Latour — Call Transcript 2026

Good morning and welcome to the presentation of Investment AB Latour's year-end report for 2025. The first part of the presentation will be in listen-only mode, and we'll then open up for questions. To ask a question, dial star 5 on your telephone keypad or use the chat window. With that, I hand over to CEO Johan Hjertonsson and CFO Mikael J. Albrektsson. Thank you very much, Katarina. Welcome, everybody. I'm here together with Mikael. Today the presentation will be divided into two sections. The first part is the usual one we've always done. We'll walk through the Latour Group's development in Q4 and the full year, and we will be commenting on the development of the investment portfolio and the wholly-owned operations. Then we will open up for questions. Then we have a new thing, a second part, where this time we will make a deep dive into Latour Industries, which is one of our seven wholly-owned operations. We will then later rotate our seven wholly-owned operations on the quarterly report, so you will meet more colleagues later on. But today we're inviting Tina Hultkvist, who is the CEO of Latour Industries, for this section. And finally, after Tina's presentation, we will have a Q&A session together on Latour Industries. Thus, two Q&A sessions today. Good. Let's go into Latour Group key highlights. We finished the year on a very positive note, delivering a record quarterly result with improved profitability. Continued strong performance across our operations despite the challenging business climate. We had an organic order intake growth in both Q4 and the full year, which indicates a positive underlying demand, although it does vary between industries and regions. On the one hand, we're facing a weak market environment driven by increasing geopolitical instability. On the other hand, we own companies operating in sectors shaped by global megatrends such as energy efficiency, accessibility, and automation, which provide strong prospects for growth going forward. I will comment more on the financial outcome more in detail later in this presentation. Finally, the acquisition activity has been quite high during the quarter. We signed an agreement to acquire Alstor to Latour Industries and divested two companies within Latour Industries: Mobility Division, AAT, and Batec. In addition, Latour Future Solutions made a minority investment in Nuuka. It is rewarding to see that all the efforts of our M&A teams, both centrally and within our businesses, are paying off. Summarizing the year, we have completed seven acquisitions, adding SEK 1.8 billion in annual revenue, a solid foundation as we enter into 2026. And here I would like quickly to hand over to Mikael to present our net asset value. So over to you, Mikael. Thank you very much, Johan. If looking on the net asset value development during the year, we can conclude that it increased by 2.4%, adjusted for dividends during the year, and amounted to SEK 216 per share compared to SIX RX that increased by 12.7%. The share price at the end of December was SEK 225, which means that there is a premium of 4% compared to how we present the net asset value. As of yesterday, the net asset value wasSEK 218 per share. The share price on the same day closed at SEK 229 , which gives a premium to our way of describing the net asset value of about 5%. The consolidated net debt decreased during the quarter from SEK 16.8 billion to SEK 15 billion, supported by strong cash flow. The net debt corresponds to about 10% of the market value of our investments, leaving headroom for further acquisitions going forward. And with that, I hand back over to you, Johan. Thank you, Mikael. Then we have the dividend here. We have a good profit development in our holdings and a strong financial position. The board of directors proposes an increased dividend to SEK 5.10 per share, which is an increase of 10.9%. The proposal is in line with the dividend policy, which you can see here on the slide. Thus, we have a strong historic trend of increased dividends, as you can see on this slide that shows at least the last 10 years. If we move on then into the investment portfolio, there's no major changes within the listed portfolio during the quarter. Earlier in the year, however, we increased our holdings in CTEK to 35.3%. Value development during the year was 1.2%, where SIX RX was 12.7%. Some of our holdings have shown weaker stock market performance, while others have been strong. Until yesterday, February 10th, the portfolio value was SEK 89.2 billion, and the total returns amount to 1.4% so far this year. The SIX RX was 5.4%. If we go to the next slide, looking at the underlying performance, it is clear that a great deal of our holdings have demonstrated positive growth and profitability over the years, also especially these last couple of years that have been quite tough business-wise. The majority of our companies have reported their Q4 results, and performance has been strong for most of them despite challenging market conditions. Geopolitical instability continues to affect the markets, though the impact varies depending on market exposure and geographic presence. The acquisition activities are high in our listed holdings. One example among several is Swegon, who acquired assar architects during the quarter, thereby strengthening its position even more in Belgium. And if we take the next slide just to show a little bit longer perspective on our listed holdings, as Latour is a long-term owner, it is worth evaluating the total return of the listed portfolio from a longer perspective, as I said. And during the last 15 years, the total return amounts to about 600% compared to SIX RX that amounts to 350%. We see this as a confirmation that the holdings in our portfolio are contributing to the positive shareholder value creation. And then I would like to comment on the wholly-owned operations. And the wholly-owned operations ended the year with a very strong quarter. Order intake increased by 7%, of which 8% was organic. And net sales increased 6%, of which 5% was organic. The organic growth indicates an underlying good demand for our companies, but the picture is mixed. The construction industry remains weak, for instance, with the Hultafors facing the toughest market conditions. At the same time, long-term drivers as energy efficiency, accessibility, automation support growth opportunities benefiting companies like Sweco, Bemsiq, and Innovalift. Caljan also reported solid underlying demand driven by major logistic customers, and Nord-Lock Group has performed strongly throughout the year, supported by its global industrial exposure and an increasing focus on safety. We have good cost control, and profitability is increasing in the quarter. The adjusted operating result for the quarter is record high, with an operating margin of 15%. Then to comment our wholly-owned business on the full year. Our businesses have navigated their operations well throughout the year in markets marked by the geopolitical disturbances that you all know. Total growth order intake was 13% and net sales 9%. Various growth initiatives, combined with currency headwinds, have put pressure on the operating margin. The Q4 outcome, however, indicates that we are moving in the right direction and that our investments are paying off. Adjusted operating profit amount to SEK 3.9 billion compared to SEK 3.8 billion the previous year, and the EBIT margin was 14% compared to 14.6% in the previous year. Lastly, a strong cash flow generation, accounting to more than SEK 3.7 billion in positive cash flow. So strong result, especially in a turbulent year, and we are very happy and proud for that. And if I go over and comment on our acquisitions during 2025, and during the quarter, Latour Industries signed the agreement to acquire Swedish Alstor, which I mentioned, which was finalized in January of this year. And Alstor is a provider of compact forestry machinery for thinning and forest management. With this acquisition, Latour Industries is entering a new segment, the market for forestry equipment. Latour Industries also divested AAT and Batec during the quarter, and with that, they left the Mobility Division. In addition, after the reporting period, Bemsiq within Latour Industries increased their services offer by the acquired Scandinavian Sealing based in Sweden. In total this year, we have finalized in last year, I should say, we have finalized seven acquisitions. Should we include the two acquisitions finalized in January of this year, the acquisitions during the year add to more than SEK 2 billion in net sales on an annual basis. And we're very happy with our M&A performance as well during 2025. So having said that, I hand back to Mikael to comment on our seven business areas. Over to you, Mikael. Thank you very much, Johan. In regular fashion, we start by taking a closer look at Bemsiq Group. Bemsiq had a continued good performance in the quarter, order intake in line with last year, which is driven by both organic growth and acquisitions, although partly offset by negative currency effects. The total organic growth in net sales was 12%, driven by the building automation division, while the metering division is a bit slower. A strong performance overall, considering the challenging market within the real estate and construction industries. The adjusted operating profit amounted to SEK 94 million, with a good margin of 18.4%. The margin was slightly negatively affected by growth initiatives ongoing and recent recruitments. With that said, we then turned the page and directed focus towards Caljan. Order intake remained strong during the quarter, increasing by 20% when adjusting for currency effects. The order backlog is at solid levels for the coming quarters. Caljan is now increasing the production capacity to meet the strong demand. Driven by the higher order intake during the year, net sales showed a very strong development in the quarter, growing organically by a very strong 38%. The adjusted operating profit was very strong as well, amounting to SEK 109 million, with an operating margin of 23.9%, which is a combination of good cost control, a strong gross margin, and high volumes. With that said, we turn the page and take a look at Hultafors Group. As Johan commented a bit earlier, the overall market conditions continue to be challenging for Hultafors Group, especially in North America. The total net sales is organically down by 4% compared to the corresponding quarter last year. The profit margin is lower than last year, mainly due to a combination of long-term investments for future growth, as well as lower volumes in the period. The adjusted operating profits amount to SEK 301 million, with a margin of 16.8%, which is good under the circumstances. We then turned the page and take a look at Innovalift. For Innovalift, we saw order intake continue to grow, supported by acquisition and a very healthy organic growth. Total net sales grew by 37%, driven by both acquisition and organic growth, and especially within the components and modernization segment, as well as the direct service and sales segments. The gross margin continues to improve step by step, and the cost controls remain strong, which allowed the operating profit. The quarterly adjusted operating profit amounted to SEK 132 million, with a margin of 13.8%, and summarizes a very good year for Innovalift. With that, we turn the page and continue with Latour Industries. Latour Industries business units showed a mixed development with a sustained strong demand for REAC and MAXAGV, while the remaining units face somewhat softer market conditions. In total, order intake is growing organically by a strong 12% during the quarter. Net sales is down by 3% from last year, driven by REAC and LSAB. The adjusted operating profit amounts to SEK 30 million, with an operating margin of 6.4%. The result is negatively affected by currency effects and the weak market climate, as well as ongoing investment for future growth. As we have commented, worth mentioning again, Latour Industries currently has an underabsorption of their fixed costs on the central level following the distribution of Innovalift, putting additional pressure on the margin for the time being. As the heading of the picture states, the focus of Latour Industries continues to be on developing the existing holdings and to find new platform investments, which Tina will talk more about later in the presentation. To briefly recap what Johan also had said earlier, the mobility division was divested during the quarter, and the acquisition of Alstor was signed in December and finalized in January. We then turned the page again and take a look at Nord-Lock Group. That continues to develop strongly during the year. In quarter four, despite the tough business climate, reporting growth across several metrics. Order intake grew organically by a strong 19% during the quarter. The net sales grew organically by a very healthy 10%, reaching an all-time high for a single quarter. All sales units contribute to the growth, and the order backlog remains at solid levels going into the coming quarters. The quarterly adjusted operating profit increased to SEK 139 million, with a strong operating margin of 25.5%, despite significant negative currency effects, but summarizing a very strong year for Nord-Lock Group overall. We then turned the page again and looked at our final business area, Swegon. For Swegon, the market has stabilized somewhat during the quarter, and order intake strengthened during the quarter and is up 10% organically from last year. Total net sales grew organically by 4%, driven by North America and the segment air handling, cooling, and heating. Adjusted operating profit came in at SEK 307 million, with a margin of 11.4%, supported by higher volumes and an improved margin. We can also once again comment that Andreas Örje Wellstam left his role as CEO of Swegon on February 1st and will assume the role of Chief Investment Officer of Latour in April. Very exciting and welcome back, Andreas, we say. And we can also comment that Eva Karlsson now is serving as interim CEO for Swegon. So we want to take the opportunity to congratulate Eva to that appointment and wish you all the best in that position. And then to continue, we continue with the financial targets. And with that, I hand over back to you, Johan. Thank you, Mikael. Excellent. So our financial targets, during the last 12 months, we have had growth of 8.7%, EBIT margin of 14%, and return on operating capital of 13.9%. This is an outcome that we're pleased with. The targets are to be seen over a business cycle. We have been in some time in recession for some time now. Growth is driven by both acquisition and organic growth, but with strong currency headwinds. We had about SEK 900 million in negative headwinds on the top line in the quarter, no, in the full year. EBIT margin is a good level, and return on operating capital is satisfying. Then I go to the next slide here before the Q&A. To summarize, 2025 had been yet another year marked by the global uncertainties affecting the business climate. However, we are pleased with the outcome, and we are entering 2026 with a strong order backlog and an organization well prepared to meet both opportunities and challenges. Latour is a long-term sustainable investment company and a responsible owner creating value for our shareholders. We are financially strong and continue to invest in our holdings, both existing and new ones, to enable future growth and create value for our shareholders. We have a strong corporate culture that we treasure, which is of great value while we move forward in a volatile and rapidly changing world. So with that, I'd like to thank you for listening in so far. We open up for the first Q&A session here together with myself and Mikael. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Linus Sigurdsson from DNB Carnegie. Please go ahead. Thank you. Good morning. My first question is on Hultafors and the margin profile. I agree that 16.8% margin is definitely strong in the face of these headwinds. Could you just help us pick apart how much of this headwind comes from the effects and the negative volumes, and how much is these strategic growth investments that you're undertaking? Okay. I can start. And then, Mikael, then you can shed some more light on it. I think overall, on the full year on the adaptive operations, it's about 3% negative headwind on the top line and about the same on the EBIT. So that translates to a little bit less than a billion Swedish Krona on the top line and some SEK 120 million-SEK 130 million on the EBIT in total. But then over to you, Mikael, if you want to comment a bit more specifically on Hultafors. No, I can just I mean, for Hultafors, I think I mean, the most important driver for Hultafors per se is the volume. That is, we are very confident looking at underlying margins that when volume comes, the EBIT margin profile is where we want it to be for Hultafors specifically. Okay. Thanks. And then my second question is on Caljan. Since it's been a minute, if ever, since we've seen sort of normal circumstances in this company, should we think that this 20+% EBIT margin level is reasonable to expect going forward if these market conditions persist? Yeah, I agree with you, Linus. It's been really a roller coaster ride with Caljan. That's a little bit one, it's the nature of the business. It's a very project-oriented business with very large projects. But it's also a business that is exposed to heavy CapEx type of investments with their clients, right? And then thirdly, I'd like to say they had an extreme peak during the pandemic when e-commerce was booming. And then they had the equivalent reverse downward trend when the pandemic was over because there were overinvestments in the logistics sector. And now those investments are coming back. So I would say that last year, you would see that the more normalized year, of course, the growth numbers are a bit crazy because you compare to very low numbers in the year before, in 2024. Margin-wise, I think Caljan is a company that should operate somewhere on 20+% EBIT margin on everything else the same over a longer period. Okay. Thanks. And then my final question was on Swegon. I understand that volume growth is obviously a key driver here as well for margin improvements. But are there any other, say, notable actions that move the needle that you're taking in Swegon on the margin or cost side? Yeah. We always work with optimizing our cost. On a positive note, we have seen strong growth and indications that the market has turned in Q4 for Swegon. So hopefully, we will see a stronger growth going forward. And also as a general comment, I would like to say that Swegon is very nicely positioned in the area of energy efficiency. And also, there is an increased interest in a healthy indoor climate. And that's exactly what Swegon works with. So that works very well in that sense. Something you want to add, Mikael, on the margin or cost? No, not really. I think as you mentioned, Johan, I mean, the increased demand for indoor air quality requires more advanced products, which plays well ahead for Swegon's offering. And also that type of product is also more technology content, typically offer healthy margins in that business as well. Okay. Thank you very much. Thank you, Linus. Great. There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions. We do not have any written questions in the activity feed. I hand back to you, Johan. Thank you, Mikael. That ends our first Q&A. Now into our new thing. On our quarterly report presentations, do a quick deep dive into each business area. We will have a rolling schedule coming up. The first one is Tina Hultkvist for Latour Industries. I hand over to you, Tina. I know that you have a presentation. Then the three of us will together take Q&A on Latour Industries after that. Over to you, Tina. Please. Thank you, Johan. So then moving into a deep dive of Latour Industries. Latour Industries is one of the seven companies in Latour's wholly owned portfolio. The main mission for Latour Industries is to build new company platforms. We are the home where good companies are young, grow as teenagers, and ultimately move away, becoming new company groups in the Latour wholly owned portfolio. Actually, three out of six sister companies have grown within Latour Industries and then moved out, forming new company groups. And that's Nord-Lock, which was quite a few years ago, then Bemsiq, and last, Innovalift, roughly two years ago. If combining us, around SEK 10 billion out of the current wholly owned operation of Latour comes from previous Latour Industries companies. Altogether, we've made around 60 acquisitions and stands for around 30% of the value of the wholly owned portfolio. This is just to show how building the new platforms has played out over time, forming the SEK 10 billion. The gray part is the portfolio currently reported as Latour Industries. Within here, we continue nurturing companies that have the potential to form new platforms. We also develop companies that may be more relevant on a standalone basis. So when Latour Industries, as such, is small, we are most successful because by then, we have most probably recently let one of our company groups move away from home. Our work starts all over again. So creating new business areas is our main mission. We do this by proactively establishing and nurturing contacts with good companies. This is an area we have strengthened the last two years. Of course, we also engage in structured processes as they come out. By active business development to support growth and add-on acquisitions, we take the steps towards forming a new business area. Guiding stars in the acquisition process is, of course, the Latour investment criteria, focusing on acquiring good companies with good growth potential. As mentioned, we have intensified the actions in proactive deal sourcing lately and are spending quite some time in building and growing relations with good companies. The current portfolio we have is a quite wide range of companies. With respect to time, I will just mention the last two acquisitions, the most recent one then being Alstor. Alstor designs and manufactures compact forest machines for customers ranging all the way from professional players to self-employed forest owners. Then before that, it was MAXAGV. MAXAGV designs and manufactures automated guided vehicles combined with in-house developed software solutions for various kinds of industrial use cases. Coming back to what Mikael showed, what you see on the five-year perspective to the right is the development of the company still within Latour Industries portfolio. The two new business areas built during those five years are excluded here and reported separately but have, of course, been a major part of the efforts made within Latour Industries. We have quite widespread operations in the portfolio. The performance differs between the companies that we have today. As you know, two companies that we had have been divested during the quarter. In addition to that, the underlying demand is good in REAC and MAXAGV. But we are exposed to currency fluctuations. We do have some headwind in other parts of the portfolio. When looking ahead, we are striving for a high level of acquisitions. Historically, the pace of platform builds has been around 2 platforms in roughly 5 years. This is a quite good indicator of the pace that we are aiming for going forward. We hope this has given a clear view of who we are in Latour Industries and what our value for the Latour Group is. With that, we open up for questions. Thank you, Tina, for an excellent and to-the-point and clear presentation. Therefore, we open up for the Q&A session with Tina and Mikael and myself. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Linus Sigurdsson from DNB Carnegie. Please go ahead. Hello again. Thank you for being on. I had two quick questions, the first one being I mean, I understand, of course, that there is lower pressure on the companies within Latour Industries to sort of show immediate, say, profitability improvements, etc. But where do you draw the line where you would decide that you would divest a business in Latour Industries? It's a good question. I can take a first cut on that. And then Mikael and Tina, please join in. I would say, you know, we have the same pressure expectation on Latour Industries companies as all our companies. But naturally, we take a slightly higher risk in parts of Latour Industries when we enter a new segment and so on. And it can also be that when we come into a new segment, we learn a lot about the segment. And we learn about that industry. And we see things we like. And then we continue. And we build. And we see that our initial hypothesis was correct. And sometimes, we see that it was tougher than expected. And we see that maybe it doesn't fit us in that sense. And that you could see that in the mobility division was an example where we said, you know, we can't add value. There's more other interesting opportunities. And then we go up. So it's not that we have a, you know, fixed EBIT margin that we say that you come below. It's then when we feel that this is not long-term viable in that sense. That's when we exit. Do you want to add to that, Tina or Mikael? I think it's a good description. Maybe just adding there that we are, of course, very much looking into the potential also when looking at the profit. So where can we go with this kind of business? That's an important metric for us. And then to some extent, maybe we do have a little bit more patience also in developing the companies here within Latour Industries than what we usually have. Yeah. Many of the Latour Industries companies are naturally slightly smaller in size. Therefore, Latour Industries has a very professional central overhead, if I may say so, to support them to develop them in terms of business development, M&A strategy formulation, and so on. Okay. Yeah. Thank you. That's helpful. And then my second question was on if there are any sort of sectors or megatrends that you're actively working with currently but that you don't have in the portfolio right now. Good. Very good question. Do you want to say something on that, Tina? Yeah. Of course, we are continuously looking into interesting sectors. And there are a few that we are maybe more interested in others. And let's see what happens with that. But I think we should not disclose that particularly here. But we are open to many new sectors as long as it is within the Latour investment criteria. So we are looking broadly, of course. And Latour Industries is the area where we can enter into completely new sectors. So that's why we are open to entering into anything new that is enough interesting and fits into the criteria. I think we can mention, Tina, one acquisition that we just did as an example of how we think is Alstor then in the forestry sector. We have identified that the forestry sector is a very long-term, globally interesting sector to be in. It's an undertrend, so to speak, of the whole green thinking of more you would build more with wood and energy and all of that that comes from our forests. Then also, Linus, that has followed us a long time, we are also looking for a company with good technology that has an international potential. And within the forestry sector, actually, globally, Sweden and Finland are the technology-leading countries in the forestry industry sector. So obviously, then we start with one company. Now we will learn this sector in depth. And hopefully, we can make add-on acquisitions and build something interesting within that. I think that's the way we think. I think Alstor is a good example of that. Right? Okay. Thank you so much. This was highly appreciated. Yeah. Thank you, Linus, for your questions. The next question comes from Oscar Lindström from Danske Bank. Please go ahead. Yes. Just a quick question on the execution of acquisitions within Latour Industries. When you do acquisitions in your companies, are these the same M&A teams carrying out all of these acquisitions? Or does Latour Industries have its own dedicated M&A team? That's my question. Good question. It is a mix. We have investment day. Latour has its own M&A team that works with many of our wholly owned businesses to help them with, as internal consultants, you could also say, to help them with M&A. One of those business areas is Latour Industries. So Latour Industries draws its resources, so to speak, from the Latour team in that sense. Other business areas might also have their own M&A team. So the precise answer to your question, there is a mix between central team and local teams. But they all work tightly together, of course. If I may, a follow-up question. When you look at acquisition targets for Latour Industries, are you actively thinking about businesses that could, in the future, be merged with your other wholly owned companies? Or is that not really part of the consideration when selecting acquisition targets? I can start. And then, Mikael, if you want to comment. I think, no, primarily, it is to find new areas. Obviously, Latour Industries will have a lot of inbound interesting cases. But they will be funneled directly to the other business areas where it's more appropriate in that sense. So we would not, I think. I understand your question. I think we would not buy something that we think would fit in Swegon and keep it in Latour Industries and then transfer it. No, then we'll ask Igor, for instance, to do the transaction directly. So Latour Industries is not a transaction vehicle for the other business areas, to be clear. Good. So it's like a standalone incubator, not an incubator for the other wholly owned companies. Exactly. You got it. Excellent. Great. Thank you. Those were my two questions that I had. Thank you, Oscar. There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments. Yeah. We do not have any written questions in the feed. I think that concludes then the final second Q&A. I hand over to you, Johan. Thank you, Mikael. And thank you, Tina, for this premiere of an in-depth in one of our business areas. That was great, Tina. Tina, thank you for visiting us here on the call. And thank you, everybody, for listening in. And that concludes the complete presentation of the Q4 report. And looking forward to talking to you and speaking to you again when we have our Q1 presentation later on this year. So from Tina and from Mikael, thank you very much. Bye.

Speaker 2: Good morning and welcome to the presentation of Investment AB Latour's year-end report for 2025. The first part of the presentation will be in listen-only mode, and we'll then open up for questions. To ask a question, dial star 5 on your telephone keypad or use the chat window. With that, I hand over to CEO Johan Hjertonsson and CFO Mikael J. Albrektsson. Good morning and welcome to the presentation of Investment AB Latour's year-end report for 2025. good morning and welcome to the presentation of investment ab latour's year-end report for 2025 The first part of the presentation will be in listen-only mode, and we'll then open up for questions. the first part of the presentation will be in listen-only mode and we'll then open up for questions To ask a question, dial star 5 on your telephone keypad or use the chat window. to ask a question dial star 5 on your telephone keypad or use the chat window With that, I hand over to CEO Johan Hjertonsson and CFO Mikael J. with that i hand over to ceo johan hjertonsson and cfo mikael j Albrektsson. albrektsson

Speaker 1: Thank you very much, Katarina. Welcome, everybody. I'm here together with Mikael. Today the presentation will be divided into two sections. The first part is the usual one we've always done. We'll walk through the Latour Group's development in Q4 and the full year, and we will be commenting on the development of the investment portfolio and the wholly-owned operations. Then we will open up for questions. Then we have a new thing, a second part, where this time we will make a deep dive into Latour Industries, which is one of our seven wholly-owned operations. We will then later rotate our seven wholly-owned operations on the quarterly report, so you will meet more colleagues later on. But today we're inviting Tina Hultkvist, who is the CEO of Latour Industries, for this section. And finally, after Tina's presentation, we will have a Q&A session together on Latour Industries. Thank you very much, Katarina. thank you very much katarina Welcome, everybody. welcome everybody I'm here together with Mikael. i'm here together with mikael Today the presentation will be divided into two sections. today the presentation will be divided into two sections The first part is the usual one we've always done. the first part is the usual one we've always done We'll walk through the Latour Group's development in Q4 and the full year, and we will be commenting on the development of the investment portfolio and the wholly-owned operations. we'll walk through the latour group's development in q4 and the full year and we will be commenting on the development of the investment portfolio and the wholly-owned operations Then we will open up for questions. then we will open up for questions Then we have a new thing, a second part, where this time we will make a deep dive into Latour Industries, which is one of our seven wholly-owned operations. then we have a new thing a second part where this time we will make a deep dive into latour industries which is one of our seven wholly-owned operations We will then later rotate our seven wholly-owned operations on the quarterly report, so you will meet more colleagues later on. we will then later rotate our seven wholly-owned operations on the quarterly report so you will meet more colleagues later on But today we're inviting Tina Hultkvist, who is the CEO of Latour Industries, for this section. but today we're inviting tina hultkvist who is the ceo of latour industries for this section And finally, after Tina's presentation, we will have a Q&A session together on Latour Industries. and finally after tina's presentation we will have a q&a session together on latour industries Thus, two Q&A sessions today. Good. Let's go into Latour Group key highlights. We finished the year on a very positive note, delivering a record quarterly result with improved profitability. Continued strong performance across our operations despite the challenging business climate. We had an organic order intake growth in both Q4 and the full year, which indicates a positive underlying demand, although it does vary between industries and regions. On the one hand, we're facing a weak market environment driven by increasing geopolitical instability. On the other hand, we own companies operating in sectors shaped by global megatrends such as energy efficiency, accessibility, and automation, which provide strong prospects for growth going forward. I will comment more on the financial outcome more in detail later in this presentation. Finally, the acquisition activity has been quite high during the quarter. Thus, two Q&A sessions today. thus two q&a sessions today Good. good Let's go into Latour Group key highlights. let's go into latour group key highlights We finished the year on a very positive note, delivering a record quarterly result with improved profitability. we finished the year on a very positive note delivering a record quarterly result with improved profitability Continued strong performance across our operations despite the challenging business climate. continued strong performance across our operations despite the challenging business climate We had an organic order intake growth in both Q4 and the full year, which indicates a positive underlying demand, although it does vary between industries and regions. we had an organic order intake growth in both q4 and the full year which indicates a positive underlying demand although it does vary between industries and regions On the one hand, we're facing a weak market environment driven by increasing geopolitical instability. on the one hand we're facing a weak market environment driven by increasing geopolitical instability On the other hand, we own companies operating in sectors shaped by global megatrends such as energy efficiency, accessibility, and automation, which provide strong prospects for growth going forward. on the other hand we own companies operating in sectors shaped by global megatrends such as energy efficiency accessibility and automation which provide strong prospects for growth going forward I will comment more on the financial outcome more in detail later in this presentation. i will comment more on the financial outcome more in detail later in this presentation Finally, the acquisition activity has been quite high during the quarter. finally the acquisition activity has been quite high during the quarter We signed an agreement to acquire Alstor to Latour Industries and divested two companies within Latour Industries: Mobility Division, AAT, and Batec. In addition, Latour Future Solutions made a minority investment in Nuuka. It is rewarding to see that all the efforts of our M&A teams, both centrally and within our businesses, are paying off. Summarizing the year, we have completed seven acquisitions, adding SEK 1.8 billion in annual revenue, a solid foundation as we enter into 2026. And here I would like quickly to hand over to Mikael to present our net asset value. So over to you, Mikael. We signed an agreement to acquire Alstor to Latour Industries and divested two companies within Latour Industries: Mobility Division, AAT, and Batec. we signed an agreement to acquire alstor to latour industries and divested two companies within latour industries mobility division aat and batec In addition, Latour Future Solutions made a minority investment in Nuuka. in addition latour future solutions made a minority investment in nuuka It is rewarding to see that all the efforts of our M&A teams, both centrally and within our businesses, are paying off. it is rewarding to see that all the efforts of our m&a teams both centrally and within our businesses are paying off Summarizing the year, we have completed seven acquisitions, adding SEK 1.8 billion in annual revenue, a solid foundation as we enter into 2026. summarizing the year we have completed seven acquisitions adding sek 1.8 billion in annual revenue a solid foundation as we enter into 2026 And here I would like quickly to hand over to Mikael to present our net asset value. and here i would like quickly to hand over to mikael to present our net asset value So over to you, Mikael. so over to you mikael

Speaker 4: Thank you very much, Johan. If looking on the net asset value development during the year, we can conclude that it increased by 2.4%, adjusted for dividends during the year, and amounted to SEK 216 per share compared to SIX RX that increased by 12.7%. The share price at the end of December was SEK 225, which means that there is a premium of 4% compared to how we present the net asset value. As of yesterday, the net asset value wasSEK 218 per share. The share price on the same day closed at SEK 229 , which gives a premium to our way of describing the net asset value of about 5%. The consolidated net debt decreased during the quarter from SEK 16.8 billion to SEK 15 billion, supported by strong cash flow. Thank you very much, Johan. thank you very much johan If looking on the net asset value development during the year, we can conclude that it increased by 2.4%, adjusted for dividends during the year, and amounted to SEK 216 per share compared to SIX RX that increased by 12.7%. if looking on the net asset value development during the year we can conclude that it increased by 2.4% adjusted for dividends during the year and amounted to sek 216 per share compared to six rx that increased by 12.7% The share price at the end of December was SEK 225, which means that there is a premium of 4% compared to how we present the net asset value. the share price at the end of december was sek 225 which means that there is a premium of 4% compared to how we present the net asset value As of yesterday, the net asset value was SEK 218 per share. as of yesterday the net asset value was sek 218 per share The share price on the same day closed at SEK 229 , which gives a premium to our way of describing the net asset value of about 5%. the share price on the same day closed at sek 229 which gives a premium to our way of describing the net asset value of about 5% The consolidated net debt decreased during the quarter from SEK 16.8 billion to SEK 15 billion, supported by strong cash flow. the consolidated net debt decreased during the quarter from sek 16.8 billion to sek 15 billion supported by strong cash flow The net debt corresponds to about 10% of the market value of our investments, leaving headroom for further acquisitions going forward. And with that, I hand back over to you, Johan. The net debt corresponds to about 10% of the market value of our investments, leaving headroom for further acquisitions going forward. the net debt corresponds to about 10% of the market value of our investments leaving headroom for further acquisitions going forward And with that, I hand back over to you, Johan. and with that i hand back over to you johan

Speaker 1: Thank you, Mikael. Then we have the dividend here. We have a good profit development in our holdings and a strong financial position. The board of directors proposes an increased dividend to SEK 5.10 per share, which is an increase of 10.9%. The proposal is in line with the dividend policy, which you can see here on the slide. Thus, we have a strong historic trend of increased dividends, as you can see on this slide that shows at least the last 10 years. If we move on then into the investment portfolio, there's no major changes within the listed portfolio during the quarter. Earlier in the year, however, we increased our holdings in CTEK to 35.3%. Value development during the year was 1.2%, where SIX RX was 12.7%. Some of our holdings have shown weaker stock market performance, while others have been strong. Thank you, Mikael. thank you mikael Then we have the dividend here. then we have the dividend here We have a good profit development in our holdings and a strong financial position. we have a good profit development in our holdings and a strong financial position The board of directors proposes an increased dividend to SEK 5.10 per share, which is an increase of 10.9%. the board of directors proposes an increased dividend to sek 5.10 per share which is an increase of 10.9% The proposal is in line with the dividend policy, which you can see here on the slide. the proposal is in line with the dividend policy which you can see here on the slide Thus, we have a strong historic trend of increased dividends, as you can see on this slide that shows at least the last 10 years. thus we have a strong historic trend of increased dividends as you can see on this slide that shows at least the last 10 years If we move on then into the investment portfolio, there's no major changes within the listed portfolio during the quarter. if we move on then into the investment portfolio there's no major changes within the listed portfolio during the quarter Earlier in the year, however, we increased our holdings in CTEK to 35.3%. earlier in the year however we increased our holdings in ctek to 35.3% Value development during the year was 1.2%, where SIX RX was 12.7%. value development during the year was 1.2% where six rx was 12.7% Some of our holdings have shown weaker stock market performance, while others have been strong. some of our holdings have shown weaker stock market performance while others have been strong Until yesterday, February 10th, the portfolio value was SEK 89.2 billion, and the total returns amount to 1.4% so far this year. The SIX RX was 5.4%. If we go to the next slide, looking at the underlying performance, it is clear that a great deal of our holdings have demonstrated positive growth and profitability over the years, also especially these last couple of years that have been quite tough business-wise. The majority of our companies have reported their Q4 results, and performance has been strong for most of them despite challenging market conditions. Geopolitical instability continues to affect the markets, though the impact varies depending on market exposure and geographic presence. The acquisition activities are high in our listed holdings. One example among several is Swegon, who acquired assar architects during the quarter, thereby strengthening its position even more in Belgium. Until yesterday, February 10th, the portfolio value was SEK 89.2 billion, and the total returns amount to 1.4% so far this year. until yesterday february 10th the portfolio value was sek 89.2 billion and the total returns amount to 1.4% so far this year The SIX RX was 5.4%. the six rx was 5.4% If we go to the next slide, looking at the underlying performance, it is clear that a great deal of our holdings have demonstrated positive growth and profitability over the years, also especially these last couple of years that have been quite tough business-wise. if we go to the next slide looking at the underlying performance it is clear that a great deal of our holdings have demonstrated positive growth and profitability over the years also especially these last couple of years that have been quite tough business-wise The majority of our companies have reported their Q4 results, and performance has been strong for most of them despite challenging market conditions. the majority of our companies have reported their q4 results and performance has been strong for most of them despite challenging market conditions Geopolitical instability continues to affect the markets, though the impact varies depending on market exposure and geographic presence. geopolitical instability continues to affect the markets though the impact varies depending on market exposure and geographic presence The acquisition activities are high in our listed holdings. the acquisition activities are high in our listed holdings One example among several is Swegon, who acquired assar architects during the quarter, thereby strengthening its position even more in Belgium. one example among several is swegon who acquired assar architects during the quarter thereby strengthening its position even more in belgium And if we take the next slide just to show a little bit longer perspective on our listed holdings, as Latour is a long-term owner, it is worth evaluating the total return of the listed portfolio from a longer perspective, as I said. And during the last 15 years, the total return amounts to about 600% compared to SIX RX that amounts to 350%. We see this as a confirmation that the holdings in our portfolio are contributing to the positive shareholder value creation. And then I would like to comment on the wholly-owned operations. And the wholly-owned operations ended the year with a very strong quarter. Order intake increased by 7%, of which 8% was organic. And net sales increased 6%, of which 5% was organic. The organic growth indicates an underlying good demand for our companies, but the picture is mixed. And if we take the next slide just to show a little bit longer perspective on our listed holdings, as Latour is a long-term owner, it is worth evaluating the total return of the listed portfolio from a longer perspective, as I said. and if we take the next slide just to show a little bit longer perspective on our listed holdings as latour is a long-term owner it is worth evaluating the total return of the listed portfolio from a longer perspective as i said And during the last 15 years, the total return amounts to about 600% compared to SIX RX that amounts to 350%. and during the last 15 years the total return amounts to about 600% compared to six rx that amounts to 350% We see this as a confirmation that the holdings in our portfolio are contributing to the positive shareholder value creation. we see this as a confirmation that the holdings in our portfolio are contributing to the positive shareholder value creation And then I would like to comment on the wholly-owned operations. and then i would like to comment on the wholly-owned operations And the wholly-owned operations ended the year with a very strong quarter. and the wholly-owned operations ended the year with a very strong quarter Order intake increased by 7%, of which 8% was organic. order intake increased by 7% of which 8% was organic And net sales increased 6%, of which 5% was organic. and net sales increased 6% of which 5% was organic The organic growth indicates an underlying good demand for our companies, but the picture is mixed. the organic growth indicates an underlying good demand for our companies but the picture is mixed The construction industry remains weak, for instance, with the Hultafors facing the toughest market conditions. At the same time, long-term drivers as energy efficiency, accessibility, automation support growth opportunities benefiting companies like Sweco, Bemsiq, and Innovalift. Caljan also reported solid underlying demand driven by major logistic customers, and Nord-Lock Group has performed strongly throughout the year, supported by its global industrial exposure and an increasing focus on safety. We have good cost control, and profitability is increasing in the quarter. The adjusted operating result for the quarter is record high, with an operating margin of 15%. Then to comment our wholly-owned business on the full year. Our businesses have navigated their operations well throughout the year in markets marked by the geopolitical disturbances that you all know. Total growth order intake was 13% and net sales 9%. The construction industry remains weak, for instance, with the Hultafors facing the toughest market conditions. the construction industry remains weak for instance with the hultafors facing the toughest market conditions At the same time, long-term drivers as energy efficiency, accessibility, automation support growth opportunities benefiting companies like Sweco, Bemsiq, and Innovalift. at the same time long-term drivers as energy efficiency accessibility automation support growth opportunities benefiting companies like sweco bemsiq and innovalift Caljan also reported solid underlying demand driven by major logistic customers, and Nord-Lock Group has performed strongly throughout the year, supported by its global industrial exposure and an increasing focus on safety. caljan also reported solid underlying demand driven by major logistic customers and nord-lock group has performed strongly throughout the year supported by its global industrial exposure and an increasing focus on safety We have good cost control, and profitability is increasing in the quarter. we have good cost control and profitability is increasing in the quarter The adjusted operating result for the quarter is record high, with an operating margin of 15%. the adjusted operating result for the quarter is record high with an operating margin of 15% Then to comment our wholly-owned business on the full year. then to comment our wholly-owned business on the full year Our businesses have navigated their operations well throughout the year in markets marked by the geopolitical disturbances that you all know. our businesses have navigated their operations well throughout the year in markets marked by the geopolitical disturbances that you all know Total growth order intake was 13% and net sales 9%. total growth order intake was 13% and net sales 9% Various growth initiatives, combined with currency headwinds, have put pressure on the operating margin. The Q4 outcome, however, indicates that we are moving in the right direction and that our investments are paying off. Adjusted operating profit amount to SEK 3.9 billion compared to SEK 3.8 billion the previous year, and the EBIT margin was 14% compared to 14.6% in the previous year. Lastly, a strong cash flow generation, accounting to more than SEK 3.7 billion in positive cash flow. So strong result, especially in a turbulent year, and we are very happy and proud for that. And if I go over and comment on our acquisitions during 2025, and during the quarter, Latour Industries signed the agreement to acquire Swedish Alstor, which I mentioned, which was finalized in January of this year. And Alstor is a provider of compact forestry machinery for thinning and forest management. Various growth initiatives, combined with currency headwinds, have put pressure on the operating margin. various growth initiatives combined with currency headwinds have put pressure on the operating margin The Q4 outcome, however, indicates that we are moving in the right direction and that our investments are paying off. the q4 outcome however indicates that we are moving in the right direction and that our investments are paying off Adjusted operating profit amount to SEK 3.9 billion compared to SEK 3.8 billion the previous year, and the EBIT margin was 14% compared to 14.6% in the previous year. adjusted operating profit amount to sek 3.9 billion compared to sek 3.8 billion the previous year and the ebit margin was 14% compared to 14.6% in the previous year Lastly, a strong cash flow generation, accounting to more than SEK 3.7 billion in positive cash flow. lastly a strong cash flow generation accounting to more than sek 3.7 billion in positive cash flow So strong result, especially in a turbulent year, and we are very happy and proud for that. so strong result especially in a turbulent year and we are very happy and proud for that And if I go over and comment on our acquisitions during 2025, and during the quarter, Latour Industries signed the agreement to acquire Swedish Alstor, which I mentioned, which was finalized in January of this year. and if i go over and comment on our acquisitions during 2025 and during the quarter latour industries signed the agreement to acquire swedish alstor which i mentioned which was finalized in january of this year And Alstor is a provider of compact forestry machinery for thinning and forest management. and alstor is a provider of compact forestry machinery for thinning and forest management With this acquisition, Latour Industries is entering a new segment, the market for forestry equipment. Latour Industries also divested AAT and Batec during the quarter, and with that, they left the Mobility Division. In addition, after the reporting period, Bemsiq within Latour Industries increased their services offer by the acquired Scandinavian Sealing based in Sweden. In total this year, we have finalized in last year, I should say, we have finalized seven acquisitions. Should we include the two acquisitions finalized in January of this year, the acquisitions during the year add to more than SEK 2 billion in net sales on an annual basis. And we're very happy with our M&A performance as well during 2025. So having said that, I hand back to Mikael to comment on our seven business areas. Over to you, Mikael. With this acquisition, Latour Industries is entering a new segment, the market for forestry equipment. with this acquisition latour industries is entering a new segment the market for forestry equipment Latour Industries also divested AAT and Batec during the quarter, and with that, they left the Mobility Division. latour industries also divested aat and batec during the quarter and with that they left the mobility division In addition, after the reporting period, Bemsiq within Latour Industries increased their services offer by the acquired Scandinavian Sealing based in Sweden. in addition after the reporting period bemsiq within latour industries increased their services offer by the acquired scandinavian sealing based in sweden In total this year, we have finalized in last year, I should say, we have finalized seven acquisitions. in total this year we have finalized in last year i should say we have finalized seven acquisitions Should we include the two acquisitions finalized in January of this year, the acquisitions during the year add to more than SEK 2 billion in net sales on an annual basis. should we include the two acquisitions finalized in january of this year the acquisitions during the year add to more than sek 2 billion in net sales on an annual basis And we're very happy with our M&A performance as well during 2025. and we're very happy with our m&a performance as well during 2025 So having said that, I hand back to Mikael to comment on our seven business areas. so having said that i hand back to mikael to comment on our seven business areas Over to you, Mikael. over to you mikael

Speaker 4: Thank you very much, Johan. In regular fashion, we start by taking a closer look at Bemsiq Group. Bemsiq had a continued good performance in the quarter, order intake in line with last year, which is driven by both organic growth and acquisitions, although partly offset by negative currency effects. The total organic growth in net sales was 12%, driven by the building automation division, while the metering division is a bit slower. A strong performance overall, considering the challenging market within the real estate and construction industries. The adjusted operating profit amounted to SEK 94 million, with a good margin of 18.4%. The margin was slightly negatively affected by growth initiatives ongoing and recent recruitments. With that said, we then turned the page and directed focus towards Caljan. Order intake remained strong during the quarter, increasing by 20% when adjusting for currency effects. Thank you very much, Johan. thank you very much johan In regular fashion, we start by taking a closer look at Bemsiq Group. in regular fashion we start by taking a closer look at bemsiq group Bemsiq had a continued good performance in the quarter, order intake in line with last year, which is driven by both organic growth and acquisitions, although partly offset by negative currency effects. bemsiq had a continued good performance in the quarter order intake in line with last year which is driven by both organic growth and acquisitions although partly offset by negative currency effects The total organic growth in net sales was 12%, driven by the building automation division, while the metering division is a bit slower. the total organic growth in net sales was 12% driven by the building automation division while the metering division is a bit slower A strong performance overall, considering the challenging market within the real estate and construction industries. a strong performance overall considering the challenging market within the real estate and construction industries The adjusted operating profit amounted to SEK 94 million, with a good margin of 18.4%. the adjusted operating profit amounted to sek 94 million with a good margin of 18.4% The margin was slightly negatively affected by growth initiatives ongoing and recent recruitments. the margin was slightly negatively affected by growth initiatives ongoing and recent recruitments With that said, we then turned the page and directed focus towards Caljan. with that said we then turned the page and directed focus towards caljan Order intake remained strong during the quarter, increasing by 20% when adjusting for currency effects. order intake remained strong during the quarter increasing by 20% when adjusting for currency effects The order backlog is at solid levels for the coming quarters. Caljan is now increasing the production capacity to meet the strong demand. Driven by the higher order intake during the year, net sales showed a very strong development in the quarter, growing organically by a very strong 38%. The adjusted operating profit was very strong as well, amounting to SEK 109 million, with an operating margin of 23.9%, which is a combination of good cost control, a strong gross margin, and high volumes. With that said, we turn the page and take a look at Hultafors Group. As Johan commented a bit earlier, the overall market conditions continue to be challenging for Hultafors Group, especially in North America. The total net sales is organically down by 4% compared to the corresponding quarter last year. The order backlog is at solid levels for the coming quarters. the order backlog is at solid levels for the coming quarters Caljan is now increasing the production capacity to meet the strong demand. caljan is now increasing the production capacity to meet the strong demand Driven by the higher order intake during the year, net sales showed a very strong development in the quarter, growing organically by a very strong 38%. driven by the higher order intake during the year net sales showed a very strong development in the quarter growing organically by a very strong 38% The adjusted operating profit was very strong as well, amounting to SEK 109 million, with an operating margin of 23.9%, which is a combination of good cost control, a strong gross margin, and high volumes. the adjusted operating profit was very strong as well amounting to sek 109 million with an operating margin of 23.9% which is a combination of good cost control a strong gross margin and high volumes With that said, we turn the page and take a look at Hultafors Group. with that said we turn the page and take a look at hultafors group As Johan commented a bit earlier, the overall market conditions continue to be challenging for Hultafors Group, especially in North America. as johan commented a bit earlier the overall market conditions continue to be challenging for hultafors group especially in north america The total net sales is organically down by 4% compared to the corresponding quarter last year. the total net sales is organically down by 4% compared to the corresponding quarter last year The profit margin is lower than last year, mainly due to a combination of long-term investments for future growth, as well as lower volumes in the period. The adjusted operating profits amount to SEK 301 million, with a margin of 16.8%, which is good under the circumstances. We then turned the page and take a look at Innovalift. For Innovalift, we saw order intake continue to grow, supported by acquisition and a very healthy organic growth. Total net sales grew by 37%, driven by both acquisition and organic growth, and especially within the components and modernization segment, as well as the direct service and sales segments. The profit margin is lower than last year, mainly due to a combination of long-term investments for future growth, as well as lower volumes in the period. the profit margin is lower than last year mainly due to a combination of long-term investments for future growth as well as lower volumes in the period The adjusted operating profits amount to SEK 301 million, with a margin of 16.8%, which is good under the circumstances. the adjusted operating profits amount to sek 301 million with a margin of 16.8% which is good under the circumstances We then turned the page and take a look at Innovalift. we then turned the page and take a look at innovalift For Innovalift, we saw order intake continue to grow, supported by acquisition and a very healthy organic growth. for innovalift we saw order intake continue to grow supported by acquisition and a very healthy organic growth Total net sales grew by 37%, driven by both acquisition and organic growth, and especially within the components and modernization segment, as well as the direct service and sales segments. total net sales grew by 37% driven by both acquisition and organic growth and especially within the components and modernization segment as well as the direct service and sales segments The gross margin continues to improve step by step, and the cost controls remain strong, which allowed the operating profit. The quarterly adjusted operating profit amounted to SEK 132 million, with a margin of 13.8%, and summarizes a very good year for Innovalift. With that, we turn the page and continue with Latour Industries. Latour Industries business units showed a mixed development with a sustained strong demand for REAC and MAXAGV, while the remaining units face somewhat softer market conditions. In total, order intake is growing organically by a strong 12% during the quarter. Net sales is down by 3% from last year, driven by REAC and LSAB. The adjusted operating profit amounts to SEK 30 million, with an operating margin of 6.4%. The result is negatively affected by currency effects and the weak market climate, as well as ongoing investment for future growth. The gross margin continues to improve step by step, and the cost controls remain strong, which allowed the operating profit. the gross margin continues to improve step by step and the cost controls remain strong which allowed the operating profit The quarterly adjusted operating profit amounted to SEK 132 million, with a margin of 13.8%, and summarizes a very good year for Innovalift. the quarterly adjusted operating profit amounted to sek 132 million with a margin of 13.8% and summarizes a very good year for innovalift With that, we turn the page and continue with Latour Industries. with that we turn the page and continue with latour industries Latour Industries business units showed a mixed development with a sustained strong demand for REAC and MAX AGV, while the remaining units face somewhat softer market conditions. latour industries business units showed a mixed development with a sustained strong demand for reac and max agv while the remaining units face somewhat softer market conditions In total, order intake is growing organically by a strong 12% during the quarter. in total order intake is growing organically by a strong 12% during the quarter Net sales is down by 3% from last year, driven by REAC and LSAB. net sales is down by 3% from last year driven by reac and lsab The adjusted operating profit amounts to SEK 30 million, with an operating margin of 6.4%. the adjusted operating profit amounts to sek 30 million with an operating margin of 6.4% The result is negatively affected by currency effects and the weak market climate, as well as ongoing investment for future growth. the result is negatively affected by currency effects and the weak market climate as well as ongoing investment for future growth As we have commented, worth mentioning again, Latour Industries currently has an underabsorption of their fixed costs on the central level following the distribution of Innovalift, putting additional pressure on the margin for the time being. As the heading of the picture states, the focus of Latour Industries continues to be on developing the existing holdings and to find new platform investments, which Tina will talk more about later in the presentation. To briefly recap what Johan also had said earlier, the mobility division was divested during the quarter, and the acquisition of Alstor was signed in December and finalized in January. We then turned the page again and take a look at Nord-Lock Group. That continues to develop strongly during the year. In quarter four, despite the tough business climate, reporting growth across several metrics. As we have commented, worth mentioning again, Latour Industries currently has an underabsorption of their fixed costs on the central level following the distribution of Innovalift, putting additional pressure on the margin for the time being. as we have commented worth mentioning again latour industries currently has an underabsorption of their fixed costs on the central level following the distribution of innovalift putting additional pressure on the margin for the time being As the heading of the picture states, the focus of Latour Industries continues to be on developing the existing holdings and to find new platform investments, which Tina will talk more about later in the presentation. as the heading of the picture states the focus of latour industries continues to be on developing the existing holdings and to find new platform investments which tina will talk more about later in the presentation To briefly recap what Johan also had said earlier, the mobility division was divested during the quarter, and the acquisition of Alstor was signed in December and finalized in January. to briefly recap what johan also had said earlier the mobility division was divested during the quarter and the acquisition of alstor was signed in december and finalized in january We then turned the page again and take a look at Nord-Lock Group. we then turned the page again and take a look at nord-lock group That continues to develop strongly during the year. that continues to develop strongly during the year In quarter four, despite the tough business climate, reporting growth across several metrics. in quarter four despite the tough business climate reporting growth across several metrics Order intake grew organically by a strong 19% during the quarter. The net sales grew organically by a very healthy 10%, reaching an all-time high for a single quarter. All sales units contribute to the growth, and the order backlog remains at solid levels going into the coming quarters. The quarterly adjusted operating profit increased to SEK 139 million, with a strong operating margin of 25.5%, despite significant negative currency effects, but summarizing a very strong year for Nord-Lock Group overall. We then turned the page again and looked at our final business area, Swegon. For Swegon, the market has stabilized somewhat during the quarter, and order intake strengthened during the quarter and is up 10% organically from last year. Total net sales grew organically by 4%, driven by North America and the segment air handling, cooling, and heating. Order intake grew organically by a strong 19% during the quarter. order intake grew organically by a strong 19% during the quarter The net sales grew organically by a very healthy 10%, reaching an all-time high for a single quarter. the net sales grew organically by a very healthy 10% reaching an all-time high for a single quarter All sales units contribute to the growth, and the order backlog remains at solid levels going into the coming quarters. all sales units contribute to the growth and the order backlog remains at solid levels going into the coming quarters The quarterly adjusted operating profit increased to SEK 139 million, with a strong operating margin of 25.5%, despite significant negative currency effects, but summarizing a very strong year for Nord-Lock Group overall. the quarterly adjusted operating profit increased to sek 139 million with a strong operating margin of 25.5% despite significant negative currency effects but summarizing a very strong year for nord-lock group overall We then turned the page again and looked at our final business area, Swegon. we then turned the page again and looked at our final business area swegon For Swegon, the market has stabilized somewhat during the quarter, and order intake strengthened during the quarter and is up 10% organically from last year. for swegon the market has stabilized somewhat during the quarter and order intake strengthened during the quarter and is up 10% organically from last year Total net sales grew organically by 4%, driven by North America and the segment air handling, cooling, and heating. total net sales grew organically by 4% driven by north america and the segment air handling cooling and heating Adjusted operating profit came in at SEK 307 million, with a margin of 11.4%, supported by higher volumes and an improved margin. We can also once again comment that Andreas Örje Wellstam left his role as CEO of Swegon on February 1st and will assume the role of Chief Investment Officer of Latour in April. Very exciting and welcome back, Andreas, we say. And we can also comment that Eva Karlsson now is serving as interim CEO for Swegon. So we want to take the opportunity to congratulate Eva to that appointment and wish you all the best in that position. And then to continue, we continue with the financial targets. And with that, I hand over back to you, Johan. Adjusted operating profit came in at SEK 307 million, with a margin of 11.4%, supported by higher volumes and an improved margin. adjusted operating profit came in at sek 307 million with a margin of 11.4% supported by higher volumes and an improved margin We can also once again comment that Andreas Örje Wellstam left his role as CEO of Swegon on February 1st and will assume the role of Chief Investment Officer of Latour in April. we can also once again comment that andreas örje wellstam left his role as ceo of swegon on february 1st and will assume the role of chief investment officer of latour in april Very exciting and welcome back, Andreas, we say. very exciting and welcome back andreas we say And we can also comment that Eva Karlsson now is serving as interim CEO for Swegon. and we can also comment that eva karlsson now is serving as interim ceo for swegon So we want to take the opportunity to congratulate Eva to that appointment and wish you all the best in that position. so we want to take the opportunity to congratulate eva to that appointment and wish you all the best in that position And then to continue, we continue with the financial targets. and then to continue we continue with the financial targets And with that, I hand over back to you, Johan. and with that i hand over back to you johan

Speaker 1: Thank you, Mikael. Excellent. So our financial targets, during the last 12 months, we have had growth of 8.7%, EBIT margin of 14%, and return on operating capital of 13.9%. This is an outcome that we're pleased with. The targets are to be seen over a business cycle. We have been in some time in recession for some time now. Growth is driven by both acquisition and organic growth, but with strong currency headwinds. We had about SEK 900 million in negative headwinds on the top line in the quarter, no, in the full year. EBIT margin is a good level, and return on operating capital is satisfying. Then I go to the next slide here before the Q&A. To summarize, 2025 had been yet another year marked by the global uncertainties affecting the business climate. Thank you, Mikael. thank you mikael Excellent. excellent So our financial targets, during the last 12 months, we have had growth of 8.7%, EBIT margin of 14%, and return on operating capital of 13.9%. so our financial targets during the last 12 months we have had growth of 8.7% ebit margin of 14% and return on operating capital of 13.9% This is an outcome that we're pleased with. this is an outcome that we're pleased with The targets are to be seen over a business cycle. the targets are to be seen over a business cycle We have been in some time in recession for some time now. we have been in some time in recession for some time now Growth is driven by both acquisition and organic growth, but with strong currency headwinds. growth is driven by both acquisition and organic growth but with strong currency headwinds We had about SEK 900 million in negative headwinds on the top line in the quarter, no, in the full year. we had about sek 900 million in negative headwinds on the top line in the quarter no in the full year EBIT margin is a good level, and return on operating capital is satisfying. ebit margin is a good level and return on operating capital is satisfying Then I go to the next slide here before the Q&A. then i go to the next slide here before the q&a To summarize, 2025 had been yet another year marked by the global uncertainties affecting the business climate. to summarize 2025 had been yet another year marked by the global uncertainties affecting the business climate However, we are pleased with the outcome, and we are entering 2026 with a strong order backlog and an organization well prepared to meet both opportunities and challenges. Latour is a long-term sustainable investment company and a responsible owner creating value for our shareholders. We are financially strong and continue to invest in our holdings, both existing and new ones, to enable future growth and create value for our shareholders. We have a strong corporate culture that we treasure, which is of great value while we move forward in a volatile and rapidly changing world. So with that, I'd like to thank you for listening in so far. We open up for the first Q&A session here together with myself and Mikael. However, we are pleased with the outcome, and we are entering 2026 with a strong order backlog and an organization well prepared to meet both opportunities and challenges. however we are pleased with the outcome and we are entering 2026 with a strong order backlog and an organization well prepared to meet both opportunities and challenges Latour is a long-term sustainable investment company and a responsible owner creating value for our shareholders. latour is a long-term sustainable investment company and a responsible owner creating value for our shareholders We are financially strong and continue to invest in our holdings, both existing and new ones, to enable future growth and create value for our shareholders. we are financially strong and continue to invest in our holdings both existing and new ones to enable future growth and create value for our shareholders We have a strong corporate culture that we treasure, which is of great value while we move forward in a volatile and rapidly changing world. we have a strong corporate culture that we treasure which is of great value while we move forward in a volatile and rapidly changing world So with that, I'd like to thank you for listening in so far. so with that i'd like to thank you for listening in so far We open up for the first Q&A session here together with myself and Mikael. we open up for the first q&a session here together with myself and mikael

Speaker 5: If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Linus Sigurdsson from DNB Carnegie. Please go ahead. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. if you wish to ask a question please dial pound key 5 on your telephone keypad to enter the queue If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. if you wish to withdraw your question please dial pound key 6 on your telephone keypad The next question comes from Linus Sigurdsson from DNB Carnegie. the next question comes from linus sigurdsson from dnb carnegie Please go ahead. please go ahead

Speaker 3: Thank you. Good morning. My first question is on Hultafors and the margin profile. I agree that 16.8% margin is definitely strong in the face of these headwinds. Could you just help us pick apart how much of this headwind comes from the effects and the negative volumes, and how much is these strategic growth investments that you're undertaking? Thank you. thank you Good morning. good morning My first question is on Hultafors and the margin profile. my first question is on hultafors and the margin profile I agree that 16.8% margin is definitely strong in the face of these headwinds. i agree that 16.8% margin is definitely strong in the face of these headwinds Could you just help us pick apart how much of this headwind comes from the effects and the negative volumes, and how much is these strategic growth investments that you're undertaking? could you just help us pick apart how much of this headwind comes from the effects and the negative volumes and how much is these strategic growth investments that you're undertaking

Speaker 1: Okay. I can start. And then, Mikael, then you can shed some more light on it. I think overall, on the full year on the adaptive operations, it's about 3% negative headwind on the top line and about the same on the EBIT. So that translates to a little bit less than a billion Swedish Krona on the top line and some SEK 120 million-SEK 130 million on the EBIT in total. But then over to you, Mikael, if you want to comment a bit more specifically on Hultafors. Okay. okay I can start. i can start And then, Mikael, then you can shed some more light on it. and then mikael then you can shed some more light on it I think overall, on the full year on the adaptive operations, it's about 3% negative headwind on the top line and about the same on the EBIT. i think overall on the full year on the adaptive operations it's about 3% negative headwind on the top line and about the same on the ebit So that translates to a little bit less than a billion Swedish Krona on the top line and some SEK 120 million-SEK 130 million on the EBIT in total. so that translates to a little bit less than a billion swedish krona on the top line and some sek 120 million-sek 130 million on the ebit in total But then over to you, Mikael, if you want to comment a bit more specifically on Hultafors. but then over to you mikael if you want to comment a bit more specifically on hultafors

Speaker 4: No, I can just I mean, for Hultafors, I think I mean, the most important driver for Hultafors per se is the volume. That is, we are very confident looking at underlying margins that when volume comes, the EBIT margin profile is where we want it to be for Hultafors specifically. No, I can just I mean, for Hultafors, I think I mean, the most important driver for Hultafors per se is the volume. no i can just i mean for hultafors i think i mean the most important driver for hultafors per se is the volume That is, we are very confident looking at underlying margins that when volume comes, the EBIT margin profile is where we want it to be for Hultafors specifically. that is we are very confident looking at underlying margins that when volume comes the ebit margin profile is where we want it to be for hultafors specifically

Speaker 3: Okay. Thanks. And then my second question is on Caljan. Since it's been a minute, if ever, since we've seen sort of normal circumstances in this company, should we think that this 20+% EBIT margin level is reasonable to expect going forward if these market conditions persist? Okay. okay Thanks. thanks And then my second question is on Caljan. and then my second question is on caljan Since it's been a minute, if ever, since we've seen sort of normal circumstances in this company, should we think that this 20+% EBIT margin level is reasonable to expect going forward if these market conditions persist? since it's been a minute if ever since we've seen sort of normal circumstances in this company should we think that this 20+% ebit margin level is reasonable to expect going forward if these market conditions persist

Speaker 1: Yeah, I agree with you, Linus. It's been really a roller coaster ride with Caljan. That's a little bit one, it's the nature of the business. It's a very project-oriented business with very large projects. But it's also a business that is exposed to heavy CapEx type of investments with their clients, right? And then thirdly, I'd like to say they had an extreme peak during the pandemic when e-commerce was booming. And then they had the equivalent reverse downward trend when the pandemic was over because there were overinvestments in the logistics sector. And now those investments are coming back. So I would say that last year, you would see that the more normalized year, of course, the growth numbers are a bit crazy because you compare to very low numbers in the year before, in 2024. Yeah, I agree with you, Linus. yeah i agree with you linus It's been really a roller coaster ride with Caljan. it's been really a roller coaster ride with caljan That's a little bit one, it's the nature of the business. that's a little bit one it's the nature of the business It's a very project-oriented business with very large projects. it's a very project-oriented business with very large projects But it's also a business that is exposed to heavy CapEx type of investments with their clients, right? but it's also a business that is exposed to heavy capex type of investments with their clients right And then thirdly, I'd like to say they had an extreme peak during the pandemic when e-commerce was booming. and then thirdly i'd like to say they had an extreme peak during the pandemic when e-commerce was booming And then they had the equivalent reverse downward trend when the pandemic was over because there were overinvestments in the logistics sector. and then they had the equivalent reverse downward trend when the pandemic was over because there were overinvestments in the logistics sector And now those investments are coming back. and now those investments are coming back So I would say that last year, you would see that the more normalized year, of course, the growth numbers are a bit crazy because you compare to very low numbers in the year before, in 2024. so i would say that last year you would see that the more normalized year of course the growth numbers are a bit crazy because you compare to very low numbers in the year before in 2024 Margin-wise, I think Caljan is a company that should operate somewhere on 20+% EBIT margin on everything else the same over a longer period. Margin-wise, I think Caljan is a company that should operate somewhere on 20+% EBIT margin on everything else the same over a longer period. margin-wise i think caljan is a company that should operate somewhere on 20+% ebit margin on everything else the same over a longer period

Speaker 3: Okay. Thanks. And then my final question was on Swegon. I understand that volume growth is obviously a key driver here as well for margin improvements. But are there any other, say, notable actions that move the needle that you're taking in Swegon on the margin or cost side? Okay. okay Thanks. thanks And then my final question was on Swegon. and then my final question was on swegon I understand that volume growth is obviously a key driver here as well for margin improvements. i understand that volume growth is obviously a key driver here as well for margin improvements But are there any other, say, notable actions that move the needle that you're taking in Swegon on the margin or cost side? but are there any other say notable actions that move the needle that you're taking in swegon on the margin or cost side

Speaker 1: Yeah. We always work with optimizing our cost. On a positive note, we have seen strong growth and indications that the market has turned in Q4 for Swegon. So hopefully, we will see a stronger growth going forward. And also as a general comment, I would like to say that Swegon is very nicely positioned in the area of energy efficiency. And also, there is an increased interest in a healthy indoor climate. And that's exactly what Swegon works with. So that works very well in that sense. Something you want to add, Mikael, on the margin or cost? Yeah. yeah We always work with optimizing our cost. we always work with optimizing our cost On a positive note, we have seen strong growth and indications that the market has turned in Q4 for Swegon. on a positive note we have seen strong growth and indications that the market has turned in q4 for swegon So hopefully, we will see a stronger growth going forward. so hopefully we will see a stronger growth going forward And also as a general comment, I would like to say that Swegon is very nicely positioned in the area of energy efficiency. and also as a general comment i would like to say that swegon is very nicely positioned in the area of energy efficiency And also, there is an increased interest in a healthy indoor climate. and also there is an increased interest in a healthy indoor climate And that's exactly what Swegon works with. and that's exactly what swegon works with So that works very well in that sense. so that works very well in that sense Something you want to add, Mikael, on the margin or cost? something you want to add mikael on the margin or cost

Speaker 4: No, not really. I think as you mentioned, Johan, I mean, the increased demand for indoor air quality requires more advanced products, which plays well ahead for Swegon's offering. And also that type of product is also more technology content, typically offer healthy margins in that business as well. No, not really. no not really I think as you mentioned, Johan, I mean, the increased demand for indoor air quality requires more advanced products, which plays well ahead for Swegon's offering. i think as you mentioned johan i mean the increased demand for indoor air quality requires more advanced products which plays well ahead for swegon's offering And also that type of product is also more technology content, typically offer healthy margins in that business as well. and also that type of product is also more technology content typically offer healthy margins in that business as well

Speaker 3: Okay. Thank you very much. Okay. okay Thank you very much. thank you very much

Speaker 1: Thank you, Linus. Great. Thank you, Linus. thank you linus Great. great

Speaker 5: There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions. There are no more phone questions at this time. there are no more phone questions at this time So I hand the conference back to the speakers for any written questions. so i hand the conference back to the speakers for any written questions

Speaker 4: We do not have any written questions in the activity feed. I hand back to you, Johan. We do not have any written questions in the activity feed. we do not have any written questions in the activity feed I hand back to you, Johan. i hand back to you johan

Speaker 1: Thank you, Mikael. That ends our first Q&A. Now into our new thing. On our quarterly report presentations, do a quick deep dive into each business area. We will have a rolling schedule coming up. The first one is Tina Hultkvist for Latour Industries. I hand over to you, Tina. I know that you have a presentation. Then the three of us will together take Q&A on Latour Industries after that. Over to you, Tina. Please. Thank you, Mikael. thank you mikael That ends our first Q&A. that ends our first q&a Now into our new thing. now into our new thing On our quarterly report presentations, do a quick deep dive into each business area. on our quarterly report presentations do a quick deep dive into each business area We will have a rolling schedule coming up. we will have a rolling schedule coming up The first one is Tina Hultkvist for Latour Industries. the first one is tina hultkvist for latour industries I hand over to you, Tina. i hand over to you tina I know that you have a presentation. i know that you have a presentation Then the three of us will together take Q&A on Latour Industries after that. then the three of us will together take q&a on latour industries after that Over to you, Tina. over to you tina Please. please

Speaker 7: Thank you, Johan. So then moving into a deep dive of Latour Industries. Latour Industries is one of the seven companies in Latour's wholly owned portfolio. The main mission for Latour Industries is to build new company platforms. We are the home where good companies are young, grow as teenagers, and ultimately move away, becoming new company groups in the Latour wholly owned portfolio. Actually, three out of six sister companies have grown within Latour Industries and then moved out, forming new company groups. And that's Nord-Lock, which was quite a few years ago, then Bemsiq, and last, Innovalift, roughly two years ago. If combining us, around SEK 10 billion out of the current wholly owned operation of Latour comes from previous Latour Industries companies. Altogether, we've made around 60 acquisitions and stands for around 30% of the value of the wholly owned portfolio. Thank you, Johan. thank you johan So then moving into a deep dive of Latour Industries. so then moving into a deep dive of latour industries Latour Industries is one of the seven companies in Latour's wholly owned portfolio. latour industries is one of the seven companies in latour's wholly owned portfolio The main mission for Latour Industries is to build new company platforms. the main mission for latour industries is to build new company platforms We are the home where good companies are young, grow as teenagers, and ultimately move away, becoming new company groups in the Latour wholly owned portfolio. we are the home where good companies are young grow as teenagers and ultimately move away becoming new company groups in the latour wholly owned portfolio Actually, three out of six sister companies have grown within Latour Industries and then moved out, forming new company groups. actually three out of six sister companies have grown within latour industries and then moved out forming new company groups And that's Nord-Lock, which was quite a few years ago, then Bemsiq, and last, Innovalift, roughly two years ago. and that's nord-lock which was quite a few years ago then bemsiq and last innovalift roughly two years ago If combining us, around SEK 10 billion out of the current wholly owned operation of Latour comes from previous Latour Industries companies. if combining us around sek 10 billion out of the current wholly owned operation of latour comes from previous latour industries companies Altogether, we've made around 60 acquisitions and stands for around 30% of the value of the wholly owned portfolio. altogether we've made around 60 acquisitions and stands for around 30% of the value of the wholly owned portfolio This is just to show how building the new platforms has played out over time, forming the SEK 10 billion. The gray part is the portfolio currently reported as Latour Industries. Within here, we continue nurturing companies that have the potential to form new platforms. We also develop companies that may be more relevant on a standalone basis. So when Latour Industries, as such, is small, we are most successful because by then, we have most probably recently let one of our company groups move away from home. Our work starts all over again. So creating new business areas is our main mission. We do this by proactively establishing and nurturing contacts with good companies. This is an area we have strengthened the last two years. Of course, we also engage in structured processes as they come out. This is just to show how building the new platforms has played out over time, forming the SEK 10 billion. this is just to show how building the new platforms has played out over time forming the sek 10 billion The gray part is the portfolio currently reported as Latour Industries. the gray part is the portfolio currently reported as latour industries Within here, we continue nurturing companies that have the potential to form new platforms. within here we continue nurturing companies that have the potential to form new platforms We also develop companies that may be more relevant on a standalone basis. we also develop companies that may be more relevant on a standalone basis So when Latour Industries, as such, is small, we are most successful because by then, we have most probably recently let one of our company groups move away from home. so when latour industries as such is small we are most successful because by then we have most probably recently let one of our company groups move away from home Our work starts all over again. our work starts all over again So creating new business areas is our main mission. so creating new business areas is our main mission We do this by proactively establishing and nurturing contacts with good companies. we do this by proactively establishing and nurturing contacts with good companies This is an area we have strengthened the last two years. this is an area we have strengthened the last two years Of course, we also engage in structured processes as they come out. of course we also engage in structured processes as they come out By active business development to support growth and add-on acquisitions, we take the steps towards forming a new business area. Guiding stars in the acquisition process is, of course, the Latour investment criteria, focusing on acquiring good companies with good growth potential. As mentioned, we have intensified the actions in proactive deal sourcing lately and are spending quite some time in building and growing relations with good companies. The current portfolio we have is a quite wide range of companies. With respect to time, I will just mention the last two acquisitions, the most recent one then being Alstor. Alstor designs and manufactures compact forest machines for customers ranging all the way from professional players to self-employed forest owners. Then before that, it was MAXAGV. MAXAGV designs and manufactures automated guided vehicles combined with in-house developed software solutions for various kinds of industrial use cases. By active business development to support growth and add-on acquisitions, we take the steps towards forming a new business area. by active business development to support growth and add-on acquisitions we take the steps towards forming a new business area Guiding stars in the acquisition process is, of course, the Latour investment criteria, focusing on acquiring good companies with good growth potential. guiding stars in the acquisition process is of course the latour investment criteria focusing on acquiring good companies with good growth potential As mentioned, we have intensified the actions in proactive deal sourcing lately and are spending quite some time in building and growing relations with good companies. as mentioned we have intensified the actions in proactive deal sourcing lately and are spending quite some time in building and growing relations with good companies The current portfolio we have is a quite wide range of companies. the current portfolio we have is a quite wide range of companies With respect to time, I will just mention the last two acquisitions, the most recent one then being Alstor. with respect to time i will just mention the last two acquisitions the most recent one then being alstor Alstor designs and manufactures compact forest machines for customers ranging all the way from professional players to self-employed forest owners. alstor designs and manufactures compact forest machines for customers ranging all the way from professional players to self-employed forest owners Then before that, it was MAX AGV. then before that it was max agv MAX AGV designs and manufactures automated guided vehicles combined with in-house developed software solutions for various kinds of industrial use cases. max agv designs and manufactures automated guided vehicles combined with in-house developed software solutions for various kinds of industrial use cases Coming back to what Mikael showed, what you see on the five-year perspective to the right is the development of the company still within Latour Industries portfolio. The two new business areas built during those five years are excluded here and reported separately but have, of course, been a major part of the efforts made within Latour Industries. We have quite widespread operations in the portfolio. The performance differs between the companies that we have today. As you know, two companies that we had have been divested during the quarter. In addition to that, the underlying demand is good in REAC and MAXAGV. But we are exposed to currency fluctuations. We do have some headwind in other parts of the portfolio. When looking ahead, we are striving for a high level of acquisitions. Coming back to what Mikael showed, what you see on the five-year perspective to the right is the development of the company still within Latour Industries portfolio. coming back to what mikael showed what you see on the five-year perspective to the right is the development of the company still within latour industries portfolio The two new business areas built during those five years are excluded here and reported separately but have, of course, been a major part of the efforts made within Latour Industries. the two new business areas built during those five years are excluded here and reported separately but have of course been a major part of the efforts made within latour industries We have quite widespread operations in the portfolio. we have quite widespread operations in the portfolio The performance differs between the companies that we have today. the performance differs between the companies that we have today As you know, two companies that we had have been divested during the quarter. as you know two companies that we had have been divested during the quarter In addition to that, the underlying demand is good in REAC and MAX AGV. in addition to that the underlying demand is good in reac and max agv But we are exposed to currency fluctuations. but we are exposed to currency fluctuations We do have some headwind in other parts of the portfolio. we do have some headwind in other parts of the portfolio When looking ahead, we are striving for a high level of acquisitions. when looking ahead we are striving for a high level of acquisitions Historically, the pace of platform builds has been around 2 platforms in roughly 5 years. This is a quite good indicator of the pace that we are aiming for going forward. We hope this has given a clear view of who we are in Latour Industries and what our value for the Latour Group is. With that, we open up for questions. Historically, the pace of platform builds has been around 2 platforms in roughly 5 years. historically the pace of platform builds has been around 2 platforms in roughly 5 years This is a quite good indicator of the pace that we are aiming for going forward. this is a quite good indicator of the pace that we are aiming for going forward We hope this has given a clear view of who we are in Latour Industries and what our value for the Latour Group is. we hope this has given a clear view of who we are in latour industries and what our value for the latour group is With that, we open up for questions. with that we open up for questions

Speaker 1: Thank you, Tina, for an excellent and to-the-point and clear presentation. Therefore, we open up for the Q&A session with Tina and Mikael and myself. Thank you, Tina, for an excellent and to-the-point and clear presentation. thank you tina for an excellent and to-the-point and clear presentation Therefore, we open up for the Q&A session with Tina and Mikael and myself. therefore we open up for the q&a session with tina and mikael and myself

Speaker 5: If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Linus Sigurdsson from DNB Carnegie. Please go ahead. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. if you wish to ask a question please dial pound key 5 on your telephone keypad to enter the queue If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. if you wish to withdraw your question please dial pound key 6 on your telephone keypad The next question comes from Linus Sigurdsson from DNB Carnegie. the next question comes from linus sigurdsson from dnb carnegie Please go ahead. please go ahead

Speaker 3: Hello again. Thank you for being on. I had two quick questions, the first one being I mean, I understand, of course, that there is lower pressure on the companies within Latour Industries to sort of show immediate, say, profitability improvements, etc. But where do you draw the line where you would decide that you would divest a business in Latour Industries? Hello again. hello again Thank you for being on. thank you for being on I had two quick questions, the first one being I mean, I understand, of course, that there is lower pressure on the companies within Latour Industries to sort of show immediate, say, profitability improvements, etc. But where do you draw the line where you would decide that you would divest a business in Latour Industries? i had two quick questions the first one being i mean i understand of course that there is lower pressure on the companies within latour industries to sort of show immediate say profitability improvements etc but where do you draw the line where you would decide that you would divest a business in latour industries

Speaker 1: It's a good question. I can take a first cut on that. And then Mikael and Tina, please join in. I would say, you know, we have the same pressure expectation on Latour Industries companies as all our companies. But naturally, we take a slightly higher risk in parts of Latour Industries when we enter a new segment and so on. And it can also be that when we come into a new segment, we learn a lot about the segment. And we learn about that industry. And we see things we like. And then we continue. And we build. And we see that our initial hypothesis was correct. And sometimes, we see that it was tougher than expected. And we see that maybe it doesn't fit us in that sense. It's a good question. it's a good question I can take a first cut on that. i can take a first cut on that And then Mikael and Tina, please join in. and then mikael and tina please join in I would say, you know, we have the same pressure expectation on Latour Industries companies as all our companies. i would say you know we have the same pressure expectation on latour industries companies as all our companies But naturally, we take a slightly higher risk in parts of Latour Industries when we enter a new segment and so on. but naturally we take a slightly higher risk in parts of latour industries when we enter a new segment and so on And it can also be that when we come into a new segment, we learn a lot about the segment. and it can also be that when we come into a new segment we learn a lot about the segment And we learn about that industry. and we learn about that industry And we see things we like. and we see things we like And then we continue. and then we continue And we build. and we build And we see that our initial hypothesis was correct. and we see that our initial hypothesis was correct And sometimes, we see that it was tougher than expected. and sometimes we see that it was tougher than expected And we see that maybe it doesn't fit us in that sense. and we see that maybe it doesn't fit us in that sense And that you could see that in the mobility division was an example where we said, you know, we can't add value. There's more other interesting opportunities. And then we go up. So it's not that we have a, you know, fixed EBIT margin that we say that you come below. It's then when we feel that this is not long-term viable in that sense. That's when we exit. Do you want to add to that, Tina or Mikael? And that you could see that in the mobility division was an example where we said, you know, we can't add value. and that you could see that in the mobility division was an example where we said you know we can't add value There's more other interesting opportunities. there's more other interesting opportunities And then we go up. and then we go up So it's not that we have a, you know, fixed EBIT margin that we say that you come below. so it's not that we have a you know fixed ebit margin that we say that you come below It's then when we feel that this is not long-term viable in that sense. it's then when we feel that this is not long-term viable in that sense That's when we exit. that's when we exit Do you want to add to that, Tina or Mikael? do you want to add to that tina or mikael

Speaker 7: I think it's a good description. Maybe just adding there that we are, of course, very much looking into the potential also when looking at the profit. So where can we go with this kind of business? That's an important metric for us. And then to some extent, maybe we do have a little bit more patience also in developing the companies here within Latour Industries than what we usually have. I think it's a good description. i think it's a good description Maybe just adding there that we are, of course, very much looking into the potential also when looking at the profit. maybe just adding there that we are of course very much looking into the potential also when looking at the profit So where can we go with this kind of business? so where can we go with this kind of business That's an important metric for us. that's an important metric for us And then to some extent, maybe we do have a little bit more patience also in developing the companies here within Latour Industries than what we usually have. and then to some extent maybe we do have a little bit more patience also in developing the companies here within latour industries than what we usually have

Speaker 1: Yeah. Many of the Latour Industries companies are naturally slightly smaller in size. Therefore, Latour Industries has a very professional central overhead, if I may say so, to support them to develop them in terms of business development, M&A strategy formulation, and so on. Okay. Yeah. yeah Many of the Latour Industries companies are naturally slightly smaller in size. many of the latour industries companies are naturally slightly smaller in size Therefore, Latour Industries has a very professional central overhead, if I may say so, to support them to develop them in terms of business development, M&A strategy formulation, and so on. therefore latour industries has a very professional central overhead if i may say so to support them to develop them in terms of business development m&a strategy formulation and so on Okay. okay

Speaker 3: Yeah. Thank you. That's helpful. And then my second question was on if there are any sort of sectors or megatrends that you're actively working with currently but that you don't have in the portfolio right now. Yeah. yeah Thank you. thank you That's helpful. that's helpful And then my second question was on if there are any sort of sectors or megatrends that you're actively working with currently but that you don't have in the portfolio right now. and then my second question was on if there are any sort of sectors or megatrends that you're actively working with currently but that you don't have in the portfolio right now

Speaker 1: Good. Very good question. Do you want to say something on that, Tina? Good. good Very good question. very good question Do you want to say something on that, Tina? do you want to say something on that tina

Speaker 7: Yeah. Of course, we are continuously looking into interesting sectors. And there are a few that we are maybe more interested in others. And let's see what happens with that. But I think we should not disclose that particularly here. But we are open to many new sectors as long as it is within the Latour investment criteria. So we are looking broadly, of course. And Latour Industries is the area where we can enter into completely new sectors. So that's why we are open to entering into anything new that is enough interesting and fits into the criteria. Yeah. yeah of Of course, we are continuously looking into interesting sectors. of course we are continuously looking into interesting sectors And there are a few that we are maybe more interested in others. and there are a few that we are maybe more interested in others And let's see what happens with that. and let's see what happens with that But I think we should not disclose that particularly here. but i think we should not disclose that particularly here But we are open to many new sectors as long as it is within the Latour investment criteria. but we are open to many new sectors as long as it is within the latour investment criteria So we are looking broadly, of course. so we are looking broadly of course And Latour Industries is the area where we can enter into completely new sectors. and latour industries is the area where we can enter into completely new sectors So that's why we are open to entering into anything new that is enough interesting and fits into the criteria. so that's why we are open to entering into anything new that is enough interesting and fits into the criteria

Speaker 1: I think we can mention, Tina, one acquisition that we just did as an example of how we think is Alstor then in the forestry sector. We have identified that the forestry sector is a very long-term, globally interesting sector to be in. It's an undertrend, so to speak, of the whole green thinking of more you would build more with wood and energy and all of that that comes from our forests. Then also, Linus, that has followed us a long time, we are also looking for a company with good technology that has an international potential. And within the forestry sector, actually, globally, Sweden and Finland are the technology-leading countries in the forestry industry sector. So obviously, then we start with one company. Now we will learn this sector in depth. And hopefully, we can make add-on acquisitions and build something interesting within that. I think we can mention, Tina, one acquisition that we just did as an example of how we think is Alstor then in the forestry sector. i think we can mention tina one acquisition that we just did as an example of how we think is alstor then in the forestry sector We have identified that the forestry sector is a very long-term, globally interesting sector to be in. we have identified that the forestry sector is a very long-term globally interesting sector to be in It's an undertrend, so to speak, of the whole green thinking of more you would build more with wood and energy and all of that that comes from our forests. it's an undertrend so to speak of the whole green thinking of more you would build more with wood and energy and all of that that comes from our forests Then also, Linus, that has followed us a long time, we are also looking for a company with good technology that has an international potential. then also linus that has followed us a long time we are also looking for a company with good technology that has an international potential And within the forestry sector, actually, globally, Sweden and Finland are the technology-leading countries in the forestry industry sector. and within the forestry sector actually globally sweden and finland are the technology-leading countries in the forestry industry sector So obviously, then we start with one company. so obviously then we start with one company Now we will learn this sector in depth. now we will learn this sector in depth And hopefully, we can make add-on acquisitions and build something interesting within that. and hopefully we can make add-on acquisitions and build something interesting within that I think that's the way we think. I think Alstor is a good example of that. Right? I think that's the way we think. i think that's the way we think I think Alstor is a good example of that. i think alstor is a good example of that Right? right

Speaker 3: Okay. Thank you so much. This was highly appreciated. Okay. okay Thank you so much. thank you so much This was highly appreciated. this was highly appreciated

Speaker 1: Yeah. Thank you, Linus, for your questions. Yeah. yeah Thank you, Linus, for your questions. thank you linus for your questions

Speaker 5: The next question comes from Oscar Lindström from Danske Bank. Please go ahead. The next question comes from Oscar Lindström from Danske Bank. the next question comes from oscar lindström from danske bank Please go ahead. please go ahead

Speaker 6: Yes. Just a quick question on the execution of acquisitions within Latour Industries. When you do acquisitions in your companies, are these the same M&A teams carrying out all of these acquisitions? Or does Latour Industries have its own dedicated M&A team? That's my question. Yes. yes Just a quick question on the execution of acquisitions within Latour Industries. just a quick question on the execution of acquisitions within latour industries When you do acquisitions in your companies, are these the same M&A teams carrying out all of these acquisitions? when you do acquisitions in your companies are these the same m&a teams carrying out all of these acquisitions Or does Latour Industries have its own dedicated M&A team? or does latour industries have its own dedicated m&a team That's my question. that's my question

Speaker 1: Good question. It is a mix. We have investment day. Latour has its own M&A team that works with many of our wholly owned businesses to help them with, as internal consultants, you could also say, to help them with M&A. One of those business areas is Latour Industries. So Latour Industries draws its resources, so to speak, from the Latour team in that sense. Other business areas might also have their own M&A team. So the precise answer to your question, there is a mix between central team and local teams. But they all work tightly together, of course. Good question. good question It is a mix. it is a mix We have investment day. we have investment day Latour has its own M&A team that works with many of our wholly owned businesses to help them with, as internal consultants, you could also say, to help them with M&A. latour has its own m&a team that works with many of our wholly owned businesses to help them with as internal consultants you could also say to help them with m&a One of those business areas is Latour Industries. one of those business areas is latour industries So Latour Industries draws its resources, so to speak, from the Latour team in that sense. so latour industries draws its resources so to speak from the latour team in that sense Other business areas might also have their own M&A team. other business areas might also have their own m&a team So the precise answer to your question, there is a mix between central team and local teams. so the precise answer to your question there is a mix between central team and local teams But they all work tightly together, of course. but they all work tightly together of course

Speaker 6: If I may, a follow-up question. When you look at acquisition targets for Latour Industries, are you actively thinking about businesses that could, in the future, be merged with your other wholly owned companies? Or is that not really part of the consideration when selecting acquisition targets? If I may, a follow-up question. if i may a follow-up question When you look at acquisition targets for Latour Industries, are you actively thinking about businesses that could, in the future, be merged with your other wholly owned companies? when you look at acquisition targets for latour industries are you actively thinking about businesses that could in the future be merged with your other wholly owned companies Or is that not really part of the consideration when selecting acquisition targets? or is that not really part of the consideration when selecting acquisition targets

Speaker 1: I can start. And then, Mikael, if you want to comment. I think, no, primarily, it is to find new areas. Obviously, Latour Industries will have a lot of inbound interesting cases. But they will be funneled directly to the other business areas where it's more appropriate in that sense. So we would not, I think. I understand your question. I think we would not buy something that we think would fit in Swegon and keep it in Latour Industries and then transfer it. No, then we'll ask Igor, for instance, to do the transaction directly. So Latour Industries is not a transaction vehicle for the other business areas, to be clear. I can start. i can start And then, Mikael, if you want to comment. and then mikael if you want to comment I think, no, primarily, it is to find new areas. i think no primarily it is to find new areas Obviously, Latour Industries will have a lot of inbound interesting cases. obviously latour industries will have a lot of inbound interesting cases But they will be funneled directly to the other business areas where it's more appropriate in that sense. but they will be funneled directly to the other business areas where it's more appropriate in that sense So we would not, I think. so we would not i think I understand your question. i understand your question I think we would not buy something that we think would fit in Swegon and keep it in Latour Industries and then transfer it. i think we would not buy something that we think would fit in swegon and keep it in latour industries and then transfer it No, then we'll ask Igor, for instance, to do the transaction directly. no then we'll ask igor for instance to do the transaction directly So Latour Industries is not a transaction vehicle for the other business areas, to be clear. so latour industries is not a transaction vehicle for the other business areas to be clear

Speaker 6: Good. So it's like a standalone incubator, not an incubator for the other wholly owned companies. Good. good So it's like a standalone incubator, not an incubator for the other wholly owned companies. so it's like a standalone incubator not an incubator for the other wholly owned companies

Speaker 1: Exactly. You got it. Exactly. exactly You got it. you got it

Speaker 6: Excellent. Great. Thank you. Those were my two questions that I had. Excellent. excellent Great. great Thank you. thank you Those were my two questions that I had. those were my two questions that i had

Speaker 1: Thank you, Oscar. Thank you, Oscar. thank you oscar

Speaker 5: There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments. There are no more phone questions at this time. there are no more phone questions at this time So I hand the conference back to the speakers for any written questions and closing comments. so i hand the conference back to the speakers for any written questions and closing comments

Speaker 4: Yeah. We do not have any written questions in the feed. I think that concludes then the final second Q&A. I hand over to you, Johan. Yeah. yeah We do not have any written questions in the feed. we do not have any written questions in the feed I think that concludes then the final second Q&A. i think that concludes then the final second q&a I hand over to you, Johan. i hand over to you johan

Speaker 1: Thank you, Mikael. And thank you, Tina, for this premiere of an in-depth in one of our business areas. That was great, Tina. Tina, thank you for visiting us here on the call. And thank you, everybody, for listening in. And that concludes the complete presentation of the Q4 report. And looking forward to talking to you and speaking to you again when we have our Q1 presentation later on this year. So from Tina and from Mikael, thank you very much. Bye. Thank you, Mikael. thank you mikael And thank you, Tina, for this premiere of an in-depth in one of our business areas. and thank you tina for this premiere of an in-depth in one of our business areas That was great, Tina. that was great tina Tina, thank you for visiting us here on the call. tina thank you for visiting us here on the call And thank you, everybody, for listening in. and thank you everybody for listening in And that concludes the complete presentation of the Q4 report. and that concludes the complete presentation of the q4 report And looking forward to talking to you and speaking to you again when we have our Q1 presentation later on this year. and looking forward to talking to you and speaking to you again when we have our q1 presentation later on this year So from Tina and from Mikael, thank you very much. so from tina and from mikael thank you very much Bye. bye