Lindab AB: Lindab Group's full year report January-December 2025: Strengthened profitability for Ventilation Systems

Press release

12 February 2026

The Group's adjusted operating margin increased to 6.5 percent during the quarter. The largest business area Ventilation Systems achieved organic growth and increased adjusted operating profit despite currency effects. Business area Profile Systems was affected by low volumes in the project business.

Fourth quarter 2025

• Net sales amounted to SEK 3,134 m (3,308), a decrease by 5 percent. Organic sales growth was -3 percent while net effect of acquisitions and divestments contributed positively by 2 percent. Currency effects amounted to -4 percent.
• Adjusted operating profit increased to SEK 203 m (177).
• One-off items and restructuring costs amounted to SEK -106 m (-278). These items did not primarily affect cash flow.
• Operating profit increased to SEK 97 m (-101).
• Adjusted operating margin increased to 6.5 percent (5.4).
• Operating margin increased to 3.1 percent (-3.1).
• Profit for the period increased to SEK 41 m (-173).
• Earnings per share before and after dilution increased to SEK 0.52 (-2.24).
• Cash flow from operating activities amounted to SEK 521 m (629).
• As part of the previously communicated restructuring within the Profile Systems business area in Eastern Europe, the divestment of the Hungarian profile products operations was completed in December. In addition, prior to the year-end, Lindab Group signed an agreement to divest its operations in Romania. The transaction is expected to be completed during the first quarter of 2026.

January-December 2025

• Net sales amounted to SEK 12,854 m (13,323), a decrease by 4 percent. Organic sales growth was -4 percent while the net effect of acquisitions and divestments contributed positively by 3 percent. Currency effects amounted to -3 percent.
• Adjusted operating profit amounted to SEK 1,027 m (1,044).
• One-off items and restructuring costs amounted to SEK 70 m (-308). These items did not primarily affect cash flow.
• Operating profit increased to SEK 1,097 m (736).
• Adjusted operating margin increased to 8.0 percent (7.8).
• Operating margin increased to 8.5 percent (5.5).
• Profit for the period increased to SEK 760 m (315).
• Earnings per share before and after dilution increased to SEK 9.86 (4.10).
• Cash flow from operating activities amounted to SEK 1,347 m (1,438).
• The Board of Directors proposes a dividend of SEK 5.60 (5.40) per share.

Comment from Ola Ringdahl, President and CEO:

"Lindab Group improved the result during the fourth quarter, and business area Ventilation Systems reached organic growth despite a challenging market situation. Continued efficiency measures contributed to improving profitability.

Ventilation Systems showed organic growth and strengthened profitability

Business area Ventilation Systems comprised 80 percent of total Group sales during the quarter. After a longer period of weak market conditions, the business area managed to reach organic growth - a sign of strength. Ventilation Systems' result for the quarter was improved considerably, despite negative currency effects, and the adjusted operating margin increased to 8.5 percent compared to 7.0 percent the previous year. Our efficiency measures have delivered the intended effect, and we are now implementing additional structural measures to increase synergies within the Group and strengthen profitability. Among other things, the already ongoing optimisation of the branch network is continuing.

On the European ventilation market, we can see some stabilisation. In countries like the UK, Italy, France, Poland and Ireland, Ventilation Systems has had a solid performance for most of 2025. Even in Sweden - which has experienced a weak construction market over the past three years - we saw a stabilisation in the market and gradually increasing demand during the fourth quarter. Germany is, however, still impacted by a challenging market situation with low volumes.

Continued challenges for Profile Systems

Profitability challenges remain for Profile Systems, which accounted for 20 percent of Group sales during the quarter. Sales decreased on the two most important markets Sweden and Denmark. However, sales increased In Norway and also through the builders' merchant channel in Sweden. An important milestone in our transformation of the business area is that the exit from Eastern Europe is soon to be completed. The sharp decline in volumes has pushed the profitability of Profile Systems to an unsatisfactory level, even in our home markets in Scandinavia. To increase volumes, we will strengthen our sales efforts and are also planning initiatives and efficiency measures that will make Profile Systems more profitable and stable going forward.

Somewhat brighter market outlook - but with uncertainties

Available forecasts are indicating that the market for ventilation in Europe will grow slightly during 2026, however from low levels and with Germany as a question mark. A delay of the recovery cannot be ruled out due to geopolitical instability. We are therefore focusing on the actions within our own control to influence profitability, for example by realising synergies in procurement, sales and production. The investments made in automated production will strengthen margins as volumes increase. For Profile Systems, we expect 2026 to bring stabilisation during the first half of the year, with prospects for some growth in the second half.

The leading ventilation group in Europe

The ambition for Lindab Group is to become the leading ventilation group in Europe by 2030 in terms of sales, profitability and sustainability. I am convinced that we have good prospects of success. By focusing on the ventilation business, creating innovative digital customer experiences, and reducing our customers' climate impact we continue to strengthen our position. Strategic and complementary acquisitions will remain an important part of our development going forward.

Lindab Group has strong prospects of benefitting from a growing demand for energy-efficient ventilation, contributing to sustainable buildings and a healthy indoor climate. With a strong product portfolio, well-invested production facilities and a highly competent sales force we stand well positioned to meet increased demand."

Live webcast

A live webcast will be held at 11:00 am (CET) on February 12. The interim report will be presented by Ola Ringdahl, President and CEO, and Lars Ynner, CFO.

If you wish to participate via webcast please use the link below.

Q4 Report 2025

If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

Q4 Report 2025

Contacts

Ola Ringdahl
President and CEO
E-mail: [e-mail]
Phone: [phone]

Lars Ynner
CFO
E-mail: [e-mail]
Phone: [phone]

Fredrik Wahrolén
Head of Communications
E-mail: [e-mail]
Mobile: [phone]

Lindab Group. Quality ventilation for a better climate.
Lindab Group is one of Europe's largest ventilation groups and provides customers with complete ventilation solutions. High quality, easy installation and reliable delivery contribute to strong customer satisfaction, healthy indoor environments and sustainable buildings. In Scandinavia, the offering also includes roof, wall and rainwater drainage solutions. Within the building materials industry, Lindab Group has been ranked as the European sustainability leader.

Lindab Group, founded in 1959, is vertically integrated across the entire value chain - from machine manufacturing and production of products for air distribution and room ventilation, to distribution and logistics of both in-house manufactured and traded ventilation products.

The Group recorded sales of SEK 12,854 million in 2025 and operates in 18 countries with approximately 5,000 employees. Western Europe accounted for 45 percent of sales in 2025, the Nordic region for 41 percent, Central Europe for 10 percent and other markets for 4 percent.

Lindab Group is headquartered in Grevie, Sweden, and listed on Nasdaq Stockholm, Large Cap, under the ticker symbol LIAB.