BRAZIL - Eucatex, one of Brazil's leading manufacturers of wooden panels released its financial results for the fourth quarter of 2023 (4Q-2023) and the full year 2023.

In 4Q-2023, total net sales revenue reached BRL 663.1 million, a 3.7% increase compared to BRL 639.1 million in 4Q-2022. For the entire year of 2023, total net revenue grew by 6.6% year-on-year, reaching BRL 2,677.6 million (2022: BRL 2,510.6 million).

In the Industry and Resale Segment, which includes MDP/MDF/THDF panels and Fiberboard, revenue decreased by 0.6% in 4Q-2023 but increased by 11.6% for the year as a whole. This increase was driven by a 13.8% growth in volume, partly due to inventory realization in the first half of 2023 and cost reductions in key inputs.

Wooden panel exports saw a 2.3% increase in 4Q-2023 compared to the same period in 2022, and an 8.3% increase for the full year 2023 compared to 2022.

Recurring EBITDA for 4Q-2023 reached BRL 130.0 million, a 10.5% increase from 4Q-2022, with a recurring EBITDA margin of 19.6%, up 1.2 p.p. from the previous year. For the entire year, EBITDA amounted to BRL 548.1 million, a 12.8% increase from the previous year, marking the company's second-highest result ever.

Recurring net income (profit) in 4Q-2023 totaled BRL 76.3 million, a 12% increase from 4Q-2022. For the full year 2023, recurring net income reached BRL 296.0 million, up 21.4% compared to 2022 (BRL 244.1 million).