Kvartalsrapport Q1 2026

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Fulltext

===== SIDA 1 =====

Interim Report Q1
January-March 2026
Results summary 2
CEO comment 3
Group results 4
Segment results 6
Sustainability 8
Short-term risks 9
Annual General Meeting 2026 9
Events after the period 9
Financials 10
IFRS section 10
Alternative performance measures 19
Contacts 23
On the cover: Dry food packaging, AvantForte White Top

===== SIDA 2 =====

Focus on our own actions drives results
Quarterly financial highlights (compared with Q1/25)
• Sales remained stable at EUR 2,358 (2,362) million, as higher deliveries 
were offset by negative foreign exchange rate changes.
• Adjusted EBIT decreased by 9% to EUR 159 (175) million, as lower wood 
costs were offset by negative net foreign exchange rate and the ramp-
up at the Oulu site. The adjusted EBIT margin decreased to 6.7% (7.4%).
• Operating result (IFRS) was EUR 85 (171) million, including items affecting 
comparability of EUR -56 (-11) million, and fair valuations and other non-
operational items of EUR -18 (7) million.
• Earnings per share were EUR 0.04 (0.14) and earnings per share excl. fair 
valuations (FV) were EUR 0.05 (0.13).
• The fair value of the forest assets was EUR 8.5 (9.3) billion, equivalent to 
EUR 10.76 per share, reflecting the impact of the divestment of 12.4% of 
forest assets in Sweden in 2025.
• Cash flow from operations amounted to EUR 125 (192) million, reflecting 
higher restructuring-related site closure expenses and higher working 
capital.
• Cash flow after investing activities improved to EUR -22 (-47) million, 
mainly due to lower cash spending on fixed assets.
• The net debt to adjusted EBITDA (LTM) ratio improved to 3.1 (3.2). 
Key highlights
• Stora Enso continues the preparations 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's strategic review of its Central European sawmills and 
building solutions operations is ongoing. 
• 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's segment reporting changed as of 1 January 2026, and the 
Group has restated the comparative figures for its segment reporting for 
2025.
• Stora Enso's Annual General Meeting on 24 March 2026 decided to 
distribute a dividend of EUR 0.25 per share for the year 2025 in two 
instalments, paid on 8 April 2026 and 2 October 2026.
Outlook Q2/2026
• Market conditions remain challenging, with low consumer confidence 
and heightened geopolitical volatility. 
• Geopolitical tensions, particularly the conflict in the Middle East, are 
expected to increase costs in 2026, especially for logistics, chemicals, 
and energy. The Group is working on measures to manage these 
pressures, but uncertainty persists regarding cost and market 
development. 
• The ramp-up of the new production line in Oulu continues. In Q2, we 
expect the negative impact on adjusted EBIT to continue at a similar 
level as in Q1/2026.
• Planned maintenance activity in the second quarter is expected to be 
broadly in line with the first quarter of 2026. See the section Maintenance 
for more details.
• 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.
• 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 
S c h e m e )  r u l e s :  s e v e r a l  s i t e s  w i l l  l o s e  t h e i r  f r e e  C O ₂  a l l o w a n c e  a l l o c a t i o n s  
from 2026 onward, as their emissions are now more than 95% biogenic, 
demonstrating the success of long-term emission-reduction initiatives.
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  2 0 2 6  r e s u l t s  2
Sales and adjusted EBiT margin
Sales, MEUR Adjusted EBIT, %
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
Q1/26
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 <1.0x
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
Q1/26
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0

===== SIDA 3 =====

CEO comment
The first quarter of 2026 developed largely as expected, with 
stable performance in a market that remains challenging. 
Demand in our main end markets stayed at relatively low 
levels, and pricing pressure persisted in some business 
segments, while prices firmed up and increased in others. 
While market conditions remain challenging, we continue to 
drive performance through our own actions across operations, 
costs, commercial excellence, and procurement.  
In the early part of the quarter, we saw a positive development in 
demand. However, towards the end of the quarter, geopolitical 
tensions escalated with the outbreak of the war in Iran. While the 
impact on the first quarter's performance was limited, these 
developments have increased uncertainty and are expected to 
affect the operating environment going forward. The situation adds to 
volatility and raises the risk of higher cost levels, particularly related to 
energy, logistics and other variable costs such as chemicals, with 
effects becoming more visible in the second quarter. 
O p e r a t i o n a l l y ,  t h e  r a m p - u p  o f  t h e  n e w  c o n s u m e r  b o a r d  l i n e  a t  O u l u  
continued. We focused on improving the technical runnability of 
production. This, in addition to the weak market, impacted profitability 
during the quarter and is expected to continue into the second 
q u a r t e r .  W h i l e  t h e  r a m p - u p  c o n t i n u e s  t o  i m p a c t  s h o r t - t e r m  
profitability, we remain confident in bringing the line to full operational 
performance during 2027.  
Preparations for the separation of our Swedish forest assets business, 
now named Bergslagets Skogar (formerly ForestCo), continued to 
progress as planned. A dedicated management team is in place, and 
we are preparing for a Capital Markets Day on 3 November 2026, 
which will provide further detail on the business, its strategy and 
financial profile.  
This quarter marks the first time we report under our new reporting 
structure, which reflects how we manage the business and how value 
is created across the Group. A key to value creation is the P&L 
responsibility across 6 Business Areas and 23 Business Units. I am 
pleased to see that this decentralised P&L responsibility is already 
having a positive effect through our leaders focusing on continuous 
profit improvement. This provides a strong foundation for 
performance culture going forward. 
Our strategic priorities remain unchanged:  
• 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 
"While market conditions remain challenging, we 
continue to drive performance through our own actions 
across operations, costs, commercial excellence, and 
procurement."
We continue to strengthen our competitiveness and ability to deliver 
consistent performance regardless of external market volatility.  
I would like to thank our employees for their strong contribution at the 
start of the year. Together, we are building a stronger, more focused, 
and more sustainable Stora Enso.   
Hans Sohlström
President and CEO, Stora Enso
CEO comment
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  3

===== SIDA 4 =====

Group result Q1/2026 (compared with Q1/2025)
EUR million Q1/26 Q1/25
Change %
Q1/26–Q1/25 Q4/25 2025
Sales  2,358  2,362  -0.2 % 2,254  9,326 
Adjusted EBITDA  309  320  -3.5 % 255  1,144 
Adjusted EBITDA margin  13.1 %  13.5 %  11.3 %  12.3 %
Adjusted EBIT  159  175  -9.5 % 100  528 
Adjusted EBIT margin  6.7 %  7.4 %  4.5 %  5.7 %
Operating result (IFRS)  85  171  -50.5 % 476  942 
Result before tax (IFRS)  43  132  -67.2 % 430  783 
Net result for the period (IFRS)  35  107  -67.3 % 363  686 
Cash flow from operations  125  192  -35.1 % 337  897 
Cash flow after investing activities  -22  -47  53.5 % 149  122 
Capital expenditure  74  125  -40.4 % 259  746 
Depreciation and impairments excl. IAC  127  118  8.0 % 125  483 
Net debt  3,535  3,932  -10.1 % 3,181  3,181 
Forest assets¹  8,484  9,260  -8.4 % 8,478  8,478 
Adjusted return on capital employed (ROCE), %, LTM²  3.7%  4.4%  3.8%  3.8% 
Earnings per share (EPS) excl. FV, EUR  0.05  0.13  -60.2 % -0.03  0.41 
EPS (basic), EUR  0.04  0.14  -71.7 % 0.46  0.88 
Return on equity (ROE), %, LTM²  6.0%  -1.5%  6.7%  6.7% 
Net debt/equity ratio  0.34  0.38  0.29  0.29 
Net debt to LTM² adjusted EBITDA ratio  3.1  3.2  2.8  2.8 
Equity per share, EUR  13.23  13.16  0.5 % 13.69  13.69 
Average number of employees (FTE)  18,055  18,512  -2.5 % 18,631  18,877 
1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies 
Breakdown of change in sales
Sales Q1/2025, EUR million  2,362 
Price and mix  0% 
Currency  -2% 
Volume  1% 
Other sales1  0% 
Total before structural changes  -2% 
Structural changes2  1% 
Total  0% 
Sales Q1/2026, EUR million  2,358 
1  Energy, paper for recycling (PfR), by-products etc.     2  Asset closures, major investments, divestments and acquisitions 
Group sales 
Sales were stable. Higher deliveries in all segments, except Biomaterials, as well as structural changes 
related to the ramp-up of the consumer board line in Oulu and the acquisition of Junnikkala, were offset by 
adverse foreign exchange rate movements.
Adjusted EBIT
Adjusted EBIT decreased by 9% or EUR 17 million. Lower wood costs were offset by negative net foreign 
exchange rates and the adverse impact of the ramp-up of the new consumer board line in Oulu.
Prices and mix decreased profitability by EUR 20 million.
Variable costs were EUR 81 million lower, mainly due to lower wood, chemicals, and transportation costs. 
Fixed costs decreased EUR 2 million due to cost control. 
Net foreign exchange rates had a negative EUR 58 million impact. The impact from depreciations, 
associated companies, structural changes and other was negative EUR 16 million in profitability. 
Operating result (IFRS) 
Operating result (IFRS) decreased by EUR 87 million. Fair valuations and non-operational items (FV) had a 
adverse impact on the operating result of EUR 18 (+7) million. Items affecting comparability (IAC) had an 
adverse impact of EUR 56 (-11) million on the operating result. 
Other 
Net financial items amounted to EUR -41 (-39) million, an increase of EUR 2 million. The slight increase was 
mainly driven by lower interest income during the quarter. 
Net debt to LTM adjusted EBITDA improved to 3.1 (3.2) due to lower net debt level as compared to the same 
period of last year.
Forest assets 
The fair value of total forest assets decreased by EUR 776 million to EUR 8,484 (9,260) million. The decrease 
was mainly due to the divestment of forest assets in Sweden in 2025. The fair value of biological assets, 
including Stora Enso's share of biological assets in associated companies, decreased by EUR 124 million to 
EUR 6,740 (6,864) million. This was mainly a result of the divestment of forest assets in Sweden, while 
increases in estimated long-term wood prices had a positive impact on biological asset value. The value of 
forest land, including leased land and Stora Enso's share of associated companies, decreased by EUR 652 
million to EUR 1,744 (2,396) million. The decrease was mainly due to the divestment of forest land in Sweden 
and an increase in the discount rate.
Group result
LTM = Last 12 months 
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.           Stora Enso January–March 2026 results    4

===== SIDA 5 =====

First quarter 2026 results (compared with Q4/2025)
Sales
Group sales increased by 5%, or EUR 104 million, to EUR 2,358 (2,254) million, mainly due to higher deliveries in 
all segments except Biomaterials. Sales prices and foreign exchange rates had a small positive impact on 
sales.
Adjusted EBIT
Adjusted EBIT increased to EUR 159 (100) million. The adjusted EBIT margin increased to 6.7% (4.5%). 
Sales prices and mix improved adjusted EBIT by EUR 4 million. Volumes had a positive impact of EUR 30 
million. Variable costs were EUR 40 million lower, as lower wood costs were partly offset by lower EUA 
certificate sales. Fixed costs were EUR 9 million lower, mainly due to cost control, seasonality, and lower 
maintenance activity. 
Net foreign exchange rates had a negative EUR 10 million impact on adjusted EBIT. The impact from 
depreciations, associated companies, structural changes and other was negative EUR 15 million in 
profitability.
Cash flow Q1/2026 (compared with Q1/2025)
Cash flow (non-IFRS)
EUR million Q1/26 Q1/25
Change %
Q1/26–Q1/25 Q4/25 2025
Adjusted EBITDA  309  320  -3.5 % 255  1,144 
IAC and other adjustments on Adjusted EBITDA  -66  -24  -173.9 % -110  -298 
Change in working capital  -118  -104  -14.1 % 192  51 
Cash flow from operations  125  192  -35.1 % 337  897 
Cash spent on fixed and biological assets  -142  -239  40.7 % -188  -775 
Acquisitions of associated companies  -5  0 n/m  0  0 
Cash flow after investing activities  -22  -47  53.5 % 149  122 
Cash flow after investing activities improved compared to Q1/25, mainly due to lower cash spending on 
fixed assets. Items affecting comparability were mainly related to restructuring costs. Changes in working 
capital had a somewhat more negative impact compared to Q1/25. Payments related to previously 
announced provisions amounted to EUR 15 (11) million. 
Capital expenditure Q1/2026 (compared with Q1/2025) 
Additions to fixed and biological assets totalled EUR 74 (125) million, of which EUR 62 (109) million were fixed 
assets and EUR 12 (16) million biological assets. 
Depreciations and impairment charges excluding IACs totalled EUR 127 (118) million. Additions in fixed and 
biological assets had a cash outflow impact of EUR 142 (239) million, mainly related to the Oulu ramp-up. 
Stora Enso anticipates that capital expenditure in 2026 will be below EUR 550 million, which is EUR 200 million 
less than in the previous year.
The main projects ongoing during the quarter were:
• Corrugated packaging plant development at the Ostrołęka site in Poland
• Finalisation of fluff pulp, winder and roll handling investment at the Skutskär site in Sweden
Group result
Stora Enso January–March 2026 results    5

===== SIDA 6 =====

Capital structure Q1/2026
EUR million 31 Mar 2026 31 Dec 2025 31 Mar 2025
Fixed assets1  13,457  13,668  14,285 
Associated companies  1,083  1,108  940 
Operating working capital, net2  505  328  434 
Non-current interest-free items, net  -179  -193  -203 
Operating capital total  14,866  14,911  15,457 
Net tax liabilities  -1,050  -1,080  -1,294 
Capital employed  13,816  13,830  14,163 
Equity attributable to owners of the Parent  10,431  10,796  10,381 
Non-controlling interests  -149  -147  -150 
Net debt  3,535  3,181  3,932 
Financing total  13,816  13,830  14,163 
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.
Compared with Q4/2025
Net debt increased by EUR 354 million to EUR 3,535 (3,181) million during the first quarter, mainly due to 
dividend payables and cash outflows after investing activities, net financial items and taxes. The ratio of net 
debt to the last 12 months’ adjusted EBITDA was at 3.1 (2.8). The net debt/equity ratio on 31 March 2026 
increased to 0.34 (0.29). 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 199 million to EUR 1,007 million.
D u r i n g  t h e  q u a r t e r ,  S t o r a  E n s o  r e p a i d  E U R   1 0 0   m i l l i o n  o f  b a n k  l o a n  a t  i t s  o r i g i n a l  m a t u r i t y .  O n  1 0  A p r i l ,  S t o r a  
Enso completed the issuance of two tranches of hybrid bonds with a total nominal amount of EUR 1 billion.
Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 31 March 2026.
Segments
Stora Enso changed its segment reporting structure as of 1 January 2026. More details in the section 
Segment changes.
Consumer Packaging
Comprises the Cartonboard and the Foodservice and Liquid Board business areas
Cartonboard is a leader in Folding Boxboard (FBB), Coated Unbleached Kraft (CUK) and 
Solid Bleached Sulphate (SBS) segments in Europe, and focuses on developing and 
innovating sustainable packaging materials. It produces premium fresh fiber packaging 
boards for food, cosmetics, chocolate, cigarette, and pharmaceutical 
packaging, beverage and multipacks.
Foodservice and Liquid Board is a global leader in Liquid Packaging Boards and 
Europe’s largest supplier of Foodservice Boards, focusing on developing and innovating 
sustainable packaging materials for the global food and beverage sector. It produces 
Foodservice Boards for items like paper cups, trays, and containers, and Liquid 
Packaging Boards for products such as milk, juice, yoghurt, and soups.
Integrated Packaging
Comprises the Containerboard and the Packaging Solutions business areas
Containerboard is a global leader in virgin-fiber containerboard,  with a 
competitive recycled offering. It produces brown and white-top kraftliners for fresh food 
and agricultural products, and testliners and fluting for corrugated packaging in e-
commerce, consumer products, electronics, and industrial packaging applications. 
Packaging Solutions is a packaging converter producing premium fiber-based 
packaging products across multiple market areas, including retail, e-commerce, and 
industrial applications. It provides design and sustainability services to help customers 
to optimise material use, improve logistics, and reduce CO2 emissions. 
Biomaterials
The segment includes specialty pulp grades and biochemicals produced at the 
Northern European production units and sustainable cost competitive eucalyptus pulp 
grades produced in Latin America, serving demanding customers with specialised pulp 
across packaging, hygiene, medical care and industrial applications.
Other 
Includes the Wood and Energy business area and Group functions, the Swedish forest 
assets, the Growth business unit, and the Central European Wood Products operations. 
Intercompany sales of wood and logistics services from the segment Other to 
Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated 
from the segment Other.
Capital structure
Stora Enso January–March 2026 results    6

===== SIDA 7 =====

Segment results (compared with Q1/2025)
EUR million Q1/26 Q1/25
Change %
Q1/26–Q1/25 Q4/25 2025
Consumer Packaging
Sales  970  894  8.5 % 900  3,692 
Adjusted EBITDA  117  105  10.6 % 52  354 
Adjusted EBIT  65  55  18.1 % -2  129 
Adjusted EBIT margin  6.7%  6.2%  -0.2%  3.5% 
Operating result (IFRS)  59  51  15.2 % -7  88 
Integrated  Packaging
Sales  572  586  -2.3 % 564  2,359 
Adjusted EBITDA  67  60  12.7 % 68  232 
Adjusted EBIT  28  22  27.4 % 29  74 
Adjusted EBIT margin  4.8%  3.7%  5.1%  3.1% 
Operating result (IFRS)  1  20  -95.1 % 26  53 
Biomaterials
Sales  353  416  -15.1 % 378  1,558 
Adjusted EBITDA  77  94  -18.3 % 83  326 
Adjusted EBIT  39  59  -33.7 % 45  185 
Adjusted EBIT margin  11.1%  14.3%  11.9%  11.9% 
Operating result (IFRS)  35  62  -44.2 % 83  219 
Other
Sales  641  645  -0.6 % 606  2,497 
Adjusted EBITDA  46  57  -18.6 % 45  230 
Adjusted EBIT  25  35  -29.4 % 22  138 
Adjusted EBIT margin  3.9%  5.5%  3.7%  5.5% 
Operating result (IFRS)  -11  34  -133.0 % 369  580 
Comparative figures have been restated as detailed in the press release dated 25 March 2026.
Consumer Packaging
• Sales increased mainly due to higher deliveries and ramp-up of the consumer board line in Oulu and the 
Junnikkala acquisition.
• Adjusted EBIT increased by EUR 10 million, as lower variable and fixed costs were partly offset by the adverse 
impact of the ramp-up of the new line in Oulu.
• Order inflow improved, although demand for European consumer board grades remained mixed.
Integrated Packaging
• Sales decreased mainly due to negative foreign exchange rates.
• Adjusted EBIT increased by EUR 6 million as lower variable costs were partly offset by lower prices and negative 
net foreign exchange rates.
• Demand for containerboard and corrugated board remained stable and the Group continues to protect and 
improve its margins in markets with overcapacity. 
Biomaterials
• Sales decreased mainly due to negative foreign exchange rates and lower deliveries, impacted by annual 
maintenance at the Veracel site in the first quarter of 2026.
• Adjusted EBIT decreased by EUR 20 million as lower sales were only partly offset by lower variable costs.
• Softwood market remained weak but especially Asian hardwood market more tight and prices continued to 
recover sequentially.
Other
• Sales of wood and wood products remained relatively stable.
• Adjusted EBIT decreased by EUR 10 million mainly due to higher costs and lower margins in the Central European 
wood products operations. 
Segment results
Stora Enso January–March 2026 results    7
Share of external sales by segment
39%
24%
12%
25% Consumer Packaging
Integrated Packaging
Biomaterials
Other
EUR million
Adjusted EBIT by segment
Consumer Packaging
Integrated Packaging
Biomaterials
Other
0
10
20
30
40
50
60
70

===== SIDA 8 =====

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 Q1/2026, the Scope 1 and 2 CO2e emissions were 1.01 million 
tonnes, a 62% reduction from the base year. Compared with Q1/2025 (1.13 
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 2025, Stora Enso's estimated Scope 3 CO2e 
emissions were 4.63 million tonnes, a 38% reduction from the base year. 
   Circularity
Stora Enso's target is to reach 100% recyclable products by 2030. By the 
end of 2025, 94% (2024: 94%) 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 in the Sustainability 
Statement.
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 2025 (2024: 99%). 
Direct and indirect CO2e emissions 
(Scope 1+2, rolling four quarters)1
Million tonnes
0%
-13% -15%
-28%
-42%
-53%
-61% -62%
-50%
CO₂e million tonnes, effective CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
2025
Q1/2026
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
—% -4% 1%
-25%
-35% -39% -38%
-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 revised due to additional data after previous interim reports. 
   Responsible business practices
Stora Enso reports on the sustainability indicators below on a 
quarterly basis.
Key performance indicators 
(KPIs)
31 Mar 
2026
31 Dec 
2025
31 Mar 
2025 Target
Occupational safety: total TRI 
rate, year-to-date 4.5 4.5 4.2 4.3 by the end of 2026
Gender balance: % of female 
managers among all managers  24%  24%  25% 25% by end of 2027
Water: total water withdrawal 
per saleable tonne (m3/tonne) 57 56 58
Decreasing trend from 
2016 baseline (60m3/
tonne)
Water: process water 
discharges per saleable tonne 
(m3/tonne) 33 32 33
 17% reduction by 2030 
from 2019 baseline 
(36m3/tonne)
Sustainable sourcing: % of 
supplier spend covered by the 
Supplier Code of Conduct 
(SCoC)  94%  94%  95% 95% or above
Full overview of Stora Enso's sustainability targets, 2025 performance 
and accounting principles are available in the Sustainability 
Statement.
Sustainability
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  8

===== SIDA 9 =====

Short-term risks
Risk is characterised by both threats and opportunities that may 
affect Stora Enso's performance, financial results and reputation.
Geopolitical and macroeconomic uncertainty could adversely 
impact the Group through trade measures, conflict-related risks, 
supply- and demand imbalances, and economic volatility. A 
prolonged downturn, interest rate and currency fluctuations, 
operational and logistics disruptions, and challenges in market 
capacity may negatively affect costs, margins, volumes and 
profitability.
Continued volatility in raw material and energy prices, particularly 
wood availability in the Nordics, could increase costs and disrupt 
production. Regulatory developments, compliance costs, litigation, 
and operational or environmental incidents may also have an 
adverse financial impact. 
More detailed risk disclosures are available in in Stora Enso’s 
Annual Report 2025, at storaenso.com/annualreport.
Resolutions by the Annual General 
Meeting 2026
Stora Enso Oyj’s Annual General Meeting was held on 24 March 2026 in 
Helsinki, Finland. The AGM adopted the accounts for 2025 and the 
Remuneration Report 2025, 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 2025 in two instalments as follows:  
The first dividend instalment, EUR 0.13 per share, was paid paid on 8 
April 2026, and the second instalment, EUR 0.12 per share, will be paid 
on 2 October 2026.  
The AGM resolved that the Board of Directors shall have eight (8) 
members. The AGM further resolved to re-elect the current members 
of the board of Directors – Håkan Buskhe, Helena Hedblom, Astrid 
Hermann, Christiane Kuehne,  Richard Nilsson, Elena Scaltritti, and Antti 
Vasara – as members of the Board of Directors until the end of the 
following AGM and to elect Jouko Karvinen as new member for the 
same term of office. The AGM resolved to elect Håkan Buskhe as Chair 
of the Board of Directors and  Jouko Karvinen as Vice Chair of the 
Board of Directors.  
For more information about the resolutions of the AGM in 2026, please 
see the release Resolutions by Stora Enso Oyj’s Annual General 
Meeting.
Events after the period
On 10 April, Stora Enso completed the issuance of two tranches of 
hybrid bonds with a total nominal amount of EUR 1 billion. The 
proceeds from the issuance will be used for general corporate 
purposes, including the refinancing of existing debt and upcoming 
maturities. The hybrid bonds will be treated as equity in Stora Enso's 
consolidated financial statements prepared in accordance with the 
IFRS. 
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, 7 May 2026
Stora Enso Oyj
Board of Directors
Short-term risks
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  9

===== SIDA 10 =====

Financials
Condensed consolidated income statement
EUR million Q1/26 Q1/25 Q4/25 2025
Sales  2,358  2,362  2,254  9,326 
Other operating income  44  49  75  389 
Materials and services1  -1,741  -1,727  -1,754  -7,020 
Personnel expenses  -314  -304  -296  -1,232 
Other operating expenses  -133  -112  -133  -503 
Share of results of associated companies  3  13  49  89 
Change in net value of biological assets  7  7  419  401 
Depreciation, amortisation and impairments  -140  -117  -138  -507 
Operating result  85  171  476  942 
Net financial items  -41  -39  -47  -159 
Result before tax  43  132  430  783 
Income tax  -8  -25  -66  -97 
Net result for the period  35  107  363  686 
Attributable to
Owners of the Parent  32  113  361  695 
Non-controlling interests  3  -6  3  -9 
Net result for the period  35  107  363  686 
Earnings per share
Basic earnings per share, EUR  0.04  0.14  0.46  0.88 
Diluted earnings per share, EUR  0.04  0.14  0.46  0.88 
1  The following three income statement lines: Materials and services, Change in inventories of finished good and WIP and Freight and sales commissions, were combined into 
this single row in Q4 2025.
Consolidated statement of comprehensive income
EUR million Q1/26 Q1/25 Q4/25 2025
Net result for the period  35  107  363  686 
Other comprehensive income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI  -167  54  41  297 
Actuarial gains and losses on defined benefit plans  10  10  4  36 
Revaluation of forest land  0  0  -360  -385 
Share of OCI of associated companies  0  0  -30  -28 
Income tax relating to items that will not be reclassified  0  -1  73  73 
 -157  63  -273  -8 
Items that may be reclassified subsequently to profit and loss
Cumulative translation adjustment (CTA)  -29  218  95  124 
Net investment hedges and loans  20  -10  3  -21 
Cash flow hedges and cost of hedging  -42  73  -21  84 
Share of OCI of Non-controlling Interests (NCI)  -5  5  -3  12 
Income tax relating to items that may be reclassified  7  -16  5  -20 
 -49  271  80  179 
Total comprehensive income  -170  441  171  857 
Attributable to
Owners of the parent  -168  442  171  854 
Non-controlling interests  -2  0  0  3 
Total comprehensive income  -170  441  171  857 
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  10

===== SIDA 11 =====

Condensed consolidated statement of financial position
Assets
Goodwill O  170  171  163 
Other intangible assets O  245  250  285 
Property, plant and equipment O  5,173  5,227  4,996 
Right-of-use assets O  428  422  483 
 6,015  6,069  5,928 
Forest assets O  6,629  6,641  7,585 
Biological assets O  5,163  5,167  5,513 
Forest land O  1,466  1,473  2,072 
Emission rights O  65  45  115 
Investments in associated companies O  1,083  1,108  940 
Listed securities I  0  0  10 
Unlisted securities O  747  912  657 
Non-current interest-bearing receivables I  19  14  22 
Deferred tax assets T  234  222  200 
Other non-current assets O  78  69  62 
Non-current assets  14,871  15,081  15,519 
Inventories O  1,849  1,802  1,800 
Tax receivables T  31  29  39 
Operating receivables O  997  869  1,021 
Interest-bearing receivables I  48  67  115 
Cash and cash equivalents I  1,011  1,212  1,659 
Current assets  3,936  3,978  4,634 
Total assets  18,807  19,059  20,153 
EUR million 31 Mar 2026 31 Dec 2025 31 Mar 2025
Equity and liabilities
Owners of the Parent  10,431  10,796  10,381 
Non-controlling Interests  -149  -147  -150 
Total equity  10,282  10,649  10,231 
Post-employment benefit obligations O  143  153  173 
Provisions O  80  79  82 
Deferred tax liabilities T  1,297  1,314  1,507 
Non-current interest-bearing liabilities I  3,304  3,557  3,904 
Non-current operating liabilities O  34  30  11 
Non-current liabilities  4,858  5,133  5,676 
Current portion of non-current debt I  425  253  911 
Interest-bearing liabilities I  879  659  922 
Bank overdrafts I  5  5  0 
Provisions O  54  50  33 
Operating liabilities O  2,287  2,293  2,354 
Tax liabilities T  17  17  26 
Current liabilities  3,667  3,277  4,246 
Total liabilities  8,525  8,410  9,923 
Total equity and liabilities  18,807  19,059  20,153 
EUR million 31 Mar 2026 31 Dec 2025 31 Mar 2025
Items designated with “O” comprise Operating Capital 
Items designated with “I” comprise Net debt 
Items designated with “T” comprise Net Tax Liabilities 
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  11

===== SIDA 12 =====

Condensed consolidated statement of cash flows
Cash flow from operating activities
Operating result  85  171 
Adjustments for non-cash items  158  124 
Change in net working capital  -118  -104 
Cash flow from operations  125  192 
Net financial items paid  -38  -26 
Income taxes paid, net  -15  -15 
Net cash from operating activities  72  151 
Cash flow from investing activities
Acquisitions of associated companies  -5  0 
Cash flow on disposal of listed and unlisted securities  0  1 
Cash flow on disposal of forest and intangible assets and property, plant and equipment  4  6 
Capital expenditure  -142  -239 
Proceeds from/payment of non-current receivables, net  1  0 
Net cash from investing activities  -142  -232 
Cash flow from financing activities
Repayment of long-term debt and lease liabilities  -109  -219 
Change in short-term interest-bearing liabilities  -23  -17 
Dividends paid  0  -11 
Purchase of own shares1  -1  -1 
Net cash from financing activities  -133  -248 
Net change in cash and cash equivalents  -202  -330 
Translation adjustment  3  -3 
Net cash and cash equivalents at the beginning of period  1,206  1,993 
Net cash and cash equivalents at period end  1,007  1,659 
Cash and cash equivalents at period end  1,011  1,659 
Bank overdrafts at period end  -5  0 
Net cash and cash equivalents at period end  1,007  1,659 
EUR million Q1/26 Q1/25
1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 31 March 2026.
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  12

===== SIDA 13 =====

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 2025  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  0  —  209  10  346  5  351 
Income tax relating to OCI  —  —  —  —  —  -15  0  —  -1  -1  -17  —  -17 
Total comprehensive income  —  —  —  —  55  58  0  —  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 
Net result for the period  —  —  —  —  —  —  —  —  —  582  582  -3  579 
OCI before tax  —  —  —  —  242  11  -385  -28  -106  27  -240  7  -233 
Income tax relating to OCI  —  —  —  —  1  -2  79  —  -2  -7  69  —  69 
Total comprehensive income  —  —  —  —  244  9  -307  -28  -108  602  412  4  416 
Reclassifications on disposals  —  —  —  —  -4  —  -126  —  —  130  —  —  — 
Dividend  —  —  —  —  —  —  —  —  —  —  —  —  — 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  —  —  —  —  —  —  —  —  —  — 
Share-based payments  —  —  —  —  —  —  —  —  —  3  3  —  3 
Balance at 31 December 2025  1,342  77  633  —  744  40  884  40  -357  7,393  10,796  -147  10,649 
Net result for the period  —  —  —  —  —  —  —  —  —  32  32  3  35 
OCI before tax  —  —  —  —  -167  -42  —  —  -9  10  -207  -5  -213 
Income tax relating to OCI  —  —  —  —  —  7  —  —  —  —  7  —  7 
Total comprehensive income  —  —  —  —  -167  -35  —  —  -9  42  -168  -2  -170 
Dividend  —  —  —  —  —  —  —  —  —  -197  -197  —  -197 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -1  —  —  —  —  —  —  -1  —  -1 
Share-based payments  —  —  —  1  —  —  —  —  —  —  1  —  1 
Balance at 31 March 2026  1,342  77  633  —  577  6  884  40  -366  7,238  10,431  -149  10,282 
CTA = Cumulative Translation Adjustment      OCI = Other Comprehensive Income    NCI = Non-controlling Interests
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  13

===== SIDA 14 =====

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 2025 with the 
exception of new and amended standards applied to the 
annual periods beginning on 1 January 2026 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.
Segment changes 
Stora Enso has implemented changes to its organisational and reporting 
structures to better align with its strategic focus and operational 
synergies. Effective 1 January 2026, the Group's reportable segments are 
Consumer Packaging, Integrated Packaging, Biomaterials and the 
segment Other.
Consumer Packaging: Consumer Packaging is a new reportable 
segment, consisting of the Cartonboard, and Foodservice and Liquid 
Board business areas (previously in Packaging Materials). These 
operating segments have been aggregated into a single reportable 
segment based on their similar economic and other characteristics.
Integrated Packaging: Another new reportable segment, Integrated 
Packaging, comprises the Containerboard business area (previously 
included in Packaging Materials) and the Packaging Solutions business 
area. These operating segments have also been aggregated based on 
their similar economic and other characteristics.
Biomaterials: The Biomaterials segment continues to be reported as a 
separate reportable segment.
Other: The segment Other now includes the Wood & Energy business 
area and Group functions, the Swedish forest assets, the Growth 
business unit, and the Central European Wood Products operations. 
Intercompany sales of wood and logistics services from the segment 
Other to Consumer Packaging, Integrated Packaging, and Biomaterials 
have been eliminated from the segment Other, reflecting the manner in 
which the chief operating decision maker regularly reviews reportable 
segments.
Main changes
The Wood Products segment has been discontinued as a separate 
reportable segment as of 1 January 2026. Northern Europe Wood 
Products operations have been integrated into the Consumer Packaging, 
Integrated Packaging, and Biomaterials segments to leverage 
operational synergies. Central European Wood Products operations, 
which are currently under strategic review, are reported within the 
segment Other.
The Forest segment has also been discontinued as a separate 
reportable segment. Swedish forest assets (which are proposed to be 
demerged) and wood supply operations in Finland, Sweden, and the 
Baltic countries are now reported within the segment Other. Plantations 
in Latin America and China, which are linked to local mills, continue to be 
reported under the Consumer Packaging and Biomaterials segments.
From 1 January 2026, Stora Enso’s forestry-related associated companies 
results and assets in Finland (Tornator) and Sweden (SESOM 2) are 
reported within the Consumer Packaging, Integrated Packaging, and 
Biomaterials segments (previously reported in the Forest segment), 
based on their proportional wood consumption.
Stora Enso’s energy-related business and assets in Pohjolan Voima (PVO) 
are now reported within the Consumer Packaging, Integrated Packaging, 
and Biomaterials segments (previously reported in the segment Other), 
based on their proportional energy consumption. External PVO related 
electricity sales will continue to be reported under the segment Other.
The Growth business unit, focused on developing innovative biobased 
s o l u t i o n s  t o  r e p l a c e  f o s s i l - b a s e d  a n d  o t h e r  n o n - r e n e w a b l e  m a t e r i a l s ,  i s  
now reported within the segment Other. Previously, it was included in the 
Biomaterials segment.
Comparative periods have been restated accordingly. Details of these 
restatements are provided in the press release dated 25 March 2026.
The following new and amended standards are 
applied to the annual periods beginning on 1 January 
2026
Amended standards and interpretations did not have material effect on 
the Group.
Future standard changes endorsed by the EU but not 
yet effective in 2026
IFRS 18 Presentation and Disclosure in Financial Statements. The objective 
of the new IFRS 18 standard is to set out requirements for the 
presentation and disclosure of information in general purpose financial 
statements to help ensure they provide relevant information that 
faithfully represents an entity's financial performance. The new Standard 
will give investors more transparent and comparable information about 
companies’ financial performance. IFRS 18 is effective for annual 
reporting periods beginning on or after 1 January 2027 (retrospective 
application is mandatory). IFRS 18 replaces IAS 1 Presentation of Financial 
Statements and carries forward many requirements from IAS 1 
unchanged.
IFRS 18 introduces three sets of new requirements to improve companies’ 
reporting of financial performance.
Comparability in the income statement. IFRS 18 introduces defined 
categories for income and expenses - operating, investing, financing 
and taxes - to improve the structure of the income statement, and 
requires all companies to provide new defined subtotals.
Transparency of management-defined performance measures (often 
referred to as alternative performance measures). IFRS 18 requires 
companies to disclose explanations of company specific measures that 
are related to the income statement, referred to as management 
defined performance measures. The new requirements will improve the 
transparency of management-defined performance measures.
Grouping of information in the financial statements. IFRS 18 sets out 
guidance on how to organise information and whether to provide it in 
the primary financial statements or in the notes. The changes are 
expected to provide more detailed and useful information.
The Group is evaluating the impact of the new standard and expects it to 
have material impact on the Group’s income statement, cash flow 
statement, and certain notes to the consolidated financial statements. In 
relation to the income statement, the Group anticipates a decrease in 
the operating result (IFRS), primarily due to the results of associated 
companies being excluded from the operating result (IFRS) and due to 
certain costs reclassified from financing to operating category. In 
relation to the cash flow statement, the Group expects that the net cash 
from operating activities will increase (mainly due to interest paid being 
reclassified to financing activities, netted with impact from reclassifying 
dividends and interest received to investing activities). Net cash from 
investing activities is also expected to increase (primarily as interest and 
dividends received will be included in investing activities rather than 
operating activities). Net cash from financing activities is expected to 
decrease (mainly due to inclusion of interest paid).
No other future standard changes endorsed by the EU which would have 
material effect on the Group.
Financials
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===== SIDA 15 =====

Goodwill, other intangible assets, property, plant and equipment, right-of-use and forest assets
EUR million Q1/26 Q1/25 2025
Carrying value at 1 January  12,710  13,172  13,172 
Additions in tangible and intangible assets  50  105  633 
Additions in right-of-use assets  13  4  45 
Additions in biological assets  12  16  69 
Depletion of capitalised silviculture costs  -15  -20  -127 
Acquisition of subsidiaries  0  0  121 
Disposals and classification as held for sale  -2  -3  -937 
Depreciation and impairments  -140  -117  -507 
Fair valuation of forest assets  23  27  143 
Translation difference and other  -6  329  99 
Statement of Financial Position Total  12,644  13,513  12,710 
Borrowings
EUR million 31 Mar 2026 31 Mar 2025 31 Dec 2025
Bond loans  2,529  3,495  2,530 
Loans from credit institutions  724  793  815 
Lease liabilities  475  524  463 
Long-term derivative financial liabilities  1  2  1 
Other non-current liabilities  1  1  1 
Non-current interest-bearing liabilities including current portion  3,729  4,815  3,809 
Short-term borrowings  800  838  609 
Interest payable  54  66  46 
Short-term derivative financial liabilities  25  19  4 
Bank overdrafts  5  0  5 
Total interest-bearing liabilities  4,613  5,738  4,473 
EUR million Q1/26 Q1/25 2025
Carrying value at 1 January  4,473  5,779  5,779 
Additions in long-term debt, companies acquired  0  0  69 
Proceeds of new long-term debt  0  0  489 
Repayment of long-term debt  -100  -172  -1,647 
Additions in lease liabilities  15  6  50 
Repayment of lease liabilities and interest  -18  -30  -96 
Change in short-term borrowings  185  158  -50 
Change in interest payable  14  18  10 
Change in derivative financial liabilities  21  -29  -44 
Other  0  1  -32 
Translation differences  23  7  -55 
Total interest-bearing liabilities  4,613  5,738  4,473 
Financials
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===== SIDA 16 =====

Commitments and contingencies
EUR million 31 Mar 2026 31 Dec 2025
On Own Behalf
Guarantees  10  10 
Other commitments  6  6 
On Behalf of associated companies
Guarantees  3  4 
On Behalf of Others
Guarantees  4  6 
Other commitments  0  0 
Total  23  25 
Guarantees  17  19 
Other commitments  6  6 
Total  23  25 
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 2026 31 Dec 2025
Total  81  89 
The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure 
contracts in joint operations.
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.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 
31 March 2026
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  —  —  —  —  —  —  —  — 
Unlisted securities  —  729  18  747  747  —  —  747 
Non-current interest-bearing receivables  13  6  —  19  19  —  6  — 
Derivative assets  —  6  —  6  6  —  6  — 
Loan receivables  13  —  —  13  13  —  —  — 
Trade and other operating receivables  684  31  —  715  715  —  31  — 
Current interest-bearing receivables  -3  27  12  37  37  —  39  — 
Derivative assets  —  27  3  30  30  —  30  — 
Other short-term receivables  -3  —  9  7  7  —  9  — 
Cash and cash equivalents  1,011  —  —  1,011  1,011  —  —  — 
Total  1,706  792  30  2,528  2,528  —  76  747 
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  3,303  1  —  3,304  3,443  —  1  — 
Derivative liabilities  —  1  —  1  1  —  1  — 
Non-current debt  3,303  —  —  3,303  3,442  —  —  — 
Current portion of non-current debt  425  —  —  425  425  —  —  — 
Current interest-bearing liabilities  853  14  18  885  885  —  32  — 
Derivative liabilities  —  14  18  32  32  —  32  — 
Current debt  853  —  —  853  853  —  —  — 
Trade and other operating payables  1,992  —  —  1,992  1,992  —  —  — 
Bank overdrafts  5  —  —  5  5  —  —  — 
Total  6,578  15  18  6,611  6,749  —  33  — 
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. 
Financials
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===== SIDA 17 =====

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 
31 December 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  —  —  —  —  —  —  —  — 
Unlisted securities  —  896  17  912  912  —  —  912 
Non-current interest-bearing receivables  11  3  —  14  14  —  3  — 
Derivative assets  —  3  —  3  3  —  3  — 
Loan receivables  11  —  —  11  11  —  —  — 
Trade and other operating receivables  543  50  —  593  593  —  50  — 
Current interest-bearing receivables  10  49  8  67  67  —  57  — 
Derivative assets  —  49  1  50  50  —  50  — 
Other short-term receivables  10  —  7  17  17  —  7  — 
Cash and cash equivalents  1,212  —  —  1,212  1,212  —  —  — 
Total  1,774  999  25  2,798  2,798  —  111  912 
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  3,556  1  —  3,557  3,718  —  1  — 
Derivative liabilities  —  1  —  1  1  —  1  — 
Non-current debt  3,556  —  —  3,556  3,718  —  —  — 
Current portion of non-current debt  253  —  —  253  253  —  —  — 
Current interest-bearing liabilities  649  3  7  659  659  —  10  — 
Derivative liabilities  —  3  7  10  10  —  10  — 
Current debt  649  —  —  649  649  —  —  — 
Trade and other operating payables  2,013  —  —  2,013  2,013  —  —  — 
Bank overdrafts  5  —  —  5  5  —  —  — 
Total  6,475  4  7  6,486  6,648  —  11  — 
Reconciliation of level 3 fair value measurement of financial assets and liabilities: 31 March 2026
EUR million Q1/26 2025 Q1/25
Financial assets
Opening balance at 1 January  912  602  602 
Reclassifications  2  0  0 
Gains/losses recognised in income statement  0  1  1 
Gains/losses recognised in other comprehensive income  -167  300  56 
Additions  0  13  0 
Disposals  0  -3  -1 
Closing balance  747  912  657 
The Group did not have level 3 financial liabilities as at 31 March 2026.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 703 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 6.57% 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 +82 million and -82 million, respectively. A +/- 
percentage point change in the discount rate would change the valuation by EUR -130 million and +172 
million, respectively.
Key exchange rates for the euro
One Euro is Closing Rate Average Rate (Year-to-date)
31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025
SEK  10.9430  10.8215  10.6927  11.0647 
USD  1.1498  1.1750  1.1707  1.1293 
GBP  0.8683  0.8726  0.8683  0.8566 
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  17

===== SIDA 18 =====

Maintenance
Planned maintenance shutdowns
Consumer Packaging Integrated Packaging Biomaterials
2026 2025 2026 2025 2026 2025
Q1 — — Q1 — — Q1 Veracel —
Q2 Beihai Beihai Q2 Langerbrugge Langerbrugge Q2 — Skutskär
Q3 Oulu Oulu Q3 Heinola, Oulu, 
Varkaus
Heinola, Oulu, 
Varkaus Q3 Skutskär Enocell
Q4 Anjalankoski, Fors, 
Imatra, Skoghall
Anjalankoski, Fors, 
Imatra, Skoghall Q4 Ostrołęka Ostrołęka Q4 — Montes del Plata
Total planned maintenance impact
Expected and historical impact of lost value of sales and planned maintenance costs
EUR million Q2/26¹ Q1/26² Q4/25 Q3/25 Q2/25 Q1/25
Total maintenance impact 70–80  83  113  110  95  75 
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 Q1/2026 was EUR 70–80 million.
External deliveries
Q1/26 Q1/25
Change %
Q1/26–Q1/25 Q4/25 2025
Consumer board, 1,000 tonnes 775  686  12.9 % 703  2,852 
Containerboard, 1,000 tonnes 345  330  4.6 % 313  1,296 
Corrugated packaging Europe, million m2 293  287  2.0 % 296  1,216 
Market pulp, 1,000 tonnes 432  536  -19.4 % 507  2,019 
Wood products, 1,000 m3 1,118  1,052  6.3 % 1,153  4,440 
Wood, 1,000 m3 3,632  3,646  -0.4 % 3,389  13,255 
Paper, 1,000 tonnes 147  137  6.9 % 140  561 
Stora Enso shares
During the first quarter of 2026, the conversions of 198 A shares into R shares were recorded in the Finnish 
trade register.
On 31 March 2026, Stora Enso had 175,542,223 A shares and 613,077,764 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 
of votes at least 236,849,999.
Trading volume
Helsinki Stockholm
A share R share A share R share
January 113,682 28,417,453 49,780 6,046,643
February 147,558 35,439,211 71,396 8,024,088
March 188,285 43,004,452 72,327 7,902,142
Total 449,525 106,861,116 193,503 21,972,873
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
January  9.92  9.74  105.00  102.90 
February  11.55  11.51  123.50  122.40 
March  10.10  10.07  111.00  110.10 
Number of shares
Million Q1/26 Q1/25 Q4/25 2025
At period end  788.6  788.6  788.6  788.6 
Average  788.6  788.6  788.6  788.6 
Average, diluted  790.1  789.6  789.7  789.7 
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  18

===== SIDA 19 =====

Sales by segment – total
EUR million Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25
Consumer Packaging  970  3,692  900  945  953  894 
Integrated Packaging  572  2,359  564  584  626  586 
Biomaterials  353  1,558  378  358  407  416 
Other  641  2,497  606  588  658  645 
Inter-segment sales  -179  -780  -194  -191  -217  -178 
Total  2,358  9,326  2,254  2,283  2,426  2,362 
Comparative figures have been restated as detailed in the press release dated 25 March 2026.
Sales by segment – external
EUR million Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25
Consumer Packaging  927  3,510  849  901  905  855 
Integrated Packaging  552  2,274  542  564  602  566 
Biomaterials  282  1,233  302  280  309  342 
Other  596  2,310  561  539  610  600 
Total  2,358  9,326  2,254  2,283  2,426  2,362 
Comparative figures have been restated as detailed in the press release dated 25 March 2026.
Operating result (IFRS) by segment
EUR million Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25
Consumer Packaging  59  88  -7  41  4  51 
Integrated Packaging  1  53  26  -18  25  20 
Biomaterials  35  219  83  36  38  62 
Other  -11  580  369  173  4  34 
Inter-segment eliminations  2  2  6  -1  -7  4 
Operating result (IFRS)  85  942  476  231  64  171 
Net financial items  -41  -159  -47  -29  -44  -39 
Result before tax  43  783  430  202  20  132 
Income tax expense  -8  -97  -66  -1  -5  -25 
Net result  35  686  363  201  15  107 
Comparative figures have been restated as detailed in the press release dated 25 March 2026.
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. These measures are not defined under IFRS Accounting Standards and therefore 
might not be comparable to apparently similar measures used by other entities. Used together with the IFRS 
measures, alternative performance measures provide meaningful supplemental information about the 
financial development of the business operations. Definitions and purpose for alternative performance 
measures can be found in the Annual Report.
Adjusted EBIT by segment
EUR million Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25
Consumer Packaging  65  129  -2  54  22  55 
Integrated Packaging  28  74  29  -9  33  22 
Biomaterials  39  185  45  38  42  59 
Other  25  138  22  44  37  35 
Inter-segment eliminations  2  2  6  -1  -7  4 
Adjusted EBIT  159  528  100  126  126  175 
Fair valuations and non-
operational items  -18  434  466  -11  -27  7 
Items affecting comparability  -56  -19  -90  117  -35  -11 
Operating result (IFRS)  85  942  476  231  64  171 
Net financial items  -41  -159  -47  -29  -44  -39 
Result before Tax  43  783  430  202  20  132 
Income tax expense  -8  -97  -66  -1  -5  -25 
Net result  35  686  363  201  15  107 
Comparative figures have been restated as detailed in the press release dated 25 March 2026.
Reconciliation of operating result
EUR million Q1/26 Q1/25
Change %
Q1/26–Q1/25 Q4/25 2025
Adjusted EBITDA  309  320  -3.5%  255  1,144 
Depreciation and silviculture costs of associated companies  -2  -1  -87.2%  -4  -14 
Silviculture costs1  -20  -25  19.9%  -26  -120 
Depreciation and impairment excl. IAC  -127  -118  -8.0%  -125  -483 
Adjusted EBIT  159  175  -9.5%  100  528 
Fair valuations and non-operational items  -18  7 n/m  466  434 
Items affecting comparability (IAC)  -56  -11 n/m  -90  -19 
Operating result (IFRS)  85  171  -50.5 % 476  942 
1 Including damages to forests     
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  19

===== SIDA 20 =====

Items affecting comparability (IAC), fair valuations and non-operational items (FV)
Items affecting comparability
Q1/26 Q1/25
EUR million Income statement Before tax Income tax Before tax Income tax
Acquisition & disposal Other operating expenses  -8  0  -3  0 
Impairment Depreciation, amortisation and impairments  -13  2  0  0 
Impairment Share of results of associated companies  -12  0  0  0 
Restructuring Other operating expenses  -16  4  -10  2 
Restructuring Materials and services  -6  1  0  0 
Environmental Other operating expenses  0  0  2  0 
Environmental Materials and services  -1  0  0  0 
Other Other operating expenses  0  0  0  0 
Total Operating result  -56  7  -11  2 
The impact on non-controlling interests (NCI) is considered immaterial.
Items affecting comparability by segment
EUR million Q1/26 Q1/25 Q4/25 2025
Consumer Packaging  -2  -1  -27  -46 
Integrated Packaging  -25  0  -8  -21 
Biomaterials  0  -1  -3  -5 
Other  -28  -9  -52  52 
IAC on operating result  -56  -11  -90  -19 
Tax on IAC  7  2  16  28 
IAC on net result  -49  -9  -74  9 
Comparative figures have been restated according to the new segment structure.
Items affecting comparability Q1/26
Consumer Packaging
Q1/26: Restructuring costs of EUR -2 million. 
Q1/25: Restructuring costs of EUR -1 million.
Integrated Packaging
Q1/26: Restructuring costs for EUR -13 million, mainly related to a site closure in China and asset impairments 
of EUR -13 million, mainly related to operations in China and Western Europe operations.
Biomaterials
Q1/26: Restructuring costs of EUR 0 million. 
Q1/25: Restructuring costs of EUR -1 million. 
Other
Q1/26: EUR -7 million of restructuring costs, EUR -8 million related to acquisitions and disposals, mostly 
related to potential demerger of Swedish forest, impairments of EUR -12 million related to associate 
company valuation and environmental items of EUR -1 million. 
Q1/25: 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.
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  20

===== SIDA 21 =====

Fair valuations and non-operational items
Q1/26 Q1/25
EUR million Income statement Before tax Income tax Before tax Income tax
Non-operational FV changes of biological assets Change in net value of biological assets  -3  1  5  -1 
CO2 emission rights and liabilities Other operating income, Materials and services  -8  2  8  -2 
Non-operational items of associated companies Share of results of associated companies  -7  -5 
Adjustments for differences between fair value and acquisition 
cost of forest assets upon disposal Other operating income  0  0  0  0 
Total Operating result  -18  3  7  -3 
Financial items of associated companies Share of results of associated companies  3  2 
Income tax of associated companies Share of results of associated companies  4  3 
Total Net result for the period  -16  6  9  1 
The impact on non-controlling interests (NCI) is considered immaterial.
Fair valuations and non-operational items by segment
EUR million Q1/26 Q1/25 Q4/25 2025
Consumer Packaging  -4  -3  22  5 
Integrated Packaging  -1  -1  5  -1 
Biomaterials  -4  3  41  40 
Other  -9  8  399  390 
FV on operating result  -18  7  466  434 
FV on financial items  3  2  3  11 
Tax on FV  6  1  -88  -76 
FV on net result  -9  9  381  369 
Comparative figures have been restated according to the new segment structure.
Fair valuations in Q1/26
Consumer Packaging: Non-operational fair valuation changes of biological assets and non-operational items of 
associated companies of EUR -4 (-3) million.
Integrated Packaging: Non-operational items of associated companies of EUR -1 (-1) million.  
Biomaterials: Non-operational fair valuation changes of biological assets and non-operational items of associated 
companies of EUR -4 (3) million.
Other: Non-cash income and expenses related to CO2 emission rights and liabilities of EUR -9 (8) million.
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  21

===== SIDA 22 =====

Forest assets
EUR million Q1/26 Q1/25 Q4/25
Forest assets in subsidiaries and joint operations  6,629  7,585  6,641 
Forest assets in associated companies  1,719  1,491  1,702 
Leased forest land (right-of-use assets)  136  184  134 
Total Forest assets  8,484  9,260  8,478 
Calculation of adjusted ROCE and ROE based on the last 12 months
EUR million Q1/26 Q1/25 Q4/25
Adjusted EBIT, LTM  511  625  528 
Capital employed, LTM average  13,888  14,081  13,864 
Adjusted ROCE, LTM  3.7%  4.4%  3.8% 
Net result for the period, LTM  614  -153  686 
Total equity, LTM average  10,318  10,445  10,259 
Return on equity (ROE), LTM  6.0%  -1.5%  6.7% 
Net debt  3,535  3,932  3,181 
Adjusted EBITDA, LTM  1,133  1,245  1,144 
Net debt to LTM adjusted EBITDA ratio  3.1  3.2  2.8 
ROCE = Return on capital employed
ROE = Return on equity 
LTM = Last 12 months
Calculation of earnings per share excl. fair valuations
EUR million Q1/26 Q1/25 Q4/25 2025
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of the Parent  32  113  361  695 
FV on net profit for the period attributable to owners of the Parent  -9  9  381  369 
Net profit for the period attributable to owners of the parent 
excl. FV 41 104 -20 327
Average number of shares  789  789  789  789 
Earnings per share (EPS) excl. FV EUR  0.05  0.13  -0.03  0.41 
Calculation of net debt
EUR million 31 Mar 2026 31 Mar 2025 31 Dec 2025
Listed securities  0  10  0 
Non-current interest-bearing receivables  19  22  14 
Interest-bearing receivables  48  115  67 
Cash and cash equivalents  1,011  1,659  1,212 
Interest-bearing assets  1,078  1,806  1,293 
Non-current interest-bearing liabilities  3,304  3,904  3,557 
Current portion of non-current debt  425  911  253 
Interest-bearing liabilities  879  922  659 
Bank overdrafts  5  0  5 
Interest-bearing liabilities 4,613 5,738 4,473
Net debt  3,535  3,932  3,181 
Financials
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  22

===== SIDA 23 =====

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:
Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061
Hanna Rutanen SVP Communications, tel. +358 41 507 1361
Stora Enso's January–June 2026 results will be published on
23 July 2026
Bergslagets Skogar, the Swedish forest assets business to be separated from Stora Enso, 
will organise a Capital Markets Day in Stockholm on 
3 November 2026
Stora Enso is a global leader in renewable materials with a strong focus on packaging. Our purpose is to 
replace non-renewable materials with renewable solutions. Together with our customers, we design and 
deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers, 
accelerating the transition to a circular bioeconomy. Stora Enso has approximately 19,000 employees and 
our sales in 2025 were EUR 9.3 billion. Stora Enso's 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
S t o r a  E n s o  J a n u a r y – M a r c h  2 0 2 6  r e s u l t s  23