Lassila & Tikanoja (LASTIK) Q2 2026 earnings summary

Executive summary

• Net sales for H1 2026 grew by 5.9% year-over-year to EUR 211.1 million, with growth across all service lines and 2.8% organic growth.

• Profitability declined due to higher fuel prices, increased gate fees, and lower waste management volumes.

• Adjusted EBITDA fell to EUR 32.8 million from EUR 36.9 million, and adjusted EBITA dropped to EUR 10.1 million from EUR 15.9 million in H1 2025.

• Strategy execution continued with efficiency measures, price increases, and new customer wins; acquisitions and corrective actions are expected to support H2 2026 performance.

• Strong balance sheet maintained despite a seasonal increase in net debt.

Financial highlights

• Q2 2026 net sales were EUR 116.2 million (+5.7% YoY), with 3.5% organic growth.

• Adjusted EBITDA for H1 2026 was EUR 32.8 million (15.6% margin); adjusted EBITA was EUR 10.1 million (4.8% margin).

• Free cash flow and net cash flow after investments were in line with the previous year on a comparable basis, but impacted by one-off demerger payments.

• Capital expenditure was EUR 10.7 million, mainly for machinery and equipment.

• Earnings per share for H1 2026 was EUR 0.12.

Outlook and guidance

• Updated 2026 outlook: net sales EUR 420–450 million, adjusted EBITA EUR 33–38 million (2025: EUR 426.6 million and EUR 40.6 million, respectively).

• Full effect of price increases and efficiency measures expected in H2 2026, with profitability anticipated to recover if fuel prices remain stable.

• Outlook for adjusted EBITA revised downward amid ongoing market and regulatory challenges.