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
group@nordicfibreboard.com
- Nordic Fibreboard AS Interim report Q4 and 12M 2025_ENG
