Lindab International AB (publ)

Welcome to the LINDAB Group Q2 presentation for 2026. During the questions and answers session, participants are able to ask questions by dialing pound key 5 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.

Hello and welcome to this presentation of Lindab Group's report for the second quarter. I'm Ola Ringdahl, President and CEO of Lindab Group and next to me I have our CFO Lars Ynne. We will begin by presenting the results for the quarter and then move over to our focus on profitable growth and an outlook. Following the presentation there will be a Q&A session. Let's begin with some highlights. For the group in total, sales increased and we returned to organic growth. Margins came under pressure during the quarter and I will come back to that later in the presentation. After a week start of the year for profile systems, we can see an improvement in the second quarter with increased sales in comparable units. Let's take a closer look at our sales development. Sales in April and May was slower than anticipated but sales in June was strong. The group increased net sales by 2% in the quarter. For business area ventilation systems, net sales increased by 2% and the organic growth was flat. Sales development differed between geographies. In the Nordics, sales development was strong, primarily thanks to solid performance in the Swedish markets with a double-digit sales increase in the quarter. Sales in Western Europe was disappointing with a 4% decline in comparable units. Profile Systems reached 5% organic growth in the quarter, a very welcome positive sign after many tough quarters. After the divestment of our operations in Romania, Profile Systems is now focused on the Scandinavian markets. In previous updates, we have mentioned that the sandwich panel business has struggled to reach satisfactory production output after the factory relocation in the beginning of 2025. I'm pleased to say that we are getting back on track. We have operational stability and sales levels are now approaching those seen before the factory relocation. Now let's move over to operating profit. Lindas profitability came under pressure during the quarter. Adjusted operating margin for the group was 6.6% compared to 8.6% for the second quarter last year. An important reason was that the costs for transportation and input materials increased because of disruptions caused by the geopolitical situation. This affected both business areas. Also, profitability declined in our ventilation businesses in Germany, France and the Netherlands, where we see weak demand and strong price competition. To strengthen profitability, price increases and action plans for both business areas are being implemented. Now I hand over to our CFO Lars Unno, who will present the cash flow development.

Thank you, Ola. Lindab Group delivered a cash flow from operating activities of 275 million SEK in the second quarter, corresponding to a cash conversion of 97%. Net debt increased to 4 billion 497 million SEK, which is in line with last year. Our target for net debt to EBITDA is that it should be below three times. In Q2, the ratio remained stable versus last year at 2.7. The financial net debt to the EBITDA ratio increased to 2.3 versus 2.1 last year. Ola, now back to you.