Holmen — Interim / Quarterly Report 2026

Apr 28, 2026

HOLMEN

Holmen’s Interim Report January–March 2026

SEKm	1-26	Quarter 4-25	1-25	Full year 2025
Net sales	5 473	5 183	5 973	22 056
EBITDA	1 177	1 100	1 348	4 733
Operating profit	827	739	988	3 270
Profit after tax	618	581	752	2 879
Earnings per share, SEK	4.0	3.8	4.8	18.5
Operating margin, %	15	14	17	15
Book value, forest assets	56 908	56 711	58 098	56 711
Cash flow before investments and change in working capital	986	1 316	1 129	3 901
Net financial debt	4 186	4 979	3 560	4 979
Debt/equity ratio, %	8	9	6	9

• Operating profit for January–March amounted to SEK 827 million (January–March 2025: 988), which corresponds to an operating margin of 15 per cent. Profit from Holmen’s industries decreased, while profit from hydro and wind power assets increased significantly.
• Compared with the fourth quarter, operating profit increased by SEK 88 million as a result of strong result for Renewable Energy, while profit from Board and Paper decreased.
• Profit after tax for January–March amounted to SEK 618 million (752), which corresponds to earnings per share of SEK 4.0 (4.8).
• The Annual General Meeting approved a dividend of SEK 9.5 per share (SEK 1 458 million), which was paid in April.

Interim report January–March 2026

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CEO comments

The first quarter was again affected by international turmoil, resulting in a weak construction market and cautious consumers. Despite significant overcapacity in the forest industry, we were able to maintain a good level of profit amounting to SEK 827 million thanks to our integrated business model.

Production curtailments in the industry have led to decreases in pulpwood prices. During the quarter, log prices also started to decrease from very high levels due to lower demand. Operating profit from Forest remained strong and amounted to SEK 511 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.

Electricity prices in northern Sweden increased sharply in the first quarter as a result of limited wind and cold weather, resulting in a strong result from Renewable Energy of SEK 281 million. Energy is a scarce resource in Europe and the transition of Europe's fossil-dependent energy system, together with developments in AI data centres, require large amounts of electricity, which should attract new establishments in northern Sweden.

Demand for wood products remained weak during the quarter. Unchanged wood product prices and high raw material costs meant that earnings from Wood Products were weak, at SEK -91 million. We have adapted production to market conditions. With efficient sawmills and processing capacity, we are well positioned for when the construction cycle turns.

Demand for consumer paperboard has not picked up due to consumer caution, making the market balance challenging. Demand for paper slightly decreased. Market prices were largely unchanged. The high electricity price, together with lower volatility in the electricity market, increased our energy costs during the quarter. Board and Paper's profit decreased to SEK 168 million. Given our strong market positions in selected niches, and our well-invested production facilities, we are in a good position to create ample added value.

Market conditions remain difficult in the wake of global turmoil. However, our business, which is based on our land holdings, is holding up well even in times such as these. 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.

Key figures Q1 2026
Operating profit, SEKm	Operating margin, %	Debt/equity ratio, %
827	15	8

Interim report January–March 2026

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Forest

Holmen carries out active and sustainable forestry on over 1 million hectares of its own productive forest land. The annual harvest from own forest normally amounts to 2.8 million m³ sub.

	Quarter			Full year
SEKm	1-26	4-25	1-25	2025
Net sales	2 311	2 391	2 572	9 777
Of which from own forest	522	731	448	2 282
Operating costs	-1 973	-2 114	-2 305	-8 646
Change in biological assets	193	148	238	895
EBITDA	530	425	505	2 027
Depreciation and amortisation according to plan	-19	-22	-18	-79
Operating profit	511	403	487	1 948
Investments (incl. reforestation)	6	74	37	259
Book value, forest assets	56 908	56 711	58 098	56 711
EBITDA margin*, %	65	65	61	58
Operating margin*, %	63	63	59	57
Deliveries, own forest, '000 m³ sub	614	839	535	2 694

*Profit from own forests before the change in value of biological assets as a percentage of own forest net sales.

Demand for pulpwood was low in the first quarter and prices decreased. Demand for logs decreased and prices began to decrease slightly from a high level.

The harvest in Holmen’s forests in the first quarter totalled 614 km³, which was 79 km³ more than in the first quarter of the previous year, but 225 km³ lower than the high level in the fourth quarter.

The operating profit for January–March increased to SEK 511 million (487) as a result of increased harvest.

Profit increased by SEK 108 million compared with the fourth quarter. The harvest decreased from a high level and selling prices also slightly decreased. Earnings for the fourth quarter were negatively affected by an SEK 160 million impairment of felling rights.

Interim report January–March 2026

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Renewable Energy

In a normal year Holmen delivers 2.2 TWh of renewable hydro and wind power.

SEKm	Quarter			Full year
	1-26	4-25	1-25	2025
Net sales	418	157	130	437
Operating costs	-97	-89	-73	-309
EBITDA	321	68	57	129
Depreciation and amortisation according to plan	-40	-28	-28	-110
Operating profit	281	41	29	18
Investments	61	245	384	997
Capital employed	5 297	5 295	5 009	5 295
EBITDA margin, %	77	44	44	29
Operating margin, %	67	26	23	4
Deliveries hydro- and wind power, GWh	542	427	499	1 634

The electricity price in northern Sweden increased to SEK 700/MWh (Q4: 270) in the first quarter due to cold weather and an unusually low amount of wind. The price in central Sweden (SE3) was just over SEK 900/MWh (Q4: 600).

Holmen's deliveries of hydro and wind power increased in January–March to 542 GWh (Q1 2025: 499, Q4 2025: 427), partly because Blisterliden Wind Farm became operational at the turn of the year.

Operating profit for January–March amounted to SEK 281 million (29). The improvement in profit is due to higher electricity prices.

Compared with the fourth quarter, profit increased by SEK 240 million due to higher electricity prices and higher deliveries.

*Twelve-month rolling average.

Interim report January–March 2026

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Wood Products

Holmen delivers wood products for joinery and construction purposes. Production takes place at five sawmills adjacent to own forest with an annual capacity of 1.5 million cubic metres.

SEKm	Quarter			Full year
	1-26	4-25	1-25	2025
Net sales	981	905	1 061	4 010
Operating costs	-1 020	-963	-1 008	-3 977
EBITDA	-40	-57	53	33
Depreciation and amortisation according to plan	-51	-54	-52	-215
Operating profit	-91	-111	1	-182
Investments	26	56	68	196
Capital employed	2 485	2 453	2 531	2 453
EBITDA margin, %	-4	-6	5	1
Operating margin, %	-9	-12	0	-5
Deliveries, ‘000 m³	329	304	345	1 294

Demand for wood products remained weak in the first quarter and prices were largely unchanged.

Holmen’s deliveries decreased in January–March to 329 km³ (345) as a result of lower production rates in southern Sweden. Compared with the fourth quarter, deliveries increased by 8 per cent.

Operating profit for January–March amounted to SEK -91 million (+1). The decrease in profit is due to higher costs for logs. Earnings during the first quarter of 2025 were reduced by SEK -30 million due to the rebuilding shutdown at Iggesund Sawmill.

Compared with the fourth quarter, the loss decreased by SEK 20 million.

*Twelve-month rolling average.

Interim report January–March 2026

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Board and Paper

Holmen produces premium paperboard and innovative paper products from fresh fibre from sustainably managed forests. Annual capacity amounts to 1.5 million tonnes at three production facilities in Sweden and one in the UK.

SEKm	Quarter			Full year
	1-26	4-25	1-25	2025
Net sales	3 320	3 358	3 897	14 428
Operating costs	-2 918	-2 655	-3 114	-11 704
EBITDA	402	703	783	2 724
Depreciation and amortisation according to plan	-234	-249	-255	-1 027
Operating profit	168	454	528	1 697
Investments	147	218	214	691
Capital employed	7 209	7 234	8 015	7 234
EBITDA margin, %	12	21	20	19
Operating margin, %	5	14	14	12
Deliveries, '000 tonnes	334	330	359	1 391

Demand for both consumer paperboard and paper was slightly lower in the first quarter compared with the same period of last year. Selling prices were largely unchanged during the quarter.

Holmen's deliveries decreased in January–March to 334 ktonnes (359), mainly due to lower paper deliveries. Deliveries were largely unchanged compared with the fourth quarter.

Operating profit for January–March amounted to SEK 168 million (528). The decrease in earnings is due to lower volumes, slightly lower paper prices and a weaker dollar. High electricity prices in the early part of 2026 also had a negative impact on profit.

Compared with the fourth quarter, profit decreased by SEK 286 million. Energy costs increased from previous low levels. Fourth-quarter profit benefited from income from emission allowances and green electricity certificates.

In the third quarter, there will be a maintenance shutdown at Iggesund Mill, which is expected to have a negative effect on earnings of SEK 150 million.

*Twelve-month rolling average.

Interim report January–March 2026

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Cash flow, financing and net financial items

Cash flow from operating activities before changes in working capital totalled SEK 986 million (1 129) for January–March. Changes in working capital had a SEK 79 million (-523) impact on cash flow. Cash flow from investing activities amounted to SEK -243 million (-695).

For January–March, the Group’s net financial debt decreased by SEK 794 million to SEK 4 186 million. Net debt was 8 per cent of equity.

At 31 March, the Group’s long-term borrowing amounted to SEK 4 102 million and its short-term borrowing totalled SEK 1 766 million. Cash and cash equivalents totalled SEK 1 602 million. Contractual credit facilities amounted to SEK 5.1 billion, of which SEK 1.1 billion is available until 2029 and SEK 4 billion until 2030. All credit facilities are unused.

Standard & Poor’s long-term credit rating for Holmen is BBB+ with a stable outlook.

Net financial items for January–March totalled SEK -37 million (-20).

Tax

Recognised tax for January–March amounted to SEK -172 million (-215). Recognised tax as a proportion of profit before tax was equal to 22 per cent (22).

Equity

In January–March, the Group’s equity decreased by SEK 759 million to SEK 54 646 million. Profit for the period totalled SEK 618 million (752) and other comprehensive income totalled SEK 81 million (251). An approved, but not paid, dividend of SEK 1 458 million (1 888) decreased equity for the period.

Hedging of exchange rates

The Group hedges parts of its future estimated net cash flows in foreign currencies. Operating profit for January–March includes a gain from currency hedges of SEK 61 million (108). For EUR/SEK, more than 2 years of expected net flows are hedged at an average exchange rate of 11.20. For other currencies, 4–5 months of cash flows are hedged.

Hedging of electricity prices

Electricity consumption at the Group’s paper mills usually amounts to 3 TWh per year. To reduce the impact of changing electricity prices on profit, consumption is partly hedged. During the first quarter, 80 per cent of electricity consumption was hedged. For the remainder of 2026, price hedges are in place covering 90 per cent of expected consumption. For 2027, price hedges are in place covering 70 per cent of expected consumption and 15 per cent for 2028.

The Group delivers 2.2 TWh of hydro and wind power in a normal year. For the remainder of 2026, price hedges are in place covering 5 per cent of expected deliveries of hydro and wind power.

Personnel

The average number of employees (FTE) in the Group was 3 283 (3 370).

Dividend

The 2026 AGM approved a dividend of SEK 9.5 per share. The dividend, totalling SEK 1 458 million, was paid on 7 April. The previous year, an ordinary dividend of SEK 9 and an extraordinary dividend of SEK 3 were paid. The total dividend paid last year amounted to SEK 1 888 million.

Share buy-backs

The 2026 AGM renewed the Board’s authorisation to take decisions on purchasing up to 10 per cent of the company’s shares. No purchases took place during the period.

Cancellation of own shares and bonus issue

The 2026 AGM resolved on the cancellation of 8 500 000 class B own shares bought back by the company and on a bonus issue that restores the share capital to the same amount as before the cancellation of own shares.

The cancellation needs to be registered with the Swedish Companies Registration Office before it is implemented, which is expected to happen in the second quarter.

Stockholm, 28 April 2026

Holmen AB (publ)

Henrik Sjölund

President and CEO

This report has not been reviewed by the company’s auditors.

For further information please contact:

Henrik Sjölund, President and CEO, tel. +46 8 666 21 05

Stefan Loréhn, CFO, tel. +46 8 666 21 22

Stina Sandell, Senior Vice President Sustainability and

Communications, tel. +46 73 986 51 12

Interim report January–March 2026

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Group

Condensed income statement, SEKm	Quarter			Full year
	1-26	4-25	1-25	2025
Net sales	5 473	5 183	5 973	22 056
Other operating income	439	686	454	2 003
Change in inventories	-8	65	-153	-219
Raw materials and consumables	-3 062	-2 967	-3 203	-11 855
Personnel costs	-850	-877	-860	-3 437
Other operating costs	-1 008	-1 143	-1 103	-4 715
Change in value of biological assets	193	148	238	895
Profit from investments in associates	1	5	1	5
Depreciation and amortisation according to plan	-350	-361	-360	-1 464
Operating profit	827	739	988	3 270
Finance income	3	12	7	34
Finance costs	-41	-37	-27	-138
Profit before tax	789	713	967	3 165
Tax	-172	-132	-215	-286
Profit for the period	618	581	752	2 879
Earnings per share, SEK
Basic	4.0	3.8	4.8	18.5
Diluted	4.0	3.8	4.8	18.5
Operating margin, %	15	14	17	15
Return on capital employed, %	6	5	6	5
Return on equity, %	4	4	5	5
Condensed statement of comprehensive income, SEKm	Quarter			Full year
---	---	---	---	---
	1-26	4-25	1-25	2025
Profit for the period	618	581	752	2 879
Other comprehensive income
Revaluation of forest land	-	-2 204	-	-2 204
Revaluation of defined benefit pension plans	4	201	-1	203
Tax attributable to items that will not be reclassified to profit for the period	-1	404	0	404
Items that will not be reclassified to profit for the period	3	-1 599	-1	-1 598
Cash flow hedging	67	-195	406	524
Translation difference on foreign operation	32	-48	-146	-238
Hedging of currency risk in foreign operation	-9	14	95	142
Tax attributable to items that will be reclassified to profit for the period	-12	37	-103	-137
Items that will be reclassified to profit for the period	78	-191	252	291
Total other comprehensive income after tax	81	-1 790	251	-1 308
Total comprehensive income	698	-1 209	1 003	1 572
Condensed change in equity in summary, SEKm	Jan-Mar
---	---	---
	2026	2025
Opening equity	55 405	57 370
Profit for the period	618	752
Other comprehensive income	81	251
Total comprehensive income	698	1 003
Currency hedging result for the acquisition of fixed assets	1	-26
Share saving program	-1	3
Buy-back of own shares	-	-119
Dividend	-1 458	-1 888
Closing equity	54 646	56 343

Interim report January-March 2026

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Group

Condensed balance sheet, SEKm	2026	2025
	31 Mar	31 Dec
Non-current assets
Biological assets	32 859	32 663
Forest land	24 049	24 049
Intangible non-current assets	485	487
Property, plant and equipment	11 439	11 604
Right-of-use assets	195	217
Investments in associates	1 697	1 696
Other shares and participating interests	6	6
Non-current financial receivables	59	36
Pension assets, net	210	207
Deferred tax assets	3	3
Total non-current assets	71 002	70 967
Current assets
Inventories	5 622	5 651
Trade receivables	2 629	2 398
Current tax receivable	123	224
Other operating receivables	1 299	1 209
Current financial receivables	20	24
Cash and cash equivalents	1 602	390
Total current assets	11 296	9 896
Total assets	82 298	80 863
Equity	54 646	55 405
Non-current liabilities
Non-current financial liabilities	4 102	3 502
Non-current liabilities relating to right-of-use assets	96	105
Pension obligations	7	7
Non-current provisions	401	402
Deferred tax liabilities	14 320	14 250
Total non-current liabilities	18 925	18 266
Current liabilities
Current financial liabilities	1 766	1 903
Current liabilities relating to right-of-use assets	106	121
Trade payables	3 939	3 773
Current tax liability	113	93
Current provisions	46	40
Other operating liabilities*	2 757	1 262
Total current liabilities	8 726	7 192
Total liabilities	27 652	25 458
Total equity and liabilities	82 298	80 863
Debt/equity ratio, %	8	9
Equity/assets ratio, %	66	69
Capital employed	58 831	60 384
Net financial debt	4 186	4 979

*March 2026 includes an approved, but not paid, dividend of SEK 1 458 million (-).

Interim report January–March 2026
9/17

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Group

Condensed cash flow statement, SEKm	Quarter			Full year
	1-26	4-25	1-25	2025
Operating activities
Profit before tax	789	713	967	3 165
Adjustments for non-cash items
Depreciation and amortisation according to plan	350	361	360	1 464
Change in value of biological assets	-193	-148	-238	-895
Other*	37	190	5	227
Paid income taxes	1	200	35	-60
Cash flow from operating activities before changes in working capital	986	1 316	1 129	3 901
Cash flow from changes in working capital
Change in inventories	39	-139	-8	-238
Change in trade receivables and other operating receivables	-257	389	-540	261
Change in trade payables and other operating liabilities	297	-306	24	-73
Cash flow from operating activities	1 065	1 261	606	3 851
Investing activities
Acquisition of non-current assets	-247	-583	-706	-2 139
Disposal of non-current assets	4	3	11	24
Cash flow from investing activities	-243	-580	-695	-2 115
Financing activities
Amortization of liabilities associated with to right-of-use assets	-31	-36	-32	-134
Change in financial liabilities and current financial receivables	421	-77	1 575	2 096
Buy-back of own shares	-	-350	-119	-1 649
Dividends paid to the shareholders of the parent company	-	-	-	-1 888
Cash flow from financing activities	389	-463	1 424	-1 576
Cash flow for the period	1 212	217	1 335	161
Opening cash and cash equivalents	390	174	234	234
Exchange difference in cash and cash equivalents	0	-2	-3	-4
Closing cash and cash equivalents	1 602	390	1 565	390
Change in net financial debt, SEKm	Quarter			Full year
---	---	---	---	---
	1-26	4-25	1-25	2025
Opening net financial debt	-4 979	-5 496	-3 397	-3 397
Cash flow from operating activities	1 065	1 261	606	3 851
Cash flow from investing activities	-243	-580	-695	-2 115
Buy-back of own shares	-	-350	-119	-1 649
Dividend paid	-	-	-	-1 888
Liabilities arising from new right-of-use agreements	-8	-31	-49	-132
Revaluations of defined benefit pension plans	4	200	-1	202
Foreign exchange effects and changes in fair value	-24	17	94	148
Closing net financial debt	-4 186	-4 979	-3 560	-4 979

*Adjustments primarily consist of changes in provisions, inventory impairment losses, profit/loss from associates, currency effects and revaluations of financial instruments as well as gains/losses on the sale of non-current assets.

Interim report January–March 2026

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Parent company

Condensed income statement, SEKm	Quarter			Full year
	1-26	4-25	1-25	2025
Operating income	5 254	5 010	5 612	21 091
Operating costs	-5 015	-5 150	-5 268	-20 341
Operating profit	239	-140	344	750
Net financial items	-45	2 750	80	3 105
Profit after net financial items	194	2 610	424	3 856
Appropriations	249	-196	100	449
Profit before tax	442	2 414	523	4 305
Tax	-101	144	-113	94
Profit for the period	341	2 559	410	4 399
Condensed statement of comprehensive income, SEKm	Quarter			Full year
---	---	---	---	---
	1-26	4-25	1-25	2025
Profit for the period	341	2 559	410	4 399
Other comprehensive income
Cash flow hedging	66	-195	407	523
Tax attributable to other comprehensive income	-14	40	-84	-108
Items that will be reclassified to profit for the period	52	-155	323	416
Total comprehensive income	394	2 404	733	4 814
Condensed balance sheet, SEKm	2026	2025
---	---	---
	31 Mar	31 Dec
Non-current assets	21 728	21 916
Current assets	9 765	8 397
Total assets	31 494	30 312
Restricted equity	5 915	5 915
Non-restricted equity	6 271	7 334
Untaxed reserves	4 697	4 708
Provisions	1 337	1 297
Liabilities	13 274	11 059
Total equity and liabilities	31 494	30 312

Sales to Group companies accounted for SEK 93 million (71) of operating income for January–March.

Appropriations include net Group contributions totalling SEK 238 million (104).

The parent company’s investments in property, plant and equipment and intangible assets totalled SEK 10 million (9).

Interim report January–March 2026

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Notes

1. Accounting policies

This report was prepared in accordance with IAS 34, Interim Financial Reporting. Information in accordance with IAS 34.16A can be found in the financial statements and their accompanying notes, as well as in other parts of the interim report. The consolidated accounts are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act. The parent company's accounts are prepared in accordance with RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act. New or revised IFRS and interpretative statements from IFRIC have not had any material effect on the earnings or position of the Group or the parent company. The figures in tables are rounded off.

2. Forest land and biological assets

The Group's forest land is recognised at fair value based on transaction prices in the counties where the Group owns forest land, less the fair value of standing trees recognised as biological assets. The value of forest land is usually updated at year-end and following acquisitions or disposals. Fair value measurement is based on measurement level 3. Only productive forest land is assigned a value.

The value of the biological assets is determined by calculating the present value of expected future cash flows, less selling costs but before tax, from current standing trees, and is continually updated during the year.

Biological assets were valued at SEK 32 859 million at 31 March (31 Dec 2025: SEK 32 663 million). The change in value of biological assets, calculated as the net of the change due to harvesting and the unrealised change in fair value, totalled SEK 193 million in the first quarter and is recognised as a change in value relating to biological assets in the Group's income statement. The book value of forest land at 31 March was SEK 24 049 million (31 Dec 2025: SEK 24 049 million).

3. External net sales by market

Jan-Mar 2026	Forest	Renewable Energy	Wood Products	Board and Paper	Group
Scandinavia	754	418	356	189	1 717
Rest of Europe	-	-	398	2 586	2 984
Asia	-	-	41	294	335
Rest of the world	-	-	186	251	437
Total Net sales	754	418	981	3 320	5 473
Jan-Mar 2025	Forest	Renewable Energy	Wood Products	Board and Paper	Group
---	---	---	---	---	---
Scandinavia	886	129	348	291	1 655
Rest of Europe	-	-	393	2 841	3 234
Asia	-	-	67	447	514
Rest of the world	-	-	252	317	569
Total Net sales	886	129	1 061	3 897	5 973

4. Composition of share capital

Share structure	Votes	No. of shares	No. of votes	Quotient value	SEKm
A share	10	45 246 468	452 464 680	26	1 180
B share	1	117 265 856	117 265 856	26	3 058
Total number of shares		162 512 324	569 730 536		4 238
Holding of own B shares bought back		-9 077 790	-9 077 790
Total number of shares issued		153 434 534	560 652 746

The 2026 AGM resolved to cancel 8 500 000 class B own shares previously bought back by the company. The cancellation will take place at a value corresponding to the quotient value. The decision should be implemented in the second quarter of 2026, after the cancellation has been registered by the Swedish Companies Registration Office. At the same time, the meeting decided that the company's share capital should be increased by an amount corresponding to the cancellation of own shares, by means of a bonus issue, without issuing new shares.

Interim report January–March 2026

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5. Financial instruments

SEKm	Book value		Fair value
	2026	2025	2026	2025
	31 Mar	31 Dec	31 Mar	31 Dec
Assets at fair value	594	576	594	576
Assets at amortised cost	4 271	2 827	4 271	2 827
Liabilities at fair value	107	81	107	81
Liabilities at amortised cost	9 785	9 176	9 785	9 176

Holmen measures financial instruments at fair value or cost in the balance sheet depending on their classification. In addition to items of net financial debt, excluding pension obligations, pension assets and liabilities related to right-of-use assets, financial instruments include trade receivables and trade payables. Financial instruments measured at fair value in the balance sheet belong to measurement level 2 pursuant to IFRS 13 and mostly consist of electricity price, currency and interest rate hedging derivatives. Their net fair value at 31 March was SEK 487 million, which is SEK 7 million lower than at year-end.

6. Alternative performance measures

Holmen uses performance measures to supplement measures defined by IFRS or directly in the income statement and balance sheet in order to clarify the company's financial position and performance.

Earnings measures

Operating profit is the principal measure of earnings that is used to monitor financial performance. This includes all income and costs except for financial items and tax. Depreciation/amortisation of non-current assets is also included. EBITDA (earnings before interest, taxes, depreciation and amortisation) is used as a supplementary measure. To clarify how these earnings measures are affected by matters outside normal business operations, such as impairments of non-current assets, closures, major restructuring measures and breakdowns, as well as changes to assumptions in the valuation of biological assets, the term 'items affecting comparability' is used. The aim is also to increase comparability between different periods. The effects of maintenance and rebuilding shutdowns are not treated as items affecting comparability. There are no items affecting comparability in the operating profit/loss for January-March nor the comparison periods. A description of the items that are recognised as affecting comparability in previous periods is provided on page 136 of Holmen's annual report for 2025.

SEKm	Quarter			Full year
	1-26	4-25	1-25	2025
EBITDA	1 177	1 100	1 348	4 733
Depreciation and amortisation according to plan	-350	-361	-360	-1 464
Operating profit excl. items affecting comparability	827	739	988	3 270
Items affecting comparability	-	-	-	-
Operating profit	827	739	988	3 270

Measure of margin, return and indebtedness

Operating profit, excluding items affecting comparability, as a proportion of sales is known as the operating margin. EBITDA as a proportion of sales is known as the EBITDA margin. The performance measure of return on capital employed is used to measure operating profit, excluding items affecting comparability, as a proportion of capital employed. Capital employed is calculated as fixed assets plus working capital less the net sum of deferred tax liabilities and deferred tax assets. This corresponds to equity plus net financial debt. Average capital employed is calculated based on quarterly data.

SEKm	2026	2025
	31 Mar	31 Dec
Fixed assets*	70 730	70 721
Working capital**	2 419	3 911
Deferred tax assets	3	3
Deferred tax liabilities	-14 320	-14 250
Capital employed	58 831	60 384

Forest assets, non-current intangible assets, property, plant and equipment, right-of-use assets, investments in associates and other shares and participations.
*Inventories, trade receivables, current tax receivable, other current operating receivables, trade payables, current tax liability, non-current provisions, current provisions and other operating liabilities

Interim report January-March 2026

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H

The debt/equity ratio is calculated as net financial debt divided by equity. The equity/assets ratio is calculated as equity divided by total assets. Net financial debt consists of the following components:

SEKm	2026	2025
	31 Mar	31 Dec
Non-current financial liabilities	4 102	3 502
Non-current liabilities relating to right-of-use assets	96	105
Current financial liabilities	1 766	1 903
Current liabilities relating to right-of-use assets	106	121
Pension obligations	7	7
Non-current financial receivables	-59	-36
Pension assets, net	-210	-207
Current financial receivables	-20	-24
Cash and cash equivalents	-1 602	-390
Net financial debt	4 186	4 979

7. Transaction with related parties

There were no transactions between Holmen and related parties that had a significant effect on the company's financial position and performance.

8. Material risks and uncertainties

The Group's and the parent company's material risks and uncertainties relate primarily to changes in demand and the prices of their products, the cost of key input goods, and changes in exchange rates. For a more detailed description of the material risks and uncertainties, see Holmen's annual report for 2025, pages 49–53, and Note 26.

Interim report January–March 2026

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H

Group

Quarterly figures, SEKm	2026	2025				Jan-Mar		Full year
	Q1	Q4	Q3	Q2	Q1	2026	2025	2025
Income statement
Net sales	5 473	5 183	5 327	5 573	5 973	5 473	5 973	22 056
Operating costs	-4 489	-4 236	-4 467	-4 656	-4 865	-4 489	-4 865	-18 223
Change in value of biological assets	193	148	249	260	238	193	238	895
Profit from associates	1	5	0	0	1	1	1	5
EBITDA	1 177	1 100	1 109	1 176	1 348	1 177	1 348	4 733
Depreciation and amortisation according to plan	-350	-361	-373	-370	-360	-350	-360	-1 464
Operating profit	827	739	737	807	988	827	988	3 270
Net financial items	-37	-25	-25	-33	-20	-37	-20	-104
Profit before tax	789	713	711	773	967	789	967	3 165
Tax	-172	-132	233	-171	-215	-172	-215	-286
Profit for the period	618	581	944	602	752	618	752	2 879
Earnings per share, SEK	4.0	3.8	6.1	3.8	4.8	4.0	4.8	18.5
Net sales
Forest	2 311	2 391	2 275	2 539	2 572	2 311	2 572	9 777
Renewable Energy	418	157	82	68	130	418	130	437
Wood Products	981	905	943	1 101	1 061	981	1 061	4 010
Board and Paper	3 320	3 358	3 596	3 577	3 897	3 320	3 897	14 428
Elimination of intra-group net sales	-1 557	-1 628	-1 568	-1 713	-1 687	-1 557	-1 687	-6 597
Group	5 473	5 183	5 327	5 573	5 973	5 473	5 973	22 056
EBITDA by business area
Forest	530	425	558	538	505	530	505	2 027
Renewable Energy	321	68	9	-6	57	321	57	129
Wood Products	-40	-57	-36	74	53	-40	53	33
Board and Paper	402	703	619	619	783	402	783	2 724
Group-wide	-37	-40	-40	-49	-50	-37	-50	-179
Group	1 177	1 100	1 109	1 176	1 348	1 177	1 348	4 733
Operating profit/loss by business area
Forest	511	403	538	519	487	511	487	1 948
Renewable Energy	281	41	-18	-33	29	281	29	18
Wood Products	-91	-111	-91	20	1	-91	1	-182
Board and Paper	168	454	356	358	528	168	528	1 697
Group-wide	-42	-48	-48	-57	-58	-42	-58	-212
Group	827	739	737	807	988	827	988	3 270
Operating margin, %
Wood Products	-9	-12	-10	2	0	-9	0	-5
Board and Paper	5	14	10	10	14	5	14	12
Group	15	14	14	14	17	15	17	15
Return on capital employed, %
Industry (Wood Products, Board and Paper)	3	14	11	15	20	3	20	15
Group	6	5	5	5	6	6	6	5
Return on equity, %
Group	4	4	7	4	5	4	5	5
Deliveries
Own forest, '000 m³sub	614	839	666	654	535	614	535	2 694
Hydro- and windpower, GWh	542	427	324	385	499	542	499	1 634
Wood products, '000 m³	329	304	318	326	345	329	345	1 294
Board and paper, '000 tonnes	334	330	354	348	359	334	359	1 391

Interim report January-March 2026

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H

Group

Full year review, SEKm	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Income statement
Net sales	22 056	22 759	22 795	23 952	19 479	16 327	16 959	16 055	16 133	15 513
Operating costs	-18 223	-18 563	-17 249	-15 865	-14 622	-13 250	-13 961	-12 984	-13 379	-12 626
Change in value of biological assets	895	907	562	509	464	579	487	425	415	315
Profit from associates and JV	5	7	6	10	0	-6	0	-9	-12	-22
EBITDA*	4 733	5 110	6 114	8 607	5 321	3 651	3 486	3 488	3 157	3 179
Depreciation and amortisation according to plan	-1 464	-1 388	-1 360	-1 345	-1 261	-1 172	-1 141	-1 012	-991	-1 018
Operating profit excl. items affecting comparability	3 270	3 721	4 755	7 262	4 061	2 479	2 345	2 476	2 166	2 162
Items affecting comparability	-	-	-	266	-330	-	8 770	-94	-	-232
Operating profit	3 270	3 721	4 755	7 527	3 731	2 479	11 115	2 382	2 166	1 930
Net financial items	-104	-62	-49	-87	-39	-42	-34	-25	-53	-71
Profit before tax	3 165	3 660	4 705	7 441	3 691	2 437	11 081	2 356	2 113	1 859
Tax	-286	-798	-1 008	-1 567	-688	-458	-2 351	-89	-445	-436
Profit for the year	2 879	2 861	3 697	5 874	3 004	1 979	8 731	2 268	1 668	1 424
Earnings per share, SEK	18.5	18.0	23.0	36.3	18.5	12.2	52.6	13.5	9.9	8.5
EBITDA by business area*
Forest	2 027	2 022	1 600	1 488	1 573	1 422	1 217	1 216	1 099	1 030
Renewable Energy	129	375	807	1 112	375	242	362	205	159	143
Wood Products	33	188	190	1 441	1 857	309	159	337	165	80
Board and Paper	2 724	2 686	3 687	4 713	1 679	1 820	1 887	1 861	1 884	2 051
Group-wide	-179	-162	-170	-148	-163	-143	-140	-132	-149	-124
Group	4 733	5 110	6 114	8 607	5 321	3 651	3 486	3 488	3 157	3 179
Operating profit by business area*
Forest	1 948	1 947	1 523	1 401	1 495	1 367	1 172	1 185	1 069	1 001
Renewable Energy	18	265	697	1 006	347	215	336	181	135	120
Wood Products	-182	2	6	1 237	1 668	185	62	246	80	-3
Board and Paper	1 697	1 702	2 730	3 796	743	886	944	1 018	1 053	1 192
Group-wide	-212	-194	-202	-178	-193	-174	-168	-154	-170	-148
Group	3 270	3 721	4 755	7 262	4 061	2 479	2 345	2 476	2 166	2 162
Deliveries
Own forest, '000 m³/sub	2 694	2 643	2 702	2 813	2 833	2 841	2 699	2 816	2 883	2 945
Hydro- and windpower, GWh	1 634	1 728	1 658	1 639	1 230	1 352	1 109	1 145	1 169	1 080
Wood products, '000 m³	1 294	1 348	1 498	1 435	1 373	1 052	879	828	852	776
Board and paper, '000 tonnes	1 391	1 424	1 343	1 498	1 573	1 426	1 534	1 561	1 643	1 630
Balance sheet
Forest assets	56 711	57 843	56 348	52 151	47 080	43 202	41 345	18 701	17 971	17 595
Other non-current assets	14 013	13 659	12 781	12 477	12 251	11 784	10 781	10 586	10 780	11 106
Current assets	9 482	9 750	9 277	14 758	7 956	6 878	6 264	6 845	5 710	5 852
Financial receivables	451	295	1 313	2 050	814	679	950	781	430	338
Total assets	80 863	81 548	79 719	81 436	68 101	62 543	59 340	36 912	34 891	34 891
Equity	55 405	57 370	56 923	56 950	46 992	42 516	40 111	23 453	22 035	21 243
Deferred tax liability	14 250	14 252	13 858	13 490	11 610	10 570	10 299	5 839	5 650	5 613
Financial liabilities and interest-bearing provisions	5 637	3 692	3 182	4 195	4 915	4 860	4 733	3 587	3 366	4 283
Operating liabilities	5 571	6 234	5 755	6 801	4 584	4 597	4 196	4 033	3 840	3 752
Total equity and liabilities	80 863	81 548	79 719	81 436	68 101	62 543	59 340	36 912	34 891	34 891
Cash flow
Operating activities	3 851	3 317	5 805	5 484	3 229	2 457	2 884	2 286	2 509	1 961
Investing activities**	-2 125	-2 066	-1 653	-1 352	-1 332	-1 924	-1 050	-1 005	-644	-123
Cash flow after investments	1 726	1 251	4 153	4 132	1 897	533	1 834	1 281	1 865	1 838
Key ratios
Return on capital employed, industry, %***	15	16	27	52	26	12	12	15	13	13
Return on equity, %	5	5	7	11	7	5	35	10	8	7
Debt/equity ratio, %	9	6	3	4	9	10	9	12	13	19
Ordinary dividend, SEK	9.5	9	8.5	8	7.5	7.25	3.5	6.75	6.5	6
Extra dividend, SEK	-	3	3	8	4	3.5	-	-	-	-
Share buy-backs, SEKm	1 649	647	1 119	-	-	-	1 430	-	-	-
Average number of employees	3 435	3 498	3 546	3 466	3 474	2 974	2 915	2 955	2 976	2 989

Excl. items affecting comparability. Net after disposals and before changes in financial assets.
**Wood Products, Board and Paper excl. items affecting comparability.

Interim report January-March 2026

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Interim report January–March 2026
17/17

Holmen in brief

Holmen’s extensive forest holdings are the foundation of the business. Using our own production facilities, the growing trees are refined into everything from wood for climate-smart building to renewable packaging, magazines and books, while at the same time we generate hydro and wind power on our own land. A business that not only creates value for customers and shareholders, but also contributes to a better climate and thriving rural communities.

Press and analyst conference

On the publication of the interim report, a webcast press and analyst conference will be held at 08:30 CEST on Tuesday 28 April. Holmen President and CEO Henrik Sjölund, together with CFO Stefan Loréhn, will present and comment on the report. The presentation will be held in English.

The press and analyst conference will be webcast and may be followed via: www.holmen.com/reports

You may also participate in the conference by telephone, by calling no later than 08.25 CEST on:

Within Sweden: +46 8 505 100 31
From the rest of Europe: +44 207 107 06 13
From the US: +1 631 570 56 13

Financial report

20 August 2026 Interim report January–June 2026
22 October 2026 Interim report January–September 2026
2 February 2027 Year-end report 2026

This is information that Holmen AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07.30 CEST on Tuesday, 28 April 2026.

This is a translation of the Swedish interim report of Holmen Aktiebolag (publ.). In the event of inconsistency between the English and the Swedish versions, the Swedish version shall prevail.