Slide 1: Interim report presentation January-September 2025
Interim report presentation January-September 2025 Henrik Sjölund, CEO Stefan Loréhn, CFO October 23rd, 2025
Slide 2: Challenging market conditions
Group Challenging market conditions Operating profit Operating profit* SEKm SEKm 1 400 8 000 1 200 7 000 6 000 1 000 5 000 800 4 000 600 7 262 1 166 1 078 3 000 944 983 988 400 807 4 755 714 716 737 2 000 4 061 3 721 3 247 200 2 479 1 000 0 0 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 20
Slide 3: 15 percent ROCE in our industry YTD
Group 15 percent ROCE in our industry YTD % 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. **YTD.
Slide 4: SEK 3.2 bn in dividend and buybacks Jan-Sep
Group SEK 3.2 bn in dividend and buybacks Jan-Sep SEK 13 bn in total during last 5 years 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 M12* 20 21 22 23 24 Sep-25 Acquisitions Capital expenditure Buy-back of own shares Dividend Cas
Slide 5: Forest
Forest 1.3 million ha total land area 1.0 million ha productive forest land
Slide 6: Pulpwood prices start to decline
Forest Pulpwood prices start to decline Sawlogs not yet declining – mix affect wood cost Wood cost at mill gate Index (Holmen average) 240 220 200 180 160 140 120 100 80 60 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Saw logs Pulpwood 6
Slide 7: Gradually higher profit due to price increases
Forest Gradually higher profit due to price increases SEKm SEKm 600 2 500 500 2 000 400 1 500 300 522 519 538 490 482 487 1 000 2 067 452 1 947 200 397 384 1 495 1 523 1 367 1 401 500 100 0 0 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 20 21 22 23 24 M12* Operating profit Operating profit
Slide 8: Renewable Energy
Renewable Energy 1.9 TWh per year
Slide 9: Energy prices still at low levels
Renewable Energy Energy prices still at low levels Prices in northern Sweden below production cost Energy prices EUR/MWh 250 200 150 100 50 0 2019 2020 2021 2022 2023 2024 2025 South Sweden (SE3) North Sweden (SE2) Germany 9 Source: Macrobond
Slide 10: 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 Q3-20 Q4-20 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 Holmen Renewable Energy North Sweden
Slide 11: Negative result due to low prices
Renewable Energy Negative result due to low prices 17 EUR/MWh in northern Sweden SEKm % SEKm % 400 100 1 250 25 1 000 20 300 75 750 15 200 50 500 1 006 10 100 213 208 25 697 250 5 68 29 347 59 10 215 265 0 -18 0 -12 0 0 -33 -13 -100 -25 -250 -5 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 2
Slide 12: Wood Products
Wood Products 1.5 million m3 per year
Slide 13: Weak construction market
Wood Products Weak construction market 13 Source: Woodstat
Slide 14: Lower production
Wood Products Lower production 14 Source: Woodstat
Slide 15: High production in Swedish sawmills
Wood Products 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 15
Slide 16: Prices decreased in Q3
Wood Products Prices decreased in Q3 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 16 Source: Swedish Forest Industri
Slide 17: Lower selling prices
Wood Products Lower selling prices Write down of finished goods SEKm % SEKm % 75 15 2 000 100 50 10 1 500 75 25 47 5 19 1 20 1 000 50 0 0 0 -18 1 668 -26 -25 -5 1 237 500 25 -89 -91 -50 -10 185 6 2 0 0 -75 -15 -88 -100 -20 -500 -25 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 20 21 22 23 24
Slide 18: Board and Paper
Board and Paper 1.5 million tonnes per year
Slide 19: Demand still below pre-pandemic levels
Board and Paper Demand still below pre-pandemic levels 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 M12* 16 17 18 19 20 21 22 23 24 25 FBB Pulp NBSK** *Oct-24 – Sep-25 19 **Adjusted for rebates Source:
Slide 20: Low utilisation ratios
Board and Paper Low utilisation ratios 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 Pulp NBSK** *Aug
Slide 21: Managed to maintain a good profit level
Board and Paper Managed to maintain a good profit level Q2 and Q3 burdened by maintenance shuts SEKm % SEKm % 750 30 4 000 80 3 500 70 625 25 3 000 60 500 20 2 500 50 375 724 15 2 000 40 3 796 653 528 1 500 30 250 10 2 730 438 370 358 356 1 000 20 1 702 125 260 241 5 1 484 500 886 10 743 0 0 0 0 Q3-
Slide 22: Extracting value from the land
Extracting value from the land 22
Slide 23: Growing a sustainable future
Growing a sustainable future
Slide 24: holmen.com
HOLMEN holmen.com