Koskisen (KOSKI) Q3 2025 earnings summary

Executive summary

• Revenue increased year-over-year for both Q3 and the nine-month period, driven by higher delivery volumes and productivity improvements, especially in the Sawn Timber Industry segment.

• Profitability improved in Sawn Timber despite weakened demand, while Panel Industry faced challenges from delayed investments, a weaker product mix, and a €0.9M inventory write-down.

• Q3 profitability declined, with adjusted EBITDA at €2.9M (down from €3.7M) and an adjusted EBITDA margin of 3.5% (5.5%).

• The acquisition of lisveden Metsä was completed in June 2025, contributing to increased volumes and integration progress.

Financial highlights

• Q3 2025 revenue was €83.8M, up 23.7% from Q3 2024; nine-month revenue reached €259.8M, up 24.1% year-over-year.

• Adjusted EBITDA for Q3 2025 was €2.9M (down 21.3% year-over-year); nine-month adjusted EBITDA was €22.7M, up 22.3%.

• Q3 2025 operating profit (EBIT) was -€1.0M; profit for the period was -€1.6M.

• Basic EPS for Q3 2025 was -€0.07; for the nine months, €0.32.

• Equity ratio at period end: 54.4%; net cash flow from operating activities for nine months: €13.2M.

Outlook and guidance

• 2025 revenue is expected to grow from 2024 levels, with an adjusted EBITDA margin forecasted at 7–11%.

• Long-term targets include €500M revenue and a 15% adjusted EBITDA margin by 2027.