Assa Abloy: Q2‘26 Results Wrap-Up - Sequential growth and strong operating leverage drives LSD upgrades. Remain OW.

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Assa Abloy: Q2‘26 Results Wrap-Up - Sequential growth and strong operating leverage drives LSD upgrades. Remain OW.

J P M O R G A N Europe Equity Research

17 July 2026

Assa Abloy Overweight

ASSAb.ST, ASSAB SS

Q2’26 Results Wrap-Up - Sequential growth and strong Price (16 Jul 26):Skr332.00

operating leverage drives LSD upgrades. Remain OW. ▲Price Target (Dec-27):Skr440.00 Prior (Dec-27):Skr435.00

Assa has been an overlooked stock for some time on the basis of low growth

concerns, hence the sequential acceleration to 3.5% OSG in Q2 (from 3.1% in Q1) European Capital Goods

and strong operating leverage (38% on a lfl basis), is noteworthy. Importantly, the Phil Buller AC

better-than-expected volume growth of ~2% was not due to one-off factors, in our (44-20) 3493-9403

view. The stock is also inexpensive (relatively) at c17x FY27 JPMe P/E for the phil.buller@jpmorgan.com

J.P. Morgan Securities plc

quality on offer and with sequentially improving growth prospects, we see the

Jeremy Casparshares working at a time when investors are exploring new ideas outside of the

(44-20) 3493-5188

electricals subgroup. We came away from the call incrementally more positive on jeremy.caspar@jpmorgan.com

the outlook for H2 given the continued focus on price/cost and improved volumes, J.P. Morgan Securities plc

which were broad based across the divisions. Our FY26 thru 28 adj. OP estimates Akash Gupta

have increased modestly by c2% on average, on the basis of higher growth in (44-20) 7742-7978

EMEA, lower growth in Asia Pac, and with slightly higher margins in both EMEA akash.z.gupta@jpmorgan.com

and Global Tech, given the strength of Q2. We raise our price target to SEK 440 J.P. Morgan Securities plc

(from 435) on slightly higher estimates. Chitrita C Sinha

(44-20) 7742-7176