Ben Uglow

Ben Uglow asked for clarification on the future structure of the Machine Automation business, specifically if it will become a separate division within Process Automation.

Answer

CEO Morten Wierod confirmed that Machine Automation will become a separate division within Process Automation. He noted its performance is on a clear path to improvement and it will collaborate on projects across ABB where its PLC and automation solutions are relevant, leveraging synergies with its new home in Process Automation.

Ben Uglow of Morgan Stanley requested a qualitative update on the business environment in China, asking if there were any 'green shoots' from stimulus measures impacting the Electrification, Process, and Motion segments.

Answer

Executive Morten Wierod described the situation as 'premature' for seeing stimulus effects, though he is optimistic about the renovation market post-Chinese New Year. He highlighted that growth is strong in utilities and data centers but weak in new construction. He characterized the overall China market as a mix of 'frozen ice and boiling water,' with performance varying widely by segment.

Ben Uglow of Morgan Stanley requested a qualitative update on the market in China, asking if there were any 'green shoots' from stimulus measures and what the trends were in the Electrification, Process, and Motion businesses.

Answer

Executive Morten Wierod described the situation as 'premature' for seeing green shoots, though he is optimistic for activity post-Chinese New Year, particularly in building renovation. He characterized China as a mixed market of 'frozen ice and boiling water,' with strong growth in utilities and data centers offsetting weakness elsewhere. He does not expect a new building boom in 2025.

Ben Uglow of Societe Generale requested a qualitative update on the China market, asking if there were any 'green shoots' from stimulus efforts and how different business segments were performing.

Answer

CEO Morten Wierod described the situation as premature for seeing green shoots but expressed optimism for post-Chinese New Year activity, particularly in building renovation. He noted strong growth in utilities and data centers, but weakness in new construction. He characterized the overall market as a mix of extremes, with segments performing anywhere from +20% to -20%.