HOLM-ANasdaq StockholmBasic MaterialsIFRS · SEK

Holmen A

Holmen is a Swedish forest industry group that owns and manages forest land and converts wood fiber into renewable products. Its business spans forest holdings, paper and paperboard mills, sawmills, and renewable power assets, with operations centered in Sweden and a smaller presence in the UK.

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Revenue22.1bn SEK
−3.1 %y/y
Operating profit (EBIT)3,270m SEK
−12.1 %y/y
EBIT margin14.8%
−1.5 ppy/y
Net income2,879m SEK
+0.6 %y/y
Free cash flow3,851m SEK
+183.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

010203040bn SEK2021: 19.5 bn SEK2021: EBIT 3.7 bn SEK20212022: 24.0 bn SEK2022: EBIT 7.5 bn SEK20222023: 22.8 bn SEK2023: EBIT 4.8 bn SEK20232024: 22.8 bn SEK2024: EBIT 3.7 bn SEK20242025: 22.1 bn SEK2025: EBIT 3.3 bn SEK2025TTM 2026: 37.2 bn SEKTTM 2026: EBIT 2.7 bn SEKTTM37.22.7
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Forest25 %

Ownership and active management of forest land, including silviculture and harvesting.

Paperboard and paper35 %

Paperboard and paper production from wood fiber for packaging and print-related uses.

Sawn timber and wood products25 %

Sawmill output and wood-based products sold to industrial and construction customers.

Renewable energy10 %

Hydro and wind power generation from land and water assets within the group.

Other and internal services5 %

Smaller activities and group-level items not captured in the main operating categories.

Customers

Holmen sells to industrial customers that use forest-based inputs in packaging, printing, construction, and manufacturing. The company also serves buyers of renewable electricity and customers that value traceable, sustainably sourced materials from Swedish forests.

Packaging and paperboard customers

Buy paperboard for packaging applications where fiber quality, consistency, and sustainability matter.

Printing and paper customers

Buy paper products for publication and other paper uses that require stable quality and supply.

Construction and wood-product customers

Buy sawn timber and wood products for building, industrial, and distribution channels.

Energy market counterparties

Buy renewable electricity generated from Holmen's hydro and wind assets.

Industrial fiber users

Buy forest-based raw materials and related outputs for downstream industrial processing.

Strategy

Holmen’s strategy is built around active and sustainable forestry, efficient industrial conversion of wood fiber, and value creation from renewable energy assets. The company emphasizes long-term forest growth, biodiversity management, and decentralized business-area responsibility to support investment, production, and sales decisions.

Active and sustainable forestryLong term

Forest growth and harvest planning underpin long-term raw-material supply and asset value.

Industrial efficiency and product developmentMedium term

Mills and sawmills convert forest resources into higher-value products for industrial customers.

Renewable energy monetizationMedium term

Hydro and wind assets create additional value from land and water holdings.

Decentralized operating modelShort term

Business areas are responsible for targets and strategies, improving local execution and accountability.

Geography

Holmen’s core asset base is in Sweden, where it owns large forest holdings and operates most of its mills, power assets, and head office. The group also has an industrial site in the UK at Workington, giving it a smaller non-Swedish operating footprint.

Risks

Holmen is exposed to forestry, industrial, and market risks tied to weather, pests, fires, storms, and long forest growth cycles. It also faces business conduct, regulatory, currency, and supply-chain risks because it sells into international industrial markets and operates across the full value chain.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Currency risk2Regulatory and sustainability risk3Business conduct and compliance risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Forest climate and natural hazard exposureImpact: High

    Trees grow over decades, so drought, storms, fires, and pests can affect timber supply and asset value.

    Exposure: Forest holdings and silviculture operations

  2. Currency riskImpact: MediumLikelihood: Medium

    Sales and costs are denominated in different currencies, creating transaction and translation exposure.

    ExposureEURUSDGBP flows versus SEK reporting
  3. Regulatory and sustainability riskImpact: MediumLikelihood: Medium

    New legislation can increase obligations around value-chain responsibility and operating conditions.

    ExposureForestrySourcingProduct traceability
  4. Business conduct and compliance riskImpact: MediumLikelihood: Low

    Customers and partners expect strong sustainability principles; breaches can harm relationships and trigger penalties.

    ExposureUpstreamOwn operationsDownstream
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Accounting

Judgemental items
Forest land and biological asset assumptions

Forest growth, harvest timing, and valuation estimates can materially affect carrying values and future earnings.

Impact: Long-cycle assumptions influence asset values and impairment risk

Derivative and hedge accounting

Forward foreign exchange contracts are used to hedge transaction exposure and create fair value movements.

Impact: Can shift reported financial income and balance sheet values

Foreign currency translation

Foreign subsidiaries and multi-currency sales are translated into SEK, affecting reported results.

Impact: Creates volatility in consolidated earnings and equity

Lease and pension obligations

Right-of-use assets and pension liabilities are included in net financial debt.

Impact: Affects leverage presentation and debt analysis

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Last updated: 24/09/2026