Nordic Fibreboard AS Audited Annual Report 2024

The Supervisory Board of Nordic Fibreboard AS approved on28th of April 2025 the audited annual report for the year 2024. The supervisory board decided to present the annual report and profit allocation proposal as prepared by the management for the approval of the general meeting of shareholders.

Overview of operating results

Revenue and operating results

Consolidated net sales for 2024 were € 7.59 million, which is a decrease of 1.5% compared to 2023 sales of € 7.71 million. The sales revenue from the production of fibreboard was € 7.57 million in 2024 (2023: € 7.66 million). Sales revenue in 2024 remained at the same level compared to 2023. Changes occurred in market shares, as the 2023 sales revenue included 17% sales to a major Danish customer, with whom cooperation ended in June 2023. The loss of this volume has been successfully compensated by the growth of orders from industrial customers and the addition of new other customers in 2024. The main markets – Finland, Sweden and the Baltics – have maintained a stable sales level throughout 2024. Sales to Asian and African markets have shown growth in 2024. The sales revenue in 2024 from real estate management was € 25 thousand (2023: € 47 thousand).

The consolidated EBITDA of Nordic Fibreboard AS for 2024 was negative € 0.03 million (2023: € positive 0.58 million). EBITDA margin in 2024 was 0% representing a decrease of 8% compared to 2023 (2023: 8%). The significant decrease in EBITDA in the Q4 2024 compared to the same period last year was mainly due to the revaluations of investment properties in Pärnu Riverside Development OÜ and Nordic Fibreboard Ltd OÜ at the end of 2023, where the Group received a one-time income of € 404 thousand from the revaluation of investment properties. In the 2024, the fair value of real investment properties did not change. In addition, EBITDA was negatively impacted by the forced shutdown of the factory due to force majeure situation in December. During the shutdown, personnel costs, factory maintenance costs and repair costs continued to be covered, which had a negative effect on EBITDA. At the end of November, production at the Nordic Fibreboard factory had to be temporarily suspended due to adverse weather conditions, as excessive loads on the factory roof caused structural damage. To ensure the safety of employees, production was suspended and repair work began, the factory was reopened for production on 02.01.2025.The increase in input costs and the increase in marketing and product development costs also had some impact. The increase in marketing and product development costs has been a strategic investment aimed at strengthening sales activities and supporting sales revenue growth in future periods.

The consolidated net loss of Nordic Fibreboard AS for 2024 was € 0.79 million (2023: net loss € 0.68 million).

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ thousand	31.12.2024	31.12.2023
Cash and cash equivalents	53	7
Receivables and prepayments (Note 5)	571	534
Inventories (Note 6)	624	728
Total current assets	1,248	1,269
Investment property (Note 7)	2,380	2,269
Financial assets at fair value through profit or loss (Note 9)	499	491
Property, plant, equipment and right-of use assets (Note 8)	4,122	4,475
Intangible assets (Note 8)	3	1
Total non-current assets	7,004	7,236
TOTAL ASSETS	8,252	8,505
Borrowings (Note 10)	1,111	556
Payables and prepayments (Note 11)	788	756
Short-term provisions (Note 12)	21	21
Total current liabilities	1,920	1,333
Long-term borrowings (Note 10)	2,613	2,659
Long-term provisions (Note 12)	94	111
Other long-term liabilities	9	0
Total non-current liabilities	2,716	2,770
Total liabilities	4,636	4,103
Share capital (at nominal value) (Note 13)	450	450
Statutory reserve capital	45	45
Retained earnings	3,121	3,907
Total equity	3,616	4,402
TOTAL LIABILITIES AND EQUITY	8,252	8,505

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

€ thousand	2024	2023
Revenue (Note 21)	7,592	7,704
Cost of goods sold (Note 15)	(6,820)	(6,810)
Gross profit	771	894
Distribution costs (Note 16)	(935)	(673)
Administrative expenses (Note 17)	(381)	(514)
Other operating income (Note 19)	8	404
Other operating expenses (Note 19)	(11)	(427)
Operating loss	(547)	(316)
Finance income (Note 20)	8	0
Finance costs (Note 20)	(247)	(366)
LOSS BEFORE INCOME TAX	(786)	(682)
NET LOSS FOR THE PERIOD	(786)	(682)
Basic earnings per share (Note 14)	(0.17)	(0.15)
Diluted earnings per share (Note 14)	(0.17)	(0.15)

A copy of Nordic Fibreboard AS audited annual report for 2024 is attached to the announcement and is also published on Nasdaq Tallinn and Nordic Fibreboard web page.

The ESEF-compliant machine-readable annual report is generated only in Estonian language.

Enel Äkke
Member of the Management Board
Phone: + 372 55 525550
E-mail: enel.akke@nordicfibreboard.com
www.nordicfibreboard.com/investors

Attachment

• Nordic Fibreboard AS Annual Report 2024_ENG