Interim report
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Interim report January-September 2026 1/18 Holmen’s Interim Report January-September 2026 Quarter Jan-Sep Full year SEKm 3-26 2-26 3-25 2026 2025 2025 Net sales 4 945 5 632 5 327 16 049 16 873 22 056 EBITDA 909 1 049 1 109 3 135 3 633 4 733 Operating profit 549 689 737 2 066 2 531 3 270 Profit after tax 391 510 944 1 518 2 298 2 879 Earnings per share, SEK 2.6 3.3 6.1 10.0 14.7 18.5 Operating margin, % 11 12 14 13 15 15 Book value, forest assets 57 630 57 236 58 731 57 630 58 731 56 711 Cash flow before investments and change in working capital 357 637 725 1 980 2 585 3 901 Net financial debt 5 810 6 482 5 496 5 810 5 496 4 979 Debt/equity ratio, % 11 12 10 11 10 9 • Operating profit for January–September 2026 amounted to SEK 2 066 million (January–September 2025: 2 531), corresponding to an operating margin of 13 per cent (15). Profit from the Group’s hydro and wind power assets increased, while the other business areas’ profit decreased. • Compared with the second quarter, operating profit for the third quarter decreased by SEK 140 million to SEK 549 million as a result of the maintenance shutdown at the Iggesund Mill. • Cash flow after investments amounted, in the third quarter, to SEK 703 million, and net debt decreased to SEK 5 810 million, which corresponds to 11 per cent of equity. • Profit after tax for January–September amounted to SEK 1 518 million (2 298), which corresponds to earnings per share of SEK 10.0 (14.7). 0 5 10 15 20 0 300 600 900 1 20 0 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 %SEKm Operating p rofi t Operating margi n 0 2 4 6 8 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 SEK Earnings per share
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Interim report January-September 2026 2/18 CEO comments The market for forest industry products is still marked by cautious consumers and low activity in the construction market. Operating profit amounted to SEK 549 million in the third quarter, and was affected by a major maintenance shutdown at the Iggesund Mill. Low demand from industry meant that the trend of decreasing wood prices persisted. Harvest from our own forests was slightly lower than usual as we prioritised storm-felled forest, on both our own and others’ land. Profit from Forest decreased slightly to SEK 441 million. The land and forests are the foundation of our business model. The Forest business area now has two roles: management of Holmen’s own forests and procuring wood for the industrial activities. This is a wide-reaching role whose complexity has increased due to both regulations and greater competition for wood raw material. To increase our capacity to develop the value of our forest and land holdings, and at the same time improve the industrial activities’ competitiveness, the Forest business area will be divided into two business areas, the supplying of wood to the industrial activities being split off and put directly under the CEO’s responsibility. The electricity price in northern Sweden was at a relatively normal level, albeit slightly lower than in the second quarter. Our production was curtailed in the quarter due to work on the national grid, which affected Renewable Energy’s profit, which amounted to SEK 42 million. Over the slightly longer term, the reinforcing of the main grid will increase transmission capacity in Sweden and reduce price differences between electricity zones. The low electricity price in northern Sweden is also a competitive advantage, and should attract the establishment of new electricity-intensive facilities. The wood products market is still being held back by a weak construction market, and prices were unchanged during the quarter. Conditions for our sawmills improved somewhat, as log prices decreased and production optimisations were introduced. In the third quarter, losses for Wood Products decreased to SEK -23 million. We are continuing to balance our production based on market conditions, and we will be in a strong position when the construction market turns. Demand for both consumer paperboard and paper was broadly unchanged in the third quarter and prices were stable. Operating profit for Board and Paper was affected by a major maintenance shutdown at Iggesund Mill and amounted to SEK 128 million. We are continuing to focus on niches in which fresh fibre comes into its own, and where we have a good opportunity to create high added value over time. With a strong financial position and a large forest holding, Holmen stands strong even in troubled times. On our land, we grow houses while also harnessing the energy that flows in the rivers and blows over the treetops. We use the residual forestry products to make renewable packaging, magazines and books that help our customers to increase their competitiveness and reduce their fossil carbon footprints. Key figures Q3 2026 Operating profit, SEKm Operating margin, % Debt/equity ratio, % 549 11 11
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Interim report January-September 2026 3/18 Forest Holmen carries out active and sustainable forestry on over 1 million hectares of its own productive forest land. The annual harvest from own forest normally amounts to 2.8 million m3sub. Quarter Jan-Sep Full year SEKm 3-26 2-26 3-25 2026 2025 2025 Net sales 1 753 2 221 2 275 6 284 7 386 9 777 Of which from own forest 416 421 561 1 359 1 551 2 282 Operating costs -1 613 -2 024 -1 966 -5 610 -6 532 -8 646 Change in biological assets 320 283 249 796 747 895 EBITDA 460 480 558 1 470 1 602 2 027 Depreciation and amortisation according to plan -19 -19 -20 -58 -57 -79 Operating profit 441 460 538 1 413 1 545 1 948 Investments (incl. reforestation) 89 52 91 147 184 259 Book value, forest assets 57 630 57 236 58 731 57 630 58 731 56 711 EBITDA margin*, % 27 42 53 46 55 58 Operating margin*, % 25 41 51 45 54 57 Deliveries, own forest, '000 m³sub 604 548 666 1 766 1 855 2 694 *Profit from own forests before the change in value of biological assets as a percentage of own forest net sales. Both log and pulpwood demand and supply were weak in the third quarter, and prices slightly decreased. The harvest from Holmen’s forests was 1 766 km3 in January–September, which was a little lower than last year, and around 15 per cent lower than the long-term harvest plan. The storm that occurred in central Swe- den at year-end resulted in 10 million m³ being blown down, of which around 0.5 million m³ on Holmen’s land. Holmen has prioritised dealing with storm-felled forests in the region, both with regard to its own forests and with other forest owners, which resulted in a lower harvest than normal from its own forests. Deliveries in- creased to 604 km3 in the third quarter. Operating profit for January–September amounted to SEK 1 413 million (1 545). The lower profit is attributa- ble to decreasing selling prices and increased harvesting costs to deal with storm-felled forest. Compared with the second quarter, profit for the third quarter decreased by SEK 19 million to SEK 441 million as a result of lower selling prices. 0 100 200 300 400 500 600 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 SEKm Operating p rofi t 0 10 20 30 40 50 60 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 SEKb Book value, forest assets
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Interim report January-September 2026 4/18 Renewable Energy In a normal year Holmen delivers 2 TWh of renewable hydro and wind power. Quarter Jan-Sep Full year SEKm 3-26 2-26 3-25 2026 2025 2025 Net sales 155 194 82 767 280 437 Operating costs -72 -80 -73 -250 -220 -309 EBITDA 82 114 9 517 60 129 Depreciation and amortisation according to plan -40 -40 -28 -121 -83 -110 Operating profit 42 74 -18 397 -23 18 Investments 12 37 214 110 752 997 Capital employed 5 254 5 292 5 182 5 254 5 182 5 295 EBITDA margin, % 53 59 11 67 21 29 Operating margin, % 27 38 -23 52 -8 4 Return on capital employed, % 10 neg 0 Deliveries hydro- and wind power, GWh 341 366 324 1 249 1 207 1 634 The electricity price in northern Sweden decreased in the third quarter, and amounted to an average of 350 (Q2: 400) SEK/MWh. The price in central Sweden (SE3) was largely unchanged and amounted to 690 (Q2: 700) SEK/MWh. Holmen’s deliveries of hydro and wind power increased in January–September to 1 249 GWh (1 207). The commissioning of Blisterliden Wind Farm at the start of the year resulted in higher deliveries, whereas maintenance work on the main grid curtailed deliveries from certain facilities. In the third quarter, deliveries decreased by 25 GWh to 341 GWh. At the end of the period, the level in Holmen’s water reservoirs was slightly higher than is seasonally normal. Operating profit for January–September amounted to SEK 397 million (-23). The improved profit is due to higher electricity prices in northern Sweden, which amounted to an average of SEK 490/MWh (155). Compared with the second quarter, profit for the third quarter decreased by SEK 32 million to SEK 42 million as a result of lower electricity prices and slightly lower deliveries. -2 0 0 20 40 60 80 100 -1 00 0 100 200 300 400 500 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 %SEKm Net sales EBITDA ma rg in -5 0 5 10 15 20 25 30 -5 0 0 50 100 150 200 250 300 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 %SEKm Operating p rofi t Return on capital employed* *Twelve-month rolling average.
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Interim report January-September 2026 5/18 Wood Products Holmen delivers wood products for joinery and construction purposes. Production takes place at five sawmills adjacent to own forest with an annual capacity of 1.5 million cubic metres. Quarter Jan-Sep Full year SEKm 3-26 2-26 3-25 2026 2025 2025 Net sales 843 1 094 943 2 918 3 105 4 010 Operating costs -814 -1 097 -979 -2 932 -3 014 -3 977 EBITDA 29 -3 -36 -14 90 33 Depreciation and amortisation according to plan -52 -52 -55 -156 -161 -215 Operating profit -23 -55 -91 -170 -70 -182 Investments 10 5 36 42 141 196 Capital employed 2 161 2 362 2 413 2 161 2 413 2 453 EBITDA margin, % 3 0 -4 0 3 1 Operating margin, % -3 -5 -10 -6 -2 -5 Return on capital employed, % neg neg neg Deliveries, '000 m³ 269 345 318 943 990 1 294 Demand for wood products was subdued in the third quarter, but prices were unchanged. Holmen’s deliveries for January–September totalled 943 (990) km3. The decrease is due to production curtailments. Deliveries decreased seasonally in the third quarter. The operating loss for January–September amounted to SEK -170 million (-70). The decrease in earnings was due to lower revenue from the sale of wood chips and biofuels and a weaker dollar, which was offset to an extent by lower costs for logs. Compared with the second quarter, the loss for the third quarter decreased by SEK 32 million to SEK -23 million as costs for logs were lower. -1 0 -5 0 5 10 15 20 25 30 -4 00 -2 00 0 200 400 600 800 1 00 0 1 20 0 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 %SEKm Net sales EBITDA ma rg in -2 5 -2 0 -1 5 -1 0 -5 0 5 10 15 -1 20 -1 00 -8 0 -6 0 -4 0 -2 0 0 20 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 %SEKm Operating p rofi t Return on capital employed* *Twelve-month rolling average.
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Interim report January-September 2026 6/18 Board and Paper Holmen produces premium paperboard and innovative paper products from fresh fibre from sustainably managed forests. Annual capacity amounts to 1.5 million tonnes at three production facilities in Sweden and one in the UK. Quarter Jan-Sep Full year SEKm 3-26 2-26 3-25 2026 2025 2025 Net sales 3 408 3 663 3 596 10 391 11 070 14 428 Operating costs -3 040 -3 169 -2 977 -9 127 -9 050 -11 704 EBITDA 368 494 619 1 264 2 020 2 724 Depreciation and amortisation according to plan -239 -240 -262 -713 -778 -1 027 Operating profit 128 254 356 550 1 243 1 697 Investments 164 139 145 450 473 691 Capital employed 7 285 7 622 7 421 7 285 7 421 7 234 EBITDA margin, % 11 13 17 12 18 19 Operating margin, % 4 7 10 5 11 12 Return on capital employed, % 10 21 22 Deliveries, '000 tonnes 328 365 354 1 026 1 061 1 391 Demand for paperboard in the third quarter was at the same level as a year earlier, while demand for paper was around 5 per cent lower. Prices for both paperboard and paper were largely unchanged in the third quarter. Holmen’s deliveries decreased in January–September to 1 026 ktonnes (1 061), due to lower paper deliver- ies. In the third quarter, deliveries decreased from the high level of the second quarter, also because of lower paper deliveries. Operating profit for January–September amounted to SEK 550 million (1 243). Profit was negatively affected by the increase in energy costs from a low level, a weaker dollar and slightly lower paper prices and deliveries. The negative effects were offset to a degree by lower pulpwood prices. A maintenance shutdown at the paper- board mill in Iggesund had a negative impact on earnings of SEK 150 million. The profit for January–Septem- ber 2025 was reduced by SEK 300 million by maintenance shutdowns at the paperboard factories in Iggesund and Workington. Compared with the second quarter, profit decreased in the third quarter by SEK 126 million to SEK 128 mil- lion. The decrease in profit was a consequence of the SEK 150 million of costs and lost production resulting from maintenance shutdown, and lower deliveries. Personnel costs were seasonally low. 0 10 20 30 40 0 1 00 0 2 00 0 3 00 0 4 00 0 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 %SEKm Net sales EBITDA ma rg in *Twelve-month rolling average. 0 10 20 30 40 0 200 400 600 800 Q 3- 24Q 4- 24Q 1- 25Q 2- 25Q 3- 25Q 4- 25Q 1- 26Q 2- 26Q 3- 26 %SEKm Operating p rofi t Return on capital employed*
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Interim report January-September 2026 7/18 Cash flow, financing and net financial items Cash flow from operating activities before changes in working capital totalled SEK 1 980 million (2 585) in January–September. Changes in working capital had a SEK 442 million (6) impact on cash flow. Cash flow from investing activities amounted to SEK -750 million (-1 535). Dividends of SEK 1 458 million (1 888) were paid and own shares were bought back for SEK 946 million (1 298). In January–September, the Group’s net financial debt increased by SEK 831 million to SEK 5 810 million. Net debt was 11 per cent of equity. At 30 September, the Group’s long-term borrowing amounted to SEK 4 107 million and its current financial liabilities totalled SEK 2 029 million. Cash and cash equivalents totalled SEK 225 million. Con- tractual credit facilities amounted to SEK 5.1 billion, of which SEK 1.1 billion is available until 2029 and SEK 4.0 billion until 2031. All credit facilities are unused. Standard & Poor’s long-term credit rating for Holmen is BBB+ with a stable outlook. Net financial items for January–September amounted to SEK -120 million (-79). Tax Recognised tax for January–September amounted to SEK -428 million (-154). Recognised tax as a pro- portion of profit before tax was equal to 22 per cent (6). Last year’s tax was affected by the fact that the Administrative Court found in favour of Holmen with regard to loss carry-forwards connected with Holmen’s previous activity in Spain. Equity In January–September, the Group’s equity de- creased by SEK 422 million to SEK 54 983 million. Profit for the period amounted to SEK 1 518 million (2 298) and other comprehensive income amounted to SEK 466 million (482). Equity for the period was reduced by SEK 1 458 million (1 888) of dividends paid, and SEK 946 million (1 298) of share buy- backs. Hedging of exchange rates The Group hedges part of its future estimated net cash flows in foreign currency. The operating profit for January–September includes a profit from cur- rency hedging of SEK 38 million (231). For EUR/SEK, more than 2 years of expected net flows are hedged at an average exchange rate of 11.10. For other currencies, 4–5 months of cash flows are hedged. Hedging of electricity prices Electricity consumption at the Group’s paper mills usually amounts to 3 TWh per year. To reduce the impact of changing electricity prices on profit, con- sumption is partly hedged. In January–September, 85 per cent of electricity consumption was hedged. For the remainder of 2026, price hedges are in place covering 80 per cent of expected consump- tion. For 2027, price hedges are in place covering 85 per cent, and 25 per cent for 2028. The Group delivers 2 TWh of hydro and wind power in a normal year. For the remainder of 2026, price hedges are in place covering 25 per cent of ex- pected deliveries of hydro and wind power. For 2027, price hedges are in place covering 10 per cent. Personnel The average number of employees (FTE) in the Group was 3 324 (3 455) in January–September. Share buy-backs The 2026 AGM renewed the Board’s authorisation to take decisions on purchasing up to 10 per cent of the company’s shares. In the second quarter, the Board of Directors decided to buy back up to 3 million class B shares. The share buy-backs were all carried out in the second quarter, at an average price of SEK 315/share, resulting in a total of SEK 946 million. The buy-backs amount to 1.95 per cent of the total number of shares. As at the end of Sep- tember 2026, Holmen held shares corresponding to 2.32 per cent of the total number of shares. Stockholm, 22 October 2026 Holmen AB (publ) Henrik Sjölund President and CEO For further information please contact: Henrik Sjölund, President and CEO, tel. +46 8 666 21 05 Stefan Loréhn, CFO, tel. +46 8 666 21 22 Stina Sandell, Senior Vice President Sustainability and Communications, tel. +46 73 986 51 12
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Interim report January-September 2026 8/18 Auditor’s report To the Board of Holmen Aktiebolag (publ), corp. ID No 556001-3301 Introduction We have reviewed the condensed interim financial information (interim report) for Holmen Aktiebolag (publ) at 30 September 2026, and the nine-month reporting period ending on that date. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The proce- dures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company. Stockholm, 22 October 2026 Öhrlings PricewaterhouseCoopers AB Magnus Svensson Henryson Authorised Public Accountant
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Interim report January-September 2026 9/18 Group Quarter Jan-Sep Full year Condensed income statement, SEKm 3-26 2-26 3-25 2026 2025 2025 Net sales 4 945 5 632 5 327 16 049 16 873 22 056 Other operating income 432 450 445 1 321 1 316 2 003 Change in inventories -271 -162 -135 -441 -283 -219 Raw materials and consumables -2 581 -3 121 -2 775 -8 765 -8 889 -11 855 Personnel costs -715 -851 -786 -2 416 -2 560 -3 437 Other operating costs -1 222 -1 180 -1 215 -3 410 -3 572 -4 715 Change in value of biological assets 320 283 249 796 747 895 Profit from investments in associates 0 0 0 0 1 5 Depreciation and amortisation according to plan -359 -360 -373 -1 070 -1 102 -1 464 Operating profit 549 689 737 2 066 2 531 3 270 Finance income 5 10 13 18 22 34 Finance costs -50 -47 -38 -138 -101 -138 Profit before tax 505 652 711 1 946 2 452 3 165 Tax -114 -142 233 -428 -154 -286 Profit for the period 391 510 944 1 518 2 298 2 879 Earnings per share, SEK Basic 2.6 3.3 6.1 10.0 14.7 18.5 Diluted 2.6 3.3 6.1 10.0 14.7 18.5 Operating margin, % 11 12 14 13 15 15 Return on capital employed, % 4 5 5 5 6 5 Return on equity, % 3 4 7 4 5 5 Quarter Jan-Sep Full year Condensed statement of comprehensive income, SEKm 3-26 2-26 3-25 2026 2025 2025 Profit for the period 391 510 944 1 518 2 298 2 879 Other comprehensive income Revaluation of forest land - - - - - -2 204 Revaluation of defined benefit pension plans 8 -1 3 12 1 203 Tax attributable to items that will not be reclassified to profit for the period -2 1 -1 -2 0 404 Items that will not be reclassified to profit for the period 6 0 2 9 1 -1 598 Cash flow hedging 447 -76 354 438 719 524 Translation difference on foreign operation 68 46 -53 146 -190 -238 Hedging of currency risk in foreign operation -24 -14 32 -47 128 142 Tax attributable to items that will be reclassified to profit for the period -87 19 -79 -81 -174 -137 Items that will be reclassified to profit for the period 404 -26 253 456 482 291 Total other comprehensive income after tax 410 -25 255 466 482 -1 308 Total comprehensive income 801 484 1 199 1 984 2 781 1 572 Jan-Sep Condensed change in equity in summary, SEKm 2026 2025 Opening equity 55 405 57 370 Profit for the period 1 518 2 298 Other comprehensive income 466 482 Total comprehensive income 1 984 2 781 Currency hedging result for the acquisition of fixed assets 1 -10 Share saving programme -3 7 Buy-back of own shares -946 -1 298 Dividend -1 458 -1 888 Closing equity 54 983 56 962
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Interim report January-September 2026 10/18 Group 2026 2026 2025 Condensed balance sheet, SEKm 30 Sep 30 Jun 31 Dec Non-current assets Biological assets 33 577 33 187 32 663 Forest land 24 053 24 049 24 049 Intangible non-current assets 478 482 487 Property, plant and equipment 11 225 11 339 11 604 Right-of-use assets 201 179 217 Investments in associates 1 696 1 696 1 696 Other shares and participating interests 6 6 6 Non-current financial receivables 74 29 36 Pension assets, net 224 211 207 Deferred tax assets 2 3 3 Total non-current assets 71 537 71 181 70 967 Current assets Inventories 4 859 5 229 5 651 Trade receivables 2 724 3 020 2 398 Current tax receivable 90 49 224 Other operating receivables 1 901 1 389 1 209 Current financial receivables 16 18 24 Cash and cash equivalents 225 182 390 Total current assets 9 815 9 887 9 896 Total assets 81 352 81 068 80 863 Equity 54 983 54 182 55 405 Non-current liabilities Non-current financial liabilities 4 107 4 108 3 502 Non-current liabilities relating to right-of-use assets 125 91 105 Pension obligations 5 5 7 Non-current provisions 388 400 402 Deferred tax liabilities 14 495 14 348 14 250 Total non-current liabilities 19 121 18 952 18 266 Current liabilities Current financial liabilities 2 029 2 623 1 903 Current liabilities relating to right-of-use assets 83 95 121 Trade payables 3 571 3 766 3 773 Current tax liability 99 107 93 Current provisions 52 52 40 Other operating liabilities 1 416 1 291 1 262 Total current liabilities 7 249 7 935 7 192 Total liabilities 26 370 26 887 25 458 Total equity and liabilities 81 352 81 068 80 863 Debt/equity ratio, % 11 12 9 Equity/assets ratio, % 68 67 69 Capital employed 60 793 60 664 60 384 Net financial debt 5 810 6 482 4 979
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Interim report January-September 2026 11/18 Group Quarter Jan-Sep Full year Condensed cash flow statement, SEKm 3-26 2-26 3-25 2026 2025 2025 Operating activities Profit before tax 505 652 711 1 946 2 452 3 165 Adjustments for non-cash items Depreciation and amortisation according to plan 359 360 373 1 070 1 102 1 464 Change in value of biological assets -320 -283 -249 -796 -747 -895 Other* -74 -42 32 -79 37 227 Paid income taxes -114 -49 -142 -162 -260 -60 Cash flow from operating activities before changes in working capital 357 637 725 1 980 2 585 3 901 Cash flow from changes in working capital Change in inventories 471 413 53 923 -99 -238 Change in trade receivables and other operating receivables 327 -440 -12 -370 -128 261 Change in trade payables and other operating liabilities -176 -232 -26 -111 233 -73 Cash flow from operating activities 979 378 741 2 422 2 590 3 851 Investing activities Acquisition of non-current assets -276 -240 -488 -764 -1 556 -2 139 Disposal of non-current assets 1 9 7 14 22 24 Cash flow from investing activities -276 -231 -481 -750 -1 535 -2 115 Financing activities Amortization of liabilities associated with to right -of-use assets -33 -35 -32 -99 -98 -134 Change in financial liabilities and current financial receivables -630 870 59 661 2 173 2 096 Buy-back of own shares - -946 -436 -946 -1 298 -1 649 Dividends paid to the shareholders of the parent company - -1 458 - -1 458 -1 888 -1 888 Cash flow from financing activities -663 -1 568 -409 -1 841 -1 113 -1 576 Cash flow for the period 40 -1 421 -150 -170 -57 161 Opening cash and cash equivalents 182 1 602 324 390 234 234 Exchange difference in cash and cash equivalents 2 1 -1 4 -3 -4 Closing cash and cash equivalents 225 182 174 225 174 390 Quarter Jan-Sep Full year Change in net financial debt, SEKm 3-26 2-26 3-25 2026 2025 2025 Opening net financial debt -6 482 -4 186 -5 353 -4 979 -3 397 -3 397 Cash flow from operating activities 979 378 741 2 422 2 590 3 851 Cash flow from investing activities -276 -231 -481 -750 -1 535 -2 115 Buy-back of own shares - -946 -436 -946 -1 298 -1 649 Dividend paid - -1 458 - -1 458 -1 888 -1 888 Liabilities arising from new right-of-use agreements -55 -19 -28 -82 -101 -132 Revaluations of defined benefit pension plans 8 -3 4 9 2 202 Foreign exchange effects and changes in fair value 16 -18 57 -26 131 148 Closing net financial debt -5 810 -6 482 -5 496 -5 810 -5 496 -4 979 *Adjustments primarily consist of changes in provisions, inventory impairment losses, profit/loss from associates, currency e ffects and revaluations of financial instruments as well as gains/losses on the sale of non- current assets.
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Interim report January-September 2026 12/18 Parent company Quarter Jan-Sep Full year Condensed income statement, SEKm 3-26 2-26 3-25 2026 2025 2025 Operating income 4 628 5 360 5 112 15 242 16 081 21 091 Operating costs -4 749 -5 286 -4 909 -15 049 -15 191 -20 341 Operating profit -120 74 203 192 890 750 Net financial items 207 58 120 219 356 3 105 Profit after net financial items 86 131 323 411 1 246 3 856 Appropriations 314 307 313 869 645 449 Profit before tax 400 439 636 1 281 1 891 4 305 Tax -34 -74 196 -209 -51 94 Profit for the period 366 365 833 1 072 1 840 4 399 Quarter Jan-Sep Full year Condensed statement of comprehensive income, SEKm 3-26 2-26 3-25 2026 2025 2025 Profit for the period 366 365 833 1 072 1 840 4 399 Other comprehensive income Cash flow hedging 447 -76 351 437 719 523 Tax attributable to other comprehensive income -92 16 -72 -90 -148 -108 Items that will be reclassified to profit for the period 355 -60 279 347 571 416 Total comprehensive income 721 304 1 111 1 419 2 410 4 814 2026 2026 2025 Condensed balance sheet, SEKm 30 Sep 30 Jun 31 Dec Non-current assets 21 470 21 641 21 916 Current assets 8 246 8 193 8 397 Total assets 29 716 29 833 30 312 Restricted equity 5 915 5 915 5 915 Non-restricted equity 6 347 5 627 7 334 Untaxed reserves 4 513 4 630 4 708 Provisions 1 360 1 301 1 297 Liabilities 11 580 12 361 11 059 Total equity and liabilities 29 716 29 833 30 312 Sales to Group companies accounted for SEK 299 million (225) of operating income for January–September. Appropriations include net Group contributions totalling SEK 675 million (647). The parent company’s investments in property, plant and equipment and intangible assets totalled SEK 45 million (52).
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Interim report January-September 2026 13/18 Notes 1. Accounting policies This report was prepared in accordance with IAS 34, Interim Financial Reporting. Information in accordance with IAS 34.16A can be found in the financial statements and their accompanying notes, as well as in other parts of the interim report. The consolidated accounts are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swe- dish Annual Accounts Act. The parent company’s accounts are prepared in accordance with RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act. New or revised IFRS and interpretative statements from IFRIC have not had any material effect on the earnings or position of the Group or the parent company. The figures in tables are rounded off. 2. Forest land and biological assets The Group’s forest land is recognised at fair value based on transaction prices in the counties where the Group owns forest land, less the fair value of standing trees recognised as biological assets. The value of forest land is usually updated at year-end and following acquisitions or disposals. Fair value measurement is based on measurement level 3. Only productive forest land is assigned a value. The value of the biological assets is determined by calculating the present value of expected future cash flows, less selling costs but before tax, from current standing trees, and is continually updated during the year. Biological assets were valued at SEK 33 577 million at 30 September (31 Dec 2025: SEK 32 663 million). The change in value of biological assets, calculated as the net of the change due to harvesting and the unrealised change in fair value, totalled SEK 796 million (747) in January–September and is recognised as a change in value relating to biological assets in the Group’s income statement. The book value of forest land at 30 September was SEK 24 053 million (31 Dec 2025: SEK 24 049 million). 3. External net sales by market Jan-Sep 2026 Forest Renewable Energy Wood Prod- ucts Board and Paper Group Scandinavia 1 980 761 1 157 534 4 433 Rest of Europe - - 1 171 7 965 9 137 Asia - - 135 996 1 131 Rest of the world - - 454 895 1 350 Total Net sales 1 980 761 2 918 10 391 16 049 Jan-Sep 2025 Forest Renewable Energy Wood Prod- ucts Board and Paper Group Scandinavia 2 423 275 1 115 706 4 519 Rest of Europe 0 - 1 175 8 314 9 489 Asia - - 179 1 172 1 350 Rest of the world - - 636 878 1 515 Total Net sales 2 423 275 3 105 11 070 16 873 4. Composition of share capital Share structure Votes No. of shares No. of votes Quotient value SEKm A share 10 45 246 468 452 464 680 28 1 245 B share 1 108 765 856 108 765 856 28 2 993 Total number of shares 154 012 324 561 230 536 4 238 Holding of own B shares bought back -3 577 790 -3 577 790 Total number of shares outstanding 150 434 534 557 652 746
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Interim report January-September 2026 14/18 5. Financial instruments Book value Fair value 2026 2025 2026 2025 SEKm 30 Sep 31 Dec 30 Sep 31 Dec Assets at fair value 1 110 576 1 110 576 Assets at amortised cost 2 988 2 827 2 988 2 827 Liabilities at fair value 271 81 271 81 Liabilities at amortised cost 9 686 9 176 9 686 9 176 Holmen measures financial instruments at fair value or at cost in the balance sheet, depending on their classification. In addition to items of net financial debt, excluding pension obligations, pension assets and liabilities related to right-of-use assets, financial instruments include trade receivables and trade payables. Financial instruments measured at fair value in the balance sheet be- long to measurement level 2 pursuant to IFRS 13 and mostly consist of electricity price, currency and interest rate hedging deriva- tives. The net fair value at 30 September was SEK 839 million, which is SEK 345 million higher than at year-end. 6. Alternative performance measures Holmen uses performance measures to supplement measures defined by IFRS or directly in the income statement and balance sheet in order to clarify the company’s financial position and performance. Earnings measures Operating profit is the principal measure of earnings that is used to monitor financial performance. This includes all income and costs except for financial items and tax. Depreciation/amortisation of non-current assets is also included. EBITDA (earnings before interest, taxes, depreciation and amortisation) is used as a supplementary measure. To clarify how these earnings measures are affected by matters outside normal business operations, such as impairments of non-current assets, closures, major restructuring measures and breakdowns, as well as changes to assumptions in the valuation of biological assets, the term ‘items affecting com- parability’ is used. The aim is also to increase comparability between different periods. The effects of maintenance and rebuild shutdowns are not treated as items affecting comparability. No items affecting comparability are included in the operating profit/loss for January–September and the comparison periods. A description of the items that are recognised as affecting compa- rability in previous periods is provided on page 136 of Holmen’s annual report for 2025. Quarter Jan-Sep Full year SEKm 3-26 2-26 3-25 2026 2025 2025 EBITDA 909 1 049 1 109 3 135 3 633 4 733 Depreciation and amortisation according to plan -359 -360 -373 -1 070 -1 102 -1 464 Operating profit excl. items affecting comparability 549 689 737 2 066 2 531 3 270 Items affecting comparability - - - - - - Operating profit 549 689 737 2 066 2 531 3 270 Measure of margin, return and indebtedness Operating profit, excluding items affecting comparability, as a proportion of sales, is known as the operating margin. Profit before depreciation/amortisation as a proportion of sales is known as the EBITDA margin. The return on capital employed performance measure is used to measure operating profit, excluding items affecting comparability, as a proportion of capital employed. Capital employed is calculated as fixed assets plus working capital less the net sum of deferred tax liabilities and deferred tax assets. This corresponds to equity plus net financial debt. Average capital employed is calculated based on quarterly data. 2026 2026 2025 SEKm 30 Sep 30 Jun 31 Dec Fixed assets* 71 237 70 938 70 721 Working capital** 4 049 4 071 3 911 Deferred tax assets 2 3 3 Deferred tax liabilities -14 495 -14 348 -14 250 Capital employed 60 793 60 664 60 384 *Forest assets, non-current intangible assets, property, plant and equipment, right -of-use assets, investments in associates and other shares and participations. **Inventories, trade receivables, current tax receivable, other current operating receivables, trade payables, current tax li ability, non-current provisions, current provisions and other operating liabilities
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Interim report January-September 2026 15/18 The debt/equity ratio is calculated as net financial debt divided by equity. The equity/assets ratio is calculated as equity divided by total assets. Net financial debt consists of the following components: 2026 2026 2025 SEKm 30 Sep 30 Jun 31 Dec Non-current financial liabilities 4 107 4 108 3 502 Non-current liabilities relating to right-of-use assets 125 91 105 Current financial liabilities 2 029 2 623 1 903 Current liabilities relating to right-of-use assets 83 95 121 Pension obligations 5 5 7 Non-current financial receivables -74 -29 -36 Pension assets, net -224 -211 -207 Current financial receivables -16 -18 -24 Cash and cash equivalents -225 -182 -390 Net financial debt 5 810 6 482 4 979 7. Transactions with related parties There were no transactions between Holmen and related parties that had a significant effect on the company’s financial position and performance. 8. Material risks and uncertainties The Group’s and the parent company’s material risks and uncertainties relate primarily to changes in demand and the prices of their products, the cost of key input goods, and changes in exchange rates. For a more detailed description of the material risks and uncertainties, see Holmen’s annual report for 2025, pages 49–53, and Note 26.
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Interim report January-September 2026 16/18 Group 2026 2025 Jan-Sep Full year Quarterly figures, SEKm Q3 Q2 Q1 Q4 Q3 Q2 Q1 2026 2025 2025 Income statement Net sales 4 945 5 632 5 473 5 183 5 327 5 573 5 973 16 049 16 873 22 056 Operating costs -4 355 -4 865 -4 489 -4 236 -4 467 -4 656 -4 865 -13 710 -13 987 -18 223 Change in value of biological assets 320 283 193 148 249 260 238 796 747 895 Profit from associates 0 0 1 5 0 0 1 0 1 5 EBITDA 909 1 049 1 177 1 100 1 109 1 176 1 348 3 135 3 633 4 733 Depreciation and amortisation accord- ing to plan -359 -360 -350 -361 -373 -370 -360 -1 070 -1 102 -1 464 Operating profit 549 689 827 739 737 807 988 2 066 2 531 3 270 Net financial items -45 -37 -37 -25 -25 -33 -20 -120 -79 -104 Profit before tax 505 652 789 713 711 773 967 1 946 2 452 3 165 Tax -114 -142 -172 -132 233 -171 -215 -428 -154 -286 Profit for the period 391 510 618 581 944 602 752 1 518 2 298 2 879 Earnings per share, SEK 2.6 3.3 4.0 3.8 6.1 3.8 4.8 10.0 14.7 18.5 Net sales Forest 1 753 2 221 2 311 2 391 2 275 2 539 2 572 6 284 7 386 9 777 Renewable Energy 155 194 418 157 82 68 130 767 280 437 Wood Products 843 1 094 981 905 943 1 101 1 061 2 918 3 105 4 010 Board and Paper 3 408 3 663 3 320 3 358 3 596 3 577 3 897 10 391 11 070 14 428 Eliminations of intra-group net sales -1 214 -1 540 -1 557 -1 628 -1 568 -1 713 -1 687 -4 311 -4 968 -6 597 Group 4 945 5 632 5 473 5 183 5 327 5 573 5 973 16 049 16 873 22 056 EBITDA by business area Forest 460 480 530 425 558 538 505 1 470 1 602 2 027 Renewable Energy 82 114 321 68 9 -6 57 517 60 129 Wood Products 29 -3 -40 -57 -36 74 53 -14 90 33 Board and Paper 368 494 402 703 619 619 783 1 264 2 020 2 724 Group-wide -30 -35 -37 -40 -40 -49 -50 -102 -139 -179 Group 909 1 049 1 177 1 100 1 109 1 176 1 348 3 135 3 633 4 733 Operating profit/loss by business area Forest 441 460 511 403 538 519 487 1 413 1 545 1 948 Renewable Energy 42 74 281 41 -18 -33 29 397 -23 18 Wood Products -23 -55 -91 -111 -91 20 1 -170 -70 -182 Board and Paper 128 254 168 454 356 358 528 550 1 243 1 697 Group-wide -39 -43 -42 -48 -48 -57 -58 -124 -164 -212 Group 549 689 827 739 737 807 988 2 066 2 531 3 270 Operating margin, % Wood Products -3 -5 -9 -12 -10 2 0 -6 -2 -5 Board and Paper 4 7 5 14 10 10 14 5 11 12 Group 11 12 15 14 14 14 17 13 15 15 Return on capital employed, % Industry (Wood Products, Board and Pa- per) 4 8 3 14 11 15 20 5 15 15 Group 4 5 6 5 5 5 6 5 6 5 Return on equity, % Group 3 4 4 4 7 4 5 4 5 5 Deliveries Own forest, '000 m³sub 604 548 614 839 666 654 535 1 766 1 855 2 694 Hydro- and windpower, GWh 341 366 542 427 324 385 499 1 249 1 207 1 634 Wood products, '000 m³ 269 345 329 304 318 326 345 943 990 1 294 Board and paper, '000 tonnes 328 365 334 330 354 348 359 1 026 1 061 1 391
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Interim report January-September 2026 17/18 Group Full year review, SEKm 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Income statement Net sales 22 056 22 759 22 795 23 952 19 479 16 327 16 959 16 055 16 133 15 513 Operating costs -18 223 -18 563 -17 249 -15 865 -14 622 -13 250 -13 961 -12 984 -13 379 -12 626 Change in value of biological assets 895 907 562 509 464 579 487 425 415 315 Profit from associates and JV 5 7 6 10 0 -6 0 -9 -12 -22 EBITDA* 4 733 5 110 6 114 8 607 5 321 3 651 3 486 3 488 3 157 3 179 Depreciation and amortisation according to plan -1 464 -1 388 -1 360 -1 345 -1 261 -1 172 -1 141 -1 012 -991 -1 018 Operating profit excl. items affecting compara- bility 3 270 3 721 4 755 7 262 4 061 2 479 2 345 2 476 2 166 2 162 Items affecting comparability - - - 266 -330 - 8 770 -94 - -232 Operating profit 3 270 3 721 4 755 7 527 3 731 2 479 11 115 2 382 2 166 1 930 Net financial items -104 -62 -49 -87 -39 -42 -34 -25 -53 -71 Profit before tax 3 165 3 660 4 705 7 441 3 691 2 437 11 081 2 356 2 113 1 859 Tax -286 -798 -1 008 -1 567 -688 -458 -2 351 -89 -445 -436 Profit for the year 2 879 2 861 3 697 5 874 3 004 1 979 8 731 2 268 1 668 1 424 Earnings per share, SEK 18.5 18.0 23.0 36.3 18.5 12.2 52.6 13.5 9.9 8.5 EBITDA by business area* Forest 2 027 2 022 1 600 1 488 1 573 1 422 1 217 1 216 1 099 1 030 Renewable Energy 129 375 807 1 112 375 242 362 205 159 143 Wood Products 33 188 190 1 441 1 857 309 159 337 165 80 Board and Paper 2 724 2 686 3 687 4 713 1 679 1 820 1 887 1 861 1 884 2 051 Group-wide -179 -162 -170 -148 -163 -143 -140 -132 -149 -124 Group 4 733 5 110 6 114 8 607 5 321 3 651 3 486 3 488 3 157 3 179 Operating profit by business area* Forest 1 948 1 947 1 523 1 401 1 495 1 367 1 172 1 185 1 069 1 001 Renewable Energy 18 265 697 1 006 347 215 336 181 135 120 Wood Products -182 2 6 1 237 1 668 185 62 246 80 -3 Board and Paper 1 697 1 702 2 730 3 796 743 886 944 1 018 1 053 1 192 Group-wide -212 -194 -202 -178 -193 -174 -168 -154 -170 -148 Group 3 270 3 721 4 755 7 262 4 061 2 479 2 345 2 476 2 166 2 162 Deliveries Own forest, '000 m³sub 2 694 2 643 2 702 2 813 2 833 2 841 2 699 2 816 2 883 2 945 Hydro- and windpower, GWh 1 634 1 728 1 658 1 639 1 230 1 352 1 109 1 145 1 169 1 080 Wood products, '000 m³ 1 294 1 348 1 498 1 435 1 373 1 052 879 828 852 776 Board and paper, '000 tonnes 1 391 1 424 1 343 1 498 1 573 1 426 1 534 1 561 1 643 1 630 Balance sheet Forest assets 56 711 57 843 56 348 52 151 47 080 43 202 41 345 18 701 17 971 17 595 Other non-current assets 14 013 13 659 12 781 12 477 12 251 11 784 10 781 10 586 10 780 11 106 Current assets 9 482 9 750 9 277 14 758 7 956 6 878 6 264 6 845 5 710 5 852 Financial receivables 451 295 1 313 2 050 814 679 950 781 430 338 Total assets 80 863 81 548 79 719 81 436 68 101 62 543 59 340 36 912 34 891 34 891 Equity 55 405 57 370 56 923 56 950 46 992 42 516 40 111 23 453 22 035 21 243 Deferred tax liability 14 250 14 252 13 858 13 490 11 610 10 570 10 299 5 839 5 650 5 613 Financial liabilities and interest-bearing provisions 5 637 3 692 3 182 4 195 4 915 4 860 4 733 3 587 3 366 4 283 Operating liabilities 5 571 6 234 5 755 6 801 4 584 4 597 4 196 4 033 3 840 3 752 Total equity and liabilities 80 863 81 548 79 719 81 436 68 101 62 543 59 340 36 912 34 891 34 891 Cash flow Operating activities 3 851 3 317 5 805 5 484 3 229 2 457 2 884 2 286 2 509 1 961 Investing activities** -2 125 -2 066 -1 653 -1 352 -1 332 -1 924 -1 050 -1 005 -644 -123 Cash flow after investments 1 726 1 251 4 153 4 132 1 897 533 1 834 1 281 1 865 1 838 Key ratios Return on capital employed, industry, %*** 15 16 27 52 26 12 12 15 13 13 Return on equity, % 5 5 7 11 7 5 35 10 8 7 Debt/equity ratio, % 9 6 3 4 9 10 9 12 13 19 Ordinary dividend, SEK 9.5 9 8.5 8 7.5 7.25 3.5 6.75 6.5 6 Extra dividend, SEK - 3 3 8 4 3.5 - - - - Share buy-backs, SEKm 1 649 647 1 119 - - - 1 430 - - - Average number of employees 3 435 3 498 3 546 3 466 3 474 2 974 2 915 2 955 2 976 2 989 *Excl. items affecting comparability. **Net after disposals and before changes in financial assets. ***Wood Products, Board and Paper excl. items affecting comparability.
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Interim report January-September 2026 18/18 Holmen in brief Holmen’s extensive forest holdings are the foundation of the business. Using our own production facili- ties, the growing trees are refined into everything from wood for climate-smart building to renewable packaging, magazines and books, while at the same time we generate hydro and wind power on our own land. A business that not only creates value for customers and shareholders, but also contributes to a better climate and thriving rural communities. Press and analyst conference On the publication of the interim report, a webcast press and analyst conference will be held at 09.30 CEST on Thursday, 22 October. Holmen President and CEO Henrik Sjölund and CFO Stefan Loréhn will present and comment on the report. The presentation will be held in English. The press and analyst conference will be webcast and may be followed via: www.holmen.com/reports You may also participate in the conference by telephone, by calling no later than 09.25 CEST on: Within Sweden: +46 8 505 100 31 From the rest of Europe: +44 203 059 58 63 From the US: +1 631 570 56 13 Financial reports 2 February 2027 Year-end report 2026 27 April 2027 Interim report January–March 2027 19 August 2027 Interim report January–June 2027 26 October 2027 Interim report January–September 2027 3 February 2028 Year-end report 2027 This is information that Holmen AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07.30 CEST on Thursday, 22 October 2026. This is a translation of the Swedish interim report of Holmen Aktiebolag (publ.). In the event of inconsistency between the E nglish and the Swedish versions, the Swedish version shall prevail.