Nordic Fibreboard (SKN1T) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 14.7% year-over-year to €1.74 million, driven by increased industrial sector orders and growth in the Finnish market.

• Full-year 2025 revenue declined 3.5% to €7.33 million, with a net loss of €1.15 million, compared to a €786 thousand loss in 2024.

• EBITDA for Q4 2025 was negative €335 thousand, with a margin of -19%; full-year EBITDA was negative €420 thousand.

• Factory shutdown in December 2025 for a planned boiler house upgrade negatively impacted profitability.

Financial highlights

• Q4 2025 net loss was €580 thousand, up from €427 thousand in Q4 2024.

• Gross margin improved to 0% in Q4 2025 from -4.8% in Q4 2024.

• Total assets increased to €9.3 million at year-end 2025 from €8.3 million in 2024.

• Equity rose to €4.46 million, while liabilities increased to €4.86 million.

• Earnings per share for 2025 were -€0.14, compared to -€0.17 in 2024.

Outlook and guidance

• Fibreboard demand expected to remain stable; focus on Nordic market expansion and product development.

• Completion of energy efficiency investments, including a new boiler system, scheduled for January 2026.

• Real estate segment progressing with Admirali Quarter development; preliminary agreement for sale of ten properties signed in January 2026.