Koskisen's revenue increased – high raw material costs and lower by-product prices weighed on profitability

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

April–June 2026 in brief

• Revenue increased and amounted to EUR 104.4 (89.7) million.
• EBITDA amounted to EUR 7.4 (10.5) million.
• The EBITDA margin was 7.1 per cent (11.7).
• Adjusted EBITDA amounted to EUR 7.4 (10.3) million.
• The adjusted EBITDA margin was 7.1 per cent (11.5).
• Operating profit amounted to EUR 3.3 (7.0) million and was 3.1 per cent (7.8) of revenue.
• The profit for the financial period amounted to EUR 2.1 (5.0) million.
• Basic earnings per share were EUR 0.09 (0.21).

January–June 2026 in brief

• Revenue increased and amounted to EUR 209.4 (176.0) million.
• EBITDA amounted to EUR 13.9 (19.9) million.
• The EBITDA margin was 6.6 per cent (11.3).
• Adjusted EBITDA amounted to EUR 14.0 (19.8) million.
• The adjusted EBITDA margin was 6.7 per cent (11.2).
• Operating profit amounted to EUR 5.8 (13.2) million and was 2.8 per cent (7.5) of revenue.
• The profit for the financial period amounted to EUR 3.0 (9.2) million.
• Basic earnings per share were EUR 0.12 (0.40).

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 Half-Year 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:

In the second quarter, Koskisen Group’s revenue exceeded the one-hundred-million-euro mark for the second time, amounting to EUR 104.4 (89.7) million. Profitability declined year-on-year and the adjusted EBITDA was EUR 7.4 (10.3) million. Profitability was weakened by the average selling prices of sawn timber products being lower than last year and the high price of wood raw material, as well as higher costs for oil-derived raw materials, energy and logistics. Part of the increased costs was passed on to product prices, but the uncertain market situation slowed a full pass-through of costs into market prices.

The operating environment remained unstable. Geopolitical and economic uncertainty continued as conflicts were prolonged. In particular, oil- and gas-derived energy prices were volatile and trended upwards, which caused broad-based cost pressure. The interest rate environment was also affected by inflation. Together, these factors had a negative impact on companies’ willingness to invest, the recovery of construction and consumer confidence.

In the Sawn Timber Industry segment, production proceeded as planned. Demand for sawn timber processed products increased towards the end of the quarter. Profitability was weighed on by the weak market situation and high raw material and logistics costs. Lower sales prices for pulpwood and chips also weakened profitability. EBITDA declined to EUR 1.6 (4.2) million.

The new channel kilns at the Järvelä sawmill were completed on schedule in June, and their ramp-up is continuing. Combined with upgraded energy production, they make it possible to start increasing the production volume towards the targeted level of 450,000 m3 in Järvelä. In order for the target to be achieved, average production per shift needs to be increased over the coming months.

The investments at the Järvelä sawmill are nearing completion, with the modernisation of the dry sorting plant still remaining. This will be implemented in stages. The next stage will take place during the production shutdown at the turn of the year, and the remaining stages will be carried out according to a separate plan.

Wood procurement went according to plan and inventories were at a strong level. The availability of birch raw material was stable and the snow reserves of birch logs remained unopened until the summer shutdown. This provides a good starting point for production and wood supply during the second half of the year.

Wood trade was dominated by log trading. Log prices stabilised towards the end of the quarter but remain high. The price of pulpwood in the wood market has decreased substantially year-on-year, which has contributed to lower average selling prices for pulpwood and wood chips. Harvesting and logistics costs were increased by higher fuel costs.

In the Panel Industry segment, the demand for birch plywood remained at a good level, and selling prices rose slightly. This partially compensated for the increased raw material and freight costs. While production volumes were in line with expectations, challenges related to the adoption of new technology continued to have a negative impact on production efficiency and costs.

The demand for chipboard remained at a low level, although there were occasional signs of a recovery towards the end of the quarter. New customer relationships are also actively sought from outside the domestic market. Kore’s revenue continued its slight growth in spite of market challenges. The EBITDA of the Panel Industry segment decreased to EUR 5.6 (6.7) million.

During the summer shutdown, new production lines and equipment were installed to improve the efficiency, material yield and quality of production operations at the Järvelä plant in connection with the implementation of the second phase of the Panel Industry segment's investment programme. In addition to investments, measures aimed at improving process efficiency were initiated, particularly in birch plywood production.

The operating environment still involves risks, the most significant of which are prolonged disruptions related to the energy market. Such disruptions would have a direct impact on freight and raw material costs and an indirect impact on operations through a potential rise in interest rates. In spite of the uncertainties, we will continue the systematic implementation of sustainable growth: an opportunity lies in the potential for positive sentiment to spread in both the domestic market and export markets, especially in relation to construction and consumer demand.

Webcast

A webcast (in Finnish) in relation to January–June 2026 Half-Year Report will be held today on 13 August 2026 at 10:00 a.m. EEST. 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
puh. +358 20 553 4561

Media enquires:

Sanna Väisänen, Director, Sustainability and Communications, Koskisen Corporation
sanna.vaisanen@koskisen.com
puh. +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