Stora Enso Oyj

Latest Results (17.02.2026):

Stora Enso Oyj — Q3 2025: Sales for Q3 2025 were EUR 2,283 million (+1% vs Q3/24) while adjusted EBIT fell to EUR 126 million (-28% vs Q3/24). The interim January–September 2025 period shows sales of EUR 7,072 million (+5% YoY) and adjusted EBIT of EUR 427 million (down vs prior year). The group completed a SEK 9.8 billion (≈ EUR 900m) divestment of ~175,000 hectares of Swedish forest in September, which materially lowered net debt (net debt EUR 3,215m; net debt / LTM adjusted EBITDA 2.7). The ramp‑up of the new consumer board line at Oulu weighed on near‑term profitability (EUR 45m impact in Q3) and the company expects further headwinds into Q4 and through full year 2025.

Sales headline

Q3 2025 sales: EUR 2,283m (+1% vs Q3/24). January–September 2025 sales: EUR 7,072m (+5% vs Jan–Sep 2024). Growth was supported by structural changes (Junnikkala acquisition and Oulu line ramp‑up) but partly offset by lower volumes in some areas and FX.

Adjusted EBIT and drivers

Adjusted EBIT Q3 2025: EUR 126m (down 28% YoY). The primary drag was the Oulu consumer board line ramp‑up (approx. EUR 45m negative effect in Q3). Higher prices and mix contributed positively but were offset by ramp‑up costs and elevated fiber costs.

IFRS operating result and EPS

Operating result (IFRS) Q3 2025: EUR 231m (includes items affecting comparability of EUR +117m and fair valuations/non‑operational items of EUR -11m). Basic EPS Q3 2025: EUR 0.25 (EPS excl. fair valuations: EUR 0.26).

Cash flow and capex

Cash flow from operations Jan–Sep 2025: EUR 560m (down vs EUR 863m prior year). Cash flow after investing activities Jan–Sep: EUR -26m. Additions to fixed and biological assets Jan–Sep: EUR 487m. Full‑year capex guidance for 2025: EUR 730–790m.

Balance sheet, forest divestment and valuations

Completed sale in Sept of ~175,000 ha Swedish forest (enterprise value SEK 9.8bn ≈ EUR 900m). Net debt fell to EUR 3,215m (from EUR 3,988m at end‑Q2). Reported fair value of total forest assets ~EUR 8.3bn (≈ EUR 10.50/share) after the transaction.

Oulu ramp‑up and outlook

Oulu consumer board line continues ramping up; target EBITDA break‑even by year‑end remains but Q4 EBIT impact now expected at about EUR -15 to -35m and the full‑year EBIT impact ~EUR -120 to -140m. Full capacity is expected in 2027. Stora Enso expects subdued market demand and continued pricing pressure across packaging and pulp.

Leverage, returns and other items

Net debt / LTM adjusted EBITDA improved to 2.7 (from 3.1). Adjusted ROCE excl. Forest (LTM) about 2.8%. Second dividend instalment of EUR 0.12 paid on 2 October 2025. IFRS results were materially influenced by items affecting comparability and fair value adjustments.