Slide 1: Year-end report presentation 2025
Year-end report presentation 2025 Henrik Sjölund, CEO Stefan Loréhn, CFO January 30th, 2026
Slide 2: Challenging market conditions
Group Challenging market conditions 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 3 000 400 807 714 716 737 739 4 755 2 000 4 061 3 721 3 270 200 2 479 1 000 0 0 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 20 21 22 23
Slide 3: ROCE in our industry at 15 percent
Group ROCE in our industry at 15 percent % 60 50 40 30 20 10 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Industry's return on capital employed* Average return on capital employed, industry* 3 *Excl. items affecting comparability.
Slide 4: The Board proposes dividend of SEK 9.5 (9.0)
Group The Board proposes dividend of SEK 9.5 (9.0) SEK per share SEK 40 35 30 25 20 35.0 15 8.0 23.0 10 20.2 3.0 3.0 3.5 4.0 18.0 18.5 13.9 12.2 5 10.8 9.0 9.5 6.75 7.25 7.5 8.0 8.5 3.5 0 18 19 20 21 22 23 24 25 Earnings* Dividend Extra dividend 4 *Excl. items affecting comparability.
Slide 5: SEK 3.5 bn in dividend and buybacks 2025
Group SEK 3.5 bn in dividend and buybacks 2025 SEK 13 bn in total during 2021-2025 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 20 21 22 23 24 25 26* 20 21 22 23 24 25 Acquisitions Capital expenditure Buy-back of own shares Dividend Cashflow be
Slide 6: Forest
Forest 1.3 million ha total land area 1.0 million ha productive forest land
Slide 7: Declining pulpwood prices
Forest Declining pulpwood prices Sawlog prices largely unchanged 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 7
Slide 8: Heavy storm in mid Sweden
Forest Heavy storm in mid Sweden Limited effects on Holmen • 10 million m3 in total • ~300 000 m3 in Holmen’s forests • Limited effect on the result 2026 • Increased local supply 8
Slide 9: Write down of felling rights 160 MSEK
Forest Write down of felling rights 160 MSEK Strong underlying result SEKm SEKm 600 2 500 500 2 000 400 1 500 300 522 519 538 490 482 487 1 000 1 947 1 948 452 200 384 403 1 495 1 523 1 367 1 401 500 100 0 0 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 20 21 22 23 24 25 Operating profit Ope
Slide 10: 1.3 million hectares of land
Forest 1.3 million hectares of land 4 000 properties Holmen Holmen No of Average size, properties ha Västerbotten 1 377 270 Västernorrland 620 441 Jämtland 357 409 Gävleborg 1 435 115 Uppsala and southwards 502 182 Total 4 291 244 Holmen forest holdings 10
Slide 11: Valuation based on market transactions
Forest Valuation based on market transactions Holmen Holmen Market No of Market No of Average size, transactions Average size, properties ha (3 years) ha Västerbotten 1 377 270 337 101 Västernorrland 620 441 110 75 Jämtland 357 409 202 149 Gävleborg 1 435 115 108 78 Uppsala and southwards 502 182 21
Slide 12: 4.3% annual increase in Sweden
Forest 4.3% annual increase in Sweden >2 times CPI (2.0%) SEK/m 3sob 700 600 500 400 300 200 100 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Price development of forest properties, Sweden 12 Source: Ludvig & Co
Slide 13: Wood prices currently outpacing property prices
Forest Wood prices currently outpacing property prices SEK/m3sob SEK/m3sub 900 900 800 800 700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Price development of forest properties, Swed
Slide 14: Forest value -2% to SEK 57 bn
Forest Forest value -2% to SEK 57 bn External reference valuation on par with Holmen (+8% if size premium included) Holmen's forest value SEKbn 70 60 50 40 30 20 10 0 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 2019 2020 2021 2022 2023 2024 2025 Västerbotten Västernorrland Jämtland Gävleborg Up
Slide 15: Renewable Energy
Renewable Energy 2.2 TWh per year
Slide 16: Seasonally higher prices
Renewable Energy Seasonally higher prices Energy prices EUR/MWh 250 200 150 100 50 0 2019 2020 2021 2022 2023 2024 2025 South Sweden (SE3) North Sweden (SE2) Germany 16 Source: Macrobond
Slide 17: Seasonally higher prices
Renewable Energy Seasonally higher prices 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 17 Source: Macrobond
Slide 18: Producing at a premium to market price
Renewable Energy Producing at a premium to market price Windpower production curtailed SEK/MWh 1 600 1 400 1 200 1 000 800 600 400 200 0 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Holmen Renewable Energy North Sweden (SE2)
Slide 19: Prices increased from low levels
Renewable Energy Prices increased from low levels 25 EUR/MWh in northern Sweden SEKm % SEKm % 400 100 1 250 25 300 75 1 000 20 200 50 750 15 100 213 208 25 500 1 006 10 29 697 59 10 41 0 0 250 5 -12 -18 347 -33 215 265 18 -100 -25 0 0 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 20 21 22 23
Slide 20: Wood Products
Wood Products 1.5 million m3 per year
Slide 21: Weak construction market
Wood Products Weak construction market Thousands of USA Germany units Units 6 000 100 000 5 500 80 000 5 000 60 000 4 500 4 000 40 000 3 500 20 000 3 000 2 500 0 Q3-18 Q1-17 Q3-17 Q1-18 Q1-19 Q3-19 Q1-20 Q3-20 Q1-21 Q3-21 Q1-22 Q3-22 Q1-23 Q3-23 Q1-24 Q3-24 Q1-25 Q3-25 Q1-20 Q1-24 Q1-17 Q3-17 Q1-18
Slide 22: Lower production to balance demand
Wood Products Lower production to balance demand 22
Slide 23: Still high production in Swedish sawmills
Wood Products Still high production in Swedish sawmills 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 North South 23 Source: Swedish Forest Industries.
Slide 24: Prices decreased in Q4
Wood Products Prices decreased in Q4 Export price index Sweden US futures price Index (1 month lag) Index (1 month forward) 600 600 500 500 400 400 300 300 200 200 100 100 0 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 24 Source: Swedish Forest Ind
Slide 25: Lower selling prices & still high wood costs
Wood Products Lower selling prices & still high wood costs SEKm % SEKm % 60 15 2 000 100 40 10 20 47 5 1 500 75 1 20 0 0 0 -18 1 000 50 -26 -20 -5 -40 -10 1 668 1 237 -89 -91 500 25 -60 -111 -15 185 6 2 -80 -20 0 0 -100 -25 -182 -120 -30 -500 -25 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Slide 26: Board and Paper
Board and Paper 1.5 million tonnes per year
Slide 27: Cautious consumers
Board and Paper Cautious consumers 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 16 17 18 19 20 21 22 23 24 25 FBB Pulp NBSK** **Adjusted for rebates 27 Source: CEPI and Fastmarkets RISI
Slide 28: Demand development still a challenge
Board and Paper Demand development still a challenge 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 M12* 15 16 17 18 19 20 21 22 23 24 25 Uncoated magazine & book Coated magazine Newsprint Uncoated magazine Pu
Slide 29: High result
Board and Paper High result Despite weak market conditions and high wood cost 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 1 697 125 260 241 5 500 886 10 743 0 0 0 0 Q4-23 Q1-24 Q2-24 Q3-
Slide 30: Extracting value from the land
Extracting value from the land 30
Slide 31: Growing a sustainable future
Growing a sustainable future
Slide 32: holmen.com
HOLMEN holmen.com