In 2026 we anticipate Holmen AB will distribute shareholder returns of Swedish krona (SEK) 2.4 billion, while free operating cash flow (FOCF) will amount to only SEK1.5 billion. We forecast a slight deterioration in credit metrics, with an increase in S&P Global Ratings-adjusted debt to EBITDA to 1.8x by December 2026 and funds from operations to debt (FFO) down to 49% in 2026, although our key credit ratios remain commensurate with our thresholds for the rating. We therefore affirmed our'BBB+/A-2'long- and short-term issuer credit ratings on Holmen and our'K-1'short-term Nordic regional scale rating. The outlook remains stable and reflects our view that Holmen's credit metrics will remain in line with our rating thresholds over 2026 and
