Holmen’s Interim Report January-March 2022

January–September 2021 (1–9/2020) •Sales were EUR 4,457 million (3,698). •Operating result was EUR 652 million (279). Comparable operating result was EUR 694 million (274). •Result before taxes was EUR 616 million (242). Comparable result before taxes was EUR 658 million (236). •Comparable return on capital employed was 16.4% (7.0). •Net cash flow from operations was EUR 596 million (361). July–September 2021 (7–9/2020) •Sales were EUR 1,515 million (1,245). •Operating result was EUR 273 million (116). Comparable operating result was EUR 278 million (115). •Result before taxes was EUR 263 million (103). Comparable result before taxes was EUR 267 million (102). •Comparable return on capital employed was 18.8% (8.8). •Net cash flow from operations was EUR 222 million (158).

The blue thermal paper from Koehler Paper, known under the trade name Blue4est®, is becoming increasingly popular due to its sustainability; a result of a complete absence of color developers and that it can be easily disposed of as wastepaper. The blue checkout rolls from the world’s leading thermal paper manufacturer from Oberkirch have now become the subject of a promotional campaign in the Renchtal region. Eight businesses and restaurants from the city Oberkirch have come together voluntarily to use their logos on the back of the blue till paper in an act of solidarity to campaign for a green Renchtal. In addition to the eight logos, they are also highlighting the main advantage of the blue thermal paper: It is environmentally friendly and can be recycled. This makes it clear to customers that their blue receipt is helping to protect the environment and represents an even greener Renchtal.

*Third quarter 2023 net earnings from continuing operations was $2.7 million or $0.01 per share (diluted), compared to net loss of $9.7 million or a loss of $0.05 per share (diluted) in the second quarter of 2023 on the same basis.*Average lumber prices for Q3 2023 were higher than Q2 2023, with an average selling price of $642/mfbm compared to $596/mfbm in Q2 2023. There was strong pricing momentum toward the latter half of the second quarter due to supply related concerns, which benefited results at the beginning of the third quarter. However, volumes in the third quarter were lower than Q2 2023 due to reduced demand given macroeconomic uncertainties. *The valuation provision for lumber and log inventory was decreased to $1.9 million from $8.7 million at the end of Q4 2022, generating a $6.8 million credit to cost of sales in the three quarters ended September 30, 2023.