Assa Abloy Ab Class B · OMXSTO:ASSA_B
Assa Abloy Ab Class B — Q4 2025 Earnings Presentation
33 slides from Assa Abloy Ab Class B's earnings presentation, Feb 5, 2026
Slide 1: ASSA ABLOY Q4 interim report 2025
ASSA ABLOY Q4 interim report 2025 ASSA ABLOY is the global leader in access solutions. Every day we help people feel safe, secure and experience a more open world.
Slide 2: Finishing 2025 with another record year
Finishing 2025 with another record year Good organic sales development • Strong growth in Global Technologies and Americas • Good sales growth in EMEIA and Entrance Systems • Sales decline in APAC Record EBIT margin in Q4 • Excellent operating leverage of +80 bps Strong cash flow and cash conversion
Slide 3: Q4 2025 figures in summary
Q4 2025 figures in summary Sales MSEK 38,307 -3% Sales, MSEK EBIT*, MSEK +4% organic 39 575 +3% net acquired 38 307 -10% FX effects EBITA margin* 17.9% +50 bps 6 529 6 448 EBIT margin* 16.8% +30 bps EBIT* MSEK 6,448 -1% EPS* SEK 3.85 +1% Q4 2024 Q4 2025 3
Slide 4: Sales by region Oct-Dec 2025
Sales by region Oct-Dec 2025 35 8 3 51 8 4 6 2 1 Share of sales, % Change in local currencies 1 -21 -2 QTD 2025 vs. QTD 2024, % 3 6 12 4 9 8 Organic change QTD 2025 vs. QTD 2024, % Emerging markets organic growth excl. China +5% 4
Slide 5: Kwikset FLEX Garage Door Opener
Kwikset FLEX Garage Door Opener Wi-Fi and Bluetooth enabled smart garage door opener launched in the US • Collaboration between Kwikset in Americas and Amarr in Entrance Systems • Integrates with existing smart home ecosystem and in-car systems for hands-free access • Easy to manage and monitor thro
Slide 6: Important project wins
Important project wins Circle K, Germany Comcast, US Stockholm public transport, Sweden Entrance Systems won service contract for InVue has equipped all Comcast stores with HID’s solutions have supported daily travel in ~2,000 industrial doors for a period of 3 years, a total of ~17,000 units for se
Slide 7: FX adjusted sales growth
FX adjusted sales growth Sales LTM* vs 2020 (adjusted for FX) +65% % MSEK 30 160 000 25 150 000 20 140 000 15 130 000 10 120 000 5 110 000 0 100 000 -5 -10 90 000 -15 80 000 -20 70 000 2020 2021 2022 2023 2024 2025 Organic growth, % Acquired growth, % Sales in fixed currencies LTM, MSEK 7
Slide 8: Operating margin
Operating margin EBITA %, LTM 17.2% EBIT %, LTM 16.2% 19% 18% 17% EBIT % target range 16% 15% 14% 13% 12% 11% 10% 2020 2021 2022 2023 2024 2025 EBIT, % quarterly EBIT, % LTM EBITA, % LTM 8
Slide 9: Operating income
Operating income EBIT LTM vs 2020 +107% MSEK 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 EBIT, quarterly EBIT, LTM 9
Slide 10: Acquisitions
Acquisitions The pipeline remains active • 7 acquisitions completed in Q4 • 23 acquisitions completed in 2025 – Representing annualized sales of MSEK ~6,000 • 1 divestment completed in 2025 – Citizen ID (India JV) (Kingspan Door Components) Grow the core Extend the core Acquisition targets Service a
Slide 11: Sargent & Greenleaf
Sargent & Greenleaf US manufacturer of high- security mechanical and electronic locking solutions and safe hardware • Strengthens our secure access portfolio with renowned products and expertise (image) • Sales of MSEK ~430 in 2025 (image) • Accretive to EPS from the start 11
Slide 12: International Door Products
International Door Products US manufacturer of standard and custom fire-rated steel door frames • Complements existing capabilities and gives broader range of solutions • Sales of MSEK ~220 in 2025 • Accretive to EPS from the start 12
Slide 13: Opening Solutions EMEIA
Opening Solutions Share of sales 17% EMEIA Organic sales +4% 7 000 17% • Strong sales growth in the Nordics and Central Europe • Good sales growth in the Middle East, India and Africa 6 000 15% • Sales decline in UK/Ireland and South Europe 5 000 13% 4 000 11% 3 000 EBIT margin* 15.3% (14.8%) 9% 2 0
Slide 14: Opening Solutions Americas
Opening Solutions Share of sales Americas 27% Organic sales +5% • Strong sales growth in the North America Non-Residential segment 12 000 21% • Good sales growth in Latin America 10 000 19% • Stable sales in the North America Residential segment 17% 8 000 15% 6 000 13% EBIT margin* 17.9% (17.7%) 11%
Slide 15: Opening Solutions APAC
Opening Solutions Share of sales 4% APAC Organic sales -2% • Good sales growth in Pacific & Northeast Asia 2 500 12% • Sales decline in Greater China & Southeast Asia 10% 2 000 8% 1 500 6% 1 000 EBIT margin* 7.6% (5.4%) 4% • Excellent operating leverage (+290 bps) driven by positive mix, 500 2% pric
Slide 16: Global Technologies
Global Technologies Share of sales 17% Organic sales 9% • Strong sales growth in HID and Global Solutions 7 000 25% 6 000 20% 5 000 15% 4 000 3 000 10% EBIT margin* 18.9% (19.3%) 2 000 • Good operating leverage (+30 bps) driven by price/cost and positive 5% mix, partly offset by investments in R&D a
Slide 17: Entrance Systems
Entrance Systems Share of sales 34% Organic sales +2% • Strong sales growth in Pedestrian 14 000 25% • Good sales growth in Doors & Automation 12 000 20% • Stable sales in Industrial and Perimeter Security 10 000 • Good sales growth in service 15% 8 000 6 000 10% EBIT margin* 18.0% (17.5%) 4 000 • E
Slide 18: Financial summary
Financial summary FX & acquisition ‘run-rate’ effects on sales in Q1 2026 (31 Dec 2025): FX: -11% M&A: 3% October-December* January-December* January-September* MSEK 2024 2025 Change 2024 2025 Change Sales 39,575 38,307 -3% 150,162 152,409 1% - Organic growth -112 1,406 4% -1,132 4,077 3% - Acquired
Slide 19: Bridge analysis Q4 2025
Bridge analysis Q4 2025 Q4 2025 MSEK Q4 2024 Organic Currency Acq/div Q4 2025 ex acq/div Growth 7% 4% -10% -6% 3% -3% Sales 39,575 1,406 -3,833 37,148 1,159 38,307 EBIT* 6,529 543 -760 6,313 135 6,448 EBIT, %* 16.5% 38.6% 19.8% 17.0% 11.7% 16.8% Dilution/accretion +0.8 pts -0.3 pts -0.2 pts Sales dr
Slide 20: Cost breakdown as % of sales – Q4 2025
Cost breakdown as % of sales – Q4 2025 % QTD 2024 QTD 2025 excl. acq/div Δ QTD 2025 Direct material -33.4% -32.7% +0.7 pts -32.8% Conversion cost -24.7% -24.4% +0.3 pts -24.1% Gross margin 41.9% 42.9% +1.0 pts 43.1% S, G & A -25.4% -25.9% -0.5 pts -26.3% EBIT margin* 16.5% 17.0% +0.5 pts 16.8% Direc
Slide 21: Operating cash flow SEK 23 bn
Operating cash flow Operating cash flow, LTM Operating Cash cash flow, LTM SEK 23 bn conversion, LTM 106% MSEK MSEK 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 Operating cash flo
Slide 22: Gearing % and net debt, MSEK
Gearing % and net debt, MSEK Net debt/Equity MSEK 80 000 80% 70 000 70% 63% 60 000 60% 50 000 50% 40 000 40% 30 000 30% Net debt/EBITDA* 20 000 20% 10 000 10% 2.1 0 0% 2020 2021 2022 2023 2024 2025 Net debt, MSEK Gearing, % Change in net debt, MSEK Operating Investing 31 Dec 2024 Tax Dividend FX Oth
Slide 23: Earnings per share and proposed dividend SEK 6.40
Earnings per share Proposed dividend per share 2025 Quarterly, SEK LTM, SEK 4,0 16 3,5 14 SEK 6.40 3,0 12 2,5 10 Dividend % of EPS* since 2020** 2,0 8 1,5 1,0 6 4 43% 0,5 2 EPS* CAGR since 2020 0,0 0 2020 2021 2022 2023 2024 2025 EPS*, quarterly EPS*, LTM 14% 23
Slide 24: Conclusions
Conclusions Strong execution in challenging market environment Good organic sales growth of 4% Record Q4 EBIT margin at 16.8% • Excellent operating leverage of +80 bps Strong operating cash flow • Excellent cash conversion of 137% The Board proposes a dividend of SEK 6.40 (5.90) per share, split bet
Slide 25: Q&A
Q&A ASSA ABLOY is the global leader in access solutions. Every day we help people feel safe, secure and experience a more open world.
Slide 26: Appendix
Appendix ASSA ABLOY
Slide 27: Opening Solutions EMEIA's bridge
Opening Solutions MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 EMEIA’s bridge Growth 2% 4% -6% -2% 5% 3% Sales 6,481 264 -378 6,367 299 6,666 EBIT* 962 45 -6 1,001 16 1,017 EBIT, %* 14.8% 17.0% 1.5% 15.7% 5.3% 15.3% Dilution/accretion +0.1 pts +0.9 pts -0.5 pts 12 months figures
Slide 28: Opening Solutions Americas' bridge
Opening Solutions MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 Americas’ bridge Growth 5% 5% -14% -9% 2% -7% Sales 11,033 465 -1,364 10,133 180 10,313 EBIT* 1,950 200 -286 1,864 -19 1,845 EBIT, %* 17.7% 43.0% 20.9% 18.4% -10.6% 17.9% Dilution/accretion +1.2 pts -0.5 pts -0.5 pts
Slide 29: Opening Solutions APAC's bridge
Opening Solutions MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 APAC’s bridge Growth -10% -2% -13% -15% 0% -15% Sales 2,217 -42 -281 1,894 0 1,894 EBIT* 119 52 -27 145 0 145 EBIT, %* 5.4% -125.9% 9.5% 7.6% 0.0% 7.6% Dilution/accretion +2.9 pts -0.7 pts 0.0 pts 12 months figures Q4
Slide 30: Global Technologies' bridge
Global MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 Technologies’ Growth 10% 9% -12% -3% 7% 4% bridge Sales 6,493 477 -637 6,333 430 6,763 EBIT* 1,253 110 -175 1,188 93 1,281 EBIT, %* 19.3% 23.1% 27.5% 18.8% 21.7% 18.9% Dilution/accretion +0.3 pts -0.9 pts +0.2 pts 12 months figu
Slide 31: Entrance Systems' bridge
Entrance Systems’ MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 bridge Growth 14% 2% -9% -7% 2% -5% Sales 13,839 260 -1,220 12,880 250 13,131 EBIT* 2,424 156 -267 2,314 45 2,359 EBIT, %* 17.5% 60% 21.9% 18.0% 18.0% 18.0% Dilution/accretion +0.9 pts -0.4 pts 0.0 pts 12 months figur
Slide 32: Cost breakdown as % of sales
Cost breakdown % QTD 2024 QTD 2025 excl. acquisitions Δ QTD 2025 as % of sales Direct material -33.4% -32.7% +0.7 pts -32.8% Conversion cost -24.7% -24.4% +0.3 pts -24.1% Gross margin 41.9% 42.9% +1.0 pts 43.1% S, G & A -25.4% -25.9% -0.5 pts -26.3% EBIT* 16.5% 17.0% +0.5 pts 16.8% YTD 2025 % YTD 20
Slide 33: Thank you
Thank you ASSA ABLOY is the global leader in access solutions. Every day we help people feel safe, secure and experience a more open world.