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Nordic Fibreboard AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
27.02.2026 20:49:02
Pealkiri
Nordic Fibreboard AS auditeerimata 2025 majandusaasta neljanda kvartali tulemused
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JUHTKONNA ARUANNE Nordic Fibreboard AS konsolideeritud müügitulu oli 2025. aasta 4. kvartalis 1,74 miljonit eurot, mis oli 14,7% tõusu võrreldes eelmise aasta sama perioodiga (2024 4. kvartalis 1,51 miljonit eurot). Kontserni peamine tegevusala on puitkiudplaadi tootmine ja hulgimüük, mis moodustas valdava osa 2025. aasta 4. kvartali kontserni müügitulust. Teiseks segmendiks on Pärnus Suur-Jõe tänaval oleva kinnisvara haldamine, mille müügitulu osakaal oli 0,04% 2025. aasta 4. kvartali kogumüügist (2024. aasta 4. kvartalis 0,1%). 2024. aasta augustis lõpetati Suur-Jõe tänaval asuva hoone rendilepingud seal asuva tootmishoone kompleksi eripärade tõttu, mis põhjustasid kõrgeid halduskulusid, mida renditulud ei suutnud katta. 2025 aasta 4. kvartali müügitulu kasvas 222 tuhande euro võrra võrreldes 2024. aasta 4. kvartaliga. 2025. aasta 4. kvartalis oli müügitulu 1,74 miljonit eurot võrreldes 2024. aasta 4 kvartali 1,51 miljoni euroga. Nordic Fibreboard konsolideeritud EBITDA oli 2025. aasta 4. kvartalis negatiivne 335 tuhat eurot, EBITDA rentaablus negatiivne 19% (2024. aasta 4. kvartali EBITDA negatiivne 276 tuhat eurot ning EBITDA rentaablus negatiivne 18%). 2025. aasta 4. kvartali aasta tulemustele avaldas negatiivset mõju tehase plaanipärane seiskamine terveks detsembrikuuks, et ettevõte saaks teha ettevalmistusi uuele gaasikatlamajale üle minekuks. 2024. aasta detsembrikuus oli tehas sunnitud seiskuma force majeure olukorra tõttu, mis avaldas negatiivset mõju 2024. aasta 4. kvartali tulemustele. Võrreldes 2024. aasta 4. kvartaliga tõusis Kontserni brutomarginaal -4.8%-lt 2025. aasta 4. kvartalis 0%- le. 2025. aasta 4. kvartali finantstulud olid 1 tuhat eurot (2024. aasta 4. kvartali finantstulud olid 68 tuhat eurot, mis koosnesid Trigon Property Development (TPD) aktsiate ümberhindlusest)). Finantskulud 2025. aasta 4. kvartalis olid 115 tuhat eurot, mis koosnesid laenuintressikuludest ja viivistest (87 tuhat eurot 2024. aasta 4. kvartalis). Kontserni 2025. aasta 4. kvartali konsolideeritud puhaskahjum oli 580 tuhat eurot (2024. aasta 4. kvartalis puhaskahjum 427 tuhat eurot). Finantssuhtarvud +--------------------------------------------------------------------+ | tuh EUR | +--------------------+------------+------------+----------+----------+ | Kasumiaruanne | IV kv 2025 | IV kv 2024 | 12k 2025 | 12k 2024 | +--------------------+------------+------------+----------+----------+ | Müügitulu | 1 736 | 1 514 | 7 328 | 7 592 | +--------------------+------------+------------+----------+----------+ | EBITDA | (335) | (276) | (420) | (25) | +--------------------+------------+------------+----------+----------+ | EBITDA rentaablus | (19%) | (18%) | (6%) | (0%) | +--------------------+------------+------------+----------+----------+ | Ärikasum/-kahjum | (466) | (408) | (940) | (547) | +--------------------+------------+------------+----------+----------+ | Ärirentaablus | (27%) | (27%) | (13%) | (7%) | +--------------------+------------+------------+----------+----------+ | Puhaskasum/-kahjum | (580) | (427) | (1 154) | (786) | +--------------------+------------+------------+----------+----------+ | Puhasrentaablus | (33%) | (28%) | (16%) | (10%) | +--------------------+------------+------------+----------+----------+ +------------------------------------------+------------+------------+ | Bilanss | 31.12.2025 | 31.12.2024 | +------------------------------------------+------------+------------+ | Koguvarad | 9 323 | 8 252 | +------------------------------------------+------------+------------+ | Koguvarade puhasrentaablus | (12%) | (10%) | +------------------------------------------+------------+------------+ | Omakapital | 4 462 | 3 616 | +------------------------------------------+------------+------------+ | Omakapitali puhasrentaablus | (26%) | (22%) | +------------------------------------------+------------+------------+ | Võlakordaja | 52% | 56% | +------------------------------------------+------------+------------+ +------------------------------------------+------------+------------+ | Aktsia | 31.12.2025 | 31.12.2024 | +------------------------------------------+------------+------------+ | Aktsia viimane hind (EUR)* | 0,77 | 0,90 | +------------------------------------------+------------+------------+ | Puhaskasum aktsia kohta (EUR) | (0,14) | (0,17) | +------------------------------------------+------------+------------+ | Hind-tulu (PE) suhtarv | (5,67) | (5,15) | +------------------------------------------+------------+------------+ | Aktsia raamatupidamisväärtus (EUR) | 0,53 | 0,80 | +------------------------------------------+------------+------------+ | Turuhinna ja raamatupidamisväärtuse suhe | 1,47 | 1,12 | +------------------------------------------+------------+------------+ | Turukapitalisatsioon (tuh EUR) | 6 544 | 4 049 | +------------------------------------------+------------+------------+ | Aktsiate arv (tk) | 8 499 061 | 4 499 061 | +------------------------------------------+------------+------------+ Kiudplaadi tootmine ja müük Kuigi 2025. aasta kogumüügitulu vähenes võrreldes 2024. aastaga 3,2%, näitas 4. kvartali müügitulu kasvu. Puitkiudplaadi müügitulu ulatus 2025. aasta 4. kvartalis 1,74 miljoni euroni, võrreldes 1,51 miljoni euroga 2024. aasta sama perioodil, mis tähendab 222 tuhande euro ehk 14,7% suurust kasvu. Müügitulemuste paranemist toetasid eelkõige tööstussektori kliendid, kelle tellimuste maht suurenes. Kasvutrendis oli ka suurim välisturg - Soome, kus 4. kvartali müügitulu ulatus 426 tuhande euroni, võrreldes 318 tuhande euroga 2024. aastal. 12 kuu lõikes moodustas Soome turu müügitulu 2025. aasta 4. kvartali seisuga 2,4 miljonit eurot, võrreldes 2,2 miljoni euroga 2024. aastal. Puitkiudplaadi segmendi 2025. aasta 4. kvartali EBITDA oli negatiivne 289 tuhat eurot (2024. aasta 4. kvartalis negatiivne 244 tuhat eurot). Puitkiudplaadi segmendi 2025. aasta 4. kvartali puhaskahjum oli 535 tuhat eurot (2024. aasta 4. kvartalis puhaskahjum 390 tuhat eurot). Nii 2025. aasta kui ka 2024. aasta negatiivne EBITDA oli tingitud tehase seisakuga detsembrikuus, mis 2025. aastal toimus plaanipäraselt uue gaasikatlamaja kasutuselevõtu ettevalmistamiseks ning 2024. aastal plaaniväliselt force majeure olukorra tõttu. Seiskumise ajal tuli jätkuvalt katta personalikulud, tehase jooksvaid ülalpidamiskulud ning remondikulud, mis mõjutasid EBITDA tulemust negatiivselt. KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT +------------------+-------------------------+---------------------+ | | tuh EUR | tuh EUR | +------------------+------------+------------+----------+----------+ | Regioon | IV kv 2025 | IV kv 2024 | 12k 2025 | 12k 2024 | +------------------+------------+------------+----------+----------+ | Euroopa Liit | 1 436 | 1 310 | 6 699 | 6 896 | +------------------+------------+------------+----------+----------+ | Aasia | 89 | 111 | 161 | 212 | +------------------+------------+------------+----------+----------+ | Aafrika | 50 | 49 | 200 | 305 | +------------------+------------+------------+----------+----------+ | Lähis-Ida | 55 | 41 | 96 | 139 | +------------------+------------+------------+----------+----------+ | Teised regioonid | 105 | 1 | 169 | 15 | +------------------+------------+------------+----------+----------+ | KOKKU | 1 735 | 1 512 | 7 325 | 7 567 | +------------------+------------+------------+----------+----------+ Kinnsvara haldus Kõrvaltegevusena omab ja haldab Kontsern Pärnu linnas Suur-Jõe tn 48 asuvat endist mööblivabriku kinnistut, millele on kehtestatud detailplaneering elukondliku kinnisvara arendamiseks. Varasemalt omas ja haldas Suur-Jõe 48 kinnistut Nordic Fibreboard AS 100% osalusega tütarettevõte Pärnu Riverside Development OÜ, kuid 30.07.2025 sõlmisid Nordic Fibreboard AS ja Pärnu Riverside Development OÜ ühinemislepingu, mille kohaselt Nordic Fibreboard AS oli ühendavaks ühinguks ning Pärnu Riverside Development OÜ ühendatavaks ühinguks. Ühinemise kuupäev oli 01.06.2025 ning ühinemise tulemusena on Suur-Jõe 48 kinnistu omanikuks ja haldajaks Nordic Fibreboard AS. Admirali kvartali arendusprojekti projekteerimistööd on lõpetatud. Ehitusload on väljastatud kvartalisisestele teedele ja tehnovõrkudele ning korterelamutele aadressil Admirali 1/3, Admirali 5/7 ja Admirali 9/11 ning olemasoleva büroohoone rekonstrueerimisele aadressil Suur-Jõe 48. Konsolideeritud finantsseisundi ja rahavoogude aruanne Seisuga 31.12.2025 olid Nordic Fibreboard AS varad kokku 9,3 miljonit eurot (31.12.2024: 8,3 miljonit eurot). Kontserni kohustised kokku seisuga 31.12.2025 olid 4,86 miljonit eurot (31.12.2024: 4,6 miljonit eurot), milledest kontsernil võlgnevusi tarnijatele oli 1,2 miljonit eurot seisuga 31.12.2025 (31.12.2024: 0,4 miljonit eurot) ning laenukohustisi 3,2 miljonit eurot seisuga 31.12.2025 (31.12.2024: 3,7 miljonit eurot). Nõuded ja ettemaksed olid kokku 0,8 miljonit eurot seisuga 31.12.2025 (31.12.2024: 0,6 miljonit eurot). Varud seisuga 31.12.2025 olid 1,0 miljonit eurot (31.12.2024: 0,6 miljonit eurot). Kontserni põhivarad kokku seisuga 31.12.2025 olid 7,5 miljonit eurot (31.12.2024: 7,0 miljonit eurot). Kontserni äritegevuse tulemuseks 2025. aasta 12. kuu jooksul oli negatiivne rahavoog 503 tuhat eurot (2024. aasta 12. kuud negatiivne rahavoog 174 tuhat eurot). Investeerimistegevuse tulemuseks oli 2025. aasta 12 kuu jooksul negatiivne rahavoog summas 989 tuhat eurot, mis koosnes 1,367 miljonit investeeringutest põhivarasse ja 161 tuhat eurot investeeringust kinnisvarasse ning 539 tuhat eurot saadi Trigon Property Development AS aktsiate müügist (2024. aasta 12 kuud negatiivne rahavoog 289 tuhat eurot). Finantseerimistegevusest oli sissetulev rahavoog 2025. aasta 12 kuu jooksul 1,444 miljonit eurot (2024. aasta 12. kuu sissetulev rahavoog 509 tuhat eurot). 2025. aasta 12. kuu netorahavoo tulemuseks oli negatiivne rahavoog summas 49 tuhat eurot (2024. aasta 12 kuud positiivne rahavoog summas 46 tuhat eurot). KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE +---------------------------------------------+----------+----------+----------+ |tuh EUR |31.12.2025|31.12.2024|31.12.2023| +---------------------------------------------+----------+----------+----------+ |Raha ja raha ekvivalendid | 5| 53| 7| +---------------------------------------------+----------+----------+----------+ |Nõuded ja ettemaksed (Lisa 2) | 790| 571| 534| +---------------------------------------------+----------+----------+----------+ |Varud (Lisa 3) | 1 034| 624| 728| +---------------------------------------------+----------+----------+----------+ |Kokku käibevarad | 1 829| 1 248| 1 269| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |Kinnisvarainvesteeringud (Lisa 4) | 2 541| 2 380| 2 269| +---------------------------------------------+----------+----------+----------+ |Finantsvarad õiglases väärtuses muutustega | | | | |läbi kasumiaruande (Lisa 7) | 0| 499| 491| +---------------------------------------------+----------+----------+----------+ |Materiaalne põhivara ja vara kasutusõigus | | | | |(Lisa 5) | 4 952| 4 122| 4 475| +---------------------------------------------+----------+----------+----------+ |Immateriaalne põhivara (Lisa 6) | 1| 3| 1| +---------------------------------------------+----------+----------+----------+ |Kokku põhivarad | 7 494| 7 004| 7 236| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |KOKKU VARAD | 9 323| 8 252| 8 505| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |Võlakohustised (Lisa 8) | 2 359| 1 111| 556| +---------------------------------------------+----------+----------+----------+ |Võlad ja ettemaksed (Lisa 9) | 1 553| 788| 756| +---------------------------------------------+----------+----------+----------+ |Lühiajalised eraldised (Lisa 10) | 24| 21| 21| +---------------------------------------------+----------+----------+----------+ |Kokku lühiajalised kohustised | 3 936| 1 920| 1 333| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |Pikaajalised võlakohustised (Lisa 8) | 809| 2 613| 2 659| +---------------------------------------------+----------+----------+----------+ |Pikaajalised eraldised (Lisa 10) | 72| 94| 111| +---------------------------------------------+----------+----------+----------+ |Muud pikaajalised kohustised | 44| 9| 0| +---------------------------------------------+----------+----------+----------+ |Kokku pikaajalised kohustised | 925| 2 716| 2 770| +---------------------------------------------+----------+----------+----------+ |Kokku kohustised | 4 861| 4 636| 4 103| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |Aktsiakapital (nominaalväärtuses) (Lisa 11) | 850| 450| 450| +---------------------------------------------+----------+----------+----------+ |Ülekurss | 1 600| 0| 0| +---------------------------------------------+----------+----------+----------+ |Kohustuslik reservkapital | 45| 45| 45| +---------------------------------------------+----------+----------+----------+ |Jaotamata kasum | 1 967| 3 121| 3 907| +---------------------------------------------+----------+----------+----------+ |Kokku omakapital | 4 462| 3 616| 4 402| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |KOKKU KOHUSTISED JA OMAKAPITAL | 9 323| 8 252| 8 505| +---------------------------------------------+----------+----------+----------+ KONSOLIDEERITD KASUMI- JA MUU KOONDARUANNE +--------------------------------------+----------+----------+--------+--------+ |tuh EUR |IV kv 2025|IV kv 2024|12k 2025|12k 2024| +--------------------------------------+----------+----------+--------+--------+ |Müügitulu (Lisa 13) | 1 736| 1 514| 7 328| 7 592| +--------------------------------------+----------+----------+--------+--------+ |Müüdud toodangu kulu (Lisa 14) | 1 742| 1 586| 6 725| 6 820| +--------------------------------------+----------+----------+--------+--------+ |Brutokasum (-kahjum) | (6)| (72)| 603| 772| +--------------------------------------+----------+----------+--------+--------+ | | | | | | +--------------------------------------+----------+----------+--------+--------+ |Turustuskulud (Lisa 15) | 241| 210| 982| 935| +--------------------------------------+----------+----------+--------+--------+ |Üldhalduskulud (Lisa 16) | 160| 120| 502| 381| +--------------------------------------+----------+----------+--------+--------+ |Muud äritulud (Lisa 18) | 7| 0| 19| 8| +--------------------------------------+----------+----------+--------+--------+ |Muud ärikulud (Lisa 18) | 66| 6| 78| 11| +--------------------------------------+----------+----------+--------+--------+ |Ärikahjum | (466)| (408)| (940)| (547)| +--------------------------------------+----------+----------+--------+--------+ | | | | | | +--------------------------------------+----------+----------+--------+--------+ |Finantstulud (Lisa 19) | 1| 68| 41| 8| +--------------------------------------+----------+----------+--------+--------+ |Finantskulud (Lisa 19) | 115| 87| 255| 247| +--------------------------------------+----------+----------+--------+--------+ |KAHJUM ENNE TULUMAKSUSTAMIST | (580)| (427)| (1 154)| (786)| +--------------------------------------+----------+----------+--------+--------+ | | | | | | +--------------------------------------+----------+----------+--------+--------+ |ARUANDEPERIOODI PUHASKAHJUM KOKKU | (580)| (427)| (1 154)| (786)| +--------------------------------------+----------+----------+--------+--------+ | | | | | | +--------------------------------------+----------+----------+--------+--------+ |Tava perioodi puhaskahjum aktsia kohta| | | | | |(Lisa 12) | (0,07)| (0,09)| (0,14)| (0,17)| +--------------------------------------+----------+----------+--------+--------+ |Lahustatud perioodi puhaskahjum aktsia| | | | | |kohta (Lisa 12) | (0,07)| (0,09)| (0,14)| (0,17)| +--------------------------------------+----------+----------+--------+--------+ KONSOLIDEERITUD RAHAVOOGUDE ARUANNE +--------------------------------------------------------+--------+--------+ |tuh EUR |12k 2025|12k 2024| +--------------------------------------------------------+--------+--------+ |Äritegevuse rahavood | | | +--------------------------------------------------------+--------+--------+ |Ärikasum (-kahjum) | (940)| (547)| +--------------------------------------------------------+--------+--------+ |Korrigeerimised: | | | +--------------------------------------------------------+--------+--------+ |Kulum (Lisa 5; 6) | 520| 522| +--------------------------------------------------------+--------+--------+ |Nõuete ja ettemaksete muutus (Lisa 2) | (219)| (37)| +--------------------------------------------------------+--------+--------+ |Varude muutus (Lisa 3) | (410)| 103| +--------------------------------------------------------+--------+--------+ |Äritegevusega seotud kohustiste muutus (Lisa 9) | 856| 32| +--------------------------------------------------------+--------+--------+ |Äritegevusega genereeritud rahavood | (193)| 72| +--------------------------------------------------------+--------+--------+ |Intressimaksed (Lisa 8; 19) | (238)| (202)| +--------------------------------------------------------+--------+--------+ |Muud finantstulud ja -kulud (Lisa | (72)| (45)| +--------------------------------------------------------+--------+--------+ |Äritegevuse rahavood kokku | (503)| (174)| +--------------------------------------------------------+--------+--------+ | | | | +--------------------------------------------------------+--------+--------+ |Investeerimistegevuse rahavood | | | +--------------------------------------------------------+--------+--------+ |Materiaalse ja immateriaalse põhivara soetus (Lisa 5; 6)| (1 367)| (178)| +--------------------------------------------------------+--------+--------+ |Kinnisvarainvesteeringu soetus (Lisa 4) | (161)| (111)| +--------------------------------------------------------+--------+--------+ |Finantsinvesteeringute müük | 539| 0| +--------------------------------------------------------+--------+--------+ |Investeerimistegevuse rahavood kokku | (989)| (289)| +--------------------------------------------------------+--------+--------+ | | | | +--------------------------------------------------------+--------+--------+ |Finantseerimistegevuse rahavood | | | +--------------------------------------------------------+--------+--------+ |Aktsiakapitali suurendamine | 2 000| 0| +--------------------------------------------------------+--------+--------+ |Saadud laenude tagasimaksed (Lisa 8) | (223)| (211)| +--------------------------------------------------------+--------+--------+ |Saadud laenud seotud osapooltelt (Lisa 8) | 930| 400| +--------------------------------------------------------+--------+--------+ |Seotud osapoolelt saadud laenu tagasimaksmine (Lisa 8) | (1 230)| 0| +--------------------------------------------------------+--------+--------+ |Rendikohustiste põhiosa tagasimaksed (Lisa 8) | (24)| (22)| +--------------------------------------------------------+--------+--------+ |Arvelduskrediidi muutus (Lisa 8) | (9)| 342| +--------------------------------------------------------+--------+--------+ |Finantseerimistegevuse rahavood kokku | 1 444| 509| +--------------------------------------------------------+--------+--------+ | | | | +--------------------------------------------------------+--------+--------+ |RAHA JA RAHA EKVIVALENTIDE MUUTUS | (49)| 46| +--------------------------------------------------------+--------+--------+ |RAHA JA RAHA EKVIVALENTID PERIOODI ALGUSES | 53| 7| +--------------------------------------------------------+--------+--------+ |RAHA JA RAHA EKVIVALENTID PERIOODI LÕPUS | 5| 53| +--------------------------------------------------------+--------+--------+ Andrus Allikoja Juhatuse liige Danel Hirbaum Juhatuse liige Nordic Fibreboard AS [email protected] (mailto:[email protected])
Pealkiri
Nordic Fibreboard AS unaudited results for fourth quarter of 2025
Teade
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])