Kvartalsrapport Q1 2023

Automatiskt nyckeltalsindex

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===== SIDA 1 =====

— 
ZURICH, SWITZERLAND, APRIL 25, 2023 
Q1 2023 results 
Strong start to the year 
 
• Orders $9,450 million, +1%; comparable1 +9%  
• Revenues $7,859 million, +13%; comparable +22%  
• Income from operations $1,198 million; margin 15.2%  
• Operational EBITA1 $1,277 million; margin1 16.3% 
• Basic EPS $0.56; +78%2 
• Cash flow from operating activities4 $282 million
— 
“ABB had a strong start to the year, with a positive  development in most measures, 
including cash flow. This gives us the confidence to raise our 2023 guidance.” 
Björn Rosengren, CEO 
KEY FIGURES     
   CHANGE 
($ millions, unless otherwise indicated) Q1 2023 Q1 2022 US$ Comparable1 
Orders 9,450 9,373 1% 9% 
Revenues 7,859 6,965 13% 22% 
Gross Profit  2,716 2,281 19%  
as % of revenues  34.6% 32.7% +1.9 pts  
Income from operations  1,198 857 40%  
Operational EBITA 1 1,277 997 28% 33% 3  
as % of operational revenues1 16.3% 14.3% +2 pts  
Income from continuing operations, net of tax  1,065 643 66%  
Net income attributable to ABB  1,036 604 72%  
Basic earnings per share ($)  0.56 0.31 78%2  
Cash flow from operating activities 4 282 (573) n.a.  
      
1 For a reconciliation of non-GAAP measures, see “supplemental reconciliations and definitions” in the attached Q1 2023 Financial Information. 
2 EPS growth rates are computed using unrounded amounts. 
3 Constant currency (not adjusted for portfolio changes). 
4 Amount represents total for both continuing and discontinued operations. 
 
Ad hoc Announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange 
 
 
— 
Q1 2023 
First three months 
Press Release

===== SIDA 2 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  2 
 
Customer activity was strong in the first quarter. Despite a 
very high comparable from last year, we increased order 
intake by 1% (9% comparable), with a positive development 
in three out of four business areas. While Robotics & 
Discrete Automation improved orders sequentially, it 
declined from last year’s high level which benefited from 
pre-buys in a period of significant component shortages. 
Particularly strong momentum was noted in Process 
Automation with orders reaching the highest level in recent 
history. A positive underlying momentum was noted also in 
all three regions. 
Just like in the previous quarter, we did not face significant 
supply chain constraints, hence we converted backlog into 
customer deliveries. Revenue growth was strong at 13% 
(22% comparable), with double-digit comparable increases 
in all business areas. The impacts from robust development 
in both pricing and volumes more than offset the notable 
adverse impact from changes in exchange rates. Despite 
strong revenue growth we built order backlog, with book-
to-bill at 120%. 
I was pleased about the operational execution of the 
increased revenues. We improved the Operational EBITA by 
28% to $1,277 million and the margin was up by 200 basis 
points to 16.3%. This is the strongest first quarter result in 
many years.  
On top of the strong operational performance, net income 
was additionally supported by net positive tax impacts of 
approximately $200 million linked to a favorable resolution 
of certain prior year tax matters, mainly related to the 
divestment of the Power Grids business. 
It was good to see our cash flow improve from last year by 
$855 million, in line with our expectations. Cash flow from 
operating activities of $282 million was strong for a first 
quarter, and set us off to a robust start for what I expect 
will be a good cash delivery this year. I feel confident that 
our balance sheet will be strong enough to support both 
organic and acquired growth, a rising, sustainable dividend 
per share over time and utilizing share buybacks as a means 
to return excess cash to our shareholders. In early April, we 
launched our new share buyback program of up to $1 
billion, which will run until March 2024.  
In February, we published our first integrated report, 
including our 2022 sustainability report showing solid 
progress toward our 2030 goals. One highlight to mention 
is that we reduced our own greenhouse gas emissions by 
43%, a total reduction of 65% from the 2019 baseline. 
  
Furthermore, we defined a new emissions reduction target 
for our supply chain, covering suppliers that account for 
70% of our procurement spend. We have continued our 
work to strengthen ABB’s circularity approach by defining 
clear key performance indicators for every stage of the 
product life cycle, from design to end-of-life. The largest 
positive environmental impact we can make is through 
providing our customers with resource-efficient products 
and the demand for clean energy and efficiency is broad 
and long-term.  
After having been listed on the New York Stock Exchange 
(NYSE) since 2001, we have decided to delist and plan to 
eventually deregister with the SEC. The main reason being 
that the access to international equity markets has 
increased since our listing, through digital trading on 
multiple platforms. Consequently, we no longer see the 
need to be listed on as many as three equity capital 
markets. We plan to delist our American Depositary 
Receipts (ADRs) on or around May 23, 2023, and as from the 
time of delisting, the ABB ADRs will instead be converted to 
a sponsored Level I program. This still gives US investors 
the ability to invest in ABB through ADRs. The ABB shares 
will remain listed on the SIX Swiss Exchange and the 
Swedish Nasdaq exchange due to the company’s heritage. 
The delisting and planned deregistration in the US would be 
yet another step towards further simplification and 
efficiency at ABB. 
I want to emphasize that we remain as committed to the 
US-market, which represented 24% of our revenues in 2022. 
The United States is critical to ABB’s success, and 
approximately 85% of ABB’s sales in the US are from 
products produced locally. To support future success, we 
are currently investing approximately $170 million in our US 
facilities to meet increasing demand for clean energy and 
automation.  
 
 
Björn Rosengren 
CEO 
 
 
In the second quarter of 2023, we anticipate double-digit 
comparable revenue growth to support an improvement in 
the Operational EBITA margin, year-on-year. 
In full-year 2023, despite current market uncertainty, we 
anticipate comparable revenue growth to be at least 10% 
and we expect to improve Operational EBITA margin, year-
on-year.   
 
CEO summary 
 
Outlook

===== SIDA 3 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  3  
 
In the first quarter, a robust customer activity resulted in an 
order intake of $9,450 million, representing an increase of 
1% (9% comparable) from last year’s high level. The 
strongest order momentum was noted in the late-cyclical 
process industry-related business segments.  
Order intake improved in three out of four business areas. 
Process Automation increased orders by 25% (55% 
comparable) supported by a strong general demand 
pattern as well as by timing of larger project orders, and 
additionally by the impact from the de-booking of 
approximately $190 million in last year’s period. 
Electrification orders were up by 1% (5% comparable) 
despite weakness in the residential construction market. 
Motion improved by 3% (8% comparable). In Robotics & 
Discrete Automation customers returned to a seemingly 
more normal order pattern, recovering from the previous 
quarter, although some hampering effect from customers 
outside of the automotive segment adjusting inventory 
levels was noted. In total, orders declined by 23% (20% 
comparable) from the high comparable last year.  
The automotive segment improved on EV-related 
investments, while softening demand was noted in the 
robotics consumer related segments.  
In transport & infrastructure, there was a positive 
development in marine & ports and renewables. In buildings 
there was weakness in all three regions in residential-related 
demand, while commercial construction was solid. 
Demand in the process-related business was strong across 
the board, with particular strength in oil & gas, and it held up 
well also for refining, water & wastewater, power generation 
and pulp & paper.  
Customer activity was high in all three regions. Orders in 
Europe increased by 1% (10% comparable), with growth rates 
reflecting the de-booking last year. The underlying business 
increased slightly, despite weakness in Germany. Asia, Middle 
East and Africa declined by 2% (up 11% comparable), 
although China declined by 12% (3% comparable). The Covid-
related implications in China eased quickly, and demand 
came off to a strong start early in the quarter with the 
additional timing related support from ordering ahead of the 
New Year celebrations in China, after which customer activity 
slowed somewhat from the record-high comparable last year. 
The Americas improved by 3% (5% comparable), weighed 
down by the United States which declined by 4% (3% 
comparable) from the challenging comparable in last year’s 
period.  
 
Orders and revenues  
 
-16%
-8%
0%
8%
16%
24%
32%
5,500
6,500
7,500
8,500
9,500
2021 2022 2023
Orders Comparable growth %
Orders
$ in millions
 
0%
4%
8%
12%
16%
20%
24%
5,500
6,000
6,500
7,000
7,500
8,000
2021 2022 2023
Revenues Comparable growth %
Revenues
$ in millions
Growth 
  
 Q1 Q1 
Change year-on-year Orders Revenues 
Comparable 9% 22% 
FX -5% -6% 
Portfolio changes  -3% -3% 
Total 1% 13% 
 
Orders by region 
($ in millions, 
unless otherwise 
indicated) 
  CHANGE 
Q1 2023 Q1 2022 US$ Comparable  
Europe 3,582 3,534 1% 10% 
The Americas  2,985 2,897 3% 5% 
Asia, Middle East 
and Africa 2,883 2,942 -2% 11% 
ABB Group 9,450 9,373 1% 9% 
 
Revenues by region 
($ in millions, 
unless otherwise 
indicated) 
  CHANGE 
Q1 2023 Q1 2022 US$ Comparable  
Europe 2,872 2,518 14% 24% 
The Americas 2,653 2,169 22% 25% 
Asia, Middle East 
and Africa 2,334 2,278 2% 16% 
ABB Group 7,859 6,965 13% 22%

===== SIDA 4 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  4 
 
Gross profit 
Gross profit increased strongly by 19% (25% constant currency) 
to $2,716 million, supported by a significant gross margin 
improvement of 190 basis points to 34.6%. Gross margin 
improved in all business areas, with three showing significant 
increases.    
Income from operations 
Income from operations amounted to $1,198 million, 
representing a strong increase of 40% (46% constant 
currency), year-on-year. Compared with last year, earnings were 
mainly supported by the improved operational performance, 
with some additional tailwind from lower expenses related to 
both acquisition- and divestments and non-operational items. 
 
Operational EBITA 
The year-on-year improvement was driven by strong 
operational execution of the significantly higher volumes as 
well as benefits from successful price management with only a 
slight adverse impact from raw materials and freight costs. 
Price clearly more than offset higher labor costs. Selling, 
general and administrative expenses declined in relation to 
revenues to 17.0%, from 17.8% last year. The operational 
improvements more than offset the adverse impact from 
changes in exchange rates, resulting in an Operational EBITA of 
$1,277 million, an increase of 28% (33% constant currency) year-
on-year. Operational EBITA in Corporate and Other amounted 
to -$111 million, out of which -$28 million related to the E-
mobility business, which is reported as part of Group 
Corporate and Other as from this quarter. 
Net finance expenses 
Net finance expense was $21 million, somewhat lower than 
expected due to a reduction in certain income tax-related risks.   
Income tax 
Income tax expense was $119 million with an effective tax rate 
of 10.1%, including approximately 17% net benefit on the 
favorable resolution of a prior year tax matter relating to the 
divestment of the Power Grids business.  
Net income and earnings per share 
Net income attributable to ABB was $1,036 million and increased 
by 72%, driven primarily by improved operational performance 
and the benefit of the resolution of the prior year tax matter 
booked in the quarter. This resulted in basic earnings per share 
of $0.56, up from $0.31 last year.
 
 
Earnings 
 
2021 2022 2023
Basic EPS
$ per share
1.40
1.30
0.50
0.40
0.30
0.20
0.00
‡
1.50
‡
0.60
0.70
0.10
 
0%
5%
10%
15%
20%
2021 2022 2023
Operational EBITA
Income from operations
Operational EBITA margin %
Income from operations & Operational EBITA
$ in millions
3,000 
1,500 
1,000 
500 
0 
‡ ‡
 
25%
27%
29%
31%
33%
35%
37%
0
500
1,000
1,500
2,000
2,500
3,000
2021 2022 2023
Gross profit Gross margin (%)
Gross profit & Gross margin
$ in millions
 
 
 
Operational EBITA 
  
   
($ millions)  Q1 2023 Q1 2022 
Corporate and Other    
E-mobility (28) (2) 
Corporate costs, intersegment 
eliminations and other 1 (83) (32) 
Total (111) (34) 
1 Majority of which relates to underlying corporate

===== SIDA 5 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  5 
 
Net working capital 
Net working capital amounted to $4,164 million, 
increasing year-on-year from $3,461 million and 
sequentially from $3,216 million. The sequential increase 
was mainly driven by higher receivables triggered by 
high revenue growth and higher inventories on the back 
of continued strong order intake. That said, inventory 
volumes began to decline toward the end of the quarter. 
Net working capital as a percentage of revenues1 was 
13.9% up from 11.1%. 
Capital expenditures 
Purchases of property, plant and equipment and 
intangible assets amounted to $151 million.  
Net debt 
Net debt1 amounted to $3,826 million at the end of the 
quarter and increased from $2,772 million year-on-year, 
and sequentially from $2,779 million. The sequential 
increase was mainly driven by the initial dividend 
payments, partially offset by positive free cash flow 
during the period as well as the shares issued in our 
subsidiary ABB E-mobility to third parties in private 
placements of $341 million. 
Cash flows 
Cash flow from operating activities was $282 million and 
increased year-on-year from -$573 million. The 
improvement was driven by positive cash generation across 
all business areas on the back of higher earnings and a 
lower build-up of net working capital, year-on-year. It 
should also be noted that last year’s cash flow included a 
negative cash flow of approximately $170 million for income 
taxes related to business separations. 
Share buyback program 
ABB has completed its share buyback program that was 
launched in April 2022. Through this buyback program, ABB 
repurchased a total of 67,459,000 shares – equivalent to 
3.29% of its issued share capital at launch of the buyback 
program – for a total amount of approximately $2 billion. 
This included the remaining $1.2 billion of the $7.8 billion of 
cash proceeds from the Power Grids divestment. A new 
share buyback program of up to $1 billion was launched on 
April 3, 2023.
 
 
Balance sheet & Cash flow 
 
-8,500
-5,500
-2,500
500
2021 2022 2023
Net Cash (Net Debt) position
$ in millions
 
0%
100%
200%
300%
400%
2021 2022 2023
Free cash flow conversion to net income¹, R12M
($ millions,  
unless otherwise indicated)  
Mar. 31 
2023 
Mar. 31 
2022 
Dec. 31 
2022 
Short term debt and current 
maturities of long -term debt  3,433  3,114  2,535  
Long-term debt  5,230  6,171  5,143  
Total debt  8,663  9,285  7,678  
Cash & equivalents  3,438  5,216  4,156  
Restricted cash - current 19  30  18  
Marketable securities and  
short-term investments  1,380  967  725  
Restricted cash - non-current – 300  – 
Cash and marketable securities  4,837  6,513  4,899  
Net debt (cash)*  3,826  2,772  2,779  
     
Net debt (cash)* to EBITDA ratio  0.9  0.4  0.7  
Net debt (cash)* to Equity ratio  0.30  0.20  0.21  
* At Mar. 31, 2023, Mar. 31, 2022 and Dec. 31, 2022, net debt(cash) excludes net pension 
(assets)/liabilities of $(301) million $(13) million and $(114) million, respectively. 
 
 
-1,000
0
1,000
2,000
2021 2022 2023
Cash flow from operating activities
$ in millions

===== SIDA 6 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  6 
 
Orders and revenues 
Despite a very challenging comparable from last year, 
order intake increased by 1% (5% comparable) to  
$4,141 million, the highest quarterly level in several years. 
Strong orders added further to the order backlog, with 
book-to-bill at 115%. 
• Demand improved in all customer segments except for 
residential construction, which declined year-on-year in 
all three regions. Weakness in residential construction 
impacted primarily the Smart Buildings division, and to 
some extent also Installation Products, while the other 
divisions generally improved order intake at a double-
digit pace. 
 
• Orders increased by 4% (15% comparable) in Asia, 
Middle East and Africa, as the decline in China of 11% 
(4% comparable) was more than offset by a strong 
development elsewhere in the region. Europe improved 
by 1% (5% comparable), as a solid development in a 
majority of the markets more than offset a low single-
digit decline in Germany. The Americas declined slightly 
by 1% (1% comparable), weighed down by a 6% drop in 
the United States. 
 
• Revenues increased by 11% (16% comparable) to the 
highest level in many years, with strong developments 
in both pricing and volume, supported by solid market 
demand and execution of the order backlog.  
 
• This was the first quarter when the E-mobility business 
was not reported as part of the business area. In 
preparation of the planned separate listing and new 
governance structure, E-mobility is now reported in 
Corporate and Other. 
Profit 
Both earnings and margin reached their highest levels in recent 
history. Operational EBITA amounted to $677 million, up 32% 
year-on-year, and the Operational EBITA margin reached 19.0%, 
representing a 310 basis points improvement. 
• The impacts from operational leverage on increased volumes 
and strong pricing activities, in combination with lower costs 
related to raw materials and freight, more than offset a 
slight negative divisional and geographical mix in revenues, 
as well as the adverse impacts from changes in exchange 
rates. 
 
• Margins improved in all divisions except in Smart Buildings 
where profitability was slightly hampered due to the 
weakness in residential construction demand. 
 
— 
Electrification 
Growth 
  
 Q1 Q1 
Change year-on-year Orders Revenues 
Comparable 5% 16% 
FX -4% -5% 
Portfolio changes  0% 0% 
Total 1% 11% 
 
 
 
10,000
12,000
14,000
16,000
2,500
3,000
3,500
4,000
4,500
2021 2022 2023
Orders
Revenues
Orders 12M rolling
Orders and Revenues
$ in millions
12M $ in 
millions
 
0%
5%
10%
15%
20%
0
150
300
450
600
750
2021 2022 2023
Operational EBITA
Income from operations
Operational EBITA margin %
Income from operations & Operational EBITA
$ in millions
   CHANGE 
($ millions, unless otherwise indicated) Q1 2023 Q1 2022 US$ Comparable  
Orders 4,141 4,112 1% 5% 
Order backlog  7,101 5,946 19% 24% 
Revenues 3,590 3,236 11% 16% 
Operational EBITA  677 512 32%  
as % of operational revenues  19.0% 15.9% +3.1 pts  
Cash flow from operating activities  395 87 354%  
No. of employees (FTE equiv.)  51,130 49,650

===== SIDA 7 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  7 
 
Orders and revenues 
Order intake of $2,262 million reached the highest level in 
several years, up by 3% (8% comparable) from last year’s 
high comparable. Notably, the order intake increased also 
when separating out the impact of larger project orders. 
Book-to-bill was 117%, expanding the order backlog to 
$5,102 million.  
• Positive developments for the energy efficiency-related 
drives business, the e-mobility Traction division and the 
Service division supported the strong overall order 
growth, while the low voltage motor divisions declined 
from last year’s very high levels. 
• In total, customer activity improved in all segments, 
except for weakness in the HVAC business due to softer 
construction demand.   
• Order intake increased in Europe by 6% (11% 
comparable), despite a double-digit decline in Germany. 
Asia, Middle East and Africa was up by 2% (11% 
comparable), as a slight decline in China was more than 
offset by good momentum elsewhere in the region. The 
Americas was stable (1% comparable), including a slight 
increase of 2% (2% comparable) in the United States. 
• Strong revenue growth of 23% (29% comparable) 
supported by execution of the order backlog resulted 
in the highest revenues since the formation of the 
Motion business area. Significant support from both 
increased volumes and robust price development. 
Profit  
Operational EBITA of $366 million and Operational 
EBITA margin of 18.9% reached their highest levels in 
several years. 
• Positive earnings and margin impact from earlier 
implemented price actions were the main drivers to 
the year-on-year improvement. 
• Efficient execution of increased volumes, supported 
by deliveries from the order backlog, contributed 
significantly. 
• The margin was somewhat supported by a positive 
divisional mix as the drives and service businesses 
represented a slightly larger proportion of revenues, 
year-on-year. 
 
 
6,000
6,500
7,000
7,500
8,000
8,500
500
1,000
1,500
2,000
2,500
2021 2022 2023
Orders
Revenues
Orders 12M rolling
Orders and Revenues
$ in millions
12M $ in 
millions
 
0%
5%
10%
15%
20%
25%
2021 2022 2023
Operational EBITA
Income from operations
Operational EBITA margin %
Income from operations & Operational EBITA
$ in millions
2,400 
400 
300 
200 
100 
0 
‡‡
2,500 
— 
Motion 
   CHANGE 
($ millions, unless otherwise indicated) Q1 2023 Q1 2022 US$ Comparable  
Orders 2,262 2,202 3% 8% 
Order backlog  5,102 4,317 18% 22% 
Revenues 1,940 1,572 23% 29% 
Operational EBITA  366 274 34%  
as % of operational revenues  18.9% 17.4% +1.5 pts  
Cash flow from operating activities  149 (2) n.a.  
No. of employees (FTE equiv.)  21,000 20,330   
 
Growth 
  
 Q1 Q1 
Change year-on-year Orders Revenues 
Comparable 8% 29% 
FX -5% -7% 
Portfolio changes  0% 1% 
Total 3% 23%

===== SIDA 8 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  8 
 
Orders and revenues 
Driven by a strong underlying customer activity across the 
segments, as well as by supportive timing of some project 
orders, the orders increased by 25% (55% comparable) to 
$2,113 million - the highest quarterly level in recent history. 
The order backlog increased to $6,893 million.  
• All divisions reported order growth of more than 15% 
(+20% comparable) year-on-year. Momentum was 
particularly strong in the Energy Industries division, 
including high activity related to new energy sources such 
as hydrogen, which admittedly still is a small part of the 
total but growing at a high pace.   
• Europe improved by 44% (88% comparable), with growth 
rates positively impacted by the order de-booking of 
approximately $190 million in last year’s period. Asia, 
Middle East and Africa was up by 5% (34% comparable), 
with strong contribution from China at 16% (52% 
comparable). The Americas was up by 29% (47% 
comparable), including an overall decline in the United 
States of 9% (up 6% comparable). 
• Total revenue growth was hampered primarily by the absence of 
the Turbocharging division (Accelleron) which was spun-off in 
2022. That aside, a strong customer activity and deliveries from 
the order backlog resulted in revenues of $1,436 million, down in 
total by 5% (up 15% comparable), year-on-year.   
 
Profit 
Strong operational performance resulted in an Operational EBITA 
margin of 14.2%, up by 120 basis points year-on-year, more than 
offsetting the adverse margin impact of 140 basis points related 
to the exit of the high-margin Accelleron business.  
• Significant gross margin improvement was the main 
contributor to the strong operational performance. 
• Operational EBITA margin increased in all divisions except for a 
slight decline in Marine & Ports, which was somewhat 
impacted by an adverse mix due to lower share of revenues 
stemming from the arctic marine propulsion business.  
• All divisions were well into double-digit margin territory. 
Particularly strong year-on-year improvement was noted in 
Measurement & Analytics which benefited from a positive 
mix in deliveries.  
 
5,500
6,000
6,500
7,000
7,500
500
1,000
1,500
2,000
2,500
2021 2022 2023
Orders
Revenues
Orders 12M rolling
Orders and Revenues
$ in millions
12M $ in 
millions
 
0%
5%
10%
15%
20%
0
50
100
150
200
250
2021 2022 2023
Operational EBITA
Income from operations
Operational EBITA margin %
Income from operations & Operational EBITA
$ in millions
— 
Process Automation 
   CHANGE 
($ millions, unless otherwise indicated) Q1 2023 Q1 2022 US$ Comparable  
Orders 2,113 1,692 25% 55% 
Order backlog  6,893 6,190 11% 21% 
Revenues 1,436 1,506 -5% 15% 
Operational EBITA  205 196 5%  
as % of operational revenues  14.2% 13.0% +1.2 pts  
Cash flow from operating activities  112 60 87%  
No. of employees (FTE equiv.)  20,500 21,920   
 
Growth 
  
 Q1 Q1 
Change year-on-year Orders Revenues 
Comparable 55% 15% 
FX -7% -5% 
Portfolio changes  -23% -15% 
Total 25% -5%

===== SIDA 9 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  9 
 
Orders and revenues 
Order intake amounted to $1,001 million, declining by 
23% (20% comparable) from the high order level last 
year, which benefitted from pre-buys in a period of a 
strained supply chain. While orders increased from the 
fourth quarter, somewhat of a hampering effect from 
customers outside of the automotive segment 
adjusting inventory levels was noted, particularly in 
China.  
• Orders declined at a double-digit rate in both 
divisions and all regions. In total, book-to-bill was 
107% and order backlog increased to $2,782 million. 
• Orders were positively impacted by favorable 
development in the automotive segment. This was 
however offset by declines across other segments 
and primarily for machine builders, from last year’s 
very high level.  
 
 
 
 
• With no material supply chain constraints, execution 
of the order backlog supported the strong revenue 
growth of 28% (35% comparable). Both divisions 
benefitted from strong double-digit comparable 
growth, with contribution from both higher volumes 
and solid pricing actions. 
Profit 
Operational EBITA close to tripled year-on-year and 
amounted to $140 million, supported by higher 
production output and favorable business mix, which 
triggered an 820 basis point margin improvement to 
14.9%. 
• Significantly higher volumes in production improved 
cost absorption and were the main driver in the 
strong earnings increase. 
• Strong contribution from earlier implemented price 
actions.  
 
2,500
3,000
3,500
4,000
4,500
350
600
850
1,100
1,350
2021 2022 2023
Orders
Revenues
Orders 12M rolling
Orders and Revenues
$ in millions
12M $ in 
millions
— 
Robotics & Discrete Automation 
   CHANGE 
($ millions, unless otherwise indicated)  Q1 2023 Q1 2022 US$ Comparable  
Orders 1,001 1,308 -23% -20% 
Order backlog  2,782 2,495 12% 16% 
Revenues 937 730 28% 35% 
Operational EBITA  140 49 186%  
as % of operational revenues  14.9% 6.7% +8.2 pts  
Cash flow from operating activities  130 (29) n.a.  
No. of employees (FTE equiv.)  10,850 10,690   
 
Growth 
  
 Q1 Q1 
Change year-on-year Orders Revenues 
Comparable -20% 35% 
FX -3% -7% 
Portfolio changes 0% 0% 
Total -23% 28% 
 
 
 
0%
5%
10%
15%
0
40
80
120
160
2021 2022 2023
Operational EBITA
Income from operations
Operational EBITA margin %
Income from operations & Operational EBITA
$ in millions

===== SIDA 10 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  10  
 
Quarterly highlights 
 
• ABB’s production site in Xiamen – which covers 
425,000 m2 and employs over 3,000 people – has 
reduced its CO2 equivalent (CO2e) emissions by 13,400 
tons as part of ABB’s global Mission to Zero program. 
This year, Xiamen will be opening its doors to 
customers and other manufacturers in China to 
showcase how its smart digital technology has been 
applied to decarbonize and reduce scope 2 emissions 
and help them achieve similar results.  
 
• ABB launched its new film series: Unstoppable. This 
series aims to promote diversity and profiles three 
remarkable female leaders in the mining, pulp & paper, 
and metals industries. Unstoppable highlights the 
inspiring stories of three women who have broken 
down barriers and made significant contributions to 
their respective industries. Through this series, ABB 
aims to raise awareness of the importance of diversity 
and inclusion; and encourage more women to pursue 
careers in STEM fields. 
 
• On March 8, 2022, CEO – Björn Rosengren signed 
ABB’s commitment to UN’s Women Empowerment’s 
Principles (WEPs). The UN WEPs are a powerful vehicle 
for corporate delivery on the gender equality 
dimension of the 2030 agenda and the UN Sustainable 
Development Goals. Following the commitment, in 
March 2023, the WEPs were witnessed in action 
through organization-wide participation in numerous 
activities and events – such as panel discussions with 
leadership on the commitment, mastering the Open 
Job Market and global engagement in the social 
media campaign #ABBsolutelyUnited, to name a few.  
 
• Tarkett’s vinyl flooring factory in Ronneby, Sweden, is 
using ABB data insights and service expertise to save 
800 megawatt-hours (MWh) of energy per year from 
their motor-driven systems. With the data gathered 
through the ABB Ability™ Digital Powertrain Energy 
Appraisal solution, ABB identified that upgrading 10 
motors to IE5 SynRM technology would boost efficiency 
from 80% to 95%. With the current energy prices, the 
payback period would be only 18 months or less. 
 
• ABB has been recognized for its global leadership in 
corporate sustainability as the company has been 
named on CDP’s this years’ Supplier Engagement 
Leaderboard, being among the top 8% of the assessed 
companies for supplier engagement on climate change, 
based on ABB’s 2022 CDP disclosure. 
 
Story of the quarter 
• Research shows that businesses around the world 
remain concerned about the impacts of energy 
security and prices, which could be a catalyst for a 
range of environmental, social and economic ripple 
effects. According to ABB Electrification’s Energy 
Insights survey of 2,300 leaders from small and large 
businesses across a range of sectors, 92% of 
respondents feel that the continuing instability of 
energy is threatening their profitability and 
competitiveness. Energy costs and insecurity are 
having a significant impact on the workforce with 
decreased investment in employees. Business leaders 
are also concerned about potential impacts of 
meeting their sustainability targets. 
 
0
150
300
450
600
750
0
50
100
150
200
2021 2022 2023
Ktons of CO₂ equivalent emissions (Scope 1&2)
Ktons of CO₂ equivalent emissions (Scope 1&2), R12M
Scope 1&2
Ktons Ktons, R12M
CO2e
 
0.00
0.05
0.10
0.15
0.20
2021 2022 2023
LTIFR,  frequency/200,000 working hours
LTIFR,  frequency/200,000 working hours, R12M
Lost Time Injury Frequency Rate
LTIFR
— 
Sustainability 
 Q1 2023 Q1 2022 CHANGE 12M ROLLING  
CO₂e own operations emissions,  
Ktons scope 1 and 2 1 50 96 -48% 221 
Lost Time Injury Frequency Rate (LTIFR),  
frequency / 200,000 working hours 2 0.15 0.18 -13% 0.14 
Share of females in senior management  
positions, %  19.0 16.9 +2.1 pts 17.6 
      
1 CO₂ equivalent emissions from site, energy use, SF₆ and fleet, previous quarter 
2 Current quarter Includes all incidents reported until April 5, 2023 
 
Q1 outcome 
• 48% reduction of CO₂ e emissions in own operations  mainly 
driven by shifting to green electricity in our operations . 
• 13% decrease in LTIFR due to a decrease in incidents in 
absolute numbers. 
• 2.1%-points increase in share of women in senior 
management, demonstrating progress towards our target .

===== SIDA 11 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  11  
 
During Q1 2023 
 
• On January 20, ABB announced it had reached an 
agreement to sell its Power Conversion division to AcBel 
Polytech Inc. for $505 million in cash. The transaction is 
subject to regulatory approvals and is expected to be 
completed in the second half of 2023. Upon closing, ABB 
expects to record a small non-operational book gain in 
Income from operations on the sale. 
• On February 1, ABB announced its E-mobility business 
had signed an agreement with four minority investors 
to raise an additional CHF325 million in funds in 
exchange for approximately a 12% shareholding in the 
company. The transaction represents the final part of 
ABB E-mobility’s pre-IPO funding tranche through newly 
issued shares. Through the private placement, a total of 
approximately CHF525 million has been raised for 
approximately a 20% shareholding in ABB’s E-mobility 
business, which will be used to continue the execution 
of its growth strategy, driven by both organic and M&A 
investments in hardware and software. 
• On March 23, at ABB’s Annual General Meeting, Denise 
C. Johnson was elected as a new member to the Board 
while Satish Pai did not stand for re-election. 
 
 
 
 
 
• On March 31, ABB announced its E-mobility business is 
taking additional strategic steps to further increase 
customer focus by driving growth in the three customer-
centric business lines of public, transit & fleet and home & 
work. Supporting this strategy evolution, changes in the 
company’s leadership were announced and Michael 
Halbherr, with his strong background in software and high-
tech industries, will take on the role of Executive Chairman 
and interim-CEO. 
 
After Q1 2023 
 
• On April 3, ABB launched its previously announced new 
share buyback program of up to $1 billion. The maximum 
number of shares that may be repurchased under this new 
program on any given trading day is 762,196. 
• On April 25, ABB announced it plans to delist its American 
Depositary Receipts (ADRs) from the New York Stock 
Exchange (NYSE), and ultimately to seek to deregister its 
ADRs and the underlying shares under the US Securities Act 
of 1934 (the Exchange Act). In connection with the delisting 
of its ADRs from the NYSE, ABB intends to convert its 
current sponsored Level II ADR program into a sponsored 
Level I ADR program, which would give US investors a 
continued investment option, in addition to the ordinary 
ABB share. The company’s shares will remain listed on the 
SIX Swiss Exchange (SIX) and the Swedish Nasdaq 
exchange due to the company’s heritage. 
 
In 2022, demand for ABB’s offering increased strongly 
year-on-year, supported by most customer segments and 
across all regions. Orders amounted to $33,988 million 
and improved by 7% (16% comparable). 
Revenues amounted to $29,446 million up by 2% (12% 
comparable), year-on-year. Customer deliveries were 
impacted by component constraints in the first half, but 
shortages progressively eased throughout the year. As a 
result, the book-to-bill ratio amounted to 1.15 in 2022. 
Income from operations amounted to $3,337 million down 
from $5,718 million in the year-earlier period. Results in 
2022 included a charge triggered by the exit of the legacy 
full-train retrofit business in non-core operations as well 
as a provision related to the legacy Kusile project in South 
Africa awarded in 2015. Results in 2021 included a book 
gain of $2.2 billion related to the divestment of the 
Mechanical Power Transmission business. 
Operational EBITA improved by 9% year-on-year to 
$4,510 million and the Operational EBITA margin increased 
by 110 basis points to 15.3%, achieving the margin target of 
at least 15% already one year earlier than expected. 
Performance was driven by the positive impacts from 
strong pricing execution and higher volumes, which more 
than offset cost inflation in raw materials, freight and labor. 
Additionally, Corporate and Other Operational EBITA 
improved by $169 million to -$169 million, partly due to 
higher real estate gains and a better non-core result. 
The net finance expenses declined $39 million to 
$58 million, roughly offsetting the decline in non-
operational pension credits of $51 million to $115 million 
compared to the same period last year. 
Income tax expense was $757 million with a tax rate of 
22.3%, including approximately 3% net adverse impact 
primarily related to adverse impacts from non-
deductible non-operational charges as well as a positive 
impact related to a release of a valuation allowance on 
deferred tax assets due to the  improved business 
performance mainly related to the US. 
Net income attributable to ABB was $2,475 million and 
decreased by 46%. Basic earnings per share was $1.30 
and decreased by 43%.  
 
Significant events 
 
Full year 2022

===== SIDA 12 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  12  
 
 
Acquisitions  Company/unit  Closing date  Revenues, $ million 1 No. of employees  
2022     
Motion PowerTech Converter business  1-Dec ~60 300 
Electrification  ASKI Industrie Elektronik GmbH  3-Oct ~2 16 
Electrification  Numocity Technologies Private Ltd. (majority stake)  22-Jul <1 20 
 
 
Acquisitions and divestments, last twelve months 
ABB Group Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 
EBITDA, $ in million  1,067 794 906 1,384 4,151 1,389 
Return on Capital Employed, %  n.a. n.a. n.a. n.a. 16.50 n.a. 
Net debt/Equity  0.20 0.34 0.34 0.21 0.21 0.30 
Net debt/ EBITDA 12M rolling  0.4 0.7 0.7 0.7 0.7 0.9 
Net working capital, % of 12M rolling revenues  12.1% 12.8% 11.7% 11.1% 11.1% 13.9% 
Earnings per share, basic, $ 0.31 0.20 0.19 0.61 1.30 0.56 
Earnings per share, diluted, $  0.31 0.20 0.19 0.60 1.30 0.55 
Dividend per share, CHF  n.a. n.a. n.a. n.a. 0.84 n.a. 
Share price at the end of period, CHF 1 29.12 24.57 24.90 28.06 28.06 31.37 
Share price at the end of period, $ 1 30.76 25.43 24.41 30.46 30.46 34.30 
Number of employees (FTE equivalents)  104,720 106,380 106,830 105,130 105,130 106,170 
No. of shares outstanding at end of period (in millions)  1,929 1,892 1,875 1,865 1,865 1,862 
1 Data prior to October 3, 2022, has been adjusted for the Accelleron spin-off (Source: FactSet). 
 
 
Additional figures 
Divestments  Company/unit  Closing date  Revenues, $ million 1 No. of employees  
2022     
 Hitachi Energy JV (Power Grids, 19.9% stake)  28-Dec   
 
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 2023 guidance 
($ in millions, unless otherwise stated)  FY 20231 Q2 2023 
Corporate and Other Operational 
EBITA2 
~(300) ~(75) 
unchanged   
Non-operating items    
  
Acquisition-related amortization  ~(220) ~(55) 
unchanged   
Restructuring and related 3 ~(150) ~(40) 
unchanged   
ABB Way transformation  ~(180) ~(40) 
unchanged   
 
($ in millions, unless otherwise stated)  FY 2023 
Net finance expenses  ~(150) 
unchanged  
Effective tax rate  ~21% 4  
from ~25%  
Capital Expenditures  ~(800) 
unchanged  
  
  
  
  
 
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 costs. 
4 Includes net positive tax impact of $206 million linked to a favorable resolution of certain prior year tax matters in Q1 2023 but excludes the impact of acquisitions or 
divestments or any significant non-operational items.

===== SIDA 13 =====

A BB I NT ER IM R EPO RT  I Q1  2 023  13  
 
This press release includes forward-looking information 
and statements as well as other statements concerning 
the outlook for our business, including those in the 
sections of this release titled “CEO summary,” 
“Outlook,” “Earnings,” “Balance sheet & cash flow,” 
“Sustainability” and “Significant events”. These 
statements are based on current expectations, 
estimates and projections about the factors that may 
affect our future performance, including global 
economic conditions, the economic conditions of the 
regions and industries that are major markets for ABB. 
These expectations, estimates and projections are 
generally identifiable by statements containing words 
such as “anticipates,” “expects,” “estimates,” “plans,” 
“targets,” “likely” or similar expressions. However, there 
are many risks and uncertainties, many of which are 
beyond our control, that could cause our actual results 
to differ materially from the forward-looking 
information and statements
made in this press release and which could affect our 
ability to achieve any or all of our stated targets. Some 
important factors that could cause such differences 
include, among others, business risks associated with 
the volatile global economic environment and political 
conditions, costs associated with compliance activities, 
market acceptance of new products and services, 
changes in governmental regulations and currency 
exchange rates and such other factors as may be 
discussed from time to time in ABB Ltd’s filings with the 
U.S. Securities and Exchange Commission, including its 
Annual Reports on Form 20-F. Although ABB Ltd believes 
that its expectations reflected in any such forward 
looking statement are based upon reasonable 
assumptions, it can give no assurance that those 
expectations will be achieved. 
 
 
The Q1 2023 results press release and presentation 
slides are available on the ABB News Center at 
www.abb.com/news and on the Investor Relations 
homepage at www.abb.com/investorrelations.  
A conference call and webcast for analysts and investors 
is scheduled to begin today at 10:00 a.m. CET. 
To pre-register for the conference call or to join the 
webcast, please refer to the ABB website: 
www.abb.com/investorrelations.  
The recorded session will be available after the event on 
ABB’s website. 
 
 
Important notice about forward-looking information 
 
For additional information please contact: 
Media Relations 
Phone: +41 43 317 71 11 
Email: media.relations@ch.abb.com 
Investor Relations 
Phone: +41 43 317 71 11 
Email: investor.relations@ch.abb.com 
 
ABB Ltd 
Affolternstrasse 44 
8050 Zurich 
Switzerland 
 
 
Q1 results presentation on April 25, 2023 
ABB (ABBN: SIX Swiss Ex) 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 more than 130 years of excellence, 
ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation.  
 
Financial calendar 
2023  
July 20 Q2 2023 results 
October 18 Q3 2023 results 
November 30 Capital Markets Day in Frosinone, Italy

===== SIDA 14 =====

1 Q1 2023 FINANCIAL INFORMATION  
 
 
 
April 25, 2023 
Q1 2023  
Financial information

===== SIDA 15 =====

2 Q1 2023 FINANCIAL INFORMATION  
 
 
 
 
— 
Financial  Information 
Contents 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
03 ─ 05 Key Figures 
 
 
06 ─ 28 Consolidated  Financial  Information  (unaudited)  
  
 
29 ─ 38 Supplemental Reconciliations and Def initions

===== SIDA 16 =====

3 Q1 2023 FINANCIAL INFORMATION  
 
— 
Key Figures 
     CHANGE 
 ($ in millions, unless otherwise indicated) Q1 2023 Q1 2022 US$ Comparable(1) 
 Orders 9,450 9,373 1% 9% 
 Order backlog (end March) 21,607 18,901 14% 21% 
 Revenues 7,859 6,965 13% 22% 
 Gross Profit 2,716 2,281 19%  
  as % of revenues 34.6% 32.7% +1.9 pts  
 Income from operations 1,198 857 40%  
 Operational EBITA(1) 1,277 997 28% 33%(2) 
  as % of operational revenues(1) 16.3% 14.3% +2 pts  
 Income from continuing operations, net of tax  1,065 643 66%  
 Net income attributable to ABB 1,036 604 72%  
 Basic earnings per share ($) 0.56 0.31 78%(3)  
 Cash flow from operating activities (4) 282 (573) n.a.  
 Cash flow from operating activities in continuing operations 283 (564) n.a.  
(1) For a reconciliation of non-GAAP measures see “Supplemental Reconciliations and Definitions” on page 29. 
(2) Constant currency (not adjusted for portfolio changes). 
(3) EPS growth rates are computed using unrounded amounts. 
(4) Cash flow from operating activities includes both continuing and discontinued operations.

===== SIDA 17 =====

4 Q1 2023 FINANCIAL INFORMATION  
    CHANGE 
 ($ in millions, unless otherwise indicated) Q1 2023 Q1 2022 US$ Local Comparable 
 Orders  ABB Group 9,450 9,373 1% 6% 9% 
  Electrification 4,141 4,112 1% 5% 5% 
  Motion 2,262 2,202 3% 8% 8% 
  Process Automation 2,113 1,692 25% 32% 55% 
  Robotics & Discrete Automation 1,001 1,308 -23% -20% -20% 
  Corporate and Other  196 305 
   
  Intersegment eliminations (263) (246) 
 Order backlog (end March) ABB Group 21,607 18,901 14% 19% 21% 
  Electrification 7,101 5,946 19% 24% 24% 
  Motion 5,102 4,317 18% 22% 22% 
  Process Automation 6,893 6,190 11% 18% 21% 
  Robotics & Discrete Automation 2,782 2,495 12% 16% 16% 
  Corporate and Other    
   
  (incl. intersegment eliminations) (271) (47) 
 Revenues  ABB Group 7,859 6,965 13% 19% 22% 
  Electrification 3,590 3,236 11% 16% 16% 
  Motion 1,940 1,572 23% 30% 29% 
  Process Automation 1,436 1,506 -5% 1% 15% 
  Robotics & Discrete Automation 937 730 28% 35% 35% 
  Corporate and Other  169 114 
   
  Intersegment eliminations (213) (193) 
 Income from operations ABB Group 1,198 857    
  Electrification 655 481    
  Motion 353 254    
  Process Automation 200 151    
  Robotics & Discrete Automation 115 22    
  Corporate and Other   
   
  (incl. intersegment eliminations) (125) (51) 
 Income from operations % ABB Group 15.2% 12.3%    
  Electrification 18.2% 14.9%    
  Motion 18.2% 16.2%    
  Process Automation 13.9% 10.0%    
  Robotics & Discrete Automation 12.3% 3.0%    
 Operational EBITA ABB Group 1,277 997 28% 33%  
  Electrification 677 512 32% 38%  
  Motion 366 274 34% 40%  
  Process Automation 205 196 5% 11%  
  Robotics & Discrete Automation 140 49 186% 212%  
  Corporate and Other(1)      
  (incl. intersegment eliminations) (111) (34)    
 Operational EBITA %  ABB Group 16.3% 14.3%    
  Electrification 19.0% 15.9%    
  Motion 18.9% 17.4%    
  Process Automation 14.2% 13.0%    
  Robotics & Discrete Automation 14.9% 6.7%    
 Cash flow from operating activities ABB Group 282 (573)    
  Electrification 395 87    
  Motion 149 (2)    
  Process Automation 112 60    
  Robotics & Discrete Automation 130 (29)    
  Corporate and Other       
  (incl. intersegment eliminations) (503) (680)    
  Discontinued operations (1) (9)    
 
(1) Corporate and Other at Q1 2023 and Q1 2022 includes losses of $28 million and $2 million, respectively, relating to E-mobility.

===== SIDA 18 =====

5 Q1 2023 FINANCIAL INFORMATION  
Operational EBITA 
     Process Robotics & Discrete 
  ABB Electrification Motion Automation Automation 
 ($ in millions, unless otherwise indicated) Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 
 Revenues 7,859 6,965 3,590 3,236 1,940 1,572 1,436 1,506 937 730 
 Foreign exchange/commodity timing           
 differences in total revenues (16) (3) (22) (10) – 3 10 (1) 1 5 
 Operational revenues 7,843 6,962 3,568 3,226 1,940 1,575 1,446 1,505 938 735 
            
 Income from operations 1,198 857 655 480 353 254 200 151 115 22 
 Acquisition-related amortization 54 60 22 28 8 8 1 1 20 21 
 Restructuring, related and            
 implementation costs(1) 28 16 8 2 1 8 2 5 – 1 
 Changes in obligations related to            
 divested businesses 3 (14) – – – – – – – – 
 Acquisition- and divestment-related            
 expenses and integration costs 19 59 7 18 4 5 3 33 2 1 
 Certain other non-operational items (1) 34 3 3 2 – – – 2 – 
 Foreign exchange/commodity timing           
 differences in income from operations  (24) (15) (18) (19) (2) (1) (1) 6 1 4 
 Operational EBITA 1,277 997 677 512 366 274 205 196 140 49 
            
 Operational EBITA margin (%) 16.3% 14.3% 19.0% 15.9% 18.9% 17.4% 14.2% 13.0% 14.9% 6.7% 
(1) Includes impairment of certain assets. 
 
 
Depreciation and Amortization  
     Process Robotics & Discrete 
  ABB Electrification Motion Automation Automation 
 ($ in millions) Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 
 Depreciation 125 136 62 64 26 27 11 18 14 15 
 Amortization 66 74 27 34 10 9 2 3 20 21 
 including total acquisition-related amortization of: 54 60 22 28 8 8 1 1 20 21 
 
 
Orders received and revenues by region 
 ($ in millions, unless otherwise indicated) Orders received CHANGE Revenues CHANGE 
  
    Com-     Com- 
 Q1 23 Q1 22 US$ Local parable Q1 23 Q1 22 US$ Local parable 
 Europe 3,582 3,534 1% 7% 10% 2,872 2,518 14% 20% 24% 
 The Americas 2,985 2,897 3% 3% 5% 2,653 2,169 22% 23% 25% 
 of which United States 2,130 2,225 -4% -4% -3% 1,984 1,582 25% 26% 28% 
 Asia, Middle East and Africa 2,883 2,942 -2% 7% 11% 2,334 2,278 2% 12% 16% 
 of which China 1,355 1,537 -12% -5% -3% 1,155 1,100 5% 13% 16% 
 ABB Group 9,450 9,373 1% 6% 9% 7,859 6,965 13% 19% 22%

===== SIDA 19 =====

6 Q1 2023 FINANCIAL INFORMATION  
 
 
 
 
— 
Consolidated Financial Information 
 
 
 
 ABB Ltd Consolidated Income Statements (unaudited) 
      
      
    Three months ended 
 ($ in millions, except per share data in $)   Mar. 31, 2023 Mar. 31, 2022 
 Sales of products   6,644 5,749 
 Sales of services and other   1,215 1,216 
 Total revenues   7,859 6,965 
 Cost of sales of products   (4,418) (3,968) 
 Cost of services and other   (725) (716) 
 Total cost of sales   (5,143) (4,684) 
 Gross profit   2,716 2,281 
 Selling, general and administrative expenses    (1,339) (1,239) 
 Non-order related research and development expenses    (304) (277) 
 Other income (expense), net   125 92 
 Income from operations   1,198 857 
 Interest and dividend income   40 13 
 Interest and other finance expense   (61) (22) 
 Non-operational pension (cost) credit   7 36 
 Income from continuing operations before taxes    1,184 884 
 Income tax expense   (119) (241) 
 Income from continuing operations, net of tax    1,065 643 
 Loss from discontinued operations, net of tax    (5) (11) 
 Net income   1,060 632 
 Net income attributable to noncontrolling interests and redeemable noncontrolling interests   (24) (28) 
 Net income attributable to ABB   1,036 604 
      
 Amounts attributable to ABB shareholders:      
 Income from continuing operations, net of tax    1,041 615 
 Loss from discontinued operations, net of tax    (5) (11) 
 Net income   1,036 604 
      
 Basic earnings per share attributable to ABB shareholders:      
 Income from continuing operations, net of tax    0.56 0.32 
 Loss from discontinued operations, net of tax    – (0.01) 
 Net income   0.56 0.31 
      
 Diluted earnings per share attributable to ABB shareholders:      
 Income from continuing operations, net of tax    0.56 0.31 
 Loss from discontinued operations, net of tax    – (0.01) 
 Net income   0.55 0.31 
      
 Weighted-average number of shares outstanding (in millions) used to compute:      
 Basic earnings per share attributable to ABB shareholders    1,861 1,936 
 Diluted earnings per share attributable to ABB shareholders   1,874 1,953 
 Due to rounding, numbers presented may not add to the totals provided.     
      
 See Notes to the Interim Consolidated Financial Information

===== SIDA 20 =====

7 Q1 2023 FINANCIAL INFORMATION  
      
      
      
      
      
      
      
 —     
 ABB Ltd Condensed Consolidated Statements of Comprehensive 
 Income (unaudited) 
      
      
   Three months ended 
 ($ in millions)   Mar. 31, 2023 Mar. 31, 2022 
 Total comprehensive income, net of tax 1,153 577 
 
Total comprehensive income attributable to noncontrolling interests and 
redeemable noncontrolling interests, net of tax    (30) (23) 
 Total comprehensive income attributable to ABB shareholders, net of tax  1,123 554 
 Due to rounding, numbers presented may not add to the totals provided. 
       See Notes to the Interim Consolidated Financial Information

===== SIDA 21 =====

8 Q1 2023 FINANCIAL INFORMATION  
 —   
 ABB Ltd Consolidated Balance Sheets (unaudited)   
    
    
 ($ in millions) Mar. 31, 2023 Dec. 31, 2022 
 Cash and equivalents 3,438 4,156 
 Restricted cash 19 18 
 Marketable securities and short-term investments 1,380 725 
 Receivables, net 7,174 6,858 
 Contract assets 1,009 954 
 Inventories, net 6,269 6,028 
 Prepaid expenses 304 230 
 Other current assets 484 505 
 Current assets held for sale and in discontinued operations  615 96 
 Total current assets 20,692 19,570 
    
 Property, plant and equipment, net 3,888 3,911 
 Operating lease right-of-use assets 870 841 
 Investments in equity-accounted companies 153 130 
 Prepaid pension and other employee benefits 935 916 
 Intangible assets, net 1,285 1,406 
 Goodwill 10,381 10,511 
 Deferred taxes 1,381 1,396 
 Other non-current assets 454 467 
 Total assets 40,039 39,148 
    
 Accounts payable, trade 4,945 4,904 
 Contract liabilities 2,339 2,216 
 Short-term debt and current maturities of long -term debt 3,433 2,535 
 Current operating leases 228 220 
 Provisions for warranties 1,060 1,028 
 Dividends payable to shareholders 411 – 
 Other provisions 1,196 1,171 
 Other current liabilities 4,112 4,323 
 Current liabilities held for sale and in discontinued operations  225 132 
 Total current liabilities 17,949 16,529 
    
 Long-term debt 5,230 5,143 
 Non-current operating leases 666 651 
 Pension and other employee benefits 716 719 
 Deferred taxes 731 729 
 Other non-current liabilities 1,807 2,085 
 Non-current liabilities held for sale and in discontinued operations  20 20 
 Total liabilities 27,119 25,876 
    
 Commitments and contingencies   
    
 Redeemable noncontrolling interest 89 85 
    
 Stockholders’ equity:   
 Common stock, CHF 0.12 par value   
 (1,965 million shares issued at March 31, 2023, and December 31, 2022) 171 171 
 Additional paid-in capital 279 141 
 Retained earnings 19,411 20,082 
 Accumulated other comprehensive loss (4,469) (4,556) 
 Treasury stock, at cost   
 (103 million and 100 million shares at March 31, 2023, and December 31, 2022, respectively) (3,165) (3,061) 
 Total ABB stockholders’ equity 12,227 12,777 
 Noncontrolling interests 604 410 
 Total stockholders’ equity 12,831 13,187 
 Total liabilities and stockholders’ equity 40,039 39,148 
 Due to rounding, numbers presented may not add to the totals provided.   
 
   
 See Notes to the Consolidated Financial Information

===== SIDA 22 =====

9 Q1 2023 FINANCIAL INFORMATION  
 —   
 ABB Ltd Consolidated Statements of Cash Flows (unaudited) 
        
  Three months ended 
 ($ in millions) Mar. 31, 2023 Mar. 31, 2022 
 Operating activities:   
 Net income 1,060 632 
 Loss from discontinued operations, net of tax  5 11 
 Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
 Depreciation and amortization 191 210 
 Changes in fair values of investments (13) (24) 
 Pension and other employee benefits 1 (46) 
 Deferred taxes 25 (116) 
 Loss from equity-accounted companies 7 48 
 Net gain from derivatives and foreign exchange  (37) (28) 
 Net gain from sale of property, plant and equipment  (26) (32) 
 Other 27 36 
 Changes in operating assets and liabilities:   
 Trade receivables, net (366) (317) 
 Contract assets and liabilities 10 107 
 Inventories, net (264) (542) 
 Accounts payable, trade 27 7 
 Accrued liabilities (324) (390) 
 Provisions, net 40 (53) 
 Income taxes payable and receivable (115) 14 
 Other assets and liabilities, net 35 (81) 
 Net cash provided by (used in) operating activities – continuing operations 283 (564) 
 Net cash used in operating activities – discontinued operations (1) (9) 
 Net cash provided by (used in) operating activities  282 (573) 
     Investing activities:   
 Purchases of investments (660) (128) 
 Purchases of property, plant and equipment and intangible assets  (151) (187) 
 Acquisition of businesses (net of cash acquired) and increases in cost- and equity-accounted companies (19) (145) 
 Proceeds from sales of investments 20 305 
 Proceeds from sales of property, plant and equipment  31 35 
 Net cash from settlement of foreign currency derivatives  36 66 
 Other investing activities 7 10 
 Net cash used in investing activities – continuing operations (736) (44) 
 Net cash used in investing activities – discontinued operations (5) (21) 
 Net cash used in investing activities (741) (65) 
     Financing activities:   
 Net changes in debt with original maturities of 90 days or less  (714) 1,305 
 Increase in debt 1,633 2,542 
 Repayment of debt (36) (41) 
 Delivery of shares 95 370 
 Purchase of treasury stock (274) (1,561) 
 Dividends paid (1,294) (889) 
 Dividends paid to noncontrolling shareholders  (3) (1) 
 Proceeds from issuance of subsidiary shares  341 – 
 Other financing activities 12 (34) 
 Net cash provided by (used in) financing activities – continuing operations (240) 1,691 
 Net cash provided by financing activities – discontinued operations – – 
 Net cash provided by (used in) financing activities  (240) 1,691 
     Effects of exchange rate changes on cash and equivalents and restricted cash  (5) 4 
 Adjustment for the net change in cash and equivalents and restricted cash in Assets held for sale  (13) – 
 Net change in cash and equivalents and restricted cash  (717) 1,057 
     Cash and equivalents and restricted cash, beginning of period  4,174 4,489 
 Cash and equivalents and restricted cash, end of period  3,457 5,546 
     Supplementary disclosure of cash flow information:    
 Interest paid 48 9 
 Income taxes paid 207 340 
 Due to rounding, numbers presented may not add to the totals provided.   
 
 
   See Notes to the Consolidated Financial Information

===== SIDA 23 =====

10 Q1 2023 FINANCIAL INFORMATION  
 —         
 ABB Ltd Consolidated Statements of Changes in Stockholders’ Equity (unaudited) 
  
 
 
 
 
 
 
 
 
 ($ in millions) 
Common 
stock 
Additional 
paid-in 
capital 
Retained 
earnings 
Accumulated 
other 
comprehensive 
loss 
Treasury 
stock 
Total ABB  
stockholders’ 
equity 
Non- 
controlling 
interests 
Total 
stockholders’ 
equity 
          
 Balance at January 1, 2022 178 22 22,477 (4,088) (3,010) 15,579 378 15,957 
 Net income   604   604 28 632 
 Foreign currency translation         
 adjustments, net of tax of $0    (70)  (70) (5) (75) 
 Effect of change in fair value of         
 available-for-sale securities,         
 net of tax of $(3)    (12)  (12)  (12) 
 Unrecognized income (expense)         
 related to pensions and other         
 postretirement plans,         
 net of tax of $10    28  28  28 
 Change in derivative instruments         
 and hedges, net of tax of $2    4  4  4 
 Changes in noncontrolling interests  (10)    (10) (7) (17) 
 Dividends to         
 noncontrolling shareholders      – (3) (3) 
 Dividends to shareholders   (1,700)   (1,700)  (1,700) 
 Share-based payment arrangements  12    12  12 
 Purchase of treasury stock     (1,561) (1,561)  (1,561) 
 Delivery of shares  (26) (104)  500 370  370 
 Other  2    2  2 
 Balance at March 31, 2022 178 – 21,278 (4,138) (4,071) 13,247 391 13,638 
          
          
 Balance at January 1, 2023 171 141 20,082 (4,556) (3,061) 12,777 410 13,187 
 Net income(1)   1,036   1,036 25 1,061 
 Foreign currency translation         
 adjustments, net of tax of $(1)    79  79 6 85 
 Effect of change in fair value of         
 available-for-sale securities,         
 net of tax of $1    5  5  5 
 Unrecognized income (expense)         
 related to pensions and other         
 postretirement plans,         
 net of tax of $1    –  –  – 
 Change in derivative instruments         
 and hedges, net of tax of $0    3  3  3 
 Issuance of subsidiary shares  170    170 168 338 
 Other changes in         
 noncontrolling interests      – (1) (1) 
 Dividends to         
 noncontrolling shareholders      – (5) (5) 
 Dividends to shareholders   (1,706)   (1,706)  (1,706) 
 Share-based payment arrangements  22    22 1 23 
 Purchase of treasury stock     (253) (253)  (253) 
 Delivery of shares  (53)   148 95  95 
 Other  (2)    (2)  (2) 
 Balance at March 31, 2023 171 279 19,411 (4,469) (3,165) 12,227 604 12,831 
 
(1) Amounts attributable to noncontrolling interests for the three months ended March 31, 2023, exclude net losses of $1 million related to redeemable noncontrolling interests, 
which are reported in the mezzanine equity section on the Consolidated Balance Sheets. See Note 4 for details. 
 Due to rounding, numbers presented may not add to the totals provided. 
           
 See Notes to the Consolidated Financial Information

===== SIDA 24 =====

11 Q1 2023 FINANCIAL INFORMATION  
— 
Notes to the Consolidated Financial Information (unaudited) 
 
 
─ 
Note 1 
The Company and basis of presentation 
ABB Ltd and its subsidiaries (collectively, the Company) together form 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.  
The Company’s Consolidated Financial Information is prepared in accordance with United States of America generally accepte d accounting principles 
(U.S. GAAP) for interim financial reporting. As such, the Consolidated Financial Information does not include all the informa tion and notes required under 
U.S. GAAP for annual consolidated financial statements. Therefore, such finan cial information should be read in conjunction with the audited 
consolidated financial statements in the Company’s Annual Report for the year ended December  31, 2022. 
The preparation of financial information in conformity with U.S. GAAP requires management to make assumptions and estimates that directly  affect the 
amounts reported in the Consolidated Financial Information. These accounting assumptions and estimates include:  
• estimates to determine valuation allowances for deferred tax assets and amounts recorded for unrecognized tax benefits,  
• estimates related to credit losses expected to occur over the remaining life of financial assets such as trade and other rece ivables, loans and 
other instruments, 
• estimates used to record expected costs for employee severance in connection with restructuring programs,  
• estimates of loss contingencies associated with litigation or threatened litigation and other claims and inquiries, environmental damage s, 
product warranties, self-insurance reserves, regulatory and other proceedings,  
• assumptions and projections, principally related to future material, labor and project -related overhead costs, used in determining the 
percentage-of-completion on projects where revenue is recognized over time, as well as the amount of variable consideration the Company 
expects to be entitled to, 
• assumptions used in the calculation of pension and postretirement benefits and the fair value of pension plan assets,  
• assumptions used in determining inventory obsolescence and net realizable value,  
• growth rates, discount rates and other assumptions used to determine impairment of long -lived assets and in testing goodwill for 
impairment, 
• estimates and assumptions used in determining the fair values of assets  and liabilities assumed in business combinations,  and 
• estimates and assumptions used in determining the initial fair value of retained noncontrolling interest s and certain obligations in connection 
with divestments. 
The actual results and outcomes may differ from the Company’s estimates and assumptions. 
A portion of the Company’s activities (primarily long -term construction activities) has an operating cycle that exceeds one year. For classification of 
current assets and liabilities related to such activities, the Company elected to use the duration of the individual contracts as its operat ing cycle. 
Accordingly, there are accounts receivable, contract assets, inventories and provisions related to these contracts whic h will not be realized within one 
year that have been classified as current. 
Basis of presentation 
In the opinion of management, the unaudited Consolidated Financial Information contains all necessary adjustments to present fai rly the financial 
position, results of operations and cash flows for the reported periods. Management considers all such adjustment s to be of a normal recurring nature. 
The Consolidated Financial Information is presented in United States dollars ($) unless otherwise stated. Due to rounding, nu mbers presented in the 
Consolidated Financial Information may not add to the totals provided.  
Certain amounts reported in the Consolidated Financial Information for prior periods have been reclassified to conform to the  current year’s 
presentation. These changes relate primarily to the reorganization of the Company’s operating segments (see Note 16 for detai ls).

===== SIDA 25 =====

12 Q1 2023 FINANCIAL INFORMATION  
─ 
Note 2 
Recent accounting pronouncements 
Applicable for current periods 
Disclosure about supplier finance program obligations 
In January 2023, the Company adopted an accounting standard update which requires entities to disclose infor mation related to supplier finance 
programs. Under the update, the Company is required to disclose annually (i) the key terms of the program, (ii) the amount of the supplier finance 
obligations outstanding and where those obligations are presented in the balance sheet at the reporting date, and (iii)  a rollforward of the supplier 
finance obligation program within the reporting period. The Company  adopted this update retrospectively for all in-scope transactions, with the 
exception of the rollforward disclosures, which will be adopted prospectively for annual periods beginning January  1, 2024. Apart from the additional 
disclosure requirements, this update does not have a significant impact on the Company’s consolidated financial statements. 
The total outstanding supplier finance obligation included in “Accounts payable, trade” in the Consolidated Balance Sheets at March 31, 2023 and 
December 31, 2022, amounted to $460 million and $477 million, respectively. The Company’s payment terms related to suppliers’ finance programs are 
not impacted by the suppliers’ decisions to sell amounts under the arrangements and ar e typically consistent with local market practices.  
Facilitation of the effects of reference rate reform on financial reporting  
In January 2023, the Company adopted an accounting standard update which provides temporary optional expedients and exceptions to the current 
guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected marke t transition from the 
London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The Company is applying this standard update 
as relevant contract and hedge accounting relationship modifications are made during the course of the transition period ending December 31, 2024. 
This update does not have a significant impa ct on the Company’s consolidated financial statements.  
 
 
─ 
Note 3 
Discontinued operations and assets held for sale 
Divestment of the Power Grids business  
In 2020, the Company completed the divestment of its Power Grids business to Hitachi Ltd (Hitachi). Upon closing of the sale, the Company entered into 
various transition services agreements (TSAs), some of which continue to have services performed . Pursuant to these TSAs, the Company and Hitachi 
Energy provide to each other, on a transitional basis, various services. The services provided by the Company primarily include finance, information 
technology, human resources and certain other administrative services. The TSAs were to be performed for up to 3 years with the possibility to agree on 
extensions on an exceptional basis for business-critical services which are reasonably necessary to avoid a material adverse impact on the business.  The 
TSA for information technology services was extended until mid -2025. In the three months ended March 31, 2023 and 2022, the Company has recognized 
within its continuing operations, general and administrative expenses incurred to perform the TSAs, offset by $37 million and $38 million, respectively, in 
TSA-related income for such services that is reported in Other income  (expense), net. 
Discontinued operations 
As a result of the sale of the Power Grids business, substantially all Power Grids-related assets and liabilities have been sold. As this divestment 
represented a strategic shift that would have a major effect on the Company’s operations and financial results, th e results of operations for this 
business are presented as discontinued operations and the assets and liabilities are presented as held for sale and in discontinued operations.  Certain 
of the business contracts in the Power Grids business continue to be executed by subsidiaries of the Company for the benefit/ risk of Hitachi Energy. 
Assets and liabilities relating to, as well as the net financial results of, these contracts will continue to be included in discontinued operations until they 
have been completed or otherwise transferred to Hitachi Energy. The remaining business activities of the Power Grids business being executed by the 
Company is not significant. 
In addition, the Company also has retained obligations (primarily for environmental and taxes) related to other businesses di sposed or otherwise exited 
that qualified as discontinued operations at the time of their disposal. Changes to these retained obligations a re also included in Loss from 
discontinued operations, net of tax. 
At March 31, 2023, the balances reported as held for sale and in discontinued operations pertain ing to the activities of the Power Grids business and 
other obligations will remain with the Company until such time as the obligation s are settled or the activities are fully wound down. These balances 
amounted to $90 million of current assets, $122 million of current liabilities and $20 million of non-current liabilities. 
Planned business divestments classified as held for sale  
The Company classifies its long-lived assets or disposal groups to be sold as held for sale in the period in which all of the held for sale criteria are met.  
The Company initially measures a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less 
any costs to sell. Any resulting loss is recognized in the period in which the held for sale criteria are met , while gains are not recognized on the sale of a 
long-lived asset or disposal group until the date of sale. The Company assesses the fair value of a long -lived asset or disposal group less any costs to sell 
at each reporting period and until the asset or disposal group is no longer classified as held for sale.  
In January 2023, the Company entered into an agreement to divest its Power Conversion Division to AcBel Polytech Inc . for cash proceeds of $505 million. 
The Power Conversion Division is part of the Company’s Electrification operating segment and the divestment, subject to regulatory approvals, is 
expected to be completed in the second half of 2023.

===== SIDA 26 =====

13 Q1 2023 FINANCIAL INFORMATION  
As this planned divestment does not qualify as a discontinued operation, the results of operations for this business are incl uded in the Company’s 
continuing operations for all periods presented. The assets and liabilities of this business are shown as assets and liabilit ies held for sale in the 
Company’s Consolidated Balance Sheet at March 31, 2023. The carrying amounts of the major classes of assets and liabilities held for sale relating to this 
planned divestment are as follows: 
 ($ in millions)  March 31, 2023 
 Assets   
 Receivables, net  92 
 Inventories, net  106 
 Property, plant and equipment, net  42 
 Other intangible assets, net  73 
 Goodwill  175 
 Other assets  37 
 Current assets held for sale  525 
    
 Liabilities   
 Accounts payable, trade  44 
 Other liabilities  59 
 Current liabilities held for sale  103 
 
In the three months ended March 31, 2023 and 2022, Income from continuing operations before taxes includes income of $17 million and $1 million, 
respectively, from the Power Conversion Division. 
 
 
─ 
Note 4 
Acquisitions and equity-accounted companies 
Acquisition of controlling interests 
Acquisitions of controlling interests were as follows: 
  Three months ended March 31, 
 ($ in millions, except number of acquired businesses)  2023 2022 
 Purchase price for acquisitions (net of cash acquired) (1) 1 138 
 Aggregate excess of purchase price over fair value of net assets acquired(2) 4 191 
 Number of acquired businesses  – 1 
(1) Excluding changes in cost- and equity-accounted companies. 
(2)  Recorded as goodwill. 
In the table above, the “Purchase price for acquisitions” and “Aggregate excess of purchase price over fair value of net assets acquired” amounts for the 
three months ended March 31, 2022, relate primarily to the acquisition of InCharge Energy, Inc. (In-Charge). 
Acquisitions of controlling interests have been accounted for under the acquisition method and have been included in the Comp any’s consolidated 
financial statements since the date of acquisition.  
On January 26, 2022, the Company increased its ownership in In -Charge to a 60 percent controlling interest through a stock purchase agreement. 
In-Charge is headquartered in Santa Monica, USA, and is a provider of turn -key commercial electric vehicle charging hardware and software solutions. 
The resulting cash outflows for the Company amounted to $13 4 million (net of cash acquired of $4 million). The acquisition expands the market 
presence of the E-mobility Division of its Electrification operating segment, particularly in the North American market. In connection with th e 
acquisition, the Company’s pre-existing 13.2 percent ownership of In-Charge was revalued to fair value and a gain of $32  million was recorded in “Other 
income (expense), net” in the three months ended March 31, 2022. The Company entered into an agreement with the remaining noncontrolling 
shareholders allowing either party to put or call the remaining 40  percent of the shares until 2027. The amount for which either party can exercise their 
option is dependent on a formula based on revenues and thus, the amount is subject to change. As a result of this agreement, the noncontrolling 
interest is classified as Redeemable noncontrolling interest (i.e. mezzanine equity) in the Consolidated Balance Sheets and was initially recognized at fair 
value. 
While the Company uses its best estimates and assumptions as part of the purchase price allocation process to value assets ac quired and liabilities 
assumed at the acquisition date, the purchase price allocation for acquisitions is preliminary for up to 12 months after the acquisition date and is 
subject to refinement as more detailed analyses are completed and additional information about the fair values of the assets and liabilities becomes 
available.  
Investments in equity-accounted companies 
In connection with the divestment of its Power Grids business to Hitachi  in 2020 (see Note 3), the Company initially retained a 19.9 percent interest in the 
business until December 2022, when the retained investment was sold to Hitachi. During the Company’s period of ownership of t he retained 
19.9 percent interest, based on its continuing involvement with the Power Grids business, including the membership in its governing board of directors, 
the Company concluded that it had significant influence over Hitachi Energy. As a result, the investment was accounted for using the equity method  
through to the date of its sale.

===== SIDA 27 =====

14 Q1 2023 FINANCIAL INFORMATION  
In the three months ended March 31, 2023 and 2022, the Company recorded its share of the earnings of investees accounted for under the equity method 
of accounting in Other income (expense), net, as follows:  
    Three months ended March 31, 
 ($ in millions)   2023 2022 
 Loss from equity-accounted companies, net of taxes   (7) (11) 
 Basis difference amortization (net of deferred income tax benefit)    – (37) 
 Loss from equity-accounted companies   (7) (48) 
 
 
─ 
Note 5 
Cash and equivalents, marketable securities and short-term investments 
Cash and equivalents, marketable securities and short -term investments consisted of the following:  
   March 31, 2023 
       Cash and Marketable 
    Gross Gross  equivalents securities 
    unrealized unrealized  and restricted and short-term 
 ($ in millions) Cost basis gains losses Fair value cash investments 
 Changes in fair value        
 recorded in net income       
 Cash 1,319   1,319 1,319  
 Time deposits 2,424   2,424 2,138 286 
 Equity securities 696 18  714  714 
  4,439 18 – 4,457 3,457 1,000 
 Changes in fair value recorded       
 in other comprehensive income       
 Debt securities available-for-sale:       
  U.S. government obligations 270 2 (11) 261  261 
  Other government obligations 58   58  58 
  Corporate 67  (6) 61  61 
  395 2 (17) 380 – 380 
 Total 4,834 20 (17) 4,837 3,457 1,380 
 Of which:        
  Restricted cash, current     19  
         
 
   December 31, 2022 
       Cash and Marketable 
    Gross Gross  equivalents securities 
    unrealized unrealized  and restricted and short-term 
 ($ in millions) Cost basis gains losses Fair value cash investments 
 Changes in fair value       
 recorded in net income       
 Cash 1,715   1,715 1,715  
 Time deposits 2,459   2,459 2,459  
 Equity securities 345 10  355  355 
  4,519 10 – 4,529 4,174 355 
 Changes in fair value recorded       
 in other comprehensive income       
 Debt securities available-for-sale:       
  U.S. government obligations 269 1 (15) 255  255 
  Other government obligations 58   58  58 
  Corporate 64  (7) 57  57 
  391 1 (22) 370 – 370 
 Total 4,910 11 (22) 4,899 4,174 725 
 Of which:       
  Restricted cash, current     18

===== SIDA 28 =====

15 Q1 2023 FINANCIAL INFORMATION  
─ 
Note 6 
Derivative financial instruments 
The Company is exposed to certain currency, commodity, interest rate and equity risks arising from its global operating, financing and investin g 
activities. The Company uses derivative instruments to reduce and manage the economic impact of these exposures.  
Currency risk  
Due to the global nature of the Company’s operations, many of its subsidiaries are exposed to currency risk in their operating activities from entering 
into transactions in currencies other than their functional currency. To manage such currency risks, the Company’s policies r equire its subsidiaries to 
hedge their foreign currency exposures from binding sales and purchase contracts denominated in foreign currencies. For forec asted foreign currency 
denominated sales of standard products and the related foreign currency denominated purchases, the Company’s policy is to hedge up to a maximum  
of 100 percent of the forecasted foreign currency denominated exposures, depending on the length of the forecasted exposures. Foreca sted exposures 
greater than 12 months are not hedged. Forward foreign exchange contracts are the main instrument used to protect the Company against the vol atility 
of future cash flows (caused by changes in exchange rates) of contracted and forecasted sales and purchases denominated in foreign currencies. In 
addition, within its treasury operations, the Company primarily uses foreign exchange swaps and forward foreign exchange cont racts to manage the 
currency and timing mismatches arising in its liquidity management activities.  
Commodity risk 
Various commodity products are used in the Company’s manufacturing activities. Consequently it is exposed to volatility in future cash flows arising 
from changes in commodity prices. To manage the price risk of commodities, the Com pany’s policies require that its subsidiaries hedge the commodity 
price risk exposures from binding contracts, as well as at least 50  percent (up to a maximum of 100 percent) of the forecasted commodity exposure over 
the next 12 months or longer (up to a maximum of 18 months). Primarily swap contracts are used to manage the associated price risks of commodities.  
Interest rate risk  
The Company has issued bonds at fixed rates. Interest rate swaps and cross-currency interest rate swaps are used to manage the interest rate and 
foreign currency risk associated with certain debt and generally such swaps are designated a s fair value hedges. In addition, from time to time, the 
Company uses instruments such as interest rate swaps, interest rate futures, bond futures or forward rate agreements to manag e interest rate risk 
arising from the Company’s balance sheet structure bu t does not designate such instruments as hedges.  
Equity risk 
The Company is exposed to fluctuations in the fair value of its warrant appreciation rights (WARs) issued under its management incentive plan. A  WAR 
gives its holder the right to receive cash equal to the market price of an equivalent listed warrant on the date of exercise.  To eliminate such risk, the 
Company has purchased cash-settled call options, indexed to the shares of the Compan y, which entitle the Company to receive amounts equivalent to 
its obligations under the outstanding WARs.  
Volume of derivative activity 
In general, while the Company’s primary objective in its use of derivatives is to minimize exposures arising from its busines s, certain derivatives are 
designated and qualify for hedge accounting treatment while others either are not designated or do not qualify for hedge accounting.  
Foreign exchange and interest rate derivatives  
The gross notional amounts of outstanding foreign exchange and interest rate derivatives (whether designated as hedges or not ) were as follows: 
 Type of derivative Total notional amounts at 
 ($ in millions) March 31, 2023 December 31, 2022 March 31, 2022 
 Foreign exchange contracts 13,273 13,509 13,255 
 Embedded foreign exchange derivatives  1,104 933 863 
 Cross-currency interest rate swaps 870 855 888 
 Interest rate contracts 2,963 2,830 4,421 
 
Derivative commodity contracts 
The Company uses derivatives to hedge its direct or indirect exposure to the movement in the prices of commodities which are primarily copper, silver 
and aluminum. The following table shows the notional amounts of outstanding derivatives (whether designated as hedges or not), on a net basis, to 
reflect the Company’s requirements for these commodities: 
 Type of derivative Unit Total notional amounts at 
   March 31, 2023 December 31, 2022 March 31, 2022 
 Copper swaps metric tonnes 27,920 29,281 39,223 
 Silver swaps ounces 2,392,353 2,012,213 2,634,550 
 Aluminum swaps metric tonnes 6,750 6,825 6,950 
 
Equity derivatives 
At March 31, 2023, December 31, 2022, and March 31, 2022, the Company held 5 million, 8 million and 9 million cash-settled call options indexed to ABB Ltd 
shares (conversion ratio 5:1) with a total fair value of $ 14 million, $15 million and $20 million, respectively.  
Cash flow hedges  
As noted above, the Company mainly uses forward foreign exchange contracts to manage the foreign exchange risk of its operations, commodity swaps 
to manage its commodity risks and cash -settled call options to hedge its WAR liabilities. The Company applies cash flow hedge accounting in only 
limited cases. In these cases, the effective portion of the changes in their fair value is recorded in “A ccumulated other comprehensive loss” and 
subsequently reclassified into earnings in the same line item and in the same period as the underlying hedged transaction aff ects earnings. For the three 
months ended March 31, 2023 and 2022, there were no significant amounts recorded for cash  flow hedge accounting activities. 
Fair value hedges 
To reduce its interest rate exposure arising primarily from its debt issuance activities, the Company uses interest rate swaps  and cross-currency interest 
rate swaps. Where such instruments are designated as fair value hedges, the changes in the fair value of these instruments, as well as the changes in the 
fair value of the risk component of the underlying debt being hedged, are recorded as off setting gains and losses in “Interest and other finance 
expense”.

===== SIDA 29 =====

16 Q1 2023 FINANCIAL INFORMATION  
The effect of derivative instruments, designated and qualifying as fair value hedges, on the Consolidated Income Statements was as follows: 
     Three months ended March 31, 
 ($ in millions)    2023 2022 
 Gains (losses) recognized in Interest and other finance expense:      
 Interest rate contracts Designated as fair value hedges   10 (29) 
  Hedged item   (10) 29 
 Cross-currency interest rate swaps Designated as fair value hedges   (11) (45) 
  Hedged item   2 44 
 
Derivatives not designated in hedge relationships  
Derivative instruments that are not designated as hedges or do not qualify as either cash flow or fair value hedges are economic hedges used for risk 
management purposes. Gains and losses from changes in the fair values of such derivatives are recognized in the same line in the income statement as 
the economically hedged transaction. 
Furthermore, under certain circumstances, the Company is required to split and account separately for foreign currency deriva tives that are embedded 
within certain binding sales or purchase contracts de nominated in a currency other than the functional currency of the subsidiary and the counterparty.  
The gains (losses) recognized in the Consolidated Income Statements on derivatives not designated in hedging relationships were as follows:  
 Type of derivative not  Gains (losses) recognized in income 
 designated as a hedge  Three months ended March 31, 
 ($ in millions) Location 2023 2022 
 Foreign exchange contracts Total revenues 11 4 
  Total cost of sales (1) (6) 
  SG&A expenses(1) 6 8 
  Non-order related research and development  – 1 
  Interest and other finance expense 42 22 
 Embedded foreign exchange contracts Total revenues 7 (2) 
  Total cost of sales (1) 1 
 Commodity contracts Total cost of sales 11 35 
 Other Interest and other finance expense – 1 
 Total  75 64 
(1) SG&A expenses represent “Selling, general and  administrative expenses”.  
The fair values of derivatives included in the Consolidated Balance Sheets were as follows:  
  March 31, 2023 
  Derivative assets  Derivative liabilities 
  Current in Non-current in  Current in Non-current in 
  “Other current “Other non-current  “Other current “Other non-current 
 ($ in millions) assets” assets”  liabilities” liabilities” 
 Derivatives designated as hedging instruments:       
 Foreign exchange contracts – –  4 2 
 Interest rate contracts – –  25 28 
 Cross-currency interest rate swaps – –  – 281 
 Cash-settled call options 14 –  – – 
 Total 14 –  29 311 
       
 Derivatives not designated as hedging instruments:       
 Foreign exchange contracts 149 23  56 11 
 Commodity contracts 17 –  6 – 
 Interest rate contracts 7 –  4 – 
 Embedded foreign exchange derivatives  14 7  24 5 
 Total 187 30  90 16 
 Total fair value 201 30  119 327

===== SIDA 30 =====

17 Q1 2023 FINANCIAL INFORMATION  
  December 31, 2022 
  Derivative assets  Derivative liabilities 
  Current in Non-current in  Current in Non-current in 
  “Other current “Other non-current  “Other current “Other non-current 
 ($ in millions) assets” assets”  liabilities” liabilities” 
 Derivatives designated as hedging instruments:       
 Foreign exchange contracts – –  4 4 
 Interest rate contracts – –  5 57 
 Cross-currency interest rate swaps – –  – 288 
 Cash-settled call options 15 –  – – 
 Total 15 –  9 349 
       
 Derivatives not designated as hedging instruments:       
 Foreign exchange contracts 140 21  80 5 
 Commodity contracts 13 –  12 – 
 Interest rate contracts 5 –  3 – 
 Embedded foreign exchange derivatives  11 6  17 13 
 Total 169 27  112 18 
 Total fair value 184 27  121 367 
 
Close-out netting agreements provide for the termination, valuation and net settlement of some or all outstanding transactions betw een two 
counterparties on the occurrence of one or more pre-defined trigger events. 
Although the Company is party to close-out netting agreements with most derivative counterparties, the fair values in the tables above and in the 
Consolidated Balance Sheets at March 31, 2023, and December 31, 2022, have been presented on a gross basis.  
The Company’s netting agreements and other similar arrangements allow net settlements under certain conditions. At March  31, 2023, and December 31, 
2022, information related to these offsetting arrangements was as follows:  
 ($ in millions) March 31, 2023 
  Gross amount Derivative liabilities Cash Non-cash  
 Type of agreement or of recognized eligible for set-off collateral collateral Net asset 
 similar arrangement assets in case of default received received exposure 
 Derivatives 210 (91) – – 119 
 Total 210 (91) – – 119 
       
 ($ in millions) March 31, 2023 
  Gross amount Derivative liabilities Cash Non-cash  
 Type of agreement or   of recognized eligible for set-off collateral collateral Net liability 
 similar arrangement liabilities in case of default pledged pledged exposure 
 Derivatives 417 (91) – – 326 
 Total 417 (91) – – 326 
 
 ($ in millions) December 31, 2022 
  Gross amount Derivative liabilities Cash Non-cash  
 Type of agreement or   of recognized eligible for set-off collateral collateral Net asset 
 similar arrangement  assets in case of default received received exposure 
 Derivatives 194 (96) – – 98 
 Total 194 (96) – – 98 
       
  
 ($ in millions) December 31, 2022 
  Gross amount Derivative liabilities Cash Non-cash  
 Type of agreement or  of recognized eligible for set-off collateral  collateral Net liability 
 similar arrangement liabilities  in case of default pledged pledged exposure 
 Derivatives 458 (96) – – 362 
 Total 458 (96) – – 362

===== SIDA 31 =====

18 Q1 2023 FINANCIAL INFORMATION  
─ 
Note 7 
Fair values 
The Company uses fair value measurement principles to record certain financial assets and liabilities on a recurring basis and, w hen necessary, to record 
certain non-financial assets at fair value on a non-recurring basis, as well as to determine fair value disclosures for certain financial instruments carried 
at amortized cost in the financial statements. Financial assets and liabilities recorded at fair value on a recurring basis i nclude foreign currency, 
commodity and interest rate derivatives, as well as cash-settled call options and available-for-sale securities. Non-financial assets recorded at fair value 
on a non-recurring basis include long-lived assets that are reduced to their estimated fair value due to impairments.  
Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transactio n between market participants at 
the measurement date. In determining fair value, the Company uses various va luation techniques including the market approach (using observable 
market data for identical or similar assets and liabilities), the income approach (discounted cash flow models) and the cost approach (using costs a 
market participant would incur to develop a comparable asset). Inputs used to determine the fair value of assets and liabilities are defined by a 
three-level hierarchy, depending on the nature of those inputs. The Company has categorized its financia l assets and liabilities and non-financial assets 
measured at fair value within this hierarchy based on w hether the inputs to the valuation technique are observable or unobservable. An observable input 
is based on market data obtained from independent sources, while an unobservable input reflects the Company’s assumptions abo ut market data. 
The levels of the fair value hierarchy are as follows:  
Level 1:  Valuation inputs consist of quoted prices in an active market for identical assets or liabilities (o bservable quoted prices). Assets and liabilities 
valued using Level 1 inputs include exchange‑traded equity securities, listed derivatives which are actively traded such as commod ity futures, 
interest rate futures and certain actively traded debt securities . 
Level 2:  Valuation inputs consist of observable inputs (other than Level 1 inputs) such as actively quoted prices for si milar assets, quoted prices in 
inactive markets and inputs other than quoted prices such as interest rate yield curves, credit spreads, or inputs derived fr om other observable 
data by interpolation, correlation, regression or other means. The adjustments a pplied to quoted prices or the inputs used in valuation models 
may be both observable and unobservable. In these cases, the fair value measurement is classified as Level 2 unless the unobs ervable portion of 
the adjustment or the unobservable input to the valuation model is significant, in which case the fair value measurement would be classified as 
Level 3. Assets and liabilities valued or disclosed using Level 2 inputs include investments in certain funds, certain debt s ecurities that are not 
actively traded, interest rate swaps, cross-currency interest rate swaps, commodity swaps, cash -settled call options, forward foreign exchange 
contracts, foreign exchange swaps and forward rate agreements, time deposits, as well as financing receivables and debt.  
Level 3:  Valuation inputs are based on the Company’s assumptions of relevant market data (unobservable input).  
Whenever quoted prices involve bid-ask spreads, the Company ordinarily determines fair values ba sed on mid-market quotes. However, for the purpose 
of determining the fair value of cash-settled call options serving as hedges of the Company’s management incentive plan, bid prices are used.  
When determining fair values based on quoted prices in an active market, the Company considers if the level of transaction ac tivity for the financial 
instrument has significantly decreased or would not be considered orderly. In such cases, th e resulting changes in valuation techniques would be 
disclosed. If the market is considered disorderly or if quoted prices are not available, the Company is required to use anoth er valuation technique, such 
as an income approach. 
Recurring fair value measures 
The fair values of financial assets and liabilities measured at fair value on a recurring basis were as follows: 
  March 31, 2023 
 ($ in millions) Level 1 Level 2 Level 3 Total fair value 
 Assets     
 Securities in “Marketable securities and short-term investments”:     
 Equity securities  714  714 
 Debt securities—U.S. government obligations 261   261 
 Debt securities—Other government obligations  58  58 
 Debt securities—Corporate  61  61 
 Derivative assets—current in “Other current assets”  201  201 
 Derivative assets—non-current in “Other non-current assets”  30  30 
 Total 261 1,064 – 1,325 
      
 Liabilities     
 Derivative liabilities—current in “Other current liabilities”  119  119 
 Derivative liabilities—non-current in “Other non-current liabilities”  327  327 
 Total – 446 – 446

===== SIDA 32 =====

19 Q1 2023 FINANCIAL INFORMATION  
  December 31, 2022 
 ($ in millions) Level 1 Level 2 Level 3 Total fair value 
 Assets     
 Securities in “Marketable securities and short-term investments”:     
 Equity securities  355  355 
 Debt securities—U.S. government obligations 255   255 
 Debt securities—European government obligations  58  58 
 Debt securities—Corporate  57  57 
 Derivative assets—current in “Other current assets”  184  184 
 Derivative assets—non-current in “Other non-current assets”  27  27 
 Total 255 681 – 936 
      
 Liabilities     
 Derivative liabilities—current in “Other current liabilities”  121  121 
 Derivative liabilities—non-current in “Other non-current liabilities”  367  367 
 Total – 488 – 488 
 
The Company uses the following methods and assumptions in estimating fair values of financial assets and liabilities measured  at fair value on a 
recurring basis: 
• Securities in “Marketable securities and short-term investments”: If quoted market prices in active markets for identical assets are available, 
these are considered Level 1 inputs; however, when markets are not active, these inputs are considered Level  2. If such quoted market prices 
are not available, fair value is determined using market prices for similar assets or present value techniques, applying an a ppropriate risk-free 
interest rate adjusted for non-performance risk. The inputs used in present value techn iques are observable and fall into the Level 2 category.  
 
• Derivatives: The fair values of derivative instruments are determined using quoted prices of identical instruments from an active market, if 
available (Level 1 inputs). If quoted prices are not available, price quotes for similar instruments, appropriately adjusted, or present value 
techniques, based on available market data, or option pricing models are used. Cash -settled call options hedging the Company’s WAR liabi lity 
are valued based on bid prices of the equivalent listed warrant. The fair values obtained using price quotes for similar inst ruments or 
valuation techniques represent a Level 2 input unless significant unobservable inputs are used.  
Non-recurring fair value measures  
There were no significant non-recurring fair value measurements during the three months ended March 31, 2023 and 2022.  
Disclosure about financial instruments carried on a cost basis  
The fair values of financial instruments carried on a cost basis were as follows:  
  March 31, 2023 
 ($ in millions) Carrying value  Level 1 Level 2 Level 3 Total fair value 
 Assets       
 Cash and equivalents (excluding securities with original        
 maturities up to 3 months):       
 Cash 1,300  1,300   1,300 
 Time deposits 2,138   2,138  2,138 
 Restricted cash 19  19   19 
 Marketable securities and short-term investments       
 (excluding securities):       
 Time deposits 286   286  286 
        
 Liabilities       
 Short-term debt and current maturities of long -term debt       
 (excluding finance lease obligations) 3,406  2,365 1,041  3,406 
 Long-term debt (excluding finance lease obligations) 5,093  5,014 20  5,034 
 
 
  December 31, 2022 
 ($ in millions) Carrying value  Level 1 Level 2 Level 3 Total fair value 
 Assets       
 Cash and equivalents (excluding securities with original        
 maturities up to 3 months):       
 Cash 1,697  1,697   1,697 
 Time deposits 2,459   2,459  2,459 
 Restricted cash 18  18   18 
        
 Liabilities       
 Short-term debt and current maturities of long-term debt       
 (excluding finance lease obligations) 2,500  1,068 1,432  2,500 
 Long-term debt (excluding finance lease obligations)  4,976  4,813 30  4,843

===== SIDA 33 =====

20 Q1 2023 FINANCIAL INFORMATION  
The Company uses the following methods and assumptions in estimating fair values of financial instruments carried on a cost basis : 
• Cash and equivalents (excluding securities with original maturities up to 3  months), Restricted cash, and Marketable securities and short -term 
investments (excluding securities): The carrying amounts approximate the fair values as the items are short -term in nature or, for cash held in 
banks, are equal to the deposit amount.  
• Short-term debt and current maturities of long -term debt (excluding finance lease obligations) : Short-term debt includes commercial paper, 
bank borrowings and overdrafts. The carrying amounts of short -term debt and current maturities of long-term debt, excluding finance lease 
obligations, approximate their fair values. 
• Long-term debt (excluding finance lease obligations): Fair values of bonds are determined using quoted market prices (Level  1 inputs), if 
available. For bonds without available quoted market prices and other long -term debt, the fair values are determined using a discounted cash 
flow methodology based upon borrowing rates of similar debt instruments and reflecting appropriate adjustments for non -performance risk 
(Level 2 inputs). 
 
 
─ 
Note 8 
Contract assets and liabilities 
The following table provides information about Contract assets and Contract liabilities:  
 ($ in millions) March 31, 2023 December 31, 2022 March 31, 2022 
 Contract assets 1,009 954 1,072 
 Contract liabilities 2,339 2,216 2,080 
 
Contract assets primarily relate to the Company’s right to receive consideration for work completed but for which no invoice has been issued at the 
reporting date. Contract assets are transferred to receivables when rights to receive payment become unconditional. Management expects that the 
majority of the amounts will be collected within one year of the respective balance sheet date.  
Contract liabilities primarily relate to up-front advances received on orders from customers as well as amounts invoiced to  customers in excess of 
revenues recognized predominantly on long-term projects. Contract liabilities are reduced as work is performed and as revenues are recognized . 
The significant changes in the Contract assets and Contract liabilities balances were as follows:  
  Three months ended March 31, 
  2023  2022 
  Contract  Contract  Contract  Contract 
 ($ in millions) assets  liabilities  assets  liabilities 
 Revenue recognized, which was included in the Contract liabilities balance at Jan 1, 2023/2022    (651)    (518) 
 Additions to Contract liabilities - excluding amounts recognized as revenue during the period    707    701 
 Receivables recognized that were included in the Contract assets balance at Jan 1, 2023/2022  (325)    (318)   
 
The Company considers its order backlog to represent its unsatisfied performance obligations. At March 31, 2023, the Company had unsatisfied 
performance obligations totaling $21,607 million and, of this amount, the Company expects to fulfill approximately 66 percent of the obligations in 2023, 
approximately 23 percent of the obligations in 2024 and the balance thereafter.

===== SIDA 34 =====

21 Q1 2023 FINANCIAL INFORMATION  
─ 
Note 9 
Debt 
The Company’s total debt at March 31, 2023, and December 31, 2022, amounted to $8,663 million and $7,678 million, respectively. 
Short-term debt and current maturities of long-term debt  
The Company’s “Short-term debt and current maturities of long-term debt” consisted of the following: 
 ($ in millions) March 31, 2023 December 31, 2022 
 Short-term debt 1,047 1,448 
 Current maturities of long-term debt 2,386 1,087 
 Total 3,433 2,535 
 
Short-term debt primarily represented issued commercial paper and short -term bank borrowings from various banks. At March 31, 2023, and 
December 31, 2022, $946 million and $1,383 million, respectively, was outstanding under the $2 billion Euro-commercial paper program. At March 31, 
2023, $34 million was outstanding under the $2 billion commercial paper program in the United Stat es, whereas at December 31, 2022, no amount was 
outstanding under this program. 
Long-term debt 
The Company’s long-term debt at March 31, 2023, and December 31, 2022, amounted to $5,230 million and $5,143 million, respectively.  
Outstanding bonds (including maturities within the next 12 months) were as follows:   
  March 31, 2023 December 31, 2022 
 (in millions) Nominal outstanding  Carrying value(1) Nominal outstanding  Carrying value(1) 
 Bonds:         
 0.625% EUR Instruments, due 2023 EUR 700 $ 759 EUR 700 $ 742 
 0% CHF Bonds, due 2023 CHF 275 $ 300 CHF 275 $ 298 
 0.625% EUR Instruments, due 2024 EUR 700 $ 737 EUR 700 $ 720 
 Floating Rate EUR Instruments, due 2024 EUR 500 $ 545 EUR 500 $ 536 
 0.75% EUR Instruments, due 2024 EUR 750 $ 787 EUR 750 $ 769 
 0.3% CHF Bonds, due 2024 CHF 280 $ 305 CHF 280 $ 303 
 2.1% CHF Bonds, due 2025 CHF 150 $ 163 CHF 150 $ 162 
 3.25% EUR Instruments, due 2027 EUR 500 $ 540     
 0.75% CHF Bonds, due 2027 CHF 425 $ 462 CHF 425 $ 460 
 3.8% USD Notes, due 2028(2) USD 383 $ 381 USD 383 $ 381 
 1.0% CHF Bonds, due 2029 CHF 170 $ 185 CHF 170 $ 184 
 0% EUR Instruments, due 2030 EUR 800 $ 691 EUR 800 $ 677 
 2.375% CHF Bonds, due 2030 CHF 150 $ 163 CHF 150 $ 162 
 3.375% EUR Instruments, due 2031 EUR 750 $ 802     
 4.375% USD Notes, due 2042(2) USD 609 $ 590 USD 609 $ 590 
 Total    $ 7,410   $ 5,984 
(1)  USD carrying values include unamortized debt issuance costs, bond discounts or premiums, as well as adjustments for fair value hedge accounting, where appropriate. 
(2)  Prior to completing a cash tender offer in November 2020, the original principal amount outstanding, on each of the 3.8% USD Notes, due 2028, and the 4.375% USD 
Notes, due 2042, was USD 750 million. 
In January 2023, the Company issued the following EUR Instruments: (i)  EUR 500 million of 3.25 percent Instruments, due 2027, and (ii) EUR 750 million of 
3.375 percent Instruments, due 2031, both paying interest annually in arrears. The aggregate net proceeds of these EUR Instruments, after discount and  
fees, amounted to EUR 1,235 million (equivalent to approximately $1,338 million on date of issuance).

===== SIDA 35 =====

22 Q1 2023 FINANCIAL INFORMATION  
─ 
Note 10 
Commitments and contingencies 
Contingencies—Regulatory, Compliance and Legal  
Regulatory 
Based on findings during an internal investigation, the Company self -reported to the SEC and the DoJ, in the United States, to the Special Investigating 
Unit (SIU) and the National Prosecuting Authority (NPA) in South Africa as well as to various authorities in other countries potential suspect payments 
and other compliance concerns in connection with some of the Company’s dealings with Eskom and related persons. Many of those parties have 
expressed an interest in, or commenced an investigation into, these matters and the Company is cooperating fully with them. T he Company paid 
$104 million to Eskom in December 2020 as part of a full and final settlement with Eskom and the Special Investigating Uni t relating to improper 
payments and other compliance issues associated with the Controls and Instrumentation Contract, and its Variation Orders for Units 1 and 2 at Kusile. 
The Company made a provision of approximately $325  million which was recorded in Other income (expense), net, during the third quarter of 2022. In 
December 2022, the Company settled with the SEC and DOJ as well as the authorities in South Africa and Switzerland. The matte r is still pending with the 
authorities in Germany, but the Company does not believe that it will need to record any additional provisions for this matter. 
General 
The Company is aware of proceedings, or the threat of proceedings, against it and others in respect of private claims by customers and other th ird 
parties with regard to certain actual or alleged anticompetitive practices. Also, the Company is subject to other claims and legal proceedings, as well as 
investigations carried out by various law enforcement authorities. With respect to the above -mentioned claims, regulatory matters, and any related 
proceedings, the Company will bear the related costs, including costs necessary t o resolve them. 
Liabilities recognized 
At March 31, 2023, and December 31, 2022, the Company had aggregate liabilities of $97 million and $86 million, respectively, included in “Other 
provisions” and “Other non‑current liabilities”, for the above regulatory, compliance and legal contingencies, and none of the individual liabilities 
recognized was significant. As it is not possible to m ake an informed judgment on, or reasonably predict, the outcome of certain matters and as it is not 
possible, based on information currently available to management, to estimate the maximum potential liability on other matter s, there could be adverse 
outcomes beyond the amounts accrued. 
Guarantees  
General 
The following table provides quantitative data regarding the Company’s third -party guarantees. The maximum potential payments represent a 
“worst-case scenario”, and do not reflect management’s expected outcomes. 
 Maximum potential payments ($ in millions) March 31, 2023 December 31, 2022 
 Performance guarantees 3,778 4,300 
 Financial guarantees 94 96 
 Total(1) 3,872 4,396 
(1) Maximum potential payments include amounts in both continuing and discontinued operations. 
The carrying amount of liabilities recorded in the Consolidated Balance Sheets reflects the Company’s best estimate of future  payments, which it may 
incur as part of fulfilling its guarantee obligations. In respect of the above guarantees, the carrying amo unts of liabilities at March 31, 2023, and 
December 31, 2022, were not significant. 
The Company is party to various guarantees providing financial or performance assurances to certain third parties. These guar antees, which have 
various maturities up to 2035, mainly consist of performance guarantees whereby (i)  the Company guarantees the performance of a third party’s 
product or service according to the terms of a contract and (ii) as member of a consortium/joint-venture that includes third parties, the Company 
guarantees not only its own performance but al so the work of third parties. Such guarantees may include guarantees that a project will be completed 
within a specified time. If the third party does not fulfill the obligation, the Company will compensate the guaranteed party  in cash or in kind. The 
original maturity dates for the majority of these performance guarantees range from one to ten years. 
In conjunction with the divestment of the high -voltage cable and cables accessories businesses, the Company has entered into various performance 
guarantees with other parties with respect to certain liabilities of the divested business. At March  31, 2023, and December 31, 2022, the maximum 
potential payable under these guarantees amounts to $855  million and $843 million, respectively, and these guarantees have various original maturities 
ranging from five to ten years. 
The Company retained obligations for financial, performance and indemnification guarantees related to the sale of the Power Grids business (see Note 3 
for details). The performance and financial guarantees have been indemnified by Hitachi  Ltd. These guarantees, which have various maturities up to 
2035, primarily consist of bank guarantees, standby l etters of credit, business performance guarantees and other trade-related guarantees, the majority 
of which have original maturity dates ranging from one to ten years. The maximum amount payable under these guarantees at March  31, 2023, and 
December 31, 2022, is approximately $2.5 billion and $3.0 billion, respectively.  
Commercial commitments 
In addition, in the normal course of bidding for and executing certain projects, the Company has entered into standby letters  of credit, bid/performance 
bonds and surety bonds (collectively “performance bonds”) with various financial institutions. Customers can draw on such performance bonds in the 
event that the Company does not fulfill its contractual obligations. The Company would then have an obligation to reimburse t he financial institution for 
amounts paid under the performance bonds. At  both March 31, 2023, and December 31, 2022, the total outstanding performance bonds aggregated to 
$2.9 billion. There have been no significant amounts reimbursed to financial institutions under these types of arrangements in the three mo nths ended 
March 31, 2023 and 2022.

===== SIDA 36 =====

23 Q1 2023 FINANCIAL INFORMATION  
Product and order-related contingencies 
The Company calculates its provision for product warranties based on historical claims experience and specific review of certain contracts.  The 
reconciliation of the “Provisions for warranties”, including guarantees of product performance, was as follows:  
 ($ in millions) 2023 2022 
 Balance at January 1, 1,028 1,005 
 Claims paid in cash or in kind (40) (36) 
 Net increase in provision for changes in estimates, warranties issued and warranties expired  65 38 
 Exchange rate differences 7 (8) 
 Balance at March 31, 1,060 999 
 
 
─ 
Note 11 
Income taxes 
In calculating income tax expense, the Company uses an estimate of the annual effective tax rate based upon the facts and cir cumstances known at each 
interim period. On a quarterly basis, the actual effective tax rate is adjusted, as appropriate, based upo n changed facts and circumstances, if any, as 
compared to those forecasted at the beginning of the year and each interim period thereafter.  
The effective tax rate of 10.1 percent in the three months ended March 31, 2023, was lower than the effective tax rate of 27.3  percent in the three months 
ended March 31, 2022, primarily due to a net benefit realized on a favorable resolution of an uncertain tax position in the three months ended March 31, 
2023. In February 2023, on completion of a tax audit, the Company obtained resolution of the uncertain tax position for which an amount was rec orded 
within Other non-current liabilities as of December 31, 2022. In the three months ended March 31, 2023, the Company released the provision of 
$206 million, due to the resolution of this matter, which resulted in an increase of $0.11 in earnings per share (basic and diluted). 
 
 
─ 
Note 12 
Employee benefits 
The Company operates defined benefit pension plans, defined contribution pension plans, and termination indemnity plans, in a ccordance with local 
regulations and practices. At March 31, 2023, the Company’s most significant defined benefit pension plans are in Switzerland as well as in Germany, the 
United Kingdom, and the United States. These plans cover a large portion of the Company’s employees and provide benefits to employees in the event 
of death, disability, retirement, or termination of employment. Certain of these plans are multi -employer plans. The Company also operates other 
postretirement benefit plans including postretirement health care benefits and other employee -related benefits for active employees including long -
service award plans. The measurement date used for the Company’s employee benefit plans is December  31. The funding policies of the Company’s 
plans are consistent with the local government and tax requirements.  
Net periodic benefit cost of the Company’s defined benefit pension and other postretirement benefit plans consisted of the following:  
 
 ($ in millions) Defined pension benefits  Other postretirement 
  Switzerland International  benefits 
 Three months ended March 31, 2023 2022 2023 2022  2023 2022 
 Operational pension cost:        
 Service cost 9 14 8 9  – – 
 Operational pension cost 9 14 8 9  – – 
 Non-operational pension cost (credit):        
 Interest cost 12 1 40 22  1 – 
 Expected return on plan assets (33) (30) (39) (41)  – – 
 Amortization of prior service cost (credit) – (2) – –  – (1) 
 Amortization of net actuarial loss – – 13 15  (1) – 
 Non-operational pension cost (credit) (21) (31) 14  (4)  – (1) 
 Net periodic benefit cost (credit) (12) (17) 22 5  – (1) 
 
The components of net periodic benefit cost other than the service cost component are included in the line “Non-operational pension (cost) credit” in 
the income statement. 
Employer contributions were as follows: 
 
 ($ in millions) Defined pension benefits  Other postretirement 
  Switzerland International  benefits 
 Three months ended March 31, 2023 2022 2023 2022  2023 2022 
 Total contributions to defined benefit pension and         
 other postretirement benefit plans 2 16 11 10  2 3 
 
The Company expects to make contributions totaling approximately $67 million and $5 million to its defined pension plans and other postretirement 
benefit plans, respectively, for the full year 2023.

===== SIDA 37 =====

24 Q1 2023 FINANCIAL INFORMATION  
─ 
Note 13 
Stockholder's equity  
At the Annual General Meeting of Shareholders (AGM) on March 23, 2023, shareholders approved the proposal of the Board of Directors to distribute 
0.84 Swiss francs per share to shareholders. The declared dividend amounted to $1,706 million, with the Company disbursing a portion in March and the 
remaining amounts in April. 
In March 2023, the Company completed the share buyback program that was launched in April 2022. This program was executed on a second trading line 
on the SIX Swiss Exchange. Through this program, the Company purchased a total of 67 million shares for approximately $2.0 billion, of which 8 million 
shares were purchased in the first quarter of 202 3 (resulting in an increase in Treasury stock of $ 253 million). 
Also in March 2023, the Company announced a new share buyback program of up to $1 billion. This program, which was launched in April  2023, is being 
executed on a second trading line on the SIX Swiss Exchange and is planned to run until the Company’s 2024 AGM. 
During the first quarter of 2023, the Company delivered, out of treasury stock, approximately 5 million shares in connection with its Management 
Incentive Plan. 
In February 2023, the Company obtained funding through a private placement of shares in its ABB E-Mobility subsidiary, ABB E-mobility Holding Ltd 
(ABB E-Mobility), receiving gross proceeds of 325 million Swiss francs (approximately $351 million) and reducing the Company’s ownership in  ABB 
E-Mobility from 92 percent to 81 percent. This resulted in an increase in Additional paid -in capital of $170 million. 
 
 
─ 
Note 14 
Earnings per share 
Basic earnings per share is calculated by dividing income by the weighted -average number of shares outstanding during the period. Diluted earnings per 
share is calculated by dividing income by the weighted -average number of shares outstanding during the period, assuming that all potentially dilutive 
securities were exercised, if dilutive. Potentially dilutive securities comprise outstanding written call options, and outstanding options and shares 
granted subject to certain conditions under the Company’s share -based payment arrangements. 
 Basic earnings per share   
   Three months ended March 31, 
 ($ in millions, except per share data in $)   2023 2022 
 Amounts attributable to ABB shareholders:      
 Income from continuing operations, net of tax    1,041 615 
 Loss from discontinued operations, net of tax    (5) (11) 
 Net income   1,036 604 
      
 Weighted-average number of shares outstanding (in millions)    1,861 1,936 
      
 Basic earnings per share attributable to ABB shareholders:      
 Income from continuing operations, net of tax   0.56 0.32 
 Loss from discontinued operations, net of tax    – (0.01) 
 Net income   0.56 0.31 
      
 Diluted earnings per share   
   Three months ended March 31, 
 ($ in millions, except per share data in $)   2023 2022 
 Amounts attributable to ABB shareholders:      
 Income from continuing operations, net of tax    1,041 615 
 Loss from discontinued operations, net of tax    (5) (11) 
 Net income   1,036 604 
      
 Weighted-average number of shares outstanding (in millions)   1,861 1,936 
 Effect of dilutive securities:     
 Call options and shares   13 17 
 Adjusted weighted-average number of shares outstanding (in millions)    1,874 1,953 
      
 Diluted earnings per share attributable to ABB shareholders:     
 Income from continuing operations, net of tax    0.56 0.31 
 Loss from discontinued operations, net of tax    – (0.01) 
 Net income   0.55 0.31

===== SIDA 38 =====

25 Q1 2023 FINANCIAL INFORMATION  
─ 
Note 15 
Reclassifications out of accumulated other comprehensive loss 
The following table shows changes in “Accumulated other comprehensive loss” (OCI) attributable to ABB, by component, net of t ax: 
   Unrealized gains Pension and   
  Foreign currency (losses) on other Derivative  
  translation available-for-sale postretirement instruments  
 ($ in millions) adjustments securities plan adjustments and hedges Total OCI 
 Balance at January 1, 2022 (2,993) 2 (1,089) (8) (4,088) 
 Other comprehensive (loss) income:      
 Other comprehensive (loss) income      
 before reclassifications (80) (12) 20 (4) (76) 
 Amounts reclassified from OCI 5 – 8 8 21 
 Total other comprehensive (loss) income  (75) (12) 28 4 (55) 
       
 Less:      
 Amounts attributable to      
 noncontrolling interests and      
 redeemable noncontrolling interests (5) – – – (5) 
 Balance at March 31, 2022 (3,063) (10) (1,061) (4) (4,138) 
 
 
   Unrealized gains Pension and   
  Foreign currency (losses) on other Derivative  
  translation available-for-sale postretirement instruments  
 ($ in millions) adjustments securities plan adjustments and hedges Total OCI 
 Balance at January 1, 2023 (3,691) (19) (838) (8) (4,556) 
 Other comprehensive (loss) income:      
 Other comprehensive (loss) income      
 before reclassifications 85 4 (8) 2 83 
 Amounts reclassified from OCI – 1 8 1 10 
 Total other comprehensive (loss) income  85 5 – 3 93 
       
 Less:      
 Amounts attributable to      
 noncontrolling interests and      
 redeemable noncontrolling interests 6 – – – 6 
 Balance at March 31, 2023 (3,612) (14) (838) (5) (4,469) 
 
The amounts reclassified out of OCI for the three months ended March 31, 2023 and 2022, were not significant.  
 
 
─ 
Note 16 
Operating segment data 
The Chief Operating Decision Maker (CODM) is the Chief Executive Officer. The CODM allocates resources to and assesses the performance of each 
operating segment using the information outlined below. The Company is organized into the following segments, based on products and services: 
Electrification, Motion, Process Automation and Robotics & Discrete Automation. The remain ing operations of the Company are included in Corporate 
and Other. 
Effective January 1, 2023, the E-mobility Division is no longer managed within the Electrification segment and has become a separate operating 
segment. This new segment does not currently meet any of the size thresholds to be considered a reportable segment and as such is presented within 
Corporate and Other. The segment information for the three months ended March 31, 2023 and 2022, and at December 31, 2022, has been recast to 
reflect this change. 
A description of the types of products and services provided by each reportable  segment is as follows: 
• Electrification: manufactures and sells electrical products and solutions which are designed to provide safe, smart and sustainable electrical 
flow from the substation to the socket. The portfolio of increasingly digital and connected solutions includes renewable power 
solutions, modular substation packages, distribution automation products, switchboard and panelboards, switchgear, UPS solutions, circui t 
breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems and intelligent home and 
building solutions, designed to integrate and automate lighting, heating, ventilation, security and data communication networ ks. The 
products and services are delivered through six operating Divisions: Distribution Solutions, Smart Power, Smart Buildings, Installation 
Products, Power Conversion and Service.

===== SIDA 39 =====

26 Q1 2023 FINANCIAL INFORMATION  
• Motion: designs, manufactures, and sells drives, motors, generators and traction converters that are driving the low -carbon future for 
industries, cities, infrastructure and transportation. These products, digital technology and related services enable industr ial customers to 
increase energy efficiency, improve safety and reliability, and achieve precise control of their processes. Building on over 130 years of 
cumulative experience in electric powertrains, Motion combines domain expertise and technology to deliver the optimum solution for a wide 
range of applications in all industrial segments. In addition, Motion, along with its partners, has a leading global service presence. These 
products and services are delivered through seven operating Divisions: Large Motors and Generators, IEC LV Motors, NEMA Motors, Drive 
Products, System Drives, Service and Traction. 
 
• Process Automation: offers a broad range of industry-specific, integrated automation, electrification and digital solutions, as well as lifecycle 
services for the process, hybrid and marine industries. The product portfolio includes control technologies, industrial software, advanced 
analytics, sensing and measurement technology, and marine propulsion systems. In addition, Process Automation offers a comprehensive 
range of services, from repair to advanced digital capabilities such as remote monitoring, preventive maintenance, asset performance 
management, emission monitoring and cybersecurity . The products, systems and services are currently delivered through four operating 
Divisions: Energy Industries, Process Industries, Marine & Ports and Measurement &  Analytics as well as, prior to its spin-off in October 2022, 
the Turbocharging Division (Accelleron). 
 
• Robotics & Discrete Automation: delivers its products, solutions and services through two operating Divisions: Robotics and Machine 
Automation. Robotics includes industrial robots, autonomous mobile robotics, software, robotic solutions, field services, spare parts, and 
digital services. Machine Automation specializes in solutions based on its programmable logic controllers (PLC), industrial PCs (IPC), servo 
motion, transport systems and machine vision. Both Divisions offer engineering and simulation software as well as a comprehensive range of 
digital solutions. 
Corporate and Other: includes headquarter costs, the Company’s corporate real estate activities, Corporate Treasury Operations,  the E-mobility 
operating segment, historical operating activities of certain divested businesses , and other non-core operating activities. 
The primary measure of profitability on which the operating segments are evaluated is Operational EBITA, which represents inc ome from operations 
excluding: 
• amortization expense on intangibles arising upon acquisition ( acquisition-related amortization),  
• restructuring, related and implementation costs, 
• changes in the amount recorded for obligations related to divested businesses occurring after the divestment date (changes in obligat ions 
related to divested businesses), 
• gains and losses from sale of businesses (including fair value adjustment on assets and liabilities held for sale) ,  
• acquisition- and divestment-related expenses and integration costs, 
• certain other non-operational items, as well as  
• foreign exchange/commodity timing differences in income from operations c onsisting of: (a) unrealized gains and losses on derivatives 
(foreign exchange, commodities, embedded derivatives), (b)  realized gains and losses on derivatives where the underlying hedged transaction 
has not yet been realized, and (c) unrealized foreign exchange movements on receivables/payables (and related assets/liabilities).  
Certain other non-operational items generally includes certain regulatory, compliance and legal costs, other income/expense relating to the Power Grids 
joint venture, certain asset write downs/impairments and certain other fair value changes, changes in estimates relating to opening balance sheets of 
acquired businesses (changes in pre-acquisition estimates), as well as other items which are determined by management on a case-by-case basis. 
The CODM primarily reviews the results of each segment on a basis that is before the elimination of profits made on inventory  sales between segments. 
Segment results below are presented before these eliminations, with a total deduction for intersegment profits to arrive at t he Company’s consolidated 
Operational EBITA. Intersegment sales and transfers are accounted for as if the sales and transfers were to third parties, at current market prices.  
The following tables present disaggregated segment revenues from contracts with customers , Operational EBITA, and the reconciliations of 
consolidated Operational EBITA to Income from continuing operations before taxes for the three months ended March  31, 2023 and 2022, as well as total 
assets at March 31, 2023, and December 31, 2022. 
 
  Three months ended March 31, 2023 
     Robotics &   
    Process Discrete Corporate  
 ($ in millions) Electrification Motion Automation Automation and Other Total 
 Geographical markets        
 Europe  1,162 638 519 474 79 2,872 
 The Americas  1,407 632 421 136 57 2,653 
 of which: United States 1,043 533 264 91 53 1,984 
 Asia, Middle East and Africa  957 549 489 324 15 2,334 
 of which: China 457 281 162 248 7 1,155 
  3,526 1,819 1,429 934 151 7,859 
 Product type        
 Products 3,306 1,583 827 791 137 6,644 
 Services and other 220 236 602 143 14 1,215 
  3,526 1,819 1,429 934 151 7,859 
        
 Third-party revenues 3,526 1,819 1,429 934 151 7,859 
 Intersegment revenues 64 121 7 3 (195) – 
 Total revenues(1) 3,590 1,940 1,436 937 (44) 7,859

===== SIDA 40 =====

27 Q1 2023 FINANCIAL INFORMATION  
  Three months ended March 31, 2022 
     Robotics &   
    Process Discrete Corporate  
 ($ in millions) Electrification Motion Automation Automation and Other Total 
 Geographical markets        
 Europe  1,062 466 585 354 51 2,518 
 The Americas  1,164 492 368 108 37 2,169 
 of which: United States 849 407 221 72 33 1,582 
 Asia, Middle East and Africa  951 499 546 267 15 2,278 
 of which: China 457 287 150 197 9 1,100 
  3,177 1,457 1,499 729 103 6,965 
 Product type        
 Products 2,981 1,248 813 612 95 5,749 
 Services and other 196 209 686 117 8 1,216 
  3,177 1,457 1,499 729 103 6,965 
        
 Third-party revenues 3,177 1,457 1,499 729 103 6,965 
 Intersegment revenues 59 115 7 1 (182) – 
 Total revenues(1) 3,236 1,572 1,506 730 (79) 6,965 
(1) Due to rounding, numbers presented may not add to the totals provided. 
 
  Three months ended 
  March 31, 
 ($ in millions) 2023 2022 
 Operational EBITA:   
 Electrification 677 512 
 Motion 366 274 
 Process Automation 205 196 
 Robotics & Discrete Automation 140 49 
 Corporate and Other   
 ‒ E-mobility (28) (2) 
 ‒ Corporate costs, intersegment eliminations and other (83) (32) 
 Total 1,277 997 
 Acquisition-related amortization (54) (60) 
 Restructuring, related and implementation costs (1) (28) (16) 
 Changes in obligations related to divested businesses  (3) 14 
 Acquisition- and divestment-related expenses and integration costs  (19) (59) 
 Foreign exchange/commodity timing differences in income from operations:    
 Unrealized gains and losses on derivatives (foreign exchange, commodities, embedded derivatives) 22 18 
 Realized gains and losses on derivatives where the underlying hedged transaction has not yet been realized  (5) (2) 
 Unrealized foreign exchange movements on receivables/payables (and related assets/liabilities)  7 (1) 
 Certain other non-operational items:   
 Other income/expense relating to the Power Grids joint venture  13 (35) 
 Regulatory, compliance and legal costs – 1 
 Business transformation costs (2) (34) (26) 
 Changes in pre-acquisition estimates – (1) 
 Certain other fair value changes, including asset impairments  (1) 34 
 Other non-operational items 23 (7) 
 Income from operations 1,198 857 
 Interest and dividend income 40 13 
 Interest and other finance expense (61) (22) 
 Non-operational pension (cost) credit 7 36 
 Income from continuing operations before taxes  1,184 884 
(1) Includes impairment of certain assets. 
(2) Amount includes ABB Way process transformation costs of $30 million and $25 million for three months ended March 31, 2023 and 2022, respectively. 
  Total assets(1) 
 ($ in millions) March 31, 2023 December 31, 2022 
 Electrification 13,001 12,993 
 Motion 6,832 6,565 
 Process Automation 4,672 4,598 
 Robotics & Discrete Automation 4,960 4,901 
 Corporate and Other(2) 10,574 10,091 
 Consolidated 40,039 39,148 
(1) Total assets are after intersegment eliminations and therefore reflect third-party assets only. 
(2) At March 31, 2023, and December 31, 2022, respectively, Corporate and Other includes $90 million and $96 million of assets in the Power Grids business which is reported 
as discontinued operations (see Note 3). In addition, at March 31, 2023, Corporate and Other includes assets held for sale of $525 million (see Note 3).

===== SIDA 41 =====

28 Q1 2023 FINANCIAL I NFORMATION

===== SIDA 42 =====

29 Q1 2023 FINANCIAL INFORMATION  
 
 
 
 
— 
Supplemental Reconciliations and Definitions 
 
 
 
The following reconciliations and definitions include measures which ABB uses to supplement its Consolidated Financial Inform ation (un audited) 
which is prepared in accordance with United States generally accepted accounting principles (U.S.  GAAP). Certain of these financial measures 
are, or may be, considered non -GAAP financial measures as defined in the rules of the U.S. Securities and Exchange Commission (SEC).  
 
While ABB’s management believes that the non -GAAP financial measures herein are useful in evaluating ABB’s operating results, this information 
should be considered as supplemental in nature and not as a substitute for the related financial information prep ared in accordance with 
U.S. GAAP. Therefore these measures should not be viewed in isolation but conside red together with the Consolidated Financial Information 
(unaudited) prepared in accordance with U.S.  GAAP as of and for the three months ended March  31, 2023.  
 
Comparable growth rates  
Growth rates for certain key figures may be presented and discussed on a “comparable” basis. The comparable growth rate measures growth on a 
constant currency basis. Since we are a global company, the comparability of our operating results reported in U.S. dollars i s affected by foreign 
currency exchange rate fluctuations. We calculate the impacts from foreign currency fluctuations by translating the current -year periods’ reported key 
figures into U.S. dollar amounts using the exchange rates in effect for the comparable per iods in the previous year. 
Comparable growth rates are also adjusted for changes in our business portfolio. Adjustments to our business portfolio occur due to acquisitions, 
divestments, or by exiting specific business activities or customer markets. The adjustment for portfolio changes is calculated as follows: where the 
results of any business acquired or divested have not been consolidated and reported for the entire duration of both the current and comparable 
periods, the reported key figures of such business are adjusted to exclude the relevant key figures of any corresponding quar ters which are not 
comparable when computing the comparable growth rate. Certain portfolio changes which do not qualify as divestments under U.S. GAAP have been 
treated in a similar manner to divestments. Changes in our portfolio where we have exited certain business activities or cust omer markets are adjusted 
as if the relevant business was divested in the period when the decision to cease business activities was taken. We do not adjust for portfolio changes 
where the relevant business has annualized revenues of less than $50 million.  
The following tables provide reconciliations of reported growth rates of certain key figures to their respective comparable g rowth rate. 
 
Comparable growth rate reconciliation by Business Area 
  Q1 2023 compared to Q1 2022 
  Order growth rate  Revenue growth rate 
  US$ Foreign    US$ Foreign   
  (as exchange Portfolio   (as exchange Portfolio  
 Business Area reported) impact changes Comparable  reported) impact changes Comparable 
 Electrification  1% 4% 0% 5%  11% 5% 0% 16% 
 Motion 3% 5% 0% 8%  23% 7% -1% 29% 
 Process Automation 25% 7% 23% 55%  -5% 5% 15% 15% 
 Robotics & Discrete Automation -23% 3% 0% -20%  28% 7% 0% 35% 
 ABB Group 1% 5% 3% 9%  13% 6% 3% 22%

===== SIDA 43 =====

30 Q1 2023 FINANCIAL INFORMATION  
Regional comparable growth rate reconciliation  
Regional comparable growth rate reconciliation for ABB Group - Quarter 
  Q1 2023 compared to Q1 2022 
  Order growth rate  Revenue growth rate 
  US$ Foreign    US$ Foreign   
  (as exchange Portfolio   (as exchange Portfolio  
 Region reported) impact changes Comparable  reported) impact changes Comparable 
 Europe 1% 6% 3% 10%  14% 7% 3% 24% 
 The Americas 3% 0% 2% 5%  22% 1% 2% 25% 
 of which: United States -4% -1% 2% -3%  25% 1% 2% 28% 
 Asia, Middle East and Africa -2% 9% 4% 11%  2% 10% 4% 16% 
 of which: China -12% 6% 3% -3%  5% 8% 3% 16% 
 ABB Group 1% 5% 3% 9%  13% 6% 3% 22% 
Regional comparable growth rate reconciliation  by Business Area - Quarter 
 
  Q1 2023 compared to Q1 2022 
  Order growth rate  Revenue growth rate 
  US$ Foreign    US$ Foreign   
  (as exchange Portfolio   (as exchange Portfolio  
 Region reported) impact changes Comparable  reported) impact changes Comparable 
 Europe 1% 4% 0% 5%  9% 5% 0% 14% 
 The Americas -1% 0% 0% -1%  21% 0% 0% 21% 
 of which: United States -6% 0% 0% -6%  23% 0% 0% 23% 
 Asia, Middle East and Africa 4% 11% 0% 15%  1% 11% 0% 12% 
 of which: China -11% 7% 0% -4%  0% 8% 0% 8% 
 Electrification 1% 4% 0% 5%  11% 5% 0% 16% 
  
  Q1 2023 compared to Q1 2022 
  Order growth rate  Revenue growth rate 
  US$ Foreign    US$ Foreign   
  (as exchange Portfolio   (as exchange Portfolio  
 Region reported) impact changes Comparable  reported) impact changes Comparable 
 Europe 6% 6% -1% 11%  30% 7% -1% 36% 
 The Americas 0% 1% 0% 1%  29% 0% 0% 29% 
 of which: United States 2% 0% 0% 2%  32% 0% -1% 31% 
 Asia, Middle East and Africa 2% 9% 0% 11%  12% 10% 0% 22% 
 of which: China -8% 7% 0% -1%  3% 8% 0% 11% 
 Motion 3% 5% 0% 8%  23% 7% -1% 29% 
  
  Q1 2023 compared to Q1 2022 
  Order growth rate  Revenue growth rate 
  US$ Foreign    US$ Foreign   
  (as exchange Portfolio   (as exchange Portfolio  
 Region reported) impact changes Comparable  reported) impact changes Comparable 
 Europe 44% 12% 32% 88%  -11% 5% 15% 9% 
 The Americas 29% 1% 17% 47%  14% 1% 15% 30% 
 of which: United States -9% 0% 15% 6%  20% 0% 19% 39% 
 Asia, Middle East and Africa 5% 8% 21% 34%  -10% 6% 15% 11% 
 of which: China 16% 9% 27% 52%  8% 7% 22% 37% 
 Process Automation 25% 7% 23% 55%  -5% 6% 14% 15% 
  
  Q1 2023 compared to Q1 2022 
  Order growth rate  Revenue growth rate 
  US$ Foreign    US$ Foreign   
  (as exchange Portfolio   (as exchange Portfolio  
 Region reported) impact changes Comparable  reported) impact changes Comparable 
 Europe -21% 4% 0% -17%  34% 7% 0% 41% 
 The Americas -17% -1% 0% -18%  27% 0% 0% 27% 
 of which: United States -23% 0% 0% -23%  26% 0% 0% 26% 
 Asia, Middle East and Africa -29% 6% 0% -23%  22% 10% 0% 32% 
 of which: China -31% 5% 0% -26%  25% 11% 0% 36% 
 Robotics & Discrete Automation -23% 3% 0% -20%  28% 7% 0% 35%

===== SIDA 44 =====

31 Q1 2023 FINANCIAL INFORMATION  
Order backlog growth rate reconciliation 
  March 31, 2023 compared to March 31, 2022  
  US$ Foreign    
  (as exchange Portfolio   
 Business Area reported) impact changes Comparable  
 Electrification  19% 5% 0% 24%  
 Motion 18% 4% 0% 22%  
 Process Automation 11% 6% 4% 21%  
 Robotics & Discrete Automation 12% 4% 0% 16%  
 ABB Group 14% 6% 1% 21%  
 
 
Other growth rate reconciliations 
  Q1 2023 compared to Q1 2022 
  Service orders growth rate  Services revenues growth rate 
  US$ Foreign    US$ Foreign   
  (as exchange Portfolio   (as exchange Portfolio  
 Business Area reported) impact changes Comparable  reported) impact changes Comparable 
 Electrification  5% 5% 0% 10%  12% 5% 0% 17% 
 Motion 6% 6% 0% 12%  13% 7% 0% 20% 
 Process Automation -16% 4% 23% 11%  -12% 4% 25% 17% 
 Robotics & Discrete Automation 10% 5% 0% 15%  22% 6% 0% 28% 
 ABB Group -6% 5% 13% 12%  0% 5% 14% 19%

===== SIDA 45 =====

32 Q1 2023 FINANCIAL INFORMATION  
Operational EBITA as % of operational revenues (Operational EBITA margin) 
Definition 
Operational EBITA margin 
Operational EBITA margin is Operational EBITA as a percentage of operational revenues. 
Operational EBITA 
Operational earnings before interest, taxes and acquisition -related amortization (Operational EBITA) r epresents Income from operations excluding:  
• acquisition-related amortization (as defined below),  
• restructuring, related and implementation costs,  
• changes in the amount recorded for obligations related to divested businesses occurring after the divestment date (changes in  obligations 
related to divested businesses),  
• gains and losses from sale of businesses (including fair value adjustment on assets and liabilities held for sale),  
• acquisition- and divestment-related expenses and integration costs,  
• certain other non-operational items, as well as  
• foreign exchange/commodity timing differences in income from operations consisting of: (a)  unrealized gains and losses on derivatives 
(foreign exchange, commodities, embedded derivatives) , (b) realized gains and losses on derivatives where the underlying hedged transaction 
has not yet been realized, and (c) unrealized foreign exchange movements on receivables/payables (and related assets/liabilities).  
Certain other non-operational items generally includes certain regulatory, compliance and legal costs, other income/expense relating to the Pow er Grids 
joint venture, certain asset write downs/impairments and certain other fair value changes, changes in estimates relating to opening balance sheets of 
acquired businesses (changes in pre-acquisition estimates), as well as other items which are determined by management on a case -by-case basis. 
Operational EBITA is our measure of segment profit but is also used by management to evaluate the profitability of the Compan y as a whole. 
Acquisition-related amortization 
Amortization expense on intangibles arising upon acquisitions.  
Restructuring, related and implementation costs  
Restructuring, related and implementation costs consists of restructuring and other related expenses, as well as internal and external costs relating to  
the implementation of group-wide restructuring programs. 
Operational revenues 
The Company presents operational revenues solely for the purpose of allowing the computation of Operational EBITA margin. Operational revenues are 
Total revenues adjusted for foreign exchange/commodity timing differences in total revenues of: (i)  unrealized gains and losses on derivatives, 
(ii) realized gains and losses on derivatives where the underlying hedged  transaction has not yet been realized, and (iii)  unrealized foreign exchange 
movements on receivables (and related assets). Operational revenues are not intended to be an alternative measure to Total revenues, which represent 
our revenues measured in accordance with U.S. GAAP.  
Reconciliation 
The following tables provide reconciliations of consolidated Operational EBITA to Net Income and Operational EBITA Margin by business. 
Reconciliation of consolidated Operational EBITA to Net Income  
  Three months ended March 31, 
 ($ in millions) 2023 2022 
 Operational EBITA 1,277 997 
 Acquisition-related amortization (54) (60) 
 Restructuring, related and implementation costs (1) (28) (16) 
 Changes in obligations related to divested businesses  (3) 14 
 Acquisition- and divestment-related expenses and integration costs (19) (59) 
 Certain other non-operational items 1 (34) 
 Foreign exchange/commodity timing differences in income from operations  24 15 
 Income from operations 1,198 857 
 Interest and dividend income 40 13 
 Interest and other finance expense (61) (22) 
 Non-operational pension (cost) credit 7 36 
 Income from continuing operations before taxes  1,184 884 
 Income tax expense (119) (241) 
 Income from continuing operations, net of tax  1,065 643 
 Loss from discontinued operations, net of tax  (5) (11) 
 Net income 1,060 632 
(1) Includes impairment of certain assets.

===== SIDA 46 =====

33 Q1 2023 FINANCIAL INFORMATION  
Reconciliation of Operational EBITA margin by business  
  Three months ended March 31, 2023 
      Corporate and  
     Robotics & Other and  
    Process Discrete Intersegment  
 ($ in millions, unless otherwise indicated) Electrification Motion Automation Automation elimination Consolidated 
 Total revenues 3,590 1,940 1,436 937 (44) 7,859 
 Foreign exchange/commodity timing       
 differences in total revenues:       
 Unrealized gains and losses       
 on derivatives (14) 4 13 2 (4) 1 
 Realized gains and losses on derivatives       
 where the underlying hedged       
 transaction has not yet been realized (1) – 1 – 2 2 
 Unrealized foreign exchange movements       
 on receivables (and related assets) (7) (4) (4) (1) (3) (19) 
 Operational revenues 3,568 1,940 1,446 938 (49) 7,843 
        
 Income (loss) from operations 655 353 200 115 (125) 1,198 
 Acquisition-related amortization 22 8 1 20 3 54 
 Restructuring, related and       
 implementation costs 8 1 2 – 17 28 
 Changes in obligations related to       
 divested businesses – – – – 3 3 
 Acquisition- and divestment-related expenses       
 and integration costs 7 4 3 2 3 19 
 Certain other non-operational items 3 2 – 2 (8) (1) 
 Foreign exchange/commodity timing        
 differences in income from operations:        
 Unrealized gains and losses on derivatives       
 (foreign exchange, commodities,        
 embedded derivatives) (15) – (2) 2 (7) (22) 
 Realized gains and losses on derivatives       
 where the underlying hedged       
 transaction has not yet been realized – – 2 – 3 5 
 Unrealized foreign exchange movements        
 on receivables/payables       
 (and related assets/liabilities) (3) (2) (1) (1) – (7) 
 Operational EBITA 677 366 205 140 (111) 1,277 
        
 Operational EBITA margin (%) 19.0% 18.9% 14.2% 14.9% n.a. 16.3% 
 
In the three months ended March 31, 2023, certain other non-operational items in the table above includes the following:  
  Three months ended March 31, 2023 
     Robotics &   
    Process Discrete Corporate  
 ($ in millions, unless otherwise indicated) Electrification Motion Automation Automation and Other Consolidated 
 Certain other non-operational items:       
 Other income/expense relating to the        
 Power Grids joint venture – – – – (13) (13) 
 Certain other fair values changes,       
 including asset impairments 1 1 – 1 (2) 1 
 Business transformation costs(1) 4 – – 1 29 34 
 Other non-operational items (2) 1 – – (22) (23) 
 Total 3 2 – 2 (8) (1) 
(1) Amounts include ABB Way process transformation costs of $30 million for the three months ended March 31, 2023.

===== SIDA 47 =====

34 Q1 2023 FINANCIAL INFORMATION  
  Three months ended March 31, 2022 
      Corporate and  
     Robotics & Other and  
    Process Discrete Intersegment  
 ($ in millions, unless otherwise indicated) Electrification Motion Automation Automation elimination Consolidated 
 Total revenues 3,236 1,572 1,506 730 (79) 6,965 
 Foreign exchange/commodity timing        
 differences in total revenues:       
 Unrealized gains and losses       
 on derivatives (11) 4 (1) 2 (2) (8) 
 Realized gains and losses on derivatives       
 where the underlying hedged       
 transaction has not yet been realized 1 1 (3) – 4 3 
 Unrealized foreign exchange movements       
 on receivables (and related assets) – (2) 3 3 (2) 2 
 Operational revenues 3,226 1,575 1,505 735 (79) 6,962 
        
 Income (loss) from operations 480 254 151 22 (50) 857 
 Acquisition-related amortization 28 8 1 21 2 60 
 Restructuring, related and       
 implementation costs 2 8 5 1 – 16 
 Changes in obligations related to       
 divested businesses – – – – (14) (14) 
 Acquisition- and divestment-related expenses       
 and integration costs 18 5 33 1 2 59 
 Certain other non-operational items 3 – – – 31 34 
 Foreign exchange/commodity timing        
 differences in income from operations:        
 Unrealized gains and losses on derivatives        
 (foreign exchange, commodities,        
 embedded derivatives) (21) (1) 6 3 (5) (18) 
 Realized gains and losses on derivatives       
 where the underlying hedged       
 transaction has not yet been realized 2 – (3) – 3 2 
 Unrealized foreign exchange movements        
 on receivables/payables       
 (and related assets/liabilities) – – 3 1 (3) 1 
 Operational EBITA 512 274 196 49 (34) 997 
        
 Operational EBITA margin (%) 15.9% 17.4% 13.0% 6.7% n.a. 14.3% 
 
In the three months ended March 31, 2022, certain other non-operational items in the table above includes the following:  
  Three months ended March 31, 2022 
     Robotics &   
    Process Discrete Corporate  
 ($ in millions, unless otherwise indicated) Electrification Motion Automation Automation and Other Consolidated 
 Certain other non-operational items:       
 Regulatory, compliance and legal costs – – – – (1) (1) 
 Other income/expense relating to the        
 Power Grids joint venture – – – – 35 35 
 Certain other fair values changes,       
 including asset impairments – – – – (34) (34) 
 Business transformation costs(1) 1 – – – 25 26 
 Changes in pre-acquisition estimates 1 – – – – 1 
 Other non-operational items 1 – – – 6 7 
 Total 3 – – – 31 34 
(1) Amounts include ABB Way process transformation costs of $25 million for the three months ended March 31, 2022.

===== SIDA 48 =====

35 Q1 2023 FINANCIAL INFORMATION  
Net debt 
Definition  
Net debt 
Net debt is defined as Total debt less Cash and marketable securities.  
Total debt 
Total debt is the sum of Short-term debt and current maturities of long-term debt, and Long-term debt. 
Cash and marketable securities 
Cash and marketable securities is the sum of Cash and equivalents, Restricted cash (current and non -current) and Marketable securities and short -term 
investments. 
Reconciliation 
 ($ in millions)  March 31, 2023 December 31, 2022 
 Short-term debt and current maturities of long-term debt  3,433 2,535 
 Long-term debt  5,230 5,143 
 Total debt  8,663 7,678 
 Cash and equivalents  3,438 4,156 
 Restricted cash - current  19 18 
 Marketable securities and short-term investments  1,380 725 
 Cash and marketable securities  4,837 4,899 
 Net debt  3,826 2,779 
 
 
Net debt/Equity ratio 
Definition  
Net debt/Equity ratio 
Net debt/Equity ratio is defined as Net debt divided by Equity.  
Equity 
Equity is defined as Total stockholders’ equity.  
Reconciliation 
 ($ in millions, unless otherwise indicated) March 31, 2023 December 31, 2022 
 Total stockholders' equity 12,831 13,187 
 Net debt (as defined above) 3,826 2,779 
 Net debt / Equity ratio 0.30 0.21 
 
 
Net debt/EBITDA ratio 
Definition  
Net debt/EBITDA ratio 
Net debt/EBITDA ratio is defined as Net debt divided by EBITDA.  
EBITDA 
EBITDA is defined as Income from operations for the trailing twelve months preceding the balance sheet date before depreciati on and amortization for 
the same trailing twelve-month period.  
Reconciliation 
 ($ in millions, unless otherwise indicated) March 31, 2023 March 31, 2022 
 Income from operations for the three months ended:    
 June 30, 2022 / 2021 587 1,094 
 September 30, 2022 / 2021 708 852 
 December 31, 2022 / 2021 1,185 2,975 
 March 31, 2023 / 2022 1,198 857 
 Depreciation and Amortization for the three months ended:    
 June 30, 2022 / 2021 207 230 
 September 30, 2022 / 2021 198 220 
 December 31, 2022 / 2021 199 216 
 March 31, 2023 / 2022 191 210 
 EBITDA  4,473 6,654 
 Net debt (as defined above) 3,826 2,772 
 Net debt / EBITDA 0.9 0.4

===== SIDA 49 =====

36 Q1 2023 FINANCIAL INFORMATION  
Net working capital as a percentage of revenues 
Definition  
Net working capital as a percentage of revenues 
Net working capital as a percentage of revenues is calculated as Net working capital divided by Adjusted revenues for the tra iling twelve months. 
Net working capital 
Net working capital is the sum of (i) receivables, net,  (ii) contract assets, (iii) inventories, net, and (iv) prepaid expenses; less (v ) accounts payable, trade, 
(vi) contract liabilities (including non-current amounts) and (vii) other current liabilities (excluding primarily: (a) income taxes payable, (b) current 
derivative liabilities, (c) pension and other employee benefits, (d) payables under the share buyback progr am, (e) liabilities related to certain other 
restructuring-related activities and (f) liabilities related to the divestment of the Power Grids business ); and including the amounts related to these 
accounts which have been presented as either assets or liabilities held for sale but excluding any amounts included in discontinued operations . 
Adjusted revenues for the trailing twelve months  
Adjusted revenues for the trailing twelve months includes total revenues recorded by ABB in the twelve months preceding the r elevant balance sheet 
date adjusted to eliminate revenues of di vested businesses and the estimated impact of annualizing revenues of certain acquisitions which were 
completed in the same trailing twelve-month period. 
Reconciliation 
 ($ in millions, unless otherwise indicated) March 31, 2023 March 31, 2022 
 Net working capital:   
 Receivables, net 7,174 6,851 
 Contract assets 1,009 1,072 
 Inventories, net 6,269 5,372 
 Prepaid expenses 304 289 
 Accounts payable, trade (4,945) (4,830) 
 Contract liabilities (2,339) (2,080) 
 Other current liabilities(1) (3,444) (3,213) 
 Net working capital in assets and liabilities held for sale  136 – 
 Net working capital 4,164 3,461 
 Total revenues for the three months ended:    
 June 30, 2022 / 2021 7,251 7,449 
 September 30, 2022 / 2021 7,406 7,028 
 December 31, 2022 / 2021 7,824 7,567 
 March 31, 2023 / 2022 7,859 6,965 
 Adjustment to annualize/eliminate revenues of certain acquisitions/divestments  (340) (363) 
 Adjusted revenues for the trailing twelve months  30,000 28,646 
 Net working capital as a percentage of revenues (%)  13.9% 12.1% 
(1) Amounts exclude $668 million and $901 million at March 31, 2023 and 2022, respectively, related primarily to (a) income taxes payable, (b) current derivative liabilities, 
(c) pension and other employee benefits, (d) payables under the share buyback program, (e) liabilities related to certain restructuring-related activities and (f) liabilities 
related to the divestment of the Power Grids business.

===== SIDA 50 =====

37 Q1 2023 FINANCIAL INFORMATION  
Free cash flow conversion to net income 
Definition 
Free cash flow conversion to net income 
Free cash flow conversion to net income is calculated as free cash flow divided by Adjusted net income attributable to ABB . 
Adjusted net income attributable to ABB 
Adjusted net income attributable to ABB is calculated as net income attributable to ABB adjusted for: (i) impairment of goodw ill, (ii) losses from 
extinguishment of debt, and (iii) gains arising on the sale of both the Hitachi Energy Joint Venture and Power Grids business, the latter being included in 
discontinued operations. 
Free cash flow 
Free cash flow is calculated as net cash provided by operating activities adjusted for: (i) purchases of property, plant and e quipment and intangible 
assets, and (ii) proceeds from sales of property, plant and equipment . 
Free cash flow for the trailing twelve months  
Free cash flow for the trailing twelve months includes f ree cash flow recorded by ABB in the twelve months preceding the relevant balance sheet date.  
Net income for the trailing twelve months 
Net income for the trailing twelve months includes net income recorded by ABB  (as adjusted) in the twelve months preceding the relevant balance sheet 
date. 
 
Free cash flow conversion to net income 
  Twelve months to 
 ($ in millions, unless otherwise indicated) March 31, 2023 December 31, 2022 
 Net cash provided by operating activities – continuing operations 2,181 1,334 
 Adjusted for the effects of continuing operations:    
 Purchases of property, plant and equipment and intangible assets  (726) (762) 
 Proceeds from sale of property, plant and equipment  123 127 
 Free cash flow from continuing operations  1,578 699 
 Net cash used in operating activities – discontinued operations (39) (47) 
 Free cash flow 1,539 652 
 Adjusted net income attributable to ABB (1) 2,869 2,442 
 Free cash flow conversion to net income 54% 27% 
(1) Adjusted net income attributable to ABB for the year ended December 31, 2022, is adjusted to exclude the gain on the sale of Hitachi Energy Joint Venture of $43 million 
and reductions to the gain on the sale of Power Grids of $10 million. 
 
Reconciliation of the trailing twelve months to March  31, 2023  
   Continuing operations  
Discontinued 
operations  
 ($ in millions) 
Net cash provided by 
continuing operating 
activities 
Purchases of 
property, plant and 
equipment and 
intangible assets 
Proceeds  
from sale of 
property, plant and 
equipment  
Net cash provided 
by (used in) 
discontinued 
operating activities 
Adjusted net income 
attributable to ABB(1) 
 Q2 2022 385 (151) 31  (3) 383 
 Q3 2022 793 (165) 19  (2) 362 
 Q4 2022 720 (259) 42  (33) 1,088 
 Q1 2023 283 (151) 31  (1) 1,036 
 Total for the trailing twelve       
 months to March 31, 2023 2,181 (726) 123  (39) 2,869 
(1) Adjusted net income attributable to ABB for Q2, Q3 and Q4 of 2022, is adjusted to exclude reductions to the gain on the sale of Power Grids of $4 million, $2 million and 
$(1) million, respectively. In addition, Q4 2022 is also adjusted to exclude the gain on the sale of Hitachi Energy Joint Venture of $43 million.

===== SIDA 51 =====

38 Q1 2023 FINANCIAL INFORMATION  
Net finance expenses  
Definition  
Net finance expenses is calculated as Interest and dividend income less Interest and other finance expense.  
Reconciliation 
  Three months ended March 31, 
 ($ in millions) 2023 2022 
 Interest and dividend income 40 13 
 Interest and other finance expense (61) (22) 
 Net finance expenses (21) (9) 
 
 
 
Book-to-bill ratio 
Definition  
Book-to-bill ratio is calculated as Orders received divided by Total revenues. 
Reconciliation 
  Three months ended March 31, 
  2023 2022 
 ($ in millions, except Book-to-bill presented as a ratio) Orders Revenues Book-to-bill Orders Revenues Book-to-bill 
 Electrification 4,141 3,590 1.15 4,112 3,236 1.27 
 Motion 2,262 1,940 1.17 2,202 1,572 1.40 
 Process Automation 2,113 1,436 1.47 1,692 1,506 1.12 
 Robotics & Discrete Automation 1,001 937 1.07 1,308 730 1.79 
 Corporate and Other (incl. intersegment eliminations) (67) (44) n.a. 59 (79) n.a. 
 ABB Group 9,450 7,859 1.20 9,373 6,965 1.35

===== SIDA 52 =====

— 
ABB Ltd 
Corporate Communications 
P.O. Box 8131 
8050 Zurich 
Switzerland  
Tel: +41 (0)43 317 71 11 
 
www.abb.com