Koskisen (KOSKI) Q4 2025 earnings summary

Executive summary

• Revenue reached a record €354.9 million for 2025, up 25.7% year-over-year, driven by strong organic growth and the acquisition of Lisveden Metsä.

• Adjusted EBITDA improved to €28.9 million (8.1% margin), with operating profit at €14.3 million and net profit at €8.6 million.

• Growth strategy execution included significant investments and renewed financing on more favorable terms.

• The Board proposes a dividend of €0.14 per share for 2025, up from €0.12.

• Sawn Timber Industry led growth, while Panel Industry saw improved Q4 profitability but mixed full-year results.

Financial highlights

• Q4 2025 revenue was €95.1 million, up from €73.0 million in Q4 2024.

• Full-year adjusted EBITDA was €28.9 million (8.1% margin); operating profit €14.3 million; net profit €8.6 million (EPS €0.37).

• Gross investments totaled €42.1 million, with about half related to the Lisveden Metsä acquisition.

• Operating cash flow strengthened to €19.7 million.

• Equity per share €6.8; return on invested capital 6.2%.

Outlook and guidance

• Revenue for 2026 is expected to increase from 2025 levels, with an adjusted EBITDA margin target of 8–12%.

• Long-term target: €500 million revenue and 15% EBITDA margin by end of 2027.

• The company will continue executing its growth strategy, focusing on capacity expansion and operational efficiency.

• Market remains in a cyclical low, especially in construction, but management is confident in achieving long-term targets.