Holmen (HOLM) investor relations material

Executive summary

• Delivered solid Q2 and H1 2026 results, with Q2 operating profit at SEK 1,078 million, up from SEK 983 million in Q1-26, and net sales for January–June 2026 at SEK 11,105 million.

• Maintained strong financial position and cash flow, distributing SEK 2.5 billion to shareholders via dividends and buybacks in H1 2026.

• Industrial activities saw decreased profit, while hydro and wind power assets delivered significantly higher profit.

• Profit after tax was SEK 1,127 million, with earnings per share at SEK 7.4.

Financial highlights

• Q2 operating profit reached SEK 1,078 million, with board and paper deliveries up 5% year-on-year and sequentially.

• Wood product division loss narrowed to SEK 50 million in Q2, aided by improved sales mix and lower log costs.

• Renewable Energy segment produced 2 TWh annually, with Q2-26 operating profit at SEK 281 million.

• Net financial debt increased to SEK 6,482 million, representing 12% of equity.

• SEK 2.5 billion distributed to shareholders via dividends and buybacks in H1 2026.

Outlook and guidance

• Q3 expected to be seasonally slower for board and paper, with maintenance shutdown impacting results by SEK 150 million.

• Storm impacts will lead to less harvesting and higher costs in 2026-2027, but limited effect on 2026 results.

• Wood costs are trending down, but the effect is gradual due to inventory mix; chemical costs expected to rise slightly in Q3.

• Market conditions remain challenging, especially in construction and several European markets.

• The company is well-positioned in selected niches and expects to create added value over time.