STORA ENSO OYJ FINANCIAL STATEMENTS RELEASE 4 February 2026 at 8:30 EET
HELSINKI, Feb. 4, 2026 /PRNewswire/ —
Q4/2025 (year-on-year)
- Sales decreased by 3% to EUR 2,254 (2,322) million, mainly due to lower board and pulp prices, partly offset by the impact from acquisition of Junnikkala and the consumer board line ramp-up at the Oulu site.
- Adjusted EBIT decreased by 17% to EUR 100 (121) million, driven by lower pulp prices and adverse currency effects, as well as the ramp-up of the new line in Oulu, which impacted the Q4 result negatively by EUR 31 million. The adjusted EBIT margin decreased to 4.5% (5.2%).
- Operating result (IFRS) was EUR 476 (-279) million, including items affecting comparability of EUR -90 (-768) million, and fair valuations and other non-operational items of EUR 466 (368) million mainly driven by an increase in the fair value of biological assets in Sweden and Finland.
- Earnings per share were EUR 0.46 (-0.43) and earnings per share excl. fair valuations (FV) were EUR -0.03 (-0.81).
- The fair value of the forest assets was EUR 8.5 (8.9) billion, equivalent to EUR 10.75 per share, reflecting the impact of the divestment of 12.4% of forest assets in Sweden.
- Cash flow from operations amounted to EUR 337 (325) million, positively impacted by improvement in working capital.
- The net debt to adjusted EBITDA (LTM) ratio improved to 2.8 (3.0).
- Adjusted ROCE excluding the Forest segment (LTM) was 2.7% (3.6%).
Year 2025 (year-on-year)
- Sales were EUR 9,326 (9,049) million.
- Adjusted EBIT was EUR 528 (598) million.
- Operating result (IFRS) was EUR 942 (93) million.
- Earnings per share (EPS) were EUR 0.88 (-0.17) and EPS excl. fair valuations (FV) was EUR 0.41 (-0.56).
- Cash flow from operations amounted to EUR 897 (1,187) million. Cash flow after investing activities was EUR 122 (74) million.
Proposed dividend
The Board of Directors will propose a dividend of EUR 0.25 (EUR 0.25) per share at the Annual General Meeting on 24 March 2026. The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth quarter of 2026.
Key highlights
- Stora Enso is preparing for the separation of its Swedish forest assets business into a new publicly listed company, expected to be completed during the first half of 2027.
- Stora Enso initiated a strategic review of its Central European sawmills and building solutions operations. Different scenarios will be assessed, including the possibility to divest the business, to strengthen Stora Enso’s strategic focus on renewable materials and packaging.
- The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing. The line is expected to reach full capacity during 2027.
- Stora Enso has been recognised for its continued leadership in corporate transparency and climate action, earning a place on the 2025 CDP Climate Change `A List’.
- Stora Enso will change its financial targets and reporting structure starting from 2026, as presented in the Capital Markets Day in November.
Outlook Q1/2026
- Markets remain challenging, with low consumer confidence. Geopolitical volatility results in decreased predictability.
- Packaging and pulp market demand is expected to remain stable at low levels.
- The ramp-up of the new production line in Oulu continues. The EBIT headwind is expected to gradually decrease as we improve the technical performance of the production line. In Q1, we expect a negative impact of EUR 15-30 million on adjusted EBIT.
- The divestment of 175,000 hectares of forest assets in Sweden, completed in 2025, will result in a reduction of annual adjusted EBIT of approximately EUR 20 million, with an estimated quarterly effect of approximately EUR 5 million.
- In the first quarter there will be less planned maintenance activities compared to the fourth quarter of 2025. See the section Maintenance for more details.
- The operating income from emission rights in 2025 was about EUR 72 million, distributed evenly throughout the year. For 2026, the income from the sale of emission rights is projected to decrease to EUR 10-20 million. This decline results from changes in the EU ETS (Emissions Trading Scheme) rules: several sites will lose their free CO₂ allowance allocations from 2026 onward, as their emissions are now more than 95% biogenic, demonstrating the success of long-term emission-reduction initiatives.
- In the first quarter of 2026 we will introduce a revised reporting structure, as presented in the Capital Markets Day (CMD) in November 2025. The packaging business areas will be consolidated into Consumer Packaging and Integrated Packaging segments. In addition, we will report Biomaterials and Other.
Focus for 2026
- During 2026 we will execute on the new strategic priorities introduced at the CMD in November 2025:
- Lead in customer value creation through innovation, quality and sustainability
- Grow faster than market with superior customer offering, leading technology and operational efficiency
- Expand margin through business focus, a positive performance culture and systematic value creation
- Generate cash with high conversion ratio and disciplined capital allocation
- Furthermore, we will continue to prepare for the separation of the Swedish forest assets business into a new publicly listed company, expected to be completed during the first half of 2027.
- We will also continue with the strategic review of Central European sawmills and building solutions operations. Different scenarios will be assessed, including the possibility to divest the business, to strengthen Stora Enso’s strategic focus on renewable materials and packaging.
- Finally, we will continue with the ramp-up of the consumer …