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Jun 20 2024 17:29

238.60 SEK3.20

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Jun 20 2024 17:29

238.60 SEK3.20

Lindab’s full year report January – December 2023: Lindab achieves 10 percent operating margin for Ventilation Systems

Interim report Q4-cover

Lindab reported its highest fourth quarter ever in terms of sales. Both the operating margin and cash flow improved compared to the corresponding period previous year. For the full year, sales increased by 6 percent and the operating margin amounted to 9 percent. Ventilation Systems increased sales and reported over 10 percent operating margin for 2023. Profile Systems has adjusted the business well to changing market conditions. The operating cash flow for the full year was record strong.

Fourth quarter 2023


  • Net sales increased by 2 percent to SEK 3,274 m (3,223). Organic sales growth was negative by 5 percent while structural changes contributed positively by 4 percent.
  • Adjusted1) operating profit increased to SEK 261 m (244).
  • Operating profit increased to SEK 261 m (244).
  • Adjusted1) operating margin increased to 8.0 percent (7.6).
  • Operating margin increased to 8.0 percent (7.6).
  • Profit for the period increased to SEK 190 m (171).
  • Earnings per share before and after dilution increased to SEK 2.48 (2.24).
  • Cash flow from operating activities increased to SEK 589 m (527).
  • During the quarter Lindab acquired HAS-Vent in the UK, with total annual sales of approximately SEK 280 m.


January – December 2023


  • Net sales increased by 6 percent to SEK 13,114 m (12,366). Organic sales growth was negative by 9 percent while structural changes contributed positively by 10 percent.
  • Adjusted1) operating profit amounted to SEK 1,178 m (1,347).
  • Operating profit amounted to SEK 1,178 m (1,325).
  • Adjusted1) operating margin amounted to 9.0 percent (10.9).
  • Operating margin amounted to 9.0 percent (10.7).
  • Profit for the period amounted to SEK 849 m (974).
  • Earnings per share before dilution amounted to SEK 11.07 (12.73) and after dilution to SEK 11.07 (12.70).
  • Cash flow from operating activities increased to SEK 1,711 m (691).
  • The Board of Directors proposes a dividend of SEK 5.40 (5.20) per share.


1) Adjusted operating profit/operating margin does not include significant one-off items and restructuring costs.



Lindab’s President and CEO, Ola Ringdahl, comments:

“Lindab ended the year with higher sales and profitability than in the corresponding quarter previous year. Sales for the full year exceeded SEK 13 billion for the first time, driven by acquisitions that strengthened Lindab’s geographic reach and product offerings. Despite challenging market conditions, Ventilation Systems achieved 10 percent operating margin for the full year. Lindab enters 2024 aiming at continued profitable growth and the ambition to reach SEK 20 billion in sales by 2027.


As in previous quarters, the fourth quarter was characterised by lower demand in the construction market. However, several countries are showing resilience and we see continued good demand in France, Italy, Switzerland, Ireland and parts of Eastern Europe. The Nordic region has been particularly affected, but demand seems to have stabilised at a low level. Since the autumn, demand has also begun to decrease in Germany, the Netherlands and the UK.


Lindab’s cost savings have followed the plan during the quarter, which among other things led to a strengthened gross margin. The operating margin exceeded the corresponding quarter last year for the first time in 2023. The operating cash flow was record high. Lindab has now delivered a strong operating cash flow for five consecutive quarters and there are good prospects that this trend can continue in 2024. Overall, 2023 was a satisfactory year given market current conditions, although we did not achieve all our financial targets.


Ventilation Systems achieved 10.1 percent operating margin

Ventilation Systems has developed well throughout 2023 with increased sales and improved profitability. For the full year, Ventilation Systems achieved an operating margin of 10.1 percent. We continue to see increased demand for sustainable and energy-efficient products. This favours Lindab, which has a competitive offer. During the year, Lindab’s ventilation products have also excelled in the area of sustainability being the first supplier of products in both recycled and fossil-free steel.


Stabilisation for Profile Systems

The reduced construction activity in the Nordic region has a direct impact on demand for Profile Systems. It is primarily the project business and residential-related sales that have slowed down considerably. Profile Systems has, with the implemented cost savings, adapted the business well to the current market conditions. The efforts to increase profitability and and reduce cyclical sensitivity continues.


Acquisitions create conditions for further growth

Thanks to improved profitability and a strong balance sheet, Lindab has been able to complete more than 20 acquisitions since 2020 and the companies are developing positively within the Group. In January 2024, an agreement was signed to acquire Airmaster, a European leader in decentralised ventilation for commercial properties. This lays the foundation for a new product area for decentralised ventilation within Lindab, creating a new platform for growth. We see Airmaster as the start of further acquisitions with the goal that the product area will reach SEK 2 billion in sales by 2027.


Increased dividend

The strong cash flow, in combination with Lindab’s good financial position, enables a proposal to increase the dividend to SEK 5.40 per share, an increase of 4 percent. It is important for us to value our shareholders at the same time as we further develop Lindab.


Lindab - a leading European ventilation company

The focus is now on 2027, when the goal is to achieve sales of SEK 20 billion with an operating margin of at least 10 percent. Growth will take place within Ventilation Systems, in a combination of organic growth and acquisitions. The core of Profile Systems will be further refined, especially in Scandinavia where there are significant synergies between our businesses. Product areas and geographies that do not meet our high standards of organic growth and stable profitability will be evaluated.


Well prepared for 2024

Lindab has an experienced and motivated organisation, strong customer relationships throughout Europe and a stable supply chain. Our assessment is that the European ventilation market will remain weak in the first half of 2024. We continue to adapt our resources to the current demand. Despite a challenging market situation, I am determined that Lindab will reach its financial targets in 2024.


Thank you to all customers who continue to choose Lindab. Thank you to all employees for your efforts during the year.”



Press and analyst meeting:


A live webcast will be held at 10:00 am (CET) on February 7. 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.

Lindab Q4 Report 2023 (


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.

Call Access (




This disclosure contains information that Lindab 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 07-02-2024 07:40 CET.


Ola Ringdahl
President and CEO
Phone: +46 (0) 431 850 00

Lars Ynner
Phone: +46 (0) 431 850 00

Catharina Paulcén
Head of Corporate Communications
Mobile: +46 (0) 701 48 99 65

Lindab in brief

Lindab is a leading ventilation company in Europe. Lindab develops, manufactures, markets and distributes products and systems for energy-efficient ventilation and a healthy indoor climate. The products are characterised by high quality, ease of installation and environmental thinking.

The Group had sales of SEK 13,114 m in 2023 and is established in 20 countries with approximately 5,000 employees. The Nordic region accounted for 45 percent of sales in 2023, Western Europe for 42 percent, Central Europe for 12 percent and Other markets for 1 percent.
The share is listed on the Nasdaq Stockholm, Large Cap, under the ticker symbol LIAB.



Interim report Q4-cover
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