The electrification of heavy-duty transport is a critical pathway towards reducing emissions in Sweden’s forestry sector, a major contributor to national CO2 output. However, the adoption of battery electric trucks in this context remains limited, and the transition poses significant challenges for existing actors and newcomers. This paper investigates how diverse actors within the forestry transport ecosystem interpret the electrification transition and its implications for business model development. Drawing on empirical data - comprising seven experimental sites, two workshops, and 17 stakeholder interviews - this study foregrounds the role of interpretation and sensemaking in the early stages of a complex sustainability transition. The findings reveal that electrification is perceived not as an incremental change but as a radical innovation requiring cross-actor learning, new partnerships, and ecosystem-level coordination. Actors face strategic and operational uncertainty, particularly around value capture, data sharing, and infrastructure ownership, while also engaging in collaborative exploration of new roles and opportunities. By highlighting the interpretive processes shaping business model adaptation, this study contributes to the literature on sustainability transitions and business model innovation. It also offers practical guidance for managers aiming to navigate uncertainty, foster collaborative innovation, and co-create value in evolving industrial ecosystems.