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L&T's year 2023

Leader of the Regenerative Society

We make circular economy a reality

Promoting the green transition is becoming increasingly important, and the significance of the circular economy in combating climate change and biodiversity loss is even more critical. L&T extensively supports reforms for the green transition and implements them through its own business solutions. We help our customers achieve their sustainability goals on the journey towards a more sustainable future.

Read about how L&T made the circular economy a reality in 2023.

Reports and Statements of 2023

”Sustainability themes
are seen as more strategic
in our client companies,
and companies recognize
their role in promoting
the green transition.”

Eero Hautaniemi
President and CEO

CEO’s Review

To slow down climate change and biodiversity loss, circular economy actions are needed from society as well as from companies, and this offers several growth opportunities for L&T’s business. In the discussions I had with our customers throughout the year, the message was clear – sustainability themes are seen as more strategic in our client companies, and companies recognize their role in promoting the green transition.

At L&T, we conducted a double materiality assessment at the end of the year according to the EU sustainability reporting directive. In this assessment, L&T’s role as a circular economy pioneer was emphasized among both external and internal stakeholders. Based on this foundation, we have also developed an updated strategy, which was approved by L&T’s board in October. According to the updated strategy, the company’s Environmental Services and Industrial Services divisions are seeking new growth opportunities by focusing particularly on material circularity-related business solutions.

At the core of the strategy are new solutions to increase waste recycling rates and enhance material value, as well as restoration of the built environment. Growth is sought through business development and potentially through complementary acquisitions.

Read CEO’s Review

Key Figures 2023

In 2023, there was uncertainty in the economic environment in the Finnish and Swedish markets, and the economic outlook weakened towards the end of the year. The increase in production costs affected all business sectors of the company, as did the labor market solutions implemented in Finland in late spring, including one-time items. In the Industrial Services division, demand was strong throughout the year in all service lines.

During the strategy process, restoration related to environmental construction emerged as an interesting area of growth, and several demanding industrial restoration projects were implemented in the service line in 2023. The general economic downturn decreased waste volumes and the prices of recycled raw materials in 2023.

Lassila & Tikanoja’s revenue in 2023 was EUR 802.1 million. The adjusted operating profit for 2023 was EUR 39.0 million.

Net Sales
Net Sales EUR 802.1 million
Adjusted Operating Profit
Adjusted Operating Profit EUR 30.9 million
Net Cash Flow after Investments
Net Cash Flow after Investments EUR 50.9 million
Dividend per Share
Dividend per share 0.49 EUR
Total Number of Employees
Total Number of Employees 8,160
Employee Recommendation Rate
Employee Recommendation Rate 21
Carbon Handprint
Carbon handprint -457.2 million kgCO2 (eq.)
Emissions generated from own operations
Emissions generated from own operations 31,210 tCO2-e
Net Sales EUR 802.1 million Adjusted Operating Profit EUR 30.9 millionNet Cash Flow after Investments EUR 50.9 millionDividend per share 0.49 EURTotal Number of Employees 8,160Employee Recommendation Rate 21Carbon handprint -457.2 million kgCO2 (eq.)Emissions generated from own operations 31,210 tCO2-e

L&T’s divisions in brief

L&T is a service company that is making the circular economy a reality. The Group operates in the circular economy and facility services businesses. All of L&T’s business operations build future sustainable growth for the circular economy and are based on the opportunities it creates.

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Highlights of L&T's year 2023

Leader of the Regenerative Society

The world has permanently changed and now, more than ever, we all need to think and act differently to ensure a sustainable future. Some are thought leaders or experts in the circular economy. Others roll up their sleeves and practice circularity. We do both.


L&T is a leading operator in the circular economy – an expert that brings big ideas to life together with customers and partners. Our sustainability work is guided by an updated sustainability program in 2022, with a focus on environment, personnel, and governance. Both short-term and long-term measurable and trackable goals have been set for these focus areas.



In Lassila & Tikanoja’s current strategy, sustainability is an increasingly integral aspect of our operations. Our long-term goals are a combination of sustainability targets and financial targets. Sustainability is an integral aspect of L&T’s strategy, business operations and day-to-day actions.

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The roadmap guides Valmet Automotive towards the top of the circular economy

When an automobile factory aims for the top in the circular economy, clear milestones are needed. The circular economy roadmap is a plan that helps the company systematically and step by step achieve its circular economy goals, like a to-do list that includes all the necessary development measures scheduled, prioritized, and assigned to responsible parties.


”An external perspective and extensive expertise are undoubtedly the added values that L&T brings to us, as waste management is not our core business area. In addition, value is added by the systematic approach in how the roadmap was implemented. We are focused on our operational activities, and when someone looks at a problem situation from a different perspective, fresh solutions can be found,” says Jaana Hänninen, Head of Sustainable Development at Valmet Automotive.


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We help Stark to achieve their circulat economy targets

In 2023, L&T will pilot a project with Stark and SRV’s REWOOD, where unused or temporarily used timber is collected from construction sites. L&T collects the wood and delivers it to Stark’s unit in Martinlaakso, where it is resold to suitable destinations.


Anne Koskinen, Sustainability Director of Stark Finland, says that Stark is open to all kinds of recycling collaboration. She considers it very important to work with responsible partners who actively promote sustainable development.


”We cannot make such a big change alone, but we need our entire value chain and all our stakeholders to be involved. It is meaningful to us that we have access to L&T’s circular economy expertise and recycling and sorting services, so that we can promote our waste management towards sustainable development. We have a good and reliable partner in that.” Koskinen says.

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Meyer Turku aims to achieve carbon neutrality by 2030

In the spring of 2023, Meyer Turku started a collaboration with Lassila & Tikanoja’s energy services. Through this partnership, the Turku shipyard aims to achieve a 7.5% energy savings according to the energy efficiency agreement by the end of 2025.

”We have already increased the share of renewable energy in our energy consumption. The purpose of the collaboration with L&T is to reduce the shipyard’s greenhouse gas emissions and operating costs by improving energy efficiency,” says Toni Sainio, Head of Infrastructure and Services at Meyer.

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Lassila & Tikanoja creates solutions for mitigating climate change and biodiversity loss, and promotes the transition to a sustainable economy. We make the circular economy a reality and help our customers achieve their sustainability goals. Our strategy, “Leader of the regenerative society”, will guide our operations during the 2022–2026 strategy period. 

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Lassila & Tikanoja Strategy - We make circular economy a reality

Lassila & Tikanoja’s annual report for the year 2023 includes a financial review, including the Board’s operational review, a description of the governance and control system, a packaging report, financial statements, and an audit report, as well as a sustainability report.


Lassila & Tikanoja publishes the financial review in accordance with the European Single Electronic Format (ESEF) reporting requirements as an XHTML file. In accordance with the ESEF requirements, the main financial statements are marked with XBRL tags. The XHTML file can be found in the Investors section of L&T’s website.