Slide 1: Lassila & Tikanoja Interim Report Q3 2025
LASSILA & TIKANOJA INTERIM REPORT Q3 2025 Eero Hautaniemi, President & CEO Joni Sorsanen, CFO 29 October 2025
Slide 2: In Focus 1-9/2025
IN FOCUS 1-9/2025 Profitability in Facility Services improved Solid performance in Circular Economy Net sales grew by significantly, FS continued 3.8% in Q3 Sweden returned to black in Q3 © Lassila & Tikanoja plc | Q3/2025 29 October 2025
Slide 3: Net Sales
NET SALES -0.9% (Organic growth -1.6%) 576.5 -3.1 -9.0 6.5 0.4 571.4 Group Circular Economy Facility Services Facility Services Other Group 1-9/2024 Business Finland Sweden* 1-9/2025 MEUR Q3/25 Q3/24 Change% 1-9/25 1-9/24 Change% 2024 Circular Economy Business 116.1 110.4 5.1 315.5 318.6 -1.0 424.0
Slide 4: Adjusted Operating Profit
ADJUSTED OPERATING PROFIT +15.5% 3,1 -0.5 4.3 -1.8 32.7 37.7 Adjusted operating Circular Economy Facility Services Facility Services Adjusted operating Other profit 1-9/2024 Business Finland Sweden profit 1-9/2025 MEUR Q3/25 Q3/24 Change% 1-9/25 1-9/24 Change% 2024 Circular Economy Business 15.1 16.
Slide 5: Solid performance in Circular Economy businesses, performance in Facility Services improving
SOLID PERFORMANCE IN CIRCULAR ECONOMY BUSINESSES, PERFORMANCE IN FACILITY SERVICES IMPROVING Net sales 2020-25 (m€, LTM) Adj. EBITDA 2020-25 (m€, LTM) Adj. EBIT 2020-2025 (m€, LTM) Capital empl. 2020-25 (m€) 20,2 % 20,0 % 19,7 % 20,0 % 20,3 % 20,3 % 419 422 424 421 371 CIRCULAR 341 300 300 317 84 86
Slide 6: Circular Economy Business
-1.0% 318.6 315.5 14,1% 13,8% 13,8% 13,5% 13,5% 13,1% 13,0% CIRCULAR ECONOMY 10.3% 9.9% BUSINESS 1-9/24 1-9/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Net sales Return on capital employed (ROCE), % • Solid performance continued Adjusted operating margin, % • Relative profitability remained stable
Slide 7: Facility Services Finland
-5.0% 179,2 170,2 78.1% 74.8% 67.8% 51.4% 33.8% 29.2% FACILITY SERVICES 6.5% 18.6% 3.8% FINLAND 1-9/24 1-9/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Net sales Return on capital employed (ROCE), % • Revenue decreased due to a mild winter and Adjusted operating margin, % planned optimization of con
Slide 8: Facility Services Sweden
8.0% 87.3 80.9 -8.2% -9.2% -11.7% -77.9% -78.1% -75.3% -70.8% FACILITY SERVICES -7.5% -3.4% SWEDEN 1-9/24 1-9/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Net sales Return on capital employed (ROCE), % • Turnaround progressed in line with expectations Adjusted operating margin, % • Net sales increas
Slide 9: Profitability Improvement Programme Progressing / Case Fixed Costs
PROFITABILITY IMPROVEMENT PROGRAMME PROGRESSING / CASE FIXED COSTS Comments Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2024 2024 2024 2025 2025 2025 ▪ Adjusted for externally reported IAC, L&T’s 0,0 0,0 % fixed cost base has decreased by EUR ~5m between year-ends 2023 and 2024 -20,0 ▪ During Jan-Sep 2025, ad
Slide 10: Sustainability Score Card 2025
SUSTAINABILITY SCORE CARD 2025 • Occupational safety reached an all-time best level. • The carbon footprint of own operations (Scope 1 and 2) decreased by 19% compared to 1-9/2024. • In spring, customer satisfaction (NPS) reached an all-time high of 41. Target Target Target L&T 2020 2021 2022 2023 2
Slide 11: Lassila & Tikanoja Demerger Is Expected on 31 December 2025
LASSILA & TIKANOJA DEMERGER IS EXPECTED ON 31 DECEMBER 2025 POST TRANSACTION LASSILA & TIKANOJA AND LUOTEA WOULD BE SEPARATE STANDALONE BUSINESSES Planned new L&T listing on Nasdaq Helsinki on 31 Lassila & Tikanoja shareholders Listing and December 2025 ownership Current L&T shareholders will have a
Slide 12: Preliminary Timeline for the Demerger and Listing of Lassila & Tikanoja
PRELIMINARY TIMELINE FOR THE DEMERGER AND LISTING OF LASSILA & TIKANOJA 7 Aug 2025 29 Oct 2025 20 Nov 2025 26 Nov 2025 4 Dec 2025 31 Dec 2025 2 Jan 2026 Publication of the Lassila & Tikanoja Listing Capital Markets Lassila & Tikanoja Completion First day of demerger plan Q3 2025 prospectus Day for L
Slide 13: Jan-Sep 2025 Financial Highlights
JAN-SEP 2025 FINANCIAL HIGHLIGHTS EPS grew to EUR Solid financial Successful written 0.63 (0.51), driven position and procedure for by improved decrease in net outstanding EUR operative debt 75m notes profitability © Lassila & Tikanoja plc | Q3/2025 29 October 2025
Slide 14: Net Working Capital
NET WORKING CAPITAL Net working capital by quarter 2023-2025 (EUR million) Comments 0 ▪ NWC at the end of Q3 amounted to EUR -15.4m (-29.7m), change of -10 -15 EUR +14.3m year-on-year, and -28 -30 -29 change of EUR +31.1m (+17.9m) -39 -34 compared to year-end -20 -42 -49 -48 -47 -45 ▪ NWC was tied u
Slide 15: Capital Expenditure
CAPITAL EXPENDITURE Capital expenditure 2024-2025 (year-to-date, EUR million) Comments 50 ▪ Capital expenditure in Jan-Sep 2025 45 was EUR 26.1m (29.7) showing a decrease of EUR 3.6 million or 12.2% 40 2 ▪ The acquisition of Stena Recycling 35 Oy’s pallet business was completed 30 2 in June 2025 25
Slide 16: Cash Flow
CASH FLOW Cash flow from operations and investments 2023-2025 (LTM, EUR m) Comments 120 ▪ Free cash flow in Jan-Sep 2025 100 was EUR 11.4m (12.2m) ▪ Operating cash flow in Jan- 80 68 Sep was EUR 32.1m (44.1m) 66 65 60 57 ▪ Cash flow from inv. in Jan-Sep 51 94 47 40 85 88 91 74 79 81 41 90 79 40 was
Slide 17: Financial Position
FINANCIAL POSITION • Strong financial position at the end of Q3 2025. Gearing 78.9% (77.3%) • Net interest-bearing debt at EUR 170.2m (178.8m), decrease of EUR 8.5m year-on-year Equity ratio and Gearing by quarter 2023-2025 Net debt specification by quarter 2023-2025 MEUR 140% 250 225 120% 20 200 48
Slide 18: Maturity Structure and Refinancing
MATURITY STRUCTURE AND REFINANCING Maturity structure of interest-bearing liabilities as per 30 Sep 2025 (EUR m) Comments 300 ▪ Interest-bearing liabilities excluding IFRS 16 at EUR 140.2m 250 ▪ Commercial paper EUR 10m due in 2025 ▪ Bond EUR 75m due in 2028 Assuming that two-year 200 extension opti
Slide 19: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED ROCE-% development by quarter 2023-2025 (LTM) Comments 20% 2,2x ▪ Return on capital employed in 18% 2,1x Q3/2025 was 4.4% (9.0%) 16% 1,98x 2,0x burdened by one-off items 1,92x 1,91x 14% 1,88x 1,86x 1,89x 1,85x 1,88x 1,9x ▪ Adjusted ROCE excluding IAC for 1,83x 1,80x 1,78x
Slide 20: Earnings Per Share and Cash Flow Per Share
EARNINGS PER SHARE AND CASH FLOW PER SHARE EPS and cash flow per share 2024-2025 (YTD, EUR) Comments 1,2 1,07 ▪ Earnings per share in January- 1,0 September 2025 was EUR 0.63 (0.51) supported by improved 0,78 0,8 profitability year-on-year 0,63 0,6 0,51 ▪ EPS growth 23% y-o-y ▪ Net operating cash fl
Slide 21: Outlook for 2025
OUTLOOK FOR 2025 Net sales in 2025 are estimated to be at the same level as in the previous year, and adjusted operating profit is estimated to be EUR 44 – 48 million. Q4/2020 & FY 2020 29 October 2025
Slide 22: Contacts
CONTACTS Eero Hautaniemi, CEO +358 10 636 2810 eero.hautaniemi@lassila-tikanoja.fi Joni Sorsanen, CFO +358 50 443 3045 joni.sorsanen@lassila-tikanoja.fi © Lassila & Tikanoja plc | Q3/2025 29 October 2025
Slide 23: Appendix
APPENDIX
Slide 24: Shareholder Structure
SHAREHOLDER STRUCTURE Number of shareholders Shareholder structure 25 255 24 557 24 959 24 522 24 317 24 406 23 088 Others 33% 20 732 Households 43% 15 524 13 207 12 208 10 812 Foreign and nominee registered Financial and 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1/25 Q2/25 Q3/25 15% insurance c
Slide 25: Major Shareholders on 30 September 2025
MAJOR SHAREHOLDERS ON 30 SEPTEMBER 2025 Shareholder Shares % Evald and Hilda Nissi’s Foundation 3,496,487 9.01 Nordea Nordic Small Cap Fund 1,834,300 4.73 Maijala Juhani 1,529,994 3.94 Bergholm Heikki 895,057 2.31 Åbo Akademi University Foundation 816,282 2.10 Ilmarinen Mutual Pension Insurance Comp
Slide 26: Key Figures
KEY FIGURES NET SALES Q3/2025 Q3/25 Q3/24 Change% 1-9/25 1-9/24 Change% 2024 Net sales, 199.5 192.3 3.8 571.4 576.5 -0.9 770.7 13 % MEUR EBITDA, 33.0 32.7 0.8 77.4 69.9 10.8 89.0 MEUR Operating 18.2 18.9 -3.9 34.9 28.2 23.6 9.8 196.3 57 % profit, MEUR MEUR Operating 9.1 9.8 6.1 4.9 1.3 30 % margin,
Slide 27: © Lassila & Tikanoja plc | Q3/2025 29 October 2025
© Lassila & Tikanoja plc | Q3/2025 29 October 2025
Slide 28: © Lassila & Tikanoja plc | Q3/2025 29 October 2025
© Lassila & Tikanoja plc | Q3/2025 29 October 2025
Slide 29: Circular Economy - Made Real
CIRCULAR ECONOMY - MADE REAL _