Koskisen (KOSKI) Q4 2024 earnings summary

Executive summary

• Revenue increased 4.1% year-over-year to EUR 282.3 million, driven by higher delivery volumes and stronger prices in the Sawn Timber Industry.

• Profitability declined due to higher raw material costs, ramp-up expenses in the Panel Industry, and lower Panel Industry volumes.

• Net profit for 2024 was EUR 8.3 million, a 59% decrease year-over-year; EPS was EUR 0.36.

• Major investments were made in production facilities, including a new log yard and a comprehensive plywood investment program.

• The Board proposes a dividend of EUR 0.12 per share for 2024.

Financial highlights

• Full-year revenue rose to EUR 282.3 million, up 4.1% from 2023; Q4 revenue was EUR 73.0 million, up 6.2%.

• Adjusted EBITDA for the year was EUR 24.3 million (down 26.7% year-over-year); Q4 adjusted EBITDA was EUR 5.7 million (margin 7.8%).

• Operating profit (EBIT) for the year was EUR 13.0 million, down 46.6% from 2023.

• Net profit for the year was EUR 8.3 million; Q4 net profit was EUR 1.5 million.

• Gross investments in 2024 totaled up to EUR 32.1 million, mainly for the new log yard and sawmill.

Outlook and guidance

• Revenue for 2025 is expected to grow from 2024 levels.

• Adjusted EBITDA margin guidance for 2025 is 7–11%.