Lassila & Tikanoja Plc · OMXHEX:LASTIK
Lassila & Tikanoja — Q3 2026 Earnings Presentation
29 slides from Lassila & Tikanoja's earnings presentation, Oct 28, 2026
Slide 1: Lassila & Tikanoja Interim Report January-September 2026
Lassila & Tikanoja Interim Report January -September 2026 Eero Hautaniemi, President & CEO Joni Sorsanen, CFO 28 October 2026
Slide 2: Today's presenters
Today’s presenters Hautaniemi Sorsanen Eero Joni CEO CFO © Lassila & Tikanoja 28.10.2026 2
Slide 3: Contents
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 28.10.2026 3
Slide 4: Highlights
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 28.10.2026 4
Slide 5: Key financial highlights of January-September 2026
Key financial highlights of January -September 2026 Profitability recovered in the third quarter, approaching the prior - year level 1 2 3 Adj. EBITDA Net sales grew by EUR 59.5m Free cash flow 4.1% to EUR 328.5m, (64.0m) improved year - on - growth particularly in Adj. EBITA year on a comparable Ha
Slide 6: Key operational highlights of January-September 2026
Key operational highlights of January -September 2026 1 2 3 Corrective measures Strong growth in to improve Growth initiatives Hazardous Waste performance in related to waste - to - and Remediation Waste Management material progressing service area, 20.7% according to plan on - going and increase y
Slide 7: Net sales development 2025-2026
Net sales development 2025 –2026 Net Sales 2025 –2026 by Quarter Commentary EURm ● Net sales for Jan - Sep 2026 amounted to EUR 328.5m (315.5), growth of 4 .1% year- on- year – Organic growth was 1.9% ● Net sales for Q3 2026 amounted to EUR 117.5m (116.1), growth of 1.2% year- on- year – Organic gro
Slide 8: Net sales development by Service Area 2025-2026
Net sales development by Service Area 2025 –2026 Net Sales 2025 –2026 by Service Area Commentary EURm ● Net sales in Waste Management and 116,1 117,5 328,5 +1.2 % 315,5 Recycling decreased by 0.5% and amounted to EUR 207.5m (208.6) 23,0 26,5 66,4 61,5 – Net sales supported by growth in the pallet bu
Slide 9: Adjusted EBITA development 2025-2026
Adjusted EBITA development 2025 –2026 Adjusted EBITA 2025 –2026 by Quarter Commentary EURm and as % of net sales, carve out figures 20 15% 13,5 % ● Profitability recovered during Q3 as the 18 12,9 % 12,1 % benefits of corrective actions began to 16 10% materialize. Full impact from Q1/2027 onwards 1
Slide 10: Market environment
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 28.10.2026 10
Slide 11: Finland: macroeconomic situation
Finland: macroeconomic situation Recovery has strengthened, but employment and housing still lag ▪ Latest domestic forecasts indicate 1.6 –1.7% GDP growth in 2026 and 1.6 –1.8% in 2027, driven mainly by exports and investment. ▪ Retail volumes are recovering, but weak consumer confidence continues t
Slide 12: Diesel prices remained at exceptionally high levels in Q3
Diesel prices remained at exceptionally high levels in Q3, reaching the highest level of 2026 in September Average price development for diesel in Finland in 2021 - 26 (EUR per litre , with taxes) Key messages 3,00 ● In July - September 2026, diesel prices in Finland 2,50 were approximately 38% high
Slide 13: Improving retail activity supports a more favorable waste volume outlook
Improving retail activity supports a more favorable waste volume outlook Finnish Retail industry , 2015 = 100, rolling 12- month average Key messages 130 ● Retail volumes have stabilized 125 and turned positive after a COVID shifted prolonged decline 120 ● Improving retail activity supports consumpt
Slide 14: Price development of selected recycled material indexes
Dec-22 (€/t) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Recycled plastic films Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-22 (€/t) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 OCC / brown cardboard Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-22 (€/t) Mar-23
Slide 15: Efficiency & Operations
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 28.10.2026 15
Slide 16: Fixed costs development 2024-26 (adjusted for IAC)
Fixed costs development 2024 -26 (adjusted for IAC) Adjusted Fixed Costs 2024 –2026 by Quarter (LTM) Commentary EURm and as % of net sales, carve out figures for 2024 - 25 Fixed costs as % of net sales 90 decreasing in 18% ● Adjusted fixed cost base has remained 85 Jan - Sep 2026 17% broadly stable
Slide 17: Sustainability
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 28.10.2026 17
Slide 18: Sustainability scorecard
Sustainability scorecard Commentary Key sustainability highlights in Jan - Sep 2026 ● Positive safety development in January - September, TRIF decreased to 19.2 (22.5) ● Direct emissions on previous year’s level ● Carbon handprint grew by 3% y - o- y ● L&T launched a project to phase out the Carbon
Slide 19: Financials
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 28.10.2026 19
Slide 20: Highlights
Highlights 1 2 3 4 Profitability Share of Leverage improved Adjusted for recovered in the profit from from Q2 as comparability, free third quarter, Laania in line seasonal cash flow cash flow improved approaching the with previous strengthened year - on - year year prior - year level © Lassila & Tik
Slide 21: Net working capital development 2025-2026
Net working capital development 2025 –2026 NWC 2025 – 2026 by quarter Commentary EURm, carve out figures for Q1/25 – Q3/25 ● NWC at the end of Q3 2026 amounted -6 -6 to EUR - 6.4m ( - 6.2m), in line with - 13 previous year - 15 - 21 ● NWC was tied up by EUR 23.3m (22.2m) - 25 in January - September
Slide 22: CapEx development 2025-2026
CapEx development 2025 –2026 CapEx 2025 – 2026 Commentary EURm, carve - out figures for 2025 41,7 ● In Jan - Sep 2026, capital expenditure amounted to EUR 16.0m (25.2m), organic CapEx somewhat below previous year 12,5 ● CapEx in January - September 2026 consisted primarily of investments in 25,2 mac
Slide 23: Cash flow development 2025-2026
Cash flow development 2025 –2026 Free cash flow bridge LTM Q3 2026 Commentary EURm Y - on - Y ● In 1- 9/2026, net cash flow after investments EUR 8.4m (15.6) , weakened by partial demerger related one - off 6,0 0,6 payments to Luotea Plc, totaling EUR 9,4 5.9m 9,1 ● Taking into account these one - o
Slide 24: Financial position
Financial position Balance sheet KPIs by quarter 2025 - 2026 Commentary ● Net debt / Adjusted EBITDA ratio at 2.0x at the end of September 2026 Net debt / Net interest - Equity Gearing - Net debt amounted to EUR 163.5m Adjusted bearing debt ratio (%) - Adjusted EBITDA on a rolling 12 - EBITDA (m€) (
Slide 25: Maturity structure of interest-bearing debt
Maturity structure of interest -bearing debt Maturity structure as per 30 September 2026 Commentary EURm ● Interest - bearing liabilities excluding IFRS 16 at EUR 135.1m Assuming that the second one - - Commercial papers EUR 10m due in year extension option utilised 2026 for EUR 50m bank loan 36 65
Slide 26: Key performance indicators
Key performance indicators Commentary ● Reported ROCE for Q3 2026 was 8.0%, KPIs for January - September 2026 impacted by IAC and carve - out principles - Illustrative ROCE adjusted for IAC and carve - out principles ~10% ● Reported ROE for Q3 2026 was 8.2%, impacted by IAC and carve - out principle
Slide 27: Outlook
Contents 1 Highlights 2 Market environment 3 Efficiency & Operations 4 Sustainability 5 Financials 6 Outlook © Lassila & Tikanoja 28.10.2026 27
Slide 28: Outlook for 2026 (revised on 14 July 2026)
“In 2026, net sales are estimated to be EUR 420 – 450 million and adjusted EBITA EUR 33 –38 million. In 2025, the company’s net sales amounted to EUR 426.6 million and adjusted EBITA was EUR 40.6 million (on a carve - out basis).” Outlook for 2026 ( revised on 14 July 2026) © Lassila & Tikanoja 28.1
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