Koskisen (KOSKI) Q4 2025 earnings summary

Executive summary

• Revenue reached a record €354.9 million in 2025, up 25.7% year-over-year, with organic growth contributing about 16% and strong expansion in both Sawn Timber and Panel segments.

• Adjusted EBITDA improved to €28.9 million (8.1% margin), with Q4 EBITDA at €6.2 million (6.5% margin), though margins declined slightly due to high raw material costs.

• Net profit for the year was €8.6 million, with EPS at €0.37; operating profit (EBIT) was €14.3 million.

• Growth was driven by systematic execution of the growth strategy, including the acquisition of Lisveden Metsä/Iisvesi forest business.

• The board proposes a dividend of €0.14 per share for 2025.

Financial highlights

• Q4 revenue was €95.1 million, up 30.4% year-over-year; full-year revenue rose to €354.9 million, a 25.7% increase.

• Full-year adjusted EBITDA was €28.9 million (8.1% margin); Q4 EBITDA was €6.2 million (6.5% margin).

• Operating profit (EBIT) for 2025 was €14.3 million (4.0% margin); net profit was €8.6 million (EPS €0.37).

• Gross investments totaled €42.1 million, with about half related to the Lisveden Metsä/Iisvesi acquisition.

• Net cash flow from operations was €19.7 million; equity ratio at year-end was 50.9%.

Outlook and guidance

• 2026 revenue is expected to grow from the record 2025 level, with an adjusted EBITDA margin target of 8–12%.

• Long-term target is €500 million revenue and 15% EBITDA margin by end of 2027.

• Management remains confident in achieving long-term targets despite a cyclical low in construction.