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Lines & Machines
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There is always a "fit-to-your-need" line from Raute's own offering for any and all production processes starting from log handling, running through veneer production to plywood, LVL, or solid wood panels.
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Raute Corporation, Stock exchange release, October 30, 2025, at 8:00 a.m. EET
Raute Corporation’s Business Review January 1–September 30, 2025: Strong profitability and increased order intake in Q3 2025
This is a summary of Raute’s Business Review January 1–September 30, 2025. The full review is as a PDF file attachment in this release and is also available on the company's website at www.raute.com.
RAUTE CORPORATION – BUSINESS REVIEW JANUARY 1–SEPTEMBER 30, 2025
Figures in brackets refer to the same period a year earlier. Figures are unaudited and rounded to the nearest whole number.
July−September 2025 in brief
January−September 2025 in brief
KEY FIGURES (MEUR)
Q3/ 2025
Q3/ 2024
Change %
Q1-3/ 2025
Q1-3/ 2024
2024
Net sales
43.7
46.4
-5.8
139.3
148.1
-5.9
204.6
Exported portion of net sales, %
60.0
85.2
57.4
88,8
84.3
Comparable EBITDA
6.5
6.3
4.2
20.4
14.7
39.1
19.8
Comparable EBITDA %
15.0
13.5
14.6
9.9
9.7
EBITDA
6.2
1.8
18.0
14.3
26.1
19.1
EBITDA %
14.4
13.3
12.9
9.3
Comparable operating profit
5.4
4.9
9.0
16.2
10.6
53.4
Comparable operating profit, %
12.3
11.7
7.1
7.0
Operating profit
5.1
4.8
5.9
10.2
13.7
Operating profit, %
10.4
6.9
6.7
Net result
3.9
4.5
-12.1
9.4
9.2
2.2
12.1
Comparable EPS, EUR
0.69
0.74
-7.5
2.08
1.53
35.6
2.05
EPS, EUR
0.65
0.73
-11.0
1.48
3.4
1.96
EPS (diluted), EUR
0.62
0.71
-12.7
1.49
1.45
2.8
1.91
Adjusted avg. no. of shares, 1000 pcs
5 968
6 027
5 995
6 123
Adjusted avg. no. of shares, diluted, 1000 pcs
6 244
6 325
6 290
6 333
6 350
Return on investment, (ROI), %
33.9
31.1
30.9
Return on equity, (ROE), %
24.0
29.2
27.5
Interest-bearing net liabilities
-26.9
-49.5
-51.9
Equity ratio, %
64.9
54.3
55.2
Gearing, %
-49.6
-105.8
-104.4
Gross capital expenditure
0.7
0.4
67.0
2.5
1.5
71.2
% of net sales
1.7
1.0
1.4
Research and development costs
1.1
1.2
-2.9
4.0
-1.5
5.3
2.6
2.7
Order book
108
188*
-42.4
184
Order intake
38
15
152.6
66
72
-8.0
121
Personnel, at the end of the period
696
789
-11.8
783
Personnel, effective, on average
734
782
-6.1
740
*Q3/2024 order book restated by EUR 2m from earlier reported
Review from Mika Saariaho, President and CEO
Raute delivered another solid quarter, marked by strong profitability and success in operational execution. Comparable EBITDA reached EUR 6.5 million, representing a margin of 15.0% of net sales. This strong operational performance was driven by continued improvements in efficiency and supply chain optimizations. Net sales experienced a decline, primarily due to typical fluctuations in revenue recognition and the low order intake during the first half of the year.
There were some signs of improving customer activity in the market, as we had predicted earlier. Consequently, our order intake for the third quarter rose to EUR 38 million, which represents a reasonable level considering no mill-sized orders were realized. While it is still difficult to estimate the extent of the market recovery due to ongoing global uncertainties, we expect market demand to improve going into 2026.
We remain committed to safeguarding our margins and enhancing competitiveness, both in the short and longer term. This is especially important because the low order intake in the first half of the year is likely to have an impact on our near-term revenue recognition and may require continuing capacity adjustments. For the longer term, we initiated a strategic restructuring of Raute's global manufacturing network earlier this year, aimed at increasing cost-effectiveness and flexibility.
Based on the strong profitability development achieved year-to-date, we have revised upwards the lower bound of our comparable EBITDA guidance. At the same time, we have lowered our net sales guidance, primarily due to the low order intake in the first half of the year and the deferral of some project deliveries into next year.
Looking ahead, I am confident that our significantly enhanced efficiency, agility, and commercial capabilities position us well to continue successful business execution and navigate through different business cycles.
BUSINESS ENVIRONMENT JANUARY−SEPTEMBER 2025
The turbulence in the global business environment continued during the third quarter in Raute’s main market areas. We estimate that this general turbulence has affected the demand for end-use products of Raute’s customers.
The prolonged recession in the construction industry, which is the primary user of veneer-based end-use products, continued globally. However, signs of an improvement in construction activity were observed in the second quarter of the year, for example, in Europe, and this positive development has continued during the third quarter (Source: Eurostat, September 2025). In North America, housing construction started to fluctuate during the third quarter after a relatively good second quarter. (Source: Canada Mortgage and Housing Corporation and U.S. Census Bureau)
A slight pick-up in the demand for end-use products was visible during the third quarter, especially in Europe. Demand for birch plywood and LVL remained stable. The increase in costs caused by the low availability of logs affected the profitability of some of Raute’s customers, although this was at least partially compensated by price increases in the end-use products. (Source: Plywood this week)
The uncertainty related to U.S. import tariffs has continued during the third quarter, postponing some investment decisions by Raute’s customers in North and South America. This has also impacted manufacturers in Asia that have traditionally relied on the U.S. as an export market. In addition, the increasing geopolitical tensions in the Asia-Pacific region were also reflected in the market uncertainty. In Europe, the ongoing war in Ukraine, combined with the uncertain customs policy of the U.S., has also slowed down decision-making.
Despite the uncertainty, some of Raute’s European and North American customers are preparing for the market to become more active and are actively promoting their investment plans for process efficiency and additional capacity.
GUIDANCE STATEMENT FOR 2025 (updated October 20, 2025)
Raute’s 2025 net sales are expected to be between EUR 175–190 million, and comparable EBITDA to be between EUR 22–27 million.
Rationale for the new guidance: Raute’s project deliveries have continued successfully, but a larger part of the order backlog is expected to be recognized as net sales only in the following year. The order intake improved during the third quarter compared to the first half of the year, but this is not expected to compensate for the impact caused by the shift in net sales. At the same time Raute’s continued strong operational execution enables an upward revision of the lower bound of the comparable EBITDA guidance.
Previous guidance for 2025 (published April 25, 2025): Raute’s 2025 net sales are expected to be between EUR 190–220 million, and comparable EBITDA to be between EUR 20–27 million.
RAUTE CORPORATION Board of Directors
BRIEFING
A result briefing for analysts, investors and the media will be organized at Eliel studio in Sanomatalo, Töölönlahdenkatu 2, Helsinki on the same day October 30, 2025, at 2:00 p.m. The business review will be presented by President and CEO Mika Saariaho and CFO Ville Halttunen. The presentation material will be available at www.raute.com > Investors > Financial information > Result center after the briefing.
The event will be held in English, and it can also be followed by a live webcast at https://raute.videosync.fi/q3-2025. After the presentation, it is possible to ask questions via chat. The recording of the event will be available on the company’s website later the same day.
FURTHER INFORMATION: Mr. Mika Saariaho, President and CEO, tel. +358 40 154 9393 Mr. Ville Halttunen, CFO, mobile phone +358 50 3460868
DISTRIBUTION: Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer a full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers’ efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute’s head office and main production plant are located in Lahti, Finland. The company’s other production plants are located in Kajaani, Finland, the Vancouver area of Canada, and in Pullman, WA, USA. Raute’s net sales in 2024 were EUR 204.6 million. The Group’s headcount at the end of 2024 was 783. More information about the company can be found at www.raute.com
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