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%.

• Five acquisitions were completed in Q2, adding SEK 700 million in annualized net sales, with continued focus on organic growth and digitalisation.

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

• Industrial operations saw strong order intake and resilient demand, especially in refurbishment, energy efficiency, and industrial infrastructure.

• Profit after tax rose to SEK 4,034m, up from SEK 2,290m year-over-year.

Financial highlights

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

• Adjusted EBIT reached SEK 999 million with a margin of 13.8%; adjusted operating profit for industrial operations was SEK 1,885m, margin 13.5%.

• Net asset value per share: SEK 203 at June 2026; share price at quarter-end was SEK 193, a 5% discount to NAV.

• Net debt decreased to SEK 12.3 billion, 9% of investment market value.

• Listed investment portfolio delivered a total return of -8.8% for January–June 2026, underperforming the SIXRX index (+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.

• Financial targets remain: annual growth >10%, operating margin >15%, and return on operating capital >15%. Trailing 12-month performance: annual growth 4%, operating margin 14%, return on operating capital 14%.

• Management expects sustained profitable growth, supported by a strong order book and efficiency measures.

• Geopolitical uncertainty and construction sector weakness may impact timing of revenues, but overall financial effects are expected to be minimal.