Lindab Group's Interim Report January–September 2026: Gradual improvement in the Nordics
The Group's organic sales increased by 2 percent in the third quarter compared with the corresponding quarter in 2025. Growth in the Nordic markets was 5 percent. The adjusted operating margin improved compared with previous quarter in both business areas, despite high costs for transportation and input materials. Sales and profit for the Group in total were held back by weaker performance in certain western European markets.
Third quarter 2026
- Net sales amounted to SEK 3,237 m (3,253), which is in line with the corresponding quarter previous year. Organic sales growth was 2 percent while the net effect of acquisitions and divestments amounted to -2 percent. Currency effects were neutral.
- Adjusted operating profit amounted to SEK 283 m (315). No one-off items and restructuring costs were reported in the quarter (SEK 176 m). Operating profit amounted to SEK 283 m (491).
- Adjusted operating margin amounted to 8.7 percent (9.7). Operating margin amounted to 8.7 percent (15.1).
- Profit for the period amounted to SEK 187 m (400).
- Earnings per share before and after dilution amounted to SEK 2.42 (5.19).
- Cash flow from operating activities amounted to SEK 235 m (335).
- During the quarter Lindab Group acquired the Irish ventilation distributor Connaught Ventilation Supplies Limited (CVS). In September Lindab Group signed an agreement to acquire the Italian company Aernova S.r.l.. The acquisition was completed on 13 October.
January–September 2026
- Net sales amounted to SEK 9,546 m (9,720), a decrease by 2 percent. Organic sales growth was neutral while the net effect of acquisitions and divestments amounted to -1 percent. Currency effects amounted to -1 percent.
- Adjusted operating profit amounted to SEK 689 m (824). One-off items and restructuring costs amounted to SEK 0 m (176). Operating profit amounted to SEK 689 m (1,000).
- Adjusted operating margin amounted to 7.2 percent (8.5). Operating margin amounted to 7.2 percent (10.3).
- Profit for the period amounted to SEK 432 m (719).
- Earnings per share before and after dilution amounted to SEK 5.60 (9.34).
- Cash flow from operating activities amounted to SEK 555 m (826).
Comment from Ola Ringdahl, President and CEO:
“During the third quarter, sales increased in comparable units. Price adjustments to mitigate rising transportation and input material costs have to a large extent taken effect, and gross margin improved. Sales in the important Swedish market developed strongly during the quarter and the improvement within Profile Systems continued.
Organic sales growth in Ventilation Systems
Sales for comparable units in Ventilation Systems increased with 1 per cent during the quarter. The adjusted operating margin was 9.9 percent, which represented a clear improvement compared with the previous quarter but was slightly below the corresponding quarter in 2025. We are pleased with the strong performance in the Nordic markets, with Sweden showing the most positive development. In Germany, however, the situation remains weak, both in terms of sales and profitability.
Gradual improvement in Profile Systems
Sales in business area Profile Systems have improved and the organic growth was 4 percent during the third quarter. The adjusted operating margin was 6.2 percent compared to 7.0 percent in the corresponding quarter last year. Sales to builders’ merchants have been strong, and during the quarter we have added new customers within this sales channel. Project sales have begun to increase from low levels, partly as a result of more active pricing. Production capacity for sandwich panels has now reached the levels seen before a challenging relocation process that began just under two years ago.
Profitability in Profile Systems still needs to improve, but the business area is in a stronger position now than it was six months ago. This development is driven by cost savings, a reorganisation with a clear sales focus, a focus on the Scandinavian markets and an improved market situation.
Cost adjustments
During the second quarter, the gross margin was negatively impacted by increased costs for input materials and transportation as a result of disruptions caused by the geopolitical situation. Our ambition is to fully mitigate these increased costs through price adjustments, and during the third quarter we succeeded in raising prices and increasing the gross margin. To further strengthen the operating margin, both continued price adjustments and a reduction of the cost base are required. We are therefore reviewing our fixed costs and implementing efficiency measures across the entire business.
Further complementary acquisitions
During the quarter, the Irish ventilation distributor Connaught Ventilation Systems (CVS) was acquired, giving us the opportunity to benefit from the high construction activity in the western part of the country. In October, the acquisition of Aernova, an Italian company specialising in smoke control for ventilation, was completed. The fire safety segment is showing good growth, and this acquisition complements our offering and strengthens our position in the important Italian market.
Improved market conditions in Sweden benefit Lindab Group
The construction sector in Europe has been under pressure since the end of 2022. It is therefore encouraging that the Nordic markets have now begun to grow, a trend that is particularly evident in Sweden. For Lindab Group, with around 20 percent of sales in Sweden, this is positive as the market position is strong and the proportion of in-house manufactured products is high. Elsewhere in Europe, the market situation is less positive, and Germany in particular shows weak performance. Overall, our assessment is that both the European ventilation market and the market for the profile business in Scandinavia will grow modestly in 2027. Once the construction sector recovers, Lindab Group is well invested to handle higher production volumes.
Opportunities to grow faster than the market
While we continue to improve efficiency, we see several attractive opportunities to grow faster than the market in the coming years. Among other things, we are focusing on strengthening our technical sales of ventilation and fire protection products to specifiers, both through acquired companies and our own product range. The aim is to make sales less cyclical by increasing the proportion allocated to renovation and upgrades. We also see good prospects for growth in sales to fast-growing customer segments such as data centres and defence.
A gradual improvement in the market, investments in bolt-on acquisitions and the substantial need to make Europe's building stock more energy efficient create favourable conditions for Lindab Group in the coming years. Together with continued efficiency improvements, we are laying the foundation for long-term value creation.”
Live webcast
A live webcast will be held at 11:00 am (CEST) on 23 October. 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
This disclosure contains information that Lindab Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 23-10-2026 07:00 CET.
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.