Hello,
Czech state forests cut less wood in the first half of 2026. They still earned more.
Price did most of the work. Prices rose next door too.
Here's what's moving European forestry this week:
One question for you
What's the one forest-market question your team must answer before 2027 budgets close?
Hit reply with one line. I read every answer and never name who asked.
Want the answer for your own business? Add "briefing" to your reply, and I'll send a one-page outline.
🔍 The Big Story
Czech state forests cut 8% less wood. Pre-tax profit rose 23%.
What happened
Lesy České republiky (Lesy ČR) is the Czech state forest company. It manages nearly half of the country's forests. On 30 September, ČTK reported its first-half results. ČTK is the Czech news agency. The harvest fell 8%, to 3.92 million m³. Revenue from its own products and services rose 7%, to CZK 8.9 billion. Pre-tax profit rose 23%, to CZK 3.95 billion.
Spokeswoman Eva Jouklová gave the reason. Revenue and pre-tax profit were "influenced mainly by the favourable trend in timber prices across all sales channels" (my translation).
The price behind it
ČTK added national data from the Czech Statistical Office. This covers spruce sawlogs, grades A and B, sold by forest owners. Their price rose by a fifth year on year. It reached CZK 3,180 per m³ in the first half. This is a national figure. It is not Lesy ČR's own selling price.
One step down the chain
Germany shows the same direction for sawn wood. On 18 September, Destatis published producer prices for August. Destatis is Germany's statistics office. Softwood lumber cost 8.2% more than a year earlier. Hardwood lumber cost 2.2% more.
In #127, I reported Tirol's spruce sawlogs at €125.15 per m³ in September. A year earlier, they were €117.82.
Why this matters
Wood income is volume times price. Lesy ČR's volume went down. Its revenue went up. So price did most of the work this half-year, the company says.
For owners selling spruce sawlogs, the national price is a good signal. For log buyers, it is the same price seen from the other side.
My read, and it is a read rather than a finding: German lumber prices rose too. So part of the log price may be moving down the chain. The data fit that idea. They do not prove it.
What this means for you
If you own forest: a smaller harvest can still pay more. Track your price per m³, not only your volume.
If you buy logs: check your contracts against the latest national price. Your sellers will.
If you invest: split any profit headline into volume and price. Then decide if it is a trend.
If you speak for forestry: expect "Profit up, harvest down?" The honest answer: the price moved.
The useful part
Lesy ČR earned more on less wood in the first half. That is the market paying for wood. The question for the second half is simple. Does price keep doing the work? Sources: ČTK, 30 September 2026 | Destatis, press release 328, 18 September 2026 | prior ForestryBrief coverage: EFP #127
📊 Quick Hits
1. 🇩🇪 Germany's cabinet approved its EUDR rule, AGDW reports. The law is on Thursday's agenda.
On 7 October, the federal cabinet approved Germany's EUDR administrative rule. That is how AGDW, the German forest owners' umbrella body, reports it. I have not yet seen the ministry's own release.
In #126, I said the relief details were written in pencil. An administrative rule tells authorities how to apply a law. It is not a law passed by parliament.
The law itself is bill 21/8278. Its first reading is on the agenda for Thursday's sitting, with 20 minutes of debate. The planned slot is late: 02:45 on Friday morning. The same bill also brings in parts of the EU directive on environmental crime. The proposal is to send it to the agriculture committee. The environment and budget committees are also listed.
AGDW president Prof. Andreas Bitter backed the same ask as the Bundesrat. The relief for forest owners "should be anchored in the EUDR implementing law … not only in an administrative rule" (my translation). AGDW also wants penalties limited to what EU law provides.
Why it matters: The pencil version now has cabinet approval. AGDW wants ink, as the Bundesrat did.
The takeaway: Own forest in Germany? Ask your association what the rule means for you. Do it before the EUDR applies to timber operators on 30 December. Source: AGDW, 7 October 2026 | Bundestag agenda, week 41 | Bundestag running order, 8 October | Bundestag bill 21/8278 | prior ForestryBrief coverage: EFP #126
2. 🇸🇪 Sweden now has national maps of forest age and site index.
On 5 October, SLU, the Swedish University of Agricultural Sciences, announced the maps. Site index shows how well trees can grow on a site. The maps are openly available through Skogsstyrelsen, the Swedish Forest Agency.
SLU researcher Mats Nilsson led the development of the models, with Alex Appiah Mensah. They combined two national laser scans from Lantmäteriet with National Forest Inventory field plots. Lantmäteriet is Sweden's mapping agency.
SLU names the limits itself. The age map "fits well for forest up to about 80 years" (my translation). In older forest, it underestimates age. It should not be used to calculate areas. Age maps cover five tree-species types. Site index covers pine and spruce. Users add species data from a forest plan or another source.
The context: #127's Big Story turned on productive forest land. SLU says site index is also used to separate productive from unproductive land.
Why it matters: Age and growth potential now come from one public, national source. Owners, buyers and planners can all check the same map.
The takeaway: Own forest in Sweden? Compare the map's ages with your forest plan. Where they differ, ask why. Source: SLU, 5 October 2026
3. 🇪🇺 The EU review of UPM and Sappi's paper venture got more time. A decision is now due on 9 December.
On 6 October, a European Commission spokesperson confirmed a new deadline, Reuters reports. It was "extended by 20 working days following a request from the notifying party." The new date is 9 December. The old one was 11 November.
The Commission repeated its concerns in a "letter of facts", Reuters reports. Its worry is competition in communication paper. That is paper for printed materials such as magazines and books.
Reuters reports the companies said they plan remedies, but no divestments. A remedy is a change offered to win approval. A divestment means selling a mill or business.
Sappi said in a statement, BusinessDay reports, that the two "continue to engage constructively with the commission and are preparing a response."
Why it matters: The decision shapes the future of graphic paper mills that buy wood.
The takeaway: Selling pulpwood or chips to either company's paper mills? Move 9 December into your calendar. Source: Reuters via Global Banking & Finance Review, 6 October 2026 | BusinessDay, 5 October 2026 | European Commission, opening of the in-depth investigation
📅 The Weeks Ahead
October: EUDR Information System training. Upstream operators: 13 and 22 October, 14:00 CEST. Micro and small primary operators: 8 and 15 October, 14:00 CEST, and 27 October, 14:00 CET. Register here
Thu 8 October: Bundestag first reading of the German EUDR implementing bill, planned for 02:45 on Friday morning. See Quick Hit 1 | 19th European Congress EBH — Cologne | RFSI Forum — Denver
Until Fri 9 October: Article 6.4 Supervisory Body, 23rd meeting — Bonn
Mon 12 October: ATIBT call for service providers closes, 17:00 (EU-funded, Congo domestic timber)
Tue–Wed 13–14 October: CIFB London: Corporate Investments into Forestry & Biodiversity — London
Tue 13 October: Timber in Construction 101: Onsite Excellence — Timber Development UK, online
Wed 14 October: Verra expands its project review prioritization pilot
Thu 15 October: Metsä Group owner-member campaign closes (one-year pulpwood price guarantee)
Thu–Sun 15–18 October: INTERFORST 2026 — Munich
Mon 19 October: SLU and Skogsstyrelsen webinar on the new forest age and site index maps. See Quick Hit 2
Mon–Fri 19–30 October: COP17 Biodiversity — Yerevan, Armenia
Tue–Wed 20–21 October: Global Bioeconomy Summit 2026 — Dublin
Thu 22 October: US Softwood Lumber Board rule takes effect for net-size lumber imports. See #125 | UK Forestry Statistics 2026 (Forest Research)
Fri 23 October: SCA third-quarter report
Wed–Thu 28–29 October: International Softwood Conference — Malahide, Dublin
Fri 30 October: Stora Enso third-quarter report
Tue 3 November: Bergslagets Skogar Capital Markets Day — Stockholm
Wed 4 November: TDUK Global Market Conference — London
Thu–Fri 5–6 November: 🌳 11th International Hardwood Conference — Antwerp
Mon–Thu 9–12 November: ITTC 62 — Yokohama (ITTO)
Tue 10 November: BiodivFuture pre-proposals due, 12:00 CET (Biodiversa+)
Wed–Thu 11–12 November: Puupäivä — Helsinki (Puuinfo)
Wed 25 November: Forest Bioeconomy Investment Accelerator (FBIA) 2026 final event — EIB, Brussels (by invitation)
Fri 27 November: Timber and Circular Economy CPD — online and free (PEFC via TDUK)
Mon 30 November: Södra's temporary birch premium window closes. See #126
Tue 1 December: SMURF Carbon Standard consultation closes, 17:00 CET
Wed 2 December: FOREST Partnership first joint call: pre-proposals due, 13:00 CET (up to €40 million)
Wed 9 December: 📌 European Commission deadline for a decision on the UPM/Sappi joint venture (Case M.12270). See Quick Hit 3
Wed 30 December: EUDR applies to large and medium operators, and to micro and small operators already covered by the EU Timber Regulation
Wed 30 June 2027: EUDR applies to the remaining micro and small operators
💡 One Thing to Try This Week
Split your wood income into volume and price.
Lesy ČR's half-year shows why. Volume and price can move in opposite directions. Find out which one moved for you.
Take your wood sales for the last two years.
Write down the cubic metres sold and the money received for each year.
Divide money by cubic metres. That is your average price per m³. Do it per species and grade if you can.
Compare the two years. Did volume or price move more?
If price moved more, check your next contract against the latest national price.
A professional buyer probably does this sum before talking to you. Do it first.
📖 The Forestry Communication Playbook
"So they cut less and made more? Then why cut at all?"
You may hear it after headlines like this week's. From a neighbour, a council member, or a reporter. The honest answer is short. Harvests follow a plan. Prices follow the market. In a good price year, both show up in the same report.
Saying that calmly, in one breath, takes practice.
Part 1 covers the questions that arrive without warning.
📗 The Forest-Investment Dictionary
Revenue is volume times price. Know which one moved.
A rising profit on a falling harvest is a price story. A rising profit on a rising harvest is a volume story. They carry different risks. Value them differently.
I wrote the Forest-Investment Dictionary with Danish forest economist Anders Tærø Nielsen. It has 151 pages, 11 chapters, 14 printable tools, and 3 calculators. Investors learn to read a forest. Foresters learn to read a term sheet.
When the market turns, the people who can read the numbers make the better calls. The price is €99. Get yours below.
📘 The Organization — Playbook Part 3
Good results need explaining too.
"Profit up, harvest down" sounds odd to people outside forestry. Someone has to explain it to staff, members and the press. Part 3 is about who in your organisation does that. And whether they have the time.
I wrote The Organization, Part 3 of the Playbook. It has 165 pages, 10 chapters, 10 printable tools, and a survey. It shows what it takes to be heard, and who does the work.
Almost nobody in European forestry publishes what communication costs. The survey inside starts the count. The price is €149. Get yours below.
🤝 ForestryBriefing
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Until Tomorrow!
Wish you all the best: Peter
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