ASSA ABLOY AB (publ) (ASSA_B) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.278 Good morning, everyone, and welcome to the presentation of Assa Abloy's Q4 report 00:00:05.278 -- 00:00:10.806 for 2025. My name is Björn Tebell. I'm heading investor relations. 00:00:10.806 -- 00:00:16.094 And joining me here in the studio are Assa Abloy's CEO, Nico Delvaux, and our CFO, 00:00:16.094 -- 00:00:17.676 Erik Pider. 00:00:17.676 -- 00:00:23.484 We will now, as usual, start this conference with a short summary of the report 00:00:23.484 -- 00:00:27.858 and then open up for your questions. And with that, I'd like to hand over to you, Nico. 00:00:27.858 -- 00:00:31.202 Thanks Bjorn and also good morning from my side. 00:00:31.202 -- 00:00:36.868 We can report a strong end of a very good year 00:00:36.868 -- 00:00:39.331 for El Sabloy. 00:00:39.331 -- 00:00:45.178 We had a good organic sales development in Q4, an organic growth of 4% 00:00:45.178 -- 00:00:50.544 with strong growth in global tech and Americas, good sales growth in EMEA 00:00:50.544 -- 00:00:55.828 and in entrance systems. and a sales decline in APAC, mainly again related 00:00:55.828 -- 00:01:00.313 to the pressing market situation in Greater China. 00:01:00.313 -- 00:01:05.419 Good organic sales complemented with also good growth through acquisitions, net 3%, 00:01:05.419 -- 00:01:06.961 and 00:01:06.961 -- 00:01:12.126 then strong operational execution with a record EBIT margin of 16.8% 00:01:12.126 -- 00:01:17.372 in the quarter, and then operating leverage of 80 00:01:17.372 -- 00:01:22.619 base points. Good work done on the working capital side, also giving 00:01:22.619 -- 00:01:28.284 us a strong cash flow and cash conversion of 137% 00:01:28.284 -- 00:01:33.889 in the quarter. Also this quarter again, the shift from mechanical to electromechanical 00...