Koskisen (KOSKI) Q1 2025 earnings summary

Executive summary

• Profitability improved with record-high sawmill production in Q1 2025, supported by increased delivery volumes and higher sawn timber prices.

• Growth strategy is advancing, including the acquisition of lisveden Metsä, which will boost wood procurement and sawing capacity.

• Revenue grew 35.4% year-over-year to EUR 86.3 million, with profitability improving for the fourth consecutive quarter.

• Panel Industry segment saw higher revenue but lower EBITDA due to increased costs; Kore business ramp-up completed.

• New log yard and sawmill investments have delivered significant cost savings and efficiency gains.

Financial highlights

• Revenue rose 35.4% year-over-year to EUR 86.3 million in Q1 2025.

• Adjusted EBITDA increased 71.6% to EUR 9.5 million, with an adjusted EBITDA margin of 11.0%.

• Operating profit (EBIT) nearly doubled to EUR 6.2 million, and net profit rose 85.4% to EUR 4.2 million.

• Basic EPS improved to EUR 0.18 from EUR 0.10 year-over-year.

• Net cash flow from operating activities was negative EUR 1.2 million, improving from negative EUR 5.5 million in Q1 2024.

Outlook and guidance

• Strategic target to reach EUR 500 million in revenue by 2027, with an average adjusted EBITDA margin of 15%.

• 2025 revenue expected to grow from 2024 levels; adjusted EBITDA margin guidance remains at 7–11%.

• Dividend policy aims for at least one-third of net profit to be distributed annually.