LIABNasdaq StockholmIndustrialsIFRS · SEK

Lindab International

Lindab International is a Swedish industrial group focused on ventilation systems and profile-based building products for the construction sector. Its business spans product development, manufacturing, distribution, and local sales across Europe, with operations also present in the United States.

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Revenue12.9bn SEK
−3.5 %y/y
Operating profit (EBIT)1,097m SEK
+49.0 %y/y
EBIT margin8.5%
+3.0 ppy/y
Net income760m SEK
+141.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

051015bn SEK2021: 9.6 bn SEK2021: EBIT 1.3 bn SEK20212022: 12.4 bn SEK2022: EBIT 1.3 bn SEK20222023: 13.1 bn SEK2023: EBIT 1.2 bn SEK20232024: 13.3 bn SEK2024: EBIT 0.74 bn SEK20242025: 12.9 bn SEK2025: EBIT 1.1 bn SEK2025TTM 2026: EBIT 1.0 bn SEKTTM1.0
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Ventilation Systems79 %

Products and solutions for indoor air handling, including ducts, fittings, and ventilation components.

Profile Systems21 %

Metal profile products used in roofing, cladding, and related building applications.

Customers

Lindab sells into the construction and building services chain, with customers including installers, technical consultants, property owners, wholesalers, and project specifiers. Demand comes from both renovation and new construction, with ventilation used in homes, commercial buildings, and other indoor environments where air quality and energy efficiency matter.

Installers

Buy ventilation components and systems that are easy to install and reliable on site.

Technical consultants and specifiers

Specify technical ventilation products early in projects where performance and compliance matter.

Property owners

Buy for renovation and energy-upgrade projects to improve indoor climate and efficiency.

Wholesalers and distributors

Purchase for onward sale through local construction supply channels.

Builders and contractors

Use profile systems and ventilation products in new-build and refurbishment work.

Strategy

Lindab’s strategy centers on energy-efficient ventilation, country-specific product adaptation, and reliable on-time delivery through a local and efficient value chain. It is also building scale through digital tools, automation, synergies across its businesses, and complementary acquisitions, while expanding in technical ventilation and other growth niches.

Increase focus on ventilation activitiesMedium term

Ventilation is the core business and the main platform for future growth and margin mix.

Expand technical ventilation and specified productsMedium term

Products specified early in projects are harder to displace and support stronger customer stickiness.

Improve efficiency through automation and digitalizationShort term

Standardized production and digital customer tools support service levels and competitiveness.

Grow through acquisitions and synergiesMedium term

Acquisitions expand market presence and create cross-selling and purchasing synergies.

Geography

Lindab’s operations are concentrated in Europe, where it has a strong market position and a locally adapted product model. The group also has operations in the United States, and its own operations span 19 countries with around 180 sites, including manufacturing, proshops, direct delivery points, and distribution locations.

Risks

Lindab’s main risks come from construction-cycle demand, raw material and logistics exposure, and execution across a decentralized multi-country footprint. The business also faces operational, IT, compliance, and acquisition risks, while its manufacturing and distribution model makes service levels and supply continuity important to customer retention.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Demand cyclicality in construction markets1Raw material price volatility2Operational and supply-chain disruptions3Acquisition integration and goodwill impairment4IT security and digitalization execution5Business conduct and supplier compliance6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Demand cyclicality in construction marketsImpact: HighLikelihood: High

    Sales are tied to renovation and new construction, which move with economic conditions.

    Exposure: New construction is more cyclical than renovation

  2. Raw material price volatilityImpact: HighLikelihood: Medium

    Metal-based products depend on steel and other inputs, which can move sharply in price.

    Exposure: Ventilation and profile products

  3. Operational and supply-chain disruptionsImpact: HighLikelihood: Medium

    The model depends on on-time delivery from a network of production and distribution sites.

    Exposure: Manufacturing and logistics network

  4. Acquisition integration and goodwill impairmentImpact: HighLikelihood: Medium

    Growth through acquisitions can create integration challenges and valuation risk on acquired goodwill.

    Exposure: Acquired businesses and goodwill

  5. IT security and digitalization executionImpact: MediumLikelihood: Medium

    Greater use of digital channels and systems increases exposure to cyber and implementation issues.

    Exposure: Customer-facing and internal systems

  6. Business conduct and supplier complianceImpact: MediumLikelihood: Low

    Operations across multiple countries and supplier networks create corruption, human rights, and ethics exposure.

    Exposure: High-risk countries and supplier base

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Accounting

Judgemental items
Goodwill impairment testing

Goodwill from acquisitions is tested using assumptions on growth, EBIT and discount rates.

Impact: Can create large non-cash charges if assumptions weaken

Expected credit losses on receivables

Trade receivables are carried net of impairment allowances based on collectability.

Impact: Affects reported revenue realization and working capital quality

Derivative fair value accounting

Forward exchange contracts are marked to market using forward-rate differentials.

Impact: Can introduce volatility in financial income and equity

Foreign currency translation

Subsidiaries are translated into SEK using period-end and average exchange rates.

Impact: Creates translation effects in other comprehensive income

IFRS 16 lease accounting

Leased facilities and equipment create right-of-use assets and lease liabilities.

Impact: Affects EBITDA, depreciation, interest expense and leverage

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Last updated: 24/09/2026