Lassila & Tikanoja (LASTIK) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 rose 6.0% year-over-year to EUR 94.8 million, with organic growth of 2.0% and the remainder from acquisitions, despite a challenging market and higher fuel costs.

• Profitability declined, with adjusted EBITA at EUR 0.2 million (0.3% of net sales), mainly due to higher costs, lower waste management volumes, and increased depreciation/amortisation.

• Free cash flow remained in line with previous years, excluding demerger-related payments.

• Market environment was challenging, with sharp increases in diesel prices and delayed economic recovery in Finland.

• Operational and efficiency measures were implemented to address market headwinds and rising diesel prices.

Financial highlights

• Adjusted EBITDA for Q1 2026 was EUR 11.5 million (12.1% margin), down from EUR 12.8 million (14.3%) year-over-year.

• Earnings per share was EUR -0.01, compared to EUR 0.11 in Q1 2025.

• Net working capital at quarter-end was EUR -21.5 million, improved by EUR 3.2 million year-over-year.

• Gross capital expenditure in Q1 2026 was EUR 4.3 million, mainly for machinery and equipment.

• Net cash flow after investments was EUR -3.2 million, affected by demerger-related payments.

Outlook and guidance

• 2026 net sales are estimated at EUR 420–450 million; adjusted EBITA/EBITDA expected between EUR 38–44 million.

• Management remains confident in meeting guidance despite market headwinds, supported by efficiency and price measures.