Classification: KONE Internal

KONE H1 2024

Q2 1

Half-year financial report

KONE's January–June 2024 review:

Solid order growth in three of the four geographical Areas, margin improvement continued

April–June 2024

Orders received grew by 2.3% to EUR 2,327.6 (4–6/2023: 2,275.5) million. At comparable exchange rates, orders grew by 3.6%.
Sales declined by 1.2% to EUR 2,801.0 (2,835.9) million. At comparable exchange rates, sales declined by 0.1%.
Operating income (EBIT) was EUR 334.7 (283.2) million or 11.9% (10.0%) of sales. Adjusted EBIT was EUR 334.7 (332.0) million or 11.9% (11.7%) of sales. ¹
Cash flow from operations (before financing items and taxes) was EUR 312.6 (306.1) million.

January–June 2024

Orders received grew by 0.5% to EUR 4,563.3 (1–6/2023: 4,538.6) million. At comparable exchange rates, orders grew by 2.6%.
Sales declined by 0.4% to EUR 5,369.3 (5,392.5) million. At comparable exchange rates, sales grew by 1.2%.
Operating income (EBIT) was EUR 597.0 (521.5) million or 11.1% (9.7%) of sales. The adjusted EBIT was EUR 597.0 (573.9) million or 11.1% (10.6%) of sales. ¹
Cash flow from operations (before financing items and taxes) was EUR 710.8 (762.0) million.

Business outlook for 2024 (specified)

KONE expects its sales to grow 0–4% at comparable exchange rates in 2024. Adjusted EBIT margin is expected to be in the range of 11.5%–12.2%. Assuming that foreign exchange rates remain at the July 2024 level, the negative impact of foreign exchange rates on the adjusted EBIT would be approximately EUR 10 million.

KONE previously expected its sales to grow 0–5% at comparable exchange rates in 2024. Adjusted EBIT margin was expected to be in the range of 11.5%–12.3%. Assuming that foreign exchange rates remain at the April 2024 level, the impact of foreign exchange rates on the adjusted EBIT was expected to be limited.

¹ KONE presents adjusted EBIT as an alternative performance measure to enhance comparability of business performance between reporting periods. In January–June 2024, there were no items affecting comparability. In the comparison period, items affecting comparability included restructuring costs and a positive effect arising from the revaluation of operations in Russia classified as held for sale.

Key figures

		4–6/2024	4–6/2023	Change	1–6/2024	1–6/2023	Change	1–12/2023
Orders received	MEUR	2,327.6	2,275.5	2.3%	4,563.3	4,538.6	0.5%	8,577.7
Order book	MEUR				9,326.6	9,041.9	3.1%	8,715.7
Sales	MEUR	2,801.0	2,835.9	-1.2%	5,369.3	5,392.5	-0.4%	10,952.3
Operating income	MEUR	334.7	283.2	18.2%	597.0	521.5	14.5%	1,200.1
Operating income margin	%	11.9	10.0		11.1	9.7		11.0
Adjusted EBIT ¹	MEUR	334.7	332.0	0.8%	597.0	573.9	4.0%	1,248.4
Adjusted EBIT margin ¹	%	11.9	11.7		11.1	10.6		11.4
Income before tax	MEUR	336.8	284.7	18.3%	602.5	525.8	14.6%	1,206.1
Net income	MEUR	261.0	221.8	17.6%	466.9	407.5	14.6%	931.6
Basic earnings per share	EUR	0.50	0.43	15.8%	0.89	0.79	13.4%	1.79
Cash flow from operations (before financing items and taxes)	MEUR	312.6	306.1		710.8	762.0		1,485.2
Interest-bearing net debt	MEUR				-417.7	-640.9		-1,013.4
Equity ratio	%				36.2	34.5		40.9
Return on equity	%				36.2	32.0		33.0
Net working capital (including financing items and taxes)	MEUR				-782.8	-948.7		-861.2
Gearing	%				-17.6	-28.8		-36.4

Philippe Delorme, President and CEO:

"I am very pleased that our focus on accelerating Service and Modernization paid off again in Q2. For me, the standout of the quarter was the double-digit growth in orders in three of our four Areas at comparable exchange rates. This was driven by all-time high Modernization orders, a result of our relentless focus on making modernizing elevators easier for our customers in the aging installed base. Another highlight was the strong 9% growth in Service sales at comparable exchange rates. We will continue to drive a higher share of the resilient Service and Modernization businesses also going forward.

Also in China, we are driving a more balanced business mix in the tough operating environment. The property market in China remained very challenging in Q2. This led to a significant decline in both our orders and sales in China New Building Solutions. Our priority is to ensure solid cash flow and to achieve a more balanced business mix in the Area. Service and Modernization now account for around a third of our sales in China and these businesses grew well also in Q2.

Importantly, we improved our profitability for the sixth quarter in a row. Our adjusted EBIT margin improved by 20 basis points year-over-year. This was driven by improved margin in our New Building Solutions and Modernization deliveries outside China as well as better business mix. On the negative side, we saw a decline in our margin in China and cost increases driven by inflation. We specify our guidance for the year, and now expect sales to grow by 0 to 4% at comparable exchange rates and the adjusted EBIT margin to be between 11.5% and 12.2%.

We also got valuable feedback from both our employees and customers in our annual surveys. I am very happy that our employee engagement improved during a period of many changes and continued to be well above the global benchmark. We saw strong results in wellbeing, inclusion and intent to stay with KONE. In the customer loyalty survey, we improved on many aspects, and our Modernization net promoter score, for example, continued to improve. We also learned that there are areas where we need to work hard to improve customer experience. I would like to extend a huge thank you to both our employees and customers for taking the time to provide this feedback, which will enable us to improve further."

Key figures

Orders received (MEUR) In April–June 2024, orders received grew by 2.3% (at comparable exchange rates, orders received grew by 3.6%). Growth was double digit at comparable exchange rates in all other Areas except Greater China.
- At comparable rates, New Building Solutions orders received declined clearly with clear decline in the volume business and significant decline in major projects. In Modernization, orders received grew significantly with significant growth in the volume business and significant growth in major projects.
- Overall, the margin of orders received was stable year-onyear. Margin was down in China and slightly up in the rest of the world.
- In January–June 2024, orders received grew by 0.5% (grew by 2.6% at comparable exchange rates).
Sales (MEUR) In April–June 2024, sales declined by 1.2% (declined by 0.1% at comparable exchange rates). Growth (at comparable exchange rates) across all Areas in the Service and Modernization businesses compensated for the decline in New Building Solutions sales.
- New Building Solutions sales declined by 12.9% (declined by 11.1% at comparable exchange rates) primarily due to lower deliveries in Greater China. Service sales grew by 8.8% (grew by 9.0% at comparable rates) and Modernization sales grew by 10.8% (grew by 11.1% at comparable rates).
- In the Americas Area, sales grew by 10.4% (grew by 9.9% at comparable rates). Sales in the Europe Area grew by 6.1% (grew by 5.8% at comparable rates). In the Asia-Pacific, Middle East and Africa (APMEA) Area, sales grew by 1.6% (grew by 6.6% at comparable rates). In the Greater China Area, sales declined by 19.1% (declined by 17.2% at comparable rates).
- In January–June 2024, sales declined by 0.4% (grew by 1.2% at comparable exchange rates).

¹ KONE has previously disclosed geographical information about sales separately for three regions: EMEA, Americas, and APAC. From 2024 onwards, KONE discloses geographical information about sales separately for four Areas: Europe, Americas, APMEA (Asia-Pacific, Middle East and Africa), and Greater China. The change in the disclosure is aligned with KONE's new operating model and increases the relevance of the financial information. Geographical information about sales for the comparison period 2023 is disclosed in the notes to the interim report.

Adjusted EBIT (MEUR) In April–June 2024, operating income was 11.9% of sales (4–6/2023: 10.0%). Adjusted EBIT margin was 11.9% (11.7%).
- Profitability improved thanks to favorable business mix and better margin in our New Building Solutions and Modernization deliveries outside China. Profitability was burdened by the decline in margin in China. Broad-based inflation was also a headwind, but this was partly offset by the savings from the operating model renewal.
- With comparable exchange rates, the translation impact on operating income for the comparison period was EUR -4.1 million.
- In January–June 2024, operating income was 11.1% of sales (1–6/2023: 9.7%). The adjusted EBIT margin was 11.1% (10.6%).
- (MEUR) At the end of June 2024, net working capital increased moderately compared to the beginning of the year.
  - Foreign exchange rates had a limited impact on the net working capital.

1 Including financing items and taxes

Cash flow ²(MEUR) In April–June 2024 cash flow was EUR 312.6 million.
- Cash flow improved somewhat as a result of the increase in operating income.
- In January–June 2024, cash flow declined slightly but was still solid at EUR 710.8 million.

² Cash flow from operations before financing items and taxes

Net working capital ¹

KONE's January–June 2024 review

KONE's operating environment

	New Building Solutions market in units		Service market in units		Modernization market in monetary value
	4–6/2024	1–6/2024	4–6/2024	1–6/2024	4–6/2024	1–6/2024
Total market	--	--	+	+	++	++
North America	-	-	+	+	+++	+++
Europe	+	stable	+	+	++	++
Asia-Pacific, Middle East and Africa	++	+++	++	++	+++	+++
China	---	---	++	++	++	++

– – – Significant decline (>10%), – – Clear decline (5–10%), – Slight decline (<5%), Stable, + Slight growth (<5%), ++ Clear growth (5–10%), +++ Significant growth (>10%)

April–June 2024

The global New Building Solutions market declined clearly during the second quarter with regional differences in demand. In North America, the market declined slightly. In Europe, the market grew slightly with growth in Southern and Eastern parts of Europe, and weaker activity in the Western parts and Nordics. In Asia-Pacific, Middle East and Africa, activity grew clearly, supported by strong development especially in the Middle East. Market remained weak in China.

Both Service and Modernization markets developed positively with continued growth across all regions.

Intense competition impacted the New Building Solutions pricing environment in China, while elsewhere pricing was more stable. In the Service and Modernization markets, the pricing environment was favorable.

January–June 2024

Regional differences in demand trends were apparent in the global New Building Solutions market during the first half of 2024. In the more mature markets, activity was impacted by high interest rates and slow economic growth, while in many emerging markets activity was more favorable. In China, activity continued to decline due to property market downturn. In Asia-Pacific, Middle East and Africa, activity grew significantly, supported by strong development especially in India and the Middle East. In Europe, market was stable with continued mixed regional activity levels. In North America, the market declined slightly.

Both the Service and Modernization markets developed positively with growth across all regions.

Orders received and order book

Orders received, MEUR		4–6/2024 4–6/2023		Change Comparable change ¹	1–6/2024	1–6/2023	Change Comparable	change ¹	1–12/2023
Orders received	2,327.6	2,275.5	2.3%	3.6%	4,563.3	4,538.6	0.5%	2.6%	8,577.7

Order book, MEUR			Jun 30, 2024	Jun 30, 2023		Change	Comparable change ¹		Dec 31, 2023
Order book			9,326.6		9,041.9	3.1%	2.6%		8,715.7

¹ Change at comparable foreign exchange rates

Orders received consist predominantly of New Building Solutions and Modernization orders. Service contracts are not included in orders received, but the figure includes orders related to the Service business, such as repairs.

April–June 2024

Orders received grew by 2.3% as compared to April–June 2023 and totaled EUR 2,327.6 million. At comparable exchange rates, KONE's orders received grew by 3.6%. Growth was double digit at comparable exchange rates in all other Areas except Greater China.

At comparable rates, orders received in New Building Solutions declined clearly with clear decline in the volume business and significant decline in major projects. In Modernization, orders received grew significantly with significant growth in the volume business and significant growth in major projects.

Overall, the margin of orders received was stable year-on-year. Margin was down in China and slightly up in the rest of the world. In Greater China, pricing and mix together had over 10% negative impact on average new equipment prices.

Orders received in the Americas Area grew significantly at comparable rates as compared to April–June 2023. New Building Solutions orders declined significantly and Modernization orders grew significantly in the Area.

Orders received in the Europe Area grew significantly at comparable exchange rates as compared to April–June 2023. New Building Solutions orders grew significantly and Modernization orders grew significantly in the Area.

Orders received in the Asia-Pacific, Middle East and Africa (APMEA) Area grew significantly at comparable rates as compared to April–June 2023. New Building Solutions orders were stable and Modernization orders grew significantly in the Area.

Orders received in Greater China Area declined significantly at comparable rates as compared to April–June 2023. New Building Solutions orders declined clearly in units and declined significantly in monetary value. Modernization orders grew significantly in the Area.

January–June 2024

Orders received grew by 0.5% as compared to January–June 2023 and totaled EUR 4,563.3 million. At comparable exchange rates, KONE's orders received grew by 2.6%.

At comparable rates, orders received in New Building Solutions declined clearly with clear decline in the volume business and slight decline in major projects. In Modernization, orders received grew significantly. Orders grew significantly in the volume business and grew significantly in major projects.

Orders received in the Americas Area grew significantly at comparable rates as compared to January–June 2023. New Building Solutions orders were stable and Modernization orders grew significantly in the Area.

Orders received in the Europe Area grew clearly at comparable exchange rates as compared to January–June 2023. New Building Solutions orders grew slightly and Modernization orders grew significantly in the Area.

Orders received in the Asia-Pacific, Middle East and Africa (APMEA) Area grew significantly at comparable rates as compared to January–June 2023. New Building Solutions orders grew clearly and Modernization orders grew significantly in the Area.

Orders received in Greater China Area declined significantly at comparable rates as compared to January–June 2023. New Building Solutions orders declined slightly in units and declined significantly in monetary value. Modernization orders grew significantly in the Area.

The order book grew by 3.1% compared to the end of June 2023 and stood at a strong level of EUR 9,326.6 million at the end of the reporting period. At comparable rates, the order book grew by 2.6%.

The order book margin continued to be at a healthy level. Customer cancellations were at a very low level.

Sales

By business, MEUR		4–6/2024 4–6/2023		Change Comparable change ¹	1–6/2024	1–6/2023		Change Comparable change ¹	1–12/2023
New Building Solutions	1,174.2	1,348.8	-12.9%	-11.1%	2,202.7	2,458.1	-10.4%	-8.0%	4,921.5
Service	1,114.2	1,024.4	8.8%	9.0%	2,197.3	2,032.4	8.1%	9.0%	4,127.0
Modernization	512.7	462.7	10.8%	11.1%	969.3	902.0	7.5%	8.3%	1,903.8
Total	2,801.0	2,835.9	-1.2%	-0.1%	5,369.3	5,392.5	-0.4%	1.2%	10,952.3

By Area, MEUR	4–6/2024 4–6/2023			Change Comparable change ¹	1–6/2024	1–6/2023		Change Comparable change ¹	1–12/2023
Americas	668.5	605.5	10.4%	9.9%	1,305.2	1,200.2	8.8%	8.9%	2,469.4
Europe	1,052.6	991.9	6.1%	5.8%	2,059.3	1,975.2	4.3%	4.0%	4,000.7
APMEA	382.1	375.9	1.6%	6.6%	732.8	717.5	2.1%	7.7%	1,470.9
Greater China	697.9	862.6	-19.1%	-17.2%	1,271.9	1,499.6	-15.2%	-12.1%	3,011.3
Total	2,801.0	2,835.9	-1.2%	-0.1%	5,369.3	5,392.5	-0.4%	1.2%	10,952.3

¹ Change at comparable foreign exchange rates

April–June 2024

KONE's sales declined by 1.2% as compared to April–June 2023, and totaled EUR 2,801.0 million. At comparable exchange rates, KONE's sales declined by 0.1%. Growth (at comparable exchange rates) across all Areas in Service and Modernization compensated for the decline in New Building Solutions sales.

New Building Solutions sales declined by 11.1% at comparable exchange rates primarily due to lower deliveries in Greater China. Service sales grew by 9.0% at comparable exchange rates, thanks to 7% Service base growth (including some inorganic growth), improved pricing and continued momentum in value-added services. Modernization sales grew by 11.1% at comparable exchange rates.

In the Americas Area, sales grew by 10.4% and totaled EUR 668.5 million. At comparable exchange rates, sales grew by 9.9%. New Building Solutions sales grew significantly, Service sales grew clearly and Modernization sales grew significantly in the Area.

Sales in the Europe Area grew by 6.1% and totaled EUR 1,052.6 million. At comparable exchange rates, sales grew by 5.8%. New Building Solutions sales declined slightly, Service sales grew clearly and Modernization sales grew significantly in the Area.

In the Asia-Pacific, Middle East and Africa (APMEA) Area, sales grew by 1.6% and totaled EUR 382.1 million. At comparable exchange rates, sales grew by 6.6%. New Building Solutions sales grew slightly, Service sales grew significantly and Modernization sales grew significantly in the Area.

Sales in the Greater China Area declined by 19.1% and totaled EUR 697.9 million. At comparable exchange rates, sales declined by 17.2%. New Building Solutions sales declined significantly, Service sales grew clearly and Modernization sales grew clearly in the Area.

January–June 2024

KONE's sales declined by 0.4% as compared to January–June 2023, and totaled EUR 5,369.3 million. At comparable exchange rates, KONE's sales grew by 1.2%. Growth (at comparable exchange rates) across all Areas in Service and Modernization compensated for the decline in New Building Solutions sales.

New Building Solutions sales declined by 8.0% at comparable exchange rates. Service sales grew by 9.0% at comparable exchange rates, thanks to 7% Service base growth (including some inorganic growth), improved pricing and continued momentum in value-added services. Modernization sales grew by 8.3% at comparable exchange rates.

In the Americas Area, sales grew by 8.8% and totaled EUR 1,305.2 million. At comparable exchange rates, sales grew by 8.9%. New Building Solutions sales grew significantly, Service sales grew clearly and Modernization sales grew clearly in the Area.

Sales in the Europe Area grew by 4.3% and totaled EUR 2,059.3 million. At comparable exchange rates, sales grew by 4.0%. New Building Solutions sales declined clearly, Service sales grew clearly and Modernization sales grew clearly in the Area.

In Asia-Pacific, Middle East and Africa (APMEA) Area, sales grew by 2.1% and totaled EUR 732.8 million. At comparable exchange rates, sales grew by 7.7%. New Building Solutions sales grew slightly. Service sales grew significantly and Modernization sales grew clearly in the Area.

Sales in the Greater China Area declined by 15.2% and totaled EUR 1,271.9 million. At comparable exchange rates, sales declined by 12.1%. New Building Solutions sales declined significantly, Service sales grew clearly and Modernization sales grew significantly in the Area.

Financial result

	4–6/2024	4–6/2023	Change	1–6/2024	1–6/2023	Change	1–12/2023
Operating income, MEUR	334.7	283.2	18.2%	597.0	521.5	14.5%	1,200.1
Operating income margin, %	11.9	10.0		11.1	9.7		11.0
Adjusted EBIT, MEUR	334.7	332.0	0.8%	597.0	573.9	4.0%	1,248.4
Adjusted EBIT margin, %	11.9	11.7		11.1	10.6		11.4
Income before taxes, MEUR	336.8	284.7	18.3%	602.5	525.8	14.6%	1,206.1
Net income, MEUR	261.0	221.8	17.6%	466.9	407.5	14.6%	931.6
Basic earnings per share, EUR	0.50	0.43	15.8%	0.89	0.79	13.4%	1.79

April–June 2024

KONE's operating income (EBIT) was EUR 334.7 million or 11.9% of sales. Adjusted EBIT was EUR 334.7 million or 11.9% of sales. Profitability improved thanks to favorable business mix and better margin in our New Building Solutions and Modernization deliveries outside China. Profitability was burdened by the decline in margin in China. Broad-based inflation was also a headwind, but this was partly offset by the savings from the operating model renewal.

In April–June 2024, there were no items affecting comparability.

With comparable exchange rates, the translation impact on operating income for the comparison period was EUR -4.1 million.

Basic earnings per share was EUR 0.50.

Cash flow and financial position

January–June 2024

KONE's operating income (EBIT) was EUR 597.0 million or 11.1% of sales. The adjusted EBIT was EUR 597.0 million or 11.1% of sales. Profitability improved thanks to favorable business mix and better margin in our New Building Solutions and Modernization deliveries outside China. Profitability was burdened by the decline in margin in China. Broad-based inflation was also a headwind, but this was partly offset by the savings from the operating model renewal.

In January–June 2024, there were no items affecting comparability.

With comparable exchange rates, the translation impact on operating income for the comparison period was EUR -8.4 million.

Basic earnings per share was EUR 0.89.

	4–6/2024	4–6/2023	1–6/2024	1–6/2023	1–12/2023
Cash flow from operations (before financing items and taxes), MEUR	312.6	306.1	710.8	762.0	1,485.2
Net working capital (including financing items and taxes), MEUR			-782.8	-948.7	-861.2
Interest-bearing net debt, MEUR			-417.7	-640.9	-1,013.4
Gearing, %			-17.6	-28.8	-36.4
Equity ratio, %			36.2	34.5	40.9
Equity per share, EUR			4.50	4.25	5.32

KONE's financial position was strong at the end of June 2024.

In January–June 2024 cash flow from operations (before financing items and taxes) declined slightly but was still solid at EUR 710.8 million.

Net working capital (including financing items and taxes) was EUR -782.8 million at the end of June 2024. Compared to the beginning of the year net working capital increased moderately. Foreign exchange rates had a limited impact on the net working capital.

Interest-bearing net debt was EUR -417.7 million at the end of June 2024. KONE's cash and cash

equivalents together with current deposits and loan receivables were EUR 1,130.3 (Dec 31, 2023: 1,688.4) million at the end of the reporting period. Interest-bearing liabilities were EUR 727.9 (Dec 31, 2023: 687.8) million, including a pension liability of EUR 126.7 (Dec 31, 2023: 132.9) million and lease liabilities of EUR 395.4 (Dec 31, 2023: 349.1) million. Additionally, KONE had an asset on employee benefits, EUR 11.2 (Dec 31, 2023: 9.2) million. Gearing was -17.6% and the equity ratio was 36.2% at the end of June 2024.

Equity per share was EUR 4.50.

Capital expenditure and acquisitions

MEUR	4–6/2024	4–6/2023	1–6/2024	1–6/2023	1–12/2023
On fixed assets	32.9	38.6	57.7	64.5	161.2
On leasing agreements	58.2	33.9	114.6	67.0	161.1
On acquisitions	17.2	75.2	71.6	143.3	190.3
Total	108.2	147.7	243.9	274.8	512.7

KONE's capital expenditure and acquisitions totaled EUR 243.9 million in January–June 2024. Capital expenditure excluding acquisitions was mainly related to manufacturing and R&D facilities, and IT licenses as well as tools and equipment in R&D.

Capital expenditure on leases consists mainly of maintenance vehicles and office facilities.

Acquisitions totaled EUR 71.6 million in January– June 2024. KONE completed several predominantly service-related acquisitions in Europe.

Research and development

	4–6/2024	4–6/2023	Change	1–6/2024	1–6/2023	Change	1–12/2023
R&D expenditure, MEUR	52.2	49.0	6.6%	100.6	95.1	5.8%	185.0
As percentage of sales, %	1.9	1.7		1.9	1.8		1.7

The objective of KONE's research and development (R&D) is to drive differentiation by putting the needs of customers and users at the center of all development. Our R&D activities focus on developing smart and sustainable solutions that adapt to future needs. By integrating elevators and escalators with digital systems, we enable an even smoother people flow and an improved user experience. Built-in connectivity in our newest elevator models makes them a digital platform for various services and new business models. We support our customers in achieving their eco-efficiency goals throughout the building lifecycle, for instance by continuously developing the energyefficiency of our solutions. Additionally, we continue to develop a variety of strategic partnerships to further enhance our customer focused solutions. Thanks to KONE's worldwide engagement with regulating authorities and extensive contribution to standardization, we ensure regulatory conformity as well as cost competitive market access for our innovative solutions.

Research and development expenditure totaled EUR 100.6 million, representing 1.9% of sales in January–June 2024. R&D expenditure includes the development of new products and service concepts as well as further development of existing solutions and services.

In April 2024, KONE launched a company-wide innovation challenge, inviting every employee at KONE to be an innovator, and foster a culture of co-creation.

The goal of the competition was to achieve the next leap in Modernization, encompassing the entire value chain, including products, services, and operations. The competition yielded over 1,000 innovative ideas.

In June 2024, KONE won the prestigious Red Dot Award for Product Design 2024 in the Industrial Equipment, Machinery and Automation category. The commendation was received for the KONE 4G Gateway elevator connectivity device, honoring the company's commitment to innovation, sustainability, and user-centric design capabilities.

Additionally in June 2024, KONE SiteFlow was honored with the 'Award of Excellence' in the Innovation category at the 2024 Council on Tall Buildings and Urban Habitat (CTBUH) Awards. A disruptive innovation aimed at solving efficiency and productivity challenges in the building industry, the recognition highlights KONE SiteFlow's contributions for advancing tall building solutions and urban development through construction acceleration.

During the second quarter, KONE introduced a range of updates to its Modernization offering and portfolio, including the capability to speed up installations in smaller machine rooms and to provide quieter operation and improved ride comfort. KONE also broadened the availability and improved the usability of ReSolve MRL DX for modernizing other brands' equipment.

Personnel

KONE employees	1–6/2024	1–6/2023	1–12/2023
Average number of employees	63,707	63,020	63,164
Number of employees at the end of period	63,792	62,962	63,536
Americas	7,753	7,577	7,625
Europe	21,039	20,587	20,542
APMEA	12,219	12,102	12,116
Greater China	22,781	22,695	23,253

KONE's main goal is to have the most capable and engaged team of professionals, who succeed in a changing world. Great employee experience, a diverse and inclusive culture, continuous learning, flexibility, and wellbeing are the core elements in our Empowered People Way to Win, one of the four KONE-wide transformation and development initiatives, which enable us to succeed in our strategy. KONE's activities are all guided by ethical principles. Employee rights and responsibilities include the right to a safe and healthy working environment, fair and equitable labor conditions, personal wellbeing, freedom of association, collective bargaining, non-discrimination, and the right to a working environment in which harassment and bullying are not tolerated.

Employee engagement, KONE culture and talent

We actively encourage diversity at KONE, and our values guide us in upholding an inclusive culture. During the second quarter of 2024, we celebrated KONE Value Awards and recognized value-based behaviors across the organization. We launched Pulse, our global employee engagement survey, involving all employees in the dialogue to help shape the future of our company. 57,000 employees responded to the survey, translating into a 92% response rate. The results of the survey indicate strong engagement levels and a good foundation to make further advancements on.

We launched our third global Employee Resource Group (ERG) on mental health and continued rolling out the DEI e-learning in all geographies. We also celebrated Pride month in June in many countries, with both internal and external communication campaigns, events and awareness building. We also launched our local chapter of the #fromKONEwithpride (ERG for LGBTIQ+ inclusion) in the Americas. Lastly, we have been working on defining our philosophy for Pay transparency and Pay equity.

Highlights

Strong response rate in the employee engagement survey Pulse
In June, we celebrated Pride month across the world

During the second quarter, hires in Operatives increased as we recruited to keep up with business demand. The majority of our Operative hiring continues to be in China and Europe, but recruitment volumes for salespeople increased as well, mainly in Europe.

Identifying and developing talent continues to be a key focus at KONE and our Leadership and Talent Review (LTR) process for 2024 began in April. The LTR process is continued by assessing the strength of our succession planning across the organization to ensure that we are actively seeking new development opportunities for our top talent.

Learning and development

Throughout the second quarter, we further increased our learning capabilities. This was achieved through a series of Train the Trainer (TTT) sessions focusing on our globally prioritized learning solutions. This expansion of our internal trainer network is pivotal in scaling up and enhancing the quality of our training delivery across KONE.

In preparation for the next strategy period, we have started to work on the KONE learning ambition. Establishing a clear learning ambition is crucial because it serves as a guiding principle that is aligned with the company strategic direction. The learning ambition will be finalized during the second half of 2024.

Performance and reward

At the end of the second quarter, we started our mid-year review process which consists of performance and development discussions on achievements and progress during the first half of the year as well as on priorities and goals for the second half. An important part of the mid-year review is individual development planning, focusing on competences for both current and potential future roles.

Environment

In line with KONE's strategic target of being a leader in sustainability, our environmental approach supports the ongoing green and digital transformation of the built environment into smart eco-cities, low-carbon communities, and net zero energy buildings.

Recognitions

During the first quarter of 2024, KONE was once again recognized by CDP for its efforts in reducing emissions, mitigating climate risks, and developing a low-carbon economy by being placed on CDP's Climate Change List. KONE is among a small number of companies to achieve an A out of over 21,000 companies scored. KONE has disclosed through CDP since 2009 and this is the 11th consecutive year for KONE to receive a leadership score of A or A-. KONE was also recognized on 2023 CDP Supplier Engagement Leaderboard, which recognizes companies that actively engage with their suppliers on climate topics.

KONE's continued performance in driving sustainability has also been recognized on a recent Clean200 ranking. Released by Corporate Knights and California-based shareholder advocates As You Sow, the Clean200 list ranks publicly traded companies that are leading clean economy solutions and earning the most from sustainable sources. In the 2024 Clean200 ranking, KONE reached 55th place (2023: 53) and is the only elevator and escalator company on the list.

During the second quarter, KONE received two renowned sustainability recognitions. KONE was recognized by TIMEs and Statista's 'World's Most Sustainable Companies of 2024' list of 500 companies, amongst the top 25%. This acknowledgment is a validation of our commitment to our ambitious climate targets, high CDP scores, reduction of Scope 1 and 2 emissions, and use of renewable energy. KONE also received the Financial Times and Statista Climate Leaders 2024 recognition.

Highlights

KONE received the TIMEs and Statista's 'World's Most Sustainable Companies of 2024' and Financial Times and Statista Climate Leaders 2024 recognitions
Sustainability Report 2023 published
KONE's manufacturing units have reduced their emissions by 82% since 2018

Environmental targets and outcomes

KONE announced its climate pledge in 2020. The company's long-term target for Scope 1 and 2 greenhouse gas (GHG) emissions is an absolute reduction of 50% by 2030 from the base-year 2018. The vast majority of all the emissions associated with KONE's activities are generated outside the company's immediate operations in the value chain, particularly by the products' lifetime energy consumption and material use. KONE has therefore also set a long-term target for reducing product and value chain related Scope 3 GHG emissions by 40% by 2030, relative to ordered products from the base-year 2018, in addition to a pledge to have carbon neutral operations by 2030.

2023 carbon footprint calculations were finalized during the first quarter of 2024. KONE's total carbon footprint data (Scope 1, 2 and 3 GHG emissions) has been externally assured. In 2023, KONE exceeded its target to reduce the operational carbon footprint (Scope 1 and 2) by 25% compared to 2018 (154,700 tCO2e). Due to the expansion of the operations, KONE also measures comparable carbon footprint scope, which decreased by 27% in 2023 compared to 2019 baseline (144,400 tCO2e). The largest individual factor contributing to the reduction in Scope 1 and 2 greenhouse gas (GHG) emissions was the systematic transition to both the use of renewable electricity in the facilities globally and a lower-emission vehicle fleet. KONE is committed to reducing electricity consumption in its own operations and has set a target to increase the share of electricity from renewable sources to more than 85% by the end of 2023 and to 100% by 2030. In 2023, 97% of KONE's consumed electricity globally came from renewable sources, up from 84% in the previous year. KONE's manufacturing units have reduced their emissions by 82% compared to 2018 by increasing renewable energy production and use and the number of e-forklifts.

In 2023, KONE's absolute Scope 3 product and value chain emissions (including purchased goods and services and the use of sold products) decreased by 1.8% compared to 2018 and 3.9% compared to 2022. Emissions per product ordered decreased by 5.1% compared to 2018 (71.4 tCO2e/order) and 0.8% compared to 2022 (68.3 tCO2e/order). The furtherimproved energy efficiency of the products contributed to the reduction of emissions in 2023, due to, for instance, the increased share of energyefficient electrification systems and regenerative drives in ordered elevators. Furthermore, in 2023, a larger share of customers' buildings was located in countries that increased the share of renewable energy in their national electricity production, thus emitting fewer GHG emissions.

KONE has also set a separate target of a 4% annual reduction in its Scope 3 logistics carbon footprint relative to units delivered. In 2023, the GHG emissions from logistics increased by 0.6% in absolute terms, and the number of units delivered decreased by 1.7% compared to 2022. Thus, relative to units delivered, KONE's logistics emissions increased by 2.3% compared to the previous year. The most significant factor impacting logistics carbon footprint is the increase in air freight emissions, driven by the growth in spare part sales, which is the primary contributor to the use of air freight deliveries at KONE. Business travel emissions increased by 78% compared to the

previous year but remained lower than pre‑COVID-19 levels.

KONE's long-term (2030) and annual target for waste management is 0% landfill waste at manufacturing units. In 2023, we were already at a low level of 0.6% (2022: 0.2%). During 2023, KONE met its long-term and annual biodiversity target, which states that our manufacturing units must not be located in or near UNESCO Word Heritage sites, Nature 2000 sites or other conservation parks, or biodiversity-sensitive areas.

KONE tracks the amount of NOx, SOx and VOC emissions, and our long-term target is to limit the amount of NOx and Sox emissions to less than one ton per year and VOC emissions to less than two tons per year. In 2023, air pollution reduction target was met.

During the second quarter, KONE published its Sustainability Report 2023, including main environmental and social initiatives, targets, progress against the targets and actions including future plans to reduce the company's emissions.

KONE's sustainable offering

KONE supports sustainable and green buildings through an energy-efficient and innovative offering, the use of functional and sustainable materials, as well as the transparent documentation of our products' environmental impacts.

KONE has a wide range of best-in-class energy performance references for its products in various building types, market areas and product specifications, and currently has a total of 34 best-inclass energy efficiency references for elevator and escalator platforms according to the international ISO 25745 standard for the energy performance of lifts, escalators and moving walks. During the first quarter of 2024, externally verified Environmental Product Declarations (EPDs) were published for RESOLVE™ 200 DX, RESOLVE™ 400 DX and KONE ReGenerate™ 200 DX Europe modernization solutions.

During the second quarter of 2024, KONE received Singapore Green Building Product (SGBP) certifications for three DX platforms, KONE TranSys™ DX, KONE MiniSpace™ DX and KONE N MiniSpace™ DX.

Changes in the Executive Board

Philippe Delorme started as President and CEO of KONE on January 1, 2024. Henrik Ehrnrooth continued as Executive Advisor until the end of March 2024, supporting the transition and induction of the new CEO. KONE announced Philippe Delorme's appointment on October 25, 2023.

Kaori Uehigashi started as an interim Executive Vice President for Strategy & Transformation on January 4, 2024, and will act in this position until the end of 2024.

Nicolas Alchal started his position as an interim Executive Vice President for Europe Area on March

Other events

In 2007, a decision was issued by the European Commission concerning alleged local anticompetitive practices before early 2004 in Germany, Luxembourg, Belgium and the Netherlands by leading elevator and escalator companies, including KONE's local subsidiaries. Also, the Austrian Cartel Court issued in 2007 a decision concerning anti-competitive practices that had taken place before mid-2004 in local Austrian markets by leading elevator and escalator companies, including KONE's local subsidiary. As previously announced by KONE, a number of civil

1, 2024, when Karla Lindahl started her maternity leave. Karla will return to the position of Executive Vice President, Europe in early 2025. KONE announced these changes on December 19, 2023.

On May 6, 2024, KONE announced that Kaija Bridger has been appointed Executive Vice President, People & Communications, and a member of the Executive Board at KONE as of July 1, 2024, succeeding Susanne Skippari, who decided to leave KONE for a position outside the company.

damage claims by certain companies and public entities relating to the two 2007 decisions are pending in related countries. The claims have been made against various companies concerned by the decisions, including certain KONE companies. All claims are independent and are progressing procedurally at different stages. The total capital amount claimed jointly and severally from all of the defendants together was EUR 64 million at the end of June 2024 (March 31, 2024: EUR 64 million). KONE's position is that the claims are without merit. No provision has been made.

Most significant risks

KONE is exposed to risks that may arise from its operations or changes in the operating environment. The most significant risk factors described below can potentially have an adverse effect on KONE's business operations and financial position and, as a result, on the value of the company. Other risks, which are currently either unknown or considered immaterial to KONE may, however, become material in the future.

Strategic risks

The demand for KONE's products and services and the competitive environment are impacted by the general economic cycles and especially the level of activity within the construction industry. The uncertain economic outlook, and its impacts on construction markets especially in Europe and in the US, represents a risk to KONE's business and profitability. KONE aims to mitigate these risks with more dynamic pricing strategies and contract models as well as ongoing actions to improve productivity and lower product costs. Slowdown in the Chinese construction sector may limit KONE's New Building Solutions sales growth.

Intensifying geopolitical risks and tensions, business environment unpredictability and disruptions in global supply chains may impact KONE's main markets and expose KONE to business disruptions and profitability risks. In addition to the level of market demand, the competitiveness of KONE's offering is a key driver for growth and profitability. A failure to anticipate or address changes in customer requirements and in competitors' offerings, ecosystems and business models or in the regulatory environment could result in a deterioration of the competitiveness of KONE's offering. Furthermore, structural changes in the competitive landscape of the elevator and escalator industry, such as increased competition and customer consolidation, could affect market dynamics and KONE's market share.

Operational risks

Empowered employees with relevant competencies and skills are key to the successful execution of our strategy. With business models and ways of working changing in the elevator and escalator industry, KONE needs new organizational capabilities, as well as new competencies and talent on the individual employee level in different fields, such as in digitalization. At the same time, the competition over talent, such as skilled field workforce, is increasing, especially in Europe. Securing the needed resources and their competence management is critical. A failure to develop and retain the required capabilities or obtain them through recruitment could have an adverse impact on KONE's growth and profitability.

The majority of components used in KONE's supply chain are sourced from external suppliers, a significant number of which are located in China. KONE also subcontracts a significant amount of

installation activity, outsources certain business support processes and works with partners in e.g. digital services and logistics. This exposes KONE to supply chain and logistics constraints, risks related to component and subcontracted labor availability and cost as well as to continuity risk in partnerships. A failure to secure the needed materials, components or resources, or quality issues within these, could cause business disruptions, rescheduling of orders and cost increases. Labor availability constraints may also impact progress at construction sites and performance of maintenance and repair services. KONE uses its global supply network to manage supply chain disruptions as well as uncertainties in the global material markets and logistics.

As one of the leading companies in the industry, KONE has a strong brand and reputation. Issues that impact the company's reputation or brand could affect KONE's business and financial performance. Such reputational risks could materialize in the case of e.g. safety, cybersecurity or non-compliance incidents, major delivery issues or product or service quality issues.

Hazard, security and incidental risks

KONE's business activities are dependent on the uninterrupted operation, quality and reliability of its manufacturing facilities, sourcing channels, operational service solutions and logistics processes. The operations of KONE, its suppliers and customers utilize information technology extensively and KONE's business is dependent on the quality, integrity, availability and confidentiality of information. Thus, KONE is exposed to IT disruption and cybersecurity risks, as operational information systems and products may be vulnerable to interruption, loss or manipulation of data, or malfunctions which can result in disruptions in processes and equipment availability.

Geopolitical tensions, for instance those related to the war in Ukraine as well as the Red Sea conflict, which escalated in the beginning of 2024 and impacted global ocean freight, may lead to further cyber, hybrid and even conventional attacks causing local and global disturbances that may impact KONE, our customers and our suppliers.

A breach of sensitive employee or customer data may result in significant penalties as well as reputational damage. Such incidents could be caused by, including but not limited to, cyber-crime, cyber-attacks, ransomware, information theft, fraud, or inadvertent actions from our employees and vendors.

Physical damage caused by fire, extreme weather conditions, natural catastrophes or terrorism, among other things, could also cause business interruption for KONE or its suppliers.

Financial risks

The majority of KONE's sales and financial result are denominated in currencies other than the euro,

which exposes KONE to risks arising from foreign exchange rate fluctuations. KONE is also exposed to counterparty risks related to financial institutions, through the significant amounts of liquid funds deposited with financial institutions, in the form of financial investments and in derivatives. Additionally, KONE is exposed to risks related to liquidity and payment discipline of its customers, which may impact cash flow or lead to credit losses, especially in China. KONE's customer portfolio is well diversified, which limits individual customer risks. Significant changes in local financial or taxation regulation could also have an impact on KONE's financial performance, liquidity, and cash flow. For further information on financial risks, please refer to notes 2.4, 3.2 and 5.3 in the Financial Statements for 2023 .

Risk management

Risks	Mitigation actions
Weakening of the global economic environment	KONE strives to continuously develop its competitiveness in all regions and businesses. KONE has a wide geographic presence, global manufacturing capabilities and supply network, as well as a balanced business portfolio with a high share of Service and Modernization business.
Geopolitical tensions impacting the competitiveness of KONE's supply chain, leading to increased costs or causing potential disruptions	KONE is continuously working on mitigating any potential delays of its products and critical components. KONE actively monitors the development of the applicable and relevant regulations, policies and trade rules, prepares for alternative scenarios and evaluates the competitiveness and viability of KONE's supply chain and sourcing channels. KONE is taking actions to mitigate the impact of tariffs, for example by applying for tariff exemptions when applicable. KONE also applies increased scrutiny over business operations that may be affected by international trade restrictions or other geopolitical actions.
Changes in the competitive or customer landscape, customer requirements or competitors' offerings impacting KONE's competitiveness	KONE aims to be the industry leader with its competitive offering by investing in research and development and by taking an open innovation approach. KONE also closely follows emerging industry and market trends and actively monitors opportunities for industry consolidation.
Increasing material, fuel and/or logistics costs weakening KONE's profitability	KONE aims to offset cost increases by improving the margin of orders received and adopting dynamic pricing and contract models which allow KONE to pass on increased supply costs. Improving pricing, securing productivity gains and lowering product costs remain high on KONE's agenda.
A failure to secure and develop the needed organizational capabilities and competencies	KONE continuously evaluates the skills and competences required for the execution of the selected strategy and develops and/or acquires these from internal talent pools or externally. KONE also has extensive training programs in place to develop and retain critical talents.
Risks related to component and subcontracted labor availability	KONE's sourcing processes aim to identify critical suppliers and supply categories and implement alternative sources, long-term agreements, last-buy options and other measures to ensure the availability of the supply. KONE has also developed multinational subcontractor pools to ensure subcontractor capacity on a regional level. Subcontractors' competences and capabilities are monitored and developed continuously, similarly as with own employees. The semiconductor market is closely monitored, and the situation managed with detailed planning of delivery execution and active involvement of supply chain partners among other actions.
Product integrity, safety or quality issues as well as issues with reputation	To mitigate product risks, KONE has strict quality control processes for product design, supply, manufacturing, installation and maintenance. In addition, KONE aims for transparent and reliable communication, to prevent reputational risks and to manage potential incidents. KONE also has stringent corporate governance principles in place.
Interruptions to KONE's or its suppliers' operations	KONE actively develops business continuity management capabilities to reduce the impact and likelihood of disruptions within its supply chain. Furthermore, KONE monitors the operations, business continuity management capabilities, financial strength and cybersecurity of its key suppliers. In addition, KONE aims to secure the availability of alternative sourcing channels for critical components and services. KONE also has a global property damage and business interruption insurance program in place. KONE's global supply chain helps mitigate the risk of interruptions. KONE has 10 manufacturing facilities in seven countries, multiple distribution centers and a large supplier network across the globe, which helps to mitigate the impacts from potential disruptions in individual locations or countries.
IT system interruptions and cybersecurity risks	KONE's security policies define controls to safeguard premises, information and information systems which are both in development and in operation, in order to detect cybersecurity incidents and to respond and recover in a timely manner. KONE works with third-party security service providers and trusted, well-known technology partners to manage the risks through the control framework. KONE conducts tests, reviews and exercises to identify areas of risk and to ensure the appropriate preparedness. The company continues to invest in its cybersecurity capabilities based on these findings. KONE also has a global cyber insurance program in place.
Financial risks	KONE applies centralized risk management in accordance with the KONE Treasury Policy. More information on financial risk management can be found in notes 2.4, 3.2 and 5.3 of KONE's Financial Statements 2023.

Decisions of the Annual General Meeting

KONE Corporation's Annual General Meeting was held in Helsinki on February 29, 2024.

The meeting approved the financial statements, considered the Remuneration Report for governing bodies and discharged the responsible parties from liability for the financial period January 1-December 31, 2023.

The General Meeting approved dividends in line with the Board of Director's proposal of EUR 1.7475 for each of the class A shares and EUR 1.75 for each of the outstanding class B shares. The date of record for dividend distribution was March 4, 2024 and dividend was paid on March 11, 2024.

The number of Members of the Board of Directors was confirmed as nine. Re-elected as Members of the Board were Matti Alahuhta, Susan Duinhoven, Marika Fredriksson, Antti Herlin, Iiris Herlin, Jussi Herlin, Ravi Kant and Krishna Mikkilineni. Timo Ihamuotila was elected as new Member to the Board of Directors.

At its meeting held after the General Meeting on February 29, 2024, the Board of Directors of KONE Corporation elected from among its members Antti Herlin as its Chairman and Jussi Herlin as Vice Chair.

Marika Fredriksson was elected as Chair and Susan Duinhoven, Jussi Herlin and Timo Ihamuotila as members of the Audit Committee. Marika Fredriksson, Susan Duinhoven and Timo Ihamuotila are independent of both the company and of significant shareholders.

Jussi Herlin was elected as Chair and Matti Alahuhta, Antti Herlin and Susan Duinhoven as members of the Nomination and Compensation Committee. Matti Alahuhta and Susan Duinhoven are independent of both the company and of significant shareholders.

The General Meeting confirmed an annual compensation of EUR 220,000 for the Chairman of the Board, EUR 125,000 for the Vice Chairman and EUR 110,000 for Board Members. Of the annual compensation, 40 percent will be paid in class B shares of KONE Corporation and the rest in cash. In addition, the General Meeting confirmed a separate annual compensation to the members of the board committees: Chairman of the Audit Committee: EUR 20,000 and members of the Audit Committee: EUR 10,000, and Chairman of the Nomination and Compensation Committee: EUR 20,000 and members of the Nomination and Compensation Committee: EUR 10,000. The annual compensation of the members of the board committees is paid in cash. In addition, it was resolved that compensation is not paid to a Board Member who is employed by the company.

The General Meeting approved the authorization for the Board of Directors to repurchase KONE's 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 2025.

Furthermore, the General Meeting authorized the Board of Directors to decide on the issuance of shares as well as the issuance of options and other special rights entitling to shares referred to in Chapter 10, Section 1 of the Limited Liability Companies Act. The number of shares to be issued based on this authorization shall not exceed 7,620,000 class A shares and 45,310,000 class B shares. The Board of Directors decides on all the conditions of the issuance of shares and of special rights entitling to shares. The authorization concerns both the issuance of new shares as well as the transfer of treasury shares. The issuance of shares and of special rights entitling to shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization will be valid until the conclusion of the following annual general meeting, however, at the latest until 30 June 2025.

The audit firm Ernst & Young Oy was nominated as the auditor for the term 2024 and it will also carry out the assurance of the company's sustainability reporting for the financial year 2024.

Share-based incentive plans

KONE has two separate share-based incentive plans, one performance share plan and one restricted share plan.

The performance share plan emphasizes profitable growth and sustainability. It consists of annually commencing individual share plans, each with a three-year rolling performance period. The plans vest and rewards are delivered in one portion after the three years, based on accumulated outcomes for the three-year performance period. 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 within the plan as well as the maximum earning opportunity are decided upon annually by the Board. As part of the long-term incentive plan for the top management, a long-term target for their ownership has been set. For the Executive Board members, the long-term ownership target is that the members have an ownership of KONE shares corresponding to at least five years' annual base salary. For other selected top management positions, the ownership target is at least two years' base salary.

For the performance period 2024-2026, the plan has approximately 600 top leaders and selected key employees, including the President and CEO and members of the Executive Board. The performance criteria applied to the year 2024 are based on

annual growth in sales and adjusted EBIT margin (jointly 80%), and improvements in sustainability (20%). The sustainability performance condition is a combination of reductions in carbon footprint, diversity and inclusion as well as safety related targets.

The restricted share plan serves as a complementary long-term share plan to be 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 does not have a performance condition. The plan has a commitment period up to three years, after which the 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.

Pursuant to the share-based incentive 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 plans are determined on gross basis with a deduction for taxes made, if applicable, before the delivery of the net shares to the participants. Share-based incentive plans are classified as equity settled transactions.

Share capital and market capitalization	Jun 30, 2024	Dec 31, 2023
Number of class B shares	453,187,148	453,187,148
Number of class A shares	76,208,712	76,208,712
Total shares	529,395,860	529,395,860
Treasury shares	11,869,230	12,159,159
Share capital, EUR	66,174,483	66,174,483
Market capitalization, MEUR ¹	23,853	23,358

Shares and share capital

¹ Market capitalization is calculated on the basis of both the listed B shares and the unlisted A shares excluding treasury shares. Class A shares are valued at the closing price of the class B shares at the end of the reporting period.

Treasury shares	1–6/2024
Treasury shares at the beginning of the period	12,159,159
Changes in treasury shares during the period	-289,929
Treasury shares at the end of the period	11,869,230

At the end of June 2024, the Group's parent company KONE Oyj had 11,869,230 class B treasury shares. The treasury shares represent 2.6% of the

total number of class B shares. This corresponds to 1.0% of the total voting rights.

Shares traded on Nasdaq Helsinki		1–6/2024	1–6/2023	1–12/2023
Shares traded on the Nasdaq Helsinki Ltd., millions		76.7	75.1	145.3
Average daily trading volume		618,291	605,475	579,003
Volume-weighted average share price	EUR	45.59	49.31	45.79
Highest share notation	EUR	51.38	53.34	53.34
Lowest share notation	EUR	41.33	45.52	37.2
Share notation at the end of the period	EUR	46.09	47.83	45.16

In addition to the Nasdaq Helsinki Ltd., KONE's class B share is traded also on various alternative trading platforms.

The number of registered shareholders was 110,750 at the beginning of the review period and 109,162 at its end. The number of private

households holding shares totaled 104,138 at the end of the period, which corresponds to approximately 12.2% of the listed B shares. At the end of June 2024, a total of 51.3% of the B shares were owned by nominee-registered and non-Finnish investors.

Market outlook 2024 (updated)

	North America	Europe	Asia-Pacific, Middle East and Africa	China
New Building Solutions in units	stable	stable	++	---
Service in units	+	+	++	++
Modernization in monetary value	+++	++	+++	+++

		– – – Significant decline (>10%), – – Clear decline (5–10%), – Slight decline (<5%), Stable, + Slight growth (<5%), ++ Clear growth (5–10%), +++ Significant growth (>10%)

In the New Building Solutions market, activity is expected to be stable both in North America and in Europe. In Asia-Pacific, Middle East and Africa activity is expected to grow clearly. In China, market is expected to decline over 10% in units and price pressure to continue.

Business outlook 2024 (specified)

Key drivers for sales growth are positive outlook for Service and Modernization and the strong order book. Declining New Building Solutions market in China is a headwind.

The key profitability drivers are sales growth in Service and Modernization, improved margin coming through in deliveries outside China and savings from the operating model renewal. Persistent cost inflation

Modernization markets are expected to grow in all regions supported by an aging equipment base as well as the focus on sustainability and adaptability of buildings.

Service markets are expected to grow slightly in the more mature markets and grow clearly in Asia-Pacific, Middle East and Africa and in China.

and decision to slightly increase investments in R&D and IT are expected to impact profitability negatively.

KONE previously expected its sales to grow 0–5% at comparable exchange rates in 2024. Adjusted EBIT margin was expected to be in the range of 11.5%– 12.3%. Assuming that foreign exchange rates remain at the April 2024 level, the impact of foreign exchange rates on the adjusted EBIT was expected to be limited.

Helsinki, July 18, 2024

KONE Corporation's Board of Directors

Consolidated statement of income

MEUR	4–6/2024		% 4–6/2023		% 1–6/2024		% 1–6/2023		% 1–12/2023	%
Sales	2,801.0		2,835.9		5,369.3		5,392.5		10,952.3
Costs and expenses	-2,395.7		-2,488.7		-4,630.2		-4,742.4		-9,482.8
Depreciation and amortization	-70.6		-64.0		-142.1		-128.6		-269.4

Operating income	334.7	11.9	283.2	10.0	597.0	11.1	521.5	9.7	1,200.1	11.0
Financing income	10.3		9.8		23.7		26.2		50.0
Financing expenses	-8.3		-8.3		-18.2		-21.9		-43.9
Income before taxes	336.8	12.0	284.7	10.0	602.5	11.2	525.8	9.8	1,206.1	11.0
Taxes	-75.8		-62.8		-135.6		-118.3		-274.6
Net income	261.0	9.3	221.8	7.8	466.9	8.7	407.5	7.6	931.6	8.5
Net income attributable to:
Shareholders of the parent company	258.6		223.1		461.6		406.7		925.8
Non-controlling interests	2.4		-1.2		5.3		0.8		5.8
Total	261.0		221.8		466.9		407.5		931.6

Earnings per share for profit attributable to the shareholders of the parent company, EUR
Basic earnings per share, EUR	0.50		0.43		0.89		0.79		1.79
Diluted earnings per share, EUR	0.50		0.43		0.89		0.79		1.79

Consolidated statement of comprehensive income

MEUR	4–6/2024	4–6/2023	1–6/2024	1–6/2023	1–12/2023
Net income	261.0	221.8	466.9	407.5	931.6

Other comprehensive income, net of tax:
Translation differences	15.3	-60.8	27.7	-100.0	-96.2
Hedging of foreign subsidiaries	-3.9	5.8	-10.9	11.9	15.9
Cash flow hedges	-1.9	-17.0	2.9	-15.0	-18.1
Items that may be subsequently reclassified to statement of income	9.5	-72.1	19.6	-103.1	-98.4

Changes in fair value	-5.2	-8.4	-11.4	-23.4	-23.8
Remeasurements of employee benefits	4.6	-6.9	6.5	-29.2	-17.2
Items that will not be reclassified to statement of income	-0.6	-15.2	-4.9	-52.6	-41.0

Total other comprehensive income, net of tax	8.9	-87.3	14.7	-155.7	-139.5

Total comprehensive income	269.9	134.5	481.6	251.8	792.1

Total comprehensive income attributable to:
Shareholders of the parent company	267.5	135.8	476.3	251.0	786.3
Non-controlling interests	2.4	-1.2	5.3	0.8	5.8
Total	269.9	134.5	481.6	251.8	792.1

Condensed consolidated statement of financial position

Assets

MEUR		Jun 30, 2024	Jun 30, 2023	Dec 31, 2023
Non-current assets
Goodwill		1,509.9	1,439.0	1,469.0
Other intangible assets		316.0	281.2	287.2
Tangible assets		823.1	718.3	779.7
Other non-current receivables	I/II	40.1	2.1	3.5
Shares and other non-current financial assets		86.4	98.4	97.9
Employee benefit assets	I	11.2	12.1	9.2
Deferred tax assets	II	324.3	299.6	320.2
Total non-current assets		3,111.0	2,850.7	2,966.8

Current assets
Inventories	II	845.4	829.2	820.9
Accounts receivable	II	2,530.7	2,531.6	2,495.1
Deferred assets	II	712.9	729.6	641.0
Income tax receivables	II	133.5	143.4	118.7
Current deposits and loan receivables	I	760.0	1,019.1	1,263.9
Cash and cash equivalents	I	370.3	309.1	424.5
Total current assets		5,352.9	5,562.0	5,764.0

Total assets		8,463.9	8,412.6	8,730.8

Equity and liabilities

MEUR		Jun 30, 2024	Jun 30, 2023	Dec 31, 2023

Equity		2,370.2	2,229.1	2,786.0

Non-current liabilities
Loans and other interest-bearing liabilities	I	472.6	417.7	438.7
Employee benefit liabilities	I	126.7	162.4	132.9
Deferred tax liabilities	II	90.9	96.4	86.3
Total non-current liabilities		690.2	676.5	657.9
Provisions	II	190.2	217.3	196.9
Current liabilities
Loans and other interest-bearing liabilities	I	128.6	121.4	116.1
Advance payments received and deferred revenue	II	1,924.2	1,953.5	1,915.7
Accounts payable	II	962.8	952.4	927.0
Accruals	II	2,073.9	2,134.0	1,993.4
Income tax payables	II	123.7	128.4	137.7
Total current liabilities		5,213.2	5,289.8	5,090.0
Total equity and liabilities		8,463.9	8,412.6	8,730.8

Items designated " I " comprise interest-bearing net debt.

Items designated " II " comprise net working capital.

Consolidated statement of changes in equity

	Attributable to the equity holders of the parent
MEUR	Share capital	Share premium account	equity reserve unrestricted Paid-up	Fair value and other reserves	Translation differences	Remeasurements of employee benefits	Treasury shares	Retained earnings	Non-controlling interests	equity Total
Jan 1, 2024	66.2	100.3	245.7	-20.0	69.7		-96.5 -230.2	2,616.9	33.9	2,786.0
Net income for the period								461.6	5.3	466.9
Other comprehensive income:
Translation differences					27.7					27.7
Hedging of foreign subsidiaries					-10.9					-10.9
Cash flow hedges				2.9						2.9
Changes in fair value				-11.4						-11.4
Remeasurements of employee benefits						6.5				6.5
Transactions with shareholders and non-controlling interests:
Profit distribution								-905.5		-905.5
Change in non-controlling interests								-1.0	0.2	-0.8
Share-based compensation							12.7	-3.8		8.9
Jun 30, 2024	66.2	100.3	245.7	-28.5	86.5	-90.0	-217.5	2,168.2	39.4	2,370.2

	Attributable to the equity holders of the parent
MEUR	Share capital	Share premium account	equity reserve unrestricted Paid-up	Fair value and other reserves	Translation differences	Remeasurements of employee benefits	Treasury shares	Retained earnings	Non-controlling interests	equity Total
Jan 1, 2023	66.2	100.3	393.1	21.9	150.1		-79.3 -236.6	2,420.9	29.9	2,866.5

Net income for the period 406.7 0.8 407.5

Other comprehensive income:
Translation differences					-100.0					-100.0
Hedging of foreign subsidiaries					11.9					11.9
Cash flow hedges				-15.0						-15.0
Changes in fair value				-23.4						-23.4
Remeasurements of employee benefits						-29.2				-29.2
Transactions with shareholders and non-controlling interests:
Profit distribution								-904.7		-904.7
Change in non-controlling interests									-1.3	-1.3
Share-based compensation ¹			-147.4				6.4	157.8		16.8
Jun 30, 2023	66.2	100.3	245.7	-16.5	61.9		-108.5 -230.2	2,080.7	29.4	2,229.1

¹ As at January 1st, 2023 the cumulative effect arising from recognition of share based payment rewards has been reclassified from paid-up unrestricted equity to retained earnings to improve presentation.

	Attributable to the equity holders of the parent
MEUR	Share capital	Share premium account	equity reserve unrestricted Paid-up	Fair value and other reserves	Translation differences	Remeasurements of employee benefits	Treasury shares	Retained earnings	Non-controlling interests	equity Total
Jan 1, 2023	66.2	100.3	393.1	21.9	150.1		-79.3 -236.6	2,420.9	29.9	2,866.5
Net income for the period								925.8	5.8	931.6
Other comprehensive income:
Translation differences					-96.2					-96.2
Hedging of foreign subsidiaries					15.9					15.9
Cash flow hedges				-18.1						-18.1
Changes in fair value				-23.8						-23.8
Remeasurements of employee benefits						-17.2		-0.6		-17.8
Transactions with shareholders and non-controlling interests:
Profit distribution								-904.9		-904.9
Change in non-controlling interests									-1.8	-1.8
Share-based compensation ¹			-147.4				6.4	175.7		34.7
Dec 31, 2023	66.2	100.3	245.7	-20.0	69.7		-96.5 -230.2	2,616.9	33.9	2,786.0

Condensed consolidated statement of cash flows

MEUR	4–6/2024	4–6/2023	1–6/2024	1–6/2023	1–12/2023
Operating income	334.7	283.2	597.0	521.5	1,200.1
Change in net working capital	-92.7	-41.1	-28.3	111.9	15.7
Depreciation and amortization	70.6	64.0	142.1	128.6	269.4

Cash flow from operations before financing items and taxes	312.6	306.1	710.8	762.0	1,485.2

Cash flow from financing items and taxes	-110.6	-127.4	-179.8	-216.8	-357.3

Cash flow from operating activities	202.0	178.6	531.0	545.2	1,127.9

Cash flow from investing activities	-52.2	-99.1	-124.2	-192.6	-319.4

Cash flow after investing activities	149.9	79.5	406.8	352.6	808.5

Profit distribution	-120.3	-119.3	-905.5	-904.7	-904.9
Change in deposits and loans receivable, net	-94.8	46.5	521.9	445.0	210.5
Change in loans payable and other interest-bearing debt	-32.2	-27.2	-72.9	-63.0	-166.0
Changes in non-controlling interests	-1.0	-0.5	-1.2	-0.5	-0.8

Cash flow from financing activities	-248.4	-100.5	-457.7	-523.2	-861.3

Change in cash and cash equivalents	-98.5	-20.9	-50.9	-170.6	-52.8

Cash and cash equivalents at beginning of period	469.8	340.0	424.5	495.5	495.5
Translation difference	-1.0	-9.9	-3.3	-15.8	-18.2

Cash and cash equivalents at end of period	370.3	309.1	370.3	309.1	424.5

Change in interest-bearing net debt

MEUR	4–6/2024	4–6/2023	1–6/2024	1–6/2023	1–12/2023
Interest-bearing net debt at beginning of period	-437.9	-738.8	-1,013.4	-1,309.0	-1,309.0
Interest-bearing net debt at end of period	-417.7	-640.9	-417.7	-640.9	-1,013.4

Change in interest-bearing net debt	20.2	97.9	595.7	668.1	295.7

Payments of lease liabilities included in financing activities were EUR 66.3 (January–June 2023: 61.9) million and interest expense paid included in cash flow from financing items and taxes were EUR 11.1 (January–June 2023: 6.6) million.

Notes to the interim report

Accounting principles

KONE Corporation's Interim Report for January–June 2024 has been prepared in line with IAS 34, 'Interim Financial Reporting' and should be read in conjunction with KONE's financial statements for 2023, published on January 25, 2024. KONE has applied the same accounting principles in the preparation of this Interim Report as in its Financial Statements for 2023. The information presented in this Interim Report has not been audited.

Key figures

		1–6/2024	1–6/2023	1–12/2023
Basic earnings per share	EUR	0.89	0.79	1.79
Diluted earnings per share	EUR	0.89	0.79	1.79
Equity per share	EUR	4.50	4.25	5.32
Interest-bearing net debt	MEUR	-417.7	-640.9	-1,013.4
Equity ratio	%	36.2	34.5	40.9
Gearing	%	-17.6	-28.8	-36.4
Return on equity	%	36.2	32.0	33.0
Return on capital employed	%	29.5	26.5	27.8
Total assets	MEUR	8,463.9	8,412.6	8,730.8
Assets employed	MEUR	1,952.5	1,588.2	1,772.6
Net working capital (including financing and tax items)	MEUR	-782.8	-948.7	-861.2

The calculation formulas of key figures are presented in KONE´s Financial Statements for 2023.

Alternative performance measure

KONE reports an alternative performance measure, adjusted EBIT, to enhance the comparability of the business performance between reporting periods. The adjusted EBIT is calculated by excluding from EBIT significant items affecting comparability such as restructuring costs and income and expenses incurred outside normal course of business of KONE. In January–June 2024, there were no items affecting comparability. In the comparison period, items affecting comparability included restructuring costs and a positive effect arising from the revaluation of operations in Russia classified as held for sale.

Alternative performance measure		4–6/2024	4–6/2023	1–6/2024	1–6/2023	1–12/2023
Operating income	MEUR	334.7	283.2	597.0	521.5	1,200.1
Operating income margin	%	11.9	10.0	11.1	9.7	11.0
Items affecting comparability	MEUR	-	48.8	-	52.4	48.3
Adjusted EBIT	MEUR	334.7	332.0	597.0	573.9	1,248.4
Adjusted EBIT margin	%	11.9	11.7	11.1	10.6	11.4

Quarterly figures

KONE has adopted IFRS 16 standard effective January 1, 2019 using the modified retrospective approach and comparative figures have not been restated. IFRS 15 and IFRS 9 standards have been applied from January 1, 2018 onwards and 2017 financials are restated retrospectively.

		Q2/2024	Q1/2024	Q4/2023	Q3/2023	Q2/2023	Q1/2023
Orders received	MEUR	2,327.6	2,235.7	2,049.2	1,989.9	2,275.5	2,263.1
Order book	MEUR	9,326.6	9,133.0	8,715.7	8,839.5	9,041.9	9,176.2
Sales	MEUR	2,801.0	2,568.2	2,809.9	2,749.9	2,835.9	2,556.6
Operating income	MEUR	334.7	262.4	362.1	316.5	283.2	238.3
Operating income margin	%	11.9	10.2	12.9	11.5	10.0	9.3
Adjusted EBIT ¹	MEUR	334.7	262.4	358.6	315.9	332.0	241.9
Adjusted EBIT margin ¹	%	11.9	10.2	12.8	11.5	11.7	9.5
Items affecting comparability	MEUR	-	-	-3.6	-0.5	48.8	3.6

		Q4/2022	Q3/2022	Q2/2022	Q1/2022	Q4/2021	Q3/2021	Q2/2021	Q1/2021
Orders received	MEUR	1,944.2	2,155.5	2,609.0	2,422.6	2,155.1	2,211.1	2,410.7	2,075.9
Order book	MEUR	9,026.1	9,890.5	10,000.4	9,255.4	8,564.0	8,436.9	8,272.5	8,180.4
Sales	MEUR	2,911.5	2,998.2	2,555.1	2,441.9	2,766.8	2,610.0	2,810.8	2,326.4
Operating income	MEUR	367.1	303.9	189.0	171.1	351.9	326.5	367.1	249.8
Operating income margin	%	12.6	10.1	7.4	7.0	12.7	12.5	13.1	10.7
Adjusted EBIT ¹	MEUR	365.0	305.8	209.3	196.5	359.4	326.5	374.0	249.8
Adjusted EBIT margin ¹	%	12.5	10.2	8.2	8.0	13.0	12.5	13.3	10.7
Items affecting comparability	MEUR	-2.1	1.9	20.3	25.4	7.5	-	7.0	-

		Q4/2020	Q3/2020	Q2/2020	Q1/2020	Q4/2019	Q3/2019	Q2/2019	Q1/2019
Orders received	MEUR	2,068.7	1,931.7	2,075.4	2,109.3	1,988.3	2,007.3	2,310.1	2,094.1
Order book	MEUR	7,728.8	7,914.4	8,307.3	8,386.4	8,051.5	8,399.8	8,407.1	8,454.7
Sales	MEUR	2,621.2	2,587.0	2,532.1	2,198.3	2,684.6	2,557.6	2,540.8	2,198.8
Operating income	MEUR	367.1	333.1	315.5	197.2	356.4	314.2	306.5	215.4
Operating income margin	%	14.0	12.9	12.5	9.0	13.3	12.3	12.1	9.8
Adjusted EBIT ¹	MEUR	380.6	339.8	324.6	205.6	367.5	321.9	319.6	228.4
Adjusted EBIT margin ¹	%	14.5	13.1	12.8	9.4	13.7	12.6	12.6	10.4
Items affecting comparability	MEUR	13.5	6.7	9.1	8.4	11.1	7.7	13.1	13.1

		Q4/2018	Q3/2018	Q2/2018	Q1/2018	Q4/2017	Q3/2017	Q2/2017	Q1/2017
Orders received	MEUR	1,937.9	1,831.9	2,118.6	1,908.7	1,845.8	1,739.0	2,056.2	1,913.0
Order book	MEUR	7,950.7	7,791.6	7,915.3	7,786.6	7,357.8	7,473.5	7,749.2	7,960.5
Sales	MEUR	2,443.4	2,288.7	2,330.6	2,008.0	2,306.3	2,209.7	2,337.2	1,943.4
Operating income	MEUR	292.5	258.0	280.5	211.5	292.8	317.9	335.8	245.8
Operating income margin	%	12.0	11.3	12.0	10.5	12.7	14.4	14.4	12.6
Adjusted EBIT ¹	MEUR	319.6	273.7	300.4	218.3	302.6	321.3	335.8	245.8
Adjusted EBIT margin ¹	%	13.1	12.0	12.9	10.9	13.1	14.5	14.4	12.6
Items affecting comparability	MEUR	27.1	15.7	19.9	6.9	9.9	3.3	-	-

¹ Operating income excluding items affecting comparability

Other notes

Net working capital, MEUR	Jun 30, 2024	Jun 30, 2023	Dec 31, 2023
Inventories	845.4	829.2	820.9
Advance payments received and deferred revenue	-1,924.2	-1,953.5	-1,915.7
Accounts receivable	2,530.7	2,531.6	2,495.1
Deferred assets and income tax receivables	846.4	873.0	759.7
Accruals and income tax payables	-2,197.6	-2,262.4	-2,131.1
Provisions	-190.2	-217.3	-196.9
Accounts payable	-962.8	-952.4	-927.0
Other non-current receivables	36.0	-	-
Net deferred tax assets/liabilities	233.4	203.2	233.9
Total net working capital	-782.8	-948.7	-861.2

Depreciation and amortization, MEUR	4–6/2024	4–6/2023	1–6/2024	1–6/2023	1–12/2023
Depreciation and amortization of fixed assets	58.8	53.5	118.8	107.7	222.4
Amortization of acquisition-related intangible assets	11.8	10.5	23.3	20.9	47.0
Total	70.6	64.0	142.1	128.6	269.4

		1–6/2024		1–6/2023
Key exchange rates		Average rate	End rate	Average rate	End rate
Chinese Yuan	EUR/CNY	7.8038	7.7748	7.5156	7.8983
US Dollar	EUR/USD	1.0828	1.0705	1.0789	1.0866
British Pound	EUR/GBP	0.8557	0.8464	0.8752	0.8583
Indian Rupee	EUR/INR	90.1398	89.2495	88.7613	89.2065
Australian Dollar	EUR/AUD	1.6406	1.6079	1.6108	1.6398

Sales by Area in 2023, MEUR	Q1/2023	Q2/2023	Q3/2023	Q4/2023	FY2023
Americas	594.7	605.5	624.4	644.7	2,469.4
Europe	983.3	991.9	958.4	1,067.1	4,000.7
APMEA	341.6	375.9	370.7	382.8	1,470.9
Greater China	637.0	862.6	796.4	715.3	3,011.3
Total	2,556.6	2,835.9	2,749.9	2,809.9	10,952.3

KONE has previously disclosed geographical information about sales separately for three regions: EMEA, Americas, and APAC. From 2024 onwards, KONE discloses geographical information about sales separately for four Areas: Europe, Americas, APMEA (Asia-Pacific, Middle East and Africa), and Greater China. The change in the disclosure is aligned with KONE's new operating model and increases the relevance of the financial information. The following table presents geographical information about sales for the comparison period 2023.

Derivatives

		Jun 30, 2024	Jun 30, 2023	Dec 31, 2023
Fair values of derivative financial instruments, MEUR	Derivative assets	Derivative liabilities	Fair value, net	Fair value, net	Fair value, net
Foreign exchange forward contracts and swaps	22.2	-28.8	-6.6	-35.6	-17.0

Nominal values of derivative financial instruments,	Jun 30,	Jun 30,	Dec 31,
MEUR	2024	2023	2023
Foreign exchange forward contracts and swaps	3,421.4	4,129.1	3,282.3

The fair values of foreign exchange forward contracts and swaps are measured based on price information derived from active markets and commonly used valuation methods (fair value hierarchy level 2).

The fair values are represented on the balance sheet on a gross basis and can be set off on conditional terms. No collaterals or pledges have been given as a security against any liabilities or received

against any assets arising from derivatives or other financial instruments. Financial contracts are executed only with counterparties that have high credit ratings. The credit risk of these counterparties as well as the present creditworthiness of KONE are considered when calculating the fair values of outstanding financial assets and liabilities.

Investments

The shares held include a 19.9% holding in Toshiba Elevator and Building Systems Corporation (TELC). TELC is an investment in equity instruments that does not have a quoted price in an active market. Investments also include other non-current financial assets which involve smaller holdings in other companies without public quotation.

Commitments

Commitments include guarantees issued by banks and financial institutions for obligations arising in the ordinary course of business of KONE companies up to

Shares and other non-current financial assets are classified as investments measured at fair value through other comprehensive income and the fair value is measured using income or market approach valuation techniques under fair value hierarchy level 3.

a maximum of 1,955.5 (December 31, 2023: 1,983.7) million as of June 30, 2024.

KONE Corporation

Corporate Offices

Keilasatama 3 P.O. Box 7 FI-02150 Espoo Finland Tel. +358 (0)204 751 www.kone.com

For further information please contact:

Sanna Kaje Vice President, Investor Relations Tel. +358 (0)204 75 0031

This report contains forward-looking statements that are based on the current expectations, known factors, decisions and plans of the management of KONE. Although the management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions as well as fluctuations in exchange rates.

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KONE Oyj

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KONE H1 2024

KONE's January–June 2024 review:

April–June 2024

January–June 2024

Business outlook for 2024 (specified)

Key figures

Philippe Delorme, President and CEO:

Key figures

Net working capital 1

KONE's January–June 2024 review

KONE's operating environment

April–June 2024

January–June 2024

Orders received and order book

April–June 2024

January–June 2024

Sales

April–June 2024

January–June 2024

Financial result

April–June 2024

January–June 2024

Capital expenditure and acquisitions

Research and development

Personnel

Employee engagement, KONE culture and talent

Highlights

Learning and development

Performance and reward

Environment

Recognitions

Highlights

Environmental targets and outcomes

KONE's sustainable offering

Changes in the Executive Board

Other events

Most significant risks

Strategic risks

Operational risks

Hazard, security and incidental risks

Financial risks

Risk management

Decisions of the Annual General Meeting

Share-based incentive plans

Market outlook 2024 (updated)

Business outlook 2024 (specified)

Consolidated statement of income

Consolidated statement of comprehensive income

Condensed consolidated statement of financial position

Assets

Equity and liabilities

Consolidated statement of changes in equity

Condensed consolidated statement of cash flows

Change in interest-bearing net debt

Notes to the interim report

Accounting principles

Key figures

Alternative performance measure

Quarterly figures

Other notes

Derivatives

Investments

Commitments

KONE Corporation

Corporate Offices

For further information please contact:

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Net working capital ¹