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ASSA ABLOY
Quarterly Report • Jul 17, 2025
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Quarterly Report
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Quarterly Report Q2 2025
July 17, 2025
Experience a safer and more open world
Strong overall performance
Second quarter
- Net sales totaled SEK 38,015 M (37,968), with organic growth of 3% (–1) and acquired net growth of 5% (11). Exchange rates affected sales by –8% (0).
- Organic sales growth was strong in Global Technologies and good in Americas. Entrance Systems had a small organic sales growth, while organic sales declined in EMEIA and Asia Pacific.
- Five acquisitions with combined annual sales of about SEK 800 M were completed in the quarter.
- Operating income1 (EBITA) increased by 2% to SEK 6,555 M (6,434) with an operating margin of 17.2% (16.9).
- Operating income1 (EBIT) increased by 1% to SEK 6,155 M (6,085), with an operating margin of 16.2% (16.0).
- Net income1 amounted to SEK 3,962 M (3,927).
- Earnings per share1 amounted to SEK 3.57 (3.54).
- Operating cash flow amounted to SEK 5,452 M (5,604).
Organic growth
Acquired net growth
+5%
Operating income (EBIT)1
+1%
Earnings per share1
+1%
Sales and income
| Second quarter | First half-year | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2025 | Δ | 2024 | 2025 | Δ | ||
| Sales, SEK M | 37,968 | 38,015 | 0% | 73,168 | 75,955 | 4% | |
| Of which: | |||||||
| Organic growth | –349 | 945 | 3% | –1,111 | 1,552 | 2% | |
| Acquisitions and divestments | 3,925 | 1,855 | 5% | 7,532 | 3,564 | 5% | |
| Exchange rate effects | –83 | –2,753 | –8% | –118 | –2,329 | –3% | |
| Operating income (EBIT)1, SEK M | 6,085 | 6,155 | 1% | 11,512 | 11,800 | 3% | |
| Operating margin (EBITA)1, % | 16.9% | 17.2% | 16.6% | 16.6% | |||
| Operating margin (EBIT)1, % | 16.0% | 16.2% | 15.7% | 15.5% | |||
| Income before tax1, SEK M | 5,236 | 5,319 | 2% | 9,852 | 10,085 | 2% | |
| Net income1, SEK M | 3,927 | 3,962 | 1% | 7,389 | 7,513 | 2% | |
| Operating cash flow, SEK M | 5,604 | 5,452 | –3% | 8,701 | 7,876 | –9% | |
| Earnings per share1, SEK | 3.54 | 3.57 | 1% | 6.65 | 6.76 | 2% |
1 Excluding items affecting comparability. Please see the tabulated figures section in this report, page 14, for further details about the financial effects in 2024 and 2025.
Comments by the President and CEO
Strong overall performance
I am proud of the strong operational execution and strong growth momentum in the quarter where we achieved good organic growth of 3% and strong acquired net growth of 5%, despite challenging market conditions. Currency effects posed an important headwind of –8%, resulting in flat total sales growth.
Global Technologies delivered strong organic growth of 8% with positive development in both HID and Global Solutions. Americas achieved good growth of 4% with high single digit sales growth in the North America Non-Residential segment and stable development in the North America Residential and Latin America segments. We see strong growth in the aftermarket, fueled by robust demand for electromechanical upgrades. Entrance Systems had a small organic growth of 1% with growth across all segments except Industrial. Sales declined organically by 1% in EMEIA primarily due to some delays in project businesses and a continued weak residential market, and Asia Pacific's organic sales declined by 1% as the residential markets remain weak here as well, particularly in China.
The operating profit excluding items affecting comparability increased by 1% to SEK 6,155 M despite significant negative currency effects, with a corresponding operating margin of 16.2% (16.0). Although effects from acquisitions net and currency diluted the operating margin by 70bps, this was more than offset by an excellent operating leverage of 53%, supported by price/cost tailwind and savings from our Manufacturing Footprint Programs and continuous efficiency improvements. The operating cash flow remained strong and totaled SEK 5,452 M, corresponding to a strong cash conversion of 103%.
Our agile decentralized organization enables us to invest in opportunities while increasing cost efficiency
Despite ongoing macroeconomic uncertainty, including the tariff situation in the US and mixed market conditions globally, our decentralized structure and agile approach continues to be a great advantage. In this uneven landscape, our local teams are empowered to respond quickly to the specific dynamics of their respective market. By reallocating resources and shifting focus, we can capture growth opportunities while maintaining cost efficiency. For example, even in a softer market environment, we are seeing strong demand for upgrades to electromechanical and digital solutions. Sales in the quarter of electromechanical products and solutions grew 12%, adjusted for currencies. To capitalize on this opportunity and maintain our competitive edge, we are strategically investing in innovation and strengthening our sales organization. At the same time, we are reducing spending in other areas of the business.
We also continue to invest in growth through acquisitions, completing five acquisitions in the quarter. One of these was TeleAlarm, a European provider of integrated remote care technology for independent living. The acquisition strengthens our position in Senior Care, where demand for smart and connected solutions is growing, and supports our broader ambition of increasing our presence in key verticals.
Public
Thank you for your continued trust in ASSA ABLOY.
Stockholm, July 17, 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 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 SEK M Operating cash flow by quarter and last 12 months
Operating cash flow, quarter Operating cash flow, 12 months
Second quarter
The Group's sales totaled SEK 38,015 M (37,968). Organic growth amounted to 3% (–1). Net growth from acquisitions and divestments was 5% (11), of which 6% (14) were acquisitions. Exchange rates affected sales by –8% (0).
The Group's operating income before amortizations from acquisitions2 (EBITA) amounted to SEK 6,555 M (6,434). The corresponding EBITA margin was 17.2% (16.9). The Group's operating income2 (EBIT) totaled SEK 6,155 M (6,085), an increase of 1%. The corresponding operating margin was 16.2% (16.0). Exchange rates had an impact of SEK –516 M (38) on EBIT.
Net financial items amounted to SEK –836 M (–849). The Group's income before tax2 was SEK 5,319 M (5,236), an increase of 2% compared to last year. Exchange rates had an impact of SEK –497 M (41) on income before tax2. The corresponding profit margin was 14.0% (13.8). 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 3.57 (3.54), an increase of 1% compared to last year.
Operating cash flow totaled SEK 5,452 M (5,604), which corresponds to a cash conversion2 of 1.03 (1.07). The net debt/equity ratio totaled 0.71 (0.66) at the end of the quarter. Financial net debt totaled SEK 70,828 M (70,253). New bonds were issued during the quarter for a total value of SEK 2,779 M while SEK 1,967 M in maturing long-term loans were repaid. The Group's long-term borrowing totaled SEK 54,688 M (54,989) while short-term borrowing totaled SEK 12,181 M (11,958).
First half-year
The Group's sales for the first half of 2025 totaled SEK 75,955 M (73,168), representing an increase of 4%. Organic growth was 2% (–2). Growth from acquisitions and divestments was 5% (11), of which 6% (14) were acquisitions. Exchange-rates affected sales by –3% (0).
Operating income before amortizations from acquisitions2 (EBITA) amounted to SEK 12,606 M (12,174). The corresponding EBITA margin was 16.6% (16.6). The Group's operating income (EBIT)2 amounted to SEK 11,800 M (11,512), an increase of 3% compared to last year. The corresponding operating margin was 15.5% (15.7).
Earnings per share before and after dilution2 for the first half-year amounted to SEK 6.76 (6.65). Operating cash flow totaled SEK 7,876 M (8,701), which corresponds to a cash conversion2 of 0.78 (0.88).
Restructuring measures
Restructuring payments totaled SEK 126 M (138) for the quarter. The programs proceeded according to plan. At the end of the quarter provisions of SEK 998 M remained in the balance sheet for carrying out these programs.
2 Excluding items affecting comparability. Please see the tabulated figures section in this report, page 14, for further details about the financial effects in 2024 and 2025.
Quarterly comments by division
Opening Solutions EMEIA
Sales for the quarter in EMEIA totaled SEK 6,367 M (6,391), with an organic sales growth of –1% (1). Organic sales growth was good in Central Europe, while we had a small growth in the Nordics. Organic sales declined in South Europe, UK/Ireland and Middle East/Africa/India. Sales growth from acquisitions was 5%. Operating income excluding items affecting comparability totaled SEK 886 M (872), which represents an operating margin (EBIT) of 13.9% (13.6). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 15.3% (15.5). Operating cash flow before non-cash items and interest paid totaled SEK 964 M (899).
Opening Solutions Americas
Sales for the quarter in the Americas totaled SEK 11,165 M (11,562), with an organic sales growth of 4% (3). Organic sales growth was strong in the North America Non-Residential segment and stable in the North America Residential segment and in Latin America. Sales growth from acquisitions was 2%. Operating income excluding items affecting comparability totaled SEK 2,080 M (2,198), which represents an operating margin (EBIT) of 18.6% (19.0). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 12.6% (12.2). Operating cash flow before non-cash items and interest paid totaled SEK 2,470 M (2,344).
Opening Solutions Asia Pacific
Sales for the quarter in Asia Pacific totaled SEK 2,197 M (2,430), with an organic sales growth of –1% (–5). Organic sales growth was strong in Pacific & Northeast Asia, but declined significantly in Greater China & Southeast Asia. Sales growth from acquisitions was 0%. Operating income excluding items affecting comparability totaled SEK 211 M (203), which represents an operating margin (EBIT) of 9.6% (8.3). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 5.8% (5.9). Operating cash flow before non-cash items and interest paid totaled SEK 202 M (166).
Global Technologies
Sales for the quarter in Global Technologies totaled SEK 6,327 M (5,939), with an organic sales growth of 8% (–7). Organic sales growth was very strong in HID and strong in Global Solutions. Net sales growth from acquisitions and divestments was 7%. Operating income excluding items affecting comparability totaled SEK 1,169 M (937), which represents an operating margin (EBIT) of 18.5% (15.8). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 14.6% (13.8). Operating cash flow before non-cash items and interest paid totaled SEK 1,054 M (831).
Entrance Systems
Sales for the quarter in Entrance Systems totaled SEK 12,404 M (12,196), with an organic sales growth of 1% (0). Organic sales growth was very strong in Perimeter Security, good in Doors & Automation and Pedestrian, but declined in Industrial. Sales growth from acquisitions was 9%. Operating income excluding items affecting comparability totaled SEK 2,043 M (2,077), which represents an operating margin (EBIT) of 16.5% (17.0). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 19.5% (20.4). Operating cash flow before non-cash items and interest paid totaled SEK 1,737 M (2,330).
Acquisitions and divestments
Acquisitions
Five acquisitions were completed during the second quarter of 2025. The combined acquisition price for all businesses acquired during the first half-year, including adjustments from prior-year acquisitions, totaled SEK 9,439 M. The corresponding acquisition price on a cash- and debt- free basis totaled SEK 10,466 M. Preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life totaled SEK 9,111 M. Estimated deferred considerations for current year acquisitions were SEK 983 M.
On June 4, 2025, it was announced that ASSA ABLOY had acquired Kingspan Door Components, a Belgian manufacturer offering a large range of high-quality door panels for sectional doors for both residential and industrial applications. Sales for 2024 amounted to about SEK 290 M.
On May 16, 2025, it was announced that ASSA ABLOY had acquired TeleAlarm, a European provider of remote care technology that combines hardware and software solutions, enabling independent living across the social care and home care segment, based in Germany. Sales for 2024 amounted to about SEK 330 M.
On April 25, 2025, it was announced that ASSA ABLOY had signed an agreement to acquire Door System, a Danish manufacturer of high-quality fire rated doors with particular expertise in the pharmaceutical, food and retail industries. Sales for 2024 amounted to about SEK 190 M. The acquisition is subject to customary closing conditions and is expected to close during the third quarter of 2025.
On April 17, 2025, it was announced that ASSA ABLOY had acquired Pedestal PRO, a US manufacturer of access control pedestals, bollards, and innovative mounting solutions. Sales for 2024 amounted to about SEK 120 M.
Divestments
On January 31, 2025, ASSA ABLOY closed the sale of its Citizen ID business outside the US to TOPPAN. The Citizen ID business manufactures, designs, and implements physical and mobile identity solutions for government-to-citizen programs around the globe. Divestment of the US part was also part of the original agreement, but pending customary closing conditions and regulatory approvals. The parties have now agreed that the US part of Citizen ID will remain with ASSA ABLOY.
Sustainable development
We continue to focus on our sustainability goals and climate commitments through our Sustainability Program 2025 and our science-based targets. We are on track to realize and even exceed many of the targets in our Sustainability Program 2025. In parallel, we are developing our Sustainability Program 2030.
We are making positive progress on our science-based targets. For Scope 1 & 2 we are ahead of schedule, where we have reduced our absolute Scope 1 & 2 footprint by 36% at the end of 2024 against our 2019 baseline. To ensure we continue this positive trend, we prioritize energy efficiency in our operations. Our team in the Greater China & Southeast Asia business unit are installing the largest ever onsite renewable energy project in ASSA ABLOY. The 4.4 MWp solar array will generate up to 30% of the site's electricity requirement, which will result in good cost savings. The reduction in Scope 2 emissions will contribute towards the science-based targets for the business unit and the Group.
For Scope 3, we have reduced our absolute footprint by 10% at the end of 2024 against our 2019 baseline. We continue to increase our focus on Scope 3 projects, as we see that many of these projects help to reduce our costs and drive growth opportunities through the development of more sustainable products and solutions.
Parent company
Other operating income for the parent company ASSA ABLOY AB totaled SEK 3,585 M (3,491) for the first half of 2025. Operating income for the same period totaled SEK 743 M (848). Investments in tangible and intangible assets totaled SEK 4 M (14). 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 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 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 19 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 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 June 30, 2025, will have an effect of 6% on sales in the third quarter of 2025 versus the same period last year, while the effect on the operating margin is estimated to be slightly dilutive in the third quarter of 2025.
Exchange rate effects
On the basis of the currency rates on June 30, 2025, it is estimated that the weighted currency effects on sales in the third quarter of 2025 versus the same period last year will be –8%, while the effect on the operating margin is estimated to be dilutive in the third quarter of 2025.
Certification
The Board of Directors and the President and CEO declare that this half-year report gives an accurate picture of the Parent Company's and the Group's operations, position and income and describes significant risks and uncertainty factors faced by the Parent Company and the companies making up the Group.
Stockholm, July 17, 2025
| Johan Hjertonsson | Carl Douglas | Nico Delvaux |
|---|---|---|
| Chairman | Vice Chairman | President and CEO |
| Erik Ekudden | Sofia Schörling Högberg | Lena Olving |
| Board member | Board member | Board member |
| Victoria Van Camp | Susanne Pahlén Åklundh | Rune Hjälm |
| Board member | Board member | Employee representative |
Bjarne Johansson Employee representative
Review Report
ASSA ABLOY AB, org.no 556059-3575
Introduction
We have reviewed the condensed interim report for ASSA ABLOY AB as at June 30, 2025 and for the six months period then ended. The Board of Directors and President and CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.
Stockholm, July 17, 2025 Ernst & Young AB
Hamish Mabon Authorized Public Accountant
Financial information
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, 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 on July 17, 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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on July 17, 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.18 2025
Financial information – Group
| CONDENSED INCOME STATEMENT | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| SEK M | 2024 | 2025 | 2024 | 2025 | |
| Sales | 37,968 | 38,015 | 73,168 | 75,955 | |
| Cost of goods sold | -22,110 | -21,704 | -42,780 | -43,999 | |
| Gross income | 15,858 | 16,311 | 30,388 | 31,956 | |
| Selling, administrative and R&D costs and other operating income & expenses | -9,775 | -10,130 | -18,879 | -21,471 | |
| Capital result from divestment of subsidiaries, incl. exit costs1 | -13 | -228 | -31 | -233 | |
| Share of earnings in associates | 1 | 1 | 3 | 12 | |
| Operating income | 6,071 | 5,955 | 11,481 | 10,263 | |
| Finance net | -849 | -836 | -1,659 | -1,715 | |
| Income before tax | 5,223 | 5,119 | 9,821 | 8,548 | |
| Income tax | -1,306 | -1,305 | -2,455 | -2,286 | |
| Net income for the period | 3,917 | 3,814 | 7,366 | 6,262 | |
| Net income for the period attributable to: | |||||
| Parent company's shareholders | 3,917 | 3,812 | 7,368 | 6,262 | |
| Non-controlling interests | 0 | 1 | -2 | 0 | |
| Earnings per share | |||||
| Before and after dilution, SEK | 3.53 | 3.43 | 6.63 | 5.64 | |
| Before and after dilution and excluding items affecting comparability, SEK | 3.54 | 3.57 | 6.65 | 6.76 | |
| CONDENSED STATEMENT OF COMPREHENSIVE INCOME | Q2 | Jan-Jun | |||
| SEK M | 2024 | 2025 | 2024 | 2025 | |
| Net income for the period | 3,917 | 3,814 | 7,366 | 6,262 | |
| Other comprehensive income: | |||||
| Items that will not be reclassified to profit or loss | 72 | 27 | 178 | -18 | |
| Actuarial gain/loss on post-employment benefit obligations, net after tax Total |
72 | 27 | 178 | -18 | |
| Items that may be reclassified subsequently to profit or loss | |||||
| Share of other comprehensive income of associates | -35 | -13 | -38 | -48 | |
| Cashflow hedges and net investment hedges, net after tax | -3 | -55 | 96 | -115 | |
| Cost of hedging | 9 | 3 | 0 | 12 | |
| Exchange rate differences | -863 | -2,460 | 3,924 | -10,458 | |
| Tax attributable to items that may be reclassified subsequently to profit or loss | 0 | 1 | -2 | 5 | |
| Total | -891 | -2,524 | 3,981 | -10,605 | |
| Total other comprehensive income | -820 | -2,497 | 4,158 | -10,622 | |
| Total comprehensive income for the period | 3,097 | 1,317 | 11,524 | -4,360 | |
| Total comprehensive income for the period attributable to: | |||||
| Parent company's shareholders Non-controlling interests |
3,097 0 |
1,315 2 |
11,527 -4 |
-4,352 -8 |
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 | 30 Jun | |
|---|---|---|---|
| SEK M | 2024 | 2024 | 2025 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 145,405 | 136,286 | 139,942 |
| Property, plant and equipment | 12,653 | 12,134 | 11,652 |
| Right-of-use assets | 6,295 | 5,789 | 6,005 |
| Investments in associates | 710 | 590 | 598 |
| Other financial assets | 698 | 491 | 668 |
| Deferred tax assets | 2,097 | 1,773 | 1,967 |
| Total non-current assets | 167,859 | 157,065 | 160,831 |
| Current assets | |||
| Inventories | 21,020 | 20,065 | 20,339 |
| Trade receivables | 23,444 | 23,309 | 22,395 |
| Other current receivables and investments | 6,778 | 7,081 | 8,733 |
| Cash and cash equivalents | 4,504 | 3,605 | 2,086 |
| Total current assets | 55,747 | 54,060 | 53,553 |
| TOTAL ASSETS | 223,605 | 211,125 | 214,384 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to Parent company's shareholders | 107,071 | 100,090 | 99,316 |
| Non-controlling interests | 10 | 12 | 118 |
| Total equity | 107,080 | 100,102 | 99,434 |
| Non-current liabilities | |||
| Long-term loans | 54,989 | 51,414 | 54,688 |
| Non-current lease liabilities | 4,817 | 4,261 | 4,474 |
| Deferred tax liabilities | 3,322 | 3,272 | 3,826 |
| Other non-current liabilities and provisions | 2,927 | 2,786 | 3,421 |
| Total non-current liabilities | 66,056 | 61,734 | 66,409 |
| Current liabilities | |||
| Short-term loans | 11,958 | 13,333 | 12,181 |
| Current lease liabilities | 1,737 | 1,740 | 1,807 |
| Trade payables | 12,594 | 11,990 | 11,175 |
| Other current liabilities and provisions | 24,180 | 22,227 | 23,377 |
| Total current liabilities | 50,469 | 49,290 | 48,541 |
| TOTAL EQUITY AND LIABILITIES | 223,605 | 211,125 | 214,384 |
| CHANGES IN EQUITY | Equity attributable to: | ||
|---|---|---|---|
| Parent | Non | ||
| company's | controlling | Total | |
| SEK M | shareholders | interests | equity |
| Opening balance 1 January 2024 | 91,629 | 16 | 91,644 |
| Net income for the period | 7,368 | -2 | 7,366 |
| Other comprehensive income | 4,159 | -1 | 4,158 |
| Total comprehensive income | 11,527 | -4 | 11,524 |
| Dividend | -2,999 | 0 | -2,999 |
| Share-based incentive programs | -67 | - | -67 |
| Change in non-controlling interest | - | 0 | 0 |
| Total transactions with shareholders | -3,066 | 0 | -3,067 |
| Closing balance 30 June 2024 | 100,090 | 12 | 100,102 |
| Opening balance 1 January 2025 | 107,071 | 10 | 107,080 |
|---|---|---|---|
| Net income for the period | 6,262 | 0 | 6,262 |
| Other comprehensive income | -10,614 | -9 | -10,622 |
| Total comprehensive income | -4,352 | -8 | -4,360 |
| Dividend | -3,277 | -9 | -3,286 |
| Share-based incentive programs | -126 | - | -126 |
| Change in non-controlling interest | - | 126 | 126 |
| Total transactions with shareholders | -3,403 | 117 | -3,286 |
| Closing balance 30 June 2025 | 99,316 | 118 | 99,434 |
Financial information - Group
| CONDENSED STATEMENT OF CASH FLOWS | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| SEK M | 2024 | 2025 | 2024 | 2025 | |
| OPERATING ACTIVITIES | |||||
| Operating income | 6,071 | 5,955 | 11,481 | 10,263 | |
| Add back of | |||||
| Depreciation/amortization/write-downs | 1,400 | 1,473 | 2,702 | 2,992 | |
| Items affecting comparability | 13 | 200 | 31 | 1,537 | |
| Other non-cash items | 55 | 5 | -4 | 55 | |
| Restructuring payments | -138 | -126 | -275 | -292 | |
| Changes in working capital | -111 | -436 | -2,203 | -3,224 | |
| Cash flow before interest and tax | 7,291 | 7,070 | 11,732 | 11,331 | |
| Interest paid and received | -772 | -741 | -1,422 | -1,495 | |
| Tax paid on income | -1,490 | -1,881 | -2,202 | -2,567 | |
| Cash flow from operating activities | 5,029 | 4,448 | 8,107 | 7,269 | |
| INVESTING ACTIVITIES | |||||
| Net investments in intangible assets and property, plant and equipment | -596 | -542 | -1,025 | -1,279 | |
| Investments in subsidiaries | -1,754 | -956 | -4,091 | -8,291 | |
| Divestments of subsidiaries | 254 | 19 | 402 | 798 | |
| Other investments and disposals | 0 | 0 | 1 | 0 | |
| Cash flow from investing activities | -2,096 | -1,478 | -4,714 | -8,772 | |
| FINANCING ACTIVITIES | |||||
| Dividends | -2,999 - |
-3,286 0 |
-2,999 - |
-3,286 -1 |
|
| Acquisition of non-controlling interests | -456 | -461 | -858 | -972 | |
| Repayment of lease liabilities | 1,697 | -1,261 | 2,594 | 3,446 | |
| Net cash effect of changes in borrowings | -1,758 | -5,008 | -1,264 | -813 | |
| Cash flow from financing activities | 1,174 | -2,038 | 2,130 | -2,316 | |
| CASH FLOW FOR THE PERIOD | |||||
| CASH AND CASH EQUIVALENTS | |||||
| Cash and cash equivalents at beginning of period | 2,437 | 4,139 | 1,466 | 4,504 | |
| Cash flow for the period | 1,174 | -2,038 | 2,130 | -2,316 | |
| Effect of exchange rate differences | -6 | -15 | 10 | -102 | |
| Cash and cash equivalents at end of period | 3,605 | 2,086 | 3,605 | 2,086 |
Quarterly information - Group
| THE GROUP IN SUMMARY | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Year | Last 12 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M Sales |
2023 34,474 |
2023 36,881 |
2023 36,970 |
2024 35,200 |
2024 37,968 |
2024 37,418 |
2024 39,575 |
2025 37,940 |
2025 38,015 |
2024 150,162 |
months 152,949 |
| Organic growth | 3% | 1% | 0% | -2% | -1% | 0% | 0% | 2% | 3% | -1% | - |
| Gross income1 | 14,231 | 15,123 | 15,024 | 14,530 | 15,858 | 15,756 | 16,584 | 16,221 | 16,301 | 62,728 | 64,862 |
| Gross margin 1 | 41.3% | 41.0% | 40.6% | 41.3% | 41.8% | 42.1% | 41.9% | 42.8% | 42.9% | 41.8% | 42.4% |
| EBITDA1 EBITDA margin 1 |
6,658 19.3% |
7,148 19.4% |
7,312 19.8% |
6,728 19.1% |
7,485 19.7% |
7,635 20.4% |
8,092 20.4% |
7,164 18.9% |
7,627 20.1% |
29,940 19.9% |
30,518 20.0% |
| Depreciation, excl attrib. to business combinations | -936 | -995 | -1,304 | -988 | -1,051 | -1,026 | -1,194 | -1,114 | -1,072 | -4,259 | -4,405 |
| EBITA1 | 5,722 | 6,152 | 6,008 | 5,740 | 6,434 | 6,609 | 6,898 | 6,051 | 6,555 | 25,681 | 26,113 |
| EBITA margin 1 | 16.6% | 16.7% | 16.2% | 16.3% | 16.9% | 17.7% | 17.4% | 15.9% | 17.2% | 17.1% | 17.1% |
| Amortization attrib. to business combinations | -222 | -376 | -285 | -313 | -349 | -354 | -369 | -405 | -400 | -1,386 | -1,529 |
| Operating income (EBIT)1 Operating margin (EBIT) 1 |
5,500 16.0% |
5,777 15.7% |
5,722 15.5% |
5,427 15.4% |
6,085 16.0% |
6,255 16.7% |
6,529 16.5% |
5,645 14.9% |
6,155 16.2% |
24,296 16.2% |
24,584 16.1% |
| Items affecting comparability1 | 1 376 | -367 | -183 | -18 | -13 | -43 | 54 | -1,337 | -200 | -21 | -1,526 |
| Operating income (EBIT) | 6,875 | 5,409 | 5,539 | 5,409 | 6,071 | 6,211 | 6,583 | 4,308 | 5,955 | 24,275 | 23,058 |
| Operating margin (EBIT) | 19.9% | 14.7% | 15.0% | 15.4% | 16.0% | 16.6% | 16.6% | 11.4% | 15.7% | 16.2% | 15.1% |
| Net financial items | -445 | -900 | -843 | -811 | -849 | -878 | -845 | -879 | -836 | -3,382 | -3,438 |
| Income before tax Profit margin |
6,430 18.7% |
4,509 12.2% |
4,696 12.7% |
4,598 13.1% |
5,223 13.8% |
5,333 14.3% |
5,739 14.5% |
3,429 9.0% |
5,119 13.5% |
20,893 13.9% |
19,620 12.8% |
| Tax on income | -2,854 | -1,139 | -717 | -1,150 | -1,306 | -1,333 | -1,483 | -981 | -1,305 | -5,272 | -5,103 |
| Net income for the period | 3,576 | 3,371 | 3,979 | 3,449 | 3,917 | 4,000 | 4,255 | 2,448 | 3,814 | 15,621 | 14,517 |
| Net income attributable to: | |||||||||||
| Parent company's shareholders | 3,574 | 3,386 | 3,959 | 3,452 | 3,917 | 3,998 | 4,272 | 2,449 | 3,812 | 15,639 | 14,532 |
| Non-controlling interests | 1 | -15 | 20 | -3 | 0 | 2 | -17 | -1 | 1 | -18 | -15 |
| OPERATING CASH FLOW SEK M |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Year 2024 |
Last 12 months |
| Operating income (EBIT) | 6,875 | 5,409 | 5,539 | 5,409 | 6,071 | 6,211 | 6,583 | 4,308 | 5,955 | 24,275 | 23,058 |
| Reversal items affecting comparability | -1 376 | 367 | 183 | 18 | 13 | 43 | -54 | 1,337 | 200 | 21 | 1,526 |
| Depreciation and amortization | 1,158 | 1,371 | 1,590 | 1,301 | 1,400 | 1,380 | 1,563 | 1,519 | 1,473 | 5,645 | 5,935 |
| Net capital expenditure | -572 | -604 | -727 | -429 | -596 | -655 | -383 | -737 | -542 | -2,063 | -2,317 |
| Change in working capital Interest paid and received |
1,267 -364 |
1,754 -738 |
1,927 -778 |
-2,091 -650 |
-111 -772 |
802 -1,032 |
1,608 -797 |
-2,788 -754 |
-436 -741 |
208 -3,251 |
-813 -3,324 |
| Repayment of lease liabilities | -363 | -409 | -420 | -402 | -456 | -453 | -485 | -511 | -461 | -1,797 | -1,911 |
| Other non-cash items | 45 | 27 | 0 | -60 | 55 | 44 | -25 | 50 | 5 | 14 | 74 |
| Operating cash flow | 6,671 | 7,177 | 7,315 | 3,096 | 5,604 | 6,341 | 8,010 | 2,424 | 5,452 | 23,052 | 22,228 |
| Cash conversion | 1.32 | 1.47 | 1.50 | 0.67 | 1.07 | 1.18 | 1.41 | 0.51 | 1.03 | 1.10 | 1.05 |
| CHANGE IN NET DEBT | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Year | Last 12 |
| SEK M | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2024 | months |
| Net debt at beginning of period | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | 64,109 | 68,198 |
| Operating cash flow | -6,671 | -7,177 | -7,315 | -3,096 | -5,604 | -6,341 | -8,010 | -2,424 | -5,452 | -23,052 | -22,228 |
| Restructuring payments | 146 | 167 | 190 | 137 | 138 | 150 | 323 | 166 | 126 | 748 | 765 |
| Tax paid on income Acquisitions and divestments |
2,281 40,773 |
2,456 3,783 |
1,825 1,903 |
712 2,038 |
1,490 2,182 |
1,505 5,592 |
1,065 3,297 |
686 7,670 |
1,881 1,112 |
4,772 13,109 |
5,137 17,672 |
| Dividend | 2,666 | - | 2,666 | - | 2,999 | - | 2,999 | - | 3,286 | 5,999 | 6,285 |
| Actuarial gain/loss on post-employment benefit oblig. | -92 | 41 | 12 | -142 | -96 | -50 | 266 | 60 | -36 | -22 | 240 |
| Change to lease liabilities | 138 | 111 | 125 | 292 | -105 | -95 | 149 | 261 | 133 | 241 | 449 |
| Exchange rate differences, etc. | 1,274 | -496 | -4,033 | 3,488 | -342 | -2,033 | 3,236 | -5,231 | -1,663 | 4,349 | -5,690 |
| Net debt at end of period Net debt/Equity |
69,851 0.75 |
68,736 0.71 |
64,109 0.70 |
67,536 0.68 |
68,198 0.68 |
66,927 0.66 |
70,253 0.66 |
71,441 0.70 |
70,828 0.71 |
70,253 | 70,828 |
| NET DEBT | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| SEK M | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | ||
| Interest-bearing assets | -484 | -495 | -459 | -504 | -248 | -257 | -249 | -244 | -240 | ||
| Cash and cash equivalents Derivative financial instruments, net |
-6,665 15 |
-1,688 284 |
-1,466 -595 |
-2,437 -251 |
-3,605 116 |
-4,073 -456 |
-4,504 26 |
-4,139 -948 |
-2,086 -1,454 |
||
| Pension provisions | 1,415 | 1,471 | 1,435 | 1,283 | 1,186 | 1,232 | 1,478 | 1,465 | 1,458 | ||
| Lease liabilities | 5,607 | 5,641 | 5,443 | 6,020 | 6,001 | 5,890 | 6,554 | 6,304 | 6,281 | ||
| Interest-bearing liabilities | 69,965 | 63,523 | 59,751 | 63,425 | 64,748 | 64,591 | 66,948 | 69,003 | 66,869 | ||
| Total | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | 70,828 | ||
| CAPITAL EMPLOYED AND FINANCING | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| SEK M | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | ||
| Goodwill | 117,142 | 119,006 | 92,873 | 99,680 | 99,317 | 99,199 | 106,874 | 107,281 | 104,012 | ||
| Other intangible assets | 15,918 | 15,333 | 34,831 | 36,000 | 36,970 | 36,463 | 38,531 | 35,579 | 35,929 | ||
| Property, plant and equipment Right-of-use assets |
11,885 5,476 |
12,111 5,501 |
11,460 5,296 |
12,129 5,837 |
12,134 5,789 |
12,222 5,670 |
12,653 6,295 |
11,684 6,068 |
11,652 6,005 |
||
| Other capital employed | 14,277 | 13,958 | 12,060 | 14,534 | 14,605 | 14,478 | 13,019 | 13,340 | 13,662 | ||
| Restructuring reserve | -1,140 | -941 | -767 | -662 | -514 | -358 | -39 | -1,130 | -998 | ||
| Capital employed | 163,558 | 164,969 | 155,753 | 167,517 | 168,300 | 167,674 | 177,333 | 172,822 | 170,262 | ||
| Net debt | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | 70,253 | 71,441 | 70,828 | ||
| Non-controlling interests Equity attributable to Parent company´s shareholders |
10 93,696 |
36 96,197 |
16 91,629 |
12 99,969 |
12 100,090 |
16 100,731 |
10 107,071 |
132 101,249 |
118 99,316 |
||
| OTHER KEY RATIOS ETC | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Earnings per share, SEK | 2023 3.22 |
2023 3.05 |
2023 3.56 |
2024 3.11 |
2024 3.53 |
2024 3.60 |
2024 3.85 |
2025 2.21 |
2025 3.43 |
||
| Earnings per share, excl IAC, SEK | 3.36 | 3.31 | 3.56 | 3.12 | 3.54 | 3.63 | 3.81 | 3.20 | 3.57 | ||
| Shareholders' equity per share, SEK | 84.35 | 86.60 | 82.49 | 90.00 | 90.11 | 90.68 | 96.39 | 91.15 | 89.41 | ||
| Return on capital employed Return on equity |
17.2% 15.8% |
16.3% 14.7% |
15.6% 15.3% |
14.6% 15.3% |
14.0% 15.2% |
14.2% 15.6% |
14.4% 15.7% |
14.2% 14.5% |
14.2% 14.6% |
||
| Net debt/EBITDA | 2.8 | 2.6 | 2.3 | 2.4 | 2.4 | 2.3 | 2.3 | 2.4 | 2.3 | ||
| Average number of employees | 53,824 | 56,289 | 56,845 | 61,282 | 62,538 | 62,634 | 62,825 | 64,460 | 64,652 | ||
| Average adjusted capital employed Average number of shares, thousands |
120,917 | 132,788 | 142,611 | 153,385 | 164,603 | 165,649 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 |
168,363 | 172,654 | 173,049 | ||
| Items affecting comparability, net of tax | -156 | -285 | 10 | -13 | -10 | -33 | 41 | -1,103 | -149 |
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
| Q2 and 30 Jun | 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 | 6,227 | 6,215 | 11,527 | 11,136 | 2,188 | 1,997 | 5,861 | 6,280 | 12,165 | 12,387 | - | - | 37,968 | 38,015 |
| Sales, internal | 164 | 152 | 34 | 30 | 242 | 199 | 79 | 47 | 31 | 17 | -550 | -444 | - | - |
| Sales | 6,391 | 6,367 | 11,562 11,165 | 2,430 | 2,197 | 5,939 | 6,327 | 12,196 12,404 | -550 | -444 | 37,968 | 38,015 | ||
| Organic growth | 1% | -1% | 3% | 4% | -5% | -1% | -7% | 8% | 0% | 1% | - | - | -1% | 3% |
| Acquisitions and divestments | 2% | 5% | 33% | 2% | -5% | 0% | 9% | 7% | 4% | 9% | - | - | 11% | 5% |
| Exchange-rate effects | 0% | -4% | -1% | -9% | -2% | -9% | -1% | -8% | 0% | -8% | - | - | 0% | -8% |
| Share of earnings in associates EBIT, excl items affecting |
- | - | - | - | 1 | 4 | - | - | - | -3 | - | - | 1 | 1 |
| 872 | 886 | 2,198 | 2,080 | 203 | 211 | 937 | 1,169 | 2,077 | 2,043 | -201 | -235 | 6,085 | 6,155 | |
| comparability EBIT margin, excl items affecting |
||||||||||||||
| 13.6% | 13.9% | 19.0% | 18.6% | 8.3% | 9.6% | 15.8% | 18.5% | 17.0% | 16.5% | - | - | 16.0% | 16.2% | |
| comparability | ||||||||||||||
| Items affecting comparability1 | -2 | -17 | 0 | -168 | -11 | -30 | - | 13 | - | 2 | - | - | -13 | -200 |
| Operating income (EBIT) | 869 | 869 | 2,198 | 1,913 | 192 | 180 | 937 | 1,183 | 2,077 | 2,045 | -201 | -235 | 6,071 | 5,955 |
| Operating margin (EBIT) | 13.6% | 13.6% | 19.0% | 17.1% | 7.9% | 8.2% | 15.8% | 18.7% | 17.0% | 16.5% | - | - | 16.0% | 15.7% |
| OPERATING CASH FLOW | ||||||||||||||
| SEK M Operating income (EBIT) |
869 | 869 | 2,198 | 1,913 | 192 | 180 | 937 | 1,183 | 2,077 | 2,045 | -201 | -235 | 6,071 | 5,955 |
| Items affecting comparability1 | 2 | 17 | 0 | 168 | 11 | 30 | - | -13 | - | -2 | - | - | 13 | 200 |
| Depreciation and amortization | 252 | 252 | 414 | 387 | 103 | 88 | 252 | 262 | 366 | 464 | 14 | 19 | 1,400 | 1,473 |
| Net capital expenditure | -129 | -103 | -220 | -113 | -43 | -63 | -77 | -95 | -117 | -163 | -10 | -5 | -596 | -542 |
| Repayment of lease liabilities | -72 | -69 | -103 | -78 | -34 | -30 | -50 | -48 | -191 | -219 | -7 | -17 | -456 | -461 |
| Change in working capital | -24 | -3 | 55 | 194 | -63 | -3 | -230 | -235 | 195 | -388 | -44 | -2 | -111 | -436 |
| Operating cash flow by division | 899 | 964 | 2,344 | 2,470 | 166 | 202 | 831 | 1,054 | 2,330 | 1,737 | -248 | -240 | 6,322 | 6,188 |
| Other non-cash items | 55 | 5 | 55 | 5 | ||||||||||
| Interest paid and received | -772 | -741 | -772 | -741 | ||||||||||
| Operating cash flow | 5,604 | 5,452 |
| Jan-Jun and 30 Jun | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | |
| Sales, external | 2024 12,289 |
12,527 | 22,030 | 22,272 | 4,013 | 3,728 | 11,258 | 12,479 | 23,578 | 24,949 | - | - | 73,168 | 75,955 |
| Sales, internal | 318 | 304 | 64 | 64 | 466 | 405 | 114 | 106 | 60 | 40 | -1,022 | -920 | - | - |
| Sales | 12,607 12,831 | 22,094 22,336 | 4,478 | 4,133 | 11,373 12,585 | 23,638 24,990 | -1,022 | -920 | 73,168 | 75,955 | ||||
| Organic growth | -1% | 0% | 1% | 3% | -4% | -3% | -8% | 8% | 0% | 0% | - | - | -2% | 2% |
| Acquisitions and divestments | 2% | 4% | 34% | 2% | -7% | 0% | 8% | 6% | 4% | 9% | - | - | 11% | 5% |
| Exchange-rate effects | 0% | -2% | 0% | -4% | -2% | -5% | -1% | -3% | 0% | -3% | - | - | 0% | -3% |
| Share of earnings in associates | - | - | - | - | 3 | 8 | - | - | - | 3 | - | - | 3 | 12 |
| EBIT, excl items affecting | ||||||||||||||
| comparability EBIT margin, excl items affecting |
1,721 | 1,780 | 4,108 | 3,996 | 308 | 291 | 1,776 | 2,025 | 4,021 | 4,153 | -422 | -444 | 11,512 | 11,800 |
| comparability | 13.7% | 13.9% | 18.6% | 17.9% | 6.9% | 7.0% | 15.6% | 16.1% | 17.0% | 16.6% | - | - | 15.7% | 15.5% |
| Items affecting comparability1 | -18 | -425 | 0 | -279 | -13 | -128 | - | -414 | - | -122 | - | -169 | -31 | -1,537 |
| Operating income (EBIT) | 1,704 | 1,355 | 4,108 | 3,717 | 294 | 163 | 1,776 | 1,611 | 4,021 | 4,031 | -422 | -613 | 11,481 | 10,263 |
| Operating margin (EBIT) | 13.5% | 10.6% | 18.6% | 16.6% | 6.6% | 3.9% | 15.6% | 12.8% | 17.0% | 16.1% | - | - | 15.7% | 13.5% |
| OPERATING CASH FLOW | ||||||||||||||
| SEK M | 1,704 | 1,355 | 4,108 | 3,717 | 294 | 163 | 1,776 | 1,611 | 4,021 | 4,031 | -422 | -613 | 11,481 | 10,263 |
| Operating income (EBIT) Items affecting comparability1 |
18 | 425 | 0 | 279 | 13 | 128 | - | 414 | - | 122 | - | 169 | 31 | 1,537 |
| Depreciation and amortization | 492 | 507 | 756 | 822 | 202 | 185 | 494 | 537 | 733 | 907 | 24 | 34 | 2,702 | 2,992 |
| Net capital expenditure | -238 | -215 | -417 | -316 | 18 | -113 | -166 | -241 | -208 | -396 | -14 | 2 | -1,025 | -1,279 |
| Repayment of lease liabilities | -141 | -142 | -172 | -190 | -67 | -64 | -96 | -103 | -370 | -450 | -12 | -24 | -858 | -972 |
| Change in working capital | -477 | -743 | -1,066 | -1,097 | -170 | -225 | -685 | -434 | 451 | -439 | -256 | -287 | -2,203 | -3,224 |
| Operating cash flow by division | 1,358 | 1,187 | 3,210 | 3,214 | 291 | 74 | 1,323 | 1,784 | 4,626 | 3,776 | -680 | -719 | 10,128 | 9,316 |
| Other non-cash items | -4 | 55 | -4 | 55 | ||||||||||
| Interest paid and received | -1,422 | -1,495 | -1,422 | -1,495 | ||||||||||
| Operating cash flow | 8,701 | 7,876 | ||||||||||||
| CAPITAL EMPLOYED | ||||||||||||||
| SEK M | ||||||||||||||
| Goodwill | 14,126 | 16,439 | 33,794 | 32,123 | 5,564 | 4,967 | 20,447 | 23,713 | 25,386 | 26,770 | - | - | 99,317 | 104,012 |
| Other intangible assets | 1,416 | 1,764 | 22,420 | 19,610 | 1,922 | 1,658 | 3,825 | 3,771 | 7,351 | 9,098 | 35 | 28 | 36,970 | 35,929 |
| Property, plant and equipment | 3,253 | 3,210 | 3,333 | 3,098 | 1,431 | 1,191 | 1,636 | 1,394 | 2,438 | 2,729 | 44 | 31 | 12,134 | 11,652 |
| Right-of-use assets | 905 | 846 | 1,695 | 1,632 | 319 | 255 | 614 | 621 | 2,163 | 2,481 | 93 | 171 | 5,789 | 6,005 |
| Other capital employed | 2,489 | 2,536 | 3,754 | 3,625 | 1,620 | 1,534 | 2,579 | 1,915 | 4,033 | 3,234 | 130 | 818 | 14,605 | 13,662 |
| Adjusted capital employed | 22,188 24,795 | 64,996 60,087 | 10,857 | 9,605 | 29,100 31,415 | 41,371 44,311 | 302 | 1,048 | 168,815 171,261 | |||||
| Restructuring reserve | -207 | -343 | -83 | -70 | -25 | -45 | -54 | -282 | -140 | -111 | -5 | -147 | -514 | -998 |
| Capital employed | 21,982 24,451 | 64,914 60,017 | 10,832 | 9,560 | 29,046 31,132 | 41,231 44,201 | 297 | 901 | 168,300 170,262 | |||||
| Return on capital employed | 15.5% | 15.3% | 12.2% | 12.6% | 5.9% | 5.8% | 13.8% | 14.6% | 20.4% | 19.5% | - | - | 14.0% | 14.2% |
| Average adjusted capital employed | 22,478 | 23,569 | 64,196 | 64,002 | 10,936 | 10,330 | 27,150 | 30,595 | 39,889 | 44,191 | - | - | 164,603 | 173,049 |
| Average number of employees | 12,319 | 12,428 | 18,185 | 18,028 | 6,925 | 6,603 | 8,476 | 8,812 | 16,353 | 18,277 | 279 | 504 | 62,538 | 64,652 |
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
| EMEIA Americas Asia Pacific Technologies Systems Other Total SEK M 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 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, external Sales, internal 617 651 141 128 1,151 920 169 224 95 104 -2,173 -2,027 - - 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 Sales Organic growth -2% 0% 6% 2% -2% -6% 9% -2% 1% -1% - - 3% -1% 6% 1% 22% 16% 5% -3% 5% 7% 2% 7% - - 8% 8% Acquisitions and divestments 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 13,6% 14,2% 18,9% 18,5% 6,4% 6,8% 17,3% 17,5% 16,7% 17,2% - - 15,8% 16,2% EBIT margin, excl items affecting comparability Items affecting comparability1 -551 -48 2 908 67 -27 -40 -2 492 - -133 - -104 - -400 -21 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 income (EBIT) 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% 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 income (EBIT) 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 |
Jan-Dec and 31 Dec | Global | Entrance | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 For information about items affecting comparability in 2024, please see the Year-end report 2024, available on assaabloy.com
© ASSA ABLOY – Quarterly Report Q2 2025 16 (19)
Financial information - Notes
NOTE 1 DISAGGREGATION OF REVENUE
| Sales by continent Q2 | 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 | 5,493 | 5,532 | 20 | 3 | 186 | 155 | 1,545 | 1,798 | 4,496 | 4,891 | -290 | -222 | 11,451 | 12,158 |
| North America | 169 | 142 | 10,538 | 10,163 | 587 | 601 | 2,812 | 3,204 | 6,908 | 6,588 | -140 | -114 | 20,874 | 20,584 |
| Central- and South America | 29 | 18 | 994 | 911 | 17 | 4 | 223 | 141 | 58 | 82 | -18 | -8 | 1,303 | 1,148 |
| Africa | 252 | 269 | 2 | 1 | 3 | 5 | 267 | 123 | 9 | 24 | -9 | -11 | 524 | 410 |
| Asia | 411 | 364 | 0 | 79 | 948 | 826 | 757 | 760 | 371 | 413 | -57 | -52 | 2,431 | 2,390 |
| Oceania | 37 | 43 | 8 | 8 | 688 | 605 | 335 | 301 | 354 | 406 | -37 | -37 | 1,385 | 1,325 |
| Total | 6,391 | 6,367 | 11,562 11,165 | 2,430 | 2,197 | 5,939 | 6,327 | 12,196 12,404 | -551 | -444 | 37,968 | 38,015 | ||
| Sales by continent Jan-Jun | 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 | 10,868 | 11,179 | 37 | 28 | 353 | 300 | 3,261 | 3,767 | 9,046 | 9,905 | -530 | -455 | 23,036 | 24,725 |
| North America | 331 | 281 | 19,950 | 20,261 | 1,067 | 1,101 | 5,223 | 6,141 | 13,069 | 13,288 | -255 | -233 | 39,385 | 40,840 |
| Central- and South America | 50 | 39 | 1,918 | 1,869 | 29 | 17 | 396 | 281 | 117 | 154 | -27 | -24 | 2,483 | 2,338 |
| Africa | 477 | 534 | 3 | 3 | 3 | 7 | 441 | 264 | 24 | 45 | -21 | -20 | 927 | 831 |
| Asia | -115 | -114 | 4,696 | 4,624 | ||||||||||
| 806 | 716 | 170 | 163 | 1,695 | 1,490 | 1,422 | 1,564 | 717 | 805 |
| Sales by product group Q2 | 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 | 2,943 | 2,880 | 5,003 | 5,382 | 1,371 | 1,190 | 118 | 102 | 2 | 2 | -230 | -181 | 9,206 | 9,374 |
| Electromechanical and electronic locks | 2,125 | 2,231 | 2,836 | 2,766 | 419 | 405 | 5,834 | 6,250 | 292 | 281 | -242 | -206 | 11,265 | 11,727 |
| Security doors and hardware | 1,213 | 1,243 | 3,695 | 2,975 | 622 | 593 | -12 | -25 | 1,133 | 1,326 | -43 | -41 | 6,608 | 6,071 |
| Entrance automation | 110 | 12 | 27 | 43 | 17 | 9 | - | - | 10,770 | 10,795 | -35 | -16 | 10,889 | 10,843 |
| Total | 6,391 | 6,367 | 11,562 11,165 | 2,430 | 2,197 | 5,939 | 6,327 | 12,196 12,404 | -550 | -444 | 37,968 | 38,015 | ||
| Sales by product group Jan-Jun | EMEIA | Americas | Asia Pacific | Global Technologies |
Entrance Systems |
Other | Total |
Total 12,607 12,831 22,094 22,336 4,478 4,133 11,373 12,585 23,638 24,990 -1,022 -920 73,168 75,955
| SEK M | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mechanical locks, lock systems and fittings | 5,849 | 5,741 | 9,533 | 10,774 | 2,552 | 2,300 | 230 | 207 | 3 | 4 | -436 | -377 | 17,730 | 18,650 |
| Electromechanical and electronic locks | 4,159 | 4,546 | 5,302 | 5,469 | 795 | 752 | 11,139 | 12,371 | 596 | 583 | -435 | -415 | 21,556 | 23,306 |
| Security doors and hardware | 2,394 | 2,433 | 7,207 | 6,021 | 1,073 | 1,052 | 4 | 7 | 2,145 | 2,541 | -83 | -87 | 12,740 | 11,967 |
| Entrance automation | 205 | 111 | 52 | 72 | 58 | 29 | - | - | 20,894 | 21,862 | -68 | -41 | 21,141 | 22,032 |
| Total | 12,607 12,831 | 22,094 22,336 | 4,478 | 4,133 | 11,373 12,585 | 23,638 24,990 | -1,022 | -920 | 73,168 | 75,955 |
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 |
| Pedestal PRO | Americas | USA | 50 | 120 | 2025-04 |
| TeleAlarm Group | Global technologies Germany | 70 | 330 | 2025-05 | |
| Kingspan Door Components | Entrance systems | Belgium | 70 | 290 | 2025-06 |
| Multi Acces | Entrance systems | Canada | <50 | <50 | 2025-06 |
| Skidata India | Entrance systems | India | 100 | <50 | 2025-06 |
Financial information - Notes
| Q2 | Jan-Jun | ||||
|---|---|---|---|---|---|
| Amounts recognized in the group, SEK M | 2024 | 2025 | 2024 | 2025 | |
| Purchase prices | |||||
| Cash paid for acquisitions during the year | 1,768 | 957 | 4,564 | 8,406 | |
| Holdbacks and deferred considerations for acquisitions during the year | 234 | 102 | 318 | 983 | |
| Fair value of previously owned shares in associates | - | 19 | - | 19 | |
| Adjustment of purchase prices for acquisitions in prior years | 47 | 1 | -518 | 31 | |
| Total | 2,050 | 1,080 | 4,364 | 9,439 | |
| Acquired assets and liabilities at fair value | |||||
| Intangible assets | 1,466 | 2,263 | 1,137 | 2,555 | |
| Property, plant and equipment and right-of-use assets | 156 | 113 | 289 | 272 | |
| Other non-current assets | 59 | 88 | 68 | 43 | |
| Inventories | 194 | -11 | 417 | 569 | |
| Current receivables and investments | 233 | 95 | 433 | 732 | |
| Cash and cash equivalents | 113 | 48 | 136 | 377 | |
| Non-current liabilities | -183 | -309 | -221 | -1,348 | |
| Current liabilities | -394 | -197 | -479 | -1,576 | |
| Total | 1,645 | 2,090 | 1,779 | 1,624 | |
| Non-controlling interest in acquired companies | - | - | - | 138 | |
| Goodwill | 405 -1,010 | 2,585 | 7,952 | ||
| Change in cash and cash equivalents due to acquisitions | |||||
| Cash paid for acquisitions during the year | 1,768 | 957 | 4,564 | 8,406 | |
| Cash and cash equivalents in acquired subsidiaries | -113 | -48 | -136 | -377 | |
| Paid and received considerations for acquisitions in prior years | 100 | 46 | -338 | 262 | |
| Total | 1,754 | 956 | 4,091 | 8,291 |
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
| 30 June 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 | 24,894 | 24,894 | ||||
| Financial assets at fair value through profit and loss | 281 | 281 | 281 | |||
| Derivatives - hedge accounting | 886 | 886 | 886 | |||
| Derivatives - held for trading | 759 | 759 | 759 | |||
| Total financial assets | 26,819 | 26,819 | - | 1,645 | 281 | |
| Financial liabilities | ||||||
| Financial liabilities at amortized cost | 78,044 | 78,083 | ||||
| Financial liabilities at fair value through profit and loss | 1,833 | 1,833 | 1,833 | |||
| Lease liabilities | 6,281 | 6,281 | ||||
| Derivatives - hedge accounting | 139 | 139 | 139 | |||
| Derivatives - held for trading | 52 | 52 | 52 | |||
| Total financial liabilities | 86,350 | 86,388 | - | 191 | 1,833 |
| 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 | Year | Jan-Jun | |
|---|---|---|---|
| SEK M | 2024 | 2024 | 2025 |
| Operating income | 2,138 | 848 | 743 |
| Income before appropriations and tax | 6,520 | 1,159 | 2,416 |
| Net income for the period | 7,548 | 1,160 | 2,380 |
| The Parent company has no items in other comprehensive income | |||
| BALANCE SHEET IN SUMMARY | 31 Dec | 30 Jun | |
| SEK M | 2024 | 2024 | 2025 |
| Non-current assets | 54,165 | 54,013 | 53,649 |
| Current assets | 45,662 | 45,082 | 45,263 |
| Total assets | 99,827 | 99,095 | 98,912 |
| Equity | 26,661 | 23,224 | 25,638 |
| Untaxed reserves | 818 | 1,021 | 818 |
| Non-current liabilities | 39,129 | 37,300 | 41,759 |
| Current liabilities | 33,219 | 37,550 | 30,697 |
| Total equity and liabilities | 99,827 | 99,095 | 98,912 |
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.