Objectives. To evaluate effects of postmenopausal hormone replacement therapy (HRT) on von Willebrand factor, factor (F)VIII, factor (F)VII, fibrinogen, antithrombin (AT) III, prothrombin fragments 1 and 2, protein C, total and free protein S. plasminogen activator inhibitor-1 (PAI-1), tissue plasminogen activator (tPA) and resistance to activated protein C. Design. Part 1: double blind randomized trial for 3 months. Part 2: open study for 9 months. Setting. Department of Endocrinology, University Hospital, Malmo, Sweden. Subjects. Fifty-one postmenopausal women with a history of amenorrhoea of at least 6 months and body mass index greater than or equal to 24 kg m(-2) participated in part 1 and 46 participated in part 2. Intervention. Randomization for placebo (n = 24) or HRT (n = 27). HRT was given as 2 mg oestradiol valerate for the first 3 months, with the addition of 10 mg medroxyprogesterone for 10 days every third month thereafter. Measurements. At baseline and after 3 and 12 months. Results. During 0-3 months in the HRT group, FVII increased (P < 0.01), whereas fibrinogen, AT III and total protein S all decreased (P < 0.001 for all). Changes in variables were expressed as Delta -values. After 3 months Delta -values differed between groups for fibrinogen (P < 0.05), AT III (P < 0.001), total protein S (P < 0.001), and PAI-1 (P < 0.001), During 0-12 months, fibrinogen. total protein S, tPA (P < 0.01 for all) and AT III (P < 0.05) decreased. In the control group, all variables were unchanged during the study, except for increases (P < 0.05) in total protein S after 3 and 12 months, and a decrease (P < 0.01) in FVIII after 12 months, After 12 months Delta -values differed for fibrinogen (P < 0.05), AT III (P < 0.05) and total protein S (P < 0.001). Conclusions. Unopposed oestrogen substitution was associated with both potentially beneficial effects, such as decreases in fibrinogen, and potentially thrombogenic effects such as decreasing AT III and protein S and increasing FVII. During prolonged follow-up and addition of progesterone, differences between groups concerning FVII were attenuated. These data suggest that effects of HRT upon coagulation are most pronounced early after institution of unopposed treatment.