Assa Abloy Ab Class B · OMXSTO:ASSA_B
Assa Abloy Ab Class B — Q1 2026 Earnings Presentation
31 slides from Assa Abloy Ab Class B's earnings presentation, 2026
Slide 1: ASSA ABLOY Q1 interim report 2026
ASSA ABLOY Q1 interim report 2026 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: Continued strong execution in the quarter
Continued strong execution in the quarter Good organic sales development • Good sales growth in Americas, Global Technologies and EMEIA • Stable sales in Entrance Systems and APAC Strong EBIT margin improvement • Excellent operating leverage Very strong cash flow improvement • Increase of 30% versus
Slide 3: Q1 2026 figures in summary
Q1 2026 figures in summary Sales MSEK 35,751 -6% Sales, MSEK EBIT*, MSEK +2% organic +2% net acquired 37,940 -10% FX effects 35,751 EBITA margin* 16.4% +50 bps EBIT margin* 15.3% +40 bps 5,645 5,461 EBIT* MSEK 5,461 -3% EPS* SEK 3.18 +0% Q1 2025 Q1 2026 3
Slide 4: Sales by region Jan-Mar 2026
Sales by region Jan-Mar 2026 35 3 0 52 7 5 6 5 2 Share of sales, % Change in local currencies 1 -13 -8 QTD 2026 vs. QTD 2025, % 3 1 2 3 3 3 Organic change QTD 2026 vs. QTD 2025, % Emerging markets organic growth excl. China +2% 4
Slide 5: Highlights from around the world
Highlights from around the world Project win New product launch New product launch HID enabled Buró Property’s first-of-its-kind Kwikset Aura Reach Smart Door Lock, a DoorBird introduces a world-first IP video wallet-based corporate access deployment in connected deadbolt enabling hands-free, interc
Slide 6: FX adjusted sales growth
FX adjusted sales growth Sales LTM* vs 2021 (adjusted for FX) +47% % 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 2021 2022 2023 2024 2025 2026 Organic growth, % Acquired growth, % Sales in fixed currencies LTM, MSEK 6
Slide 7: Operating margin
Operating margin EBITA %, LTM 17.4% EBIT %, LTM 16.3% 19% 18% 17% EBIT % target range 16% 15% 14% 13% 12% 11% 10% 2021 2022 2023 2024 2025 2026 EBIT, % quarterly EBIT, % LTM EBITA, % LTM 7
Slide 8: Operating income
Operating income EBIT LTM vs 2021 +73% 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 2021 2022 2023 2024 2025 2026 EBIT, quarterly EBIT, LTM 8
Slide 9: Acquisitions
Acquisitions The pipeline remains active • 3 acquisitions completed in Q1 – Representing annualized sales of MSEK ~550 • 400th acquisition completed in April! Grow the core Extend the core Acquisition targets Service and distribution New technologies 9
Slide 10: Sennco Solutions
Sennco Solutions US provider of asset protection technology and solutions for retail security primarily within the health and beauty segment • Expands our offerings across the Retail business area • Sales of MSEK ~330 in 2025 • Accretive to EPS from the start 10
Slide 11: Opening Solutions EMEIA
Opening Solutions Share of sales 18% EMEIA Organic sales +3% 7,000 17% • Strong sales growth in Central Europe, the Nordics, and the Middle East/India/Africa region 6,000 15% • Sales decline in UK/Ireland and South Europe 5,000 13% 4,000 11% 3,000 EBIT margin* 14.8% (13.8%) 9% 2,000 • Strong operati
Slide 12: Opening Solutions Americas
Opening Solutions Share of sales Americas 29% Organic sales +4% • Strong sales growth in the North America Non-Residential segment 12,000 21% and Latin America 19% 10,000 • Sales decline in the North America Residential segment 17% 8,000 15% 6,000 13% EBIT margin* 17.9% (17.1%) 11% 4,000 • Excellent
Slide 13: Opening Solutions APAC
Opening Solutions Share of sales 4% APAC Organic sales 0% • 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* 5.1% (4.1%) 4% • Excellent operating leverage (+130 bps) driven by positive mix, 500 2% price
Slide 14: Global Technologies
Global Technologies Share of sales 17% Organic sales 4% • Strong sales growth in Global Solutions 7,000 25% • Good sales growth in HID 6,000 20% 5,000 15% 4,000 3,000 10% EBIT margin* 15.3% (13.7%) 2,000 • Excellent operating leverage (+220 bps) driven by price/cost and 5% positive mix, with negativ
Slide 15: Entrance Systems
Entrance Systems Share of sales 33% Organic sales 0% • Strong sales growth in Perimeter Security and Pedestrian 14,000 25% • Sales decline in Doors & Automation and Industrial 12,000 20% • Good sales growth in service 10,000 15% 8,000 6,000 10% EBIT margin* 16.1% (16.8%) 4,000 • Stable operating lev
Slide 16: Financial summary
Financial summary FX & acquisition ‘run-rate’ effects on sales in Q2 2026 (31 Mar 2026): FX: -2% M&A: 2% January-March* January-September* MSEK 2025 2026 Change Sales 37,940 35,751 -6% - Organic growth 607 799 2% - Acquired net growth 1,709 820 2% - FX-differences 424 –3,808 -10% EBIT 5,645 5,461 -3
Slide 17: Bridge analysis Q1 2026
Bridge analysis Q1 2026 Q1 2026 MSEK Q1 2025 Organic Currency Acq/div Q1 2026 ex acq/div Growth 8% 2% -10% -8% 2% -6% Sales 37,940 799 -3,808 34,930 820 35,751 EBIT* 5,645 418 -691 5,373 88 5,461 EBIT, %* 14.9% 52.3% 18.1% 15.4% 10.7% 15.3% Dilution/accretion +0.8 pts -0.3 pts -0.1 pts Sales drivers
Slide 18: Cost breakdown as % of sales – Q1 2026
Cost breakdown as % of sales – Q1 2026 % QTD 2025 QTD 2026 excl. acq/div Δ QTD 2026 Direct material -32.5% -31.6% +0.9 pts -31.8% Conversion cost -24.7% -25.1% -0.4 pts -25.0% Gross margin 42.8% 43.3% +0.6 pts 43.2% S, G & A -27.9% -27.9% 0.0 pts -27.9% EBIT margin* 14.9% 15.4% +0.5 pts 15.3% Direct
Slide 19: Operating cash flow
Operating cash flow Operating cash flow, LTM Operating Cash cash flow, LTM SEK 23 bn conversion, LTM 110% MSEK MSEK 9,000 25,000 8,000 22,500 7,000 20,000 6,000 17,500 5,000 15,000 12,500 4,000 10,000 3,000 7,500 2,000 5,000 1,000 2,500 0 0 2021 2022 2023 2024 2025 2026 Operating cash flow, quarterl
Slide 20: Gearing % and net debt, MSEK
Gearing % and net debt, MSEK Net debt/Equity MSEK 80,000 80% 70,000 70% 60% 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% 2021 2022 2023 2024 2025 2026 Net debt, MSEK Gearing, % Change in net debt, MSEK Operating Investing 31 Mar 2025 Tax Dividend FX Oth
Slide 21: Earnings per share and total dividend paid
Earnings per share Total dividend paid since 2021 Quarterly, SEK LTM, SEK 4.0 16 3.5 14 SEK 27 bn 3.0 12 Dividend % of EPS* since 2021** 2.5 10 2.0 8 1.5 6 42% 1.0 4 0.5 2 FY EPS* CAGR since 2021 0.0 0 2021 2022 2023 2024 2025 2026 EPS*, quarterly EPS*, LTM 10% 21
Slide 22: Conclusions
Conclusions Continued strong execution in the quarter Good organic sales development of 2% Strong EBIT margin improvement • Excellent operating leverage Very strong cash flow improvement • Increase by 30% versus last year Uncertain and swiftly changing operating environment • Decentralized and empow
Slide 23: 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 24: Appendix
Appendix ASSA ABLOY
Slide 25: Opening Solutions EMEIA's bridge
Opening Solutions MSEK Q1 2025 Organic Currency Q1 2026 ex acq/div Acq/Div Q1 2026 EMEIA’s bridge Growth 4% 3% -5% -2% 3% 1% Sales 6,464 200 -332 6,332 186 6,519 EBIT* 894 56 1 951 15 967 EBIT, %* 13.8% 28.1% -0.4% 15.0% 8.3% 14.8% Dilution/accretion +0.4 pts +0.8 pts -0.2 pts 12 months figures Q1 2
Slide 26: Opening Solutions Americas' bridge
Opening Solutions MSEK Q1 2025 Organic Currency Q1 2026 ex acq/div Acq/Div Q1 2026 Americas’ bridge Growth 6% 4% -14% -10% 3% -7% Sales 11,171 409 -1,482 10,098 248 10,346 EBIT* 1,915 212 -282 1,845 9 1,854 EBIT, %* 17.1% 51.8% 19.0% 18.3% 3.8% 17.9% Dilution/accretion +1.4 pts -0.3 pts -0.3 pts 12
Slide 27: Opening Solutions APAC's bridge
Opening Solutions MSEK Q1 2025 Organic Currency Q1 2026 ex acq/div Acq/Div Q1 2026 APAC’s bridge Growth -5% 0% -11% -11% 0% -11% Sales 1,936 5 -210 1,731 0 1,731 EBIT* 80 23 -15 88 0 88 EBIT, %* 4.1% 496.4% 7.2% 5.1% 0.0% 5.1% Dilution/accretion +1.3 pts -0.3 pts 0.0 pts 12 months figures Q1 2025 Q1
Slide 28: Global Technologies' bridge
Global MSEK Q1 2025 Organic Currency Q1 2026 ex acq/div Acq/Div Q1 2026 Technologies’ Growth 15% 4% -11% -7% 3% -4% bridge Sales 6,258 201 -662 5,797 191 5,989 EBIT* 855 159 -148 867 51 918 EBIT, %* 13.7% 79.2% 22.3% 15.0% 26.6% 15.3% Dilution/accretion +2.2 pts -1.0 pts +0.4 pts 12 months figures Q
Slide 29: Entrance Systems' bridge
Entrance Systems’ MSEK Q1 2025 Organic Currency Q1 2026 ex acq/div Acq/Div Q1 2026 bridge Growth 10% 0% -9% -9% 2% -7% Sales 12,586 51 -1 166 11 471 194 11 665 EBIT* 2,109 2 -250 1 861 12 1 874 EBIT, %* 16.8% 4.5% 21.5% 16.2% 6.3% 16.1% Dilution/accretion -0.1 pts -0.4 pts -0.2 pts 12 months figures
Slide 30: Cost breakdown as % of sales
Cost breakdown % QTD 2025 QTD 2026 excl. acquisitions Δ QTD 2026 as % of sales Direct material -32.5% -31.6% +0.9 pts -31.8% Conversion cost -24.7% -25.1% -0.4 pts -25.0% Gross margin 42.8% 43.3% +0.6 pts 43.2% S, G & A -27.9% -27.9% 0.0 pts -27.9% EBIT* 14.9% 15.4% +0.5 pts 15.3% *Excluding items a
Slide 31: 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.