Lindab International (LIAB) investor relations material

Executive summary

• Ventilation Systems achieved a 9.9% operating margin, supported by improved gross margin and cost reductions, despite challenging markets and negative currency effects.

• Profile Systems faced lower sales and profitability due to weak project business, business closures, and subdued market activity in key regions.

• Structural measures, including closure of 10 sites and reduction of 180 positions, were fully implemented to enhance efficiency.

• Net sales for Q2 2025 decreased by 8% year-over-year to SEK 3,253m, with organic sales down 6% and currency effects at -4%.

• Key events included the divestment of the Slovak subsidiary and completion of acquisitions in the UK and Poland.

Financial highlights

• Q2 net sales: SEK 3,253m (down 8% year-over-year); Q2 operating profit: SEK 281m (down 17%); Q2 operating margin: 8.6%.

• Cash flow from operating activities reached SEK 331m in Q2.

• Net debt stood at SEK 4,456m at quarter end, with net debt/EBITDA at 2.7x and financial net debt/EBITDA at 2.1x.

• Dividend of SEK 5.40 per share for 2024, distributed half-yearly.

• Credit facility extended to 2028, now linked to sustainability targets.

Outlook and guidance

• Market activity remains subdued, especially in Germany and Sweden, with stabilization expected in H2 2025 and demand recovery in 2026.

• Efficiency measures and synergies from acquisitions are expected to strengthen profitability as volumes recover.

• Long-term demand for energy-efficient ventilation remains robust.

• Profile Systems sees increased sales to smaller projects, but large project activity in Sweden remains low.

• Positive signs are emerging in several markets, including increased building permit applications.