Investment AB Latour (IVTBF) Q4 2025 Earnings Call Highlights: Record Profitability Amidst …

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Thu, February 12, 2026 at 12:02 AM GMT+9 4 min read

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**Net Asset Value:** Increased by 2.4% adjusted for dividends, amounting to SEK216 per share.

**Share Price:** Ended December at SEK225, a 4% premium over net asset value.

**Net Debt:** Decreased from SEK16.8 billion to SEK15 billion.

**Dividend Proposal:** Increased to SEK5.10 per share, a 10.9% increase.

**Order Intake Growth:** 7% increase in Q4, with 8% organic growth.

**Net Sales Growth:** 6% increase in Q4, with 5% organic growth.

**Operating Margin:** Record high of 15% for the quarter.

**Adjusted Operating Profit:** SEK3.9 billion for the year, up from SEK3.8 billion.

**EBIT Margin:** 14% for the year, compared to 14.6% the previous year.

**Cash Flow:** Positive cash flow exceeding SEK3.7 billion.

**Acquisitions:** Seven acquisitions completed, adding SEK1.8 billion in annual revenue.

**Bemsiq Group:** 12% organic growth in net sales, operating margin of 18.4%.

**Caljan:** 38% organic growth in net sales, operating margin of 23.9%.

**Hultafors Group:** 4% organic decline in net sales, operating margin of 16.8%.

**Innovalift:** 37% growth in net sales, operating margin of 13.8%.

**Nord-Lock Group:** 10% organic growth in net sales, operating margin of 25.5%.

**Swegon:** 4% organic growth in net sales, operating margin of 11.4%.

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Investment AB Latour (IVTBF) delivered record quarterly results with improved profitability despite a challenging business climate.

The company experienced organic order intake growth in both Q4 and the full year, indicating positive underlying demand.

Acquisition activity was high, with seven acquisitions completed in 2025, adding SEK1.8 billion in annual revenue.

The Board of Directors proposed an increased dividend of SEK5.10 per share, a 10.9% increase, reflecting strong profit development.

Strong cash flow generation resulted in a decrease in consolidated net debt from SEK16.8 billion to SEK15 billion, providing headroom for future acquisitions.

Negative Points

Net asset value increased by only 2.4% adjusted for dividends, underperforming compared to SIXRX's 12.7% increase.

Some holdings in the investment portfolio showed weaker stock market performance, affecting overall value development.

The construction industry remains weak, impacting companies like Hultafors, which faced tough market conditions.

Currency headwinds and various growth initiatives pressured operating margins, with a slight decrease from 14.6% to 14% year-over-year.

Geopolitical instability continues to affect markets, with varying impacts depending on market exposure and geographic presence.

 






Story Continues  

Q & A Highlights

Q: Could you help us understand the impact of FX and negative volumes on Hultafors’ margin profile, and how much is due to strategic growth investments? A: Johan Hjertonsson, CEO: Overall, the industrial operations faced about a 3% negative headwind on both the top line and EBIT, translating to less than SEK1 billion on the top line and SEK120-130 million on EBIT. Mikael Albrektsson, CFO: The most important driver for Hultafors is volume. We are confident that when volume returns, the EBIT margin will align with our expectations.

Q: Is the 20-plus EBIT margin level for Caljan sustainable if current market conditions persist? A: Johan Hjertonsson, CEO: Caljan’s business is project-oriented and exposed to heavy CapEx investments. The pandemic caused fluctuations, but last year was more normalized. Caljan should operate at a 20-plus EBIT margin over a longer period under stable conditions.

Q: Are there any notable actions being taken in Swegon to improve margins or costs? A: Johan Hjertonsson, CEO: We are optimizing costs and have seen strong growth, indicating a market turnaround in Q4. Swegon is well-positioned in energy efficiency and indoor climate, which supports margin improvements. Mikael Albrektsson, CFO: The demand for advanced indoor air quality products, which offer healthy margins, is increasing.

Q: What criteria determine when to divest a business within Latour Industries? A: Johan Hjertonsson, CEO: We have the same expectations for Latour Industries as other companies, but we may take higher risks when entering new segments. Divestment occurs when we can’t add value or if the segment doesn’t fit long-term. Tina Hultkvist, CEO of Latour Industries: We focus on potential and may have more patience in developing companies within Latour Industries.

Q: Are there sectors or megatrends you’re interested in but not currently in your portfolio? A: Tina Hultkvist, CEO of Latour Industries: We continuously explore new sectors within Latour’s investment criteria. Johan Hjertonsson, CEO: The recent acquisition of Alstor in the forestry sector is an example of entering a globally interesting sector with long-term potential.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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