Revenue by Segment

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
PULP Business - Pulp	523.60M	672.72M	621.02M	710.62M	664.23M
PULP Business - Pulp Growth	-22.17%	8.32%	-12.61%	6.98%	32.29%
PULP Business - Forest Assets & Other	294.11M	305.64M	17.99M	11.09M	15.69M
PULP Business - Forest Assets & Other Growth	-3.77%	1598.76%	62.24%	-29.34%	17.32%
Renewables	206.01M	192.23M	209.14M	294.31M	154.88M
Renewables Growth	7.16%	-8.08%	-28.94%	90.02%	-24.80%
Unallocated Adjustments	-276.46M	-300.15M	-18.93M	-12.65M	-15.14M
Total	747.25M	870.44M	829.23M	1.00B	819.68M
Total Growth	-14.15%	4.97%	-17.36%	22.41%	15.82%

Revenue by Geography

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Germany	165.14M	205.42M	176.71M	149.70M	162.23M
Germany Growth	-19.61%	16.25%	18.04%	-7.72%	47.51%
Poland	124.79M	125.34M	124.44M	86.26M	90.80M
Poland Growth	-0.44%	0.73%	44.27%	-5.00%	143.21%
Spain	86.68M	115.77M	109.51M	411.93M	250.35M
Spain Growth	-25.13%	5.72%	-73.42%	64.54%	-17.60%
Italy	43.34M	53.97M	50.61M	72.71M	64.76M
Italy Growth	-19.69%	6.64%	-30.40%	12.28%	0.29%
Greece	35.12M	47.00M	47.29M	34.93M	8.01M
Greece Growth	-25.28%	-0.60%	35.37%	336.02%	-
France	35.12M	39.17M	30.70M	-	46.07M
France Growth	-10.34%	27.61%	-	-	102.92%
Turkey	33.63M	29.59M	41.48M	24.95M	-
Turkey Growth	13.62%	-28.65%	66.25%	-	-
United Kingdom	22.42M	49.61M	44.80M	49.19M	42.73M
United Kingdom Growth	-54.82%	10.75%	-8.92%	15.12%	-18.56%
Other Countries	201.01M	204.55M	156.79M	160.40M	133.52M
Other Countries Growth	-1.73%	30.46%	-2.25%	20.13%	170.07%
Netherlands	-	-	47.29M	17.11M	-
Netherlands Growth	-	-	176.39%	-	-
Elimination	-	-	-	-3.81M	-2.82M
Sweden	-	-	-	-	24.03M
Sweden Growth	-	-	-	-	297.01%
Total	747.25M	870.44M	829.60M	1.00B	819.68M
Total Growth	-14.15%	4.92%	-17.32%	22.41%	15.82%

Source: S&P Global Market Intelligence.