Raute Corporation, Stock exchange release, February 12, 2026, at 8:00 a.m. EET
Raute Corporation's Financial Statements Release January 1-December 31, 2025: Strong operational execution in a challenging market environment
This is a summary of Raute's Financial Statements Release January 1-December 31, 2025. The full release is as a PDF file attachment in this release and is also available on the company's website at www.raute.com.
Figures in brackets refer to the same period a year earlier. Figures are unaudited and rounded to the nearest whole number.
October-December 2025 in brief
- Order intake was EUR 25 million (50)
- Order book was EUR 98 million (184) at the end of the reporting period
- Net sales were EUR 36.2 million (56.5)
- Comparable EBITDA was EUR 5.7 million (5.1), representing 15.8% (9.0%) of net sales
- Comparable operating profit was EUR 4.5 million (3.8)
- Operating profit was EUR 4.4 million (3.5)
- Comparable earnings per share were EUR 0.62 (0.52)
- Earnings per share were EUR 0.59 (0.48)
- Equity ratio was 65.7% (55.2%) at the end of the reporting period
January-December 2025 in brief
- Order intake was EUR 91 million (121)
- Net sales were EUR 175.5 million (204.6)
- Comparable EBITDA was EUR 26.1 million (19.8), representing 14.9% (9.7%) of net sales
- Comparable operating profit was EUR 20.8 million (14.4)
- Items affecting comparability totaled EUR 3.5 million, of which EUR 2.6 million were items impacting EBITDA and EUR 1.0 million were items booked as impairments below EBITDA impacting operating profit. These were mainly related to the closure of a production facility in China.
- Operating profit was EUR 17.3 million (13.7)
- Comparable earnings per share were EUR 2.70 (2.05)
- Earnings per share were EUR 2.12 (1.96)
- The Board of Directors' dividend proposal is EUR 0.65 per share
Guidance statement for 2026
Raute's 2026 net sales are expected to be between EUR 135-170 million (EUR 175.5 million in 2025) and comparable EBITDA is expected to be between EUR 10-19 million (EUR 26.1 million in 2025).
KEY FIGURES (MEUR) | Q4/ | Q4/ | Change | 2025 | 2024 | Change |
Net sales | 36.2 | 56.5 | -35.9 | 175.5 | 204.6 | -14.2 |
Exported portion of net sales, % | 71.0 | 75.8 | 60.2 | 84.3 | ||
Comparable EBITDA | 5.7 | 5.1 | 12.4 | 26.1 | 19.8 | 32.0 |
Comparable EBITDA % | 15.8 | 9.0 | 14.9 | 9.7 | ||
EBITDA | 5.5 | 4.8 | 14.7 | 23.6 | 19.1 | 23.4 |
EBITDA % | 15.3 | 8.5 | 13.4 | 9.3 | ||
Comparable operating profit | 4.5 | 3.8 | 20.4 | 20.8 | 14.4 | 44.5 |
Comparable operating profit, % | 12.5 | 6.7 | 11.8 | 7.0 | ||
Operating profit | 4.4 | 3.5 | 24.9 | 17.3 | 13.7 | 25.8 |
Operating profit, % | 12.1 | 6.2 | 9.8 | 6.7 | ||
Net result | 3.6 | 3.0 | 21.5 | 12.9 | 12.1 | 6.9 |
Comparable EPS, EUR | 0.62 | 0.52 | 18.5 | 2.70 | 2.05 | 31.5 |
EPS, EUR | 0.59 | 0.48 | 23.2 | 2.12 | 1.96 | 8.2 |
EPS (diluted), EUR | 0.57 | 0.46 | 23.9 | 2.06 | 1.91 | 7.9 |
Adjusted avg. no. of shares, 1000 pcs | 5,968 | 6,027 | 5,988 | 6 027 | ||
Adjusted avg. no. of shares, diluted, 1000 pcs | 6,216 | 6,350 | 6,279 | 6 350 | ||
Return on investment, (ROI), % | 32.5 | 31.5* | ||||
Return on equity, (ROE), % | 24.0 | 27.5 | ||||
Interest-bearing net liabilities | -38.0 | -51.9 | ||||
Equity ratio, % | 65.7 | 55.2 | ||||
Gearing, % | -65.5 | -104.4 | ||||
Gross capital expenditure | 2.1 | 1.3 | 55.4 | 4.6 | 2.8 | 63.8 |
% of net sales | 5.7 | 2.3 | 2.6 | 1.4 | ||
Research and development costs | 0.9 | 1.3 | -30.0 | 4.8 | 5.3 | -8.7 |
% of net sales | 2.6 | 2.4 | 2.8 | 2.6 | ||
Order book | 98 | 184 | -46.8 | |||
Order intake | 25 | 50 | -49.0 | 91 | 121 | -24.5 |
Personnel, at the end of the period | 698 | 783 | -10.9 | |||
Personnel, effective, on average | 710 | 740 | -4.1 |
* The comparison figure for 2024 has been corrected because the table in question had previously shown an incorrect figure (30,9).
Review from Mika Saariaho, President and CEO
In 2025, Raute continued strong operational execution, driven by efficiency improvements, supply chain optimizations and focus on safety. Thanks to the daily efforts of our committed team, disciplined project delivery and continuous improvements in our ways of working, we achieved a strong financial result despite the decrease in net sales.
For the full year, net sales amounted to EUR 175.5 million (204.6) and comparable EBITDA to EUR 26.1 million (19.8), representing a margin of 14.9%. As net sales decreased rather evenly across business units, the profitability improvement was mainly driven by the strong delivery of Wood Processing. For Services and Analyzers, full-year comparable EBITDA remained relatively stable despite the challenging market environment. Overall, protecting our margins required also continuous capacity adjustments throughout the year, leading to temporary layoffs in various parts of the organization.
In the fourth quarter, Raute's net sales amounted to EUR 36.2 million, showing a decrease of 35.9% from the comparison period. Net sales were affected by the low order intake especially during the first half of the year. Our strong performance in project delivery was evident during the fourth quarter, as our comparable EBITDA increased to EUR 5.7 million despite the decrease in net sales, representing a margin of 15.8%. This is an exceptional level, which is partly explained by the reversal of certain project-related cost provisions at the end of the year following stringent project cost management. In the long term, our financial target is to maintain a comparable EBITDA margin of 12% on average over cycle.
During the year, we reviewed our existing strategy and set clarified priorities for the remainder of the strategy period. New priorities include growing the modernization business, new performance and subscription-based business models, capturing opportunities provided by artificial intelligence and expanding our local presence and capabilities in Services. Our systematic work to strengthen Raute's safety culture continues both in our own operations and in the solutions delivered to customers, driven by increased automation and the removal of manual work steps where possible.
In addition, we sharpened our geographical priorities, placing greater emphasis on markets with demand and growth potential for our most sophisticated high-tech solutions. In line with this objective, Raute decided to close its production facility in Changzhou, China. These strategic adjustments enable us to support our customers more comprehensively and provide the foundation for growth in both existing and new markets.
Entering into 2026, we believe the market has already passed its lowest point, although volatility is likely to persist. Given the inherently cyclical nature of our project-based business, we remain focused on proactively managing margins across varying market conditions. We aim to further increase the role of Analyzers and Services in order to reduce volatility in our own operations and financial performance. Across business units, we want to remain flexible, and customer driven, offering multiple ways to engage with Raute - whether through traditional equipment deliveries or through new, performance and subscription-based solutions.
BUSINESS ENVIRONMENT JANUARY-DECEMBER 2025
In 2025, Raute's operating environment remained challenging, characterized by global economic and geopolitical uncertainty affecting customers' investment decisions. The primary source of uncertainty has been the political actions of the United States, creating overall turbulence and concern regarding tariffs, especially for companies exporting goods to the country. In Europe, the war in Ukraine, as well as the continued downturn of construction, have affected demand for end products. As a result of these factors, Raute's customers have canceled or postponed their investment decisions, which was reflected in the order intake especially during the first half of the year.
During the fourth quarter of 2025, the global construction industry remained in a sustained recession. While there are expectations of improvement in the near term, uncertainties remain. For instance, the construction industry in Europe is expected to recover to growth in 2026, but the anticipated recovery is uneven by country. Especially new residential construction is expected to remain at a low level until 2027 (Source: Euroconstruct Winter 2025). In North America, housing construction is steady but constrained by affordability. Housing starts in the U.S. are below mid-cycle levels, which does not indicate significant market recovery. In Canada, housing starts have recently decreased, but the medium-term forecast remains positive (Source: APA Housing starts report, January 2026).
Engineered wood products are used primarily in construction, with the furniture and transportation industries also playing a large role. Consequently, the development of these industries is key to recovering end product demand and market activity. The reactivation of housing and mortgage markets as well as the potential reconstruction efforts in Ukraine would be the primary catalysts to reviving the construction industry and demand for engineered wood products.
Competition among technology providers has also intensified, with operators demonstrating increasingly aggressive pricing. Raute sees its competitive advantage in its global reach and capability to deliver integrated production lines and even mill-level projects, while many competitors remain specialized in individual process stages and operate more locally. In addition, Raute benefits from the growing role of its Services business, which remained stable during the year.
Despite the uncertainty, some of Raute's European and North American customers are preparing for the market to become more active and are actively promoting their investment plans for process efficiency and additional capacity. Over the long term, technological advancements and sustainability requirements are creating new opportunities for investments. Raute's position is strengthened by its broad product portfolio, ability to respond to sustainability demands, and technological leadership in digitalization and data analytics. Further, Raute's capability to offer a wide range of supplementary services throughout the product life cycle is an enabler for additional business opportunities.
Order intake and order book
Raute's total order intake was EUR 91 million (121) and included after-sales services, modernizations, upgrades and individual value-adding machinery and analyzers for veneer, plywood and LVL production.
Order intake was composed of 48% (67%) from Europe, 34% (19%) from North America, 11% (5%) from Asia-Pacific and 7% (9%) from South America.
Net sales
Net sales amounted to EUR 175.5 million (204.6), showing a decrease of 14.2% from the comparison period. Net sales were affected by the low in order intake, especially during the first half of the year. While Raute's project deliveries have continued successfully, still a large part of the order backlog will be recognized as net sales in 2026.
Sales decreased by 15.6% in Wood Processing, by 9.0% in Services, and by 15.3% in Analyzers.
Europe accounted for 73% (56%) of net sales, North America for 16% (22%), South America for 7% (19%) and Asia-Pacific for 4% (3%).
Result and profitability
Comparable EBITDA was EUR 26.1 million (19.8) and comparable EBITDA margin was 14.9% (9.7%). The increase was driven by improved efficiency and strong execution in project deliveries.
Comparable EBITDA improved in Wood Processing, while declining in Services and Analyzers.
EBITDA was EUR 23.6 million (19.1). Items affecting comparability (IACs) in EBITDA totaled EUR 2.6 million (0.7). These were mainly related to the closure of a production facility in China.
Comparable operating profit was EUR 20.8 million (14.4), representing 11.8% (7.0%) of net sales.
Operating profit was EUR 17.3 million (13.7). Items affecting comparability (IACs) in operating profit totaled EUR 3.5 million (0.7). These were in 2025 mainly related to the closure of a production facility in China.
Net financial items were EUR 0.3 million (1.4), where the decrease was driven by lower interest income as well as negative impact from foreign exchange changes.
The result before taxes was EUR 17.6 million (15.1). The result for the reporting period was EUR 12.9 million (12.1), earnings per share were EUR 2.12 (1.96) and diluted earnings per share were EUR 2.06 (1.91). Comparable earnings per share were EUR 2.70 (2.05).
PROPOSAL FOR THE DISTRIBUTION OF PROFITS
Raute aims to pay a stable and sustainable dividend over different market conditions.
On December 31, 2025, the parent company Raute Corporation's distributable funds amounted to EUR 43.0 million. The Board of Directors proposes to the Annual General Meeting, to be held on April 14, 2026, that a dividend of EUR 0.65 per share be paid for the financial year January 1-December 31, 2025.
RAUTE CORPORATION
Board of Directors
BRIEFING
A result briefing for analysts and the media will be organized at Eero studio in Sanomatalo, Töölönlahdenkatu 2, Helsinki on February 12, 2026, at 2:00 p.m. The financial statements release will be presented by President and CEO Mika Saariaho and CFO Ville Halttunen. The presentation material will be available at www.raute.com > Investors > Financial information > Result center after the briefing.
The event will be held in English, and it can be followed by a live webcast at https://raute.videosync.fi/q4-2025. After the presentation, it will be possible to ask questions via chat. The recording of the event will be available on the company's website later the same day.
FINANCIAL CALENDAR IN 2026
Raute will publish financial results in 2026 as follows:
- Business review January-March 2026 on Thursday, May 7, 2026
- Half-year financial report January-June 2026 on Wednesday, August 12, 2026
- Business review January-September 2026 on Friday, October 30, 2026.
Raute's Financial statements, the Board of Directors report including sustainability statement, Corporate governance statement, Remuneration report and Annual report 2025 will be published as a stock exchange release and on the company's website www.raute.com during week 11.
Annual General Meeting is tentatively scheduled to be held in Lahti on Tuesday, April 14, 2026, at 10:00 a.m. Finnish time. The meeting will be convened later by Raute's Board of Directors.
FURTHER INFORMATION:
Mr. Mika Saariaho, President and CEO, tel. +358 40 154 9393
Mr. Ville Halttunen, CFO, mobile phone +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer a full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, and in Pullman, WA, USA. Raute's net sales in 2025 were EUR 175.5 million. The Group's headcount at the end of 2025 was 698. More information about the company can be found at www.raute.com
