TKE Reports Financial Results With Sales Gains Driven by EOX

TK Elevator (TKE) reported record financial results for fiscal year (FY) 2023/24 with EUR9.3 billion (US$9.6 billion) in sales and EUR1.5 billion (US$1.55 billion) adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). Announced on December 23, results showed organic sales were up 7% across all business lines and units globally, driven by strong service growth and double-digit growth in the Modernization and Americas business segments. Service and modernization now account for approximately 62% of company revenue. Share gains in the challenging new installation market were driven by TKE’s eco-efficient and digitally native EOX elevator targeting the high-volume low- and mid-rise residential market. Sales of EOX, launched by TKE in October 2024, represented approximately 75% of total elevator units ordered in Europe and 40% in the Americas. TKE’s emphasis on the service and modernization markets continues, with the growing, aging installed base driving demand globally.