Lindab Group's Interim Report January–June 2026: Organic growth, but inflation pressured margins
The Group reported organic growth in the second quarter of the year. Operating profit, however, was held back by higher costs for input material and transportation following disruptions caused by the geopolitical situation. The result was also affected by lower profitability in Germany, France and the Netherlands, where weak demand and intense price competition prevailed. After a challenging beginning of the year for Profile Systems, which is now focused on the Scandinavian markets, sales in comparable units increased by 5 percent during the second quarter.
Second quarter 2026
- Net sales amounted to SEK 3,306 m (3,253), an increase by 2 percent. Organic sales growth was 1 percent while the net effect of acquisitions and divestments amounted to 1 percent. Currency effects were neutral.
- Adjusted operating profit amounted to SEK 218 m (281). One-off items and restructuring costs amounted to SEK 0 m (-).
- Operating profit amounted to SEK 218 m (281).
- Adjusted operating margin amounted to 6.6 percent (8.6).
- Operating margin amounted to 6.6 percent (8.6).
- Profit for the period amounted to SEK 137 m (174).
- Earnings per share before and after dilution amounted to SEK 1.77 (2.26).
- Cash flow from operating activities amounted to SEK 275 m (331).
- In June, Lindab finalised the divestment of the Romanian subsidiary, Lindab SRL.
- On 13 July, the Irish ventilation distributor Connaught Ventilation Supplies Limited was acquired.
January–June 2026
- Net sales amounted to SEK 6,309 m (6,467), a decrease by 2 percent. Organic sales growth was -1 percent while the net effect of acquisitions and divestments amounted to 1 percent. Currency effects amounted to -2 percent.
- Adjusted operating profit amounted to SEK 406 m (509). One-off items and restructuring costs amounted to SEK 0 m (-).
- Operating profit amounted to SEK 406 m (509).
- Adjusted operating margin amounted to 6.4 percent (7.9).
- Operating margin amounted to 6.4 percent (7.9).
- Profit for the period amounted to SEK 245 m (319).
- Earnings per share before and after dilution amounted to SEK 3.18 (4.15).
- Cash flow from operating activities amounted to SEK 320 m (491).
Comment from Ola Ringdahl, President and CEO:
“Sales for the Group increased slightly during the second quarter. For both business areas, margins were affected by higher transportation and input material costs. Profile Systems reported organic growth during the quarter, and the divestment of the Romanian operations was completed.
Margin pressure in Ventilation Systems
Business area Ventilation Systems reported flat sales in comparable units, but the adjusted operating margin for the quarter decreased to 7.8 percent from 9.9 percent. Disruptions caused by the geopolitical situation have led to higher transportation costs and rising input material prices. This has put pressure on the gross margin in Ventilation Systems, as the business area has not been able to fully compensate for these cost increases during the quarter.
The business area was also affected by lower profitability in the important markets Germany, France and the Netherlands, where demand is weak and price competition is high. Sales growth was, however, strong in Ireland, Norway and Sweden.
In July, Lindab Group announced a smaller acquisition of the Irish ventilation distributor Connaught Ventilation Supplies, further strengthening its market position in the Irish ventilation market.
Signs of recovery for a more focused Profile Systems
After a challenging first quarter, business area Profile Systems reported organic sales growth by 5 percent during the second quarter. The adjusted operating margin was 5.3 percent compared to 6.1 percent in the second quarter of 2025. Margins in Profile Systems were also held back by higher material and transportation costs. Sales through the builders’ merchant channel continued to increase and sandwich panel sales have improved. Both production and sales in the panel business are starting to reach the levels that were normal prior to the factory relocation of the production unit in 2024/2025.
The business area's exit from Eastern Europe was completed during the quarter with the divestment of the Romanian operations.
The profitability for Profile Systems has been unsatisfactory for some time. With a more focused structure, clearer accountability for results and a stronger sales focus, the objective is to gradually improve profitability.
Continued challenging market environment
The construction sector across Lindab Group’s European markets is in a prolonged downturn, with volumes declining significantly, particularly in new construction. Lindab Group has successfully streamlined its operations to compensate for the challenging market climate and will continue to place a strong focus on sound finances and stable cash flow. At the same time, the weak market development has led to increased price competition for the limited sales volumes. This is particularly evident in the operations in Germany, France and the Netherlands. Our assessment is that the geopolitical situation has delayed the expected recovery and that the European ventilation market will begin to grow cautiously only in 2027.
For Profile Systems, which primarily operates in Scandinavia, we assess that the market is stabilising this year, with prospects for growth in 2027.
Interesting growth opportunities
When construction activity eventually recovers, Lindab Group stands well invested to handle higher production volumes. At the same time, we see interesting growth opportunities in several areas in the near term. Our market-leading position in ventilation ducts in Europe is gradually supplemented by a stronger position in technical ventilation where specifiers such as technical consultants, property owners and architects are important decision-makers. Among other things, we have seen strong growth in fire and smoke protection solutions during the past year. Thanks to the acquisition of Airmaster, we have also established a strong position in decentralised ventilation. Deliveries to data centres are increasing, and sales to defence-related projects are showing significant potential.
Lindab Group benefits from the significant need to improve the energy efficiency of the existing building stock in Europe as well as from the increasing focus on a healthier indoor climate. This development may also be accelerated by new legislative requirements.
The growth opportunities, together with a continued active acquisition agenda, provide a solid foundation for long-term value creation.”
Live webcast
A live webcast will be held at 11:00 am (CEST) on 17 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.
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
Lindab Group. Quality ventilation for a better climate.
Lindab Group is one of Europe's largest ventilation groups and provides customers with complete ventilation solutions. High quality, easy installation and reliable delivery contribute to strong customer satisfaction, healthy indoor environments and sustainable buildings. In Scandinavia, the offering also includes roof, wall and rainwater drainage solutions. Within the building materials industry, Lindab Group has been ranked as the European sustainability leader.
Lindab Group, founded in 1959, is vertically integrated across the entire value chain – from machine manufacturing and production of products for air distribution and room ventilation, to distribution and logistics of both in-house manufactured and traded ventilation products.
The Group recorded sales of SEK 12,854 million in 2025 and operates in 18 countries with approximately 5,000 employees. Western Europe accounted for 45 percent of sales in 2025, the Nordic region for 41 percent, Central Europe for 10 percent and other markets for
4 percent.
Lindab Group is headquartered in Grevie, Sweden, and listed on Nasdaq Stockholm, Large Cap, under the ticker symbol LIAB.
This disclosure contains information that Lindab Group 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 17-07-2026 07:00 CET.