Stora Enso Oyj

Latest Results (18.01.2026):

Stora Enso Oyj — Interim Report Q3 2025 summary: In Q3 2025 Stora Enso reported group sales of EUR 2,283 million (up 1% y/y) and adjusted EBIT of EUR 126 million (down 28% y/y), with an adjusted EBIT margin of 5.5% (7.8% in Q3/24). IFRS operating profit for the quarter was EUR 231 million and basic EPS was EUR 0.25 (EPS excl. fair valuations EUR 0.26). The quarter included a c. EUR 45 million negative impact from the ramp‑up of the new consumer board line in Oulu and benefitted from completion of the Swedish forest‑land divestment. Net debt improved to EUR 3,215 million and net debt / LTM adjusted EBITDA fell to 2.7.

Top‑line and profit headline

Q3 2025 sales: EUR 2,283m (+1% vs Q3/24). Adjusted EBIT: EUR 126m (-28% vs Q3/24). Adjusted EBIT margin 5.5% (down from 7.8%). IFRS operating result for Q3: EUR 231m. Basic EPS for Q3: EUR 0.25 (EPS excl. fair valuations EUR 0.26).

Cash flow and balance‑sheet

Cash flow from operations in Q3: EUR 223m (Q3/24: EUR 271m); cash flow after investing activities Q3: EUR 57m. Net debt fell to EUR 3,215m (improvement vs prior quarter), supported by proceeds from the Swedish forest land sale; net debt / LTM adjusted EBITDA improved to 2.7. Available liquidity included EUR 800m undrawn committed facilities.

Swedish forest‑land divestment and forest valuation

Stora Enso completed the sale of ~175,000 ha (12.4% of Swedish forest assets) in September (enterprise value SEK 9.8bn ≈ EUR 900m). Total disposal consideration shown approx. EUR 624m. Fair value of total forest assets at 30 Sep 2025: EUR 8.3bn (EUR 8,277m). A strategic review of remaining Swedish forest assets (including potential separation/listing) is ongoing.

Oulu consumer‑board ramp‑up — short‑term drag, longer‑term plan

The new consumer board line at Oulu continued ramp‑up and weighed on Q3 adjusted EBIT by ~EUR 45m. Management targets EBITDA break‑even for the asset by year‑end, but estimates an incremental Q4 EBIT headwind of EUR 15–35m and cites a larger full‑year EBIT impact (company estimate in the report ~EUR 120–140m). Full capacity is expected around 2027.

Segment highlights (short)

Packaging Materials: Q3 sales EUR 1,128m (-3.5% y/y), adjusted EBIT EUR 36m (weaker vs prior year, impacted by Oulu). Packaging Solutions: stable sales, adjusted EBIT near breakeven. Biomaterials: Q3 sales EUR 750m (+7.9% y/y), adjusted EBIT EUR 76m. Wood Products: Q3 sales EUR 440m (+22.7% y/y), adjusted EBIT negative EUR 6m. Forest segment: Q3 sales EUR 339m (-10.8% y/y), adjusted EBIT EUR 24m.

Capital expenditure and guidance

Q3 capex: EUR 144m (Q1–Q3 total EUR 487m). Full‑year 2025 capex guidance: EUR 730–790m (includes ~EUR 75m for Group forest assets). Depreciation & depletion guidance: EUR 550–600m.

Outlook and risks

Stora Enso expects subdued market demand and continued pricing pressure in packaging and pulp markets. Key near‑term risks noted: weak end‑user demand, trade/tariff effects, ramp‑up costs at Oulu and planned maintenance in Q4. Management focus: profitability, cash flow, cost competitiveness and strategic portfolio moves.

Sustainability & other items

Report reiterates sustainability targets (Scope 1+2 emissions down 60% vs 2019 base; Scope 3 reductions in progress; product recyclability 94% reported). The company also paid the second dividend instalment (EUR 0.12 per share) on 2 October 2025.