Swiss liftmaker Schindler's sales dip on forex impact (updated)

Schindler Holding AG

23/04/2026 05:50

Quarterly revenue missed analyst expectations

Sales grew in all regions except China

Organic order growth offset by adverse currency movements

Adds Swiss franc in paragraph 3, order growth in paragraphs 7-10

By Bernadette Hogg

April 23 (Reuters) - Swiss lift and escalator maker Schindler SCHP.S reported a 5.1% drop in its first-quarter sales on Wednesday, citing significant foreign exchange headwinds.

Revenue rose 1.7% in local currencies, as foreign exchange had a negative impact of 184 million Swiss francs ($234 million).

The safe-haven Swiss franc has gained against the dollar and euro since U.S. President Donald Trump introduced global trade tariffs in April 2025.

Sales grew in local currencies in all regions except China, the Lucerne-based company said.

The Chinese property sector continues to struggle, as new construction starts fell 20.3% year-on-year in the first quarter of 2026 after falling 24.4% in the same quarter last year.

Schindler posted quarterly revenue of 2.59 billion Swiss francs ($3.3 billion), down from 2.73 billion francs a year earlier. That was below analysts' average forecast of 2.63 billion francs, a poll compiled by Vara showed.

The company, which manufactures, installs and services lifts, escalators and moving walkways, said in a presentation that a 2.8% increase in orders in local currencies was driven by modernization services, which grew by 15% in local currencies in the first quarter.

However, organic growth was more than offset by foreign exchange effects, Schindler said.

Schindler booked new orders worth 2.83 billion Swiss francs in the quarter, down 4.1% from a year earlier.

New installations order growth was stable, the company said, despite pressure in China, and its service segment continued to grow steadily.

($1 = 0.7854 Swiss francs)

 (Reporting by Bernadette Hogg; Editing by Matt Scuffham)

 ((bernadette.hogg@thomsonreuters.com))