Lindab International

Interim / Quarterly Report • Jul 20, 2022

Lindab International AB (publ) Interim Report January - June 2022

Record strong sales and earnings

During the second quarter, Lindab reported its highest quarter ever in terms of sales, driven by organic and acquired growth. Both business areas, Ventilation Systems and Profile Systems, reached record sales and profit levels. German Felderer and Dutch R-Vent were acquired during the quarter, corresponding to a total annual sales of SEK 1,200 m.

As of 2022 Lindab's business consists of business area Ventilation Systems and Profile Systems. Unless otherwise stated the comparative numbers exclude the divested business area Building Systems, which was divested in December 2021.

Second quarter 2022

• Net sales increased by 27 percent to SEK 3,171 m (2,501). Organic growth was 14 percent. Structural changes contributed positively by 10 percent.
• Adjusted1) operating profit increased by 17 percent to SEK 402 m (344).
• Operating profit increased to SEK 402 m (344).
• Adjusted1) operating margin amounted to 12.7 percent (13.8).
• Operating margin amounted to 12.7 percent (13.8).
• Profit for the period increased to SEK 300 m (268).
• Earnings per share before dilution increased to SEK 3.92 (3.51) and after dilution to SEK 3.91 (3.51).
• During the quarter, Felderer AG and R-Vent Netherlands B.V. were acquired, corresponding to an annual sales of SEK 1,200 m. In June, Lindab signed an agreement to acquire Muncholm A/S. The acquisition was completed in July.

The comparable numbers for the following key figures include the business divested in previous year.

• Profit for the period increased to SEK 300 m (278).
• Earnings per share before dilution increased to SEK 3.92 (3.64) and after dilution to SEK 3.91 (3.64).
• Cash flow from operating activities amounted to SEK 161 m (227).

January - June 2022

• Net sales increased by 28 percent to SEK 5,904 m (4,600). Organic growth was 18 percent. Structural changes contributed positively by 7 percent.
• Adjusted1) operating profit increased by 34 percent to SEK 742 m (552).
• Operating profit increased to SEK 723 m (552).
• Adjusted1) operating margin increased to 12.6 percent (12.0).
• Operating margin increased to 12.2 percent (12.0).
• Profit for the period increased to SEK 536 m (425).
• Earnings per share before dilution increased to SEK 7.01 (5.56) and after dilution to SEK 6.99 (5.56).

The comparable numbers for the following key figures include the business divested in previous year.

• Profit for the period increased to SEK 536 m (418).
• Earnings per share before dilution increased to SEK 7.01 (5.47) and after dilution to SEK 6.99 (5.47).
• Cash flow from operating activities amounted to SEK -52 m (287).

Key Figures	2022 Apr-Jun	2021 Apr-Jun	Change, %	2022 Jan-Jun	2021 Jan-Jun	Change, %
Net sales, SEK m	3,171	2,501	27	5,904	4,600	28
Adjusted1) operating profit, SEK m	402	344	17	742	552	34
Operating profit, SEK m	402	344	17	723	552	31
Adjusted1) operating margin, %	12.7	13.8	-	12.6	12.0	-
Operating margin, %	12.7	13.8	-	12.2	12.0	-
Profit for the period, SEK m	300	268	12	536	425	26
Earnings per share after dilution, SEK	3.91	3.51	11	6.99	5.56	26
Comparable numbers include divested business:
Profit for the period, SEK m	300	278	8	536	418	28
Earnings per share after dilution, SEK	3.91	3.64	7	6.99	5.47	28
Cash flow from operating activities, SEK m	161	227	-	-52	287	-

1) Adjusted operating profit/operating margin does not include significant one-off items and restructuring costs. See 'Reconciliations' page 25.

A word from the CEO

Lindab delivers a very strong second quarter. Sales exceeded SEK 3 billion for the first time in a quarter. Operating profit reached a new record level, thanks to high growth and efficiency. The pace of operations has been high throughout the period and we expect stable demand for the rest of the year. The acquisitions of Felderer and R-Vent create a strong platform for Lindab in the strategically important ventilation markets Germany and the Netherlands.

"Operating profit reached a new record level, thanks to high growth and efficiency."

Strategic acquisitions in Germany and the Netherlands

The acquisition of German Felderer was completed in April after approval by the anti-trust authorities. In June, R-Vent was acquired and Lindab thus establishes its own presence in the Netherlands. These two ventilation companies have a total annual turnover of SEK 1.2 billion and they strengthen Lindab's market position and growth opportunities in two of Europe's most important ventilation markets. During July, Lindab also completed the acquisitions of Muncholm and Girovent. We look forward to welcoming more well-managed companies to Lindab in the future.

A strong company with a clear future direction

Since 2018, Lindab has undergone a thorough transformation with increased focus on the core business. Unprofitable units have been restructured or divested. Investments have been made to increase capacity, efficiency and safety. Responsibilities have been moved closer to the customer, which has made Lindab more agile and customer-oriented. Since 2020, we have completed 15 acquisitions, which have contributed with more than SEK 2 billion in annual sales. At the same time, business with a total of SEK 1.2 billion in sales have been divested. Overall, these measures have resulted in a doubling of profitability. We will continue to build on

Lindab's strengths and grow the business both organically and through acquisitions. We have an organisation that can make fast decisions and adapt the business when the world around us changes. Lindab has proven itself during the corona pandemic and its aftermath with raw material shortages and increasing prices, and now also after Russia's invasion of Ukraine.

"Since 2020, we have completed 15 acquisitions, which have contributed more than SEK 2 billion in annual sales."

Increased focus on energy saving

In the long term, we see an increased demand for energy-efficient ventilation due to high energy prices and the green transition. Ventilation, heating and cooling account for a large part of a building's operating costs and high energy prices should increase the pace of the renovation wave required for the EU to meet its climate goals.

Stronger demand for sustainable solutions

We notice an increasing demand for sustainable products. The highest tightness class is becoming increasingly important when choosing ventilation system, and the larger customers are actively selecting suppliers with strong sustainability profiles. This benefits Lindab, which has a competitive offering in this area. During the quarter, one of our partners in fossil-free steel, H2 Green Steel, came one step closer to starting its production. Lindab is a volume guarantor for both SSAB and H2 Green Steel and plans to launch a green product line when fossil-free steel becomes available in a few years.

Lindab has an experienced and motivated organisation, strong presence throughout Europe and a stable supply chain. We are well positioned to continue to develop the business in a positive direction in the future.

Grevie, July 2022

Ola Ringdahl President and CEO

Q2 2022 R 12M

Financial targets

Lindab has financial targets for growth, profitability and net debt. During the third quarter 2021, Lindab raised its targets for growth and profitability. For 2021 and 2022, the outcome regarding annual growth and adjusted operating margin is reported excluding divested business, while net debt/EBITDA is reported including divested business.

• 1) Growth excluding currency effects.
• 2) The outcome for annual growth including divested business was 18.6 percent in Q2 2022 R 12M and 18.5 percent in 2021. Adjusted operating margin was 12.9 percent in Q2 2022 R 12M and 12.2 percent in 2021.
• 3) Excluding the effect of implemented new accounting standard IFRS 16 Leases, operating margin amounted to 13.1 percent in Q2 2022 R 12M, 12.9 percent in 2021, 9.7 percent in 2020 and 9.0 percent in 2019.

4) Excluding the effect of implemented accounting standard IFRS 16 Leases, net debt to EBITDA amounted to 0.7 in Q2 2022, 0.6 in 2021, 0.8 in 2020 and 1.0 in 2019.

5) Adjusted for one-off items and restructuring costs.

Lindab's sustainability plan

Lindab's sustainability plan includes goals and activities within three areas:

• Create healthy buildings
• Reduce the environmental impact from customers
• Drive a sustainable business

At lindabgroup.com there is more information about the sustainability plan, what activities are carried out and objectives for the sustainability work.

Science based targets

Since the end of last year, Lindab has worked with data collection and analysis, in preparation for joining Science based targets. Science based targets is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute and WWF. The aim is to set scientifically based climate goals in line with the Paris Agreement. In order to set substantiated goals, emissions throughout the value chain needs to be collected and analysed. This means that not only Lindab's own greenhouse gas emissions must be included, but also emissions from suppliers.

Greenhouse gas emissions can be classified into three categories. Scope 1 is emissions that are directly connected to the company's own operations, for example the production. Scope 2 is indirect emissions from electricity and heating that are consumed.

Scope 3 is indirect emissions from all suppliers, which, for example, includes all Lindab's purchases, implemented investments and transports to and from the company. It also includes the energy that Lindab's products consume during their lifetime. The work of collecting data is extensive as there are many suppliers to contact and many simulations to carry out.

The preliminary result from Lindab's analysis is that more than 90 percent of the total greenhouse gas emissions in Lindab's value chain comes from scope 3. Within scope 3, the purchase of steel accounts for the largest individual item. With more than 90 percent of emissions from sources outside Lindab, it is crucial for the sustainability work to focus on the entire value chain and not just on the emissions that our own operations account for.

The analysis is expected to be completed later during the year and Lindab is then ready to take the next step in the work towards scientifically based climate goals in accordance with the Science based targets initiative.

Sales, profit and cash flow

Sales and market

Net sales during the quarter amounted to SEK 3,171 m (2,501), an increase of 27 percent. Organic growth was 14 percent and currency effects amounted to 3 percent. Structural changes contributed positively by 10 percent.

During the second quarter of the year, Lindab reported sales that for the first time in Lindab's history exceeded SEK 3,000 m for an individual quarter. The high sales was mainly a result of organic and structural growth. Sales have been positively affected by price increases that have been implemented to compensate for the high raw material prices. The structural growth was mainly related to the acquisition of the German ventilation distributor Felderer AG, which was completed in April.

Despite high comparison figures and a turbulent geopolitical situation, both Ventilation Systems and Profile Systems reported organic growth in all geographical regions. For Ventilation Systems, organic growth was particularly strong in the Nordics and Central Europe. Profile Systems' positive growth was also particularly strong in the Nordics, which was mainly related to increased sales of industrial construction projects, cladding for wall and roof as well as steel profiles.

Net sales for the period January-June amounted to SEK 5,904 m (4,600), an increase of 28 percent compared with the same period previous year. Organic growth was 18 percent and currency effects amounted to 3 percent. Structural changes contributed positively by 7 percent.

For information on net sales for discontinued operations, see Note 6.

Profit

Adjusted operating profit for the quarter increased to SEK 402 m (344). No one-off items or restructuring costs were reported during the quarter or in the same period previous year. Adjusted operating margin amounted to 12.7 percent (13.8). The continued strong operating margin was slightly lower than previous year, a year influenced by strong raw material price increases and related price adjustments to customers.

Ventilation Systems' adjusted operating profit increased to SEK 240 m (213) and Profile Systems increased to SEK 178 m (149).

The improved adjusted operating profit was mainly explained by significant sales growth and positive effects from structural

0 1,000 2,000 3,000 4,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ⁰ 3,000 6,000 9,000 12,000 ²⁰²² Quarter R 12M Quarter R 12M 2020 2021

changes, which were partly offset by higher costs and lower gross margin.

Profit for the quarter increased to SEK 300 m (268). Earnings per share before dilution increased to SEK 3.92 (3.51) and after dilution to SEK 3.91 (3.51).

Adjusted operating profit for the period January-June increased to SEK 742 m (552). Operating profit was adjusted with one-off items and restructuring costs of SEK -19 m (-), related to the closure of the operations in Russia, see Reconciliation page 25. Adjusted operating margin increased to 12.6 percent (12.0).

Profit for the period January-June increased to SEK 536 m (425). Earnings per share before dilution increased to SEK 7.01 (5.56) and after dilution to SEK 6.99 (5.56).

For information about profit for discontinued operations, see Note 6.

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.

Depreciation/amortisation and impairment losses

Depreciation and amortisation for the quarter amounted to SEK 112 m (96), of which SEK 8 m (7) was related to intangible assets and SEK 61 m (53) was related to the right-of-use assets attributable to rental and lease agreements. No impairment losses were reported during the quarter.

For the period January-June depreciation and amortisation amounted to SEK 218 m (188), of which SEK 15 m (14) was related to intangible assets and SEK 118 m (103) was related to the right-of-use assets attributable to rental and lease agreements. Impairment losses during the period amounted to SEK 2 m (2). Impairment losses for the current year have been reported as other operating expenses in the consolidated statement of profit or loss and were classified as one-off items and restructuring costs.

For information about depreciation/amortisation and impairment losses for discontinued operations, see Note 6.

Net sales, SEK m Adjusted operating profit, SEK m

Sales, profit and cash flow (cont.)

Tax

Earnings before tax increased to SEK 381 m (333) in the quarter and tax on profit amounted to SEK 81 m (65). The effective tax rate was 21 percent (20), while the average tax rate amounted to 20 percent (19). The slightly higher effective tax rate compared to the average tax rate was mainly explained by the effect from non-taxable income/non-deductible costs. The difference between the effective tax rate in the quarter and the effective tax rate in the corresponding quarter previous year was mainly explained by the same reason.

Earnings before tax increased to SEK 688 m (531) in the period January-June and tax on profit amounted to SEK 152 m (106). The effective tax rate was 22 percent (20), while the average tax rate amounted to 20 percent (20). The higher effective tax rate compared to the average tax rate was partly explained by the effect from non-taxable income/non-deductible costs. Another contributing factor was that Lindab was not able to fully recognise the carry-forward tax losses generated in the period to reduce the total tax on profit. The difference between the effective tax rate in the period and the effective tax rate in the corresponding period previous year was mainly explained by the same reasons.

For information on tax for discontinued operations, see Note 6.

Cash flow (comparable numbers include divested business)

Cash flow before change in working capital increased by SEK 20 m during the quarter and amounted to SEK 425 m (405). The improvement was mainly explained by an increase in the underlying operating profit, excluding discontinued operations, by SEK 58 m and amounted to SEK 402 m (344). This was partially offset by the Group's tax payments, which increased by SEK -33 m compared with the corresponding period previous year.

The quarter's change in working capital amounted to SEK -264 m (-178). In comparison with the same period previous year, the development from working capital was mainly driven by a lower positive cash flow attributable to operating liabilities. The previous year's positive effect was mainly related to advances from customers in discontinued operations and the effect of raw material price development on accounts payable. During the quarter, net working capital increased mainly due to high steel prices in combination with strong growth. Cash flow from operating activities

amounted to SEK 161 m (227) for the quarter.

Cash flow from financing activities for the quarter amounted to SEK 581 m (-135). This included amortisation of SEK -61 m (-58) related to lease liabilities. Dividend to shareholders increased by SEK 23 m and amounted to SEK -153 m (-130). Other changes in financing activities were related to changes in borrowing and utilisation of credit limits.

Cash flow before change in working capital for the period January-June increased by SEK 119 m and amounted to SEK 740 m (621). The improvement was mainly explained by an increase in underlying operating profit, excluding discontinued operations, by SEK 171 m and amounted to SEK 723 m (552). The increase was partially offset by the Group's tax payments, an increase of SEK -59 m compared with the same period previous year. The underlying operating profit included one-off items and restructuring costs corresponding to SEK -19 m, which is mainly not affecting cash flow. These items are related to the decided closure of operations in Russia.

The period's change in working capital amounted to SEK -792 m (-334). In comparison with the same period last year, the development from working capital was mainly driven by increased capital tied up in stock and a lower positive effect of operating liabilities. The increased capital tied up in stock is primarily related to the strategic decision to secure access to raw materials and to prioritise delivery performance, but also a consequence of high steel prices. The previous year's positive effect was mainly related to advances from customers within discontinued operations and the effect of raw material price development on accounts payable. During the period net working capital increased mainly due to high steel prices and strong growth. Cash flow from operating activities amounted to SEK -52 m (287) for the period.

Cash flow from financing activities for January-June amounted to SEK 820 m (-115). This included amortisation of SEK -118 m (-115) related to lease liabilities. Dividend to shareholders amounted to SEK -153 m (-130). Other changes in financing activities were related to changes in borrowing and utilisation of credit limits.

For information on cash flow per category for discontinued operations, see Note 6. Cash flow from investing activities is explained under the headings 'Investments' and 'Business combinations'.

Cash flow from operating activities, SEK m Comparable numbers include divested business

Investments and financial position

Investments (comparable numbers include divested business)

Investments in intangible assets and tangible fixed assets amounted to SEK 99 m (86) during the quarter, of which SEK 13 m (2) were related to investments in intangible assets. Previous year included investments in intangible assets and tangible fixed assets of SEK 2 m related to discontinued operations.

Cash flow from investing activities, excluding business combinations, amounted net to SEK -98 m (-80) during the quarter. The cash flow included an effect from the sale of intangible assets and tangible fixed assets of SEK 1 m (6).

For the period January-June, investments in intangible assets and tangible fixed assets amounted to SEK 205 m (193), of which SEK 19 m (5) were related to investments in intangible assets. Previous year included investments in intangible assets and tangible fixed assets of SEK 7 m related to discontinued operations.

Cash flow from investing activities, excluding business combinations, amounted net to SEK -204 m (-185) during the period January-June. The cash flow included an effect from the sale of intangible assets and tangible fixed assets of SEK 1 m (7).

Business combinations

On June 16, Lindab acquired all shares and voting rights of the Dutch company R-Vent Netherlands B.V. The company is a leading distributor of ventilation products in the Netherlands and has also an extensive own production of circular respectively rectangular ventilation ducts with accessories. With the acquisition, Lindab establishes its own presence in the Netherlands, a strong and well-developed ventilation market with good potential of growth for the Group. R-Vent Netherlands B.V. is registered in Bergschenhoek, Netherlands. The company has annual sales of approximately SEK 500 m and has 140 employees.

On June 8, Lindab signed an agreement to acquire all shares and voting rights of the Danish company Muncholm A/S. The company is a specialist on products for tinsmiths and is a leader in aluminium facades and self-supporting roofs. Through the acquisition Lindab gains, among other things, an important direct sales

channel to tinsmiths and architects in Denmark and additional competence related to this market. Muncholm A/S is registered in Hadsten, Denmark. The company has annual sales of approximately SEK 250 m and has 20 employees. The acquisition was subject to approval of the Danish anti-trust authority, an approval that was obtained June 30. The acquisition was finalised in July.

On April 29, Lindab finalised the acquisition of all shares and voting rights of the German ventilation distributor Felderer AG. The company is one of Germany's largest distributors of ventilation products such as ducts, silencers, diffusers and fire protection products. With the acquisition, Lindab strengthens its presence on the German market considerably, at the same time as the ventilation offering is extended on a market that is assessed to have a significant potential for the Group. Felderer AG is registered in Feldkirchen, Germany. The company has annual sales of approximately SEK 700 m and has 160 employees.

For more information about above and previous company acquisitions in 2022, see Note 3. For information related to acquisition after the reporting period, see page 9.

Financial position (comparable numbers include divested business)

Net debt amounted to SEK 3,169 m (1,777) as of June 30, 2022. The change in net debt was mainly related to increased borrowing as a result of acquisitions, increased leasing liabilities and increased capital tied up in stock and operating receivables.

The equity/assets ratio was 48 percent (52) and the net debt/ equity ratio amounted to 0.5 (0.3). Financial items for the quarter amounted to SEK -21 m (-11). The change was mainly due to higher interest expenses as a result of increased net debt in combination with slightly higher interest rates and a currency effect related to financial liabilities.

Financial items for the period January-June amounted to SEK -35 m (-21).

Investment program

• Lindab is implementing an investment program with the objective of achieving increased capacity, higher efficiency and a safer work environment.
• During the quarter, continued investments were made in Ventilation Systems and Profile Systems. The largest projects concern automation of production lines in Prague (CZ), Warsaw (PL), Grevie (SE) and Förslöv (SE).

Investments and financial position (cont.)

The existing credit limits of SEK 1,300 m with Nordea and Raiffeisen Bank International and EUR 70 m with Raiffeisen Bank International have by exercise of option been extended to the second quarter of 2025. During the quarter, Lindab also entered into a new credit agreement of SEK 1,000 m with Nordea, which is valid until the second quarter of 2024. All agreements contain a covenant, which is monitored quarterly. Lindab fulfilled the conditions as of June 30, 2022.

Pledged assets and contingent liabilities

No significant changes took place in pledged collateral and contingent liabilities during the second quarter.

Other

Parent company

Lindab International AB (publ), corporate identification number 556606-5446, is a registered limited liability company with its domicile in Båstad, Sweden. Lindab's shares are listed on Nasdaq Stockholm, Large Cap.

Net sales for the quarter amounted to SEK 2 m (2). Profit for the period amounted to SEK 4 m (-2).

Net sales for the period January-June amounted to SEK 3 m (3). Profit for the period amounted to SEK 2 m (-3).

Significant risks and uncertainties

Significant risks and uncertainties are described in Lindab's Annual Report for 2021 under Risks and Risk Management (pages 69-72). In addition to Risks and Risk Management described, there are in 2022 also estimation uncertainty related to Russia's invasion of Ukraine, see Note 2.

Employees

The number of employees, calculated as full-time equivalent employees, was 4,920 (4,507) at the end of the quarter. Adjusted for acquisitions and divestments, the net increase was 32 employees compared with the same period previous year.

Incentive program

Guidelines for remuneration of senior executives were most recently adopted at the Annual General Meeting in 2021. These guidelines shall as per resolution be submitted for adoption at the Annual General Meeting at least each fourth year. According to adopted guidelines, the remuneration program for senior executives shall among other things include variable cash pay elements. These variable elements shall be based on measurable criteria, which reflects predetermined financial and qualitative targets for Lindab. Based on previous resolution at the Annual General Meeting, a long-term incentive program has been implemented in 2022. 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 of 2022 to 2024 is estimated to SEK 14 m. Long-term incentive programs from 2020 respectively 2021 have essentially the same principles as the program for 2022 and these programs measuring period are 2020 to 2022 respectively 2021 to 2023.

Share option program

At the Annual General Meeting in May 2022, it was resolved to establish a share option program for senior executives in Lindab through a directed issue of maximum 275,000 share options. As a result of this program, 229,050 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 a exercise price of SEK 219.90. Acquisitions of shares supported by share options may

take place after Lindab has published the Q2 interim report for the year 2025 and up until 31 August of the same year. At the Annual General Meeting in 2019, 2020 and 2021, respectively, there were also resolutions to implement share option programs for senior executives. From the 2019 share option program, there are 175,000 outstanding options with a subscription price of SEK 120.00 exercisable during July/August 2022. From the 2020 share option program there are 210,000 outstanding share options with a subscription price of SEK 101.90 exercisable during summer 2023. From the 2021 share option program there are 183,950 outstanding share options with a subscription price of SEK 222.00 exercisable during summer 2024.

Annual General Meeting

At Lindab International AB´s Annual General Meeting on May 12, 2022, the following resolutions were made, among other things:

• Approval of the Parent company's and the Group's consolidated statement of profit or loss and balance sheet for 2021.
• Granting of discharge of liability for the members of the Board of Directors and the CEO for the financial year 2021.
• Dividend of SEK 4.00 per share distributed half-yearly with SEK 2.00 per share with record date May 16, and SEK 2.00 per share with record date November 7, 2022.
• Re-election of the Board members Peter Nilsson, Per Bertland, Sonat Burman-Olsson, Viveka Ekberg, Anette Frumerie, Marcus Hedblom and Staffan Pehrson. Peter Nilsson was re-elected as Chairman of the Board.
• Re-election of Deloitte AB as the company's auditors, with Harald Jagner as principal auditor.
• Establishment of a share option program for senior executives with a maximum of 275,000 share options issued.
• Authorisation for the Board of Directors to decide on the transfer of treasury shares on one or more occasions.

For further information, see documents from Lindab International AB's Annual General Meeting which are available at lindabgroup.com.

Significant events during the reporting period

In April, the acquisition of the German ventilation distributor Felderer AG was finalised, see page 6 and Note 3.

In June, Lindab acquired the Dutch ventilation company R-Vent Netherlands B.V., see page 6 and Note 3.

In June, Lindab signed an agreement to acquire the Danish company Muncholm A/S. The company's business focuses on products for tinsmiths, see page 6 and Note 3.

In June, Lindab arranged a Capital market day in Grevie, Sweden.

There are no other significant events during the reporting period to report.

Other (cont.)

Significant events after the reporting period

In July, the acquisition of the Danish company Muncholm A/S was finalised, see page 6 and Note 3.

In July, the Swedish ventilation company Giroventilation AB was acquired. Girovent primarily produces and sells rectangular air ducts. The company has annual sales of approximately SEK 55 m and has 31 employees.

There are no other significant events after the reporting period to report.

General information

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.

Segment – Ventilation Systems

Key performance indicators	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun
Net sales, SEK m	2,057	1,628	3,954	3,097
Net sales growth, %	26	26	28	10
Adjusted1) operating profit, SEK m	240	213	475	376
Adjusted1) operating margin, %	11.7	13.1	12.0	12.1
Number of employees by end of period	3,909	3,576	3,909	3,576

1) In the period January-June 2022, one-off items and restructuring costs of SEK -19 m (-) were recognised, see 'Reconciliations' page 25. No one-off items or restructuring costs were reported in the second quarter.

Sales and market

Net sales during the quarter amounted to SEK 2,057 m (1,628), an increase of 26 percent. Organic growth was 12 percent and currency effects amounted to 4 percent. Structural changes contributed positively by 10 percent.

Ventilation Systems reported its highest quarter ever in terms of sales due to positive organic growth, favourable currency effects and structural growth. The high sales have been positively affected by the price increases that have been implemented to compensate for the high raw material prices. The structural growth was mainly related to the acquisition of the German ventilation distributor Felderer AG, which was completed in April.

The organic sales growth in Ventilation Systems was positive during the quarter in all geographical regions, despite high comparison figures and turbulent geopolitical situation in Europe. Sales growth was particularly strong in the Nordics and Central Europe, followed by Western Europe.

In the Nordics, all markets reported positive organic growth. Sales were particularly strong in Lindab's largest market, Sweden, but also in Finland and Norway. Of the major core markets in Western Europe, the United Kingdom, France, Germany and Ireland, all reported positive organic growth, while sales in Italy and Switzerland declined slightly. Sales growth was strong in Central Europe, where all of the major markets, Poland, Hungary, the Czech Republic and Estonia, reported strong growth.

Net sales for the period January-June amounted to SEK 3,954 m (3,097), an increase of 28 percent compared with the same period previous year. Organic growth was 17 percent and currency

effects amounted to 4 percent. Structural changes contributed positively by 7 percent.

Profit

Ventilation Systems' adjusted operating profit during the quarter increased to SEK 240 m (213). No one-off items or restructuring costs were reported during the quarter or in the same period previous year. Adjusted operating margin amounted to 11.7 percent (13.1).

The improved adjusted operating profit was mainly explained by increased sales and positive effects from structural changes. The lower operating margin was mainly explained by a changed product and customer mix, as well as higher energy, transport and material prices.

Adjusted operating profit for the period January-June increased to SEK 475 m (376). Operating profit was adjusted with one-off items and restructuring costs of SEK -19 m (-), related to the closure of the operations in Russia, see Reconciliation page 25.

Activities

In April, Lindab completed the acquisition of the German ventilation distributor Felderer AG. With the acquisition, Lindab strengthens its presence in Germany and further extends its ventilation offering.

In June, Lindab acquired the Dutch ventilation company R-Vent Netherlands B.V. The company is a leading manufacturer and distributor of ventilation products in the Netherlands.

Segment – Profile Systems

Key performance indicators	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun
Net sales, SEK m	1,114	873	1,950	1,503
Net sales growth, %	28	27	30	18
Adjusted1) operating profit, SEK m	178	149	300	207
Adjusted1) operating margin, %	16.0	17.1	15.4	13.8
Number of employees by end of period	959	879	959	879

1) No one-off items or restructuring costs have been reported in 2022 or 2021.

Sales and market

Net sales during the quarter amounted to SEK 1,114 m (873), an increase of 28 percent. Organic growth was 18 percent and currency effects amounted to 2 percent. Structural changes contributed positively by 8 percent.

Sales within Profile Systems increased during the quarter with strong organic growth in all geographical regions. The high sales have been positively affected by the price increases that have been implemented to compensate for the high raw material prices. This has resulted in Profile Systems reporting its highest quarter ever, in terms of sales.

In the largest region, the Nordics, all markets reported strong organic growth. Sales growth in the Nordics was mainly driven by significant deliveries to several individual construction projects on the Swedish, Norwegian and Danish markets. Sweden and Norway also reported strong growth of cladding to roof and wall, as well as steel profiles. The Nordic market has a major impact on the segment as it accounts for slightly more than 75 percent of Profile Systems' total sales.

Sales in Central Europe increased during the quarter compared with the same period previous year. Particularly strong organic growth was reported in the Czech Republic, Hungary and Slovakia, while it declined in Romania. The lower in sales in Romania was explained by the fact that the corresponding period previous year had significant deliveries of industrial construction projects. Sales in Western Europe increased, but the impact was marginal as the region only represents a small part of Profile Systems' total sales.

Net sales for the period January-June amounted to SEK 1,950 m (1,503), an increase of 30 percent compared with the same period previous year. Organic growth was 21 percent and currency effects amounted to 2 percent. Structural changes contributed positively by 7 percent.

Profit

Profile Systems' adjusted operating profit during the quarter increased to SEK 178 m (149). No one-off items or restructuring costs were reported during the quarter or in the same period previous year. Adjusted operating margin amounted to 16.0 percent (17.1).

The improved adjusted operating profit, which is the highest ever for a second quarter, was explained by increased sales and the positive effects from structural changes. The lower operating margin was mainly explained by lower gross margin as a result of changed product and customer mix as well as higher energy, transport and material prices.

Adjusted operating profit for the period January-June increased to SEK 300 m (207). No one-off items or restructuring costs were reported during the period or in the same period previous year.

Activities

In June, Lindab signed an agreement to acquire the Danish company Muncholm A/S. The company is a leader in aluminium facades and self-supporting roofs, but also has an extensive range of machines and tools. The acquisition was subject to approval of the Danish anti-trust authority, an approval that was obtained June 30. The acquisition was finalised in July.

Net sales and segments

Net sales and growth

SEK m	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec
Net sales	3,171	2,501	5,904	4,600	9,648
Change	670	519	1,304	521	1,428
Change, %	27	26	28	13	17
Of which
Organic, %	14	28	18	15	17
Acquisitions/divestments, %	10	2	7	2	2
Currency effects, %	3	-4	3	-4	-2

Net sales per segment and region

	2022		2021		2022		2021		2021
SEK m	Apr-Jun	%	Apr-Jun	%	Jan-Jun	%	Jan-Jun	%	Jan-Dec	%
Ventilation Systems	2,057	65	1,628	65	3,954	67	3,097	67	6,391	66
- Nordic Region	874	43	703	43	1,710	43	1,360	44	2,818	44
- Western Europe	904	44	698	43	1,698	43	1,321	43	2,681	42
- Central Europe	233	11	192	12	469	12	349	11	752	12
- Other markets	46	2	35	2	77	2	67	2	140	2
Profile Systems	1,114	35	873	35	1,950	33	1,503	33	3,257	34
- Nordic Region	874	78	663	76	1,558	80	1,157	77	2,478	76
- Western Europe	51	5	43	5	90	5	79	5	161	5
- Central Europe	186	17	163	19	296	15	260	17	599	18
- Other markets	3	0	4	0	6	0	7	1	19	1
Total	3,171	100	2,501	100	5,904	100	4,600	100	9,648	100
- Nordic Region	1,748	55	1,366	55	3,268	55	2,517	55	5,296	55
- Western Europe	955	30	741	30	1,788	30	1,400	30	2,842	29
- Central Europe	419	13	355	14	765	13	609	13	1,351	14
- Other markets	49	2	39	1	83	2	74	2	159	2
Gross internal sales all segments	12		9		23		18		36

Operating profit, operating margin and earnings before tax1)

SEK m	2022 Apr-Jun	%	2021 Apr-Jun	%	2022 Jan-Jun	%	2021 Jan-Jun	%	2021 Jan-Dec	%
Ventilation Systems	240	11.7	213	13.1	475	12.0	376	12.1	822	12.9
Profile Systems	178	16.0	149	17.1	300	15.4	207	13.8	505	15.5
Other operations	-16	-	-18	-	-33	-	-31	-	-61	-
Adjusted operating profit	402	12.7	344	13.8	742	12.6	552	12.0	1,266	13.1
One-off items and restructuring costs2)	-	-	-	-	-19	-	-	-	-	-
Operating profit	402	12.7	344	13.8	723	12.2	552	12.0	1,266	13.1
Net financial items	-21	-	-11	-	-35	-	-21	-	-43	-
Earnings before tax	381	12.0	333	13.3	688	11.6	531	11.5	1,223	12.7

1) For information about operating profit and profit before tax for discontinued operation (segment Building Systems), see Note 6. 2) One-off items and restructuring costs are described in 'Reconciliations' page 25.

Number of employees by end of period

	2022			2021		2022		2021
	Apr-Jun	%	Apr-Jun	%	Jan-Jun	%	Jan-Jun	%	2021 Jan-Dec	%
Ventilation Systems	3,909	79	3,576	79	3,909	79	3,576	79	3,565	78
Profile Systems	959	20	879	20	959	20	879	20	933	21
Other operations	52	1	52	1	52	1	52	1	51	1
Total	4,920	100	4,507	100	4,920	100	4,507	100	4,549	100

Consolidated statement of profit or loss

SEK m	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	R 12M 2021 Jul 2022 Jun	R 12M 2020 Jul 2021 Jun	2021 Jan-Dec
Net sales	3,171	2,501	5,904	4,600	10,952	8,741	9,648
Cost of goods sold	-2,252	-1,741	-4,165	-3,231	-7,634	-6,144	-6,700
Gross profit	919	760	1,739	1,369	3,318	2,597	2,948
Other operating income	18	10	57	20	110	66	73
Selling expenses	-322	-276	-624	-544	-1,194	-1,053	-1,114
Administrative expenses	-160	-127	-309	-246	-575	-462	-512
R&D expenses	-15	-13	-30	-26	-57	-54	-53
Other operating expenses	-38	-10	-110	-21	-165	-67	-76
Total operating expenses	-517	-416	-1,016	-817	-1,881	-1,570	-1,682
Operating profit1)	402	344	723	552	1,437	1,027	1,266
Interest income	1	0	2	1	4	4	3
Interest expenses	-15	-10	-28	-19	-48	-38	-39
Other financial income and expenses	-7	-1	-9	-3	-13	-4	-7
Financial items	-21	-11	-35	-21	-57	-38	-43
Earnings before tax	381	333	688	531	1,380	989	1,223
Tax on profit for the period	-81	-65	-152	-106	-311	-209	-265
Profit for the period, continuing operations	300	268	536	425	1,069	780	958
Discontinued operations
Profit/loss for the period from discontinued operations, net after tax	-	10	-	-7	-414	22	-421
Profit/loss for the period, discontinued operations	-	10	-	-7	-414	22	-421
Total operations
Profit/loss for the period, total operations	300	278	536	418	655	802	537
–attributable to the Parent company's shareholders	300	278	536	418	655	802	537
–attributable to non-controlling interests	-	0	-	0	0	0	0
Earnings per share, before dilution, SEK2)	3.92	3.64	7.01	5.47	8.56	10.49	7.02
–of which relates to continuing operations	3.92	3.51	7.01	5.56	13.98	10.20	12.53
Earnings per share, after dilution, SEK2)	3.91	3.64	6.99	5.47	8.52	10.49	7.00
–of which relates to continuing operations	3.91	3.51	6.99	5.56	13.93	10.20	12.50

1) One-off items and restructuring costs, which are included in operating profit, are described in 'Reconciliations' on page 25.

2) Based on the number of outstanding shares, i.e. excluding treasury shares.

Consolidated statement of comprehensive income

SEK m	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	R 12M 2021 Jul 2022 Jun	R 12M 2020 Jul 2021 Jun	2021 Jan-Dec
Profit for the period, total operations	300	278	536	418	655	802	537
Items that will not be reclassified to the statement of profit or loss
Actuarial gains/losses, defined benefit plans	60	3	57	14	48	27	5
Deferred tax attributable to defined benefit plans	-13	-1	-12	-3	-9	-6	0
Total	47	2	45	11	39	21	5
Items that will later be reclassified to the statement of profit or loss
Translation differences, foreign operations	134	-16	189	97	240	-142	148
Hedges of net investments	-31	12	-40	-9	6	48	37
Tax attributable to hedges of net investments	6	-2	8	2	-2	-10	-8
Total	109	-6	157	90	244	-104	177
Other comprehensive income, net of tax	156	-4	202	101	283	-83	182
Total comprehensive income	456	274	738	519	938	719	719
–attributable to the Parent company's shareholders	456	274	738	519	938	719	719
–attributable to non-controlling interests	-	0	-	0	0	0	0

Consolidated statement of cash flow

SEK m	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	R 12M 2021 Jul 2022 Jun	R 12M 2020 Jul 2021 Jun	2021 Jan-Dec
OPERATING ACTIVITIES
Operating profit	402	344	723	552	1,437	1,027	1,266
Operating profit, discontinued operations1)	-	12	-	-3	-422	36	-425
Reversal of depreciation/amortisation and impairment losses	112	106	220	210	814	409	804
Reversal of capital gains (-)/losses (+) reported in operating profit	0	-1	0	-2	-1	-5	-3
Provisions, not affecting cash flow	11	2	7	0	15	18	8
Adjustment for other items not affecting cash flow	-6	-2	-10	-4	-12	-4	-6
Total	519	461	940	753	1,831	1,481	1,644
Interest received	1	1	2	3	7	6	8
Interest paid	-17	-12	-29	-21	-60	-45	-52
Tax paid	-78	-45	-173	-114	-263	-209	-204
Cash flow from operating activities before change in working capital	425	405	740	621	1,515	1,233	1,396
Change in working capital
Stock (increase -/decrease +)	-111	-156	-435	-287	-971	-245	-823
Operating receivables (increase -/decrease +)	-207	-281	-554	-618	-428	-372	-492
Operating liabilities (increase +/decrease -)	54	259	197	571	249	479	623
Total change in working capital	-264	-178	-792	-334	-1,150	-138	-692
Cash flow from operating activities	161	227	-52	287	365	1,095	704
INVESTING ACTIVITIES
Acquisition of Group-/associated companies	-627	-12	-700	-12	-866	-283	-178
Divestment of Group companies	-	-	-	-	159	67	159
Investments in intangible assets	-13	-2	-19	-5	-34	-21	-20
Investments in tangible fixed assets	-86	-84	-186	-188	-373	-397	-375
Change in financial fixed assets	0	0	0	0	0	0	0
Disposal of intangible assets	-	1	-	1	0	1	1
Disposal of tangible fixed assets	1	5	1	7	3	11	9
Cash flow from investing activities	-725	-92	-904	-197	-1,111	-622	-404
FINANCING ACTIVITIES
Proceeds from borrowings	795	50	1,091	127	1,188	127	224
Repayment of borrowings	-	-	-	-	-63	-109	-63
Repayment of leasing-related liabilities	-61	-58	-118	-115	-236	-226	-233
Issue of share options/shares	-	3	-	3	10	5	13
Dividend to shareholders	-153	-130	-153	-130	-283	-197	-260
Cash flow from financing activities	581	-135	820	-115	616	-400	-319
Cash flow for the period	17	0	-136	-25	-130	73	-19
Cash and cash equivalents at start of the period	391	531	542	541	531	485	541
Effect of exchange rate changes on cash and cash equivalents	21	0	23	15	28	-27	20
Cash and cash equivalents at end of the period	429	531	429	531	429	531	542

1) For information of cash flow per category in terms of discontinued operations, i.e. Building Systems, see Note 6.

Consolidated statement of financial position

SEK m	30 Jun 2022	30 Jun 2021	31 Dec 2021
ASSETS
Non-current assets
Goodwill	3,588	3,281	3,014
Other intangible assets	244	103	101
Tangible fixed assets	1,907	1,642	1,679
Right-of-use assets	1,044	948	869
Financial interest-bearing fixed assets	30	30	28
Other financial fixed assets	25	25	26
Deferred tax assets	64	100	82
Total non-current assets	6,902	6,129	5,799
Current assets
Stock	2,677	1,731	2,090
Accounts receivable	2,311	1,823	1,602
Other current assets	333	282	268
Other interest-bearing receivables	8	10	4
Cash and cash equivalents	429	531	542
Total current assets	5,758	4,377	4,506
TOTAL ASSETS	12,660	10,506	10,305
SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity attributable to Parent company shareholders	6,087	5,440	5,650
Non-controlling interest	-	0	-
Total shareholders' equity	6,087	5,440	5,650
Non-current liabilities
Interest-bearing provisions for pensions and similar obligations	234	273	270
Liabilities to credit institutions	2,252	999	1,110
Lease liabilities	840	711	643
Deferred tax liabilities	149	110	107
Provisions	5	22	5
Other non-current liabilities	5	5	7
Total non-current liabilities	3,485	2,120	2,142
Current liabilities
Other interest-bearing liabilities	50	105	14
Lease liabilities	260	260	233
Provisions	9	23	18
Accounts payable	1,326	1,082	1,062
Other current liabilities	1,443	1,476	1,186
Total current liabilities	3,088	2,946	2,513
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	12,660	10,506	10,305

Consolidated statement of changes in equity

Shareholders' equity attributable to Parent company shareholders

		Other	Foreign currency	Profit brought forward		Non	Total
SEK m	Share capital	contributed capital	translation reserve	incl. profit for the year	Total	controlling interests	sharehol ders' equity
Closing balance, 31 December 2020	79	2,262	3	2,834	5,178	0	5,178
Profit for the period				418	418	0	418
Other comprehensive income, net of tax
Actuarial gains/losses, defined benefit plans				11	11	-	11
Translation differences, foreign operations			97		97	0	97
Hedges of net investments			-7		-7	-	-7
Total comprehensive income	-	-	90	429	519	0	519
Issuance of share options				3	3	-	3
Dividend to shareholders				-260	-260	-	-260
Transactions with shareholders	-	-	-	-257	-257	-	-257
Closing balance, 30 June 2021	79	2,262	93	3,006	5,440	0	5,440
Profit for the period				119	119	0	119
Other comprehensive income, net of tax
Actuarial gains/losses, defined benefit plans				-6	-6	-	-6
Translation differences, foreign operations			51		51	0	51
Hedges of net investments			36		36	-	36
Total comprehensive income	-	-	87	113	200	0	200
Issuance of shares	0	10			10	-	10
Transactions with shareholders	0	10	-	-	10	-	10
Closing balance, 31 December 2021	79	2,272	180	3,119	5,650	-	5,650
Profit for the period				536	536	0	536
Other comprehensive income, net of tax
Actuarial gains/losses, defined benefit plans				45	45	-	45
Translation differences, foreign operations			189		189	0	189
Hedges of net investments			-32		-32	-	-32
Total comprehensive income	-	-	157	581	738	0	738
Issuance of share options				5	5	-	5
Dividend to shareholders				-306	-306	-	-306
Transactions with shareholders	-	-	-	-301	-301	-	-301
Closing balance, 30 June 2022	79	2,272	337	3,399	6,087	-	6,087

Share capital

At June 30, 2022, the share capital equalled SEK 78,842,820 (78,732,820) divided among 78,842,820 (78,732,820) shares with a quota value of SEK 1.00. Lindab International AB (publ) holds 2,375,838 (2,375,838) treasury shares, corresponding to 3.0 (3.0) percent of the total number of Lindab shares. The number of outstanding shares totals 76,466,982 (76,356,982).

Dividend to shareholders

In accordance with the proposal of the Board of Directors, the Annual General Meeting on May 12, 2022, decided that dividends of SEK 4.00 per share, corresponding to SEK 306 m, would be paid for the financial year. The remaining retained earnings of SEK 1,780 m will be carried forward. The dividend of SEK 4.00 per share will be distributed half-yearly, with the first dividend of SEK 2.00 per share, corresponding to SEK 153 m, with record date May 16 and the second dividend of SEK 2.00 per share, corresponding to SEK 153 m, with record date November 7, 2022.

Parent company

Statement of profit or loss

SEK m	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec
Net sales	2	2	3	3	5
Administrative expenses	-3	-3	-5	-4	-8
Operating profit	-1	-1	-2	-1	-3
Profit from subsidiaries	7	-	7	-	25
Interest expenses, internal	-2	-2	-4	-3	-5
Earnings before tax	4	-3	1	-4	17
Tax on profit for the period	0	1	1	1	-3
Profit or loss for the period1)	4	-2	2	-3	14

1) Comprehensive income corresponds to profit for all periods.

Statement of financial position

SEK m	30 Jun 2022	30 Jun 2021	31 Dec 2021
ASSETS
Non-current assets
Financial fixed assets
Shares in Group companies	3,467	3,467	3,467
Financial interest-bearing fixed assets	5	4	5
Deferred tax assets	1	1	1
Total non-current assets	3,473	3,472	3,473
Current assets
Receivables from Group companies	1	1	26
Current tax receivable	1	-	-
Other receivables	5	-	-
Cash and cash equivalents	0	0	0
Total current assets	7	1	26
TOTAL ASSETS	3,480	3,473	3,499
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	1,695	1,973	1,982
Profit/loss for the period	2	-3	14
Total shareholders' equity	2,574	2,847	2,873
Provisions
Interest-bearing provisions	5	4	5
Total provisions	5	4	5
Current liabilities
Liabilities to Group companies	746	489	615
Accounts payable	-	0	-
Current tax liability	-	1	4
Acrued expenses and deferred income	2	2	2
Other liabilities	153	130	-
Total current liabilities	901	622	621
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	3,480	3,473	3,499

Key performance indicators

	2022				2021		2020
SEK m		Apr-Jun Jan-Mar	Oct-Dec Jul-Sep Apr-Jun Jan-Mar				Oct-Dec Jul-Sep Apr-Jun
Net sales	3,171	2,733	2,560	2,488	2,501	2,099	2,082	2,059	1,982
Growth, %	27	30	23	21	26	0	-5	-2	-9
of which organic	14	23	20	19	28	3	-2	0	-8
of which acquisitions/divestments	10	3	3	3	2	1	1	1	0
of which currency effects	3	4	0	-1	-4	-4	-4	-3	-1
Operating profit before depreciation/amortisation and impairment losses	514	429	418	500	440	302	316	337	263
Operating profit	402	321	311	403	344	208	225	250	133
Adjusted operating profit	402	340	311	403	344	208	225	246	207
Earnings before tax	381	307	298	394	333	198	216	242	123
Profit for the period	300	236	234	299	268	157	169	186	64
Operating margin, %	12.7	11.7	12.1	16.2	13.8	9.9	10.8	12.1	6.7
Adjusted operating margin, %	12.7	12.4	12.1	16.2	13.8	9.9	10.8	11.9	10.4
Profit margin before tax, %	12.0	11.2	11.6	15.8	13.3	9.4	10.4	11.8	6.2
Comparable numbers including divested business
Net sales	3,171	2,733	2,846	2,778	2,747	2,248	2,314	2,302	2,218
Growth, %	27	30	23	21	24	-4	-8	-6	-14
of which organic	14	23	20	20	26	0	-4	-4	-12
of which acquisitions/divestments	10	3	3	2	2	1	1	1	0
of which currency effects	3	4	0	-1	-4	-5	-5	-3	-2
Operating profit before depreciation/amortisation and impairment losses	514	429	393	494	462	297	350	363	289
Operating profit	402	321	286	6	356	193	248	266	148
Adjusted operating profit	402	340	324	424	356	193	248	262	222
Earnings before tax	381	307	275	-2	346	183	239	257	139
Profit for the period	300	236	221	-102	278	140	186	198	76
Operating margin, %	12.7	11.7	10.0	0.2	13.0	8.6	10.7	11.6	6.7
Adjusted operating margin, %	12.7	12.4	11.4	15.3	13.0	8.6	10.7	11.4	10.0
Profit margin before tax, %	12.0	11.2	9.7	-0.1	12.6	8.1	10.3	11.1	6.3
Comparable numbers including divested business
Cash flow from operating activities	161	-213	215	202	227	60	356	452	295
Cash flow from operating activities per share, SEK	2.11	-2.79	2.82	2.64	2.97	0.79	4.66	5.92	3.87
Free cash flow	-564	-392	202	8	135	-45	107	276	190
Adjusted free cash flow	63	-319	110	107	147	-45	241	346	229
Cash flow, investments in intangible assets/tangible fixed assets	-99	-106	-105	-97	-86	-107	-115	-110	-67
Total operations1)
Number of shares outstanding, thousands	76,467	76,467	76,467	76,467	76,357	76,357	76,357	76,357	76,332
Average number of shares outstanding, thousands	76,451	76,423	76,396	76,368	76,353	76,347	76,357	76,334	76,332
Earnings per share, before dilution, SEK	3.92	3.09	2.88	-1.33	3.64	1.83	2.43	2.59	1.00
Earnings per share, after dilution, SEK	3.91	3.08	2.87	-1.34	3.64	1.83	2.43	2.59	1.00
Shareholders' equity attributable to Parent company shareholders	6,087	5,932	5,650	5,358	5,440	5,423	5,178	5,127	4,976
Shareholders' equity attributable to non-controlling interests	-	-	-	-	0	0	0	0	0
Shareholders' equity per share, SEK	79.61	77.58	73.89	70.07	71.24	71.02	67.82	67.15	65.19
Net debt	3,169	2,155	1,696	1,836	1,777	1,759	1,640	1,740	1,859
Adjusted net debt	2,069	1,305	820	864	806	772	663	671	894
Net debt/equity ratio, times	0.5	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.4
Equity/asset ratio, %	48.1	53.8	54.8	49.8	51.8	53.8	55.1	52.2	52.1
Return on equity, %	11.5	11.4	9.9	9.5	15.3	11.5	11.6	10.9	11.4
Return on capital employed, %	12.3	12.3	11.0	10.6	14.1	11.4	11.5	11.0	11.2
Interest coverage ratio, times	27.0	24.9	26.7	0.8	34.8	18.4	23.2	24.9	12.8
Net debt/EBITDA, excl. one-off items and restructuring costs	1.1	1.0	1.0	1.1	1.2	1.3	1.4	1.5	1.5
Number of employees by end of period	4,920	4,579	4,549	5,182	5,187	5,098	5,078	4,955	4,981
of which employees in discontinued operations	-	-	-	683	680	685	692	706	711

1) Key figures for periods earlier than 2022 include divested business (Building Systems), which results in that key figures for rolling 12 months in 2022 are calculated on both outcomes, including and excluding divested business.

Key performance indicators (cont.)

	2022	2022	2021	2020	2019
SEK m	Jan-Jun	Jan-Jun	Jan-Dec	Jan-Dec	Jan-Dec
Net sales	5,904	4,600	9,648	8,220	8,512
Growth, %	28	13	17	-3	3
of which organic	18	15	17	-2	1
of which acquisitions/divestments	7	2	2	0	0
of which currency effects	3	-4	-2	-1	2
Operating profit before depreciation/amortisation and impairment losses	943	742	1,660	1,185	1,183
Operating profit	723	552	1,266	790	830
Adjusted operating profit	742	552	1,266	860	830
Earnings before tax	688	531	1,223	752	778
Profit for the period	536	425	958	554	593
Operating margin, %	12.2	12.0	13.1	9.6	9.8
Adjusted operating margin, %	12.6	12.0	13.1	10.5	9.8
Profit margin before tax, %	11.6	11.5	12.7	9.1	9.1
Key performance indicators including divested business1)
Net sales	5,904	4,995	10,619	9,166	9,872
Growth, %	28	10	16	-7	6
of which organic	18	13	17	-6	3
of which acquisitions/divestments	7	1	2	1	0
of which currency effects	3	-4	-3	-2	3
Operating profit before depreciation/amortisation and impairment losses	943	759	1,645	1,284	1,315
Operating profit	723	549	841	846	915
Adjusted operating profit	742	549	1,297	916	915
Earnings before tax	688	529	802	811	881
Profit for the period	536	418	537	596	678
Operating margin, %	12.2	11.0	7.9	9.2	9.3
Adjusted operating margin, %	12.6	11.0	12.2	10.0	9.3
Profit margin before tax, %	11.6	10.6	7.6	8.8	8.9
Key performance indicators including divested business1)
Cash flow from operating activities	-52	287	704	1,129	1,017
Cash flow from operating activities per share, SEK	-0.68	3.76	9.22	14.79	13.32
Free cash flow	-956	90	300	466	717
Adjusted free cash flow	-256	102	319	709	751
Cash flow, investments in intangible assets/tangible fixed assets	-205	-193	-395	-425	-278
Key performance indicators including divested business1)
Number of shares outstanding, thousands	76,467	76,357	76,467	76,357	76,332
Average number of shares outstanding, thousands	76,451	76,353	76,396	76,340	76,332
Earnings per share, before dilution, SEK	7.01	5.47	7.02	7.80	8.89
Earnings per share, after dilution, SEK	6.99	5.47	7.00	7.80	8.89
Dividend per share, SEK	-	-	4.002)	3.40	1.75
Shareholders' equity attributable to Parent company shareholders	6,087	5,440	5,650	5,178	5,027
Shareholders' equity attributable to non-controlling interests	-	0	-	0	-
Shareholders' equity per share, SEK	79.61	71.24	73.89	67.82	65.86
Net debt	3,169	1,777	1,696	1,640	1,771
Adjusted net debt	2,069	806	820	663	732
Net debt/equity ratio, times	0.5	0.3	0.3	0.3	0.4
Equity/asset ratio, %	48.1	51.8	54.8	55.1	53.3
Return on equity, %	11.5	15.3	9.9	11.6	14.3
Return on capital employed, %	12.3	14.1	11.0	11.5	13.6
Interest coverage ratio, times	26.0	26.5	20.0	19.0	18.8
Net debt/EBITDA, excl. one-off items and restructuring costs	1.1	1.2	1.0	1.4	1.6
Number of employees by end of period	4,920	5,187	4,549	5,078	5,196
of which employees in discontinued operations	-	680	-	692	727

1) Corresponding definitions of total operations, i.e. Ventilation Systems, Profile Systems and divested business (Building Systems).

2) The dividend for 2021 is distributed half-yearly with the first dividend of SEK 2.00 per share with record date in May 2022, and the second dividend of SEK 2.00 per share with record date in November 2022.

Notes

NOTE 1 – ACCOUNTING POLICIES

The consolidated accounts for the interim report have, like with the annual consolidated accounts for 2021, been prepared in in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board RFR 1, Supplementary Accounting Rules for Groups.

This 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 2021.

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. 16A 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 and according to the same accounting policies as were applied in the Annual Report for 2021.

NOTE 2 – EFFECTS OF CHANGES IN ACCOUNTING ESTIMATES AND JUDGEMENTS

Significant estimates and judgements are described in Note 4 in the Annual Report for 2021. In addition to estimates and judgments described, there are in 2022 also estimates uncertainty related to Russia's invasion of Ukraine. The military invasion of Ukraine, that Russia initiated in February, has created an uncertain situation in the world. Lindab does not have any business activities in Belarus or Ukraine and during the first quarter of the year there was a decision to close the remaining business in Russia. The decision resulted in one-off items and restructuring costs of SEK -19 m in the first quarter of 2022. In the beginning of 2022, the three mentioned countries accounted for approximately 0.5 percent of the Group's sales. The significant estimates and judgments made have been partly related to expected costs to close the business in Russia and partly related to possible indirect effects on other businesses, since a long and/or intensified conflict may result in increased risks for the Group. The development of the conflict is closely monitored by Lindab and the Group continuously evaluates different scenarios in order to be able to adapt its operations to prevailing circumstances.

With exception of the added significant estimates and judgements related to Russia´s war against Ukraine, no essential changes, which could have a material impact on this interim report, have been made to what is described in the Annual Report.

NOTE 3 – BUSINESS COMBINATIONS

R-Vent Netherlands B.V.

On June 16, 2022, Lindab acquired all shares and voting rights of the Dutch company R-Vent Netherlands B.V. The company is a leading distributor of ventilation products in the Netherlands and has also an extensive own production of high qualitative circular respective rectangular ventilation ducts with accessories. With the acquisition, Lindab establishes its own presence in the Netherlands, a strong and well-developed ventilation market with good potential of growth for the Group. R-Vent Netherlands B.V. is registered in Bergschenhoek, Netherlands. The company has annual sales of approximately SEK 500 m and an operating margin in line with the segment Ventilation Systems. The company has 140 employees.

The purchase consideration of R-Vent Netherlands B.V. was settled at time of acquisition. Transaction related costs amounted to SEK 6 m and these are recognised as other operating expenses.

According to preliminary purchase price allocation analysis, the acquisition resulted in a goodwill. This goodwill is, among other things, related to that Lindab clearly establish its presence on the Dutch market through the acquisition, at the same time as the Group obtains extensive local expertise related to both the market and production of circular respectively rectangular ventilation ducts. The goodwill also relates to future purchase-specific synergies. Identified intangible assets are mainly related to customer relations and trademarks.

R-Vent Netherlands B.V. is consolidated in Lindab as of June 16, 2022. The acquisition has an immaterial impact on the consolidated statement of profit or loss. If the acquisition had been implemented as of January 1, 2022, the Group's net sales would have increased by SEK 237 m. The company is part of the Ventilation Systems segment.

Muncholm A/S

On June 8, 2022, Lindab signed an agreement to acquire all shares and voting rights of the Danish company Muncholm A/S. The company is specialised in products for tinsmiths and is a leader in aluminium facades and self-supporting roofs. Within the distribution business, the company also has an extensive range of machines and tools. The aim of the acquisition is, among other things, to strengthen Lindab's position further on the Danish market, to obtain an important direct sales channel to tinsmiths and architects in Denmark, complement the existing product offer with high-quality items that fit well into Lindab's existing product range and gain additional competence related to this market. Muncholm A/S is registered in Hadsten, Denmark. The company has annual sales of approximately SEK 250 m and an operating margin in line with Lindab Group. The company has 20 employees. The acquisition was subject to approval of the Danish anti-trust authority, an approval that was obtained in June. The acqusition was finalised on July 6, and from this point in time is Muncholm A/S consolidated in Lindab. The company will be part of the Profile Systems segment.

Notes (cont.)

Felderer AG

On April 29, 2022, Lindab finalised the acquisition of all shares and voting rights of the German ventilation company Felderer AG. The company is one of Germany's largest distributors of ventilation products such as ducts, silencers, diffusers and fire protection products. The company also has an own production of circular ventilation ducts. By adding Felderer AG to the business of Lindab, the Group more than double its net sales in Germany. The acquisition also complements Lindab on many levels and is expected to considerably extends the Group's ventilation offering on the German market, a market that is considered to have a big potential for Lindab going forward. Felderer AG is registered in Feldkirchen, Germany. The company has annual sales of approximately SEK 700 m and an operating margin that is currently lower than Lindab's operating margin. The company has approximately 160 employees.

The purchase consideration of Felderer AG was settled at time of acquisition. Transaction related costs amounted to SEK 9 m and these are recognised as other operating expenses. Of the transaction related costs, SEK 7 m was recognised in current year and the remaining SEK 2 m impacted the statement of profit or loss in 2021.

According to preliminary purchase price allocation analysis, the acquisition resulted in a goodwill. This goodwill, is among other things, related to Lindab strengthening its position considerably on an important market for the Group, obtains solid knowledge of ventilation in combination with extensive local knowledge of the market and gains future purchase-specific synergies. Identified intangible assets are mainly related to customer relations and the trademark of Felderer.

Felderer AG is consolidated in Lindab as of April 29, 2022. The acquisition has increased net sales of Lindab by SEK 122 m, from the time of acquisition until June 30 current year, and the net profit after tax is impacted marginally. If the acquisition had been implemented as of January 1, 2022, the Group's net sales would have increased by SEK 357 m. The company is part of the Ventilation Systems segment.

Nord Trade AB

On January 20, 2022, Lindab acquired all shares and voting rights of the Swedish company Nord Trade AB. The company is a distributor of Lindab's building products and will broaden its range by including Lindab's ventilation products in the future. Lindab strengthens its presence in northern Sweden with the acquisition of Nord Trade AB. Nord Trade AB is registered in Skellefteå, Sweden. The company has annual sales of approximately SEK 20 m and has two employees.

The purchase consideration of Nord Trade AB was mainly settled at time of acquisition. Transaction related costs amounted to SEK 0 m, recognised as other operating expenses.

According to primarily purchase price allocation analysis, the acquisition resulted in a goodwill. This goodwill is primarily related to that Lindab strengthens its presence in northern Sweden. Identified intangible assets are mainly related to customer relations.

Nord Trade AB was consolidated in Lindab as of January 20, 2022. The acquisition has limited impact on the consolidated statement of profit or loss as well as the consolidated statement of financial position. The company is part of the Profile Systems segment.

Alig Ventilation AB

On January 11, 2022, Lindab completed the acquisition of all shares and voting rights of the Swedish company Alig Ventilation AB. The company has focused on ventilation for smaller properties and handles both new construction and renovation. With the acquisition, Lindab will obtains access to increased expertise for ventilation of single houses and smaller residential buildings. In addition, the acquisition provides established relationships with Swedish manufacturers of single-family homes and a direct sales channel to consumers. Alig Ventilation AB is registered in Mariestad, Sweden. The company has annual sales of approximately SEK 65 m and has 15 employees.

The purchase consideration of Alig Ventilation AB was mainly settled at time of acquisition. Transaction related costs amounted to SEK 1 m, recognised as other operating expenses. The costs have mainly been recognised in 2021.

According to preliminary purchase price allocation analysis, the acquisition resulted in a goodwill. This goodwill is primarily related to increased expertise for ventilation of single residential houses. Identified intangible assets are mainly related to customer relations.

Alig Ventilation AB was consolidated in Lindab as of January 11, 2022. The acquisition has limited impact on the consolidated statement of profit or loss as well as the consolidated statement of financial position. The company is part of the Ventilation Systems segment.

Other

In terms of 2022, the cash flow related to acquisitions derives, beside previously mention transactions, from settlement of conditional additional purchase considerations of SEK 8 m in terms of previously made business combinations.

Notes (cont.)

Acquired businesses 2022

SEK m	Felderer AG2)	R-Vent Netherlands B.V2)	Other acquisi tions1),2)
Intangible assets	30	99	4
Tangible fixed assets	5	14	9
Right-of-use assets	66	173	2
Financial fixed assets	0	-	-
Deferred tax assets	-	2	-
Stock	40	53	9
Current assets	61	82	10
Cash and cash equivalents	27	17	29
Total acquired assets	229	440	63
Deferred tax liabilities	-9	-25	-2
Non-current lease liabilities	-49	-160	-1
Non-current liabilities	-5	-	0
Current lease liabilities	-23	-22	-1
Current liabilities	-57	-81	-13
Total acquired liabilities	-143	-288	-17
Fair value of acquired net assets	86	152	46
Goodwill3)	177	252	63
Consideration including additio nal contingent consideration4)	263	404	109

1) Acquired businesses related to Alig Ventilation AB and Nord Trade AB.

2) The purchase price allocations were preliminary as of June 30, due to not finalised valuations of identified intangible assets.

3) No portion of reported goodwill is deductible for income tax.

4) The considerations are based on cash payments. The values include conditional additional purchase considerations of SEK 12 m, which will be settled fully or partly if future expectations of identified levels of sales and profitability are met during a period of 3 years. Total possible undiscounted amount for all recognised future conditional additional purchase consideration is between SEK 0-21 m. On June 30, 2022, it was considered likely that a maximum of potential remaining consideration would occur.

NOTE 4 – OPERATING SEGMENTS

The Group's segments comprise Ventilation Systems and Profile Systems. In December 2021 the segment Building Systems was divested, see Note 6, and is therefore no longer included in the segment information.

The basis for segmental reporting is the various customer offers provided by each business area. The customer offers within each segment were 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 12. See also pages 10-11 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 5 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE

SEK m	30 June 2022		30 June 2021		31 Dec 2021
Disclosures regarding the fair value by class	Carrying amount	Fair value	Carrying amount	Fair value	Carrying amount	Fair value
Financial assets
Derivative receivables	6	6	3	3	2	2
Financial liabilities
Liabilities to credit institutions	2,256	2,256	1,003	1,004	1,114	1,119
Derivative liabilities	21	21	2	2	10	10

Description of fair value

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. 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.

The derivative assets and derivative liabilities that exist can all be found at Level 2 of the valuation hierarchy.

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, the fair value of which cannot be estimated reliably, are recognised at acquisition cost. The carrying amount is SEK 4 m (4).

Notes (cont.)

NOTE 6 – DISCOUNTINUED OPERATIONS

On September 23, 2021, Lindab signed an agreement to divest all shares and voting rights in the business area/segment Building Systems. Based on the decision to divest and the agreement as well as the current structure of the business, all prerequisites was assessed to be complied to in order to recognise Building Systems as an asset held for sale/a discontinued operation. This in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. The classification was applied as of the third quarter 2021.

The agreement to divest Building Systems was, among other things, conditioned and subject to anti-trust approval in Russia. During the fourth quarter, this approval was obtained from the Russian authority and the divestment of Building Systems was

Statement of Profit or loss, discontinued operations

finalised by end of December 2021. As a consequence, Building Systems was recognised as discounted operations by end of the fourth quarter 2021.

For interim reports prepared in 2022, the application of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations implies, among other things, that net profit after tax for Building Systems in the comparison period is recognised separately in the consolidated statement of profit or loss, distinguished from the continuing operations. In the consolidated statement of cash flow is operating profit for continuing respectively discontinued operations/operations held for sale recognised separately, but thereafter is the cash flow presented for Lindab as a Group. For information about Building Systems in the comparison period 2021, see below.

					R 12M
	2022	2021	2022	2021	2020 Jul	2021
SEK m	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	2021 Jun	Jan-Dec
Net sales	-	246	-	395	870	971
Cost of goods sold	-	-185	-	-305	-652	-746
Gross profit	-	61	-	90	218	225
Other operating income	-	0	-	4	7	4
Selling expenses	-	-20	-	-44	-84	-86
Administrative expenses	-	-20	-	-41	-75	-85
R&D expenses	-	-4	-	-7	-12	-12
Other operating expenses	-	-5	-	-5	-18	-471
Total operating expenses	-	-49	-	-93	-182	-650
Operating profit1)	-	12	-	-3	36	-425
Financial items	-	1	-	1	0	4
Earnings before tax	-	13	-	-2	36	-421
Tax on profit/loss for the period	-	-3	-	-5	-14	0
Profit/loss for the period1)	-	10	-	-7	22	-421
Earnings per share before dilution, SEK	-	0.13	-	0.09	0.32	-5.51
Earnings per share before dilution, SEK	-	0.13	-	0.09	0.32	-5.50

1) For the period January-December, 2021, were one-off items and restructuring costs related to the divestment of Building Systems recognised within operating profit. These one-off items and restructuring costs amounted to SEK -456 m. The value was a consequence of the made decision to divest Building Systems and mainly related to impairment of goodwill, when assessing the value to the lower of carrying amount and fair value less costs to sell. For the period January-December, 2021, were one-off items and restructuring costs impacting net profit by SEK -441 m. All one-off items and restructuring costs were recognised during the second half of 2021.

Statement of cash flow, discontinued operations

SEK m	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	R 12M 2020 Jul 2021 Jun	2021 Jan-Dec
Cash flow from operating activities1)	-	45	-	159	257	38
Cash flow from investing activities	-	-2	-	-7	-8	-16
Cash flow from financing activities	-	-6	-	-12	-68	-24
Cash flow for the period	-	37	-	140	181	-3

1) In cash flow from operating activities reversal of amortisation, depreciation and impairment losses is included of SEK 10 m for the period April-June 2021, SEK 20 m for the period January-June 2021 and SEK 410 m for the period January-December 2021.

NOT 7 – RELATED PARTY TRANSACTIONS

Lindab's related parties and the extent of transactions with its related parties are described in Note 33 of the Annual Report for 2021.

At the Annual General Meeting in May 2022, it was resolved to adopt a share option program for senior executives. Under the program, 229,050 share options were acquired by senior executives during the second quarter. See more under 'Share option program', page 8.

During the period, there have been no transactions between Lindab and related parties which have had a significant impact on the company's position and profit.

The Board of Directors and the CEO hereby confirm that the interim report for Lindab International AB (publ) gives a true and fair picture of the company's and the Group's operations, financial position and results, and describes significant risks and uncertainties that the company and the companies in the Group are facing.

Båstad, 20 July 2022

Peter Nilsson Chairman of the Board

Per Bertland Sonat Burman-Olsson Viveka Ekberg Board member Board member Board member

Anette Frumerie Marcus Hedblom Staffan Pehrson Board member Board member Board member

Pontus Andersson Ulf Jönsson Employee representative Employee representative

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. Continuing operations include business area Ventilation Systems and Profile Systems. Total operations include divested business in comparable numbers.

Return on shareholders' equity, total operations1)				30 Jun 2022 30 Jun 2021 31 Dec 2021
Profit for the period, rolling twelve months			655	802	537
Average shareholders' equity			5,694	5,255	5,410
Return on shareholders' equity, %			11.5	15.3	9.9
Return on capital employed, total operations1)				30 Jun 2022 30 Jun 2021 31 Dec 2021
Total assets			12,660	10,506	10,305
Provisions and deferred tax liabilities			154	132	112
Other non-current liabilities			5	5	7
Total non-current liabilities			159	137	119
Provisions Accounts payable			9 1,326	23 1,082	18 1,062
Other current liabilities			1,443	1,476	1,186
Total current liabilities			2,778	2,581	2,266
Capital employed			9,723	7,788	7,920
Earnings before tax, rolling twelve months			961	1,025	802
Financial expenses, rolling twelve months			66	49	52
Total			1,027	1,074	854
Average capital employed Return on capital employed, %			8,356 12.3	7,599 14.1	7,741 11.0
One-off items and restructuring costs, excluding divested operations	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec
Operating profit	402	344	723	552	1,266
Ventilation Systems	-	-	-19	-	-
Profile Systems	-	-	-	-	-
Other operations	-	-	-	-	-
Adjusted operating profit	402	344	742	552	1,266
For the period January-June 2022 operating profit is excluding one-off items and restructuring costs of SEK -19 m related to Lindab's decision to close business in Russia.
	2022	2021	2022	2021	2021
Free cash flow, total operations1)	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Cash flow from operating activities	161	227	-52	287	704
Cash flow from investing activities	-725	-92	-904	-197	-404
Free cash flow	-564	135	-956	90	300
Cash flow related to divestments and acquisitions Adjusted free cash flow	-627 63	-12 147	-700 -256	-12 102	-19 319
	2022	2021	2022	2021
Adjusted operating profit and operating margin	Apr-Jun	Apr-Jun	Jan-Jun		Jan-Jun 31 Dec 2021
Adjusted operating profit	402	344	742	552	1,266
Operating profit	402	344	723	552	1,266
Net sales	3,171	2,501	5,904	4,600	9,648
Adjusted operating margin Operating margin	12.7 12.7	13.8 13.8	12.6 12.2	12.0 12.0	13.1 13.1
Net debt, total operations1)				30 Jun 2022 30 Jun 2021 31 Dec 2021
Non-current interest-bearing provisions for pensions and similar obligations			234	273	270
Non-current liabilities to credit institutions			2,252	999	1,110
Non-current lease liabilities			840	711	643
Current interest-bearing liabilities			310	365	247
Total liabilities			3,636	2,348	2,270
Financial interest-bearing fixed assets			30	30	28
Other interest-bearing receivables			8	10	4
Cash and cash equivalents			429	531	542
Total assets			467	571	574
Net debt			3,169	1,777	1,696
Adjusted net debt, total operations1)				30 Jun 2022 30 Jun 2021 31 Dec 2021
Net debt			3,169	1,777	1,696
Liabilities related to leasing			-1,100	-971	-876
Adjusted net debt			2,069	806	820

Net debt/EBITDA, total operations1)				30 Jun 2022 30 Jun 2021 31 Dec 2021
Average net debt			2,088	1,756	1,787
Adjusted operating profit, rolling twelve months			1,490	1,059	1,297
Depreciation/amortisation and impairment losses, rolling twelve months,			434	409	424
excluding one-off items and restructuring costs
EBITDA, rolling twelve months			1,924	1,468	1,721
Net debt/EBITDA, times			1.1	1.2	1.0
Net debt/equity ratio, total operations1)				30 Jun 2022 30 Jun 2021 31 Dec 2021
Net debt			3,169	1,777	1,696
Shareholders' equity including non-controlling interests			6,087	5,450	5,650
Net debt/equity ratio			0.5	0.3	0.3
	2022	2021	2022	2021	2021
Organic growth, excluding divested operations	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Change Net sales	670	519	1,304	521	1,428
Of which
Organic	357	545	835	621	1,432
Acquisitions/divestments	238	46	309	66	179
Currency effects	75	-72	160	-166	-183
	2022	2021	2022	2021	2021
Organic growth, total operations1)	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Change Net sales	670	529	1,304	445	1,453
Of which
Organic Acquisitions/divestments	357 238	579 46	835 309	589 66	1,513 179
Currency effects	75	-96	160	-210	-239
	2022	2021	2022	2021	2021
Interest coverage ratio, total operations1)	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Earnings before tax	381	346	688	529	802
Interest expenses	15	10	28	21	42
Total	396	356	716	550	844
Interest expenses	15	10	28	21	42
Interest coverage ratio, times	27.0	34.8	26.0	26.5	20.0
Operating profit before depreciation/amortisation	2022	2021	2022	2021	2021
EBITDA, excluding divested operations	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Operating profit	402	344	723	552	1,266
Depreciation/amortisation and impairment losses Of which one-off items and restructuring costs	112 -	96 -	220 2	190 -	394 -
Operating profit before depreciation/amortisation-EBITDA	514	440	943	742	1,660
Operating profit before depreciation/amortisation EBITDA, total operations1)	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec
Operating profit	402	356	723	549	841
Depreciation/amortisation and impairment losses	112	106	220	210	804
Of which one-off items and restructuring costs	-	-	2	-	380
Operating profit before depreciation/amortisation-EBITDA	514	462	943	759	1,645
	2022	2021	2022	2021	2021
Profit margin before tax, excluding divested operations Net sales	Apr-Jun 3,171	Apr-Jun 2,501	Jan-Jun 5,904	Jan-Jun 4,600	Jan-Dec 9,648

1) Key figures for periods earlier than 2022 include divested business (Building Systems), which results in that key figures for rolling 12 months

Profit margin before tax 12.0 13.3 11.6 11.5 12.7

in 2022 are calculated on both outcomes, including and excluding divested business.

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 Free Cash Flow: Cash flow from operations and cash flow from investments, excluding company acquisitions/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 flow from operating activities per share, SEK: Cash flow from operating activities to number of shares outstanding at the end of the period.

Continuing operations: Lindab Group excluding discontinued operations.

Discontinued operations: Business Area Building Systems, which was divested in December 2021.

Equity/asset ratio: Shareholders' equity including non-controlling interests, expressed as a percentage of total assets.

Free Cash Flow: Cash flow from operations and cash flow from investments.

Interest coverage ratio, times: Earnings before tax plus interest expense to interest expense

Investments in intangible assets and tangible fixed assets: Investments excluding acquisitions and divestments of companies.

Net debt: Interest-bearing provisions and liabilities less interest-bearing assets and cash and cash equivalents. 1) Average capital is based on the quarterly value.

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 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 depreciation/amortisation - EBITDA: Operating profit before planned depreciation/amortisation.

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). Capital employed refers to total assets less non-interest-bearing provisions and liabilities.

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 to number of shares outstanding at the end of the period.

Total operations: Continuing operations and discontinued operations.

Lindab in brief

Lindab Group had sales of SEK 9,648 m in 2021. At the end of the quarter, Lindab had approximately 4,900 employees in 21 countries.

Lindab should be the market-leading ventilation company in Europe, specialised in air distribution and air diffusion.

In 2021, the Nordic region accounted for 55 percent, Western Europe for 29 percent, Central Europe for 14 percent and Other markets for 2 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. Sales are made through approximately 140 own pro-shops and more than 3,000 independent retailers.

Lindab share

January - June 2022

Share price performance:	-54%
Average share turnover/day:	233,208
Highest price paid (January 3):	325.00 SEK
Lowest price paid (June 23):	143.40 SEK
Closing price June 30:	148.30 SEK
Market cap June 30:	SEK 11,340 m
Total no. of shares:	78,842,820
- whereof treasury shares:	2,375,838
- whereof outstanding shares:	76,466,982

Share price performance 2021/2022, SEK

Press- and analyst meetings Calendar

A live webcast will be held at 10:00 am (CEST) on July 20. The Interim Report will be presented by Ola Ringdahl, President and CEO, and Jonas Arkestad CFO.

To access the webcast, use the link: https://tv.streamfabriken.com/lindab-q2-2022

To access the audiocast, please call: Phone +46 (0) 8 505 163 86 Alternatively phone +44 203 198 4884 Pincode 3914322#

For more information see lindabgroup.com

Interim Report January - September	25 October, 2022
Year-End Report	9 February, 2023
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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 07:40 am (CEST) on 20 July, 2022.

For further information, please contact:

Ola Ringdahl, President and CEO | E-mail: ola.ringdahl@lindab.com Jonas Arkestad, CFO | E-mail: jonas.arkestad@lindab.com Catharina Paulcén, Corporate Communication | E-mail: catharina.paulcen@lindab.com

Telephone +46 (0) 431 850 00 For more information, please visit lindabgroup.com.