Net sales increased by 9% to SEK 35,200 M (32,391), with organic growth of –2% (8) and acquired net growth of 11% (5). Exchange- rates affected sales by 0% (9).
Organic sales growth was stable in Entrance Systems, but declined in Americas, Asia Pacific, EMEIA and in Global Technologies.
Three acquisitions with combined annual sales of about SEK 2,000 M were completed in the quarter. The divestment of PACA in France was finalized.
Operating income¹ (EBIT) increased by 5% and amounted to SEK 5,427 M (5,186), with an operating margin of 15.4% (16.0).
The operating margin¹ (EBIT) excluding the acquisition of HHI and divestment of the Emtek/U.S. Smart Residential business was 16.3%.
Net income¹ amounted to SEK 3,462 M (3,692).
Earnings per share¹ amounted to SEK 3.12 (3.32).
Operating cash flow amounted to SEK 3,096 M (4,069).

		Full year			First quarter
	2022	2023	Δ	2023	2024	Δ
Sales, SEK M	120,793	140,716	16%	32,391	35,200	9%
Of which:
Organic growth	13,007	3,393	3%	2,218	–762	–2%
Acquisitions and divestments	2,126	10,651	8%	1,344	3,607	11%
Exchange-rate effects	10,653	5,879	5%	2,237	–35	0%
Operating income (EBIT)1, SEK M	18,532	22,185	20%	5,186	5,427	5%
Operating margin (EBITA)1 , %	15.9%	16.5%		16.6%	16.3%
Operating margin (EBIT)1, %	15.3%	15.8%		16.0%	15.4%
Income before tax1 , SEK M	17,521	19,654	12%	4,843	4,616	–5%
Net income1 , SEK M	13,296	15,049	13%	3,692	3,462	–6%
Operating cash flow, SEK M	15,808	25,232	60%	4,069	3,096	–24%
Earnings per share1, SEK	11.97	13.54	13%	3.32	3.12	–6%

¹ Excluding items affecting comparability. Please see the section "Items affecting comparability" in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com.

Strong execution in a challenging market

The year took off with strong sales growth of 9%, driven by very strong net acquired growth of 11%, which was partly offset by an organic sales decline of –2%. The organic sales were affected by three fewer working days in March, the most important month of the quarter and a continued weak residential market. Entrance Systems' organic sales were stable with very strong growth in Perimeter and strong growth in the Pedestrian segment. Organic sales in Americas and EMEIA declined by –1% and –3% respectively. Asia Pacific's organic sales declined by –3% due to a weak Chinese market and negative intra-group sales growth. Global Technologies' organic sales declined by –9% against a high corresponding figure last year due to the significant reduction of the backlog a year ago.

The operating profit excluding items affecting comparability increased by 5% to SEK 5,427 M, and the operating margin was record-high for the quarter at 16.3%, excluding the HHI transaction. Strong operational execution through implementation of more cost actions, continued strong price realization and lower direct material costs contributed to the strong performance. The operating cash flow was seasonally lower at SEK 3,096 M with a cash conversion of 67%.

Security is a strong underlying driver for long-term growth

The demand for safe and secure access solutions is constantly increasing as a result of rising security threats, public safety concerns, regulatory requirements and a changing work environment. This also accelerates the demand for electromechanical products and solutions. They offer a high level of security thanks to advanced authentication methods, our unique encryption technologies, the enablement of remote monitoring & control as well as by providing audit trails and access logs. Electromechanical solutions also offer opportunities for efficiency gains and a higher level of convenience and flexibility for our customers. With prevailing penetration rates still low, the shift to more electromechanical solutions continues to be a long-term driver of profitable growth. During the quarter, our electromechanical organic sales growth was 6% in the regional divisions.

We acquired three companies in the first quarter, representing annualized sales of SEK 2 billion. The integration of HHI continues to proceed according to plan and we are gradually realizing more synergies. Given a robust target pipeline and a solid financial position with a strong balance sheet and cash flow, we are well positioned to continue our successful journey of acquiring companies.

We are committed to delivering value to our customers and shareholders and are confident that we will be able to adapt to and perform in any market condition.

Thank you for your continued support and trust in ASSA ABLOY.

Stockholm, April 24, 2024

Nico Delvaux President and CEO

Operating cash flow by quarter and last 12 months

Operating cash flow, 12 months

The Group's sales increased by 9% to SEK 35,200 M (32,391). Organic growth amounted to –2% (8). Net growth from acquisitions and divestments was 11% (5), of which 15% (5) were acquisitions and –4% (0) were divestments. Exchange rates affected sales by 0% (9).

The Group's operating income² (EBIT) amounted to SEK 5,427 M (5,186), an increase of 5%. The corresponding operating margin was 15.4% (16.0). Exchange-rates had an impact of SEK 54 M (387) on EBIT. Operating income before amortizations from acquisitions² (EBITA) amounted to SEK 5,740 M (5,379). The corresponding EBITA margin was 16.3% (16.6).

Net financial items amounted to SEK –811 M (–343), primarily due to higher net interest costs compared with last year. The Group's income before tax² was SEK 4,616 M (4,843), a decrease of 5% compared with last year. Exchange-rates had an impact of SEK 65 M (368) on income before tax² . The corresponding profit margin was 13.1% (15.0). The estimated effective income tax rate in 2024, on an annualized basis and excluding items affecting comparability, is 25.0% (23.4% for the full year 2023).

Earnings per share before and after dilution² amounted to SEK 3.12 (3.32), a decrease of 6% compared with last year. Operating cash flow totaled SEK 3,096 M (4,069), which corresponds to a cash conversion² of 0.67 (0.84).

The net-debt/equity ratio amounted to 0.68 (0.70) at the end of the quarter. Financial net debt totaled SEK 67,536 M (64,109). New bonds were issued during the quarter for a total value of SEK 1,486 M while SEK 332 M in maturing long-term loans were repaid. The Group's long-term borrowing totaled SEK 51,970 M (49,917) while the short-term borrowing totaled SEK 11,455 M (9,833).

Costs related to last year's divestment of the Smart Residential in the U.S. and Canada totaled SEK 18 M for the quarter. The corresponding cost after income tax was SEK 13 M.

Restructuring payments totaled SEK 137 M (109) for the first quarter. The programs proceeded according to plan. At the end of the quarter provisions of SEK 662 M remained in the balance sheet for carrying out these programs.

Sales for the quarter in EMEIA totaled SEK 6,216 M (6,229), with an organic sales decline of –3% (3). Organic sales growth was strong in Middle East/Africa/ India, stable in South Europe, but declined in Central Europe, the Nordics and

Earnings per share by quarter and

² Excluding items affecting comparability. Please see the section "Items affecting comparability" in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com.

the UK/Ireland. Sales growth from acquisitions was 2%. Operating income excluding items affecting comparability totaled SEK 850 M (858), which represents an operating margin (EBIT) of 13.7% (13.8). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 14.9% (16.4). Operating cash flow before non-cash items and interest paid totaled SEK 459 M (418).

Sales for the quarter in the Americas totaled SEK 10,532 M (7,861), with an organic sales decline of –1% (11). Organic sales were stable in both North America's non-residential segment and in the Latin America segment, but declined significantly in the US residential segment (excluding HHI). Net sales growth from acquisitions and divestments was 35%. Operating income excluding items affecting comparability totaled SEK 1,910 M (1,707), which represents an operating margin (EBIT) of 18.1% (21.7). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 13.7% (32.8). Operating cash flow before non-cash items and interest paid totaled SEK 865 M (1,024).

Sales for the quarter in Asia Pacific totaled SEK 2,048 M (2,411), with an organic sales decline of –3% (6). Organic sales growth was good in South-East Asia, but declined in China, South Korea and Pacific. Net sales growth from acquisitions and divestments was –9%. Operating income excluding items affecting comparability totaled SEK 105 M (111), which represents an operating margin (EBIT) of 5.1% (4.6). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 5.9% (1.5). Operating cash flow before non-cash items and interest paid totaled SEK 125 M (–86).

Sales for the quarter in Global Technologies totaled SEK 5,433 M (5,582), with an organic sales decline of –9% (24). Organic sales growth was strong in Citizen ID and in Identity & Access Solutions, but declined in Identification Technology, Secure Issuance and in Extended Access. Organic sales declined significantly in Physical Access Control. Sales growth in Global Solutions was strong. Sales growth from acquisitions was 6%. Operating income excluding items affecting comparability totaled SEK 839 M (939), which represents an operating margin (EBIT) of 15.4% (16.8). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 14.7% (13.7). Operating cash flow before non-cash items and interest paid totaled SEK 492 M (627).

Sales for the quarter in Entrance Systems totaled SEK 11,442 M (11,037), with stable organic sales of 0% (3). Organic sales growth was very strong in Perimeter Security, strong in Pedestrian, but declined in Industrial and Residential. Net sales growth from acquisitions and divestments was 3%. Operating income excluding items affecting comparability totaled SEK 1,944 M (1,786), which represents an operating margin (EBIT) of 17.0% (16.2). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 20.4% (18.9). Operating cash flow before non-cash items and interest paid totaled SEK 2,296 M (2,525).

Three acquisitions were completed during the quarter. The combined acquisition price for the businesses acquired, including adjustments from prior-year acquisitions, totaled SEK 2,314 M. The corresponding acquisition price on a cash- and debt- free basis totaled SEK 2,318 M. Preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life totaled SEK 2,216 M. Estimated deferred considerations for acquisitions made during the year totaled SEK 83 M.

On March 27, 2024, it was announced that ASSA ABLOY had signed an agreement to acquire Nomadix and Global Reach, leading US and UK based providers of Wi-Fi access and engagement platform solutions for the hospitality and commercial real estate industry. Sales for 2023 amounted to about SEK 300 M. The acquisition was subject to customary closing conditions and closed during the second quarter of 2024.

On January 23, 2024, it was announced that ASSA ABLOY had signed an agreement to acquire Amecor, a South African manufacturer of security communication equipment in the South African security market. Sales for 2022 amounted to about SEK 170 M. The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the second quarter of 2024.

On January 22, 2024, it was announced that ASSA ABLOY had acquired Integrated Warehouse Solutions (IWS), a US manufacturer of loading dock equipment. Sales for 2023 amounted to about SEK 1,850 M.

On February 2, 2024, it was announced that ASSA ABLOY had sold its elevator maintenance business PACA in France to KONE. PACA was part of the acquisition of agta record in 2020. Sales for 2023 amounted to about SEK 350 M. The divestment gain before income tax totaled SEK 47 M.

ASSA ABLOY's Sustainability Report for 2023 was published on 11 March 2024. In 2023, we continued to make positive progress towards our Sustainability Program 2025 and our long-term science-based targets.

During 2023, against our 2019 baseline, our Scope 1 & 2 absolute carbon emissions were reduced by 23%. Our energy intensity and water intensity were reduced by 34% and 51% respectively. We have continued to focus on reducing our carbon footprint, which is directly linked to our energy consumption, resulting in reduced energy costs as well as reduced CO2.

765 sustainability audits of direct material suppliers were carried out in 2023. The Group had 246 Environmental Product Declarations verified and published by the end of 2023.

Other operating income for the parent company ASSA ABLOY AB totaled SEK 651 M (1,092) for the first quarter of 2024. Operating income for the same period totaled SEK –669 M (–274). Investments in tangible and intangible assets totaled SEK 3 M (1). Liquidity is good and the equity ratio is 24.7% (26.9).

ASSA ABLOY applies International Financial Reporting Standards (IFRS) as endorsed by the European Union. The same accounting and valuation principles have been applied as in the last Annual Report. No new or amended standards with material impact on the Group's financial reports have been applied for the first time in 2024.

This Report was prepared in accordance with IAS 34 "Interim Financial Reporting" and the Annual Accounts Act. The Report for the Parent Company was prepared in accordance with the Annual Accounts Act and RFR 2 "Reporting by a Legal Entity".

ASSA ABLOY makes use of a number of financial performance measures that are not defined in the reporting rules that the company uses – described as "alternative performance measures." For definitions of financial performance measures, refer to Page 17 of this Report. Information about how these measures have been calculated is available on the company's website, www.assaabloy.com.

To reconcile how the financial measurements have been calculated for current and earlier periods, refer to the tabulated figures in this Quarterly Report and to the company's Annual Report. The Annual Reports for the years 1994 to 2023 appear on the company's website.

All comparative numbers for income statement and cash flow items relate to the corresponding period last year, unless otherwise indicated. Comparative numbers for the balance sheet relate to the most recent year-end, unless otherwise indicated.

Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line item should correspond to its source, and rounding differences may therefore arise.

No transactions that significantly affected the company's position and income have taken place between ASSA ABLOY and related parties.

ASSA ABLOY is an international Group with a wide geographical spread, involving exposure to various forms of strategic, operational and financial risks. Strategic risks refer to changes in the business environment with potentially significant effects on ASSA ABLOY's operations and business objectives. Operational risks comprise risks directly attributable to business operations, entailing a potential impact on the Group's financial position and performance.

Financial risks mainly comprise financing risk, currency risk, interest-rate risk, credit risk, and risks associated with the Group's pension obligations.

Risk-taking in itself provides opportunities for continued economic growth, but naturally the risks may also have a negative impact on business operations and company goals. It is therefore essential to have a systematic and efficient risk assessment process and an effective risk management program in general.

The purpose of risk management at ASSA ABLOY is not to avoid risks, but to take a controlled approach to identifying, managing and minimizing the effects of these risks. This work is based on an assessment of the probability of the risks and their potential impact on the Group.

The war in Ukraine and the conflict in the Middle East may have a negative business impact on ASSA ABLOY both short- and long-term, but the direct business effects are currently seen as limited. For a more detailed description of particular risks and risk management, please see the 2023 Annual Report.

The guidance below relating to two key figures is provided to facilitate financial modeling but should not be viewed as forecasting market outlooks or ASSA ABLOY's business performance.

Acquisitions and divestments

It is estimated that completed acquisitions and divestments, on a rolling 12 month basis as of March 31, 2024, will have an effect of 12% on sales in the second quarter of 2024 versus the same period last year, while the effect on the operating margin is estimated to be dilutive in the second quarter of 2024.

Exchange-rate effects

On the basis of the currency rates on March 31, 2024, it is estimated that the weighted currency effects on sales in the second quarter of 2024 versus the same period last year will be –1%, while the effect on the operating margin is estimated to be neutral in the second quarter of 2024.

The Company's Auditors have not carried out any review of this Report for the first quarter of 2024.

Stockholm, April 24, 2024

Nico Delvaux President and CEO

The Quarterly Report for the second quarter of 2024 will be published on July 17, 2024.

The Quarterly Report for the third quarter of 2024 will be published on October 23, 2024.

The Year-end Report and Quarterly Report for the fourth quarter of 2024 will be published on February 5, 2025.

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82

Erik Pieder, Executive Vice President and CFO, tel.no: +46 8 506 485 72

Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: [email protected]

ASSA ABLOY is holding a telephone and web conference at 09.30 on April 24, 2024

which can be followed online at assaabloy.com/investors.

It is possible to submit questions by telephone on: 08–505 100 31, +44 207 107 0613 or +1 631 570 5613

This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on April 24, 2024.

CONDENSED INCOME STATEMENT	Year	Q1
SEK M	2023	2023	2024
Sales	140,716	32,391	35,200
Cost of goods sold	-84,212	-19,781	-20,671
Gross income	56,504	12,610	14,530
Selling, administrative and R&D costs and other operating income & expenses	-36,054	-8,653	-9,104
Capital gain from divestment of subsidiaries, incl. exit costs	3,588	-	-18
Impairment of goodwill and other intangible assets from business combinations	-2,271	-	-
Share of earnings in associates	18	4	1
Operating income	21,785	3,961	5,409
Finance net	-2,531	-343	-811
Income before tax	19,254	3,619	4,598
Tax on income	-5,615	-905	-1,150
Net income for the period	13,639	2,714	3,449
Net income for the period attributable to:
Parent company's shareholders	13,633	2,713	3,452
Non-controlling interests	7	1	-3
Earnings per share
Before and after dilution, SEK	12.27	2.44	3.11
Before and after dilution and excluding items affecting comparability, SEK	13.54	3.32	3.12

CONDENSED STATEMENT OF COMPREHENSIVE INCOME	Year	Q1
SEK M	2023	2023	2024
Net income for the period	13,639	2,714	3,449
Other comprehensive income: Items that will not be reclassified to profit or loss
Actuarial gain/loss on post-employment benefit obligations, net after tax	-1	-35	106
Total	-1	-35	106

Items that may be reclassified subsequently to profit or loss	-63	-21	-4
Share of other comprehensive income of associates	-66	-2	99
Cashflow hedges and net investment hedges, net after tax	-23		-9
Cost of hedging	-2,537	- -113	4,787
Exchange rate differences Tax attributable to items that may be reclassified subsequently to profit or loss	5	0	-2
Total	-2,684	-136	4,872
Total other comprehensive income	-2,685	-171	4,978
Total comprehensive income for the period	10,954	2,543	8,427

Total comprehensive income for the period attributable to:
Parent company's shareholders Non-controlling interests	10,953 2	2,544 -1	8,430 -4

CONDENSED BALANCE SHEET	31 Dec	31 Mar
SEK M	2023	2023	2024
ASSETS
Non-current assets
Intangible assets	127,704	90,614	135,680
Property, plant and equipment	11,460	10,178	12,129
Right-of-use assets	5,296	4,075	5,837
Investments in associates	622	657	623
Other financial assets	412	371	496
Deferred tax assets	1,863	1,444	1,847
Total non-current assets	147,357		107,339 156,611
Current assets
Inventories	18,603	18,949	20,198
Trade receivables	20,934	19,864	22,396
Other current receivables and investments	7,991	5,985	8,438
Cash and cash equivalents	1,466	2,811	2,437
Total current assets	48,994	47,608	53,469
TOTAL ASSETS	196,351		154,948 210,080

EQUITY AND LIABILITIES
Equity
Equity attributable to Parent company's shareholders	91,629	88,496	99,969
Non-controlling interests	16	12	12
Total equity	91,644	88,508	99,981
Non-current liabilities
Long-term loans	49,917	20,078	51,970
Non-current lease liabilities	4,001	2,918	4,463
Deferred tax liabilities	2,991	2,697	3,279
Other non-current liabilities and provisions	3,222	3,405	3,000
Total non-current liabilities	60,131	29,099	62,712

Current liabilities
Short-term loans	9,833	6,422	11,455
Current lease liabilities	1,443	1,264	1,557
Trade payables	11,320	9,827	11,767
Other current liabilities and provisions	21,980	19,827	22,608
Total current liabilities	44,576	37,341	47,387
TOTAL EQUITY AND LIABILITIES	196,351		154,948 210,080

CHANGES IN EQUITY Equity attributable to:

	Parent	Non
	company's	controlling	Total
SEK M	shareholders	interests	equity
Opening balance 1 January 2023	86,014	12	86,026
Net income for the period	2,713	1	2,714
Other comprehensive income	-169	-2	-171
Total comprehensive income	2,544	-1	2,543
Share-based incentive programs	-61	-	-61
Change in non-controlling interest	0	-	0
Total transactions with shareholders	-62	0	-62
Closing balance 31 March 2023	88,496	12	88,508

Opening balance 1 January 2024	91,629	16	91,644
Net income for the period	3,452	-3	3,449
Other comprehensive income	4,979	-1	4,978
Total comprehensive income	8,430	-4	8,427
Share-based incentive programs	-90	-	-90
Total transactions with shareholders	-90	-	-90
Closing balance 31 March 2024	99,969	12	99,981

CONDENSED STATEMENT OF CASH FLOWS	Year	Q1
SEK M	2023	2023	2024
OPERATING ACTIVITIES
Operating income	21,785	3,961	5,409
Add back of
Depreciation/amortization	5,174	1,055	1,301
Items affecting comparability	400	1,225	18
Other non-cash items	123	50	-60
Restructuring payments	-613	-109	-137
Changes in working capital	3,836	-1,111	-2,091
Cash flow before interest and tax	30,704	5,071	4,440
Interest paid and received	-2,122	-242	-650
Tax paid on income	-7,289	-726	-712
Cash flow from operating activities	21,294	4,103	3,079
INVESTING ACTIVITIES
Net investments in intangible assets and property, plant and equipment	-2,419	-516	-429
Investments in subsidiaries	-53,566	-338	-2,337
Divestments of subsidiaries	8,114	0	147
Other investments and disposals	-27	0	0
Cash flow from investing activities	-47,899	-854	-2,618
FINANCING ACTIVITIES
Dividends	-5,332	-	-
Acquisition of non-controlling interests	-38	-	-
Repayment of lease liabilities	-1,543	-352	-402
Net cash effect of changes in borrowings	31,638	-3,481	897
Cash flow from financing activities	24,726	-3,833	495
CASH FLOW FOR THE PERIOD	-1,880	-584	955

CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of period	3,417	3,417	1,466
Cash flow for the period	-1,880	-584	955
Effect of exchange rate differences	-71	-22	16
Cash and cash equivalents at end of period	1,466	2,811	2,437

THE GROUP IN SUMMARY	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Year	Last 12
SEK M	2022	2022	2022	2022	2023	2023	2023	2023	2024	2023	months
Sales Organic growth	26,591 14%	29,466 13%	31,820 14%	32,915 9%	32,391 8%	34,474 3%	36,881 1%	36,970 0%	35,200 -2%	140,716 3%	143,525 -
Gross income1	10,476	11,630	12,626	13,199	13,393	14,231	15,123	15,024	14,530	57,771	58,908
Gross margin 1	39.4%	39.5%	39.7%	40.1%	41.3%	41.3%	41.0%	40.6%	41.3%	41.1%	41.0%
EBITDA1	4,941	5,367	6,014	6,298	6,241	6,658	7,148	7,312	6,728	27,358	27,846
EBITDA margin 1	18.6%	18.2%	18.9%	19.1%	19.3%	19.3%	19.4%	19.8%	19.1%	19.4%	19.4%
Depreciation, excl attrib. to business combinations EBITA1	-788 4,153	-810 4,557	-875 5,139	-961 5,338	-862 5,379	-936 5,722	-995 6,152	-1,304 6,008	-988 5,740	-4,098 23,261	-4,224 23,622
EBITA margin 1	15.6%	15.5%	16.2%	16.2%	16.6%	16.6%	16.7%	16.2%	16.3%	16.5%	16.5%
Amortization attrib. to business combinations	-151	-152	-166	-185	-193	-222	-376	-285	-313	-1,076	-1,197
Operating income (EBIT)1	4,001	4,406	4,973	5,152	5,186	5,500	5,777	5,722	5,427	22,185	22,426
Operating margin (EBIT) 1	15.0%	15.0%	15.6%	15.7%	16.0%	16.0%	15.7%	15.5%	15.4%	15.8%	15.6%
Items affecting comparability1	-	-	-	-	-1 225	1 376	-367	-183	-18	-400	807
Operating income (EBIT) Operating margin (EBIT)	4,001 15.0%	4,406 15.0%	4,973 15.6%	5,152 15.7%	3,961 12.2%	6,875 19.9%	5,409 14.7%	5,539 15.0%	5,409 15.4%	21,785 15.5%	23,233 16.2%
Net financial items	-190	-198	-237	-387	-343	-445	-900	-843	-811	-2,531	-2,999
Income before tax	3,811	4,208	4,736	4,766	3,619	6,430	4,509	4,696	4,598	19,254	20,234
Profit margin	14.3%	14.3%	14.9%	14.5%	11.2%	18.7%	12.2%	12.7%	13.1%	13.7%	14.1%
Tax on income	-953	-1,052	-1,184	-1,036	-905	-2,854	-1,139	-717	-1,150	-5,615	-5,860
Net income for the period	2,859	3,156	3,552	3,729	2,714	3,576	3,371	3,979	3,449	13,639	14,374
Net income attributable to:
Parent company's shareholders	2,858	3,153	3,551	3,728	2,713	3,574	3,386	3,959	3,452	13,633	14,371
Non-controlling interests	0	3	1	1	1	1	-15	20	-3	7	3

OPERATING CASH FLOW	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Year	Last 12
SEK M	2022	2022	2022	2022	2023	2023	2023	2023	2024	2023	months
Operating income (EBIT)	4,001	4,406	4,973	5,152	3,961	6,875	5,409	5,539	5,409	21,785	23,233
Reversal items affecting comparability	-	-	-	-	1,225	-1,376	367	183	18	400	-807
Depreciation and amortization	939	961	1,041	1,146	1,055	1,158	1,371	1,590	1,301	5,174	5,420
Net capital expenditure	-336	-410	-509	-735	-516	-572	-604	-727	-429	-2,419	-2,332
Change in working capital	-3,261	-641	-477	1,548	-1,111	1,267	1,754	1,927	-2,091	3,836	2,856
Interest paid and received	-133 -312	-257 -324	-217 -335	-192 -360	-242 -352	-364 -363	-738 -409	-778 -420	-650 -402	-2,122 -1,543	-2,530 -1,593
Repayment of lease liabilities Other non-cash items	13	52	44	29	50	45	27	0	-60	123	13
Operating cash flow	912	3,787	4,520	6,588	4,069	6,671	7,177	7,315	3,096	25,232	24,259
Cash conversion	0.24	0.90	0.95	1.38	0.84	1.32	1.47	1.50	0.67	1.28	1.25

CHANGE IN NET DEBT	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Year	Last 12
SEK M	2022	2022	2022	2022	2023	2023	2023	2023	2024	2023	months
Net debt at beginning of period	27,071	27,617	32,565	30,618	31,732	29,336	69,851	68,736	64,109	31,732	29,336
Operating cash flow	-912 68	-3,787 84	-4,520 81	-6,588 171	-4,069 109	-6,671 146	-7,177 167	-7,315 190	-3,096 137	-25,232 613	-24,259 641
Restructuring payments	597	1,278	1,038	1,452	726	2,281	2,456	1,825	712	7,289	7,275
Tax paid on income Acquisitions and divestments	67	3,039	826	5,080	367	40,773	3,783	1,903	2,038	46,826	48,497
Dividend	-	2,333	-	2,333	-	2,666	-	2,666	-	5,332	5,332
Actuarial gain/loss on post-employment benefit oblig.	11	191	-538	-906	47	-92	41	12	-142	8	-181
Change to lease liabilities	-76	-51	-53	62	254	138	111	125	292	628	665
Exchange rate differences, etc.	791	1,860	1,219	-490	171	1,274	-496	-4,033	3,488	-3,085	232
Net debt at end of period	27,617	32,565	30,618	31,732	29,336	69,851	68,736	64,109	67,536	64,109	67,536
Net debt/Equity	0.38	0.42	0.35	0.37	0.33	0.75	0.71	0.70	0.68
NET DEBT	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK M	2022	2022	2022	2022	2023	2023	2023	2023	2024
Interest-bearing assets	-177	-199	-207	-224	-221	-484	-495	-459	-504
Cash and cash equivalents	-4,113	-1,707	-2,978	-3,417	-2,811	-6,665	-1,688	-1,466	-2,437
Derivative financial instruments, net	283	141	231	288	306	15	284	-595	-251
Pension provisions	2,715	2,803	2,389	1,351	1,379	1,415	1,471	1,435	1,283
Lease liabilities	3,534	3,697	3,840	3,907	4,182	5,607	5,641	5,443	6,020
Interest-bearing liabilities Total	25,374 27,617	27,829 32,565	27,344 30,618	29,826 31,732	26,500 29,336	69,965 69,851	63,523 68,736	59,751 64,109	63,425 67,536

CAPITAL EMPLOYED AND FINANCING	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK M	2022	2022	2022	2022	2023	2023	2023	2023	2024
Goodwill	63,600	69,536	73,540	75,873	75,075	117,142	119,006	92,873	99,680
Other intangible assets Property, plant and equipment	13,877 8,934	14,476 9,538	14,774 10,079	15,024 10,106	15,539 10,178	15,918 11,885	15,333 12,111	34,831 11,460	36,000 12,129
Right-of-use assets	3,450	3,601	3,735	3,804	4,075	5,476	5,501	5,296	5,837
Other capital employed	11,932	14,327	15,257	13,244	14,206	14,277	13,958	12,060	14,534
Restructuring reserve	-600	-537	-469	-294	-1,229	-1,140	-941	-767	-662
Capital employed	101,193	110,941	116,916	117,758	117,844	163,558	164,969	155,753	167,517
Net debt	27,617	32,565	30,618	31,732	29,336	69,851	68,736	64,109	67,536
Non-controlling interests	9	11	13	12	12	10	36	16	12
Equity attributable to Parent company´s shareholders	73,568	78,365	86,285	86,014	88,496	93,696	96,197	91,629	99,969
OTHER KEY RATIOS ETC	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
	2022	2022	2022	2022	2023	2023	2023	2023	2024
Earnings per share, SEK	2,57	2,84	3,20	3,36	2,44	3,22	3,05	3,56	3,11
Earnings per share, excl IAC, SEK	2,57	2,84	3,20	3,36	3,32	3,36	3,31	3,56	3,12
Shareholders' equity per share, SEK Return on capital employed	66,23 15,7%	70,55 16,0%	77,68 16,8%	77,44 16,9%	79,67 17,4%	84,35 17,2%	86,60 16,3%	82,49 15,6%	90,00 14,6%
Return on equity	16,8%	16,1%	16,4%	17,1%	16,2%	15,8%	14,7%	15,3%	15,3%
Net debt/EBITDA	1,5	1,7	1,4	1,4	1,2	2,8	2,6	2,3	2,4
Average number of employees	50,984	51,545	51,937	52,463	52,960	53,824	56,289	56,845	61,282
Average adjusted capital employed	95,766	99,074	103,663	109,372	113,480	120,917	132,788	142,611	153,385
Average number of shares, thousands Items affecting comparability, net of tax	-	-	-	-	-978	1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 -156	-285	10	-13

1) Excluding items affecting comparability. Please see the section 'Items affecting comparability' on page 3 in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available on assaabloy.com

Q1 and 31 Mar								Global		Entrance
		EMEIA		Americas		Asia Pacific		Technologies		Systems	Other		Total
SEK M	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Sales, external	6,052	6,063	7,812	10,502	1,971	1,825	5,544	5,398	11,012	11,413	-	-	32,391	35,200
Sales, internal	177	154	49	30	441	224	38	36	24	29	-729	-472	-	-
Sales	6,229	6,216		7,861 10,532	2,411	2,048	5,582	5,433		11,037 11,442	-729	-472	32,391	35,200
Organic growth	3%	-3%	11%	-1%	6%	-3%	24%	-9%	3%	0%	-	-	8%	-2%
Acquisitions and divestments	9%	2%	2%	35%	16%	-9%	4%	6%	2%	3%	-	-	5%	11%
Exchange-rate effects	5%	1%	13%	0%	6%	-3%	10%	0%	9%	1%	-	-	9%	0%
Share of earnings in associates	-	-	-	-	4	1	-	-	-	-	-	-	4	1
EBIT, excl items affecting
comparability EBIT margin, excl items affecting	858	850	1,707	1,910	111	105	939	839	1,786	1,944	-215	-221	5,186	5,427
comparability	13.8%	13.7%	21.7%	18.1%	4.6%	5.1%	16.8%	15.4%	16.2%	17.0%	-	-	16.0%	15.4%
Items affecting comparability1	-468	-16	-167	0	-140	-2	-216	-	-130	-	-104	-	-1,225	-18
Operating income (EBIT)	390	834	1,540	1,910	-30	103	723	839	1,656	1,944	-318	-221	3,961	5,409
Operating margin (EBIT)	6.3%	13.4%	19.6%	18.1%	-1.2%	5.0%	13.0%	15.4%	15.0%	17.0%	-	-	12.2%	15.4%
OPERATING CASH FLOW SEK M
Operating income (EBIT)	390	834	1,540	1,910	-30	103	723	839	1,656	1,944	-318	-221	3,961	5,409
Items affecting comparability1	468	16	167	0	140	2	216	-	130	-	104	-	1,225	18
Depreciation and amortization	224	240	159	343	99	98	252	243	309	367	12	10	1,055	1,301
Net capital expenditure	-128	-108	-147	-198	-59	61	-56	-89	-125	-91	-2	-4	-516	-429
Repayment of lease liabilities	-68	-70	-47	-69	-29	-33	-45	-46	-158	-180	-5	-5	-352	-402
Change in working capital	-468	-453	-648	-1,121	-208	-107	-464	-455	713	256	-37	-212	-1,111	-2,091
Operating cash flow by division	418	459	1,024	865	-86	125	627	492	2,525	2,296	-246	-432	4,261	3,806
Other non-cash items											50	-60	50	-60
Interest paid and received											-242	-650	-242	-650
Operating cash flow													4,069	3,096
CAPITAL EMPLOYED
SEK M
Goodwill	13,037	13,750	14,896	34,437	5,987	5,574	18,909	20,106	22,246	25,814	-	-	75,075	99,680
Other intangible assets	1,181	1,464	1,837	22,528	1,592	1,939	3,701	2,990	7,194	7,045	35	33	15,539	36,000
Property, plant and equipment	2,861	3,264	2,135	3,326	1,509	1,439	1,392	1,626	2,229	2,432	52	41	10,178	12,129
Right-of-use assets	917	991	556	1,712	272	335	566	598	1,735	2,188	30	13	4,075	5,837
Other capital employed	4,507	2,470	1,491	3,523	2,364	1,512	1,670	2,434	4,312	3,917	-138	678	14,206	14,534
Adjusted capital employed		22,503 21,939		20,914 65,527		11,723 10,799		26,238 27,753		37,716 41,396	-20	765		119,073 168,179
Restructuring reserve	-500	-262	-142	-130	-62	-32	-224	-66	-199	-164	-101	-7	-1,229	-662
Capital employed		22,002 21,677		20,772 65,396		11,661 10,767		26,013 27,687		37,517 41,231	-121	758		117,844 167,517
Return on capital employed	16.4%	14.9%	32.8%	13.7%	1.5%	5.9%	13.7%	14.7%		18.9% 20.4%	-	-	17.4%	14.6%
Average adjusted capital employed	20,852	22,744	19,321	54,048	10,822	11,136	25,436	26,559	37,370	39,127	-	-	113,480	153,385
Average number of employees	12,109	12,225	9,892	17,772	7,502	6,883	7,422	8,095	15,767	16,031	269	275	52,960	61,282

Jan-Dec and 31 Dec							Global		Entrance
	EMEIA		Americas		Asia Pacific		Technologies		Systems		Other		Total
SEK M	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023
Sales, external	22,286	24,214	28,191	37,867	8,302	9,133	19,186	22,930	42,827	46,570	-	-	120,793	140,716
Sales, internal	572	617	152	141	1,522	1,151	158	169	100	95	-2,505	-2,173	-	-
Sales	22,858	24,831	28,344	38,009	9,824	10,284	19,344	23,099	42,928	46,665	-2,505	-2,173		120,793 140,716
Organic growth	5%	-2%	17%	6%	-5%	-2%	15%	9%	17%	1%	-	-	12%	3%
Acquisitions and divestments	1%	6%	1%	22%	7%	5%	2%	5%	2%	2%	-	-	2%	8%
Exchange-rate effects	5%	5%	20%	6%	11%	2%	15%	5%	12%	6%	-	-	13%	5%
Share of earnings in associates	-	-	-	-	22	7	3	11	1	-	-	-	26	18
EBIT, excl items affecting
comparability	3 335	3 388	5 899	7 186	119	662	3 065	3 996	6 847	7 807	-732	-854	18 532	22 185
EBIT margin, excl items affecting	14,6%	13,6%	20,8%	18,9%	1,2%	6,4%	15,8%	17,3%	15,9%	16,7%	-	-	15,3%	15,8%
comparability
Items affecting comparability1	-	-551	-	2 908	-	-27	-	-2 492	-	-133	-	-104	-	-400
Operating income (EBIT)	3,335	2,837	5,899	10,094	119	635	3,065	1,504	6,847	7,673	-732	-958	18,532	21,785
Operating margin (EBIT)	14,6%	11,4%	20,8%	26,6%	1,2%	6,2%	15,8%	6,5%	15,9%	16,4%	-	-	15,3%	15,5%
Operating income (EBIT)	3,335	2,837	5,899	10,094	119	635	3,065	1,504	6,847	7,673	-732	-958	18,532	21,785
Items affecting comparability1	-	551	-	-2,908	-	27	-	2,492	-	133	-	104	-	400
Depreciation and amortization	865	1,055	634	1,154	363	424	1,012	1,013	1,176	1,484	38	44	4,088	5,174
Net capital expenditure	-443	-627	-436	-631	-289	-202	-301	-378	-495	-576	-26	-6	-1,990	-2,419
Repayment of lease liabilities	-266	-276	-178	-255	-111	-129	-158	-188	-599	-675	-18	-21	-1,330	-1,543
Change in working capital	-707	643	-400	726	207	457	-642	-298	-1,494	2,352	205	-44	-2,831	3,836
Operating cash flow by division	2,785	4,183	5,520	8,181	288	1,213	2,974	4,145	5,436	10,391	-534	-881	16,470	27,232
Other non-cash items											137	123	137	123
Interest paid and received											-799	-2 122	-799	-2 122
Operating cash flow													15,808	25,232
CAPITAL EMPLOYED SEK M
Goodwill	12,957	13,232	15,416	32,382	6,058	5,379	19,041	18,989	22,401	22,891	-	-	75,873	92,873
Other intangible assets	1,223	1,366	1,375	21,652	1,637	1,937	3,691	2,968	7,056	6,876	42	32	15,024	34,831
Property, plant and equipment	2,745	3,166	2,079	3,037	1,591	1,398	1,421	1,556	2,215	2,260	55	43	10,106	11,460
Right-of-use assets	914	976	482	1,598	234	295	540	553	1,603	1,858	31	17	3,804	5,296
Other capital employed	4,034	2,120	1,536	2,875	1,692	1,324	1,604	1,827	5,141	3,830	-764	84	13,244	12,060
Adjusted capital employed	21,874	20,860	20,889	61,544	11,211	10,332	26,297	25,891	38,418	37,715	-636	177		118,052 156,520
Restructuring reserve	-97	-298	12	-150	-49	-43	-60	-89	-76	-182	-23	-5	-294	-767
Capital employed	21,777	20,562	20,900	61,395	11,161	10,289	26,237	25,802	38,342	37,533	-659	172		117,758 155,753
Return on capital employed	16,8%	14,8%	32,1%	16,3%	1,2%	5,8%	12,4%	15,2%	18,8%	20,3%	-	-	16,9%	15,6%
Average adjusted capital employed	19,861	22,872	18,369	44,025	10,167	11,396	24,745	26,295	36,447	38,502	-	-	109,372	142,611
Average number of employees	11,943	12,188	9,435	13,358	7,914	7,099	7,278	7,895	15,621	16,028	271	276	52,463	56,845

1 For information about items affecting comparability in 2023, please see the Year-end report 2023, available on assaabloy.com

NOTE 1 DISAGGREGATION OF REVENUE

Sales by continent Q1							Global			Entrance
	EMEIA		Americas		Asia Pacific		Technologies			Systems	Other		Total
SEK M	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Europe	5,403	5,375	27	17	169	167	1,448	1,715	4,480	4,550	-249	-240	11,277	11,585
North America	144	162	7,044	9,412	714	480	2,840	2,410	5,850	6,162	-343	-115	16,249	18,511
Central- and South America	21	21	746	924	14	12	139	173	25	59	-10	-9	935	1,180
Africa	229	226	3	1	1	0	119	174	19	14	-8	-13	363	403
Asia	381	395	40	171	821	747	704	665	352	345	-70	-58	2,227	2,265
Oceania	50	38	2	7	692	642	333	295	310	311	-50	-37	1,338	1,256
Total	6,229	6,216		7,861 10,532	2,411	2,048	5,582	5,433		11,037 11,442	-729	-472	32,391	35,200

Sales by product group Q1							Global			Entrance
	EMEIA			Americas	Asia Pacific		Technologies			Systems	Other		Total
SEK M	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Mechanical locks, lock systems and fittings	2,936	2,906	3,051	4,530	1,249	1,180	98	112	3	2	-217	-206	7,122	8,524
Electromechanical and electronic locks	1,981	2,034	2,125	2,466	611	376	5,433	5,305	320	304	-446	-193	10,023	10,292
Security doors and hardware	1,164	1,181	2,667	3,512	517	451	51	17	856	1,012	-35	-40	5,219	6,132
Entrance automation	148	95	18	25	35	41	-	-	9,857	10,124	-31	-33	10,027	10,252
Total	6,229	6,216		7,861 10,532	2,411	2,048	5,582	5,433		11,037 11,442	-729	-472	32,391	35,200

NOTE 2 BUSINESS COMBINATIONS

Consolidated acquisitions 2024

			Number of	Approx.	Month of
Acquisition	Division	Country	employees	sales in 2023	consolidation
Integrated Warehouse Solutions (IWS)	Entrance systems	USA	550	1 850	2024-01
Cemoel	Global technologies	Spain	60	70	2024-02
Kadex	Global technologies	Netherlands	<50	50	2024-03

		Q1
Amounts recognized in the group, SEK M	2023	2023	2024
Purchase prices
Cash paid for acquisitions during the year	54,292	125	2,796
Holdbacks and deferred considerations for acquisitions during the year	508	-	83
Adjustment of purchase prices for acquisitions in prior years	10	9	-565
Total	54,810	134	2,314
Acquired assets and liabilities at fair value
Intangible assets	24,422	858	-329
Property, plant and equipment and right-of-use assets	2,647	82	133
Other non-current assets	494	-2	8
Inventories	4,098	-31	223
Current receivables and investments	2,305	33	201
Cash and cash equivalents	1,175	-5	22
Non-current liabilities	-2,445	-107	-38
Current liabilities	-3,350	-54	-85
Total	29,346	774	134
Goodwill	25,464	-640	2,181
Change in cash and cash equivalents due to acquisitions
Cash paid for acquisitions during the year	54,292	125	2,796
Cash and cash equivalents in acquired subsidiaries	-1,175	5	-22
Paid and received considerations for acquisitions in prior years	449	208	-437
Total	53,566	338	2,337

The acquisition analyses for acquisitions made during the last 12 months are preliminary and will be concluded within one year of the acquisition date.

Fair value adjustments of acquired net assets from acquisitions made in previous periods are included in the above table. During the year, some of the analyzes of acquisitions closed during 2023 have been completed, whereby the resulting goodwill and intangible assets in these acquisitions have decreased.

NOTE 3 FAIR VALUE AND CARRYING AMOUNT ON FINANCIAL ASSETS AND LIABILITIES

				Financial instruments at fair value
31 March 2024		Fair
SEK M	Carrying amount	value		Level 1 Level 2 Level 3
Financial assets
Financial assets at amortized cost	25,483	25,483
Financial assets at fair value through profit and loss	122	122
Derivatives - hedge accounting	299	299		299
Derivatives - held for trading	225	225		225
Total financial assets	26,129	26,129	-	523	-
Financial liabilities
Financial liabilities at amortized cost	75,192	74,858
Financial liabilities at fair value through profit and loss	1,022	1,022			1,022
Lease liabilities	6,020	6,020
Derivatives - hedge accounting	124	124		124
Derivatives - held for trading	148	148		148
Total financial liabilities	82,506	82,173	-	272	1,022
			Financial instruments at fair value
31 December 2023
	Carrying	Fair
SEK M	amount	value		Level 1 Level 2 Level 3
Financial assets
Financial assets at amortized cost	22,934	22,934
Financial assets at fair value through profit and loss	115	115
Derivatives - hedge accounting	633	633		633
Derivative instruments - hedge accounting	293	293		293
Total financial assets	23,975	23,975	-	926	-
Financial liabilities
Financial liabilities at amortized cost	71,071	70,310
Financial liabilities at fair value through profit and loss	1,045	1,045			1,045
Lease liabilities	5,443	5,443
Derivatives - hedge accounting	161	161		161
Derivatives - held for trading	170	170		170

Financial liabilities at fair value through profit and loss pertains to deferred Deferred considerations are initially measured on the day of acquisition considerations, i.e. additional payments for acquired companies. The size of a based on management's best estimate regarding future outcomes and deferred consideration is usually linked to the earnings and sales performance belong to level 3 in the hierarchy. in an acquired company during a specific period of time.

EXTRACT FROM INCOME STATEMENT			Q1
SEK M	2023	2023	2024
Operating income	2,951	-274	-669
Income before appropriations and tax	2,809	-515	-956
Net income for the period	3,365	-408	-731

EXTRACT FROM BALANCE SHEET	31 Dec	31 Mar
SEK M	2023	2023	2024
Non-current assets	52,722	48,047	54,258
Current assets	40,730	18,542	44,082
Total assets	93,452	66,590	98,340

Equity	25,130	26,634	24,309
Untaxed reserves	1,021	1,265	1,021
Non-current liabilities	35,550	14,791	37,524
Current liabilities	31,751	23,900	35,487
Total equity and liabilities	93,452	66,590	98,340

acquisitions, divestments and exchange rate effects. for the last twelve months.

Operating margin (EBITDA) Net debt

Operating income before depreciation and amortization as a Interest-bearing liabilities less interest-bearing assets. percentage of sales. See the table on net debt for detailed information.

Operating margin (EBITA) Net debt/EBITDA

Operating income before amortization of intangible assets Net debt at the end of the period in relation to EBITDA for recognized in business combinations, as a percentage of sales. the last twelve months.

Operating margin (EBIT) Net debt/Equity ratio Operating income as a percentage of sales. Net debt in relation to equity.

Profit margin (EBT) Equity ratio

Restructuring costs and significant non-recurring operating expenses Equity excluding non-controlling interests in relation to such as revaluation of previously owned shares in associates, number of outstanding shares after any potential dilution. revaluation of inventory in business combinations and goodwill impairment.

Cash Flow from operating activities excluding restructuring Comparability, for the last twelve months as a percentage of payments and tax paid on income minus net capital expenditure average adjusted capital employed. and repayment of lease liabilities.

Operating cash flow in relation to income before tax excluding for the last twelve months as a percentage of average equity items affecting comparability. attributable to parent company's shareholders for the

Net capital expenditure

Investments in, less disposals of, intangible assets and Earnings per share before and after dilution

Depreciation, amortization and impairment of intangible assets, are expected to result in significant dilution in the future. property, plant and equipment and right-of-use assets.

Organic growth Average adjusted capital employed

Change in sales for comparable units after adjustments for Average capital employed excluding restructuring reserves

Income before tax as a percentage of sales. Shareholders' equity as a percentage of total assets.

Items affecting comparability Shareholders' equity per share

Return on capital employed

Operating cash flow Operating Income (EBIT), excluding Items Affecting

Return on equity

Cash conversion Net income attributable to parent company's shareholders same period.

property, plant and equipment. Net income attributable to parent company's shareholders divided by weighted average number of outstanding shares. Depreciation and amortization None of the Group's outstanding long-term incentive programs

Earnings per share before and after dilution and excluding Capital employed items affecting comparability

Total assets less interest-bearing assets and non-interest- Net income attributable to parent company's shareholders bearing liabilities including deferred tax liability. excluding items affecting comparability, net of tax, divided by weighted average number of outstanding shares. None of the Group's outstanding long-term incentive programs are expected to result in significant dilution in the future.

To check how the financial measurements have been calculated for current and earlier periods, refer to the tabulated figures in this Quarterly Report and to the company's Annual Report. The Annual Reports for the years 1994 to 2023 appear on the company's website.

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