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Holmen (HOLM) investor relations material
Holmen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Full-year operating profit for 2025 was SEK 3,270 million, with a 15% margin, despite challenging market conditions and weak Wood Products results; profit after tax was SEK 2,879 million and earnings per share SEK 18.5.
Board proposes increasing the ordinary dividend to SEK 9.5 per share, up from SEK 9.0, reflecting a strong financial position and low debt-to-equity ratio; share buybacks totaled SEK 1,649 million in 2025.
SEK 3.5 billion was allocated to dividends and buybacks in 2025, totaling SEK 13 billion from 2021–2025.
Market headwinds included geopolitical uncertainty, tariffs, cautious consumer spending, and weak construction activity.
Financial highlights
Net sales for 2025 were SEK 22,056 million, down from SEK 22,759 million in 2024; EBITDA was SEK 4,733 million.
Fourth quarter operating profit in the Wood Products segment was a loss of SEK 111 million due to high wood costs and declining prices.
Board and Paper division reported high Q4 results, supported by SEK 250 million in one-off gains from green certificates, emission rights, and lower energy costs.
Forest holdings valued at SEK 57 billion, a 2% decrease year-over-year due to changes in valuation model inputs.
Cash flow from operating activities before changes in working capital was SEK 3,901 million.
Outlook and guidance
Lower energy cost and one-off items in Q4 are not expected to repeat at the same level in Q1 2026; energy market volatility is lower.
Loss of 30% of carbon emission rights allotment at Iggesund Bruk Mill in 2026 will reduce annual income by about SEK 50 million.
CapEx expected to be just above SEK 1 billion in 2026, down from 2025, with one major maintenance shutdown planned at Iggesund Mill in Q3 2026, expected to impact earnings by SEK 150 million.
Electricity price hedges cover 85% of expected consumption for 2026 and 40% for 2027.
Pulpwood prices are coming down, but the impact on input costs will depend on local market effects and storm-related supply.
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- SOI
Q3 revenue €160m, up 18% sequentially, Edge & Cloud AI up 27%, Q4 set for 20% growth. - IFX
Q1 2026 revenue rose 7% year-over-year, driven by AI demand and increased investments. - ELS
2025 revenue soared 11x to $23M, with strong cash, major contracts, and a robust 2026 outlook. - V2RETAIL
Q3 FY26 saw 57% revenue and 99% PAT growth, with robust expansion and capital infusion. - UBSG
Net profit surged 53% in FY25, with integration and cost savings driving strong results. - 524348
Q3 FY26 revenue up 8% and PAT up 58%, with margin recovery and new projects ramping up. - BOTX
Record gold output and profit, with investments driving strong growth outlook for 2026. - BAJAJFINSV
Q3 FY26 profit was flat at ₹2,229 crore as strong growth was offset by one-time charges. - WAF
Sales and EBITDA fell, but 300 mm wafer demand grew as 2026 outlook remains challenging. - DEVYANI
Q3 FY26 saw double-digit revenue growth, margin gains, net losses, and major strategic changes.
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