Holmen (HOLM) Q2 2026 earnings summary

Executive summary

• Solid second quarter 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 H1 at SEK 11,105 million.

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

• Profit after tax for H1 was SEK 1,127 million, with earnings per share at SEK 7.4.

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

Financial highlights

• Board and paper deliveries increased 5% year-on-year, with high order books and strong Q2 performance; operating profit for board and paper in Q2 was SEK 222 million.

• Wood product division loss narrowed from SEK 100 million to SEK 50 million quarter-on-quarter, with Q2 operating profit at SEK 47 million.

• Energy division maintained good profit levels, with Q2 operating profit at SEK 281 million, despite lower prices and curtailments.

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

• Dividend of SEK 1,458 million paid and SEK 946 million spent on share buybacks in Q2.

Outlook and guidance

• Maintenance shutdown in Q3 expected to impact results by SEK 150 million.

• Market conditions remain challenging, especially in construction and European markets, with cautious consumer demand and pressure on wood and paper prices.

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

• No major CapEx plans for 2027; maintenance CapEx expected just above SEK 1 billion annually.