Tornator (TORNATOR) H2 2024 earnings summary

Executive summary

• Revenue reached a record €213 million, up 9.3% year-over-year, driven by strong wood demand and higher prices.

• Adjusted operating profit hit €154.1 million, and comparable net profit was €103.2 million, both new records.

• Forest assets in Finland surpassed 700,000 hectares after acquiring nearly 24,000 hectares.

• Significant progress in climate and biodiversity programs, including a new partnership with WWF.

• The company distributed €70 million in dividends for 2024.

Financial highlights

• Turnover: €213.0 million (+9.3% year-over-year).

• Adjusted operating profit: €154.1 million (vs. €141.8 million in 2023).

• Net profit: €132.5 million (vs. €340.6 million in 2023, due to lower fair value gains).

• Equity: €2.2 billion; equity ratio: 59.8%.

• Fair value of forest assets: €3.6 billion (up from €3.5 billion).

Outlook and guidance

• Long-term demand for renewable wood expected to rise due to climate change and population growth.

• Financial performance and debt service capacity projected to remain stable.

• Wind and solar projects to be advanced where possible; forestland market expected to remain stable.