First quarter 2025

• Net sales increased by 2 percent to SEK 3,214 m (3,147). Organic sales decreased by 3 percent while acquisitions contributed positively by 5 percent. Currency effects were neutral.
• Operating profit increased to SEK 228 m (225). No one-off items or restructuring costs were reported during the quarter and the corresponding period previous year.
• Operating margin amounted to 7.1 percent (7.1).
• Profit for the period increased to SEK 145 m (117).
• Earnings per share before and after dilution increased to SEK 1.89 (1.53).
• Cash flow from operating activities amounted to SEK 160 m (208).
• In March, an agreement was signed to acquire the ventilation specialist Ventia in Poland, with annual sales of approximately SEK 240 m. The completion of the acquisition is subject to the approval of the Polish Competition Authority.
• In February, an agreement was signed to divest the operations in Slovakia, as part of the previously announced restructuring within Profile Systems in Eastern Europe. The divestment was completed in April.

Lindab's President and CEO, Ola Ringdahl, comments:

"Lindab delivered a stable result in the first quarter. Turnover and gross margin increased while the operating profit was in line with previous year. Measures to improve profitability are being implemented according to plan to reach full effect in the first half of the year.

The market situation in several of Lindab's key countries remained challenging during the quarter. Despite this, operating profit showed resilience and we were able to deliver both increased turnover and improved gross margin. As previously announced, there has been a strong focus on measures to strengthen profitability. I can conclude that this work has been implemented according to plan in order to reach full effect in the first half of the year. As part of the restructuring of the Eastern European operations to focus on ventilation, the ope­rations in Slovakia have been divested and negotiations are ongoing regarding Hungary and Romania.

Profitability focus for Ventilation Systems

Turnover for Ventilation Systems increased compared to previous year thanks to acquisitions. The underlying market remained weak. Operating profit was in line with previous year and the adjusted operating margin reached 9.0 percent. Key markets such as Germany, Sweden and France continue to decline, while Denmark, Ireland, Italy and Poland show stable sales growth. Activities aimed at increasing sales and improving profitability are being broadly implemented.

Profile Systems consolidates in Scandinavia

The restructuring of Profile Systems to focus on the Scandinavian markets continues and is progressing according to plan. The business area showed profitability during the quarter thanks to improved gross margin. Sales were negatively affected by the previously announced relocation of the sandwich panel production from Luleå to Piteå, Sweden, which resulted in approximately 50 MSEK lower revenue in the quarter compared to the previous year. Operations are now back on track and production is gradually returning to normal levels. 

Acquisitions create opportunities for synergies

Lindab's acquisition journey continued in the first quarter with the signing of an agreement to acquire Polish ventilation specialist Ventia. The transaction is expected to be completed in the second half of the year. The acquisition will complement our operations in Poland and is another important step towards increasing our sales of technical ventilation products.

The numerous acquisitions create conditions for closer cooperation and synergies between the various companies in the Lindab Group. In Denmark, Venti has been integrated with Lindab Denmark, and in Germany Felderer is being integrated with Lindab Germany. This will lead to long-term cost savings as operations are co-located, purchases are co-ordinated and personnel can be used jointly. We also see positive synergy potential within sales and distribution.

Unpredictable market outlook

The first quarter was characterised by uncertainty in the global economy and the risk of increasing trade conflicts. Lindab's US operations, with local production, should not be affected by increased trade tariffs. However, there may be indirect effects in the future due to general uncertainty about the economic situation, which may affect investments and purchase prices.

We see some recovery in the market for Profile Systems in Scandinavia, but expect demand for Ventilation Systems to remain subdued for some time. In the second half of 2025, we expect market activity to pick up slowly, provided the uncertain global situation does not significantly impact economic development. If conditions change, we are prepared to take further steps to strengthen profitability.

In conclusion, I note that we are taking further steps towards becoming a pure ventilation company, and that long-term demand for ventilation products is strong. This is driven by increased focus on energy efficiency, sustainability and a healthy indoor climate."

Live webcast

A live webcast will be held at 10:00 am (CEST) on May 6. 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.

Q1 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.

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