Slides
Page 1
Koskisen’s revenue increased – the positive development of productivity improved the profitability of the Sawn Timber Industry segment Koskisen Corporation Interim Report January-September 2025 CEO Jukka Pahta 14 November 2025
Page 2
⚫ Financial and operational development ⚫ Raw material sourcing ⚫ The strategy ensures sustainable growth ⚫ Questions can be asked through the question function of the webcast. Questions will be answered after the presentation. 14/11/2025 Agenda
Page 3
Financial and operational development
Page 4
67,8 83,8 Revenue, EUR million Financial and operational development 3,7 2,9 Adjusted EBITDA, EUR million 23.7 % 2.9 % Adjusted EBITDA-% 7-9/2025 24.1 % 8.7% Adjusted EBITDA-% 1-9/2025 January-SeptemberJuly-September 7-9/2024 7-9/2025 7-9/2024 7-9/2025 209,3 259,8 Revenue, EUR million 18,6 22,7 Adjusted EBITDA, EUR million 1-9/2024 1-9/2025 1-9/2023 1-9/2024 Change Change
Page 5
Strong financial position 14/11/2025 EUR million Unless otherwise stated 7-9 2025 7-9 2024 Change % 1-9 2025 1-9 2024 Change % Revenue 83.8 67.8 23.7 259.8 209.3 24.1 EBITDA 2.9 3.6 -20.7 22.8 18.5 22.8 Adjusted EBITDA 2.9 3.7 -21.3 22.7 18.6 22.3 Operating profit (EBIT) -1.0 0.4 -334.6 12.2 10.5 16.5 Profit for the period -1.6 -0.4 -258.4 7.6 6.7 12.7 Basic earnings per share, EUR -0.07 -0.02 0.32 0.29 Gross investments 5.8 9.7 32.9 27.5 Equity per share, EUR 6.9 6.4 Return on capital employed (ROCE), % 6.8 6.4 Working capital, end of period 61.4 50.4 Net cash flow from operating activities 13.2 5.4 Equity ratio, % 54.4 53.4 Gearing, % 24.6 17.2 July-September January-September
Page 6
Profit guidance for 2025 unchanged ⚫ Koskisen Group’s revenue for 2025 is expected to grow from the level of 2024. The adjusted EBITDA margin is expected to be 7–11 per cent. 14/11/2025
Page 7
Sawn Timber Industry Q3 2025 Positive development of productivity improved the profitability 14/11/2025 7 ⚫ Revenue increased significantly due to the increased delivery volumes of sawn timber. The acquisition of Iisveden Metsä was completed on 1 June 2025 ⚫ The improvement in EBITDA was attributable to increased sawn timber delivery volumes The continued improvement in the operating rate of the Järvelä sawmill supported profitability In spite of the weakened demand situation, the positive development of productivity improved the profitability and sawn timber production continued without reductions in production volumes. 34,6 50,2 Revenue, EUR million 7-9 2024 7-9 2025 100,0 146,4 Revenue, EUR million 1-9 2024 1-9 2025 1,7 2,6 EBITDA, EUR million 7-9 2024 7-9 2025 3,9 12,2 EBITDA, EUR million 1-9 2024 1-9 2025 EBITDA -% Q3/2025 5,2 %
Page 8
Investment to increase drying capacity will remove bottlenecks at the final stage of production ⚫ To increase sawmill production, the company is investing in new channel kilns The investment will increase drying capacity by approximately 15 percent It will also improve product quality ⚫ The investment ensures sufficient drying capacity for production volumes up to 450,000 m3 Since the completion of the log yard, the sawmill has been operated against the limits of the existing drying capacity ⚫ The new channel kilns are scheduled for completion in summer 2026 14/11/2025 8
Page 9
14/11/2025 9 The new district heating connection between the Järvelä mill sites and the launch of briquette production are expected to improve profitability by EUR 1.5 million
Page 10
Panel Industry Q3 2025 Investments carried out during the summer shutdown affected the volumes and average price of birch plywood ⚫ Revenue remained at the same level with the comparison period The increased delivery volumes of the Kore business had a positive impact on revenue Some of the equipment installations associated with the investment programme were delayed from the planned schedule, which affected the third-quarter volumes of birch plywood and the average price ⚫ EBITDA weakened from comparison period Non-recurring write-down The product mix of birch plywood products was weighted toward lower-priced standard panel grades 14/11/2025 10 EBITDA- % Q3/2025 0.5 % The volumes of the Kore business developed as planned and were clearly stronger compared to the comparison period due to increased demand and new customer accounts 33,1 33,6 Revenue, EUR million 7-9 2024 7-9 2025 1,8 0,2 EBITDA, EUR million 7-9 2024 7-9 2025 109,3 113,3 Revenue, EUR million 1-9 2024 1-9 2025 15,2 11,4 EBITDA, EUR million 1-9 2024 1-9 2025
Page 11
First phase of the Panel Industry investment program nearing completion ⚫ Equipment installations of the first phase of the investment program have largely been commissioned for production use The final stages will be completed in December Some equipment installations were delayed from the planned schedule during the summer shutdown ⚫ Investments implemented in the first phase focus, among other things, on the automation and modernization of drying, coating, and puttying processes Total value approximately EUR 12 million ⚫ The second phase of the investment program, planned for 2026, is currently under preparation 14/11/2025 11
Page 12
Wood raw material procurement
Page 13
Raw materian sourcing ⚫ Procurement of wood raw material proceeded as planned ⚫ The price level of wood raw material remained high during the quarter ⚫ Purchase prices for all wood assortments declined ⚫ Purchase volumes were higher than in the comparison period, mainly due to the increased wood consumption following the acquisition of Iisveden Metsä ⚫ Wood raw material inventories and reserves were at the planned level at the end of the quarter ⚫ Deliveries of pulpwood remained at a normal level, with slightly declining delivery prices ⚫ Energy wood deliveries remained moderate, and delivery prices were slightly lower 14/11/2025 13
Page 14
The strategy ensures sustainable growth
Page 15
14/11/2025 15 Fokus Key measures Impact Value for our customers High-quality products, innovative solutions, and the best service • Expanding Järvelä sawmill’s product range • Planed timber concept for Central Europe • Zero product family • Expanding customer base in light commercial vehicles and public transport sectors > Added value for customers > Stronger competitive advantage > More sustainable value chain and end product > Organic growth in revenue Developing our current operations Strengthening core operations and effective commercialization • Increasing Järvelä sawmill’s capacity to 450,000 m³ • Log yard • Channel kilns • District heating pipeline • Start of briquette production • Panel industry investment program: automation, quality, yield, delivery capability > Higher productivity > Improved profitability and price competitiveness > Järvelä sawmill + EUR 8 million p.a. > Reduced log yard logistics costs EUR 1.4 million p.a. > District heating and briquette production + EUR 1.5 million p.a. Bold steps Expansion of production and raw material availability • Acquisition of Iisveden Metsä • Sawmilling capacity • New customer relationships • Expanded wood procurement area • Growth in Panel Industry production and sales through increased sawing and wood procurement volumes > Inorganic and organic revenue growth > Ensuring raw material availability 14/11/2025 15 Revenue 500 M€ Inorganic and organic growth Profitability 15% EBITDA over cycle Maintaining strong balance sheet Financial targets by the end of 2027 Sustainable growth is progressing systematically
Page 16
Thank you.