GreenGold has published its report for the fourth quarter and full year 2025.
The company owns and manages just over 79,700 hectares of forest land in Romania, Finland, the Baltics, Sweden and the United Kingdom. Although timber prices fell in several markets in 2025 — above all in Sweden and Finland — adjusted operating profit increased by 2.7% to EUR 12.8 million for the full year. Lower revenue from timber sales (-12.5%) was offset by substantially higher other income, including from the EU's biodiversity programme in Romania.
Key figures Q4 2025
- Net sales: EUR 6.6 million (+37.8%)
- Adjusted EBITDA: EUR 5.9 million (+130%)
- EBITDA margin: 73.4% (Q4 2024: 49.6%)
- Free cash flow: EUR 3.9 million (+105%)
- Harvesting volume: 133 thousand m³ (+44%)
Key figures full year 2025
- Net sales: EUR 17.4 million (-12.5%)
- Adjusted EBITDA: EUR 13.5 million (+3%)
- Free cash flow: EUR 7.6 million (EUR 0.7 per share)
- NRV per share: EUR 69.2 (Dec 2024: EUR 70.1)
- Interest-bearing liabilities: EUR 0
- Cash: EUR 10.4 million
The value of the forest assets decreased marginally to EUR 715 million (-0.6%). The decline reflects a somewhat subdued market sentiment rather than weaker fundamentals. Comparable transactions during the quarter — including Ingka Investments' acquisition of Södra's forest in Estonia and Latvia for EUR 720 million — confirm that GreenGold's valuation levels are in line with current market pricing.
The board proposes a dividend of EUR 0.50 per share, to be paid in two equal instalments in June and December 2026. This is an increase of 39% compared with the previous year.
A stock exchange listing remains a strategic priority for the company. The timing has not yet been set.
Would you like to read the full report? Visit GreenGold's company page HERE.
