Schindler : Q1-2022 Press Release

Schindler Management Ltd.

Corporate Communications

Ad hoc announcement pursuant to Art. 53 LR

Key figures as of March 31, 2022

Press release

April 22, 2022

Challenging start to the year

• - Operating results heavily affected by aggravated supply chain issues, cost inflation, lockdowns and market contraction in China

• - Growth in order intake and revenue

• - Sharpened focus to offset inflation by increasing prices, streamlining product offering and driving efficiency

• - Further streamlining of senior leadership set-up

In the first quarter of 2022, Schindler's business continued to be affected by an unprecedented mix of challenges, particularly supply chain disruptions, rising inflation, and lockdowns in China, where the market contracted even further. Order intake rose by 7.7% to CHF 3 164 million and revenue increased by 1.2% to CHF 2632 million, while operating profit dropped to CHF 211 million, corresponding to an EBIT margin of 8.0% (EBIT adjusted 9.0%). Net profit amounted to

CHF 144 million, and cash flow from operating activities reached CHF 286 million.

"Our results continue to be challenged by worsening supply chain issues combined with inflationary pressure and the situation in China. Nonetheless, Schindler grew in the first quarter, both in terms of order intake and revenue," said Silvio Napoli, Schindler's Chairman and CEO. "Our performance is also impacted by high complexity in our modular elevator platform," Silvio Napoli continues. "We have been accelerating measures to streamline our product offering, to offset inflation by increasing prices, and to drive efficiency across the whole organization. We are determined to deliver improvements. However, this will take time due to lead times in our order backlog."

Schindler Group - Key figures as of March 31, 2022

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Schindler Management Ltd.

Corporate Communications

Order intake and order backlog

Order intake rose by 7.7% to CHF 3 164 million in the first quarter of 2022 (previous year: CHF 2 937 million), corresponding to an increase of 8.9% in local currencies. All regions and business lines contributed to this growth, with a particular uptake in modernization. Overall growth in the Asia-Pacific region could offset the sharp contraction in the Chinese new installations business.

As of March 31, 2022, order backlog increased by 7.2% to CHF 10 175 million (previous year: CHF 9 496 million). In local currencies, the order backlog rose by 9.7%, with continued margin pressure.

Revenue

In the first quarter 2022, revenue amounted to CHF 2 632 million (previous year: CHF 2 602 million), for an increase of 1.2%. Revenue in local currencies rose by 1.9%. Revenue was up in the EMEA and Americas regions, while the Asia-Pacific region declined as a consequence of the situation in China, where our supply chain is affected by the lockdowns.

Operating profit (EBIT)

Operating profit dropped to CHF 211 million (previous year: CHF 288 million). The EBIT margin reached 8.0% (previous year: 11.1%).

EBIT adjusted reached CHF 236 million with a margin of 9.0% (previous year: CHF 301 million; 11.6%), impacted by further material cost inflation, lower volume due to the situation in China, and supply chain disruptions.

Net profit and cash flow from operating activities

Net profit totaled CHF 144 million (previous year: CHF 213 million). Cash flow from operating activities reached CHF 286 million (previous year: CHF 457 million).

Changes to the Group Executive Committee

In line with the Group's objective to drive performance and to further streamline the leadership set-up,

Andre Inserra (Americas) and Christian Schulz (Operations) will step down from the Group Executive Committee effective April 30, 2022.

As of May 1, 2022, the Group Executive Committee will be composed of the following members: Silvio Napoli (Chairman & CEO), Paolo Compagna (COO and Deputy CEO), Julio Arce (Europe South), Matteo Attrovio (CIO), Karl-Heinz Bauer (CTO), Meinolf Pohle (Europe North), Urs Scheidegger (CFO), Robert Seakins (Asia-Pacific), Sabine Siméon-Aissaoui (Supply Chain), Tobias B. Staehelin (Human Resources) and Daryoush Ziai (China and Escalators).

Schindler Group - Key figures as of March 31, 2022

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Schindler Management Ltd.

Corporate Communications

Outlook for 2022

For the second quarter, Schindler expects revenue growth and profitability at similar levels as in the first quarter 2022.

For 2022, barring further unexpected events, the company's revenue growth is expected to reach levels between 1% and 6% in local currencies.

As in previous years, net profit guidance for the full year 2022 will be provided in combination with the publication of the half-year results.

For further information:

Nicole Wesch, Head Global Communications

Tel. [phone],[e-mail]

Marco Knuchel, Head Investor Relations

Tel. [phone],[e-mail]

https://group.schindler.com

Dial-in details for today's conference call at 10:00 am CET are available at:https://group.schindler.com/en/investor-relations/events.html.

Schindler Group - Key figures as of March 31, 2022

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Schindler Management Ltd.

Corporate Communications

Key figures 1st quarter: January to March

Δ % local
Δ %	currencies
7.7	8.9
1.2	1.9
-26.7	-25.7
-21.6	-20.6
-31.6
-32.4
-34.0
-37.4
-20.0
7.2	9.7
3.9
1 Adjusted for Top Speed 23 costs (CHF 16 million), restructuring costs (CHF 3 million), and expenses for BuildingMinds (CHF 6 million)
2 Adjusted for restructuring costs (CHF 8 million) and expenses for BuildingMinds (CHF 5 million)
Balance sheet
31.03.2021	%
2 557	22.7
5 045	44.7
7 602	67.4
3 677	32.6
11 279	100.0
5 795	51.3
1 564	13.9
7 359	65.2
3 920	34.8
11 279	100.0

In CHF million

Order intake

Revenue

Operating profit (EBIT) in %

Operating profit (EBIT), adjusted in %

Financing and investing activities Profit before taxes

Income taxes

Net profit

Earnings per share and participation certificate in CHFCash flow from operating activities Investments in property, plant, and equipmentOrder backlog Number of employees

In CHF million

Cash and cash equivalents Other current assets

Total current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities

Equity

Total liabilities and equity

31.03.2022

• 2 648 22.2

• 5 356 45.0

• 8 004 67.2

• 3 910 32.8

2022

• 3 164

• 2 632 211 8.0 236 1

9.0 11.6

-23 -13

188 275

44 62

144 213

1.24 1.88

286 457

24 30

31.03.2022 10 175 69 308

%

11 914 100.0

• 6 150 51.6

• 1 598 13.4

• 7 748 65.0

• 4 166 35.0

11 914 100.0

2021

• 2 937

• 2 602 288 11.1 301 2

31.03.2021 9 496 66 704

31.12.2021

• 2 841 23.7

• 5 436 45.4

• 8 277 69.1

• 3 697 30.9

%

11 974 100.0

• 5 955 49.7

• 1 589 13.3

• 7 544 63.0

• 4 430 37.0

11 974 100.0

Schindler Group - Key figures as of March 31, 2022

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Schindler Management Ltd.

Corporate Communications

Exchange rates

2022	2021
Closing rate	Average rate	Closing rate	Average rate
March 31	March 31	December 31	March 31
Eurozone	EUR	1	1.03	1.03	1.03	1.09
USA	USD	1	0.92	0.92	0.91	0.90
Brazil	BRL	100	19.39	17.69	16.37	16.51
China	CNY	100	14.56	14.56	14.36	13.92
India	INR	100	1.22	1.23	1.23	1.24
Non-GAAP measures

The key figures comprise certain non-GAAP measures, which are not defined by International Financial Reporting Standards (IFRS). The Group's definitions of these non-GAAP items are available at:https://group.schindler.com- Investors - Results - Non-GAAP definitions

(https://group.schindler.com/en/investor-relations/results/definition-on-non-gaap-items.html).

Schindler Group - Key figures as of March 31, 2022

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