.6
Derivative liabilities
2.1
- 16.7 18.8
Total financial liabilities
13.9
1,369.9 16.7 1,400.5
\u00b9 Excluding shares in associated companies. \u00b2 Excluding non-current lease liabilities of EUR 314.4 million. 3 Excluding current lease liabilities of EUR 141.1 million. The fair values of the financial assets and liabilities are not materially different from their book values. Interest-bearing net debt comprises items marked with \u201c I \u201d.
Dec 31, 2024
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets 5.4 - - 98.9 98.9
Non-current loans receivable
I
5.4 - 4.4 - 4.4
Current assets
Accounts receivable
-
2,494.8 - 2,494.8
Derivative assets
31.2
- 13.3 44.4
Current deposits and loans receivable
I
5.4 909.1 313.9 - 1,223.0
Cash and cash equivalents
I
- 576.0 - 576.0
Total financial assets
940.3
3,389.1 112.2 4,441.5
Non-current liabilities \u00b9
Loans
I
- 400.7 - 400.7
Current liabilities
Other interest-bearing liabilities \u00b2
I
- 3.1 - 3.1
Option liabilities from acquisitions
I
9.2 - - 9.2
Accounts payable
-
982.9 - 982.9
Derivative liabilities
4.5
- 40.0 44.5
Total financial liabilities
13.7
1,386.7 40.0 1,440.5
\u00b9 Excluding non-current lease liabilities of EUR 299.8 million. \u00b2 Excluding current lease liabilities of EUR 132.8 million. The fair values of the financial assets and liabilities are not materially different from their book values. Interest-bearing net debt comprises items marked with \u201c I \u201d. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "
Dec 31, 2025
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets\u00b9 5.4 - - 86.7 86.7
Non-current loans receivable
I
5.4 - 5.4 - 5.4
Current assets
Accounts receivable
-
2,350.7 - 2,350.7
Derivative assets
4.5
- 13.9 18.3
Current deposits and loans receivable
I
5.4 935.9 332.5 - 1,268.4
Cash and cash equivalents
I
- 440.5 - 440.5
Total financial assets
940.4
3,129.1 100.5 4,170.0
Non-current liabilities \u00b2
Loans
I
- 200.2 - 200.2
Current liabilities
Loans
I
- 200.3 - 200.3
Other interest-bearing liabilities \u00b3
I
- 1.9 - 1.9
Option liabilities from acquisitions
I
11.8 - - 11.8
Accounts payable
-
967.6 - 967.6
Derivative liabilities
2.1
- 16.7 18.8
Total financial liabilities
13.9
1,369.9 16.7 1,400.5
\u00b9
Excluding shares in associated companies.
\u00b2
Excluding non-current lease liabilities of EUR 314.4 million.
3
Excluding current lease liabilities of EUR 141.1 million.
The fair values of the financial assets and liabilities are not materially different from their book values.
Interest-bearing net debt comprises items marked with \u201c I \u201d.
Dec 31, 2024
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets 5.4 - - 98.9 98.9
Non-current loans receivable
I
5.4 - 4.4 - 4.4
Current assets
Accounts receivable
-
2,494.8 - 2,494.8
Derivative assets
31.2
- 13.3 44.4
Current deposits and loans receivable
I
5.4 909.1 313.9 - 1,223.0
Cash and cash equivalents
I
- 576.0 - 576.0
Total financial assets
940.3
3,389.1 112.2 4,441.5
Non-current liabilities \u00b9
Loans
I
- 400.7 - 400.7
Current liabilities
Other interest-bearing liabilities \u00b2
I
- 3.1 - 3.1
Option liabilities from acquisitions
I
9.2 - - 9.2
Accounts payable
-
982.9 - 982.9
Derivative liabilities
4.5
- 40.0 44.5
Total financial liabilities
13.7
1,386.7 40.0 1,440.5
\u00b9 Excluding non-current lease liabilities of EUR 299.8 million.
\u00b2 Excluding current lease liabilities of EUR 132.8 million.
The fair values of the financial assets and liabilities are not materially different from their book values.
Interest-bearing net debt comprises items marked with \u201c I \u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "
Dec 31, 2025
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets\u00b9 5.4 - - 86.7 86.7
Non-current loans receivable
I
5.4 - 5.4 - 5.4
Current assets
Accounts receivable
-
2,350.7 - 2,350.7
Derivative assets
4.5
- 13.9 18.3
Current deposits and loans receivable
I
5.4 935.9 332.5 - 1,268.4
Cash and cash equivalents
I
- 440.5 - 440.5
Total financial assets
940.4
3,129.1 100.5 4,170.0
Non-current liabilities \u00b2
Loans
I
- 200.2 - 200.2
Current liabilities
Loans
I
- 200.3 - 200.3
Other interest-bearing liabilities \u00b3
I
- 1.9 - 1.9
Option liabilities from acquisitions
I
11.8 - - 11.8
Accounts payable
-
967.6 - 967.6
Derivative liabilities
2.1
- 16.7 18.8
Total financial liabilities
13.9
1,369.9 16.7 1,400.5
\u00b9 Excluding shares in associated companies. \u00b2 Excluding non-current lease liabilities of EUR 314.4 million. 3 Excluding current lease liabilities of EUR 141.1 million. The fair values of the financial assets and liabilities are not materially different from their book values. Interest-bearing net debt comprises items marked with \u201c I \u201d.
Dec 31, 2024
Measured at
Measured at
fair value
Values of financial assets and liabilities by
fair value
Measured at
through other
category,
through
amortized
comprehensive
Total book
MEUR
Note
profit or loss
cost
income value
Non-current assets
Shares and other non-current financial assets 5.4 - - 98.9 98.9
Non-current loans receivable
I
5.4 - 4.4 - 4.4
Current assets
Accounts receivable
-
2,494.8 - 2,494.8
Derivative assets
31.2
- 13.3 44.4
Current deposits and loans receivable
I
5.4 909.1 313.9 - 1,223.0
Cash and cash equivalents
I
- 576.0 - 576.0
Total financial assets
940.3
3,389.1 112.2 4,441.5
Non-current liabilities \u00b9
Loans
I
- 400.7 - 400.7
Current liabilities
Other interest-bearing liabilities \u00b2
I
- 3.1 - 3.1
Option liabilities from acquisitions
I
9.2 - - 9.2
Accounts payable
-
982.9 - 982.9
Derivative liabilities
4.5
- 40.0 44.5
Total financial liabilities
13.7
1,386.7 40.0 1,440.5
\u00b9 Excluding non-current lease liabilities of EUR 299.8 million. \u00b2 Excluding current lease liabilities of EUR 132.8 million. The fair values of the financial assets and liabilities are not materially different from their book values. Interest-bearing net debt comprises items marked with \u201c I \u201d. 5.4 Shares, deposits and other assets Shares include a 19.9% holding in Toshiba Elevator and Building Systems Corporation (TELC) which is an investment in equity instruments that does not have a quoted price in an active market. The fair value of TELC shares is determined using a discounted cash flow model with the key inputs to the model including forecasted future dividends and other cash inflows to KONE, and the discount rate. While the fair value of the investment is sensitive to changes in these two assumptions, there is no reasonably possible change to these assumptions that would result in material impact on the total assets or equity of KONE. Shares also include the Group\u2019s holdings in associated companies, which are companies where KONE exercises significant influence, but not control. The associated companies are accounted using the equity method. The total share of the associated companies\u2019 result included in the income statement amounted to EUR -1.2 (-) million and the total carrying amount of the associated companies\u2019 shares in the balance sheet amounted to EUR 5.8 (-) million. Other non-current financial assets include investments in smaller holdings in other companies without public quotation. The fair values of deposits and loans receivable are not materially different from their carrying amounts. Current deposits mature within one year and consist of EUR 935.9 (909.1) million and EUR 322.5 (312.8) million of interest rate funds and short-term bank deposits, respectively . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "5.4 Shares, deposits and other assets Shares include a 19.9% holding in Toshiba Elevator and Building Systems Corporation (TELC) which is an investment in equity instruments that does not have a quoted price in an active market. The fair value of TELC shares is determined using a discounted cash flow model with the key inputs to the model including forecasted future dividends and other cash inflows to KONE, and the discount rate. While the fair value of the investment is sensitive to changes in these two assumptions, there is no reasonably possible change to these assumptions that would result in material impact on the total assets or equity of KONE. Shares also include the Group\u2019s holdings in associated companies, which are companies where KONE exercises significant influence, but not control. The associated companies are accounted using the equity method. The total share of the associated companies\u2019 result included in the income statement amounted to EUR -1.2 (-) million and the total carrying amount of the associated companies\u2019 shares in the balance sheet amounted to EUR 5.8 (-) million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "5.4 Shares, deposits and other assets Shares include a 19.9% holding in Toshiba Elevator and Building Systems Corporation (TELC) which is an investment in equity instruments that does not have a quoted price in an active market. The fair value of TELC shares is determined using a discounted cash flow model with the key inputs to the model including forecasted future dividends and other cash inflows to KONE, and the discount rate. While the fair value of the investment is sensitive to changes in these two assumptions, there is no reasonably possible change to these assumptions that would result in material impact on the total assets or equity of KONE. Shares also include the Group\u2019s holdings in associated companies, which are companies where KONE exercises significant influence, but not control. The associated companies are accounted using the equity method. The total share of the associated companies\u2019 result included in the income statement amounted to EUR -1.2 (-) million and the total carrying amount of the associated companies\u2019 shares in the balance sheet amounted to EUR 5.8 (-) million. Other non-current financial assets include investments in smaller holdings in other companies without public quotation. The fair values of deposits and loans receivable are not materially different from their carrying amounts. Current deposits mature within one year and consist of EUR 935.9 (909.1) million and EUR 322.5 (312.8) million of interest rate funds and short-term bank deposits, respectively Accounting principles Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "5.4 Shares, deposits and other assets Shares include a 19.9% holding in Toshiba Elevator and Building Systems Corporation (TELC) which is an investment in equity instruments that does not have a quoted price in an active market. The fair value of TELC shares is determined using a discounted cash flow model with the key inputs to the model including forecasted future dividends and other cash inflows to KONE, and the discount rate. While the fair value of the investment is sensitive to changes in these two assumptions, there is no reasonably possible change to these assumptions that would result in material impact on the total assets or equity of KONE. Shares also include the Group\u2019s holdings in associated companies, which are companies where KONE exercises significant influence, but not control. The associated companies are accounted using the equity method. The total share of the associated companies\u2019 result included in the income statement amounted to EUR -1.2 (-) million and the total carrying amount of the associated companies\u2019 shares in the balance sheet amounted to EUR 5.8 (-) million. Other non-current financial assets include investments in smaller holdings in other companies without public quotation. The fair values of deposits and loans receivable are not materially different from their carrying amounts. Current deposits mature within one year and consist of EUR 935.9 (909.1) million and EUR 322.5 (312.8) million of interest rate funds and short-term bank deposits, respectively .
Shares, deposits and other assets,
MEUR Dec 31, 2025 Dec 31, 2024
Shares and other non-current assets
Shares
89.8
96.2
Other financial assets
2.7
2.7
Non-current loans receivable
I
5.4 4.4
Investment properties
II
- 0.4
Other non-current receivables
II
60.9 46.6
Total
158.9
150.3
Deposits and other current assets
Current deposits
I
1,258.4 1,221.9
Current loans receivable
I
10.0 1.1
Total
1,268.4
1,223.0
Items designated \" I \" comprise interest-bearing net debt. Items designated \" II \" comprise net working capital . Accounting principles Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. Investment properties Investment properties are measured using the cost model with the carrying value equaling to initial cost less accumulated depreciation and impairment losses. KONE did not own any investment properties at the end of 2025. Other non-current receivables Other non-current receivables include credits obtained from residential sector customers in modernization projects. These credits are utilized by netting them against income tax and other related charges becoming payable through regular business activities in the following years and are accounted for under IAS 12. The receivables are subject to review for impairment in reporting periods subsequent to initial recognition. There were no impairment charges recognized during the reporting period. The receivables are not discounted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "
5.5 Commitments
Banks and financial institutions have guaranteed
obligations arising in the ordinary course of business of
KONE companies up to a maximum of EUR 1,735.4
(1,891.8) million as of December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "5.5 Commitments Banks and financial institutions have guaranteed obligations arising in the ordinary course of business of KONE companies up to a maximum of EUR 1,735.4 (1,891.8) million as of December 31, 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "Shares and other non-current financial assets Shares include long-term strategic investments in equity instruments that do not have a quoted price in an active market. They are classified as investments measured at fair value through other comprehensive income. The fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3. Upon disposal of these investments, any balance within the fair value and other reserves for these investments is reclassified to retained earnings and is not reclassified to the statement of income. Also holdings in associated companies, measured using the equity method, are reported as part of shares. Other non-current financial assets are measured at cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "Investment properties Investment properties are measured using the cost model with the carrying value equaling to initial cost less accumulated depreciation and impairment losses. KONE did not own any investment properties at the end of 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "Other non-current receivables Other non-current receivables include credits obtained from residential sector customers in modernization projects. These credits are utilized by netting them against income tax and other related charges becoming payable through regular business activities in the following years and are accounted for under IAS 12. The receivables are subject to review for impairment in reporting periods subsequent to initial recognition. There were no impairment charges recognized during the reporting period. The receivables are not discounted.
Shares, deposits and other assets,
MEUR Dec 31, 2025 Dec 31, 2024
Shares and other non-current assets
Shares
89.8
96.2
Other financial assets
2.7
2.7
Non-current loans receivable
I
5.4 4.4
Investment properties
II
- 0.4
Other non-current receivables
II
60.9 46.6
Total
158.9
150.3
Deposits and other current assets
Current deposits
I
1,258.4 1,221.9
Current loans receivable
I
10.0 1.1
Total
1,268.4
1,223.0
Items designated \" I \" comprise interest-bearing net debt.
Items designated \" II \" comprise net working capital .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "5.6 Employee benefits KONE operates various employee benefit plans throughout its locations. These plans include both defined contribution and defined benefit schemes. The pension benefits provided by KONE to its employees are primarily organized through defined contribution plans. KONE\u2019s most significant funded defined benefit plans are in the United Kingdom and in the United States. Defined benefit pension plans are funded by KONE to satisfy local statutory funding requirements. The assets are managed by external fund managers. The funds are allocated between equities and fixed income instruments in order to provide return at target level and limited risk profile. The valuations of the obligations are carried out by independent qualified actuaries. The discount rates used in actuarial calculations of the employee benefit liabilities are adjusted to market rates. In the United Kingdom, the pension scheme is designed according to the Definitive Trust Deed and Rules and complies with the guidelines of the UK Pension Regulator. The pension scheme has been closed for new members as of March 2002 and is managed through KONE Pension Trustees Ltd. The UK subsidiary is reviewing their pension scheme to assess any potential impacts from Section 37 court ruling, including checking past amendments and necessary approvals. In the United States, a part of KONE\u2019s employees are members of the Employees\u2019 Retirement Plan, which is a funded defined benefit plan. The plan is managed by KONE Inc.\u2019s Pension Committee. In addition to this pension plan, KONE also provides post-employment medical and life insurance benefits. These predominantly unfunded other post-employment benefit plans qualify as defined benefit plans under IFRS. The plan has been frozen as of July 2024. KONE is also a participant in a multi-employer employee benefit plan in the United States. In this defined contribution plan KONE pays a contribution based on the hours worked by participating employees, KONE\u2019s obligation is limited to this payment. KONE\u2019s main unfunded defined benefit plans are in Germany, Italy (TFR Trattamento di Fine Rapporto, termination indemnity plan) and in Sweden. The pension schemes in Germany and the TFR plan in Italy are closed from new entrants. In Sweden, the pension cover is organized through defined contribution as well as unfunded defined benefit plans (ITP system, Industrins och handelns till\u00e4ggspension). KONE has defined contribution plans for pensions and other post-employment benefits in most countries. Under defined contribution plans KONE\u2019s contributions are recorded as an expense in the accounting period to which they relate. Recognition of a liability is not required because KONE\u2019s obligation is limited to the payment of the contributions into these plans or funds. The defined contribution pension plan in Finland is the statutory Finnish employee pension scheme (Finnish Statutory Employment Pension Scheme \u201cTyEL\u201c), according to which the benefits are directly linked to the beneficiary\u2019s earnings. TyEL is arranged through pension insurance companies. Defined benefit obligations expose KONE to various risks. Corporate bond yields are used as a reference in determining the discount rates used for calculation of defined benefit plan related obligations. A decrease in corporate bond yields hence will increase the present value of the defined benefit obligation. A plan deficit can occur if the performance of the plan assets is below the above-mentioned yield. These potential deficits may require further contributions to the plan assets by the Group. Some of the Group\u2019s defined benefit obligations are linked to general inflation and salary level development. Higher level of inflation and salary level will result in a higher present value of the benefit obligation. Some of the defined benefit plans obligate KONE to provide benefits to plan members for their lifetime. Therefore, any increase in life expectancy will increase defined benefit liability of these plans. Accounting principles Employee benefits The Group operates various employee benefit plans in accordance with local conditions and practices. The plans are classified as either defined contribution plans or defined benefit plans. The pension plans are generally funded by payments from employees a nd by the relevant KONE companies. The assets of these plans are generally held in separate insurance companies or trustee -administered funds. Pension costs and liabilities are based on calculations by the local authorities or independent qualified actuari es. Contributions to the defined contribution plans are charged directly to the statement of income in the year to which these contributions relate. For defined benefit plans, pension cost is determined based on the advice of qualified actuaries who carry out a full valuation of the plan on a regular basis using the projected unit credit method. Under this method, the costs of providing pensions are charged to the statement of income so as to spread the regular costs over the working lives of employees. KON E presents the service cost relating to defined benefit obligations in employment expenses while the net interest is presented in financing expenses. The liability arising from the defined benefit post -employment plans is the present value of the defined benefit obligation less the fair value of plan assets. The discount rates used in the actuarial calculations of employee benefits liabilities are adjus ted to market rates. Obligations to pay long- term disability benefit, the level of which is dependent on the length of service of the employee, are measured to reflect the probability that payments will be required and the length of service for which it is expected to be made.
Other post-employment
Changes in benefit plan assets and liabilities by
Defined benefit plan liability
benefit liability
Fair value of plan assets
Net defined benefit balance
category,
MEUR
Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Balance at beginning of period \u00b9
568.5
535.1 8.1 7.5 435.5 418.7 141.2 123.9
Current service costs
11.2
18.0 0.2 0.2 - - 11.4 18.2
Interest expense
24.1
23.5 0.3 0.3 - - 24.4 23.8
Interest income
-
- - - 19.9 18.8 -19.9 -18.8
Other
7.4
-3.9 - - -3.8 -3.2 11.2 -0.7
Components of defined benefit costs recognized 42.6 37.7 0.5 0.5 16.1 15.6 27.1 22.6
in the consolidated statements of income
Return on plan assets, excluding interest income - - - - -2.9 -18.9 2.9 18.9
Remeasurements
-14.0
-11.7 -0.5 0.3 - - -14.5 -11.5
Remeasurements recognized in the consolidated -14.0 -11.7 -0.5 0.3 -2.9 -18.9 -11.5 7.4
statements of comprehensive income
Employer contributions
-
- - - 7.6 20.6 -7.6 -20.6
Plan participants\u2019 contributions
2.0
2.2 0.2 0.2 2.2 2.4 - -
Benefits paid
-32.2
-27.2 -1.0 -0.8 -25.9 -21.3 -7.3 -6.7
Settlement payments
-3.8
-0.1 - - -3.8 -0.1 - -
Business combinations, disposals and other
0.3
0.7 - - 1.2 - -0.9 0.7
Foreign currency translation effects
-24.1
17.3 -0.9 0.5 -28.9 18.5 3.9 -0.7
Other reconciling items
-57.8
-7.2 -1.7 -0.1 -47.6 20.1 -11.9 -27.4
Balance at end of period
539.4
553.8 6.5 8.1 401.1 435.5 144.8 126.5
Present value of unfunded obligations
137.0
97.9 6.5 8.1 - - 143.5 106.1
Present value of funded obligations
402.4
455.9 - - - - 402.4 455.9
Fair value of benefit plans' assets
-
- - - 401.1 435.5 -401.1 -435.5
Total
539.4
553.8 6.5 8.1 401.1 435.5 144.8 126.5
\u00b9
Includes a reclassification of EUR 14.7 million from other liabilities to defined benefit plan liability.
As of December 31, 2025 employee benefit liabilities were EUR 545.8 (561.9) million. Employee benefit liabilities comprise EUR 526.4 (537.4) million with weighted average duration of over 5 years and EUR 19.5 (24.6) million
with weighted average duration of 1\u20135 years.
The expected contributions to defined benefit type arrangements in 2025 are EUR 7.7 million.
The actual return on defined benefit plans\u2019 assets was EUR 16.9 (0.0) million.
Fair values of major classes of plan assets,
MEUR Dec 31, 2025 Dec 31, 2024
Fair value of plan assets with a quoted market price
373.1
402.6
Other
27.9
32.9
Total
401.1
435.5
Amounts recognized in the statement of income,
MEUR Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Defined contribution pension plans
348.8
341.9
Defined benefit pension plans
26.6
22.1
Other post-employment benefits
0.5
0.5
Total
375.9
. 364.5
Defined benefit plans: assumptions used in calculating
Dec 31, 2025
Dec 31, 2024
benefit obligations Europe USA Europe USA
Discount rate
4.2%
5.3% 4.1% 5.5%
Future salary increase
2.3%
- 1.6% -
Future pension increase
1.3%
- 4.6% -
Sensitivity of the defined benefit
obligation to changes in actuarial
Change in
Impact on defined benefit obligation
assumptions assumptions Dec 31, 2025 Dec 31, 2024
Discount rate
+0.25p.p.
-2.3% -1.9%
Discount rate
-0.25p.p.
2.5% 3.0%
Future pension increase
+0.25p.p.
1.0% 1.1%
Future pension increase
-0.25p.p.
-1.0% -1.0%
Sensitivities are calculated by changing one assumption at a time while keeping other variables constant.
6.1 Management remuneration KONE\u2019s management remuneration covers the Board of Directors, President and CEO and the Executive Board. More information is available in KONE Remuneration Report. Board of Directors Decided by the Annual General Meeting, the annual compensation for the Board of Directors is paid 40% in KONE Corporation class B shares and 60% in cash. The annual compensation of the members of the board committees is paid in cash. Board fees are not paid to a board member who is employed by the company with a separate employment contract. The Vice Chair of the Board, Jussi Herlin has a separate employment contract for his role as Executive Vice Chair of the Board at KONE. The employment-based compensation for Jussi Herlin consists of a base salary, benefits and an annual short-term incentive decided by the Board on the basis of the Group\u2019s financial result. The short-term incentive for 2024 could not exceed 100 percent of the recipient\u2019s annual base salary. The maximum earning opportunity for the short-term incentive was increased to 200% of the Executive Vice Chair\u2019s annual base salary as of 1 January 2025. The Executive Vice Chair\u2019s retirement age and pension are determined in accordance with Finland\u2019s Pensions Act. Statutory pension cost for the year 2025 was EUR 39.2 thousand. No separate agreement regarding early retirement has been made. The carrying value of the pension liability for Board Member Matti Alahuhta (served as President & CEO until March 31, 2014) included in the balance sheet is EUR 4,152.2 thousand at the end of 2025 and the yearly pension paid to him by KONE in 2025 was EUR 316.5 thousand.
Compensation paid to the Board of Directors, \u00b9 \u00b2
EUR, thousand
Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Herlin Antti, Chairman of the Board
230.0
230.0
Herlin Jussi, Vice Chair of the Board \u00b3
229.4
241.3
Agrawala Banmali \u2074
110.0
-
Alahuhta Matti
120.0
120.0
Duinhoven Susan
130.0
130.0
Fredriksson Marika
130.0
130.0
Herlin Iiris
110.0
110.0
Ihamuotila Timo
120.0
120.0
Mikkilineni Krishna
110.0
110.0
Kant Ravi \u2075
-
110.0
Total
1,289.4
1,301.3
1 Shareholdings are presented in the Corporate Governance Statement. 2 Includes also the annual compensation of the Board which was performed by using shares of KONE Corporation decided by the Annual General Meeting held on March 5, 2025. 3 Remuneration paid based on employment. 4 Board member since March 5, 2025. 5 Board member until March 5, 2025. President and CEO Philippe Delorme joined KONE as the President and CEO on January 1, 2024. The compensation for the President and CEO Philippe Delorme consists of an annual base salary, short-term incentive plan, long-term incentive plan, fringe benefits and contribution towards pension as determined by the Board. The performance criteria applied to the annual short-term incentive in 2024, paid in 2025, was based on KONE\u2019s financial and strategic performance as well as individual performance. The short- term incentive for 2024 could not exceed 150 percent of his annual salary. The maximum earning opportunity for the short-term incentive was increased from 150% to 200% of the CEO\u2019s annual base salary as of 1 January 2025. In addition, Philippe Delorme is included in the performance based long-term incentive plan 2025 for the Group\u2019s top management. Additional information concerning share-based incentives of the President and CEO is disclosed in note 6.2 Share-based payments. Philippe Delorme\u2019s retirement age and pension are determined in accordance with Finland\u2019s Pensions Act. Statutory pension cost for the year 2025 was EUR 332.8 thousand. In addition, he receives a contribution of EUR 80 thousand to maintain his French pension scheme. There is no separate agreement regarding early retirement. His employment contract includes a severance entitlement to an equivalent of 18 months\u2019 salary, which includes the salary for a six-month term of notice in case of termination before retirement. Remuneration paid to the President and CEO and to the members of the Executive Board EUR, thousand \u00b9
Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
The President & CEO
Members of the
The President & CEO
Members of the
Philippe Delorme Executive Board Philippe Delorme Executive Board
Base salary
844.1
4,261.0 819.4 3,880.2
Benefits
87.8
695.2 131.7 999.0
Annual short-term incentive
1,017.0
1,983.6 - 2,502.1
Long-term incentive plan
-
9,574.0 - 3,854.7
Pensions
80.0
21.0 80.0 18.3
Total compensation
2,028.9
16,534.8 1,031.2 11,254.3
Performance based long-term incentive plans for the President and CEO and the Executive Board as of December 31, 2025
President and CEO -
The President and
Executive Board - Executive Board -
Number of shares,
CEO -
Number of
Number of shares,
Number of
Performance
maximum earning
transferred shares
maximum earning
transferred shares
Plan \u00b2 Period Vesting Year opportunity \u00b3 for vested plans opportunity \u00b3 for vested plans
LTI 2022
Jan 2022 -
Dec
2025 - - 250,445 72,870
2024
LTI 2023
Jan 2023 -
Dec
2026 - - 296,081 11,200
2025
LTI 2024
Jan 2024 -
Dec
2027 85,247 - 332,465 7,977
2026
LTI 2025 Jan 2025 - Dec 2027 2028 74,368 - 328,874 - 1 Holdings of the shares are presented in the Corporate Governance Statement. 2 LTI 2024 was granted to Philippe Delorme. 3 The maximum number of KONE class B shares available for earning (gross before deduction for applicable taxes).
Executive Board
The compensation for the members of the Executive
Board (excl. the President and CEO) comprises an annual
base salary, short-term incentive plan, long-term
incentive plan and fringe benefits. The short-term
incentive is based on KONE\u2019s financial targets and
strategic performance, as well as individual performance.
The achievement for the pre-set targets for 2025 is
determined by the Nomination and Compensation
Committee and may not exceed 100 percent of the annual
base salary. The members of the Executive Board are
included in the performance based long-term incentive
plans for the top management. Additional information
concerning share-based incentives of the Executive
Board is disclosed in note 6.2 Share-based payments. No
separate agreement regarding early retirement has been
made for the members of the Executive Board. The
compensation for the termination of the employment
contract prior to retirement is a maximum of 15 months\u2019
salary, which includes the salary for a six-month term of
notice.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
Accounting principles
Employee benefits The Group operates various employee benefit plans in accordance with local conditions and practices. The plans are classified as either defined contribution plans or defined benefit plans. The pension plans are generally funded by payments from employees a nd by the relevant KONE companies. The assets of these plans are generally held in separate insurance companies or trustee -administered funds. Pension costs and liabilities are based on calculations by the local authorities or independent qualified actuari es. Contributions to the defined contribution plans are charged directly to the statement of income in the year to which these contributions relate. For defined benefit plans, pension cost is determined based on the advice of qualified actuaries who carry out a full valuation of the plan on a regular basis using the projected unit credit method. Under this method, the costs of providing pensions are charged to the statement of income so as to spread the regular costs over the working lives of employees. KON E presents the service cost relating to defined benefit obligations in employment expenses while the net interest is presented in financing expenses. The liability arising from the defined benefit post -employment plans is the present value of the defined benefit obligation less the fair value of plan assets. The discount rates used in the actuarial calculations of employee benefits liabilities are adjus ted to market rates. Obligations to pay long- term disability benefit, the level of which is dependent on the length of service of the employee, are measured to reflect the probability that payments will be required and the length of service for which it is expected to be made. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
Compensation paid to the Board of Directors, \u00b9 \u00b2
EUR, thousand
Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Herlin Antti, Chairman of the Board
230.0
230.0
Herlin Jussi, Vice Chair of the Board \u00b3
229.4
241.3
Agrawala Banmali \u2074
110.0
-
Alahuhta Matti
120.0
120.0
Duinhoven Susan
130.0
130.0
Fredriksson Marika
130.0
130.0
Herlin Iiris
110.0
110.0
Ihamuotila Timo
120.0
120.0
Mikkilineni Krishna
110.0
110.0
Kant Ravi \u2075
-
110.0
Total
1,289.4
1,301.3
1
Shareholdings are presented in the Corporate Governance Statement.
2
Includes also the annual compensation of the Board which was performed by using shares of KONE Corporation decided by the Annual General Meeting
held on March 5, 2025.
3
Remuneration paid based on employment.
4
Board member since March 5, 2025.
5
Board member until March 5, 2025.
EUR, thousand \u00b9
Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
The President & CEO
Members of the
The President & CEO
Members of the
Philippe Delorme Executive Board Philippe Delorme Executive Board
Base salary
844.1
4,261.0 819.4 3,880.2
Benefits
87.8
695.2 131.7 999.0
Annual short-term incentive
1,017.0
1,983.6 - 2,502.1
Long-term incentive plan
-
9,574.0 - 3,854.7
Pensions
80.0
21.0 80.0 18.3
Total compensation
2,028.9
16,534.8 1,031.2 11,254.3
Performance based long-term incentive plans for the President and CEO and the Executive Board as of December 31,
2025
President and CEO -
The President and
Executive Board - Executive Board -
Number of shares,
CEO -
Number of
Number of shares,
Number of
Performance
maximum earning
transferred shares
maximum earning
transferred shares
Plan \u00b2 Period Vesting Year opportunity \u00b3 for vested plans opportunity \u00b3 for vested plans
LTI 2022
Jan 2022 -
Dec
2025 - - 250,445 72,870
2024
LTI 2023
Jan 2023 -
Dec
2026 - - 296,081 11,200
2025
LTI 2024
Jan 2024 -
Dec
2027 85,247 - 332,465 7,977
2026
LTI 2025
Jan 2025 -
Dec
2027
2028
74,368
-
328,874
-
1
Holdings of the shares are presented in the Corporate Governance Statement.
2
LTI 2024 was granted to Philippe Delorme.
3
The maximum number of KONE class B shares available for earning (gross before deduction for applicable taxes).
6.3 Related party transactions
KONE\u2019s related parties comprise its subsidiaries,
associated companies, as well as the Board of Directors,
the President & CEO, and the Executive Board including
any companies controlled or significantly influenced by
them. The Corporate Controlling function evaluates and
monitors transactions between the Group and its related
parties to ensure that any conflicts of interest are taken
into account appropriately in KONE\u2019s decision making
process.
Except for management remuneration there have not
been any material transactions between KONE and its
members of the Board of Directors, the President & CEO
and the Executive Board including any companies
controlled or significantly influenced by them. Information
concerning management remuneration is disclosed in
note 6.1 and shares held by the members of the Board of
Directors, the President & CEO, the Executive Board is
disclosed in the Corporate Governance Statement.
KONE\u2019s subsidiaries are disclosed in the Subsidiaries
section of the Annual Review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
Compensation paid to the Board of Directors, \u00b9 \u00b2
EUR, thousand
Jan 1\u2013Dec 31, 2025 Jan 1\u2013Dec 31, 2024
Herlin Antti, Chairman of the Board
230.0
230.0
Herlin Jussi, Vice Chair of the Board \u00b3
229.4
241.3
Agrawala Banmali \u2074
110.0
-
Alahuhta Matti
120.0
120.0
Duinhoven Susan
130.0
130.0
Fredriksson Marika
130.0
130.0
Herlin Iiris
110.0
110.0
Ihamuotila Timo
120.0
120.0
Mikkilineni Krishna
110.0
110.0
Kant Ravi \u2075
-
110.0
Total
1,289.4
1,301.3
1 Shareholdings are presented in the Corporate Governance Statement. 2 Includes also the annual compensation of the Board which was performed by using shares of KONE Corporation decided by the Annual General Meeting held on March 5, 2025. 3 Remuneration paid based on employment. 4 Board member since March 5, 2025. 5 Board member until March 5, 2025. President and CEO Philippe Delorme joined KONE as the President and CEO on January 1, 2024. The compensation for the President and CEO Philippe Delorme consists of an annual base salary, short-term incentive plan, long-term incentive plan, fringe benefits and contribution towards pension as determined by the Board. The performance criteria applied to the annual short-term incentive in 2024, paid in 2025, was based on KONE\u2019s financial and strategic performance as well as individual performance. The short- term incentive for 2024 could not exceed 150 percent of his annual salary. The maximum earning opportunity for the short-term incentive was increased from 150% to 200% of the CEO\u2019s annual base salary as of 1 January 2025. In addition, Philippe Delorme is included in the performance based long-term incentive plan 2025 for the Group\u2019s top management. Additional information concerning share-based incentives of the President and CEO is disclosed in note 6.2 Share-based payments. Philippe Delorme\u2019s retirement age and pension are determined in accordance with Finland\u2019s Pensions Act. Statutory pension cost for the year 2025 was EUR 332.8 thousand. In addition, he receives a contribution of EUR 80 thousand to maintain his French pension scheme. There is no separate agreement regarding early retirement. His employment contract includes a severance entitlement to an equivalent of 18 months\u2019 salary, which includes the salary for a six-month term of notice in case of termination before retirement. Remuneration paid to the President and CEO and to the members of the Executive Board ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
6.2 Share-based payments
KONE has two share-based incentive plan structures, a
performance-based long-term incentive plan structure
(LTI) and a restricted share plan structure (RSP).
Share-based payments recognized as an expense in
the statements of income amounted to EUR 39.5 (38.0)
million in 2025.
Performance based long-term incentive plan
structure
The performance based long-term incentive plan
structure (LTI) emphasizes profitable growth and
sustainability. It consists of annually commencing
individual share plans, each with a three-year rolling
performance period. The performance criteria for each
commencing performance year is determined on an
annual basis. The plans vest and are delivered in one
portion after the three-year performance period, based on
accumulated outcomes of each performance year. If the
participant's employment or service relationship with
KONE Group terminates before the end of the
performance period, the participant, as a rule, forfeits the
share award without compensation.
The target group and targets for each annually
commencing long-term incentive plan as well as possible
rewards are decided upon annually by the Board. As part
of the plan for the top management, a long-term share
ownership target has been set. For the Executive Board
members, the ownership target of KONE shares
corresponds to a minimum of five years\u2019 annual base
salary. For other selected top management positions, the
ownership target corresponds a minimum of two years\u2019
base salary.
The performance based long-term incentive plan is
targeted to approximately 600 top leaders annually,
including the President and CEO, members of the
Executive Board and selected key employees of KONE
Group. The performance criteria applied to the 2022,
2023, 2024 and 2025 performance years are based on
annual growth in sales, adjusted EBIT margin (jointly 80%)
and improvements in sustainability performance. In 2025,
sustainability performance is assessed through a
Sustainability Index, which measures progress in carbon
Performance based long-term incentive plans as of December 31, 2025
Plan
LTI 2022
LTI 2023
LTI 2024
LTI 2025
Jan 2022 - Jan 2023 - Jan 2024 - Jan 2025 -
Performance Period Dec 2024 Dec 2025 Dec 2026 Dec 2027
Vesting year 2025
2026
2027
2028
Performance criteria Adjusted EBIT Margin % and Sales Growth: 80%
Sustainability: 20%
Maximum number of shares \u00b9
788,768
1,025,056
1,216,229
1,091,947
Number of shares outstanding as of Dec 31,
2025 \u00b9
-
570,884
861,080
856,810
Share price at initial grant date, EUR
56.80
52.48
44.73
48.41
Performance outcome for vested plans, %
78.0%
-
-
-
Number of transferred shares for vested plans
253,248
11,200
7,977
-
\u00b9 Gross before deduction for applicable taxes
Accounting principles
Share-based payments
KONE share-based incentive plan structures are targeted
to the top management and other key employees of
KONE. Pursuant to the plan rules, the potential rewards
are settled as a combination of KONE class B shares
and/or cash when the criteria set in the terms and
conditions for the plan are met. The number of shares
earned by participants under the share-based incentive
plan structures are determined on gross basis with
deduction for taxes made when applicable before
delivery of the shares to the participants. The
arrangements are equity settled only. The fair value of
the share-based payments settled with KONE class B
shares has been determined at the grant date and will be
recognized as an expense over the vesting period. The
total amount to be expensed over the vesting period is
determined based on the Group\u2019s estimate of the number
of the shares that are expected to be vested by the end
of the vesting period.
The impact of any non-market vesting conditions has
been excluded, but they are included in assumptions
about the number of shares that are expected to be
distributed. At each statement of financial position date,
the Group revises its estimates of the number of shares
that are expected to be distributed. It recognizes the
impact of the revision of original estimates in the
statement of income. The fair value of the cash settled
part of share-based payments reward has been
determined so that it covers taxes and taxable benefit
costs that are incurred. KONE recognizes the impact of
the revision of original estimates, if any, in the statement
of income.
emission reduction, diversity, safety performance and
cybersecurity.
Restricted share plan structure
The restricted share plan structure (RSP) serves as a
complementary incentive structure used as a commitment
instrument for retention and recruitment purposes for top
management (excluding the President and CEO) and other
selected key employees. The restricted share plan
structure does not have a performance condition. Each
annually commencing plan has a commitment period up to
three years, after which the potentially granted share
awards will be paid to the participant, provided that their
employment or service relationship with KONE Group is in
force at the time of payment.
Restricted share plans as of December 31, 2025
Plan
RSP 2022
RSP 2023
RSP 2024
RSP 2025
Jan 2022 - Jan 2023 - Jan 2024 - Jan 2025 -
Plan Period Dec 2024 Dec 2025 Dec 2026 Dec 2027
Maximum number of shares \u00b9
55,650
163,429
80,000
81,250
Number of shares outstanding as of Dec 31, 2025 \u00b9
-
80,091
67,442
55,950
Weighted average share price for outstanding shares,
EUR
-
40.37
45.79
50.45
Number of transferred shares as of Dec 31, 2025
33,426
18,286
2,266
-
\u00b9 Gross before deduction for applicable taxes
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "Accounting principles Share-based payments KONE share-based incentive plan structures are targeted to the top management and other key employees of KONE. Pursuant to the plan rules, the potential rewards are settled as a combination of KONE class B shares and/or cash when the criteria set in the terms and conditions for the plan are met. The number of shares earned by participants under the share-based incentive plan structures are determined on gross basis with deduction for taxes made when applicable before delivery of the shares to the participants. The arrangements are equity settled only. The fair value of the share-based payments settled with KONE class B shares has been determined at the grant date and will be recognized as an expense over the vesting period. The total amount to be expensed over the vesting period is determined based on the Group\u2019s estimate of the number of the shares that are expected to be vested by the end of the vesting period. The impact of any non-market vesting conditions has been excluded, but they are included in assumptions about the number of shares that are expected to be distributed. At each statement of financial position date, the Group revises its estimates of the number of shares that are expected to be distributed. It recognizes the impact of the revision of original estimates in the statement of income. The fair value of the cash settled part of share-based payments reward has been determined so that it covers taxes and taxable benefit costs that are incurred. KONE recognizes the impact of the revision of original estimates, if any, in the statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138001CNF45JP5XZK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }