Nordic Fibreboard (SKN1T) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 was €1.86 million, up 7.3% year-over-year, driven by increased fibreboard sales, especially to Finnish DIY stores.

• EBITDA was negative €395 thousand (margin -21%), and net loss widened to €570 thousand, impacted by factory shutdowns and higher energy costs.

• Real estate segment revenue was immaterial after lease terminations; focus shifted to property development and sales.

Financial highlights

• Revenue increased to €1.86 million from €1.73 million in Q1 2025.

• EBITDA margin declined to -21% from -5% year-over-year.

• Net loss increased to €570 thousand from €228 thousand in Q1 2025.

• Operating cash flow was slightly negative at €13 thousand, a significant improvement from negative €528 thousand in Q1 2025.

• Total assets rose to €9.7 million, liabilities to €5.8 million, and equity to €3.9 million as of 31.03.2026.

Outlook and guidance

• Fibreboard demand expected to remain stable; focus on expanding Nordic market and developing new products.

• Real estate segment progressing with Admirali Quarter development; preliminary sale agreement for ten properties signed, finalization expected by 30.06.2026.