Holmen (HOLM) Q3 2026 earnings summary

Executive summary

• Q3 operating profit was SEK 549m, down SEK 140m QoQ and SEK 167m YoY; the Iggesund Mill maintenance shutdown was the main drag.

• Nine-month operating profit was SEK 2,066m versus SEK 2,531m a year earlier, as stronger renewable energy was outweighed by declines in other business areas.

• Q3 cash flow after investments was SEK 703m; net financial debt fell QoQ to SEK 5,810m, or 11% of equity.

Financial highlights

• Q3 operating profit, excluding items affecting comparability, was SEK 549m versus SEK 716m in Q3 2025; Q2-26 profit was SEK 689m.

• Nine-month net sales were SEK 16,049m and EBITDA SEK 3,135m, versus SEK 16,873m and SEK 3,633m a year earlier.

• Nine-month profit after tax was SEK 1,518m versus SEK 2,298m; reported tax was SEK 428m, or 22% of profit before tax.

• Cash flow from operating activities before working-capital changes was SEK 1,980m; working-capital changes contributed SEK 442m in January–September.

Outlook and guidance

• Storm-related harvesting on owned forests is expected to be lower in 2026–27, with higher harvesting costs; the 2026 result impact was expected to be limited.

• Sawmill production continues to be balanced with market conditions, positioning operations to benefit when construction markets recover.

• Board and Paper order books were similar to end-Q2; Q4 delivery levels were difficult to predict, with no major change anticipated.

• Main-grid reinforcement is expected to increase Swedish transmission capacity and reduce electricity-zone price differences; visibility for next year remained limited.