Latour (LATO) Q2 2025 earnings summary

Executive summary

• Organic growth achieved in order intake and net sales across several business areas despite challenging market and geopolitical conditions.

• Multiple acquisitions completed, adding SEK 1.8 billion in annual net sales and strengthening core business areas.

• Net asset value per share decreased by 1.9% to SEK 207 at end of June, underperforming the SIXRX index.

• Listed holdings showed a -4.2% value development at end of June, with total return at +/-0% YTD and share total return at -8.1%.

• Profit after tax fell to SEK 2,290m from SEK 3,651m year-over-year.

Financial highlights

• Adjusted operating profit for Q2 was SEK 989 million (up 4%), with an operating margin of 13.9%.

• Net sales for Q2 were SEK 7,095m (up 9% year-over-year); H1 net sales were SEK 13,980m (up 11%).

• Net asset value per share at end of June was SEK 207, down 1.9% year-to-date.

• Consolidated net debt increased to SEK 18,521m (from SEK 13,011m), with net debt at 11% of investment market value.

• Share price at end of June was SEK 249, a 20% premium to net asset value.

Outlook and guidance

• Order backlog increased, supporting a stable net sales outlook for the remainder of the year.

• Management remains confident in navigating market uncertainty, with a strong order book supporting future invoicing.

• Financial targets remain: annual growth above 8–10%, operating margin and return on operating capital above 14–15%.

• Acquisition activity may remain subdued due to economic uncertainty, but financial strength allows for continued investment.

• Focus on building future business areas and maintaining long-term sustainable value creation.