Engineered wood and woodfibre insulation manufacturer Steico Group has reported €376.3m annual 2024 revenue – a 3% growth and “stabilisation” of the business, according to its latest financial report.
The company’s report, published on May 7, says the business continues to face a very challenging environment due to the weak construction industry.
Steico’s 2024 revenue increased to €376.3m (2023: €365.3m), while EBITDA was €79.8m (2023: €57.7m).
“The construction industry continued to be weak, and the competitive environment was tense,” it added.
The company management does not yet expect a sustained recovery in the construction industry for 2025 as a whole.
Revenue increased by 6.2% to €101.8m in the first quarter 2025 (Q1, 2024: € 95.9m). At €97.5m, total operating performance was up 4.7% on the previous year (€ 93.2m).
The reasons for this growth are the relative strength of timber construction, the rising refurbishment activity in many markets and the increasing market penetration in attractive growth markets and segments.
The first wood fibre insulation materials are now being successfully produced at the new plant in Gromadka, Poland. Investment in upgrading and improving existing facilities is ongoing across the group to improve productivity, reliability and energy efficiency.
Steico’s product range includes I-Joists, woodfibre insulation boards, hardboard, LVL and air-injected insulation.
The geographic division comprising the UK, Ireland, Australia and the USA saw revenues fall by 0.6% to €69.5m (previous year: €69.9m). This corresponds to 18.5% of group revenues.
By product grouping, sales of I-joists recorded negative growth in 2024 with revenues of €48.9m (2023: €50.2m). This corresponds to 13% of total revenues and a downturn of 2.6%. This downturn is due to factors including lower prices for traditional construction timber.
In 2024 sales of LVL amounted to € 42.6m (2023: € 41.3m) or around 11.3% of total revenues. This corresponds to an increase of 3.1%.
The sale of woodfibre insulation materials and air-injected insulation for building insulation and flooring is STEICO SE’s core business and accounted for 67.1% of total revenues in 2024 (€252.6m), compared to €239.1m in the previous year. This corresponds to an increase of 5.7%.
Production volume totals for 2024 were: I-Joists – 10,169trm (2023: 9,101trm); insulation materials – 298,691t (2023: 272,097t), LVL – 118,643m3 (2023: 107,454m3), and Hardboards – 23,168t (2023 – 20,724t)
