Slide 1: Interim report presentation January-June 2026
Interim report presentation January-June 2026 Henrik Sjölund, CEO Stefan Loréhn, CFO August 20th, 2026
Slide 2: Solid result
Group Solid result Given 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 7 262 983 988 3 000 400 807 827 716 737 739 689 4 755 2 000 4 061 3 721 3 270 2 992 200 1 000 0 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-2
Slide 3: SEK 2,5 bn in dividend and buybacks H1 2026
Group SEK 2,5 bn in dividend and buybacks H1 2026 SEK 16 bn in total during 2021-2026 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 Jun-26 Capital expenditure Buy-back of own shares Dividend Cashflow before cap
Slide 4: Forest
Forest 1.3 million ha total land area 1.0 million ha productive forest land
Slide 5: Declining wood prices
Declining wood prices With large geographical differences Storm affected area Rest of Sweden Sawlog prices Pulpwood prices Supply High Low 5
Slide 6: Storm affects local supply
Forest Storm affects local supply • 10 million m3 in total • ~0.5 million m3 in Holmen’s forests • Relocation of harvesting resources – Less harvesting on own forest 2026-2027 • Higher harvesting costs • Limited effect on the result 2026 6
Slide 7: Lower prices and effects from the storm
Forest Lower prices and effects from the storm SEKm SEKm 600 2 500 500 2 000 400 1 500 300 522 519 538 511 490 482 487 1 000 1 947 1 948 460 1 913 200 403 1 495 1 523 1 401 500 100 0 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 21 22 23 24 25 M12* Operating profit Operating profit 7 *Q3-2
Slide 8: Renewable Energy
Renewable Energy 2 TWh per year
Slide 9: Electricity prices declined from high levels
Renewable Energy Electricity prices declined from high levels 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: 2 TWh annual production
Renewable Energy 2 TWh annual production EBITDA 330 SEK/MWh average 2019-2026 EBITDA, SEK/MWh SEK/MWh 800 700 600 500 400 300 200 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 19 20 21 22 23 24 25 26 EBITDA, R12 Average 2019-2026 Q2 10
Slide 11: Europe's energy system in transition
Renewable Energy Electricity price Europe's energy (EUR/MWh) Low price system in transition Middle price High price Average price per hour EUR/MWh Apr-Jun 200 180 160 140 120 100 80 60 40 20 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Germany South Sweden (SE3) North Sweden (SE2
Slide 12: Strong Q2 performance
Renewable Energy Strong Q2 performance Despite production curtailments SEKm % SEKm % 400 100 1 250 25 300 75 1 000 20 281 200 50 750 15 100 25 500 1 006 10 41 59 10 74 697 29 0 0 250 5 -12 -18 347 377 -33 265 18 -100 -25 0 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 21 22 23 24 25 M12* O
Slide 13: Wood Products
Wood Products 1.5 million m3 per year
Slide 14: 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 Permits Construction starts Building permits, Buildings Building permits, Dwellings 14 Source: U.S. Census Bureau and Statistisch
Slide 15: Lower production balancing demand
Wood Products Lower production balancing demand 15
Slide 16: 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 16 *Rolling 12 months Source: Swedish Forest Industries.
Slide 17: Stable prices
Wood Products Stable prices Export price index Sweden US spot price Index Index 600 600 500 500 400 400 300 300 200 200 100 100 0 0 17 Source: Swedish Forest Industries and Macrobond
Slide 18: Seasonally better sales mix
Wood Products Seasonally better sales mix Lower 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 -20 -5 -55 -40 -10 1 668 1 237 -91 -91 500 25 -60 -111 -15 6 2 -80 -20 0 0 -100 -25 -348 -182 -120 -30 -500 -25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-2
Slide 19: Board and Paper
Board and Paper 1.5 million tonnes per year
Slide 20: 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** *July-2025 – June-2026 20 **Adjusted for rebates Source: CE
Slide 21: Continuously lower demand
Board and Paper Continuously 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* *Adj
Slide 22: Higher deliveries
Board and Paper Higher deliveries Lower wood costs 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 2 730 438 454 358 356 1 000 20 1 702 1 697 125 241 254 5 1 232 168 500 10 743 0 0 0 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-2
Slide 23: Extracting value from the land
Extracting value from the land 23
Slide 24: Growing a sustainable future
Growing a sustainable future
Slide 25: holmen.com
HOLMEN holmen.com