FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2026
===== 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
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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
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14 000
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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