Six of the major Nordic timber and forest industry companies posted largely challenging results for the first half of 2025. Most companies reported declining profitability despite mixed sales performances. …High raw materials costs continue to pressure margins universally, with multiple companies stating that current wood prices are unsustainable for long-term industry profitability. Companies with integrated value chains demonstrated significantly greater resilience in this challenging environment. Global trade tensions and increasing tariffs have created substantial market uncertainty, while currency volatility – particularly the rapid strengthening of SEK against USD – has severely impacted export-oriented operations.  …The industry outlook for the remainder of 2025 remains cautiously managed. The recovery in European construction markets continues to be slower than anticipated, while global trade policy uncertainties are expected to persist. Companies with integrated value chains, diversified product portfolios, and recent strategic investments appear best positioned to navigate the complex market conditions.