AI assistant
ASSA ABLOY Interim / Quarterly Report 2026
2882_10-q_2026-04-28_f654505c-3241-44e3-a9aa-d09f977cec36.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
ASSA ABLOY
Quarterly Report
Q1 2026
April 28, 2026
Continued strong execution in the quarter
First quarter
- Net sales totaled SEK 35,751 M (37,940), with organic growth of 2% (2) and acquired net growth of 2% (5). Exchange rates affected sales by –10% (1).
- Organic sales growth was good in Americas, Global Technologies and EMEIA. Entrance Systems and Asia Pacific had stable organic sales.
- Three acquisitions with combined annual sales of about SEK 550 M were completed in the quarter.
- Operating income¹ (EBITA) totaled SEK 5,859 M (6,051) with an operating margin of 16.4% (15.9).
- Operating income¹ (EBIT) totaled SEK 5,461 M (5,645) with an operating margin of 15.3% (14.9).
- Net income¹ amounted to SEK 3,538 M (3,551).
- Earnings per share¹ amounted to SEK 3.18 (3.20).
- Operating cash flow amounted to SEK 3,141 M (2,424).
Organic growth
+2%
Acquired net growth
+2%
Operating income (EBIT)¹
–3%
Earnings per share¹
0%
| Sales and income | Full year | First quarter | ||||
|---|---|---|---|---|---|---|
| 2024 | 2025 | Δ | 2025 | 2026 | Δ | |
| Sales, SEK M | 150,162 | 152,409 | 1% | 37,940 | 35,751 | –6% |
| Of which: | ||||||
| Organic growth | –1,132 | 4,077 | 3% | 607 | 799 | 2% |
| Acquisitions and divestments | 11,326 | 6,576 | 5% | 1,709 | 820 | 2% |
| Exchange rate effects | –748 | –8,405 | –7% | 424 | –3,808 | –10% |
| Operating income (EBIT)¹, SEK M | 24,296 | 24,664 | 2% | 5,645 | 5,461 | –3% |
| Operating margin (EBITA)¹, % | 17.1% | 17.2% | 15.9% | 16.4% | ||
| Operating margin (EBIT)¹, % | 16.2% | 16.2% | 14.9% | 15.3% | ||
| Income before tax¹, SEK M | 20,914 | 21,335 | 2% | 4,766 | 4,749 | 0% |
| Net income¹, SEK M | 15,636 | 15,939 | 2% | 3,551 | 3,538 | 0% |
| Operating cash flow, SEK M | 23,052 | 22,660 | –2% | 2,424 | 3,141 | 30% |
| Earnings per share¹, SEK | 14.09 | 14.34 | 2% | 3.20 | 3.18 | 0% |
¹ Excluding items affecting comparability for the year-earlier period. Please see the tabulated figures section in this report, page 11, for further details about the financial effects in 2024 and 2025.
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Comments by the President and CEO
As we wrap up the first quarter of 2026, increased global geopolitical tensions and macroeconomic uncertainty have impacted many customer segments and geographies. In this environment, ASSA ABLOY has once again shown resilience and strong execution. Organic growth reached 2% in the quarter, supported by net acquired growth of 2% and offset by a significant currency headwind of –10%.
Sales performance across our divisions reflected both regional strengths and ongoing challenges. In the Americas division, organic growth reached 4%, driven by continued strong growth in the North America Non-Residential segment and in Latin America. Sales declined in the North America Residential segment, impacted by continued elevated interest rates, a challenging housing market and short-term effects from snowstorms at the beginning of the year. Global Technologies delivered 4% organic growth, with strong sales growth in Global Solutions and good growth in HID. In EMEIA, sales grew organically by 3% as we continued to see strong growth in Central Europe, the Nordics, and the MEIA region as the impact from the war was limited to the second half of March. However, the UK/Ireland as well as South Europe experienced declines. Entrance Systems had stable organic development, with the Perimeter Security and Pedestrian segments delivering strong growth, while the Industrial and Doors & Automation segments declined, primarily due to a weaker development in the European industrial market as well as weak residential markets. Sales in Asia Pacific were stable, with sales declining in the Greater China & Southeast Asia business unit, offset by good growth in the Pacific & Northeast Asia business unit.
The operating profit (EBIT) amounted to SEK 5,461 M. The corresponding operating margin improved by 40 bps year-on-year to 15.3% (14.9). The margin was negatively impacted by currency effects and acquisition-related dilution of 40 bps in total; however, this was more than offset by strong operating leverage of 52%. The operating cash flow was another highlight and improved by 30% versus last year to SEK 3,141 M, resulting in a seasonally very good cash conversion of 66%.
A resilient and decentralized business model
In an increasingly uncertain global environment, most recently with the development in the Middle East, ASSA ABLOY's decentralized business model continues to be a key strength. With decision-making close to the markets, our people are empowered to respond quickly to changing local conditions, whether driven by geopolitical developments, trade policy uncertainty, or shifting demand patterns.
Our broad geographic and end-market diversification, together with two-thirds of sales generated in the aftermarket, also provide stability and resilience over the business cycle. This has been clearly demonstrated in recent times, when we delivered a solid performance despite a challenging and volatile market environment. These structural strengths remain important enablers for long-term, profitable growth.
I would like to thank our employees around the world. Your dedication and effort, combined with our strong business model, give us confidence as we continue to navigate a challenging external environment.
Nico Delvaux
President and CEO
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
First quarter
The Group's sales totaled SEK 35,751 M (37,940), a decline of 6%. Organic growth amounted to 2% (2). Net growth from acquisitions and divestments was 2% (5), of which 3% (5) were acquisitions. Exchange rates affected sales by –10% (1).
The Group's operating income before amortizations from acquisitions² (EBITA) amounted to SEK 5,859 M (6,051). The corresponding EBITA margin was 16.4% (15.9). The Group's operating income² (EBIT) totaled SEK 5,461 M (5,645), a decrease of 3%. The corresponding operating margin was 15.3% (14.9). Exchange rates had an impact of SEK –691 M (103) on EBIT.
Net financial items amounted to SEK –711 M (–879). The Group's income before tax² totaled SEK 4,749 M (4,766). Exchange rates had an impact of SEK –601 M (78) on income before tax². The corresponding profit margin was 13.3% (12.6). The estimated effective income tax rate, on an annualized basis and excluding items affecting comparability, is 25.5% (25.3 for full-year 2025). Earnings per share before and after dilution² amounted to SEK 3.18 (3.20).
Operating cash flow totaled SEK 3,141 M (2,424), which corresponds to a cash conversion² of 0.66 (0.51). The net debt/equity ratio totaled 0.60 (0.63) at the end of the quarter. Financial net debt totaled SEK 65,071 M (64,277). New bonds were issued during the quarter for a total value of SEK 1,014 M, while SEK 721 M in long-term loans were repaid. The Group's long-term borrowing totaled SEK 44,014 M (46,553), while short-term borrowing totaled SEK 15,592 M (12,185).
Restructuring measures
Restructuring payments totaled SEK 105 M (166) for the quarter. The programs proceeded according to plan. At the end of the quarter, provisions of SEK 528 M remained in the balance sheet for carrying out these programs.
Quarterly comments by division
Opening Solutions EMEIA
Sales for the quarter in EMEIA totaled SEK 6,519 M (6,464), with an organic sales growth of 3% (0). Organic sales growth was strong in Central Europe, the Nordics and Middle East/India/Africa. Organic sales declined in South Europe and UK/Ireland. Sales growth from acquisitions was 3%. Operating income excluding items affecting comparability totaled SEK 967 M (894), which represents an operating margin (EBIT) of 14.8% (13.8). Return on capital employed, on an annualized basis and excluding items affecting comparability, totaled 15.5% (15.7). Operating cash flow before non-cash items and interest paid totaled SEK 458 M (223).
Opening Solutions Americas
Sales for the quarter in the Americas totaled SEK 10,346 M (11,171), with an organic sales growth of 4% (2). Organic sales growth was strong in both the North America Non-Residential segment and in Latin America, but declined in the North America Residential segment. Sales growth from acquisitions was 3%. Operating income excluding items affecting comparability totaled SEK 1,854 M (1,915), which represents an operating margin (EBIT) of 17.9% (17.1). Return on capital employed, on an annualized basis and excluding items affecting comparability, totaled 13.0% (12.6). Operating cash flow before non-cash items and interest paid totaled SEK 1,327 M (745).
² Excluding items affecting comparability for the year-earlier period. Please see the tabulated figures section in this report, page 11, for further details about the financial effects in 2024 and 2025.
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Opening Solutions Asia Pacific
Sales for the quarter in Asia Pacific totaled SEK 1,731 M (1,936), with an organic sales growth of 0% (−5). Organic sales growth was good in Pacific & Northeast Asia, but declined in Greater China & Southeast Asia. Sales growth from acquisitions was 0%. Operating income excluding items affecting comparability totaled SEK 88 M (80), which represents an operating margin (EBIT) of 5.1% (4.1). Return on capital employed, on an annualized basis and excluding items affecting comparability, totaled 7.0% (5.6). Operating cash flow before non-cash items and interest paid totaled SEK −69 M (−128).
Global Technologies
Sales for the quarter in Global Technologies totaled SEK 5,989 M (6,258), with an organic sales growth of 4% (8). Organic sales growth was strong in Global Solutions and good in HID. Net sales growth from acquisitions and divestments was 3%. Operating income excluding items affecting comparability totaled SEK 918 M (855), which represents an operating margin (EBIT) of 15.3% (13.7). Return on capital employed, on an annualized basis and excluding items affecting comparability, totaled 14.9% (14.1). Operating cash flow before non-cash items and interest paid totaled SEK 571 M (729).
Entrance Systems
Sales for the quarter in Entrance Systems totaled SEK 11,665 M (12,586), with an organic sales growth of 0% (0). Organic sales growth was strong in both Perimeter Security and Pedestrian, but declined in both Industrial and Doors & Automation. Sales growth from acquisitions was 2%. Operating income excluding items affecting comparability totaled SEK 1,874 M (2,109), which represents an operating margin (EBIT) of 16.1% (16.8). Return on capital employed, on an annualized basis and excluding items affecting comparability, totaled 19.0% (19.8). Operating cash flow before non-cash items and interest paid totaled SEK 1,712 M (2,038).
Acquisitions and divestments
Acquisitions
Three acquisitions were completed during the first quarter of 2026. The combined acquisition price for all businesses acquired, including adjustments from prior-year acquisitions, totaled SEK 1,104 M. The corresponding acquisition price on a cash- and debt- free basis totaled SEK 943 M. Preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life totaled SEK 585 M. Estimated deferred considerations for current year acquisitions were SEK 316 M.
On March 4, 2026, it was announced that ASSA ABLOY had acquired Sam's Garage Doors, a distributor, installer, and servicer of various door products and a manufacturer of gate products, based in Canada. Sales for 2025 amounted to about SEK 120 M.
On March 3, 2026, it was announced that ASSA ABLOY had acquired Sennco Solutions, a US provider of asset protection technology and solutions for retail security within primarily the health and beauty segment. Sales for 2025 amounted to about SEK 330 M.
On February 3, 2026, it was announced that ASSA ABLOY had acquired NSP Security in the UK, a company providing design, manufacturing and installation of access control solutions primarily within the student accommodation segment. Sales for 2025 amounted to about SEK 110 M.
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Sustainable development
ASSA ABLOY's second sustainability statement, in accordance with the European Sustainability Reporting Standard (ESRS), is included in the 2025 Annual Report, which was published on March 16, 2026. We successfully closed our 2025 Sustainability Program, where we exceeded the majority of our targets. In parallel, we continued to make strong progress towards our science-based targets. In 2025, we reduced our absolute Scope 1 & 2 carbon emissions by 34% against our 2019 baseline, putting us ahead of plan to reach our 50% absolute reduction target by 2030. We have also reduced our Scope 3 carbon emissions by 14%, against our 2019 baseline, meaning we are halfway to our 28% absolute reduction target by 2030.
In our newly launched Sustainability Program to 2030, we have again raised our ambition level. For energy, water and waste intensity, we have a 30% reduction target against a 2025 baseline. For the first time, we have included a product sustainability target. We are targeting to have 80% of revenue included in our product sustainability process, which will support us to reach our 2030 Scope 3 science-based targets. For more information, see our 2025 Annual Report, available on the company's website, www.assaabloy.com..
Parent Company
Other operating income for the parent company ASSA ABLOY AB totaled SEK 1,027 M (880) for the first quarter of 2026. Operating income for the same period totaled SEK -415 M (-558). Investments in tangible and intangible assets totaled SEK 3 M (1). Liquidity is good and the equity ratio was 28.5% (29.7).
Accounting policies
ASSA ABLOY applies IFRS Accounting Standards (IFRS) as endorsed by the European Union. The same accounting and valuation policies were 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 2026. IFRS 18 Presentation and Disclosure in Financial Statements is effective from January 1, 2027, with retroactive application. The Group is continuing to identify all the effects that the amendments will have on the financial statements and their notes.
This Report was prepared in accordance with IAS 34 "Interim Financial Reporting" and the Swedish 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 which the company describes as "alternative performance measures." For definitions of financial performance measures, refer to Page 17 of this Report. Information about how these measures were calculated is available on the company's website, www.assaabloy.com. To reconcile how the financial measurements were 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 2025 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.
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Transactions with related parties
No transactions that significantly affected the company's position and income have taken place between ASSA ABLOY and related parties, except for matters in the normal course of business such as paying dividends to shareholders.
Risks and uncertainty factors
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, such as risks related to acquisitions of companies, legal risks, environmental and climate risks, and cyber and information security risks. 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 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.
Various geopolitical risks, such as military conflicts and wars, terrorist threats, trade conflicts etc. can affect the global economy and demand for the Group's goods and services. The introduction of various types of tariffs between countries may have a negative impact on the business in both the short and long term, even though ASSA ABLOY's manufacturing is mainly done locally. The decentralized organization and agile working method also enable faster adaptation at the local level. For a more detailed description of particular risks and risk management, please see the 2025 Annual Report.
M&A and FX guidance
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, 2026, will have an effect of 2% on sales in the second quarter of 2026 versus the same period last year, while the effect on the operating margin is estimated to be dilutive in the second quarter of 2026.
Exchange rate effects
On the basis of the currency rates on March 31, 2026, it is estimated that the weighted currency effects on sales in the second quarter of 2026 versus the same period last year will be −2%, while the effect on the operating margin is estimated to be dilutive in the second quarter of 2026.
Review
The Company's Auditors have not carried out any review of this Report for the first quarter of 2026.
Stockholm, April 28, 2026
Nico Delvaux
President and CEO
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Financial information
The Quarterly Report for the second quarter of 2026 will be published on July 17, 2026.
The Quarterly Report for the third quarter of 2026 will be published on October 27, 2026.
The Year-End report 2026 and Quarterly Report for the fourth quarter of 2026 will be published on February 4, 2027.
Further information can be obtained from:
Nico Delvaux, President and CEO
phone: +46 8 506 485 82
Erik Pieder, Executive Vice President and CFO,
phone: +46 8 506 485 72
Björn Tibell, Head of Investor Relations,
phone: +46 70 275 67 68
e-mail: [email protected]
ASSA ABLOY is holding a telephone and web conference
at 09.00 CEST on April 28, 2026, 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 28, 2026.
ASSA ABLOY AB (publ)
Box 703 40
107 23 Stockholm
Visiting address
Klarabergsviadukten 90, Stockholm, Sweden
Tel +46 (0)8 506 485 00
Fax +46 (0)8 506 485 85
www.assaabloy.com
Corporate identity number: 556059-3575
No. 08 2026
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Financial information – Group
| CONDENSED INCOME STATEMENT | |||
|---|---|---|---|
| Year | Q1 | ||
| SEK M | 2025 | 2025 | 2026 |
| Sales | 152,409 | 37,940 | 35,751 |
| Cost of goods sold | -87,440 | -22,295 | -20,298 |
| Gross income | 64,969 | 15,645 | 15,453 |
| Selling, administrative and R&D costs and other operating income & expenses | -41,617 | -11,341 | -9,994 |
| Capital result from divestment of subsidiaries, incl. exit costs^{1} | -228 | -6 | - |
| Share of earnings in associates | 28 | 10 | 2 |
| Operating income | 23,151 | 4,308 | 5,461 |
| Finance net | -3,329 | -879 | -711 |
| Income before tax | 19,823 | 3,429 | 4,749 |
| Income tax | -5,115 | -981 | -1,211 |
| Net income for the period | 14,708 | 2,448 | 3,538 |
| Net income for the period attributable to: | |||
| Parent company's shareholders | 14,701 | 2,449 | 3,537 |
| Non-controlling interests | 7 | -1 | 1 |
| Earnings per share | |||
| Before and after dilution, SEK | 13.23 | 2.21 | 3.18 |
| Before and after dilution and excluding items affecting comparability, SEK | 14.34 | 3.20 | 3.18 |
| CONDENSED STATEMENT OF COMPREHENSIVE INCOME | |||
| --- | --- | --- | --- |
| Year | Q1 | ||
| SEK M | 2025 | 2025 | 2026 |
| Net income for the period | 14,708 | 2,448 | 3,538 |
| Other comprehensive income: | |||
| Items that will not be reclassified to profit or loss | |||
| Actuarial gain/loss on post-employment benefit obligations | 270 | -60 | 22 |
| Deferred tax from actuarial gain/loss on post-employment benefit obligations | -66 | 15 | -6 |
| Total | 204 | -45 | 17 |
| Items that may be reclassified subsequently to profit or loss | |||
| Share of other comprehensive income of associates | -83 | -35 | 7 |
| Cash flow hedges and net investment hedges | -111 | -60 | 62 |
| Cost of hedging | 18 | 9 | 3 |
| Exchange rate translation differences | -13,589 | -7,998 | 3,483 |
| Tax attributable to items that may be reclassified subsequently to profit or loss | 4 | 4 | -1 |
| Total | -13,761 | -8,081 | 3,554 |
| Total other comprehensive income | -13,557 | -8,126 | 3,571 |
| Total comprehensive income for the period | 1,151 | -5,677 | 7,109 |
| Total comprehensive income for the period attributable to: | |||
| Parent company's shareholders | 1,152 | -5,667 | 7,057 |
| Non-controlling interests | -1 | -10 | 53 |
1) Exit costs associated with costs for the divestment of the Smart Residential business in the U.S and Canada in 2023.
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Financial information – Group
| CONDENSED BALANCE SHEET | 31 Dec | 31 Mar | |
|---|---|---|---|
| SEK M | 2025 | 2025 | 2026 |
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 101,119 | 107,281 | 104,689 |
| Intangible assets | 36,838 | 35,579 | 38,393 |
| Property, plant and equipment | 11,807 | 11,684 | 12,257 |
| Right-of-use assets | 6,287 | 6,068 | 6,496 |
| Investments in associates | 564 | 605 | 567 |
| Other financial assets | 626 | 664 | 632 |
| Deferred tax assets | 1,735 | 2,000 | 1,884 |
| Total non-current assets | 158,976 | 163,881 | 164,918 |
| Current assets | |||
| Inventories | 19,247 | 20,886 | 20,804 |
| Trade receivables | 21,327 | 22,584 | 22,925 |
| Other current receivables and investments | 7,423 | 7,855 | 7,402 |
| Cash and cash equivalents | 1,398 | 4,139 | 2,513 |
| Total current assets | 49,395 | 55,463 | 53,645 |
| TOTAL ASSETS | 208,371 | 219,344 | 218,563 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to Parent company's shareholders | 101,597 | 101,249 | 108,464 |
| Non-controlling interests | 122 | 132 | 165 |
| Total equity | 101,719 | 101,381 | 108,630 |
| Non-current liabilities | |||
| Long-term loans | 46,553 | 53,585 | 44,014 |
| Non-current lease liabilities | 4,900 | 4,668 | 5,033 |
| Deferred tax liabilities | 4,022 | 3,337 | 4,397 |
| Other non-current liabilities and provisions | 3,257 | 3,408 | 2,935 |
| Total non-current liabilities | 58,732 | 64,998 | 56,380 |
| Current liabilities | |||
| Short-term loans | 12,185 | 15,418 | 15,592 |
| Current lease liabilities | 1,715 | 1,636 | 1,826 |
| Trade payables | 11,030 | 11,590 | 11,556 |
| Other current liabilities and provisions | 22,990 | 24,322 | 24,580 |
| Total current liabilities | 47,920 | 52,965 | 53,553 |
| TOTAL EQUITY AND LIABILITIES | 208,371 | 219,344 | 218,563 |
| CHANGES IN EQUITY | Equity attributable to: | Total equity | |
| --- | --- | --- | --- |
| Parent company's shareholders | Non-controlling interests | ||
| SEK M | |||
| Opening balance 1 January 2025 | 107,071 | 10 | 107,080 |
| Net income for the period | 2,449 | -1 | 2,448 |
| Other comprehensive income | -8,117 | -9 | -8,126 |
| Total comprehensive income | -5,667 | -10 | -5,677 |
| Share-based incentive programs | -154 | - | -154 |
| Change in non-controlling interest | - | 132 | 132 |
| Total transactions with shareholders | -154 | 132 | -22 |
| Closing balance 31 March 2025 | 101,249 | 132 | 101,381 |
| Opening balance 1 January 2026 | 101,597 | 122 | 101,719 |
| --- | --- | --- | --- |
| Net income for the period | 3,537 | 1 | 3,538 |
| Other comprehensive income | 3,519 | 52 | 3,571 |
| Total comprehensive income | 7,057 | 53 | 7,109 |
| Dividend | - | -9 | -9 |
| Share-based incentive programs | -189 | - | -189 |
| Change in non-controlling interest | - | - | - |
| Total transactions with shareholders | -189 | -9 | -199 |
| Closing balance 31 March 2026 | 108,464 | 165 | 108,630 |
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Financial information – Group
| CONDENSED STATEMENT OF CASH FLOWS | Year | Q1 | |
|---|---|---|---|
| SEK M | 2025 | 2025 | 2026 |
| OPERATING ACTIVITIES | |||
| Operating income | 23,151 | 4,308 | 5,461 |
| Add back of | |||
| Depreciation/amortization/write-downs | 6,081 | 1,519 | 1,429 |
| Items affecting comparability | 1,513 | 1,337 | - |
| Other non-cash items | 83 | 50 | 55 |
| Restructuring payments | -645 | -166 | -105 |
| Changes in working capital | -367 | -2,788 | -2,148 |
| Cash flow before interest and tax | 29,816 | 4,261 | 4,692 |
| Interest paid and received | -3,234 | -754 | -606 |
| Tax paid on income | -5,170 | -686 | -585 |
| Cash flow from operating activities | 21,412 | 2,821 | 3,502 |
| INVESTING ACTIVITIES | |||
| Net investments in intangible assets and property, plant and equipment | -2,598 | -737 | -569 |
| Investments in subsidiaries | -11,409 | -7,336 | -993 |
| Divestments of subsidiaries | 835 | 779 | -9 |
| Investments in and disposals of associates | 8 | - | - |
| Other investments and disposals | 1 | 0 | 0 |
| Cash flow from investing activities | -13,163 | -7,294 | -1,572 |
| FINANCING ACTIVITIES | |||
| Dividends | -6,563 | - | -9 |
| Acquisition of non-controlling interests | -1 | -1 | - |
| Repayment of lease liabilities | -1,968 | -511 | -482 |
| Net cash effect of changes in borrowings | -2,649 | 4,707 | -336 |
| Cash flow from financing activities | -11,181 | 4,195 | -827 |
| CASH FLOW FOR THE PERIOD | -2,932 | -279 | 1,103 |
| CASH AND CASH EQUIVALENTS | |||
| Cash and cash equivalents at beginning of period | 4,504 | 4,504 | 1,398 |
| Cash flow for the period | -2,932 | -279 | 1,103 |
| Effect of exchange rate differences | -174 | -87 | 12 |
| Cash and cash equivalents at end of period | 1,398 | 4,139 | 2,513 |
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Quarterly information - Group
| THE GROUP IN SUMMARY | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Sales | 35,200 | 37,968 | 37,418 | 39,575 | 37,940 | 38,015 | 38,146 | 38,307 | 35,751 |
| Organic growth | -2% | -1% | 0% | 0% | 2% | 3% | 3% | 4% | 2% |
| Gross income¹ | 14,530 | 15,858 | 15,756 | 16,584 | 16,221 | 16,301 | 16,459 | 16,500 | 15,453 |
| Gross margin¹ | 41.5% | 41.8% | 42.1% | 41.9% | 42.8% | 42.9% | 43.1% | 43.1% | 43.2% |
| EBITDA¹ | 6,728 | 7,485 | 7,635 | 8,092 | 7,164 | 7,627 | 7,868 | 8,085 | 6,889 |
| EBITDA margin¹ | 19.1% | 19.7% | 20.4% | 20.4% | 18.9% | 20.1% | 20.6% | 21.1% | 19.3% |
| Depreciation, excl attrib. to business combinations | -988 | -1,051 | -1,026 | -1,194 | -1,114 | -1,072 | -1,053 | -1,216 | -1,031 |
| EBITA¹ | 5,740 | 6,434 | 6,609 | 6,898 | 6,051 | 6,555 | 6,815 | 6,869 | 5,859 |
| EBITA margin¹ | 16.3% | 16.9% | 17.7% | 17.4% | 15.9% | 17.2% | 17.9% | 17.9% | 16.4% |
| Amortization attrib. to business combinations | -313 | -349 | -354 | -369 | -405 | -400 | -399 | -421 | -398 |
| Operating income (EBIT)¹ | 5,427 | 6,085 | 6,255 | 6,529 | 5,645 | 6,155 | 6,416 | 6,448 | 5,461 |
| Operating margin (EBIT)¹ | 15.4% | 16.0% | 16.7% | 16.5% | 14.9% | 16.2% | 16.8% | 16.8% | 15.3% |
| Items affecting comparability¹ | -18 | -13 | -43 | 54 | -1337 | -200 | 13 | 12 | - |
| Operating income (EBIT) | 5,409 | 6,071 | 6,211 | 6,583 | 4,308 | 5,955 | 6,429 | 6,460 | 5,461 |
| Operating margin (EBIT) | 15.4% | 16.0% | 16.6% | 16.6% | 11.4% | 15.7% | 16.9% | 16.9% | 15.3% |
| Net financial items | -811 | -849 | -878 | -845 | -879 | -836 | -853 | -760 | -711 |
| Income before tax | 4,598 | 5,223 | 5,333 | 5,739 | 3,429 | 5,119 | 5,575 | 5,699 | 4,749 |
| Profit margin | 13.1% | 13.8% | 14.3% | 14.5% | 9.0% | 13.5% | 14.6% | 14.9% | 13.3% |
| Tax on income | -1,150 | -1,306 | -1,333 | -1,483 | -981 | -1,305 | -1,421 | -1,407 | -1,211 |
| Net income for the period | 3,449 | 3,917 | 4,000 | 4,255 | 2,448 | 3,814 | 4,154 | 4,292 | 3,538 |
| Net income attributable to: | |||||||||
| Parent company's shareholders | 3,452 | 3,917 | 3,998 | 4,272 | 2,449 | 3,812 | 4,149 | 4,290 | 3,537 |
| Non-controlling interests | -3 | 0 | 2 | -17 | -1 | 1 | 5 | 1 | 1 |
| Year | Last 12 months | ||||||||
| --- | --- | ||||||||
| 2025 | - | ||||||||
| 152,409 | 150,220 | ||||||||
| 3% | - | ||||||||
| 65,481 | 64,713 | ||||||||
| 43.0% | 43.1% | ||||||||
| 30,745 | 30,470 | ||||||||
| 20.2% | 20.3% | ||||||||
| -4,455 | -4,372 | ||||||||
| 26,290 | 26,098 | ||||||||
| 17.2% | 17.4% | ||||||||
| -1,626 | -1,619 | ||||||||
| 24,664 | 24,479 | ||||||||
| 16.2% | 16.3% | ||||||||
| -1,513 | -175 | ||||||||
| 23,151 | 24,304 | ||||||||
| 15.2% | 16.2% | ||||||||
| -3,329 | -3,161 | ||||||||
| 19,823 | 21,143 | ||||||||
| 13.0% | 14.1% | ||||||||
| -5,115 | -5,345 | ||||||||
| 14,708 | 15,798 | ||||||||
| 14,701 | 15,789 | ||||||||
| 7 | 9 | ||||||||
| OPERATING CASH FLOW | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SEK M | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Operating income (EBIT) | 5,409 | 6,071 | 6,211 | 6,583 | 4,308 | 5,955 | 6,429 | 6,460 | 5,461 |
| Reversal items affecting comparability | 18 | 13 | 43 | -54 | 1,337 | 200 | -13 | -12 | - |
| Depreciation and amortization | 1,301 | 1,400 | 1,380 | 1,563 | 1,519 | 1,473 | 1,452 | 1,637 | 1,429 |
| Net capital expenditure | -429 | -596 | -655 | -383 | -737 | -542 | -549 | -770 | -569 |
| Change in working capital | -2,091 | -111 | 802 | 1,608 | -2,788 | -436 | 1,193 | 1,664 | -2,148 |
| Interest paid and received | -650 | -772 | -1,032 | -797 | -754 | -741 | -1,054 | -685 | -606 |
| Repayment of lease liabilities | -402 | -456 | -453 | -485 | -511 | -461 | -514 | -481 | -482 |
| Other non-cash items | -60 | 55 | 44 | -25 | 50 | 5 | 24 | 3 | 55 |
| Operating cash flow | 3,096 | 5,604 | 6,341 | 8,010 | 2,424 | 5,452 | 6,969 | 7,815 | 3,141 |
| Cash conversion | 0.67 | 1.07 | 1.18 | 1.41 | 0.51 | 1.03 | 1.25 | 1.37 | 0.66 |
| Year | Last 12 months | ||||||||
| --- | --- | ||||||||
| 2025 | - | ||||||||
| 23,151 | 24,304 | ||||||||
| 1,513 | 175 | ||||||||
| 6,081 | 5,991 | ||||||||
| -2,598 | -2,430 | ||||||||
| -367 | 273 | ||||||||
| -3,234 | -3,086 | ||||||||
| -1,968 | -1,938 | ||||||||
| 83 | 88 | ||||||||
| 22,660 | 23,377 | ||||||||
| 1.06 | 1.10 | ||||||||
| CHANGE IN NET DEBT | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SEK M | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Net debt at beginning of period | 64,109 | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | 70,828 | 66,681 | 64,277 |
| Operating cash flow | -3,096 | -5,604 | -6,341 | -8,010 | -2,424 | -5,452 | -6,969 | -7,815 | -3,141 |
| Restructuring payments | 137 | 138 | 150 | 323 | 166 | 126 | 158 | 195 | 105 |
| Tax paid on income | 712 | 1,490 | 1,505 | 1,065 | 686 | 1,881 | 1,142 | 1,461 | 585 |
| Acquisitions and divestments | 2,038 | 2,182 | 5,592 | 3,297 | 7,670 | 1,112 | 1,645 | 1,993 | 925 |
| Dividend | - | 2,999 | - | 2,999 | - | 3,286 | 0 | 3,277 | 9 |
| Actuarial gain/loss on post-employment benefit oblig. | -142 | -96 | -50 | 266 | 60 | -36 | 64 | -357 | -22 |
| Change to lease liabilities | 292 | -105 | -95 | 149 | 261 | 133 | -79 | 193 | 2 |
| Exchange rate differences, etc. | 3,488 | -342 | -2,033 | 3,236 | -5,231 | -1,663 | -108 | -1,350 | 2,331 |
| Net debt at end of period | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | 70,828 | 66,681 | 64,277 | 65,071 |
| Net debt/Equity | 0.68 | 0.68 | 0.66 | 0.66 | 0.70 | 0.71 | 0.65 | 0.63 | 0.60 |
| Year | Last 12 months | ||||||||
| --- | --- | ||||||||
| 2025 | - | ||||||||
| 70,253 | 71,441 | ||||||||
| -22,660 | -23,377 | ||||||||
| -64,584 | -64,777 | ||||||||
| 5,170 | 5,068 | ||||||||
| 12,420 | 5,675 | ||||||||
| 6,563 | 6,572 | ||||||||
| -270 | -352 | ||||||||
| 509 | 249 | ||||||||
| -8,352 | -790 | ||||||||
| 64,277 | 65,071 |
¹ Excluding items affecting comparability (IAC), which refer to restructuring costs for our tenth Manufacturing Footprint Program (MFP) and exit costs associated with the divestment of the Smart Residential business in the U.S. and Canada in 2023. For information about items affecting comparability in 2024 and 2025, please see the Year-end report 2024 and 2025, available on assaabloy.com
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Quarterly information – Group
| NET DEBT | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Interest-bearing assets | -504 | -248 | -257 | -249 | -244 | -240 | -230 | -210 | -218 |
| Cash and cash equivalents | -2,437 | -3,605 | -4,073 | -4,504 | -4,139 | -2,086 | -3,319 | -1,398 | -2,513 |
| Derivative financial instruments, net | -251 | 116 | -456 | 26 | -948 | -1,454 | -856 | -603 | 220 |
| Pension provisions | 1,283 | 1,186 | 1,232 | 1,478 | 1,465 | 1,458 | 1,552 | 1,136 | 1,116 |
| Lease liabilities | 6,020 | 6,001 | 5,890 | 6,554 | 6,304 | 6,281 | 6,545 | 6,614 | 6,859 |
| Interest-bearing liabilities | 63,425 | 64,748 | 64,591 | 66,948 | 69,003 | 66,869 | 62,989 | 58,738 | 59,606 |
| Total | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | 70,828 | 66,681 | 64,277 | 65,071 |
| CAPITAL EMPLOYED AND FINANCING | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SEK M | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Goodwill | 99,680 | 99,317 | 99,199 | 106,874 | 107,281 | 104,012 | 101,985 | 101,119 | 104,689 |
| Intangible assets | 36,000 | 36,970 | 36,463 | 38,531 | 35,579 | 35,929 | 38,040 | 36,838 | 38,393 |
| Property, plant and equipment | 12,129 | 12,134 | 12,222 | 12,653 | 11,684 | 11,652 | 11,724 | 11,807 | 12,257 |
| Right-of-use assets | 5,837 | 5,789 | 5,670 | 6,295 | 6,068 | 6,005 | 6,233 | 6,287 | 6,496 |
| Other capital employed | 14,534 | 14,605 | 14,478 | 13,019 | 13,340 | 13,662 | 12,529 | 10,566 | 12,392 |
| Restructuring reserve | -662 | -514 | -358 | -39 | -1,130 | -998 | -831 | -622 | -528 |
| Capital employed | 167,517 | 168,300 | 167,674 | 177,333 | 172,822 | 170,262 | 169,679 | 165,996 | 173,700 |
| Net debt | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | 70,828 | 66,681 | 64,277 | 65,071 |
| Non-controlling interests | 12 | 12 | 16 | 10 | 132 | 118 | 123 | 122 | 165 |
| Equity attributable to Parent company's shareholders | 99,969 | 100,090 | 100,731 | 107,071 | 101,249 | 99,316 | 102,875 | 101,597 | 108,464 |
| OTHER KEY RATIOS ETC | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 | |
| Earnings per share, SEK | 3.11 | 3.53 | 3.60 | 3.85 | 2.21 | 3.43 | 3.74 | 3.86 | 3.18 |
| Earnings per share, excl IAC, SEK | 3.12 | 3.54 | 3.63 | 3.81 | 3.20 | 3.57 | 3.73 | 3.85 | 3.18 |
| Shareholders' equity per share, SEK | 90.00 | 90.11 | 90.68 | 96.39 | 91.15 | 89.41 | 92.62 | 91.47 | 97.65 |
| Return on capital employed | 14.6% | 14.0% | 14.2% | 14.4% | 14.2% | 14.2% | 14.2% | 14.2% | 14.4% |
| Return on equity | 15.3% | 15.2% | 15.6% | 15.7% | 14.5% | 14.6% | 14.4% | 14.1% | 15.1% |
| Net debt/EBITDA | 2.4 | 2.4 | 2.3 | 2.3 | 2.4 | 2.3 | 2.2 | 2.1 | 2.1 |
| Average number of employees | 61,282 | 62,538 | 62,634 | 62,825 | 64,460 | 64,652 | 63,723 | 63,886 | 63,939 |
| Average adjusted capital employed | 153,385 | 164,603 | 165,649 | 168,363 | 172,654 | 173,049 | 174,100 | 173,241 | 170,325 |
| Average number of shares, thousands | 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 |
| Items affecting comparability, net of tax | -13 | -10 | -33 | 41 | -1,103 | -149 | 10 | 10 | - |
1) Excluding items affecting comparability (IAC), which refer to restructuring costs for our tenth Manufacturing Footprint Program (MFP) and exit costs associated with the divestment of the Smart Residential business in the U.S. and Canada in 2023.
For information about items affecting comparability in 2024 and 2025, please see the Year-end report 2024 and 2025, available on assaaboy.com
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Reporting by division
| Q1 and 31 Mar | EMEIA | Americas | Asia Pacific | Global Technologies | Entrance Systems | Other | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| SEK M | ||||||||||||||
| Sales, external | 6,312 | 6,364 | 11,137 | 10,299 | 1,730 | 1,526 | 6,199 | 5,933 | 12,563 | 11,628 | - | - | 37,940 | 35,751 |
| Sales, internal | 153 | 154 | 34 | 47 | 206 | 204 | 59 | 56 | 23 | 37 | -475 | -499 | - | - |
| Sales | 6,464 | 6,519 | 11,171 | 10,346 | 1,936 | 1,731 | 6,258 | 5,989 | 12,586 | 11,665 | -475 | -499 | 37,940 | 35,751 |
| Organic growth | 0% | 3% | 2% | 4% | -5% | 0% | 8% | 4% | 0% | 0% | - | - | 2% | 2% |
| Acquisitions and divestments | 3% | 3% | 2% | 3% | 0% | 0% | 5% | 3% | 9% | 2% | - | - | 5% | 2% |
| Exchange-rate effects | 1% | -5% | 2% | -14% | 0% | -11% | 2% | -11% | 1% | -9% | - | - | 1% | -10% |
| Cost of goods sold | -3,894 | -3,589 | -6,383 | -5,878 | -1,359 | -1,161 | -2,937 | -2,657 | -8,138 | -7,518 | 416 | 505 | -22,295 | -20,298 |
| Share of earnings in associates | - | - | - | - | 4 | 2 | - | - | 6 | - | - | - | 10 | 2 |
| EBIT, excl items affecting comparability | 894 | 967 | 1,915 | 1,854 | 80 | 88 | 855 | 918 | 2,109 | 1,874 | -208 | -239 | 5,645 | 5,461 |
| EBIT margin, excl items affecting comparability | 13.8% | 14.8% | 17.1% | 17.9% | 4.1% | 5.1% | 13.7% | 15.3% | 16.8% | 16.1% | - | - | 14.9% | 15.3% |
| Items affecting comparability1 | -408 | - | -111 | - | -98 | - | -427 | - | -124 | - | -169 | - | -1,337 | - |
| Operating income (EBIT) | 486 | 967 | 1,804 | 1,854 | -18 | 88 | 428 | 918 | 1,985 | 1,874 | -377 | -239 | 4,308 | 5,461 |
| Operating margin (EBIT) | 7.5% | 14.8% | 16.1% | 17.9% | -0.9% | 5.1% | 6.8% | 15.3% | 15.8% | 16.1% | - | - | 11.4% | 15.3% |
| OPERATING CASH FLOW SEK M | ||||||||||||||
| Operating income (EBIT) | 486 | 967 | 1,804 | 1,854 | -18 | 88 | 428 | 918 | 1,985 | 1,874 | -377 | -239 | 4,308 | 5,461 |
| Items affecting comparability1 | 408 | - | 111 | - | 98 | - | 427 | - | 124 | - | 169 | - | 1,337 | - |
| Depreciation and amortization | 255 | 249 | 435 | 381 | 97 | 82 | 274 | 279 | 443 | 422 | 15 | 15 | 1,519 | 1,429 |
| Net capital expenditure | -112 | -117 | -203 | -108 | -50 | -51 | -146 | -106 | -233 | -184 | 6 | -3 | -737 | -569 |
| Repayment of lease liabilities | -73 | -73 | -112 | -84 | -33 | -27 | -55 | -56 | -230 | -229 | -8 | -12 | -511 | -482 |
| Change in working capital | -740 | -567 | -1,290 | -716 | -222 | -161 | -199 | -464 | -51 | -171 | -284 | -68 | -2,788 | -2,148 |
| Operating cash flow by division | 223 | 458 | 745 | 1,327 | -128 | -69 | 729 | 571 | 2,038 | 1,712 | -478 | -307 | 3,128 | 3,691 |
| Other non-cash items | 50 | 55 | 50 | 55 | ||||||||||
| Interest paid and received | -754 | -606 | -754 | -606 | ||||||||||
| Operating cash flow | 2,424 | 3,141 | ||||||||||||
| CAPITAL EMPLOYED SEK M | ||||||||||||||
| Goodwill | 16,430 | 15,770 | 33,510 | 33,187 | 5,107 | 5,112 | 24,488 | 23,552 | 27,747 | 27,068 | - | - | 107,281 | 104,689 |
| Intangible assets | 1,493 | 2,420 | 20,553 | 19,996 | 1,711 | 1,659 | 3,602 | 5,130 | 8,191 | 9,151 | 28 | 36 | 35,579 | 38,393 |
| Property, plant and equipment | 3,120 | 3,266 | 3,250 | 3,218 | 1,208 | 1,220 | 1,416 | 1,488 | 2,658 | 3,038 | 32 | 26 | 11,684 | 12,257 |
| Right-of-use assets | 904 | 956 | 1,599 | 1,686 | 287 | 256 | 655 | 868 | 2,521 | 2,596 | 101 | 134 | 6,068 | 6,496 |
| Other capital employed | 2,550 | 2,074 | 3,436 | 3,397 | 1,506 | 1,329 | 1,547 | 1,714 | 3,307 | 3,560 | 994 | 319 | 13,340 | 12,392 |
| Adjusted capital employed | 24,497 | 24,486 | 62,349 | 61,484 | 9,819 | 9,576 | 31,707 | 32,753 | 44,424 | 45,413 | 1,156 | 515 | 173,952 | 174,228 |
| Restructuring reserve | -378 | -217 | -97 | -9 | -59 | -26 | -302 | -222 | -123 | -56 | -170 | 2 | -1,130 | -528 |
| Capital employed | 24,118 | 24,269 | 62,251 | 61,476 | 9,760 | 9,551 | 31,405 | 32,531 | 44,301 | 45,357 | 986 | 517 | 172,822 | 173,700 |
| Return on capital employed | 15.7% | 15.5% | 12.6% | 13.0% | 5.6% | 7.0% | 14.1% | 14.9% | 19.8% | 19.0% | - | - | 14.2% | 14.4% |
| Average adjusted capital employed | 22,962 | 24,590 | 65,165 | 59,941 | 10,615 | 9,421 | 30,005 | 31,621 | 43,632 | 44,451 | - | - | 172,654 | 170,325 |
| Average number of employees | 12,388 | 12,599 | 18,087 | 17,465 | 6,696 | 6,150 | 8,866 | 9,130 | 17,922 | 18,318 | 501 | 278 | 64,460 | 63,939 |
1 Excluding items affecting comparability (IAC), which refer to restructuring costs for our tenth Manufacturing Footprint Program (MFP) and exit costs associated with the divestment of the Smart Residential business in the U.S. and Canada in 2023. For information about items affecting comparability in 2024 and 2025, please see the Year-end report 2024 and 2025, available on assaabloy.com
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Reporting by division
| Jan-Dec and 31 Dec | EMEA | Americas | Asia Pacific | Global Technologies | Entrance Systems | Other | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | |
| SEK M | 24,447 | 25,202 | 44,213 | 43,352 | 8,200 | 7,368 | 23,955 | 25,861 | 49,347 | 50,627 | - | - | 150,162 | 152,409 |
| Sales, internal | 651 | 620 | 128 | 137 | 920 | 778 | 224 | 216 | 104 | 88 | -2,027 | -1,839 | - | - |
| Sales | 25,098 | 25,822 | 44,340 | 43,489 | 9,120 | 8,145 | 24,179 | 26,077 | 49,451 | 50,715 | -2,027 | -1,839 | 150,162 | 152,409 |
| Organic growth | 0% | 2% | 2% | 3% | -6% | -3% | -2% | 7% | -1% | 2% | - | - | -1% | 3% |
| Acquisitions and divestments | 1% | 4% | 16% | 2% | -3% | 0% | 7% | 7% | 7% | 7% | - | - | 8% | 5% |
| Exchange-rate effects | 0% | -3% | -1% | -7% | -2% | -8% | 0% | -6% | 0% | -6% | - | - | 0% | -7% |
| Cost of goods sold | -14,347 | -14,752 | -25,150 | -24,709 | -6,207 | -5,474 | -11,528 | -11,744 | -32,203 | -32,590 | 2,002 | 1,829 | -87,434 | -87,440 |
| Share of earnings in associates | - | - | - | - | 22 | 12 | 12 | - | 11 | 16 | - | - | 45 | 28 |
| EBIT, excl items affecting comparability | 3,552 | 3,748 | 8,207 | 7,844 | 619 | 652 | 4,224 | 4,635 | 8,493 | 8,699 | -799 | -914 | 24,296 | 24,664 |
| EBIT margin, excl items affecting comparability | 14.2% | 14.5% | 18.5% | 18.0% | 6.8% | 8.0% | 17.5% | 17.8% | 17.2% | 17.2% | - | - | 16.2% | 16.2% |
| Items affecting comparability1 | -48 | -424 | 67 | -270 | -40 | -126 | - | -404 | - | -121 | - | -169 | -21 | -1513 |
| Operating income (EBIT) | 3,505 | 3,324 | 8,274 | 7,574 | 580 | 527 | 4,224 | 4,232 | 8,493 | 8,578 | -799 | -1,083 | 24,275 | 23,151 |
| Operating margin (EBIT) | 14.0% | 12.9% | 18.7% | 17.4% | 6.4% | 6.5% | 17.5% | 16.2% | 17.2% | 16.9% | - | - | 16.2% | 15.2% |
| Operating income (EBIT) | 3,505 | 3,324 | 8,274 | 7,574 | 580 | 527 | 4,224 | 4,232 | 8,493 | 8,578 | -799 | -1,083 | 24,275 | 23,151 |
| Items affecting comparability1 | 48 | 424 | -67 | 270 | 40 | 126 | - | 404 | - | 121 | - | 169 | 21 | 1,513 |
| Depreciation and amortization | 989 | 1,076 | 1,604 | 1,613 | 401 | 361 | 1,006 | 1,156 | 1,592 | 1,806 | 53 | 68 | 5,645 | 6,081 |
| Net capital expenditure | -434 | -479 | -740 | -613 | 63 | -223 | -440 | -422 | -483 | -848 | -29 | -12 | -2,063 | -2,598 |
| Repayment of lease liabilities | -280 | -300 | -342 | -359 | -130 | -123 | -202 | -232 | -812 | -906 | -30 | -48 | -1,797 | -1,968 |
| Change in working capital | 44 | 231 | -1,148 | -314 | 45 | -129 | -3 | 253 | 1,228 | -139 | 43 | -268 | 208 | -367 |
| Operating cash flow by division | 3,872 | 4,277 | 7,581 | 8,171 | 997 | 537 | 4,585 | 5,390 | 10,017 | 8,612 | -763 | -1,174 | 26,289 | 25,812 |
| Other non-cash items | 14 | 83 | 14 | 83 | ||||||||||
| Interest paid and received | -3,251 | -3,234 | -3,251 | -3,234 | ||||||||||
| Operating cash flow | 23,052 | 22,660 | ||||||||||||
| CAPITAL EMPLOYED SEK M | ||||||||||||||
| Goodwill | 14,552 | 15,500 | 36,524 | 32,219 | 5,582 | 4,874 | 21,504 | 22,260 | 28,711 | 26,265 | - | - | 106,874 | 101,119 |
| Intangible assets | 1,498 | 2,422 | 22,753 | 18,884 | 1,863 | 1,601 | 3,848 | 4,857 | 8,531 | 9,041 | 39 | 34 | 38,531 | 36,838 |
| Property, plant and equipment | 3,287 | 3,228 | 3,487 | 3,095 | 1,331 | 1,163 | 1,763 | 1,426 | 2,740 | 2,866 | 45 | 29 | 12,653 | 11,807 |
| Right-of-use assets | 831 | 966 | 1,606 | 1,639 | 309 | 206 | 768 | 856 | 2,671 | 2,474 | 110 | 146 | 6,295 | 6,287 |
| Other capital employed | 2,256 | 1,641 | 3,636 | 3,176 | 1,399 | 1,174 | 2,136 | 1,545 | 3,180 | 3,089 | 412 | -59 | 13,019 | 10,566 |
| Adjusted capital employed | 22,423 | 23,757 | 68,006 | 59,013 | 10,485 | 9,018 | 30,018 | 30,944 | 45,833 | 43,735 | 607 | 150 | 177,373 | 166,618 |
| Restructuring reserve | -60 | -250 | -22 | -18 | 9 | -45 | 74 | -237 | -35 | -66 | -5 | -7 | -39 | -622 |
| Capital employed | 22,363 | 23,507 | 67,984 | 58,996 | 10,494 | 8,973 | 30,093 | 30,707 | 45,798 | 43,670 | 602 | 143 | 177,333 | 165,996 |
| Return on capital employed | 15.9% | 15.4% | 12.7% | 12.7% | 5.8% | 6.7% | 14.8% | 14.5% | 20.1% | 19.4% | - | - | 14.4% | 14.2% |
| Average adjusted capital employed | 22,353 | 24,402 | 64,462 | 61,947 | 10,656 | 9,704 | 28,510 | 31,887 | 42,249 | 44,899 | - | - | 168,363 | 173,241 |
| Average number of employees | 12,212 | 12,409 | 17,889 | 17,134 | 6,758 | 6,480 | 8,651 | 8,978 | 17,035 | 18,378 | 279 | 507 | 62,825 | 63,886 |
1 For information about items affecting comparability in 2025, please see the Year-end report 2025, available on assaaboy.com
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Financial information – Notes
NOTE 1 DISAGGREGATION OF REVENUE
| Sales by continent Q1 | EMEIA | Americas | Asia Pacific | Global Technologies | Entrance Systems | Other | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| SEK M | ||||||||||||||
| Europe | 5,648 | 5,727 | 25 | 28 | 145 | 155 | 1,969 | 1,860 | 5,014 | 4,826 | -233 | -264 | 12,567 | 12,332 |
| North America | 140 | 147 | 10,098 | 9,311 | 500 | 466 | 2,937 | 2,833 | 6,700 | 6,020 | -119 | -106 | 20,256 | 18,672 |
| Central- and South America | 22 | 17 | 958 | 903 | 12 | 5 | 140 | 130 | 72 | 67 | -15 | -11 | 1,190 | 1,112 |
| Africa | 265 | 245 | 2 | 3 | 2 | 2 | 141 | 88 | 21 | 21 | -9 | -10 | 421 | 348 |
| Asia | 352 | 346 | 84 | 90 | 664 | 506 | 804 | 821 | 393 | 365 | -62 | -69 | 2,234 | 2,060 |
| Oceania | 39 | 37 | 3 | 12 | 614 | 596 | 266 | 256 | 386 | 366 | -37 | -39 | 1,271 | 1,228 |
| Total | 6,464 | 6,519 | 11,171 | 10,346 | 1,936 | 1,731 | 6,258 | 5,989 | 12,586 | 11,665 | -475 | -499 | 37,940 | 35,751 |
| Sales by product group Q1 | EMEIA | Americas | Asia Pacific | Global Technologies | Entrance Systems | Other | Total | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| SEK M | ||||||||||||||
| Mechanical locks, lock systems and fittings | 2,861 | 2,780 | 5,392 | 4,966 | 1,111 | 980 | 105 | 105 | 2 | 2 | -195 | -193 | 9,276 | 8,639 |
| Electromechanical and electronic locks | 2,315 | 2,421 | 2,703 | 2,471 | 346 | 340 | 6,121 | 5,879 | 302 | 259 | -209 | -210 | 11,579 | 11,161 |
| Security doors and hardware | 1,189 | 1,219 | 3,046 | 2,892 | 459 | 391 | 32 | 5 | 1,215 | 1,195 | -46 | -58 | 5,895 | 5,643 |
| Entrance automation | 99 | 99 | 29 | 17 | 20 | 20 | - | - | 11,067 | 10,208 | -25 | -38 | 11,189 | 10,307 |
| Total | 6,464 | 6,519 | 11,171 | 10,346 | 1,936 | 1,731 | 6,258 | 5,989 | 12,586 | 11,665 | -475 | -499 | 37,940 | 35,751 |
NOTE 2 BUSINESS COMBINATIONS
Consolidated acquisitions 2026
| Acquisition | Division | Country | Number of employees | Approx sales in 2025 | Month of consolidation |
|---|---|---|---|---|---|
| NSP Security | Global technologies | United Kingdom | <50 | 110 | 2026-02 |
| Sennco Solutions | Global technologies | USA | <50 | 330 | 2026-03 |
| Sam's Garage Doors | Entrance Systems | Canada | <50 | 120 | 2026-03 |
| Year | Q1 | ||||
| --- | --- | --- | --- | ||
| Amounts recognized in the group, SEK M | 2025 | 2025 | 2026 | ||
| Purchase prices | |||||
| Cash paid for acquisitions during the year | 11,608 | 7,449 | 777 | ||
| Holdbacks and earnings for acquisitions during the year | 1,205 | 880 | 316 | ||
| Fair value of previously owned shares in associates | 19 | - | - | ||
| Adjustment of purchase prices for acquisitions in prior years | -4 | 29 | 11 | ||
| Total | 12,828 | 8,359 | 1,104 | ||
| Acquired assets and liabilities at fair value | |||||
| Intangible assets | 5,738 | 292 | 665 | ||
| Property, plant and equipment and right-of-use assets | 813 | 158 | 29 | ||
| Other non-current assets | 159 | -45 | 34 | ||
| Inventories | 700 | 580 | 44 | ||
| Current receivables and investments | 1,050 | 636 | 122 | ||
| Cash and cash equivalents | 715 | 330 | 83 | ||
| Non-current liabilities | -2,124 | -1,039 | -68 | ||
| Current liabilities | -1,831 | -1,379 | -103 | ||
| Total | 5,220 | -466 | 806 | ||
| Non-controlling interest in acquired companies | 138 | 138 | - | ||
| Goodwill | 7,745 | 8,963 | 297 | ||
| Change in cash and cash equivalents due to acquisitions | |||||
| Cash paid for acquisitions during the year | 11,608 | 7,449 | 777 | ||
| Cash and cash equivalents in acquired subsidiaries | -715 | -330 | -83 | ||
| Paid and received considerations for acquisitions in prior years | 516 | 217 | 299 | ||
| Total | 11,409 | 7,336 | 993 |
The acquisition analyses for acquisitions made during the last 12 months are preliminary while reviews are ongoing, 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 2025 have been completed.
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Financial information – Notes
NOTE 3 FAIR VALUE AND CARRYING AMOUNT ON FINANCIAL ASSETS AND LIABILITIES
31 March 2026
SEK M
Financial assets
Financial assets at amortized cost
Financial assets at fair value through profit and loss
Derivatives - hedge accounting
Derivatives - held for trading
Total financial assets
Financial liabilities
Financial liabilities at amortized cost
Financial liabilities at fair value through profit and loss
Lease liabilities
Derivatives - hedge accounting
Derivatives - held for trading
Total financial liabilities
31 December 2025
SEK M
Financial assets
Financial assets at amortized cost
Financial assets at fair value through profit and loss
Derivatives - hedge accounting
Derivative instruments - hedge accounting
Total financial assets
Financial liabilities
Financial liabilities at amortized cost
Financial liabilities at fair value through profit and loss
Lease liabilities
Derivatives - hedge accounting
Derivatives - held for trading
Total financial liabilities
Financial instruments at fair value
| Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| 25,790 | 25,790 | |||
| 283 | 283 | 283 | ||
| 485 | 485 | 485 | ||
| 28 | 28 | 28 | ||
| 26,586 | 26,586 | - | 513 | 283 |
| 71,162 | 70,891 | |||
| 1,450 | 1,450 | 1,450 | ||
| 6,859 | 6,859 | |||
| 204 | 204 | 204 | ||
| 529 | 529 | 529 | ||
| 80,203 | 79,933 | - | 733 | 1,450 |
Financial instruments at fair value
| Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| 23,086 | 23,086 | |||
| 271 | 271 | 271 | ||
| 740 | 740 | 740 | ||
| 167 | 167 | 167 | ||
| 24,264 | 24,264 | - | 907 | 271 |
| 69,768 | 69,642 | |||
| 1,317 | 1,317 | 1,317 | ||
| 6,614 | 6,614 | |||
| 167 | 167 | 167 | ||
| 137 | 137 | 137 | ||
| 78,003 | 77,877 | - | 303 | 1,317 |
Financial assets at fair value through profit and loss pertains to shares and participations. Financial liabilities at fair value through profit and loss pertains to earnings, i.e. additional payments for acquired companies. The size of an earnout is usually linked to the earnings and sales performance in an acquired company during a specific period of time.
Earnouts are initially measured on the day of acquisition based on management's best estimate regarding future outcomes and belong to level 3 in the hierarchy.
Financial information – Parent company
| INCOME STATEMENT IN SUMMARY | Year | Q1 | |
|---|---|---|---|
| SEK M | 2025 | 2025 | 2026 |
| Operating income | 2,100 | -558 | -415 |
| Income before appropriations and tax | 9,721 | -834 | -622 |
| Net income for the period | 10,164 | -664 | -494 |
The Parent company has no items in other comprehensive income
BALANCE SHEET IN SUMMARY
| 31 Dec | 31 Mar | ||
|---|---|---|---|
| SEK M | 2025 | 2025 | 2026 |
| Non-current assets | 53,145 | 53,905 | 52,895 |
| Current assets | 48,569 | 45,823 | 50,792 |
| Total assets | 101,714 | 99,729 | 103,687 |
| Equity | 30,200 | 25,843 | 29,517 |
| Untaxed reserves | 658 | 818 | 658 |
| Non-current liabilities | 38,282 | 39,655 | 36,152 |
| Current liabilities | 32,573 | 33,413 | 37,360 |
| Total equity and liabilities | 101,714 | 99,729 | 103,687 |
Experience a safer and more open world
ASSA ABLOY
April 28, 2026 | Q1 2026
Definitions of financial performance measures
Organic growth
Change in sales for comparable units after adjustments for acquisitions, divestments and exchange rate effects.
Operating margin (EBITDA)
Operating income before depreciation and amortization as a percentage of sales.
Operating margin (EBITA)
Operating income before amortization of intangible assets recognized in business combinations, as a percentage of sales.
Operating margin (EBIT)
Operating income as a percentage of sales.
Profit margin (EBT)
Income before tax as a percentage of sales.
Items affecting comparability
Restructuring costs and significant non-recurring operating expenses such as revaluation of previously owned shares in associates, revaluation of inventory in business combinations and goodwill impairment.
Operating cash flow
Cash Flow from operating activities excluding restructuring payments and tax paid on income minus net capital expenditure and repayment of lease liabilities.
Cash conversion
Operating cash flow in relation to income before tax excluding items affecting comparability.
Net capital expenditure
Investments in, less disposals of, intangible assets and property, plant and equipment.
Depreciation and amortization
Depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets.
Capital employed
Total assets less interest-bearing assets and non-interest-bearing liabilities including deferred tax liability.
Average adjusted capital employed
Average capital employed excluding restructuring reserves for the last twelve months.
Net debt
Interest-bearing liabilities less interest-bearing assets. See the table on net debt for detailed information.
Net debt/EBITDA
Net debt at the end of the period in relation to EBITDA for the last twelve months.
Net debt/Equity ratio
Net debt in relation to equity.
Equity ratio
Shareholders' equity as a percentage of total assets.
Shareholders' equity per share
Equity excluding non-controlling interests in relation to number of outstanding shares after any potential dilution.
Return on capital employed
Operating Income (EBIT), excluding Items Affecting Comparability, for the last twelve months as a percentage of average adjusted capital employed.
Return on equity
Net income attributable to parent company's shareholders for the last twelve months as a percentage of average equity attributable to parent company's shareholders for the same period.
Earnings per share before and after dilution
Net income attributable to parent company's shareholders 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.
Earnings per share before and after dilution and excluding items affecting comparability
Net income attributable to parent company's shareholders 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 Quaterly Report and to the company's Annual Report. The Annual Reports for the years 1994 to 2025 appear on the company website.
Experience a safer and more open world