Holmen AB (HOLM_A) Q4 2025 Earnings Call

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WEBVTT 00:00:00.554 -- 00:00:04.480 Good afternoon, everybody, and welcome to the year-end report presentation for the Holman 00:00:04.480 -- 00:00:08.506 Group. It's me, Henrik, and Stefan, as usual, now I must say. 00:00:08.506 -- 00:00:10.930 Thank you. You're most welcome to listen to us. 00:00:10.930 -- 00:00:15.116 We do the presentation, then we're happy to take all your questions, and we are especially 00:00:15.116 -- 00:00:19.162 happy that you take your time on a Friday afternoon like this. 00:00:19.162 -- 00:00:24.731 So let's start. I think if we just make a very quick summary of the year, it felt like 00:00:24.731 -- 00:00:30.697 we were a bit optimistic in the beginning of the year, but after a while it changed into... 00:00:32.009 -- 00:00:33.595 geopolitics 00:00:33.595 -- 00:00:38.913 tariffs and also cautious consumers not really spending 00:00:38.913 -- 00:00:41.241 and also construction 00:00:41.241 -- 00:00:46.152 business that didn't really take off but we come back to that a bit late 00:00:46.943 -- 00:00:52.976 Despite challenging market conditions, we were able for the full year of 2025 00:00:52.976 -- 00:00:58.668 to deliver close to 3.3 billion Zinc, which we consider as fairly good. 00:00:58.668 -- 00:01:02.536 Also in the fourth quarter, but I think in the fourth quarter we'll come back to it when 00:01:02.536 -- 00:01:04.240 we go through the different business areas. 00:01:04.240 -- 00:01:09.372 It makes more sense. If we then take our industry, which means 00:01:09.372 -- 00:01:12.499 our right now loss-making sawmills 00:01:12.499 -- 00:01:16.609 and board and paper, we've been able during the year to deliver return on capital of 00:01:16.609 -- 00:01:20.293 employed of 15%. And 00:01:20.518 -- 00:01:25.526 based on our performance an...