ASSA ABLOY AB (publ)

Record performance (top line, margins, cash flow) - Sales: ~SEK 41bn, +7% YoY (+4% organic, +2% net acquired, +1% FX). - Profitability: Record EBIT >SEK 7bn (+11% YoY); EBIT margin 17.4% (+60 bps YoY). EBITDA margin 18.7% (+80 bps). - Operating leverage: described as ~50% (strong conversion of sales into operating income). - Cash flow: +6% YoY (company called it the 2nd best cash flow ever). Cash conversion: 117% in Q3; 109% on a 12-month basis. - EPS: +14% YoY.

Demand / market picture: solid non-residential, still cautious residential (but some bottoming in North America & Europe) - North America: Non-residential (commercial/institutional) very strong; residential new build still weak due to higher rates (no imminent recovery). R&R (repair & remodel) seen as bottomed with slight recovery and low single-digit growth possible. - Europe (EMEIA): Non-residential very strong; residential improving more than North America with R&R returning and some new build growth in Finland & Sweden. - Logistics: flattish / no clear recovery (still pressured). - APAC: Mixed—decline in Greater China (negative growth; not recovering), Southeast Asia positive, India good, South Korea housing down double digits.

EMEIA tailwinds and margin path: regulation + volume leverage driving improvement toward target margin band - EMEIA volume growth: +5% organic in Q3; acceleration noted over recent quarters. - Regulation contribution (from the Q&A): company suggested it’s meaningful but not the whole driver—needs to contribute ~0.5% to organic growth, with momentum still mainly visible in DACH & Nordics before broader spread across Europe. - Margin outlook (EMEIA): company expects sequential improvement to continue with better volume leverage and efficiency/cost realization, supporting a path back toward the 16–17% EBIT band for the region (they referenced YTD/12-month running levels for the group: 16.6% YTD, 16.7% on 12-month).