PW Gabon

Further development under persistently difficult conditions

Operational constraints, logistical issues, and ongoing market uncertainties continued to weigh on business activities in Gabon in 2025. As a result, net revenues declined to EUR 29.2 million (previous year: EUR 33.3 million). EBITDA amounted to EUR 0.6 million (previous year: EUR 1.5 million), while EBIT remained unchanged at EUR -2.2 million.

In the financial year 2025, our subsidiary Compagnie Equatoriale des Bois (CEB) operated in a more demanding environment than in the previous year. Forest production remained broadly stable at 197 019 m³ (previous year: 197 756 m³). The volume of logs sold amounted to 103 543 m³ (previous year: 119 034 m³) and was impacted by logistical challenges as well as weaker demand from key industrial customers. Sawmill production totaled 34 856 m³ (previous year: 28 861 m³). Despite higher production volumes, industrial operations were under pressure due to bottlenecks in drying capacity and reduced shift utilization at the main sawmill, driven by weaker market conditions.

Ongoing challenges at the CPL (Compagnie des Placages de la Lowé) veneer plant, in which CEB holds a 49 % stake, continued to affect the overall performance of PW Gabon. CPL remained exposed to sustained market pressure and operational constraints, which limited production levels and prevented a satisfactory financial result during the reporting year. However, as a result of measures implemented during the year to improve technical performance, CPL’s share of results improved by EUR 1.3 million to EUR -0.5 million (previous year: EUR -1.7 million).

Despite the continued challenging conditions, the measures initiated to improve operational efficiency, strengthen logistics, and adjust production levels are expected to contribute to a gradually improved performance. Combined with a stabilization in key markets and further operational adjustments, this provides an outlook for operational stabilization of PW Gabon in the financial year 2026.