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Holmen (HOLM) investor relations material

Holmen Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Operating profit for Q3-25 reached SEK 1,166 million, showing improvement over previous quarters despite challenging market conditions, while Jan–Sep 2025 operating profit was SEK 2,531 million, down from SEK 3,005 million year-over-year due to maintenance shutdowns and low electricity prices in northern Sweden.

  • Return on capital employed was 15% for the first nine months, reflecting solid capital efficiency and above industry average.

  • Profit after tax for Jan–Sep was SEK 2,298 million, nearly flat year-over-year, supported by a SEK 395 million positive tax effect from a court ruling.

  • Weak demand in construction and cautious consumer behavior impacted capacity utilization, especially in Wood Products and Renewable Energy, while Board and Paper performed well.

Financial highlights

  • Net sales for Jan–Sep 2025 were SEK 16,873 million, compared to SEK 17,246 million year-over-year.

  • EBITDA for Jan–Sep was SEK 3,633 million, down from SEK 4,050 million year-over-year.

  • Over SEK 3.2 billion distributed via dividends and buybacks from January to September 2025; SEK 13 billion over five years.

  • Debt/equity ratio at 10% as of 30 September 2025, remaining low and stable over five years.

  • Cash flow from operating activities before working capital changes was SEK 2,585 million for Jan–Sep.

Outlook and guidance

  • Market conditions remain challenging, with continued price pressure and weak demand in construction and paper markets expected in Q4.

  • Pulpwood prices are declining, but cost benefits will reach the P&L with a six-month lag; sawlog prices remain high and stable.

  • Long-term, low electricity prices in northern Sweden are anticipated to attract new electricity-intensive industries.

  • No significant improvement in demand anticipated; overcapacity remains a challenge, especially in board.

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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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