Turning the volume up?

研报英文原文证据摘录

Turning the volume up?

Industrials | Multi-Industry, Electrical Equipment & Aerospace

July 20, 2026

Assa Abloy AB Alexander Virgo Gustavo Gonzalez 44 20 7847 3520 212-653-8998

ASSA.B-SE | SEK332.00 Alexander.Virgo@evercoreisi.com Gustavo.Gonzalez@evercoreisi.com

In Line | Target Price/Base Case: SEK380.00 (from Kriti Vardineni

SEK375.00) 212-801-3882

Earnings Report Kriti.Vardineni@evercoreisi.com

Company Statistics ASSA delivered the strongest volume growth since Q1’23… which

Dividend Yield 1.8% while only 2% YoY, is worth noting nonetheless, with EMEA +5% and

Expected Total Return 14.5% Entrance Systems +4% both the strongest showing since Q1’23. Our

Market Capitalization (B) SEK350 initial enthusiasm on EBITA margins is tempered somewhat by the one-

52-Week Range SEK299.80 - SEK396.90

Fiscal Year End Dec offs, which means EMEA/GT margins aren’t quite as strong as first

impression, but EMEA at 15% and GT at 19.5% are still solid

demonstrations of ASSA’s resilience. Market conditions remain

challenging, with Spec business +HSD supporting a stronger year in

Earnings Summary

2027 (EvrISI org +4%, cons +5%). We slightly changed u/lying

2025 2026E 2027E estimates, driving our PT to SEK380, offering limited upside and

Sales (B) Q1 SEK38 SEK36A .. remain In Line.

Q2 SEK38 SEK39 ..

Q3 SEK38 SEK41 .. What we like: Volume recovery, however small, is a positive and the

Q4 SEK38 SEK41 .. benefits it brings to margins is evident in the EMEA region, while GT

FY SEK152 SEK157 SEK166 margins >19% sustainably would be good to see. Also worth noting

EBITDA (M) Q1 SEK7,164 SEK6,891A .. LSD growth in North American Resi business, for the first time in 3yrs.

Q2 SEK7,628 SEK8,153 .. Entrance Systems +4% the strongest growth in 3yrs (Dec’Q was +4%

Q3 SEK7,869 SEK6,903 ..