Raute Corporation, Stock Exchange Release, 30 October 2026, at 8:00 a.m. EET
Raute's Business Review January-September 2026: Strong order intake in Q3 2026 despite continued market uncertainty
This is a summary of Raute Corporation's Business Review January-September 2026. The full review is as a PDF file attachment in this release and is also available on the company's website at www.raute.com.
RAUTE CORPORATION - BUSINESS REVIEW JANUARY-SEPTEMBER 2026
Figures in brackets refer to the same period a year earlier. Figures are unaudited and rounded to the nearest whole number.
July-September 2026 in brief
- Order intake was EUR 53 million (38)
- Order book was EUR 85 million (108) at the end of the reporting period
- Net sales were EUR 29.0 million (43.7)
- Comparable EBITDA was EUR 3.2 million (6.5), representing 11.0% (15.0%) of net sales
- Comparable operating profit was EUR 2.0 million (5.4)
- Operating profit was EUR 2.0 million (5.1)
- Comparable earnings per share were EUR 0.26 (0.69)
- Earnings per share were EUR 0.25 (0.65)
- Equity ratio was 66.2% (64.9%) at the end of the reporting period
January-September 2026 in brief
- Order intake was EUR 88 million (66)
- Net sales were EUR 95.4 million (139.3)
- Comparable EBITDA was EUR 11.4 million (20.4), representing 11.9% (14.6%) of net sales
- Comparable operating profit was EUR 7.7 million (16.2)
- Operating profit was EUR 7.2 million (12.9)
- Comparable earnings per share were EUR 1.02 (2.08)
- Earnings per share were EUR 0.95 (1.53)
KEY FIGURES (MEUR) | Q3/ | Q3/ | Change | Q1-Q3/ | Q1-Q3/ | Change | 2025 |
Net sales | 29.0 | 43.7 | -33.6 | 95.4 | 139.3 | -31.5 | 175.5 |
Exported portion of net sales, % | 73.1 | 60.0 | 72.2 | 57.4 | 60.2 | ||
Comparable EBITDA | 3.2 | 6.5 | -51.3 | 11.4 | 20.4 | -44.2 | 26.1 |
Comparable EBITDA % | 11.0 | 15.0 | 11.9 | 14.6 | 14.9 | ||
EBITDA | 3.2 | 6.3 | -49.6 | 10.9 | 18.0 | -39.4 | 23.6 |
EBITDA % | 10.9 | 14.4 | 11.4 | 12.9 | 13.4 | ||
Comparable operating profit | 2.0 | 5.4 | -62.9 | 7.7 | 16.2 | -52.9 | 20.8 |
Comparable operating profit, % | 6.9 | 12.3 | 8.0 | 11.7 | 11.8 | ||
Operating profit | 2.0 | 5.1 | -61.3 | 7.2 | 12.9 | -44.1 | 17.3 |
Operating profit, % | 6.8 | 11.7 | 7.5 | 9.3 | 9.8 | ||
Net result | 1.5 | 3.9 | -61.6 | 5.8 | 9.4 | -38.6 | 12.9 |
Comparable EPS, EUR | 0.26 | 0.69 | -62.8 | 1.02 | 2.08 | -51.2 | 2.70 |
EPS, EUR | 0.25 | 0.65 | -61.5 | 0.95 | 1.53 | -37.9 | 2.12 |
EPS (diluted), EUR | 0.25 | 0.62 | -59.7 | 0.94 | 1.49 | -36.9 | 2.06 |
Adjusted avg. no. of shares, 1000 pcs | 5,934 | 5,968 | 5,957 | 5,995 | 5,988 | ||
Adjusted avg. no. of shares, diluted, 1000 pcs | 5,934 | 6,244 | 6,116 | 6,290 | 6,279 | ||
Return on investment, (ROI), % | 18.6 | 33.9 | 32.5 | ||||
Return on equity, (ROE), % | 13.6 | 24.0 | 24.0 | ||||
Interest-bearing net liabilities | -20.6 | -26.9 | -38.0 | ||||
Equity ratio, % | 66.2 | 64.9 | 65.7 | ||||
Gearing, % | -37.8 | -49.6 | -65.5 | ||||
Gross capital expenditure | 0.7 | 0.7 | -9.9 | 2.3 | 2.5 | -7.6 | 4.6 |
% of net sales | 2.3 | 1.7 | 2.5 | 1.8 | 2.6 | ||
Research and development costs | 1.3 | 1.1 | 18.5 | 3.9 | 3.9 | -0.2 | 4.8 |
% of net sales | 4.5 | 2.6 | 4.1 | 2.8 | 2.8 | ||
Order book | 85 | 108 | -21.4 | 98 | |||
Order intake | 53 | 38 | 37.6 | 88 | 66 | 33.1 | 91 |
Personnel, at the end of the period | 673 | 696 | -3.3 | 698 | |||
Personnel, effective, on average | 661 | 734 | -9.9 | 710 |
Review from Mika Saariaho, President and CEO
The market environment remained challenging during the third quarter of 2026, reflecting the prolonged downturn affecting our industry globally. While customer investment activity remained subdued overall, we observed some increase in discussions related to modernization and productivity-enhancing investments. Most notably, we secured a EUR 31 million contract related to a plywood mill expansion project in Estonia. The order demonstrates the competitiveness of our offering and the value of our long-standing customer relationships. While this was an important positive development for Raute, we expect continuing overall volatility in customers' investment activity.
Order intake increased significantly during the quarter to EUR 53 million from EUR 38 million in the comparison period. Supported by the Estonia project, our order book increased to EUR 85 million at the end of September. Net sales totaled EUR 29.0 million, compared with EUR 43.7 million in the third quarter of 2025. Comparable EBITDA amounted to EUR 3.2 million, or 11.0 percent of net sales, compared with EUR 6.5 million and 15.0 percent in the comparison period. Profitability was supported by good progress in customer delivery projects, disciplined cost control and the release of certain project provisions. However, lower business volumes following the subdued order intake levels of previous quarters continued to weigh on earnings across the Group.
Performance varied across our business units. In Wood Processing, lower business volumes weighed on both net sales and profitability. Nevertheless, profitability remained at a relatively good level considering the lower sales volumes, supported by the release of certain project provisions and good progress in customer delivery projects. Services and Analyzers delivered relatively stable performance compared with the previous year despite the challenging market environment.
During the quarter, we continued to focus on operational execution, efficiency improvements and maintaining strong customer delivery performance. These priorities remain particularly important in the current market environment and help ensure that Raute remains well positioned regardless of market development. We also continued to develop our lifecycle service offering and support our customers in improving productivity and operational efficiency.
The long-term fundamentals supporting our industry remain intact, although near-term market visibility continues to be limited. Customers remain cautious regarding investment decisions, but interest in productivity and efficiency-enhancing solutions continues. While we continue to expect volatility in customers' investment activity, Raute's strong balance sheet and continued focus on operational excellence, disciplined cost management and successful customer deliveries position us well to navigate the current market environment and respond when market conditions improve.
BUSINESS ENVIRONMENT
Raute's customers' business environment remained challenging during the third quarter of 2026. Market conditions continued to vary by region and product segment. Construction activity, financing conditions, geopolitical uncertainty and trade-policy measures continued to influence demand for veneer, plywood and LVL products and customers' investment appetite.
In Europe, the market for veneer-based products remained mixed. Hardwood plywood indicators were comparatively resilient while, in contrast, softwood plywood demand remained weak. The outlook for European construction improved gradually but remained uneven. Euroconstruct's June 2026 forecast indicated that the European construction sector was recovering more slowly than previously expected. Weak housing demand, elevated costs and constrained financing continued to affect major markets including Germany, France and Italy. These conditions continued to limit a broader recovery in demand for construction-related wood products.
In North America, housing affordability and financing conditions continued to constrain demand for structural wood products. U.S. housing starts in August were 2.6% below July and 1.2% below August 2025, while single-family starts increased from the previous month. The escalation of the U.S.-Canada trade dispute added further uncertainty to the regional wood-products market. During the quarter, the United States imposed additional tariffs on selected Canadian products, largely including the veneer, plywood and LVL products. The measures increased the risk of higher cross-border costs and changes in trade flows, adding uncertainty to producers' operating environment and investment decisions. The 2026 industry outlook for North American engineered wood products remained subdued: structural panel production was forecast to decline, while LVL production was expected to grow only modestly.
In Asia, selected plywood trade indicators were more positive. Japanese plywood imports increased by 6.1% year on year in the second quarter, following growth in the first quarter. At the same time, international trade measures continued to reshape plywood supply flows. In the United States, final trade-remedy decisions concerned hardwood and decorative plywood imports from China, Indonesia and Vietnam, while the European Commission opened an anti-circumvention investigation concerning certain Chinese plywood imports.
Overall, the near-term operating environment for Raute's customers remained uncertain and regionally divergent. Hardwood plywood markets showed relative resilience in selected European and Asian markets, while softwood plywood and North American construction-related demand remained under pressure. Despite the overall challenging sentiment in the construction sector, specific market segments, such as application of birch plywood for LNG carrier containment systems, continue to provide lucrative business opportunities. Customers' longer-term investment needs continue to be linked to competitiveness, production efficiency, increasing sustainability requirements and the modernization of existing capacity, but the timing of larger investment decisions remains sensitive to demand visibility, financing conditions and trade-policy developments.
GUIDANCE STATEMENT FOR 2026 (Specified)
Based on actual performance during January-September 2026, as well as the current order backlog and market outlook, Raute specifies its financial guidance within the previously communicated range.
Raute's 2026 net sales are expected to be between EUR 125-135 million (EUR 175.5 million in 2025) and comparable EBITDA is expected to be between EUR 13-16 million (EUR 26.1 million in 2025).
Previous guidance (August 12, 2026)
Raute's 2026 net sales are expected to be between EUR 125-145 million (EUR 175.5 million in 2025) and comparable EBITDA is expected to be between EUR 11-18 million (EUR 26.1 million in 2025).
RAUTE CORPORATION
Board of Directors
BRIEFING AND INVITATION TO THE WEBCAST
A result briefing for analysts and the media will be organized at Eero studio in Sanomatalo, Töölönlahdenkatu 2, Helsinki on October 30, 2026, at 2:00 p.m. EET. The Business Review will be presented by President and CEO Mika Saariaho and CFO Ville Halttunen.
The presentation material will be available at www.raute.com > Investors > Reports and publications > Presentations and publications after the briefing.
The event will be held in English, and it can be followed by a live webcast at https://raute.events.inderes.com/q3-2026. 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 2027
Raute will announce its financial calendar for 2027 through a stock exchange release later in 2026.
FURTHER INFORMATION:
Mika Saariaho, President and CEO, tel. +358 40 154 9393
Ville Halttunen, CFO, mobile phone +358 50 3460868
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute acts as a partner for a sustainable future for the wood products industry. Our technologies cover various production processes as well as supporting digital and analyzer solutions for industrially manufactured wood products. In addition, we offer comprehensive service concepts from spare parts to regular maintenance and production modernizations. Our innovative technologies, software and service concepts are designed to support the efficient use of natural resources in our customers' production. Raute is the only turnkey supplier in the world that offers mill-wide technology solutions for veneer, plywood and LVL production. Raute's head office and largest production plant is located in Lahti. 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 about Raute: www.raute.com.
