Half-year report H1 2026: Net sales and EBITDA grew significantly; strategic growth initiatives progressed well
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 fragments 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 totaled 21.2 million euros, representing growth of approximately 14 percent compared with the comparison period. Net sales grew despite lower glass fragment 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 fragments 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.
Oulu, 25 August 2026
Erja Sankari
CEO