Financial information

CEO's comments on the Business Review January–September 2026, published October 30, 2026

Strong order intake in Q3 2026 despite continued market uncertainty

The market environment remained challenging during the third quarter of 2026, reflecting the prolonged downturn affecting our industry globally. While customer investment activity remained subdued overall, we observed some increase in discussions related to modernization and productivity-enhancing investments. Most notably, we secured a EUR 31 million contract related to a plywood mill expansion project in Estonia. The order demonstrates the competitiveness of our offering and the value of our long-standing customer relationships. While this was an important positive development for Raute, we expect continuing overall volatility in customers’ investment activity.

Order intake increased significantly during the quarter to EUR 53 million from EUR 38 million in the comparison period. Supported by the Estonia project, our order book increased to EUR 85 million at the end of September. Net sales totaled EUR 29.0 million, compared with EUR 43.7 million in the third quarter of 2025. Comparable EBITDA amounted to EUR 3.2 million, or 11.0 percent of net sales, compared with EUR 6.5 million and 15.0 percent in the comparison period. Profitability was supported by good progress in customer delivery projects, disciplined cost control and the release of certain project provisions. However, lower business volumes following the subdued order intake levels of previous quarters continued to weigh on earnings across the Group.

Performance varied across our business units. In Wood Processing, lower business volumes weighed on both net sales and profitability. Nevertheless, profitability remained at a relatively good level considering the lower sales volumes, supported by the release of certain project provisions and good progress in customer delivery projects. Services and Analyzers delivered relatively stable performance compared with the previous year despite the challenging market environment.

During the quarter, we continued to focus on operational execution, efficiency improvements and maintaining strong customer delivery performance. These priorities remain particularly important in the current market environment and help ensure that Raute remains well positioned regardless of market development. We also continued to develop our lifecycle service offering and support our customers in improving productivity and operational efficiency.

The long-term fundamentals supporting our industry remain intact, although near-term market visibility continues to be limited. Customers remain cautious regarding investment decisions, but interest in productivity and efficiency-enhancing solutions continues. While we continue to expect volatility in customers’ investment activity, Raute’s strong balance sheet and continued focus on operational excellence, disciplined cost management and successful customer deliveries position us well to navigate the current market environment and respond when market conditions improve.

Mika Saariaho
President and CEO