Investment AB Latour (publ)

Good morning and welcome to the presentation of Investment Day Bill Latour's entering report for the second quarter. Only mode and we then open up for questions. To ask a question, dial star five on your telephone keypad or use the chat window. And with that, I hand over to CEO Johan Hjartansson and CFO Mikael Jonsson-Albrechtsson.

Thank you very much, Katarina. Welcome, everybody. This is Johan Antonsson, and welcome to our presentation of the Q2 report. I'm here together with our CFO, Mikael Jonsson-Artexon. So the presentation is divided into two sections. Firstly, we will walk you through the Latour Group's development in Q2, commenting on the development for the investment portfolio and the wholly owned operations. And then we open up for questions together with Mikael. And then we have a second part where we will make a deep dive into NordLock Group, one of Latour's seven wholly owned operations. And there we will invite Daniel Westberg, CEO of NordLock Group, for this section. And finally, we will have a Q&A session all together with Daniel on the NordLock Group presentation. So if we go to the first slide, I would say commenting overall, you know, solid second quarter performance supported by positive market developments, especially toward the end of the quarter. Order intake grew organically by 13% and net sales by 4%. Adjusted EBIT amounted to 999 million SEK with a margin of 13.8%. The order backlog increased to just over 8 billion SEK, which provides a solid foundation for continued growth in that sense going forward for the remainder of the year. As you all know, geopolitical uncertainty remains with delays in some project startups as one effect. Our assessment is that no business has been lost, rather deliveries and revenues that has been postponed to upcoming quarters. The turmoil in the Middle East unfortunately continues. However Latour has limited exposure to the region and no material negative impact has been identified or recorded to date. I will comment more on the financial outcome in details later in this presentation. And the investment portfolio has seen some activities during the quarter. In May, we made a partial investments of our holdings in Assa Abloy and in Securitas. And this is something that we don't do often, and it's important to emphasize that we remain as the largest shareholder in both companies with full support for the respective long-term strategies. By realizing a small portion of the value created in Assam Law and Securities, we can continue to develop and expand our wholly owned operations as we communicated earlier. The acquisitions activity in the whole year on the operations has been high during the quarter with five completed acquisitions. And thereby, I'd like to hand over to Mikael to comment on our net asset value development. So over to you, Mikael.

Thank you very much, Johan. And when summarizing the first half of the year in figures, we can conclude that the net asset value decreased by 3.7% during the six months. And this is adjusted for dividend. and amounted to 203 SEC per share, to be compared to the six RX that increased by 8.1%. And the share price at the end of June was 193 SEC, which means that there was a discount of 5% compared to how we present the net asset value. And as of yesterday, the net asset value was 204 SEC per share, and the share price on the same day closed at 188 SEC, which gives a discount to our way of describing the net asset value of about 8%. The consolidated net debt decreased during the quarter from 15.3 billion SEK to 12.3 billion. And this is driven by proceeds from the investments in the investment portfolio and partly offset by dividend payments. And the net debt corresponds to about 9% of the market value of our investments, leaving headroom for further acquisition as we go forward. And with that, I hand over back to you, Johan.