Fortaco Group Holdco Plc’s Half-Year Review 1–6 2025: Operational improvement programme progressing and market start to pick-up, profitability negatively impacted by ramp-up of operations in one unit
Fortaco Group Holdco Plc’s Half-Year Review 29 August 2025 at 2:00 p.m. EEST
This release is a summary of Fortaco Group Holdco Plc’s Half-Year Review for January–June 2025. The full release is attached and available on our website at https://investors.fortacogroup.com.
Unless stated otherwise, comparison figures in parentheses refer to the corresponding period in the previous year.
Financial highlights: April–June 2025
Reported financials
- Order intake was EUR 97.8 (97.6) million.
- Net sales were EUR 89.1 (101.0) million. Net sales decreased due to generally soft market environment and divestments completed after the comparison period.
- Recurring EBITDA was EUR 4.7 (6.5) million, i.e. 5.3 (6.5) per cent of net sales.
- EBITDA was EUR 3.8 (2.8) million, i.e. 4.3 (2.8) per cent of net sales.
- Ramp-up costs impacting EBITDA in Gliwice, Poland, amounted to EUR 1.9 million during the period. Recurring EBITDA excluding ramp-up costs in Gliwice amounted to EUR 6.6 million, i.e. 7.4 per cent of net sales.
Financials excluding divested businesses
Note: The financials presented below are based on the “New Fortaco” scope, i.e. excluding the marine, energy and heavy project businesses in Jászberény, Hungary and Kalajoki & Sepänkylä, Finland, which have been divested during 2024 as well as the marine and energy business in Gruza, Serbia, divested in 2025.
- Order intake was EUR 96.5 (90.0) million.
- Net sales were EUR 88.4 (92.0) million. Net sales decreased somewhat due to soft general market environment.
- Recurring EBITDA was EUR 4.7 (7.1) million, i.e. 5.3 (7.7) per cent of net sales.
- EBITDA was EUR 3.8 (2.8) million, i.e. 4.3 (3.0) per cent of net sales.
- Ramp-up costs impacting EBITDA in Gliwice, Poland, amounted to EUR 1.9 million during the period. Recurring EBITDA excluding ramp-up costs in Gliwice amounted to EUR 6.6 million, i.e. 7.5 per cent of net sales.
Financial highlights: January–June 2025
Reported financials
- Order intake was EUR 191.1 (205.4) million.
- Net sales were EUR 171.4 (206.8) million. Net sales decreased due to continued soft market environment especially during the beginning of the year and divestments completed after the comparison period.
- Recurring EBITDA was EUR 5.9 (11.1) million, e.g. 3.4 (5.3) per cent of net sales.
- EBITDA was EUR 4.1 (6.1) million, e.g. 2.4 (2.9) per cent of net sales.
- Ramp-up costs impacting EBITDA in Gliwice, Poland, amounted to EUR 3.5 million during the period. Recurring EBITDA excluding ramp-up costs in Gliwice amounted to EUR 9.4 million, i.e. 5.5 per cent of net sales.
Financials excluding divested businesses
Note: The financials presented below are based on the “New Fortaco” scope, i.e. excluding the marine, energy and heavy project businesses in Jászberény, Hungary and Kalajoki & Sepänkylä, Finland, which have been divested during 2024 as well as the marine and energy business in Gruza, Serbia, divested in 2025.
- Order intake was EUR 187.8 (187.5) million.
- Net sales were EUR 169.3 (188.7) million. Net sales decreased due to continued soft market environment especially during the beginning of the year.
- Recurring EBITDA was EUR 6.1 (12.5) million, i.e. 3.6 (6.6) per cent of net sales.
- EBITDA was EUR 4.3 (7.0) million, i.e. 2.6 (3.7) per cent of net sales.
- Ramp-up costs impacting EBITDA in Gliwice, Poland, amounted to EUR 3.5 million during the period. Recurring EBITDA excluding ramp-up costs in Gliwice amounted to EUR 9.7 million, i.e. 5.7 per cent of net sales.
Operational highlights
- Group-wide performance improvement program focused on identifying and executing both profitability and cashflow improvement opportunities continued with full focus and is expected to deliver results as planned as year 2025 progresses.
- Structural investments in Narva (Estonia), Holic (Slovakia) and Gliwice (Poland) were completed, and operations were started. The start-up and ramp-up phase of the Gliwice investment is impacting profitability negatively in 2025.
- On 23 May 2025, Fortaco Oy, a subsidiary of Fortaco Group Holdco Plc, signed an agreement on the sale of its Serbian subsidiary and its marine and energy business in Gruza, Serbia, to Entec Evotec AS. The transaction was completed on 11 June 2025.
- Fortaco completed the reorganisation of its financing, including the extension of the maturity of the bond debt by two years, EUR 20 million of new equity to further strengthen the balance sheet and the liquidity position, other favourable amendments to the terms and conditions of the bond contributing to cash-flow improvements in 2025 and 2026 as well as extending the maturity of the EUR 7.5 million super senior revolving credit facility by two years.
Key figures
Fortaco Group key financials
|
EUR million unless otherwise noted |
4–6/25 |
4–6/24 |
1–6/25 |
1–6/24 |
1–12/24 |
Last 12 months |
|
Net sales |
89.1 |
101.0 |
171.4 |
206.8 |
356.5 |
321.0 |
|
EBITDA |
3.8 |
2.8 |
4.1 |
6.1 |
7.6 |
5.6 |
|
% of net sales |
4.3% |
2.8% |
2.4% |
2.9% |
2.1% |
1.7% |
|
EBITA |
-0.3 |
-0.7 |
-4.0 |
-1.3 |
-7.4 |
-10.1 |
|
% of net sales |
-0.4% |
-0.7% |
-2.3% |
-0.6% |
-2.1% |
-3.1% |
|
Non-recurring items |
0.9 |
3.7 |
1.8 |
5.0 |
11.1 |
7.9 |
|
Recurring EBITDA |
4.7 |
6.5 |
5.9 |
11.1 |
18.6 |
13.4 |
|
% of net sales |
5.3 % |
6.5% |
3.4% |
5.3% |
5.2% |
4.2 % |
|
Recurring EBITA |
0.6 |
3.0 |
-2.2 |
3.7 |
3.7 |
-2.2 |
|
% of net sales |
0.6% |
2.9% |
-1.3 % |
1.8% |
1.0% |
-0.7% |
|
Financial position |
||||||
|
Return on Capital Employed % (ROCE) |
1.0% |
5.0% |
-1.9% |
3.1% |
1.6% |
-0.9% |
|
Equity ratio % |
12.8% |
19.3% |
12.8% |
19.3% |
12.7% |
12.8% |
|
Net debt |
134.6 |
102.7 |
134.6 |
102.7 |
150.0 |
134.6 |
|
Net gearing % |
333.5% |
166.5% |
333.5% |
166.5% |
384.9% |
333.5% |
|
Net debt / last 12 months recurring EBITDA |
10.0x |
5.5x |
10.0x |
5.5x |
8.1x |
10.0x |
Guidance for 2025 (specified)
Fortaco estimates that its net sales will be in a range of EUR 335–350 (332, excluding divested businesses) million and recurring EBITDA in a range of EUR 20–23 million in 2025 (EUR 20 million excluding divested businesses). On an LTM basis (excluding divested businesses), net sales is estimated to be in a range of EUR 323–338 million for Q3/2025.
Net sales of the comparison period has been specified to be EUR 332 million (previously EUR 338 million) due to the divestment of the marine and energy business in Gruza.
President & CEO Mika Mahlberg’s comments
In the second quarter of 2025, the market situation remained challenging. As expected, our comparable revenue for the quarter was below the level of the comparison period and amounted to EUR 88.4 million (92.0). However, our comparable order intake increased by approximately 7 per cent compared with the second quarter of last year and by 6 per cent from the first quarter of this year.
Operational profitability declined from the comparison period. Our comparable EBITDA, excluding items affecting comparability, was EUR 4.7 million (7.1), representing 5.3 (7.7) per cent of revenue. The result was significantly burdened by the ongoing ramp-up measures at the Gliwice unit in Poland, the costs of which will continue to impact profitability during the remainder of the year. The turnaround process at the Breitenau, Austria business unit, which is progressing as planned, also continued to affect the result.
Although comparable revenue and EBITDA remained below the level of the comparison period, the gap was smaller than in the first quarter of the year, and we take a cautiously positive view of the remainder of the year. We are increasing production capacity at several plants to meet customer demand. Sales development is encouraging, and we see new, tangible opportunities in the market related to the long-term outsourcing trend. We have lately secured several new customers, which are currently ramping up. Fortaco is committed to delivering the highest quality, reliability of supply and flexibility in its industry, thereby supporting its customers’ profitable growth across different market cycles. We believe these factors will become increasingly important as volumes return to growth.
Fortaco’s performance improvement programme, Fortaco 25, had a positive impact on second-quarter profitability and partly offset the cost effects of the ramp-up operations in Gliwice. The programme is progressing according to plan, and we are pleased with the positive impacts it has delivered on both result and cash flow. We will continue to focus on improving the profitability of our core business and strengthening our cash flow.
Positive market signals, but US tariff policy creates uncertainty
Despite the positive signs observed in some of Fortaco’s customer segments, the market does not yet show signs of broad-based recovery, although conditions in the mining and defence equipment industries remain favourable. United States trade policy continues to create significant uncertainty and reduces the predictability of market developments. At present, US tariffs have no material direct impact on Fortaco’s business, as both direct and indirect exports to the United States are limited and the business is primarily focused on Europe.
Our balance sheet strengthened significantly
Our balance sheet and liquidity strengthened significantly in May, when the company’s principal shareholder made an equity investment of EUR 20 million in the company, and amendments were made to the terms and conditions of our bond to strengthen cash flow. As a result of these measures, we are well positioned to implement our strategy and grow together with our customers when market conditions improve.
In June, we sold our Serbian subsidiary and the business unit located in Gruza, which focused on the marine and energy industries, to the Norwegian Entec Evotec AS. The sale of the Gruza business unit was the final step in the strategic review of the company’s marine, energy and heavy project businesses, which has now been completed. The sale of the subsidiary will have no material impact on Fortaco’s revenue or profit this year.
Developing our climate targets and sustainability reporting
In the first half of 2025, we advanced key elements of our sustainability agenda. A project was launched to define science-based climate targets and outline our transition plans. We also explored ways to improve product-level emission calculations and identified further opportunities to decarbonise our Scope 1–3 emissions.
We follow closely the development of EU regulations and the Omnibus proposal. We have gathered stakeholder feedback, benchmarking data, and insights to develop our reporting and processes further. We also integrated material sustainability topics more deeply into our business processes, reinforcing our commitment to long-term value creation and climate resilience.
Fortaco’s personnel have done excellent work to improve our profitability and to meet the needs of our customers, and I would like to thank all Fortaco employees for their strong commitment. I also wish to thank our partners for their smooth cooperation, as well as our customers and principal shareholder for their continued trust.
Mika Mahlberg
President & CEO
Financial reporting in 2025
In 2025, Fortaco publishes the following financial reports:
Business Review January–September 2025 on Wednesday 26 November 2025
Fortaco Group Holdco Plc
Board of Directors
Further information
Mika Mahlberg
President & CEO
+358 40 548 3353
mika.mahlberg@fortacogroup.com
Kimmo Raunio
Senior Executive Vice President & CFO
+358 40593 6854
Distribution
Nasdaq Helsinki Oy
Financial Supervisory Authority
Main media
Categories: Stock exchange releases
Your Certified Partner in Defense
World-class quality standard for Business Site Kurikka.
We are proud to announce that Business Site Kurikka meets the requirements of Nato AQAP-2110 certificate, NATO’s quality standard for suppliers in the defense sector.
This certification is awarded when processes, products, and quality meet the highest international requirements for military use.
With AQAP-2110, we are strengthening our position as a reliable first-choice partner for demanding projects in the defense segment.
Thanks to the team Fortaco for hard work and showing that continuous improvement and commitment to quality will enable us to gain milestones within the industry, where safety, quality and processes are crucial.
See the certificate, click here
ZAPYTANIA OFERTOWE z dnia 08.08.2025 r.
This is a tender inquiry for our new Business Site in Poland.
In connection with the planned implementation of the project entitled “Fortaco smart factory – establishment of a new plant in Knurów” financed under:
THE NATIONAL RECOVERY AND RESILIENCE PLAN,
Component A ‘Resilience and competitiveness of the economy’,
Specific objective: Development of the national innovation system: strengthening coordination, stimulating innovation potential and cooperation between enterprises and research organisations, including in the field of environmental technologies,
Reform: A 2.1. Accelerating robotization, digitization and innovation processes,
Investment: A 2.1.1.
Date of publication of requests for proposals: 8 August 2025
The deadline for submitting proposals is: 8 September 2025
Communication in the procurement procedure, submission of tenders, exchange of information (submission of questions regarding the contract) and transmission of documents and statements shall be made in writing by e-mail: fortacokn@bldg.pl
**************
W związku z planowaną realizacją projektu pn. “Fortaco smart factory – utworzenie nowego zakładu w Knurowie” finansowanego w ramach:
KRAJOWEGO PLANU ODBUDOWY I ZWIĘKSZENIA ODPORNOŚCI,
Komponent A „Odporność i konkurencyjność gospodarki”,
Cel szczegółowy: Rozwój narodowego systemu innowacji: wzmocnienie koordynacji, stymulowanie potencjału innowacyjnego oraz współpracy pomiędzy przedsiębiorstwami i organizacjami badawczymi, w tym w zakresie technologii środowiskowych,
Reforma: A 2.1. Przyśpieszenie procesów robotyzacji i cyfryzacji i innowacji,
Inwestycja: A 2.1.1.
Data publikacji zapytań ofertowych: 08.08.2025 r
Ostateczny termin składania ofert upływa dnia: 08.09.2025 r.
Komunikacja w postępowaniu o udzielenie zamówienia, składanie ofert, wymiana informacji (składanie pytań do zamówienia) oraz przekazywanie dokumentów i oświadczeń odbywa się pisemnie za pomocą maila: fortacokn@bldg.pl
1. INQUIRY No. 29/2025 of 08.08.2025
New Senior Vice President, Sales & Marketing
Fortaco has announced changes in the Group Sales & Marketing organisation as Michael Volz has been appointed Senior Vice President, Fortaco Sales & Marketing. Michael started 1 July 2025 and also became a member of the Group Leadership Team.
Michael is familiar to us, as he has been holding the position of Managing Director at our Business Site Breitenau, Austria (formerly MauserCABS).
Michael will take over the position from Mikael Persson, who will continue as Senior Advisor until the end of this year. This will ensure a smooth transition and continued cooperation with our customers. We thank Mikael for his commitment and contribution to Fortaco.
Michael is excited about his new role. “I am really happy to get this promotion to Senior Vice President. With the great Sales & Marketing team it is easy to trust tomorrow. Fully enthusiastic, I start in my new role. Thanks to Mika Mahlberg for providing me with this possibility."
We wish Michael all the success in his new position!
Welcome Onboard
Management changes at Fortaco Kurikka Business Site.
Arto Aro has been appointed General Manager for the Business Site Kurikka, stepping into his new role as of 1 September 2025. Arto knows the Fortaco team well as he has worked General Manager in Kurikka also in the past for several years. He will continue to drive the further growth of Business Site Kurikka, bringing his extensive operational experience in cabin manufacturing and delivering high-quality products.
Tom Store, the current General Manager will remain until Arto takes over. Tom is focusing on strategic projects to improve Fortaco's capabilities in the growing markets.
We welcome Arto onboard. We are confident that he will significantly contribute to Fortaco’s continued success.
Resolutions in matters falling under the competence of Fortaco Group Holdco Plc’s Annual General Meeting 2025
Fortaco Group Holdco Plc | Stock Exchange Release 23 June 2025 at 14.00 EET
Fortaco Group Holdco Plc’s sole shareholder OEP 81 B.V., a company governed by One Equity Partners, has on 23 June 2025 made decisions in matters falling under the competence of the Annual General Meeting in accordance with Chapter 5, Section 1(2) of the Finnish Companies Act (624/2006, as amended) without convening an Annual General Meeting. OEP 81 B.V. has adopted the company’s financial statements for the financial year from 1 January 2024 to 31 December 2024 and discharged the members of the Supervisory Board and the Board of Directors and the company’s CEO from liability for the financial year of 2024.
Use of the profit shown on the balance sheet and the distribution of the profit
In accordance with the recommendation of the Supervisory Board and the proposal of the Board of Directors, it was resolved to approve that the result of the financial year is transferred to the profit and loss account for the previous years and that no dividend shall be distributed.
Number of members of the Supervisory Board, their election and remuneration
It was resolved that the number of ordinary members of the Supervisory Board shall be five (5). Panu Routila (chair), Lars Hellberg, Marc Lindhorst, Markus Sjöholm and Sebastian Schatton were re-elected to the Supervisory Board.
It was resolved that the members of the Supervisory Board shall be remunerated as follows:
- Panu Routila shall be paid an annual fee of EUR 52,800 in monthly instalments and
- Markus Sjöholm shall be paid an annual fee of EUR 40,000 in monthly instalments.
- Other members of the Supervisory Board shall not be remunerated.
Number of members of the Board of Directors, their election and remuneration
It was resolved that the number of members of the Board of Directors shall be one (1) ordinary member and one (1) deputy member. Mika Mahlberg was re-elected as an ordinary member and Kimmo Raunio was re-elected as a deputy member of the Board of Directors. The members of the Board of Directors shall not be remunerated.
Election of auditor and remuneration
It was resolved to re-elect audit firm Ernst & Young Oy as the auditor of the company and as the sustainability auditor for the financial year of 2025. Anders Svennas (CPA, Ernst & Young Oy) was re-elected as the auditor with principal responsibility.
It was resolved that the auditor is paid reasonable remuneration in accordance with the invoice approved by the company.
Fortaco Group Holdco Plc
Board of Directors
Further information
Mika Mahlberg
President & CEO
+358 40548 3353
mika.mahlberg@fortacogroup.com
Kimmo Raunio
Senior Executive Vice President & CFO
+358 40 593 6854
kimmo.raunio@fortacogroup.com
Categories: Stock exchange releases
Fortaco completes the sale of its marine business in Gruza, Serbia
Fortaco Group Holdco Plc’s subsidiary, Fortaco Oy announced on 23 May 2025 having signed an agreement to sell its marine business in Gruza, Serbia to Entec Evotec AS. Evotec is a Norwegian based technology company providing winches, booms, spooling devices, and cranes powered by Evotec’s innovative control system. Business Site Gruza was subject to the strategic evaluation of marine, energy, and heavy project businesses ongoing from February until November 2024.
As customary closing conditions have been met, the transaction has been successfully completed on 11 June 2025.
Press release published on 12 June 2025 at 14.00 CET.
Fortaco Group Holdco Plc’s Business Review January–March 2025: Net sales and profitability remained low ahead of improving market – operational improvements continue
Fortaco Group Holdco Plc’s Business Review 28 May 2025 at 2:00 p.m. EEST This release is a summary of Fortaco Group Holdco Plc’s Business Review for January–March 2025. The full release is attached and available on our website at https://investors.fortacogroup.com. Unless stated otherwise, comparison figures in parentheses refer to the corresponding period in...Categories: Stock exchange releases
Fortaco sells its marine business in Gruza, Serbia
Fortaco Group Holdco Plc’s subsidiary, Fortaco Oy has signed an agreement to sell its subsidiary in Serbia and thereby its marine and energy focused Business Site Gruza to Entec Evotec AS. Evotec is a Norwegian based technology company providing winches, booms, spooling devices, and cranes powered by Evotec’s innovative control system. Business Site Gruza was subject to the strategic evaluation of marine, energy, and heavy project businesses ongoing from February until November 2024.
Fortaco’s Business Site Gruza manufacturers winches and other solutions mainly for the marine industry. In 2024, the net sales were some EUR 5.4 million and recurring EBITDA some EUR 120 thousand. Business Site Gruza employs some 95 people in total.
“Selling of our operations in Gruza is the final step of the strategic considerations of our marine, energy, and heavy project businesses. The new owner, Evotec, has a solid expertise in the industry. I’m confident that they are a good new home for our people in Gruza. I want to thank our customers for their trust and cooperation throughout these years, and the Gruza team for their excellent performance in a challenging market environment. I wish the team a successful and continuous journey,” says Mika Mahlberg, President & CEO of Fortaco Group.
“Fortaco Gruza brings strong expertise and a solid reputation that aligns well with Evotec’s strategic direction. Together, we will strengthen our position in the marine sector and continue the growth of Evotec. We look forward to welcoming the Gruza team to Evotec”, says Jogeir Romestrand, CEO of Evotec.
“Fortaco Business Site Gruza is well-known for its high quality, delivery accuracy, and uncompromised professionalism. I am very excited that Evotec will become our new owner. Our joint know-how enables the future expansion of our business creating a win-win solution for both companies,” says Ivona Poletan, Managing Director of Business Site Gruza.
The transaction does not have an impact on Fortaco’s profit forecast for 2025. The transaction is subject to some customary closing conditions, and companies aim to close it during June 2025.
Further Information
Mika Mahlberg, President & CEO
+358 40 548 3353 mika.mahlberg@fortacogroup.com
Fortaco Group Fortaco is the leading full-solution provider for OEMs in the off-highway equipment industries. Pioneering the design and production of assemblies, cabins, steel fabrications, and zero emission solutions, we offer cutting-edge technology for enhanced productivity. We empower off-highway machines to use fossil-free steel and our customers to optimize their operations and move towards a greener future. Fortaco Group has operations in multiple European and Asian business sites and technology hubs, which support our global customers. www.fortacogroup.com.
Evotec Evotec is a leading Norwegian supplier of advanced handling systems for the maritime and industrial sectors, serving areas such as subsea, offshore, wind, fisheries, aquaculture, seismic, and research. The company specializes in developing tailor-made solutions, including Launch and Recovery Systems (LARS), winches and cable handling systems, with a strong focus on reliability and efficiency in demanding environments. Through continuous innovation and a focus on sustainable technologies, Evotec enhances operational efficiency and delivers added value to its customers.
Meet Our Panelists | Breaking Barriers - Women in Heavy Industry
Join our free webinar: Breaking Barriers – Women in Heavy Industry
In three days, the Fortaco team will be hosting a webinar representing women who have created respectable careers in the heavy industry.
We are honored to have six highly valued and skilled speakers from the different parts of industry, sharing their personal experiences, challenges they have overcome, and strategies for driving change.
The ladies hold various positions, having together decades of experience in leadership, strategy, and innovation. Their industry might be heavy, but the ladies are uplifting.
Annami Toukoniitty
Senior Vice President, Professional Services, Metso
Denitsa Ivanova Dineva
Director HR EMEA Fabrication, Palfinger
Ewa Rajczakowska
Vice President Sourcing, HIAB
Agnieszka Koziara
Senior Vice President, People & HR, Fortaco Group
Larissa Shabunova
Managing Director, Fortaco Estonia
Ivona Poletan
Managing Director, Fortaco Gruza & Employer Branding & People Development Director, Fortaco Group
Tune into the webinar on Tuesday 20 May at 12:00 - 13:30 pm CET, to hear all you need to know about creating a career as a woman in a male dominated industry, while preserving the attributes of female leadership and decision making.
Register to the webinar, click here
