Lassila & Tikanoja Plc · OMXHEX:LASTIK
Lassila & Tikanoja — H1 2026 Earnings Presentation
32 slides from Lassila & Tikanoja's earnings presentation, Aug 6, 2026
Slide 1: Half-Year Financial Report January-June 2026
Lassila & Tikanoja Half -Year Financial Report January -June 2026 Eero Hautaniemi, President & CEO Joni Sorsanen, CFO 6 August 2026
Slide 2: Today's presenters
Today’s presenters Hautaniemi Sorsanen Eero Joni CEO CFO © Lassila & Tikanoja 6.8.2026 2
Slide 3: Contents
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 6.8.2026 3
Slide 4: Contents
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 6.8.2026 4
Slide 5: Key financial highlights of H1 2026
Key financial highlights of H1 2026 Net sales grew, profitability affected by market environment in waste management 1 2 3 Adj. EBITDA Net sales grew by EUR 32.8m Free cash flow in line 5.9% to EUR 211.1m, (36.9m) with previous year on growth in all service Adj. EBITA a comparable basis areas EUR 10
Slide 6: Key operational highlights of H1 2026
Key operational highlights of H1 2026 1 2 3 Strong growth in Corrective measures Hazardous Waste to improve Strategy execution performance in and Remediation progressing as Waste Management service area, 33.2% planned on - going and increase year - on - expected to yield year results in H2 2026 © La
Slide 7: Net sales development 2025-2026
Net sales development 2025 –2026 Net Sales 2025 –2026 by Quarter Commentary EURm ● Net sales for H1 2026 amounted to EUR 211.1m (199.4), growth of 5 .9% year - on- year – Organic growth was 2.8% ● Net sales for Q2 2026 amounted to EUR 116.2m (109.9), growth of 5.7% 109,9 116,1 111,2 116,2 year - on-
Slide 8: Net sales development by Service Area 2025-2026
Net sales development by Service Area 2025 –2026 Net Sales 2025 –2026 by Service Area Commentary EURm 211,1 ● Net sales in the Waste Management and 116,2 199,4 Recycling increased by 1.0% and amounted to 109,9 39,9 EUR 135.7m (134.3). 23,9 24,5 38,5 – Net sales supported by growth in the pallet busi
Slide 9: Adjusted EBITA development 2025-2026
Adjusted EBITA development 2025 –2026 Adjusted EBITA 2025 –2026 by Quarter Commentary EURm and as % of net sales, carve out figures 20 15% 13,5 % ● Adjusted EBITA for H1 2026 was EUR 10.1m 18 12,1 % (15.9), or 4.8% (8.0) of net sales 16 10% ● Jan - Jun 2026 profitability was affected by: 8,4 % 14 8,
Slide 10: Contents
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 6.8.2026 10
Slide 11: Finland: macroeconomic situation
Finland: macroeconomic situation Recovery gaining traction despite continued uncertainty ▪ Economic activity continued to recover during H1 2026 following a return to growth in late 2025 ▪ Finnish GDP is forecast to grow by approximately 1% in 2026, with a stronger recovery expected from 2027 onward
Slide 12: Positive signs of recovery in Finnish retail volumes likely to support future waste volume development
Positive signs of recovery in Finnish retail volumes likely to support future waste volume development Finnish Retail industry Municipal Solid Waste (MSW) in Finland 1,000 tonnes Finnish Retail Industry, 2015 = 100, rolling 3 - month average 4 000 Retail revenue 3 500 Retail volume 3 000 COVID shift
Slide 13: Sharp increase in fuel price since March 2026 due to the Middle East crisis
Sharp increase in fuel price since March 2026 due to the Middle East crisis – similar trend to early 2022 Average price development for diesel in Finland in 2021 - 26 (EUR per litre , with taxes) Diesel price in Q2 2026 ~35% higher 3,00 year - on- year ➔ L&T has implemented several price 2,50 increa
Slide 14: Price development of selected recycled material indexes
Dec-22 (€/t) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Recycled plastic films Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Dec-22 (€/t) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 OCC / brown cardboard Sep-25 Dec-25 Mar-26 Jun-26 Dec-22 (€/t) Mar-23 Jun-23 Sep-23
Slide 15: Key developments in the regulatory environment
Key developments in the regulatory environment Fair competition Measures to promote ETS review promotes recycling circular economy • Finnish government published its proposal • Finnish government has published several • EU commission proposal integrates CE for necessary reforms to the Waste Act to i
Slide 16: Contents
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 6.8.2026 16
Slide 17: Growth strategy execution progressing as planned
Growth strategy execution progressing as planned 1 2 3 Strengthen position in Geographical expansion in Waste - to - value and current service markets Sweden remediation growth New significant customer wins Expansion of Finnish - origin Kerava Organic from H2 onwards blast cleaning and higher recycl
Slide 18: Fixed costs development 2024-26 (adjusted for IAC)
Fixed costs development 2024 -26 (adjusted for IAC) Adjusted Fixed Costs 2024 –2026 by Quarter (LTM) Commentary EURm and as % of net sales, carve out figures for 2024 - 25 Fixed costs as % of net sales 30% ● L&T’s LTM adjusted fixed cost base has 140 broadly stable in 25% remained largely unchanged
Slide 19: Transformation program in Waste Management
Transformation program in Waste Management KEY COMPONENTS OF THE PROGRAM 1 2 3 4 Commercial Operational Performance Lean and Agile Excellence Efficiency Management Organisation ▪ More focused and ▪ Route optimization ▪ Stronger performance ▪ Flatter organisational efficient sales ▪ Improved fleet ma
Slide 20: Contents
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 6.8.2026 20
Slide 21: Sustainability scorecard
Sustainability scorecard Commentary Key sustainability highlights in H1 2026 ● Positive safety development in H1, TRIF decreased to 18 (24) ● Direct emissions continued to decrease year - on- year ● Carbon handprint negatively impacted by continued decline in the volume of Carbon footprint Carbon ha
Slide 22: Contents
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 6.8.2026 22
Slide 23: Highlights
Highlights 1 2 3 4 Net sales growth Strong balance Adjusted for Share of continued, sheet maintained comparability, free profit from profitability despite seasonal cash flow in line Laania in line impacted by Waste increase in net with comparison with previous Management year debt period headwinds ©
Slide 24: Net working capital development 2025-2026
Net working capital development 2025 –2026 NWC 2025 – 2026 by quarter Commentary EURm, carve out figures for Q1/25 – Q3/25 ● NWC at the end of Q2 2026 amounted -6 to EUR - 13.2m ( - 15.4m), change of EUR - 13 +2.2m year - on- year - 15 - 21 ● NWC was tied up by EUR 16.6m (13.1m) - 25 in January - Ju
Slide 25: CapEx development 2025-2026
CapEx development 2025 –2026 CapEx 2025 – 2026 Commentary EURm, carve - out figures for 2025 41,7 ● In H1 2026, capital expenditure amounted to EUR 10.7m (19.2m), organic CapEx somewhat below previous year 12,5 ● CapEx in H1 consisted primarily of investments in machinery and equipment ● In H1 2026,
Slide 26: Cash flow development 2025-2026
Cash flow development 2025 –2026 Free cash flow bridge LTM Q2 2026 Commentary EURm Y - on - Y ● In H1 2026, net cash flow after investments EUR - 2.7m (5.4) , weakened 6,3 by partial demerger related one - off 1,8 7,6 payments to Luotea Plc, totaling EUR 9,2 5.9m 22,0 ● Taking into account these one
Slide 27: Financial position as per 30 June 2026
Financial position as per 30 June 2026 Balance sheet KPIs as per 30 June 2026 Commentary ● Net debt / Adjusted EBITDA ratio at 2.1x at the end of June 2026 - Net debt amounted to EUR 171.1m - Adjusted EBITDA on a rolling 12 - month basis was EUR 80.2m Net debt / Net interest - Equity Gearing Adjuste
Slide 28: Maturity structure of interest-bearing debt
Maturity structure of interest -bearing debt Maturity structure as per 30 June 2026 Commentary EURm ● Interest - bearing liabilities excluding IFRS 16 at EUR 125.1m Assuming that two - year - Bond EUR 75m due in 2028 extension option utilised for EUR 50m bank loan 18 - Bank loan EUR 50m due in 2030
Slide 29: Key performance indicators for H1 2026
Key performance indicators for H1 2026 Commentary ● Reported ROCE for Q2 2026 was 8.4%, KPIs for January - June 2026 impacted by IAC and carve - out principles - Indicative ROCE adjusted for IAC and carve - out principles ~10% ● Reported ROE for Q2 2026 was 9.1%, impacted by IAC and carve - out prin
Slide 30: Contents
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 6.8.2026 30
Slide 31: Outlook for 2026 (revised on 14 July 2026)
“In 2026, net sales are estimated to be EUR 420 – 450 million and adjusted EBITA EUR 33 –38 million. In 2025, the company’s net sales amounted to EUR 426.6 million and adjusted EBITA was EUR 40.6 million (on a carve - out basis).” Outlook for 2026 ( revised on 14 July 2026) © Lassila & Tikanoja 6.8.
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