FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== SIDA 1 =====
Interim Report Q1
January–March 2025
Results summary 2
Outlook 3
CEO comment 4
Group results 5
Segment results 9
Sensitivity analysis 12
Short-term risks 12
Legal proceedings 12
Events 13
Sustainability 14
Changes in the Group management 15
AGM 2025 15
Financials 16
IFRS section 16
Alternative performance measures 26
Contacts 31
===== SIDA 2 =====
Consistent progress in improving performance
Quarterly financial highlights
(compared to Q1/24)
• Sales increased by 9% to EUR 2,362 (2,164) million, mainly due to higher
prices and deliveries. The average sales growth (LTM YoY) was 4.6%
(-23.8%).
• Adjusted EBIT increased, for the fourth consecutive quarter compared
year-on-year, to EUR 175 (149) million. Adjusted EBIT margin increased to
7.4% (6.9%). Higher prices, volumes and positive impacts from net currency
exchange rates and depreciations more than offset higher fiber costs.
• Operating result (IFRS) was EUR 171 (141) million, including items affecting
comparability of EUR -11 million, and fair valuations and other non-
operational items of EUR 7 million.
• Earnings per share were EUR 0.14 (0.10) and earnings per share excl. fair
valuations (FV) were EUR 0.13 (0.08).
• The fair value of the forest assets increased to EUR 9.3 (8.6) billion,
equivalent to EUR 11.74 per share.
• Cash flow from operations amounted to EUR 192 (269) million, impacted
by higher sales increasing trade receivables, and build-up of inventories
partly related to the ramp-up of the new consumer board line at the Oulu
site.
• The net debt to adjusted EBITDA (LTM) ratio improved to 3.2 (4.0).
• Adjusted ROCE excluding the Forest division (LTM) increased to 3.8% (-0.1%),
the target being above 13%.
Key highlights
• The new consumer packaging board line at the Oulu site in Finland
started production ramp-up in March. The line is expected to reach
EBITDA breakeven by the year-end 2025 and full capacity during 2027.
• Stora Enso has received regulatory approval from the competition
authorities to proceed with the acquisition of the Finnish sawmill
company Junnikkala Oy, announced in October 2024. The transaction is
expected to be finalised by early May 2025.
• As announced today, Stora Enso plans to implement a new, leaner and
flatter organisational structure as of 1 July 2025, dividing its packaging
business into four main areas with a reinforced focus on renewable
packaging as the core business; Food Service and Liquid Board,
Cartonboard, Containerboard, and Packaging Solutions. The new
structure would expand the total business areas from five to seven
removing one management layer, and represents a further
decentralisation of P&L responsibility closer to customers and operations.
• The Annual General Meeting decided to distribute a dividend of EUR 0.25
per share for the year 2024 in two instalments, on 2 April 2025 and
2 October 2025.
• Stora Enso intends to sell approximately 12% of its total forest assets of 1.4
million hectares in Sweden. The sales process is ongoing.
• Stora Enso was recognised for its leadership in corporate transparency
and performance on climate action by environmental non-profit CDP,
securing a place on 2024 Climate Change ‘A List’.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12% Net debt to adjusted EBITDA (LTM)
Net debt, MEUR
Net debt to adjusted EBITDA, LTM
Target <2.0
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0 Adjusted ROCE excl. Forest (LTM)
Adjusted ROCE excl. Forest division, LTM, %
Target >13%Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
0%
5%
10%
15%
Summary
LTM = Last 12 months. The calculation method is explained in the Annual Report.
S t o r a E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 2
The new consumer board line at the Oulu mill in Finland started
production during the quarter.
===== SIDA 3 =====
Outlook and focus for 2025
Stora Enso expects market demand to remain subdued and
volatile, affected by heightened macroeconomic and
geopolitical uncertainty due to trade-related tensions, and
lower consumer sentiment.
Guidance
Stora Enso anticipates that its adjusted EBIT for the full year of 2025 will be
adversely impacted by approximately EUR 100 million due to the ramp-up
of the new packaging board line in Oulu, Finland. A majority of this is
expected in Q2/2025.
The Group's capital expenditure forecast for the full year of 2025 is EUR
730–790 million.
In the second quarter of 2025, maintenance costs are expected to
increase by approximately EUR 20 million from Q1/2025. See section
Maintenance for more details.
Fiber costs are expected to remain at high levels.
Focus for 2025
• Continue to build a leaner, more agile organisation to enhance
customer and business orientation, and operational efficiency.
• Plan to implement organisational restructuring to streamline operations
and increase efficiency in core business areas, focusing on renewable
packaging.
• Transition to a more integrated business model across Nordic
packaging board mills to improve the entire value chain and customer-
centricity.
• Enhance business accountability and reduce complexity by transitioning
from five autonomous divisions to seven streamlined business areas
with effective group-level support.
• Ramp up production and leverage the 1-billion-euro investment in the
new packaging board line at the integrated mill in Oulu, Finland, to
strengthen Stora Enso’s competitive position.
Outlook from Q1/2025 to Q2/2025, across the divisions
In the Packaging Materials division, the containerboard market is expected
to remain stable with ongoing price increases. Consumer board demand
is expected to be seasonally stronger, and products from Stora Enso's new
consumer packaging board line will gradually increase delivery volumes.
The Packaging Solutions division anticipates increased demand in Western
Europe due to the seasonal fruit and vegetable market, while expectations
for Asian demand suggest a return to lower seasonal norms.
The Biomaterials division predicts stable demand with higher prices driven
by a tightening supply, partly offset by weaker USD.
For Wood Products, no structural demand improvement is expected,
though seasonal factors and continued cost mitigation is expected to
provide support.
The Forest division is expected to maintain robust financial performance.
Outlook
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 3
===== SIDA 4 =====
CEO comment
During the first quarter of 2025, we continued to make good
progress in building a stronger and more profitable Stora Enso.
We recorded a robust adjusted EBIT of 175 million euro, an 18%
increase year-on-year, with an EBIT margin of 7.4%. This
improvement primarily resulted from higher prices, alongside
increased volumes, favourable foreign exchange rates, and
the positive impact of cost-saving and value-creation
initiatives, which helped mitigate continued high fiber costs.
This marks the fourth consecutive quarter with a year-on-year result
improvement. Furthermore, in the first quarter, all divisions achieved positive
adjusted EBIT for the first time since the third quarter of 2022. Group sales
rose by 9% year-on-year, driven by higher deliveries and increased sales
prices across most divisions.
In our Packaging Materials division, we saw a slight recovery in demand,
albeit at low levels, particularly in Europe, where higher prices contributed
positively. Our Packaging Solutions division also delivered increased sales
and EBIT driven by larger volumes, but with price pressure caused by market
overcapacity somewhat offsetting the positive volume impact.
Our Biomaterials division delivered stable results through higher volumes
despite headwinds with lower pulp prices and volumes, along with higher
variable costs both year-on-year and quarter-on-quarter. The Wood
Products division reached a break-even adjusted EBIT. This progress was
driven by strong efficiency improvement actions coupled with somewhat
improved demand, while still from a low level due to a continued weak
construction market. In our Forest division, the high demand and tight
markets for wood and fresh fiber continued, leading to another record-high
quarterly EBIT.
Overall, the markets remain volatile, with low consumer sentiment further
fuelled by tariff announcements. What comes to US tariffs, we estimate that
the direct impact at current tariff rates is limited given that our direct sales
to the USA account for only just below 3% of total group sales (2024). Tariffs
impacting global trade present both risks and opportunities to our business.
However, the main risk, as it currently stands, is the overall impact on the
economy.
I am proud of the resilience and hard work demonstrated by our team, and I
remain optimistic and confident in our strategic direction, positioning, and
the opportunities that lie ahead. We are beginning to see the significant
impact of our efforts to control factors within our power, reflected in our
improving results, operational efficiency, and close relationship with our
customers.
Going forward, we continue to work diligently with pricing, cost and
operational efficiencies, alongside numerous other ongoing value-creating
actions which contribute to improved profit and cash flow. As part of this, we
continue to reduce our indebtedness with net debt to EBITDA having come
down from 4.0x to 3.2x in the last year. Operating working capital to sales
came down from 9.7% to 7.0%. With the last remaining investments due in our
integrated Oulu packaging board mill in Q2, we will reduce our capital
expenditure as planned. The ramp-up is going according to plan with
promising achieved product quality. Also, the sales process of 12% of our
Swedish forest holding is proceeding.
Given the recent progress made, as announced today, we now take the next
step on our path to build a stronger Stora Enso by further strengthening the
strategic focus on our core business of renewable packaging. To reinforce
this ambition, we plan to implement a more streamlined organisational
structure, carefully designed to increase customer focus, drive operational
efficiency and enhance our performance culture.
"We are taking the next step to build a stronger
Stora Enso by further strengthening the focus on
our core business of renewable packaging."
Following the planned change, our renewable packaging business will
consist of four P&L responsible business areas accounting for approximately
60% of Stora Enso’s full year revenue: Food Service and Liquid Board,
Cartonboard, Containerboard, and Packaging Solutions. The offering of
these business areas helps customers and consumers reduce their
environmental impact and benefit from strong sustainability growth trends,
leading market positions and a high degree of innovation.
Our remaining three business areas, Biomaterials, Wood Products, and
Forest, will in addition to their respective business, support renewable
packaging operations through wood sourcing and supply of raw material.
This streamlined organisational setup will enable us to enhance business
accountability, remove one management layer and represents a further
decentralisation of P&L responsibility closer to customers and operations.
This will also enable us to capitalise on synergies, reduce complexity and
overlap, and most importantly, make us more customer and business
centric.
Thank you for your continued support and dedication. We are confidently
navigating through volatile markets and building a stronger, better, resilient,
and more profitable Stora Enso.
Sincerely,
Hans Sohlström
President and CEO, Stora Enso
CEO comment
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 4
===== SIDA 5 =====
Group result Q1/2025
(compared with Q1/2024)
Key figures
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24
Change %
Q1/25–Q4/24 2024
Sales 2,362 2,164 9.1 % 2,322 1.7 % 9,049
Adjusted EBITDA 320 298 7.3 % 285 12.1 % 1,223
Adjusted EBITDA margin 13.5 % 13.8 % 12.3 % 13.5 %
Adjusted EBIT
3
175 149 17.7 % 121 45.5 % 598
Adjusted EBIT margin
3
7.4 % 6.9 % 5.2 % 6.6 %
Operating result (IFRS)
3
171 141 21.7 % -279 161.4 % 93
Result before tax (IFRS)
3
132 94 40.8 % -353 137.4 % -118
Net result for the period (IFRS)
3
107 77 40.0 % -379 128.3 % -183
Cash flow from operations 192 269 -28.7 % 325 -40.9 % 1,187
Cash flow after investing activities -47 -104 55.1 % 88 -153.1 % 74
Capital expenditure 125 226 -44.8 % 349 -64.2 % 1,090
Capital expenditure excluding investments in
biological assets 109 210 -48.2 % 325 -66.5 % 1,009
Depreciation and impairment charges excl. IAC
3 118 125 -6.1 % 125 -5.7 % 501
Net debt 3,932 3,518 11.8 % 3,707 6.1 % 3,707
Forest assets¹
,
³ 9,260 8,625 7.4 % 8,894 4.1 % 8,894
Adjusted return on capital employed (ROCE), LTM²
,
³ 4.4% 1.8% 4.3% 4.3%
Adjusted ROCE excl. Forest division, LTM²
,
³ 3.8% -0.1% 3.6% 3.6%
Earnings per share (EPS) excl. FV, EUR³ 0.13 0.08 59.0 % -0.81 116.3 % -0.56
EPS (basic), EUR³ 0.14 0.10 43.5 % -0.43 133.3 % -0.17
Return on equity (ROE), LTM²
,
³ -1.5% -4.9% -1.7% -1.7%
Net debt/equity ratio 0.38 0.33 0.37 0.37
Net debt to LTM² adjusted EBITDA ratio 3.2 4.0 3.0 3.0
Equity per share, EUR³ 13.16 13.65 -3.6 % 12.86 2.4 % 12.86
Average number of employees (FTE) 18,512 19,412 -4.6 % 18,731 -1.2 % 19,233
1 Total forest assets value, including leased land and Stora Enso's share of Tornator.
2 LTM = Last 12 months.
3 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Items affecting comparability (IAC), fair valuations and
non-operational items.
Breakdown of change in sales
Sales Q1/2024, EUR million 2,164
Price and mix 5%
Currency 1%
Volume 4%
Other sales
1
0%
Total before structural changes 9%
Structural changes
2
0%
Total 9%
Sales Q1/2025, EUR million 2,362
1 Energy, paper for recycling (PfR), by-products etc. 2 Asset closures, major investments, divestments and acquisitions
Group sales
Sales increased 9% , mainly due to higher prices and mix management in all divisions except in Biomaterials.
Improved deliveries contributed to topline growth, due to increased demand and, in part, by the political strike in
Finland during Q1/24. Currencies had a small positive impact on sales in the first quarter.
Adjusted EBIT
Adjusted EBIT increased 18%. Higher prices and volumes increased profitability by EUR 98 million and EUR 15 million,
respectively.
Variable costs were EUR 122 million higher, caused by increased wood costs. Energy and pulp costs decreased
compared to year ago. Fixed costs remained flat.
Net foreign exchange rates had a positive EUR 29 million impact. The impact from structural changes,
depreciations, associated companies and other was a positive EUR 7 million.
Operating result (IFRS)
Fair valuations and non-operational items (FV) had a positive impact on the operating result of EUR 7 (11) million.
Items affecting comparability (IAC) had an adverse impact of EUR 11 (20) million on the operating result.
Other
Net financial items of EUR -39 (-47) million were EUR 8 million lower than in the corresponding period last year,
mainly due to positive impact from foreign exchange rates.
Net debt to LTM adjusted EBITDA improved to 3.2 (4.0), despite increasing net debt as LTM profitability continued to
improve.
Group result
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 5
===== SIDA 6 =====
First quarter 2025 results
(compared with Q4/2024)
Sales
Group sales increased 2% or EUR 40 million to EUR 2,362 (2,322) million.
Higher deliveries especially in Packaging Materials contributed to topline
growth. Sales prices were only slightly higher, primarily attributable to
Forest and Wood Products.
Adjusted EBIT
Adjusted EBIT increased EUR 54 million to EUR 175 (121) million, the adjusted
EBIT margin improved to 7.4% (5.2%). Higher sales prices and volumes
increased adjusted EBIT by EUR 5 million and EUR 33 million, respectively.
Variable costs increased by EUR 50 million, mainly due to higher energy
costs, resulting from the lower sale of emission certificates.
Fixed costs were EUR 76 million lower, mainly due to clearly lower
maintenance activity in Packaging Materials and seasonality. Net foreign
exchange rates had a positive EUR 25 million impact on adjusted EBIT. The
impact from structural changes, depreciations, associated companies
and other was a negative EUR 34 million.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12%
Group result
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 6
===== SIDA 7 =====
Cash flow Q1/2025
(compared with Q1/2024)
Cash flow (non-IFRS)
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24
Change %
Q1/25–Q4/24 2024
Adjusted EBITDA 320 298 7.3 % 285 12.1 % 1,223
IAC on adjusted EBITDA -11 -19 41.3 % -32 65.1 % -125
Other adjustments -13 -20 36.9 % -81 84.2 % -194
Change in working capital -104 10 n/m 152 -168.3 % 283
Cash flow from operations 192 269 -28.7 % 325 -40.9 % 1,187
Cash spent on fixed and biological assets -239 -373 36.1 % -236 -1.3 % -1,113
Acquisitions of associated companies 0 0 -100.0 % 0 99.0 % -1
Cash flow after investing activities -47 -104 55.1 % 88 -153.1 % 74
Cash flow after investing activities was EUR -47 (-104) million. Working capital increased by EUR 104 million mainly
impacted by higher sales increasing trade receivables, and build-up of inventories partly related to the ramp-up
of the new consumer board line at the Oulu site. Cash outflow related to fixed and biological assets was EUR 239
million, mainly related to the new line at Oulu. Payments related to the previously announced provisions amounted
to EUR 11 million. Cash flow from operations was EUR 192 (269) million.
Capital expenditure Q1/2025
(compared with Q1/2024)
Additions to fixed and biological assets totalled EUR 125 (226) million, of which EUR 109 (210) million were fixed assets
and EUR 16 (16) million biological assets.
Depreciations and impairment charges excluding IACs totalled EUR 118 (125) million. Additions in fixed and biological
assets had a cash outflow impact of EUR 239 (373) million, mainly related to the Oulu project.
Capital expenditure by division
EUR million Q1/25 Q1/24 Main investment projects
Investment to
be finalised
Packaging Materials 84 176 Oulu consumer board investment in Finland 2025
Packaging Solutions 4 8
Biomaterials 28 30 Skutskär fluff pulp, winder and roll handling in Sweden 2025
Wood Products 5 5
Forest 2 5
Other 1 2
Total 125 226
Capital expenditure and depreciation forecast 2025
EUR million Forecast 2025
Capital expenditure 730–790
Depreciation and depletion of capitalised silviculture costs 610–660
Stora Enso’s capital expenditure forecast includes approximately EUR 75 million for the Group's forest assets. The
depletion of capitalised silviculture costs is forecast to be EUR 75–85 million.
Cash flow and capex
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 7
EUR million
Cash flow
Cash flow from operations
Cash flow after investing activities
Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25
-150
0
150
300
450
===== SIDA 8 =====
Capital structure Q1/2025
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
Fixed assets
1
14,285 13,846 14,161
Associated companies 940 954 923
Operating working capital, net
2
434 308 556
Non-current interest-free items, net -203 -220 -224
Operating capital total
3
15,457 14,888 15,417
Net tax liabilities -1,294 -1,192 -1,234
Capital employed
3
14,163 13,696 14,183
Equity attributable to owners of the Parent
3
10,381 10,139 10,765
Non-controlling interests
3
-150 -150 -100
Net debt 3,932 3,707 3,518
Financing total
3
14,163 13,696 14,183
1 Fixed assets include goodwill, other intangible assets, property, plant and equipment, right-of-use assets, forest assets, emission rights, and unlisted securities.
2 Operating working capital, net includes inventories, trade receivables, trade payables and all other short-term operating receivables, payables, accruals, and provisions.
3 31 Mar 2024 restated, see the interim report for Q3 2024 for more details..
Compared with Q4/2024
Net debt increased by EUR 225 million to EUR 3,932 (3,707) million during the first quarter, mainly due to dividend
payable. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 3.2 (3.0). The net debt/equity ratio on 31
March 2025 increased to 0.38 (0.37). The average interest expense rate on borrowings at the reporting date was
3.7% (4.0%). Cash and cash equivalents net of overdrafts decreased by EUR 333 million to EUR 1,659 million.
During the first quarter, Stora Enso repaid EUR and USD bilateral loans totalling EUR 160 million.
Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 31 March 2025.
During 2024, Stora Enso secured a EUR 435 million long-term loan from the European Investment Bank to fund its
EUR 1 billion investment in the Oulu mill, Finland. Loan repayment extends until 2037, and it is currently undrawn.
Compared with Q1/2024
Operating working capital, i.e., Inventories, trade receivables and trade payables, decreased by EUR 188 million
year-on-year. Other operating working capital increased by EUR 66 million year-on-year.
Credit ratings
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 26 July 2024
Moody’s Baa3 (stable) / P-3 21 November 2024
Valuation of forest assets
Compared with Q4/2024
The value of total forest assets, including leased land and Stora Enso's share of Tornator's forest assets, increased
by EUR 365 million to EUR 9,260 (8,894) million. The increase was mainly due to currency impact i.e., stronger SEK.
Compared with Q1/2024
The fair value of total forest assets increased by EUR 635 million to EUR 9,260 (8,625) million. The fair value of
biological assets, including Stora Enso's share of Tornator, increased by EUR 825 million to EUR 6,864 (6,039) million.
This was mainly a result of stronger currency impact and increases in estimated wood prices. The value of forest
land, including leased land and Stora Enso's share of Tornator, decreased by EUR 190 million to EUR 2,396 (2,586)
million. This decrease in forest land value was mainly due to an increase in the discount rate.
Capital structure
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 8
EUR billion
Forest asset value
Forest land (including leased land)Biological assets
Q121
Q221
Q321
Q421
Q122
Q222
Q322
Q422
Q123
Q223
Q323
Q423
Q124
Q224
Q324
Q424
Q125
0.0
2.0
4.0
6.0
8.0
10.0
===== SIDA 9 =====
Segment overview
Segments
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 9
EUR million
Adjusted EBIT by segment, Q1/2025
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-80
-40
0
40
80
120
160
200
240
280
320
External sales by segment, Q1/2025
46%
10%
14%
16%
14%
1%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Packaging Materials
A global leader and expert partner in circular packaging providing premium
packaging boards, made from virgin and recycled fiber.
Packaging Solutions
A packaging converter that produces premium fiber-based packaging
products for leading brands across multiple market areas, including retail, e-
commerce, and industrial applications.
Biomaterials
Foundation built on pulp, with the aim of becoming customers’ first choice in
selected grades. The division also leverages all fractions to create innovative
biobased solutions, that replace fossil-based and other non-renewable
materials.
Wood Products
Europe’s largest sawn timber producer and a leading provider of sustainable
wood-based solutions for the global building sector. Provides the building
sector with renewable and low-carbon wood-based solutions that help
decarbonise the built environment.
Forest
Responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations
as well as for B2B customers. Manages the Group’s forest assets in Sweden
and a 41% share in Tornator, whose forests are primarily located in Finland.
Segment Other
Includes the reporting of the emerging businesses as well as Stora Enso’s
shareholding in Pohjolan Voima (PVO), Group Head Office function and
Global Business Services.
External sales by destination, FY 2024
14%
9%
7%
6%
6%
28%
10%
3%
18%
Sweden
Germany
Finland
Poland
The Netherlands
Other Europe
China
USA
Other countries
EUR million
Adjusted EBIT by segment, FY 2024
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-80
-40
0
40
80
120
160
200
240
280
320
External sales by segment, FY 2024
46%
11%
14%
15%
13%
1%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Information about production and deliveries is available in the section Production and deliveries. Information about production capacities is available in the Annual Report.
External sales by destination, FY 2024
69%
17%
6%
4%2%1%
Europe
Asia
Americas
Middle East
Africa
Oceania
===== SIDA 10 =====
Packaging Materials
Positive result development driven by price increases and seasonally improving demand
• Sales increased driven by higher prices for both consumer board and containerboard. Delivery volumes
remained stable.
• Adjusted EBIT increased driven by higher prices in both consumer board and containerboard. Fiber cost increase
and negative impact from the ramp-up of the new consumer packaging board line in Oulu, Finland, was offset
by lower energy, chemicals and fixed costs.
• Order inflow improved from Q4/2024 but remained burdened by weak consumer spending and persistent
overcapacity. The containerboard price cycle bottomed during the quarter, and impact from the first price
increase started to come through towards the end of the first quarter.
Key figures: Packaging Materials*
EUR million Q1/25 Q1/24
Change %
Q1/25–
Q1/24 Q4/24 2024
Sales 1,159 1,100 5.4 % 1,095 4,502
Adjusted EBITDA 131 126 3.8 % 71 472
Adjusted EBIT
1
62 52 18.7 % -6 172
Adjusted EBIT margin
1
5.4 % 4.8 % -0.6 % 3.8 %
Operating result (IFRS)
1
60 47 27.7 % -303 -169
Adjusted ROOC, LTM 5.1 % -1.3 % 4.9 % 4.9 %
Cash flow from operations 85 160 -46.7 % 109 462
Cash flow after investing activities -87 -129 32.6 % -40 -323
Board and paper deliveries, 1,000 tonnes 1,234 1,225 0.7 % 1,174 4,920
Board and paper production, 1,000 tonnes 1,290 1,233 4.7 % 1,107 4,916
1
Q1 2024 restated in Q3 2024, see interim report for Q3 2024 for more details.
Packaging Solutions
First positive results since Q4/2023 driven by China demand and efficiency improvements
• Sales increased driven by high demand for rigid boxes in China. Corrugated volumes also increased with prices
remaining at Q4/2024 levels.
• Adjusted EBIT increased with higher volumes and sales, as well as lower depreciations following earlier
announced impairments.
• Price pressure caused by market overcapacity and oversupply continued.
Key figures: Packaging Solutions*
EUR million Q1/25 Q1/24
Change %
Q1/25–
Q1/24 Q4/24 2024
Sales 239 224 7.0 % 247 987
Adjusted EBITDA 22 18 18.0 % 12 62
Adjusted EBIT 5 -1 n/m -6 -15
Adjusted EBIT margin 2.1 % -0.5 % -2.5 % -1.5 %
Operating result (IFRS) 5 -4 231.1 % -379 -394
Adjusted ROOC, LTM -1.0 % 3.3 % -1.6 % -1.6 %
Cash flow from operations 7 7 -1.2 % 24 78
Cash flow after investing activities -4 -6 39.0 % 9 31
Corrugated packaging European deliveries, million m² 290 283 2.6 % 291 1,217
Corrugated packaging European production, million m² 295 283 4.0 % 269 1,157
Segments
* For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 10
===== SIDA 11 =====
Biomaterials
Stable performance despite seasonally lower demand and continued high wood costs
• Sales increased driven by higher volumes. Lower sales prices partly offset by positive currency rate impact.
• Adjusted EBIT decreased mainly caused by lower sales prices and higher costs, primarily wood costs.
• Pulp demand was relatively weaker in Q1/2025, as a consequence of a seasonally strong end of 2024. Pulp prices
in Europe were slightly lower as a result of a weakened USD against the EUR.
Key figures: Biomaterials*
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Sales 392 374 4.7 % 419 1,587
Adjusted EBITDA 72 90 -20.0 % 109 372
Adjusted EBIT 36 57 -36.6 % 67 231
Adjusted EBIT margin 9.3 % 15.3 % 16.0 % 14.6 %
Operating result (IFRS) 41 58 -29.0 % 86 256
Adjusted ROOC (LTM) 8.4 % 3.3 % 9.3 % 9.3 %
Cash flow from operations 44 130 -66.4 % 138 507
Cash flow after investing activities 5 87 -94.5 % 91 332
Pulp deliveries, 1,000 tonnes 570 536 6.3 % 612 2,207
Wood Products
Positive EBIT through active margin management during continued weak construction demand
• Sales increased primarily due to higher sales prices and volumes for sawn wood.
• Adjusted EBIT increased driven by higher volumes and prices, which offset increased raw material costs.
Continued value creation actions contributed to the improvement of the results.
• The demand for both traditional wood products and building solutions was significantly higher year-on-year. The
main driver for the price increases were rapidly increased raw material costs.
Key figures: Wood Products*
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Sales 418 349 19.7 % 400 1,522
Adjusted EBITDA 10 1 n/m 0 27
Adjusted EBIT 1 -9 109.6 % -12 -16
Adjusted EBIT margin 0.2 % -2.6 % -2.9 % -1.1 %
Operating result (IFRS) 1 -10 107.1 % -68 -73
Adjusted ROOC (LTM) -1.0 % -9.3 % -2.7 % -2.7 %
Cash flow from operations 0 -30 101.3 % -2 45
Cash flow after investing activities -8 -47 83.7 % -14 -4
Wood products deliveries, 1,000 m³ 997 848 17.5 % 964 3,718
Forest
Record-high quarterly adjusted EBIT reflecting strong and stable performance
• Sales increased mainly due to higher volumes and wood prices, which continue to be at a high level for all wood
assortments in the Nordics.
• Adjusted EBIT increased, reflecting a strong operational performance in the Group's forest assets and wood
supply.
• The forest assets' fair value increased to EUR 9.3 billion, equivalent to EUR 11.74 per share, mainly due to favourable
currency rate impact.
Key figures: Forest*
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Sales¹ 836 659 26.8 % 784 2,827
Adjusted EBITDA 93 80 16.0 % 94 364
Adjusted EBIT 82 70 16.3 % 81 309
Adjusted EBIT margin 9.8 % 10.7 % 10.3 % 10.9 %
Operating result (IFRS)
2
76 63 22.2 % 466 646
Adjusted ROCE ( LTM) 5.3 % 4.6 % 5.2 % 5.2 %
Cash flow from operations 72 18 n/m 56 220
Cash flow after investing activities 63 8 n/m 45 171
Wood deliveries, 1,000 m³ 9,463 8,270 14.4 % 8,834 33,794
Operational fair value change of biological assets
2 28 35 -19.4 % 28 119
1 In Q1/25, internal wood sales to Stora Enso divisions represented 60% of net sales, external sales to other forest companies represented 40%.
2 Includes the full fair value change of the Nordic biological assets (standing trees)
Segment Other
• Sales decreased by 13.2% to EUR 49 (57) million. The causal factors were largely attributable to lower energy sales
due to the annual maintenance of the Olkiluoto nuclear power plant unit 3 (OL3).
• Adjusted EBIT decreased by 24.9% to EUR -14 (-11) million, mainly due to lower margins for electricity sales and
costs related to Group’s shared services.
• The divisions are charged for electricity at market prices. Through its 16.1% shareholding in the Finnish energy
company Pohjolan Voima (PVO), Stora Enso is entitled to receive, at cost, 8.9% of the electricity produced by the
Olkiluoto nuclear reactors, and 20.6% of the electricity from the hydropower plants.
Segments
* For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 11
===== SIDA 12 =====
Sensitivity analysis
Energy and raw material price sensitivity
The direct effect of a 10% decrease in raw material prices on adjusted EBIT
for the next 12 months
EUR million Sensitivity 10%
Energy +6
Wood +229
Pulp -125
Chemicals and fillers +42
Foreign exchange rate sensitivity
The direct effect of a 10% strengthening in the value of the currency on
adjusted EBIT for the next 12 months
EUR million Sensitivity 10%
USD +74
SEK -10
GBP +14
Weakening of the currencies would have the opposite impact. These
numbers are net of hedges and assuming no changes occur other than a
single currency exchange rate movement in an exposure currency.
Foreign currency translation risk
The Group's consolidated income statement on adjusted EBIT level is
exposed to a foreign currency translation risk worth approximately EUR 149
million expense exposure in Brazilian real (BRL) and approximately EUR 78
million income exposure in Chinese Renminbi (CNY). These exposures arise
from the foreign subsidiaries and joint operations located in Brazil and
China, respectively. For these exposures a 10% strengthening in the value of
a foreign currency would have a EUR -15 million and a EUR +8 million impact
on adjusted EBIT, respectively.
Short-term risks
Risk is characterised by both threats and opportunities, which may affect
future performance and the financial results of Stora Enso, reputation, as
well as its ability to meet certain social and environmental objectives.
The geopolitical unrest could have an adverse impact on the Group.
Potential trade tariffs, retaliatory measures, conflict-related risks to people,
operations, trade credit, cyber security, supply, and demand, could also
affect the Group negatively.
The risk of a prolonged global economic downturn and recession,
continued high inflation, as well as sudden interest rate changes, currency
fluctuations, trade union and political strike actions, and logistical chain
disruptions could all adversely affect the Group’s profits, cash flow and
financial position, as well as access to material, flow of goods and
transport.
Macroeconomic and geopolitical disruption may increase costs, add
complexity, and lower short-term visibility, which could further impact
market demand, prices, profit margins, and volumes of the Group's
products. New capacity and volume entering the market might distort
demand, volumes, inventories and pricing. Moreover, forced capacity cuts
might further impact on profitability.
There is a risk of continued price volatility for raw materials such as wood,
chemicals, other components and energy in Europe. The continued tight
wood market, especially in the Nordics, could cause increased costs, limit
harvesting and cause disruptions such as delays and/or lack of wood
supply to the Group's production sites. Regulatory or similar initiatives
might challenge the Group's strategy, growth and operations.
Other risks and uncertainties include, but are not limited to; general
industry conditions, unanticipated expenditures related to the cost of
compliance with existing and new environmental and other governmental
regulations, and related to actual or potential litigation; material process
disruption at Stora Enso's manufacturing facilities with operational or
environmental impacts; risks inherent in conducting business through joint
ventures; and other factors.
Stora Enso has been granted various investment subsidies and
compensations, and has made certain investment commitments in
several countries such as Finland, China, and Sweden. If commitments to
planning conditions are not met, local officials may pursue administrative
measures to reclaim some of the previously granted investment subsidies
or impose penalties on Stora Enso. The outcome of such a process could
result in adverse financial impact on Stora Enso.
A more detailed risk description of risks is included in Stora Enso’s Annual
Report 2024, available at storaenso.com/annualreport.
Legal proceedings
Contingent liabilities
Stora Enso has undertaken significant restructuring actions in recent years
which have included the divestment of companies, sale of assets and mill
closures. These transactions include a risk of possible environmental or
other obligations the existence of which would be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Group. A provision has been recognised for
obligations for which the related amount can be estimated reliably and for
which the related future cost is considered to be at least probable.
Stora Enso is party to legal proceedings that arise in the ordinary course of
business and which primarily involve claims arising out of commercial law.
The management does not consider that liabilities related to such
proceedings before insurance recoveries, if any, are likely to be material to
the Group’s financial condition or results of operations.
Veracel
On 11 July 2008, Stora Enso announced that a federal judge in Brazil had
issued a decision claiming that the permits issued by the State of Bahia for
the operations of Stora Enso’s joint operations company Veracel were not
valid. The judge also ordered Veracel to take certain actions, including
reforestation with native trees on part of Veracel’s plantations and a
possible fine of, at the time of the decision, BRL 20 (EUR 4) million. Veracel
disputes the decision and has filed an appeal against it. Veracel operates
in full compliance with all Brazilian laws and has obtained all the necessary
environmental and operating licences for its industrial and forestry
activities from the relevant authorities. In November 2008, a Federal Court
suspended the effects of the decision. No provisions have been recorded
in Veracel’s or Stora Enso’s accounts for the reforestation or the possible
fine.
Sensitivity, risks, and legal
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 12
===== SIDA 13 =====
Events during the quarter Events after the reporting period
New board machine in Oulu
started operations
Through this EUR 1 billion investment, the
Oulu unit in Finland will become Stora
Enso's largest production facility, an
integrated mega-site, focusing on future
packaging board grades and featuring a
flexible production setup.
The new packaging board line is expected
to reach EBITDA breakeven by the year-
end 2025 and full capacity during 2027, at
which point annual sales are anticipated
to be approximately EUR 800 million.
The first customer deliveries are expected
in the second quarter of 2025.
Plans to sell part of the forests
in Sweden
The sales process of Stora Enso's forest
assets in Sweden is ongoing. As
announced in October 2024, Stora Enso
intends to sell approximately 12% of its
total forest assets of 1.4 million hectares in
Sweden, with a fair value of EUR 6.7 billion.
A sale would reduce debt and strengthen
the balance sheet.
Strong focus on renewable
packaging
Stora Enso plans to implement a new
organisation with seven P&L responsible
business areas reflecting the importance
of its core business renewable packaging.
The new flatter and streamlined
organisation will increase customer focus,
drive operational efficiency with
increased integration, reduce complexity
and enhance the Group’s performance
culture.
The renewable packaging business will
consist of four business areas accounting
for approximately 60% of Group sales:
Food Service and Liquid Board,
Cartonboard, Containerboard, and
Packaging Solutions.
The other three business areas,
Biomaterials, Wood Products and Forest ,
will in addition to their respective business,
support the renewable packaging
operations through wood sourcing and
supply of raw material.
Strengthening wood supply
chains in Finland
Stora Enso has received regulatory
approval from the competition authorities
to proceed with the acquisition of
Junnikkala Oy, announced in October
2024. Preparations for the closure of the
transaction are ongoing, and it is
expected to be finalised in the second
quarter of 2025.
The acquisition aims to secure a cost-
efficient wood supply to Stora Enso’s
packaging board site in Oulu, Finland, and
to support Stora Enso’s wood products
business with new production assets.
The total enterprise value (EV) for the
transaction is up to EUR 137 million, a
significant part of it being contingent
upon achieving specific production
milestones.
Events
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 13
===== SIDA 14 =====
Key sustainability targets and performance
Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity.
The foundation for these is the conduct of everyday business in a responsible manner.
Climate
Stora Enso’s science-based target for 2030 is to reduce absolute Scope 1
and 2 greenhouse gas (CO2e) emissions by 50% from the 2019 base year, in
line with the 1.5-degree scenario.
By the end of Q1/2025, the Scope 1 and 2 CO2e emissions were 1.12 million
tonnes, a 57% reduction from the base year. Compared with Q1/2024 (1.44
million tonnes), the decrease in emissions is mainly attributed to reduction
measures, such as fuel switches.
Stora Enso is committed to reducing Scope 3 emissions by 50% from
the 2019 base year by 2030. In 2024, Stora Enso's estimated Scope 3 CO2e
emissions were 4.53 million tonnes, a 39% reduction from the base year.
Circularity
Stora Enso's target is to reach 100% recyclable products by 2030. By the end
of 2024, 94% (2023: 93%) of the Group's products were technically
recyclable. Stora Enso aims to ensure the recyclability of its products
through an increased focus on circularity in innovation processes. The
Group actively collaborates with customers and partners to establish
infrastructure that enhances the actual recycling of products.
Biodiversity
Stora Enso is committed to achieving a net-positive impact on biodiversity
in its own forests and plantations by 2050 through active biodiversity
management. The Group steers its biodiversity actions through a
Biodiversity Leadership Programme to improve biodiversity at species,
habitat and landscape levels. Progress is monitored with science-based
impact indicators reported on the Group's website.
Biodiversity is an integral part of forest certifications, which include the
protection of valuable ecosystems. Stora Enso’s target is to maintain a
forest certification coverage level of at least 96% for the Group's own and
leased forest lands. The forest certification coverage has remained stable
and amounted to 99% in 2024 (2023: 99%).
Direct and indirect CO2e emissions
(Scope 1+2, rolling four quarters)
1
Million tonnes
0%
-13% -15%
-28%
-43%
-53% -57% -50%
CO₂e million tonnes, effective CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
31 Mar 2025
2025
2026
2027
2028
2029
2030
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
CO2e emissions along the value chain (Scope 3)
1
Million tonnes
0% -3% 3%
-24%
-35% -39%
-50%
CO₂e million tonnes, estimated CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
0
1
2
3
4
5
6
7
8
1 Comparative figures are restated due to additional data after previous interim reports.
Responsible business practices
Stora Enso reports on the sustainability indicators below on a quarterly
basis. For a full annual overview of Stora Enso's sustainability targets, 2024
performance, and accounting principles, see the Sustainability Statement.
Key performance
indicators (KPIs)
31 Mar
2025
31 Dec
2024
31 Mar
2024 Target
Occupational safety: total
TRI rate, year-to-date
1
4.2 n/a n/a 4.3 by the end of 2025
Gender balance: % of
female managers among
all managers 25% 24% 25% 25% by end of 2027
Water: total water
withdrawal per saleable
tonne (m
3
/tonne) 58 60 62
Decreasing trend from
2016 baseline (60m
3
/
tonne)
Water: process water
discharges per saleable
tonne (m
3
/tonne) 33 34 34
17% reduction by 2030
from 2019 baseline
(36m
3
/tonne)
Sustainable sourcing: % of
supplier spend covered by
the Supplier Code of
Conduct (SCoC)
2
95% 95% 96% 95% or above
1
As of the beginning of 2025, the TRI rate has been expanded to include contractor employees. In Q1 2025, a fatal
accident involving a contractor's employee occurred at Stora Enso's Oulu site in Finland.
2
Business Unit Western Europe in Packaging Solutions included from Q4/2024 onwards.
Events
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 14
===== SIDA 15 =====
Changes in Group management
Niclas Rosenlew started as CFO and a member of the Group Leadership
Team on 13 January 2025.
Resolutions by the Annual General
Meeting 2025
Stora Enso Oyj’s Annual General Meeting was held on 20 March 2025 in
Helsinki, Finland. The AGM adopted the accounts for 2024, adopted the
Remuneration Report 2024 and the updated Remuneration Policy through
an advisory resolution, and granted the Company’s Board of Directors and
Chief Executive Officer discharge from liability for the financial period.
The AGM resolved, in accordance with the proposal by the Board of
Directors, that the Company shall distribute a dividend of EUR 0.25 per
share for the year 2024 in two instalments as follows:
The first dividend instalment, EUR 0.13 per share, shall be paid to
shareholders who on the record date of the first dividend payment, 24
March 2025, are registered in the shareholders’ register maintained by
Euroclear Finland Oy or in the separate register of shareholders
maintained by Euroclear Sweden AB. The first dividend instalment shall be
paid on or about 2 April 2025.
The second dividend instalment, EUR 0.12 per share, shall be paid to
shareholders who on the record date of the second dividend payment, 25
September 2025, are registered in the shareholders’ register maintained by
Euroclear Finland Oy or in the separate register of shareholders
maintained by Euroclear Sweden AB. The second dividend instalment shall
be paid on or about 2 October 2025.
The AGM resolved that the Board of Directors shall have nine (9) members.
The AGM further resolved to re-elect the current members of the board of
Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan,
Christiane Kuehne, Richard Nilsson and Reima Rytsölä – as members of the
Board of Directors until the end of the following AGM and to elect Elena
Scaltritti and Antti Vasara as new members for the same term of office.
The AGM resolved to elect Kari Jordan as Chair of the Board of Directors
and Håkan Buskhe as Vice Chair of the Board of Directors.
The AGM resolved, in accordance with the proposal by the Shareholders'
Nomination Board, that the annual remuneration for the Board of Directors
be paid as follows:
Chair EUR 221,728 (2024: 215,270)
Vice Chair EUR 125,186 (2024: 121,540)
Members EUR 85,933 (2024: 83,430)
The AGM also resolved that the annual remuneration for the members of
the Board of Directors be paid in Company shares and cash so that 40% is
paid in Stora Enso R shares. The AGM resolved the annual remuneration for
the Board committees be paid in accordance with the proposal by the
Shareholders’ Nomination Board.
The AGM resolved to elect PricewaterhouseCoopers Oy as auditor until the
end of the Company’s next AGM. Panu Vänskä, APA, will act as the
principally responsible auditor. The AGM also resolved to elect
PricewaterhouseCoopers Oy as sustainability reporting assurer until the
end of the following AGM. Panu Vänskä, APA, authorised sustainability
auditor (ASA), will act as the principally responsible sustainability reporting
assurer.
Resolutions by the organising meeting of the Board of
Directors
Richard Nilsson (Chair), Astrid Hermann and Antti Vasara were elected
members of the Financial and Audit Committee.
Kari Jordan (Chair), Håkan Buskhe and Reima Rytsölä were elected
members of the People and Culture Committee.
Christiane Kuehne (Chair), Helena Hedblom, Richard Nilsson and Elena
Scaltritti were elected members of the Sustainability and Ethics
Committee.
For more information about the AGM, see the release Stora Enso’s Annual
General Meeting and decisions by the Board of Directors.
This report has been prepared in English and Finnish. If there are any variations in the content between the versions, the English version shall govern. This report is unaudited.
Helsinki, 25 April 2025
Stora Enso Oyj
Board of Directors
Events
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 15
===== SIDA 16 =====
Financials
Basis of Preparation
This unaudited interim financial report has been prepared in accordance
with the accounting policies set out in International Accounting Standard
34 on Interim Financial Reporting and in the Group’s Financial Report for
2024 with the exception of new and amended standards applied to the
annual periods beginning on 1 January 2025 and changes in accounting
principles described below.
All figures in this Interim Report have been rounded to the nearest million,
unless otherwise stated. Therefore, percentages and figures in this report
may not add up precisely to the totals presented and may vary from
previously published financial information.
Acquisition of Group companies
No acquisitions completed in Q1/2025.
Disposal of Group companies
No disposals completed in Q1/2025.
Assets held for sale
Assets are classified as held for sale, if their carrying amounts will be
recovered mainly through a sale transaction rather than through
continuing use. The assets must be available for immediate sale in their
present condition subject only to terms that are usual and customary for
the sale of such assets. In addition, the sale must be highly probable and
expected to be completed within one year after the date of classification.
These assets and related liabilities are presented separately in the
consolidated statement of financial position and are measured at the
lower of the carrying amount and fair value less costs to sell. Comparative
information is not restated. Assets classified as held for sale are not
depreciated.
Stora Enso did not have any assets held for sale at the end of Q1/2025.
The following new and amended standards are
applied to the annual periods beginning on
1 January 2025
• Amended standards and interpretations did not have material effect on
the Group.
Future standard changes endorsed by the EU but
not yet effective in 2025
• No future standard changes endorsed by the EU which would have
material effect on the Group.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 16
===== SIDA 17 =====
Condensed consolidated income statement
EUR million Q1/25 Q1/24 Q4/24 2024
Sales 2,362 2,164 2,322 9,049
Other operating income 49 114 90 325
Change in inventories of finished goods and WIP 55 16 -48 48
Materials and services -1,561 -1,413 -1,532 -5,948
Freight and sales commissions -222 -203 -204 -838
Personnel expenses -304 -302 -312 -1,228
Other operating expenses -112 -130 -165 -543
Share of results of associated companies 13 12 23 52
Change in net value of biological assets 7 8 408 421
Depreciation, amortisation and impairment charges -117 -126 -861 -1,246
Operating result 171 141 -279 93
Net financial items -39 -47 -74 -211
Result before tax 132 94 -353 -118
Income tax -25 -17 -26 -65
Net result for the period 107 77 -379 -183
Attributable to
Owners of the Parent 113 79 -340 -136
Non-controlling interests -6 -2 -39 -48
Net result for the period 107 77 -379 -183
Earnings per share
Basic earnings per share, EUR 0.14 0.10 -0.43 -0.17
Diluted earnings per share, EUR 0.14 0.10 -0.43 -0.17
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Consolidated statement of comprehensive income
EUR million Q1/25 Q1/24 Q4/24 2024
Net result for the period 107 77 -379 -183
Other comprehensive income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI 54 -59 -56 -202
Actuarial gains and losses on defined benefit plans 10 20 12 22
Revaluation of forest land 0 0 -286 -281
Share of OCI of associated companies 0 0 10 5
Income tax relating to items that will not be reclassified -1 -4 56 53
63 -43 -264 -403
Items that may be reclassified subsequently to profit and loss
Cumulative translation adjustment (CTA) 218 -139 44 -89
Net investment hedges and loans -10 -3 0 4
Cash flow hedges and cost of hedging 73 -38 -67 -81
Share of OCI of Non-controlling Interests (NCI) 5 -1 -5 -5
Income tax relating to items that may be reclassified -16 9 17 19
271 -172 -11 -152
Total comprehensive income 441 -138 -653 -738
Attributable to
Owners of the parent 442 -136 -609 -685
Non-controlling interests 0 -3 -44 -53
Total comprehensive income 441 -138 -653 -738
CTA = Cumulative translation adjustment
OCI = Other comprehensive income
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 17
===== SIDA 18 =====
Condensed consolidated statement of financial position
Assets
Goodwill O 163 162 505
Other intangible assets O 285 277 310
Property, plant and equipment O 4,996 5,006 4,936
Right-of-use assets O 483 499 507
5,928 5,945 6,260
Forest assets O 7,585 7,227 6,982
Biological assets O 5,513 5,243 4,732
Forest land O 2,072 1,983 2,249
Emission rights O 115 73 171
Investments in associated companies O 940 954 923
Listed securities I 10 11 10
Unlisted securities O 657 602 749
Non-current interest-bearing receivables I 22 14 76
Deferred tax assets T 200 205 142
Other non-current assets O 62 53 57
Non-current assets 15,519 15,082 15,370
Inventories O 1,800 1,672 1,584
Tax receivables T 39 31 30
Operating receivables O 1,021 969 1,174
Interest-bearing receivables I 115 47 40
Cash and cash equivalents I 1,659 1,999 2,099
Current assets 4,634 4,719 4,927
Assets held for sale 0 0 0
Total assets 20,153 19,802 20,297
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
Equity and liabilities
Owners of the Parent 10,381 10,139 10,765
Non-controlling Interests -150 -150 -100
Total equity 10,231 9,989 10,665
Post-employment benefit obligations O 173 181 192
Provisions O 82 81 79
Deferred tax liabilities T 1,507 1,416 1,379
Non-current interest-bearing liabilities I 3,904 3,894 4,625
Non-current operating liabilities O 11 10 10
Non-current liabilities 5,676 5,582 6,285
Current portion of non-current debt I 911 1,090 325
Interest-bearing liabilities I 922 788 790
Bank overdrafts I 0 7 3
Provisions O 33 37 72
Operating liabilities O 2,354 2,296 2,130
Tax liabilities T 26 13 28
Current liabilities 4,246 4,231 3,347
Liabilities related to assets held for sale 0 0 0
Total liabilities 9,923 9,813 9,632
Total equity and liabilities 20,153 19,802 20,297
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
Items designated with “O” comprise Operating Capital
Items designated with “I” comprise Net debt
Items designated with “T” comprise Net Tax Liabilities
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 18
===== SIDA 19 =====
Condensed consolidated statement of cash flows
Cash flow from operating activities
Operating result 171 148
Adjustments for non-cash items 124 110
Change in net working capital -104 10
Cash flow from operations 192 269
Net financial items paid -26 -23
Income taxes paid, net -15 -41
Net cash provided by operating activities 151 206
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash 0 -74
Cash flow on disposal of unlisted securities 1 0
Cash flow on disposal of forest and intangible assets and property, plant and equipment 6 1
Capital expenditure -239 -373
Proceeds from/payment of non-current receivables, net 0 -1
Net cash used in investing activities -232 -447
Cash flow from financing activities
Repayment of long-term debt and lease liabilities -219 -153
Change in short-term interest-bearing liabilities -17 30
Dividends paid -11 0
Purchase of own shares
1
-1 -3
Net cash provided by financing activities -248 -127
Net change in cash and cash equivalents -330 -368
Translation adjustment -3 0
Net cash and cash equivalents at the beginning of period 1,993 2,464
Net cash and cash equivalents at period end 1,659 2,096
Cash and cash equivalents at period end 1,659 2,099
Bank overdrafts at period end 0 -3
Net cash and cash equivalents at period end 1,659 2,096
EUR million Q1/25 Q1/24
1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 31 March 2025.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 19
===== SIDA 20 =====
Statement of changes in equity
Fair value reserve
EUR million Share capital
Share
premium and
reserve fund
Invested non-
restricted
equity fund
Treasury
shares
Equity
instruments
through OCI
Cash flow
hedges
Revaluation
reserve
OCI of
associated
companies
CTA and net
investment
hedges and
loans
Retained
earnings
Attributable to
owners of the
parent
Non-
controlling
interests Total
Balance at 1 January 2024 1,342 77 633 — 653 38 1,540 63 -375 7,015 10,985 -97 10,889
Net result for the period — — — — — — — — — 79 79 -2 77
OCI before tax — — — — -59 -38 0 — -142 20 -219 -1 -220
Income tax relating to OCI — — — — — 8 0 — 1 -4 5 — 5
Total comprehensive income — — — — -59 -30 0 — -141 95 -136 -3 -138
Dividend — — — — — — — — — -79 -79 — -79
Acquisitions and disposals — — — — — — — — — — — — —
Purchase of treasury shares — — — -3 — — — — — — -3 — -3
Share-based payments — — — 3 — — — — — -6 -3 — -3
Balance at 31 March 2024 1,342 77 633 — 593 8 1,540 63 -516 7,024 10,765 -100 10,665
Net result for the period — — — — — — — — — -214 -214 -46 -260
OCI before tax — — — — -143 -43 -281 5 58 2 -402 -4 -406
Income tax relating to OCI — — — — — 8 58 — 2 — 67 — 67
Total Comprehensive Income — — — — -143 -35 -223 5 59 -213 -550 -50 -600
Dividend — — — — — — — — — -79 -79 — -79
Acquisitions and disposals — — — — — — — — — — — — —
Purchase of treasury shares — — — — — — — — — — — — —
Share-based payments — — — — — — — — — 2 2 — 2
Balance at 31 December 2024 1,342 77 633 — 450 -27 1,317 68 -457 6,735 10,139 -150 9,989
Net result for the period — — — — — — — — — 113 113 -6 107
OCI before tax — — — — 54 73 — — 209 10 346 5 351
Income tax relating to OCI — — — — — -15 — — -1 -1 -17 -17
Total comprehensive income — — — — 55 58 — — 207 121 442 — 441
Dividend — — — — — — — — — -197 -197 — -197
Acquisitions and disposals — — — — — — — — — — — — —
Purchase of treasury shares — — — -1 — — — — — — -1 — -1
Share-based payments — — — 1 — — — — — -2 -1 — -1
Balance at 31 March 2025 1,342 77 633 — 505 31 1,317 68 -249 6,658 10,381 -150 10,231
CTA = Cumulative Translation Adjustment OCI = Other Comprehensive Income NCI = Non-controlling Interests
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 20
===== SIDA 21 =====
Goodwill, other intangible assets, property, plant and equipment,
right-of-use assets and forest assets
EUR million Q1/25 Q1/24 2024
Carrying value at 1 January 13,172 13,289 13,289
Additions in tangible and intangible assets 105 207 933
Additions in right-of-use assets 4 3 76
Additions in biological assets 16 16 81
Depletion of capitalised silviculture costs -20 -18 -88
Acquisition of subsidiaries 0 75 77
Disposal of subsidiaries -3 -1 -21
Depreciation and impairment -117 -126 -1,246
Fair valuation of forest assets 27 27 229
Translation difference and other 329 -230 -158
Statement of Financial Position Total 13,513 13,241 13,172
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Breakdown of change in capital employed
Capital employed 31 March 2024, EUR million 14,183
Capital expenditure excl. investments in biological assets less depreciation 415
Investments in biological assets less depletion of capitalised silviculture costs -7
Impairments and reversal of impairments -745
Fair valuation of forest assets 230
Unlisted securities (mainly PVO) -92
Associated companies 16
Net liabilities in defined benefit plans 21
Operating working capital and other interest-free items, net -110
Emission rights -56
Net tax liabilities 24
Acquisition of subsidiaries -2
Disposal of subsidiaries -8
Translation difference 316
Other changes -21
Capital employed 31 March 2025 14,163
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Borrowings
EUR million 31 Mar 2025 31 Mar 2024 31 Dec 2024
Bond loans 3,495 3,436 3,454
Loans from credit institutions 793 995 978
Lease liabilities 524 515 545
Long-term derivative financial liabilities 2 2 5
Other non-current liabilities 1 2 2
Non-current interest-bearing liabilities including current portion 4,815 4,949 4,985
Short-term borrowings 838 702 689
Interest payable 66 70 55
Short-term derivative financial liabilities 19 18 44
Bank overdrafts 0 3 7
Total interest-bearing liabilities¹ 5,738 5,743 5,779
EUR million Q1/25 Q1/24 2024
Carrying value at 1 January 5,779 5,780 5,780
Proceeds of new long-term debt 0 0 19
Repayment of long-term debt -172 -140 -176
Additions in lease liabilities 6 3 82
Repayment of lease liabilities and interest -30 -17 -85
Change in short-term borrowings 158 104 69
Change in interest payable 18 20 23
Change in derivative financial liabilities -29 12 42
Disposals and classification as held for sale 0 0 -2
Other 1 5 15
Translation differences 7 -24 11
Total interest-bearing liabilities¹ 5,738 5,743 5,779
1 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 21
===== SIDA 22 =====
Commitments and contingencies
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
On Own Behalf
Guarantees 10 17 18
Other commitments 6 6 4
On Behalf of associated companies
Guarantees 4 4 4
On Behalf of Others
Guarantees 6 16 16
Other commitments 0 0 0
Total 25 43 42
Guarantees 19 37 37
Other commitments 6 6 4
Total 25 43 42
Stora Enso has been granted investment subsidies and has given certain investment commitments in China. There
is a risk that the majority owned local Chinese company may be subject to a claim based on alleged costs
resulting from certain uncompleted investment commitments. Given the specific mitigating circumstances
surrounding the investment case as a whole, Stora Enso does not consider it to be probable that this situation
would result in an outflow of economic benefits that would be material to the Group.
Capital commitments
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
Total 254 304 556
The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure contracts
in joint operations.
Key exchange rates for the euro
One Euro is Closing Rate Average Rate (Year-to-date)
31 Mar 2025 31 Dec 2024 31 Mar 2025 31 Dec 2024
SEK 10.8490 11.4590 11.2315 11.4309
USD 1.0815 1.0389 1.0524 1.0821
GBP 0.8354 0.8292 0.8356 0.8466
Fair Values of Financial Instruments
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are
observable, either directly or indirectly;
• Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based
on observable market data.
The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at
fair value in the following tables are measured at fair value on a recurring basis.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 22
===== SIDA 23 =====
Carrying amounts of financial assets and liabilities by measurement and fair value categories:
31 March 2025
Amortised
cost
Fair value
through
OCI
Fair value
through
income
statement
Total
carrying
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities — 10 — 10 10 10 — —
Unlisted securities — 642 16 657 657 — — 657
Non-current interest-bearing receivables 10 12 — 22 22 — 12 —
Derivative assets — 12 — 12 12 — 12 —
Loan receivables 10 — — 10 10 — — —
Trade and other operating receivables 596 86 — 682 682 — 86 —
Current interest-bearing receivables 71 43 1 115 115 — 44 —
Derivative assets — 43 1 44 44 — 44 —
Other short-term receivables 71 — — 71 71 — — —
Cash and cash equivalents 1,659 — — 1,659 1,659 — — —
Total 2,337 792 16 3,146 3,146 10 142 657
Amortised
cost
Fair value
through
OCI
Fair value
through
income
statement
Total
carrying
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities 3,903 2 — 3,904 4,137 — 2 —
Derivative liabilities — 2 — 2 2 — 2 —
Non-current debt 3,903 — — 3,903 4,135 — — —
Current portion of non-current debt 911 — — 911 911 — — —
Current interest-bearing liabilities 904 15 4 922 922 — 19 —
Derivative liabilities — 15 4 19 19 — 19 —
Current debt 904 — — 904 904 — — —
Trade and other operating payables 2,041 — — 2,041 2,041 — — —
Bank overdrafts — — — — — — — —
Total 7,759 16 4 7,779 8,012 — 20 —
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for
financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value
through OCI, in line with how they are booked for the effective portion.
Carrying amounts of financial assets and liabilities by measurement and fair value categories:
31 December 2024
Amortised
cost
Fair value
through
OCI
Fair value
through
income
statement
Total
carrying
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities — 11 — 11 11 11 — —
Unlisted securities — 587 15 602 602 — — 602
Non-current interest-bearing receivables 9 5 — 14 14 — 5 —
Derivative assets — 5 — 5 5 — 5 —
Loan receivables 9 — — 9 9 — — —
Trade and other operating receivables 626 42 — 668 668 — 42 —
Current interest-bearing receivables 38 9 1 47 47 — 10 —
Derivative assets — 9 1 10 10 — 10 —
Other short-term receivables 38 — — 38 38 — — —
Cash and cash equivalents 1,999 — — 1,999 1,999 — — —
Total
2,672 654 16 3,342 3,342 11 57 602
Amortised
cost
Fair value
through
OCI
Fair value
through
income
statement
Total
carrying
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities 3,889 5 — 3,894 4,129 — 5 —
Derivative liabilities — 5 — 5 5 — 5 —
Non-current debt 3,889 — — 3,889 4,124 — — —
Current portion of non-current debt 1,090 — — 1,090 1,090 — — —
Current interest-bearing liabilities 744 42 2 788 788 — 44 —
Derivative liabilities — 42 2 44 44 — 44 —
Current debt 744 — — 744 744 — — —
Trade and other operating payables 2,005 — — 2,005 2,005 — — —
Bank overdrafts 7 — — 7 7 — — —
Total 7,735 47 2 7,784 8,019 — 50 —
Q4 2024 restated in 2024, please see the Financial Statement release for 2024 for more details
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 23
===== SIDA 24 =====
Reconciliation of level 3 fair value measurement of financial assets and liabilities: 31 March 2025
EUR million Q1/25 2024 Q1/24
Financial assets
Opening balance at 1 January 602 810 810
Reclassifications 0 0 -60
Gains/losses recognised in income statement 1 0 -1
Gains/losses recognised in other comprehensive income 56 -205 0
Additions 0 0 0
Disposals -1 -3 0
Closing balance 657 602 749
The Group did not have level 3 financial liabilities as at 31 March 2025.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 625 million of Pohjolan Voima Oy (PVO) shares for which the
valuation method is described in more detail in the Annual Report. The valuation is most sensitive to changes in
electricity prices and discount rates. The discount rate of 6.78% used in the valuation model is determined using the
weighted average cost of capital method. A +/- 5% change in the electricity price used in the DCF would change
the valuation by EUR +84 million and -84 million, respectively. A +/- percentage point change in the discount rate
would change the valuation by EUR -120 million and +156 million, respectively.
Stora Enso shares
During the first quarter of 2025, the conversions of 110,668 A shares into R shares were recorded in the Finnish trade
register.
On 31 March 2025, Stora Enso had 175,553,411 A shares and 613,066,576 R shares in issue. The company did not hold its
own shares. The total number of Stora Enso shares in issue was 788,619,987 and the total number votes at least
236,860,068.
On 15 April 2025, the conversion of 1,077 A shares into R shares was recorded in the Finnish trade register.
Trading volume
Helsinki Stockholm
A share R share A share R share
January 97,453 31,652,027 80,885 5,936,332
February 76,767 38,667,165 102,191 9,856,632
March 122,782 45,967,124 44,133 13,069,683
Total 297,002 116,286,316 227,209 28,862,647
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
January 10.40 10.70 122.00 123.10
February 10.35 10.37 114.50 115.90
March 8.98 8.71 95.00 94.75
Number of shares
Million Q1/25 Q1/24 Q4/24 2024
At period end 788.6 788.6 788.6 788.6
Average 788.6 788.6 788.6 788.6
Average, diluted 789.6 789.7 789.6 789.7
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 24
===== SIDA 25 =====
Maintenance
Total planned maintenance impact
Expected and historical impact of lost value of sales and planned maintenance costs
EUR million Q2/25
1
Q1/25
2
Q4/24 Q3/24 Q2/24 Q1/24
Total maintenance impact 92 75 118 139 134 83
1 The estimated numbers may be impacted by unforeseen additional costs and/or volume loss in connection with the planned maintenance stops and the restart of
operations.
2 The estimate for Q1/2025 was EUR 64 million.
Planned maintenance shutdowns
Packaging Materials Biomaterials
2025 2024 2025 2024
Q1 — — Q1 — —
Q2 Beihai, Langerbrugge Beihai, Langerbrugge Q2 Skutskär Montes del Plata, Skutskär
Q3 Oulu, Heinola, Varkaus Oulu, Varkaus, Heinola Q3 Enocell Enocell, Veracel
Q4 Anjalankoski, Fors, Imatra,
Skoghall, Ostrołęka
Anjalankoski, Fors, Imatra,
Ostrołęka, Skoghall Q4 Montes del Plata —
Production and external deliveries
Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Consumer board deliveries, 1,000 tonnes 686 679 1.1 % 677 2,778
Consumer board production, 1,000 tonnes 744 702 6.0 % 593 2,793
Containerboard deliveries, 1,000 tonnes 330 317 4.1 % 286 1,242
Containerboard production, 1,000 tonnes 406 379 7.1 % 379 1,530
Corrugated packaging European deliveries, million m
2
287 280 2.4 % 287 1,205
Corrugated packaging European production, million m
2
295 283 4.0 % 269 1,157
Market pulp deliveries, 1,000 tonnes 536 477 12.4 % 588 2,029
Wood products deliveries, 1,000 m
3
1,052 879 19.8 % 1,023 3,892
Wood deliveries, 1,000 m
3
3,646 3,494 4.4 % 3,559 13,451
Paper deliveries, 1,000 tonnes 137 158 -12.9 % 140 611
Paper production, 1,000 tonnes 140 151 -7.8 % 135 592
The comparative Q1/24 deliveries for market pulp have been restated.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 25
===== SIDA 26 =====
Sales by segment – total
EUR million Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials 1,159 4,502 1,095 1,169 1,138 1,100
Packaging Solutions 239 987 247 262 254 224
Biomaterials 392 1,587 419 380 413 374
Wood Products 418 1,522 400 359 414 349
Forest 836 2,827 784 695 690 659
Other 49 176 47 37 36 57
Inter-segment sales -731 -2,552 -670 -640 -644 -599
Total 2,362 9,049 2,322 2,261 2,301 2,164
Sales by segment – external
EUR million Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials 1,078 4,207 1,019 1,094 1,062 1,033
Packaging Solutions 237 977 244 259 252 221
Biomaterials 322 1,303 365 315 326 298
Wood Products 373 1,357 349 320 373 315
Forest 337 1,157 330 267 282 278
Other 15 49 15 7 7 20
Total 2,362 9,049 2,322 2,261 2,301 2,164
Operating result (IFRS) by segment
EUR million Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials 60 -169 -303 62 24 47
Packaging Solutions 5 -394 -379 -8 -4 -4
Biomaterials 41 256 86 46 66 58
Wood Products 1 -73 -68 -3 7 -10
Forest 76 646 466 69 49 63
Other -15 -162 -90 -31 -38 -4
Inter-segment eliminations 3 -11 9 3 -13 -10
Operating result (IFRS) 171 93 -279 139 92 141
Net financial items -39 -211 -74 -41 -49 -47
Result before tax 132 -118 -353 98 43 94
Income tax expense -25 -65 -26 -14 -8 -17
Net result 107 -183 -379 84 35 77
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 26
===== SIDA 27 =====
Alternative performance measures
According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance
measure is understood as a financial measure of historical or future financial performance, financial position, or
cash flows, not defined under IFRS. Used together with the IFRS measures, alternative performance measures
provide meaningful supplemental information to the management, investors, analysts and other parties with
regards to the financial development of the business operations. Definitions and purpose for alternative
performance measures can be found in the Annual Report.
'
Reconciliation of operating result
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Adjusted EBITDA 320 298 7.3 % 285 1,223
Depreciation and silviculture costs of associated companies -1 -1 4.3 % -3 -13
Silviculture costs
1
-25 -22 -14.1 % -36 -111
Depreciation and impairment excl. IAC
2
-118 -125 6.1 % -125 -501
Adjusted EBIT
2
175 149 17.7 % 121 598
Fair valuations and non-operational items 7 11 -42.2 % 368 364
Items affecting comparability (IAC) -11 -20 45.7 % -768 -870
Operating result (IFRS)
2
171 141 21.7 % -279 93
1 Including damages to forests
2 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Adjusted EBIT by segment
EUR million Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials 62 172 -6 73 53 52
Packaging Solutions 5 -15 -6 -6 -1 -1
Biomaterials 36 231 67 43 63 57
Wood Products 1 -16 -12 -2 7 -9
Forest 82 309 81 81 76 70
Other -14 -72 -13 -16 -32 -11
Inter-segment eliminations 3 -11 9 3 -13 -10
Adjusted EBIT 175 598 121 175 153 149
Fair valuations and non-operational items 7 364 368 0 -16 11
Items affecting comparability -11 -870 -768 -36 -46 -20
Operating result (IFRS) 171 93 -279 139 92 141
Net financial items -39 -211 -74 -41 -49 -47
Result before Tax 132 -118 -353 98 43 94
Income tax expense -25 -65 -26 -14 -8 -17
Net result 107 -183 -379 84 35 77
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 27
===== SIDA 28 =====
Items affecting comparability (IAC), fair valuations and non-operational items (FV)
Items affecting comparability in Q1/2025
EUR million Q1/25
Restructuring - Packaging Materials -1
Restructuring - Biomaterials -1
Disposals -3
Profit improvement programme - consulting costs -8
Environmental provisions 2
Total -11
Items affecting comparability in Q1/2024
EUR million Q1/24
Restructuring - Packaging Materials -4
Restructuring - Packaging Solutions -3
Restructuring - Biomaterials -1
Restructuring - Forest -2
Restructuring - Group functions and segment Other -10
Total -20
Items affecting comparability (IAC) by segment
EUR million Q1/25 Q1/24 Q4/24 2024
Packaging Materials -1 -4 -301 -343
Packaging Solutions 0 -3 -373 -379
Biomaterials -1 -1 -4 -7
Wood Products 0 0 -56 -57
Forest 0 -2 -2 -5
Other -8 -10 -32 -79
IAC on operating result -11 -20 -768 -870
Tax on IAC 2 4 60 77
IAC on net result -9 -16 -708 -792
Packaging Materials
The IAC for Q1/25 included restructuring cots of EUR -1 million. The IAC for
Q1/24 included restructuring costs of EUR -4 million.
Packaging Solutions
The IAC for Q1/24 included restructuring costs of EUR -3 million.
Biomaterials
The IAC for Q1/25 included restructuring costs of EUR -1 million. The IAC for
Q1/24 included restructuring costs of EUR -1 million.
Wood Products
No IACs for Q1/25 or Q1/24.
Forest
The IAC for Q1/24 included restructuring costs of EUR -2 million.
Segment Other
The
IAC for Q1/25 included EUR -8 million of consulting costs related to profit
improvement programme, EUR -7 million related to closure and disposal of
Sunila, disposal of lands of EUR 4 million related to closed operations and EUR 2
million related to updates in environmental provisions. The
IAC in Q1/24
included EUR -10 million restructuring costs.
Fair valuations and non-operational items
EUR million Q1/25 Q1/24
Non-operational fair valuation changes of biological
assets, Packaging Materials -1 -1
Non-operational fair valuation changes of biological
assets, Biomaterials 5 1
Non-operational fair valuation changes of biological
assets, Forest — —
Non-cash income and expenses related to CO2 emission
rights and liabilities, Other 8 17
Non-operational items of associated companies, Forest -5 -6
Adjustments for differences between fair value and
acquisition cost of forest assets upon disposal, Forest 0 0
Total 7 11
Fair valuations and non-operational items by segment
EUR million Q1/25 Q1/24 Q4/24 2024
Packaging Materials -1 -1 5 2
Packaging Solutions 0 0 0 0
Biomaterials 5 1 22 32
Wood Products 0 0 0 0
Forest -5 -6 387 342
Other 8 17 -45 -12
FV on operating result 7 11 368 364
Tax on FV 1 -1 -75 -72
FV on net result 7 11 293 293
Packaging Materials
The fair valuations for Q1/25 included non-operational fair valuation changes
of biological assets of EUR -1 (-1) million.
Biomaterials
The fair valuations for Q1/25 included non-operational fair valuation changes
of biological assets of EUR 5 (1) million.
Forest
The fair valuations for Q1/25 included non-operational items of associated
companies of EUR -5 (-6) million.
Segment Other
The fair valuations for Q1/25 included non-cash income and expenses related
to CO2 emission rights and liabilities of EUR 8 (17) million.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 28
===== SIDA 29 =====
Calculation of adjusted return on capital employed (ROCE)
and return on equity (ROE) based on the last 12 months
EUR million Q1/25 Q1/24 Q4/24
Adjusted EBIT, LTM
1
625 257 598
Capital employed, LTM average
1
14,081 14,195 14,060
Adjusted ROCE, LTM
1
4.4% 1.8% 4.3%
Adjusted EBIT excl. Forest division, LTM
1
305 -9 290
Capital employed excl. Forest division, LTM average
1
8,038 8,413 8,071
Adjusted ROCE excl. Forest division, LTM
1
3.8% -0.1% 3.6%
Net result for the period, LTM
1
-153 -539 -183
Total equity, LTM average
1
10,445 11,045 10,576
Return on equity (ROE), LTM
1
-1.5% -4.9% -1.7%
Net debt 3,932 3,518 3,707
Adjusted EBITDA, LTM 1,245 888 1,223
Net debt to LTM adjusted EBITDA ratio 3.2 4.0 3.0
LTM = Last 12 months.
1 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Calculation of earnings per share excl. fair valuations
EUR million Q1/25 Q1/24 Q4/24 2024
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of the Parent
1
113 79 -340 -136
FV on net profit for the period attributable to owners of the Parent 9 14 297 307
Net profit for the period attributable to owners of the parent excl. FV
1
104 65 -637 -442
Average number of shares 789 789 789 789
Earnings per share (EPS) excl. FV EUR
1
0.13 0.08 -0.81 -0.56
1 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Calculation of net debt
EUR million 31 Mar 2025 31 Mar 2024 31 Dec 2024
Listed securities 10 10 11
Non-current interest-bearing receivables 22 76 14
Interest-bearing receivables 115 40 47
Cash and cash equivalents 1,659 2,099 1,999
Interest-bearing assets 1,806 2,225 2,072
Non-current interest-bearing liabilities 3,904 4,625 3,894
Current portion of non-current debt 911 325 1,090
Interest-bearing liabilities 922 790 788
Bank overdrafts 0 3 7
Interest-bearing Liabilities 5,738 5,743 5,779
Net debt 3,932 3,518 3,707
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 29
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Calculation of adjusted return on operating capital (ROOC)
and adjusted return on capital employed (ROCE) based on the last 12 months by division
EUR million Q1/25 Q1/24 Q4/24
Packaging Materials
Adjusted EBIT, LTM
1
182 -46 172
Operating capital, LTM 3,563 3,565 3,490
Adjusted ROOC, LTM
1
5.1% -1.3% 4.9%
Packaging Solutions
Adjusted EBIT, LTM -9 34 -15
Operating capital, LTM 851 1,039 934
Adjusted ROOC, LTM -1.0% 3.3% -1.6%
Biomaterials
Adjusted EBIT, LTM 210 84 231
Operating capital, LTM 2,490 2,573 2,480
Adjusted ROOC, LTM 8.4% 3.3% 9.3%
Wood Products
Adjusted EBIT, LTM -6 -63 -16
Operating capital, LTM 597 673 609
Adjusted ROOC, LTM -1.0% -9.3% -2.7%
Forest
Adjusted EBIT, LTM 320 267 309
Capital employed, LTM 6,043 5,782 5,989
Adjusted ROCE, LTM 5.3% 4.6% 5.2%
LTM = Last 12 months.
1
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 30
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Contact information
Stora Enso Oyj
P.O. Box 309
FI-00101 Helsinki, Finland
Visiting address: Katajanokanlaituri 4
Tel: +358 2046 131
Stora Enso AB
P.O. Box 70395
SE-107 24 Stockholm, Sweden
Visiting address: World Trade Center
Klarabergsviadukten 70, C4
Tel. +46 1046 46 000
storaenso.com
storaenso.com/investors
For further information, please contact:
Anna-Lena Åström, SVP Investor Relations, tel. +46 702 107 691
Carl Norell, SVP Corporate Communications, tel. +46 722 410 349
Stora Enso's January–June 2025 results will be published on
23 July 2025
Stora Enso will organise a Capital Markets Day on
25–26 November 2025
The forest is at the heart of Stora Enso and we believe that everything made from fossil-based materials today can
be made from a tree tomorrow. We are the leading provider of renewable products in packaging, biomaterials, and
wooden construction, and one of the largest private forest owners in the world. We create better choices for
society by accelerating the transition to a circular bioeconomy. We aim to contribute positively to nature, and have
the most effective use of fiber-based renewable material. Stora Enso has approximately 19,000 employees and our
sales in 2024 were EUR 9 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq
Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and
ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors
It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein
which are not historical facts, including, without limitation those regarding expectations for market growth and developments;
expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar
expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they
involve risks and uncertainties, which may cause actual results to materially differ from those expressed in such forward-looking
statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing
activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products
or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in
business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other
intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product
demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures
thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential
introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of
economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. All statements are
based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes
no obligation to publicly update or revise any forward-looking statement except to the extent legally required.
Contacts
Stora E n s o J a n u a r y – M a r c h r e s u l t s 2 0 2 5 31