Homann Holzwerkstoffe GmbH reported its interim Group results for the second half of 2025, revealing a solid operational performance from its established manufacturing plants alongside planned challenges from a new facility's ramp-up phase. The company, a leading European supplier of thin, refined wooden fibreboards for furniture, doors, and coatings industries, published these figures in compliance with new semi-annual reporting obligations tied to its Bond 2025/2032.
Group revenues for the period reached €188.1 million, representing a 2.5% increase from the €183.5 million recorded in the same period the previous year. This growth was primarily volume-driven, with selling prices remaining largely stable. The core operational story, however, lies in the divergence between the performance of existing plants and the new venture in Lithuania.
Adjusted EBITDA for the Group, factoring out exchange rate effects, stood at €16.1 million, down from €27.9 million in the second half of 2024. This resulted in an EBITDA margin on total output of 8.2%, compared to 15.5% a year prior. Management attributed this significant decline directly to the operating start-up losses incurred at the new plant in Pagiriai, Lithuania. When adjusted to exclude these planned losses, the existing plants delivered an adjusted EBITDA of €27.2 million, demonstrating a stable earnings trend, albeit slightly below the €30.8 million from the prior year. The remaining year-on-year decrease for the legacy operations was attributed to a higher cost of materials ratio and increased other operating expenses.
The consolidated result for the half-year was a loss of €10.1 million, a reversal from the €6.3 million profit in 2024. Excluding the Lithuanian start-up losses, the result would have been a profit of €6.7 million. Fritz Homann, Managing Director, stated that the existing plants showed stable performance and slightly improved their earnings contribution compared to the first half of the year. He emphasized that the ramp-up phase in Pagiriai is proceeding as planned, with the associated losses being an expected effect that will diminish as operations mature.
Concurrently, the company strengthened its financial foundation by prolonging the financing for its Lithuanian operations until 2030, which management describes as creating a stable and future-oriented financing structure. In a separate strategic move, Homann Holzwerkstoffe terminated its involvement in Egypt. On November 3, 2025, the company concluded a settlement agreement regarding its joint venture, Global MDF Industries B.V., selling its shares back to the joint venture partner and ending related arbitration proceedings.
Based on these unaudited figures, the company confirmed its full-year 2025 forecast, anticipating revenues of approximately €383.1 million, slightly above the previous year's €369.9 million. Adjusted EBITDA for the full year is expected to decrease to €38.2 million from €56.3 million in 2024, in line with earlier projections that accounted for the Lithuanian plant's initial phase. 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 provided in the Annual Report 2025, scheduled for publication on April 24, 2026.
