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Holmen AB (publ) (HLMNY) Q4 2025 Earnings Call Transcript
Holmen AB (publ) (OTCPK:HLMNY) Q3 2025 Earnings Call October 23, 2025 3:15 AM EDT Company Participants Henrik Sjölund - President, CEO & Director Stefan Lorehn - Chief Financial Officer Conference Call Participants Charlie Muir-Sands - BNP Paribas Exane, Research Division Linus Larsson - SEB, Research Division Ioannis Masvoulas - Morgan Stanley, Research Division Lars Kjellberg - Stifel, Nicolaus & Company, Incorporated, Research Division Christian Kopfer - Handelsbanken Capital Markets AB, Research Division Cole Hathorn - Jefferies LLC, Research Division Pallav Mittal - Barclays Bank PLC, Research Division Presentation Henrik Sjölund President, CEO & Director Good morning, and welcome to the interim report presentation for the Holmen Group. Today, it's me, Henrik Sjölund and Stefan Loréhn.
Holmen remains discounted to some Swedish peers, and their profits are on the up. But the increase in profits is mainly due to lower energy prices globally, though they are able to pass on higher input costs in other areas despite tepid end markets. While the performance has been solid, we don't see an exceptional buy case amid concerns around European macro.
Holmen AB faces pressure from weak luxury paper markets and a sluggish construction cycle, with potential worsening in the next quarter. The company is highly vertically integrated, but all end markets are under some pressure versus historical levels. Despite a 10% buyback yield, the immediate outlook remains uncertain due to compressed margins and potential further challenges in Q4.
Holmen AB is a vertically integrated timber player with its own forests and production of paper, paperboard, and wood products. Q3 results showed declines in operating profit and EBITDA, except for the timber segment which grew incrementally thanks to tight supply. The company faces challenges in the paperboard and wood products segments due to slowing demand and maintenance shutdowns, while the renewable energy segment suffered on excess supply.
Holmen's stock performance has remained stable, validating the previous "Hold" recommendation from December 2022. The company is known for its solid business trends, good management, and stability, justifying its high premium in trading. Despite a double-digit drop, Holmen still offers potential upside and long-term value for investors at the right price.
Holmen may not be a play for many of you, but it's a solid play at the right price for those with access to the native share. I have written a number of cash-secured Puts on Holmen that I am seeing if they might expire in the money - and there is attractiveness here.
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