Interim report January – September 2026
3 november, 08:30
Interim report January – September 2026
NET ASSET VALUE AND THE LATOUR SHARE
- The net asset value showed steady growth over the nine-month period, driven by a strong earnings performance within the wholly-owned industrial operations, while the value of the listed portfolio contracted.
- At the close of the period, the net asset value stood at SEK 216 per share, matching the SEK 216 per share recorded at the start of the year. When adjusted for dividends, this represents a 2.5 per cent increase. The benchmark index (SIXRX) rose 10.8 per cent. The net asset value was SEK 223 per share at 2 November.1
- The total return on the Latour share was -8.0 per cent compared with the SIXRX, which increased 10.8 per cent.
INDUSTRIAL OPERATIONS
Third quarter
- The industrial operations’ order intake increased 8 per cent to SEK 7,175 m (6,644 m), representing 5 per cent growth on a constant currency basis for comparable entities.
- The industrial operations’ net sales increased 7 per cent to SEK 7,164 m (6,688 m), representing 5 per cent growth on a constant currency basis for comparable entities.
- The industrial operations’ adjusted operating profit increased 30 per cent to SEK 1,213 m (936 m), representing an operating margin of 16.9 (14.0) per cent.
- During the quarter, Nord-Lock Group signed an agreement to acquire the British company Bolt and Nut Manufacturing Limited, with the acquisition completed on 2 November.
INDUSTRIAL OPERATIONS
January – September
- During the nine-month period, seven acquisitions and two disposals were completed within the wholly-owned industrial operations. Bemsiq acquired the British company cThings, Caljan acquired WyCo Services in the USA, and Latour Industries acquired the Swedish companies Alstor AB and Scandinavian Sealing AB. Swegon acquired the Dutch company Western Airconditioning, the Swiss company LaminAir, and Dantherm’s Danish residential ventilation business. It also completed the disposals of its Norwegian third-party products business and the Dutch company UltimAir.
- The industrial operations’ order intake increased 6 per cent to SEK 22,431 m (21,220 m), representing 8 per cent growth on a constant currency basis for comparable entities.
- The industrial operations’ net sales increased 3 per cent to SEK 21,125 m (20,559 m), representing 4 per cent growth on a constant currency basis for comparable entities.
- Adjusted operating profit increased 9 per cent to SEK 3,098 m (2,831 m), resulting in an operating margin of 14.7 (13.8) per cent.
INVESTMENT PORTFOLIO
- During the nine-month period, the investment portfolio value decreased by 5.2 per cent, adjusted for dividends and portfolio changes. The benchmark index (SIXRX) rose 10.8 per cent.
- In May, 7.6 million Class B shares in ASSA ABLOY and 16.4 million Class B shares in Securitas were sold for a purchase price of SEK 2.5 billion in each company in order to continue building the wholly-owned operations. Following the sale, Latour holds 29.0 per cent of the total number of voting rights in ASSA ABLOY and 27.6 per cent of the total number of voting rights in Securitas, and remains the principal owner and largest shareholder in both companies.
- The acquisition of 1.5 million shares in Fagerhult in September increased Latour’s total voting rights in Fagerhult to 48.9 per cent.
THE GROUP
- Consolidated net sales totalled SEK 21,125 m (20,730 m), and profit after financial items was SEK 6,448 m (3,766 m). The income statement for the period includes a net charge of SEK -1,982 m (-417 m) relating to accounting impairment losses and reversals on investments in associates, and capital gains of SEK 3,132 m (4 m) arising on the disposal of shares in associates.
- Consolidated profit after tax stood at SEK 5,841 m (3,346 m), representing a basic share price of SEK 9.11 (5.19).
- Consolidated net debt stood at SEK 13,185 m (18,430 m). Net debt, excluding lease liabilities recognised under IFRS 16, was SEK 11,563 m (16,806 m) and is equivalent to 8 (11) per cent of the market value of total assets.
EVENTS AFTER THE REPORTING PERIOD
- There were no material events subsequent to the end of the reporting period.
1 The calculation of the net asset value on 2 November was based on the value of the investment portfolio at 17.30 on 2 November and the same values as on 30 September were used for the unlisted portfolio.
Comments from the CEO
Record results in an improving market
Latour’s industrial operations performed strongly during the third quarter, delivering record results alongside enhanced profitability. Net sales increased during the period, supported by previously postponed projects gradually getting underway and by the continued strong performance of our companies within their respective markets. We also saw indicators that several of our operations are continuing to gain market share. Order intake remained strong and the order backlog stands at a healthy level, establishing a stable foundation for the upcoming quarters.
Market conditions continue to move in the right direction, with demand remaining consistently positive across the majority of our operations. However, the differences between various sectors and geographic regions persist. Segments of the traditional construction market, particularly residential construction and specific new-build sectors in Europe, remain cautious, which is adversely affecting parts of Innovalift and Swegon, among others. Conversely, robust activity in refurbishment, energy efficiency upgrades, and public and industrial infrastructure is driving growth across Bemsiq Group, Caljan, Innovalift, Nord-Lock Group and Swegon. The expansion of data centres and digital infrastructure continues at a rapid pace. Combined with investments in automation and infrastructure within sectors such as healthcare, education and defence, this creates significant opportunities for several segments of Latour’s industrial operations.
Sustained organic growth and margin improvement
Quarterly order intake increased by 8 per cent, representing 5 per cent organic growth. Net sales increased by 7 per cent, of which 5 per cent was organic growth. The order backlog strengthened further, closing the quarter at SEK 8,243 m, establishing strong fundamentals for sustained revenue growth in the coming quarters.
Adjusted quarterly earnings reached an all-time high for the industrial operations, totalling SEK 1,213 m (936 m), with the margin improving to 16.9 (14.0) per cent. The increased sales volumes had a clear positive impact on earnings, generating good returns on investments and efficiency measures implemented across several of our operations. Coupled with good cost control and some positive currency effects, this contributed to the significant improvement in profitability.
Overall, we are highly satisfied with this quarter’s performance. Strong growth and enhanced margins, reinforced by an expanding order backlog, provide a solid foundation as we enter the final quarter of the financial year. Nevertheless, the macroeconomic environment remains uncertain and geopolitical developments could rapidly alter the circumstances. However, we believe that the industrial operations are well equipped to respond to change and continue to deliver profitable growth.
Continued investment for long-term growth
Our acquisition activities remain at a high level, and we regularly evaluate opportunities to strengthen existing operations and build a presence in new areas. During the quarter, Nord-Lock Group signed an agreement to acquire the British company Bolt and Nut, thereby establishing a solid platform in the United Kingdom within specialty bolting, with significant opportunities for further growth and development. We completed seven acquisitions earlier in the year. Together with Bolt and Nut and the disposals that Swegon has carried out as part of its consolidation of operations, this delivers an additional SEK 900 m in net annualised acquired growth. More information about our acquisitions can be found on page 4.
Alongside our acquisition activities, we continue to invest in and develop our existing operations, focusing on long-term competitiveness and profitable growth. Sustainability and digitalisation remain core pillars of these initiatives. Our long-term sustainability targets are unchanged and related initiatives are executed continuously across the operations. At the same time, we are stepping up our investments in AI, with the ambition to be at the forefront of applying the technology across our operations. Through targeted investments in AI, we support our companies in streamlining operational processes and, over the longer term, enhancing sales and product development.
Mixed performance for the listed holdings
Overall, the Stockholm Stock Exchange performed well during the first nine months of the year despite volatility driven by persistent macroeconomic uncertainty. The total value of Latour’s portfolio of listed holdings increased slightly in the third quarter, but decreased over the nine-month period by 5.2 per cent, adjusted for dividends and portfolio changes. Over the same period, the SIXRX benchmark index increased by 10.8 per cent. All of our listed holdings have now reported their third-quarter results, and the underlying performance is positive overall. The companies are adapting well to the current market conditions and, as in our wholly-owned industrial operations, we are seeing good progress across several areas, with continued healthy demand in key target segments.
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 (CET). 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/q3-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/q3-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 3 November 2026 at 08.30 CET.
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Interim report January – September 2026
3 november, 08:30
Interim report January – September 2026
NET ASSET VALUE AND THE LATOUR SHARE
- The net asset value showed steady growth over the nine-month period, driven by a strong earnings performance within the wholly-owned industrial operations, while the value of the listed portfolio contracted.
- At the close of the period, the net asset value stood at SEK 216 per share, matching the SEK 216 per share recorded at the start of the year. When adjusted for dividends, this represents a 2.5 per cent increase. The benchmark index (SIXRX) rose 10.8 per cent. The net asset value was SEK 223 per share at 2 November.1
- The total return on the Latour share was -8.0 per cent compared with the SIXRX, which increased 10.8 per cent.
INDUSTRIAL OPERATIONS
Third quarter
- The industrial operations’ order intake increased 8 per cent to SEK 7,175 m (6,644 m), representing 5 per cent growth on a constant currency basis for comparable entities.
- The industrial operations’ net sales increased 7 per cent to SEK 7,164 m (6,688 m), representing 5 per cent growth on a constant currency basis for comparable entities.
- The industrial operations’ adjusted operating profit increased 30 per cent to SEK 1,213 m (936 m), representing an operating margin of 16.9 (14.0) per cent.
- During the quarter, Nord-Lock Group signed an agreement to acquire the British company Bolt and Nut Manufacturing Limited, with the acquisition completed on 2 November.
INDUSTRIAL OPERATIONS
January – September
- During the nine-month period, seven acquisitions and two disposals were completed within the wholly-owned industrial operations. Bemsiq acquired the British company cThings, Caljan acquired WyCo Services in the USA, and Latour Industries acquired the Swedish companies Alstor AB and Scandinavian Sealing AB. Swegon acquired the Dutch company Western Airconditioning, the Swiss company LaminAir, and Dantherm’s Danish residential ventilation business. It also completed the disposals of its Norwegian third-party products business and the Dutch company UltimAir.
- The industrial operations’ order intake increased 6 per cent to SEK 22,431 m (21,220 m), representing 8 per cent growth on a constant currency basis for comparable entities.
- The industrial operations’ net sales increased 3 per cent to SEK 21,125 m (20,559 m), representing 4 per cent growth on a constant currency basis for comparable entities.
- Adjusted operating profit increased 9 per cent to SEK 3,098 m (2,831 m), resulting in an operating margin of 14.7 (13.8) per cent.
INVESTMENT PORTFOLIO
- During the nine-month period, the investment portfolio value decreased by 5.2 per cent, adjusted for dividends and portfolio changes. The benchmark index (SIXRX) rose 10.8 per cent.
- In May, 7.6 million Class B shares in ASSA ABLOY and 16.4 million Class B shares in Securitas were sold for a purchase price of SEK 2.5 billion in each company in order to continue building the wholly-owned operations. Following the sale, Latour holds 29.0 per cent of the total number of voting rights in ASSA ABLOY and 27.6 per cent of the total number of voting rights in Securitas, and remains the principal owner and largest shareholder in both companies.
- The acquisition of 1.5 million shares in Fagerhult in September increased Latour’s total voting rights in Fagerhult to 48.9 per cent.
THE GROUP
- Consolidated net sales totalled SEK 21,125 m (20,730 m), and profit after financial items was SEK 6,448 m (3,766 m). The income statement for the period includes a net charge of SEK -1,982 m (-417 m) relating to accounting impairment losses and reversals on investments in associates, and capital gains of SEK 3,132 m (4 m) arising on the disposal of shares in associates.
- Consolidated profit after tax stood at SEK 5,841 m (3,346 m), representing a basic share price of SEK 9.11 (5.19).
- Consolidated net debt stood at SEK 13,185 m (18,430 m). Net debt, excluding lease liabilities recognised under IFRS 16, was SEK 11,563 m (16,806 m) and is equivalent to 8 (11) per cent of the market value of total assets.
EVENTS AFTER THE REPORTING PERIOD
- There were no material events subsequent to the end of the reporting period.
1 The calculation of the net asset value on 2 November was based on the value of the investment portfolio at 17.30 on 2 November and the same values as on 30 September were used for the unlisted portfolio.
Comments from the CEO
Record results in an improving market
Latour’s industrial operations performed strongly during the third quarter, delivering record results alongside enhanced profitability. Net sales increased during the period, supported by previously postponed projects gradually getting underway and by the continued strong performance of our companies within their respective markets. We also saw indicators that several of our operations are continuing to gain market share. Order intake remained strong and the order backlog stands at a healthy level, establishing a stable foundation for the upcoming quarters.
Market conditions continue to move in the right direction, with demand remaining consistently positive across the majority of our operations. However, the differences between various sectors and geographic regions persist. Segments of the traditional construction market, particularly residential construction and specific new-build sectors in Europe, remain cautious, which is adversely affecting parts of Innovalift and Swegon, among others. Conversely, robust activity in refurbishment, energy efficiency upgrades, and public and industrial infrastructure is driving growth across Bemsiq Group, Caljan, Innovalift, Nord-Lock Group and Swegon. The expansion of data centres and digital infrastructure continues at a rapid pace. Combined with investments in automation and infrastructure within sectors such as healthcare, education and defence, this creates significant opportunities for several segments of Latour’s industrial operations.
Sustained organic growth and margin improvement
Quarterly order intake increased by 8 per cent, representing 5 per cent organic growth. Net sales increased by 7 per cent, of which 5 per cent was organic growth. The order backlog strengthened further, closing the quarter at SEK 8,243 m, establishing strong fundamentals for sustained revenue growth in the coming quarters.
Adjusted quarterly earnings reached an all-time high for the industrial operations, totalling SEK 1,213 m (936 m), with the margin improving to 16.9 (14.0) per cent. The increased sales volumes had a clear positive impact on earnings, generating good returns on investments and efficiency measures implemented across several of our operations. Coupled with good cost control and some positive currency effects, this contributed to the significant improvement in profitability.
Overall, we are highly satisfied with this quarter’s performance. Strong growth and enhanced margins, reinforced by an expanding order backlog, provide a solid foundation as we enter the final quarter of the financial year. Nevertheless, the macroeconomic environment remains uncertain and geopolitical developments could rapidly alter the circumstances. However, we believe that the industrial operations are well equipped to respond to change and continue to deliver profitable growth.
Continued investment for long-term growth
Our acquisition activities remain at a high level, and we regularly evaluate opportunities to strengthen existing operations and build a presence in new areas. During the quarter, Nord-Lock Group signed an agreement to acquire the British company Bolt and Nut, thereby establishing a solid platform in the United Kingdom within specialty bolting, with significant opportunities for further growth and development. We completed seven acquisitions earlier in the year. Together with Bolt and Nut and the disposals that Swegon has carried out as part of its consolidation of operations, this delivers an additional SEK 900 m in net annualised acquired growth. More information about our acquisitions can be found on page 4.
Alongside our acquisition activities, we continue to invest in and develop our existing operations, focusing on long-term competitiveness and profitable growth. Sustainability and digitalisation remain core pillars of these initiatives. Our long-term sustainability targets are unchanged and related initiatives are executed continuously across the operations. At the same time, we are stepping up our investments in AI, with the ambition to be at the forefront of applying the technology across our operations. Through targeted investments in AI, we support our companies in streamlining operational processes and, over the longer term, enhancing sales and product development.
Mixed performance for the listed holdings
Overall, the Stockholm Stock Exchange performed well during the first nine months of the year despite volatility driven by persistent macroeconomic uncertainty. The total value of Latour’s portfolio of listed holdings increased slightly in the third quarter, but decreased over the nine-month period by 5.2 per cent, adjusted for dividends and portfolio changes. Over the same period, the SIXRX benchmark index increased by 10.8 per cent. All of our listed holdings have now reported their third-quarter results, and the underlying performance is positive overall. The companies are adapting well to the current market conditions and, as in our wholly-owned industrial operations, we are seeing good progress across several areas, with continued healthy demand in key target segments.
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 (CET). 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/q3-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/q3-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 3 November 2026 at 08.30 CET.
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