Slides
Page 1
Koskisen’s revenue increased and the profitability of the Panel Industry segment improved compared to the reference period Koskisen Corporation Financial Statements Release January-December 2025 CEO Jukka Pahta 13 February 2026
Page 2
⚫ Financial and operational development ⚫ Raw material sourcing ⚫ Sustainable growth is progressing ⚫ Questions can be asked through the question function of the webcast. Questions will be answered after the presentation. 13/2/2026 2 Agenda
Page 3
Financial and operational development
Page 4
Financial and operational development 13/2/2026 4 30.4% Change 25.7 % Change Revenue, EUR million Adjusted EBITDA, EUR million
Page 5
Strong financial position 13/2/2026 5 EUR million Unless otherwise stated 10-12 2025 10-12 2024 Change % 1-12 2025 1-12 2024 Change % Revenue 95.1 73.0 30.4 354.9 282.3 25.7 EBITDA 6.0 5.6 6.6 28.8 24.2 19.0 Adjusted EBITDA 6.2 5.7 8.6 28.9 24.3 19.0 Operating profit (EBIT) 2.1 2.5 -17.4 14.3 13.0 9.9 Profit for the period 1.0 1.5 -33.7 8.6 8.3 4.0 Basic earnings per share, EUR 0.04 0.07 0.37 0.36 Gross investments 9.1 5.3 42.1 32.9 Equity per share, EUR 6.8 6.5 Return on capital employed (ROCE), % 6.2 6.1 Working capital, end of period 57.8 45.9 Net cash flow from operating activities 19.7 14.0 Equity ratio, % 50.9 54.0 Gearing, % 26.3 15.4
Page 6
The new financing to support growth ⚫ During the review period, the company renewed its financing, which plays an important role with regard to the growth of working capital, which is associated with the company's growth, and also from the perspective of investments ⚫ The new long-term financing was agreed upon on more favourable terms than previously The financing agreement is unsecured The new financing agreement consists of a fixed- term loan of EUR 23.0 million and a credit facility of EUR 15.0 million ⚫ In addition, the company agreed a fixed term- loan of EUR 12.0 million The financing is allocated to ongoing investments 13/2/2026 6
Page 7
Dividend proposal ⚫ The Board of Directors proposes to the Annual General Meeting to be held in spring 2026 that a dividend of EUR 0.14 per share be paid. 13/2/2026 7
Page 8
Profit guidance for 2026 ⚫ Koskisen Group’s revenue for 2026 is expected to increase from the level of 2025. The adjusted EBITDA margin is expected to be 8–12 per cent. 13/2/2026 8
Page 9
Sawn Timber Industry Q4 2025 Higher sawn timber delivery volumes increased revenue 13/2/2026 9 ⚫ Revenue increased and amounted to EUR 57.5 (39.8) million Revenue increased due to the significantly increased delivery volumes of sawn timber The acquisition of Iisveden Metsä was completed on 1 June 2025 ⚫ EBITDA weakened to EUR 2.0 (3.3) million ⚫ The decline in EBITDA was due to higher prices of wood raw material, seasonally decreasing sawn timber prices toward the end of the year, as well as lower volumes of forest energy and lower prices of forest energy and pulpwood The EBITDA margin was 3.5 per cent (8.4) Revenue, EUR million EBITDA, EUR million There was no significant change in the demand for sawn timber compared to the reference period. The downturn in construction continued to affect demand for sawn timber.
Page 10
A year of strong growth in the Sawn Timber Industry ⚫ The year 2025 was a period of strong growth in the Sawn Timber Industry Revenue increased 46% amounting to EUR 203.9 (139.7) million Profitability improved 98% amounting to EUR 14.3 (7.2) million Sawn timber deliveries increased by 48% to 444,600 (300,900) m³ ⚫ The effect of the Iisveden Metsä business is reflected in the figures, but the segment also achieved significant organic growth, supported by increased volumes at the Järvelä sawmill The impact of organic growth on the Sawn Timber Industry’s revenue was approximately 27 percent ⚫ The production capacity has increased by approximately 70 per cent since 2022 13/2/2026 10
Page 11
Panel Industry Q4 2025 Higher delivery volumes of birch plywood improved profitability ⚫ Revenue increased and amounted to EUR 37.6 (33.2) million ⚫ The increase in revenue was primarily driven by higher delivery volumes of birch plywood Also, the increased delivery volumes compared to the comparison period of the Kore business had a positive impact on revenue ⚫ EBITDA improved to EUR 4.3 (2.5) million ⚫ The improvement in EBITDA was was driven by higher delivery volumes of birch plywood The weak construction cycle continued to weigh on chipboard demand and profitability The EBITDA margin was 11.4 per cent (7.6) 13/2/2026 11 Revenue, EUR million EBITDA, EUR million Demand for birch plywood improved slightly towards the end of the year. The downturn in construction continued to be reflected in demand for particleboard
Page 12
The second phase of the Panel Industry investment program has commenced – the first phase completed ⚫ The second phase of the investment programme began in early 2026 ⚫ In the second phase, the investments are focused on developing the further processing of veneer improving quality and productivity ⚫ The total value of the investments in the second phase is approximately EUR 7 million ⚫ The first phase of the investment programme, was completed at the end of December 2025 The benefits of the investments will gradually begin to materialise as the remaining production bottlenecks are resolved by future investments and efficiency improvement measures 13/2/2026 12
Page 13
Raw material sourcing
Page 14
Raw material sourcing ⚫ Wood raw material procurement proceeded as planned during Q4, with purchase volumes at the level of the comparison period ⚫ Raw material purchase prices declined slightly across all timber assortments toward the end of the quarter Raw material inventories were at the planned level at year-end Raw material stocks decreased toward the end of the quarter due to weak harvesting and transportation conditions in late autumn. ⚫ Pulpwood delivery volumes remained at the planned level, while delivery prices declined slightly ⚫ Energy wood delivery volumes remained moderate due to the warm weather at the end of the year. Delivery prices decreased compared to the comparison period. 13/2/2026 14
Page 15
Sustainable growth is progressing
Page 16
Sustainable growth in line with the strategy is progressing systematically 13/2/2026 16 -0.1 x 0.9 x Revenue, EUR million Adjusted EBITDA, EUR million EBITDA margin, % 1.5 x Equity ratio, % Net debt to EBITDA ratio 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 Revenue of EUR 500 million, including both organic and inorganic growth Adjusted EBITDA margin averaging 15% over the cycle Maintaining a strong balance sheet Financial targets by the end of 2027 271.3 282.3 354.9 33.1 24.3 28.9 54.8 54.0 50.9 12,2 8,6 8,1
Page 17
Thank You.