Nordic Fibreboard AS unaudited results for fourth quarter of 2025
MANAGEMENT REPORT
Nordic Fibreboard AS consolidated net revenue in Q4 2025 was EUR1.74 million,
representing a 14.7% increase compared to the same period of the previous year
(Q4 2024: EUR1.51 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 EUR222 thousand compared to Q4 2024. Revenue in Q4
2025 was EUR1.74 million compared to EUR1.51 million in Q4 2024.
Nordic Fibreboard's consolidated EBITDA in Q4 2025 was negative EUR335 thousand,
with an EBITDA margin of negative 19% (Q4 2024 EBITDA: negative EUR276 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 EUR1 thousand (Q4 2024 financial income was EUR68
thousand, consisting of the revaluation of Trigon Property Development (TPD)
shares). Financial expenses in Q4 2024 were EUR115 thousand, consisting of loan
interest costs and late payment interest (EUR87 thousand in Q4 2024).
The Group's consolidated net loss for Q4 2025 was EUR580 thousand (Q4 2024 net
loss: EUR427 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 EUR1.74 million compared to EUR1.51 million in Q4 2024, representing an
increase of EUR222 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 EUR426 thousand in Q4 2025, compared to EUR318 thousand in Q4 2024.
On a 12-month rolling basis as of Q4 2025, revenue from the Finnish market
amounted to EUR2.4 million, compared to EUR2.2 million as of Q4 2024.
The fibreboard segment's EBITDA in Q4 2025 was negative EUR289 thousand (Q4 2024:
negative EUR244 thousand). The fibreboard segment's net loss in Q4 2025 was EUR535
thousand (Q4 2024 net loss: EUR390 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
+----------------+-------------------+---------------------+
| | EUR thousand | EUR 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 EUR 9.3 million
(31.12.2024: 8.3 million). The liabilities of the company as of 31.12.2025 were
EUR 4.86 million (31.12.2024: EUR 4.6 million), of which the Group has payables of EUR
1.2 million as at 31.12.2025 (31.12.2024: EUR 0.4 million) and borrowings of EUR
3.2 million as at 31.12.2025 (31.12.2024: EUR 3.7 million).
Receivables and prepayments amounted to EUR 0.8 million as at 31.12.2025
(31.12.2024: EUR 0.6 million). Inventories were EUR 1.0 million as of 31.12.2025
(31.12.2024: EUR 0.6 million). Fixed assets were EUR 7.5 million as of 31.12.2025 (EUR
7.0 million as of 31.12.2024).
The Group's operating result during the twelve month of 2025 was negative cash
flow of EUR 503 thousand (positive cash flow of EUR 174 thousand in the twelve month
of 2024). Cash outflows due to investment activities was EUR 989 thousand during
2025 twelve months, mainly consisting of investments into production assets of EUR
1 367 thousand and real estate related investments of EUR 161 thousand and sale of
TPD shares in amount of EUR 539 thousand (2024 twelve months: cash outflow EUR 289
thousand). Financing activities also resulted in cash inflows of EUR 1 444
thousand during 2025 twelve months (2024 twelve months: cash inflow of EUR 509
thousand). Net cash flow during 2025 twelve months was cash outflow of EUR 49
thousand, (2024 twelve months: cash inflow EUR 46 thousand).
Financial highlights
+------------------------------------------------------------+
| EUR 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 (EUR)* | 0.77 | 0.90 |
+---------------------------------+------------+------------+
| Earnings per share (EUR) | (0.14) | (0.17) |
+---------------------------------+------------+------------+
| Price-earnings ratio | (5.67) | (5.15) |
+---------------------------------+------------+------------+
| Book value of a share (EUR) | 0.53 | 0.80 |
+---------------------------------+------------+------------+
| Market to book ratio | 1.47 | 1.12 |
+---------------------------------+------------+------------+
| Market capitalization, (tuh EUR) | 6,544 | 4,049 |
+---------------------------------+------------+------------+
| Number of shares (piece) | 8,499,061 | 4,499,061 |
+---------------------------------+------------+------------+
CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS
+---------------------------------------------+----------+----------+----------+
|EUR 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
+------------------------------------+-------+-------+--------+--------+
|EUR 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
+------------------------------------------------------------+--------+--------+
|EUR 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
[email protected] (mailto:[email protected])