Kvartalsrapport Q3 2026

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2026 – 30 JUNE 2026 1 
 
INTERIM REPORT Q1 2026/27  
 
 
FIRST QUARTER (1 APRIL– 30 JUNE 2026)  
• Net revenue increased by 18% to MSEK 2,907 (2,473), where the  
organic growth amounted to 6%. 
• Operating profit (EBITA) increased by 15% to MSEK 498 (432) 
and the EBITA margin was 17.1% (17.5). 
• Profit after financial items (EBT) increased by 18% to MSEK 405 (343). 
• Cash flow from operating activities amounted to MSEK 279 (288). 
• Profit after taxes increased by 20% to MSEK 315 (263). 
• Return on equity amounted to 28% (28) and the equity ratio was 35% (34).  
• Earnings per share for the latest 12-month period increased to SEK 6.07  
(SEK 5.81 for the 2025/26 financial year).  
• Six acquisitions were completed during the first quarter. Since 1 April 2025, 14 businesses  
with total business volume of approximately MSEK 1,500 have thus been acquired.  
• As previously communicated, the Board of Directors has proposed an increased dividend of SEK 
2.50 (2.20) per share. The Annual General Meeting is planned to be held on 25 August 2026.
 
 
 
 
 
GROUP OVERVIEW 3 months Moving 12 months 
Amounts in MSEK  30 Jun 2026 30 Jun 2025 Δ 30 Jun 2026 31 Mar 2026 
Net revenue 2,907 2,473 18% 11,043 10,609 
EBITA 498 432 15% 1,988 1,923 
EBITA margin, % 17.1 17.5   18.0 18.1 
Profit after financial items 405 343 18% 1,585 1,523 
Profit after taxes 315 263 20% 1,252 1,200 
Earnings per share after dilution, SEK   1.53 1.27 20% 6.07 5.81 
Cash flow from operating activities  279 288 -3% 1,493 1,502 
Return on equity, % -                -  28 29 
Equity ratio, % 35 34  35 35 
 
 
 
 
 
 
6.07  
Earnings per 
share 
18%  
EBT growth 
Q1 
14  
acquisitions 
since April 
2025

===== SIDA 2 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 2 
CEO COMMENT 
 
“The growth journey is continuing” 
 
Lagercrantz started the 2026/27 financial year with a strong first quarter, continuing the positive trend from 
previous periods. Despite an uncertain external environment, the Group’s companies have adapted well and 
the overall business situation has developed in a stable and positive way. The level of activity was high in 
several of the Group’s key markets where we are seeing good organic growth and recently acquired 
companies have contributed to both revenue and earnings growth. All in all, profit after net financial items 
(EBT) increased by 18% to MSEK 405 (343) and earnings per share (after diluted) increased by 18% to SEK 6.07 
on an annual basis. In addition, we carried out several value-creating acquisitions, which have advanced our 
positions in key areas with six new businesses during the quarter, and 14 new businesses – equivalent to 
approximately 16% of new business volume – since 1 April 2025. 
 
The quarter was characterised by good growth, both organically and through acquisitions, fully in line with the Group’s 
long-term strategy. Prioritised markets showed robust demand, with a particularly strong performance in electrification, 
infrastructure, security and defence-related businesses and niche products, while the construction sector continued to 
be characterised by a lower level of activity. Consolidated net revenue in the quarter increased by 18% to MSEK 2,907 
(2,473), of which 6% consisted of organic growth, 12% of acquired growth while currency effects were neutral.   
 
Operating profit (EBITA) increased by 15% to MSEK 498 (432) and the EBITA margin was 17.1% (17.5), where the 
Electrify, TecSec and Niche Products divisions contributed good improvements in earnings during the quarter. The 
International division reported a lower growth rate in line with what was communicated previously, due to seasonal 
effects in some of the companies acquired last year, which were consolidated for the first time in July 2025.  
 
In the long term, this development is therefore well in line with our ambition to achieve an EBITA margin of 20% within 
2–3 years and a return on working capital that should consistently exceed 60%, according to the updated financial 
targets set during the previous financial year. 
 
Acquisitions are a very important growth driver for our development, and we continue to see many interesting 
opportunities. Our approach involving management by objectives and decentralised decision-making in our nearly 90 
profit centres demonstrates its strength time and time again. And our ability to look after and develop, above all, 
previously owner-managed technology companies with leading positions in niches is receiving increasing attention 
among entrepreneurs across Northern Europe. With us, entrepreneurs and owner-managers who have built up their 
businesses can obtain references from others who have entrusted their life's work to the Group, and we have many 
good examples of this. Our financial capacity creates scope for further expansion and in the long term we expect that 
approximately two-thirds of our total growth will come through acquisitions. 
 
We are entering the future with confidence. The global situation certainly remains uncertain, and we are seeing cost 
inflation in key raw materials such as metals and plastics as well as freight prices, and we are now implementing price 
adjustments in several areas. However, we generally have a significant risk diversification, and at the same time, a 
good ability to adapt in each business. Our positioning towards markets such as electrification, infrastructure and 
defence implies structural growth opportunities. We therefore reiterate our statement that we are cautiously optimistic 
about the future. 
 
17 July 2026 
 
Jörgen Wigh 
President and CEO

===== SIDA 3 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 3 
THE GROUP’S PERFORMANCE 
 
NET REVENUE AND PROFIT 
First quarter (April-June 2026) 
During the first quarter of the financial year, the overall 
market situation for the Group's businesses was stable 
and positive. Businesses linked to electrification, 
infrastructure, and the security and defence sectors 
performed well, while demand in the construction 
industry remained sluggish. 
Total order intake for comparable units was just over 
10% higher than invoiced sales during the quarter, and 
some major project orders were also secured for 
delivery at a later date. In general, there were signs of 
cost inflation with higher raw material and freight prices, 
which the Group's companies are now seeking to offset 
in their pricing to customers. 
Net revenue in the first quarter increased by 18% to 
MSEK 2,907 (2,473), where acquisitions contributed 
12% and organic growth was 6%. Exchange rate 
fluctuations had no impact on net revenue.   
Operating profit (EBITA) increased by 15% to MSEK 
498 (432) and the EBITA margin was 17.1% (17.5), 
where, in particular, the Electrify and Niche   
 
 
 
 
 
Products divisions contributed good improvements in 
earnings. The International division reported a slightly 
lower growth rate during the quarter due to seasonal 
effects related to the acquired companies Epoke and 
Friggeråkers, which were consolidated for the first time 
in July 2025. 
The share of proprietary products continued to 
increase and amounted to 80% (79%). 
Profit after financial items increased by 18% to 
MSEK 405 (343), where the increase was explained by 
both organic growth and acquisitions.  
Net financial items amounted to MSEK -33 (-35), of 
which net interest items amounted to MSEK -38 (-37) 
and currency translation effects, amounted to MSEK 5 
(6). 
Profit after taxes increased by 20% to MSEK 315 (263), 
where the effective tax rate amounted to 22% (23). The 
effective tax rate for the previous financial year was 21% 
(21). 
     Earnings per share after dilution for the 12-month period 
increased to SEK 6.07, compared to SEK 5.81 for the 
2025/26 financial year. 
 
0
100
200
300
400
500
600
700
800
900
1 000
1 100
1 200
1 300
1 400
1 500
1 600
1 700
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
11 000
12 000
13 000
14 000
15 000
16 000
17 000
Profit after net financial items, MSEK
Net revenue, MSEK
Net revenue and profit after net financial items, moving 12 months 
Net revenue Profit after financial items

===== SIDA 4 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 4 
 
  PERFORMANCE BY DIVISION 
 
 
  Net revenue Operating profit (EBITA) and  
operating margin (EBITA %) 
MSEK 
3 months     
Apr-Jun 
2026/27 
3 months     
Apr-Jun 
2025/26 
Financial 
year    
2025/26 
3 months     
Apr-Jun 
2026/27 
3 months      
Apr-Jun 
2025/26 
Financial 
year    
2025/26 
Electrify 763 672 2,633 153 123 543 
Operating margin       20.1% 18.3% 20.6% 
Control 364 319 1,340 51 51 228 
Operating margin       14.0% 16.0% 17.0% 
TecSec 670 525 2,316 101 84 339 
Operating margin       15.1% 16.0% 14.6% 
Niche Products 659 569 2,390 137 114 492 
Operating margin       20.8% 20.0% 20.6% 
International  451 388 1,931 66 70 358 
Operating margin       14.6% 18.0% 18.5% 
Parent Company/consolidation items - - - -10 -10 -37 
GROUP TOTAL 2,907 2,473 10,609 498 432 1,923 
Operating margin    17.1% 17.5% 18.1% 
Amortisation, intangible assets    -60 -54 -229 
Financial items     -33 -35 -171 
PROFIT BEFORE TAXES     405 343 1,523 
NET REVENUE AND PROFIT BY DIVISION              
FIRST QUARTER 
Electrify 
The Electrify division’s net revenue increased by 13% to   
MSEK 763 (672), where 3% was added through 
acquisitions, 10% organically and 0% currency. 
Operating profit (EBITA) increased by 25% to MSEK 153 
(123), equivalent to an operating margin of 20.1% (18.3).  
The market situation in the division's electrification 
and infrastructure segments continues to be favourable. 
This contributed to yet another strong quarter with good 
growth and improved margins, mainly driven by a broad-
based and strong organic development. 
Improvements in earnings were noted in most of the 
businesses, with a particularly good performance seen in 
Mastsystem, Nordic Road Safety, Elfac and Elpress.  
In April, the company Michael Smith Switchgear was 
acquired in the UK, a leading supplier of customised low-
voltage switchgear solutions. The acquisition broadens 
the division’s exposure to the UK and the company got 
off to a good start in the Group.  
 
 
 
Control 
The Control division’s net revenue increased by 14% to 
MSEK 364 (319), where 12% was added through 
acquisitions, 2% organically and 0% currency. Operating 
profit (EBITA) amounted to MSEK 51 (51), equivalent to 
an operating margin of 14.0% (16.0). 
Positive development reported in Direktronik, 
Radonova and Stegborgs. Meanwhile, certain 
businesses continued to face challenging market 
conditions, including the Vanpee companies. Precimeter 
also noted a weaker quarter due to more cautious 
customer behaviour in general.  The recently acquired 
company Hycon in Denmark, a leading manufacturer of 
hydraulic tools and pumps, has got off to a good start as 
part of the division.

===== SIDA 5 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 5 
TecSec 
The TecSec division’s net revenue increased by 28% to  
MSEK 670 (525), where 17% was added through 
acquisitions, 12% organically and -1% currency. 
Operating profit (EBITA) increased by 20% to MSEK 101 
(84), equivalent to an operating margin of 15.1% (16.0). 
Several of the safety & security companies in the 
division performed positively in a continued sluggish 
market environment, for instance Idesco, ISG Nordic, 
CWL and R-con.  
PcP and the more construction-related businesses in 
UK– Door and Joinery and Principal Doorsets did not 
live up to last year’s performance. 
The company I Holland, which was acquired in 
November 2025, reported strong earnings. In June, the 
acquisition of Marsden was completed, a leading 
provider of weighing solutions for healthcare and 
industrial markets to UK and international customers.   
Niche Products 
The Niche Products division’s net revenue increased by 
16% to MSEK 659 (569), where 15% was added through 
acquisitions, 1% organically and 0% currency. Operating 
profit (EBITA) increased by 21% to MSEK 137 (114), 
equivalent to an operating margin of 20.8% (20.0).  
Niche Products delivered a stable quarter, with a 
continued favourable market situation for the majority of 
the businesses. Truxor, Wapro and Thermod delivered 
clear improvements in earnings compared to the 
previous year. Meanwhile, some units were challenged 
by weaker organic growth, including Asept and Tormek. 
The Swedish companies Sit Right and Enskede 
Hydraul, which were acquired in November 2025, 
continued their good start in Lagercrantz. In April, Nivex 
Topsafe was acquired, a leading manufacturer and 
distributor of security cabinets to private and public 
customers, and in June, Stalon was acquired, a Swedish 
manufacturer of silencers for hunting firearms. These 
businesses have also got off to a good start in 
Lagercrantz. 
International  
The International division’s net revenue increased by 
16% to MSEK 451 (388), where 13% was added through 
acquisitions, 3% organically and 0% currency. Operating 
profit (EBITA) amounted to MSEK 66 (70), equivalent to 
an operating margin of 14.6% (18.0). 
 
 
 
The market situation was stable overall and the 
International division delivered a quarter with good 
growth and improved margins for most of the companies 
in the division. The marine business Libra in Norway and 
Tebul in Finland, as well as DP Seals in the UK and G9 
in Denmark continued to show a strong performance, 
while seasonal effects related to the acquired companies 
Epoke and Friggeråkers negatively affected the outcome 
and the comparison with the previous year. The 
businesses P&L:s were consolidated for the first time in 
July 2025. 
 
PROFITABILITY AND FINANCIAL POSITION 
Return on equity amounted to 28% (28) and the return 
on capital employed was 19% (19). 
The Group’s metric for return on working capital, 
(P/WC) amounted to 75% (75). 
The equity ratio at the end of the period was 35% (34). 
Equity per share amounted to SEK 22.91 (19.75). 
The Group’s operating net debt at the end of the 
period amounted to MSEK 3,967 (3,359), where the 
increase was explained by acquisitions.  
The Group’s net indebtedness, including pension 
liability of MSEK 55 (56) and lease liability of MSEK 510 
(522), amounted to MSEK 4,532 (3,937) at the end of 
the period, where the change was mainly due to 
acquisitions. 
 
CASH FLOW AND CAPITAL EXPENDITURES 
Cash flow from operating activities amounted to MSEK 
279 (288), where the change has been positively 
affected by higher earnings but negatively affected by an 
increase in business volume, resulting in some build-up 
of working capital.    
Acquisitions and disposals, including settlement of 
contingent consideration relating to acquisitions carried 
out in previous years, amounted to MSEK 367 (343). 
Net investments in non-current assets, primarily 
production equipment, amounted to MSEK 49 (46).

===== SIDA 6 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 6 
OTHER FINANCIAL INFORMATION 
Parent Company and other consolidation items 
The Parent Company’s net revenue amounted to MSEK 
26 (21) and profit after financial items amounted to 
MSEK 376 (239). The Parent Company’s equity ratio 
was 45% (42). 
Employees 
At the end of the period, the number of employees in the 
Group was 3,822 (3,627 at the end of the 2025/26 
financial year), of whom 135 were added through 
acquisitions.  
Share capital 
The share capital amounted to MSEK 49 at the end of the 
period. The quota value per share amounted to SEK 0.23. 
Classes of shares were distributed as follows on 30 June 
2026: 
Classes of shares                          Number 
A shares  9,775,386 
B shares  199,442,847 
Repurchased B shares    -3,026,886 
Total number of shares after 
repurchases  
206,191,347 
At the end of the period, Lagercrantz Group held 
3,026,886 own Class B shares, equivalent to 1.4% of the 
total number of shares and 1.0% of the votes.  
 
 
Lagercrantz’s own holdings of repurchased B shares are 
primarily security for the company’s obligations in 
outstanding incentive programmes for senior executives.  
During the first quarter, repurchases of call options 
amounted to MSEK 44 (12) and redemption of call 
options amounted to MSEK 4 (4). 
At the end of the period, Lagercrantz had three 
outstanding call option programmes for the purchase of 
a maximum of 2,345,000 shares in total: 
Option 
programme 
 
 
 
Number of 
outstanding options* 
 
 
Redemption 
price 
2025/29 792,000 276.60 
2024/28 796,000 233.90 
2023/27 757,000 143.60 
Total 2,345,000  
   
* An option carries the right to purchase one share. 
Issued call options on repurchased shares had a 
dilutive effect of approximately 0.2% of the total number 
of shares in the company. 
 
 
ACQUISITIONS 
From and including the 2025/26 financial year, the following acquisitions have been carried out (including subsidiaries); 
Acquisition Takeover Equity 
interest, 
% 
Annual revenue at 
acquisition date, 
MSEK 
Number of 
employees 
Division 
MT Miljøteknik ApS, Denmark April 2025 90 37 25 Niche Products 
AB Orax, Sweden June 2025 100 50 14 Control 
Epoke A/S, Denmark June 2025 100 360 115 International 
Friggeråkers Verkstäder AB, Sweden July 2025 100 110 40 International 
AB Qvintus, Sweden August 2025 100 25 6 Control 
Sit Right AB, Sweden November 2025 70 90 6 Niche Products 
Enskede Hydraul AB, Sweden November 2025 70 60 5 Niche Products 
I Holland Group, UK November 2025 85 335 185 TecSec 
Michael Smith Switchgear Ltd, UK April 2026 100 105 55 Electrify 
Nivex Topsafe Group, Sweden April 2026 100 100 12 Niche Products 
FMK Trafikprodukter, Sweden April 2026 100 20 - Electrify 
Hycon A/S, Denmark April 2026 95 75 19 Control 
Stalon AB, Sweden May 2026 88 36 12 Niche Products 
Marsden Weighing Machine Group Ltd, UK  
June 2026 
 
100 
 
80 
 
37 
 
TecSec 
   1,483 531  
 
Six acquisitions were carried out during the first quarter 
of the financial year.  
In April 2026, 100% of the shares were acquired in 
Michael Smith Switchgear in the UK, a leading supplier 
of customised low-voltage switchgear solutions. MS 
Switchgear generates annual revenue of about MGBP 8 
with good profitability and is part of the Electrify division. 
In April 2026, 100% of the shares were also acquired 
in Nivex in Sweden and Poland, a leading manufacturer 
and distributor of security cabinets to private and public

===== SIDA 7 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 7 
customers. Nivex adds an annual business volume of 
about MSEK 100 with good profitability to the Niche 
Products division.  
The business and assets of FMK Trafikprodukter 
were acquired in April 2026. FMK is a niche company in 
CE-certified road barrier systems and generates annual 
revenue of about MSEK 20. The company is an add-on 
acquisition for Lagercrantz’s subsidiary Nordic Road 
Safety in the Electrify division. 
At the end of April 2026, 95% of the shares were 
acquired in the Danish company Hycon, a leading 
manufacturer of hydraulic tools and pumps. Hycon is 
part of the Control division and generates annual 
revenue of about MDKK 52 with good profitability.  
In May 2026, 88% of the shares were acquired in 
Stalon, a Swedish manufacturer of silencers for hunting 
firearms. Stalon generates annual revenue of about 
MSEK 36 and is part of the Niche Products division.  
In June 2026, 100% of the shares in Marsden 
Weighing Machine in the UK were acquired, a leading 
provider of weighing solutions for healthcare and 
industrial markets to UK and international customers. 
Marsden generates annual revenue of about MGBP 6 
and is part of the TecSec division.  
Lagercrantz normally uses an acquisition structure 
with a fixed purchase price and contingent consideration 
as well as options on any minority shares. The outcome 
of contingent considerations depends on the future 
results achieved in the companies and has a set 
maximum level. Not yet paid contingent considerations 
for acquisitions have a book value of MSEK 383 (420). 
These normally fall due for payment within three years 
from the date of acquisition and the maximum outcome 
can be MSEK 500 (565).  
Remeasurement of contingent considerations had a 
net effect in the quarter of MSEK 17 (9). The effect on 
earnings is recognised in other operating income and 
other operating expenses.  
During the first quarter, MSEK 36 (0) was paid in 
contingent consideration for previous acquisitions and 
MSEK 0 (38) in exercise of call options for acquisition of 
outstanding minority shares. 
Transaction costs, including any stamp duty, for the 
quarter’s acquisitions amounted to MSEK 7 (1) and are 
reported in the item administrative expenses. 
 
 
 
 
Preliminary purchase price allocation 
The preliminary purchase price allocations since 1 July 2025 in the table below include Friggeråkers Verkstäder AB, AB 
Qvintus, Sit Right AB, Enskede Hydraul AB, I Holland Group, Michael Smith Switchgear Ltd, Nivex Topsafe Group, 
FMK Trafikprodukter, Hycon A/S, Stalon AB and Marsden Weighing Machine Group Ltd. 
 
Acquired net assets at time of acquisition (MSEK) 
Carrying 
amount in 
companies 
Fair value 
adjustment 
Fair value 
consolidated  
Intangible non-current assets 4 665 669 
Other non-current assets  146 - 146 
Inventories   188 - 188 
Other current assets 318 - 318 
Interest-bearing liabilities -108 - -108 
Other liabilities -239 -154 -393 
Acquired net assets  309 511 820 
Goodwill 1)      601 
Estimated Purchase price    1,421 
Less: cash and cash equivalents in acquired businesses   -147 
Less: consideration not yet paid     -388 
Effect on the Group’s cash and cash equivalents     886 
1) Goodwill is motivated by expected future sales development and profitability and also by the staff included in the acquired c ompanies.

===== SIDA 8 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 8 
OTHER INFORMATION 
Accounting policies 
The Interim Report for the Group has been prepared in 
accordance with IFRS standards as adopted by the EU 
with application of IAS 34, Interim Financial Reporting.  
Apart from in the financial statements and 
accompanying notes, disclosures according to IAS 
34.16A are also presented in other parts of the report.   
The Interim Report for the Parent Company has been 
prepared in accordance with the Swedish Annual 
Accounts Act and the Swedish Securities Markets Act, 
which is in accordance with the provisions of RFR 2, 
Accounting for Legal Entities. The same accounting 
policies and calculation methods as in the most recent 
annual report have been applied in the interim report. 
There are no new IFRS standards or IFRIC 
interpretations approved by the EU, which are applicable 
for Lagercrantz. 
Significant estimates and judgments 
The company's significant estimates and judgments, as 
stated in the annual report for 2025/26, have not 
changed during the reporting period. 
Alternative performance measures  
Lagercrantz presents certain financial metrics in the 
interim report that are not defined according to IFRS. 
The company considers that these metrics provide 
supplementary information to investors and 
shareholders as they enable evaluation of trends and 
the company’s performance. They should not be 
regarded as a substitute for metrics defined according to 
IFRS.  
For definitions and reconciliation tables for the key 
performance indicators that Lagercrantz uses, see 
pages 16–17. 
 
 
 
Transactions with related parties 
Transactions between Lagercrantz and related parties 
with a significant impact on the company’s financial 
position and results have not occurred.  
Risks and uncertainty factors 
Events after the end of the period 
No significant events for the company have occurred 
after the end of the period. 
Annual General Meeting 2026 
The 2026 Annual General Meeting (AGM) is planned to 
be held on 25 August 2026, at 4.00 p.m. at IVA’s 
Conference Centre, Grev Turegatan 16 in Stockholm.  
      The notice convening the AGM will be published in 
July 2026 and will be available on the company’s 
website www.lagercrantz.com. 
 The Board of Directors proposes a dividend of SEK 
2.50 (2.20) per share, which is in line with Lagercrantz’s 
dividend policy. Notice of participation in the AGM must 
be given in accordance with the convening notice.  
 
Stockholm, 17 July 2026 
 
Jörgen Wigh, 
President and CEO 
 
This report has not been subject to review by the 
company’s auditors.

===== SIDA 9 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 9 
 
Quarterly data by division 
 
Net revenue 2026/27 2025/26 2024/25 
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 763 633 706 622 672 588 603 533 561 
Control 364 359 346 317 319 330 322 281 264 
TecSec 670 668 630 492 525 550 572 511 538 
Niche Products 659 649 652 520 569 642 559 472 495 
International 451 516 520 506 388 393 406 375 395 
Parent 
Company/consolidation 
items - 
- - - 
- 
- - - - 
GROUP TOTAL 2,907 2,825 2,854 2,457 2,473 2,503 2,462 2,172 2,253 
 
Operating profit (EBITA) 2026/27 2025/26 2024/25 
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 153 138 150 132 123 100 97 100 90 
Control 51 68 61 48 51 59 47 34 35 
TecSec 101 96 90 68 84 83 92 87 98 
Niche Products 137 146 130 102 114 142 128 108 100 
International 66 100 90 97 70 69 69 66 69 
Parent 
Company/consolidation 
items -10 
-12 -8 -7 
-10 
-7 -5 -8 -6 
GROUP TOTAL 498 536 513 440 432 446 428 387 386 
 
Operating margin (EBITA) 2026/27 2025/26 2024/25 
% Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 20.1 21.8 21.2 21.2 18.3 17.0 16.1 18.8 16.0 
Control 14.0 18.9 17.6 15.1 16.0 17.9 14.6 12.1 13.3 
TecSec 15.1 14.4 14.3 13.8 16.0 15.1 16.1 17.0 18.2 
Niche Products 20.8 22.5 19.9 19.6 20.0 22.1 22.9 22.9 20.2 
International 14.6 19.4 17.3 19.2 18.0 17.6 17.0 17.6 17.5 
GROUP TOTAL 17.1 19.0 18.0 17.9 17.5 17.8 17.4 17.8 17.1

===== SIDA 10 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 10 
Consolidated Income Statement - condensed 
MSEK 
3 months     
Apr-Jun 
2026/27 
3 months     
Apr-Jun 
2025/26 
Moving  
12 months, 
Jul-Jun 
2026/27 
Financial 
year 2025/26 
Net revenue 2,907 2,473 11,043 10,609 
Cost of goods sold  -1,783 -1,513 -6,720 -6,450 
GROSS PROFIT 1,124 960 4,323 4,159 
Selling expenses -422 -384 -1,621 -1,583 
Administrative expenses -290 -210 -1,017 -937 
Other operating income and operating expenses 26 12 69 55 
PROFIT BEFORE NET FINANCIAL ITEMS* 438 378 1,754 1,694 
Net financial items -33 -35 -169 -171 
PROFIT AFTER NET FINANCIAL ITEMS 405 343 1,585 1,523 
Taxes -90 -80 -333 -323 
NET PROFIT FOR THE PERIOD 315 263 1,252 1,200 
     
* Of which:     
- amortisation of intangible non-current assets arising in connection with 
acquisitions: -60 -54  -234 -229 
OPERATING PROFIT (EBITA) 498 432  1,988 1,923 
     
 
Earnings per share before dilution, SEK 1.53 1.28 6.07 5.82 
Earnings per share after dilution, SEK   1.53 1.27 6.07 5.81 
 
Weighted number of shares after repurchases, (’000) 206,167 206,093 206,143 206,124 
Weighted number of shares after repurchases adjusted after dilution 
(’000)** 206,506 206,668 206,411 206,537 
Number of shares at end of period after repurchases (’000)  206,191 206,114 206,191 206,159 
     
** In view of the redemption prices on outstanding call options during the period (SEK 276.60, SEK 233.90 and SEK 143.60) and  the average 
share price (SEK 222.41) during the latest 12-month period when the option programmes were outstanding, there was a di lutive effect of 0.13%. 
For the latest quarter, there was a dilutive effect of 0.16% based on an average share price of SEK 242.82.  
 
 
 
 
Consolidated Statement of Comprehensive Income - condensed 
MSEK 
3 months     
Apr-Jun 
2026/27 
3 months     
Apr-Jun 
2025/26 
Moving  
12 months, 
Jul-Jun 
2026/27 
Financial 
year 2025/26 
Net profit for the period 315 263 1,252 1,200 
Items that have been reposted or that may be reposted to net profit for 
the period:      
Change in translation reserve 46 23 14 -9 
Taxes related to the above items  -3 0 0 3 
Items that cannot be reposted to net profit for the period:      
Actuarial effects on pensions - - 0 0 
Taxes attributable to actuarial effects - - 0 0 
Total other comprehensive income 43 23 14 -6 
COMPREHENSIVE INCOME FOR THE PERIOD 358 286 1,266 1,194

===== SIDA 11 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 11 
Consolidated Balance Sheet - condensed 
 
MSEK 30 Jun 2026 30 Jun 2025 31 Mar 2026 
ASSETS       
Goodwill 4,453 3,802 4,214 
Other intangible assets 3,068 2,602 2,861 
Property, plant and equipment 1,385 1,283 1,339 
Financial assets 45 33 39 
Inventories  1,906 1,629 1,688 
Trade receivables and contract assets 1,896 1,593 1,799 
Other current receivables 472 397 500 
Cash and bank balances  386 631 331 
TOTAL ASSETS 13,611 11,970 12,771 
 
EQUITY AND LIABILITIES     
Equity 4,724 4,070 4,436 
Non-current interest-bearing liabilities 3,997 3,880 3,873 
Non-interest-bearing liabilities, non-current 1,344 1,177 1,301 
Current interest-bearing liabilities 921 688 671 
Trade payables and contract liabilities 944 763 888 
Other current liabilities 1,681 1,392 1,602 
TOTAL EQUITY AND LIABILITIES 13,611 11,970 12,771 
 
Interest-bearing assets  386 631 331 
Interest-bearing liabilities, excl. pension liabilities 4,863 4,513 4,489 
 
 
 
 
 
Changes in Consolidated Equity - condensed  
MSEK 
3 months  
Apr-Jun 
2026/27 
3 months  
Apr-Jun 
2025/26 
Moving  
12 months,  
Jul-Jun 
2026/27 
Financial 
year 2025/26 
Opening balance  4,436 3,837 4,070 3,837 
Comprehensive income for the period 358 286 1,266 1,194 
     
Transactions with owners     
Dividend  - - -453 -453 
Dividend to minority shareholders in subsidiaries -29 -43 -39 -53 
Redemption and acquisition of options on repurchased shares, net  -40 -9 -41 -10 
Change in value option liability acquisition -1 -1 -79 -79 
Closing balance  4,724 4,070 4,724 4,436

===== SIDA 12 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 12 
Consolidated Statement of Cash Flows - condensed 
 
MSEK 
3 months     
Apr-Jun 
2026/27 
3 months     
Apr-Jun 
2025/26 
Moving 12 
months, Jul-
Jun 2026/27 
Financial 
year 2025/26 
Operating activities      
Profit after financial items 405 343 1,585 1,523 
Adjustment for items not included in the cash flow  128 174 497 543 
Income tax paid  -66 -69 -397 -400 
Cash flow from operating activities before changes in working 
capital 467 448 1,685 1,666 
Cash flow from changes in working capital      
Increase (-)/Decrease (+) in inventories -125 -61 -96 -32 
Increase (-)/Decrease (+) in operating receivables -31 -70 -169 -208 
Increase (+)/Decrease (-) in operating liabilities -32 -29 73 76 
Cash flow from operating activities 279 288 1,493 1,502 
Investing activities      
Net investments in businesses -367 -343 -1,092 -1,068 
Net investments in other non-current assets -49 -46 -241 -238 
Cash flow from investing activities -416 -389 -1,333 -1,306 
Financing activities       
Dividend to the parent company’s shareholders  - - -453 -453 
Dividend to minority shareholders in subsidiaries -28 -42 -39 -53 
Transactions with own shares/options -40 -9 -41 -10 
Change in loan liability   75 401 61 387 
Change in credit facilities   
and other financing activities 183 -77 73 -187 
Cash flow from financing activities 190 273 -399 -316 
CASH FLOW FOR THE PERIOD 53 172 -239 -120 
Cash and cash equivalents at start of period 331 456 631 456 
Exchange difference in cash and cash equivalents  2 3 -6 -5 
Cash and cash equivalents at the end of the period 386 631 386 331

===== SIDA 13 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 13 
Fair value of financial instruments 
For all of the Group’s financial assets, fair value is estimated to equal the carrying amount.  
Liabilities measured at fair value consist of contingent consideration payments and call options on minority interests,  
which are measured using discounted estimated cash flows and are therefore included in level 3 under IFRS 13.  
Carrying amount, MSEK 30 Jun 2026 31 Mar 2026 
Assets measured at fair value  - - 
Assets measured at amortised cost 2,122 2,024 
TOTAL ASSETS, FINANCIAL INSTRUMENTS 2,122 2,024 
Liabilities measured at fair value  383 331 
Liabilities measured at amortised cost 6,297 5,863 
TOTAL LIABILITIES, FINANCIAL INSTRUMENTS  6,680 6,199 
 
 
 
 
Change in liability for contingent considerations MSEK  
3 months      
Apr-Jun 2026/27 
3 months      
Apr-Jun 2025/26 
Financial year 
2025/26 
Opening balance 331 390 390 
The period’s acquisitions 98 13 72 
Settled liabilities during the period -36 - -140 
Remeasurement preliminary purchase price allocation  - 25 42 
Reversed via the income statement -17 -9 -30 
Exchange difference 7 1 -3 
Closing balance 383 420 331 
 
Change in put options, MSEK 
3 months      
Apr-Jun 2026/27 
3 months      
Apr-Jun 2025/26 
Financial year 
2025/26 
Opening balance 591 433 433 
The period’s acquisitions 17 5 131 
Settled liabilities during the period - -38 -54 
Remeasurement preliminary purchase price allocation  - - - 
Remeasurement via equity - 1 79 
Exchange difference 5 -1 2 
Closing balance 613 400 591

===== SIDA 14 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 14 
 
 
 
Parent Company Income Statement - condensed  
 
MSEK 
3 months      
Apr-Jun 
2026/27 
3 months      
Apr-Jun 
2025/26 
Moving  
12 months, 
Jul-Jun 
2026/27 
Financial 
year 2025/26 
Net revenue 26 21 91 86 
Administrative expenses -40 -37 -149 -146 
Other operating income and operating expenses -2 - -2 - 
OPERATING PROFIT -16 -16 -60 -60 
Financial income 404 281 1,262 1,139 
Financial expenses -12 -26 -162 -176 
PROFIT AFTER FINANCIAL ITEMS 376 239 1,040 903 
Change in untaxed reserves - - -56 -56 
Taxes -3 1 -56 -52 
NET PROFIT FOR THE PERIOD 373 240 928 795 
 
 
 
 
Parent Company Balance Sheet - condensed 
 
MSEK 30 Jun 2026 30 Jun 2025 31 Mar 2026 
ASSETS     
Property, plant and equipment 1 2 1 
Financial assets 7,762 7,354 7,491 
Current receivables 1,319 1,153 1,373 
Cash and bank balances  0 - - 
TOTAL ASSETS 9,082 8,509 8,865 
     
EQUITY AND LIABILITIES     
Equity 3,742 3,312 3,410 
Untaxed reserves 410 353 410 
Non-current liabilities  3,081 3,469 2,965 
Current liabilities  1,849 1,375 2,080 
TOTAL EQUITY AND LIABILITIES 9,082 8,509 8,865

===== SIDA 15 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 15 
Key performance indicators 
 
In the table below, certain key performance indicators are 
presented that are not defined according to IFRS, for definition 
see Key performance indicator definitions.  
Moving  
12 months Financial year 
 
Jul-Jun 
2026/27 
 
2025/26 
 
2024/25 
 
2023/24 2022/23 
Revenue 11,043 10,609 9,389 8,129 7,246 
Change in revenue, % 14.9 13.0 15.5 12.2 32.2 
EBITDA 2,351 2,284 1,967 1,704 1,451 
Operating profit (EBITA) 1,988 1,923 1,646 1,431 1,205 
Operating margin (EBITA), % 18.0 18.1 17.5 17.6 16.6 
EBIT 1,754 1,694 1,439 1,256 1,062 
EBIT margin, % 15.9 16.0 15.3 15.5 14.7 
Profit after net financial items 1,585 1,523 1,298 1,116 968 
Profit margin, % 14.4 14.4 13.8 13.7 13.4 
Profit after taxes 1,252 1,200 1,019 877 758 
Equity ratio, % 35 35 34 35 37 
Return on working capital (P/WC), % 75 81 79 77 78 
Return on capital employed, % 19 20 20 20 22 
Return on equity, % 28 29 28 27 29 
Net debt (+)/receivables (-), MSEK  4,532 4,213 3,634 2,956 2,327 
Net debt/equity ratio, times 1.0 0.9 0.9 0.9 0.8 
Operating net debt (+)/receivables (-), MSEK 3,967 3,653 3,033 2,438 1,902 
Operating net debt/equity ratio, times 0.8 0.8 0.8 0.7 0.6 
Interest coverage ratio, times 9 9 9 8 8 
Number of employees at end of period  3,822 3,627 3,124 2,762 2,425 
Revenue outside Sweden, MSEK 7,704 7,346 6,397 5,561 4,830 
 
 
Key performance indicators per share 
 
In the table below, certain key performance indicators are 
presented that are not defined according to IFRS, for definition 
see Key performance indicator definitions.  
Moving  
12 months Financial year 
 
Jul-Jun 
2026/27 
 
2025/26 
 
2024/25 
 
2023/24 2022/23 
Number of shares at end of period after repurchases (’000)  206,191 206,159 206,088 205,955 205,930 
Weighted number of shares after repurchases, (’000) 206,143 206,124 206,052 205,940 204,439 
Weighted number of shares after repurchases & dilution (’000)  206,411 206,537 206,553 206,227 204,718 
Earnings per share before dilution, SEK 6.07 5.82 4.95 4.26 3.71 
Earnings per share after dilution, SEK   6.07 5.81 4.93 4.25 3.70 
Cash flow from operating activities per share 
after dilution, SEK 7.23 7.28 6.39 
 
6.43 5.23 
Equity per share, SEK 22.91 21.52 18.54 16.84 14.61 
Latest price paid per share, SEK 254.80 198.90 206.40 163.80 129.70 
*Lagercrantz does not recognise minority interests due to the existence of call and put options on the minority interests. Fo
 r a description 
of consolidation principles, see page 60 of the 2025/26 Annual Report.

===== SIDA 16 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT  1 APRIL 2026 – 30 JUNE 2026 16 
Key performance indicator 
definitions 
Return on equity1 
Net profit for the year after tax as a percentage of average equity (opening 
plus closing balance for the latest 12-month period, divided by two). 
Return on working capital (P/WC) 1 
Operating profit (EBITA) as a percentage of average working capital, 
(opening balance plus closing balance for the latest 12-month period, 
divided by two), where working capital consists of inventories, trade 
receivables and contract assets less trade payables and contract 
liabilities.  
Return on capital employed1 
Profit after financial items, plus financial expenses as a percentage of 
average capital employed (opening balance plus closing balance for the 
latest 12-month period, divided by two). 
EBITDA1 
Operating profit before depreciation, amortisation and impairment.   
EBIT margin 
Profit before net financial items as a percentage of net revenue.  
Equity per share1  
Equity divided by the number of outstanding shares on the balance sheet 
date. 
Cash flow per share after dilution1 
Cash flow in relation to the weighted number of shares outstanding   
after repurchases and adjusted for dilution. 
Cash flow from operating activities per share1 
Cash flow from operating activities in relation to the weighted number of 
shares outstanding after repurchases and adjusted for dilution. 
Net debt/receivables1 
Interest-bearing provisions and liabilities, including pension liabilities and 
including liabilities related to financial leases according to IFRS 16, less 
cash and cash equivalents and investments in securities. 
Net debt/equity ratio1 
Interest-bearing provisions and liabilities including pension liabilities and 
including IFRS 16, less cash and cash equivalents and investments in 
securities, divided by equity plus non-controlling interests. 
Operating net debt/receivables1 
Interest-bearing provisions and liabilities, excluding pension liabilities and 
excluding liabilities related to financial leases according to IFRS 16, less 
cash and cash equivalents and investments in securities. 
 
Operating net debt/equity ratio1 
Interest-bearing provisions and liabilities, excluding pension liabilities and 
excluding effects of IFRS 16, less cash and cash equivalents and 
investments in securities, divided by equity plus non-controlling interests. 
Change in revenue1 
Change in net revenue as a percentage of the preceding year’s net 
revenue.  
Organic growth1 
Changes in net revenue excluding currency effects, acquisitions and 
disposals compared to the same period of the previous year. 
Earnings per share before dilution 
Net profit for the year attributable to the parent company’s shareholders in 
relation to the weighted number of shares outstanding after repurchases.  
Earnings per share after dilution 
Net profit for the year attributable to the parent company’s shareholders in 
relation to the weighted number of shares outstanding after repurchases 
and dilution.  
Interest coverage ratio1 
Profit after financial items plus financial expenses divided by financial 
expenses.  
Operating profit (EBITA)1 
Operating profit before amortisation of intangible non-current assets 
arising in connection with acquisitions.  
Operating margin1 
Operating profit (EBITA) as a percentage of net revenue.  
Debt equity ratio1 
Interest-bearing liabilities divided by equity, plus non-controlling interests.  
Equity ratio1 
Equity, plus non-controlling interests as a percentage of total assets. The 
equity portion of untaxed reserves is included in the parent company’s 
calculation of the equity ratio.  
Capital employed1 
Total assets, less non-interest-bearing provisions and liabilities.  
Profit margin1 
Profit after financial items, less participations in associated companies as a 
percentage of net revenue. 
1 The key performance indicator is an alternative performance measure 
according to ESMA’s guidelines.

===== SIDA 17 =====

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2026 – 30 JUNE 2026 17 
Reconciliation tables for alternative performance measures   
  
 12 months through 
EBITA and EBITDA 
Group, MSEK 
30 Jun  
2026 
31 Mar   
2026 
31 Mar  
2025 
31 Mar  
2024 
Profit before net financial items according to the quarterly report  1,754 1,694 1,439 1,256 
Amortisation, intangible non-current assets relating to acquisitions  234 229 207 175 
EBITA 1,988 1,923 1,646 1,431 
Depreciation of property, plant and equipment 363 361 321 273 
EBITDA 2,351 2,284 1,967 1,704 
 
Working capital and return on working capital (P/WC)  
Group, MSEK 
30 Jun  
2026 
31 Mar  
2026 
31 Mar  
2025 
31 Mar   
2024 
EBITA (moving 12 months) 1,988 1,923 1,646 1,431 
Inventories, annual average (+) 1,768 1,557 1,398 1,268 
Trade receivables and contract assets, annual average (+)  1,745 1,634 1,421 1,305 
Trade payables and contract liabilities, annual average (-) 854 817 747 711 
Working capital (annual average) 2,659 2,373 2,071 1,862 
Return on working capital (P/WC), (%) 75% 81% 79% 77% 
 
             
 
Acquired and organic net revenue growth 
Group, MSEK, % 
3 months 
Apr-Jun 
2026/27 
3 months 
Jan-Mar 
2025/26 
3 months 
Oct-Dec 
2025/26 
3 months 
Jul-Sep 
2025/26 
3 months 
Apr-Jun 
2025/26 
Acquired net revenue growth 286 12% 291 11% 439 18% 311 14% 232 10% 
Organic net revenue growth 157 6% 141 6% 51 2% 22 1% 58 3% 
Exchange rate effects -9 0% -110 -4% -98 -4% -48 -2% -70 -3% 
Total net revenue growth 434 18% 322 13% 392 16% 285 13% 220 10% 
 
Revenue distribution 
  Electrify Control TecSec Niche Products International  Group total 
Net revenue by product 
type 
3 months  
Apr-Jun 
2026/27 
Financial 
year 
2025/26 
 3 months  
Apr-Jun 
2026/27 
Financial 
year 
2025/26 
 3 months  
Apr-Jun 
2026/27 
Financial 
year 
2025/26 
3 months  
Apr-Jun 
2026/27 
Financial 
year 
2025/26 
 3 months  
Apr-Jun 
2026/27 
Financial 
year 
2025/26 
3 months  
Apr-Jun 
2026/27 
 Financial 
year 
2025/26 
Total net revenue  763 2,633 364 1,340 670 2,316 659 2,390 451 1,931 2,907 10,609 
Of which, share                        
Proprietary products 79% 78% 71% 69% 79% 77% 93% 93% 75% 75% 80% 80% 
Trading 3% 4% 25% 28% 4% 5% 6% 5% 25% 24% 10% 11% 
Niche production 18% 17% 3% 2% - - - 1%  - 5% 5% 
System integration - - - - 12% 14% - -  - 3% 3% 
Other net revenue - 1% 1% 1% 5% 4% 1% 1% - 1% 2% 1% 
  100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 
             
 
 
This information is such information that Lagercrantz Group AB (publ) is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was originally submitted for publication at 07:40 CET on 17 July 2026. 
Reporting dates: 
25 August 2026 Annual General Meeting for the 2025/26 financial year 
23 October 2026 Interim Report Q2 1 April – 30 September 2026 
3 February 2027 Interim Report Q3 1 April – 31 December 2026 
20 May 2027 Year-end Report 1 April 2026 – 31 March 2027 
 
For further information please contact: 
Jörgen Wigh, President and CEO, phone +46 8 700 66 70 
Karin Mellegård Djärf, CFO, phone +46 70 290 01 94 
Lagercrantz Group AB (publ) 
Box 3508, 103 69 Stockholm 
Phone +46 8 700 66 70  
Corporate identity number 556282-4556 
www.lagercrantz.com