Nordic Fibreboard AS Holds Annual General Meeting on June 16, 2025

PÄRNU, Estonia — On June 16, 2025, Nordic Fibreboard AS convened its Annual General Meeting (AGM) at its headquarters located at Rääma 31, Pärnu. The meeting commenced at 10:00 AM and concluded by 10:15 AM, with a quorum achieved as 3,098,974 of the total 4,499,061 votes were present, representing 68.88% of the company’s share capital.

The AGM was deemed validly convened in accordance with the company’s Articles of Association and relevant Estonian corporate law. Four shareholders participated in the meeting, with all represented by proxy. The eligibility of shareholders to attend was determined as of June 9, 2025, the close of business on the Nasdaq CSD Estonian settlement system.

During the meeting, the shareholders made several significant decisions:

1. **Approval of the Annual Report**: The shareholders unanimously approved the annual report for the financial year 2024, which disclosed a consolidated balance sheet value of €8,252,280.45 as of December 31, 2024, alongside a net loss of €785,654.31 for the year. The motion received 100% of the votes cast in favor.

2. **Allocation of Loss**: The Board of Supervisors proposed covering the net loss from the retained earnings, which was also unanimously approved by the shareholders, reflecting a complete consensus on this financial matter.

3. **Appointment of Auditor**: AS PricewaterhouseCoopers was appointed as the auditor for the financial year 2025, with payment for public accounting services to be determined by a contract to be drawn up with the firm. This resolution similarly passed with unanimous support.

Enel Äkke, a member of the Management Board of Nordic Fibreboard AS, noted the importance of the decisions made during the AGM for the company's future financial health. “Addressing our losses and ensuring rigorous auditing are essential steps in restoring shareholder confidence and enhancing operational transparency,” Äkke stated.

The company's financial performance has been under scrutiny following the unaudited Q1 report of 2025, which revealed a decline in consolidated net sales to €1.51 million, an 11% decrease from €1.97 million in Q1 2024. This downturn raises concerns about the company's market positioning and operational adjustments needed to reverse the trend.

According to Dr. Marko Tamm, an economist specializing in corporate governance at the University of Tartu, “The decisions made at the AGM are crucial as they address immediate financial concerns while laying a foundation for future strategic planning. The choice of an experienced auditor like PricewaterhouseCoopers indicates a commitment to accountability and transparency.”

As Nordic Fibreboard AS moves forward, industry analysts will be closely monitoring the impacts of these resolutions, particularly as they relate to the broader market dynamics in the fibreboard manufacturing industry. With increasing competition and market shifts, the company will need to implement effective strategies to regain its competitive edge.

In conclusion, the decisions made during the AGM signify a proactive approach by Nordic Fibreboard AS in addressing its financial challenges while establishing a framework for enhanced governance and oversight. Stakeholders will be eager to see how these resolutions influence the company's operational strategies and financial recovery in the coming fiscal year.