Holmen AB reported a SEK 689 million operating profit for the second quarter of 2026, a 17% decline from SEK 827 million in the prior quarter, as the Swedish forest products group navigated storm-related disruptions and softer market conditions.
The company approved a total shareholder payout of approximately SEK 2.5 billion in the first half of 2026, comprising dividends and share buybacks. This brings cumulative distributions to SEK 16 billion since 2021. Shares rose 2.09% to $322 following the presentation.
Operating profit for the rolling 12-month period fell to SEK 2.99 billion, while the debt-to-equity ratio increased to about 12% as of June 2026, up from roughly 4% in 2023. Capital expenditure is guided at SEK 1 billion for 2026, with similar levels expected in 2027.
Storm damage in northern and southern Sweden affected an estimated 10 million cubic meters of timber across the country, with Holmen’s forests impacted by about 0.5 million cubic meters. The company incurred SEK 10–15 million in storm-related costs during Q2, with full-year expenses projected at SEK 30–40 million. Harvesting on Holmen’s land is expected to remain below normal levels through 2026–2027.
The forest segment reported a SEK 460 million operating profit in Q2, down from SEK 511 million in Q1, while the rolling 12-month figure declined slightly to SEK 1.91 billion. The renewable energy segment generated SEK 74 million in operating profit with a 25% EBITDA margin, supported by 2 TWh of annual production capacity. The wood products segment narrowed its loss to SEK 55 million, improving from a SEK 91 million deficit in Q1.
The board and paper segment delivered SEK 168 million in operating profit, with a 5% EBITDA margin, as volumes grew approximately 5% year-over-year. The segment operates at 85–90% capacity, above the industry average of around 75%. The rolling 12-month operating profit stood at SEK 1.23 billion, though returns on capital employed fell to about 20% from 70% in 2022.
Management characterized order books for board and paper as "fairly okay" and "quite good," with stable pricing. Wood costs are expected to decline by low single digits in Q3 due to increased availability of storm-felled timber. Deliveries in the board and paper segment are anticipated to be lower in Q3 due to seasonal maintenance, with an estimated SEK 150 million impact.
