Finnish Forest Investment Return at −5.9% in September 2026

Finnish private forest investments returned −5.9% over the twelve months ending in September 2026, according to Indufor’s Forest Investment Return Index. The monthly return was −2.8%, driven primarily by declining forest land and timber prices compared with August. Despite the monthly decline, the year-to-date return remained positive at 1.1%. Annualized returns over three -year holding period stood at 5.0%.

Timber prices decreased across all timber assortments apart from spruce sawlogs compared with August, affecting the return negatively. Pulpwood prices fell by 0.9% during September and stand 9.7% below their level a year earlier. Sawlog prices were more stable, declining by 0.2% during the month while remaining 0.3% above their September 2025 level.

The decline in forest land prices also contributed to the return negatively. Average forest property prices declined by 7.4% compared to last month, and 9.5% compared to last year.  Timber prices have eased from their June 2025 peaks, while Euribor rates have risen, suggesting further downward pressure on forest land values.

Indufor’s Forest Investment Return Index measures returns on private forest investments, covering over 600 000 forest owners in Finland. The data includes timber prices, standing timber volumes, harvests, biological growth, forest management costs and forest land prices, combining publicly available sources with Indufor Data & Technology’s proprietary data. The calculations are based on the Montgomery–Vartia index methodology, which enables the total return to be decomposed into its underlying components consistently.