Steico Group, a manufacturer of engineered wood and woodfibre insulation, has reported annual revenue of €376.3 million for 2024, reflecting a 3% increase and signalling a “stabilisation” of the business, according to its latest financial report.
Engineered wood and woodfibre insulation specialist Steico Group has posted annual revenue of €376.3m for 2024, reflecting a 3% increase and what it describes as a “stabilisation” of its business, according to its latest financial results.
Published on May 7, the company’s report highlights ongoing difficulties linked to a sluggish construction sector. “The construction industry continued to be weak, and the competitive environment was tense,” the report stated.
Despite these challenges, Steico’s 2024 revenue rose to €376.3m (2023: €365.3m), while EBITDA grew significantly to €79.8m (2023: €57.7m).
Looking ahead, Steico management does not anticipate a full recovery in the construction sector during 2025.
In the first quarter of 2025, revenue rose by 6.2% to €101.8m (Q1 2024: €95.9m), and total operating performance reached €97.5m—an increase of 4.7% from the previous year (€93.2m).
This growth is attributed to the relative resilience of timber construction, increasing levels of refurbishment across various markets, and expanding market share in high-potential growth segments.
Production of wood fibre insulation materials is now underway at Steico’s new facility in Gromadka, Poland. Meanwhile, the company continues to invest in upgrades and efficiency improvements across its sites to boost productivity, reliability and energy performance.
Steico’s product portfolio includes I-Joists, woodfibre insulation boards, hardboard, LVL (laminated veneer lumber), and air-injected insulation.
In terms of regional performance, the combined market of the UK, Ireland, Australia, and the USA saw a slight revenue dip of 0.6% to €69.5m (2023: €69.9m), accounting for 18.5% of group revenue.
By product category, I-Joist sales declined in 2024, with revenues of €48.9m (2023: €50.2m)—a drop of 2.6%, representing 13% of total revenue. The downturn was partly driven by falling prices for traditional construction timber.
LVL sales grew by 3.1% to €42.6m (2023: €41.3m), contributing roughly 11.3% to overall revenue.
Steico’s core business—woodfibre and air-injected insulation products used in building insulation and flooring—generated €252.6m in revenue in 2024, compared to €239.1m in the previous year. This marks a 5.7% increase and represents 67.1% of total group revenue.
Production figures for 2024 were as follows:
- I-Joists: 10,169 trm (2023: 9,101 trm)
- Insulation materials: 298,691 tonnes (2023: 272,097 tonnes)
- LVL: 118,643 m³ (2023: 107,454 m³)
- Hardboards: 23,168 tonnes (2023: 20,724 tonnes)
