In an interview on the company's own website, CFO and Head of IR Gustav Wetterling explains where a future listing would take place, why the company is now reviewing its debt-free balance sheet and why country risk in Romania is falling.
Countries of operation
Seven different timber markets
Borrowing today
Conservative loans under review
Position in Romania
Private forest owner, after IKEA
Nasdaq Stockholm after comparing several European exchanges
Wetterling says that GreenGold has compared several European stock exchanges and concluded that Nasdaq Stockholm's Main Market is the best fit for a future listing. It would provide a broader capital base and a transparent currency for future acquisitions, and create what he describes as the first pure-play pan-European listed forestland company.
He calls the challenge a translation problem: public markets can, especially recently, be short-term and impatient. According to him, the company will go to the stock exchange only when it feels confident that it can tell its story clearly, on its own terms and with the right new anchor shareholders.
Debt-free today — conservative borrowing options under review
Running the balance sheet without borrowing is described as a historical principle in the company. At the same time, Wetterling says that conservative leverage, used wisely to grow the asset base, can increase return on equity. The group is today considerably larger and more diversified than before, and is now examining very conservative borrowing options that will not compromise its resilience.
Romania: the country risk premium is falling
He describes Romania as one of the best examples of risk-adjusted return in European forestry. The country now operates one of Europe's strictest timber traceability systems, has fully joined Schengen and is in the process of joining the OECD — changes that, according to him, lower the country risk premium in the company's discount rate. GreenGold is the second-largest private forest owner in the country, after IKEA.
Technology cannot copy the asset
The company itself uses AI, satellite imagery, drones and sensors to monitor and plan its forests more efficiently, while the asset itself is something technology cannot reproduce. In his own words: “Software does not grow trees.”
Source: interview with Gustav Wetterling published on greengold.se on 1 September 2026. The quote is reproduced in the original English; the rest of the text is a summary originally written in Swedish.
