Latour

NET ASSET VALUE AND THE LATOUR SHARE

• The net asset value was SEK 203 per share at the end of the period compared with SEK 216 per share at the start of the year. This is a decrease of 3.7 per cent, adjusted for dividends. The benchmark index (SIXRX) increased 8.1 per cent. The net asset value was SEK 204 per share at 18 August.¹
• The total return on the Latour share was -12.4 per cent compared with the SIXRX, which increased 8.1 per cent.

INDUSTRIAL OPERATIONS

Second quarter

• The industrial operations’ order intake increased 11 per cent to SEK 7,813 m (7,067 m), representing 13 per cent growth on a constant currency basis for comparable entities.
• The industrial operations’ net sales increased 3 per cent to SEK 7,225 m (7,044 m), representing 4 per cent growth on a constant currency basis for comparable entities.
• The industrial operations’ adjusted operating profit increased 1 per cent to SEK 999 m (994 m), representing an operating margin of 13.8 (14.1) per cent.
• During the quarter, Caljan acquired WyCo Services in the USA and Bemsiq acquired the British company cThings. Swegon acquired the Dutch company Western Airconditioning, LaminAir in Switzerland, and Dantherm’s Danish residential ventilation business. In addition, Swegon completed the disposal of its Norwegian third-party products business.

INDUSTRIAL OPERATIONS

January – June

• In addition to the second-quarter acquisitions, first-quarter activity comprised acquisition of the Swedish companies Alstor AB and Scandinavian Sealing AB, and disposal of Swegon’s Dutch subsidiary UltimAir.
• The industrial operations’ order intake increased 5 per cent to SEK 15,256 m (14,575 m), representing 9 per cent growth on a constant currency basis for comparable entities.
• The industrial operations’ net sales increased 1 per cent to SEK 13,961 m (13,872 m), representing 4 per cent growth on a constant currency basis for comparable entities.
• Adjusted operating profit decreased by 1 per cent to SEK 1,885 m (1,896 m), representing an operating margin of 13.5 (13.7) per cent.

INVESTMENT PORTFOLIO

• During the first six months, the investment portfolio value decreased by 8.8 per cent adjusted for dividends and portfolio changes. The benchmark index (SIXRX) increased by 8.1 per cent.
• In May, 7.6 million Class B shares in ASSA ABLOY and 16.4 million Class B shares in Securitas were sold for a purchase price of SEK 2.5 billion in each company to continue developing the wholly-owned operations. Following the sale, Latour holds 29.0 per cent of the total number of voting rights in ASSA ABLOY and 27.6 per cent of the total number of voting rights in Securitas, and remains the principal owner and largest shareholder in both companies.

THE GROUP

• Consolidated net sales totalled SEK 13,961 m (13,980 m). Profit after financial items was SEK 4,424 m (2,544 m). Accounting impairments and reversal of impairment losses on investments in associates totalling SEK -1,967 m (-164 m), and capital gains arising on the disposal of shares in associates totalling SEK 3,132 m (4 m) are reported as net amounts in the income statement for the period.
• Consolidated profit after tax was SEK 4,034 m (2,290 m), which is equivalent to SEK 6.30 (3.55) per share.
• The Group reported net debt of SEK 13,929 m (18,521 m). Net debt, excluding lease liabilities recognised under IFRS 16, was SEK 12,281 m (16,898 m) and is equivalent to 9 (11) per cent of the market value of total assets.

EVENTS AFTER THE REPORTING PERIOD

• There were no material events subsequent to the end of the reporting period.

¹ The calculation of the net asset value on 18 August was based on the value of the investment portfolio at 17.30 on 18 August and the same values as on 30 June were used for the unlisted portfolio.

Comments from the CEO

Gradual market recovery and strong demand
Latour’s industrial operations performed well during the second quarter, with solid demand across the majority of our businesses. The broader macroeconomic environment improved steadily throughout the period, although trends remained mixed across sectors, industries and regions. The construction industry, to which we have relatively material exposure, continues to show mixed trends. Residential construction and some new-build segments remain subdued, particularly across parts of Europe, while demand in other segments, such as refurbishment, energy efficiency and industrial infrastructure, has proven more resilient. Some of our operations, including Bemsiq Group, Caljan, Nord-Lock Group and Swegon, are benefiting from investments in data centres and industry-related projects.

The geopolitical uncertainty has in some cases led to postponed project starts, temporarily affecting invoicing volumes during the quarter. However, the projects remain in the order book, and the impact is primarily a timing effect, with deliveries and revenues shifting into coming quarters.

The industrial operations’ direct exposure to the Middle East remains limited, accounting for just under 1 per cent of turnover, primarily within Bemsiq Group, Innovalift and Nord-Lock Group. To date, we have experienced no significant adverse impact from the current situation, and we anticipate the overall financial effects on Latour to be minimal. We continue to monitor developments closely and are confident that our operations are well equipped to navigate any emerging challenges.

Sustained organic growth and stronger order book 
Quarterly order intake increased by 11 per cent, representing 13 per cent organic growth. Net sales increased by 3 per cent, with organic growth representing 4 per cent. The order book strengthened further, closing the quarter at SEK 8,079 m, establishing strong fundamentals for sustained net sales growth in the coming quarters.

Adjusted operating profit amounted to SEK 999 m (994 m) with an operating margin of 13.8 (14.1) per cent. The earnings performance reflects a progressive recovery in market conditions, coupled with good cost control and operational efficiency initiatives executed across several of our operations. Currency movements continued to weigh on performance relative to the previous year. Simultaneously, the quarter validated the resilience of our decentralised operating model, with several business areas delivering robust growth and profitability despite persistent macroeconomic volatility.

Overall, we are satisfied with the quarter. This strong organic momentum, coupled with the positive market trajectory towards the end of the period and the effects of our efficiency measures, provides a solid foundation as we enter the second half of the year. We believe that the industrial operations are well positioned to sustain profitable growth.

Long-term ownership and high acquisition activity
We continue to develop Latour in alignment with our long-term strategy. During the quarter, we carried out partial divestments of our holdings in ASSA ABLOY and Securitas. However, we remain the largest shareholder in both companies and continue to provide strong support for their long-term strategic objectives. By realising a smaller portion of the value created in these companies, we further strengthen our ability to continue investing in the wholly-owned industrial operations, where we see strong potential for long term value creation through both organic growth and acquisitions.

Acquisition activity in the wholly-owned operations remains high, with five acquisitions completed during the quarter. Combined with the acquisitions made in the first quarter and the disposals undertaken by Swegon to further focus its operations, we are thereby adding net annualised acquired growth of SEK 700 m. More information about our acquisitions can be found on page 4.

We are also investing in our existing operations to enhance competitiveness, profit margins and growth over time. Sustainability and digitalisation remain core priorities. We continue to implement initiatives in line with our long-term sustainability targets while intensifying our efforts in digitalisation and AI. We see significant opportunities to leverage new technologies to drive efficiency, foster innovation and improve customer value in our operations.

Weak stock market performance in the first half of the year
Conflicts in the Middle East, trade-related uncertainty and mixed economic data points are driving equity market volatility, although conditions improved somewhat during the second quarter. The value of Latour’s portfolio of listed holdings decreased by 8.8 per cent over the 6-month period, adjusted for dividends and portfolio changes. Over the same period, the SIXRX benchmark index increased by 8.1 per cent. All of our listed holdings have now submitted their second-quarter reports. These present a varied picture across the companies. The majority of the companies report a positive underlying trajectory and are adapting well to the current market climate. As in the wholly owned industrial operations, we are seeing a progressive improvement in market conditions, with several companies reporting resilient demand in key target segments.

Johan Hjertonsson
President and CEO

For further information please contact:
Johan Hjertonsson, President and CEO, Tel. +46 702-29 77 93 or
Mikael Johnsson Albrektsson, CFO, Tel. +46 733-23 36 06 or +46 31-89 17 90

Conference call
President and CEO Johan Hjertonsson and CFO Mikael Johnsson Albrektsson present the report and answers to questions in a webcasted teleconference today at 10.00 AM (CEST). The conference call will be held in English.

Webcast
Via the webcast you are able to ask written questions.
If you wish to participate via webcast, please use the link: https://events.inderes.com/latour/q2-report-2026

Teleconference
You can ask questions verbally via the teleconference.
If you wish to participate via teleconference, please register on the link below.
After registration you will be provided phone numbers and a conference ID to access the conference.
https://events.inderes.com/latour/q2-report-2026/dial-in

The information contained in this report constitutes information which Investment AB Latour (publ) is required to disclose under the EU Market Abuse Regulation. The information was provided by the above contact persons for publication on 19 August 2026 at 08.30 CEST.