Nordic Fibreboard (SKN1T) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached €1.99 million, up 2.5% year-over-year, with EBITDA turning positive at €94 thousand and a margin of 5% compared to a negative margin last year.

• Net loss narrowed to €77 thousand from €263 thousand in Q3 2024, reflecting improved profitability and cost control.

• Gross margin increased to 24% from 16% year-over-year, indicating better operational efficiency.

Financial highlights

• 9M 2025 revenue was €5.59 million, down from €6.08 million in 9M 2024.

• 9M 2025 net loss was €574 thousand, compared to €358 thousand in 9M 2024.

• Total assets as of 30.09.2025 were €9.19 million, up from €8.78 million a year earlier.

• Debt-to-equity ratio increased to 67% from 54% year-over-year.

• Cash outflow from operations for 9M 2025 was €553 thousand; net cash outflow for the period was €43 thousand.

Outlook and guidance

• Fibreboard demand expected to remain stable in coming months, with focus on product development and expanding sales channels.

• Investment in modern energy solutions underway, with boiler system upgrade planned for completion by year-end.

• Real estate development projects advancing, with building permits in final stages and further development decisions pending market analysis.