YEAR-END REPORT FOR 2003

YEAR-END REPORT FOR 2003 Quarter Full year MSEK 4-03 3-03 2003 2002 Net turnover 3,940 3,865 15,816 16,081 Operating profit 507 587 2,338 2,713 Profit after financial items 462 532 2,126 2,564 Profit after tax 295 375 1,451 1,959 Earnings per share (before 3.69 4.68 18.14 24.50 dilution), SEK Earnings per share (after 3.55 4.52 17.48 23.58 dilution), SEK Return on equity, % 7.8 10.1 9.7 13.7 The Group's net turnover amounted to MSEK 15,816 (2002: 16,081). The profit after tax was MSEK 1,451 (1,959). Earnings per share amounted to SEK 18.14 (24.50). The return on equity was 9.7 per cent (13.7). The operating profit amounted to MSEK 2,338 (2,713). Holmen Paper's operating profit declined by MSEK 917 as a result of lower prices. Iggesund Paperboard's result increased by MSEK 183, mainly as a consequence of higher volumes. Compared with the third quarter, the result declined by MSEK 80 to MSEK 507. The Board proposes payment of an ordinary dividend of SEK 10 (11) per share, together with an extra dividend of SEK 30 (0) per share. The market situation for newsprint and magazine paper remained weak. Holmen Paper's deliveries were unchanged during the fourth quarter. Price negotiations in Europe indicate that prices will decline slightly in 2004. The market situation for paperboard remained stable during the fourth quarter. Iggesund Paperboard's capacity utilisation remained high and prices were stable. The Board of Directors has decided to go ahead with the previously announced project to build a paper machine in Spain. Göran Lundin steps down as President and CEO on 31 March 2004, and will be succeeded by Magnus Hall. For further information please contact: Göran Lundin, President and CEO, tel +46 8 666 21 33 Anders Almgren, CFO, tel +46 8 666 21 16 Christer Lewell, Public Relations Director, tel +46 8 666 21 15. Holmen is a forest products industry group with the capacity to produce 2.3 million tonnes of paper and paperboard per year. Europe, which accounts for some 85 per cent of the Group's turnover, is by far the largest market. Holmen Paper produces paper for daily newspapers, magazines, directories and advertising products at three Swedish mills and one Spanish mill. Iggesund Paperboard produces paperboard for packaging and graphic purposes at two Swedish mills and one English mill. Iggesund Timber produces sawn timber at one Swedish sawmill. Holmen Skog manages the Group's one million hectares of forests and the annual volume harvested from company forests is some 2.5 million m3. Holmen Kraft produces in a normal year some 1,100 GWh of electricity at wholly and partly owned hydroelectric power stations in Sweden. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/03/20040203BIT20610/wkr0006.pdf

About Us

Holmen’s business concept is to own and add value to the forest. The forest holdings form the basis of the business – an ecocycle in which the raw material grows and is refined into everything from wood for climate-smart building to renewable packaging, magazines and books. The forest is managed to provide a good annual return and stable value growth while our production operations are run with a focus on profitability and greater value added. In 2017 Holmen’s net sales were just over SEK 16 billion and the group has approx. 3 000 employees. Holmen’s shares are listed on Nasdaq Stockholm, Large Cap. For more information, visit holmen.com.

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