York Timber Holdings Limited Overview
Two operational data points from Annual Report 2026 indicate scale. The Sabie sawmill section 189A process initially covered up to about 149 employees and in the end affected 11. The plywood plant section 189A process initially covered up to 138 employees and in the end affected 62. Together with the forestry, fleet and wholesale operations, this points to a workforce in the low thousands rather than hundreds. The PitchBook figure is plausible only if contractors are included.
York Timber Holdings is South Africa's largest integrated solid-wood processor. It is a 110-year-old JSE company (listed 80 years) that controls the full pine value chain, from roughly 91,000 hectares of landholdings (about 55,400 ha planted to pine and eucalyptus, FSC-certified) through mechanised harvesting and its own log-haulage fleet, two operating sawmills (Sabie and Jessievale), one plywood plant and a wholesale distribution arm (Agentimber). Its economic engine is the biological asset: a R3.45 billion plantation estate whose standing volume reached 7.73 million m³ at June 2026. Its operating results depend on converting that resource efficiently into SANS 929-certified structural lumber and plywood for South African construction, truss, retail and industrial customers. After years of under-earning in processing and heavy reliance on purchased logs, York is now in a "get the basics right" reset. It is reducing external log purchases as its Escarpment plantations reach rotation, right-sizing plywood, rebuilding the Sabie mill and unbundling its agricultural interests to shareholders. The shares trade at about 0.29x net asset value.
Company's own description (Annual Report 2026)
York describes itself as an investment holding company whose subsidiaries conduct an "integrated forestry value chain, including forestry, sawmilling and plywood manufacturing operations", with sales channels serving "wholesale and retail markets in South Africa, the Southern African Development Community (SADC) and other international markets" (AFS FY2026, Directors' Report §1).
The Annual Report frames the model as "from tree to timber", a six-step cycle: plant, grow and protect, harvest, process, supply, reinvest. It states that York offers "premium sawn timber and plywood that are certified to South African National Standard (SANS) 929 and fully comply with the National Building Regulations and Standards". It also positions timber as a "carbon-positive and sustainable resource", and says it is committed to stimulating a South African mass-timber construction industry (Annual Report 2026, pp. 8–9).
Independent characterisation
York is a vertically integrated, commodity-exposed timber processor with an embedded, long-duration natural-resource asset. Three features define its economics.
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Biological asset dominance. Plantation biological assets of R3,454 m (FY2026) are 67% of total assets of R5,117 m and roughly 1.1x book equity of R3,153 m. IAS 41 fair-value movements, which are non-cash, swing reported earnings far more than operations do. FY2026 fair-value gains of R214 m compare with operating profit before fair-value adjustments of only R31.5 m (AFS FY2026; Annual Report eight-year review). Management therefore guides investors to "core earnings", which strip fair-value movements out. Core EPS has been negative for four consecutive years (FY2023–FY2026).
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Fibre self-sufficiency as the main operating lever. Logs bought from third parties made up 52% of mill intake in FY2022. That fell to 31% in FY2026 as the Escarpment plantations, deliberately held back by extending clearfell age from 20 to 23 years after the 2022 rights offer, moved into rotation. Management estimates the EBITDA penalty from external purchases, net of the harvesting costs avoided, at R145.1 m in FY2026, down from R228.0 m in FY2025 (Investor Presentation FY2026, slide 17). Further reductions are guided.
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Processing under-performance. Of the three processing plants, only Jessievale was consistently profitable in FY2026 (EBITDA R48.8 m). Sabie lost R28.8 m and plywood lost R23.6 m. The Processing segment as a whole was EBITDA-negative (−R16.4 m) for the first time in the disclosed series, while Forests and Fleet earned R147.8 m (Investor Presentation FY2026, slide 5).
Revenue model
| Product revenue (ZAR Mn, incl. discontinued agri) | FY2025 | FY2026 |
|---|---|---|
| Lumber | 973.8 | 1,009.3 |
| Plywood | 684.7 | 625.8 |
| Logs (external sales) | 207.0 | 191.7 |
| Agricultural produce (discontinued in FY2026) | 74.7 | 44.6 |
| Wood chips | 53.7 | 49.2 |
| Total | 1,993.9 | 1,920.6 |
York's revenue is essentially 100% physical product sales. There is no subscription, licensing or material service income; a small amount of rental income from investment property is included in other income. The revenue mix by product is shown below, as disclosed in the FY2026 Investor Presentation (slide 32). The figures include agricultural revenue, which is discontinued in FY2026.
The sum excluding agriculture (R1,876.1 m FY2026; R1,919.2 m FY2025) reconciles to reported continuing revenue (R1,876.1 m and R1,920.2 m) within rounding.
Value-chain position and customers
York sits upstream (plantation owner and log seller), midstream (sawmilling and plywood) and partly downstream (wholesale distribution through Agentimber). It is a net buyer of logs: FY2026 external purchases were 186,435 m³, against external log sales of 304,903 m³. External sales are largely pulp-grade and surplus Highveld volumes, while purchased logs are mostly sawlog and pruned plywood-grade material, notably from the state-owned South African Forestry Company (SAFCOL) (Investor Presentation FY2026, slides 16–17; Annual Report 2026, risk 03).
Customers named in York's disclosures include truss plants, corporate and independent retailers, re-manufacturers, furniture manufacturers and construction contractors (Business Day, 7 December 2022, citing York's rights offer circular). Receivables are split for credit purposes into "independent customers" and "corporate customers" (AFS FY2026 note 12). End-markets are residential and non-residential construction (structural and roof-truss lumber), formwork and subflooring (plywood), packaging and pallets, furniture, and industrial uses.
Strategy
Stated strategic themes (Annual Report 2026; Investor Presentation FY2026, slides 27–28)
Management's FY2027 framework is headed "Renewed focus — get the basics right". It has six pillars:
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Focus on core assets.
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Focus on forestry yields.
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Focus on processing recovery.
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Cost discipline.
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New revenue streams.
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Corporate culture reset.
The Chairperson's report describes FY2026 as "a year of stewardship and transition". It centres the Board's work on "the allocation of capital across the portfolio, the appropriate focus of the business and the actions required to protect value". The CEO describes "limiting capital investment to areas that can deliver clear, timely returns" and continued "divestment of non-core assets and businesses … with proceeds applied to reduce debt".
Initiative register (last 24 months)
| Initiative | Launched / status | Detail and targets | Source |
|---|---|---|---|
| Unbundling of Stadsrivier Vallei (agriculture) | Board approved 26 May 2026; expected within 12 months | Mbulwa PPE sold into Stadsrivier first; Stadsrivier shares then distributed to York shareholders; disposal group assets R191.8 m and liabilities R9.2 m | AFS note 14; SENS 17 Sep 2026 |
| Sale of Schultz plantation | FY2027 outlook | Value not disclosed | Investor Presentation FY2026 |
| Debt reduction | FY2027 | Target: reduce debt by 10% | Investor Presentation FY2026 |
| Processing replacement and refurbishment roadmap | 12–18 months | HewSaw installation (18-month horizon); Ledinek planer at Sabie; Jessievale planer refurbishment | Investor Presentation FY2026; Annual Report risk 10 |
| Sabie sawmill turnaround | FY2025–FY2026 | Section 189A restructuring finalised Sept 2025 (11 jobs affected out of about 149 initially in scope); finger-joint plant; structural mix target 70%; first monthly profit June 2026 | Annual Report 2026 |
| Plywood right-sizing | May–Jul 2026 | Capacity cut to about 65%; three shifts to two; seven days to five; 62 jobs affected (138 initially); export thin panels discontinued; focus on 21/18/12 mm | Annual Report 2026 |
| Reduce external log purchases | Multi-year | Escarpment reaching rotation; external purchases down 35% to R178.2 m in FY2026; trend expected to continue | AFS Directors' Report |
| Eucalyptus conversion | Ongoing | Target 10,000 ha; 1,527 ha planted | Annual Report 2026 |
| Clearfell age extension (20 to 23 years) | Since 2022 rights offer | Grow higher-value log classes | Annual Report 2026 |
| BOSY ("Building One Stronger York") culture programme | Launched Sept 2026 | Accountability, operational discipline, role clarity | Annual Report 2026 |
| Energy: Discovery Green PPA | FY2026 | About 90% of Jessievale electricity from renewables; solar generation farm financed by instalment sale | Annual Report 2026; AFS note 17 |
| Dry veneer export | Under investigation | New revenue stream | Investor Presentation FY2026 |
| Environmental and Social Action Plan (ESAP) | Since FMO loan 2024 | Outstanding actions to be closed | Annual Report 2026; Norton Rose Fulbright |
| In-house internal audit | FY2026 | Chief Audit Executive employed directly | Annual Report 2026 |
| Insurance renegotiation | FY2026 | Lower annual premiums (asset and business interruption) | Annual Report 2026 |
| King V transition | From FY2027 (1 Jul 2026) | Gap assessment completed | Annual Report 2026 |
Guidance and medium-term targets
York does not publish numeric revenue, EBITDA or EPS guidance. Explicit targets are limited to:
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A 10% debt reduction in FY2027.
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A 70% structural-timber mix at Sabie.
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10,000 ha of eucalyptus.
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Escarpment clearfell growth of +25% (2028), +5% (2029), +5% (2030) and +18% (2031), reaching sustainable volumes by 2031.
Qualitative expectations for FY2027 are a "stable" lumber market, continued Sabie momentum and continued forestry momentum (Investor Presentation FY2026, slides 21 and 28). Management also flags a tighter log supply period for Sabie from November 2026 to June 2027 (Annual Report 2026, risk 03).
Products & Services
York does not publish a SKU-level catalogue, price list or brand architecture in its filings. The catalogue below is built from the annual reports, results presentations and website, with gaps marked. Pricing is market-based (South African lumber and plywood price indices and import parity). York does not disclose list prices.
Processing segment
| Product line | Description and specifications | Target customer | Launch / latest investment | Notes |
|---|---|---|---|---|
| Structural sawn lumber (pine) | Graded structural timber for roof trusses and framing, SANS-compliant; Sabie targets a 70% structural mix | Truss plants, merchants, contractors | Ongoing; Ledinek planer planned for Sabie (FY2027 outlook) | Lumber ASP +14% in FY2026 (Sabie +15%, Jessievale +10%) |
| Finger-jointed lumber | Finger-jointed lengths from short or defect-cut timber, increasing structural yield | Truss and construction | Finger-joint plant refurbishment completed FY2026 | "Consistent production at expected levels" (Annual Report 2026) |
| Industrial / packaging lumber | Lower-grade sawn timber for pallets, crating and industrial uses | Packaging and pallet makers | Ongoing | Not separately quantified |
| Furniture / remanufacturing grades | Clear and appearance grades | Furniture manufacturers, re-manufacturers | Ongoing | Not separately quantified |
| Drymill components | Planed and dried components | Re-manufacturers | Identified as a development opportunity | Annual Report 2026, risk 01 |
| Plywood: structural / formwork / subfloor | Pine plywood certified to SANS 929, each panel blister-tested and individually printed; focus thicknesses 21 mm, 18 mm and 12 mm | Construction, formwork, flooring, merchants | Plant expanded 2017 (Raute technology); right-sized post-FY2026 to about 65% of installed capacity | In FY2024 York said only its plywood was SANS 929-certified at reporting date |
| Plywood: export thin panels | Thin panels for export | Export clients | Discontinued in FY2026 (hurt throughput) | Investor Presentation FY2026 |
| Eucalyptus plywood | Under development | — | Identified as a development opportunity | Annual Report 2026 |
| Dry / core veneer (export) | Export of dry veneer being investigated | Overseas panel producers | FY2027 opportunity | Investor Presentation FY2026 |
| Wood chips | By-product of sawmilling and peeling | Pulp and paper / energy users | Ongoing | R49.2 m revenue FY2026 |
Forests and Fleet segment
| Offering | Description | Customer | Notes |
|---|---|---|---|
| Sawlogs and veneer logs (internal) | Pine logs by class (A, B, C, D, pruned and unpruned) to Sabie, Jessievale and plywood | Own mills | 592,699 m³ total mill intake FY2026, of which 31% purchased |
| External log sales | Pulpwood and surplus Highveld sawlogs | Pulp mills, third-party sawmills | 304,903 m³ at R626/m³ = R190.9 m (FY2026) |
| Eucalyptus | Conversion of selected land to 10,000 ha eucalyptus | Pulp / future products | 1,527 ha planted at June 2026 |
| Nursery and tree breeding | Seedlings, hybrid and heat-tolerant genetic material | Own plantations | Annual Report 2026; AFS note 6.6 |
| Mechanised harvesting and haulage | Ponsse (Highveld) and John Deere (Escarpment) equipment; own log-transport fleet | Internal | Fleet acquired 2019 |
Wholesale segment (Agentimber)
Agentimber distributes lumber, plywood and timber-related products from York's mills and third parties through regional distribution centres. The website lists "Wholesale" and "Custom" (custom-cut or treated orders) as product categories. Timber Preservation Services, acquired with the Iliad division in 2013, provided treatment capability in Cape Town; its current status is not disclosed.
Agriculture (discontinued, to be unbundled)
| Crop | Planted ha FY2026 (mature/immature) | Harvest FY2025 (t) | Harvest FY2026 (t) |
|---|---|---|---|
| Avocado | 53 / 0 | 910 | 507 |
| Macadamia | 20 / 0 | 33 | 31 |
| Citrus (soft citrus) | 65 / 38 | 908 | 1,136 |
Source: AFS FY2026 note 6.5. The FY2026 Investor Presentation gives avocado yields of 371 t (FY2026) and 1,142 t (FY2025), which conflicts with the AFS. The discrepancy may reflect a harvest-season versus fiscal-year basis or packed versus harvested volumes, and is not reconciled in the documents.
York also holds a minority interest (169 shares) in Westfalia Marketing (Pty) Ltd, a fruit marketer, which is included in the disposal group. The Stadsrivier packhouse forms part of the unbundled business.
Financial Narrative
Basis. FY2022–FY2024 figures are taken from the FY2026 Annual Report's eight-year review and are as restated. FY2025–FY2026 are continuing operations. Figures are R m unless stated otherwise.
Income statement
Profit before tax on a continuing basis was R424.2 m in FY2025 and R186.1 m in FY2026. Tax was R114.9 m and R52.7 m respectively, implying effective rates of 27.1% and 28.3% (AFS FY2026).
FY2026 total-operations figures. Including discontinued agriculture (a loss of R41.7 m), FY2026 profit was R91.7 m and total EPS 19.74c, against R316.5 m and 68.19c in FY2025 (AFS FY2026).
Revenue CAGR.
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FY2022–FY2026 (4 years): +0.5% p.a.
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FY2021–FY2026 (5 years, from R1,928.6 m): −0.6% p.a.
Half-year profile (R m; Investor Presentation FY2026, slide 32).
Commentary.
FY2022: The year sits on the tail of the FY2021 timber super-cycle (FY2021 EBITDA R322.1 m, margin 16.7%). It was hit by heavy rainfall and the NUMSA strike.
FY2023: Earnings collapsed. Revenue fell 9% on weak building activity and high industry stocks. The R384 m fair-value write-down reflected the change in clearfell strategy and valuation assumptions.
FY2024: A "two distinct halves" year: H1 EBITDA of R8.3 m against H2 EBITDA of R82.3 m.
FY2025: Volume and price recovery: revenue +10% continuing, EBITDA +R69 m. A R429 m fair-value gain inflated earnings.
FY2026: EBITDA was flat at R161.9 m despite lower revenue. This happened because external log purchases fell by R97 m (−35%), which offset plywood losses, diesel and glue inflation and storm damage. However, cost excluding log purchases rose 5% to R1,666 m, and operating profit before fair-value adjustments fell to R31.5 m. That level of operating profit cannot service R73.6 m of finance costs without fair-value gains. The second half (EBITDA R94.7 m) was materially stronger than the first (R47.5 m), which management attributes to its renewed operating focus and the Sabie turnaround.
Balance sheet
Sources: eight-year review, Annual Report 2026. Cash for FY2022–FY2024 is from stockanalysis.com (secondary). Net debt is computed as borrowings minus cash. The computed values reconcile to York's reported net debt of R202 m (FY2023), R406 m (FY2024), R561 m (FY2025) and R571.1 m (FY2026). FY2022 is computed only; York's FY2022 commentary cited total debt of R381 m (Creamer Media), likely excluding the Absa IMX facility.
Sources: AFS FY2026 statements of financial position; total assets for FY2023–FY2024 from Investor Presentation FY2026, slide 39. Total equity at 1 July 2024 (restated) was R2,744.1 m (AFS FY2026, statement of changes in equity). Goodwill of R357.6 m existed at FY2021 and had been fully removed by FY2022 (stockanalysis.com, secondary).
Debt composition, 30 June 2026 (AFS note 17; Investor Presentation slide 40).
Landholdings of 91,176 ha and biological assets of R3.5 bn were encumbered in favour of Micawber 558 (Pty) Ltd, an unrelated security SPV, as security for borrowings (AFS note 6.7). After year-end, Absa released the security it held (Directors' Report §3).
Cash flow
Source: AFS FY2026 statement of cash flows. In FY2026, insurance fund proceeds of R103.0 m relating to the storm-damage claim, against R51.5 m of contributions, were a material, non-recurring cash support.
FY2026 EBITDA-to-cash reconciliation (R m; Investor Presentation slide 35).
EBITDA of 142.2, plus a decrease in inventory of 3.4, plus a decrease in receivables of 46.6, less a decrease in payables of 19.0, less other movements of 3.5, gives cash from operations of 169.8. Cash conversion was about 119% of total-operations EBITDA.
Ratios (analyst-computed from the figures above unless stated otherwise)
Computation notes.
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ROA and asset turnover use average total assets.
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Debt-to-equity for FY2024 uses restated equity at 1 July 2024 (R2,744.1 m).
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The current ratio is flattered by R537 m of current biological assets (timber scheduled for harvest within 12 months) and by the R191.8 m disposal group.
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Working-capital days for FY2026 use net trade receivables of R178.8 m, inventory of R329.0 m and trade and other payables of R352.5 m against continuing revenue and inventory expensed of R1,482 m (AFS notes 11–12). FY2025 uses R215.0 m, R337.5 m and R378.5 m against R1,418 m. Payables include accruals, so DPO is overstated.
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ROIC is heavily dependent on whether fair-value gains are counted as returns. On an operating basis, York earns well below any plausible cost of capital; York's own after-tax WACC used for plantation valuation is 13.12%.
Covenant position. At 30 June 2026 the Group complied with its FMO covenants. FMO waived measurement of the June 2026 quarter Debt Service Coverage Ratio (DSCR) and approved a 12-month relaxation. After year-end, the minimum DSCR was reduced from 1.5x to 1.3x from the 30 September 2026 measurement period. A net debt-to-EBITDA covenant also applies; its threshold is not disclosed in the extracted text (AFS FY2026, Directors' Report §2–3 and §6). Deloitte made going concern a key audit matter but issued an unmodified opinion with no material-uncertainty paragraph.
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Group Entities
| Subsidiary | Principal activity | Interest | Holding |
|---|---|---|---|
Global Forest Products (Pty) Ltd | Dormant, not trading (holding vehicle) | 100% | Direct |
York Timbers (Pty) Ltd | Forestry and sawmilling (main operating company; FMO borrower) | 100% | Indirect |
Agentimber (Pty) Ltd | Warehousing and wholesale | 100% | Indirect |
York Fleet Solutions (Pty) Ltd | Fleet management | 100% | Indirect |
Stadsrivier Vallei (Pty) Ltd | Farming and packhouse (to be unbundled) | 100% | Indirect |
Mbulwa Estate (Pty) Ltd | Property used as conference venue and accommodation (assets to be sold into Stadsrivier before unbundling) | 100% | Indirect |
Sonrach (Pty) Ltd | Property used as office building and accommodation | 100% | Indirect |
Segment Overview
| Segment | Contents | Key products / activities |
|---|---|---|
Processing | Sabie sawmill, Jessievale sawmill, plywood plant; mothballed mills (e.g. Driekop) | Structural and industrial lumber, finger-jointed timber, plywood, wood chips |
Forests and Fleet | Escarpment and Highveld plantations, nursery and tree breeding, mechanised harvesting, inbound log-haulage fleet | Log supply to own mills; external log sales (pulp and sawlogs) |
Wholesale | Agentimber distribution centres | Distribution of own and third-party timber products to merchants and retailers |
Agriculture | Stadsrivier (avocado, macadamia, citrus orchards and packhouse) | Fruit; classified as discontinued from FY2026 |
Non-reporting | Corporate office, property (Sonrach, Mbulwa) | Head-office costs, property income |
Segment EBITDA (ZAR Mn)
| Segment EBITDA (ZAR Mn) | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Processing | 61.9 | 42.6 | 21.8 | -16.4 |
Forests and Fleet | 17.2 | 45.8 | 122.1 | 147.8 |
Wholesale | 21.1 | 5.9 | 14.3 | 26.5 |
Agriculture | 5.0 | 0.6 | 4.8 | -15.1 |
Non-reporting segment | 5.0 | -4.1 | 2.8 | -0.5 |
Group EBITDA (total operations) | 110.3 | 90.6 | 165.9 | 142.2 |
Segment share of group EBITDA (%)
| Segment share of group EBITDA (%) | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Processing | 56.2 | 47.0 | 13.1 | -11.5 |
Forests and Fleet | 15.6 | 50.5 | 73.6 | 103.9 |
Wholesale | 19.1 | 6.5 | 8.6 | 18.6 |
Agriculture | 4.6 | 0.6 | 2.9 | -10.6 |
Non-reporting segment | 4.5 | -4.6 | 1.7 | -0.3 |
Plant EBITDA (ZAR Mn)
| Plant EBITDA (ZAR Mn) | FY2025 | FY2026 |
|---|---|---|
Sabie sawmill | -48.8 | -28.8 |
Jessievale sawmill | 29.1 | 48.8 |
Plywood plant | 53.7 | -23.6 |
Product share of total revenue (%, incl. agri)
| Product share of total revenue (%, incl. agri) | FY2025 | FY2026 |
|---|---|---|
Lumber | 48.8 | 52.6 |
Plywood | 34.3 | 32.6 |
Logs | 10.4 | 10.0 |
Agricultural produce | 3.7 | 2.3 |
Wood chips | 2.7 | 2.6 |
Product revenue YoY growth FY2026 (%) | Value | — |
Lumber | 3.7 | — |
Plywood | -8.6 | — |
Logs | -7.4 | — |
Agricultural produce | -40.3 | — |
Wood chips | -8.4 | — |
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (ZAR Mn) | 1,838.8 | 1,666.3 | 1,745.2 | 1,920.2 | 1,876.1 |
Revenue growth YoY (%) | -4.7 | -9.4 | 4.7 | 10.0 | -2.3 |
Gross profit before fair value adj (ZAR Mn) | 499.6 | 348.0 | 351.8 | 415.8 | 434.4 |
Gross margin before fair value adj (%) | 27.2 | 20.9 | 20.2 | 21.7 | 23.2 |
Operating profit before fair value adj (ZAR Mn) | 158.1 | -9.4 | -27.3 | 53.4 | 31.5 |
Operating margin before fair value adj (%) | 8.6 | -0.6 | -1.6 | 2.8 | 1.7 |
EBITDA before fair value adj (ZAR Mn) | 271.3 | 110.3 | 90.6 | 160.0 | 161.9 |
EBITDA margin (%) | 14.8 | 6.6 | 5.2 | 8.3 | 8.6 |
Fair value adjustments on biological assets (ZAR Mn) | 90.8 | -384.1 | 150.6 | 429.2 | 214.0 |
Profit before finance costs (ZAR Mn) | 254.0 | -378.9 | 140.1 | 501.5 | 259.7 |
Finance costs (ZAR Mn) | 37.5 | 47.1 | 58.2 | 77.3 | 73.6 |
Basic earnings attributable (ZAR Mn) | 182.8 | -312.9 | 60.1 | 309.3 | 133.4 |
Net margin (%) | 9.9 | -18.8 | 3.4 | 16.1 | 7.1 |
EPS basic and diluted (cents) | 53.13 | -77.43 | 12.97 | 66.63 | 28.73 |
HEPS (cents) | 53.30 | -75.89 | 13.74 | 65.50 | 30.68 |
Core EPS excl fair value (cents) | 34.12 | -8.04 | -10.74 | -0.86 | -4.92 |
Dividend per share (cents) | 0 | 0 | 0 | 0 | 0 |
Weighted average shares (millions) | 343.96 | 404.08 | 463.75 | 464.23 | 464.39 |
External log purchases (ZAR Mn) | 258.0 | 240.6 | 283.1 | 275.6 | 178.2 |
Cost excl log purchases (ZAR Mn) | 1,422.6 | 1,435.2 | 1,489.5 | 1,591.2 | 1,666.4 |
Total cost as % of revenue (%) | 77.4 | 86.1 | 85.3 | 82.9 | 88.8 |
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| Half-year metric (ZAR Mn) | H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 |
|---|---|---|---|---|---|---|---|---|
EBITDA (total operations) | 62.6 | 47.7 | 8.3 | 82.3 | 84.3 | 81.5 | 47.5 | 94.7 |
Cash from operations | 103.6 | 24.5 | -7.8 | 36.1 | 45.7 | 101.9 | 104.5 | 65.3 |
Balance Sheet and Per-Share Data
| Balance sheet metric (ZAR Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Biological assets | 2,881.6 | 2,536.3 | 2,721.1 | 3,248.6 | 3,453.9 |
Cash and cash equivalents | 16.4 | 191.9 | 56.9 | 29.0 | 51.8 |
Interest-bearing borrowings incl Absa IMX | 419.9 | 393.7 | 463.4 | 589.6 | 622.9 |
Net debt (borrowings less cash) | 403.5 | 201.8 | 406.5 | 560.6 | 571.1 |
Net working capital | 141.5 | 128.7 | 204.8 | 222.7 | 188.9 |
Net asset value per share (cents) | 857 | 579 | 592 | 659 | 679 |
Tangible NAV per share (cents) | 857 | 579 | 592 | 659 | 679 |
Balance Sheet
| Detailed balance sheet (ZAR Mn) | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Total assets | 4,230.7 | 4,388.5 | 4,978.9 | 5,117.2 |
Balance Sheet (FY2025–FY2026)
| Detailed balance sheet (ZAR Mn) | FY2025 | FY2026 |
|---|---|---|
Property plant and equipment | 943.7 | 772.6 |
Biological assets non-current | 2,779.6 | 2,916.5 |
Biological assets current | 469.0 | 537.4 |
Inventories | 337.5 | 329.0 |
Trade and other receivables | 263.7 | 212.4 |
Other financial assets (contingency insurance fund) | 139.8 | 87.4 |
Assets held for distribution to owners | 0 | 191.8 |
Goodwill and intangibles | 0.0 | 0.2 |
Total equity | 3,059.5 | 3,153.2 |
Borrowings non-current | 459.5 | 466.3 |
Borrowings current | 130.1 | 156.5 |
Deferred tax liability | 870.7 | 918.1 |
Trade and other payables | 378.5 | 352.5 |
Total liabilities | 1,919.5 | 1,964.0 |
Debt Facilities
| Facility | FY2025 (ZAR Mn) | FY2026 (ZAR Mn) | Terms |
|---|---|---|---|
FMO term loan | 397.4 | 427.5 | Three facilities at JIBAR + 3.30%–3.38%; 6 years 8 months remaining; capital repayment holiday to 10 June 2027 |
Instalment sale agreements | 118.1 | 111.3 | Mobile equipment, solar generation farm and vehicles; 0.75%–11%; 36–60 months; Absa, Mercedes-Benz/Daimler Financial Services, Toyota Financial Services |
Absa IMX facility | 85.6 | 95.3 | Receivables finance, up to 85% of qualifying invoices, full recourse |
Absa capital fund loan (Sonrach) | 2.3 | 0.8 | Prime − 0.75%, mortgage, 6 months remaining |
Loan raising fee (capitalised) | -13.8 | -12.1 | Amortised |
Total | 589.6 | 622.9 | — |
Cash flow metric (ZAR Mn)
| Cash flow metric (ZAR Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Cash generated from operations | 255.4 | 128.1 | 28.4 | 147.6 | 169.8 |
Investment in PPE and biological assets | 88.7 | 61.1 | 144.9 | 204.1 | 107.7 |
Simple free cash flow (CFO less PPE and bio investment) | 166.7 | 67.0 | -116.5 | -56.5 | 62.1 |
Dividends paid | 0 | 0 | 0 | 0 | 0 |
Share buybacks | 0 | 0 | 0 | 0 | 0 |
FY2025–FY2026 cash flow detail (ZAR Mn) | FY2025 | FY2026 | — | — | — |
Net cash from operating activities (after tax) | 154.2 | 164.2 | — | — | — |
Purchase of PPE | -111.4 | -61.2 | — | — | — |
Purchase of plantations | -53.3 | 0.0 | — | — | — |
Establishment cost on biological assets | -38.9 | -45.5 | — | — | — |
Net contingency insurance fund flows | -6.4 | 51.5 | — | — | — |
Interest paid | -73.5 | -71.4 | — | — | — |
Net borrowings (proceeds less repayments) | 77.4 | -20.5 | — | — | — |
Lease repayments | -13.7 | -11.3 | — | — | — |
Net change in cash | -27.9 | 23.8 | — | — | — |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE reported by York (%) | 6.6 | -11.7 | 2.2 | 10.1 | 4.2 |
Net debt to EBITDA (x) | 1.49 | 1.83 | 4.49 | 3.50 | 3.53 |
EBITDA to finance costs (x) | 7.23 | 2.34 | 1.56 | 2.07 | 2.20 |
Operating profit before fair value to finance costs (x) | 4.22 | -0.20 | -0.47 | 0.69 | 0.43 |
Returns & Leverage Ratios (%) and Financial Ratios (x) (FY2024–FY2026)
| Ratio | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
ROA on continuing earnings (%) | 1.39 | 6.60 | 2.64 |
Asset turnover (x) | 0.40 | 0.41 | 0.37 |
Debt to equity (x) | 0.17 | 0.19 | 0.20 |
Financial Ratios (x) and Working Capital (Days)
| Ratio | FY2025 | FY2026 |
|---|---|---|
Current ratio (x) | 2.09 | 2.43 |
Days sales outstanding (net trade receivables) | 40.9 | 34.8 |
Days inventory (on inventory expensed) | 86.9 | 81.0 |
Days payables (trade and other payables) | 97.4 | 86.8 |
Cash conversion cycle (days) | 30.4 | 29.0 |
ROIC pre fair value (NOPAT at 27% tax / equity plus net debt, %) | 1.0 | 0.6 |
ROIC incl fair value (%) | 9.6 | 4.8 |
Region Overview
| Region | Evidence | Direction | Reason |
|---|---|---|---|
South Africa (core market; by implication the large majority of revenue) | Lumber revenue +3.7% FY2026; lumber ASP +14%; Stats SA building plans passed (Jan–Jun 2026 vs 2025, constant 2019 prices): residential +2.9%, non-residential +10.7%, additions and alterations −7.5%, total +1.3% | Stable to modest growth | Structural lumber demand steady; industry stocks falling; domestic plywood demand slowed |
Export (plywood) | Plywood export volumes +73% in H1 FY2025 (Business Report, 31 Mar 2025); thin-panel export line discontinued in FY2026; ASP −7% on rand strength | Declining in FY2026 | Stronger rand against USD reduced competitiveness; thin-panel complexity cut throughput |
SADC | Plywood demand "constrained" across local, SADC and export markets (Annual Report 2026, risk 01) | Declining | Cautious replenishment; competition from lower-priced uncertified imports |
Market Valuation and Per-Share Data
| Year-end market capitalisation (ZAR Mn) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Market cap at 30 June | 810.7 | 948.2 | 971.9 |
Implied price at 30 June (cents, on 474.1 m shares) | 171 | 200 | 205 |
Market Data Point Details
| Market data point | Value | Source / date |
|---|---|---|
Last close | 200c | ShareData, 14 Oct 2026 |
Market cap | R948.2 m | ShareData, 14 Oct 2026 |
52-week range | 175c – 250c | Halo Technologies, 21 Aug 2026 (secondary) |
Daily volume (14 Oct 2026) | 271 shares | ShareData |
1-year return (30 Jun 2025 to 14 Oct 2026, approx.) | about 0% (200c to 200c) | Analyst-computed from ShareData |
5-year reference point | Lereko Metier exit at 185c (July 2021), implying about +8% to 200c (not adjusted for the Jan 2023 rights offer) | Business Day, 10 Aug 2021 |
Valuation Multiples
| Multiple | York | Basis |
|---|---|---|
P/E (HEPS) | 6.5x | 200c / 30.68c (ShareData shows 6.52) |
P/E (basic continuing EPS) | 7.0x | 200c / 28.73c |
P/E on core EPS | Not meaningful (negative) | Core EPS −4.92c |
P/NAV (P/B) | 0.29x | 200c / 679c |
EV/EBITDA | 9.4x | EV R1,519.3 m (R948.2 m market cap + R571.1 m net debt) / R161.9 m |
EV/Sales | 0.81x | R1,519.3 m / R1,876.1 m |
EV / biological assets | 0.44x | R1,519.3 m / R3,453.9 m |
Capital Markets
| Item | Detail |
|---|---|
Dividend history | No dividend declared for FY2019–FY2026 (eight-year review; SENS FY2023–FY2026). One aggregator cites a "last dividend of R1.50". |
Dividend policy | Not stated; capital directed to debt reduction and capex |
Buybacks | None; no authorisation used. 9.7 m treasury shares held by a subsidiary. |
Credit ratings | None (no Moody's, S&P or Fitch rating) |
Capital Instruments
| Instrument | Outstanding (ZAR Mn) | Maturity / amortisation |
|---|---|---|
FMO term loan | 427.5 | About Feb 2033 (6 years 8 months remaining); capital holiday to 10 Jun 2027 |
Instalment sales | 111.3 | 36–60 months |
Absa IMX | 95.3 | Revolving, tied to receivables (about 30-day terms) |
Absa capital fund loan | 0.8 | 6 months |
Current portion of total borrowings | 156.5 | Within 12 months |
Non-current portion of total borrowings | 466.3 | Beyond 12 months |
Analyst Conclusions
Management guidance (FY2027)
-
Lumber market expected to remain stable; Sabie momentum to continue.
-
Plywood aligned to domestic demand and selected export clients.
-
Forestry momentum to continue, with external log purchases continuing to decline.
-
Processing replacement and refurbishment roadmap over 12–18 months (HewSaw, Ledinek).
-
Unbundling of Stadsrivier and Mbulwa; sale of the Schultz plantation.
-
Debt reduction target of 10%.
No numeric earnings guidance is given, and there is no analyst consensus.
Bull case
-
Fibre economics compound. External log purchases are still R178 m and 31% of intake. As Escarpment clearfell rises 25% in 2028 and 18% in 2031, much of the remaining R145 m "external-log EBITDA drag" can be recaptured. On FY2026 EBITDA of R161.9 m, even half of that would lift EBITDA by more than 40%.
-
Processing self-help. Sabie moved from a R48.8 m loss to a R28.8 m loss and has posted monthly profits since June 2026. Plywood has been resized after a R77 m EBITDA swing. Restoring processing to its FY2023 level (R61.9 m) would add about R78 m relative to FY2026.
-
Value unlock. At 0.29x NAV and 0.44x EV/biological assets, the market prices the plantations far below York's DCF. Unbundling, asset sales and activist board influence (A2: 43% economic interest) create catalysts to close the gap.
Bear case
-
Operating earnings cannot service debt. Operating profit before fair-value adjustments (R31.5 m) is less than half of finance costs (R73.6 m). Net debt/EBITDA is 3.5x. Covenants needed a waiver and a reset, and the FMO capital holiday ends in June 2027.
-
Fair-value dependence and estimate risk. FY2026 profit relied on a R214 m fair-value gain, itself supported by a R560.6 m benefit from a 189 bp WACC reduction. Past restatements weaken confidence in plantation volumes and value.
-
Structural processing disadvantage and external shocks. Ageing mills, import-parity plywood, diesel and glue inflation, storm and fire exposure, and a CEO doubling as CFO all mean the turnaround could stall, as previous Sabie interventions since 2018 have.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | What to watch |
|---|---|---|
| AGM (per Notice of 5 Oct 2026) | Q4 calendar 2026 | Votes on directors and remuneration; shareholder dissent |
| Unbundling circular and implementation | Within 12 months of June 2026 | Structure, tax treatment, Stadsrivier valuation and listing status |
| Permanent CFO appointment | FY2027 | Separation of CEO and CFO roles |
| FMO DSCR tests (1.3x minimum) | Quarterly from 30 Sep 2026 | Headroom; any further waivers |
| H1 FY2027 trading statement and interims | Mar 2027 | Sabie profitability, plywood EBITDA, external log spend |
| Schultz plantation sale | FY2027 | Price relative to book; debt paydown |
| Debt reduction (−10% target) | By 30 Jun 2027 | Net debt below about R515 m (analyst-derived from the R571.1 m base) |
| Sabie log-supply squeeze | Nov 2026 – Jun 2027 | Intake volumes; delivered log cost |
| Fire season | Winter–spring | Plantation losses; insurance fund drawdowns |
| HewSaw and Ledinek capex commitment | 12–18 months | Capex funding; commissioning risk |
| FMO capital repayment start | 10 Jun 2027 | Cash-flow step-up in debt service |
Concluding analyst verdict
York Timber Holdings is a classic asset-rich, return-poor South African industrial. Its balance sheet carries a R3.45 billion plantation estate that is growing in real value at about 7% a year, yet the group has not produced positive core earnings since FY2022. The investment question is whether a new, finance-led management team can convert that resource into cash returns before leverage and external shocks erode it.
There are genuine grounds for cautious optimism. The single most important driver, external log dependence, is falling structurally as the Escarpment plantations reach rotation. This is visible in a R97 million reduction in log purchases and a 21% rise in forestry EBITDA in FY2026. Jessievale is consistently profitable. Sabie has finally shown monthly profits. The plywood problem has been addressed decisively, if painfully, through right-sizing. The unbundling of agriculture removes a loss-making distraction, and asset sales are explicitly tied to debt reduction. The board, with A2 and the IDC represented, is aligned around capital discipline rather than empire-building.
The risks, however, are material and near-term. On an operating basis, the business does not cover its interest bill. Covenant headroom required relief, and FMO capital repayments begin in June 2027. Reported profits remain hostage to valuation assumptions, and the company has a history of restatements. Leadership depth is thin, with the CEO also serving as interim CFO.
At 0.29x NAV and about 9.4x EV/EBITDA, the market is pricing a high probability that the plantation value will never be fully realised through processing. We view York as a high-risk, catalyst-dependent special situation rather than a quality compounder. The equity case rests on delivery against three measurable milestones over the next 12 months: completion of the unbundling, net debt below roughly R515 million, and two consecutive halves of positive Processing EBITDA. Failure on the debt milestone ahead of the June 2027 amortisation start would materially weaken the thesis.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Born / age (Oct 2026) | Appointed | Qualifications | Background |
|---|---|---|---|---|---|
Nonzukiso Siyotula | Chairperson, independent NED | 1984 / 42 | 21 Jun 2022 | BAccSci (Wits), MBA (GIBS), CA(SA) | NED at Bidvest Group, Toyota Financial Services SA, African Bank, Ogilvy & Mather, Conduit Capital |
Maxwell (KM) Nyanteh | Lead independent NED | 1978 / 48 | 14 Feb 2019 | BCom Acc (Hons) UCT, CTA, CA(SA) | Identity Capital Partners; formerly Standard Bank leveraged finance dealmaker |
Andries (AW) Brink | Independent NED | 1958 / 68 | 14 Feb 2019 | BCom Acc (Pretoria), Hons (Unisa), CTA, CA(SA) | 30+ years audit at PwC to 2018; PwC Africa Governance Board; leader of Africa Private Company Services |
Lindani Dhlamini | Independent NED; Chair, Risk and Opportunity Committee | 1973 / 53 | 21 Sep 2021 | BSc CompSci, BCom, PGDA (UCT), MBA (Liverpool), CA(SA) | Co-founder SkX Protiviti; ex-boards of Mustek, Afrocentric, Old Mutual Alternative Solutions, OMIG SA, IDC |
Hetisani (HM) Mbanyele-Ntshinga | Independent NED; Chair, Social and Ethics Committee | 1980 / 46 | 14 Feb 2019 | ND Animal Production, BTech HRM, PDBA, MBA candidate (Wits) | Built Yarona Farms; senior roles at Eskom, National Treasury, National Empowerment Fund, Afgri |
Alton (AJ) Solomons | Non-executive (not independent) | 1975 / 51 | 17 Jul 2022 | BAcc (Stellenbosch), CA(SA), CFA | Head of Growth Catalyst and Listed Equities, Industrial Development Corporation (20.07% shareholder); ex-CEO Sanlam Private Equity (2012–2019) |
André van der Veen | Non-executive (not independent) | 1971 / 55 | 11 Nov 2021 | BCompt/CA, CGMA, CFA | Partner, A2 Investment Partners; ex-CEO Johnnic Holdings, KWV, Niveus, E-Media; Chairman Alphawave; director Novus Holdings |
Adrian Zetler | Non-executive (not independent) | 1981 / 45 | 1 Sep 2021 (reappointed 15 Jul 2022) | CA(SA), CFA | Partner, A2 Investment Partners; 12 years at Coronation Fund Managers (co-managed Houseview and Industrial Fund); PwC UK valuations |
Schalk (PS) Barnard | CEO and interim CFO, executive director | 1974 / 52 | CFO 1 May 2023; interim CEO 1 Apr 2026; CEO 1 Sep 2026 | BCom Acc (Hons) Unisa, CTA (UCT), CA(SA); Harvard Business School executive diplomas | EY Growth Markets leader for Oceania (15 years in Australia); EY Africa business development and EUR leader; PwC assurance partner 2019–2023 |
Gabriël (GCD) Stoltz | Former CEO (resigned 31 Mar 2026) | 1978 / 48 | CFO 1 Dec 2017; interim CEO Jul 2021; CEO 1 Jul 2022 | BCom Acc (Hons), CTA (Pretoria), CA(SA) | About 20 years at York; corporate and processing financial manager |
Governance Detail
| Role | Incumbent | Notes |
|---|---|---|
CEO and interim CFO | Schalk Barnard | Dual role until a permanent CFO is appointed; recruitment under way (SENS 21 Aug 2026) |
CFO | Vacant (permanent) | Search in progress |
Group Fibre Supply Manager | Name not disclosed | New appointment (Annual Report 2026, risk 03) |
Chief Audit Executive | Name not disclosed | Internal audit brought in-house in FY2026 |
Group Risk and Compliance Officer | Name not disclosed | Attends Risk and Opportunity Committee |
Major Shareholders
| Rank | Shareholder | Shares | % of issued |
|---|---|---|---|
| 1 | Peregrine Group | 95,787,051 | 20.20 |
| 2 | Industrial Development Corporation of South Africa | 95,136,513 | 20.07 |
| 3 | A Zetler and A van der Veen (A2 Investment Partners) | 67,322,021 | 14.20 |
| 4 | Bridge Creek Trading 10 (Pty) Ltd | 29,356,410 | 6.19 |
| 5 | Rozendal Partners | 24,169,891 | 5.10 |
| 6 | Long View Asset Management | 21,000,000 | 4.43 |
| 7 | Coronation Fund Managers | 17,349,300 | 3.66 |
| 8 | SBG Securities | 16,150,904 | 3.41 |
| — | Total above 3% | 366,272,090 | 77.26 |
Competitive Landscape
Key Competitors
| Competitor | Segment overlap | Ownership | Revenue (latest) | Relative positioning |
|---|---|---|---|---|
Sappi Southern Africa (Sappi Ltd) | Plantations, log markets (buyer and seller), land (sold York the outlier plantation 2019 and Pine-Valley 2024) | JSE/NYSE-listed | Group sales US$5,420 m, FY2025 to Sept 2025 (SENS) | Pulp-focused giant; competes for land and logs rather than lumber |
Mondi (South African forestry operations) | Plantations and log markets | LSE/JSE-listed (Mondi plc) | — | Pulp and packaging-oriented |
MTO Group | Sawn lumber, plantations | Private | — | Major integrated sawmiller (Western Cape and Mpumalanga) |
Hans Merensky Holdings / Merensky Timber | Pine and eucalyptus sawn timber, poles | Private | — | Integrated competitor in Mpumalanga and Limpopo; direct lumber overlap |
SAFCOL / Komatiland Forests | Plantations, sawlog supply, sawmilling | State-owned | — | Simultaneously key log supplier to York and competitor |
Stevens Lumber Mills | Sawn lumber, plantations | Private | — | Regional sawmiller (seller of Schultz farms) |
PG Bison (KAP Ltd subsidiary) | Panels (particleboard, MDF) competing with plywood in some applications | JSE-listed parent (KAP) | — | Leading SA panel producer |
Sonae Arauco South Africa | Panels | Private (Sonae/Arauco JV) | — | Panel substitute competitor |
NCT Forestry Co-operative | Log supply and marketing | Co-operative | — | Smallgrower log aggregator; competes in log sales |
Imported plywood (e.g. Brazil, Asia) | Plywood | Various | — | Price-led, often uncertified; stronger rand improves import parity (Annual Report 2026, Risk Committee report) |
Smaller independent sawmills (Mpumalanga, KZN, Eastern and Western Cape) | Lumber | Private | — | Fragmented tail; dependent on purchased logs |
“—” = not publicly disclosed.
Peer Comparison FY2026
| Metric | York (FY2026, ZAR) | Sappi (FY2025, USD) |
|---|---|---|
Revenue | R1,876.1 m | US$5,420 m |
Revenue growth | −2.3% | −0.7% |
EBITDA margin | 8.6% (pre-fair value) | 8.8% (EBITDA excl. special items US$479 m / sales) |
Net debt / EBITDA | 3.5x | 4.0x (net debt US$1,920 m / US$479 m) |
Dividend | — | FY2025 dividend suspended |
Recent Developments
A Business Report article dated 31 March 2025 headlines "six months to December 31, 2025". Its figures (revenue R1.04 bn, EBITDA R84.3 m, HEPS 14.31c) match H1 FY2025 (to December 2024), so the headline date is an error.
