Latour (LATO) Q1 2026 earnings summary

Executive summary

• Organic order intake and net sales grew by 5% and 4% respectively, with profitability in line with the previous year despite significant negative currency effects and geopolitical turbulence.

• Net asset value per share fell 5.9% to SEK 203, underperforming the SIXRX index, which declined 1.2%.

• The listed portfolio value declined by 9% in Q1, with a total return of -6.1% year-to-date, and total return on shares was -10.8% for the quarter.

• Acquisition activity was high, with two acquisitions completed in Q1 (Alstor and Scandinavian Sealing) and two more announced post-period, adding SEK 500 million in annual net sales.

• Profit after tax was SEK 383m, down from SEK 812m, reflecting market volatility and impairments.

Financial highlights

• Net asset value per share at quarter-end was SEK 203, with a share price of SEK 201 (1% discount); as of April 28, NAV was SEK 206 and share price SEK 215 (4% premium).

• Consolidated net sales were SEK 6,735m, down 2% year-over-year.

• Adjusted operating result for wholly owned operations was SEK 886 million, with a 30.2% margin.

• Net debt stood at SEK 17,006m, with an equity ratio of 80%.

• Group growth over the last 12 months was 5.1%, EBIT margin 14.1%, and return on operating capital 14%.

Outlook and guidance

• Strong order backlog and positive momentum exiting Q1, with expectations for reduced currency headwinds and continued growth in Q2.

• Management expects continued resilience due to strong market positions and cost discipline, with no material negative impacts from geopolitical events observed so far.

• Acquisition pipeline remains robust, with high activity expected.

• Innovalift and other business areas are expected to see margin improvements, with a focus on aligning with group financial targets.

• Management maintains a long-term perspective, emphasizing holdings owned for over 20 years, which represent more than 70% of value.