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Q3 2024
First nine months
Press Release
Ad hoc Announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

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ZURICH, SWITZERLAND, OCTOBER 17, 2024

Q3 2024 results
Order growth and record level margin

• Orders $8,193 million, +2%; comparable1 +2%

• Revenues $8,151 million, +2%; comparable1 +2%
• Income from operations $1,309 million; margin 16.1%
• Operational EBITA1 $1,553 million; margin1 19.0%
• Basic EPS $0.51; +8%2
• Cash flow from operating activities $1,345 million; 0%

KEY FIGURES
CHANGE CHANGE
($ millions, unless otherwise indicated) Q3 2024 Q3 2023 US$ Comparable1 9M 2024 9M 2023 US$ Comparable1
Orders 8,193 8,052 2% 2% 25,602 26,169 -2% -1%
Revenues 8,151 7,968 2% 2% 24,260 23,990 1% 3%
Gross Profit 3,116 2,762 13% 9,225 8,366 10%
as % of revenues 38.2% 34.7% +3.5 pts 38.0% 34.9% +3.1 pts
Income from operations 1,309 1,259 4% 3,902 3,755 4%
Operational EBITA1 1,553 1,392 12% 11% 3 4,534 4,094 11% 11% 3
as % of operational revenues1 19.0% 17.4% +1.6 pts 18.6% 17.0% +1.6 pts
Income from continuing operations, net of tax 937 905 4% 2,955 2,902 2%
Net income attributable to ABB 947 882 7% 2,948 2,824 4%
Basic earnings per share ($) 0.51 0.48 8%2 1.60 1.52 5%2
Cash flow from operating activities 1,345 1,351 0% 3,138 2,393 31%
Free cash flow 1,173 1,186 -1% 2,642 1,954 35%
1 For a reconciliation of alternative performance measures, see “supplemental reconciliations and definitions” in the attached Q3 2024 Financial Information.
2 EPS growth rates are computed using unrounded amounts.
3 Constant currency (not adjusted for portfolio changes).

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“ABB is on a good path, and long-term I am confident we can optimize the ABB Way further.
Our strong performance in the third quarter triggers an upgrade of full year margin guidance,
while the weaker than expected discrete automation market and a slightly slower pace of backlog
execution impacted revenue growth.”
Morten Wierod, CEO
ABB INTERIM REPORT I Q3 2024 2

CEO summary

In the third quarter, we had a positive year-on-year measurement and analytical solutions, adding
development on virtually all lines in our income statement. approximately $55 million of annual revenues. The other
On a high level, I would summarize it by saying that the very being in the Electrification business area where the Service
strong development in our Electrification business more division has acquired the SEAM Group, a US-based provider
than offset weakness in the areas of Robotics & Discrete of asset management and advisory services across
Automation and E-mobility. Despite some businesses not industrial and commercial building markets. The deal
running at their optimal performance, we repeated the complements our already existing service offering and adds
record level Operational EBITA margin of 19.0%. Cash flow approximately $90 million of annual revenues.
from operating activities remained virtually stable at
As of August 1, we have new business area Presidents in
$1.3 billion. With an accumulated free cash flow of
Electrification – Giampiero Frisio and in Motion – Brandon
$2.6 billion so far this year we are in a good position to
Spencer. Being internal appointments, they are both off to a
achieve our ambition of at least $3.7 billion this year.
running start and I know they will bring high energy to their
In total, the book-to-bill was positive at 1.01, supported by respective teams. Also I have completed the first couple of
the Electrification and Process Automation business areas. months in my new role, as CEO. ABB is at the center of the
Order intake increased by 2% (2% comparable), with the secular trends of electricity becoming the key source of
short-cycle orders improving, while large order bookings energy, and resource efficiency through automation. We
declined from last year's peak level. Looking at the different have made significant operational improvements through
customer segments, the areas of data centers, utilities and the ABB Way operating model, and I believe we can fine-
infrastructure stood out as strong positives, while the most tune and benefit even further from it. Like we have said
challenging area was machine builders linked to discrete before, we are increasing our R&D and capex investments to
automation. support profitable growth. We also have some way to go in
making M&A fully integrated in our performance culture,
The revenue growth of 2% (2% comparable) was lower than while continuing to deliver on our targets. In my view, ABB is
anticipated, and this mainly related to our business in not yet firing on all cylinders.
discrete automation, but to some extent also to the Motion
business area. From an Operational EBITA margin
perspective, the 19.0% was better than expected coming
into the quarter. It mirrors solid year-on-year increases in
three business areas offsetting a weak performance in
Robotics & Discrete Automation and the E-mobility
business. We also had some additional support from the
lower than originally expected Corporate-related costs.

We have recently closed two acquisitions. One being

Morten Wierod
Födisch Group in the Measurement & Analytics division in
CEO
the Process Automation business area. Albeit modest in
size, it expands our offering in advanced industrial emission

Outlook

Outlook
In the fourth quarter of 2024, we anticipate a low to mid- In full-year 2024, we expect a positive book-to-bill,
single-digit comparable revenue growth and the historical comparable revenue growth to be below 5% and the
pattern to repeat for a negative book-to-bill and a Operational EBITA margin to be slightly above 18%.
sequentially lower Operational EBITA margin.
ABB INTERIM REPORT I Q3 2024 3

Orders and revenues

In the third quarter, order intake amounted to In transport & infrastructure, there was high customer
$8,193 million and book-to-bill was 1.01. The year-on- activity in marine, ports and upgrades of electrical
year increase of 2% (2% comparable) signals a solid equipment related to land transport.
underlying market environment in three out of four
In the industrial areas a particularly strong development
business areas. Electrification recorded a double-digit
was seen in data centers. Utilities was strong.
order growth, with the strongest momentum in
offerings linked to data centers and utilities. Process Orders in the buildings segment improved on the combined
Automation benefited from buoyant markets although impact from a positive development in the commercial
order intake declined from last year’s comparable which area, most pronounced in the United States, while the
included the booking of a very large order of overall residential segment stabilized at a low level.
$285 million. Orders in the Motion business area
declined mainly linked to timing impacts of project and In the robotics-related segments, orders declined in
systems orders in the rail-related business. Orders in automotive but improved in general industry and consumer-
Robotics & Discrete Automation declined from an related segments. The machine builder segment declined
already low comparable. While Robotics orders materially.
improved slightly, demand in the Machine Automation In the process-related areas, orders improved in power
division was weak as customers focused on reducing generation, mining & metals and in low carbon segments of
inventories after having pre-ordered during the period solar and wind. Customer activity remained broadly stable in
of stressed supply chains. oil & gas, with a negative order development in chemicals.
The underlying market environment in the Americas was Revenues of $8,151 million improved by 2% (2% comparable)
strong, however the growth rate was impacted by the year-on-year with broadly equal support from volumes and
timing of large order bookings and dropped by 6% (6% price. The positive development in three business areas, led
comparable). Europe improved by 8% (6% comparable) and by a double-digit growth in Electrification, was partially
Asia, Middle East and Africa improved year-on-year by 7% offset by sharp declines in Robotics & Discrete Automation
(8% comparable) on strong comparable development in and the E-mobility business where the markets are weak and
countries like Australia and parts of the Middle East, order backlogs have normalized.
offsetting a small decline of 1% (2% comparable) in China.

Growth

Q3 Q3
Change year-on-year Orders Revenues
Comparable 2% 2%
FX 0% -1%
Portfolio changes 0% 1%
Total 2% 2%

Orders by region

($ in millions,
unless otherwise CHANGE
indicated) Q3 2024 Q3 2023 US$ Comparable
Europe 2,572 2,391 8% 6%
The Americas 3,048 3,258 -6% -6%
Asia, Middle East
2,573 2,403 7% 8%
and Africa
ABB Group 8,193 8,052 2% 2%

Revenues by region

($ in millions,
unless otherwise CHANGE
indicated) Q3 2024 Q3 2023 US$ Comparable
Europe 2,659 2,810 -5% -6%
The Americas 3,006 2,775 8% 9%
Asia, Middle East
2,486 2,383 4% 5%
and Africa
ABB Group 8,151 7,968 2% 2%
ABB INTERIM REPORT I Q3 2024 4

Earnings
Gross profit management. Operational EBITA in Corporate and Other
Gross profit increased by 13% (13% constant currency) year- amounted to -$108 million, of which -$48 million related to the
on-year to $3,116 million, reflecting a gross margin unusually low underlying Corporate costs. The remaining -$60
improvement of 350 basis points to 38.2%. Gross margin million relate to the E-mobility business, where the operational
improved in three out of four business areas. performance was hampered by the ongoing reorganization to
ensure a more focused portfolio.
Income from operations
Income from operations amounted to $1,309 million and Finance net
improved by 4% year-on-year. This was driven by a stronger Net finance income contributed to results with a positive
operational performance, although the year-on-year $2 million, an improvement from last year’s expense of $36
improvement was dampened by the impacts of a charge of million. The year-on-year improvement is due to a combination
approximately $90 million relating to the E-mobility business’
of a lower net debt position and favorable mix of interest rates
planned reduction in ownership of a current subsidiary to a
between borrowings and cash deposits.
minority level, as well as a divestment gain recorded in the
previous year. The Income from operations margin was 16.1%, Income tax
up by 30 basis points. Income tax expense was $387 million with an effective tax rate
of 29.2%, impacted to the higher rate by about 200 basis
Operational EBITA
points due to the non-realized tax benefit related to the charge
Operational EBITA improved by 12% year-on-year to $1,553
linked to the planned change of ownership position in the E-
million and the margin increased by 160 basis points to the
mobility subsidiary.
record level of 19.0%. The positive impacts from higher pricing
and volumes more than offset some inflation related to Net income and earnings per share
commodities and labor, and the impacts from operational Net income attributable to ABB was $947 million, representing
efficiency measures clearly outweighed some additional an increase of 7% from last year, helped by the improved
expenses related to Research & Development (R&D) and Selling, operational performance and the contribution from net finance
General and Administrative (SG&A). Earnings improved in three income more than offsetting the adverse impact from the
business areas reflecting the higher margin run rate compared higher tax rate. This resulted in basic earnings per share of
with last year. This more than offset significant declines in $0.51, up from $0.48 in the last year period.
Robotics and Discrete Automation and in the E-mobility
business which both were impacted by a weak market
environment and customers focusing on inventory

Corporate and Other

Operational EBITA

($ in millions) Q3 2024 Q3 2023

Corporate and Other
E-mobility (60) (39)
Corporate costs, intersegment
eliminations and other1 (48) (70)
Total (108) (109)
1 Majority of which relates to underlying corporate
ABB INTERIM REPORT I Q3 2024 5

Balance sheet & Cash flow

Net working capital Cash flows
Net working capital amounted to $3,603 million, Cash flow from operating activities was $1,345 million and
decreasing year-on-year from $4,041 million as the remained stable year-on-year. The impact of stronger
impact from higher inventories was more than offset by earnings was offset by a lower reduction in net working
higher payables and advances from customers. Net capital compared to the prior year.
working capital as a percentage of revenues1 was 11.1%,
a decline from 12.8% one year ago. Share buyback program
A new share buyback program of up to $1 billion was
Capital expenditures launched on April 1, 2024, and will run to January 31, 2025.
Purchases of property, plant and equipment and During the third quarter, ABB repurchased a total of
intangible assets amounted to $196 million. 5,686,275 shares for a total amount of approximately
$315 million. ABB’s total number of issued shares, including
Net debt shares held in treasury, amounts to 1,860,614,888.
Net debt1 amounted to $2,158 million at the end of the
quarter and decreased from $2,872 million year-on-year.
The decrease was mainly driven by strong free cash flow
offset partly by the dividend, acquisitions and share
buyback activity. The sequential decrease from
$2,480 million was due mainly to the strong free cash flow
that was partly offset by the share buyback activity, the
acquisition of SEAM that closed during the quarter as well
as a negative foreign currency impacts on the long-term
debt as the US dollar depreciated.

($ in millions, Sep. 30 Sep. 30 Dec. 31

unless otherwise indicated) 2024 2023 2023
Short term debt and current
109 2,951 2,607
maturities of long-term debt
Long-term debt 6,666 4,899 5,221
Total debt 6,775 7,850 7,828
Cash & equivalents 3,264 3,869 3,891
Restricted cash - current 19 18 18
Marketable securities and
1,334 1,091 1,928
short-term investments
Cash and marketable securities 4,617 4,978 5,837
Net debt (cash)* 2,158 2,872 1,991

Net debt (cash)* to EBITDA ratio 0.4 0.5 0.4

Net debt (cash)* to Equity ratio 0.15 0.21 0.14
* At Sep. 30, 2024, Sep. 30, 2023 and Dec. 31, 2023, net debt(cash) excludes net pension
(assets)/liabilities of $(302) million, $(414) million and $(191) million, respectively.
ABB INTERIM REPORT I Q3 2024 6

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Electrification
Growth

Q3 Q3
Change year-on-year Orders Revenues
Comparable 10% 10%
FX 0% 0%
Portfolio changes 0% 0%
Total 10% 10%

Orders and revenues • Revenues reached the new record-high level of

10% order growth year-on-year is testimony to high $3,913 million and increased by 10% (10% comparable)
customer activity as electricity is becoming the key year-on-year, supported both by backlog deliveries and
source of energy. All divisions recorded a stable to by recent strong development in short-cycle orders
positive development, reflecting improved customer converting to revenues. Higher volumes were the
activity in both medium voltage and short-cycle primary source for growth, with additional support
businesses. Total order intake amounted to from positive price impacts.
$4,049 million, and book-to-bill was positive at 1.03.
• While there are regional differences, the overall year- Profit
on-year order development was positive in most of At 24.1%, a milestone was reached with Operational
the customer segments. Particular strength was EBITA margin for the first time reaching the 24% level,
recorded in data centers, utilities and infrastructure. up 330 basis points year-on-year. Absolute earnings
The buildings segment also improved, supported by a increased by 26% with Operational EBITA at the all-
positive development in the commercial area and the time-high of $944 million.
residential market stabilizing at a low level. • Operational leverage on higher volumes and impact
• From a geographical perspective order intake improved from continuous improvement measures were the
in all three regions. Europe was up by 8% (7% key drivers to the higher margin, year-on-year.
comparable) with growth in all the larger markets. The • Additional support was derived from a positive price
Americas increased by 2% (3% comparable) supported impact.
by the United States at 3% (2% comparable). A very • All divisions contributed with material margin
strong growth of 24% (26% comparable) was recorded improvements year-on-year.
in Asia, Middle East and Africa with strong development
in countries like India, and only a small year-on-year
change in China of 1% (down 1% comparable).

CHANGE CHANGE
($ millions, unless otherwise indicated) Q3 2024 Q3 2023 US$ Comparable 9M 2024 9M 2023 US$ Comparable
Orders 4,049 3,693 10% 10% 12,514 11,794 6% 8%
Order backlog 7,945 6,994 14% 12% 7,945 6,994 14% 12%
Revenues 3,913 3,561 10% 10% 11,402 10,886 5% 8%
Operational EBITA 944 748 26% 2,657 2,212 20%
as % of operational revenues 24.1% 20.8% +3.3 pts 23.2% 20.3% +2.9 pts
Cash flow from operating activities 1,041 1,051 -1% 2,438 2,143 14%
No. of employees (FTE equiv.) 51,700 50,500 2%
ABB INTERIM REPORT I Q3 2024 7

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Motion
Growth

Q3 Q3
Change year-on-year Orders Revenues
Comparable -4% 1%
FX 0% 0%
Portfolio changes 0% 0%
Total -4% 1%

Orders and revenues

• Revenues amounted to $1,969 million, up by 1%
Order intake amounted to $1.8 billion, representing a (1% comparable) from last year and in line with recent
drop of 4% (4% comparable) year-on-year, mainly due to quarterly revenue levels. Pricing had a positive impact,
timing impacts of project and systems orders and but the pace of converting the backlog to revenues was
particularly so in the rail business. Overall, the short- slower than expected, due mainly to changed delivery
cycle orders remained broadly stable, despite pressure schedules from customers.
in the China market. A strong development in the service
Profit
business was also recorded.
Despite slow revenue growth, the Operational EBITA
• Higher customer activity was noted in the segments increased by 4% and the margin was up by 90 basis points
of HVAC linked to commercial buildings, but also in to 20.7%; both reaching new record highs.
metals and to the low carbon power areas such as • Impacts from positive pricing and a stringent cost
hydro and waste-to-energy where grid stability is a control in the quarter, more than offset slight negative
focus area. Somewhat softer customer activity was impact from volumes, and higher expenses related to
noted in oil & gas, chemicals and pulp & paper; and R&D and SG&A, year-on-year.
rail-related orders declined from a high level.
• Margins improved in most of the divisions.
• Orders increased in the Americas by 1% (2%
comparable), supported by a positive development
in the United States. Asia, Middle East and Africa
declined by 10% (10% comparable) including a drop
of 6% (7% comparable) in China. Europe declined by
3% (4% comparable).

CHANGE CHANGE
($ millions, unless otherwise indicated) Q3 2024 Q3 2023 US$ Comparable 9M 2024 9M 2023 US$ Comparable
Orders 1,806 1,886 -4% -4% 6,123 6,285 -3% -2%
Order backlog 5,750 5,108 13% 8% 5,750 5,108 13% 8%
Revenues 1,969 1,947 1% 1% 5,749 5,868 -2% -2%
Operational EBITA 404 390 4% 1,135 1,157 -2%
as % of operational revenues 20.7% 19.8% +0.9 pts 19.7% 19.7% 0 pts
Cash flow from operating activities 397 466 -15% 1,258 935 35%
No. of employees (FTE equiv.) 22,600 22,100 2%
ABB INTERIM REPORT I Q3 2024 8

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Process Automation
Growth

Q3 Q3
Change year-on-year Orders Revenues
Comparable -5% 6%
FX 0% 0%
Portfolio changes 0% 0%
Total -5% 6%

Orders and revenues A positive development in the service business also

contributed to revenues in the quarter.
Book-to-bill of 1.09 was positive for the 16th consecutive
quarter, a token of the robust market environment and
strength in the business area offering towards Profit
electrification, automation and digitalization of heavy Operational EBITA improved by 11% to $251 million on a
industries. Orders remained on par with recent quarterly margin of 15.2% - the third consecutive quarter with a
levels at $1.8 billion, although declining by 5% +15% margin proving that the focused gross margin
(5% comparable) from last year's level which included one efforts continue to support operational performance as
specific order of $285 million. the backlog is converted to revenues.
• Customer activity remained very strong in the marine • Higher volumes were the main driver for the year-on-
and ports segment, although order intake declined on year earnings increase.
the back of timing of large orders in the prior year • A positive price impact in the product business as well
period. Positive developments were recorded in the as the impact from generally improved operational
areas of low carbon segments of solar and wind, and efficiency also contributed to the increase in
in mining and metals and conventional power Operational EBITA year-on-year, and more than offset
generation. Activity was broadly stable in oil & gas, the impacts from higher R&D and SG&A expenses.
and with a negative order development in chemicals.

• Revenues improved by 6% (6% comparable) to

$1,643 million, supported by a stable to positive
development in all divisions as the order backlog was
executed, including a slight positive price impact.

CHANGE CHANGE
($ millions, unless otherwise indicated) Q3 2024 Q3 2023 US$ Comparable 9M 2024 9M 2023 US$ Comparable
Orders 1,784 1,883 -5% -5% 5,283 5,665 -7% -6%
Order backlog 7,782 7,135 9% 6% 7,782 7,135 9% 6%
Revenues 1,643 1,554 6% 6% 4,961 4,543 9% 10%
Operational EBITA 251 226 11% 767 670 14%
as % of operational revenues 15.2% 14.6% +0.6 pts 15.4% 14.7% +0.7 pts
Cash flow from operating activities 323 258 25% 809 558 45%
No. of employees (FTE equiv.) 22,100 20,900 5%
ABB INTERIM REPORT I Q3 2024 9

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Robotics & Discrete Automation
Growth

Q3 Q3
Change year-on-year Orders Revenues
Comparable -4% -20%
FX 0% 0%
Portfolio changes 0% 0%
Total -4% -20%

Orders and revenues

• Revenues of $747 million represented a decline of
Order intake decreased by 4% (4% comparable) year-
20% (20% comparable) from last year, driven primarily by
on-year to $640 million with strongly diverging market
a sharp volume drop in Machine Automation. In Robotics
environments between the two divisions.
the decline was limited to a single-digit rate.
• The Robotics division recorded a slight positive order Profit
growth, supported by improvements in the segments of Operational leverage on significantly lower volumes in the
general industry and warehouse logistics linked to Machine Automation division put pressure on the Operational
consumer industries. This was however partially offset EBITA which broadly halved from last year to $62 million. The
by the negative development in electronics and in Operational EBITA margin dropped by 640 basis points year-
automotive where a slower pace in the EV-related on-year to 8.3%, which is expected to be the quarterly margin
market more than offset somewhat increasing trough level.
activities linked to hybrids. Orders increased strongly in
both Americas and Europe, but declined at a double- • Lower production volumes triggered significant
digit rate in Asia, Middle East and Africa. underabsorption of fixed costs in the Machine Automation
division. Extensive cost saving actions have commenced,
• Machine Automation orders declined sharply as the including the workforce reduction of approximately 25%,
current slow industrial automation demand extended which should start generating savings towards the end of
machine builders' ongoing inventory adjustment 2024.
activities; re-aligning after the period of significant pre- • The Operational EBITA margin in the Robotics division
ordering when supply chains were disrupted. These softened year-on-year, although it remained in double-digit
inventory adjustments are expected to ease at the latest territory, supported by earlier implemented cost saving
during the second quarter 2025. The division is primarily measures.
exposed to the European market.

CHANGE CHANGE
($ millions, unless otherwise indicated) Q3 2024 Q3 2023 US$ Comparable 9M 2024 9M 2023 US$ Comparable
Orders 640 665 -4% -4% 2,029 2,516 -19% -19%
Order backlog 1,734 2,363 -27% -29% 1,734 2,363 -27% -29%
Revenues 747 929 -20% -20% 2,444 2,788 -12% -12%
Operational EBITA 62 137 -55% 268 418 -36%
as % of operational revenues 8.3% 14.7% -6.4 pts 11.0% 15.0% -4 pts
Cash flow from operating activities 83 92 -10% 276 266 4%
No. of employees (FTE equiv.) 10,900 11,000 -1%
ABB INTERIM REPORT I Q3 2024 10

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Sustainability

Q3 outcome

• 17% reduction year-on-year of CO₂e emissions due to

a lower use of fossil fuels and a shift to green
electricity in our operations.

• LTIFR stable year-on-year at 0.15 remaining at a low

level

• 0.9%-points increase year-on-year in the proportion of

women in senior management roles, demonstrating
progress towards our target.

Events from the Quarter

• ABB has automated the world’s largest single-site • GSK’s vaccine plant in Hungary converted to ABB’s
solar plant, Al Dhafra PV2, in Abu Dhabi. This 2 GW ultra-efficient IE5 SynRM motor and drive packages to
plant, covering 20 square km, uses four million solar modernize its pump applications. This upgrade
modules to power 200,000 homes annually and will significantly boosts energy efficiency, helping GSK
help to decarbonize the UAE’s energy system. ABB’s progress towards its net-zero climate goal in its
technology, including the ABB Ability™ Symphony Plus European operations by 2030. The new motors, which
system, enhances efficiency and reliability by do not use rare earth elements, replaced older IE1 and
integrating data insights for real-time optimization. IE2 models, offer high reliability and lower energy
This project supports the UAE’s Energy Strategy 2050, consumption, with the investment expected to pay off
aiming to triple renewable energy share by 2030 and in about two years.
achieve net zero emissions by 2050.
• ABB’s Mission to Zero ™ program celebrated its fifth
• GoFa™ collaborative robots (cobots) are helping anniversary during the quarter and now has 20 sites on
Belgian social enterprise AMAB to improve four continents. The scalable blueprint targets net-zero
productivity while maintaining a safe and ergonomic emissions and more sustainable operations at ABB’s
work environment for people with difficulty accessing own sites. To achieve Mission to Zero status, sites must
the labor market. Replacing technology on their achieve certain minimum requirements, applying ABB
packaging lines which was too fast and too noisy, the technology and integrating third-party solutions to
GoFa™ cobots proved ideal for the job improving enable greater electrification, efficiency and use of
working conditions for AMAB’s teams. With the help renewable energy. By creating real-life case studies of
of ABB's cobots, AMAB can now quickly adapt to low-carbon manufacturing facilities, ABB is showing
handle new products and take on new projects that others how to meet their sustainability targets as these
generate extra job opportunities. sites are now becoming smart showcases to educate
customers, suppliers, governments and partners on
sustainable operations.

Q3 2024 Q3 2023 CHANGE 12M ROLLING

CO₂e own operations emissions,
Ktons scope 1 and 21 30 36 -17% 135
Lost Time Injury Frequency Rate (LTIFR),
frequency / 200,000 working hours2 0.15 0.15 0% 0.13
Proportion of women in senior management
roles in % 21.3 20.4 +0.9 pts 21.4
1 CO₂ equivalent emissions from site, energy use, SF₆ and fleet, previous quarter
2 Current quarter Includes all incidents reported until October 8, 2024
ABB INTERIM REPORT I Q3 2024 11

Significant events
During Q3 2024 • ABB filed a Form 15F to voluntarily deregister and
• On August 1, Morten Wierod took over as new CEO of suspend SEC reporting on June 10, 2024. The SEC did
ABB. Giampiero Frisio stepped into his role as new not oppose during the 90 days evaluation period, and
President of Electrification Business Area and consequently the deregistration became effective
Brandon Spencer as the new President of the Motion during September. The Company will continue to
Business Area, and both joined ABB’s Executive comply with its financial reporting and other
Committee. obligations pursuant to applicable stock exchange
listing rules – in particular the Listing Rules of SIX
• On August 27, ABB announced the acquisition of
Swiss Exchange and the Nasdaq Stockholm Rulebook.
Födisch Group in the Process Automation business
area. The deal will strengthen ABB’s global leadership
position in continuous emission monitoring. The
acquisition which closed on October 1, 2024, adds 250
employees and approximately $55 million in revenues.

First nine months of 2024

In the first nine months of 2024, the overall order intake reorganization to ensure a more focused portfolio, and
declined slightly on a high comparable. Short cycle order impairments mainly linked to inventories.
development was positive, despite weakness primarily
linked to discrete automation. In the project- and Net financial income supported results by $55 million,
representing an improvement from last year’s expense
systems-related businesses, the market environment
of $82 million. The year-on-year improvement is mainly
remained robust, albeit order growth was adversely
driven by a combination of a lower net debt position
impacted by the timing of large orders booked which
and favorable mix of interest rates between borrowings
benefited the prior year period. Orders increased in the
and cash deposits. Income tax expense was $1,041
Electrification business area, while the declines in
million reflecting a tax rate of 26.1%, compared to a tax
Robotics and Discrete Automation as well as the E-
rate of 21.5% in the first nine months last year. Last
mobility business were most pronounced. Order intake
year’s tax rate was positively impacted by a favourable
amounted to $25,602 million and was down slightly by
resolution of a prior year tax matter relating to the
2% versus the prior year (1% comparable). Power Grids business.
Revenues were supported by execution of the large order Net income attributable to ABB was $2,948 million, up
backlog and amounted to $24,260 million, up by 1% (3% from $2,824 million year-on-year. Basic earnings per
comparable), overall implying a book-to-bill of 1.06. share was $1.60, representing an increase by 5%
Growth was driven by the Electrification and Process compared with the prior year.
Automation business areas with declines elsewhere.

Income from operations increased by 4% year-on-year to

3,902 million. This increase was driven by an improved
operational performance which more than offset the
significant movements in the impacts from business
divestments and higher expenses related to the ABB Way
transformation activities.

Operational EBITA amounted to $4,534 million, up 11%

year-on-year. The Operational EBITA margin improved
by 160 basis points to 18.6%. The increase was driven by
improvements in the Electrification and Process
Automation business areas, which more than offset
declines elsewhere. The expansion was driven by
operating leverage on higher volumes and additional
impacts from implemented price increases as well as
lower underlying Corporate costs. Combined these
impacts more than offset some higher expenses related
to Sales and R&D. Corporate and Other Operational
EBITA amounted to -$293 million. This includes a loss of
$201 million that can be attributed to the E-mobility
business, which was negatively affected by the ongoing
ABB INTERIM REPORT I Q3 2024 12

Acquisitions and divestments, last twelve months

Revenues, $ in
Acquisitions Company/unit Closing date No. of employees
millions1
2024
Electrification SEAM Group 31-Jul ∼90 250
Process Automation DTN Europe 3-Jun ∼14 84
Process Automation Real Tech Water 1-Feb ∼6 38
Robotics & Discrete Automation Meshmind 1-Feb <5 50
2023
Robotics & Discrete Automation Sevensense 21-Dec <5 35
E-mobility Imagen Energy Inc 13-Nov <5 4
Motion Spring Point Solutions Llc 1-Nov <5 13
E-mobility Vourity AB 25-Oct <5 9

Revenues, $ in
Divestments Company/unit Closing date No. of employees
millions1
2024
Electrification Service repair shops in US/CA 30-Aug ∼35 115
E-mobility Numocity 30-Jun <5 56
2023
Electrification Power Conversion division 3-Jul ∼440 1,500
Electrification Industrial Plugs & Sockets business 3-Jul ∼12 2

Note: comparable growth calculation includes acquisitions and divestments with revenues of greater than $50 million.

1 Represents the estimated revenues for the last fiscal year prior to the announcement of the respective acquisition/divestment unless otherwise stated.

Additional figures
ABB Group Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024
EBITDA, $ in million 1,389 1,494 1,453 1,315 5,651 1,418 1,578 1,503
Return on Capital Employed, % n.a. n.a. n.a. n.a. 21.10 n.a. n.a. n.a.
Net debt/Equity 0.30 0.31 0.21 0.14 0.14 0.16 0.18 0.15
Net debt/ EBITDA 12M rolling 0.9 0.8 0.5 0.4 0.4 0.4 0.4 0.4
Net working capital, % of 12M rolling
revenues 13.9% 14.7% 12.8% 10.2% 10.2% 11.2% 11.2% 11.1%
Earnings per share, basic, $ 0.56 0.49 0.48 0.50 2.02 0.49 0.59 0.51
Earnings per share, diluted, $ 0.55 0.48 0.47 0.50 2.01 0.49 0.59 0.51
Dividend per share, CHF n.a. n.a. n.a. n.a. 0.87 n.a. n.a. n.a.
Share price at the end of period, CHF 31.37 35.18 32.80 37.30 37.30 41.89 49.92 48.99
Number of employees (FTE equivalents) 106,170 108,320 107,430 107,870 107,870 108,700 109,390 109,970
No. of shares outstanding at end of period
(in millions) 1,862 1,860 1,849 1,842 1,842 1,851 1,849 1,843

Additional 2024 guidance

($ in millions, unless otherwise stated) FY 20241 Q4 2024 ($ in millions, unless otherwise stated) FY 2024
Corporate and Other Operational ~(170) ~(75) ~75
Finance net
EBITA2 from ~(200)
~24% 4
Non-operating items Effective tax rate

~(200) ~(45) ~(850)

Acquisition-related amortization Capital Expenditures
from ~(210) from ~(900)
~(250) ~(100)
Restructuring and related3

~(200) ~(55)
ABB Way transformation

1 Excludes one project estimated to a total of ~$100 million, that is ongoing in the non-core business. Exact exit timing is difficult to assess due to legal proceedings etc.
2 Excludes Operational EBITA from E-mobility business.
3 Includes restructuring and restructuring-related as well as separation and integration costs.
4 Excludes the impact of acquisitions or divestments or any significant non-operational items.
ABB INTERIM REPORT I Q3 2024 13

Important notice about forward-looking information

This press release includes forward-looking information control, that could cause our actual results to differ
and statements as well as other statements concerning materially from the forward-looking information and
the outlook for our business, including those in the statements made in this press release and which could
sections of this release titled “CEO summary,” affect our ability to achieve any or all of our stated
“Outlook,” and “Sustainability”. These statements are targets. These include, among others, business risks
based on current expectations, estimates and associated with the volatile global economic
projections about the factors that may affect our future environment and political conditions, costs associated
performance, including global economic conditions, the with compliance activities, market acceptance of new
economic conditions of the regions and industries that products and services, changes in governmental
are major markets for ABB. These expectations, regulations and currency exchange rates. Although ABB
estimates and projections are generally identifiable by Ltd believes that its expectations reflected in any such
statements containing words such as “anticipates,” forward looking statement are based upon reasonable
“expects,” “estimates,” “plans,” “targets,” “guidance,” or assumptions, it can give no assurance that those
similar expressions. However, there are many risks and expectations will be achieved.
uncertainties, many of which are beyond our

Q3 results presentation on October 17, 2024

The Q3 2024 results press release and presentation extended to include the new CEO’s perspectives. To pre-
slides are available on the ABB News Center at register for the conference call or to join the webcast,
www.abb.com/news and on the Investor Relations please refer to the ABB website:
homepage at www.abb.com/investorrelations. www.abb.com/investorrelations.

A conference call and webcast for analysts and investors The recorded session will be available after the event on
is scheduled to begin at 10:00 a.m. CET, this time ABB’s website.

Financial calendar
2025
January 30 Q4 2024 results
February 28 Publication of Annual Reporting Suite
March 27 Annual General Meeting
April 17 Q1 2025 results
July 17 Q2 2025 results
October 16 Q3 2025 results

For additional information please contact:

Media Relations Investor Relations ABB Ltd
Phone: +41 43 317 71 11 Phone: +41 43 317 71 11 Affolternstrasse 44
Email: media.relations@ch.abb.com Email: investor.relations@ch.abb.com 8050 Zurich
Switzerland

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The
company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved,
powered and operated. Building on over 140 years of excellence, ABB’s more than 105,000 employees are committed to
driving innovations that accelerate industrial transformation.