FULLTEXT DEL 1 AV 1
Kvartalsrapport Q4 2024
===== SIDA 1 =====
Financial Statement Release
January–December 2024
===== SIDA 2 =====
List of contents
Summary 2
CEO comment 5
Events 6
Results 6
Divisions 9
Capital structure 15
Cash flow 16
Capital expenditure 17
Sustainability 18
Short-term risks 20
Sensitivity analysis 20
Legal proceedings 21
AGM 2024 21
AGM 2025 and proposed dividend 22
Financials 23
IFRS section 23
Alternative performance
measures 35
Contacts 43
President and CEO Hans Sohlström:
"We will continue with our
actions to make Stora
Enso more efficient and
stronger."
Improved efficiency,
reduced costs
Actions to improve sourcing
and operational efficiency as
well as commercial excellence,
and the implementation of
cost reductions across the
Company have borne fruit,
enhancing profitability and
competitiveness. Operating
working capital has been
reduced by more than EUR
700 million euro in 1.5 years.
During 2024, fixed costs
decreased by EUR 110 million.
Progress in reducing carbon
emissions
Stora Enso achieved a 53%
reduction in Scope 1 and 2
greenhouse gas emissions
by year-end 2024,
surpassing the 2030 target of
a 50% reduction from the
2019 base year, mainly due to
reduction measures, such as
fuel switches, and site and
production line closures.
Strengthening wood supply
in Finland
Stora Enso has signed an
agreement to acquire the
Finnish sawmill company
Junnikkala Oy with the aim of
securing cost-effective wood
supply to the packaging
board site in Oulu, Finland,
and to support its wood
products business with new
production assets.
Cover photo: Stora Enso Head Office, entrance hall
Photographer: Stora Enso/©Tuomas Uusheimo
Stora Enso Q4 and full year results 2024 1 (42)
===== SIDA 3 =====
Improved results in challenging markets
Quarterly financial highlights
(compared to Q4/23)
• Sales increased by 7% to EUR 2,322 (2,174) million.
• Adjusted EBIT increased to EUR 121 (51) million.
• Adjusted EBIT margin increased to 5.2% (2.3%).
• Operating result (IFRS) was EUR -279 (-326) million,
including items affecting comparability of EUR -768
million related mainly to impairments booked as
part of the annual impairment review, and fair
valuations and other non-operational items of EUR
368 million mostly from increase in the fair value of
the standing growing trees (biological assets).
• Earnings per share (EPS) were EUR -0.43 (-0.36) and
EPS excl. fair valuations (FV) was EUR -0.81 (-0.64).
• The fair value of the forest assets increased to EUR
8.9 (8.7) billion, equivalent to EUR 11.28 per share.
• Cash flow from operations amounted to EUR
325 (323) million. Cash flow after investing activities
was EUR 88 (-9) million.
• Net debt increased by EUR 540 million to EUR 3,707
(3,167) million, mainly due to the board investment
at the Oulu site.
• The net debt to adjusted EBITDA (LTM
1
) ratio
improved to 3.0 (3.2). The target to keep the ratio
below 2.0 remains.
Year 2024 results
(compared to 2023)
• Sales were EUR 9,049 (9,396) million.
• Adjusted EBIT was EUR 598 (342) million.
• Operating result (IFRS) was EUR 93 (-322) million.
• Earnings per share (EPS) were EUR -0.17 (-0.45) and
EPS excl. fair valuations (FV) was EUR -0.56 (-0.73).
• Cash flow from operations amounted to EUR
1,187 (954) million. Cash flow after investing
activities was EUR 74 (-40) million.
• Adjusted ROCE excluding the Forest division (LTM
1
)
increased to 3.6% (1.0%), the target being above 13%.
Key highlights
• The profit improvement programme, initiated in
Q1/2024 with a target of EUR 120 million in annual
gross fixed cost savings, progressed well, with the
full impact realised from the start of 2025. During
the year, fixed costs decreased by EUR 110 million.
• Stora Enso signed an agreement to acquire the
Finnish sawmill company Junnikkala Oy to secure a
cost-efficient wood supply to the packaging board
site in Oulu, Finland, and to support the wood
products business with new production assets.
• Stora Enso achieved a 53% reduction in Scope 1 and
2 greenhouse gas emissions by year-end,
surpassing the 2030 target of a 50% reduction from
the 2019 base year.
• The consumer board investment at the Oulu site in
Finland is progressing on schedule. Production is
estimated to start in the coming months with full
capacity estimated to be reached during 2027.
• Stora Enso intends to sell approximately 12% of its
total forest assets of 1.4 million hectares in Sweden,
with a fair value of EUR 6.3 billion. The sales process
is ongoing.
Proposed dividend
The Board of Directors will propose a dividend of EUR
0.25 (EUR 0.20) per share at the Annual General Meeting
on 20 March 2025. The Board of Directors proposes that
the dividend be paid in two instalments, during the
second and fourth quarter of 2025.
Outlook
NB: As a change to prior practices, Stora Enso will
continue to provide comments on its outlook but not a
specific annual EBIT guidance. This aligns with
international practice.
While short term demand outlook continues to be
subdued, Stora Enso continues to reduce costs with the
aim to improve operational performance during 2025.
The Group's adjusted EBIT 2025 is anticipated to be
adversely impacted by approximately EUR 100 million,
primarily in H1/2025, due to the ramp-up of the new
packaging board line in Oulu, Finland.
Sales
EUR 2,322 million
(Q4/2023: 2,174)
Adjusted EBIT margin
5.2%
(Q4/2023: 2.3%)
Adjusted ROCE excl.
the Forest division (LTM
1
)
3.6%
(Q4/2023: 1.0%)
Net debt to
adjusted EBITDA (LTM
1
)
3.0
(Q4/2023: 3.2)
EPS (basic)
EUR -0.43
(Q4/2023: -0.36)
Cash flow from operations
EUR 325 million
(Q4/2023: 323)
1
LTM = Last 12 months
Summary
Stora Enso Q4 and full year results 2024 2 (42)
===== SIDA 4 =====
Market and business outlook
We expect demand to remain subdued and volatile,
affected by macroeconomic confidence and
continued geopolitical uncertainty. Wood prices are
expected to remain at high levels. Throughout 2025,
we continue with our actions to reduce costs and
strengthen operational and commercial excellence
with the aim to improve operational performance
and competitiveness.
In the first quarter of 2025, maintenance costs are
expected to decrease to EUR 64 million from EUR 118
million in Q4/2024, due to no major planned
maintenance activities in the quarter.
During the full year 2025, the Group's adjusted EBIT is
anticipated to be adversely impacted by
approximately EUR 100 million, primarily in H1/2025, due
to the ramp-up in the coming months of the new
packaging board line in Oulu, Finland.
The Group's capital expenditure forecast for the full
year 2025 is EUR 730–790 million.
Packaging Materials
The fiber packaging market is currently challenged by
soft demand due to slow economic recovery, low
operating rates and uncertain visibility. Consumer
board volumes in Q1/2025 are anticipated to increase
following planned maintenance stops and seasonally
low demand in Q4/2024. With continued weak
demand and excess capacity, containerboard
operating rates in fresh fiber are expected to improve
but still remain at a relatively low level. Recycled
containerboard volumes are expected to remain
stable. High wood fiber costs continue to put pressure
on margins. The division's average price level is
expected to remain stable quarter-on-quarter.
Packaging Solutions
Market demand continues to be unpredictable and
volatile with vast overcapacity. The first quarter
typically represents a low season for the division.
Volumes in Q1/2025 in Central, Northern and Western
Europe are anticipated to be stable quarter-on-
quarter, while the Chinese market is expected to
return to normal levels following their peak season at
year-end. High containerboard costs and the
ongoing ramp up of the corrugated packaging site in
De Lier, in the Netherlands are expected to continue to
constrain margin growth beyond Q1/2025.
Biomaterials
The pulp market is currently positioned near its
cyclical low. Leading pulp producers have announced
price increases, with potential effects likely becoming
more apparent in Q2/2025. Demand outlook is
uncertain driven by economic activity and
geopolitical risks.
Wood Products
The overall outlook for Q1/2025 is expected to remain
relatively unchanged from Q4/2024, characterised by
low and stable demand for classic sawn in Europe
and overseas, alongside some price increases driven
by high raw material costs. Raw material costs are
projected to continue at a stable level, with an
upward trend in log cost. Construction activity is
expected to remain low.
Forest
Wood demand in the Nordics is expected to remain
robust in Q1/2025, despite reductions in pulpwood
consumption from curtailments in packaging and
pulp markets, as forest companies are minimising
costly imports.
Stora Enso Q4 and full year results 2024 3 (42)
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Key figures
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Sales 2,322 2,174 6.8 % 2,261 2.7 % 9,049 9,396 -3.7 %
Adjusted EBITDA 285 212 34.4 % 328 -13.1 % 1,223 989 23.6 %
Adjusted EBITDA margin 12.3 % 9.8 % 14.5 % 13.5 % 10.5 %
Adjusted EBIT 121 51 138.6 % 175 -31.3 % 598 342 74.8 %
Adjusted EBIT margin 5.2 % 2.3 % 7.8 % 6.6 % 3.6 %
Operating result (IFRS) -279 -326 14.4 % 139 n/m 93 -322 128.8 %
Result before tax (IFRS) -353 -378 6.6 % 98 n/m -118 -495 76.2 %
Net result for the period (IFRS) -379 -325 -16.5 % 84 n/m -183 -431 57.4 %
Cash flow from operations 325 323 0.6 % 271 19.9 % 1,187 954 24.5 %
Cash flow after investing activities 88 -9 n/m 4 n/m 74 -40 283.9 %
Capital expenditure 349 422 -17.2 % 229 52.2 % 1,090 1,125 -3.2 %
Capital expenditure excluding
investments in biological assets 325 401 -18.8 % 210 54.9 % 1,009 1,054 -4.3 %
Depreciation and impairment charges
excl. IAC 125 133 -6.5 % 125 -0.1 % 501 534 -6.2 %
Net debt 3,707 3,167 17.1 % 3,528 5.1 % 3,707 3,167 17.1 %
Forest assets¹ 8,894 8,731 1.9 % 8,758 1.6 % 8,894 8,731 1.9 %
Adjusted return on capital employed
(ROCE), LTM² 4.3% 2.4% 3.7% 4.3% 2.4%
Adjusted ROCE excl. Forest division, LTM² 3.6% 1.0% 2.7% 3.6% 1.0%
Earnings per share (EPS) excl. FV, EUR -0.81 -0.64 -26.4 % 0.10 n/m -0.56 -0.73 23.1 %
EPS (basic), EUR -0.43 -0.36 -18.5 % 0.11 n/m -0.17 -0.45 62.0 %
Return on equity (ROE), LTM² -1.7% -3.8% -1.2% -1.7% -3.8%
Net debt/equity ratio 0.37 0.29 0.33 0.37 0.29
Net debt to LTM² adjusted EBITDA ratio 3.0 3.2 3.1 3.0 3.2
Equity per share, EUR 12.86 13.93 -7.7 % 13.73 -6.4 % 12.86 13.93 -7.7 %
Average number of employees (FTE) 18,731 20,047 -6.6 % 19,364 -3.3 % 19,233 20,822 -7.6 %
1
Total forest assets value, including leased land and Stora Enso's share of Tornator.
2
LTM = Last 12 months.
IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Alternative performance
measures.
Production and external deliveries
Q4/24 Q4/23
Change %
Q4/24–
Q4/23
Q3/24
Change %
Q4/24–
Q3/24
2024 2023 Change %
2024–2023
Consumer board deliveries, 1,000 tonnes 677 634 6.8 % 711 -4.8 % 2,778 2,691 3.3 %
Consumer board production, 1,000
tonnes 593 560 6.0 % 771 -23.0 % 2,793 2,593 7.7 %
Containerboard deliveries, 1,000 tonnes 286 257 11.2 % 307 -6.8 % 1,242 1,236 0.5 %
Containerboard production, 1,000
tonnes 379 394 -3.9 % 373 1.6 % 1,530 1,592 -3.9 %
Corrugated packaging European
deliveries, million m
2 287 279 3.0 % 313 -8.3 % 1,205 1,167 3.2 %
Corrugated packaging European
production, million m
2 269 258 4.1 % 300 -10.5 % 1,157 1,094 5.7 %
Market pulp deliveries, 1,000 tonnes 588 550 6.9 % 494 19.0 % 2,029 2,220 -8.6 %
Wood products deliveries, 1,000 m
3
1,023 957 6.9 % 912 12.2 % 3,892 3,897 -0.1 %
Wood deliveries, 1,000 m
3
3,559 3,435 3.6 % 3,108 14.5 % 13,451 13,667 -1.6 %
Paper deliveries, 1,000 tonnes 140 173 -19.4 % 170 -17.7 % 611 761 -19.7 %
Paper production, 1,000 tonnes 135 170 -20.4 % 161 -16.0 % 592 752 -21.3 %
The comparative Q3/24 deliveries for consumer board, containerboard and paper have been restated.
Total planned maintenance impact
Expected and historical impact of lost value of sales and planned maintenance costs
EUR million Q1/2025
1
Q4/2024
2
Q3/2024 Q2/2024 Q1/2024 Q4/2023
Total maintenance impact 64 118 139 134 83 123
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 Q4/2024 was EUR 113 million.
Key figures
Stora Enso Q4 and full year results 2024 4 (42)
===== SIDA 6 =====
CEO comment
2024 marked a year of substantial progress for
Stora Enso, demonstrating our commitment to
building a foundation for sustained profitable
growth. Our actions to improve sourcing and
operational efficiency as well as commercial
excellence, and the implementation of cost
reductions across the Company have borne fruit,
enhancing our profitability and competitiveness.
Despite facing macroeconomic uncertainties,
fluctuations in market demand, and rising wood
costs, these actions have progressed well.
In 2024, we increased our adjusted EBIT by 75%,
reaching 598 million euro, or a 6.6% margin. This
improvement was supported by higher deliveries
across all divisions, partially offset by lower sales
prices. Sales decreased by 4% to 9,049 million euro,
due to structural changes; within that, sales for
continuing businesses increased by 1%. We reduced
our fixed costs by 110 million euro and offset the
continued wood cost escalation with efficiency
improvements and reductions in other variable cost
categories.
In the fourth quarter of 2024, adjusted EBIT
increased by 139% to 121 million euro compared to,
the same quarter previous year, corresponding to a
margin of 5.2%. The improvement was driven by
price increases and cost saving actions. Sales
increased to 2,322 million euro, a year-on-year
growth of 7%.
Our focused actions to reduce operating working
capital resulted in an all-time low operating working
capital of 544 million euro in the fourth quarter, a
reduction of more than 700 million euro in 1.5 years
with an operating working capital to sales ratio of 7%
down from 14%. This further improved our cash flow
from operations to 325 million euro in the quarter.
The fair value of our total forest assets reached 8.9
billion euro, or 11.28 euro per share, highlighting the
enduring value and potential of our asset base.
Additionally, as announced in the fourth quarter last
year, we are preparing to sell approximately 12% of
our forest assets in Sweden. This move is aimed at
further reducing our net debt, increasing financial
flexibility and confirm the financial value of the
Company’s forest holdings.
We are also proud to announce that we have
surpassed our 2030 target by achieving a 53%
reduction in Scope 1 and 2 greenhouse gas
emissions, demonstrating our commitment to
sustainability and environmental responsibility.
The 1 billion euro investment in building a consumer
board packaging line at our Oulu site in Finland is on
schedule and expected to commence production
ramp-up in the coming months. We estimate the
start-up to adversely impact our 2025 adjusted EBIT
by approximately 100 million euro, primarily in the
first half of the year, followed by a gradual
improvement in earnings thereafter.
We need to continue with our actions to make Stora
Enso more efficient and stronger. While short-term
demand outlook continues to be subdued, we
continue our systematic and structured work to
reduce our fixed and variable costs as well as
improve operative performance during 2025.
In the longer term, Stora Enso is poised to leverage
the recent big investments and cost reductions to
further strengthen our market position, strive to
deliver exceptional service to our customers, and
continue our journey of sustainable development
towards our long-term financial targets and
improved shareholder value creation.
I would like to thank all our employees, customers,
suppliers, and shareholders for their commitment
and support during 2024. I am exceptionally proud
of our team’s resilience, engagement and
dedication, which have been crucial in navigating
this year's challenges and setting the stage for
future successes.
Sincerely,
Hans Sohlström
President and CEO, Stora Enso
CEO comment
Stora Enso Q4 and full year results 2024 5 (42)
===== SIDA 7 =====
Events and product update
Retaining Beihai operations
Stora Enso has decided to discontinue the divestment
process for its Beihai packaging board production
site and forestry business, announced in December
2022. Stora Enso is of the view that the value in own
use of the assets exceeds the achievable transaction
value, and has therefore chosen to retain these
operations within the Group.
Plans to sell part of the forests in Sweden
Stora Enso intends to sell approximately 12% of its
total forest assets of 1.4 million hectares in Sweden,
with a fair value of EUR 6.3 billion. A sale would
reduce debt and strengthen the balance sheet.
Strengthening wood supply chains in Finland
Stora Enso signed an agreement to acquire 100% of
the Finnish sawmill company Junnikkala Oy to
secure a cost-efficient wood supply to Stora Enso’s
packaging board site in Oulu, Finland, and to support
Stora Enso’s wood products business with new
production assets. The total enterprise value (EV) for
the transaction is up to EUR 137 million, a significant
part of it being contingent upon achieving specific
production milestones. The transaction is subject to
customary closing conditions including regulatory
approvals.
Divestment of non-core assets
In December, Stora Enso completed the divestment
of its 100% owned Sunila site in Finland to AALTO
Development Oy. Pulp production at Sunila ended in
2023. Stora Enso’s Lignode pilot plant operations at
Sunila continue and are unaffected by the disposal.
Stora Enso completed the divestment of its 100%
owned De Hoop site in the Netherlands to DS Smith in
December. Production at the De Hoop
containerboard site ended in 2023.
Stora Enso also completed the divestment of its 100%
owned Selfly Store business to Husky Intelligent
Fridges in December. Selfly Store provides complete
smart vending machine solutions.
In October, Stora Enso completed the divestment of
its 100% owned E-Corrugated unit in the United
Kingdom to Lavelle Corrugated.
Increased capacity in specialised pulp
Stora Enso completed the investment in unbleached
kraft pulp (UKP) production at its Enocell site in
Finland, and the ramp-up is proceeding as planned.
The increased capacity is intended for packaging
and special applications, such as fiber-cement and
e-grade (for electrical insulation papers), and
answers to the long-term trends that point towards
a consumer preference for less bleached or brown
fiber-based renewable packaging products.
Events after the quarter
No major events after the quarter to date.
Fourth quarter 2024 results (compared with Q4/2023)
Sales
MEUR 2,322
(Q4/2023: 2,174)
Adjusted EBIT margin
5.2%
(Q4/2023: 2.3%)
Earnings per share
EUR -0.43
(Q4/2023: -0.36)
Group sales increased by 7%, or EUR 148 million, to EUR
2,322 (2,174) million. Higher prices in all divisions except
in Packaging Solutions and increased deliveries were
only partly offset by the negative impact of structural
changes. These changes were mainly related to the
closures of the De Hoop board unit in the Netherlands,
and the Anjalankoski paper machine in Finland.
Group adjusted EBIT increased by EUR 70 million to EUR
121 (51) million, and the adjusted EBIT margin increased
to 5.2% (2.3%). Higher prices and volumes increased
profitability by EUR 109 million and EUR 22 million,
respectively. Variable costs were EUR 46 million
higher, despite lower energy costs, driven by
increased pulpwood costs. Fixed costs increased by
EUR 5 million. Net foreign exchange rates had a
negative EUR 14 million impact on adjusted EBIT. The
impact from structural changes, depreciations,
associated companies and other was a positive EUR 5
million on adjusted EBIT.
Fair valuations and non-operational items (FV) had a
positive impact on the operating result of EUR 368
(229) million.
Items affecting comparability (IAC) had an adverse
impact of EUR 768 (605) million on the operating
result.
More details of the items affecting comparability and
fair valuation items are included in the sections for
each division and in the section Items affecting
comparability (IAC), fair valuations and non-
operational items (FV). Operating result (IFRS) was EUR
-279 (-326) million.
Net financial items of EUR -74 (-52) million were EUR 22
million higher than the corresponding period last
year. Net interest expenses of EUR -32 (-30) million
increased by EUR 2 million. Other net financial
expenses decreased to EUR -29 (-31) million. Other
financial items include a EUR -15 million write-off of
Events
Stora Enso Q4 and full year results 2024 6 (42)
===== SIDA 8 =====
receivables related to the Russian operations
disposed in 2022. The net foreign exchange impact in
respect of cash equivalents, interest-bearing assets
and liabilities, and related foreign-currency hedges
amounted to a loss of EUR 12 (gain of EUR 9) million.
Earnings per share decreased to EUR -0.43 (-0.36), and
earnings per share excluding fair valuations were EUR
-0.81 (-0.64).
The adjusted return on capital employed LTM (ROCE)
was 4.3% (2.4%). Adjusted ROCE excluding the Forest
division LTM was 3.6% (1.0%).
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
0
1,000
2,000
3,000
4,000
0%
6%
12%
18%
24% Adjusted ROCE excl. Forest (LTM)
Adjusted ROCE excl. Forest division,
last 12 months
Target >13%Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
0%
6%
12%
18%
24% Net debt to adjusted EBITDA (LTM)
Net debt, EUR million
Net debt to adjusted EBITDA, LTM
Target <2.0Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0
LTM = Last 12 months, the calculation method is explained in the section Alternative performance measures.
Breakdown of change in sales
Sales Q4/2023, EUR million 2,174
Price and mix 5%
Currency 0%
Volume 3%
Other sales
1
0%
Total before structural changes 8%
Structural changes
2
-1%
Total 7%
Sales Q4/2024, EUR million 2,322
1
Energy, paper for recycling (PfR), by-products etc.
2
Asset closures, major investments, divestments and acquisitions
Breakdown of change in capital employed
Capital employed 31 December 2023, EUR million 14,056
Capital expenditure excl. investments in biological
assets less depreciation 509
Investments in biological assets less depletion of
capitalised silviculture costs -6
Impairments and reversal of impairments -745
Fair valuation of forest assets 229
Unlisted securities (mainly PVO) -208
Associated companies 28
Net liabilities in defined benefit plans 35
Operating working capital and other interest-free
items, net -180
Emission rights -35
Net tax liabilities 79
Acquisition of subsidiaries 72
Disposal of subsidiaries -8
Translation difference -107
Other changes -23
Capital employed 31 December 2024 13,696
Result
Stora Enso Q4 and full year results 2024 7 (42)
===== SIDA 9 =====
Full year 2024 results (compared with 2023)
Group sales decreased by 4%, or
EUR 347 million to EUR 9,049 (9,396)
million, due to by structural
changes. For continuing
businesses, sales increased by 1%,
or EUR 101 million. Higher deliveries
in all divisions were only partly
offset by lower sales prices in the
Packaging divisions. The structural
changes are related to the paper
site divestments at Hylte in Sweden
and Maxau in Germany, and
closures of the De Hoop board site
in the Netherlands, the Anjalankoski
paper machine in Finland, the
Sunila pulp mill in Finland and the
Näpi sawmill in Estonia.
Adjusted EBIT increased by EUR 256
million to EUR 598 (342) million and
the adjusted EBIT margin increased
to 6.6% (3.6%). Lower sales prices,
mainly in the Packaging divisions,
decreased profitability by EUR 30
million. Higher volumes, despite the
Finnish political strike in 2024,
increased adjusted EBIT by EUR 172
million. Lower variable costs
increased adjusted EBIT by EUR 28
million, as clearly higher pulpwood
costs were more than offset by
lower other variable costs,
especially energy and chemical
costs.
Fixed costs were EUR 110 million
lower, driven by cost saving
actions. The impact from structural
changes, depreciations,
associated companies and other,
had an adverse impact of EUR 34
million on adjusted EBIT. Net foreign
exchange rates increased
profitability by EUR 10 million.
Operating result (IFRS) was EUR 93
(-322) million.
Fair valuations and non-
operational items (FV) had a
positive net impact on the
operating result of EUR 364 (231)
million. Items affecting
comparability (IAC) had an
adverse impact of EUR 870
(895) million on the operating
result. The main IAC and FV
items are presented in the
section Items affecting
comparability (IAC), fair
valuations and non-operational
items (FV).
Sales
MEUR 9,049
(2023: 9,396)
Adjusted EBIT margin
6.6%
(2023: 3.6%)
Fourth quarter 2024 results (compared with Q3/2024)
Group sales increased 3% or EUR 61
million to EUR 2,322 (2,261) million.
Higher sales prices, apart from
Biomaterials and higher deliveries
in all other than the Packaging
divisions supported topline.
Adjusted EBIT decreased EUR
54 million to EUR 121 (175) million
and the margin declined to
5.2% (7.8%). Higher sales prices
increased adjusted EBIT by EUR
1 million. Variable costs
decreased by EUR 48 million,
primarily due to reduced
energy costs, resulting from
the sale of emission
certificates.
Volumes had an adverse EUR
33 million and fixed costs an
adverse EUR 64 million impact,
related to annual maintenance
shutdowns in Packaging
Materials and seasonality. Net
foreign exchange rates had a
negative EUR 19 million impact
on adjusted EBIT. The impact
from structural changes,
depreciations, associated
companies and other was a
positive EUR 13 million.
Operating result (IFRS) was EUR
-279 (139) million.
More details of the items
affecting comparability (IAC)
and fair valuations (FV) are
included in the sections for
each division.
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q3/2024 Q4/2024
0
500
1,000
1,500
2,000
2,500
0%
2%
4%
6%
8%
10%
Result
Stora Enso Q4 and full year results 2024 8 (42)
===== SIDA 10 =====
Packaging Materials
• Challenging quarter with
weak market cycle and
annual shutdowns in
several units
• Order inflow remained
weak in all segments
during Q4 following the
weak economic activity
• Consumer board price
increases successfully
implemented on renewed
contracts
• Containerboard prices
started to declin e during
Q4 for both recycled and
virgin fiber grades
following declining
recycled fiber prices
2023 2024 2025
Q1 — — —
Q2 Beihai, Ostrołęka, Langerbrugge Beihai, Langerbrugge Beihai, Langerbrugge
Q3 Anjalankoski, Heinola, Ostrołęka,
Oulu, Varkaus, Ingerois Oulu, Varkaus, Heinola Oulu, Heinola, Varkaus,
Ostrołęka,
Q4 Fors, Imatra, Skoghall Anjalankoski, Fors, Imatra,
Ostrołęka, Skoghall
Anjalankoski, Fors,
Imatra, Skoghall
Adjusted ROOC (LTM)
4.9%
(Target: >20%)
Planned maintenance shutdowns
• Sales increased by 5%, or EUR 50
million, to EUR 1,095 million,
driven by significantly higher
containerboard prices and
consumer board volumes YoY,
partly offset by the adverse
impact from production unit/
line closures during 2023.
• Adjusted EBIT increased by EUR
37 million to EUR -6 million
driven by improved topline and
lower energy costs, largely
offset by higher fiber costs.
Adjusted EBIT was impacted by
the planned annual
maintenance shutdowns
primarily in the consumer
board units.
• Adjusted ROOC (LTM) was 4.9%
(-1.6%), below the long-term
target of >20%.
Sales and adjusted EBIT margin
Sales, EUR million Adjusted EBIT, %
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
0
300
600
900
1,200
1,500
-4%
0%
4%
8%
12%
16%
20%
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Sales 1,095 1,045 4.8 % 1,169 -6.3 % 4,502 4,557 -1.2 %
Adjusted EBITDA 71 35 101.7 % 147 -51.6 % 472 267 76.4 %
Adjusted EBITDA margin 6.5 % 3.4 % 12.6 % 10.5 % 5.9 %
Adjusted EBIT -6 -43 85.7 % 73 -108.3 % 172 -57 n/m
Adjusted EBIT margin -0.6 % -4.1 % 6.3 % 3.8 % -1.3 %
Fair valuations and non-operational
items
1 5 12 -62.7 % -1 n/m 2 12 -86.1 %
Items affecting comparability (IAC)
1
-301 -474 36.4 % -10 n/m -343 -597 42.5 %
Operating result (IFRS) -303 -504 40.0 % 62 n/m -169 -642 73.6 %
Adjusted EBIT, LTM 172 -57 n/m 135 27.0 % 172 -57 n/m
Operating capital, LTM average 3,490 3,580 -2.5 % 3,524 -1.0 % 3,490 3,580 -2.5 %
Adjusted ROOC, LTM 4.9 % -1.6 % 3.8 % 4.9 % -1.6 %
Cash flow from operations 109 155 -29.7 % 130 -16.2 % 462 370 24.9 %
Cash flow after investing activities -40 -59 33.1 % -56 29.0 % -323 -235 -37.4 %
Board and paper deliveries, 1,000 tonnes
2
1,174 1,176 -0.2 % 1,256 -6.6 % 4,920 4,963 -0.9 %
Board and paper production, 1,000 tonnes 1,107 1,124 -1.5 % 1,304 -15.1 % 4,916 4,843 1.5 %
1
The
IAC for Q4/24 included asset impairments of EUR -136 million for China operations, EUR -90 million for the Varkaus containerboard unit, EUR -47
million for the Langerbrugge paper unit, EUR -27 million for the Poland containerboard unit, and EUR -1 million restructuring costs related to various
units. The IAC for Q4/23 included asset impairments of EUR -228 million for the Oulu containerboard unit, EUR -202 million for China operations, EUR
-12 million for the Anjala site's paper assets, EUR -26 million of goodwill impairments related to the Anjala and De Hoop sites and EUR -6 million for
other cases. The fair valuations for Q4/24 included non-operational fair valuation changes of biological assets of EUR 5 (12) million.
2
The comparative Q3/24 deliveries have been restated.
LTM = Last 12 months
Segments
Stora Enso Q4 and full year results 2024 9 (42)
===== SIDA 11 =====
Packaging Materials
Market development during Q4/2024
Product Market
Demand Q4/24
compared with
Q4/23
Demand Q4/24
compared with
Q3/24
Price Q4/24
compared with
Q4/23
Price Q4/24
compared with
Q3/24
Consumer board Europe Significantly stronger Significantly weaker Higher Slightly higher
Kraftliner Global Slightly stronger Slightly weaker Significantly higher Higher
Testliner Europe Stronger Slightly weaker Significantly higher Slightly lower
Paper Europe Slightly weaker Stable Stable Stable
Source: Fastmarket RISI, Fastmarket FOEX, CEPI, Numera Analytics, Stora Enso.
Consumer board prices include FBB only.
Segments
Stora Enso Q4 and full year results 2024 10 (42)
===== SIDA 12 =====
Packaging Solutions
• Volumes improved,
however selling prices
were still under pressure
due to overcapacity and
soft demand
• Ramp up of the new
corrugated packaging site
in the Netherlands
continued to adversely
impact the result
Adjusted ROOC (LTM)
-1.6%
(Target: >15%)
Sales YoY
0%
Adjusted EBIT margin
-2.5%
(Q4/2023: 2.3%)
• Sales remained at EUR 247
million. Volumes increased, but
the price pressure caused by
market overcapacity offset the
positive volume impact.
• Adjusted EBIT decreased by
EUR 12 million to EUR -6 million.
Price pressure and high
containerboard costs
adversely impacted
profitability.
• Adjusted ROOC (LTM) was
-1.6%, below the long-term
target of >15%.
Sales and adjusted EBIT margin
Sales, EUR million Adjusted EBIT, %
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
0
50
100
150
200
250
300
-3%
0%
3%
6%
9%
12%
15%
18%
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Sales 247 247 0.1 % 262 -5.4 % 987 1,077 -8.3 %
Adjusted EBITDA 12 25 -50.3 % 13 -7.9 % 62 111 -44.2 %
Adjusted EBITDA margin 5.0 % 10.0 % 5.1 % 6.3 % 10.3 %
Adjusted EBIT -6 6 -207.8 % -6 4.7 % -15 43 -134.2 %
Adjusted EBIT margin -2.5 % 2.3 % -2.5 % -1.5 % 4.0 %
Items affecting comparability (IAC)
1
-373 -1 n/m -1 n/m -379 -26 n/m
Operating result (IFRS) -379 5 n/m -8 n/m -394 17 n/m
Adjusted EBIT, LTM -15 43 -134.2 % -3 n/m -15 43 -134.2 %
Operating capital, LTM average 934 874 6.9 % 1,023 -8.7 % 934 874 6.9 %
Adjusted ROOC, LTM -1.6 % 4.9 % -0.3 % -1.6 % 4.9 %
Cash flow from operations 24 47 -48.6 % 24 0.0 % 78 145 -45.8 %
Cash flow after investing activities 9 26 -65.3 % 14 -36.1 % 31 62 -49.8 %
Corrugated packaging European
deliveries, million m
2 291 278 4.7 % 317 -8.2 % 1,217 1,178 3.3 %
Corrugated packaging European
production, million m
2 269 258 4.1 % 300 -10.5 % 1,157 1,094 5.7 %
1
The
IAC for Q4/24 included asset impairments of EUR -371 million related to operations in western Europe, and EUR -2 million restructuring costs.
The
IAC for Q4/23 included EUR -1 million restructuring costs.
LTM = Last 12 months
Market development during Q4/2024
Product Market
Demand Q4/24
compared with
Q4/23
Demand Q4/24
compared with
Q3/24
Price Q4/24
compared with
Q4/23
Price Q4/24
compared with
Q3/24
Corrugated packaging Europe Slightly stronger Stable Stable Stable
Source: Fastmarket RISI
Segments
Stora Enso Q4 and full year results 2024 11 (42)
===== SIDA 13 =====
Biomaterials
• Higher sales prices year-
on-year in Europe, yet
sequentially pulp prices
decreased across all
pulp grades and markets
• Strong deliveries to
customers despite
generally soft market
2023 2024 2025
Q1 Veracel — —
Q2 Montes del Plata, Skutskär Montes del Plata, Skutskär Skutskär
Q3 — Enocell, Veracel Enocell
Q4 Enocell — Montes del Plata
Adjusted ROOC (LTM)
9.3%
(Target: >15%)
Planned maintenance shutdowns
• Sales increased by 12%, or EUR
44 million to EUR 419 million.
Sales prices were higher, and
deliveries were also higher, due
to changed sequence of
planned annual maintenance
shutdowns compared to
Q4/23.
• Adjusted EBIT increased by EUR
32 million to EUR 67 million,
driven by higher sales prices,
actions lowering cost and
higher emission certificate
sales.
• Adjusted ROOC (LTM) was 9.3%,
below the long-term target of
>15%.
Sales and adjusted EBIT margin
Sales, EUR million Adjusted EBIT, %
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
0
200
400
600
-10%
0%
10%
20%
30%
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Sales 419 375 11.8 % 380 10.1 % 1,587 1,587 0.0 %
Adjusted EBITDA 109 70 56.5 % 74 46.4 % 372 256 45.4 %
Adjusted EBITDA margin 26.0 % 18.6 % 19.6 % 23.4 % 16.1 %
Adjusted EBIT 67 35 93.2 % 43 54.6 % 231 118 95.9 %
Adjusted EBIT margin 16.0 % 9.3 % 11.4 % 14.6 % 7.4 %
Fair valuations and non-operational
items
1 22 24 -8.4 % 5 n/m 32 25 27.0 %
Items affecting comparability (IAC)
1
-4 -105 96.6 % -2 -63.3 % -7 -224 96.7 %
Operating result (IFRS) 86 -46 284.6 % 46 84.2 % 256 -81 n/m
Adjusted EBIT, LTM 231 118 95.9 % 199 16.3 % 231 118 95.9 %
Operating capital, LTM average 2,480 2,625 -5.5 % 2,493 -0.5 % 2,480 2,625 -5.5 %
Adjusted ROOC, LTM 9.3 % 4.5 % 8.0 % 9.3 % 4.5 %
Cash flow from operations 138 71 94.3 % 101 36.5 % 507 431 17.5 %
Cash flow after investing activities 91 26 249.0 % 56 61.2 % 332 234 42.1 %
Pulp deliveries, 1,000 tonnes 612 567 8.0 % 521 17.4 % 2,207 2,277 -3.1 %
1
The
IAC for Q4/24 included EUR -4 million restructuring costs related to various units. The IAC for Q4/23 included impairments of fixed assets of EUR
-59 million for the Enocell site, an impairment of goodwill of EUR -44 million for the Nordic Mills, and EUR -2 million for other cases. The fair valuations
for Q4/24 included non-operational fair valuation changes of biological assets of EUR 22 (24) million.
LTM = Last 12 months
Market development during Q4/2024
Product Market
Demand Q4/24
compared with Q4/23
Demand Q4/24
compared with
Q3/24
Price Q4/24
compared with
Q4/23
Price Q4/24
compared with
Q3/24
Softwood pulp Europe Stronger Slightly stronger Significantly higher Lower
Hardwood pulp Europe Slightly stronger Slightly weaker Significantly higher Significantly lower
Hardwood pulp China Significantly weaker Slightly stronger Lower Significantly lower
Source: PPPC, Fastmarket FOEX, Fastmarket RISI, Stora Enso
Segments
Stora Enso Q4 and full year results 2024 12 (42)
===== SIDA 14 =====
Wood Products
• Stronger demand although
still suppressed by
continued low construction
activity
• Higher sales prices and
volumes for sawn wood
• Continued increase in raw
material costs pressured
margins
Photo: Woodcon AS/©Eirik Evjen
Adjusted ROOC (LTM)
-2.7%
(Target: >20%)
Sales YoY
+17%
Adjusted EBIT margin
-2.9%
(Q4/2023: -7.8%)
• Sales increased by 17%, or EUR 59
million, to EUR 400 million,
primarily due to higher sales
prices and volumes for sawn
wood.
• Adjusted EBIT increased by EUR
15 million to EUR -12 million,
driven by higher volumes and
prices, offsetting increased raw
material costs.
• Continued value creation
actions contributed to the
improvement of results.
• Adjusted ROOC (LTM) was below
the long-term target of >20% at
-2.7% (-9.3%).
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
0
200
400
600
-10%
0%
10%
20%
30%
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Sales 400 341 17.4 % 359 11.4 % 1,522 1,580 -3.7 %
Adjusted EBITDA 0 -15 102.4 % 8 -95.6 % 27 -17 264.4 %
Adjusted EBITDA margin 0.1 % -4.4 % 2.2 % 1.8 % -1.0 %
Adjusted EBIT -12 -27 56.3 % -2 n/m -16 -64 74.6 %
Adjusted EBIT margin -2.9 % -7.8 % -0.7 % -1.1 % -4.1 %
Items affecting comparability (IAC)
1
-56 -13 n/m 0 n/m -57 -22 -158.2 %
Operating result (IFRS) -68 -40 -72.0 % -3 n/m -73 -86 15.2 %
Adjusted EBIT, LTM -16 -64 74.6 % -31 47.9 % -16 -64 74.6 %
Operating capital, LTM average 609 687 -11.4 % 630 -3.2 % 609 687 -11.4 %
Adjusted ROOC, LTM -2.7 % -9.3 % -5.0 % -2.7 % -9.3 %
Cash flow from operations -2 15 -115.7 % 46 -105.3 % 45 43 4.6 %
Cash flow after investing activities -14 -1 n/m 32 -144.7 % -4 3 -231.5 %
Wood products deliveries, 1,000 m 964 915 5.4 % 876 10.1 % 3,718 3,727 -0.2 %
1
The IAC for Q4/24 included asset impairments of EUR -56 million related to the operations in northern Europe. The IAC for Q4/23 included asset
impairments of EUR -12 million related to the operations in northern Europe, asset impairments of EUR -4 million related to the operations in
southern Europe, a EUR 4 million impact from the disposal of the Näpi site and a EUR -1 million impact from other cases.
LTM = Last 12 months
Market development during Q4/2024
Product Market
Demand Q4/24
compared with Q4/23
Demand Q4/24
compared with Q3/24
Price Q4/24 compared
with Q4/23
Price Q4/24 compared
with Q3/24
Wood products Europe Significantly stronger Stronger Significantly higher Slightly higher
Wood products Overseas Stable Significantly stronger Higher Slightly lower
Source: Stora Enso
Segments
Stora Enso Q4 and full year results 2024 13 (42)
===== SIDA 15 =====
Forest
• Robust result driven by
increased wood prices,
strong demand, and
good operational
performance in all areas
• Continued high demand
for all wood assortments
in the Nordics, with prices
increasing year-on-year
and slightly quarter-on-
quarter
• The forest assets' fair
value increased to EUR
8.9 billion , equivalent to
EUR 11.28 per share
Adjusted ROCE (LTM)
5.2%
(Target: >3.5%)
Sales YoY
+21%
Total value of forest assets
EUR 8.9 billion
(Q4/2023: EUR 8.7 billion)
• Sales increased by 21%, or EUR
134 million, to EUR 784 million,
mainly due to higher volumes
and wood prices.
• Adjusted EBIT increased by EUR
6 million to EUR 81 million
reflecting strong operational
performance in the Group's
forest assets and wood supply.
• Adjusted ROCE (LTM), at 5.2%
(4.4%), was well above the 3.5%
long-term target.
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
0
200
400
600
800
0%
6%
12%
18%
24%
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Sales
1
784 650 20.7 % 695 12.9 % 2,827 2,490 13.5 %
Adjusted EBITDA 94 90 4.5 % 96 -2.0 % 364 305 19.6 %
Adjusted EBITDA margin 12.0 % 13.9 % 13.8 % 12.9 % 12.2 %
Adjusted EBIT 81 75 7.7 % 81 0.0 % 309 253 21.9 %
Adjusted EBIT margin 10.3 % 11.6 % 11.7 % 10.9 % 10.2 %
Fair valuations and non-operational
items
2 387 221 75.3 % -9 n/m 342 206 65.8 %
Items affecting comparability (IAC)
2
-2 4 -148.5 % -3 39.3 % -5 2 n/m
Operating result (IFRS)
3
466 300 55.5 % 69 n/m 646 461 40.0 %
Adjusted EBIT, LTM 309 253 21.9 % 303 1.9 % 309 253 21.9 %
Capital employed, LTM average 5,989 5,740 4.3 % 5,925 1.1 % 5,989 5,740 4.3 %
Adjusted ROCE, LTM 5.2 % 4.4 % 5.1 % 5.2 % 4.4 %
Cash flow from operations 56 54 2.6 % 30 83.0 % 220 70 213.6 %
Cash flow after investing activities 45 40 14.8 % 18 153.5 % 171 19 n/m
Wood deliveries, 1,000 m 8,834 7,848 12.6 % 8,104 9.0 % 33,794 32,401 4.3 %
Operational fair value change of
biological assets 28 34 -16.7 % 27 5.0 % 119 120 -0.9 %
1
In Q4/24, internal wood sales to Stora Enso divisions represented 58% of net sales, external sales to other forest companies represented 42%.
2
The
IAC for Q4/24 included EUR -2 million mainly related to environmental provision costs. The IAC for Q4/23 included a reversal of land related
impairment of EUR 4 million. The fair valuations for Q4/24 included non-operational fair valuation changes of biological assets of EUR 392 (162)
million and non-operational items of associated companies of EUR -2 (59) million. The fair valuations for Q4/24 additionally included a EUR -4
million impact from adjustments for differences between the fair value and acquisition cost of forest assets upon disposal.
3
Includes the full fair value change of the Nordic biological assets (standing trees)
LTM = Last 12 months
Market development during Q4/2024
Product Market
Demand Q4/24
compared with Q4/23
Demand Q4/24
compared with Q3/24
Price Q4/24 compared
with Q4/23
Price Q4/24 compared
with Q3/24
Pulp wood, Finland Europe Slightly stronger Stable Higher Slightly higher
Sawlogs, Finland Europe Significantly stronger Significantly stronger Higher Stable
Pulpwood, Sweden Europe Significantly stronger Weaker Significantly higher Slightly higher
Sawlogs, Sweden Europe Significantly stronger Significantly stronger Significantly higher Slightly lower
Source: Stora Enso
Segments
Stora Enso Q4 and full year results 2024 14 (42)
===== SIDA 16 =====
Segment Other
The segment Other includes the reporting of the emerging businesses as well as Stora Enso’s shareholding in the
energy company Pohjolan Voima (PVO), and Group Head Office and Global Business Services.
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Sales 47 207 -77.5 % 37 25.8 % 176 964 -81.7 %
Adjusted EBITDA -11 2 n/m -14 25.0 % -63 18 n/m
Adjusted EBITDA margin -22.7 % 1.1 % -38.1 % -36.0 % 1.9 %
Adjusted EBIT -13 -1 n/m -16 22.7 % -72 1 n/m
Adjusted EBIT margin -27.2 % -0.7 % -44.3 % -41.0 % 0.1 %
Fair valuations and non-operational
items
1 -45 -28 -58.8 % 5 n/m -12 -13 12.9 %
Items affecting comparability (IAC)
1
-32 -16 -97.9 % -20 -65.0 % -79 -28 -179.3 %
Operating result (IFRS) -90 -46 -95.5 % -31 -192.7 % -162 -41 -298.2 %
Cash flow from operations 1 -20 104.5 % -60 101.5 % -125 -105 -18.7 %
Cash flow after investing activities -3 -40 93.1 % -61 95.4 % -134 -123 -8.7 %
1
The
IAC for Q4/24 included EUR -13 million of consulting costs related to profit improvement programme, EUR -4 million other restructuring costs,
EUR 8 million related to closure and disposal of De Hoop, EUR -8 million related to closure and disposal of Sunila, EUR -8 million related to disposal of
Selfly Store and EUR -7 million related to updates in environmental provisions. The
IAC in Q4/23 included asset impairments of EUR -14 million for
Group operations, EUR -4 million related to disposals of Kvarnsveden, Hylte and Biocomposite business, and EUR 2 million related to provision
reversals. The fair valuations for Q4/24 included non-cash income and expenses related to CO2 emission rights and liabilities of EUR -45 (-28)
million.
• Sales decreased by EUR 161 million to EUR 47 million.
The main impacts were largely attributable to
lower internal invoicing from the new
decentralised operating model, and lower energy
sales due to lower market prices.
• Adjusted EBIT decreased by EUR 12 million to EUR -13
million, mainly due to lower margins for electricity
sales and costs related to closed production sites.
• The divisions are charged for electricity at market
prices. Through its 16.1% shareholding in the Finnish
energy company Pohjolan Voima (PVO), Stora
Enso is entitled to receive, at cost, 8.9% of the
electricity produced by the Olkiluoto nuclear
reactors, and 20.6% of the electricity from the
hydropower plants.
Capital structure Q4/2024 (compared with Q3/2024)
EUR million 31 Dec 2024 30 Sep 2024 30 Jun 2024 31 Mar 2024 31 Dec 2023
Fixed assets
1
13,846 14,326 14,257 14,161 14,206
Associated companies 954 936 922 923 926
Operating working capital, net
2
308 492 414 556 488
Non-current interest-free items, net -220 -243 -231 -224 -252
Operating capital total
3
14,888 15,510 15,362 15,417 15,368
Net tax liabilities -1,192 -1,262 -1,246 -1,234 -1,312
Capital employed
3
13,696 14,249 14,115 14,183 14,056
Equity attributable to owners of the Parent
3
10,139 10,826 10,722 10,765 10,985
Non-controlling interests
3
-150 -106 -103 -100 -97
Net debt 3,707 3,528 3,497 3,518 3,167
Financing total
3
13,696 14,249 14,115 14,183 14,056
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
30 Jun 2024 and 31 Mar 2024 restated, see chapter Restatements for more details..
Net debt increased by EUR 179 million to EUR 3,707
(3,528) million during the fourth quarter, mainly due to
the board investment at the Oulu site. The ratio of net
debt to the last 12 months’ adjusted EBITDA was at 3.0
(3.1). The net debt/equity ratio on 31 December 2024
increased to 0.37 (0.33). The average interest expense
rate on borrowings at the reporting date was 4.0%
(4.1%). Cash and cash equivalents net of overdrafts
decreased by EUR 15 million to EUR 1,993 million.
Stora Enso had in total EUR 800 million committed
undrawn credit facilities as per 31 December 2024.
Additionally, the Company has access to EUR 830
million statutory pension premium loans in Finland.
In July, Stora Enso secured a EUR 435 million long-term
loan from the European Investment Bank to fund its
EUR 1 billion investment in the Oulu mill, Finland. Loan
repayment extends until 2037, and it is currently
undrawn.
Operating working capital, i.e. Inventories, trade
receivables and trade payables, decreased by EUR
228 million year-on-year. Other operating working
capital increased by EUR 48 million year-on-year.
Segments
Stora Enso Q4 and full year results 2024 15 (42)
===== SIDA 17 =====
Valuation of forest assets
The value of total forest assets, including leased land
and Stora Enso's share of Tornator's forest assets,
increased sequentially, from Q3/2024 to Q4/2024, by
EUR 137 million to EUR 8,894 (8,758) million. The increase
was mainly due to a slight increase in market
transaction prices. Year-on-year, the fair value of
total forest assets increased by EUR 163 million to EUR
8,894 (8,731) million.
Year-on-year, the fair value of biological assets,
including Stora Enso's share of Tornator, increased by
EUR 456 million to EUR 6,579 (6,123) million. This was
mainly a result of increases in estimated wood prices
and standing stock in the Swedish assets. The value of
forest land, including leased land and Stora Enso's
share of Tornator, decreased by EUR 292 million to EUR
2,316 (2,608) million. This decrease in forest land value
was mainly due to an increase in the discount rate in
Sweden.
Credit ratings
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 26 July 2024
Moody’s Baa3 (stable) / P-3 21 November 2024
Cash flow Q4/2024 (compared with Q3/2024)
Cash flow (non-IFRS)
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Adjusted EBITDA 285 212 34.4 % 328 -13.1 % 1,223 989 23.6 %
IAC on adjusted EBITDA -32 -6 n/m -35 9.1 % -125 -126 0.8 %
Other adjustments -81 -91 11.4 % -50 -62.6 % -194 -210 7.5 %
Change in working capital 152 207 -26.6 % 28 n/m 283 300 -5.7 %
Cash flow from operations 325 323 0.6 % 271 19.9 % 1,187 954 24.5 %
Cash spent on fixed and biological
assets -236 -328 28.2 % -267 11.6 % -1,113 -989 -12.5 %
Acquisitions of associated companies 0 -3 84.9 % 0 -163.6 % -1 -5 84.6 %
Cash flow after investing activities 88 -9 n/m 4 n/m 74 -40 283.9 %
Cash flow after investing activities was EUR 88 (4)
million. Working capital decreased by EUR 152 million,
mainly due to lower trade receivables. Cash spent on
fixed and biological assets was EUR 236 million.
Payments related to the previously announced
provisions amounted to EUR 34 million. Cash flow from
operations at EUR 325 (271) million was strong due to
working capital reduction.
EUR million
Cash flow from operations
Cash flow after investing activities
Q4/23 Q1/24 Q2/24 Q3/24 Q4/24
-100
0
100
200
300
400
Results
Stora Enso Q4 and full year results 2024 16 (42)
===== SIDA 18 =====
Capital expenditure Q4/2024 (compared with Q4/2023)
Additions to fixed and biological assets totalled EUR
349 (422) million, of which EUR 325 (401) million were
fixed assets and EUR 24 (21) million biological assets.
Depreciations and impairment charges excluding
IACs totalled EUR 125 (133) million. Additions in fixed
and biological assets had a cash outflow impact of
EUR 236 (328) million.
Capital expenditure by division
EUR million Q4/24 2024
Investment
to be finalised
Packaging Materials 221 740 Oulu consumer board investment in Finland 2025
Packaging Solutions 21 50
Biomaterials 60 181
Skutskär fluff pulp, winder and roll handling
Enocell unbleached kraft pulp (UKP)
2025
2024
Wood Products 22 50
Forest 8 25
Other 17 43
Total 349 1,090
Capital expenditure and depreciation forecast 2025
EUR million Forecast 2025
Capital expenditure 730–790
Depreciation and depletion of capitalised silviculture costs 600–650
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.
Results
Stora Enso Q4 and full year results 2024 17 (42)
===== SIDA 19 =====
Key sustainability targets and performance
Stora Enso contributes to the circular bioeconomy transition in the three areas in which 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.
• By the end of the year, Stora Enso
achieved a 53% reduction in Scope 1 and 2
emissions, surpassing the target of a 50%
reduction by 2030 from the 2019 base year.
This underscores the Group's commitment
to proactive climate action and ability to
effectively manage its climate impact
through operational efficiencies and the
implementation of new technology.
Stora Enso's target is to maintain the
achieved emission reductions by 2030,
and will explore possibilities to further
reduce emissions.
Climate change
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 the year, the Scope 1 and 2 CO2e
emissions were 1.23 million tonnes, a 53% reduction
from the base year. Compared with Q4/2023 (1.50
million tonnes), the decrease in emissions is mainly
attributed to both reduction measures, such as fuel
switches, and the impact from site and production
line closures.
Direct and indirect CO2e emissions
(Scope 1+2, rolling four quarters)
1, 2
Million tonnes
0%
-13%-15%
-28%
-43%-49%-53% -50%
CO2e million tonnes, effective
CO2e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
30 Sep 2024
31 Dec 2024
2025
2026
2027
2028
2029
2030
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
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. The decrease in emissions from the base
year is mainly an impact from site and production line
closures. Stora Enso continues to further improve its
Scope 3 performance by enhancing efficiency and
lowering carbon intensity in the value chain together
with raw material suppliers, logistics partners, and
customers.
CO2e emissions along the value chain (Scope 3,
year-on-year)
2
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
Calculated as rolling four quarters. For more on definitions, see Calculation of key sustainability figures.
2
Comparative figures are restated due to additional data after previous interim reports.
Sustainability
Stora Enso Q4 and full year results 2024 18 (42)
===== SIDA 20 =====
Circularity
Stora Enso's target is to reach 100% recyclable
products by 2030. By the end of 2024, 94% (2023: 93%
1
)
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 and collaborates actively with
customers and partners to set up infrastructure to
improve the actual recycling of products.
Share of technically recyclable products
2
94%
6%
Technically recyclable products
Balance to 2030 target
Target 2030: 100%
1
Restated due to additional information after the previous interim
report.2
As of 31 December 2024. For definitions, see Calculation of key
sustainability figures.
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
including 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%).
Biodiversity: forest certification coverage
1
Forest certification coverageTarget 96%
2022 2023 2024
80%
85%
90%
95%
100%
1
For definitions, see Calculation of key sustainability figures.
Responsible business practices
Stora Enso reports on the sustainability indicators below on a quarterly basis. For full annual overview of Stora Enso's
sustainability targets and 2023 performance, see storaenso.com.
Key performance indicators (KPIs) 31 Dec 2024 30 Sep 2024 31 Dec 2023 Target
Occupational safety: TRI rate, year-to-date 5.2 5.0 4.7 4.6 by the end of 2024
Gender balance: % of female managers among all
managers 24% 25% 24% 25% by the end of 2024
Water: total water withdrawal per saleable tonne (m
3
/
tonne) 60 62 61 Decreasing trend from 2016
baseline (60m
3
/tonne)
Water: process water discharges per saleable tonne,
(m
3
/tonne) 34 34 35 17% reduction by 2030 from
2019 baseline (36m
3
/tonne)
Sustainable sourcing: % of supplier spend covered by the
Supplier Code of Conduct (SCoC)
1 95% 96% 95% 95% or above
1
Business Unit Western Europe in Packaging Solutions included from Q4/2024 onwards. For definitions, see Calculation of key sustainability figures.
At the end of 2024, the Group's TRI rate was 5.2, not
achieving the target level set for 2024. Stora Enso
focuses on proactive safety measures to
continuously enhance safety culture and
performance.
Stora Enso promotes a diverse and inclusive working
environment throughout the organisation to enhance
performance, collaboration, and innovation. At the
end of 2024, the share of female managers was 24%,
which remains below the 2024 target. Advancing
gender balance continues as a key focus area and is
incorporated into the variable remuneration scheme.
The share of female representation among all
employees was 25%, and 40% within the Group
Leadership Team.
Water performance per saleable tonne, measured
over rolling four quarters, has been impacted by
lower production volumes as a steady water flow
needs to be maintained at the water treatment
plants. While water is relatively abundant at the
Group's production sites, water stress may still impact
operations locally and through wider supply chains.
Approximately 96% of water is recycled back into the
environment while only 4% is consumed in production.
Stora Enso continuously works to maintain a high
coverage rate for the Supplier Code of Conduct,
outlining common requirements for all suppliers. At
the end of 2024, the coverage rate was on target.
Sustainability
Stora Enso Q4 and full year results 2024 19 (42)
===== SIDA 21 =====
ESG ratings and recognitions
ESG rating Stora Enso score / best possible score Rating compared to peers
CDP
Climate A-/A
Forest A/A
Water A-/A
Among the highest ranked in the industry
FTSE Russell 4.4/5 Among the highest ranked in the industry
ISS Corporate Rating B/A+ Among the highest ranked in the industry
ISS QualityScore
Governance 5/1*
Social 1/1*
Environment 2/1*
Above the industry average
MSCI AAA/AAA Among the highest ranked in the industry
Sustainalytics 15.6/0** Among the highest ranked in the industry
VigeoEiris 71/100 Among the highest ranked in the industry
*1 to 10 (1 indicating the best possible score) **0 to 100 (0 indicating the lowest risk)
Short-term risks
Risk is characterised by both threats and
opportunities, which may affect future performance
and the financial results of Stora Enso, reputation, as
well as its ability to meet certain social and
environmental objectives.
The geopolitical unrest could have an adverse
impact on the Group. Potential trade tariffs, retaliatory
measures, conflict-related risks to people, operations,
trade credit, cyber security, supply, and demand,
could also affect the Group negatively.
The risk of a prolonged global economic downturn
and recession, continued high inflation, as well as
sudden interest rate changes, currency fluctuations,
trade union and political strike actions, and logistical
chain disruptions could all adversely affect the
Group’s profits, cash flow and financial position, as
well as access to material, flow of goods and
transport.
Macroeconomic and geopolitical disruption may
increase costs, add complexity, and lower short-term
visibility, which could further impact market demand,
prices, profit margins, and volumes of the Group's
products. New capacity and volume entering the
market might distort demand, volumes, inventories
and pricing. Moreover, forced capacity cuts might
further impact on profitability.
There is a risk of continued price volatility for raw
materials such as wood, chemicals, other
components and energy in Europe. The continued
tight wood market, especially in the Nordics, could
cause increased costs, limit harvesting and cause
disruptions such as delays and/or lack of wood
supply to the Group's production sites. Regulatory or
similar initiatives might challenge the Group's
strategy, growth and operations.
Other risks and uncertainties include, but are not
limited to; general industry conditions, unanticipated
expenditures related to the cost of compliance with
existing and new environmental and other
governmental regulations, and related to actual or
potential litigation; material process disruption at
Stora Enso's manufacturing facilities with operational
or environmental impacts; risks inherent in
conducting business through joint ventures; and
other factors.
Stora Enso has been granted various investment
subsidies and compensations, and has made certain
investment commitments in several countries such
as Finland, China, and Sweden. If commitments to
planning conditions are not met, local officials may
pursue administrative measures to reclaim some of
the previously granted investment subsidies or
impose penalties on Stora Enso. The outcome of such
a process could result in adverse financial impact on
Stora Enso.
A more detailed risk description will be included in
Stora Enso’s Annual Report 2024, available at
storaenso.com/annualreport on 13 February 2025.
Sensitivity analysis
Energy sensitivity analysis: the direct effect of a 10%
change in electricity and fossil fuel market prices
would have an impact of approximately EUR 6 million
on adjusted EBIT for the next 12 months.
Wood sensitivity analysis: the direct effect of a 10%
change in wood prices would have an impact of
approximately EUR 227 million on adjusted EBIT for the
next 12 months.
Pulp sensitivity analysis: the direct effect of a 10%
change in pulp market prices would have an impact
of approximately EUR 105 million on adjusted EBIT for
the next 12 months.
Chemical and filler sensitivity analysis: the direct
effect of a 10% change in chemical and filler prices
would have an impact of approximately EUR 45 million
on adjusted EBIT for the next 12 months.
Sustainability
Stora Enso Q4 and full year results 2024 20 (42)
===== SIDA 22 =====
Foreign exchange rates transaction risk sensitivity
analysis for the next twelve months: the direct effect
on adjusted EBIT of a 10% strengthening in the value of
the US dollar, Swedish krona and British pound would
be approximately positive EUR 84 million, negative EUR
11 million and positive EUR 12 million annual impact,
respectively. 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.
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 negative EUR 15 million and a positive
EUR 8 million impact on adjusted EBIT, respectively.
Legal proceedings
Contingent liabilities
Stora Enso has undertaken significant restructuring
actions in recent years which have included the
divestment of companies, sale of assets and mill
closures. These transactions include a risk of possible
environmental or other obligations the existence of
which would be confirmed only by the occurrence or
non-occurrence of one or more uncertain future
events not wholly within the control of the Group. A
provision has been recognised for obligations for
which the related amount can be estimated reliably
and for which the related future cost is considered to
be at least probable.
Stora Enso is party to legal proceedings that arise in
the ordinary course of business and which primarily
involve claims arising out of commercial law. The
management does not consider that liabilities related
to such proceedings before insurance recoveries, if
any, are likely to be material to the Group’s financial
condition or results of operations.
Veracel
On 11 July 2008, Stora Enso announced that a federal
judge in Brazil had issued a decision claiming that the
permits issued by the State of Bahia for the
operations of Stora Enso’s joint operations company
Veracel were not valid. The judge also ordered
Veracel to take certain actions, including
reforestation with native trees on part of Veracel’s
plantations and a possible fine of, at the time of the
decision, BRL 20 (EUR 4) million. Veracel disputes the
decision and has filed an appeal against it. Veracel
operates in full compliance with all Brazilian laws and
has obtained all the necessary environmental and
operating licences for its industrial and forestry
activities from the relevant authorities. In November
2008, a Federal Court suspended the effects of the
decision. No provisions have been recorded in
Veracel’s or Stora Enso’s accounts for the
reforestation or the possible fine.
Changes in Group management
Pasi Kyckling was appointed acting CFO as of 1
November 2024 for the interim period until Niclas
Rosenlew started in his position as the new CFO on 13
January 2025.
Resolutions by the Annual General Meeting 2024
Stora Enso Oyj’s Annual General Meeting was held on
20 March 2024 in Helsinki, Finland.
The Board of Directors decided to distribute an
additional dividend of EUR 0.10 per share based on the
authorisation granted by the Annual General Meeting.
In addition, the AGM authorised the Board to decide
on the payment of an additional dividend up to a
maximum of EUR 0.20 per share. The second dividend
instalment of EUR 0.10 per share was paid on 20
December 2024.
More information about the AGM in 2024 is available
in the release Stora Enso’s Annual General Meeting
and decisions by the Board of Directors.
Events
Stora Enso Q4 and full year results 2024 21 (42)
===== SIDA 23 =====
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.
The Shareholders’ Nomination Board proposes to the
Annual General Meeting to be held on 20 March 2025
that the Company’s Board of Directors shall have nine
(9) members.
The Shareholders’ Nomination Board proposes that of
the current members of the Board of Directors, Håkan
Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan,
Christiane Kuehne, Richard Nilsson and Reima Rytsölä
be re-elected members of the Board of Directors until
the end of the following AGM and that Elena Scaltritti
and Antti Vasara be elected new members of the
Board of Directors for the same term of office.
The Shareholders’ Nomination Board proposes that
Kari Jordan be elected Chair and Håkan Buskhe be
elected Vice Chair of the Board of Directors. Elisabeth
Fleuriot has announced that she is not available for
re-election to the Board of Directors.
Annual General Meeting 2025
Stora Enso Oyj's Annual General Meeting (AGM) will be
held on Thursday 20 March 2025 at 4:00 p.m. EET at the
Marina Congress Center, Katajanokanlaituri 6, Helsinki,
Finland.
The proposals for decisions relating to the agenda of
the AGM and the AGM notice will be available on Stora
Enso Oyj’s website at storaenso.com/agm on 11
February 2025. Stora Enso Oyj’s annual accounts, the
report of the Board of Directors and the auditor’s
report, and the Remuneration Report for 2024 will be
published on Stora Enso Oyj’s website storaenso.com/
annualreport on 13 February 2025. The proposals for
decisions and the other meeting documents will be
available also at the AGM.
The Board of Directors’
dividend proposal
The Board of Directors proposes to the AGM that a
dividend of EUR 0.25 per share be distributed on the
basis of the balance sheet adopted for the year 2024.
This would correspond to EUR 197,154,996.75 in
aggregate for all currently registered 788,619,987
shares, which would leave EUR 1,242,674,707.28 in
distributable shareholders’ equity. The Board of
Directors proposes that the dividend be paid in two
instalments.
The first dividend instalment, EUR 0.13 per share, is
proposed to be paid to shareholders who on the
record date of the first dividend instalment, 24 March
2025, are registered in the shareholders’ register
maintained by Euroclear Finland Oy or in the separate
register of shareholders maintained by Euroclear
Sweden AB for Euroclear Sweden registered shares.
The Board of Directors proposes to the AGM that the
first instalment of the dividend be paid on or about
2 April 2025.
The second dividend instalment, EUR 0.12 per share, is
proposed to be paid to shareholders who on the
record date of the second dividend instalment on
25 September 2025 are registered in the
shareholders’ register maintained by Euroclear
Finland Oy or in the separate register of shareholders
maintained by Euroclear Sweden AB for Euroclear
Sweden registered shares. The Board of Directors
proposes that the second dividend instalment would
be paid on or about 2 October 2025.
Dividends payable to Euroclear Sweden registered
shares will be forwarded by Euroclear Sweden AB and
paid in Swedish crowns. Dividends payable to ADR
holders will be forwarded by Citibank N.A. and paid in
US dollars.
Stora Enso's policy is to distribute 50% of earnings per
share (EPS) excluding fair valuation over the cycle. In
2024, EPS excluding fair valuation was EUR -0.56.
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, 11 February 2025
Stora Enso Oyj
Board of Directors
Events
Stora Enso Q4 and full year results 2024 22 (42)
===== SIDA 24 =====
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 2023 with the exception of new
and amended standards applied to the annual
periods beginning on 1 January 2024 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 March 2024 Stora Enso’s 50% owned joint operation
MdP (Montes del Plata, Uruguay) completed a
transaction to acquire forest assets and related
forestry business in Uruguay. Stora Enso's share of the
transaction includes approximately 16.3 thousand
hectares of land, of which about 9.8 thousand
hectares are productive land. The acquired units are
fully owned and reported in Biomaterials division.
The acquired forest land and operations are located
in different regions in Uruguay. The acquired
operations mainly include forestry plantations to
supply wood for pulp production.
Stora Enso's share of the cash purchase
consideration was EUR 77 million. The related
transaction costs were not considered to be
significant.
The fair values of the identifiable assets and liabilities
as of the acquisition date consisted mainly of forest
assets (Stora Enso's share EUR 77 million). The amount
of other items was not significant.
The post combination review was completed at the
end of 2024 and therefore acquisition accounting is
considered to be final. There were no measurement
period adjustments in Q4 2024.
The acquisition is not considered to have significant
impact on Stora Enso Group’s sales or net profit.
Disposal of Group companies
In Q4/2024, Stora Enso completed transactions for the
fully owned De Hoop site in the Netherlands (segment
Other, site was closed in 2023), Selfly Store business
(segment Other, smart vending machine solutions),
the Sunila site in Finland (segment Other, site was
closed in 2023) and the E-Corrugated site in the
United Kingdom (Packaging Solutions). The
transactions did not have a significant impact on the
Group. The following table reflects the net assets of
the companies sold in 2024.
EUR million Q1-Q4/24 Q1-Q4/23
Net assets sold
Cash and cash equivalents 5 29
Property, plant and equipment 2 271
Intangible assets 0 60
Working capital 6 -5
Tax assets and liabilities 1 -28
Interest-bearing assets and
liabilities -2 -96
Non-controlling interest 0 0
Net assets in disposed companies 13 233
Total disposal consideration 13 266
Assets held for sale
Assets are classified as held for sale, if their carrying
amounts will be recovered mainly through a sale
transaction rather than through continuing use. The
assets must be available for immediate sale in their
present condition subject only to terms that are usual
and customary for the sale of such assets. In addition,
the sale must be highly probable and expected to be
completed within one year after the date of
classification.
These assets and related liabilities are presented
separately in the consolidated statement of financial
position and are measured at the lower of the
carrying amount and fair value less costs to sell.
Comparative information is not restated. Assets
classified as held for sale are not depreciated.
The Beihai operations were classified as held for sale
since Q4/2023 and based on the evaluation during
Q3/2024, the divestment was not seen as highly
probable anymore. Stora Enso's view is that the value
in own use of the assets exceeds the achievable
transaction value, and has therefore chosen to retain
these operations within the Group. Therefore, the held
Financials
Stora Enso Q4 and full year results 2024 23 (42)
===== SIDA 25 =====
for sale classification was ceased at the end of
Q3/2024. Comparative figures have been restated
accordingly, including recognising depreciations for
Q1 and Q2/2024 which were not recognised during the
held for sale classification. See section Restatements
below for more details.
Assets held for sale included mainly fixed assets,
forest assets, inventories and operating receivables,
whereas related liabilities consisted mainly of non-
current and current interest bearing liabilities and
operating liabilities.
Stora Enso did not have any assets held for sale at the
end of Q4/2024.
The following new and amended
standards are applied to the annual
periods beginning on 1 January 2024
• Amended standards and interpretations did not
have material effect on the Group.
Future standard changes endorsed by
the EU but not yet effective in 2024
• No future standard changes endorsed by the EU
which would have material effect on the Group.
Stora Enso Q4 and full year results 2024 24 (42)
===== SIDA 26 =====
Condensed consolidated income statement
EUR million Q4/24 Q4/23 Q3/24 2024 2023
Sales 2,322 2,174 2,261 9,049 9,396
Other operating income 90 81 55 325 378
Change in inventories of finished goods and WIP -48 -83 50 48 -209
Materials and services -1,532 -1,431 -1,511 -5,948 -6,133
Freight and sales commissions -204 -198 -212 -838 -883
Personnel expenses -312 -319 -286 -1,228 -1,275
Other operating expenses -165 -104 -116 -543 -638
Share of results of associated companies 23 82 14 52 136
Change in net value of biological assets 408 204 11 421 209
Depreciation, amortisation and impairment charges -861 -733 -126 -1,246 -1,303
Operating result -279 -326 139 93 -322
Net financial items -74 -52 -41 -211 -173
Result before tax -353 -378 98 -118 -495
Income tax -26 53 -14 -65 64
Net result for the period -379 -325 84 -183 -431
Attributable to
Owners of the Parent -340 -287 88 -136 -357
Non-controlling interests -39 -38 -4 -48 -74
Net result for the period -379 -325 84 -183 -431
Earnings per share
Basic earnings per share, EUR -0.43 -0.36 0.11 -0.17 -0.45
Diluted earnings per share, EUR -0.43 -0.36 0.11 -0.17 -0.45
Consolidated statement of comprehensive income
EUR million Q4/24 Q4/23 Q3/24 2024 2023
Net result for the period -379 -325 84 -183 -431
Other comprehensive income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI -56 171 63 -202 -645
Actuarial gains and losses on defined benefit plans 12 -72 -14 22 -52
Revaluation of forest land -286 -67 0 -281 -49
Share of OCI of associated companies 10 -24 0 5 -23
Income tax relating to items that will not be reclassified 56 28 2 53 22
-264 36 51 -403 -748
Items that may be reclassified subsequently to profit and loss
Cumulative translation adjustment (CTA) 44 134 -54 -89 56
Net investment hedges and loans 0 2 7 4 -15
Cash flow hedges and cost of hedging -67 41 18 -81 -1
Share of OCI of Non-controlling Interests (NCI) -5 2 1 -5 5
Income tax relating to items that may be reclassified 17 -10 -6 19 -1
-11 170 -34 -152 44
Total comprehensive income -653 -120 102 -738 -1,135
Attributable to
Owners of the parent -609 -84 104 -685 -1,066
Non-controlling interests -44 -36 -2 -53 -69
Total comprehensive income -653 -120 102 -738 -1,135
CTA = Cumulative translation adjustment
OCI = Other comprehensive income
Financials
Stora Enso Q4 and full year results 2024 25 (42)
===== SIDA 27 =====
Condensed consolidated statement of financial position
EUR million 31 Dec 2024 31 Dec 2023
Assets
Goodwill O 162 505
Other intangible assets O 277 304
Property, plant and equipment O 5,006 4,854
Right-of-use assets O 499 521
5,945 6,183
Forest assets O 7,227 7,105
Biological assets O 5,243 4,836
Forest land O 1,983 2,269
Emission rights O 73 108
Investments in associated companies O 954 926
Listed securities I 11 9
Unlisted securities O 602 810
Non-current interest-bearing receivables I 14 76
Deferred tax assets T 205 134
Other non-current assets O 53 59
Non-current assets 15,082 15,411
Inventories O 1,672 1,545
Tax receivables T 31 31
Operating receivables O 969 1,239
Interest-bearing receivables I 47 64
Cash and cash equivalents I 1,999 2,464
Current assets 4,719 5,343
Assets held for sale 0 0
Total assets 19,802 20,754
Equity and liabilities
Owners of the Parent 10,139 10,985
Non-controlling Interests -150 -97
Total equity 9,989 10,889
Post-employment benefit obligations O 181 217
Provisions O 81 83
Deferred tax liabilities T 1,416 1,433
Non-current interest-bearing liabilities I 3,894 4,775
Non-current operating liabilities O 10 11
Non-current liabilities 5,582 6,520
Current portion of non-current debt I 1,090 347
Interest-bearing liabilities I 788 657
Bank overdrafts I 7 0
Provisions O 37 85
Operating liabilities O 2,296 2,211
Tax liabilities T 13 45
Current liabilities 4,231 3,346
Liabilities related to assets held for sale 0 0
Total liabilities 9,813 9,865
Total equity and liabilities 19,802 20,754
Items designated with “O” comprise Operating Capital
Items designated with “I” comprise Net debt
Items designated with “T” comprise Net Tax Liabilities
31 Dec 2023 restated, see chapter Restatements for more details.
Financials
Stora Enso Q4 and full year results 2024 26 (42)
===== SIDA 28 =====
Condensed consolidated statement of cash flows
EUR million 2024 2023
Cash flow from operating activities
Operating result 93 -322
Adjustments for non-cash items 812 976
Change in net working capital 283 300
Cash flow from operations 1,187 954
Net financial items paid -163 -116
Income taxes paid, net -73 -85
Net cash provided by operating activities 952 752
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash -75 -584
Acquisitions of associated companies -1 -5
Acquisitions of unlisted securities 0 -18
Cash flow on disposal of subsidiary shares and business operations, net of disposed cash 8 237
Cash flow on disposal of unlisted securities 3 0
Cash flow on disposal of forest and intangible assets and property, plant and equipment 23 47
Capital expenditure -1,113 -989
Proceeds from/payment of non-current receivables, net 22 -1
Net cash used in investing activities -1,133 -1,313
Cash flow from financing activities
Proceeds from issue of new long-term debt 19 2,006
Repayment of long-term debt and lease liabilities -225 -716
Change in short-term interest-bearing liabilities 54 272
Dividends paid -146 -472
Purchase of own shares
1
-3 -6
Net cash provided by financing activities -301 1,084
Net change in cash and cash equivalents -483 523
Translation adjustment 11 24
Net cash and cash equivalents at the beginning of period 2,464 1,917
Net cash and cash equivalents at period end 1,993 2,464
Cash and cash equivalents at period end 1,999 2,464
Bank overdrafts at period end -7 0
Net cash and cash equivalents at period end 1,993 2,464
1
Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 31 December 2024.
Financials
Stora Enso Q4 and full year results 2024 27 (42)
===== SIDA 29 =====
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 2023 1,342 77 633 — 1,298 39 1,579 87 -415 7,893 12,532 -30 12,502
Net result for the period — — — — — — — — — -357 -357 -74 -431
OCI before tax — — — — -645 -1 -49 -23 41 -52 -730 5 -726
Income tax relating to OCI — — — — — — 10 — — 12 22 — 22
Total Comprehensive Income — — — — -645 -1 -39 -23 41 -397 -1,066 -69 -1,135
Dividend — — — — — — — — — -473 -473 — -473
Acquisitions and disposals — — — — — — — — — — — 2 2
Purchase of treasury shares — — — -6 — — — — — — -6 — -6
Share-based payments — — — 6 — — — — — -8 -2 — -2
Balance at 31 December 2023 1,342 77 633 — 653 38 1,540 63 -375 7,015 10,985 -97 10,889
Net result for the period — — — — — — — — — -136 -136 -48 -183
OCI before tax — — — — -202 -81 -281 5 -85 22 -621 -5 -626
Income tax relating to OCI — — — — — 16 58 — 3 -4 72 — 72
Total comprehensive income — — — — -203 -65 -223 5 -82 -118 -685 -53 -738
Dividend — — — — — — — — — -158 -158 — -158
Acquisitions and disposals — — — — — — — — — — — — —
Purchase of treasury shares — — — -3 — — — — — — -3 — -3
Share-based payments — — — 3 — — — — — -4 -1 — -1
Balance at 31 December 2024 1,342 77 633 — 450 -27 1,317 68 -457 6,735 10,139 -150 9,989
CTA = Cumulative Translation Adjustment OCI = Other Comprehensive Income NCI = Non-controlling Interests
Financials
Stora Enso Q4 and full year 2024 results 28 (42)
===== SIDA 30 =====
Goodwill, other intangible assets, property, plant and equipment, right-of-use assets and forest assets
EUR million 2024 2023
Carrying value at 1 January 13,289 12,489
Additions in tangible and intangible assets 933 946
Additions in right-of-use assets 76 108
Additions in biological assets 81 71
Depletion of capitalised silviculture costs -88 -81
Acquisition of subsidiaries 77 859
Disposals and classification as held for sale
1
-21 -15
Depreciation and impairment -1,246 -1,303
Fair valuation of forest assets 229 241
Translation difference and other -158 -27
Statement of Financial Position Total 13,172 13,289
1
Including company disposals. 2023 restated, see chapter Restatements for more details.
Borrowings
EUR million 31 Dec 2024 31 Dec 2023
Bond loans 3,454 3,601
Loans from credit institutions 978 997
Lease liabilities 545 520
Long-term derivative financial liabilities 5 1
Other non-current liabilities 2 2
Non-current interest-bearing liabilities including current portion 4,985 5,123
Short-term borrowings 689 595
Interest payable 55 56
Short-term derivative financial liabilities 44 6
Bank overdrafts 7 0
Total interest-bearing liabilities¹ 5,779 5,780
EUR million 2024 2023
Carrying value at 1 January 5,780 3,972
Additions in long-term debt, companies acquired 0 131
Proceeds of new long-term debt 19 2,006
Repayment of long-term debt -176 -619
Additions in lease liabilities, companies acquired 0 99
Additions in lease liabilities 82 109
Repayment of lease liabilities and interest -85 -87
Change in short-term borrowings 69 177
Change in interest payable 23 45
Change in derivative financial liabilities 42 -41
Disposals and classification as held for sale -2 -8
Other 15 26
Translation differences 11 -29
Total interest-bearing liabilities¹ 5,779 5,780
1
2023 restated, see chapter Restatements for more details.
Financials
Stora Enso Q4 and full year results 2024 29 (42)
===== SIDA 31 =====
Commitments and contingencies
EUR million 31 Dec 2024 31 Dec 2023
On Own Behalf
Guarantees 17 18
Other commitments 6 6
On Behalf of associated companies
Guarantees 4 5
On Behalf of Others
Guarantees 16 16
Other commitments 0 0
Total 43 44
Guarantees 37 38
Other commitments 6 6
Total 43 44
Stora Enso has been granted investment subsidies and has given certain investment commitments in China. There
is a risk that the majority owned local Chinese company may be subject to a claim based on alleged costs resulting
from certain uncompleted investment commitments. Given the specific mitigating circumstances surrounding the
investment case as a whole, Stora Enso does not consider it to be probable that this situation would result in an
outflow of economic benefits that would be material to the Group.
Capital commitments
EUR million 31 Dec 2024 31 Dec 2023
Total 304 683
The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure contracts in
joint operations.
Key exchange rates for the euro
One Euro is Closing Rate Average Rate (Year-to-date)
31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
SEK 11.4590 11.0960 11.4309 11.4728
USD 1.0389 1.1050 1.0821 1.0816
GBP 0.8292 0.8691 0.8466 0.8699
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 Enso Q4 and full year results 2024 30 (42)
===== SIDA 32 =====
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December
2024
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair
EUR million cost OCI statement amount value 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
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair
EUR million cost OCI statement amount value 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 —
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
Stora Enso Q4 and full year results 2024 31 (42)
===== SIDA 33 =====
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December
2023
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair
EUR million cost OCI statement amount value Level 1 Level 2 Level 3
Financial assets
Listed securities — 9 — 9 9 9 — —
Unlisted securities — 794 15 810 810 — — 810
Non-current interest-bearing receivables 62 14 — 76 76 — 15 —
Derivative assets — 14 — 15 15 — 15 —
Loan receivables 62 — — 62 62 — — —
Trade and other operating receivables 882 30 — 912 912 — 30 —
Current interest-bearing receivables 21 39 4 64 64 — 43 —
Derivative assets — 39 4 43 43 — 43 —
Other short-term receivables 21 — — 21 21 — — —
Cash and cash equivalents 2,464 — — 2,464 2,464 — — —
Total
3,428 887 19 4,334 4,334 9 87 810
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair
EUR million cost OCI statement amount value Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities 4,774 1 — 4,775 4,926 — 1 —
Derivative liabilities — 1 — 1 1 — 1 —
Non-current debt 4,774 — — 4,774 4,925 — — —
Current portion of non-current debt 347 — — 347 347 — — —
Current interest-bearing liabilities 651 4 2 657 657 — 6 —
Derivative liabilities — 4 2 6 6 — 6 —
Current debt 651 — — 651 651 — — —
Trade and other operating payables 1,892 — — 1,892 1,892 — — —
Bank overdrafts — — — — — — — —
Total 7,664 6 2 7,672 7,823 — 8 —
31 December 2023 restated, see chapter Restatements for more details.
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.
Reconciliation of level 3 fair value measurement of financial assets and liabilities: 31 December 2024
EUR million 2024 2023
Financial assets
Opening balance at 1 January 810 1,437
Reclassifications 0 0
Gains/losses recognised in other comprehensive income -205 -646
Additions 0 18
Disposals -3 0
Closing balance 602 810
The Group did not have level 3 financial liabilities as at 31 December 2024.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 570 million of Pohjolan Voima Oy (PVO) shares for which the
valuation method is described in more detail in the Annual Report. The valuation decreased by EUR 208 million
versus December 2023, mainly due to lower electricity market prices. The valuation is most sensitive to changes in
electricity prices and discount rates. The discount rate of 6.31% 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 +86 million and -86 million, respectively. A +/- percentage point change in the discount rate would
change the valuation by EUR -114 million and +151 million, respectively.
Financials
Stora Enso Q4 and full year results 2024 32 (42)
===== SIDA 34 =====
Stora Enso shares
During the fourth quarter of 2024, the conversions of
216,171 A shares into R shares were recorded in the
Finnish trade register.
During 2024, a total of 566,837 A shares converted into
R shares were recorded in the Finnish trade register.
On 31 December 2024, Stora Enso had 175,664,079 A
shares and 612,955,908 R shares in issue. The
company did not hold its own shares. The total
number of Stora Enso shares in issue was 788,619,987
and the total number votes at least 236,959,669.
On 15 January 2025, the conversion of 450 A shares
into R shares was recorded in the Finnish trade
register.
Trading volume
Helsinki Stockholm
A share R share A share R share
October 56,565 31,455,493 43,801 5,119,505
November 112,043 35,892,217 58,554 4,679,962
December 70,638 31,940,575 48,230 4,558,663
Total 239,246 99,288,285 150,585 14,358,130
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
October 11.50 11.54 129.00 133.90
November 11.60 11.70 130.50 132.70
December 11.60 11.50 129.50 129.90
Number of shares
Million Q4/24 Q4/23 Q3/24 2023
At period end 788.6 788.6 788.6 788.6
Average 788.6 788.6 788.6 788.6
Average, diluted 789.6 789.9 789.6 789.7
Sales
Sales by segment – total
EUR million 2024 Q4/24 Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials 4,502 1,095 1,169 1,138 1,100 4,557 1,045 1,057 1,155 1,300
Packaging Solutions 987 247 262 254 224 1,077 247 266 288 276
Biomaterials 1,587 419 380 413 374 1,587 375 345 379 488
Wood Products 1,522 400 359 414 349 1,580 341 349 436 454
Forest 2,827 784 695 690 659 2,490 650 534 620 687
Other 176 47 37 36 57 964 207 179 213 364
Inter-segment sales -2,552 -670 -640 -644 -599 -2,859 -691 -603 -717 -848
Total 9,049 2,322 2,261 2,301 2,164 9,396 2,174 2,127 2,374 2,721
Sales by segment – external
EUR million 2024 Q4/24 Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials 4,207 1,019 1,094 1,062 1,033 4,362 1,006 1,012 1,103 1,242
Packaging Solutions 977 244 259 252 221 1,066 244 264 285 273
Biomaterials 1,303 365 315 326 298 1,363 322 297 321 423
Wood Products 1,357 349 320 373 315 1,453 313 322 400 416
Forest 1,157 330 267 282 278 989 266 218 246 258
Other 49 15 7 7 20 162 22 14 18 108
Total 9,049 2,322 2,261 2,301 2,164 9,396 2,174 2,127 2,374 2,721
Disaggregation of revenue
EUR million 2024 Q4/24 Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Product sales 8,986 2,303 2,246 2,283 2,154 9,317 2,153 2,109 2,348 2,707
Service sales 63 19 16 18 10 79 21 18 25 15
Total 9,049 2,322 2,261 2,301 2,164 9,396 2,174 2,127 2,374 2,721
Financials
Stora Enso Q4 and full year results 2024 33 (42)
===== SIDA 35 =====
Restatement of comparative figures
The Beihai site was classified as assets held for sale
from the end of 2023. As at the end of September
2024, such classification has been ceased, because
the sale is not anymore considered to be highly
probable. Adjusted EBIT and IFRS operating result for
January–June 2024 decreased by EUR 15 million due
to the inclusion of the previously suspended
depreciation into the restated results. In accordance
with IFRS, depreciation has not been booked on the
Beihai assets during their classification as held for
sale. There are no cash flow impacts as a result of the
restatements. The following table illustrates the
restatements.
Key figures - Group Restated As published Change
Q1 2024 Q2 2024 Q1-Q2
2024 Q1 2024 Q2 2024 Q1-Q2
2024 Q1 2024 Q2 2024 Q1-Q2
2024
Adjusted EBIT 149 153 302 156 161 317 -8 -8 -15
Adjusted EBIT margin 6.9 % 6.7 % 6.8 % 7.2 % 7.0 % 7.1 % -0.3 % -0.3 % -0.3 %
Operating result (IFRS) 141 92 232 148 99 247 -8 -8 -15
Result before tax (IFRS) 94 43 137 101 50 152 -8 -8 -15
Net result for the period (IFRS) 77 35 111 84 42 126 -8 -8 -15
Depreciation and impairment charges
excl. IAC 125 126 251 118 118 236 8 8 15
Forest assets 8,625 8,723 8,723 8,626 8,725 8,725 -1 -2 -2
Adjusted return on capital employed
(ROCE), LTM 1.8 % 2.6 % 2.6 % 1.9 % 2.8 % 2.8 % -0.1 % -0.1 % -0.1 %
Adjusted ROCE excl. Forest division, LTM -0.1 % 1.1 % 1.1 % 0.0 % 1.3 % 1.3 % -0.1 % -0.2 % -0.2 %
Earnings per share (EPS) excl. FV, EUR 0.08 0.06 0.14 0.09 0.07 0.16 -0.01 -0.01 -0.02
EPS (basic), EUR 0.10 0.05 0.15 0.11 0.06 0.16 -0.01 -0.01 -0.02
Return on equity (ROE), LTM -4.9 % -2.3 % -2.3 % -4.8 % -2.1 % -2.1 % -0.1 % -0.1 % -0.2 %
Equity per share, EUR 13.65 13.60 13.60 13.66 13.61 13.61 -0.01 -0.02 -0.02
Operating capital, total 15,417 15,362 15,362 15,425 15,377 15,377 -8 -15 -15
Capital employed 14,183 14,115 14,115 14,190 14,131 14,131 -8 -15 -15
Equity attributable to owners of the Parent 10,765 10,722 10,722 10,771 10,734 10,734 -6 -12 -12
Non-controlling interests -100 -103 -103 -98 -100 -100 -1 -3 -3
Net result attributable to owners of the
parent 79 38 117 85 44 129 -6 -6 -12
Net profit for the period attributable to
owners of the parent excl. FV 65 49 114 71 55 126 -6 -6 -12
Adjusted EBIT, LTM 257 374 374 265 389 389 -8 -15 -15
Capital employed, LTM average 14,195 14,104 14,104 14,197 14,108 14,108 -2 -5 -5
Adjusted EBIT excl. Forest division, LTM -9 93 93 -2 108 108 -8 -15 -15
Capital employed excl. Forest division, LTM
average 8,413 8,270 8,270 8,415 8,274 8,274 -2 -5 -5
Net result for the period, LTM -539 -248 -248 -532 -233 -233 -8 -15 -15
Total equity, LTM average 11,045 10,838 10,838 11,047 10,842 10,842 -2 -5 -5
Key figures - Packaging Materials Restated As published Change
Q1 2024 Q2 2024 Q1-Q2
2024 Q1 2024 Q2 2024 Q1-Q2
2024 Q1 2024 Q2 2024 Q1-Q2
2024
Adjusted EBIT 52 53 105 60 60 120 -8 -8 -15
Adjusted EBIT margin 4.8 % 4.6 % 4.7 % 5.5 % 5.3 % 5.4 % -0.7 % -0.7 % -0.7 %
Operating result (IFRS) 47 24 71 55 32 87 -8 -8 -15
Adjusted EBIT, LTM -46 28 28 -38 43 43 -8 -15 -15
Operating capital, LTM 3,565 3,516 3,516 3,566 3,520 3,520 -2 -5 -5
Adjusted ROOC, LTM -1.3 % 0.8 % 0.8 % -1.1 % 1.2 % 1.2 % -0.2 % -0.4 % -0.4 %
The below tables present a restatement of the divisions' cash flows due to an incorrect allocation in the previously
published figures. The Group's figures are unchanged.
Financials
Stora Enso Q4 and full year results 2024 34 (42)
===== SIDA 36 =====
Cash Flow from Operations (non-IFRS) Restated As published Change
Q2 2024 Q1-Q2 2024 Q2 2024 Q1-Q2 2024 Q2 2024 Q1-Q2 2024
Packaging Materials 64 223 75 235 -11 -12
Packaging Solutions 24 30 24 30 0 0
Biomaterials 139 269 141 271 -2 -2
Wood Products 32 2 40 10 -8 -8
Forest 116 134 120 137 -4 -3
Other -51 -66 -76 -91 25 25
Group 323 592 323 592 0 0
Cash Flow after Investing Activities
(non-IFRS) Restated As published Change
Q2 2024 Q1-Q2 2024 Q2 2024 Q1-Q2 2024 Q2 2024 Q1-Q2 2024
Packaging Materials -99 -228 -87 -216 -12 -12
Packaging Solutions 14 8 14 8 0 0
Biomaterials 98 185 101 187 -3 -2
Wood Products 26 -22 34 -14 -8 -8
Forest 100 108 104 111 -4 -3
Other -53 -70 -78 -95 25 25
Group 86 -18 86 -18 0 0
Alternative performance measures
Definitions and purpose for alternative performance measures can be found at the end of this section.
Changes in alternative performance measures
From 1 January 2024 onwards, a slight change in
terminology is applied with regards to certain key
alternative performance measures as detailed in the
table below:
Name until 31 Dec 2023 New name from 1 Jan 2024
Operational EBIT Adjusted EBIT
Operational EBIT margin Adjusted EBIT margin
Operational EBITDA Adjusted EBITDA
Operational EBITDA margin Adjusted EBITDA margin
Net debt to LTM operational
EBITDA
Net debt to LTM adjusted
EBITDA
Operational return on capital
employed (op. ROCE)
Adjusted Return on capital
employed (Adj. ROCE)
Operational ROCE excl. Forest
division
Adjusted ROCE excl. Forest
division
Operational return on
operating capital (op. ROOC)
Adjusted Return on operating
capital (Adj. ROOC)
In addition, the Company specifies that in order for
the qualifying cases to be considered as items
affecting comparability, a materiality threshold will be
applied of at least EUR 4 million for Packaging
Materials, EUR 2 million for Biomaterials, and EUR 1
million for the rest of the divisions including the
segment Other. No restatements were prepared for
the alternative performance measures as this
change did not have a significant impact on the
comparative figures.
Reconciliation of operating result
EUR million Q4/24 Q4/23
Change %
Q4/24–
Q4/23 Q3/24
Change %
Q4/24–
Q3/24 2024 2023
Change %
2024–2023
Adjusted EBITDA 285 212 34.4 % 328 -13.1 % 1,223 989 23.6 %
Depreciation and silviculture costs of
associated companies -3 -4 13.9 % -4 13.1 % -13 -11 -16.2 %
Silviculture costs
1
-36 -24 -50.1 % -24 -53.6 % -111 -102 -9.2 %
Depreciation and impairment excl. IAC -125 -133 6.5 % -125 0.1 % -501 -534 6.2 %
Adjusted EBIT 121 51 138.6 % 175 -31.3 % 598 342 74.8 %
Fair valuations and non-operational
items 368 229 61.1 % 0 n/m 364 231 58.0 %
Items affecting comparability (IAC) -768 -605 -26.9 % -36 n/m -870 -895 2.8 %
Operating result (IFRS) -279 -326 14.4 % 139 n/m 93 -322 128.8 %
1
Including damages to forests
Financials
Stora Enso Q4 and full year results 2024 35 (42)
===== SIDA 37 =====
Adjusted EBIT by segment
EUR million 2024 Q4/24 Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials 172 -6 73 53 52 -57 -43 -34 -22 41
Packaging Solutions -15 -6 -6 -1 -1 43 6 14 15 8
Biomaterials 231 67 43 63 57 118 35 5 -13 91
Wood Products -16 -12 -2 7 -9 -64 -27 -21 -6 -11
Forest 309 81 81 76 70 253 75 59 62 57
Other -72 -13 -16 -32 -11 1 -1 -15 -9 27
Inter-segment eliminations -11 9 3 -13 -10 49 5 13 9 21
Adjusted EBIT 598 121 175 153 149 342 51 21 37 234
Fair valuations and non-operational
items 364 368 0 -16 11 231 229 5 -14 11
Items affecting comparability -870 -768 -36 -46 -20 -895 -605 -26 -276 12
Operating result (IFRS) 93 -279 139 92 141 -322 -326 -1 -253 258
Net financial items -211 -74 -41 -49 -47 -173 -52 -40 -51 -29
Result before Tax -118 -353 98 43 94 -495 -378 -41 -304 228
Income tax expense -65 -26 -14 -8 -17 64 53 7 47 -43
Net result -183 -379 84 35 77 -431 -325 -34 -257 185
The Packaging Materials and Group figures were restated for Q2/24 and Q1/24. See chapter Restatements for more details.
Items affecting comparability (IAC), fair valuations and non-operational items (FV)
Items affecting comparability in Q4/2024
EUR million Q4/24 2024
Impairments - Packaging Materials -300 -305
Impairments - Packaging Solutions -371 -371
Impairments - Wood Products -56 -56
Disposal & closure of De Hoop 8 -4
Disposal & closure of Sunila -8 -6
Disposal of Selfly Store -8 -8
Disposals - other 0 -8
Restructuring - Packaging Materials -1 -32
Restructuring - Packaging Solutions -2 -8
Restructuring - Biomaterials -3 -6
Restructuring - Forest 0 0
Restructuring - Group functions and
segment Other -3 -7
Profit improvement programme -
consulting costs -13 -45
Environmental provisions -9 -14
Other items 0 0
Total -768 -870
Items affecting comparability in Q4/2023
EUR million Q4/23 2023
Impairments - Packaging Materials -468 -468
Impairments - Biomaterials -103 -103
Impairments - Wood Products -16 -16
Impairments - Segment Other -14 -14
Impairment reversal - Forest 3 5
Disposal of Nymölla 0 -30
Disposal of Hylte 2 -45
Disposal of Maxau 0 52
Disposal of biocomposite business -1 -15
Disposal of Wood Products DIY unit -1 -4
Disposals related transaction costs -1 -6
Acquisition of De Jong Packaging Group 0 -16
Closure of Sunila pulp mill 1 -116
Closure De Hoop 1 -79
Restructuring - Anjalankoski 0 -26
Restructuring - Packaging Materials -4 -21
Restructuring - Packaging Solutions -1 -10
Restructuring - Wood Products 3 -5
Restructuring - Biomaterials -2 -4
Restructuring - Group functions -3 -15
Restructuring (2021 announced) -
Kvarnsveden 1 29
Restructuring (2021 announced) -
Veitsiluoto 0 9
Updates in environmental provisions -1 5
Other items -1 -2
Total -605 -895
Results
Stora Enso Q4 and full year results 2024 36 (42)
===== SIDA 38 =====
Fair valuations and non-operational items
EUR million Q4/24 2024 Q4/23 2023
Non-operational fair valuation changes of biological assets, Packaging Materials 5 2 12 12
Non-operational fair valuation changes of biological assets, Biomaterials 22 32 24 25
Non-operational fair valuation changes of biological assets, Forest 392 382 162 156
Non-cash income and expenses related to CO2 emission rights and liabilities, Other -45 -11 -28 -13
Non-operational items of associated companies, Forest -2 -34 59 56
Adjustments for differences between fair value and acquisition cost of forest assets
upon disposal, Forest -4 -6 0 -5
Total 368 364 229 231
Items affecting comparability (IAC) by segment
EUR million 2024 Q4/24 Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials -343 -301 -10 -27 -4 -597 -474 -4 -98 -21
Packaging Solutions -379 -373 -1 -3 -3 -26 -1 0 -5 -20
Biomaterials -7 -4 -2 -1 -1 -224 -105 -17 -101 0
Wood Products -57 -56 0 0 0 -22 -13 -1 -8 0
Forest -5 -2 -3 2 -2 2 4 3 -2 -3
Other -79 -32 -20 -17 -10 -28 -16 -6 -61 56
IAC on operating result -870 -768 -36 -46 -20 -895 -605 -26 -276 12
Tax on IAC 77 60 5 8 4 100 53 6 43 -3
IAC on net result -792 -708 -31 -38 -16 -795 -552 -20 -233 10
Fair valuations and non-operational items by segment
EUR million 2024 Q4/24 Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials 2 5 -1 -1 -1 12 12 0 0 0
Packaging Solutions 0 0 0 0 0 0 0 0 0 0
Biomaterials 32 22 5 3 1 25 24 -3 5 -1
Wood Products 0 0 0 0 0 0 0 0 0 0
Forest 342 387 -9 -29 -6 206 221 -5 0 -9
Other -12 -45 5 11 17 -13 -28 12 -19 21
FV on operating result 364 368 0 -16 11 231 229 5 -14 11
Tax on FV -72 -75 1 3 -1 -25 -24 -1 4 -3
FV on net result 293 293 1 -13 11 206 205 3 -10 8
Operating result by segment
EUR million 2024 Q4/24 Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials -169 -303 62 24 47 -642 -504 -38 -120 21
Packaging Solutions -394 -379 -8 -4 -4 17 5 14 10 -12
Biomaterials 256 86 46 66 58 -81 -46 -15 -109 90
Wood Products -73 -68 -3 7 -10 -86 -40 -22 -14 -11
Forest 646 466 69 49 63 461 300 57 60 44
Other -162 -90 -31 -38 -4 -41 -46 -10 -89 104
Inter-segment eliminations -11 9 3 -13 -10 49 5 13 9 21
Operating result (IFRS) 93 -279 139 92 141 -322 -326 -1 -253 258
Net financial items -211 -74 -41 -49 -47 -173 -52 -40 -51 -29
Result before tax -118 -353 98 43 94 -495 -378 -41 -304 228
Income tax expense -65 -26 -14 -8 -17 64 53 7 47 -43
Net result -183 -379 84 35 77 -431 -325 -34 -257 185
The Packaging Materials and Group figures were restated for Q2/24 and Q1/24. See chapter Restatements for more details.
Results
Stora Enso Q4 and full year results 2024 37 (42)
===== SIDA 39 =====
Calculation of adjusted return on capital employed (ROCE) and return on equity (ROE) based on the last 12
months
EUR million Q4/24 Q4/23 Q3/24
Adjusted EBIT, LTM 598 342 528
Capital employed, LTM average 14,060 14,230 14,146
Adjusted ROCE, LTM 4.3% 2.4% 3.7%
Adjusted EBIT excl. Forest division, LTM 290 89 225
Capital employed excl. Forest division, LTM average 8,071 8,490 8,220
Adjusted ROCE excl. Forest division, LTM 3.6% 1.0% 2.7%
Net result for the period, LTM -183 -431 -130
Total equity, LTM average 10,576 11,413 10,780
Return on equity (ROE), LTM -1.7% -3.8% -1.2%
Net debt 3,707 3,167 3,528
Adjusted EBITDA, LTM 1,223 989 1,150
Net debt to LTM adjusted EBITDA ratio 3.0 3.2 3.1
LTM = Last 12 months.
Calculation of EPS excl. FV
EUR million Q4/24 Q4/23 Q3/24 2024 2023
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of the Parent -340 -287 88 -136 -357
FV on net profit for the period attributable to owners of the
Parent 297 217 7 307 218
Net profit for the period attributable to owners of the parent
excl. FV -637 -504 81 -442 -575
Average number of shares 789 789 789 789 789
Earnings per share (EPS) excl. FV EUR -0.81 -0.64 0.10 -0.56 -0.73
Calculation of net debt
EUR million 31 Dec 2024 30 Sep 2024 31 Dec 2023
Listed securities 11 9 9
Non-current interest-bearing receivables 14 24 76
Interest-bearing receivables 47 121 64
Cash and cash equivalents 1,999 1,999 2,464
Interest-bearing assets 2,072 2,154 2,613
Non-current interest-bearing liabilities 3,894 4,090 4,775
Current portion of non-current debt 1,090 839 347
Interest-bearing liabilities 788 732 657
Bank overdrafts 7 21 0
Interest-bearing Liabilities 5,779 5,682 5,780
Net debt 3,707 3,528 3,167
31 Dec 2023 restated, see chapter Restatements for more details.
Definitions and calculation of 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.
Results
Stora Enso Q4 and full year results 2024 38 (42)
===== SIDA 40 =====
Operating result (IFRS) Net result for the period excluding income tax and net
financial items (finance costs).
Used in combination with below
measures to determine the
profitability of the Group.
Adjusted EBIT
Operating result (IFRS) excluding items affecting
comparability (IAC) and fair valuations and non-
operational items (FV) of the line-by-line consolidated
entities and Stora Enso’s share of operating result excluding
IAC and FV of its associated companies.
The Group’s key non-IFRS
performance metric, which is
used to evaluate the
performance of operating
segments and, in combination
with below ratios, to steer
allocation of resources to them.
Adjusted EBITDA Operating result (IFRS) excluding silviculture costs and
damage to forests, fixed asset depreciation and
impairment, IACs and FV. The definition includes the
respective items of subsidiaries, joint arrangements and
associated companies.
Used by management to analyse
the business and, from time-to-
time, for short term and long-
term target setting.
Adjusted return on capital
employed (ROCE), LTM
3
(%)
Adjusted EBIT
3
x 100
Capital employed
1 Used for long-term Group
financial targets setting.
Adjusted return on operating
capital (ROOC), LTM
3
(%)
Adjusted EBIT
3
x 100
Operating capital
1 Used for long-term divisional
financial targets setting.
Return on equity, ROE, LTM
3
(%)
Net result for the period x 100
Total equity
1 A measure of the profitability in
relation to equity.
Net debt Interest-bearing liabilities – interest-bearing assets,
marked with “I” in the statement of financial position.
Used for long-term Group
financial targets setting.
Net debt/equity ratio Net debt
Equity
2 Used for long-term Group
financial targets setting.
Net debt/last 12 months’
adjusted EBITDA ratio
Net debt
LTM adjusted EBITDA
Used for long-term Group
financial targets setting.
Earnings per share (EPS)
excluding FV Net result for the period excluding fair valuations and non-
operational items after tax divided by the weighted
average number of shares
Stora Enso's dividend policy is to
distribute 50% of earnings per
share (EPS) excluding fair
valuation over the cycle.
Operating capital and
capital employed
Operating capital is comprised of items marked with “O” in
the statement of financial position. Capital employed =
Operating capital – Net tax liabilities. Net tax liabilities are
marked with "T" in the statement of financial position.
Used for long-term Group
financial targets setting.
Items affecting
comparability (IAC)
The most common IAC are significant capital gains and
losses, impairments or impairment reversals, disposal gains
and losses relating to Group companies, provisions for
planned restructurings, environmental provisions, changes
in depreciation due to restructuring and penalties. In order
for qualifying cases to be considered as items affecting
comparability, a materiality threshold will be applied of at
least EUR 4 million for Packaging Materials, EUR 2 million for
Biomaterials, and EUR 1 million for the rest of the divisions
including segment Other.
Represent certain significant
items, identified by the
management, considered not
indicative of the operating
business performance due to
their nature and/or frequency.
Fair valuations and non-
operational items (FV)
Fair valuations and non-operational items include non-
cash income and expenses related to CO2 emission rights
and liabilities, non-operational fair valuation changes of
biological assets, adjustments for differences between fair
value and acquisition cost of forest assets upon disposal
and the Group’s share of income tax and net financial
items of associated companies. Non-operational fair value
changes of biological assets reflect changes made to
valuation assumptions and parameters. The adjustments
for differences between fair value and acquisition cost of
forest assets upon disposal are a result of the fact that the
cumulative non-operational fair valuation changes of
disposed forest assets were included in previous periods in
IFRS operating result (biological assets) and other
comprehensive income (forest land) and are included in
adjusted EBIT only at the disposal date (for non-strategic
forest assets disposals).
Represent adjustments for
certain items considered by the
management less relevant for
understanding operating
business performance. These
adjustments result in differences
in the recognition and
measurement principles
applicable under IFRS.
Operational fair value
change of biological assets
Operational fair value changes of biological assets contain
all other fair value changes (see above about non-
operational fair value changes of biological assets), mainly
due to inflation and differences in actual harvesting levels
compared to the harvesting plan.
The long-term value change of
the growing forests is an
important component of the
forestry business profitability.
Alternative performance
measure
Definition Purpose
Results
Stora Enso Q4 and full year results 2024 39 (42)
===== SIDA 41 =====
Cash flow from operations
(non-IFRS) and cash flow
after investing activities
(non-IFRS)
Cash flow from operations (non-IFRS) is equal to net cash
provided by operating activities (IFRS) before cash flows
related to financial items and income taxes. Cash flow after
investing activities (non-IFRS) is equal to cash flow from
operations (non-IFRS) minus cash spent on intangible
assets, property, plant and equipment, and biological
assets and acquisitions of associated companies.
These are measures of cash
generation, working capital
efficiency and capital
expenditure outflows.
Capital expenditure Capital expenditure on fixed assets includes investments in
and acquisitions of tangible and intangible assets as well
as internally generated assets and capitalised borrowing
costs, net of any related subsidies. Capital expenditure on
leased assets includes new capitalised leasing contracts.
Capital expenditure on biological assets consists of
acquisitions of biological assets and capitalisation of costs
directly linked to growing trees in plantation forests. The
cash flow impact of capital expenditure is presented in
cash flow from investing activities, excluding lease capex,
where the cash flow impact is based on paid lease
liabilities and presented in cash flow from financing and
operating activities.
A measure of the operating
business investments capitalised
as tangible and intangibles
assets.
Fixed costs Maintenance, personnel and other administration type of
costs, excluding IAC and FV.
A measure of the costs that are
less variable in nature.
Alternative performance
measure
Definition Purpose
1
Average for the last five quarter ends
2
Attributable to the owners of the Parent
3
Last 12 months prior to the end of reporting period
Definitions and calculation of key sustainability figures
GHG emissions, Scope 1 + 2 Direct absolute CO2e emissions from production (Scope 1) and indirect absolute CO2e
emissions related to purchased electricity and heat (Scope 2). Excluding joint
operations. Reported as rolling 12 months. Calculated in accordance with the
Greenhouse Gas Protocol of the World Resource Institute (WRI).
GHG emissions, Scope 3 Absolute CO2e emissions from other sources along the value chain of all production
units are estimated based on the most recent methodology. Joint operations included
as suppliers. Currently, material emission categories for Scope 3 emissions are
updated annually. Accounting based on guidelines provided by the Greenhouse Gas
Protocol and the World Business Council for Sustainable Development (WBCSD).
Forest certification coverage The proportion of land in wood production and harvesting owned or leased by Stora
Enso that is covered by forest certification schemes. Reporting on total land area and
its forest certification coverage aligned with financial reporting on forests assets.
Share of technically recyclable
products
The proportion of technically recyclable products based on production volumes as
tonnes. Technical recyclability is defined by international standards and tests when
available, and in the absence of these, by Stora Enso’s tests that prove recyclability.
The reporting scope includes Stora Enso’s packaging, pulp, paper, and solid wood
products, as well as biochemical by-products.
TRI (Total recordable incidents) rate Number of incidents per one million hours worked. Including joint operations.
Gender balance: % of female
managers among all managers
The share of female managers is calculated as the headcount of all permanent
managers with at least one direct report. The manager must be permanent, but the
subordinates can be temporary or permanent. Reported as rolling 12 months. Excluding
joint operations.
Total water withdrawal per saleable
tonne
Reported as rolling 12 months. Excluding joint operations, Wood Products and
Packaging Solutions. Total water withdrawal includes process water and cooling and
non-contact water intakes by board, pulp, and paper production sites as cubic metres
(m
3
).
Process water discharges per
saleable tonne
Reported as rolling 12 months. Excluding joint operations, Wood Products and
Packaging Solutions. Process water discharges include the discharges of board, pulp,
and paper production sites as cubic metres (m
3
).
Supplier Code of Conduct (SCoC)
coverage The share of supplier spend (rolling 12 months) covered by the Supplier Code of
Conduct (SCoC). Excludes contracts with an annual value below EUR 10,000, joint
operations, intellectual property rights, leasing fees, financial trading, government fees
such as customs, and wood purchases from private individual forest owners.
Results
Stora Enso Q4 and full year results 2024 40 (42)
===== SIDA 42 =====
Divisions
Packaging Materials
Leading the development of
circular packaging, providing
premium packaging
materials based on virgin
and recycled fiber.
Share of Group external sales
44%
Packaging Solutions
Developing and selling
premium fiber-based
packaging products and
services.
Share of Group external sales
11%
Biomaterials
Meeting the growing
demand for bio-based
solutions with innovations
and being customers choice
in selected pulp grades.
Share of Group external sales
16%
Wood Products
One of the largest sawn wood producers in
Europe and a global leading provider of
renewable wood-based solutions.
Share of Group external sales
15%
Forest
Creating value through sustainable forest
management, competitive wood supply and
innovation.
Share of Group external sales
14%
Information about Stora Enso's production capacities will be available in the Annual Report 2024.
Results
Stora Enso Q4 and full year results 2024 41 (42)
===== SIDA 43 =====
Contact information
Stora Enso Oyj Stora Enso AB storaenso.com
P.O.Box 309 P.O.Box 70395 storaenso.com/investors
FI-00101 Helsinki, Finland SE-107 24 Stockholm, Sweden
Visiting address: Katajanokanlaituri 4 Visiting address: World Trade Center
Tel. +358 2046 111 Klarabergsviadukten 70
Tel. +46 1046 46 000
For further information, please contact:
Anna-Lena Åström, SVP Investor Relations, tel. +46 702 107 691
Carl Norell, SVP Corporate Communications, tel. +46 722 410 349
Stora Enso Oyj's Annual General Meeting will be held on
20 March 2025
Stora Enso's Q1/2025 results will be published on
25 April 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 Enso Q4 and full year results 2024 42 (42)