Kvartalsrapport Q3 2025

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===== SIDA 1 =====

Third quarter 2025
• Net sales amounted to SEK 3,253 m (3,348), a decrease 
by 3 percent. Organic sales growth was -4 percent while 
net effect of acquisitions and divestments contributed 
positively by 3 percent. Currency effects amounted to -2 
percent.
• Adjusted operating profit increased to SEK 315 m (304).
• One-off items amounted to SEK 176 m (-30). These items 
were not affecting cash flow.
• Operating profit increased to SEK 491 m (274).
• Adjusted operating margin increased to 9.7 percent (9.1).
• Operating margin increased to 15.1 percent (8.2).
• Profit for the period increased to SEK 400 m (158).
• Earnings per share before and after dilution increased to 
SEK 5.19 (2.05).
• Cash flow from operating activities increased to  
SEK 335 m (259). 
•  In July, the acquisition of the Polish ventilation specia -
list Ventia was completed. In addition, the acquisition 
of the British ventilation company HAS-Vent Holding 
Ltd. was completed after the approval by the UK Com -
petition and Markets Authority.
•  In July, Lindab signed an agreement to divest its ope -
rations for profile products in Hungary. The divestment 
is part of the previously announced restructuring within 
business area Profile Systems in Eastern Europe.
Interim Report 
January—September 2025
Strong quarter for Lindab despite challenging market conditions
Lindab delivered a strong result in the third quarter. The Group’s adjusted operating margin increased to 
9.7 percent driven by ongoing efficiency improvements and structural measures. The largest business 
area Ventilation Systems achieved the highest sales and best result ever for a third quarter. Business area 
Profile Systems was affected by low activity for larger construction projects, particularly in Sweden.
January-September 2025
•  Net sales amounted to SEK 9,720 m (10,015), a decrease 
by 3 percent. Organic sales growth was -4 percent while 
the net effect of acquisitions and divestments contributed 
positively by 3 percent. Currency effects amounted to -2 
percent.
• Adjusted operating profit amounted to SEK 824 m (867).
• One-off items amounted to SEK 176 m (-30). These items 
were not affecting cash flow.
• Operating profit increased to SEK 1,000 m (837).
• Adjusted operating margin amounted to 8.5 percent (8.7). 
• Operating margin increased to 10.3 percent (8.4).
• Profit for the period increased to SEK 719 m (488).
•  Earnings per share before and after dilution increased 
to SEK 9.34 (6.34).
•  Cash flow from operating activities increased to SEK 
826 m (809).

===== SIDA 2 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
2
Lindab Interim Report January-September 2025
A word from the CEO
Lindab increased the operating profit for the third quarter and 
strengthened the adjusted operating margin to 9.7 percent, 
despite a continued challenging market. A determined focus 
on efficiency improvements and long-term structural measu -
res contributed to the improvement. Business area Ventilation 
Systems reported its best ever third quarter in terms of sales 
and results.  
Strong quarter for Ventilation Systems
The intense efforts to improve profitability within Ventilation 
Systems are now beginning to yield clear results. The business 
showed strong performance during the quarter, delivering an 
adjusted operating margin of 10.6 percent. Thanks to price 
adjustments, cost reductions and structural measures, both gross 
margin and operating margin have strengthened. Our cost reduc -
tion programme reached full effect in July, and further structural 
measures are underway to optimise operations even more.  
Sales and results are the highest ever for a third quarter in the 
business area. Several countries including France, the UK and the 
Netherlands, Italy and Ireland reported good growth. However, 
challenges remain in Sweden and Germany, where low market 
activity has continued to negatively affect both sales and operating 
profit compared to previous year .
”Sales and results for Ventilation Systems are 
the highest ever for a third quarter.”
Profile Systems continues to face challenges
Business area Profile Systems continues to be negatively impac -
ted by low activity for larger building projects, particularly in the 
Swedish market. However, sales to smaller projects and through 
builders’ merchants increased during the quarter. Additional 
efficiency actions and structural measures are being prepared to 
improve profitability in Profile Systems. 
During the quarter, an agreement was reached to divest the Profile 
business in Hungary, and negotiations are ongoing regarding the 
divestment of operations in Romania. Following these transactions, 
Lindab’s operations in Eastern Europe will be solely focused on 
ventilation.
European steel  
Steel is an important input material for Lindab, and we prioritise steel 
purchases from European producers. This ensures consistently 
high quality, as well as significant sustainability benefits. The climate 
impact of steel production for Lindab’s products is well documented 
in an environmental product declaration. Shorter transport distances 
compared to steel from Asia or North America result in a lower climate 
footprint. Lindab also offers products with a considerably higher pro-
portion of recycled steel, achieving a 60 percent lower climate impact. 
“Lindab also offers products with a considerably 
higher proportion of recycled steel, achieving 
a 60 percent lower climate impact.”
Acquisitions unlock synergies  
Over the past few years, Lindab has grown substantially, with many 
new companies becoming part of the Group. Acquisitions will remain 
a key part of our strategy, and we have a strong pipeline of potential 
candidates that could complement our business. These companies 
continue to operate as customer-focused profit centres. At the same 
time, we are identifying interesting synergies in sales, purchasing 
and production. We are working intensively to realise these synergies 
and expect them to lead to gradual profitability improvements for the 
Group.
The market outlook remains uncertain, and therefore we are 
focusing on measures within our own control to influence profi -
tability. We expect sales to stabilise on current levels during the 
rest of 2025, with a gradual market recovery anticipated for 2026. 
Investments in automated production will strengthen margins as 
volumes increase. 
“We expect sales to stabilise on current levels 
during the rest of 2025, with a gradual market 
recovery anticipated for 2026.”
In the longer term, we are optimistic about Lindab’s opportunities 
to benefit from an expected increased demand for energy-efficient 
ventilation, which contributes to sustainable buildings and a 
healthy indoor climate. With a strong product portfolio, well-invested 
production facilities and a highly competent sales force we are 
more than ready.
Grevie, 24 October 2025
 
Ola Ringdahl  
President and CEO

===== SIDA 3 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
3
Lindab Interim Report January-September 2025
Sales and profit
Sales and market
Lindab continued to deliver a stable performance in the third 
quarter of 2025, despite challenging market conditions. Net sales 
amounted to SEK 3,253 m (3,348), a decrease of 3 percent. Sales 
growth in comparable units was -4 percent, and currency effects 
had an impact of -2 percent. The net effect of acquisitions and 
divestments contributed positively by 3 percent.
Construction activity in most European markets where Lindab 
operates remained relatively stable during the quarter, although 
overall levels continued to be subdued, particularly within residential 
and commercial new builds. Despite this, several markets showed 
signs of recovery, while activity in Sweden and Germany remained 
weak.
Ventilation Systems reported its strongest ever third quarter 
performance, both in terms of sales and profit. Sales increased as 
a consequence of completed acquisitions. Net sales in compara -
ble units declined by 1 percent, mainly due to continued market 
headwinds in Sweden and Germany.
Profile Systems experienced a sales decline of 17 percent, largely 
attributable to its high exposure to the Swedish market and new 
construction, where activity remains at a low level. Sales were also 
negatively impacted by the previously communicated closures of 
profile operations in Poland, the Czech Republic, and Estonia.
For the period January–September, net sales amounted to SEK 
9,720 m (10,015), a decrease of 3 percent. Organic growth was -4 
percent, currency effects -2 percent, while the net effect of acqui -
sitions and divestments contributed positively by 3 percent.
Profit
Adjusted operating profit for the third quarter amounted to SEK 315 m 
(304), corresponding to an adjusted operating margin of 9.7 percent 
(9.1). The improvement in profit was primarily driven by efficiency 
measures and an improved gross margin within Ventilation Systems, 
as well as lower costs following structural actions announced in 
the fourth quarter 2024. Operating profit includes one-off items 
of net SEK 176 m (-30), which had no impact on cash flow. These 
items mainly relate to a reduction in the contingent consideration for 
Airmaster, amounting to SEK 291 m. While Airmaster continues to 
deliver solid profitability, it has not met the ambitious sales targets. 
Additionally, disposals and write-downs of intangible and tangible 
assets amounted to SEK -115 m.
Adjusted operating profit for Ventilation Systems in the third quarter 
amounted to SEK 274 m (240), while Profile Systems reported SEK 
47 m (71). Net profit for the period totalled SEK 400 m (158). Earnings 
per share before and after dilution amounted to SEK 5.19 (2.05). 
For the period January–September, adjusted operating profit amoun-
ted to SEK 824 m (867), corresponding to an adjusted operating 
margin of 8.5 percent (8.7). Operating profit includes one-off items of 
net SEK 176 m (-30). Profit for the period was SEK 719 m (488), and 
earnings per share before and after dilution amounted to SEK 9.34 
(6.34).
Key performance indicators
2025                  
Jul-Sep
2024
Jul-Sep
Change, 
%
2025                  
Jan-Sep
2024
Jan-Sep
Change, 
%
R 12M
2024 Oct-
2025 Sep
2024
Jan-Dec
Net sales, SEK m 3,253 3,348 -3 9,720 10,015 -3 13,028 13,323
Adjusted1) operating profit, SEK m 315 304 4 824 867 -5 1,001 1,044
Operating profit, SEK m 491 274 79 1,000 837 19 899 736
Adjusted1) operating margin, % 9.7 9.1 - 8.5 8.7 - 7.7 7.8
Operating margin, % 15.1 8.2 - 10.3 8.4 - 6.9 5.5
Profit for the period, SEK m 400 158 153 719 488 47 546 315
Earnings per share before and after dilution, SEK 5.19 2.05 153 9.34 6.34 47 7.10 4.10
Cash flow from operating activities, SEK m 335 259 29 826 809 2 1,455 1,438
Number of employees at the end of the period 5,049 5,153 -2 5,049 5,153 -2 5,049 5,123
1) During the quarter and period January-September 2025, one-off items and restructuring costs corresponding to SEK 176 m (-30) was reported. See reconciliations on page 24.
0
1,000
2,000
3,000
4,000
Q3Q2Q1Q4Q3Q2Q1Q4Q3
0
  3,000
  6,000
  9,000
12,000
15,000
2024
QuarterR  12M
Quarter R 12M
20252023
Net sales, SEK m Breakdown of net sales,  
last 12 months
41%
45%
10% 4%
Nordic region Western Europe
Central Europe Other markets
0
100
200
300
400
500
Q3Q2Q1Q4Q3Q2Q1Q4Q3
0
   250
   500
   750
1,000
1,250
1,500
2024
QuarterR  12M
Quarter R 12M
20252023
Adjusted operating profit, SEK m

===== SIDA 4 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
4
Lindab Interim Report January-September 2025
Segment - Ventilation Systems
Sales and market
Net sales for Ventilation Systems in the third quarter amounted 
to SEK 2,581 m (2,538), an increase of 2 percent compared to 
the same period last year. Organic growth was -1 percent, while 
acquisitions contributed positively by 6 percent. Currency effects 
were -3 percent.
Ventilation Systems delivered its strongest ever third quarter perfor -
mance, both in terms of sales and profit. The increase in sales was 
primarily driven by completed acquisitions. Western Europe, the 
largest region by sales, reported flat organic growth in comparable 
units. Several markets, including France, the UK, Ireland, Italy, and 
the Netherlands, recorded positive organic growth, while Germany 
reported a decline. In the Nordic region, Sweden continued to 
show weak development, whereas Denmark and Finland reported 
positive organic growth. Central Europe recorded positive sales 
development during the quarter, with the Czech Republic and 
Hungary reporting organic growth.
For the period January–September, net sales amounted to SEK 
7,712 m (7,699). Organic growth was negative by 3 percent, acquisi-
tions contributed positively by 5 percent, and currency effects were 
-2 percent.
Profit
Adjusted operating profit for the quarter amounted to SEK 274 m 
(240), corresponding to an adjusted operating margin of 10.6 
percent (9.5). The improvement was driven by a stronger gross 
margin, more efficient production, and lower costs as a result 
of structural measures announced in the fourth quarter of 2024. 
Acquisitions completed at the end of 2024 and during 2025 have 
been successfully integrated and are contributing positively to the 
profit. 
For the quarter and period January–September one-off items of 
net SEK 194 m (-30) were reported. These items had no impact 
on cash flow and consisted mainly of a reduction in the contingent 
consideration of SEK 291 m and write-downs and disposals of 
intangible assets amounting to SEK -97 m.
For the period January–September, adjusted operating profit 
amounted to SEK 758 m (757) and the adjusted operating margin 
was 9.8 percent (9.8).
Activities
Lindab’s acquisition of the Polish ventilation company Ventia was 
completed on 7 July 2025 following approval by the Polish com -
petition authority. The acquisition strengthens Lindab’s position in 
the Polish market and represents an important step in increasing 
sales of technical ventilation products.
On 1 July 2025, Lindab completed the acquisition of the UK-based 
ventilation company HAS-Vent, following the fulfilment of all regu -
latory conditions. In accordance with a decision by the UK Com -
petition and Markets Authority (CMA), two distribution branches 
were divested in connection with the transaction.
Key performance indicators
       2025                    
Jul-Sep
2024
Jul-Sep
Change, 
%
       2025                    
Jan-Sep
2024
Jan-Sep
Change, 
%
R 12M 
2024 Oct- 
2025 Sep
2024 
Jan-Dec
Net sales, SEK m 2,581 2,538 2 7,712 7,6 9 9 0 10,220 10,207
Net sales growth, % 2 6 - 0 6 - 1 5
Share of the Group’s net sales, % 79 76 - 79 77 - 78 77
Adjusted1) operating profit, SEK m 274 240 14 758 757 0 933 932
Adjusted1) operating margin, % 10.6 9.5 - 9.8 9.8 - 9.1 9.1
Number of employees at the end of the period 4,232 4,246 0 4,232 4,246 0 4,232 4,232
1) During the quarter and period January-September 2025, one-off items and restructuring costs corresponding to SEK 194 m (-30) was reported. See reconciliations on page 24.
0
500
1,000
1,500
2,000
2,500
3,000
Q3Q2Q1Q4Q3Q2Q1Q4Q3
0
2000
4000
6000
8000
10000
12000
R 12M
R 12M
Quarter
Quarter
202520242023
Net sales, SEK m Breakdown of net sales, 
last 12 months
30%
56%
9% 5%
Nordic region Western Europe
Central Europe Other markets
0
50
100
150
200
250
300
Q3Q2Q1Q4Q3Q2Q1Q4Q3
0
   200
   400
   600
   800
1,000
1,200
2024 2025
QuarterR  12M
Quarter R 12M
2023
Adjusted operating profit, SEK m

===== SIDA 5 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
5
Lindab Interim Report January-September 2025
Segment - Profile Systems
Sales and market
Net sales for Profile Systems in the third quarter amounted to SEK 
672 m (810), a decrease of 17 percent. Organic growth was -13 per- 
cent, currency effects had a negative impact of -1 percent, and 
divestments contributed negatively by 3 percent.
The Nordic market, which represents the largest share of the seg -
ment’s sales, continued to be affected by low construction activity. 
This was particularly evident in residential and commercial new 
builds, where the recovery in Sweden has been slower than  
previously anticipated, especially in larger construction projects.
While there are signs of recovery among builders’ merchants, this 
represents a smaller portion of the segment’s total sales. Sales  
related to larger construction projects and industrial buildings 
remained weak during the quarter in both Sweden and Norway. 
The relocation of the sandwich panel production from Luleå to 
Piteå, Sweden, continued to impact both delivery capacity and 
revenue levels. Full capacity is expected to be reached slightly later 
than planned. Sales were also negatively affected by the previously 
communicated closure of profile operations in Poland, the Czech 
Republic, and Estonia. The impact amounted to -4 percent for the 
quarter and -3 percent for the January–September period.
For the period January–September, net sales amounted to SEK 
2,008 m (2,316), a decrease of 13 percent. Organic growth was 
negative with 10 percent, currency effects were -1 percent, and 
divestments contributed negatively by 2 percent.
Profit
Adjusted operating profit for the quarter amounted to SEK 47 m 
(71), corresponding to an adjusted operating margin of 7.0 percent 
(8.8). The decline was primarily due to lower sales volumes and 
continued low capacity utilisation. However, structural measures 
implemented have contributed to cost control. For the quarter and 
period January–September one-off items of SEK -18 m (-) were 
reported. These items had no impact on cash flow and consisted of 
write-downs of tangible fixed assets.
For the period January–September, adjusted operating profit 
amounted to SEK 98 m (143) and the adjusted operating margin 
was 4.9 percent (6.2).
Activities
During the quarter, Lindab signed an agreement to divest its profile 
products business in Hungary. The divestment is part of the previously 
announced restructuring of the Profile Systems segment in Eastern 
Europe. The transaction is expected to be completed around year-end. 
The divestment will have a positive impact on the segment’s margin 
and contribute to improved capital efficiency.
0
300
600
900
1,200
Q3Q2Q1Q4Q3Q2Q1Q4Q3
0
1,000
2,000
3,000
4,000
2024
R 12M
R 12M
Quarter
Quarter
20252023
Net sales, SEK m Breakdown of net sales, 
last 12 months
81%
0%
6%
13%
Nordic region Western Europe
Central Europe Other markets
0
50
100
150
Q3Q2Q1Q4Q3Q2Q1Q4Q3 0
150
300
450
2024 2025
QuarterR  12M
Quarter R 12M
2023
Adjusted operating profit, SEK m
Key performance indicators
       2025                    
Jul-Sep
2024
Jul-Sep
Change, 
%
       2025                    
Jan-Sep
2024
Jan-Sep
Change, 
%
R 12M 
2024 Oct- 
2025 Sep
2024 
Jan-Dec
Net sales, SEK m 672 810 -17 2,008 2,316 -13 2,808 3,116
Net sales growth, % -17 -6 - -13 -9 - -12 -9
Share of the Group’s net sales, % 21 24 - 21 23 - 22 23
Adjusted1) operating profit, SEK m 47 71 -34 98 143 -31 124 169
Adjusted1) operating margin, % 7.0 8.8 - 4.9 6.2 - 4.4 5.4
Number of employees at the end of the period 732 845 -13 732 845 -13 732 825
1) During the quarter and period January-September 2025, one-off items and restructuring costs corresponding to SEK -18 m (-) was reported. See reconciliations on page 24.

===== SIDA 6 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
6
Lindab Interim Report January-September 2025
Net debt/EBITDA
0
1,000
2,000
3,000
4,000
5,000
Q3Q2Q1Q4Q3Q2Q1Q4Q3 0,0
0,5
1,0
1,5
2,0
2,5
3,0
2024QuarterR  12M
Net debt/EBITDA
SEK m
20252023
Financial net debt/EBITDA
Quarter
times
Cash flow, financial position and business combinations
Cash flow from operating  
activities, SEK m
0
200
400
600
800
Q3Q2Q1Q4Q3Q2Q1Q4Q3
0
   500
1,000
1,500
2,000
2024
R 12M
R 12M
Quarter
Quarter
20252023
The negative cash flow effect from changes in working capital was 
partly offset by the Group’s improved ”cash flow from operating 
activities before change in working capital” (page 13), which 
increased to SEK 1,097 m (971). Operating profit for the period 
amounted to SEK 1,000 m (837).
Cash flow from investing activities, excluding acquisitions and 
divestments, amounted to SEK -238 m (-173) for the period 
January–September. The cash flow included proceeds from the 
sale of tangible fixed assets of SEK 5 m (8). Cash flow related to 
acquisitions and divestments amounted to SEK -205 m (-1,208), 
of which SEK -37 m (-32) related to final settlements of purchase 
considerations and payments of contingent considerations from 
previously completed acquisitions.
Cash flow from financing activities for the period January–  
September amounted to SEK -358 m (558). This figure included 
amortisations of lease liabilities totaling SEK -287 m (-278), as well 
as dividends to shareholders of SEK 208 m (207). Other changes 
within financing activities were mainly related to changes in borrowing 
and utilisation of credit facilities.
Cash flow
Cash flow from operating activities amounted to SEK 335 m (259) 
for the quarter, representing an improvement compared to the 
previous year. The increase was primarily attributable to higher 
”cash flow from operating activities before change in working 
capital” (page 13), which totalled SEK 400 m (295). The change in 
working capital for the quarter was in line with the previous year 
and amounted to SEK -65 m (-36). Operating profit for the quarter 
amounted to SEK 491 m (274).
Cash flow from investing activities, excluding acquisitions and 
divestments, amounted to a net outflow of SEK -80 m (-37) for the 
quarter, of which proceeds from the sale of tangible fixed assets 
totalled SEK 1 m (4). Cash flow related to acquisitions and divest -
ments of operations amounted to SEK -218 m (-37), of which SEK 
-4 m (-2) referred to payments of contingent considerations related 
to previously completed acquisitions.
Cash flow from financing activities for the quarter amounted to 
SEK 10 m (-206). This figure included amortisations of lease liabili -
ties totaling SEK -94 m (-95), while other changes were mainly  
attributable to increased borrowing and utilisation of credit  
facilities.
Cash flow from operating activities for the period January–  
September amounted to SEK 826 m (809). During the period, 
capital tied up in stock increased by SEK 37 m (decreased by 93). 
SEK m
       2025                  
Jul-Sep
2024
Jul-Sep
       2025                  
Jan-Sep
2024
Jan-Sep
R 12M 
2024 Oct- 
2025 Sep
2024  
Jan-Dec
Cash flow from operating activities 335 295 826 809 1,455 1,438
Cash flow from investing activities -298 -74 -443 -1,381 -663 -1,601
- Of which related to acquisition (+) /divestment (-) of Group companies 218 37 205 1,208 379 1,382
Cash flow from financing activities 10 -206 -358 558 -851 65
Cash flow for the period 47 -21 25 -14 -59 -98
Adjusted free cash flow 255 222 588 636 1,171 1,219
Cash conversion, % 81 73 71 73 117 117
Net debt 4,411 4,385 4,411 4,385 4,411 4,510
Net debt/EBITDA, times 2.7 2.3 2.7 2.3 2.7 2.5
Financial net debt/EBITDA, times 2.1 1.7 2.1 1.7 2.1 2.0

===== SIDA 7 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
7
Lindab Interim Report January-September 2025
Cash flow, financial position and business combinations (cont.)
Net debt and financing
Net debt amounted to SEK 4,411 m (4,385) as of 30 September, of 
which SEK 1,438 m (1,473) related to lease liabilities.
The equity/assets ratio was 48 percent (47), and the net debt/equity 
ratio was 0.6 (0.6). Net financial items for the quarter amounted to SEK 
-56 m (-66). The change primarily related to reduced interest expenses 
because of declining market interest rates.
The existing credit agreement of SEK 4,050 m and EUR 120 m with 
Nordea, DNB Bank, Svenska Handelsbanken and Danske Bank is 
valid until the second quarter of 2028. An extension option allows 
for a one-year prolongation of maturity. The agreement is subject to 
a covenant which is monitored quarterly. Lindab met the covenant 
requirements as of 30 September 2025.
To emphasise Lindab’s commitment to integrating sustainability across 
all areas of the business, the credit facility has, as of 1 January 2025, 
been linked to sustainability targets. These targets are monitored 
annually, and the interest margin is adjusted based on the level of 
target achievement. 
Lindab’s credit facility is linked to the following three targets:
• Safe work environment: An improvement in workplace safety 
through a reduction in LTIF (Lost Time Injury Frequency).
Net debt/EBITDA, <3.0 3) Annual growth, >10%1)  
 
Adjusted operating margin, >10%  
Financial targets
Q3 2025
R 12M
2024202320222021
7.8 7.7
13.12)
9.0
10.9
Q3 2025
R 12M
2024202320222021
1.4
-0.4
24.32)
19.62)
1.7
1) Growth excluding currency effects.
2) The outcome for annual growth including divested business was 13.0 percent in 
2022 and 18.5 percent in 2021. Adjusted operating margin including divested busi -
ness was 12.2 percent in 2021.
3) Net debt/EBITDA is calculated including IFRS 16 and adjusted for one-off  
Lindab has the following financial targets for growth, profitability and net debt:
Q3 2025
R 12M
2024202320222021
2.7
2.5
1.04)
1.6
1.9
items and restructuring costs. Financial net debt/EBITDA amounted to 2.1 in  
Q3 2025 R 12M, 2.0 in 2024, 1.4 in 2023, 1.0 in 2022 and 0.4 in 2021. For complete  
definition of financial net debt and financial net debt/EBITDA, see page 27.
4) Including the previous segment Building Systems, which was divested in 2021.
• Reduced emissions within scope 1 and 2: A continuous reduction of 
the company’s direct and indirect greenhouse gas emissions related 
to its own operations.
• Reduced emissions from purchased steel (part of scope 3): A 
reduction of emissions linked to purchased steel used in Lindab’s 
products.
Business combinations and divestments
During the quarter, the acquisition of the Polish ventilation specialist 
Ventia was completed, and the acquisition of the UK-based venti -
lation company HAS-Vent was finalised following approval by the 
UK competition authority.
Lindab has also signed an agreement to divest its Profile Systems 
operations in Hungary.
For further information regarding acquisitions and divestments 
carried out during the year, see Note 3.

===== SIDA 8 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
8
Lindab Interim Report January-September 2025
Lindab’s sustainability work
By June 30th 2025, 93 percent of 
suppliers had been evaluated – an 
increase of 2 percentage points 
compared to the end of 2024 and in 
line with Lindab’s target. The evalu -
ation prioritises suppliers in high-
risk countries, who are assessed 
first. Remaining suppliers are then 
evaluated in descending risk order 
to eventually cover all suppliers 2).
Lindab measures work-related 
accidents using the key per -
formance indicator LTIF (Lost 
Time Injury Frequency – number 
of work-related accidents per 
million hours worked). The goal 
is LTIF <4. LTIF has continued to 
decrease, reaching 2.3 as of 30 
September 2025 compared to 3.6 
for the full year 2024. The imple -
mented actions have contributed 
to reduced risk behaviors, and 
the development continues to be 
closely monitored to achieve further 
improvement.
Lindab’s CO2e emissions in scope 1 
and 21,3) during the first half of 2025 
decreased by 36 percent compared 
with the corresponding period in  
2024. The reduction occurred 
mainly within scope 2 as a result of 
continued transition to renewable 
electricity in Poland, Italy, and  
Denmark during the first two quar -
ters. Lindab also continues to work 
broadly with energy efficiency mea -
sures within its production facilities.
Scope 2
Scope 1
More evaluated suppliers%
Lower CO2e emissions from own 
operations Ton CO2e
Fewer work-related accidents
LTIF
1) Scope 1: Direct emissions from owned or controlled operations. Scope 2: Indirect emissions from the generation of purchased electricity, steam, heating, and cooling consumed 
by the company. Scope 3: All other indirect emissions that occur in the company’s value chain but are not owned or controlled by the company.
2) Suppliers in low- and medium-risk countries representing purchases above EUR 100,000, and suppliers in high-risk countries representing purchases above EUR 25,000, are 
included. Suppliers added through acquisitions must be evaluated within their first year as part of the Group.
3) Market-based method. The target boundary includes market-related emissions and removals from bioenergy raw materials.
Lindab’s sustainability work is guided by three strategic focus areas:
• Creating healthier buildings
• Reducing customers’ climate impact
• Operating a sustainable business
During 2025, Lindab continued its efforts within energy efficiency, supplier risk assessment, and proactive measures to reduce work-  
related absences. In addition, several initiatives are underway to ensure progress and delivery across all sustainability targets. Follow-  
up focuses on three of Lindab’s strategic objectives: own climate emissions according to scope 1 and 2 1,3), the share of evaluated and  
approved suppliers, and the number of work-related accidents per million hours worked.
0
25
50
75
100
2022 2023 2024
T arget
6M 2025
2022 20242023
0
5,000
10,000
15,000
20,000
25,000
T arget
6M 2025 0
2
4
6
8
10
2022 2023 2024
Target
Q3 2025
R 12M
More information about Lindab’s sustainability work is available 
on the company’s website, as well as in the Annual and 
Sustainability Report for 2024. The CO 2e emission target 
was further specified in 2024 as part of the work to align 
targets and plans with the Science Based Targets initiative 
(SBTi).

===== SIDA 9 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
9
Lindab Interim Report January-September 2025
Other
Parent Company
Lindab International AB (publ), corporate identification number 
556606-5446, is a registered limited liability company with its 
domicile in Båstad, Sweden. The Lindab share is listed on Nasdaq 
Stockholm, Large Cap.
Net sales for the quarter amounted to SEK 2 m (2). Profit for the 
quarter amounted to SEK 0 m (-2). 
Net sales for the period January-September amounted to SEK 
5 m (5). Profit for the period amounted to SEK 710 m (0) and 
includes dividend from shares in subsidiaries amounting to SEK 
719 m (-).
Significant risks and uncertainties
There have been no significant changes in relation to what was 
stated by Lindab in its Annual Report for 2024 under Risks and 
Risk Management (pages 62-63). 
Employees
The number of employees, calculated as full-time equivalent 
employees, was 5,049 (5,198) at the end of the quarter. Adjusted  
for acquisitions and divestments, the net decrease was 173 
employees compared to the same quarter previous year. 
Seasonal variations
Lindab’s business is affected by seasonal variations in the 
construction industry, and the highest proportion of net sales 
is normally seen during the second half of the year. The largest 
seasonal variations can be found in the segment Profile Systems. 
Ventilation products are mainly installed indoors which is why 
the Ventilation Systems segment is less dependent on season or 
weather conditions.
Incentive program
Principles regarding guidelines for remuneration of senior execu -
tives were last adopted at the Annual General Meeting in 2024, 
principles that, according to a resolution, must be presented for 
adoption at the Annual General Meeting at least every four years. 
According to adopted guidelines, the remuneration program for 
senior executives shall among other things include variable cash 
pay elements. Theses variable elements shall be based on measu -
rable criteria, which reflects predetermined financial, sustainable 
and qualitative targets for Lindab. Based on previous resolution at 
the Annual General Meeting, a long-term incentive program has 
been implemented in 2025. The program has a three-year measuring 
period and any outcome in terms of long-term variable cash pay is 
presumed to be invested in shares or share related instruments in 
Lindab on market terms. The total cost in the event of maximum 
outcome for the three-year measuring period for 2025 to 2027 is 
estimated to SEK 16 m. Long-term incentive programs from 2023 
and 2024 essentially have the same principles as the program for 
2025 and the measuring period of these programs are 2023 to 
2025 and 2024 to 2026.
Share option program
At the Annual General Meeting in May 2025, it was resolved to 
establish a share option program for senior executives in Lindab 
Group through a directed issue of maximum 275,000 share 
options. As a result of this program, 182,000 share options have 
been subscribed during the second quarter by senior executives 
in Lindab, according to a market valuation determined on the 
basis of the agreement. Liquidity regulation and thereby distribu -
tion of the share options to the participants has taken place during 
the beginning of the third quarter. Each share option entitles the 
holder to acquire one share in Lindab at an exercise price of SEK 
255.20. Acquisitions of shares supported by share options may 
take place after Lindab has published the Q2 interim report for 
the first half of 2028 and up to and including 31 August of the 
same year. At the Annual General Meeting in 2022, 2023 and 
2024, respectively, there were also resolutions to implement share 
option programs for senior executives. During the third quarter of 
2025 none of the 238,050 externally owned share options in the 
2022 share option program were exercised to acquire shares in 
accordance with the terms of the program, and they have thus 
expired. From the 2023 share option program there are 225,500 
outstanding share options with a subscription price of SEK 209.70 
exercisable during summer 2026. From the 2024 share option 
program there are 275,000 outstanding share options with a sub -
scription price of SEK 264.50 exercisable during summer 2027.
Annual General Meeting
The Board of Directors has decided that the Annual General 
Meeting will be held on May 12, 2026. Notice to the meeting will 
be sent in due course.
Dividend
The Annual General Meeting, held on May 13, 2025, resolved a 
dividend of SEK 5.40 per share. The dividend is to be distribu -
ted halfyearly and the first payment of SEK 2.70 per share was 
distributed in May, 2025. The second payment of SEK 2.70 per 
share with record date November 3, 2025 and expected payment 
November 6, 2025.
Nomination Committee
In accordance with a resolution passed at the Annual General 
Meeting, the Chairman of the Board, in conjunction with the com -
pany’s three largest shareholders, has appointed a Nomination 
Committee. Consequently, Kristian Åkesson (Carnegie Fonder), 
Markus Melkko (Oras Invest), Thomas Elin (Fjärde AP-fonden) and 
Peter Nilsson (Chairman of the Board of Lindab International AB) 
have formed a Nomination Committee prior to Lindab’s Annual 
General Meeting in May, 2026. Kristian Åkesson has been appoin -
ted as Chairman of the Nomination Committee.
Significant events during the reporting period
In July, Lindab completed the acquisition of the Polish ventilation 
specialist Ventia Sp. z o.o., see Note 3. 
In July, Lindab signed an agreement to divest its operations for 
profile products in Hungary, see Note 3.
In July, Lindab completed the acquisition of the UK-based venti -
lation company HAS-Vent Holdings Ltd. after the fulfilment of all 
regulatory demands by the UK Competition and Markets Authority 
(CMA), see Note 3.
There are no other significant events during the reporting period 
to report.

===== SIDA 10 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
10
Lindab Interim Report January-September 2025
Other (cont.)
Significant events after the reporting period 
There are no other significant events after the reporting period to 
report.
General information 
In December 2021, Lindab divested the segment Building Systems. 
Key figures for periods earlier than 2022 include divested operations, 
which result in that key figures for rolling 12 months 2022 are calcula-
ted both including and excluding divested operations. 
Unless other indicated in this interim report, all statements refer to the 
Group. Figures in parentheses indicate the result of the same period 
previous year. Unless other stated, amounts are in SEK m. 
The interim report has been subject to specific review. 
This is a translation of the Swedish original report. In case of differen- 
ces between the English translation and the Swedish original, the 
Swedish text shall prevail.

===== SIDA 11 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
11
Lindab Interim Report January-September 2025
Net sales and segments 
Net sales and growth
SEK m
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024
Jan-Dec
Net sales 3,253 3,348 9,720 10,015 13,323
Change -95 97 -295 175 209
Change, % -3 3 -3 2 2
Of which
- Organic, % -4 -4 -4 -6 -5
- Acquisitions/divestments, % 3 9 3 8 7
- Currency effects, % -2 -2 -2 0 0
Net sales per segment and region
SEK m
2025 
Jul-Sep %
2024 
Jul-Sep %
2025 
Jan-Sep %
2024 
Jan-Sep %
2024
Jan-Dec %
Ventilation Systems 2,581 79 2,538 76 7,712 79 7,699 77 10,207 77
 - Nordic Region 718 28 747 30 2,275 29 2,372 31 3,176 31
 - Western Europe 1,431 55 1,424 56 4,319 56 4,262 55 5,637 55
 - Central Europe 305 12 237 9 754 10 703 9 913 9
 - Other markets 127 5 130 5 364 5 362 5 481 5
Profile Systems 672 21 810 24 2,008 21 2,316 23 3,116 23
 - Nordic Region 546 81 633 78 1,623 81 1,842 80 2,493 80
 - Western Europe 43 6 50 6 116 6 128 6 170 5
 - Central Europe 80 12 123 15 260 13 335 14 437 14
 - Other markets 3 1 4 1 9 0 11 0 16 1
Total 3,253 100 3,348 100 9,720 100 10,015 100 13,323 100
 - Nordic Region 1,264 39 1,380 41 3,898 40 4,214 42 5,669 42
 - Western Europe 1,474 45 1,474 44 4,435 46 4,390 44 5,807 44
 - Central Europe 385 12 360 11 1,014 10 1,038 10 1,350 10
 - Other markets 130 4 134 4 373 4 373 4 497 4
Gross internal sales all segments 7 10 25 38 48
Operating profit, operating margin and earnings before tax
SEK m
2025 
Jul-Sep %
2024 
Jul-Sep %
2025 
Jan-Sep %
2024 
Jan-Sep %
2024
Jan-Dec %
Ventilation Systems 274 10.6 240 9.5 758 9.8 757 9.8 932 9.1
Profile Systems 47 7.0 71 8.8 98 4.9 143 6.2 169 5.4
Other operations -6 - -7 - -32 - -33 - -57 -
Adjusted operating profit 315 9.7 304 9.1 824 8.5 867 8.7 1,044 7.8
One-off items and restructuring costs 1)
176 - -30 - 176 - -30 - -308 -
Operating profit 491 15.1 274 8.2 1,000 10.3 837 8.4 736 5.5
Net financial items -56 - -66 - -159 - -201 - -275 -
Earnings before tax 435 13.4 208 6.2 841 8.7 636 6.4 461 3.5
1) One-off items and restructuring costs included in adjusted operating profit are described in ’Reconciliations’ page 24.
Number of employees by end of period
2025 
Jul-Sep %
2024 
Jul-Sep %
2025 
Jan-Sep %
2024 
Jan-Sep %
2024
Jan-Dec %
Ventilation Systems 4,232 84 4,246 83 4,232 84 4,246 83 4,232 83
Profile Systems 732 14 845 16 732 14 845 16 825 16
Other operations 85 2 62 1 85 2 62 1 66 1
Total 5,049 100 5,153 100 5,049 100 5,153 100 5,123 100

===== SIDA 12 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
12
Lindab Interim Report January-September 2025
Condensed consolidated statement of profit or loss 
SEK m
2025  
Jul-Sep
2024
Jul-Sep
2025  
Jan-Sep
2024
Jan-Sep
R 12M 
2024 Oct-
2025 Sep
R 12M 
2023 Oct-
2024 Sep
2024  
Jan-Dec
Net sales 3,253 3,348 9,720 10,015 13,028 13,289 13,323
Cost of goods sold -2,317 -2,416 -6,951 -7,20 6 -9,377 -9,593 -9,632
Gross profit 936 932 2,769 2,809 3,651 3,696 3,691
Other operating income 301 20 349 58 591 87 300
Selling expenses -400 -400 -1,232 -1,230 -1,673 -1,634 -1,671
Administrative expenses -209 -201 -666 -630 -905 -823 -869
R&D expenses -21 -22 -66 -64 -89 -82 -87
Other operating expenses -116 -55 -154 -106 -676 -146 -628
Total operating expenses -445 -658 -1,769 -1,972 -2,752 -2,598 -2,955
Operating profit 1) 491 274 1,000 837 899 1,098 736
Interest income 3 3 9 11 15 16 17
Interest expenses -59 -67 -175 -196 -251 -251 -272
Other financial income and expenses 0 -2 7 -16 3 -18 -20
Financial items -56 -66 -159 -201 -233 -253 -275
Earnings before tax 435 208 841 636 666 845 461
Tax on profit for the period -35 -50 -122 -148 -120 -167 -146
Profit for the period 400 158 719 488 546 678 315
– attributable to the Parent Company’s shareholders 400 158 719 488 546 678 315
Earnings per share, before dilution, SEK 2) 5.19 2.05 9.34 6.34 7.10 8.82 4.10
Earnings per share, after dilution, SEK 2) 5.19 2.05 9.34 6.34 7.10 8.82 4.10
1) One-off items and restructuring costs, which are included in operating profit, are described in ´Reconciliations´ on page 24.
2) Based on the number of outstanding shares, i.e. excluding treasury shares.
Condensed consolidated statement of comprehensive income
SEK m
2025  
Jul-Sep
2024
Jul-Sep
2025  
Jan-Sep
2024
Jan-Sep
R 12M  
2024 Oct-
2025 Sep
R 12M  
2023 Oct-
2024 Sep
2024  
Jan-Dec
Profit for the period 400 158 719 488 546 678 315
Items that will not be reclassified to the statement of profit or loss
Actuarial gains/losses, defined benefit plans 22 -13 41 -32 21 -86 -52
Deferred tax attributable to defined benefit plans -4 3 -8 7 -5 17 10
Total 18 -10 33 -25 16 -69 -42
Items that will later be reclassified to the statement of profit or loss
Translation differences, foreign operations -63 -35 -373 112 -251 -48 234
Hedges of net investments 14 7 69 -1 47 13 -23
Tax attributable to hedges of net investments -4 -2 -14 0 -9 -3 5
Total -53 -30 -318 111 -213 -38 216
Other comprehensive income, net of tax -35 -40 -285 86 -197 -107 174
Total comprehensive income attributable to the Parent Company’s 
shareholders 365 118 434 574 349 571 489

===== SIDA 13 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
13
Lindab Interim Report January-September 2025
Condensed consolidated statement of cash flows
SEK m
2025  
Jul-Sep
2024
Jul-Sep
2025  
Jan-Sep
2024
Jan-Sep
R 12M 
2024 Oct-
2025 Sep
R 12M 
2023 Oct-
2024 Sep
2024 
Jan-Dec
OPERATING ACTIVITIES
Operating profit 491 274 1,000 837 899 1,098 736
Reversal of depreciation/amortisation and impairment losses 247 169 584 500 1,052 658 968
Reversal of capital gains (-)/losses (+) reported in operating profit 32 -3 24 -5 25 -4 -4
Provisions, not affecting cash flow -7 -5 8 1 157 -1 150
Adjustment for other items not affecting cash flow -270 -2 -275 -6 -474 -9 -205
Total 493 433 1,341 1,327 1,659 1,742 1,645
Interest received 3 3 8 11 14 17 17
Interest paid -61 -62 -168 -187 -232 -238 -251
Tax paid -35 -79 -84 -180 -162 -211 -258
Cash flow from operating activities before change in working capital 400 295 1,097 971 1,279 1,310 1,153
Change in working capital
Stock (increase -/decrease +) -7 20 -37 93 211 303 341
Operating receivables (increase -/decrease +) -64 76 -387 -275 28 82 140
Operating liabilities (increase +/decrease -) 6 -132 153 20 -63 -297 -196
Total change in working capital -65 -36 -271 -162 176 88 285
Cash flow from operating activities 335 259 826 809 1,455 1,398 1,438
INVESTING ACTIVITIES
Acquisition of Group companies -218 -37 -251 -1,208 -425 -1,384 -1,382
Divestment of Group companies - - 46 - 46 - -
Investments in intangible assets -31 -14 -96 -35 -111 -41 -50
Investments in tangible fixed assets -50 -27 -147 -146 -180 -161 -179
Change in financial fixed assets 0 0 0 0 0 0 0
Disposal of intangible assets - - - - - - 0
Disposal of tangible fixed assets 1 4 5 8 7 10 10
Cash flow from investing activities -298 -74 -443 -1,381 -663 -1,576 -1,601
FINANCING ACTIVITIES
Proceeds from borrowings 99 - 150 5,375 150 5,375 5,375
Repayment of borrowings - -160 -18 -4,381 -206 -4,506 -4,569
Repayment of leasing-related liabilities -94 -95 -287 -278 -384 -365 -375
Issuance/exercise of shares/share options 5 49 5 49 5 49 49
Dividend to shareholders - - -208 -207 -416 -407 -415
Cash flow from financing activities 10 -206 -358 558 -851 146 65
Cash flow for the period 47 -21 25 -14 -59 -32 -98
Cash and cash equivalents at beginning of the period 468 601 499 587 575 619 587
Effect of exchange rate differences on cash and cash equivalents -9 -5 -18 2 -10 -12 10
Cash and cash equivalents at end of the period 506 575 506 575 506 575 499

===== SIDA 14 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
14
Lindab Interim Report January-September 2025
Condensed consolidated statement of financial position
SEK m Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
ASSETS
Non-current assets
Goodwill 5,813 5,816 5,802
Other intangible assets 522 559 583
Tangible fixed assets 1,955 2,138 2,040
Right-of-use assets 1,364 1,406 1,510
Financial interest-bearing fixed assets 22 22 22
Other financial fixed assets 13 12 13
Deferred tax assets 139 94 140
Total non-current assets 9,828 10,047 10,110
Current assets
Stock 2,217 2,492 2,214
Accounts receivable 2,253 2,282 1,964
Other current assets 460 487 441
Other interest-bearing receivables 11 2 2
Cash and cash equivalents 506 575 499
Assets held for sale 1) 123 - 201
Total current assets 5,570 5,838 5,321
TOTAL ASSETS 15,398 15,885 15,431
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity attributable to Parent Company shareholders 7,383 7,445 7,36 0
Total shareholders’ equity 7,383 7,445 7,360
Non-current liabilities
Interest-bearing provisions for pensions and similar obligations 274 275 302
Liabilities to credit institutions 3,143 3,129 3,121
Lease liabilities 1,079 1,119 1,204
Deferred tax liabilities 203 213 214
Provisions 13 18 15
Other non-current liabilities 90 560 372
Total non-current liabilities 4,802 5,314 5,228
Current liabilities
Other interest-bearing liabilities 95 107 29
Lease liabilities 359 354 377
Provisions 154 11 155
Accounts payable 1,043 1,140 1,001
Other current liabilities 1,505 1,514 1,209
Liabilities held for sale 1) 57 - 72
Total current liabilities 3,213 3,126 2,843
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 15,398 15,885 15,431
1) For asset and liabilities related to discontinued operations, see Note 4.

===== SIDA 15 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
15
Lindab Interim Report January-September 2025
Condensed consolidated statement of changes in equity
Shareholders’ equity attributable to Parent Company
 shareholders
SEK m
Share 
capital
Other 
contributed 
capital
Foreign 
currency 
translation  
reserve
Profit brought 
forward 
incl. profit 
for the year
Total 
sharehol -
ders’ equity
Opening balance, January 1, 2024 79 2,272 551 4,335 7,237
Profit for the period 488 488
Other comprehensive income, net of tax
Actuarial gains/losses, defined benefit plans -25 -25
Translation differences, foreign operations 112 112
Hedges of net investments -1 -1
Total comprehensive income - - 111 463 574
Issuance/exercise of share options 49 49
Dividends to shareholders -415 -415
Transactions with shareholders - - - -366 -366
Closing balance, September 30, 2024 79 2,272 662 4,432 7,445
Profit for the period -173 -173
Other comprehensive income, net of tax
Actuarial gains/losses, defined benefit plans -17 -17
Translation differences, foreign operations 122 122
Hedges of net investments -17 -17
Total comprehensive income - - 105 -190 -85
Closing balance, December 31, 2024 79 2,272 767 4,242 7,360
Profit for the period 719 719
Other comprehensive income, net of tax
Actuarial gains/losses, defined benefit plans 33 33
Translation differences, foreign operations -373 -373
Hedges of net investments 55 55
Total comprehensive income - - -318 752 434
Issuance/exercise of share options 5 5
Dividends to shareholders -416 -416
Transactions with shareholders - - - -411 -411
Closing balance, September 30, 2025 79 2,272 449 4,583 7,383
Share capital
On September 30, 2025, the share capital equalled SEK 78,842,820 
(78,842,820) divided among 78,842,820 shares (78,842,820) with a 
quota value of SEK 1.00. No participants in the 2022 share options 
program exercised their options, (see ’Share option program’, page 
9) and the unexercised options have consequently expired. Lindab 
International AB (publ) holds 1,806,888 treasury shares (1,806,888), 
corresponding to 2.3 percent (2.3) of the total number of Lindab 
shares. On September 30, 2025, the number of outstanding shares 
totals 77,035,932 (77,035,932).
Proposed dividend to shareholders
In accordance with the proposal of the Board of Directors, the 
Annual General Meeting on May 13, 2025, decided that dividends 
of SEK 5.40 per share, corresponding to SEK 416 m, would be 
paid for the financial year. The remaining retained earnings of SEK 
1,978 m will be carried forward. The dividend of SEK 5.40 per 
share will be distributed half-yearly, with the first dividend of SEK 
2.70 per share, corresponding to SEK 208 m, with record date 
May 15, 2025, and the second dividend of SEK 2.70 per share, 
corresponding to SEK 208 m, with record date November 3, 2025.

===== SIDA 16 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
16
Lindab Interim Report January-September 2025
Parent Company
Condensed statement of profit or loss
SEK m
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Net sales 2 2 5 5 6
Administrative expenses -3 -3 -11 -9 -12
Other operating income and expenses - 0 - 5 5
Operating profit/loss -1 -1 -6 1 -1
Profit from subsidiaries 0 - 719 - 19
Interest income, intra-Group 1 0 1 1 1
Interest expenses, intra-Group 0 -1 -6 -2 -5
Earnings before tax 0 -2 708 0 14
Tax on profit for the period 0 0 2 0 -2
Profit or loss for the period 1) 0 -2 710 0 12
1) Comprehensive income corresponds to profit for all periods.
Condensed statement of financial position
SEK m Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
ASSETS
Non-current assets
Financial fixed assets
Shares in Group companies 3,467 3,467 3,467
Financial interest-bearing fixed assets 4 4 4
Deferred tax assets 1 1 1
Total non-current assets 3,472 3,472 3,472
Current assets
Receivables from Group companies 210 2 20
Current tax assets 16 1 1
Prepaid expenses and accrued income 0 0 0
Cash and cash equivalents 0 0 0
Total current assets 226 3 21
TOTAL ASSETS 3,698 3,475 3,493
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
Restricted shareholders’ equity
Share capital 79 79 79
Statutory reserve 708 708 708
Unrestricted shareholders’ equity
Share premium reserve 90 90 90
Profit brought forward 1,894 2,293 2,293
Profit/loss for the period 710 0 12
Total shareholders’ equity 3,481 3,170 3,182
Provisions
Interest-bearing provisions 4 4 4
Total provisions 4 4 4
Current liabilities
Liabilities to Group companies 0 90 303
Accrued expenses and deferred income 5 3 3
Other liabilities 208 208 1
Total current liabilities 213 301 307
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 3,698 3,475 3,493

===== SIDA 17 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
17
Lindab Interim Report January-September 2025
Key performance indicators
2025 2024 2023
SEK m Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep
Net sales 3,253 3,253 3,214 3,308 3,348 3,520 3,147 3,274 3,251
Growth, % -3 -8 2 1 3 5 -2 2 0
 - of which organic -4 -6 -3 -5 -4 -3 -10 -5 -11
 - of which acquisitions/divestments 3 2 5 6 9 8 7 4 4
 - of which currency effects -2 -4 0 0 -2 0 1 3 7
Operating profit before depreciation/amortisation and impairment losses 738 444 402 367 443 507 387 419 506
Operating profit 491 281 228 -101 274 338 225 261 351
Adjusted operating profit 315 281 228 177 304 338 225 261 351
Earnings before tax 435 221 185 -175 208 272 156 209 306
Profit for the period 400 174 145 -173 158 213 117 190 239
Operating margin, % 15.1 8.6 7.1 -3.1 8.2 9.6 7.1 8.0 10.8
Adjusted operating margin, % 9.7 8.6 7.1 5.4 9.1 9.6 7.1 8.0 10.8
Adjusted EBITA margin, % 1) 10.0 9.0 7.4 5.6 9.3 9.8 7.4 8.3 11.1
Profit margin before tax, % 13.4 6.8 5.8 -5.3 6.2 7.7 5.0 6.4 9.4
Cash flow from operating activities 335 331 160 629 259 342 208 589 444
Cash flow from operating activities per share, SEK 4.35 4.30 2.08 8.17 3.36 4.45 2.71 7.67 5.78
Free cash flow 37 293 53 409 185 228 -985 394 373
Adjusted free cash flow 255 256 77 583 222 267 147 570 377
Cash flow, investments in intangible assets/tangible fixed assets -81 -76 -86 -48 -41 -76 -64 -21 -68
Number of shares outstanding, thousands 77,036 77,036 77,036 77,036 77,036 76,852 76,852 76,852 76,852
Average number of shares outstanding R12M, thousands 77,036 77,036 76,990 76,944 76,898 76,848 76,795 76,743 76,690
Earnings per share, before dilution, SEK 5.19 2.26 1.89 -2.24 2.05 2.77 1.52 2.48 3.10
Earnings per share, after dilution, SEK 5.19 2.26 1.89 -2.24 2.05 2.77 1.52 2.48 3.10
Shareholders’ equity attributable to Parent Company shareholders 7,383 7,018 7,193 7,36 0 7,445 7,286 7,56 6 7,237 7,240
Shareholders’ equity per share, SEK 95.84 91.10 93.38 95.54 96.64 94.80 98.45 94.16 94.21
Net debt 4,411 4,456 4,366 4,510 4,385 4,517 4,477 3,264 3,334
Adjusted net debt 2,973 2,952 2,807 2,929 2,912 3,037 2,976 1,894 1,993
Financial net debt 2,722 2,684 2,554 2,649 2,659 2,797 2,742 1,670 1,818
Net debt/equity ratio, times 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.5
Equity/asset ratio, % 48.0 46.0 47.3 47.7 46.9 45.7 46.7 53.4 51.1
Return on shareholders’ equity, % 7.5 4.2 4.7 4.3 9.2 10.4 10.9 12.0 12.0
Return on capital employed, % 8.0 6.1 6.9 6.2 9.3 10.1 10.0 10.7 10.7
Interest coverage ratio, times 8.4 4.9 4.1 -1.3 4.1 4.7 3.8 4.9 7.5
Net debt/EBITDA excluding one-off items and restructuring costs, times 2.7 2.7 2.6 2.5 2.3 2.1 2.0 1.9 2.0
Financial net debt/EBITDA excluding IFRS 16, excluding one-off items 
and restructuring costs, times 2.1 2.1 2.1 2.0 1.7 1.5 1.4 1.4 1.4
Number of employees at end of period 5,049 4,995 5,046 5,123 5,153 5,198 5,216 4,909 4,825
1) From the first quarter 2025, this alternative key performance indicator is included as a supplement to other financial information, with the aim of further 
clarifying the Group’s profitability adjusted for amortisation and impairment of acquisition-related intangible assets.

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Lindab Interim Report January-September 2025
Key performance indicators (cont.)
2025 2024 2024 2023 2022
SEK m Jan-Sep Jan-Sep Jan-Dec Jan-Dec Jan-Dec
Net sales 9,720 10,015 13,323 13,114 12,366
Growth, % -3 2 2 6 28
 - of which organic -4 -6 -5 -9 11
 - of which acquisitions/divestments 3 8 7 10 13
 - of which currency effects -2 0 0 5 4
Operating profit before depreciation/amortisation and impairment losses 1,584 1,337 1,704 1,781 1,808
Operating profit 1,000 837 736 1,178 1,325
Adjusted operating profit 824 867 1,044 1,178 1,347
Earnings before tax 841 636 461 1,008 1,238
Profit for the period 719 488 315 849 974
Operating margin, % 10.3 8.4 5.5 9.0 10.7
Adjusted operating margin, % 8.5 8.7 7.8 9.0 10.9
Adjusted EBITA margin, % 1) 8.8 8.9 8.1 9.2 11.1
Profit margin before tax, % 8.7 6.4 3.5 7.7 10.0
Key performance indicators including divested business 2)
Net sales 9,720 10,015 13,323 13,114 12,366
Growth, % -3 2 2 6 16
 - of which organic -4 -6 -5 -9 10
 - of which acquisitions/divestments 3 8 7 10 3
 - of which currency effects -2 0 0 5 3
Operating profit before depreciation/amortisation and impairment losses 1,584 1,337 1,704 1,781 1,808
Operating profit 1,000 837 736 1,178 1,325
Adjusted operating profit 824 867 1,044 1,178 1,347
Earnings before tax 841 636 461 1,008 1,238
Profit for the period 719 488 315 849 974
Operating margin, % 10.3 8.4 5.5 9.0 10.7
Adjusted operating margin, % 8.5 8.7 7.8 9.0 10.9
Adjusted EBITA margin, % 1) 8.8 8.9 8.1 9.2 11.1
Profit margin before tax, % 8.7 6.4 3.5 7.7 10.0
Cash flow from operating activities 826 809 1,438 1,711 691
Cash flow from operating activities per share, SEK 10.72 10.52 18.69 22.30 9.03
Free cash flow 383 -572 -163 951 -649
Adjusted free cash flow 588 636 1,219 1,424 346
Cash flow, investments in intangible assets/tangible fixed assets -243 -181 -229 -294 -359
Number of shares outstanding, thousands 77,036 77,036 77,036 76,852 76,642
Average number of shares outstanding R12M, thousands 77,036 76,898 76,944 76,743 76,552
Earnings per share, before dilution, SEK 9.34 6.34 4.10 11.07 12.73
Earnings per share, after dilution, SEK 9.34 6.34 4.10 11.07 12.70
Dividend per share, SEK - - 5.403) 5.40 5.20
Shareholders’ equity attributable to Parent Company shareholders 7,383 7,445 7,36 0 7,237 6,751
Shareholders’ equity per share, SEK 95.84 96.64 95.54 94.16 88.08
Net debt 4,411 4,385 4,510 3,264 3,310
Adjusted net debt 2,973 2,912 2,929 1,894 2,098
Financial net debt 2,722 2,659 2,649 1,670 1,906
Net debt/equity ratio, times 0.6 0.6 0.6 0.5 0.5
Equity/asset ratio, % 48.0 46.9 47.7 53.4 52.1
Return on shareholders’ equity, % 7.5 9.2 4.3 12.0 15.8
Return on capital employed, % 8.0 9.3 6.2 10.7 14.1
Interest coverage ratio, times 5.8 4.2 2.7 6.6 16.2
Net debt/EBITDA excluding one-off items and restructuring costs, times 2.7 2.3 2.5 1.9 1.6
Financial net debt/EBITDA excluding IFRS 16, excluding one-off items and restructuring 
costs, times 2.1 1.7 2.0 1.4 1.0
Number of employees at end of period 5,049 5,153 5,123 4,909 4,853
1) From the first quarter 2025, this alternative key performance indicator is included as a supplement to other financial information, with the aim of further 
clarifying the Group’s profitability adjusted for amortisation and impairment of acquisition-related intangible assets.
2) Key performance indicators for periods earlier than 2022 include divested business (Building Systems), which results in rolling 12 months in 2022 are 
calculated on both outcomes, including and excluding divested business.
3) The dividend for 2024 is distributed half-yearly, with SEK 2.70 per share in May 2025, and SEK 2.70 per share in November 2025.

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Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
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Lindab Interim Report January-September 2025
NOTE 1 – ACCOUNTING POLICIES
The consolidated accounts for the interim report have, in line with 
the Annual Report for 2024, been prepared in accordance with 
International Financial Reporting Standards (IFRS ® Accounting 
Standards) and interpretations issued by the IFRS ® Interpretations 
Committee (IFRIC), as adopted by the EU and the Swedish Annual 
Accounts Act. 
The interim report has been prepared in accordance with IAS 34 
Interim Financial Reporting . The Group applies the accounting 
principles as described in the 2024 Annual Report. 
None of the new or amended standards, interpretations or impro -
vements adopted by the EU have had any significant impact on 
the Group. 
Disclosures in accordance with IAS 34 p. 16 A Interim Financial 
Reporting  are presented both in the notes and in other sections of 
the interim report.
The Parent Company 
The Parent Company’s financial statements are prepared in 
accordance with the Swedish Annual Accounts Act and RFR 2, 
Accounting for legal entities  issued by the Swedish Corporate 
Reporting Board, and in accordance with the same accounting 
policies applied in the 2024 Annual Report.  
NOTE 2 – EFFECTS OF CHANGES IN ACCOUNTING  
ESTIMATES AND JUDGEMENTS
Significant estimates and judgements are described in Note 4 of 
the 2024 Annual Report. No essential changes have been made 
to the assessments described in the 2024 Annual Report, which 
could have a material impact on the current interim report. 
NOTE 3 – BUSINESS COMBINATIONS 
Ventia Sp. z o.o.
On 12 March 2025, Lindab signed an agreement to acquire all 
shares and voting rights in the Polish company Ventia Sp. z o.o., 
and the acquisition was completed on 7 July 2025. The Polish 
ventilation specialist Ventia complements Lindab’s operations in 
the Polish market and represents a further step towards incre -
asing sales of technical ventilation products. The acquisition 
creates new business opportunities through a broader product 
offering. 
Ventia’s base of operations is in Raszyn, outside Warsaw, and 
has annual sales of approximately SEK 240 m. At the time of 
the acquisition, the company employed around 60 people. The 
operating margin is in line with Lindab’s, and the acquisition was 
financed through the existing credit facility. A significant portion of 
the purchase price was paid upon completion, and acquisition-re -
lated costs amounted to SEK 3 m, which are included in other 
operating expenses for 2024 and 2025.
According to the preliminary purchase price allocation, the acqui -
sition results in goodwill primarily related to enhanced expertise in 
technical ventilation products and a strengthened market position 
in Poland, as well as identified intangible assets related to supplier 
contracts.
Ventia was consolidated into Lindab as of 7 July 2025. From 
the acquisition date until 30 September 2025, the acquisition 
contributed SEK 68 m to Lindab’s net sales, with an operating 
margin in line with other ventilation companies. Net profit after tax 
was positively affected. If the acquisition had been completed as 
of 1 January 2025, the Group’s net sales would have increased 
by SEK 187 m. Ventia Sp. z o.o. is part of the Ventilation Systems 
segment.
Notes
Acquired businesses 2025
SEK m
Ventia Sp.z o.o. 1)
Intangible assets 12
Tangible fixed assets 2
Right-of-use assets 19
Deferred tax assets 3
Stock 35
Current assets 33
Cash and cash equivalents 29
Total acquired assets 133
Deferred tax liabilities -4
Non-current lease liabilities -11
Long-term liabilities -7
Current lease liabilities -5
Current liabilities -27
Total acquired liabilities -54
Fair value of acquired net assets 79
Goodwill 219
Consideration including contingent consi -
deration 2) 298
1) The purchase price allocations were preliminary as of 30 September 2025 due to not 
finalised valuations of identified intangible assets.
2) The considerations including contingent are based on cash settlement and include a 
contingent consideration of SEK 42 m. 
HAS-Vent Holdings Ltd
On 1 July 2025, Lindab completed the acquisition of the UK-based 
ventilation company HAS-Vent Holdings Ltd., following the fulfil -
ment of all regulatory conditions. In accordance with a decision by 
the UK Competition and Markets Authority (CMA), two distribution 
branches were divested in connection with the closing. HAS-Vent 
has been consolidated into Lindab’s accounts since 5 October 
2023. 
Following the completion of the acquisition, Lindab and HAS-Vent 
together operate more than 30 distribution branches across the 
UK. The acquisition complements Lindab’s existing offering with 
local manufacturing capabilities and strengthens both the Ventila -
tion Systems segment and the Group’s market position in the UK, 
one of Europe’s most important ventilation markets.
Lindab Kft – profile business
On 31 July 2025, Lindab signed an agreement to divest its Hung -
arian profile business. The divestment is part of the previously 
announced restructuring within the Profile Systems business area 
in Eastern Europe. Lindab’s Hungarian profile business comprise 
approximately 60 employees and generate annual sales of around 
SEK 120 m. The Hungarian part of the Ventilation Systems busi -
ness area is not included in the sale.

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Lindab Interim Report January-September 2025
Notes (cont.)
The divestment is expected to be completed around year-end 
and will have a margin-enhancing effect on the Profile Systems 
business area, contributing to improved capital efficiency.
Lindab a.s.
On 1 April 2025, the divestment of Lindab a.s., Slovakia was 
completed. The divestment, which forms part of the previously 
announced restructuring within the Profile Systems business area 
in Eastern Europe, generated a positive cash flow for the Group of 
SEK 46 m. The gain on the divestment amounts to SEK 6 m and is 
reported under Other operating income.
Up until the date of divestment, Lindab’s operations in Slovakia 
generated net sales of approximately SEK 19 m. On an annual 
basis, the operations accounted for around SEK 100 m in net 
sales and involved approximately 50 employees. Fur further 
details, see Note 4.
Other
Adjustments to the contingent consideration from the acquisition 
date until the date of settlement are recognised in the consolida -
ted statement of profit or loss. The financial effects of changes in 
estimates are reported as Other operating income and Other ope -
rating expenses. Discounting effects related to the present value 
calculation of the contingent considerations are recognised in the 
Group’s financial items net, together with any resulting exchange 
rate effects. 
The reported operating profit for the quarter was positively impac -
ted by an income of SEK 291 m, related to a revised estimate 
of the outstanding contingent consideration for Airmaster. The 
corresponding amount for the period January–September amoun -
ted to SEK 291 m. The financial effects from these changes are 
recognised as Other operating income. 
In addition, the Group’s financial items net was impacted with a 
discounting cost of SEK 3 m for the quarter and SEK 10 m for the 
period January–September, related to contingent considerations 
measured at fair value in accordance with level 3 of the fair value 
hierarchy. The financial items net was also positively impacted by 
unrealised exchange effects of SEK 3 m in the quarter and SEK 
12 m for the period January–September. For further details, see 
Note 8. 
The contingent considerations are settled in full or partly depen -
ding on whether future expectations of identified financial per -
formance levels are met over a 2 or 3 year period. Total potential 
undiscounted amount of all outstanding future contingent consi -
derations range between SEK 0-702 m. As of 30 September 2025, 
13 percent of the maximum outcome was expected to be realised. 
NOTE 4 – ASSETS HELD FOR SALES 
On 11 December 2024, Lindab announced its decision to 
restructure operations in Eastern Europe, with the aim of fully 
focusing on the Group’s ventilation business in the region. The 
decision was based on a strategic review of the Profile Systems 
business area in the affected markets. 
As a result of the restructuring, profiling operations in the Czech 
Republic, Poland and Estonia were discontinued during the first 
quarter of 2025. Operations in Slovakia was divested on 1 April 
2025, see Note 3. During the quarter an agreement was signed to 
divest the Profile operations in Hungary. Negotiations are ongoing 
to divest the Profile operations in Romania. 
In light of the decision, and taking into account the organisational 
and financial structure of each unit, all relevant criteria under IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations  
are considered to be met for the operations in Romania and 
Hungary. These units have therefore been classified as assets 
held for sale since the end of the fourth quarter, 2024. Below is a 
summary of the assets that, at the reporting date, are recognised 
as held for sale in accordance with the aforementioned standard. 
SEK m September 30, 2025
Goodwill and other intangible assets 9
Tangible fixed assets 31
Right-of-use assets 4
Deferred tax assets 1
Stock 45
Accounts receivables 31
Other current assets 2
Total assets held for sale 123
Deferred tax liabilities 3
Non-current lease liabilities 2
Long-term liabilities 3
Current lease liabilities 2
Current liabilities 47
Total liabilities held for sale 57
The decision to divest and close all profile operations in Eastern 
Europe impacts approximately 250 employees within Lindab. 
In 2024, net sales for the affected profile businesses in Eastern 
Europe amounted to SEK 506 m, with an adjusted operating profit 
of SEK -20 m. Net sales for the period January–September 2025 
amounted to SEK 278 m, with an adjusted operating profit of SEK 
14 m.
NOTE 5 – OPERATING SEGMENTS
The Group’s segments comprise Ventilation Systems and Profile 
Systems. The basis for segmental reporting is the various custo -
mer offers provided by each business area. The customer offers 
within each segment were as follows:
• Ventilation Systems offers air duct systems with accessories 
and indoor climate solutions for ventilation of heating and cooling 
to installers and other customers in the ventilation industry. 
• Profile Systems offers the construction industry products and 
systems in sheet metal for rainwater systems, cladding for ceil -
ings and walls as well as steel profiles for wall, ceiling and beam 
constructions. 
Both Ventilation Systems’ and Profile Systems’ operations are 
managed based on geographically divided sales organisations, 
which are supported by a number of product and system areas 
with joint production and purchasing functions for each business 
area. What is reported under Other includes the Parent Company 
and other common functions.

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Lindab Interim Report January-September 2025
Notes (cont.)
Description of fair value
Derivatives
Derivatives relate to forward exchange contracts which are valued 
at fair value by discounting the difference between the contracted 
forward rate and the forward rate that can be subscribed for on 
the balance sheet date for the remaining contract term. Deriva -
tive assets and derivative liabilities that are recognised can all be 
found at Level 2 of the valuation hierarchy, based on the definition 
of IFRS 13  Fair Value Measurement .
Liabilities to credit institutions
The fair value of interest-bearing liabilities to credit institutions is 
provided for the purpose of disclosure and is calculated by dis -
counting the future cash flows of principal and interest payments, 
discounted at current market interest rate.
Other non-current liabilities
Other non-current liabilities relate to financial liabilities regarding 
contingent considerations in terms of business combinations, 
measured at fair value. The fair value has been determined by dis -
counting of cash flows related to Level 3 of the valuation hierarchy, 
based on the definition of IFRS 13 Fair Value Measurement . Reco-
gnised fair value corresponds to the present value from discoun -
ting a probability weighted average of potential future cash flows, 
which are assessed to be settled according to existing sales- and 
purchase agreements, and with a discount factor that is based on 
a risk-adjusted discount rate.
Other
During the period, there has not been any transfers between the 
levels in the hierarchy for valuation of fair value. There were no sig -
nificant interrelationships between unobservable data that would 
impact the fair values in a material way. 
For other financial assets and liabilities, the carrying amount is 
deemed to be a reasonable approximation of fair value. The Group 
holdings of unlisted shares, and where the fair value cannot be 
estimated reliably, are recognised at acquisition cost. The recogni -
sed carrying amount for these holdings are SEK 4 m (4).
NOTE 9 - TAX
Earnings before tax for the quarter amounted to SEK 435 m (208) 
and tax on profit for the period was SEK 35 m (50). The effective 
tax rate amounted to 8 percent (24) and the average tax rate was 
21 percent (21). The difference between the effective tax rate 
and the average tax rate for the quarter was mainly explained by 
non-taxable income, predominantly related to the reduction of 
contingent consideration. The lower effective tax rate compared to 
the corresponding tax rate for the same period previous year was 
mainly explained by the same reason. Lindab has taken the rules 
on global minimum level of tax under Pillar Two into account. The 
implication of the rules on the effective tax rate was minor.
Earnings before tax for the period January-September amounted 
NOTE 8 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
SEK m September 30, 2025 September 30, 2024 Dec 31, 2024
Disclosures regarding the fair value by class
Carrying 
amount
Fair 
value
Carrying 
amount
Fair 
value
Carrying 
amount
Fair 
value
Financial assets
Derivative receivables 10 10 1 1 2 2
Financial liabilities
Liabilities to credit institutions 3,233 3,223 3,225 3,040 3,142 3,103
Other non-current liabilities - - 496 496 293 293
Derivative liabilities 1 1 0 0 1 1
Information on income from external customers and adjusted 
operating profit per operating segment is presented in the tables 
on page 11. See also pages 4-5 for further segment information. 
Internal prices between the Group’s segments are set based on 
the principle of arm’s length, that is, between parties that are 
independent of each other, well-informed and have an interest 
in the transaction being carried out. Assets and investments are 
reported where the asset exists.
NOTE 6 – INVESTMENTS
Investments in intangible assets and tangible fixed assets during 
the quarter amounted to SEK 81 m (41), of which SEK 31 m (14) 
was related to investments in intangible assets. 
Investments in intangible assets and tangible fixed assets during 
the period January–September amounted to SEK 243 m (181) 
of which SEK 96 m (35) was related to investments in intangible 
assets. 
NOTE 7 – DEPRECIATION/AMORTISATION AND IMPAIR -
MENT LOSSES 
Depreciation and amortisation for the quarter amounted to SEK 
169 m (169), of which SEK 14 m (17) was related to intangible 
assets and SEK 94 m (95) to right-of-use assets attributable to 
rental and lease agreements. SEK 78 m (-) impairment losses have 
been reported in the quarter of which SEK 61 m (-) was related to 
intangible assets. 
Depreciation and amortisation for the period January–Septem -
ber amounted to SEK 506 m (500), of which SEK 51 m (50) was 
related to intangible assets and SEK 287 m (278) to right-of-use 
assets attributable to rental and lease agreements. SEK 78 m (-) 
impairment losses have been reported in the quarter of which SEK 
61 m (-) was related to intangible assets.

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Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
22
Lindab Interim Report January-September 2025
to SEK 841 m (636) and tax on profit was SEK 122 m (148). The 
effective tax rate amounted to 15 percent (23) and the average 
tax rate was 21 percent (21). The difference between the effec -
tive tax rate and the average tax rate was mainly explained by 
non-taxable income, predominantly related to the reduction of the 
contingent consideration. The lower effective tax rate compared to 
the corresponding tax rate for the same period previous year was 
mainly explained by the same reason. Lindab has taken the rules 
on global minimum level of tax under Pillar Two into account. The 
implication of the rules on the effective tax rate was minor.
NOTE 10  - RELATED PARTY TRANSACTION
Lindab’s related parties and the extent of transactions with related 
parties are described in Note 33 in the 2024 Annual Report. 
At the Annual General Meeting in May 2025, it was resolved to 
adopt a share option program for senior executives. As part of 
the program, 182,000 share options were subscribed by senior 
executives during the second quarter. During the third quarter, 
238,085 previously issued share options to senior executives in 
the 2022 share option program, in accordance with the terms 
of the program, have expired since they were not exercised. For 
further details, see Share option program on page 9. 
During the period, there have been no other transactions between 
Lindab and related parties which have had a significant impact on 
the company’s position and profit.
Notes (cont.)
The interim report for Lindab International AB (publ) has been submitted following approval by the Board of 
Directors.
Båstad, 24 October 2025
Ola Ringdahl
President and CEO

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Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
23
Lindab Interim Report January-September 2025
Auditor’s review report
Introduction 
We have reviewed the interim report for Lindab International AB 
(publ), org nr 556606-5446, for the period 1 January 2025 to  
30 September 2025. The Board of Directors and the CEO are  
responsible for the preparation and presentation of this inte -
rim financial report in accordance with IAS 34 and the Annual 
Accounts Act. Our responsibility is to express a conclusion on  
this interim financial report based on our review. 
Scope of review
We conducted our review in accordance with the International 
Standard on Review Engagements ISRE 2410, Review of Interim 
Financial Information Performed by the Independent Auditor of the 
Entity. A review consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying 
analytical and other review procedures. A review has a different 
focus and is substantially less in scope than an audit conducted 
in accordance with ISA and other generally accepted auditing 
practices. The procedures performed in a review do not enable us 
to obtain a level of assurance that would make us aware of all sig -
nificant matters that might be identified in an audit. Therefore, the 
conclusion expressed based on a review does not give the same 
level of assurance as a conclusion expressed based on an audit. 
Conclusion 
Based on our review, nothing has come to our attention that 
causes us to believe that the interim report is not, in all material 
respects, prepared for the Group in accordance with IAS 34 and 
the Annual Accounts Act and for the parent company in accor -
dance with the Annual Accounts Act. 
Gothenburg, 24 October 2025 
Deloitte AB 
Harald Jagner
Authorised Public Accountant

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Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
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Lindab Interim Report January-September 2025
The company presents certain financial measures in the interim 
report which are not defined according to IFRS. The company 
considers these measures to provide valuable supplementary 
information for investors and the company’s management as they 
enable the assessment of relevant trends. Lindab’s definitions of 
these measures may differ from other companies’ definitions of the 
same terms. These financial measures should therefore be seen as 
Reconciliations, key performance indicators not defined 
according to IFRS
a supplement rather than as a replacement for measures defined 
according to IFRS. Definitions of measures which are not defined 
according to IFRS and which are not mentioned elsewhere in the 
interim report are presented below. Reconciliation of these measures 
is shown in the tables below. As the amounts in the tables below 
have been rounded off to SEK m, the calculations do not always 
add up due to round-off.
Reconciliations
Amounts in SEK m unless otherwise indicated.
Return on shareholders’ equity Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Profit for the period, rolling twelve months 546 678 315
Average shareholders’ equity 7,28 0 7,355 7,379
Return on shareholders’ equity, % 7.5 9.2 4.3
Return on capital employed Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Total assets 15,398 15,885 15,431
Provisions and deferred tax liabilities 216 231 229
Other non-current liabilities 90 560 372
Total non-current liabilities 306 791 601
Provisions 154 11 155
Accounts payable 1,043 1,140 1,001
Other current liabilities 1,505 1,514 1,209
Total current liabilities 2,702 2,665 2,365
Capital employed 12,390 12,429 12,465
Earnings before tax, rolling twelve months 666 845 461
Financial expenses, rolling twelve months 321 270 295
Total 987 1,115 756
Average capital employed 12,295 12,030 12,274
Return on capital employed, % 8.0 9.3 6.2
One-off items and restructuring costs
2025 
Jul-Sep
2024  
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Operating profit 491 274 1,000 837 736
Ventilation Systems -194 30 -194 30 -124
Profile Systems 18 - 18 - 427
Other operations - - - - 5
Adjusted operating profit 315 304 824 867 1,044
During the period January–September 2025, one-off items of SEK 176 million (-30) were reported, of which SEK 291 million related to a reduction of the contingent 
consideration for Airmaster. The remaining amount primarily pertains to impairments and disposals of intangible and tangible fixed assets.
 
Free cash flow
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Cash flow from operating activities 335 259 826 809 1,438
Cash flow from investing activities -298 -74 -443 -1,381 -1,601
Free cash flow 37 185 383 -572 -163
Cash flow related to acquisitions (+) /divestments (-) 218 37 205 1,208 1,382
Adjusted free cash flow 255 222 588 636 1,219
 
Cash conversion
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Adjusted free cash flow 255 222 588 636 1,219
Adjusted operating profit 315 304 824 867 1,044
Cash conversion, % 81 73 71 73 117
Adjusted operating profit and operating margin
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Adjusted operating profit 315 304 824 867 1,044
Operating profit 491 274 1,000 837 736
Net sales 3,253 3,348 9,720 10,015 13,323
Adjusted operating margin, % 9.7 9.1 8.5 8.7 7.8
Operating margin, % 15.1 8.2 10.3 8.4 5.5

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Lindab Interim Report January-September 2025
Adjusted EBITA-margin 1)
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Adjusted operating profit 315 304 824 867 1,044
Amortisation and impairment of acquisition-related intangible assets 11 8 32 24 32
Adjusted EBITA 326 312 856 891 1,076
Net sales 3,253 3,348 9,720 10,015 13,323
Adjusted EBITA-margin, % 10.0 9.3 8.8 8.9 8.1
Net debt Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Non-current interest-bearing provisions for pensions and similar obligations 274 275 302
Non-current liabilities to credit institutions 3,143 3,129 3,121
Non-current lease liabilities 1,079 1,119 1,204
Current interest-bearing liabilities 454 461 406
Total interest-bearing provisions and liabilities 4,950 4,984 5,033
Financial interest-bearing fixed assets 22 22 22
Other interest-bearing receivables 11 2 2
Cash and cash equivalents 506 575 499
Total interest-bearing assets 539 599 523
Net debt 4,411 4,385 4,510
Adjusted net debt Sep 30, 2025 Sep 30, 2024 Dec 31,2024
Net debt 4,411 4,385 4,510
Liabilities related to leasing -1,438 -1,473 -1,581
Adjusted net debt 2,973 2,912 2,929
Financial net debt Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Net debt 4,411 4,385 4,510
Liabilities related to leasing -1,438 -1,473 -1,581
Pension-related receivables 22 22 22
Pension-related liabilities -274 -275 -302
Financial net debt 2,722 2,659 2,649
Net debt/EBITDA Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Average net debt, rolling twelve months 4,467 4,028 4,313
Adjusted operating profit, rolling twelve months 1,001 1,129 1,044
Depreciation/amortisation and impairment, rolling twelve months, excluding 
one-off items and restructuring costs
682 658 675
Adjusted EBITDA, rolling twelve months 1,683 1,787 1,719
Net debt/EBITDA, times 2.7 2.3 2.5
Financial net debt/EBITDA excluding IFRS 16 Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Average financial net debt, rolling twelve months 2,672 2,328 2,552
Adjusted operating profit, rolling twelve months 1,001 1,129 1,044
Reversal of leasing defined according to IFRS 16, rolling twelve months -439 -406 -419
Depreciation/amortisation and impairment, rolling twelve months, excluding 
one-off items and restructuring costs
682 658 675
Adjusted EBITDA, excluding IFRS 16 rolling twelve months 1,244 1,381 1,300
Financial net debt/EBITDA excluding IFRS 16, times 2.1 1.7 2.0
Net debt/equity ratio Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Net debt 4,411 4,385 4,510
Shareholders’ equity 7,383 7,445 7,36 0
Net debt/equity ratio 0.6 0.6 0.6
Growth
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Change in Net sales -95 97 -295 175 209
Of which
- Organic -126 -117 -426 -548 -732
- Acquisitions/divestments 116 281 347 755 958
- Currency effects -85 -67 -216 -32 -17
Interest coverage ratio
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Earnings before tax 435 208 841 636 461
Interest expenses 59 67 175 196 272
Total 494 275 1,016 832 733
Interest expenses 59 67 175 196 272
Interest coverage ratio, times 8.4 4.1 5.8 4.2 2.7
1) From the first quarter 2025, this alternative key performance indicator is included as a supplement to other financial information, with the aim of further clarifying the Group’s 
profitability adjusted for amortisation and impairment of acquisition-related intangible assets.

===== SIDA 26 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
26
Lindab Interim Report January-September 2025
Operating profit before amortisation/depreciation and impairment - EBITDA
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Operating profit 491 274 1,000 837 736
Depreciation/amortisation and impairment 247 169 584 500 968
of which one-off items and restructuring costs 74 - 74 - 293
Operating profit before amortisation/depreciation and impairment - EBITDA 738 443 1,584 1,337 1,704
Profit margin before tax
2025 
Jul-Sep
2024 
Jul-Sep
2025 
Jan-Sep
2024 
Jan-Sep
2024 
Jan-Dec
Net sales 3,253 3,348 9,720 10,015 13,323
Earnings before tax 435 208 841 636 461
Profit margin before tax, % 13.4 6.2 8.7 6.4 3.5

===== SIDA 27 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
27
Lindab Interim Report January-September 2025
Key performance indicator according to IFRS
Earnings per share, SEK:  Profit for the period attributable to 
Parent Company shareholders to average number of shares out -
standing, based on a rolling twelve-month calculation. 
Key performance indicators not defined according  
to IFRS
Adjusted EBITA:  Adjusted operating profit with additions for 
amortisation and impairment of acquisition-related intangible assets.
Adjusted EBITA-margin:  Adjusted EBITA expressed as a percen -
tage of net sales.
Adjusted free cash flow:  Free cash flow excluding cash flow 
effect from acquisitions and divestments.
Adjusted net debt:  Net debt excluding liabilities related to leasing.
Adjusted operating margin:  Adjusted operating profit expressed 
as a percentage of net sales.
Adjusted operating profit:  Operating profit adjusted for one-off 
items and restructuring costs when the amount is significant in size.
Cash conversion: Adjusted free cash flow expressed as a per -
centage of adjusted operating profit.
Capital employed: Total assets less non-interest-bearing provi -
sions and liabilities.
Cash flow from operating activities per share, SEK: Cash flow 
from operating activities in relation to number of shares outstan -
ding at the end of the period.
Equity/asset ratio: Shareholders’ equity including non-controlling 
interests, expressed as a percentage of total assets.
Financial net debt: Net debt excluding leasing liabilities and 
pension related items.
Financial net debt/EBITDA excluding IFRS 16:  Average 
financial net debt in relation to EBITDA, excluding IFRS 16 and 
excluding one-off items and restructuring costs, based on a rolling 
twelve-month calculation. 
Free cash flow: Cash flow from operating activities and cash flow 
from investing activities.
Interest coverage ratio, times: Earnings before tax plus interest 
expense in relation to interest expense.
Investments in intangible assets and tangible fixed assets: 
Investments excluding acquisitions and divestments of companies/
businesses.
Net debt: Interest-bearing provisions and liabilities less  
interest-bearing assets and cash and cash equivalents.
Net debt/EBITDA: Average net debt in relation to EBITDA, 
excluding one-off items and restructuring costs, based on a rolling 
twelve-month calculation.
Net debt/equity ratio: Net debt in relation to shareholders’ equity 
including non-controlling interests.
One-off items and restructuring costs : Items not included in 
the ordinary business transactions and when each amount is 
significant in size and therefore has an effect on the profit or loss 
and key performance indicators, are classified as one-off items 
and restructuring costs.
Operating margin: Operating profit expressed as a percentage of 
net sales.
Operating profit: Profit before financial items and tax.
Operating profit before amortisation/depreciation - EBITDA: 
Operating profit before amortisations/depreciations according to 
plan and impairments.
Organic growth: Change in sales adjusted for currency effects 
as well as acquisitions and divestments compared with the same 
period of the previous year.
Profit margin: Earnings before tax expressed as a percentage of 
net sales.
Return on capital employed: Earnings before tax after adding 
back financial expenses based on a rolling twelve-month calcula -
tion, expressed as a percentage of average capital employed 1). 
Return on shareholders’ equity: Profit for the period attributable 
to Parent Company shareholders based on a rolling twelve-month 
calculation, expressed as a percentage of average shareholders’ 
equity 1) attributable to Parent Company shareholders.
Shareholders’ equity per share, SEK: Shareholders’ equity 
attributable to Parent Company shareholders in relation to number 
of shares outstanding at the end of the period.
1) Average capital is based on the quarterly value.
Lindab Group had sales of SEK 13,323 m in year 2024. Lindab 
has approximately 5,000 employees in 20 countries. 
Lindab is the market-leading ventilation company in Europe,  
specialised in air distribution and air diffusion. 
In 2024, Western Europe accounted for 44 percent, the Nordic 
region for 42 percent, Central Europe for 10 percent and Other 
markets for 4 percent of total sales. 
The share is listed on Nasdaq Stockholm, Large Cap, under the 
ticker LIAB.
Business concept
Lindab develops, manufactures, markets and distributes products 
for a better indoor climate and simplified construction.
Business model
Lindab’s offering includes products and entire systems for 
energy-efficient ventilation and a healthy indoor climate. In some 
countries, Lindab also has an extensive range of roof, wall and 
rainwater systems. 
The products are characterised by high quality, ease of installation, 
energy and environmental thinking and are delivered with a high 
level of service, which together gives an increased customer 
value.
Lindab’s value chain is characterised by a good balance between 
centralised and decentralised functions. The distribution network 
has been built up with the goal of being close to the customer. 
Lindab exist on approximately 180 locations, of which many with 
both pro-shops and warehouses as well as production. Sales also 
take place through several thousands independent retailers.
Lindab in brief
Definitions

===== SIDA 28 =====

Lindab International AB (publ), Corporate identification number 556606-5446, lindabgroup.com
Lindab Interim Report January-September 2025
Press- and analyst meetings Calendar
Lindab share
100
150
200
250
300
SepAugJulJunMayAprMarFebJanDecNovOct
Share price performance  2024/2025, SEK
For further information, please contact:
Ola Ringdahl, President and CEO  |  E-mail: ola.ringdahl@lindab.com
Lars Ynner, CFO  |  E-mail: lars.ynner@lindab.com
Fredrik Wahrolén, Head of Communications  |  E-mail: fredrik.wahrolen@lindab.com  |  Mobile: +46 (0) 70 539 33 79
Telephone +46 (0) 431 850 00
For more information, please visit lindabgroup.com.
If you wish to participate via webcast please use the link below.
https://lindab.events.inderes.com/q3-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 ques -
tions verbally via the teleconference.
https://events.inderes.com/lindab/q3-report-2025/dial-in
For more information see lindabgroup.com.
Year End Report 12 February 2026
Interim Report January - March 6 May 2026
Annual General Meeting 12 May 2026
Interim Report January - June 17 July 2026
Interim Report January - September 23 October 2026
All financial reports will be published at lindabgroup.com.
A live webcast will be held at 10:00 am (CEST) on 24 October. The 
Interim Report will be presented by Ola Ringdahl, President and 
CEO, and Lars Ynner CFO. 
January - September 2025
Share price performance: -14%
Average share turnover/day: 161,534
Highest price paid (2 January): 233.20 SEK
Lowest price paid (9 April): 164.00 SEK
Closing price 30 September: 198.20 SEK
Market cap 30 September: SEK 15,269 m
Total no. of shares: 78,842,820
 - whereof treasury shares 1,806,888
 - whereof outstanding shares 77,035,932
This information is information that Lindab International AB is obliged 
to make public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the agency 
of the contact persons set out below, at 07:40 am (CEST) on 24 
October 2025.
Lindab OMXSPI