Holmen’s third-quarter operating profit fell to SEK 549 million from SEK 737 million a year earlier and SEK 689 million in the second quarter. A major maintenance shutdown at the Iggesund Mill reduced earnings, while consumers remained cautious and construction activity stayed low, the company said.

Demand for wood products was subdued and prices were unchanged. Log and pulpwood demand and supply were weak, while wood prices decreased slightly. Paperboard demand was unchanged from a year earlier, paper demand was around 5% lower, and prices for both products were largely unchanged. Electricity in northern Sweden averaged SEK 350 per megawatt-hour, down from SEK 400 in the second quarter. The central Sweden price was SEK 690 per megawatt-hour, compared with SEK 700 in the second quarter.

Holmen plans to split its Forest business area into two units, with wood supply for industrial operations placed directly under the chief executive’s responsibility. Over the slightly longer term, the company expects reinforcement of Sweden’s main grid to increase transmission capacity and reduce price differences between electricity zones. It also expects the low electricity price in northern Sweden to attract new electricity-intensive facilities. “We will be in a strong position when the construction market turns,” said Henrik Sjölund, President and CEO, in a statement.

For the remainder of 2026, electricity-price hedges cover 80% of expected consumption at the paper mills. The coverage is 85% for 2027 and 25% for 2028. Price hedges cover 25% of expected hydro and wind power deliveries for the remainder of 2026 and 10% for 2027. In a normal year, the group delivers 2 TWh of hydro and wind power, while its paper mills consume 3 TWh of electricity.

Forest operating profit was SEK 441 million in the third quarter. Deliveries from Holmen’s own forests reached 604,000 cubic meters, while January-September harvest totaled 1,766,000 cubic meters, around 15% below the long-term plan. A year-end storm blew down 10 million m3 of forest in central Sweden, including around 0.5 million m3 on Holmen’s land. Renewable Energy operating profit was SEK 42 million, with hydro and wind deliveries of 341 GWh in the quarter and 1,249 GWh for January-September.

Wood Products reduced its third-quarter operating loss to SEK 23 million as log costs fell. Deliveries for January-September were 943,000 cubic meters, compared with 990,000 cubic meters a year earlier. Board and Paper posted operating profit of SEK 128 million. The Iggesund maintenance shutdown had a negative earnings impact of SEK 150 million. Deliveries fell to 1,026,000 metric tons from 1,061,000 metric tons.

For January-September, group operating profit was SEK 2.07 billion, down from SEK 2.53 billion, while net sales fell to SEK 16.0 billion from SEK 16.9 billion. Profit after tax decreased to SEK 1.52 billion from SEK 2.30 billion. Cash flow after investments was SEK 703 million in the third quarter, and net financial debt stood at SEK 5,810 million, equal to 11% of equity.