Kvartalsrapport Q2 2026

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

Interim Report Q2
January–June 2026
Results summary 2
CEO comment 3
Group results 4
Segment results 6
Sustainability 8
Short-term risks 9
Shareholders' Nomination Board 9
Resolutions by the AGM 9
Financials 10
IFRS section 10
Alternative performance measures 19
Contacts 23
On the cover: Performa Nova Aqua, CKB Nude Aqua for dry food packaging

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

Optimising our portfolio and driving results through our own actions
Quarterly financial highlights (compared with Q2/25)
• Sales remained stable at EUR 2,423 (2,426) million, as the positive 
impact from structural changes was offset by lower prices and 
adverse currency movements.
• Adjusted EBIT increased by 27% to EUR 160 (126) million, supported by 
a positive impact of the ramp-up of the new consumer board line 
at the Oulu site. The adjusted EBIT margin increased to 6.6% (5.2%).
• Operating result (IFRS) was EUR 16 (64) million, including items 
affecting comparability of EUR -83 (-35) million, mainly related to 
impairments and restructuring, and fair valuations and other non-
operational items of EUR -61 (-27) million, mostly related to fair 
valuation of biological assets.
• Earnings per share was EUR -0.03 (0.03) and earnings per share excl. 
fair valuations (FV) were EUR 0.03 (0.05).
• The fair value of the forest assets was EUR 8.5 (9.0) billion, equivalent 
to EUR 10.80 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 87 million. Operating 
working capital had a negative cash flow impact of EUR 101 million 
where the main drivers were higher trade receivables, mainly due 
to stronger consumer packaging sales and lower trade payable. 
This was partly offset by a decrease in inventories. 
• The net debt to adjusted EBITDA (LTM) ratio improved to 2.2 (3.3) 
primarily driven by a reduction in net debt, as proceeds from the 
hybrid bond were classified as equity.
January–June 2026 results (compared with H1/25)
• Sales were EUR 4,781 (4,789) million. 
• Adjusted EBIT was EUR 319 (301) million. 
• Operating result (IFRS) was EUR 101 (235) million.
• Earnings per share (EPS) was EUR 0.01 (0.17) and EPS excl. fair 
valuations (FV) was EUR 0.08 (0.18).
• Cash flow from operations amounted to EUR 212 (336) million.
Key highlights
• Stora Enso continues the preparations for the planned 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 is strengthening its focus on specialised pulp grades with 
a EUR 19 million investment to increase fluff pulp production at its 
Skutskär site in Sweden, responding to growing consumer demand 
for hygiene products. As part of this transition, softwood pulp 
production on fiberline 3 will be permanently shut down during 
Q3/2026.
• Stora Enso published its Circularity Plan, aligned with the Global 
Circularity Protocol for Business (GCP), and has set a new target to 
achieve 90% material circularity in its direct operations by 2030.
• In July, the corrugated board production units in Germany were 
divested to optimise the asset base.
Outlook Q3/2026
• Market conditions remain uncertain. Continued geopolitical 
tensions and trade-related volatility may affect customer demand, 
supply chains and input costs. Stora Enso continues to focus on 
actions within its control while proactively adapting to market 
developments with agility.
• Planned maintenance impact in the third quarter is expected to 
increase by approximately EUR 40–50 million compared with the 
second quarter. The increase is due to scheduled maintenance 
shutdowns across all operational segments. See the section 
Maintenance for more details.
• The ramp-up of the new production line in Oulu continues. A longer 
annual shutdown is planned in the third quarter, during which 
selected efficiency improvement equipment will be installed. The 
negative impact on adjusted EBIT is expected to remain at a similar 
level to the second quarter.
• 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 reflects changes to the EU ETS 
(Emissions Trading Scheme) rules: several sites will lose their free 
C O ₂  a l l o w a n c e  a l l o c a t i o n s  f r o m  2 0 2 6  o n w a r d ,  a s  t h e i r  e m i s s i o n s  a r e  
more than 95% biogenic and therefore no longer qualify for free 
allocations under the revised ETS framework.
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 – J u n e  2 0 2 6  r e s u l t s  2
Sales and adjusted EBIT margin
Sales, MEUR Adjusted EBIT, %
Q1/25
Q2/25
Q3/25
Q4/25
Q1/26
Q2/26
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12%

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

CEO comment
The second quarter marked another period of disciplined 
execution in a volatile market environment. We improved 
operational performance, strengthened customer 
relationships and advanced several important strategic 
initiatives. Despite continued market uncertainty, we made 
progress in building a stronger and more focused Stora Enso.
I am particularly pleased with the progress in Consumer Packaging, 
where operational performance strengthened further and customer 
feedback continues to be very encouraging. We continue to receive 
positive feedback on both product quality and service, reflecting the 
dedication of our teams, strength of our customer offering and our 
significant investments in leading technologies. Creating customer 
value remains at the heart of our strategy, and it is encouraging to 
see this translating into stronger customer relationships and faster 
than market growth.
At the same time, we continued to execute our strategy and focus on 
our portfolio. We announced actions to further strengthen our position 
in specialised pulp through the decision to invest in fluff pulp capacity 
at Skutskär, while also closing a less competitive production line at the 
site. As a part of our corrugated asset base optimisation we divested 
the corrugated board production in Germany. These actions are 
aligned with our strategic ambition to strengthen competitiveness 
and allocate capital where we see the greatest opportunities to 
create value.
Preparations for the separation of our Swedish forest assets business, 
Bergslagets Skogar, also progressed as planned. The strategy is 
defined, the organisation is in place, and preparations continue at a 
good pace. Bergslagets Skogar is an important step towards 
unlocking value and enhancing the strategic focus of both 
companies.
Market conditions nevertheless remained challenging. Demand levels 
across many end markets continued to be subdued and geopolitical 
tensions increased uncertainty during the quarter. The conflict in Iran 
contributed to increases in energy, logistics and other input costs. 
Through disciplined and relentless focus on our own actions across 
procurement, commercial and operational excellence, we actively 
managed these impacts and limited their effect on our business. 
Compared to the exceptionally high levels seen over the past years, 
wood costs have moderated. However, wood supply continues to be 
tight and overall wood costs, including sawlogs, remain high. This is 
the backdrop against which we operate and compete every day. 
At Oulu, the ramp-up of the new consumer board line continued to 
progress. Production stability, technical runnability and operational 
efficiency improved further during the quarter. While the ramp-up 
continues to affect short-term profitability, the overall development 
was positive and we expect further improvement going forward. 
This quarter once again demonstrated that we are not standing still 
and we are not relying on market conditions to improve our 
performance. We continue to drive profitability through our own 
actions, operational and commercial excellence and systematic 
value creation. We are creating a more focused and competitive 
company with a strong foundation for profitable growth.
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 
I am encouraged by the progress we are making. We have many 
important initiatives underway, and our focus remains firmly on 
execution. 
I would like to thank our employees for their commitment, hard work 
and determination. Together, we are actively shaping our future and 
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 – J u n e  2 0 2 6  r e s u l t s  3

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

Group result Q2/2026 (compared with Q2/2025)
EUR million Q2/26 Q2/25
Change %
Q2/26–Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Sales  2,423  2,426  -0.1 % 2,358  4,781  4,789  9,326 
Adjusted EBITDA  320  279  14.5 % 309  628  599  1,144 
Adjusted EBITDA margin  13.2 %  11.5 %  13.1 %  13.1 %  12.5 %  12.3 %
Adjusted EBIT  160  126  26.8 % 159  319  301  528 
Adjusted EBIT margin  6.6 %  5.2 %  6.7 %  6.7 %  6.3 %  5.7 %
Operating result (IFRS)  16  64  -74.7 % 85  101  235  942 
Result before tax (IFRS)  -26  20  -229.9 % 43  18  152  783 
Net result for the period (IFRS)  -11  15  -172.1 % 35  24  122  686 
Cash flow from operations  87  145  -39.8 % 125  212  336  897 
Cash flow after investing activities  3  -37  107.0 % -22  -19  -83  122 
Capital expenditure  96  218  -56.0 % 74  171  343  746 
Depreciation and impairments excl. IAC  135  123  9.8 % 127  262  240  483 
Net debt  2,619  3,988  -34.3 % 3,535  2,619  3,988  3,181 
Forest assets¹  8,518  8,990  -5.3 % 8,484  8,518  8,990  8,478 
Adjusted return on capital employed 
(ROCE), %, LTM  3.9%  4.3%  3.7%  3.9%  4.3%  3.8% 
Earnings per share (EPS) excl. FV, EUR  0.03  0.05  -49.1 % 0.05  0.08  0.18  0.41 
EPS (basic), EUR  -0.03  0.03  -195.5 % 0.04  0.01  0.17  0.88 
Return on equity (ROE), %, LTM  5.5%  -1.7%  6.0%  5.5%  -1.7%  6.7% 
Net debt/equity ratio  0.22  0.39  0.34  0.22  0.39  0.29 
Net debt to LTM² adjusted EBITDA ratio  2.2  3.3  3.1  2.2  3.3  2.8 
Equity per share, EUR  14.96  12.81  16.8 % 13.23  14.96  12.81  13.69 
Average number of employees (FTE)  18,215  19,136  -4.8 % 18,055  18,174  18,849  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 Q2/2025, EUR million  2,426 
Price and mix  -2% 
Currency  -1% 
Volume  0% 
Other sales1  0% 
Total before structural changes  -3% 
Structural changes2  3% 
Total  0% 
Sales Q2/2026, EUR million  2,423 
1  Energy, paper for recycling (PfR), by-products etc.     2  Asset closures, major investments, divestments and acquisitions 
Group sales 
Sales were stable as the positive impact from structural changes related to the ramp-up of the consumer 
board line in Oulu and the acquisition of Junnikkala was offset by lower prices and adverse currency 
movements. 
Adjusted EBIT
Adjusted EBIT increased by 27% or EUR 34 million, supported by a positive impact from the ramp-up of the 
new line in Oulu.
Prices and mix decreased profitability by EUR 57 million, mainly due to lower external sales prices for wood in 
Sweden. This was partly offset by EUR 18 million from higher volumes, especially in Consumer Packaging.
Variable costs were EUR 57 million lower, driven by lower wood costs. Fixed costs decreased by EUR 17 million 
due to cost savings and lower maintenance activity. 
Net foreign exchange rates had a negative EUR 29 million impact. The profitability impact from 
depreciations, associated companies, structural changes and other was positive EUR 11 million. 
Operating result (IFRS) 
Operating result (IFRS) decreased by EUR 48 million. Fair valuations and non-operational items (FV) had a 
EUR -61 (-27) million impact and items affecting comparability (IAC) a EUR -83 (-35) million impact on the 
operating result. 
Other 
Net financial items amounted to EUR -42 (-44) million and were EUR 2 million lower than in the 
corresponding period last year, primarily driven by lower net interest expense and partly offset by lower 
foreign exchange gains.
Net debt to LTM adjusted EBITDA improved to 2.2 (3.3) due to lower net debt compared to the same period of 
last year, primarily driven by a reduction in net debt, as proceeds from the hybrid bond were classified as 
equity.
Forest assets 
The fair value of total forest assets decreased by EUR 472 million to EUR 8,518 (8,990) 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 20 million to 
EUR 6,691 (6,711) 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 452 million 
to EUR 1,827 (2,279) million. The decrease was mainly due to the divestment of forest land in Sweden and an 
increase in the discount rate. Excluding the impact of the Swedish forest asset divestment in Q3/2025, the 
value of the forest asset has increased by EUR 290 million compared with Q2/2025.
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–June 2026 results    4

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

Second quarter 2026 results (compared with Q1/2026)
Sales
Group sales increased by 3%, or EUR 65 million, to EUR 2,423 (2,358) million. Higher sales prices and deliveries, 
especially in Biomaterials and Containerboard, were only partly offset by negative foreign exchange rates 
impact.
Adjusted EBIT
Adjusted EBIT increased to EUR 160 (159) million. The adjusted EBIT margin decreased to 6.6% (6.7%). 
Sales prices and mix improved adjusted EBIT by EUR 18 million, especially for pulp and containerboard. 
Volumes had a positive impact of EUR 27 million, mainly due to good operational performance in Consumer 
Packaging. Variable costs were EUR 19 million higher, as lower wood costs were more than offset by cost 
escalation related to the Iran conflict. Fixed costs were EUR 25 million higher, mainly due to seasonality. 
Net foreign exchange rates had a negative EUR 13 million impact on adjusted EBIT. The profitability impact 
from depreciations, associated companies, structural changes and other was positive EUR 13 million.
January–June 2026 results (compared with January–June 2025)
Sales
Group sales remained flat at EUR 4,781 (4,789) million. The positive impact from the structural changes 
related to the ramp-up in Oulu and the acquisition of Junnikkala, was offset by lower prices and adverse 
foreign exchange rate movements.
Adjusted EBIT
Adjusted EBIT increased EUR 17 million to EUR 319 (301) million, supported by a positive impact from the ramp-
up in Oulu. The adjusted EBIT margin increased to 6.7% (6.3%). 
Lower sales prices decreased profitability by EUR 109 million, mainly due to lower external prices for wood in 
Sweden. Lower variable costs increased adjusted EBIT by EUR 126 million, mainly due to wood costs. Fixed 
costs were EUR 34 million lower, due to cost saving measures and lower maintenance activity.
Net foreign exchange rates had a negative EUR 33 million impact on profitability. The impact from 
depreciations, associated companies and other, was a negative EUR 3 million on adjusted EBIT.
IFRS result
Operating result (IFRS) was EUR 101 (235) million. 
Fair valuations and non-operational items (FV) had a EUR -79 (-21) million impact and items affecting 
comparability (IAC) a EUR -138 (-46) million impact on the operating result. 
Cash flow Q2/2026 
Cash flow (non-IFRS)
EUR million Q2/26 Q2/25
Change %
Q2/26–Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Adjusted EBITDA  320  279  14.5 % 309  628  599  1,144 
IAC and other adjustments on 
Adjusted EBITDA  -108  -74  -46.6 % -66  -174  -98  -298 
Change in working capital  -124  -61  -104.6 % -118  -243  -165  51 
Cash flow from operations  87  145  -39.8 % 125  212  336  897 
Cash spent on fixed and biological 
assets  -85  -181  53.3 % -142  -226  -420  -775 
Acquisitions of associated companies  0  0 n/m  -5  -5  0  0 
Cash flow after investing activities  3  -37  107.0 % -22  -19  -83  122 
Cash flow after investing activities improved compared to Q2/25, primarily due to lower cash spending on 
fixed assets. Cash flow from operations was lower than a year ago, mainly reflecting a more negative 
working capital development. Operating working capital had a negative cash flow impact of EUR 101 million 
in the quarter, driven by higher trade receivables following stronger consumer packaging sales and lower 
trade payables. This was partly offset by a reduction in inventories, which released EUR 47 million of cash. 
Payments related to previously announced provisions amounted to EUR 17 million. Items affecting 
comparability were mainly related to restructuring costs.
Capital expenditure Q2/2026 (compared with Q2/2025) 
Additions to fixed and biological assets totalled EUR 96 (218) million, of which EUR 80 (202) million were fixed 
assets and EUR 16 (17) million biological assets. 
Depreciations and impairment charges excluding IACs totalled EUR 135 (123) million. Additions in fixed and 
biological assets had a cash outflow impact of EUR 85 (181) million.
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
• Start-up of the drying machine rebuild at Skutskär for increased fluff pulp production
Group result
Stora Enso January–June 2026 results    5

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

Capital structure Q2/2026
EUR million 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025
Fixed assets1  13,785  13,457  13,668  14,025 
Associated companies  1,085  1,083  1,108  949 
Operating working capital, net2  613  505  328  494 
Non-current interest-free items, net  -182  -179  -193  -268 
Operating capital total  15,301  14,866  14,911  15,200 
Net tax liabilities  -1,032  -1,050  -1,080  -1,261 
Capital employed  14,269  13,816  13,830  13,939 
Equity attributable to owners of the Parent  11,801  10,431  10,796  10,100 
Non-controlling interests  -151  -149  -147  -149 
Net debt  2,619  3,535  3,181  3,988 
Financing total  14,269  13,816  13,830  13,939 
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 Q1/2026
Net debt decreased by EUR 916 million to EUR 2,619 (3,535) million during the second quarter, mainly due to 
proceeds from issue of hybrid bond and lower cash outflows from investing activities, partly offset by lower 
cash inflows from operations. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 2.2 (3.1). The 
net debt/equity ratio on 30 June 2026 improved to 0.22 (0.34). The average interest expense rate on 
borrowings at the reporting date was 3.7% (3.7%). Cash and cash equivalents net of overdrafts increased by 
EUR 550 million to EUR 1,557 million.
During the quarter, Stora Enso completed the make-whole redemption of its EUR 300 million bond originally 
maturing in June 2027. In addition, a SEK-denominated bond amounting to EUR 93 million was repaid at its 
original maturity and was refinanced with new bonds of the same total amount maturing in 2032 and 2034. 
On 10 April, Stora Enso completed the issuance of two tranches of hybrid bonds with a total nominal amount 
of EUR 1 billion, classified as equity under IFRS.
During the quarter, a EUR 100 million drawn loan and a EUR 100 million committed undrawn credit facility with 
original maturity in 2027 were extended to mature in 2029.
Stora Enso had in total EUR 800 million committed undrawn credit facilities as at 30 June 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–June 2026 results    6

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

Segment results (compared with Q2/2025)
EUR million Q2/26 Q2/25
Change %
Q2/26–
Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Consumer Packaging
Sales  985  953  3.4 % 970  1,956  1,847  3,692 
Adjusted EBITDA  124  76  62.7 % 117  240  181  354 
Adjusted EBIT  64  22  194.6 % 65  129  77  129 
Adjusted EBIT margin  6.5%  2.3%  6.7%  6.6%  4.2%  3.5% 
Operating result (IFRS)  48  4 n/m  59  107  55  88 
Integrated  Packaging
Sales  599  626  -4.2 % 572  1,172  1,211  2,359 
Adjusted EBITDA  70  72  -3.6 % 67  137  132  232 
Adjusted EBIT  29  33  -10.3 % 28  57  54  74 
Adjusted EBIT margin  4.9%  5.2%  4.8%  4.9%  4.5%  3.1% 
Operating result (IFRS)  -3  25  -110.7 % 1  -2  46  53 
Biomaterials
Sales  410  407  0.8 % 353  763  822  1,558 
Adjusted EBITDA  103  77  34.1 % 77  179  171  326 
Adjusted EBIT  65  42  54.6 % 39  104  101  185 
Adjusted EBIT margin  15.9%  10.4%  11.1%  13.7%  12.3%  11.9% 
Operating result (IFRS)  31  38  -17.8 % 35  66  100  219 
Other
Sales  631  658  -4.2 % 641  1,272  1,303  2,497 
Adjusted EBITDA  29  61  -52.5 % 46  75  118  230 
Adjusted EBIT  7  37  -80.3 % 25  32  72  138 
Adjusted EBIT margin  1.1%  5.6%  3.9%  2.5%  5.5%  5.5% 
Operating result (IFRS)  -54  4 n/m  -11  -66  38  580 
Comparative figures have been restated as detailed in the press release dated 25 March 2026.
Consumer Packaging
• Sales increased mainly due to the ramp-up of the consumer board line in Oulu and the Junnikkala 
acquisition.
• Adjusted EBIT increased by EUR 42 million, supported by the positive impact from the ramp-up in Oulu. 
Good operational performance, improved volumes and lower variable costs were only partly offset by the 
adverse sales price and foreign exchange impact.
• Order inflow remained strong in certain products, although demand for European consumer board 
grades remained mixed.
Integrated Packaging
• Sales decreased mainly due to lower corrugated packaging volumes in Western Europe.
• Adjusted EBIT decreased by EUR 4 million, mainly due to lower energy subsidies. The impact of lower sales 
was  offset by lower wood, paper for recycling (PfR) and fixed costs.
• Demand for virgin containerboard was improving together with price increases. In corrugated board, the 
focus was on protecting and improving its margins through price increases.
Biomaterials
• Sales increased slightly as higher deliveries were only partly offset by unfavourable foreign exchange 
rates.
• Adjusted EBIT increased by EUR 23 million, mainly due to lower wood costs and reduced fixed costs, 
positively impacted by lower maintenance activity.
• The softwood pulp market remained weak, but hardwood and fluff pulp markets were more stable and 
prices continued to recover sequentially.
Other
• Sales of wood decreased, mainly due to lower external sales prices for wood in Sweden, negatively 
impacted by storm damages in the end of December 2025.
• Adjusted EBIT decreased by EUR 29 million, mainly due to lower wood prices in Sweden and lower margins 
in the Central European wood products operations. 
Segment results
Stora Enso January–June 2026 results    7
Share of external sales by segment
39%
24%
13%
24% 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 Q2/2026, the Scope 1 and 2 CO2e emissions were 1.03 
million tonnes, a 61% reduction from the base year. Compared with 
Q2/2025 (1.07 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
In May 2026, Stora Enso published its Circularity Plan, aligned with the 
Global Circularity Protocol for Business, and set a new target to 
achieve 90% material circularity in its direct operations by 2030, up 
from a baseline of 79% in 2025. The target integrates circular design, 
operational efficiency, and value chain collaboration to optimise the 
use of resources and minimise waste. The previous technical 
recyclability target is incorporated within this new broader material 
circularity metric. Performance will be reported in the Sustainability 
Statement 2026.
   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 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)
Million tonnes
0%
-13% -15%
-28%
-42%
-53%
-61% -62% -61%
-50%
CO₂e million tonnes, effective CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
2025
Q1/2026
Q2/2026
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)
Million tonnes
0% -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
   Responsible business practices
Stora Enso reports on the sustainability indicators below on a 
quarterly basis.
Key performance 
indicators (KPIs)
30 Jun 
2026
31 Mar 
2026
31 Dec 
2025
30 Jun 
2025 Target
Occupational safety: total 
TRI rate, year-to-date 4.4 4.5 4.5 4.4
4.3 by the end of 
2026
Gender balance: % of female 
managers among all 
managers  24%  24%  24%  25% 
25% by end of 
2027
Water: total water 
withdrawal per saleable 
tonne (m3/tonne) 56 57 56 57
Decreasing trend 
from 2016 
baseline (60m3/
tonne)
Water: process water 
discharges per saleable 
tonne (m3/tonne) 32 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%  94%  94% 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 – J u n e  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 Stora Enso’s 
Annual Report 2025, at storaenso.com/annualreport.
Shareholders’ Nomination Board
The Stora Enso Shareholders’ Nomination Board has been established 
to exist until otherwise decided.
The Shareholders’ Nomination Board consists of the Chair of Stora 
Enso’s Board of Directors, the Vice Chair of the Board of Directors, and 
two members appointed by the two largest shareholders (one each) 
as of 31 May each year. Stora Enso’s two largest shareholders on 31 
May 2026 were Solidium Oy and FAM AB. 
The Shareholders’ Nomination Board consists of the following 
members: Chair Marcus Wallenberg (Chair of FAM AB’s Board of 
Directors), Matts Rosenberg (Chief Executive Officer of Solidium), 
Håkan Buskhe (Chair of Stora Enso’s Board of Directors), and Jouko 
Karvinen (Vice Chair of Stora Enso’s Board of Directors).
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 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.
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, 23 July 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 – J u n e  2 0 2 6  r e s u l t s  9

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

Financials
Condensed consolidated income statement
EUR million Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Sales  2,423  2,426  2,358  4,781  4,789  9,326 
Other operating income  52  39  44  97  88  389 
Materials and services1  -1,806  -1,823  -1,741  -3,548  -3,551  -7,020 
Personnel expenses  -337  -342  -314  -651  -646  -1,232 
Other operating expenses  -124  -103  -133  -257  -215  -503 
Share of results of associated companies  9  8  3  12  21  89 
Change in net value of biological assets  -23  -10  7  -16  -3  401 
Depreciation, amortisation and impairments  -178  -130  -140  -318  -247  -507 
Operating result  16  64  85  101  235  942 
Net financial items  -42  -44  -41  -83  -83  -159 
Result before tax  -26  20  43  18  152  783 
Income tax  15  -5  -8  7  -29  -97 
Net result for the period  -11  15  35  24  122  686 
Attributable to
Owners of the Parent  -13  24  32  19  137  695 
Non-controlling interests  2  -9  3  5  -14  -9 
Net result for the period  -11  15  35  24  122  686 
Earnings per share
Basic earnings per share, EUR  -0.03  0.03  0.04  0.01  0.17  0.88 
Diluted earnings per share, EUR  -0.03  0.03  0.04  0.01  0.17  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 Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Net result for the period  -11  15  35  24  122  686 
Other comprehensive income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI  374  -34  -167  207  20  297 
Actuarial gains and losses on defined benefit plans  -6  -9  10  4  1  36 
Revaluation of forest land  104  -25  0  104  -25  -385 
Share of OCI of associated companies  -7  2  0  -7  2  -28 
Income tax relating to items that will not be reclassified  -20  8  0  -20  7  73 
 445  -58  -157  288  5  -8 
Items that may be reclassified subsequently to profit 
and loss
Cumulative translation adjustment (CTA)  -54  -253  -29  -83  -34  124 
Net investment hedges and loans  14  -14  20  34  -24  -21 
Cash flow hedges and cost of hedging  -18  31  -42  -60  104  84 
Share of OCI of Non-controlling Interests (NCI)  -4  10  -5  -9  16  12 
Income tax relating to items that may be reclassified  3  -12  7  10  -28  -20 
 -59  -237  -49  -107  34  179 
Total comprehensive income  375  -281  -170  205  161  857 
Attributable to
Owners of the parent  377  -283  -168  209  159  854 
Non-controlling interests  -2  2  -2  -4  1  3 
Total comprehensive income  375  -281  -170  205  161  857 
Financials
S t o r a  E n s o  J a n u a r y – J u n e  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  169 
Other intangible assets O  211  250  258 
Property, plant and equipment O  5,120  5,227  5,090 
Right-of-use assets O  425  422  442 
 5,927  6,069  5,959 
Forest assets O  6,662  6,641  6,436 
Biological assets O  5,108  5,167  4,649 
Forest land O  1,554  1,473  1,787 
Emission rights O  75  45  108 
Investments in associated companies O  1,085  1,108  949 
Listed securities I  0  0  9 
Unlisted securities O  1,121  912  624 
Non-current interest-bearing receivables I  19  14  20 
Deferred tax assets T  235  222  164 
Other non-current assets O  80  69  57 
Non-current assets  15,204  15,081  14,326 
Inventories O  1,773  1,802  1,740 
Tax receivables T  31  29  37 
Operating receivables O  1,048  869  1,004 
Interest-bearing receivables I  40  67  100 
Cash and cash equivalents I  1,558  1,212  1,570 
Current assets  4,451  3,978  4,452 
Assets held for sale 0 0 899
Total assets  19,655  19,059  19,676 
EUR million 30 Jun 2026 31 Dec 2025 30 Jun 2025
Equity and liabilities
Owners of the Parent  11,801  10,796  10,100 
Non-controlling Interests  -151  -147  -149 
Total equity  11,650  10,649  9,951 
Post-employment benefit obligations O  153  153  191 
Provisions O  78  79  77 
Deferred tax liabilities T  1,281  1,314  1,280 
Non-current interest-bearing liabilities I  3,105  3,557  3,580 
Non-current operating liabilities O  31  30  57 
Non-current liabilities  4,649  5,133  5,184 
Current portion of non-current debt I  329  253  1,339 
Interest-bearing liabilities I  800  659  747 
Bank overdrafts I  2  5  22 
Provisions O  46  50  29 
Operating liabilities O  2,163  2,293  2,219 
Tax liabilities T  17  17  31 
Current liabilities  3,356  3,277  4,386 
Liabilities related to assets held for sale 0 0 155
Total liabilities  8,005  8,410  9,725 
Total equity and liabilities  19,655  19,059  19,676 
EUR million 30 Jun 2026 31 Dec 2025 30 Jun 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 – J u n e  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  101  235 
Adjustments for non-cash items  353  266 
Change in net working capital  -243  -165 
Cash flow from operations  212  336 
Net financial items paid  -77  -89 
Income taxes paid, net  -25  -24 
Net cash from operating activities  109  223 
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash  0  -14 
Acquisitions of associated companies  -5  0 
Acquisitions of unlisted securities  0  -1 
Cash flow on disposal of subsidiary shares and business operations, net of disposed cash  -1  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  7  8 
Capital expenditure  -226  -420 
Proceeds from/payment of non-current receivables, net  0  21 
Net cash from investing activities  -225  -405 
Cash flow from financing activities
Proceeds from issue of new long-term debt  103  488 
Proceeds from issue of hybrid bonds  992  0 
Repayment of long-term debt and lease liabilities  -519  -610 
Change in short-term interest-bearing liabilities  -9  -12 
Dividends paid  -103  -114 
Purchase of own shares1  -1  -1 
Net cash from financing activities  463  -250 
EUR million Q1-Q2/26 Q1-Q2/25
Net change in cash and cash equivalents  348  -432 
Translation adjustment  3  -12 
Net cash and cash equivalents at the beginning of period  1,206  1,993 
Net cash and cash equivalents at period end  1,557  1,548 
Cash and cash equivalents at period end  1,558  1,570 
Bank overdrafts at period end  -2  -22 
Net cash and cash equivalents at period end  1,557  1,548 
EUR million Q1-Q2/26 Q1-Q2/25
1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 30 June 2026.
Financials
S t o r a  E n s o  J a n u a r y – J u n e  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 Hybrid bond
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  —  —  —  —  —  —  —  —  —  —  137  137  -14  122 
OCI before tax  —  —  —  —  20  104  -25  2  -58  —  1  43  16  59 
Income tax relating to OCI  —  —  —  —  1  -20  5  —  -7  —  1  -21  —  -21 
Total comprehensive income  —  —  —  —  21  84  -20  2  -66  —  138  159  1  161 
Dividend  —  —  —  —  —  —  —  —  —  —  -197  -197  —  -197 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -1  —  —  —  —  —  —  —  -1  —  -1 
Share-based payments  —  —  —  1  —  —  —  —  —  —  -1  —  —  — 
Balance at 30 June 2025  1,342  77  633  —  471  57  1,297  70  -522  —  6,676  10,100  -149  9,951 
Net result for the period  —  —  —  —  —  —  —  —  —  —  559  559  5  564 
OCI before tax  —  —  —  —  276  -20  -361  -30  161  —  36  63  -4  59 
Income tax relating to OCI  —  —  —  —  1  4  74  —  4  —  -9  74  —  74 
Total comprehensive income  —  —  —  —  277  -16  -287  -30  165  —  585  695  2  697 
Reclassifications on disposals  —  —  —  —  -4  —  -126  —  —  —  130  —  —  — 
Dividend  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Share-based payments  —  —  —  —  —  —  —  —  —  —  1  2  —  2 
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  —  —  —  —  —  —  —  —  —  —  19  19  5  24 
OCI before tax  —  —  —  —  207  -60  104  -7  -48  —  4  200  -9  191 
Income tax relating to OCI  —  —  —  —  —  10  -21  —  —  —  1  -10  —  -10 
Total comprehensive income  —  —  —  —  207  -50  82  -7  -48  —  25  209  -4  205 
Dividend  —  —  —  —  —  —  —  —  —  —  -197  -197  —  -197 
Hybrid bond issue  —  —  —  —  —  —  —  —  —  992  —  992  —  992 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -1  —  —  —  —  —  —  —  -1  —  -1 
Share-based payments  —  —  —  1  —  —  —  —  —  —  1  2  —  2 
Balance at 30 June 2026  1,342  77  633  —  951  -9  966  34  -406  992  7,221  11,801  -151  11,650 
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 – J u n e  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 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 ,  
is 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.
Hybrid bonds
Hybrid bonds issued by the Group are subordinated instruments and 
are reported as part of equity in accordance with IFRS. The Group has 
no contractual obligation to deliver cash or another financial asset to 
the holder. The bonds have no contractual maturity and the Group 
has full discretion over the payment of principal and coupons. Upon 
initial recognition, the proceeds are recognised directly in equity, net 
of discount and transaction costs. Any subsequent coupon payments 
are recognised directly in equity. When calculating both basic and 
diluted earnings per share, the after-tax amount of the interest on the 
hybrid bonds applicable for the period is deducted from profit or loss 
attributable to the ordinary shareholders irrespective of whether the 
interest has been paid or accrued during the financial period.
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 new IFRS 18 standard replaces the guidance in IAS 1 Presentation 
of Financial Statements and carries forward many requirements from 
IAS 1 unchanged. IFRS 18 is effective for annual reporting periods 
beginning on or after 1 January 2027 (retrospective application is 
mandatory). Its main objective is to ensure that general purpose 
financial statements provide relevant and faithfully represented 
information about entity's financial performance, in a more 
transparent and comparable manner. The most significant impacts 
on Stora Enso are expected to be:
Comparability in the income statement. IFRS 18 introduces defined 
categories - operating, investing, financing and taxes - to improve the 
structure of the income statement, and requires all companies to 
provide new defined subtotals. The most significant impact on the 
income statement is a decrease in the operating result (IFRS), 
primarily due to the results of associated companies being excluded 
from the operating result (IFRS) and presented in investing category 
and due to certain costs reclassified from financing to operating 
category. Also interest income and certain foreign exchange related 
items are reclassified from financing to investing category.
Financials
S t o r a  E n s o  J a n u a r y – J u n e  2 0 2 6  r e s u l t s  14

===== SIDA 15 =====

Changes in cash flow statement. Net cash from operating activities will increase, mainly due to interest 
paid being reclassified from operating to financing activities, netted with impact from reclassifying 
dividends and interest received from operating 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. 
Management-defined performance measures (MPMs). IFRS 18 requires disclosure of explanations of 
company specific income statement measures, to improve the transparency. Stora Enso has evaluated 
that Adjusted EBITDA, Adjusted EBIT and Earnings per share (EPS) excl. FV are considered as MPMs as defined 
in IFRS 18. These measures are also APMs. More details including reconciliation calculations about these 
measures are presented in chapter Alternative performance measures. Definitions and purpose for these 
measures can be found in the Annual Report.
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. It also establishes 
requirements aimed at ensuring that the primary financial statements present useful, structured 
summaries that deliver relevant and understandable information to users.
There are no other future standard changes endorsed by the EU which would have material effect on the 
Group.
Goodwill, other intangible assets, property, plant and equipment, right-of-use and forest assets
EUR million Q1-Q2/26 Q1-Q2/25 2025
Carrying value at 1 January  12,710  13,172  13,172 
Additions in tangible and intangible assets  124  301  633 
Additions in right-of-use assets  18  10  45 
Additions in biological assets  28  33  69 
Depletion of capitalised silviculture costs  -30  -37  -127 
Acquisition of subsidiaries  0  121  121 
Disposals and classification as held for sale  -7  -903  -937 
Depreciation and impairments  -318  -247  -507 
Fair valuation of forest assets  116  9  143 
Translation difference and other  -53  -63  99 
Statement of Financial Position Total  12,589  12,395  12,710 
Borrowings
EUR million 30 Jun 2026 30 Jun 2025 31 Dec 2025
Bond loans  2,222  3,170  2,530 
Loans from credit institutions  734  1,265  815 
Lease liabilities  476  480  463 
Long-term derivative financial liabilities  1  1  1 
Other non-current liabilities  1  1  1 
Non-current interest-bearing liabilities including current portion  3,434  4,919  3,809 
Short-term borrowings  716  690  609 
Interest payable  51  52  46 
Short-term derivative financial liabilities  33  5  4 
Bank overdrafts  2  22  5 
Total interest-bearing liabilities  4,236  5,687  4,473 
EUR million Q1-Q2/26 Q1-Q2/25 2025
Carrying value at 1 January  4,473  5,779  5,779 
Additions in long-term debt, companies acquired  0  69  69 
Proceeds of new long-term debt  103  488  489 
Repayment of long-term debt  -495  -536  -1,647 
Additions in lease liabilities  21  12  50 
Repayment of lease liabilities and interest  -37  -48  -96 
Change in short-term borrowings  96  39  -50 
Change in interest payable  17  6  10 
Change in derivative financial liabilities  29  -43  -44 
Other  0  3  -32 
Translation differences  29  -81  -55 
Total interest-bearing liabilities  4,236  5,687  4,473 
Financials
S t o r a  E n s o  J a n u a r y – J u n e  2 0 2 6  r e s u l t s  15

===== SIDA 16 =====

Commitments and contingencies
EUR million 30 Jun 2026 31 Dec 2025 30 Jun 2025
On Own Behalf
Guarantees  10  10  10 
Other commitments  6  6  6 
On Behalf of associated companies
Guarantees  3  4  4 
On Behalf of Others
Guarantees  4  6  5 
Other commitments  0  0  0 
Total  23  25  25 
Guarantees  17  19  19 
Other commitments  6  6  6 
Total  23  25  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 30 Jun 2026 31 Dec 2025 30 Jun 2025
Total  89  89  181 
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: 
30 June 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  —  1,102  19  1,121  1,121  —  —  1,121 
Non-current interest-bearing receivables  11  7  —  19  19  —  7  — 
Derivative assets  —  7  —  7  7  —  7  — 
Loan receivables  11  —  —  11  11  —  —  — 
Trade and other operating receivables  740  29  —  769  769  —  29  — 
Current interest-bearing receivables  15  15  10  40  40  —  26  — 
Derivative assets  —  15  2  18  18  —  18  — 
Other short-term receivables  15  —  8  23  23  —  8  — 
Cash and cash equivalents  1,558  —  —  1,558  1,558  —  —  — 
Total  2,324  1,154  29  3,507  3,507  —  62  1,121 
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  3,104  1  —  3,105  3,256  —  1  — 
Derivative liabilities  —  1  —  1  1  —  1  — 
Non-current debt  3,104  —  —  3,104  3,255  —  —  — 
Current portion of non-current debt  329  —  —  329  329  —  —  — 
Current interest-bearing liabilities  761  21  18  800  800  —  39  — 
Derivative liabilities  —  21  18  39  39  —  39  — 
Current debt  761  —  —  761  761  —  —  — 
Trade and other operating payables  1,855  —  —  1,855  1,855  —  —  — 
Bank overdrafts  2  —  —  2  2  —  —  — 
Total  6,051  22  18  6,091  6,242  —  40  — 
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 – J u n e  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: 30 June 2026
EUR million Q1-Q2/26 2025 Q1-Q2/25
Financial assets
Opening balance at 1 January  912  602  602 
Reclassifications  3  0  0 
Gains/losses recognised in income statement  0  1  0 
Gains/losses recognised in other comprehensive income  207  300  22 
Additions  0  13  1 
Disposals  0  -3  -1 
Closing balance  1,121  912  624 
The Group did not have level 3 financial liabilities as at 30 June 2026.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 1,077 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 +96 million and -96 million, respectively. A +/- 
percentage point change in the discount rate would change the valuation by EUR -185 million and +247 
million, respectively.
Key exchange rates for the euro
One Euro is Closing Rate Average Rate (Year-to-date)
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
SEK  11.0935  10.8215  10.7881  11.0647 
USD  1.1394  1.1750  1.1670  1.1293 
GBP  0.8618  0.8726  0.8673  0.8566 
Financials
S t o r a  E n s o  J a n u a r y – J u n e  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 Q3/26¹ Q2/26² Q1/26 Q4/25 Q3/25 Q2/25
Total maintenance impact 110–120  71  83  113  110  95 
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 Q2/2026 was EUR 70–80 million.
External deliveries
Q2/26 Q2/25
Change %
Q2/26–
Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Consumer board, 1,000 tonnes 767  737  4.2 % 775 1,543  1,423  2,852 
Containerboard, 1,000 tonnes 362  344  5.3 % 345 708  674  1,296 
Corrugated packaging Europe, million m2 315  323  -2.6 % 293 608  610  1,216 
Market pulp, 1,000 tonnes 484  501  -3.3 % 432 916  1,036  2,019 
Wood products, 1,000 m3 1,230  1,197  2.7 % 1,118 2,348  2,249  4,440 
Wood, 1,000 m3 3,390  3,298  2.8 % 3,632 7,022  6,944  13,255 
Paper, 1,000 tonnes 141  133  6.5 % 147 288  270  561 
Stora Enso shares
During the second quarter of 2026, the conversions of 8,079 A shares into R shares were recorded in the 
Finnish trade register.
On 30 June 2026, Stora Enso had 175,534,144 A shares and 613,085,843 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 236,842,728.
Trading volume
Helsinki Stockholm
A share R share A share R share
April 97,333 31,824,345 69,077 4,667,963
May 134,182 31,996,028 39,685 4,410,526
June 61,100 43,142,850 42,702 5,413,129
Total 292,615 106,963,223 151,464 14,491,618
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
April  9.70  9.46  102.00  102.70 
May  10.15  10.05  108.00  108.20 
June  9.42  9.33  103.00  103.50 
Number of shares
Million Q2/26 Q2/25 Q1/26 2025
At period end  788.6  788.6  788.6  788.6 
Average  788.6  788.6  788.6  788.6 
Average, diluted  790.3  789.7  790.1  789.7 
Financials
S t o r a  E n s o  J a n u a r y – J u n e  2 0 2 6  r e s u l t s  18

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

Sales by segment – total
EUR million Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25
Consumer Packaging  985  970  3,692  900  945  953  894 
Integrated Packaging  599  572  2,359  564  584  626  586 
Biomaterials  410  353  1,558  378  358  407  416 
Other  631  641  2,497  606  588  658  645 
Inter-segment eliminations  -202  -179  -780  -194  -191  -217  -178 
Total  2,423  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 Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25
Consumer Packaging  937  927  3,510  849  901  905  855 
Integrated Packaging  577  552  2,274  542  564  602  566 
Biomaterials  321  282  1,233  302  280  309  342 
Other  588  596  2,310  561  539  610  600 
Total  2,423  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 Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25
Consumer Packaging  48  59  88  -7  41  4  51 
Integrated Packaging  -3  1  53  26  -18  25  20 
Biomaterials  31  35  219  83  36  38  62 
Other  -54  -11  580  369  173  4  34 
Inter-segment eliminations  -6  2  2  6  -1  -7  4 
Operating result (IFRS)  16  85  942  476  231  64  171 
Net financial items  -42  -41  -159  -47  -29  -44  -39 
Result before tax  -26  43  783  430  202  20  132 
Income tax expense  15  -8  -97  -66  -1  -5  -25 
Net result  -11  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 Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25
Consumer Packaging  64  65  129  -2  54  22  55 
Integrated Packaging  29  28  74  29  -9  33  22 
Biomaterials  65  39  185  45  38  42  59 
Other  7  25  138  22  44  37  35 
Inter-segment eliminations  -6  2  2  6  -1  -7  4 
Adjusted EBIT  160  159  528  100  126  126  175 
Fair valuations and non-
operational items  -61  -18  434  466  -11  -27  7 
Items affecting comparability  -83  -56  -19  -90  117  -35  -11 
Operating result (IFRS)  16  85  942  476  231  64  171 
Net financial items  -42  -41  -159  -47  -29  -44  -39 
Result before Tax  -26  43  783  430  202  20  132 
Income tax expense  15  -8  -97  -66  -1  -5  -25 
Net result  -11  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 Q2/26 Q2/25
Change %
Q2/26–
Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Adjusted EBITDA  320  279  14.5%  309 628 599  1,144 
Depreciation and silviculture costs of 
associated companies  -5  -6  2.6%  -2 -8 -7  -14 
Silviculture costs1  -20  -25  21.4%  -20 -40 -50  -120 
Depreciation and impairment excl. IAC  -135  -123  -9.8%  -127 -262 -240  -483 
Adjusted EBIT  160  126  26.8%  159 319 301  528 
Fair valuations and non-operational items  -61  -27  -123.8 % -18 -79 -21  434 
Items affecting comparability (IAC)  -83  -35  -136.3 % -56 -138 -46  -19 
Operating result (IFRS)  16  64  -74.7 % 85 101 235  942 
1 Including damages to forests     
Financials
S t o r a  E n s o  J a n u a r y – J u n e  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
Q2/26 Q1-Q2/26 Q2/25 Q1-Q2/25
EUR million Income statement Before tax Income tax Before tax Income tax Before tax Income tax Before tax Income tax
Acquisition & disposal Other operating expenses  -9  0  -17  0  -5  0  -9  0 
Impairment Depreciation, amortisation and impairments  -43  10  -56  12  -8  2  -7  1 
Impairment Share of results of associated companies  0  0  -12  0  0  0  0  0 
Restructuring Other operating expenses  -12  2  -28  6  -12  2  -22  5 
Restructuring Materials and services  -4  1  -10  2  -10  2  -10  2 
Environmental Other operating expenses  0  0  0  0  0  0  2  0 
Environmental Materials and services  -10  2  -10  2  0  0  0  0 
Other Other operating expenses  -5  1  -5  1  0  0  0  0 
Total Operating result  -83  16  -138  23  -35  6  -46  8 
The impact on non-controlling interests (NCI) is considered immaterial.
Items affecting comparability by segment
EUR million Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Consumer Packaging  -9  -10  -2  -11  -11  -46 
Integrated Packaging  -28  -5  -25  -53  -5  -21 
Biomaterials  -22  0  0  -23  -1  -5 
Other  -23  -20  -28  -51  -29  52 
IAC on operating result  -83  -35  -56  -138  -46  -19 
Tax on IAC  16  6  7  23  8  28 
IAC on net result  -66  -29  -49  -115  -38  9 
Comparative figures have been restated according to the new segment structure.
Items affecting comparability Q2/26
Consumer Packaging
Q2/26: Restructuring costs of EUR -4 million, mostly related to operations in Finland, and claims and 
penalties of EUR -5 million.
Q2/25: Restructuring costs of EUR -10 million, mainly related to operations in Finland.
Integrated Packaging
Q2/26: impairments of EUR -27 million, mainly related to Western Europe operations and restructuring costs 
of EUR -1 million.
Q2/25: Restructuring costs of EUR -5 million.
Biomaterials
Q2/26: Restructuring costs and impairments of EUR -22 million, mostly related to operations in Sweden.
Other
Q2/26: Restructuring costs of EUR -5 million, EUR -9 million related to acquisitions and disposals, mostly 
related to potential demerger of Swedish forest and environmental items of EUR -10 million, mostly related 
to increased harvesting and other costs following the storm in Sweden in the end of 2025. 
Q2/25: EUR -4 million of consulting costs related to profit improvement programme, restructuring costs of 
EUR -10 million, mainly related to closed operations, acquisition related costs of EUR -5 million and disposals 
related costs of EUR -1 million.
Financials
S t o r a  E n s o  J a n u a r y – J u n e  2 0 2 6  r e s u l t s  20

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

Fair valuations and non-operational items
Q2/26 Q1-Q2/26 Q2/25 Q1-Q2/25
EUR million Income statement Before tax Income tax Before tax Income tax Before tax Income tax Before tax Income tax
Non-operational FV changes of biological assets Change in net value of biological assets  -50  11  -53  11  -14  3  -9  2 
CO2 emission rights and liabilities Other operating income, Materials and services  6  -1  -2  0  3  -1  10  -2 
Non-operational items of associated companies Share of results of associated companies  -16  -22  -16  -21 
Adjustments for differences between fair value and acquisition 
cost of forest assets upon disposal Other operating income  2  0  -2  0  0  0 
Total Operating result  -61  10  -79  12  -27  2  -21  0 
Financial items of associated companies Share of results of associated companies  4  7  4  6 
Income tax of associated companies Share of results of associated companies  4  8  4  7 
Total Net result for the period  -57  14  -73  20  -24  6  -15  7 
The impact on non-controlling interests (NCI) is considered immaterial.
Fair valuations and non-operational items by segment
EUR million Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Consumer Packaging  -7  -8  -4  -11  -11  5 
Integrated Packaging  -4  -3  -1  -5  -4  -1 
Biomaterials  -12  -4  -4  -16  0  40 
Other  -38  -13  -9  -47  -5  390 
FV on operating result  -61  -27  -18  -79  -21  434 
FV on financial items  4  4  3  7  6  11 
Tax on FV  14  6  6  20  7  -76 
FV on net result  -44  -17  -9  -53  -8  369 
Comparative figures have been restated according to the new segment structure.
Fair valuations in Q2/26
Consumer Packaging: Non-operational fair valuation changes of biological assets and non-operational 
items of associated companies of EUR -7 (-8) million.
Integrated Packaging: Non-operational items of associated companies of EUR -4 (-3) million.  
Biomaterials: Non-operational fair valuation changes of biological assets and non-operational items of 
associated companies of EUR -12 (-4) million.
Other: Non-cash income and expenses related to CO2 emission rights and liabilities and non-operational 
fair valuation changes of biological assets of EUR -38 (13) million.
Financials
S t o r a  E n s o  J a n u a r y – J u n e  2 0 2 6  r e s u l t s  21

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

Forest assets
EUR million Q2/26 Q2/25 Q1/26 Q4/25
Forest assets in subsidiaries and joint operations  6,662  7,333  6,629  6,641 
Forest assets in associated companies  1,719  1,502  1,719  1,702 
Leased forest land (right-of-use assets)  137  155  136  134 
Total Forest assets  8,518  8,990  8,484  8,478 
Calculation of adjusted ROCE and ROE based on the last 12 months
EUR million Q2/26 Q2/25 Q1/26 Q4/25
Adjusted EBIT, LTM  545  597  511  528 
Capital employed, LTM average  13,909  14,032  13,888  13,864 
Adjusted ROCE, LTM  3.9%  4.3%  3.7%  3.8% 
Net result for the period, LTM  588  -172  614  686 
Total equity, LTM average  10,602  10,302  10,318  10,259 
Return on equity (ROE), LTM  5.5%  -1.7%  6.0%  6.7% 
Net debt  2,619  3,988  3,535  3,181 
Adjusted EBITDA, LTM  1,173  1,212  1,133  1,144 
Net debt to LTM adjusted EBITDA ratio  2.2  3.3  3.1  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 Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025
Net profit for the period attributable to owners of the 
Parent  -13  24  32  19  137  695 
Accumulated interest expenses on hybrid bond 
after taxes of the period  -10  -10 
FV on net profit for the period attributable to owners 
of the Parent  -44  -17  -9  -53  -8  369 
Net profit for the period attributable to owners of 
the parent 
excl. FV 21 41 41 62 145 327
Average number of shares  789  789  789  789  789  789 
Earnings per share (EPS) excl. FV EUR  0.03  0.05  0.05  0.08  0.18  0.41 
Calculation of net debt
EUR million 30 Jun 2026 30 Jun 2025 31 Mar 2026 31 Dec 2025
Listed securities  0  9  0  0 
Non-current interest-bearing receivables  19  20  19  14 
Interest-bearing receivables  40  100  48  67 
Cash and cash equivalents  1,558  1,570  1,011  1,212 
Interest-bearing assets  1,617  1,699  1,078  1,293 
Non-current interest-bearing liabilities  3,105  3,580  3,304  3,557 
Current portion of non-current debt  329  1,339  425  253 
Interest-bearing liabilities  800  747  879  659 
Bank overdrafts  2  22  5  5 
Interest-bearing Liabilities 4,236 5,687 4,613 4,473
Net debt  2,619  3,988  3,535  3,181 
Financials
S t o r a  E n s o  J a n u a r y – J u n e  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
Fannys väg 1
SE-131 54 Nacka, Sweden
Tel. +46 1046 000 00
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–September 2026 results will be published on
30 October 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 – J u n e  2 0 2 6  r e s u l t s  23