Nordic Fibreboard (SKN1T) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was €1.74 million, down 12% year-over-year, mainly due to lower sales in Asia, Middle East, and Africa.

• Net loss widened to €228 thousand from €73 thousand in Q1 2024, with negative EBITDA of €85 thousand versus positive €53 thousand last year.

• Gross margin declined to 7% from 13% year-over-year, reflecting reduced profitability.

• The group consists of fibreboard production and real estate management segments, with 69 employees as of March 31, 2025.

Financial highlights

• Revenue fell to €1.74 million from €1.96 million year-over-year; net loss increased to €228 thousand from €73 thousand.

• EBITDA margin was negative 5% (Q1 2024: positive 3%); operating margin negative 13%.

• Total assets decreased to €8.7 million (Q1 2024: €9.1 million); equity dropped to €3.4 million.

• Debt-to-equity ratio rose to 61% from 52% year-over-year.

• Earnings per share was negative €0.05 (Q1 2024: negative €0.02).

Outlook and guidance

• 2025 expected to remain challenging, especially in the construction sector, with Finland as the largest export market showing no growth.

• Focus on increasing sales volumes, digital solution upgrades, and factory energy system modernization.

• Real estate segment to continue design and permitting for new residential and commercial properties.