Nordic Fibreboard (SKN1T) Q2 2026 earnings summary

Executive summary

• Net revenue in Q2 2026 rose 21.4% year-over-year to €2.27 million, driven by new customer sales.

• EBITDA for Q2 2026 was negative €225 thousand, with a margin of -10%, impacted by a sharp increase in gas prices.

• Net loss for Q2 2026 widened to €414 thousand from €268 thousand in Q2 2025.

• The group completed design works and secured building permits for the Admirali Quarter real estate project.

Financial highlights

• Q2 2026 revenue: €2.263 million (Q2 2025: €1.868 million); 6M 2026 revenue: €4.124 million (6M 2025: €3.603 million).

• Q2 2026 EBITDA: -€225 thousand (Q2 2025: -€94 thousand); 6M 2026 EBITDA: -€620 thousand (6M 2025: -€180 thousand).

• Q2 2026 net loss: €414 thousand (Q2 2025: €268 thousand); 6M 2026 net loss: €984 thousand (6M 2025: €497 thousand).

• Total assets as of 30.06.2026: €9.4 million; equity: €3.5 million; debt-to-equity ratio: 63%.

• Operating cash flow for 6M 2026: -€25 thousand (6M 2025: -€621 thousand).

Outlook and guidance

• Demand for fibreboard expected to remain stable; sales volumes anticipated to hold at current levels.

• Gas prices continue to negatively impact profitability, with no near-term solution expected.

• Focus on developing Nordic markets and expanding product offerings, especially interior finishing panels.