HOLM-ANasdaq StockholmBasic MaterialsIFRS · SEK

Holmen B

Holmen is a Swedish forest-industry group built around owned forest land, wood processing, paperboard, paper, and renewable energy assets. Its operations span forestry, sawmills, mills, converting, and power generation, with production sites concentrated in Sweden and one mill in the UK.

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Revenue22.1bn SEK
−3.1 %y/y
Operating profit (EBIT)3,270m SEK
−12.1 %y/y
EBIT margin14.8%
−1.5 ppy/y
Net income2,879m SEK
+0.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0510152025bn SEK2020: 16.3 bn SEK2020: EBIT 2.5 bn SEK20202021: 19.5 bn SEK2021: EBIT 3.7 bn SEK20212022: 24.0 bn SEK2022: EBIT 7.5 bn SEK20222023: 22.8 bn SEK2023: EBIT 4.8 bn SEK20232024: 22.8 bn SEK2024: EBIT 3.7 bn SEK20242025: 22.1 bn SEK2025: EBIT 3.3 bn SEK202522.13.3
RevenueOperating profit (EBIT)
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Business

Share of revenue
Forest25 %

Owned forest land, silviculture, harvesting, and timber supply.

Wood Products25 %

Sawn timber and related wood products from Holmen’s sawmills.

Paperboard30 %

Paperboard used in packaging and other fiber-based applications.

Paper10 %

Paper products produced at Holmen’s paper mills.

Renewable Energy10 %

Hydro and wind power generated from Holmen’s land and waterways.

Customers

Holmen sells to quality-conscious industrial customers that need renewable, fiber-based raw materials and finished products. Buyers include packaging and paperboard customers, wood-product customers in construction and industrial channels, and energy counterparties for renewable power output.

Packaging and paperboard customers

Buy paperboard for packaging applications and value renewable fiber, quality, and traceability.

Construction and wood-product customers

Buy sawn timber and wood products for building and industrial use.

Paper customers

Buy paper grades from Holmen’s mills for printing and related uses.

Renewable electricity counterparties

Buy hydro and wind power generated on Holmen’s assets.

Industrial and sustainability-focused buyers

Buy because Holmen can provide renewable raw materials and documented forestry practices.

Strategy

Holmen’s strategy is to create long-term value by combining active forestry, industrial processing, and renewable energy on a common asset base. The group emphasizes forest growth, biodiversity-conscious silviculture, and efficient use of wood raw material, while turning residual streams into paperboard, paper products, and energy.

Active forestry and forest growthLong term

A larger and healthier forest base supports future harvests and long-term raw material supply.

Integrated wood utilizationMedium term

Using logs, residues, and by-products across sawmills, paperboard, paper, and energy improves asset productivity.

Renewable energy developmentMedium term

Hydro and wind assets monetize land and support the group’s renewable profile.

Sustainability and biodiversity managementShort term

Customer demand and regulation increasingly require traceable, responsible forestry and business conduct.

Geography

Holmen’s core asset base and industrial footprint are in Sweden, where it owns large forest holdings and operates most of its mills, sawmills, and power assets. The group also has a mill in the UK, and its products are sold to customers across global markets. Geography matters because forest resources, energy assets, and industrial sites are tied to specific locations, while sales are exposed to export markets and currency movements.

Risks

Holmen’s main risks come from forestry biology, weather, and long-cycle asset management, because tree growth and harvest timing depend on climate, pests, storms, and fire. It is also exposed to industrial, market, and compliance risks, including currency swings, customer demand for sustainable sourcing, and stricter rules on business conduct and value-chain responsibility.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Climate and forest damage1Currency volatility2Business conduct and compliance3Industrial operating disruption4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Climate and forest damageImpact: HighLikelihood: Medium

    Trees grow over long periods and are vulnerable to drought, fire, storms, and pests.

    Exposure: Forest holdings and silviculture

  2. Currency volatilityImpact: MediumLikelihood: Medium

    Sales and costs are in different currencies, creating transaction and translation exposure.

    ExposureEURUSDGBP flows
  3. Business conduct and complianceImpact: MediumLikelihood: Low

    Deviations from policies or new legislation can trigger penalties, higher compliance costs, and reputational damage.

    ExposureUpstreamOwn operationsDownstream
  4. Industrial operating disruptionImpact: MediumLikelihood: Low

    Mills, sawmills, and power assets require reliable uptime and maintenance.

    ExposurePaperboardPaperWood productsEnergy
  5. Market demand and pricing cyclesImpact: Medium

    Wood, paperboard, and paper markets are cyclical and tied to industrial demand.

    Exposure: Export and domestic industrial customers

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Accounting

Judgemental items
Forest and biological asset valuation

Forest holdings and standing timber require long-term assumptions about growth, harvest, and discount rates.

Impact: Can materially affect asset values and equity

Depreciation and impairment of industrial assets

Mills, sawmills, and power plants are capital intensive and long-lived.

Impact: Affects operating profit and carrying values

Derivative and hedge accounting

Holmen uses forward FX contracts to reduce currency exposure.

Impact: Can create fair value gains/losses in financial items

Lease and pension obligations

Right-of-use assets and pension liabilities are included in net financial debt.

Impact: Affects leverage and financing analysis

Foreign currency translation

Foreign subsidiaries and export flows are translated into SEK.

Impact: Moves reported earnings and equity

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Last updated: 24/09/2026