A regulating valve for flow control of a medium in a heating or cooling system includes a valve body including an inlet connection, an outlet connection, and a valve neck in which a valve seat and a flow through opening are provided. In the valve neck, a complete valve trim and a valve hand wheel are provided. The valve body includes a first cone to determine the preset (Kvs-value) of the maximal flow through the complete regulating valve. The first cone has at least one opening for flowing through of the medium, where the design of the opening determines the regulating characteristic of the complete regulating valve, and where the Kvs-value of the valve is changed continuously, with maintained regulating characteristic. The first cone is arranged continuously, axially displaceable relative the valve seat, whereby selected parts of the opening of the first cone are shielded by the valve seat.