Schindler misses sales expectations as China's property market drags

Its shares were down around 6% at 1100 GMT, among the worst performers of Europe's benchmark STOXX 600 index .STOXX. Shares of Kone also fell 1.5%.

"The relatively strong price performance of the past few months is leading to portfolio rebalancing within the sector today," Zuercher Kantonalbank analyst Martin Huesler told Reuters when asked about Schindler's share move.

Schindler's main competitors, Finland's Kone KNEBV.HE and global market leader Otis OTIS.N, will publish their half-year results on Wednesday.

Quarterly revenue fell 0.7% from a year earlier to 2.74 billion Swiss francs ($3.38 billion), below analysts' average forecast of 2.78 billion francs compiled by Vara.

Schindler also expects around 35 million francs of additional inflation-related costs this year, mainly from higher energy, copper and aluminium prices, finance chief Carla De Geyseleer said during an investor call.

Schindler's orders, as reported in local currencies, grew globally for a third consecutive quarter, driven by strong demand for modernising existing elevators across markets. However, new installation orders in China fell by more than 10%, a company presentation showed.

New construction starts in China fell more than 23% year-on-year in the first half of 2026, according to data published by the National Bureau of Statistics earlier this month.

Schindler's second-quarter sales missed market expectations due to a persistently sluggish Chinese market and currency effects, which sent its shares lower on Tuesday, in a muted start to major liftmakers' earnings reporting.