TK Elevator: Joy in Dusseldorf, worries in Esslingen

TK Elevator submitted its balance sheet for the 2024/2025 financial year in December. The company was able to report new record profits.

At the same time, some employees protested in the street for the preservation of their jobs with regard to a potential IPO or the sale of the company.

Between October 2024 and September 2025, TK Elevator (TKE), reported "strong momentum … with record adjusted EBITDA and margin, and the achievement of important strategic milestones," according to the company based in Dusseldorf in a press release. Adjusted for currency effects, sales increased by two percent to 9.2 billion euros.

Consistent cost management

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Consistent cost management in all business units and growth of five percent in service and eleven percent in the modernization business contributed to the positive business development, according to the company.

"This made it possible to more than compensate for the declines in the area of new lifts, especially in China," declared TKE. According to the company, service and modernization accounted for 65 percent of overall sales.

Increase in sales in Europe and North America

In the new installation business line, the continued roll-out of EOX lift platform drove an increase in sales in Europe and in the North American target segment. "In a challenging New Installation environment, total EOX order intake increased more than 50%."

The platform for low and medium-height buildings in the meantime accounted for 80 percent of lift units ordered in Europe and Africa and 40 percent of the American market.

New record values

According to TKE, new records were achieved both in EBITDA and EBIT:

• The earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special effects, increased by twelve percent to 1.6 billion euros. As a result, the margin rose by 170 basis points to 17.5 percent.
• Adjusted EBIT (earnings before interest and taxes) grew after adjustment for currency effects by 13 percent to 1.4 billion euros. The margin here improved by 140 basis points to 14.8 percent.
• Free cash flow continued to improve and overall liquidity rose to 1.5 billion euros.

Joint venture in Saudi Arabia

Equally worthy of mention in the previous financial year: TKE and Alat, a Saudi public investment fund (PIF) established and put into operation a joint venture (see online report from may 2025).

In future, lifts, escalators and moving walks are to be produced in Riad for the local market and for the entire MENA region. In addition, Alat had acquired an interest of 15 percent in TKE as a shareholder.

Protest in Esslingen

At the beginning of December, about 150 employees from the TKE plant in Esslingen protested. According to an article in the Esslinger Zeitung, they were pressing for a follow-up agreement to the collective agreement for the future that will expire in March 2027. The employees of the lift builder were pursuing an employment guarantee until 2037 with an eye on a potential IPO or the sale of TKE to other investors.

In the event that the company did not respond to the demands of the trade union and works council, Georgios Triantafillidis, the European Chairman of the TKE Works Council announced a protest in front of the headquarters of the IGE Metall in Frankfurt am Main, according to the newspaper report. No talks had taken place between TKE and the IG Metall at the LIFTjournal’s time of going to press on 19 January.

More information: tkelevator.com

TK Elevator balance sheet for the 2024/2025 financial year