Page 1

Holmen Interim Report January - September 2021 SEKM Net sales Operating profit excl . items affecting comparability Operating profit Profit after tax Earnings per share , SEK Oper margin , % * Cash flow before investments and change in working capital Debt / equity ratio , % * Excluding item affecting comparability in Q3-21 , see page 15 . ● SEKM 1200 HOLMEN 1000 800 600 400 200 0 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Operating profit * Operating margin * * Excl . items affecting comparability . Interim report January - September 2021 % 30 25 20 3-21 15 4 877 1 129 978 763 4.7 10 23 5 980 10 Operating profit for January - September was SEK 2 725 million ( January - September 2020 : 1 884 ) and in cludes an item affecting comparability of SEK -151 million relating to a damaged turbine at the paperboard mill in Workington . Excluding the item affecting comparability , operating profit was SEK 2 876 million . The increase in profit of SEK 992 million was due to higher prices for wood products and the growth of the wood products business through the acquisition of Martinsons and the expansion of Braviken Sawmill . Profit after tax for January - September amounted to SEK 2 136 million ( 1 467 ) , which corresponds to earnings per share of SEK 13.2 ( 9.1 ) . Operating profit for the third quarter excluding the item affecting comparability was SEK 1 129 million , com pared with SEK 898 million in the second quarter . The increase in profit was due to higher prices for wood products and paper , as well as seasonally low costs . SEK 6 5 4 3 Quarter 2-21 2 5 129 898 898 698 4.3 1 18 0 1019 11 3-20 3 727 714 714 565 3.5 19 735 8 Jan - Sep 2021 14 709 2876 2 725 2 136 13.2 20 2 671 10 2020 12 078 1 884 1 884 1 467 9.1 16 2 042 8 Full year 2020 16 327 2 479 2 479 1979 12.2 15 2411 10 Q3-19 04-19 Q1-20 02-20 03-20 04-20 Q1-21 Q2-21 03-21 Earnings per share * 1/19