Latour (LATO) Q2 2026 earnings summary

Executive summary

• Net asset value per share decreased by 3.7% to SEK 203, underperforming the SIXRX index, which rose 8.1%.

• Solid Q2 performance with organic order intake up 13% and net sales up 4% year-over-year, supported by positive market developments, especially late in the quarter.

• Adjusted EBIT reached SEK 999 million with a margin of 13.8%; order backlog exceeded SEK 8 billion, providing a strong base for future growth.

• Five acquisitions completed in Q2, adding SEK 700 million in annualized net sales and expanding operations in multiple regions.

• Partial divestments in ASSA ABLOY and Securitas provided capital for expansion of wholly owned operations, while maintaining principal ownership.

Financial highlights

• Consolidated net sales for H1 2026 were SEK 13,961m (up 1% year-over-year).

• Adjusted operating profit for industrial operations was SEK 1,885m, down 1% year-over-year, with a margin of 13.5%.

• Profit after tax was SEK 4,034m (SEK 6.30 per share), up from SEK 2,290m (SEK 3.55 per share) year-over-year.

• Consolidated net debt reduced to SEK 12.3 billion, now 9% of investment market value.

• Portfolio of listed holdings declined -8.8% in value in H1, while the SIXRX index rose 8.1%.

Outlook and guidance

• Strong order backlog supports revenue growth in H2; organizations are well-positioned to benefit from improving market conditions.

• Revenues from delayed projects expected to be recognized in Q3 and Q4.

• Management expects sustained profitable growth, supported by efficiency measures.

• Continued focus on long-term sustainable value creation and attractive shareholder returns.