I now created a recurring event within TB/Lightning and got the same behaviour. Item below. The tz is GMT, but this is OK, I put the event at 9:00 in the Europe/Stockholm tz.

            <t:CalendarItem>
              <t:ItemId Id="AAMkAGUyNGFlY2FiLTJiMjUtNDIyZi1hOGQ1LTgxMjkzYTIwOTBjNABGAAAAAAAIvLhxE1XXRpxK18urY2WsBwAItEkKFRbxS7a/MJ9Bo6xlAGBePWS4AAAItEkKFRbxS7a/MJ9Bo6xlAHyc846OAAA=" ChangeKey="DwAAABYAAAAItEkKFRbxS7a/MJ9Bo6xlAHyc9vTs"/>
              <t:Subject>Test1</t:Subject>
              <t:Body BodyType="Text"/>
              <t:DateTimeReceived>2011-02-18T07:38:35Z</t:DateTimeReceived>
              <t:ReminderDueBy>2011-02-22T08:00:00Z</t:ReminderDueBy>
              <t:ReminderIsSet>true</t:ReminderIsSet>
              <t:ReminderMinutesBeforeStart>15</t:ReminderMinutesBeforeStart>
              <t:ExtendedProperty>
                <t:ExtendedFieldURI DistinguishedPropertySetId="Common" PropertyId="34144" PropertyType="SystemTime"/>
                <t:Value>2011-02-22T07:45:00Z</t:Value>
              </t:ExtendedProperty>
              <t:ExtendedProperty>
                <t:ExtendedFieldURI DistinguishedPropertySetId="Meeting" PropertyId="3" PropertyType="Binary"/>
                <t:Value>BAAAAIIA4AB0xbcQGoLgCAAAAAAAAAAAAAAAAAAAAAAAAAAAMQAAAHZDYWwtVWlkAQAAADZjNDUxMjUzLTQ5NGItNGYzOC05ZjFiLTRkNzE2MWUzMTNkMAA=</t:Value>
              </t:ExtendedProperty>
              <t:UID>6c451253-494b-4f38-9f1b-4d7161e313d0</t:UID>
              <t:Start>2011-02-22T08:00:00Z</t:Start>
              <t:End>2011-02-22T10:00:00Z</t:End>
              <t:IsAllDayEvent>false</t:IsAllDayEvent>
              <t:Location/>
              <t:IsCancelled>false</t:IsCancelled>
              <t:CalendarItemType>RecurringMaster</t:CalendarItemType>
              <t:MyResponseType>Organizer</t:MyResponseType>
              <t:Organizer>
                <t:Mailbox>
                  <t:Name>Jan-Åke Larsson</t:Name>
                  <t:EmailAddress>x@x.x</t:EmailAddress>
                  <t:RoutingType>SMTP</t:RoutingType>
                </t:Mailbox>
              </t:Organizer>
              <t:Recurrence>
                <t:DailyRecurrence>
                  <t:Interval>1</t:Interval>
                </t:DailyRecurrence>
                <t:NumberedRecurrence>
                  <t:StartDate>2011-02-22Z</t:StartDate>
                  <t:NumberOfOccurrences>2</t:NumberOfOccurrences>
                </t:NumberedRecurrence>
              </t:Recurrence>
              <t:FirstOccurrence>
                <t:ItemId Id="AAMkAGUyNGFlY2FiLTJiMjUtNDIyZi1hOGQ1LTgxMjkzYTIwOTBjNAFRAAiIzaAyM2JYAEYAAAAACLy4cRNV10acStfLq2NlrAcACLRJChUW8Uu2vzCfQaOsZQBgXj1kuAAACLRJChUW8Uu2vzCfQaOsZQB8nPOOjgAAEA==" ChangeKey="DwAAABYAAAAItEkKFRbxS7a/MJ9Bo6xlAHyc9vTs"/>
                <t:Start>2011-02-22T08:00:00Z</t:Start>
                <t:End>2011-02-22T10:00:00Z</t:End>
                <t:OriginalStart>2011-02-22T08:00:00Z</t:OriginalStart>
              </t:FirstOccurrence>
              <t:LastOccurrence>
                <t:ItemId Id="AAMkAGUyNGFlY2FiLTJiMjUtNDIyZi1hOGQ1LTgxMjkzYTIwOTBjNAFRAAiIzaD7XcwYAEYAAAAACLy4cRNV10acStfLq2NlrAcACLRJChUW8Uu2vzCfQaOsZQBgXj1kuAAACLRJChUW8Uu2vzCfQaOsZQB8nPOOjgAAEA==" ChangeKey="DwAAABYAAAAItEkKFRbxS7a/MJ9Bo6xlAHyc9vTs"/>
                <t:Start>2011-02-23T08:00:00Z</t:Start>
                <t:End>2011-02-23T10:00:00Z</t:End>
                <t:OriginalStart>2011-02-23T08:00:00Z</t:OriginalStart>
              </t:LastOccurrence>
              <t:MeetingTimeZone TimeZoneName="Greenwich Standard Time">
                <t:BaseOffset>PT0M</t:BaseOffset>
              </t:MeetingTimeZone>
            </t:CalendarItem>