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Holmen (HOLM) investor relations material

Holmen Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Second quarter revenue exceeded €800 million, with strong financial position and SEK2.8 billion distributed to shareholders via dividends and buybacks in H1 2025.

  • Operating profit for Jan–Jun 2025 was SEK 1,794 million, down from SEK 1,927 million year-over-year, with a 16% operating margin.

  • Delivered solid operating profit despite challenging market conditions, with resilience across core segments.

  • Board and Paper earnings rose despite a major maintenance shutdown; Renewable Energy earnings fell due to low electricity prices.

  • Maintained strong capital returns and continued strategic investments in sustainability and growth.

Financial highlights

  • Operating profit reached SEK 1,166 million in Q2 2025, up from SEK 1,138 million in Q2 2024.

  • Net sales for Jan–Jun 2025 were SEK 11,545 million, nearly flat year-over-year.

  • Forest division Q2 result was SEK519 million, up SEK30 million from Q1 due to higher own forest harvesting.

  • Board and paper segment benefited from SEK250–300 million lower energy costs in Q2 versus normal levels.

  • Maintenance shutdown at Workington mill impacted Q2 results by SEK150 million.

Outlook and guidance

  • Harvesting expected to increase in H2, aiming for full-year levels similar to previous years.

  • Ongoing uncertainty from tariffs and weak construction activity is expected to persist.

  • Wood product prices are under pressure for Q3, with further cost increases expected from higher sawlog costs.

  • No new wind power projects planned due to persistently low energy prices; ongoing projects will be completed.

  • Iggesund Mill's annual maintenance shutdown in Q3 is expected to negatively impact earnings by SEK 150 million.

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Frequently asked questions

Holmen AB produces and sells paperboards, papers and wood products in Europe, Asia, and internationally. The company offers water-resistant products such as cement board, plastic boards and building products containing cellulose fibers; other types of boards sold by the company include tissue board, cartonboard, colored paperboard used for food packaging and specialty materials such as hydroentangled paperboard. Holmen's renewable energy business operates hydroelectric power plants. The company is based in Stockholm, Sweden.

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