Quarterly Report Q1 2026
Continued strong execution in the quarter
First quarter
- Net sales totaled SEK 35,751 M (37,940), with organic growth of 2% (2) and acquired net growth of 2% (5). Exchange rates affected sales by –10% (1).
- Organic sales growth was good in Americas, Global Technologies and EMEIA. Entrance Systems and Asia Pacific had stable organic sales.
- Three acquisitions with combined annual sales of about SEK 550 M were completed in the quarter.
- Operating income1 (EBITA) totaled SEK 5,859 M (6,051) with an operating margin of 16.4% (15.9).
- Operating income1 (EBIT) totaled SEK 5,461 M (5,645) with an operating margin of 15.3% (14.9).
- Net income1 amounted to SEK 3,538 M (3,551).
- Earnings per share1 amounted to SEK 3.18 (3.20).
- Operating cash flow amounted to SEK 3,141 M (2,424).
| Sales and income | Full year | First quarter | ||||||
| 2024 | 2025 | Δ | 2025 | 2026 | Δ | |||
| Sales, SEK M | 150,162 | 152,409 | 1% | 37,940 | 35,751 | –6% | ||
| Of which: | ||||||||
| Organic growth | –1,132 | 4,077 | 3% | 607 | 799 | 2% | ||
| Acquisitions and divestments | 11,326 | 6,576 | 5% | 1,709 | 820 | 2% | ||
| Exchange rate effects | –748 | –8,405 | –7% | 424 | –3,808 | –10% | ||
| Operating income (EBIT)1, SEK M | 24,296 | 24,664 | 2% | 5,645 | 5,461 | –3% | ||
| Operating margin (EBITA)1, % | 17.1% | 17.2% | 15.9% | 16.4% | ||||
| Operating margin (EBIT)1, % | 16.2% | 16.2% | 14.9% | 15.3% | ||||
| Income before tax1, SEK M | 20,914 | 21,335 | 2% | 4,766 | 4,749 | 0% | ||
| Net income1, SEK M | 15,636 | 15,939 | 2% | 3,551 | 3,538 | 0% | ||
| Operating cash flow, SEK M | 23,052 | 22,660 | –2% | 2,424 | 3,141 | 30% | ||
| Earnings per share1, SEK | 14.09 | 14.34 | 2% | 3.20 | 3.18 | 0% | ||
1 Excluding items affecting comparability for the year-earlier period. Please see the tabulated figures section in this report, page 11, for further details about the financial effects in 2024 and 2025.
Comments by the President and CEO
As we wrap up the first quarter of 2026, increased global geopolitical tensions and macroeconomic uncertainty have impacted many customer segments and geographies. In this environment, ASSA ABLOY has once again shown resilience and strong execution. Organic growth reached 2% in the quarter, supported by net acquired growth of 2% and offset by a significant currency headwind of –10%.
Sales performance across our divisions reflected both regional strengths and ongoing challenges. In the Americas division, organic growth reached 4%, driven by continued strong growth in the North America Non-Residential segment and in Latin America. Sales declined in the North America Residential segment, impacted by continued elevated interest rates, a challenging housing market and short-term effects from snowstorms at the beginning of the year. Global Technologies delivered 4% organic growth, with strong sales growth in Global Solutions and good growth in HID. In EMEIA, sales grew organically by 3% as we continued to see strong growth in Central Europe, the Nordics, and the MEIA region as the impact from the war was limited to the second half of March. However, the UK/Ireland as well as South Europe experienced declines. Entrance Systems had stable organic development, with the Perimeter Security and Pedestrian segments delivering strong growth, while the Industrial and Doors & Automation segments declined, primarily due to a weaker development in the European industrial market as well as weak residential markets. Sales in Asia Pacific were stable, with sales declining in the Greater China & Southeast Asia business unit, offset by good growth in the Pacific & Northeast Asia business unit.
The operating profit (EBIT) amounted to SEK 5,461 M. The corresponding operating margin improved by 40 bps year-on-year to 15.3% (14.9). The margin was negatively impacted by currency effects and acquisition-related dilution of 40 bps in total; however, this was more than offset by strong operating leverage of 52%. The operating cash flow was another highlight and improved by 30% versus last year to SEK 3,141 M, resulting in a seasonally very good cash conversion of 66%.
A resilient and decentralized business model
In an increasingly uncertain global environment, most recently with the development in the Middle East, ASSA ABLOY’s decentralized business model continues to be a key strength.
With decision-making close to the markets, our people are empowered to respond quickly to changing local conditions, whether driven by geopolitical developments, trade policy uncertainty, or shifting demand patterns.
Our broad geographic and end-market diversification, together with two-thirds of sales generated in the aftermarket, also provide stability and resilience over the business cycle.
This has been clearly demonstrated in recent times, when we delivered a solid performance despite a challenging and volatile market environment. These structural strengths remain important enablers for long-term, profitable growth.
I would like to thank our employees around the world. Your dedication and effort, combined with our strong business model, give us confidence as we continue to navigate a challenging external environment.
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 April 28, 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 CEST on April 28, 2026.
