GreenGold Group shares
Unlisted company
GreenGold is a forestry company that owns and manages forest properties in Europe through wholly owned subsidiaries in seven countries. The parent company of the group, GreenGold Group AB, was registered in 2019, while the founding team has conducted forestry-related investment activities since 2007. The overall strategy is driven by the parent company in Stockholm, while operations are managed locally through the subsidiaries GreenGold Romania, GreenGold Baltics, GreenGold Nordics and GreenGold UK.
How the company makes money
Core revenue is generated from harvesting and selling timber from the company’s own forest properties, primarily as stumpage, where the buyer is responsible for the actual harvesting. Romania is the largest market by land area, followed by Finland and the Baltic countries, as well as smaller holdings in the United Kingdom and Sweden. Each subsidiary is staffed by local teams, as forest property markets are characterised by national legislation and local market dynamics.
Supplementary revenue streams
In addition to timber sales, GreenGold has supplementary revenue streams. The company participates in a biodiversity programme in Romania, has entered into carbon credit contracts in the United Kingdom and Sweden, and is developing a portfolio of wind power projects in Finland. In addition, selective land sales for property development take place.
Growth and valuation
GreenGold grows both organically and through acquisitions of forest properties in the markets where the company operates. The forest assets are valued using a combination of a DCF model and comparable sales, with the latter carried out annually by the independent third-party valuer Svefa.
Forest holdings
Forest land in seven European countries
Wholly owned local subsidiaries
The majority is productive forest land
Revenue and growth
Supplementary revenue beyond timber
Organic growth and acquisitions
Annual independent valuation
Financial performance
Published 22 September 2026Published figures from the company’s own reports. Amounts in MEUR · change from the previous year
- Cash and bank 2025-12-31
- 10MEUR
- Operating cash flow
- 12MEUR
- Net sales
- 17MEUR
- Equity ratio
- 90.9%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 17(-12.5 %) | 20(-10.6 %) | 22(+8.9 %) | 20 |
| Revenue growth | -12.5%(-1.9 pp) | -10.6%(-19.5 pp) | 8.9% | – |
| EBITDA | 13(-78.7 %) | 62(-18.6 %) | 77(-39 %) | 126 |
| EBIT | 13(-79.6 %) | 62(-18.8 %) | 76(-39.2 %) | 125 |
| Net income | 9.8(-80.3 %) | 50(-23 %) | 65(-39.2 %) | 106 |
| Equity | 670(-0.3 %) | 672(+7.2 %) | 627(+5.9 %) | 592 |
| Total liabilities | 67(-1.1 %) | 68(+15.5 %) | 59(-2.2 %) | 60 |
| Cash and bank | 10(+86.7 %) | 5.6(-44 %) | 10(-55.6 %) | 22 |
| Operating cash flow | 12(+6.3 %) | 11(-25.3 %) | 15(+8 %) | 14 |
| Equity ratio | 90.9%(+0.1 pp) | 90.8%(-0.6 pp) | 91.4%(+0.6 pp) | 90.8% |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| €2m | €757m |
Questions about GreenGold Group
Is GreenGold Group publicly listed?
No, GreenGold Group is a public limited company but it is not publicly listed. The company has not carried out an IPO, and the share is therefore not traded on a regulated exchange, but via the unlisted market.
What does GreenGold Group do?
GreenGold Group is a European forestry company that owns and manages forest land in several countries. The company offers exposure to forestry as an asset class and combines recurring cash flows from timber sales with long-term value appreciation in land and forests.
Can I buy shares in GreenGold Group?
If you own shares in GreenGold Group, you can place a sell order via Eqvor and be matched with buyers. Once the transaction has been completed, the shares are transferred in accordance with the company's Euroclear-affiliated custody structure.
How do I sell shares in GreenGold Group?
If you own shares in GreenGold Group, you can place a sell order via the platform. When a trade is matched, the transaction is completed and the shares are delivered to the buyer's custody account via Euroclear.
Is GreenGold Group affiliated with Euroclear?
Yes, GreenGold Group is affiliated with Euroclear. This means that the shares are managed within the Swedish securities system and can be delivered to a custody account with any bank or investment firm once the transaction has been completed.
Can I hold GreenGold shares with Avanza or Nordnet?
Yes, since GreenGold Group is affiliated with Euroclear, the shares can normally be held in a securities account with, for example, Avanza or Nordnet, provided that the bank or online broker supports the custody of unlisted shares.
In which countries does GreenGold own forests?
GreenGold owns and manages forest land in Sweden, Finland, Estonia, Latvia, Lithuania, Romania and the United Kingdom.
At what price is GreenGold Group traded?
Since GreenGold Group is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand between buyers and sellers in the unlisted market.
Will GreenGold be listed on a stock exchange?
GreenGold has stated that a stock exchange listing is a strategic objective. However, no date has been set for when GreenGold may be listed, or whether the company will carry out an IPO.
What are the risks of investing in GreenGold Group?
Investing in GreenGold Group involves risk, just like other investments in unlisted shares. The company’s value may be affected by forest prices, timber prices, exchange rates, property values, weather conditions, regulation, and market demand for forests as an asset class. Trading in unlisted shares also generally involves lower liquidity than trading in listed shares.
Where can I find GreenGold Group's annual report?
GreenGold Group's annual report can be found under Investor Relations and Financial Reports. The company's annual reports and other financial reports are available there for download.
Has GreenGold Group carried out any share issues?
Yes, GreenGold Group has carried out capital raises and previous new share issues. GreenGold Group’s Capital raised is stated as EUR 340.4 million, indicating how much capital the company has raised through previous financing.
How much capital has GreenGold Group raised in total?
GreenGold Group's Capital raised is stated as EUR 340.4 million. An equity raise is an English term for raising capital, but in Swedish, terms such as funding round, financing or new share issue are more commonly used.
Has GreenGold Group reported a profit or a loss?
GreenGold Group reports a positive result in the latest available information. Under Key Figures, EBITDA is stated as EUR 13,243 thousand and net income as EUR 9,790 thousand. The company’s earnings trend is also shown in the Results by Year chart.