Interim report
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lt.fi Lassila & Tikanoja Plc Interim Report January–September 2026
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Lassila & Tikanoja Oyj Interim Report January–September 2026 Profitability returned close to the comparison period level in the third quarter The financial information presented in this Interim Report is based on actual figures for the financial information for 2026 and the statement of financial position as at 31 December 2025, and on a carve‑out basis for the other financial information for 2025. The carve‑out financial information does not necessarily reflect what the combined results of operations and financial position of Lassila & Tikanoja would have been had Lassila & Tikanoja operated as a standalone legal group and, accordingly, prepared separate consolidated financial information for the periods presented. Nor does the carve‑out financial information necessarily indicate the results of operations, financial position or cash flows of Lassila & Tikanoja in the future. Unless otherwise mentioned, the figures in brackets refer to the corresponding period in the previous year. July–September 2026 highlights Net sales were EUR 117.5 million (116.1). Net sales grew by 1.2%. Adjusted EBITDA was EUR 26.6 million (27.1), representing 22.7% (23.3) of net sales. Adjusted EBITA was EUR 15.2 million (15.7), representing 12.9% (13.5) of net sales. Profitability in the third quarter was supported by price increases implemented in the first half of the year as well as cost savings achieved through the efficiency programme. Profitability was burdened by rising fuel prices as well as exceptional challenges in the waste-to- energy market. Operating profit was EUR 13.9 million (14.2), representing 11.8% (12.2) of net sales. Earnings per share1 were EUR 0.24 (0.26). January–September 2026 highlights Net sales were EUR 328.5 million (315.5). Net sales grew by 4.1%. Net sales increased particularly in the hazardous waste and remediation business. Adjusted EBITDA was EUR 59.5 million (64.0), representing 18.1% (20.3) of net sales. Adjusted EBITA was EUR 25.2 million (31.6), representing 7.7% (10.0) of net sales. Profitability was burdened by rising fuel prices, exceptional challenges in the waste-to-energy market as well as increased depreciation and amortisation. Operating profit was EUR 21.9 million (30.0), representing 6.7% (9.5) of net sales. Earnings per share1 were EUR 0.36 (0.59). Net cash flow from operating activities after investments amounted to EUR 8.4 million (15.6). Taking into account the one-off costs related to the partial demerger and the interest payments on financing loans that were not included in the cash flow of the comparison period, net cash flow from operating activities after investments improved from the previous year. 1 Earnings per share are not comparable between periods, as the Company’s external borrowings and the related net finance costs, among other items, were not included in the carve‑out financial information for 2025. 1
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Lassila & Tikanoja Oyj Interim Report January–September 2026 Outlook for the year 2026 (revised 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). PRESIDENT AND CEO EERO HAUTANIEMI: ” In January–September of 2026, net sales amounted to EUR 328.5 million (315.5), representing a year‑on‑year increase of 4.1 per cent. Organically, net sales increased by 1.9 per cent. In the Waste Management and Recycling service area, net sales amounted to EUR 207.5 million (208.6). In Waste Management, the challenging economic environment was reflected in net sales. The service area’s net sales were supported by the pallet business acquired in June 2025. In the Hazardous Waste and Remediation service area, net sales increased by 20.7 per cent to EUR 59.3 million (49.1), driven by a strong project pipeline in remediation and stable demand in the hazardous waste service area. In the Hazardous Waste and Remediation business, the completion phase of two major projects slowed net sales growth in the third quarter. The active project phases of both the Boliden Harjavalta landfill site and the Hyvinkää thermal energy storage facility will be completed by the end of the year, which is reflected in net sales in the second half of the year. Net sales in Industrial Services and Water Treatment increased by 8.0 per cent to EUR 66.4 million (61.5). Net sales growth was supported by a busy annual maintenance season in the third quarter and the acquisitions completed in December 2025. In 2026, industrial annual maintenance shutdowns are more heavily weighted towards the second half of the year than in the comparison period. Adjusted EBITA for January–September amounted to EUR 25.2 million (31.6). Profitability in the reporting period was burdened by an approximately EUR 5 million increase in costs resulting from higher fuel prices compared with the previous year, as well as an approximately EUR 1 million increase in amortisation related to the ERP system renewal investment. In September, the average price of diesel (excl. VAT) was 49 per cent (64 cents) per litre higher than in the comparison period. Higher fuel prices have largely been offset by price increases, but these take effect with a 2–6-month delay and are not yet fully reflected in the reported result. Profitability for the reporting period was further weakened by exceptional challenges in the waste-to-energy market. Increased gate fees and temporary disruptions in reception capacity of waste-to-energy facilities increased costs and reduced operational efficiency. L&T continued its focused measures to improve profitability in the third quarter. The effects of the implemented price increases, the ongoing efficiency programme and other measures to improve profitability were reflected in the third-quarter result as expected, but their full impact will only be visible from the first quarter of 2027 onwards. The development in the third quarter reinforces the company’s assessment that the measures already implemented and currently underway will enable adjusted EBITA in the second half of the year to reach the previous year’s level. The outlook is based on the assumption 2
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Lassila & Tikanoja Oyj Interim Report January–September 2026 that a prolonged crisis in the Middle East or other geopolitical risks will not significantly increase fuel prices from their current levels. Net cash flow from operating activities after investments amounted to EUR 8.4 million (15.6). Taking into account the one-off costs related to the partial demerger and the interest payments on financing loans that were not included in the cash flow of the comparison period, net cash flow from operating activities after investments improved from the previous year. L&T’s steady sustainability performance continued during the reporting period. The total recordable injury frequency (TRIF) decreased to 19 (23), and the sickness-related absence rate declined compared with the comparison period. L&T’s direct emissions (Scope 1 and 2) remained at the comparison period level.” Key figures Key figures (EUR m) 7–9/ 2026 7–9/ 2025 Change % 1–9/ 2026 1–9/ 2025 Change % 1–12/ 2025 Net sales 117.5 116.1 1.2 328.5 315.5 4.1 426.6 Adjusted EBITDA 26.6 27.1 -1.7 59.5 64.0 -7.0 84.3 Adjusted EBITDA, % 22.7 23.3 18.1 20.3 19.8 EBITDA 25.9 26.1 -0.5 57.8 63.8 -9.4 79.8 EBITDA, % 22.1 22.5 17.6 20.2 18.7 Adjusted EBITA 15.2 15.7 -3.6 25.2 31.6 -20.3 40.6 Adjusted EBITA, % 12.9 13.5 7.7 10.0 9.5 Operating profit 13.9 14.2 -1.9 21.9 30.0 -27.2 34.2 Result for the period 9.1 10.1 -10.0 13.8 22.5 -38.9 25.7 Earnings per share (EUR)1 0.24 0.26 -9.8 0.36 0.59 -38.8 0.67 Net cash flow from operating activities after investments 11.2 10.2 9.1 8.4 15.6 -46.1 41.4 Net cash flow from operating activities after investments per share (EUR)1 0.29 0.27 9.3 0.22 0.41 -46.0 1.08 Gross capital expenditure 5.3 6.0 -11.5 16.0 25.2 -36.3 41.7 Capital employed 368.6 336.1 9.7 360.4 Return on capital employed, % (ROCE) 8.0 n/a 10.6 Return on equity, % (ROE) 8.2 n/a 12.1 Net interest-bearing liabilities 163.5 n/a 150.2 Net interest-bearing debt / Adjusted EBITDA 2.0x n/a 1.8x Equity ratio, % 33.9 n/a 35.0 Gearing, % 96.8 n/a 86.9 Average number of employees in full-time equivalents 1,856 1,864 -0.4 1,907 Total number of full-time and part-time employees at period-end 2,303 2,337 -1.5 2,236 1 The figures for January–September 2025 is calculated based on the number of shares at the date of the demerger 31 December 2025. Differences between the actual figures and the carve‑out principles affect the presentation of certain key performance indicators. Key figures based on equity, interest‑bearing liabilities and net interest‑bearing liabilities are presented only as at 31 December 2025 and 30 September 2026, as the information for earlier periods prepared on a carve‑out basis does not reflect the capital and financing structure of Lassila & Tikanoja. 3
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Lassila & Tikanoja Oyj Interim Report January–September 2026 GROUP NET SALES AND FINANCIAL PERFORMANCE July–September Net sales for the third quarter amounted to EUR 117.5 million (116.1), representing an increase of 1.2% compared with the comparison period. Organic growth in net sales was 0.3%. Net sales in the Waste Management and Recycling service area declined to EUR 71.9 million (74.3) due to the challenging market conditions in waste management. Net sales in the Hazardous Waste and Remediation service area increased to EUR 21.1 million (20.5), driven by remediation projects. Net sales in Industrial Services and Water Treatment increased to EUR 26.5 million (23.0) due to the timing of industrial maintenance shutdowns. In 2026, the maintenance shutdowns are more heavily weighted towards the second half of the year compared with the comparison period. Adjusted EBITA amounted to EUR 15.2 million (15.7), representing 12.9% (13.5) of net sales. Operating profit was EUR 13.9 million (14.2), representing 11.8% (12.2) of net sales. Profitability in the third quarter was supported by price increases implemented in the first half of the year, cost savings achieved through the efficiency programme and strong volume development in Industrial Services and Water Treatment. Profitability in the reporting period was burdened by higher fuel prices resulting from the crisis in the Middle East, which increased costs by approximately EUR 2 million compared with the previous year. Profitability was further weakened by exceptional challenges in the waste-to-energy market. Operating profit included a total of EUR 0.7 million in items affecting comparability, mainly related to the efficiency measures implemented during the reporting period. The net financial expenses for the third quarter amounted to EUR -1.9 million (-1.2). The share of the profit of the joint venture Laania Oy was EUR -0.5 million (-0.2). Net financial expenses for years 2026 and 2025 are not comparable, as the Company’s external loans and the related net financial expenses have not been included in the carve‑out financial information. January–September Net sales for January–September amounted to EUR 328.5 million (315.5), representing an increase of 4.1% compared with the comparison period. Organic growth in net sales was 1.9%. Net sales in the Waste Management and Recycling service area amounted to EUR 207.5 million (208.6). The pallet business acquired in June 2025 contributed to the service area’s net sales growth, while organically net sales declined due to challenging market conditions in waste management. Net sales in the Hazardous Waste and Remediation service area increased to EUR 59.3 million (49.1), driven by remediation projects. Net sales in Industrial Services and Water Treatment increased to EUR 66.4 million (61.5) due to the busy annual maintenance season in the third quarter. Adjusted EBITA amounted to EUR 25.2 million (31.6), representing 7.7% (10.0) of net sales. Operating profit was EUR 21.9 million (30.0), representing 6.7% (9.5) of net sales. The profitability of the reporting period was burdened, in addition to the challenging market conditions, by higher fuel prices resulting from the Middle East crisis, which increased costs by approximately EUR 5 million compared with the previous year. Amortisation related to the ERP system renewal project implemented in June 2025 increased amortisation for January–September by approximately EUR 0.8 million compared with the previous year. 4
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Lassila & Tikanoja Oyj Interim Report January–September 2026 Profitability was further weakened by exceptional challenges in the waste-to-energy market. Increased gate fees and temporary disruptions in reception capacity of waste-to-energy facilities increased costs and reduced operational efficiency. The increase in gate fees for waste-to-energy was driven by an oversupply of incinerable waste in the market. Over the longer term, the oversupply of waste incineration capacity in Finland is expected to create downward pressure on gate fees. Operating profit included a total of EUR 1.7 million in items affecting comparability, primarily related to the partial demerger as well as the efficiency measures implemented during the reporting period. During the second quarter, L&T implemented price increases and launched a comprehensive efficiency programme to improve the cost structure of its waste management operations. In addition, on 7 July 2026, the company concluded change negotiations, which resulted in 17 employees having their employment terminated and 420 employees being temporarily laid off for 14 or 30 days. The company estimates that the measures already implemented and currently under way will enable it to achieve the same level of adjusted EBITA in the second half of the year as in the corresponding period of the previous year. The outlook is based on the assumption that a prolonged crisis in the Middle East or other geopolitical risks will not significantly increase fuel prices from their current levels. On 1 April 2026, Lassila & Tikanoja acquired the entire share capital of Sand & Vattenbläst i Tyringe AB (SVB) in Sweden. Lassila & Tikanoja expanded into the Swedish process cleaning services market in 2022 by acquiring a 70 per cent stake in Sand & Vattenbläst i Tyringe AB (SVB). Lassila & Tikanoja exercised the purchase option included in the original share purchase agreement and acquired the remaining shares of SVB. The acquisition supports the implementation of Lassila & Tikanoja’s strategy and strengthens its position in the Swedish industrial services market. SVB has been fully consolidated into the Group’s financial statements since 1 February 2022 based on control. L&T signed an agreement on 18 May 2026 to acquire the share capital of Kempeleen Siirtokuljetus Oy and its subsidiary Kempeleen Jätekuljetus Oy. The transaction supports L&T’s strategic growth objectives and strengthens L&T’s waste management and recycling service offering in the North Ostrobothnia region. Completion of the transaction is subject to approval by the Finnish Competition and Consumer Authority. In 2025, the combined revenue of the companies was approximately EUR 14 million, and they employ around 50 people. The net financial expenses for January–September amounted to EUR -5.6 million (-3.6). The share of the profit of the joint venture Laania Oy was EUR 0.8 million (1.0). Net financial expenses for years 2026 and 2025 are not comparable, as the Company’s external loans and the related net financial expenses have not been included in the carve‑out financial information. 5
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Lassila & Tikanoja Oyj Interim Report January–September 2026 Net sales by service area MEUR 7–9/ 2026 7–9/ 2025 Change % 1–9/ 2026 1–9/ 2025 Change % 1–12/ 2025 Waste management and recycling 71.9 74.3 -3.3 207.5 208.6 -0.5 278.1 Hazardous waste and remediation 21.1 20.5 3.1 59.3 49.1 20.7 73.0 Industrial services and water treatment 26.5 23.0 15.2 66.4 61.5 8.0 81.3 Net sales between service areas -2.0 -1.7 -4.7 -3.7 -5.9 Total net sales 117.5 116.1 1.2 328.5 315.5 4.1 426.6 FINANCING In January–September, net cash flow from operating activities totalled EUR 27.2 million (36.9). A total of EUR 21.1 million in working capital was tied up during the reporting period (EUR 20.8 million tied up). Net cash flow from operating activities after investments was EUR 8.4 million (15.6). Cash flow was weakened by payments of items related to the partial demerger between Lassila & Tikanoja and Luotea, totalling EUR 5.9 million. Taking into account the one-off costs related to the partial demerger and the interest payments on financing loans that were not included in the cash flow of the comparison period, net cash flow from operating activities after investments improved from the previous year. At the end of the reporting period, interest‑bearing liabilities amounted to EUR 199.7 million, including lease liabilities totalling EUR 64.7 million. Net interest‑bearing liabilities totalled EUR 163.5 million. The average interest rate on long‑term loans, excluding lease liabilities, was 3.4 per cent. External loans of the company have not been included in the carve‑out financial information for the comparative period. As part of the financing arrangements, EUR 75 million unsecured notes, EUR 35 million and EUR 15 million term loans, and EUR 40 million revolving credit facility were transferred to Lassila & Tikanoja in the demerger on 31 December 2025. During the second quarter, the company exercised the first extension option included in its EUR 35 million and EUR 15 million term loans, thereby extending their maturity to June 2029. At the end of the reporting period, EUR 10.0 million of the Company's EUR 100.0 million commercial paper programme was utilised. The Company's EUR 10.0 million overdraft facility and EUR 40.0 million committed revolving credit facility were undrawn at the end of the reporting period. Net financial expenses totalled EUR -5.6 million (-3.6). Net financial expenses were 1.7% (1.1) of net sales. The net financial expenses for January–September 2026 and 2025 are not comparable, as the Company’s external borrowings and the related net financial expenses were not included in the carve‑out financial information. The equity ratio was 33.9% and gearing ratio was 96.8%. Net interest-bearing debt to adjusted EBITDA was 2.0x. The Group’s total equity amounted to EUR 168.8 million. Cash and cash equivalents at the balance sheet date totalled EUR 36.2 million. 6
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Lassila & Tikanoja Oyj Interim Report January–September 2026 CAPITAL EXPENDITURE Gross capital expenditure for the reporting period totalled EUR 16.0 million (25.2). The capital expenditure consisted primarily of machine and equipment purchases. SUSTAINABILITY L&T’s sustainability performance remained stable during the reporting period. Occupational safety remained at an excellent level. L&T’s direct emissions (Scope 1 and 2) remained at the comparison period level. The carbon handprint increased by 3% year-on-year driven by higher material volumes. Progress towards sustainability targets Indicator 1–9/2026 1–9/2025 Target Target to be achieved by Environmental responsibility Carbon handprint (tCO2e) i.e. emissions prevented -284,900 -275,700 growth faster than net sales Carbon footprint (tCO2e) Scope 1 & 2 15,300 15,100 net zero 2045 Social responsibility Total recordable incident frequency (TRIF) 19.2 22.5 17.0 2028 Sickness-related absences (%) 4.7 5.1 4.5 2028 Personnel During the reporting period, the average number of employees converted into full-time equivalents was 1,856 (1,864). At the end of the reporting period, L&T had a total of 2,303 (2,337) full-time and part-time employees. Number of employees at end of the period 1–9/2026 1–9/2025 1–12/2025 Group 2,303 2,337 2,236 Finland 2,199 2,243 2,133 Sweden 104 94 103 7
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Lassila & Tikanoja Oyj Interim Report January–September 2026 SHARES AND SHARE CAPITAL Traded volume and price The demerger of Lassila & Tikanoja was completed on 31 December 2025, and trading in the shares of Lassila & Tikanoja Plc commenced on Nasdaq Helsinki on 2 January 2026. During the reporting period, a total of 7.7 million shares in the Company were traded, representing 20.3% of the average number of shares outstanding. The value of trading amounted to EUR 56.0 million. The acquisitions of the Company’s own shares are not included in the trading figures. The highest share price was EUR 8.35 and the lowest EUR 6.31. The closing price was EUR 6.61. At the end of the reporting period, the market capitalisation of the Company’s share capital, excluding treasury shares held by the Company, amounted to EUR 251.8 million. Own shares During the reporting period, the Company acquired a total of 150,000 of its own shares. During the reporting period, the Company transferred a total of 14,288 treasury shares in its possession to 19 key employees covered by the Group’s share‑based incentive scheme. The transferred shares represent the share‑based portion of the rewards payable under the share‑based incentive scheme for the years 2023–2025. In addition, based on the resolution of the Annual General Meeting held on 28 April 2026, the company transferred 13,974 Lassila & Tikanoja Plc shares to the members of the Board of Directors as part of their annual remuneration. At the end of the reporting period, the Company held a total of 121,738 treasury shares. On 23 March 2026, the Company announced that it had completed the repurchase of its own shares, which was originally announced by a stock exchange release on 27 February 2026. The share repurchase programme commenced on 3 March 2026 and ended on 20 March 2026. A total of 150,000 shares were acquired, corresponding to approximately 0.4% of all shares in Lassila & Tikanoja Plc. The average purchase price was EUR 7.6893 per share. Share capital and number of shares The company’s registered share capital amounts to EUR 80,000 and the number of outstanding shares was 38,089,986 at the end of the reporting period. The average number of shares excluding the shares held by the company was 38,117,254. Share-based incentive plans The purpose of Lassila & Tikanoja’s long-term incentive plans is to engage participants in the achievement of the Company’s long-term objectives and the creation of shareholder value, as well as to provide a competitive ownership-based incentive scheme. The company has the following share-based incentive plans under which share rewards remain to be paid on the balance sheet date: A performance‑based share‑based incentive scheme for 2023–2027, with ongoing three‑year performance periods for 2024–2026 and 2025–2027. The vesting of rewards for the 2024–2026 8
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Lassila & Tikanoja Oyj Interim Report January–September 2026 performance period is based on the following performance criteria: return on capital employed (ROCE) and relative total shareholder return (rTSR). The vesting of rewards for the 2025–2027 performance period is based on the following performance criteria: return on capital employed (ROCE), revenue growth in 2025–2027 and relative total shareholder return (rTSR). The rewards payable based on the 2024– 2026 and 2025–2027 performance periods have been converted into shares of the new Lassila & Tikanoja on the basis of the price formation of the new Lassila & Tikanoja share following the listing. The rewards payable based on the performance periods will be paid no later than five months after the end of the performance period as a combination of shares and cash. A performance‑based share‑based incentive scheme for 2026–2030, comprising three (3) performance periods of three (3) years each, covering the calendar years 2026–2028, 2027–2029 and 2028–2030. The Board of Directors decides on the performance criteria of the scheme and the targets set for each performance criterion at the beginning of each performance period. Any rewards payable under the scheme will be paid after the completion of each performance period. For the 2026–2028 performance period, the vesting of rewards is based on the following performance criteria: adjusted return on capital employed (ROCE) (30%) in 2026–2028, revenue growth (30%) in 2026–2028, relative total shareholder return (rTSR) (30%) in 2026–2028, and reduction of carbon footprint (ESG) (10%) in 2026–2028. The rewards payable for the 2026–2028 performance period correspond to a maximum value of approximately 218,677 shares of Lassila & Tikanoja Plc, including the portion payable in cash. The target group of the share‑based incentive scheme for the 2026–2028 performance period comprises approximately 25 key employees, including the Group’s President and CEO and the members of the Group Management Team. Shareholders At the end of the reporting period, the company had 24,280 shareholders. Nominee-registered holdings accounted for 11.1% of the total number of shares. Flagging notifications On 30 January 2026, Lassila & Tikanoja Plc received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act, according to which the shareholding of Protector Forsikring ASA in Lassila & Tikanoja decreased below the 5 per cent threshold on 29 January 2026. Authorisations for the Board of Directors The Annual General Meeting of Lassila & Tikanoja Plc, which was held on 28 April 2026, resolved to authorise the Board of Directors of the Company to repurchase the Company’s own shares using the company’s unrestricted equity. In addition, the Annual General Meeting authorised the Board of Directors to decide on the issuance of shares and special rights entitling their holders to shares. By virtue of the authorisation, the Board of Directors is authorised to decide on the repurchase and/or acceptance as pledge of a maximum of 2,000,000 of the Company’s own shares using the Company’s non-restricted equity. This number of shares corresponds to approximately 5.2% of the Company’s total number of shares on the date of the notice to the Meeting. The authorisation is valid for 18 months. 9
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Lassila & Tikanoja Oyj Interim Report January–September 2026 By virtue of the authorisation, the Board of Directors is authorised to decide, in one or more instalments, on the issuance of new shares or shares possibly held by the Company through a share issue and/or the issuance of option rights or other special rights entitling to shares, as referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that a maximum aggregate number of 2,000,000 shares may be issued and/or transferred pursuant to the authorisation. This number of shares corresponds to approximately 5.2% of the Company’s total number of shares on the publication date of the notice to the meeting. The authorisation is valid for 18 months. RESOLUTIONS BY THE ANNUAL GENERAL MEETING The Annual General Meeting of Lassila & Tikanoja Plc, which was held on 28 April 2026, adopted the financial statements and consolidated financial statements for the financial year 2025, discharged the members of the Board of Directors and the President and CEO from liability, and considered the Remuneration Report for the Company’s governing bodies as well as the Remuneration Policy for the governing bodies. The Annual General Meeting resolved on the use of the profit shown on the balance sheet and the payment of dividend, the composition and remuneration of the Board of Directors, the election and remuneration of the Auditor, the election and remuneration of the Sustainability Reporting Assurance Provider and authorising the Board of Directors to decide on the repurchase of the Company’s own shares and on a share issue and the issuance of special rights entitling to shares. The Annual General Meeting resolved that a dividend of EUR 0.42 per share be paid on the basis of the balance sheet to be adopted for the financial year 2025. The dividend will be paid in two instalments. The first dividend instalment of EUR 0.21 per share was paid on 8 May 2026. The Board of Directors of the Company resolved in its meeting held on 18 September 2026 that the dividend payment date for the second dividend instalment of EUR 0.21 per share will be 2 October 2026 and the dividend record date will be 22 September 2026 (originally on or about 1 October 2026 and 22 September 2026). The Annual General Meeting confirmed the number of members of the Board of Directors as five (5) in accordance with the proposal of the Shareholders’ Nomination Board. All of the current members of the Board of Directors, Tuija Kalpala, Teemu Kangas-Kärki, Sakari Lassila, Jukka Leinonen and Anna-Maria Tuominen-Reini were re-elected to the Board until the end of the next Annual General Meeting. Jukka Leinonen was re-elected as the Chair of the Board and Sakari Lassila was re-elected as the Vice Chair. The Annual General Meeting elected PricewaterhouseCoopers Oy, Authorised Public Accountants, as the auditor of the Company. PricewaterhouseCoopers Oy has announced that it will name Samuli Perälä, Authorised Public Accountant, as the auditor with principal responsibility. The Annual General Meeting elected PricewaterhouseCoopers Oy, Authorised Sustainability Audit Firm, as the sustainability reporting assurance provider of the Company. PricewaterhouseCoopers Oy has announced that it will name Samuli Perälä, Authorised Sustainability Auditor, as the responsible authorised sustainability auditor. The resolutions of the Annual General Meeting are described in more detail in the stock exchange release published on 28 April 2026. 10
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Lassila & Tikanoja Oyj Interim Report January–September 2026 BOARD OF DIRECTORS The members of Lassila & Tikanoja Plc’s Board of Directors are Tuija Kalpala, Teemu Kangas-Kärki, Sakari Lassila, Jukka Leinonen and Anna-Maria Tuominen-Reini. Lassila & Tikanoja Plc’s Annual General Meeting, held on 28 April 2026, elected Jukka Leinonen as the Chairman of the Board and Sakari Lassila as the Vice Chairman. In its constitutive meeting, held on 28 April 2026, the Board of Directors elected the members of the Audit Committee and the Personnel and Sustainability Committee from amongst its members. Teemu Kangas-Kärki (Chairman), Sakari Lassila and Anna-Maria Tuominen-Reini were elected to the Audit Committee. Jukka Leinonen (Chairman), Sakari Lassila and Tuija Kalpala were elected to the Personnel and Sustainability Committee. The company announced the composition of the Shareholders’ Nomination Board of Lassila & Tikanoja Plc on 17 September 2026. The three largest shareholders of Lassila & Tikanoja Plc, determined on the basis of the shareholders’ register maintained by Euroclear Finland Ltd on 1 September 2026 and in accordance with the other principles set out in the Charter, have been entitled to appoint their representatives to the company’s Shareholders’ Nomination Board. Pursuant to the Charter of the Nomination Board, a group of shareholders may agree to appoint a joint representative to the Nomination Board. The following two groups of shareholders have agreed to appoint a joint representative: Evald and Hilda Nissi Foundation and Heikki Bergholm as the first group, and Chemec Oy, CH-Polymers Oy, Eeva Maijala, Maijala Investment Oy, Juhani Maijala, Juuso Maijala, Miikka Maijala, Mikko Maijala, Roope Maijala and Tuula Maijala as the second group. The three largest shareholders of Lassila & Tikanoja Plc on 1 September 2026 that are entitled to appoint a representative to the Shareholders’ Nomination Board of Lassila & Tikanoja Plc are the above- mentioned shareholder groups and Nordea Nordic Small Cap Fund. These shareholders have appointed Juhani Lassila, Miikka Maijala and Josefin Degerholm as their representatives to the Nomination Board of Lassila & Tikanoja Plc. The Chair of the Board of Directors of Lassila & Tikanoja Plc, Jukka Leinonen, serves as the fourth member of the Nomination Board. The Chair of the Nomination Board is Juhani Lassila. The Nomination Board is responsible for preparing proposals concerning the election and remuneration of the members of the Board of Directors for the next Annual General Meeting. CHANGES IN THE GROUP EXECUTIVE BOARD Lassila & Tikanoja Plc announced on 16 February 2026, that a member of Lassila & Tikanoja Plc’s Group Executive Board, Hilppa Rautpalo (Senior Vice President, Legal, HR and EHSQ), has announced her decision to leave the company to take up a new position outside the organisation. Rautpalo left the company at the end of April 2026. Lassila & Tikanoja Plc announced on 19 March 2026, that Eero Hautaniemi, who has served as President and CEO of Lassila & Tikanoja Plc since 2019, has informed the company of his wish to step down from his position no later than 30 June 2027. The Board of Directors of the company has initiated the recruitment process for a new President and CEO. 11
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Lassila & Tikanoja Oyj Interim Report January–September 2026 Lassila & Tikanoja Plc announced on 1 June 2026, that the Company has appointed Arttu Lindroos (43, B.Sc.) as SVP, HR and a member of the Group Executive Board. Lindroos assumed the position on 1 September 2026. EVENTS AFTER THE REPORTING PERIOD Lassila & Tikanoja Plc announced on 28 October 2026, that the Board of Directors of Lassila & Tikanoja Plc has appointed M.Sc. (Tech.) Ari-Pekka Määttänen (born 1968) as the company's new President and CEO. He will assume his position on 1 May 2027. Määttänen will succeed the current President and CEO, Eero Hautaniemi, whose decision to step down from his position by summer 2027 was announced on 19 March 2026. Ari-Pekka has extensive experience in leading, transforming and growing businesses based on customer needs. He has held senior leadership and business development positions at Stora Enso and Andritz, and joins Lassila & Tikanoja from his current position as CEO of Fintoil Oy. Eero Hautaniemi will continue as President and CEO of Lassila & Tikanoja until 30 April 2027. Thereafter, he will serve as Senior Advisor until 31 July 2027. NEAR-TERM RISKS AND UNCERTAINTIES General economic uncertainty may affect the level of economic activity among customers and the development of material volumes, which may reduce the demand for L&T’s services. Lassila & Tikanoja’s business is susceptible to economic fluctuations and changing market conditions and variations in the industries of L&T’s customers may affect the demand for L&T’s services and solutions. The markets in which Lassila & Tikanoja operates are highly competitive, and increased competition or failure to respond to competitive pressures may result in L&T losing market share. Lassila & Tikanoja’s business is sensitive to fluctuations in the pricing and supply of fuels, materials, raw materials, and capital goods. Especially in the short term, disruptions in the operations of waste-to- energy plants may have a negative impact on the company's profitability. The Finnish Waste Act was amended in July 2021. Under the reforms to the Waste Act, municipalities take on a larger role in organising the collection of packaging materials and biowaste from housing properties. L&T estimates that, as a result of municipalisation, approximately EUR 100 million of the Finnish waste management market will be moved out of the scope of free competition between 2024 and 2029. L&T is a significant operator in municipal contracts and estimates that the overall impact of the change will be negative. Lassila & Tikanoja may become liable for environmental damages, which could result in significant costs and reputational harm. 12
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Lassila & Tikanoja Oyj Interim Report January–September 2026 The company has completed several ERP system implementations. Temporary additional costs related to the stabilisation of the systems and operating model, as well as the working capital tied up during the transition, may adversely affect the company's financial performance. Lassila & Tikanoja’s mergers and acquisitions and corporate restructuring activities expose L&T to various risks that may have an adverse effect on its business. Lassila & Tikanoja operates in a labour-intensive industry and failures in recruiting skilled personnel, losing senior managers or key employees or other disruptions in the availability or work capacity of personnel may adversely affect L&T’s business, and it may fail in recruiting and retaining people with the required skill set. Lassila & Tikanoja’s operations and services rely largely on data networks and digital solutions, and any malfunctions in and breaches or attacks targeting such networks and solutions as well as potential failures in information system development projects as well as lack of adequate data processing agreements may adversely affect the business and financial position of L&T and lead to reputational damage. The geopolitical situation involves uncertainty stemming from Russia’s war of aggression, the crisis in the Middle East and the United States’ trade and tariff policy. The indirect effects of these factors on general economic activity and cost levels in Finland and Sweden may adversely affect net sales and profitability. 13
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Interim Report 1 January - 30 September 2026: Tables Contents Key figures of the Group Key figures Reconciliation of alternative performance measures Key figures by quarter Calculation of key figures Primary financial statements Consolidated income statement Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of cash flows Consolidated statement of changes in equity Notes 1. Basis of preparation 2. Net sales 3. Business acquisitions 4. Intangible and tangible assets 5. Capital commitments 6. Provisions 7. Financial assets and liabilities 8. Related-party transactions 9. Commitments and contingent liabilities 14
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Key figures of the Group Key figures In EUR million, unless otherwise indicated 7-9/2026 7-9/2025 Carve-out 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Net sales 117.5 116.1 328.5 315.5 426.6 Net sales growth, % 1.2 n/a 4.1 -1.0 0.7 Adjusted EBITDA 26.6 27.1 59.5 64.0 84.3 Adjusted EBITDA margin, % 22.7 23.3 18.1 20.3 19.8 EBITDA 25.9 26.1 57.8 63.8 79.8 EBITDA margin, % 22.1 22.5 17.6 20.2 18.7 Adjusted EBITA 15.2 15.7 25.2 31.6 40.6 Adjusted EBITA margin, % 12.9 13.5 7.7 10.0 9.5 Operating profit 13.9 14.2 21.9 30.0 34.2 Result for the period 9.1 10.1 13.8 22.5 25.7 Earnings per share, EUR1 0.24 0.26 0.36 0.59 0.67 Net cash flow from operating activities after investments 11.2 10.2 8.4 15.6 41.4 Net cash flow from operating activities after investments per share, EUR1 0.29 0.27 0.22 0.41 1.08 Gross capital expenditure 5.3 6.0 16.0 25.2 41.7 Equity / share, EUR 4.43 n/a 4.52 Capital employed 368.6 336.1 360.4 Return on capital employed, % (ROCE) 8.0 n/a 10.6 Return on equity, % (ROE) 8.2 n/a 12.1 Net interest-bearing liabilities 163.5 n/a 150.2 Net debt / Adjusted EBITDA (rolling 12 months) 2.0x n/a 1.8x Equity ratio, % 33.9 n/a 35.0 Gearing, % 96.8 n/a 86.9 Average number of employees in full-time equivalents (FTEs) 1,856 1,864 1,907 Number of employees at the end of the period 2,303 2,337 2,236 Share issue-adjusted number of shares, 1,000 shares average during the period 38,117 n/a 38,212 at the end of the period 38,090 n/a 38,212 average during the period, diluted 38,259 n/a 38,320 1 January-September 2025 calculated based on the number of shares at the date of the demerger 31 December 2025. Differences between the actual figures and the carve‑out principles affect the presentation of certain key performance indicators. Key figures based on equity, interest‑bearing liabilities and net interest‑bearing liabilities are presented only as at 30 September 2026 and 31 December 2025, as the information for earlier periods prepared on a carve‑out basis does not reflect the capital and financing structure of Lassila & Tikanoja. For the calculation of key figures based on the number of shares, the number of shares at the date of demerger, 31 December 2025, has been applied for January-September 2025. 15
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Reconciliation of alternative performance measures EBITDA and Adjusted EBITDA to operating profit MEUR 7-9/2026 7-9/2025 Carve-out 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Operating profit 13.9 14.2 21.9 30.0 34.2 + Depreciation, amortisation and impairment 12.0 11.9 35.9 33.7 45.5 EBITDA 25.9 26.1 57.8 63.8 79.8 Items affecting comparability: - Expenses arising from business restructurings 0.7 0.7 1.6 1.9 4.8 - Items related to the acquisition of business 0.0 0.2 -0.1 -2.0 -0.6 - Other items - 0.1 0.2 0.4 0.3 Items affecting comparability total1 0.7 1.0 1.7 0.2 4.5 Adjusted EBITDA 26.6 27.1 59.5 64.0 84.3 Adjusted EBITA to operating profit MEUR 7-9/2026 7-9/2025 Carve-out 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Operating profit 13.9 14.2 21.9 30.0 34.2 + Amortisation of purchase price allocations to intangible assets from acquisitions 0.5 0.5 1.6 1.4 1.9 Items affecting comparability: - Expenses arising from business restructurings 0.7 0.7 1.6 1.9 4.8 - Items related to the acquisition of business 0.0 0.2 -0.1 -2.0 -0.6 - Other items - 0.1 0.2 0.4 0.3 Items affecting comparability total1 0.7 1.0 1.7 0.2 4.5 Adjusted EBITA 15.2 15.7 25.2 31.6 40.6 Return on capital employed, % (ROCE) MEUR 1-9/2026 Carve-out 1-12/2025 Carve-out 352.3 340.9 Operating profit 26.1 34.2 + Financial income 0.4 0.2 + Share of result of joint ventures 1.7 1.9 Return on capital employed (MEUR) 28.2 36.3 Return on capital employed, % 8.0 10.6 The company discloses certain other widely used performance measures that can for the most part be derived from the income statement and balance sheet. The formulas for these performance measures are provided in the section Calculation of key figures. In the company’s view, these measures clarify the result of operations and financial position based on the income statement and balance sheet. 1In January-September, the items affecting comparability include expenses relating to the demerger totalling EUR 1.0 million (1.8). In 2025, the items affecting comparability include expenses relating to the demerger totalling EUR 4.7 million. Capital employed, average at the end of the reporting period and the end of the comparison 16
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Return on equity, % (ROE) MEUR 1-9/2026 Carve-out 1-12/2025 Carve-out 17.0 25.7 207.5 212.5 Return on equity, % (ROE) 8.2 12.1 Net interest-bearing liabilities 1 MEUR 30 Sep 2026 31 Dec 2025 Borrowings 125.0 125.0 Lease liabilities 50.5 48.6 Non-current interest-bearing liabilities 175.5 173.6 Lease liabilities 14.1 13.8 Borrowings 10.1 0.2 Current interest-bearing liabilities 24.2 13.9 Total interest-bearing liabilities 199.7 187.6 Cash and cash equivalents 36.2 37.4 Net interest-bearing liabilities 163.5 150.2 Gearing, % 30 Sep 2026 31 Dec 2025 Net interest-bearing liabilities, MEUR 163.5 150.2 Equity, MEUR 168.8 172.8 Gearing, % 96.8 86.9 Gross capital expenditure reconciliation MEUR 7-9/2026 7-9/2025 Carve-out 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Intangible assets of acquired businesses - - -0.0 7.2 11.5 Property, plant and equipment of acquired businesses - - - 0.4 1.0 Other additions to intangible assets 0.1 0.4 1.6 1.4 2.4 Other additions to property, plant and equipment 4.2 5.1 11.8 13.3 21.2 - adjustments1 -0.8 -0.6 -2.7 -2.6 -3.4 Acquisition of heavy rental equipment included in right-of-use assets 1.8 1.0 5.4 5.4 9.1 Gross capital expenditure 5.3 6.0 16.0 25.2 41.7 1 The structural additions related to environmental provisions and the equipment additions related to presses and balers leased from the financing company, as well as equipment additions arising from the redemption of heavy metal rental equipment. Equity (average at end of the reporting period and end of the comparison period) 1 In connection with the demerger, loans and cash and cash equivalents were transferred from Luotea (formerly Lassila & Tikanoja) to Lassila & Tikanoja. Further information is provided in Note 7 to the Interim Report, Financial assets and liabilities. Result for the period (rolling 12 months) 17
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Net debt / Adjusted EBITDA (rolling 12 months) MEUR 1-9/2026 Carve-out 1-12/2025 Carve-out Net interest-bearing liabilities 163.5 150.2 Adjusted EBITDA (rolling 12 months) 79.8 84.3 Net debt / Adjusted EBITDA (rolling 12 months) 2.0x 1.8x Equity ratio, % MEUR 30 Sep 2026 31 Dec 2025 Equity 168.8 172.8 Statement of financial position total 512.1 509.7 Advances received -14.2 -16.1 Total 497.9 493.7 Equity ratio, % 33.9 35.0 Key figures by quarter In EUR million, unless otherwise indicated 7-9/2026 4-6/2026 1-3/2026 10-12/2025 Carve-out 7-9/2025 Carve-out Net sales 117.5 116.2 94.8 111.2 116.1 Adjusted EBITDA 26.6 21.3 11.5 20.3 27.1 Adjusted EBITDA margin, % 22.7 18.3 12.1 18.2 23.3 EBITDA 25.9 20.9 11.0 16.0 26.1 EBITDA margin, % 22.1 17.9 11.6 14.4 22.5 Adjusted EBITA 15.2 9.8 0.2 9.0 15.7 Adjusted EBITA margin, % 12.9 8.4 0.3 8.1 13.5 Operating profit 13.9 8.8 -0.8 4.2 14.2 Result for the period 9.1 5.2 -0.5 3.2 10.1 Earnings per share, EUR1 0.24 0.14 -0.01 0.08 0.26 1 All quarters of year 2025 are calculated based on the number of shares at the date of the demerger 31 December 2025. 18
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Calculation of key figures Key figure Definition Earnings per share (EUR) Result for the period attributable to the equity holders of the parent company / adjusted average basic number of shares Diluted earnings per share (EUR) Result for the period attributable to the equity holders of the parent company / adjusted average diluted number of shares Equity per share (EUR) Equity attributable to the equity holders of the parent company / adjusted basic number of shares at the balance sheet date Operating profit Operating profit as presented in the income statement. EBITDA Operating profit excluding depreciation, amortisation and impairment. EBITDA margin, % EBITDA as a percentage of net sales. Items affecting comparability Substantial costs arising from business restructurings or acquisitions, gains and losses from divestments and costs arising from the discontinuation of businesses as well as other material items outside ordinary course of business. Adjusted EBITDA EBITDA adjusted for items affecting comparability. Adjusted EBITDA margin, % Adjusted EBITDA as a percentage of net sales. Adjusted EBITA Operating profit excluding amortisation and impairments of acquisition-related intangible assets, adjusted for items affecting comparability. Adjusted EBITA margin, % Adjusted EBITA as a percentage of net sales. Net cash flow from operating activities after investments Net cash flow from operating activities according to the consolidated cash flow statement, less net cash flow from investing activities as presented in the cash flow statement. Net cash flow from operating activities after investments per share, EUR Net cash flow from operating activities after investments / adjusted average basic number of shares Interest-bearing liabilities Borrowings + lease liabilities + cash pool liabilities to related parties 19
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Key figure Definition Capital employed Equity + interest-bearing liabilities Return on capital employed, % (ROCE) (Operating profit + financial income + share of the result of joint ventures, rolling 12 months) / (equity + interest-bearing liabilities ((average of the end of the reporting period and at the end of the comparison period)) Gross capital expenditure Investments in intangible assets, acquisitions of heavy rental equipment included in right-of- use assets, and investments in property, plant and equipment, excluding additions to constructions related to environmental provisions, excluding additions of equipment related to compactors and balers leased from finance companies, as well as respective assets acquired through business combinations. Return on equity, % (ROE) Result for the period (rolling 12 months) / invested equity (average at end of the reporting period and end of the comparison period) Net interest-bearing liabilities Interest-bearing liabilities - cash-pool receivables from related parties - cash and cash equivalents Net debt / Adjusted EBITDA Net interest-bearing liabilities / adjusted EBITDA (rolling 12 months) Gearing, % Net interest-bearing liabilities / Equity Equity ratio, % Equity / (statement of financial position total - advances received) Average number of employees in full-time equivalents (FTEs) Average number of full-time equivalent employees during the reporting period. Number of employees at the end of the period Number of employees at the end of the review period, total full ‑time and part‑time employees. 20
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Primary financial statements Consolidated income statement MEUR 7-9/2026 7-9/2025 Carve-out 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Note Net sales 117.5 116.1 328.5 315.5 426.6 2 Other operating income 0.2 0.3 1.8 4.0 3.4 Materials and services -35.8 -34.7 -103.4 -89.7 -126.2 Employee benefit expenses -35.8 -36.2 -106.7 -106.4 -141.9 Other operating expenses -20.1 -19.3 -62.5 -59.7 -82.2 Depreciation, amortisation and impairment -12.0 -11.9 -35.9 -33.7 -45.5 4 Operating profit 13.9 14.2 21.9 30.0 34.2 Financial income 0.2 0.1 0.4 0.1 0.2 Financial expenses -2.0 -1.3 -5.8 -3.8 -4.9 Exchange rate differences (net) -0.1 0.0 -0.2 0.1 0.1 Financial income and expenses -1.9 -1.2 -5.6 -3.6 -4.6 Share of the result of joint ventures -0.5 -0.2 0.8 1.0 1.9 Result before taxes 11.5 12.7 17.1 27.5 31.6 Income taxes -2.4 -2.7 -3.3 -4.9 -5.8 Result for the period 9.1 10.1 13.8 22.5 25.7 Attributable to: Equity holders of the parent company 9.1 10.1 13.8 22.5 25.7 Earnings per share for result attributable to the equity holders of the parent company, EUR: Basic1 0.24 0.26 0.36 0.59 0.67 Diluted1 0.24 0.26 0.36 0.59 0.67 Consolidated statement of comprehensive income MEUR 7-9/2026 7-9/2025 Carve-out 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Note Result for the period 9.1 10.1 13.8 22.5 25.7 Other comprehensive income, net of tax Items that may be reclassified to profit or loss Currency translation differences -0.4 0.1 -0.7 0.3 0.5 Other comprehensive income, total -0.4 0.1 -0.7 0.3 0.5 Total comprehensive income, after tax 8.7 10.2 13.1 22.8 26.3 Attributable to: Equity holders of Lassila & Tikanoja 8.7 10.2 13.1 22.8 26.3 1 January-September 2025 is calculated based on the number of shares at the date of the demerger 31 December 2025. 21
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Consolidated statement of financial position MEUR 30 Sep 2026 30 Sep 2025 Carve-out 31 Dec 2025 Note ASSETS Non-current assets Goodwill 125.1 122.5 125.7 4 Other intangible assets 35.2 37.0 38.2 4 Total intangible assets 160.4 159.5 163.8 Right-of-use assets 62.2 52.0 60.1 4 Other property, plant and equipment 141.5 148.9 150.9 4 Total property, plant and equipment 203.7 200.9 211.0 Shares in joint ventures 19.1 18.3 19.2 Other shares and holdings 0.1 0.1 0.1 Other non-current receivables 0.3 0.4 0.4 7 Total other non-current assets 19.5 18.8 19.8 Total non-current assets 383.6 379.2 394.6 Current assets Inventories 9.1 11.1 9.9 Trade receivables 66.3 63.4 51.5 7 Contract assets 13.9 16.8 12.3 Income tax receivables 0.2 0.2 - Cash-pool receivables from related parties - 0.1 - 7, 8 Other current receivables 2.8 2.7 4.1 7 Cash and cash equivalents 36.2 1.5 37.4 7 Total current assets 128.5 95.7 115.2 Total assets 512.1 474.9 509.7 22
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Consolidated statement of financial position MEUR 30 Sep 2026 30 Sep 2025 Carve-out 31 Dec 2025 Note EQUITY AND LIABILITIES Equity Equity attributable to the equity holders of the parent company Share capital 0.1 - 0.1 Currency translation differences -0.9 -0.4 -0.2 Invested unrestricted equity reserve 19.0 - 19.0 Invested equity - 246.7 - Retained earnings 150.7 - 154.0 Total Equity 168.8 246.2 172.8 Liabilities Non-current liabilities Deferred tax liabilities 22.0 22.0 22.4 Pension liabilities - 0.1 0.1 Provisions 6.8 6.5 6.3 6 Borrowings 125.0 0.1 125.0 7 Lease liabilities 50.5 43.3 48.6 7 Other liabilities 5.9 6.0 7.0 7 Total non-current liabilities 210.1 78.1 209.5 Current liabilities Borrowings 10.1 0.3 0.2 7 Cash-pool liabilities to related parties - 35.2 - 7, 8 Lease liabilities 14.1 10.9 13.8 7 Trade and other payables 101.7 99.0 108.0 7 Income tax liabilities 6.7 5.0 5.3 Provisions 0.5 0.2 0.3 6 Total current liabilities 133.1 150.6 127.4 Total liabilities 343.3 228.7 336.9 Total equity and liabilities 512.1 474.9 509.7 23
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Consolidated statement of cash flows MEUR 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Note Cash flows from operating activities Result for the period 13.8 22.5 25.7 Adjustments Income taxes 3.3 4.9 5.8 Depreciation, amortisation and impairment 35.9 33.7 45.5 4 Financial income and expenses 5.6 3.6 4.6 Gains and losses on sale of tangible and intangible assets -0.7 -0.1 -0.2 Share of result of joint ventures -0.8 -1.0 -1.9 Provisions -0.0 -0.6 -0.8 6 Other adjustments -0.2 -2.0 -0.5 Net cash generated from operating activities before change in working capital 56.8 61.1 78.4 Change in working capital Change in trade and other receivables -15.2 -24.4 -8.8 7 Change in inventories 0.8 -1.4 -0.2 Change in trade and other payables -6.7 5.0 8.7 7 Change in working capital -21.1 -20.8 -0.3 Interest and other financial expenses paid -6.3 -3.6 -4.7 Interest and other financial income received 0.4 0.1 0.2 Income taxes paid -2.5 0.1 -0.1 Net cash from operating activities 27.2 36.9 73.4 Cash flows from investing activities Acquisitions of subsidiaries and businesses, net of cash acquired -6.0 -8.0 -11.1 3, 7 Purchases of intangible assets and property, plant and equipment -13.9 -15.0 -22.8 4 Proceeds from sale of intangible assets and property, plant and equipment 0.2 0.2 0.3 Dividends received from joint venture 0.9 1.6 1.6 8 Dividends received from other non-current investments - 0.0 0.0 Net cash from investing activities -18.8 -21.3 -32.0 Net cash from operating and investing activities 8.4 15.6 41.4 Cash flows from financing activities Cash pool financing with the former Lassila & Tikanoja - 23.5 -11.6 7, 8 Equity financing with the former Lassila & Tikanoja, net - -28.9 20.5 Proceeds from short-term borrowings 20.0 - - Repayments of short-term borrowings -10.0 - - Repayments of long-term borrowings -0.2 -0.4 -0.9 7 Repayments of lease liabilities -10.2 -10.2 -13.7 Purchase of own shares -1.2 - - Dividends paid -8.0 - - Net cash from financing activities -9.5 -15.9 -5.7 Net change in cash and cash equivalents -1.1 -0.3 35.7 Cash and cash equivalents at the beginning of the period 37.4 1.9 1.9 Effect of changes in foreign exchange rates -0.0 -0.1 -0.2 Cash and cash equivalents at the end of the period 36.2 1.5 37.4 7 24
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Consolidated statement of changes in equity MEUR Invested equity and retained earnings Share capital Currency translation differences Invested unrestricted equity reserve Retained earnings Total equity Invested equity on 1 January 2025, carve-out 252.8 - -0.7 - - 252.1 Result for the period 22.5 22.5 Translation difference 0.3 0.3 Total comprehensive income 22.5 - 0.3 - - 22.8 Share-based benefits 0.2 0.2 Equity transactions with the former Lassila & Tikanoja Group -28.9 -28.9 Invested equity on 30 September 2025, carve-out 246.7 - -0.4 - - 246.2 Equity on 1 January 2026 - 0.1 -0.2 19.0 154.0 172.8 Result for the period 13.8 13.8 Translation difference -0.7 -0.7 Total comprehensive income - - -0.7 - 13.8 13.1 Share-based benefits 0.1 0.1 Dividend distribution -16.0 -16.0 Purchase of own shares -1.2 -1.2 Equity on 30 September 2026 - 0.1 -0.9 19.0 150.7 168.8 In the demerger, and in accordance with the Demerger Plan, Luotea’s (the former Lassila & Tikanoja) financing arrangements transferred to Lassila & Tikanoja comprised a EUR 75 million bond, term loans of EUR 35 million and EUR 15 million, as well as the related accrued interest liabilities. These items have not been included in the company’s comparative period carve‑out financial information. As a result, at the demerger date of 31 December 2025, the company’s equity decreased and the amount of liabilities increased. 25
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Notes 1. Basis of preparation Lassila & Tikanoja has operated as an independent legal group since 31 December 2025. Lassila & Tikanoja Plc was incorporated through the partial demerger of Luotea Plc (formerly Lassila & Tikanoja plc), which was completed on 31 December 2025. The financial information presented in this Interim Report is based on the actual figures of the independent group from the effective date of the partial demerger onwards, and on carve- out financial information for the period prior to the effective date of the partial demerger. This Interim Report has been prepared in compliance with the IAS 34 Interim Financial Reporting standard. The Interim Report has been prepared in compliance with the IFRS standards and interpretations in force as at 31 December 2025, as s well as the new and amended standards and interpretations effective from 1 January 2026. IFRS financial reporting standard amendments that became effective after 1 January 2026 have not had a material impact on the Interim report. The financial figures presented in this Interim Report are based on actual figures for the financial information for 2026 and the statement of financial position as at 31 December 2025, and on a carve-out basis for the other financial information for 2025. The carve-out principles are consistent with the carve-out principles presented in the 2025 financial statements. Lassila & Tikanoja has one operating and reportable segment (Circular Economy business). Net sales by service area are presented in Note 2. Net sales. Differences between actual figures and the carve ‑out principles affect the presentation of certain key figures. Key figures based on equity, interest ‑bearing liabilities and net interest‑bearing liabilities are presented only as at 31 December 2025 and as at 30 September 2026, as the carve ‑out financial information for prior periods does not reflect the capital and financing structure of Lassila & Tikanoja. In calculating per ‑share key figures, the number of shares outstanding at the date of the demerger, 31 December 2025, has been used for the comparative periods. The carve‑out financial information does not necessarily reflect what the combined results of operations, financial position or cash flows would have been had Lassila & Tikanoja operated as an independent legal group and prepared separate consolidated financial information for the periods presented. Nor does the carve ‑out financial information necessarily indicate the future results of operations, financial position or cash flows of Lassila & Tikanoja. The information in this Interim Report is presented in millions of euros unless otherwise stated. All figures have been rounded and, accordingly, the sum of individual figures may differ from the totals presented. Further information on the basis of preparation is available in the Lassila & Tikanoja Plc consolidated financial statements as at 31 December 2025. This Interim Report is unaudited. 26
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2. Net sales Disaggregation of revenue MEUR 7-9/2026 7-9/2025 Carve-out 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Long-term service agreements 69.0 75.1 200.8 212.1 282.1 Separately ordered services 29.4 21.0 71.2 53.1 74.7 Project business 3.5 3.7 9.4 7.1 10.2 Sales of equipment and materials 14.7 15.4 44.7 40.6 56.2 Lease income 0.8 0.9 2.4 2.6 3.4 Total net sales 117.5 116.1 328.5 315.5 426.6 Net sales by service area MEUR 7-9/2026 7-9/2025 Carve-out 1-9/2026 1-9/2025 Carve-out 1-12/2025 Carve-out Waste management and recycling 71.9 74.3 207.5 208.6 278.1 Hazardous waste and remediation 21.1 20.5 59.3 49.1 73.0 Industrial services and water treatment 26.5 23.0 66.4 61.5 81.3 Net sales between service areas -2.0 -1.7 -4.7 -3.7 -5.9 Total net sales 117.5 116.1 328.5 315.5 426.6 The service offering of Lassila & Tikanoja’s business is divided into the following three business lines: Waste management and recycling, Hazardous waste and remediation and Industrial services and water treatment. The waste management and recycling business line consists of nationwide waste collection and recycling services. Collection services cover all waste fractions generated from companies’ operations, such as plastics, construction and confidential waste. In addition to corporate waste management, Lassila & Tikanoja produces collection and logistics services to, among others, municipalities and the public sector. The hazardous waste and remediation business line includes comprehensive hazardous waste collection and recycling services, as well as remediation services, such as the remediation of contaminated soil, reception and utilisation of side streams and construction of waste management areas. The industrial services and water treatment business line consists of support services for industry and production facilities, such as process equipment cleaning and sewer maintenance services, as well as water treatment services. These services ensure customer’s process continuity and efficiency. Net sales consist of services for which revenue is recognised over time, products for which revenue is recognised at a point in time as well as lease income. Services for which revenue is recognised over time include sales revenue from long-term service agreements, separately ordered services and the project business. Services for which revenue is recognised at a point in time include revenue from the sale of equipment and materials. 27
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3. Business acquisitions Business acquisitions 2026 Business acquisitions 2025 4. Intangible and tangible assets Changes in goodwill MEUR 30 Sep 2026 30 Sep 2025, Carve-out 31 Dec 2025 Carrying amount at the beginning of the period 125.7 118.8 118.8 Business acquisitions -0.0 3.4 6.4 Exchange differences -0.5 0.3 0.5 Carrying amount at the end of the period 125.1 122.5 125.7 Changes in other intangible assets MEUR 30 Sep 2026 30 Sep 2025, Carve-out 31 Dec 2025 Carrying amount at the beginning of the period 38.2 35.1 35.1 Business acquisitions - 3.8 5.1 Other capital expenditure 1.6 1.4 2.4 Disposals 0.0 -0.0 0.3 Amortisation and impairment -4.4 -3.4 -4.9 Exchange differences -0.1 0.1 0.2 Carrying amount at the end of the period 35.2 37.0 38.2 On 1 December 2025, Lassila & Tikanoja Plc’s subsidiary L&T Teollisuuspalvelut Oy acquired the entire share capital of Viemärihuolto Reinikka Oy. In the fair value measurement, intangible assets based on customer relationships amounting to EUR 0.9 million and goodwill amounting to EUR 1.4 million were identified. The goodwill is primarily based on a broader service network, a strengthened service offering and future growth prospects. On June 2, 2025, Lassila & Tikanoja Plc's subsidiary L&T Ympäristöpalvelut Oy acquired the pallet business of Stena Recycling Oy. The annual net sales of the business have been approximately EUR 10 million. The acquisition strengthens Lassila & Tikanoja's service offering and supports the growth of its circular economy business in line with L&T's growth strategy. As a result of the business acquisition, Lassila & Tikanoja's pallet business will employ just over 30 people across four locations. In the fair value measurement, intangible assets based on customer relationships amounting to EUR 3.7 million and goodwill amounting to EUR 3.4 million were identified. Goodwill is primarily based on a broader service network, a stronger service offering, and future development prospects. The goodwill is tax-deductible. On 1 December 2025, Lassila & Tikanoja Plc’s Swedish subsidiary Sand & Vattenbläst i Tyringe AB (SVB) acquired the entire share capital of RecondConcept i Ånge AB, a company providing process ‑cleaning services in Sweden. In the fair value measurement, intangible assets based on customer relationships amounting to EUR 0.4 million and goodwill amounting to EUR 1.6 million were identified. The goodwill is primarily based on a strengthened service offering and future growth prospects. In connection with the transaction, Lassila & Tikanoja recognised a EUR 1.1 million contingent consideration (earn‑out) within non‑current liabilities. The contingent consideration is measured at fair value and is based on the development of RecondConcept i Ånge AB’s EBITDA in 2026 and 2027. There were no business acquisitions during the review period. A minor adjustment was made to the total consideration relating to the acquisition of RecondConcept i Ånge AB. The adjustment did not have any material impact on the Group's figures. 28
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Changes in property, plant and equipment MEUR 30 Sep 2026 30 Sep 2025, Carve-out 31 Dec 2025 Carrying amount at the beginning of the period 150.9 155.3 155.3 Business acquisitions - 0.4 1.0 Other capital expenditure 11.8 13.3 21.2 Disposals -0.4 -0.3 -0.3 Depreciation and impairment -20.5 -20.0 -26.7 Exchange differences -0.3 0.3 0.4 Carrying amount at the end of the period 141.5 148.9 150.9 Changes in right-of-use assets MEUR 30 Sep 2026 30 Sep 2025, Carve-out 31 Dec 2025 Carrying amount at the beginning of the period 60.1 54.8 54.8 Business acquisitions - 1.0 1.0 Other capital expenditure 14.7 8.2 21.4 Disposals -1.5 -1.7 -3.2 Depreciation and impairment -11.0 -10.3 -14.0 Exchange differences -0.1 0.1 0.1 Carrying amount at the end of the period 62.2 52.0 60.1 5. Capital commitments MEUR 30 Sep 2026 30 Sep 2025, Carve-out 31 Dec 2025 Intangible assets 0.2 - 0.1 Tangible assets 14.7 8.6 9.0 Total 14.9 8.6 9.1 Capital commitments are mainly related to information systems and machine and equipment purchases. Capital expenditure for intangible assets is mainly related to information systems. Capital expenditure for property, plant and equipment and right-of-use assets are mainly related to machine and equipment purchases. No impairments were recognised during the reporting period or the comparative period. 29
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6. Provisions MEUR 30 Sep 2026 30 Sep 2025 Carve-out 31 Dec 2025 Non-current provisions 6.8 6.5 6.3 Current provisions 0.5 0.2 0.3 Total 7.2 6.7 6.6 MEUR Environmental provisions Other provisions Total Provisions at 1 Jan 2026 6.3 0.3 6.6 Additions 0.9 0.6 1.5 Used during the period -0.2 -0.4 -0.5 Effect of discounting -0.2 - -0.2 Provisions at 30 Sep 2026 6.8 0.5 7.2 MEUR, Carve-out Environmental provisions Other provisions Total Provisions at 1 Jan 2025 6.3 0.6 6.9 Additions 0.5 - 0.5 Used during the period -0.2 -0.3 -0.5 Reversals - -0.1 -0.1 Effect of discounting -0.1 - -0.1 Provisions at 30 Sep 2025 6.5 0.2 6.7 Other provisions Obligations covered by environmental provisions The Group has leased site that it uses as landfill from the city of Kotka. In Varkaus, the Group uses a site for intermediate storing, processing and final disposal of contaminated soil. At the expiry of the leases or at the discontinuation of operations, the Group is responsible for site restoration comprising landscaping and post-closure environmental monitoring called for in the terms and conditions of environmental permits. The Munaistenmetsä landfill site in Uusikaupunki serves as a final disposal area for municipal waste, contaminated soil and industrial by-products. The material recycling centre in the landfill area in Oulu receives, processes and recovers various types of waste and side streams, such as industrial waste, contaminated soil, construction and demolition waste as well as municipal waste. The landfill area in Pori receives and processes gypsum, construction and demolition waste as well as contaminated soil and other smaller items. The construction of hazardous waste operations in accordance with the new environmental permit is underway and is expected to be completed in autumn 2026. Other provisions consist mainly of provisions for restructuring as well as restoration provisions for leased premises. Provisions in the statement of financial position Changes in provisions 30
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7. Financial assets and liabilities Financial assets and liabilities by category 30 Sep 2026, MEUR Amortised cost Fair value hierarchy level Non-current financial assets Other shares and holdings 0.1 0.1 3 Other receivables 0.1 0.1 Current financial assets 66.3 66.3 Cash and cash equivalents 36.2 36.2 Total financial assets 102.7 0.1 102.8 Non-current financial liabilities Borrowings 125.0 125.0 2 Lease liabilities 50.5 50.5 Contingent consideration 1.1 1.1 3 Current financial liabilities Borrowings 10.1 10.1 2 Lease liabilities 14.1 14.1 Interest liabilities 0.9 0.9 Trade and other payables 46.4 46.4 Total financial liabilities 247.1 1.1 248.2 30 Sep 2025, Carve-out, MEUR Amortised cost Fair value hierarchy level Non-current financial assets Other shares and holdings 0.1 0.1 3 Other receivables 0.3 0.3 Current financial assets 63.4 63.4 0.1 0.1 Cash and cash equivalents 1.5 1.5 Total financial assets 65.2 0.1 65.3 Non-current financial liabilities Borrowings 0.1 0.1 2 Lease liabilities 43.3 43.3 Current financial liabilities Borrowings 0.3 0.3 2 35.2 35.2 Lease liabilities 10.9 10.9 Deferred consideration 4.8 4.8 3 Trade and other payables 37.2 37.2 Total financial liabilities 127.1 4.8 131.8 Fair value through profit or loss Carrying amounts by balance sheet item Trade and other receivables Fair value through profit or loss Carrying amounts by balance sheet item Trade and other receivables Cash pool receivables from related parties Cash pool liabilities to related parties 31
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Reconciliation of financial liabilities measured at fair value according to the level 3 MEUR Carrying amount at the beginning of the period 7.3 6.7 6.7 Additions during the period - - 1.1 Decreases during the period -6.0 - - Change in fair value -0.1 -2.2 -0.9 Exchange differences -0.1 0.2 0.4 Carrying amount at the end of the period 1.1 4.8 7.3 1-12/2025 Trade and other receivables do not include tax receivables and accruals, and trade and other payables do not include statutory liabilities (e.g. tax liabilities), accrued expenses and deferred income. The fair values of balance sheet items measured at amortised cost do not differ significantly from the carrying amounts of the balance sheet items. In accordance with the Demerger Plan and the loan terms, the following Luotea's financing arrangements were transferred to Lassila & Tikanoja as part of the demerger: EUR 75 million unsecured notes, EUR 35 million and EUR 15 million term loans, and a EUR 40 million revolving credit facility. These external loans have not been included in comparative carve-out financial information of the company. The unsecured notes will mature in the second quarter of 2028 and bear fixed annual interest at the rate of 3.375 per cent. The notes are linked to sustainability targets, which include reducing the company’s own greenhouse gas emissions (Scope 1 and 2) and decreasing subcontractors’ fuel usage in transportation (Scope 3). The EUR 35 million and EUR 15 million term loans will mature in the second quarter of 2029, with a one-year extension option included in the agreements. The EUR 40 million revolving credit facility will mature in the second quarter of 2028, with a two-year extension option included in the agreement. At the balance sheet date, the revolving credit facility was unused. The financing arrangements include following financial covenants: equity ratio and net debt to EBITDA ratio. Compliance with the covenant terms is monitored on a quarterly basis. 1-9/2026 1-9/2025 Carve-out Deferred consideration was related to the acquisition of 70 per cent share of Sand & Vattenbläst i Tyringe AB (”SVB”) that offers process cleaning services in Sweden. The acquisition took place on 1 February 2022. SVB has been consolidated with 100 per cent share in Lassila & Tikanoja and, in connection with the arrangement, Lassila & Tikanoja recognised in financial liabilities an estimate of the deferred consideration related to the acquisition of non-controlling interest. On 1 April 2026, Lassila & Tikanoja exercised the purchase option included in the original share purchase agreement and acquired the remaining shares of SVB. Addition in 2025 is related to the acquisition of RecondConcept i Ånge AB in December 2025. In connection with the transaction, Lassila & Tikanoja recognised a EUR 1.1 million contingent consideration (earn‑out) within non‑current liabilities. The contingent consideration is measured at fair value and is based on the development of RecondConcept i Ånge AB’s EBITDA in 2026 and 2027. At the end of the reporting period, the carrying amount of the contingent consideration totalled EUR 1.1 million. There were no changes in financial assets measured at fair value according to the level 3 during the reporting period or the comparative period. 32
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8. Related-party transactions Transactions with the former Lassila & Tikanoja Group MEUR 1-9/2025 1-12/2025 Net sales 0.4 1.0 Purchases of materials and services -0.2 -0.2 Other operating expenses -0.4 -0.5 Financial income 0.1 0.1 Financial expenses -1.7 -2.1 Cash pool receivables 0.1 - Trade and other receivables 0.0 - Cash pool liabilities 35.2 - Trade and other payables 0.1 - Transactions with the joint venture MEUR 1-9/2026 1-9/2025 1-12/2025 Net sales, 2025 carve-out 2.1 2.3 2.7 Purchases of materials and services, 2025 carve-out -0.6 -0.6 -0.8 Trade and other receivables 0.1 0.0 0.0 Trade payables and other liabilities - 0.0 - The contributions paid by the group companies to the L&T sickness fund during the reporting period amounted to EUR 0.4 million (0.4). The Group has transactions between the group companies in the ordinary course of business. Related parties of Lassila & Tikanoja comprise the Group’s subsidiaries, the joint venture (Laania Oy) as well as L&T Sickness Fund, which was established on 31 December 2025 in the partial demerger of the former L&T Sickness Fund (currently Luotea Sickness Fund). Related parties also include the key management personnel of the Lassila & Tikanoja Group (members of the Board of Directors, the President and CEO and members of the Group Executive Board) and their close family members and entities over which they exercise control. Until the date of the demerger, 31 December 2025, the related parties of the New Lassila & Tikanoja also included the former Lassila & Tikanoja plc and the former Lassila & Tikanoja Group’s subsidiaries that did not belong to the New Lassila & Tikanoja, the key management personnel of the former Lassila & Tikanoja Group and their close family members and entities over which they exercise control, as well as the former L&T Sickness Fund. Lassila & Tikanoja's business transactions with Laania Oy are presented in the following table. The former Lassila & Tikanoja plc has also provided guarantees for Laania's financing arrangements. These guarantees have been allocated to the New Lassila & Tikanoja in the carve-out financial information. In the final quarter of 2025, the guarantees for Laania's financing arrangements provided by the former Lassila & Tikanoja were released. In the second quarter of 2026, Laania paid dividends totalling EUR 0.9 million (1.6) to Lassila & Tikanoja. Until the date of the demerger, the New Lassila & Tikanoja's related parties included the former Lassila & Tikanoja plc and the former Lassila & Tikanoja's subsidiaries other than the New Lassila & Tikanoja entities. The New Lassila & Tikanoja's business transactions with the former Lassila & Tikanoja Group until the date of the demerger are presented in the following table. Transactions with the former Lassila & Tikanoja are conducted at arm's lenght prices. Sales by Lassila & Tikanoja to companies belonging to the former Lassila & Tikanoja Group consist of items typical of ordinary business operations, such as subcontracting services and sales of materials and supplies. Purchases and other operating expenses mainly comprise subcontracting service fees and other service purchases. Financial income and expenses consist of interest related to cash pool receivables and liabilities. Trade and other receivables as well as trade and other payables consist of items arising from ordinary business operations. 33
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9. Commitments and contingent liabilities MEUR 30 Sep 2026 30 Sep 2025 Carve-out 31 Dec 2025 Collaterals for own commitments Mortgages on rights of tenancy 0.2 - 0.2 Company mortgages 0.4 0.5 0.5 Other securities 0.0 0.0 0.0 Bank guarantees required for environmental permits 35.7 27.3 26.2 Other bank guarantees 8.1 7.1 7.8 Liabilities on behalf of the joint venture Bank guarantees - 16.5 - Helsinki 27 October 2026 LASSILA & TIKANOJA PLC Board of Directors Eero Hautaniemi President and CEO For additional information, please contact: Eero Hautaniemi, President and CEO, tel. +358 10 636 2810 Joni Sorsanen, CFO, tel. +358 50 443 3045 Distribution: Nasdaq Helsinki Major media www.lt.fi/en Lassila & Tikanoja is a leading Nordic circular economy company committed to unleashing the potential of circularity together with its customers and partners. Our services include waste management and recycling, hazardous waste and remediation services as well as industrial services and water treatment. Our goal is to strengthen an efficient infrastructure in society and promote the sustainable use of materials by transforming waste streams into valuable raw materials. L&T employs approximately 2,300 people in Finland and Sweden and is listed on Nasdaq Helsinki. Lassila & Tikanoja has a 55% holding in Laania Oy, a joint venture established on 1 July 2022 together with Neova. The amount of the liabilities on behalf of the joint venture is disclosed as Lassila & Tikanoja’s share of the maximum amount of liability, in relation to Lassila & Tikanoja's holding. In the final quarter of 2025, the guarantees provided for Laania's financing arrangements were released. Lassila & Tikanoja is involved in a few disputes related to the ordinary business operations, the outcomes of which are not expected to have a material impact on Lassila & Tikanoja’s financial position. 34