FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== SIDA 1 =====
Interim Report Q3
January–September 2025
Results summary 2
Outlook 3
CEO comment 4
Group results 5
Segment results 9
Sensitivity analysis and short-term risks 12
Legal proceedings 12
Sustainability 13
Events 14
Resolutions by the AGM 15
Shareholders' Nomination Board 15
Financials 16
IFRS section 16
Alternative performance measures 27
Contacts 32
On the cover: Liquid packaging board, containerboard, and food service board
===== SIDA 2 =====
Good progress in a challenging market environment
Quarterly financial highlights
(compared with Q3/24)
• Sales increased by 1% to EUR 2,283 (2,261) million, mainly due to the
acquisition of Junnikkala and the consumer board line ramp-up at the
Oulu site.
• Adjusted EBIT decreased by 28% to EUR 126 (175) million, driven by the
ramp-up of the new line in Oulu, impacting the Q3 result negatively by
EUR 45 million. The adjusted EBIT margin decreased to 5.5% (7.8%).
• Operating result (IFRS) was EUR 231 (139) million, including items affecting
comparability of EUR 117 million, and fair valuations and other non-
operational items of EUR -11 million.
• Earnings per share were EUR 0.25 (0.11) and earnings per share excl. fair
valuations (FV) were EUR 0.26 (0.10).
• The fair value of the forest assets was EUR 8.3 (8.8) billion, equivalent to
EUR 10.50 per share, reflecting the impact of the forest asset divestment
in Sweden.
• Cash flow from operations amounted to EUR 223 (271) million, impacted
by the lower profit.
• The net debt to adjusted EBITDA (LTM) ratio improved to 2.7 (3.1).
• Adjusted ROCE excluding the Forest segment (LTM) was 2.8% (2.7%).
January–September 2025 results
(compared with January–September 2024)
• Sales were EUR 7,072 (6,727) million.
• Adjusted EBIT was EUR 427 (478) million.
• Operating result (IFRS) was EUR 466 (372) million.
• Earnings per share (EPS) were EUR 0.42 (0.26) and EPS excl. fair valuations
(FV) was EUR 0.44 (0.25).
• Cash flow from operations amounted to EUR 560 (863) million. Cash flow
after investing activities was EUR -26 (-15) million.
Key highlights
• The divestment of approximately 175,000 hectares of forest land in
Sweden, equivalent of 12.4% of Stora Enso's Swedish forest assets, was
completed in September. The enterprise value of the transaction was
SEK 9.8 billion, equivalent to approximately EUR 900 million.
• The strategic review of the Group's remaining forest assets in Sweden,
initiated in July, is progressing. The review includes assessing a potential
separation and public listing of the forest assets.
• 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.
• In October, Stora Enso and the International Union for Conservation of
Nature (IUCN) launched a science-based framework to enable nature
positive forestry. It guides informed prioritisation of biodiversity actions,
ensuring that the most urgent threats to biodiversity are addressed first.
• The second instalment of dividend, EUR 0.12 per share, was paid on
2 October.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12% Net debt to adjusted EBITDA (LTM)
Net debt, MEUR
Net debt to adjusted EBITDA, LTM
Target <2.0
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0 Adjusted ROCE excl. Forest (LTM)
Adjusted ROCE excl. Forest segment, LTM, %
Target >13%Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
-5%
0%
5%
10%
15%
Summary
LTM = Last 12 months. The calculation method is explained in the Annual Report.
S t o r a E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 2
===== SIDA 3 =====
Outlook and focus for 2025
Stora Enso expects market demand to remain subdued and
challenging, affected by low consumer confidence and
heightened macroeconomic and geopolitical uncertainty.
Guidance
The ramp-up of the consumer board line at the Oulu site in Finland
continues, and the production volumes are gradually increasing. However,
volumes are somewhat behind the original schedule. Despite this, the
target of reaching EBITDA break-even by year-end is unchanged. As a
result, the EBIT impact for Q4 will be higher than initially anticipated – now
estimated at a negative EUR 15–35 million. The full year EBIT impact
estimated to be approximately negative EUR 120–140 million. The line is
expected to reach full capacity during 2027.
Starting in the fourth quarter, the completed divestment of the forest
assets in Sweden will have an annual adverse impact of EUR 25 million,
approximately EUR 6 million per quarter, on the Forest segment's results.
The Group's capital expenditure forecast for the full year of 2025 is EUR
730–790 million.
Fourth quarter profitability will be impacted by planned maintenance
stops, which are expected to be at similar levels as in the third quarter. See
the section Maintenance for more details.
Focus for 2025
• Continue proactive, systematic, and determined work across the whole
Group to improve profitability, cash flow, and cost competitiveness
through activities related to sourcing, operational efficiency, commercial
excellence, working capital, and fixed costs.
• Continue to build a leaner and flatter organisation, sharpening the focus
on renewable packaging as the core business. The new streamlined
structure not only enhances customer centricity and operational
efficiency through deeper integration, but also unlocks further
performance potential.
• Transition to a more integrated business model across the Nordic
packaging board mills to improve the entire value chain and customer-
centricity.
• After successfully completing the sale of 12.4% of the Swedish forest
assets, continue the strategic review of the remaining Swedish forest
assets, including assessment of a potential separation and public listing.
• Ramp up production and leverage the EUR 1 billion investment in the new
packaging board line at the integrated mill in Oulu, Finland, to further
strengthen Stora Enso’s competitive position.
Outlook from Q3/2025 to Q4/2025
Markets remain challenging, with low consumer confidence.
The direct impact of the US tariffs remains modest as Stora Enso's direct
sales to the USA account for only just below 3% of total group sales (2024).
While tariffs impacting global trade present both risks and opportunities,
the primary concern lies in their broader implications for economic
conditions and trade flows. Indirect effects – such as weakening consumer
confidence and an increase in Chinese exports to Europe – continue to
weigh on the markets.
Market outlook continues weak due to suppressed end-user demand,
which is leading to weakening order inflow and lower volumes particularly
in the packaging businesses. Market prices remain under persistent
downward pressure as supply continues to surpass demand.
Market demand for pulp remains weak, driven by ongoing market
uncertainty. Market pulp prices are stable at low levels, and with demand
continuing to lag. Prices are expected to stay flat or show only limited
movement for the remainder of the year.
Demand in the wood products markets remains low. The construction
market outlook continues to be weak, and the European construction
confidence index remains negative. In addition, rising log costs in Central
Europe are putting further pressure on margins.
The Forest segment continues to deliver solid financial performance. Fiber
costs are expected to remain high, even though wood prices have
decreased slightly.
Outlook
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 3
===== SIDA 4 =====
CEO comment
During the third quarter of 2025, Stora Enso continued to
execute on its strategy and profit improvement actions. While
the market continues to be challenging and demand subdued,
we focused on the areas within our control.
The improvement actions remained the same – driving operational
efficiency, cost competitiveness, and commercial excellence across the
Group. In addition, we continue to work on further focusing our portfolio on
growth in our core renewable packaging business and operations
supporting it.
A major milestone in the quarter was the completion of the divestment of
approximately 175,000 hectares of forest land in Sweden, representing
12.4% of our total forest holdings. The transaction, with an enterprise value
of SEK 9.8 billion (equivalent to approximately EUR 900 million), in line with
forest book value, strengthens our balance sheet and improves our
financial flexibility.
We also made progress on the strategic review of our remaining 1.2 million
hectares of Swedish forest assets announced in June 2025, including the
assessment of a potential separation and public listing. The review aims
to evaluate ways to unlock further value for our shareholders and
strengthen our focus.
The ramp-up of the new consumer board line at our Oulu site in Finland
continues, with production volumes gradually increasing. While the ramp-
up has, and will continue to, weigh on profitability in the short term, we
remain confident that the Oulu board line will deliver industry-leading
quality and cost competitiveness once fully operational. We target EBITDA
break-even by the end of the year.
Adjusted EBIT for the quarter was EUR 126 million. Excluding the EUR 45
million impact from the Oulu ramp-up, profitability would have been
comparable to the same quarter last year, reflecting a stable underlying
performance despite persistent market headwinds.
Demand continued to be subdued due to low consumer confidence, and
delivery volumes were relatively low, particularly in containerboard and
biomaterials. Despite these challenges, we have intensified our own
actions to improve and safeguard profitability, including a strengthened
P&L responsibility in business areas, a leaner, more customer-focused
organisation, and targeted efficiency programmes. Our net debt to
adjusted EBITDA ratio improved to 2.7 from 3.1 a year ago, reflecting the
positive impact of the forest asset divestment.
"We will continue our systematic efforts to
improve profitability and cash flow, whilst we
expect market conditions to continue to be
subdued and challenging."
Looking ahead, we will continue our systematic efforts to improve
profitability and cash flow, whilst we expect market conditions to continue
to be subdued and challenging. The strategic review of the Swedish forest
assets and ramp-up of Oulu continue to be priorities.
Thanks to the dedication of our teams, we are now laying the foundation
for a stronger, more focused company—one that is better positioned to
deliver long-term value. As we reshape the company, the work being
done today will define a more resilient and competitive future for Stora
Enso.
Hans Sohlström
President and CEO, Stora Enso
CEO comment
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 4
===== SIDA 5 =====
Group result Q3/2025
(compared with Q3/2024)
Key figures
EUR million Q3/25 Q3/24
Change %
Q3/25–
Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Sales 2,283 2,261 1.0 % 2,426 7,072 6,727 9,049
Adjusted EBITDA 291 328 -11.4 % 279 889 938 1,223
Adjusted EBITDA margin 12.7 % 14.5 % 11.5 % 12.6 % 13.9 % 13.5 %
Adjusted EBIT 126 175 -28.2 % 126 427 478 598
Adjusted EBIT margin 5.5 % 7.8 % 5.2 % 6.0 % 7.1 % 6.6 %
Operating result (IFRS) 231 139 65.8 % 64 466 372 93
Result before tax (IFRS) 202 98 105.3 % 20 354 235 -118
Net result for the period (IFRS) 201 84 138.7 % 15 323 195 -183
Cash flow from operations 223 271 -17.5 % 145 560 863 1,187
Cash flow after investing activities 57 4 n/m -37 -26 -15 74
Capital expenditure 144 229 -37.4 % 218 487 741 1,090
Capital expenditure excluding
investments in biological assets 128 210 -38.8 % 202 439 684 1,009
Depreciation and impairment charges
excl. IAC 117 125 -5.9 % 123 358 376 501
Net debt 3,215 3,528 -8.9 % 3,988 3,215 3,528 3,707
Forest assets¹ 8,277 8,758 -5.5 % 8,990 8,277 8,758 8,894
Adjusted return on capital employed
(ROCE), LTM² 3.9% 3.7% 4.3% 3.9% 3.7% 4.3%
Adjusted ROCE excl. Forest segment,
LTM² 2.8% 2.7% 3.3% 2.8% 2.7% 3.6%
Earnings per share (EPS) excl. FV, EUR 0.26 0.10 149.8 % 0.05 0.44 0.25 -0.56
EPS (basic), EUR 0.25 0.11 125.7 % 0.03 0.42 0.26 -0.17
Return on equity (ROE), LTM² -0.5% -1.2% -1.7% -0.5% -1.2% -1.7%
Net debt/equity ratio 0.30 0.33 0.39 0.30 0.33 0.37
Net debt to LTM² adjusted EBITDA ratio 2.7 3.1 3.3 2.7 3.1 3.0
Equity per share, EUR 13.47 13.73 -1.9 % 12.81 13.47 13.73 12.86
Average number of employees (FTE) 19,409 19,364 0.2 % 19,136 18,996 19,405 19,233
1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies
2 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.
Breakdown of change in sales
Sales Q3/2024, EUR million 2,261
Price and mix 0%
Currency -1%
Volume -2%
Other sales1 1%
Total before structural changes -1%
Structural changes2 2%
Total 1%
Sales Q3/2025, EUR million 2,283
1 Energy, paper for recycling (PfR), by-products etc. 2 Asset closures, major investments, divestments and acquisitions
Group sales
Sales increased 1%, mainly due to the structural changes related to the ramp-up of the consumer board line in Oulu
and the Junnikkala acquisition. This was partly offset by lower volumes for continuing operations.
Adjusted EBIT
Adjusted EBIT decreased 28%, or EUR 49 million, driven by the ramp-up of the new line in Oulu.
Higher prices, and active mix management increased profitability by EUR 12 million, which was only partly offset by
the negative EUR 3 million impact from lower volumes.
Variable costs were flat as higher fiber costs were offset by lower energy and chemical costs. Fixed costs
decreased EUR 30 million due to good cost control and lower maintenance activity.
Net foreign exchange rates had a negative EUR 20 million impact. The impact from depreciations, associated
companies and other was a negative EUR 33 million, impacted by the EUR 10 million insurance compensation a year
ago.
Operating result (IFRS)
Operating result (IFRS) increased by EUR 92 million. Fair valuations and non-operational items (FV) had an adverse
impact on the operating result of EUR 11 (0) million. Items affecting comparability (IAC) had a positive impact of EUR
117 (adverse impact of 36) million on the operating result.
Other
Net financial items amounted to EUR -29 (-41) million, an improvement of EUR 12 million. The improvement was
mainly driven by the receipt of the final instalment of receivables from the divestment of the Russian packaging
sites in the third quarter, which positively impacted financial items through impairment loss reversals totalling EUR
12 million.
Net debt to LTM adjusted EBITDA improved to 2.7 (3.1), reflecting the positive impact of the forest asset divestment.
Group result
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 5
===== SIDA 6 =====
Third quarter 2025 results
(compared with Q2/2025)
Sales
Group sales decreased 6% or EUR 143 million to EUR 2,283 (2,426) million. This
was mainly due to lower deliveries, particularly in the seasonally weaker
Wood Products and Forest segments, and lower prices. Foreign exchange
rates had a negative impact on topline, offset by the structural changes
related to the Junnikkala acquisition and the ramp-up of the new line at
the Oulu site.
Adjusted EBIT
Adjusted EBIT remained unchanged at EUR 126 (126) million. The adjusted
EBIT margin increased to 5.5% (5.2%). Lower sales prices decreased
adjusted EBIT by EUR 29 million, and volumes by EUR 11 million. Variable costs
were EUR 22 million lower, mainly due to lower pulpwood and energy costs.
Fixed costs were EUR 38 million lower, mainly due to seasonality, good cost
control, and lower personnel costs related to lower volumes. Net foreign
exchange rates had a negative EUR 19 million impact on adjusted EBIT.
Structural changes had a positive EUR 5 million impact. The impact from
depreciations, associated companies and other was a negative
EUR 6 million.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12%
January–September 2025 results
(compared with January–September 2024)
Sales
Group sales increased 5%, or EUR 345 million to EUR 7,072 (6,727) million,
mainly due to higher deliveries in all segments, partially impacted by the
Finnish political strike in 2024. Sales prices and active mix management
increased topline in all other segments except Biomaterials. The structural
changes had a positive impact as the Junnikkala acquisition and the
consumer board line ramp-up in Oulu increased topline.
Adjusted EBIT
Adjusted EBIT decreased EUR 51 million to EUR 427 (478) million, driven by the
ramp-up of the Oulu consumer board line. The adjusted EBIT margin
decreased to 6.0% (7.1%). Higher sales prices increased profitability by EUR
130 million. Higher variable costs decreased adjusted EBIT by EUR 149 million,
mainly due to wood costs. Fixed costs were EUR 42 million lower.
Net foreign exchange rates had a positive EUR 15 million impact on
profitability. The impact from depreciations, associated companies and
other, had a negative impact of EUR 12 million on adjusted EBIT.
Operating result (IFRS) was EUR 466 (372) million.
Fair valuations and non-operational items (FV) had a negative net impact
on the operating result of EUR 32 (4) million. Items affecting comparability
(IAC) had a positive impact of EUR 71 (negative impact of 102) million on
the operating result.
Group result
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 6
===== SIDA 7 =====
Cash flow Q3/2025
(compared with Q3/2024)
Cash flow (non-IFRS)
EUR million Q3/25 Q3/24
Change %
Q3/25–
Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Adjusted EBITDA 291 328 -11.4 % 279 889 938 1,223
IAC on adjusted EBITDA 120 -35 n/m -27 81 -93 -125
Other adjustments -210 -50 n/m -47 -269 -113 -194
Change in working capital 23 28 -17.2 % -61 -142 130 283
Cash flow from operations 223 271 -17.5 % 145 560 863 1,187
Cash spent on fixed and biological assets -166 -267 37.6 % -181 -586 -877 -1,113
Acquisitions of associated companies 0 0 98.9 % 0 0 0 -1
Cash flow after investing activities 57 4 n/m -37 -26 -15 74
Cash flow after investing activities was negatively impacted by lower profitability but benefited from lower fixed
assets outflows related to Oulu as compared to Q3/24. IAC and other adjustments are mainly related to the sale of
Swedish forest assets. Payments related to the previously announced provisions amounted to EUR 8 million.
Capital expenditure Q3/2025
(compared with Q3/2024)
Additions to fixed and biological assets totalled EUR 144 (229) million, of which EUR 128 (210) million were fixed assets
and EUR 15 (19) million biological assets.
Depreciations and impairment charges excluding IACs totalled EUR 117 (125) million. Additions in fixed and biological
assets had a cash outflow impact of EUR 166 (267) million, mainly related to the Oulu project in the comparative
period.
Capital expenditure by segment
EUR million Q3/25 Q1-Q3/25 Q3/24 Main investment projects
Investment to
be finalised
Packaging Materials 57 286 152 Oulu consumer board investment in Finland 2025
Packaging Solutions 14 33 11
Biomaterials 47 115 46 Skutskär fluff pulp, winder and roll handling in Sweden 2025
Wood Products 17 30 9
Forest 6 18 4
Other 2 4 7
Total 144 487 229
Capital expenditure and depreciation forecast 2025
EUR million Forecast 2025
Capital expenditure 730–790
Depreciation and depletion of capitalised silviculture costs 550–600
Stora Enso’s capital expenditure forecast includes approximately EUR 75 million for the Group's forest assets. The
depletion of capitalised silviculture costs is forecast to be EUR 75–85 million.
Cash flow and capex
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 7
EUR million
Cash flow
Cash flow from operations
Cash flow after investing activitiesQ2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
-150
0
150
300
450
===== SIDA 8 =====
Capital structure Q3/2025
EUR million 30 Sep 2025 30 Jun 2025 31 Dec 2024 30 Sep 2024
Fixed assets1 13,392 14,025 13,846 14,326
Associated companies 1,086 949 954 936
Operating working capital, net2 523 494 308 492
Non-current interest-free items, net -229 -268 -220 -243
Operating capital total3 14,772 15,200 14,888 15,510
Net tax liabilities -1,080 -1,261 -1,192 -1,262
Capital employed3 13,692 13,939 13,696 14,249
Equity attributable to owners of the Parent3 10,624 10,100 10,139 10,826
Non-controlling interests3 -147 -149 -150 -106
Net debt 3,215 3,988 3,707 3,528
Financing total3 13,692 13,939 13,696 14,249
1 Fixed assets include goodwill, other intangible assets, property, plant and equipment, right-of-use assets, forest assets, emission rights, and unlisted securities.
2 Operating working capital, net includes inventories, trade receivables, trade payables and all other short-term operating receivables, payables, accruals, and provisions.
3 Including assets held for sale and related liabilities.
Compared with Q2/2025
Net debt decreased by EUR 774 million to EUR 3,215 (3,988) million during the third quarter, reflecting the positive
impact of the forest asset divestment. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 2.7 (3.3).
The net debt/equity ratio on 30 September 2025 decreased to 0.30 (0.39). The average interest expense rate on
borrowings at the reporting date was 3.8% (3.3%). Cash and cash equivalents net of overdrafts increased by EUR 647
million to EUR 2,195 million.
During the third quarter, Stora Enso repaid a EUR-denominated bond of EUR 125 million.
Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 30 September 2025.
Compared with Q3/2024
Operating working capital, i.e., Inventories, trade receivables and trade payables, increased by EUR 37 million. Other
operating working capital decreased by EUR 5 million.
Credit ratings
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 17 July 2025
Moody’s Baa3 (stable) / P-3 21 November 2024
Valuation of forest assets
Compared with Q2/2025
The value of total forest assets, including leased land and Stora Enso's share of forest assets in associated
companies, decreased by EUR 713 million to EUR 8,277 (8,990) million. The decrease was mainly due to the
divestment of forest land in Sweden.
Compared with Q3/2024
The fair value of total forest assets decreased by EUR 481 million to EUR 8,277 (8,758) million. The fair value of
biological assets, including Stora Enso's share of biological assets in associated companies, increased by EUR 11
million to EUR 6,169 (6,158) million. This was mainly a result of increases in estimated wood prices. The value of forest
land, including leased land and Stora Enso's share of associated companies, decreased by EUR 492 million to EUR
2,108 (2,600) million. This decrease in forest land value was mainly due to the divestment of forest land in Sweden
and an increase in the discount rate.
Capital structure
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 8
EUR billion
Forest asset value
Forest land (including leased land)Biological assets
Q3/21
Q4/21
Q1/22
Q2/22
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
0.0
2.0
4.0
6.0
8.0
10.0
===== SIDA 9 =====
Segment overview
Segments
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 9
EUR million
Adjusted EBIT by segment, Q3/2025
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-20
-10
0
10
20
30
40
50
60
70
80
External sales by segment, Q3/2025
48%
11%
12%
17%
12%
0.4%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Packaging Materials
A global leader and expert partner in circular packaging providing premium
packaging boards, made from virgin and recycled fiber.
Packaging Solutions
A packaging converter that produces premium fiber-based packaging
products for leading brands across multiple market areas, including retail, e-
commerce, and industrial applications.
Biomaterials
Foundation built on pulp, with the aim of becoming customers’ first choice in
selected grades. The segment also leverages all fractions to create
innovative bio-based solutions, that replace fossil-based and other non-
renewable materials.
Wood Products
Europe’s largest sawn timber producer and a leading provider of sustainable
wood-based solutions for the global building sector. Provides the building
sector with renewable and low-carbon wood-based solutions that help
decarbonise the built environment.
Forest
Responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations
as well as for B2B customers. Manages the Group’s forest assets and a 41%
share in Tornator, whose forests are primarily located in Finland.
Segment Other
Includes the reporting of the emerging businesses as well as Stora Enso’s
shareholding in Pohjolan Voima (PVO), and the Group's shared services and
administration.
External sales by destination, FY 2024
14%
9%
7%
6%
6%
28%
10%
3%
18%
Sweden
Germany
Finland
Poland
The Netherlands
Other Europe
China
USA
Other countries
EUR million
Adjusted EBIT by segment, FY 2024
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-80
-40
0
40
80
120
160
200
240
280
320
External sales by segment, FY 2024
46%
11%
14%
15%
13%
1%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Information about production and deliveries is available in the section Production and deliveries. Information about production capacities is available in the Annual Report.
External sales by destination, FY 2024
69%
17%
6%
4%2%1%
Europe
Asia
Americas
Middle East
Africa
Oceania
===== SIDA 10 =====
Packaging Materials
Value creation actions mitigated the impact of the challenging market conditions
• Sales decreased driven by slightly lower consumer board prices and adverse currency effects from a weaker US
dollar. These were only partially offset by sales from the new production line at the Oulu site.
• Adjusted EBIT decreased due to start-up costs related to the new production line at the Oulu site. Fiber costs
remained high and logistics expenses and trade tariffs increased. These were mitigated by value creation
initiatives.
• As order inflow weakened further, capacity and cost levels were actively managed to align with demand.
Key figures: Packaging Materials
EUR million Q3/25 Q3/24
Change %
Q3/25–
Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Sales 1,128 1,169 -3.5 % 1,159 3,446 3,407 4,502
Adjusted EBITDA 120 147 -18.5 % 99 351 400 472
Adjusted EBIT1 36 73 -51.0 % 29 127 178 172
Adjusted EBIT margin 3.2 % 6.3 % 2.5 % 3.7 % 5.2 % 3.8 %
Operating result (IFRS) 23 62 -63.0 % 17 100 133 -169
Adjusted ROOC, LTM 3.3 % 3.8 % 4.4 % 3.3 % 3.8 % 4.9 %
Cash flow from operations 34 130 -73.9 % 95 214 353 462
Cash flow after investing activities -40 -56 27.7 % -27 -154 -283 -323
Board and paper deliveries, 1,000 tonnes1 1,255 1,256 -0.1 % 1,290 3,779 3,746 4,920
Board and paper production, 1,000 tonnes 1,289 1,304 -1.2 % 1,289 3,868 3,809 4,916
1 The comparative Q3/24 deliveries have been restated.
Packaging Solutions
Positive results despite ongoing market challenges
• Sales increased slightly. Sales prices increased due to improved product mix offsetting a slight decline in
volumes.
• Adjusted EBIT improved supported by higher sales, improved margins driven by value creation initiatives, and
reduced depreciation following the impairments announced in December 2024.
• Market conditions remained challenging. Actions to improve product and customer mix, along with continuing
cost efficiency measures, helped protect margins despite overcapacity.
Key figures: Packaging Solutions
EUR million Q3/25 Q3/24
Change %
Q3/25–
Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Sales 263 262 0.5 % 272 775 740 987
Adjusted EBITDA 18 13 35.6 % 20 59 50 62
Adjusted EBIT 2 -6 124.5 % 3 10 -9 -15
Adjusted EBIT margin 0.6 % -2.5 % 1.1 % 1.3 % -1.2 % -1.5 %
Operating result (IFRS) -5 -8 38.6 % -2 -1 -15 -394
Adjusted ROOC, LTM 0.5 % -0.3 % -0.6 % 0.5 % -0.3 % -1.6 %
Cash flow from operations 12 24 -50.2 % 20 38 54 78
Cash flow after investing activities -3 14 -118.0 % 8 2 22 31
Corrugated packaging European deliveries,
million m² 312 317 -1.5 % 326 929 926 1,217
Corrugated packaging European production,
million m² 284 300 -5.4 % 302 880 888 1,157
Segments
For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 10
===== SIDA 11 =====
Biomaterials
Challenging market conditions, pricing stabilised at low levels
• Sales decreased, due to lower sales prices and adverse currency movements, partially offset by increased
volumes.
• Adjusted EBIT decreased, mainly due to lower sales prices, which have now stabilised at low levels. Cost reduction
measures partially offset the impact.
• Demand for hardwood pulp strengthened in both Europe and China, while softwood pulp demand in Europe was
weaker. Pulp prices for all grades were lower in both regions.
Key figures: Biomaterials
EUR million Q3/25 Q3/24
Change %
Q3/25–Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Sales 339 380 -10.8 % 378 1,110 1,168 1,587
Adjusted EBITDA 59 74 -20.6 % 55 186 263 372
Adjusted EBIT 24 43 -44.4 % 21 82 164 231
Adjusted EBIT margin 7.1 % 11.4 % 5.6 % 7.4 % 14.1 % 14.6 %
Operating result (IFRS) 25 46 -46.2 % 23 89 170 256
Adjusted ROOC (LTM) 6.1 % 8.0 % 6.9 % 6.1 % 8.0 % 9.3 %
Cash flow from operations 75 101 -25.8 % 50 169 369 507
Cash flow after investing activities 25 56 -55.6 % 23 52 241 332
Pulp deliveries, 1,000 tonnes 554 521 6.2 % 577 1,701 1,594 2,207
Wood Products
Protecting margins against increasing raw material costs
• Sales increased mainly due to higher sales prices and volumes for sawn wood.
• Adjusted EBIT decreased driven by increased raw material costs, and a EUR 10 million insurance compensation a
year ago affecting comparability. Sales price increases and value creation initiatives helped protect margins.
• The construction market remained weak, although demand for both traditional wood products and building
solutions increased compared to the previous year.
Key figures: Wood Products
EUR million Q3/25 Q3/24
Change %
Q3/25–Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Sales 440 359 22.7 % 494 1,352 1,122 1,522
Adjusted EBITDA 5 8 -33.1 % 22 38 27 27
Adjusted EBIT -6 -2 -160.0 % 11 6 -5 -16
Adjusted EBIT margin -1.4 % -0.7 % 2.2 % 0.4 % -0.4 % -1.1 %
Operating result (IFRS) -8 -3 -219.5 % 11 4 -5 -73
Adjusted ROOC (LTM) -1.0 % -5.0 % -0.4 % -1.0 % -5.0 % -2.7 %
Cash flow from operations 29 46 -35.5 % 7 36 48 45
Cash flow after investing activities 14 32 -56.5 % 1 8 11 -4
Wood products deliveries, 1,000 m³ 999 876 14.0 % 1,148 3,143 2,753 3,718
Forest
Strong quarterly adjusted EBIT reflecting stable and sustainable performance
• Sales increased mainly due to higher volumes and wood prices.
• Adjusted EBIT decreased slightly, mainly due to lower margins. Nevertheless, adjusted EBIT continued to reflect
strong operational performance in the Group's forest assets and wood supply.
• The fair value of forest assets was EUR 8.3 billion, or EUR 10.50 per share, reflecting the impact of the forest asset
divestment in Sweden.
Key figures: Forest
EUR million Q3/25 Q3/24
Change %
Q3/25–Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Sales¹ 750 695 7.9 % 833 2,419 2,043 2,827
Adjusted EBITDA 92 96 -4.6 % 107 292 270 364
Adjusted EBIT 76 81 -6.0 % 88 246 228 309
Adjusted EBIT margin 10.2 % 11.7 % 10.6 % 10.2 % 11.1 % 10.9 %
Operating result (IFRS)2 210 69 204.7 % 55 341 180 646
Adjusted ROCE (LTM) 5.4 % 5.1 % 5.4 % 5.4 % 5.1 % 5.2 %
Cash flow from operations 77 30 151.6 % 24 173 164 220
Cash flow after investing activities 65 18 263.3 % 10 139 126 171
Wood deliveries, 1,000 m³ 8,165 8,104 0.8 % 8,894 26,522 24,960 33,794
Operational fair value change of biological
assets 26 27 -2.6 % 28 82 91 119
1 In Q3/25, internal wood sales to Stora Enso segments represented 64% of net sales, external sales to other forest companies represented 36%
2 Includes the full fair value change of the Nordic biological assets (standing trees)
Segment Other
• Sales increased by 29.8% to EUR 48 (37) million, mainly due to higher energy sales as prices have increased.
• Adjusted EBIT improved by 73.7% to EUR -4 (-16) million, mainly due to lower costs associated with the Group’s
shared services.
• The business areas are charged for electricity at market prices. Through its 16.5% shareholding in the Finnish
energy company Pohjolan Voima (PVO), Stora Enso is entitled to receive, at cost, 8.9% of the electricity produced
by the Olkiluoto nuclear reactors, and 20.6% of the electricity from the hydropower plants.
Segments
For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 11
===== SIDA 12 =====
Sensitivity analysis
Energy and raw material price sensitivity
The direct effect of a 10% decrease in raw material prices on adjusted EBIT
for the next 12 months
EUR million Sensitivity 10%
Energy +3
Wood +243
Pulp -140
Chemicals and fillers +45
Foreign exchange rate sensitivity
The direct effect of a 10% strengthening in the value of the currency on
adjusted EBIT for the next 12 months
EUR million Sensitivity 10%
USD +23
SEK -7
GBP +11
Weakening of the currencies would have the opposite impact. These
numbers are net of hedges and assuming no changes occur other than a
single currency exchange rate movement in an exposure currency.
Foreign currency translation risk
The Group's consolidated income statement on adjusted EBIT level is
exposed to a foreign currency translation risk worth approximately EUR 149
million expense exposure in Brazilian real (BRL) and approximately EUR 78
million income exposure in Chinese Renminbi (CNY). These exposures arise
from the foreign subsidiaries and joint operations located in Brazil and
China, respectively. For these exposures a 10% strengthening in the value of
a foreign currency would have a EUR -15 million and a EUR +8 million impact
on adjusted EBIT, respectively.
Short-term risks
Risk is characterised by both threats and opportunities, which may affect
future performance and the financial results of Stora Enso, reputation, as
well as its ability to meet certain social and environmental objectives.
The geopolitical unrest could have an adverse impact on the Group.
Potential trade tariffs, retaliatory measures, conflict-related risks to people,
operations, trade credit, cyber security, supply, and demand, could also
affect the Group negatively.
The risk of a prolonged global economic downturn and recession, sudden
interest rate changes, currency fluctuations, trade union and political strike
actions, and logistical chain disruptions could all adversely affect the
Group’s profits, cash flow and financial position, as well as access to
material, flow of goods and transport.
Macroeconomic and geopolitical disruption may increase costs, add
complexity, and lower short-term visibility, which could further impact
market demand, prices, profit margins, and volumes of the Group's
products. New capacity and volume entering the market might distort
demand, volumes, inventories and pricing. Moreover, forced capacity cuts
might further impact on profitability.
There is a risk of continued price volatility for raw materials such as wood,
chemicals, other components and energy in Europe. The continued tight
wood market, especially in the Nordics, could cause increased costs, limit
harvesting and cause disruptions such as delays and/or lack of wood
supply to the Group's production sites. Regulatory or similar initiatives
might challenge the Group's strategy, growth and operations.
Other risks and uncertainties include, but are not limited to; general
industry conditions, unanticipated expenditures related to the cost of
compliance with existing and new environmental and other governmental
regulations, and related to actual or potential litigation; material process
disruption at Stora Enso's manufacturing facilities with operational or
environmental impacts; risks inherent in conducting business through joint
ventures; and other factors.
Stora Enso has been granted various investment subsidies and
compensations, and has made certain investment commitments in
several countries such as Finland, China, and Sweden. If commitments to
planning conditions are not met, local officials may pursue administrative
measures to reclaim some of the previously granted investment subsidies
or impose penalties on Stora Enso. The outcome of such a process could
result in adverse financial impact on Stora Enso.
A more detailed risk description of risks is included in Stora Enso’s
Annual Report 2024, available at storaenso.com/annualreport.
Legal proceedings
Contingent liabilities
Stora Enso has undertaken significant restructuring actions in recent years
which have included the divestment of companies, sale of assets and mill
closures. These transactions include a risk of possible environmental or
other obligations the existence of which would be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Group. A provision has been recognised for
obligations for which the related amount can be estimated reliably and for
which the related future cost is considered to be at least probable.
Stora Enso is party to legal proceedings that arise in the ordinary course of
business and which primarily involve claims arising out of commercial law.
The management does not consider that liabilities related to such
proceedings before insurance recoveries, if any, are likely to be material to
the Group’s financial condition or results of operations.
Veracel
On 11 July 2008, Stora Enso announced that a federal judge in Brazil had
issued a decision claiming that the permits issued by the State of Bahia for
the operations of Stora Enso’s joint operations company Veracel were not
valid. The judge also ordered Veracel to take certain actions, including
reforestation with native trees on part of Veracel’s plantations and a
possible fine of, at the time of the decision, BRL 20 (EUR 3) million. Veracel
disputes the decision and has filed an appeal against it. Veracel operates
in full compliance with all Brazilian laws and has obtained all the necessary
environmental and operating licences for its industrial and forestry
activities from the relevant authorities. In November 2008, a Federal Court
suspended the effects of the decision.
On 10 July 2025, Veracel's appeal was upheld by the Federal Court, and the
regularity of all the environmental licensing of the project was recognised,
and the fine of BRL 20 (EUR 3) million was annulled. The decision was not
appealed to the Higher Courts, and the ruling is final. No provisions have
been recorded in Veracel’s or Stora Enso’s accounts for the reforestation or
the possible fine.
Sensitivity, risks, and legal
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 12
===== SIDA 13 =====
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 Q3/2025, the Scope 1 and 2 CO2e emissions were 1.05 million
tonnes, a 60% reduction from the base year. Compared with Q3/2024 (1.32
million tonnes), the decrease in emissions is mainly attributed to reduction
measures, such as fuel switches.
Stora Enso is committed to reducing Scope 3 emissions by 50% from
the 2019 base year by 2030. In 2024, Stora Enso's estimated Scope 3 CO2e
emissions were 4.53 million tonnes, a 39% reduction from the base year.
Circularity
Stora Enso's target is to reach 100% recyclable products by 2030. By the end
of 2024, 94% (2023: 93%) of the Group's products were technically
recyclable. Stora Enso aims to ensure the recyclability of its products
through an increased focus on circularity in innovation processes. The
Group actively collaborates with customers and partners to establish
infrastructure that enhances the actual recycling of products.
Biodiversity
Stora Enso is committed to achieving a net-positive impact on biodiversity
in its own forests and plantations by 2050 through active biodiversity
management. The Group steers its biodiversity actions through a
Biodiversity Leadership Programme to improve biodiversity at species,
habitat and landscape levels. Progress is monitored with science-based
impact indicators reported on the Group's website.
Biodiversity is an integral part of forest certifications, which include the
protection of valuable ecosystems. Stora Enso’s target is to maintain a
forest certification coverage level of at least 96% for the Group's own and
leased forest lands. The forest certification coverage has remained stable
and amounted to 99% in 2024 (2023: 99%).
Direct and indirect CO2e emissions
(Scope 1+2, rolling four quarters)1
Million tonnes
0%
-13% -15%
-28%
-42%
-53%-59%-60%
-50%
CO₂e million tonnes, effective CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
Q2/2025
Q3/2025
2025
2026
2027
2028
2029
2030
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
CO2e emissions along the value chain (Scope 3)
Million tonnes
0% -3% 3%
-24%
-35% -39%
-50%
CO₂e million tonnes, estimated CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
0
1
2
3
4
5
6
7
8
1 Comparative figures are restated due to additional data after previous interim reports.
Responsible business practices
Stora Enso reports on the sustainability indicators below on a quarterly
basis. For a full annual overview of Stora Enso's sustainability targets, 2024
performance, and accounting principles, see the Sustainability Statement.
Key performance
indicators (KPIs)
30 Sep
2025
30 Jun
2025
31 Dec
2024
30 Sep
2024 Target
Occupational safety: total
TRI rate, year-to-date1 4.7 4.4 n/a n/a
4.3 by the end of
2025
Gender balance: % of
female managers among
all managers 24% 25% 24% 25% 25% by end of 2027
Water: total water
withdrawal per saleable
tonne (m3/tonne) 57 57 60 62
Decreasing trend
from 2016 baseline
(60m3/tonne)
Water: process water
discharges per saleable
tonne (m3/tonne) 32 33 33 34
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% 96% 95% or above
1 As of the beginning of 2025, the TRI rate has been expanded to include contractor employees.
Sustainability
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 13
===== SIDA 14 =====
Events during the quarter
Forest assets divestment
completed
Stora Enso completed the divestment of
approximately 175,000 hectares of forest
land, equivalent to 12.4% of its total forest
land holdings in Sweden for an enterprise
value of SEK 9.8 billion, equivalent to
approximately EUR 900 million.
The buyers are Soya Group (40.6%
ownership), and a MEAG-led consortium
(44.4%). MEAG is the asset manager of
Munich Re, a German insurance company.
Stora Enso retains a 15% ownership in the
sold company.
Strategic review of Swedish
forest assets
In June, Stora Enso launched a strategic
review of its forest assets in Sweden. The
review explores various options, including
a potential separation and listing of the
Swedish forest assets into a new
company that would be wholly owned by
all Stora Enso shareholders. The aim is to
further increase business focus,
streamline operations, and fully unlock the
value of both the forest assets and Stora
Enso’s core packaging business.
Following the divestment of part of the
Swedish forestland, Stora Enso retains
ownership of over 1.2 million hectares (1.0
million hectares of productive forestland)
in Sweden, with a fair value of
approximately EUR 5.7 billion as of 30
September 2025.
Consumer board line
inaugurated in Oulu
The Oulu site is a strategically significant
investment as it strengthens Stora Enso's
leading position in high added value
renewable packaging material.
Stora Enso has invested EUR 1.1 billion in the
new production line and other site
developments, bringing total investments
in the Oulu mill to approximately EUR 1.7
billion between 2019 and 2025. These
investments have enabled the conversion
of former paper machines into advanced
board lines, incorporating the latest
t e c h n o l o g y a n d r e d u c i n g f o s s i l C O ₂
emissions by 90%.
The mill manufactures folding boxboard,
kraftliners, paper bag material, and
unbleached softwood pulp, all suitable for
direct food contact., and exports nearly all
production globally.
Fluff pulp packaging line
upgraded at Skutskär mill
Stora Enso’s investment in a state-of-the-
art fluff pulp packaging line at the
Skutskär site in Sweden positions the site
among the most advanced in Europe.
Together with the recent investment in
production, this upgrade contributes to
growth within the hygiene and packaging
sectors, where fluff pulp is an essential
component in high-demand applications
such as baby diapers, feminine care
products, adult incontinence products,
and medical absorbents.
The new line enhances operational
flexibility, enabling Stora Enso to optimise
production and delivery capacity while
catering to specific customer
requirements, such as tailored roll sizes.
Events after the quarter
No major events after the quarter to date.
Events
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 14
===== SIDA 15 =====
Changes in Group management
Micaela Thorström has been appointed Executive Vice President, People
and Legal, General Counsel, as of 1 January 2026. Micaela has been part of
Stora Enso’s Group Leadership Team since 2023, serving as Executive Vice
President, Legal and General Counsel. Furthermore, as of 1 January 2026,
Niclas Rosenlew, Chief Financial Officer, will assume additional
responsibilities and represent the Communications and Brand
organisations in the Group Leadership Team on top of his current duties.
Resolutions by the Annual General
Meeting 2025
Stora Enso Oyj’s Annual General Meeting was held on 20 March 2025 in
Helsinki, Finland. The AGM adopted the accounts for 2024, adopted the
Remuneration Report 2024 and the updated Remuneration Policy through
an advisory resolution, and granted the Company’s Board of Directors and
Chief Executive Officer discharge from liability for the financial period.
The AGM resolved, in accordance with the proposal by the Board of
Directors, that the Company shall distribute a dividend of EUR 0.25 per
share for the year 2024 in two instalments as follows:
The first dividend instalment, EUR 0.13 per share, was paid on 2 April 2025,
and the second instalment, EUR 0.12 per share, was paid on 2 October 2025.
The AGM resolved that the Board of Directors shall have nine (9) members.
The AGM further resolved to re-elect the current members of the board of
Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan,
Christiane Kuehne, Richard Nilsson and Reima Rytsölä – as members of the
Board of Directors until the end of the following AGM and to elect Elena
Scaltritti and Antti Vasara as new members for the same term of office.
The AGM resolved to elect Kari Jordan as Chair of the Board of Directors
and Håkan Buskhe as Vice Chair of the Board of Directors.
For more information about the resolutions of the AGM, please see the
release Resolutions by Stora Enso Oyj’s Annual General Meeting
Shareholders’ Nomination Board
Stora Enso's Shareholders’ Nomination Board was established in
September. The Shareholders’ Nomination Board consists of the following
members: Kari Jordan (Chair of Stora Enso’s Board of Directors), Håkan
Buskhe (Vice Chair of Stora Enso’s Board of Directors), Jouko Karvinen
(Solidium Oy), and Marcus Wallenberg (FAM AB).
The Shareholders’ Nomination Board elected Marcus Wallenberg as its
Chair.
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 October 2025
Stora Enso Oyj
Board of Directors
Events
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 15
===== SIDA 16 =====
Financials
Basis of Preparation
This unaudited interim financial report has been prepared in accordance
with the accounting policies set out in International Accounting Standard
34 on Interim Financial Reporting and in the Group’s Financial Report for
2024 with the exception of new and amended standards applied to the
annual periods beginning on 1 January 2025 and changes in accounting
principles described below.
All figures in this Interim Report have been rounded to the nearest million,
unless otherwise stated. Therefore, percentages and figures in this report
may not add up precisely to the totals presented and may vary from
previously published financial information.
Acquisition of Group companies
In October 2024, Stora Enso signed an agreement to acquire 100% of the
Finnish sawmill company Junnikkala Oy. The transaction was completed at
the end of April 2025. Junnikkala Oy is a Finnish producer of sawn timber
and processed wood products for domestic and export markets and
employs approximately 220 people. It operates three sawmills in northern
Finland including its new sawmill, nearby the Stora Enso Oulu site. The
acquired sawmills will create synergies with the site in Oulu through long-
term supply of raw materials and aims to secure a cost-efficient wood
supply to the Oulu site.
Stora Enso’s annual wood procurement in Finland will increase by
approximately 1.7 million m³ and the Group’s total sawmilling capacity by
approximately 700,000 m³. The acquired unit is reported in the Wood
Products segment and the wood procurement activities are integrated
into the Forest segment.
The cash purchase consideration was approximately EUR 17 million, and
the fair value of contingent considerations are estimated at EUR 44 million
at the date of acquisition. There are two contingent earn-out components,
which are settled in cash and are subject to Junnikkala achieving certain
production milestones by the end of 2026 and 2029. The maximum
amount of the earn-outs is EUR 47 million.
The fair values of the acquired assets, liabilities and goodwill as on the
acquisition date have been determined on a provisional basis, pending
finalisation of the post-combination review of the fair values. There were
no significant measurement period adjustments in Q3 2025. The
provisional goodwill represents the expected synergies. The goodwill is
allocated to the Packaging Materials Oulu CGU. None of the goodwill
recognised is expected to be deductible for tax purposes.
The impact of the acquired unit on Stora Enso Group’s consolidated sales
and net result is not considered material. Related transaction costs
amounted to EUR 5 million and are presented in other operating expenses.
EUR million 2025
Net assets acquired
Cash and cash equivalents 0
Property, plant and equipment 115
Intangible assets 1
Working capital 8
Tax assets and liabilities -1
Interest-bearing assets and liabilities -68
Fair value of net assets acquired 56
Purchase consideration, cash part 17
Purchase consideration, contingent 44
Total purchase consideration 61
Fair value of net assets acquired -56
Goodwill 5
Cash outflow on acquisitions -17
Cash and cash equivalents of acquired subsidiaries 0
Cash flow on acquisition, net of acquired cash -17
Disposal of Group companies
In September 2025, Stora Enso divested approximately 175,000 hectares of
forest land, equivalent to about 12.4% of its total forest land holdings in
Sweden to Soya Group (40.6%) and a MEAG led consortium (44.4%). MEAG is
the asset manager of Munich Re, a German insurance company.
The valuation of the transaction is in line with the accounting fair value of
the divested forest assets and the selling price for the shares transferred
was approximately EUR 624 million, received in cash. At the same time
certain loan receivables of EUR 158 million were paid back to Stora Enso.
The disposal gain was approximately EUR 140 million, including capital gain,
currency translation adjustments (CTA) release from equity to income
statement and transaction costs.
Stora Enso retains a 15% ownership of the sold company, which is reported
as associated company. Although Stora Enso does not have majority
control over the sold company, it has assessed that it will have a
significant influence over the entity. The sold unit was part of the Forest
segment, and the retained associated company is reported in the Forest
segment.
In connection with the transaction, Stora Enso and the divested entity
entered into a 15-year wood supply agreement with a possible additional
15-year extension. This will secure wood availability for Stora Enso’s Swedish
business units. The divested entity will also benefit from a forest
management agreement under which Stora Enso will provide forest-
related services.
The value of the sold net assets and the disposal consideration are
presented in the table below and have been determined on a provisional
basis, pending finalisation of the post-completion review.
EUR million 2025
Net assets sold
Cash and cash equivalents 5
Property, plant and equipment 2
Intangible assets 0
Forest assets 907
Working capital 3
Tax assets and liabilities -188
Interest-bearing assets and liabilities -158
Non-controlling interest 0
Net assets sold total 570
Fair value of retained investment 110
Total disposal consideration 624
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 16
===== SIDA 17 =====
Assets held for sale
As announced in May 2025, Stora Enso has signed an agreement to divest
approximately 175,000 hectares of forest land, equivalent to about 12.4% of
its total forest land holdings in Sweden. In Q2 2025, these assets were
classified as held for sale. The transaction was completed in Q3 2025, and
therefore is not classified as held for sale anymore.
The following new and amended standards are
applied to the annual periods beginning on
1 January 2025
Amended standards and interpretations did not have material effect on
the Group.
Future standard changes endorsed by the EU but
not yet effective in 2025
No future standard changes endorsed by the EU which would have
material effect on the Group.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 17
===== SIDA 18 =====
Condensed consolidated income statement
EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Sales 2,283 2,261 2,426 7,072 6,727 9,049
Other operating income 226 55 39 313 235 325
Change in inventories of finished goods and WIP 11 50 -39 28 96 48
Materials and services -1,501 -1,511 -1,562 -4,624 -4,415 -5,948
Freight and sales commissions -226 -212 -223 -671 -634 -838
Personnel expenses -289 -286 -342 -936 -916 -1,228
Other operating expenses -155 -116 -103 -370 -378 -543
Share of results of associated companies 18 14 8 39 29 52
Change in net value of biological assets -15 11 -10 -17 13 421
Depreciation, amortisation and impairment
charges -121 -126 -130 -368 -385 -1,246
Operating result 231 139 64 466 372 93
Net financial items -29 -41 -44 -113 -137 -211
Result before tax 202 98 20 354 235 -118
Income tax -1 -14 -5 -31 -40 -65
Net result for the period 201 84 15 323 195 -183
Attributable to
Owners of the Parent 198 88 24 335 204 -136
Non-controlling interests 3 -4 -9 -12 -9 -48
Net result for the period 201 84 15 323 195 -183
Earnings per share
Basic earnings per share, EUR 0.25 0.11 0.03 0.42 0.26 -0.17
Diluted earnings per share, EUR 0.25 0.11 0.03 0.42 0.26 -0.17
Consolidated statement of comprehensive income
EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Net result for the period 201 84 15 323 195 -183
Other comprehensive income (OCI)
Items that will not be reclassified to profit and
loss
Equity instruments at fair value through OCI 236 63 -34 256 -147 -202
Actuarial gains and losses on defined benefit
plans 32 -14 -9 32 10 22
Revaluation of forest land 0 0 -25 -25 6 -281
Share of OCI of associated companies 0 0 2 2 -5 5
Income tax relating to items that will not be
reclassified -7 2 8 0 -3 53
260 51 -58 265 -139 -403
Items that may be reclassified subsequently to
profit and loss
Cumulative translation adjustment (CTA) 64 -54 -253 29 -133 -89
Net investment hedges and loans -1 7 -14 -25 4 4
Cash flow hedges and cost of hedging 1 18 31 105 -14 -81
Share of OCI of Non-controlling Interests (NCI) -1 1 10 15 0 -5
Income tax relating to items that may be
reclassified 2 -6 -12 -26 2 19
65 -34 -237 99 -141 -152
Total comprehensive income 526 102 -281 686 -85 -738
Attributable to
Owners of the parent 524 104 -283 683 -76 -685
Non-controlling interests 2 -2 2 3 -9 -53
Total comprehensive income 526 102 -281 686 -85 -738
CTA = Cumulative translation adjustment
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 18
===== SIDA 19 =====
Condensed consolidated statement of financial position
Assets
Goodwill O 170 162 504
Other intangible assets O 253 277 296
Property, plant and equipment O 5,108 5,006 5,110
Right-of-use assets O 423 499 499
5,954 5,945 6,410
Forest assets O 6,489 7,227 7,127
Biological assets O 4,689 5,243 4,844
Forest land O 1,800 1,983 2,283
Emission rights O 78 73 129
Investments in associated companies O 1,086 954 936
Listed securities I 0 11 9
Unlisted securities O 871 602 660
Non-current interest-bearing receivables I 29 14 24
Deferred tax assets T 173 205 141
Other non-current assets O 75 53 52
Non-current assets 14,755 15,082 15,487
Inventories O 1,776 1,672 1,696
Tax receivables T 35 31 36
Operating receivables O 1,004 969 1,048
Interest-bearing receivables I 81 47 121
Cash and cash equivalents I 2,228 1,999 1,999
Current assets 5,124 4,719 4,900
Assets held for sale 0 0 0
Total assets 19,879 19,802 20,387
EUR million 30 Sep 2025 31 Dec 2024 30 Sep 2024
Equity and liabilities
Owners of the Parent 10,624 10,139 10,826
Non-controlling Interests -147 -150 -106
Total equity 10,477 9,989 10,720
Post-employment benefit obligations O 171 181 202
Provisions O 79 81 83
Deferred tax liabilities T 1,281 1,416 1,428
Non-current interest-bearing liabilities I 3,647 3,894 4,090
Non-current operating liabilities O 55 10 10
Non-current liabilities 5,232 5,582 5,813
Current portion of non-current debt I 1,133 1,090 839
Interest-bearing liabilities I 739 788 732
Bank overdrafts I 32 7 21
Provisions O 42 37 61
Operating liabilities O 2,214 2,296 2,191
Tax liabilities T 8 13 10
Current liabilities 4,169 4,231 3,855
Liabilities related to assets held for sale 0 0 0
Total liabilities 9,401 9,813 9,667
Total equity and liabilities 19,879 19,802 20,387
EUR million 30 Sep 2025 31 Dec 2024 30 Sep 2024
Items designated with “O” comprise Operating Capital
Items designated with “I” comprise Net debt
Items designated with “T” comprise Net Tax Liabilities
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 19
===== SIDA 20 =====
Condensed consolidated statement of cash flows
Cash flow from operating activities
Operating result 466 372
Adjustments for non-cash items 235 360
Change in net working capital -142 130
Cash flow from operations 560 863
Net financial items paid -143 -115
Income taxes paid, net -33 -70
Net cash from operating activities 384 678
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash -17 -70
Acquisitions of unlisted securities -1 0
Cash flow on disposal of subsidiary shares and business operations, net of disposed cash 619 0
Cash flow on disposal of shares in equity accounted investments 1 0
Cash flow on disposal of listed and unlisted securities 9 3
Cash flow on disposal of forest and intangible assets and property, plant and equipment 13 16
Capital expenditure -586 -877
Proceeds from/payment of non-current receivables, net 203 -16
Net cash from investing activities 241 -944
Cash flow from financing activities
Proceeds from issue of new long-term debt 487 15
Repayment of long-term debt and lease liabilities -747 -229
Change in short-term interest-bearing liabilities -30 83
Dividends paid -114 -79
Purchase of own shares1 -1 -3
Net cash from financing activities -405 -212
EUR million Q1-Q3/25 Q1-Q3/24
Net change in cash and cash equivalents 220 -477
Translation adjustment -18 -9
Net cash and cash equivalents at the beginning of period 1,993 2,464
Net cash and cash equivalents at period end 2,195 1,978
Cash and cash equivalents at period end 2,228 1,999
Bank overdrafts at period end -32 -21
Net cash and cash equivalents at period end 2,195 1,978
EUR million Q1-Q3/25 Q1-Q3/24
1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 30 September 2025.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 20
===== SIDA 21 =====
Statement of changes in equity
Fair value reserve
EUR million Share capital
Share
premium and
reserve fund
Invested non-
restricted
equity fund
Treasury
shares
Equity
instruments
through OCI
Cash flow
hedges
Revaluation
reserve
OCI of
associated
companies
CTA and net
investment
hedges and
loans
Retained
earnings
Attributable to
owners of the
parent
Non-
controlling
interests Total
Balance at 1 January 2024 1,342 77 633 — 653 38 1,540 63 -375 7,015 10,985 -97 10,889
Net result for the period — — — — — — — — — 204 204 -9 195
OCI before tax — — — — -147 -14 6 -5 -129 10 -279 0 -279
Income tax relating to OCI — — — — — 3 -1 — -1 -2 -2 — -2
Total comprehensive income — — — — -146 -11 4 -5 -130 212 -76 -9 -85
Dividend — — — — — — — — — -79 -79 — -79
Acquisitions and disposals — — — — — — — — — — — — —
Purchase of treasury shares — — — -3 — — — — — — -3 — -3
Share-based payments — — — 3 — — — — — -5 -1 — -1
Balance at 30 September 2024 1,342 77 633 — 506 26 1,544 58 -505 7,144 10,826 -106 10,720
Net result for the period — — — — — — — — — -340 -340 -39 -379
OCI before tax — — — — -56 -67 -286 10 45 12 -342 -5 -348
Income tax relating to OCI — — — — -1 14 59 — 3 -2 73 — 73
Total Comprehensive Income — — — — -56 -53 -227 10 48 -330 -609 -44 -653
Dividend — — — — — — — — — -79 -79 — -79
Acquisitions and disposals — — — — — — — — — — — — —
Purchase of treasury shares — — — — — — — — — — — — —
Share-based payments — — — — — — — — — 1 1 — 1
Balance at 31 December 2024 1,342 77 633 — 450 -27 1,317 68 -457 6,735 10,139 -150 9,989
Net result for the period — — — — — — — — — 335 335 -12 323
OCI before tax — — — — 256 105 -25 2 4 32 374 15 389
Income tax relating to OCI — — — — 2 -21 5 — -5 -7 -26 — -26
Total comprehensive income — — — — 258 84 -20 2 — 360 683 3 686
Reclassifications on disposals — — — — -4 — -123 — — 127 — — —
Dividend — — — — — — — — — -197 -197 — -197
Acquisitions and disposals — — — — — — — — — — — — —
Purchase of treasury shares — — — -1 — — — — — — -1 — -1
Share-based payments — — — 1 — — — — — — 1 — 1
Balance at 30 September 2025 1,342 77 633 — 704 57 1,173 70 -457 7,025 10,624 -147 10,477
CTA = Cumulative Translation Adjustment OCI = Other Comprehensive Income NCI = Non-controlling Interests
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 21
===== SIDA 22 =====
Goodwill, other intangible assets, property, plant and equipment,
right-of-use assets and forest assets
EUR million Q1-Q3/25 Q1-Q3/24 2024
Carrying value at 1 January 13,172 13,289 13,289
Additions in tangible and intangible assets 415 640 933
Additions in right-of-use assets 24 44 76
Additions in biological assets 48 57 81
Depletion of capitalised silviculture costs -73 -57 -88
Acquisition of subsidiaries 121 71 77
Disposals and classification as held for sale -915 -10 -21
Depreciation and impairment -368 -385 -1,246
Fair valuation of forest assets 30 75 229
Translation difference and other -11 -188 -158
Statement of Financial Position Total 12,443 13,537 13,172
.
Breakdown of change in capital employed
Capital employed 30 September 2024, EUR million 14,249
Capital expenditure excl. investments in biological assets less depreciation 282
Investments in biological assets less depletion of capitalised silviculture costs -34
Impairments and reversal of impairments -747
Fair valuation of forest assets 184
Unlisted securities (mainly PVO) 211
Associated companies 150
Net liabilities in defined benefit plans 48
Operating working capital and other interest-free items, net 11
Emission rights -51
Net tax liabilities 27
Acquisition of subsidiaries 130
Disposal of subsidiaries -733
Translation difference 0
Other changes -35
Capital employed 30 September 2025 13,692
Borrowings
EUR million 30 Sep 2025 30 Sep 2024 31 Dec 2024
Bond loans 3,051 3,446 3,454
Loans from credit institutions 1,266 972 978
Lease liabilities 453 506 545
Long-term derivative financial liabilities 8 2 5
Other non-current liabilities 2 2 2
Non-current interest-bearing liabilities including current portion 4,780 4,928 4,985
Short-term borrowings 678 666 689
Interest payable 58 58 55
Short-term derivative financial liabilities 3 9 44
Bank overdrafts 32 21 7
Total interest-bearing liabilities 5,552 5,682 5,779
EUR million Q1-Q3/25 Q1-Q3/24 2024
Carrying value at 1 January 5,779 5,780 5,780
Additions in long-term debt, companies acquired 69 0 0
Proceeds of new long-term debt 487 15 19
Repayment of long-term debt -661 -168 -176
Additions in lease liabilities 28 44 82
Repayment of lease liabilities and interest -78 -67 -85
Change in short-term borrowings 28 69 69
Change in interest payable 17 20 23
Change in derivative financial liabilities -38 3 42
Disposals and classification as held for sale 0 0 -2
Other -7 20 15
Translation differences -73 -34 11
Total interest-bearing liabilities 5,552 5,682 5,779
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 22
===== SIDA 23 =====
Commitments and contingencies
EUR million 30 Sep 2025 31 Dec 2024 30 Sep 2024
On Own Behalf
Guarantees 10 17 18
Other commitments 6 6 6
On Behalf of associated companies
Guarantees 4 4 4
On Behalf of Others
Guarantees 5 16 16
Other commitments 0 0 0
Total 25 43 43
Guarantees 19 37 38
Other commitments 6 6 6
Total 25 43 43
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 Sep 2025 31 Dec 2024 30 Sep 2024
Total 117 304 374
The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure contracts
in joint operations.
Key exchange rates for the euro
One Euro is Closing Rate Average Rate (Year-to-date)
30 Sep 2025 31 Dec 2024 30 Sep 2025 31 Dec 2024
SEK 11.0565 11.4590 11.1022 11.4309
USD 1.1741 1.0389 1.1180 1.0821
GBP 0.8734 0.8292 0.8503 0.8466
Fair Values of Financial Instruments
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are
observable, either directly or indirectly;
• Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based
on observable market data.
The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at
fair value in the following tables are measured at fair value on a recurring basis.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 23
===== SIDA 24 =====
Carrying amounts of financial assets and liabilities by measurement and fair value categories:
30 September 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 — 855 16 871 871 — — 871
Non-current interest-bearing receivables 11 13 5 29 29 — 17 —
Derivative assets — 13 5 17 17 — 17 —
Loan receivables 11 — — 11 11 — — —
Trade and other operating receivables 599 78 — 677 677 — 78 —
Current interest-bearing receivables 6 67 8 81 81 — 75 —
Derivative assets — 67 8 75 75 — 75 —
Other short-term receivables 6 — — 6 6 — — —
Cash and cash equivalents 2,228 — — 2,228 2,228 — — —
Total 2,844 1,012 29 3,886 3,886 — 170 871
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 3,639 — 8 3,647 3,886 — 8 —
Derivative liabilities — — 8 8 8 — 8 —
Non-current debt 3,639 — — 3,639 3,878 — — —
Current portion of non-current debt 1,133 — — 1,133 1,133 — — —
Current interest-bearing liabilities 736 3 — 739 739 — 3 —
Derivative liabilities — 3 — 3 3 — 3 —
Current debt 736 — — 736 736 — — —
Trade and other operating payables 1,915 — — 1,915 1,915 — — —
Bank overdrafts 32 — — 32 32 — — —
Total 7,455 3 8 7,467 7,706 — 12 —
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for
financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value
through OCI, in line with how they are booked for the effective portion.
Carrying amounts of financial assets and liabilities by measurement and fair value categories:
31 December 2024
Amortised
cost
Fair value
through
OCI
Fair value
through
income
statement
Total
carrying
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities — 11 — 11 11 11 — —
Unlisted securities — 587 15 602 602 — — 602
Non-current interest-bearing receivables 9 5 — 14 14 — 5 —
Derivative assets — 5 — 5 5 — 5 —
Loan receivables 9 — — 9 9 — — —
Trade and other operating receivables 626 42 — 668 668 — 42 —
Current interest-bearing receivables 38 9 1 47 47 — 10 —
Derivative assets — 9 1 10 10 — 10 —
Other short-term receivables 38 — — 38 38 — — —
Cash and cash equivalents 1,999 — — 1,999 1,999 — — —
Total 2,672 654 16 3,342 3,342 11 57 602
Amortised
cost
Fair value
through
OCI
Fair value
through
income
statement
Total
carrying
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities 3,889 5 — 3,894 4,129 — 5 —
Derivative liabilities — 5 — 5 5 — 5 —
Non-current debt 3,889 — — 3,889 4,124 — — —
Current portion of non-current debt 1,090 — — 1,090 1,090 — — —
Current interest-bearing liabilities 744 42 2 788 788 — 44 —
Derivative liabilities — 42 2 44 44 — 44 —
Current debt 744 — — 744 744 — — —
Trade and other operating payables 2,005 — — 2,005 2,005 — — —
Bank overdrafts 7 — — 7 7 — — —
Total 7,735 47 2 7,784 8,019 — 50 —
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 24
===== SIDA 25 =====
Reconciliation of level 3 fair value measurement of financial assets and liabilities: 30 September 2025
EUR million Q1-Q3/25 2024 Q1-Q3/24
Financial assets
Opening balance at 1 January 602 810 810
Reclassifications 0 0
Gains/losses recognised in income statement 0 0 0
Gains/losses recognised in other comprehensive income 260 -205 -147
Additions 10 0 0
Disposals -1 -3 -3
Closing balance 871 602 660
The Group did not have level 3 financial liabilities as at 30 September 2025.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 829 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 6.69% 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 +94 million and -94 million, respectively. A +/- percentage point change in the discount rate
would change the valuation by EUR -155 million and +204 million, respectively.
Stora Enso shares
During the third quarter of 2025, the conversions of 6,075 A shares into R shares were recorded in the Finnish trade
register.
On 30 September 2025, Stora Enso had 175,546,132 A shares and 613,073,855 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 236,853,517.
On 15 October, the conversion of 95 A shares into R shares was recorded in the Finnish trade register.
Trading volume
Helsinki Stockholm
A share R share A share R share
July 186,155 41,999,171 92,196 10,860,262
August 171,274 37,914,121 54,168 9,366,215
September 111,799 34,047,695 59,293 7,634,708
Total 469,228 113,960,987 205,657 27,861,185
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
July 9.22 9.03 105.50 101.10
August 10.60 9.98 113.00 110.50
September 9.52 9.34 106.50 103.10
Number of shares
Million Q3/25 Q3/24 Q2/25 2024
At period end 788.6 788.6 788.6 788.6
Average 788.6 788.6 788.6 788.6
Average, diluted 789.7 789.6 789.7 789.7
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 25
===== SIDA 26 =====
Maintenance
Total planned maintenance impact
Expected and historical impact of lost value of sales and planned maintenance costs
EUR million Q4/25¹ Q3/25² Q2/25 Q1/25 Q4/24 Q3/24
Total maintenance impact 106 110 95 75 118 139
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 Q3/2025 was EUR 101 million.
Planned maintenance shutdowns
Packaging Materials Biomaterials
2025 2024 2025 2024
Q1 — — Q1 — —
Q2 Beihai, Langerbrugge Beihai, Langerbrugge Q2 Skutskär Montes del Plata, Skutskär
Q3 Heinola, Oulu, Varkaus Heinola, Oulu, Varkaus Q3 Enocell Enocell, Veracel
Q4 Anjalankoski, Fors, Imatra,
Ostrołęka, Skoghall
Anjalankoski, Fors, Imatra,
Ostrołęka, Skoghall Q4 Montes del Plata —
Production and external deliveries
Q3/25 Q3/24
Change %
Q3/25–
Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Consumer board deliveries, 1,000 tonnes 725 711 2.1 % 737 2,149 2,102 2,778
Consumer board production, 1,000 tonnes 775 771 0.6 % 720 2,240 2,200 2,793
Containerboard deliveries, 1,000 tonnes 309 307 0.4 % 344 983 956 1,242
Containerboard production, 1,000 tonnes 369 373 -1.0 % 429 1,205 1,152 1,530
Corrugated packaging European
deliveries, million m2 310 313 -1.1 % 323 920 917 1,205
Corrugated packaging European
production, million m2 284 300 -5.4 % 302 880 888 1,157
Market pulp deliveries, 1,000 tonnes 476 494 -3.7 % 501 1,512 1,441 2,029
Wood products deliveries, 1,000 m3 1,038 912 13.9 % 1,197 3,288 2,869 3,892
Wood deliveries, 1,000 m3 2,922 3,108 -6.0 % 3,298 9,866 9,892 13,451
Paper deliveries, 1,000 tonnes 151 170 -11.0 % 133 421 471 611
Paper production, 1,000 tonnes 144 161 -10.3 % 140 424 457 592
The comparative Q3/24 deliveries for Board and Paper have been restated.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 26
===== SIDA 27 =====
Sales by segment – total
EUR million Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials 1,128 1,159 1,159 4,502 1,095 1,169 1,138 1,100
Packaging Solutions 263 272 239 987 247 262 254 224
Biomaterials 339 378 392 1,587 419 380 413 374
Wood Products 440 494 418 1,522 400 359 414 349
Forest 750 833 836 2,827 784 695 690 659
Other 48 47 49 176 47 37 36 57
Inter-segment sales -686 -756 -731 -2,552 -670 -640 -644 -599
Total 2,283 2,426 2,362 9,049 2,322 2,261 2,301 2,164
Sales by segment – external
EUR million Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials 1,086 1,099 1,078 4,207 1,019 1,094 1,062 1,033
Packaging Solutions 260 270 237 977 244 259 252 221
Biomaterials 265 285 322 1,303 365 315 326 298
Wood Products 388 441 373 1,357 349 320 373 315
Forest 277 327 337 1,157 330 267 282 278
Other 8 5 15 49 15 7 7 20
Total 2,283 2,426 2,362 9,049 2,322 2,261 2,301 2,164
Operating result (IFRS) by segment
EUR million Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials 23 17 60 -169 -303 62 24 47
Packaging Solutions -5 -2 5 -394 -379 -8 -4 -4
Biomaterials 25 23 41 256 86 46 66 58
Wood Products -8 11 1 -73 -68 -3 7 -10
Forest 210 55 76 646 466 69 49 63
Other -12 -35 -15 -162 -90 -31 -38 -4
Inter-segment eliminations -1 -6 3 -11 9 3 -13 -10
Operating result (IFRS) 231 64 171 93 -279 139 92 141
Net financial items -29 -44 -39 -211 -74 -41 -49 -47
Result before tax 202 20 132 -118 -353 98 43 94
Income tax expense -1 -5 -25 -65 -26 -14 -8 -17
Net result 201 15 107 -183 -379 84 35 77
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 27
===== SIDA 28 =====
Alternative performance measures
According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance
measure is understood as a financial measure of historical or future financial performance, financial position, or
cash flows, not defined under IFRS. Used together with the IFRS measures, alternative performance measures
provide meaningful supplemental information to the management, investors, analysts and other parties with
regards to the financial development of the business operations. Definitions and purpose for alternative
performance measures can be found in the Annual Report.
'
Reconciliation of operating result
EUR million Q3/25 Q3/24
Change %
Q3/25–
Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Adjusted EBITDA 291 328 -11.4 % 279 889 938 1,223
Depreciation and silviculture costs of
associated companies -3 -4 14.3 % -6 -10 -10 -13
Silviculture costs1 -44 -24 -84.0 % -25 -94 -75 -111
Depreciation and impairment excl. IAC -117 -125 5.9 % -123 -358 -376 -501
Adjusted EBIT 126 175 -28.2 % 126 427 478 598
Fair valuations and non-operational
items -11 0 n/m -27 -32 -4 364
Items affecting comparability (IAC) 117 -36 n/m -35 71 -102 -870
Operating result (IFRS) 231 139 65.8 % 64 466 372 93
1 Including damages to forests
Adjusted EBIT by segment
EUR million Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials 36 29 62 172 -6 73 53 52
Packaging Solutions 2 3 5 -15 -6 -6 -1 -1
Biomaterials 24 21 36 231 67 43 63 57
Wood Products -6 11 1 -16 -12 -2 7 -9
Forest 76 88 82 309 81 81 76 70
Other -4 -20 -14 -72 -13 -16 -32 -11
Inter-segment eliminations -1 -6 3 -11 9 3 -13 -10
Adjusted EBIT 126 126 175 598 121 175 153 149
Fair valuations and non-
operational items -11 -27 7 364 368 0 -16 11
Items affecting comparability 117 -35 -11 -870 -768 -36 -46 -20
Operating result (IFRS) 231 64 171 93 -279 139 92 141
Net financial items -29 -44 -39 -211 -74 -41 -49 -47
Result before Tax 202 20 132 -118 -353 98 43 94
Income tax expense -1 -5 -25 -65 -26 -14 -8 -17
Net result 201 15 107 -183 -379 84 35 77
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 28
===== SIDA 29 =====
Items affecting comparability (IAC), fair
valuations and non-operational items (FV)
Items affecting comparability
EUR million Q3/25 Q1-Q3/25 Q3/24 Q1-Q3/24
Acquisitions 1 -4 0 0
Disposals - Swedish forest assets 141 140 0 0
Disposals - Other -8 -10 -9 -24
Restructuring - Packaging Materials -10 -22 -9 -30
Restructuring - Packaging Solutions -5 -10 0 -5
Restructuring - Biomaterials -1 -1 0 -2
Restructuring - Wood Products -2 -2 0 0
Restructuring - Forest 0 0 0 0
Restructuring - Group functions and
segment Other 9 -1 2 -3
Profit improvement programme -
consulting costs -6 -18 -14 -32
Environmental provisions -2 0 -5 -5
Total 117 71 -36 -102
Items affecting comparability by segment
EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Packaging Materials -10 -10 -11 -22 -42 -343
Packaging Solutions -6 -1 -5 -11 -6 -379
Biomaterials -1 -2 0 -1 -4 -7
Wood Products -2 0 0 -2 0 -57
Forest 141 -3 -2 139 -3 -5
Other -5 -20 -18 -31 -46 -79
IAC on operating
result 117 -36 -35 71 -102 -870
Tax on IAC 4 5 6 12 17 77
IAC on net result 121 -31 -29 83 -84 -792
Packaging Materials
The IAC for Q3/25 included EUR -10 million of restructuring costs, mainly
related to operations in Finland and Sweden. The IAC for Q3/24 included
EUR -10 million restructuring costs related to various units, mainly due to
profit improvement programme actions.
Packaging Solutions
The IAC for Q3/25 included EUR -6 million of restructuring costs and asset
impairments. The IAC for Q3/24 included EUR -1 million restructuring costs.
Biomaterials
The IAC for Q3/25 included EUR -1 million of restructuring costs. IAC for Q3/24
included EUR -2 million environmental provision increase.
Wood Products
The IAC for Q3/25 included EUR -2 million of restructuring costs.
Forest
The IAC for Q3/25 included EUR 141 million related to the disposal of Swedish
forest assets. The IAC for Q3/24 included EUR -3 million related to
environmental provision costs.
Segment Other
The IAC for Q3/25 included EUR -6 million of consulting costs related to
profit improvement programme, EUR -5 million related to acquisitions and
disposals, EUR -2 million related to environmental provisions, and EUR 9
million of restructuring related items, mainly asset disposal gains in
Sweden. The IAC for Q3/24 included EUR -14 of consulting costs related to
profit improvement programme, EUR 2 million of restructuring costs and
EUR -7 million related to disposals.
Fair valuations and non-operational items
EUR million Q3/25 Q1-Q3/25 Q3/24 Q1-Q3/24
Non-operational fair valuation changes of
biological assets, Packaging Materials -3 -5 -1 -3
Non-operational fair valuation changes of
biological assets, Biomaterials 2 9 5 10
Non-operational fair valuation changes of
biological assets, Forest 0 -15 0 -11
Non-cash income and expenses related to
CO2 emission rights and liabilities, Other -3 7 5 34
Non-operational items of associated
companies, Forest -7 -28 -9 -33
Adjustments for differences between fair
value and acquisition cost of forest assets
upon disposal, Forest 0 -1 -1 -2
Total -11 -32 0 -4
Fair valuations and non-operational items by segment
EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Packaging Materials -3 -1 -1 -5 -3 2
Packaging Solutions 0 0 0 0 0 0
Biomaterials 2 5 2 9 10 32
Wood Products 0 0 0 0 0 0
Forest -7 -9 -31 -44 -45 342
Other -3 5 3 7 33 -12
FV on operating result -11 0 -27 -32 -4 364
Tax on FV 4 1 6 11 3 -72
FV on net result -7 1 -21 -21 -1 293
Fair valuations in Q3/25
Packaging Materials: Non-operational fair valuation changes of biological
assets of EUR -3 (-1) million.
Biomaterials: Non-operational fair valuation changes of biological assets of
EUR 2 (5) million.
Forest: Non-operational items of associated companies of EUR -7 (-9) million.
Segment Other: Non-cash income and expenses related to CO2 emission
rights and liabilities of EUR -3 (5) million.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 29
===== SIDA 30 =====
Calculation of adjusted return on capital employed (ROCE)
and return on equity (ROE) based on the last 12 months
EUR million Q3/25 Q3/24 Q2/25 Q4/24
Adjusted EBIT, LTM 548 528 597 598
Capital employed, LTM average 13,948 14,146 14,032 14,060
Adjusted ROCE, LTM 3.9% 3.7% 4.3% 4.3%
Adjusted EBIT excl. Forest division, LTM 220 225 265 290
Capital employed excl. Forest division, LTM average 7,901 8,220 7,928 8,071
Adjusted ROCE excl. Forest division, LTM 2.8% 2.7% 3.3% 3.6%
Net result for the period, LTM -56 -130 -172 -183
Total equity, LTM average 10,274 10,780 10,302 10,576
Return on equity (ROE), LTM -0.5% -1.2% -1.7% -1.7%
Net debt 3,215 3,528 3,988 3,707
Adjusted EBITDA, LTM 1,175 1,150 1,212 1,223
Net debt to LTM adjusted EBITDA ratio 2.7 3.1 3.3 3.0
LTM = Last 12 months.
Calculation of earnings per share excl. fair valuations
EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of
the Parent 198 88 24 335 204 -136
FV on net profit for the period attributable to
owners of the Parent -4 7 -17 -12 10 307
Net profit for the period attributable to owners
of the parent excl. FV 202 81 41 347 195 -442
Average number of shares 789 789 789 789 789 789
Earnings per share (EPS) excl. FV EUR 0.26 0.10 0.05 0.44 0.25 -0.56
Calculation of net debt
EUR million 30 Sep 2025 30 Sep 2024 30 Jun 2025 31 Dec 2024
Listed securities 0 9 9 11
Non-current interest-bearing receivables 29 24 20 14
Interest-bearing receivables 81 121 100 47
Cash and cash equivalents 2,228 1,999 1,570 1,999
Interest-bearing assets 2,337 2,154 1,699 2,072
Non-current interest-bearing liabilities 3,647 4,090 3,580 3,894
Current portion of non-current debt 1,133 839 1,339 1,090
Interest-bearing liabilities 739 732 747 788
Bank overdrafts 32 21 22 7
Interest-bearing Liabilities 5,552 5,682 5,687 5,779
Net debt 3,215 3,528 3,988 3,707
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 30
===== SIDA 31 =====
Calculation of adjusted return on operating capital (ROOC)
and adjusted return on capital employed (ROCE) based on the last 12 months by segment
EUR million Q3/25 Q3/24 Q2/25 2024
Packaging Materials
Adjusted EBIT, LTM 121 135 158 172
Operating capital, LTM 3,602 3,524 3,591 3,490
Adjusted ROOC, LTM 3.3% 3.8% 4.4% 4.9%
Packaging Solutions
Adjusted EBIT, LTM 4 -3 -5 -15
Operating capital, LTM 683 1,023 765 934
Adjusted ROOC, LTM 0.5% -0.3% -0.6% -1.6%
Biomaterials
Adjusted EBIT, LTM 149 199 168 231
Operating capital, LTM 2,426 2,493 2,452 2,480
Adjusted ROOC, LTM 6.1% 8.0% 6.9% 9.3%
Wood Products
Adjusted EBIT, LTM -6 -31 -2 -16
Operating capital, LTM 619 630 608 609
Adjusted ROOC, LTM -1.0% -5.0% -0.4% -2.7%
Forest
Adjusted EBIT, LTM 327 303 332 309
Capital employed, LTM 6,047 5,925 6,104 5,989
Adjusted ROCE, LTM 5.4% 5.1% 5.4% 5.2%
LTM = Last 12 months.
Financials
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 31
===== SIDA 32 =====
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
Carl Norell, SVP Corporate Communications, tel. +46 722 410 349
Stora Enso's full year 2025 results will be published on
4 February 2026
Stora Enso will organise a Capital Markets Day in London on
25 November 2025
The forest is at the heart of Stora Enso and we believe that everything made from fossil-based materials today can
be made from a tree tomorrow. We are the leading provider of renewable products in packaging, biomaterials, and
wooden construction, and one of the largest private forest owners in the world. We create better choices for
society by accelerating the transition to a circular bioeconomy. We aim to contribute positively to nature, and have
the most effective use of fiber-based renewable material. Stora Enso has approximately 19,000 employees and our
sales in 2024 were EUR 9 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq
Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and
ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors
It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein
which are not historical facts, including, without limitation those regarding expectations for market growth and developments;
expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar
expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they
involve risks and uncertainties, which may cause actual results to materially differ from those expressed in such forward-looking
statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing
activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products
or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in
business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other
intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product
demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures
thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential
introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of
economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. All statements are
based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes
no obligation to publicly update or revise any forward-looking statement except to the extent legally required.
Contacts
Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5 32