• Quality earnings backed by recurring income and pricing power – Q1-4 FY3/26 results modestly exceeded guidance, highlighting that the company has high earnings visibility, stemming from recurring income from maintenance contracts, and sustainable structural demand from modernization. A positive surprise was the QoQ uptrend in profitability in Q4 FY3/26, driven by pricing power in Modernization Services, which had initially been expected to be margin dilutive. These characteristics make the business resilient under mixed macro conditions and help drive high-quality earnings.
