Lindab International AB

Latest Results (06.12.2025):

This summary covers Lindab International AB’s fourth quarter 2024 results (and full year 2024). Lindab delivered slightly higher sales but weak organic demand and several one‑off items hit profitability in Q4. Net sales for Q4 were SEK 3,308 m (+1% vs Q4 2023) and SEK 13,323 m for full year 2024 (+2%). Adjusted operating profit was SEK 177 m in Q4 (adjusted margin 5.4%), while reported operating profit was SEK -101 m after SEK -278 m of one‑off and restructuring costs. Full year adjusted operating profit was SEK 1,044 m (adjusted margin 7.8%); reported operating profit SEK 736 m after SEK -308 m of one‑offs. Q4 net loss was SEK -173 m (EPS -2.24); full year profit SEK 315 m (EPS 4.10). Cash flow from operating activities was SEK 629 m in Q4 and SEK 1,438 m for the year. The Board proposes a dividend of SEK 5.40 per share. Lindab completed acquisitions in the quarter (ATIB, Acomat) and announced significant cost measures and restructuring, notably in Profile Systems in Eastern Europe.

Sales

Q4 2024 net sales SEK 3,308 m (+1% YoY). Organic sales -5% in the quarter; acquisitions contributed +6% and currency effect neutral. Full year net sales SEK 13,323 m (+2%); organic -5% for the year and acquisitions +7%.

Profit and margins

Q4 adjusted operating profit SEK 177 m (down 32% vs Q4 2023) with adjusted margin 5.4% (8.0% prior year). Reported Q4 operating profit SEK -101 m after SEK -278 m one‑offs. Full year adjusted operating profit SEK 1,044 m (margin 7.8%); reported operating profit SEK 736 m after SEK -308 m one‑offs.

One‑off items, impairments and restructuring

Q4 one‑off and restructuring costs totalled SEK -278 m (of which SEK 36 m negatively affected cash flow). Full year one‑offs SEK -308 m. Items include impairment of goodwill (Profile Systems / Eastern Europe) and divestment/closure costs tied to the announced restructuring of the profile business in several Eastern European markets.

Profit, EPS and cash flow

Q4 net result SEK -173 m (Q4 2023: +190 m); EPS before/after dilution -2.24. Full year net profit SEK 315 m (2023: 849), EPS 4.10. Q4 cash flow from operating activities SEK 629 m (up 7% YoY); full year cash flow from operations SEK 1,438 m (down 16% YoY).

Business areas

Ventilation Systems: Q4 sales up (driven by acquisitions), adjusted operating profit SEK 175 m (adj margin 7.0%) but organic demand weak. Profile Systems: Q4 sales declined to SEK 800 m; adjusted operating profit SEK 26 m (adj margin 3.3%) and the business in Eastern Europe is being divested/closed due to unsatisfactory profitability.

Acquisitions and strategic actions

Six acquisitions completed in 2024 (including Vicon, Airmaster, KlimaPartner, Venti, ATIB and Acomat). Q4 closings included ATIB and Acomat (France). Lindab will continue acquisition-driven growth but is also executing divestments and site closures (ten ventilation branches closed; sandwich‑panel relocation started, causing short‑term lost/deferred revenue Nov 2024–Mar 2025).

Dividend, financing and sustainability

Board proposes dividend SEK 5.40 per share (supported by cash generation). Lindab linked SEK 4,050 m and EUR 120 m credit facilities to sustainability targets (sustainability‑linked financing). The SBTi approved Lindab’s science‑based targets (net‑zero by 2050; 2030 targets: scope 1+2 down 56% and scope 3 down 25% vs 2022 baseline).

Outlook

Lindab expects a continued slow market in H1 2025 and hopes demand will start to recover in H2 2025. The near‑term priority is to capture the full effect of announced cost and structural measures to restore profitability.