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ASSA ABLOY is the global leader in access solutions. Every day we help people feel safe, secure and experience a more open world. ASSA ABLOY Q4 interim report 2025
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Good organic sales development • Strong growth in Global Technologies and Americas • Good sales growth in EMEIA and Entrance Systems • Sales decline in APAC Record EBIT margin in Q4 • Excellent operating leverage of +80 bps Strong cash flow and cash conversion • Excellent cash conversion of 137% Electromechanical organic sales growth was 8% in the regional divisions 7 acquisitions completed in Q4 Finishing 2025 with another record year
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3 Q4 2025 figures in summary 39 575 38 307 6 529 6 448 Q4 2024 Q4 2025 Sales, MSEK EBIT*, MSEKSales MSEK 38,307 -3% +4% organic +3% net acquired -10% FX effects EBITA margin* 17.9% +50 bps EBIT margin* 16.8% +30 bps EBIT* MSEK 6,448 -1% EPS* SEK 3.85 +1%
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4 Emerging markets organic growth excl. China +5% 51 9 4 8 Share of sales, % Change in local currencies QTD 2025 vs. QTD 2024, % Organic change QTD 2025 vs. QTD 2024, % 8 4 3 6 12 1 -21 -2 35 8 3 6 2 1 Sales by region Oct-Dec 2025
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5 Kwikset FLEX Garage Door Opener Wi-Fi and Bluetooth enabled smart garage door opener launched in the US • Collaboration between Kwikset in Americas and Amarr in Entrance Systems • Integrates with existing smart home ecosystem and in-car systems for hands-free access • Easy to manage and monitor through the Kwikset mobile app, connecting with all Kwikset smart locks for a unified smart home experience • Enhanced security features • Patented, anti-theft door release • Vacation lock disabling remote operation • Real-time notifications
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6 Comcast, US Entrance Systems won service contract for ~2,000 industrial doors for a period of 3 years, enabling optimization of the product lifecycle through modernization and replacements. InVue has equipped all Comcast stores with a total of ~17,000 units for secure displays including services such as installation and training. InVue was a competitive choice thanks to the high quality, theft resistance, and service level. HID’s solutions have supported daily travel in Stockholm through a comprehensive digital ticketing modernization program. Mobile app, contactless card, or digital wallet can be used across all 2,600 buses, 140 ferry validators, 320 tram platforms and 1,035 metro fare gates in the capital. Important project wins Circle K, Germany Stockholm public transport, Sweden
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7 70 000 80 000 90 000 100 000 110 000 120 000 130 000 140 000 150 000 160 000 -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 LTM, MSEK FX adjusted sales growth MSEK% Sales LTM* vs 2020 (adjusted for FX) +65%
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8 Operating margin 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 2020 2021 2022 2023 2024 2025 EBIT, % quarterly EBIT, % LTM EBITA, % LTM EBIT % target range EBIT %, LTM 16.2% EBITA %, LTM 17.2%
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9 Operating income 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 EBIT, quarterly EBIT, LTM MSEKMSEK EBIT LTM vs 2020 +107%
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10 The pipeline remains active • 7 acquisitions completed in Q4 • 23 acquisitions completed in 2025 – Representing annualized sales of MSEK ~6,000 • 1 divestment completed in 2025 – Citizen ID Acquisitions Grow the core Extend the core Service and distribution New technologies Acquisition targets (India JV) (Kingspan Door Components)
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11 Sargent & Greenleaf • Strengthens our secure access portfolio with renowned products and expertise • Sales of MSEK ~430 in 2025 • Accretive to EPS from the start US manufacturer of high- security mechanical and electronic locking solutions and safe hardware (image) (image)
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12 International Door Products • Complements existing capabilities and gives broader range of solutions • Sales of MSEK ~220 in 2025 • Accretive to EPS from the start US manufacturer of standard and custom fire-rated steel door frames
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13 Share of sales Organic sales +4% • Strong sales growth in the Nordics and Central Europe • Good sales growth in the Middle East, India and Africa • Sales decline in UK/Ireland and South Europe Opening Solutions EMEIA 5% 7% 9% 11% 13% 15% 17% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Sales, MSEK EBIT*, % EBIT margin* 15.3% (14.8%) • Operating leverage (+10bps) driven by volume growth and positive mix, partly offset by investments in R&D • FX +90bps • M&A -50bps 17%
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14 Organic sales +5% • Strong sales growth in the North America Non-Residential segment • Good sales growth in Latin America • Stable sales in the North America Residential segment Opening Solutions Americas 27% 5% 7% 9% 11% 13% 15% 17% 19% 21% 0 2 000 4 000 6 000 8 000 10 000 12 000 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Sales, MSEK EBIT*, % EBIT margin* 17.9% (17.7%) • Excellent operating leverage (+120bps) driven by volume growth and SG&A cost efficiencies • FX -50 bps • M&A -50 bps Share of sales
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15 Organic sales -2% • Good sales growth in Pacific & Northeast Asia • Sales decline in Greater China & Southeast Asia Opening Solutions APAC 4% EBIT margin* 7.6% (5.4%) • Excellent operating leverage (+290 bps) driven by positive mix, price/cost and operational efficiencies • FX -70 bps • No M&A activity 0% 2% 4% 6% 8% 10% 12% 0 500 1 000 1 500 2 000 2 500 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Sales, MSEK EBIT*, % Share of sales
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16 Global Technologies 17% Organic sales 9% • Strong sales growth in HID and Global Solutions EBIT margin* 18.9% (19.3%) • Good operating leverage (+30 bps) driven by price/cost and positive mix, partly offset by investments in R&D and selling organization • FX -90 bps • M&A +20bps 0% 5% 10% 15% 20% 25% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Sales, MSEK EBIT*, % Share of sales
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17 Organic sales +2% • Strong sales growth in Pedestrian • Good sales growth in Doors & Automation • Stable sales in Industrial and Perimeter Security • Good sales growth in service Entrance Systems 34% EBIT margin* 18.0% (17.5%) • Excellent operating leverage (+90 bps) driven by price/cost and operational efficiencies • FX -40 bps • M&A 0bps 0% 5% 10% 15% 20% 25% 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Sales, MSEK EBIT*, % Share of sales
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18 Financial summary October-December* MSEK 2024 2025 Change Sales 39,575 38,307 -3% - Organic growth -112 1,406 4% - Acquired net growth 2,215 1,159 3% - FX-differences 502 -3,833 -10% EBIT 6,529 6,448 -1% EBITA, % 17.4% 17.9% +50 bps EBIT, % 16.5% 16.8% +30 bps Income before tax 5,684 5,687 0% Net income 4,214 4,281 2% EPS, SEK 3.81 3.85 1% January-September* FX & acquisition ‘run-rate’ effects on sales in Q1 2026 (31 Dec 2025): FX: -11% M&A: 3% January-December* 2024 2025 Change 150,162 152,409 1% -1,132 4,077 3% 11,326 6,576 5% -748 -8,405 -7% 24,296 24,664 2% 17.1% 17.2% +10 bps 16.2% 16.2% 0 bps 20,914 21,335 2% 15,636 15,939 2% 14.09 14.34 2% Operating cash flow 8,010 7,815 -2% ROCE, % 12 months OVA, 12 months 23,052 22,660 -2% 14.4% 14.2% -20 pts 10,827 10,805 0% Operational Value Added (OVA) = EBIT – WACC x Capital Employed (including goodwill)
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19 Margin drivers • Organic – excellent operating leverage from price/cost, MFP, operational efficiencies and positive mix • Currency – weaker USD • M&A – small dilution including integration costs for recent acquisitions Sales drivers • Organic – Price +3% and volume +1% • Currency – weaker USD and stronger SEK • M&A – good contribution from high acquisition pace MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/div Q4 2025 Growth 7% 4% -10% -6% 3% -3% Sales 39,575 1,406 -3,833 37,148 1,159 38,307 EBIT* 6,529 543 -760 6,313 135 6,448 EBIT, %* 16.5% 38.6% 19.8% 17.0% 11.7% 16.8% Dilution/accretion +0.8 pts -0.3 pts -0.2 pts Bridge analysis Q4 2025
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20 Direct material Strong price realization on lower material costs and tariffs, and positive mix Conversion cost Higher volumes with good leverage on operational efficiencies S, G & A Inflation and investments in R&D and sales organization Cost breakdown as % of sales – Q4 2025 % QTD 2024 QTD 2025 excl. acq/div Δ QTD 2025 Direct material -33.4% -32.7% +0.7 pts -32.8% Conversion cost -24.7% -24.4% +0.3 pts -24.1% Gross margin 41.9% 42.9% +1.0 pts 43.1% S, G & A -25.4% -25.9% -0.5 pts -26.3% EBIT margin* 16.5% 17.0% +0.5 pts 16.8%
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21 -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 Operating cash flow, quarterly Operating cash flow, LTM EBT*, LTM Operating cash flow MSEK MSEK Operating cash flow, LTM Cash conversion, LTM 106% Operating cash flow, LTM SEK 23 bn
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22 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, % Gearing % and net debt, MSEK MSEK 63% Net debt/Equity 2.1 Net debt/EBITDA* 31 Dec 2024 Operating activities Investing activities Tax Dividend FX Other 31 Dec 2025 70,253 -22,015 12,420 5,170 6,563 -8,352 238 64,277 Change in net debt, MSEK
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23 0 2 4 6 8 10 12 14 16 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 2020 2021 2022 2023 2024 2025 EPS*, quarterly EPS*, LTM Earnings per share LTM, SEKQuarterly, SEK Dividend % of EPS* since 2020** 43% Proposed dividend per share 2025 SEK 6.40 EPS* CAGR since 2020 14%
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Strong execution in challenging market environment Good organic sales growth of 4% Record Q4 EBIT margin at 16.8% • Excellent operating leverage of +80 bps Strong operating cash flow • Excellent cash conversion of 137% The Board proposes a dividend of SEK 6.40 (5.90) per share, split between two equal trenches Sustainability seminar on March 20 th • Registration at www.assaabloy.com/investors Conclusions
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ASSA ABLOY is the global leader in access solutions. Every day we help people feel safe, secure and experience a more open world. Q&A
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Appendix
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27 MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 Growth 2% 4% -6% -2% 5% 3% Sales 6,481 264 -378 6,367 299 6,666 EBIT* 962 45 -6 1,001 16 1,017 EBIT, %* 14.8% 17.0% 1.5% 15.7% 5.3% 15.3% Dilution/accretion +0.1 pts +0.9 pts -0.5 pts 12 months figures Q4 2024 Q4 2025 Sales 25,098 25,822 EBIT* 3,552 3,748 Operating cash flow 3,872 4,277 Cash flow/EBIT* 109% 114% Opening Solutions EMEIA’s bridge *Excluding items affecting comparability.
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28 MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 Growth 5% 5% -14% -9% 2% -7% Sales 11,033 465 -1,364 10,133 180 10,313 EBIT* 1,950 200 -286 1,864 -19 1,845 EBIT, %* 17.7% 43.0% 20.9% 18.4% -10.6% 17.9% Dilution/accretion +1.2 pts -0.5 pts -0.5 pts 12 months figures Q4 2024 Q4 2025 Sales 44,340 43,489 EBIT* 8,207 7,844 Operating cash flow 7,581 8,171 Cash flow/EBIT* 92% 104% Opening Solutions Americas’ bridge *Excluding items affecting comparability.
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29 MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 Growth -10% -2% -13% -15% 0% -15% Sales 2,217 -42 -281 1,894 0 1,894 EBIT* 119 52 -27 145 0 145 EBIT, %* 5.4% -125.9% 9.5% 7.6% 0.0% 7.6% Dilution/accretion +2.9 pts -0.7 pts 0.0 pts 12 months figures Q4 2024 Q4 2025 Sales 9,120 8,145 EBIT* 619 652 Operating cash flow 997 537 Cash flow/EBIT* 161% 82% Opening Solutions APAC’s bridge *Excluding items affecting comparability.
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30 MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 Growth 10% 9% -12% -3% 7% 4% Sales 6,493 477 -637 6,333 430 6,763 EBIT* 1,253 110 -175 1,188 93 1,281 EBIT, %* 19.3% 23.1% 27.5% 18.8% 21.7% 18.9% Dilution/accretion +0.3 pts -0.9 pts +0.2 pts 12 months figures Q4 2024 Q4 2025 Sales 24,179 26,077 EBIT* 4,224 4,635 Operating cash flow 4,585 5,390 Cash flow/EBIT* 109% 116% Global Technologies’ bridge *Excluding items affecting comparability.
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31 MSEK Q4 2024 Organic Currency Q4 2025 ex acq/div Acq/Div Q4 2025 Growth 14% 2% -9% -7% 2% -5% Sales 13,839 260 -1,220 12,880 250 13,131 EBIT* 2,424 156 -267 2,314 45 2,359 EBIT, %* 17.5% 60% 21.9% 18.0% 18.0% 18.0% Dilution/accretion +0.9 pts -0.4 pts 0.0 pts 12 months figures Q4 2024 Q4 2025 Sales 49,451 50,715 EBIT* 8,493 8,699 Operating cash flow 10,017 8,612 Cash flow/EBIT* 118% 99% Entrance Systems’ bridge *Excluding items affecting comparability.
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32 Cost breakdown as % of sales % QTD 2024 QTD 2025 excl. acquisitions Δ QTD 2025 Direct material -33.4% -32.7% +0.7 pts -32.8% Conversion cost -24.7% -24.4% +0.3 pts -24.1% Gross margin 41.9% 42.9% +1.0 pts 43.1% S, G & A -25.4% -25.9% -0.5 pts -26.3% EBIT* 16.5% 17.0% +0.5 pts 16.8% % YTD 2024 YTD 2025 excl. acquisitions Δ YTD 2025 Direct material -33.7% -32.8% +0.9 pts -32.8% Conversion cost -24.5% -24.3% +0.2 pts -24.2% Gross margin 41.8% 42.9% +1.1 pts 43.0% S, G & A -25.6% -26.1% -0.5 pts -26.8% EBIT* 16.2% 16.8% +0.6 pts 16.2% *Excluding items affecting comparability.
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ASSA ABLOY is the global leader in access solutions. Every day we help people feel safe, secure and experience a more open world. Thank you