Latour

Quarterly Report • Nov 6, 2024

Interim report January – September 2024

NET ASSET VALUE AND THE LATOUR SHARE

• The net asset value at the end of the period was SEK 216 per share compared with SEK 198 per share at the start of the year, which is an increase of 11.3 per cent adjusted for dividends. The benchmark index (SIXRX) rose 15.2 per cent. The net asset value was SEK 218 per share at 5 November.1
• The total return on the Latour share was 22.5 per cent measured against the SIXRX, which increased 15.2 per cent.

INDUSTRIAL OPERATIONS

Third quarter

• The industrial operations' order intake rose 3 per cent to SEK 5,739 m (5,565 m), a 2 per cent increase for comparable entities adjusted for exchange rate effects.
• The industrial operations' net sales rose 2 per cent to SEK 6,228 m (6,109 m), which represents a 1 per cent increase for comparable entities adjusted for exchange rate effects.
• The industrial operations' operating profit decreased by 2 per cent to SEK 927 m (942 m), which equates to an operating margin of 14.9 (15.4) per cent.
• In the third quarter, Swegon acquired the Dutch company HC Groep, Bemsiq acquired the Canadian company QEL, and Innovalift signed an agreement to acquire the Turkish company Arkel.

January – September

• The industrial operations' order intake rose 3 per cent to SEK 18,573 m (18,014 m). Adjusted for exchange rate effects, this equates to growth of 1 per cent for comparable entities.
• The industrial operations' net sales decreased by 1 per cent to SEK 18,871 m (19,087 m). Adjusted for exchange rate effects, this represents a 3 per cent decline for comparable entities.
• The operating profit was down 8 per cent to SEK 2,723 m (2,951 m), which equates to an operating margin of 14.1 (15.4) per cent.
• In the first quarter, Innovalift acquired the German company BS Tableau, Bemsiq acquired 51 per cent of the shares in the Italian company Eelectron, and Nord-Lock Group acquired the Canadian companies Precision Bolting Ltd and Condor Machinery Ltd. In the second quarter, Latour Future Solutions invested in the Swedish companies Plant and Econans, both conducted through private placements of new shares, with Latour Future Solutions becoming a minority shareholder in the companies.

THE GROUP

• Consolidated net sales totalled SEK 18,871 m (19,087 m), and profit after financial items was SEK 5,315 m (5,076 m). The net impact of impairments and reversals of impairments of shares in associates on the income statement in the period was SEK 784 m (45 m).
• Consolidated profit after tax was SEK 4,736 m (4,491 m), which is equivalent to SEK 7.36 (7.01) per share.
• The Group reported net debt of SEK 14,790 m (13,115 m). Net debt, excluding lease liabilities recognised under IFRS 16, was SEK 13,315 m (11,697 m) and is equivalent to 9 (10) per cent of the market value of total assets.

INVESTMENT PORTFOLIO

• In the first nine months of the year, the value of the investment portfolio increased by 17.0 per cent adjusted for dividends and changes in the portfolio. The benchmark index (SIXRX) rose 15.2 per cent.
• No changes were made to the portfolio in the third quarter. Earlier in the year, however Latour participated in the issue of new shares by HMS Networks, pro rata to its holding, purchasing 905,244 shares in the company for SEK 362 million, and also increased its holding in CTEK by 317,151 shares.
• As an active owner, Latour seeks to secure a substantial level of remuneration to board members of our listed holdings.

EVENTS AFTER THE REPORTING PERIOD

• There were no material events subsequent to the end of the reporting period.

LATOUR AT A GLANCE

Investment AB Latour is a mixed investment company consisting primarily of wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings that had a market value of SEK 91 billion as at 30 September 2024. The wholly-owned industrial operations are grouped into seven business areas: Bemsiq, Caljan, Hultafors Group, Innovalift, Latour Industries, Nord-Lock Group and Swegon. They generate annual sales amounting to approximately SEK 27 billion.

¹ The calculation of the net asset value on 5 November was based on the value of the investment portfolio at 5.30 p.m. on 5 November and the same values as on 30 September were used for the unlisted portfolio.

Chief Executive's statement

"The third quarter saw continued positive growth for Latour's industrial operations. Despite the current economic downturn, demand is relatively robust although the picture varies across segments and geographic regions. Demand has been relatively positive for several of our operations in both the third quarter and the first nine months of the year.

Although the situation remains somewhat subdued for the construction and real estate markets, the outlook is relatively positive for our three business areas with most exposure in these markets. Swegon and Bemsiq are reporting a rise in order intake compared with the previous year, while Hultafors Group is just below the previous year's level in terms of organic growth. Innovalift is experiencing a slowdown in new installation orders, but is also seeing pleasing growth in modernisation projects. Both Latour Industries and Nord-Lock Group are reporting stable business development. The postpandemic market has proved highly challenging for the logistics sector, but we believe that Caljan's order intake is now bottoming out. As always, we are well prepared for any changes in the demand profile.

The order intake increased in the third quarter by 3 per cent, representing a 2 per cent increase on an organic basis. Net sales increased by 2 per cent, representing a 1 per cent increase on an organic basis. The operating profit decreased by 2 per cent to SEK 927 m (942 m) with an operating margin of 14.9 (15.4) per cent. Our strong gross margins and firm control of costs are keeping profitability at a healthy level. Overall, we are satisfied with the performance delivered in the third quarter.

With profitable operations and Latour's strong financial position, we will continue to invest in the future of our companies. We regularly invest in our factories, in product development and digitalisation and, most importantly, in our employees. To secure long-term sustainability and profitability, it is important that the companies are at the forefront of their industries. Latour's long-term investment horizon creates stability and security for our companies and employees, especially during these times of international turbulence and uncertainty.

So far this year, the acquisition pace is up significantly on 2023, when the level of activity was intentionally kept low. During the third quarter, we have completed two acquisitions and signed an agreement for a third acquisition. Swegon has gained a significant position in the key Dutch market in one fell swoop through its acquisition of HC Groep in the Netherlands. Our new business area Innovalift has signed an agreement to acquire Arkel in Turkey, which gives Innovalift a leading position and access to new geographic markets. Finally, Bemsiq has acquired the Canadian company QEL and is expanding further in North America. Earlier this year, we acquired three businesses for the wholly-owned operations. The overall contribution of these six transactions to acquired growth is approximately SEK 2.4 billion on an annual basis and they all have profitability levels well in line with Latour's other industrial operations. The process of identifying suitable targets continues at a consistent pace and we have substantial scope for further acquisitions. More information about our acquisitions can be found on page 4.

The net asset value in Latour increased by 11.3 per cent, adjusted for dividends. The value of our portfolio of listed holdings increased by 17.0 per cent. By comparison, the benchmark index SIXRX increased by 15.2 per cent. The majority of our listed companies have submitted their Q3 reports. The picture is generally consistent with the challenging market landscape. Despite the tough market environment, most of our companies are managing to maintain or increase the profitability of their businesses. There is a high level of acquisition activity, with ASSA ABLOY alone having completed seven acquisitions during the quarter. TOMRA too is actively pursuing acquisition opportunities and, after the close of the reporting period, acquired the German company c-trace, which is a leading supplier of digital waste management solutions. This acquisition enables TOMRA to expand its capabilities and offerings in waste management and recycling services and unlock new market opportunities.

The work of our listed companies' nomination committees is well under way and is an important task for us as active principal owners. Having the best possible board for each company is in the interests of both the shareholders and ourselves, and as active owners we can help ensure this is the case. As a consequence, we want to increase remuneration of board members to internationally competitive levels so that Swedish listed companies are attractive to both domestic and international board candidates."

Johan Hjertonsson President and Chief Executive Officer

Industrial operations

Order intake, net sales and earnings

Order intake rose 3 per cent to SEK 5,739 m (5,565 m) in the third quarter, of which 2 per cent was on an organic basis. Net sales increased by 2 per cent to SEK 6,228 m (6,109 m), representing 1 per cent growth for comparable entities when adjusted for exchange rate effects. The operating profit in the wholly-owned industrial operations decreased by 2 per cent to SEK 927 m (942 m) during the quarter. The operating margin was 14.9 (15.4) per cent.

The above figures only include subsidiaries of the whollyowned business areas. See the separate report on page 5.

Acquisitions/disposals

On 2 July, Swegon signed an agreement to acquire the entire shareholding of the Dutch company HC Groep and the take-over was completed in August 2024. Founded in 1995, HC Groep is a leading supplier of indoor climate solutions, with a strong position in the Dutch market. The company's product offering comprises 10 brands covering the property's entire indoor climate system, including automated building management. HC Groep currently has 386 employees and its head office and production facility are located in Waalwijk in the Netherlands. Sales in 2023 amounted to EUR 106 million with profitability well in line with Latour's wholly-owned industrial operations.

On 19 July, Innovalift signed an agreement to acquire the entire shareholding of Arkel, a company based in Turkey. The acquisition will be completed following a merger review by the competition authorities in Turkey. Arkel is a leading Turkish manufacturer of components for elevators, for both new installations and the rapidly expanding modernisation market. Founded in 1998, the company manufactures and sells control systems, integrated drive units and a range of related electronic components for elevators. Sales amount to approximately EUR 62 m (pro forma) and its key markets are Turkey, continental Europe and India. Arkel has some 410 employees and its profitability is well in line with Latour's wholly-owned industrial operations.

On 8 August, Bemsiq acquired the entire shareholding of Quatrosense Environmental Ltd (QEL). Established in 1986, QEL is a pioneer in the field of gas detection and has almost 40 years of experience in the development of hardware and software devices for gas detection applications with a strong focus on design and technology. The company's head office and manufacturing facility are located in Richmond, Ontario, Canada, and it has customers all over the world. QEL has 15 employees, a turnover of CAD 8 m (financial year 2023) and a profit level well above Latour's financial targets.

Earlier in the year

On 9 January, Innovalift acquired the entire shareholding of the German company BS Tableau GmbH, a leading manufacturer of lift components. The company was founded in 1995 and manufactures and sells customised panels for lift cars as well as a wide range of electronic components to lift operators and manufacturers, primarily for modernisation projects. The company reports sales of approximately EUR 6 m, the majority of which occur in the German market. The company has 40 employees.

On 15 January, Bemsiq acquired a 51 per cent shareholding in the Italian company Eelectron S.P.A. Founded in 1994, Eelectron is a pioneer within KNX technology with over 25 years' experience of developing hardware and software devices for smart buildings, energy efficiency and hotel applications, with a strong focus on design and technology. The company's head office and manufacturing facilities are located in Milan, Italy, and it has customers all over the world. The products are used in airports, hotels, hospitals, museums, administrative buildings and office buildings, as well as in small commercial buildings and private homes. As a consequence of Bemsiq becoming the new majority shareholder in the company, Eelectron acquired the German company IPAS GmbH on the same day. IPAS develops and manufactures KNX and DALI devices for property automation. Eelectron and IPAS jointly have around 60 employees, estimated annual sales of EUR 26 m and a profit level that is well above Latour's financial targets.

On 18 January, Nord-Lock Group acquired the entire shareholdings of the Canadian companies Precision Bolting Ltd (PBL) and Condor Machinery Ltd (Condor). PBL and Condor are based in Edmonton, have 28 employees and achieved sales of approximately CAD 7 m in 2023. PBL distributes Nord-Lock Group's products in north-west Canada while Condor manufactures niche metal components – which in combination with Nord-Lock Group's products provide considerable added value for customers. The companies will strengthen Nord-Lock Group's position in Canada and make a positive contribution to the global offering to customers primarily within the mining industry.

On 9 April, Latour Future Solutions invested in the Swedish company Plant An Idea AB ("Plant") through a private placement of newly issued shares and became a minority shareholder with approximately 13 per cent of the shares. Plant provides climate calculations in property development projects and climate declarations for environmental certification of properties. Use of the company's software throughout the construction process enables all those involved to work together in driving reductions in the climate footprint of their activities through to completion of the property. Established in 2017, the company has 25 employees and its head office is in Stockholm.

On 19 June, Latour Future Solutions invested in the Swedish company Econans AB through a private placement of newly issued shares and became a minority shareholder with approximately 19 per cent of the shares. Econans offers a platform to accelerate the energy transition of buildings. The company's software enables European banks to obtain a comprehensive view of the entire property portfolio's energy consumption and climate impact, as well as an energy analysis of each individual borrower's property with suggestions for potential investments in energy efficiency and climate risk management. Established in 2017, the company has 15 employees and its head office is in Gothenburg.

Industrial operations summary

Business area results

			Net sales			Operating profit				Operating margin %
	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
SEK m	Q3		Q3 9 months 9 months		Q3		Q3 9 months 9 months		Q3		Q3 9 months 9 months
Bemsiq	490	380	1,485	1,237	121	94	343	311	24.7	24.8	23.1	25.1
Caljan	395	457	1,085	1,513	62	60	139	261	15.7	13.1	12.8	17.3
Hultafors Group	1,565	1,631	4,895	5,127	227	266	743	819	14.5	16.3	15.2	16.0
Innovalift	599	622	1,842	1,824	72	64	187	172	12.1	10.3	10.1	9.4
Latour Industries	440	422	1,426	1,349	20	41	99	113	4.5	9.7	6.9	8.4
Nord-Lock Group	460	458	1,426	1,405	111	127	346	374	24.1	27.8	24.3	26.6
Swegon	2,283	2,142	6,725	6,643	314	290	866	901	13.7	13.5	12.9	13.6
Eliminations	-4	-3	-13	-11	-	-	-	-	-	-	-	-
	6,228	6,109	18,871	19,087	927	942	2,723	2,951	14.9	15.4	14.1	15.5
Gain/loss from sale/purchase of businesses	-	-	-	-	-30	-3	-21	-27
Write-down and earn-out adjustment	-	-	-	-	-166	-115	-166	-115
Other companies and items	-	-	-	-	-23	-20	-82	-70
	6,228	6,109	18,871	19,087	708	804	2,454	2,739
Effect IFRS 16	-	-	-	-	5	-	17	2
	6,228	6,109	18,871	19,087	713	804	2,471	2,741

	Operating capital¹			Return on operating capital %			Growth in net sales, 2024 %
	2024	2023	2024	2023
SEK m	TTM	TTM	TTM	TTM	Total			Organic Currency Acquisitions
Bemsiq	3,480	2,829	11.4	13.1	20.1	1.7	-0.6	18.8
Caljan	3,166	3,326	6.8	11.0	-28.3	28.1	-0.2	-
Hultafors Group	6,447	6,865	16.3	16.5	4.5	-4.1	-0.4	-
Innovalift	2,237	2,244	11.0	9.3	1.0	-1.1	-0.4	2.5
Latour Industries	1,446	1,491	9.3	9.7	5.7	4.6	1.1	-
Nord-Lock Group	1,563	1,482	28.4	30.2	1.6	1.3	-1.7	2.0
Swegon	5,415	5,014	20.2	24.0	1.2	-0.2	-0.2	1.6
Total	23,754	23,251	15.1	16.7	-1.1	-2.9	-0.3	2.2

¹Calculated as total assets less cash and other interest-bearing assets and less non-interest-bearing liabilities. Calculated on the average for the past 12 months.

Industrial operations trailing 12 months

Development by business area

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
Order intake	466	379	1,436	1,174	1,546	1,809
Net sales	490	380	1,485	1,237	1,583	1,832
EBITDA	134	102	378	332	399	444
EBITDA¹	127	98	359	321	381	419
EBITA¹	122	95	347	313	368	403
EBIT¹	121	94	343	311	366	397
EBITA %¹	25.0	25.0	23.4	25.3	23.3	22.0
EBIT %¹	24.7	24.8	23.1	25.1	23.1	21.7
Total growth in net sales %	28.9	21.8	20.1	31.6	25.1
Organic %	9.8	3.1	1.7	12.2	7.3
Exchange effects %	-3.0	5.2	-0.6	5.5	4.5
Acquisitions %	20.7	12.5	18.8	11.8	11.9
Average number of employees	612	535	614	525	519

Highlights

¹Excl. IFRS 16.

• Order intake grew organically during the quarter. There is volatility in the Metering business area, while Building Automation is experiencing more stable growth.
• Net sales grew 10 per cent, adjusted for exchange rate effects and acquisitions, which is strong given the challenges prevailing in some regions and sectors in the real estate industry.
• The acquired companies during the year contributes with strong growth, coming in at 21 per cent during the third quarter.
• Even though several product development investments are under way and many recruitments have been completed, the operating margin remains strong.
• During the quarter, the Canadian company QEL was acquired. More details can be found on page 4.

Breakdown of net sales

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
Building Automation	387	265	1,127	822	1,067	1,372
Metering	110	116	372	421	526	477
Eliminations	-7	-1	-14	-6	-10	-17
	490	380	1,485	1,237	1,583	1,832
Pro forma adjustment¹						116

Trailing 12 months pro forma 1,948

	2024	2023	2024	2023	2023	23/24
(SEK m)	Q3		Q3 9 months 9 months		Full-year	TTM
Order intake	354	282	945	889	1,240	1,296
Net sales	395	457	1,085	1,513	1,980	1,552
EBITDA	74	72	175	297	385	263
EBITDA¹	71	70	168	289	374	253
EBITA¹	65	63	148	270	349	226
EBIT¹	62	60	139	261	336	215
EBITA %¹	16.4	13.8	13.6	17.9	17.6	14.6
EBIT %¹	15.7	13.1	12.8	17.3	17.0	13.8
Total growth in net sales %	-13.5	-31.6	-28.3	-4.1	-7.5
Organic %	-11.5	-36.7	-28.1	-10.9	-13.1
Exchange effects %	-2.1	5.1	-0.2	6.8	5.7
Acquisitions %	-	-	-	-	-
Average number of employees	574	607	583	636	606

¹Excl. IFRS 16.

Highlights

• We are seeing some encouraging signs from the market and the order intake grew 25 per cent during the quarter, but from low levels.
• Net sales were lower than the corresponding quarter last year.
• Third-quarter operating profit exceeded the previous year, thanks to improved margins and lower fixed costs that more than offset the lower revenues.
• The cost base was 9 per cent below the previous year, but the high level of service provided to customers is being maintained.

Breakdown of net sales

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
Loading & Unloading	210	207	571	800	1,059	830
Automated Systems	54	119	148	326	386	208
Aftermarket	132	131	366	387	535	514
	395	457	1,085	1,513	1,980	1,552
Pro forma adjustment¹						-

1,552

Trailing 12 months pro forma

¹ Pro forma for completed acquisitions.

Bemsiq is a leading global supplier of technology and products for measurement, control and connectivity in commercial buildings. Its mission is to improve the indoor climate of properties and reduce their carbon footprint through the use of smart technologies. Bemsiq is a group of innovative and fastgrowing companies that share the ambition of offering the market a comprehensive portfolio of products in its field.

Caljan is a global supplier of automation technology for parcel handling in the logistics and e-commerce sectors. Caljan's products help packing companies, distributors and manufacturers around the world to optimise their supply chains. Flows are increased, costs are reduced and working environments are made safer and more ergonomic. Caljan has its head office in Aarhus, Denmark, and subsidiaries in the USA and several European countries.

¹ Pro forma for completed acquisitions.

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
Order intake	1,545	1,524	4,925	5,040	6,907	6,792
Net sales	1,565	1,631	4,895	5,127	6,962	6,730
EBITDA	271	312	877	954	1,316	1,238
EBITDA¹	252	291	818	894	1,228	1,152
EBITA¹	234	273	764	840	1,155	1,079
EBIT¹²	227	266	743	819	1,126	1,050
EBITA %¹	15.0	16.7	15.6	16.4	16.6	16.0
EBIT %¹²	14.5	16.3	15.2	16.0	16.2	15.6
Total growth in net sales %	-4.0	4.3	-4.5	7.4	4.7
Organic %	-1.6	-2.0	-4.1	1.1	-0.4
Exchange effects %	-2.4	5.4	-0.4	5.2	4.3
Acquisitions %	-	0.9	-	1.0	0.7
Average number of employees	1,813	1,812	1,805	1,789	1,794

¹ Excl. IFRS 16.

Highlights

• Net sales growth was slightly negative during the quarter compared with the same quarter last year, mainly due to unfavourable exchange rate effects but also negative organic growth. Although all divisions were impacted, the effects were more evident in North America than in Europe.
• The gross margin was down marginally year-on-year in the quarter. The operating margin decreased from last year's 16.3 per cent to 14.5 per cent.
• Investments in product development, sustainability and digitalisation are continuing according to plan with the aim of strengthening the company in the long term.

Breakdown of net sales

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
PPE Europe	974	993	3,121	3,217	4,456	4,360
Hardware Europe	321	330	940	1,007	1,348	1,281
Hardware North America	274	313	842	910	1168	1100
Eliminations	-4	-4	-8	-7	-9	-10
	1,565	1,631	4,895	5,127		6,962 6,730
Pro forma adjustment¹						-

Trailing 12 months pro forma

6,730

	2024	2023	2024	2023	2023	23/24
(SEK m)	Q3		Q3 9 months 9 months		Full-year	TTM
Order intake	552	597	1,874	1,935	2,560	2,499
Net sales	599	622	1,842	1,824	2,497	2,515
EBITDA	87	80	231	219	293	306
EBITDA¹	81	73	212	199	267	280
EBITA¹	75	67	196	181	243	258
EBIT¹	72	64	187	172	231	246
EBITA %¹	12.6	10.8	10.6	9.9	9.7	10.3
EBIT %¹	12.1	10.3	10.1	9.4	9.3	9.8
Total growth in net sales %	-3.8	8.5	1.0	13.7	10.6
Organic %	-4.0	2.3	-1.1	7.7	5.6
Exchange effects %	-2.3	6.2	-0.4	4.7	4.1
Acquisitions %	2.7	0.0	2.5	1.1	0.8
Average number of employees	833	825	829	811	772
¹Excl. IFRS 16.

Highlights

• The order intake is being adversely affected by a weak construction market, especially new installations of elevators in Europe and China.
• The Components & Modernisation division reported good net sales growth in the quarter, while the Lift Manufacturing and Installation & Services division posted slower growth.
• The gross margin is improving gradually and fixed costs are being carefully controlled to secure profitability.
• During the quarter, an agreement was signed to acquire the Turkish company Arkel. More details can be found on page 4.

Breakdown of net sales

	2024	2023	2024	2023	2023	23/24
(SEK m)	Q3		Q3 9 months 9 months		Full-year	TTM
Lift manufacturing	388	414	1,198	1,230	1,697	1,665
Installation & services	122	134	369	370	502	501
Components & modernisation	136	112	413	340	456	529
Eliminations	-47	-38	-138	-116	-158	-180
	599	622	1,842	1,824	2,497	2,515
Pro forma adjustment¹						15

Trailing 12 months pro forma

Hultafors Group offers products in the PPE Europe, Hardware Europe and Hardware North America segments. The products are marketed under brands with strong positions in their respective markets: Snickers Workwear, Solid Gear, EMMA Safety Footwear, Hellberg Safety, Fristads, Kansas, EripioWear, Hultafors, W.steps, Scangrip, Telesteps, CLC Work Gear, Johnson Level & Tool, Martinez Tool Company and Kuny's. Distributor of Fein on the Swedish market.

Innovalift is a group of leading companies that design, manufacture and install platform lifts, stair lifts and elevator components. Innovalift's family of companies consists of Aritco, Vimec and Motala Hissar, which manufacture platform lifts, TKS Heis and Gartec, which install and service lifts, and Vega, Esse-Ti, and BS Tableau, which supply lift components and modernisation solutions.

2,530

² Exclusive a writedown and adjustment of additional purchase price of in total SEK 166 m referring to the North American operations conducted in September, 2024.

¹ Pro forma for completed acquisitions.

¹ Pro forma for completed acquisitions.

	2024	2023	2024	2023	2023	23/24
(SEK m)	Q3		Q3 9 months 9 months		Full-year	TTM
Order intake	397	445	1,419	1,361	1,868	1,926
Net sales	440	422	1,426	1,349	1,839	1,916
EBITDA	37	58	151	162	216	204
EBITDA¹	28	50	125	139	184	170
EBITA¹	20	42	101	115	151	138
EBIT¹²	20	41	99	113	149	135
EBITA %¹	4.7	9.9	7.1	8.5	8.2	7.2
EBIT %¹²	4.5	9.7	6.9	8.4	8.1	7.0
Total growth in net sales %	4.2	17.2	5.7	19.7	17.7
Organic %	5.3	-1.1	4.6	1.2	3.0
Exchange effects %	-1.1	7.8	1.1	5.4	5.0
Acquisitions %	-	9.9	-	12.2	9.0
Average number of employees	951	906	953	917	913

¹Excl. IFRS 16.

Highlights

• Underlying demand is relatively good for REAC in the US market and for MAXAGV. The forestry, timber and mining industries are currently experiencing a slower phase, which is adversely impacting LSAB and some of Densiq's operations.
• Net sales increased by 5 per cent on an organic basis, largely driven by REAC and robust demand from the US market.

Breakdown of net sales

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
REAC	119	95	376	291	398	483
Mobility	62	75	196	214	286	268
LSAB	111	127	418	446	598	571
Densiq	99	96	284	283	382	383
MAXAGV	50	31	155	119	180	216
Elimineringar	-1	-2	-3	-4	-5	-5
	440	422	1,426	1,349	1,839	1,916
Pro forma adjustment¹						-

Trailing 12 months pro forma

	2024	2023	2024	2023	2023	23/24
(SEK m)	Q3		Q3 9 months 9 months		Full-year	TTM
Order intake	461	465	1,456	1,404	1,849	1,901
Net sales	460	458	1,427	1,405	1,875	1,897
EBITDA	133	149	411	437	557	531
EBITDA¹	125	141	387	414	525	499
EBITA¹	113	129	353	380	481	453
EBIT¹	111	127	346	374	472	444
EBITA %¹	24.5	28.3	24.7	27.1	25.6	23.9
EBIT %¹	24.1	27.8	24.3	26.6	25.2	23.4
Total growth in net sales %	0.4	7.8	1.6	12.6	12.9
Organic %	1.2	3.3	1.3	6.6	8.1
Exchange effects %	-3.2	4.5	-1.7	6.0	4.8
Acquisitions %	2.5	-	2.0	-	-
Average number of employees	706	657	706	655	656

¹Excl. IFRS 16.

Highlights

• Order intake and net sales are both in line with corresponding quarter last year, despite the market becoming gradually tougher during the year.
• The currency situation that boosted sales and operating profit last year has gone from a tailwind to a headwind in 2024.
• A project has been launched aimed at offering local production of some of Nord-Lock Group's products to customers in China. It has progressed positively so far and sales have begun on a small scale.
• The integration of the newly acquired companies in Canada, PBL and Condor, is proceeding according to plan.

Breakdown of net sales

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
EMEA	202	205	623	618	813	818
Americas	155	142	473	459	622	637
Asia Pacific	103	111	331	328	440	443
	460	458	1,427	1,405	1,875	1,897
Pro forma adjustment¹						14

1,911

1,916

¹ Pro forma for completed acquisitions.

Latour Industries consists of a number of operating areas, each with its own business concept and business model. Our ambition is to develop independent entities, within the business area, that will eventually be able to establish themselves as separate business areas within Latour.

Nord-Lock Group is a world leader in secure bolting solutions. The Group offers a wide range of innovative technologies including Nord-Lock wedge-locking, Superbolt multi-jackbolt tensioning, Boltight hydraulic tensioning and Expander System pivot technology. With a global sales organization and international partners the customers benefit from bolting expertise and the optimum solution for any bolting challenge.

² EBIT exclusive a writedown of SEK 115 m referring to a subsidiary within MS Group conducted in September, 2023.

¹ Pro forma for completed acquisitions.

Trailing 12 months pro forma

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
Order intake	1,963	1,873	6,518	6,211	8,417	8,724
Net sales	2,283	2,142	6,725	6,643	8,828	8,910
EBITDA	373	343	1,036	1,058	1,346	1,324
EBITDA¹	345	319	956	988	1,243	1,211
EBITA¹	317	294	876	913	1,142	1,105
EBIT¹	314	290	866	901	1,127	1,091
EBITA %¹	13.9	13.7	13.0	13.7	12.9	12.4
EBIT %¹	13.7	13.5	12.9	13.6	12.8	12.2
Total growth in net sales %	6.6	24.0	1.2	34.3	24.6
Organic %	3.7	8.2	-0.2	14.8	8.5
Exchange effects %	-2.3	7.7	-0.2	6.0	5.1
Acquisitions %	5.1	6.9	1.6	11.2	9.7
Average number of employees	3,514	3,178	3,376	3,176	3,173
¹Excl. IFRS 16.

Highlights

• The strong order intake in the first six months was followed by a slightly weaker third quarter, although Cooling & Heating, Services and some other segments continued to deliver healthy growth.
• Net sales showed a positive trend during the quarter with organic growth in most segments, especially in Cooling & Heating, Smoke & Fire, Services and North America.
• Profitability remained at a good level, mainly due to positive gross margin development.
• The Dutch company HC Groep was acquired during the quarter. More details can be found on page 4.

Breakdown of net sales

(SEK m)	2024 Q3	2023	2024 Q3 9 months 9 months	2023	2023 Full-year	23/24 TTM
Sweden	334	337	1,125	1,228	1,626	1,522
Rest of Nordics	258	278	869	921	1,219	1,166
Rest of Europe	1,483	1,338	4,139	3,914	5,248	5,473
North America	146	130	419	403	508	523
Rest of world	63	59	174	176	227	225
	2,283	2,142	6,725	6,643	8,828	8,910
Pro forma adjustment¹						1,132
Trailing 12 months pro forma						10,042
¹ Pro forma for completed acquisitions.
	2024	2023	2024	2023	2023	23/24
(SEK m)	Q3		Q3 9 months 9 months		Full-year	TTM
Air Handling, Cooling & Heating	1,210	1,187	3,643	3,762	4,993	4,874
Room Units	713	737	2,228	2,191	2,909	2,945
Services	161	147	494	444	615	666
Other	199	71	360	246	311	425
	2,283	2,142	6,725	6,643	8,828	8,910

Swegon provides components and innovative system solutions that create a good indoor climate and contribute to significant energy savings in all types of buildings. Swegon's products constitute a turnkey solution for the perfect indoor climate.

The Latour share's net asset value

In order to facilitate the evaluation of Latour's net asset value, Latour provides an estimated range of the value (Enterprise Value) for each business area based on EBIT multiples. The method used to calculate the value of the wholly-owned industrial operations is described in greater detail on the company's website, latour.se.

In some cases, the valuation multiples for comparable companies span a very large range. For this reason, the multiples may be adjusted in order to avoid unreasonable values. The indicative value stated below is not a complete market valuation of Latour's holdings.

The net asset value increased to SEK 216 per share in the 9-month period from SEK 198 at the start of the year. The net asset value consequently increased by 11.3 per cent when adjusted for dividends, compared with SIXRX which increased by 15.2 per cent.

Latour's method of valuing the wholly-owned industrial operations is relatively cautious, and the fact

that Latour uses backward-looking comparables means that valuations do not always fully follow stock market fluctuations. The stock market's trend during the first nine months is therefore not fully reflected in Latour's net asset value.

For some time, Latour's guideline for the net asset value has been considerably lower than the value that the stock market assigns to Latour's listed share. On 30 September 2024, the share price was SEK 317, which can be compared with the indicated net asset value of SEK 216. As stated above, Latour does not claim that the valuation of the wholly-owned industrial operations is anything other than an indication. A net asset value can be calculated on a number of different bases. For example, the industrial operations as a whole could be measured against other established listed industrial groups with mixed industrial holdings and a clear growth agenda. The EV/EBIT multiple for these companies is significantly higher.

SEK m	Net sales¹	EBIT 1	EBIT multiple	Valuation² Range	Valuation 2 Average	Valu SEK/s	ation share
Bemsiq	1,948	381	17 – 21	6,484 - 8,010	7,247	10	_	13
Caljan	1,552	214	16 - 20	3,424 - 4,280	3,852	5	-	7
Hultafors Group	6,730	1,050	12 - 16	12,600 - 16,800	14,700	20	-	26
Innovalift	2,530	247	13 - 17	3,211 - 4,199	3,705	5	-	7
Latour Industries	1,916	135	12 - 16	1,620 - 2,160	1,890	3	-	3
Nord-Lock Group	1,911	447	15 - 19	6,705 - 8,493	7,599	10	-	13
Swegon	10,042	1,239	15 - 19	18,585 - 23,541	21,063	29	-	37
	26,629	3,713		52,629 - 67,483		82	-	106
Industrial operations valuation, average					60,056		94
Listed shares (see table on page 11 for breakdown)					91,213		143
Other holdings
Latour Future Solutions					204		0
Composite Sound, 10.3 % 4					10		0
0xeon, 29.6 % 4					18		0
Dilution effect of option programme					-102		-0
Consolidated net debt (excl IFRS 16)					-13,315		-21
Estimated value					138,084		216
				(130 65	57 - 145 511)	(204	-	228)

^<sup>1Trailing 12 months for current company structure (proforma) and with deductions for minority shares. EBIT is, as appropriate, reported before restructuring costs.

^<sup>4Valued according to the book value.

^<sup>2EV/EBIT recalculated taking into consideration the listed share price on 30 of September 2024 for comparable companies in each business area.

^<sup>3Calculated on the basis of the number of outstanding shares.

The investment portfolio at 30 September 2024

In the 9-month period, the value of the investment portfolio increased by 17.0 per cent, adjusted for dividends and changes in the portfolio, while the benchmark index (SIXRX) increased by 15.2 per cent.

In April, Latour increased its holding in CTEK by 317,151 shares. In the same month, Latour took up its pro rata share of HMS Networks' new issue and acquired 905,244 shares.

		Cost¹	Listed share price ²	Market value	Share of votes	Share of equity
Shares	Number	SEK	SEK m	%	%	%
Alimak Group	32,033,618	2,883	113	3,633	30.3	29.8
ASSA ABLOY³	105,460,164	1,697	342	36,025	29.5	9.5
CTEK	23,431,950	1,200	19	444	33.5	33.5
Fagerhult	84,708,480	1,899	65	5,506	48.1	47.8
HMS Networks	13,014,532	612	404	5,258	25.9	25.9
Nederman	10,538,487	306	217	2,281	30.0	30.0
Securitas³	62,436,942	2,125	129	8,048	29.6	10.9
Sweco³ ⁴	97,867,440	479	172	16,843	21.0	26.9
Tomra⁵	62,420,000	1,605	(NOK) 156	9,328	21.1	21.1
Troax	18,060,000	397	213	3,847	30.2	30.1
Total		13,204		91,213

¹All holdings are reported as associated companies in the balance sheet.

Investment portfolio during 2024

Movements in investment portfolio values (SEK billion). The figures include acquired and divested shares but not dividends. During the period, shares were acquired in CTEK and HMS Networks.

Total return 2024 for the portfolio companies

²The last price paid is used as the listed share price.

³Due to the limited trading in class A shares in Sweco, and the fact that the class A shares in ASSA ABLOY and Securitas are unlisted, they have been given the same listed share price as the companies' class B shares. Holdings consisting of both class A and B shares are reported in the table as unit.

⁴The cost of the class B shares are SEK 34 m higher than in the parent company through the exercise of call options.

⁵At the end of the report period, the listed share price was NOK 155,50 which has been translated to SEK at the exchange rate on the balance sheet date.

Results and financial position

The Group

The Group's profit after financial items was SEK 5,315 m (5,076 m). Profit after tax was SEK 4,736 m (4,491 m), which equates to SEK 7.36 (7.01) per share. The net impact of impairments and reversals of impairments of shares in associates on the income statement in the period was SEK 784 m (45 m). The impact of goodwill impairment plus earn-out adjustment on the income statement in the period was SEK 166 m (115 m).

The Group's reported cash flow after acquisitions and financial items amounted to SEK -437 m (-11 m). The Group's cash in hand and liquid investments reached SEK 1,844 m (1,764 m). Interest-bearing debt, excluding pension liabilities and lease liabilities, totalled SEK 14,659 m (12,931 m). The Group's net debt was SEK 14,814 m (13,115 m). Net debt, excluding lease liabilities, was SEK 13,315 m (11,697 m). The equity ratio was 83 (79) per cent calculated on reported equity in relation to total assets, including undisclosed surpluses in associated companies.

In February, Latour updated the base prospectus for its existing MTN programme at the Swedish Financial Supervisory Authority. As at 30 September 2024, the MTN programme had an outstanding balance of SEK 10,600 m. In May 2024, Latour issued a Swedish commercial paper programme with a limit of SEK 4,000 m. As at 30 September 2024, SEK 1,000 m was outstanding in commercial papers.

There have been no transactions with related parties that have materially affected the financial position or the performance of the Group.

Investments

During the period, SEK 273 m (295 m) was invested in property, plant and equipment, of which SEK 204 m (196 m) was machinery and equipment and SEK 69 m (99 m) was buildings. Fixed assets in newly acquired companies account for SEK 42 m (73 m) of investments for the year.

Parent company

The parent company's profit after financial items was SEK 2,069 m (1,869 m). The parent company's equity ratio was 49 (55) per cent.

The number of class A shares issued is 47,593,968 and the number of class B shares is 592,246,032. Not including repurchased shares, the number of outstanding shares at 30 September 2024 amounted to 639,318,250. At the end of the period, Latour holds 521,750 repurchased class B shares.

The total number of issued call options is 1,640,800, which give the right to purchase the same number of shares.

Events after the reporting period

There were no material events subsequent to the end of the reporting period.

Risks and uncertainties

The main risk to which the Group and the parent company are exposed is the risk attributable to adverse changes in the values of financial instruments, including a general decline in the stock market or in the value of an individual holding. This includes uncertainties relating to inflation, changes in exchange rates and interest rates. We managed these risks well in 2023 and are confident that we are ready and prepared to address any that may arise. Latour has a well-diversified holding of shares, spread across ten listed holdings and seven whollyowned business areas. This means that the development and performance of an individual holding will not have a drastic impact on the portfolio as a whole. As the wholly-owned industrial operations have increased in size, Latour as a whole is influenced to a higher degree by changes attributable to these operations. On the whole, Latour is deemed to have a good risk diversification in its portfolio, which covers several industries, with a certain emphasis on sectors linked to the construction industry. Construction can also be divided into several dimensions, such as new builds or government-subsidised repair, conversion or extension work, locally or globally, and housing, office and industrial premises or infrastructure projects. No material risks are deemed to have arisen other than those, including climaterelated risks, described in Note 32 of Latour's 2023 Annual Report.

Accounting policies

This interim report has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34 Interim Reporting in respect of the Group, and in accordance with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board's recommendation RFR 2 Accounting for Legal Entities in respect of the parent company.

For the group, the same accounting principles and calculation methods have been applied as in the Annual Report for 2023. A full description of the group's applied accounting principles can be found in Note 2 in the Annual Report for 2023.

Changes to accounting standard requirements that came into effect on 1 January 2024 have not had any impact on the Group's or the parent company's accounting as at 30 September 2024.

The Latour Group uses a number of economic indicators that are not defined in the set of accounting rules used by the Group, known as alternative performance measures. Definitions of the economic indicators can be found on page 23 of this report and in Latour's latest Annual Report. For an explanation of how the financial performance measures have been calculated for the current and prior periods, please see the table in this report and Latour's latest Annual Report.

The Annual Reports for 1984 to 2023 are available for viewing on Latour's website www.latour.se.

Nomination Committee

The Nomination Committee for the Annual General Meeting on 8 May 2025 comprises the following members:

Jan Svensson, Chairman (Förvaltnings AB Wasatornet including related entities), Eric Douglas (Wasatornet Holding AB including related entities), Fredrik Palmstierna (own holding including related entities) and Olle Nordström (Skirner AB).

The Nomination Committee can be contacted through Latour's website www.latour.se under Corporate Governance, Nomination Committee.

Gothenburg, 6 November 2024 Johan Hjertonsson President and CEO

Auditor's review report

Investmentaktiebolaget Latour Corporate ID 556026-3237

Introduction

We have conducted a review of the condensed financial statements for the interim period (interim report) for Investmentaktiebolaget Latour as at 30 September 2024 and the nine-month period ending on that date. The Board of Directors and the Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing practice.

The review procedures that are undertaken do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the parent company in accordance with the Annual Accounts Act.

Gothenburg, 6 November 2024

Ernst & Young AB

Andreas Mast Authorised Public Accountant

Consolidated income statement

	2024	2023	2024	2023	23/24	2023
(SEK m)	Q3	Q3	9 months	9 months	TTM	Full-year
Net sales	6,228	6,109	18,871	19,087	25,334	25,550
Cost of goods sold	-3,770	-3,710	-11,387	-11,634	-15,350	-15,597
Gross profit	2,458	2,399	7,484	7,453	9,984	9,953
Sales costs	-892	-875	-2,787	-2,711	-3,765	-3,689
Administrative costs	-509	-473	-1,594	-1,469	-2,153	-2,028
Research and development costs	-174	-152	-561	-483	-741	-663
Other operating revenue	33	53	163	146	271	254
Other operating expenses	-203	-148	-234	-195	-267	-228
Operating profit	713	804	2,471	2,741	3,329	3,599
Income from interests in associates	833	40	3,183	2,562	4,126	3,505
Management costs	-8	-8	-25	-24	-32	-31
Profit before financial items	1,538	836	5,629	5,279	7,423	7,073
Financial income	-46	-3	72	114
Financial expenses	-185	-117	-386	-317	-553	-484
Income after financial items	1,307	716	5,315	5,076	6,884	6,645
Taxes	-222	-160	-579	-585	-738	-744
Profit/loss for the period	1,085	556	4,736	4,491	6,146 -	5,901 -
Attributable to:
Parent company shareholders	1,076	555	4,708	4,485	6,117	5,894
Non-controlling interests	9	1	28	6	29	7
Earnings per share regarding profit attributable to parent company
shareholders
Basic share, SEK	1.68	0.87	7.36	7.01	9.57	9.22
Diluted share, SEK	1.68	0.87	7.34	6.99	9.54	9.19
Average number of basic shares outstanding	639,386,728	639,378,833	639,334,824	639,352,524	639,317,746	639,336,210
Average number of diluted shares outstanding	640,861,811	641,532,272	641,087,237	641,670,215	641,242,090	641,678,550
					639,418,250	639,287,800
Number of outstanding shares Consolidated statement of comprehensive income	639,418,250 2024	639,287,800 2023	639,418,250 2024	639,287,800 2023	23/24	2023
(SEK m)	Q3	Q3	9 months	9 months	TTM	Full-year
Profit/loss for the period	1,085	556	4,736	4,491	6,146	5,901
Other comprehensive income:
Items that will not be recycled to the income statement
Restatement of net pension obligations	-	-	-	-	-7	-7
Items that may subsequently be recycled to the income statement	-	-	-	-	-7	-7
Change in translation reserve for the period	-196	-382	241	493	-385	-133
Change in hedging reserve for the period	-20	139	-183	-272	2	-87
Change in associated companies' equity	-471	1,144	-408	311	-325	394
	-687	901	-350	532	-708	174
Other comprehensive income, net after tax	-687	901	-350	532	-715	167
Comprehensive income for the period	398	1,457	4,386	5,023	5,431	6,068
Attributable to: Parent company shareholders	388	1,456	4,358	5,017	5,402	6,061
Non-controlling interests	10	1	28	6	29	7
Consolidated cash flow
(SEK m)	2024 Q3	2023 Q3	2024 9 months	2023 9 months	23/24 TTM	2023 Full-year
Operating cash flows before movements in working capital	874	872	2,677	2,769	3,726	3,818
Movements in working capital	28	404	-326	238	349	913
Operating cash flows	902	1,276	2,351	3,007	4,075	4,731
Acquisitions of subsidaries	-2,209	-	-2,625	-371	-2,624	-370
Sale of subsidaries	-	-	-	-	-	-
Other investments	-89	-106	-375	-291	-511	-427
Portfolio management	-17	-45	739	165	1,071	497
Cash flow after investments	-1,413	1,125	90	2,510	2,011	4,431
Financial payments and transactions with the shareholders Cash flow for (-used in) the period	1,696 283	-972 153	-527 -437	-2,521 -11	-1,880 131	-3,874 557

Consolidated balance sheet

(SEK m)	2024/09/30	2023/09/30	2023/12/31
Assets
Goodwill	17,036	14,955	14,438
Other intangible assets	397	383	366
Property plant and equipment	3,634	3,419	3,469
Financial assets	31,956	29,331	29,997
Inventories etc.	4,915	5,169	4,568
Current receivables	6,170	6,148	5,192
Cash and cash equivalents	1,844	1,764	2,235
Total assets	65,952	61,169	60,265
Equity and liabilities
Capital and reserves attributable to parent company shareholders	42,466	39,802	40,844
Non-controlling interests	299	53	54
Total equity	42,765	39,855	40,898
Inerest-bearing long-term liabilities	10,022	10,323	9,020
Non-interest-bearing long-term liabilities	940	890	910
Interest-bearing current liabilities	6,421	4,295	4,566
Non-interest-bearing current liabilities	5,804	5,806	4,871
Equity and liabilities	65,952	61,169	60,265

Consolidated changes in equity

	Share			Profit brought	Non-controlling
SEK m		Capital Repurchased shares	Other reservs	forward	interests	Total
Opening balance 1 Jan 2023	133	-173	1,375	35,851	55	37,241
Total comprehensive income for the period			221	4,797	5	5,023
Non-controlling interests on acquisitions					-7	-7
Issued call options				14		14
Exercise of call options		130		-55		75
Own shares repurchase		-125				-125
Dividends to shareholders				-2,366		-2,366
Closing balance 30 September 2023	133	-168	1,596	38,241	53	39,855
Total comprehensive income for the period			-441	1,484	2	1,045
Reclassification		107		-107		-
Issued call options				-2		-2
Exercise of call options		-119		19		-100
Own shares repurchase		100				100
Closing balance 31 Dec 2023	133	-80	1,155	39,635	55	40,898
Total comprehensive income for the period			58	4,300	28	4,386
Non-controlling interests on acquisitions				-79	216	137
Issued call options				7		7
Exercise of call options		19		-30		-11
Own shares repurchase		-31				-31
Dividends to shareholders				-2,621		-2,621
Closing balance 30 September 2024	133	-92	1,213	41,212	299	42,765

Key ratios, Group

(SEK m)	2024/09/30	2023/09/30	2023/12/31
Return on equity (%)	15	16	15
Return on total capital (%)	12	12	12
Equity ratio, incl IFRS 16 (%)	65	65	68
Equity ratio, excl IFRS 16 (%)	66	67	70
Adjusted equity ratio, incl IFRS 16 (%)¹	82	78	82
Adjusted equity ratio, excl IFRS 16 (%)¹	83	79	83
Adjusted equity (SEK m)¹	102,810	76,127	90,480
Surplus value in associated companies (SEK m)²	60,045	36,272	49,582
Net debt/equity ratio 1 (%) ³	14.2	16.9	12
Net debt/equity ratio 2 (%) ⁴	10.5	10.5	8
Listed share price (SEK)	317	193	263
Repurchased shares	521,750	552,200	552,200
Average number of repurchased shares	505,176	487,476	503,790
Average number of employees	8,892	8,524	8,448
Issued call options corresponds to number of shares	1,640,800	2,623,200	1,986,200

¹Incl. fair value gain in associated companies.

²The difference between the carrying amount and market value.

³The ratio of net debt to adjusted equity.

⁴The ratio of net debt to the market vaule of total assets.

Parent company income statement

	2024	2023	2024	2023	23/24	2023
(SEK m)	Q3	Q3	9 months	9 months	TTM	Full-year
Income from interests i Group companies	-	-	1,200	1,200	1,200	1,200
Income from interests in associates	-	-	1,067	947	1,331	1,211
Income from portfolio management	-	-	-	-	-	-
Management costs	-7	-6	-21	-13	-34	-26
Profit before financial items	-7	-6	2,246	2,134	2,497	2,385
Interest income and similar profit/loss items	54	50	162	140	216	194
Interest expenses and similar profit/loss items	-72	72	-339	-405	-219	-285
Income after financial items	-25	116	2,069	1,869	2,494	2,294
Taxes	-	-	-	-	-	-
Profit/loss for the period	-25	116	2,069	1,869	2,494	2,294

Parent company statement of comprehensive income

	2024	2023	2024	2023	23/24	2023
(SEK m)	Q3	Q3	9 months	9 months	TTM	Full-year
Profit/loss for the period	-25	116	2,069	1,869	2,494	2,294
Change in fair value reserve for the period	-	-	-	-	-	-
Total other comprehensive income	-	-	-	-	-	-
Comprehensive income for the period	-25	116	2,069	1,869	2,494	2,294

Parent company balance sheet

(SEK m)	2024/09/30	2023/09/30	2023/12/31
Assets
Financial assets	15,614	15,005	15,038
Long-term receivables from Group companies	7,350	5,900	5,900
Current receivables from Group companies	307	152	376
Other current receivables	33	17	14
Cash and bank	-	-	-
Total assets	23,304	21,074	21,328
Equity and liabilities
Equity	11,455	11,619	12,042
Inerest-bearing long-term liabilities	7,150	7,400	6,200
Non-interest-bearing long-term liabilities	-	-	-
Interest-bearing current liabilities	4,450	1,750	2,950
Non-interest-bearing current liabilities	249	305	136
Equity and liabilities	23,304	21,074	21,328

Parent company statement of changes in equity

(SEK m)	2024/09/30	2023/09/30	2023/12/31
Amount at beginning of year	12,042	12,152	12,152
Total comprehensive income for the period	2,069	1,869	2,294
Issued call options	7	14	12
Exercise of call options	-11	75	75
Own shares repurchase	-31	-125	-125
Dividends to shareholders	-2,621	-2,366	-2,366
Amount at end of year	11,455	11,619	12,042

Segment reporting:

Development by business area 1 Jan 2024 – 30 Sept 2024

	Industrial operations
SEK m	Bemsiq	Caljan	Hultafors Group	Innovalift	Latour Industries	Nord-Lock Group	Swegon	Other	Portfolio management	Total
Sales
External sales	1,472	1,085	4,895	1,842	1,426	1,426	6,725			18,871
Internal sales	13							-13		-
Cost of goods sold	-719	-768	-2,821	-1,228	-1,003	-630	-4,232	13		-11,388
RESULT
Operating profit	343	139	743	187	99	346	866	-252		2,471
Income from portfolio management									3,158	3,158
Financial income										72
Finance expense										-386
Taxes										-557
Profit/loss for the period										4,758
Other information
Investments in:
property, plant and equipment	32	21	19	12	34	31	122	2		273
intangible assets	791	2	44	61	2	32	1,760			2,692
Depreciation/amortisation	17	28	76	25	26	41	90	225		528

Development by business area 1 Jan 2023 – 30 Sept 2023

Industrial operations

SEK m	Bemsiq	Caljan	Hultafors Group	Innovalift	Latour Industries	Nord-Lock Group	Swegon	Other	Portfolio management	Total
Sales
External sales	1,226	1,513	5,127	1,824	1,349	1,405	6,643			19,087
Internal sales	11							-11		-
Cost of goods sold	-610	-1,054	-3,019	-1,237	-948	-569	-4,208	11		-11,634
RESULT
Operating profit	311	261	819	172	113	374	901	-210		2,741
Income from portfolio management									2,538	2,538
Financial income										114
Finance expense										-317
Taxes										-585
Profit/loss for the period										4,491
Other information
Investments in:
property, plant and equipment	18	15	39	21	22	27	153	-		295
intangible assets	17	-	10	1	3	-	271			302
Depreciation/amortisation	10	28	75	26	27	40	87	147		440

Change in consolidated interest-bearing net debt

SEK m	2023/12/31	Change in cash	Change in loans	Other changes	2024/09/30
Interest-bearing receivables	45			7	52
Swap	-127			-116	-243
Cash	2,235	-539		148	1,844
Pensions provisions	-211			-10	-221
Leas liabilities long-term	-1,162			12	-1,150
Long-term liabilities	-7,647		-947	-56	-8,650
Utilised bank overdraft facilities	-20			-90	-110
Leas liabilities short-term	-288			-37	-325
Interest-bearing current liabilities	-4,258		-1,729		-5,987
Interest-bearing net debt	-11,433	-539	-2,676	-142	-14,790

Credit maturity structure

SEK m	MTN	Certificate		Bank/RCF Other liabilities	Additional purchase price	Total	%	Undrawn bank facilities
Overdraft facilities			-	36		36	0%	320
0-1 year	3,450	1,000	1,449	70	6	5,975	41%	2,986
1-2 year	2,700			58	161	2,919	20%	2,000
2-3 year	1,750			-	12	1,762	12%
3-4 year	1,700			11	76	1,787	12%	2,195
4-5 year	1,000			10		1,010	7%
>5 years			1,130	40		1,170	8%
	10,600	1,000	2,579	225	255	14,659	100%	7,501
Undrawn MTN	4,400
Frame MTN	15,000

Five-year overview

SEK m	Oct-Sep 2023/2024	2023	2022	2021	2020
Net sales, SEK m	25,334	25,550	22,611	18,567	15,028
Operating profit, SEK m	3,326	3,599	3,246	2,556	2,057
Income from interest in associated companies, SEK m	4,126	3,505	1,551	2,379	3,977
Income from portfolio management, SEK m	-32	-31	-30	-16	-36
Profit after finance items, SEK m	6,884	6,645	4,833	4,985	5,753
Earnings per share, SEK	9.57	9.22	6.51	6.87	8.32
Return on equity, %	14.9	15.0	12.0	14.0	19.0
Return on total capital, %	11.7	12.2	8.9	11.0	15.0
Adjusted equity ratio, %	83.0	83.0	80.0	88.0	86.0
Net debt/equity ratio, %	14.2	12.5	16.4	8.9	7.1

Note 1 Business combinations

					Contributed
Transfer date		Country	Business area	Share	Sales	EBIT	No. of employees
9 January 2024	BS Tableau GmbH	Germany	Innovalift	100%	45	3	40
15 January 2024	Eelectron SPA	Italy	Bemsiq	51%	251	76	60
18 January 2024	Precision Bolting Ltd Condor Machinery Ltd	Canada	Nord-Lock	100%	34	7	28
8 August 2024	Quatrosense Environmental Ltd (QEL)	Canada	Bemsiq	100%	10	2	15
13 August 2024	HC Groep	Holland	Swegon	100%	111	19	386

Assets and liabilities in acquisitions	HC Groep	Eelectron	Others	Consildated carrying amount
Intangible fixed assets	46	13	-	59
Property plant and equipment	18	5	16	39
Financial assets	-	39	29	68
Inventories	105	60	75	240
Accounts receivable	135	43	29	207
Other receivable	71	9	3	83
Cash	109	26	13	148
Non-current liabilities	-17	-33	-38	-88
Current liabilities	-235	-70	-22	-327
Net indentifiable assets and liabilities	232	92	105	429
Non-controlling interests	-	-276	142	-134
Group goodwill	1,711	596	267	2,574
Total purchase price	1,943	412	514	2,869
Additional purchase price	-	-85	-11	-96
Cash settlement purchase price	1,943	327	503	2,773
Acquisition of non-cash items			-	-
Acquired cash	-109	-26	-13	-148
Effect of Group cash	1,834	301	490	2,625

The acquisitions have been made with the aim of strengthening and developing the Latour Group's existing operations. The acquisition cost calculations are preliminary and may change if new information becomes available. The table includes adjustments to the fair value of acquired net assets from acquisitions completed in previous periods.

Transaction costs for acquisitions made during the period amount to SEK 24 m. Estimated additional purchase prices amounting to SEK 11 m for the acquisition of BS Tableau and SEK 85 m for the acquisition of Eelectron have been booked.

Note 2 Information regarding financial assets and liabilities

Classification of financial instruments GROUP 30 Sept 2024

	Available-for-sales finacial assets	Financial assets values at fair value via profit and loss	Derviates used for hedging purpose	Total carrying amount
Financial assets
Listed shares, management	0¹			0
Other long-term securities holdings	109²			109
Other long-term receivables			70	70
Listed shares, trading		0¹		0
Unrealised gains, currency derivatives	44²			44
Other current receivables			5,199	5,199
Cash			1,844	1,844
Total	153	-	7,113	7,266
Financial liabilities
Long-term loans		249³	8,401	8,650
Bank overdraft facilities			123	123
Current loans		6³	5,974	5,980
Other current liabilities			3,194	3,194
Unrealised gains, currency derivatives	243²			243
Total	243	255	17,692	18,190

Level 1 – valued at fair value based on quoted prices on an active market for identical assets.

Level 2 – valued at fair value based on other observable inputs for assets and liabilities than quoted price included in level 1.

Level 3 – valued at fair value based on inputs for assets and liabilities unobservable to the market.

The basis of fair value for listed financial assets is the quoted market price at the balance sheet date. The basis of fair value for unlisted financial assets is determined using valuation techniques, such as recent transactions, the price of comparable instruments or discounted cash flows.

Hedging instruments consist of forward exchange contracts and interest rate and currency swaps and are included in level 2. Valuation at fair value of forward exchange contracts is based on levels established by the bank on an active market.

The fair value of accounts receivable and other receivables, other current receivables, cash and other liquid funds, accounts payable and other liabilities as well as long-term liabilities is estimated to be the same as their carrying amount. Market interest is not believed to materially deviate from the discount rate for interest-bearing long-term liabilities and therefore the carrying amount is considered in essence equal to the fair value.

The Group's valuation process is carried out by the Group finance and treasury department, where a team works with valuation of the financial assets and liabilities held by the Group.

Note 3 Breakdown of revenues

Revenue by category GROUP 30 Sept 2024

Industrial operations
-----------------------	--

	Bemsiq		Caljan Hultafors Group		Innovalift Latour Industries	Nord-Lock	Swegon	Totalt
Net sales
Geographics areas:
Sweden	191	10	937	78	376	60	1,125	2,777
Nordics, excl. Sweden	168	18	837	196	299	46	869	2,433
Germany	219	210	486	110	174	198	1,154	2,551
Great Britian	25	188	202	300	28	46	1,018	1,807
Rest of Europe	454	344	1,515	913	185	254	1,967	5,632
USA	165	252	816	3	234	382	348	2,200
Other markets	250	63	102	242	130	440	244	1,471
	1,472	1,085	4,895	1,842	1,426	1,426	6,725	18,871
Revenue type:
Renenue from goods	1,437	867	4,895	1,634	1,142	1,426	5,951	17,352
Renenue from services	35	218	-	208	284	-	774	1,519
	1,472	1,085	4,895	1,842	1,426	1,426	6,725	18,871
Sales channels:
Goods sold directly to customers	831	1,085	1,948	562	1,217	1,159	3,659	10,461
Sold through intermediaries	641	-	2,947	1,280	209	267	3,066	8,410
	1,472	1,085	4,895	1,842	1,426	1,426	6,725	18,871
Time of revenue reporting:
Revenue reported at one in time	1,472	1,085	4,688	1,723	1,246	1,426	6,033	17,673
Revenue reported over time	-	-	207	119	180	-	692	1,198
	1,472	1,085	4,895	1,842	1,426	1,426	6,725	18,871

THE GROUP 30 SEPT 2023

	Bemsiq		Caljan Hultafors Group		Innovalift Latour Industries	Nord-Lock	Swegon	Totalt
Net sales
Geographics areas:
Sweden	216	10	1,008	76	430	63	1,228	3,031
Nordics, excl. Sweden	169	14	890	256	239	45	921	2,534
Germany	168	384	510	73	175	212	1,335	2,857
Great Britian	25	315	193	289	48	40	871	1,781
Rest of Europe	282	323	1,528	839	178	247	1,708	5,105
USA	182	419	864	2	157	373	320	2,317
Other markets	184	48	134	289	122	425	260	1,462
	1,226	1,513	5,127	1,824	1,349	1,405	6,643	19,087
Revenue type:
Renenue from goods	1,201	1,274	5,127	1,646	1,096	1,405	6,007	17,756
Renenue from services	25	239	-	178	253	-	636	1,331
	1,226	1,513	5,127	1,824	1,349	1,405	6,643	19,087
Sales channels:
Goods sold directly to customers	617	1,513	2,383	485	1,123	1,141	3,681	10,943
Sold through intermediaries	609	-	2,744	1,339	226	264	2,962	8,144
	1,226	1,513	5,127	1,824	1,349	1,405	6,643	19,087
Time of revenue reporting:
Revenue reported at one in time	1,188	1,513	4,862	1,683	1,243	1,357	5,984	17,830
Revenue reported over time	38	-	265	141	106	48	659	1,257
	1,226	1,513	5,127	1,824	1,349	1,405	6,643	19,087

Information by quarter

		2024				2023					2022
SEK m	Q3	Q2	Q1	Full-year	Q4	Q3	Q2	Q1	Full-year	Q4	Q3	Q2	Q1
INCOME STATEMENT
Net sales	6,228	6,522	6,122	25,550	6,463	6,109	6,605	6,372	22,611	6,402	5,629	5,561	5,019
Cost of goods sold	-3,770	-3,921	-3,697	-15,597	-3,963	-3,710	-4,045	-3,878	-14,137	-4,021	-3,573	-3,439	-3,104
Gross profit	2,458	2,601	2,425	9,953	2,500	2,399	2,560	2,494	8,474	2,381	2,056	2,122	1,915
Costs etc. for the operation	-1,745	-1,669	-1,599	-6,354	-1,642	-1,595	-1,583	-1,534	-5,228	-1,386	-1,292	-1,320	-1,230
Operating profit	713	932	826	3,599	858	804	977	960	3,246	995	764	802	685
Total portfolio management	825	1,016	1,317	3,474	936	32	1,148	1,358	1,521	747	8	204	562
Profit before financial items	1,538	1,948	2,143	7,073	1,794	836	2,125	2,318	4,767	1,742	772	1,006	1,247
Net financial items	-231	-94	11	-428	-225	-120	11	-94	66	-179	92	136	17
Income after financial items	1,307	1,854	2,154	6,645	1,569	716	2,136	2,224	4,833	1,563	864	1,142	1,264
	-222	-197	-160	-744	-159	-160	-234	-191	-665	-148	-182	-202	-133
Taxes	1,085	1,657	1,994	5,901	1,410	556	1,902	2,033	4,168	1,415	682	940	1,131
Profit/loss for the period
KEY RATIOS
Earnings per share, SEK	1.68	2.57	3.11	9.22	2.20	0.87	2.97	3.18	6.51	2.21	1.06	1.47	1.77
Cash flow for (-used in) the period	283	-665	-55	557	568	153	54	-218	51	195	360	154	-658
Adjusted equity ratio, %	83	83	83	83	83	79	81	80	80	80	80	82	86
Adjusted equity	102,832	94,116	96,165	90,480	90,480	76,127	88,216	85,841	75,522	75,522	69,206	75,323	89,576
Net asset value		138,084 126,346 130,240				126,675 126,675 110,061 123,527 119,185				101,707 101,707		94,396 101,150 119,142
Net asset value per share, SEK	216	198	204	198	198	172	193	186	159	159	148	158	186
Listed share price, SEK	317	286	282	263	263	193	214	211	197	197	186	202	301
NET SALES
Bemsiq	490	498	498	1,583	346	380	425	431	1,265	326	326	338	321
Caljan	395	374	315	1,980	467	457	595	461	2,140	562	669	556	352
Hultafors Group	1,565	1,685	1,645	6,962	1,835	1,631	1,688	1,808	6,649	1,876	1,563	1,614	1,596
Innovalift	599	643	601	2,497	673	622	638	564	2,258	653	573	566	465
Latour Industries	440	503	483	1,839	490	422	474	452	1,562	436	360	411	356
Nord-Lock	460	485	481	1,875	470	458	470	477	1,660	413	425	416	406
Swegon	2,283	2,338	2,104	8,828	2,185	2,142	2,319	2,182	7,085	2,140	1,714	1,661	1,524
	6,228	6,522	6,122	25,550	6,463	6,109	6,605	6,372	22,611	6,402	5,629	5,561	5,019
OPERATING PROFIT
Bemsiq	121	108	114	366	55	94	101	116	293	59	82	77	81
Caljan	62	48	29	336	75	60	129	72	452	105	156	143	48
Hultafors Group	227	267	249	1,126	307	266	258	296	977	316	176	236	250
Innovalift	72	62	53	231	59	64	69	40	155	37	58	43	18
Latour Industries	20	38	41	149	36	41	38	33	135	32	24	48	30
Nord-Lock	111	116	119	472	98	127	117	129	393	74	104	112	103
Swegon	314	300	252	1,127	226	290	308	303	789	304	184	154	140
	927	939	857	3,807	856	942	1,020	989	3,194	929	784	812	669
Gain/loss from sale/purchase of business	-196	18	-9	-112	30	-118	-9	-15	110	76	-6	11	29
Other companies and items	-23	-30	-29	-102	-32	-20	-32	-18	-75	-23	-18	-21	-14
	708	927	819	3,593	854	804	979	956	3,229	982	760	802	684
OPERATING MARGIN (%)
Bemsiq	24.7	21.8	22.8	23.1	15.8	24.8	23.7	26.9	23.1	18.1	25.1	22.8	25.1
Caljan		12.8	9.3	17.0	16.1	13.1	21.6	15.7	21.1	18.6	23.3	25.7	13.7
	15.7
	14.5	15.8	15.1	16.2	16.7	16.3	15.3	16.3	14.7	16.8	11.2	14.6	15.6
Hultafors Group	12.1	9.6	8.8	9.3	8.8	10.3	10.8	7.0	6.9	5.6	10.1	7.6	3.7
Innovalift	4.5	7.6	8.5	8.1	7.3	9.7	8.1	7.4	8.6	7.4	6.7	11.8	8.5
Latour Industries	24.1	24.0	24.8	25.2	20.9	27.8	25.0	27.0	23.7	17.9	24.6	26.8	25.3
Nord-Lock Swegon	13.7	12.8	12.0	12.8	10.3	13.5	13.3	13.9	11.1	14.2	10.7	9.3	9.2

Definitions of key ratios

Organic growth

Change in sales in comparable entities after adjustment for acquisitions and exchange rate effects.

Operating profit (EBITDA)

Earnings before interest, tax, depreciation of property, plant and equipment and amortisation of acquisition-related intangible assets, acquisition-related costs and income, and items impacting comparability.

Operating profit (EBITA)

Earnings before interest, tax, amortisation of acquisitionrelated intangible assets, acquisition-related costs and income, and items impacting comparability.

Operating margin (EBITA) %

Earnings before interest, tax, amortisation of acquisitionrelated intangible assets, acquisition-related costs and income, and items impacting comparability, as a percentage of net sales.

Operating profit (EBIT)

Earnings before financial items and tax.

Operating margin (EBIT) %

Operating profit divided by net sales.

Operating capital

Total assets less cash and cash equivalents, other interestbearing assets and non-interest-bearing liabilities. Calculated on the average for the past 12 months.

Total growth

Increase in revenue for the period as a percentage of the previous year's revenue.

Currency-driven growth

Increase in revenue due to currency changes for the period as a percentage of the previous year's revenue.

Organic growth

Increase in revenue for the period, adjusted for acquisitions/disposals and exchange rate changes, as a percentage of the previous year's revenue adjusted for acquisitions and disposals.

Basic earnings per share

Profit or loss for the year attributable to parent company shareholders divided by the average number of shares outstanding.

Diluted earnings per share

Profit or loss for the year attributable to parent company shareholders divided by the average number of shares outstanding with additions for the average number of options, calculated in compliance with the requirements of IAS 33.

Equity ratio

The ratio of shareholder equity to total assets.

Adjusted equity ratio

The ratio of shareholder equity plus gains in associated companies to total assets including gains in associated companies.

Net debt

Interest-bearing liabilities less cash and cash equivalents and interest-bearing receivables.

Net debt/equity ratio

The ratio of net debt to either adjusted equity or the market value of total assets.

Return on equity

The ratio of net income booked in the income statement to average equity.

Return on total capital

The ratio of profit/loss after financial items plus finance expense to average total assets.

Return on operating capital

The ratio of operating profit to average operating capital.

Direct return

Dividends as a percentage of the share purchase price.

EBIT multiple

The ratio of operating profit to market value adjusted for net debt.

Net asset value

The difference between the company's assets and liabilities, when the investment portfolio (incl. associated companies) is recognised at market value and operative subsidiaries that are owned at the end of the period are recognised in an interval based on EBIT multiples for comparable listed companies in each business area.

Share of voting rights

Share of voting rights is calculated after deduction for repurchased shares.

Share of equity

Share of equity is calculated on total number of issued shares.

Other

The amounts in tables and other charts have each been rounded off. There may therefore be minor differences in the totals due to rounding-off.

For further information, please contact:

Johan Hjertonsson, President and CEO, tel. +46 (0)702-29 77 93. Anders Mörck, Chief Financial Officer, tel. +46 (0)706-46 52 11 or +46 (0)31-89 17 90.

Presentation of performance for the quarter:

President and CEO Johan Hjertonsson will present the report together with CFO Anders Mörck today at 10.00 a.m. The presentation will be streamed online.

To watch the presentation and have the opportunity to ask questions, please visit our website www.latour.se.

Financial dates:

The 2024 Year-End Report will be published on 11 February 2025 The interim report for January–March 2025 will be published on 29 April 2025 The Annual General Meeting will be held on 8 May 2025 The interim report for January–June 2025 will be published on 19 August 2025 The interim report for January–September 2025 will be published on 4 November 2025

The information contained in this report constitutes information which Investment AB Latour (publ) is required to disclose under the EU Market Abuse Regulation. The information was provided by the above contact persons for publication on 6 November 2024 at 8.30 CET.