Lindab International (LIAB) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year sales of SEK 13,323m in 2024, primarily driven by acquisitions despite weak market demand and negative organic growth.

• Significant restructuring and cost-saving measures were implemented, including divestment and closure of the profile business in Eastern Europe and workforce reductions.

• Strong cash flow from operating activities supported ongoing acquisition strategy.

• Six acquisitions completed in 2024, expanding product range and market presence, especially in ventilation.

Financial highlights

• Q4 sales reached SEK 3,308m, up 1% YoY; organic growth -5%, acquired growth +6%.

• Adjusted Q4 operating profit was SEK 177m (down 32% YoY); margin declined to 5.4% from 8.0%.

• Full-year adjusted operating profit was SEK 1,044m (down 11% YoY); margin at 7.8% (9.0%).

• One-time and restructuring costs totaled SEK 308m in 2024, mainly from Eastern Europe exit and factory relocation.

• Cash flow from operating activities was SEK 629m in Q4 and SEK 1,438m for the year.

Outlook and guidance

• Cost reduction program aims to save SEK 120m annually, with full effect by July 2025.

• Market recovery expected to remain slow in H1 2025, with potential demand improvement in H2; long-term demand for energy-efficient ventilation remains strong.

• Further measures are ready if market recovery is delayed; focus on realizing full effect of cost-saving measures in H1 2025.

• Board proposes an unchanged dividend of SEK 5.4 per share, in line with policy.