Allegion plc (NYSE:ALLE) Morgan Stanley’s 13th Annual Laguna Conference September 10, 2025 5:35 PM EDT
Company Participants
Michael Wagnes – Senior VP & CFO
Joshua Pokrzywinski – Vice President of Investor Relations
Conference Call Participants
Christopher Snyder – Morgan Stanley, Research Division
Presentation
Christopher Snyder
Equity Analyst
All right. Thank you, everybody. Chris Snyder, U.S. multi-industry analyst. Super excited to have Allegion with us today. We have Mike Wagnes, CFO; Josh Pokrzywinski, IR, who is quite familiar with this stage, I have to imagine. Thank you guys for coming.
Michael Wagnes
Senior VP & CFO
Thanks for having us, Chris.
Question-and-Answer Session
Christopher Snyder
Morgan Stanley, Research Division
Absolutely. I guess access control, it’s an industry with great pricing power, really premium margins. I guess what is the moat here that keeps the industry consolidated, kind of restricts new entrants and allows everyone to generate strong margins?
Michael Wagnes
Senior VP & CFO
Yes. If you look at our industry, there’s two players, especially in North America, who are able to outfit the building with a suite of products necessary to hit all elements of the building. We are blessed to be one of those 2two As a result, it’s a highly configured specified product and part of our unique front end and our front end is different. We create demand by influencing the architect and the end user and we pull product through the channel.
So by creating that demand the way we do, we’re able to get a sticky installed base, a sticky end-user relationship, and that gives us the pricing power and really the ability to maintain end-user relationships and customer relationships for our products.
Christopher Snyder
Morgan Stanley, Research Division
Can you talk a little bit more about that spec writing process and how it differentiates Allegion
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