Fourth quarter

• Net sales totaled SEK 38,307 M (39,575), with organic growth of 4% (0) and acquired net growth of 3% (6). Exchange rates affected sales by -10% (1).
• Organic sales growth was strong in Global Technologies and Americas. EMEIA and Entrance Systems had good organic sales growth while organic sales declined in Asia Pacific.
• Seven acquisitions with combined annual sales of about SEK 1,200 M were completed in the quarter.
• Operating income¹ (EBITA) totaled SEK 6,869 M (6,898) with an operating margin of 17.9% (17.4).
• Operating income¹ (EBIT) decreased by 1% to SEK 6,448 M (6,529), with an operating margin of 16.8% (16.5).
• Net income¹ amounted to SEK 4,281 M (4,214).
• Earnings per share¹ amounted to SEK 3.85 (3.81).
• Operating cash flow amounted to SEK 7,815 M (8,010).
• The Board of Directors proposes a dividend of SEK 6.40 (5.90) per share for 2025, to be distributed in two equal installments.
   

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

I am happy to report that ASSA ABLOY delivered record results once again in 2025, with sales reaching SEK 152,409 M and an adjusted operating income of SEK 24,664 M with a corresponding margin of 16.2%. It is a result to be proud of, reflecting strong operational execution in a challenging market environment marked by tariffs, high interest rates and heightened geopolitical uncertainty.

In the fourth quarter, we achieved 4% organic sales growth, supported by 3% net acquired growth. However, as currency effects were negative at -10%, total sales declined by -3% in the quarter versus last year. Global Technologies delivered strong organic sales growth of 9% with strong contribution from both HID and Global Solutions. Americas also reported strong organic sales growth of 5%, with a continued strong North America Non-Residential segment and a stable North America Residential segment. EMEIA delivered good organic growth of 4%, driven by strong development in the Nordics and Central Europe. Entrance Systems achieved good organic growth of 2% with strong growth in the Pedestrian segment, while the other segments were good or stable. Asia Pacific's organic growth was negative by -2% despite good organic growth in Pacific & Northeast Asia, as the residential market in China remained very weak. Electromechanical organic sales grew 8% in the regional divisions.

The adjusted operating income for the quarter was SEK 6,448 M with a corresponding margin of 16.8% (16.5). The organic drop-through was strong at 39%, driven by price realization, MFP measures and cost discipline. The operating cash flow was SEK 7,815 M with an excellent conversion of 137% (141).

Building scale and profitability through strategic acquisitions

Over the past few years, we have invested in growth and maintained an active acquisition strategy, completing strategic deals to strengthen our global footprint and broaden the products and solutions offered across the wider access solutions market. In 2023, we consolidated our largest acquisition in history, HHI, expanding into the US residential market, alongside 23 other acquisitions. In 2024, we closed a record 26 acquisitions, and this year, we grew our portfolio through the addition of 23 acquisitions including InVue, Uhlmann & Zacher, and Sargent & Greenleaf, further strengthening our offering to customers across key regions.

Despite operating in a challenging environment and pursuing a high acquisition pace, which has had an average annual dilutive effect of ~60 bps since 2023, we have improved our profitability. In the same period, our adjusted EBIT margin has expanded from 15.3% to 16.2%, demonstrating strong underlying improvements and our ability to consistently execute, integrate, and create value through strategic acquisitions. Our ambition is to continue this positive trend and work toward delivering an EBIT margin in the upper end of the 16-17% target range over time.

As we enter 2026, we remain confident in our ability to navigate varying market conditions. Our continued focus on innovation, operational excellence, cost discipline, margin expansion, and strategic acquisitions, combined with a strong financial position, provides a solid foundation for continued profitable long-term growth and value creation.

Lastly, thank you for your trust and I look forward to another exciting year.

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 CET on February 5, 2026, which can be followed online at assaabloy.com/investors.

It is possible to submit questions by telephone on:
08-505 100 31, +44 207 107 0613 or +1 631 570 5613

This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on February 5, 2026.