Stora Enso Oyj

Latest Results (14.05.2026):

Stora Enso Oyj — Q1 2026: The company reported Q1 2026 revenue of EUR 2.4 billion (reported as 0% growth) with an adjusted EBIT of EUR 159 million (7% margin) and a net debt/EBITDA ratio of 3.1x for the quarter. On a last‑12‑months basis revenue was EUR 9.3 billion (+1%) with adjusted EBIT EUR 511 million (5% margin) and the same 3.1x leverage.

Key Q1 figures

Revenue: EUR 2.4bn (Q1 2026, 0% growth). Adjusted EBIT: EUR 159m (7% margin). Net debt/EBITDA: 3.1x.

Trailing 12 months

Last‑12‑month revenue EUR 9.3bn (+1%) and adjusted EBIT EUR 511m (5% margin), showing modest year‑on‑year improvement but still below the Group’s stated targets.

Leverage and financing

Net debt/EBITDA at 3.1x in Q1 2026. In April Stora Enso issued two hybrid bond tranches totalling EUR 1.0bn to be used for general corporate purposes, refinancing and maturities.

Corporate restructuring — forest asset demerger

Stora Enso announced the Swedish forest asset company will be named Bergslagets Skogar and plans a separation into a standalone listed company subject to approvals; a Capital Markets Day is planned for 3 Nov 2026.

Operational headwinds

The ramp‑up of a new production line in Oulu weighed on adjusted EBIT in Q1 and is expected to have a similar negative impact in Q2. Planned maintenance in Q2 is expected to be broadly in line with Q1.

Divestment impact

The 2025 sale of 175,000 hectares of Swedish forest reduces annual adjusted EBIT by ~EUR 20m (≈EUR 5m effect per quarter).

Outlook & risks for Q2 2026

Market conditions remain challenging with low consumer confidence and elevated geopolitical volatility. Geopolitical tensions (notably the Middle East) are expected to increase logistics, chemicals and energy costs in 2026, introducing uncertainty despite management measures.

Emission‑rights income guidance

Operating income from sale of emission rights was about EUR 72m in 2025 (evenly distributed). For 2026 Stora Enso projects this income to fall to EUR 10–20m due to changes in the EU ETS (loss of free CO₂ allowances at several sites as emissions become >95% biogenic).

Reporting and governance notes

Segment reporting changed as of 1 Jan 2026 with restated comparatives for 2025. The Annual Report and Remuneration Report 2025 were published, and the AGM was held on 24 March 2026.