NET ASSET VALUE AND THE LATOUR SHARE
- The net asset value was SEK 203 per share at the end of the period compared with SEK 216 per share at the start of the year. This is a decrease of 5.9 per cent. By comparison, the Stockholm Stock Exchange's Total Return Index (SIXRX) decreased 1.2 per cent. The net asset value was SEK 206 per share at 28 April.1
- The total return on the Latour share was -10.8 per cent compared with the SIXRX, which decreased 1.2 per cent.
INDUSTRIAL OPERATIONS
- The industrial operations' order intake decreased 1 per cent to SEK 7,443 m (7,508 m), representing 5 per cent growth on a constant currency basis for comparable entities.
- The industrial operations' net sales decreased 1 per cent to SEK 6,735 m (6,827 m), representing 4 per cent growth on a constant currency basis for comparable entities.
- The industrial operations' adjusted operating profit decreased 2 per cent to SEK 886 m (902 m), representing an operating margin of 13.2 (13.2) per cent.
- In January, the acquisitions of the Swedish companies Alstor AB and Scandinavian Sealing AB were completed. In March, Swegon divested its Dutch subsidiary UltimAir.
INVESTMENT PORTFOLIO
- During the first quarter, the investment portfolio value decreased 9.0 per cent adjusted for portfolio changes. The benchmark index (SIXRX) decreased 1.2 per cent.
THE GROUP
- Consolidated net sales totalled SEK 6,735 m (6,884 m), and profit after financial items was SEK 567 m (946 m). Accounting impairments and reversals of impairments of shares in associates totalling SEK -1,218 m (-532 m), and capital gains from the disposal of subsidiaries totalling SEK 10 m (0 m) are reported as net amounts in the income statement for the period.
- Consolidated profit after tax was SEK 383 m (812 m), which is equivalent to SEK 0.59 (1.25) per share.
- Consolidated net debt stood at SEK 17,006 m (17,080 m). Net debt, excluding lease liabilities recognised under IFRS 16, was SEK 15,312 m (15,384 m) and is equivalent to 11 (10) per cent of the market value of total assets.
EVENTS AFTER THE REPORTING PERIOD
- On 1 April, Swegon acquired Western Airconditioning in the Netherlands, and on 14 April, Swegon signed an agreement to acquire Dantherm's Danish residential ventilation business. More details can be found on page 4.
1 The calculation of the net asset value on 28 April was based on the value of the investment portfolio at 17.30 on 28 April and the same values as on 31 March were used for the unlisted portfolio.
Comments from the CEO
A positive start despite a turbulent global environment
Latour's industrial operations have made a strong start to the year, delivering continued organic growth despite a period characterised by geopolitical uncertainty and a macro-economic environment that remains difficult to assess. During the quarter, the business reported organic growth in both order intake and net sales compared with the previous year, indicating solid underlying demand, even though with varying trends across markets, industries and regions.
While the broader construction landscape remains subdued, particularly in new builds, specific niches like renovation, energy efficiency and infrastructure investments are showing stronger momentum. Several of our business areas are strategically aligned with these industry trends, offering good opportunities for further growth. This benefits, among others, Swegon, Bemsiq Group and Innovalift, as well as Nord- Lock Group.
The industrial operations' direct exposure to the Middle East is limited. Sales to the region represent slightly less than 1 per cent of the industrial operations' total revenues and are principally generated by Bemsiq Group, Innovalift and Nord-Lock Group. To date, no material adverse impact has been observed. Over the longer term, however, indirect effects may emerge, including delivery delays and disruptions to global supply chains. Our current assessment is that the situation will not have a significant financial impact on Latour as a whole. We continue to monitor developments closely and are confident that our operations are well equipped to manage any potential challenges.
Organic growth continues, with profitability in line with corresponding quarter last year
During the quarter, order intake decreased by 1 per cent, representing organic growth of 5 per cent. Net sales decreased by 1 per cent, of which 4 per cent was organic growth. The order book increased to SEK 7,409 million at the end of the quarter, providing a solid basis for net sales growth in the coming quarters. We are pleased by the continued strong organic growth in both order intake and net sales during the quarter. First-quarter adjusted operating profit amounted to SEK 886 m (902 m), with an operating margin of 13.2 (13.2) per cent, which is considered satisfactory given that the first quarter is typically seasonally weaker. Currency effects continued to have a negative impact compared with the previous year. At the same time, the quarter's results reflect the strength of our decentralised business model and our ability to adapt the cost base in a more uncertain market environment. Cash flow was initially rather subdued, largely consistent with typical seasonal patterns. Cash flow from operating activities reached SEK 177 m (436 m).
To sum up, we are well-equipped to navigate global economic uncertainty. Robust market positions, continuous cost discipline and a proactive focus on profitability and cash flow provide the framework to sustain the long-term growth of our industrial operations, even against a more challenging market backdrop.
Long-term ownership and high acquisition activity
Latour's long-term ownership perspective and financial strength enable continued investment in operational improvements and growth initiatives, even in broader market instability. Levels of acquisition activity are high and the pipeline is well filled. During the first quarter, we completed two acquisitions. Since the end of the reporting period, we have acquired an additional business and entered into an agreement for a further acquisition. More information about our acquisitions can be found on page 4.
Subdued stock market performance
Public stock markets faced significant pressure in the first quarter, primarily driven by heightened geopolitical uncertainty in the Middle East and its subsequent global impact. Latour's portfolio of listed holdings decreased by 9.0 per cent during the period. By comparison, the benchmark index SIXRX decreased by 1.2 per cent.
The listed holdings in our portfolio that have reported first-quarter results to date present a mixed picture, with currency effects and an uncertain demand environment in certain segments and markets continuing to pose challenges.
Johan Hjertonsson
President and CEO
For further information please contact:
Johan Hjertonsson, President and CEO, Tel. +46 702-29 77 93 or
Mikael Johnsson Albrektsson, CFO, Tel. +46 733-23 36 06 or +46 31-89 17 90
Conference call
President and CEO Johan Hjertonsson and CFO Mikael Johnsson Albrektsson present the report and answers to questions in a webcasted teleconference today at 10.00 AM (CEST). The conference call will be held in English.
Webcast
Via the webcast you are able to ask written questions.
If you wish to participate via webcast, please use the link:
https://events.inderes.com/latour/q1-report-2026
Teleconference
You can ask questions verbally via the teleconference.
If you wish to participate via teleconference, please register on the link below.
After registration you will be provided phone numbers and a conference ID to access the conference.
https://events.inderes.com/latour/q1-report-2026/dial-in
The information contained in this report constitutes information which Investment AB Latour (publ) is required to disclose under the EU Market Abuse Regulation. The information was provided by the above contact persons for publication on 29 April 2026 at 08.30 CEST.
