Holmen AB (HOLM_A) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the interim report presentation for the Holmen Group. Today it's me, Henrik Sjölund and Stefan Lorén. We will go through the presentation and then we're happy to take any questions you might have. I know it's a busy day for you so special thank you for taking the time also to discuss with us. Well, the third quarter, challenging market conditions, a bit the same as we actually had after the second quarter. This quarter, well, low demand for wood products. We also have, despite low utilization, all in all, a bit over 700 million. A decent result when it comes to Holmen. If you look at our industry, not only wood products, but also board and paper together, so far this year, during the first nine months, we've been able to deliver 15% return on capital employed. And if we look at our financial position and what we have done, Stefan, we have We have distributed a bit over 3 billion SEK in dividend and buybacks during January to September. And if you look at five year period, we have roughly the same debt to equity ratio today as we had five years ago. We have distributed 13 billion Swedish in total during the five years. Changing subject to forest and wood market. This time, we do see that pulp wood prices start to decline due to lower activities from the mills. We don't see that saw log prices still or have started to come down. On this chart, it looks like they have. But in our case, it's because there are also big differences in price still between southern parts of Sweden and northern parts of Sweden. And when we buy less in south and a bit more north, then it has an effect on the graph, which is what we mean by mixed effect wood cost. Palmpod, on the other hand, the prices are going down. In our case, it's a lag before lower cost reaches...