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Lindab International
Interim / Quarterly Report • May 6, 2025
2938_10-q_2025-05-06_075ae73d-85c7-4112-b21b-6206c1c00bf8.pdf
Interim / Quarterly Report
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Interim Report January—March 2025
Stable result in a challenging market
Lindab's turnover increased and results improved slightly in the first quarter. Operating margin of 7.1 percent was unchanged compared to previous year. The turnover for Ventilation Systems increased thanks to acquisitions, while sales in Profile Systems decreased due to the restructuring of the business area. Structural measures and cost reductions were implemented as planned during the quarter.
First quarter 2025
- Net sales increased by 2 percent to SEK 3,214 m (3,147). Organic sales decreased by 3 percent while acquisitions contributed positively by 5 percent. Currency effects were neutral.
- Operating profit increased to SEK 228 m (225). No one-off items or restructuring costs were reported during the quarter and the corresponding period previous year.
- Operating margin amounted to 7.1 percent (7.1).
- Profit for the period increased to SEK 145 m (117).
- Earnings per share before and after dilution increased to SEK 1.89 (1.53).
- Cash flow from operating activities amounted to SEK 160 m (208).
- In March, an agreement was signed to acquire the ventilation specialist Ventia in Poland, with annual sales of approximately SEK 240 m. The completion of the acquisition is subject to the approval of the Polish Competition Authority.
- In February, an agreement was signed to divest the operations in Slovakia, as part of the previously announced restructuring within Profile Systems in Eastern Europe. The divestment was completed in April.
A word from the CEO
Lindab delivered a stable result in the first quarter. Turnover and gross margin increased while the operating profit was in line with previous year. Measures to improve profitability are being implemented according to plan to reach full effect in the first half of the year.
The market situation in several of Lindab's key countries remained challenging during the quarter. Despite this, operating profit showed resilience and we were able to deliver both increased turnover and improved gross margin. As previously announced, there has been a strong focus on measures to strengthen profitability. I can conclude that this work has been implemented according to plan in order to reach full effect in the first half of the year. As part of the restructuring of the Eastern European operations to focus on ventilation, the operations in Slovakia have been divested and negotiations are ongoing regarding Hungary and Romania.
"Operating profit showed resilience and we were able to deliver both increased turnover and improved gross margin."
Profitability focus for Ventilation Systems
Turnover for Ventilation Systems increased compared to previous year thanks to acquisitions. The underlying market remained weak. Operating profit was in line with previous year and the adjusted operating margin reached 9.0 percent. Key markets such as Germany, Sweden and France continue to decline, while Denmark, Ireland, Italy and Poland show stable sales growth. Activities aimed at increasing sales and improving profitability are being broadly implemented.
Profile Systems consolidates in Scandinavia
The restructuring of Profile Systems to focus on the Scandinavian markets continues and is progressing according to plan. The business area showed profitability during the quarter thanks to improved gross margin. Sales were negatively affected by the
previously announced relocation of the sandwich panel production from Luleå to Piteå, Sweden, which resulted in approximately 50 MSEK lower revenue in the quarter compared to the previous year. Operations are now back on track and production is gradually returning to normal levels.
Acquisitions create opportunities for synergies
Lindab's acquisition journey continued in the first quarter with the signing of an agreement to acquire Polish ventilation specialist Ventia. The transaction is expected to be completed in the second half of the year. The acquisition will complement our operations in Poland and is another important step towards increasing our sales of technical ventilation products.
The numerous acquisitions create conditions for closer cooperation and synergies between the various companies in the Lindab Group. In Denmark, Venti has been integrated with Lindab Denmark, and in Germany Felderer is being integrated with Lindab Germany. This will lead to long-term cost savings as operations are co-located, purchases are co-ordinated and personnel can be used jointly. We also see positive synergy potential within sales and distribution.
"In the second half of 2025, we expect market activity to pick up slowly, provided the uncertain global situation does not significantly impact economic development."
Unpredictable market outlook
The first quarter was characterised by uncertainty in the global economy and the risk of increasing trade conflicts. Lindab's US operations, with local production, should not be affected by increased trade tariffs. However, there may be indirect effects in the future due to general uncertainty about the economic situation, which may affect investments and purchase prices.
We see some recovery in the market for Profile Systems in Scandinavia, but expect demand for Ventilation Systems to remain subdued for some time. In the second half of 2025, we expect market activity to pick up slowly, provided the uncertain global situation does not significantly impact economic development. If conditions change, we are prepared to take further steps to strengthen profitability.
In conclusion, I note that we are taking further steps towards becoming a pure ventilation company, and that long-term demand for ventilation products is strong. This is driven by increased focus on energy efficiency, sustainability and a healthy indoor climate.
Grevie, 6 May 2025
Ola Ringdahl President and CEO
Sales and profit
| R 12M | ||||||
|---|---|---|---|---|---|---|
| Key performance indicators | 2025 Jan-Mar |
2024 Jan-Mar |
Change, % |
2024 Apr 2025 Mar |
2024 Jan-Dec |
|
| Net sales, SEK m | 3,214 | 3,147 | 2 | 13,390 | 13,323 | |
| Adjusted1) operating profit, SEK m | 228 | 225 | 1 | 1,047 | 1,044 | |
| Operating profit, SEK m | 228 | 225 | 1 | 739 | 736 | |
| Adjusted1) operating margin, % | 7.1 | 7.1 | - | 7.8 | 7.8 | |
| Operating margin, % | 7.1 | 7.1 | - | 5.5 | 5.5 | |
| Profit for the period, SEK m | 145 | 117 | 24 | 343 | 315 | |
| Earnings per share before and after dilution, SEK | 1.89 | 1.53 | 24 | 4.47 | 4.10 | |
| Cash flow from operating activities, SEK m | 160 | 208 | -23 | 1,390 | 1,438 | |
| Number of employees at the end of the period | 5,046 | 5,216 | -3 | 5,046 | 5,123 |
1) Adjusted operating profit/operating margin does not include significant one-off items and restructuring costs. See 'Reconciliations' page 21.
Sales and market
Net sales during the quarter amounted to SEK 3,214 m (3,147), an increase of 2 percent. Organic growth was negative by 3 percent, while acquisitions contributed positively by 5 percent. Currency effects were neutral.
Lindab started the year with continued increased sales compared to the same period previous year, driven by completed acquisitions. Construction activity in the European markets where Lindab operates has been relatively stable during the first quarter of the year, although the activity levels continued to be low, especially related to new construction of residential and commercial properties.
Ventilation Systems reported its highest ever first quarter in terms of sales. The sales increase was driven by completed acquisitions. Organic sales growth, however, was negative, which is mainly explained by the continued challenging market situation, particulary in Germany, Sweden and France.
Profile Systems' negative sales development is mainly explained by high exposure to the Swedish market and to new construction, where construction activity remains at a low level. Sales of larger construction projects have been particularly low in the Nordics during the quarter due to the relocation of the production of sandwich panels in Sweden, which resulted in approximately 50 MSEK lower revenue in the quarter compared to the previous year.
Profit
Adjusted operating profit for the quarter increased to SEK 228 m (225). No one-off items or restructuring costs were reported during the quarter or the corresponding period previous year. Adjusted operating margin was 7.1 percent (7.1).
The quarter's improved profit was primarily explained by strengthened gross margin and lower costs, but also by acquired companies contributing positively to operating profit. The lower costs are a result of the measures announced during previous year and which have begun to take effect during the quarter.
Ventilation Systems' adjusted operating profit amounted to SEK 234 m (241) and Profile Systems increased to SEK 7 m (-3).
The quarter's profit increased to SEK 145 m (117). Earnings per share before and after dilution increased to SEK 1.89 (1.53).
Segment - Ventilation Systems
| R 12M | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | Change, | 2024 Apr | 2024 | |
| Key performance indicators | Jan-Mar | Jan-Mar | % | 2025 Mar | Jan-Dec |
| Net sales, SEK m | 2,600 | 2,507 | 4 | 10,300 | 10,207 |
| Net sales growth, % | 4 | 4 | - | 5 | 5 |
| Share of the Group's net sales, % | 81 | 80 | - | 77 | 77 |
| Adjusted1) operating profit, SEK m | 234 | 241 | -3 | 925 | 932 |
| Adjusted1) operating margin, % | 9.0 | 9.6 | - | 9.0 | 9.1 |
| Number of employees at the end of the period | 4,189 | 4,277 | -2 | 4,189 | 4,232 |
1) No one-off items or restructuring costs have been reported during the period January-March 2025 and 2024 respectively. See reconciliations on page 21.
Sales and market
Net sales during the quarter amounted to SEK 2,600 m (2,507), an increase of 4 percent. Organic growth was negative by 3 percent, while acquisitions contributed positively by 7 percent. Currency effects were neutral.
Ventilation Systems reported its highest first quarter ever in terms of sales. The high sales were mainly driven by completed acquisitions. The underlying construction market in Europe has remained weak.
Western Europe, the largest region in terms of sales, reported negative organic sales growth but with differences between individual markets. The larger markets Germany, France and the United Kingdom have continued to have low construction activity. Of the other key markets, Ireland, Switzerland and Italy reported positive organic growth. In the Nordics, sales decreased with the exception of Denmark. Sales growth in Central Europe decreased slightly during the quarter, with the larger markets Poland and the Czech Republic reporting positive organic growth while sales in Hungary decreased.
Profit
Adjusted operating profit for the quarter amounted to SEK 234 m (241). No one-off items or restructuring costs were reported during the quarter or the corresponding period previous year. Adjusted operating margin amounted to 9.0 percent (9.6).
The profit development during the quarter was mainly impacted by a decline in organic sales, which was partly offset by strengthened gross margin and a positive contribution to operating profit from acquired companies.
Activities
In March, Lindab signed an agreement to acquire the Polish ventilation specialist Ventia. The acquisition complements Lindab's business in the Polish market and represents another important step towards increasing sales of technical ventilation products. The completion of the acquisition requires approval from the Polish Competition Authority. The transaction is expected to be completed in the second half of the year.
Segment - Profile Systems
| R 12M | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | Change, | 2024 Apr | 2024 | |
| Key performance indicators | Jan-Mar | Jan-Mar | % | 2025 Mar | Jan-Dec |
| Net sales, SEK m | 614 | 640 | -4 | 3,090 | 3,116 |
| Net sales growth, % | -4 | -21 | - | -5 | -9 |
| Share of the Group's net sales, % | 19 | 20 | - | 23 | 23 |
| Adjusted1) operating profit, SEK m | 7 | -3 | - | 179 | 169 |
| Adjusted1) operating margin, % | 1.1 | -0.5 | - | 5.8 | 5.4 |
| Number of employees at the end of the period | 785 | 881 | -11 | 785 | 825 |
1) No one-off items or restructuring costs have been reported during the period January-March 2025 and 2024 respectively. See reconciliations on page 21.
Sales and market
Net sales during the quarter amounted to SEK 614 m (640), a decrease of 4 percent. Organic growth was negative by 4 percent while currency effects were neutral.
The Nordics, which accounts for approximately 80 percent of Profile Systems' total sales, has continued to have a low level of activity, particularly in new construction of residential and commercial properties. Sales of larger construction projects have been particularly low in Sweden and Norway during the quarter as a result of the production of sandwich panels being moved from Luleå to new premises in Piteå, Sweden. This has resulted in approximately SEK 50 m in lower revenue during the quarter. Production of sandwich panels is expected to return to normal operations during the second quarter of 2025.
The profile business in Eastern Europe has for a long time been characterised by weak market development, volatile raw material prices and high cost inflation. This has led to Lindab announcing the decision in the fourth quarter of previous year to streamline the business by divesting and closing the profile operations in Eastern Europe. The restructuring has partly also had a negative impact on sales.
Sales in Western Europe increased slightly, but the impact was marginal as the region only represents a small part of Profile Systems' total sales.
Profit
Adjusted operating profit for the quarter increased to SEK 7 m (-3). No one-off items or restructuring costs were reported during the quarter compared to the corresponding period previous year. Adjusted operating margin increased to 1.1 percent (-0.5).
The improved adjusted operating profit is mainly explained by lower costs but also by a strengthened gross margin despite negative organic sales development. Lower costs and strengthened gross margin are a result of the implemented structural measures announced in the previous year to adjust the company's fixed costs and strengthen the profitability of the business.
Activities
During the first quarter Lindab entered into an agreement to divest its business in Slovakia to local investors. The divestment is part of the previously announced restructuring of the Profile Systems in Eastern Europe. The company's business is primarily related to Profile Systems, but the ventilation business is also included in the divestment as it represents a smaller part of the business. The divestment was completed in April according to plan.
Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com 5
Financial position and business combinations
| R 12M | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2024 Apr | 2024 | ||
| SEK m | Jan-Mar | Jan-Mar | 2025 Mar | Jan-Dec | |
| Cash flow from operating activities | 160 | 208 | 1,390 | 1,438 | |
| Cash flow from investing activities | -107 | -1,193 | -515 | -1,601 | |
| - Of which related to acquisition/divestment of Group companies | -24 | -1,132 | -274 | -1,382 | |
| Cash flow from financing activities | -48 | 1,219 | -1,202 | 65 | |
| Cash flow for the period | 5 | 234 | -327 | -98 | |
| Adjusted free cash flow | 77 | 147 | 1,149 | 1,219 | |
| Cash conversion, % | 34 | 65 | 110 | 117 | |
| Net debt | 4,366 | 4,477 | 4,366 | 4,510 | |
| Net debt/EBITDA, times | 2.6 | 2.0 | 2.6 | 2.5 | |
| Financial net debt/EBITDA excluding IFRS 16, times | 2.1 | 1.4 | 2.1 | 2.0 |
Cash flow
Cash flow from operating activities for the quarter amounted to SEK 160 m (208). The change was partly related to development of working capital, partly linked to outcome of cash flow before change in working capital. During the quarter, tied up capital in stock increased by SEK 80 m (decreased by 9), while the net change from operating receivables/liabilities contributed by SEK 4 m (decreased by 108). Cash flow from change in working capital amounted to SEK -76 m (-99). Cash flow before change in working capital amounted to SEK 236 m (307). The change was mainly related to an increase of tax paid. Operating profit for the quarter amounted to SEK 228 m (225).
Cash flow from investing activities, excluding business combinations, amounted to net SEK -83 m (-61) during the quarter. The cash flow included an effect from the sale of tangible fixed assets of SEK 3 m (3). Cash flow related to acquisitions amounted to SEK -24 m (-1,312) whereof SEK 24 m (2) relates to final settlement of purchase considerations and payment of conditional additional purchase considerations from previously made acquisitions.
Cash flow from financing activities for the quarter amounted to SEK -48 m (1,219). This included liquidity amortisation of SEK -99 m (-90) related to leasing liabilities. Other changes in financing activities were mainly related to changes in borrowings and utilisation of credit limits.
Net debt and financing
On March 31, net debt amounted to SEK 4,366 m (4,477) of which SEK 1,559 m (1,501) was related to leasing liabilities.
The equity/assets ratio was 47 percent (47), and the net debt/equity ratio was 0.6 (0.6). Financial items for the quarter amounted to SEK -43 m (-69). The change in financial items was mainly related to currency revaluation of additional purchase consideration regarding acquisition of foreign company.
Existing credit facility 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 2027, with an extension option of one plus one year. The agreement is subject to a covenant with quarterly monitoring. Lindab fulfilled the conditions on March 31, 2025.
From January 2025, the credit facility is linked to three sustainability targets. These targets are reviewed annually and the margin adjustment on the credit facility is based on how well Lindab performs in relation to the established targets. This underlines Lindab's commitment to integrating sustainability into all aspects of its operations.
Lindab's credit facility is sustainability-linked to the following targets:
Safe work environment: An improvement in workplace safety through a reduction in LTIF (Lost Time Injury Frequency).
Net debt/EBITDA
Financial position and business combinations (cont.)
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.
Business combinations
On March 12, 2025, Lindab signed an agreement to acquire all shares and voting rights in the Polish ventilation specialist Ventia Sp. z o.o. The acquisition complements Lindab's operations in the Polish market and is another important step in increasing sales of technical ventilation products. The registered office of Ventia is in Raszyn, Poland. The business has annual sales of approximately SEK 240 m and has approximately 60 employees. The completion of the acquisition requires approval from the Polish Competition Authority.
On February 14, 2025, Lindab signed an agreement to divest all shares and voting rights in the Slovakian company Lindab a.s., a divestment that was finalised on April 1. The divestment is part of the previously announced restructuring within business area Profile Systems in Eastern Europe. Lindab's operations in Slovakia have annual sales of approximately SEK 100 m and have around 50 employees.
For further information about above, see Note 3.
Financial targets
Lindab has the following financial targets for growth, profitability and net debt:
1) Growth excluding currency effects.
2) Including the previous segment Building Systems, which was divested in 2021. 3) 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.
4) 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 Q1 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 24.
Lindab's sustainability work
In 2024, Lindab continued to advance sustainability efforts to meet evolving regulations while creating value for customers and society, in line with the direction "For a better climate".
Lindab published the first sustainability report in accordance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), including a limited assurance review. The report is available in the 2024 Annual Report on pages 138–222. Regulatory developments in sustainability within the EU are being closely monitored.
Significant progress was made in both emissions reductions and occupational health and safety during the year. The transition to renewable electricity within Lindab operations is progressing faster than expected, and Scope 1 and 21) emissions have been reduced by 42 percent since 2022.
Scope 1 Ton CO2 e 2022 2023 2024 0 5,000 10,000 15,000 20,000 25,000 Target2)
Scope 2
Lindab Interim Report January-March 2025
Lower CO2e emissions from own operations
Absolute CO2 e emissions in Scope 1 and 2 decreased by 42 percent to 12,158 tonnes from 2022 to 2024. The reduction is due to a higher share of renewable electricity, improved energy efficiency, and lower production volumes.
Lower CO2e emissions from the value chain
Absolute Scope 3 emissions from purchased goods and services, upstream transportation, waste generated in operations, and use of sold products decreased by 8 percent to 869,486 tonnes CO2 e from 2022 to 2024. The decrease is mainly due to lower production volumes.
Engaged employees
In 2024, 90 percent of all personnel stated they would recommend Lindab as an employer, marking the fifth year in a row for which the target has been met.
Fewer workplace injuries
The LTIF5) decreased to 3.6 compared to 9.0 in 2023. Measures introduced in 2023 have had a positive effect and contributed to reducing risky behaviours. Developments are closely monitored to achieve further improvement.
Supplier evaluation
The share of certified suppliers4) increased from 73 percent to 91 percent in 2024. The target is to reach 100 percent, which was not fully achieved in 2024. In 2025, Lindab will evaluate system support that can streamline and simplify the process.
- 1) Scope 1: Direct emissions that occur within the company's own 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 a company's value chain but are not owned or controlled by the company. 2) Market-based method. The target boundary includes land-related emissions and removals from bioenergy feedstocks.
- 3) The target includes the purchase of direct materials as well as transport between Lindab sites and transport to customers that is paid for by Lindab.
8 Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
4) Suppliers in low and medium risk countries with a spend of at least EUR 100 k and in high risk countries with a spend of at least EUR 25 k, are included. Suppliers added through acquisitions will be certified during their first year as part of the Group.
5) Number of accidents per million hours worked.
Other
Parent Company
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 or loss for the period amounted to SEK -3 m (2).
Significant risks and uncertainties
There 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).
Employees
The number of employees, calculated as full-time equivalent employees, was 5,046 (5,216) at the end of the quarter. Adjusted for acquisitions and divestments, the net decrease was 245 employees compared to the same quarter previous year.
Seasonal variations
Lindab'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.
Annual General Meeting
The Board of Directors has decided that the Annual General Meeting will be held on May 13, 2025. Notice to the meeting has been given via press release and has been published at lindabgroup.com.
Dividend
Lindab´s Board of Directors proposes that the Annual General Meeting on May 13, 2025, resolves a dividend of SEK 5.40 per share. This is in accordance with the dividend policy of minimum 40 percent of Lindab's profit, considering the Groups' financial position, acquisition opportunities and long-term financial needs. The proposed dividend corresponds to SEK 416 m. The total value of actually paid dividend might be different if the number of treasury shares is amended before resolved record dates.
Dividend is proposed to be distributed on two occasions with SEK 2.70 per share and occasion. As record dates for right to dividend, May 15, 2025, and November 3, 2025, are proposed. Dividend is expected to be distributed to shareholders on May 20, 2025, and November 6, 2025.
Significant events during the reporting period
In March, an agreement was signed to acquire the Polish ventilation specialist Ventia Sp. z o.o., see page 7 and Note 3. The completion of the acquisition requires approval from the Polish Competition Authority.
In February, Lindab signed an agreement to divest all shares and voting rights in the Slovakian company Lindab a.s. The divestment was completed in April, see page 7 and Note 3.
In January, Lindab signed an agreement with Handelsbanken, Nordea, DNB Bank and Danske Bank to link its existing credit facility to sustainability target.
There are no other significant events during the reporting period to report.
Significant events after the reporting period
In April, Lindab completed the divestment of the Slovakian company Lindab a.s., see page 7 and Note 3.
There are no other significant events after the reporting period to report.
General information
In 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 not been audited.
This is a translation of the Swedish original report. In case of differences between the English translation and the Swedish original, the Swedish text shall prevail.
Net sales and segments
Net sales and growth
| SEK m | 2025 Jan-Mar |
2024 Jan-Mar |
2024 Jan-Dec |
|
|---|---|---|---|---|
| Net sales | 3,214 | 3,147 | 13,323 | |
| Change | 67 | -77 | 209 | |
| Change, % | 2 | -2 | 2 | |
| Of which | ||||
| - Organic, % | -3 | -10 | -5 | |
| - Acquisitions/divestments, % | 5 | 7 | 7 | |
| - Currency effects, % | 0 | 1 | 0 |
Net sales per segment and region
| 2025 | 2024 | 2024 | ||||
|---|---|---|---|---|---|---|
| SEK m | Jan-Mar | % | Jan-Mar | % | Jan-Dec | % |
| Ventilation Systems | 2,600 | 81 | 2,507 | 80 | 10,207 | 77 |
| - Nordic Region | 778 | 30 | 795 | 32 | 3,176 | 31 |
| - Western Europe | 1,472 | 57 | 1,363 | 55 | 5,637 | 55 |
| - Central Europe | 233 | 9 | 235 | 9 | 913 | 9 |
| - Other markets | 117 | 4 | 114 | 4 | 481 | 5 |
| Profile Systems | 614 | 19 | 640 | 20 | 3,116 | 23 |
| - Nordic Region | 485 | 79 | 516 | 81 | 2,493 | 80 |
| - Western Europe | 37 | 6 | 32 | 5 | 170 | 5 |
| - Central Europe | 88 | 14 | 89 | 14 | 437 | 14 |
| - Other markets | 4 | 1 | 3 | 0 | 16 | 1 |
| Total | 3,214 | 100 | 3,147 | 100 | 13,323 | 100 |
| - Nordic Region | 1,263 | 39 | 1,311 | 42 | 5,669 | 42 |
| - Western Europe | 1,509 | 47 | 1,395 | 44 | 5,807 | 44 |
| - Central Europe | 321 | 10 | 324 | 10 | 1,350 | 10 |
| - Other markets | 121 | 4 | 117 | 4 | 497 | 4 |
| Gross internal sales all segments | 9 | 18 | 48 |
Operating profit, operating margin and earnings before tax
| SEK m | 2025 Jan-Mar |
% | 2024 Jan-Mar |
% | 2024 Jan-Dec |
% |
|---|---|---|---|---|---|---|
| Ventilation Systems | 234 | 9.0 | 241 | 9.6 | 932 | 9.1 |
| Profile Systems | 7 | 1.1 | -3 | -0.5 | 169 | 5.4 |
| Other operations | -13 | - | -13 | - | -57 | - |
| Adjusted operating profit | 228 | 7.1 | 225 | 7.1 | 1,044 | 7.8 |
| One-off items and restructuring costs1) | - | - | - | - | -308 | - |
| Operating profit | 228 | 7.1 | 225 | 7.1 | 736 | 5.5 |
| Net financial items | -43 | - | -69 | - | -275 | - |
| Earnings before tax | 185 | 5.8 | 156 | 5.0 | 461 | 3.5 |
1) One-off items and restructuring costs included in adjusted operating profit are described in 'Reconciliations' page 21.
Number of employees by end of period
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Jan-Mar | % | Jan-Mar | % | 2024 Jan-Dec |
% | ||
| Ventilation Systems | 4,189 | 83 | 4,277 | 82 | 4,232 | 83 | |
| Profile Systems | 785 | 16 | 881 | 17 | 825 | 16 | |
| Other operations | 72 | 1 | 58 | 1 | 66 | 1 | |
| Total | 5,046 | 100 | 5,216 | 100 | 5,123 | 100 |
Consolidated statement of profit or loss
| SEK m | 2025 Jan-Mar |
2024 Jan-Mar |
R 12M 2024 Apr 2025 Mar |
R 12M 2023 Apr 2024 Mar |
2024 Jan-Dec |
|---|---|---|---|---|---|
| Net sales | 3,214 | 3,147 | 13,390 | 13,037 | 13,323 |
| Cost of goods sold | -2,312 | -2,276 | -9,668 | -9,467 | -9,632 |
| Gross profit | 902 | 871 | 3,722 | 3,570 | 3,691 |
| Other operating income | 25 | 15 | 310 | 105 | 300 |
| Selling expenses | -420 | -413 | -1,678 | -1,604 | -1,671 |
| Administrative expenses | -236 | -201 | -904 | -741 | -869 |
| R&D expenses | -24 | -17 | -94 | -69 | -87 |
| Other operating expenses | -19 | -30 | -617 | -122 | -628 |
| Total operating expenses | -674 | -646 | -2,983 | -2,431 | -2,955 |
| Operating profit1) | 228 | 225 | 739 | 1,139 | 736 |
| Interest income | 2 | 4 | 15 | 13 | 17 |
| Interest expenses | -60 | -56 | -276 | -201 | -272 |
| Other financial income and expenses | 15 | -17 | 12 | -17 | -20 |
| Financial items | -43 | -69 | -249 | -205 | -275 |
| Earnings before tax | 185 | 156 | 490 | 934 | 461 |
| Tax on profit for the period | -40 | -39 | -147 | -148 | -146 |
| Profit for the period | 145 | 117 | 343 | 786 | 315 |
| – attributable to the Parent Company's shareholders | 145 | 117 | 343 | 786 | 315 |
| Earnings per share, before dilution, SEK2) | 1.89 | 1.53 | 4.47 | 10.25 | 4.10 |
| Earnings per share, after dilution, SEK2) | 1.89 | 1.53 | 4.47 | 10.25 | 4.10 |
1) One-off items and restructuring costs, which are included in operating profit, are described in ´Reconciliations´ on page 21.
2) Based on the number of outstanding shares, i.e. excluding treasury shares.
Consolidated statement of comprehensive income
| R 12M | R 12M | ||||
|---|---|---|---|---|---|
| SEK m | 2025 Jan-Mar |
2024 Jan-Mar |
2024 Apr 2025 Mar |
2023 Apr 2024 Mar |
2024 Jan-Dec |
| Profit for the period | 145 | 117 | 343 | 786 | 315 |
| Items that will not be reclassified to the statement of profit or loss | |||||
| Actuarial gains/losses, defined benefit plans | 31 | -12 | -9 | -40 | -52 |
| Deferred tax attributable to defined benefit plans | -6 | 3 | 1 | 9 | 10 |
| Total | 25 | -9 | -8 | -31 | -42 |
| Items that will later be reclassified to the statement of profit or loss | |||||
| Translation differences, foreign operations | -408 | 232 | -406 | 191 | 234 |
| Hedges of net investments | 89 | -14 | 80 | -22 | -23 |
| Tax attributable to hedges of net investments | -18 | 3 | -16 | 4 | 5 |
| Total | -337 | 221 | -342 | 173 | 216 |
| Other comprehensive income, net of tax | -312 | 212 | -350 | 142 | 174 |
| Total comprehensive income attributable to the Parent Company's shareholders |
-167 | 329 | -7 | 928 | 489 |
Consolidated statement of cash flow
| SEK m | 2025 Jan-Mar |
2024 Jan-Mar |
R 12M 2024 Apr 2025 Mar |
R 12M 2023 Apr 2024 Mar |
2024 Jan-Dec |
|---|---|---|---|---|---|
| OPERATING ACTIVITIES | |||||
| Operating profit | 228 | 225 | 739 | 1,139 | 736 |
| Reversal of depreciation/amortisation and impairment losses | 174 | 162 | 980 | 623 | 968 |
| Reversal of capital gains (-)/losses (+) reported in operating profit | -1 | -2 | -3 | -3 | -4 |
| Provisions, not affecting cash flow | -10 | 1 | 139 | 7 | 150 |
| Adjustment for other items not affecting cash flow | -3 | -1 | -207 | -2 | -205 |
| Total | 388 | 385 | 1,648 | 1,764 | 1,645 |
| Interest received | 2 | 4 | 15 | 15 | 17 |
| Interest paid | -55 | -53 | -253 | -194 | -251 |
| Tax paid | -99 | -29 | -328 | -214 | -258 |
| Cash flow from operating activities before change in working capital | 236 | 307 | 1,082 | 1,371 | 1,153 |
| Change in working capital | |||||
| Stock (increase -/decrease +) | -80 | 9 | 252 | 273 | 341 |
| Operating receivables (increase -/decrease +) | -229 | -187 | 98 | 24 | 140 |
| Operating liabilities (increase +/decrease -) | 233 | 79 | -42 | -104 | -196 |
| Total change in working capital | -76 | -99 | 308 | 193 | 285 |
| Cash flow from operating activities | 160 | 208 | 1,390 | 1,564 | 1,438 |
| INVESTING ACTIVITIES | |||||
| Acquisition of Group companies | -24 | -1,132 | -274 | -1,369 | -1,382 |
| Divestment of Group companies | - | - | - | - | - |
| Investments in intangible assets | -29 | -7 | -72 | -38 | -50 |
| Investments in tangible fixed assets | -57 | -57 | -179 | -223 | -179 |
| Change in financial fixed assets | 0 | 0 | 0 | 0 | 0 |
| Disposal of intangible assets | - | - | 0 | 0 | 0 |
| Disposal of tangible fixed assets | 3 | 3 | 10 | 7 | 10 |
| Cash flow from investing activities | -107 | -1,193 | -515 | -1,623 | -1,601 |
| FINANCING ACTIVITIES | |||||
| Proceeds from borrowings | 51 | 1,309 | 4,117 | 1,407 | 5,375 |
| Repayment of borrowings | - | - | -4,569 | -415 | -4,569 |
| Repayment of leasing-related liabilities | -99 | -90 | -384 | -342 | -375 |
| Issuance/exercise of shares/share options and redemption of share options | - | - | 49 | 26 | 49 |
| Dividend to shareholders | - | - | -415 | -399 | -415 |
| Cash flow from financing activities | -48 | 1,219 | -1,202 | 277 | 65 |
| Cash flow for the period | 5 | 234 | -327 | 218 | -98 |
| Cash and cash equivalents at beginning of the period | 499 | 587 | 838 | 611 | 587 |
| Effect of exchange rate differences on cash and cash equivalents | -24 | 17 | -31 | 9 | 10 |
| Cash and cash equivalents at end of the period | 480 | 838 | 480 | 838 | 499 |
Consolidated statement of financial position
| SEK m | Mar 31, 2025 | Mar 31, 2024 | Dec 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 5,550 | 5,979 | 5,802 |
| Other intangible assets | 565 | 399 | 583 |
| Tangible fixed assets | 1,966 | 2,186 | 2,040 |
| Right-of-use assets | 1,487 | 1,438 | 1,510 |
| Financial interest-bearing fixed assets | 22 | 22 | 22 |
| Other financial fixed assets | 5 | 25 | 13 |
| Deferred tax assets | 131 | 95 | 140 |
| Total non-current assets | 9,726 | 10,144 | 10,110 |
| Current assets | |||
| Stock | 2,219 | 2,569 | 2,214 |
| Accounts receivable | 2,077 | 2,235 | 1,964 |
| Other current assets | 485 | 398 | 441 |
| Other interest-bearing receivables | 39 | 2 | 2 |
| Cash and cash equivalents | 480 | 838 | 499 |
| Assets held for sale1) | 187 | - | 201 |
| Total current assets | 5,487 | 6,042 | 5,321 |
| TOTAL ASSETS | 15,213 | 16,186 | 15,431 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity attributable to Parent Company shareholders | 7,193 | 7,566 | 7,360 |
| Total shareholders' equity | 7,193 | 7,566 | 7,360 |
| Non-current liabilities | |||
| Interest-bearing provisions for pensions and similar obligations | 275 | 256 | 302 |
| Liabilities to credit institutions | 3,058 | 3,328 | 3,121 |
| Lease liabilities | 1,194 | 1,149 | 1,204 |
| Deferred tax liabilities | 202 | 193 | 214 |
| Provisions | 13 | 18 | 15 |
| Other non-current liabilities | 339 | 585 | 372 |
| Total non-current liabilities | 5,081 | 5,529 | 5,228 |
| Current liabilities | |||
| Other interest-bearing liabilities | 15 | 254 | 29 |
| Lease liabilities | 365 | 352 | 377 |
| Provisions | 137 | 12 | 155 |
| Accounts payable | 1,177 | 1,223 | 1,001 |
| Other current liabilities | 1,173 | 1,250 | 1,209 |
| Liabilities held for sale1) | 72 | - | 72 |
| Total current liabilities | 2,939 | 3,091 | 2,843 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 15,213 | 16,186 | 15,431 |
1) For asset and liabilities related to discontinued operations, see Note 4.
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 |
||
| Closing balance, December 31, 2023 | 79 | 2,272 | 551 | 4,335 | 7,237 | ||
| Profit for the period | 117 | 117 | |||||
| Other comprehensive income, net of tax | |||||||
| Actuarial gains/losses, defined benefit plans | 232 | -9 | -9 232 -11 |
||||
| Translation differences, foreign operations | |||||||
| Hedges of net investments | -11 | ||||||
| Total comprehensive income | - | - | 221 | 108 | 329 | ||
| Closing balance, March 31, 2024 | 79 | 2,272 | 772 | 4,443 | 7,566 | ||
| Profit for the period | 198 | 198 | |||||
| Other comprehensive income, net of tax | |||||||
| Actuarial gains/losses, defined benefit plans | -33 | -33 | |||||
| Translation differences, foreign operations | 2 | 2 | |||||
| Hedges of net investments | -7 | -7 | |||||
| Total comprehensive income | - | - | -5 | 165 | 160 | ||
| Issuance/exercise of share options | 49 | 49 | |||||
| Dividends to shareholders | - | - | - | -415 | -415 | ||
| Transactions with shareholders | - | - | - | -366 | -366 | ||
| Closing balance, 31 December 2024 | 79 | 2,272 | 767 | 4,242 | 7,360 | ||
| Profit for the period | 145 | 145 | |||||
| Other comprehensive income, net of tax | |||||||
| Actuarial gains/losses, defined benefit plans | 25 | 25 | |||||
| Translation differences, foreign operations | -408 | -408 | |||||
| Hedges of net investments | 71 | 71 | |||||
| Total comprehensive income | - | - | -337 | 170 | -167 | ||
| Closing balance, 31 March 2025 | 79 | 2,272 | 430 | 4,412 | 7,193 |
Share capital
On March 31, 2025, the share capital equalled SEK 78,842,820 (78,842,820) divided among 78,842,820 shares (78,842,820) with a quota value of SEK 1.00. Lindab International AB (publ) holds 1,806,888 treasury shares (1,990,838), corresponding to 2.3 percent (2.5) of the total number of Lindab shares. The number of outstanding shares, as of March 31, totals 77,035,932 (76,851,982).
Proposed dividend to shareholders
Lindab's Board of Directors proposes the Annual General Meeting on May 13, 2025, to resolve on a dividend distribution of SEK 5.40 (5.40) per share, distributed on two occasions, and the remaining retained earnings to be carried forward.
Parent Company
Statement of profit or loss
| SEK m | 2025 Jan-Mar |
2024 Jan-Mar |
2024 Jan-Dec |
|---|---|---|---|
| Net sales | 2 | 2 | 6 |
| Administrative expenses | -3 | -3 | -12 |
| Other operating income and expenses | - | 3 | 5 |
| Operating profit/loss | -1 | 2 | -1 |
| Profit from subsidiaries | - | - | 19 |
| Interest income, intra-Group | - | 0 | 1 |
| Interest expenses, intra-Group | -3 | 0 | -5 |
| Earnings before tax | -4 | 2 | 14 |
| Tax on profit for the period | 1 | 0 | -2 |
| Profit or loss for the period1) | -3 | 2 | 12 |
1) Comprehensive income corresponds to profit for all periods.
Statement of financial position
| SEK m | Mar 31, 2025 Mar 31, 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 | 1 | 78 | 20 |
| Current tax assets | 9 | - | 1 |
| Prepaid expenses and accrued income | 1 | 1 | 0 |
| Cash and cash equivalents | 0 | 0 | 0 |
| Total current assets | 11 | 79 | 21 |
| TOTAL ASSETS | 3,483 | 3,551 | 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 | 2,304 | 2,659 | 2,293 |
| Profit/loss for the period | -3 | 2 | 12 |
| Total shareholders' equity | 3,178 | 3,538 | 3,182 |
| Provisions | |||
| Interest-bearing provisions | 4 | 4 | 4 |
| Total provisions | 4 | 4 | 4 |
| Current liabilities | |||
| Liabilities to Group companies | 298 | 0 | 303 |
| Accounts payable | 0 | 0 | - |
| Current tax liability | - | 4 | - |
| Accrued expenses and deferred income | 3 | 5 | 3 |
| Other liabilities | 0 | 0 | 1 |
| Total current liabilities | 301 | 9 | 307 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3,483 | 3,551 | 3,493 |
Key performance indicators
| 2025 | 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK m | Jan-Mar | Oct-Dec Jul-Sep Apr-Jun Jan-Mar | Oct-Dec Jul-Sep Apr-Jun Jan-Mar | ||||||
| Net sales | 3,214 | 3,308 | 3,348 | 3,520 | 3,147 | 3,274 | 3,251 | 3,365 | 3,224 |
| Growth, % | 2 | 1 | 3 | 5 | -2 | 2 | 0 | 6 | 18 |
| - of which organic | -3 | -5 | -4 | -3 | -10 | -5 | -11 | -13 | -5 |
| - of which acquisitions/divestments | 5 | 6 | 9 | 8 | 7 | 4 | 4 | 14 | 20 |
| - of which currency effects | 0 | 0 | -2 | 0 | 1 | 3 | 7 | 5 | 3 |
| Operating profit before depreciation/amortisation and impairment losses | 402 | 367 | 443 | 507 | 387 | 419 | 506 | 450 | 406 |
| Operating profit | 228 | -101 | 274 | 338 | 225 | 261 | 351 | 302 | 264 |
| Adjusted operating profit | 228 | 177 | 304 | 338 | 225 | 261 | 351 | 302 | 264 |
| Earnings before tax | 185 | -175 | 208 | 272 | 156 | 209 | 306 | 263 | 230 |
| Profit for the period | 145 | -173 | 158 | 213 | 117 | 190 | 239 | 240 | 180 |
| Operating margin, % | 7.1 | -3.1 | 8.2 | 9.6 | 7.1 | 8.0 | 10.8 | 9.0 | 8.2 |
| Adjusted operating margin, % | 7.1 | 5.4 | 9.1 | 9.6 | 7.1 | 8.0 | 10.8 | 9.0 | 8.2 |
| Adjusted EBITA margin, %1) | 7.4 | 5.6 | 9.3 | 9.8 | 7.4 | 8.3 | 11.1 | 9.2 | 8.4 |
| Profit margin before tax, % | 5.8 | -5.3 | 6.2 | 7.7 | 5.0 | 6.4 | 9.4 | 7.8 | 7.1 |
| Cash flow from operating activities | 160 | 629 | 259 | 342 | 208 | 589 | 444 | 323 | 355 |
| Cash flow from operating activities per share, SEK | 2.08 | 8.17 | 3.36 | 4.45 | 2.71 | 7.67 | 5.78 | 4.21 | 4.64 |
| Free cash flow | 53 | 409 | 185 | 228 | -985 | 394 | 373 | 159 | 25 |
| Adjusted free cash flow | 77 | 583 | 222 | 267 | 147 | 570 | 377 | 216 | 261 |
| Cash flow, investments in intangible assets/tangible fixed assets | -86 | -48 | -41 | -76 | -64 | -21 | -68 | -108 | -97 |
| Number of shares outstanding, thousands | 77,036 | 77,036 | 77,036 | 76,852 | 76,852 | 76,852 | 76,852 | 76,642 | 76,642 |
| Average number of shares outstanding R 12M, thousands | 76,990 | 76,944 | 76,898 | 76,848 | 76,795 | 76,743 | 76,690 | 76,636 | 76,595 |
| Earnings per share, before dilution, SEK | 1.89 | -2.24 | 2.05 | 2.77 | 1.52 | 2.48 | 3.10 | 3.14 | 2.35 |
| Earnings per share, after dilution, SEK | 1.89 | -2.24 | 2.05 | 2.77 | 1.52 | 2.48 | 3.10 | 3.14 | 2.35 |
| Shareholders' equity attributable to Parent Company shareholders | 7,193 | 7,360 | 7,445 | 7,286 | 7,566 | 7,237 | 7,240 | 7,158 | 7,011 |
| Shareholders' equity per share, SEK | 93.38 | 95.54 | 96.64 | 94.80 | 98.45 | 94.16 | 94.21 | 93.39 | 91.69 |
| Net debt | 4,366 | 4,510 | 4,385 | 4,517 | 4,477 | 3,264 | 3,334 | 3,747 | 3,456 |
| Adjusted net debt | 2,807 | 2,929 | 2,912 | 3,037 | 2,976 | 1,894 | 1,993 | 2,354 | 2,173 |
| Financial net debt | 2,554 | 2,649 | 2,659 | 2,797 | 2,742 | 1,670 | 1,818 | 2,172 | 1,958 |
| Net debt/equity ratio, times | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.5 | 0.5 |
| Equity/asset ratio, % | 47.3 | 47.7 | 46.9 | 45.7 | 46.7 | 53.4 | 51.1 | 49.3 | 51.4 |
| Return on shareholders' equity, % | 4.7 | 4.3 | 9.2 | 10.4 | 10.9 | 12.0 | 12.0 | 12.8 | 14.2 |
| Return on capital employed, % | 6.9 | 6.2 | 9.3 | 10.1 | 10.0 | 10.7 | 10.7 | 11.0 | 12.7 |
| Interest coverage ratio, times | 4.1 | -1.3 | 4.1 | 4.7 | 3.8 | 4.9 | 7.5 | 7.1 | 7.6 |
| Net debt/EBITDA excluding one-off items and restructuring costs, times | 2.6 | 2.5 | 2.3 | 2.1 | 2.0 | 1.9 | 2.0 | 2.0 | 1.8 |
| Financial net debt/EBITDA excluding IFRS 16, excluding one-off items and restructuring costs, times |
2.1 | 2.0 | 1.7 | 1.5 | 1.4 | 1.4 | 1.4 | 1.4 | 1.2 |
| Number of employees at end of period | 5,046 | 5,123 | 5,153 | 5,198 | 5,216 | 4,909 | 4,825 | 4,912 | 4,926 |
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.)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| SEK m | Jan-Dec | Jan-Dec | Jan-Dec |
| Net sales | 13,323 | 13,114 | 12,366 |
| Growth, % | 2 | 6 | 28 |
| - of which organic | -5 | -9 | 11 |
| - of which acquisitions/divestments | 7 | 10 | 13 |
| - of which currency effects | 0 | 5 | 4 |
| Operating profit before depreciation/amortisation and impairment losses | 1,704 | 1,781 | 1,808 |
| Operating profit | 736 | 1,178 | 1,325 |
| Adjusted operating profit | 1,044 | 1,178 | 1,347 |
| Earnings before tax | 461 | 1,008 | 1,238 |
| Profit for the period | 315 | 849 | 974 |
| Operating margin, % | 5.5 | 9.0 | 10.7 |
| Adjusted operating margin, % | 7.8 | 9.0 | 10.9 |
| Adjusted EBITA margin, %1) | 8.1 | 9.2 | 11.1 |
| Profit margin before tax, % | 3.5 | 7.7 | 10.0 |
| Key performance indicators including divested business2) | |||
| Net sales | 13,323 | 13,114 | 12,366 |
| Growth, % | 2 | 6 | 16 |
| - of which organic | -5 | -9 | 10 |
| - of which acquisitions/divestments | 7 | 10 | 3 |
| - of which currency effects | 0 | 5 | 3 |
| Operating profit before depreciation/amortisation and impairment losses | 1,704 | 1,781 | 1,808 |
| Operating profit | 736 | 1,178 | 1,325 |
| Adjusted operating profit | 1,044 | 1,178 | 1,347 |
| Earnings before tax | 461 | 1,008 | 1,238 |
| Profit for the period | 315 | 849 | 974 |
| Operating margin, % | 5.5 | 9.0 | 10.7 |
| Adjusted operating margin, % | 7.8 | 9.0 | 10.9 |
| Adjusted EBITA margin, %1) | 8.1 | 9.2 | 11.1 |
| Profit margin before tax, % | 3.5 | 7.7 | 10.0 |
| Cash flow from operating activities | 1,438 | 1,711 | 691 |
| Cash flow from operating activities per share, SEK | 18.69 | 22.30 | 9.03 |
| Free cash flow | -163 | 951 | -649 |
| Adjusted free cash flow | 1,219 | 1,424 | 346 |
| Cash flow, investments in intangible assets/tangible fixed assets | -229 | -294 | -359 |
| Number of shares outstanding, thousands | 77,036 | 76,852 | 76,642 |
| Average number of shares outstanding R 12M, thousands | 76,944 | 76,743 | 76,552 |
| Earnings per share, before dilution, SEK | 4.10 | 11.07 | 12.73 |
| Earnings per share, after dilution, SEK | 4.10 | 11.07 | 12.70 |
| Dividend per share, SEK | 5.403) | 5.40 | 5.20 |
| Shareholders' equity attributable to Parent Company shareholders | 7,360 | 7,237 | 6,751 |
| Shareholders' equity per share, SEK | 95.54 | 94.16 | 88.08 |
| Net debt | 4,510 | 3,264 | 3,310 |
| Adjusted net debt | 2,929 | 1,894 | 2,098 |
| Financial net debt | 2,649 | 1,670 | 1,906 |
| Net debt/equity ratio, times | 0.6 | 0.5 | 0.5 |
| Equity/asset ratio, % | 47.7 | 53.4 | 52.1 |
| Return on shareholders' equity, % | 4.3 | 12.0 | 15.8 |
| Return on capital employed, % | 6.2 | 10.7 | 14.1 |
| Interest coverage ratio, times | 2.7 | 6.6 | 16.2 |
| Net debt/EBITDA excluding one-off items and restructuring costs, times | 2.5 | 1.9 | 1.6 |
| Financial net debt/EBITDA excluding IFRS 16, excluding one-off items and restructuring costs, times |
2.0 | 1.4 | 1.0 |
| Number of employees at end of period | 5,123 | 4,909 | 4,853 |
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.
2) 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.
3) Proposed dividend for 2024.
Notes
NOTE 1 – ACCOUNTING POLICIES
The consolidated accounts for the interim report have, similar to the annual consolidated accounts for 2024, been prepared in accordance with International Financial Reporting Standards (IFRS® Accounting Standards) and interpretations issued by the IFRS® Interpretations Committee (IFRIC Interpretations), 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 has applied the same accounting policies as described in the Annual Report for 2024.
None of the new or amended standards, interpretations or improvements adopted by the EU have had any significant impact on the Group.
Information in terms of IAS 34 p. 16 A Interim financial reporting has been disclosed in notes to the financial statements as well as in other pages of the interim report.
The Parent Company
The financial statements for the Parent Company are prepared according to the Swedish Annual Accounts Act and RFR 2, Accounting for legal entities issued by the Swedish Corporate Reporting Board and according to the same accounting policies as were applied in the Annual Report for 2024.
NOTE 2 – EFFECTS OF CHANGES IN ACCOUNTING ESTIMATES AND JUDGEMENTS
Significant estimates and judgements are described in Note 4 in the Annual Report for 2024. No essential changes, which could have a material impact on this interim report, have been made to what is described in the Annual Report for 2024.
NOTE 3 – BUSINESS COMBINATIONS
Ventia Sp. z o.o.
On March 12, 2025, Lindab signed an agreement to acquire all shares and voting rights in the Polish company Ventia Sp. z o.o. The acquisition complements Lindab's operations in the Polish market and is another important step in increasing sales of technical ventilation products. The registered office of Ventia is in Raszyn, Poland. The business has annual sales of approximately SEK 240 m and has an operating margin which is in line with Lindab Group's operating margin. Ventia has approximately 60 employees. The completion of the acquisition requires approval from the Polish Competition Authority. The business will be part of the Ventilation Systems segment.
Lindab a.s.
On February 14, 2025, Lindab signed an agreement to divest all shares and voting rights in the Slovakian company Lindab a.s., a divestment that was finalised on April 1, 2025. The divestment is part of the previously announced restructuring within business area Profile Systems in Eastern Europe. Lindab's operations in Slovakia have annual sales of approximately SEK 100 m and have around 50 employees, see Note 4.
Other
Adjustments of conditional additional purchase consideration, from the time of acquisition until time of settlement, are recognised in the consolidated statement of profit or loss. The financial impact of changed assessments is recognised as other operating income respectively other operating expenses. The impact of discounting in regards of additional purchase consideration to net present value is together with potential currency related translation differences recognised within financial items for the Group.
During the period, operating profit has been impacted by an income of SEK 3 m related to changed assessments regarding recognised additional purchase considerations, and is recognised as other operating income. Beside this, financial items of the Group have been negatively impacted by a cost of SEK 3 m in regards of discounting of conditional additional purchase considerations valued at fair value in accordance to Level 3 in the valuation hierarchy and positively impacted by an income of SEK 17 m in terms of unrealised translation differences, see Note 8.
Conditional additional purchase considerations will be settled fully or partly depending on future expectations of identified levels of profitability are met during a period of 2 or 3 years. Total possible undiscounted amount for all recognised future conditional additional purchase consideration is between SEK 0-651 m. On March 31, 2025, it was considered likely that 54 percent of maximum potential remaining consideration would occur.
NOTE 4 – RESTRUCTURING OF OPERATIONS IN EASTERN EUROPE
On December 11, 2024, Lindab announced the decision to restructure its operations in Eastern Europe to solely focus on ventilation within the region. The decision followed a strategic assessment of the operations within the Profile Systems business area in the relevant markets. As a result, the profile businesses in Slovakia, Romania and Hungary will be divested during 2025. The profile businesses in the Czech Republic, Poland and Estonia were fully closed during the first quarter of 2025. The Slovakian business was divested in April 2025, see Note 3 for further details.
Following the decision and taking into account the organisational and financial structure of the respective units, all relevant criteria under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are assessed to be met for the operations in Slovakia, Romania and Hungary. These units have therefore been classified as assets held for sale at the end of the fourth quarter, 2024. A summary of the assets recognised as held for sale in accordance with the aforementioned standard is presented as follows.
Notes (cont.)
| SEK m | March 31, 2025 |
|---|---|
| Goodwill and other intangible assets | 10 |
| Tangible fixed assets | 51 |
| Right-of-use assets | 8 |
| Deferred tax assets | 3 |
| Stock | 69 |
| Accounts receivables | 34 |
| Other current assets | 12 |
| Total assets held for sale | 187 |
| Deferred tax liabilities | 4 |
| Non-current lease liabilities | 5 |
| Long-term liabilities | 5 |
| Current lease liabilities | 4 |
| Current liabilities | 54 |
| Total liabilities held for sale | 72 |
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 first quarter 2025 amounted to SEK 99 m, with an adjusted operating profit of SEK -1 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.
Information on income from external customers and adjusted operating profit per operating segment is presented in the tables on page 10. 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 86 m (64), of which SEK 29 m (7) was related to investments in intangible assets.
NOTE 7 – DEPRECIATION/AMORTISATION AND IMPAIR-MENT LOSSES
Depreciation and amortisation for the quarter amounted to SEK 174 m (162), of which SEK 18 m (15) was related to intangible assets and SEK 99 m (90) to right-of-use assets attributable to rental and lease agreements. SEK 0 m (-) impairment losses have been reported in the quarter.
NOTE 8 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
| SEK m | March 31, 2025 | March 31, 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 | 37 | 37 | 1 | 1 | 2 | 2 |
| Financial liabilities | ||||||
| Liabilities to credit institutions | 3,064 | 3,053 | 3,573 | 3,568 | 3,142 | 3,103 |
| Other non-current liabilities1) | 279 | 279 | 494 | 494 | 293 | 293 |
| Derivative liabilities | 5 | 5 | 1 | 0 | 1 | 1 |
1) During the first quarter of 2025, other non-current liabilities related to additional purchase considerations have been impacted by unrealised translation differences/discount effects equivalent to an income of SEK 14 m, a value that in the period is recognised within financial items.
Notes (cont.)
Description of fair value
Derivatives
Derivatives relate to forward exchange contracts which are valued at fair value by discounting the difference between the contracted forward rate and the forward rate that can be subscribed for on the balance sheet date for the remaining contract term. Derivative assets and derivative liabilities that are recognised can all be found at Level 2 of the valuation hierarchy, based on the definition of IFRS 13 Fair Value Measurement.
Liabilities to credit institutions
The fair value of interest-bearing liabilities to credit institutions is provided for the purpose of disclosure and is calculated by discounting the future cash flows of principal and interest payments, discounted at current market interest rate.
Other non-current liabilities
Other non-current liabilities relate to financial liabilities regarding additional conditional purchase consideration 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. A change of 1 percent in terms of discount factor will only have a minor impact on fair value, while a changed assessment of potential future cash flow by 10 percent would impact fair value by approximately SEK 28 m.
Other
During the period, there has not been any transfers between the levels in the hierarchy for valuation of fair value. There were no significant interrelationships between unobservable data that would impact the fair values in a material way.
For other financial assets and liabilities, the carrying amount is deemed to be a reasonable approximation of fair value. The Group holdings of unlisted shares, and where the fair value cannot be estimated reliably, are recognised at acquisition cost. The recognised carrying amount for these holdings are SEK 4 m (5).
NOTE 9 - TAX
Earnings before tax for the quarter amounted to SEK 185 m (156) and tax on profit was SEK 40 m (39). The effective tax rate amounted to 22 percent (25) and the average tax rate was 21 percent (22). The actual difference between the effective tax rate in the quarter and the average tax rate was minor. The lower effective tax rate compared to the corresponding tax rate in the same period previous year was mainly explained by a less unfavourable effect from non-taxable income/non-deductible costs. 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 Annual Report for 2024.
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.
This interim report for Lindab International AB (publ) has been submitted following approval by the Board of Directors.
Båstad 6 May 2025
Ola Ringdahl President and CEO
Reconciliations, key performance indicators not defined according to IFRS
The company presents certain financial measures in the interim report which are not defined according to IFRS. The company considers these measures to provide valuable supplementary information for investors and the company's management as they enable the assessment of relevant trends. Lindab'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 Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 |
|||
|---|---|---|---|
| Profit for the period, rolling twelve months | 343 | 786 | 315 |
| Average shareholders' equity | 7,370 | 7,242 | 7,379 |
| Return on shareholders' equity, % | 4.7 | 10.9 | 4.3 |
| Return on capital employed | Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 | ||
| Total assets | 15,213 | 16,186 | 15,431 |
| Provisions and deferred tax liabilities | 215 | 211 | 229 |
| Other non-current liabilities | 339 | 585 | 372 |
| Total non-current liabilities | 554 | 796 | 601 |
| Provisions | 137 | 12 | 155 |
| Accounts payable | 1,177 | 1,223 | 1,001 |
| Other current liabilities | 1,173 | 1,250 | 1,209 |
| Total current liabilities | 2,487 | 2,485 | 2,365 |
| Capital employed | 12,173 | 12,905 | 12,465 |
| Earnings before tax, rolling twelve months | 490 | 934 | 461 |
| Financial expenses, rolling twelve months | 372 | 220 | 295 |
| Total | 862 | 1,154 | 756 |
| Average capital employed | 12,480 | 11,591 | 12,274 |
| Return on capital employed, % | 6.9 | 10.0 | 6.2 |
| 2025 | 2024 | 2024 | |
| One-off items and restructuring costs | Jan-Mar | Jan-Mar | Jan-Dec |
| Operating profit | 228 | 225 | 736 |
| Ventilation Systems | - | - | -124 |
| Profile Systems | - | - | 427 |
| Other operations | - | - | 5 |
| Adjusted operating profit | 228 | 225 | 1,044 |
During the period January-December 2024, one-off items and restructuring costs of SEK 308 m were reported. SEK 250 m was related to impairment of goodwill connected to decided divestment of profile business in Eastern Europe. SEK 150 m was related to announced decision to divest and close the profile business in Eastern Europe. SEK 74 m was connected to structural measures in the Group to adjust its fixed costs to current market situation, and SEK 24 m was related to other structural measures. Remaining SEK 30 m was related to impairment of assets in associated companies which was divested in December 2024. During the period a reduction of conditional additional purchase considerations related to Airmaster resulted in an income of SEK 220 m.
| Free cash flow | 2025 Jan-Mar |
2024 Jan-Mar |
2024 Jan-Dec |
|---|---|---|---|
| Cash flow from operating activities | 160 | 208 | 1,438 |
| Cash flow from investing activities | -107 | -1,193 | -1,601 |
| Free cash flow | 53 | -985 | -163 |
| Cash flow related to acquisitions/divestments | -24 | -1,132 | -1,382 |
| Adjusted free cash flow | 77 | 147 | 1,219 |
| Cash conversion | 2025 Jan-Mar |
2024 Jan-Mar |
2024 Jan-Dec |
| Adjusted free cash flow | 77 | 147 | 1,219 |
| Adjusted operating profit | 228 | 225 | 1,044 |
| Cash conversion, % | 34 | 65 | 117 |
| Adjusted operating profit and operating margin | 2024 Jan-Mar |
2023 Jan-Mar |
2024 Jan-Dec |
| Adjusted operating profit | 228 | 225 | 1,044 |
| Operating profit | 228 | 225 | 736 |
| Net sales | 3,214 | 3,147 | 13,323 |
| Adjusted operating margin, % | 7.1 | 7.1 | 7.8 |
| Operating margin, % | 7.1 | 7.1 | 5.5 |
| Adjusted EBITA-margin1) | 2025 Jan-Mar |
2024 Jan-Mar |
2024 Jan-Dec |
|---|---|---|---|
| Adjusted operating profit | 228 | 225 | 1,044 |
| Amortisation and impairment of acquisition-related intangible assets | 10 | 8 | 32 |
| Adjusted EBITA | 238 | 233 | 1,076 |
| Net sales | 3,214 | 3,147 | 13,323 |
| Adjusted EBITA-margin, % | 7.4 | 7.4 | 8.1 |
| Net debt | Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 | ||
| Non-current interest-bearing provisions for pensions and similar obligations | 275 | 256 | 302 |
| Non-current liabilities to credit institutions | 3,058 | 3,328 | 3,121 |
| Non-current lease liabilities | 1,194 | 1,149 | 1,204 |
| Current interest-bearing liabilities | 380 | 606 | 406 |
| Total interest-bearing provisions and liabilities | 4,907 | 5,339 | 5,033 |
| Financial interest-bearing fixed assets | 22 | 22 | 22 |
| Other interest-bearing receivables | 39 | 2 | 2 |
| Cash and cash equivalents | 480 | 838 | 499 |
| Total interest-bearing assets | 541 | 862 | 523 |
| Net debt | 4,366 | 4,477 | 4,510 |
| Adjusted net debt | Mar 31, 2025 Mar 31, 2024 Dec 31,2024 | ||
| Net debt | 4,366 | 4,477 | 4,510 |
| Liabilities related to leasing | -1,559 | -1,501 | -1,581 |
| Adjusted net debt | 2,807 | 2,976 | 2,929 |
| Financial net debt | Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 | ||
| Net debt | 4,366 | 4,477 | 4,510 |
| Liabilities related to leasing | -1,559 | -1,501 | -1,581 |
| Pension-related receivables | 22 | 22 | 22 |
| Pension-related liabilities | -275 | -256 | -302 |
| Financial net debt | 2,554 | 2,742 | 2,649 |
| Net debt/EBITDA Average net debt, rolling twelve months |
4,482 | Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 3,586 |
4,313 |
| Adjusted operating profit, rolling twelve months | 1,047 | 1,139 | 1,044 |
| Depreciation/amortisation and impairment, rolling twelve months, | 687 | 623 | 675 |
| excluding one-off items and restructuring costs EBITDA, rolling twelve months |
1,734 | 1,762 | 1,719 |
| Net debt/EBITDA, times | 2.6 | 2.0 | 2.5 |
| Financial net debt/EBITDA excluding IFRS 16 | Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 | ||
| Average financial net debt, rolling twelve months | 2,696 | 1,991 | 2,552 |
| Adjusted operating profit, rolling twelve months | 1,047 | 1,139 | 1,044 |
| Reversal of leasing defined according to IFRS 16, rolling twelve months | -432 | -378 | -419 |
| Depreciation/amortisation and impairment, rolling twelve months, | 687 | 623 | 675 |
| excluding one-off items and restructuring costs | |||
| EBITDA, excluding IFRS 16 rolling twelve months | 1,302 | 1,384 | 1,300 |
| Financial net debt/EBITDA excluding IFRS 16, times | 2.1 | 1.4 | 2.0 |
| Net debt/equity ratio | Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 | ||
| Net debt | 4,366 | 4,477 | 4,510 |
| Shareholders' equity | 7,193 | 7,566 | 7,360 |
| Net debt/equity ratio | 0.6 | 0.6 | 0.6 |
| 2025 | 2024 | 2024 | |
| Growth | Jan-Mar | Jan-Mar | Jan-Dec |
| Change in Net sales Of which |
67 | -77 | 209 |
| - Organic | -103 | -311 | -732 |
| - Acquisitions/divestments | 175 | 209 | 958 |
| - Currency effects | -5 | 25 | -17 |
| 2025 | 2024 | 2024 | |
| Interest coverage ratio | Jan-Mar | Jan-Mar | Jan-Dec |
| Earnings before tax | 185 | 156 | 461 |
| Interest expenses | 60 | 56 | 272 |
| Total | 245 | 212 | 733 |
| Interest expenses | 60 | 56 | 272 |
| Interest coverage ratio, times | 4.1 | 3.8 | 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 Jan-Mar |
2024 Jan-Mar |
2024 Jan-Dec |
|---|---|---|---|
| Operating profit | 228 | 225 | 736 |
| Depreciation/amortisation and impairment | 174 | 162 | 968 |
| of which one-off items and restructuring costs | - | - | 293 |
| Operating profit before amortisation/depreciation and impairment - EBITDA | 402 | 387 | 1,704 |
| Profit margin before tax | 2025 Jan-Mar |
2024 Jan-Mar |
2024 Jan-Dec |
| Net sales | 3,214 | 3,147 | 13,323 |
| Earnings before tax | 185 | 156 | 461 |
| Profit margin before tax, % | 5.8 | 5.0 | 3.5 |
Definitions
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-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.
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.
Lindab in brief
Lindab 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.
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 share
January - March 2025
| Share price performance: | -15% |
|---|---|
| Average share turnover/day: | 216,932 |
| Highest price paid (January 2): | 233.20 SEK |
| Lowest price paid (January 17): | 177.60 SEK |
| Closing price March 31: | 194.20 SEK |
| Market cap March 31: | SEK 14,960 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
Press- and analyst meetings Calendar
A live webcast will be held at 10:00 am (CEST) on 6 May. 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/q1-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://conference.inderes.com/teleconference/?id=5009211
For more information see lindabgroup.com.
| Annual General Meeting | 13 May, 2025 |
|---|---|
| Interim Report January - June | 18 July, 2025 |
| Interim Report January - September | 24 October, 2025 |
| Year End Report | 12 February, 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 6 May, 2025.
For further information, please contact:
Ola Ringdahl, President and CEO | E-mail: [email protected] Lars Ynner, CFO | E-mail: [email protected] Fredrik Wahrolén, Head of Communications | E-mail: [email protected] | Mobile: +46 (0) 70 539 33 79
Telephone +46 (0) 431 850 00
For more information, please visit lindabgroup.com.
