Steico's revenues in Q1 2023 were down by 16.7% to Euro 96.5 million year-on-year. EBITDA amounted to Euro 12.8 million and was thus 45.5% lower than in the previous year. EBIT totalled Euro 5.9 million, down 65.9% year-on-year.
However, the company’s management believes that demand will increase significantly in particular in the second half of the year. In addition to the recovery as a result of the season and the high order book at the processing companies, increasingly positive impetus is expected from an increased level of renovation activities. However, the environment is more demanding on the whole, and as a result the Executive Board is thus expecting slightly lower development for 2023 as a whole.
If the continued economic developments do not result in any negative effects, the Executive Board is forecasting revenue at the previous year’s level of around Euro 445 million and an EBIT ratio of between 10% and 15% (to total operating revenue).
The wood-fibre insulation materials market was still booming in the Q1 2022, however the Q1 2023 was slower. The order backlog at Steico’s processing companies continues to be high, however re-sellers behaviour is very reserved. The company’s management believes that this is due in particular to the improved availability of wood-fibre insulation materials – as a result many re-sellers are continuing to downscale the amount they hold in stock and are only placing orders in line with requirements. This was coupled with poor weather conditions in many places and also the impact of a cyber attack on Steico at the start of March.
Steico develops, produces and markets ecological construction products made of renewable raw materials. Steico is the global market leader for wood fibre insulation materials.
