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—
ABB
A
nnual
R
eporting
Suite
202
4
This document includes the following reports:
–
Integrated Report 202
4
–
Management Report 2024:
-
Financial Report
- Sustainability Statement
–
Corporate Governance Report 202
4
–
Compensation Report 202
4
INTEGRATED
REPORT
2024
ABB’s new brand positioning
“We help industries
outrun – leaner and cleaner”
underpins the next
phase of the company’s development as a leader in
electrification and automation following its successful
transformation period. It articulates what ABB wants
to be known for in the minds of its customers.
The new brand positioning centers around the word
“Outrun”
and its meaning consists of two parts:
Keeping ABB’s partners running consistently at high
performance and at the same time helping them run
more productively, efficiently and sustainably so they
can outperform.
“Leaner”
stands for ABB’s global leadership role in
automation, improving the productivity and efficiency
of every industry’s critical day-to-day operations.
“Cleaner”
represents the company’s leadership
in electrification, decarbonizing the world’s most
essential industries.
ABB’s new tagline is
‘Engineered to Outrun’
. The new
brand positioning is in line with ABB’s purpose of
enabling a more sustainable and resource-efficient
future with its technology leadership in electrification
and automation.
About ABB
ABB is a global technology leader in electri-
fication and automation, enabling a more
sustainable and resource-efficient future.
By connecting its engineering and digitaliza-
tion expertise, ABB helps industries run at high
performance, while becoming more efficient,
productive and sustainable so they outperform.
At ABB, we call this ‘Engineered to Outrun’.
Our company has over 140 years of history and
around 110,000 employees worldwide.
Creating success
Transforming
industries
Leading with technology
Embedding
sustainability
Addressing the world’s
energy challenges
OUR PURPOSE:
We enable a more
sustainable and
resource-efficient
future with our
technology leadership
in electrification
and automation
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INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Divisions
Corporate
Customers
Business Areas
Business Lines
Electrification
Motion
Robotics & Discrete
Automation
Process Automation
Our business areas
Our purpose is why we are in business. It guides
the Group’s strategic direction and sits at the
heart of our decentralized operating model,
the ABB Way. Each of our four business areas –
Electrification, Motion, Process Automation
and Robotics & Discrete Automation – governs
their respective divisions, ensuring that we
collectively deliver on our purpose through our
technology leadership in electrification and
automation. Our business areas pursue oppor-
tunities to collaborate, driving innovation and
developing common solutions to best serve our
customers. At the same time, it is our divisions –
19 in total – that are closest to our customers;
they hence have full ownership and account-
ability for their strategies, performance and
resources in order to provide the best possible
service to our customers. They drive the success
of ABB in their daily business.
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Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
ELECTRIFICATION
ABB’s Electrification business area is a global technology leader enabling the
efficient and reliable use of electricity from source to socket. We collaborate
with our customers and partners to solve the world’s greatest challenges in
electrical distribution and energy management. Our portfolio encompasses
digital and connected innovations for low- and medium-voltage, including elec-
tric vehicle (EV) infrastructure, modular substations, distribution automation,
power protection, wiring accessories, switchgear, enclosures, cabling, sensing
and control. We also offer services to improve reliability, availability, predict-
ability and sustainability of electrical systems.
Global market position
No. 3
Divisions
• Distribution Solutions
• Smart Power
• Smart Buildings
• Installation Products
• Service
Revenues
$15.4 billion
Employees
~52,000
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Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Global market position
No. 1
Divisions
• Drive Products
• System Drives
• Motion Services
• NEMA Motors
• IEC LV Motors
• Large Motors & Generators
• Traction
Revenues
$7.8 billion
Employees
~22,000
MOTION
ABB’s Motion business area, the largest supplier of drives and motors globally, is at the
core of accelerating a more productive and sustainable future. We offer customers the
complete range of electrical motors, drives, generators, and services, as well as inte-
grated digital powertrain solutions. Therefore, we are able to provide our customers with
energy efficient, decarbonizing and circular solutions to empower a low-carbon future.
We serve a wide range of automation applications in transportation, infrastructure and
the discrete and process industries. Through our domain expertise and technology our
customers achieve better performance, safety and reliability.
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Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
PROCESS AUTOMATION
ABB’s Process Automation business area enables customers to operate some
of the world’s largest and most complex industrial infrastructures that address
a wide range of essential needs – from supplying energy, water and materials,
to producing goods and transporting them to market. We offer a broad range
of automation, electrification and digital solutions for process, hybrid and mar-
itime industries, including industry-specific integrated control and software as
well as measurement and analytics solutions and services.
Global market position
No. 2
Divisions
• Energy Industries
• Process Industries
• Marine & Ports
• Measurement &
Analytics
Revenues
$6.8 billion
Employees
~22,000
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Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
ROBOTICS & DISCRETE AUTOMATION
ABB’s Robotics & Discrete Automation business area enables compa-
nies to outperform and become more resilient, flexible and efficient
through our value-added solutions in robotics as well as machine
and factory automation. With our integrated automation solutions,
our application expertise across a wide scope of industries and our
global presence, we deliver tangible customer value. Our focus on
innovation includes extensive work in artificial intelligence, as well as
an ecosystem of digital partnerships and the expansion of our pro-
duction and research capabilities.
Global market position
No. 2
Divisions
• Robotics
• Machine Automation
Revenues
$3.2 billion
Employees
~11,000
E-MOBILITY
ABB’s E-mobility division, formerly part of the Electrification busi-
ness area, has been an independent business and separate operating
segment since January 2023. It is reported in “Corporate and Other”.
ABB E-mobility is a global leader in electric vehicle charging solu-
tions, with the highest uptime and largest installed base of Direct
Current (DC) fast chargers in the market.
9
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Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Key figures at a glance
KEY FIGURES
$ in millions, unless otherwise stated
FY 2024
FY 2023
Change
Comparable
1
Financial
Orders
33,690
33,818
0%
1%
Order backlog (end December)
21,221
21,567
-2%
4%
Revenues
32,850
32,235
2%
3%
Income from operations
5,071
4,871
4%
Operational EBITA
1
5,968
5,427
10%
11%
2
as % of operational revenues
1
18.1%
16.9%
+1.2 pts
Income from continuing operations, net of tax
3,955
3,848
3%
Net income attributable to ABB
3,935
3,745
5%
Basic earnings per share ($)
2.13
2.02
6%
3
Dividend per share (in CHF)
0.90
4
0.87
3%
Cash flow from operating activities
4,675
4,290
9%
Net debt
1
(end December)
1,285
1,991
-35%
Environmental
5
,
6
Energy consumption (GWh)
1,292
1,297
-0.4%
Renewable electricity (%)
95
94
+1.0 pts
Own operations emissions scope 1 and 2 (kilotons CO
2
e)
7
138
151
-9%
Value chain emissions scope 3 (kilotons CO
2
e)
8
394,952
447,426
-12%
Total waste sent to landfill (kilotons)
9.3
10.1
-8%
Social
Total number of employees (FTE)
109,900
107,900
2%
Women in workforce (%)
9
27.8
27.7
0.1 pts
Women in senior management positions
10
(%)
9
21.3
21.0
0.3 pts
Community spending
9
11.5
-2.5
1.
For alternative performance measures, see chapter Alternative performance measures.
2.
Constant currency (not adjusted for portfolio changes).
3.
EPS growth rates are computed using unrounded amounts.
4.
Proposed by the Board of Directors and subject to approval by shareholders at the Annual General Meeting on March 27, 2025, in Zurich, Switzerland.
5.
Figures are adjusted for portfolio changes.
6.
When reporting figures in tons, kilotons or megatons we refer to metric tons, kilotons or megatons.
7.
Scope 2 refers to market-based values.
8.
In 2023, we published a “representative scenario” and a “strict scenario”. Going forward, we report the strict scenario as basis for our scope 3 emissions, taking a
more conservative approach based on full energy input for certain products.
9.
Percentages calculated using headcount data.
10.
At ABB, senior managers are defined as employees in Hay grades 1–7, including division presidents.
ABB SUSTAINABILITY RATINGS 2024
CDP Climate
CDP Water
CDP Supplier
Engagement
1
EcoVadis
ISS ESG
Corporate
MSCI ESG
2
S&P Global
CSA score
Sustainalytics
ESG Risk
3
A
A-
A
Gold 75/100
Prime status B
AAA
64/100
15.2
1.
The 2024 Supplier Engagement score will be available in March 2025.
2.
The use by ABB of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not
constitute a sponsorship, endorsement, recommendation, or promotion of ABB by MSCI. MSCI services and data are the property of MSCI or its information providers
and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
3.
Copyright ©2023 Morningstar Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such
information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do
not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular
purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers
→
Find out more about our sustainability ratings on our website ABB ESG ratings.
10
ABB
INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
140+
years history
ABB in 2024
IMPORTANT MILESTONES IN 2024
• ABB announced the approval of its
Net Zero
emissions reduction targets by the
Science-Based
Targets initiative (SBTi)
: 80 percent reduction of
absolute scope 1 and scope 2 (operational) GHG
emissions from 2019 to 2030, and 100 percent by
2050, both in line with the 1.5°C pathway; 25 percent
reduction of scope 3 (value chain) GHG emissions
from 2022 to 2030, in line with the well below 2°C
pathway, and 90 percent by 2050, in line with the
1.5°C pathway.
•
ABB opens new $100 million campus
in Wisconsin,
US, to support future growth in ABB’s largest
market with production of electric drive technology
used in a variety of industries.
•
Share buybacks:
On April 1, ABB launched its
new share buyback program of up to $1 billion,
16,715,684 shares were bought under the plan
which ended in January 2025 – for a total amount
of approximately $0.9 billion.
• On August 1, Morten Wierod took over as the
new
CEO of ABB
. Giampiero Frisio stepped into his role
as the new President of the Electrification Business
Area and Brandon Spencer as the new President
of the Motion Business Area and on November
1, Mathias Gaertner assumed the role of General
Counsel and Company Secretary.
• On March 21, the Annual General Meeting elected
two new Board members
, Johan Forssell and
Mats Rahmström. They replace Jacob Wallenberg
and Gunnar Brock who decided not to stand
for reelection.
• ABB filed a Form 15F to
voluntarily deregister
and suspend SEC reporting
on June 10, 2024.
The deregistration became effective in September
2024. The company will continue to comply with its
financial reporting and other obligations pursuant
to applicable stock exchange listing rules in
Switzerland and Sweden.
ABB IN NUMBERS
$32.9 bn
Revenues
18.1%
Operational
EBITA margin
78%
Reduction of scope 1
and 2 GHG emissions
since 2019
>170
manufacturing sites
$33.7 bn
Order intake
$1.5 bn
R&D investment
21.3%
Women in senior
management positions
$3.9 bn
Net income
11
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
The ABB Integrated Report describes how we
create value under the ABB Way – our decentral-
ized operating model. It provides a comprehen-
sive view of our business strategy, governance,
performance, and value creation in relation to
different forms of inputs used and outcomes
created through the activities of our divisions
and business areas, united under the ABB brand.
The report integrates the most important infor-
mation about our financial and sustainability
strategy, targets and performance and is mainly
aimed at our shareholders and investment com-
munity, but also informs other stakeholders like
customers, employees, partners, governments,
civil society and suppliers.
As a global company with stock exchange list-
ings in Switzerland and Sweden, we adhere to
internationally recognized standards and frame-
works. In addition to performance measures
prepared in accordance with US GAAP (Generally
Accepted Accounting Principles), we use alter-
native performance measures deemed useful in
evaluating ABB’s operating results.
The Integrated Report 2024 is published as
part of our annual reporting suite and is avail-
able in English and German. Only the original
English version is binding. For environmental
reasons, only a limited number of copies of the
Integrated Report are printed. All other reports
are published digitally.
The reporting period and scope of the data cov-
ers our operations worldwide and provides an
overview of financial and sustainability-linked
performance for the full year 2024 and reflects
the status as of December 31, 2024.
“We, ABB’s senior management, and the Board of Directors,
take responsibility for the accuracy and integrity of the
information disclosed within our Integrated Report 2024, which
addresses matters that have or may have a significant effect
on how we create and share value. We believe this report is
aligned in all material aspects with the recommendations and
standards issued by the International Integrated Reporting
Framework (now IFRS Foundation).”
About this report
→
Please refer to
“Supplemental
Reconciliations and
Definitions” in ABB’s
Q4 2024 Financial
Information.
12
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INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Our Value Creation Model determines
the structure of our report
Our value creation model outlines how we create
value by delivering on our purpose. In this re-
port, it also serves as a guide for the structure.
The value creation model outlines how we draw
on inputs and, through our decentralized oper-
ating model, the ABB Way, create sustainable
value in the short-, mid- and long-term by trans-
forming them into outputs and outcomes: de-
livering leading financial performance, creating
world-class technology, enabling a low-carbon
society, preserving resources and promoting
social progress, underpinned by a culture of in-
tegrity and transparency along the value chain.
The illustration of our Value Creation Model on
page 34 and 35 is interactive and by clicking on
the different icons and sections you will be led
to the respective section in the report to learn
more about our value creation.
VALUE CREATION MODEL NAVIGATION
Throughout the report you will find this icon, indicating in which section
of the Value Creation Model you are; by clicking on it, you will return to
the main illustration on pages 34 and 35.
the abb way
Our inputs
Inputs used to run our
business:
•
Financial
•
Intellectual
•
Natural
•
Manufactured
•
Human
•
Social/relationship
What we do
Using the inputs, we run our
business activities in line with our
operating model,
the ABB Way
What we create
By transforming the inputs
into products and solutions,
we create
value for all our
stakeholders
G
o
v
e
r
n
a
n
c
e
B
r
a
n
d
P
e
o
p
l
e
&
C
u
l
t
u
r
e
B
u
s
i
n
e
s
s
m
o
d
e
l
ABB
purpose
13
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
ABB ANNUAL REPORTING SUITE 2024
Our Annual Reporting Suite for the full year 2024 is filed
with the SIX Swiss Exchange in Zurich, Switzerland and the
NASDAQ OMX Stockholm Exchange in Sweden and can be
viewed on our website. It
consists of the following reports,
with the Integrated Report being a condensed summary:
Integrated Report
English (PDF)
German (PDF)
Sustainability Statement
English (PDF)
Corporate Governance Report
English (PDF)
Compensation Report
English (PDF)
ESEF version of
ABB Annual Reporting Suite
ESEF version (XHTML)
Financial Report
English (PDF)
14
ABB
INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Table of contents
01
Introduction
17
Chairman’s letter
20
CEO Q&A
24
ABB equity story
30
ABB share performance
02
Value creation
33
Our value creation model
36
Our strategic direction
38
Our business environment
42
Our inputs for value creation
44
ABB Way
47
Risks and opportunities
03
Outputs and outcomes
51
Targets and performance overview
54
We deliver leading financial performance
65
We create value through world-class
technology
74
We enable a low-carbon society
83
We preserve resources
89
We promote social progress
103
We embed a culture of integrity and
transparency along the extended value chain
112
We help industries outrun – leaner and
cleaner: case studies
04
Good governance
125
Corporate Governance
128
Board of Directors
129
Executive Committee
05
Performance-based
Compensation
133
Extracts from Compensation
Committee Chair Letter
135
Board compensation
136
Executive Committee
compensation
140
Sustainability-related
considerations in ABB’s
compensation
06
Appendix
143
Alternative performance
measures
146
Key terms
148
Financial calendar 2025
15
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Dear shareholders,
The year 2024 was marked by change at ABB and
beyond. Our world faced yet more disruption –
both positive and challenging. Innovation has
been speeding up, driven in large parts by gen-
erative artificial intelligence (AI). Economic and
geopolitical volatility, meanwhile, was on the
increase, and global temperatures continued
to set new record highs, serving as a powerful
reminder that climate change is an increasingly
urgent challenge.
Against that backdrop, ABB has been thriving.
As industries increasingly need to do more with
less, we have supported them to become more
efficient, productive and sustainable, helping
them outrun – leaner and cleaner.
After Morten Wierod succeeded Björn Rosengren
as our CEO on August 1, our business continued
to deliver strong financial performance. Key
enablers of our success are our expertise in elec-
trification and automation. But also, our short
and resilient supply chains and our decentralized
operating model, the ABB Way, which empowers
our businesses to make decisions close to the
customers they serve. These strengths enable us
to maintain output in challenging situations and
respond at speed to changing circumstances
and customer needs.
Tackling climate change, our leading electrifi-
cation and automation technologies continued
to reduce energy consumption and emissions in
the largest emitting sectors, including power,
industry, transport, and buildings and infra-
structure. A good example is our role in reducing
the energy consumption of data centers, which
are becoming even bigger consumers of power
due to the vast energy needs of AI applications.
By 2026, data centers globally are expected
to consume the same amount of electricity as
Japan (IEA), which makes it essential that we
help them to become leaner and cleaner and ac-
celerate the shift to sustainable energy sources.
We can look back at a strong performance for
ABB as comparable orders, revenues and profits
continued to grow, despite challenging markets
for some of our businesses. Thanks to this,
the Board of Directors will be proposing to the
Annual General Meeting a dividend of CHF 0.90
per share, in line with our policy of paying a ris-
ing, sustainable dividend per share over time.
We are delivering record levels of profitabil-
ity compared to just a few years ago and will
continue to focus on margins while driving
profitable growth and further embedding the
ABB Way into our organization. I am confident
that by putting a strong focus on these areas,
ABB has the potential to become an even better
performing company in the future.
The success and growth of ABB have always
depended on our ability to innovate. Research
and development (R&D) plays an important role
in ensuring we remain relevant for customers
and we have increased our R&D spend by about
40 percent since 2020 excluding the impact
from divisional exits. During 2024, we made
important strides in incorporating generative
AI into our offerings and business processes.
These solutions will help us improve energy and
resource efficiency and productivity. Through
innovation, we keep improving the operational
effectiveness of ABB and our customers and ac-
celerate decarbonization across value chains.
Chairman’s letter
In 2024, we began an important chapter at ABB, with the appoint-
ment of Morten Wierod as CEO. On the strength of our decentralized
ABB Way operating model, we were able to make further progress
across several of our key priorities. Our teams remain focused on
driving profitable growth while continuing to strengthen account-
ability further in the divisions. Sustainability continues to be at the
center of our business and customer offering. All in all, we are mak-
ing sure that ABB continues to be well positioned in the long term.
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Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
“The Board of Directors and I are absolutely confident
in the ability of ABB’s management team to continue
to lead this great company and deliver superior value
for all of our stakeholders.”
PETER VOSER
| CHAIRMAN OF THE BOARD OF DIRECTORS
18
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Acquisitions are another key driver of growth.
We are always on the lookout to invest in busi-
nesses that add value and companies that de-
velop breakthrough technologies. In 2024, we
extended our market and technology leadership
by signing agreements to acquire established
businesses, such as the power electronics
business of Gamesa Electric in Spain, Siemens’
Wiring Accessories business in China, as well as
smaller companies specializing in AI-based ap-
plications for electrification and automation.
Sustainability continues to be a key focus of our
business. In 2024, our scope 1, 2 and 3 emissions
reduction targets for 2030 and 2050 were val-
idated by the Science Based Targets initiative
(SBTi). The SBTi validation confirms that our ap-
proach is science-based in accordance with the
Paris Agreement on climate change.
Last year also saw changes to our Board of
Directors as Jacob Wallenberg decided to step
down from his position after being on the
board for almost 25 years. In addition, Gunnar
Brock decided not to stand for reelection. I
am very proud that with Johan Forssell and
Mats Rahmström we have welcomed two new
members with a particular focus on industrial
companies and decentralized operating mod-
els who complement the competencies of our
board perfectly.
And our board continues to evolve as we sug-
gest Claudia Nemat for election at our March
2025 AGM. As a member of Deutsche Telekom’s
management team she is responsible for tech-
nology and innovation, covering crucial issues
like cyber security and – of course – artificial
intelligence. At the same time, Lars Förberg has
decided not to stand for re-election and I would
like to thank him for his outstanding contribu-
tion to ABB’s successful transformation over the
past years.
The Board of Directors and I are absolutely con-
fident in the ability of ABB’s management team
to continue to lead this great company and de-
liver superior value for all of our stakeholders.
With the ABB Way, we have the right operating
model in place. Our businesses are aligned with
our purpose of enabling a more sustainable and
resource-efficient future with our leading elec-
trification and automation solutions. And most
important of all, we have around 110,000 tal-
ented and motivated employees who have con-
sistently delivered strong results.
On behalf of the Board of Directors, I would like
to thank our people for another year of excel-
lent performance and to say a special thanks
to Björn for his outstanding leadership of our
company and to Morten for a strong start. And
of course, I want to thank you, our shareholders,
for your trust and support.
Best regards,
PETER VOSER
Chairman of the Board of Directors
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ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
CEO Q&A
Having assumed the role of CEO in August, Morten Wierod explains
how he intends to lead ABB forward, following its transformation
into a better performing, more transparent and agile company.
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Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Morten, what were the highlights of 2024?
How did ABB perform?
This year we made good progress on many
fronts. On the performance side, our financial
results continued to improve, despite the un-
certain economic and geopolitical environment
in which we are operating. This shows that the
ABB Way is the right operating model for this
company. 2024 was a new record year for us
in many ways as we improved on most of our
financial headlines. The market for robotics
continued to be challenging but given the aging
global labor force and the trend for reshoring
and nearshoring, we are confident in the lon-
ger-term prospects of this business.
On M&A we ramped up our activities signifi-
cantly, although not all closed yet, announcing
eight acquisitions with annual revenues over
$500 million. We also launched several ground-
breaking innovations. One is a next-generation
robotics platform which increases business
productivity and flexibility through faster,
more precise and more autonomous automa-
tion; another is a new concept to improve the
energy efficiency of medium-voltage motors,
which account for 10 percent of the world’s
electricity consumption.
I am particularly proud of the improvement in
our employee engagement score, which rose for
the sixth consecutive year to 78 percent, making
ABB a best-in-class company.
You succeeded Björn Rosengren as CEO on
August 1. How were your first months in the
new role? Are you planning to make
any changes?
My first five months as CEO have been energiz-
ing. ABB is in good shape and I have the privi-
lege to partner with a great leadership team,
including the new Electrification and Motion
Presidents. What’s made the transition easier
is that I have been deeply involved in ABB’s
transformation from the start, having led the
implementation of our successful decentralized
operating model, ABB Way, in the two largest of
our four business areas.
In terms of where we go from here, the ABB Way
is here to stay. That means we will maintain
consistency in our ways of working, guided by
our purpose. We will continue to focus on ac-
countability, transparency and speed to build a
high-performance, high-integrity collaborative
culture and to actively manage our portfolio.
Given my experience at ABB, I believe I am well
positioned to challenge and guide the business
areas and divisions to reach higher and deliver
even better profitability and growth – both or-
ganic and acquired – in line with our targets.
We have also launched a new global brand posi-
tioning for ABB to increase customers’ under-
standing of what ABB does and how we create
superior value for our customers. Increasing
familiarity with what ABB does represents a
significant commercial opportunity for us and
should also help ABB attract top talent.
Driving profitable growth is a priority for you,
how do you plan to achieve that? Are you fo-
cusing on ramping up M&A?
Following our transformation, we are well po-
sitioned to capitalize on the trend towards
electrification and on the growing demand
for automation as companies seek to improve
their productivity and flexibility. We ended the
year with about 60 percent of our revenues on
a growth mandate, which early in 2025 changed
to 70 percent in growth mode. Our management
compensation and strategic priorities have
been adjusted accordingly.
We will drive organic growth by increasing
investments in R&D and capitalizing on our
technology leadership, which is based on best-
in-class hardware operated with embedded
software and control functions. Approximately
60 percent
1
of our products and services are
digitally enabled and over half
1
of our R&D pro-
fessionals are dedicated to software. At the
same time artificial intelligence (AI) is becoming
an increasingly important driver of how we cre-
ate value for the industries we serve, and we are
committed to responsible development and use.
When it comes to M&A, we have been steadily
building up a strong pipeline of acquisition
targets. With the deals announced already
we should be within our average target
range of adding 1 to 2 percent of revenues
via acquisitions.
What are your capital allocation priorities?
Our goal is profitable growth. That means our
first priority is to fund organic growth through
investments in R&D and production capacity.
Beyond that, our policy is to pay a rising, sus-
tainable dividend over time. With our remaining
free cash flow, we intend to increase our M&A
activities. And as we announced a new, larger
program of up to $1.5 billion for 2025, share
buybacks will remain on our agenda, but ulti-
mately, the utilization level of buyback programs
depends on how much we spend on M&A.
1.
Management
estimates.
21
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Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
What is your approach to investing in R&D and
technology? What about venture
capital investments?
R&D investments are driven by the divisions to
foster innovation that creates the most mean-
ingful value for our customers. We are commit-
ted to keep our R&D investments to between
4.5 and 5 percent of our revenues.
Our technology pipeline speaks for itself. This
year, we introduced our next generation of SF
6
-
free switchgear solutions for applications up to
24 kV. These will help our customers comply with
regulations in the European Union and California,
which are banning SF
6
gas, a potent greenhouse
gas, in new electrical equipment up to 24 kV.
On the venture side, we continue to acquire
minority stakes in promising start-ups, having
invested in more than 30 companies in the past
five years. Start-ups are an important part of
our R&D ecosystem, especially when it comes to
specialized software and AI.
ABB has delivered another record margin of
18.1 percent, already near the top of your tar-
get range. Do you think it’s time to raise
your targets?
We raised our margin target quite recently, in
November 2023, to an Operational EBITA margin
in the range of 16–19 percent. We are close to
the top of that range, but we are not there yet.
Once we have achieved this level, we will deter-
mine what the next steps are for ABB.
I believe the best is yet to come for ABB. We
are starting 2025 with some 30 percent of our
divisions still having a “profitability mandate”,
which means they can improve their margins
further. Some divisions have achieved very high
levels of profitability supported by a strong
market environment and we want to ensure
these levels are sustainable throughout the
cycle. With our new ways of working, we are a
more agile and resilient company.
You said that the ABB Way operating model is
here to stay. How can it create even more value
for ABB?
I believe we can build further on the ABB Way
to support both growth and margin. At the mo-
ment, accountability is with our divisions, which
are the highest operating level of the company,
but we intend to move it even deeper, to the
level of business lines and product groups.
I have seen the success of embedding the
ABB Way even further into our divisions in my
previous role in Electrification.
You mentioned the new brand positioning to
improve understanding of what ABB does.
What is that about?
Our new brand positioning underpins the next
phase of ABB’s development as a leader in
electrification and automation following our
successful transformation period. It articulates
what ABB wants to be known for in the minds
of our customers and focuses on what we have
learned are their main business needs and
where we at ABB can provide superior value,
which is helping industries become leaner and
cleaner, or as we say – helping them “outrun”.
What kind of a leader are you?
I believe in keeping things simple and efficient,
speaking up and taking ownership. My approach
is to empower people with accountability and
trust, and I expect transparency and ownership
in return. What counts for me is a winning mind-
set and approaching business as a team sport.
We want to win but work should also be fun. My
motto is: even better, together.
How are you doing on sustainability?
We are making good progress towards our sus-
tainability targets and have embedded sustain-
ability even further into our divisions. Versus our
2019 baseline, we cut scope 1 & 2 greenhouse
gas emissions by 78 percent, and our scope 3
emissions were reduced by 8 percent compared
to the 2022 baseline, putting us well on track to
achieve our targets. We also helped our custom-
ers avoid 66 megatons of emissions throughout
the lifecycle of our products sold in 2024 with
our energy and resource efficient technologies
as compared to alternative solutions.
Our emissions reduction targets for 2030 and
2050 were validated by the Science Based
Targets initiative (SBTi), affirming that they are in
accordance with the Paris Agreement on climate
change. Our focus now is on achieving these
targets and helping our customers on their jour-
neys. The divisions are in the lead on implement-
ing the changes needed to make these a reality.
“We will continue to focus on accountability,
transparency and speed to build a high-
performance, high-integrity collaborative
culture and to actively manage our portfolio.”
MORTEN WIEROD
| CHIEF EXECUTIVE OFFICER
22
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Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
We also improved gender diversity, increasing
the number of women in senior management po-
sitions to 21.3 percent, and focusing on safety;
our lost-time injury frequency rate stands at
0.15, down from our 2019 baseline of 0.24.
How is the turnaround of the E-mobility busi-
ness going? Is an IPO still planned?
The turnaround of ABB E-mobility is progress-
ing. It now has a focused and modular portfolio
and launched its flagship A400 charger during
the year. While an impact on order numbers
is not yet visible, it has seen some very good
customer feedback so far. We will reassess the
timing for a potential IPO at a later stage, as
the business and the market need to be fit for
such a move.
Final question: after five months as CEO, how
are you finding the job?
I’m enjoying it immensely. I have been doing a
lot of travelling, especially to meet customers
and colleagues from parts of the business that I
was less familiar with when I took over the role.
I have also met many investors and other stake-
holders. It’s been a very positive experience –
ABB is well-regarded as a technology leader and
partner that is well positioned to continue bene-
fiting from key global megatrends.
I want to thank everyone at ABB for the strong
support that I have received since I became
CEO, especially my colleagues on the Executive
Committee. We have a highly experienced, ex-
cellent team running the company, as well as
around 110,000 talented people who have deliv-
ered another year of excellent performance.
23
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
ABB equity story
ABB is well-positioned in a changing world: Our global market-lead-
ing positions in electrification and automation strategically posi-
tions us to capitalize on the long-term megatrends characterized
by the energy transition towards electricity and integration of new
energy sources, demographic shifts and the need for an increasingly
flexible and efficient manufacturing set-up.
Future-proof
ABB purpose and customer offering aligned with secular trends
Our Purpose
We enable a more sustainable and resource-efficient future with
our technology leadership in electrification and automation
1. IEA World Energy Outlook 2024, Announced Pledges Scenario
2. United Nations World Population Prospects 2024
Our offering
Supports customers to:
More electricity
Electricity demand
growing ~9× faster than
total energy demand in
2023–2030, resulting
in ~70% higher average
annual investment into
electricity networks in
2024–2030 (vs 2016–2023)
1
Higher energy efficiency
~45% of the world’s
electricity is converted
into motion by electric
motors yet only ~23% of
the world’s electric motors
are optimized through
the control of drives
New energy sources
Share of low-carbon
sources in global energy
mix to increase +50% –
points from ~20% today
to ~70% in 2050
1
Shrinking labor force
Global number of working
age people (15 to 64 years)
per retiree (65 years or
over) to fall by ~24% in
2023–2035
2
• Reduce waste and increase
circularity
• Reduce carbon intensity
• Increase labor productivity
• Increase energy efficiency
• Increase flexibility
• Reduce footprint
• Reduce downtime
• Increase safety and improve
working environment
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
Our equity story is based on five pillars:
1. Market leader with world-class technology
Our market-leading position is based on
cutting-edge technology including value
derived from software, our ability to scale,
decades-long domain expertise and close
customer relationships.
Our four business areas have market-leading
positions in their respective market segments.
This gives us strong economies of scale and
we can achieve profitability levels that support
continued investments in R&D. These invest-
ments help us maintain and improve our man-
ufacturing assets, allowing us to defend and
strengthen our leading market positions in elec-
trification and automation.
Our cutting-edge technology, which includes
both hardware and software, creates superior
customer value as we help industries optimize,
electrify and decarbonize their operations.
Being present in various verticals for many de-
cades has enabled us to build unique domain
expertise as well as a large installed base and
strong long-term relationships with end-cus-
tomers and channel partners. Our deep under-
standing of customer needs and operations is
at the root of ABB’s customer value creation.
2. ABB Way – Accountability, transparency
and speed
Through the period of 2019–2023 ABB has trans-
formed into a more agile and efficient company
where accountability, transparency and speed
are fostered through the implementation of our
decentralized operating model, the ABB Way.
The ABB Way has been an integral part of
making 2024 another record year for financial
performance and under the leadership of our
new CEO, Morten Wierod, we are fully commit-
ted to consistency in the ABB Way operating
model. This is founded on our belief in having:
1. operating decisions made close to customers;
2. select common processes and
3. a strong performance management system.
In our decentralized model, operating decisions
are taken close to customers in our divisions,
which have full ownership and accountability
for their respective businesses, including R&D,
Capital expenditures (CapEx), strategy and M&A.
These businesses benefit from select common
processes linked to ABB brand, human capital,
compliance and integrity. Each division should
benefit from being part of the ABB Group. Our
leaders are encouraged to cooperate where
there are synergies and it makes sense for the
business. Lastly, our strong performance man-
agement system ensures performance can be
tracked quickly and easily with standard key
performance indicators (KPIs) to facilitate speed
in decision making. Each division is given a man-
date of stability, profitability or growth, which
translates into strategic priorities and appropri-
ate targets that are supported by incentives.
Looking forward, we aim to move accountability
further down within the organization, empow-
ering business line leaders with strategic man-
dates and corresponding incentives to further
drive results. Clear mandates and accountability
at the business line level will further enhance
transparency and operational speed across
the organization.
Digital content
in our offering to
support gross margin and industry
leadership in technology
Continue to develop
Industrial
Software and Digital services
organically and make bolt-on
acquisitions:
•
Invest to create synergies with our
offering
•
Return on investment
• Growth
Embedded software
enables
differentiation
VALUE FROM SOFTWARE
around
60%
of software, products
and services are
digitally enabled
¹
Software or digitally enabled
products and services
83%
Products and solutions
17%
Services
1.
Management estimates based on
FY 2023 orders.
25
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
3. Increasing growth rates
We target an average comparable revenue growth
of 5–7 percent through the economic cycle. In
addition, we want to utilize our strong balance
sheet for acquisitions, adding 1–2 percent of rev-
enues on average through the economic cycle.
The higher comparable growth ambitions are
supported by our reshaped business portfolio,
working in the ABB Way operating model and
our exposure to accelerating megatrends and
sustainability demand drivers.
At the same time, we aim to have a high pace
of acquisitions. The responsibility to build the
pipeline of potential targets has been trans-
ferred to the divisions and each management
team is responsible for adding the necessary
technology and footprint for achieving market
leading positions. Acquisitions can be made in
all divisions to fill gaps in technology, however,
only divisions with a growth mandate are active
in strategic acquisitions.
In 2024, we accelerated strategic partnerships
and bolt-on acquisitions led by our divisions,
completing nine new and eight follow-on ven-
ture capital investments and seven bolt-on
acquisitions. Annual revenues from all deals an-
nounced this year put us within our target range
for inorganic growth, and each business has
built good target pipelines. We are making prog-
ress but still have some way to go before fully
reaching our desired M&A performance culture.
Internal
02
Working in ABB Way operating model
with divisions accountable for growth
with decision-making closer to the market
•
ABB Way operating model – transferred
operating decisions to divisions. Accountable
for organic and inorganic growth
•
Clarity and consistency on strategic mandate
in businesses
•
70% of revenues with growth mandate
Internal
01
Reshaped portfolio
around the ABB
purpose of increased sustainability
and resource efficiency through
electrification and automation
•
Exit of EPC business
•
Completed exit of three divisions
•
Focus on quality of revenues
•
Continuous business portfolio assessment
Accelerating megatrends
and sustainability drivers
for
electrification and automation
•
The world going electric – Energy security –
Energy efficiency – Automation
•
Global carbon reduction targets
•
Regulations – reporting standards
•
Impact on corporates operational performance
due to rising cost of carbon
•
Customer, employee and shareholder focus
External
03
5–7%
average
Comparable
growth
through economic cycle
Revenues
Comparable revenue growth
6% avg
USD bn
%
10
15
20
25
30
35
-5
0
5
10
15
2024
2023
2022
2021
2020
2019
26
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
4. Improving performance
After several years of transformation to a more
sustainably profitable company, there is now an
increased focus on growth. It goes hand in hand
with continuous improvements in ROCE and
Operational EBITA margin, which is expected to
remain at a best-in-class level of greater than
18 percent, even when achieving a higher pace
of acquisitions.
Our new ways of working are yielding results,
and we continued to improve financial per-
formance, achieving new all-time high (ATH)
levels for several KPIs in 2024. We are actively
enabling a low-carbon society as well as work-
ing with our customers and suppliers to imple-
ment sustainable practices across our value
chain and the life cycle of our products and
solutions. We are equally committed to driving
social progress, along with our suppliers and in
our communities.
20,000
25,000
30,000
35,000
$ in millions
%
0
1,000
2,000
3,000
4,000
$ in millions
%
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2024
2023
2022
2021
2020
$ per share
0
2,000
4,000
6,000
$ in millions
new ATH
%
0
5
10
15
20
25
2024
2023
2022
2021
2020
%
0
100
200
300
400
500
600
2024
2023
2022
2021
2020
Ktons CO
2
e
new ATH
-10
0
10
20
2024
2023
2022
2021
2020
REVENUES
0
100
200
300
2024
2023
2022
2021
2020
FREE CASH FLOW AND
CONVERSION RATE
BASIC EPS
5
10
15
20
2024
2023
2022
2021
2020
OPERATIONAL EBITA
RETURN ON CAPITAL
EMPLOYED (ROCE)
SCOPE 1&2 GHG
EMISSIONS
Operational EBITA
Operational EBITA margin %
All-time-high (ATH)
Scope 1&2 GHG emissions
ROCE
Target range >18%
All-time-high (ATH)
Revenues
Comparable growth %
Free cash flow
% of net income
11.1
14.2
15.3
16.9
18.1
21.1
22.9
16.5
14.9
10.3
Basic EPS
27
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
5–7%
average
Comparable revenue growth
through economic cycle
Excluding FX impacts,
acquisitions and divestments
16–19%
Operational EBITA margin
(annual)
Dividend
policy
rising sustainable dividend
per share over time
~
100%
FCF conversion to net income
(annual)
At least high
single-digit %
EPS growth through economic cycle
(Basic EPS)
1–2%
average
Acquired revenue growth
through the economic cycle
Target is the net of acquisitions
and divestments
>18%
ROCE
(annual)
Excluding transformational deals
FINANCIAL TARGETS:
28
ABB
INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
5. Rewarding shareholders
The creation of sustainable long-term share-
holder value is a key priority. Our compensation
programs and policies are designed to encour-
age performance improvement without taking
excessive risks. The company’s share ownership
requirements for Executive Committee mem-
bers are aligned with market practice and result
in wealth at risk for each Executive Committee
member which is aligned with shareholder
interests. Our strong balance sheet and cash
generation provides the capacity and flexibility
for both solid cash distribution while still ensur-
ing the financial strength to invest in organic
and acquired growth. We are committed to a
sustainable rising dividend per share over time.
Additionally, our capital allocation priorities
state that we distribute any excess cash to our
shareholders via buybacks.
In 2024, ABB invested $845 million in capi-
tal expenditures (CapEx). Non-order related
R&D investment was $1,469 million in 2024 or
4.5 percent of revenues for the year. The 2023
declared dividend amounted to $1,804 million.
With respect to the year ended December 31,
2024, ABB’s Board of Directors has proposed
to distribute a dividend to shareholders in the
amount of CHF 0.90 per share. This is subject to
approval by shareholders at the Annual General
Meeting on March 27, 2025. The proposal is in
line with our dividend policy to pay a rising, sus-
tainable dividend per share over time.
In April 2024, we launched a new share buyback
program of up to $1 billion that ran until the end
of January 2025. Together with the prior share
buyback program, which ran from April 2023
to March 2024, we repurchased a combined
value of $1.0 billion during the year 2024. ABB
announced a new share buyback on January 30,
2025, as we plan to continue our share buybacks
for the full-year 2025 in line with our capital allo-
cation priorities.
1.
2024 dividend per
share of CHF 0.90 is
proposed by the Board
of Directors and sub-
ject to approval by
shareholders at the
Annual General Meeting
on March 27, 2025.
2.
Calculated based on
the share price at
December 31.
CHF
%
0,6
0,8
1,0
DIVIDENDS AND SHARE BUYBACKS
2015–2024
Dividend per share (DPS)¹
Dividend yield²
0
1
2
3
4
5
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
>$30 billion cash returned to
shareholders over last 10 years
Capital Allocation Priorities:
1.
Fund organic growth, R&D, CapEx at attractive returns
2.
Rising, sustainable dividend per share over time
3.
Value-creating acquisitions
4.
Returning additional cash to shareholders via share buybacks
$17 billion dividend
$13 billion buybacks
29
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
ABB share performance
In 2024, the price of ABB Ltd shares listed on the
SIX Swiss Exchange (SIX) increased 32 percent,
while the Swiss Market Index (SMI) increased
4 percent. The price of ABB Ltd shares on the
Nasdaq Stockholm increased 34 percent, com-
pared to the OMX Stockholm 30 Index, which
increased 4 percent. Total shareholder return
(including dividends) of ABB Ltd shares listed at
SIX was 35 percent during 2024.
On May 23, 2023, ABB delisted its American
Depositary Receipts (ADRs) from the New
York Stock Exchange. In the period between
June 1, 2023, and May 31, 2024, the 12-month
US Average Daily Trading Volume (ADTV) in
ABB’s ADRs fell below 5 percent of the ADTV
worldwide. As a result, ABB met the require-
ments to apply to deregister and terminate the
reporting obligations for its debt and equity
instruments under the U.S. Securities Exchange
Act of 1934, as amended. ABB voluntarily filed
to immediately suspend its reporting obliga-
tions under the U.S. Exchange Act with the SEC
Form 15F. Filed on June 10, 2024, this became
effective in September 2024. ABB continues to
comply with its financial reporting and other
obligations pursuant to applicable stock ex-
change listing rules – in particular the Listing
Rules of SIX Swiss Exchange and the Nasdaq
Stockholm Rulebook.
In 2024, approximately 28 percent, 26 percent,
25 percent of shares issued were held in the
United States, Switzerland and Sweden, respec-
tively. The ten largest individual shareholders
accounted for approximately 41 percent of the
share capital on the same date. On December 31,
2024, 77 percent of the shareholder base was
made up of institutional investors with retail
investors reaching 19 percent. On December
31, 2024, members of the Group Executive
Committee owned a total of 611,418 shares in
ABB. Members of the Board of Directors owned
a total of 562,303 shares in ABB. Total owner-
ship of ABB shares held by the Group Executive
Committee and the Board of Directors corre-
sponds to less than 1 percent of the capital and
voting rights.
KEY DATA
FY 2024
FY 2023
FY 2022
Dividend per share (CHF)
0.90
1
0.87
0.84
Votes per share
1
1
1
Basic earnings per share (USD)
2
2.13
2.02
1.3
Total ABB stockholders’ equity per share (USD)
3
7.88
7.28
6.85
Dividend payout ratio (%)
4
47%
51%
70%
Weighted-average number of shares outstanding (in millions)
1,844
1,855
1,899
1.
Proposed by the Board of Directors and subject to approval by shareholders at the Annual General Meeting on March 27, 2025.
2.
Calculation based on weighted-average number of shares outstanding.
3.
Calculation based on the number of shares outstanding at December 31, 2024.
4.
Dividend per share (converted to US dollars at year-end exchange rates) divided by basic earnings per share.
30
ABB
INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix
DISTRIBUTION OF SHAREHOLDINGS
BY COUNTRY
BREAKDOWN OF SHAREHOLDERS BY TYPE
28%
United States
26%
Switzerland
25%
Sweden
9%
UK & Ireland
8%
Continental Europe
3%
Rest of World
77%
Institutional investors
19%
Retail positions
3%
Miscellaneous
1%
Company-related holders
Zurich
Average daily traded number of shares: 2.85 million
STOCKHOLM
Average daily traded number of shares: 0.57 million
Source: FactSet.
Source: Company data
ABB
Swiss Market Index Rebased
ABB
OMX Stockholm 30 Index Rebased
24
26
28
30
32
34
36
38
40
42
44
46
48
50
52
54
Jan 2024
Feb 2024
Mar 2024
Apr 2024
May 2024
Jun 2024
Jul 2024
Aug 2024
Sep 2024
Oct 2024
Nov 2024
Dec 2024
240
280
320
360
400
440
480
520
560
600
640
680
Jan 2024
Feb 2024
Mar 2024
Apr 2024
May 2024
Jun 2024
Jul 2024
Aug 2024
Sep 2024
Oct 2024
Nov 2024
Dec 2024
Low:
35.28
High:
52.12
Year end:
49.07
Low:
424.00
High:
647.00
Year end:
595.4
CH
F
SEK
31
ABB INTEGRATED REPORT 2024
Introduction
Value creation
Outputs and Outcomes
Good governance
Performance-based compensation
Appendix