Overview of operating results
Consolidated net sales for 2025 were € 7.33 million, which is a decrease of 3.4% compared to 2024 sales of € 7.59 million. The sales revenue from the production of fibreboard was € 7.33 million in 2025 (2024: € 7.57 million). Sales to the EU which makes up 92% of the sales held relatively flat. Sales to other regions dropped compared to 2024, with Africa and Asia seeing the sharpest drops. The sales revenue in 2025 from real estate management was € 3 thousand (2024: € 25 thousand).
The consolidated EBITDA of Nordic Fibreboard AS for 2025 was negative € 0.42 million (2024: € negative 0.03 million). EBITDA margin in 2025 was negative 6% representing a decrease of 6 percentage points compared to 2024 (2024: 0%). The negative EBITDA in both 2025 and 2024 was attributable to the factory shutdown in December - in 2025 this occurred as planned in order to transition to the new gas boiler house, while in 2024 it was unplanned due to a force majeure situation, when production was temporarily suspended due to structural damage caused by weather conditions. During the shutdown, personnel costs, ongoing factory maintenance costs, and repair costs continued to accrue, all of which had a negative impact on EBITDA.
The consolidated net loss of Nordic Fibreboard AS for 2025 was € 1.15 million (2024: net loss € 0.79 million).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| € thousand | 31.12.2025 | 31.12.2024 |
| Cash and cash equivalents | 5 | 53 |
| Receivables and prepayments (Note 5) | 790 | 571 |
| Inventories (Note 6) | 1,034 | 624 |
| Total current assets | 1,829 | 1,248 |
| Investment property (Note 7) | 2,541 | 2,380 |
| Financial assets at fair value through profit or loss (Note 9) | 0 | 499 |
| Property, plant, equipment and right-of use assets (Note 8) | 4,952 | 4,122 |
| Intangible assets (Note 8) | 1 | 3 |
| Total non-current assets | 7,494 | 7,004 |
| TOTAL ASSETS | 9,323 | 8,252 |
| Borrowings (Note 10) | 2,963 | 1,111 |
| Payables and prepayments (Note 11) | 1,553 | 788 |
| Short-term provisions (Note 12) | 24 | 21 |
| Total current liabilities | 4,540 | 1,920 |
| Long-term borrowings (Note 10) | 205 | 2,613 |
| Long-term provisions (Note 12) | 72 | 94 |
| Other long-term liabilities | 44 | 9 |
| Total non-current liabilities | 321 | 2,716 |
| Total liabilities | 4,861 | 4,636 |
| Share capital (at nominal value) (Note 13) | 850 | 450 |
| Share premium | 1,600 | 0 |
| Statutory reserve capital | 45 | 45 |
| Retained earnings | 1,967 | 3,121 |
| Total equity | 4,462 | 3,616 |
| TOTAL LIABILITIES AND EQUITY | 9,323 | 8,252 |
A copy of Nordic Fibreboard AS audited annual report for 2025 is attached to the announcement and is also published on NASDAQ Tallinn and Nordic Fibreboard web page.
The ESEF-compliant machine-readable annual report is generated only in Estonian language.
Danel Hirbaum
Member of the Management Board
Nordic Fibreboard AS
E-mail: group@nordicfibreboard.com
