Q3 2025 Investment AB Latour Earnings Call Transcript
Key Points
- Investment AB Latour (IVTBF) reported a strong order intake increase of 70%, with 10% being organic growth.
- The company has a robust acquisition strategy, with six acquisitions finalized this year, adding over SEK1.8 billion in net sales annually.
- Several listed companies within the portfolio, such as ASSA ABLOY, Sweco, and HMS, reported strong Q3 results, showcasing resilience.
- The wholly owned industrial operations have a strong order backlog, ensuring stable net sales for upcoming quarters.
- Investment AB Latour (IVTBF) maintains a strong corporate culture and continues to invest in growth initiatives, ensuring long-term profitability.
- The overall business climate remains challenging, with a weaker construction market affecting some operations.
- The value development of the listed portfolio was down by 2% over nine months, underperforming compared to the SIXRX index, which increased by 5.8%.
- Currency headwinds and ongoing growth initiatives are putting pressure on operating margins in the short term.
- Net asset value decreased by 0.6% adjusted for dividends during the nine months, while the SIXRX index increased by 5.8%.
- Some business units, such as Hultafors Group, continue to face challenging market conditions, particularly in Europe and North America.
Thank you very much, Katarina. Welcome, everybody. I'm here together with our CFO, Mikael, and we will take you through our Q3 report that we published earlier this morning. So if we start with the first slide, the overall group structure is unchanged.
Continued good performance of our operations despite the challenging business climate. The construction market is still slow overall, but some areas are growing, thanks to trends like energy efficiency, automation, where several of our businesses are well positioned. I will comment more on the financial outcome more in detail later on in this presentation.
As for the US tariffs, Latour's exposure in the US corresponds to the 11% of our total net sales and the effects from tariffs are limited. Caljan, Hultafors Group, Nord-Lock Group and REAC within Latour Industries have the most exposure in the US. And we aim to pass on as much of the increased cost to customers as possible related to tariffs.
Then if we go to the next slide with our
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