Slide 1: Interim report presentation January-June 2025
Interim report presentation January-June 2025 Henrik Sjölund, CEO Stefan Loréhn, CFO August 14th, 2025
Slide 2: Performing well in challenging markets
Group Performing well in challenging markets 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 1 138 1 166 1 078 3 000 944 983 988 400 807 4 755 714 716 2 000 4 061 3 721 3 589 200 2 479 1 000 0 0 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-2
Slide 3: 17 percent ROCE in industry last 12 month
Group 17 percent ROCE in industry last 12 month Last 10 year average of 19% % 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. **Q3-24 – Q2-25.
Slide 4: SEK 2.8 bn in dividend and buybacks H1 2025
Group SEK 2.8 bn in dividend and buybacks H1 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 M12* 20 21 22 23 24 Jun-25 Acquisitions Capital expenditure Buy-back of own shares Dividend Cashflow before capex and WC 4 *Q3-24 – Q2
Slide 5: Forest
Forest 1.3 million ha total land area 1.0 million ha productive forest land
Slide 6: Saw log prices continued to increase
Forest Saw log prices continued to increase Pulpwood prices levelling off 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: Increased harvesting volumes in Q2
Forest Increased harvesting volumes in Q2 Lagging harvesting plan YTD SEKm SEKm 600 2 500 500 2 000 400 1 500 300 522 519 490 482 487 1 000 2 011 452 1 947 200 390 397 384 1 495 1 523 1 367 1 401 500 100 0 0 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 20 21 22 23 24 M12* Operating profit O
Slide 8: Renewable Energy
Renewable Energy 1.9 TWh per year
Slide 9: Seasonally lower energy prices
Renewable Energy Seasonally lower energy prices 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 30% during last 3 years 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 Holmen Renewable Energy North Sweden (SE2) 10
Slide 11: Negative result due to low prices
Renewable Energy Negative result due to low prices 10 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 25 697 135 250 5 68 347 59 10 215 265 29 0 0 -12 -33 0 0 -6 -100 -25 -250 -5 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 20
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: Seasonally higher prices
Wood Products Seasonally higher prices Index 330 280 230 180 130 80 14 15 16 17 18 19 20 21 22 23 24 25 Export price 'World Price' (FX-basket) Export price Sawn softwood (SEK) 15 Source: Swedish Forest Industries
Slide 16: Higher prices offset by increased log costs
Wood Products Higher prices offset by increased log costs SEKm % SEKm % 75 15 2 000 100 50 10 1 500 75 25 55 47 5 19 1 20 0 0 0 -18 1 000 50 -26 -25 -5 1 668 -89 1 237 -50 -10 500 25 -75 -15 185 6 2 2 -100 -20 0 0 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 20 21 22 23 24 M12* Operating pr
Slide 17: Board and Paper
Board and Paper 1.5 million tonnes per year
Slide 18: 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** *Jul-24 – Jun-25 18 **Adjusted for rebates Source:
Slide 19: 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** *Jun
Slide 20: Manage to take advantage of electricity volatility
Board and Paper Manage to take advantage of electricity volatility Q2 burdened by maintenance shut 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 3 796 653 611 528 1 500 30 250 10 2 730 438 370 358 1 000 20 1 702 1 780 125 260 241 5 500 886 10 743 0 0 0 0
Slide 21: We grow houses
We grow houses Leftovers are converted into renewable packaging and paper We harvest the energy that blows and runs through our forests 2.1 8.3 Million tonnes Carbon sequestration CO2e + 4.9 Storage and substitution from Million Million tonnes tonnes CO2e wood- and fiber products CO2e in 2024 + 2.1
Slide 22: Growing a sustainable future
Growing a sustainable future
Slide 23: holmen.com
HOLMEN holmen.com