Swiss lift and escalator maker Schindler expects 2026 revenue to grow by a low- to mid-single-digit percentage in local currencies, as improving demand in major market Germany should help offset continued troubles in China.
Schindler said on Wednesday that new installations should recover this year in its key markets, including Germany. However, China will continue to struggle from a prolonged property crisis, with no significant recovery in installations expected amid continued overcapacity and underdemand, CEO Paolo Compagna told Reuters. That comes after no recovery in 2025. New construction starts in China slumped 20.4% last year, after a fall of 23% the year before.
Demand uptick in Germany
Demand picked up in Germany in the last quarter of 2025, which along with indicators pointing to an increase in building permits could be a sign that a long period of decline might be over, Compagna said. Apartment building permits in Germany rose 6.8% in October, the most recently reported month, solidifying a recovery after the property sector experienced a severe slump since 2022. German construction industry representatives said in December that they expected the government’s infrastructure renewal plan to also boost construction activity in the country.
“The last years, Germany was every year a new bad surprise,” Compagna told Reuters. The second half of last year was the first time those surprises stopped and stability returned, he added.
However, Schindler remains conservative on how fast and how steep the German recovery might be, modelling only a moderate recovery in its plans, Compagna said.
The Europe, Middle East and Africa (EMEA) region made up almost half of Schindler’s revenue in 2025, and it has a strong presence in Germany, the CEO said.
