Assets

The Group's long-term assets have shown a moderate decrease, primarily driven by the impairment of forest assets and the revaluation of forest land, indicating a cautious approach to asset valuation. Meanwhile, short-term assets have increased, largely due to the growth in cash and cash equivalents, reflecting the Company's ability to manage its liquidity effectively. Overall, the Group's total assets have remained relatively stable, with investments in associated companies and listed securities contributing to the overall asset base, while also highlighting the Company's strategic focus on partnerships and market exposure.

Shareholders Equity

The Shareholders' Equity section of the financial statements reveals a notable increase in retained earnings, primarily driven by the Group's improved operating performance and reduced net debt. This uptick in retained earnings is a positive indicator of the Group's ability to generate cash and maintain a stable financial position. However, the decrease in non-controlling interests suggests a potential shift in ownership or equity structure, which warrants further investigation to understand its implications on the Group's overall financial health.

The equity value for Q2 2026 is 11,650 million Euros, and the predicted equity value for Q2 2027 (e) is 12,051 million Euros. The expected change in equity value from Q2 2026 to Q2 2027 (e) is 401 million Euros, which represents a 3.46% increase. The equity is expected to increase by approximately 1,559 million Euros from 2025 to 2026, representing a 14.5% growth. From 2026 to 2027, the equity is predicted to rise by around 1,325 million Euros, marking a 11.1% increase. The year-end values for Equity are 10,796 million Euros in 2025, 11,955 million Euros in 2026, and 12,381 million Euros in 2027.

*Future dividents are not included in prediction

Debt

The company's long-term debt has been decreasing over the past year, indicating a reduction in leverage and improved financial flexibility. However, the short-term debt has been increasing, which may pose a risk to the company's liquidity and ability to meet its near-term obligations. Despite this, the company's gearing ratio remains relatively stable, suggesting that the increase in short-term debt is being managed effectively, while the equity ratio has shown a slight improvement, indicating a strengthening of the company's capital base.

The Net Debt for Q2 2026 is 2619 million Euros, and the predicted Net Debt for Q2 2027 (e) is 2718.9 million Euros. The expected change in Net Debt from Q2 2026 to Q2 2027 (e) is 99.9 million Euros, which is a 3.8% increase. The Net Debt is expected to decrease by 653.2 million Euros from 2025 to 2026, which is a 20.6% decrease. From 2026 to 2027, the Net Debt is expected to increase by 156.2 million Euros, which is a 6.2% increase. The year-end Net Debt values are 3181.0 million Euros in 2025, 2528.8 million Euros in 2026, and 2684.0 million Euros in 2027.