Fortaco / Stock exchange releases / Correction: Fortaco Group Holdco Oyj’s Interim Review January-March 2023 (Unaudited, IFRS): Net sales and profitability developing positively during the period

Fortaco Group Holdco Oyj | 29.5.2023 16:30 EEST | Stock Exchange Release
Correction to the English translation of the Stock Exchange Release 29.5.2023 14:00 EEST where Fortaco Group Holdco Oyj released their Interim Review.
The sentence, where company announced it has signed an agreement on the acquisition of the entire share capital of Walter Mauser GmbH, has been corrected. Also, Kimmo Raunio’s title has been corrected. Attachment to Finnish version has been added.
The original release containing the corrections is presented below:
Fortaco Group Holdco Oyj Stock Exchange Release 29.5.2023 at 2.00 p.m.

This release is a summary of Fortaco Group Holdco Oyj’s Interim Review January-March 2023. The full release is attached and available on our website at

Figures in parentheses refer to the corresponding period of the previous year, unless otherwise stated.

Highlights: January-March 2023

  • Net sales was EUR 96.1 million (comparable net sales growth 31.1%).
  • Recurring EBITDA was EUR 8.2 million (8.5% of net sales, comparable growth in recurring EBITDA 55.9%). EBITDA was EUR 7.4 million (7.7% of net sales).
  • Recurring EBITA was EUR 5.7 million (5.9% of net sales, comparable growth in recurring EBITA 98.3%). EBITA was EUR 4.9 milllion (5.1% of net sales).
  • Net debt was EUR 51.3 million and net debt to comparable recurring EBITDA 1.9x.
  • Order intake during the review was good, with the order book at the end of the review period growing moderately compared to the end of 2022.
  • Profitability was supported by price increases corresponding to high cost inflation. The price increases were made effective during the review period.
  • During the review period Fortaco established Zero Emission Solutions business, which offers new solutions and services to the customers.
  • Capacity expansion investment in Holic, Slovakia was progressing as planned.

Key Figures

Fortaco Group key financials

MEUR, IFRS 1-3/23 1-3/22 Change % 1-12/22** Last 12 months
Net sales 96.1 N/A N/A 94.9 N/A
EBITDA 7.4 N/A N/A 0.6 N/A
% of net sales 7.7% N/A N/A 0.7% N/A
EBITA 4.9 N/A N/A -2.0 N/A
% of net sales 5.1% N/A N/A -2.1% N/A
Non-recurring items 0.8 N/A N/A 4.5 N/A
Recurring EBITDA 8.2 N/A N/A 5.1 N/A
% of net sales 8.5% N/A N/A 5.4% N/A
Recurring EBITA 5.7 N/A N/A 2.5 N/A
% of net sales 5.9% N/A N/A 2.6% N/A
Comparable net sales 96.1 73.3 31.1% 332.4 355.3
Comparable EBITDA 7.4 4.9 50.3% 22.8 25.3
% of net sales 7.7% 6.7%   6.9% 7.1%
Comparable EBITA 4.9 2.5 92.9% 13.0 15.3
% of net sales 5.1% 3.4%   3.9% 4.3%
Comparable non-recurring items 0.8 0.3 138.6% 1.8 2.3
Comparable recurring EBITDA 8.2 5.3 55.9% 24.7 27.6
% of net sales 8.5% 7.2%   7.4% 7.8%
Recurring EBITA 5.7 2.9 98.3% 14.8 17.6
% of net sales 5.9% 3.9%   4.5% 5.0%
Balance sheet ratios
Return on Capital Employed % (ROCE) 15.4% N/A N/A 10.1%
Equity ratio, % 24.4% N/A N/A 24.3%
Net debt 51.3 N/A N/A 52.0
Net gearing 89.2% N/A N/A 93.0%
Net debt / comparable recurring EBITDA 1.9x N/A N/A 2.1x


*) Figures are referring to the comparable financials of the Group,
which are based on the full year 2022 financials of the acquired Fortaco Group.
**) Period 12.4.2022-31.12.2022 for reported figures

Guidance for 2023

For 2023, net sales are expected to be higher than EUR 350 million (comparable net sales in 2022: EUR 332.4 million) and recurring EBITDA higher than comparable recurring EBITDA in 2022 (comparable recurring EBITDA in 2022: EUR 24.7 million).

Lars Hellberg, President & CEO comments

The first quarter of 2023 remained positive for us. Our customers’ good order intake was reflected in our business, which continued on a healthy level throughout the first quarter. Recently, we managed to win new customers and products in, for example, the defense industry. New businesses are now in the implementation phase, contributing to the increasing net sales outlook in 2023. Our net sales also increased by approximately 30 percent, compared to the same period in 2022.


At the end of the last year, we managed to transfer essentially all extraordinary cost increases related to energy and salary to our customer contracts. We also continued the geographical regionalization of our business. Our customers are increasingly focused on Europe, Asia, and the United States. Our strategic ambition is to actively increase offerings to the US market, and therefore we have assigned a specific business development team to explore our GoWest strategy.


Among our customer segments, the mining industry continued to be strong, but the marine, offshore and energy markets remained at a disappointingly low level. Demand in the container handling, forestry, and material handling segments was at a stable level. We see strong growth opportunities, especially in the defense sector.


Our new business area, Zero Emission Solutions, focuses, among other things, on the development of fossil-free steel applications and components for customers. It also offers solutions for integrated thermal management, both for the air conditioning of operator cabins and the charging of electric vehicle batteries. In addition, we are exploring opportunities for charging on-grid, as well as off-grid solutions, in close cooperation with professional OEMs (Original Equipment Manufacturers).


Our investment in additional capacity at Business Site Holic in Slovakia, is progressing at full speed. Our partnership with Buisard Cabins is maturing and more business opportunities are in the pipeline. The SAP S4/Hana -project is progressing as planned. The definition phase of “One Fortaco” business processes will be completed in the third quarter, and the first planned deployment will take place in January 2024.


We employ almost 2,500 people in eight different countries. The availability of skilled labor is currently challenging, and there is a shortage of welders and machine operators in particular. During the current year, we will strengthen our competence in terms of sustainable development in order to enhance measures to reduce global warming by 1.5 degrees.


Despite uncertainties in the global situation, we have a healthy business outlook for 2023. Our strategy is to grow both organically and inorganically and continue offering added value products and solutions to our customers internationally.

Events after the reporting period

Fortaco Group Holdco Oyj has on 22 July 2022 issued Senior Secured Bonds with a principal amount of EUR 75 million. In accordance with the Terms and Conditions of the Bonds, the Company has applied for the Bonds to be listed on the corporate bonds list of Nasdaq Helsinki Ltd. The Finnish Financial Supervisory Authority has on 23 May 2023 approved the Listing Prospectus of the Bonds and trading on the Bonds has commenced on 25 May 2023.

On 26 May 2023 Fortaco announced that a fully-owned affiliate of Fortaco Group Holdco Oyj has signed an agreement on the acquisition of the entire share capital of Walter Mauser GmbH, a high-precision manufacturer of safety cabins operating in international markets. The closing of the acquisition is estimated to take place during Q3 2023, provided that certain customary conditions for acquisition are met, including obtaining of the financing and necessary regulatory approvals. Mauser CABS will be reported as a part of Fortaco Group from the moment of closing.

Financial information

The company publishes the Half-Year Review for January-June 2023 on Monday 28 August 2023.


Fortaco Group Holdco Oyj

Board of Directors


Further information

Lars Hellberg, President & CEO, 358 40 572 9488,

Kimmo Raunio, Senior Executive Vice President & CFO, +358 40 593 6854,


Nasdaq Helsinki Oy

Principal media

Fortaco Group

Fortaco is the leading strategic partner in Europe to the heavy off-highway equipment and marine industries providing premium offerings, like zero emission solutions and technology, vehicle cabins, steel fabrications, and assemblies. Fortaco Group has operations in multiple European and Asian Business Sites and Technology Hubs, which are supporting our global customers.