Slides
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Interim report presentation January-September 2026 Henrik Sjölund, CEO Stefan Loréhn, CFO October 22nd, 2026
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Maintenance shut burdened the result Group 2 *Excl. items affecting comparability. **Q4-25 – Q3-26 4 061 7 262 4 755 3 721 3 270 2 804 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 21 22 23 24 25 M12** Mkr Rörelseresultat* 1 078 716 988 807 737 739 827 689 549 0 200 400 600 800 1 000 1 200 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 SEKm Operating profit
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SEK 2.8 bn in dividend and buybacks Jan-Sep SEK 16 bn in total during 2021-2026 Group 3 *Q4-25 – Q3-26 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 21 22 23 24 25 M12* SEKm Cash flow Capital expenditure Buy-back of own shares Dividend Cashflow before capex and WC 0 5 10 15 20 25 21 22 23 24 25 Sep-26 % Debt/equity ratio
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Forest 1.3 million ha total land area 1.0 million ha productive forest land
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Declining wood prices Partly due to storm effects 5 0 50 100 150 200 250 300 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Index Wood cost at mill gate (Holmen average) Saw logs Pulpwood Forest
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Storm affects local supply • 10 million m3 in total • ~0.5 million m3 in Holmen’s forests • Relocation of harvesting resources – Less harvesting on own forest 2026-2027 • Higher harvesting costs • Limited effect on the result 2026 Forest 6
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Lower prices Higher cost due to storm felling's Forest 7 *Q4-25 – Q3-26. 482 522 487 519 538 403 511 460 441 0 100 200 300 400 500 600 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 SEKm Operating profit 1 495 1 401 1 523 1 947 1 948 1 816 0 500 1 000 1 500 2 000 2 500 21 22 23 24 25 M12* SEKm Operating profit
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Renewable Energy 2 TWh per year
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0 50 100 150 200 250 2019 2020 2021 2022 2023 2024 2025 2026 EUR/MWh Energy prices South Sweden (SE3) North Sweden (SE2) Germany High continental electricity prices Renewable Energy 9 Source: Macrobond
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Europe's energy system is in transition Renewable Energy 10 Source: Macrobond Low price Middle price High price Electricity price (EUR/MWh) 0 50 100 150 200 250 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 EUR/MWh Average price per hour Jun-Sep Germany South Sweden (SE3) North Sweden (SE2)
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2 TWh annual production EBITDA 325 SEK/MWh average 2019-2026 Renewable Energy 11 0 100 200 300 400 500 600 700 800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 19 20 21 22 23 24 25 26 SEK/MWh EBITDA, SEK/MWh EBITDA, R12 Average 2019-2026 Q3
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Lower prices Some production curtailment due to grid maintenance Renewable Energy 12 *Q4-25 – Q3-26. 347 1 006 697 265 18 437 0 5 10 15 20 25 0 250 500 750 1 000 1 250 21 22 23 24 25 M12* %SEKm Operating profit Return on capital employed -12 10 29 -33 -18 41 281 74 42 -25 0 25 50 75 100 -100 0 100 200 300 400 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 %SEKm Operating profit EBITDA margin
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Wood Products 1.5 million m3 per year
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Weak construction market 14 Wood Products Source: U.S. Census Bureau and Statistisches Bundesamt, all figures in rolling 12 months 0 50 100 150 200 250 300 350 400 450 Number of units (thousands) Germany Building permits, Buildings Building permits, Dwellings 13 000 14 000 15 000 16 000 17 000 18 000 19 000 20 000 21 000 22 000 Number of units (thousands) USA Permits Construction starts
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Lower production balancing demand Wood Products 15
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Lower production in Swedish sawmills 8 percent lower production year on year Wood Products 16 *Rolling 12 months Source: Swedish Forest Industries. 3 500 4 000 4 500 5 000 5 500 6 000 6 500 7 000 7 500 8 000 8 500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 thousand m3 Production, Swedish sawn softwood* North South
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Stable prices Wood Products 17 Source: Swedish Forest Industries and Macrobond 0 100 200 300 400 500 600 Index Export price index Sweden 0 100 200 300 400 500 600 Index US spot price
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Declining wood costs Low deliveries Wood Products 18 *Q4-25 – Q3-26. 0 -18 1 20 -91 -111 -91 -55 -23 -30 -25 -20 -15 -10 -5 0 5 10 15 -120 -100 -80 -60 -40 -20 0 20 40 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 %SEKm Operating profit EBITDA margin 1 668 1 237 6 2 -182 -281 -25 0 25 50 75 100 -500 0 500 1 000 1 500 2 000 21 22 23 24 25 M12* %SEKm Operating profit Return on capital employed
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Board and Paper 1.5 million tonnes per year
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Consumers still cautious Board and Paper 20 *September 2025 – August 2026 **Adjusted for rebates Source: CEPI and Fastmarkets RISI 0 500 1 000 1 500 2 000 2 500 3 000 16 17 18 19 20 21 22 23 24 25 M12* kton European SBB and FBB demand 0 20 40 60 80 100 120 140 160 180 16 17 18 19 20 21 22 23 24 25 26 Index Prices FBB Pulp NBSK**
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Continuously lower demand 21 Board and Paper 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 17 18 19 20 21 22 23 24 25 M12* kton Printing paper demand WE Uncoated magazine & book Coated magazine Newsprint *Jul 2025 – Jun 2026 **Adjusted for rebates. Source: Euro Graph, Fastmarkets RISI 0 50 100 150 200 250 16 17 18 19 20 21 22 23 24 25 26 Index Prices Uncoated magazine Pulp NBSK**
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Maintenance shut in Q3 22 *Excl items affecting comparability. **Q4-25 – Q3-26. Board and Paper 653 241 528 358 356 454 168 254 128 0 5 10 15 20 25 30 0 125 250 375 500 625 750 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 %SEKm Operating profit EBITDA margin 743 3 796 2 730 1 702 1 697 1 004 0 10 20 30 40 50 60 70 80 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 21 22 23 24 25 M12** %SEKm Operating profit* Return on capital employed*
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Extracting value from the land 23
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Growing a sustainable future
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