CEO's greetings

Strategy implementation is progressing as planned, ownership of Foamit Group increased to 100 percent and business operations are strongly developed
 

Partnera’s strategy was strongly implemented during the review period. The ownership of Foamit Group increased to 100 percent and the investments on the production plants in Norway and Finland progressed well. Partnera also returned to being a dividend payer.

Partnera’s net sales for January-June were EUR 18.7 (19.6) million and the profit for the financial year was EUR -0.5 (5.3) million. The profit in the comparison period included the proceeds from the sale of the Finda and Telebusiness Invest holdings in May 2024.

The net sales of Partnera Group’s main business, Foamit Group, amounted to EUR 18.7 (19.6) million in January–June. The comparison period included significant glass foam deliveries in Sweden, for example to repair the highway that had collapsed due to a landslide. The net sales in the review period were supported by the infrastructure construction market, which remained moderate, and by glass foam deliveries for infrastructure construction projects, particularly in Norway. The order book for glass foam sales developed well, particularly in Finland and Norway. The demand for packaging glass continued to be strong in the Nordic countries and the rest of Europe.

Foamit Group’s EBITDA amounted to EUR 3.0 (3.0) million in January-June 2025. Sales prices developed positively in all operating countries, especially in Norway.

Foamit Group’s order book strengthened and amounted to EUR 23.8 (22.5) million at the end of the review period. The order book amounted to EUR 18.6 million at the end of 2024. The order book included for example supply agreements to significant Nordic motorway and highway projects in Sweden, Norway, and Finland.

In March 2024, Foamit Group and its owners decided on investments of approximately EUR 10 million in Foamit Group’s production plant in Onsøy, Norway. The investment program doubled the plant’s foam glass production capacity with the launch of the new production lines in July 2025. Production will also be nearly emission-free.

At the end of 2024, a decision was also made to invest EUR 2.2 million to increase the production capability of small foam glass fractions at Foamit Group’s production plant in Forssa. Implementation of the investment is progressing according to the plan and is expected to be completed by the end of 2025. The investment is estimated to have a significant positive impact on profit.

Partnera’s aim is to develop Foamit Group by investing significantly in foam glass production in Finland, Sweden, and Norway and to grow internationally. The investments launched in 2024 support the achievement of the growth target. The aim is also to seek growth through mergers and acquisitions that support Foamit Group’s business.

During the review period we strengthened Foamit Group’s organization and its ability to support the achievement of strategic objectives by recruiting, among others, a Group Sales Director and a Vice President, Technology and R&D. We also reinforced our financial management support for the business. Looking ahead, we will continue to improve, especially our sales operations.

Increasing the sales of existing and new products in existing and new markets is a key focus for Foamit Group. The company is making progress in expanding its activities into new potential customer segments, including the first foam glass deliveries to concrete construction and water treatment applications. The concrete construction industry is considered to be a significant customer segment due to its high overall volumes and the need to develop lightweight construction solutions and reduce its carbon footprint. Sales through distribution channels such as hardware stores will be increased, especially for small foam glass fractions, as the production capacity allows. Depending on the availability of production capacity and logistical solutions, foam glass sales to new markets will also be made through export sales. An example of new potential applications for foam glass is the ongoing research into the use of foam glass in defence material solutions.

During 2024, we clarified the financial and balance sheet structure of Foamit Group, which, among other things, significantly improved the equity ratio and reduced financial costs. During the review period, we continued to implement Partnera’s strategy by increasing our ownership of Foamit Group to 100 percent. This will allow us to channel our efforts more effectively towards the growth and development of Foamit Group and Partnera as a unified entity. Partnera’s strategic focus is to develop and grow Foamit Group towards the strategic goals set for 2028: a revenue of EUR 100 million and an EBITDA level of over 20 percent. Improving productivity, building additional capacity, expanding the product and raw material portfolio, and increasing operations and supply through acquisitions in new markets are possible ways to accelerate growth and achieve the revenue and profit targets. Our mission is to increase shareholder value and build a more sustainable future.

Oulu, 21 August 2025

Jussi Lappalainen
Interim CEO