Homann Holzwerkstoffe GmbH reported increased revenues but decreased earnings for the second half of 2025, with results significantly impacted by start-up losses at its new Lithuanian plant while existing operations maintained stable performance. The company's interim report, published in compliance with bond requirements, reveals both operational challenges and strategic adjustments that will shape its future in the European wood-based panels market.
Group revenues reached EUR 188.1 million in the second half of 2025, representing a 2.5% increase from the same period in 2024 when revenues were EUR 183.5 million. This growth was primarily driven by higher sales volumes rather than price increases, indicating continued market demand for the company's thin, refined wooden fibreboards used in furniture, doors, and coatings industries. The full-year 2025 revenue forecast of EUR 383.1 million confirms this upward trend from the previous year's EUR 369.9 million.
Despite revenue growth, adjusted EBITDA fell to EUR 16.1 million from EUR 27.9 million in the prior year period, with the EBITDA margin declining to 8.2% from 15.5%. This significant decrease was largely attributable to operating start-up losses at the new plant in Pagiriai, Lithuania. When excluding these start-up losses, the existing plants generated adjusted EBITDA of EUR 27.2 million, showing relative stability compared to EUR 30.8 million in the previous year. The consolidated result for the period was EUR -10.1 million, though this would have been EUR 6.7 million positive without the Lithuanian plant's start-up effects.
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. "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," Homann stated. The company has strengthened its financial position by prolonging financing in Lithuania until 2030, creating what Homann described as "a stable and future-oriented financing structure."
Beyond operational developments, Homann Holzwerkstoffe made significant strategic moves during the reporting period. 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. This exit from the Egyptian market allows the company to focus resources on its core European operations and the Lithuanian expansion.
The company's equity stood at EUR 186.3 million as of December 31, 2025, representing a 30.0% equity ratio, down from EUR 197.1 million and 32.6% at the end of 2024. This change resulted primarily from the negative half-year result and currency translation effects. 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/.
For the full year 2025, the company confirmed its previously published forecast, expecting adjusted EBITDA of EUR 38.2 million, down from EUR 56.3 million in 2024, with the decrease attributed to the Lithuanian plant's start-up phase. An outlook for 2026 will be provided in the Annual Report 2025, scheduled for publication on April 24, 2026. These developments are particularly significant for the European wood-based panels industry, as they demonstrate both the challenges of capacity expansion and the importance of strategic focus during periods of transition.
