Q4 2025
Full year report
January-December 2025
Q4 2025
Strengthened profitability for Ventilation Systems
The Group's adjusted operating margin increased to 6.5 percent during the quarter. The largest business area Ventilation Systems achieved organic growth and increased adjusted operating profit despite currency effects. Business area Profile Systems was affected by low volumes in the project business.
Key performance indicators | 2025 Oct-Dec | 2024 Oct-Dec | Change, % | 2025 Jan-Dec | 2024 Jan-Dec | Change, % |
Net sales, SEK m | 3,134 | 3,308 | -5 | 12,854 | 13,323 | -4 |
Adjusted1) operating profit, SEK m | 203 | 177 | 15 | 1,027 | 1,044 | -2 |
Operating profit, SEK m | 97 | -101 | 196 | 1,097 | 736 | 49 |
Adjusted1) operating margin, % | 6.5 | 5.4 | - | 8.0 | 7.8 | - |
Operating margin, % | 3.1 | -3.1 | - | 8.5 | 5.5 | - |
Cash flow from operating activities, SEK m | 521 | 629 | -17 | 1,347 | 1,438 | -6 |
During the quarter October-December 2025, one-off items and restructuring costs amounted to SEK -106 m (-278). For the period January-December, one-off items and restructuring costs corresponded to SEK 70 m (-308) was reported. See reconciliations on page 22.
Fourth quarter 2025Net sales amounted to SEK 3,134 m (3,308), a decrease by 5 percent. Organic sales growth was -3 percent while net effect of acquisitions and divestments contributed positively by 2 percent. Currency effects amounted to -4 percent.
Adjusted operating profit increased to SEK 203 m (177).
One-off items and restructuring costs amounted to SEK
-106 m (-278). These items did not primarily affect cash flow.
Operating profit increased to SEK 97 m (-101).
Adjusted operating margin increased to 6.5 percent (5.4).
Operating margin increased to 3.1 percent (-3.1).
Profit for the period increased to SEK 41 m (-173).
Earnings per share before and after dilution increased to
SEK 0.52 (-2.24).
Cash flow from operating activities amounted to SEK 521 m (629).
As part of the previously communicated restructuring within the Profile Systems business area in Eastern Europe, the divestment of the Hungarian profile products operations was completed in December. In addition, prior to the
year-end, Lindab Group signed an agreement to divest its operations in Romania. The transaction is expected to be completed during the first quarter of 2026.
January-December 2025Net sales amounted to SEK 12,854 m (13,323), a decrease by 4 percent. Organic sales growth was -4 percent while the net effect of acquisitions and divestments contributed positively by 3 percent. Currency effects amounted to
-3 percent.
Adjusted operating profit amounted to SEK 1,027 m (1,044).
One-off items and restructuring costs amounted to SEK 70 m (-308). These items did not primarily affect cash flow.
Operating profit increased to SEK 1,097 m (736).
Adjusted operating margin increased to 8.0 percent (7.8).
Operating margin increased to 8.5 percent (5.5).
Profit for the period increased to SEK 760 m (315).
Earnings per share before and after dilution increased to
SEK 9.86 (4.10).
Cash flow from operating activities amounted to SEK 1,347 m (1,438).
The Board of Directors proposes a dividend of SEK 5.60 (5.40) per share.
2 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
A word from the CEO
Lindab Group improved the result during the fourth quarter, and business area Ventilation Systems reached organic growth despite
a challenging market situation. Continued efficiency measures contributed to improving profitability.
Ventilation Systems showed organic growth and strengthened profitabilityBusiness area Ventilation Systems comprised 80 percent of total Group sales during the quarter. After a longer period of weak market conditions, the business area managed to reach organic growth - a sign of strength. Ventilation Systems' result for the quarter was improved considerably, despite negative currency effects, and the adjusted operating margin increased to 8.5 percent compared to 7.0 percent the previous year. Our efficiency measures have delivered the intended effect, and we are now implementing additional structural measures to increase synergies within the Group and strengthen profitability. Among other things, the already ongoing optimisation of the branch network is continuing.
On the European ventilation market, we can see some stabilisation. In countries like the UK, Italy, France, Poland and Ireland, Ventilation Systems has had a solid performance for most of 2025. Even in Sweden - which has experienced a weak construction market over the past three years - we saw a stabilisation in the market and gradually increasing demand during the fourth quarter. Germany is, however, still impacted by a challenging market situation with low volumes.
Ventilation Systems' result for the quarter was considerably improved despite negative currency effects and the adjusted operating margin increased to 8.5 percent compared to7.0 percent the previous year. Our efficiency measures have delivered the intended effect.
Continued challenges for Profile SystemsProfitability challenges remain for Profile Systems, which accounted for 20 percent of Group sales during the quarter. Sales decreased on the two most important markets Sweden and Denmark. However, sales increased In Norway and also through the builders' merchant channel in Sweden. An important milestone in our transformation of the business area is that the exit from Eastern Europe is soon to be completed.
The sharp decline in volumes has pushed the profitability of Profile Systems to an unsatisfactory level, even in our home markets in Scandinavia. To increase volumes, we will strengthen our sales efforts and are also planning initiatives and efficiency measures that will make Profile Systems more profitable and stable going forward.
Somewhat brighter market outlook - but with uncertainties Available forecasts are indicating that the market for ventilation in Europe will grow slightly during 2026, however from low levels and with Germany as a question mark. A delay of the recovery cannot be ruled out due to geopolitical instability.
We are therefore focusing on the actions within our own control to influence profitability, for example by realising synergies in procurement, sales and production. The investments made
in automated production will strengthen margins as volumes increase. For Profile Systems, we expect 2026 to bring stabilisation during the first half of the year, with prospects for some growth in the second half.
The leading ventilation group in EuropeThe ambition for Lindab Group is to become the leading ventilation group in Europe by 2030 in terms of sales, profitability and sustainability. I am convinced that we have good prospects of success. By focusing on the ventilation business, creating innovative digital customer experiences, and reducing our customers' climate impact we continue to strengthen our position. Strategic and complementary acquisitions will remain an important part of our development going forward.
Lindab Group has strong prospects of benefitting from a growing demand for energy-efficient ventilation, contributing to sustainable buildings and a healthy indoor climate. With a strong product portfolio, well-invested production facilities and a highly competent sales force we stand well positioned to meet increased demand.
Grevie, 12 February 2026
Ola Ringdahl President and CEO
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 3
Q4 2025
Sales and profit
2025 | 2024 | Change, | 2025 | 2024 | Change, | |
Key performance indicators | Oct-Dec | Oct-Dec | % | Jan-Dec | Jan-Dec | % |
Net sales, SEK m | 3,134 | 3,308 -5 | 12,854 | 13,323 -4 |
Adjusted1) operating profit, SEK m | 203 | 177 15 | 1,027 | 1,044 -2 |
Operating profit, SEK m | 97 | -101 196 | 1,097 | 736 49 |
Adjusted1) operating margin, % | 6.5 | 5.4 - | 8.0 | 7.8 - |
Operating margin, % | 3.1 | -3.1 - | 8.5 | 5.5 - |
Profit for the period, SEK m | 41 | -173 124 | 760 | 315 141 |
Earnings per share before and after dilution, SEK | 0.52 | -2.24 124 | 9.86 | 4.10 141 |
Cash flow from operating activities, SEK m | 521 | 629 -17 | 1,347 | 1,438 -6 |
Number of employees at the end of the period | 4,958 | 5,123 -3 | 4,958 | 5,123 -3 |
1) During the quarter October-December 2025, one-off items and restructuring costs amounted to SEK -106 m (-278). For the period January-December, one-off items and restructuring costs corresponded to SEK 70 m (-308) was reported. See reconciliations on page 22.
Sales and marketThe Group's net sales amounted to SEK 3,134 m (3,308) for the quarter, representing a decline of 5 percent. Sales growth in comparable units was -3 percent, and currency effects impacted sales by -4 percent. The net effect of acquisitions and divestments contributed positively by 2 percent.
Construction activity in the European markets where Lindab Group operates remained relatively stable during the fourth quarter, however still on a low level, particularly within new residential construction and commercial real estate.
For January-December, the Group's net sales amounted to SEK 12,854 m (13,323), a decrease of 4 percent. Organic growth was -4 percent, while currency effects amounted to -3 percent. The effects of acquisitions and divestments contributed positively by 3 percent.
ProfitThe adjusted operating profit for the quarter amounted to
SEK 203 m (177), corresponding to an adjusted operating margin of 6.5 percent (5.4). Operating profit has been adjusted for non recurring items and restructuring costs of SEK -106 m (-278), primarily related to structural measures aimed at aligning the Group's fixed cost base with current market conditions by optimising the branch network in the major European ventilation markets. The result for October-December amounted to
SEK 41 m (-173).
Adjusted operating profit for January-December amounted
to SEK 1,027 m (1,044), with an adjusted operating margin of
8.0 percent (7.8). Operating profit includes net non recurring items and restructuring costs of SEK 70 m (-308), of which SEK 291 m relates to the reduction of the contingent consideration for Airmaster (see page 22). The result for the full year amounted to SEK 760 m (315). Earnings per share before and after dilution amounted to SEK 9.86 (4.10).
Net sales, SEK m
Quarter R 12M
Breakdown of net sales, last 12 months
Adjusted operating profit, SEK m
Quarter R 12M
4,000
3,000
2,000
1,000
15,000
12,000
9,000
6,000
3,000
4%
45%
10%
41%
500
400
300
200
100
1,500
1,250
1,000
750
500
250
0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0
Nordic region
0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0
2023
2024 2025
Quarter R 12MWestern Europe Central Europe Other markets
2023
2024 2025
Quarter R 12M4 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Segment - Ventilation Systems
2025 | 2024 | Change, | 2025 | 2024 | Change, | |
Key performance indicators | Oct-Dec | Oct-Dec | % | Jan-Dec | Jan-Dec | % |
Net sales, SEK m | 2,493 | 2,508 -1 | 10,205 | 10,207 0 |
Net sales growth, % | -1 | 4 - | 0 | 5 - |
Share of the Group's net sales, % | 80 | 76 - | 79 | 77 - |
Adjusted1) operating profit, SEK m | 211 | 175 21 | 969 | 932 4 |
Adjusted1) operating margin, % | 8.5 | 7.0 - | 9.5 | 9.1 - |
Number of employees at the end of the period | 4,198 | 4,232 -1 | 4,198 | 4,232 -1 |
1) During the quarter October-December 2025, one-off items and restructuring costs amounted to SEK -96 m (154). For the period January-December, one-off items and restructuring costs corresponded to SEK 98 m (124) was reported. See reconciliations on page 22.
Sales and marketNet sales for Ventilation Systems for the fourth quarter amounted to SEK 2,493 m (2,508), a decrease of 1 percent compared with the same quarter last year. Organic sales growth was positive at 1 percent, acquisitions contributed positively with
3 percent, while currency effects amounted to -5 percent.
Ventilation Systems reported growth in comparable units during the fourth quarter for the first time since 2022. The increase in sales can primarily be attributed to the Nordic markets, with Sweden showing the most significant improvement.
Western Europe, the Group's largest region in terms of sales, recorded a slightly lower level in comparable units, although several markets-including France, Ireland and Italy-reported positive organic growth. Germany continued to show negative development. Central Europe also recorded positive development during the quarter, with the Czech Republic and Hungary reporting organic growth.
For January-December, net sales amounted to SEK 10,205 m (10,207). Organic growth amounted to -2 percent, currency effects to -3 percent, and the impact of acquisitions and divestments contributed positively with 5 percent.
ProfitThe adjusted operating profit for the quarter increased to SEK 211 m (175), corresponding to an adjusted operating margin of
8.5 percent (7.0). The improvement was driven by a strengthened gross margin and lower cost levels following the structural measures initiated during the fourth quarter of 2024. These measures have gradually taken effect throughout 2025, contributing to a more cost efficient organisation. The acquisitions completed at the end of 2024 and during 2025 have been successfully integrated and developed according to plan, generating a positive contribution to earnings and margin.
One-off items and restructuring costs for the quarter amounted to SEK -96 m (154). The measures within Ventilation Systems aim to adjust the fixed cost base to prevailing market conditions, primarily through optimisation of the branch network across the Group's European markets. These actions are expected to generate a full year savings effect of SEK 40 m from the beginning of 2027.
The adjusted operating profit for January-December amounted to SEK 969 m (932). Operating profit includes net one-off items and restructuring effects of SEK 98 m (124), of which SEK 291 m relates to the reduction of the contingent consideration for Airmaster (see page 22). The adjusted operating margin increased to 9.5 percent (9.1).
Net sales, SEK m
Quarter R 12M
Breakdown of net sales, last 12 months
Adjusted operating profit, SEK m
Quarter R 12M
3,000
2,000
1,000
12,000
9,000
6,000
3,000
5%
55%
10%
30%
300
250
200
150
100
50
1,200
1,000
800
600
400
200
0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0
Nordic region
0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0
2023
2024 2025
Quarter R 12MWestern Europe Central Europe Other markets
2023
2024 2025
Quarter R 12MLINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 5
Q4 2025
Segment - Profile Systems
2025
2024
Change,
2025
2024
Change,
Key performance indicators
Oct-Dec
Oct-Dec
% Jan-Dec
Jan-Dec %
Net sales, SEK m | 641 | 800 -20 | 2,649 | 3,116 -15 |
Net sales growth, % | -20 | -8 - | -15 | -9 - |
Share of the Group's net sales, % | 20 | 24 - | 21 | 23 - |
Adjusted1) operating profit, SEK m | 10 | 26 -62 | 108 | 169 -36 |
Adjusted1) operating margin, % | 1.6 | 3.3 - | 4.1 | 5.4 - |
Number of employees at the end of the period | 670 | 825 -19 | 670 | 825 -19 |
1) During the quarter October-December 2025, one-off items and restructuring costs amounted to SEK - m (-427). For the period January-December, one-off items and restructuring costs corresponded to SEK -18 m (-427) was reported. See reconciliations on page 22.
Sales and marketNet sales for Profile Systems amounted to SEK 641 m (800) for the quarter, a decrease of 20 percent. Organic sales growth was -15 percent, currency effects -2 percent, and the impact of divestments -3 percent.
The Nordic market, which represents the largest share of the business area's sales, continues to be characterised by low construction activity. The development is particularly evident in new residential construction and commercial buildings, where the recovery in Sweden is progressing more slowly than previously expected, especially for large commercial projects. Internal factors, including the relocation of sandwich panel production from Luleå to Piteå, also continued to affect both sales and operating profit negatively. In the Swedish market, Lindab Group has prioritised maintaining a stable gross margin, which in the short term has negatively affected sales and capacity utilisation.
For the period January-December, net sales amounted to SEK 2,649 m (3,116). Organic growth totalled -11 percent, currency effects -2 percent, and divestments impacted negatively with
-2 percent.
ProfitOperating profit for the quarter amounted to SEK 10 m (26), corresponding to an operating margin of 1.6 percent (3.3). The decrease is attributable to lower sales volumes and continued low-capacity utilisation, although the structural measures implemented have helped to maintain cost control. No one-off items were reported in the fourth quarter.
The adjusted operating profit for January-December amounted to SEK 108 m (169). One-off items of SEK -18 m (-427) were reported during the period. These items, which had no impact on cash flow, were related to the impairment of tangible fixed assets. The adjusted operating margin amounted to 4.1 percent (5.4).
ActivitiesDuring the quarter, Lindab Group entered into an agreement to divest its operations in Romania. The divestment forms part of the previously communicated restructuring within Profile Systems in Eastern Europe and is expected to be completed during the first quarter of 2026. The transaction is expected to have a margin enhancing effect for the business area.
In Hungary, the divestment of the profile operations was also completed during the quarter. The transaction had a positive effect on cash flow, while the earnings impact was neutral.
Net sales, SEK m
Quarter R 12M
Breakdown of net sales, last 12 months
Adjusted operating profit, SEK m
Quarter R 12M
1,200
900
4,000
3,000
12% 0%
100
75
300
225
600
2,000
82% 50
150
300
1,000
25 75
6%
0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0
Nordic region
0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0
2023
2024 2025
Quarter R 12MWestern Europe Central Europe Other markets
2023
2024 2025
Quarter R 12M6 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Cash flow, financial position and business combinations
SEK m | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
Operating profit | 97 | -101 | 1,097 | 736 |
Adjusted operating profit | 203 | 177 | 1,027 | 1,044 |
Cash flow from operating activities | 521 | 629 | 1,347 | 1,438 |
Cash flow from investing activities | -65 | -220 | -508 | -1,601 |
- Of which related to acquisition (-) /divestment (+) of Group companies | 22 | -174 | -183 | -1,382 |
Cash flow from financing activities | -515 | -493 | -873 | 65 |
Cash flow for the period | -59 | -84 | -34 | -98 |
Adjusted free cash flow | 434 | 583 | 1,022 | 1,219 |
Cash conversion, % | 214 | 329 | 100 | 117 |
Net debt | 4,262 | 4,510 | 4,262 | 4,510 |
Net debt/EBITDA, times | 2.6 | 2.5 | 2.6 | 2.5 |
Financial net debt/EBITDA excluding IFRS 16, times | 2.1 | 2.0 | 2.1 | 2.0 |
Cash flow from operating activities amounted to SEK 521 m (629) for the quarter. The year-on-year change was mainly due to a reduced positive contribution from changes in working capital of SEK 262 m (447), mainly related to inventory. This effect was partly offset by lower interest and income tax payments of SEK -101 m (-136).
Cash flow from investing activities, excluding acquisitions and divestments of subsidiaries, amounted to SEK -87 m (-46). Cash flow related to acquisitions and divestments of operations amounted to SEK 22 m (-174) on a net basis.
Cash flow from financing activities amounted to SEK -515 m (-493) and included amortisations of lease liabilities, dividends to shareholders, and changes in borrowing and utilisation of credit facilities.
Adjusted free cash flow for the quarter amounted to SEK 434 m (583), explained by a higher operating profit, partly offset by a less favourable working capital movement. Cash conversion was 214 percent (329).
For the period January-December 2025, cash flow from
operating activities amounted to SEK 1,347 m (1,438). The change was primarily attributable to a less positive effect from changes in working capital, mainly related to inventory, which was partly offset by lower interest and income tax payments as well as an improved underlying operating result.
Cash flow from investing activities, excluding acquisitions and divestments of subsidiaries, amounted to SEK -325 m
(-219). Cash flow related to acquisitions and divestments of operations amounted to SEK -183 m (-1,382), of which SEK -32 m (-32) referred to final settlements and contingent consideration payments related to previously completed acquisitions.
Cash flow from financing activities amounted to SEK -873 m
(65) and included amortisations of lease liabilities, dividends to shareholders, and the net change in borrowing and utilisation of credit facilities.
Adjusted free cash flow for the full year amounted to SEK 1,022 m (1,219), mainly explained by a reduced cash flow effect from changes in working capital and a somewhat higher level of capital expenditure. Cash conversion was 100 percent (117).
Cash flow from operating activities, SEK m
Quarter R 12M
Net debt/EBITDA
Quarter times
800
600
400
200
2,000
1,500
1,000
500
5,000
4,000
3,000
2,000
1,000
3.0
2.5
2.0
1.5
1.0
0.5
0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0.0
2023
2024 2025
2023
2024 2025
Quarter R 12M Quarter Net debt/EBITDA Financial net debt/EBITDALINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 7
Q4 2025
Net debt amounted to SEK 4,262 m (4,510) as of 31 December, of which SEK 1,476 m (1,581) related to lease liabilities.
The equity/assets ratio was 50 percent (48), and the net debt/equity ratio was 0.6 (0.6). Net financial items for the quarter amounted to SEK -50 m (-74). The change primarily related to reduced interest expenses because of declining market interest rates.
The existing credit agreement of SEK 4,050 m and EUR 120 m with Nordea, DNB Bank, Svenska Handelsbanken and Danske Bank is valid until the second quarter of 2028. An extension option allows for a one-year prolongation of maturity. The agreement is subject to a covenant which is monitored quarterly. Lindab Group met the covenant requirements as of 31 December 2025.
To further integrate Lindab Group's sustainability efforts across all areas of the business, the credit facility has, been linked to sustainability targets. These targets are monitored annually, and the interest margin is adjusted based on the level of target achievement.
Lindab Group's credit facility is linked to the following three targets:
Safe work environment: An improvement in workplace safety through a reduction in LTIF (Lost Time Injury Frequency).
Reduced emissions within scope 1 and 2: A continuous reduction of the company's direct and indirect greenhouse gas emissions related to its own operations.
Reduced emissions from purchased steel (part of scope 3): A reduction of emissions linked to purchased steel used in Lindab Group's products.
During the quarter, the divestment of the profile business in Hungary was completed. In December 2025, Lindab Group also entered into an agreement to divest the operations in Romania, with completion expected during the first quarter of 2026.
Further information on acquisitions and divestments carried out during the year can be found in Note 3.
Financial targets
Lindab Group has the following financial targets for growth, profitability and net debt:
Annual growth, >10%1) Adjusted operating margin, >10% Net debt/EBITDA, <3.03)
19.62)
1.4 1.7
-0.9
24.32)
2.5 2.6
13.12)
10.9
9.0
7.8 8.0
1.9
1.6
1.04)
2021
2022 2023 2024 2025 2021
2022 2023 2024 2025 2021
2022 2023 2024 2025
Growth excluding currency effects.
The outcome for annual growth including divested business was 13.0 percent in 2022 and 18.5 percent in 2021. Adjusted operating margin including divested business was
12.2 percent in 2021.
Net debt/EBITDA is calculated including IFRS 16 and adjusted for one-off items and restructuring costs. Financial net debt/EBITDA excluding IFRS 16 amounted to 2.1 in 2025, 2.0 in 2024, 1.4 in 2023, 1.0 in 2022 and 0.4 in 2021. For complete definition, see page 25.
Including the previous segment Building Systems, which was divested in 2021.
8 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Lindab Group's sustainability work
Lindab Group's sustainability work is driven by a long-term commitment to create healthy indoor environments, reducing climate impact throughout the value chain and promoting responsible business practices.
The work continues to develop across the entire product portfolio to support the
development of a more resource-efficient building environment.
Material Guideline and digital climate data launchedThe first Material Guideline has been introduced during the quarter, marking a significant milestone in strengthening control over the materials and substances used in the ventilation product portfolio. It ensures that materials are safe, compliant with regulatory and market requirements, and aligned with ambitions to reduce environmental impact. The guideline also clarifies expectations in supplier interactions and serves as an external reference for responsible material selection.
In parallel, digital CO₂e emissions data for products with Environmental Product Declarations (EPDs) is now available on product pages and through several Lindab web shops.
Together, these initiatives enhance the ability to offer products with safer material choices and transparent climate performance.
Strengthening supplier due diligenceWork continues towards the target of assessing 100 percent of tier 1 suppliers, alongside efforts to further streamline and strengthen the due diligence process. The Corporate Sustainability Due Diligence Directive (CSDDD), with national implementation due in 2028, will require in-scope companies to implement comprehensive human rights and environmental
due diligence processes across their own operations and value chains. Although Lindab Group does not currently meet the employee and net sales thresholds for mandatory application of the CSDDD, it is expected that continued growth in both areas may bring the Group into scope in the future. These forthcoming requirements place increased emphasis on structured supplier assessments, robust risk management, and transparent reporting throughout the entire value chain.
Continued decline in Lost Time InjuriesLost Time Injury Frequency (LTIF) continues to decline, reflecting the positive impact of ongoing investments in safer processes, enhanced training programmes, and a reinforced safety culture. Ensuring a safe work environment is one of Lindab Group's long-term strategic objectives and is integrated into the sustainability-linked credit facility. The continued progress demonstrates the effectiveness of the preventive approach and confirms that safety is firmly embedded in daily operations.
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 9
Q4 2025
Other
Parent CompanyLindab International AB (publ), corporate identification number 556606-5446, is a registered limited liability company with its domicile in Båstad, Sweden. The Lindab share is listed on Nasdaq Stockholm, Large Cap.
Net sales for the quarter amounted to SEK 1 m (1). Profit for the quarter amounted to SEK 19 m (12).
Net sales for the period January-December amounted to SEK 6 m (6). Profit for the period amounted to SEK 729 m (12). Profit for the period included dividend from subsidiaries of SEK 719 m (-).
Significant risks and uncertaintiesThere have been no significant changes in relation to what was stated by Lindab Group in its Annual Report for 2024 under Risks and Risk Management (pages 62-63).
EmployeesThe number of employees, calculated as full-time equivalent employees, was 4,958 (5,123) at the end of the quarter. Adjusted for acquisitions and divestments, the net decrease was 122 employees compared to the same quarter previous year.
Seasonal variationsLindab Group's business is affected by seasonal variations in the construction industry, and the highest proportion of net sales is normally seen during the second half of the year. The largest seasonal variations can be found in the segment Profile Systems. Ventilation products are mainly installed indoors which is why the Ventilation Systems segment is less dependent on season or weather conditions.
Incentive programPrinciples of guidelines for remuneration of senior executives were adopted at the Annual General Meeting (AGM) in May 2024, principles that shall be presented for approval at the AGM at least every four years. According to adopted guidelines, the remuneration program for senior executives shall among other things include variable cash pay elements. These variable elements shall be based on measurable criteria, which reflects predetermined financial, sustainable and qualitative targets for Lindab Group. Based on resolution at the AGM, a long-term incentive program has been implemented in 2025. The program has a three-year measuring period and any outcome in terms of long-term variable cash pay is presumed to be invested in shares or share related instruments in Lindab Group on market terms. The total cost in the event of maximum outcome for the three-year measuring period of 2025 to 2027 is estimated to SEK 16 m. Long-term incentive programs from 2023 respectively 2024 have essentially the same principles as the program for 2025 and these programs measuring period are 2023-2025 respectively 2024-2026.
Share option programAt the AGM in May 2025, it was resolved to establish a share option program for senior executives in Lindab Group through a directed issue of maximum 275,000 share options. As a result of this program, 182,000 share options have been subscribed during the second quarter by senior executives in Lindab Group, according to a market valuation determined on the basis of the agreement. Liquidity regulation and thereby
distribution of the share options to the participants has taken place during the beginning of the third quarter. Each share option entitles the holder to acquire one share in Lindab Group at an exercise price of SEK 255.20. Acquisitions of shares supported by share options may take place after Lindab Group has published the Q2 interim report for the first half of 2028 and up to and including 31 August of the same year. At the AGM in 2022, 2023 and 2024, respectively, there were also resolutions to implement share option programs for senior executives. During the third quarter of 2025 none of the 238,050 externally owned share options in the 2022 share option program were exercised to acquire shares in accordance with the terms of the program, and they have thus expired.
From the 2023 share option program there are 225,500 outstanding share options with a subscription price of SEK 209.70 exercisable during summer 2026. From the 2024 share option program there are 275,000 outstanding share options with a subscription price of SEK 264.50 exercisable during summer 2027.
Annual General MeetingThe Board of Directors has decided that the AGM will be held on May 12, 2026. Notice to the meeting will be sent in due course.
DividendLindab's Board of Directors proposes that the AGM on May 12, 2026 approves a dividend of SEK 5.60 per share. This is in accordance with the dividend policy of minimum 40 percent
of Lindab's net profit considering the Groups' financial position, acquisition opportunities and long-term financial needs. The proposed dividend corresponds to SEK 431 m. The total value of actually paid dividend might be different if the number of treasury shares is amended before resolved reconciliation date(s).
The Board of Directors intend to announce preliminary record date(s), at the latest in connection with the notice to the AGM. Dividend is proposed to be distributed on two occasions.
Significant events during the reporting periodIn December, the divestment of the profile operations in Hungary was completed, see Note 3.
In December, Lindab Group also signed an agreement to divest its operations in Romania, see Note 4.
Aside from these, there are no other significant events to report for the reporting period.
Significant events after the reporting periodThere are no significant events after the reporting period to report.
General informationIn December 2021, Lindab Group divested the segment Building Systems. Key figures for periods earlier than 2022 include divested operations, which result in that key figures for rolling 12 months 2022 are calculated both including and excluding divested operations.
Unless other indicated in this interim report, all statements refer to the Group. Figures in parentheses indicate the result of the same period previous year. Unless other stated, amounts are in SEK m.
The interim report has not been audited.
This is a translation of the Swedish original report. In case of differences between the English translation and the Swedish original, the Swedish text shall prevail.
10 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Net sales and segments
Net sales and growthSEK m
2025
Oct-Dec
2024
Oct-Dec
2025
Jan-Dec
2024
Jan-Dec
Net sales | 3,134 | 3,308 | 12,854 | 13,323 |
Change | -174 | 34 | -469 | 209 |
Change, % | -5 | 1 | -4 | 2 |
Of which | ||||
- Organic, % | -3 | -5 | -4 | -5 |
- Acquisitions/divestments, % | 2 | 6 | 3 | 7 |
- Currency effects, % | -4 | 0 | -3 | 0 |
SEK m
2025
Oct-Dec %
2024
Oct-Dec %
2025
Jan-Dec %
2024
Jan-Dec %
Ventilation Systems | 2,493 | 80 | 2,508 | 76 | 10,205 | 79 | 10,207 | 77 |
- Nordic Region | 791 | 32 | 804 | 32 | 3,066 | 30 | 3,176 | 31 |
- Western Europe | 1,299 | 52 | 1,375 | 55 | 5,618 | 55 | 5,637 | 55 |
- Central Europe | 296 | 12 | 210 | 8 | 1,050 | 10 | 913 | 9 |
- Other markets | 107 | 4 | 119 | 5 | 471 | 5 | 481 | 5 |
Profile Systems | 641 | 20 | 800 | 24 | 2,649 | 21 | 3,116 | 23 |
- Nordic Region | 551 | 86 | 651 | 81 | 2,174 | 82 | 2,493 | 80 |
- Western Europe | 35 | 5 | 42 | 5 | 151 | 6 | 170 | 5 |
- Central Europe | 52 | 8 | 102 | 13 | 312 | 12 | 437 | 14 |
- Other markets | 3 | 1 | 5 | 1 | 12 | 0 | 16 | 1 |
Total | 3,134 | 100 | 3,308 | 100 | 12,854 | 100 | 13,323 | 100 |
- Nordic Region | 1,342 | 43 | 1,455 | 44 | 5,240 | 41 | 5,669 | 42 |
- Western Europe | 1,334 | 43 | 1,417 | 43 | 5,769 | 45 | 5,807 | 44 |
- Central Europe | 348 | 11 | 312 | 9 | 1,362 | 10 | 1,350 | 10 |
- Other markets | 110 | 3 | 124 | 4 | 483 | 4 | 497 | 4 |
Gross internal sales all segments | 10 | 10 | 35 | 48 | ||||
2025 | 2024 | 2025 | 2024 | |||||
SEK m | Oct-Dec | % | Oct-Dec | % | Jan-Dec | % | Jan-Dec | % |
Ventilation Systems | 211 | 8.5 | 175 | 7.0 | 969 | 9.5 | 932 | 9.1 |
Profile Systems | 10 | 1.6 | 26 | 3.3 | 108 | 4.1 | 169 | 5.4 |
Other operations | -18 | - | -24 | - | -50 | - | -57 | - |
Adjusted operating profit | 203 | 6.5 | 177 | 5.4 | 1,027 | 8.0 | 1,044 | 7.8 |
One-off items and restructuring cost1) | -106 | - | -278 | - | 70 | - | -308 | - |
Operating profit | 97 | 3.1 | -101 | -3.1 | 1,097 | 8.5 | 736 | 5.5 |
Net financial items | -50 | - | -74 | - | -209 | - | -275 | - |
Earnings before tax | 47 | 1.5 | -175 | -5.3 | 888 | 6.9 | 461 | 3.5 |
1) One-off items and restructuring costs included in adjusted operating profit are described in 'Reconciliations' page 22.
Number of employees by end of periodDec 31, 2025 % Dec 31, 2024 %
Ventilation Systems | 4,198 | 85 | 4,232 | 83 |
Profile Systems | 670 | 13 | 825 | 16 |
Other operations | 90 | 2 | 66 | 1 |
Total | 4,958 | 100 | 5,123 | 100 |
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 11
Q4 2025
Condensed consolidated statement of profit or loss
SEK m
2025
Oct-Dec
2024
Oct-Dec
2025
Jan-Dec
2024
Jan-Dec
Net sales | 3,134 | 3,308 | 12,854 | 13,323 |
Cost of goods sold | -2,259 | -2,426 | -9,210 | -9,632 |
Gross profit | 875 | 882 | 3,644 | 3,691 |
Other operating income | 46 | 242 | 395 | 300 |
Selling expenses | -455 | -441 | -1,687 | -1,671 |
Administrative expenses | -220 | -239 | -886 | -869 |
R&D expenses | -23 | -23 | -89 | -87 |
Other operating expenses | -126 | -522 | -280 | -628 |
Total operating expense | -778 | -983 | -2,547 | -2,955 |
Operating profit1) | 97 | -101 | 1,097 | 736 |
Interest income | 4 | 6 | 13 | 17 |
Interest expenses | -54 | -76 | -229 | -272 |
Other financial income and expenses | 0 | -4 | 7 | -20 |
Financial items | -50 | -74 | -209 | -275 |
Earnings before tax | 47 | -175 | 888 | 461 |
Tax on profit for the period | -6 | 2 | -128 | -146 |
Profit for the period | 41 | -173 | 760 | 315 |
- attributable to the Parent Company's shareholders | 41 | -173 | 760 | 315 |
Earnings per share, before dilution, SEK2) | 0.52 | -2.24 | 9.86 | 4.10 |
Earnings per share, after dilution, SEK2) | 0.52 | -2.24 | 9.86 | 4.10 |
One-off items and restructuring costs, which are included in operating profit, are described in Reconciliations on page 22.
Based on the number of outstanding shares, i.e. excluding treasury shares.
Condensed consolidated statement of comprehensive
income
SEK m | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
Profit for the period | 41 | -173 | 760 | 315 |
Items that will not be reclassified to the statement of profit or loss | ||||
Actuarial gains/losses, defined benefit plans | 13 | -20 | 54 | -52 |
Deferred tax attributable to defined benefit plans | -3 | 3 | -11 | 10 |
Total | 10 | -17 | 43 | -42 |
Items that will later be reclassified to the statement of profit or loss | ||||
Translation differences, foreign operations | -144 | 122 | -517 | 234 |
Hedges of net investments | 37 | -22 | 106 | -23 |
Tax attributable to hedges of net investments | -8 | 5 | -22 | 5 |
Total | -115 | 105 | -433 | 216 |
Other comprehensive income, net of tax | -105 | 88 | -390 | 174 |
Total comprehensive income attributable to the Parent Company's shareholders | -64 | -85 | 370 | 489 |
12 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Condensed consolidated statement of comprehensive
income
SEK m | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
OPERATING ACTIVITIES | ||||
Operating profit | 97 | -101 | 1,097 | 736 |
Reversal of depreciation/amortisation and impairment losses | 170 | 468 | 754 | 968 |
Reversal of capital gains (-)/losses (+) reported in operating profit | 10 | 1 | 34 | -4 |
Provisions, not affecting cash flow | 85 | 149 | 93 | 150 |
Adjustment for other items not affecting cash flow | -2 | -199 | -277 | -205 |
Total | 360 | 318 | 1,701 | 1,645 |
Interest received | 5 | 6 | 13 | 17 |
Interest paid | -52 | -64 | -220 | -251 |
Tax paid | -54 | -78 | -138 | -258 |
Cash flow from operating activities before change in working capital | 259 | 182 | 1,356 | 1,153 |
Change in working capital | ||||
Stock (increase -/decrease +) | 76 | 248 | 39 | 341 |
Operating receivables (increase -/decrease +) | 449 | 415 | 62 | 140 |
Operating liabilities (increase +/decrease -) | -263 | -216 | -110 | -196 |
Total change in working capital | 262 | 447 | -9 | 285 |
Cash flow from operating activities | 521 | 629 | 1,347 | 1,438 |
INVESTING ACTIVITIES | ||||
Acquisition of Group companies | 0 | -174 | -251 | -1,382 |
Divestment of Group companies | 22 | - | 68 | - |
Investments in intangible assets | -41 | -15 | -137 | -50 |
Investments in tangible fixed assets | -47 | -33 | -194 | -179 |
Disposal of tangible fixed assets | 1 | 2 | 6 | 10 |
Cash flow from investing activities | -65 | -220 | -508 | -1,601 |
FINANCING ACTIVITIES | ||||
Proceeds from borrowings | - | - | - | 5,375 |
Repayment of borrowings | -207 | -188 | -75 | -4,569 |
Repayment of leasing-related liabilities | -100 | -97 | -387 | -375 |
Issuance/exercise of shares/share options | - | - | 5 | 49 |
Dividend to shareholders | -208 | -208 | -416 | -415 |
Cash flow from financing activities | -515 | -493 | -873 | 65 |
Cash flow for the period | -59 | -84 | -34 | -98 |
Cash and cash equivalents at beginning of the period | 506 | 575 | 499 | 587 |
Effect of exchange rate differences on cash and cash equivalents | -5 | 8 | -23 | 10 |
Cash and cash equivalents at end of the period | 442 | 499 | 442 | 499 |
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 13
Q4 2025
Condensed consolidated statement of financial position
SEK m | Dec 31, 2025 | Dec 31, 2024 |
ASSETS | ||
Non-current assets | ||
Goodwill | 5,721 | 5,802 |
Other intangible assets | 539 | 583 |
Tangible fixed assets | 1,916 | 2,040 |
Right-of-use assets | 1,398 | 1,510 |
Financial interest-bearing fixed assets | 21 | 22 |
Other financial fixed assets | 13 | 13 |
Deferred tax assets | 149 | 140 |
Total non-current assets | 9,757 | 10,110 |
Current assets | ||
Stock | 2,111 | 2,214 |
Accounts receivable | 1,813 | 1,964 |
Other current assets | 382 | 441 |
Other interest-bearing receivables | 16 | 2 |
Cash and cash equivalents | 442 | 499 |
Assets held for sale1) | 108 | 201 |
Total current assets | 4,872 | 5,321 |
TOTAL ASSETS | 14,629 | 15,431 |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||
Shareholders' equity attributable to Parent Company shareholders | 7,319 | 7,360 |
Total shareholders' equity | 7,319 | 7,360 |
Non-current liabilities | ||
Interest-bearing provisions for pensions and similar obligations | 265 | 302 |
Liabilities to credit institutions | 2,971 | 3,121 |
Lease liabilities | 1,099 | 1,204 |
Deferred tax liabilities | 194 | 214 |
Provisions | 13 | 15 |
Other non-current liabilities | 74 | 372 |
Total non-current liabilities | 4,616 | 5,228 |
Current liabilities | ||
Other interest-bearing liabilities | 29 | 29 |
Lease liabilities | 377 | 377 |
Provisions | 235 | 155 |
Accounts payable | 889 | 1,001 |
Other current liabilities | 1,110 | 1,209 |
Liabilities held for sale1) | 54 | 72 |
Total current liabilities | 2,694 | 2,843 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 14,629 | 15,431 |
1) For assets and liabilities related to discontinued operations, see Note 4. | ||
14 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Condensed consolidated statement of changes in equity
Shareholders' equity attributable to Parent Company shareholders | |||||
SEK m | Share capital | Other contributed capital | Foreign currency translation reserve | Profit brought forward incl. profit for the year | Total share-holders' equity |
Opening balance, January 1, 2024 | 79 | 2,272 | 551 | 4,335 | 7,237 |
Profit for the period | 315 | 315 | |||
Other comprehensive income, net of tax | |||||
Actuarial gains/losses, defined benefit plans | -42 | -42 | |||
Translation differences, foreign operations | 234 | 234 | |||
Hedges of net investments | -18 | -18 | |||
Total comprehensive income | - | - | 216 | 273 | 489 |
Issuance/exercise of share options | 49 | 49 | |||
Dividends to shareholders | -415 | -415 | |||
Transactions with shareholders | - | - | - | -366 | -366 |
Closing balance, December 31, 2024 | 79 | 2,272 | 767 | 4,242 | 7,360 |
Opening balance, January 1, 2025 | 79 | 2,272 | 767 | 4,242 | 7,360 |
Profit for the period | 760 | 760 | |||
Other comprehensive income, net of tax | |||||
Actuarial gains/losses, defined benefit plans | 43 | 43 | |||
Translation differences, foreign operations | -517 | -517 | |||
Hedges of net investments | 84 | 84 | |||
Total comprehensive income | - | - | -433 | 803 | 370 |
Issuance/exercise of share options | 5 | 5 | |||
Dividends to shareholders | -416 | -416 | |||
Transactions with shareholders | - | - | - | -411 | -411 |
Closing balance, December 31, 2025 | 79 | 2,272 | 334 | 4,634 | 7,319 |
On December 31, 2025, the share capital equalled SEK 78,842,820 (78,842,820) divided among 78,842,820 shares (78,842,820) with a quota value of SEK 1.00.
Lindab International AB (publ) holds 1,806,888 treasury shares (1,806,888), corresponding to 2.3 percent (2.3) of the total number of Lindab shares. On December 31, 2025, the number of outstanding shares totals 77,035,932 (77,035,932).
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 15
Q4 2025
Parent Company
Condensed statement of profit or loss | ||||
SEK m | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
Net sales | 1 | 1 | 6 | 6 |
Administrative expenses | -2 | -3 | -13 | -12 |
Other operating income and expenses | - | 0 | - | 5 |
Operating profit/loss | -1 | -2 | -7 | -1 |
Profit from subsidiaries | 25 | 19 | 744 | 19 |
Interest income, intra-Group | 0 | 0 | 1 | 1 |
Interest expenses, intra-Group | 0 | -3 | -6 | -5 |
Earnings before tax | 24 | 14 | 732 | 14 |
Tax on profit for the period | -5 | -2 | -3 | -2 |
Profit or loss for the period1) | 19 | 12 | 729 | 12 |
1) Comprehensive income corresponds to profit for all periods. | ||||
Condensed statement of financial position | ||||
SEK m | December 31, 2025 | December 31, 2024 | ||
ASSETS | ||||
Non-current assets | ||||
Financial fixed assets | ||||
Shares in Group companies | 3,467 | 3,467 | ||
Financial interest-bearing fixed assets | 4 | 4 | ||
Deferred tax assets | 1 | 1 | ||
Total non-current assets | 3,472 | 3,472 | ||
Current assets | ||||
Receivables from Group companies | 30 | 20 | ||
Current tax assets | 6 | 1 | ||
Prepaid expenses and accrued income | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Total current assets | 36 | 21 | ||
TOTAL ASSETS | 3,508 | 3,493 | ||
SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
Shareholders' equity | ||||
Restricted shareholders' equity | ||||
Share capital | 79 | 79 | ||
Statutory reserve | 708 | 708 | ||
Unrestricted shareholders' equity | ||||
Share premium reserve | 90 | 90 | ||
Profit brought forward | 1,894 | 2,293 | ||
Profit/loss for the period | 729 | 12 | ||
Total shareholders' equity | 3,500 | 3,182 | ||
Provisions | ||||
Interest-bearing provisions | 4 | 4 | ||
Total provisions | 4 | 4 | ||
Current liabilities | ||||
Liabilities to Group companies | 0 | 303 | ||
Accrued expenses and deferred income | 4 | 3 | ||
Other liabilities | 0 | 1 | ||
Total current liabilities | 4 | 307 | ||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3,508 | 3,493 |
16 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Key performance indicators
2025 2024 2023
SEK m Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec
Net sales | 3,134 | 3,253 | 3,253 | 3,214 | 3,308 | 3,348 | 3,520 | 3,147 | 3,274 |
Growth, % | -5 | -3 | -8 | 2 | 1 | 3 | 5 | -2 | 2 |
- of which organic | -3 | -4 | -6 | -3 | -5 | -4 | -3 | -10 | -5 |
- of which acquisitions/divestments | 2 | 3 | 2 | 5 | 6 | 9 | 8 | 7 | 4 |
- of which currency effects | -4 | -2 | -4 | 0 | 0 | -2 | 0 | 1 | 3 |
Operating profit before depreciation/amortisation and impairment losses | 267 | 738 | 444 | 402 | 367 | 443 | 507 | 387 | 419 |
Operating profit | 97 | 491 | 281 | 228 | -101 | 274 | 338 | 225 | 261 |
Adjusted operating profit | 203 | 315 | 281 | 228 | 177 | 304 | 338 | 225 | 261 |
Earnings before tax | 47 | 435 | 221 | 185 | -175 | 208 | 272 | 156 | 209 |
Profit for the period | 41 | 400 | 174 | 145 | -173 | 158 | 213 | 117 | 190 |
Operating margin, % | 3.1 | 15.1 | 8.6 | 7.1 | -3.1 | 8.2 | 9.6 | 7.1 | 8.0 |
Adjusted operating margin, % | 6.5 | 9.7 | 8.6 | 7.1 | 5.4 | 9.1 | 9.6 | 7.1 | 8.0 |
Adjusted EBITA margin, %1) | 6.8 | 10.0 | 9.0 | 7.4 | 5.6 | 9.3 | 9.8 | 7.4 | 8.3 |
Profit margin before tax, % | 1.5 | 13.4 | 6.8 | 5.8 | -5.3 | 6.2 | 7.7 | 5.0 | 6.4 |
Cash flow from operating activities | 521 | 335 | 331 | 160 | 629 | 259 | 342 | 208 | 589 |
Cash flow from operating activities per share, SEK | 6.76 | 4.35 | 4.30 | 2.08 | 8.17 | 3.36 | 4.45 | 2.71 | 7.67 |
Free cash flow | 456 | 37 | 293 | 53 | 409 | 185 | 228 | -985 | 394 |
Adjusted free cash flow | 434 | 255 | 256 | 77 | 583 | 222 | 267 | 147 | 570 |
Cash flow, investments in intangible assets/tan-gible fixed assets | -88 | -81 | -76 | -86 | -48 | -41 | -76 | -64 | -21 |
Number of shares outstanding, thousands | 77,036 | 77,036 | 77,036 | 77,036 | 77,036 | 77,036 | 76,852 | 76,852 | 76,852 |
Average number of shares outstanding R12M, thousands | 77,036 | 77,036 | 77,036 | 76,990 | 76,944 | 76,898 | 76,848 | 76,795 | 76,743 |
Earnings per share, before dilution, SEK | 0.52 | 5.19 | 2.26 | 1.89 | -2.24 | 2.05 | 2.77 | 1.52 | 2.48 |
Earnings per share, after dilution, SEK | 0.52 | 5.19 | 2.26 | 1.89 | -2.24 | 2.05 | 2.77 | 1.52 | 2.48 |
Shareholders' equity attributable to Parent Compa- ny shareholders | 7,319 | 7,383 | 7,018 | 7,193 | 7,360 | 7,445 | 7,286 | 7,566 | 7,237 |
Shareholders' equity per share, SEK | 95.01 | 95.84 | 91.10 | 93.38 | 95.54 | 96.64 | 94.80 | 98.45 | 94.16 |
Net debt | 4,262 | 4,411 | 4,456 | 4,366 | 4,510 | 4,385 | 4,517 | 4,477 | 3,264 |
Adjusted net debt | 2,786 | 2,973 | 2,952 | 2,807 | 2,929 | 2,912 | 3,037 | 2,976 | 1,894 |
Financial net debt | 2,542 | 2,722 | 2,684 | 2,554 | 2,649 | 2,659 | 2,797 | 2,742 | 1,670 |
Net debt/equity ratio, times | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 |
Equity/asset ratio, % | 50.0 | 48.0 | 46.0 | 47.3 | 47.7 | 46.9 | 45.7 | 46.7 | 53.4 |
Return on shareholders' equity, % | 10.5 | 7.5 | 4.2 | 4.7 | 4.3 | 9.2 | 10.4 | 10.9 | 12.0 |
Return on capital employed, % | 10.0 | 8.0 | 6.1 | 6.9 | 6.2 | 9.3 | 10.1 | 10.0 | 10.7 |
Interest coverage ratio, times | 1.8 | 8.4 | 4.9 | 4.1 | -1.3 | 4.1 | 4.7 | 3.8 | 4.9 |
Net debt/EBITDA excluding one-off items and restructuring costs, times | 2.6 | 2.7 | 2.7 | 2.6 | 2.5 | 2.3 | 2.1 | 2.0 | 1.9 |
Financial net debt/EBITDA excluding IFRS 16, excluding one-off items and restructuring costs, times | 2.1 | 2.1 | 2.1 | 2.1 | 2.0 | 1.7 | 1.5 | 1.4 | 1.4 |
Number of employees at end of period | 4,958 | 5,049 | 4,995 | 5,046 | 5,123 | 5,153 | 5,198 | 5,216 | 4,909 |
1) From the first quarter 2025, this alternative key performance indicator is included as a supplement to other financial information, with the aim of further clarifying the Group's profitability adjusted for amortisation and impairment of acquisition-related intangible assets.
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 17
Q4 2025
Key performance indicators (cont.)
SEK m
2025
Jan-Dec
2024
Jan-Dec
2023
Jan-Dec
2022
Jan-Dec
Net sales | 12,854 | 13,323 | 13,114 | 12,366 |
Growth, % | -4 | 2 | 6 | 28 |
- of which organic | -4 | -5 | -9 | 11 |
- of which acquisitions/divestments | 3 | 7 | 10 | 13 |
- of which currency effects | -3 | 0 | 5 | 4 |
Operating profit before depreciation/amortisation and impairment losses | 1,851 | 1,704 | 1,781 | 1,808 |
Operating profit | 1,097 | 736 | 1,178 | 1,325 |
Adjusted operating profit | 1,027 | 1,044 | 1,178 | 1,347 |
Earnings before tax | 888 | 461 | 1,008 | 1,238 |
Profit for the period | 760 | 315 | 849 | 974 |
Operating margin, % | 8.5 | 5.5 | 9.0 | 10.7 |
Adjusted operating margin, % | 8.0 | 7.8 | 9.0 | 10.9 |
Adjusted EBITA margin, %1) | 8.3 | 8.1 | 9.2 | 11.1 |
Profit margin before tax, % | 6.9 | 3.5 | 7.7 | 10.0 |
Key performance indicators including divested business2) | ||||
Net sales | 12,854 | 13,323 | 13,114 | 12,366 |
Growth, % | -4 | 2 | 6 | 16 |
- of which organic | -4 | -5 | -9 | 10 |
- of which acquisitions/divestments | 3 | 7 | 10 | 3 |
- of which currency effects | -3 | 0 | 5 | 3 |
Operating profit before depreciation/amortisation and impairment losses | 1,851 | 1,704 | 1,781 | 1,808 |
Operating profit | 1,097 | 736 | 1,178 | 1,325 |
Adjusted operating profit | 1,027 | 1,044 | 1,178 | 1,347 |
Earnings before tax | 888 | 461 | 1,008 | 1,238 |
Profit for the period | 760 | 315 | 849 | 974 |
Operating margin, % | 8.5 | 5.5 | 9.0 | 10.7 |
Adjusted operating margin, % | 8.0 | 7.8 | 9.0 | 10.9 |
Adjusted EBITA margin, %1) | 8.3 | 8.1 | 9.2 | 11.1 |
Profit margin before tax, % | 6.9 | 3.5 | 7.7 | 10.0 |
Cash flow from operating activities | 1,347 | 1,438 | 1,711 | 691 |
Cash flow from operating activities per share, SEK | 17.49 | 18.69 | 22.30 | 9.03 |
Free cash flow | 839 | -163 | 951 | -649 |
Adjusted free cash flow | 1,022 | 1,219 | 1,424 | 346 |
Cash flow, investments in intangible assets/tangible fixed assets | -331 | -229 | -294 | -359 |
Number of shares outstanding, thousands | 77,036 | 77,036 | 76,852 | 76,642 |
Average number of shares outstanding R12M, thousands | 77,036 | 76,944 | 76,743 | 76,552 |
Earnings per share, before dilution, SEK | 9.86 | 4.10 | 11.07 | 12.73 |
Earnings per share, after dilution, SEK | 9.86 | 4.10 | 11.07 | 12.70 |
Dividend per share, SEK | 5.603) | 5.40 | 5,40 | 5,20 |
Shareholders' equity attributable to Parent Company shareholders | 7,319 | 7,360 | 7,237 | 6,751 |
Shareholders' equity per share, SEK | 95.01 | 95.54 | 94.16 | 88.08 |
Net debt | 4,262 | 4,510 | 3,264 | 3,310 |
Adjusted net debt | 2,786 | 2,929 | 1,894 | 2,098 |
Financial net debt | 2,542 | 2,649 | 1,670 | 1,906 |
Net debt/equity ratio, times | 0.6 | 0.6 | 0.5 | 0.5 |
Equity/asset ratio, % | 50.0 | 47.7 | 53.4 | 52.1 |
Return on shareholders' equity, % | 10.5 | 4.3 | 12.0 | 15.8 |
Return on capital employed, % | 10.0 | 6.2 | 10.7 | 14.1 |
Interest coverage ratio, times | 4.9 | 2.7 | 6.6 | 16.2 |
Net debt/EBITDA excluding one-off items and restructuring costs, times | 2.6 | 2.5 | 1.9 | 1.6 |
Financial net debt/EBITDA excluding IFRS 16, excluding one-off items and restructuring costs, times | 2.1 | 2.0 | 1.4 | 1.0 |
Number of employees at end of period | 4,958 | 5,123 | 4,909 | 4,853 |
From the first quarter 2025, this alternative key performance indicator is included as a supplement to other financial information, with the aim of further clarifying the Group's profitability adjusted for amortisation and impairment of acquisition-related intangible assets.
Key performance indicators for periods earlier than 2022 include divested business (Building Systems), which results in rolling 12 months in 2022 are calculated on both outcomes, including and excluding divested business.
The proposed dividend for 2025 is distributed half-yearly with the first dividend of SEK 2.80 per share with record date in May 2026, and the second dividend of SEK 2.80 per share with record date in November 2026.
18 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Notes
Note 1 | Accounting policies |
The consolidated financial statement for the interim report have, consistent with the Annual Report for 2024, been prepared in accordance with International Financial Reporting Standards (IFRS® Accounting Standards) and interpretations issued by the IFRS® Interpretations Committee (IFRIC), as adopted by the EU and the Swedish Annual Accounts Act.
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The Group applies the accounting policies described in the 2024 Annual Report. The interim report for the Lindab Group should be read in conjunction with the Group's Annual Report for 2024, which provides additional information and disclosures.
None of the new or amended standards, interpretations or improvements adopted by the EU have had any significant effect on the Group. Disclosures in accordance with IAS 34 p. 16A Interim Financial Reporting are presented both in the notes and in other sections of the interim report.
The Parent Company
The Parent Company's financial statements are prepared in accordance with the Swedish Annual Accounts Act and RFR 2, Accounting for Legal Entities, issued by the Swedish Corporate Reporting Board, and in accordance with the same accounting policies applied in the 2024 Annual Report.
Note 2 | Effects of changes in accounting estimates and judgements |
Significant estimates and judgements are described in Note 4 of the 2024 Annual Report. No essential changes have been made to the assessments described in the 2024 Annual Report, which could have a material impact on the current interim report.
Note 3 | Business combinations |
Ventia Sp. z o.o.
On 7 July 2025, Lindab Group acquired all shares and voting rights in the Polish company Ventia Sp. z o.o. The Polish ventilation specialist Ventia complements Lindab Group's operations in the Polish market and represents a further step towards increasing sales of technical ventilation products. The acquisition creates new business opportunities through a broader product offering.
Ventia is headquartered in Raszyn, outside Warsaw, and has annual sales of approximately SEK 240 m. At the time of the acquisition, the company had around 60 employees. The operating margin is in line with Lindab Group's, and the acquisition was financed through the existing credit facility. A significant portion of the purchase price was paid upon completion, and acquisition related costs amounted to SEK 3 m, which are included in other operating expenses for 2024 and 2025.
According to the preliminary purchase price allocation, the acquisition results in goodwill primarily related to enhanced expertise in technical ventilation products and a strengthened market position in Poland, as well as identified intangible assets related to supplier contracts.
Ventia was consolidated into Lindab Group as of 7 July 2025. From the acquisition date until 31 December 2025, the acquisition increased Lindab Group's net sales by SEK 140 m, with an operating margin in line with other ventilation companies. Net profit after tax was positively affected by SEK 13 m during the period July-December 2025. If the acquisition had been completed as of 1 January 2025, the Group's net
sales would have increased by SEK 260 m. Ventia Sp. z o.o. is part of the Ventilation Systems segment.
HAS-Vent Holdings Ltd.
On 1 July 2025, Lindab Group completed the acquisition of the UK based ventilation company HAS Vent Holdings Ltd., after all regulatory conditions were fulfilled. In accordance with a decision by the UK Competition and Markets Authority (CMA), two distribution branches were divested in connection with the closing. Financially, HAS Vent has been consolidated into Lindab Group's accounts since 5 October 2023.
Following completion of the acquisition, Lindab Group and HAS Vent together operate more than 30 distribution branches across the UK. The acquisition complements Lindab Group's existing offering with local manufacturing capabilities and strengthens both the Ventilation Systems segment and Lindab Group's market position in the UK, one of Europe's most important ventilation markets.
Acquired businesses 2025
SEK m Ventia Sp.z o.o.1)
Intangible assets | 12 |
Tangible fixed assets | 2 |
Right-of-use assets | 19 |
Deferred tax assets | 3 |
Stock | 35 |
Current assets | 33 |
Cash and cash equivalents | 29 |
Total acquired assets | 133 |
Deferred tax liabilities | -4 |
Non-current lease liabilities | -11 |
Long-term liabilities | -7 |
Current lease liabilities | -5 |
Current liabilities | -27 |
Total acquired liabilities | -54 |
Fair value of acquired net assets | 79 |
Goodwill | 219 |
Consideration including contingent consideration2) | 298 |
The purchase price allocations were preliminary as of 31 December 2025 due to not finalised valuations of identified intangible assets.
The considerations including contingent considerations are based on cash settlement of SEK 42 m, which corresponds to current value at acquisition date. The contingent consideration will be settled in full or partly if future expectations of identified levels of profitability are met during a period of 2 years.
Lindab Kft - profile operations
On 31 December 2025, Lindab Group divested its profile business in Hungary. The divestment is part of the previously announced restructuring within the Profile Systems business area in Eastern Europe. The divestment included tangible fixed assets and inventories, and the purchase price amounted to SEK 22 m, all of which was settled in cash. The capital gain from the divestment was neutral for Lindab Group.
Lindab Group's Hungarian profile business comprised approximately 60 employees, and sales up until the divestment amounted to SEK 110 m, corresponding to full year 2025. The Hungarian part of the Ventilation Systems business area was not included in the sale. The divestment
is expected to contribute to improved margins and increased capital efficiency in the Profile Systems business area.
Lindab a.s.
On 1 April 2025, Lindab Group divested all shares in Lindab a.s., Slovakia, corresponding to 100 percent of capital and votes. The divestment, which forms part of the previously announced restructuring within the Profile Systems business area in Eastern Europe, generated a positive cash flow of SEK 46 m for Lindab Group. The capital gain from the divestment amounted to SEK 6 m and was reported as Other operating income. Lindab Group's operations in Slovakia generated net sales of approximately SEK 19 m up to the divestment date. On an annual basis, the operations accounted for around SEK 100 m in net sales and involved approximately 50 employees.
Other
Adjustments to the contingent considerations from the acquisition date
until the date of settlement are recognised in the statement of profit or loss. The financial effects of changes in estimates are recognised as Other operating income and Other operating expenses. Discounting
effects related to the present value calculation of the contingent considerations are recognised in Lindab Group's financial items, net, together with any related exchange rate effects.
Reported operating profit for the quarter was impacted by an income of SEK 8 m related to revised estimates of outstanding contingent considerations. The corresponding amount for the period January-De-cember was SEK 300 m. These financial effects are recognised as Other operating income. In addition, Lindab Group's financial items, net, were affected by a discounting cost of SEK 10 m for January-December regarding contingent considerations measured at fair value in accordance with level 3 of the fair value hierarchy, as well as by income of SEK 12 m relating to unrealised exchange rate effects for January-December.
The contingent considerations will be settled in full or in part depending
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 19
Q4 2025
on whether future expectations regarding identified financial performance levels are met over a two or three year period. The total potential undiscounted amount of all outstanding future contingent considerations ranges between SEK 0-688 m. As of 31 December 2025, 12 percent of the maximum outcome was expected to be realised, highly impacted by the assumption that the Airmaster contingent consideration of SEK 580 m will not be paid.
Note 4 | Assets held for sales |
On 11 December 2024, Lindab Group announced its decision to restructure the operations in Eastern Europe with the aim of fully focusing on the ventilation business in the region. The decision was based on
a strategic review of the Profile Systems business area in the affected markets.
As a result of the restructuring, the profile operations in the Czech Republic, Poland and Estonia were discontinued during the first quarter of 2025. Operations in Slovakia was divested on 1 April. During the fourth quarter, the profile business in Hungary was divested, see Note 3. In addition, an agreement was entered into during the quarter to divest the operations in Romania.
In light of the decision, and taking into account the organisational and financial structure of each unit, all relevant criteria under IFRS 5 Non current Assets Held for Sale and Discontinued Operations are considered to be met for the operations in Romania. This unit has therefore been classified as assets held for sale since the end of the fourth quarter, 2024. Below is a summary of the assets that, at the reporting date, are recognised as held for sale in accordance with the aforementioned standard.
SEK m | December 31, 2025 | December 31, 2024 |
Goodwill and other intangible assets | 9 | 10 |
Tangible fixed assets | 31 | 52 |
Right-of-use assets | 5 | 10 |
Deferred tax assets | 1 | 3 |
Stock | 30 | 69 |
Accounts receivables | 30 | 39 |
Other current assets | 2 | 18 |
Total assets held for sale | 108 | 201 |
Deferred tax liabilities | 3 | 4 |
Non-current lease liabilities | 1 | 6 |
Long-term liabilities | 3 | 5 |
Current lease liabilities | 2 | 4 |
Current liabilities | 45 | 53 |
Total liabilities held for sale | 54 | 72 |
The decision to divest and discontinue all profile operations in Eastern Europe, communicated during the fourth quarter 2024, impacts approximately 250 employees within Lindab Group. Net sales for the operations covered by the decision amounted to SEK 347 m (506) for the full year 2025, and the adjusted operating profit amounted to SEK 7 m (-20).
Note 5 | Operating segments |
The Group's segments comprise Ventilation Systems and Profile Systems. The basis for segmental reporting is the various customer offers provided by each business area. The customer offers within each segment were as follows:
Ventilation Systems offers air duct systems with accessories and indoor climate solutions for ventilation of heating and cooling to installers and other customers in the ventilation industry.
Profile Systems offers the construction industry products and systems in sheet metal for rainwater systems, cladding for ceilings and walls as well as steel profiles for wall, ceiling and beam constructions.
Both Ventilation Systems' and Profile Systems' operations are managed based on geographically divided sales organisations, which are supported by a number of product and system areas with joint production and purchasing functions for each business area. What is reported under Other includes the Parent Company and other common functions.
Information on income from external customers and adjusted operating profit per operating segment is presented in the tables on page 11. See also pages 5-6 for further segment information.
Internal prices between the Group's segments are set based on the principle of arm's length, that is, between parties that are independent of each other, well-informed and have an interest in the transaction being carried out. Assets and investments are reported where the asset exists.
Note 6 | Investments |
Investments in intangible assets and tangible fixed assets during the quarter amounted to SEK 88 m (48), of which SEK 41 m (15) was related to investments in intangible assets.
Investments in intangible assets and tangible fixed assets during the period January-December amounted to SEK 331 m (229) of which SEK 137 m (50) was related to investments in intangible assets.
Note 7 | Depreciation/amortisation and impairment |
Depreciation and amortisation for the quarter amounted to SEK 166 m (175), of which SEK 15 m (19) was related to intangible assets and SEK 96 m (97) to right of use assets. Impairment losses of SEK 4 m (293) were reported in the quarter, of which SEK 4 m (1) was related to right of use assets. No other impairment losses were recognised during the quarter.
Depreciation and amortisation for the period January-December amounted to SEK 673 m (675), of which SEK 71 m (69) was related to intangible assets and SEK 383 m (375) to right of use assets attributable to rental and lease agreements. Impairment for the period amounted to SEK 81 m (293), of which SEK 56 m (251) was related to intangible assets, SEK 21 m (41) to tangible fixed assets and SEK 4 m (1) to right of use assets.
Note 8 | Financial instruments measured at fair value |
SEK m | December 31, 2025 | December 31, 2024 | ||
Disclosures regarding the fair value by class | Carrying amount | Fair value | Carrying amount | Fair value |
Financial assets | ||||
Derivative receivables | 16 | 16 | 2 | 2 |
Financial liabilities | ||||
Liabilities to credit institutions | 2,993 | 2,984 | 3,142 | 3,103 |
Other non-current liabilities | 20 | 20 | 293 | 293 |
Derivative liabilities | 3 | 3 | 1 | 1 |
20 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Derivates
Derivatives relate to forward exchange contracts which are valued at
fair value by discounting the difference between the contracted forward rate and the forward rate that can be subscribed for on the balance sheet date for the remaining contract term. Derivative assets and derivative liabilities that are recognised can all be found at Level 2 of the valuation hierarchy, based on the definition of IFRS 13 Fair Value Measurement.
Liabilities to credit institutions
The fair value of interest-bearing liabilities to credit institutions is provided for the purpose of disclosure and is calculated by discounting the future cash flows of principal and interest payments, discounted at current market interest rate.
Other non-current liabilities
Other non-current liabilities relate to financial liabilities regarding contingent considerations in terms of business combinations, measured at fair value. The fair value has been determined by discounting of
cash flows related to Level 3 of the valuation hierarchy, based on the definition of IFRS 13 Fair Value Measurement. Recognised fair value corresponds to the present value from discounting a probability weighted average of potential future cash flows, which are assessed to be settled according to existing sales- and purchase agreements, and with a discount factor that is based on a risk-adjusted discount rate.
Other
During the period, there has not been any transfers between the levels in the hierarchy for valuation of fair value. There were no significant interrelationships between unobservable data that would impact the fair values in a material way.
For other financial assets and liabilities, the carrying amount is deemed to be a reasonable approximation of fair value. The Group holdings of unlisted shares, and where the fair value cannot be estimated reliably, are recognised at acquisition cost. The recognised carrying amount for these holdings are SEK 4 m (4).
Note 9 | Tax |
Earnings before tax for the quarter amounted to SEK 47 m (-175) and tax on profit for the period was a cost of SEK 6 m, compared to an
income of SEK 2 m during the corresponding quarter previous year. The effective tax rate amounted to 13 percent (1), while the average tax rate was 22 percent (23). The lower effective tax rate compared to the average tax rate in the quarter was mainly explained by income assessed as non-taxable. The difference between the effective tax rate for the quarter and the corresponding tax rate for the same period previous year was explained both by the aforementioned non-taxable income in
the period and by costs assessed as non-deductible for tax purposes in previous period. In both periods these items were primarily related to the divestment and closure of the profile businesses in Eastern Europe. Lindab Group has taken the rules on global minimum level of tax under Pillar Two into account. The monetary impact of the rules was limited.
Earnings before tax for the period January-December amounted to SEK 888 m (461) and tax on profit was SEK 128 m (146). The effective tax rate amounted to 14 percent (32) and the average tax rate was 21 percent (21). The lower effective tax rate compared to the average tax rate in the period was mainly explained by income assessed as
non-taxable, primarily attributable to the reduction of contingent consideration related to Airmaster. The lower effective tax rate compared to the corresponding tax rate in previous year was explained both by the aforementioned non-taxable income and by costs assessed as non-de-ductible for tax purposes in previous period related to the divestment and closure of the profile businesses in Eastern Europe. Lindab Group has taken the rules on global minimum level of tax under Pillar Two into account. The impact of the rules on the effective tax rate was minor.
Note 10 | Related party transactions |
Lindab Group's related parties and the extent of transactions with related parties are described in Note 33 in the 2024 Annual Report. At the Annual General Meeting in May 2025, it was resolved to adopt a share option program for senior executives. As part of the program, 182,000 share options were subscribed by senior executives during the second quarter. During the third quarter, 238,085 previously issued share options to senior executives in the 2022 share option program, in accordance with the terms of the program, have expired since they were not exercised. For further details, see Share option program on page
9. During the period, there have been no other transactions between Lindab and related parties which have had a significant impact on the company's position and profit.
The interim report for Lindab International AB (publ) has been submitted following approval by the Board of Directors.
Båstad, 12 February 2026
Ola Ringdahl President and CEO
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 21
Q4 2025
Reconciliations, key performance indicators not defined according to IFRS
The company presents certain financial measures in the interim report which are not defined according to IFRS. The company considers these measures to provide valuable supplementary information for investors and the company's management as they enable the assessment of relevant trends.
Lindab Group's definitions of these measures may differ from other companies' definitions of the same terms. These financial measures should therefore be seen as a supplement
rather than as a replacement for measures defined according to IFRS. Definitions of measures which are not defined according to IFRS and which are not mentioned elsewhere in the interim report are presented below. Reconciliation of these measures is shown in the tables below. As the amounts in the tables below have been rounded off to SEK m, the calculations do not always add up due to round-off.
Amounts in SEK m unless otherwise indicated.
One-off items and restructuring costs
2025
Oct-Dec
2024
Oct-Dec
2025
Jan-Dec
2024
Jan-Dec
Operating profit | 97 | -101 | 1,097 | 736 |
Ventilation Systems | 96 | -154 | -98 | -124 |
Profile Systems | - | 427 | 18 | 427 |
Other operations | 10 | 5 | 10 | 5 |
Total | 106 | 278 | -70 | 308 |
Adjusted operating profit | 203 | 177 | 1,027 | 1,044 |
One off items and restructuring costs amounted to SEK -106 m (-278) in the quarter, related to structural measures to optimise the branch networks in Lindab Group's major European markets. For the period January-December 2025, one off items and restructuring costs amounted to a net of SEK 70 m (-308), of which SEK 291 m was a non recurring income attributable to a reduction of the contingent consideration related to Airmaster. The remaining amount consisted of impairments and disposals of intangible and tangible fixed assets of SEK -115 m, as well as the above mentioned structural measure of SEK -106 m.
Return on shareholders' equity Dec 31, 2025 Dec 31, 2024
Profit for the period, rolling twelve months | 760 | 315 |
Average shareholders' equity | 7,255 | 7,379 |
Return on shareholders' equity, % | 10.5 | 4.3 |
Return on capital employed Dec 31, 2025 Dec 31, 2024
Total assets | 14,629 | 15,431 |
Provisions and deferred tax liabilities | 207 | 229 |
Other non-current liabilities | 74 | 372 |
Total non-current liabilities | 281 | 601 |
Provisions | 235 | 155 |
Accounts payable | 889 | 1,001 |
Other current liabilities | 1,110 | 1,209 |
Total current liabilities | 2,234 | 2,365 |
Capital employed | 12,114 | 12,465 |
Earnings before tax, rolling twelve months | 888 | 461 |
Financial expenses, rolling twelve months | 333 | 295 |
Total | 1,221 | 756 |
Average capital employed | 12,231 | 12,274 |
Return on capital employed, % | 10.0 | 6.2 |
Free cash flow
2025
Oct-Dec
2024
Oct-Dec
2025
Jan-Dec
2024
Jan-Dec
Cash flow from operating activities | 521 | 629 | 1,347 | 1,438 |
Cash flow from investing activities | -65 | -220 | -508 | -1,601 |
Free cash flow | 456 | 409 | 839 | -163 |
Cash flow related to acquisitions (+) /divestments (-) | -22 | -174 | 183 | -1,382 |
Adjusted free cash flow | 434 | 583 | 1,022 | 1,219 |
22 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Cash conversion
2025
Oct-Dec
2024
Oct-Dec
2025
Jan-Dec
2024
Jan-Dec
Adjusted free cash flow | 434 | 583 | 1,022 | 1,219 |
Adjusted operating profit | 203 | 177 | 1,027 | 1,044 |
Cash conversion, % | 214 | 329 | 100 | 117 |
Adjusted operating profit and operating margin
2025
Oct-Dec
2024
Oct-Dec
2025
Jan-Dec
2024
Jan-Dec
Adjusted operating profit | 203 | 177 | 1,027 | 1,044 |
Operating profit | 97 | -101 | 1,097 | 736 |
Net sales | 3,134 | 3,308 | 12,854 | 13,323 |
Adjusted operating margin, % | 6.5 | 5.4 | 8.0 | 7.8 |
Operating margin, % | 3.1 | -3.1 | 8.5 | 5.5 |
Adjusted EBITA-margin1)
2025
Oct-Dec
2024
Oct-Dec
2025
Jan-Dec
2024
Jan-Dec
Adjusted operating profit | 203 | 177 | 1,027 | 1,044 |
Amortisation and impairment of acquisition-related intangible assets | 11 | 8 | 43 | 32 |
Adjusted EBITA | 214 | 185 | 1,070 | 1,076 |
Net sales | 3,134 | 3,308 | 12,854 | 13,323 |
Adjusted EBITA-margin, % | 6.8 | 5.6 | 8.3 | 8.1 |
Net debt Dec 31, 2025 Dec 31, 2024
Non-current interest-bearing provisions for pensions and similar obli- gations | 265 | 302 |
Non-current liabilities to credit institutions | 2,971 | 3,121 |
Non-current lease liabilities | 1,099 | 1,204 |
Current interest-bearing liabilities | 406 | 406 |
Total interest-bearing provisions and liabilities | 4,741 | 5,033 |
Financial interest-bearing fixed assets | 21 | 22 |
Other interest-bearing receivables | 16 | 2 |
Cash and cash equivalents | 442 | 499 |
Total interest-bearing assets | 479 | 523 |
Net debt | 4,262 | 4,510 |
Adjusted net debt Dec 31, 2025 Dec 31, 2024
Net debt | 4,262 | 4,510 |
Lease liabilities | -1,476 | -1,581 |
Adjusted net debt | 2,786 | 2,929 |
Financial net debt Dec 31, 2025 Dec 31, 2024
Net debt | 4,262 | 4,510 |
Lease liabilities | -1,476 | -1,581 |
Pension-related receivables | 21 | 22 |
Pension-related liabilities | -265 | -302 |
Financial net debt | 2,542 | 2,649 |
Net debt/EBITDA Dec 31, 2025 Dec 31, 2024
Average net debt, rolling twelve months | 4,397 | 4,313 |
Adjusted operating profit, rolling twelve months | 1,027 | 1,044 |
Depreciation/amortisation and impairment, rolling twelve months, excluding one-off items and restructuring costs | 676 | 675 |
Adjusted EBITDA, rolling twelve months | 1,703 | 1,719 |
Net debt/EBITDA, times | 2.6 | 2.5 |
1) From the first quarter 2025, this alternative key performance indicator is included as a supplement to other financial information, with the aim of further clarifying the Group's profitability adjusted for amortisation and impairment of acquisition-related intangible assets.
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 23
Q4 2025
Financial net debt/EBITDA excluding IFRS 16 | Dec 31, 2025 | Dec 31, 2024 | ||
Average financial net debt, rolling twelve months | 2,640 | 2,552 | ||
Adjusted operating profit, rolling twelve months | 1,027 | 1,044 | ||
Reversal of leasing defined according to IFRS 16, rolling twelve months | -439 | -419 | ||
Depreciation/amortisation and impairment, rolling twelve months, excluding one-off items and restructuring costs | 676 | 675 | ||
Adjusted EBITDA, excluding IFRS 16 rolling twelve months | 1,264 | 1,300 | ||
Financial net debt/EBITDA excluding IFRS 16, times | 2.1 | 2.0 | ||
Net debt/equity ratio | Dec 31, 2025 | Dec 31, 2024 | ||
Net debt | 4,262 | 4,510 | ||
Shareholders' equity | 7,319 | 7,360 | ||
Net debt/equity ratio | 0.6 | 0.6 | ||
Growth | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
Change in Net sales | -174 | 34 | -469 | 209 |
Of which | ||||
- Organic | -99 | -184 | -525 | -732 |
- Acquisitions/divestments | 61 | 203 | 408 | 958 |
- Currency effects | -136 | 15 | -352 | -17 |
Interest coverage ratio | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
Earnings before tax | 47 | -175 | 888 | 461 |
Interest expenses | 54 | 76 | 229 | 272 |
Total | 101 | -99 | 1,117 | 733 |
Interest expenses | 54 | 76 | 229 | 272 |
Interest coverage ratio, times | 1.8 | -1.3 | 4.9 | 2.7 |
Operating profit before amortisation/depreciation and impairment - EBITDA | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
Operating profit | 97 | -101 | 1,097 | 736 |
Depreciation/amortisation and impairment | 170 | 468 | 754 | 968 |
of which one-off items and restructuring costs | 4 | 293 | 78 | 293 |
Operating profit before amortisation/depreciation and impairment - EBITDA | 267 | 367 | 1,851 | 1,704 |
Profit margin before tax | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
Net sales | 3,134 | 3,308 | 12,854 | 13,323 |
Earnings before tax | 47 | -175 | 888 | 461 |
Profit margin before tax, % | 1.5 | -5.3 | 6.9 | 3.5 |
24 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
Q4 2025
Profit for the period attributable to Parent Company's shareholders to average number of shares outstanding, based on a rolling twelve-month calculation.
KEY PERFORMANCE INDICATORS NOT DEFINED ACCORDING TO IFRS Adjusted EBITAAdjusted operating profit with additions for
amortisation and impairment of acquisition-related intangible asset.
Adjusted EBITA-marginAdjusted EBITA expressed as a percentage of net sales
Adjusted free cash flowFree cash flow excluding cash flow effect from acquisitions and divestment.
Adjusted net debtNet debt excluding liabilities related to leasing.
Adjusted operating marginAdjusted operating profit expressed as a percentage of net sales.
Adjusted operating profitOperating profit adjusted for one-off items and restructuring costs when the amount is significant in size.
Cash conversionAdjusted free cash flow expressed as a percentage of adjusted operating profit.
Capital employedTotal assets less non-interest-bearing provisions and liabilities
Cash flow from operating activities per share, SEKCash flow from operating activities in relation to number of
shares outstanding at the end of the period
Equity/asset ratioShareholders' equity including non-controlling interests, expressed as a percentage of total assets.
Financial net debtNet debt excluding leasing liabilities and pension related items.
Financial net debt/EBITDA excluding IFRS 16Average financial net debt in relation to EBITDA, excluding IFRS 16 and excluding one-off items and restructuring costs, based on a rolling twelve-month calculation.
Free cash flowCash flow from operating activities and cash flow from inves-
ting activities
Interest coverage ratio, timesEarnings before tax plus interest expense in relation to interest expense.
Investments in intangible assets and tangible fixed assets Investments excluding acquisitions and divestments of companies/businesses. Net debtInterest-bearing provisions and liabilities less interest-bearing assets and cash and cash equivalents.
Net debt/EBITDAAverage net debt in relation to EBITDA, excluding one-off items and restructuring costs, based on a rolling twelve-month calculation.
Net debt/equity ratioNet debt in relation to shareholders' equity including non-con-trolling interests.
One-off items and restructuring costsItems not included in the ordinary business transactions and when each amount is significant in size and therefore has an effect on the profit or loss and key performance indicators, are classified as one-off items and restructuring costs.
Operating marginOperating profit expressed as a percentage of net sales.
Operating profitProfit before financial items and tax.
Operating profit before amortisation/depreciation - EBITDA Operating profit before amortisations/depreciations according to plan and impairments. Organic growthChange in sales adjusted for currency effects as well as acquisitions and divestments compared with the same period of the previous year.
Profit marginEarnings before tax expressed as a percentage of net sales.
Return on capital employedEarnings before tax after adding back financial expenses based on a rolling twelve-month calculation, expressed as a percentage of average capital employed1).
Return on shareholders' equityProfit for the period attributable to Parent Company's shareholders based on a rolling twelve-month calculation, expressed as a percentage of average shareholders' equity1) attributable to Parent Company shareholders.
Shareholders' equity per share, SEKShareholders' equity attributable to Parent Company's shareholders in relation to number of shares outstanding at the end of the period.
1) Average capital is based on the quarterly value.
LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026 25
Q4 2025
Lindab Group generated net sales of SEK 12,854 m in year 2025 and has approximately 5,000 employees in 19 countries in approximately 180 locations.
Lindab Group is one of Europe's largest ventilation groups, offering customers complete ventilation solutions with products for air distribution and room ventilation.
In 2025, Western Europe accounted for 45 percent, the Nordics for 41 percent, Central Europe for 10 percent and Other markets for 4 percent of total sales.
The share is listed on Nasdaq Stockholm, Large Cap, under the ticker symbol LIAB.
Business conceptLindab Group develops, manufactures, markets and distributes products for a better indoor climate and simplified construction.
Business modelLindab Group's offering includes products and entire systems for energy-efficient ventilation and a healthy indoor climate. In some countries, Lindab Group also has an extensive range of roof, wall and rainwater systems.
The products are characterised by high quality, ease of installation, energy and environmental thinking and are delivered with a high level of service, which together gives an increased customer value.
Lindab Group's value chain is characterised by a good balance between centralised and decentralised functions. The distribution network has been built up with the goal of being close to the customer.
Press and analyst meetingA live webcast will be held at 11:00 am (CET) on 12 February. The Full Year Report will be presented by Ola Ringdahl, President and CEO, and Lars Ynner CFO.
If you wish to participate via webcast please use the link below. https://lindab.events.inderes.com/q4-report-2025
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://events.inderes.com/lindab/q4-report-2025/dial-in
For more information see lindabgroup.com.Calendar
All financial reports will be published at lindabgroup.com.
APR
Annual Report 2025
10
MAY
Interim Report January - March
6
MAY
Annual General Meeting
12
JUL
Interim Report January - July
17
ShareShare price performance 2025, SEK
OCT
23
Interim Report January - September
For further information, please contact |
Ola Ringdahl, President and CEO E-mail: ola.ringdahl@lindab.com |
Lars Ynner, CFO E-mail: lars.ynner@lindab.com |
Fredrik Wahrolén, Head of Communications E-mail: fredrik.wahrolen@lindab.com Mobile: +46 (0) 70 539 33 79 |
Telephone +46 (0) 431 850 00 For more information, please visit lindabgroup.com |
300
250
200
150
100
Jan
Feb Mar
Apr May Jun
Jul
Aug Sep
Oct
Nov Dec
January-December 2025 | |
Share price performance: | -9% |
Average share turnover/day: | 146,224 |
Highest price paid (27 October): | SEK 246.00 |
Lowest price paid (9 April): | SEK 164.00 |
Closing price 30 December: | SEK 208.40 |
Market cap 30 December: | SEK 16,054 m |
Total no. of shares: | 78,842,820 |
- whereof treasury shares | 1,806,888 |
- whereof outstanding shares | 77,035,932 |
This information is information that Lindab International AB is obliged to make public pursuant to the EU Market Abuse
Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 07.00 am (CET) on 12 February 2026.
26 LINDAB INTERNATIONAL AB (PUBL) | CORPORATE IDENTIFICATION NUMBER 556606-5446 | LINDABGROUP.COM | PUBLISHED 12 FEBRUARY 2026
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