Lassila & Tikanoja Plc
Stock exchange release
28 October 2026 at 8.00 AM EET
Profitability returned close to the comparison period level in the third quarter
The financial information presented in this Interim Report is based on actual figures for the financial information for 2026 and the statement of financial position as at 31 December 2025, and on a carve-out basis for the other financial information for 2025. The carve-out financial information does not necessarily reflect what the combined results of operations and financial position of Lassila & Tikanoja would have been had Lassila & Tikanoja operated as a standalone legal group and, accordingly, prepared separate consolidated financial information for the periods presented. Nor does the carve-out financial information necessarily indicate the results of operations, financial position or cash flows of Lassila & Tikanoja in the future.
Unless otherwise mentioned, the figures in brackets refer to the corresponding period in the previous year.
July-September 2026 highlights
- Net sales were EUR 117.5 million (116.1). Net sales grew by 1.2%.
- Adjusted EBITDA was EUR 26.6 million (27.1), representing 22.7% (23.3) of net sales.
- Adjusted EBITA was EUR 15.2 million (15.7), representing 12.9% (13.5) of net sales.
- Profitability in the third quarter was supported by price increases implemented in the first half of the year as well as cost savings achieved through the efficiency programme.
- Profitability was burdened by rising fuel prices as well as exceptional challenges in the waste-to-energy market.
- Operating profit was EUR 13.9 million (14.2), representing 11.8% (12.2) of net sales.
- Earnings per share1 were EUR 0.24 (0.26).
January-September 2026 highlights
- Net sales were EUR 328.5 million (315.5). Net sales grew by 4.1%. Net sales increased particularly in the hazardous waste and remediation business.
- Adjusted EBITDA was EUR 59.5 million (64.0), representing 18.1% (20.3) of net sales.
- Adjusted EBITA was EUR 25.2 million (31.6), representing 7.7% (10.0) of net sales. Profitability was burdened by rising fuel prices, exceptional challenges in the waste-to-energy market as well as increased depreciation and amortisation.
- Operating profit was EUR 21.9 million (30.0), representing 6.7% (9.5) of net sales.
- Earnings per share1 were EUR 0.36 (0.59).
- Net cash flow from operating activities after investments amounted to EUR?8.4?million (15.6). Taking into account the one-off costs related to the partial demerger and the interest payments on financing loans that were not included in the cash flow of the comparison period, net cash flow from operating activities after investments improved from the previous year.
1 Earnings per share are not comparable between periods, as the Company's external borrowings and the related net finance costs, among other items, were not included in the carve-out financial information for 2025.
Outlook for the year 2026 (revised 14 July 2026)
In 2026, net sales are estimated to be EUR 420-450 million and adjusted EBITA EUR 33-38 million. In 2025, the company's net sales amounted to EUR 426.6 million and adjusted EBITA was EUR 40.6 million (on a carve-out basis).
PRESIDENT AND CEO EERO HAUTANIEMI:
" In January-September of 2026, net sales amounted to EUR 328.5 million (315.5), representing a year-on-year increase of 4.1 per cent. Organically, net sales increased by 1.9 per cent.
In the Waste Management and Recycling service area, net sales amounted to EUR 207.5 million (208.6). In Waste Management, the challenging economic environment was reflected in net sales. The service area's net sales were supported by the pallet business acquired in June 2025.
In the Hazardous Waste and Remediation service area, net sales increased by 20.7 per cent to EUR 59.3 million (49.1), driven by a strong project pipeline in remediation and stable demand in the hazardous waste service area.
In the Hazardous Waste and Remediation business, the completion phase of two major projects slowed net sales growth in the third quarter. The active project phases of both the Boliden Harjavalta landfill site and the Hyvinkää thermal energy storage facility will be completed by the end of the year, which is reflected in net sales in the second half of the year.
Net sales in Industrial Services and Water Treatment increased by 8.0 per cent to EUR 66.4 million (61.5). Net sales growth was supported by a busy annual maintenance season in the third quarter and the acquisitions completed in December 2025. In 2026, industrial annual maintenance shutdowns are more heavily weighted towards the second half of the year than in the comparison period.
Adjusted EBITA for January-September amounted to EUR 25.2 million (31.6). Profitability in the reporting period was burdened by an approximately EUR 5 million increase in costs resulting from higher fuel prices compared with the previous year, as well as an approximately EUR 1 million increase in amortisation related to the ERP system renewal investment. In September, the average price of diesel (excl. VAT) was 49 per cent (64 cents) per litre higher than in the comparison period. Higher fuel prices have largely been offset by price increases, but these take effect with a 2-6-month delay and are not yet fully reflected in the reported result. Profitability for the reporting period was further weakened by exceptional challenges in the waste-to-energy market. Increased gate fees and temporary disruptions in reception capacity of waste-to-energy facilities increased costs and reduced operational efficiency.
L&T continued its focused measures to improve profitability in the third quarter. The effects of the implemented price increases, the ongoing efficiency programme and other measures to improve profitability were reflected in the third-quarter result as expected, but their full impact will only be visible from the first quarter of 2027 onwards. The development in the third quarter reinforces the company's assessment that the measures already implemented and currently underway will enable adjusted EBITA in the second half of the year to reach the previous year's level. The outlook is based on the assumption that a prolonged crisis in the Middle East or other geopolitical risks will not significantly increase fuel prices from their current levels.
Net cash flow from operating activities after investments amounted to EUR?8.4?million (15.6). Taking into account the one-off costs related to the partial demerger and the interest payments on financing loans that were not included in the cash flow of the comparison period, net cash flow from operating activities after investments improved from the previous year.
L&T's steady sustainability performance continued during the reporting period. The total recordable injury frequency (TRIF) decreased to 19 (23), and the sickness-related absence rate declined compared with the comparison period. L&T's direct emissions (Scope 1 and 2) remained at the comparison period level."
Key figures
| Key figures (EUR m) | 7-9/ 2026 | 7-9/ 2025 | Change % | 1-9/ 2026 | 1-9/ 2025 | Change % | 1-12/ 2025 |
| Net sales | 117.5 | 116.1 | 1.2 | 328.5 | 315.5 | 4.1 | 426.6 |
| Adjusted EBITDA | 26.6 | 27.1 | -1.7 | 59.5 | 64.0 | -7.0 | 84.3 |
| Adjusted EBITDA, % | 22.7 | 23.3 | 18.1 | 20.3 | 19.8 | ||
| EBITDA | 25.9 | 26.1 | -0.5 | 57.8 | 63.8 | -9.4 | 79.8 |
| EBITDA, % | 22.1 | 22.5 | 17.6 | 20.2 | 18.7 | ||
| Adjusted EBITA | 15.2 | 15.7 | -3.6 | 25.2 | 31.6 | -20.3 | 40.6 |
| Adjusted EBITA, % | 12.9 | 13.5 | 7.7 | 10.0 | 9.5 | ||
| Operating profit | 13.9 | 14.2 | -1.9 | 21.9 | 30.0 | -27.2 | 34.2 |
| Result for the period | 9.1 | 10.1 | -10.0 | 13.8 | 22.5 | -38.9 | 25.7 |
| Earnings per share (EUR)1 | 0.24 | 0.26 | -9.8 | 0.36 | 0.59 | -38.8 | 0.67 |
| Net cash flow from operating activities after investments | 11.2 | 10.2 | 9.1 | 8.4 | 15.6 | -46.1 | 41.4 |
| Net cash flow from operating activities after investments per share (EUR)1 | 0.29 | 0.27 | 9.3 | 0.22 | 0.41 | -46.0 | 1.08 |
| Gross capital expenditure | 5.3 | 6.0 | -11.5 | 16.0 | 25.2 | -36.3 | 41.7 |
| Capital employed | 368.6 | 336.1 | 9.7 | 360.4 | |||
| Return on capital employed, % (ROCE) | 8.0 | n/a | 10.6 | ||||
| Return on equity, % (ROE) | 8.2 | n/a | 12.1 | ||||
| Net interest-bearing liabilities | 163.5 | n/a | 150.2 | ||||
| Net interest-bearing debt / Adjusted EBITDA | 2.0x | n/a | 1.8x | ||||
| Equity ratio, % | 33.9 | n/a | 35.0 | ||||
| Gearing, % | 96.8 | n/a | 86.9 | ||||
| Average number of employees in full-time equivalents | 1,856 | 1,864 | -0.4 | 1,907 | |||
| Total number of full-time and part-time employees at period-end | 2,303 | 2,337 | -1.5 | 2,236 | |||
1 The figures for January-September 2025 is calculated based on the number of shares at the date of the demerger 31 December 2025.
Differences between the actual figures and the carve-out principles affect the presentation of certain key performance indicators. Key figures based on equity, interest-bearing liabilities and net interest-bearing liabilities are presented only as at 31 December 2025 and 30 September 2026, as the information for earlier periods prepared on a carve-out basis does not reflect the capital and financing structure of Lassila & Tikanoja.
GROUP NET SALES AND FINANCIAL PERFORMANCE
July-September
Net sales for the third quarter amounted to EUR 117.5 million (116.1), representing an increase of 1.2% compared with the comparison period. Organic growth in net sales was 0.3%. Net sales in the Waste Management and Recycling service area declined to EUR 71.9 million (74.3) due to the challenging market conditions in waste management. Net sales in the Hazardous Waste and Remediation service area increased to EUR 21.1 million (20.5), driven by remediation projects. Net sales in Industrial Services and Water Treatment increased to EUR 26.5 million (23.0) due to the timing of industrial maintenance shutdowns. In 2026, the maintenance shutdowns are more heavily weighted towards the second half of the year compared with the comparison period.
Adjusted EBITA amounted to EUR 15.2 million (15.7), representing 12.9% (13.5) of net sales. Operating profit was EUR 13.9 million (14.2), representing 11.8% (12.2) of net sales. Profitability in the third quarter was supported by price increases implemented in the first half of the year, cost savings achieved through the efficiency programme and strong volume development in Industrial Services and Water Treatment. Profitability in the reporting period was burdened by higher fuel prices resulting from the crisis in the Middle East, which increased costs by approximately EUR 2 million compared with the previous year. Profitability was further weakened by exceptional challenges in the waste-to-energy market. Operating profit included a total of EUR 0.7 million in items affecting comparability, mainly related to the efficiency measures implemented during the reporting period.
The net financial expenses for the third quarter amounted to EUR -1.9 million (-1.2). The share of the profit of the joint venture Laania Oy was EUR -0.5 million (-0.2). Net financial expenses for years 2026 and 2025 are not comparable, as the Company's external loans and the related net financial expenses have not been included in the carve-out financial information.
January-September
Net sales for January-September amounted to EUR 328.5 million (315.5), representing an increase of 4.1% compared with the comparison period. Organic growth in net sales was 1.9%. Net sales in the Waste Management and Recycling service area amounted to EUR 207.5 million (208.6). The pallet business acquired in June 2025 contributed to the service area's net sales growth, while organically net sales declined due to challenging market conditions in waste management. Net sales in the Hazardous Waste and Remediation service area increased to EUR 59.3 million (49.1), driven by remediation projects. Net sales in Industrial Services and Water Treatment increased to EUR 66.4 million (61.5) due to the busy annual maintenance season in the third quarter.
Adjusted EBITA amounted to EUR 25.2 million (31.6), representing 7.7% (10.0) of net sales. Operating profit was EUR 21.9 million (30.0), representing 6.7% (9.5) of net sales. The profitability of the reporting period was burdened, in addition to the challenging market conditions, by higher fuel prices resulting from the Middle East crisis, which increased costs by approximately EUR 5 million compared with the previous year. Amortisation related to the ERP system renewal project implemented in June 2025 increased amortisation for January-September by approximately EUR 0.8 million compared with the previous year. Profitability was further weakened by exceptional challenges in the waste-to-energy market. Increased gate fees and temporary disruptions in reception capacity of waste-to-energy facilities increased costs and reduced operational efficiency. The increase in gate fees for waste-to-energy was driven by an oversupply of incinerable waste in the market. Over the longer term, the oversupply of waste incineration capacity in Finland is expected to create downward pressure on gate fees. Operating profit included a total of EUR 1.7 million in items affecting comparability, primarily related to the partial demerger as well as the efficiency measures implemented during the reporting period.
During the second quarter, L&T implemented price increases and launched a comprehensive efficiency programme to improve the cost structure of its waste management operations. In addition, on 7 July 2026, the company concluded change negotiations, which resulted in 17 employees having their employment terminated and 420 employees being temporarily laid off for 14 or 30 days. The company estimates that the measures already implemented and currently under way will enable it to achieve the same level of adjusted EBITA in the second half of the year as in the corresponding period of the previous year. The outlook is based on the assumption that a prolonged crisis in the Middle East or other geopolitical risks will not significantly increase fuel prices from their current levels.
On 1 April 2026, Lassila & Tikanoja acquired the entire share capital of Sand & Vattenbläst i Tyringe AB (SVB) in Sweden. Lassila & Tikanoja expanded into the Swedish process cleaning services market in 2022 by acquiring a 70 per cent stake in Sand & Vattenbläst i Tyringe AB (SVB). Lassila & Tikanoja exercised the purchase option included in the original share purchase agreement and acquired the remaining shares of SVB. The acquisition supports the implementation of Lassila & Tikanoja's strategy and strengthens its position in the Swedish industrial services market. SVB has been fully consolidated into the Group's financial statements since 1 February 2022 based on control.
L&T signed an agreement on 18 May 2026 to acquire the share capital of Kempeleen Siirtokuljetus Oy and its subsidiary Kempeleen Jätekuljetus Oy. The transaction supports L&T's strategic growth objectives and strengthens L&T's waste management and recycling service offering in the North Ostrobothnia region. Completion of the transaction is subject to approval by the Finnish Competition and Consumer Authority. In 2025, the combined revenue of the companies was approximately EUR 14 million, and they employ around 50 people.
The net financial expenses for January-September amounted to EUR -5.6 million (-3.6). The share of the profit of the joint venture Laania Oy was EUR 0.8 million (1.0). Net financial expenses for years 2026 and 2025 are not comparable, as the Company's external loans and the related net financial expenses have not been included in the carve-out financial information.
Net sales by service area
| MEUR | 7-9/ 2026 | 7-9/ 2025 | Change % | 1-9/ 2026 | 1-9/ 2025 | Change % | 1-12/ 2025 |
| Waste management and recycling | 71.9 | 74.3 | -3.3 | 207.5 | 208.6 | -0.5 | 278.1 |
| Hazardous waste and remediation | 21.1 | 20.5 | 3.1 | 59.3 | 49.1 | 20.7 | 73.0 |
| Industrial services and water treatment | 26.5 | 23.0 | 15.2 | 66.4 | 61.5 | 8.0 | 81.3 |
| Net sales between service areas | -2.0 | -1.7 | -4.7 | -3.7 | -5.9 | ||
| Total net sales | 117.5 | 116.1 | 1.2 | 328.5 | 315.5 | 4.1 | 426.6 |
FINANCING
In January-September, net cash flow from operating activities totalled EUR?27.2?million (36.9). A total of EUR 21.1 million in working capital was tied up during the reporting period (EUR 20.8 million tied up). Net cash flow from operating activities after investments was EUR?8.4?million (15.6). Cash flow was weakened by payments of items related to the partial demerger between Lassila & Tikanoja and Luotea, totalling EUR?5.9?million. Taking into account the one-off costs related to the partial demerger and the interest payments on financing loans that were not included in the cash flow of the comparison period, net cash flow from operating activities after investments improved from the previous year.
At the end of the reporting period, interest-bearing liabilities amounted to EUR?199.7?million, including lease liabilities totalling EUR 64.7 million. Net interest-bearing liabilities totalled EUR?163.5?million. The average interest rate on long-term loans, excluding lease liabilities, was 3.4?per?cent.
External loans of the company have not been included in the carve-out financial information for the comparative period. As part of the financing arrangements, EUR 75 million unsecured notes, EUR 35 million and EUR 15 million term loans, and EUR 40 million revolving credit facility were transferred to Lassila & Tikanoja in the demerger on 31 December 2025. During the second quarter, the company exercised the first extension option included in its EUR 35 million and EUR 15 million term loans, thereby extending their maturity to June 2029.
At the end of the reporting period, EUR 10.0 million of the Company's EUR 100.0 million commercial paper programme was utilised. The Company's EUR 10.0 million overdraft facility and EUR 40.0 million committed revolving credit facility were undrawn at the end of the reporting period.
Net financial expenses totalled EUR -5.6 million (-3.6). Net financial expenses were 1.7% (1.1) of net sales. The net financial expenses for January-September 2026 and 2025 are not comparable, as the Company's external borrowings and the related net financial expenses were not included in the carve-out financial information.
The equity ratio was 33.9% and gearing ratio was 96.8%. Net interest-bearing debt to adjusted EBITDA was 2.0x. The Group's total equity amounted to EUR 168.8 million. Cash and cash equivalents at the balance sheet date totalled EUR 36.2 million.
CAPITAL EXPENDITURE
Gross capital expenditure for the reporting period totalled EUR 16.0 million (25.2). The capital expenditure consisted primarily of machine and equipment purchases.
SUSTAINABILITY
L&T's sustainability performance remained stable during the reporting period. Occupational safety remained at an excellent level. L&T's direct emissions (Scope 1 and 2) remained at the comparison period level. The carbon handprint increased by 3% year-on-year driven by higher material volumes.
Progress towards sustainability targets
| Indicator | 1-9/2026 | 1-9/2025 | Target | Target to be achieved by |
| Environmental responsibility | ||||
| Carbon handprint (tCO2e) i.e. emissions prevented | -284,900 | -275,700 | growth faster than net sales | |
| Carbon footprint (tCO2e) Scope 1 & 2 | 15,300 | 15,100 | net zero | 2045 |
Social responsibility | ||||
| Total recordable incident frequency (TRIF) | 19.2 | 22.5 | 17.0 | 2028 |
| Sickness-related absences (%) | 4.7 | 5.1 | 4.5 | 2028 |
Personnel
During the reporting period, the average number of employees converted into full-time equivalents was 1,856 (1,864). At the end of the reporting period, L&T had a total of 2,303 (2,337) full-time and part-time employees.
| Number of employees at end of the period | 1-9/2026 | 1-9/2025 | 1-12/2025 |
| Group | 2,303 | 2,337 | 2,236 |
| Finland | 2,199 | 2,243 | 2,133 |
| Sweden | 104 | 94 | 103 |
SHARES AND SHARE CAPITAL
Traded volume and price
The demerger of Lassila & Tikanoja was completed on 31 December 2025, and trading in the shares of Lassila & Tikanoja Plc commenced on Nasdaq Helsinki on 2 January 2026. During the reporting period, a total of 7.7 million shares in the Company were traded, representing 20.3% of the average number of shares outstanding. The value of trading amounted to EUR 56.0 million. The acquisitions of the Company's own shares are not included in the trading figures. The highest share price was EUR 8.35 and the lowest EUR 6.31. The closing price was EUR 6.61. At the end of the reporting period, the market capitalisation of the Company's share capital, excluding treasury shares held by the Company, amounted to EUR?251.8 million.
Own shares
During the reporting period, the Company acquired a total of 150,000 of its own shares. During the reporting period, the Company transferred a total of 14,288 treasury shares in its possession to 19 key employees covered by the Group's share-based incentive scheme. The transferred shares represent the share-based portion of the rewards payable under the share-based incentive scheme for the years 2023-2025. In addition, based on the resolution of the Annual General Meeting held on 28 April 2026, the company transferred 13,974 Lassila & Tikanoja Plc shares to the members of the Board of Directors as part of their annual remuneration. At the end of the reporting period, the Company held a total of 121,738 treasury shares.
On 23 March 2026, the Company announced that it had completed the repurchase of its own shares, which was originally announced by a stock exchange release on 27 February 2026. The share repurchase programme commenced on 3 March 2026 and ended on 20 March 2026. A total of 150,000 shares were acquired, corresponding to approximately 0.4% of all shares in Lassila & Tikanoja Plc. The average purchase price was EUR?7.6893 per share.
Share capital and number of shares
The company's registered share capital amounts to EUR 80,000 and the number of outstanding shares was 38,089,986 at the end of the reporting period. The average number of shares excluding the shares held by the company was 38,117,254.
Share-based incentive plans
The purpose of Lassila & Tikanoja's long-term incentive plans is to engage participants in the achievement of the Company's long-term objectives and the creation of shareholder value, as well as to provide a competitive ownership-based incentive scheme.
The company has the following share-based incentive plans under which share rewards remain to be paid on the balance sheet date:
A performance-based share-based incentive scheme for 2023-2027, with ongoing three-year performance periods for 2024-2026 and 2025-2027. The vesting of rewards for the 2024-2026 performance period is based on the following performance criteria: return on capital employed (ROCE) and relative total shareholder return (rTSR). The vesting of rewards for the 2025-2027 performance period is based on the following performance criteria: return on capital employed (ROCE), revenue growth in 2025-2027 and relative total shareholder return (rTSR). The rewards payable based on the 2024-2026 and 2025-2027 performance periods have been converted into shares of the new Lassila & Tikanoja on the basis of the price formation of the new Lassila & Tikanoja share following the listing. The rewards payable based on the performance periods will be paid no later than five months after the end of the performance period as a combination of shares and cash.
A performance-based share-based incentive scheme for 2026-2030, comprising three (3) performance periods of three (3) years each, covering the calendar years 2026-2028, 2027-2029 and 2028-2030. The Board of Directors decides on the performance criteria of the scheme and the targets set for each performance criterion at the beginning of each performance period. Any rewards payable under the scheme will be paid after the completion of each performance period. For the 2026-2028 performance period, the vesting of rewards is based on the following performance criteria: adjusted return on capital employed (ROCE) (30%) in 2026-2028, revenue growth (30%) in 2026-2028, relative total shareholder return (rTSR) (30%) in 2026-2028, and reduction of carbon footprint (ESG) (10%) in 2026-2028. The rewards payable for the 2026-2028 performance period correspond to a maximum value of approximately 218,677 shares of Lassila & Tikanoja Plc, including the portion payable in cash. The target group of the share-based incentive scheme for the 2026-2028 performance period comprises approximately 25 key employees, including the Group's President and CEO and the members of the Group Management Team.
Shareholders
At the end of the reporting period, the company had 24,280 shareholders. Nominee-registered holdings accounted for 11.1% of the total number of shares.
Flagging notifications
On 30 January 2026, Lassila & Tikanoja Plc received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act, according to which the shareholding of Protector Forsikring ASA in Lassila & Tikanoja decreased below the 5 per cent threshold on 29 January 2026.
Authorisations for the Board of Directors
The Annual General Meeting of Lassila & Tikanoja Plc, which was held on 28 April 2026, resolved to authorise the Board of Directors of the Company to repurchase the Company's own shares using the company's unrestricted equity. In addition, the Annual General Meeting authorised the Board of Directors to decide on the issuance of shares and special rights entitling their holders to shares.
By virtue of the authorisation, the Board of Directors is authorised to decide on the repurchase and/or acceptance as pledge of a maximum of 2,000,000 of the Company's own shares using the Company's non-restricted equity. This number of shares corresponds to approximately 5.2% of the Company's total number of shares on the date of the notice to the Meeting. The authorisation is valid for 18 months.
By virtue of the authorisation, the Board of Directors is authorised to decide, in one or more instalments, on the issuance of new shares or shares possibly held by the Company through a share issue and/or the issuance of option rights or other special rights entitling to shares, as referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that a maximum aggregate number of 2,000,000 shares may be issued and/or transferred pursuant to the authorisation. This number of shares corresponds to approximately 5.2% of the Company's total number of shares on the publication date of the notice to the meeting. The authorisation is valid for 18 months.
RESOLUTIONS BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Lassila & Tikanoja Plc, which was held on 28 April 2026, adopted the financial statements and consolidated financial statements for the financial year 2025, discharged the members of the Board of Directors and the President and CEO from liability, and considered the Remuneration Report for the Company's governing bodies as well as the Remuneration Policy for the governing bodies. The Annual General Meeting resolved on the use of the profit shown on the balance sheet and the payment of dividend, the composition and remuneration of the Board of Directors, the election and remuneration of the Auditor, the election and remuneration of the Sustainability Reporting Assurance Provider and authorising the Board of Directors to decide on the repurchase of the Company's own shares and on a share issue and the issuance of special rights entitling to shares.
The Annual General Meeting resolved that a dividend of EUR 0.42 per share be paid on the basis of the balance sheet to be adopted for the financial year 2025. The dividend will be paid in two instalments.
The first dividend instalment of EUR 0.21 per share was paid on 8 May 2026. The Board of Directors of the Company resolved in its meeting held on 18 September 2026 that the dividend payment date for the second dividend instalment of EUR 0.21 per share will be 2 October 2026 and the dividend record date will be 22 September 2026 (originally on or about 1 October 2026 and 22 September 2026).
The Annual General Meeting confirmed the number of members of the Board of Directors as five (5) in accordance with the proposal of the Shareholders' Nomination Board. All of the current members of the Board of Directors, Tuija Kalpala, Teemu Kangas-Kärki, Sakari Lassila, Jukka Leinonen and Anna-Maria Tuominen-Reini were re-elected to the Board until the end of the next Annual General Meeting. Jukka Leinonen was re-elected as the Chair of the Board and Sakari Lassila was re-elected as the Vice Chair.
The Annual General Meeting elected PricewaterhouseCoopers Oy, Authorised Public Accountants, as the auditor of the Company. PricewaterhouseCoopers Oy has announced that it will name Samuli Perälä, Authorised Public Accountant, as the auditor with principal responsibility.
The Annual General Meeting elected PricewaterhouseCoopers Oy, Authorised Sustainability Audit Firm, as the sustainability reporting assurance provider of the Company. PricewaterhouseCoopers Oy has announced that it will name Samuli Perälä, Authorised Sustainability Auditor, as the responsible authorised sustainability auditor.
The resolutions of the Annual General Meeting are described in more detail in the stock exchange release published on 28 April 2026.
BOARD OF DIRECTORS
The members of Lassila & Tikanoja Plc's Board of Directors are Tuija Kalpala, Teemu Kangas-Kärki, Sakari Lassila, Jukka Leinonen and Anna-Maria Tuominen-Reini. Lassila & Tikanoja Plc's Annual General Meeting, held on 28 April 2026, elected Jukka Leinonen as the Chairman of the Board and Sakari Lassila as the Vice Chairman.
In its constitutive meeting, held on 28 April 2026, the Board of Directors elected the members of the Audit Committee and the Personnel and Sustainability Committee from amongst its members. Teemu Kangas-Kärki (Chairman), Sakari Lassila and Anna-Maria Tuominen-Reini were elected to the Audit Committee. Jukka Leinonen (Chairman), Sakari Lassila and Tuija Kalpala were elected to the Personnel and Sustainability Committee.
The company announced the composition of the Shareholders' Nomination Board of Lassila & Tikanoja Plc on 17 September 2026. The three largest shareholders of Lassila & Tikanoja Plc, determined on the basis of the shareholders' register maintained by Euroclear Finland Ltd on 1 September 2026 and in accordance with the other principles set out in the Charter, have been entitled to appoint their representatives to the company's Shareholders' Nomination Board.
Pursuant to the Charter of the Nomination Board, a group of shareholders may agree to appoint a joint representative to the Nomination Board. The following two groups of shareholders have agreed to appoint a joint representative: Evald and Hilda Nissi Foundation and Heikki Bergholm as the first group, and Chemec Oy, CH-Polymers Oy, Eeva Maijala, Maijala Investment Oy, Juhani Maijala, Juuso Maijala, Miikka Maijala, Mikko Maijala, Roope Maijala and Tuula Maijala as the second group.
The three largest shareholders of Lassila & Tikanoja Plc on 1 September 2026 that are entitled to appoint a representative to the Shareholders' Nomination Board of Lassila & Tikanoja Plc are the above-mentioned shareholder groups and Nordea Nordic Small Cap Fund. These shareholders have appointed Juhani Lassila, Miikka Maijala and Josefin Degerholm as their representatives to the Nomination Board of Lassila & Tikanoja Plc. The Chair of the Board of Directors of Lassila & Tikanoja Plc, Jukka Leinonen, serves as the fourth member of the Nomination Board. The Chair of the Nomination Board is Juhani Lassila. The Nomination Board is responsible for preparing proposals concerning the election and remuneration of the members of the Board of Directors for the next Annual General Meeting.
CHANGES IN THE GROUP EXECUTIVE BOARD
Lassila & Tikanoja Plc announced on 16 February 2026, that a member of Lassila & Tikanoja Plc's Group Executive Board, Hilppa Rautpalo (Senior Vice President, Legal, HR and EHSQ), has announced her decision to leave the company to take up a new position outside the organisation. Rautpalo left the company at the end of April 2026.
Lassila & Tikanoja Plc announced on 19 March 2026, that Eero Hautaniemi, who has served as President and CEO of Lassila & Tikanoja Plc since 2019, has informed the company of his wish to step down from his position no later than 30 June 2027. The Board of Directors of the company has initiated the recruitment process for a new President and CEO.
Lassila & Tikanoja Plc announced on 1 June 2026, that the Company has appointed Arttu Lindroos (43, B.Sc.) as SVP, HR and a member of the Group Executive Board. Lindroos assumed the position on 1 September 2026.
EVENTS AFTER THE REPORTING PERIOD
Lassila & Tikanoja Plc announced on 28 October 2026, that the Board of Directors of Lassila & Tikanoja Plc has appointed M.Sc. (Tech.) Ari-Pekka Määttänen (born 1968) as the company's new President and CEO. He will assume his position on 1 May 2027. Määttänen will succeed the current President and CEO, Eero Hautaniemi, whose decision to step down from his position by summer 2027 was announced on 19 March 2026.
Ari-Pekka has extensive experience in leading, transforming and growing businesses based on customer needs. He has held senior leadership and business development positions at Stora Enso and Andritz, and joins Lassila & Tikanoja from his current position as CEO of Fintoil Oy.
Eero Hautaniemi will continue as President and CEO of Lassila & Tikanoja until 30 April 2027. Thereafter, he will serve as Senior Advisor until 31 July 2027.
NEAR-TERM RISKS AND UNCERTAINTIES
General economic uncertainty may affect the level of economic activity among customers and the development of material volumes, which may reduce the demand for L&T's services.
Lassila & Tikanoja's business is susceptible to economic fluctuations and changing market conditions and variations in the industries of L&T's customers may affect the demand for L&T's services and solutions.
The markets in which Lassila & Tikanoja operates are highly competitive, and increased competition or failure to respond to competitive pressures may result in L&T losing market share.
Lassila & Tikanoja's business is sensitive to fluctuations in the pricing and supply of fuels, materials, raw materials, and capital goods. Especially in the short term, disruptions in the operations of waste-to-energy plants may have a negative impact on the company's profitability.
The Finnish Waste Act was amended in July 2021. Under the reforms to the Waste Act, municipalities take on a larger role in organising the collection of packaging materials and biowaste from housing properties. L&T estimates that, as a result of municipalisation, approximately EUR 100 million of the Finnish waste management market will be moved out of the scope of free competition between 2024 and 2029. L&T is a significant operator in municipal contracts and estimates that the overall impact of the change will be negative.
Lassila & Tikanoja may become liable for environmental damages, which could result in significant costs and reputational harm.
The company has completed several ERP system implementations. Temporary additional costs related to the stabilisation of the systems and operating model, as well as the working capital tied up during the transition, may adversely affect the company's financial performance.
Lassila & Tikanoja's mergers and acquisitions and corporate restructuring activities expose L&T to various risks that may have an adverse effect on its business.
Lassila & Tikanoja operates in a labour-intensive industry and failures in recruiting skilled personnel, losing senior managers or key employees or other disruptions in the availability or work capacity of personnel may adversely affect L&T's business, and it may fail in recruiting and retaining people with the required skill set.
Lassila & Tikanoja's operations and services rely largely on data networks and digital solutions, and any malfunctions in and breaches or attacks targeting such networks and solutions as well as potential failures in information system development projects as well as lack of adequate data processing agreements may adversely affect the business and financial position of L&T and lead to reputational damage.
The geopolitical situation involves uncertainty stemming from Russia's war of aggression, the crisis in the Middle East and the United States' trade and tariff policy. The indirect effects of these factors on general economic activity and cost levels in Finland and Sweden may adversely affect net sales and profitability.
Helsinki 27 October 2026
LASSILA & TIKANOJA PLC
Board of Directors
Eero Hautaniemi
President and CEO
For additional information, please contact:
Eero Hautaniemi, President and CEO, tel. +358 10 636 2810
Joni Sorsanen, CFO, tel. +358 50 443 3045
Lassila & Tikanoja is a leading Nordic circular economy company committed to unleashing the potential of circularity together with its customers and partners. Our services include waste management and recycling, hazardous waste and remediation services as well as industrial services and water treatment. Our goal is to strengthen an efficient infrastructure in society and promote the sustainable use of materials by transforming waste streams into valuable raw materials. L&T employs approximately 2,300 people in Finland and Sweden and is listed on Nasdaq Helsinki.
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| www.lt.fi/en/ |
