Holmen (HOLM) Q2 2025 earnings summary

Executive summary

• 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.

• Q2 operating profit exceeded SEK 800 million, reflecting resilience amid weak demand and challenging market conditions.

• 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.

• SEK 2.8 billion distributed to shareholders via dividends and buybacks in H1 2025.

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.

• EBITDA for Jan–Jun was SEK 2,524 million, down from SEK 2,619 million year-over-year.

• Group return on capital employed reached 15% in Q2 and averaged 17% over the last 12 months.

• Net financial debt increased to SEK 5,353 million, with a debt/equity ratio of 10%.

Outlook and guidance

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

• Harvesting expected to increase in H2, reaching levels similar to previous years.

• Wood product prices are under pressure and expected to decline in Q3; production capacity being reduced.

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

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