Holmen’s interim report January-September 2014

                      Quarter         January-September  Full year
    SEKm        3-14     2-14   3-13    2014       2013       2013
Net turnover   3 956    3 946  3 939  11 983     12 293     16 231
Operating        522      351    326   1 262        871      1 209
profit excl.
items
affecting
comparability
Operating        522      351    326   1 262        731      1 069
profit
Profit after     385      250    207     912        481        711
tax
Earnings per     4.6      3.0    2.5    10.9        5.7        8.5
share, SEK
Return on        7.4      4.8    4.1     5.8        3.1        3.4
equity, %
Cash flow        738      484    567   1 762      1 567      2 011
before
investing
activities
Debt/equity     0.29     0.31   0.31    0.29       0.31       0.29
ratio

  · Operating profit was SEK 1 262 million (January–September 2013: 731). The
improvement in profit is due to higher prices for printing paper and sawn
timber, a weaker Swedish krona and reduced production costs for paperboard.
Profit for the previous year was impacted by items affecting comparability of
SEK -140 million.
  · Operating profit for the third quarter was SEK 522 million, which was SEK
171 million higher than in the second quarter owing to good paperboard
production and seasonally low costs.
  · Profit after tax amounted to SEK 912 million (481), which corresponds to
earnings per share of SEK 10.9 (5.7).
  · The market situation for paperboard during the quarter was stable, but it
was weak for printing paper. The market situation for sawn timber weakened as a
result of the high level of supply on the market.


For further information please contact:

Henrik Sjölund, President and CEO, tel. +46 8 666 21 05
Anders Jernhall, CFO, tel. +46 8 666 21 22
Ingela Carlsson, Communications Director, tel. +46 70 212 97 12

In its capacity as issuer, Holmen AB is releasing the information in this
interim report for January-September 2014 in accordance with Chapter 17 of the
Swedish Securities Market Act (2007:528). The information was distributed to the
media for publication at 12.00 CET on Thursday, October 23, 2014.

This is a translation of the Swedish interim report of Holmen Aktiebolag
(publ.). In the event of inconsistency between the English and the Swedish
versions, the Swedish version shall prevail.