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ASSA ABLOY
Quarterly Report • Apr 23, 2025
2882_10-q_2025-04-23_6134744b-0830-4961-82d3-ddffe6aa5c28.pdf
Quarterly Report
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Quarterly Report Q1 2025
April 23, 2025
Experience a safer and more open world
Strong performance in challenging market conditions
First quarter
- Net sales increased by 8% to SEK 37,940 M (35,200), with organic growth of 2% (–2) and acquired net growth of 5% (11). Exchange rates affected sales by 1% (0).
- Organic sales growth was strong in Global Technologies, good in Americas, stable in EMEIA and Entrance Systems, while organic sales declined in Asia Pacific.
- Six acquisitions with combined annual sales of about SEK 3,600 M were completed in the quarter. Divestment of the majority of Citizen ID was completed.
- A new Manufacturing Footprint Program was launched during the quarter. The expected restructuring cost for the new program is SEK 1,332 M, with a pay-back time, including capital expenditure, of less than two years.
- Operating income1 (EBITA) increased by 5% to SEK 6,051 M (5,740) with an operating margin of 15.9% (16.3).
- Operating income1 (EBIT) increased by 4% and amounted to SEK 5,645 M (5,427), with an operating margin of 14.9% (15.4).
- Net income1 amounted to SEK 3,551 M (3,462).
- Earnings per share1 amounted to SEK 3.20 (3.12).
- Operating cash flow amounted to SEK 2,424 M (3,096).
Organic growth
+2%
Acquired net growth
+5%
Operating income1
Earnings per share1
+3%
Sales and income
| Full year | First quarter | |||||
|---|---|---|---|---|---|---|
| 2023 | 2024 | Δ | 2024 | 2025 | Δ | |
| Sales, SEK M | 140,716 | 150,162 | 7% | 35,200 | 37,940 | 8% |
| Of which: | ||||||
| Organic growth | 3,393 | –1,132 | –1% | –762 | 607 | 2% |
| Acquisitions and divestments | 10,651 | 11,326 | 8% | 3,607 | 1,709 | 5% |
| Exchange rate effects | 5,879 | –748 | 0% | –35 | 424 | 1% |
| Operating income (EBIT)1, SEK M | 22,185 | 24,296 | 10% | 5,427 | 5,645 | 4% |
| Operating margin (EBITA)1, % | 16.5% | 17.1% | 16.3% | 15.9% | ||
| Operating margin (EBIT)1, % | 15.8% | 16.2% | 15.4% | 14.9% | ||
| Income before tax1, SEK M | 19,654 | 20,914 | 6% | 4,616 | 4,766 | 3% |
| Net income1, SEK M | 15,049 | 15,636 | 4% | 3,462 | 3,551 | 3% |
| Operating cash flow, SEK M | 25,232 | 23,052 | –9% | 3,096 | 2,424 | –22% |
| Earnings per share1, SEK | 13.54 | 14.09 | 4% | 3.12 | 3.20 | 3% |
1 Excluding items affecting comparability. Please see the tabulated figures section in this report, page 12, for further details about the financial effects in 2024 and 2025.
Comments by the President and CEO
Strong performance in challenging market conditions
The macroeconomic environment remains challenging, with geopolitical uncertainty fueled by tariff concerns and high interest rates. However, our strong exposure to the aftermarket continues to demonstrate its value, contributing to 2% organic sales growth in the first quarter. Acquisitions net contributed 5% to sales growth, while currency effects were small at 1%. With our agile organization and strong local presence, we are well-positioned to adapt to changing market conditions and prioritize growth opportunities while taking cost actions where needed.
Sales were primarily driven by strong organic sales growth of 8% in Global Technologies, supported by strong growth in HID and very strong growth in Global Solutions. Americas had good organic sales growth of 2% with continued strong growth in the North America Non-Residential segment and Latin America. The North America Residential segment saw sales decline, where persistently high interest rates and uncertainty weighed on consumer confidence. EMEIA's organic sales were flat in the quarter, as strong growth in Central Europe and in the Nordics was offset by sales declines in South Europe and the Middle East. Entrance Systems' organic sales were also flat, impacted by continued weakness in the Industrial and Doors & Automation segments. The Perimeter Security and Pedestrian segments report very strong and good growth, respectively. Asia Pacific's sales declined by 5% with continued weak demand in the Chinese residential market.
The operating profit excluding items affecting comparability increased by 4% to SEK 5,645 M, with a corresponding margin of 14.9% (15.4). The operating margin was diluted by 140 bps due to acquisitions and divestments. These effects are largely temporary and mainly related to transaction- and integration costs, seasonal impact and divestment results. This was partly offset by very strong operating leverage of 60% from price realization and cost management. The operating cash flow of SEK 2,424 M decreased by 22% versus last year and was affected by inventory build-up in preparation for tariffs. The corresponding cash conversion was 51%.
Manufacturing Footprint Programs are key enablers for growth
In the first quarter, we launched our 10th Manufacturing Footprint Program (MFP), which will generate annual savings of about SEK 1 bn with a payback period of less than two years. The program comprises almost 60 projects and, similarly to previous programs, includes factory, warehouse and office closures across all divisions.
The efficiency gains and cost savings achieved through footprint consolidation are key growth enablers, fueling our growth accelerators outlined in the year-end report. These enablers allow us to further increase investments in R&D, which are essential to drive the transition from mechanical to electromechanical, among other things. They also allow us to expand our service offering, strengthen recurring revenue streams, and grow our presence in emerging markets. We are confident that our strategy will deliver accelerated growth over time even though the prevailing market conditions are challenging and uncertain.
Thank you for your continued support and trust in ASSA ABLOY.
Stockholm, April 23, 2025
Nico Delvaux President and CEO
8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 SEK M Operating cash flow by quarter and last 12 months Operating cash flow, quarter Operating cash flow, 12 months
Earnings per share by quarter and
First quarter
The Group's sales increased by 8% to SEK 37,940 M (35,200). Organic growth amounted to 2% (–2). Net growth from acquisitions and divestments was 5% (11), of which 5% (15) were acquisitions. Exchange rates affected sales by 1% (0).
The Group's operating income before amortizations from acquisitions2 (EBITA) amounted to SEK 6,051 M (5,740). The corresponding EBITA margin was 15.9% (16.3). The Group's operating income2 (EBIT) totaled SEK 5,645 M (5,427), an increase of 4%. The corresponding operating margin was 14.9% (15.4). Exchange rates had an impact of SEK 103 M (54) on EBIT.
Net financial items amounted to SEK –879 M (–811). The Group's income before tax2 was SEK 4,766 M (4,616), an increase of 3% compared to last year. Exchange rates had an impact of SEK 78 M (65) on income before tax2. The corresponding profit margin was 12.6% (13.1). The estimated effective income tax rate in 2025, on an annualized basis and excluding items affecting comparability, is 25.5% (25.2% for the full year 2024). Earnings per share before and after dilution2 amounted to SEK 3.20 (3.12), an increase of 3% compared to last year.
Operating cash flow totaled SEK 2,424 M (3,096), which corresponds to a cash conversion2 of 0.51 (0.67). The net-debt/equity ratio totaled 0.70 (0.66) at the end of the quarter. Financial net debt totaled SEK 71,441 M (70,253). New bonds were issued during the quarter for a total value of SEK 2,729 M while SEK 1,418 M in maturing long-term loans were repaid. The Group's long-term borrowing totaled SEK 53,585 M (54,989) while short-term borrowing totaled SEK 15,418 M (11,958).
Restructuring measures
A new Manufacturing Footprint Program was launched during the first quarter of 2025. The closure of factories, warehouses and offices in the restructuring program takes place over a period of around two years. The expected restructuring cost for the new program is SEK 1,332 M and the expected payback time, including capital expenditure, is less than two years.
Restructuring payments totaled SEK 166 M (137) for the quarter. The programs proceeded according to plan. At the end of the quarter provisions of SEK 1,130 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 6,464 M (6,216), with an organic sales growth of 0% (–3). Organic sales growth was strong in Central Europe and the Nordics, and stable in in the UK/Ireland, but declined in South Europe and in Middle East/Africa/India. Sales growth from acquisitions was 3%. Operating income excluding items affecting comparability totaled SEK 894 M (850), which represents an operating margin (EBIT) of 13.8% (13.7). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 15.7% (14.9). Operating cash flow before non-cash items and interest paid totaled SEK 223 M (459).
2 Excluding items affecting comparability. Please see the tabulated figures section in this report, page 12, for further details about the financial effects in 2024 and 2025.
Opening Solutions Americas
Sales for the quarter in the Americas totaled SEK 11,171 M (10,532), with an organic sales growth of 2% (–1). Organic sales growth was strong in Latin America and the North America Non-Residential segment, but declined in the North America Residential segment. Net sales growth from acquisitions was 2%. Operating income excluding items affecting comparability totaled SEK 1,915 M (1,910), which represents an operating margin (EBIT) of 17.1% (18.1). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 12.6% (13.7). Operating cash flow before non-cash items and interest paid totaled SEK 745 M (865).
Opening Solutions Asia Pacific
Sales for the quarter in Asia Pacific totaled SEK 1,936 M (2,048), with an organic sales growth of –5% (–3). Organic sales growth was stable in Pacific & North East Asia, but declined significantly in Greater China & South East Asia. Sales growth from acquisitions was 0%. Operating income excluding items affecting comparability totaled SEK 80 M (105), which represents an operating margin (EBIT) of 4.1% (5.1). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 5.6% (5.9). Operating cash flow before non-cash items and interest paid totaled SEK –128 M (125).
Global Technologies
Sales for the quarter in Global Technologies totaled SEK 6,258 M (5,433), with an organic sales growth of 8% (–9). Organic sales growth was strong in HID and very strong in Global Solutions. Net sales growth from acquisitions was 5%. Operating income excluding items affecting comparability totaled SEK 855 M (839), which represents an operating margin (EBIT) of 13.7% (15.4). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 14.1% (14.7). Operating cash flow before non-cash items and interest paid totaled SEK 729 M (492).
Entrance Systems
Sales for the quarter in Entrance Systems totaled SEK 12,586 M (11,442), with an organic sales growth of 0% (0). Organic sales growth was very strong in Perimeter Security, good in Pedestrian, stable in Doors & Automation, but declined in Industrial. Net sales growth from acquisitions was 9%. Operating income excluding items affecting comparability totaled SEK 2,109 M (1,944), which represents an operating margin (EBIT) of 16.8% (17.0). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 19.8% (20.4). Operating cash flow before non-cash items and interest paid totaled SEK 2,038 M (2,296).
Acquisitions and divestments
Acquisitions
Six acquisitions were completed during the first quarter of 2025. The combined acquisition price for all business acquired during the year, including adjustments from prior-year acquisitions, totaled SEK 8,359 M. The corresponding acquisition price on a cash- and debt- free basis totaled SEK 9,257 M.
Preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life totaled SEK 9,054 M. Estimated deferred considerations for current year acquisitions were SEK 880 M.
On March 17, 2025, it was announced that ASSA ABLOY had acquired Gesellschaft für Sicherheitstechnik, a German innovative player in emergency exit security solutions for commercial, industrial and public buildings. Sales for 2024 amounted to about SEK 130 M.
On March 11, 2025, it was announced that ASSA ABLOY had acquired Senior Architectural Systems, an independent supplier of innovative aluminum windows, doors and curtain wall systems and thermally efficient fenestration systems into the commercial construction sector in the UK. Sales for 2024 amounted to about SEK 680 M.
On March 4, 2025, it was announced that ASSA ABLOY had acquired Wallace & Wallace, a Canadian manufacturer, distributor and installer of perimeter fencing, door and gate solutions for the commercial and residential markets. Sales for 2024 amounted to about SEK 440 M.
On January 24, 2025, it was announced that ASSA ABLOY had acquired InVue, a US-based provider of precision-engineered connected asset protection and access control solutions. The company enables tailormade security solutions to a broad spectrum of industries and retailers. Sales for 2024 amounted to about SEK 1,850 M.
On January 24, 2025, it was announced that ASSA ABLOY had acquired Uhlmann & Zacher, a German supplier of access control handles and knobs and corresponding software. Sales for 2024 amounted to about SEK 240 M.
On January 8, 2025, it was announced that ASSA ABLOY had signed an agreement to acquire 3millID and Third Millennium Systems, companies within readers and credentials for physical access control based in the US and UK. Sales for 2024 amounted to about SEK 240 M. The acquisition was completed during the first quarter of 2025.
Divestments
On January 31, 2025, ASSA ABLOY closed the sale of its Citizen ID business outside the US to TOPPAN. Divestment of the US part is still subject to customary closing conditions and regulatory approvals. The Citizen ID business manufactures, designs, and implements physical and mobile identity solutions for government-to-citizen programs around the globe. Citizen ID has some 450 employees with manufacturing facilities in Ireland, Malta and the US. Sales in 2024 amounted to about SEK 1,400 M. The divestment loss before taxes totaled about SEK 50 M.
Sustainable development
ASSA ABLOY's first Corporate Sustainability Reporting Directive (CSRD) and sustainability statement is included in the 2024 Annual Report, which was published on March, 17, 2025. During the course of last year, we continued to make strong progress towards delivering on our targets in our 2025 sustainability program and our science-based targets commitment.
In 2024, against our 2019 baseline, we reduced our Scope 1 & 2 absolute carbon emissions by 36%. In addition, we reduced our Scope 3 footprint by 10% against our 2019 baseline. We continued to make positive progress in our energy and water intensity targets, where we have reduced our consumption by 40% and 56% respectively. During 2024, we carried out 701 sustainability audits of direct material suppliers. The Group had 267 Environmental Product Declarations verified and published by the end of the year.
We are preparing our new 2030 Sustainability Program, where we will look to raise our ambition level yet again. The new program will be launched at the end of 2025.
Parent company
Other operating income for the parent company ASSA ABLOY AB totaled SEK 880 M (651) for the first quarter of 2025. Operating income for the same period totaled SEK –558 M (–669). Investments in tangible and intangible assets totaled SEK 1 M (3). Liquidity is good and the equity ratio was 25.9% (26.7).
Accounting policies
ASSA ABLOY applies IFRS Accounting Standards (IFRS) as endorsed by the European Union. The same accounting and valuation policies 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 2025.
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 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 2024 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.
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. 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 in both the short- and long-term, but the direct business effects are currently seen as limited. While the majority of ASSA ABLOY's production is in local countries, the introduction of various tariffs between different countries could also have a negative effect on ASSA ABLOY's business in the short- and long term. For a more detailed description of particular risks and risk management, please see the 2024 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, 2025, will have an effect of 6% on sales in the second quarter of 2025 versus the same period last year, while the effect on the operating margin is estimated to be slightly dilutive in the second quarter of 2025.
Exchange rate effects
On the basis of the currency rates on March 31, 2025, it is estimated that the weighted currency effects on sales in the second quarter of 2025 versus the same period last year will be –5%, while the effect on the operating margin is estimated to be neutral in the second quarter of 2025.
Review
The Company's Auditors have not carried out any review of this Report for the first quarter of 2025.
Stockholm, April 23, 2025
Nico Delvaux President and CEO
Financial information
The Quarterly Report for the second quarter of 2025 will be published on July 17, 2025.
The Quarterly Report for the third quarter of 2025 will be published on October 21, 2025.
The Year-end Report and Quarterly Report for the fourth quarter of 2025 will be published on February 5, 2026.
Further information can be obtained from:
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 09.00 on April 23, 2025
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 23, 2025.
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.12 2025
Financial information – Group
| CONDENSED INCOME STATEMENT | Year | Q1 | |
|---|---|---|---|
| SEK M | 2024 | 2024 | 2025 |
| Sales | 150,162 | 35,200 | 37,940 |
| Cost of goods sold | -87,434 | -20,671 | -22,295 |
| Gross income | 62,728 | 14,530 | 15,645 |
| Selling, administrative and R&D costs and other operating income & expenses | -38,523 | -9,104 | -11,341 |
| Capital result from divestment of subsidiaries, incl. exit costs1 | 24 | -18 | -6 |
| Share of earnings in associates | 45 | 1 | 10 |
| Operating income | 24,275 | 5,409 | 4,308 |
| Finance net | -3,382 | -811 | -879 |
| Income before tax | 20,893 | 4,598 | 3,429 |
| Income tax | -5,272 | -1,150 | -981 |
| Net income for the period | 15,621 | 3,449 | 2,448 |
| Net income for the period attributable to: | |||
| Parent company's shareholders | 15,639 | 3,452 | 2,449 |
| Non-controlling interests | -18 | -3 | -1 |
| Earnings per share | |||
| Before and after dilution, SEK | 14.08 | 3.11 | 2.21 |
| Before and after dilution and excluding items affecting comparability, SEK | 14.09 | 3.12 | 3.20 |
| CONDENSED STATEMENT OF COMPREHENSIVE INCOME | Year | Q1 | |
| SEK M | 2024 | 2024 | 2025 |
| Net income for the period | 15,621 | 3,449 | 2,448 |
| Other comprehensive income: | |||
| Items that will not be reclassified to profit or loss | |||
| Actuarial gain/loss on post-employment benefit obligations, net after tax | 70 | 106 | -45 |
| Total | 70 | 106 | -45 |
| Items that may be reclassified subsequently to profit or loss | |||
| Share of other comprehensive income of associates | -1 | -4 | -35 |
| Cashflow hedges and net investment hedges, net after tax | 94 | 99 | -60 |
| Cost of hedging | -8 | -9 | 9 |
| Exchange rate differences | 5,663 | 4,787 | -7,998 4 |
| Tax attributable to items that may be reclassified subsequently to profit or loss | |||
| -3 | -2 | ||
| Total | 5,745 | 4,872 | -8,081 |
| Total other comprehensive income | 5,814 | 4,978 | -8,126 |
| Total comprehensive income for the period | 21,435 | 8,427 | -5,677 |
| Total comprehensive income for the period attributable to: | |||
| Parent company's shareholders | 21,459 | 8,430 | -5,667 |
1) Exit costs relate to costs for the divestment of the Smart Residential business in the U.S and Canada in 2023.
Financial information - Group
| CONDENSED BALANCE SHEET | 31 Dec | 31 Mar | |
|---|---|---|---|
| SEK M | 2024 | 2024 | 2025 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 145,405 | 135,680 | 142,860 |
| Property, plant and equipment | 12,653 | 12,129 | 11,684 |
| Right-of-use assets | 6,295 | 5,837 | 6,068 |
| Investments in associates | 710 | 623 | 605 |
| Other financial assets | 698 | 496 | 664 |
| Deferred tax assets | 2,097 | 1,847 | 2,000 |
| Total non-current assets | 167,859 | 156,611 | 163,881 |
| Current assets | |||
| Inventories | 21,020 | 20,198 | 20,886 |
| Trade receivables | 23,444 | 22,396 | 22,584 |
| Other current receivables and investments | 6,778 | 8,438 | 7,855 |
| Cash and cash equivalents | 4,504 | 2,437 | 4,139 |
| Total current assets | 55,747 | 53,469 | 55,463 |
| TOTAL ASSETS | 223,605 | 210,080 | 219,344 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to Parent company's shareholders | 107,071 | 99,969 | 101,249 |
| Non-controlling interests | 10 | 12 | 132 |
| Total equity | 107,080 | 99,981 | 101,381 |
| Non-current liabilities | |||
| Long-term loans | 54,989 | 51,970 | 53,585 |
| Non-current lease liabilities | 4,817 | 4,463 | 4,668 |
| Deferred tax liabilities | 3,322 | 3,279 | 3,337 |
| Other non-current liabilities and provisions | 2,927 | 3,000 | 3,408 |
| Total non-current liabilities | 66,056 | 62,712 | 64,998 |
| Current liabilities | |||
| Short-term loans | 11,958 | 11,455 | 15,418 |
| Current lease liabilities | 1,737 | 1,557 | 1,636 |
| Trade payables | 12,594 | 11,767 | 11,590 |
| Other current liabilities and provisions | 24,180 | 22,608 | 24,322 |
| Total current liabilities | 50,469 | 47,387 | 52,965 |
| TOTAL EQUITY AND LIABILITIES | 223,605 | 210,080 | 219,344 |
| CHANGES IN EQUITY | Equity attributable to: | ||
|---|---|---|---|
| Parent | Non controlling |
Total | |
| company's | |||
| SEK M | shareholders | interests | equity |
| 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 |
| 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 |
Financial information - Group
| CONDENSED STATEMENT OF CASH FLOWS | Year | Q1 | |
|---|---|---|---|
| SEK M | 2024 | 2024 | 2025 |
| OPERATING ACTIVITIES | |||
| Operating income | 24,275 | 5,409 | 4,308 |
| Add back of | |||
| Depreciation/amortization/write-downs | 5,645 | 1,301 | 1,519 |
| Items affecting comparability | 21 | 18 | 1,337 |
| Other non-cash items | 14 | -60 | 50 |
| Restructuring payments | -748 | -137 | -166 |
| Changes in working capital | 208 | -2,091 | -2,788 |
| Cash flow before interest and tax | 29,415 | 4,440 | 4,261 |
| Interest paid and received | -3,251 | -650 | -754 |
| Tax paid on income | -4,772 | -712 | -686 |
| Cash flow from operating activities | 21,391 | 3,079 | 2,821 |
| INVESTING ACTIVITIES | |||
| Net investments in intangible assets and property, plant and equipment | -2,063 | -429 | -737 |
| Investments in subsidiaries | -12,136 | -2,337 | -7,336 |
| Divestments of subsidiaries | 460 | 147 | 779 |
| Other investments and disposals | -186 | 0 | 0 |
| Cash flow from investing activities | -13,925 | -2,618 | -7,294 |
| FINANCING ACTIVITIES | |||
| Dividends | -5,999 | - | - |
| Acquisition of non-controlling interests | -33 | - | -1 |
| Repayment of lease liabilities | -1,797 | -402 | -511 |
| Net cash effect of changes in borrowings | 3,381 | 897 | 4,707 |
| Cash flow from financing activities | -4,447 | 495 | 4,195 |
| CASH FLOW FOR THE PERIOD | 3,019 | 955 | -279 |
| CASH AND CASH EQUIVALENTS | |||
| Cash and cash equivalents at beginning of period | 1,466 | 1,466 | 4,504 |
| Cash flow for the period | 3,019 | 955 | -279 |
| Effect of exchange rate differences | 20 | 16 | -87 |
| Cash and cash equivalents at end of period | 4,504 | 2,437 | 4,139 |
Quarterly information - Group
| THE GROUP IN SUMMARY | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Year | Last 12 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2024 | months |
| Sales | 32,391 | 34,474 | 36,881 | 36,970 | 35,200 | 37,968 | 37,418 | 39,575 | 37,940 | 150,162 | 152,901 |
| Organic growth | 8% | 3% | 1% | 0% | -2% | -1% | 0% | 0% | 2% | -1% | - |
| Gross income1 | 13,393 | 14,231 | 15,123 | 15,024 | 14,530 | 15,858 | 15,756 | 16,584 | 16,221 | 62,728 | 64,419 |
| Gross margin 1 | 41.3% | 41.3% | 41.0% | 40.6% | 41.3% | 41.8% | 42.1% | 41.9% | 42.8% | 41.8% | 42.1% |
| EBITDA1 | 6,241 | 6,658 | 7,148 | 7,312 | 6,728 | 7,485 | 7,635 | 8,092 | 7,164 | 29,940 | 30,377 |
| EBITDA margin 1 | 19.3% | 19.3% | 19.4% | 19.8% | 19.1% | 19.7% | 20.4% | 20.4% | 18.9% | 19.9% | 19.9% |
| Depreciation, excl attrib. to business combinations | -862 | -936 | -995 | -1,304 | -988 | -1,051 | -1,026 | -1,194 | -1,114 | -4,259 | -4,385 |
| EBITA1 | 5,379 | 5,722 | 6,152 | 6,008 | 5,740 | 6,434 | 6,609 | 6,898 | 6,051 | 25,681 | 25,992 |
| EBITA margin 1 | 16.6% | 16.6% | 16.7% | 16.2% | 16.3% | 16.9% | 17.7% | 17.4% | 15.9% | 17.1% | 17.0% |
| Amortization attrib. to business combinations | -193 | -222 | -376 | -285 | -313 | -349 | -354 | -369 | -405 | -1,386 | -1,478 |
| Operating income (EBIT)1 | 5,186 | 5,500 | 5,777 | 5,722 | 5,427 | 6,085 | 6,255 | 6,529 | 5,645 | 24,296 | 24,514 |
| Operating margin (EBIT) 1 | 16.0% | 16.0% | 15.7% | 15.5% | 15.4% | 16.0% | 16.7% | 16.5% | 14.9% | 16.2% | 16.0% |
| Items affecting comparability1 | -1 225 | 1 376 | -367 | -183 | -18 | -13 | -43 | 54 | -1,337 | -21 | -1,340 |
| Operating income (EBIT) | 3,961 | 6,875 | 5,409 | 5,539 | 5,409 | 6,071 | 6,211 | 6,583 | 4,308 | 24,275 | 23,174 |
| Operating margin (EBIT) Net financial items |
12.2% -343 |
19.9% -445 |
14.7% -900 |
15.0% -843 |
15.4% -811 |
16.0% -849 |
16.6% -878 |
16.6% -845 |
11.4% -879 |
16.2% -3,382 |
15.2% -3,450 |
| Income before tax | 3,619 | 6,430 | 4,509 | 4,696 | 4,598 | 5,223 | 5,333 | 5,739 | 3,429 | 20,893 | 19,724 |
| Profit margin | 11.2% | 18.7% | 12.2% | 12.7% | 13.1% | 13.8% | 14.3% | 14.5% | 9.0% | 13.9% | 12.9% |
| Tax on income | -905 | -2,854 | -1,139 | -717 | -1,150 | -1,306 | -1,333 | -1,483 | -981 | -5,272 | -5,103 |
| Net income for the period | 2,714 | 3,576 | 3,371 | 3,979 | 3,449 | 3,917 | 4,000 | 4,255 | 2,448 | 15,621 | 14,620 |
| Net income attributable to: | |||||||||||
| Parent company's shareholders | 2,713 | 3,574 | 3,386 | 3,959 | 3,452 | 3,917 | 3,998 | 4,272 | 2,449 | 15,639 | 14,636 |
| Non-controlling interests | 1 | 1 | -15 | 20 | -3 | 0 | 2 | -17 | -1 | -18 | -16 |
| OPERATING CASH FLOW | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Year | Last 12 |
| SEK M | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2024 | months |
| Operating income (EBIT) | 3,961 | 6,875 | 5,409 | 5,539 | 5,409 | 6,071 | 6,211 | 6,583 | 4,308 | 24,275 | 23,174 |
| Reversal items affecting comparability | 1 225 | -1 376 | 367 | 183 | 18 | 13 | 43 | -54 | 1,337 | 21 | 1,340 |
| Depreciation and amortization | 1,055 | 1,158 | 1,371 | 1,590 | 1,301 | 1,400 | 1,380 | 1,563 | 1,519 | 5,645 | 5,863 |
| Net capital expenditure | -516 | -572 | -604 | -727 | -429 | -596 | -655 | -383 | -737 | -2,063 | -2,372 |
| Change in working capital | -1,111 | 1,267 | 1,754 | 1,927 | -2,091 | -111 | 802 | 1,608 | -2,788 | 208 | -488 |
| Interest paid and received | -242 | -364 | -738 | -778 | -650 | -772 | -1,032 | -797 | -754 | -3,251 | -3,355 |
| Repayment of lease liabilities | -352 | -363 | -409 | -420 | -402 | -456 | -453 | -485 | -511 | -1,797 | -1,906 |
| Other non-cash items | 50 | 45 | 27 | 0 | -60 | 55 | 44 | -25 | 50 | 14 | 124 |
| Operating cash flow | 4,069 | 6,671 | 7,177 | 7,315 | 3,096 | 5,604 | 6,341 | 8,010 | 2,424 | 23,052 | 22,380 |
| Cash conversion | 0.84 | 1.32 | 1.47 | 1.50 | 0.67 | 1.07 | 1.18 | 1.41 | 0.51 | 1.10 | 1.06 |
| CHANGE IN NET DEBT | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Year | Last 12 |
| SEK M | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2024 | months |
| Net debt at beginning of period | 31,732 | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | 70,253 | 64,109 | 67,536 |
| Operating cash flow | -4,069 109 |
-6,671 146 |
-7,177 167 |
-7,315 190 |
-3,096 137 |
-5,604 138 |
-6,341 150 |
-8,010 323 |
-2,424 166 |
-23,052 748 |
-22,380 777 |
| Restructuring payments Tax paid on income |
726 | 2,281 | 2,456 | 1,825 | 712 | 1,490 | 1,505 | 1,065 | 686 | 4,772 | 4,746 |
| Acquisitions and divestments | 367 | 40,773 | 3,783 | 1,903 | 2,038 | 2,182 | 5,592 | 3,297 | 7,670 | 13,109 | 18,741 |
| Dividend | - | 2,666 | - | 2,666 | - | 2,999 | - | 2,999 | - | 5,999 | 5,999 |
| Actuarial gain/loss on post-employment benefit oblig. | 47 | -92 | 41 | 12 | -142 | -96 | -50 | 266 | 60 | -22 | 180 |
| Change to lease liabilities | 254 | 138 | 111 | 125 | 292 | -105 | -95 | 149 | 261 | 241 | 211 |
| Exchange rate differences, etc. | 171 | 1,274 | -496 | -4,033 | 3,488 | -342 | -2,033 | 3,236 | -5,231 | 4,349 | -4,370 |
| Net debt at end of period | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | 70,253 | 71,441 |
| Net debt/Equity | 0.33 | 0.75 | 0.71 | 0.70 | 0.68 | 0.68 | 0.66 | 0.66 | 0.70 | ||
| NET DEBT | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||
| SEK M | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | ||
| Interest-bearing assets | -221 | -484 | -495 | -459 | -504 | -248 | -257 | -249 | -244 | ||
| Cash and cash equivalents | -2,811 | -6,665 | -1,688 | -1,466 | -2,437 | -3,605 | -4,073 | -4,504 | -4,139 | ||
| Derivative financial instruments, net | 306 | 15 | 284 | -595 | -251 | 116 | -456 | 26 | -948 | ||
| Pension provisions | 1,379 | 1,415 | 1,471 | 1,435 | 1,283 | 1,186 | 1,232 | 1,478 | 1,465 | ||
| Lease liabilities | 4,182 | 5,607 | 5,641 | 5,443 | 6,020 | 6,001 | 5,890 | 6,554 | 6,304 | ||
| Interest-bearing liabilities | 26,500 | 69,965 | 63,523 | 59,751 | 63,425 | 64,748 | 64,591 | 66,948 | 69,003 | ||
| Total | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | ||
| CAPITAL EMPLOYED AND FINANCING | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||
| SEK M | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | ||
| Goodwill | 75,075 | 117,142 | 119,006 | 92,873 | 99,680 | 99,317 | 99,199 | 106,874 | 107,281 | ||
| Other intangible assets | 15,539 | 15,918 | 15,333 | 34,831 | 36,000 | 36,970 | 36,463 | 38,531 | 35,579 | ||
| Property, plant and equipment | 10,178 | 11,885 | 12,111 | 11,460 | 12,129 | 12,134 | 12,222 | 12,653 | 11,684 | ||
| Right-of-use assets | 4,075 | 5,476 | 5,501 | 5,296 | 5,837 | 5,789 | 5,670 | 6,295 | 6,068 | ||
| Other capital employed Restructuring reserve |
14,206 -1,229 |
14,277 -1,140 |
13,958 -941 |
12,060 -767 |
14,534 -662 |
14,605 -514 |
14,478 -358 |
13,019 -39 |
13,340 -1,130 |
||
| Capital employed Net debt |
117,844 29,336 |
163,558 69,851 |
164,969 68,736 |
155,753 64,109 |
167,517 67,536 |
168,300 68,198 |
167,674 66,927 |
177,333 70,253 |
172,822 71,441 |
||
| Non-controlling interests | 12 | 10 | 36 | 16 | 12 | 12 | 16 | 10 | 132 | ||
| Equity attributable to Parent company´s shareholders | 88,496 | 93,696 | 96,197 | 91,629 | 99,969 | 100,090 | 100,731 | 107,071 | 101,249 | ||
| OTHER KEY RATIOS ETC | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||
| 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | |||
| Earnings per share, SEK | 2,44 | 3,22 | 3,05 | 3,56 | 3,11 | 3,53 | 3,60 | 3,85 | 2,21 | ||
| Earnings per share, excl IAC, SEK | 3,32 | 3,36 | 3,31 | 3,56 | 3,12 | 3,54 | 3,63 | 3,81 | 3,20 | ||
| Shareholders' equity per share, SEK | 79,67 | 84,35 | 86,60 | 82,49 | 90,00 | 90,11 | 90,68 | 96,39 | 91,15 | ||
| Return on capital employed | 17,4% | 17,2% | 16,3% | 15,6% | 14,6% | 14,0% | 14,2% | 14,4% | 14,2% | ||
| Return on equity Net debt/EBITDA |
16,2% 1,2 |
15,8% 2,8 |
14,7% 2,6 |
15,3% 2,3 |
15,3% 2,4 |
15,2% 2,4 |
15,6% 2,3 |
15,7% 2,3 |
14,5% 2,4 |
||
| Average number of employees | 52,960 | 53,824 | 56,289 | 56,845 | 61,282 | 62,538 | 62,634 | 62,825 | 64,460 | ||
| Average adjusted capital employed | 113,480 | 120,917 | 132,788 | 142,611 | 153,385 | 164,603 | 165,649 | 168,363 | 172,654 | ||
| 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 | -978 | -156 | -285 | 10 | -13 | -10 | -33 | 41 | -1,103 |
1) Excluding items affecting comparability (IAC), which refer to restructuring costs for our tenth Manufacturing Footprint Program (MFP) and exit costs related to the divestment of the Smart Residential business in the U.S. and Canada in 2023. For information about items affecting comparability in 2023 and 2024, please see the Year-end report 2023 and 2024, available on assaabloy.com
Reporting by division
| Q1 and 31 Mar | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 |
| Sales, external | 6,063 | 6,312 | 10,502 | 11,137 | 1,825 | 1,730 | 5,398 | 6,199 | 11,413 | 12,563 | - | - | 35,200 | 37,940 |
| Sales, internal | 154 | 153 | 30 | 34 | 224 | 206 | 36 | 59 | 29 | 23 | -472 | -475 | - | - |
| Sales | 6,216 | 6,464 | 10,532 11,171 | 2,048 | 1,936 | 5,433 | 6,258 | 11,442 12,586 | -472 | -475 | 35,200 | 37,940 | ||
| Organic growth | -3% | 0% | -1% | 2% | -3% | -5% | -9% | 8% | 0% | 0% | - | - | -2% | 2% |
| Acquisitions and divestments | 2% | 3% | 35% | 2% | -9% | 0% | 6% | 5% | 3% | 9% | - | - | 11% | 5% |
| Exchange-rate effects | 1% | 1% | 0% | 2% | -3% | 0% | 0% | 2% | 1% | 1% | - | - | 0% | 1% |
| Share of earnings in associates | - | - | - | - | 1 | 4 | - | - | - | 6 | - | - | 1 | 10 |
| EBIT, excl items affecting | ||||||||||||||
| comparability EBIT margin, excl items affecting |
850 | 894 | 1,910 | 1,915 | 105 | 80 | 839 | 855 | 1,944 | 2,109 | -221 | -208 | 5,427 | 5,645 |
| comparability | 13.7% | 13.8% | 18.1% | 17.1% | 5.1% | 4.1% | 15.4% | 13.7% | 17.0% | 16.8% | - | - | 15.4% | 14.9% |
| Items affecting comparability1 | -16 | -408 | 0 | -111 | -2 | -98 | - | -427 | - | -124 | - | -169 | -18 | -1,337 |
| Operating income (EBIT) | 834 | 486 | 1,910 | 1,804 | 103 | -18 | 839 | 428 | 1,944 | 1,985 | -221 | -377 | 5,409 | 4,308 |
| Operating margin (EBIT) | 13.4% | 7.5% | 18.1% | 16.1% | 5.0% | -0.9% | 15.4% | 6.8% | 17.0% | 15.8% | - | - | 15.4% | 11.4% |
| OPERATING CASH FLOW | ||||||||||||||
| SEK M | ||||||||||||||
| Operating income (EBIT) | 834 | 486 | 1,910 | 1,804 | 103 | -18 | 839 | 428 | 1,944 | 1,985 | -221 | -377 | 5,409 | 4,308 |
| Items affecting comparability1 | 16 | 408 | 0 | 111 | 2 | 98 | - | 427 | - | 124 | - | 169 | 18 | 1,337 |
| Depreciation and amortization | 240 | 255 | 343 | 435 | 98 | 97 | 243 | 274 | 367 | 443 | 10 | 15 | 1,301 | 1,519 |
| Net capital expenditure | -108 | -112 | -198 | -203 | 61 | -50 | -89 | -146 | -91 | -233 | -4 | 6 | -429 | -737 |
| Repayment of lease liabilities | -70 | -73 | -69 | -112 | -33 | -33 | -46 | -55 | -180 | -230 | -5 | -8 | -402 | -511 |
| Change in working capital | -453 | -740 | -1,121 | -1,290 | -107 | -222 | -455 | -199 | 256 | -51 | -212 | -284 | -2,091 | -2,788 |
| Operating cash flow by division | 459 | 223 | 865 | 745 | 125 | -128 | 492 | 729 | 2,296 | 2,038 | -432 | -478 | 3,806 | 3,128 |
| Other non-cash items | -60 | 50 | -60 | 50 | ||||||||||
| Interest paid and received | -650 | -754 | -650 | -754 | ||||||||||
| Operating cash flow | 3,096 | 2,424 | ||||||||||||
| CAPITAL EMPLOYED | ||||||||||||||
| SEK M | ||||||||||||||
| Goodwill | 13,750 | 16,430 | 34,437 | 33,510 | 5,574 | 5,107 | 20,106 | 24,488 | 25,814 | 27,747 | - | - | 99,680 | 107,281 |
| Other intangible assets | 1,464 | 1,493 | 22,528 | 20,553 | 1,939 | 1,711 | 2,990 | 3,602 | 7,045 | 8,191 | 33 | 28 | 36,000 | 35,579 |
| Property, plant and equipment | 3,264 | 3,120 | 3,326 | 3,250 | 1,439 | 1,208 | 1,626 | 1,416 | 2,432 | 2,658 | 41 | 32 | 12,129 | 11,684 |
| Right-of-use assets | 991 | 904 | 1,712 | 1,599 | 335 | 287 | 598 | 655 | 2,188 | 2,521 | 13 | 101 | 5,837 | 6,068 |
| Other capital employed | 2,470 | 2,550 | 3,523 | 3,436 | 1,512 | 1,506 | 2,434 | 1,547 | 3,917 | 3,307 | 678 | 994 | 14,534 | 13,340 |
| Adjusted capital employed | 21,939 24,497 | 65,527 62,349 | 10,799 | 9,819 | 27,753 31,707 | 41,396 44,424 | 765 | 1,156 | 168,179 173,952 | |||||
| Restructuring reserve | -262 | -378 | -130 | -97 | -32 | -59 | -66 | -302 | -164 | -123 | -7 | -170 | -662 | -1,130 |
| Capital employed | 21,677 24,118 | 65,396 62,251 | 10,767 | 9,760 | 27,687 31,405 | 41,231 44,301 | 758 | 986 | 167,517 172,822 | |||||
| Return on capital employed | 14.9% | 15.7% | 13.7% | 12.6% | 5.9% | 5.6% | 14.7% | 14.1% | 20.4% | 19.8% | - | - | 14.6% | 14.2% |
| Average adjusted capital employed | 22,744 | 22,962 | 54,048 | 65,165 | 11,136 | 10,615 | 26,559 | 30,005 | 39,127 | 43,632 | - | - | 153,385 | 172,654 |
| Average number of employees | 12,225 | 12,388 | 17,772 | 18,087 | 6,883 | 6,696 | 8,095 | 8,866 | 16,031 | 17,922 | 275 | 501 | 61,282 | 64,460 |
1) Excluding items affecting comparability (IAC), which refer to restructuring costs for our tenth Manufacturing Footprint Program (MFP) and exit costs related to the divestment of the Smart Residential business in the U.S. and Canada in 2023. For information about items affecting comparability in 2023 and 2024, please see the Year-end report 2023 and 2024, available on assaabloy.com
Reporting by division
| Jan-Dec and 31 Dec | 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 | 24,214 | 24,447 | 37,867 | 44,213 | 9,133 | 8,200 | 22,930 | 23,955 | 46,570 | 49,347 | - | - | 140,716 | 150,162 |
| Sales, internal | 617 | 651 | 141 | 128 | 1,151 | 920 | 169 | 224 | 95 | 104 | -2,173 | -2,027 | - | - |
| Sales | 24,831 | 25,098 | 38,009 | 44,340 | 10,284 | 9,120 | 23,099 | 24,179 | 46,665 | 49,451 | -2,173 | -2,027 | 140,716 150,162 | |
| Organic growth | -2% | 0% | 6% | 2% | -2% | -6% | 9% | -2% | 1% | -1% | - | - | 3% | -1% |
| Acquisitions and divestments | 6% | 1% | 22% | 16% | 5% | -3% | 5% | 7% | 2% | 7% | - | - | 8% | 8% |
| Exchange-rate effects | 5% | 0% | 6% | -1% | 2% | -2% | 5% | 0% | 6% | 0% | - | - | 5% | 0% |
| Share of earnings in associates | - | - | - | - | 7 | 22 | 11 | 12 | - | 11 | - | - | 18 | 45 |
| EBIT, excl items affecting | ||||||||||||||
| comparability | 3 388 | 3 552 | 7 186 | 8 207 | 662 | 619 | 3 996 | 4 224 | 7 807 | 8 493 | -854 | -799 | 22 185 | 24 296 |
| EBIT margin, excl items affecting | 13,6% | 14,2% | 18,9% | 18,5% | 6,4% | 6,8% | 17,3% | 17,5% | 16,7% | 17,2% | - | - | 15,8% | 16,2% |
| comparability | ||||||||||||||
| Items affecting comparability1 | -551 | -48 | 2 908 | 67 | -27 | -40 | -2 492 | - | -133 | - | -104 | - | -400 | -21 |
| Operating income (EBIT) | 2,837 | 3,505 | 10,094 | 8,274 | 635 | 580 | 1,504 | 4,224 | 7,673 | 8,493 | -958 | -799 | 21,785 | 24,275 |
| Operating margin (EBIT) | 11,4% | 14,0% | 26,6% | 18,7% | 6,2% | 6,4% | 6,5% | 17,5% | 16,4% | 17,2% | - | - | 15,5% | 16,2% |
| Operating income (EBIT) | 2,837 | 3,505 | 10,094 | 8,274 | 635 | 580 | 1,504 | 4,224 | 7,673 | 8,493 | -958 | -799 | 21,785 | 24,275 |
| Items affecting comparability1 | 551 | 48 | -2,908 | -67 | 27 | 40 | 2,492 | - | 133 | - | 104 | - | 400 | 21 |
| Depreciation and amortization | 1,055 | 989 | 1,154 | 1,604 | 424 | 401 | 1,013 | 1,006 | 1,484 | 1,592 | 44 | 53 | 5,174 | 5,645 |
| Net capital expenditure | -627 | -434 | -631 | -740 | -202 | 63 | -378 | -440 | -576 | -483 | -6 | -29 | -2,419 | -2,063 |
| Repayment of lease liabilities | -276 | -280 | -255 | -342 | -129 | -130 | -188 | -202 | -675 | -812 | -21 | -30 | -1,543 | -1,797 |
| Change in working capital | 643 | 44 | 726 | -1,148 | 457 | 45 | -298 | -3 | 2,352 | 1,228 | -44 | 43 | 3,836 | 208 |
| Operating cash flow by division | 4,183 | 3,872 | 8,181 | 7,581 | 1,213 | 997 | 4,145 | 4,585 | 10,391 | 10,017 | -881 | -763 | 27,232 | 26,289 |
| Other non-cash items | 123 | 14 | 123 | 14 | ||||||||||
| Interest paid and received | -2 122 | -3 251 | -2 122 | -3 251 | ||||||||||
| Operating cash flow | 25,232 | 23,052 | ||||||||||||
| CAPITAL EMPLOYED | ||||||||||||||
| SEK M | ||||||||||||||
| Goodwill | 13,232 | 14,552 | 32,382 | 36,524 | 5,379 | 5,582 | 18,989 | 21,504 | 22,891 | 28,711 | - | - | 92,873 | 106,874 |
| Other intangible assets | 1,366 | 1,498 | 21,652 | 22,753 | 1,937 | 1,863 | 2,968 | 3,848 | 6,876 | 8,531 | 32 | 39 | 34,831 | 38,531 |
| Property, plant and equipment | 3,166 | 3,287 | 3,037 | 3,487 | 1,398 | 1,331 | 1,556 | 1,763 | 2,260 | 2,740 | 43 | 45 | 11,460 | 12,653 |
| Right-of-use assets | 976 | 831 | 1,598 | 1,606 | 295 | 309 | 553 | 768 | 1,858 | 2,671 | 17 | 110 | 5,296 | 6,295 |
| Other capital employed | 2,120 | 2,256 | 2,875 | 3,636 | 1,324 | 1,399 | 1,827 | 2,136 | 3,830 | 3,180 | 84 | 412 | 12,060 | 13,019 |
| Adjusted capital employed | 20,860 | 22,423 | 61,544 | 68,006 | 10,332 | 10,485 | 25,891 | 30,018 | 37,715 | 45,833 | 177 | 607 | 156,520 177,373 | |
| Restructuring reserve | -298 | -60 | -150 | -22 | -43 | 9 | -89 | 74 | -182 | -35 | -5 | -5 | -767 | -39 |
| Capital employed | 20,562 | 22,363 | 61,395 | 67,984 | 10,289 | 10,494 | 25,802 | 30,093 | 37,533 | 45,798 | 172 | 602 | 155,753 177,333 | |
| Return on capital employed | 14,8% | 15,9% | 16,3% | 12,7% | 5,8% | 5,8% | 15,2% | 14,8% | 20,3% | 20,1% | - | - | 15,6% | 14,4% |
| Average adjusted capital employed | 22,872 | 22,353 | 44,025 | 64,462 | 11,396 | 10,656 | 26,295 | 28,510 | 38,502 | 42,249 | - | - | 142,611 | 168,363 |
| Average number of employees | 12,188 | 12,212 | 13,358 | 17,889 | 7,099 | 6,758 | 7,895 | 8,651 | 16,028 | 17,035 | 276 | 279 | 56,845 | 62,825 |
1 For information about items affecting comparability in 2024, please see the Year-end report 2024, available on assaabloy.com
Financial information - Notes
NOTE 1 DISAGGREGATION OF REVENUE
| Sales by continent Q1 | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 |
| Europe | 5,375 | 5,648 | 17 | 25 | 167 | 145 | 1,715 | 1,969 | 4,550 | 5,014 | -240 | -233 | 11,585 | 12,567 |
| North America | 162 | 140 | 9,412 | 10,098 | 480 | 500 | 2,410 | 2,937 | 6,162 | 6,700 | -115 | -119 | 18,511 | 20,256 |
| Central- and South America | 21 | 22 | 924 | 958 | 12 | 12 | 173 | 140 | 59 | 72 | -9 | -15 | 1,180 | 1,190 |
| Africa | 226 | 265 | 1 | 2 | 0 | 2 | 174 | 141 | 14 | 21 | -13 | -9 | 403 | 421 |
| Asia | 395 | 352 | 171 | 84 | 747 | 664 | 665 | 804 | 345 | 393 | -58 | -62 | 2,265 | 2,234 |
| Oceania | 38 | 39 | 7 | 3 | 642 | 614 | 295 | 266 | 311 | 386 | -37 | -37 | 1,256 | 1,271 |
| Total | 6,216 | 6,464 | 10,532 11,171 | 2,048 | 1,936 | 5,433 | 6,258 | 11,442 | 12,586 | -472 | -475 | 35,200 | 37,940 |
| Sales by product group Q1 | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 |
| Mechanical locks, lock systems and fittings | 2,906 | 2,861 | 4,530 | 5,392 | 1,180 | 1,111 | 112 | 105 | 2 | 2 | -206 | -195 | 8,524 | 9,276 |
| Electromechanical and electronic locks | 2,034 | 2,315 | 2,466 | 2,703 | 376 | 346 | 5,305 | 6,121 | 304 | 302 | -193 | -209 | 10,292 | 11,579 |
| Security doors and hardware | 1,181 | 1,189 | 3,512 | 3,046 | 451 | 459 | 17 | 32 | 1,012 | 1,215 | -40 | -46 | 6,132 | 5,895 |
| Entrance automation | 95 | 99 | 25 | 29 | 41 | 20 | - | - | 10,124 | 11,067 | -33 | -25 | 10,252 | 11,189 |
| Total | 6,216 | 6,464 | 10,532 11,171 | 2,048 | 1,936 | 5,433 | 6,258 | 11,442 | 12,586 | -472 | -475 | 35,200 | 37,940 |
NOTE 2 BUSINESS COMBINATIONS
Consolidated acquisitions 2025
| Number of | Approx. | Month of | |||
|---|---|---|---|---|---|
| Acquisition | Division | Country | employees | sales in 2024 | consolidation |
| 3millID & Third Millenium | Global technologies USA & United Kingdom | <50 | 240 | 2025-01 | |
| InVue | Global technologies USA | 260 | 1,850 | 2025-01 | |
| Uhlmann & Zacher | EMEIA | Germany | 110 | 240 | 2025-01 |
| Wallace & Wallace | Entrance systems | Canada | 160 | 440 | 2025-02 |
| GfS | EMEIA | Germany | <50 | 130 | 2025-03 |
| Senior Architectural Systems | EMEIA | United Kingdom | 150 | 680 | 2025-03 |
Financial information - Notes
| Q1 | ||||
|---|---|---|---|---|
| Amounts recognized in the group, SEK M | # 2024 |
2024 | 2025 | |
| Purchase prices | ||||
| Cash paid for acquisitions during the year | # 12,796 |
2,796 | 7,449 | |
| Holdbacks and deferred considerations for acquisitions during the year | # 678 |
83 | 880 | |
| Adjustment of purchase prices for acquisitions in prior years | 1 -517 |
-565 | 29 | |
| Total | # 12,957 | 2,314 | 8,359 | |
| Acquired assets and liabilities at fair value | ||||
| Intangible assets | # 2,662 |
-329 | 292 | |
| Property, plant and equipment and right-of-use assets | # 1,093 |
133 | 158 | |
| Other non-current assets | # 276 |
8 | -45 | |
| Inventories | # 1,420 |
223 | 580 | |
| Current receivables and investments | # 1,556 |
201 | 636 | |
| Cash and cash equivalents | # 532 |
22 | 330 | |
| Non-current liabilities | # -1,312 |
-38 | -1,039 | |
| Current liabilities | # -1,686 |
-85 | -1,379 | |
| Total | # 4,541 |
134 | -466 | |
| Non-controlling interest in acquired companies | - 27 |
- | 138 | |
| Goodwill | # 8,443 |
2,181 | 8,963 | |
| Change in cash and cash equivalents due to acquisitions | ||||
| Cash paid for acquisitions during the year | # 12,796 |
2,796 | 7,449 | |
| Cash and cash equivalents in acquired subsidiaries | # -532 |
-22 | -330 | |
| Paid and received considerations for acquisitions in prior years | # -127 |
-437 | 217 | |
| Total | # 12,136 | 2,337 | 7,336 |
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 2024 have been completed.
NOTE 3 FAIR VALUE AND CARRYING AMOUNT ON FINANCIAL ASSETS AND LIABILITIES
| 31 March 2025 | Financial instruments at fair value |
||||
|---|---|---|---|---|---|
| Carrying | Fair | ||||
| SEK M | amount | value | Level 1 | Level 2 | Level 3 |
| Financial assets | |||||
| Financial assets at amortized cost | 27,113 | 27,113 | |||
| Financial assets at fair value through profit and loss | 298 | 298 | 298 | ||
| Derivatives - hedge accounting | 360 | 360 | 360 | ||
| Derivatives - held for trading | 893 | 893 | 893 | ||
| Total financial assets | 28,664 | 28,664 | - | 1,253 | 298 |
| Financial liabilities | |||||
| Financial liabilities at amortized cost | 80,593 | 80,501 | |||
| Financial liabilities at fair value through profit and loss | 1,881 | 1,881 | 1,881 | ||
| Lease liabilities | 6,304 | 6,304 | |||
| Derivatives - hedge accounting | 123 | 123 | 123 | ||
| Derivatives - held for trading | 183 | 183 | 183 | ||
| Total financial liabilities | 89,083 | 88,992 | - | 306 | 1,881 |
| 31 December 2024 | Financial instruments at fair value |
||||
|---|---|---|---|---|---|
| Carrying | Fair | ||||
| SEK M | amount | value | Level 1 | Level 2 | Level 3 |
| Financial assets | |||||
| Financial assets at amortized cost | 28,345 | 28,345 | |||
| Financial assets at fair value through profit and loss | 325 | 325 | 325 | ||
| Derivatives - hedge accounting | 316 | 316 | 316 | ||
| Derivative instruments - hedge accounting | 103 | 103 | 103 | ||
| Total financial assets | 29,090 | 29,090 | - | 419 | 325 |
| Financial liabilities | |||||
| Financial liabilities at amortized cost | 79,541 | 79,535 | |||
| Financial liabilities at fair value through profit and loss | 1,362 | 1,362 | 1,362 | ||
| Lease liabilities | 6,554 | 6,554 | |||
| Derivatives - hedge accounting | 221 | 221 | 221 | ||
| Derivatives - held for trading | 224 | 224 | 224 | ||
| Total financial liabilities | 87,903 | 87,897 | - | 445 | 1,362 |
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.
Financial information - Parent company
| INCOME STATEMENT IN SUMMARY | Q1 | ||
|---|---|---|---|
| SEK M | 2024 | 2024 | 2025 |
| Operating income | 2,138 | -669 | -558 |
| Income before appropriations and tax | 6,520 | -956 | -834 |
| Net income for the period | 7,548 | -731 | -664 |
| The Parent company has no items in other comprehensive income | |||
| BALANCE SHEET IN SUMMARY | 31 Dec | 31 Mar | |
| SEK M | 2024 | 2024 | 2025 |
| Non-current assets | 54,165 | 54,258 | 53,905 |
| Current assets | 45,662 | 44,082 | 45,823 |
| Total assets | 99,827 | 98,340 | 99,729 |
| 26,661 | 24,309 | 25,843 | |
| Equity | |||
| Untaxed reserves | 818 | 1,021 | 818 |
| Non-current liabilities | 39,129 | 37,524 | 39,655 |
| Current liabilities | 33,219 | 35,487 | 33,413 |
| Total equity and liabilities | 99,827 | 98,340 | 99,729 |
Definitions of financial performance measures
Change in sales for comparable units after adjustments for Average capital employed excluding restructuring reserves 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.
Total assets less interest-bearing assets and non-interest- Net income attributable to parent company's shareholders
Organic growth Average adjusted capital employed
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
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 2024 appear on the company's website.