EL7.AI
StocksMedium•3 November 2026•
4 min read

Latour Posts Record Adjusted Operating Profit of SEK 1,213 Million in Third Quarter

Key Facts

1Adjusted operating profit was SEK 1,213 million, up 30%, and the margin rose to 16.9%.
2Orders and sales each grew organically by 5% in the third quarter.
3Consolidated net debt was SEK 11.5 billion at the end of the quarter, down from SEK 12.3 billion.
4The listed investment portfolio valuation fell 5.2% during the nine months, while the SIXRX index rose 10.8%.

Investment AB Latour’s wholly owned industrial operations posted record adjusted operating profit of SEK 1,213 million in the third quarter of 2026, up 30% from SEK 936 million in the same period of 2025. The adjusted operating margin rose to 16.9% from 14.0%, according to the company’s interim report. In the same quarter, both order intake and net sales grew organically by 5%, the chief executive said on the earnings call. The figures show simultaneous growth in industrial activity and profitability, with an improved margin compared with the previous year. The listed portfolio also continued to underperform its benchmark during the first nine months, highlighting the contrast between the company’s industrial units and its listed investments.

Order intake in the industrial operations totaled SEK 7,175 million in the quarter, compared with SEK 6,644 million a year earlier, an annual increase of 8%. Net sales were SEK 7,164 million, compared with SEK 6,688 million, up 7%. Excluding currency effects and comparing like-for-like units, both orders and sales grew by 5%, according to the interim report. The difference between nominal growth rates and constant-comparison growth rates reflects the effects of currency movements and changes in the scope of units. The chief executive said the start-up of some projects delayed in the second quarter improved in the third quarter, as the delayed projects gradually got underway. He added that the order backlog provides a basis for revenue growth in coming quarters.

Management attributed the strong improvement in profitability mainly to higher sales volumes, returns on previous investments, efficiency measures and continued cost control. The chief executive said these factors supported operating performance during the quarter. By contrast, parts of the traditional construction sector remained weak, particularly residential construction and some new-build activity in Europe. Management said renovation work, energy-efficiency upgrades, and public and industrial infrastructure are supporting growth at a number of group companies. It also said the expansion of data centers and digital infrastructure continues to create opportunities for parts of the industrial operations. The macroeconomic environment remains uncertain, the chief executive said.

At group level, sales for the nine months ended in September totaled SEK 21,125 million, compared with SEK 20,730 million in the same period of 2025. Profit after financial items was SEK 6,448 million, compared with SEK 3,766 million. This profit included a net impairment charge and reversal of SEK 1,982 million, compared with SEK 417 million a year earlier, alongside capital gains of SEK 3,132 million from the sale of stakes in associated companies, compared with SEK 4 million. Consolidated net profit after tax rose to SEK 5,841 million from SEK 3,346 million, while basic earnings per share were SEK 9.11 compared with SEK 5.19. These items show that the group’s results for the period included capital gains and impairment charges alongside income from operating activities.

Net asset value was SEK 216 per share at the end of the nine-month period, the same level as at the start of the year. Including dividends, the value rose 2.5%, while the SIXRX index gained 10.8% over the period. The valuation of the listed investment portfolio also fell 5.2% after adjusting for the effects of dividends and portfolio changes, compared with a 10.8% rise in the benchmark index. On financing, consolidated net debt fell during the quarter from SEK 12.3 billion to SEK 11.5 billion. Management attributed the decline mainly to strong cash flow. The debt reduction came alongside the company’s investments in expanding its industrial operations.

The wholly owned industrial operations completed 7 acquisitions and 2 divestments in the first nine months of 2026. The acquisitions included cThings, WyCo Services, Alstor, Scandinavian Sealing, Western Airconditioning, LaminAir and Dantherm’s residential ventilation business. The company said proceeds from the sale of shares in ASSA ABLOY and Securitas in May amounted to SEK 2.5 billion for each company and were used to continue building the wholly owned operations. After the quarter ended, Nord-Lock completed its acquisition of the British company Bolt and Nut on 2 November, and is also acquiring the remaining 25% stake in British company Energy Bolting. The chief executive said order growth, improved margins and an expanding order backlog provide a basis for entering the final quarter, despite economic uncertainty. The company scheduled its 2026 annual results report for 9 February 2027, and its January-to-March report for 29 April 2027.