Slowdown in activity for Gascogne in 2023 despite relative strength

The Gascogne Group published its results for the 2023 fiscal year, showing a marked slowdown after the growth of 2022. The company recorded a turnover of €411.2 million, down 10.6%, and an EBITDA of €40.0 million, reflecting a decline of 26.8% compared to the previous year. Despite this context, EBITDA for 2023 remains 25% higher than those of 2020 and 2021 and 40% higher than that of 2019.

A decline in volumes sold due to a reduction in demand weighed on results, although sales prices remained stable. The group's four branches, Wood, Paper, Bags and Flexible, all experienced a drop in EBITDA, with a particularly pronounced impact on the Wood Activity.

The company also announced a delay in the construction of its new paper machine, now scheduled for early 2026, and an upward revision of 25% of its total cost. A capital increase of €20 million will be proposed at the annual general meeting to finance this project.