“…Nevertheless, these FMOs might operate temporarily at a loss or break-even due to unfavourable economic and socio-political conditions or ecological calamities, resulting in higher investment costs. However, it should be noted that for-profit FMOs, while primarily profit-oriented, can and often do contribute non-marketable outputs through positive externalities (Malkamäki et al 2018, Kainyande et al 2022), legal requirements (Ingram et al 2016), or efforts to improve their public image (Degnet et al 2018). In contrast, not-for-profit FMOs primarily aim to maximise outputs to ensure the subsistence use of forest products (Hoch et al 2009), create safety nets or savings from standing timber (Chambers and Leach 1989), provide management services to forest owners (Lawrence et al 2020, Hintz et al 2021), or generate ecosystem services (Cubbage et al 2007) without the need for maximising profit.…”