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ASSA ABLOY: Quarterly Report Q2 2026
Accelerated sales growth with record margin
Second quarter
- Net sales totaled SEK 39,259 M (38,015), with organic growth of 4% (3) and acquired net growth of 2% (5). Exchange rates affected sales by -3% (-8).
- Organic sales growth was strong in EMEIA, good in Americas, Global Technologies and Entrance Systems, but declined in Asia Pacific.
- Five acquisitions with combined annual sales of about SEK 2,000 M were completed during the quarter. One divestment was completed during the quarter.
- Operating income1 (EBITA) totaled SEK 7,091 M (6,555) with an operating margin of 18.1% (17.2).
- Operating income1 (EBIT) totaled SEK 6,680 M (6,155) with an operating margin of 17.0% (16.2).
- Net income1 amounted to SEK 4,422 M (3,962).
- Earnings per share1 amounted to SEK 3.98 (3.57).
- Operating cash flow amounted to SEK 6,300 M (5,452).
| Sales and income | Second quarter | First half-year | ||||||
| 2025 | 2026 | Δ | 2025 | 2026 | Δ | |||
| Sales, SEK M | 38,015 | 39,259 | 3% | 75,955 | 75,010 | -1% | ||
| Of which: | ||||||||
| Organic growth | 945 | 1,341 | 4% | 1,552 | 2,140 | 3% | ||
| Acquisitions and divestments | 1,855 | 868 | 2% | 3,564 | 1,688 | 2% | ||
| Exchange rate effects | -2,753 | -965 | -3% | -2,329 | -4,774 | -6% | ||
| Operating income (EBIT)1, SEK M | 6,155 | 6,680 | 9% | 11,800 | 12,141 | 3% | ||
| Operating margin (EBITA)1, % | 17.2% | 18.1% | 16.6% | 17.3% | ||||
| Operating margin (EBIT)1, % | 16.2% | 17.0% | 15.5% | 16.2% | ||||
| Income before tax1, SEK M | 5,319 | 5,936 | 12% | 10,085 | 10,685 | 6% | ||
| Net income1, SEK M | 3,962 | 4,422 | 12% | 7,513 | 7,960 | 6% | ||
| Operating cash flow, SEK M | 5,452 | 6,300 | 16% | 7,876 | 9,441 | 20% | ||
| Earnings per share1, SEK | 3.57 | 3.98 | 12% | 6.76 | 7.16 | 6% | ||
1 Excluding items affecting comparability for the same period of the previous year. Please see the tabulated figures section in this report, page 13, for further details about the financial effects in 2025.
Comments by the President and CEO
I am pleased to report that ASSA ABLOY has delivered another strong set of results. Despite continued challenging and uncertain market conditions, our organic growth accelerated and reached 4%, complemented by 2% growth from acquisitions, while currencies remained a headwind of -3%. Strong organic operating leverage contributed to a record-high adjusted operating margin for the quarter.
Organic sales growth was strong at 5% in EMEIA, driven by very strong growth in Central Europe and strong growth in the Nordic region. The Americas division grew 4%, supported by continued strong growth in the non-residential segment and Latin America and with a small sales growth in the North America Residential segment. Global Technologies also grew by 4%, with strong sales growth in most areas, partly offset by weaker project-related businesses in Europe. Entrance Systems reported good growth of 4%, driven by Pedestrian and Perimeter Security. Organic sales in Asia Pacific declined 4% due to the weak sales in
the Greater China & Southeast Asia business unit.
The operating profit (EBIT) amounted to SEK 6,680 M. Adjusted for divestment gains, earnout reversal and tariff refunds, the corresponding operating margin improved by 30 bps year-on-year to 16.5% (16.2). The margin was negatively affected by currency effects and acquisition-related dilution of 40 bps combined. However, this was more than offset by strong operating leverage. The operating cash flow was very strong and improved by 16% year-on-year to SEK 6,300 M, resulting in a very good cash conversion of 106%.
Innovation and acquisitions drive growth
Our decentralized organization has enabled us to effectively mitigate and respond to changing local market conditions. Another key competitive advantage is our commitment to innovation, which remains a crucial driver of future growth. By continuously enhancing our offering with new products, solutions, and technologies, we ensure that we provide our customers with the most efficient and relevant access solutions while maintaining our industry leadership.
Since 2018, we have increased our R&D as proportion of sales by 1 pts. The outcomes of these investments are clear: between 2018 and June 2026, we have launched more than 4,000 products and solutions and filed over 2,000 patent applications. This highlights both the scale of our innovation efforts and our ability to consistently translate ideas into customer value. Today, approximately 25% of our sales are generated from products launched within the last three years, forming a strong foundation for future growth.
In addition, acquisitions remain an important complement to organic growth, also sometimes enabling step changes in our product portfolio and technological capabilities. During the quarter, we completed our 400th acquisition since our inception - Rollerdoor Group, a sectional door manufacturer based in Portugal. By the end of June, we had acquired eight businesses in 2026. Our acquisition pipeline remains strong, with more than 900 companies included in our target list.
Thank you for your continued trust in ASSA ABLOY.
Nico Delvaux
President and CEO
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: bjorn.tibell@assaabloy.com
ASSA ABLOY is holding a telephone and web conference
at 09.00 CEST on July 17, 2026, which can be followed online at assaabloy.com/investors.
It is possible to submit questions by telephone on:
08-505 100 31, +44 203 059 5863 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, 2026.