ASSA ABLOY AB (publ)

Good morning and welcome to the presentation of Assa Abloy's first interim report in 2022. My name is Björn Tiberla. I'm heading Investor Relations.

And joining me here in the studio are our CEO, Nico Delvaux, and our CFO, Erik Pieder. We will stick to the normal setup today, so we will start now with a summary of the report before we open up for your questions. So with that intro, I'd like to hand over to you, Nico.

Thanks, Bjorn, and also good morning from my side. Start of the year, a good start of the year, with strong organic sales development, an organic growth of plus 14%, where all the different divisions and all the different areas are contributing in a positive way, with perhaps the exception of greater China, where market conditions continue to be challenging. Good growth on the residential side and on the commercial side. Good growth on the equipment side and on the service side. And then a very strong operational execution. I would say despite, again, very tough operating challenges with high material costs, high logistic costs, even higher labor costs, and then definitely also labor shortages.