Binderholz, Pfeifer, Mayr-Melnhof Holz and Hasslacher increased sales in 2025, but earnings remained under pressure from high raw-material costs, financing expenses and asset write-downs. Pfeifer returned to profit, helped by a purchase-price reduction for P\u00f6lkky, while Binderholz\u2019s pre-tax earnings declined. Mayr-Melnhof Holz recorded a deeper loss following impairments, and Hasslacher moved back into profit before tax but remained loss-making after tax.<\/p>\n
A GWMI review of the companies\u2019 2025 consolidated financial statements and accompanying management reports, filed with Austria\u2019s company register, puts their combined revenue at \u20ac4.70 billion, an increase of 8.9%. Their aggregate loss before tax narrowed to \u20ac18.1 million from \u20ac66.9 million. The comparison uses FMMS Holding, which consolidates Mayr-Melnhof Holz alongside smaller activities outside timber manufacturing.<\/p>\n
Binderholz: higher revenue, lower operating profit<\/strong><\/p>\n Binderholz\u2019s consolidated accounts, filed under Binder Beteiligungsverwaltung GmbH, show revenue rising to \u20ac2.15 billion. Operating profit nevertheless fell to \u20ac36.8 million from \u20ac49.0 million, as material and purchased production costs increased by approximately 13%, considerably faster than sales.<\/p>\n Depreciation and amortisation reached \u20ac182.1 million. Adding these charges back to operating profit gives EBITDA of \u20ac218.9 million, compared with \u20ac228.8 million in 2024. The corresponding margin declined to 10.2% from 11.1%.<\/p>\n Interest and similar expenses of \u20ac40.4 million exceeded operating profit, although investment and interest income partly offset the financing burden. Profit before tax consequently fell to \u20ac3.0 million from \u20ac12.6 million.<\/p>\n A net tax credit lifted the final result to a \u20ac30.2 million profit, compared with a \u20ac15.8 million loss in 2024. The improvement after tax therefore accompanied a deterioration in operating earnings.<\/p>\n Operating cash flow declined to \u20ac136.0 million from \u20ac256.8 million. Bank borrowings fell to \u20ac783.8 million from \u20ac822.1 million.<\/p>\n Pfeifer: recovery supported by P\u00f6lkky purchase-price reduction<\/strong><\/p>\n Pfeifer Holding\u2019s consolidated financial statements show the fastest revenue growth among the four groups. Sales increased by 15.4% to \u20ac1.07 billion, while profit before tax reached \u20ac51.8 million, against a \u20ac56.4 million loss.<\/p>\n The recovery included a reduction in the purchase price of Finnish producer P\u00f6lkky. The notes to the accounts explain that the associated goodwill had already been fully written off, allowing the reduction to be recognised entirely in other operating income. The amount is not separately disclosed.<\/p>\n Depreciation and amortisation fell to \u20ac66.0 million from \u20ac104.7 million. The previous year had included \u20ac33.2 million of impairment charges.<\/p>\n The revenue breakdown also records growth across several product categories. Sales of sawn timber and planed products increased to \u20ac451.1 million from \u20ac387.0 million. Timber-construction revenue rose to \u20ac181.8 million from \u20ac140.5 million, while pellets and wood chips generated \u20ac144.6 million, compared with \u20ac115.7 million.<\/p>\n Operating cash flow fell to \u20ac35.3 million from \u20ac159.3 million, with working-capital movements weighing on cash generation despite the recovery in reported profit.<\/p>\n Mayr-Melnhof: Swedish impairments deepen losses<\/strong><\/p>\n FMMS Holding\u2019s consolidated report records revenue of \u20ac895.7 million, up 10.9%, but a wider loss before tax of \u20ac73.7 million. Within that consolidation, the Mayr-Melnhof Holz subgroup reported a \u20ac75.1 million loss before tax, compared with \u20ac18.5 million in 2024.<\/p>\n Impairments of \u20ac64.2 million were the main cause. These included \u20ac48.5 million against goodwill associated with Sweden\u2019s Bergkvist Siljan and \u20ac15.7 million against equipment at Mora, Wismar and Gaishorn.<\/p>\n According to the management report, central European sawmills partly offset weaker Swedish operations. Raw-material shortages, rising log prices and the stronger Swedish krona put pressure on margins. During the fourth quarter, the group decided to close Mora at the end of the first quarter of 2026 and concentrate production at Insj\u00f6n and Blyberg.<\/p>\n Glulam and cross-laminated timber sales volumes increased, while the new Leoben CLT plant continued its ramp-up. The timber subgroup generated \u20ac52.2 million in operating cash flow despite its accounting loss.<\/p>\n Hasslacher: back above break-even before tax<\/strong><\/p>\n Hasslacher Holding increased revenue by 12.8% to \u20ac587.9 million and operating profit to \u20ac9.0 million from \u20ac6.0 million. Profit before tax recovered to \u20ac0.7 million from a \u20ac6.9 million loss, although tax charges left a net loss of \u20ac3.2 million.<\/p>\n The group\u2019s management report puts EBITDA at \u20ac52.0 million, below its \u20ac55.2 million budget. Sawmilling supported earnings, while competition in engineered wood, project delays and the incomplete ramp-up of Element5 in Canada limited the improvement.<\/p>\n Production increased in the glulam and CLT operations. Around 71% of the group\u2019s sawn timber was processed internally into higher-value products, compared with 72% a year earlier.<\/p>\n Greater processing depth did not remove exposure to raw-material inflation. Hasslacher reported that sawn timber prices failed to keep pace with rising log costs. Interest expenses also increased, to \u20ac11.9 million from \u20ac10.0 million, absorbing much of the operating improvement.<\/p>\n Austrian timber groups: 2025 financial results<\/p>\n * FMMS Holding includes Mayr-Melnhof Holz and smaller activities outside timber manufacturing. Source: 2025 consolidated accounts; GWMI calculations.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":" Binderholz, Pfeifer, Mayr-Melnhof Holz and Hasslacher increased sales in 2025, but earnings remained under pressure from high raw-material costs, financing expenses and asset write-downs.<\/p>","protected":false},"author":1,"featured_media":100619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[5204],"tags":[],"class_list":["post-100618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news"],"acf":[],"yoast_head":"\n\n\n
\n \nGroup<\/th>\n Revenue
\n2025<\/th>\nYoY<\/th>\n Pre-tax
\n2025<\/th>\nPre-tax
\n2024<\/th>\n<\/tr>\n<\/thead>\n\n Binderholz<\/td>\n \u20ac2.15
\nbillion<\/td>\n+4.2%<\/td>\n \u20ac3.0
\nmillion<\/td>\n\u20ac12.6
\nmillion<\/td>\n<\/tr>\n\n Pfeifer<\/td>\n \u20ac1.07
\nbillion<\/td>\n+15.4%<\/td>\n \u20ac51.8
\nmillion<\/td>\n\u2212\u20ac56.4
\nmillion<\/td>\n<\/tr>\n\n Mayr-Melnhof
\nHolz \/ FMMS*<\/td>\n\u20ac895.7
\nmillion<\/td>\n+10.9%<\/td>\n \u2212\u20ac73.7
\nmillion<\/td>\n\u2212\u20ac16.2
\nmillion<\/td>\n<\/tr>\n\n Hasslacher<\/td>\n \u20ac587.9
\nmillion<\/td>\n+12.8%<\/td>\n \u20ac0.7
\nmillion<\/td>\n\u2212\u20ac6.9
\nmillion<\/td>\n<\/tr>\n\n Combined<\/td>\n \u20ac4.70
\nbillion<\/td>\n+8.9%<\/td>\n \u2212\u20ac18.1
\nmillion<\/td>\n\u2212\u20ac66.9
\nmillion<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nPre-tax figures show profit or loss. Figures are rounded; changes and totals calculated from unrounded values.<\/p>\n