Read President and CEO Johan Hjertonsson's comments from Latour's latest interim report.
January - June 2026
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 refurbish¬ment, energy efficiency and industrial infra¬structure, 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 Chief Executive Officer
Johan Hjertonsson
President and CEO