Stora Enso Oyj

Latest Results (02.04.2026):

Stora Enso Oyj Q4/2025 results: sales fell 3% to EUR 2,254m and adjusted EBIT declined 17% to EUR 100m, while the IFRS operating result was EUR 476m driven by sizable fair value gains on biological assets; EPS was EUR 0.46 for the quarter. The quarter was affected by the ramp‑up of the new Oulu consumer board line (EUR 31m headwind) and portfolio moves including the divestment of Swedish forest assets.

Revenue and margin (Q4/2025)

Sales were EUR 2,254m (down 2.9% YoY) and the adjusted EBIT margin fell to 4.5% from 5.2% a year earlier, mainly due to lower board and pulp prices.

Adjusted EBIT and drivers

Adjusted EBIT was EUR 100m (‑17% YoY). Key negative drivers were lower pulp prices, adverse FX effects and the Oulu ramp‑up impact of ~EUR 31m.

IFRS operating result and fair valuations

The IFRS operating result was EUR 476m (vs. ‑279m in Q4/2024), which includes items affecting comparability of EUR ‑90m and large fair value and non‑operational gains of EUR 466m driven by biological asset revaluations in Sweden and Finland.

Earnings per share

Reported EPS (basic) in Q4/2025 was EUR 0.46 (vs. ‑0.43), while EPS excluding fair valuations was EUR ‑0.03 (improved from ‑0.81).

Cash flow and leverage

Cash flow from operations in Q4 was EUR 337m (EUR 325m a year earlier). Net debt to LTM adjusted EBITDA improved to 2.8 (from 3.0), reflecting stronger cash conversion and the Swedish forest asset divestment.

Forest assets and divestment

The fair value of total forest assets stood at EUR 8.5bn (down ~4.7% YoY), reflecting the 175,000‑hectare divestment in Sweden (≈EUR 900m). The divestment reduces annual adjusted EBIT by ~EUR 20m (≈EUR 5m per quarter).

Oulu ramp‑up and short‑term outlook

The new consumer board line at Oulu continues to ramp up and is expected to reach full capacity in 2027; in Q4 it negatively impacted results by ~EUR 31m and management expects a Q1/2026 adjusted EBIT headwind of EUR 15–30m that should gradually lessen.

Full‑year 2025 snapshot

For the year, Stora Enso Oyj reported sales of EUR 9,326m, adjusted EBIT EUR 528m, IFRS operating result EUR 942m, EPS EUR 0.88 and cash flow from operations EUR 897m.

Dividend and capital allocation

The Board will propose a dividend of EUR 0.25 per share (unchanged) for 2025, to be paid in two instalments in 2026, reflecting continuity in shareholder returns amid portfolio changes.

Strategy, reporting change and near‑term outlook

Stora Enso is preparing to separate its Swedish forest assets into a listed company (expected H1/2027), is reviewing Central European sawmills/building solutions (including possible divestment), and will adopt a revised reporting structure from Q1/2026 (Consumer Packaging, Integrated Packaging, Biomaterials and Other). Markets are expected to remain weak and volatile in Q1/2026.

Sustainability recognition

Stora Enso was placed on CDP’s 2025 Climate Change ‘A List’ and continues to report strong emissions reductions and near‑complete forest certification coverage, underscoring its sustainability positioning alongside financial updates.