Koskisen's revenue growth continued, higher costs weighed on profitability

Koskisen’s revenue growth continued, higher costs weighed on profitability

This release is a summary of Koskisen Corporation’s January–September 2026 Interim Report. The complete Interim Report is attached, and also available on the company’s website at koskisen.com/investors.

July–September 2026 in brief

• Revenue increased and amounted to EUR 90.7 (83.8) million.
• EBITDA amounted to EUR 2.7 (2.9) million.
• The EBITDA margin was 3.0 per cent (3.4).
• Adjusted EBITDA amounted to EUR 2.9 (2.9) million.
• The adjusted EBITDA margin was 3.2 per cent (3.5).
• Operating result amounted to EUR -1.4 (-1.0) million and was -1.6 per cent (-1.2) of revenue.
• The result for the period amounted to EUR -1.7 (-1.6) million.
• Basic earnings per share were EUR -0.07 (-0.07).

January–September 2026 in brief

• Revenue increased and amounted to EUR 300.0 (259.8) million.
• EBITDA amounted to EUR 16.7 (22.8) million.
• The EBITDA margin was 5.6 per cent (8.8).
• Adjusted EBITDA amounted to EUR 16.9 (22.7) million.
• The adjusted EBITDA margin was 5.6 per cent (8.7).
• Operating result amounted to EUR 4.3 (12.2) million and was 1.4 per cent (4.7) of revenue.
• The result for the period amounted to EUR 1.3 (7.6) million.
• Basic earnings per share were EUR 0.05 (0.32).

The figures in brackets refer to the comparison period, i.e. the corresponding period in the previous year, unless specified otherwise. The business operations of Iisveden Metsä are included in the figures in this Interim Report starting from 1 June 2025.

The profit guidance (published on 13 May 2026):

Koskisen Group’s revenue for 2026 is expected to increase from the level of 2025. The adjusted EBITDA margin is expected to be below the level of full year 2025 (2025: 8.1%).

Key figures

CEO Jukka Pahta:

The Koskisen Group's growth continued in line with its strategy. The third quarter was the eleventh consecutive quarter of growth, and the Group's revenue increased to EUR 90.7 (83.8) million. Profitability remained at the level of the comparison period, and adjusted EBITDA was EUR 2.9 (2.9) million.

Financial performance in the third quarter varied by segment. Profitability in the Panel Industry improved from the comparison period, while it weakened in the Sawn Timber Industry. In the early part of the quarter, seasonality and maintenance shutdowns weighed on results. Towards the end of the quarter, performance was more positive.

The volatile operating environment increased costs and weighed on demand. The situation in the Middle East kept energy prices high, which was reflected widely in freight, wood harvesting and transport, as well as in adhesives and coatings in the Panel Industry. Due to moderate demand, passing the increased costs on to end-product prices was challenging in both businesses.

Central banks responded to inflation by raising interest rates, which delayed the recovery of construction, particularly residential construction and renovation. In the US, long-term mortgage rates continued to rise. As the US accounts for around one third of the global sawn timber market, weak demand there also increased price pressure in Europe. In Central Europe, customers bought strictly according to their needs.

Demand in the Sawn Timber Industry was weak, although in line with forecasts and normal seasonal variation. Profitability was burdened by high log prices, low by-product prices, and increased harvesting, transport and freight costs. After the shutdowns, production was ramped up as planned, and both sawmills reached their planned production levels. EBITDA in the Sawn Timber Industry decreased to EUR 1.0 (2.6) million. The most intensive investment phase at the Järvelä sawmill is nearing completion for the time being. The second phase of the renewal of the dry sorting plant will be carried out during the year-end shutdown.

Wood trade was quiet for the time of year, and log prices remained high. Wood supply was scarce, but wood procurement proceeded according to plan and wood reserves remained at the target level. Demand for pulpwood and wood chips remained reasonable. Forest energy deliveries started slightly earlier than expected, and the market outlook is generally somewhat better than last autumn.

In the Panel Industry, birch plywood prices increased slightly, with deliveries at the planned level. The veneer processing investments carried out during the summer shutdown were completed on schedule, and their ramp-up proceeded as planned. The slower-than-expected ramp-up of previously introduced technology continued to weigh slightly on production volumes and costs. Demand for chip board remained weak, and we are actively seeking new chip board customers. The Kore business continued to grow in line with its strategy. EBITDA in the Panel Industry improved to EUR 1.8 (0.2) million.

We have systematically implemented the company's growth strategy through significant investments and a business acquisition. As the operating environment remains challenging, we need increasingly determined measures to develop our own operations and improve our competitiveness. We are now planning to simplify the organisation and streamline processes to accelerate the implementation of the company's growth strategy. To support this, we initiated change negotiations covering the majority of our operations in Finland.

If implemented, the planned measures would affect various functions across the Group. In the Panel Industry, they continue the previously announced changes to the business management and management model: the management team has been streamlined, and the recruitment of a new Director, Panel Industry, is currently underway. The Panel Industry's ongoing investment programme has enabled volume growth and automated production phases. In the Sawn Timber Industry, the significant investments in the Järvelä sawmill are nearing completion. The focus now shifts to renewing the organisation and streamlining processes, so that we can gain the full benefit of the investments and serve our customers with greater agility.

Near-term risks are elevated. Prolonged energy market disruptions and high interest rates, the mismatch between wood raw material and end-product prices, and the effects of a warm winter on harvesting conditions may affect profitability. Once interest rates turn, demand may recover quickly, but this appears unlikely in the short term. We are now focusing strongly on improving the competitiveness of our own operations.

Webcast

A webcast (in Finnish) in relation to the January–September 2026 Interim Report will be held today on 12 November 2026 at 10:00 a.m. EET. The webcast can be followed at koskisen.com/videos. The presentation material and a recording of the webcast will be available on the company’s website afterwards.

For further information, please contact:

Jukka Pahta, CEO, Koskisen Corporation
jukka.pahta@koskisen.com
tel. +358 20 553 4561

Media enquiries:

Sanna Väisänen, Director, Sustainability and Communications, Koskisen Corporation
sanna.vaisanen@koskisen.com
tel. +358 20 553 4563

Koskisen is an international wood processing specialist and known for its agility and ability to listen to the customer. We utilise our valuable wood raw material as thoroughly as possible, up to the last particle of sawdust. We manufacture high-quality and sustainable circular bioeconomy products that store carbon for decades. The Group’s revenue in 2025 was EUR 355 million. Read more: koskisen.com