Tornator (TORNATOR) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €102.7 million, down 2% year-over-year, with timber deliveries on plan but lower prices than the prior year.

• Operative operating profit was €72.5 million, down 2%, while IFRS operating profit fell 16% to €70.8 million.

• Over 12,000 hectares of new forest were acquired in Finland, with investments nearing €60 million.

• The company discontinued its own forestry worker operations, shifting all silviculture work to contractors.

• Biodiversity initiatives included restoring 201 hectares of peatlands and controlled burning on 11 hectares.

Financial highlights

• Net sales: €102.7 million (H1 2025: €104.5 million, -2%).

• IFRS operating profit: €70.8 million (H1 2025: €84.4 million, -16%).

• IFRS profit for the period: €44.9 million (H1 2025: €57.7 million, -22%).

• Comparable net profit: €47.4 million (H1 2025: €49.8 million, -5%).

• Equity ratio: 57.7% (H1 2025: 59.2%).

• Cash flow from operations before financial items and taxes: €29.3 million (H1 2025: €42.0 million).

Outlook and guidance

• Demand for wood is expected to strengthen in the second half of 2026, with moderate price increases.

• Cash flow and debt-servicing capacity are projected to remain stable and strong for the rest of the year.

• Long-term megatrends like climate change and population growth are expected to support demand for renewable wood.