Slide 1: ASSA ABLOY Q1 interim report 2025
Download our IR app ASSA ABLOY Q1 interim report 2025 Internal
Slide 2: Strong performance in challenging market conditions
Strong performance in challenging market conditions Stable organic sales development – Strong sales growth in Global Technologies – Good sales growth in Americas – Stable sales in EMEIA and Entrance Systems – Sales decline Asia Pacific Improved underlying operating margin – 140bps dilution from
Slide 3: Q1 2025 figures in summary
Q1 2025 figures in summary Sales EBIT* +8% +4% Sales MSEK 37,940 +8% – +2% organic sales 40 000 7 000 – +5% acquired and divested 37 940 38 000 – +1% currency 36 000 35 200 6 500 34 000 EBITA-margin* 15.9% (16.3%) 32 000 6 000 30 000 EBIT-margin* 14.9% (15.4%) 28 000 5 500 5 645 26 000 5 427
Slide 4: Sales by region Jan-Mar 2025
Sales by region ASSA ABLOY 100 7 2 Emerging markets 12 2 1 Jan-Mar 2025 33 8 2 54 7 2 6 -3 -6 1 0 8 3 6 7 3 4 -1 Change in local currencies Organic change Share of sales, % QTD 2025 vs. QTD 2024, % QTD 2025 vs. QTD 2024, % Emerging markets follow IMF’s definition as per 2018-12-31 4 Internal
Slide 5: Q1 2025 Market highlight
Q1 2025 Market highlight Baldwin Hardware joins forces with Level Lock Hidden technology, flawless design Seamless connectivity Smart home integration Best in class security 5 Internal
Slide 6: Q1 2025 Market highlight
Q1 2025 Market highlight Entrance Systems launched Insight Mobile App Digital remote control and access management of doors Effortless access for users and management ASSA ABLOY is unique as a full solution provider – Door + Insight Mobile + Service – We install, onboard and support the entire
Slide 7: FX adjusted sales growth
FX adjusted sales growth Sales R12M +57% vs 2020 % MSEK 30 150 000 25 140 000 20 130 000 15 120 000 10 110 000 5 100 000 0 -5 90 000 -10 80 000 -15 70 000 -20 60 000 2020 2021 2022 2023 2024 2025 Organic growth, % Acquired growth, % Sales in fixed currencies R12M, MSEK 7 Internal
Slide 8: Operating margin
Operating margin 17.0% EBITA-margin run rate % Run rate: EBIT-margin 16.0% (15.6%) 19 18 17 Long term target range (average) 16 15 14 13 12 11 10 2020 2021 2022 2023 2024 2025 Quarter EBIT Rolling 12-months EBITA Rolling 12-months Excluding items affecting comparability 8 Internal
Slide 9: Operating profit
Operating profit MSEK Run rate EBIT up 106% vs 2020 MSEK 7 000 25 000 22 500 6 000 20 000 5 000 17 500 15 000 4 000 12 500 3 000 10 000 2 000 7 500 5 000 1 000 2 500 0 0 2020 2021 2022 2023 2024 2025 Quarter Rolling 12-months Excluding items affecting comparability 9 Internal
Slide 10: Acquisitions
Acquisitions Active pipeline – 6 acquisitions completed in Q1 – Representing annualized sales of MSEK 3,600 Divestment of Citizen ID – Divestment loss before taxes of MSEK 50 10 Internal
Slide 11: InVue
InVue US-based provider of precision-engineered connected asset protection and access control solutions Adds complementary products and solutions to our core business Sales of MSEK 1,850 in 2024 Accretive to EPS from the start 11 Internal
Slide 12: Uhlmann & Zacher
Uhlmann & Zacher German supplier of access control handles, knobs, and corresponding software Adds complementary products and solutions to our core business Increases our electromechanical presence in Germany Sales of MSEK 240 in 2024 Accretive to EPS from the start 12 Internal
Slide 13: Opening Solutions EMEIA
Opening Solutions 17% EMEIA of Group sales Stable organic sales – Strong sales growth in Central Europe and the Nordics 6 500 17% – Stable sales growth in UK/Ireland 6 000 – Sales decline in South Europe and Middle East, India and 5 500 15% Africa 5 000 13% 4 500 Operating margin* 13.8% (13.7%)
Slide 14: Opening Solutions Americas
Opening Solutions 29% of Americas Group sales Organic sales 2% – Strong sales growth in Latin America and North 12 000 22% America Non-Residential segment – Sales decline in North America Residential segment 11 000 21% 10 000 9 000 20% Operating margin* 17.1% (18.1%) 8 000 19% – Negative operati
Slide 15: Opening Solutions Asia Pacific
Opening Solutions 5% Asia Pacific of Group sales Organic sales -5% – Stable sales growth in Pacific & North East Asia 3 000 15% – Significant sales decline in Greater China & South East Asia 10% 2 500 Operating margin* 4.1% (5.1%) 5% – Negative operating leverage (-50bps) due to volume decline 2
Slide 16: Global Technologies
Global Technologies 16% of Group sales Organic sales +8% – Very strong sales growth in Global Solutions 6 500 20% – Strong sales growth in HID 6 000 18% 5 500 5 000 16% Operating margin* 13.7% (15.4%) 4 500 14% – Very strong operating leverage (+100bps) driven by 4 000 strong price realization a
Slide 17: Entrance Systems
Entrance Systems 33% of Group sales Organic sales 0% – Very strong sales growth in Perimeter Security 14 000 18% – Good sales growth in Pedestrian 13 000 – Stable sales in Doors & Automation1 17% – Sales decline in Industrial 12 000 16% 11 000 – Good sales growth in service 15% 10 000 9 000 14%
Slide 18: Financial summary
FX & acquisition ‘run-rate’ effects in Q1 2025 Financial summary (31 Mar 2025): SALES FX: -5% M&A: 6% January-March* SEK M 2024 2025 Change Sales 35,200 37,940 8% - Organic growth -762 607 2% - Acquired net growth 3,607 1,709 5% - FX-differences -35 424 1% Operating income (EBIT) 5,427 5,645 4% EBIT
Slide 19: Bridge analysis – Q1 2025
Bridge analysis – Q1 2025 MSEK Q1 2024 Organic Currency Acq/div Q1 2025 Growth 9% 2% 1% 5% 8% Sales 35,200 607 424 1709 37,940 Operating income* 5,427 361 103 -246 5,645 Operating margin, %* 15.4% 60% 24.2% -14.4% 14.9% Dilution/accretion 0.7 pts 0.2 pts -1.4 pts *Excluding items affecting comparabi
Slide 20: Cost breakdown as % of sales – Q1 2025
Cost breakdown as % of sales – Q1 2025 QTD 2025 % QTD 2024 excl. acq/div Δ QTD 2025 Direct material -33.9% -32.4% +1.5pts -32.5% Conversion cost -24.8% -24.8% 0.0 pts -24.7% Gross margin 41.3% 42.8% +1.5 pts 42.8% S, G & A -25.9% -26.5% -0.6 pts -27.9% EBIT* 15.4% 16.3% +0.9 pts 14.9% *Excluding ite
Slide 21: Launch of the 10th Manufacturing Footprint Program
Launch of the 10th Manufacturing Footprint Program Restructuring projects from all divisions – 10 factory closures – 16 office and warehouse closures – 27 “conversion to assembly” projects Financial effects – Restructuring costs of MSEK 1,332 – Total annualized savings of SEK ~1bn by end of 2027
Slide 22: Operating cash flow, MSEK
Operating cash flow, MSEK Quarter 12 months cash flow / EBT* = 106% 12 months 9 000 26 000 8 000 23 500 21 000 7 000 18 500 6 000 16 000 5 000 13 500 4 000 11 000 8 500 3 000 6 000 2 000 3 500 1 000 1 000 0 -1 500 2020 2021 2022 2023 2024 2025 Quarter, MSEK Cash rolling 12 months, MSEK EBT* rolling
Slide 23: Gearing % and net debt, MSEK
Gearing % and net debt, MSEK Net debt/EBITDA* 2.4 (2.4) Net debt Net debt/Equity 70% (68%) Gearing % 80 000 80 70 000 70 60 000 60 50 000 50 40 000 40 30 000 30 20 000 20 10 000 10 0 0 2020 2021 2022 2023 2024 2025 Net debt, MSEK Gearing, % *Excluding items affecting comparability 23 Internal
Slide 24: Earnings per share, SEK
Earnings per share, SEK Quarter 12 months 4,00 16 3,50 14 3,00 12 2,50 10 2,00 8 1,50 6 1,00 4 0,50 2 2020 2021 2022 2023 2024 2025 Quarter, SEK Rolling 12 months, SEK Excluding items affecting comparability 24 Internal
Slide 25: Conclusions
Conclusions Strong sales growth of 8% Operating margin of 14.9% – 140bps M&A dilution, largely temporary MFP10 launched – Savings of SEK 1bn Solid but seasonally low operating cash flow Challenging and uncertain market conditions Capital Markets Day November 19, 2025 Registration open
Slide 26: Q&A
Experience a safer and more open world The ASSA ABLOY Group is the global leader in.access solutions. Every day we help people feel safe, secure and experience amore open world. ASSA ABLOY
Slide 27: Appendix
Appendix Internal
Slide 28: Cost breakdown as % of sales
Cost breakdown as % of sales QTD 2025 % QTD 2024 excl. acquisitions Δ QTD 2025 Direct material -33.9% -32.4% +1.5pts -32.5% Conversion cost -24.8% -24.8% 0.0 pts -24.7% Gross margin 41.3% 42.8% +1.5 pts 42.8% S, G & A -25.9% -26.5% -0.6 pts -27.9% EBIT* 15.4% 16.3% +0.9 pts 14.9% *Excluding items af
Slide 29: Opening Solutions EMEIA's bridge
Opening Solutions EMEIA’s bridge MSEK Q1 2024 Organic Currency Acq/Div Q1 2025 Growth 0% 0% 1% 3% 4% Sales 6,216 27 39 183 6,464 Operating income* 850 40 -8 12 894 Operating margin, %* 13.7% 150.1% -21.5% 6.6% 13.8% Dilution/accretion 0.6pts -0.3pts -0.2pts 12 months figures Sales 24,818 25,346 EBIT
Slide 30: Opening Solutions Americas' bridge
Opening Solutions Americas’ bridge MSEK Q1 2024 Organic Currency Acq/Div Q1 2025 Growth 34% 2% 2% 2% 6% Sales 10,532 225 181 232 11,171 Operating income* 1,910 19 64 -78 1,915 Operating margin, %* 18.1% 8.3% 35.4% -33.4% 17.1% Dilution/accretion -0.2pts 0.3pts -1.1pts 12 months figures Sales 40,680
Slide 31: Opening Solutions Asia Pacific's bridge
Opening Solutions Asia Pacific’s bridge MSEK Q1 2024 Organic Currency Acq/Div Q1 2025 Growth -15% -5% 0% 0% -5% Sales 2,048 -106 -7 0 1,936 Operating income* 105 -15 -11 0 80 Operating margin, %* 5.1% 13.7% 157.9% N/A 4.1% Dilution/accretion -0.5pts -0.5pts 0.0pts 12 months figures Sales 9,921 9,008
Slide 32: Global Technologies' bridge
Global Technologies’ bridge MSEK Q1 2024 Organic Currency Acq/Div Q1 2025 Growth -3% 8% 2% 5% 15% Sales 5,433 436 93 295 6,258 Operating income* 839 118 24 -125 855 Operating margin, %* 15.4% 26.9% 25.3% -42.5% 13.7% Dilution/accretion 1.0pts 0.1pts -2.8pts 12 months figures Sales 22,951 25,003 EBIT
Slide 33: Entrance Systems' bridge
Entrance Systems’ bridge MSEK Q1 2024 Organic Currency Acq/Div Q1 2025 Growth 4% 0% 1% 9% 10% Sales 11,442 22 123 999 12,586 Operating income* 1,944 185 36 -55 2,109 Operating margin, %* 17.0% 845.0% 28.9% -5.5% 16.8% Dilution/accretion 1.4pts 0.3pts -1.9pts 12 months figures Sales 47,071 50,594 EBI
Slide 34: Thank you
Thank you assaabloy.com Internal