Slide 1: Q4/2024 Financial Statements Release 2024
MIKA SAARIAHO, President and CEO Q4/2024 VILLE HALTTUNEN, CFO Financial Statements Release 2024 February 13, 2025
Slide 2: Content
Content • Highlights and Group performance • Segment performance • Cash flow, financial position and key figures • Outlook 2025 2 www.raute.com
Slide 3: Q4 2024 highlights
Q4 2024 highlights Strong net sales growth and profitability development • 2024 was a year of solid project execution for Raute, with elevated profitability and operational performance • Firm operational execution in Wood Processing and strong performance in Services. In Analyzers, the progress wa
Slide 4: Key Figures Q4/2024 and 2024
Key Figures Q4/2024 and 2024 Personnel* 783 (2023: 754) Net sales Q4 Order intake Q4 Equity ratio* Comparable EBITDA Q4 56.5 5.1 50 55.2 MEUR MEUR MEUR (2023: 50.2) (Q4 2023: 45.2) (Q4 2023: 2.7) (Q4 2023: 118) Net sales 2024 Comparable EBITDA 2024 Order intake 2024 Order book* 204.6 19.8 121 184 ME
Slide 5: Order intake
Order intake Order intake of EUR 50 million in Q4/2024 315 Q4/2024 Asia-Pacific North America 4% 118 10% 118 South America 11% 203 19 19 50 75% 138 Europe 28 112 119 58 28 121 112 35 35 50 Q4 70 40 • Quarterly order intake included after-sales 65 67 15 services, modernizations, upgrades and 40 36 Q3
Slide 6: Order book
Order book Solid order book of EUR 184m at the end of Q4/2024 provides a good buffer in the current uncertain market 266 259 • Five mill-sized orders received since the beginning of 2023: 223 Lumin, Latvias Finiers, Thebault, 202 Metsä Wood and AmberBirch 2 192 1 188 184 158 150 152 129 266 121 259
Slide 7: Net sales
Net sales Net sales EUR 56.5m in Q4/2024 increasing 25% against last year, driven by Wood Processing and Services 205 Q4/2024 South America +25% 56 Asia-Pacific 5% 158 5% 142 145 North America 45 16% 46 45 115 45 46 44 42 34 Q4 39 42 74% 38 34 Europe 30 57 29 Q3 28 30 29 35 41 • Sales growth was dri
Slide 8: Comparable EBITDA
Comparable EBITDA Comparable EBITDA EUR 5.1m in Q4/2024 with margin of 9.1% 8 +90% • Comparable EBITDA EUR 5.1m (2.7) and 6.0 6.3 margin 9.1% (5.9) in Q4/2024 6 5.4 5.1 • The increase was driven by the 4 3.1 2.7 2.8 3.0 2.7 3.0 improved operational efficiency 2.1 through higher volumes 2 0.7 0 • Ite
Slide 9: Operating profit (YTD)
Operating profit (YTD) EURm 15 13.7 10.2 10 5.4 5 0.9 1.2 1.9 1.5 0 -0.2 -1.5 -3.1 -3.0 -2.8 -2.8 -2.8 -2.2 -5 -4.2 -4.5 -10 -15 -14.6 -16.6 -15.2 -20 2020 2021 2022 2023 2024 Q1 Q1-Q2 Q1-Q3 Q1-Q4 www.raute.com
Slide 10: Personnel
Personnel Head account increased 4% against last year same period Headcount at the end of the period, in books +4% 802 783 798 789 783 778 775 751 754 757 745 754 733 China Others 2% 6% North America 18% 74% Europe 2020 2021 2022 2023 2024 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 10 www.raute
Slide 11: Content
Content • Highlights and Group performance • Segment performance • Cash flow, financial position and key figures • Outlook 2025 11 www.raute.com
Slide 12: Wood processing
Wood processing Net Sales Comparable EBITDA EURm EURm 45 +41% 6 • Net sales EUR 41.1m in Q4/2024, 40 4 increased by 41% against last year • The increase was driven by solid 35 2 progress in the deliveries of the order book 0 30 Q1 Q2 Q3 Q4 • Comparable EBITDA EUR 3.3m (-0.1) and 25 -2 margin 8.1% (-
Slide 13: Services
Services EURm Net Sales EURm Comparable EBITDA 14 3 +13% • Net sales EUR 11.6m in Q4/2024, increased by 13% against last year 12 • Record high net sales 2.5 • Demand remained solid across all service operations, 10 with particularly strong 2 performance in spare parts 8 and on-site services • Compar
Slide 14: Analyzers
Analyzers Net Sales EURm Comparable EBITDA EURm 7 -36% 2.5 • Net sales EUR 3.7m in Q4/2024, decreasing -36% against last year 6 2 • The decline was due to low level of new orders in the 5 previous quarters 1.5 • Comparable EBITDA EUR 0.5m (1.3) 4 with margin of 12.8% (22.0%) 1 • The decline was driv
Slide 15: Content
Content • Highlights and Group performance • Segment performance • Cash flow, financial position and key figures • Outlook 2025 15 www.raute.com
Slide 16: Earnings per share
Earnings per share Q4/24 EPS was 0.54 (0.09) – Full year EPS EUR 1.96 Quarterly EPS (EUR) +500% • EPS supported by increased EBIT and 0.73 finance net compared to last year 0.56 0.54 • Effective tax rate 20% for full year 2024 0.20 • Interest of convertible junior loan 0.16 0.10 (EUR 3m) calculated
Slide 17: Quarterly cash flow and EBITDA
Quarterly cash flow and EBITDA Q4/2024 operating cash flow EUR +3.7m EURm Operating cash flow and EBITDA 40.0 • Q4/2024 operating cash flow EUR 35.0 3.7m (9.8) 30.0 • EBITDA amounted to EUR 4.8m (2.0) 25.0 • Change in networking capital 20.0 slightly negative impact on 15.0 operating cash flow in Q4
Slide 18: Net working capital
Net working capital Net working capital remained at EUR -30.6m at the end of Q4/2024 EURm % of net sales 10.0 10% 5.6 • Net working capital EUR -30.6m (-36.2) 5.0 5% at the end of Q4/24 0.0 • NWC change during Q4/24 0% EUR +1.3m -2.9 -5.0 -4.3 -4.2 -5.1 • NWC change during 2024 -10.0 -5% EUR +5.6m -
Slide 19: Balance sheet structure
Balance sheet structure Strong balance sheet enables the execution of growth strategy Equity ratio Net liquidity (MEUR) 70% 57.5 55.2 58.8% 60% 54.3% 55.2% 48.1 50.2 % 49.7 % 48.5% 50% 40.5 44.3% 37.3 40% 36.6% 55.2 57.5 30% 22.3 48.1 20% 40.5 37.3 9.7 10% 24.4 0.9 11.6 0% 7.6 Q4/20 Q4/21 Q4/22 Q4/2
Slide 20: Capex, depreciation and amortization
Capex, depreciation and amortization Capital expenditure have decreased from last year, but depreciation increased EURm 7.0 6.6 • Capex in 2024 EUR 2.8 million 6.3 (4.5) 6.0 5.0 4.5 4.0 4.0 3.7 4.5 3.1 M€ 3.0 2.8 2.5 2.0 1.8 1.9 1.3 1.4 1.0 0.0 2021 2022 2023 2024 Capex Depreciation. exc. RoU assets
Slide 21: Research and Development
Research and Development EURm / % of net sales 7.0 6.3 6.0 5.2 5.3 4.9 5.0 5.2 M€ 4.0 3.0 2.0 1.0 0.0 2021 2022 2023 2024 R&D expenses (MEUR) R&D as % of sales (%) 21 www.raute.com
Slide 22: Content
Content • Highlights and Group performance • Segment performance • Cash flow, financial position and key figures • Outlook 2025 22 www.raute.com
Slide 23: Outlook 2025
Outlook 2025 BUSINESS ENVIRONMENT GUIDANCE STATEMENT FOR 2025 • The global demand for Raute's end-user products has remained Raute’s 2025 net sales are expected to be low due to the downturn in construction markets, particularly between EUR 190–220 million and comparable affecting softwood plywood E
Slide 24: Further information
Further information Mika Saariaho President and CEO +358 40 1549393 mika.saariaho@raute.com Ville Halttunen CFO +358 50 3460868 ville.halttunen@raute.com.com 24 www.raute.com
Slide 25: THANK YOU!
THANK YOU! www.raute.com Raute Oyj Raute Corporation RauteMachinery @rautecorporation