Lassila & Tikanoja (LASTIK) Q3 2026 earnings summary

Executive summary

• Jan-Sep net sales rose 4.1% to EUR 328.5m; adjusted EBITDA was EUR 59.5m vs EUR 64.0m and adjusted EBITA EUR 25.2m vs EUR 31.6m, with 2025 figures on a carve-out basis.

• Q3 adjusted EBITA was EUR 15.2m vs EUR 15.7m as pricing and efficiency savings supported recovery, partly offset by fuel costs and waste-to-energy disruption.

Financial highlights

• Q3 net sales rose 1.2% to EUR 117.5m; adjusted EBITDA was EUR 26.6m (22.7% margin) and adjusted EBITA EUR 15.2m (12.9% margin).

• Jan-Sep adjusted EBITA was EUR 25.2m (7.7% of sales) vs EUR 31.6m (10.0%); adjusted EBITDA was EUR 59.5m (18.1% margin).

• Jan-Sep organic sales growth was 1.9%; Q3 organic growth was 0.3%.

• Jan-Sep EPS was EUR 0.36; 2025 EPS is not directly comparable because carve-out figures excluded external borrowings and related financing costs.

• Jan-Sep cash flow after investments was EUR 8.4m vs EUR 15.6m; adjusted for demerger-related payments and financing-loan interest, it improved YoY.

Outlook and guidance

• FY2026 guidance: net sales EUR 420m–EUR 450m and adjusted EBITA EUR 33m–EUR 38m; 2025 carve-out results were EUR 426.6m and EUR 40.6m, respectively.

• Corrective measures are expected to bring H2 adjusted EBITA to the prior-year level, with their full impact expected from Q1 2027; cost-efficiency actions should support results thereafter.

• Two major environmental construction projects entered their final phases, slowing Q3 sales growth and expected to affect Q4; larger new projects depend on tenders.

• Outlook assumes no significant fuel-price increase from current levels; pricing recovery measures cover September levels, with full pass-through expected from early 2027.