Homann Holzwerkstoffe GmbH, a leading European supplier of thin, refined wooden fibreboards, today published its interim Group report for the second half of 2025, revealing a solid operating performance from its existing plants despite significant start-up losses at its new facility in Pagiriai, Lithuania.
In the second half of 2025, the Group generated revenues of EUR 188.1 million, up approximately 2.5% from EUR 183.5 million in the same period of the previous year. This increase was primarily driven by a volume effect, with prices remaining largely stable. However, EBITDA adjusted for exchange rate effects amounted to EUR 16.1 million, down from EUR 27.9 million in the prior-year period. The EBITDA margin based on total output stood at 8.2%, compared to 15.5% a year earlier.
The decline in earnings was significantly impacted by operating start-up losses from the new plant in Pagiriai, Lithuania. Excluding these start-up losses, the existing plants posted adjusted EBITDA of EUR 27.2 million, compared to EUR 30.8 million in the prior-year period. The remaining year-on-year decrease was primarily due to a higher cost of materials ratio and increased other operating expenses. The consolidated result for the second half of the year was EUR -10.1 million, compared to EUR 6.3 million in the previous year; adjusted for the start-up losses, it totaled EUR 6.7 million, down from EUR 13.3 million.
Fritz Homann, Managing Director of Homann Holzwerkstoffe GmbH, commented: "Our existing plants showed a stable performance overall in the second half of 2025 and slightly improved their earnings contribution compared to the first half of the year. The new plant in Pagiriai is going through its ramp-up phase as planned – the associated start-up losses are an expected effect, which we will overcome as operations progress. In addition, we have created a stable and future-oriented financing structure by prolonging the financing in Lithuania until 2030."
The Group's equity amounted to EUR 186.3 million as of December 31, 2025, down from EUR 197.1 million a year earlier, corresponding to an equity ratio of 30.0%. The change was mainly due to the negative half-year result and currency translation differences.
On November 3, 2025, the company concluded a settlement agreement regarding its joint venture Global MDF Industries B.V. in Egypt, selling its shares back to the joint venture partner and terminating pending arbitration proceedings.
Based on unaudited financial figures, the full-year 2025 forecast has been confirmed: revenues of EUR 383.1 million, slightly up from EUR 369.9 million, and adjusted EBITDA of EUR 38.2 million, down from EUR 56.3 million. An outlook for 2026 will be published in the Annual Report 2025, available on April 24, 2026.
The interim Group report for the second half of 2025 is available at Homann Holzwerkstoffe financial reports.
