The forest investment company GreenGold Group acquired a net 1,098 hectares of forest properties in the second quarter of 2026 and owned 81.4 thousand hectares of land at the end of the period. Net realisable value, which measures assets minus liabilities, amounted to EUR 70.0 per share. The group had no external loans.
NRV per share
+0.1% vs Q2 2025
Forest assets
+0.8% vs Q2 2025
Net sales
+66.8% vs Q2 2025
Harvesting increased 30 per cent in the quarter
In the second quarter, 86 thousand cubic metres were harvested and sold, 30 per cent more than in the same quarter last year. Romania increased volumes by 75 per cent and Finland by 76, while harvesting in the United Kingdom remained essentially paused owing to weak market conditions. Net sales amounted to EUR 4.1 million (2.5) and adjusted EBITDA to EUR 1.8 million (0.7).
The change in value of the forest contributed EUR 13.7 million
Operating profit before change in value of biological assets amounted to EUR 1.6 million (0.5). The change in value contributed a further EUR 13.7 million (8.7), mainly attributable to Romania, and profit for the period after tax was EUR 13.0 million (6.9). The report states that the change in value mainly results from growth in the standing timber volume and relatively strong growth in the group’s higher-valued British forests. Currency translation reduced the reported value of the forest assets by EUR 12.5 million during the half-year as the Romanian currency RON weakened, but according to the report this was largely offset by fair value adjustments in local currency.
| 2026 | 2025 | Change | |
|---|---|---|---|
| Fair value, forest assets (TEUR) | 728,367 | 722,583 | +0.8% |
| Net realisable value (TEUR) | 740,499 | 736,084 | +0.6% |
| Net realisable value per share (EUR) | 70.0 | 70.0 | +0.1% |
| Standing timber volume (million m³) | 20.5 | 20.3 | +0.7% |
| Value per m³ of standing timber (EUR) | 35.4 | 35.5 | −0.2% |
Acquisitions increased from 248 to 1,098 hectares
The report describes the quarter as the company’s most active acquisition quarter since 2024. Finland accounted for 877 hectares of the quarter’s acquisitions, followed by the United Kingdom with 141, Lithuania with 36, Estonia with 35 and Latvia with 10. The company invested EUR 2.5 million in acquisitions during the quarter and EUR 4.6 million during the first half of the year.
No external debt and an undrawn credit facility
As at 30 June 2026, cash and cash equivalents amounted to EUR 5.4 million (31 Dec 2025: 10.4), following the increased investment activity and the dividend, and the group had no external loans. The company has procured, but not yet drawn on, an unsecured revolving credit facility of EUR 10 million. CEO Sorin Chiorescu writes that the company sees “an attractive pipeline of acquisition opportunities” in its markets.
New chairman and a dividend in two parts
The Annual General Meeting on 26 May 2026 elected Malcolm Cockwell as the new Chairman of the Board and Stefan Dahlbo and Torsten Jansson as new board members. The meeting resolved on a dividend of EUR 0.50 per share (0.36) in two instalments; the first, of EUR 0.25 per share, was paid on 12 June 2026 and the second will be paid in December 2026. The next report, for the third quarter, is scheduled for 26 November 2026.
Source: GreenGold Group AB (publ), Q2 2026 Report, signed in Stockholm on 21 August 2026. The report has not been reviewed by the company’s auditors.
