FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== 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
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 14
===== 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
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 15
===== 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
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 16
===== 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
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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
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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
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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
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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:
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
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