Q1 2025 Investment AB Latour Earnings Call Transcript
Key Points
- Investment AB Latour (IVTBF) reported a strong start to the year with a 21% increase in order intake, of which 10% was organic, and a 30% increase in net sales.
- The company successfully completed five acquisitions in the first quarter, adding SEK1.6 billion to the top line on an annual basis.
- Nord-Lock achieved a record 25% growth in order intake, with 23% being organic, showcasing strong performance in a tough market.
- The logistics sector, particularly Caljan, showed signs of recovery with a 63% increase in order intake, indicating a growing order backlog.
- Investment AB Latour (IVTBF) maintained a strong financial position, enabling continued investment in existing and new holdings for future growth.
- The company's total return on the listed portfolio was negative, with a value development of minus 2.7% and a total return of minus 5.2% so far this year.
- Currency fluctuations negatively impacted the gross margin in parts of the operations.
- The construction and real estate markets faced downturns, affecting some business units negatively.
- Despite growth in order intake, net sales for Caljan were slightly below the corresponding period last year.
- The net asset value decreased by 1.2% during the quarter, and the consolidated net debt increased from SEK12 billion to SEK15.4 billion due to acquisitions.
Good morning and welcome to the presentation of Investment AB Latour's interim report for the first quarter of 2025. The first part of the presentation will be in listen-only mode and will then open up for questions. (Operator Instructions). I will now hand over to CEO, Johan Hjertonsson and CFO, Anders Morck.
Thank you, Catalina, and, once again, welcome everybody. I'm here together with Anders, and we're going to go through our Q1 presentation and we're using the same structure and logic as we've done for many, many quarters now. So you will recognize yourself.
First of all, here on the first page, the overall Group structure is unchanged. Considering the business climate, a good start of the year for our businesses. The general demand is quite good in many markets that we operate on, but it varies between regions and industries.
Towards the end of the quarter, we have seen a slightly more hesitant market as a response to among others the trade war and
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