Investment AB Latour (publ)

Good morning and welcome to the presentation of Investment Abilator's year-end report for 2025. The first part of the presentation will be in listen-only mode and we 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 Jartonsson and CFO Mikael Jonsson-Albrechtsson.

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 Naturs Group's development in Q4 and the full year. And we will be commenting on the development of the investment portfolio and the whole operations. And 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 reports. So you will meet more colleagues later on. But today we're inviting Tina Hultqvist, who is the CEO of Latour Industries for this section. And finally, we will have after Tina's presentation, we will have a Q&A session together on Latour Industries. So just 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 results 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. And finally, the acquisition activity has been quite high during the quarter. We signed an agreement to acquire Alstor to Latour Industries and the rest of the two companies within Latour Industries' mobility division, AAT and Batec. In addition, Latour Future Solutions made a minority investment in Doar. 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 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. And 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 216 SEC per share compared to 6RX that increased by 12.7%. And the share price at the end of December was 225 SEC, which means that there is a premium of 4% compared to how we present the net asset value. And as of yesterday, the net asset value was 218 SEC per share. And the share price on the same day closed at 229 SEC, 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 16.8 billion SEC to 15 billion SEC, supported by a strong cash flow. And 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.