Slide 1: We make renewables work
We make renewables work
Slide 2: Extracting value from the land
Extracting value 1.3 million ha total land area Harvest in own forests from the land 2.8 Mm3 Wood products 1.5 Mm3 Hydro and wind power 2 TWh Packaging, books & magazines 1.5 Mton 2
Slide 3: 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 4: ROCE in our industry at 9 percent
Group ROCE in our industry at 9 percent Last 10 years average of 20% % 60 50 40 30 20 10 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026** Industry's return on capital employed* Average return on capital employed, industry* 4 *Excl. items affecting comparability. **Q3-25 – Q2-26.
Slide 5: 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 6: Forest
Forest 1.3 million ha total land area 1.0 million ha productive forest land
Slide 7: Wood is a limited resource
Forest Wood is a limited resource Boreal- and temperate forests Sub-tropical and tropical forests 7 Source: FAO
Slide 8: Declining wood prices
Declining wood prices With large geographical differences Storm affected area Rest of Sweden Sawlog prices Pulpwood prices Supply High Low 8
Slide 9: Growing forests with healthy ecosystems
Forest Growing forests with healthy ecosystems m3 growing stock Forest holdings Biodiversity Indicators solid over bark/ha 140 2,2 120 2,0 1,8 100 1,6 80 1,4 60 1,2 40 1,0 20 0,8 0 0,6 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 10: Increased harvest
Forest Increased harvest '000 Harvesting plan m 3sub/year 3 500 3 000 2 500 2 000 1 500 1 000 500 0 2006- 2011- 2016- 2021- 2026- 2031- 2036- 2041- 2010 2015 2020 2025 2030* 2035* 2040* 2045* Harvest Thinning Storm etc. *Forecast Holmen forest holdings 10
Slide 11: Properties valued to market price
Forest 4 000 Properties valued to market price Holmen's forest value SEKbn SEK/m 3sob 70 700 60 600 50 500 40 400 30 300 20 200 10 100 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2005 2006 2007 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 2019 20
Slide 12: 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 12 *Q3-
Slide 13: Adding value from the land
Adding value from the land
Slide 14: Property development on our land
Adding value from the land Property development on our land In-depth analysis Preparing permit Granted permission Construction and investigation documentation and applications Screening process Dialogue with Authorities review Investment decision and feasibility stakeholders and the applications and
Slide 15: Adding value from the land
Adding value from the land 2 TWh of hydro- and windpower per year
Slide 16: 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 17: 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 17 Source: Macrobond
Slide 18: 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 18
Slide 19: 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 20: Adding value from forest
Adding value from forest
Slide 21: We grow houses
Adding value from forest We grow houses The most valuable part of the tree become building materials Renewable bioenergy Wood Sawn products Board and paper Wood chips Pulp and paper Bark Bioenergy Wood shavings Sawn timber Bioenergy 21
Slide 22: Adding value from forest
Adding value from forest 1.5 million m3 per year sawn wood products
Slide 23: World export concentrated to a few countries
Wood Products World export concentrated to a few countries World's largest exporter of sawn timber Million m 3 2024 25 20 15 10 5 0 Canada Russia Sweden Germany Finland Austria Latvia Chile Belarus Czechia 23 Source: FAO
Slide 24: Wood an alternative to concrete & steel
Wood Products Wood an alternative to concrete & steel Price of wood tracks concrete over time Index 350 300 250 200 150 100 50 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Wood Products Concrete Steel 24 Source: Macrobond and Swedish Forest Industries
Slide 25: Stable prices
Wood Products Stable prices Index 340 290 240 190 140 90 16 17 18 19 20 21 22 23 24 25 26 Pine Spruce 25 Source: Swedish Forest Industries
Slide 26: 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 27: Adding value from forest
Adding value from forest 1.5 million tonnes board and paper per year
Slide 28: Paperboard and paper from fresh fibre
Board and Paper Paperboard and paper from fresh fibre Unique products qualities and a lower carbon footprint Fresh fibre Fossil-free energy Recycled fibre Fossil gas Premium paperboard, books and magazines Cardboard, newsprint, and tissue paper High performance packaging and lightweight paper. Often
Slide 29: Helping our customers with their CO2 footprint
Board and Paper Helping our customers with their CO2 footprint Consumer board, transport packaging, books & magazines GHG Emissions for all Containerboard, Tons CO2eq/Ton of Paper Cartonboard and Graphic Paper 0,7 0,6 0,5 0,4 0,3 0,2 0,1 0,0 Germany Italy Spain United Kingdom France Finland Sweden H
Slide 30: 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 30 **Adjusted for rebates Source: CE
Slide 31: 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* 31 *
Slide 32: 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 1 232 500 10 168 743 0 0 0 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-2
Slide 33: Growing a sustainable future
Growing a sustainable future
Slide 34: 1.5 million tonnes CO2e in net uptake
1.5 million tonnes CO2e in net uptake Carbon stored in forests and products exceeds our fossil emissions –1.86 Mtonnes CO 2 –0,40 Mtonnes CO 2 0,72 Mtonnes CO e 2 Growing forests capture carbon Carbon stored in sold products Our total emissions Carbon storage increases because Wood and fiber product
Slide 35: Contributing to the climate
Contributing to the climate Climate benefit* million tonnes CO2e 0,0 - 1,0 - 2,0 - 3,0 - 4,0 - 5,0 - 6,0 - 7,0 2019 2020 2021 2022 2023 2024 2025 Net uptake (own emissions and storage) Potential avoided emissions 35 *Climate benefit from 2023 and onwards are calculated with a new method.
Slide 36: holmen.com
HOLMEN holmen.com