Results for the fourth quarter of 2024: high roundwood prices and tariff uncertainty

Forests support the Nordic groups

At the large Nordic companies, forest divisions supported overall profitability thanks to high roundwood prices, while margins for wood products remained under pressure and packaging markets were oversupplied. At Holmen, strong forestry results offset weak wood products and renewable energy businesses. SCA expects timber prices to stay high, partly because state forest company Sveaskog is harvesting less. UPM raised its adjusted profitability, helped by a revaluation of its Finnish forest assets. The planned sale of Stora Enso's Swedish forests remained open.

Tariffs drive volatility in North America

On 1 February 2025, President Donald Trump ordered 25 percent tariffs on Canadian exports to the US. They were first postponed, then introduced on 4 March and suspended again a few days later. Lumber producers with mills on both sides of the border have to stay flexible, while US producers of lumber and engineered wood products are likely to benefit. North American timberland owners had a satisfactory year, carried by a highly profitable real estate business. They are also expanding natural climate solutions, from solar leases to carbon credits. Weyerhaeuser announced a USD 500 million investment in a new TimberStrand plant in Arkansas.

In principle, tariffs would be a positive factor for timber prices.

How Timber Carbon sees it

The timberland owners in the index show how climate performance can become an additional source of income. Timber Carbon, launched in 2026 as a spin-off of Timber Finance, quantifies, certifies and monetises the carbon removed in mass timber buildings as carbon removal credits on the voluntary carbon market. Learn more on our technology page.