Competition for logs was high and prices increased further. As regards pulpwood, prices were largely unchanged due to lower industrial activity and weaker demand from the energy sector. Operating profit from Forest slightly increased to SEK 519 million. We manage the forest actively and responsibly to optimise the value over time, while it is also the main source of supply for our industry. 

The electricity price in northern Sweden remained very low due to high water flows and a limited transmission capacity. As the average electricity price was just over SEK 100/MWh in the second quarter, production costs were not covered, resulting in an operating loss of SEK -33 million for Renewable Energy. The low electricity prices in northern Sweden are challenging, but in the long run they will lead to new establishments being set up as both the climate transition in Europe and developments in AI require large amounts of electricity. 

The wood products market is being affected by weak construction activity, alongside limits on supply due to a global shortage of raw materials. During the spring, prices increased seasonally and operating profit from Wood Products increased slightly, to SEK 20 million. Due to large price differences for logs nationally, we are adjusting production in southern Sweden. With efficient sawmills and processing capacity we are in a good position for when the construction cycle turns.

Demand for consumer paperboard remained unchanged, but consumption in Europe is still lower than before the pandemic. Demand for paper decreased. Market prices were largely unchanged. Despite weak market conditions and a maintenance shutdown, operating profit from Board and Paper was good, at SEK 358 million, thanks to our ability to adapt the electricity-intensive paper production to a volatile electricity market. Our focus on niches in which fresh fibre comes into its own has worked well. This autumn, another step will be taken in this direction, when the new packaging product from Braviken Paper Mill is launched. 

With our large forest holdings as a foundation, we grow houses while also harnessing the energy that blows over the treetops and flows in the rivers. 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, CEO
August, 14 2025