Lindab International AB (publ)

Welcome to the LINDAB Group Q3 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 third 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 areas and an outlook. Following the presentation there will be a Q&A session. Let's begin with some highlights from the third quarter. Both business areas delivered organic growth in the quarter. This was driven by the Nordic region primarily. The operating margin continued to be affected by higher costs. However, compared to the second quarter of this year, we could see a clear margin improvement. Price adjustments to compensate for higher input costs are ongoing and contributed to strengthened gross margins in the quarter. Our acquisition journey continued and we added the Irish ventilation distributor CVS and in October the Italian smoke control company, Airnova, to the group. With this introduction, let's now take a closer look at our sales development. Sales in comparable units increased by 2% for the group. For business area ventilation systems, net sales increased by 1%. The ventilation sales development continued to differ between geographies. In the Nordics, organic growth was 6%, mainly driven by Sweden, where organic growth was 13% in the quarter. In Western Europe, sales was down by 1%, which is a smaller decline than in previous quarters. In Central Europe, sales increased by 8%, mainly driven by strong development in Poland and in the Czech Republic. Business area profile systems showed organic growth for the second quarter in a row, Sales in July however was quite weak, but we did see an increasing momentum in August and into September. Let's now move over to operating profit. After a profitability decline in the second quarter, primarily caused by the geopolitical situation and increasing energy prices, profitability recovered in the third quarter. The adjusted operating margin for the group reached 8.7%, up from 6.6% in the second quarter, but below the 9.7% we delivered in the third quarter of 2025. Both business areas delivered a margin uplift compared to the second quarter. Ventilation systems showed a healthy operating margin of 9.9%. Profile Systems has stabilized and delivered an operating margin of 6.2%. Profitability for ProfileSystems was poor in July due to the low sales, but the profitability in both August and September was on a healthy level. Looking at the different markets, we saw a positive development in the Nordics, while profitability was lower in Western European countries like Germany, France and the Netherlands. Price increases have to a large extent compensated for higher raw material costs and contributed to a stronger gross margin during the quarter. Now I hand over to our CFO Lars Ynner who will go through the cash flow situation.

Thank you Ola. Lindab Group delivered cash flow from operating activities of 235 million SEK in the third quarter compared with 335 million SEK last year. The decrease reflected lower operating profits and a higher negative impact from changes in working capital. Net debt remained broadly stable at 4 billion 459 million SEK. Our target for net debt to ABTA to remain below three times at the end of The third quarter the ratio was 2.8 compared with 2.7 last year. The financial net debt to ABTA ratio was 2.4 compared with 2.1 last year. The increase was mainly due to lower ABTA. Ola, back to you. Thank you Lars.