Fortaco Group Holdco Plc's Business Review | 29 May 2026 at 2:00 p.m. EEST
This release is a summary of Fortaco Group Holdco Plc's Business Review for
January-March 2026. 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: January-March 2026
· Order intake was EUR 101.7 (93.3) million.
· Net sales were EUR 101.5 (82.3) million. Net sales increased due to market
recovery and volume growth.
· Recurring EBITDA was EUR 5.7 (1.2) million, i.e. 5.6 (1.4) per cent of net
sales. Ramp-up costs impacting EBITDA in Gliwice, Poland, amounted to EUR -2.0
million. Recurring EBITDA excluding ramp-up costs in Gliwice amounted to EUR 7.7
million, i.e. 7.6 per cent of net sales.
· EBITDA was EUR 5.4 (0.3) million, i.e. 5.3 (0.3) per cent of net sales.
Operational highlights
· The F25 program was concluded at the end of 2025, and a new profitability
improvement program F26 was launched at the beginning of 2026. The good work
done during 2025, further actions in Q1-2026, and market recovery brought
significant year-on-year profitability improvement. The new F26 program aims to
improve internal efficiencies as well as operational performance throughout
2026.
· In January 2026, Fortaco received a letter and a EUR 2 million claim invoice
from its former factoring partner. The Group terminated the sale of receivables
agreement in 2025 due to the partner's numerous and continuous breaches of
contract. Fortaco has disputed the invoice received, and discussions with the
partner are ongoing. Since all claims have been contested, the Group has not
made any provisions related to the matter.
· On 29 January 2026, Fortaco announced that the company's Senior Executive
Vice President & CFO Kimmo Raunio had announced his resignation. His last date
of employment was 30 April 2026. The recruitment process for the new CFO is
ongoing.
· On 24 February 2026, Fortaco revised its financial guidance for 2026 and
withdrew the long-term financial outlook for 2027 that it had published on 2
April 2025.
· On 2 March 2026, Fortaco Group Holdco Plc's sole shareholder OEP 81 B.V.
decided to amend the remuneration of the members of the Supervisory Board Markus
Sjöholm and Lars Hellberg. Markus Sjöholm and Lars Hellberg shall each be paid
an annual fee of EUR 55,000 for their duties as members of the Supervisory
Board. It was further decided that Markus Sjöholm and Lars Hellberg shall be
reimbursed for expenses related to the work of the Supervisory Board in
accordance with the terms of the remuneration agreements. The change in
remuneration entered into force retroactively as of 1 January 2026. The
remuneration of other members of the Supervisory Board remained unchanged.
· On 4 March 2026, Heikki Saarinen, M.Sc. (Econ.), was appointed interim CFO
and member of the Group Leadership Team of Fortaco as of 1 April 2026.
Key figures
Fortaco Group's key financials
EUR million unless 1-3/26 1-3/25 1-12/25 Last 12 months
otherwise noted
Net sales 101.5 82.3 348.2 367.5
EBITDA 5.4 0.3 15.8 20.9
% of net sales 5.3% 0.3% 4.5% 5.7%
EBITA 1.1 -3.7 -0.8 4.0
% of net sales 1.1% -4.5% -0.2% 1.1%
Non-recurring items 0.3 0.9 2.7 2.1
Recurring EBITDA 5.7 1.2 18.5 23.0
% of net sales 5.6% 1.4% 5.3% 6.3%
Recurring EBITA 1.4 -2.8 1.9 6.1
% of net sales 1.4% -3.4% 0.5% 1.7%
Financial position
Return on Capital 2.4% -5.0% 0.8% 2.7%
Employed % (ROCE)
Equity ratio % 10.2% 9.6% 10.9% 10.2%
Net debt 147.7 156.8 153.9 147.7
Net gearing % 451.0% 542.9% 461.9% 451.0%
Net debt / last 12 6.4x 10.3x 8.3x 6.4x
months recurring
EBITDA
Guidance for 2025
Fortaco expects net sales for 2026 to amount to EUR 350-380 million and
recurring EBITDA to amount to EUR 27-32 million.
President & CEO Mika Mahlberg's comments
The first quarter of 2026 continued in the same vein as the positive fourth
quarter of 2025. The market continued to recover partially at the beginning of
the year, and the situation in the Middle East did not have a significant impact
on demand. The availability of components was also normal. Our net sales grew 23
per cent year on year to EUR 101.5 (82.3) million.
Our comparable recurring EBITDA increased significantly from the comparison
period and was EUR 5.7 (1.2) million, or 5.6 (1.4) percent of net sales.
Excluding non-recurring items and excluding ramp-up costs for the Business Site
Gliwice in Poland, EBITDA for the first quarter was EUR 7.7 (2.8) million. The
ramp-up of Business Site Gliwice is still ongoing, and we expect it to burden
our result throughout 2026.
At the end of March, our comparable order book was EUR 71.5 (73.3) million,
which was approximately 3 per cent less than a year earlier, but during the
first quarter, our order intake increased by 9 percent year on year.
New robotic welding lines at our factories in France and Austria
During the first quarter, we commissioned a new flexible robotic welding line
for production at our factory in Sablé, France. The multi-purpose welding line,
representing an investment of approximately one million euros, enable a
manufacturing of various cabin structures and increase our welding capacity. In
addition, during the quarter, we commissioned a second welding robot line at
Business Site Breitenau in Austria. Both investments support productivity and
quality improvements.
Impacts of the Middle East conflict
Due to the conflict in the Middle East, instability continues in the market, and
visibility into our customers' purchasing behavior is poor. As the conflict
continues, rising energy and logistics costs may increase our production and
material costs, but in the medium term, customers are likely to redirect their
supply chains more towards Europe instead of China and other parts of Asia. We
are also closely monitoring possible indirect impacts on our customers' end
markets through diesel and fertilizer prices, as well as the development of the
situation.
Supporting customers in the green transition
In the first quarter of 2026, we continued to implement our sustainability
program by supporting our customers in their green transition while ensuring
compliance with evolving ESG regulations. In our climate program, we focused on
the economic impact of reducing carbon emissions, the availability of
environmental data, and answering questions related to our customers' carbon
footprint and value chain emissions.
Our profitability improvement program continues
This year, we will focus on delivery reliability and high quality, as well as
the implementation of the Fortaco 26 profitability improvement program. The
implementation of the program proceeded as planned in the first quarter, and we
will continue to work systematically at all our factories throughout the year.
I would like to warmly thank all Fortaco employees for their strong dedication,
our partners for good cooperation, and our customers and the main owner for
trust during the past year and a half, during which I have had the opportunity
to serve as the company's President & CEO.
Jure Mikolčić will start as Fortaco's President & CEO on 1 August at the latest.
I am confident that under his
leadership, the company will move steadily towards its next phase of
development.
Changes in management
Markus Sjöholm started as Chairman of the Supervisory Board as of 1 January
2026. The previous Chairman, Panu Routila, resigned from the Supervisory Board
on the same day. As of 1 January 2026, the members of the Supervisory Board are
Markus Sjöholm (Chairman), Lars Hellberg, Marc Lindhorst and Sebastian Schatton.
On 29 January 2026, Fortaco's Senior Executive Vice President & CFO Kimmo Raunio
announced his resignation. His last date of employment was 30 April 2026. The
recruitment process for the new CFO is ongoing.
Heikki Saarinen, M.Sc. (Econ.), was appointed interim CFO and a member of the
Group Leadership Team of Fortaco as of 1 April 2026.
Events after the review period
On 30 April 2026, Fortaco Group Holdco Plc's sole shareholder OEP 81 B.V., a
company governed by One Equity Partners, made resolutions in matters falling
under the competence of the Annual General Meeting in accordance with Chapter 5,
Section 1(2) of the Finnish Limited Liability Companies Act (624/2006, as
amended) without convening an Annual General Meeting.
OEP 81 B.V. adopt edthe financial statements of the company for the financial
year from 1 January 2025 to 31 December 2025 and discharged the members of the
Supervisory Board and the Board of Directors as well as the Managing Director of
the company from liability for the financial period from 1 January 2025 to 31
December 2025. It was additionally resolved in accordance with the proposal of
the Board of Directors and the recommendation of the Supervisory Board that the
result of the financial year shall be transferred to the profit and loss account
for the previous years and that no dividend be distributed.
It was resolved that the number of members of the Supervisory Board of the
company shall be four (4). It was resolved to re-elect Markus Sjöholm
(chairman), Lars Hellberg, Marc Lindhorst and Sebastian Schatton as members of
the Supervisory Board.
It was resolved to reinforce, in accordance with the resolutions of OEP 81 B.V.
of 2 March 2026, that the members of the Supervisory Board shall be remunerated
retroactively as of 1 January 2026 as follows: Markus Sjöholm shall be paid an
annual fee of EUR 55,000 in equal monthly instalments and Lars Hellberg shall be
paid an annual fee of EUR 55,000 in equal monthly instalments. Markus Sjöholm
and Lars Hellberg shall be reimbursed for expenses related to the work of the
Supervisory Board in accordance with the terms of the remuneration agreements.
Other members of the Supervisory Board shall not be remunerated.
It was resolved that the number of members of the Board of Directors of the
company shall be one (1) ordinary member and one (1) deputy member. It was
resolved to re-elect Mika Mahlberg as ordinary member and to elect Heikki
Saarinen as a deputy member of the Board of Directors. The members of the Board
of Directors shall not be remunerated.
It was resolved to re-elect audit firm Ernst & Young Oy as the auditor and as
the sustainability auditor of the company. The auditor with principal
responsibility is authorised public accountant Anders Svennas. It was resolved
that the auditor and the sustainability auditor shall be paid reasonable
remuneration in accordance with the invoice approved by the company.
On 4 May 2026, Fortaco announced that the company's Board of Directors had
appointed Mr. Jure Mikolčić (M.Sc. Econ.) as Fortaco's President & CEO. He will
will start in his role on 1 August 2026 at the latest. Fortaco's current
President & CEO, Mika Mahlberg, will continue in his role until Mr. Mikolčić
joins Fortaco.
Financial reporting in 2026
In 2026, Fortaco Group Holdco Plc will publish the following financial reviews:
· Half-Year Review January-June 2026 on Friday 28 August 2026
· Business Review January-September 2026 on Friday 27 November 2026
Fortaco Group Holdco Plc
Board of Directors
Further information
Mika Mahlberg
President & CEO
+358 40 548 3353
mika.mahlberg@fortacogroup.com
Heikki Saarinen
Interim CFO
+358 45 694 6974
heikki.saarinen@fortacogroup.com
Distribution
Nasdaq Helsinki Oy
Finnish Financial Supervisory Authority
Main media
investors.fortacogroup.com
Fortaco Group
Fortaco is the leading European 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