Koskisen (KOSKI) Q2 2026 earnings summary

Executive summary

• Revenue increased year-over-year for both Q2 and H1 2026, with H1 revenue up 19% to €209.4M and Q2 revenue up 16.3% to €104.4M, marking the tenth consecutive quarter of growth.

• Profitability declined due to high raw material and logistics costs, lower by-product prices, and weak construction demand.

• Adjusted EBITDA for H1 2026 was €14.0M (down 29.1% YoY), with a margin of 6.7%.

• Sawn Timber Industry drove revenue growth, but both main segments saw EBITDA declines.

• The operating environment remained unstable due to geopolitical and economic uncertainty, volatile energy prices, and inflation-driven interest rates.

Financial highlights

• Q2 2026 revenue was €104.4M (+16.3% YoY); H1 2026 revenue was €209.4M (+19.0% YoY).

• Adjusted EBITDA for Q2 2026 was €7.4M (margin 7.1%, down 27.6% YoY); H1 2026 was €14.0M (margin 6.7%, down 29.1% YoY).

• Operating profit (EBIT) for Q2 2026 was €3.3M (margin 3.1%, down 53.1% YoY); H1 2026 was €5.8M (margin 2.8%, down 56.3% YoY).

• Profit for the period in Q2 2026 was €2.1M (down 58.9% YoY); H1 2026 was €3.0M (down 67.8% YoY).

• Basic EPS for H1 2026 was €0.12 (down from €0.40 in H1 2025).

Outlook and guidance

• 2026 revenue is expected to increase from 2025 levels, but adjusted EBITDA margin is expected to remain below 2025’s 8.1%.

• The company is ramping up production at the Järvelä sawmill, targeting 450,000 m³ annual capacity.

• Panel Industry investments are expected to improve efficiency and quality as ramp-up continues in Q3.