This report does not constitute a rating action. Operating performance will likely remain strong in 2026 and 2027. Allegion PLC recently reported its third quarter results for 2026 and slightly raised its guidance. S&P Global Ratings now expects 2026 earnings to exceed prior expectations, with revenues increasing about 10% to almost $4.5 billion, compared with prior expectation of a 7%-8% increase. At the same time, we expect S&P Global Ratings-adjusted EBITDA margins to increase to about 27% in 2026, compared with our prior expectation of around 26%. Allegion’s performance in the first nine months of 2026 and updated guidance support this revision. We expect Allegion to benefit from contributions from recent acquisitions (Door Components Inc. and Overly Door Co.), higher
