Page 1

HOLMEN Holmen's Interim Report January - June 2026 Quarter SEKM Net sales EBITDA Operating profit Profit after tax Earnings per share , SEK 2-26 1-26 2-25 2026 5 632 5 473 5573 11 105 11 545 Jan - Jun 2025 Full year 2025 22 056 1 049 1177 1176 2227 2 524 4733 689 827 807 1 516 1 794 3 270 510 618 602 1 127 1 354 2879 3.3 4.0 3.8 7.4 8.6 18.5 Operating margin , % 12 15 14 14 16 15 Book value , forest assets 57 236 56 908 58 413 57 236 58 413 56 711 Cash flow before investments and change in working capital 637 986 730 1 623 1 859 3 901 Net financial debt 6 482 4 186 5 353 6 482 5 353 4979 Debt / equity ratio , % 12 8 10 12 10 9 • • . • • Operating profit for January - June 2026 amounted to SEK 1 516 million ( January - June 2025 : 1794 ) , corresponding to an operating margin of 14 per cent ( 16 ) . Profit from Holmen's industrial activities decreased , while profit from hydro and wind power assets increased significantly . Compared with the first quarter , operating profit for the second quarter decreased by SEK 138 million to SEK 689 million . Lower electricity prices in northern Sweden had a negative impact on profit , while higher deliveries of board and paper offset the decrease in profit . Profit after tax for January - June amounted to SEK 1 127 million ( 1 354 ) , which corresponds to earnings per share of SEK 7.4 ( 8.6 ) . In the second quarter , a dividend of SEK 1 458 million was paid and 3 million shares , corresponding to 2 per cent of the total number of shares , were bought back for SEK 946 million . Net debt at the end of the quarter amounted to SEK 6 482 million , corresponding to 12 per cent of equity . SEKM 1 200 % SEK 20 8 900 15 6 600 300 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Operating profit Interim report January - June 2026 Operating margin 10 4 5 2 0 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Earnings per share 1/18