Homann Holzwerkstoffe Reports Mixed 2025 Second-Half Results Amid Lithuanian Plant Start-Up

Homann Holzwerkstoffe GmbH reported its interim Group results for the second half of 2025, revealing a complex financial picture marked by revenue growth at existing operations but significant earnings pressure from a new plant's start-up phase. The company generated revenues of EUR 188.1 million during the period, representing a 2.5% increase from the EUR 183.5 million recorded in the same period of the previous year. This growth was primarily driven by higher sales volumes rather than price increases, indicating stable market conditions for the company's thin, refined wooden fibreboards used in furniture, doors, and coatings industries.

The earnings story proved more challenging, with adjusted EBITDA declining to EUR 16.1 million from EUR 27.9 million in the previous year's second half. This substantial decrease was largely attributed to operating start-up losses at the company's new plant in Pagiriai, Lithuania. When excluding these Lithuanian start-up losses, the existing plants posted adjusted EBITDA of EUR 27.2 million, showing a more modest decline from the previous year's EUR 30.8 million. The remaining year-on-year earnings decrease resulted from higher material costs and increased other operating expenses. The consolidated result for the period amounted to a loss of EUR 10.1 million, though this would have been a profit of EUR 6.7 million without the Lithuanian start-up losses.

Managing Director Fritz Homann emphasized that the existing plants demonstrated stable performance overall and slightly improved their earnings contribution compared to the first half of 2025. He noted that the new Lithuanian plant is progressing through its planned ramp-up phase, with the associated start-up losses representing an expected effect that should diminish as operations mature. The company also announced it has strengthened its long-term financing structure by prolonging financing in Lithuania until 2030, providing greater stability for the new facility's development.

In a separate strategic move, Homann Holzwerkstoffe concluded a settlement agreement regarding its joint venture Global MDF Industries B.V. in Egypt on November 3, 2025. As part of this agreement, the company sold its shares back to the joint venture partner and terminated pending arbitration proceedings, effectively exiting the Egyptian market. This decision allows the company to focus resources on its core European operations and the Lithuanian expansion.

The company confirmed its previously published full-year 2025 forecast, expecting revenues of EUR 383.1 million compared to EUR 369.9 million in the previous year, while adjusted EBITDA is projected to decrease to EUR 38.2 million from EUR 56.3 million. The interim Group report for the second half of 2025 is available at https://www.homann-holzwerkstoffe.de/en/investor-relations/press-releases-documents/financial-reports/. The company plans to publish its Annual Report 2025 on April 24, 2026, which will include an outlook for the 2026 financial year.