Group development

Pressure on prices and volumes sold had already been observed in the previous year and continued in several Heinzel Group product segments in 2025. While the pulp and kraft paper business saw a relatively stable development at the beginning of the year, the situation in the containerboard segment remained tense. Pricing pressure continued to increase and volumes declined further over the course of the year. Especially in the second half of the year, the lower price level and lower volumes sold increasingly affected earnings.Heinzel Group produced approximately 780,000 metric tons of paper and 619,000 metric tons of pulp in 2025, of which roughly 205,000 metric tons of pulp were further processed on PM2 and PM3 in Pöls and on PM6 in Steyrermühl. Additional pulp quantities were externally procured for the production of 255,000 metric tons of kraft paper. The volume of market pulp decreased to 414,000 metric tons, which was attributable to the volumes required by the paper machines in Pöls and Steyrermühl as well as to lower pulp production at Estonian Cell due to market conditions. In the containerboard segment, approximately 525,000 metric tons were produced on PM10 and PM11, which was commissioned at the site in Laakirchen in April 2025.The quantities sold by Heinzel Group continued to decline in 2025 as a result of weaker third-party suppliers and lower utilization of the company’s own mills at heinzelsales due to market conditions and lower sales volumes in Europapier’s paper segment. At 3,012,605 metric tons in 2025, the quantities sold declined by roughly 5% compared to the previous year.Net Sales And Earnings DevelopmentFollowing the shutdown of Raubling Papier in May 2024, this subsidiary has been reported as a discontinued operation with retroactive effect from January 1, 2024. In accordance with IFRS, this relates to all income statement positions but not balance sheet or cash flow statement positions. The following statements relate to continuing operations. The net sales of Heinzel Group for the continuing operations – calculated as gross revenues from customer contracts less transport services and sales deductions – decreased from EUR 2,164 million in 2024 to EUR 1,989 million in 2025, due to volume and price factors. This is equivalent to a reduction by approximately 8%.Heinzel Group’s EBITDA amounted to EUR 68.2 million in 2025, down EUR 33.7 million on the EBITDA of the previous year. Comparing the trading business and industry segments, the EBITDA share of the production companies was only around 41% in 2025 (previous year: 45%) and the share of the trading companies amounted to roughly 59% (previous year: 55%).The persisting price pressure as a result of overcapacities in several market segments affected in particular the earnings of the industrial segment in 2025. In addition, the start-up phase of PM11 and continued high raw material and energy prices had a negative effect on EBITDA. In the trading business, EBITDA was also affected by the geopolitical and trade tensions as well as by overall weaker market dynamics.Heinzel Group achieved EBIT of EUR -13.7 million in 2025.Key group figures