Low demand from industry meant that the trend of decreasing wood prices persisted. Harvest from our own forests was slightly lower than usual as we prioritised storm-felled forest, on both our own and others’ land. Profit from Forest decreased slightly to SEK 441 million.

The land and forests are the foundation of our business model. The Forest business area now has two roles: management of Holmen’s own forests and procuring wood for the industrial activities. This is a wide-reaching role whose complexity has increased due to both regulations and greater competition for wood raw material. To increase our capacity to develop the value of our forest and land holdings, and at the same time improve the industrial activities’ competitiveness, the Forest business area will be divided into two business areas, the supplying of wood to the industrial activities being split off and put directly under the CEO’s responsibility.

The electricity price in northern Sweden was at a relatively normal level, albeit slightly lower than in the second quarter. Our production was curtailed in the quarter due to work on the national grid, which affected Renewable Energy’s profit, which amounted to SEK 42 million. Over the slightly longer term, the reinforcing of the main grid will increase transmission capacity in Sweden and reduce price differences between electricity zones. The low electricity price in northern Sweden is also a competitive advantage, and should attract the establishment of new electricity-intensive facilities.

The wood products market is still being held back by a weak construction market, and prices were unchanged during the quarter. Conditions for our sawmills improved somewhat, as log prices decreased and production optimisations were introduced. In the third quarter, losses for Wood Products decreased to SEK -23 million. We are continuing to balance our production based on market conditions, and we will be in a strong position when the construction market turns.

Demand for both consumer paperboard and paper was broadly unchanged in the third quarter and prices were stable. Operating profit for Board and Paper was affected by a major maintenance shutdown at Iggesund Mill and amounted to SEK 128 million. We are continuing to focus on niches in which fresh fibre comes into its own, and where we have a good opportunity to create high added value over time.

With a strong financial position and a large forest holding, Holmen stands strong even in troubled times. On our land, we grow houses while also harnessing the energy that flows in the rivers and blows over the treetops. We use the residual forestry products to make renewable packaging, magazines and books that help 
our customers to increase their competitiveness and reduce their fossil carbon footprints. 

Henrik Sjölund
President and CEO, Holmen
22 October 2026