Nordic Fibreboard AS Unaudited Results For Fourth Quarter Of 2025

2026-02-27 02:01:26

(MENAFN- GlobeNewsWire - Nasdaq) MANAGEMENT REPORT

Nordic Fibreboard AS consolidated net revenue in Q4 2025 was €1.74 million, representing a 14.7% increase compared to the same period of the previous year (Q4 2024: €1.51 million). The Group's main business activity is the production and wholesale of fibreboard, which accounted for the vast majority of the Group's revenue in Q4 2025. The second segment is the management of the property located on Suur-Jõe Street in Pärnu, which contributed 0.04% of total Q4 2025 revenue (Q4 2024: 0.1%). In August 2024, the lease agreements for the building on Suur-Jõe Street were terminated due to the specific characteristics of the production building complex located there, which caused high administrative costs that rental income was unable to cover.

Q4 2025 revenue increased by €222 thousand compared to Q4 2024. Revenue in Q4 2025 was €1.74 million compared to €1.51 million in Q4 2024.

Nordic Fibreboard's consolidated EBITDA in Q4 2025 was negative €335 thousand, with an EBITDA margin of negative 19% (Q4 2024 EBITDA: negative €276 thousand, EBITDA margin: negative 18%). The Q4 2025 results were negatively impacted by the planned shutdown of the factory for the entire month of December to allow the company to transition to a new gas boiler house. In December 2024, the factory was forced to shut down due to a force majeure situation, which negatively affected Q4 2024 results. Compared to Q4 2024, the Group's gross margin improved from -4.8% to 0% in Q4 2025, indicating that the Group's profitability in Q4 2025 has improved relative to the same period of the previous year.

Financial income in Q4 2025 was €1 thousand (Q4 2024 financial income was €68 thousand, consisting of the revaluation of Trigon Property Development (TPD) shares). Financial expenses in Q4 2024 were €115 thousand, consisting of loan interest costs and late payment interest (€87 thousand in Q4 2024).

The Group's consolidated net loss for Q4 2025 was €580 thousand (Q4 2024 net loss: €427 thousand).

FIBREBOARD PRODUCTION AND SALES

Although revenue declined by 3.2% when comparing 2025 to 2024 as a whole, growth was observed when comparing Q4 2025 to Q4 2024. Fibreboard sales revenue in Q4 2025 was €1.74 million compared to €1.51 million in Q4 2024, representing an increase of €222 thousand compared to the fourth quarter of the previous year. The improvement in sales results was supported primarily by industrial sector clients, whose order volume increased in Q4 2025 compared to Q4 2024. A growth trend was also observed in sales to Finland, the largest export market, where revenue reached €426 thousand in Q4 2025, compared to €318 thousand in Q4 2024. On a 12-month rolling basis as of Q4 2025, revenue from the Finnish market amounted to €2.4 million, compared to €2.2 million as of Q4 2024.

The fibreboard segment's EBITDA in Q4 2025 was negative €289 thousand (Q4 2024: negative €244 thousand). The fibreboard segment's net loss in Q4 2025 was €535 thousand (Q4 2024 net loss: €390 thousand).

The negative EBITDA in both 2025 and 2024 was attributable to the factory shutdown in December - in 2025 this occurred as planned in order to transition to the new gas boiler house, while in 2024 it was unplanned due to a force majeure situation. During the shutdown, personnel costs, ongoing factory maintenance costs, and repair costs continued to accrue, all of which had a negative impact on EBITDA.

Fibreboard sales by geographical segments

	€ thousand	€ thousand
Region	Q4 2025	Q4 2024	12M 2025	12M 2024
European Union	1,436	1,310	6,699	6,896
Asia	89	111	161	212
Africa	50	49	200	305
Middle East	55	41	96	139
Other regions	105	1	169	15
TOTAL	1,735	1,512	7,325	7,567

Real estate management

As a secondary activity, the Group owns and manages the former furniture factory property located at Suur-Jõe 48 in the city of Pärnu, for which a detailed plan has been established for residential real estate development. Previously, the Suur-Jõe 48 property was owned and managed by Pärnu Riverside Development OÜ, a wholly owned subsidiary of Nordic Fibreboard AS, however on 30.07.2025 Nordic Fibreboard AS and Pärnu Riverside Development OÜ entered into a merger agreement, under which Nordic Fibreboard AS was the acquiring entity and Pärnu Riverside Development OÜ was the entity being absorbed. The merger date was 01.06.2025 and as a result of the merger, the Suur-Jõe 48 property is now directly owned by Nordic Fibreboard AS.

The design works for the Admirali Quarter development project at Suur-Jõe 48 have been completed. Building permits have been issued for the internal roads and utility networks within the quarter, for apartment buildings at Admirali 1/3, Admirali 5/7, and Admirali 9/11, as well as for the reconstruction of the existing office building at Suur-Jõe 48.

Consolidated statement of financial position and cash flow statement

As of 31.12.2025 the total assets of Nordic Fibreboard AS were € 9.3 million (31.12.2024: 8.3 million). The liabilities of the company as of 31.12.2025 were € 4.86 million (31.12.2024: € 4.6 million), of which the Group has payables of € 1.2 million as at 31.12.2025 (31.12.2024: € 0.4 million) and borrowings of € 3.2 million as at 31.12.2025 (31.12.2024: € 3.7 million).

Receivables and prepayments amounted to € 0.8 million as at 31.12.2025 (31.12.2024: € 0.6 million). Inventories were € 1.0 million as of 31.12.2025 (31.12.2024: € 0.6 million). Fixed assets were € 7.5 million as of 31.12.2025 (€ 7.0 million as of 31.12.2024).

The Group's operating result during the twelve month of 2025 was negative cash flow of € 503 thousand (positive cash flow of € 174 thousand in the twelve month of 2024). Cash outflows due to investment activities was € 989 thousand during 2025 twelve months, mainly consisting of investments into production assets of € 1 367 thousand and real estate related investments of € 161 thousand and sale of TPD shares in amount of € 539 thousand (2024 twelve months: cash outflow € 289 thousand). Financing activities also resulted in cash inflows of € 1 444 thousand during 2025 twelve months (2024 twelve months: cash inflow of € 509 thousand). Net cash flow during 2025 twelve months was cash outflow of € 49 thousand, (2024 twelve months: cash inflow € 46 thousand).

Financial highlights

€ thousand
Income statement	Q4 2025	Q4 2024	12M 2025	12M 2024
Revenue	1,736	1,514	7,328	7,592
EBITDA	(335)	(276)	(420)	(25)
EBITDA margin	(19%)	(18%)	(6%)	(0%)
Operating profit	(466)	(408)	(940)	(547)
Operating margin	(27%)	(27%)	(13%)	(7%)
Net profit/-loss	(580)	(427)	(1 154)	(786)
Net margin	(33%)	(28%)	(16%)	(10%)

Statement of financial position	31.12.2025	31.12.2024
Total assets	9,323	8,252
Return on assets	(12%)	(10%)
Equity	4,462	3,616
Return on equity	(26%)	(22%)
Debt-to-equity-ratio	52%	56%


Share	31.12.2025	31.12.2024
Last price (€)*	0.77	0.90
Earnings per share (€)	(0.14)	(0.17)
Price-earnings ratio	(5.67)	(5.15)
Book value of a share (€)	0.53	0.80
Market to book ratio	1.47	1.12
Market capitalization, (tuh €)	6,544	4,049
Number of shares (piece)	8,499,061	4,499,061

CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS

€ thousand	31.12.2025	31.12.2024	31.12.2023
Cash and cash equivalents	5	53	7
Receivables and prepayments (Note 2)	790	571	534
Inventories (Note 3)	1,034	624	728
Total current assets	1,829	1,248	1,269

Investment property (Note 4)	2,541	2,380	2,269
Financial assets at fair value through profit or loss (Note 7)	0	499	491
Property, plant, equipment and right-of use assets (Note 5)	4,952	4,122	4,475
Intangible assets (Note 6)	1	3	1
Total non-current assets	7,495	7,004	7,236

TOTAL ASSETS	9,323	8,252	8,505

Borrowings (Note 8)	2,359	1,111	556
Payables and prepayments (Note 9)	1,553	788	756
Short-term provisions (Note 10)	25	21	21
Total current liabilities	3,936	1,920	1,333

Long-term borrowings (Note 8)	809	2,613	2,659
Long-term provisions (Note 10)	72	94	111
Other long-term liabilities	44	9	0
Total non-current liabilities	925	2,716	2,770
Total liabilities	4,861	4,636	4,103

Share capital (at nominal value) (Note 11)	850	450	450
Share premium	1,600	0	0
Statutory reserve capital	45	45	45
Retained earnings (loss)	1,967	3,121	3,907
Total equity	4,462	3,616	4,402

TOTAL LIABILITIES AND EQUITY	9,323	8,252	8,505

*The notes to the financial statements presented on pages 14 to 24 are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

€ thousand	Q4 2025	Q4 2024	12M 2025	12M 2024
Revenue (Note 13)	1,736	1,514	7,328	7,592
Cost of goods sold (Note 14)	1,742	1,586	6,725	6,820
Gross profit (loss)	(6)	(72)	603	772

Distribution costs (Note 15)	241	210	982	935
Administrative expenses (Note 16)	160	120	502	381
Other operating income (Note 18)	7	0	19	8
Other operating expenses (Note 18)	66	6	78	11
Operating loss	(466)	(408)	(940)	(547)

Finance income (Note 19)	1	68	41	8
Finance costs (Note 19)	115	87	255	247
LOSS BEFORE INCOME TAX	(580)	(427)	(1,154)	(786)

NET LOSS FOR THE PERIOD	(580)	(427)	(1,154)	(786)

Basic earnings per share (Note 12)	(0.07)	(0.09)	(0.14)	(0.17)
Diluted earnings per share (Note 12)	(0.07)	(0.09)	(0.14)	(0.17)

CONSOLIDATED STATEMENT OF CASH FLOWS

€ thousand	12M 2025	12M 2024
Cash flow from operating activities
Operating profit (-loss)	(940)	(547)
Adjustments:
Depreciation charge (Note 5; 6)	520	522
Profit from revaluation of real estate investment (Note 4)	0	0
Profit/loss from sale of non-current assets (Note 18)
Change in trade and other receivables (Note 2)	(219)	(37)
Change in inventories (Note 3)	(410)	103
Change in trade and other payables (Note 9)	856	32
Cash generated from operations	(193)	72
Interest payments (Note 8; 19)	(238)	(202)
Net other financial income and expense	(72)	(45)
Net cash generated from operating activities	(503)	(174)

Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets (Note 5; 6)	(1 367)	(178)
Purchase of real estate investment (Note 4)	(161)	(111)
Sales of financial assets (Note 7)	539	0
Net cash used in investing activities	(989)	(289)

Cash flow from financing activities
Proceeds from share issue	2,000	0
Repayment of loans received (Note 8)	(223)	(211)
Loans received from related parties (Note 8)	930	400
Repayment of loans from related parties (Note 8)	(1,230)	0
Finance lease payments (Note 8)	(24)	(22)
Change in overdraft (Note 8)	(9)	342
Net cash (used in)/from financing activities	1,444	509

NET CHANGE IN CASH	(49)	46
OPENING BALANCE OF CASH	53	7
CLOSING BALANCE OF CASH	5	53

Andrus Allikoja

Member of the Management Board

Danel Hirbaum

Member of the Management Board

Nordic Fibreboard AS

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Attachment

Nordic Fibreboard AS Interim report Q4 and 12M 2025_ENG

MENAFN27022026004107003653ID1110799956

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