KONE's Q3 numbers were below forecasts except for order intake, with China as the main contributor.

The opportunities offered by digital services and modernization were the two spearheads of KONE's Capital Markets Day and will underpin growth and profitability in the coming years.

KONE released its Q2 report on Friday, which came in slightly below our forecasts for key operating metrics. The company updated the upper limits of the guidance range slightly downward. We have made negative revisions to our forecasts for the current year, but the revisions, which are limited to the second quarter, have reduced our full-year earnings forecasts by a modest 2%.