ABB Ltd

Strong Q3 growth + record profitability (overall) - Orders: ~$12B+ (≈+40% YoY), with book-to-bill 1.24; backlog grew to ~$32B (about equal to 2025 full-year revenue). - Revenue: +14% comparable (volume-led; pricing ~+2%; Q3 conversion strength improved vs Q2). - Margins: Operational EBITA margin 20.8% = strongest Q3 margin ever; Operational EBIT margin 19% (also record-like strength). - Return on capital: ROCE 29.9%; management expects ongoing improvement and >20% ROCE even with larger acquisitions.

Electrification is the clear engine; data centers still very strong - Electrification orders: close to $7.7B, +70% YoY to a new record. - Data centers: again triple-digit order growth with no sign of slowing (management acknowledges base effects/timing risk but sees durability via site-specific engineering + permits/funding and typical customer safeguards). - Ex-data center electrification: high teens growth; utility grid/refurbishment, commercial buildings, and China improvements (even though broader building demand is mixed). - Electrification profitability: Operational EBITA +27% to $1.4B, margin 25.6% (+110 bps YoY, record).

Motion grows but margins under pressure (Gamesa and execution) - Motion orders: $2.5B (+12% comparable YoY). - Motion revenue: +$9% comparable, volume-led with some pricing contribution; some M&A contribution (~2%). - Motion operational EBITA margin: down 100 bps to 19.1% YoY (negative items include Gamesa Electric acquisition impact ~40 bps, still small loss; some commodity/cost/margin dilution; operational pressures in specific areas). - Guidance for Q4 Motion: expect similar revenue growth to Q3 but slightly improving sequential margin vs the usual pattern.