Lindab International AB (publ)

Welcome to the Lindab Q1 presentation for 2025. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the president and CEO Ola Ringdahl and CFO Lars Inner. Please go ahead.

Good morning and welcome.

I'm Ola Ringdahl, president and CEO of Lindab Group, and next to me is our CFO Lars Inner. On this call, we will present our results for the first quarter of 2025. We will also look at our focus areas before we are ready to take your questions. Let's start with some highlights. Thanks to acquisitions, sales for ventilation systems were the highest ever for the first quarter. The market situation remains challenging in several key countries, and Lindab has now experienced more than two years of negative organic growth. However, I'm pleased to report that our operating profit showed resilience in the quarter and that we were able to deliver both increased turnover and an improved gross margin. The first quarter was characterized by uncertainty in the global economy and the risk of increasing trade conflicts. However, we don't see any immediate impact on Linda. Our previously announced profitability measures are progressing according to plan. Let's now move on to look at our sales development. In general, sales in Q1 tend to be lower than in other quarters due to seasonal effects. Ventilation systems has increased sales during the quarter through acquisitions and the share of the ventilation business over total revenue is continuing to grow. This is positive given the higher margin and less cyclical nature of this business. In a challenging construction market, we are defending our market shares through high sales activity levels and delivery excellence. Sales in profile systems show some positive signs in the Nordic region, where we noted organic growth in some product categories. However, in total, the revenue for the business area fell by 4%, mainly due to the relocation of a factory in the northern part of Sweden. The factory relocation resulted in a reduction of sales of approximately 50 million SEK during the quarter. That business is now up and running again. Let's now look at the operating profit development. In the first quarter, ventilation systems delivered a stable result despite the continued challenging market, and this resulted in an operating margin of 9%. Actions to reduce our cost base are expected to reach full effect from July. We are already seeing positive contributions from these measures in the first quarter. In profile systems, the adjusted operating margin was 1.1%, a low level but higher than last year, thanks to an improved gross margin and cost reductions. Profile systems is a seasonal business and Q1 is always the low season. EBIT for the first quarter was 228 million SEK, which translates into an operating margin of 7.1%, and that is on par with previous year. Let me now hand over to Lars Ynner, our CFO, for a look at our financial position.