Core Insights - ASSA ABLOY reported record results for 2025, with sales reaching SEK 152,409 million and adjusted operating income of SEK 24,664 million, reflecting strong operational execution despite a challenging market environment [3][4]. Sales and Income - In Q4 2025, total sales were SEK 38,307 million, a decrease of 3% compared to the previous year, primarily due to negative currency effects of -10% [2][5]. - Organic growth for Q4 was 4%, with acquired net growth of 3% [4][5]. - The operating income (EBIT) for Q4 was SEK 6,448 million, down 1% from SEK 6,529 million, with an operating margin of 16.8% [4][6]. - Net income for Q4 was SEK 4,281 million, a slight increase from SEK 4,214 million [4][6]. - Earnings per share for Q4 were SEK 3.85, up from SEK 3.81 [4][6]. Acquisitions and Growth Strategy - The company completed seven acquisitions in Q4, with combined annual sales of approximately SEK 1,200 million [4][6]. - ASSA ABLOY has maintained an active acquisition strategy, completing a record 26 acquisitions in 2024 and 23 acquisitions in 2025, enhancing its global footprint and product offerings [6][7]. Profitability and Financial Performance - The adjusted EBIT margin improved from 15.3% to 16.2% since 2023, indicating strong underlying improvements in profitability [7]. - The operating cash flow for Q4 was SEK 7,815 million, with a conversion rate of 137% [6][7]. Future Outlook - The company remains confident in navigating varying market conditions, focusing on innovation, operational excellence, and strategic acquisitions to drive long-term growth [8].