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Half-Year Report 2025
Half-Year Report 2025
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PW Gabon

Optimized cost structures cannot compensate for weak markets

The PW Gabon segment recorded net sales of EUR 13.5 million in the first half of 2025 (previous year: EUR 19.2 million) and operating profit (EBITDA) of EUR 0.3 million (previous year: EUR 1.2 million). Production volume in the first half of the year was 17 070 m3 of sawn timber, up 29.4 % on the previous year (13 194 m3).

Net sales for the PW Gabon segment were 29.7 % lower than in the previous year. Despite a 26 % lower cost base compared with the previous year, this resulted in a lower EBITDA margin of 2.1 % (previous year: 6.4 %). In addition to the generally weak ongoing market situation, three factors contributed significantly to this result. The roundwood customers of Compagnie Equatoriale des Bois (CEB) in the domestic market mainly produce semi-finished products for the Asian region. Due to the weakness of the Asian markets, CEB therefore had to absorb a significant decline in roundwood sales in the local market. Operational problems at the railway company prevented the loading and unloading of roundwood, and some of the wood that had already been transported failed to reach the customer. Difficulties in obtaining import permits for Padouk lumber in Europe led to further delays in sales.

There are currently no signs that the sales situation will ease for roundwood in the local market, which is why CEB is now focusing on internal processing. To this end, production capacities were increased in the first half of the year, and a planing mill was put into operation. This enables CEB to offer its customers higher-quality products and reduce transport costs. Due to improved road conditions, a significant portion of roundwood transport has been shifted to road transport. Overall, the logistical delays and increased transportation costs had a significant negative impact on the half-year results. The release of import permits for Padouk lumber in late June and the subsequent shipment of previously blocked volumes from early July will ease the revenue situation in the second half of the year.