Koskisen Corporation stock exchange release, November 14, 2025, at 08:30 a.m. EET
Koskisen's revenue increased - the positive development of productivity improved the profitability of the Sawn Timber Industry segment
This release is a summary of Koskisen Corporation's January-September 2025 Interim Report. The complete Interim Report is attached, and also available on the company's website at koskisen.com/investors.
July-September 2025 in brief
- Revenue increased and amounted to EUR 83.8 (67.8) million.
- EBITDA improved and amounted to EUR 2.9 (3.6) million.
- The EBITDA margin was 3.4 per cent (5.4).
- Adjusted EBITDA amounted to EUR 2.9 (3.7) million.
- The adjusted EBITDA margin was 3.5 per cent (5.5).
- Operating profit amounted to EUR -1.0 (0.4) million and was -1.2 per cent (0.6) of revenue.
- The profit for the financial period amounted to EUR -1.6 (-0.4) million.
- Basic earnings per share were EUR -0.07 (-0.02).
January-September 2025 in brief
- Revenue increased and amounted to EUR 259.8 (209.3) million.
- EBITDA declined and amounted to EUR 22.8 (18.5) million.
- The EBITDA margin was 8.8 per cent (8.9).
- Adjusted EBITDA amounted to EUR 22.7 (18.6) million.
- The adjusted EBITDA margin was 8.7 per cent (8.9).
- Operating profit amounted to EUR 12.2 (10.5) million, representing 4.7 per cent (5.0) of revenue.
- The profit for the financial period amounted to EUR 7.6 (6.7) million.
- Basic earnings per share were EUR 0.32 (0.29).
The figures in brackets refer to the comparison period, i.e. the corresponding period in the previous year, unless specified otherwise. The business operations of Iisveden Metsä are included in the figures in this half-year report starting from 1 June 2025.
Profit guidance for 2025 unchanged (published on 17 February 2025)
Koskisen Group's revenue for 2025 is expected to grow from the level of 2024. The adjusted EBITDA margin is expected to be 7-11 per cent.
Key figures
EUR million | 7-9 2025 | 7-9 2024 | Change, % | 1-9 2025 | 1-9 2024 | Change, % | 1-12 2024 |
| Revenue | 83.8 | 67.8 | 23.7 | 259.8 | 209.3 | 24.1 | 282.3 |
| EBITDA | 2.9 | 3.6 | -20.7 | 22.8 | 18.5 | 22.8 | 24.2 |
| EBITDA margin, % | 3.4 | 5.4 | 8.8 | 8.9 | 8.6 | ||
| Adjusted EBITDA | 2.9 | 3.7 | -21.3 | 22.7 | 18.6 | 22.3 | 24.3 |
| Adjusted EBITDA margin, % | 3.5 | 5.5 | 8.7 | 8.9 | 8.6 | ||
| Operating profit (EBIT) | -1.0 | 0.4 | -334.6 | 12.2 | 10.5 | 16.5 | 13.0 |
| Operating profit (EBIT) margin, % | -1.2 | 0.6 | 4.7 | 5.0 | 4.6 | ||
| Profit for the period | -1.6 | -0.4 | -258.4 | 7.6 | 6.7 | 12.7 | 8.3 |
| Basic earnings per share, EUR | -0.07 | -0.02 | 0.32 | 0.29 | 0.36 | ||
| Diluted earnings per share, EUR | -0.07 | -0.02 | 0.32 | 0.29 | 0.36 | ||
| Gross investments | 5.8 | 9.7 | 32.9 | 27.5 | 32.9 | ||
| Equity per share, EUR | 6.9 | 6.4 | 6.5 | ||||
| Return on capital employed (ROCE), % | 6.8 | 6.4 | 6.1 | ||||
| Working capital, end of period | 61.4 | 50.4 | 45.9 | ||||
| Net cash flow from operating activities | 13.2 | 5.4 | 14.0 | ||||
| Equity ratio, % | 54.4 | 53.4 | 54.0 | ||||
| Gearing, % | 24.6 | 17.2 | 15.4 |
CEO Jukka Pahta:
Koskisen Group's third-quarter profitability fell short of the previous year's level, with adjusted EBITDA amounting to EUR 2.9 (3.7) million. The adjusted EBITDA margin was 3.5 per cent (5.5). The third quarter is typically seasonally weaker in terms of profitability due to the summer holidays in the key markets and the company's own maintenance shutdowns. In addition, EBITDA was burdened by a non-recurring write-down made to the inventories of the Panel Industry segment.
Uncertainty continues in the operating environment. The recovery of construction activity is delayed, and demand in the housing market has not picked up. The fluctuating trade policy maintains uncertainty. Unemployment, especially in Finland, and general uncertainty are reflected in low consumption and avoidance of risks. In Europe, the German automotive industry in particular continues to face major difficulties.
However, small glimpses of light can also be seen: Germany's stimulating investments in infrastructure and investments in the defence industry may have a positive reflective effect, if they continue. The impact of EU stimulus funding is evident in southern Europe - for example, in the construction activity in Spain and Italy - which is at a higher level than the rest of Europe.
The profitability of the Sawn Timber Industry segment improved year-on-year, with EBITDA amounting to EUR 2.6 (1.7) million. Sawn timber sales went according to plan, although the outlook remains broadly uncertain in several markets. Prices decreased slightly compared to the previous quarter. It is very positive that the pursued benefits of the Järvelä sawmill are reflected in improved profitability even in such a difficult market situation. The start-up of production after the summer shutdown also went significantly better than in the comparison period, when the target production level was only reached late in the quarter.
In October, we started to produce briquettes for use as biofuel at the Järvelä sawmill, where shavings produced as a by-product of sawn timber processing is pressed into briquettes. Expanding the use of side streams from our own production is key to sustainable growth. Compressing shavings into briquettes significantly reduces transport costs and emissions. In addition, the price of the processed end-use product is better.
The increase in Järvelä sawmill's production from the current 400,000 m3 toward the target of 450,000 m3 is progressing as we decided to invest in new channel dryers to open up production bottlenecks. The foundation work for the new channel dryers is currently underway and the installation of the equipment will begin after the turn of the year. The new drying capacity will come into use in the latter half of next year.
The integration of Iisveden Metsä's business proceeded as planned. The key production control and financial systems were integrated during the third quarter. The work to harmonise operating methods and processes continues.
Wood procurement was carried out as planned and wood reserves remained at a good level. The price of wood raw material in the existing reserves is still high, but the purchase price continued to decrease. Demand in the energy timber market has been more moderate due to the higher than usual stock levels of heating plants using forest energy. The conditions of the upcoming heating season will affect the development of demand over the next six months.
The profitability of the Panel Industry segment decreased year-on-year, with EBITDA amounting to EUR 0.2 (1.8) million. Profitability was burdened by a non-recurring write-down of EUR 0.9 million in inventories and the product mix being focused on lower-priced basic panel products. Demand for chipboard continued to reflect low activity in new construction and renovation, due to which production was adjusted to match demand. On the other hand, increasing Kore's production in Poland has progressed according to plan, and business development continues.
The equipment installations of the first phase of the Panel Industry segment's investment programme have been partially taken into production use and the final installations will be completed in December. Some of the equipment installations were delayed from the planned installation schedule, which affected the third-quarter volumes and the average price of delivered products.
We will continue to work systematically to achieve sustainable growth in line with our strategy.
Webcast
A webcast (in Finnish) in relation to January-September 2025 Interim Report will be held today on 14 November 2025 at 10:00 a.m. EET. The webcast can be followed at koskisen.com/videos. The presentation material and a recording of the webcast will be available on the company's website afterwards.
For further information, please contact:
Jukka Pahta, CEO, Koskisen Corporation
jukka.pahta@koskisen.com
puh. +358 20 553 4561
Media enquires:
Sanna Väisänen, Director, Sustainability and Communications, Koskisen Corporation
sanna.vaisanen@koskisen.com
puh. +358 20 553 4563
Koskisen is an international wood processing specialist and known for its agility and ability to listen to the customer. We utilise our valuable wood raw material as thoroughly as possible, up to the last particle of sawdust. We manufacture high-quality and sustainable circular bioeconomy products that store carbon for decades. The Group's revenue in 2024 was EUR 282 million. Read more: koskisen.com