Slide 1: Making Wood Matter
MAKING WOOD MATTER atthe i " as oo oa
Slide 2: Business Review January-September 2025
BUSINESS REVIEW JANUARY-SEPTEMBER 2025 MIKA SAARIAHO, President and CEO VILLE HALTTUNEN, CFO October 30, 2025
Slide 3: Content
Content • Highlights and Group performance • Segment performance • Cash flow, financial position and key figures • Outlook 2025 BUSINESS REVIEW JANUARY-SEPTEMBER 2025 3
Slide 4: Highlights and Group Performance
HIGHLIGHTS AND GROUP PERFORMANCE BUSINESS REVIEW JANUARY-SEPTEMBER 2025 4
Slide 5: Q3/2025 highlights
HIGHLIGHTS AND GROUP PERFORMANCE Q3/2025 highlights Strong profitability • Another solid quarter, marked by strong profitability and success in operational execution • Comparable EBITDA in Q3/25 at EUR 6.5 (6.3) million with margin of 15.0% (13.5%) • Guidance updated: Comparable EBITDA guidance revi
Slide 6: Key figures Q3/2025
HIGHLIGHTS AND GROUP PERFORMANCE Key figures Q3/2025 Net sales Comparable EBITDA Order intake 43.7 6.5 38 MEUR (Q3 2024: 46.4) MEUR (Q3 2024: 6.3) MEUR (Q3 2024: 15) Equity ratio* Order book* Personnel* 64.9 108 696 MEUR (Q3 2024: 54.3) MEUR (Q3 2024: 188) (Q3 2024: 789) BUSINESS REVIEW JANUARY-SEPT
Slide 7: Order intake
HIGHLIGHTS AND GROUP PERFORMANCE Order intake Order intake EUR 38 million in Q3/2025 315 Asia-Pacific MEUR 3% 118 North America 37% 203 55% Europe 19 Q4 50 138 Q3 58 28 112 121 6% South America 35 50 66 Q3/2025 Q2 65 15 40 20 38 • Quarterly order intake included production lines 67 12 and modernizat
Slide 8: Order book
HIGHLIGHTS AND GROUP PERFORMANCE Order book Order book of EUR 108 million at the end of Q3/2025 266 MEUR 259 • Five mill-sized orders received during Q1/23 –Q1/24: Lumin, Latvias Finiers, Thebault, Metsä 223 Wood and AmberBirch 202 2 192 1 188 184 158 150 152 146 129 121 266 259 3 115 109 74 86 78 1
Slide 9: Net sales
HIGHLIGHTS AND GROUP PERFORMANCE Net sales Net sales EUR 43.7 million in Q3/2025 decreasing 5.8% against last year MEUR South America 205 Asia-Pacific 9% 6% 56 North America 13% 158 142 145 139 46 -5.8% 45 46 115 44 44 73% Europe Q4 39 42 38 34 57 44 Q3/2025 Q3 28 30 • The decline was mainly due to
Slide 10: Comparable EBITDA
HIGHLIGHTS AND GROUP PERFORMANCE Comparable EBITDA Comparable EBITDA EUR 6.5 million in Q3/2025 with margin of 15.0% +4% 8 MEUR 7.4 6.3 6.5 6.5 6.0 • Comparable EBITDA EUR 6.5 million 6 5.4 5.1 (6.3) and margin 15.0% (13.5) in Q3/2025 4 3.1 2.8 3.0 2.7 3.0 • The result was driven by strong 2.7 2.1 o
Slide 11: Operating profit (YTD)
HIGHLIGHTS AND GROUP PERFORMANCE Operating profit (YTD) YTD operating profit EUR 12.9 million in Q1-Q3/2025, up from last year despite one-off costs 15 13.7 Q1-Q3/2025 MEUR 12.9 • Q1-Q3/2025 operating profit EUR 12.9 10.2 million (10.2) and margin of 9.3% (6.9) 10 • Items affecting comparability (IA
Slide 12: Personnel
HIGHLIGHTS AND GROUP PERFORMANCE Personnel Head account decreased 12% against last year same period 802 -12% 783 798 789 783 770 778 775 766 751 754 757 745 754 733 Others 696 North America 2% 18% 80% Europe 2020 2021 2022 2023 2024 Q4/23 Q1/23 Q2/23 Q3/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 B
Slide 13: Segment Performance
SEGMENT PERFORMANCE BUSINESS REVIEW JANUARY-SEPTEMBER 2025 13
Slide 14: Wood Processing
SEGMENT PERFORMANCE Wood Processing Net sales MEUR Comparable EBITDA MEUR 45 8 • Net sales EUR 31.6 million in 6 Q3/2025, decreased by 2.1% 40 -2.1% against last year 4 • The decrease was due to typical 35 fluctuations in revenue 2 recognition and lower order 30 intake in the first half of the year
Slide 15: Services
SEGMENT PERFORMANCE Services Net sales MEUR Comparable EBITDA MEUR 14 3 • Net sales EUR 8.5 million in Q3/2025, decreased by 13.9% -13.9% 12 against last year 2,5 • Demand for the majority of services remained relatively 10 stable 2 • Broader hesitancy in smaller 8 investments resulted in lower sale
Slide 16: Analyzers
SEGMENT PERFORMANCE Analyzers Net sales MEUR Comparable EBITDA MEUR 7 2,5 • Net sales EUR 3.5 million in Q3/2025, decreasing 15.8% against 6 -15.8% last year 2 • The decrease was due to a weak order intake, especially in North 5 America 1,5 4 • Comparable EBITDA EUR 0.5 million (0.7) with margin of
Slide 17: Cash Flow, Financial Position and Key Figures
CASH FLOW, FINANCIAL POSITION AND KEY FIGURES BUSINESS REVIEW JANUARY-SEPTEMBER 2025 17
Slide 18: Earnings per share
CASH FLOW, FINANCIAL POSITION AND KEY FIGURES Earnings per share Q3/2025 Comparable EPS 0.69 (0.74) – R12M Comparable EPS 2.59 -7% 0.73 0.74 • Q3/25 comparable EPS 0.69 (0.74) EPS 0.69 0.71 0.68 0.69 • Finance net below last year Comparable EPS 0.65 0.56 0.57 • Effective tax rate 23% (14%) during th
Slide 19: Quarterly cash flow and EBITDA
CASH FLOW, FINANCIAL POSITION AND KEY FIGURES Quarterly cash flow and EBITDA Q3/2025 operating cash flow EUR -0.7 million due to normal changes in networking capital MEUR 40,0 • Q3/2025 operating cash flow EUR -0.7 million (18.8) 30,0 • EBITDA amounted to EUR 6.3 million 20,0 18,8 (6.2) • Change in
Slide 20: Net working capital
CASH FLOW, FINANCIAL POSITION AND KEY FIGURES Net working capital Net working capital EUR 6.5 million at the end of Q3/2025 MEUR 10,0 10% • Net working capital EUR 6.5 million 5,6 6,5 (-31.9) at the end of Q3/2025 5,0 5% 0,0 • NWC change during Q3/2025 EUR - 0,8 0% +7.3 million (-13.1) -5,0 -2,9 -4,
Slide 21: Balance sheet structure
CASH FLOW, FINANCIAL POSITION AND KEY FIGURES Balance sheet structure Strong balance sheet enables the execution of growth strategy Equity ratio Net liquidity (MEUR) 70% 57.5 58.8 64,9% 55.2 60,0 % 60% 58,8% 48.1 54,3% 55,2% 53,7% 50,2 %49,7 %48,5% 40.5 50% 44,3% 37.3 40% 31.6 36,6% 29.6 58.8 22.3 5
Slide 22: Capex, depreciation and amortization
CASH FLOW, FINANCIAL POSITION AND KEY FIGURES Capex, depreciation and amortization Capital expenditure have increased from last year MEUR 7,0 • Capex in Q1-Q3/2025 totaled 6,6 6,3 EUR 2.5 million (1.5) 6,0 5,0 4,5 4,0 4,1 4,0 3,9 3,7 3,1 3,1 3,1 3,0 2,8 2,5 2,5 2,0 1,8 1,9 1,4 1,4 1,5 1,3 1,0 1,0 1,
Slide 23: Research and Development
CASH FLOW, FINANCIAL POSITION AND KEY FIGURES Research and Development MEUR / % of net sales 7,0 6,3 6,0 5,2 5,3 5,2 4,9 5,0 4,0 3,9 4,0 3,0 2,0 1,0 0,0 2021 2022 2023 2024 2025R12 1-9/24 1-9/25 R&D expenses (MEUR) R&D as % of sales (%) BUSINESS REVIEW JANUARY-SEPTEMBER 2025 23
Slide 24: Outlook 2025
OUTLOOK 2025 BUSINESS REVIEW JANUARY-SEPTEMBER 2025 24
Slide 25: Business environment
OUTLOOK 2025 Business environment • The turbulence in the global business environment continued during the third quarter in Raute’s main market areas, including prolonged recession in the construction industry • A slight pick-up in the demand for end-use products was visible during the third quarter
Slide 26: Guidance statement for 2025
OUTLOOK 2025 Guidance statement for 2025 New guidance for 2025 (Updated on October 20, 2025) Raute’s 2025 net sales are expected to be between EUR 175–190 million and comparable EBITDA to be between EUR 22–27 million Previous guidance for 2025 (published April 25, 2025): Raute’s 2025 net sales are e
Slide 27: Further information
Further information Mika Saariaho Ville Halttunen President and CEO CFO +358 40 1549393 +358 50 3460868 ville.halttunen@raute.com mika.saariaho@raute.com BUSINESS REVIEW JANUARY-SEPTEMBER 2025 27
Slide 28: Follow us
Follow us Web › Web › www.raute.com LinkedIn › LinkedIn › Raute Corporation Youtube › @RauteCorporation Facebook Global › Facebook Global › Raute Corporation Instagram Global › Instagram Global › @rautecorporation BUSINESS REVIEW JANUARY-SEPTEMBER 2025 28
Slide 29: Thank you!
wy THANK YOU! —