Tornator (TORNATOR) CMD 2026 presentation summary

Company overview and strategy

• Leading European sustainable forestry company, largest private forest owner in Finland, with 819,000 ha of forestland valued at €3.8bn at end-2025.

• Core business includes timber sales (91% of 2025 revenues), forestland acquisition, silvicultural services, and real estate activities such as land leasing and renewable energy projects.

• Mission is to generate sustainable well-being from forests, supporting biomaterials, carbon sequestration, and biodiversity.

• Dual-certified forests (FSC, PEFC), with 3.24% of Finland's forests and operations in Estonia and Romania.

• Updated strategy for 2025–2027 emphasizes quality, nature, and partnership growth.

Financial performance

• Net sales reached a record €232.2m in 2025, driven by higher timber prices and growth in silviculture services.

• Operative operating profit hit €168m, with a margin above 70%, and net profit rose to €114m.

• Investments in new forests reached nearly €170m in 2025, a record high.

• Stable leverage metrics: net debt/EBITDA at 6.0x, equity ratio at 59.8%.

Funding and credit profile

• Robust funding with €1,140m total debt at end-2025, including €750m in green bonds and €350m in bank loans.

• Significant refinancing in 2025 secured repayment of a €350m green bond maturing in 2026.

• Investment-grade credit rating (Baa3, Moody’s) maintained, with strong commitment to IG status.

• Interest rate hedging ratio at 81%, ensuring manageable interest costs.