Holmen reported an operating profit of SEK 2,531 million for January to September 2025, down from SEK 3,005 million in the same period last year, due to low electricity prices and maintenance shutdowns in its Board and Paper division.

Profit after tax for the period amounted to SEK 2,298 million, positively affected by a SEK 395 million tax deduction granted by the Administrative Court in Stockholm related to previous operations in Spain.

The Forest segment reported an operating profit of SEK 1,545 million, up from SEK 1,424 million last year, despite decreased demand for pulpwood and slightly lower prices. Deliveries from own forest totaled 1.9 million m3, while demand for logs remained high with stable prices.

Renewable Energy posted an operating loss of SEK -23 million, compared to a profit of SEK 255 million last year, as electricity prices in northern Sweden averaged SEK 155/MWh due to high water flows and limited transmission capacity. The division delivered 1,207 GWh of hydro and wind power.

Wood Products reported an operating loss of SEK -70 million, down from a profit of SEK 20 million, as demand weakened and prices decreased following a seasonal spring increase. Continued high raw material costs and large regional price differences for logs further pressured results. Deliveries reached 990 thousand m3.

Board and Paper achieved an operating profit of SEK 1,243 million, down from SEK 1,461 million, despite weak demand for both consumer paperboard and paper. The result was negatively affected by SEK 300 million from two major maintenance shutdowns, though underlying profit improved through better production management. Deliveries totaled 1.1 million tonnes.

Cash flow from operating activities before working capital changes was SEK 2,585 million. The group's net financial debt increased to SEK 5,496 million, with a debt/equity ratio of 10%. Holmen bought back shares for SEK 1,298 million during the period.

The company noted that the third quarter was characterized by weak demand for construction products and cautious consumers, affecting capacity utilization across the forest industry, with geopolitical uncertainty further impacting global markets.