Holmen AB: Holmen's year-end report 2025

		Quarter		Full year
SEKm	4-25	3-25	4-24	2025	2024
Net sales	5 183	5 327	5 513	22 056	22 759
EBITDA	1 100	1 109	1 059	4 733	5 110
Operating profit	739	737	716	3 270	3 721
Profit after tax	581	944	558	2 879	2 861
Earnings per share, SEK	3.8	6.1	3.5	18.5	18.0
Operating margin, %	14	14	13	15	16
Book value, forest assets	56 711	58 731	57 843	56 711	57 843
Cash flow before investments and change in working capital	1 316	725	665	3 901	3 728
Net financial debt	4 979	5 496	3 397	4 979	3 397
Debt/equity ratio, %	9	10	6	9	6

• Operating profit for 2025 amounted to SEK 3 270 million (2024: 3 721), which corresponds to an operating margin of 15 per cent (16). The decrease in earnings is due to a weak result in Wood Products and lower electricity prices in northern Sweden.
• Profit for the fourth quarter totalled SEK 739 million (Q3: 737) and was negatively affected by an inventory impairment loss of SEK 160 million. Operating profit in the third quarter was reduced by SEK 150 million by a maintenance shutdown.
• Profit after tax in 2025 amounted to SEK 2 879 million (2 861), which corresponds to earnings per share of SEK 18.5 (18.0).
• The book value of the Group's forest assets, calculated based on transactions in forest properties, amount-ed to SEK 56 711 million at the end of December, which is 2 per cent lower than at the beginning of the year.
• In 2025, own shares were bought back for SEK 1 649 million, equal to 2.65 per cent of the total number of shares.
• The Board of Directors proposes that the ordinary dividend increases from SEK 9 to SEK 9.5 per share.

For further information please contact:
Henrik Sjölund, President and CEO, tel. [phone]
Stefan Loréhn, CFO, tel. [phone]
Stina Sandell, Senior Vice President Sustainability and Communications, tel. [phone]

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 11.45 CET on Friday, 30 January 2026.