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Holmen
Holmen (HOLM) investor relations material
Holmen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
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.
Why is biological asset value 25% below market?
What drove 2025 Renewable Energy profit decline?
Assess risk of Spanish tax loss carry-forward appeal
Sawmill wood cost relief timing?
Energy market impact on division earnings shift?
Capital allocation strategy beyond ordinary dividend?
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Next Holmen earnings date
Q1 202628 Apr, 2026
Holmen
Next Holmen earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Holmen AB produces and sells paperboards, papers and wood products in Europe, Asia, and internationally. The company offers water-resistant products such as cement board, plastic boards and building products containing cellulose fibers; other types of boards sold by the company include tissue board, cartonboard, colored paperboard used for food packaging and specialty materials such as hydroentangled paperboard. Holmen's renewable energy business operates hydroelectric power plants. The company is based in Stockholm, Sweden.
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