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"ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-253": { "value": "172800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:636700EBB0SA4501AT18", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-254": { "value": "Background Lassila & Tikanoja Plc was incorporated through the partial demerger of Luotea Oyj (formerly Lassila & Tikanoja plc), which was completed on 31 December 2025. Trading in the Company\u2019s shares commenced on 2 January 2026 on the official list of Nasdaq Helsinki under the trading symbol LASTIK. Lassila & Tikanoja Plc (Business ID 3555336-9) is a Finnish public limited company domiciled in Helsinki, Finland, with its registered address at Valimotie 16, FI-00380 Helsinki, Finland. Lassila & Tikanoja is a multi-service company that brings the circular economy to life. The mission of its Circular Economy Businesses is to keep customers\u2019 materials efficiently in circulation at the highest possible level of refinement. Lassila & Tikanoja also develops methods for the efficient utilisation of industrial and societal side streams in accordance with circular economy principles, and it restores land areas. The services offered also include process cleaning and sewer maintenance. Lassila & Tikanoja promotes the circular economy through a diverse range of recycling, waste management, and industrial services, and operates in Finland and Sweden. A copy of the consolidated financial statements is available on the company website at www.lt.fi or from the head office of the Group\u2019s parent company at Valimotie 16, FI-00380 Helsinki, Finland. These consolidated financial statements have been approved for issue by the Board of Directors of Lassila & Tikanoja Plc on 30 March 2026. Basis of preparation Lassila & Tikanoja Plc was established on 31 December 2025 and has not previously formed a separate group or prepared consolidated financial statements. The consolidated financial information as at 31 December 2025 has been presented using actual figures for the statement of financial position as at 31 December 2025 and on a carve-out basis for the other financial information and comparative periods. The carve-out principles are described below under \u2018Basis of preparation of the carve-out financial information\u2019. The consolidated financial statements of Lassila & Tikanoja Plc have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union. International Financial Reporting Standards refer to the standards and interpretations adopted for application within the EU in accordance with the procedure laid down in EC Regulation No. 1606/2002, as referred to in the Finnish Accounting Act and the regulations issued thereunder. The notes to the consolidated financial statements also comply with the Finnish accounting and corporate legislation that supplements the IFRS requirements. The consolidated financial statements have been prepared on a going-concern basis and at historical cost, except for contingent and deferred considerations relating to business combinations, which are measured at their probable realisation value. Information in the consolidated financial statements is presented in millions of euros unless otherwise stated. All figures have been rounded, and therefore the sum of individual figures may differ from the total amount presented. The accounting policies applied in preparing the consolidated financial statements are presented in the accompanying notes. Application of new or amended IFRS standards New and amended standards adopted in 2025 Lassila & Tikanoja has applied the amendments to standards and interpretations applicable to Lassila & Tikanoja that became effective during the financial year. These had no impact on the financial year and are not expected to have a material effect on future financial years or foreseeable business transactions. New and amended standards and interpretations to be applied in future reporting periods Lassila & Tikanoja adopts new standards and interpretations from their effective dates or, if the effective date is other than the first day of the financial year, from the beginning of the financial year following the effective date. On 9 April 2024, the IASB issued the IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019. The standard replaces the current IAS 1 \u2018Presentation of Financial Statements\u2019 and amends several other IFRS standards, such as IAS 7 \u2018Statement of Cash Flows\u2019 and IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019. The standard introduces: \u2022 new required totals, subtotals and new categories in the statement of profit or loss, \u2022 new requirements for disclosures relating to management-defined performance measures, and \u2022 new principles for aggregation and disaggregation of information presented. According to the preliminary assessment, IFRS 18 will affect, in particular, the presentation and disaggregation of information in the Group\u2019s income statement, cash flow statement and notes. Cash flows from operating activities will start from operating profit instead of net profit. Interest paid will be presented as financing cash flows and interest received as investing cash flows, instead of both being presented within operating cash flows as currently. Due to the new subtotals and categories, certain changes will be required in the chart of accounts. A more detailed impact assessment will be completed during 2026. The standard is effective for annual reporting periods beginning on or after 1 January 2027. Earlier application is permitted. Lassila & Tikanoja will adopt the standard for the financial period beginning on 1 January 2027. No other new or amended standards or amendments expected to be adopted at a later date are considered to have a material impact on Lassila & Tikanoja\u2019s financial reporting. Basis of preparation of the carve-out financial information The following sections provide a summary of the accounting principles and other principles applied in preparing the carve-out financial information. The carve-out financial statements of Lassila & Tikanoja (the New Lassila & Tikanoja) as at and for the year ended 31 December 2024 as well as the carve-out income statement and cash flows for 2025 have been prepared by combining the historical carrying amounts of income, expenses, assets, liabilities and cash flows attributable to the legal Lassila & Tikanoja entities, that were included in the consolidated financial statements of Luotea (former Lassila & Tikanoja, the demerged company). Accordingly, income, expenses, assets, liabilities and cash flows that are directly attributable or allocable to, or that transferred to Lassila & Tikanoja in the demerger, have been included in the carve-out financial information. In addition, the carve-out financial information includes certain allocations from the Luotea Group, including income, expenses, assets, liabilities and cash flows of the Luotea Group that are either transferred to Lassila & Tikanoja or allocated to it for the purpose of preparing the carve-out financial information. The carve-out financial information of Lassila & Tikanoja have been prepared in accordance with the IFRS Accounting Standards as adopted by the European Union with consideration of the principles described below according to which the assets and liabilities, income and expenses, and cash flows attributable to Lassila & Tikanoja have been measured. As IFRS Accounting Standards do not provide specific guidance on the preparation of carve-out financial statements, certain procedures commonly used in the preparation of historical financial information have been applied in compiling the carve-out financial information. These carve-out accounting conventions are described below. This carve-out financial information does not necessarily reflect the combined results of operations and financial position that Lassila & Tikanoja would have had if it would have operated as an independent legal group from 1 January 2024 and therefore prepared standalone consolidated financial statements 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 carve-out financial information has been prepared on a going concern basis and using historical acquisition costs, except for contingent considerations related to business combinations, which are measured at their probable realisation value. This carve-out financial information includes the assets, liabilities, income, expenses and cash flows of the following legal entities forming the Lassila & Tikanoja group and the business operations related to Lassila & Tikanoja: Subsidiaries: L&T Ymp\u00e4rist\u00f6palvelut Oy, Finland L&T Teollisuuspalvelut Oy, Finland Suomen Ker\u00e4ystuote Oy, Finland (from 1 July 2024 onwards, previously an associated company) Viem\u00e4rihuolto Reinikka Oy, Finland (from 1 December 2025 onwards) Sand & Vattenbl\u00e4st i Tyringe AB, Sweden Cisternservice i H\u00e4ssleholm AB, Sweden (1 February 2022 \u2013 30 December 2024) PF Industriservice AB, Sweden (1 February 2024 \u2013 30 December 2024) RecondConcept I \u00c5nge AB (from 1 December 2025 onwards) Joint ventures: Laania Oy, Finland Business operations related to Lassila & Tikanoja from the following entities: Luotea Plc (former Lassila & Tikanoja plc)1, the parent company of the Demerging Group 2 The assets, liabilities, income, expenses and cash flows attributable to Lassila & Tikanoja\u2019s business operations originating from Luotea Plc. Information in the carve-out financial information is presented in millions of euros unless otherwise stated. All figures have been rounded, and therefore the sum of individual figures may differ from the total amount presented. The carve-out financial information includes allocated income, expenses, assets, liabilities and cash flows, the allocation of which is based on management judgement, assumptions and estimates as described below. The most significant estimates, judgements and assumptions relate to the allocation of costs arising from certain centrally provided services, lease arrangements, shared assets, cash management and financing, the determination of taxes based on taxable income for the period and deferred taxes, as well as invested equity. Lassila & Tikanoja does not have any material recurring operational business relationships with the Luotea Group. Intra-group transactions and related party transactions Transactions and balances between the Lassila & Tikanoja entities included in the carve-out financial information have been eliminated. Transactions and balance sheet items between Lassila & Tikanoja and Luotea, which were considered intra- group transactions in the consolidated reporting of Luotea, have been treated as related party transactions in the carve-out information. Intercompany items of Luotea against Lassila & Tikanoja entities have been allocated to Lassila & Tikanoja in the preparation of the carve-out financial information and eliminated as intercompany items between Lassila & Tikanoja Plc and other Lassila & Tikanoja companies, except for cash pool receivables from and cash pool liabilities to Luotea and related internal interest income and expenses. These items have been treated as related party transactions in the carve-out financial information. In the demerger, the cash pool receivables and liabilities of Luotea from Lassila & Tikanoja entities transferred to Lassila & Tikanoja Plc, after which they are eliminated in the consolidated financial statements prepared post-demerger. The carrying amounts of the shares in the subsidiaries owned by Luotea and transferred to Lassila & Tikanoja Plc in the demerger have been allocated to Lassila & Tikanoja in the carve-out financial information. The acquisition method has been applied to eliminate the acquisition cost of the subsidiaries. Centrally provided services Luotea has been responsible for the management and general administration of the demerging Group. In addition, Luotea has provided various centrally delivered services to its subsidiaries. In preparing the carve-out financial information of Lassila & Tikanoja, income and expenses directly attributable to Lassila & Tikanoja, or certain historical transactions related to it, have been allocated to Lassila & Tikanoja in accordance with the allocation principle, meaning that the allocation follows the origin and nature of the costs. Historically, Luotea has directly charged its subsidiaries for internal and external costs incurred for services performed on their behalf, as well as a share of common operational costs through management fees. Such services include, among others, IT, finance and treasury, human resources, legal affairs, indirect procurement, real estate, risk management and communications. Certain costs incurred by the parent company, such as insurance premiums, have historically been invoiced directly to the subsidiaries. These costs have been included in the carve-out financial information based on the amounts historically charged. Luotea has historically incurred costs related to strategic group-level projects or business restructurings that were not allocated or charged to subsidiaries. These costs have been allocated to Lassila & Tikanoja in the carve-out financial information if the related business operations are transferred to it. Luotea has historically incurred certain costs related to operating as a listed company. These costs include board expenses and part of the costs related to group management, strategy, human resources, legal affairs, financial administration, communications and investor relations, as well as IT. These listing- related costs represent group-level expenses that were historically unallocated or uncharged. In the carve-out financial information, a portion of these costs has been allocated to Lassila & Tikanoja to reflect the business-related expenses, using appropriate allocation keys such as revenue or headcount. Management considers these allocation bases to be appropriate. Management believes that the allocations reasonably reflect the use of centrally provided services. These allocated costs have been influenced by arrangements in place within Luotea and may not necessarily reflect the future situation in Lassila & Tikanoja. Shared assets, liabilities and lease arrangements with the remaining Luotea Group\u2019s operations Lease agreements under which Lassila & Tikanoja entities have had control or have been the primary users, and which transferred to Lassila & Tikanoja in the demerger, have been presented as leases in the carve-out financial information. Historically, Lassila & Tikanoja and Luotea have operated in shared leased premises and offices in certain locations. For these premises, the legal lessee has charged the other entities using the premises a proportionate share of the costs based on usage. For premises where Lassila & Tikanoja entities are not the legal lessee and the lease agreement did not transfer to Lassila & Tikanoja in the demerger, the cost related to the use of such premises has been included in the carve-out financial information and presented as other operating expenses in the carve-out financial information as related party transactions. For premises where Lassila & Tikanoja entities are the legal lessee and the lease agreement transferred to Lassila & Tikanoja in the demerger, and Luotea has used the premises, the portion of the premises used by Luotea has been included as income in the carve-out financial information and presented as related party transactions. Lassila & Tikanoja and Luotea have also historically shared certain fixed assets (machinery and equipment), which have been allocated to Lassila & Tikanoja and included in property, plant and equipment in the carve-out financial information if the asset transferred to Lassila & Tikanoja as part of the demerger. If the asset did not transfer to Lassila & Tikanoja in the demerger, but Lassila & Tikanoja has used the asset in its operations, the cost related to the use of the asset has been included in the carve-out financial information based on an applicable allocation key (such as square metres or headcount). The assets and lease arrangements presented in the carve-out financial information may differ significantly from the future needs of Lassila & Tikanoja as a standalone company. Share-based payments Key personnel of Lassila & Tikanoja have historically participated in the share- based incentive programmes of Luotea. Expenses related to share-based incentive programmes for individuals directly employed by Lassila & Tikanoja companies have been fully included in the carve-out financial information. The carve-out financial information also includes an allocated portion of the share- based incentive expenses for individuals involved in the group functions of Luotea, using the same allocation principles as for centrally provided services, which management considers an appropriate method for allocating share-based payment expenses. Allocations based on historical expenses may not necessarily reflect the costs that will arise from incentive schemes to be established for key personnel of Lassila & Tikanoja in the future. Further information on share-based payments is presented in Note 1.5 Share-based payments. Pension obligations The majority of Luotea\u2019s pension arrangements have historically been defined contribution plans. The expenses related to these arrangements have been included in the carve-out financial information based on the actual headcount of each Lassila & Tikanoja company. The carve-out financial information also includes an allocated portion of pension expenses for individuals involved in the group functions of Luotea, using the same allocation principles as for centrally provided services, which management considers an appropriate method for allocating pension-related expenses. Luotea also has a limited number of defined benefit pension arrangements, mainly acquired through business combinations. These arrangements and the related obligations remained with Luotea following the demerger and have not been included in the carve-out financial information. In Sweden, Luotea has made pension deposits for a few individuals, for which the group has neither a legal nor constructive obligation to make additional payments. The assets related to these arrangements have been recognised under non-current receivables in the statement of financial position, with a corresponding liability recognised under pension obligations. The portion attributable to Lassila & Tikanoja entities has been included in the carve-out financial information. Further information on employee benefit expenses and pension obligations is presented in Note 1.3 Employee benefit expenses. Cash management and financing Luotea has historically employed centralised cash management and addressed the Group\u2019s financing needs through cash pool arrangements and internal loans. The cash and cash equivalents of Lassila & Tikanoja consist of cash held by the legal entities of Lassila & Tikanoja. No portion of Luotea\u2019s cash and cash equivalents has been allocated to the carve-out financial information, as the share attributable to Lassila & Tikanoja cannot be reliably allocated. The external financing of the Luotea Group is centralised and managed by Luotea. The working capital required by the subsidiaries has historically been financed mainly through cash pool arrangements. To illustrate the effects of Lassila & Tikanoja companies\u2019 historical intra-group financing, cash pool liabilities to and cash pool receivables from Luotea have been included in the carve-out financial information as financial liabilities and assets and are presented as related party transactions. Interest income and expenses related to Lassila & Tikanoja companies\u2019 cash pool receivables and liabilities are presented as related party transactions in the carve-out financial information. In the demerger, these Luotea\u2019s intra-group loan receivables from and liabilities to Lassila & Tikanoja companies transferred to Lassila & Tikanoja Plc. Accordingly, these intra-group receivables and liabilities are fully eliminated from the consolidated financial statements of Lassila & Tikanoja after the demerger. The carve-out financial information includes the existing external financing arrangements of Lassila & Tikanoja companies and the related interest expenses. Luotea\u2019s external financing arrangements have not previously been drawn or directly allocated to the business of Lassila & Tikanoja, and Luotea\u2019s external financing cannot be reliably allocated to Lassila & Tikanoja in the carve-out financial information. Accordingly, financial income and expenses related to Luotea\u2019s external financing have not been allocated to Lassila & Tikanoja. In connection with the demerger, a certain amount of Luotea\u2019s external debt transferred to Lassila & Tikanoja in accordance with the demerger plan. The carve-out financial information has not been adjusted to reflect the share of Luotea\u2019s debt transferred to Lassila & Tikanoja in the demerger . The financing presented in the carve-out financial information may differ significantly from the financing needs of Lassila & Tikanoja as an independent company in the future. It should be noted that the finance costs included in the carve-out financial information do not necessarily reflect what the finance costs would have been had Lassila & Tikanoja historically obtained financing independently, nor do they necessarily represent the future finance costs of Lassila & Tikanoja. Invested equity Lassila & Tikanoja has not previously constituted a separate legal group nor prepared separate consolidated financial statements, and therefore it is not meaningful to present share capital or a breakdown of equity reserves. The net assets attributable to Lassila & Tikanoja are represented in the combined statement of financial position as invested equity, which consists of accumulated translation differences, invested equity, and retained earnings. Changes in the net assets allocated to Lassila & Tikanoja are presented separately in the combined statement of changes in invested equity under the line item \u201cEquity transactions with the former Lassila & Tikanoja Group\u201d and in the combined statement of cash flows under the line item \u201cEquity financing with the former Lassila & Tikanoja, net\u201d. These reflect intra-group equity financing between Luotea and Lassila & Tikanoja during the periods presented. The amount of invested equity is affected by the net assets allocated to Lassila & Tikanoja, which comprise income and expenses, assets and liabilities allocated from Luotea and other companies in the Luotea Group to Lassila & Tikanoja. Translation differences are recognised in a separate accumulated currency translation differences item included in the total invested equity, and changes in these are presented in other comprehensive income. The capital structure allocated to Lassila & Tikanoja for the purposes of preparing the carve-out financial information, i.e. invested equity, does not as such reflect the capital structure that Lassila & Tikanoja would have required had it operated as a separate group during the periods presented. The equity of Lassila & Tikanoja formed upon completion of the demerger on 31 December 2025, and Lassila & Tikanoja Plc has share capital and other reserves as described in the statement of financial position. Income taxes The subsidiaries belonging to Lassila & Tikanoja Group have operated as separate taxable entities during the financial periods presented in these carve-out financial information. For these companies, the tax expenses as well as tax liabilities and receivables included in the carve-out financial information are based on actual taxation. Lassila & Tikanoja Plc, which was established through the partial demerger from Luotea Plc, has not filed separate tax returns during the periods presented. The tax expense presented in the carve-out financial information includes an additional tax expense calculated as if Lassila & Tikanoja Plc had been a separate taxable entity. This tax expense is presented in the carve-out financial information as a tax expense in the income statement and, in the statement of financial position, as a transaction with Luotea, which has been recognised in invested equity. The line item \u201cIncome taxes paid\u201d in the combined statement of cash flows reflects taxes based on the taxable income of all Lassila & Tikanoja companies for the period, as they are considered to have been paid by the respective companies. To the extent that such taxes have not historically been paid in cash, these taxes are considered to represent investments made by, or distributions of assets to, Luotea, and are deemed to be settled immediately through equity. Such equity-settled transactions are presented in the financing cash flows of the combined statement of cash flows under \u201cEquity financing with the former Lassila & Tikanoja, net\u201d. The tax expenses presented in the combined income statement do not necessarily reflect the tax expenses that may arise in the future when Lassila & Tikanoja companies operate as separate taxable entities. Foreign currency transactions The carve-out financial information is presented in euros, which is the functional and reporting currency of the parent company of Lassila & Tikanoja. Lassila & Tikanoja Group also includes foreign subsidiaries whose functional currency is the Swedish krona. At each reporting date, the income statements of the foreign Lassila & Tikanoja companies are translated into euros at the average exchange rate for the financial period, and the balance sheets are translated at the exchange rate prevailing on the balance sheet date. Foreign currency transactions are recognised at the exchange rate prevailing on the date of the transaction. The items in the statement of financial position and income statement translated into euros have been allocated either to Lassila & Tikanoja or to Luotea. The translation difference related to the allocated items is recognised in invested equity, and changes in the translation difference are presented in the combined statement of comprehensive income. Critical judgements by Management In preparing the IFRS financial statements and the carve-out financial information, Lassila & Tikanoja\u2019s management is required to make estimates and assumptions about the future, the outcomes of which may differ from those estimates and assumptions. Management is also required to exercise judgement when making decisions regarding the selection and application of accounting policies for the financial statements and the carve-out financial information. Judgement-based decisions particularly concern cases where the applicable IFRS Accounting Standards provide alternative methods for recognition, measurement, or presentation. The preparation of the financial statements requires management to use estimates and assumptions that affect the amounts of assets and liabilities reported in the statement of financial position at the reporting date as well as the amounts of income and expenses recognised during the financial year. The estimates and assumptions are based on management\u2019s best knowledge at the reporting date and rely on historical experience and the most probable assumptions concerning the future at that time. The most significant area in which such judgement has been applied relates to the measurement of assets and liabilities recognised in connection with acquired businesses. The key assumptions concerning the future and the key sources of estimation uncertainty relating to the balances at the reporting date, which present the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are disclosed in the Notes 1.2 Revenue from contracts with customers, 2.4 Other non current liabilities, 2.5 Provisions, 3.2 Goodwill impairment testing, 3.4 Right of use assets and lease liabilities, and 5.3 Business acquisitions. Geopolitical risks The geopolitical situation involves uncertainty due to Russia\u2019s war of aggression, the conflict involving Iran, and the U.S. customs policy. The indirect impacts on overall economic activity and the price level in Finland and Sweden may adversely affect net sales and profitability. According to management\u2019s assessment, these risks do not have an impact on valuation in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "Lassila & Tikanoja", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "Lassila & Tikanoja Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "Helsinki, Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "Valimotie 16, FI-00380 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "Lassila & Tikanoja is a multi-service company that brings the circular economy to life. The mission of its Circular Economy Businesses is to keep customers\u2019 materials efficiently in circulation at the highest possible level of refinement. Lassila & Tikanoja also develops methods for the efficient utilisation of industrial and societal side streams in accordance with circular economy principles, and it restores land areas. The services offered also include process cleaning and sewer maintenance. Lassila & Tikanoja promotes the circular economy through a diverse range of recycling, waste management, and industrial services", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "Finland and Sweden", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "
These consolidated financial statements have been approved for issue by the
Board of Directors of Lassila & Tikanoja Plc on 30 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "Lassila & Tikanoja Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "Basis of preparation Lassila & Tikanoja Plc was established on 31 December 2025 and has not previously formed a separate group or prepared consolidated financial statements. The consolidated financial information as at 31 December 2025 has been presented using actual figures for the statement of financial position as at 31 December 2025 and on a carve-out basis for the other financial information and comparative periods. The carve-out principles are described below under \u2018Basis of preparation of the carve-out financial information\u2019. The consolidated financial statements of Lassila & Tikanoja Plc have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union. International Financial Reporting Standards refer to the standards and interpretations adopted for application within the EU in accordance with the procedure laid down in EC Regulation No. 1606/2002, as referred to in the Finnish Accounting Act and the regulations issued thereunder. The notes to the consolidated financial statements also comply with the Finnish accounting and corporate legislation that supplements the IFRS requirements. The consolidated financial statements have been prepared on a going-concern basis and at historical cost, except for contingent and deferred considerations relating to business combinations, which are measured at their probable realisation value. Information in the consolidated financial statements is presented in millions of euros unless otherwise stated. All figures have been rounded, and therefore the sum of individual figures may differ from the total amount presented. The accounting policies applied in preparing the consolidated financial statements are presented in the accompanying notes. Application of new or amended IFRS standards New and amended standards adopted in 2025 Lassila & Tikanoja has applied the amendments to standards and interpretations applicable to Lassila & Tikanoja that became effective during the financial year. These had no impact on the financial year and are not expected to have a material effect on future financial years or foreseeable business transactions. New and amended standards and interpretations to be applied in future reporting periods Lassila & Tikanoja adopts new standards and interpretations from their effective dates or, if the effective date is other than the first day of the financial year, from the beginning of the financial year following the effective date. On 9 April 2024, the IASB issued the IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019. The standard replaces the current IAS 1 \u2018Presentation of Financial Statements\u2019 and amends several other IFRS standards, such as IAS 7 \u2018Statement of Cash Flows\u2019 and IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019. The standard introduces: \u2022 new required totals, subtotals and new categories in the statement of profit or loss, \u2022 new requirements for disclosures relating to management-defined performance measures, and \u2022 new principles for aggregation and disaggregation of information presented. According to the preliminary assessment, IFRS 18 will affect, in particular, the presentation and disaggregation of information in the Group\u2019s income statement, cash flow statement and notes. Cash flows from operating activities will start from operating profit instead of net profit. Interest paid will be presented as financing cash flows and interest received as investing cash flows, instead of both being presented within operating cash flows as currently. Due to the new subtotals and categories, certain changes will be required in the chart of accounts. A more detailed impact assessment will be completed during 2026. The standard is effective for annual reporting periods beginning on or after 1 January 2027. Earlier application is permitted. Lassila & Tikanoja will adopt the standard for the financial period beginning on 1 January 2027. No other new or amended standards or amendments expected to be adopted at a later date are considered to have a material impact on Lassila & Tikanoja\u2019s financial reporting. Basis of preparation of the carve-out financial information The following sections provide a summary of the accounting principles and other principles applied in preparing the carve-out financial information. The carve-out financial statements of Lassila & Tikanoja (the New Lassila & Tikanoja) as at and for the year ended 31 December 2024 as well as the carve-out income statement and cash flows for 2025 have been prepared by combining the historical carrying amounts of income, expenses, assets, liabilities and cash flows attributable to the legal Lassila & Tikanoja entities, that were included in the consolidated financial statements of Luotea (former Lassila & Tikanoja, the demerged company). Accordingly, income, expenses, assets, liabilities and cash flows that are directly attributable or allocable to, or that transferred to Lassila & Tikanoja in the demerger, have been included in the carve-out financial information. In addition, the carve-out financial information includes certain allocations from the Luotea Group, including income, expenses, assets, liabilities and cash flows of the Luotea Group that are either transferred to Lassila & Tikanoja or allocated to it for the purpose of preparing the carve-out financial information. The carve-out financial information of Lassila & Tikanoja have been prepared in accordance with the IFRS Accounting Standards as adopted by the European Union with consideration of the principles described below according to which the assets and liabilities, income and expenses, and cash flows attributable to Lassila & Tikanoja have been measured. As IFRS Accounting Standards do not provide specific guidance on the preparation of carve-out financial statements, certain procedures commonly used in the preparation of historical financial information have been applied in compiling the carve-out financial information. These carve-out accounting conventions are described below. This carve-out financial information does not necessarily reflect the combined results of operations and financial position that Lassila & Tikanoja would have had if it would have operated as an independent legal group from 1 January 2024 and therefore prepared standalone consolidated financial statements 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 carve-out financial information has been prepared on a going concern basis and using historical acquisition costs, except for contingent considerations related to business combinations, which are measured at their probable realisation value. This carve-out financial information includes the assets, liabilities, income, expenses and cash flows of the following legal entities forming the Lassila & Tikanoja group and the business operations related to Lassila & Tikanoja: Subsidiaries: L&T Ymp\u00e4rist\u00f6palvelut Oy, Finland L&T Teollisuuspalvelut Oy, Finland Suomen Ker\u00e4ystuote Oy, Finland (from 1 July 2024 onwards, previously an associated company) Viem\u00e4rihuolto Reinikka Oy, Finland (from 1 December 2025 onwards) Sand & Vattenbl\u00e4st i Tyringe AB, Sweden Cisternservice i H\u00e4ssleholm AB, Sweden (1 February 2022 \u2013 30 December 2024) PF Industriservice AB, Sweden (1 February 2024 \u2013 30 December 2024) RecondConcept I \u00c5nge AB (from 1 December 2025 onwards) Joint ventures: Laania Oy, Finland Business operations related to Lassila & Tikanoja from the following entities: Luotea Plc (former Lassila & Tikanoja plc)1, the parent company of the Demerging Group 2 The assets, liabilities, income, expenses and cash flows attributable to Lassila & Tikanoja\u2019s business operations originating from Luotea Plc. Information in the carve-out financial information is presented in millions of euros unless otherwise stated. All figures have been rounded, and therefore the sum of individual figures may differ from the total amount presented. The carve-out financial information includes allocated income, expenses, assets, liabilities and cash flows, the allocation of which is based on management judgement, assumptions and estimates as described below. The most significant estimates, judgements and assumptions relate to the allocation of costs arising from certain centrally provided services, lease arrangements, shared assets, cash management and financing, the determination of taxes based on taxable income for the period and deferred taxes, as well as invested equity. Lassila & Tikanoja does not have any material recurring operational business relationships with the Luotea Group. Intra-group transactions and related party transactions Transactions and balances between the Lassila & Tikanoja entities included in the carve-out financial information have been eliminated. Transactions and balance sheet items between Lassila & Tikanoja and Luotea, which were considered intra- group transactions in the consolidated reporting of Luotea, have been treated as related party transactions in the carve-out information. Intercompany items of Luotea against Lassila & Tikanoja entities have been allocated to Lassila & Tikanoja in the preparation of the carve-out financial information and eliminated as intercompany items between Lassila & Tikanoja Plc and other Lassila & Tikanoja companies, except for cash pool receivables from and cash pool liabilities to Luotea and related internal interest income and expenses. These items have been treated as related party transactions in the carve-out financial information. In the demerger, the cash pool receivables and liabilities of Luotea from Lassila & Tikanoja entities transferred to Lassila & Tikanoja Plc, after which they are eliminated in the consolidated financial statements prepared post-demerger. The carrying amounts of the shares in the subsidiaries owned by Luotea and transferred to Lassila & Tikanoja Plc in the demerger have been allocated to Lassila & Tikanoja in the carve-out financial information. The acquisition method has been applied to eliminate the acquisition cost of the subsidiaries. Centrally provided services Luotea has been responsible for the management and general administration of the demerging Group. In addition, Luotea has provided various centrally delivered services to its subsidiaries. In preparing the carve-out financial information of Lassila & Tikanoja, income and expenses directly attributable to Lassila & Tikanoja, or certain historical transactions related to it, have been allocated to Lassila & Tikanoja in accordance with the allocation principle, meaning that the allocation follows the origin and nature of the costs. Historically, Luotea has directly charged its subsidiaries for internal and external costs incurred for services performed on their behalf, as well as a share of common operational costs through management fees. Such services include, among others, IT, finance and treasury, human resources, legal affairs, indirect procurement, real estate, risk management and communications. Certain costs incurred by the parent company, such as insurance premiums, have historically been invoiced directly to the subsidiaries. These costs have been included in the carve-out financial information based on the amounts historically charged. Luotea has historically incurred costs related to strategic group-level projects or business restructurings that were not allocated or charged to subsidiaries. These costs have been allocated to Lassila & Tikanoja in the carve-out financial information if the related business operations are transferred to it. Luotea has historically incurred certain costs related to operating as a listed company. These costs include board expenses and part of the costs related to group management, strategy, human resources, legal affairs, financial administration, communications and investor relations, as well as IT. These listing- related costs represent group-level expenses that were historically unallocated or uncharged. In the carve-out financial information, a portion of these costs has been allocated to Lassila & Tikanoja to reflect the business-related expenses, using appropriate allocation keys such as revenue or headcount. Management considers these allocation bases to be appropriate. Management believes that the allocations reasonably reflect the use of centrally provided services. These allocated costs have been influenced by arrangements in place within Luotea and may not necessarily reflect the future situation in Lassila & Tikanoja. Shared assets, liabilities and lease arrangements with the remaining Luotea Group\u2019s operations Lease agreements under which Lassila & Tikanoja entities have had control or have been the primary users, and which transferred to Lassila & Tikanoja in the demerger, have been presented as leases in the carve-out financial information. Historically, Lassila & Tikanoja and Luotea have operated in shared leased premises and offices in certain locations. For these premises, the legal lessee has charged the other entities using the premises a proportionate share of the costs based on usage. For premises where Lassila & Tikanoja entities are not the legal lessee and the lease agreement did not transfer to Lassila & Tikanoja in the demerger, the cost related to the use of such premises has been included in the carve-out financial information and presented as other operating expenses in the carve-out financial information as related party transactions. For premises where Lassila & Tikanoja entities are the legal lessee and the lease agreement transferred to Lassila & Tikanoja in the demerger, and Luotea has used the premises, the portion of the premises used by Luotea has been included as income in the carve-out financial information and presented as related party transactions. Lassila & Tikanoja and Luotea have also historically shared certain fixed assets (machinery and equipment), which have been allocated to Lassila & Tikanoja and included in property, plant and equipment in the carve-out financial information if the asset transferred to Lassila & Tikanoja as part of the demerger. If the asset did not transfer to Lassila & Tikanoja in the demerger, but Lassila & Tikanoja has used the asset in its operations, the cost related to the use of the asset has been included in the carve-out financial information based on an applicable allocation key (such as square metres or headcount). The assets and lease arrangements presented in the carve-out financial information may differ significantly from the future needs of Lassila & Tikanoja as a standalone company. Share-based payments Key personnel of Lassila & Tikanoja have historically participated in the share- based incentive programmes of Luotea. Expenses related to share-based incentive programmes for individuals directly employed by Lassila & Tikanoja companies have been fully included in the carve-out financial information. The carve-out financial information also includes an allocated portion of the share- based incentive expenses for individuals involved in the group functions of Luotea, using the same allocation principles as for centrally provided services, which management considers an appropriate method for allocating share-based payment expenses. Allocations based on historical expenses may not necessarily reflect the costs that will arise from incentive schemes to be established for key personnel of Lassila & Tikanoja in the future. Further information on share-based payments is presented in Note 1.5 Share-based payments. Pension obligations The majority of Luotea\u2019s pension arrangements have historically been defined contribution plans. The expenses related to these arrangements have been included in the carve-out financial information based on the actual headcount of each Lassila & Tikanoja company. The carve-out financial information also includes an allocated portion of pension expenses for individuals involved in the group functions of Luotea, using the same allocation principles as for centrally provided services, which management considers an appropriate method for allocating pension-related expenses. Luotea also has a limited number of defined benefit pension arrangements, mainly acquired through business combinations. These arrangements and the related obligations remained with Luotea following the demerger and have not been included in the carve-out financial information. In Sweden, Luotea has made pension deposits for a few individuals, for which the group has neither a legal nor constructive obligation to make additional payments. The assets related to these arrangements have been recognised under non-current receivables in the statement of financial position, with a corresponding liability recognised under pension obligations. The portion attributable to Lassila & Tikanoja entities has been included in the carve-out financial information. Further information on employee benefit expenses and pension obligations is presented in Note 1.3 Employee benefit expenses. Cash management and financing Luotea has historically employed centralised cash management and addressed the Group\u2019s financing needs through cash pool arrangements and internal loans. The cash and cash equivalents of Lassila & Tikanoja consist of cash held by the legal entities of Lassila & Tikanoja. No portion of Luotea\u2019s cash and cash equivalents has been allocated to the carve-out financial information, as the share attributable to Lassila & Tikanoja cannot be reliably allocated. The external financing of the Luotea Group is centralised and managed by Luotea. The working capital required by the subsidiaries has historically been financed mainly through cash pool arrangements. To illustrate the effects of Lassila & Tikanoja companies\u2019 historical intra-group financing, cash pool liabilities to and cash pool receivables from Luotea have been included in the carve-out financial information as financial liabilities and assets and are presented as related party transactions. Interest income and expenses related to Lassila & Tikanoja companies\u2019 cash pool receivables and liabilities are presented as related party transactions in the carve-out financial information. In the demerger, these Luotea\u2019s intra-group loan receivables from and liabilities to Lassila & Tikanoja companies transferred to Lassila & Tikanoja Plc. Accordingly, these intra-group receivables and liabilities are fully eliminated from the consolidated financial statements of Lassila & Tikanoja after the demerger. The carve-out financial information includes the existing external financing arrangements of Lassila & Tikanoja companies and the related interest expenses. Luotea\u2019s external financing arrangements have not previously been drawn or directly allocated to the business of Lassila & Tikanoja, and Luotea\u2019s external financing cannot be reliably allocated to Lassila & Tikanoja in the carve-out financial information. Accordingly, financial income and expenses related to Luotea\u2019s external financing have not been allocated to Lassila & Tikanoja. In connection with the demerger, a certain amount of Luotea\u2019s external debt transferred to Lassila & Tikanoja in accordance with the demerger plan. The carve-out financial information has not been adjusted to reflect the share of Luotea\u2019s debt transferred to Lassila & Tikanoja in the demerger . The financing presented in the carve-out financial information may differ significantly from the financing needs of Lassila & Tikanoja as an independent company in the future. It should be noted that the finance costs included in the carve-out financial information do not necessarily reflect what the finance costs would have been had Lassila & Tikanoja historically obtained financing independently, nor do they necessarily represent the future finance costs of Lassila & Tikanoja. Invested equity Lassila & Tikanoja has not previously constituted a separate legal group nor prepared separate consolidated financial statements, and therefore it is not meaningful to present share capital or a breakdown of equity reserves. The net assets attributable to Lassila & Tikanoja are represented in the combined statement of financial position as invested equity, which consists of accumulated translation differences, invested equity, and retained earnings. Changes in the net assets allocated to Lassila & Tikanoja are presented separately in the combined statement of changes in invested equity under the line item \u201cEquity transactions with the former Lassila & Tikanoja Group\u201d and in the combined statement of cash flows under the line item \u201cEquity financing with the former Lassila & Tikanoja, net\u201d. These reflect intra-group equity financing between Luotea and Lassila & Tikanoja during the periods presented. The amount of invested equity is affected by the net assets allocated to Lassila & Tikanoja, which comprise income and expenses, assets and liabilities allocated from Luotea and other companies in the Luotea Group to Lassila & Tikanoja. Translation differences are recognised in a separate accumulated currency translation differences item included in the total invested equity, and changes in these are presented in other comprehensive income. The capital structure allocated to Lassila & Tikanoja for the purposes of preparing the carve-out financial information, i.e. invested equity, does not as such reflect the capital structure that Lassila & Tikanoja would have required had it operated as a separate group during the periods presented. The equity of Lassila & Tikanoja formed upon completion of the demerger on 31 December 2025, and Lassila & Tikanoja Plc has share capital and other reserves as described in the statement of financial position. Income taxes The subsidiaries belonging to Lassila & Tikanoja Group have operated as separate taxable entities during the financial periods presented in these carve-out financial information. For these companies, the tax expenses as well as tax liabilities and receivables included in the carve-out financial information are based on actual taxation. Lassila & Tikanoja Plc, which was established through the partial demerger from Luotea Plc, has not filed separate tax returns during the periods presented. The tax expense presented in the carve-out financial information includes an additional tax expense calculated as if Lassila & Tikanoja Plc had been a separate taxable entity. This tax expense is presented in the carve-out financial information as a tax expense in the income statement and, in the statement of financial position, as a transaction with Luotea, which has been recognised in invested equity. The line item \u201cIncome taxes paid\u201d in the combined statement of cash flows reflects taxes based on the taxable income of all Lassila & Tikanoja companies for the period, as they are considered to have been paid by the respective companies. To the extent that such taxes have not historically been paid in cash, these taxes are considered to represent investments made by, or distributions of assets to, Luotea, and are deemed to be settled immediately through equity. Such equity-settled transactions are presented in the financing cash flows of the combined statement of cash flows under \u201cEquity financing with the former Lassila & Tikanoja, net\u201d. The tax expenses presented in the combined income statement do not necessarily reflect the tax expenses that may arise in the future when Lassila & Tikanoja companies operate as separate taxable entities. Foreign currency transactions The carve-out financial information is presented in euros, which is the functional and reporting currency of the parent company of Lassila & Tikanoja. Lassila & Tikanoja Group also includes foreign subsidiaries whose functional currency is the Swedish krona. At each reporting date, the income statements of the foreign Lassila & Tikanoja companies are translated into euros at the average exchange rate for the financial period, and the balance sheets are translated at the exchange rate prevailing on the balance sheet date. Foreign currency transactions are recognised at the exchange rate prevailing on the date of the transaction. The items in the statement of financial position and income statement translated into euros have been allocated either to Lassila & Tikanoja or to Luotea. The translation difference related to the allocated items is recognised in invested equity, and changes in the translation difference are presented in the combined statement of comprehensive income. Accounting policy Segment information is reported in a manner consistent with the internal reporting and management structure provided to the chief operating decision-maker. Lassila & Tikanoja has one operating and reportable segment, consisting of items related to the Circular Economy business. The chief operating decision-maker is the Chief Executive Officer of the company, who is responsible for allocating resources to the business and assessing the performance of the business. The chief operating decision-maker evaluates the performance of the business based on adjusted EBITA and operating profit. Additionally, capital employed and gross capital expenditure have been reported monthly to the chief operating decision maker. Until the demerger, the Chief Executive Officer of the former Lassila & Tikanoja (currently Luotea) acted as the chief operating decision-maker. Capital employed consists of equity plus interest-bearing financial liabilities. Gross capital expenditure consists of investments in intangible assets and property, plant and equipment, including business acquisitions. For right-of-use assets, only acquisitions of heavy rental equipment are included in gross capital expenditure. The item \u201cUnallocated items and eliminations\u201d includes the portion of the Former Lassila & Tikanoja\u2019s group administration income and expenses allocated to the New Lassila & Tikanoja, which have not been allocated to segments. These income and expenses include items common to the entire Group, such as group management expenses and costs arising from operating as a listed company. The capital employed corresponding to these income and expenses is also included in the \u201cUnallocated items and eliminations\u201d item. In addition, this item includes lease liabilities and eliminations as well as carve-out adjustments. Accounting policy Revenue from contracts with customers is recognised when or as the performance obligation is satisfied by transferring a promised good or service to the customer. A good or a service is transferred when the customer obtains control of the good or service. Revenue is recognised based on the transaction price to which Lassila & Tikanoja expects to be entitled in exchange for transferring the good or service. Lassila & Tikanoja acts as a principal in all of its contracts with customers. Lassila & Tikanoja applies the practical expedient and does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. This is because the contract period in the customer contracts for project deliveries is typically short. However, in long-term service agreements the contract period can be several years. For these contracts Lassila & Tikanoja applies the practical expedient according to which Lassila & Tikanoja is entitled to a consideration from the customer that corresponds directly with the value to the customer from Lassila & Tikanoja\u2019s performance completed to date. In these contracts Lassila & Tikanoja recognises revenue for the amount that it is entitled to invoice. Accounting policy The Group operates in Finland and Sweden. Net sales of geographical areas are reported based on the geographical location of the customer, and assets are reported by geographical location of the assets. Accounting policy Lassila & Tikanoja\u2019s employee benefits include wages, salaries and bonuses paid to employees, post-employment benefits (defined contribution plans), share-based payments and other personnel expenses (statutory social security costs). Under defined contribution plans, Lassila & Tikanoja pays fixed contributions for pensions, and it has no legal or factual obligation to pay further contributions. Contributions to defined contribution plans are recognised in the income statement in the financial period to which they relate. Details on share-based payments are disclosed in Note 1.5 Share-based payments. The employee benefits of the top management are disclosed in Note 5.4 Related-party transactions. Carve-out principle The tables below include the personnel directly employed by the New Lassila & Tikanoja and the related expenses. In addition, for the preparation of the carve-out financial statements, a portion of the expenses related to the management and corporate functions of the former Lassila & Tikanoja has been allocated to the New Lassila & Tikanoja. The allocation key used is a relevant identifier for each corporate function, such as revenue or headcount. Half of the former Lassila & Tikanoja\u2019s total headcount has been allocated to the New Lassila & Tikanoja for the purposes of preparing the carve-out financial information. Management considers these allocation principles to be appropriate. Accounting policy Materials and services mainly consist of costs related to equipment, supplies and raw materials, short-term production-related rental expenses, waste management fees, subcontracted services, and costs of temporary agency labour. Other operating income includes items that are not considered as being directly related to Lassila & Tikanoja\u2019s normal business, such as gains from sales of assets and business activities and received compensations. Other operating expenses include, for instance, fees for expert and consulting services, losses from sales of assets and business activities, bad debts and changes in allowances for credit losses, expenses related to the use of vehicles and machinery, ICT costs, voluntary social security costs, travel costs, real estate costs and implementation costs of cloud computing arrangements. Government grants Government grants or other grants relating to actual costs are recognised in the income statement when the Group complies with the conditions attached to them and there is reasonable assurance that the grants will be received. They are presented in other operating income. Government grants directly associated with the recruitment of personnel, such as employment grants, apprenticeship grants and the like, are recognised as reductions in personnel expenses. Grants for acquisition of property, plant and equipment are recognised as deductions of historical cost. The grant is recognised as income over the economic life of a depreciable asset, by way of a reduced depreciation charge. Accounting policy Lassila & Tikanoja\u2019s long-term incentive schemes are targeted at the Group\u2019s top management and other key employees. The share-based incentive scheme comprises a benefit settled in Lassila & Tikanoja shares and/or in cash, subject to the fulfilment of the predefined conditions of the programme. The number of shares to be delivered is reduced by the applicable taxes and tax-related charges prior to the delivery of shares to the participants. The cash-settled component is determined so as to cover the taxes and tax-related charges arising from the scheme. The long-term incentive schemes are classified as equity-settled. The benefits granted under the arrangements are measured at fair value at the grant date. The fair value is based on the share price at the grant date and is recognised as an expense on a straight-line basis over the vesting period. The amount recognised as an expense is based on management\u2019s estimate of the number of shares expected to vest. The effects of non-market performance conditions are not included in the fair value of the benefits granted, but are instead taken into account in estimating the number of shares expected to vest. Changes in estimates are recognised in the income statement at the date of the change. The expense arising from the arrangements is presented within employee benefit expenses. Carve-out principle Certain key personnel among those transferring directly with Lassila & Tikanoja Plc\u2019s subsidiaries in the demerger have historically participated in Luotea\u2019s (former Lassila & Tikanoja, the demerged company) share-based incentive schemes. The share and personnel figures presented in the following tables include only these individuals. The expenses recognised for the share-based incentive schemes also include the portion belonging to Lassila & Tikanoja attributable to individuals involved in Luotea\u2019s group functions. The allocation of these expenses has followed the same principles used for centrally provided services, which management considers an appropriate method for allocating costs related to share-based payments. Part of these individuals in Luotea\u2019s group functions were transferd to Lassila & Tikanoja in the demerger. The historical cost allocations may not be indicative of the future expenses that will arise through incentive schemes that will be established for Lassila & Tikanoja\u2019s key personnel in the future. Accounting policy The Group leases production and office premises including related land areas, vehicles and ICT equipment. At the commencement date of a lease contract, a right-of-use asset and a lease liability, measured as the present value of the remaining lease payments, is recognised in the statement of financial position. The right-of use asset is subsequently measured at cost less accumulated depreciation and less any accumulated impairment losses and adjusted for any remeasurements of the lease liability. Depreciation is calculated using the straight-line method from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The depreciations of right-of-use assets are presented in depreciation, amortisation and impairments in the income statement. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or price level or if Lassila & Tikanoja changes its assessment of whether it will exercise a purchase, extention or termination option. The interest expense on the lease liability is included in the financial income and expenses in the income statement. In the statement of cash flows, the amortisation of lease liabilites is presented in the cash flows from financing activities and the interest paid in the cash flows from operating activities. The Group applies the exemption for short-term leases to production and office premises leases and the exemption for low-value assets to leases of ICT equipment. For these leases, the right-of-use asset and lease liability is not recognised. The lease payments of low-value assets and short-term leases are included in Other operating expenses and Materials and services in the income statement. Carve-out principle Lease agreements over which Lassila & Tikanoja companies have control, or where Lassila & Tikanoja has been the primary user and which were transferred to Lassila & Tikanoja in the demerger, have been presented as lease agreements in the carve-out financial statements. Lassila & Tikanoja and the remaining businesses of the demerged company have historically operated in shared leased premises and offices in certain locations. For these premises, the legal lessee has invoiced the other companies using the premises for their proportional share of the costs. For premises where Lassila & Tikanoja companies are not the legal lessee and the lease agreement did not transfer to Lassila & Tikanoja in the demerger, the cost related to the use of such premises has been included in Lassila & Tikanoja\u2019s carve-out financial information and presented under other operating expenses as a related party transaction. For premises where Lassila & Tikanoja companies are the legal lessee and the lease agreement was transferred to Lassila & Tikanoja in the demerger, and the remaining businesses of the demerged Group use the premises, the portion of the premises used by the remaining businesses of the demerged Group has been included as income in Lassila & Tikanoja\u2019s carve-out financial information and presented as a related party transaction. Accounting policy Depreciation and amortisation Depreciation and amortisation is recognised on a straight-line basis over the economic useful life of an asset, or over the lease period, if shorter. Intangible assets: 5-10 years Intangible assets from acquisitions: 3-13 years Buildings and structures: 5-30 years Vehicles: 6-15 years Machinery and equipment: 4-15 years Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. For completed landfills the Group applies the units of production method, which involves depreciation on the basis of the volume of waste received. Land is not depreciated. Impairments On each balance sheet date, Lassila & Tikanoja assesses the carrying amounts of its assets for any impairment. If any indication of impairment exists, an estimate of the asset\u2019s recoverable amount is made. The recoverable amount is the higher of an asset\u2019s fair value less selling costs and its value-in-use. Value-in-use refers to the estimated future net cash flows available from an asset, discounted to the present value. The discount rate used is the pre-tax rate, which reflects the market view of the time value of money and the risks associated with the asset. An impairment loss is recognised in the income statement when an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses attributable to a cash-generating unit are used for deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. Intangible assets under construction are software projects that cannot be tested separately for impairment, as they do not generate separate cash flows. There is no need for impairment if, at the end of the financial period, it is clear that the projects will be completed and the software will be introduced. Intangible assets under construction are, however, tested for impairment as part of the cash generating unit to which they belong. An impairment loss of an asset other than goodwill recognised in prior periods is reversed if there is a change in circumstances and the recoverable amount has changed. An impairment loss recognised on goodwill is not reversed. Goodwill impairment testing is described in Note 3.2. Goodwill impairment testing. Gains and losses on sales of assets Gains and losses on sales and disposal of assets are recognised through profit or loss and are presented in other operating income or expenses. Accounting policy Exchange rate gains and losses arising from foreign-currency transactions and the translation of monetary items are recognised in the income statement. Foreign exchange gains and losses on business transactions are included in the respective items above operating profit. Foreign exchange gains and losses on financial assets and liabilities are included in financial income and expenses. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are included in the acquisition cost of that asset. There were no such costs capitalised at the end of the reporting period or in the comparative period. Transaction costs directly attributable to borrowings are included in the historical cost of the liability and recognised as an interest expense during the expected life of the liability applying the effective interest method. Carve-out principle Interest income and expenses from related parties have been determined based on the interest income and charges recognised directly by Lassila & Tikanoja legal entities. Interest expenses related to the lease agreements transferred to Lassila & Tikanoja in the demerger are included in the finance expenses in the carve-out financial information. Interest expenses for the financial year or the comparative period do not include interest expenses related to the financing arrangements that were transferred to Lassila & Tikanoja in the demerger in accordance with the demerger plan. Further information on the financing arrangements is provided in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. Finance expenses included in the carve-out financial information may not necessarily represent what the finance expenses would have been, had Lassila & Tikanoja historically obtained financing on a stand-alone bases. These expenses may not be indicative of the cost of financing that will arise for the Lassila & Tikanoja in the future. Accounting policy The Group\u2019s income taxes consist of current taxes and deferred taxes. Tax expenses are recognised in the income statement, with the exception of items directly recognised in equity or other comprehensive income, in which case the tax effect is recognised in the corresponding item. Current taxes for the taxable profit for the period are determined according to prevailing tax rates in each country. Taxes are adjusted by current taxes related to previous periods, if any. Deferred tax assets and liabilities are recognised for all temporary differences between the tax bases of assets and liabilities and their carrying amounts. The deferred taxes are determined using tax rates enacted by the balance sheet date and that are expected to apply when the deferred tax asset is realised or liability settled. No deferred tax is recognised for impairment of goodwill that is not tax-deductible. A deferred tax asset is recognised only to the extent that it is probable that taxable profit will be available against which the deferred tax asset can be utilised. The most significant temporary differences arise from fair value measurements related to acquisitions and new intangible assets. Carve-out principle The subsidiaries belonging to Lassila & Tikanoja have operated as separate tax entities during the financial periods presented in these carve-out financial information. For these companies, the tax expenses as well as tax liabilities and receivables included in the carve-out financial information are based on actual taxation. Lassila & Tikanoja Plc, which was formed through a partial demerger from Luotea Plc (former Lassila & Tikanoja Oyj), has not filed separate tax returns during the presented financial periods. The tax expense presented in this carve-out financial information includes the tax expense of Lassila & Tikanoja Plc, which has been determined as if Lassila & Tikanoja Plc had been a separate taxable entity. This tax expense is presented in the carve-out financial information as a tax expense in Lassila & Tikanoja\u2019s income statement and as a transaction with the remaining Luotea Plc in the statement of financial position, recognised in invested equity. Accounting policy Trade receivables are measured at historical cost less expected credit losses. The receivables are non-interest bearing and Lassila & Tikanoja\u2019s general payment term for customers is 14 days. Trade receivables include also uninvoiced sales, when Lassila & Tikanoja has satisfied the performance obligations and has an unconditional right to the consideration. Trade receivables are classified as financial assets, that are explained in more detail in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. A simplified impairment model allowed by IFRS 9 standard is applied to the recognition of expected credit losses. Expected credit losses are calculated by dividing trade receivables into categories based on maturity and by multiplying said categories with the credit loss percentages, which are based on historical data on credit losses realised from trade receivables and the outlook for the short-term future. This impairment model covers the company\u2019s trade receivables and contract assets. An allowance of impairment is recognised based on historical data and the outlook for the short-term future. The credit loss percentages applied in the carve-out financial statements are presented in the table below. Trade receivables due over 360 days are written down completely. If the customer has become insolvent, such as in the case of bankruptcy or debt restructuring, the trade receivable is written down as a final credit loss when a payment can no longer be expected with reasonable certainty. Credit loss percentages % 2025 2024 Trade receivables and contract assets not past due 0.1 0.1 Past due 1-90 days 1.4 0.7 Past due 91-365 days 17.1-45.0 17.7-18.1 Past due over 365 days 100.0 100.0 Accounting policy Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The inventories of Environmental Products of Waste Management business are measured using the weighted average cost method. The value of other inventories is determined using the FIFO method. At the recycling plants, recyclable materials are processesed into secondary raw materials for sale. The cost of the inventories of these materials comprises raw materials, direct labour costs, other direct costs of manufacturing and a proportion of variable and fixed production overheads based on normal operating capacity. Accounting policy Trade and other current non-interest-bearing liabilities are recognised in the statement of financial position at historical cost. The impact of discounting is not essential considering the maturity of the payables. Trade payables are classified as financial liabilities that are presented in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. Accounting policy A provision is recognised when Lassila & Tikanoja has a legal or factual obligation towards a third party resulting from an earlier event, fulfilment of the payment obligation is probable, and its amount can be reliably estimated. Provisions are measured at the current value of the expenditure required to settle the obligation. Increase in provisions due to the passage of time is recognised as interest expense. Changes in provisions are recognised in the income statement in the same item in which the provision is originally recognised. Environmental provisions are recognised when the Group has an existing obligation that is likely to result in a payment obligation, the amount of which can be reliably estimated. Provisions related to environmental restoration are recognised when a new waste treatment area is taken into use. The estimated expenses on which the provision is based are capitalised under buildings and structures in the property, plant and equipment in the balance sheet and depreciated over the useful life of the asset. Changes in the estimates related to the amount of the provision are recognised as adjustments to the capitalised costs. Provisions are discounted to their present value using a risk-free interest rate that excludes default risk. The determination of the risk-free rate takes into account both current and future economic conditions as well as the expected timing of the expenses. Changes in the provision due to discounting are recognised under financial items in the income statement. Accounting policy Goodwill represents the portion of the acquisition cost by which the aggregate of the consideration given, the share of non-controlling owners in the acquired entity and the previously owned share exceed the fair value of the acquired net assets at the time of acquisition. Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. Goodwill is presented in the statement of financial position at historical cost less impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value. The useful lives of intangible assets are estimated to be either finite or indefinite. In Lassila & Tikanoja, the intangible assets recognised in business combinations include mainly customer relationships. The amortisation period for customer relationships is on average 10 years. Other intangible assets are recognised at historical cost less accumulated amortisation and impairment losses. Other intangible assets are amortised using the straight-line method over their estimated useful economic life. The costs of software projects are recognised in other intangible assets starting from the time when the projects move out of the research phase into the development phase and the outcome of a project is an identifiable intangible asset. Such an intangible asset must provide Lassila & Tikanoja with future economic benefit that exceeds the costs of its development. The cost comprises all directly attributable costs necessary for preparing the asset to be capable of operating in the manner intended by the management. The largest cost items are consultancy fees paid to third parties. The amortisation period for computer software and software licences is five to ten years. Goodwill impairment testing is described in Note 3.2 Goodwill impairment testing and amortisation and impairment of other intangible assets is described in Note 1.7. Depreciation, amortisation and impairments. Accounting policy The goodwill impairment testing is conducted at least annually during the last quarter of the year or more frequently if there is any indication that goodwill may be impaired. Impairment testing is conducted according to the business structure in force at the time of the impairment testing. In impairment testing, recoverable amounts are estimated on the basis of an asset\u2019s value-in-use. Future cash flows are based on annual estimates of income statements and maintenance investments made by the management in connection with the strategy process for a four-year period. The management bases its estimates on actual development and views on the growth outlook for the industry (general market development and unit profitability, pricing, municipalisation decisions, personnel costs and raw material costs). Approved investment decisions are taken into account in the growth estimates. Cash flows extending beyond the four-year forecast period are calculated using the so-called terminal value method. The growth rates used in the calculations are based on the management\u2019s estimates of long-term growth and development of profitability. Carve-out principle As the figures prior to the date of the demerger 31 December 2025 in these financial statements have been prepared on a carve-out basis from historical Luotea\u2019s (former Lassila & Tikanoja) consolidated financial statements, the goodwill impairment testing results presented below concerning the comparative period are based on the historical goodwill impairment testing performed by Luotea on the Circular Economy CGU\u2019s. Accounting policy Property, plant and equipment are recognised at historical cost less accumulated depreciation and impairment losses. The historical cost includes expenditure that is directly attributable to the acquisition of the asset. Borrowing costs immediately arising from the acquisition, construction or manufacture of tangible assets that meet the conditions are capitalised as part of the asset\u2019s acquisition cost. Possible restoration costs are also included in the acquisition cost. In business combinations, property, plant and equipment are measured at fair value on the acquisition date. In the statement of financial position, property, plant and equipment are shown less accumulated depreciation and impairment, if any. Property, plant and equipment are depreciated using the straight-line method over their expected useful lives, excluding new landfills. For completed landfills the Group applies the units of production method, which involves depreciation on the basis of the volume of waste received. The expected useful lives are reviewed on each balance sheet date, and, if expectations differ materially from previous estimates, the depreciation periods are adjusted to reflect the changes in expectations of future economic benefits. Depreciation in the financial statements is based on the following expected useful lives: \u2022 Buildings and structures 5\u201330 years \u2022 Vehicles 6\u201315 years \u2022 Machinery and equipment 4\u201315 years Land is not depreciated. When an asset included in property, plant and equipment consists of several components with different estimated useful lives, each component is treated as a separate asset. Ordinary repair and maintenance costs are recognised in the income statement during the period in which they are incurred. Costs of significant modification and improvement projects are capitalised if it is probable that the projects will result in future economic benefits to Lassila & Tikanoja. Depreciation and impairment of property, plant and equipment is described in Note 1.7 Depreciation, amortisation and impairments. Accounting policy A right-of-use asset is recognised from a lease contract at the commencement date of the lease, which is the date that the underlying asset is made available for use. Right-of-use assets are measured at cost less any cumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liability. The cost of the right-of-use asset includes the amount of lease liability recognised, any initial direct costs incurred and lease payments made at or before the commencement date less any lease incentives received. Possible restoration obligations are also considered in the cost of the right-of-use asset. At each balance sheet date, the carrying amounts of right-of-use assets are assessed for any impairment, as described in Note 1.7 Depreciation, amortisation and impairments. The lessee recognises the lease liability at the inception of the contract by discounting the future minimum lease payments to the present value. Since the interest rate implicit in the lease is not readily available in most of Lassila & Tikanoja\u2019s lease contracts, the future minimum lease payments are discounted using the incremental borrowing rate. According to the standard, the incremental borrowing rate is the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic situation. Lassila & Tikanoja has determined the incremental borrowing rate taking into consideration the lease term and the financial environment of the lease. Lassila & Tikanoja\u2019s lease liability covers the lease liabilities of commodities leased through a financial company as well as the lease liabilities of other lease agreements excluding the short-term leases or leases for low-value assets, for which the right-of-use asset and lease liability is not recognised. The Group\u2019s lease agreements do not include significant variable rents or residual value guarantees. Accounting policy Lassila & Tikanoja\u2019s other non-current assets consist of shares in joint ventures as well as other shares and holdings. The Group\u2019s interests in joint ventures are accounted for using the equity method of accounting. The Group\u2019s share of its joint ventures\u2019 post-acquisition profits or losses after tax are recognised in the income statement and as adjustment to investment in joint ventures in the statement of financial position accordingly. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint venture. Other shares and holdings include shares in a few smaller companies, and they are measured at fair value through profit or loss. Other receivables mainly include deposits related to pension obligations in Sweden as well as non-current advance payments Accounting policy Lassila & Tikanoja\u2019s financial assets and liabilities include cash and cash equivalents, trade and other receivables, trade and other payables, bank loans, unsecured notes, cash-pool receivables and liabilities from related parties as well as lease liabilities. The Group\u2019s financial assets and liabilities are classified into following measurement categories: Fair value through profit and loss \u2022 Other shares and holdings \u2022 Deferred and contingent considerations relating to acquisitions Amortised cost \u2022 Cash and cash equivalents \u2022 Trade and other receivables \u2022 Interest-bearing liabilities, such as bank loans, unsecured notes, cash-pool receivables and liabilities from related parties, lease liabilities \u2022 Trade and other payables This classification is performed when the asset or liability is acquired. The classification of financial assets into different measurement categories depends on the business model for managing the financial asset and the contractual cash flow characteristics of the financial asset acquired. The classification of financial liabilities into different measurement categories depends on the purpose for which the financial liabilities were initially acquired. A financial asset is derecognised when the rights to the cash flows from the asset expire, or when all material risks and rewards of the ownership of the asset have been transferred outside the Group. A financial liability is derecognised when the obligation specified in the contract is discharged or cancelled or expires. Financial assets mesured at amortised cost Cash and cash equivalents consist of cash on hand, bank deposits redeemable on demand and other short-term liquid investments. Their maturity is no longer than three months from the acquisition date. They are recognised as of the settlement date and measured at historical cost. Foreign currency transactions are translated into euros using the exchange rates prevailing on the balance sheet date. The used credit limits are included in current interest-bearing liabilities. At the end of the financial period, the credit limits were not in use. Trade and other receivables are measured at amortised cost. Receivables are classified as current financial assets unless their maturity date is more than 12 months from the balance sheet date. Trade receivables are recognised at historical cost less allowances for impairment. A valuation allowance for impairment of trade receivables is recognised when there is objective evidence that Lassila & Tikanoja will not be able to collect all amounts due according to the original terms of the receivables. Lassila & Tikanoja applies the simplified approach to providing for expected credit losses. Impairments are recognised as an expense in the income statement. Sold non-recourse trade receivables\u2019 credit risk and contractual rights are transferred from the Group on the selling date and related expenses are recognised as financial expenses. More information about allowance for impairment of trade receivables is presented in Note 2.1 Trade and other receivables. Financial liabilities measured at fair value through profit or loss Deferred and contingent considerations are usually non-current liabilities with maturity more than 12 months. Measurement of fair value of such considerations depends on the sale and purchase agreement. Both realised and unrealised gains and losses arising from the changes in fair value are recognised in the income statement for the financial period during which they incurred. Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost are recognised in the statement of financial position on the settlement date at fair value, on the basis of the consideration received. Transaction costs directly attributable to the acquisition or issue of a loan are included in the original carrying amount of financial liabilities. Financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expenses are recognised in the income statement using the effective interest rate method. Financial liabilities that expire within 12 months from the balance sheet date, including bank overdrafts in use, are recognised within current interest-bearing liabilities, and those expiring in a period exceeding 12 months, are recognised within non-current interest-bearing liabilities. Accounting policy Ordinary shares are presented as share capital. Any expenses arising from the issue or acquisition of treasury shares are presented as a valuation allowance within equity. If the Group repurchases any equity instruments, the acquisition cost of such instruments is deducted from equity. Accounting policy Earnings per share is calculated by dividing the result for the financial year attributable to the shareholders of the parent company by the weighted average number of shares outstanding during the period, adjusted for share issues and excluding shares held by the company itself. In calculating diluted earnings per share, the weighted average number of shares is adjusted to reflect the dilutive effect of all potential ordinary shares. Subsidiaries The consolidated financial statements include the parent company Lassila & Tikanoja Oyj and all subsidiaries over which the Group has control. The carve-out financial information comprises the assets, liabilities, income and expenses, as well as cash flows attributable to Lassila & Tikanoja\u2019s business from the former Lassila & Tikanoja (the demerged company) and the subsidiaries transferred to Lassila & Tikanoja in the demerger over which Lassila & Tikanoja has control. The criteria for control are fulfilled when Lassila & Tikanoja is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The shareholdings between the Group companies are eliminated using the acquisition method. Consideration given and the identifiable assets and liabilities of an acquired company are recognised at fair value on the date of acquisition. Any costs associated with the acquisition, with the exception of costs arising from the issuance of debt securities or equity instruments, are recognised as expenses. Any conditional additional sale price is measured at fair value on the date of the acquisition and classified as a liability or as equity. Additional sales price classified as a liability is measured at fair value on the closing day of each reporting period, and the resulting gains or losses are recognised through profit or loss. Additional sales price classified as equity will not be re-measured. Any non- controlling interests in the acquired entity are recognised either at fair value or at the proportionate share of non-controlling interests in the acquired entity\u2019s net identifiable assets. The principle applied in measurement is specified separately for each acquisition. The treatment of goodwill from acquisition of subsidiaries is explained in Note 3.1 Goodwill and other intangible assets. The subsidiaries are fully consolidated from the date on which control is transferred to Lassila & Tikanoja until the date that control ceases. The profit or loss for the period and the comprehensive income are attributed to Lassila & Tikanoja\u2019s shareholders and non-controlling interests, even if this would result in the non-controlling interest being negative. Equity attributable to non- controlling interests is presented as a separate item in the statement of financial position, as an equity component. Changes in the parent company\u2019s holdings in the subsidiary not resulting in loss of controlling interest are recognised as equity transactions. Lassila & Tikanoja has no non-controlling interests. In an acquisition achieved in stages, the previous holdings are measured at fair value and the resulting gains or losses are recognised through profit or loss. If the Group loses its controlling interest in the subsidiary, its remaining holdings are measured at fair value on the date when control ceases, and the difference is recognised through profit or loss. All inter-company transactions, receivables, liabilities and unrealised gains, as well as distribution of profits between the Group companies, are eliminated in the consolidated financial statements. Unrealised losses due to impairment of assets are not eliminated. The distribution of profit or loss for the period between equity holders of Lassila & Tikanoja and the non-controlling interest is presented separately in the income statement and the statement of comprehensive income, and the share of equity belonging to the non-controlling interest is presented as a separate item in the statement of financial position under equity. Associated companies and joint ventures Associated companies are entities over which the Group has significant influence but no control. Lassila & Tikanoja has significant influence when it holds more than 20% of the voting rights or otherwise has significant influence but not a non-controlling interest. Joint ventures are arrangements in which the Group has joint control. At the balance sheet date, Lassila & Tikanoja did not have associated companies. Lassila & Tikanoja\u2019s interests in associated companies and joint ventures are accounted for using the equity method of accounting. Investments in associated companies and joint ventures are initially measured at fair value. The Group\u2019s share of its associated companies\u2019 or joint ventures\u2019 post-acquisition profits or losses after tax are recognised in the income statement. When the Group\u2019s share of losses in an associated company or a joint venture equals or exceeds its interest in the associated company or joint venture, Lassila & Tikanoja does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associated company or joint venture. Foreign currency translation Figures indicating the performance and financial position of the Group companies are specified in the currency of the economic operating environment in which the company primarily operates (functional currency). The consolidated financial statements are presented in euros, which is functional and presentation currency of Lassila & Tikanoja Plc. Any transactions in foreign currencies are recognised in the functional currency using the exchange rate in effect on the transaction date. In practice, it is customary to use a rate that is close enough to the transaction day rate. Monetary assets denominated in foreign currency are translated into euros using the exchange rates in effect on the balance sheet date. Non-monetary assets are translated using the exchange rate in effect on the transaction date. The Group has no non-monetary assets denominated in foreign currency that are measured at fair value. Exchange rate gains and losses arising from foreign-currency transactions and the translation of monetary items are recognised in the income statement. Foreign exchange gains and losses on business transactions are included in the respective items above operating profit. Foreign exchange gains and losses on financial assets and liabilities are included in financial income and expenses. The income statements of the Group companies whose functional currency is not the euro are translated into euros at average exchange rates for the period, and the statements of financial position at the exchange rates in effect at the balance sheet date. The difference in exchange rates applicable to the translation of profit in the income statement and statement of comprehensive income result in a translation difference recognised in the currency translation differences within invested equity. Translation differences arising from the elimination of the acquisition cost of foreign subsidiaries, as well as translation differences in equity items accumulating after the acquisition, are recognised in the translation differences within equity. Goodwill and fair value adjustments to the carrying amounts of the assets and liabilities arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated into euros at the closing rate. Accounting policy In business combinations, all property, plant and equipment acquired is measured at fair value on the basis of the market prices of similar assets, taking into account the age of the assets, wear and tear and similar factors. Tangible assets will be depreciated over their useful life according to the management\u2019s estimate, taking into account the depreciation principles followed within the Group. Intangible assets arising from business combinations are recognised separately from goodwill at fair value at the time of acquisition if they are identifiable. In connection with acquired business operations, Lassila & Tikanoja mostly has acquired agreements on prohibition of competition and customer relationships as well as environmental permits. The fair value of customer agreements and customer relationships associated with them has been determined on the basis of estimated duration of customer relationships and discounted net cash flows arising from current customer relationships. The value of agreements on prohibition of competition is calculated in a similar manner through cash flows over the duration of the agreement. Intangible assets are amortised over their useful life according to the agreement or the management\u2019s estimate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "Basis of preparation Lassila & Tikanoja Plc was established on 31 December 2025 and has not previously formed a separate group or prepared consolidated financial statements. The consolidated financial information as at 31 December 2025 has been presented using actual figures for the statement of financial position as at 31 December 2025 and on a carve-out basis for the other financial information and comparative periods. The carve-out principles are described below under \u2018Basis of preparation of the carve-out financial information\u2019. The consolidated financial statements of Lassila & Tikanoja Plc have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union. International Financial Reporting Standards refer to the standards and interpretations adopted for application within the EU in accordance with the procedure laid down in EC Regulation No. 1606/2002, as referred to in the Finnish Accounting Act and the regulations issued thereunder. The notes to the consolidated financial statements also comply with the Finnish accounting and corporate legislation that supplements the IFRS requirements. The consolidated financial statements have been prepared on a going-concern basis and at historical cost, except for contingent and deferred considerations relating to business combinations, which are measured at their probable realisation value. Information in the consolidated financial statements is presented in millions of euros unless otherwise stated. All figures have been rounded, and therefore the sum of individual figures may differ from the total amount presented. The accounting policies applied in preparing the consolidated financial statements are presented in the accompanying notes. Application of new or amended IFRS standards New and amended standards adopted in 2025 Lassila & Tikanoja has applied the amendments to standards and interpretations applicable to Lassila & Tikanoja that became effective during the financial year. These had no impact on the financial year and are not expected to have a material effect on future financial years or foreseeable business transactions. New and amended standards and interpretations to be applied in future reporting periods Lassila & Tikanoja adopts new standards and interpretations from their effective dates or, if the effective date is other than the first day of the financial year, from the beginning of the financial year following the effective date. On 9 April 2024, the IASB issued the IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019. The standard replaces the current IAS 1 \u2018Presentation of Financial Statements\u2019 and amends several other IFRS standards, such as IAS 7 \u2018Statement of Cash Flows\u2019 and IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019. The standard introduces: \u2022 new required totals, subtotals and new categories in the statement of profit or loss, \u2022 new requirements for disclosures relating to management-defined performance measures, and \u2022 new principles for aggregation and disaggregation of information presented. According to the preliminary assessment, IFRS 18 will affect, in particular, the presentation and disaggregation of information in the Group\u2019s income statement, cash flow statement and notes. Cash flows from operating activities will start from operating profit instead of net profit. Interest paid will be presented as financing cash flows and interest received as investing cash flows, instead of both being presented within operating cash flows as currently. Due to the new subtotals and categories, certain changes will be required in the chart of accounts. A more detailed impact assessment will be completed during 2026. The standard is effective for annual reporting periods beginning on or after 1 January 2027. Earlier application is permitted. Lassila & Tikanoja will adopt the standard for the financial period beginning on 1 January 2027. No other new or amended standards or amendments expected to be adopted at a later date are considered to have a material impact on Lassila & Tikanoja\u2019s financial reporting. Basis of preparation of the carve-out financial information The following sections provide a summary of the accounting principles and other principles applied in preparing the carve-out financial information. The carve-out financial statements of Lassila & Tikanoja (the New Lassila & Tikanoja) as at and for the year ended 31 December 2024 as well as the carve-out income statement and cash flows for 2025 have been prepared by combining the historical carrying amounts of income, expenses, assets, liabilities and cash flows attributable to the legal Lassila & Tikanoja entities, that were included in the consolidated financial statements of Luotea (former Lassila & Tikanoja, the demerged company). Accordingly, income, expenses, assets, liabilities and cash flows that are directly attributable or allocable to, or that transferred to Lassila & Tikanoja in the demerger, have been included in the carve-out financial information. In addition, the carve-out financial information includes certain allocations from the Luotea Group, including income, expenses, assets, liabilities and cash flows of the Luotea Group that are either transferred to Lassila & Tikanoja or allocated to it for the purpose of preparing the carve-out financial information. The carve-out financial information of Lassila & Tikanoja have been prepared in accordance with the IFRS Accounting Standards as adopted by the European Union with consideration of the principles described below according to which the assets and liabilities, income and expenses, and cash flows attributable to Lassila & Tikanoja have been measured. As IFRS Accounting Standards do not provide specific guidance on the preparation of carve-out financial statements, certain procedures commonly used in the preparation of historical financial information have been applied in compiling the carve-out financial information. These carve-out accounting conventions are described below. This carve-out financial information does not necessarily reflect the combined results of operations and financial position that Lassila & Tikanoja would have had if it would have operated as an independent legal group from 1 January 2024 and therefore prepared standalone consolidated financial statements 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 carve-out financial information has been prepared on a going concern basis and using historical acquisition costs, except for contingent considerations related to business combinations, which are measured at their probable realisation value. This carve-out financial information includes the assets, liabilities, income, expenses and cash flows of the following legal entities forming the Lassila & Tikanoja group and the business operations related to Lassila & Tikanoja: Subsidiaries: L&T Ymp\u00e4rist\u00f6palvelut Oy, Finland L&T Teollisuuspalvelut Oy, Finland Suomen Ker\u00e4ystuote Oy, Finland (from 1 July 2024 onwards, previously an associated company) Viem\u00e4rihuolto Reinikka Oy, Finland (from 1 December 2025 onwards) Sand & Vattenbl\u00e4st i Tyringe AB, Sweden Cisternservice i H\u00e4ssleholm AB, Sweden (1 February 2022 \u2013 30 December 2024) PF Industriservice AB, Sweden (1 February 2024 \u2013 30 December 2024) RecondConcept I \u00c5nge AB (from 1 December 2025 onwards) Joint ventures: Laania Oy, Finland Business operations related to Lassila & Tikanoja from the following entities: Luotea Plc (former Lassila & Tikanoja plc)1, the parent company of the Demerging Group 2 The assets, liabilities, income, expenses and cash flows attributable to Lassila & Tikanoja\u2019s business operations originating from Luotea Plc. Information in the carve-out financial information is presented in millions of euros unless otherwise stated. All figures have been rounded, and therefore the sum of individual figures may differ from the total amount presented. The carve-out financial information includes allocated income, expenses, assets, liabilities and cash flows, the allocation of which is based on management judgement, assumptions and estimates as described below. The most significant estimates, judgements and assumptions relate to the allocation of costs arising from certain centrally provided services, lease arrangements, shared assets, cash management and financing, the determination of taxes based on taxable income for the period and deferred taxes, as well as invested equity. Lassila & Tikanoja does not have any material recurring operational business relationships with the Luotea Group. Intra-group transactions and related party transactions Transactions and balances between the Lassila & Tikanoja entities included in the carve-out financial information have been eliminated. Transactions and balance sheet items between Lassila & Tikanoja and Luotea, which were considered intra- group transactions in the consolidated reporting of Luotea, have been treated as related party transactions in the carve-out information. Intercompany items of Luotea against Lassila & Tikanoja entities have been allocated to Lassila & Tikanoja in the preparation of the carve-out financial information and eliminated as intercompany items between Lassila & Tikanoja Plc and other Lassila & Tikanoja companies, except for cash pool receivables from and cash pool liabilities to Luotea and related internal interest income and expenses. These items have been treated as related party transactions in the carve-out financial information. In the demerger, the cash pool receivables and liabilities of Luotea from Lassila & Tikanoja entities transferred to Lassila & Tikanoja Plc, after which they are eliminated in the consolidated financial statements prepared post-demerger. The carrying amounts of the shares in the subsidiaries owned by Luotea and transferred to Lassila & Tikanoja Plc in the demerger have been allocated to Lassila & Tikanoja in the carve-out financial information. The acquisition method has been applied to eliminate the acquisition cost of the subsidiaries. Centrally provided services Luotea has been responsible for the management and general administration of the demerging Group. In addition, Luotea has provided various centrally delivered services to its subsidiaries. In preparing the carve-out financial information of Lassila & Tikanoja, income and expenses directly attributable to Lassila & Tikanoja, or certain historical transactions related to it, have been allocated to Lassila & Tikanoja in accordance with the allocation principle, meaning that the allocation follows the origin and nature of the costs. Historically, Luotea has directly charged its subsidiaries for internal and external costs incurred for services performed on their behalf, as well as a share of common operational costs through management fees. Such services include, among others, IT, finance and treasury, human resources, legal affairs, indirect procurement, real estate, risk management and communications. Certain costs incurred by the parent company, such as insurance premiums, have historically been invoiced directly to the subsidiaries. These costs have been included in the carve-out financial information based on the amounts historically charged. Luotea has historically incurred costs related to strategic group-level projects or business restructurings that were not allocated or charged to subsidiaries. These costs have been allocated to Lassila & Tikanoja in the carve-out financial information if the related business operations are transferred to it. Luotea has historically incurred certain costs related to operating as a listed company. These costs include board expenses and part of the costs related to group management, strategy, human resources, legal affairs, financial administration, communications and investor relations, as well as IT. These listing- related costs represent group-level expenses that were historically unallocated or uncharged. In the carve-out financial information, a portion of these costs has been allocated to Lassila & Tikanoja to reflect the business-related expenses, using appropriate allocation keys such as revenue or headcount. Management considers these allocation bases to be appropriate. Management believes that the allocations reasonably reflect the use of centrally provided services. These allocated costs have been influenced by arrangements in place within Luotea and may not necessarily reflect the future situation in Lassila & Tikanoja. Shared assets, liabilities and lease arrangements with the remaining Luotea Group\u2019s operations Lease agreements under which Lassila & Tikanoja entities have had control or have been the primary users, and which transferred to Lassila & Tikanoja in the demerger, have been presented as leases in the carve-out financial information. Historically, Lassila & Tikanoja and Luotea have operated in shared leased premises and offices in certain locations. For these premises, the legal lessee has charged the other entities using the premises a proportionate share of the costs based on usage. For premises where Lassila & Tikanoja entities are not the legal lessee and the lease agreement did not transfer to Lassila & Tikanoja in the demerger, the cost related to the use of such premises has been included in the carve-out financial information and presented as other operating expenses in the carve-out financial information as related party transactions. For premises where Lassila & Tikanoja entities are the legal lessee and the lease agreement transferred to Lassila & Tikanoja in the demerger, and Luotea has used the premises, the portion of the premises used by Luotea has been included as income in the carve-out financial information and presented as related party transactions. Lassila & Tikanoja and Luotea have also historically shared certain fixed assets (machinery and equipment), which have been allocated to Lassila & Tikanoja and included in property, plant and equipment in the carve-out financial information if the asset transferred to Lassila & Tikanoja as part of the demerger. If the asset did not transfer to Lassila & Tikanoja in the demerger, but Lassila & Tikanoja has used the asset in its operations, the cost related to the use of the asset has been included in the carve-out financial information based on an applicable allocation key (such as square metres or headcount). The assets and lease arrangements presented in the carve-out financial information may differ significantly from the future needs of Lassila & Tikanoja as a standalone company. Share-based payments Key personnel of Lassila & Tikanoja have historically participated in the share- based incentive programmes of Luotea. Expenses related to share-based incentive programmes for individuals directly employed by Lassila & Tikanoja companies have been fully included in the carve-out financial information. The carve-out financial information also includes an allocated portion of the share- based incentive expenses for individuals involved in the group functions of Luotea, using the same allocation principles as for centrally provided services, which management considers an appropriate method for allocating share-based payment expenses. Allocations based on historical expenses may not necessarily reflect the costs that will arise from incentive schemes to be established for key personnel of Lassila & Tikanoja in the future. Further information on share-based payments is presented in Note 1.5 Share-based payments. Pension obligations The majority of Luotea\u2019s pension arrangements have historically been defined contribution plans. The expenses related to these arrangements have been included in the carve-out financial information based on the actual headcount of each Lassila & Tikanoja company. The carve-out financial information also includes an allocated portion of pension expenses for individuals involved in the group functions of Luotea, using the same allocation principles as for centrally provided services, which management considers an appropriate method for allocating pension-related expenses. Luotea also has a limited number of defined benefit pension arrangements, mainly acquired through business combinations. These arrangements and the related obligations remained with Luotea following the demerger and have not been included in the carve-out financial information. In Sweden, Luotea has made pension deposits for a few individuals, for which the group has neither a legal nor constructive obligation to make additional payments. The assets related to these arrangements have been recognised under non-current receivables in the statement of financial position, with a corresponding liability recognised under pension obligations. The portion attributable to Lassila & Tikanoja entities has been included in the carve-out financial information. Further information on employee benefit expenses and pension obligations is presented in Note 1.3 Employee benefit expenses. Cash management and financing Luotea has historically employed centralised cash management and addressed the Group\u2019s financing needs through cash pool arrangements and internal loans. The cash and cash equivalents of Lassila & Tikanoja consist of cash held by the legal entities of Lassila & Tikanoja. No portion of Luotea\u2019s cash and cash equivalents has been allocated to the carve-out financial information, as the share attributable to Lassila & Tikanoja cannot be reliably allocated. The external financing of the Luotea Group is centralised and managed by Luotea. The working capital required by the subsidiaries has historically been financed mainly through cash pool arrangements. To illustrate the effects of Lassila & Tikanoja companies\u2019 historical intra-group financing, cash pool liabilities to and cash pool receivables from Luotea have been included in the carve-out financial information as financial liabilities and assets and are presented as related party transactions. Interest income and expenses related to Lassila & Tikanoja companies\u2019 cash pool receivables and liabilities are presented as related party transactions in the carve-out financial information. In the demerger, these Luotea\u2019s intra-group loan receivables from and liabilities to Lassila & Tikanoja companies transferred to Lassila & Tikanoja Plc. Accordingly, these intra-group receivables and liabilities are fully eliminated from the consolidated financial statements of Lassila & Tikanoja after the demerger. The carve-out financial information includes the existing external financing arrangements of Lassila & Tikanoja companies and the related interest expenses. Luotea\u2019s external financing arrangements have not previously been drawn or directly allocated to the business of Lassila & Tikanoja, and Luotea\u2019s external financing cannot be reliably allocated to Lassila & Tikanoja in the carve-out financial information. Accordingly, financial income and expenses related to Luotea\u2019s external financing have not been allocated to Lassila & Tikanoja. In connection with the demerger, a certain amount of Luotea\u2019s external debt transferred to Lassila & Tikanoja in accordance with the demerger plan. The carve-out financial information has not been adjusted to reflect the share of Luotea\u2019s debt transferred to Lassila & Tikanoja in the demerger . The financing presented in the carve-out financial information may differ significantly from the financing needs of Lassila & Tikanoja as an independent company in the future. It should be noted that the finance costs included in the carve-out financial information do not necessarily reflect what the finance costs would have been had Lassila & Tikanoja historically obtained financing independently, nor do they necessarily represent the future finance costs of Lassila & Tikanoja. Invested equity Lassila & Tikanoja has not previously constituted a separate legal group nor prepared separate consolidated financial statements, and therefore it is not meaningful to present share capital or a breakdown of equity reserves. The net assets attributable to Lassila & Tikanoja are represented in the combined statement of financial position as invested equity, which consists of accumulated translation differences, invested equity, and retained earnings. Changes in the net assets allocated to Lassila & Tikanoja are presented separately in the combined statement of changes in invested equity under the line item \u201cEquity transactions with the former Lassila & Tikanoja Group\u201d and in the combined statement of cash flows under the line item \u201cEquity financing with the former Lassila & Tikanoja, net\u201d. These reflect intra-group equity financing between Luotea and Lassila & Tikanoja during the periods presented. The amount of invested equity is affected by the net assets allocated to Lassila & Tikanoja, which comprise income and expenses, assets and liabilities allocated from Luotea and other companies in the Luotea Group to Lassila & Tikanoja. Translation differences are recognised in a separate accumulated currency translation differences item included in the total invested equity, and changes in these are presented in other comprehensive income. The capital structure allocated to Lassila & Tikanoja for the purposes of preparing the carve-out financial information, i.e. invested equity, does not as such reflect the capital structure that Lassila & Tikanoja would have required had it operated as a separate group during the periods presented. The equity of Lassila & Tikanoja formed upon completion of the demerger on 31 December 2025, and Lassila & Tikanoja Plc has share capital and other reserves as described in the statement of financial position. Income taxes The subsidiaries belonging to Lassila & Tikanoja Group have operated as separate taxable entities during the financial periods presented in these carve-out financial information. For these companies, the tax expenses as well as tax liabilities and receivables included in the carve-out financial information are based on actual taxation. Lassila & Tikanoja Plc, which was established through the partial demerger from Luotea Plc, has not filed separate tax returns during the periods presented. The tax expense presented in the carve-out financial information includes an additional tax expense calculated as if Lassila & Tikanoja Plc had been a separate taxable entity. This tax expense is presented in the carve-out financial information as a tax expense in the income statement and, in the statement of financial position, as a transaction with Luotea, which has been recognised in invested equity. The line item \u201cIncome taxes paid\u201d in the combined statement of cash flows reflects taxes based on the taxable income of all Lassila & Tikanoja companies for the period, as they are considered to have been paid by the respective companies. To the extent that such taxes have not historically been paid in cash, these taxes are considered to represent investments made by, or distributions of assets to, Luotea, and are deemed to be settled immediately through equity. Such equity-settled transactions are presented in the financing cash flows of the combined statement of cash flows under \u201cEquity financing with the former Lassila & Tikanoja, net\u201d. The tax expenses presented in the combined income statement do not necessarily reflect the tax expenses that may arise in the future when Lassila & Tikanoja companies operate as separate taxable entities. Foreign currency transactions The carve-out financial information is presented in euros, which is the functional and reporting currency of the parent company of Lassila & Tikanoja. Lassila & Tikanoja Group also includes foreign subsidiaries whose functional currency is the Swedish krona. At each reporting date, the income statements of the foreign Lassila & Tikanoja companies are translated into euros at the average exchange rate for the financial period, and the balance sheets are translated at the exchange rate prevailing on the balance sheet date. Foreign currency transactions are recognised at the exchange rate prevailing on the date of the transaction. The items in the statement of financial position and income statement translated into euros have been allocated either to Lassila & Tikanoja or to Luotea. The translation difference related to the allocated items is recognised in invested equity, and changes in the translation difference are presented in the combined statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "Lassila & Tikanoja Plc was established on 31 December 2025 and has not previously formed a separate group or prepared consolidated financial statements. The consolidated financial information as at 31 December 2025 has been presented using actual figures for the statement of financial position as at 31 December 2025 and on a carve-out basis for the other financial information and comparative periods. The carve-out principles are described below under \u2018Basis of preparation of the carve-out financial information\u2019. The consolidated financial statements of Lassila & Tikanoja Plc have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union. International Financial Reporting Standards refer to the standards and interpretations adopted for application within the EU in accordance with the procedure laid down in EC Regulation No. 1606/2002, as referred to in the Finnish Accounting Act and the regulations issued thereunder. The notes to the consolidated financial statements also comply with the Finnish accounting and corporate legislation that supplements the IFRS requirements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
This carve-out financial information does not necessarily reflect the combined
results of operations and financial position that Lassila & Tikanoja would have had
if it would have operated as an independent legal group from 1 January 2024 and
therefore prepared standalone consolidated financial statements 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
The carve-out financial information includes allocated income, expenses,
assets, liabilities and cash flows, the allocation of which is based on management
judgement, assumptions and estimates as described below. The most significant
estimates, judgements and assumptions relate to the allocation of costs arising
from certain centrally provided services, lease arrangements, shared assets, cash
management and financing, the determination of taxes based on taxable income
for the period and deferred taxes, as well as invested equity. Lassila & Tikanoja
does not have any material recurring operational business relationships with the
Luotea Group.
Critical judgements by Management In preparing the IFRS financial statements and the carve-out financial information, Lassila & Tikanoja\u2019s management is required to make estimates and assumptions about the future, the outcomes of which may differ from those estimates and assumptions. Management is also required to exercise judgement when making decisions regarding the selection and application of accounting policies for the financial statements and the carve-out financial information. Judgement-based decisions particularly concern cases where the applicable IFRS Accounting Standards provide alternative methods for recognition, measurement, or presentation. The preparation of the financial statements requires management to use estimates and assumptions that affect the amounts of assets and liabilities reported in the statement of financial position at the reporting date as well as the amounts of income and expenses recognised during the financial year. The estimates and assumptions are based on management\u2019s best knowledge at the reporting date and rely on historical experience and the most probable assumptions concerning the future at that time. The most significant area in which such judgement has been applied relates to the measurement of assets and liabilities recognised in connection with acquired businesses. The key assumptions concerning the future and the key sources of estimation uncertainty relating to the balances at the reporting date, which present the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are disclosed in the Notes 1.2 Revenue from contracts with customers, 2.4 Other non current liabilities, 2.5 Provisions, 3.2 Goodwill impairment testing, 3.4 Right of use assets and lease liabilities, and 5.3 Business acquisitions.
Critical judgements by Management
The amount and timing of revenue recognition involves
management\u2019s judgement especially in the following areas:
\u2022 Timing of revenue recognition in services and project business
\u2022 Treatment of repurchase agreements relating to
compactors and balers including the assessment
of the materiality of financing component
\u2022 Measurement of variable consideration
These judgements have been described in more detail
in the description relating to revenue recognition.
Critical judgements by Management
The preparation of calculations used in valuation of deferred and
contingent considerations requires the use of management judgement.
The EBITDA forecast used in the calculations is based on actual
development and management\u2019s view on the growth outlook for the
business. Though the assumptions used are appropriate according to the
management\u2019s judgement, the EBITDA forecasts used in the calculation
may differ materially from the actual figures realised in the future.
Critical judgements by Management
Recognition and measurement of provisions require management
to assess the best estimate of the expenditure needed to settle
the present obligation at the end of the reporting period. The
actual amount and timing of the expenditure might differ from the
estimates made. The carrying amounts of provisions are reviewed
regularly and adjusted when needed to consider changes in cost
estimates, regulations, applied technologies and conditions.
Environmental provisions are particularly characterised by the fact
that the expenses may be incurred far into the future or over a long
period of time, which increases the uncertainty of the estimates.
In the balance sheet, the largest environmental provisions in euro
terms are those related to the covering costs of landfill sites and
contaminated land treatment areas. Significant assumptions in
determining these provisions include, among others, the estimated
future costs of covering, closing, and aftercare of the landfill. Estimates
are prepared by internal and external experts and are reviewed at
least once a year. The estimates take into account, among other
things, the regulatory requirements applicable to each site.
Estimated obligations are valued using present value techniques that
take into account assumptions and factors that market participants
would use in determining the estimates. These include, for example,
inflation, cost levels, uncertainties related to the timing of work,
information received from third parties, actual and reported prices
of similar work, and expert assessments. Inflation assumptions are
based on management\u2019s assessment of current and future economic
conditions as well as the timing of the expenses. Environmental
provisions are expected to be realised over a period of 3 to 50 years.
The realisation period is reviewed annually and whenever there
is an indication that changes may occur.
Critical judgements by Management The preparation of value-in-use based calculations used in goodwill impairment testing requires the use of management judgement. The future cash flows are based on forecasts for the strategy period approved by the Board of Directors of the former Lassila & Tikanoja. These forecasts are based on actual development and management\u2019s view on the growth outlook for the industry. The terminal growth rate is based on the management\u2019s view on the long-term growth outlook for the business. The discount rates used reflect the best estimate of the weighted average cost of capital. Though the assumptions used are appropriate according to the management\u2019s judgement, the estimated cash flows may fundamentally differ from those realised in the future. Critical judgements by Management Lassila & Tikanoja has lease contracts relating mainly to real estate and land areas which are valid until further notice. For such contracts, the management evaluates the lease term on a lease-by-lease basis. In evaluating the lease term, Lassila & Tikanoja considers e.g. any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Lassila & Tikanoja\u2019s operations taking into account, for example, whether the underlying asset is a specialised asset, the location of the underlying asset and the availability of suitable alternatives. The lease term is reassesed in future periods to ensure that the lease term reflects the current circumstances. Critical judgements by Management Assets and liabilities acquired in business combinations as well as assets and liabilities classified as held for sale are measured at fair value. Whenever possible, the management uses available market values when determining the fair values. When this is not possible, the measurement is based on the historical income from the asset. In particular, the measurement of intangible assets is based on discounted cash flows and requires the management to make estimates on future cash flows. Although these estimates are based on the management\u2019s best knowledge, actual results may differ from the estimates. The carrying amounts of assets are reviewed continuously for impairment. More information on this is provided in Note 1.7. Depreciation, amortisation and impairments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
Share-based payments
Key personnel of Lassila & Tikanoja have historically participated in the share-
based incentive programmes of Luotea. Expenses related to share-based
incentive programmes for individuals directly employed by Lassila & Tikanoja
companies have been fully included in the carve-out financial information. The
carve-out financial information also includes an allocated portion of the share-
based incentive expenses for individuals involved in the group functions of
Luotea, using the same allocation principles as for centrally provided services,
which management considers an appropriate method for allocating share-based
payment expenses.
Allocations based on historical expenses may not necessarily reflect the costs
that will arise from incentive schemes to be established for key personnel of
Lassila & Tikanoja in the future. Further information on share-based payments is
presented in Note 1.5 Share-based payments.
1.5 Share-based payments
Accounting policy
Lassila & Tikanoja\u2019s long-term incentive schemes are targeted at the
Group\u2019s top management and other key employees. The share-based
incentive scheme comprises a benefit settled in Lassila & Tikanoja
shares and/or in cash, subject to the fulfilment of the predefined
conditions of the programme. The number of shares to be delivered is
reduced by the applicable taxes and tax-related charges prior to the
delivery of shares to the participants. The cash-settled component is
determined so as to cover the taxes and tax-related charges arising
from the scheme.
The long-term incentive schemes are classified as equity-settled. The
benefits granted under the arrangements are measured at fair value at
the grant date. The fair value is based on the share price at the grant
date and is recognised as an expense on a straight-line basis over
the vesting period. The amount recognised as an expense is based on
management\u2019s estimate of the number of shares expected to vest. The
effects of non-market performance conditions are not included in the
fair value of the benefits granted, but are instead taken into account in
estimating the number of shares expected to vest. Changes in estimates
are recognised in the income statement at the date of the change. The
expense arising from the arrangements is presented within employee
benefit expenses.
Carve-out principle
Certain key personnel among those transferring directly with Lassila
& Tikanoja Plc\u2019s subsidiaries in the demerger have historically
participated in Luotea\u2019s (former Lassila & Tikanoja, the demerged
company) share-based incentive schemes. The share and personnel
figures presented in the following tables include only these individuals.
The expenses recognised for the share-based incentive schemes
also include the portion belonging to Lassila & Tikanoja attributable
to individuals involved in Luotea\u2019s group functions. The allocation of
these expenses has followed the same principles used for centrally
provided services, which management considers an appropriate method
for allocating costs related to share-based payments. Part of these
individuals in Luotea\u2019s group functions were transferd to Lassila &
Tikanoja in the demerger.
The historical cost allocations may not be indicative of the future
expenses that will arise through incentive schemes that will be
established for Lassila & Tikanoja\u2019s key personnel in the future.
Performance Share Plan 2023\u20132027
The former Lassila & Tikanoja\u2019s Board of Directors decided at a meeting held on
14 December 2022 on a new share-based incentive programme aimed at key
employees of the former Lassila & Tikanoja, including the President and CEO and
the Group Executive Board. The Performance Share Plan 2023\u20132027 comprises
three three-year performance periods covering the calendar years 2023\u20132025,
2024\u20132026 and 2025\u20132027. The Board of Directors of the former Lassila &
Tikanoja has decided on the performance criteria of the plan and the performance
levels to be set for each performance criterion at the beginning of a performance
period.
Potential rewards of performance period 2023-2025 will be based on the
demerged Group\u2019s return on capital employed (ROCE), total shareholder return
(TSR) and reduction of the carbon footprint (ESG) during the period 2023-2025.
Potential rewards of performance period 2024-2026 will be based on the
demerged Group\u2019s return on capital employed (ROCE), total shareholder return
(TSR) and reduction of the carbon footprint (ESG) during the period 2024-2026.
Potential rewards of performance period 2025-2027 will be based on the
demerged company\u2019s total shareholder return (TSR), the demerged Group\u2019s return
on capital employed (ROCE), reduction of the carbon footprint (ESG), and revenue
during the period 2025-2027.
Bridge Plan 2023\u20132026
The former Lassila & Tikanoja\u2019s Board of Directors decided at a meeting held on
14 December 2022 on a new share-based incentive programme. The Bridge Plan
2023\u20132026 has two (2) one-year (1) performance periods covering the calendar
years 2023 and 2024. A performance period is followed by a two-year retention
period. The aim of the plan is to support the transition from the old Performance
Share Plan to the new Performance Share Plan. The target group of the Bridge
Plan consists of the demerged Group\u2019s President and CEO and the Group
Executive Board. The former Lassila & Tikanoja\u2019s Board of Directors has decided
on the performance criteria of the plan and the performance levels to be set for
each performance criterion at the beginning of a performance period.
Rewards of performance period 2023 were based on the demerged Group\u2019s
return on capital employed (ROCE) and reduction of the carbon footprint (ESG) in
2023.
Rewards of performance period 2024 were based on return on the demerged
Group\u2019s capital employed (ROCE) and reduction of the carbon footprint (ESG) in
2024.
The New Lassila & Tikanoja intends to continue the former Lassila & Tikanoja\u2019s
existing Performance Share Plan on substantially the same terms, but with
the amendment that the rewards will be in the new Lassila & Tikanoja\u2019s shares
instead of the former Lassila & Tikanoja\u2019s shares and the rewards payable, as
expressed in number of the new Lassila & Tikanoja shares, will be adjusted
accordingly. The rewards payable under the current Performance Share Plan for
the performance periods 2024\u20132026 and 2025\u20132027 will be converted into
shares in the new Lassila & Tikanoja based on the formation of the price of the
new Lassila & Tikanoja\u2019s shares after the listing.
Following the completion of the demerger, the Board of Directors of the New
Lassila & Tikanoja will resolve on the details of the New Lassila & Tikanoja\u2019s
share-based incentive plans.
Expenses arising from share-based incentive programmes, MEUR
MEUR
2025
Carve-out
2024
Carve-out
Share component 0.4 0.2
Total 0.4 0.2
Information on the share-based incentive programme
Performance share plan 2023-2027 Bridge plan 2023-2026
Share-based incentive programme
Performance
period
2025-2027
Performance
period
2024-2026
Performance
period
2023-2025
Performance
period
2024
Performance
period
2023
Grant date 14 Mar 2025 17 Jan 2024 16 Jan 2023 17 Jan 2024 16 Jan 2023
Start of the earnings period 1 Jan 2025 1 Jan 2024 1 Jan 2023 1 Jan 2024 1 Jan 2023
End of the earnings period 31 Dec 2027 31 Dec 2026 31 Dec 2025 31 Dec 2024 31 Dec 2023
Average share price at grant date 8.91 9.88 11.48 9.88 11.48
Maximum number of shares 76,723 49,273 43,681 7,600 15,200
Realisation on closing date, shares 1,788 7,800
Returned shares
Obligation to hold shares, years - - - 2 2
Release date of shares - - - 31 Mar 2027 31 Mar 2026
Number of persons included 18 12 12 1 2
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
The cash and cash equivalents of Lassila & Tikanoja consist of cash held by
the legal entities of Lassila & Tikanoja. No portion of Luotea\u2019s cash and cash
equivalents has been allocated to the carve-out financial information, as the
share attributable to Lassila & Tikanoja cannot be reliably allocated.
Cash and cash equivalents consist of cash on hand, bank deposits redeemable on demand and other short-term liquid investments. Their maturity is no longer than three months from the acquisition date. They are recognised as of the settlement date and measured at historical cost. Foreign currency transactions are translated into euros using the exchange rates prevailing on the balance sheet date. The used credit limits are included in current interest-bearing liabilities. At the end of the financial period, the credit limits were not in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
The external financing of the Luotea Group is centralised and managed by
Luotea. The working capital required by the subsidiaries has historically been
financed mainly through cash pool arrangements. To illustrate the effects of
Lassila & Tikanoja companies\u2019 historical intra-group financing, cash pool liabilities
to and cash pool receivables from Luotea have been included in the carve-out
financial information as financial liabilities and assets and are presented as
related party transactions. Interest income and expenses related to Lassila &
Tikanoja companies\u2019 cash pool receivables and liabilities are presented as related
party transactions in the carve-out financial information. In the demerger, these
Luotea\u2019s intra-group loan receivables from and liabilities to Lassila & Tikanoja
companies transferred to Lassila & Tikanoja Plc. Accordingly, these intra-group
receivables and liabilities are fully eliminated from the consolidated financial
statements of Lassila & Tikanoja after the demerger.
Trade and other receivables are measured at amortised cost. Receivables are classified as current financial assets unless their maturity date is more than 12 months from the balance sheet date. Trade receivables are recognised at historical cost less allowances for impairment. A valuation allowance for impairment of trade receivables is recognised when there is objective evidence that Lassila & Tikanoja will not be able to collect all amounts due according to the original terms of the receivables. Lassila & Tikanoja applies the simplified approach to providing for expected credit losses. Impairments are recognised as an expense in the income statement. Sold non-recourse trade receivables\u2019 credit risk and contractual rights are transferred from the Group on the selling date and related expenses are recognised as financial expenses. More information about allowance for impairment of trade receivables is presented in Note 2.1 Trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "The carve-out financial information includes the existing external financing arrangements of Lassila & Tikanoja companies and the related interest expenses. Luotea\u2019s external financing arrangements have not previously been drawn or directly allocated to the business of Lassila & Tikanoja, and Luotea\u2019s external financing cannot be reliably allocated to Lassila & Tikanoja in the carve-out financial information. Accordingly, financial income and expenses related to Luotea\u2019s external financing have not been allocated to Lassila & Tikanoja. In connection with the demerger, a certain amount of Luotea\u2019s external debt transferred to Lassila & Tikanoja in accordance with the demerger plan. The carve-out financial information has not been adjusted to reflect the share of Luotea\u2019s debt transferred to Lassila & Tikanoja in the demerger Accounting policy Exchange rate gains and losses arising from foreign-currency transactions and the translation of monetary items are recognised in the income statement. Foreign exchange gains and losses on business transactions are included in the respective items above operating profit. Foreign exchange gains and losses on financial assets and liabilities are included in financial income and expenses. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are included in the acquisition cost of that asset. There were no such costs capitalised at the end of the reporting period or in the comparative period. Transaction costs directly attributable to borrowings are included in the historical cost of the liability and recognised as an interest expense during the expected life of the liability applying the effective interest method. Carve-out principle Interest income and expenses from related parties have been determined based on the interest income and charges recognised directly by Lassila & Tikanoja legal entities. Interest expenses related to the lease agreements transferred to Lassila & Tikanoja in the demerger are included in the finance expenses in the carve-out financial information. Interest expenses for the financial year or the comparative period do not include interest expenses related to the financing arrangements that were transferred to Lassila & Tikanoja in the demerger in accordance with the demerger plan. Further information on the financing arrangements is provided in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. Finance expenses included in the carve-out financial information may not necessarily represent what the finance expenses would have been, had Lassila & Tikanoja historically obtained financing on a stand-alone bases. These expenses may not be indicative of the cost of financing that will arise for the Lassila & Tikanoja in the future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
The subsidiaries belonging to Lassila & Tikanoja Group have operated as separate
taxable entities during the financial periods presented in these carve-out
financial information. For these companies, the tax expenses as well as tax
liabilities and receivables included in the carve-out financial information are
based on actual taxation.
Lassila & Tikanoja Plc, which was established through the partial demerger
from Luotea Plc, has not filed separate tax returns during the periods presented.
The tax expense presented in the carve-out financial information includes
an additional tax expense calculated as if Lassila & Tikanoja Plc had been a
separate taxable entity. This tax expense is presented in the carve-out financial
information as a tax expense in the income statement and, in the statement of
financial position, as a transaction with Luotea, which has been recognised in
invested equity.
The Group\u2019s income taxes consist of current taxes and deferred taxes. Tax expenses are recognised in the income statement, with the exception of items directly recognised in equity or other comprehensive income, in which case the tax effect is recognised in the corresponding item. Current taxes for the taxable profit for the period are determined according to prevailing tax rates in each country. Taxes are adjusted by current taxes related to previous periods, if any. Carve-out principle The subsidiaries belonging to Lassila & Tikanoja have operated as separate tax entities during the financial periods presented in these carve-out financial information. For these companies, the tax expenses as well as tax liabilities and receivables included in the carve-out financial information are based on actual taxation. Lassila & Tikanoja Plc, which was formed through a partial demerger from Luotea Plc (former Lassila & Tikanoja Oyj), has not filed separate tax returns during the presented financial periods. The tax expense presented in this carve-out financial information includes the tax expense of Lassila & Tikanoja Plc, which has been determined as if Lassila & Tikanoja Plc had been a separate taxable entity. This tax expense is presented in the carve-out financial information as a tax expense in Lassila & Tikanoja\u2019s income statement and as a transaction with the remaining Luotea Plc in the statement of financial position, recognised in invested equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
The line item \u201cIncome taxes paid\u201d in the combined statement of cash flows
reflects taxes based on the taxable income of all Lassila & Tikanoja companies
for the period, as they are considered to have been paid by the respective
companies. To the extent that such taxes have not historically been paid in cash,
these taxes are considered to represent investments made by, or distributions
of assets to, Luotea, and are deemed to be settled immediately through equity.
Such equity-settled transactions are presented in the financing cash flows of
the combined statement of cash flows under \u201cEquity financing with the former
Lassila & Tikanoja, net\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
Foreign currency transactions
The carve-out financial information is presented in euros, which is the functional
and reporting currency of the parent company of Lassila & Tikanoja. Lassila &
Tikanoja Group also includes foreign subsidiaries whose functional currency
is the Swedish krona. At each reporting date, the income statements of the
foreign Lassila & Tikanoja companies are translated into euros at the average
exchange rate for the financial period, and the balance sheets are translated
at the exchange rate prevailing on the balance sheet date. Foreign currency
transactions are recognised at the exchange rate prevailing on the date of the
transaction.
The items in the statement of financial position and income statement
translated into euros have been allocated either to Lassila & Tikanoja or to
Luotea. The translation difference related to the allocated items is recognised in
invested equity, and changes in the translation difference are presented in the
combined statement of comprehensive income.
Foreign currency translation
Figures indicating the performance and financial position of the Group companies
are specified in the currency of the economic operating environment in which
the company primarily operates (functional currency). The consolidated financial
statements are presented in euros, which is functional and presentation currency
of Lassila & Tikanoja Plc.
Any transactions in foreign currencies are recognised in the functional
currency using the exchange rate in effect on the transaction date. In practice,
it is customary to use a rate that is close enough to the transaction day rate.
Monetary assets denominated in foreign currency are translated into euros using
the exchange rates in effect on the balance sheet date. Non-monetary assets are
translated using the exchange rate in effect on the transaction date. The Group
has no non-monetary assets denominated in foreign currency that are measured
at fair value. Exchange rate gains and losses arising from foreign-currency
transactions and the translation of monetary items are recognised in the income
statement. Foreign exchange gains and losses on business transactions are
included in the respective items above operating profit. Foreign exchange gains
and losses on financial assets and liabilities are included in financial income and
expenses.
The income statements of the Group companies whose functional currency is
not the euro are translated into euros at average exchange rates for the period,
and the statements of financial position at the exchange rates in effect at the
balance sheet date. The difference in exchange rates applicable to the translation
of profit in the income statement and statement of comprehensive income result
in a translation difference recognised in the currency translation differences
within invested equity. Translation differences arising from the elimination of
the acquisition cost of foreign subsidiaries, as well as translation differences in
equity items accumulating after the acquisition, are recognised in the translation
differences within equity.
Goodwill and fair value adjustments to the carrying amounts of the assets and
liabilities arising on the acquisition of a foreign entity are treated as assets and
liabilities of the foreign entity and translated into euros at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
Critical judgements by Management
In preparing the IFRS financial statements and the carve-out financial
information, Lassila & Tikanoja\u2019s management is required to make estimates and
assumptions about the future, the outcomes of which may differ from those
estimates and assumptions. Management is also required to exercise judgement
when making decisions regarding the selection and application of accounting
policies for the financial statements and the carve-out financial information.
Judgement-based decisions particularly concern cases where the applicable
IFRS Accounting Standards provide alternative methods for recognition,
measurement, or presentation.
The preparation of the financial statements requires management to use
estimates and assumptions that affect the amounts of assets and liabilities
reported in the statement of financial position at the reporting date as well
as the amounts of income and expenses recognised during the financial year.
The estimates and assumptions are based on management\u2019s best knowledge
at the reporting date and rely on historical experience and the most probable
assumptions concerning the future at that time. The most significant area in
which such judgement has been applied relates to the measurement of assets
and liabilities recognised in connection with acquired businesses.
The key assumptions concerning the future and the key sources of estimation
uncertainty relating to the balances at the reporting date, which present the
most significant risk of causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year, are disclosed in the Notes
1.2 Revenue from contracts with customers, 2.4 Other non current liabilities, 2.5
Provisions, 3.2 Goodwill impairment testing, 3.4 Right of use assets and lease
liabilities, and 5.3 Business acquisitions.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
1.1 Segment reporting
Accounting policy
Segment information is reported in a manner consistent with the internal
reporting and management structure provided to the chief operating
decision-maker. Lassila & Tikanoja has one operating and reportable
segment, consisting of items related to the Circular Economy business.
The chief operating decision-maker is the Chief Executive Officer of the
company, who is responsible for allocating resources to the business
and assessing the performance of the business. The chief operating
decision-maker evaluates the performance of the business based on
adjusted EBITA and operating profit. Additionally, capital employed
and gross capital expenditure have been reported monthly to the chief
operating decision maker. Until the demerger, the Chief Executive Officer
of the former Lassila & Tikanoja (currently Luotea) acted as the chief
operating decision-maker.
Capital employed consists of equity plus interest-bearing financial
liabilities. Gross capital expenditure consists of investments in
intangible assets and property, plant and equipment, including business
acquisitions. For right-of-use assets, only acquisitions of heavy rental
equipment are included in gross capital expenditure.
The item \u201cUnallocated items and eliminations\u201d includes the portion
of the Former Lassila & Tikanoja\u2019s group administration income and
expenses allocated to the New Lassila & Tikanoja, which have not been
allocated to segments. These income and expenses include items
common to the entire Group, such as group management expenses and
costs arising from operating as a listed company. The capital employed
corresponding to these income and expenses is also included in the
\u201cUnallocated items and eliminations\u201d item. In addition, this item includes
lease liabilities and eliminations as well as carve-out adjustments.
2025, MEUR
Circular
Economy
Business
Unallocated
items and
eliminations
Lassila &
Tikanoja
External net sales 426.6 426.6
Inter-division net sales 0.1 -0.1 -
Net sales 426.7 -0.1 426.6
Materials and services -126.2 - -126.2
Employee benefit
expenses -135.1 -6.8 -141.9
Other operating
expenses -83.4 1.2 -82.2
Operating profit 40.4 -6.2 34.2
Items affecting
comparability
1
-0.2 4.7
Adjusted EBITA 42.1 -1.5
Financial income and
expenses -4.6
Share of the result of
joint ventures 1.9
Result before taxes 31.6
Income taxes -5.8
Result for the period 25.7
Capital employed 351.0 9.4
Gross capital expenditure 40.3 1.4
Depreciation,
amortisation and
impairments 45.1 0.5 45.5
2024, MEUR
Circular
Economy
Business
Unallocated
items and
eliminations
Lassila &
Tikanoja
External net sales 423.9 423.9
Inter-division net sales 0.1 -0.1 -
Net sales 424.0 -0.1 423.9
Materials and services -123.6 - -123.6
Employee benefit
expenses -135.3 -5.1 -140.3
Other operating
expenses -82.9 4.1 -78.8
Operating profit 41.2 -0.8 40.5
Items affecting
comparability
1
1.6 0.6
Adjusted EBITA 44.7 -0.2
Financial income and
expenses -4.7
Share of the result of
joint ventures 3.2
Result before taxes 38.9
Income taxes -7.4
Result for the period 31.5
Capital employed 299.7 21.7
Gross capital expenditure 35.9 0.3
Depreciation,
amortisation and
impairments 43.1 0.3 -43.4
1
Items affecting comparability mainly include expenses related to business acquisitions,
including changes in the fair value of the deferred consideration related to the acquisition
of Sand & Vattenbl\u00e4st i Tyringe AB (\u201cSVB\u201d), as well as expenses related to business
restructurings. In 2025, the items affecting comparability include expenses relating to the
demerger totalling EUR 4.7 million. Further information on the valuation of the deferred
consideration related to SVB is presented in Note 4.1 Financial assets and liabilities.
Information on the geographical areas
Accounting policy
The Group operates in Finland and Sweden. Net sales of geographical
areas are reported based on the geographical location of the customer,
and assets are reported by geographical location of the assets.
MEUR
2025
Carve-out
2024
Carve-out
Net sales
Finland 395.7 393.3
Sweden 21.6 21.2
Other countries 9.4 9.4
Total 426.6 423.9
Assets
Finland 494.4 441.1
Sweden 15.4 11.9
Total 509.7 453.0
Gross capital expenditure
Finland 38.4 31.9
Sweden 3.3 4.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "Accounting policy Segment information is reported in a manner consistent with the internal reporting and management structure provided to the chief operating decision-maker. Lassila & Tikanoja has one operating and reportable segment, consisting of items related to the Circular Economy business. The chief operating decision-maker is the Chief Executive Officer of the company, who is responsible for allocating resources to the business and assessing the performance of the business. The chief operating decision-maker evaluates the performance of the business based on adjusted EBITA and operating profit. Additionally, capital employed and gross capital expenditure have been reported monthly to the chief operating decision maker. Until the demerger, the Chief Executive Officer of the former Lassila & Tikanoja (currently Luotea) acted as the chief operating decision-maker. Capital employed consists of equity plus interest-bearing financial liabilities. Gross capital expenditure consists of investments in intangible assets and property, plant and equipment, including business acquisitions. For right-of-use assets, only acquisitions of heavy rental equipment are included in gross capital expenditure. The item \u201cUnallocated items and eliminations\u201d includes the portion of the Former Lassila & Tikanoja\u2019s group administration income and expenses allocated to the New Lassila & Tikanoja, which have not been allocated to segments. These income and expenses include items common to the entire Group, such as group management expenses and costs arising from operating as a listed company. The capital employed corresponding to these income and expenses is also included in the \u201cUnallocated items and eliminations\u201d item. In addition, this item includes lease liabilities and eliminations as well as carve-out adjustments. Accounting policy The Group operates in Finland and Sweden. Net sales of geographical areas are reported based on the geographical location of the customer, and assets are reported by geographical location of the assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
1.2 Revenue from contracts with
customers
Accounting policy
Revenue from contracts with customers is recognised when or as the
performance obligation is satisfied by transferring a promised good or
service to the customer. A good or a service is transferred when the
customer obtains control of the good or service. Revenue is recognised
based on the transaction price to which Lassila & Tikanoja expects to be
entitled in exchange for transferring the good or service.
Lassila & Tikanoja acts as a principal in all of its contracts with
customers.
Lassila & Tikanoja applies the practical expedient and does not
disclose the aggregate amount of the transaction price allocated to the
performance obligations that are unsatisfied (or partially unsatisfied)
at the end of the reporting period. This is because the contract period
in the customer contracts for project deliveries is typically short.
However, in long-term service agreements the contract period can
be several years. For these contracts Lassila & Tikanoja applies the
practical expedient according to which Lassila & Tikanoja is entitled to
a consideration from the customer that corresponds directly with the
value to the customer from Lassila & Tikanoja\u2019s performance completed
to date. In these contracts Lassila & Tikanoja recognises revenue for the
amount that it is entitled to invoice.
Services business
Services business comprises of long-term service agreements and separately
ordered services.
Long-term service agreements include for example waste management
and recycling services. Long-term service agreements include one or more
performance obligations depending on the amount of distinct services provided
to the customer. A typical characteristic of long-term services is that services
are delivered evenly throughout the contract term. Each service is a distinct
performance obligation as the customer can benefit from the services on its
own and could order the services from different service providers. If a contract
contains more than one distinct performance obligation, the transaction price is
allocated to each performance obligation based on the stand-alone selling prices.
In addition to the long-term service agreements, Lassila & Tikanoja offers
services which are separately ordered. Compared to the long-term service
agreements, services that are ordered separately are typically short-term in
nature and they are provided either occasionally or on a non-recurring basis.
Revenue from services business is recognised over time, as the customer
simultaneously receives and consumes the benefits from the services provided.
Revenue from services that are invoiced with a fixed-term fee is recognised
evenly over the contract term as also the work is performed evenly over the
term. Revenue from services that are invoiced based on hourly fees is recognised
based on the work performed.
The environmental construction business line receives contaminated soil from
customers, for which the performance obligation is the receipt and processing
of soil. Measuring progress towards complete satisfaction of the performance
obligation is based on the output method. Revenue is recognised based on the
amount of processed soil. Customer is invoiced when soil is received and the
payment received from the customer is treated as a contract liability.
Project business
Lassila & Tikanoja\u2019s project business includes projects for industrial process
cleaning and closing of landfills. In project business the customer orders the
entire project at once and the project is considered as a single performance
obligation. In some cases, a contract can also consist of several different
locations and each location creates a distinct performance obligation. If the
contract contains more than one distinct performance obligation, the transaction
price is allocated to each performance obligation based on the stand-alone
selling prices.
Revenue from project business is recognised over time as the projects mainly
relate to enhancing an asset that the customer controls. In project business
the input method based on costs incurred is used for measuring the progress
towards complete satisfaction of the performance obligation. The management
has estimated that the costs incurred for a project can be determined reliably.
Also, due to the contract structure in project business the management has
determined that Lassila & Tikanoja has an enforceable right to payment for
performance completed to date. In project business, invoicing is typically based
on a predetermined payment schedule.
Sale of equipment and materials
Sale of equipment consists of sale of compactors and balers to customers. Sale
of materials consists of sale of wood-based fuels and recycled fuels as well
as of sale of other recycled raw materials. Each equipment or material delivery
creates a distinct performance obligation in the sale of equipment and materials.
The equipment delivered by Lassila & Tikanoja does not involve any additional
warranties that would be considered as a distinct performance obligation.
Control of the delivered product is transferred when the physical possession
of the product has been transferred to the customer, which typically occurs
at delivery. Lassila & Tikanoja delivers wood-based fuels and recycled fuels
to customers. The consideration received from a customer is based on the
amount of delivered fuel and the energy level of the fuel or on the amount of the delivered material. In some cases, the final transaction price is determined after the customer has measured the amount of fuel delivered, and, thus, there is uncertainty relating to the amount of final transaction price. Management has estimated that the level of uncertainty related to the transaction price is low and any adjustments to be made to the transaction price when the uncertainty is resolved are not considered to be material. Lease income In addition to the sale of compactors and balers, customers can also lease the equipment through an external financing company. The agreement made between Lassila & Tikanoja and the financing company includes a repurchase obligation at the end of the lease period with a predetermined residual value. Due to the repurchase obligation management has determined that all the risks and rewards incidental to ownership of the assets are not transferred substantially to the customer and, thus, the leased equipment is treated as tangible assets. At the inception of the lease, advances received from the financing company as well as the residual value of the asset are recognised as a liability in the balance sheet. Lease income is recognised monthly during the lease term. Management has estimated that the amount of payment received from the financing company does not Include a significant financing component based on the low amount of lease income. Estimating variable consideration The contracts with customers may include components of variable considerations, such as bonuses and penalties for delay. Based on historical data, management has assessed that the level of uncertainty relating to the variable consideration is generally low, and the variable consideration has been fully included in the amount to be recognised as revenue. The estimate of the amount of variable considerations is reassessed at the end of each reporting period. Contract balances Contract assets and trade receivables A contract asset is a right to consideration in exchange for goods or services that are transferred to a customer. If goods or services are transferred to a customer before the invoice is sent to the customer, the amount is recognised as a contract asset. If Lassila & Tikanoja has an unconditional right to the consideration, a trade receivable is recognised in the statement of financial position. Contract assets and trade receivables are assessed for impairment. The general payment term for customers is 14 days, but it can vary depending on the specific case. Contract liabilities A contract liability is an obligation to transfer goods or services to a customer for which Lassila & Tikanoja has received consideration from the customer. If a customer pays consideration before goods or services are transferred to the customer, a contract liability is recognised in the statement of financial position when the payment is made by the customer. Incremental costs of obtaining a contract Lassila & Tikanoja does not have material incremental costs to obtain a contract. Lassila & Tikanoja applies a practical expedient which allows the costs to obtain a contract to be recognised when they occur. Disaggregation of revenue 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. Critical judgements by Management The amount and timing of revenue recognition involves management\u2019s judgement especially in the following areas: \u2022 Timing of revenue recognition in services and project business \u2022 Treatment of repurchase agreements relating to compactors and balers including the assessment of the materiality of financing component \u2022 Measurement of variable consideration These judgements have been described in more detail in the description relating to revenue recognition. MEUR 2025 Carve-out 2024 Carve-out Long-term service agreements 282.1 289.4 Separately ordered services 74.7 66.0 Project business 10.2 9.9 Sales of equipment and materials 56.2 55.1 Lease income 3.4 3.5 Total net sales 426.6 423.9 Contract balances MEUR 2025 2024 Carve-out Trade receivables 51.5 49.4 Contract assets 12.3 7.2 Contract liabilities 8.2 7.3 Contract assets consist of uninvoiced sales, which will be invoiced during the following reporting period and related to which Lassila & Tikanoja does not have unconditional right to consideration at balance sheet date. Contract liabilities are mainly related to the long-term service agreements and are recognised as revenue entirely during the following period. Contract liabilities are included in the balance sheet item Trade and other payables. No revenue was recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "1.2 Revenue from contracts with customers Accounting policy Revenue from contracts with customers is recognised when or as the performance obligation is satisfied by transferring a promised good or service to the customer. A good or a service is transferred when the customer obtains control of the good or service. Revenue is recognised based on the transaction price to which Lassila & Tikanoja expects to be entitled in exchange for transferring the good or service. Lassila & Tikanoja acts as a principal in all of its contracts with customers. Lassila & Tikanoja applies the practical expedient and does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. This is because the contract period in the customer contracts for project deliveries is typically short. However, in long-term service agreements the contract period can be several years. For these contracts Lassila & Tikanoja applies the practical expedient according to which Lassila & Tikanoja is entitled to a consideration from the customer that corresponds directly with the value to the customer from Lassila & Tikanoja\u2019s performance completed to date. In these contracts Lassila & Tikanoja recognises revenue for the amount that it is entitled to invoice. Services business Services business comprises of long-term service agreements and separately ordered services. Long-term service agreements include for example waste management and recycling services. Long-term service agreements include one or more performance obligations depending on the amount of distinct services provided to the customer. A typical characteristic of long-term services is that services are delivered evenly throughout the contract term. Each service is a distinct performance obligation as the customer can benefit from the services on its own and could order the services from different service providers. If a contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. In addition to the long-term service agreements, Lassila & Tikanoja offers services which are separately ordered. Compared to the long-term service agreements, services that are ordered separately are typically short-term in nature and they are provided either occasionally or on a non-recurring basis. Revenue from services business is recognised over time, as the customer simultaneously receives and consumes the benefits from the services provided. Revenue from services that are invoiced with a fixed-term fee is recognised evenly over the contract term as also the work is performed evenly over the term. Revenue from services that are invoiced based on hourly fees is recognised based on the work performed. The environmental construction business line receives contaminated soil from customers, for which the performance obligation is the receipt and processing of soil. Measuring progress towards complete satisfaction of the performance obligation is based on the output method. Revenue is recognised based on the amount of processed soil. Customer is invoiced when soil is received and the payment received from the customer is treated as a contract liability. Project business Lassila & Tikanoja\u2019s project business includes projects for industrial process cleaning and closing of landfills. In project business the customer orders the entire project at once and the project is considered as a single performance obligation. In some cases, a contract can also consist of several different locations and each location creates a distinct performance obligation. If the contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Revenue from project business is recognised over time as the projects mainly relate to enhancing an asset that the customer controls. In project business the input method based on costs incurred is used for measuring the progress towards complete satisfaction of the performance obligation. The management has estimated that the costs incurred for a project can be determined reliably. Also, due to the contract structure in project business the management has determined that Lassila & Tikanoja has an enforceable right to payment for performance completed to date. In project business, invoicing is typically based on a predetermined payment schedule. Sale of equipment and materials Sale of equipment consists of sale of compactors and balers to customers. Sale of materials consists of sale of wood-based fuels and recycled fuels as well as of sale of other recycled raw materials. Each equipment or material delivery creates a distinct performance obligation in the sale of equipment and materials. The equipment delivered by Lassila & Tikanoja does not involve any additional warranties that would be considered as a distinct performance obligation. Control of the delivered product is transferred when the physical possession of the product has been transferred to the customer, which typically occurs at delivery. Lassila & Tikanoja delivers wood-based fuels and recycled fuels to customers. The consideration received from a customer is based on the amount of delivered fuel and the energy level of the fuel or on the amount of the delivered material. In some cases, the final transaction price is determined after the customer has measured the amount of fuel delivered, and, thus, there is uncertainty relating to the amount of final transaction price. Management has estimated that the level of uncertainty related to the transaction price is low and any adjustments to be made to the transaction price when the uncertainty is resolved are not considered to be material. Lease income In addition to the sale of compactors and balers, customers can also lease the equipment through an external financing company. The agreement made between Lassila & Tikanoja and the financing company includes a repurchase obligation at the end of the lease period with a predetermined residual value. Due to the repurchase obligation management has determined that all the risks and rewards incidental to ownership of the assets are not transferred substantially to the customer and, thus, the leased equipment is treated as tangible assets. At the inception of the lease, advances received from the financing company as well as the residual value of the asset are recognised as a liability in the balance sheet. Lease income is recognised monthly during the lease term. Management has estimated that the amount of payment received from the financing company does not Include a significant financing component based on the low amount of lease income. Estimating variable consideration The contracts with customers may include components of variable considerations, such as bonuses and penalties for delay. Based on historical data, management has assessed that the level of uncertainty relating to the variable consideration is generally low, and the variable consideration has been fully included in the amount to be recognised as revenue. The estimate of the amount of variable considerations is reassessed at the end of each reporting period. Contract balances Contract assets and trade receivables A contract asset is a right to consideration in exchange for goods or services that are transferred to a customer. If goods or services are transferred to a customer before the invoice is sent to the customer, the amount is recognised as a contract asset. If Lassila & Tikanoja has an unconditional right to the consideration, a trade receivable is recognised in the statement of financial position. Contract assets and trade receivables are assessed for impairment. The general payment term for customers is 14 days, but it can vary depending on the specific case. Contract liabilities A contract liability is an obligation to transfer goods or services to a customer for which Lassila & Tikanoja has received consideration from the customer. If a customer pays consideration before goods or services are transferred to the customer, a contract liability is recognised in the statement of financial position when the payment is made by the customer. Incremental costs of obtaining a contract Lassila & Tikanoja does not have material incremental costs to obtain a contract. Lassila & Tikanoja applies a practical expedient which allows the costs to obtain a contract to be recognised when they occur. Disaggregation of revenue 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. Critical judgements by Management The amount and timing of revenue recognition involves management\u2019s judgement especially in the following areas: \u2022 Timing of revenue recognition in services and project business \u2022 Treatment of repurchase agreements relating to compactors and balers including the assessment of the materiality of financing component \u2022 Measurement of variable consideration These judgements have been described in more detail in the description relating to revenue recognition. MEUR 2025 Carve-out 2024 Carve-out Long-term service agreements 282.1 289.4 Separately ordered services 74.7 66.0 Project business 10.2 9.9 Sales of equipment and materials 56.2 55.1 Lease income 3.4 3.5 Total net sales 426.6 423.9 Contract balances MEUR 2025 2024 Carve-out Trade receivables 51.5 49.4 Contract assets 12.3 7.2 Contract liabilities 8.2 7.3 Contract assets consist of uninvoiced sales, which will be invoiced during the following reporting period and related to which Lassila & Tikanoja does not have unconditional right to consideration at balance sheet date. Contract liabilities are mainly related to the long-term service agreements and are recognised as revenue entirely during the following period. Contract liabilities are included in the balance sheet item Trade and other payables. No revenue was recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "1.2 Revenue from contracts with customers Accounting policy Revenue from contracts with customers is recognised when or as the performance obligation is satisfied by transferring a promised good or service to the customer. A good or a service is transferred when the customer obtains control of the good or service. Revenue is recognised based on the transaction price to which Lassila & Tikanoja expects to be entitled in exchange for transferring the good or service. Lassila & Tikanoja acts as a principal in all of its contracts with customers. Lassila & Tikanoja applies the practical expedient and does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. This is because the contract period in the customer contracts for project deliveries is typically short. However, in long-term service agreements the contract period can be several years. For these contracts Lassila & Tikanoja applies the practical expedient according to which Lassila & Tikanoja is entitled to a consideration from the customer that corresponds directly with the value to the customer from Lassila & Tikanoja\u2019s performance completed to date. In these contracts Lassila & Tikanoja recognises revenue for the amount that it is entitled to invoice. Services business Services business comprises of long-term service agreements and separately ordered services. Long-term service agreements include for example waste management and recycling services. Long-term service agreements include one or more performance obligations depending on the amount of distinct services provided to the customer. A typical characteristic of long-term services is that services are delivered evenly throughout the contract term. Each service is a distinct performance obligation as the customer can benefit from the services on its own and could order the services from different service providers. If a contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. In addition to the long-term service agreements, Lassila & Tikanoja offers services which are separately ordered. Compared to the long-term service agreements, services that are ordered separately are typically short-term in nature and they are provided either occasionally or on a non-recurring basis. Revenue from services business is recognised over time, as the customer simultaneously receives and consumes the benefits from the services provided. Revenue from services that are invoiced with a fixed-term fee is recognised evenly over the contract term as also the work is performed evenly over the term. Revenue from services that are invoiced based on hourly fees is recognised based on the work performed. The environmental construction business line receives contaminated soil from customers, for which the performance obligation is the receipt and processing of soil. Measuring progress towards complete satisfaction of the performance obligation is based on the output method. Revenue is recognised based on the amount of processed soil. Customer is invoiced when soil is received and the payment received from the customer is treated as a contract liability. Project business Lassila & Tikanoja\u2019s project business includes projects for industrial process cleaning and closing of landfills. In project business the customer orders the entire project at once and the project is considered as a single performance obligation. In some cases, a contract can also consist of several different locations and each location creates a distinct performance obligation. If the contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Revenue from project business is recognised over time as the projects mainly relate to enhancing an asset that the customer controls. In project business the input method based on costs incurred is used for measuring the progress towards complete satisfaction of the performance obligation. The management has estimated that the costs incurred for a project can be determined reliably. Also, due to the contract structure in project business the management has determined that Lassila & Tikanoja has an enforceable right to payment for performance completed to date. In project business, invoicing is typically based on a predetermined payment schedule. Sale of equipment and materials Sale of equipment consists of sale of compactors and balers to customers. Sale of materials consists of sale of wood-based fuels and recycled fuels as well as of sale of other recycled raw materials. Each equipment or material delivery creates a distinct performance obligation in the sale of equipment and materials. The equipment delivered by Lassila & Tikanoja does not involve any additional warranties that would be considered as a distinct performance obligation. Control of the delivered product is transferred when the physical possession of the product has been transferred to the customer, which typically occurs at delivery. Lassila & Tikanoja delivers wood-based fuels and recycled fuels to customers. The consideration received from a customer is based on the amount of delivered fuel and the energy level of the fuel or on the amount of the delivered material. In some cases, the final transaction price is determined after the customer has measured the amount of fuel delivered, and, thus, there is uncertainty relating to the amount of final transaction price. Management has estimated that the level of uncertainty related to the transaction price is low and any adjustments to be made to the transaction price when the uncertainty is resolved are not considered to be material. Lease income In addition to the sale of compactors and balers, customers can also lease the equipment through an external financing company. The agreement made between Lassila & Tikanoja and the financing company includes a repurchase obligation at the end of the lease period with a predetermined residual value. Due to the repurchase obligation management has determined that all the risks and rewards incidental to ownership of the assets are not transferred substantially to the customer and, thus, the leased equipment is treated as tangible assets. At the inception of the lease, advances received from the financing company as well as the residual value of the asset are recognised as a liability in the balance sheet. Lease income is recognised monthly during the lease term. Management has estimated that the amount of payment received from the financing company does not Include a significant financing component based on the low amount of lease income. Estimating variable consideration The contracts with customers may include components of variable considerations, such as bonuses and penalties for delay. Based on historical data, management has assessed that the level of uncertainty relating to the variable consideration is generally low, and the variable consideration has been fully included in the amount to be recognised as revenue. The estimate of the amount of variable considerations is reassessed at the end of each reporting period. Contract balances Contract assets and trade receivables A contract asset is a right to consideration in exchange for goods or services that are transferred to a customer. If goods or services are transferred to a customer before the invoice is sent to the customer, the amount is recognised as a contract asset. If Lassila & Tikanoja has an unconditional right to the consideration, a trade receivable is recognised in the statement of financial position. Contract assets and trade receivables are assessed for impairment. The general payment term for customers is 14 days, but it can vary depending on the specific case. Contract liabilities A contract liability is an obligation to transfer goods or services to a customer for which Lassila & Tikanoja has received consideration from the customer. If a customer pays consideration before goods or services are transferred to the customer, a contract liability is recognised in the statement of financial position when the payment is made by the customer. Incremental costs of obtaining a contract Lassila & Tikanoja does not have material incremental costs to obtain a contract. Lassila & Tikanoja applies a practical expedient which allows the costs to obtain a contract to be recognised when they occur. Disaggregation of revenue 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. Critical judgements by Management The amount and timing of revenue recognition involves management\u2019s judgement especially in the following areas: \u2022 Timing of revenue recognition in services and project business \u2022 Treatment of repurchase agreements relating to compactors and balers including the assessment of the materiality of financing component \u2022 Measurement of variable consideration These judgements have been described in more detail in the description relating to revenue recognition. MEUR 2025 Carve-out 2024 Carve-out Long-term service agreements 282.1 289.4 Separately ordered services 74.7 66.0 Project business 10.2 9.9 Sales of equipment and materials 56.2 55.1 Lease income 3.4 3.5 Total net sales 426.6 423.9 Contract balances MEUR 2025 2024 Carve-out Trade receivables 51.5 49.4 Contract assets 12.3 7.2 Contract liabilities 8.2 7.3 Contract assets consist of uninvoiced sales, which will be invoiced during the following reporting period and related to which Lassila & Tikanoja does not have unconditional right to consideration at balance sheet date. Contract liabilities are mainly related to the long-term service agreements and are recognised as revenue entirely during the following period. Contract liabilities are included in the balance sheet item Trade and other payables. No revenue was recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods. 1.3 Employee benefit expenses Accounting policy Lassila & Tikanoja\u2019s employee benefits include wages, salaries and bonuses paid to employees, post-employment benefits (defined contribution plans), share-based payments and other personnel expenses (statutory social security costs). Under defined contribution plans, Lassila & Tikanoja pays fixed contributions for pensions, and it has no legal or factual obligation to pay further contributions. Contributions to defined contribution plans are recognised in the income statement in the financial period to which they relate. Details on share-based payments are disclosed in Note 1.5 Share-based payments. The employee benefits of the top management are disclosed in Note 5.4 Related-party transactions. Carve-out principle The tables below include the personnel directly employed by the New Lassila & Tikanoja and the related expenses. In addition, for the preparation of the carve-out financial statements, a portion of the expenses related to the management and corporate functions of the former Lassila & Tikanoja has been allocated to the New Lassila & Tikanoja. The allocation key used is a relevant identifier for each corporate function, such as revenue or headcount. Half of the former Lassila & Tikanoja\u2019s total headcount has been allocated to the New Lassila & Tikanoja for the purposes of preparing the carve-out financial information. Management considers these allocation principles to be appropriate. MEUR 2025 Carve-out 2024 Carve-out Wages, salaries and bonuses 116.3 115.4 Pension costs 21.6 21.7 Share-based payments 0.4 0.2 Other personnel expenses 3.5 3.0 Total 141.9 140.3 1.4 Materials and services and other operating income and expenses Accounting policy Materials and services mainly consist of costs related to equipment, supplies and raw materials, short-term production-related rental expenses, waste management fees, subcontracted services, and costs of temporary agency labour. Other operating income includes items that are not considered as being directly related to Lassila & Tikanoja\u2019s normal business, such as gains from sales of assets and business activities and received compensations. Other operating expenses include, for instance, fees for expert and consulting services, losses from sales of assets and business activities, bad debts and changes in allowances for credit losses, expenses related to the use of vehicles and machinery, ICT costs, voluntary social security costs, travel costs, real estate costs and implementation costs of cloud computing arrangements. Government grants Government grants or other grants relating to actual costs are recognised in the income statement when the Group complies with the conditions attached to them and there is reasonable assurance that the grants will be received. They are presented in other operating income. Government grants directly associated with the recruitment of personnel, such as employment grants, apprenticeship grants and the like, are recognised as reductions in personnel expenses. Grants for acquisition of property, plant and equipment are recognised as deductions of historical cost. The grant is recognised as income over the economic life of a depreciable asset, by way of a reduced depreciation charge. Materials and services MEUR 2025 Carve-out 2024 Carve-out Materials and supplies 86.3 83.6 Subcontracted services 37.9 38.0 Production-related rental expenses 1.7 1.8 Purchases from the Demerging Group 0.2 0.2 Total 126.2 123.6 Other operating income MEUR 2025 Carve-out 2024 Carve-out Gains on sales of property, plant and equipment 0.2 1.0 Reimbursements and government grants 0.2 0.2 Other 3.0 1.4 Total 3.4 2.7 Other operating expenses MEUR 2025 Carve-out 2024 Carve-out ICT costs 9.4 8.0 Travel costs 5.4 5.2 Bad debts and changes in allowances for credit losses 0.5 0.6 Fuels for vehicles and machinery 21.5 23.1 Maintenance and repair of vehicles and machinery 22.5 22.3 Insurances 2.7 2.6 Property maintenance costs 5.5 5.6 Expert fees 6.9 2.2 Voluntary social security costs 3.2 3.1 Marketing costs 0.8 1.1 Losses on sales of intangible and tangible assets 0.0 0.3 Other 3.8 4.7 Total 82.2 78.8 1.6 Expenses related to leases Accounting policy The Group leases production and office premises including related land areas, vehicles and ICT equipment. At the commencement date of a lease contract, a right-of-use asset and a lease liability, measured as the present value of the remaining lease payments, is recognised in the statement of financial position. The right-of use asset is subsequently measured at cost less accumulated depreciation and less any accumulated impairment losses and adjusted for any remeasurements of the lease liability. Depreciation is calculated using the straight-line method from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The depreciations of right-of-use assets are presented in depreciation, amortisation and impairments in the income statement. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or price level or if Lassila & Tikanoja changes its assessment of whether it will exercise a purchase, extention or termination option. The interest expense on the lease liability is included in the financial income and expenses in the income statement. In the statement of cash flows, the amortisation of lease liabilites is presented in the cash flows from financing activities and the interest paid in the cash flows from operating activities. The Group applies the exemption for short-term leases to production and office premises leases and the exemption for low-value assets to leases of ICT equipment. For these leases, the right-of-use asset and lease liability is not recognised. The lease payments of low-value assets and short-term leases are included in Other operating expenses and Materials and services in the income statement. Carve-out principle Lease agreements over which Lassila & Tikanoja companies have control, or where Lassila & Tikanoja has been the primary user and which were transferred to Lassila & Tikanoja in the demerger, have been presented as lease agreements in the carve-out financial statements. Lassila & Tikanoja and the remaining businesses of the demerged company have historically operated in shared leased premises and offices in certain locations. For these premises, the legal lessee has invoiced the other companies using the premises for their proportional share of the costs. For premises where Lassila & Tikanoja companies are not the legal lessee and the lease agreement did not transfer to Lassila & Tikanoja in the demerger, the cost related to the use of such premises has been included in Lassila & Tikanoja\u2019s carve-out financial information and presented under other operating expenses as a related party transaction. For premises where Lassila & Tikanoja companies are the legal lessee and the lease agreement was transferred to Lassila & Tikanoja in the demerger, and the remaining businesses of the demerged Group use the premises, the portion of the premises used by the remaining businesses of the demerged Group has been included as income in Lassila & Tikanoja\u2019s carve-out financial information and presented as a related party transaction. MEUR 2025 Carve-out 2024 Carve-out Depreciation expense of right-of-use assets -14.0 -14.5 Interest expenses on lease liabilities -2.1 -2.3 Expenses related to leases of low-value assets -1.5 -1.5 Total -17.6 -18.4 In 2025, the cash flows related to leases totalled EUR -17.4 million (17.8). 1.7 Depreciation, amortisation and impairments Accounting policy Depreciation and amortisation Depreciation and amortisation is recognised on a straight-line basis over the economic useful life of an asset, or over the lease period, if shorter. Intangible assets: 5-10 years Intangible assets from acquisitions: 3-13 years Buildings and structures: 5-30 years Vehicles: 6-15 years Machinery and equipment: 4-15 years Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. For completed landfills the Group applies the units of production method, which involves depreciation on the basis of the volume of waste received. Land is not depreciated. Impairments On each balance sheet date, Lassila & Tikanoja assesses the carrying amounts of its assets for any impairment. If any indication of impairment exists, an estimate of the asset\u2019s recoverable amount is made. The recoverable amount is the higher of an asset\u2019s fair value less selling costs and its value-in-use. Value-in-use refers to the estimated future net cash flows available from an asset, discounted to the present value. The discount rate used is the pre-tax rate, which reflects the market view of the time value of money and the risks associated with the asset. An impairment loss is recognised in the income statement when an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses attributable to a cash-generating unit are used for deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. Intangible assets under construction are software projects that cannot be tested separately for impairment, as they do not generate separate cash flows. There is no need for impairment if, at the end of the financial period, it is clear that the projects will be completed and the software will be introduced. Intangible assets under construction are, however, tested for impairment as part of the cash generating unit to which they belong. An impairment loss of an asset other than goodwill recognised in prior periods is reversed if there is a change in circumstances and the recoverable amount has changed. An impairment loss recognised on goodwill is not reversed. Goodwill impairment testing is described in Note 3.2. Goodwill impairment testing. Gains and losses on sales of assets Gains and losses on sales and disposal of assets are recognised through profit or loss and are presented in other operating income or expenses. MEUR 2025 Carve-out 2024 Carve-out Depreciation and amortisation Intangible assets -4.9 -3.4 Buildings and structures -5.7 -5.1 Machinery and equipment -20.9 -20.3 Right-of-use assets -14.0 -14.5 Other tangible assets 0.0 0.0 Total -45.5 -43.4 Gains / losses on sales of intangible and tangible assets Gain on sales of intangible and tangible assets 0.2 1.0 Loss on sales of intangible and tangible assets 0.0 -0.3 Total 0.2 0.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "Accounting policy Revenue from contracts with customers is recognised when or as the performance obligation is satisfied by transferring a promised good or service to the customer. A good or a service is transferred when the customer obtains control of the good or service. Revenue is recognised based on the transaction price to which Lassila & Tikanoja expects to be entitled in exchange for transferring the good or service. Lassila & Tikanoja acts as a principal in all of its contracts with customers. Lassila & Tikanoja applies the practical expedient and does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. This is because the contract period in the customer contracts for project deliveries is typically short. However, in long-term service agreements the contract period can be several years. For these contracts Lassila & Tikanoja applies the practical expedient according to which Lassila & Tikanoja is entitled to a consideration from the customer that corresponds directly with the value to the customer from Lassila & Tikanoja\u2019s performance completed to date. In these contracts Lassila & Tikanoja recognises revenue for the amount that it is entitled to invoice. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
1.3 Employee benefit expenses
Accounting policy
Lassila & Tikanoja\u2019s employee benefits include wages, salaries and
bonuses paid to employees, post-employment benefits (defined
contribution plans), share-based payments and other personnel
expenses (statutory social security costs).
Under defined contribution plans, Lassila & Tikanoja pays fixed
contributions for pensions, and it has no legal or factual obligation
to pay further contributions. Contributions to defined contribution
plans are recognised in the income statement in the financial period
to which they relate.
Details on share-based payments are disclosed in Note 1.5
Share-based payments. The employee benefits of the top
management are disclosed in Note 5.4 Related-party transactions.
Carve-out principle
The tables below include the personnel directly employed by the
New Lassila & Tikanoja and the related expenses. In addition, for
the preparation of the carve-out financial statements, a portion of
the expenses related to the management and corporate functions
of the former Lassila & Tikanoja has been allocated to the New
Lassila & Tikanoja. The allocation key used is a relevant identifier
for each corporate function, such as revenue or headcount. Half of
the former Lassila & Tikanoja\u2019s total headcount has been allocated
to the New Lassila & Tikanoja for the purposes of preparing the
carve-out financial information. Management considers these
allocation principles to be appropriate.
MEUR
2025
Carve-out
2024
Carve-out
Wages, salaries and bonuses 116.3 115.4
Pension costs 21.6 21.7
Share-based payments 0.4 0.2
Other personnel expenses 3.5 3.0
Total 141.9 140.3
Materials and services mainly consist of costs related to equipment,
supplies and raw materials, short-term production-related rental
expenses, waste management fees, subcontracted services, and costs
of temporary agency labour.
Other operating expenses include, for instance, fees for expert and consulting services, losses from sales of assets and business activities, bad debts and changes in allowances for credit losses, expenses related to the use of vehicles and machinery, ICT costs, voluntary social security costs, travel costs, real estate costs and implementation costs of cloud computing arrangements. Government grants Government grants or other grants relating to actual costs are recognised in the income statement when the Group complies with the conditions attached to them and there is reasonable assurance that the grants will be received. They are presented in other operating income. Government grants directly associated with the recruitment of personnel, such as employment grants, apprenticeship grants and the like, are recognised as reductions in personnel expenses. Grants for acquisition of property, plant and equipment are recognised as deductions of historical cost. The grant is recognised as income over the economic life of a depreciable asset, by way of a reduced depreciation charge. Materials and services MEUR 2025 Carve-out 2024 Carve-out Materials and supplies 86.3 83.6 Subcontracted services 37.9 38.0 Production-related rental expenses 1.7 1.8 Purchases from the Demerging Group 0.2 0.2 Total 126.2 123.6
Other operating expenses
MEUR
2025
Carve-out
2024
Carve-out
ICT costs 9.4 8.0
Travel costs 5.4 5.2
Bad debts and changes in allowances for credit losses 0.5 0.6
Fuels for vehicles and machinery 21.5 23.1
Maintenance and repair of vehicles and machinery 22.5 22.3
Insurances 2.7 2.6
Property maintenance costs 5.5 5.6
Expert fees 6.9 2.2
Voluntary social security costs 3.2 3.1
Marketing costs 0.8 1.1
Losses on sales of intangible and tangible assets 0.0 0.3
Other 3.8 4.7
Total 82.2 78.8
The Group has in Sweden pension deposits concerning a few people. The Group has no legal or factual obligation to pay further contributions to these arrangements. The value of the deposits is recognised in other non-current receivables and a corresponding liability is recognised in pension liabilities Accounting policy Lassila & Tikanoja\u2019s long-term incentive schemes are targeted at the Group\u2019s top management and other key employees. The share-based incentive scheme comprises a benefit settled in Lassila & Tikanoja shares and/or in cash, subject to the fulfilment of the predefined conditions of the programme. The number of shares to be delivered is reduced by the applicable taxes and tax-related charges prior to the delivery of shares to the participants. The cash-settled component is determined so as to cover the taxes and tax-related charges arising from the scheme. The long-term incentive schemes are classified as equity-settled. The benefits granted under the arrangements are measured at fair value at the grant date. The fair value is based on the share price at the grant date and is recognised as an expense on a straight-line basis over the vesting period. The amount recognised as an expense is based on management\u2019s estimate of the number of shares expected to vest. The effects of non-market performance conditions are not included in the fair value of the benefits granted, but are instead taken into account in estimating the number of shares expected to vest. Changes in estimates are recognised in the income statement at the date of the change. The expense arising from the arrangements is presented within employee benefit expenses. Carve-out principle Certain key personnel among those transferring directly with Lassila & Tikanoja Plc\u2019s subsidiaries in the demerger have historically participated in Luotea\u2019s (former Lassila & Tikanoja, the demerged company) share-based incentive schemes. The share and personnel figures presented in the following tables include only these individuals. The expenses recognised for the share-based incentive schemes also include the portion belonging to Lassila & Tikanoja attributable to individuals involved in Luotea\u2019s group functions. The allocation of these expenses has followed the same principles used for centrally provided services, which management considers an appropriate method for allocating costs related to share-based payments. Part of these individuals in Luotea\u2019s group functions were transferd to Lassila & Tikanoja in the demerger. The historical cost allocations may not be indicative of the future expenses that will arise through incentive schemes that will be established for Lassila & Tikanoja\u2019s key personnel in the future. Expenses arising from share-based incentive programmes, MEUR MEUR 2025 Carve-out 2024 Carve-out Share component 0.4 0.2 Total 0.4 0.2
1.6 Expenses related to leases
Accounting policy
The Group leases production and office premises including related land
areas, vehicles and ICT equipment. At the commencement date of a
lease contract, a right-of-use asset and a lease liability, measured as
the present value of the remaining lease payments, is recognised in the
statement of financial position.
The right-of use asset is subsequently measured at cost less
accumulated depreciation and less any accumulated impairment losses
and adjusted for any remeasurements of the lease liability. Depreciation
is calculated using the straight-line method from the commencement
date to the earlier of the end of the lease term or the end of the useful
life of the right-of-use asset. The depreciations of right-of-use assets are
presented in depreciation, amortisation and impairments in the income
statement.
The lease liability is measured at amortised cost using the effective
interest method. It is remeasured when there is a change in future lease
payments arising from a change in an index or price level or if Lassila &
Tikanoja changes its assessment of whether it will exercise a purchase,
extention or termination option. The interest expense on the lease
liability is included in the financial income and expenses in the income
statement. In the statement of cash flows, the amortisation of lease
liabilites is presented in the cash flows from financing activities and the
interest paid in the cash flows from operating activities.
The Group applies the exemption for short-term leases to production
and office premises leases and the exemption for low-value assets to
leases of ICT equipment. For these leases, the right-of-use asset and
lease liability is not recognised. The lease payments of low-value assets
and short-term leases are included in Other operating expenses and
Materials and services in the income statement.
Carve-out principle
Lease agreements over which Lassila & Tikanoja companies have
control, or where Lassila & Tikanoja has been the primary user and
which were transferred to Lassila & Tikanoja in the demerger, have been
presented as lease agreements in the carve-out financial statements.
Lassila & Tikanoja and the remaining businesses of the demerged
company have historically operated in shared leased premises and
offices in certain locations. For these premises, the legal lessee has
invoiced the other companies using the premises for their proportional
share of the costs. For premises where Lassila & Tikanoja companies
are not the legal lessee and the lease agreement did not transfer to
Lassila & Tikanoja in the demerger, the cost related to the use of such
premises has been included in Lassila & Tikanoja\u2019s carve-out financial
information and presented under other operating expenses as a related
party transaction. For premises where Lassila & Tikanoja companies
are the legal lessee and the lease agreement was transferred to Lassila
& Tikanoja in the demerger, and the remaining businesses of the
demerged Group use the premises, the portion of the premises used by
the remaining businesses of the demerged Group has been included
as income in Lassila & Tikanoja\u2019s carve-out financial information and
presented as a related party transaction.
MEUR
2025
Carve-out
2024
Carve-out
Depreciation expense of right-of-use assets -14.0 -14.5
Interest expenses on lease liabilities -2.1 -2.3
Expenses related to leases of low-value assets -1.5 -1.5
Total -17.6 -18.4
In 2025, the cash flows related to leases totalled EUR -17.4 million (17.8).
1.7 Depreciation, amortisation and
impairments
Accounting policy
Depreciation and amortisation
Depreciation and amortisation is recognised on a straight-line basis over
the economic useful life of an asset, or over the lease period, if shorter.
Intangible assets: 5-10 years
Intangible assets from acquisitions: 3-13 years
Buildings and structures: 5-30 years
Vehicles: 6-15 years
Machinery and equipment: 4-15 years
Goodwill is not amortised, but is tested annually for impairment during
the last quarter of the year. For completed landfills the Group applies
the units of production method, which involves depreciation on the basis
of the volume of waste received. Land is not depreciated.
Impairments
On each balance sheet date, Lassila & Tikanoja assesses the carrying
amounts of its assets for any impairment. If any indication of impairment
exists, an estimate of the asset\u2019s recoverable amount is made.
The recoverable amount is the higher of an asset\u2019s fair value less
selling costs and its value-in-use. Value-in-use refers to the estimated
future net cash flows available from an asset, discounted to the present
value. The discount rate used is the pre-tax rate, which reflects the
market view of the time value of money and the risks associated with
the asset.
An impairment loss is recognised in the income statement when an
asset\u2019s carrying amount exceeds its recoverable amount. Impairment
losses attributable to a cash-generating unit are used for deducting first
the goodwill allocated to the cash-generating unit and, thereafter, the
other assets of the unit on an equal basis.
Intangible assets under construction are software projects that cannot
be tested separately for impairment, as they do not generate separate
cash flows. There is no need for impairment if, at the end of the financial
period, it is clear that the projects will be completed and the software
will be introduced. Intangible assets under construction are, however,
tested for impairment as part of the cash generating unit to which they
belong.
An impairment loss of an asset other than goodwill recognised in
prior periods is reversed if there is a change in circumstances and the
recoverable amount has changed. An impairment loss recognised on
goodwill is not reversed. Goodwill impairment testing is described in
Note 3.2. Goodwill impairment testing.
Gains and losses on sales of assets
Gains and losses on sales and disposal of assets are recognised through
profit or loss and are presented in other operating income or expenses.
MEUR
2025
Carve-out
2024
Carve-out
Depreciation and amortisation
Intangible assets -4.9 -3.4
Buildings and structures -5.7 -5.1
Machinery and equipment -20.9 -20.3
Right-of-use assets -14.0 -14.5
Other tangible assets 0.0 0.0
Total -45.5 -43.4
Gains / losses on sales of intangible and tangible
assets
Gain on sales of intangible and tangible assets 0.2 1.0
Loss on sales of intangible and tangible assets 0.0 -0.3
Total 0.2 0.7
Accounting policy Exchange rate gains and losses arising from foreign-currency transactions and the translation of monetary items are recognised in the income statement. Foreign exchange gains and losses on business transactions are included in the respective items above operating profit. Foreign exchange gains and losses on financial assets and liabilities are included in financial income and expenses. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are included in the acquisition cost of that asset. There were no such costs capitalised at the end of the reporting period or in the comparative period. Transaction costs directly attributable to borrowings are included in the historical cost of the liability and recognised as an interest expense during the expected life of the liability applying the effective interest method. Carve-out principle Interest income and expenses from related parties have been determined based on the interest income and charges recognised directly by Lassila & Tikanoja legal entities. Interest expenses related to the lease agreements transferred to Lassila & Tikanoja in the demerger are included in the finance expenses in the carve-out financial information. Interest expenses for the financial year or the comparative period do not include interest expenses related to the financing arrangements that were transferred to Lassila & Tikanoja in the demerger in accordance with the demerger plan. Further information on the financing arrangements is provided in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. Finance expenses included in the carve-out financial information may not necessarily represent what the finance expenses would have been, had Lassila & Tikanoja historically obtained financing on a stand-alone bases. These expenses may not be indicative of the cost of financing that will arise for the Lassila & Tikanoja in the future. Financial expenses Interest expenses on borrowings measured at amortised cost -0.0 -0.1 Interest expenses on cash pool liabilities to related parties -2.1 -1.7 Interest expenses on lease liabilities -2.1 -2.3 Expenses related to factoring -0.3 -0.4 Other financial expenses -0.3 -0.3 Losses on foreign exchange - -0.0 Total financial expenses -4.9 -4.9
1.9 Income taxes
Accounting policy
The Group\u2019s income taxes consist of current taxes and deferred
taxes. Tax expenses are recognised in the income statement,
with the exception of items directly recognised in equity or other
comprehensive income, in which case the tax effect is recognised
in the corresponding item. Current taxes for the taxable profit for
the period are determined according to prevailing tax rates in each
country. Taxes are adjusted by current taxes related to previous
periods, if any.
Deferred tax assets and liabilities are recognised for all temporary
differences between the tax bases of assets and liabilities and their
carrying amounts. The deferred taxes are determined using tax rates
enacted by the balance sheet date and that are expected to apply
when the deferred tax asset is realised or liability settled. No deferred
tax is recognised for impairment of goodwill that is not tax-deductible.
A deferred tax asset is recognised only to the extent that it is probable
that taxable profit will be available against which the deferred tax
asset can be utilised.
The most significant temporary differences arise from fair value
measurements related to acquisitions and new intangible assets.
Carve-out principle
The subsidiaries belonging to Lassila & Tikanoja have operated
as separate tax entities during the financial periods presented in
these carve-out financial information. For these companies, the tax
expenses as well as tax liabilities and receivables included in the
carve-out financial information are based on actual taxation.
Lassila & Tikanoja Plc, which was formed through a partial demerger
from Luotea Plc (former Lassila & Tikanoja Oyj), has not filed separate
tax returns during the presented financial periods. The tax expense
presented in this carve-out financial information includes the tax
expense of Lassila & Tikanoja Plc, which has been determined as if
Lassila & Tikanoja Plc had been a separate taxable entity. This tax
expense is presented in the carve-out financial information as a tax
expense in Lassila & Tikanoja\u2019s income statement and as a transaction
with the remaining Luotea Plc in the statement of financial position,
recognised in invested equity.
Income tax in the income statement
MEUR
2025
Carve-out
2024
Carve-out
Income tax for the period
-5.7
-6.6
Income tax for previous periods 0.0 0.0
Change in deferred tax -0.1 -0.8
Total -5.8 -7.4
The reconciliation of income tax expense recognised in the income statement and income tax calculated at the statutory tax rate in Finland MEUR 2025 Carve-out 2024 Carve-out Profit before tax 31.6 38.9 Income tax at Finnish tax rate 20% -6.3 -7.8 Difference between tax rate in Finland and in other countries -0.0 -0.0 Tax-exempt income 0.5 0.7 Non-deductible expenses -0.1 -0.3 Income tax for previous periods 0.0 0.0 Other items 0.0 -0.0 Total -5.8 -7.4 Deferred taxes in the statement of financial position MEUR 2025 2024 Carve-out Deferred tax liabilities 22.4 21.7 Deferred taxes, net 22.4 21.7 Deferred taxes are recognised in the statement of financial position as tax assets and tax liabilities. Deferred tax assets and deferred tax liabilities are set off when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority. Lassila & Tikanoja has not recognised any tax expense in 2025 or 2024 related to the top-up tax under the OECD Pillar Two model rules. Lassila & Tikanoja has applied a temporary mandatory relief from deferred tax accounting for the potential impacts of the top-up tax and would account for it as a current tax if it would incur. According to the company\u2019s assessment, the Group\u2019s exposure to the top-up tax is limited, as its operations are located in Finland and Sweden, both of which have a corporate tax rate exceeding 15 per cent. Deferred tax assets and liabilities MEUR 2024 Recognised in income statement Exchange rate differences Business acquisitions 2025 Deferred tax assets Provisions 0.9 -0.0 0.8 Unused depreciation 1.5 0.1 1.6 Lease liabilities 11.4 1.1 12.5 Other temporary differences 2.8 -0.2 2.6 Netting of deferred taxes -16.5 -17.5 Total - 1.0 - - - Deferred tax liabilities Acquisitions 20.3 -0.1 0.0 0.3 20.5 Appropriations 6.7 0.2 0.0 6.9 Right-of-use assets 11.0 1.1 12.0 Other temporary differences 0.2 0.2 0.4 Netting of deferred taxes -16.5 -17.5 Total 21.7 1.4 0.0 0.3 22.4 MEUR 2023 Recognised in income statement Exchange rate differences Business acquisitions 2024 Deferred tax assets Provisions 0.8 0.1 0.9 Unused depreciation 1.5 -0.0 1.5 Lease liabilities 12.4 -1.1 11.4 Other temporary differences 3.2 -0.4 2.8 Netting of deferred taxes -18.0 -16.5 Total - -1.4 - - - Deferred tax liabilities Acquisitions 20.2 0.3 0.0 -0.2 20.3 Appropriations 6.2 0.5 6.7 Right-of-use assets 12.1 -1.2 11.0 Other temporary differences 0.0 0.2 0.2 Netting of deferred taxes -18.0 -16.5 Total 20.6 -0.2 0.0 -0.2 21.7", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "1.3 Employee benefit expenses Accounting policy Lassila & Tikanoja\u2019s employee benefits include wages, salaries and bonuses paid to employees, post-employment benefits (defined contribution plans), share-based payments and other personnel expenses (statutory social security costs). Under defined contribution plans, Lassila & Tikanoja pays fixed contributions for pensions, and it has no legal or factual obligation to pay further contributions. Contributions to defined contribution plans are recognised in the income statement in the financial period to which they relate. Details on share-based payments are disclosed in Note 1.5 Share-based payments. The employee benefits of the top management are disclosed in Note 5.4 Related-party transactions. Carve-out principle The tables below include the personnel directly employed by the New Lassila & Tikanoja and the related expenses. In addition, for the preparation of the carve-out financial statements, a portion of the expenses related to the management and corporate functions of the former Lassila & Tikanoja has been allocated to the New Lassila & Tikanoja. The allocation key used is a relevant identifier for each corporate function, such as revenue or headcount. Half of the former Lassila & Tikanoja\u2019s total headcount has been allocated to the New Lassila & Tikanoja for the purposes of preparing the carve-out financial information. Management considers these allocation principles to be appropriate. MEUR 2025 Carve-out 2024 Carve-out Wages, salaries and bonuses 116.3 115.4 Pension costs 21.6 21.7 Share-based payments 0.4 0.2 Other personnel expenses 3.5 3.0 Total 141.9 140.3 The Group has in Sweden pension deposits concerning a few people. The Group has no legal or factual obligation to pay further contributions to these arrangements. The value of the deposits is recognised in other non-current receivables and a corresponding liability is recognised in pension liabilities . Average number of employees in full-time equivalents 2025 Carve-out 2024 Carve-out Finland 1,803 1,789 Sweden 104 86 Total 1,907 1,875 1.5 Share-based payments Accounting policy Lassila & Tikanoja\u2019s long-term incentive schemes are targeted at the Group\u2019s top management and other key employees. The share-based incentive scheme comprises a benefit settled in Lassila & Tikanoja shares and/or in cash, subject to the fulfilment of the predefined conditions of the programme. The number of shares to be delivered is reduced by the applicable taxes and tax-related charges prior to the delivery of shares to the participants. The cash-settled component is determined so as to cover the taxes and tax-related charges arising from the scheme. The long-term incentive schemes are classified as equity-settled. The benefits granted under the arrangements are measured at fair value at the grant date. The fair value is based on the share price at the grant date and is recognised as an expense on a straight-line basis over the vesting period. The amount recognised as an expense is based on management\u2019s estimate of the number of shares expected to vest. The effects of non-market performance conditions are not included in the fair value of the benefits granted, but are instead taken into account in estimating the number of shares expected to vest. Changes in estimates are recognised in the income statement at the date of the change. The expense arising from the arrangements is presented within employee benefit expenses. Carve-out principle Certain key personnel among those transferring directly with Lassila & Tikanoja Plc\u2019s subsidiaries in the demerger have historically participated in Luotea\u2019s (former Lassila & Tikanoja, the demerged company) share-based incentive schemes. The share and personnel figures presented in the following tables include only these individuals. The expenses recognised for the share-based incentive schemes also include the portion belonging to Lassila & Tikanoja attributable to individuals involved in Luotea\u2019s group functions. The allocation of these expenses has followed the same principles used for centrally provided services, which management considers an appropriate method for allocating costs related to share-based payments. Part of these individuals in Luotea\u2019s group functions were transferd to Lassila & Tikanoja in the demerger. The historical cost allocations may not be indicative of the future expenses that will arise through incentive schemes that will be established for Lassila & Tikanoja\u2019s key personnel in the future. Performance Share Plan 2023\u20132027 The former Lassila & Tikanoja\u2019s Board of Directors decided at a meeting held on 14 December 2022 on a new share-based incentive programme aimed at key employees of the former Lassila & Tikanoja, including the President and CEO and the Group Executive Board. The Performance Share Plan 2023\u20132027 comprises three three-year performance periods covering the calendar years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The Board of Directors of the former Lassila & Tikanoja has decided on the performance criteria of the plan and the performance levels to be set for each performance criterion at the beginning of a performance period. Potential rewards of performance period 2023-2025 will be based on the demerged Group\u2019s return on capital employed (ROCE), total shareholder return (TSR) and reduction of the carbon footprint (ESG) during the period 2023-2025. Potential rewards of performance period 2024-2026 will be based on the demerged Group\u2019s return on capital employed (ROCE), total shareholder return (TSR) and reduction of the carbon footprint (ESG) during the period 2024-2026. Potential rewards of performance period 2025-2027 will be based on the demerged company\u2019s total shareholder return (TSR), the demerged Group\u2019s return on capital employed (ROCE), reduction of the carbon footprint (ESG), and revenue during the period 2025-2027. Bridge Plan 2023\u20132026 The former Lassila & Tikanoja\u2019s Board of Directors decided at a meeting held on 14 December 2022 on a new share-based incentive programme. The Bridge Plan 2023\u20132026 has two (2) one-year (1) performance periods covering the calendar years 2023 and 2024. A performance period is followed by a two-year retention period. The aim of the plan is to support the transition from the old Performance Share Plan to the new Performance Share Plan. The target group of the Bridge Plan consists of the demerged Group\u2019s President and CEO and the Group Executive Board. The former Lassila & Tikanoja\u2019s Board of Directors has decided on the performance criteria of the plan and the performance levels to be set for each performance criterion at the beginning of a performance period. Rewards of performance period 2023 were based on the demerged Group\u2019s return on capital employed (ROCE) and reduction of the carbon footprint (ESG) in 2023. Rewards of performance period 2024 were based on return on the demerged Group\u2019s capital employed (ROCE) and reduction of the carbon footprint (ESG) in 2024. The New Lassila & Tikanoja intends to continue the former Lassila & Tikanoja\u2019s existing Performance Share Plan on substantially the same terms, but with the amendment that the rewards will be in the new Lassila & Tikanoja\u2019s shares instead of the former Lassila & Tikanoja\u2019s shares and the rewards payable, as expressed in number of the new Lassila & Tikanoja shares, will be adjusted accordingly. The rewards payable under the current Performance Share Plan for the performance periods 2024\u20132026 and 2025\u20132027 will be converted into shares in the new Lassila & Tikanoja based on the formation of the price of the new Lassila & Tikanoja\u2019s shares after the listing. Following the completion of the demerger, the Board of Directors of the New Lassila & Tikanoja will resolve on the details of the New Lassila & Tikanoja\u2019s share-based incentive plans. Expenses arising from share-based incentive programmes, MEUR MEUR 2025 Carve-out 2024 Carve-out Share component 0.4 0.2 Total 0.4 0.2 Information on the share-based incentive programme Performance share plan 2023-2027 Bridge plan 2023-2026 Share-based incentive programme Performance period 2025-2027 Performance period 2024-2026 Performance period 2023-2025 Performance period 2024 Performance period 2023 Grant date 14 Mar 2025 17 Jan 2024 16 Jan 2023 17 Jan 2024 16 Jan 2023 Start of the earnings period 1 Jan 2025 1 Jan 2024 1 Jan 2023 1 Jan 2024 1 Jan 2023 End of the earnings period 31 Dec 2027 31 Dec 2026 31 Dec 2025 31 Dec 2024 31 Dec 2023 Average share price at grant date 8.91 9.88 11.48 9.88 11.48 Maximum number of shares 76,723 49,273 43,681 7,600 15,200 Realisation on closing date, shares 1,788 7,800 Returned shares Obligation to hold shares, years - - - 2 2 Release date of shares - - - 31 Mar 2027 31 Mar 2026 Number of persons included 18 12 12 1 2", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "1.3 Employee benefit expenses Accounting policy Lassila & Tikanoja\u2019s employee benefits include wages, salaries and bonuses paid to employees, post-employment benefits (defined contribution plans), share-based payments and other personnel expenses (statutory social security costs). Under defined contribution plans, Lassila & Tikanoja pays fixed contributions for pensions, and it has no legal or factual obligation to pay further contributions. Contributions to defined contribution plans are recognised in the income statement in the financial period to which they relate. Details on share-based payments are disclosed in Note 1.5 Share-based payments. The employee benefits of the top management are disclosed in Note 5.4 Related-party transactions. Carve-out principle The tables below include the personnel directly employed by the New Lassila & Tikanoja and the related expenses. In addition, for the preparation of the carve-out financial statements, a portion of the expenses related to the management and corporate functions of the former Lassila & Tikanoja has been allocated to the New Lassila & Tikanoja. The allocation key used is a relevant identifier for each corporate function, such as revenue or headcount. Half of the former Lassila & Tikanoja\u2019s total headcount has been allocated to the New Lassila & Tikanoja for the purposes of preparing the carve-out financial information. Management considers these allocation principles to be appropriate. MEUR 2025 Carve-out 2024 Carve-out Wages, salaries and bonuses 116.3 115.4 Pension costs 21.6 21.7 Share-based payments 0.4 0.2 Other personnel expenses 3.5 3.0 Total 141.9 140.3 Materials and services mainly consist of costs related to equipment, supplies and raw materials, short-term production-related rental expenses, waste management fees, subcontracted services, and costs of temporary agency labour. Other operating expenses include, for instance, fees for expert and consulting services, losses from sales of assets and business activities, bad debts and changes in allowances for credit losses, expenses related to the use of vehicles and machinery, ICT costs, voluntary social security costs, travel costs, real estate costs and implementation costs of cloud computing arrangements. Materials and services MEUR 2025 Carve-out 2024 Carve-out Materials and supplies 86.3 83.6 Subcontracted services 37.9 38.0 Production-related rental expenses 1.7 1.8 Purchases from the Demerging Group 0.2 0.2 Total 126.2 123.6 Other operating expenses MEUR 2025 Carve-out 2024 Carve-out ICT costs 9.4 8.0 Travel costs 5.4 5.2 Bad debts and changes in allowances for credit losses 0.5 0.6 Fuels for vehicles and machinery 21.5 23.1 Maintenance and repair of vehicles and machinery 22.5 22.3 Insurances 2.7 2.6 Property maintenance costs 5.5 5.6 Expert fees 6.9 2.2 Voluntary social security costs 3.2 3.1 Marketing costs 0.8 1.1 Losses on sales of intangible and tangible assets 0.0 0.3 Other 3.8 4.7 Total 82.2 78.8 1.7 Depreciation, amortisation and impairments Accounting policy Depreciation and amortisation Depreciation and amortisation is recognised on a straight-line basis over the economic useful life of an asset, or over the lease period, if shorter. Intangible assets: 5-10 years Intangible assets from acquisitions: 3-13 years Buildings and structures: 5-30 years Vehicles: 6-15 years Machinery and equipment: 4-15 years Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. For completed landfills the Group applies the units of production method, which involves depreciation on the basis of the volume of waste received. Land is not depreciated. Impairments On each balance sheet date, Lassila & Tikanoja assesses the carrying amounts of its assets for any impairment. If any indication of impairment exists, an estimate of the asset\u2019s recoverable amount is made. The recoverable amount is the higher of an asset\u2019s fair value less selling costs and its value-in-use. Value-in-use refers to the estimated future net cash flows available from an asset, discounted to the present value. The discount rate used is the pre-tax rate, which reflects the market view of the time value of money and the risks associated with the asset. An impairment loss is recognised in the income statement when an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses attributable to a cash-generating unit are used for deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. Intangible assets under construction are software projects that cannot be tested separately for impairment, as they do not generate separate cash flows. There is no need for impairment if, at the end of the financial period, it is clear that the projects will be completed and the software will be introduced. Intangible assets under construction are, however, tested for impairment as part of the cash generating unit to which they belong. An impairment loss of an asset other than goodwill recognised in prior periods is reversed if there is a change in circumstances and the recoverable amount has changed. An impairment loss recognised on goodwill is not reversed. Goodwill impairment testing is described in Note 3.2. Goodwill impairment testing. Gains and losses on sales of assets Gains and losses on sales and disposal of assets are recognised through profit or loss and are presented in other operating income or expenses. MEUR 2025 Carve-out 2024 Carve-out Depreciation and amortisation Intangible assets -4.9 -3.4 Buildings and structures -5.7 -5.1 Machinery and equipment -20.9 -20.3 Right-of-use assets -14.0 -14.5 Other tangible assets 0.0 0.0 Total -45.5 -43.4 Gains / losses on sales of intangible and tangible assets Gain on sales of intangible and tangible assets 0.2 1.0 Loss on sales of intangible and tangible assets 0.0 -0.3 Total 0.2 0.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "Accounting policy Lassila & Tikanoja\u2019s employee benefits include wages, salaries and bonuses paid to employees, post-employment benefits (defined contribution plans), share-based payments and other personnel expenses (statutory social security costs). Under defined contribution plans, Lassila & Tikanoja pays fixed contributions for pensions, and it has no legal or factual obligation to pay further contributions. Contributions to defined contribution plans are recognised in the income statement in the financial period to which they relate. Details on share-based payments are disclosed in Note 1.5 Share-based payments. The employee benefits of the top management are disclosed in Note 5.4 Related-party transactions. Carve-out principle The tables below include the personnel directly employed by the New Lassila & Tikanoja and the related expenses. In addition, for the preparation of the carve-out financial statements, a portion of the expenses related to the management and corporate functions of the former Lassila & Tikanoja has been allocated to the New Lassila & Tikanoja. The allocation key used is a relevant identifier for each corporate function, such as revenue or headcount. Half of the former Lassila & Tikanoja\u2019s total headcount has been allocated to the New Lassila & Tikanoja for the purposes of preparing the carve-out financial information. Management considers these allocation principles to be appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "1.4 Materials and services and other operating income and expenses Accounting policy Materials and services mainly consist of costs related to equipment, supplies and raw materials, short-term production-related rental expenses, waste management fees, subcontracted services, and costs of temporary agency labour. Other operating income includes items that are not considered as being directly related to Lassila & Tikanoja\u2019s normal business, such as gains from sales of assets and business activities and received compensations. Other operating expenses include, for instance, fees for expert and consulting services, losses from sales of assets and business activities, bad debts and changes in allowances for credit losses, expenses related to the use of vehicles and machinery, ICT costs, voluntary social security costs, travel costs, real estate costs and implementation costs of cloud computing arrangements. Government grants Government grants or other grants relating to actual costs are recognised in the income statement when the Group complies with the conditions attached to them and there is reasonable assurance that the grants will be received. They are presented in other operating income. Government grants directly associated with the recruitment of personnel, such as employment grants, apprenticeship grants and the like, are recognised as reductions in personnel expenses. Grants for acquisition of property, plant and equipment are recognised as deductions of historical cost. The grant is recognised as income over the economic life of a depreciable asset, by way of a reduced depreciation charge. Materials and services MEUR 2025 Carve-out 2024 Carve-out Materials and supplies 86.3 83.6 Subcontracted services 37.9 38.0 Production-related rental expenses 1.7 1.8 Purchases from the Demerging Group 0.2 0.2 Total 126.2 123.6 Other operating income MEUR 2025 Carve-out 2024 Carve-out Gains on sales of property, plant and equipment 0.2 1.0 Reimbursements and government grants 0.2 0.2 Other 3.0 1.4 Total 3.4 2.7 Other operating expenses MEUR 2025 Carve-out 2024 Carve-out ICT costs 9.4 8.0 Travel costs 5.4 5.2 Bad debts and changes in allowances for credit losses 0.5 0.6 Fuels for vehicles and machinery 21.5 23.1 Maintenance and repair of vehicles and machinery 22.5 22.3 Insurances 2.7 2.6 Property maintenance costs 5.5 5.6 Expert fees 6.9 2.2 Voluntary social security costs 3.2 3.1 Marketing costs 0.8 1.1 Losses on sales of intangible and tangible assets 0.0 0.3 Other 3.8 4.7 Total 82.2 78.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "Accounting policy Materials and services mainly consist of costs related to equipment, supplies and raw materials, short-term production-related rental expenses, waste management fees, subcontracted services, and costs of temporary agency labour. Other operating income includes items that are not considered as being directly related to Lassila & Tikanoja\u2019s normal business, such as gains from sales of assets and business activities and received compensations. Other operating expenses include, for instance, fees for expert and consulting services, losses from sales of assets and business activities, bad debts and changes in allowances for credit losses, expenses related to the use of vehicles and machinery, ICT costs, voluntary social security costs, travel costs, real estate costs and implementation costs of cloud computing arrangements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
Government grants
Government grants or other grants relating to actual costs are
recognised in the income statement when the Group complies with
the conditions attached to them and there is reasonable assurance
that the grants will be received. They are presented in other operating
income. Government grants directly associated with the recruitment
of personnel, such as employment grants, apprenticeship grants and
the like, are recognised as reductions in personnel expenses.
Grants for acquisition of property, plant and equipment are recognised
as deductions of historical cost. The grant is recognised as income
over the economic life of a depreciable asset, by way of a reduced
depreciation charge.
Other operating income
MEUR
2025
Carve-out
2024
Carve-out
Gains on sales of property, plant and equipment 0.2 1.0
Reimbursements and government grants 0.2 0.2
Other 3.0 1.4
Total 3.4 2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "Government grants Government grants or other grants relating to actual costs are recognised in the income statement when the Group complies with the conditions attached to them and there is reasonable assurance that the grants will be received. They are presented in other operating income. Government grants directly associated with the recruitment of personnel, such as employment grants, apprenticeship grants and the like, are recognised as reductions in personnel expenses. Grants for acquisition of property, plant and equipment are recognised as deductions of historical cost. The grant is recognised as income over the economic life of a depreciable asset, by way of a reduced depreciation charge. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
Materials and services
MEUR
2025
Carve-out
2024
Carve-out
Materials and supplies 86.3 83.6
Subcontracted services 37.9 38.0
Production-related rental expenses 1.7 1.8
Purchases from the Demerging Group 0.2 0.2
Total 126.2 123.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
Average number of employees in full-time equivalents
2025
Carve-out
2024
Carve-out
Finland 1,803 1,789
Sweden 104 86
Total 1,907 1,875
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "Accounting policy Lassila & Tikanoja\u2019s long-term incentive schemes are targeted at the Group\u2019s top management and other key employees. The share-based incentive scheme comprises a benefit settled in Lassila & Tikanoja shares and/or in cash, subject to the fulfilment of the predefined conditions of the programme. The number of shares to be delivered is reduced by the applicable taxes and tax-related charges prior to the delivery of shares to the participants. The cash-settled component is determined so as to cover the taxes and tax-related charges arising from the scheme. The long-term incentive schemes are classified as equity-settled. The benefits granted under the arrangements are measured at fair value at the grant date. The fair value is based on the share price at the grant date and is recognised as an expense on a straight-line basis over the vesting period. The amount recognised as an expense is based on management\u2019s estimate of the number of shares expected to vest. The effects of non-market performance conditions are not included in the fair value of the benefits granted, but are instead taken into account in estimating the number of shares expected to vest. Changes in estimates are recognised in the income statement at the date of the change. The expense arising from the arrangements is presented within employee benefit expenses. Carve-out principle Certain key personnel among those transferring directly with Lassila & Tikanoja Plc\u2019s subsidiaries in the demerger have historically participated in Luotea\u2019s (former Lassila & Tikanoja, the demerged company) share-based incentive schemes. The share and personnel figures presented in the following tables include only these individuals. The expenses recognised for the share-based incentive schemes also include the portion belonging to Lassila & Tikanoja attributable to individuals involved in Luotea\u2019s group functions. The allocation of these expenses has followed the same principles used for centrally provided services, which management considers an appropriate method for allocating costs related to share-based payments. Part of these individuals in Luotea\u2019s group functions were transferd to Lassila & Tikanoja in the demerger. The historical cost allocations may not be indicative of the future expenses that will arise through incentive schemes that will be established for Lassila & Tikanoja\u2019s key personnel in the future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "1.6 Expenses related to leases Accounting policy The Group leases production and office premises including related land areas, vehicles and ICT equipment. At the commencement date of a lease contract, a right-of-use asset and a lease liability, measured as the present value of the remaining lease payments, is recognised in the statement of financial position. The right-of use asset is subsequently measured at cost less accumulated depreciation and less any accumulated impairment losses and adjusted for any remeasurements of the lease liability. Depreciation is calculated using the straight-line method from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The depreciations of right-of-use assets are presented in depreciation, amortisation and impairments in the income statement. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or price level or if Lassila & Tikanoja changes its assessment of whether it will exercise a purchase, extention or termination option. The interest expense on the lease liability is included in the financial income and expenses in the income statement. In the statement of cash flows, the amortisation of lease liabilites is presented in the cash flows from financing activities and the interest paid in the cash flows from operating activities. The Group applies the exemption for short-term leases to production and office premises leases and the exemption for low-value assets to leases of ICT equipment. For these leases, the right-of-use asset and lease liability is not recognised. The lease payments of low-value assets and short-term leases are included in Other operating expenses and Materials and services in the income statement. Carve-out principle Lease agreements over which Lassila & Tikanoja companies have control, or where Lassila & Tikanoja has been the primary user and which were transferred to Lassila & Tikanoja in the demerger, have been presented as lease agreements in the carve-out financial statements. Lassila & Tikanoja and the remaining businesses of the demerged company have historically operated in shared leased premises and offices in certain locations. For these premises, the legal lessee has invoiced the other companies using the premises for their proportional share of the costs. For premises where Lassila & Tikanoja companies are not the legal lessee and the lease agreement did not transfer to Lassila & Tikanoja in the demerger, the cost related to the use of such premises has been included in Lassila & Tikanoja\u2019s carve-out financial information and presented under other operating expenses as a related party transaction. For premises where Lassila & Tikanoja companies are the legal lessee and the lease agreement was transferred to Lassila & Tikanoja in the demerger, and the remaining businesses of the demerged Group use the premises, the portion of the premises used by the remaining businesses of the demerged Group has been included as income in Lassila & Tikanoja\u2019s carve-out financial information and presented as a related party transaction. MEUR 2025 Carve-out 2024 Carve-out Depreciation expense of right-of-use assets -14.0 -14.5 Interest expenses on lease liabilities -2.1 -2.3 Expenses related to leases of low-value assets -1.5 -1.5 Total -17.6 -18.4 In 2025, the cash flows related to leases totalled EUR -17.4 million (17.8).
3.4 Right-of-use assets and lease
liabilities
Accounting policy
A right-of-use asset is recognised from a lease contract at the
commencement date of the lease, which is the date that the underlying
asset is made available for use. Right-of-use assets are measured
at cost less any cumulated depreciation and impairment losses and
adjusted for any remeasurement of the lease liability. The cost of the
right-of-use asset includes the amount of lease liability recognised,
any initial direct costs incurred and lease payments made at or before
the commencement date less any lease incentives received. Possible
restoration obligations are also considered in the cost of the right-of-use
asset. At each balance sheet date, the carrying amounts of right-of-use
assets are assessed for any impairment, as described in Note 1.7
Depreciation, amortisation and impairments.
The lessee recognises the lease liability at the inception of the
contract by discounting the future minimum lease payments to the
present value. Since the interest rate implicit in the lease is not readily
available in most of Lassila & Tikanoja\u2019s lease contracts, the future
minimum lease payments are discounted using the incremental
borrowing rate. According to the standard, the incremental borrowing
rate is the interest rate that the lessee would have to pay to borrow
over a similar term, and with a similar security, the funds necessary to
obtain an asset of a similar value to the right-of-use asset in a similar
economic situation. Lassila & Tikanoja has determined the incremental
borrowing rate taking into consideration the lease term and the financial
environment of the lease.
Lassila & Tikanoja\u2019s lease liability covers the lease liabilities of
commodities leased through a financial company as well as the lease
liabilities of other lease agreements excluding the short-term leases or
leases for low-value assets, for which the right-of-use asset and lease
liability is not recognised.
The Group\u2019s lease agreements do not include significant variable rents
or residual value guarantees.
2025, MEUR Land Buildings
Machinery
and
equipment Total
Acquisition cost, 1 Jan 11.0 36.8 50.5 98.3
Additions 1.0 10.8 9.7 21.4
Business acquisitions 0.0 0.9 0.0 1.0
Disposals -0.4 -5.5 -11.0 -16.9
Exchange differences - 0.1 0.0 0.2
Acquisition cost, 31 Dec 11.7 43.0 49.2 103.9
Accumulated depreciation, 1
Jan -2.6 -14.7 -26.2 -43.5
Accumulated depreciation
on disposals and transfers 0.1 4.2 9.4 13.7
Depreciation for the period -0.9 -6.4 -6.6 -14.0
Exchange differences - -0.1 -0.0 -0.1
Accumulated depreciation,
31 Dec -3.4 -17.0 -23.4 -43.8
Carrying amount at 31 Dec 8.2 26.1 25.8 60.1
2024, MEUR Land Buildings
Machinery
and
equipment Total
Acquisition cost, 1 Jan 12.5 29.7 62.9 105.1
Additions 0.3 11.0 1.1 12.4
Business acquisitions - 0.1 0.0 0.1
Disposals -1.8 -4.0 -13.5 -19.3
Exchange differences - -0.1 -0.0 -0.1
Acquisition cost, 31 Dec 11.0 36.8 50.5 98.3
Accumulated depreciation, 1
Jan -2.0 -11.7 -30.6 -44.4
Accumulated depreciation
on disposals and transfers 0.4 3.1 11.9 15.4
Depreciation for the period -1.0 -6.0 -7.5 -14.5
Exchange differences - 0.0 0.0 0.0
Accumulated depreciation,
31 Dec -2.6 -14.7 -26.2 -43.5
Carrying amount at 31 Dec 8.4 22.1 24.3 54.8
On the balance sheet date, no new lease agreements are known which will
become valid in the coming financial years that would have a significant impact
on the amount of debt resulting from a right-of-use asset or a lease agreement.
Lease liabilities and their maturity have been presented in Notes 4.1 Financial
assets and liabilities and 4.2 Financial risk management.
For more information about the expenses related to leases, please refer to Note
1.6 Expenses related to leases.
Critical judgements by Management
Lassila & Tikanoja has lease contracts relating mainly to real estate
and land areas which are valid until further notice. For such contracts,
the management evaluates the lease term on a lease-by-lease basis.
In evaluating the lease term, Lassila & Tikanoja considers e.g. any
significant leasehold improvements undertaken over the lease term,
costs relating to the termination of the lease and the importance of
the underlying asset to Lassila & Tikanoja\u2019s operations taking into
account, for example, whether the underlying asset is a specialised
asset, the location of the underlying asset and the availability of
suitable alternatives. The lease term is reassesed in future periods
to ensure that the lease term reflects the current circumstances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "Accounting policy The Group leases production and office premises including related land areas, vehicles and ICT equipment. At the commencement date of a lease contract, a right-of-use asset and a lease liability, measured as the present value of the remaining lease payments, is recognised in the statement of financial position. The right-of use asset is subsequently measured at cost less accumulated depreciation and less any accumulated impairment losses and adjusted for any remeasurements of the lease liability. Depreciation is calculated using the straight-line method from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The depreciations of right-of-use assets are presented in depreciation, amortisation and impairments in the income statement. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or price level or if Lassila & Tikanoja changes its assessment of whether it will exercise a purchase, extention or termination option. The interest expense on the lease liability is included in the financial income and expenses in the income statement. In the statement of cash flows, the amortisation of lease liabilites is presented in the cash flows from financing activities and the interest paid in the cash flows from operating activities. The Group applies the exemption for short-term leases to production and office premises leases and the exemption for low-value assets to leases of ICT equipment. For these leases, the right-of-use asset and lease liability is not recognised. The lease payments of low-value assets and short-term leases are included in Other operating expenses and Materials and services in the income statement. Carve-out principle Lease agreements over which Lassila & Tikanoja companies have control, or where Lassila & Tikanoja has been the primary user and which were transferred to Lassila & Tikanoja in the demerger, have been presented as lease agreements in the carve-out financial statements. Lassila & Tikanoja and the remaining businesses of the demerged company have historically operated in shared leased premises and offices in certain locations. For these premises, the legal lessee has invoiced the other companies using the premises for their proportional share of the costs. For premises where Lassila & Tikanoja companies are not the legal lessee and the lease agreement did not transfer to Lassila & Tikanoja in the demerger, the cost related to the use of such premises has been included in Lassila & Tikanoja\u2019s carve-out financial information and presented under other operating expenses as a related party transaction. For premises where Lassila & Tikanoja companies are the legal lessee and the lease agreement was transferred to Lassila & Tikanoja in the demerger, and the remaining businesses of the demerged Group use the premises, the portion of the premises used by the remaining businesses of the demerged Group has been included as income in Lassila & Tikanoja\u2019s carve-out financial information and presented as a related party transaction. Accounting policy A right-of-use asset is recognised from a lease contract at the commencement date of the lease, which is the date that the underlying asset is made available for use. Right-of-use assets are measured at cost less any cumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liability. The cost of the right-of-use asset includes the amount of lease liability recognised, any initial direct costs incurred and lease payments made at or before the commencement date less any lease incentives received. Possible restoration obligations are also considered in the cost of the right-of-use asset. At each balance sheet date, the carrying amounts of right-of-use assets are assessed for any impairment, as described in Note 1.7 Depreciation, amortisation and impairments. The lessee recognises the lease liability at the inception of the contract by discounting the future minimum lease payments to the present value. Since the interest rate implicit in the lease is not readily available in most of Lassila & Tikanoja\u2019s lease contracts, the future minimum lease payments are discounted using the incremental borrowing rate. According to the standard, the incremental borrowing rate is the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic situation. Lassila & Tikanoja has determined the incremental borrowing rate taking into consideration the lease term and the financial environment of the lease. Lassila & Tikanoja\u2019s lease liability covers the lease liabilities of commodities leased through a financial company as well as the lease liabilities of other lease agreements excluding the short-term leases or leases for low-value assets, for which the right-of-use asset and lease liability is not recognised. The Group\u2019s lease agreements do not include significant variable rents or residual value guarantees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "1.7 Depreciation, amortisation and impairments Accounting policy Depreciation and amortisation Depreciation and amortisation is recognised on a straight-line basis over the economic useful life of an asset, or over the lease period, if shorter. Intangible assets: 5-10 years Intangible assets from acquisitions: 3-13 years Buildings and structures: 5-30 years Vehicles: 6-15 years Machinery and equipment: 4-15 years Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. For completed landfills the Group applies the units of production method, which involves depreciation on the basis of the volume of waste received. Land is not depreciated. Impairments On each balance sheet date, Lassila & Tikanoja assesses the carrying amounts of its assets for any impairment. If any indication of impairment exists, an estimate of the asset\u2019s recoverable amount is made. The recoverable amount is the higher of an asset\u2019s fair value less selling costs and its value-in-use. Value-in-use refers to the estimated future net cash flows available from an asset, discounted to the present value. The discount rate used is the pre-tax rate, which reflects the market view of the time value of money and the risks associated with the asset. An impairment loss is recognised in the income statement when an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses attributable to a cash-generating unit are used for deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. Intangible assets under construction are software projects that cannot be tested separately for impairment, as they do not generate separate cash flows. There is no need for impairment if, at the end of the financial period, it is clear that the projects will be completed and the software will be introduced. Intangible assets under construction are, however, tested for impairment as part of the cash generating unit to which they belong. An impairment loss of an asset other than goodwill recognised in prior periods is reversed if there is a change in circumstances and the recoverable amount has changed. An impairment loss recognised on goodwill is not reversed. Goodwill impairment testing is described in Note 3.2. Goodwill impairment testing. Gains and losses on sales of assets Gains and losses on sales and disposal of assets are recognised through profit or loss and are presented in other operating income or expenses. MEUR 2025 Carve-out 2024 Carve-out Depreciation and amortisation Intangible assets -4.9 -3.4 Buildings and structures -5.7 -5.1 Machinery and equipment -20.9 -20.3 Right-of-use assets -14.0 -14.5 Other tangible assets 0.0 0.0 Total -45.5 -43.4 Gains / losses on sales of intangible and tangible assets Gain on sales of intangible and tangible assets 0.2 1.0 Loss on sales of intangible and tangible assets 0.0 -0.3 Total 0.2 0.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "Depreciation and amortisation Depreciation and amortisation is recognised on a straight-line basis over the economic useful life of an asset, or over the lease period, if shorter. Intangible assets: 5-10 years Intangible assets from acquisitions: 3-13 years Buildings and structures: 5-30 years Vehicles: 6-15 years Machinery and equipment: 4-15 years Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. For completed landfills the Group applies the units of production method, which involves depreciation on the basis of the volume of waste received. Land is not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "Impairments On each balance sheet date, Lassila & Tikanoja assesses the carrying amounts of its assets for any impairment. If any indication of impairment exists, an estimate of the asset\u2019s recoverable amount is made. The recoverable amount is the higher of an asset\u2019s fair value less selling costs and its value-in-use. Value-in-use refers to the estimated future net cash flows available from an asset, discounted to the present value. The discount rate used is the pre-tax rate, which reflects the market view of the time value of money and the risks associated with the asset. An impairment loss is recognised in the income statement when an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses attributable to a cash-generating unit are used for deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. Intangible assets under construction are software projects that cannot be tested separately for impairment, as they do not generate separate cash flows. There is no need for impairment if, at the end of the financial period, it is clear that the projects will be completed and the software will be introduced. Intangible assets under construction are, however, tested for impairment as part of the cash generating unit to which they belong. An impairment loss of an asset other than goodwill recognised in prior periods is reversed if there is a change in circumstances and the recoverable amount has changed. An impairment loss recognised on goodwill is not reversed. Goodwill impairment testing is described in Note 3.2. Goodwill impairment testing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "
1.8 Financial income and expenses
Accounting policy
Exchange rate gains and losses arising from foreign-currency
transactions and the translation of monetary items are recognised in
the income statement. Foreign exchange gains and losses on business
transactions are included in the respective items above operating profit.
Foreign exchange gains and losses on financial assets and liabilities are
included in financial income and expenses.
Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are included in the
acquisition cost of that asset. There were no such costs capitalised at
the end of the reporting period or in the comparative period.
Transaction costs directly attributable to borrowings are included in
the historical cost of the liability and recognised as an interest expense
during the expected life of the liability applying the effective interest
method.
Carve-out principle
Interest income and expenses from related parties have been
determined based on the interest income and charges recognised
directly by Lassila & Tikanoja legal entities. Interest expenses related
to the lease agreements transferred to Lassila & Tikanoja in the
demerger are included in the finance expenses in the carve-out
financial information. Interest expenses for the financial year or the
comparative period do not include interest expenses related to the
financing arrangements that were transferred to Lassila & Tikanoja in
the demerger in accordance with the demerger plan. Further information
on the financing arrangements is provided in Notes 4.1 Financial assets
and liabilities and 4.2 Financial risk management.
Finance expenses included in the carve-out financial information may
not necessarily represent what the finance expenses would have been,
had Lassila & Tikanoja historically obtained financing on a stand-alone
bases. These expenses may not be indicative of the cost of financing
that will arise for the Lassila & Tikanoja in the future.
MEUR
2025
Carve-out
2024
Carve-out
Financial income
Interest income on loans and other receivables 0.1 0.1
Interest income from related parties 0.1 0.1
Dividend income 0.0 0.0
Foreign exchange gains 0.1 -
Total financial income 0.3 0.1
Financial expenses
Interest expenses on borrowings measured at
amortised cost -0.0 -0.1
Interest expenses on cash pool liabilities to related
parties -2.1 -1.7
Interest expenses on lease liabilities -2.1 -2.3
Expenses related to factoring -0.3 -0.4
Other financial expenses -0.3 -0.3
Losses on foreign exchange - -0.0
Total financial expenses -4.9 -4.9
Financial income and expenses -4.6 -4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "Exchange rate gains and losses arising from foreign-currency transactions and the translation of monetary items are recognised in the income statement. Foreign exchange gains and losses on business transactions are included in the respective items above operating profit. Foreign exchange gains and losses on financial assets and liabilities are included in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "1.9 Income taxes Accounting policy The Group\u2019s income taxes consist of current taxes and deferred taxes. Tax expenses are recognised in the income statement, with the exception of items directly recognised in equity or other comprehensive income, in which case the tax effect is recognised in the corresponding item. Current taxes for the taxable profit for the period are determined according to prevailing tax rates in each country. Taxes are adjusted by current taxes related to previous periods, if any. Deferred tax assets and liabilities are recognised for all temporary differences between the tax bases of assets and liabilities and their carrying amounts. The deferred taxes are determined using tax rates enacted by the balance sheet date and that are expected to apply when the deferred tax asset is realised or liability settled. No deferred tax is recognised for impairment of goodwill that is not tax-deductible. A deferred tax asset is recognised only to the extent that it is probable that taxable profit will be available against which the deferred tax asset can be utilised. The most significant temporary differences arise from fair value measurements related to acquisitions and new intangible assets. Carve-out principle The subsidiaries belonging to Lassila & Tikanoja have operated as separate tax entities during the financial periods presented in these carve-out financial information. For these companies, the tax expenses as well as tax liabilities and receivables included in the carve-out financial information are based on actual taxation. Lassila & Tikanoja Plc, which was formed through a partial demerger from Luotea Plc (former Lassila & Tikanoja Oyj), has not filed separate tax returns during the presented financial periods. The tax expense presented in this carve-out financial information includes the tax expense of Lassila & Tikanoja Plc, which has been determined as if Lassila & Tikanoja Plc had been a separate taxable entity. This tax expense is presented in the carve-out financial information as a tax expense in Lassila & Tikanoja\u2019s income statement and as a transaction with the remaining Luotea Plc in the statement of financial position, recognised in invested equity. Income tax in the income statement MEUR 2025 Carve-out 2024 Carve-out Income tax for the period -5.7 -6.6 Income tax for previous periods 0.0 0.0 Change in deferred tax -0.1 -0.8 Total -5.8 -7.4 The reconciliation of income tax expense recognised in the income statement and income tax calculated at the statutory tax rate in Finland MEUR 2025 Carve-out 2024 Carve-out Profit before tax 31.6 38.9 Income tax at Finnish tax rate 20% -6.3 -7.8 Difference between tax rate in Finland and in other countries -0.0 -0.0 Tax-exempt income 0.5 0.7 Non-deductible expenses -0.1 -0.3 Income tax for previous periods 0.0 0.0 Other items 0.0 -0.0 Total -5.8 -7.4 Deferred taxes in the statement of financial position MEUR 2025 2024 Carve-out Deferred tax liabilities 22.4 21.7 Deferred taxes, net 22.4 21.7 Deferred taxes are recognised in the statement of financial position as tax assets and tax liabilities. Deferred tax assets and deferred tax liabilities are set off when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority. Lassila & Tikanoja has not recognised any tax expense in 2025 or 2024 related to the top-up tax under the OECD Pillar Two model rules. Lassila & Tikanoja has applied a temporary mandatory relief from deferred tax accounting for the potential impacts of the top-up tax and would account for it as a current tax if it would incur. According to the company\u2019s assessment, the Group\u2019s exposure to the top-up tax is limited, as its operations are located in Finland and Sweden, both of which have a corporate tax rate exceeding 15 per cent. Deferred tax assets and liabilities MEUR 2024 Recognised in income statement Exchange rate differences Business acquisitions 2025 Deferred tax assets Provisions 0.9 -0.0 0.8 Unused depreciation 1.5 0.1 1.6 Lease liabilities 11.4 1.1 12.5 Other temporary differences 2.8 -0.2 2.6 Netting of deferred taxes -16.5 -17.5 Total - 1.0 - - - Deferred tax liabilities Acquisitions 20.3 -0.1 0.0 0.3 20.5 Appropriations 6.7 0.2 0.0 6.9 Right-of-use assets 11.0 1.1 12.0 Other temporary differences 0.2 0.2 0.4 Netting of deferred taxes -16.5 -17.5 Total 21.7 1.4 0.0 0.3 22.4 MEUR 2023 Recognised in income statement Exchange rate differences Business acquisitions 2024 Deferred tax assets Provisions 0.8 0.1 0.9 Unused depreciation 1.5 -0.0 1.5 Lease liabilities 12.4 -1.1 11.4 Other temporary differences 3.2 -0.4 2.8 Netting of deferred taxes -18.0 -16.5 Total - -1.4 - - - Deferred tax liabilities Acquisitions 20.2 0.3 0.0 -0.2 20.3 Appropriations 6.2 0.5 6.7 Right-of-use assets 12.1 -1.2 11.0 Other temporary differences 0.0 0.2 0.2 Netting of deferred taxes -18.0 -16.5 Total 20.6 -0.2 0.0 -0.2 21.7", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Deferred tax assets and liabilities are recognised for all temporary differences between the tax bases of assets and liabilities and their carrying amounts. The deferred taxes are determined using tax rates enacted by the balance sheet date and that are expected to apply when the deferred tax asset is realised or liability settled. No deferred tax is recognised for impairment of goodwill that is not tax-deductible. A deferred tax asset is recognised only to the extent that it is probable that taxable profit will be available against which the deferred tax asset can be utilised. The most significant temporary differences arise from fair value measurements related to acquisitions and new intangible assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Deferred taxes in the statement of financial position MEUR 2025 2024 Carve-out Deferred tax liabilities 22.4 21.7 Deferred taxes, net 22.4 21.7 Deferred taxes are recognised in the statement of financial position as tax assets and tax liabilities. Deferred tax assets and deferred tax liabilities are set off when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority. Lassila & Tikanoja has not recognised any tax expense in 2025 or 2024 related to the top-up tax under the OECD Pillar Two model rules. Lassila & Tikanoja has applied a temporary mandatory relief from deferred tax accounting for the potential impacts of the top-up tax and would account for it as a current tax if it would incur. According to the company\u2019s assessment, the Group\u2019s exposure to the top-up tax is limited, as its operations are located in Finland and Sweden, both of which have a corporate tax rate exceeding 15 per cent. Deferred tax assets and liabilities MEUR 2024 Recognised in income statement Exchange rate differences Business acquisitions 2025 Deferred tax assets Provisions 0.9 -0.0 0.8 Unused depreciation 1.5 0.1 1.6 Lease liabilities 11.4 1.1 12.5 Other temporary differences 2.8 -0.2 2.6 Netting of deferred taxes -16.5 -17.5 Total - 1.0 - - - Deferred tax liabilities Acquisitions 20.3 -0.1 0.0 0.3 20.5 Appropriations 6.7 0.2 0.0 6.9 Right-of-use assets 11.0 1.1 12.0 Other temporary differences 0.2 0.2 0.4 Netting of deferred taxes -16.5 -17.5 Total 21.7 1.4 0.0 0.3 22.4 MEUR 2023 Recognised in income statement Exchange rate differences Business acquisitions 2024 Deferred tax assets Provisions 0.8 0.1 0.9 Unused depreciation 1.5 -0.0 1.5 Lease liabilities 12.4 -1.1 11.4 Other temporary differences 3.2 -0.4 2.8 Netting of deferred taxes -18.0 -16.5 Total - -1.4 - - - Deferred tax liabilities Acquisitions 20.2 0.3 0.0 -0.2 20.3 Appropriations 6.2 0.5 6.7 Right-of-use assets 12.1 -1.2 11.0 Other temporary differences 0.0 0.2 0.2 Netting of deferred taxes -18.0 -16.5 Total 20.6 -0.2 0.0 -0.2 21.7", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
Lassila & Tikanoja has not recognised any tax expense in 2025 or 2024 related
to the top-up tax under the OECD Pillar Two model rules. Lassila & Tikanoja
has applied a temporary mandatory relief from deferred tax accounting for the
potential impacts of the top-up tax and would account for it as a current tax if
it would incur. According to the company\u2019s assessment, the Group\u2019s exposure
to the top-up tax is limited, as its operations are located in Finland and Sweden,
both of which have a corporate tax rate exceeding 15 per cent.
", "dimensions": { "concept": "ifrs-full:StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
2.1 Trade receivables and other
receivables
Accounting policy
Trade receivables are measured at historical cost less expected credit
losses. The receivables are non-interest bearing and Lassila & Tikanoja\u2019s
general payment term for customers is 14 days. Trade receivables
include also uninvoiced sales, when Lassila & Tikanoja has satisfied
the performance obligations and has an unconditional right to the
consideration. Trade receivables are classified as financial assets, that
are explained in more detail in Notes 4.1 Financial assets and liabilities
and 4.2 Financial risk management.
A simplified impairment model allowed by IFRS 9 standard is applied
to the recognition of expected credit losses. Expected credit losses
are calculated by dividing trade receivables into categories based
on maturity and by multiplying said categories with the credit loss
percentages, which are based on historical data on credit losses realised
from trade receivables and the outlook for the short-term future. This
impairment model covers the company\u2019s trade receivables and contract
assets.
An allowance of impairment is recognised based on historical data
and the outlook for the short-term future. The credit loss percentages
applied in the carve-out financial statements are presented in the
table below. Trade receivables due over 360 days are written down
completely. If the customer has become insolvent, such as in the case
of bankruptcy or debt restructuring, the trade receivable is written down
as a final credit loss when a payment can no longer be expected with
reasonable certainty.
Credit loss percentages
% 2025 2024
Trade receivables and contract assets not past due 0.1 0.1
Past due 1-90 days 1.4 0.7
Past due 91-365 days 17.1-45.0 17.7-18.1
Past due over 365 days 100.0 100.0
MEUR 2025 2024 Carve-out Trade receivables 51.5 49.4 Contract assets 12.3 7.2 Cash pool receivables from related parties1 - 0.1 Accrued income 2.8 1.4 Prepayments 0.1 0.1 Income tax receivables - 0.0 Other receivables 1.2 0.2 Total 67.9 58.5 1 Cash-pool receivables from related parties consist of cash pool receivables of Lassila & Tikanoja legal companies from Luotea (former Lassila & Tikanoja, the demerged company) at the balance sheet date of the carve-out financial statements. Expected credit losses from accounts receivable and contract assets 31 Dec 2025, MEUR Gross value of which the allowance for impairment Net value on balance sheet Trade receivables and contract assets not past due 59.3 0.1 59.2 Past due 1-90 days 4.4 0.1 4.3 Past due 91-365 days 0.4 0.2 0.3 Past due over 365 days 0.0 0.0 0.0 Total 64.1 0.3 63.8 31 Dec 2024, MEUR Gross value of which the allowance for impairment Net value on balance sheet Trade receivables and contract assets not past due 52.8 0.0 52.7 Past due 1-90 days 3.7 0.0 3.7 Past due 91-365 days 0.2 0.0 0.2 Past due over 365 days 0.2 0.2 0.0 Total 56.9 0.3 56.6 Change in allowance for impairment MEUR 2025 2024 Carve-out Allowance for impairment, 1 January 0.3 0.3 Change in the income statement 0.0 -0.0 Allowance for impairment, 31 December 0.3 0.3 Impairment losses and changes in allowance for impairment are presented in Note 1.4 Materials and services and other operating income and expenses. Financial assets are not collateralised. No impairment was recognised on other financial assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "Accounting policy Trade receivables are measured at historical cost less expected credit losses. The receivables are non-interest bearing and Lassila & Tikanoja\u2019s general payment term for customers is 14 days. Trade receivables include also uninvoiced sales, when Lassila & Tikanoja has satisfied the performance obligations and has an unconditional right to the consideration. Trade receivables are classified as financial assets, that are explained in more detail in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. A simplified impairment model allowed by IFRS 9 standard is applied to the recognition of expected credit losses. Expected credit losses are calculated by dividing trade receivables into categories based on maturity and by multiplying said categories with the credit loss percentages, which are based on historical data on credit losses realised from trade receivables and the outlook for the short-term future. This impairment model covers the company\u2019s trade receivables and contract assets. An allowance of impairment is recognised based on historical data and the outlook for the short-term future. The credit loss percentages applied in the carve-out financial statements are presented in the table below. Trade receivables due over 360 days are written down completely. If the customer has become insolvent, such as in the case of bankruptcy or debt restructuring, the trade receivable is written down as a final credit loss when a payment can no longer be expected with reasonable certainty. Credit loss percentages % 2025 2024 Trade receivables and contract assets not past due 0.1 0.1 Past due 1-90 days 1.4 0.7 Past due 91-365 days 17.1-45.0 17.7-18.1 Past due over 365 days 100.0 100.0 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "
MEUR 2025
2024
Carve-out
Trade receivables 51.5 49.4
Contract assets 12.3 7.2
Cash pool receivables from related parties1 - 0.1
Accrued income 2.8 1.4
Prepayments 0.1 0.1
Income tax receivables - 0.0
Other receivables 1.2 0.2
Total 67.9 58.5
1
Cash-pool receivables from related parties consist of cash pool receivables of Lassila &
Tikanoja legal companies from Luotea (former Lassila & Tikanoja, the demerged company) at
the balance sheet date of the carve-out financial statements.
3.5 Other non-current assets
Accounting policy
Lassila & Tikanoja\u2019s other non-current assets consist of shares in joint
ventures as well as other shares and holdings. The Group\u2019s interests in
joint ventures are accounted for using the equity method of accounting.
The Group\u2019s share of its joint ventures\u2019 post-acquisition profits or losses
after tax are recognised in the income statement and as adjustment
to investment in joint ventures in the statement of financial position
accordingly. When the Group\u2019s share of losses in a joint venture equals
or exceeds its interest in the joint venture, the Group does not recognise
further losses, unless it has incurred obligations or made payments on
behalf of the joint venture. Other shares and holdings include shares
in a few smaller companies, and they are measured at fair value
through profit or loss. Other receivables mainly include deposits related
to pension obligations in Sweden as well as non-current advance
payments .
On 1 July 2024, Lassila & Tikanoja company L&T Ymp\u00e4rist\u00f6palvelut Oy acquired
the rest 60 per cent of the shares of Suomen Ker\u00e4ystuote Oy. Previously Suomen
Ker\u00e4ystuote Oy was an associated company, of which Lassila & Tikanoja\u2019s
ownership was 40 per cent. The transaction did not have a significant impact on
Lassila & Tikanoja\u2019s figures.
MEUR
Shares in joint
ventures
Other
shares and
holdings
Other
receivables
Acquisition cost, 1 Jan 2025 18.9 0.1 0.4
Additions - 0.0 0.1
Disposals - - -0.1
Share of the result of joint
ventures 1.9 - -
Received dividends -1.6 - -
Exchange differences - - 0.0
Acquisition cost, 31 Dec 2025 19.2 0.1 0.4
MEUR
Shares in
associated
companies and
joint ventures
Other
shares and
holdings
Other
receivables
Acquisition cost, 1 Jan 2024 17.6 0.1 0.9
Disposals -0.0 - -0.4
Share of the result of associated
companies and joint ventures 3.2 - -
Received dividends -1.8 - -
Exchange differences - - -0.0
Acquisition cost, 31 Dec 2024 18.9 0.1 0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "
Expected credit losses from accounts receivable and contract assets
31 Dec 2025, MEUR Gross value
of which the
allowance for
impairment
Net value on
balance sheet
Trade receivables and
contract assets not past
due 59.3 0.1 59.2
Past due 1-90 days 4.4 0.1 4.3
Past due 91-365 days 0.4 0.2 0.3
Past due over 365 days 0.0 0.0 0.0
Total 64.1 0.3 63.8
31 Dec 2024, MEUR Gross value
of which the
allowance for
impairment
Net value on
balance sheet
Trade receivables and
contract assets not past
due 52.8 0.0 52.7
Past due 1-90 days 3.7 0.0 3.7
Past due 91-365 days 0.2 0.0 0.2
Past due over 365 days 0.2 0.2 0.0
Total 56.9 0.3 56.6
Change in allowance for impairment
MEUR 2025
2024
Carve-out
Allowance for impairment, 1 January 0.3 0.3
Change in the income statement 0.0 -0.0
Allowance for impairment, 31 December 0.3 0.3
Impairment losses and changes in allowance for impairment are presented in
Note 1.4 Materials and services and other operating income and expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "
2.2 Inventories
Accounting policy
Inventories are measured at the lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary
course of business, less the estimated costs of completion and
selling expenses. The inventories of Environmental Products of Waste
Management business are measured using the weighted average cost
method. The value of other inventories is determined using the FIFO
method.
At the recycling plants, recyclable materials are processesed into
secondary raw materials for sale. The cost of the inventories of these
materials comprises raw materials, direct labour costs, other direct
costs of manufacturing and a proportion of variable and fixed production
overheads based on normal operating capacity.
MEUR 2025
2024
Carve-out
Raw materials and consumables 4.7 4.2
Finished goods 0.7 1.2
Other inventories 4.5 3.8
Total 9.9 9.2
The carrying value of the inventories was written down to the net realisable value,
and the expense of EUR 0.1 million (0.0) is included in Materials and services in
the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "Accounting policy Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The inventories of Environmental Products of Waste Management business are measured using the weighted average cost method. The value of other inventories is determined using the FIFO method. At the recycling plants, recyclable materials are processesed into secondary raw materials for sale. The cost of the inventories of these materials comprises raw materials, direct labour costs, other direct costs of manufacturing and a proportion of variable and fixed production overheads based on normal operating capacity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "
2.3 Trade and other current payables
Accounting policy
Trade and other current non-interest-bearing liabilities are recognised
in the statement of financial position at historical cost. The impact of
discounting is not essential considering the maturity of the payables.
Trade payables are classified as financial liabilities that are presented
in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk
management.
MEUR
2025
2024
Carve-out
Advances received 10.2 9.5
Trade payables 36.5 32.8
Income tax liabilities 5.3 0.1
Other liabilities1 24.8 11.7
Accrued expenses and deferred income 36.4 35.4
Total 113.2 89.5
Accrued expenses and deferred income
Liabilities related to personnel expenses2 31.1 32.2
Other accrued expenses 5.3 3.2
Total 36.4 35.4
1
Includes a deferred consideration of EUR 6.2 million related to the acquisition of a 70 per
cent share in Sand & Vattenbl\u00e4st i Tyringe AB (\u201cSVB\u201d) on 1 February 2022. The deferred
consideration is expected to be paid during the first half of 2026. More information on the
deferred consideration is presented in Note 4.1 Financial assets and liabilities.
2
Liabilities related to personnel expenses include ordinary accruals for salaries, pensions and
other statutory personnel expenses.
The advances received include contract liabilities as well as advances received
for rental payments. The fair values of trade and other current payables equal
their book values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "2.3 Trade and other current payables Accounting policy Trade and other current non-interest-bearing liabilities are recognised in the statement of financial position at historical cost. The impact of discounting is not essential considering the maturity of the payables. Trade payables are classified as financial liabilities that are presented in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. MEUR 2025 2024 Carve-out Advances received 10.2 9.5 Trade payables 36.5 32.8 Income tax liabilities 5.3 0.1 Other liabilities1 24.8 11.7 Accrued expenses and deferred income 36.4 35.4 Total 113.2 89.5 Accrued expenses and deferred income Liabilities related to personnel expenses2 31.1 32.2 Other accrued expenses 5.3 3.2 Total 36.4 35.4 1 Includes a deferred consideration of EUR 6.2 million related to the acquisition of a 70 per cent share in Sand & Vattenbl\u00e4st i Tyringe AB (\u201cSVB\u201d) on 1 February 2022. The deferred consideration is expected to be paid during the first half of 2026. More information on the deferred consideration is presented in Note 4.1 Financial assets and liabilities. 2 Liabilities related to personnel expenses include ordinary accruals for salaries, pensions and other statutory personnel expenses. The advances received include contract liabilities as well as advances received for rental payments. The fair values of trade and other current payables equal their book values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Accounting policy Trade and other current non-interest-bearing liabilities are recognised in the statement of financial position at historical cost. The impact of discounting is not essential considering the maturity of the payables. Trade payables are classified as financial liabilities that are presented in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "Accrued expenses and deferred income Liabilities related to personnel expenses2 31.1 32.2 Other accrued expenses 5.3 3.2 Total 36.4 35.4 2 Liabilities related to personnel expenses include ordinary accruals for salaries, pensions and other statutory personnel expenses. The advances received include contract liabilities as well as advances received for rental payments. The fair values of trade and other current payables equal their book values. Accounting policy Trade and other current non-interest-bearing liabilities are recognised in the statement of financial position at historical cost. The impact of discounting is not essential considering the maturity of the payables. Trade payables are classified as financial liabilities that are presented in Notes 4.1 Financial assets and liabilities and 4.2 Financial risk management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "2.4 Other non-current liabilities MEUR 2025 2024 Carve-out Advances received 5.8 6.7 Deferred / contingent consideration 1.1 6.7 Other liabilities - 0.0 Total 7.0 13.4 Deferred consideration in 2024 is related to the acquisition of 70 per cent share of Sand & Vattenbl\u00e4st i Tyringe AB (\u201dSVB\u201d) on 1 February 2022. More information on deferred consideration is presented in Notes 2.3 Trade and other current payables and 4.1 Financial assets and liabilities. Contingent consideration (earn-out) in 2025 is related to the acquisition of RecondConcept i \u00c5nge AB in December 2025. The contingent consideration is measured at fair value, which is based on the development of RecondConcept i \u00c5nge AB\u2019s EBITDA in 2026 and 2027. More information on the contingent consideration is presented in Note 4.1 Financial assets and liabilities. Critical judgements by Management The preparation of calculations used in valuation of deferred and contingent considerations requires the use of management judgement. The EBITDA forecast used in the calculations is based on actual development and management\u2019s view on the growth outlook for the business. Though the assumptions used are appropriate according to the management\u2019s judgement, the EBITDA forecasts used in the calculation may differ materially from the actual figures realised in the future.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "
2.5 Provisions
Accounting policy
A provision is recognised when Lassila & Tikanoja has a legal or
factual obligation towards a third party resulting from an earlier event,
fulfilment of the payment obligation is probable, and its amount can be
reliably estimated. Provisions are measured at the current value of the
expenditure required to settle the obligation. Increase in provisions due
to the passage of time is recognised as interest expense. Changes in
provisions are recognised in the income statement in the same item in
which the provision is originally recognised.
Environmental provisions are recognised when the Group has an
existing obligation that is likely to result in a payment obligation,
the amount of which can be reliably estimated. Provisions related to
environmental restoration are recognised when a new waste treatment
area is taken into use. The estimated expenses on which the provision
is based are capitalised under buildings and structures in the property,
plant and equipment in the balance sheet and depreciated over the
useful life of the asset. Changes in the estimates related to the amount
of the provision are recognised as adjustments to the capitalised costs.
Provisions are discounted to their present value using a risk-free
interest rate that excludes default risk. The determination of the risk-free
rate takes into account both current and future economic conditions as
well as the expected timing of the expenses. Changes in the provision
due to discounting are recognised under financial items in the income
statement.
MEUR
2025
2024
Carve-out
Non-current provisions 6.3 6.3
Current provisions 0.3 0.6
Total 6.6 6.9
Obligations covered by the 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 Munaistenmets\u00e4 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
new environmental permit became legally valid in December 2025. The new
environmental permit covers the applied-for new reception and processing
operations for both non-hazardous and hazardous waste. Construction of the
hazardous waste operations will commence in spring 2026.
Other provisions
Other provisions consist mainly of provisions for restructuring as well as
restoration provisions for leased premises.
MEUR
Environmental
provisions
Other
provisions Total
Provisions at 1 Jan 2025
6.3 0.6 6.9
Additions 0.5 0.2 0.7
Used during the year -0.4 -0.5 -0.8
Effect of discounting -0.1 - -0.1
Provisions at 31 Dec 2025 6.3 0.3 6.6
MEUR
Environmental
provisions
Other
provisions Total
Provisions at 1 Jan 2024 7.2 0.1 7.2
Additions 0.6 0.6 1.2
Used during the year -0.4 -0.1 -0.5
Effect of discounting -1.0 - -1.0
Provisions at 31 Dec 2024 6.3 0.6 6.9
Critical judgements by Management Recognition and measurement of provisions require management to assess the best estimate of the expenditure needed to settle the present obligation at the end of the reporting period. The actual amount and timing of the expenditure might differ from the estimates made. The carrying amounts of provisions are reviewed regularly and adjusted when needed to consider changes in cost estimates, regulations, applied technologies and conditions. Environmental provisions are particularly characterised by the fact that the expenses may be incurred far into the future or over a long period of time, which increases the uncertainty of the estimates. In the balance sheet, the largest environmental provisions in euro terms are those related to the covering costs of landfill sites and contaminated land treatment areas. Significant assumptions in determining these provisions include, among others, the estimated future costs of covering, closing, and aftercare of the landfill. Estimates are prepared by internal and external experts and are reviewed at least once a year. The estimates take into account, among other things, the regulatory requirements applicable to each site. Estimated obligations are valued using present value techniques that take into account assumptions and factors that market participants would use in determining the estimates. These include, for example, inflation, cost levels, uncertainties related to the timing of work, information received from third parties, actual and reported prices of similar work, and expert assessments. Inflation assumptions are based on management\u2019s assessment of current and future economic conditions as well as the timing of the expenses. Environmental provisions are expected to be realised over a period of 3 to 50 years. The realisation period is reviewed annually and whenever there is an indication that changes may occur. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "Accounting policy A provision is recognised when Lassila & Tikanoja has a legal or factual obligation towards a third party resulting from an earlier event, fulfilment of the payment obligation is probable, and its amount can be reliably estimated. Provisions are measured at the current value of the expenditure required to settle the obligation. Increase in provisions due to the passage of time is recognised as interest expense. Changes in provisions are recognised in the income statement in the same item in which the provision is originally recognised. Environmental provisions are recognised when the Group has an existing obligation that is likely to result in a payment obligation, the amount of which can be reliably estimated. Provisions related to environmental restoration are recognised when a new waste treatment area is taken into use. The estimated expenses on which the provision is based are capitalised under buildings and structures in the property, plant and equipment in the balance sheet and depreciated over the useful life of the asset. Changes in the estimates related to the amount of the provision are recognised as adjustments to the capitalised costs. Provisions are discounted to their present value using a risk-free interest rate that excludes default risk. The determination of the risk-free rate takes into account both current and future economic conditions as well as the expected timing of the expenses. Changes in the provision due to discounting are recognised under financial items in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "Environmental provisions are recognised when the Group has an existing obligation that is likely to result in a payment obligation, the amount of which can be reliably estimated. Provisions related to environmental restoration are recognised when a new waste treatment area is taken into use. The estimated expenses on which the provision is based are capitalised under buildings and structures in the property, plant and equipment in the balance sheet and depreciated over the useful life of the asset. Changes in the estimates related to the amount of the provision are recognised as adjustments to the capitalised costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
3.1 Goodwill and other intangible assets
Accounting policy
Goodwill represents the portion of the acquisition cost by which the
aggregate of the consideration given, the share of non-controlling
owners in the acquired entity and the previously owned share exceed
the fair value of the acquired net assets at the time of acquisition.
Goodwill is not amortised, but is tested annually for impairment during
the last quarter of the year. Goodwill is presented in the statement of
financial position at historical cost less impairment losses, if any.
Intangible assets acquired in a business combination are measured at
fair value. The useful lives of intangible assets are estimated to be either
finite or indefinite. In Lassila & Tikanoja, the intangible assets recognised
in business combinations include mainly customer relationships. The
amortisation period for customer relationships is on average 10 years.
Other intangible assets are recognised at historical cost less
accumulated amortisation and impairment losses. Other intangible
assets are amortised using the straight-line method over their estimated
useful economic life. The costs of software projects are recognised in
other intangible assets starting from the time when the projects move
out of the research phase into the development phase and the outcome
of a project is an identifiable intangible asset. Such an intangible asset
must provide Lassila & Tikanoja with future economic benefit that
exceeds the costs of its development. The cost comprises all directly
attributable costs necessary for preparing the asset to be capable of
operating in the manner intended by the management. The largest cost
items are consultancy fees paid to third parties.
The amortisation period for computer software and software licences
is five to ten years.
Goodwill impairment testing is described in Note 3.2 Goodwill
impairment testing and amortisation and impairment of other
intangible assets is described in Note 1.7. Depreciation, amortisation and
impairments.
2025, MEUR Goodwill
Items acquired
through business
combinations
Intangible
rights
Other
intangible
assets
Prepayments and
construction in
progress Total
Acquisition cost, 1 Jan 118.8 38.9 1.0 15.8 20.7 195.2
Additions - - 0.0 0.1 2.2 2.4
Business acquisitions 6.4 5.1 - - - 11.5
Disposals - - -0.0 -0.9 - -1.0
Transfers between items - - - 21.1 -21.1 -
Exchange differences 0.5 0.2 0.0 - - 0.7
Acquisition cost, 31 Dec 125.7 44.2 1.1 36.2 1.7 208.8
Accumulated amortisation, 1 Jan -29.6 -0.3 -11.4 -41.3
Accumulated amortisation on disposals and
transfers - 0.0 1.3 1.3
Amortisation charge -1.9 -0.1 -2.9 -4.9
Exchange differences -0.1 -0.0 - -0.1
Accumulated amortisation, 31 Dec - -31.6 -0.3 -13.1 - -45.0
Carrying amount at 31 Dec 125.7 12.6 0.7 23.1 1.7 163.8
Other intangible assets consist primarily of software and software licences.
Contractual commitments related to intangible assets totalled EUR 0.1 million (0.1).
2024, MEUR Goodwill
Items acquired
through business
combinations
Intangible
rights
Other
intangible
assets
Prepayments and
construction in
progress Total
Acquisition cost, 1 Jan 118.2 38.3 1.0 13.5 13.9 184.9
Additions - - 0.0 0.1 9.1 9.3
Disposals 0.8 0.7 - - - 1.5
Impairments - - -0.0 -0.1 - -0.1
Transfers between items - - - 2.3 -2.3 -
Exchange differences -0.3 -0.1 -0.0 - - -0.3
Acquisition cost, 31 Dec 118.8 38.9 1.0 15.8 20.7 195.2
Accumulated amortisation, 1 Jan -27.8 -0.2 -10.0 -38.1
Accumulated amortisation on disposals and
transfers - 0.0 0.1 0.1
Amortisation charge -1.8 -0.1 -1.5 -3.4
Exchange differences 0.0 0.0 - 0.0
Accumulated amortisation, 31 Dec - -29.6 -0.3 -11.4 - -41.3
Carrying amount at 31 Dec 118.8 9.3 0.8 4.4 20.7 153.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Accounting policy Goodwill represents the portion of the acquisition cost by which the aggregate of the consideration given, the share of non-controlling owners in the acquired entity and the previously owned share exceed the fair value of the acquired net assets at the time of acquisition. Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. Goodwill is presented in the statement of financial position at historical cost less impairment losses, if any. Accounting policy The goodwill impairment testing is conducted at least annually during the last quarter of the year or more frequently if there is any indication that goodwill may be impaired. Impairment testing is conducted according to the business structure in force at the time of the impairment testing. In impairment testing, recoverable amounts are estimated on the basis of an asset\u2019s value-in-use. Future cash flows are based on annual estimates of income statements and maintenance investments made by the management in connection with the strategy process for a four-year period. The management bases its estimates on actual development and views on the growth outlook for the industry (general market development and unit profitability, pricing, municipalisation decisions, personnel costs and raw material costs). Approved investment decisions are taken into account in the growth estimates. Cash flows extending beyond the four-year forecast period are calculated using the so-called terminal value method. The growth rates used in the calculations are based on the management\u2019s estimates of long-term growth and development of profitability. Carve-out principle As the figures prior to the date of the demerger 31 December 2025 in these financial statements have been prepared on a carve-out basis from historical Luotea\u2019s (former Lassila & Tikanoja) consolidated financial statements, the goodwill impairment testing results presented below concerning the comparative period are based on the historical goodwill impairment testing performed by Luotea on the Circular Economy CGU\u2019s. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "Accounting policy Goodwill represents the portion of the acquisition cost by which the aggregate of the consideration given, the share of non-controlling owners in the acquired entity and the previously owned share exceed the fair value of the acquired net assets at the time of acquisition. Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. Goodwill is presented in the statement of financial position at historical cost less impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value. The useful lives of intangible assets are estimated to be either finite or indefinite. In Lassila & Tikanoja, the intangible assets recognised in business combinations include mainly customer relationships. The amortisation period for customer relationships is on average 10 years. Other intangible assets are recognised at historical cost less accumulated amortisation and impairment losses. Other intangible assets are amortised using the straight-line method over their estimated useful economic life. The costs of software projects are recognised in other intangible assets starting from the time when the projects move out of the research phase into the development phase and the outcome of a project is an identifiable intangible asset. Such an intangible asset must provide Lassila & Tikanoja with future economic benefit that exceeds the costs of its development. The cost comprises all directly attributable costs necessary for preparing the asset to be capable of operating in the manner intended by the management. The largest cost items are consultancy fees paid to third parties. The amortisation period for computer software and software licences is five to ten years. Goodwill impairment testing is described in Note 3.2 Goodwill impairment testing and amortisation and impairment of other intangible assets is described in Note 1.7. Depreciation, amortisation and impairments. Accounting policy The goodwill impairment testing is conducted at least annually during the last quarter of the year or more frequently if there is any indication that goodwill may be impaired. Impairment testing is conducted according to the business structure in force at the time of the impairment testing. In impairment testing, recoverable amounts are estimated on the basis of an asset\u2019s value-in-use. Future cash flows are based on annual estimates of income statements and maintenance investments made by the management in connection with the strategy process for a four-year period. The management bases its estimates on actual development and views on the growth outlook for the industry (general market development and unit profitability, pricing, municipalisation decisions, personnel costs and raw material costs). Approved investment decisions are taken into account in the growth estimates. Cash flows extending beyond the four-year forecast period are calculated using the so-called terminal value method. The growth rates used in the calculations are based on the management\u2019s estimates of long-term growth and development of profitability. Carve-out principle As the figures prior to the date of the demerger 31 December 2025 in these financial statements have been prepared on a carve-out basis from historical Luotea\u2019s (former Lassila & Tikanoja) consolidated financial statements, the goodwill impairment testing results presented below concerning the comparative period are based on the historical goodwill impairment testing performed by Luotea on the Circular Economy CGU\u2019s. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "Goodwill represents the portion of the acquisition cost by which the aggregate of the consideration given, the share of non-controlling owners in the acquired entity and the previously owned share exceed the fair value of the acquired net assets at the time of acquisition. Goodwill is not amortised, but is tested annually for impairment during the last quarter of the year. Goodwill is presented in the statement of financial position at historical cost less impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value. The useful lives of intangible assets are estimated to be either finite or indefinite. In Lassila & Tikanoja, the intangible assets recognised in business combinations include mainly customer relationships. The amortisation period for customer relationships is on average 10 years. Accounting policy The goodwill impairment testing is conducted at least annually during the last quarter of the year or more frequently if there is any indication that goodwill may be impaired. Impairment testing is conducted according to the business structure in force at the time of the impairment testing. In impairment testing, recoverable amounts are estimated on the basis of an asset\u2019s value-in-use. Future cash flows are based on annual estimates of income statements and maintenance investments made by the management in connection with the strategy process for a four-year period. The management bases its estimates on actual development and views on the growth outlook for the industry (general market development and unit profitability, pricing, municipalisation decisions, personnel costs and raw material costs). Approved investment decisions are taken into account in the growth estimates. Cash flows extending beyond the four-year forecast period are calculated using the so-called terminal value method. The growth rates used in the calculations are based on the management\u2019s estimates of long-term growth and development of profitability. Carve-out principle As the figures prior to the date of the demerger 31 December 2025 in these financial statements have been prepared on a carve-out basis from historical Luotea\u2019s (former Lassila & Tikanoja) consolidated financial statements, the goodwill impairment testing results presented below concerning the comparative period are based on the historical goodwill impairment testing performed by Luotea on the Circular Economy CGU\u2019s. Accounting policy In business combinations, all property, plant and equipment acquired is measured at fair value on the basis of the market prices of similar assets, taking into account the age of the assets, wear and tear and similar factors. Tangible assets will be depreciated over their useful life according to the management\u2019s estimate, taking into account the depreciation principles followed within the Group. Intangible assets arising from business combinations are recognised separately from goodwill at fair value at the time of acquisition if they are identifiable. In connection with acquired business operations, Lassila & Tikanoja mostly has acquired agreements on prohibition of competition and customer relationships as well as environmental permits. The fair value of customer agreements and customer relationships associated with them has been determined on the basis of estimated duration of customer relationships and discounted net cash flows arising from current customer relationships. The value of agreements on prohibition of competition is calculated in a similar manner through cash flows over the duration of the agreement. Intangible assets are amortised over their useful life according to the agreement or the management\u2019s estimate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "Intangible assets acquired in a business combination are measured at fair value. The useful lives of intangible assets are estimated to be either finite or indefinite. In Lassila & Tikanoja, the intangible assets recognised in business combinations include mainly customer relationships. The amortisation period for customer relationships is on average 10 years. Other intangible assets are recognised at historical cost less accumulated amortisation and impairment losses. Other intangible assets are amortised using the straight-line method over their estimated useful economic life. The costs of software projects are recognised in other intangible assets starting from the time when the projects move out of the research phase into the development phase and the outcome of a project is an identifiable intangible asset. Such an intangible asset must provide Lassila & Tikanoja with future economic benefit that exceeds the costs of its development. The cost comprises all directly attributable costs necessary for preparing the asset to be capable of operating in the manner intended by the management. The largest cost items are consultancy fees paid to third parties. The amortisation period for computer software and software licences is five to ten years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
3.2 Goodwill impairment testing
Accounting policy
The goodwill impairment testing is conducted at least annually during
the last quarter of the year or more frequently if there is any indication
that goodwill may be impaired. Impairment testing is conducted
according to the business structure in force at the time of the
impairment testing.
In impairment testing, recoverable amounts are estimated on the
basis of an asset\u2019s value-in-use. Future cash flows are based on annual
estimates of income statements and maintenance investments made by
the management in connection with the strategy process for a four-year
period. The management bases its estimates on actual development
and views on the growth outlook for the industry (general market
development and unit profitability, pricing, municipalisation decisions,
personnel costs and raw material costs). Approved investment decisions
are taken into account in the growth estimates.
Cash flows extending beyond the four-year forecast period are
calculated using the so-called terminal value method. The growth rates
used in the calculations are based on the management\u2019s estimates of
long-term growth and development of profitability.
Carve-out principle
As the figures prior to the date of the demerger 31 December 2025 in
these financial statements have been prepared on a carve-out basis
from historical Luotea\u2019s (former Lassila & Tikanoja) consolidated financial
statements, the goodwill impairment testing results presented below
concerning the comparative period are based on the historical goodwill
impairment testing performed by Luotea on the Circular Economy CGU\u2019s.
.
Critical judgements by Management
The preparation of value-in-use based calculations used in goodwill
impairment testing requires the use of management judgement.
The future cash flows are based on forecasts for the strategy
period approved by the Board of Directors of the former Lassila &
Tikanoja. These forecasts are based on actual development and
management\u2019s view on the growth outlook for the industry. The
terminal growth rate is based on the management\u2019s view on the
long-term growth outlook for the business. The discount rates used
reflect the best estimate of the weighted average cost of capital. Though the assumptions used are appropriate according to the management\u2019s judgement, the estimated cash flows may fundamentally differ from those realised in the future. Goodwill allocation Lassila & Tikanoja has one cash-generating unit. The carrying amounts of goodwill are presented in the following the table: MEUR 2025 2024 Carve-out Circular Economy Business 125.7 118.8 Goodwill Impairment testing in 2025 The goodwill impairment testing has been prepared based on value-in-use calculations in which future cash flows are discounted to net present value. The key assumptions used in assessing the recoverable amount are the sales growth in the estimate period, EBITDA % in the estimate period and the terminal growth rate. The terminal growth rate used in the value-in-use calculations of cash- generating units is 2.0 per cent, which corresponds to the mid-term inflation goal of the European Central Bank. The discount rate used in calculations is based on the Group\u2019s weighted average cost of capital (WACC). Factors in WACC are risk-free interest rate, market risk premium, company-specific beta, cost of capital as well as the ratio between equity and liabilities. The key assumptions used in the calculations are presented in the table below. The comparative period figures represent weighted averages of the key assumptions determined on a cash-generating unit basis at the 2024 impairment testing date. Key assumptions used in the calculations % 2025 2024 Sales growth in four years estimate period 3.5 3.1 EBITDA% in four years estimate period on average 19.2 19.2 Terminal growth rate 2.0 2.0 Discount rate (pre tax) 8.2 8.9 The value in use of the Circular Economy Business exceeded the carrying amounts of the tested assets. Thus, no impairment on goodwill was recognised in 2025.
Sensitivity analyses of impairment testing
In connection with the impairment testing, a sensitivity analysis of the cash-
generating unit was performed, during which the key calculation assumptions
were tested. The key assumptions used in the testing were discount rate and
EBITDA per cent used in calculation of the terminal value. The EBITDA per cent
was based on the historical development of the cash-generating unit. In the
sensitivity analysis, a key assumption was tested by changing the threshold
values to a value at which the value-in-use would equal the carrying amount.
Based on the sensitivity analysis, no reasonably possible change in key
assumptions would result in the carrying amount of the cash-generating unit
exceeding its value in use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
3.3 Property, plant and equipment
Accounting policy
Property, plant and equipment are recognised at historical cost less
accumulated depreciation and impairment losses. The historical cost
includes expenditure that is directly attributable to the acquisition of
the asset. Borrowing costs immediately arising from the acquisition,
construction or manufacture of tangible assets that meet the conditions
are capitalised as part of the asset\u2019s acquisition cost. Possible
restoration costs are also included in the acquisition cost.
In business combinations, property, plant and equipment are measured
at fair value on the acquisition date. In the statement of financial
position, property, plant and equipment are shown less accumulated
depreciation and impairment, if any.
Property, plant and equipment are depreciated using the straight-line
method over their expected useful lives, excluding new landfills. For
completed landfills the Group applies the units of production method,
which involves depreciation on the basis of the volume of waste
received. The expected useful lives are reviewed on each balance sheet
date, and, if expectations differ materially from previous estimates, the
depreciation periods are adjusted to reflect the changes in expectations
of future economic benefits.
Depreciation in the financial statements is based on the following
expected useful lives:
\u2022 Buildings and structures 5\u201330 years
\u2022 Vehicles 6\u201315 years
\u2022 Machinery and equipment 4\u201315 years
Land is not depreciated.
When an asset included in property, plant and equipment consists
of several components with different estimated useful lives, each
component is treated as a separate asset. Ordinary repair and
maintenance costs are recognised in the income statement during the
period in which they are incurred. Costs of significant modification and
improvement projects are capitalised if it is probable that the projects
will result in future economic benefits to Lassila & Tikanoja.
Depreciation and impairment of property, plant and equipment is
described in Note 1.7 Depreciation, amortisation and impairments.
Climate Transition Plan
Lassila & Tikanojalla has a transition plan in place to reduce emissions. The
primary focus of the measures concerning the Group\u2019s own emissions is on
reducing emissions generated during transportation. Key actions include
transitioning to low-emission vehicles and investing in the use of renewable
fuels. The transition will be implemented in connection with investments in fleet,
and investments in low-emission vehicles are not expected to have a material
impact on the financial statements. Existing vehicles will be used until the end of
their useful life, and the transition plan does not require changes to depreciation
periods. So far, the transition plan does not significantly affect investment levels
for heavy-duty vehicles.
2025, MEUR Land
Buildings and
structures
Machinery
and
equipment
Other tangible
assets
Prepayments
and
construction
in progress Total
Acquisition cost, 1 Jan 7.6 131.7 331.9 0.2 8.0 479.5
Additions 0.0 1.1 8.5 0.0 11.5 21.2
Business acquisitions - - 1.0 0.0 - 1.0
Disposals - -0.9 -12.6 0.8 - -12.7
Transfers between items - 3.7 3.4 - -7.1 -
Exchange differences - 0.0 0.5 0.0 0.0 0.6
Acquisition cost, 31 Dec 7.6 135.7 332.8 1.1 12.5 489.6
Accumulated depreciation, 1 Jan -96.5 -227.7 -0.1 -324.3
Accumulated depreciation on disposals and transfers 0.6 12.5 -0.8 12.4
Depreciation for the period -5.7 -20.9 -0.0 -26.7
Exchange differences -0.0 -0.2 -0.0 -0.2
Accumulated depreciation, 31 Dec - -101.6 -236.3 -0.9 - -338.8
Carrying amount at 31 Dec 7.6 34.1 96.5 0.2 12.5 150.9
The carrying amount of buildings and structures include capitalised costs related to the environmental provisions. The carrying amount of machinery and equipment includes
compactors and balers sold through an external financing company. Due to the repurchase obligation the leased equipment is treated as tangible assets. The carrying
amount of the equipment was EUR 11.6 million (12.0) at the end balance sheet date. Contractual commitments related to property, plant and equipment totalled EUR 9.0
million (8.6).
2024, MEUR Land
Buildings and
structures
Machinery
and
equipment
Other tangible
assets
Prepayments
and
construction
in progress Total
Acquisition cost, 1 Jan 7.6 125.2 321.4 0.2 16.0 470.3
Additions 0.0 0.7 9.5 0.0 18.5 28.7
Business acquisitions - - 0.3 0.0 - 0.4
Disposals - -3.6 -16.0 - -0.1 -19.7
Transfers between items - 9.5 16.9 - -26.4 -
Exchange differences - -0.0 -0.2 -0.0 -0.0 -0.2
Acquisition cost, 31 Dec 7.6 131.7 331.9 0.2 8.0 479.5
Accumulated depreciation, 1 Jan -94.0 -223.2 -0.1 -317.2
Accumulated depreciation on disposals and transfers 2.6 15.8 - 18.4
Depreciation for the period -5.1 -20.3 -0.0 -25.5
Exchange differences 0.0 0.0 0.0 0.0
Accumulated depreciation, 31 Dec - -96.5 -227.7 -0.1 - -324.3
Carrying amount at 31 Dec 7.6 35.3 104.2 0.1 8.0 155.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "Accounting policy Property, plant and equipment are recognised at historical cost less accumulated depreciation and impairment losses. The historical cost includes expenditure that is directly attributable to the acquisition of the asset. Borrowing costs immediately arising from the acquisition, construction or manufacture of tangible assets that meet the conditions are capitalised as part of the asset\u2019s acquisition cost. Possible restoration costs are also included in the acquisition cost. In business combinations, property, plant and equipment are measured at fair value on the acquisition date. In the statement of financial position, property, plant and equipment are shown less accumulated depreciation and impairment, if any. Property, plant and equipment are depreciated using the straight-line method over their expected useful lives, excluding new landfills. For completed landfills the Group applies the units of production method, which involves depreciation on the basis of the volume of waste received. The expected useful lives are reviewed on each balance sheet date, and, if expectations differ materially from previous estimates, the depreciation periods are adjusted to reflect the changes in expectations of future economic benefits. Depreciation in the financial statements is based on the following expected useful lives: \u2022 Buildings and structures 5\u201330 years \u2022 Vehicles 6\u201315 years \u2022 Machinery and equipment 4\u201315 years Land is not depreciated. When an asset included in property, plant and equipment consists of several components with different estimated useful lives, each component is treated as a separate asset. Ordinary repair and maintenance costs are recognised in the income statement during the period in which they are incurred. Costs of significant modification and improvement projects are capitalised if it is probable that the projects will result in future economic benefits to Lassila & Tikanoja. Depreciation and impairment of property, plant and equipment is described in Note 1.7 Depreciation, amortisation and impairments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Ordinary repair and maintenance costs are recognised in the income statement during the period in which they are incurred. Costs of significant modification and improvement projects are capitalised if it is probable that the projects will result in future economic benefits to Lassila & Tikanoja. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "3.5 Other non-current assets Accounting policy Lassila & Tikanoja\u2019s other non-current assets consist of shares in joint ventures as well as other shares and holdings. The Group\u2019s interests in joint ventures are accounted for using the equity method of accounting. The Group\u2019s share of its joint ventures\u2019 post-acquisition profits or losses after tax are recognised in the income statement and as adjustment to investment in joint ventures in the statement of financial position accordingly. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint venture. Other shares and holdings include shares in a few smaller companies, and they are measured at fair value through profit or loss. Other receivables mainly include deposits related to pension obligations in Sweden as well as non-current advance payments . On 1 July 2024, Lassila & Tikanoja company L&T Ymp\u00e4rist\u00f6palvelut Oy acquired the rest 60 per cent of the shares of Suomen Ker\u00e4ystuote Oy. Previously Suomen Ker\u00e4ystuote Oy was an associated company, of which Lassila & Tikanoja\u2019s ownership was 40 per cent. The transaction did not have a significant impact on Lassila & Tikanoja\u2019s figures. MEUR Shares in joint ventures Other shares and holdings Other receivables Acquisition cost, 1 Jan 2025 18.9 0.1 0.4 Additions - 0.0 0.1 Disposals - - -0.1 Share of the result of joint ventures 1.9 - - Received dividends -1.6 - - Exchange differences - - 0.0 Acquisition cost, 31 Dec 2025 19.2 0.1 0.4 MEUR Shares in associated companies and joint ventures Other shares and holdings Other receivables Acquisition cost, 1 Jan 2024 17.6 0.1 0.9 Disposals -0.0 - -0.4 Share of the result of associated companies and joint ventures 3.2 - - Received dividends -1.8 - - Exchange differences - - -0.0 Acquisition cost, 31 Dec 2024 18.9 0.1 0.4 Information about the substantial joint venture Nimi Domicile Direct ownership (%) 2025 2024 Laania Oy Helsinki 55 55 Financial information about the substantial joint venture MEUR 2025 2024 Intangible and tangible assets 2.9 3.5 Right-of-use assets 1.8 2.6 Other non-current receivables 0.0 0.0 Inventories 52.5 52.8 Trade and other receivables 30.0 28.8 Assets total 87.2 87.8 Non-current interest bearing liabilities 21.9 22.7 Deferred tax liabilities 0.4 - Trade payables 14.4 13.4 Other current payables 15.7 17.3 Liabilities total 52.3 53.4 Net sales 148.7 151.3 Depreciation and amortisation -1.6 -1.5 Financial income and expenses -1.0 -1.0 Income taxes -0.9 -1.4 Result for the period 3.4 5.8 Average number of personnel during the financial year 120 123 The reconciliation of the joint venture's financial information to the carrying amount recognised by the Group: The Group's ownership, % 55.0 55.0 The Group's share of net assets 19.2 18.9 The value of the joint venture in the consolidated statement of financial position 19.2 18.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "3.5 Other non-current assets Accounting policy Lassila & Tikanoja\u2019s other non-current assets consist of shares in joint ventures as well as other shares and holdings. The Group\u2019s interests in joint ventures are accounted for using the equity method of accounting. The Group\u2019s share of its joint ventures\u2019 post-acquisition profits or losses after tax are recognised in the income statement and as adjustment to investment in joint ventures in the statement of financial position accordingly. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint venture. Other shares and holdings include shares in a few smaller companies, and they are measured at fair value through profit or loss. Other receivables mainly include deposits related to pension obligations in Sweden as well as non-current advance payments . On 1 July 2024, Lassila & Tikanoja company L&T Ymp\u00e4rist\u00f6palvelut Oy acquired the rest 60 per cent of the shares of Suomen Ker\u00e4ystuote Oy. Previously Suomen Ker\u00e4ystuote Oy was an associated company, of which Lassila & Tikanoja\u2019s ownership was 40 per cent. The transaction did not have a significant impact on Lassila & Tikanoja\u2019s figures. MEUR Shares in joint ventures Other shares and holdings Other receivables Acquisition cost, 1 Jan 2025 18.9 0.1 0.4 Additions - 0.0 0.1 Disposals - - -0.1 Share of the result of joint ventures 1.9 - - Received dividends -1.6 - - Exchange differences - - 0.0 Acquisition cost, 31 Dec 2025 19.2 0.1 0.4 MEUR Shares in associated companies and joint ventures Other shares and holdings Other receivables Acquisition cost, 1 Jan 2024 17.6 0.1 0.9 Disposals -0.0 - -0.4 Share of the result of associated companies and joint ventures 3.2 - - Received dividends -1.8 - - Exchange differences - - -0.0 Acquisition cost, 31 Dec 2024 18.9 0.1 0.4 Information about the substantial joint venture Nimi Domicile Direct ownership (%) 2025 2024 Laania Oy Helsinki 55 55 Financial information about the substantial joint venture MEUR 2025 2024 Intangible and tangible assets 2.9 3.5 Right-of-use assets 1.8 2.6 Other non-current receivables 0.0 0.0 Inventories 52.5 52.8 Trade and other receivables 30.0 28.8 Assets total 87.2 87.8 Non-current interest bearing liabilities 21.9 22.7 Deferred tax liabilities 0.4 - Trade payables 14.4 13.4 Other current payables 15.7 17.3 Liabilities total 52.3 53.4 Net sales 148.7 151.3 Depreciation and amortisation -1.6 -1.5 Financial income and expenses -1.0 -1.0 Income taxes -0.9 -1.4 Result for the period 3.4 5.8 Average number of personnel during the financial year 120 123 The reconciliation of the joint venture's financial information to the carrying amount recognised by the Group: The Group's ownership, % 55.0 55.0 The Group's share of net assets 19.2 18.9 The value of the joint venture in the consolidated statement of financial position 19.2 18.9
5.2 Group companies
The Group\u2019s holding of shares and votes, %
The parent company of the Group
Lassila & Tikanoja Plc
Finnish subsidiaries
L&T Ymp\u00e4rist\u00f6palvelut Oy 100.0
L&T Teollisuuspalvelut Oy 100.0
Viem\u00e4rihuolto Reinikka Oy (from 1.12.2025 onwards) 100.0
Suomen Ker\u00e4ystuote Oy (1.7.2024 alkaen) 100.0
Foreign subsidiaries
Sand & Vattenbl\u00e4st i Tyringe AB, Sweden 70.0
RecondConcept i \u00c5nge AB, Sweden (From 1 December 2025
onwards) 100.0
Joint ventures
Laania Oy Finland
1
55.0
1
Information on the joint venture is disclosed in Note 3.5 Other non-current assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "Accounting policy Lassila & Tikanoja\u2019s other non-current assets consist of shares in joint ventures as well as other shares and holdings. The Group\u2019s interests in joint ventures are accounted for using the equity method of accounting. The Group\u2019s share of its joint ventures\u2019 post-acquisition profits or losses after tax are recognised in the income statement and as adjustment to investment in joint ventures in the statement of financial position accordingly. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint venture.
Associated companies and joint ventures
Associated companies are entities over which the Group has significant influence
but no control. Lassila & Tikanoja has significant influence when it holds more
than 20% of the voting rights or otherwise has significant influence but not a
non-controlling interest. Joint ventures are arrangements in which the Group has
joint control. At the balance sheet date, Lassila & Tikanoja did not have associated
companies.
Lassila & Tikanoja\u2019s interests in associated companies and joint ventures are
accounted for using the equity method of accounting. Investments in associated
companies and joint ventures are initially measured at fair value. The Group\u2019s
share of its associated companies\u2019 or joint ventures\u2019 post-acquisition profits
or losses after tax are recognised in the income statement. When the Group\u2019s
share of losses in an associated company or a joint venture equals or exceeds its
interest in the associated company or joint venture, Lassila & Tikanoja does not
recognise further losses, unless it has incurred obligations or made payments on
behalf of the associated company or joint venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Other shares and holdings include shares in a few smaller companies, and they are measured at fair value through profit or loss. Other receivables mainly include deposits related to pension obligations in Sweden as well as non-current advance payments . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
Information about the substantial joint venture
Nimi Domicile
Direct
ownership (%)
2025 2024
Laania Oy Helsinki 55 55
Financial information about the substantial joint venture
MEUR 2025 2024
Intangible and tangible assets 2.9 3.5
Right-of-use assets 1.8 2.6
Other non-current receivables 0.0 0.0
Inventories 52.5 52.8
Trade and other receivables 30.0 28.8
Assets total 87.2 87.8
Non-current interest bearing liabilities 21.9 22.7
Deferred tax liabilities 0.4 -
Trade payables 14.4 13.4
Other current payables 15.7 17.3
Liabilities total 52.3 53.4
Net sales 148.7 151.3
Depreciation and amortisation -1.6 -1.5
Financial income and expenses -1.0 -1.0
Income taxes -0.9 -1.4
Result for the period 3.4 5.8
Average number of personnel during the financial year 120 123
The reconciliation of the joint venture's financial
information to the carrying amount recognised by the
Group:
The Group's ownership, % 55.0 55.0
The Group's share of net assets 19.2 18.9
The value of the joint venture in the consolidated
statement of financial position 19.2 18.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
4.1 Financial assets and liabilities
Accounting policy
Lassila & Tikanoja\u2019s financial assets and liabilities include cash and cash
equivalents, trade and other receivables, trade and other payables, bank
loans, unsecured notes, cash-pool receivables and liabilities from related
parties as well as lease liabilities. The Group\u2019s financial assets and
liabilities are classified into following measurement categories:
Fair value through profit and loss
\u2022 Other shares and holdings
\u2022 Deferred and contingent considerations relating to acquisitions
Amortised cost
\u2022 Cash and cash equivalents
\u2022 Trade and other receivables
\u2022 Interest-bearing liabilities, such as bank loans, unsecured notes,
cash-pool receivables and liabilities from related parties, lease
liabilities
\u2022 Trade and other payables
This classification is performed when the asset or liability is acquired.
The classification of financial assets into different measurement
categories depends on the business model for managing the financial
asset and the contractual cash flow characteristics of the financial
asset acquired. The classification of financial liabilities into different
measurement categories depends on the purpose for which the financial
liabilities were initially acquired.
A financial asset is derecognised when the rights to the cash flows
from the asset expire, or when all material risks and rewards of the
ownership of the asset have been transferred outside the Group.
A financial liability is derecognised when the obligation specified in
the contract is discharged or cancelled or expires.
Financial assets mesured at amortised cost
Cash and cash equivalents consist of cash on hand, bank deposits
redeemable on demand and other short-term liquid investments. Their
maturity is no longer than three months from the acquisition date. They
are recognised as of the settlement date and measured at historical
cost. Foreign currency transactions are translated into euros using the
exchange rates prevailing on the balance sheet date. The used credit
limits are included in current interest-bearing liabilities. At the end of the
financial period, the credit limits were not in use.
Trade and other receivables are measured at amortised cost.
Receivables are classified as current financial assets unless their
maturity date is more than 12 months from the balance sheet date.
Trade receivables are recognised at historical cost less allowances for
impairment. A valuation allowance for impairment of trade receivables is
recognised when there is objective evidence that Lassila & Tikanoja will
not be able to collect all amounts due according to the original terms of the receivables. Lassila & Tikanoja applies the simplified approach to providing for expected credit losses. Impairments are recognised as an expense in the income statement. Sold non-recourse trade receivables\u2019 credit risk and contractual rights are transferred from the Group on the selling date and related expenses are recognised as financial expenses. More information about allowance for impairment of trade receivables is presented in Note 2.1 Trade and other receivables. Financial liabilities measured at fair value through profit or loss Deferred and contingent considerations are usually non-current liabilities with maturity more than 12 months. Measurement of fair value of such considerations depends on the sale and purchase agreement. Both realised and unrealised gains and losses arising from the changes in fair value are recognised in the income statement for the financial period during which they incurred. Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost are recognised in the statement of financial position on the settlement date at fair value, on the basis of the consideration received. Transaction costs directly attributable to the acquisition or issue of a loan are included in the original carrying amount of financial liabilities. Financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expenses are recognised in the income statement using the effective interest rate method. Financial liabilities that expire within 12 months from the balance sheet date, including bank overdrafts in use, are recognised within current interest-bearing liabilities, and those expiring in a period exceeding 12 months, are recognised within non-current interest-bearing liabilities. Lease liabilities Fair value of lease liabilities is calculated by discounting future cash flows using the incremental borrowing rate. More information on the accounting policies for lease liabilities is presented in Note 3.4 Right-of-use assets and lease liabilities. Fair value hierarchy of financial assets and liabilities measured at fair value Financial assets and liabilities recognised at fair value must be categorised by using a three-level fair value hierarchy that reflects the significance of the input data used in fair value measurement. Hierarchy level 1 includes such financial instruments, whose fair value is directly based on quoted prices in active markets. Financial instruments of hierarchy level 2 include over-the-counter (OTC) derivatives as well as loan receivables and loans measured at amortised cost. A financial instrument is categorised to level 3 if its fair value cannot be determined based on observable market information. In the Group, deferred considerations relating to acquisitions are recognised at fair value. The fair values of deferred considerations are categorised in hierarchy level 3. The valuation is described in more detail in section Reconciliation of financial liabilities recognised at fair value according to the level 3. In addition, the Group holds equity interests in a small number of minor entities, which are measured at fair value and categorised in hierarchy level 3. Reconciliation of financial liabilities recognised at fair value according to the level 3 MEUR 2025 2024 Carrying amount 1 Jan 6.7 5.9 Deferred consideration at the date of the acquisition 1.1 0.0 Change in fair value -0.9 1.0 Exchange differences 0.4 -0.2 Carrying amount 31 Dec 7.3 6.7 Deferred consideration is related to the acquisition of 70 per cent share of Sand & Vattenbl\u00e4st i Tyringe AB (\u201dSVB\u201d) that offers process cleaning services in Sweden. The acquisition took place on 1 February 2022. SVB is consolidated with 100 per cent share in Lassila & Tikanoja and, in connection with the arrangement, Lassila & Tikanoja has recognised in financial liabilities an estimate of the deferred consideration for the acquisition. The deferred consideration relates to the acquisition of non-controlling interest and is measured at fair value, which is reflected in the present value of the estimated liability. The valuation of the deferred consideration is based on the shareholder agreement and is affected by the acquired company\u2019s balance sheet structure and EBITDA of year 2025. The deferred consideration is expected to be paid during the first half of 2026. Addition in 2025 is related to the acquisition of RecondConcept i \u00c5nge 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, which is based on the development of RecondConcept i \u00c5nge AB\u2019s EBITDA in 2026 and 2027. There were no changes in financial assets measured at fair value according to the level 3 during the financial year or the comparative period. 2025 2024 Carve-out MEUR Amortised cost Fair value through profit or loss Carrying amounts by balance sheet item Amortised cost Fair value through profit or loss Carrying amounts by balance sheet item Fair value hierarchy level Note Non-current financial assets Other shares and holdings 0.1 0.1 0.1 0.1 3 3.5 Other receivables 0.3 0.3 0.3 0.3 Current financial assets Trade and other receivables 51.5 51.5 49.6 49.6 2. Cash pool receivables from related parties - - 0.1 0.1 Cash and cash equivalents 37.4 37.4 1.9 1.9 Total financial assets 89.1 0.1 89.3 51.9 0.1 52.0 Non-current financial liabilities Borrowings 125.0 125.0 0.3 0.3 2 Lease liabilities 48.6 48.6 45.2 45.2 4.2 Contingent consideration (earn-out) 1.1 1.1 3 Deferred consideration - - 6.7 6.7 3 Current financial liabilities Borrowings 0.2 0.2 0.5 0.5 2 Cash pool liabilities to related parties - - 11.6 11.6 Lease liabilities 13.8 13.8 11.7 11.7 4.2 Interest liabilities 1.7 1.7 - - Deferred consideration 6.2 6.2 - - 3 Trade and other payables 39.0 39.0 35.2 35.2 2.3 Total financial liabilities 228.3 7.3 235.7 104.6 6.7 111.3 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. Net interest-bearing liabilities MEUR 2025 2024 Carve-out Borrowings 125.0 0.3 Lease liabilities 48.6 45.2 Non-current interest-bearing liabilities 173.6 45.5 Lease liabilities 13.8 11.7 Cash-pool liabilities to related parties - 11.6 Borrowings 0.2 0.5 Current interest-bearing liabilities 13.9 23.8 Total interest-bearing liabilities 187.6 69.4 Cash-pool receivables from related parties - 0.1 Cash and cash equivalents 37.4 1.9 Net interest-bearing liabilities 150.2 67.4 Change in net interest-bearing liabilities 2025 2024 Carve-out MEUR Borrow- ings Cash-pool receiva- bles and liabilities Lease liabilities Cash and cash equiva- lents Total Borrow- ings Cash-pool receiva- bles and liabilities Lease liabilities Cash and cash equiva- lents Total Carrying amount on 1 Jan 0.8 11.6 56.9 -1.9 67.4 1.4 1.1 62.2 -2.4 62.3 Change in net interest-bearing liabilities, cash: Repayments of non-current loans -0.9 -0.9 -0.6 -0.6 Change in cash-pool receivables and liabilities -11.6 -11.6 10.5 10.5 Repayments of lease liabilities -13.7 -13.7 -13.9 -13.9 Change in cash and cash equivalents -35.7 -35.7 0.5 0.5 Total cash flows -0.9 -11.6 -13.7 -35.7 -61.9 -0.6 10.5 -13.9 0.5 -3.5 Change in net interest-bearing liabilities, non-cash: Change in lease liabilities 19.3 19.3 8.6 8.6 Demerger 124.7 124.7 - Business acquisitions 0.5 0.5 - Other changes 0.0 0.2 0.2 0.0 0.0 0.0 Total non-cash movements 125.2 - 19.3 0.2 144.7 0.0 - 8.6 0.0 8.7 Carrying amount on 31 Dec 125.2 - 62.4 -37.4 150.2 0.8 11.6 56.9 -1.9 67.4", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "Accounting policy Lassila & Tikanoja\u2019s financial assets and liabilities include cash and cash equivalents, trade and other receivables, trade and other payables, bank loans, unsecured notes, cash-pool receivables and liabilities from related parties as well as lease liabilities. The Group\u2019s financial assets and liabilities are classified into following measurement categories: Fair value through profit and loss \u2022 Other shares and holdings \u2022 Deferred and contingent considerations relating to acquisitions Amortised cost \u2022 Cash and cash equivalents \u2022 Trade and other receivables \u2022 Interest-bearing liabilities, such as bank loans, unsecured notes, cash-pool receivables and liabilities from related parties, lease liabilities \u2022 Trade and other payables This classification is performed when the asset or liability is acquired. The classification of financial assets into different measurement categories depends on the business model for managing the financial asset and the contractual cash flow characteristics of the financial asset acquired. The classification of financial liabilities into different measurement categories depends on the purpose for which the financial liabilities were initially acquired. A financial asset is derecognised when the rights to the cash flows from the asset expire, or when all material risks and rewards of the ownership of the asset have been transferred outside the Group. A financial liability is derecognised when the obligation specified in the contract is discharged or cancelled or expires. Financial assets mesured at amortised cost Cash and cash equivalents consist of cash on hand, bank deposits redeemable on demand and other short-term liquid investments. Their maturity is no longer than three months from the acquisition date. They are recognised as of the settlement date and measured at historical cost. Foreign currency transactions are translated into euros using the exchange rates prevailing on the balance sheet date. The used credit limits are included in current interest-bearing liabilities. At the end of the financial period, the credit limits were not in use. Trade and other receivables are measured at amortised cost. Receivables are classified as current financial assets unless their maturity date is more than 12 months from the balance sheet date. Trade receivables are recognised at historical cost less allowances for impairment. A valuation allowance for impairment of trade receivables is recognised when there is objective evidence that Lassila & Tikanoja will not be able to collect all amounts due according to the original terms of the receivables. Lassila & Tikanoja applies the simplified approach to providing for expected credit losses. Impairments are recognised as an expense in the income statement. Sold non-recourse trade receivables\u2019 credit risk and contractual rights are transferred from the Group on the selling date and related expenses are recognised as financial expenses. More information about allowance for impairment of trade receivables is presented in Note 2.1 Trade and other receivables. Financial liabilities measured at fair value through profit or loss Deferred and contingent considerations are usually non-current liabilities with maturity more than 12 months. Measurement of fair value of such considerations depends on the sale and purchase agreement. Both realised and unrealised gains and losses arising from the changes in fair value are recognised in the income statement for the financial period during which they incurred. Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost are recognised in the statement of financial position on the settlement date at fair value, on the basis of the consideration received. Transaction costs directly attributable to the acquisition or issue of a loan are included in the original carrying amount of financial liabilities. Financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expenses are recognised in the income statement using the effective interest rate method. Financial liabilities that expire within 12 months from the balance sheet date, including bank overdrafts in use, are recognised within current interest-bearing liabilities, and those expiring in a period exceeding 12 months, are recognised within non-current interest-bearing liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "A financial asset is derecognised when the rights to the cash flows from the asset expire, or when all material risks and rewards of the ownership of the asset have been transferred outside the Group. A financial liability is derecognised when the obligation specified in the contract is discharged or cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Financial assets mesured at amortised cost Cash and cash equivalents consist of cash on hand, bank deposits redeemable on demand and other short-term liquid investments. Their maturity is no longer than three months from the acquisition date. They are recognised as of the settlement date and measured at historical cost. Foreign currency transactions are translated into euros using the exchange rates prevailing on the balance sheet date. The used credit limits are included in current interest-bearing liabilities. At the end of the financial period, the credit limits were not in use. Trade and other receivables are measured at amortised cost. Receivables are classified as current financial assets unless their maturity date is more than 12 months from the balance sheet date. Trade receivables are recognised at historical cost less allowances for impairment. A valuation allowance for impairment of trade receivables is recognised when there is objective evidence that Lassila & Tikanoja will not be able to collect all amounts due according to the original terms of the receivables. Lassila & Tikanoja applies the simplified approach to providing for expected credit losses. Impairments are recognised as an expense in the income statement. Sold non-recourse trade receivables\u2019 credit risk and contractual rights are transferred from the Group on the selling date and related expenses are recognised as financial expenses. More information about allowance for impairment of trade receivables is presented in Note 2.1 Trade and other receivables. A financial asset is derecognised when the rights to the cash flows from the asset expire, or when all material risks and rewards of the ownership of the asset have been transferred outside the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "Trade receivables are recognised at historical cost less allowances for impairment. A valuation allowance for impairment of trade receivables is recognised when there is objective evidence that Lassila & Tikanoja will not be able to collect all amounts due according to the original terms of the receivables. Lassila & Tikanoja applies the simplified approach to providing for expected credit losses. Impairments are recognised as an expense in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
Financial liabilities measured at fair value through profit or loss
Deferred and contingent considerations are usually non-current liabilities
with maturity more than 12 months. Measurement of fair value of such
considerations depends on the sale and purchase agreement. Both
realised and unrealised gains and losses arising from the changes in fair
value are recognised in the income statement for the financial period
during which they incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Financial liabilities measured at fair value through profit or loss Deferred and contingent considerations are usually non-current liabilities with maturity more than 12 months. Measurement of fair value of such considerations depends on the sale and purchase agreement. Both realised and unrealised gains and losses arising from the changes in fair value are recognised in the income statement for the financial period during which they incurred. Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost are recognised in the statement of financial position on the settlement date at fair value, on the basis of the consideration received. Transaction costs directly attributable to the acquisition or issue of a loan are included in the original carrying amount of financial liabilities. Financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expenses are recognised in the income statement using the effective interest rate method. Financial liabilities that expire within 12 months from the balance sheet date, including bank overdrafts in use, are recognised within current interest-bearing liabilities, and those expiring in a period exceeding 12 months, are recognised within non-current interest-bearing liabilities. A financial liability is derecognised when the obligation specified in the contract is discharged or cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost are recognised in the
statement of financial position on the settlement date at fair value,
on the basis of the consideration received. Transaction costs directly
attributable to the acquisition or issue of a loan are included in the
original carrying amount of financial liabilities. Financial liabilities are
subsequently measured at amortised cost using the effective interest
method. Interest expenses are recognised in the income statement
using the effective interest rate method. Financial liabilities that expire
within 12 months from the balance sheet date, including bank overdrafts
in use, are recognised within current interest-bearing liabilities, and
those expiring in a period exceeding 12 months, are recognised within
non-current interest-bearing liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Transaction costs directly attributable to the acquisition or issue of a loan are included in the original carrying amount of financial liabilities. Financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expenses are recognised in the income statement using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "
Lease liabilities
Fair value of lease liabilities is calculated by discounting future cash flows using
the incremental borrowing rate. More information on the accounting policies for
lease liabilities is presented in Note 3.4 Right-of-use assets and lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "
Fair value hierarchy of financial
assets and liabilities measured at fair value
Financial assets and liabilities recognised at fair value must be categorised by
using a three-level fair value hierarchy that reflects the significance of the input
data used in fair value measurement. Hierarchy level 1 includes such financial
instruments, whose fair value is directly based on quoted prices in active
markets. Financial instruments of hierarchy level 2 include over-the-counter
(OTC) derivatives as well as loan receivables and loans measured at amortised
cost. A financial instrument is categorised to level 3 if its fair value cannot be
determined based on observable market information.
In the Group, deferred considerations relating to acquisitions are recognised at
fair value. The fair values of deferred considerations are categorised in hierarchy
level 3. The valuation is described in more detail in section Reconciliation of
financial liabilities recognised at fair value according to the level 3. In addition,
the Group holds equity interests in a small number of minor entities, which are
measured at fair value and categorised in hierarchy level 3.
Reconciliation of financial liabilities
recognised at fair value according to the level 3
MEUR 2025 2024
Carrying amount 1 Jan 6.7 5.9
Deferred consideration at the date of the acquisition 1.1 0.0
Change in fair value -0.9 1.0
Exchange differences 0.4 -0.2
Carrying amount 31 Dec 7.3 6.7
Deferred consideration is related to the acquisition of 70 per cent share of Sand &
Vattenbl\u00e4st i Tyringe AB (\u201dSVB\u201d) that offers process cleaning services in Sweden.
The acquisition took place on 1 February 2022. SVB is consolidated with 100
per cent share in Lassila & Tikanoja and, in connection with the arrangement,
Lassila & Tikanoja has recognised in financial liabilities an estimate of the
deferred consideration for the acquisition. The deferred consideration relates to
the acquisition of non-controlling interest and is measured at fair value, which
is reflected in the present value of the estimated liability. The valuation of the
deferred consideration is based on the shareholder agreement and is affected by
the acquired company\u2019s balance sheet structure and EBITDA of year 2025. The
deferred consideration is expected to be paid during the first half of 2026.
Addition in 2025 is related to the acquisition of RecondConcept i \u00c5nge 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,
which is based on the development of RecondConcept i \u00c5nge AB\u2019s EBITDA in
2026 and 2027.
There were no changes in financial assets measured at fair value according to
the level 3 during the financial year or the comparative period.
2025 2024 Carve-out
MEUR Amortised cost
Fair value
through profit or
loss
Carrying
amounts by
balance sheet
item Amortised cost
Fair value
through profit or
loss
Carrying
amounts by
balance sheet
item
Fair value
hierarchy
level Note
Non-current financial assets
Other shares and holdings 0.1 0.1 0.1 0.1 3 3.5
Other receivables 0.3 0.3 0.3 0.3
Current financial assets
Trade and other receivables 51.5 51.5 49.6 49.6 2. 1
Cash pool receivables from related
parties - - 0.1 0.1
Cash and cash equivalents 37.4 37.4 1.9 1.9
Total financial assets 89.1 0.1 89.3 51.9 0.1 52.0
Non-current financial liabilities
Borrowings 125.0 125.0 0.3 0.3 2
Lease liabilities 48.6 48.6 45.2 45.2 4.2
Contingent consideration (earn-out) 1.1 1.1 3
Deferred consideration - - 6.7 6.7 3
Current financial liabilities
Borrowings 0.2 0.2 0.5 0.5 2
Cash pool liabilities to related
parties - - 11.6 11.6
Lease liabilities 13.8 13.8 11.7 11.7 4.2
Interest liabilities 1.7 1.7 - -
Deferred consideration 6.2 6.2 - - 3
Trade and other payables 39.0 39.0 35.2 35.2 2.3
Total financial liabilities 228.3 7.3 235.7 104.6 6.7 111.3
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "Reconciliation of financial liabilities recognised at fair value according to the level 3 MEUR 2025 2024 Carrying amount 1 Jan 6.7 5.9 Deferred consideration at the date of the acquisition 1.1 0.0 Change in fair value -0.9 1.0 Exchange differences 0.4 -0.2 Carrying amount 31 Dec 7.3 6.7 Deferred consideration is related to the acquisition of 70 per cent share of Sand & Vattenbl\u00e4st i Tyringe AB (\u201dSVB\u201d) that offers process cleaning services in Sweden. The acquisition took place on 1 February 2022. SVB is consolidated with 100 per cent share in Lassila & Tikanoja and, in connection with the arrangement, Lassila & Tikanoja has recognised in financial liabilities an estimate of the deferred consideration for the acquisition. The deferred consideration relates to the acquisition of non-controlling interest and is measured at fair value, which is reflected in the present value of the estimated liability. The valuation of the deferred consideration is based on the shareholder agreement and is affected by the acquired company\u2019s balance sheet structure and EBITDA of year 2025. The deferred consideration is expected to be paid during the first half of 2026. Addition in 2025 is related to the acquisition of RecondConcept i \u00c5nge 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, which is based on the development of RecondConcept i \u00c5nge AB\u2019s EBITDA in 2026 and 2027. There were no changes in financial assets measured at fair value according to the level 3 during the financial year or the comparative period. 2025 2024 Carve-out MEUR Amortised cost Fair value through profit or loss Carrying amounts by balance sheet item Amortised cost Fair value through profit or loss Carrying amounts by balance sheet item Fair value hierarchy level Note Non-current financial assets Other shares and holdings 0.1 0.1 0.1 0.1 3 3.5 Other receivables 0.3 0.3 0.3 0.3 Current financial assets Trade and other receivables 51.5 51.5 49.6 49.6 2. 1 Cash pool receivables from related parties - - 0.1 0.1 Cash and cash equivalents 37.4 37.4 1.9 1.9 Total financial assets 89.1 0.1 89.3 51.9 0.1 52.0 Non-current financial liabilities Borrowings 125.0 125.0 0.3 0.3 2 Lease liabilities 48.6 48.6 45.2 45.2 4.2 Contingent consideration (earn-out) 1.1 1.1 3 Deferred consideration - - 6.7 6.7 3 Current financial liabilities Borrowings 0.2 0.2 0.5 0.5 2 Cash pool liabilities to related parties - - 11.6 11.6 Lease liabilities 13.8 13.8 11.7 11.7 4.2 Interest liabilities 1.7 1.7 - - Deferred consideration 6.2 6.2 - - 3 Trade and other payables 39.0 39.0 35.2 35.2 2.3 Total financial liabilities 228.3 7.3 235.7 104.6 6.7 111.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "
Net interest-bearing liabilities
MEUR 2025
2024
Carve-out
Borrowings 125.0 0.3
Lease liabilities 48.6 45.2
Non-current interest-bearing liabilities 173.6 45.5
Lease liabilities 13.8 11.7
Cash-pool liabilities to related parties - 11.6
Borrowings 0.2 0.5
Current interest-bearing liabilities 13.9 23.8
Total interest-bearing liabilities 187.6 69.4
Cash-pool receivables from related parties - 0.1
Cash and cash equivalents 37.4 1.9
Net interest-bearing liabilities 150.2 67.4
Change in net interest-bearing liabilities
2025 2024 Carve-out
MEUR
Borrow-
ings
Cash-pool
receiva-
bles and
liabilities
Lease
liabilities
Cash
and cash
equiva-
lents Total
Borrow-
ings
Cash-pool
receiva-
bles and
liabilities
Lease
liabilities
Cash
and cash
equiva-
lents Total
Carrying amount on 1 Jan 0.8 11.6 56.9 -1.9 67.4 1.4 1.1 62.2 -2.4 62.3
Change in net interest-bearing liabilities,
cash:
Repayments of non-current loans -0.9 -0.9 -0.6 -0.6
Change in cash-pool receivables and
liabilities -11.6 -11.6 10.5 10.5
Repayments of lease liabilities -13.7 -13.7 -13.9 -13.9
Change in cash and cash equivalents -35.7 -35.7 0.5 0.5
Total cash flows -0.9 -11.6 -13.7 -35.7 -61.9 -0.6 10.5 -13.9 0.5 -3.5
Change in net interest-bearing liabilities,
non-cash:
Change in lease liabilities 19.3 19.3 8.6 8.6
Demerger 124.7 124.7 -
Business acquisitions 0.5 0.5 -
Other changes 0.0 0.2 0.2 0.0 0.0 0.0
Total non-cash movements 125.2 - 19.3 0.2 144.7 0.0 - 8.6 0.0 8.7
Carrying amount on 31 Dec 125.2 - 62.4 -37.4 150.2 0.8 11.6 56.9 -1.9 67.4
Maturity of financial liabilities
MEUR 2025
Carrying
amount
Contractual
cash flows 2026 2027 2028 2029
2030 and
later
Borrowings 125.2 125.0 0.0 - 125.0 - -
Interest liabilities 1.7 11.3 4.0 4.0 3.3 - -
Lease liabilities 62.4 65.8 14.8 12.1 8.1 7.6 23.3
Deferred and contingent consideration 7.3 7.3 6.2 - 1.1 - -
Trade and other payables 39.0 39.0 39.0 - - - -
Total 235.7 248.5 64.0 16.1 137.5 7.6 23.3
MEUR 2024
Carrying
amount
Contractual
cash flows 2025 2026 2027 2028
2029 and
later
Borrowings 0.8 0.8 0.5 0.3 0.1 0.0 -
Cash pool liabilities to related parties 11.6 11.6 11.6 - - - -
Lease liabilities 56.9 60.9 14.4 10.5 6.6 5.9 23.5
Deferred consideration 6.7 6.7 - 6.7 - - -
Trade and other payables 35.2 35.2 35.2 - - - -
Total 111.3 115.3 61.7 17.5 6.6 5.9 23.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
4.2 Financial risk management
Lassila & Tikanoja\u2019s financial risks are managed centrally by the Group\u2019s
finance function, which is led by the Group\u2019s CFO. The principles for financial
risk management are defined in the treasury policy approved by the Board of
Directors of Lassila & Tikanoja Plc. The purpose of financial risk management is to
mitigate significant financial risks and strive to reduce the unfavourable effects of
fluctuations in the financial market and other risk factors on the Group\u2019s result.
Foreign exchange risk
Lassila & Tikanoja comprises a parent company operating in Finland and
subsidiaries operating in Finland and Sweden. The functional and reporting
currency of the parent company and the Finnish subsidiaries is the euro, while
the functional and reporting currency of the Swedish subsidiaries is the Swedish
krona. Consequently, fluctuations in exchange rates affect the Group\u2019s result and
equity.
Translation risk
The exposure to translation risk consists of net investments in foreign
subsidiaries, which include equity investments and retained earnings. The position
of net investments in foreign subsidiaries is not hedged, as these holdings are
considered long-term strategic investments.
In 2025, translation differences totalling EUR 0.5 million (-0.3) were
accumulated in the equity due to the fluctuations of currency rates. The
translation difference is totally related to the Swedish business. At the balance
sheet date, the Swedish krona denominated translation position was EUR 13.5
million (11.8).
Transaction risk
The business operations of the foreign subsidiaries are carried out almost
completely in their functional currency and thus does not cause any transaction
risk. The policy of the Group is to hold cash reserves primarily in the Group\u2019s
operating currency, thereby avoiding exposure to exchange rate risk. The Group
companies operating in Finland use euro as the invoicing currency for sales
almost exclusively. Financing for subsidiaries is mainly provided through intra-
Group loans that are denominated in the functional currency of each subsidiary.
The amount of the internal loans within the Group is small, and thus does not
cause significant transaction risk.
Lassila & Tikanoja has recognised in financial liabilities an estimate of a
deferred consideration related to the acquisition of Sand & Vattenbl\u00e4st i Tyringe
AB and an estimate of a contingent consideration related to the acquisition of
RecondConcept i \u00c5nge AB. These items are Swedish krona denominated and
expose the Group to a foreign exchange risk.
Price risk of investments Lassila & Tikanoja has not invested in listed securities, the value of which changes as the market prices change, and is thus not exposed to securities price risk. The Group has a 55% holding in Laania Oy, a joint venture established on 1 July 2022 with Neova. The investment in the joint venture is accounted for using the equity method of accounting, and it\u2019s carrying amount in the balance sheet was EUR 19.2 million (18.9) at the end of the reporting period. More information on the joint venture and its measurement can be found in Note 3.5 Other non- current assets. Lassila & Tikanoja\u2019s other holdings in unlisted shares are not material, and there is no substantial price risk related to these shares. Commodity price risk The fluctuations of the world market price of crude oil are reflected in the price of fuel used in production equipment as well as in the purchase prices of environmental products through oil-based raw materials. In waste management, some customer contracts specify such invoicing periods and contract terms that the sales prices cannot be raised monthly. This means that the rise in fuel prices is passed on to service prices with a delay. The Group manages the raw material price risk for environmental products through fixing sales prices for a period not exceeding the period for which the suppliers\u2019 purchase prices are valid. Interest rate risk Fluctuations in market interest rates affect interest payments as well as the fair value of interest-bearing receivables and liabilities. The objective of interest rate risk management is to reduce the impact of interest rate fluctuations on the income statement, statement of financial position, and statement of cash flows. Interest rate risk mainly relates to borrowings that are linked to variable interest rates, the resulting cash flows of which fluctuate as interest rates change. The aim is to keep interest expenses as stable as possible. Therefore, more than half of the Company\u2019s long-term borrowings are targeted to be fixed-rate. At the end of the financial year, 60 per cent of long-term borrowings were fixed-rate and 40 per cent were variable-rate. Consequently, changes in interest rates do not have a full impact on interest expenses. The average interest rate on long-term borrowings, excluding lease liabilities, was 3.2 per cent. At the balance sheet date, Lassila & Tikanoja\u2019s interest-bearing liabilities consist of loans from financial institutions, unsecured notes and lease liabilities. A potential change of one percentage point in the interest rate level would have an impact of approximately +/- EUR 0.4 million on the Group\u2019s profit. Most of the Lassila & Tikanoja\u2019s net sales are generated by long-term service agreements. Due to good cash flow predictability, the Group\u2019s treasury policy specifies that the company shall seek to ensure adequate level of liquid assets in proportion to the current short-term financing requirements. Credit and counterparty risk Financial instruments involve the risk of the counterparty being unable to fulfil its contractual commitments. Counterparty risk is managed by making financial contracts with major Nordic banks only. Lassila & Tikanoja has a wide customer base consisting of companies, industrial plants, housing corporations, public sector organisations and households. Its accounts receivable consist mostly of a high number of relatively small receivables and there are no significant concentrations of credit risk. The Group has credit control guidelines to ensure that services and products are sold only to customers with an appropriate credit standing or, if a customer\u2019s creditworthiness is inadequate, prepayment is required. Most customer relationships are based on long-term service contracts, and customers are not generally required to provide collateral. A simplified credit loss model is used for trade receivables and contract assets. The amount of expected credit losses is based on the lifetime expected credit losses of receivables. The model is based on historical observed default amounts over the expected life of the trade receivables and is adjusted for forward- looking estimates depending on the overdue of the receivables. More information on allowance for expected credit losses can be found in Note 2.1 Trade and other receivables. With regard to Finnish trade receivables, collection operations are managed centrally by the Group\u2019s finance function. The foreign subsidiaries manage the collection of their trade receivables locally. Financial assets and related credit risk MEUR 2025 2024 Carve-out Other shares and holdings 0.1 0.1 Other non-current receivables 0.3 0.3 Trade receivables 51.5 49.4 Other current receivables 0.0 0.2 Cash pool receivables from related parties - 0.1 Cash and cash equivalents 37.4 1.9 Liquidity and refinancing risk Liquidity risk management ensures that the Group can continuously meet its financial obligations related to operations at the lowest possible cost. The Group aims to maintain strong liquidity through efficient cash management. Liquidity is monitored in real time and forecasted using cash flow projections. The Group uses a group bank account system that supports cash management. The availability of financing is secured by engaging multiple banks in financing activities. Refinancing risk is managed by a broad-based maturity profile of loans and by maintaining the level of the average duration of the loan portfolio for at least two years. The Group aims to keep its cash balances at a relatively low level, with liquidity managed through sufficient credit facilities. To cover short-term liquidity needs arising from cash flow fluctuations, the Company has a EUR 10 million overdraft facility, which was undrawn at the end of the financial year. At the end of the financial year, the Group\u2019s liquid funds amounted to EUR 37.4 million (1.9). 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, the EUR 75 million unsecured notes, the EUR 35 million and EUR 15 million term loans, and the EUR 40 million revolving credit facility were transferred to Lassila & Tikanoja in the demerger. At the end of the review period, the committed EUR 40 million revolving credit facility was fully unused. 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\u2019s own greenhouse gas emissions (Scope 1 and 2) and reducing subcontractors\u2019 fuel usage in transportation (Scope 3). The EUR 35 million and EUR 15 million term loans as well as the EUR 40 million revolving credit facility will mature in the second quarter of 2028, with a two-year extension option included in the agreements. The financing arrangements include following financial covenants: equity ratio and the net debt to EBITDA ratio. Compliance with the covenant terms is monitored on a quarterly basis. After the financial year, on 19 February 2026, Lassila & Tikanoja Plc entered into an agreement for a domestic EUR 100 million commercial paper program. Under the programme, the company may issue commercial papers with maturities of less than one year. The financing arrangement broadens Lassila & Tikanoja Plc\u2019s funding base and ensures the Group\u2019s normal working capital financing. The following table shows the Group\u2019s financial liabilities classified according to contractual maturity dates at the balance sheet date. The figures shown are undiscounted contractual cash flows. Maturity of financial liabilities MEUR 2025 Carrying amount Contractual cash flows 2026 2027 2028 2029 2030 and later Borrowings 125.2 125.0 0.0 - 125.0 - - Interest liabilities 1.7 11.3 4.0 4.0 3.3 - - Lease liabilities 62.4 65.8 14.8 12.1 8.1 7.6 23.3 Deferred and contingent consideration 7.3 7.3 6.2 - 1.1 - - Trade and other payables 39.0 39.0 39.0 - - - - Total 235.7 248.5 64.0 16.1 137.5 7.6 23.3 MEUR 2024 Carrying amount Contractual cash flows 2025 2026 2027 2028 2029 and later Borrowings 0.8 0.8 0.5 0.3 0.1 0.0 - Cash pool liabilities to related parties 11.6 11.6 11.6 - - - - Lease liabilities 56.9 60.9 14.4 10.5 6.6 5.9 23.5 Deferred consideration 6.7 6.7 - 6.7 - - - Trade and other payables 35.2 35.2 35.2 - - - - Total 111.3 115.3 61.7 17.5 6.6 5.9 23.5", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "Foreign exchange risk Lassila & Tikanoja comprises a parent company operating in Finland and subsidiaries operating in Finland and Sweden. The functional and reporting currency of the parent company and the Finnish subsidiaries is the euro, while the functional and reporting currency of the Swedish subsidiaries is the Swedish krona. Consequently, fluctuations in exchange rates affect the Group\u2019s result and equity. Translation risk The exposure to translation risk consists of net investments in foreign subsidiaries, which include equity investments and retained earnings. The position of net investments in foreign subsidiaries is not hedged, as these holdings are considered long-term strategic investments. In 2025, translation differences totalling EUR 0.5 million (-0.3) were accumulated in the equity due to the fluctuations of currency rates. The translation difference is totally related to the Swedish business. At the balance sheet date, the Swedish krona denominated translation position was EUR 13.5 million (11.8). Transaction risk The business operations of the foreign subsidiaries are carried out almost completely in their functional currency and thus does not cause any transaction risk. The policy of the Group is to hold cash reserves primarily in the Group\u2019s operating currency, thereby avoiding exposure to exchange rate risk. The Group companies operating in Finland use euro as the invoicing currency for sales almost exclusively. Financing for subsidiaries is mainly provided through intra- Group loans that are denominated in the functional currency of each subsidiary. The amount of the internal loans within the Group is small, and thus does not cause significant transaction risk. Lassila & Tikanoja has recognised in financial liabilities an estimate of a deferred consideration related to the acquisition of Sand & Vattenbl\u00e4st i Tyringe AB and an estimate of a contingent consideration related to the acquisition of RecondConcept i \u00c5nge AB. These items are Swedish krona denominated and expose the Group to a foreign exchange risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
Price risk of investments
Lassila & Tikanoja has not invested in listed securities, the value of which
changes as the market prices change, and is thus not exposed to securities price
risk. The Group has a 55% holding in Laania Oy, a joint venture established on 1
July 2022 with Neova. The investment in the joint venture is accounted for using
the equity method of accounting, and it\u2019s carrying amount in the balance sheet
was EUR 19.2 million (18.9) at the end of the reporting period. More information
on the joint venture and its measurement can be found in Note 3.5 Other non-
current assets. Lassila & Tikanoja\u2019s other holdings in unlisted shares are not
material, and there is no substantial price risk related to these shares.
Commodity price risk
The fluctuations of the world market price of crude oil are reflected in the
price of fuel used in production equipment as well as in the purchase prices of
environmental products through oil-based raw materials. In waste management,
some customer contracts specify such invoicing periods and contract terms that
the sales prices cannot be raised monthly. This means that the rise in fuel prices
is passed on to service prices with a delay.
The Group manages the raw material price risk for environmental products
through fixing sales prices for a period not exceeding the period for which the
suppliers\u2019 purchase prices are valid.
Interest rate risk
Fluctuations in market interest rates affect interest payments as well as the fair
value of interest-bearing receivables and liabilities. The objective of interest rate
risk management is to reduce the impact of interest rate fluctuations on the
income statement, statement of financial position, and statement of cash flows.
Interest rate risk mainly relates to borrowings that are linked to variable interest
rates, the resulting cash flows of which fluctuate as interest rates change. The
aim is to keep interest expenses as stable as possible. Therefore, more than half
of the Company\u2019s long-term borrowings are targeted to be fixed-rate. At the end
of the financial year, 60 per cent of long-term borrowings were fixed-rate and
40 per cent were variable-rate. Consequently, changes in interest rates do not
have a full impact on interest expenses. The average interest rate on long-term
borrowings, excluding lease liabilities, was 3.2 per cent.
At the balance sheet date, Lassila & Tikanoja\u2019s interest-bearing liabilities
consist of loans from financial institutions, unsecured notes and lease liabilities. A
potential change of one percentage point in the interest rate level would have an
impact of approximately +/- EUR 0.4 million on the Group\u2019s profit.
Most of the Lassila & Tikanoja\u2019s net sales are generated by long-term service
agreements. Due to good cash flow predictability, the Group\u2019s treasury policy
specifies that the company shall seek to ensure adequate level of liquid assets in
proportion to the current short-term financing requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
Credit and counterparty risk
Financial instruments involve the risk of the counterparty being unable to fulfil
its contractual commitments. Counterparty risk is managed by making financial
contracts with major Nordic banks only.
Lassila & Tikanoja has a wide customer base consisting of companies,
industrial plants, housing corporations, public sector organisations and
households. Its accounts receivable consist mostly of a high number of relatively
small receivables and there are no significant concentrations of credit risk. The
Group has credit control guidelines to ensure that services and products are
sold only to customers with an appropriate credit standing or, if a customer\u2019s
creditworthiness is inadequate, prepayment is required. Most customer
relationships are based on long-term service contracts, and customers are not
generally required to provide collateral.
A simplified credit loss model is used for trade receivables and contract assets.
The amount of expected credit losses is based on the lifetime expected credit
losses of receivables. The model is based on historical observed default amounts
over the expected life of the trade receivables and is adjusted for forward-
looking estimates depending on the overdue of the receivables. More information
on allowance for expected credit losses can be found in Note 2.1 Trade and other
receivables.
With regard to Finnish trade receivables, collection operations are managed
centrally by the Group\u2019s finance function. The foreign subsidiaries manage the
collection of their trade receivables locally.
Financial assets and related credit risk
MEUR 2025
2024
Carve-out
Other shares and holdings 0.1 0.1
Other non-current receivables 0.3 0.3
Trade receivables 51.5 49.4
Other current receivables 0.0 0.2
Cash pool receivables from related parties - 0.1
Cash and cash equivalents 37.4 1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
Liquidity and refinancing risk
Liquidity risk management ensures that the Group can continuously meet its
financial obligations related to operations at the lowest possible cost. The
Group aims to maintain strong liquidity through efficient cash management.
Liquidity is monitored in real time and forecasted using cash flow projections.
The Group uses a group bank account system that supports cash management.
The availability of financing is secured by engaging multiple banks in financing
activities. Refinancing risk is managed by a broad-based maturity profile of loans
and by maintaining the level of the average duration of the loan portfolio for at
least two years.
The Group aims to keep its cash balances at a relatively low level, with liquidity
managed through sufficient credit facilities. To cover short-term liquidity needs
arising from cash flow fluctuations, the Company has a EUR 10 million overdraft
facility, which was undrawn at the end of the financial year. At the end of the
financial year, the Group\u2019s liquid funds amounted to EUR 37.4 million (1.9).
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, the EUR 75 million unsecured notes, the EUR 35 million and
EUR 15 million term loans, and the EUR 40 million revolving credit facility were
transferred to Lassila & Tikanoja in the demerger. At the end of the review period,
the committed EUR 40 million revolving credit facility was fully unused.
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\u2019s own greenhouse gas emissions
(Scope 1 and 2) and reducing subcontractors\u2019 fuel usage in transportation (Scope 3).
The EUR 35 million and EUR 15 million term loans as well as the EUR 40
million revolving credit facility will mature in the second quarter of 2028,
with a two-year extension option included in the agreements. The financing
arrangements include following financial covenants: equity ratio and the net debt
to EBITDA ratio. Compliance with the covenant terms is monitored on a quarterly
basis.
After the financial year, on 19 February 2026, Lassila & Tikanoja Plc entered
into an agreement for a domestic EUR 100 million commercial paper program.
Under the programme, the company may issue commercial papers with
maturities of less than one year. The financing arrangement broadens Lassila
& Tikanoja Plc\u2019s funding base and ensures the Group\u2019s normal working capital
financing.
The following table shows the Group\u2019s financial liabilities classified according
to contractual maturity dates at the balance sheet date. The figures shown are
undiscounted contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "The Group aims to keep its cash balances at a relatively low level, with liquidity managed through sufficient credit facilities. To cover short-term liquidity needs arising from cash flow fluctuations, the Company has a EUR 10 million overdraft facility, which was undrawn at the end of the financial year. At the end of the financial year, the Group\u2019s liquid funds amounted to EUR 37.4 million (1.9). 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, the EUR 75 million unsecured notes, the EUR 35 million and EUR 15 million term loans, and the EUR 40 million revolving credit facility were transferred to Lassila & Tikanoja in the demerger. At the end of the review period, the committed EUR 40 million revolving credit facility was fully unused. 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\u2019s own greenhouse gas emissions (Scope 1 and 2) and reducing subcontractors\u2019 fuel usage in transportation (Scope 3). The EUR 35 million and EUR 15 million term loans as well as the EUR 40 million revolving credit facility will mature in the second quarter of 2028, with a two-year extension option included in the agreements. The financing arrangements include following financial covenants: equity ratio and the net debt to EBITDA ratio. Compliance with the covenant terms is monitored on a quarterly basis. After the financial year, on 19 February 2026, Lassila & Tikanoja Plc entered into an agreement for a domestic EUR 100 million commercial paper program. Under the programme, the company may issue commercial papers with maturities of less than one year. The financing arrangement broadens Lassila & Tikanoja Plc\u2019s funding base and ensures the Group\u2019s normal working capital financing. The following table shows the Group\u2019s financial liabilities classified according to contractual maturity dates at the balance sheet date. The figures shown are undiscounted contractual cash flows. Maturity of financial liabilities MEUR 2025 Carrying amount Contractual cash flows 2026 2027 2028 2029 2030 and later Borrowings 125.2 125.0 0.0 - 125.0 - - Interest liabilities 1.7 11.3 4.0 4.0 3.3 - - Lease liabilities 62.4 65.8 14.8 12.1 8.1 7.6 23.3 Deferred and contingent consideration 7.3 7.3 6.2 - 1.1 - - Trade and other payables 39.0 39.0 39.0 - - - - Total 235.7 248.5 64.0 16.1 137.5 7.6 23.3 MEUR 2024 Carrying amount Contractual cash flows 2025 2026 2027 2028 2029 and later Borrowings 0.8 0.8 0.5 0.3 0.1 0.0 - Cash pool liabilities to related parties 11.6 11.6 11.6 - - - - Lease liabilities 56.9 60.9 14.4 10.5 6.6 5.9 23.5 Deferred consideration 6.7 6.7 - 6.7 - - - Trade and other payables 35.2 35.2 35.2 - - - - Total 111.3 115.3 61.7 17.5 6.6 5.9 23.5", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
4.3 Equity
Accounting policy
Ordinary shares are presented as share capital. Any expenses arising
from the issue or acquisition of treasury shares are presented as a
valuation allowance within equity. If the Group repurchases any equity
instruments, the acquisition cost of such instruments is deducted from
equity.
Share capital and the number of shares
Lassila & Tikanoja Plc has one class of shares. Under the Articles of Association,
the shares have no maximum number and the company has no maximum share
capital. The shares have no nominal value or accounting par value. All shares issued
have been fully paid. At the end of the financial year, the company\u2019s share capital
amounted to EUR 80,000 and consisted of 38,211,724 shares. The company did not
hold any treasury shares at the end of the financial year.
The Extraordinary General Meeting of the former Lassila & Tikanoja plc (currently
Luotea Plc), which was held on 4 December 2025, resolved as part of the demerger
resolution and conditional upon the completion of the demerger, on authorising
the Board of Directors of the New Lassila & Tikanoja to the repurchase of the
company\u2019s own shares using the company\u2019s unrestricted equity. In addition, the
Extraordinary General Meeting authorised the Board of Directors to decide on a
share issue and the issuance of special rights entitling their holders to shares.
The Board of Directors is authorised to purchase a maximum of 2,000,000
company shares (5.2% of the total number of shares). The authorisation is valid
until the conclusion of the first Annual General Meeting held by Lassila & Tikanoja
following the completion of the demerger.
The Board of Directors is authorised to decide on the issuance of new shares
or shares which may be held by the company through a share issue and/or
issuance of option rights or other special rights conferring entitlement to shares,
referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that under the
authorisation, a maximum of 2,000,000 shares (5.2% of the total number of shares)
may be issued and/or conveyed. The authorisation is valid until the conclusion
of the first Annual General Meeting held by Lassila & Tikanoja following the
completion of the demerger.
The invested unrestricted equity reserve comprises other equity-type
investments and the subscription price of shares to the extent that, based on an
explicit resolution, it is not recognised in share capital.
Translation differences
Translation differences arise from the translation of the equity and earnings of
foreign subsidiaries into euros. Translation differences are recognised in translation
differences within the total invested equity and the changes in the translation
differences are presented in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "4.3 Equity Accounting policy Ordinary shares are presented as share capital. Any expenses arising from the issue or acquisition of treasury shares are presented as a valuation allowance within equity. If the Group repurchases any equity instruments, the acquisition cost of such instruments is deducted from equity. Share capital and the number of shares Lassila & Tikanoja Plc has one class of shares. Under the Articles of Association, the shares have no maximum number and the company has no maximum share capital. The shares have no nominal value or accounting par value. All shares issued have been fully paid. At the end of the financial year, the company\u2019s share capital amounted to EUR 80,000 and consisted of 38,211,724 shares. The company did not hold any treasury shares at the end of the financial year. The Extraordinary General Meeting of the former Lassila & Tikanoja plc (currently Luotea Plc), which was held on 4 December 2025, resolved as part of the demerger resolution and conditional upon the completion of the demerger, on authorising the Board of Directors of the New Lassila & Tikanoja to the repurchase of the company\u2019s own shares using the company\u2019s unrestricted equity. In addition, the Extraordinary General Meeting authorised the Board of Directors to decide on a share issue and the issuance of special rights entitling their holders to shares. The Board of Directors is authorised to purchase a maximum of 2,000,000 company shares (5.2% of the total number of shares). The authorisation is valid until the conclusion of the first Annual General Meeting held by Lassila & Tikanoja following the completion of the demerger. The Board of Directors is authorised to decide on the issuance of new shares or shares which may be held by the company through a share issue and/or issuance of option rights or other special rights conferring entitlement to shares, referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that under the authorisation, a maximum of 2,000,000 shares (5.2% of the total number of shares) may be issued and/or conveyed. The authorisation is valid until the conclusion of the first Annual General Meeting held by Lassila & Tikanoja following the completion of the demerger. The invested unrestricted equity reserve comprises other equity-type investments and the subscription price of shares to the extent that, based on an explicit resolution, it is not recognised in share capital. Translation differences Translation differences arise from the translation of the equity and earnings of foreign subsidiaries into euros. Translation differences are recognised in translation differences within the total invested equity and the changes in the translation differences are presented in other comprehensive income.
Capital management
The objective of the Group\u2019s capital management is to secure the continuity of
operations and maintain an optimal capital structure to enable investments, taking
the cost of capital into account. The capital includes equity and liabilities less
advances received. The development of the capital structure is monitored quarterly
using the equity ratio and gearing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Accounting policy Ordinary shares are presented as share capital. Any expenses arising from the issue or acquisition of treasury shares are presented as a valuation allowance within equity. If the Group repurchases any equity instruments, the acquisition cost of such instruments is deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "If the Group repurchases any equity instruments, the acquisition cost of such instruments is deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "Share capital and the number of shares Lassila & Tikanoja Plc has one class of shares. Under the Articles of Association, the shares have no maximum number and the company has no maximum share capital. The shares have no nominal value or accounting par value. All shares issued have been fully paid. At the end of the financial year, the company\u2019s share capital amounted to EUR 80,000 and consisted of 38,211,724 shares. The company did not hold any treasury shares at the end of the financial year. The Extraordinary General Meeting of the former Lassila & Tikanoja plc (currently Luotea Plc), which was held on 4 December 2025, resolved as part of the demerger resolution and conditional upon the completion of the demerger, on authorising the Board of Directors of the New Lassila & Tikanoja to the repurchase of the company\u2019s own shares using the company\u2019s unrestricted equity. In addition, the Extraordinary General Meeting authorised the Board of Directors to decide on a share issue and the issuance of special rights entitling their holders to shares. The Board of Directors is authorised to purchase a maximum of 2,000,000 company shares (5.2% of the total number of shares). The authorisation is valid until the conclusion of the first Annual General Meeting held by Lassila & Tikanoja following the completion of the demerger. The Board of Directors is authorised to decide on the issuance of new shares or shares which may be held by the company through a share issue and/or issuance of option rights or other special rights conferring entitlement to shares, referred to in Chapter 10, Section 1 of the Finnish Companies Act, so that under the authorisation, a maximum of 2,000,000 shares (5.2% of the total number of shares) may be issued and/or conveyed. The authorisation is valid until the conclusion of the first Annual General Meeting held by Lassila & Tikanoja following the completion of the demerger. The invested unrestricted equity reserve comprises other equity-type investments and the subscription price of shares to the extent that, based on an explicit resolution, it is not recognised in share capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "The company did not hold any treasury shares at the end of the financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "
4.4 Earnings per share and dividend per
share
Accounting policy
Earnings per share is calculated by dividing the result for the financial
year attributable to the shareholders of the parent company by the
weighted average number of shares outstanding during the period,
adjusted for share issues and excluding shares held by the company
itself. In calculating diluted earnings per share, the weighted average
number of shares is adjusted to reflect the dilutive effect of all potential
ordinary shares.
MEUR 2025 2024
Result attributable to equity holders of the company,
MEUR 25.7 31.5
Adjusted weighted average number of ordinary shares
outstanding during the year, million shares1 38.2 38.2
Earnings per share, EUR 0.67 0.83
Dilutive effect of the share-based incentive programme,
million shares 0.1 0.1
Adjusted average number of shares during the period,
diluted, million shares1 38.3 38.3
Earnings per share, diluted, EUR 0.67 0.82
\u00b9 The number of shares at the date of the demerger 31 December 2025 also for the
comparative period.
The Board of Directors of the Company proposes to the Annual General Meeting
that a dividend of EUR 0.42 per share be paid for the financial year 2025. The
Board of Directors proposes that the dividend be paid in two instalments. The
first instalment of EUR 0.21 per share would be paid in May 2026 and the second
instalment of EUR 0.21 per share in October 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "Accounting policy Earnings per share is calculated by dividing the result for the financial year attributable to the shareholders of the parent company by the weighted average number of shares outstanding during the period, adjusted for share issues and excluding shares held by the company itself. In calculating diluted earnings per share, the weighted average number of shares is adjusted to reflect the dilutive effect of all potential ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "The Board of Directors of the Company proposes to the Annual General Meeting that a dividend of EUR 0.42 per share be paid for the financial year 2025. The Board of Directors proposes that the dividend be paid in two instalments. The first instalment of EUR 0.21 per share would be paid in May 2026 and the second instalment of EUR 0.21 per share in October 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "0.42", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-363": { "value": "4.5 Commitments and contingent liabilities MEUR 2025 2024 Carve-out Collaterals for own commitments Mortgages on rights of tenancy1 0.2 0.2 Company mortgages 0.5 0.5 Other securities 0.0 0.0 Bank guarantees required for environmental permits 26.2 25.0 Other bank guarantees 7.8 5.7 Liabilities on behalf of the joint venture Bank guarantees - 16.5 Future lease payments Within one year 0.3 0.0 Over one year 0.2 0.0 \u00b9 Figure of the comparison period has been adjusted. 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\u2019s share of the maximum amount of liability, in relation to Lassila & Tikanoja\u2019s holding. In the final quarter of 2025, the guarantees provided for Laania\u2019s financing arrangements were released. Future lease payments consist of minimum leasing commitments related to lease agreements for low-value assets, to which Lassila & Tikanoja has elected to apply recognition exemption permitted by IFRS 16. For more information on leases please refer to Notes 1.6 Expenses related to leases and 3.4 Right-of-use assets and lease liabilities. 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\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "
MEUR 2025
2024
Carve-out
Collaterals for own commitments
Mortgages on rights of tenancy1 0.2 0.2
Company mortgages 0.5 0.5
Other securities 0.0 0.0
Bank guarantees required for environmental permits 26.2 25.0
Other bank guarantees 7.8 5.7
Liabilities on behalf of the joint venture
Bank guarantees - 16.5
Future lease payments
Within one year 0.3 0.0
Over one year 0.2 0.0
\u00b9 Figure of the comparison period has been adjusted.
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\u2019s share of the maximum amount of
liability, in relation to Lassila & Tikanoja\u2019s holding. In the final quarter of 2025, the
guarantees provided for Laania\u2019s financing arrangements were released.
Future lease payments consist of minimum leasing commitments related to lease
agreements for low-value assets, to which Lassila & Tikanoja has elected to apply
recognition exemption permitted by IFRS 16. For more information on leases please
refer to Notes 1.6 Expenses related to leases and 3.4 Right-of-use assets and lease
liabilities.
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\u2019s financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "5.1 Consolidation Subsidiaries The consolidated financial statements include the parent company Lassila & Tikanoja Oyj and all subsidiaries over which the Group has control. The carve-out financial information comprises the assets, liabilities, income and expenses, as well as cash flows attributable to Lassila & Tikanoja\u2019s business from the former Lassila & Tikanoja (the demerged company) and the subsidiaries transferred to Lassila & Tikanoja in the demerger over which Lassila & Tikanoja has control. The criteria for control are fulfilled when Lassila & Tikanoja is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The shareholdings between the Group companies are eliminated using the acquisition method. Consideration given and the identifiable assets and liabilities of an acquired company are recognised at fair value on the date of acquisition. Any costs associated with the acquisition, with the exception of costs arising from the issuance of debt securities or equity instruments, are recognised as expenses. Any conditional additional sale price is measured at fair value on the date of the acquisition and classified as a liability or as equity. Additional sales price classified as a liability is measured at fair value on the closing day of each reporting period, and the resulting gains or losses are recognised through profit or loss. Additional sales price classified as equity will not be re-measured. Any non- controlling interests in the acquired entity are recognised either at fair value or at the proportionate share of non-controlling interests in the acquired entity\u2019s net identifiable assets. The principle applied in measurement is specified separately for each acquisition. The treatment of goodwill from acquisition of subsidiaries is explained in Note 3.1 Goodwill and other intangible assets. The subsidiaries are fully consolidated from the date on which control is transferred to Lassila & Tikanoja until the date that control ceases. The profit or loss for the period and the comprehensive income are attributed to Lassila & Tikanoja\u2019s shareholders and non-controlling interests, even if this would result in the non-controlling interest being negative. Equity attributable to non- controlling interests is presented as a separate item in the statement of financial position, as an equity component. Changes in the parent company\u2019s holdings in the subsidiary not resulting in loss of controlling interest are recognised as equity transactions. Lassila & Tikanoja has no non-controlling interests. In an acquisition achieved in stages, the previous holdings are measured at fair value and the resulting gains or losses are recognised through profit or loss. If the Group loses its controlling interest in the subsidiary, its remaining holdings are measured at fair value on the date when control ceases, and the difference is recognised through profit or loss. All inter-company transactions, receivables, liabilities and unrealised gains, as well as distribution of profits between the Group companies, are eliminated in the consolidated financial statements. Unrealised losses due to impairment of assets are not eliminated. The distribution of profit or loss for the period between equity holders of Lassila & Tikanoja and the non-controlling interest is presented separately in the income statement and the statement of comprehensive income, and the share of equity belonging to the non-controlling interest is presented as a separate item in the statement of financial position under equity. Associated companies and joint ventures Associated companies are entities over which the Group has significant influence but no control. Lassila & Tikanoja has significant influence when it holds more than 20% of the voting rights or otherwise has significant influence but not a non-controlling interest. Joint ventures are arrangements in which the Group has joint control. At the balance sheet date, Lassila & Tikanoja did not have associated companies. Lassila & Tikanoja\u2019s interests in associated companies and joint ventures are accounted for using the equity method of accounting. Investments in associated companies and joint ventures are initially measured at fair value. The Group\u2019s share of its associated companies\u2019 or joint ventures\u2019 post-acquisition profits or losses after tax are recognised in the income statement. When the Group\u2019s share of losses in an associated company or a joint venture equals or exceeds its interest in the associated company or joint venture, Lassila & Tikanoja does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associated company or joint venture. Foreign currency translation Figures indicating the performance and financial position of the Group companies are specified in the currency of the economic operating environment in which the company primarily operates (functional currency). The consolidated financial statements are presented in euros, which is functional and presentation currency of Lassila & Tikanoja Plc. Any transactions in foreign currencies are recognised in the functional currency using the exchange rate in effect on the transaction date. In practice, it is customary to use a rate that is close enough to the transaction day rate. Monetary assets denominated in foreign currency are translated into euros using the exchange rates in effect on the balance sheet date. Non-monetary assets are translated using the exchange rate in effect on the transaction date. The Group has no non-monetary assets denominated in foreign currency that are measured at fair value. Exchange rate gains and losses arising from foreign-currency transactions and the translation of monetary items are recognised in the income statement. Foreign exchange gains and losses on business transactions are included in the respective items above operating profit. Foreign exchange gains and losses on financial assets and liabilities are included in financial income and expenses. The income statements of the Group companies whose functional currency is not the euro are translated into euros at average exchange rates for the period, and the statements of financial position at the exchange rates in effect at the balance sheet date. The difference in exchange rates applicable to the translation of profit in the income statement and statement of comprehensive income result in a translation difference recognised in the currency translation differences within invested equity. Translation differences arising from the elimination of the acquisition cost of foreign subsidiaries, as well as translation differences in equity items accumulating after the acquisition, are recognised in the translation differences within equity. Goodwill and fair value adjustments to the carrying amounts of the assets and liabilities arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated into euros at the closing rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "
Subsidiaries
The consolidated financial statements include the parent company Lassila &
Tikanoja Oyj and all subsidiaries over which the Group has control. The carve-out
financial information comprises the assets, liabilities, income and expenses, as
well as cash flows attributable to Lassila & Tikanoja\u2019s business from the former
Lassila & Tikanoja (the demerged company) and the subsidiaries transferred to
Lassila & Tikanoja in the demerger over which Lassila & Tikanoja has control. The
criteria for control are fulfilled when Lassila & Tikanoja is exposed, or has rights,
to variable returns from its involvement with an entity and has the ability to affect
those returns through its power over the entity.
The shareholdings between the Group companies are eliminated using the
acquisition method. Consideration given and the identifiable assets and liabilities
of an acquired company are recognised at fair value on the date of acquisition.
Any costs associated with the acquisition, with the exception of costs arising
from the issuance of debt securities or equity instruments, are recognised as
expenses. Any conditional additional sale price is measured at fair value on the
date of the acquisition and classified as a liability or as equity. Additional sales
price classified as a liability is measured at fair value on the closing day of each
reporting period, and the resulting gains or losses are recognised through profit or
loss. Additional sales price classified as equity will not be re-measured. Any non-
controlling interests in the acquired entity are recognised either at fair value or at
the proportionate share of non-controlling interests in the acquired entity\u2019s net
identifiable assets. The principle applied in measurement is specified separately
for each acquisition. The treatment of goodwill from acquisition of subsidiaries is
explained in Note 3.1 Goodwill and other intangible assets.
The subsidiaries are fully consolidated from the date on which control is
transferred to Lassila & Tikanoja until the date that control ceases.
The profit or loss for the period and the comprehensive income are attributed to
Lassila & Tikanoja\u2019s shareholders and non-controlling interests, even if this would
result in the non-controlling interest being negative. Equity attributable to non-
controlling interests is presented as a separate item in the statement of financial
position, as an equity component. Changes in the parent company\u2019s holdings in
the subsidiary not resulting in loss of controlling interest are recognised as equity
transactions. Lassila & Tikanoja has no non-controlling interests.
In an acquisition achieved in stages, the previous holdings are measured at fair
value and the resulting gains or losses are recognised through profit or loss. If
the Group loses its controlling interest in the subsidiary, its remaining holdings
are measured at fair value on the date when control ceases, and the difference is
recognised through profit or loss.
All inter-company transactions, receivables, liabilities and unrealised gains, as
well as distribution of profits between the Group companies, are eliminated in
the consolidated financial statements. Unrealised losses due to impairment of
assets are not eliminated. The distribution of profit or loss for the period between
equity holders of Lassila & Tikanoja and the non-controlling interest is presented
separately in the income statement and the statement of comprehensive income,
and the share of equity belonging to the non-controlling interest is presented as a
separate item in the statement of financial position under equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "5.2 Group companies The Group\u2019s holding of shares and votes, % The parent company of the Group Lassila & Tikanoja Plc Finnish subsidiaries L&T Ymp\u00e4rist\u00f6palvelut Oy 100.0 L&T Teollisuuspalvelut Oy 100.0 Viem\u00e4rihuolto Reinikka Oy (from 1.12.2025 onwards) 100.0 Suomen Ker\u00e4ystuote Oy (1.7.2024 alkaen) 100.0 Foreign subsidiaries Sand & Vattenbl\u00e4st i Tyringe AB, Sweden 70.0 RecondConcept i \u00c5nge AB, Sweden (From 1 December 2025 onwards) 100.0 Joint ventures Laania Oy Finland 1 55.0 1 Information on the joint venture is disclosed in Note 3.5 Other non-current assets", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "
5.3 Business acquisitions
Accounting policy
In business combinations, all property, plant and equipment acquired
is measured at fair value on the basis of the market prices of similar
assets, taking into account the age of the assets, wear and tear and
similar factors. Tangible assets will be depreciated over their useful
life according to the management\u2019s estimate, taking into account the
depreciation principles followed within the Group.
Intangible assets arising from business combinations are recognised
separately from goodwill at fair value at the time of acquisition if they
are identifiable. In connection with acquired business operations, Lassila
& Tikanoja mostly has acquired agreements on prohibition of competition
and customer relationships as well as environmental permits. The fair
value of customer agreements and customer relationships associated
with them has been determined on the basis of estimated duration
of customer relationships and discounted net cash flows arising from
current customer relationships. The value of agreements on prohibition
of competition is calculated in a similar manner through cash flows over
the duration of the agreement. Intangible assets are amortised over their
useful life according to the agreement or the management\u2019s estimate.
Critical judgements by Management
Assets and liabilities acquired in business combinations as well
as assets and liabilities classified as held for sale are measured
at fair value. Whenever possible, the management uses available
market values when determining the fair values. When this is not
possible, the measurement is based on the historical income from
the asset. In particular, the measurement of intangible assets is
based on discounted cash flows and requires the management to
make estimates on future cash flows. Although these estimates
are based on the management\u2019s best knowledge, actual results
may differ from the estimates. The carrying amounts of assets are
reviewed continuously for impairment. More information on this is
provided in Note 1.7. Depreciation, amortisation and impairments.
Business acquisitions 2025
On June 2, 2025, Lassila & Tikanoja Plc\u2019s subsidiary L&T Ymp\u00e4rist\u00f6palvelut 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\u2019s service offering and supports the growth of its circular
economy business in line with L&T\u2019s growth strategy. As a result of the business
acquisition, Lassila & Tikanoja\u2019s 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\u2019s subsidiary L&T Teollisuuspalvelut
Oy acquired the entire share capital of Viem\u00e4rihuolto 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 1 December 2025, Lassila & Tikanoja Plc\u2019s Swedish subsidiary Sand
& Vattenbl\u00e4st i Tyringe AB (SVB) acquired the entire share capital of
RecondConcept i \u00c5nge 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,
which is based on the development of RecondConcept i \u00c5nge AB\u2019s EBITDA in
2026 and 2027.
In the reporting period, the business acquisitions had a EUR 7.1 million impact
on Lassila & Tikanoja\u2019s net sales and EUR 0.3 million on operating profit. If the
acquisitions had been completed on 1 January 2025, Lassila & Tikanoja\u2019s net
sales would have been approximately EUR 434.6 million and operating profit
approximately EUR 35.1 million. In the reporting period, transaction costs totalling
EUR 0.3 million (in 2024: 0.3) related to the acquisitions were recognised in other
operating expenses.
Business acquisitions 2024
On 1 February 2024, Lassila & Tikanoja acquired all of the shares of PF
Industriservice AB, a company that provides process cleaning services in
Sweden. Through the acquisition, Lassila & Tikanoja\u2019s process cleaning
services business expanded to the G\u00e4vleborg area in Sweden. In the fair value
measurement, intangible assets based on customer relationships with a value of
EUR 0.7 million, as well as goodwill with a value of EUR 0.8 million were identified.
The goodwill is mainly based on the regional position of the acquired business
and its future development prospects.
On 1 July 2024, Lassila & Tikanoja\u2019s subsidiary L&T Ymp\u00e4rist\u00f6palvelut Oy
acquired the rest 60 per cent of the shares of Suomen Ker\u00e4ystuote Oy. Previously
Suomen Ker\u00e4ystuote Oy was an associated company, of which Lassila &
Tikanoja\u2019s ownership was 40 per cent. The transaction did not have a significant
impact on Lassila & Tikanoja\u2019s figures.
In 2024, business acquisitions had a EUR 2.6 million impact on Lassila &
Tikanoja\u2019s net sales for the financial period and EUR 0.2 million on operating
profit. If the acquisitions in 2024 had been completed on 1 January 2024, Lassila
& Tikanoja\u2019s net sales would have been approximately EUR 424.0 million and
operating profit approximately EUR 40.5 million. In 2024, expenses totalling EUR
0.1 million related to the acquisitions were recognised in the income statement.
Business acquisitions, fair value total,
MEUR 2025 2024
Intangible assets 5.1 0.7
Property, plant and equipment 1.0 0.4
Right-of-use assets 1.0 0.1
Inventories 0.5 -
Receivables 0.6 0.2
Cash and cash equivalents 0.8 0.5
Total assets 9.0 1.9
Lease liabilities 0.9 0.1
Other liabilities 1.1 0.2
Deferred tax liabilities 0.3 0.2
Total liabilities 2.3 0.6
Net assets acquired 6.7 1.2
Total consideration 13.0 2.1
Goodwill 6.4 0.8
Impact on cash flow
Total consideration -13.0 -2.1
Contingent consideration 1.1 -
Consideration paid in cash -11.9 -2.1
Cash and cash equivalents of the acquired company 0.8 0.5
Total impact on cash flow -11.1 -1.6
The acquisition calculations for 2025 are preliminary. The fair value of net assets
acquired from the acquisitions completed in December will be finalised during
the first half of 2026. The figures for such acquired businesses, that are not
material to the Group when considered separately, are stated in aggregate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "Accounting policy In business combinations, all property, plant and equipment acquired is measured at fair value on the basis of the market prices of similar assets, taking into account the age of the assets, wear and tear and similar factors. Tangible assets will be depreciated over their useful life according to the management\u2019s estimate, taking into account the depreciation principles followed within the Group. Intangible assets arising from business combinations are recognised separately from goodwill at fair value at the time of acquisition if they are identifiable. In connection with acquired business operations, Lassila & Tikanoja mostly has acquired agreements on prohibition of competition and customer relationships as well as environmental permits. The fair value of customer agreements and customer relationships associated with them has been determined on the basis of estimated duration of customer relationships and discounted net cash flows arising from current customer relationships. The value of agreements on prohibition of competition is calculated in a similar manner through cash flows over the duration of the agreement. Intangible assets are amortised over their useful life according to the agreement or the management\u2019s estimate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "5.4 Related-party transactions Related parties of Lassila & Tikanoja comprise the Group\u2019s subsidiaries, the associated company (Suomen Ker\u00e4ystuote Oy until 1 July 2024), 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. List of companies belonging to Lassila & Tikanoja is presented in Note 5.2 Group companies. Until the date of the demerger, the former Lassila & Tikanoja plc and the former Lassila & Tikanoja Group\u2019s 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 were considered related parties of the new Lassila & Tikanoja in the carve-out financial information. The contributions paid by the New Lassila & Tikanoja companies to the former L&T Sickness Fund during the reporting period amounted to EUR 0.5 million (0.5). No loans were granted and no guarantees nor other securities given to persons belonging to the related parties of Lassila & Tikanoja. Transactions with the former Lassila & Tikanoja Group Lassila & Tikanoja\u2019s 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\u2019s lenght prices. MEUR 2025 2024 Net sales 1.0 1.0 Purchases of materials and services -0.2 -0.2 Other operating expenses -0.5 -0.8 Financial income 0.1 0.1 Financial expenses -2.1 -1.7 Cash pool receivables - 0.1 Trade and other receivables - 0.3 Cash pool liabilities - 11.6 Trade and other payables - 0.1 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.
Transactions with the joint venture
The Group\u2019s business transactions with Laania Oy are presented in the following
table. The former Lassila & Tikanoja has also provided guarantees for Laania\u2019s
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\u2019s financing arrangements provided by the former
Lassila & Tikanoja were released. In 2025, Laania paid dividends totalling EUR 1.6
million (1.8) to Lassila & Tikanoja.
MEUR 2025 2024
Net sales 2.7 3.1
Purchases of materials and services -0.8 -0.9
Trade and other receivables 0.0 0.0
Management remuneration
The table below presents the portion of costs allocated to Lassila & Tikanoja from
key management personnel of former Lassila & Tikanoja for the preparation of the
carve-out financial information, reflecting management\u2019s contribution to Lassila
& Tikanoja\u2019s business. The allocation key used is a relevant identifier for each
corporate function, such as revenue or headcount.
TEUR 2025 2024
Salaries and other short-term employee benefits 1,136.0 990.3
Bonuses 139.2 124.9
Termination benefits - 494.7
Share-based payments 73.5 193.9
Pension expenses, statutory 97.4 104.2
Total 1,446.1 1,908.0
In addition, the carve-out financial information includes an allocation of salaries
and remunerations paid to the members of the Board of Directors of Luotea
(former Lassila & Tikanoja) totalling EUR 236 thousand in 2025 and EUR 204
thousand euros in 2024.
Lassila & Tikanoja has not operated as an independent public limited company
during the presented financial periods; therefore, the figures shown above should
not be considered indicative of the future remuneration of key management
personnel of Lassila & Tikanoja.
Lassila & Tikanoja has not had any significant related party transactions other
than those presented above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "Management remuneration The table below presents the portion of costs allocated to Lassila & Tikanoja from key management personnel of former Lassila & Tikanoja for the preparation of the carve-out financial information, reflecting management\u2019s contribution to Lassila & Tikanoja\u2019s business. The allocation key used is a relevant identifier for each corporate function, such as revenue or headcount. TEUR 2025 2024 Salaries and other short-term employee benefits 1,136.0 990.3 Bonuses 139.2 124.9 Termination benefits - 494.7 Share-based payments 73.5 193.9 Pension expenses, statutory 97.4 104.2 Total 1,446.1 1,908.0 In addition, the carve-out financial information includes an allocation of salaries and remunerations paid to the members of the Board of Directors of Luotea (former Lassila & Tikanoja) totalling EUR 236 thousand in 2025 and EUR 204 thousand euros in 2024. Lassila & Tikanoja has not operated as an independent public limited company during the presented financial periods; therefore, the figures shown above should not be considered indicative of the future remuneration of key management personnel of Lassila & Tikanoja. Lassila & Tikanoja has not had any significant related party transactions other than those presented above.
No loans were granted and no guarantees nor other securities given to persons
belonging to the related parties of Lassila & Tikanoja.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
5.5 Auditing costs
MEUR
2025
Carve-out
2024
Carve-out
Auditing 0.2 0.1
Other assignments in accordance with the auditing
act 0.0 0.0
Tax consulting services 0.0 0.0
Other services 0.0 0.1
Total 0.2 0.2
Non-audit services provided by the statutory auditor, PricewaterhouseCoopers
Oy, and allocated to Lassila & Tikanoja\u2019s carve-out financial information amounted
to a total of EUR 44 thousand in the financial year 2025 (EUR 133 thousand in
the financial year 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "
5.6 Events after the balance sheet date
The company announced the composition of Lassila & Tikanoja Plc\u2019s Nomination
Board on 29 January 2026. Lassila & Tikanoja Plc\u2019s three largest shareholders,
who are entitled to appoint a representative to Lassila & Tikanoja Plc\u2019s
Shareholders\u2019 Nomination Board are the first groups of shareholders (Evald and
Hilda Nissi Foundation and Bergholm Heikki), the second group of shareholders
(Chemec Oy, CH-Polymers Oy, Maijala Eeva, Maijala Investment Oy, Maijala
Juhani, Maijala Juuso, Maijala Miikka, Maijala Mikko, Maijala Roope and Maijala
Tuula) and Nordea Funds Ltd (through 11 funds managed by it).
The following persons have been appointed as their representatives in Lassila
& Tikanoja\u2019s Nomination Board: Juhani Lassila, Miikka Maijala and Josefin
Degerholm. The Chairman of Lassila & Tikanoja Plc\u2019s Board of Directors, Jukka
Leinonen, acts as the fourth member of the Nomination Board. The Chairman of
the Nomination Board is Juhani Lassila.
Lassila & Tikanoja Plc received a notification from Protector Forsikring ASA
on 30 January 2026, according to which its shareholding in Lassila & Tikanoja
decreased below 5 per cent on 29 January 2026.
Lassila & Tikanoja Plc announced on 16 February 2026, that a member of
Lassila & Tikanoja Plc\u2019s 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 organization by August 2026 at
the latest.
Lassila & Tikanoja announced on 26 February 2026 Lassila & Tikanoja\u2019s
Shareholders\u2019 Nomination Board proposals for the 2026 Annual General Meeting.
The Shareholders\u2019 Nomination Board proposes the Board of Directors to
have five (5) members. The Nomination Board proposes that all of the current
members, Tuija Kalpala, Teemu Kangas-K\u00e4rki, Sakari Lassila, Jukka Leinonen and
Anna-Maria Tuominen-Reini be re-elected to the Board of Directors. In addition,
the Nomination Board proposes that Jukka Leinonen be re-elected as Chairman
of the Board of Directors and Sakari Lassila as Vice Chairman.
The Shareholders\u2019 Nomination Board proposes that the remuneration of the
members of the Board of Directors be as follows:
\u2022 chairman, EUR 70,000 per year (2025: EUR 70,000);
\u2022 vice chairman, EUR 47,000 per year (2025: EUR 47,000);
\u2022 members, EUR 35,000 per year (2025: EUR 35,000);
However, if a member of the Board of Directors were to serve as the chairman
of the Audit Committee or the Personnel and Sustainability Committee, and not
simultaneously serve as the chairman or vice chairman of the Board of Directors,
their annual remuneration will be EUR 47,000.
Lassila & Tikanoja announced on 27 February 2026 that the Company will
launch a share repurchase programme for share-based incentive schemes
and remuneration of the Board of Directors. The Board of Directors of Lassila
& Tikanoja Plc has decided to exercise the authorisation granted by the
Extraordinary General Meeting held on 4 December 2025 to repurchase the
Company\u2019s own shares. The repurchase of shares will commence at the earliest
on 2 March 2026 and end at the latest on 28 April 2026. The maximum number
of shares to be repurchased is 150,000, representing approximately 0.39 per cent
of all shares in Lassila & Tikanoja Plc.
Lassila & Tikanoja announced on 27 February 2026 that the company\u2019s Board
of Directors has decided to establish a new long-term share-based incentive
scheme for the Group\u2019s key employees. The aim of the new scheme is to align
the objectives of the Company, shareholders and key employees to increase
the value of the Company in the long term, to strengthen the commitment of
key employees to the Company and to offer them a competitive reward plan
that is based on earning and accumulating the Company\u2019s shares as well as on
appreciation of the share price.
The Performance Share Plan 2026\u20132030 comprises three (3) three-year (3)
performance periods, covering the calendar years 2026\u20132028, 2027\u20132029
and 2028\u20132030. In the plan, a participant has the opportunity to earn Lassila &
Tikanoja Plc shares based on the achievement of performance criteria. The Board
of Directors decides on the performance criteria of the plan and the performance
levels to be set for each performance criterion at the beginning of a performance
period. The potential rewards based on the plan will be paid after the end of each
performance period. During the performance period 2026\u20132028, the earning of
rewards is based on the following performance criteria:
\u2022 Return on capital employed (ROCE) (30 %) during the period 2026\u20132028;
\u2022 Revenue growth (30 %) during the period 2026\u20132028;
\u2022 Total shareholder return (rTSR) (30 %) during the period 2026\u20132028;
\u2022 Reduction of the carbon footprint (ESG) (10 %) during the period 2026\u20132028.
The rewards to be paid based on the performance period 2026\u20132028
correspond to the value of approximately 218,677 Lassila & Tikanoja Plc shares in
maximum total, also including the portion to be paid in cash. The target group of
the Performance Share Plan during the performance period 2026\u20132028 consists
of approximately 25 key employees, including the Group\u2019s President and CEO and
the Group Executive Board.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:636700EBB0SA4501AT18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }