Year-end report 2025

NET ASSET VALUE AND THE LATOUR SHARE

• The net asset value at the end of the period was SEK 216 per share compared with SEK 215 per share at the start of the year, which is an increase of 2.4 per cent adjusted for dividends. The benchmark index (SIXRX) rose 12.7 per cent. The net asset value was SEK 218 per share at 10 February.1
• The total return on the Latour share was -16.9 per cent compared with the SIXRX, which increased 12.7 per cent.
• The Board of Directors proposes an increased dividend of SEK 5.10 (4.60) per share.

INDUSTRIAL OPERATIONS

The fourth quarter

• The industrial operations’ order intake rose 7 per cent to SEK 7,423 m (6,924 m). Adjusted for exchange rate effects, this equates to 8 per cent growth for comparable entities.
• The industrial operations’ net sales increased 6 per cent to SEK 7,415 m (7,015 m). Adjusted for exchange rate effects, this equates to 5 per cent growth for comparable entities.
• The industrial operations’ adjusted operating profit increased 9 per cent to SEK 1,112 m (1,020 m), resulting in an operating margin of 15.0 (14.5) per cent.
• In the fourth quarter, Latour Industries signed an agreement to acquire the Swedish company Alstor and completed the transaction in January 2026. It also divested the German company AAT Alber Antriebstechnik GmbH and the Spanish company Batec Mobility S.L.U. In addition, Latour Future Solutions invested in the Swedish company NOAQ AB.

INDUSTRIAL OPERATIONS

Full year

• The acquisitions of the Turkish company Arkel for Innovalift, the German company Howatherm for Swegon and the German company HDS Group for LSAB within Latour Industries were finalised in the first quarter. In addition, Hultafors Group acquired the Danish company Lyngsøe Rainwear and Swegon acquired the US company American Geothermal. The UK company Syntium Lifts was acquired by Innovalift in the second quarter. During the third quarter, Nord-Lock Group acquired the British company Energy Bolting Limited.
• The industrial operations’ order intake rose 13 per cent to SEK 28,825 m (25,497 m). Adjusted for exchange rate effects, this equates to 9 per cent growth for comparable entities.
• The industrial operations’ net sales increased 9 per cent to SEK 28,145 m (25,886 m). Adjusted for exchange rate effects, this equates to 4 per cent growth for comparable entities.
• Adjusted operating profit increased 4 per cent to SEK 3,935 m (3,769 m), resulting in an operating margin of 14.0 (14.6) per cent.

INVESTMENT PORTFOLIO

• During the year, Latour received dividends from the listed assets amounting to SEK 1,676 m (1,620 m). This is an increase of 3.4 per cent on the previous year. 
• Over the twelve-month period, the value of the investment portfolio increased by 1.1 per cent, adjusted for dividends and portfolio changes. The benchmark index (SIXRX) rose 12.7 per cent.
• During the first quarter, Latour increased its holding in CTEK by 1,275,000 shares. No other changes were made to the portfolio during the year.

THE GROUP

• Consolidated net sales totalled SEK 28,145 m (25,886 m), and profit after financial items was SEK 5,746 m (7,005 m). Accounting impairments and reversals of impairments of shares in associates totalling SEK -387 m (661 m), and capital losses from the sale of subsidiaries totalling SEK -224 m (0 m) are reported as net amounts in the income statement for the period.
• Consolidated profit after tax was SEK 4,947 m (6,200 m), which is equivalent to SEK 7.69 (9.65) per share.
• The Group reported net debt of SEK 16,751 m (14,021 m). Net debt, excluding lease liabilities recognised under IFRS 16, was SEK 14,980 m (12,292 m) and is equivalent to 10 (8) per cent of the market value of total assets.

EVENTS AFTER THE REPORTING PERIOD

• In January, Densiq, within Latour Industries, acquired Scandinavian Sealing AB. More details can be found on page 4.

1The calculation of the net asset value on 10 February was based on the value of the investment portfolio at 17.30 on 10 February and the same values as on 31 December were used for the unlisted portfolio.

Comments from the CEO

Record quarter concludes the year
The year ends with a very positive fourth quarter for Latour's wholly owned industrial operations, delivering record results and elevating the operating margin to 15.0 per cent. Organic growth in order intake is up on the previous year, signalling healthy underlying demand. However, market conditions remain mixed across various sectors and geographies. The construction industry continues to face headwinds and Hultafors Group is particularly feeling the effects of the tough market conditions, with net sales and volumes impacted by subdued activity levels in the sector. Conversely, structural drivers such as energy efficiency, increased accessibility requirements and the rapidly accelerating shift towards automation are generating significant growth opportunities for others, including Swegon, Bemsiq and Innovalift. For Caljan, underlying demand remained strong throughout the quarter, driven by an investment need among major logistics customers. With its global exposure to a diversified range of industries and sectors, Nord-Lock Group delivered a strong performance during the year, bolstered in part by an increased focus on security. The ongoing geopolitical turmoil makes it difficult to predict short-term customer demand with any degree of certainty. We are closely monitoring market conditions and remain confident that our businesses are well prepared to respond to potential changes in demand.

We continue to see no material financial impact from the US trade tariffs. The industrial operations’ total US sales are 11 per cent, with exports to the US accounting for approximately 9 per cent of that. Caljan, Hultafors Group, REAC within Latour Industries and Nord-Lock Group have slightly more trade exposure to the US. The strategy is to pass any costs incurred as a result of tariffs on to customers as much as possible.

Organic growth and enhanced operating margin
The order intake increased in the fourth quarter by 7 per cent, representing an 8 per cent increase on an organic basis. Net sales increased by 6 per cent, 5 per cent of which was organic growth. Adjusted operating profit increased 9 per cent to SEK 1,112 m (1,020 m), with an operating margin of 15.0 (14.5) per cent. A record achievement in absolute terms and a highly gratifying conclusion to the year.

Although the past year was marked by global turbulence and volatile markets, our operations managed to navigate the landscape well. Order intake increased by 13 per cent to SEK 28,825 m (25,497 m) and net sales by 9 per cent to SEK 28,145 m (25,886 m). The order backlog amounts to SEK 6,457 m at the year-end which ensures a good net sales development in coming quarters. Adjusted operating profit reached SEK 3,935 m (3,769 m) with an operating margin of 14.0 (14.6) per cent.

We have good cost control in our companies. Although some short-term margin pressure was experienced due to a combination of growth initiatives and adverse exchange rate effects during the year, the fourth-quarter results show that the initiatives are now beginning to yield tangible results with a gradual improvement in margins. Cash flow is strong and operating cash flow stands at SEK 3,745 m (3,653 m). Overall, we feel very satisfied with the outcome for the year. We enter the new year with a robust order backlog and an organization well equipped to meet both emerging opportunities and navigate potential challenges.

Strategic investments and robust acquisition activity
Latour’s long-term approach and financial stability enable us to continue to invest in and develop our operations even in more uncertain market conditions. Our investments in innovation, operational efficiencies and customer value continue to pay off and fortify our position going forward.

The acquisition activities are high and the pipeline is well filled. During the fourth quarter, we signed an agreement for one acquisition, completed two divestments and finalised an investment for Latour Future Solutions. An additional acquisition agreement was signed immediately after the year-end.

For the full year, we have completed a total of seven acquisitions. If we include the two acquisitions completed in January 2026, this means an added annual turnover of just over SEK 2 billion. More information about our acquisitions can be found on page 4.

Proposed increased dividend
Latour’s portfolio of listed holdings had a positive value development during the year, though performance trailed the benchmark index slightly. The majority of our listed holdings have now submitted their Q4 reports and, overall, they present a stable picture despite the challenging global environment. Geopolitical uncertainty continues to influence the market, with an impact that varies depending on the specific industry exposure and geographic presence of each company. Acquisition activity among the listed companies continues at a brisk pace and several add-on acquisitions were completed during the quarter. Among other, Troax has acquired Vichnet, a market leader in China for machine guarding and wire tray solutions, and with the acquisition becomes the leading player in China and Asia, and Sweco has strengthened its position in Belgium with its acquisition of the architectural firm assar architects.

Based on the strong results of both the industrial operations and the listed holdings, the Board of Directors proposes an increased dividend of SEK 5.10 (4.60) per share, which is equivalent to an increase of 10.9 per cent.

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

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/q4-report-2025

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/q4-report-2025/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 11 February 2026 at 08.30 CET.

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