Q1 2026 Investment AB Latour Earnings Call Transcript
Key Points
- Investment AB Latour (IVTBF) reported organic growth in order intake and net sales by 5% and 4% respectively, despite geopolitical turbulence and negative currency effects.
- The company completed two acquisitions during the quarter and signed agreements for additional acquisitions, indicating strong acquisition activity.
- The wholly owned operations showed strong performance with an adjusted operating result of SEK886 million and an operating margin of 30.2%.
- Innovalift, a wholly owned operation, has established itself as the third largest business area within Latour's operations, with SEK3.4 billion in revenues.
- Nord-Lock Group reported a record quarter with organic growth in order intake by 13% and net sales by 17%, demonstrating strong performance across all regions.
- Net asset value decreased by 5.9% during the quarter, underperforming compared to the SIXRX index which decreased by 1.2%.
- The value development of the listed portfolio amounted to minus 9% during the first quarter, significantly underperforming the SIXRX index.
- Currency effects continue to put pressure on margins, with a negative impact of minus 6% in the quarter.
- Hultafors experienced slightly lower net sales compared to the same quarter last year due to currency headwinds and a cautious market environment.
- Innovalift faced a decline in order intake due to weaker demand in the Middle East and Asia, along with negative currency effects.
Good morning, and welcome to the presentation of Investment AB Latour's interim report for the first quarter 2026. (Operator Instructions)
With that, I hand over to CEO, Johan Hjertonsson; and CFO, Mikael Albrektsson.
Thank you, Katarina. And once again, welcome, everybody, to the Q1 report on Investment AB Latour. I'm here together with Mikael, our CFO. So very welcome, Mikael, as well.
And the presentation is divided into two sections. The first part, we will walk you through the Latour Group's development in Q1, commenting on the development for the investment portfolio and the wholly owned operations. Then we open up for questions. And then we have a second part where we will make a deep dive into Innovalift, one of Latour's seven wholly owned operations, and there, we have invited Andrea Veggian, CEO of Innovalift, for this section. And finally, after that, we will have a Q&A
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