Slides
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Internal ASSA ABLOY Q3 interim report 2025 Download our IR app
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Internal Good organic sales development – Good sales growth in EMEIA, Entrance Systems, Global Technologies and Americas – Sales decline in Asia Pacific Highest operating margin since Q3 2015 – Excellent operating leverage offsetting M&A and currency dilution Very strong cash flow and cash conversion 5 acquisitions completed 2 Good growth and strong margin
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Internal Q3 2025 figures in summary Sales MSEK 38,146 +2% – +3% organic sales – +5% acquired and divested – -6% currency EBITA-margin* 17.9% (17.7%) EBIT-margin* 16.8% (16.7%) EBIT* MSEK 6,416 +3% EPS* SEK 3.73 +3% 37 418 38 146 6 255 6 416 5 000 5 500 6 000 6 500 7 000 20 000 22 000 24 000 26 000 28 000 30 000 32 000 34 000 36 000 38 000 40 000 Q3 2024 Q3 2025 Sales, MSEK EBIT*, MSEK 3 Sales +2% EBIT* +3% *Excluding items affecting comparability
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Internal Sales by region Jul-Sep 2025 4 ASSA ABLOY 100 8 3 Emerging markets 12 -3 -2 Emerging markets follow IMF’s definition as per 2018-12-31 55 10 5 3 -3 1 31 10 2 1 -26 -8 6 1 -4 4 7 3 Share of sales, % Change in local currencies QTD 2025 vs. QTD 2024, % Organic change QTD 2025 vs. QTD 2024, %
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Internal Several new digital products launched in the quarter Centrios Mortise Lock Americas expanded Centrios, their small to medium business access solution offering, with a new digital mortise lock. Centrios Mortise Lock combines smart lock technology with the Centrios cloud-based access management platform, letting business owners control access, manage users, and monitor activity - all from their phone Yale Cornelius Facial Recognition DDL Americas launched new digital door lock range in Latin America. The advanced biometric technology allows for secure and efficient unlocking, eliminating the need for a physical key or passwords. Designed for both residential and commercial environments. InVue OnePOD Max Global Solutions launched a new high- security retail display system for phones, tablets, and wearables. Protects merchandise while keeping customer interaction natural and engaging with mobile access.5 Electromechanical products grew by 13% in Q3
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Internal FX adjusted sales growth 6 60 000 70 000 80 000 90 000 100 000 110 000 120 000 130 000 140 000 150 000 -20 -15 -10 -5 0 5 10 15 20 25 30 2020 2021 2022 2023 2024 2025 Organic growth, % Acquired growth, % Sales in fixed currencies R12M, MSEK MSEK% Sales R12M +62% vs 2020
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Internal Operating margin 7 10 11 12 13 14 15 16 17 18 19 2020 2021 2022 2023 2024 2025 Quarter EBIT Rolling 12-months EBITA Rolling 12-months Run rate: EBIT-margin 16.1% (15.9%)% EBIT long-term target range 17.1% EBITA-margin run rate Excluding items affecting comparability
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Internal 0 2 500 5 000 7 500 10 000 12 500 15 000 17 500 20 000 22 500 25 000 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2020 2021 2022 2023 2024 2025 Quarter Rolling 12-months MSEKMSEK Operating profit 8 Run rate EBIT up 108% vs 2020 Excluding items affecting comparability
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Internal Active pipeline – 5 acquisitions completed in Q3 – 16 acquisitions completed as of September 2025 1 divestment completed – CitizenID – The acquisitions represent annualized sales of MSEK 4,900 9 Acquisitions (Kingspan Door Components) (India JV)
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Internal Spanish manufacturer of smart cards, smart paper tickets and magnetic tickets Will reinforce our offering within smart cards Sales of MSEK 330 in 2024 Accretive to EPS from the start 10 Calmell Smart tickets Cards Magnetic card
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Internal Organic sales 4% – Strong sales growth in Central Europe and the Nordics – Small sales growth in Middle East, India and Africa – Sales decline in UK/Ireland and South Europe Operating margin* 15.0% (14.5%) – Good operating leverage (+40bps) driven by volume growth, positive mix and operational efficiencies – FX +40bps Stronger SEK – M&A -30bps 11 Opening Solutions EMEIA 16% of Group sales Excluding items affecting comparability 5% 7% 9% 11% 13% 15% 17% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Sales, MSEK Operating margin, % *Excluding items affecting comparability
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Internal Organic sales +3% – Strong sales growth in the North America Non- Residential segment – Sales decline in the North America Residential segment and Latin America Operating margin* 18.5% (19.2%) – Excellent operating leverage (+70bps) driven by volume growth, price/cost, and operational efficiencies – FX -20 bps – M&A -120 bps Level Lock 16% 17% 18% 19% 20% 0 2 000 4 000 6 000 8 000 10 000 12 000 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Sales, MSEK Operating margin, % 12 Opening Solutions Americas 28% of Group sales *Excluding items affecting comparability Excluding items affecting comparability
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Internal Organic sales -4% – Good sales growth in Pacific & Northeast Asia – Significant sales decline in Greater China & Southeast Asia Operating margin* 10.2% (7.9%) – Excellent operating leverage (+260 bps) driven by price/cost, positive mix and operational efficiencies – FX -30bps – No M&A 0% 3% 5% 8% 10% 13% 15% 0 500 1 000 1 500 2 000 2 500 3 000 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Sales, MSEK Operating margin, % 13 Opening Solutions Asia Pacific 5% of Group sales *Excluding items affecting comparability Excluding items affecting comparability
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Internal Organic sales +3% – Good growth in both HID and Global Solutions Operating margin* 19.8% (18.9%) – Good operating leverage (+20bps) driven by price/cost, positive mix and operational efficiencies – FX -70bps Weaker USD – M&A +140bps Divestment of Citizen ID InVue 8% 10% 12% 14% 16% 18% 20% 22% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Sales, MSEK Operating margin, % 14 Global Technologies 18% of Group sales *Excluding items affecting comparability Excluding items affecting comparability
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Internal Organic sales 4% – Strong sales growth in Perimeter Security and Pedestrian – Good sales growth in Doors & Automation1 and Industrial – Strong sales growth in service Operating margin* 17.4% (17.1%) – Excellent operating leverage (+130bps) driven by positive mix, price/cost and operational efficiencies – FX -20bps – M&A -80bps SKIDATA 15 Entrance Systems 33% of Group sales 11% 12% 13% 14% 15% 16% 17% 18% 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Sales, MSEK Operating margin, % 1Previously named Residential *Excluding items affecting comparability Excluding items affecting comparability
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Internal Financial summary 16 FX & acquisition ‘run-rate’ effects in Q4 2025 (31 Sep 2025): SALES FX: -9% M&A: 3% *Excluding items affecting comparability July-September* SEK M 2024 2025 Change Sales 37,418 38,146 2% - Organic growth 91 1,119 3% - Acquired net growth 1,579 1,853 5% - FX-differences -1,133 -2,243 -6% Operating income (EBIT) 6,255 6,416 3% EBITA-margin 17.7% 17.9% +0.2 pts EBIT-margin 16.7% 16.8% +0.1 pts Income before tax 5,377 5,563 3% Net income 4,033 4,144 3% EPS, SEK 3.63 3.73 3% Operating cash flow 6,341 6,969 10% ROCE (12 months) 2024 2025 Change 110,586 114,102 3% -1,020 2,671 3% 9,111 5,417 5% -1,251 -4,572 -5% 17,767 18,216 3% 17.0% 17.0% 0.0 pts 16.1% 16.0% -0.1 pts 15,229 15,648 3% 11,422 11,658 2% 10.28 10.49 2% 15,042 14,845 -1% 14.2% 14.2% 0.0pts January-September*
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Internal Bridge analysis – Q3 2025 17 MSEK Q3 2024 Organic Currency Acq/div Q3 2025 Growth 1% 3% -6% 5% 2% Sales 37,418 1,119 -2,243 1,853 38,146 Operating income* 6,255 455 -476 182 6,416 Operating margin, %* 16.7% 40.7% 21.2% 9.8% 16.8% Dilution/accretion 0.7 pts -0.2 pts -0.4 pts Sales drivers Price +2% and volume +1% Margin drivers Organic – price/cost, strong operational efficiencies and positive mix M&A – dilution from SKIDATA and Level Lock *Excluding items affecting comparability
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Internal Cost breakdown as % of sales – Q3 2025 18 % QTD 2024 QTD 2025 excl. acq/div Δ QTD 2025 Direct material -33.7% -32.9% +0.8 pts -33.0% Conversion cost -24.2% -24.1% +0.1 pts -23.9% Gross margin 42.1% 43.0% +0.9 pts 43.1% S, G & A -25.4% -25.8% -0.4 pts -26.3% EBIT* 16.7% 17.2% +0.5 pts 16.8% • Direct material – lower material costs and price realization • Conversion cost – higher volumes and operational efficiencies • S, G & A – inflation and investments in R&D and sales organization *Excluding items affecting comparability.
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Internal Operating cash flow, MSEK 19 -1 500 1 000 3 500 6 000 8 500 11 000 13 500 16 000 18 500 21 000 23 500 26 000 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 2020 2021 2022 2023 2024 2025 Quarter, MSEK Cash rolling 12 months, MSEK EBT* rolling 12 months, MSEK 12 months cash flow / EBT* = 107%Quarter 12 months *Excluding items affecting comparability.
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Internal Gearing % and net debt, MSEK 20 0 10 20 30 40 50 60 70 80 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 2020 2021 2022 2023 2024 2025 Net debt, MSEK Gearing, % Net debt Gearing %Net debt/Equity 65% (66%) Net debt/EBITDA* 2.2 (2.3) *Excluding items affecting comparability
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Internal Earnings per share, SEK 21 2 4 6 8 10 12 14 16 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 2020 2021 2022 2023 2024 2025 Quarter, SEK Rolling 12 months, SEK Quarter 12 months Excluding items affecting comparability
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Internal Good organic sales growth of 3% Strong operating margin of 16.8% – Excellent operating leverage of 41% Very strong cash flow and cash conversion Uncertain market conditions Capital Markets Day November 19, 2025 Registration open assaabloy.com/investors 22 Conclusions
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Internal Q&A
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Internal Appendix
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Internal Cost breakdown as % of sales 25 % QTD 2024 QTD 2025 excl. acquisitions Δ QTD 2025 Direct material -33.7% -32.9% +0.8pts -33.0% Conversion cost -24.2% -24.1% +0.1 pts -23.9% Gross margin 42.1% 43.0% +0.9 pts 43.1% S, G & A -25.4% -25.8% -0.4 pts -26.3% EBIT* 16.7% 17.2% +0.5 pts 16.8% *Excluding items affecting comparability. YTD 2024 YTD 2025 excl. acquisitions Δ YTD 2025 -33.7% -32.8% +0.9pts -32.8% -24.6% -24.3% +0.3 pts -24.3% 41.7% 42.9% +1.2 pts 42.9% -25.6% -26.2% -0.6 pts -26.9% 16.1% 16.7% +0.6 pts 16.0%
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Internal Opening Solutions EMEIA’s bridge 26 MSEK Q3 2024 Organic Currency Acq/Div Q3 2025 Growth -1% 4% -4% 5% 5% Sales 6,010 258 -213 270 6 325 Operating income* 869 65 -5 22 951 Operating margin, %* 14.5% 25.3% 2.4% 8.0% 15.0% Dilution/accretion +0.4pts +0.4pts -0.3pts 12 months figures Sales 24,956 25,637 EBIT* 3,506 3,693 Operating cash flow before paid interest 4,117 3,957 Cash flow/EBIT* 117% 107% * Excluding items affecting comparability
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Internal Opening Solutions Americas’ bridge 27 MSEK Q3 2024 Organic Currency Acq/Div Q3 2025 Growth 1% 3% -8% 2% -3% Sales 11,214 277 -808 157 10,840 Operating income* 2,149 127 -175 -98 2,003 Operating margin, %* 19.2% 45.9% 21.6% -62.2% 18.5% Dilution/accretion +0.7pts -0.2pts -1.2pts 12 months figures Sales 43,816 44,209 EBIT* 8,111 7,949 Operating cash flow before paid interest 7,668 7,926 Cash flow/EBIT* 95% 100% * Excluding items affecting comparability
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Internal Opening Solutions Asia Pacific’s bridge 28 MSEK Q3 2024 Organic Currency Acq/Div Q3 2025 Growth -8% -4% -9% 0% -13% Sales 2,425 -98 -209 0 2,119 Operating income* 193 48 -23 0 217 Operating margin, %* 7.9% -49.0% 11.2% 0.0% 10.2% Dilution/accretion +2.6pts -0.3pts +0.0pts 12 months figures Sales 9,371 8,469 EBIT* 607 627 Operating cash flow before paid interest 1,163 831 Cash flow/EBIT* 192% 133% * Excluding items affecting comparability
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Internal Global Technologies’ bridge 29 MSEK Q3 2024 Organic Currency Acq/Div Q3 2025 Growth 10% 3% -6% 10% 7% Sales 6,313 193 -363 586 6,729 Operating income* 1,195 49 -117 203 1330 Operating margin, %* 18.9% 25.2% 32.2% 34.7% 19.8% Dilution/accretion +0.2pts -0.7pts +1.4pts 12 months figures Sales 23,571 25,807 EBIT* 3,880 4,607 Operating cash flow before paid interest 3,853 5,365 Cash flow/EBIT* 99% 116% * Excluding items affecting comparability
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Internal Entrance Systems’ bridge 30 MSEK Q3 2024 Organic Currency Acq/Div Q3 2025 Growth 2% 4% -6% 7% 5% Sales 11,973 463 -682 840 12,595 Operating income* 2,047 242 -157 55 2,187 Operating margin, %* 17.1% 52.1% 23.0% 6.6% 17.4% Dilution/accretion +1.3pts -0.2pts -0.8pts 12 months figures Sales 47,800 51,424 EBIT* 8,194 8,763 Operating cash flow before paid interest 9,849 8,879 Cash flow/EBIT* 120% 101% * Excluding items affecting comparability
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Internal Thank you assaabloy.com