Foamit Corporation Company release 25 August 2026 at 10:20 am (EEST)
This release is a summary of Foamit Corporation’s Half-year financial report January-June 2026. The full report is attached to this release.
Unofficial translation of the company release Half-year financial report 1-6/2026 published on 25 August 2026, at 10:20 am (EEST) in Finnish. In case this document differs from the original, the Finnish version prevails.
The figures for January–June 2026 and January–June 2025 are unaudited, while the figures for January–December 2025 are audited. The figures in parentheses refer to the comparison period in the previous year, unless otherwise stated. Foamit follows IFRS standards in its consolidated reporting.
JANUARY-JUNE 2026 IN BRIEF
In April, Foamit undersigned a letter of intent with Sterhoek NV, a subsidiary of the Belgian H2O Group, regarding a joint venture project. The goal is to develop and build a new foam glass production facility in Belgium, in the Antwerp area.
- Net sales were EUR 21.2 (18.7) million.
- EBITDA was EUR 2.5 (2.0) million.
- EBIT was EUR 0.2 (-0.0) million.
- Profit (loss) before taxes was EUR 0.02 (-0.2) million.
- Earnings per share amounted to EUR -0.01 (-0.01).
- Order backlog was EUR 24.6 (23.8) million.
- On 14 April 2026, the Annual General Meeting decided, in accordance with the proposal of the Board of Directors, that a dividend of EUR 0.01 per share be paid based on the balance sheet adopted for the financial year 2026.
- In March, the company announced that it had signed a foam glass distribution agreement with the Belgian company Argex NV. Argex serves as Foamit’s main distribution partner in Belgium, the Netherlands, and Luxembourg. Export shipments to Belgium began in June.
- In April, the company announced that it would invest EUR 1.4 million in drying technology for a foam glass production facility in Sweden.
KEY FIGURES IFRS
| EUR thousands | H1/20261) | H1/20251) | 2025 |
| Net sales | 21,190 | 18,669 | 39,726 |
| EBITDA | 2,460 | 2,050 | 5,910 |
| % of net sales | 11.6% | 11.0% | 14.9% |
| EBIT | 209 | -43 | 1 531 |
| % of net sales | 1.0% | -0.2% | 3.9% |
| Profit (loss) before taxes | 19 | -170 | 1 466 |
| % of net sales | 0.1% | -0.9% | 3.7% |
| Profit (loss) | -191 | -374 | 725 |
| % of net sales | -0.9% | -2.0% | 1.8% |
| Earnings per share, EUR | -0,01 | -0,01 | 0,02 |
| Balance sheet total | 79,205 | 74,839 | 76,043 |
| Cash and cash equivalents | 10,754 | 15,442 | 12,137 |
| Investments | 2,317 | 4,411 | 9,001 |
| Order backlog | 24,569 | 23,797 | 23,800 |
| Offer stock, foam glass, m3 | 965,388 m3 | 1,071,391 m3 | 952,000 m3 |
| Number of personnel at the end of the period | 111 | 98 | 106 |
| Equity | 46,964 | 46,077 | 47,205 |
| Equity per share, EUR | 1.23 | 1.21 | 1.24 |
| Equity ratio, % | 59.6% | 61.7% | 62.3% |
| Dividend per share, EUR | – | – | 0.01 |
1) Unaudited
ERJA SANKARI, CEO
The company’s ongoing growth and globalisation projects were successfully advanced. Net sales increased by approximately 14 percent and EBITDA by approximately 20 percent compared to the comparison period. If items in the reporting period’s EBITDA that differ from the comparison period due to operational factors are adjusted for, EBITDA grew by approximately 64 percent. We advanced joint venture projects in Central Europe, specifically in Germany and Belgium, and launched export sales to the Benelux region. The implementation of our strategy progressed well during the reporting period.
Foamit’s business profitability continued to improve, with EBITDA rising by approximately 20 percent compared to the comparison period. If the EBITDA is adjusted for items that are not representative of normal business operations in the comparison period—such as costs of -0.3 million euros resulting from maintenance shutdowns that were more extensive than usual, project costs of -0.2 million euros for strategic growth initiatives, and the impact of delivery timing for glass fractions of -0.4 million euros, the increase in EBITDA was approximately 64 percent, to about 3.4 million euros.
The improvement in profitability was driven by volume growth, measures taken to streamline production and enhance development, the strengthening of sales operations—particularly in the geotechnical segment—positive trends in sales prices, and changes in the product mix of sales, including growth in sales of small foam glass aggregates. Profitability also improved in relative terms. The Norwegian market remained challenging, and achieving sales growth targets will require further measures.
Foamit’s net sales for January–June totalled 21.2 million euros, representing growth of approximately 14 percent compared with the comparison period. Net sales grew despite lower glass fraction deliveries compared to the comparison period. Foam glass deliveries increased in Finland and Sweden. In Norway, deliveries to the local market were slightly lower than in the comparison period, but correspondingly, foam glass deliveries from Norway to Sweden increased. An investment made in Finland to increase capacity for small foam glass products enabled a better supply of the product, and shipments in Finland increased compared to the comparison period.
The infrastructure construction market continued to grow in all countries during the reporting period. The building construction market remained challenging. Residential construction continues to be weighed down by weak consumer demand, and we expect a more significant recovery to occur only next year. Public sector projects, on the other hand, boosted demand for foam glass.
In our glass business, we supply recycled glass to the packaging industry. Demand for packaging glass remained generally strong in the Nordic countries and elsewhere in Europe, but net sales were lower than in the comparison period due to the timing of deliveries of various glass grades. The volumes of glass received and the glass fractions delivered to customers are expected to increase.
The total order backlog grew from the high level seen at the end of 2025 and from the comparison period, reaching 24.6 million euros. The foam glass order backlog declined slightly during January–June due to delivery volumes that had risen heading into the summer. The growth in the order backlog supports our view of strengthening demand for foam glass in the Nordic infrastructure and construction markets.
In April, we decided to invest 1.4 million euros in drying technology at our production facility in Sweden. The investment will streamline and modernize the production facility’s operations and is expected to reduce production costs, shorten process times, and improve workplace safety and ergonomics. In Norway, recycled glass wool was introduced as a raw material for foam glass during the reporting period.
We view the Benelux countries as one of the most promising growth opportunities for foam glass in Central Europe. In April, we signed a letter of intent with Sterhoek NV, a subsidiary of the Belgian H2O Group, regarding a joint venture project. The goal of the joint venture is to develop and build a new foam glass production facility in Belgium. The new plant’s production capacity would be approximately 240,000 cubic meters per year. The parties aim to sign the agreements related to the implementation of the joint venture project during the current year. The joint venture project will strengthen Foamit’s expansion into new market areas in Europe.
Progress has been made on the letter of intent signed in October 2025 with the German circular economy company Reiling GmbH & Co. KG. The goal is to acquire a majority stake in Veriso GmbH & Co. KG, Reiling’s subsidiary that manufactures foam glass. We see growth potential for foam glass in the large German market. The parties have worked to advance the project, but the process and its timeline have been affected this year by the crisis in the Middle East and its impact on the German energy market. As a result, the project’s implementation has been delayed compared to the original target schedule. Both parties are moving forward with the joint venture and aim to implement it based on the original plan.
Export sales to the Benelux countries began during the reporting period. Sales of small foam glass aggregates increased in all countries compared with the comparison period. Increasing the capacity of small foam glass aggregates to 15 percent of Foamit’s total foam glass capacity will enable the supply of these aggregates to large customer projects, as well as the strengthening of distribution channels in all countries. Sales and distribution through hardware stores will be strengthened, and installation and transportation capacity will be expanded, for example, in blow-in foam glass solutions.
STRATEGY AND OUTLOOK FOR 2026
Foamit’s mission is to increase shareholder value and build a sustainable future by making a measurable, positive impact on the environment and society. A key part of the strategy involves developing Foamit’s business through new acquisitions and investments. The company’s target is to achieve a net sale of EUR 100 million and an EBITDA level of over 20 per cent by the end of 2028.
Following a strategic change in 2025, Foamit became an industrial operator. As a result of this, the company has several strategic change and development projects underway that support the achievement of its growth target by the end of 2028. Due to the implementation of the strategy and the nature of its business, the company does not provide a short-term outlook.
BUSINESS PERFORMANCE AND THE OPERATING ENVIRONMENT
Nordic Foamit Corporation is a glass recycling and foam glass manufacturing company, whose subsidiaries Uusioaines Oy, Hasopor AB and Glasopor AS together form one of the world’s leading producers of foam glass aggregates. Foamit receives and processes recycled glass and manufactures foam glass from the side streams of glass recycling. Foam glass is a lightweight and insulating material as well as a product made entirely from recycled materials.
The Group’s objective is strong growth and internationalization by investing in foam glass production in Finland, Sweden and Norway, and by expanding operations and offerings into new markets.
Net sales for January–June totalled EUR 21.2 (18.7) million. Growth compared to the comparison period was approximately 14 percent. Foam glass deliveries increased in Finland and Sweden. In Norway, deliveries to the local market were slightly lower than in the comparison period, but correspondingly, foam glass deliveries from Norway to Sweden were strong. Net sales grew despite lower delivery volumes of glass fractions compared to the comparison period. An investment in production capacity for small foam glass aggregates in Finland enabled improved product availability, increasing deliveries of small foam glass aggregates in Finland by approximately 25 percent compared to the comparison period.
EBITDA improved by approximately 20 percent compared to the comparison period, totalling EUR 2.5 (2.0) million. If the EBITDA for the reporting period is adjusted for items that differ from the comparison period due to business operations—such as costs of EUR -0.3 million resulting from maintenance shutdowns of a larger-than-normal scale, project costs of EUR -0.2 million for strategic growth initiatives, and the impact of delivery timing for glass fractions of EUR 0.4 million, the increase in EBITDA was approximately 64 percent, to about EUR 3.4 million.
EBITDA improved due to growth in sales and production volumes, positive trends in sales prices, improvements in sales operations, the mix of products sold—including growth in sales of small foam glass aggregates—and measures taken to enhance production efficiency and development. The relative gross margin also improved.
Growth in the infrastructure construction market remained steady during the review period, particularly in Finland and Sweden. In Norway, the company’s market position did not develop as planned, and measures to improve sales operations are underway. In the building construction market, public sector projects boosted demand. The downturn in residential construction had a negative impact on revenue growth for all regional subsidiaries.
In the glass business, which supplies recycled glass to the packaging industry, revenue was approximately 25 percent lower than in the comparison period due to fluctuations in the timing of deliveries of various glass fractions. The volume of glass received decreased by approximately 11 percent. The volumes of glass received, and glass fractions delivered to customers are expected to increase in line with delivery schedules. Demand for packaging glass remained generally strong in the Nordic countries and elsewhere in Europe.
The order backlog continued to rise from the high level seen at the end of 2025 and compared to the comparison period, totalling EUR 24.6 (23.8) million. The foam glass order backlog declined slightly during January–June due to delivery volumes that increased heading into the summer. The growth in the order backlog supports Foamit’s view that demand for foam glass is strengthening in the Nordic infrastructure and construction markets.
In April, Foamit announced a EUR 1.4 million investment in its Swedish plant to streamline and modernize operations. The investment is expected to reduce production costs, shorten process times, and improve workplace safety and ergonomics. The updated technology will reduce maintenance costs and enable the company to better meet growing customer needs while maintaining high product quality standards. Equipment installation is expected to begin in the fourth quarter of 2026.
In Norway, recycled glass wool was introduced as a raw material for foam glass during the reporting period. The introduction of glass wool as a raw material is also being considered in other countries. In addition, we examine the possibilities of using various other raw materials for foam glass.
Foamit signed a memorandum of understanding with Sterhoek NV, a member of the H2O Group, regarding a joint venture project. The goal of the joint venture is to develop and build a new foam glass production facility in Belgium, on a property owned by Sterhoek in the Antwerp area. The new plant’s production capacity would be approximately 240,000 cubic meters per year. The parties aim to sign the agreements related to the implementation of the joint venture project during 2026. The joint venture project will strengthen Foamit’s expansion into new market areas in Europe.
In October 2025, a letter of intent was announced with the German company Reiling GmbH & Co. KG. Under the letter of intent, the company will negotiate the acquisition of a majority stake in Veriso GmbH & Co. KG, a subsidiary of the German circular economy company Reiling that manufactures foam glass. Veriso operates two foam glass plants in Germany, and the collaboration project also includes the construction of a new foam glass plant in Germany. The parties have been advancing the project, but the process and its timeline have been affected this year by the escalating crisis in the Middle East and its impact on the German energy market. As a result, the project’s implementation has been delayed compared to the original target schedule. Both parties are moving forward with the joint venture and aim to carry it out according to the original plan.
Export sales were boosted during the reporting period by a distribution agreement signed with Argex NV for the Benelux region. In June, the first shipment of approximately 6,000 cubic meters of foam glass was delivered. These export shipments are helping to build the Central European market in preparation for future expansion projects.
Sales of small foam glass aggregates increased in all countries compared to the comparison period. The capacity investment made in small foam glass aggregates enables the company to supply these aggregates to large customer projects and to strengthen its distribution channels in all countries. With this investment, Foamit is responding to the growing demand for small foam glass aggregates in the domestic construction market and strengthening its position in this customer segment. The additional capacity opens up opportunities to offer foam glass solutions for new applications, such as in building roofs and intermediate floors. Production capacity for small foam glass aggregates increased to over 100,000 cubic meters and now accounts for approximately 15 percent of Foamit’s total foam glass production capacity. Sales and distribution through hardware stores are being strengthened, and installation and transportation capacity is being expanded, for example, for blow-in foam glass solutions.
The company’s profitability will be further improved by reducing energy costs and continuously enhancing efficiency. In addition, the product and raw material portfolio is being expanded. In the spring, the company announced the launch of low-carbon product Foamit Katelaatta, which is manufactured in collaboration with Carbonaide Oy and Rakennusbetoni- ja Elementti Oy. Efforts to expand the use of foam glass in the concrete industry are continuing. In Sweden and Norway, distribution channels for new foam glass products are currently being established.
Foamit recycles glass waste from companies and consumers into new products and returns it to beneficial use. Using recycled glass as a raw material for products conserves natural resources, and foam glass produced from glass waste is an excellent lightweight and insulating material. Sustainable development is therefore at the core of Foamit and is promoted in all its activities. Foamit carries out long-term and effective responsibility work, as evidenced by the EcoVadis Silver-level recognition awarded to Uusioaines Oy in May 2026. The company uses only fossil-free electricity, so with the introduction of electric furnaces, the product-specific carbon dioxide emissions of foam glass manufactured in Onsøy have decreased by about 60 per cent.
Overall, Foamit’s operating environment remains mixed. Infrastructure construction—which is important to Foamit—is gaining momentum. In the Nordic countries, growth in infrastructure construction is supported by public investment packages, geopolitical factors, investments in the defence industry, and data centre projects. The overall economic outlook for residential construction remains challenging. However, we see clear growth potential in building construction, as we have expanded our manufacturing, installation, and transportation capacity for small foam glass products in Finland and Norway over the past year. These investments enable us to participate in large customer projects and thereby increase our market share.
Other holdings
Foamit’s other holdings include the associated company Nordic Option Oy, in which company holds a stake of approximately 34 per cent through Oulu ICT Sijoitus Oy. Nordic Option is a venture capital fund in the form of a limited liability company. In Foamit, Nordic Option’s financial result influences the share of the profit of associated companies. The company continues to explore the divestment of its remaining non-strategic holdings.
FINANCIAL PERFORMANCE
Net sales
The Group’s net sales for January–June 2026 were EUR 21.2 (18.7) million.
Profitability
The Group’s EBITDA for January–June 2026 was EUR 2.5 (2.0) million.
The Group’s EBIT for January–June 2026 was EUR 0.2 (-0,0) million.
The Group’s profit (loss) for January–2026 was EUR -0.2 (-0.4) million.
Order backlog
The Group’s order backlog totalled EUR 24.6 (23.8) million at the end of the reporting period. The order backlog increased compared to the comparison period, particularly in Finland
Balance sheet, financing and investments
The consolidated balance sheet total amounted to EUR 79.2 (74.8) million at the end of the reporting period. The Group’s equity totalled EUR 47.0 (46.1) million, or EUR 1.23 (1.21) per share. The Group’s equity ratio was 59.6 (61.7) per cent. In determining the Group’s equity per share, properties, subsidiaries and associated companies are measured at acquisition cost.
The Group’s investments amounted to EUR 2.3 (4.5) million for the reporting period. The Group’s cash and cash equivalents amounted to EUR 10.8 (15.4) million at the end of the reporting period. Net cash flow for the reporting period was EUR -1.0 (-13.4) million. During the reporting period, net cash flow was reduced by investments totalling EUR 2.3 million and EUR 0.4 million used for dividend payments.
The Group has liquid assets in the form of low-risk securities and other investment instruments, as well as cash and bank balances, totalling EUR 10.8 (15.4) million. The Group also has unused credit lines of approximately EUR 4.3 million.
The Group’s return on equity was -0,8 (-1,4) per cent during the reporting period.
Financial covenants
Foamit’s financing arrangements include, for example, termination conditions related to financial performance indicators, namely the equity ratio, EBITDA and the ratio between interest-bearing liabilities and EBITDA.
PERSONNEL
In the end of the reporting period, 30 June 2026, the Group employed an average of 111 (98) people, of whom 4 (3) were employed by the parent company. The parent company’s average number of employees during the review period was 4 (2).
ANNUAL GENERAL MEETING AND GOVERNANCE
The Annual General Meeting of Foamit Corporation was held on 14 April 2026 in Oulu.
The General Meeting adopted the financial statements and granted discharge from liability to the members of the Board of Directors and the CEO for the financial year 1 January–31 December 2025.
The General Meeting resolved, in accordance with the proposal of the Board of Directors, that a dividend of EUR 0.01 per share be paid for the financial year 1 January–31 December 2025, based on the adopted balance
sheet, and that the remaining distributable funds be left in the company’s unrestricted equity. The dividend was paid to shareholders who, on the dividend record date of 16 April 2026, were registered in the company’s shareholder register maintained by Euroclear Finland Ltd. The dividend was paid on 24 April 2026.
The General Meeting resolved, in accordance with the proposal of the Shareholders’ Nomination Board, that the number of Board members be five (5). Jenni Heino, Mirja Illikainen, Pirjo Kivari, Jari Pirinen and Kalle Saarimaa were re-elected as Board members. Jari Pirinen was elected as Chair of the Board and Pirjo Kivari as Vice Chair.
The General Meeting decided, in accordance with the proposal of the Nomination Board, on the annual and meeting fees for Board members. The annual fee for the term ending at the close of the 2027 Annual General Meeting is EUR 18,000 for the Chair and EUR 10,000 for each other Board member. In addition, as proposed by the aforementioned shareholders, the General Meeting decided that, in addition to the annual fees, the Chair of the Board shall be paid a meeting fee of EUR 800 and other Board members EUR 500 per Board meeting. Committee Chairs shall be paid EUR 800 and committee members EUR 500 per committee meeting. Travel expenses of Board and committee members shall be reimbursed in accordance with the company’s travel policy. If the Chair of the Board is unable to chair a Board meeting, the Vice Chair shall be paid the Chair’s meeting fee for chairing the meeting.
Meeting fees are paid in full in cash. Approximately 40 per cent of the annual fees are paid using the company’s own shares held by the company. When transferring the company’s own shares, the conversion rate of the share used was the volume-weighted average price of the company’s shares on Nasdaq Helsinki Ltd over five trading days, starting from the eighth trading day following the Annual General Meeting. The company bore the costs and any possible transfer tax related to the transfer of shares. The remainder of the annual fee was paid in cash, from which the taxes on the fee were covered. The transfer of the company’s own shares took place on 5 May 2026.
THE BOARD OF DIRECTORS’ CURRENT AUTHORISATIONS
The Annual General Meeting on 14 April 2026, granted the Board of Directors of Foamit Corporation the authorization to decide, in one or several tranches, on the issuance of a total maximum of 7,850,000 shares through a share issue or by granting special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Companies Act, during the validity of the authorization. The Board may decide to issue either new shares or treasury shares held by the company. The proposed maximum number of shares under the authorization corresponds to approximately 20 percent of all the company’s shares.
The authorization may be used to develop the company’s capital structure, broaden the ownership base, finance or implement acquisitions or other arrangements, implement incentive schemes, or for other purposes decided by the Board.
The authorization includes the Board’s right to decide on all terms and conditions of the share issue and the granting of special rights as referred to in Chapter 10, Section 1 of the Finnish Companies Act, including the recipients of the shares or special rights and the amount of consideration to be paid. Accordingly, the authorization also includes the right to issue shares or special rights in deviation from the shareholders’ pre-emptive subscription rights under the conditions prescribed by law.
The authorization is valid until the next Annual General Meeting, but no longer than until 30 June 2027, and it replaces the corresponding authorization granted to the Board by the Annual General Meeting held on 27 March 2025.
On 30 June 2026, the share capital of Foamit Corporation amounted to EUR 6,413,182.05 (6,413,182.05) million, and the number of shares totalled 39,246,395 (39,246,395). At the end of the reporting period, the number of outstanding shares was 38,064,712 (38,033,724), with an average of 38,044,956 (37,463,107) shares. The parent company held a total of 1,181,683 (1,212,671) shares at the end of the reporting period. The company has one share class, and all shares carry one vote and equal rights to dividends.
On 30 June 2026, Foamit Corporation had a total of 22,764 (23,736) shareholders. The ten largest registered shareholders held in total 67.59 (67.31) per cent of the shares.
| Shareholder | Number of shares | Shares, % |
| Oulun kaupunki | 17,634,491 | 44.93 |
| Arvo Invest Nordic Oy | 4,023,152 | 10.25 |
| Suomen Teollisuussijoitus Oy | 1,844,429 | 4.70 |
| Foamit Oyj | 1,181,683 | 3.01 |
| Pakarinen Janne Heikki Petteri | 443,992 | 1.13 |
| Japak Oy | 332,303 | 0.85 |
| Mininvest Oy | 313,793 | 0.80 |
| Haloan Oy | 306,289 | 0.78 |
| Oulun Kulta Oy | 267,000 | 0.68 |
| Osuuskauppa Arina | 177,850 | 0.45 |
| 10 largest shareholders, total | 26,524,982 | 67.59 |
| Others | 12,721,413 | 32.41 |
| Total | 39,246,395 | 100 |
TRADING IN THE COMPANY’S SHARES
On the Nasdaq First North Growth Market Finland, a total of 1,091,469 (1,684,582) Foamit shares were traded between 1 January and 30 June 2026, representing 2.8 (4.3) per cent of the total number of shares. The value of the trading was EUR 0.9 (1.5) million.
The closing price of the share on the last trading day of the reporting period was EUR 0.81 (0.80) per share. The lowest trading price during the period was EUR 0.78 (0.70) per share, the highest was EUR 1.00 (1.11) per share, and the average price for the period was EUR 0.85 (0.86) per share. At the end of the reporting period, the market value of the Foamit group was EUR 31.6 (31.6) million.
RISK MANAGEMENT AND THE MOST SIGNIFICANT NEAR-TERM RISKS
The objective of the company’s risk management is the comprehensive and proactive management of risks in accordance with the risk management policy. The company strives to detect and identify factors that may adversely affect the achievement of its goals in the short or long term and initiates the necessary actions to manage such factors. Risk management plays an essential role both at the Foamit group level and at the subsidiary level.
Through its operations, the company is exposed to general market risks, risks related to the business activities of group companies, financial risks, and risks related to the implementation of the group’s growth strategy.
Market risks
Uncertainty in the international economy and politics can affect the demand and costs of the company’s products and services. As a result, investments may be postponed or cancelled altogether. Rising costs and the availability of materials impact competitiveness and profitability.
Foamit’s clientele includes, among others, publicly owned companies or entities whose financing comes from public expenditures. For this reason, the company is exposed to the cyclical fluctuations of public investments. The clientele also includes customers engaged in the construction business, exposing the company to the cyclical fluctuations of the construction sector.
Business risks
The company is exposed to business risks influenced by economic and international political uncertainty. Business risks relate, among other things, to contracts, cost assessment, scheduling, quality, performance, subcontractors, and material management. These risks may result in increased costs and payment delays, as well as a heightened risk of credit losses.
The company is subject to legal, economic, political, and regulatory risks associated with the countries where customers or other partners are located, which may lead to delivery delays or to orders not reaching projected volumes, currency exchange losses, changes in customer solvency and payment behaviour, increased costs, or legal proceedings and related costs.
The company’s operations and the development of its business areas may involve structural changes in the business environment, which, if realised, could trigger the materialisation of these risks. Such changes and events include technological development, sustainability risks, and cybersecurity risks, which, if they occur, may result in products and services not meeting customer expectations, service and process interruptions, financial losses for example due to criminal activity, and/or reputational damage. In addition, changes in the regulatory environment may have a significant impact on business operations.
The company’s customers may have significant projects, and if these projects develop differently from expectations, this could also lead to substantial deviations in the company’s future outlook. Typical risks associated with customer projects include dependence on actual order and delivery volumes, timing risks, and potential project delays. The above-mentioned factors may manifest as weaker profitability or cash flow volatility.
A significant part of the company’s strategy implementation is the expansion of operations through new corporate acquisitions. These acquisitions involve risks that are managed by carrying out acquisitions according to the company’s defined five-step process, utilising external experts.
Financial risks
The company is exposed in its business operations to interest rate and currency risks, credit loss risks, liquidity risks, price risks, and investment and financial market risks, for example, when investing liquid assets. Changes in the investment and financial markets affect the valuation of Foamit’s parent company’s liquid assets. In accordance with its strategy, liquid assets have been invested in low-risk investment instruments.
In addition to cash flow from operational business, the company finances its operations with additional market-based funding. The company has loans and credit limit agreements that include standard financial terms related to, for example, equity ratio, EBITDA, and the transfer and pledging of assets. Breaching these financial terms or failing to comply with other financial covenants could significantly increase financing costs and even jeopardize the continued funding of the company or its subsidiaries. Additionally, accelerating inflation may lead to higher interest rates, which increases financing costs and weakens the company’s profitability.
The realization of business risks or the weaker-than-expected development of business operations may weaken the availability and terms of financing and may lead to additional financing and working capital needs.
EVENTS AFTER THE REPORTING PERIOD
There have not been any material events after the end of the reporting period.
All Foamit’s financial reports and releases are available on the company’s website after their publication.
Oulu, 25 August 2026
Foamit Corporation
Board of Directors
Further information
Foamit Corporation
Erja Sankari, CEO
Tel. +358 40 731 6539
Email erja.sankari@foamitgroup.com
Certified Adviser, Augment Partners AB
Tel. +46 8 604 22 55
Email info@augment.se
Foamit Corporation in brief
Foamit Corporation is a Nordic industrial circular economy group specializing in foam glass and glass recycling. The company transforms recycled glass and industrial side streams into high-quality, sustainable, and high-performance products for construction and, infrastructure, as well as into various glass fractions for packaging and other industries. Foamit’s operations are built on the principles of sustainable development, the use of recycled materials, and strong expertise in circular economy and material technologies. The company’s goal is to grow its business profitably while creating a positive impact on both the environment and society. Foamit Corporation is listed on the Nasdaq First North Growth Market Finland.
Attachments
Foamit Corporation Half-year financial report January-June 2026