Nordic Fibreboard (SKN1T) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were €1.87 million, a 14% decrease year-over-year, mainly due to lower sales in EU markets.

• EBITDA for Q2 2025 was negative €94 thousand, down from positive €217 thousand in Q2 2024, with a margin drop from 10% to -5%.

• Net loss for Q2 2025 was €268 thousand, compared to a net loss of €23 thousand in Q2 2024.

• The group consists of fibreboard production and real estate management segments, with the latter seeing reduced rental income due to terminated agreements.

Financial highlights

• Revenue for Q2 2025: €1.87 million (Q2 2024: €2.18 million); 6M 2025: €3.60 million (6M 2024: €4.14 million).

• EBITDA margin for Q2 2025: -5% (Q2 2024: 10%).

• Net margin for Q2 2025: -14% (Q2 2024: -1%).

• Total assets as of 30.06.2025: €8.85 million (30.06.2024: €9.25 million).

• Debt-to-equity ratio increased to 65% (30.06.2024: 53%).

Outlook and guidance

• Market remains stable but lacks expected growth; new customers are helping offset declines in some markets.

• Continued investment in product development and customer relationships, with a focus on energy-efficient and sustainable products.

• Real estate segment continues infrastructure and permit processes, with merger planned to simplify structure.