Stora Enso Oyj

Latest Results (04.03.2026):

Stora Enso Oyj — Interim results for Q3 2025 (January–September 2025): Group sales in Q3 were EUR 2,283m (up 1% vs Q3/24) and adjusted EBIT for Q3 was EUR 126m (down 28% vs Q3/24). IFRS operating result for Q3 was EUR 231m and basic EPS was EUR 0.25. The quarter included completion of the divestment of ~175,000 ha of Swedish forest land (enterprise value SEK 9.8bn ≈ EUR 900m) and continued ramp‑up costs for the new consumer board line at Oulu that negatively affected profitability.

Key Q3 financials

Q3 2025: Sales EUR 2,283m; adjusted EBITDA EUR 291m (margin 12.7%); adjusted EBIT EUR 126m (margin 5.5%); IFRS operating result EUR 231m; cash flow from operations EUR 223m; basic EPS EUR 0.25 (EPS excl. fair valuations EUR 0.26).

Year‑to‑date (Jan–Sep 2025)

Jan–Sep 2025 sales EUR 7,072m (+5% y/y). Adjusted EBIT for the period EUR 427m (down from EUR 478m a year ago) and IFRS operating result EUR 466m. Net result for the period EUR 323m. Adjusted EBIT margin YTD 6.0%.

Major transaction — Swedish forest divestment

Divestment of ~175,000 hectares in Sweden completed in September (EV SEK 9.8bn / ~EUR 900m). Proceeds materially improved liquidity and reduced net debt; fair value of total forest assets after the transaction was EUR 8,277m (≈ EUR 10.50 per share). The Group is progressing a strategic review of the remaining Swedish forest assets, including options for separation/listing.

Oulu consumer board ramp‑up impact

The ramp‑up of the new consumer board line at Oulu materially weighed on results: an estimated EUR 45m negative EBIT impact in Q3, guidance that Q4 EBIT impact will be ~EUR -15–35m, and total full‑year EBIT impact estimated at approx. EUR -120–140m. Target remains EBITDA break‑even for the Oulu line by year‑end; full capacity expected in 2027.

Cash, capex and leverage

Net debt improved to EUR 3,215m (net debt / LTM adjusted EBITDA 2.7, down from 3.1). Cash and cash equivalents (net of overdrafts) EUR 2,195m. Q1–Q3 capex ~EUR 487m; Group capex guidance for 2025 is EUR 730–790m. Stora Enso repaid a EUR 125m bond in Q3 and had EUR 800m of committed undrawn facilities at 30 Sep 2025.

Operational and segment highlights

Packaging Materials: sales down modestly, adjusted EBIT reduced (Oulu costs and fiber/logistics pressure). Packaging Solutions: sales roughly stable; adjusted EBIT improved vs prior quarter. Biomaterials: sales pressured by softer pulp prices; profitability lower but actions underway. Forest segment delivered solid results; Wood Products saw higher sales but margin pressure from rising raw material costs.

Outlook and risks

Stora Enso expects continued subdued demand and market challenges: low consumer confidence, weak pulp markets and pricing pressure in packaging. US tariffs have modest direct impact (c.3% of group sales) but indirect trade effects are a risk. The Group continues profit‑improvement actions and a strategic review of Swedish forest assets; planned Q4 maintenance will also affect near‑term profitability.

Sustainability note

Sustainability progress highlighted: Scope 1+2 CO2e down ~60% vs 2019 base year (rolling 4 quarters), forest certification coverage stable at 99%, and targets remain to increase product recyclability and achieve biodiversity net‑positive by 2050.