Lindab’s Interim Report January–June 2025: Ventilation Systems demonstrated strength in the second quarter
Igår, 07:40
PRESS RELEASE
18 July 2025
Lindab’s Interim Report January–June 2025: Ventilation Systems demonstrated strength in the second quarter
Lindab’s largest business area Ventilation Systems delivered a strong result. The operating margin amounted to 9.9 percent thanks to increased gross margin and implemented cost reductions. Profile Systems’ operating margin was 6.1 percent, due to low volumes in the project business. Market activity remained low during the second quarter and this, combined with negative currency effects, impacted turnover and results for the group.
Second quarter 2025
- Net sales amounted to SEK 3,253 m (3,520), a decrease by 8 percent. Organic sales growth was -6 percent while the net effect of acquisitions and divestment contributed positively by 2 percent. Currency effects amounted to -4 percent.
- Operating profit amounted to SEK 281 m (338). No one-off items or restructuring costs were reported during the quarter and the corresponding period previous year.
- Operating margin amounted to 8.6 percent (9.6).
- Profit for the period amounted to SEK 174 m (213).
- Earnings per share before and after dilution amounted to SEK 2.26 (2.77).
- Cash flow from operating activities amounted to SEK 331 m (342).
- In April, the divestment of the subsidiary Lindab a.s. in Slovakia was completed. The divestment is part of the restructuring in the Profile Systems business area in Eastern Europe.
- In May, clearance was obtained from the Polish competition authority regarding the acquisition of the ventilation specialist Ventia. The acquisition was completed in July.
January – June 2024
- Net sales amounted to SEK 6,467 m (6,667), a decrease by 3 percent. Organic sales growth was -4 percent while the net effect of acquisitions and divestment contributed positively by 3 percent. Currency effects amounted to -2 percent.
- Operating profit amounted to SEK 509 m (563). No one-off items or restructuring costs were reported during the period and the corresponding period previous year.
- Operating margin amounted to 7.9 percent (8.4).
- Profit for the period amounted to SEK 319 m (330).
- Earnings per share before and after dilution amounted to SEK 4.15 (4.29).
- Cash flow from operating activities amounted to SEK 491 m (550).
Lindab’s President and CEO, Ola Ringdahl, comments:
“Lindab’s largest business area Ventilation Systems delivered a strong result, despite the challenging market conditions and negative currency effects. Price adjustments and efficiency measures contributed to a higher gross margin. Cost-saving measures are being implemented according to plan.
Ventilation Systems showed resilience and achieved an operating margin of 9.9 percent in challenging market conditions. Several countries achieved positive organic growth. The market for Profile Systems remains subdued within the project business, which puts pressure on profitability, but growth was seen in sales through builders’ merchants in the quarter.
Ventilation Systems demonstrated strength
Many markets developed in the right direction, with both increased sales and improved profitability in key countries such as the UK, Denmark, Switzerland and Italy. However, sales remained low in Germany and Sweden, which negatively impacted total turnover and operating profit compared to previous year. The gross margin improved thanks to price adjustments and efficiency measures. Cost-saving measures are on track and will reach full effect in July. The business area demonstrated strength in a highly challenging economic environment, achieving an operating margin of 9.9 percent.
Profile Systems grew among builders’ merchants but building projects were delayed
For Profile Systems, low construction activity continued to impact sales and operating profit. Major projects in the important Swedish market have not yet gained momentum. However, during the first half of the year, increased sales were noted in smaller projects and for sales through builders’ merchants. This is a positive sign for the future.
Lindab – one of Europe’s climate leaders
Sustainability is a prioritised area and an increasing number of customers are asking for sustainable solutions. Lindab’s sustainability initiatives are receiving considerable positive attention. In April, the Financial Times named Lindab one of Europe’s climate leaders. In the ‘Construction & Building Materials’ category, Lindab secured a strong second place across Europe.
Acquisitions of HAS-Vent and Ventia completed
The acquisition of the British ventilation company HAS-Vent was completed in early July, following an in-depth review by the UK’s Competition and Markets Authority (CMA). The acquisition of the Polish ventilation specialist Ventia was also completed in July.
Market outlook
The market situation continues to be challenging and unpredictable. Construction activity in primarily Germany in Sweden seems to continue at a low level in the coming quarters. At the same time, there are some positive signs on the horizon. Construction industry forecasts indicate an increase in building permit applications and higher construction activity in Europe can be expected going forward.
We conclude that sales should start to stabilise during the second half of 2025, before a more visible market recovery takes place in 2026.
In response to the market decline, Lindab has continuously implemented efficiency improvements and cost-cutting measures. We are continuing with further actions to strengthen profitability in the second half of the year.
Good prospects for the future
Despite a subdued market and ongoing geopolitical uncertainty, Lindab has a strong position with good prospects for the future. Long-term demand for energy-efficient ventilation and a healthy indoor climate remains robust. Lindab is well positioned to meet this demand, supported by long-standing customer relationships, a strong and sustainable product portfolio, well-invested production facilities and a highly knowledgeable sales force.”
Live webcast
A live webcast will be held at 10:00 am (CEST) on 18 July. The interim report will be presented by Ola Ringdahl, President and CEO, and Lars Ynner, CFO.
If you wish to participate via webcast please use the link below.
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
This disclosure contains information that Lindab is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 18-07-2025 07:40 CET.
Lindab in brief
Lindab is a leading ventilation company in Europe. Lindab develops, manufactures, markets and distributes products and systems for energy-efficient ventilation and a healthy indoor climate. The products are characterised by high quality, ease of installation and environmental thinking.
The Group had sales of SEK 13,323 m in 2024 and is established in 20 countries with approximately 5,000 employees. Western Europe accounted for 44 percent of sales in 2024, the Nordic region for 42 percent, Central Europe for 10 percent and Other markets for 4 percent.
The share is listed on the Nasdaq Stockholm, Large Cap, under the ticker symbol LIAB.
Contacts
Ola Ringdahl
President and CEO
E-mail: ola.ringdahl@lindab.com
Phone: +46 (0) 431 850 00
Lars Ynner
CFO
E-mail: lars.ynner@lindab.com
Phone: +46 (0) 431 850 00
Fredrik Wahrolén
Head of Communications
E-mail: fredrik.wahrolen@lindab.com
Mobile: +46 (0) 705 393 379
Ämnen i artikeln
Lindab’s Interim Report January–June 2025: Ventilation Systems demonstrated strength in the second quarter
Igår, 07:40
PRESS RELEASE
18 July 2025
Lindab’s Interim Report January–June 2025: Ventilation Systems demonstrated strength in the second quarter
Lindab’s largest business area Ventilation Systems delivered a strong result. The operating margin amounted to 9.9 percent thanks to increased gross margin and implemented cost reductions. Profile Systems’ operating margin was 6.1 percent, due to low volumes in the project business. Market activity remained low during the second quarter and this, combined with negative currency effects, impacted turnover and results for the group.
Second quarter 2025
- Net sales amounted to SEK 3,253 m (3,520), a decrease by 8 percent. Organic sales growth was -6 percent while the net effect of acquisitions and divestment contributed positively by 2 percent. Currency effects amounted to -4 percent.
- Operating profit amounted to SEK 281 m (338). No one-off items or restructuring costs were reported during the quarter and the corresponding period previous year.
- Operating margin amounted to 8.6 percent (9.6).
- Profit for the period amounted to SEK 174 m (213).
- Earnings per share before and after dilution amounted to SEK 2.26 (2.77).
- Cash flow from operating activities amounted to SEK 331 m (342).
- In April, the divestment of the subsidiary Lindab a.s. in Slovakia was completed. The divestment is part of the restructuring in the Profile Systems business area in Eastern Europe.
- In May, clearance was obtained from the Polish competition authority regarding the acquisition of the ventilation specialist Ventia. The acquisition was completed in July.
January – June 2024
- Net sales amounted to SEK 6,467 m (6,667), a decrease by 3 percent. Organic sales growth was -4 percent while the net effect of acquisitions and divestment contributed positively by 3 percent. Currency effects amounted to -2 percent.
- Operating profit amounted to SEK 509 m (563). No one-off items or restructuring costs were reported during the period and the corresponding period previous year.
- Operating margin amounted to 7.9 percent (8.4).
- Profit for the period amounted to SEK 319 m (330).
- Earnings per share before and after dilution amounted to SEK 4.15 (4.29).
- Cash flow from operating activities amounted to SEK 491 m (550).
Lindab’s President and CEO, Ola Ringdahl, comments:
“Lindab’s largest business area Ventilation Systems delivered a strong result, despite the challenging market conditions and negative currency effects. Price adjustments and efficiency measures contributed to a higher gross margin. Cost-saving measures are being implemented according to plan.
Ventilation Systems showed resilience and achieved an operating margin of 9.9 percent in challenging market conditions. Several countries achieved positive organic growth. The market for Profile Systems remains subdued within the project business, which puts pressure on profitability, but growth was seen in sales through builders’ merchants in the quarter.
Ventilation Systems demonstrated strength
Many markets developed in the right direction, with both increased sales and improved profitability in key countries such as the UK, Denmark, Switzerland and Italy. However, sales remained low in Germany and Sweden, which negatively impacted total turnover and operating profit compared to previous year. The gross margin improved thanks to price adjustments and efficiency measures. Cost-saving measures are on track and will reach full effect in July. The business area demonstrated strength in a highly challenging economic environment, achieving an operating margin of 9.9 percent.
Profile Systems grew among builders’ merchants but building projects were delayed
For Profile Systems, low construction activity continued to impact sales and operating profit. Major projects in the important Swedish market have not yet gained momentum. However, during the first half of the year, increased sales were noted in smaller projects and for sales through builders’ merchants. This is a positive sign for the future.
Lindab – one of Europe’s climate leaders
Sustainability is a prioritised area and an increasing number of customers are asking for sustainable solutions. Lindab’s sustainability initiatives are receiving considerable positive attention. In April, the Financial Times named Lindab one of Europe’s climate leaders. In the ‘Construction & Building Materials’ category, Lindab secured a strong second place across Europe.
Acquisitions of HAS-Vent and Ventia completed
The acquisition of the British ventilation company HAS-Vent was completed in early July, following an in-depth review by the UK’s Competition and Markets Authority (CMA). The acquisition of the Polish ventilation specialist Ventia was also completed in July.
Market outlook
The market situation continues to be challenging and unpredictable. Construction activity in primarily Germany in Sweden seems to continue at a low level in the coming quarters. At the same time, there are some positive signs on the horizon. Construction industry forecasts indicate an increase in building permit applications and higher construction activity in Europe can be expected going forward.
We conclude that sales should start to stabilise during the second half of 2025, before a more visible market recovery takes place in 2026.
In response to the market decline, Lindab has continuously implemented efficiency improvements and cost-cutting measures. We are continuing with further actions to strengthen profitability in the second half of the year.
Good prospects for the future
Despite a subdued market and ongoing geopolitical uncertainty, Lindab has a strong position with good prospects for the future. Long-term demand for energy-efficient ventilation and a healthy indoor climate remains robust. Lindab is well positioned to meet this demand, supported by long-standing customer relationships, a strong and sustainable product portfolio, well-invested production facilities and a highly knowledgeable sales force.”
Live webcast
A live webcast will be held at 10:00 am (CEST) on 18 July. The interim report will be presented by Ola Ringdahl, President and CEO, and Lars Ynner, CFO.
If you wish to participate via webcast please use the link below.
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
This disclosure contains information that Lindab is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 18-07-2025 07:40 CET.
Lindab in brief
Lindab is a leading ventilation company in Europe. Lindab develops, manufactures, markets and distributes products and systems for energy-efficient ventilation and a healthy indoor climate. The products are characterised by high quality, ease of installation and environmental thinking.
The Group had sales of SEK 13,323 m in 2024 and is established in 20 countries with approximately 5,000 employees. Western Europe accounted for 44 percent of sales in 2024, the Nordic region for 42 percent, Central Europe for 10 percent and Other markets for 4 percent.
The share is listed on the Nasdaq Stockholm, Large Cap, under the ticker symbol LIAB.
Contacts
Ola Ringdahl
President and CEO
E-mail: ola.ringdahl@lindab.com
Phone: +46 (0) 431 850 00
Lars Ynner
CFO
E-mail: lars.ynner@lindab.com
Phone: +46 (0) 431 850 00
Fredrik Wahrolén
Head of Communications
E-mail: fredrik.wahrolen@lindab.com
Mobile: +46 (0) 705 393 379
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