Holmen AB

Good morning, everybody, and most welcome to the Interim Report presentation for the Holmen Group. Today it's me, Henrik Sjölund, and Stefan Loreen. Correct name again. Now the second quarter.

Good.

We will go through the presentation, and then we're happy to take any questions you might have after the presentations. So let's start. Well, as you know, A quarter, again, characterized by uncertainty and cautious consumers, leading to a quite tough supply-demand balance for, I'd say, all forest-based industries. In our case, we also had Arctic weather up in the north, which helped us to deliver a decent result, which we will come back to in the different business areas. During the first quarter, we also paid dividends to our shareholders. 1.5 billion Swedish crowns and our financial situation after the dividend just to remind you is of course very strong and shall remain so regardless of the future a few words about the forest and normally we don't talk so much about the forest we talk about the wood market same again what we see in the first quarter is that the industry is not running full declining or say, production curtailments, especially in the pulpboard industry. We have seen pulpboard prices coming down slowly, and that continued in the first quarter. We talked a lot about saw logs as well, and we said we don't see anything happening. Also, saw log prices are coming down. We will come back to that when we go through wood products, but also there we see that saw mills are not running full in the first quarter. In our case, this is actually the same slide as we showed a quarter ago, and the reason for that is that we hardly buy anything in the market. We are fully occupied helping forest owners to take care of the wood that came down in the storm in the middle part of Sweden. We also moved some resources to take care of that. We should also remember when it comes to us that we have, shall we call it a backpack? We have harvesting rights that we have bought before. And the question and what we don't know to a full extent is how will we do during the rest of the year when it comes to the balance? How much will we harvest? in the area where we had the storm and how much will we harvest in other areas and also consuming what we had bought say some quarters ago. This is the situation we have and I can say a few words about the storm as well. 10 million cubic meters in total, roughly 300,000 cubic meters in our forest. As I said, we are relocating some harvesting resources to take care of what's lying down, not only on our land, of course, but also on other forest owners land. It will lead to some higher harvesting costs, but not very much. And as you said last time, Stefan, it will have limited effect on the result for 2026. So it's a situation where we do see that prices are coming down, but it's very difficult to know exactly when it will be seen in our P&A. I would say it will be after the summer at least. But prices were quite high, and we did harvest some in the first quarter, didn't we?