Holmen Ab Class A · OMXSTO:HOLM_A
Holmen Ab Class A — Q1 2026 Earnings Presentation
23 slides from Holmen Ab Class A's earnings presentation, Apr 28, 2026
Slide 1: Interim report presentation January-March 2026
Interim report presentation January-March 2026 Henrik Sjölund, CEO Stefan Loréhn, CFO April 28th, 2026
Slide 2: Energy support strong performance
Group Energy support strong performance But challenging market conditions for the industry Operating profit Operating profit* SEKm SEKm 1 200 8 000 7 000 1 000 6 000 800 5 000 600 4 000 1 078 7 262 944 983 988 3 000 400 807 827 716 737 739 4 755 2 000 4 061 3 721 3 270 3 109 200 1 000 0 0 Q1-24 Q2-2
Slide 3: SEK 1.5 bn dividend paid in April
Group SEK 1.5 bn dividend paid in April Net debt 10% of equity after dividend Cash flow Debt/equity ratio SEKm % 8 000 25 7 000 20 6 000 5 000 15 4 000 3 000 10 2 000 5 1 000 0 0 21 22 23 24 25 M12* 21 22 23 24 25 Mar-26 Capital expenditure Buy-back of own shares Dividend Cashflow before capex and W
Slide 4: Forest
Forest 1.3 million ha total land area 1.0 million ha productive forest land
Slide 5: Declining pulpwood prices
Forest Declining pulpwood prices Sawlog prices also starting to decline Wood cost at mill gate Index (Holmen average) 220 200 180 160 140 120 100 80 60 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Saw logs Pulpwood 5
Slide 6: Storm affects local supply
Forest Storm affects local supply • 10 million m3 in total • ~300 000 m3 in Holmen’s forests • Relocation of harvesting resources – Less harvesting on own forest 2026 • Higher harvesting costs • Limited effect on the result 2026 6
Slide 7: Solid performance
Forest Solid performance SEKm SEKm 600 2 500 500 2 000 400 1 500 300 522 519 538 511 490 482 487 1 000 1 947 1 948 1 972 452 200 403 1 495 1 523 1 401 500 100 0 0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 21 22 23 24 25 M12* Operating profit Operating profit 7 *Q2-25 – Q1-26.
Slide 8: Renewable Energy
Renewable Energy 2.2 TWh per year
Slide 9: High prices
Renewable Energy High prices Cold weather and low wind power production Energy prices EUR/MWh 250 200 150 100 50 0 2019 2020 2021 2022 2023 2024 2025 2026 South Sweden (SE3) North Sweden (SE2) Germany 9 Source: Macrobond
Slide 10: High prices and high result
Renewable Energy High prices and high result Ramp up of Blisterliden wind farm SEKm % SEKm % 400 100 1 250 25 300 75 1 000 20 200 50 750 15 281 100 208 25 500 1 006 10 29 697 59 10 41 0 0 250 5 -12 -18 347 -33 265 270 18 -100 -25 0 0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 21 22 23 24
Slide 11: Wood Products
Wood Products 1.5 million m3 per year
Slide 12: Weak construction market
Wood Products Weak construction market Number of units USA Number of units Germany (thousands) (thousands) 6 000 120 5 500 100 5 000 80 4 500 60 4 000 40 3 500 20 3 000 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Permits Construction starts B
Slide 13: Lower production balancing demand
Wood Products Lower production balancing demand 13
Slide 14: Lower production in Swedish sawmills
Wood Products Lower production in Swedish sawmills Production, Swedish sawn softwood* thousand m 3 8 500 8 000 7 500 7 000 6 500 6 000 5 500 5 000 4 500 4 000 3 500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 North South 14 *Rolling 12 months Source: Swedish Forest Industries.
Slide 15: Unchanged prices in Q1
Wood Products Unchanged prices in Q1 Export price index Sweden US spot price Index Index 600 600 500 500 400 400 300 300 200 200 100 100 0 0 15 Source: Swedish Forest Industries and Macrobond
Slide 16: Tough market and high wood costs
Wood Products Tough market and high wood costs SEKm % SEKm % 60 15 2 000 100 40 10 47 1 500 75 20 5 20 0 0 0 -18 1 1 000 50 -26 -20 -5 -40 -10 1 668 1 237 -91 -91 500 25 -60 -111 -15 -80 -20 6 2 0 0 -100 -25 -273 -182 -120 -30 -500 -25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 21 22 23 2
Slide 17: Board and Paper
Board and Paper 1.5 million tonnes per year
Slide 18: Consumers still cautious
Board and Paper Consumers still cautious European SBB and FBB demand Prices kton Index 3 000 180 160 2 500 140 2 000 120 100 1 500 80 1 000 60 40 500 20 0 0 16 17 18 19 20 21 22 23 24 25 M12* 16 17 18 19 20 21 22 23 24 25 26 FBB Pulp NBSK** *Apr-2025 – Mar 2026 18 **Adjusted for rebates Source: CEPI
Slide 19: Slightly lower demand
Board and Paper Slightly lower demand Printing paper demand WE Prices kton Index 14 000 250 12 000 200 10 000 150 8 000 6 000 100 4 000 50 2 000 0 0 16 17 18 19 20 21 22 23 24 25 16 17 18 19 20 21 22 23 24 25 26 Uncoated magazine & book Coated magazine Newsprint Uncoated magazine Pulp NBSK* *Adjuste
Slide 20: Weaker result
Board and Paper Weaker result Tough market conditions and less favourable energy position SEKm % SEKm % 750 30 4 000 80 3 500 70 625 25 3 000 60 500 20 2 500 50 375 15 2 000 40 3 796 653 1 500 30 250 528 10 2 730 438 454 370 358 356 1 000 20 1 702 1 697 125 241 5 1 337 168 500 10 743 0 0 0 0 Q1-24 Q
Slide 21: Extracting value from the land
Extracting value from the land 21
Slide 22: Growing a sustainable future
Growing a sustainable future
Slide 23: holmen.com
holmen.com