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ASSA ABLOY Quarterly Report Q2 2023




Strong performance in the second quarter

STOCKHOLM, July 19, 2023 /PRNewswire/ — 

Second quarter

  • Net sales increased by 17% to SEK 34,474 M (29,466), with organic growth of 3% (13) and acquired net growth of 6% (0). Exchange-rates affected sales by 8% (12).
  • Very strong organic sales growth in Global Technologies, good growth in the Americas, stable in Entrance Systems, while organic sales declined in Asia Pacific and EMEIA.
  • The acquisition of Spectrum Brands’ Hardware and Home improvement division (HHI) was completed in June.
  • The divestment of Emtek and Smart Residential business in the U.S. and Canada to Fortune Brands was completed in June. The divestment gain, including exit costs, totaled SEK 3,661 M for the quarter.
  • Impairment of goodwill and other intangible assets in Global Technologies led to one-off costs of SEK 2,268 M before taxes.
  • Operating income1 (EBIT) increased by 25% and amounted to SEK 5,500 M (4,406), with an operating margin of 16.0% (15.0).
  • The operating margin1 (EBIT) excluding the acquisition of HHI and divestment of the Emtek/U.S. Smart Residential was 16.7%.
  • Net income1 amounted to SEK 3,731 M (3,156).
  • Earnings per share1 amounted to SEK 3.36 (2.84).
  • Operating cash flow amounted to SEK 6,671 M (3,787).

Sales and income

Second quarter

First half-year







Sales, SEK M



17 %



19 %

Of which:

Organic growth



3 %



5 %

Acquisitions and divestments



6 %



6 %

Exchange-rate effects



8 %



8 %

Operating income (EBIT)1, SEK M



25 %



27 %

Operating margin (EBITA) 1, %

15.5 %

16.6 %

15.5 %

16.6 %

Operating margin (EBIT)1, %

15.0 %

16.0 %

15.0 %

16.0 %

Income before tax1, SEK M



20 %



23 %

Net income1, SEK M



18 %



23 %

Operating cash flow, SEK M



76 %



129 %

Earnings per share1, SEK



18 %



23 %

1 Adjusted for items affecting comparability.
Please see the section ‘Items affecting comparability’ in the report for further details about the financial effects.


Comments by the President and CEO

Strong performance in the second quarter
Following a very strong start to the year, I am pleased to report continued good sales growth with very strong operating margin improvement in the second quarter despite a weak residential market. Our sales grew organically by 3%, acquired net growth was 6% and currency contributed 8%. 

Global Technologies delivered very strong organic sales growth of 20% as we further reduced our order backlog in Physical Access Control and saw very strong growth in Hospitality. Activity levels in the Americas were high and we report good sales growth of 4%. Sales in Entrance Systems were flat despite high comparable and lower residential demand. Asia Pacific sales declined 2% due to lower internal sales and low residential business. Sales in EMEIA declined by 5% due to very low activity levels in residential new construction.

Our quarterly operating profit, excluding items affecting comparability, increased strongly by 25%. The corresponding operating margin, also excluding the acquisition of HHI and divestment of the Emtek/U.S. Smart Residential, was 16.7%. The operating leverage was very strong at 75%, driven by lower direct material costs, operational efficiencies, and pricing. The operating cash flow improved strongly by 76% to a record SEK 6,671 M.

Further cost measures
In light of the lower residential construction levels, we have diligently implemented short term cost measures to protect our profitability. During 2023, we expect to realize around SEK 0.9 bn in short-term cost reductions on top of the manufacturing footprint program. We have also accelerated our MFP-program and now expect SEK 0.8 bn in savings this year. Our decentralized organization and structural agility will enable us to optimize efficiency and ensure financial stability.

Even if there is a short-term deceleration in the market, we are confident that the long-term growth drivers for access control remain. This includes the transition to electromechanical products, whose sales after currency adjustment grew by 16% in the quarter. We are therefore continuing to invest in R&D. It is the enabler for growth and creates new opportunities. Our dedication to innovation will continue to allow us to stay ahead and respond effectively to the evolving and growing overall market.

We are happy to welcome HHI to the Group
After reaching a settlement with the Department of Justice in the U.S., we are happy to welcome HHI into the Group. HHI is an excellent addition to ASSA ABLOY, complementing our existing business in a strong way. The integration process has initiated and I’m excited to start to realize the synergies of USD 100 M into our results.

We would also like to extend our appreciation to the Emtek and Smart Residential teams in the U.S./Canada that were divested in connection with the HHI acquisition.

Execution of our overall acquisition strategy will continue with an active pipeline.

Thank you for your continued trust in ASSA ABLOY.

Stockholm, July 19, 2023

Nico Delvaux
President and CEO

Further information can be obtained from:

Nico Delvaux,
President and CEO, tel. no: +46 8 506 485 82

Erik Pieder,
Executive Vice President and CFO, +46 8 506 485 72

Björn Tibell,
Head of Investor Relations, tel. no: +46 70 275 67 68,
e-mail: [email protected] 

ASSA ABLOY is holding a telephone and web conference at 09.30 on July 19, 2023 which can be followed online at
It is possible to submit questions by telephone on: 08–505 100 31, +44 207 107 0613 or +1 631 570 5613

This is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on July 19, 2023.

The following files are available for download:


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Blockchain Press Releases

US blockchain company, Constellation Network, Welcomes Leading Experts from Top Enterprises and U.S. Government Agencies to their Enterprise Advisory Board.




SAN FRANCISCO, Dec. 6, 2023 /PRNewswire/ — Constellation Network, a trailblazing US blockchain enterprise, proudly unveils its Enterprise Advisory Board, marking a significant stride in expanding its influence across commercial, enterprise, and federal sectors. This board, comprising distinguished leaders from diverse backgrounds, underscores Constellation’s commitment to innovation and security, notably as the first blockchain to develop secure communications for the US Department of Defense.

The board members, selected for their expertise and visionary leadership, include:

Erik Bethel, a global finance expert with significant public and private sector experience, including a pivotal role at the World Bank. His insights into blockchain and AI technologies are invaluable for advancing Constellation’s strategic objectives.

Michael Sandoval, a former Microsoft executive and current CEO of AI Research Corporation, brings a wealth of experience in AI, cybersecurity, and technological architecture, enhancing Constellation’s approach to secure communications and blockchain technology.

Alan Boehme, with over 25 years in global corporations, including H&M and Coca-Cola, offers a deep understanding of emerging technologies. His expertise will be pivotal in guiding Constellation’s technological innovations and applications across industries.

Art Seabolt, a technology specialist with four decades of experience, including senior executive roles, contributes his knowledge in large-scale data management and technology innovation, crucial for Constellation’s big data and blockchain initiatives.

Ken Spedden, recognized by the White House Office of Science and Technology Policy for his technological innovations, brings a unique perspective on applying technology to complex societal and security challenges. His experience in inter-agency collaboration and technology application bolsters Constellation’s mission in leveraging blockchain for wide-ranging societal and national security needs.

The formation of this board is a testament to Constellation Network’s dedication to harnessing Web3 technology for addressing global and industry-specific challenges. This initiative is a key component of Constellation’s strategy to pioneer blockchain applications that are secure, scalable, and transformative.

For more details about these advisors and their contribution to Constellation Network’s vision, visit

About Constellation Network, Inc.
Constellation Network is a dynamic force in blockchain, offering an open-source framework for business development. The assembly of this board is a decisive move in solidifying Constellation’s position as a leader in blockchain.

Twitter: @conste11ation 

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Blockchain Press Releases

Bybit Leads Green Revolution with 5ire Blockchain’s Stellar Market Debut




DUBAI, UAE, Dec. 6, 2023 /PRNewswire/ — Bybit, the world’s third-largest crypto exchange by volume, is proud to announce the successful listing of 5ire, an innovative blockchain project that marries sustainability with cutting-edge technology.

Marking a monumental shift in eco-friendly blockchain solutions, the $5IRE token has seen a remarkable performance, quintupling in value at the time of writing, with its growth trajectory looking promising.

“5ire’s integration on Bybit is not just a success story about investment returns; it’s a leap forward in blockchain’s evolution towards sustainability,” said Ben Zhou, co-founder and CEO of Bybit. “This listing reinforces our commitment to supporting not only technologically advanced but also ethically grounded projects.”

5ire has emerged as a pioneer, being the first Layer 1, EVM-compatible blockchain platform to align with the United Nations Sustainable Development Goals. Its sustainable proof of stake model underlines its commitment to reducing the environmental impact of blockchain technology.

As India’s rapidly ascending unicorn, 5ire is charting a course for a sustainable blockchain future, aligning with global initiatives and government partnerships. For example, partnerships with diverse government bodies such as the Muzaffarnagar Police, Nebraska Police Department, and the Ministry of Agriculture in Nigeria.

5ire was launched on Bybit Launchpad — a pioneering token launch platform, which offers investors the exclusive opportunity for early access to new and pre-listed tokens from promising projects, directly accessible on the Bybit platform. To participate, investors commit specific amounts of Mantle (MNT) or Tether (USDT) towards each new project, resulting in the acquisition of new tokens.

#Bybit / #TheCryptoArk

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit:
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X (Twitter) | Youtube 

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Blockchain Press Releases

Nubank Cripto Integrates Talos’s Smart Order Routing System to Reduce Trading Costs




Partnership makes access to liquidity providers even more efficient, offering better buying and selling prices in Brazilian reais for cryptocurrencies in the Nu app

SÃO PAULO, Dec. 5, 2023 /PRNewswire/ — In another step towards developing the cryptocurrency trading platform Nubank Cripto, Nubank announced today its integration with Talos, the premier provider of institutional digital asset trading technology. With this partnership, customers who wish to trade crypto assets in Brazilian reais through the Nu app will benefit from reduced costs through Talos’s Smart Order Routing engine and connectivity to optimize trade execution across multiple liquidity providers.

“Nubank Cripto will continue to evolve as a platform that combines simplicity and robustness for cryptocurrency enthusiasts. With Talos, we have made further progress in this direction to offer users even more competitive prices securely and reliably when trading cryptocurrencies through an extensive network of settlement providers,” says Thomaz Fortes, leader of Nubank Cripto.

Currently, more than 60 partners make up the Talos Provider Network for cryptocurrency trading operations, including the Chicago Mercantile Exchange and the Chicago Board Options Exchange. Talos provides connectivity to venues that allow for FX, Spot, Futures, Perpetuals and Options trading while simultaneously providing advanced tooling for Portfolio and Treasury Management. Through Talos’s services, Nubank will have the ability to source liquidity from local providers in native Brazilian real pairs as well as from global partners for US dollar pairs and also token to token swaps enhancing the ability to deliver best price execution to Nubank’s customers.

“Digital assets have an important role to play in the financial future of Brazil, and we are proud to be working with Nubank to help expand access to digital asset liquidity in local currency to help deliver best price execution to their customers,” said Anton Katz, CEO and Co-Founder of Talos. “As Nubank grows in Latin America, Talos’s services can scale to support their customers in other countries and currencies in the future.”

Talos’s order execution management technology is designed to deliver advanced trading capabilities and greater efficiency to partner companies and their end customers. One of the key features is smart order routing to various liquidity providers with whom Nubank may work. The Talos platform for Nubank Cripto also includes algorithms developed exclusively for customer transactions, real-time market data integration, execution analysis, and compliance tools.

Nubank Cripto in constant evolution

The integration with Talos comes at a time of diversification in the offering of cryptocurrencies within the Nubank Cripto experience. In 2023 alone, 11 new digital asset options have been added for trading, including the latest addition: the stablecoin USDC. Currently, there are 15 cryptocurrencies available in the app, in addition to Nucoin, a utility token for the loyalty program.

The platform has made significant improvements in security by adopting Fireblocks’ software for managing digital asset operations on the blockchain. Through this widely recognized and adopted technology by leading crypto custodians worldwide, Nubank has developed its proprietary custodial solution for Nubank Cripto customers’ crypto assets. This initiative ensures the implementation of the strictest governance practices in the industry. Talos also integrates with Fireblocks, ensuring efficient and automated workflows.

About Nubank
Nu was born in 2013 with the mission to fight complexity to empower people in their daily lives by reinventing financial services.

We are one of the world’s largest digital financial services platforms, serving 90 million customers across Brazil, Mexico, and Colombia. As one of the leading technology companies in the world, Nu leverages proprietary technologies and innovative business practices to create new financial solutions and experiences for individuals and SMEs that are simple, intuitive, convenient, low-cost, empowering, and human. Guided by its mission, Nu is fostering access to financial services across Latin America.

About Talos
Talos provides an institutional-grade technology infrastructure that supports the full lifecycle of digital assets trading including liquidity sourcing, price discovery, trade execution, settlement, lending, and borrowing. Engineered by a team with unmatched experience building institutional trading systems, the Talos platform connects institutions to various providers in today’s digital asset ecosystem – exchanges, OTC desks, prime brokers, lenders, custodians and more – through a single point of entry. This streamlines the entire trading process, mitigates intermediary risk, and provides institutions a clear path to best execution. For additional information, visit

Talos Disclaimer: Talos offers software-as-a-service products that provide connectivity tools for institutional clients. Talos does not provide clients with any pre-negotiated arrangements with liquidity providers or other parties. Clients are required to independently negotiate arrangements with liquidity providers and other parties bilaterally. Talos is not party to any of these arrangements. Services and venues may not be available in all jurisdictions.

Media contacts:
[email protected]
[email protected]

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