Interim Report January-September 2025
Strong quarter for Lindab despite challenging market conditions
Lindab delivered a strong result in the third quarter. The Group's adjusted operating margin increased to
9.7 percent driven by ongoing efficiency improvements and structural measures. The largest business area Ventilation Systems achieved the highest sales and best result ever for a third quarter. Business area Profile Systems was affected by low activity for larger construction projects, particularly in Sweden.
Third quarter 2025Net sales amounted to SEK 3,253 m (3,348), a decrease by 3 percent. Organic sales growth was -4 percent while net effect of acquisitions and divestments contributed positively by 3 percent. Currency effects amounted to -2 percent.
Adjusted operating profit increased to SEK 315 m (304).
One-off items amounted to SEK 176 m (-30). These items were not affecting cash flow.
Operating profit increased to SEK 491 m (274).
Adjusted operating margin increased to 9.7 percent (9.1).
Operating margin increased to 15.1 percent (8.2).
Profit for the period increased to SEK 400 m (158).
Earnings per share before and after dilution increased to SEK 5.19 (2.05).
Cash flow from operating activities increased to SEK 335 m (259).
In July, the acquisition of the Polish ventilation specialist Ventia was completed. In addition, the acquisition of the British ventilation company HAS-Vent Holding Ltd. was completed after the approval by the UK Competition and Markets Authority.
In July, Lindab signed an agreement to divest its operations for profile products in Hungary. The divestment is part of the previously announced restructuring within business area Profile Systems in Eastern Europe.
January-September 2025Net sales amounted to SEK 9,720 m (10,015), a decrease by 3 percent. Organic sales growth was -4 percent while the net effect of acquisitions and divestments contributed positively by 3 percent. Currency effects amounted to -2 percent.
Adjusted operating profit amounted to SEK 824 m (867).
One-off items amounted to SEK 176 m (-30). These items were not affecting cash flow.
Operating profit increased to SEK 1,000 m (837).
Adjusted operating margin amounted to 8.5 percent (8.7).
Operating margin increased to 10.3 percent (8.4).
Profit for the period increased to SEK 719 m (488).
Earnings per share before and after dilution increased to SEK 9.34 (6.34).
Cash flow from operating activities increased to SEK 826 m (809).
Lindab increased the operating profit for the third quarter and strengthened the adjusted operating margin to 9.7 percent, despite a continued challenging market. A determined focus on efficiency improvements and long-term structural measures contributed to the improvement. Business area Ventilation Systems reported its best ever third quarter in terms of sales and results.
Strong quarter for Ventilation SystemsThe intense efforts to improve profitability within Ventilation Systems are now beginning to yield clear results. The business showed strong performance during the quarter, delivering an adjusted operating margin of 10.6 percent. Thanks to price adjustments, cost reductions and structural measures, both gross margin and operating margin have strengthened. Our cost reduction programme reached full effect in July, and further structural measures are underway to optimise operations even more.
Sales and results are the highest ever for a third quarter in the business area. Several countries including France, the UK and the Netherlands, Italy and Ireland reported good growth. However, challenges remain in Sweden and Germany, where low market activity has continued to negatively affect both sales and operating profit compared to previous year.
"Sales and results for Ventilation Systems are the highest ever for a third quarter."
Profile Systems continues to face challengesBusiness area Profile Systems continues to be negatively impacted by low activity for larger building projects, particularly in the Swedish market. However, sales to smaller projects and through builders' merchants increased during the quarter. Additional efficiency actions and structural measures are being prepared to improve profitability in Profile Systems.
During the quarter, an agreement was reached to divest the Profile business in Hungary, and negotiations are ongoing regarding the divestment of operations in Romania. Following these transactions,
Lindab's operations in Eastern Europe will be solely focused on ventilation.
European steelSteel is an important input material for Lindab, and we prioritise steel purchases from European producers. This ensures consistently
high quality, as well as significant sustainability benefits. The climate impact of steel production for Lindab's products is well documented in an environmental product declaration. Shorter transport distances compared to steel from Asia or North America result in a lower climate footprint. Lindab also offers products with a considerably higher proportion of recycled steel, achieving a 60 percent lower climate impact.
"Lindab also offers products with a considerably higher proportion of recycled steel, achieving a 60 percent lower climate impact."
Acquisitions unlock synergiesOver the past few years, Lindab has grown substantially, with many new companies becoming part of the Group. Acquisitions will remain a key part of our strategy, and we have a strong pipeline of potential candidates that could complement our business. These companies continue to operate as customer-focused profit centres. At the same time, we are identifying interesting synergies in sales, purchasing and production. We are working intensively to realise these synergies and expect them to lead to gradual profitability improvements for the Group.
The market outlook remains uncertain, and therefore we are focusing on measures within our own control to influence profitability. We expect sales to stabilise on current levels during the rest of 2025, with a gradual market recovery anticipated for 2026. Investments in automated production will strengthen margins as volumes increase.
"We expect sales to stabilise on current levels during the rest of 2025, with a gradual market recovery anticipated for 2026."
In the longer term, we are optimistic about Lindab's opportunities to benefit from an expected increased demand for energy-efficient ventilation, which contributes to sustainable buildings and a healthy indoor climate. With a strong product portfolio, well-invested production facilities and a highly competent sales force we are more than ready.
Grevie, 24 October 2025
Ola Ringdahl President and CEO
Sales and profitKey performance indicators | 2025 Jul-Sep | 2024 Jul-Sep | Change, % | 2025 Jan-Sep | 2024 Jan-Sep | Change, % | R 12M 2024 Oct- 2025 Sep | 2024 Jan-Dec |
Net sales, SEK m | 3,253 | 3,348 | -3 | 9,720 | 10,015 | -3 | 13,028 | 13,323 |
Adjusted1) operating profit, SEK m | 315 | 304 | 4 | 824 | 867 | -5 | 1,001 | 1,044 |
Operating profit, SEK m | 491 | 274 | 79 | 1,000 | 837 | 19 | 899 | 736 |
Adjusted1) operating margin, % | 9.7 | 9.1 | - | 8.5 | 8.7 | - | 7.7 | 7.8 |
Operating margin, % | 15.1 | 8.2 | - | 10.3 | 8.4 | - | 6.9 | 5.5 |
Profit for the period, SEK m | 400 | 158 | 153 | 719 | 488 | 47 | 546 | 315 |
Earnings per share before and after dilution, SEK | 5.19 | 2.05 | 153 | 9.34 | 6.34 | 47 | 7.10 | 4.10 |
Cash flow from operating activities, SEK m | 335 | 259 | 29 | 826 | 809 | 2 | 1,455 | 1,438 |
Number of employees at the end of the period | 5,049 | 5,153 | -2 | 5,049 | 5,153 | -2 | 5,049 | 5,123 |
1) During the quarter and period January-September 2025, one-off items and restructuring costs corresponding to SEK 176 m (-30) was reported. See reconciliations on page 24.
Sales and marketLindab continued to deliver a stable performance in the third quarter of 2025, despite challenging market conditions. Net sales amounted to SEK 3,253 m (3,348), a decrease of 3 percent. Sales growth in comparable units was -4 percent, and currency effects had an impact of -2 percent. The net effect of acquisitions and divestments contributed positively by 3 percent.
Construction activity in most European markets where Lindab operates remained relatively stable during the quarter, although overall levels continued to be subdued, particularly within residential and commercial new builds. Despite this, several markets showed signs of recovery, while activity in Sweden and Germany remained weak.
Ventilation Systems reported its strongest ever third quarter performance, both in terms of sales and profit. Sales increased as a consequence of completed acquisitions. Net sales in comparable units declined by 1 percent, mainly due to continued market headwinds in Sweden and Germany.
Profile Systems experienced a sales decline of 17 percent, largely attributable to its high exposure to the Swedish market and new construction, where activity remains at a low level. Sales were also negatively impacted by the previously communicated closures of profile operations in Poland, the Czech Republic, and Estonia.
For the period January-September, net sales amounted to SEK 9,720 m (10,015), a decrease of 3 percent. Organic growth was -4
percent, currency effects -2 percent, while the net effect of acquisitions and divestments contributed positively by 3 percent.
ProfitAdjusted operating profit for the third quarter amounted to SEK 315 m (304), corresponding to an adjusted operating margin of 9.7 percent (9.1). The improvement in profit was primarily driven by efficiency measures and an improved gross margin within Ventilation Systems, as well as lower costs following structural actions announced in
the fourth quarter 2024. Operating profit includes one-off items of net SEK 176 m (-30), which had no impact on cash flow. These
items mainly relate to a reduction in the contingent consideration for Airmaster, amounting to SEK 291 m. While Airmaster continues to deliver solid profitability, it has not met the ambitious sales targets. Additionally, disposals and write-downs of intangible and tangible assets amounted to SEK -115 m.
Adjusted operating profit for Ventilation Systems in the third quarter amounted to SEK 274 m (240), while Profile Systems reported SEK 47 m (71). Net profit for the period totalled SEK 400 m (158). Earnings per share before and after dilution amounted to SEK 5.19 (2.05).
For the period January-September, adjusted operating profit amounted to SEK 824 m (867), corresponding to an adjusted operating margin of 8.5 percent (8.7). Operating profit includes one-off items of net SEK 176 m (-30). Profit for the period was SEK 719 m (488), and earnings per share before and after dilution amounted to SEK 9.34 (6.34).
Net sales, SEK m Breakdown of net sales, last 12 months
Adjusted operating profit, SEK m
4,000
3,000
2,000
1,000
15,000
12,000
9,000
6,000
3,000
45%
4%
41%
500
400
300
200
100
1,500
1,250
1,000
750
500
250
0
Q3 Q4
Q1 Q2
Q3 Q4
0
Q1 Q2 Q3
0
Q3 Q4
10%
Q1 Q2
Q3 Q4
0
Q1 Q2 Q3
Quarter
2023
2024
2025
R 12M
Quarter
2023
2024
2025
R 12M
Segment - Ventilation Systems
Key performance indicators | 2025 Jul-Sep | 2024 Jul-Sep | Change, % | 2025 Jan-Sep | 2024 Jan-Sep | Change, % | R 12M 2024 Oct- 2025 Sep | 2024 Jan-Dec |
Net sales, SEK m | 2,581 | 2,538 | 2 | 7,712 | 7,699 | 0 | 10,220 | 10,207 |
Net sales growth, % | 2 | 6 | - | 0 | 6 | - | 1 | 5 |
Share of the Group's net sales, % | 79 | 76 | - | 79 | 77 | - | 78 | 77 |
Adjusted1) operating profit, SEK m | 274 | 240 | 14 | 758 | 757 | 0 | 933 | 932 |
Adjusted1) operating margin, % | 10.6 | 9.5 | - | 9.8 | 9.8 | - | 9.1 | 9.1 |
Number of employees at the end of the period | 4,232 | 4,246 | 0 | 4,232 | 4,246 | 0 | 4,232 | 4,232 |
1) During the quarter and period January-September 2025, one-off items and restructuring costs corresponding to SEK 194 m (-30) was reported. See reconciliations on page 24.
Sales and marketNet sales for Ventilation Systems in the third quarter amounted to SEK 2,581 m (2,538), an increase of 2 percent compared to the same period last year. Organic growth was -1 percent, while acquisitions contributed positively by 6 percent. Currency effects were -3 percent.
Ventilation Systems delivered its strongest ever third quarter performance, both in terms of sales and profit. The increase in sales was primarily driven by completed acquisitions. Western Europe, the largest region by sales, reported flat organic growth in comparable units. Several markets, including France, the UK, Ireland, Italy, and the Netherlands, recorded positive organic growth, while Germany reported a decline. In the Nordic region, Sweden continued to show weak development, whereas Denmark and Finland reported positive organic growth. Central Europe recorded positive sales development during the quarter, with the Czech Republic and Hungary reporting organic growth.
For the period January-September, net sales amounted to SEK 7,712 m (7,699). Organic growth was negative by 3 percent, acquisitions contributed positively by 5 percent, and currency effects were
-2 percent.
ProfitAdjusted operating profit for the quarter amounted to SEK 274 m (240), corresponding to an adjusted operating margin of 10.6 percent (9.5). The improvement was driven by a stronger gross
margin, more efficient production, and lower costs as a result of structural measures announced in the fourth quarter of 2024.
Acquisitions completed at the end of 2024 and during 2025 have been successfully integrated and are contributing positively to the profit.
For the quarter and period January-September one-off items of net SEK 194 m (-30) were reported. These items had no impact on cash flow and consisted mainly of a reduction in the contingent consideration of SEK 291 m and write-downs and disposals of intangible assets amounting to SEK -97 m.
For the period January-September, adjusted operating profit amounted to SEK 758 m (757) and the adjusted operating margin was 9.8 percent (9.8).
ActivitiesLindab's acquisition of the Polish ventilation company Ventia was completed on 7 July 2025 following approval by the Polish competition authority. The acquisition strengthens Lindab's position in the Polish market and represents an important step in increasing sales of technical ventilation products.
On 1 July 2025, Lindab completed the acquisition of the UK-based ventilation company HAS-Vent, following the fulfilment of all regulatory conditions. In accordance with a decision by the UK Competition and Markets Authority (CMA), two distribution branches were divested in connection with the transaction.
Net sales, SEK m Breakdown of net sales, last 12 months
Adjusted operating profit, SEK m
3,000
2,500
2,000
1,500
1,000
500
12000
10000
8000
6000
4000
2000
56%
30%
300
250
200
150
100
50
1,200
1,000
800
600
400
200
0
Q3 Q4
9% 5%
Q1 Q2
Q3 Q4
0
Q1 Q2 Q3
0
Q3 Q4
Q1 Q2
Q3 Q4
0
Q1 Q2 Q3
Quarter
R 12M
Quarter R 12M
2023
2024
2025
R 12M
2023
2024 2025
Segment - Profile Systems
Key performance indicators | 2025 Jul-Sep | 2024 Jul-Sep | Change, % | 2025 Jan-Sep | 2024 Jan-Sep | Change, % | R 12M 2024 Oct- 2025 Sep | 2024 Jan-Dec |
Net sales, SEK m | 672 | 810 | -17 | 2,008 | 2,316 | -13 | 2,808 | 3,116 |
Net sales growth, % | -17 | -6 | - | -13 | -9 | - | -12 | -9 |
Share of the Group's net sales, % | 21 | 24 | - | 21 | 23 | - | 22 | 23 |
Adjusted1) operating profit, SEK m | 47 | 71 | -34 | 98 | 143 | -31 | 124 | 169 |
Adjusted1) operating margin, % | 7.0 | 8.8 | - | 4.9 | 6.2 | - | 4.4 | 5.4 |
Number of employees at the end of the period | 732 | 845 | -13 | 732 | 845 | -13 | 732 | 825 |
1) During the quarter and period January-September 2025, one-off items and restructuring costs corresponding to SEK -18 m (-) was reported. See reconciliations on page 24.
Sales and marketNet sales for Profile Systems in the third quarter amounted to SEK 672 m (810), a decrease of 17 percent. Organic growth was -13 percent, currency effects had a negative impact of -1 percent, and divestments contributed negatively by 3 percent.
The Nordic market, which represents the largest share of the seg-ment's sales, continued to be affected by low construction activity. This was particularly evident in residential and commercial new builds, where the recovery in Sweden has been slower than previously anticipated, especially in larger construction projects.
While there are signs of recovery among builders' merchants, this represents a smaller portion of the segment's total sales. Sales related to larger construction projects and industrial buildings remained weak during the quarter in both Sweden and Norway. The relocation of the sandwich panel production from Luleå to Piteå, Sweden, continued to impact both delivery capacity and revenue levels. Full capacity is expected to be reached slightly later than planned. Sales were also negatively affected by the previously communicated closure of profile operations in Poland, the Czech Republic, and Estonia. The impact amounted to -4 percent for the quarter and -3 percent for the January-September period.
For the period January-September, net sales amounted to SEK 2,008 m (2,316), a decrease of 13 percent. Organic growth was negative with 10 percent, currency effects were -1 percent, and divestments contributed negatively by 2 percent.
ProfitAdjusted operating profit for the quarter amounted to SEK 47 m (71), corresponding to an adjusted operating margin of 7.0 percent (8.8). The decline was primarily due to lower sales volumes and continued low capacity utilisation. However, structural measures implemented have contributed to cost control. For the quarter and period January-September one-off items of SEK -18 m (-) were reported. These items had no impact on cash flow and consisted of write-downs of tangible fixed assets.
For the period January-September, adjusted operating profit amounted to SEK 98 m (143) and the adjusted operating margin was 4.9 percent (6.2).
ActivitiesDuring the quarter, Lindab signed an agreement to divest its profile products business in Hungary. The divestment is part of the previously announced restructuring of the Profile Systems segment in Eastern Europe. The transaction is expected to be completed around year-end. The divestment will have a positive impact on the segment's margin and contribute to improved capital efficiency.
Net sales, SEK m Breakdown of net sales, last 12 months
Adjusted operating profit, SEK m
1,200
900
600
300
4,000
3,000
2,000
1,000
6%
0%
81%
150
100
50
450
300
150
0
Q3 Q4
Q1 Q2
Q3 Q4
0
Q1 Q2 Q3
0
Q3 Q4
13%
Q1 Q2
Q3 Q4
Q1 Q2
Q3 0
Quarter
2023
2024
2025
R 12M
R 12M
Quarter
2023
2024 2025
R 12M
Cash flow, financial position and business combinationsSEK m | 2025 Jul-Sep | 2024 Jul-Sep | 2025 Jan-Sep | 2024 Jan-Sep | R 12M 2024 Oct- 2025 Sep | 2024 Jan-Dec |
Cash flow from operating activities | 335 | 295 | 826 | 809 | 1,455 | 1,438 |
Cash flow from investing activities | -298 | -74 | -443 | -1,381 | -663 | -1,601 |
- Of which related to acquisition (+) /divestment (-) of Group companies | 218 | 37 | 205 | 1,208 | 379 | 1,382 |
Cash flow from financing activities | 10 | -206 | -358 | 558 | -851 | 65 |
Cash flow for the period | 47 | -21 | 25 | -14 | -59 | -98 |
Adjusted free cash flow | 255 | 222 | 588 | 636 | 1,171 | 1,219 |
Cash conversion, % | 81 | 73 | 71 | 73 | 117 | 117 |
Net debt | 4,411 | 4,385 | 4,411 | 4,385 | 4,411 | 4,510 |
Net debt/EBITDA, times | 2.7 | 2.3 | 2.7 | 2.3 | 2.7 | 2.5 |
Financial net debt/EBITDA, times | 2.1 | 1.7 | 2.1 | 1.7 | 2.1 | 2.0 |
Cash flow from operating activities amounted to SEK 335 m (259) for the quarter, representing an improvement compared to the previous year. The increase was primarily attributable to higher "cash flow from operating activities before change in working capital" (page 13), which totalled SEK 400 m (295). The change in working capital for the quarter was in line with the previous year and amounted to SEK -65 m (-36). Operating profit for the quarter amounted to SEK 491 m (274).
Cash flow from investing activities, excluding acquisitions and divestments, amounted to a net outflow of SEK -80 m (-37) for the quarter, of which proceeds from the sale of tangible fixed assets totalled SEK 1 m (4). Cash flow related to acquisitions and divestments of operations amounted to SEK -218 m (-37), of which SEK
-4 m (-2) referred to payments of contingent considerations related to previously completed acquisitions.
Cash flow from financing activities for the quarter amounted to SEK 10 m (-206). This figure included amortisations of lease liabilities totaling SEK -94 m (-95), while other changes were mainly attributable to increased borrowing and utilisation of credit facilities.
Cash flow from operating activities for the period January-September amounted to SEK 826 m (809). During the period, capital tied up in stock increased by SEK 37 m (decreased by 93).
The negative cash flow effect from changes in working capital was partly offset by the Group's improved "cash flow from operating activities before change in working capital" (page 13), which increased to SEK 1,097 m (971). Operating profit for the period amounted to SEK 1,000 m (837).
Cash flow from investing activities, excluding acquisitions and divestments, amounted to SEK -238 m (-173) for the period January-September. The cash flow included proceeds from the sale of tangible fixed assets of SEK 5 m (8). Cash flow related to acquisitions and divestments amounted to SEK -205 m (-1,208), of which SEK -37 m (-32) related to final settlements of purchase considerations and payments of contingent considerations from previously completed acquisitions.
Cash flow from financing activities for the period January-September amounted to SEK -358 m (558). This figure included amortisations of lease liabilities totaling SEK -287 m (-278), as well as dividends to shareholders of SEK 208 m (207). Other changes within financing activities were mainly related to changes in borrowing and utilisation of credit facilities.
800
600
400
200
Cash flow from operating activities, SEK m
2,000
1,500
1,000
500
SEK m
5,000
4,000
3,000
2,000
1,000
Net debt/EBITDA
times
3,0
2,5
2,0
1,5
1,0
0,5
0
Q3 Q4
Q1 Q2
Q3 Q4
0
Q1 Q2 Q3
0
Q3 Q4
Q1 Q2
Q3 Q4
Q1 Q2
Q3 0,0
Quarter
2023
2024
2025
R 12M
Quarter
2023
2024
2025
R 12M
R 12M
Net debt/EBITDA Financial net debt/EBITDA
Cash flow, financial position and business combinations (cont.) Net debt and financing
Net debt amounted to SEK 4,411 m (4,385) as of 30 September, of which SEK 1,438 m (1,473) related to lease liabilities.
The equity/assets ratio was 48 percent (47), and the net debt/equity ratio was 0.6 (0.6). Net financial items for the quarter amounted to SEK
-56 m (-66). 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 met the covenant requirements as of 30 September 2025.
To emphasise Lindab's commitment to integrating sustainability across all areas of the business, the credit facility has, as of 1 January 2025, been linked to sustainability targets. These targets are monitored annually, and the interest margin is adjusted based on the level of target achievement.
Lindab'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's products.
During the quarter, the acquisition of the Polish ventilation specialist Ventia was completed, and the acquisition of the UK-based ventilation company HAS-Vent was finalised following approval by the UK competition authority.
Lindab has also signed an agreement to divest its Profile Systems operations in Hungary.
For further information regarding acquisitions and divestments carried out during the year, see Note 3.
Financial targetsLindab 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 | ||||
-0.4 | ||||
24.32)
2.7
2.5
1.9
1.6
1.04)
13.12)
10.9
9.0
7.8 7.7
2021
2022
2023
2024
Q3 2025
R 12M
2021
2022
2023
2024
Q3 2025
R 12M
2021
2022
2023
2024
Q3 2025
R 12M
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 amounted to 2.1 in
Q3 2025 R 12M, 2.0 in 2024, 1.4 in 2023, 1.0 in 2022 and 0.4 in 2021. For complete definition of financial net debt and financial net debt/EBITDA, see page 27.
Including the previous segment Building Systems, which was divested in 2021.
Lindab's sustainability workLindab's sustainability work is guided by three strategic focus areas:
Creating healthier buildings
Reducing customers' climate impact
Operating a sustainable business
During 2025, Lindab continued its efforts within energy efficiency, supplier risk assessment, and proactive measures to reduce work-related absences. In addition, several initiatives are underway to ensure progress and delivery across all sustainability targets. Followup focuses on three of Lindab's strategic objectives: own climate emissions according to scope 1 and 21,3), the share of evaluated and approved suppliers, and the number of work-related accidents per million hours worked.
Ton CO2e
25,000
20,000
15,000
10,000
5,000
Target
Lower CO2e emissions from own operationsLindab's CO2e emissions in scope 1 and 21,3) during the first half of 2025 decreased by 36 percent compared with the corresponding period in 2024. The reduction occurred
LTIF
10
8
6
4
2
Target
Fewer work-related accidentsLindab measures work-related accidents using the key performance indicator LTIF (Lost Time Injury Frequency - number of work-related accidents per
0
2022
2023
2024
6M 2025
mainly within scope 2 as a result of continued transition to renewable
0
2022 2023 2024 Q3 2025
R 12M
million hours worked). The goal is LTIF <4. LTIF has continued to
Scope 1
Scope 2
%
electricity in Poland, Italy, and Denmark during the first two quarters. Lindab also continues to work broadly with energy efficiency measures within its production facilities.
More evaluated suppliersdecrease, reaching 2.3 as of 30
September 2025 compared to 3.6 for the full year 2024. The implemented actions have contributed to reduced risk behaviors, and the development continues to be
closely monitored to achieve further improvement.
100
75
50
25
0
Target
More information about Lindab's sustainability work is available on the company's website, as well as in the Annual and Sustainability Report for 2024. The CO2e emission target was further specified in 2024 as part of the work to align targets and plans with the Science Based Targets initiative (SBTi).
By June 30th 2025, 93 percent of suppliers had been evaluated - an increase of 2 percentage points compared to the end of 2024 and in line with Lindab's target. The evaluation prioritises suppliers in high-
2022 2023 2024 6M 2025
risk countries, who are assessed first. Remaining suppliers are then evaluated in descending risk order to eventually cover all suppliers2).
Scope 1: Direct emissions from owned or controlled operations. Scope 2: Indirect emissions from the generation of purchased electricity, steam, heating, and cooling consumed by the company. Scope 3: All other indirect emissions that occur in the company's value chain but are not owned or controlled by the company.
Suppliers in low- and medium-risk countries representing purchases above EUR 100,000, and suppliers in high-risk countries representing purchases above EUR 25,000, are included. Suppliers added through acquisitions must be evaluated within their first year as part of the Group.
Market-based method. The target boundary includes market-related emissions and removals from bioenergy raw materials.
Lindab 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 2 m (2). Profit for the quarter amounted to SEK 0 m (-2).
Net sales for the period January-September amounted to SEK 5 m (5). Profit for the period amounted to SEK 710 m (0) and includes dividend from shares in subsidiaries amounting to SEK 719 m (-).
Significant risks and uncertaintiesThere have been no significant changes in relation to what was stated by Lindab 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 5,049 (5,198) at the end of the quarter. Adjusted for acquisitions and divestments, the net decrease was 173 employees compared to the same quarter previous year.
Seasonal variationsLindab'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 regarding guidelines for remuneration of senior executives were last adopted at the Annual General Meeting in 2024, principles that, according to a resolution, must be presented for adoption at the Annual General Meeting at least every four years. According to adopted guidelines, the remuneration program for senior executives shall among other things include variable cash pay elements. Theses variable elements shall be based on measurable criteria, which reflects predetermined financial, sustainable and qualitative targets for Lindab. Based on previous resolution at the Annual General Meeting, 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 on market terms. The total cost in the event of maximum outcome for the three-year measuring period for 2025 to 2027 is estimated to SEK 16 m. Long-term incentive programs from 2023 and 2024 essentially have the same principles as the program for 2025 and the measuring period of these programs are 2023 to 2025 and 2024 to 2026.
Share option programAt the Annual General Meeting 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, 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 at an exercise price of SEK
255.20. Acquisitions of shares supported by share options may take place after Lindab 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 Annual General Meeting 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 Annual General Meeting will be held on May 12, 2026. Notice to the meeting will be sent in due course.
DividendThe Annual General Meeting, held on May 13, 2025, resolved a dividend of SEK 5.40 per share. The dividend is to be distributed halfyearly and the first payment of SEK 2.70 per share was distributed in May, 2025. The second payment of SEK 2.70 per share with record date November 3, 2025 and expected payment November 6, 2025.
Nomination CommitteeIn accordance with a resolution passed at the Annual General Meeting, the Chairman of the Board, in conjunction with the com-pany's three largest shareholders, has appointed a Nomination Committee. Consequently, Kristian Åkesson (Carnegie Fonder), Markus Melkko (Oras Invest), Thomas Elin (Fjärde AP-fonden) and Peter Nilsson (Chairman of the Board of Lindab International AB) have formed a Nomination Committee prior to Lindab's Annual General Meeting in May, 2026. Kristian Åkesson has been appointed as Chairman of the Nomination Committee.
Significant events during the reporting periodIn July, Lindab completed the acquisition of the Polish ventilation specialist Ventia Sp. z o.o., see Note 3.
In July, Lindab signed an agreement to divest its operations for profile products in Hungary, see Note 3.
In July, Lindab completed the acquisition of the UK-based ventilation company HAS-Vent Holdings Ltd. after the fulfilment of all regulatory demands by the UK Competition and Markets Authority (CMA), see Note 3.
There are no other significant events during the reporting period to report.
Other (cont.) Significant events after the reporting periodThere are no other significant events after the reporting period to report.
General informationIn December 2021, Lindab 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 been subject to specific review.
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.
Net sales and segmentsNet sales and growth
SEK m
2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-DecNet sales | 3,253 | 3,348 | 9,720 | 10,015 | 13,323 |
Change | -95 | 97 | -295 | 175 | 209 |
Change, % | -3 | 3 | -3 | 2 | 2 |
Of which | |||||
- Organic, % | -4 | -4 | -4 | -6 | -5 |
- Acquisitions/divestments, % | 3 | 9 | 3 | 8 | 7 |
- Currency effects, % | -2 | -2 | -2 | 0 | 0 |
Net sales per segment and region
SEK m
2025 Jul-Sep % 2024 Jul-Sep % 2025 Jan-Sep % 2024 Jan-Sep % 2024 Jan-Dec %Ventilation Systems | 2,581 | 79 | 2,538 | 76 | 7,712 | 79 | 7,699 | 77 | 10,207 | 77 |
- Nordic Region | 718 | 28 | 747 | 30 | 2,275 | 29 | 2,372 | 31 | 3,176 | 31 |
- Western Europe | 1,431 | 55 | 1,424 | 56 | 4,319 | 56 | 4,262 | 55 | 5,637 | 55 |
- Central Europe | 305 | 12 | 237 | 9 | 754 | 10 | 703 | 9 | 913 | 9 |
- Other markets | 127 | 5 | 130 | 5 | 364 | 5 | 362 | 5 | 481 | 5 |
Profile Systems | 672 | 21 | 810 | 24 | 2,008 | 21 | 2,316 | 23 | 3,116 | 23 |
- Nordic Region | 546 | 81 | 633 | 78 | 1,623 | 81 | 1,842 | 80 | 2,493 | 80 |
- Western Europe | 43 | 6 | 50 | 6 | 116 | 6 | 128 | 6 | 170 | 5 |
- Central Europe | 80 | 12 | 123 | 15 | 260 | 13 | 335 | 14 | 437 | 14 |
- Other markets | 3 | 1 | 4 | 1 | 9 | 0 | 11 | 0 | 16 | 1 |
Total | 3,253 | 100 | 3,348 | 100 | 9,720 | 100 | 10,015 | 100 | 13,323 | 100 |
- Nordic Region | 1,264 | 39 | 1,380 | 41 | 3,898 | 40 | 4,214 | 42 | 5,669 | 42 |
- Western Europe | 1,474 | 45 | 1,474 | 44 | 4,435 | 46 | 4,390 | 44 | 5,807 | 44 |
- Central Europe | 385 | 12 | 360 | 11 | 1,014 | 10 | 1,038 | 10 | 1,350 | 10 |
- Other markets | 130 | 4 | 134 | 4 | 373 | 4 | 373 | 4 | 497 | 4 |
Gross internal sales all segments | 7 | 10 | 25 | 38 | 48 | |||||
Operating profit, operating margin and earnings before tax
2025 | 2024 | 2025 | 2024 | 2024 | ||||||
SEK m | Jul-Sep | % | Jul-Sep | % | Jan-Sep | % | Jan-Sep | % | Jan-Dec | % |
Ventilation Systems | 274 | 10.6 | 240 | 9.5 | 758 | 9.8 | 757 | 9.8 | 932 | 9.1 |
Profile Systems | 47 | 7.0 | 71 | 8.8 | 98 | 4.9 | 143 | 6.2 | 169 | 5.4 |
Other operations | -6 | - | -7 | - | -32 | - | -33 | - | -57 | - |
Adjusted operating profit | 315 | 9.7 | 304 | 9.1 | 824 | 8.5 | 867 | 8.7 | 1,044 | 7.8 |
One-off items and restructuring costs1) | 176 | - | -30 | - | 176 | - | -30 | - | -308 | - |
Operating profit | 491 | 15.1 | 274 | 8.2 | 1,000 | 10.3 | 837 | 8.4 | 736 | 5.5 |
Net financial items | -56 | - | -66 | - | -159 | - | -201 | - | -275 | - |
Earnings before tax | 435 | 13.4 | 208 | 6.2 | 841 | 8.7 | 636 | 6.4 | 461 | 3.5 |
1) One-off items and restructuring costs included in adjusted operating profit are described in 'Reconciliations' page 24.
Number of employees by end of period
2025 | 2024 | 2025 | 2024 | 2024 | |||||
Jul-Sep | % | Jul-Sep | % | Jan-Sep | % | Jan-Sep | % | Jan-Dec | % |
Ventilation Systems | 4,232 | 84 | 4,246 | 83 | 4,232 | 84 | 4,246 | 83 | 4,232 | 83 |
Profile Systems | 732 | 14 | 845 | 16 | 732 | 14 | 845 | 16 | 825 | 16 |
Other operations | 85 | 2 | 62 | 1 | 85 | 2 | 62 | 1 | 66 | 1 |
Total | 5,049 | 100 | 5,153 | 100 | 5,049 | 100 | 5,153 | 100 | 5,123 | 100 |
SEK m
2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep R 12M 2024 Oct- 2025 Sep R 12M 2023 Oct- 2024 Sep 2024 Jan-DecNet sales | 3,253 | 3,348 | 9,720 | 10,015 | 13,028 | 13,289 | 13,323 |
Cost of goods sold | -2,317 | -2,416 | -6,951 | -7,206 | -9,377 | -9,593 | -9,632 |
Gross profit | 936 | 932 | 2,769 | 2,809 | 3,651 | 3,696 | 3,691 |
Other operating income | 301 | 20 | 349 | 58 | 591 | 87 | 300 |
Selling expenses | -400 | -400 | -1,232 | -1,230 | -1,673 | -1,634 | -1,671 |
Administrative expenses | -209 | -201 | -666 | -630 | -905 | -823 | -869 |
R&D expenses | -21 | -22 | -66 | -64 | -89 | -82 | -87 |
Other operating expenses | -116 | -55 | -154 | -106 | -676 | -146 | -628 |
Total operating expenses | -445 | -658 | -1,769 | -1,972 | -2,752 | -2,598 | -2,955 |
Operating profit1) | 491 | 274 | 1,000 | 837 | 899 | 1,098 | 736 |
Interest income | 3 | 3 | 9 | 11 | 15 | 16 | 17 |
Interest expenses | -59 | -67 | -175 | -196 | -251 | -251 | -272 |
Other financial income and expenses | 0 | -2 | 7 | -16 | 3 | -18 | -20 |
Financial items | -56 | -66 | -159 | -201 | -233 | -253 | -275 |
Earnings before tax | 435 | 208 | 841 | 636 | 666 | 845 | 461 |
Tax on profit for the period | -35 | -50 | -122 | -148 | -120 | -167 | -146 |
Profit for the period | 400 | 158 | 719 | 488 | 546 | 678 | 315 |
- attributable to the Parent Company's shareholders | 400 | 158 | 719 | 488 | 546 | 678 | 315 |
Earnings per share, before dilution, SEK2) | 5.19 | 2.05 | 9.34 | 6.34 | 7.10 | 8.82 | 4.10 |
Earnings per share, after dilution, SEK2) | 5.19 | 2.05 | 9.34 | 6.34 | 7.10 | 8.82 | 4.10 |
One-off items and restructuring costs, which are included in operating profit, are described in ´Reconciliations´ on page 24.
Based on the number of outstanding shares, i.e. excluding treasury shares.
SEK m
2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep R 12M 2024 Oct- 2025 Sep R 12M 2023 Oct- 2024 Sep 2024 Jan-DecProfit for the period | 400 | 158 | 719 | 488 | 546 | 678 | 315 |
Items that will not be reclassified to the statement of profit or loss | |||||||
Actuarial gains/losses, defined benefit plans | 22 | -13 | 41 | -32 | 21 | -86 | -52 |
Deferred tax attributable to defined benefit plans | -4 | 3 | -8 | 7 | -5 | 17 | 10 |
Total | 18 | -10 | 33 | -25 | 16 | -69 | -42 |
Items that will later be reclassified to the statement of profit or loss | |||||||
Translation differences, foreign operations | -63 | -35 | -373 | 112 | -251 | -48 | 234 |
Hedges of net investments | 14 | 7 | 69 | -1 | 47 | 13 | -23 |
Tax attributable to hedges of net investments | -4 | -2 | -14 | 0 | -9 | -3 | 5 |
Total | -53 | -30 | -318 | 111 | -213 | -38 | 216 |
Other comprehensive income, net of tax | -35 | -40 | -285 | 86 | -197 | -107 | 174 |
Total comprehensive income attributable to the Parent Company's shareholders | 365 | 118 | 434 | 574 | 349 | 571 | 489 |
SEK m
2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep R 12M 2024 Oct- 2025 Sep R 12M 2023 Oct- 2024 Sep 2024 Jan-DecOPERATING ACTIVITIES | |||||||
Operating profit | 491 | 274 | 1,000 | 837 | 899 | 1,098 | 736 |
Reversal of depreciation/amortisation and impairment losses | 247 | 169 | 584 | 500 | 1,052 | 658 | 968 |
Reversal of capital gains (-)/losses (+) reported in operating profit | 32 | -3 | 24 | -5 | 25 | -4 | -4 |
Provisions, not affecting cash flow | -7 | -5 | 8 | 1 | 157 | -1 | 150 |
Adjustment for other items not affecting cash flow | -270 | -2 | -275 | -6 | -474 | -9 | -205 |
Total | 493 | 433 | 1,341 | 1,327 | 1,659 | 1,742 | 1,645 |
Interest received | 3 | 3 | 8 | 11 | 14 | 17 | 17 |
Interest paid | -61 | -62 | -168 | -187 | -232 | -238 | -251 |
Tax paid | -35 | -79 | -84 | -180 | -162 | -211 | -258 |
Cash flow from operating activities before change in working capital | 400 | 295 | 1,097 | 971 | 1,279 | 1,310 | 1,153 |
Change in working capital | |||||||
Stock (increase -/decrease +) | -7 | 20 | -37 | 93 | 211 | 303 | 341 |
Operating receivables (increase -/decrease +) | -64 | 76 | -387 | -275 | 28 | 82 | 140 |
Operating liabilities (increase +/decrease -) | 6 | -132 | 153 | 20 | -63 | -297 | -196 |
Total change in working capital | -65 | -36 | -271 | -162 | 176 | 88 | 285 |
Cash flow from operating activities | 335 | 259 | 826 | 809 | 1,455 | 1,398 | 1,438 |
INVESTING ACTIVITIES | |||||||
Acquisition of Group companies | -218 | -37 | -251 | -1,208 | -425 | -1,384 | -1,382 |
Divestment of Group companies | - | - | 46 | - | 46 | - | - |
Investments in intangible assets | -31 | -14 | -96 | -35 | -111 | -41 | -50 |
Investments in tangible fixed assets | -50 | -27 | -147 | -146 | -180 | -161 | -179 |
Change in financial fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Disposal of intangible assets | - | - | - | - | - | - | 0 |
Disposal of tangible fixed assets | 1 | 4 | 5 | 8 | 7 | 10 | 10 |
Cash flow from investing activities | -298 | -74 | -443 | -1,381 | -663 | -1,576 | -1,601 |
FINANCING ACTIVITIES | |||||||
Proceeds from borrowings | 99 | - | 150 | 5,375 | 150 | 5,375 | 5,375 |
Repayment of borrowings | - | -160 | -18 | -4,381 | -206 | -4,506 | -4,569 |
Repayment of leasing-related liabilities | -94 | -95 | -287 | -278 | -384 | -365 | -375 |
Issuance/exercise of shares/share options | 5 | 49 | 5 | 49 | 5 | 49 | 49 |
Dividend to shareholders | - | - | -208 | -207 | -416 | -407 | -415 |
Cash flow from financing activities | 10 | -206 | -358 | 558 | -851 | 146 | 65 |
Cash flow for the period | 47 | -21 | 25 | -14 | -59 | -32 | -98 |
Cash and cash equivalents at beginning of the period | 468 | 601 | 499 | 587 | 575 | 619 | 587 |
Effect of exchange rate differences on cash and cash equivalents | -9 | -5 | -18 | 2 | -10 | -12 | 10 |
Cash and cash equivalents at end of the period | 506 | 575 | 506 | 575 | 506 | 575 | 499 |
SEK m Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
ASSETS | |||
Non-current assets | |||
Goodwill | 5,813 | 5,816 | 5,802 |
Other intangible assets | 522 | 559 | 583 |
Tangible fixed assets | 1,955 | 2,138 | 2,040 |
Right-of-use assets | 1,364 | 1,406 | 1,510 |
Financial interest-bearing fixed assets | 22 | 22 | 22 |
Other financial fixed assets | 13 | 12 | 13 |
Deferred tax assets | 139 | 94 | 140 |
Total non-current assets | 9,828 | 10,047 | 10,110 |
Current assets | |||
Stock | 2,217 | 2,492 | 2,214 |
Accounts receivable | 2,253 | 2,282 | 1,964 |
Other current assets | 460 | 487 | 441 |
Other interest-bearing receivables | 11 | 2 | 2 |
Cash and cash equivalents | 506 | 575 | 499 |
Assets held for sale1) | 123 | - | 201 |
Total current assets | 5,570 | 5,838 | 5,321 |
TOTAL ASSETS | 15,398 | 15,885 | 15,431 |
SHAREHOLDERS' EQUITY AND LIABILITIES | |||
Shareholders' equity attributable to Parent Company shareholders | 7,383 | 7,445 | 7,360 |
Total shareholders' equity | 7,383 | 7,445 | 7,360 |
Non-current liabilities | |||
Interest-bearing provisions for pensions and similar obligations | 274 | 275 | 302 |
Liabilities to credit institutions | 3,143 | 3,129 | 3,121 |
Lease liabilities | 1,079 | 1,119 | 1,204 |
Deferred tax liabilities | 203 | 213 | 214 |
Provisions | 13 | 18 | 15 |
Other non-current liabilities | 90 | 560 | 372 |
Total non-current liabilities | 4,802 | 5,314 | 5,228 |
Current liabilities | |||
Other interest-bearing liabilities | 95 | 107 | 29 |
Lease liabilities | 359 | 354 | 377 |
Provisions | 154 | 11 | 155 |
Accounts payable | 1,043 | 1,140 | 1,001 |
Other current liabilities | 1,505 | 1,514 | 1,209 |
Liabilities held for sale1) | 57 | - | 72 |
Total current liabilities | 3,213 | 3,126 | 2,843 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 15,398 | 15,885 | 15,431 |
For asset and liabilities related to discontinued operations, see Note 4.
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 sharehol-ders' equity |
Opening balance, January 1, 2024 | 79 | 2,272 | 551 | 4,335 | 7,237 |
Profit for the period | 488 | 488 | |||
Other comprehensive income, net of tax | |||||
Actuarial gains/losses, defined benefit plans | -25 | -25 | |||
Translation differences, foreign operations | 112 | 112 | |||
Hedges of net investments | -1 | -1 | |||
Total comprehensive income | - | - | 111 | 463 | 574 |
Issuance/exercise of share options | 49 | 49 | |||
Dividends to shareholders | -415 | -415 | |||
Transactions with shareholders | - | - | - | -366 | -366 |
Closing balance, September 30, 2024 | 79 | 2,272 | 662 | 4,432 | 7,445 |
Profit for the period | -173 | -173 | |||
Other comprehensive income, net of tax | |||||
Actuarial gains/losses, defined benefit plans | -17 | -17 | |||
Translation differences, foreign operations | 122 | 122 | |||
Hedges of net investments | -17 | -17 | |||
Total comprehensive income | - | - | 105 | -190 | -85 |
Closing balance, December 31, 2024 | 79 | 2,272 | 767 | 4,242 | 7,360 |
Profit for the period | 719 | 719 | |||
Other comprehensive income, net of tax | |||||
Actuarial gains/losses, defined benefit plans | 33 | 33 | |||
Translation differences, foreign operations | -373 | -373 | |||
Hedges of net investments | 55 | 55 | |||
Total comprehensive income | - | - | -318 | 752 | 434 |
Issuance/exercise of share options | 5 | 5 | |||
Dividends to shareholders | -416 | -416 | |||
Transactions with shareholders | - | - | - | -411 | -411 |
Closing balance, September 30, 2025 | 79 | 2,272 | 449 | 4,583 | 7,383 |
Share capital
On September 30, 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. No participants in the 2022 share options program exercised their options, (see 'Share option program', page 9) and the unexercised options have consequently expired. 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 September 30, 2025, the number of outstanding shares totals 77,035,932 (77,035,932).
Proposed dividend to shareholders
In accordance with the proposal of the Board of Directors, the Annual General Meeting on May 13, 2025, decided that dividends of SEK 5.40 per share, corresponding to SEK 416 m, would be paid for the financial year. The remaining retained earnings of SEK 1,978 m will be carried forward. The dividend of SEK 5.40 per share will be distributed half-yearly, with the first dividend of SEK
2.70 per share, corresponding to SEK 208 m, with record date May 15, 2025, and the second dividend of SEK 2.70 per share, corresponding to SEK 208 m, with record date November 3, 2025.
Parent Company | |||||
Condensed statement of profit or loss | |||||
SEK m | 2025 Jul-Sep | 2024 Jul-Sep | 2025 Jan-Sep | 2024 Jan-Sep | 2024 Jan-Dec |
Net sales | 2 | 2 | 5 | 5 | 6 |
Administrative expenses | -3 | -3 | -11 | -9 | -12 |
Other operating income and expenses | - | 0 | - | 5 | 5 |
Operating profit/loss | -1 | -1 | -6 | 1 | -1 |
Profit from subsidiaries | 0 | - | 719 | - | 19 |
Interest income, intra-Group | 1 | 0 | 1 | 1 | 1 |
Interest expenses, intra-Group | 0 | -1 | -6 | -2 | -5 |
Earnings before tax | 0 | -2 | 708 | 0 | 14 |
Tax on profit for the period | 0 | 0 | 2 | 0 | -2 |
Profit or loss for the period1) | 0 | -2 | 710 | 0 | 12 |
1) Comprehensive income corresponds to profit for all periods. | |||||
Condensed statement of financial position | |||||
SEK m | Sep 30, 2025 | Sep 30, 2024 | Dec 31, 2024 | ||
ASSETS | |||||
Non-current assets | |||||
Financial fixed assets | |||||
Shares in Group companies | 3,467 | 3,467 | 3,467 | ||
Financial interest-bearing fixed assets | 4 | 4 | 4 | ||
Deferred tax assets | 1 | 1 | 1 | ||
Total non-current assets | 3,472 | 3,472 | 3,472 | ||
Current assets | |||||
Receivables from Group companies | 210 | 2 | 20 | ||
Current tax assets | 16 | 1 | 1 | ||
Prepaid expenses and accrued income | 0 | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | ||
Total current assets | 226 | 3 | 21 | ||
TOTAL ASSETS | 3,698 | 3,475 | 3,493 | ||
SHAREHOLDERS' EQUITY AND LIABILITIES | |||||
Shareholders' equity | |||||
Restricted shareholders' equity | |||||
Share capital | 79 | 79 | 79 | ||
Statutory reserve | 708 | 708 | 708 | ||
Unrestricted shareholders' equity | |||||
Share premium reserve | 90 | 90 | 90 | ||
Profit brought forward | 1,894 | 2,293 | 2,293 | ||
Profit/loss for the period | 710 | 0 | 12 | ||
Total shareholders' equity | 3,481 | 3,170 | 3,182 | ||
Provisions | |||||
Interest-bearing provisions | 4 | 4 | 4 | ||
Total provisions | 4 | 4 | 4 | ||
Current liabilities | |||||
Liabilities to Group companies | 0 | 90 | 303 | ||
Accrued expenses and deferred income | 5 | 3 | 3 | ||
Other liabilities | 208 | 208 | 1 | ||
Total current liabilities | 213 | 301 | 307 | ||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3,698 | 3,475 | 3,493 |
2025 | 2024 | 2023 | |||
SEK m Jul-Sep Apr-Jun Jan-Mar | Oct-Dec | Jul-Sep Apr-Jun Jan-Mar | Oct-Dec Jul-Sep |
Net sales | 3,253 | 3,253 | 3,214 | 3,308 | 3,348 | 3,520 | 3,147 | 3,274 | 3,251 |
Growth, % | -3 | -8 | 2 | 1 | 3 | 5 | -2 | 2 | 0 |
- of which organic | -4 | -6 | -3 | -5 | -4 | -3 | -10 | -5 | -11 |
- of which acquisitions/divestments | 3 | 2 | 5 | 6 | 9 | 8 | 7 | 4 | 4 |
- of which currency effects | -2 | -4 | 0 | 0 | -2 | 0 | 1 | 3 | 7 |
Operating profit before depreciation/amortisation and impairment losses | 738 | 444 | 402 | 367 | 443 | 507 | 387 | 419 | 506 |
Operating profit | 491 | 281 | 228 | -101 | 274 | 338 | 225 | 261 | 351 |
Adjusted operating profit | 315 | 281 | 228 | 177 | 304 | 338 | 225 | 261 | 351 |
Earnings before tax | 435 | 221 | 185 | -175 | 208 | 272 | 156 | 209 | 306 |
Profit for the period | 400 | 174 | 145 | -173 | 158 | 213 | 117 | 190 | 239 |
Operating margin, % | 15.1 | 8.6 | 7.1 | -3.1 | 8.2 | 9.6 | 7.1 | 8.0 | 10.8 |
Adjusted operating margin, % | 9.7 | 8.6 | 7.1 | 5.4 | 9.1 | 9.6 | 7.1 | 8.0 | 10.8 |
Adjusted EBITA margin, %1) | 10.0 | 9.0 | 7.4 | 5.6 | 9.3 | 9.8 | 7.4 | 8.3 | 11.1 |
Profit margin before tax, % | 13.4 | 6.8 | 5.8 | -5.3 | 6.2 | 7.7 | 5.0 | 6.4 | 9.4 |
Cash flow from operating activities | 335 | 331 | 160 | 629 | 259 | 342 | 208 | 589 | 444 |
Cash flow from operating activities per share, SEK | 4.35 | 4.30 | 2.08 | 8.17 | 3.36 | 4.45 | 2.71 | 7.67 | 5.78 |
Free cash flow | 37 | 293 | 53 | 409 | 185 | 228 | -985 | 394 | 373 |
Adjusted free cash flow | 255 | 256 | 77 | 583 | 222 | 267 | 147 | 570 | 377 |
Cash flow, investments in intangible assets/tangible fixed assets | -81 | -76 | -86 | -48 | -41 | -76 | -64 | -21 | -68 |
Number of shares outstanding, thousands | 77,036 | 77,036 | 77,036 | 77,036 | 77,036 | 76,852 | 76,852 | 76,852 | 76,852 |
Average number of shares outstanding R12M, thousands | 77,036 | 77,036 | 76,990 | 76,944 | 76,898 | 76,848 | 76,795 | 76,743 | 76,690 |
Earnings per share, before dilution, SEK | 5.19 | 2.26 | 1.89 | -2.24 | 2.05 | 2.77 | 1.52 | 2.48 | 3.10 |
Earnings per share, after dilution, SEK | 5.19 | 2.26 | 1.89 | -2.24 | 2.05 | 2.77 | 1.52 | 2.48 | 3.10 |
Shareholders' equity attributable to Parent Company shareholders | 7,383 | 7,018 | 7,193 | 7,360 | 7,445 | 7,286 | 7,566 | 7,237 | 7,240 |
Shareholders' equity per share, SEK | 95.84 | 91.10 | 93.38 | 95.54 | 96.64 | 94.80 | 98.45 | 94.16 | 94.21 |
Net debt | 4,411 | 4,456 | 4,366 | 4,510 | 4,385 | 4,517 | 4,477 | 3,264 | 3,334 |
Adjusted net debt | 2,973 | 2,952 | 2,807 | 2,929 | 2,912 | 3,037 | 2,976 | 1,894 | 1,993 |
Financial net debt | 2,722 | 2,684 | 2,554 | 2,649 | 2,659 | 2,797 | 2,742 | 1,670 | 1,818 |
Net debt/equity ratio, times | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 |
Equity/asset ratio, % | 48.0 | 46.0 | 47.3 | 47.7 | 46.9 | 45.7 | 46.7 | 53.4 | 51.1 |
Return on shareholders' equity, % | 7.5 | 4.2 | 4.7 | 4.3 | 9.2 | 10.4 | 10.9 | 12.0 | 12.0 |
Return on capital employed, % | 8.0 | 6.1 | 6.9 | 6.2 | 9.3 | 10.1 | 10.0 | 10.7 | 10.7 |
Interest coverage ratio, times | 8.4 | 4.9 | 4.1 | -1.3 | 4.1 | 4.7 | 3.8 | 4.9 | 7.5 |
Net debt/EBITDA excluding one-off items and restructuring costs, times | 2.7 | 2.7 | 2.6 | 2.5 | 2.3 | 2.1 | 2.0 | 1.9 | 2.0 |
Financial net debt/EBITDA excluding IFRS 16, excluding one-off items and restructuring costs, times | 2.1 | 2.1 | 2.1 | 2.0 | 1.7 | 1.5 | 1.4 | 1.4 | 1.4 |
Number of employees at end of period | 5,049 | 4,995 | 5,046 | 5,123 | 5,153 | 5,198 | 5,216 | 4,909 | 4,825 |
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.
Key performance indicators (cont.)2025 | 2024 | 2024 | 2023 | 2022 | |||
SEK m | Jan-Sep | Jan-Sep | Jan-Dec | Jan-Dec | Jan-Dec |
Net sales | 9,720 | 10,015 | 13,323 | 13,114 | 12,366 |
Growth, % | -3 | 2 | 2 | 6 | 28 |
- of which organic | -4 | -6 | -5 | -9 | 11 |
- of which acquisitions/divestments | 3 | 8 | 7 | 10 | 13 |
- of which currency effects | -2 | 0 | 0 | 5 | 4 |
Operating profit before depreciation/amortisation and impairment losses | 1,584 | 1,337 | 1,704 | 1,781 | 1,808 |
Operating profit | 1,000 | 837 | 736 | 1,178 | 1,325 |
Adjusted operating profit | 824 | 867 | 1,044 | 1,178 | 1,347 |
Earnings before tax | 841 | 636 | 461 | 1,008 | 1,238 |
Profit for the period | 719 | 488 | 315 | 849 | 974 |
Operating margin, % | 10.3 | 8.4 | 5.5 | 9.0 | 10.7 |
Adjusted operating margin, % | 8.5 | 8.7 | 7.8 | 9.0 | 10.9 |
Adjusted EBITA margin, %1) | 8.8 | 8.9 | 8.1 | 9.2 | 11.1 |
Profit margin before tax, % | 8.7 | 6.4 | 3.5 | 7.7 | 10.0 |
Key performance indicators including divested business2) | |||||
Net sales | 9,720 | 10,015 | 13,323 | 13,114 | 12,366 |
Growth, % | -3 | 2 | 2 | 6 | 16 |
- of which organic | -4 | -6 | -5 | -9 | 10 |
- of which acquisitions/divestments | 3 | 8 | 7 | 10 | 3 |
- of which currency effects | -2 | 0 | 0 | 5 | 3 |
Operating profit before depreciation/amortisation and impairment losses | 1,584 | 1,337 | 1,704 | 1,781 | 1,808 |
Operating profit | 1,000 | 837 | 736 | 1,178 | 1,325 |
Adjusted operating profit | 824 | 867 | 1,044 | 1,178 | 1,347 |
Earnings before tax | 841 | 636 | 461 | 1,008 | 1,238 |
Profit for the period | 719 | 488 | 315 | 849 | 974 |
Operating margin, % | 10.3 | 8.4 | 5.5 | 9.0 | 10.7 |
Adjusted operating margin, % | 8.5 | 8.7 | 7.8 | 9.0 | 10.9 |
Adjusted EBITA margin, %1) | 8.8 | 8.9 | 8.1 | 9.2 | 11.1 |
Profit margin before tax, % | 8.7 | 6.4 | 3.5 | 7.7 | 10.0 |
Cash flow from operating activities | 826 | 809 | 1,438 | 1,711 | 691 |
Cash flow from operating activities per share, SEK | 10.72 | 10.52 | 18.69 | 22.30 | 9.03 |
Free cash flow | 383 | -572 | -163 | 951 | -649 |
Adjusted free cash flow | 588 | 636 | 1,219 | 1,424 | 346 |
Cash flow, investments in intangible assets/tangible fixed assets | -243 | -181 | -229 | -294 | -359 |
Number of shares outstanding, thousands | 77,036 | 77,036 | 77,036 | 76,852 | 76,642 |
Average number of shares outstanding R12M, thousands | 77,036 | 76,898 | 76,944 | 76,743 | 76,552 |
Earnings per share, before dilution, SEK | 9.34 | 6.34 | 4.10 | 11.07 | 12.73 |
Earnings per share, after dilution, SEK | 9.34 | 6.34 | 4.10 | 11.07 | 12.70 |
Dividend per share, SEK | - | - | 5.403) | 5.40 | 5.20 |
Shareholders' equity attributable to Parent Company shareholders | 7,383 | 7,445 | 7,360 | 7,237 | 6,751 |
Shareholders' equity per share, SEK | 95.84 | 96.64 | 95.54 | 94.16 | 88.08 |
Net debt | 4,411 | 4,385 | 4,510 | 3,264 | 3,310 |
Adjusted net debt | 2,973 | 2,912 | 2,929 | 1,894 | 2,098 |
Financial net debt | 2,722 | 2,659 | 2,649 | 1,670 | 1,906 |
Net debt/equity ratio, times | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 |
Equity/asset ratio, % | 48.0 | 46.9 | 47.7 | 53.4 | 52.1 |
Return on shareholders' equity, % | 7.5 | 9.2 | 4.3 | 12.0 | 15.8 |
Return on capital employed, % | 8.0 | 9.3 | 6.2 | 10.7 | 14.1 |
Interest coverage ratio, times | 5.8 | 4.2 | 2.7 | 6.6 | 16.2 |
Net debt/EBITDA excluding one-off items and restructuring costs, times | 2.7 | 2.3 | 2.5 | 1.9 | 1.6 |
Financial net debt/EBITDA excluding IFRS 16, excluding one-off items and restructuring costs, times | 2.1 | 1.7 | 2.0 | 1.4 | 1.0 |
Number of employees at end of period | 5,049 | 5,153 | 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 dividend for 2024 is distributed half-yearly, with SEK 2.70 per share in May 2025, and SEK 2.70 per share in November 2025.
NOTE 1 - ACCOUNTING POLICIES
The consolidated accounts for the interim report have, in line 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 principles as described in the 2024 Annual Report.
None of the new or amended standards, interpretations or improvements adopted by the EU have had any significant impact on the Group.
Disclosures in accordance with IAS 34 p. 16 A 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 12 March 2025, Lindab signed an agreement to acquire all shares and voting rights in the Polish company Ventia Sp. z o.o., and the acquisition was completed on 7 July 2025. The Polish ventilation specialist Ventia complements Lindab'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's base of operations is in Raszyn, outside Warsaw, and has annual sales of approximately SEK 240 m. At the time of the acquisition, the company employed around 60 people. The
operating margin is in line with Lindab's, and the acquisition was financed through the existing credit facility. A significant portion of the purchase price was paid upon completion, and acquisition-re-lated 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 as of 7 July 2025. From the acquisition date until 30 September 2025, the acquisition contributed SEK 68 m to Lindab's net sales, with an operating
margin in line with other ventilation companies. Net profit after tax was positively affected. If the acquisition had been completed as of 1 January 2025, the Group's net sales would have increased by SEK 187 m. Ventia Sp. z o.o. is part of the Ventilation Systems segment.
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 consi-deration2) | 298 |
The purchase price allocations were preliminary as of 30 September 2025 due to not finalised valuations of identified intangible assets.
The considerations including contingent are based on cash settlement and include a contingent consideration of SEK 42 m.
On 1 July 2025, Lindab completed the acquisition of the UK-based ventilation company HAS-Vent Holdings Ltd., following the fulfilment of all regulatory conditions. In accordance with a decision by the UK Competition and Markets Authority (CMA), two distribution branches were divested in connection with the closing. HAS-Vent has been consolidated into Lindab's accounts since 5 October 2023.
Following the completion of the acquisition, Lindab and HAS-Vent together operate more than 30 distribution branches across the UK. The acquisition complements Lindab's existing offering with local manufacturing capabilities and strengthens both the Ventilation Systems segment and the Group's market position in the UK, one of Europe's most important ventilation markets.
Lindab Kft - profile businessOn 31 July 2025, Lindab signed an agreement to divest its Hungarian profile business. The divestment is part of the previously announced restructuring within the Profile Systems business area in Eastern Europe. Lindab's Hungarian profile business comprise approximately 60 employees and generate annual sales of around SEK 120 m. The Hungarian part of the Ventilation Systems business area is not included in the sale.
Notes (cont.)The divestment is expected to be completed around year-end and will have a margin-enhancing effect on the Profile Systems business area, contributing to improved capital efficiency.
Lindab a.s.On 1 April 2025, the divestment of Lindab a.s., Slovakia was completed. The divestment, which forms part of the previously announced restructuring within the Profile Systems business area in Eastern Europe, generated a positive cash flow for the Group of SEK 46 m. The gain on the divestment amounts to SEK 6 m and is reported under Other operating income.
Up until the date of divestment, Lindab's operations in Slovakia generated net sales of approximately SEK 19 m. On an annual basis, the operations accounted for around SEK 100 m in net sales and involved approximately 50 employees. Fur further details, see Note 4.
OtherAdjustments to the contingent consideration from the acquisition date until the date of settlement are recognised in the consolidated statement of profit or loss. The financial effects of changes in estimates are reported as Other operating income and Other operating expenses. Discounting effects related to the present value calculation of the contingent considerations are recognised in the Group's financial items net, together with any resulting exchange rate effects.
The reported operating profit for the quarter was positively impacted by an income of SEK 291 m, related to a revised estimate
of the outstanding contingent consideration for Airmaster. The corresponding amount for the period January-September amounted to SEK 291 m. The financial effects from these changes are recognised as Other operating income.
In addition, the Group's financial items net was impacted with a discounting cost of SEK 3 m for the quarter and SEK 10 m for the period January-September, related to contingent considerations measured at fair value in accordance with level 3 of the fair value hierarchy. The financial items net was also positively impacted by unrealised exchange effects of SEK 3 m in the quarter and SEK 12 m for the period January-September. For further details, see Note 8.
The contingent considerations are settled in full or partly depending on whether future expectations of identified financial performance levels are met over a 2 or 3 year period. Total potential undiscounted amount of all outstanding future contingent considerations range between SEK 0-702 m. As of 30 September 2025, 13 percent of the maximum outcome was expected to be realised.
NOTE 4 - ASSETS HELD FOR SALES
On 11 December 2024, Lindab announced its decision to restructure operations in Eastern Europe, with the aim of fully focusing on the Group's 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, profiling operations in the Czech
Republic, Poland and Estonia were discontinued during the first quarter of 2025. Operations in Slovakia was divested on 1 April 2025, see Note 3. During the quarter an agreement was signed to divest the Profile operations in Hungary. Negotiations are ongoing to divest the Profile 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 and Hungary. These units have 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 | September 30, 2025 |
Goodwill and other intangible assets | 9 |
Tangible fixed assets | 31 |
Right-of-use assets | 4 |
Deferred tax assets | 1 |
Stock | 45 |
Accounts receivables | 31 |
Other current assets | 2 |
Total assets held for sale | 123 |
Deferred tax liabilities | 3 |
Non-current lease liabilities | 2 |
Long-term liabilities | 3 |
Current lease liabilities | 2 |
Current liabilities | 47 |
Total liabilities held for sale | 57 |
The decision to divest and close all profile operations in Eastern Europe impacts approximately 250 employees within Lindab.
In 2024, net sales for the affected profile businesses in Eastern Europe amounted to SEK 506 m, with an adjusted operating profit of SEK -20 m. Net sales for the period January-September 2025 amounted to SEK 278 m, with an adjusted operating profit of SEK 14 m.
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.
Notes (cont.)Information on income from external customers and adjusted operating profit per operating segment is presented in the tables on page 11. See also pages 4-5 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 81 m (41), of which SEK 31 m (14) was related to investments in intangible assets.
Investments in intangible assets and tangible fixed assets during the period January-September amounted to SEK 243 m (181)
of which SEK 96 m (35) was related to investments in intangible assets.
NOTE 7 - DEPRECIATION/AMORTISATION AND IMPAIRMENT LOSSES
Depreciation and amortisation for the quarter amounted to SEK 169 m (169), of which SEK 14 m (17) was related to intangible assets and SEK 94 m (95) to right-of-use assets attributable to rental and lease agreements. SEK 78 m (-) impairment losses have been reported in the quarter of which SEK 61 m (-) was related to intangible assets.
Depreciation and amortisation for the period January-Septem-ber amounted to SEK 506 m (500), of which SEK 51 m (50) was related to intangible assets and SEK 287 m (278) to right-of-use assets attributable to rental and lease agreements. SEK 78 m (-) impairment losses have been reported in the quarter of which SEK 61 m (-) was related to intangible assets.
NOTE 8 - FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
SEK m September 30, 2025 September 30, 2024 Dec 31, 2024
Disclosures regarding the fair value by class | Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | Fair value |
Financial assets | ||||||
Derivative receivables | 10 | 10 | 1 | 1 | 2 | 2 |
Financial liabilities | ||||||
Liabilities to credit institutions | 3,233 | 3,223 | 3,225 | 3,040 | 3,142 | 3,103 |
Other non-current liabilities | - | - | 496 | 496 | 293 | 293 |
Derivative liabilities | 1 | 1 | 0 | 0 | 1 | 1 |
Description of fair value
DerivativesDerivatives 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 institutionsThe 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 liabilitiesOther 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.
OtherDuring 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 435 m (208) and tax on profit for the period was SEK 35 m (50). The effective tax rate amounted to 8 percent (24) and the average tax rate was 21 percent (21). The difference between the effective tax rate
and the average tax rate for the quarter was mainly explained by non-taxable income, predominantly related to the reduction of contingent consideration. The lower effective tax rate compared to the corresponding tax rate for the same period previous year was mainly explained by the same reason. Lindab has taken the rules on global minimum level of tax under Pillar Two into account. The implication of the rules on the effective tax rate was minor.
Earnings before tax for the period January-September amounted
Notes (cont.)to SEK 841 m (636) and tax on profit was SEK 122 m (148). The effective tax rate amounted to 15 percent (23) and the average tax rate was 21 percent (21). The difference between the effective tax rate and the average tax rate was mainly explained by non-taxable income, predominantly related to the reduction of the
contingent consideration. The lower effective tax rate compared to the corresponding tax rate for the same period previous year was mainly explained by the same reason. Lindab has taken the rules on global minimum level of tax under Pillar Two into account. The implication of the rules on the effective tax rate was minor.
NOTE 10 - RELATED PARTY TRANSACTION
Lindab'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, 24 October 2025
Ola Ringdahl President and CEO
Auditor's review reportIntroduction
We have reviewed the interim report for Lindab International AB (publ), org nr 556606-5446, for the period 1 January 2025 to 30 September 2025. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim financial report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim financial report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act.
Gothenburg, 24 October 2025 Deloitte AB
Harald Jagner
Authorised Public Accountant
Reconciliations, key performance indicators not defined according to IFRSThe 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'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.
Reconciliations
Amounts in SEK m unless otherwise indicated.
Return on shareholders' equity Sep 30, 2025 Sep 30, 2024 Dec 31, 2024Profit for the period, rolling twelve months | 546 | 678 | 315 |
Average shareholders' equity | 7,280 | 7,355 | 7,379 |
Return on shareholders' equity, % | 7.5 | 9.2 | 4.3 |
Total assets | 15,398 | 15,885 | 15,431 |
Provisions and deferred tax liabilities | 216 | 231 | 229 |
Other non-current liabilities | 90 | 560 | 372 |
Total non-current liabilities | 306 | 791 | 601 |
Provisions | 154 | 11 | 155 |
Accounts payable | 1,043 | 1,140 | 1,001 |
Other current liabilities | 1,505 | 1,514 | 1,209 |
Total current liabilities | 2,702 | 2,665 | 2,365 |
Capital employed | 12,390 | 12,429 | 12,465 |
Earnings before tax, rolling twelve months | 666 | 845 | 461 |
Financial expenses, rolling twelve months | 321 | 270 | 295 |
Total | 987 | 1,115 | 756 |
Average capital employed | 12,295 | 12,030 | 12,274 |
Return on capital employed, % | 8.0 | 9.3 | 6.2 |
Operating profit | 491 | 274 | 1,000 | 837 | 736 |
Ventilation Systems | -194 | 30 | -194 | 30 | -124 |
Profile Systems | 18 | - | 18 | - | 427 |
Other operations | - | - | - | - | 5 |
Adjusted operating profit | 315 | 304 | 824 | 867 | 1,044 |
During the period January-September 2025, one-off items of SEK 176 million (-30) were reported, of which SEK 291 million related to a reduction of the contingent consideration for Airmaster. The remaining amount primarily pertains to impairments and disposals of intangible and tangible fixed assets.
Free cash flow 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-DecCash flow from operating activities | 335 | 259 | 826 | 809 | 1,438 |
Cash flow from investing activities | -298 | -74 | -443 | -1,381 | -1,601 |
Free cash flow | 37 | 185 | 383 | -572 | -163 |
Cash flow related to acquisitions (+) /divestments (-) | 218 | 37 | 205 | 1,208 | 1,382 |
Adjusted free cash flow | 255 | 222 | 588 | 636 | 1,219 |
Adjusted free cash flow | 255 | 222 | 588 | 636 | 1,219 |
Adjusted operating profit | 315 | 304 | 824 | 867 | 1,044 |
Cash conversion, % | 81 | 73 | 71 | 73 | 117 |
Adjusted operating profit | 315 | 304 | 824 | 867 | 1,044 |
Operating profit | 491 | 274 | 1,000 | 837 | 736 |
Net sales | 3,253 | 3,348 | 9,720 | 10,015 | 13,323 |
Adjusted operating margin, % | 9.7 | 9.1 | 8.5 | 8.7 | 7.8 |
Operating margin, % | 15.1 | 8.2 | 10.3 | 8.4 | 5.5 |
Adjusted EBITA-margin1) | 2025 Jul-Sep | 2024 Jul-Sep | 2025 Jan-Sep | 2024 Jan-Sep | 2024 Jan-Dec |
Adjusted operating profit | 315 | 304 | 824 | 867 | 1,044 |
Amortisation and impairment of acquisition-related intangible assets | 11 | 8 | 32 | 24 | 32 |
Adjusted EBITA | 326 | 312 | 856 | 891 | 1,076 |
Net sales | 3,253 | 3,348 | 9,720 | 10,015 | 13,323 |
Adjusted EBITA-margin, % | 10.0 | 9.3 | 8.8 | 8.9 | 8.1 |
Net debt | Sep 30, 2025 | Sep 30, 2024 | Dec 31, 2024 | ||
Non-current interest-bearing provisions for pensions and similar obligations | 274 | 275 | 302 | ||
Non-current liabilities to credit institutions | 3,143 | 3,129 | 3,121 | ||
Non-current lease liabilities | 1,079 | 1,119 | 1,204 | ||
Current interest-bearing liabilities | 454 | 461 | 406 | ||
Total interest-bearing provisions and liabilities | 4,950 | 4,984 | 5,033 | ||
Financial interest-bearing fixed assets | 22 | 22 | 22 | ||
Other interest-bearing receivables | 11 | 2 | 2 | ||
Cash and cash equivalents | 506 | 575 | 499 | ||
Total interest-bearing assets | 539 | 599 | 523 | ||
Net debt | 4,411 | 4,385 | 4,510 |
Net debt | 4,411 | 4,385 | 4,510 |
Liabilities related to leasing | -1,438 | -1,473 | -1,581 |
Adjusted net debt | 2,973 | 2,912 | 2,929 |
Net debt | 4,411 | 4,385 | 4,510 |
Liabilities related to leasing | -1,438 | -1,473 | -1,581 |
Pension-related receivables | 22 | 22 | 22 |
Pension-related liabilities | -274 | -275 | -302 |
Financial net debt | 2,722 | 2,659 | 2,649 |
Average net debt, rolling twelve months | 4,467 | 4,028 | 4,313 |
Adjusted operating profit, rolling twelve months | 1,001 | 1,129 | 1,044 |
Depreciation/amortisation and impairment, rolling twelve months, excluding one-off items and restructuring costs | 682 | 658 | 675 |
Adjusted EBITDA, rolling twelve months | 1,683 | 1,787 | 1,719 |
Net debt/EBITDA, times | 2.7 | 2.3 | 2.5 |
Average financial net debt, rolling twelve months | 2,672 | 2,328 | 2,552 |
Adjusted operating profit, rolling twelve months | 1,001 | 1,129 | 1,044 |
Reversal of leasing defined according to IFRS 16, rolling twelve months | -439 | -406 | -419 |
Depreciation/amortisation and impairment, rolling twelve months, excluding one-off items and restructuring costs | 682 | 658 | 675 |
Adjusted EBITDA, excluding IFRS 16 rolling twelve months | 1,244 | 1,381 | 1,300 |
Financial net debt/EBITDA excluding IFRS 16, times | 2.1 | 1.7 | 2.0 |
Net debt | 4,411 | 4,385 | 4,510 |
Shareholders' equity | 7,383 | 7,445 | 7,360 |
Net debt/equity ratio | 0.6 | 0.6 | 0.6 |
Change in Net sales | -95 | 97 | -295 | 175 | 209 |
Of which | |||||
- Organic | -126 | -117 | -426 | -548 | -732 |
- Acquisitions/divestments | 116 | 281 | 347 | 755 | 958 |
- Currency effects | -85 | -67 | -216 | -32 | -17 |
Earnings before tax | 435 | 208 | 841 | 636 | 461 |
Interest expenses | 59 | 67 | 175 | 196 | 272 |
Total | 494 | 275 | 1,016 | 832 | 733 |
Interest expenses | 59 | 67 | 175 | 196 | 272 |
Interest coverage ratio, times | 8.4 | 4.1 | 5.8 | 4.2 | 2.7 |
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.
Operating profit before amortisation/depreciation and impairment - EBITDA | 2025 Jul-Sep | 2024 Jul-Sep | 2025 Jan-Sep | 2024 Jan-Sep | 2024 Jan-Dec |
Operating profit | 491 | 274 | 1,000 | 837 | 736 |
Depreciation/amortisation and impairment | 247 | 169 | 584 | 500 | 968 |
of which one-off items and restructuring costs | 74 | - | 74 | - | 293 |
Operating profit before amortisation/depreciation and impairment - EBITDA | 738 | 443 | 1,584 | 1,337 | 1,704 |
Profit margin before tax | 2025 Jul-Sep | 2024 Jul-Sep | 2025 Jan-Sep | 2024 Jan-Sep | 2024 Jan-Dec |
Net sales | 3,253 | 3,348 | 9,720 | 10,015 | 13,323 |
Earnings before tax | 435 | 208 | 841 | 636 | 461 |
Profit margin before tax, % | 13.4 | 6.2 | 8.7 | 6.4 | 3.5 |
Key performance indicator according to IFRS
Earnings per share, SEK: Profit for the period attributable to Parent Company shareholders to average number of shares outstanding, based on a rolling twelve-month calculation.
Key performance indicators not defined according to IFRS
Adjusted EBITA: Adjusted operating profit with additions for amortisation and impairment of acquisition-related intangible assets.
Adjusted EBITA-margin: Adjusted EBITA expressed as a percentage of net sales.
Adjusted free cash flow: Free cash flow excluding cash flow effect from acquisitions and divestments.
Adjusted net debt: Net debt excluding liabilities related to leasing.
Adjusted operating margin: Adjusted operating profit expressed as a percentage of net sales.
Adjusted operating profit: Operating profit adjusted for one-off items and restructuring costs when the amount is significant in size.
Cash conversion: Adjusted free cash flow expressed as a percentage of adjusted operating profit.
Capital employed: Total assets less non-interest-bearing provisions and liabilities.
Cash flow from operating activities per share, SEK: Cash flow from operating activities in relation to number of shares outstanding at the end of the period.
Equity/asset ratio: Shareholders' equity including non-controlling interests, expressed as a percentage of total assets.
Financial net debt: Net debt excluding leasing liabilities and pension related items.
Financial net debt/EBITDA excluding IFRS 16: Average 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 flow: Cash flow from operating activities and cash flow from investing activities.
Interest coverage ratio, times: Earnings before tax plus interest expense in relation to interest expense.
Lindab in briefLindab Group had sales of SEK 13,323 m in year 2024. Lindab has approximately 5,000 employees in 20 countries.
Lindab is the market-leading ventilation company in Europe, specialised in air distribution and air diffusion.
In 2024, Western Europe accounted for 44 percent, the Nordic region for 42 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 LIAB.
Business concept
Lindab develops, manufactures, markets and distributes products for a better indoor climate and simplified construction.
Investments in intangible assets and tangible fixed assets: Investments excluding acquisitions and divestments of companies/ businesses.
Net debt: Interest-bearing provisions and liabilities less interest-bearing assets and cash and cash equivalents.
Net debt/EBITDA: Average net debt in relation to EBITDA, excluding one-off items and restructuring costs, based on a rolling twelve-month calculation.
Net debt/equity ratio: Net debt in relation to shareholders' equity including non-controlling interests.
One-off items and restructuring costs: Items 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 margin: Operating profit expressed as a percentage of net sales.
Operating profit: Profit before financial items and tax.
Operating profit before amortisation/depreciation - EBITDA: Operating profit before amortisations/depreciations according to plan and impairments.
Organic growth: Change in sales adjusted for currency effects as well as acquisitions and divestments compared with the same period of the previous year.
Profit margin: Earnings before tax expressed as a percentage of net sales.
Return on capital employed: Earnings 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' equity: Profit for the period attributable to Parent Company 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, SEK: Shareholders' equity attributable to Parent Company shareholders in relation to number of shares outstanding at the end of the period.
1) Average capital is based on the quarterly value.
Business model
Lindab's offering includes products and entire systems for energy-efficient ventilation and a healthy indoor climate. In some countries, Lindab 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'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.
Lindab exist on approximately 180 locations, of which many with both pro-shops and warehouses as well as production. Sales also take place through several thousands independent retailers.
Lindab Interim Report January-September 2025
Lindab shareJanuary - September 2025 | |
Share price performance: | -14% |
Average share turnover/day: | 161,534 |
Highest price paid (2 January): | 233.20 SEK |
Lowest price paid (9 April): | 164.00 SEK |
Closing price 30 September: | 198.20 SEK |
Market cap 30 September: | SEK 15,269 m |
Total no. of shares: | 78,842,820 |
- whereof treasury shares | 1,806,888 |
- whereof outstanding shares | 77,035,932 |
Share price performance 2024/2025, SEK
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Press- and analyst meetings Calendar
A live webcast will be held at 10:00 am (CEST) on 24 October. The Interim 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/q3-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/q3-report-2025/dial-in For more information see lindabgroup.com.
Year End Report 12 February 2026 Interim Report January - March 6 May 2026 Annual General Meeting 12 May 2026 Interim Report January - June 17 July 2026 Interim Report January - September 23 October 2026
All financial reports will be published at lindabgroup.com.
This information is information that Lindab International AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency
of the contact persons set out below, at 07:40 am (CEST) on 24 October 2025.
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.