Holmen reports an operating profit of 3.72 billion kronor for 2024, a 22% decline from 4.76 billion kronor in 2023. The company attributes the decrease to lower paper prices and the absence of surplus electricity sales that benefited the previous year, according to Holmen's year-end financial report. Revenue remained stable at 22.8 billion kronor, with the operating margin falling to 16% from 21%.

Holmen states that its forestry operations saw a 28% rise in operating profit to 1.95 billion kronor, up from 1.52 billion kronor in 2023, driven by a 15% increase in log and pulpwood prices. The company harvested 2.64 million m3 from its own forests, a 2% decline from 2.7 million m3 in 2023, slightly below its long-term harvesting plan. The book value of Holmen's forest assets increased by 3% to 57.8 billion kronor after annual revaluations, including a 907 million kronor adjustment to the value of biological assets.

The wood products segment reported a weak market throughout the year, though prices increased by 10% due to raw material shortages. Holmen states that production was reduced in response to the market downturn, with total deliveries falling 10% to 1.35 million m3 from 1.5 million m3 in 2023. Higher log costs, especially in southern Sweden, contributed to a fourth-quarter operating loss of 18 million kronor in this segment, compared to a 89 million kronor loss in Q4 2023.

Holmen's renewable energy business generated an operating profit of 265 million kronor, a 62% decrease from 697 million kronor in 2023. The company states that electricity prices in northern Sweden averaged 280 kronor/MWh in 2024, down 38% from 450 kronor/MWh in 2023. Despite the lower prices, Holmen maintained a 30% premium above market levels due to the ability to manage hydro and wind power output efficiently. Holmen's total electricity production from hydro and wind power was 1.73 TWh, an increase of 4% from 1.66 TWh in 2023.

The board and paper segment saw operating profit decline by 38% to 1.7 billion kronor, down from 2.73 billion kronor in 2023. Paper and board deliveries increased by 6% to 1.42 million tonnes from 1.34 million tonnes in 2023, supported by demand for fresh fiber-based packaging materials. However, lower prices and scheduled maintenance shutdowns at Iggesund and Braviken mills reduced earnings. A major maintenance shutdown at Iggesund Mill, along with a rebuilding shutdown of a paper machine at Braviken Paper Mill, had a combined negative impact of 250 million kronor on profit. Holmen also reports that a fire at the solid fuel boiler at Braviken Paper Mill in December is expected to reduce profit by 40 million kronor in the first quarter of 2025.

Holmen states that its financial position remains strong, with a debt-to-equity ratio of 6%, up from 3% in 2023. Net financial debt increased by 82% to 3.4 billion kronor, compared to 1.87 billion kronor the previous year, due to investments and shareholder returns. The board proposes raising the annual dividend from 8.5 to 9 kronor per share, an increase of 6%, and distributing an additional 3 kronor per share as an extra dividend.

Looking ahead, Holmen states that it is well positioned for a market recovery, with well-invested sawmills and an expanded processing capacity. The company reports that planned maintenance shutdowns at Workington Mill in the second quarter and Iggesund Mill in the third quarter of 2025 are expected to have a combined negative impact of just over 300 million kronor. Additionally, a rebuilding shutdown at Iggesund Sawmill in the first quarter of 2025 is anticipated to reduce earnings by 30 million kronor.