Homann Holzwerkstoffe GmbH reported revenues of EUR 188.1 million for the second half of 2025, representing a 2.5% increase from the same period in 2024 when revenues were EUR 183.5 million. The growth was primarily driven by higher sales volumes, with prices remaining largely stable across the company's product lines. This performance indicates continued demand for the company's thin, refined wooden fibreboards used in furniture, doors, and coatings industries throughout European markets.
The company's adjusted operating EBITDA for the Group was significantly impacted by start-up losses at its new plant in Pagiriai, Lithuania, amounting to EUR 16.1 million compared to EUR 27.9 million in the previous year. Excluding these start-up losses, the existing plants in Germany and Poland generated adjusted EBITDA of EUR 27.2 million, demonstrating relatively stable operations despite a slight decline from EUR 30.8 million in the second half of 2024. Managing Director Fritz Homann noted that the existing plants showed stable performance overall and slightly improved their earnings contribution compared to the first half of 2025.
The importance of these results lies in their demonstration of how strategic expansion investments can temporarily impact financial performance while positioning a company for future growth. The Lithuanian plant represents a significant capital investment that is currently in its planned ramp-up phase, with associated start-up losses expected to diminish as operations mature. This development highlights the balancing act industrial manufacturers face when expanding production capacity while maintaining existing operations.
Homann Holzwerkstoffe has strengthened its financial position by prolonging financing arrangements in Lithuania until 2030, creating what Homann described as "a stable and future-oriented financing structure." This extended financing provides the company with greater flexibility during the plant's development phase and reduces near-term refinancing risks. The company's equity ratio stood at 30.0% as of December 31, 2025, with equity totaling EUR 186.3 million.
In a separate strategic move, the company terminated its joint venture in Egypt through a settlement agreement concluded on November 3, 2025. The shares held by Homann Holzwerkstoffe were sold back to the joint venture partner, and pending arbitration proceedings were terminated. This decision allows the company to focus resources on its core European operations and the Lithuanian expansion.
The company confirmed its full-year 2025 forecast, projecting revenues of EUR 383.1 million, slightly above the previous year's EUR 369.9 million, while expecting adjusted EBITDA to decrease to EUR 38.2 million from EUR 56.3 million in 2024. 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/. An outlook for the 2026 financial year will be published in the company's Annual Report 2025, scheduled for release on April 24, 2026.
For investors and industry observers, these developments illustrate the complex dynamics facing European manufacturing companies as they navigate expansion, market demand, and operational efficiency. The results show how established companies can maintain revenue growth during strategic transitions while managing the financial impacts of significant capital projects. The Lithuanian plant's successful ramp-up will be crucial for Homann Holzwerkstoffe's future profitability and competitive position in the European fibreboard market.
