LapWall (LAPWALL) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were EUR 9.1 million, down 10% year-over-year due to a challenging construction market.

• Operating profit before goodwill amortisation (EBITA) was EUR 0.6 million, 6.4% of net sales, reflecting a 42% decrease year-over-year.

• Order backlog increased by EUR 2.2 million since year-end, reaching EUR 14.5 million at March-end.

• The Pyhäntä plant investment is 66% complete, with commissioning and final inspection scheduled for May.

Financial highlights

• Net sales declined 10% year-over-year to EUR 9,145 thousand.

• EBITDA fell 32% to EUR 916 thousand, 10% of net sales.

• EBIT dropped 54% to EUR 365 thousand, 4% of net sales.

• Equity ratio decreased to 46.8% from 64.9% year-over-year.

Outlook and guidance

• 2025 net sales expected at EUR 40–45 million; EBITA guidance at EUR 3.0–4.0 million.

• Management sees cautiously positive outlook for the rest of 2025, with improved visibility and a strong offer base of EUR 61 million.

• Delayed projects in public and industrial construction expected to gradually launch, offsetting weak residential activity.

• Long-term strategy targets EUR 100 million net sales and 15–20% EBITA margin by 2030.