{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "ko": "http://www.koskisen.fi/20251231", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.koskisen.fi/20251231/9845000D85046ECFFF27-2025-12-31.xsd" ] }, "facts": { "f-1": { "value": "354936000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-2": { "value": "282262000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-3": { "value": "2958000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-4": { "value": "2022000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-5": { "value": "-8676000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInInventoriesOfFinishedGoodsAndWorkInProgress", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-6": { "value": "-5151000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInInventoriesOfFinishedGoodsAndWorkInProgress", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-7": { "value": "354000.0", "decimals": -3, "dimensions": { "concept": "ko:GainsOnChangeInFairValueOfForestAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-8": { "value": "324000.0", "decimals": -3, "dimensions": { "concept": "ko:GainsOnChangeInFairValueOfForestAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-9": { "value": "232886000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-10": { "value": "174749000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-11": { "value": "54797000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-12": { "value": "47913000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-13": { "value": "14478000.0", "decimals": -3, "dimensions": { "concept": "ko:DepreciationAmortisationAndImpairments", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-14": { "value": "11169000.0", "decimals": -3, "dimensions": { "concept": "ko:DepreciationAmortisationAndImpairments", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-15": { "value": "50452000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-16": { "value": "42904000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-17": { "value": "14310000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-18": { "value": "13023000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-19": { "value": "2534000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-20": { "value": "3638000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-21": { "value": "6101000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-22": { "value": "6689000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-23": { "value": "-3567000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-24": { "value": "-3051000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-25": { "value": "10743000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-26": { "value": "9972000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-27": { "value": "2123000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-28": { "value": "1684000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-29": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-30": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-31": { "value": "48000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-32": { "value": "47000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-33": { "value": "48000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-34": { "value": "47000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-35": { "value": "8668000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-36": { "value": "8335000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-37": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-38": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-39": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-40": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-41": { "value": "8668000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-42": { "value": "8335000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-43": { "value": "8668000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-44": { "value": "8335000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-45": { "value": "0.37", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-46": { "value": "0.36", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-47": { "value": "0.36", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-48": { "value": "0.36", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-49": { "value": "140533000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-50": { "value": "111540000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-51": { "value": "4363000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentBiologicalAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-52": { "value": "3915000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentBiologicalAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-53": { "value": "31608000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-54": { "value": "34043000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-55": { "value": "2992000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-56": { "value": "1036000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-57": { "value": "200000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-58": { "value": "14000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-59": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-60": { "value": "10000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-61": { "value": "35000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-62": { "value": "37000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-63": { "value": "179730000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-64": { "value": "150595000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-65": { "value": "62383000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-66": { "value": "49227000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-67": { "value": "31398000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-68": { "value": "23835000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-69": { "value": "11116000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentReceivables", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-70": { "value": "9536000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentReceivables", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-71": { "value": "11709000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-72": { "value": "11513000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-73": { "value": "908000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-74": { "value": "74000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-75": { "value": "24441000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-76": { "value": "31823000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-77": { "value": "141954000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-78": { "value": "126008000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-79": { "value": "383000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-80": { "value": "447000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-81": { "value": "322067000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-82": { "value": "277050000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-83": { "value": "1512000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-84": { "value": "1512000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-85": { "value": "16000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:StatutoryReserve", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-86": { "value": "16000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:StatutoryReserve", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-87": { "value": "81883000.0", "decimals": -3, "dimensions": { "concept": "ko:ReserveForInvestedUnrestrictedEquity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-88": { "value": "73843000.0", "decimals": -3, "dimensions": { "concept": "ko:ReserveForInvestedUnrestrictedEquity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-89": { "value": "3000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-90": { "value": "3000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-91": { "value": "239000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-92": { "value": "192000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-93": { "value": "71077000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriod", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-94": { "value": "65240000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriod", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-95": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-96": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-97": { "value": "163344000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-98": { "value": "149086000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-99": { "value": "163344000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-100": { "value": "149086000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-101": { "value": "42778000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-102": { "value": "24731000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-103": { "value": "26921000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-104": { "value": "29465000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-105": { "value": "3220000.0", "decimals": -3, "dimensions": { "concept": "ko:OtherLongTermEmployeeBenefits", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-106": { "value": "3117000.0", "decimals": -3, "dimensions": { "concept": "ko:OtherLongTermEmployeeBenefits", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-107": { "value": "3182000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-108": { "value": "14000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-109": { "value": "9526000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-110": { "value": "7162000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-111": { "value": "187000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-112": { "value": "150000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-113": { "value": "85816000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-114": { "value": "64639000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-115": { "value": "5374000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-116": { "value": "8041000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-117": { "value": "3965000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-118": { "value": "4024000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-119": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-120": { "value": "141000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-121": { "value": "933000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAdvances", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-122": { "value": "983000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAdvances", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-123": { "value": "38892000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-124": { "value": "29211000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-125": { "value": "7265000.0", "decimals": -3, "dimensions": { "concept": "ko:TradeAndOtherCurrentPayablesToTradeSuppliersPaymentSystem", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-126": { "value": "6470000.0", "decimals": -3, "dimensions": { "concept": "ko:TradeAndOtherCurrentPayablesToTradeSuppliersPaymentSystem", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-127": { "value": "16405000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentPayables", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-128": { "value": "14300000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentPayables", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-129": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-130": { "value": "65000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-131": { "value": "74000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-132": { "value": "89000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-133": { "value": "72907000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-134": { "value": "63325000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-135": { "value": "158723000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-136": { "value": "127964000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-137": { "value": "322067000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-138": { "value": "277050000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-139": { "value": "1512000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-140": { "value": "16000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "f-141": { "value": "73843000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ko:ReserveForInvestedUnrestrictedEquity1", "unit": "iso4217:EUR" } }, "f-142": { "value": "-3000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-143": { "value": "192000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-144": { "value": "73527000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-145": { "value": "149086000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-146": { "value": "149086000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-147": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-148": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-149": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-150": { "value": "48000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-151": { "value": "48000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-152": { "value": "48000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-153": { "value": "48000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-154": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-155": { "value": "8668000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-156": { "value": "8668000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-157": { "value": "2771000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-158": { "value": "2771000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-159": { "value": "2771000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-160": { "value": "321000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-161": { "value": "321000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-162": { "value": "321000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-163": { "value": "8040000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ko:ReserveForInvestedUnrestrictedEquity1", "unit": "iso4217:EUR" } }, "f-164": { "value": "8040000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-165": { "value": "8040000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-166": { "value": "8040000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ko:ReserveForInvestedUnrestrictedEquity1", "unit": "iso4217:EUR" } }, "f-167": { "value": "-2450000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-168": { "value": "5590000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-169": { "value": "5590000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-170": { "value": "1512000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-171": { "value": "16000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "f-172": { "value": "81883000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ko:ReserveForInvestedUnrestrictedEquity1", "unit": "iso4217:EUR" } }, "f-173": { "value": "-3000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-174": { "value": "239000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-175": { "value": "79697000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-176": { "value": "163344000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-177": { "value": "163344000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-178": { "value": "1512000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-179": { "value": "16000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "f-180": { "value": "73843000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ko:ReserveForInvestedUnrestrictedEquity1", "unit": "iso4217:EUR" } }, "f-181": { "value": "-3000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-182": { "value": "144000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-183": { "value": "71717000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-184": { "value": "147229000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-185": { "value": "147229000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-186": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-187": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-188": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-189": { "value": "47000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-190": { "value": "47000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-191": { "value": "47000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-192": { "value": "47000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-193": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-194": { "value": "8335000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-195": { "value": "8335000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-196": { "value": "7368000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-197": { "value": "7368000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-198": { "value": "7368000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-199": { "value": "890000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-200": { "value": "890000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-201": { "value": "890000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-202": { "value": "-6478000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-203": { "value": "-6478000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-204": { "value": "-6478000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-205": { "value": "1512000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-206": { "value": "16000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "f-207": { "value": "73843000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ko:ReserveForInvestedUnrestrictedEquity1", "unit": "iso4217:EUR" } }, "f-208": { "value": "-3000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-209": { "value": "192000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-210": { "value": "73527000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-211": { "value": "149086000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-212": { "value": "149086000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-213": { "value": "8620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-214": { "value": "8288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-215": { "value": "14478000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-216": { "value": "11169000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-217": { "value": "-354000.0", "decimals": -3, "dimensions": { "concept": "ko:ChangeInTheFairValueOfTheForestAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-218": { "value": "-323000.0", "decimals": -3, "dimensions": { "concept": "ko:ChangeInTheFairValueOfTheForestAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-219": { "value": "-104000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-220": { "value": "23000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-221": { "value": "-3567000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-222": { "value": "-3051000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-223": { "value": "2123000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-224": { "value": "1684000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-225": { "value": "-143000.0", "decimals": -3, "dimensions": { "concept": "ko:ChangeInOtherLongTermEmployeeBenefits", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-226": { "value": "-104000.0", "decimals": -3, "dimensions": { "concept": "ko:ChangeInOtherLongTermEmployeeBenefits", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-227": { "value": "321000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-228": { "value": "890000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-229": { "value": "-668000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-230": { "value": "-4000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-231": { "value": "19221000.0", "decimals": -3, "dimensions": { "concept": "ko:AdjustmentsTotal", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-232": { "value": "16386000.0", "decimals": -3, "dimensions": { "concept": "ko:AdjustmentsTotal", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-233": { "value": "-8106000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-234": { "value": "-184000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-235": { "value": "12312000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-236": { "value": "1305000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-237": { "value": "-7384000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-238": { "value": "-11656000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-239": { "value": "22000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-240": { "value": "53000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-241": { "value": "504000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-242": { "value": "1836000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-243": { "value": "4125000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-244": { "value": "4389000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-245": { "value": "293000.0", "decimals": -3, "dimensions": { "concept": "ko:OtherFinancialItemsReceived", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-246": { "value": "810000.0", "decimals": -3, "dimensions": { "concept": "ko:OtherFinancialItemsReceived", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-247": { "value": "519000.0", "decimals": -3, "dimensions": { "concept": "ko:ArrangementFeesPaid", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-248": { "value": "150000.0", "decimals": -3, "dimensions": { "concept": "ko:ArrangementFeesPaid", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-249": { "value": "1144000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-250": { "value": "-1653000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-251": { "value": "19693000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-252": { "value": "13953000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-253": { "value": "20211000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-254": { "value": "20760000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-255": { "value": "132000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-256": { "value": "511000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-257": { "value": "15009000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInAssociates", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-258": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInAssociates", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-259": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ko:RepaymentOfDeposits", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-260": { "value": "20000000.0", "decimals": -3, "dimensions": { "concept": "ko:RepaymentOfDeposits", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-261": { "value": "-35089000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-262": { "value": "-249000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-263": { "value": "35000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromCurrentBorrowings", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-264": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromCurrentBorrowings", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-265": { "value": "19914000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfCurrentBorrowings", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-266": { "value": "6639000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfCurrentBorrowings", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-267": { "value": "4318000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-268": { "value": "3657000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-269": { "value": "2771000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-270": { "value": "7368000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-271": { "value": "7996000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-272": { "value": "-17664000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-273": { "value": "-7399000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-274": { "value": "-3960000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-275": { "value": "31823000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-276": { "value": "35771000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-277": { "value": "17000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-278": { "value": "12000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-279": { "value": "24441000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845000D85046ECFFF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-280": { "value": "31823000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-282": { "value": "
1. General information and basis of preparation
General information of the Group
Koskisen Corporation (the company, the parent company), together with its
consolidated subsidiaries (Koskisen, the Group), is active in the sawn timber and panel
industries where it manufactures a wide range of wooden products such as sawn
goods, plywood and chipboard. Koskisen aims to be a sustainable partner with both the
forest owners as well as its customers. Koskisen was founded in 1909. Its headquarters is
located in J\u00e4rvel\u00e4, Finland and it has offices in Finland and Poland. Koskisen has
approximately 1,000 employees.
Koskisen Corporation is a Finnish public limited liability company with a corporate
identity number 0148241-9, domiciled in K\u00e4rk\u00f6l\u00e4, Finland. The registered address is
Tehdastie 2, 16600 J\u00e4rvel\u00e4, Finland. The parent company\u2019s / Koskisen Corporation\u2019s
shares are listed on the main list of Nasdaq Helsinki Oy from 1 December 2022.
The Board of Directors of Koskisen Corporation has approved these consolidated
financial statements for issue on 26 March 2026. A copy of the consolidated financial
statements is available at the Internet address www.koskisen.fi/en/.
Basis of preparation
Koskisen\u2019s consolidated financial statements have been prepared in accordance with
the IFRS accounting standards as adopted by the European Union, and the IFRS
accounting standards in force on 31 December 2025 have been complied with when
preparing them. The notes to the consolidated financial statements also comply with
the requirements under the Finnish accounting and company legislation, which
supplements the IFRS accounting standards.
The consolidated financial statements have been prepared primarily under the
historical cost convention unless otherwise indicated. Financial assets at fair value
through profit or loss, derivative liabilities and forest assets, as well as assets and
liabilities regarding benefit-based plans and share-based payments have been
measured at fair value.
The consolidated financial statements are presented in thousands of euros, which is the
functional and presentation currency of the parent company.
All amounts disclosed in the consolidated financial statements and notes have been
rounded off to the nearest thousand unless otherwise stated, therefore the sum of
individual figures may deviate from the presented total figure.
New standards and interpretations
The new accounting standards, amendments to accounting standards or
interpretations adopted on 1 January 2025 did not have a significant impact on the
Koskisen consolidated financial statements.
The Group has not adopted any new published accounting standards, amendments to
accounting standards or interpretations that are not mandatory for financial periods
ending 31 December 2025.
The IFRS 18 Presentation and Disclosure in Financial Statements accounting standard
will enter into force on 1 January 2027 and replaces the existing IAS 1 Presentation of
Financial Statements. IFRS 18 introduces changes to the structure of the income
statement and mandatory subtotals, a requirement to disclose certain management-
determined performance measures that are currently reported outside the financial
statements, and expanded consolidation and disaggregation criteria that apply to both
the main statements and the notes to the financial statements. IFRS 18 does not affect
the recognition or measurement of items in the financial statements.
Koskisen is continuing to assess the impact of the new IFRS 18 standard and expects it
to have an impact on the consolidated income statement, cash flow statement and
certain notes to the consolidated financial statements. The reclassification of income
and expenses in the consolidated income statement is estimated to have an impact on
the amount of operating profit. For example, exchange rate differences on trade
receivables and trade payables, as well as gains and losses on foreign exchange forward
contracts related to sales, currently presented in the item Finance costs - net, will in the
future be presented above operating profit.
Other new accounting standards, amendments to accounting standards or
interpretations published by the balance sheet date are not expected to have a
material impact on the entity in the current or future reporting periods and on
foreseeable future transactions.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in euros,
which is the company\u2019s functional and presentation currency.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of comprehensive income.
Foreign exchange gains and losses relating to the ordinary course of business, as well
as foreign exchange gains and losses relating to financial items are presented in
finance costs, net in the statement of comprehensive income.
Group companies
The results and financial position of foreign operations that have a functional currency
different from the presentation currency are translated into the presentation currency.
Assets and liabilities for each balance sheet presented are translated at the closing rate
at the date of that balance sheet. Income and expenses for each statement of
comprehensive income are translated at average exchange rates. All resulting
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment
in foreign entities are recognised in other comprehensive income. When a foreign
operation is sold or otherwise disposed of, the associated exchange differences are
reclassified to the statement of comprehensive income, as part of the gain or loss on sale.
Fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
Macroeconomic environment
The Group\u2019s most significant short-term risks are related to the availability of raw
materials and the management of price changes, recently intensified risks in the
general geopolitical, security and trade policy situation, regulatory changes, the general
weakening of the market situation and its effect on market demand, the solvency of
customers and the purchasing power of consumers, the delivery capability of suppliers
and service providers, the seasonality of operations, and changes in business areas and
customer relationships.
At present, there are uncertainties particularly related to the import tariffs imposed by
the United States. Koskisen does not have significant sales in the US market, so the
direct impacts of customs and trade policy are minor. The indirect impacts of US tariff
and customs policy on trade flows in the sawmill industry, in particular, are difficult to
assess. In addition to impacts on trade flows, there may also be impacts on the supply
of, and demand for, products. The tariff and trade policy pursued by the United States
may have significant impacts on inflation, economic growth, interest rates and
exchange rates in Koskisen\u2019s key markets.
The end of wood imports from Russia has increased the price of wood and kept the
price of birch plywood high. The Group has not had any operations in Russia during the
financial periods presented.
Changes in the macroeconomic operating environment increase the importance of
management's judgment and estimates in the consolidated financial statements.
Climate-related issues
Climate change brings risks and opportunities to Koskisen. Risks related to the physical
changes of climate change may cause disruption to the availability of raw materials. In
addition, legislative risks related to the preservation of biodiversity may cause
restrictions on the utilisation of natural resources in the form of logging restrictions.
Opportunities related to the transition to a lower-carbon society may increase demand
for wood construction and wood products. Energy self-sufficiency and energy efficiency
opportunities can be achieved through own energy production.
Koskisen has made investments during the financial period that, among other things,
improve energy efficiency, reduce energy consumption, material waste and emissions
from transportation. These investments are capitalized in tangible fixed assets and
right-of-use assets, which are presented in notes 12: Property, plant and equipment and
14: Leases. Koskisen has also, among other things, reduced the share of fossil-based raw
materials during the financial period.
The risks and opportunities related to climate change are described in more detail in
Koskisen's Sustainability Statement as part of the Board of Directors' Report.
Climate change-related risks did not have a material impact on the consolidated
financial statements during the financial periods presented.
Key estimates and management judgement
The preparation of financial statements in conformity with IFRS accounting standards
requires management to use certain critical estimates and exercise judgement, which
have an impact on the amount of assets and liabilities as well as the amount of income
and expenses recognised for the financial year presented in these consolidated
financial statements. In addition, the management is required to use judgement in the
application of the accounting policies.
The estimates and judgement are continually evaluated and are based on the
management\u2019s best knowledge, historical experience and expectations of future events
that are believed to be reasonable under the circumstances. The resulting accounting
estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities are presented in the
following notes to the consolidated financial statements:
Note
Key estimates and judgements
13. Forest assets
Valuation of forest assets
14. Leases
Embedded leases
14. Leases
Lease term determination
14. Leases
Determination of incremental borrowing rate
22. Provisions
Estimation of the amount and timing of the provision
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-281": { "value": "
1. General information and basis of preparation
General information of the Group
Koskisen Corporation (the company, the parent company), together with its
consolidated subsidiaries (Koskisen, the Group), is active in the sawn timber and panel
industries where it manufactures a wide range of wooden products such as sawn
goods, plywood and chipboard. Koskisen aims to be a sustainable partner with both the
forest owners as well as its customers. Koskisen was founded in 1909. Its headquarters is
located in J\u00e4rvel\u00e4, Finland and it has offices in Finland and Poland. Koskisen has
approximately 1,000 employees.
Koskisen Corporation is a Finnish public limited liability company with a corporate
identity number 0148241-9, domiciled in K\u00e4rk\u00f6l\u00e4, Finland. The registered address is
Tehdastie 2, 16600 J\u00e4rvel\u00e4, Finland. The parent company\u2019s / Koskisen Corporation\u2019s
shares are listed on the main list of Nasdaq Helsinki Oy from 1 December 2022.
The Board of Directors of Koskisen Corporation has approved these consolidated
financial statements for issue on 26 March 2026. A copy of the consolidated financial
statements is available at the Internet address www.koskisen.fi/en/.
Basis of preparation
Koskisen\u2019s consolidated financial statements have been prepared in accordance with
the IFRS accounting standards as adopted by the European Union, and the IFRS
accounting standards in force on 31 December 2025 have been complied with when
preparing them. The notes to the consolidated financial statements also comply with
the requirements under the Finnish accounting and company legislation, which
supplements the IFRS accounting standards.
The consolidated financial statements have been prepared primarily under the
historical cost convention unless otherwise indicated. Financial assets at fair value
through profit or loss, derivative liabilities and forest assets, as well as assets and
liabilities regarding benefit-based plans and share-based payments have been
measured at fair value.
The consolidated financial statements are presented in thousands of euros, which is the
functional and presentation currency of the parent company.
All amounts disclosed in the consolidated financial statements and notes have been
rounded off to the nearest thousand unless otherwise stated, therefore the sum of
individual figures may deviate from the presented total figure.
New standards and interpretations
The new accounting standards, amendments to accounting standards or
interpretations adopted on 1 January 2025 did not have a significant impact on the
Koskisen consolidated financial statements.
The Group has not adopted any new published accounting standards, amendments to
accounting standards or interpretations that are not mandatory for financial periods
ending 31 December 2025.
The IFRS 18 Presentation and Disclosure in Financial Statements accounting standard
will enter into force on 1 January 2027 and replaces the existing IAS 1 Presentation of
Financial Statements. IFRS 18 introduces changes to the structure of the income
statement and mandatory subtotals, a requirement to disclose certain management-
determined performance measures that are currently reported outside the financial
statements, and expanded consolidation and disaggregation criteria that apply to both
the main statements and the notes to the financial statements. IFRS 18 does not affect
the recognition or measurement of items in the financial statements.
Koskisen is continuing to assess the impact of the new IFRS 18 standard and expects it
to have an impact on the consolidated income statement, cash flow statement and
certain notes to the consolidated financial statements. The reclassification of income
and expenses in the consolidated income statement is estimated to have an impact on
the amount of operating profit. For example, exchange rate differences on trade
receivables and trade payables, as well as gains and losses on foreign exchange forward
contracts related to sales, currently presented in the item Finance costs - net, will in the
future be presented above operating profit.
Other new accounting standards, amendments to accounting standards or
interpretations published by the balance sheet date are not expected to have a
material impact on the entity in the current or future reporting periods and on
foreseeable future transactions.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in euros,
which is the company\u2019s functional and presentation currency.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of comprehensive income.
Foreign exchange gains and losses relating to the ordinary course of business, as well
as foreign exchange gains and losses relating to financial items are presented in
finance costs, net in the statement of comprehensive income.
Group companies
The results and financial position of foreign operations that have a functional currency
different from the presentation currency are translated into the presentation currency.
Assets and liabilities for each balance sheet presented are translated at the closing rate
at the date of that balance sheet. Income and expenses for each statement of
comprehensive income are translated at average exchange rates. All resulting
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment
in foreign entities are recognised in other comprehensive income. When a foreign
operation is sold or otherwise disposed of, the associated exchange differences are
reclassified to the statement of comprehensive income, as part of the gain or loss on sale.
Fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
Macroeconomic environment
The Group\u2019s most significant short-term risks are related to the availability of raw
materials and the management of price changes, recently intensified risks in the
general geopolitical, security and trade policy situation, regulatory changes, the general
weakening of the market situation and its effect on market demand, the solvency of
customers and the purchasing power of consumers, the delivery capability of suppliers
and service providers, the seasonality of operations, and changes in business areas and
customer relationships.
At present, there are uncertainties particularly related to the import tariffs imposed by
the United States. Koskisen does not have significant sales in the US market, so the
direct impacts of customs and trade policy are minor. The indirect impacts of US tariff
and customs policy on trade flows in the sawmill industry, in particular, are difficult to
assess. In addition to impacts on trade flows, there may also be impacts on the supply
of, and demand for, products. The tariff and trade policy pursued by the United States
may have significant impacts on inflation, economic growth, interest rates and
exchange rates in Koskisen\u2019s key markets.
The end of wood imports from Russia has increased the price of wood and kept the
price of birch plywood high. The Group has not had any operations in Russia during the
financial periods presented.
Changes in the macroeconomic operating environment increase the importance of
management's judgment and estimates in the consolidated financial statements.
Climate-related issues
Climate change brings risks and opportunities to Koskisen. Risks related to the physical
changes of climate change may cause disruption to the availability of raw materials. In
addition, legislative risks related to the preservation of biodiversity may cause
restrictions on the utilisation of natural resources in the form of logging restrictions.
Opportunities related to the transition to a lower-carbon society may increase demand
for wood construction and wood products. Energy self-sufficiency and energy efficiency
opportunities can be achieved through own energy production.
Koskisen has made investments during the financial period that, among other things,
improve energy efficiency, reduce energy consumption, material waste and emissions
from transportation. These investments are capitalized in tangible fixed assets and
right-of-use assets, which are presented in notes 12: Property, plant and equipment and
14: Leases. Koskisen has also, among other things, reduced the share of fossil-based raw
materials during the financial period.
The risks and opportunities related to climate change are described in more detail in
Koskisen's Sustainability Statement as part of the Board of Directors' Report.
Climate change-related risks did not have a material impact on the consolidated
financial statements during the financial periods presented.
Key estimates and management judgement
The preparation of financial statements in conformity with IFRS accounting standards
requires management to use certain critical estimates and exercise judgement, which
have an impact on the amount of assets and liabilities as well as the amount of income
and expenses recognised for the financial year presented in these consolidated
financial statements. In addition, the management is required to use judgement in the
application of the accounting policies.
The estimates and judgement are continually evaluated and are based on the
management\u2019s best knowledge, historical experience and expectations of future events
that are believed to be reasonable under the circumstances. The resulting accounting
estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities are presented in the
following notes to the consolidated financial statements:
Note
Key estimates and judgements
13. Forest assets
Valuation of forest assets
14. Leases
Embedded leases
14. Leases
Lease term determination
14. Leases
Determination of incremental borrowing rate
22. Provisions
Estimation of the amount and timing of the provision
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-283": { "value": "Koskisen Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-284": { "value": "Koskisen Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-285": { "value": "Koskisen Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-286": { "value": "Corporation", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-287": { "value": "active in the sawn timber and panel industries where it manufactures a wide range of wooden products such as sawn goods, plywood and chipboard.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-288": { "value": "K\u00e4rk\u00f6l\u00e4", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-289": { "value": "K\u00e4rk\u00f6l\u00e4", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-290": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-291": { "value": "Tehdastie 2, 16600 J\u00e4rvel\u00e4", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-292": { "value": "
The Board of Directors of Koskisen Corporation has approved these consolidated
financial statements for issue on 26 March 2026. A copy of the consolidated financial
statements is available at the Internet address www.koskisen.fi/en/.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-293": { "value": "
Koskisen\u2019s consolidated financial statements have been prepared in accordance with
the IFRS accounting standards as adopted by the European Union, and the IFRS
accounting standards in force on 31 December 2025 have been complied with when
preparing them. The notes to the consolidated financial statements also comply with
the requirements under the Finnish accounting and company legislation, which
supplements the IFRS accounting standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-295": { "value": "
The consolidated financial statements have been prepared primarily under the
historical cost convention unless otherwise indicated. Financial assets at fair value
through profit or loss, derivative liabilities and forest assets, as well as assets and
liabilities regarding benefit-based plans and share-based payments have been
measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-294": { "value": "
The consolidated financial statements have been prepared primarily under the
historical cost convention unless otherwise indicated. Financial assets at fair value
through profit or loss, derivative liabilities and forest assets, as well as assets and
liabilities regarding benefit-based plans and share-based payments have been
measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-297": { "value": "
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in euros,
which is the company\u2019s functional and presentation currency.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of comprehensive income.
Foreign exchange gains and losses relating to the ordinary course of business, as well
as foreign exchange gains and losses relating to financial items are presented in
finance costs, net in the statement of comprehensive income.
Group companies
The results and financial position of foreign operations that have a functional currency
different from the presentation currency are translated into the presentation currency.
Assets and liabilities for each balance sheet presented are translated at the closing rate
at the date of that balance sheet. Income and expenses for each statement of
comprehensive income are translated at average exchange rates. All resulting
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment
in foreign entities are recognised in other comprehensive income. When a foreign
operation is sold or otherwise disposed of, the associated exchange differences are
reclassified to the statement of comprehensive income, as part of the gain or loss on sale.
Fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-296": { "value": "
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in euros,
which is the company\u2019s functional and presentation currency.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of comprehensive income.
Foreign exchange gains and losses relating to the ordinary course of business, as well
as foreign exchange gains and losses relating to financial items are presented in
finance costs, net in the statement of comprehensive income.
Group companies
The results and financial position of foreign operations that have a functional currency
different from the presentation currency are translated into the presentation currency.
Assets and liabilities for each balance sheet presented are translated at the closing rate
at the date of that balance sheet. Income and expenses for each statement of
comprehensive income are translated at average exchange rates. All resulting
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment
in foreign entities are recognised in other comprehensive income. When a foreign
operation is sold or otherwise disposed of, the associated exchange differences are
reclassified to the statement of comprehensive income, as part of the gain or loss on sale.
Fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-298": { "value": "
Key estimates and management judgement
The preparation of financial statements in conformity with IFRS accounting standards
requires management to use certain critical estimates and exercise judgement, which
have an impact on the amount of assets and liabilities as well as the amount of income
and expenses recognised for the financial year presented in these consolidated
financial statements. In addition, the management is required to use judgement in the
application of the accounting policies.
The estimates and judgement are continually evaluated and are based on the
management\u2019s best knowledge, historical experience and expectations of future events
that are believed to be reasonable under the circumstances. The resulting accounting
estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities are presented in the
following notes to the consolidated financial statements:
Note
Key estimates and judgements
13. Forest assets
Valuation of forest assets
14. Leases
Embedded leases
14. Leases
Lease term determination
14. Leases
Determination of incremental borrowing rate
22. Provisions
Estimation of the amount and timing of the provision
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "
2. Segment information and revenue
Koskisen\u2019s chief operative decision-maker (CODM) is the Board of Directors which
monitors the results of the Group and allocates resources to the segments. Koskisen\u2019s
operating segments, which also are the Group\u2019s reportable segments, are the Panel
Industry and the Sawn Timber Industry. The Board of Directors monitors each
segment\u2019s performance on the basis of revenue and EBITDA. Transactions between
operating segments are based on arm\u2019s length terms, and they are eliminated on
consolidation.
The Panel Industry provides tailored high quality panel board solutions to our
customers. The Panel Industry revenue comprises sales of plywood, chipboard, thin
plywood and veneer as well as optimised van interior solutions.
The Sawn Timber Industry provides sawn timber and further-processed products that
are produced from high-quality wood raw material. The Sawn Timber Industry revenue
comprises sales of sawn timber and further processed timber as well as wood
procurement side products for pulp and paper industry and bioenergy for several
power plants.
Other consists of Kosava-Kiinteist\u00f6t Oy, 100% owned subsidiary providing facility
management related services to the parent company, as well as some of the Group
central functions which are not allocated to the segments.
REVENUE BY SEGMENTS
1 Jan\u201331 Dec 2025
1 Jan\u201331 Dec 2024
EUR thousand
External
Internal
Total
External
Internal
Total
Panel Industry
150,935
12
150,946
142,433
21
142,454
Sawn Timber
Industry
203,915
31,556
235,471
139,737
27,946
167,683
Segments total
354,850
31,567
386,417
282,171
27,967
310,137
Other
86
693
780
92
780
871
Elimination of
internal sales
-32,261
-32,261
-28,746
-28,746
Total
354,936
-
354,936
282,262
-
282,262
Koskisen generates revenue mainly from the sale of goods, i.e. sawn timber and panel.
Majority of the Koskisen\u2019s revenue is recognised at a point in time when customer
obtains control of the goods based on the applicable delivery terms. The payment
terms in Koskisen\u2019s customer contracts typically vary between 30 and 60 days, and the
contracts do not include significant financing components. The contracts may include
variable payments such as cash discounts or other discounts.
In 2025 and 2024, Koskisen had no external customers from which revenue recognised
would have been over 10% of the Group\u2019s total revenue.
REVENUE BY COUNTRIES
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finland
132,901
111,595
Japan
33,299
23,990
Germany
24,411
24,098
Poland
20,192
15,465
Other EU countries
101,479
76,556
Other countries
42,654
30,559
Total
354,936
282,262
EBITDA BY SEGMENTS
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Panel Industry
15,688
17,681
Sawn Timber Industry
14,277
7,205
Segments total
29,965
24,886
Other
-1,177
-693
Total
28,789
24,193
RECONCILIATION OF EBITDA TO OPERATING PROFIT (LOSS)
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
EBITDA
28,789
24,193
Depreciation, amortisation and impairments
-14,478
-11,169
Operating profit (loss)
14,310
13,023
CONTRACT ASSETS AND LIABILITIES
EUR thousand
31 Dec 2025
31 Dec 2024
Contract liabilities 1
787
838
\u00b9 Included in Advances received in the balance sheet
Revenue was recognised for the majority of the amount included in the contract
liability balance at the beginning of the period.
NON-CURRENT ASSETS BY GEOGRAPHICAL AREA
EUR thousand
31 Dec 2025
31 Dec 2024
Finland
174,366
144,835
EU countries
5,327
5,708
Other countries
3
15
Total
179,696
150,558
ACCOUNTING POLICY
Based on contracts with customers, sales of goods are distinct performance
obligations. In addition, Koskisen applies various delivery terms based on
Incoterms 2020, which are the official rules for the interpretation of trade terms
as issued by the International Chamber of Commerce (ICC). Control of goods sold
transfers at a point in time, typically when the title for the goods or physical
possession of the goods has transferred to the customer, the customer has
accepted the goods or Koskisen has right to payment.
When control of goods has transferred to the customer, but Koskisen still has
responsibility to arrange for delivery or insurance, these services are considered
as distinct performance obligations, and if material, recognised over time, while
the service is being performed. Koskisen considers that the customer is able to
benefit from these services by simultaneously receiving and consuming the
benefits provided by such a service.
The more widely used delivery terms are Carriage and Insurance Paid to (CIP),
Carriage Paid to (CPT), Cost, Insurance and Freight paid to (CIF) or Cost and
Freight paid to (CFR): with revenue for goods recognised at the point of handing
over the goods to a carrier in accordance with relevant term; for Free of Carriage
(FCA) sale of goods is recognised at the point of handing the goods over to the
buyer\u2019s carrier; and for Delivered at Place (DAP) at the point of delivery to
destination.
Koskisen recognises revenue from contracts with customer to the amount that it
expects to receive from the customer net of any sales taxes. Any variable
considerations, such as discounts, included in the customer contract are
estimated and included in the revenue only to the extent that it is highly
probable that no significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of variable consideration is estimated at
the end of each reporting period. When a contract contains more than one
performance obligation, the consideration included in the contract is allocated to
the performance obligations based on stand-alone selling prices. Koskisen does
not have significant warranty or return obligations.
Koskisen does not recognise material contract assets arising from contracts with
customers, as right to consideration typically meets the definition of trade
receivables on initial recognition. Trade receivables are recognised when the
control of the goods is transferred to the customer, and the consideration
included in the contract is unconditional except for the passage of time. In
Koskisen\u2019s customer contracts the period between the transfer of the goods or
services to the customers and the receipt of payment is less than 12 months.
Koskisen has elected to use the practical expedient not to adjust revenue for the
effect of financing components. Any advance payments received from the
customers are recognised on the balance sheet (contract liability).
For any sales commissions paid, Koskisen applies a practical expedient
mentioned by IFRS 15, and recognises the cost as an expense when incurred as
the amortisation period of the related assets would have been one year or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-299": { "value": "
2. Segment information and revenue
Koskisen\u2019s chief operative decision-maker (CODM) is the Board of Directors which
monitors the results of the Group and allocates resources to the segments. Koskisen\u2019s
operating segments, which also are the Group\u2019s reportable segments, are the Panel
Industry and the Sawn Timber Industry. The Board of Directors monitors each
segment\u2019s performance on the basis of revenue and EBITDA. Transactions between
operating segments are based on arm\u2019s length terms, and they are eliminated on
consolidation.
The Panel Industry provides tailored high quality panel board solutions to our
customers. The Panel Industry revenue comprises sales of plywood, chipboard, thin
plywood and veneer as well as optimised van interior solutions.
The Sawn Timber Industry provides sawn timber and further-processed products that
are produced from high-quality wood raw material. The Sawn Timber Industry revenue
comprises sales of sawn timber and further processed timber as well as wood
procurement side products for pulp and paper industry and bioenergy for several
power plants.
Other consists of Kosava-Kiinteist\u00f6t Oy, 100% owned subsidiary providing facility
management related services to the parent company, as well as some of the Group
central functions which are not allocated to the segments.
REVENUE BY SEGMENTS
1 Jan\u201331 Dec 2025
1 Jan\u201331 Dec 2024
EUR thousand
External
Internal
Total
External
Internal
Total
Panel Industry
150,935
12
150,946
142,433
21
142,454
Sawn Timber
Industry
203,915
31,556
235,471
139,737
27,946
167,683
Segments total
354,850
31,567
386,417
282,171
27,967
310,137
Other
86
693
780
92
780
871
Elimination of
internal sales
-32,261
-32,261
-28,746
-28,746
Total
354,936
-
354,936
282,262
-
282,262
Koskisen generates revenue mainly from the sale of goods, i.e. sawn timber and panel.
Majority of the Koskisen\u2019s revenue is recognised at a point in time when customer
obtains control of the goods based on the applicable delivery terms. The payment
terms in Koskisen\u2019s customer contracts typically vary between 30 and 60 days, and the
contracts do not include significant financing components. The contracts may include
variable payments such as cash discounts or other discounts.
In 2025 and 2024, Koskisen had no external customers from which revenue recognised
would have been over 10% of the Group\u2019s total revenue.
REVENUE BY COUNTRIES
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finland
132,901
111,595
Japan
33,299
23,990
Germany
24,411
24,098
Poland
20,192
15,465
Other EU countries
101,479
76,556
Other countries
42,654
30,559
Total
354,936
282,262
EBITDA BY SEGMENTS
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Panel Industry
15,688
17,681
Sawn Timber Industry
14,277
7,205
Segments total
29,965
24,886
Other
-1,177
-693
Total
28,789
24,193
RECONCILIATION OF EBITDA TO OPERATING PROFIT (LOSS)
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
EBITDA
28,789
24,193
Depreciation, amortisation and impairments
-14,478
-11,169
Operating profit (loss)
14,310
13,023
CONTRACT ASSETS AND LIABILITIES
EUR thousand
31 Dec 2025
31 Dec 2024
Contract liabilities 1
787
838
\u00b9 Included in Advances received in the balance sheet
Revenue was recognised for the majority of the amount included in the contract
liability balance at the beginning of the period.
NON-CURRENT ASSETS BY GEOGRAPHICAL AREA
EUR thousand
31 Dec 2025
31 Dec 2024
Finland
174,366
144,835
EU countries
5,327
5,708
Other countries
3
15
Total
179,696
150,558
ACCOUNTING POLICY
Based on contracts with customers, sales of goods are distinct performance
obligations. In addition, Koskisen applies various delivery terms based on
Incoterms 2020, which are the official rules for the interpretation of trade terms
as issued by the International Chamber of Commerce (ICC). Control of goods sold
transfers at a point in time, typically when the title for the goods or physical
possession of the goods has transferred to the customer, the customer has
accepted the goods or Koskisen has right to payment.
When control of goods has transferred to the customer, but Koskisen still has
responsibility to arrange for delivery or insurance, these services are considered
as distinct performance obligations, and if material, recognised over time, while
the service is being performed. Koskisen considers that the customer is able to
benefit from these services by simultaneously receiving and consuming the
benefits provided by such a service.
The more widely used delivery terms are Carriage and Insurance Paid to (CIP),
Carriage Paid to (CPT), Cost, Insurance and Freight paid to (CIF) or Cost and
Freight paid to (CFR): with revenue for goods recognised at the point of handing
over the goods to a carrier in accordance with relevant term; for Free of Carriage
(FCA) sale of goods is recognised at the point of handing the goods over to the
buyer\u2019s carrier; and for Delivered at Place (DAP) at the point of delivery to
destination.
Koskisen recognises revenue from contracts with customer to the amount that it
expects to receive from the customer net of any sales taxes. Any variable
considerations, such as discounts, included in the customer contract are
estimated and included in the revenue only to the extent that it is highly
probable that no significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of variable consideration is estimated at
the end of each reporting period. When a contract contains more than one
performance obligation, the consideration included in the contract is allocated to
the performance obligations based on stand-alone selling prices. Koskisen does
not have significant warranty or return obligations.
Koskisen does not recognise material contract assets arising from contracts with
customers, as right to consideration typically meets the definition of trade
receivables on initial recognition. Trade receivables are recognised when the
control of the goods is transferred to the customer, and the consideration
included in the contract is unconditional except for the passage of time. In
Koskisen\u2019s customer contracts the period between the transfer of the goods or
services to the customers and the receipt of payment is less than 12 months.
Koskisen has elected to use the practical expedient not to adjust revenue for the
effect of financing components. Any advance payments received from the
customers are recognised on the balance sheet (contract liability).
For any sales commissions paid, Koskisen applies a practical expedient
mentioned by IFRS 15, and recognises the cost as an expense when incurred as
the amortisation period of the related assets would have been one year or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-301": { "value": "
Koskisen\u2019s chief operative decision-maker (CODM) is the Board of Directors which
monitors the results of the Group and allocates resources to the segments. Koskisen\u2019s
operating segments, which also are the Group\u2019s reportable segments, are the Panel
Industry and the Sawn Timber Industry. The Board of Directors monitors each
segment\u2019s performance on the basis of revenue and EBITDA. Transactions between
operating segments are based on arm\u2019s length terms, and they are eliminated on
consolidation.
The Panel Industry provides tailored high quality panel board solutions to our
customers. The Panel Industry revenue comprises sales of plywood, chipboard, thin
plywood and veneer as well as optimised van interior solutions.
The Sawn Timber Industry provides sawn timber and further-processed products that
are produced from high-quality wood raw material. The Sawn Timber Industry revenue
comprises sales of sawn timber and further processed timber as well as wood
procurement side products for pulp and paper industry and bioenergy for several
power plants.
Other consists of Kosava-Kiinteist\u00f6t Oy, 100% owned subsidiary providing facility
management related services to the parent company, as well as some of the Group
central functions which are not allocated to the segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "
RECONCILIATION OF EBITDA TO OPERATING PROFIT (LOSS)
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
EBITDA
28,789
24,193
Depreciation, amortisation and impairments
-14,478
-11,169
Operating profit (loss)
14,310
13,023
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-303": { "value": "
CONTRACT ASSETS AND LIABILITIES
EUR thousand
31 Dec 2025
31 Dec 2024
Contract liabilities 1
787
838
\u00b9 Included in Advances received in the balance sheet
Revenue was recognised for the majority of the amount included in the contract
liability balance at the beginning of the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "
ACCOUNTING POLICY
Based on contracts with customers, sales of goods are distinct performance
obligations. In addition, Koskisen applies various delivery terms based on
Incoterms 2020, which are the official rules for the interpretation of trade terms
as issued by the International Chamber of Commerce (ICC). Control of goods sold
transfers at a point in time, typically when the title for the goods or physical
possession of the goods has transferred to the customer, the customer has
accepted the goods or Koskisen has right to payment.
When control of goods has transferred to the customer, but Koskisen still has
responsibility to arrange for delivery or insurance, these services are considered
as distinct performance obligations, and if material, recognised over time, while
the service is being performed. Koskisen considers that the customer is able to
benefit from these services by simultaneously receiving and consuming the
benefits provided by such a service.
The more widely used delivery terms are Carriage and Insurance Paid to (CIP),
Carriage Paid to (CPT), Cost, Insurance and Freight paid to (CIF) or Cost and
Freight paid to (CFR): with revenue for goods recognised at the point of handing
over the goods to a carrier in accordance with relevant term; for Free of Carriage
(FCA) sale of goods is recognised at the point of handing the goods over to the
buyer\u2019s carrier; and for Delivered at Place (DAP) at the point of delivery to
destination.
Koskisen recognises revenue from contracts with customer to the amount that it
expects to receive from the customer net of any sales taxes. Any variable
considerations, such as discounts, included in the customer contract are
estimated and included in the revenue only to the extent that it is highly
probable that no significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of variable consideration is estimated at
the end of each reporting period. When a contract contains more than one
performance obligation, the consideration included in the contract is allocated to
the performance obligations based on stand-alone selling prices. Koskisen does
not have significant warranty or return obligations.
Koskisen does not recognise material contract assets arising from contracts with
customers, as right to consideration typically meets the definition of trade
receivables on initial recognition. Trade receivables are recognised when the
control of the goods is transferred to the customer, and the consideration
included in the contract is unconditional except for the passage of time. In
Koskisen\u2019s customer contracts the period between the transfer of the goods or
services to the customers and the receipt of payment is less than 12 months.
Koskisen has elected to use the practical expedient not to adjust revenue for the
effect of financing components. Any advance payments received from the
customers are recognised on the balance sheet (contract liability).
For any sales commissions paid, Koskisen applies a practical expedient
mentioned by IFRS 15, and recognises the cost as an expense when incurred as
the amortisation period of the related assets would have been one year or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "
Koskisen recognises revenue from contracts with customer to the amount that it
expects to receive from the customer net of any sales taxes. Any variable
considerations, such as discounts, included in the customer contract are
estimated and included in the revenue only to the extent that it is highly
probable that no significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of variable consideration is estimated at
the end of each reporting period. When a contract contains more than one
performance obligation, the consideration included in the contract is allocated to
the performance obligations based on stand-alone selling prices. Koskisen does
not have significant warranty or return obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "
3. Financial risk and capital management
Financial risks are divided into credit risk covering business-related credit risk and
financial credit risk, liquidity risk and market risk covering foreign exchange risk and
interest rate risk. These financial risks are managed by the Koskisen Group Finance
department in accordance with the Koskisen Treasury Policy. Koskisen Treasury Policy
is approved by the Board of Directors of Koskisen Corporation.
The objective for treasury activities is to guarantee sufficient funding at all times and to
identify, evaluate and manage financial risks.
Credit risk
Credit risk arises from cash and cash equivalents, deposits, investments measured at
fair value through profit or loss (FVPL), favourable derivative financial instruments as
well as trade receivables. The Group\u2019s credit risks or counterparty risks are realised
when the customer or other counterparty is unable to fulfil its commitments to
the\u00a0Group.
Regarding trade receivables, Koskisen applies the expected credit loss model to assess
impairment loss for the doubtful trade receivables since the trade receivables do not
contain a significant financing component. To measure the lifetime expected credit
losses, trade receivables have been grouped based on aging category and measured
based on historical loss rates adjusted by forward looking estimates and individual
assessment. Trade receivables is written off as impaired when receivership or
bankruptcy is confirmed or when it is otherwise obvious that the customer will be
unable to meet its payment obligations. Changes in impairment loss for doubtful trade
receivables are recognised under other operating costs in the statement of
comprehensive income. According to the principles of credit management, the quality
of receivables is assessed on the basis of customer-specific analysis. Credit risks related
to customers are managed by credit insurance, advance payment terms and/or by
expecting bank guarantees or confirmed letters of credit for customer payments.
Koskisen is also exposed to counterparty risks related to financial institutions, through
the significant amounts of liquid funds deposited with financial institutions, in the form
of financial investments and in derivatives. Financial investments are made only with
counterparties with high creditworthiness. While cash and cash equivalents and
deposits are also subject to the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
LOSS ALLOWANCE
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2025
Expected loss rate
0.1%
0.1%
0.5%
3.3%
-%
Trade receivables, gross
26,089
5,074
188
71
1
31,424
Loss allowance
-19
-4
-1
-2
-
-26
Trade receivables, net
26,070
5,071
187
69
1
31,398
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2024
Expected loss rate
-%
-%
0.3%
3.3%
6.8%
Trade receivables, gross
18,821
4,648
120
11
264
23,863
Loss allowance
-8
-2
-0
-0
-18
-28
Trade receivables, net
18,813
4,646
119
10
246
23,835
LOSS ALLOWANCE RECONCILIATION
EUR thousand
2025
2024
Opening loss allowance at 1 Jan
28
99
Increase in loss allowance recognised in the statement of comprehensive
income during the financial year
26
28
Receivables written off during the financial year as uncollectible
-
-
Unused amount reversed
-28
-99
Closing loss allowance at 31 Dec
26
28
Liquidity risk
Cash flow from operations is the principal source of Koskisen\u2019s financing. External
funding, as well as cash and financial investments, are managed centrally by Koskisen
Group Finance according to the Koskisen Treasury Policy. Financial investments are
made mainly in short-term instruments to ensure continuous liquidity.
Koskisen ensures sufficient liquidity at all times by efficient cash management and by
maintaining sufficient available committed and uncommitted credit lines that are
available until 2030. Refinancing risk is managed by having a sufficiently long
loan\u00a0portfolio.
The Group\u2019s current credit facility agreements include committed revolving credit
facilities totalling EUR 15.0 million as at 31 December 2025 (31 December 2024: EUR 8.0
million).
At the end of 2025, the funding of Koskisen was guaranteed by existing committed
credit facilities, cash and financial investments. The Group had cash and cash
equivalents totalling EUR 24.4 million as at 31 December 2025 (31 December 2024:
EUR\u00a031.8 million).\u00a0
The committed revolving credit facilities and long-term loans include financial
covenants, which are described below in the capital management section.
MATURITIES OF FINANCIAL LIABILITIES
EUR thousand
2026
2027
2028
2029
2030
2031\u2013
Total
contractual
cash flows
Carrying
amount
31 Dec 2025
Loans from financial institutions
7,165
8,057
8,895
7,967
17,364
5,526
54,976
48,152
Lease liabilities
6,048
4,483
4,328
3,839
3,170
19,961
41,830
30,886
Trade payables
38,892
-
-
-
-
-
38,892
38,892
Trade payables, payment system1
7,302
-
-
-
-
-
7,302
7,265
Total
59,407
12,540
13,224
11,807
20,534
25,487
142,999
125,196
EUR thousand
2025
2026
2027
2028
2029
2030\u2013
Total
contractual
cash flows
Carrying
amount
31 Dec 2024
Loans from financial institutions
9,521
12,334
5,670
3,426
2,633
2,815
36,399
32,772
Lease liabilities
6,347
4,763
4,494
4,369
3,840
23,389
47,202
33,489
Derivative liabilities
141
-
-
-
-
-
141
141
Trade payables
29,211
-
-
-
-
-
29,211
29,211
Trade payables, payment system1
6,639
-
-
-
-
-
6,639
6,470
Total
51,859
17,097
10,164
7,795
6,473
26,204
119,592
102,084
\u00b9 Trade payables under the payment system are payable on demand, so the company reports them as short-term debt. Accumulated interest and interest for the 45 days notice period have been added to the
contractual cash flows of these.
Market risk
Commodity price risk
Prices of panel board and sawn wood products as well as timber used as raw material
fluctuates based on international market conditions, exposing Koskisen revenue and
profitability to negative fluctuations.
Koskisen hedges against electricity price risk fluctuations by making price fixings. For the
purchases 1\u201312 months forward, the range of the price fixing is 65\u201390%, for the following
13\u201324 months, the range of the price fixing is 35\u201375%, for the following 25\u201336 months, the
range of the price fixing is 10\u201350%, and for the following 37\u201348 months, the range of the
price fixing is 0\u201325%. Koskisen\u2019s principle is to keep the degree of hedging within these
ranges. The Group\u2019s aim is to ensure that a sufficiently large proportion of the purchases is
protected from fluctuations in the market price. The significant volatility of the electricity
prices is an additional risk for production costs and its importance for market competition
depends on the realisation of the risk in relation to competitors.\u00a0
Foreign exchange risk
Koskisen\u2019s headquarters is in Finland and Koskisen also has a foreign subsidiary in
Poland. The Group is exposed to both transaction and translation foreign exchange
risks. The Group\u2019s business and results from operations are exposed to changes in
exchange rates between the euro, the presentation currency, and other currencies. The
largest export currency after the euro is the U.S. dollar (USD), which is used for example
as the currency for exports to Japan. The magnitude of foreign exchange exposures
changes over time as a function of revenue and costs in different markets, as well as the
prevalent currencies used for transactions in those markets. Significant changes in
exchange rates may also impact Koskisen\u2019s competitive position and related price
pressures through their impact on our\u00a0competitors.
The majority of Koskisen\u2019s revenue and results are in the Group companies\u2019 functional
currencies, hence Koskisen\u2019s exposure to risks, other than risks arising from USD, is
limited. Additionally, Koskisen is exposed to risks related to liquidity and payment
discipline of its customers, which may impact cash flow or lead to credit losses.
As shown in the table below, Koskisen is primarily exposed to changes in the EUR/USD
exchange rate. The sensitivity of profit or loss to changes in the exchange rates arises
mainly from revenue in USD, outstanding trade receivables in USD, and a bank account
in USD. Koskisen\u2019s exposure to other foreign exchange movements is not material.
To mitigate the impact of changes in exchange rates on Koskisen\u2019s results, Koskisen
hedges the foreign exchange exposure by entering into foreign exchange forward
contracts. Koskisen\u2019s policy is to fix 100% of the USD denominated sales within the
current quarter, 50-80% in the next quarter and 25-60% of the third quarter. The
nominal amount of the outstanding USD foreign exchange forward contracts was EUR
6,995 thousand on 31 December 2025 (31 December 2024: EUR 3,619 thousand). The
Group\u2019s open USD position as well as the derivatives and the sensitivity analysis of the
position are presented in the tables below.
USD exposure
EUR thousand
31 Dec 2025
31 Dec 2024
Trade receivables
1,375
1,397
Cash and cash equivalents
3,561
1,673
Trade payables
5
48
Foreign currency forwards (nominal value)
6,995
3,619
Foreign currency forwards (fair value)
17
-141
Impact on post-tax profit
EUR thousand
2025
2024
EUR strengthens against US dollar 10%
-3,044
-1,834
EUR weakens against US dollar 10%
3,044
1,834
As Koskisen has entities where the functional currency is other than the euro, the
shareholders\u2019 equity is exposed to fluctuations in foreign exchange rates. Changes in
shareholders\u2019 equity caused by movements in foreign exchange rates are shown as
currency translation differences in the consolidated financial statements. The Group
does not hedge this risk.
Interest rate risk
Koskisen borrows money from financial institutions and the interest rates of these loans
are based on floating markets rates, which exposes Koskisen to an increase in its
financing costs (cash flow interest rate risk).
Koskisen hedges its exposure to changes in interest rates with interest rate swaps.
These hedges cover 52% (2024: 92%) of the open balance of variable rate loans from the
change of the market rates. Their nominal amount is EUR 25.0 million as at 31
December 2025 (31 December 2024: EUR 30.0 million). The interest rate swap
agreements are valid until 2028, and accordingly effectively fix interest rates partly to
predetermined level.
The following sensitivity analysis covers both variable rate loans and the interest rate
swap contracts.
Impact on post-tax profit
EUR thousand
2025
2024
Interest rates \u2013 increase by one percentage points\u00b9
-336
-337
Interest rates \u2013 decrease by one percentage points\u00b9
336
337
\u00b9 Holding all other variables constant
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents, deposits, investments measured at
fair value through profit or loss (FVPL), favourable derivative financial instruments as
well as trade receivables. The Group\u2019s credit risks or counterparty risks are realised
when the customer or other counterparty is unable to fulfil its commitments to
the\u00a0Group.
Regarding trade receivables, Koskisen applies the expected credit loss model to assess
impairment loss for the doubtful trade receivables since the trade receivables do not
contain a significant financing component. To measure the lifetime expected credit
losses, trade receivables have been grouped based on aging category and measured
based on historical loss rates adjusted by forward looking estimates and individual
assessment. Trade receivables is written off as impaired when receivership or
bankruptcy is confirmed or when it is otherwise obvious that the customer will be
unable to meet its payment obligations. Changes in impairment loss for doubtful trade
receivables are recognised under other operating costs in the statement of
comprehensive income. According to the principles of credit management, the quality
of receivables is assessed on the basis of customer-specific analysis. Credit risks related
to customers are managed by credit insurance, advance payment terms and/or by
expecting bank guarantees or confirmed letters of credit for customer payments.
Koskisen is also exposed to counterparty risks related to financial institutions, through
the significant amounts of liquid funds deposited with financial institutions, in the form
of financial investments and in derivatives. Financial investments are made only with
counterparties with high creditworthiness. While cash and cash equivalents and
deposits are also subject to the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
LOSS ALLOWANCE
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2025
Expected loss rate
0.1%
0.1%
0.5%
3.3%
-%
Trade receivables, gross
26,089
5,074
188
71
1
31,424
Loss allowance
-19
-4
-1
-2
-
-26
Trade receivables, net
26,070
5,071
187
69
1
31,398
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2024
Expected loss rate
-%
-%
0.3%
3.3%
6.8%
Trade receivables, gross
18,821
4,648
120
11
264
23,863
Loss allowance
-8
-2
-0
-0
-18
-28
Trade receivables, net
18,813
4,646
119
10
246
23,835
LOSS ALLOWANCE RECONCILIATION
EUR thousand
2025
2024
Opening loss allowance at 1 Jan
28
99
Increase in loss allowance recognised in the statement of comprehensive
income during the financial year
26
28
Receivables written off during the financial year as uncollectible
-
-
Unused amount reversed
-28
-99
Closing loss allowance at 31 Dec
26
28
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents, deposits, investments measured at
fair value through profit or loss (FVPL), favourable derivative financial instruments as
well as trade receivables. The Group\u2019s credit risks or counterparty risks are realised
when the customer or other counterparty is unable to fulfil its commitments to
the\u00a0Group.
Regarding trade receivables, Koskisen applies the expected credit loss model to assess
impairment loss for the doubtful trade receivables since the trade receivables do not
contain a significant financing component. To measure the lifetime expected credit
losses, trade receivables have been grouped based on aging category and measured
based on historical loss rates adjusted by forward looking estimates and individual
assessment. Trade receivables is written off as impaired when receivership or
bankruptcy is confirmed or when it is otherwise obvious that the customer will be
unable to meet its payment obligations. Changes in impairment loss for doubtful trade
receivables are recognised under other operating costs in the statement of
comprehensive income. According to the principles of credit management, the quality
of receivables is assessed on the basis of customer-specific analysis. Credit risks related
to customers are managed by credit insurance, advance payment terms and/or by
expecting bank guarantees or confirmed letters of credit for customer payments.
Koskisen is also exposed to counterparty risks related to financial institutions, through
the significant amounts of liquid funds deposited with financial institutions, in the form
of financial investments and in derivatives. Financial investments are made only with
counterparties with high creditworthiness. While cash and cash equivalents and
deposits are also subject to the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
LOSS ALLOWANCE
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2025
Expected loss rate
0.1%
0.1%
0.5%
3.3%
-%
Trade receivables, gross
26,089
5,074
188
71
1
31,424
Loss allowance
-19
-4
-1
-2
-
-26
Trade receivables, net
26,070
5,071
187
69
1
31,398
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2024
Expected loss rate
-%
-%
0.3%
3.3%
6.8%
Trade receivables, gross
18,821
4,648
120
11
264
23,863
Loss allowance
-8
-2
-0
-0
-18
-28
Trade receivables, net
18,813
4,646
119
10
246
23,835
LOSS ALLOWANCE RECONCILIATION
EUR thousand
2025
2024
Opening loss allowance at 1 Jan
28
99
Increase in loss allowance recognised in the statement of comprehensive
income during the financial year
26
28
Receivables written off during the financial year as uncollectible
-
-
Unused amount reversed
-28
-99
Closing loss allowance at 31 Dec
26
28
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "
Liquidity risk
Cash flow from operations is the principal source of Koskisen\u2019s financing. External
funding, as well as cash and financial investments, are managed centrally by Koskisen
Group Finance according to the Koskisen Treasury Policy. Financial investments are
made mainly in short-term instruments to ensure continuous liquidity.
Koskisen ensures sufficient liquidity at all times by efficient cash management and by
maintaining sufficient available committed and uncommitted credit lines that are
available until 2030. Refinancing risk is managed by having a sufficiently long
loan\u00a0portfolio.
The Group\u2019s current credit facility agreements include committed revolving credit
facilities totalling EUR 15.0 million as at 31 December 2025 (31 December 2024: EUR 8.0
million).
At the end of 2025, the funding of Koskisen was guaranteed by existing committed
credit facilities, cash and financial investments. The Group had cash and cash
equivalents totalling EUR 24.4 million as at 31 December 2025 (31 December 2024:
EUR\u00a031.8 million).\u00a0
The committed revolving credit facilities and long-term loans include financial
covenants, which are described below in the capital management section.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "
Market risk
Commodity price risk
Prices of panel board and sawn wood products as well as timber used as raw material
fluctuates based on international market conditions, exposing Koskisen revenue and
profitability to negative fluctuations.
Koskisen hedges against electricity price risk fluctuations by making price fixings. For the
purchases 1\u201312 months forward, the range of the price fixing is 65\u201390%, for the following
13\u201324 months, the range of the price fixing is 35\u201375%, for the following 25\u201336 months, the
range of the price fixing is 10\u201350%, and for the following 37\u201348 months, the range of the
price fixing is 0\u201325%. Koskisen\u2019s principle is to keep the degree of hedging within these
ranges. The Group\u2019s aim is to ensure that a sufficiently large proportion of the purchases is
protected from fluctuations in the market price. The significant volatility of the electricity
prices is an additional risk for production costs and its importance for market competition
depends on the realisation of the risk in relation to competitors.\u00a0
Foreign exchange risk
Koskisen\u2019s headquarters is in Finland and Koskisen also has a foreign subsidiary in
Poland. The Group is exposed to both transaction and translation foreign exchange
risks. The Group\u2019s business and results from operations are exposed to changes in
exchange rates between the euro, the presentation currency, and other currencies. The
largest export currency after the euro is the U.S. dollar (USD), which is used for example
as the currency for exports to Japan. The magnitude of foreign exchange exposures
changes over time as a function of revenue and costs in different markets, as well as the
prevalent currencies used for transactions in those markets. Significant changes in
exchange rates may also impact Koskisen\u2019s competitive position and related price
pressures through their impact on our\u00a0competitors.
The majority of Koskisen\u2019s revenue and results are in the Group companies\u2019 functional
currencies, hence Koskisen\u2019s exposure to risks, other than risks arising from USD, is
limited. Additionally, Koskisen is exposed to risks related to liquidity and payment
discipline of its customers, which may impact cash flow or lead to credit losses.
As shown in the table below, Koskisen is primarily exposed to changes in the EUR/USD
exchange rate. The sensitivity of profit or loss to changes in the exchange rates arises
mainly from revenue in USD, outstanding trade receivables in USD, and a bank account
in USD. Koskisen\u2019s exposure to other foreign exchange movements is not material.
To mitigate the impact of changes in exchange rates on Koskisen\u2019s results, Koskisen
hedges the foreign exchange exposure by entering into foreign exchange forward
contracts. Koskisen\u2019s policy is to fix 100% of the USD denominated sales within the
current quarter, 50-80% in the next quarter and 25-60% of the third quarter. The
nominal amount of the outstanding USD foreign exchange forward contracts was EUR
6,995 thousand on 31 December 2025 (31 December 2024: EUR 3,619 thousand). The
Group\u2019s open USD position as well as the derivatives and the sensitivity analysis of the
position are presented in the tables below.
USD exposure
EUR thousand
31 Dec 2025
31 Dec 2024
Trade receivables
1,375
1,397
Cash and cash equivalents
3,561
1,673
Trade payables
5
48
Foreign currency forwards (nominal value)
6,995
3,619
Foreign currency forwards (fair value)
17
-141
Impact on post-tax profit
EUR thousand
2025
2024
EUR strengthens against US dollar 10%
-3,044
-1,834
EUR weakens against US dollar 10%
3,044
1,834
As Koskisen has entities where the functional currency is other than the euro, the
shareholders\u2019 equity is exposed to fluctuations in foreign exchange rates. Changes in
shareholders\u2019 equity caused by movements in foreign exchange rates are shown as
currency translation differences in the consolidated financial statements. The Group
does not hedge this risk.
Interest rate risk
Koskisen borrows money from financial institutions and the interest rates of these loans
are based on floating markets rates, which exposes Koskisen to an increase in its
financing costs (cash flow interest rate risk).
Koskisen hedges its exposure to changes in interest rates with interest rate swaps.
These hedges cover 52% (2024: 92%) of the open balance of variable rate loans from the
change of the market rates. Their nominal amount is EUR 25.0 million as at 31
December 2025 (31 December 2024: EUR 30.0 million). The interest rate swap
agreements are valid until 2028, and accordingly effectively fix interest rates partly to
predetermined level.
The following sensitivity analysis covers both variable rate loans and the interest rate
swap contracts.
Impact on post-tax profit
EUR thousand
2025
2024
Interest rates \u2013 increase by one percentage points\u00b9
-336
-337
Interest rates \u2013 decrease by one percentage points\u00b9
336
337
\u00b9 Holding all other variables constant
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "
Foreign exchange risk
Koskisen\u2019s headquarters is in Finland and Koskisen also has a foreign subsidiary in
Poland. The Group is exposed to both transaction and translation foreign exchange
risks. The Group\u2019s business and results from operations are exposed to changes in
exchange rates between the euro, the presentation currency, and other currencies. The
largest export currency after the euro is the U.S. dollar (USD), which is used for example
as the currency for exports to Japan. The magnitude of foreign exchange exposures
changes over time as a function of revenue and costs in different markets, as well as the
prevalent currencies used for transactions in those markets. Significant changes in
exchange rates may also impact Koskisen\u2019s competitive position and related price
pressures through their impact on our\u00a0competitors.
The majority of Koskisen\u2019s revenue and results are in the Group companies\u2019 functional
currencies, hence Koskisen\u2019s exposure to risks, other than risks arising from USD, is
limited. Additionally, Koskisen is exposed to risks related to liquidity and payment
discipline of its customers, which may impact cash flow or lead to credit losses.
As shown in the table below, Koskisen is primarily exposed to changes in the EUR/USD
exchange rate. The sensitivity of profit or loss to changes in the exchange rates arises
mainly from revenue in USD, outstanding trade receivables in USD, and a bank account
in USD. Koskisen\u2019s exposure to other foreign exchange movements is not material.
To mitigate the impact of changes in exchange rates on Koskisen\u2019s results, Koskisen
hedges the foreign exchange exposure by entering into foreign exchange forward
contracts. Koskisen\u2019s policy is to fix 100% of the USD denominated sales within the
current quarter, 50-80% in the next quarter and 25-60% of the third quarter. The
nominal amount of the outstanding USD foreign exchange forward contracts was EUR
6,995 thousand on 31 December 2025 (31 December 2024: EUR 3,619 thousand). The
Group\u2019s open USD position as well as the derivatives and the sensitivity analysis of the
position are presented in the tables below.
USD exposure
EUR thousand
31 Dec 2025
31 Dec 2024
Trade receivables
1,375
1,397
Cash and cash equivalents
3,561
1,673
Trade payables
5
48
Foreign currency forwards (nominal value)
6,995
3,619
Foreign currency forwards (fair value)
17
-141
Impact on post-tax profit
EUR thousand
2025
2024
EUR strengthens against US dollar 10%
-3,044
-1,834
EUR weakens against US dollar 10%
3,044
1,834
As Koskisen has entities where the functional currency is other than the euro, the
shareholders\u2019 equity is exposed to fluctuations in foreign exchange rates. Changes in
shareholders\u2019 equity caused by movements in foreign exchange rates are shown as
currency translation differences in the consolidated financial statements. The Group
does not hedge this risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-312": { "value": "
Capital management
Koskisen aims to manage its capital in a way that supports the profitable growth of
operations, and ensures an adequate liquidity and capitalisation of the Group at all times.
The target is to maintain a capital structure that contributes to the creation of shareholder
value. Management monitors the capital structure with leverage (Net Debt to EBITDA).
The assets employed in Koskisen\u2019s business consist principally of net working capital,
fixed assets, and financial investments which are funded by equity and net debt.
Koskisen aims to maintain low net working capital to ensure a healthy cash flow even
when the business is growing and to maintain a high return on assets employed.
Koskisen has not defined a specific quantitative target for its capital management or
capital structure, but the aim is to ensure strong credit quality to provide for ample
access to external funding sources and to support the growth ambitions of the
business. Koskisen considers its current capital structure to be a strength, as it allows
for capturing potential value creating business opportunities, should such
opportunities arise.
The Board of Directors of the company has adopted a dividend policy pursuant to
which Koskisen aims to pay an attractive dividend in accordance with its strategy,
investment requirements, financial position and market outlook. Koskisen aims to pay a
dividend equal to no less than one third of its net profit annually.
The key terms of the loan in the Koskisen financing agreement agreed during the
financial year, are:
\u2022 Interest 6 months Euribor
\u2022 Margin, the level of which depends on leverage
\u2022 Semi-annual repayments
\u2022 Covenants: leverage, equity ratio
\u2022 Termination date of the loan agreement 21 October 2030.
The loan was initially recognised at fair value, net of transaction costs incurred.
The key terms of the fixed term-loan related to investments to increase capacity are:
\u2022 Interest 6 months Euribor
\u2022 Margin, the level of which depends on leverage
\u2022 Semi-annual repayments
\u2022 Covenants: leverage, equity ratio
\u2022 Termination date of the loan agreement 13 December 2032.
The loan in the Koskisen financing agreement and the fixed term-loan related to
investments to increase capacity include covenant conditions regarding the company\u2019s
leverage and equity ratio. The covenants are calculated from the Group figures and are
reported to the financiers four times a year.
The table lists the covenants of the loans. The covenants were met throughout the
financial period and are expected to be met during the next financial period.
31 Dec 2025
31 Dec 2024
Actual
Threshold
Actual
Threshold
Leverage
1.50
3.50
0.90
3.50
Equity ratio
50.9%
30.0%
54.0%
30.0%
The key terms of the new sawmill financing package loans are:
\u2022 Interest 6 months Euribor
\u2022 Fixed margin
\u2022 Semi-annual repayments
\u2022 No covenants
\u2022 The loans mature between the years 2029\u20132031.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-313": { "value": "
The Board of Directors of the company has adopted a dividend policy pursuant to
which Koskisen aims to pay an attractive dividend in accordance with its strategy,
investment requirements, financial position and market outlook. Koskisen aims to pay a
dividend equal to no less than one third of its net profit annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
4. Other operating income
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Sale of emission allowances
1,569
1,294
Negative goodwill recognition
662
-
Firewood sales to forest owners
190
237
Gains on disposal of property, plant and equipment
125
53
Lease income
122
110
Compensations received
51
35
Grants received
48
184
Other
192
109
Total
2,958
2,022
Koskisen participates in the European Union emission trading scheme, in which it has
received free emission allowances for a defined period. Koskisen was granted 16,564
units of CO2 emission rights for the year 2025 (2024: 20,416 units). The rights in excess of
the Group\u2019s needs have been transferred to the following financial period. In 2025,
Koskisen returned emission rights totalling 1,749 units (2024: 2,277 units).
Koskisen\u2019s CO2 credits as at 31 December 2025 amounted to 17,251 units (31 December
2024: 23,436 units) and their market value was approximately EUR 1,507 thousand (31
December 2024: EUR 1,687 thousand). Koskisen sold emission rights in 2025 amounting
to EUR 1,569 thousand (2024: EUR 1,294 thousand). No rights have been purchased
(2024: no purchases).
ACCOUNTING POLICY
Emission rights
Koskisen participates in the European Union\u2019s Emissions Trading Scheme aimed
at reducing greenhouse gas emission and receives allowances, free of charge, for
a defined period to emit a fixed tonnage carbon dioxide. Allowances received are
initially and subsequently measured at cost (nominal amount). The related
liability is measured at the carrying amount of the allowances. Any emissions
exceeding the allowances received is measured at the market value of the excess
emissions. Gains arising from the sale of the emission right allowances are
recorded in other operating income in the statement of comprehensive income.
Government grants
Government grants are recognised when there is reasonable assurance that the
conditions underlying the grants have been met and that the grant will be
received. Government grants to cover expenses incurred are recognised in the
statement of comprehensive income proportionally over the periods during
which the related expenses are recognised. Government grants related to the
acquisition of tangible assets are deducted from the acquisition price of the
asset and the net acquisition cost is capitalized in the balance sheet.
Government grants received, for which the expenses have not yet been
recognised, are recognised as an advance received in the consolidated balance
sheet. The grant component for eligible expenses already incurred during the
reporting period, for which the grant will be received in subsequent reporting
periods, is recognised as grant income in the statement of comprehensive
income and as other receivable in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-314": { "value": "
4. Other operating income
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Sale of emission allowances
1,569
1,294
Negative goodwill recognition
662
-
Firewood sales to forest owners
190
237
Gains on disposal of property, plant and equipment
125
53
Lease income
122
110
Compensations received
51
35
Grants received
48
184
Other
192
109
Total
2,958
2,022
Koskisen participates in the European Union emission trading scheme, in which it has
received free emission allowances for a defined period. Koskisen was granted 16,564
units of CO2 emission rights for the year 2025 (2024: 20,416 units). The rights in excess of
the Group\u2019s needs have been transferred to the following financial period. In 2025,
Koskisen returned emission rights totalling 1,749 units (2024: 2,277 units).
Koskisen\u2019s CO2 credits as at 31 December 2025 amounted to 17,251 units (31 December
2024: 23,436 units) and their market value was approximately EUR 1,507 thousand (31
December 2024: EUR 1,687 thousand). Koskisen sold emission rights in 2025 amounting
to EUR 1,569 thousand (2024: EUR 1,294 thousand). No rights have been purchased
(2024: no purchases).
ACCOUNTING POLICY
Emission rights
Koskisen participates in the European Union\u2019s Emissions Trading Scheme aimed
at reducing greenhouse gas emission and receives allowances, free of charge, for
a defined period to emit a fixed tonnage carbon dioxide. Allowances received are
initially and subsequently measured at cost (nominal amount). The related
liability is measured at the carrying amount of the allowances. Any emissions
exceeding the allowances received is measured at the market value of the excess
emissions. Gains arising from the sale of the emission right allowances are
recorded in other operating income in the statement of comprehensive income.
Government grants
Government grants are recognised when there is reasonable assurance that the
conditions underlying the grants have been met and that the grant will be
received. Government grants to cover expenses incurred are recognised in the
statement of comprehensive income proportionally over the periods during
which the related expenses are recognised. Government grants related to the
acquisition of tangible assets are deducted from the acquisition price of the
asset and the net acquisition cost is capitalized in the balance sheet.
Government grants received, for which the expenses have not yet been
recognised, are recognised as an advance received in the consolidated balance
sheet. The grant component for eligible expenses already incurred during the
reporting period, for which the grant will be received in subsequent reporting
periods, is recognised as grant income in the statement of comprehensive
income and as other receivable in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-316": { "value": "
Emission rights
Koskisen participates in the European Union\u2019s Emissions Trading Scheme aimed
at reducing greenhouse gas emission and receives allowances, free of charge, for
a defined period to emit a fixed tonnage carbon dioxide. Allowances received are
initially and subsequently measured at cost (nominal amount). The related
liability is measured at the carrying amount of the allowances. Any emissions
exceeding the allowances received is measured at the market value of the excess
emissions. Gains arising from the sale of the emission right allowances are
recorded in other operating income in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-317": { "value": "
Government grants
Government grants are recognised when there is reasonable assurance that the
conditions underlying the grants have been met and that the grant will be
received. Government grants to cover expenses incurred are recognised in the
statement of comprehensive income proportionally over the periods during
which the related expenses are recognised. Government grants related to the
acquisition of tangible assets are deducted from the acquisition price of the
asset and the net acquisition cost is capitalized in the balance sheet.
Government grants received, for which the expenses have not yet been
recognised, are recognised as an advance received in the consolidated balance
sheet. The grant component for eligible expenses already incurred during the
reporting period, for which the grant will be received in subsequent reporting
periods, is recognised as grant income in the statement of comprehensive
income and as other receivable in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-318": { "value": "
5. Materials and services
Materials and services comprise purchases of materials and supplies such as logs,
coatings, glues, energy for production and other production materials. External services
comprise log harvesting, transportation and machinery repair services.
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Purchases of materials and supplies
193,714
141,322
Change in inventories
-4,451
-6,505
External services
43,624
39,932
Total
232,886
174,749
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-319": { "value": "
6. Employee benefit expenses
Koskisen employed an average of 994 employees in 2025, of which 845 employees were
located in Finland and 133 in Poland. In addition, there were some 16 employees working
in sales in different countries around the world. Koskisen\u2019s employee benefit expenses
are presented in the table below. The remuneration of the members of the Executive
Board, the CEO and the members of the Board of Directors is presented in note 25:
Related party transactions. More detailed information on the share-based payments is
presented in note 7: Share-based incentive plans.
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Wages and salaries
44,174
38,809
Pension costs \u2013 defined contribution plans
7,663
6,652
Social security costs
1,981
1,369
Share-based payments
815
904
Other long-term benefits \u2013 service allowance
163
179
Total
54,797
47,913
Other long-term benefits consist of an annual service allowance plan. The cost of the
plan is determined based on the advice of qualified actuary who carries out a full
valuation of the plan on a regular basis using the projected unit credit method. Under
this method, the costs of the plan are charged to the statement of comprehensive
income to spread the regular costs over the working lives of the employees. Koskisen
presents the service cost relating to defined benefit obligations in employee benefit
expenses while the net interest is presented in finance costs.
AVERAGE NUMBER OF EMPLOYEES
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Salaried employees
271
249
Workers
722
671
Average number of employees during the period
994
919
ACCOUNTING POLICY
Short-term employee benefits are recognised as expenses during the period in
which related service is provided. A liability is recognised when the Group has a
statutory and constructive obligation relating to employment relationship based
on performance received and when an obligation can be measured reliably.
Koskisen has only defined contribution pension plans in the jurisdictions it
operates. The Group pays contributions to external insurance companies and it
does not have a legal or constructive obligation to make additional payments in
case the recipient for pension contributions is unable to pay the pension benefits.
The contributions are recognised as employee benefit expense in the statement
of comprehensive income during the period to which the charge relates to.
Annual service allowance
Koskisen pays an annual service allowance to its production workers based on the
collective agreements. The plan is accounted for as a long-term employee benefit
plan according to IAS 19 Employee benefits, with items resulting from
remeasurement, which include actuarial gains and losses, are recognised
immediately in the consolidated balance sheet for the period through the
statement of comprehensive income (profit and loss) when they incur.
Expenditures based on previous work performance are recorded as expenses
either when the amendment or curtailment of the arrangement takes place, or
when the restructuring expenses related to the arrangement or the benefits
related to the termination of the employment relationship are recorded,
whichever comes first. Net interest is calculated by applying the discount rate to
the net liability or asset under the defined benefit plan. The Group recognises the
changes in the net liability for the service cost in employee benefit expenses and
net interest expense or income in finance costs, net.
The annual service allowance obligations and the related service costs have been
calculated using the projected credit unit method by discounting the estimated
future cash flows with the discount rate based on AA euro corporate bond yield
curve which reflects the duration of the liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-320": { "value": "
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Salaried employees
271
249
Workers
722
671
Average number of employees during the period
994
919
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-321": { "value": "
ACCOUNTING POLICY
Short-term employee benefits are recognised as expenses during the period in
which related service is provided. A liability is recognised when the Group has a
statutory and constructive obligation relating to employment relationship based
on performance received and when an obligation can be measured reliably.
Koskisen has only defined contribution pension plans in the jurisdictions it
operates. The Group pays contributions to external insurance companies and it
does not have a legal or constructive obligation to make additional payments in
case the recipient for pension contributions is unable to pay the pension benefits.
The contributions are recognised as employee benefit expense in the statement
of comprehensive income during the period to which the charge relates to.
Annual service allowance
Koskisen pays an annual service allowance to its production workers based on the
collective agreements. The plan is accounted for as a long-term employee benefit
plan according to IAS 19 Employee benefits, with items resulting from
remeasurement, which include actuarial gains and losses, are recognised
immediately in the consolidated balance sheet for the period through the
statement of comprehensive income (profit and loss) when they incur.
Expenditures based on previous work performance are recorded as expenses
either when the amendment or curtailment of the arrangement takes place, or
when the restructuring expenses related to the arrangement or the benefits
related to the termination of the employment relationship are recorded,
whichever comes first. Net interest is calculated by applying the discount rate to
the net liability or asset under the defined benefit plan. The Group recognises the
changes in the net liability for the service cost in employee benefit expenses and
net interest expense or income in finance costs, net.
The annual service allowance obligations and the related service costs have been
calculated using the projected credit unit method by discounting the estimated
future cash flows with the discount rate based on AA euro corporate bond yield
curve which reflects the duration of the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-322": { "value": "
7. Share-based incentive plans
Share-based incentive plan 2022\u20132026
In March 2022, the Board of Directors of Koskisen Corporation decided on a share-
based incentive programme in place for its key employees for the years 2022 to 2026.
The incentive programme consists of three three-year earning periods, which are from
2022 to 2024, from 2023 to 2025 and from 2024 to 2026.
Share-based incentive plan 2022\u20132026 \u2013 Performance period 2022\u20132024
The key employees eligible for the programme, the incentives to be paid, the vesting
conditions and targets determined by the company\u2019s Board of Directors were
communicated to the persons participating in the arrangement in June 2022. The key
employees eligible for the programme (six individuals) can receive a maximum of
138,000 company shares (gross amount) if the terms of the programme are met. During
2024, Koskisen Corporation included a new participant in the plan, raising the number
of eligible employees to seven (7), and the maximum number of company shares that
can be received to 156 000 (gross amount). The vesting conditions and the targets
relate to meeting certain key figures (EBITDA and return on invested capital) and work
obligation. The earned shares are given to the key employees after the vesting period
ends. From the total number of shares, Koskisen withholds the withholding tax
corresponding to the income tax liability of the key employee and pays it to the tax
authorities. The arrangement has a net settlement feature of tax obligations and is
classified as an equity-settled share-based transaction in its entirety. The arrangement
is treated as an equity-settled share-based transaction. The 2022-2024 earning period
vested and the reward shares were paid out in April 2025.
Share-based incentive plan 2022\u20132026 \u2013 Performance period 2023\u20132025
In April 2023, the company\u2019s Board of Directors resolved on the criteria and targets as
well as the key employees eligible for the incentive programme for the second earning
period. The members of the Group Executive Board, a total of seven people, are
currently entitled to participate in the long-term share-based incentive programme.
The potential receipt and amount of the reward is based on the accumulated adjusted
EBITDA from 1 January 2023 to 31 December 2025 and the person\u2019s continued
employment with the company. During the second earning period of the incentive
programme, the key employees eligible for the incentive programme may earn a
maximum of 215,000 shares (gross amount). The earned shares are given to the key
employees after the vesting period ends. From the total number of shares, Koskisen
withholds the withholding tax corresponding to the income tax liability of the key
employee and pays it to the tax authorities. The arrangement has a net settlement
feature of tax obligations and is classified as an equity-settled share-based transaction
in its entirety. The arrangement is treated as an equity-settled share-based transaction.
Share-based incentive plan 2022\u20132026 \u2013 Performance period 2024\u20132026
In May 2024, the company\u2019s Board of Directors resolved on the criteria and targets as
well as the key employees eligible for the incentive programme for the third earning
period. The members of the Group Executive Board, a total of eight people, are
currently entitled to participate in the long-term share-based incentive programme.
The company\u2019s Board of Directors decided in June 2024 to add new participants to the
2024\u20132026 earning period, after which the maximum number of participants will be 25.
The potential receipt and amount of the reward is based, in alignment with the growth
strategy, on increase in net sales and the accumulated adjusted EBITDA from 1 January
2024 to 31 December 2026, and the person\u2019s continued employment with the company.
During the third earning period of the incentive programme, the key employees
eligible for the incentive programme may earn a maximum of 331,000 company shares
(gross amount). The earned shares are given to the key employees after the vesting
period. From the total number of shares, Koskisen withholds the withholding tax
corresponding to the income tax liability of the key employee and pays it to the tax
authorities. The arrangement has a net settlement feature of tax obligations and is
classified as an equity-settled share-based transaction in its entirety. The arrangement
is treated as an equity-settled share-based transaction.
Share-based incentive plan 2025\u20132029
In April 2025, the Board of Directors of Koskisen Corporation decided on a share-based
incentive programme in place for its key employees for the years 2025 to 2029. The
incentive programme consists of three three year earning periods, which are from 2025
to 2027, from 2026 to 2028 and from 2027 to 2029.
Share-based incentive plan 2025\u20132029 \u2013 Performance Period 2025\u20132027
In April 2025, Board of Directors of Koskisen Plc decided on the commencement of the
first performance period in the Performance Share Plan 2025-2027. Currently, a total of
approximately 30 key employees are eligible to participate in the earning period
2025-2027 of the share-based incentive programme, including the Group's CEO and
members of the Executive Board. The participants can receive a maximum of 420,000
company shares (gross amount) if the terms of the programme are met. In the share
based incentive programme, the potential receipt and amount of the reward is based
on the growth of revenue in accordance with Koskisen's growth strategy, cumulative
adjusted EBITDA and the reduction of emissions caused by the company\u2019s own
operations (Scope 1 and 2) between 1 January 2025 and 31 December 2027, as well as
the person's ongoing employment. The earned shares are given to the key employees
after the vesting period ends.\u00a0 From the total number of shares, Koskisen withholds the
withholding tax corresponding to the income tax liability of the key employee and pays
it to the tax authorities. The arrangement has a net settlement feature of tax
obligations and is classified as an equity-settled share-based transaction in its entirety.
The arrangement is treated as an equity-settled share-based transaction.
Share-based incentive plan
2022\u20132026
Share-based incentive
plan 2025-2029
Total
Performance period
2022\u20132024 1
Performance period
2023\u20132025
Performance period
2024\u20132026
Performance period
2025-2027
Total / Weighted
average
Maximum amount, pcs 2
156,000
215,000
331,000
420,000
1,122,000
Initial allocation date
1 Jul 2022
30 Apr 2023
27 May 2024
2 May 2025
Estimated vesting date
30 Apr 2025
30 Apr 2026
30 Apr 2027
30 Apr 2028
Maximum contractual life, years
2.8
3.0
2.9
3.0
2.9
Remaining contractual life, years
-
0.3
1.3
2.3
1.0
Number of persons at the end of reporting year
-
7
22
29
Payment method
Equity and cash (net
settlement)
Equity and cash (net
settlement)
Equity and cash (net
settlement)
Equity and cash (net
settlement)
\u00b9\u00a0 Maximum amounts of the Share-based incentive plan 2022\u20132026 Performance Period 2022\u20132024 are adjusted by the share split carried out in November 2022.
\u00b2\u00a0 The amounts are presented in gross terms, i.e. the share reward figures include both the reward paid in share and a number of shares corresponding to the amount of the reward paid in cash.
Share-based incentive plan
2022\u20132026
Share-based incentive
plan 2025-2029
Changes during the period
Performance period
2022\u20132024 1
Performance period
2023\u20132025
Performance period
2024\u20132026
Performance period
2025-2027
Total
1 Jan 2025
Outstanding in the beginning of the period
152,000
215,000
325,125
-
692,125
Changes during period
Granted during period
-
-
-
396,000
396,000
Forfeited during period
-
-
6,000
-
6,000
Exercised during period
152,000
-
-
-
152,000
31 Dec 2025
Granted shares to which the right has not yet arisen
-
215,000
319,125
396,000
930,125
\u00b9\u00a0 Granted amounts of the Share-based incentive 2022\u20132026 Performance Period 2022\u20132024 are adjusted by the share split carried out in November 2022.
Fair value determination
The fair value of share-based incentives have been determined at grant date and the
fair value is expensed until vesting. The pricing of the share-based incentives granted
during the period was determined by the following inputs and had the following effect:
VALUATION PARAMETERS FOR INSTRUMENTS GRANTED DURING THE
PERIOD
Share-based incentive plan
2025\u20132029
Instrument
Performance period
2025\u20132027
Estimated market price of the share at the time of
issuance, EUR
7.14
Maturity, years
3.0
Risk-free rate, %
-%
Expected dividends, EUR
0.12
The fair value of the benefit per share at the time of grant,
EUR
6.79
Share price at reporting period end, EUR
9.10
EFFECT ON THE RESULT AND FINANCIAL POSITION
EUR thousand
1 Jan\u201331 Dec 2025
Expenses for the financial year, share-based payments
815
Expenses for the financial year, share-based payments,
equity-settled
815
Liabilities arising from share-based payments 31 Dec 2025
-
Estimated amount to be transferred to the tax authority to settle
the employee\u2019s tax obligation within the ongoing share-based
incentive plans, 31 Dec 2025
1,342
ACCOUNTING POLICY
The Group\u2019s share-based incentive plans are classified as equity-settled or cash-
settled share-based transactions. Transactions with the net settlement feature
for tax obligations are classified in their entirety as equity-settled share-based
transactions. Equity-settled share-based transactions are measured at the grant
date fair value. The liabilities for the cash-settled share-based transactions are
measured at the fair value on each reporting date. At the end of each reporting
period, the company\u2019s management evaluates the probability of the fulfilment of
the plan conditions (conditions based on the performance of the service and
results), updates the estimate of the number of shares expected to finally vest
and makes a corresponding adjustment on the expense recognised. Payments
for share-based plans are expensed on a straight-line basis over the vesting
period when the obligation has incurred. The expense is presented in the
employee benefit expenses. For the equity-settled plans, a corresponding
amount is recognised as an increase in retained earnings, and for the cash-
settled plans, a corresponding liability is recognised in other liabilities on the
balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-323": { "value": "
ACCOUNTING POLICY
The Group\u2019s share-based incentive plans are classified as equity-settled or cash-
settled share-based transactions. Transactions with the net settlement feature
for tax obligations are classified in their entirety as equity-settled share-based
transactions. Equity-settled share-based transactions are measured at the grant
date fair value. The liabilities for the cash-settled share-based transactions are
measured at the fair value on each reporting date. At the end of each reporting
period, the company\u2019s management evaluates the probability of the fulfilment of
the plan conditions (conditions based on the performance of the service and
results), updates the estimate of the number of shares expected to finally vest
and makes a corresponding adjustment on the expense recognised. Payments
for share-based plans are expensed on a straight-line basis over the vesting
period when the obligation has incurred. The expense is presented in the
employee benefit expenses. For the equity-settled plans, a corresponding
amount is recognised as an increase in retained earnings, and for the cash-
settled plans, a corresponding liability is recognised in other liabilities on the
balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-325": { "value": "
8. Depreciation, amortisation and impairment
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Property, plant and equipment, depreciation
Buildings and structures
2,519
2,157
Machinery and equipment
6,197
4,247
Other property, plant and equipment
762
415
Total
9,479
6,818
Right-of-use assets, depreciation
Power plants
1,710
1,659
Machinery and equipment
2,264
1,760
Buildings
392
310
Land and water areas
48
45
Total
4,413
3,773
Intangible assets, depreciation
Customer relationships and Trademarks
225
-
Software
361
346
Total
586
346
Impairment
Assets held for sale
-
232
Total
-
232
Depreciation, amortisation and impairment total
14,478
11,169
ACCOUNTING POLICY
Depreciation and amortisation is recognised in the statement of comprehensive
income on a straight-line basis over the estimated useful lives of property, plant
and equipment and intangible assets. Right-of-use assets are depreciated over
the shorter of the asset\u2019s useful life and the lease term. If Koskisen is reasonably
certain on exercising a purchase option, the right-of-use asset is depreciated
over its useful life.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-324": { "value": "
8. Depreciation, amortisation and impairment
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Property, plant and equipment, depreciation
Buildings and structures
2,519
2,157
Machinery and equipment
6,197
4,247
Other property, plant and equipment
762
415
Total
9,479
6,818
Right-of-use assets, depreciation
Power plants
1,710
1,659
Machinery and equipment
2,264
1,760
Buildings
392
310
Land and water areas
48
45
Total
4,413
3,773
Intangible assets, depreciation
Customer relationships and Trademarks
225
-
Software
361
346
Total
586
346
Impairment
Assets held for sale
-
232
Total
-
232
Depreciation, amortisation and impairment total
14,478
11,169
ACCOUNTING POLICY
Depreciation and amortisation is recognised in the statement of comprehensive
income on a straight-line basis over the estimated useful lives of property, plant
and equipment and intangible assets. Right-of-use assets are depreciated over
the shorter of the asset\u2019s useful life and the lease term. If Koskisen is reasonably
certain on exercising a purchase option, the right-of-use asset is depreciated
over its useful life.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-326": { "value": "
ACCOUNTING POLICY
Depreciation and amortisation is recognised in the statement of comprehensive
income on a straight-line basis over the estimated useful lives of property, plant
and equipment and intangible assets. Right-of-use assets are depreciated over
the shorter of the asset\u2019s useful life and the lease term. If Koskisen is reasonably
certain on exercising a purchase option, the right-of-use asset is depreciated
over its useful life.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "
9. Other operating expenses
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Sales freight and forwarding
29,092
24,127
IT expenses
4,743
4,169
Maintenance of property
4,119
3,793
Consulting and administrative services
2,543
1,963
Administrative expenses
2,371
1,794
Personnel related expenses
1,909
1,722
Sales commissions
1,179
664
Travel expenses
1,152
1,067
Lease expenses
849
885
Marketing expenses
793
603
Research and development expenses
136
301
Other expenses1
1,566
1,816
Total
50,452
42,904
\u00b9 Other expenses include, for example, expenses related to machines, equipment and vehicles.
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Audit
200
150
Other assignments referred to in section 1.1,2 \u00a7 of the
Auditing Act
98
27
Other services
19
30
Total
317
207
Auditor remuneration includes the fees paid to the auditors of each Group company.
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
9. Other operating expenses
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Sales freight and forwarding
29,092
24,127
IT expenses
4,743
4,169
Maintenance of property
4,119
3,793
Consulting and administrative services
2,543
1,963
Administrative expenses
2,371
1,794
Personnel related expenses
1,909
1,722
Sales commissions
1,179
664
Travel expenses
1,152
1,067
Lease expenses
849
885
Marketing expenses
793
603
Research and development expenses
136
301
Other expenses1
1,566
1,816
Total
50,452
42,904
\u00b9 Other expenses include, for example, expenses related to machines, equipment and vehicles.
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Audit
200
150
Other assignments referred to in section 1.1,2 \u00a7 of the
Auditing Act
98
27
Other services
19
30
Total
317
207
Auditor remuneration includes the fees paid to the auditors of each Group company.
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
9. Other operating expenses
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Sales freight and forwarding
29,092
24,127
IT expenses
4,743
4,169
Maintenance of property
4,119
3,793
Consulting and administrative services
2,543
1,963
Administrative expenses
2,371
1,794
Personnel related expenses
1,909
1,722
Sales commissions
1,179
664
Travel expenses
1,152
1,067
Lease expenses
849
885
Marketing expenses
793
603
Research and development expenses
136
301
Other expenses1
1,566
1,816
Total
50,452
42,904
\u00b9 Other expenses include, for example, expenses related to machines, equipment and vehicles.
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Audit
200
150
Other assignments referred to in section 1.1,2 \u00a7 of the
Auditing Act
98
27
Other services
19
30
Total
317
207
Auditor remuneration includes the fees paid to the auditors of each Group company.
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-327": { "value": "
9. Other operating expenses
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Sales freight and forwarding
29,092
24,127
IT expenses
4,743
4,169
Maintenance of property
4,119
3,793
Consulting and administrative services
2,543
1,963
Administrative expenses
2,371
1,794
Personnel related expenses
1,909
1,722
Sales commissions
1,179
664
Travel expenses
1,152
1,067
Lease expenses
849
885
Marketing expenses
793
603
Research and development expenses
136
301
Other expenses1
1,566
1,816
Total
50,452
42,904
\u00b9 Other expenses include, for example, expenses related to machines, equipment and vehicles.
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Audit
200
150
Other assignments referred to in section 1.1,2 \u00a7 of the
Auditing Act
98
27
Other services
19
30
Total
317
207
Auditor remuneration includes the fees paid to the auditors of each Group company.
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Audit
200
150
Other assignments referred to in section 1.1,2 \u00a7 of the
Auditing Act
98
27
Other services
19
30
Total
317
207
Auditor remuneration includes the fees paid to the auditors of each Group company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finance income
Gains on foreign currency derivatives
816
89
Foreign exchange gains
637
754
Gains on capital redemption contracts
456
611
Interest income
433
1,414
Gains on interest rate derivatives
191
769
Other finance income
1
1
Total
2,534
3,638
Finance costs
Interest expenses from lease liabilities
-2,318
-2,209
Interest expenses from borrowings
-1,947
-2,617
Foreign exchange losses
-1,426
-593
Losses on interest rate derivatives
-153
-615
Losses on foreign currency derivatives
-14
-450
Other finance costs
-242
-206
Total
-6,101
-6,689
Finance income and costs total
-3,567
-3,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finance income
Gains on foreign currency derivatives
816
89
Foreign exchange gains
637
754
Gains on capital redemption contracts
456
611
Interest income
433
1,414
Gains on interest rate derivatives
191
769
Other finance income
1
1
Total
2,534
3,638
Finance costs
Interest expenses from lease liabilities
-2,318
-2,209
Interest expenses from borrowings
-1,947
-2,617
Foreign exchange losses
-1,426
-593
Losses on interest rate derivatives
-153
-615
Losses on foreign currency derivatives
-14
-450
Other finance costs
-242
-206
Total
-6,101
-6,689
Finance income and costs total
-3,567
-3,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finance income
Gains on foreign currency derivatives
816
89
Foreign exchange gains
637
754
Gains on capital redemption contracts
456
611
Interest income
433
1,414
Gains on interest rate derivatives
191
769
Other finance income
1
1
Total
2,534
3,638
Finance costs
Interest expenses from lease liabilities
-2,318
-2,209
Interest expenses from borrowings
-1,947
-2,617
Foreign exchange losses
-1,426
-593
Losses on interest rate derivatives
-153
-615
Losses on foreign currency derivatives
-14
-450
Other finance costs
-242
-206
Total
-6,101
-6,689
Finance income and costs total
-3,567
-3,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finance income
Gains on foreign currency derivatives
816
89
Foreign exchange gains
637
754
Gains on capital redemption contracts
456
611
Interest income
433
1,414
Gains on interest rate derivatives
191
769
Other finance income
1
1
Total
2,534
3,638
Finance costs
Interest expenses from lease liabilities
-2,318
-2,209
Interest expenses from borrowings
-1,947
-2,617
Foreign exchange losses
-1,426
-593
Losses on interest rate derivatives
-153
-615
Losses on foreign currency derivatives
-14
-450
Other finance costs
-242
-206
Total
-6,101
-6,689
Finance income and costs total
-3,567
-3,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finance income
Gains on foreign currency derivatives
816
89
Foreign exchange gains
637
754
Gains on capital redemption contracts
456
611
Interest income
433
1,414
Gains on interest rate derivatives
191
769
Other finance income
1
1
Total
2,534
3,638
Finance costs
Interest expenses from lease liabilities
-2,318
-2,209
Interest expenses from borrowings
-1,947
-2,617
Foreign exchange losses
-1,426
-593
Losses on interest rate derivatives
-153
-615
Losses on foreign currency derivatives
-14
-450
Other finance costs
-242
-206
Total
-6,101
-6,689
Finance income and costs total
-3,567
-3,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finance income
Gains on foreign currency derivatives
816
89
Foreign exchange gains
637
754
Gains on capital redemption contracts
456
611
Interest income
433
1,414
Gains on interest rate derivatives
191
769
Other finance income
1
1
Total
2,534
3,638
Finance costs
Interest expenses from lease liabilities
-2,318
-2,209
Interest expenses from borrowings
-1,947
-2,617
Foreign exchange losses
-1,426
-593
Losses on interest rate derivatives
-153
-615
Losses on foreign currency derivatives
-14
-450
Other finance costs
-242
-206
Total
-6,101
-6,689
Finance income and costs total
-3,567
-3,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Finance income
Gains on foreign currency derivatives
816
89
Foreign exchange gains
637
754
Gains on capital redemption contracts
456
611
Interest income
433
1,414
Gains on interest rate derivatives
191
769
Other finance income
1
1
Total
2,534
3,638
Finance costs
Interest expenses from lease liabilities
-2,318
-2,209
Interest expenses from borrowings
-1,947
-2,617
Foreign exchange losses
-1,426
-593
Losses on interest rate derivatives
-153
-615
Losses on foreign currency derivatives
-14
-450
Other finance costs
-242
-206
Total
-6,101
-6,689
Finance income and costs total
-3,567
-3,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": "
11. Income tax
Income tax expense comprises current income tax based on the taxable income for the
period and deferred tax expense.
INCOME TAX EXPENSE
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Current tax on result for the period
-257
-203
Adjustments for current tax of prior periods
11
35
Total current income tax expense
-246
-168
Change in deferred tax assets
-581
1,447
Change in deferred tax liabilities
-1,297
-2,964
Total deferred tax expense
-1,877
-1,517
Income tax expense
-2,123
-1,684
The difference between income taxes at the statutory tax rate in Finland (20%) and
income taxes recognised in the statement of comprehensive income is reconciled
as\u00a0follows:
RECONCILIATION OF THE EFFECTIVE TAX RATE
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Profit (loss) before taxes
10,743
9,972
Tax calculated at Finnish tax rate 20 %
-2,149
-1,994
Effect of foreign tax rates
11
5
Effect of expenses not deductible for tax purposes
-54
-407
Utilisation of non-deductible net interest expenses from
previous reporting periods
55
511
Effect of non-taxable income
2
165
Adjustment in respect to prior years
11
35
Income tax expense
-2,123
-1,684
DEFERRED TAX ASSETS AND LIABILITIES
EUR thousand
At 1 Jan
Recognised in profit
or loss
Acquisitions of
businesses
Translation
differences
At 31 Dec
2025
Deferred tax assets
Leases
6,698
-556
34
2
6,177
Other long-term employee benefits
623
-8
29
644
Intangible assets
37
-25
12
Provisions
48
4
52
Credit loss provision
6
-
0
5
Other items
71
6
1
78
Total
7,484
-581
63
3
6,969
Netting of deferred taxes
-7,447
-6,934
Total
37
35
Deferred tax liabilities
Accumulated depreciation differences
7,057
1,500
8,557
Rental contracts
5,957
-397
34
2
5,595
Borrowings
857
-82
775
Tangible assets
403
219
518
1,141
Derivatives
303
64
367
Other items
33
-7
25
Total
14,609
1,297
552
2
16,460
Netting of deferred taxes
-7,447
-6,934
Total
7,162
9,526
Deferred tax liabilities, net
7,126
9,491
EUR thousand
At 1 Jan
Recognised in profit
or loss
Translation
differences
At 31 Dec
2024
Deferred tax assets
Leases
5,198
1,500
0
6,698
Other long-term employee benefits
625
-1
623
Intangible assets
66
-29
37
Provisions
37
11
48
Credit loss provision
20
-14
0
6
Other items
90
-19
1
71
Total
6,035
1,447
1
7,484
Netting of deferred taxes
-5,947
-7,447
Total
88
37
Deferred tax liabilities
Accumulated depreciation differences
5,827
1,230
7,057
Rental contracts
4,318
1,638
5,957
Borrowings
833
24
857
Tangible assets
338
65
403
Intangible assets
-
-
Derivatives
314
-12
303
Other items
14
19
33
Total
11,645
2,964
-
14,609
Netting of deferred taxes
-5,947
-7,447
Total
5,697
7,162
Deferred tax liabilities, net
5,610
7,126
ACCOUNTING POLICY
Income tax
The income tax expense or credit for the period is the tax payable on the current
period\u2019s taxable income, based on the applicable income tax rate for each
jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses. Tax is recognised in the
statement of comprehensive income, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the end of the reporting period. Management
periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and considers
whether it is probable that a taxation authority will accept an uncertain tax
treatment. The Group measures its tax balances either based on the most likely
amount or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable
right to offset current tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on
a net basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": "
11. Income tax
Income tax expense comprises current income tax based on the taxable income for the
period and deferred tax expense.
INCOME TAX EXPENSE
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Current tax on result for the period
-257
-203
Adjustments for current tax of prior periods
11
35
Total current income tax expense
-246
-168
Change in deferred tax assets
-581
1,447
Change in deferred tax liabilities
-1,297
-2,964
Total deferred tax expense
-1,877
-1,517
Income tax expense
-2,123
-1,684
The difference between income taxes at the statutory tax rate in Finland (20%) and
income taxes recognised in the statement of comprehensive income is reconciled
as\u00a0follows:
RECONCILIATION OF THE EFFECTIVE TAX RATE
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Profit (loss) before taxes
10,743
9,972
Tax calculated at Finnish tax rate 20 %
-2,149
-1,994
Effect of foreign tax rates
11
5
Effect of expenses not deductible for tax purposes
-54
-407
Utilisation of non-deductible net interest expenses from
previous reporting periods
55
511
Effect of non-taxable income
2
165
Adjustment in respect to prior years
11
35
Income tax expense
-2,123
-1,684
DEFERRED TAX ASSETS AND LIABILITIES
EUR thousand
At 1 Jan
Recognised in profit
or loss
Acquisitions of
businesses
Translation
differences
At 31 Dec
2025
Deferred tax assets
Leases
6,698
-556
34
2
6,177
Other long-term employee benefits
623
-8
29
644
Intangible assets
37
-25
12
Provisions
48
4
52
Credit loss provision
6
-
0
5
Other items
71
6
1
78
Total
7,484
-581
63
3
6,969
Netting of deferred taxes
-7,447
-6,934
Total
37
35
Deferred tax liabilities
Accumulated depreciation differences
7,057
1,500
8,557
Rental contracts
5,957
-397
34
2
5,595
Borrowings
857
-82
775
Tangible assets
403
219
518
1,141
Derivatives
303
64
367
Other items
33
-7
25
Total
14,609
1,297
552
2
16,460
Netting of deferred taxes
-7,447
-6,934
Total
7,162
9,526
Deferred tax liabilities, net
7,126
9,491
EUR thousand
At 1 Jan
Recognised in profit
or loss
Translation
differences
At 31 Dec
2024
Deferred tax assets
Leases
5,198
1,500
0
6,698
Other long-term employee benefits
625
-1
623
Intangible assets
66
-29
37
Provisions
37
11
48
Credit loss provision
20
-14
0
6
Other items
90
-19
1
71
Total
6,035
1,447
1
7,484
Netting of deferred taxes
-5,947
-7,447
Total
88
37
Deferred tax liabilities
Accumulated depreciation differences
5,827
1,230
7,057
Rental contracts
4,318
1,638
5,957
Borrowings
833
24
857
Tangible assets
338
65
403
Intangible assets
-
-
Derivatives
314
-12
303
Other items
14
19
33
Total
11,645
2,964
-
14,609
Netting of deferred taxes
-5,947
-7,447
Total
5,697
7,162
Deferred tax liabilities, net
5,610
7,126
ACCOUNTING POLICY
Income tax
The income tax expense or credit for the period is the tax payable on the current
period\u2019s taxable income, based on the applicable income tax rate for each
jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses. Tax is recognised in the
statement of comprehensive income, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the end of the reporting period. Management
periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and considers
whether it is probable that a taxation authority will accept an uncertain tax
treatment. The Group measures its tax balances either based on the most likely
amount or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable
right to offset current tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on
a net basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-344": { "value": "
EUR thousand
At 1 Jan
Recognised in profit
or loss
Acquisitions of
businesses
Translation
differences
At 31 Dec
2025
Deferred tax assets
Leases
6,698
-556
34
2
6,177
Other long-term employee benefits
623
-8
29
644
Intangible assets
37
-25
12
Provisions
48
4
52
Credit loss provision
6
-
0
5
Other items
71
6
1
78
Total
7,484
-581
63
3
6,969
Netting of deferred taxes
-7,447
-6,934
Total
37
35
Deferred tax liabilities
Accumulated depreciation differences
7,057
1,500
8,557
Rental contracts
5,957
-397
34
2
5,595
Borrowings
857
-82
775
Tangible assets
403
219
518
1,141
Derivatives
303
64
367
Other items
33
-7
25
Total
14,609
1,297
552
2
16,460
Netting of deferred taxes
-7,447
-6,934
Total
7,162
9,526
Deferred tax liabilities, net
7,126
9,491
EUR thousand
At 1 Jan
Recognised in profit
or loss
Translation
differences
At 31 Dec
2024
Deferred tax assets
Leases
5,198
1,500
0
6,698
Other long-term employee benefits
625
-1
623
Intangible assets
66
-29
37
Provisions
37
11
48
Credit loss provision
20
-14
0
6
Other items
90
-19
1
71
Total
6,035
1,447
1
7,484
Netting of deferred taxes
-5,947
-7,447
Total
88
37
Deferred tax liabilities
Accumulated depreciation differences
5,827
1,230
7,057
Rental contracts
4,318
1,638
5,957
Borrowings
833
24
857
Tangible assets
338
65
403
Intangible assets
-
-
Derivatives
314
-12
303
Other items
14
19
33
Total
11,645
2,964
-
14,609
Netting of deferred taxes
-5,947
-7,447
Total
5,697
7,162
Deferred tax liabilities, net
5,610
7,126
Deferred tax
Deferred income tax is recognised on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable
right to offset current tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on
a net basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-345": { "value": "
ACCOUNTING POLICY
Income tax
The income tax expense or credit for the period is the tax payable on the current
period\u2019s taxable income, based on the applicable income tax rate for each
jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses. Tax is recognised in the
statement of comprehensive income, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the end of the reporting period. Management
periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and considers
whether it is probable that a taxation authority will accept an uncertain tax
treatment. The Group measures its tax balances either based on the most likely
amount or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-346": { "value": "
Deferred tax
Deferred income tax is recognised on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable
right to offset current tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on
a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-348": { "value": "
12. Property, plant and equipment
EUR thousand
Land
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Advance
payments and
construction in
progress
Total
Cost at 1 Jan 2025
2,727
83,766
113,342
6,825
15,576
222,235
Translation differences
1
27
15
2
2
48
Additions
-
2,178
4,493
1,223
12,241
20,134
Acquisitions of businesses and subsidiaries
393
5,182
11,857
776
56
18,264
Disposals
-7
-18
-108
-
-
-133
Reclassifications
-
2,129
6,330
6,215
-14,674
-
Reclassification from assets held for sale
-
-
150
-
-
150
Cost at 31 Dec 2025
3,115
93,264
136,079
15,040
13,200
260,698
Accumulated depreciation and impairment at 1 Jan 2025
-
-41,174
-65,479
-4,042
-
-110,695
Translation differences
-
-7
-5
-1
-
-13
Depreciation
-
-2,519
-6,197
-762
-
-9,479
Accumulated depreciation of disposals and reclassifications
-
-
107
-
-
107
Reclassification from assets held for sale
-
-
-86
-
-86
Accumulated depreciation and impairment at 31 Dec 2025
-
-43,701
-71,659
-4,805
-
-120,165
Carrying value at 1 Jan 2025
2,727
42,591
47,863
2,783
15,576
111,540
Carrying value at 31 Dec 2025
3,115
49,563
64,420
10,235
13,200
140,533
Other tangible assets comprise amongst others stormwater systems and a district
heating network as well as, amongst others, constructions of roads, parking and
warehouse areas and an art collection.
Additions to property, plant and equipment during the financial period 2025 amounted
to EUR 20.1 (22.2) million. These were associated with, among others,\u00a0 the new log yard,
the sawmill\u2019s new channel dryers and the briquette plant. In addition, the increases
include investments related to the Panel Industry\u2019s investment programme.
Acquisitions of businesses and subsidiaries include EUR 18.3 million in assets
transferred from Iisveden Mets\u00e4 Oy in the business acquisition. See Note 24: Group
structure for further information on the business acquisition.
During the financial year, EUR 0.3 (0.4) million in financial expenses were capitalised
regarding loans for the new sawmill. The capitalisation rate was on average 5.0 percent.
EUR thousand
Land
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Advance
payments and
construction in
progress
Total
Cost at 1 Jan 2024
2,714
82,158
102,648
7,446
18,004
212,970
Translation differences
2
31
15
1
2
51
Additions
12
1,870
6,283
24
13,981
22,169
Disposals
-
-1,121
-7,468
-677
-140
-9,406
Reclassifications
-
828
15,399
31
-16,272
-13
Reclassification to assets held for sale
-
-
-3,536
-
-
-3,536
Cost at 31 Dec 2024
2,727
83,766
113,342
6,825
15,576
222,235
Accumulated depreciation and impairment at 1 Jan 2024
-
-40,130
-71,096
-4,235
-
-115,462
Translation differences
-
-7
-4
-1
-
-12
Depreciation
-
-2,157
-4,247
-415
-
-6,818
Accumulated depreciation of disposals and reclassifications
-
1,120
7,062
609
-
8,790
Reclassification to assets held for sale
-
-
2,807
-
2,807
Accumulated depreciation and impairment at 31 Dec2024
-
-41,174
-65,479
-4,042
-
-110,695
Carrying value at 1 Jan 2024
2,714
42,028
31,551
3,211
18,004
97,508
Carrying value at 31 Dec 2024
2,727
42,591
47,863
2,783
15,576
111,540
The additions during 2024 were mainly related to the construction of the the new log
yard. In addition there was investments during the financial period related to the
channel dryer, the renewal of the second planing mill, and the new sawmill, among
others.
ACCOUNTING POLICY
Land is recognised in property, plant and equipment at cost. Other property,
plant and equipment is recognised at cost less accumulated depreciation and
any impairment. Cost includes expenditure that is directly attributable to the
acquisition of the items. Financial costs of loans used to finance the construction
of assets are capitalised as part of the cost of tangible fixed assets over the
construction period when the conditions for capitalisation are met.
In business combinations, tangible fixed assets are recorded at fair value at the
time of acquisition.
Depreciation is calculated using the straight-line method over the estimated
useful life of the\u00a0asset.
The estimated useful economic lives of property, plant and equipment are
\u2022\u00a0 Buildings and structures 10\u201350 years
\u2022\u00a0 Machinery and equipment5\u201315 years
\u2022\u00a0 Other tangible assets5\u201340 years
The residual values and useful lives are reviewed, and adjusted if appropriate, at
the end of each reporting period. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount. Gains and losses on disposals are
determined by comparing proceeds with carrying amount. These are included in
the statement of comprehensive income
Impairment
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value in use. The assets are tested
at the cash generating unit (CGU) level, which is represents the lowest level for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets.
Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-347": { "value": "
12. Property, plant and equipment
EUR thousand
Land
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Advance
payments and
construction in
progress
Total
Cost at 1 Jan 2025
2,727
83,766
113,342
6,825
15,576
222,235
Translation differences
1
27
15
2
2
48
Additions
-
2,178
4,493
1,223
12,241
20,134
Acquisitions of businesses and subsidiaries
393
5,182
11,857
776
56
18,264
Disposals
-7
-18
-108
-
-
-133
Reclassifications
-
2,129
6,330
6,215
-14,674
-
Reclassification from assets held for sale
-
-
150
-
-
150
Cost at 31 Dec 2025
3,115
93,264
136,079
15,040
13,200
260,698
Accumulated depreciation and impairment at 1 Jan 2025
-
-41,174
-65,479
-4,042
-
-110,695
Translation differences
-
-7
-5
-1
-
-13
Depreciation
-
-2,519
-6,197
-762
-
-9,479
Accumulated depreciation of disposals and reclassifications
-
-
107
-
-
107
Reclassification from assets held for sale
-
-
-86
-
-86
Accumulated depreciation and impairment at 31 Dec 2025
-
-43,701
-71,659
-4,805
-
-120,165
Carrying value at 1 Jan 2025
2,727
42,591
47,863
2,783
15,576
111,540
Carrying value at 31 Dec 2025
3,115
49,563
64,420
10,235
13,200
140,533
Other tangible assets comprise amongst others stormwater systems and a district
heating network as well as, amongst others, constructions of roads, parking and
warehouse areas and an art collection.
Additions to property, plant and equipment during the financial period 2025 amounted
to EUR 20.1 (22.2) million. These were associated with, among others,\u00a0 the new log yard,
the sawmill\u2019s new channel dryers and the briquette plant. In addition, the increases
include investments related to the Panel Industry\u2019s investment programme.
Acquisitions of businesses and subsidiaries include EUR 18.3 million in assets
transferred from Iisveden Mets\u00e4 Oy in the business acquisition. See Note 24: Group
structure for further information on the business acquisition.
During the financial year, EUR 0.3 (0.4) million in financial expenses were capitalised
regarding loans for the new sawmill. The capitalisation rate was on average 5.0 percent.
EUR thousand
Land
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Advance
payments and
construction in
progress
Total
Cost at 1 Jan 2024
2,714
82,158
102,648
7,446
18,004
212,970
Translation differences
2
31
15
1
2
51
Additions
12
1,870
6,283
24
13,981
22,169
Disposals
-
-1,121
-7,468
-677
-140
-9,406
Reclassifications
-
828
15,399
31
-16,272
-13
Reclassification to assets held for sale
-
-
-3,536
-
-
-3,536
Cost at 31 Dec 2024
2,727
83,766
113,342
6,825
15,576
222,235
Accumulated depreciation and impairment at 1 Jan 2024
-
-40,130
-71,096
-4,235
-
-115,462
Translation differences
-
-7
-4
-1
-
-12
Depreciation
-
-2,157
-4,247
-415
-
-6,818
Accumulated depreciation of disposals and reclassifications
-
1,120
7,062
609
-
8,790
Reclassification to assets held for sale
-
-
2,807
-
2,807
Accumulated depreciation and impairment at 31 Dec2024
-
-41,174
-65,479
-4,042
-
-110,695
Carrying value at 1 Jan 2024
2,714
42,028
31,551
3,211
18,004
97,508
Carrying value at 31 Dec 2024
2,727
42,591
47,863
2,783
15,576
111,540
The additions during 2024 were mainly related to the construction of the the new log
yard. In addition there was investments during the financial period related to the
channel dryer, the renewal of the second planing mill, and the new sawmill, among
others.
ACCOUNTING POLICY
Land is recognised in property, plant and equipment at cost. Other property,
plant and equipment is recognised at cost less accumulated depreciation and
any impairment. Cost includes expenditure that is directly attributable to the
acquisition of the items. Financial costs of loans used to finance the construction
of assets are capitalised as part of the cost of tangible fixed assets over the
construction period when the conditions for capitalisation are met.
In business combinations, tangible fixed assets are recorded at fair value at the
time of acquisition.
Depreciation is calculated using the straight-line method over the estimated
useful life of the\u00a0asset.
The estimated useful economic lives of property, plant and equipment are
\u2022\u00a0 Buildings and structures 10\u201350 years
\u2022\u00a0 Machinery and equipment5\u201315 years
\u2022\u00a0 Other tangible assets5\u201340 years
The residual values and useful lives are reviewed, and adjusted if appropriate, at
the end of each reporting period. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount. Gains and losses on disposals are
determined by comparing proceeds with carrying amount. These are included in
the statement of comprehensive income
Impairment
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value in use. The assets are tested
at the cash generating unit (CGU) level, which is represents the lowest level for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets.
Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-349": { "value": "
ACCOUNTING POLICY
Land is recognised in property, plant and equipment at cost. Other property,
plant and equipment is recognised at cost less accumulated depreciation and
any impairment. Cost includes expenditure that is directly attributable to the
acquisition of the items. Financial costs of loans used to finance the construction
of assets are capitalised as part of the cost of tangible fixed assets over the
construction period when the conditions for capitalisation are met.
In business combinations, tangible fixed assets are recorded at fair value at the
time of acquisition.
Depreciation is calculated using the straight-line method over the estimated
useful life of the\u00a0asset.
The estimated useful economic lives of property, plant and equipment are
\u2022\u00a0 Buildings and structures 10\u201350 years
\u2022\u00a0 Machinery and equipment5\u201315 years
\u2022\u00a0 Other tangible assets5\u201340 years
The residual values and useful lives are reviewed, and adjusted if appropriate, at
the end of each reporting period. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount. Gains and losses on disposals are
determined by comparing proceeds with carrying amount. These are included in
the statement of comprehensive income
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
Impairment
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value in use. The assets are tested
at the cash generating unit (CGU) level, which is represents the lowest level for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets.
Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "
Impairment
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value in use. The assets are tested
at the cash generating unit (CGU) level, which is represents the lowest level for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets.
Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
13. Forest assets
Koskisen owns 784 hectares of forest land in Southern and Central Finland at the end
of the financial period. The value of the forest assets, i.e. standing trees, is EUR 4.4
million as at 31 December 2025 (31 December 2024: EUR 3.9 million).
EUR thousand
2025
2024
Carrying value, at 1 Jan
3,915
3,599
Acquisitions of businesses and subsidiaries
93
-
Gain (loss) arising from changes in fair value
452
505
Decreases due to harvest
-98
-141
Decreases due to sales
-
-48
Carrying value, at 31 Dec
4,363
3,915
Koskisen uses forest certification and all of its own forests are certified by the
Programme for the Endorsement of Forest Certification (PEFC). PEFC sets requirements
for the monitoring of certified wood raw materials and wood products in supply chains.
In addition, the certification requires safeguarding the diversity of forests, maintaining
the health and growth of forests and the use of the forests for recreational use.
ACCOUNTING POLICY
The forest land is divided into the forest assets, i.e. standing trees, and land.
Forest assets are recognised at fair value less cost to sell. Land is recognised at
cost and presented in property plant and equipment.
The fair value of forest assets is calculated using the sum value method, in which
the values of the soil base, saplings and standing trees are valuated separately
and the total value is adjusted based on the special characteristics of the forests.
The fair value of forest assets is classified as level 3 in the fair value hierarchy due
to the use of the unobservable inputs, for example wood growth. Changes in the
fair value of the forest assets is recognised in the operating profit (loss) in the
statement of comprehensive income.
Key estimates and judgements
Valuation of forest assets
The valuation of forest assets is a complicated process and requires several
management estimates and judgement on assumptions that have a significant impact
on the value of the forest assets presented on the balance sheet. Factors requiring
management estimates include estimates on wood growth, analysing the
appropriateness of harvesting and stumpage prices and management review of the
valuation related data provided by third-party service providers. Stumpage prices used
in the calculations are based on prices from third-party valuation service providers and
have been compared to Finnish statistical database prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
The forest land is divided into the forest assets, i.e. standing trees, and land.
Forest assets are recognised at fair value less cost to sell. Land is recognised at
cost and presented in property plant and equipment.
The fair value of forest assets is calculated using the sum value method, in which
the values of the soil base, saplings and standing trees are valuated separately
and the total value is adjusted based on the special characteristics of the forests.
The fair value of forest assets is classified as level 3 in the fair value hierarchy due
to the use of the unobservable inputs, for example wood growth. Changes in the
fair value of the forest assets is recognised in the operating profit (loss) in the
statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "
14. Leases
Koskisen\u2019s lease contracts comprise leases of real estates, including offices, apartments,
warehouses and land areas, production machinery and equipment, cars and leases of
other machinery and equipment, such as IT equipment. The lease terms are fixed or
valid until further notice and may include extension or termination options. The lease
contracts may include index clauses, which are typically based on the consumer price
index. These are not included in the measurement of lease liability until they realise.
In addition, Koskisen has entered into an agreement for heat energy supply which
includes a lease contract for power plants. Koskisen has right to receive substantially all
the economic benefits from the use of the power plants. The agreement includes an
option based on which at the end of the 15 years agreement period, or in case of a
breaching event, Koskisen has the right, or obligation if the other party requires, to
redeem the power plants for itself or for a third party.
The balance sheet shows the following amounts relating to leases:
EUR thousand
31 Dec 2025
31 Dec 2024
Right-of-use assets
Power plants
16,420
17,965
Machinery and equipment
13,782
14,584
Buildings
1,177
1,284
Land and water areas
229
209
Total
31,608
34,043
Lease liabilities
Non-current
26,921
29,465
Current
3,965
4,024
Total
30,886
33,489
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Additions to the right-of-use assets during the financial
year
879
10,649
The statement of comprehensive income shows the following amounts relating to
leases:
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Depreciation charge of right-of-use assets
Power plants
1,710
1,659
Machinery and equipment
2,264
1,760
Buildings
392
310
Land and water areas
48
45
Total
4,413
3,773
Interest expense
2,318
2,209
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Expense relating to short-term leases1
6
26
Expense relating to leases of low value assets that are not
short-term leases1
305
223
\u00b9 Included in other operating expenses
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
The total cash flow for leases in the financial year
6,328
5,618
The maturity of the lease liabilities is presented in note 3: Financial risk and capital
management.
ACCOUNTING POLICY
At the contract inception, Koskisen assesses whether the arrangement is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for
consideration. Koskisen recognises a right-of-use asset and a corresponding
lease liability at contract commencement for leases where it is a lessor. The
contract commencement date is the date on which the asset is available for use
by the lessee.
Koskisen measures the lease liability at the commencement by discounting the
future lease payments to their present value. The lease payments include fixed
payments, variable lease payments based on an index or a rate, residual value
guarantees, which are expected to be payable by Koskisen and the exercise price
of a purchase option, if Koskisen is reasonably certain to exercise the option.
Penalties for terminating the lease are included in the lease liability measurement
if the lease term reflects that Koskisen will use the termination option.
Koskisen discounts lease payments using the interest rate implicit in the lease. If
that rate cannot be readily determined, Koskisen uses the incremental
borrowing rate, i.e. the rate that Koskisen would have to pay to borrow over a
similar term, and with a similar security to obtain an asset of a similar value to
the right-of-use asset in a similar economic environment. Interest expense on
lease liabilities is presented in the cash flow from operating activities.
After the lease commencement, lease liability is measured at amortised cost
using the effective interest method. Lease liability is remeasured when the lease
payments change due to, for example, index change, exercising of the option
included in the lease is reassessed or to reflect other lease modifications.
Right-of-use assets are measured at cost comprising the initial amount of the
lease liability, any lease payments made at or before the contract
commencement, any initial direct costs and restoration costs. Right-of-use assets
are depreciated using the straight-line method over the shorter of the asset\u2019s
useful life and lease term. If Koskisen is reasonably certain to exercise a purchase
option, the right-of-use asset is depreciated over the asset\u2019s useful life.
Koskisen applies the short-term and low value asset exemptions provided by the
standard. Short-term leases are leases with a lease term of 12 months or less. Low
value assets include, among others, bicycles and ICT equipment. Lease payments
associated with those leases are recognised as an expense on a straight-line
basis.
Koskisen has minor activities as a lessor by leasing its land areas and
apartments. Koskisen classifies all of its leases as operating leases as the leases
do not transfer substantially all of the risks and rewards incidental to ownership
of an underlying assets.
Key estimates and judgements
Embedded leases
Koskisen has agreements for heat energy supply and sawn timber manufacturing for
which management has assessed whether the agreements include a lease. When the
agreements include an identified asset and Koskisen utilises substantially all of the
capacity of the assets and therefore obtains substantially all of the economic benefits
from the use of the assets, and if Koskisen also has right to direct the use of the asset
for a period of time, Koskisen accounts the arrangement as a lease. In arrangements
where all lease payments are variable, not dependent on an index or a rate, and are not
in-substance fixed,\u00a0 no lease liability or right-of-use asset is recognised in the balance
sheet.
Lease term determination
Koskisen assesses the lease term on a lease-by-lease basis based on the contractual
obligations, economic incentives, and nature of the asset. Koskisen\u2019s lease contracts
include contracts with fixed lease terms, extension and termination options and
contracts that are valid until further notice.
If the contract contains a fixed lease term without option to extend or to terminate the
lease, the lease term is set based on the fixed lease term. Extension options (or periods
after termination options) are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated).
If the lease term is not stated clearly in the contract, or will continue in perpetuity until
further notice, management assesses the enforceable period of the lease based on the
contractual terms and reasonable certainty. In case there are no significant penalties
involved in contracts where the lease term is not stated clearly or continues until
further notice, the Group determines the lease term on a lease-by-lease basis reflecting
the Group\u2019s need for the underlying asset and its strategic planning period of five years.
The lease term is reassessed if a significant event or change in circumstances occurs.
Incremental borrowing rate determination
The incremental borrowing rate is determined based on recent third-party financing
agreements as a starting point, adjusted to reflect the lease term, credit risk for leases,
the leased asset and changes in financing conditions and operating environment since
third-party financing was received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "
ACCOUNTING POLICY
At the contract inception, Koskisen assesses whether the arrangement is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for
consideration. Koskisen recognises a right-of-use asset and a corresponding
lease liability at contract commencement for leases where it is a lessor. The
contract commencement date is the date on which the asset is available for use
by the lessee.
Koskisen measures the lease liability at the commencement by discounting the
future lease payments to their present value. The lease payments include fixed
payments, variable lease payments based on an index or a rate, residual value
guarantees, which are expected to be payable by Koskisen and the exercise price
of a purchase option, if Koskisen is reasonably certain to exercise the option.
Penalties for terminating the lease are included in the lease liability measurement
if the lease term reflects that Koskisen will use the termination option.
Koskisen discounts lease payments using the interest rate implicit in the lease. If
that rate cannot be readily determined, Koskisen uses the incremental
borrowing rate, i.e. the rate that Koskisen would have to pay to borrow over a
similar term, and with a similar security to obtain an asset of a similar value to
the right-of-use asset in a similar economic environment. Interest expense on
lease liabilities is presented in the cash flow from operating activities.
After the lease commencement, lease liability is measured at amortised cost
using the effective interest method. Lease liability is remeasured when the lease
payments change due to, for example, index change, exercising of the option
included in the lease is reassessed or to reflect other lease modifications.
Right-of-use assets are measured at cost comprising the initial amount of the
lease liability, any lease payments made at or before the contract
commencement, any initial direct costs and restoration costs. Right-of-use assets
are depreciated using the straight-line method over the shorter of the asset\u2019s
useful life and lease term. If Koskisen is reasonably certain to exercise a purchase
option, the right-of-use asset is depreciated over the asset\u2019s useful life.
Koskisen applies the short-term and low value asset exemptions provided by the
standard. Short-term leases are leases with a lease term of 12 months or less. Low
value assets include, among others, bicycles and ICT equipment. Lease payments
associated with those leases are recognised as an expense on a straight-line
basis.
Koskisen has minor activities as a lessor by leasing its land areas and
apartments. Koskisen classifies all of its leases as operating leases as the leases
do not transfer substantially all of the risks and rewards incidental to ownership
of an underlying assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "Intangible assets
EUR thousand
Customer
relationships
and
Trademarks
Softwares
Advance
payments
and work in
progress
Total
Cost at 1 Jan 2025
-
1,369
12
1,382
Translation differences
-
2
-
2
Additions
2,357
72
1
2,430
Acquisitions of businesses and
subsidiaries
-
114
-
114
Disposals
-
-3
-
-3
Reclassifications
-
5
-5
-
Cost at 31 Dec 2025
2,357
1,560
8
3,925
Accumulated amortisation
and impairment at 1 Jan 2025
-
-345
-
-345
Translation differences
-
-1
-1
Amortisation
-225
-361
-
-586
Accumulated amortisation
and impairment at 31 Dec
2025
-225
-708
-
-932
Carrying value at 1 Jan 2025
-
1,024
12
1,036
Carrying value at 31 Dec 2025
2,132
852
8
2,992
EUR thousand
Softwares
Advance
payments and
work in progress
Total
Cost at 1 Jan 2024
3,622
30
3,652
Translation differences
2
-
2
Additions
48
12
60
Disposals
-2,345
-
-2,345
Reclassifications
43
-30
13
Cost at 31 Dec 2024
1,369
12
1,382
Accumulated amortisation and
impairment at 1 Jan 2024
-2,344
-
-2,344
Translation differences
-1
-1
Accumulated amortisation of
disposals and reclassifications
2,345
2,345
Amortisation
-346
-
-346
Accumulated amortisation and
impairment at 31 Dec 2024
-345
-
-345
Carrying value at 1 Jan 2024
1,278
30
1,308
Carrying value at 31 Dec 2024
1,024
12
1,036
ACCOUNTING POLICY
Intangible assets are recognised at cost less accumulated amortisation and any
impairment losses. Intangible assets acquired in business combinations are
recognised at fair value at the date of acquisition and separately from goodwill if
they meet the criterion of identifiability.
The assets\u2019 useful lives and amortisation methods are reviewed at the end of each
reporting period and adjusted, if necessary, to reflect changes in the expected
economic benefits. The amortisation of intangible assets is commenced when the
asset is ready for its intended use.
Impairments are presented in note 12: Property, plant and equipment.
Customer relationships and Trademarks
Customer relationships and trademarks are recognised separately from goodwill in
business acquisitions if they meet the criterion of identifiability. The initial fair value
of customer relationships is determined based on assumed continuity of customer
relationships and cash flow over the customers\u2019 remaining estimated lifetime using
the excess earnings method. The initial fair value of trademarks is determined from
a discounted cash flow analysis using the relief from royalty method. These are
recognised less accumulated amortisation and any impairment losses.
Amortisations are calculated on a straight-line method over the useful economic
lives of the assets, which is 6\u201315 years.
Software-related costs
Software costs are recognised as an asset if Koskisen has control over the
underlying asset, at historical cost less accumulated amortisation and
impairment losses. Amortisations are calculated on a straight-line method over
the useful economic lives of the assets which is five years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "
ACCOUNTING POLICY
Intangible assets are recognised at cost less accumulated amortisation and any
impairment losses. Intangible assets acquired in business combinations are
recognised at fair value at the date of acquisition and separately from goodwill if
they meet the criterion of identifiability.
The assets\u2019 useful lives and amortisation methods are reviewed at the end of each
reporting period and adjusted, if necessary, to reflect changes in the expected
economic benefits. The amortisation of intangible assets is commenced when the
asset is ready for its intended use.
Impairments are presented in note 12: Property, plant and equipment.
Customer relationships and Trademarks
Customer relationships and trademarks are recognised separately from goodwill in
business acquisitions if they meet the criterion of identifiability. The initial fair value
of customer relationships is determined based on assumed continuity of customer
relationships and cash flow over the customers\u2019 remaining estimated lifetime using
the excess earnings method. The initial fair value of trademarks is determined from
a discounted cash flow analysis using the relief from royalty method. These are
recognised less accumulated amortisation and any impairment losses.
Amortisations are calculated on a straight-line method over the useful economic
lives of the assets, which is 6\u201315 years.
Software-related costs
Software costs are recognised as an asset if Koskisen has control over the
underlying asset, at historical cost less accumulated amortisation and
impairment losses. Amortisations are calculated on a straight-line method over
the useful economic lives of the assets which is five years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "
16. Inventories
EUR thousand
31 Dec 2025
31 Dec 2024
Raw materials
33,533
29,060
Work in progress
5,060
4,981
Finished goods
23,790
15,186
Total
62,383
49,227
Write-downs of slow-moving inventories to net realisable value amounted to EUR 273
thousand in 2025 (2024: EUR 249 thousand). These were recognised as an expense
during the financial year and were included in changes in inventories in the statement
of comprehensive income. In 2025 the Group reversed a previous inventory write-down
of EUR 249 thousand, based on the Group\u2019s assessment of the net realisable values
(2024: EUR 288 thousand). The amount reversed has been included in changes in
inventories in the statement of comprehensive income.
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value, the cost being
determined by the weighted average cost method. The cost comprises raw
materials, direct labour, depreciation and an appropriate proportion of variable
and fixed overhead expenditure, the latter being allocated on the basis of normal
operating capacity. Net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs of completion and the
estimated costs necessary to make the sale.
A valuation allowance is made for old, slow-moving inventories based on the
management\u2019s best estimate of the expected net realisable value at the end of
the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value, the cost being
determined by the weighted average cost method. The cost comprises raw
materials, direct labour, depreciation and an appropriate proportion of variable
and fixed overhead expenditure, the latter being allocated on the basis of normal
operating capacity. Net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs of completion and the
estimated costs necessary to make the sale.
A valuation allowance is made for old, slow-moving inventories based on the
management\u2019s best estimate of the expected net realisable value at the end of
the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "
17. Other receivables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current assets
Other accrued income on expenses
-
10
Total
-
10
Current assets
Advances of purchases of logs
5,468
4,047
VAT receivables
3,553
3,074
Accrued sales receivables
621
779
IT expenses accruals
562
508
Other accrued income on expenses
361
665
Other receivables
551
464
Total
11,116
9,536
Other receivables total
11,116
9,546
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
17. Other receivables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current assets
Other accrued income on expenses
-
10
Total
-
10
Current assets
Advances of purchases of logs
5,468
4,047
VAT receivables
3,553
3,074
Accrued sales receivables
621
779
IT expenses accruals
562
508
Other accrued income on expenses
361
665
Other receivables
551
464
Total
11,116
9,536
Other receivables total
11,116
9,546
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
17. Other receivables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current assets
Other accrued income on expenses
-
10
Total
-
10
Current assets
Advances of purchases of logs
5,468
4,047
VAT receivables
3,553
3,074
Accrued sales receivables
621
779
IT expenses accruals
562
508
Other accrued income on expenses
361
665
Other receivables
551
464
Total
11,116
9,536
Other receivables total
11,116
9,546
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
17. Other receivables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current assets
Other accrued income on expenses
-
10
Total
-
10
Current assets
Advances of purchases of logs
5,468
4,047
VAT receivables
3,553
3,074
Accrued sales receivables
621
779
IT expenses accruals
562
508
Other accrued income on expenses
361
665
Other receivables
551
464
Total
11,116
9,536
Other receivables total
11,116
9,546
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
18. Assets held for sale
EUR thousand
2025
2024
Assets held for sale 1 Jan
447
-
Reclassification from Property, plant and equipment
-
729
Reclassification to Property, plant and equipment
-64
-
Impairment
-
-232
Disposals
-
-50
Assets held for sale 31 Dec
383
447
The machines and equipment of the decommissioned old sawmill have been classified
as assets held for sale in financial year 2024.
ACCOUNTING POLICY
An asset or disposal group is classified as held for sale if its carrying amount will
be recovered principally through a sale transaction rather than through
continuing use of the asset. For this to be the case, the asset or disposal group
must be available for immediate sale in its present condition subject only to
terms that are usual and customary for sales of such assets or disposal groups
and its sale must be highly probable. These assets, or the assets and liabilities in
the disposal group, are presented separately in the consolidated balance sheet
and are valued at the lower of its carrying amount and fair value less costs to sell.
Depreciation is not performed on long-term assets classified as held for sale or
being part of a disposal group classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
18. Assets held for sale
EUR thousand
2025
2024
Assets held for sale 1 Jan
447
-
Reclassification from Property, plant and equipment
-
729
Reclassification to Property, plant and equipment
-64
-
Impairment
-
-232
Disposals
-
-50
Assets held for sale 31 Dec
383
447
The machines and equipment of the decommissioned old sawmill have been classified
as assets held for sale in financial year 2024.
ACCOUNTING POLICY
An asset or disposal group is classified as held for sale if its carrying amount will
be recovered principally through a sale transaction rather than through
continuing use of the asset. For this to be the case, the asset or disposal group
must be available for immediate sale in its present condition subject only to
terms that are usual and customary for sales of such assets or disposal groups
and its sale must be highly probable. These assets, or the assets and liabilities in
the disposal group, are presented separately in the consolidated balance sheet
and are valued at the lower of its carrying amount and fair value less costs to sell.
Depreciation is not performed on long-term assets classified as held for sale or
being part of a disposal group classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
19. Equity
EUR thousand
Total number of
shares outstanding
(pcs)
Treasury shares (pcs)
Total number of
issued shares (pcs)
Share capital
Reserve for invested
unrestricted equity
1 Jan 2024
23,010,573
1,086
23,011,659
1,512
73,843
Directed share issue without consideration, management 1
13,500
-
13,500
-
-
31 Dec 2024
23,024,073
1,086
23,025,159
1,512
73,843
Directed share issue without consideration, management 1
70,376
-
70,376
-
-
Directed share issue, business acquisition
1,000,000
-
1,000,000
-
8,040
31 Dec 2025
24,094,449
1,086
24,095,535
1,512
81,883
\u00b9\u00a0 Additional information in note 7: Share-based incentive plans
Share capital
Koskisen Corporation has one series of shares, and all shares are equally entitled to
dividends. One share carries one vote at the general meeting. The shares do not have a
nominal value. The Koskisen Corporation shares are listed on the Nasdaq Helsinki stock
exchange. The shares are included in the book-entry system maintained by Euroclear
Finland Ltd. The trading code is KOSKI and the ISIN code is FI4000533005.
On 16 February 2024 Koskisen Corporation\u2019s Board of Directors decided on a free share
issue directed to the company\u2019s CEO and CFO as part of management remuneration
based on the authorisation given by the annual general meeting on 11 May 2023. The
issued shares were registered in the trade register on 28 February 2024. The total
number of shares increased to 23,025,159 shares when the CEO and CFO were given
13,500 new shares. The value of the second instalment of the reward related to the
completion of the listing to Koskisen\u2019s CEO corresponds to 18,000 shares, half of which
was paid in cash to cover the withholding tax. The value of the second instalment of the
reward to Koskisen\u2019s CFO corresponds to 9,000 shares, half of which was paid in cash to
cover the withholding tax. The share issue without consideration did not impact the
company\u2019s share capital or capital structure.
On 21 March 2025, Koskisen Corporation's Board of Directors decided on a free directed
share issue for the payment of share rewards under the company's long-term
performance-based incentive programme for 2022\u20132026 (earning period 2022\u20132024). A
total of 70,376 new shares were issued free of charge in a directed share issue to seven
persons covered by the incentive programme in accordance with the terms of the
programme. The rewards paid under the incentive programme to each participating
person were paid in shares and cash. The cash component covers the tax costs related
to the shares. The total of 70,376 shares issued in the free directed share issue were
registered in the Finnish Trade Register on 4 April 2025. Koskisen Corporation's Board of
Directors decided on the free directed share issue on the basis of an authorisation
granted by the Annual General Meeting on 16 May 2024.
The Board of Directors of Koskisen Corporation decided on 30 May 2025 on a directed
share issue of 1,000,000 new Koskisen shares to Iisveden Mets\u00e4 Oy on the basis of the
authorisation given by the Annual General Meeting on 15 May 2025. As the share issue
was carried out in order to complete the acquisition, there was a weighty financial
reason for directing the share issue. The subscription price was entered in full in the
reserve of invested non-restricted equity. The share price on the transaction date was
EUR 8.04 per share.
Legal reserve
The legal reserve comprises the amounts transferred from distributable funds under
the articles of association or by decision of the general meeting.
Reserve for invested unrestricted equity
The subscription prices of new shares, as well as other equity investments, are
recognised in the reserve for invested unrestricted equity, unless these are recognised
in full or in part in share capital according to a specific decision.
Treasury shares
The acquisition cost of treasury shares held by the Group is presented in equity as a
separate reserve that reduces the unrestricted equity.
Translation differences
Translation differences arising from the translation of the financial statements of
foreign subsidiaries are recognised in the other comprehensive income and accrued in
a separate equity reserve. The cumulative amount of translation differences is
recognised in the consolidated statement of comprehensive income on the disposal of
the net investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
19. Equity
EUR thousand
Total number of
shares outstanding
(pcs)
Treasury shares (pcs)
Total number of
issued shares (pcs)
Share capital
Reserve for invested
unrestricted equity
1 Jan 2024
23,010,573
1,086
23,011,659
1,512
73,843
Directed share issue without consideration, management 1
13,500
-
13,500
-
-
31 Dec 2024
23,024,073
1,086
23,025,159
1,512
73,843
Directed share issue without consideration, management 1
70,376
-
70,376
-
-
Directed share issue, business acquisition
1,000,000
-
1,000,000
-
8,040
31 Dec 2025
24,094,449
1,086
24,095,535
1,512
81,883
\u00b9\u00a0 Additional information in note 7: Share-based incentive plans
Share capital
Koskisen Corporation has one series of shares, and all shares are equally entitled to
dividends. One share carries one vote at the general meeting. The shares do not have a
nominal value. The Koskisen Corporation shares are listed on the Nasdaq Helsinki stock
exchange. The shares are included in the book-entry system maintained by Euroclear
Finland Ltd. The trading code is KOSKI and the ISIN code is FI4000533005.
On 16 February 2024 Koskisen Corporation\u2019s Board of Directors decided on a free share
issue directed to the company\u2019s CEO and CFO as part of management remuneration
based on the authorisation given by the annual general meeting on 11 May 2023. The
issued shares were registered in the trade register on 28 February 2024. The total
number of shares increased to 23,025,159 shares when the CEO and CFO were given
13,500 new shares. The value of the second instalment of the reward related to the
completion of the listing to Koskisen\u2019s CEO corresponds to 18,000 shares, half of which
was paid in cash to cover the withholding tax. The value of the second instalment of the
reward to Koskisen\u2019s CFO corresponds to 9,000 shares, half of which was paid in cash to
cover the withholding tax. The share issue without consideration did not impact the
company\u2019s share capital or capital structure.
On 21 March 2025, Koskisen Corporation's Board of Directors decided on a free directed
share issue for the payment of share rewards under the company's long-term
performance-based incentive programme for 2022\u20132026 (earning period 2022\u20132024). A
total of 70,376 new shares were issued free of charge in a directed share issue to seven
persons covered by the incentive programme in accordance with the terms of the
programme. The rewards paid under the incentive programme to each participating
person were paid in shares and cash. The cash component covers the tax costs related
to the shares. The total of 70,376 shares issued in the free directed share issue were
registered in the Finnish Trade Register on 4 April 2025. Koskisen Corporation's Board of
Directors decided on the free directed share issue on the basis of an authorisation
granted by the Annual General Meeting on 16 May 2024.
The Board of Directors of Koskisen Corporation decided on 30 May 2025 on a directed
share issue of 1,000,000 new Koskisen shares to Iisveden Mets\u00e4 Oy on the basis of the
authorisation given by the Annual General Meeting on 15 May 2025. As the share issue
was carried out in order to complete the acquisition, there was a weighty financial
reason for directing the share issue. The subscription price was entered in full in the
reserve of invested non-restricted equity. The share price on the transaction date was
EUR 8.04 per share.
Legal reserve
The legal reserve comprises the amounts transferred from distributable funds under
the articles of association or by decision of the general meeting.
Reserve for invested unrestricted equity
The subscription prices of new shares, as well as other equity investments, are
recognised in the reserve for invested unrestricted equity, unless these are recognised
in full or in part in share capital according to a specific decision.
Treasury shares
The acquisition cost of treasury shares held by the Group is presented in equity as a
separate reserve that reduces the unrestricted equity.
Translation differences
Translation differences arising from the translation of the financial statements of
foreign subsidiaries are recognised in the other comprehensive income and accrued in
a separate equity reserve. The cumulative amount of translation differences is
recognised in the consolidated statement of comprehensive income on the disposal of
the net investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
EUR thousand
Total number of
shares outstanding
(pcs)
Treasury shares (pcs)
Total number of
issued shares (pcs)
Share capital
Reserve for invested
unrestricted equity
1 Jan 2024
23,010,573
1,086
23,011,659
1,512
73,843
Directed share issue without consideration, management 1
13,500
-
13,500
-
-
31 Dec 2024
23,024,073
1,086
23,025,159
1,512
73,843
Directed share issue without consideration, management 1
70,376
-
70,376
-
-
Directed share issue, business acquisition
1,000,000
-
1,000,000
-
8,040
31 Dec 2025
24,094,449
1,086
24,095,535
1,512
81,883
\u00b9\u00a0 Additional information in note 7: Share-based incentive plans
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
Share capital
Koskisen Corporation has one series of shares, and all shares are equally entitled to
dividends. One share carries one vote at the general meeting. The shares do not have a
nominal value. The Koskisen Corporation shares are listed on the Nasdaq Helsinki stock
exchange. The shares are included in the book-entry system maintained by Euroclear
Finland Ltd. The trading code is KOSKI and the ISIN code is FI4000533005.
On 16 February 2024 Koskisen Corporation\u2019s Board of Directors decided on a free share
issue directed to the company\u2019s CEO and CFO as part of management remuneration
based on the authorisation given by the annual general meeting on 11 May 2023. The
issued shares were registered in the trade register on 28 February 2024. The total
number of shares increased to 23,025,159 shares when the CEO and CFO were given
13,500 new shares. The value of the second instalment of the reward related to the
completion of the listing to Koskisen\u2019s CEO corresponds to 18,000 shares, half of which
was paid in cash to cover the withholding tax. The value of the second instalment of the
reward to Koskisen\u2019s CFO corresponds to 9,000 shares, half of which was paid in cash to
cover the withholding tax. The share issue without consideration did not impact the
company\u2019s share capital or capital structure.
On 21 March 2025, Koskisen Corporation's Board of Directors decided on a free directed
share issue for the payment of share rewards under the company's long-term
performance-based incentive programme for 2022\u20132026 (earning period 2022\u20132024). A
total of 70,376 new shares were issued free of charge in a directed share issue to seven
persons covered by the incentive programme in accordance with the terms of the
programme. The rewards paid under the incentive programme to each participating
person were paid in shares and cash. The cash component covers the tax costs related
to the shares. The total of 70,376 shares issued in the free directed share issue were
registered in the Finnish Trade Register on 4 April 2025. Koskisen Corporation's Board of
Directors decided on the free directed share issue on the basis of an authorisation
granted by the Annual General Meeting on 16 May 2024.
The Board of Directors of Koskisen Corporation decided on 30 May 2025 on a directed
share issue of 1,000,000 new Koskisen shares to Iisveden Mets\u00e4 Oy on the basis of the
authorisation given by the Annual General Meeting on 15 May 2025. As the share issue
was carried out in order to complete the acquisition, there was a weighty financial
reason for directing the share issue. The subscription price was entered in full in the
reserve of invested non-restricted equity. The share price on the transaction date was
EUR 8.04 per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
Share capital
Koskisen Corporation has one series of shares, and all shares are equally entitled to
dividends. One share carries one vote at the general meeting. The shares do not have a
nominal value. The Koskisen Corporation shares are listed on the Nasdaq Helsinki stock
exchange. The shares are included in the book-entry system maintained by Euroclear
Finland Ltd. The trading code is KOSKI and the ISIN code is FI4000533005.
On 16 February 2024 Koskisen Corporation\u2019s Board of Directors decided on a free share
issue directed to the company\u2019s CEO and CFO as part of management remuneration
based on the authorisation given by the annual general meeting on 11 May 2023. The
issued shares were registered in the trade register on 28 February 2024. The total
number of shares increased to 23,025,159 shares when the CEO and CFO were given
13,500 new shares. The value of the second instalment of the reward related to the
completion of the listing to Koskisen\u2019s CEO corresponds to 18,000 shares, half of which
was paid in cash to cover the withholding tax. The value of the second instalment of the
reward to Koskisen\u2019s CFO corresponds to 9,000 shares, half of which was paid in cash to
cover the withholding tax. The share issue without consideration did not impact the
company\u2019s share capital or capital structure.
On 21 March 2025, Koskisen Corporation's Board of Directors decided on a free directed
share issue for the payment of share rewards under the company's long-term
performance-based incentive programme for 2022\u20132026 (earning period 2022\u20132024). A
total of 70,376 new shares were issued free of charge in a directed share issue to seven
persons covered by the incentive programme in accordance with the terms of the
programme. The rewards paid under the incentive programme to each participating
person were paid in shares and cash. The cash component covers the tax costs related
to the shares. The total of 70,376 shares issued in the free directed share issue were
registered in the Finnish Trade Register on 4 April 2025. Koskisen Corporation's Board of
Directors decided on the free directed share issue on the basis of an authorisation
granted by the Annual General Meeting on 16 May 2024.
The Board of Directors of Koskisen Corporation decided on 30 May 2025 on a directed
share issue of 1,000,000 new Koskisen shares to Iisveden Mets\u00e4 Oy on the basis of the
authorisation given by the Annual General Meeting on 15 May 2025. As the share issue
was carried out in order to complete the acquisition, there was a weighty financial
reason for directing the share issue. The subscription price was entered in full in the
reserve of invested non-restricted equity. The share price on the transaction date was
EUR 8.04 per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
20. Earnings per share
EUR
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Earnings per share
Profit (loss) for the period attributable to the owners of
the parent company (EUR)
8,620,018
8,287,597
Weighted average number of shares outstanding during
the period
23,600,697
23,021,352
Diluted weighted average number of shares outstanding
during the period
23,944,500
23,290,168
Basic earnings per share (EUR)
0.37
0.36
Diluted earnings per share (EUR)
0.36
0.36
ACCOUNTING POLICY
Basic earnings per share is calculated by dividing the profit attributable to
owners of the parent company by the weighted average number of ordinary
shares outstanding during the financial period. Diluted earnings per share
adjusts the figures used in the determination of basic earnings per share to take
into consideration the Group\u2019s potential commitment to issue new shares in
the\u00a0future.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
ACCOUNTING POLICY
Basic earnings per share is calculated by dividing the profit attributable to
owners of the parent company by the weighted average number of ordinary
shares outstanding during the financial period. Diluted earnings per share
adjusts the figures used in the determination of basic earnings per share to take
into consideration the Group\u2019s potential commitment to issue new shares in
the\u00a0future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2024
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
Cash flows from financing
Proceeds from borrowings
35,000
-
35,000
Repayments of borrowings
-19,914
-4,318
-24,233
Other changes
New leases
-
1,715
1,715
Effect of applying the effective interest
rate1
294
-
294
31 Dec 2025
48,152
30,886
79,038
\u00b9 No cash flow impact
Changes in financial liabilities
During the financial year, Koskisen renewed its financing agreement, which had been
concluded in 2022 and consisted of three parts: an initially fixed-term loan of EUR 19.0
million, a fixed-term loan of EUR 10.0 million and a revolving credit facility of EUR 8.0
million, aimed at financing the Group\u2019s working capital. These loans were replaced by a
fixed-term loan of EUR 23.0 million and a revolving credit facility of EUR 15.0 million. The
new loan was used to repay the old fixed-term loans, of which a total of EUR 13.0 million
remained. The reolving credit facility was not in use when the new loan was drawn.
The financing agreement is valid for five years until 2030. The loan agreement includes
standard financing covenants and default terms. The new loan is unsecured.\u00a0 The
financing covenants are measured quarterly on a rolling 12-month basis and are
calculated based on Koskisen's consolidated financial information. The interest rate of
the loan is tied to the six-month Euribor rate, and it also has a margin, the level of which
depends on the ratio of net debt to EBITDA.
In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the
financial year. The financing is allocated to investments to increase capacity in the
Sawn Timber Industry and Panel Industry segments. The loan has a term of seven years
and will mature at the end of 2032. The loan is unsecured and includes similar
covenants as the financing agreement mentioned above. The interest rate of the loan is
tied to the six-month Euribor rate, and it also has a margin, the level of which depends
on the ratio of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised in previous financial years relating
to the financing package for the new sawmill. The loans are repaid semi-annually. The
loans will mature between 2029 and 2031. The interest rates on the loans are tied to the
six-month Euribor rate and the margins are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. At the end of the financial year Koskisen has interest rate swaps
with a total nominal value of EUR 25 million. The changes in the fair value of the interest
rate swaps net out the profit effects of the loan\u2019s interest rate changes, protecting the
Group from interest rate risk, even though they are not one-to-one with the Group\u2019s
financial institution loans. The interest rate swap agreements mature during 2028.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2024
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
Cash flows from financing
Proceeds from borrowings
35,000
-
35,000
Repayments of borrowings
-19,914
-4,318
-24,233
Other changes
New leases
-
1,715
1,715
Effect of applying the effective interest
rate1
294
-
294
31 Dec 2025
48,152
30,886
79,038
\u00b9 No cash flow impact
Changes in financial liabilities
During the financial year, Koskisen renewed its financing agreement, which had been
concluded in 2022 and consisted of three parts: an initially fixed-term loan of EUR 19.0
million, a fixed-term loan of EUR 10.0 million and a revolving credit facility of EUR 8.0
million, aimed at financing the Group\u2019s working capital. These loans were replaced by a
fixed-term loan of EUR 23.0 million and a revolving credit facility of EUR 15.0 million. The
new loan was used to repay the old fixed-term loans, of which a total of EUR 13.0 million
remained. The reolving credit facility was not in use when the new loan was drawn.
The financing agreement is valid for five years until 2030. The loan agreement includes
standard financing covenants and default terms. The new loan is unsecured.\u00a0 The
financing covenants are measured quarterly on a rolling 12-month basis and are
calculated based on Koskisen's consolidated financial information. The interest rate of
the loan is tied to the six-month Euribor rate, and it also has a margin, the level of which
depends on the ratio of net debt to EBITDA.
In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the
financial year. The financing is allocated to investments to increase capacity in the
Sawn Timber Industry and Panel Industry segments. The loan has a term of seven years
and will mature at the end of 2032. The loan is unsecured and includes similar
covenants as the financing agreement mentioned above. The interest rate of the loan is
tied to the six-month Euribor rate, and it also has a margin, the level of which depends
on the ratio of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised in previous financial years relating
to the financing package for the new sawmill. The loans are repaid semi-annually. The
loans will mature between 2029 and 2031. The interest rates on the loans are tied to the
six-month Euribor rate and the margins are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. At the end of the financial year Koskisen has interest rate swaps
with a total nominal value of EUR 25 million. The changes in the fair value of the interest
rate swaps net out the profit effects of the loan\u2019s interest rate changes, protecting the
Group from interest rate risk, even though they are not one-to-one with the Group\u2019s
financial institution loans. The interest rate swap agreements mature during 2028.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2024
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
Cash flows from financing
Proceeds from borrowings
35,000
-
35,000
Repayments of borrowings
-19,914
-4,318
-24,233
Other changes
New leases
-
1,715
1,715
Effect of applying the effective interest
rate1
294
-
294
31 Dec 2025
48,152
30,886
79,038
\u00b9 No cash flow impact
Changes in financial liabilities
During the financial year, Koskisen renewed its financing agreement, which had been
concluded in 2022 and consisted of three parts: an initially fixed-term loan of EUR 19.0
million, a fixed-term loan of EUR 10.0 million and a revolving credit facility of EUR 8.0
million, aimed at financing the Group\u2019s working capital. These loans were replaced by a
fixed-term loan of EUR 23.0 million and a revolving credit facility of EUR 15.0 million. The
new loan was used to repay the old fixed-term loans, of which a total of EUR 13.0 million
remained. The reolving credit facility was not in use when the new loan was drawn.
The financing agreement is valid for five years until 2030. The loan agreement includes
standard financing covenants and default terms. The new loan is unsecured.\u00a0 The
financing covenants are measured quarterly on a rolling 12-month basis and are
calculated based on Koskisen's consolidated financial information. The interest rate of
the loan is tied to the six-month Euribor rate, and it also has a margin, the level of which
depends on the ratio of net debt to EBITDA.
In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the
financial year. The financing is allocated to investments to increase capacity in the
Sawn Timber Industry and Panel Industry segments. The loan has a term of seven years
and will mature at the end of 2032. The loan is unsecured and includes similar
covenants as the financing agreement mentioned above. The interest rate of the loan is
tied to the six-month Euribor rate, and it also has a margin, the level of which depends
on the ratio of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised in previous financial years relating
to the financing package for the new sawmill. The loans are repaid semi-annually. The
loans will mature between 2029 and 2031. The interest rates on the loans are tied to the
six-month Euribor rate and the margins are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. At the end of the financial year Koskisen has interest rate swaps
with a total nominal value of EUR 25 million. The changes in the fair value of the interest
rate swaps net out the profit effects of the loan\u2019s interest rate changes, protecting the
Group from interest rate risk, even though they are not one-to-one with the Group\u2019s
financial institution loans. The interest rate swap agreements mature during 2028.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2024
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
Cash flows from financing
Proceeds from borrowings
35,000
-
35,000
Repayments of borrowings
-19,914
-4,318
-24,233
Other changes
New leases
-
1,715
1,715
Effect of applying the effective interest
rate1
294
-
294
31 Dec 2025
48,152
30,886
79,038
\u00b9 No cash flow impact
Changes in financial liabilities
During the financial year, Koskisen renewed its financing agreement, which had been
concluded in 2022 and consisted of three parts: an initially fixed-term loan of EUR 19.0
million, a fixed-term loan of EUR 10.0 million and a revolving credit facility of EUR 8.0
million, aimed at financing the Group\u2019s working capital. These loans were replaced by a
fixed-term loan of EUR 23.0 million and a revolving credit facility of EUR 15.0 million. The
new loan was used to repay the old fixed-term loans, of which a total of EUR 13.0 million
remained. The reolving credit facility was not in use when the new loan was drawn.
The financing agreement is valid for five years until 2030. The loan agreement includes
standard financing covenants and default terms. The new loan is unsecured.\u00a0 The
financing covenants are measured quarterly on a rolling 12-month basis and are
calculated based on Koskisen's consolidated financial information. The interest rate of
the loan is tied to the six-month Euribor rate, and it also has a margin, the level of which
depends on the ratio of net debt to EBITDA.
In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the
financial year. The financing is allocated to investments to increase capacity in the
Sawn Timber Industry and Panel Industry segments. The loan has a term of seven years
and will mature at the end of 2032. The loan is unsecured and includes similar
covenants as the financing agreement mentioned above. The interest rate of the loan is
tied to the six-month Euribor rate, and it also has a margin, the level of which depends
on the ratio of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised in previous financial years relating
to the financing package for the new sawmill. The loans are repaid semi-annually. The
loans will mature between 2029 and 2031. The interest rates on the loans are tied to the
six-month Euribor rate and the margins are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. At the end of the financial year Koskisen has interest rate swaps
with a total nominal value of EUR 25 million. The changes in the fair value of the interest
rate swaps net out the profit effects of the loan\u2019s interest rate changes, protecting the
Group from interest rate risk, even though they are not one-to-one with the Group\u2019s
financial institution loans. The interest rate swap agreements mature during 2028.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2024
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
Cash flows from financing
Proceeds from borrowings
35,000
-
35,000
Repayments of borrowings
-19,914
-4,318
-24,233
Other changes
New leases
-
1,715
1,715
Effect of applying the effective interest
rate1
294
-
294
31 Dec 2025
48,152
30,886
79,038
\u00b9 No cash flow impact
Changes in financial liabilities
During the financial year, Koskisen renewed its financing agreement, which had been
concluded in 2022 and consisted of three parts: an initially fixed-term loan of EUR 19.0
million, a fixed-term loan of EUR 10.0 million and a revolving credit facility of EUR 8.0
million, aimed at financing the Group\u2019s working capital. These loans were replaced by a
fixed-term loan of EUR 23.0 million and a revolving credit facility of EUR 15.0 million. The
new loan was used to repay the old fixed-term loans, of which a total of EUR 13.0 million
remained. The reolving credit facility was not in use when the new loan was drawn.
The financing agreement is valid for five years until 2030. The loan agreement includes
standard financing covenants and default terms. The new loan is unsecured.\u00a0 The
financing covenants are measured quarterly on a rolling 12-month basis and are
calculated based on Koskisen's consolidated financial information. The interest rate of
the loan is tied to the six-month Euribor rate, and it also has a margin, the level of which
depends on the ratio of net debt to EBITDA.
In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the
financial year. The financing is allocated to investments to increase capacity in the
Sawn Timber Industry and Panel Industry segments. The loan has a term of seven years
and will mature at the end of 2032. The loan is unsecured and includes similar
covenants as the financing agreement mentioned above. The interest rate of the loan is
tied to the six-month Euribor rate, and it also has a margin, the level of which depends
on the ratio of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised in previous financial years relating
to the financing package for the new sawmill. The loans are repaid semi-annually. The
loans will mature between 2029 and 2031. The interest rates on the loans are tied to the
six-month Euribor rate and the margins are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. At the end of the financial year Koskisen has interest rate swaps
with a total nominal value of EUR 25 million. The changes in the fair value of the interest
rate swaps net out the profit effects of the loan\u2019s interest rate changes, protecting the
Group from interest rate risk, even though they are not one-to-one with the Group\u2019s
financial institution loans. The interest rate swap agreements mature during 2028.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2024
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
Cash flows from financing
Proceeds from borrowings
35,000
-
35,000
Repayments of borrowings
-19,914
-4,318
-24,233
Other changes
New leases
-
1,715
1,715
Effect of applying the effective interest
rate1
294
-
294
31 Dec 2025
48,152
30,886
79,038
\u00b9 No cash flow impact
Changes in financial liabilities
During the financial year, Koskisen renewed its financing agreement, which had been
concluded in 2022 and consisted of three parts: an initially fixed-term loan of EUR 19.0
million, a fixed-term loan of EUR 10.0 million and a revolving credit facility of EUR 8.0
million, aimed at financing the Group\u2019s working capital. These loans were replaced by a
fixed-term loan of EUR 23.0 million and a revolving credit facility of EUR 15.0 million. The
new loan was used to repay the old fixed-term loans, of which a total of EUR 13.0 million
remained. The reolving credit facility was not in use when the new loan was drawn.
The financing agreement is valid for five years until 2030. The loan agreement includes
standard financing covenants and default terms. The new loan is unsecured.\u00a0 The
financing covenants are measured quarterly on a rolling 12-month basis and are
calculated based on Koskisen's consolidated financial information. The interest rate of
the loan is tied to the six-month Euribor rate, and it also has a margin, the level of which
depends on the ratio of net debt to EBITDA.
In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the
financial year. The financing is allocated to investments to increase capacity in the
Sawn Timber Industry and Panel Industry segments. The loan has a term of seven years
and will mature at the end of 2032. The loan is unsecured and includes similar
covenants as the financing agreement mentioned above. The interest rate of the loan is
tied to the six-month Euribor rate, and it also has a margin, the level of which depends
on the ratio of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised in previous financial years relating
to the financing package for the new sawmill. The loans are repaid semi-annually. The
loans will mature between 2029 and 2031. The interest rates on the loans are tied to the
six-month Euribor rate and the margins are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. At the end of the financial year Koskisen has interest rate swaps
with a total nominal value of EUR 25 million. The changes in the fair value of the interest
rate swaps net out the profit effects of the loan\u2019s interest rate changes, protecting the
Group from interest rate risk, even though they are not one-to-one with the Group\u2019s
financial institution loans. The interest rate swap agreements mature during 2028.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2024
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
Cash flows from financing
Proceeds from borrowings
35,000
-
35,000
Repayments of borrowings
-19,914
-4,318
-24,233
Other changes
New leases
-
1,715
1,715
Effect of applying the effective interest
rate1
294
-
294
31 Dec 2025
48,152
30,886
79,038
\u00b9 No cash flow impact
Changes in financial liabilities
During the financial year, Koskisen renewed its financing agreement, which had been
concluded in 2022 and consisted of three parts: an initially fixed-term loan of EUR 19.0
million, a fixed-term loan of EUR 10.0 million and a revolving credit facility of EUR 8.0
million, aimed at financing the Group\u2019s working capital. These loans were replaced by a
fixed-term loan of EUR 23.0 million and a revolving credit facility of EUR 15.0 million. The
new loan was used to repay the old fixed-term loans, of which a total of EUR 13.0 million
remained. The reolving credit facility was not in use when the new loan was drawn.
The financing agreement is valid for five years until 2030. The loan agreement includes
standard financing covenants and default terms. The new loan is unsecured.\u00a0 The
financing covenants are measured quarterly on a rolling 12-month basis and are
calculated based on Koskisen's consolidated financial information. The interest rate of
the loan is tied to the six-month Euribor rate, and it also has a margin, the level of which
depends on the ratio of net debt to EBITDA.
In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the
financial year. The financing is allocated to investments to increase capacity in the
Sawn Timber Industry and Panel Industry segments. The loan has a term of seven years
and will mature at the end of 2032. The loan is unsecured and includes similar
covenants as the financing agreement mentioned above. The interest rate of the loan is
tied to the six-month Euribor rate, and it also has a margin, the level of which depends
on the ratio of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised in previous financial years relating
to the financing package for the new sawmill. The loans are repaid semi-annually. The
loans will mature between 2029 and 2031. The interest rates on the loans are tied to the
six-month Euribor rate and the margins are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. At the end of the financial year Koskisen has interest rate swaps
with a total nominal value of EUR 25 million. The changes in the fair value of the interest
rate swaps net out the profit effects of the loan\u2019s interest rate changes, protecting the
Group from interest rate risk, even though they are not one-to-one with the Group\u2019s
financial institution loans. The interest rate swap agreements mature during 2028.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2024
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
Cash flows from financing
Proceeds from borrowings
35,000
-
35,000
Repayments of borrowings
-19,914
-4,318
-24,233
Other changes
New leases
-
1,715
1,715
Effect of applying the effective interest
rate1
294
-
294
31 Dec 2025
48,152
30,886
79,038
\u00b9 No cash flow impact
Changes in financial liabilities
During the financial year, Koskisen renewed its financing agreement, which had been
concluded in 2022 and consisted of three parts: an initially fixed-term loan of EUR 19.0
million, a fixed-term loan of EUR 10.0 million and a revolving credit facility of EUR 8.0
million, aimed at financing the Group\u2019s working capital. These loans were replaced by a
fixed-term loan of EUR 23.0 million and a revolving credit facility of EUR 15.0 million. The
new loan was used to repay the old fixed-term loans, of which a total of EUR 13.0 million
remained. The reolving credit facility was not in use when the new loan was drawn.
The financing agreement is valid for five years until 2030. The loan agreement includes
standard financing covenants and default terms. The new loan is unsecured.\u00a0 The
financing covenants are measured quarterly on a rolling 12-month basis and are
calculated based on Koskisen's consolidated financial information. The interest rate of
the loan is tied to the six-month Euribor rate, and it also has a margin, the level of which
depends on the ratio of net debt to EBITDA.
In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the
financial year. The financing is allocated to investments to increase capacity in the
Sawn Timber Industry and Panel Industry segments. The loan has a term of seven years
and will mature at the end of 2032. The loan is unsecured and includes similar
covenants as the financing agreement mentioned above. The interest rate of the loan is
tied to the six-month Euribor rate, and it also has a margin, the level of which depends
on the ratio of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised in previous financial years relating
to the financing package for the new sawmill. The loans are repaid semi-annually. The
loans will mature between 2029 and 2031. The interest rates on the loans are tied to the
six-month Euribor rate and the margins are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. At the end of the financial year Koskisen has interest rate swaps
with a total nominal value of EUR 25 million. The changes in the fair value of the interest
rate swaps net out the profit effects of the loan\u2019s interest rate changes, protecting the
Group from interest rate risk, even though they are not one-to-one with the Group\u2019s
financial institution loans. The interest rate swap agreements mature during 2028.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
EUR thousand
Fair value
hierarchy level
31 Dec 2025
31 Dec 2024
Financial assets measured at
amortised cost
Trade receivables
-
31,398
23,835
Cash and cash equivalents
-
24,441
31,823
Total financial assets measured at
amortised cost
55,838
55,658
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,692
11,236
Derivatives
2
141
277
Other assets measured at fair value
through profit or loss
3
76
14
Total financial assets measured at fair
value through profit or loss
11,909
11,526
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
48,152
32,772
Lease liabilities
-
30,886
33,489
Trade payables
-
38,892
29,211
Trade payables, payment system
-
7,265
6,470
Total financial liabilities measured at
amortised cost
125,196
101,943
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
-
141
Total financial liabilities measured at
fair value through profit or loss
-
141
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
The fair value of the loans from financial institutions on 31 December 2025 was EUR
48.2 million (31 December 2024: EUR 32.8 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of capital
redemption contracts is estimated on the basis of counterparty quotes. Changes in the
fair value of derivatives and capital redemption contracts are recognised in financial
income and expenses. The most significant part of the changes in the fair value arises
from derivatives, and they are mainly due to changes in market interest rates during
the reporting period. The Group\u2019s open USD balance position at the time of closing on
31 December 2025 mainly consisted of trade receivables and cash and cash equivalents,
totalling EUR 4.9 million (31 December 2024: EUR 3.1 million). The nominal value of the
hedging open futures on the reporting date is EUR 7.0 million (31 December 2024: EUR
3.6 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. This is offered the current
applicable interest rate based on the euro amount\u00a0 submitted to the payment
system. The agreement is valid until further notice and the seller has the right to
withdraw funds twice a year with a 45-day notice period. Payment system trade
payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Due to the right to withdraw
the funds, the payables are presented as current on the balance sheet. The
carrying amount of the payment system trade payables is considered to equal
their fair value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
22. Provisions
EUR thousand
Environmental
provisions
Total
1 Jan 2025
239
239
Increase
84
84
Used during the year
-62
-62
31 Dec 2025
261
261
Non-current provisions
187
187
Current provisions
74
74
Total
261
261
EUR thousand
Environmental
provisions
Total
1 Jan 2024
185
185
Increase
118
118
Used during the year
-65
-65
31 Dec 2024
239
239
Non-current provisions
150
150
Current provisions
89
89
Total
239
239
Koskisen has a provision to cover costs estimated still to incur from the cleaning of
groundwater. As a consequence of the 1976 fire at the sawmill, a significant amount of
chlorophenol ended up in groundwater around the factory. The Group has since
committed funds to clean the contaminated ground and groundwater. Currently the
chlorophenol content has been lowered to low levels, but Koskisen will continue the
cleaning and monitoring work for some years to come. The progress of the cleaning
and the necessary measures are evaluated annually in cooperation with the
environmental authorities and groundwater experts.
ACCOUNTING POLICY
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources
will be required to settle the obligation, and the amount can be reliably
estimated. Provisions are not recognised for future operating losses. Provisions
are measured at the present value of management\u2019s best estimate of the
expenditure required to settle the present obligation at the end of the reporting
period. Provisions are presented as current liabilities if amounts are expected to
be settled within 12 months from the end of the reporting period. Otherwise
provisions are presented as non-current liabilities.
Key estimates and judgements
Estimation of the amount and timing of the provision
An estimate of the financial impact of a past event requires judgement from the
management. Koskisen\u2019s management has estimated that the groundwater cleaning
will continue for another about five years. The expected costs have been estimated
based on the historical costs and knowledge of similar events. The provision amounts
are reviewed regularly and adjusted as necessary to reflect the best estimate at the end
of the reporting period. Actual expenses may differ from the estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
ACCOUNTING POLICY
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources
will be required to settle the obligation, and the amount can be reliably
estimated. Provisions are not recognised for future operating losses. Provisions
are measured at the present value of management\u2019s best estimate of the
expenditure required to settle the present obligation at the end of the reporting
period. Provisions are presented as current liabilities if amounts are expected to
be settled within 12 months from the end of the reporting period. Otherwise
provisions are presented as non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
23. Other payables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current liabilities
Contingent considerations from acquisition of business
3,165
-
Accrued employee expenses
17
14
Total
3,182
14
Current liabilities
Accrued employee expenses
9,502
7,869
Payroll tax liabilities
2,655
2,210
Subcontractor accruals
2,025
1,675
Accruals related to materials and services
966
925
Other liabilities
426
485
Interest liabilities
219
475
Property tax liability
-
179
VAT liabilities
17
-
Other accrued liabilities
595
483
Total
16,405
14,300
Other liabilities total
19,587
14,314
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
23. Other payables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current liabilities
Contingent considerations from acquisition of business
3,165
-
Accrued employee expenses
17
14
Total
3,182
14
Current liabilities
Accrued employee expenses
9,502
7,869
Payroll tax liabilities
2,655
2,210
Subcontractor accruals
2,025
1,675
Accruals related to materials and services
966
925
Other liabilities
426
485
Interest liabilities
219
475
Property tax liability
-
179
VAT liabilities
17
-
Other accrued liabilities
595
483
Total
16,405
14,300
Other liabilities total
19,587
14,314
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
23. Other payables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current liabilities
Contingent considerations from acquisition of business
3,165
-
Accrued employee expenses
17
14
Total
3,182
14
Current liabilities
Accrued employee expenses
9,502
7,869
Payroll tax liabilities
2,655
2,210
Subcontractor accruals
2,025
1,675
Accruals related to materials and services
966
925
Other liabilities
426
485
Interest liabilities
219
475
Property tax liability
-
179
VAT liabilities
17
-
Other accrued liabilities
595
483
Total
16,405
14,300
Other liabilities total
19,587
14,314
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
23. Other payables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current liabilities
Contingent considerations from acquisition of business
3,165
-
Accrued employee expenses
17
14
Total
3,182
14
Current liabilities
Accrued employee expenses
9,502
7,869
Payroll tax liabilities
2,655
2,210
Subcontractor accruals
2,025
1,675
Accruals related to materials and services
966
925
Other liabilities
426
485
Interest liabilities
219
475
Property tax liability
-
179
VAT liabilities
17
-
Other accrued liabilities
595
483
Total
16,405
14,300
Other liabilities total
19,587
14,314
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
23. Other payables
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current liabilities
Contingent considerations from acquisition of business
3,165
-
Accrued employee expenses
17
14
Total
3,182
14
Current liabilities
Accrued employee expenses
9,502
7,869
Payroll tax liabilities
2,655
2,210
Subcontractor accruals
2,025
1,675
Accruals related to materials and services
966
925
Other liabilities
426
485
Interest liabilities
219
475
Property tax liability
-
179
VAT liabilities
17
-
Other accrued liabilities
595
483
Total
16,405
14,300
Other liabilities total
19,587
14,314
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
24. Group structure
Subsidiaries belonging to the Group as at 31 December 2025 are presented in the
following table:
Subsidiary
Country of
incorporation
Group ownership
% 31 Dec 2025
Group ownership
% 31 Dec 2024
Kosava-Kiinteist\u00f6t Oy
Finland
100%
100%
Koskisen Sp z.o.o
Poland
100%
100%
ACQUISITIONS OF BUSINESSES
On 1 June 2025 Koskisen Corporation acquired the business operations of Iisveden
Mets\u00e4 Oy. Located in Suonenjoki, Iisveden Mets\u00e4 is a company mainly owned by private
individuals and it produces approximately 140,000 m3 of spruce sawn timber per year.
Details of the purchase consideration, the net assets acquired and goodwill are as
follows:
EUR thousand
2025
Purchase consideration:
Cash paid
15,009
Share issue
8,040
Contingent considerations
2,991
Total purchase consideration
26,041
EUR thousand
2025
Net assets acquired, fair value
Property, plant and equipment
18,264
Forest assets
93
Right-of-use assets
169
Customer relationships
1,830
Trademark
479
Other intangible assets
163
Deferred tax assets
63
Inventories
5,742
Other assets
1,197
Other long-term employee benefits
-145
Deferred tax liabilities
-552
Lease liabilities
-169
Other payables
-432
Net identifiable assets acquired
26,702
Negative goodwill
-662
Net assets acquired
26,041
The fair value of the 1,000,000 shares issued as part of the consideration paid was based
on the published share price on the acquisition date of EUR 8.04 per share.
The fair value of the contingent consideration is estimated at EUR 3.0 million at the
time of the acquisition. There are two contingent additional purchase prices. Their
combined maximum amount is EUR 4.0 million and they will be paid in cash. The first
additional purchase price depends on the development of the spruce sawn timber
price index compared to the projected indexed price development of the acquired
business in 2025-2027. The second additional purchase price depends on the average
price of spruce logs in the standing timber trade of industrial wood in 2025-2027 and
the development\u00a0 of the spruce sawn timber price index compared to the projected
indexed price development of the acquired business. The total possible undiscounted
range of the additional purchase prices is EUR 0-4 million. Management estimates that
the additional purchase prices will be realised in full.
The acquisition resulted in a negative goodwill, which has been recognised directly to
the income statement in other operating income. Koskisen Corporation obtained a
favourable deal, due to the competitive situation in the industry and the long-standing
uncertainty in the markets. The negative goodwill is not subject to taxation.
The acquisition cost calculation is considered final. No significant adjustments have
been made to it during the review period.
The acquired business contributed revenues of EUR 30.3 million and operating loss of
EUR 0.3 million for the period from 1 June to 31 December 2025 (does not include the
recognition of negative goodwill). If the acquisition had occurred on 1 January 2025,
consolidated pro-forma revenue and operating profit for the period from 1 January to 31
December 2025 would have been EUR 383.4 million and EUR 14.8 million respectively.
Acquisition-related costs of EUR 0.7 million are included in other operating expenses in
the statement of profit or loss and in operating cash flows in the statement of cash
flows.
ACCOUNTING POLICY
Subsidiaries are companies in which the Group has control. The Group has
controlling power in a company when, by being part of it, it is exposed to its
variable return or is entitled to variable return and it is able to influence this
return by using its power over the company to direct its operations. Subsidiaries
are combined in the consolidated financial statements in their entirety from the
day the Group acquires control over them. The merger is terminated when
control ceases.
Transactions between Group companies, including internal receivables and
payables, income and expenses and unrealised profits, are eliminated. Unrealised
losses are also eliminated, unless the transaction gives indications of a decrease
in the value of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
ACQUISITIONS OF BUSINESSES
On 1 June 2025 Koskisen Corporation acquired the business operations of Iisveden
Mets\u00e4 Oy. Located in Suonenjoki, Iisveden Mets\u00e4 is a company mainly owned by private
individuals and it produces approximately 140,000 m3 of spruce sawn timber per year.
Details of the purchase consideration, the net assets acquired and goodwill are as
follows:
EUR thousand
2025
Purchase consideration:
Cash paid
15,009
Share issue
8,040
Contingent considerations
2,991
Total purchase consideration
26,041
EUR thousand
2025
Net assets acquired, fair value
Property, plant and equipment
18,264
Forest assets
93
Right-of-use assets
169
Customer relationships
1,830
Trademark
479
Other intangible assets
163
Deferred tax assets
63
Inventories
5,742
Other assets
1,197
Other long-term employee benefits
-145
Deferred tax liabilities
-552
Lease liabilities
-169
Other payables
-432
Net identifiable assets acquired
26,702
Negative goodwill
-662
Net assets acquired
26,041
The fair value of the 1,000,000 shares issued as part of the consideration paid was based
on the published share price on the acquisition date of EUR 8.04 per share.
The fair value of the contingent consideration is estimated at EUR 3.0 million at the
time of the acquisition. There are two contingent additional purchase prices. Their
combined maximum amount is EUR 4.0 million and they will be paid in cash. The first
additional purchase price depends on the development of the spruce sawn timber
price index compared to the projected indexed price development of the acquired
business in 2025-2027. The second additional purchase price depends on the average
price of spruce logs in the standing timber trade of industrial wood in 2025-2027 and
the development\u00a0 of the spruce sawn timber price index compared to the projected
indexed price development of the acquired business. The total possible undiscounted
range of the additional purchase prices is EUR 0-4 million. Management estimates that
the additional purchase prices will be realised in full.
The acquisition resulted in a negative goodwill, which has been recognised directly to
the income statement in other operating income. Koskisen Corporation obtained a
favourable deal, due to the competitive situation in the industry and the long-standing
uncertainty in the markets. The negative goodwill is not subject to taxation.
The acquisition cost calculation is considered final. No significant adjustments have
been made to it during the review period.
The acquired business contributed revenues of EUR 30.3 million and operating loss of
EUR 0.3 million for the period from 1 June to 31 December 2025 (does not include the
recognition of negative goodwill). If the acquisition had occurred on 1 January 2025,
consolidated pro-forma revenue and operating profit for the period from 1 January to 31
December 2025 would have been EUR 383.4 million and EUR 14.8 million respectively.
Acquisition-related costs of EUR 0.7 million are included in other operating expenses in
the statement of profit or loss and in operating cash flows in the statement of cash
flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
ACCOUNTING POLICY
Subsidiaries are companies in which the Group has control. The Group has
controlling power in a company when, by being part of it, it is exposed to its
variable return or is entitled to variable return and it is able to influence this
return by using its power over the company to direct its operations. Subsidiaries
are combined in the consolidated financial statements in their entirety from the
day the Group acquires control over them. The merger is terminated when
control ceases.
Transactions between Group companies, including internal receivables and
payables, income and expenses and unrealised profits, are eliminated. Unrealised
losses are also eliminated, unless the transaction gives indications of a decrease
in the value of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
ACCOUNTING POLICY
Subsidiaries are companies in which the Group has control. The Group has
controlling power in a company when, by being part of it, it is exposed to its
variable return or is entitled to variable return and it is able to influence this
return by using its power over the company to direct its operations. Subsidiaries
are combined in the consolidated financial statements in their entirety from the
day the Group acquires control over them. The merger is terminated when
control ceases.
Transactions between Group companies, including internal receivables and
payables, income and expenses and unrealised profits, are eliminated. Unrealised
losses are also eliminated, unless the transaction gives indications of a decrease
in the value of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
25. Related party transactions
Koskisen\u2019s related parties consists of the members of the Board of Directors, the Chief
Executive Officer (CEO), members of the Executive Board and shareholders with
significant influence over the company. The related parties also include the close family
members of these aforementioned individuals and entities in which these individuals
have either control or joint control.
COMPENSATION AND REMUNERATION TO THE MEMBERS OF THE EXECUTIVE
BOARD AND BOARD OF DIRECTORS
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
CEO
Wages and salaries and other short-term employee
benefits
465
447
Pension costs \u2013 defined contribution plans
146
133
Share-based payments
286
115
Total
897
694
Executive Board
Wages and salaries and other short-term employee
benefits
1,190
1,030
Pension costs \u2013 defined contribution plans
371
321
Share-based payments
702
57
Total
2,264
1,408
Board of Directors
Wages and salaries
291
267
Pension costs \u2013 defined contribution plans
-
1
Total
291
267
Total remuneration of the management and Board of
Directors
3,451
2,370
The CEO\u2019s remuneration consists of a fixed monthly salary, fringe benefits and variably
short- and long term incentive plans. He has the opportunity to receive a short-term
performance bonus, the maximum amount of which is the equivalent of six months\u2019
salary until 31 December 2025 and the equivalent of eight month\u2019s salary from 1 January
2026. The amount of the performance bonus depends on the annual targets. The CEO\u2019s
period of notice is six months and the severance pay corresponds to six months\u2019 salary.
The CEO has a defined contribution supplementary pension plan, the annual fee of
which is an amount equivalent to two months\u2019 fixed salary. Based on the
supplementary pension agreement, the CEO may retire at the age of 65. The members
of the Executive Board also have a supplementary defined contribution pension plan,
the annual fee of which is an amount equivalent to two months\u2019 fixed salary per
member of the Executive Board. The statutory pension expense of the CEO and
Executive Board for the financial year 2025 amounted to EUR 289 thousand (2024: EUR
240 thousand). The Board of Directors\u2019 fees do not include statutory retirement
obligation.
Koskisen has long-term incentive plans for its key employees and the Group Executive
Board. More detailed information about the arrangements is presented in note 7:
Share-based incentive plans.
SHAREHOLDING OF THE KEY MANAGEMENT PERSONNEL
EUR thousand
31 Dec 2025
31 Dec 2024
Board of Directors, CEO and Executive Board
Shares (pcs)
160,081
6,449,204
Shareholding, %
1%
28%
Total number of shares outstanding (pcs)
24,094,449
23,024,073
Additional information about changes in shares in note 19: Equity.
On 31 December 2025, the members of the Board of Directors, CEO and Executive
Board held altogether 160,081 shares. The figures include the holdings of their own,
their close family members and control entities. During the financial year, no loans have
been granted to the Group\u2019s management. No pledges have been given or other
commitments made on behalf of the company\u2019s management and shareholders.
RELATED PARTY TRANSACTIONS
EUR thousand
1 Jan\u201331 Dec
2025
1 Jan\u201331 Dec
2024
Purchases of materials and supplies
-112
-88
Rent expense
-
-3
Total
-112
-90
During the financial period, the company purchased wood from a close family member
and from a control entity of a member of the Board of Directors belonging to the
company\u2019s related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Koskisen\u2019s related parties consists of the members of the Board of Directors, the Chief
Executive Officer (CEO), members of the Executive Board and shareholders with
significant influence over the company. The related parties also include the close family
members of these aforementioned individuals and entities in which these individuals
have either control or joint control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
26. Contingent liabilities and commitments
EUR thousand
31 Dec 2025
31 Dec 2024
Liabilities for which collaterals have been given
Loans from financial institutions
-
15,500
Mortgages
Real estate mortgages
-
307,200
Company mortgages
-
181,551
Account and guarantee limits in use at the balance
sheet date
Total amount of granted credit facility
15,000
8,000
Account limit, in use
-
-
Guarantee limit, in use
83
83
Guarantees
Advance payment, delivery, etc. guarantees
83
83
Koskisen has committed to a total of EUR 14.9 million in payments related to
investments. The commitments are mainly related to the district heating connection
pipeline between the production plants located in J\u00e4rvel\u00e4, the new channel dryers for
J\u00e4rvel\u00e4 sawmill, and the Panel Industry segment's investment programme.
Legal disputes
At the closing date of 31 December 2025, there were no significant on-going legal
disputes (31 December 2024: no significant legal disputes).
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
26. Contingent liabilities and commitments
EUR thousand
31 Dec 2025
31 Dec 2024
Liabilities for which collaterals have been given
Loans from financial institutions
-
15,500
Mortgages
Real estate mortgages
-
307,200
Company mortgages
-
181,551
Account and guarantee limits in use at the balance
sheet date
Total amount of granted credit facility
15,000
8,000
Account limit, in use
-
-
Guarantee limit, in use
83
83
Guarantees
Advance payment, delivery, etc. guarantees
83
83
Koskisen has committed to a total of EUR 14.9 million in payments related to
investments. The commitments are mainly related to the district heating connection
pipeline between the production plants located in J\u00e4rvel\u00e4, the new channel dryers for
J\u00e4rvel\u00e4 sawmill, and the Panel Industry segment's investment programme.
Legal disputes
At the closing date of 31 December 2025, there were no significant on-going legal
disputes (31 December 2024: no significant legal disputes).
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
26. Contingent liabilities and commitments
EUR thousand
31 Dec 2025
31 Dec 2024
Liabilities for which collaterals have been given
Loans from financial institutions
-
15,500
Mortgages
Real estate mortgages
-
307,200
Company mortgages
-
181,551
Account and guarantee limits in use at the balance
sheet date
Total amount of granted credit facility
15,000
8,000
Account limit, in use
-
-
Guarantee limit, in use
83
83
Guarantees
Advance payment, delivery, etc. guarantees
83
83
Koskisen has committed to a total of EUR 14.9 million in payments related to
investments. The commitments are mainly related to the district heating connection
pipeline between the production plants located in J\u00e4rvel\u00e4, the new channel dryers for
J\u00e4rvel\u00e4 sawmill, and the Panel Industry segment's investment programme.
Legal disputes
At the closing date of 31 December 2025, there were no significant on-going legal
disputes (31 December 2024: no significant legal disputes).
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
26. Contingent liabilities and commitments
EUR thousand
31 Dec 2025
31 Dec 2024
Liabilities for which collaterals have been given
Loans from financial institutions
-
15,500
Mortgages
Real estate mortgages
-
307,200
Company mortgages
-
181,551
Account and guarantee limits in use at the balance
sheet date
Total amount of granted credit facility
15,000
8,000
Account limit, in use
-
-
Guarantee limit, in use
83
83
Guarantees
Advance payment, delivery, etc. guarantees
83
83
Koskisen has committed to a total of EUR 14.9 million in payments related to
investments. The commitments are mainly related to the district heating connection
pipeline between the production plants located in J\u00e4rvel\u00e4, the new channel dryers for
J\u00e4rvel\u00e4 sawmill, and the Panel Industry segment's investment programme.
Legal disputes
At the closing date of 31 December 2025, there were no significant on-going legal
disputes (31 December 2024: no significant legal disputes).
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "Events after the financial period
Koskisen announced on 6 February 2026 the proposals of Koskisen Corporation\u2019s
Shareholders\u2019 Nomination Board to the Annual General Meeting 2026.
Koskisen announced on 10 February 2026 that the company has on 9 February 2026
received an announcement under Chapter 9, Section 5 of the Securities Markets Act,
according to which the total holdings of shares and voices of Varma Mutual Pension
Insurance Company in Koskisen Corporation has crossed above the 5 percent
threshold. According to the notification, on 9 February 2026, Varma Mutual Pension
Insurance Company holds in total 2,001,752 shares in Koskisen Corporation, which
corresponds to 8.31 per cent of all shares and votes in Koskisen Corporation.
Koskisen announced on 13 February 2026, that the Board of Directors has resolved on
the criteria and targets as well as the key employees eligible for the earning period
2026\u20132028 of a share-based incentive programme.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }