Kvartalsrapport Q4 2025

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

Financial Statements 
Release 2025
Results summary 2
Outlook 3
CEO comment 4
Group results 5
Segment results 9
Sustainability 12
Events 13
Sensitivity analysis and short-term risks 14
Shareholders' Nomination Board 14
Annual General Meeting 2026 15
Proposed dividend 15
Financials 16
IFRS section 16
Alternative performance measures 25
Contacts 28
On the cover: Food packaging (FBB – Tambrite Aqua+)

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

Sharpened strategic focus
Quarterly financial highlights (compared with Q4/24)
• Sales decreased by 3% to EUR 2,254 (2,322) million, mainly due to lower 
board and pulp prices, partly offset by the impact from acquisition of 
Junnikkala and the consumer board line ramp-up at the Oulu site.
• Adjusted EBIT decreased by 17% to EUR 100 (121) million, driven by lower 
pulp prices and adverse currency effects, as well as the ramp-up of the 
new line in Oulu, which impacted the Q4 result negatively by EUR 31 
million. The adjusted EBIT margin decreased to 4.5% (5.2%).
• Operating result (IFRS) was EUR 476 (-279) million, including items 
affecting comparability of EUR -90 (-768) million, and fair valuations and 
other non-operational items of EUR 466 (368) million mainly driven by an 
increase in the fair value of biological assets.
• Earnings per share were EUR 0.46 (-0.43) and earnings per share excl. fair 
valuations (FV) were EUR -0.03 (-0.81).
• The fair value of the forest assets was EUR 8.5 (8.9) billion, equivalent to 
EUR 10.75 per share, reflecting the impact of the divestment of 12.4% of 
forest assets in Sweden.
• Cash flow from operations amounted to EUR 337 (325) million, positively 
impacted by improvement in working capital.
• The net debt to adjusted EBITDA (LTM) ratio improved to 2.8 (3.0). 
• Adjusted ROCE excluding the Forest segment (LTM) was 2.7% (3.6%).
Year 2025 results (compared with full year 2024)
• Sales were EUR 9,326 (9,049) million. 
• Adjusted EBIT was EUR 528 (598) million. 
• Operating result (IFRS) was EUR 942 (93) million.
• Earnings per share (EPS) were EUR 0.88 (-0.17) and EPS excl. fair valuations 
(FV) was EUR 0.41 (-0.56).
• Cash flow from operations amounted to EUR 897 (1,187) million. Cash flow 
after investing activities was EUR 122 (74) million.
Proposed dividend
The Board of Directors will propose a dividend of EUR 0.25 (EUR 0.25) per 
share at the Annual General Meeting on 24 March 2026. The Board of 
Directors proposes that the dividend be paid in two instalments, during the 
second and fourth quarter of 2026.
Key highlights
• Stora Enso is preparing for the separation of its Swedish forest assets 
business into a new publicly-listed company, expected to be completed 
during the first half of 2027. 
• Stora Enso initiated a strategic review of its Central European sawmills 
and building solutions operations. Different scenarios will be assessed, 
including the possibility to divest the business, to strengthen Stora Enso’s 
strategic focus on renewable materials and packaging. 
• The ramp-up of the consumer board line at the Oulu site in Finland 
continues, and the production volumes are gradually increasing. The line 
is expected to reach full capacity during 2027.
• Stora Enso has been recognised for its continued leadership in corporate 
transparency and climate action, earning a place on the 2025 CDP 
Climate Change ‘A List’. 
• Stora Enso will change its financial targets and reporting structure 
starting from 2026, as presented in the Capital Markets Day in November.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12% Net debt to adjusted EBITDA (LTM)
Net debt, MEUR
Net debt to adjusted EBITDA, LTM
Target <2.0
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0 Adjusted ROCE excl. Forest (LTM)
Adjusted ROCE excl. Forest segment, LTM, %
Target >13%Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
0%
5%
10%
15%
Summary
LTM = Last 12 months. The calculation method is explained in the Annual Report.
            S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  2

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

Outlook and focus
Outlook Q1/2026
• Markets remain challenging, with low consumer confidence. Geopolitical 
volatility results in decreased predictability. 
• Packaging and pulp market demand is expected to remain stable at low 
levels.
• The ramp-up of the new production line in Oulu continues. The EBIT 
headwind is expected to gradually decrease as we improve the 
technical performance of the production line. In Q1, we expect a negative 
impact of EUR 15–30 million on adjusted EBIT.
• The divestment of 175,000 hectares of forest assets in Sweden, 
completed in 2025, will result in a reduction of annual adjusted EBIT of 
approximately EUR 20 million, with an estimated quarterly effect of 
approximately EUR 5 million.
• In the first quarter there will be less planned maintenance activities 
compared to the fourth quarter of 2025. See the section Maintenance for 
more details.
• The operating income from emission rights in 2025 was about EUR 72 
million, distributed evenly throughout the year. For 2026, the income from 
the sale of emission rights is projected to decrease to EUR 10–20 million. 
This decline results from changes in the EU ETS (Emissions Trading 
S c h e m e )  r u l e s :  s e v e r a l  s i t e s  w i l l  l o s e  t h e i r  f r e e  C O ₂  a l l o w a n c e  a l l o c a t i o n s  
from 2026 onward, as their emissions are now more than 95% biogenic, 
demonstrating the success of long-term emission-reduction initiatives.
• In the first quarter of 2026 we will introduce a revised reporting structure, 
as presented in the Capital Markets Day (CMD) in November 2025. The  
packaging business areas will be consolidated into Consumer 
Packaging and Integrated Packaging segments. In addition, we will 
report Biomaterials and Other. 
Focus for 2026
• During 2026 we will execute on the new strategic priorities introduced at 
the CMD in November 2025:
– Lead in customer value creation through innovation, quality and 
sustainability
– Grow faster than market with superior customer offering, leading 
technology and operational efficiency
– Expand margin through business focus, a positive performance 
culture and systematic value creation
– Generate cash with high conversion ratio and disciplined capital 
allocation 
• Furthermore, we will continue to prepare for the separation of the 
Swedish forest assets business into a new publicly listed company, 
expected to be completed during the first half of 2027.
• We will also continue with the strategic review of Central European 
sawmills and building solutions operations. Different scenarios will be 
assessed, including the possibility to divest the business, to strengthen 
Stora Enso’s strategic focus on renewable materials and packaging.
• Finally, we will continue with the ramp-up of the consumer board line at 
the Oulu site in Finland. The line is expected to reach full capacity during 
2027.
Outlook
           S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s   3

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

CEO comment
2025 was a pivotal year for Stora Enso, marked by decisive 
actions to sharpen our strategic focus and unlock long-term 
value for our stakeholders. In the fourth quarter, we reached a 
significant milestone by completing the strategic review of our 
Swedish forest assets. 
We are separating our Swedish forest assets to unlock value creating two 
champions with distinctive business dynamics and return profiles: A 
globally leading renewable materials company with sharpened focus on 
packaging, and Europe’s largest listed pure-play forest company. 
Also, we initiated a strategic review of our Central European sawmills and 
building solutions operations to further sharpen our business focus 
reflecting our commitment to active portfolio management and ensuring 
that all our operations are aligned with our long-term value creation goals.  
During the quarter, we also hosted a successful Capital Markets Day 
(CMD), where we introduced new financial targets, strategic priorities, and 
a clear roadmap for the coming years.  
Our strategy positions us as a global leader in renewable materials, with 
an increasing focus on packaging. We are committed to cost efficiency, 
profitable growth, expanding margins through systematic profit 
improvement actions, and generating strong cash flow with disciplined 
capital allocation. 
We also introduced a new reporting structure where packaging business 
areas will be regrouped into Consumer Packaging and Integrated 
Packaging, alongside Biomaterials and Other. The new reporting segments 
will be applicable starting in the first quarter of 2026. 
"Underlying performance improved across all business 
areas except Biomaterials."
Despite a challenging macroeconomic and market environment, Stora 
Enso delivered resilient results. Group sales for the year were EUR 9.3 billion, 
with adjusted EBIT of EUR 528 million. Underlying performance improved 
across all business areas except Biomaterials, which was impacted by 
lower pulp prices. The ramp-up of the new line at Oulu  had an adverse 
impact on the results. Our net debt to adjusted EBITDA ratio improved to 
2.8, reflecting the positive impact of the Swedish forest asset divestment of 
approximately 175,000 hectares of forest land in Sweden, at a value of EUR 
900 million, and our ongoing focus on cash flow and cost competitiveness.  
Operationally, we progressed in ramping up the new consumer board line 
at Oulu, which is central to our strategic focus on renewable packaging. 
While the ramp-up weighed on profitability in the short term, we remain 
confident in the long-term value and industry-leading quality this 
investment will deliver. The acquisition of Junnikkala Oy further 
strengthened our wood supply chain and supports the competitiveness of 
our Oulu site. 
Our ongoing cost and efficiency actions, combined with a leaner and 
more business-focused organisational structure with six P&L responsible 
business areas including the new business area Wood and Energy, and 23 
P&L responsible business units, have positioned us well to navigate 
continued market volatility. 
"Our strategic priorities are clear: We want to lead in 
customer value creation, grow our business, expand 
margins, and generate strong cash flow over the cycle."
For the second consecutive year, Stora Enso has been included on CDP’s 
Climate Change ‘A List’, highlighting our strong transparency and 
performance in climate action. This recognition affirms our dedication to 
sustainable growth through emission reduction, renewable material 
innovation, and advancing the circular bioeconomy. 
Additionally, in partnership with the International Union for Conservation of 
Nature (IUCN), we completed a pioneering project that offers the forest 
sector a science-based framework for achieving net-positive biodiversity 
impact. This collaboration helps forestry operations focus on the most 
effective actions to reduce species extinction risk while maintaining long-
term economic value. 
By the end of 2025, we cut Scope 1 and 2 emissions by 61% and Scope 3 
emissions by 38% from 2019 levels, surpassing our 2030 target. Additionally, 
94% of our products are technically recyclable, and we maintain 99% forest 
certification coverage. 
As we enter 2026, we expect market conditions to remain subdued and 
volatile, shaped by ongoing macroeconomic and geopolitical uncertainty. 
We will continue to execute our strategy and drive proactive, systematic, 
and determined work across the whole Group. 
Our strategic priorities, as set forth in our CMD, are clear: We want to lead in 
customer value creation, grow our business, expand margins, and 
generate strong cash flow over the cycle. We will achieve this through our 
continued actions in sourcing, operational efficiency, commercial 
excellence, working capital, and fixed costs, while maintaining a disciplined 
approach to capital allocation. 
Customer centricity is now at the forefront of our strategy, driving us to 
pursue innovation, quality, and sustainability across all aspects of our 
operations. By delivering superior customer offering and leveraging 
advanced technologies, we are dedicated to setting new industry 
standards for excellence. 
The demerger and listing of our Swedish forest assets will be a key focus, 
as will the ongoing strategic review of our Central European wood 
products business and ramping up the new production line in Oulu, 
Finland. 
At the core of everything we do is people – our customers, employees, 
shareholders and partners. I want to thank you all for the dedication and 
resilience during this transformative year. Together, we are building a 
stronger, more focused, and more sustainable Stora Enso. 
Hans Sohlström
President and CEO, Stora Enso
CEO comment
           S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s   4

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

Group result Q4/2025 (compared with Q4/2024)
Key figures
EUR million Q4/25 Q4/24
Change %
Q4/25–
Q4/24 Q3/25 2025 2024
Sales  2,254  2,322  -2.9 % 2,283  9,326  9,049 
Adjusted EBITDA  255  285  -10.7 % 291  1,144  1,223 
Adjusted EBITDA margin  11.3 %  12.3 %  12.7 %  12.3 %  13.5 %
Adjusted EBIT  100  121  -16.7 % 126  528  598 
Adjusted EBIT margin  4.5 %  5.2 %  5.5 %  5.7 %  6.6 %
Operating result (IFRS)  476  -279  270.6 % 231  942  93 
Result before tax (IFRS)  430  -353  221.7 % 202  783  -118 
Net result for the period (IFRS)  363  -379  195.9 % 201  686  -183 
Cash flow from operations  337  325  3.9 % 223  897  1,187 
Cash flow after investing activities  149  88  68.5 % 57  122  74 
Capital expenditure  259  349  -25.7 % 144  746  1,090 
Capital expenditure excluding 
investments in biological assets  239  325  -26.6 % 128  678  1,009 
Depreciation and impairments excl. IAC  125  125  -0.1 % 117  483  501 
Net debt  3,181  3,707  -14.2 % 3,215  3,181  3,707 
Forest assets¹  8,478  8,894  -4.7 % 8,277  8,478  8,894 
Adjusted return on capital employed 
(ROCE), LTM²  3.8%  4.3%  3.9%  3.8%  4.3% 
Adjusted ROCE excl. Forest segment, 
LTM²  2.7%  3.6%  2.8%  2.7%  3.6% 
Earnings per share (EPS) excl. FV, EUR  -0.03  -0.81  96.8 % 0.26  0.41  -0.56 
EPS (basic), EUR  0.46  -0.43  206.1 % 0.25  0.88  -0.17 
Return on equity (ROE), LTM²  6.7%  -1.7%  -0.5%  6.7%  -1.7% 
Net debt/equity ratio  0.29  0.37  0.30  0.29  0.37 
Net debt to LTM² adjusted EBITDA ratio  2.8  3.0  2.7  2.8  3.0 
Equity per share, EUR  13.69  12.86  6.5 % 13.47  13.69  12.86 
Average number of employees (FTE)  18,631  18,731  -0.5 % 19,409  18,877  19,233 
1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies 
2 LTM = Last 12 months 
IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Items affecting comparability (IAC), fair valuations and 
non-operational items. 
Breakdown of change in sales
Sales Q4/2024, EUR million  2,322 
Price and mix  -4% 
Currency  -1% 
Volume  -1% 
Other sales1  -1% 
Total before structural changes  -6% 
Structural changes2  3% 
Total  -3% 
Sales Q4/2025, EUR million  2,254 
1  Energy, paper for recycling (PfR), by-products etc.     2 Asset closures, major investments, divestments and acquisitions 
Group sales 
Sales decreased 3%, mainly due to lower board and pulp prices. This was only partly offset by the structural 
changes related to the ramp-up of the consumer board line in Oulu and the Junnikkala acquisition.
Adjusted EBIT
Adjusted EBIT decreased 17% or EUR 20 million. Profitability improved across most segments, but lower pulp 
prices, unfavourable currency movements, and the ramp-up of the new line in Oulu weighed on results.
Lower prices, decreased profitability by EUR 74 million, which was only partly offset by the EUR 11 million 
impact from higher volumes.
Variable costs were EUR 23 million lower as lower chemicals costs were only partly offset by higher energy 
costs, impacted by lower EUA certificate sales. Fixed costs decreased EUR 44 million due to cost control and 
lower maintenance costs. 
Net foreign exchange rates had a negative EUR 10 million impact. The impact from depreciations, 
associated companies and other was a positive EUR 13 million. Structural changes had a negative EUR 26 
million impact in profitability.
Operating result (IFRS) 
Operating result (IFRS) increased by EUR 755 million. Fair valuations and non-operational items (FV) had a 
positive impact on the operating result of EUR 466 (368) million. Items affecting comparability (IAC) had an 
adverse impact of EUR 90 (-768) million on the operating result. 
Other 
Net financial items amounted to EUR -47 (-74) million, an improvement of EUR 27 million. The improvement was 
mainly driven by foreign exchange gains. The fourth quarter in 2024 included a EUR -15 million write-off of 
receivables related to the Russian operations disposed in 2022. 
Net debt to LTM adjusted EBITDA improved to 2.8 (3.0), reflecting the positive impact of the forest asset 
divestment.
Group result
           S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s   5

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

Fourth quarter 2025 results
(compared with Q3/2025)
Sales
Group sales decreased 1% or EUR 29 million to EUR 2,254 (2,283) million, 
mainly due to lower prices in Packaging Materials and Forest. 
Structural changes related to the Junnikkala acquisition and the 
ramp-up of the consumer board line at the Oulu site supported sales, 
together with seasonally higher deliveries in Wood Products and 
Forest. 
Adjusted EBIT
Adjusted EBIT decreased to EUR 100 (126) million. The adjusted EBIT 
margin decreased to 4.5% (5.5%). Weak demand and annual 
maintenance shutdowns adversely affected sales prices and mix, 
with a negative impact of EUR 64 million on adjusted EBIT. Volumes 
had a negative impact of EUR 32 million. Variable costs were EUR 38 
million lower, mainly driven by lower chemicals, logistic and energy 
c o s t s ,  r e f l e c t i n g  c o n t i n u e d  c o s t - c o n t r o l  e f f o r t s .
Fixed costs were EUR 16 million higher, mainly due to seasonality, and 
higher personnel costs related to higher volumes in Wood Products. 
Net foreign exchange rates had a negative EUR 2 million impact on 
adjusted EBIT. Structural changes had a positive EUR 14 million impact. 
The impact from depreciations, associated companies and other was 
a positive EUR 37 million.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12%
Full year 2025 results
(compared with 2024)
Sales
Group sales increased 3%, or EUR 276 million to EUR 9,326 (9,049) 
million, supported by higher deliveries in all segments, partially 
impacted by the Finnish political strike in 2024. The structural changes 
had a positive impact as the Junnikkala acquisition and the 
consumer board line ramp-up in Oulu increased sales.
Adjusted EBIT
Adjusted EBIT decreased EUR 71 million to EUR 528 (598) million, driven 
by the ramp-up of the Oulu consumer board line. The impact for the 
full year 2025 was approximately EUR 140 million. The adjusted EBIT 
margin decreased to 5.7% (6.6%). Higher sales prices increased 
profitability by EUR 124 million. Higher variable costs decreased 
adjusted EBIT by EUR 157 million, mainly due to wood costs. Fixed costs 
were EUR 83 million lower. 
Net foreign exchange rates had a negative EUR 22 million impact on 
profitability. The impact from depreciations, associated companies 
and other, had a negative impact of EUR 3 million on adjusted EBIT. 
Structural changes had a negative EUR 101 million impact, compared 
with the previous year.
IFRS result
Operating result (IFRS) was EUR 942 (93) million. 
Fair valuations and non-operational items (FV) had a positive impact 
on the operating result of EUR 434 (364) million. Items affecting 
comparability (IAC) had a negative impact of EUR 19 (870) million on 
the operating result. 
Group result
           S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s   6

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

Cash flow Q4/2025 
(compared with Q4/2024)
Cash flow (non-IFRS)
EUR million Q4/25 Q4/24
Change %
Q4/25–
Q4/24 Q3/25 2025 2024
Adjusted EBITDA  255  285  -10.7 % 291  1,144  1,223 
IAC on adjusted EBITDA  -42  -32  -30.8 % 120  39  -125 
Other adjustments  -68  -81  15.9 % -210  -337  -194 
Change in working capital  192  152  26.5 % 23  51  283 
Cash flow from operations  337  325  3.9 % 223  897  1,187 
Cash spent on fixed and biological assets  -188  -236  20.1 % -166  -775  -1,113 
Acquisitions of associated companies  0  0  95.7 % 0  0  -1 
Cash flow after investing activities  149  88  68.5 % 57  122  74 
Cash flow after investing activities was impacted by lower adjusted EBITDA but benefited from change in 
working capital and lower fixed assets outflows related to Oulu as compared to Q4/24. Payments related to 
previously announced provisions amounted to EUR 9 million. 
Capital expenditure Q4/2025
(compared with Q4/2024) 
Additions to fixed and biological assets totalled EUR 259 (349) million, of which EUR 239 (325) million were 
fixed assets and EUR 21 (24) million biological assets.
Depreciations and impairment charges excluding IACs totalled EUR 125 (125) million. Additions in fixed and 
biological assets had a cash outflow impact of EUR 188 (236) million, mainly related to the Oulu project in the 
comparative period. 
Stora Enso anticipates that capital expenditure in 2026 will be below EUR 550 million, which is EUR 200 million less 
than in the previous year.
Capital expenditure by segment
EUR million Q4/25 2025 Q4/24 Main investment projects
Investment to 
be finalised
Packaging Materials  126  412  221 Oulu consumer board investment in Finland 2025
Packaging Solutions  21  54  21 
Biomaterials  79  194  60 Skutskär fluff pulp, winder and roll handling in Sweden 2025
Wood Products  22  53  22 
Forest  8  26  8 
Other  3  7  17 
Total  259  746  349 
Cash flow and capex
           S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s   7
EUR million
Cash flow
Cash flow from operations
Cash flow after investing activitiesQ3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
-150
0
150
300
450

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

Capital structure Q4/2025
EUR million 31 Dec 2025 30 Sep 2025 31 Dec 2024
Fixed assets1  13,668  13,392  13,846 
Associated companies  1,108  1,086  954 
Operating working capital, net2  328  523  308 
Non-current interest-free items, net  -193  -229  -220 
Operating capital total  14,911  14,772  14,888 
Net tax liabilities  -1,080  -1,080  -1,192 
Capital employed  13,830  13,692  13,696 
Equity attributable to owners of the Parent  10,796  10,624  10,139 
Non-controlling interests  -147  -147  -150 
Net debt  3,181  3,215  3,707 
Financing total  13,830  13,692  13,696 
1 Fixed assets include goodwill, other intangible assets, property, plant and equipment, right-of-use assets, forest assets, emission rights, and unlisted securities.
2 Operating working capital, net includes inventories, trade receivables, trade payables and all other short-term operating receivables, payables, accruals, and provisions.
Compared with Q3/2025
Net debt decreased by EUR 34 million to EUR 3,181 (3,215) million during the fourth quarter. The ratio of net 
debt to the last 12 months’ adjusted EBITDA was at 2.8 (2.7). The net debt/equity ratio on 31 December 2025 
decreased to 0.29 (0.30). The average interest expense rate on borrowings at the reporting date was 4.0% 
(3.8%). Cash and cash equivalents net of overdrafts decreased by EUR 989 million to EUR 1,206 million.
D u r i n g  t h e  f o u r t h  q u a r t e r ,  S t o r a  E n s o  r e d u c e d  i t s  i n t e r e s t - b e a r i n g  l i a b i l i t i e s  b y  r e p a y i n g  E U R   2 0 0   m i l l i o n  o f  
b a n k  l o a n s  a n d  E U R   3 6  m i l l i o n  o f  S E K - d e n o m i n a t e d  b o n d s  a t  t h e i r  o r i g i n a l  m a t u r i t i e s .  I n  a d d i t i o n ,  t h e  G r o u p  
c a r r i e d  o u t  e a r l y  d e b t  r e p a y m e n t s ,  i n c l u d i n g  t h e  E U R   5 0 0   m i l l i o n  b o n d  r e p u r c h a s e d  p r i o r  t o  i t s  c o n t r a c t u a l  
m a t u r i t y  t h r o u g h  a  m a k e - w h o l e  p r o c e s s ,  a n d  E U R   2 5 0   m i l l i o n  o f  b a n k  l o a n s  s e t t l e d  a h e a d  o f  s c h e d u l e .  
Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 31 December 2025.
Compared with Q4/2024
Operating working capital, i.e., Inventories, trade receivables and trade payables, increased by EUR 36 
million. Other operating working capital decreased by EUR 16 million.
Credit ratings
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 17 July 2025
Moody’s Baa3 (stable) / P-3 21 November 2024
Valuation of forest assets
Compared with Q3/2025
The value of total forest assets, including leased land and Stora Enso's share of forest assets in associated 
companies, increased by EUR 201 million to EUR 8,478 (8,277) million. The increase was mainly driven by the 
impact of foreign exchange rates and a slight increase in market transaction prices in Sweden. A storm in 
the end of December negatively affected  a portion of the Swedish forest assets. Estimated damages of EUR 
29 million are booked as reduction in biological assets, adversely impacting the IFRS result. The full extent of 
the damage and potential insurance compensation is still being assessed.
Compared with Q4/2024
The fair value of total forest assets decreased by EUR 417 million to EUR 8,478 (8,894) million. The decrease 
was mainly due to the divestment of forest assets in Sweden. The fair value of biological assets, including 
Stora Enso's share of biological assets in associated companies, increased by EUR 150 million to EUR 6,728 
(6,579) million. This was mainly a result of increases in estimated long-term wood prices and foreign 
exchange rates. The value of forest land, including leased land and Stora Enso's share of associated 
companies, decreased by EUR 566 million to EUR 1,750 (2,316) million. The decrease was mainly due to the 
divestment of forest land in Sweden and an increase in the discount rate, while foreign exchange rates had 
a positive impact on forest asset value.
Capital structure
           S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s   8
EUR billion
Forest asset value
Forest land (including leased land)Biological assets
Q4/21 
Q1/22 
Q2/22 
Q3/22 
Q4/22 
Q1/23 
Q2/23 
Q3/23 
Q4/23 
Q1/24 
Q2/24 
Q3/24 
Q4/24 
Q1/25 
Q2/25 
Q3/25
Q4/25
0.0
2.0
4.0
6.0
8.0
10.0

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

Segments in 2025 - overview
Segments
           S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s   9
EUR million
Adjusted EBIT by segment, Q4/2025
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-10
0
10
20
30
40
50
60
70
80
External sales by segment, Q4/2025
44%
11%
12%
18%
14%
0.5%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Packaging Materials
A global leader and expert partner in circular packaging providing premium 
packaging boards, made from virgin and recycled fiber.
Packaging Solutions
A packaging converter that produces premium fiber-based packaging 
products for leading brands across multiple market areas, including retail, e-
commerce, and industrial applications. 
Biomaterials
Foundation built on pulp, with the aim of becoming customers’ first choice in 
selected grades. The segment also leverages all fractions to create 
innovative bio-based solutions, that replace fossil-based and other non-
renewable materials.
Wood Products 
Europe’s largest sawn timber producer and a leading provider of sustainable 
wood-based solutions for the global building sector. Provides the building 
sector with renewable and low-carbon wood-based solutions that help 
decarbonise the built environment.
Forest 
Responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations 
as well as for B2B customers. Manages the Group’s forest assets and a 41% 
share in Tornator, whose forests are primarily located in Finland.
Segment Other
Includes the reporting of the emerging businesses as well as Stora Enso’s 
shareholding in Pohjolan Voima (PVO), and the Group's shared services and 
administration.
External sales by destination, FY 2025
14%
9%
7%
5%
5%
28%
9%
4%
18%
Sweden
Germany
Finland
Poland
The Netherlands
Other Europe
China
USA
Other countries
EUR million
Adjusted EBIT by segment, FY 2025
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-40
0
40
80
120
160
200
240
280
320
External sales by segment, FY 2025
46%
11%
12%
17%
13%
0.4%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Information about production and deliveries is available in the section Production and deliveries. Information about production capacities is available in the Annual Report.
External sales by destination, FY 2025
69%
16%
7%
4%3%1%
Europe
Asia
Americas
Middle East
Africa
Oceania

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

Packaging Materials
Proactive measures mitigated market headwinds, helping preserve profitability
• Sales decreased mainly due to slightly lower consumer board prices and adverse currency movements from a 
significantly weaker US dollar. These were only partially offset by the impact of the new production line ramp up 
at the Oulu site.
• Adjusted EBIT improved slightly, driven by lower fiber costs and clearly reduced fixed costs from value creation 
a c t i o n s .  T h e s e  f a c t o r s  h e l p e d  o f f s e t  t h e  a d v e r s e  i m p a c t s  o f  m a r k e t  h e a d w i n d s  a n d  t h e  r a m p - u p  o f  t h e  O u l u  
consumer board line.
• Order inflow showed a slightly positive trend and improved compared with the previous year.
Key figures: Packaging Materials
EUR million Q4/25 Q4/24
Change %
Q4/25–
Q4/24 Q3/25 2025 2024
Sales  1,033  1,095  -5.7 % 1,128  4,478  4,502 
Adjusted EBITDA  69  71  -3.6 % 120  419  472 
Adjusted EBIT  -3  -6  52.4 % 36  124  172 
Adjusted EBIT margin  -0.3 %  -0.6 %  3.2 %  2.8 %  3.8 %
Operating result (IFRS)  -17  -303  94.4 % 23  83  -169 
Adjusted ROOC, LTM  3.5 %  4.9 %  3.3 %  3.5 %  4.9 %
Cash flow from operations  167  109  53.8 % 34  381  462 
Cash flow after investing activities  86  -40 n/m  -40  -68  -323 
Board and paper deliveries, 1,000 tonnes 1,230 1,174  4.8 % 1,255 5,009 4,920
Board and paper production, 1,000 tonnes 1,214 1,107  9.7 % 1,289 5,082 4,916
Packaging Solutions
Positive results despite ongoing market challenges
• Sales increased slightly, driven by higher sales prices from an improved product mix and an increase in sales 
volumes.
• Adjusted EBIT improved supported by higher sales, improved margins driven by value creation actions, and 
reduced depreciation following the impairments announced in December 2024.
• Market conditions remained challenging. Actions to improve product and customer mix, along with continuing 
cost efficiency measures, helped protect margins despite overcapacity.
Key figures: Packaging Solutions
EUR million Q4/25 Q4/24
Change %
Q4/25–
Q4/24 Q3/25 2025 2024
Sales  253  247  2.1 % 263  1,027  987 
Adjusted EBITDA  21  12  70.5 % 18  80  62 
Adjusted EBIT  5  -6  172.9 % 2  14  -15 
Adjusted EBIT margin  1.8 %  -2.5 %  0.6 %  1.4 %  -1.5 %
Operating result (IFRS)  4  -379  101.0 % -5  2  -394 
Adjusted ROOC, LTM  2.4 %  -1.6 %  0.5 %  2.4 %  -1.6 %
Cash flow from operations  34  24  42.4 % 12  73  78 
Cash flow after investing activities  18  9  99.2 % -3  20  31 
Corrugated packaging European deliveries, million m² 299 291  2.7 % 312 1,228 1,217
Corrugated packaging European production, million m² 280 269  4.3 % 284 1,161 1,157
Segments
For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  10

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

Biomaterials
Challenging market conditions continued
• Sales decreased, due to lower sales prices and volumes, impacted by adverse currency movements.
• Adjusted EBIT decreased, mainly due to lower sales prices and volumes. However, intensified value creation 
actions, such as cost reduction measures, partly mitigated the negative effect.
• Demand for softwood and hardwood pulp was weaker in both Europe and China. Prices were significantly lower.
Key figures: Biomaterials
EUR million Q4/25 Q4/24
Change %
Q4/25–Q4/24 Q3/25 2025 2024
Sales  349  419  -16.8 % 339  1,458  1,587 
Adjusted EBITDA  66  109  -39.5 % 59  252  372 
Adjusted EBIT  28  67  -58.2 % 24  110  231 
Adjusted EBIT margin  8.0 %  16.0 %  7.1 %  7.5 %  14.6 %
Operating result (IFRS)  55  86  -35.9 % 25  144  256 
Adjusted ROOC (LTM)  4.5 %  9.3 %  6.1 %  4.5 %  9.3 %
Cash flow from operations  72  138  -47.3 % 75  241  507 
Cash flow after investing activities  10  91  -88.9 % 25  62  332 
Pulp deliveries, 1,000 tonnes 579 612  -5.4 % 554 2,280 2,207
Wood Products
Value creation actions mitigated challenging raw material market
• Sales increased mainly due to the acquisition of Junnikkala and higher sales prices both in classic sawn and 
building solutions products, supported by stronger by-product sales.
• Adjusted EBIT improved driven by higher sales prices and value creation actions. Raw material costs increased, 
reflecting challenging market conditions.
• The construction market stabilised at low level, with a slight increase in demand. Production curtailments were 
implemented to align with market conditions.
Key figures: Wood Products
EUR million Q4/25 Q4/24
Change %
Q4/25–Q4/24 Q3/25 2025 2024
Sales  465  400  16.3 % 440  1,817  1,522 
Adjusted EBITDA  5  0 n/m  5  43  27 
Adjusted EBIT  -7  -12  38.1 % -6  -2  -16 
Adjusted EBIT margin  -1.5 %  -2.9 %  -1.4 %  -0.1 %  -1.1 %
Operating result (IFRS)  -19  -68  71.7 % -8  -16  -73 
Adjusted ROOC (LTM)  -0.3 %  -2.7 %  -1.0 %  -0.3 %  -2.7 %
Cash flow from operations  13  -2 n/m  29  50  45 
Cash flow after investing activities  -1  -14  90.5 % 14  6  -4 
Wood products deliveries, 1,000 m³ 1,113 964  15.4 % 999 4,256 3,718
Forest
Strong quarterly adjusted EBIT reflecting stable and sustainable performance
• Sales were stable, with no material differences in wood prices or volumes.
• Adjusted EBIT decreased, primarily due to the divestment of 12.4% of the Group’s Swedish forest holdings 
completed at the end of Q3 2025. Nevertheless, the results continued to demonstrate strong operational 
performance in the Group’s forest assets and wood supply operations.
• The fair value of the Group's forest assets was EUR 8.5 billion, equivalent to EUR 10.75 per share. 
Key figures: Forest
EUR million Q4/25 Q4/24
Change %
Q4/25–
Q4/24 Q3/25 2025 2024
Sales¹  794  784  1.2 % 750  3,212  2,827 
Adjusted EBITDA  85  94  -9.3 % 92  377  364 
Adjusted EBIT  71  81  -12.4 % 76  317  309 
Adjusted EBIT margin  8.9 %  10.3 %  10.2 %  9.9 %  10.9 %
Operating result (IFRS)2  484  466  3.9 % 210  826  646 
Adjusted ROCE (LTM)  5.3 %  5.2 %  5.4 %  5.3 %  5.2 %
Cash flow from operations  68  56  21.0 % 77  240  220 
Cash flow after investing activities  55  45  20.9 % 65  194  171 
Wood deliveries, 1,000 m³ 8,800 8,834  -0.4 % 8,165 35,322 33,794
Operational fair value change of biological assets 20 28  -30.2 % 26 102 119
1 In Q4/25, internal wood sales to Stora Enso segments represented 62% of net sales, external sales to other forest companies represented 38%
2 Includes the full fair value change of the Nordic biological assets (standing trees)
Segment Other
• Sales increased by 6.3% to EUR 50 (47) million, mainly due to higher energy sales as prices have increased.
• Adjusted EBIT improved by 109.3% to EUR 1 (-13) million, mainly due to lower Legacy costs.
• The business areas are charged for electricity at market prices. Through its 16.5% shareholding in the Finnish 
energy company Pohjolan Voima (PVO), Stora Enso is entitled to receive, at cost, 8.9% of the electricity produced 
by the Olkiluoto nuclear reactors, and 20.6% of the electricity from the hydropower plants. 
Segments
For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  11

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

Key sustainability targets and performance 
Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity. 
The foundation for these is the conduct of everyday business in a responsible manner. 
   Climate
Stora Enso’s science-based target for 2030 is to reduce absolute Scope 1 
and 2 greenhouse gas (CO2e) emissions by 50% from the 2019 base year, in 
line with the 1.5-degree scenario. 
By the end of Q4/2025, the Scope 1 and 2 CO2e emissions were 1.03 million 
tonnes, a 61% reduction from the base year. Compared with Q4/2024 (1.24 
million tonnes), the decrease in emissions is mainly attributed to reduction 
measures, such as fuel switches. 
Stora Enso is committed to reducing Scope 3 emissions by 50% from 
the 2019 base year by 2030. In 2025, Stora Enso's estimated Scope 3 CO2e 
emissions were 4.63 million tonnes, a 38% reduction from the base year. 
Compared with 2024, the performance was affected by increased 
production.
   Circularity
Stora Enso's target is to reach 100% recyclable products by 2030. By the end 
of 2025, 94% (2024: 94%) of the Group's products were technically 
recyclable. Stora Enso aims to ensure the recyclability of its products 
through an increased focus on circularity in innovation processes. The 
Group actively collaborates with customers and partners to establish 
infrastructure that enhances the actual recycling of products. 
   Biodiversity
Stora Enso is committed to achieving a net-positive impact on biodiversity 
in its own forests and plantations by 2050 through active biodiversity 
management. The Group steers its biodiversity actions through a 
Biodiversity Leadership Programme to improve biodiversity at species, 
habitat and landscape levels. Progress is monitored with science-based 
impact indicators reported on the Group's website.
Biodiversity is an integral part of forest certifications, which include the 
protection of valuable ecosystems. Stora Enso’s target is to maintain a 
forest certification coverage level of at least 96% for the Group's own and 
leased forest lands. The forest certification coverage has remained stable 
and amounted to 99% in 2025 (2024: 99%). 
Direct and indirect CO2e emissions 
(Scope 1+2, rolling four quarters)1
Million tonnes
0%
-13% -15%
-28%
-42%
-53% -60% -61%
-50%
CO₂e million tonnes, effective CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
Q3/2025
Q4/2025
2026
2027
2028
2029
2030
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
CO2e emissions along the value chain (Scope 3)1
Million tonnes
0% -4% 1%
-25%
-35% -39% -38%
-50%
CO₂e million tonnes, estimated CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
0
1
2
3
4
5
6
7
8
1 Comparative figures are revised due to additional data after previous interim reports. 
   Responsible business practices
Stora Enso reports on the sustainability indicators below on a quarterly 
basis.
Key performance indicators 
(KPIs)
31 Dec 
2025
30 Sep 
2025
31 Dec 
2024 Target
Occupational safety: total TRI 
rate, year-to-date1 4.5 4.7 n/a 4.3 by the end of 2025
Gender balance: % of female 
managers among all managers  24%  24%  24% 25% by end of 2027
Water: total water withdrawal 
per saleable tonne (m3/tonne) 56 56 60
Decreasing trend from 
2016 baseline (60m3/
tonne)
Water: process water 
discharges per saleable tonne 
(m3/tonne)2 32 32 33
 17% reduction by 2030 
from 2019 baseline 
(36m3/tonne)
Sustainable sourcing: % of 
supplier spend covered by the 
Supplier Code of Conduct 
(SCoC)  94%  94%  95% 95% or above
1 As of the beginning of 2025, the TRI rate has been expanded to include contractor employees.
2 Comparative figures are revised due to additional data after previous interim reports.
Full overview of Stora Enso's sustainability targets, 2025 performance and 
accounting principles will be published in the Annual Report 2025 during 
the week commencing 9 February 2026.
Segments
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  12

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

Events during the quarter
Creating the largest listed pure 
play forest company in Europe 
Stora Enso has initiated preparations to 
separate the company’s Swedish forest 
assets into a new publicly listed company , 
targeted for completion in the first half of 
2027. Shares in the new company will be 
distributed to Stora Enso’s shareholders. 
The planned separation is intended to 
create Europe’s largest listed pure play 
f o r e s t  c o m p a n y ,  c o m p r i s i n g  o v e r  1 . 2   m i l l i o n  
hectares of Swedish forest land with an 
estimated fair value of approximately 
E U R   5 . 8   b i l l i o n  a s  o f  3 1    D e c e m b e r  2 0 2 5 .  T h e  
new forest company will be 
headquartered in Falun, Sweden, and is 
intended to be listed on Nasdaq 
Stockholm and Nasdaq Helsinki. The 
contemplated demerger remains subject 
to approval by Stora Enso’s General 
Meeting.
Strategic review of Central 
European sawmills and building 
solutions
Stora Enso has launched a strategic 
review of its Central European sawmills 
and building solutions business, covering 
seven sawmills in Austria, Czechia, Poland, 
and Lithuania, along with three 
c r o s s - l a m i n a t e d  t i m b e r  ( C L T )  m i l l s ,  w o o d  
procurement, and international sales and 
distribution activities.
While the business holds a strong market 
position, it offers limited strategic or 
operational synergies with Stora Enso’s 
core renewable packaging operations. 
The review will evaluate various options, 
including a potential divestment, to 
sharpen the company’s focus on 
renewable materials and packaging.
Operations in Sweden, Finland, Estonia, 
and Latvia are not part of the review and 
will remain a key part of the company’s 
future.
New financial targets
To drive stronger performance and 
sharpen its focus on packaging, the Group 
has updated its financial targets to reflect 
its new strategy.
Target over the business cycle
• Adjusted EBIT margin:  >10%
• Revenue growth:  >4%
• Payout ratio:  >50%
• Net debt to adjusted EBITDA ratio:  <1x
Greenhouse gas emissions 
reduced
The EUR 30 million investment to 
modernise energy processes at the 
Heinola fluting mill in Finland was 
completed during the quarter. 
By transitioning from solid fossil fuels to 
renewable bioenergy, the site has 
reduced its annual greenhouse gas 
emissions by more than 113,000 tonnes of 
CO2 —a decrease of over 90%. 
The investment is an important step 
towards Stora Enso’s target of halving the 
greenhouse gas emissions from its 
operations by 2030.
Events after the quarter
No major events after the quarter to date.
Events
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  13

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

Sensitivity analysis
Energy and raw material price sensitivity
The direct effect of a 10% decrease in raw material prices on adjusted EBIT 
for the next 12 months
EUR million Sensitivity 10%
Energy +4
Wood +238
Pulp -85
Chemicals and fillers +44
Foreign exchange rate sensitivity
The direct effect of a 10% strengthening in the value of the currency on 
adjusted EBIT for the next 12 months
EUR million Sensitivity 10%
USD  +28 
SEK  -7 
GBP  +12 
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. 
Short-term risks
Risk is characterised by both threats and opportunities, which may affect 
future performance and the financial results of Stora Enso, reputation, as 
well as its ability to meet certain social and environmental objectives.
The geopolitical unrest could have an adverse impact on the Group. 
Potential trade tariffs, retaliatory measures, conflict-related risks to people, 
operations, trade credit, cyber security, supply, and demand, could also 
affect the Group negatively.
The risk of a prolonged global economic downturn and recession, sudden 
interest rate changes, currency fluctuations, trade union and political strike 
actions, and logistical chain disruptions could all adversely affect the 
Group’s profits, cash flow and financial position, as well as access to 
material, flow of goods and transport.
Macroeconomic and geopolitical disruption may increase costs, add 
complexity, and lower short-term visibility, which could further impact 
market demand, prices, profit margins, and volumes of the Group's 
products. New capacity and volume entering the market might distort 
demand, volumes, inventories and pricing. Moreover, forced capacity cuts 
might further impact on profitability. 
There is a risk of continued price volatility for raw materials such as wood, 
chemicals, other components and energy in Europe. The continued tight 
wood market, especially in the Nordics, could cause increased costs, limit 
harvesting and cause disruptions such as delays and/or lack of wood 
supply to the Group's production sites. Regulatory or similar initiatives 
might challenge the Group's strategy, growth and operations.
Other risks and uncertainties include, but are not limited to; general 
industry conditions, unanticipated expenditures related to the cost of 
compliance with existing and new environmental and other governmental 
regulations, and related to actual or potential litigation; material process 
disruption at Stora Enso's manufacturing facilities with operational or 
environmental impacts; risks inherent in conducting business through joint 
ventures; and other factors.
Stora Enso has been granted various investment subsidies and 
compensations, and has made certain investment commitments in 
several countries such as Finland, China, and Sweden. If commitments to 
planning conditions are not met, local officials may pursue administrative 
measures to reclaim some of the previously granted investment subsidies 
or impose penalties on Stora Enso. The outcome of such a process could 
result in adverse financial impact on Stora Enso.
A more detailed risk description of risks will be included in Stora Enso’s 
Annual Report 2025, available at storaenso.com/annualreport. on 12 
February 2026.
Changes in Group and reporting 
structure
Stora Enso has implemented changes in its organisational and reporting 
structures. As of 1 January  2026, the business operations were organised 
under six business areas: Foodservice and Liquid Board, Cartonboard, 
Containerboard, Packaging Solutions, Biomaterials, and Wood and Energy. 
The new Wood and Energy business area encompasses wood sourcing 
and trading, wood products supply chain and sales, the Group’s energy 
business, as well as the Central European sawmilling operations. 
The reporting segments as of 1 January 2026 are: Consumer Packaging 
(comprising the Cartonboard and the Foodservice and Liquid Board 
business areas), Integrated Packaging (comprising the Containerboard 
and the Packaging Solutions business areas), Biomaterials, and Other 
(including the Wood and Energy business area, the Group's administration 
and the Swedish forest assets until the planned separation). 
The wood products sites in Northern Europe, that are not included in the 
strategic review announced on 14 November, are integrated into the 
packaging and biomaterials segments to align with business unit P&L 
responsibilities. The Swedish forest assets and the Central European 
sawmilling and building solutions operations (currently under strategic 
review) will be reported under the segment Other.
Changes in Group management
Tuomas Hallenberg was appointed President and CEO of Stora Enso’s 
Swedish forest business, which is planned to be demerged from Stora Enso 
in 2027. His new role is effective as of 1 January 2026. He stepped down from 
his previous role in the Group Leadership Team as of 31 December 2025, 
and continues reporting to Hans Sohlström, President and CEO of Stora 
Enso. 
Pauli Torikka, M.Sc. (Forest Economics and Wood Technology), has been 
appointed Executive Vice President of the new Wood and Energy business 
area, which was established on 1 January 2026, and a member of the 
Group Leadership Team. 
Lars Völkel, M.Sc. (BA), has been appointed Executive Vice President 
Containerboard business area effective 1 January 2026. He joined Stora 
Enso in 2020 as Executive Vice President, Wood Products. Lars will continue 
to serve on the Group Leadership Team in his new role, succeeding Hannu 
Kasurinen, who retired at the end of 2025.
Sensitivity, risks, and legal
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  14

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

Shareholders’ Nomination Board
The Shareholders’ Nomination Board consists of the following members: 
Chair Marcus Wallenberg (Chair of FAM AB’s Board of Directors), 
Matts Rosenberg (Chief Executive Officer of Solidium), Kari Jordan (Chair of 
Stora Enso’s Board of Directors), and Håkan Buskhe (Vice Chair of Stora 
Enso’s Board of Directors).
The Shareholders’ Nomination Board proposes to the Annual General 
Meeting to be held on 24 March 2026 that the Company’s Board of 
Directors shall have eight (8) members.  
The Shareholders’ Nomination Board proposes that of the current 
members of the Board of Directors, Håkan Buskhe, Helena Hedblom, Astrid 
Hermann, Christiane Kuehne, Richard Nilsson, Elena Scaltritti, and Antti 
Vasara be re-elected members of the Board of Directors until the end of 
the following AGM and that Jouko Karvinen be elected new member of the 
Board of Directors for the same term of office.
The Shareholders’ Nomination Board proposes that Håkan Buskhe be 
elected Chair and Jouko Karvinen be elected Vice Chair of the Board of 
Directors. Kari Jordan and Reima Rytsölä have announced that they are 
not available for re-election to the Board of Directors.
The Shareholders’ Nomination Board proposes that the annual 
remuneration of the Board be maintained at the 2025 level.
Annual General Meeting 2026
Stora Enso Oyj's Annual General Meeting (AGM) will be held on Tuesday 24 
March 2026 at 4:00 p.m. EET at Finlandia Hall, Mannerheimintie 13e 
(Congress Wing, entrances M1 and K1), 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 5 February 2026. Stora Enso Oyj’s annual accounts, the report of 
the Board of Directors and the auditor’s report, and the Remuneration 
Report for 2025 will be published on Stora Enso Oyj’s website 
storaenso.com/annualreport on 12 February 2026. 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 2025. This would correspond to EUR 197,154,996.75 in aggregate for all 
currently registered 788,619,987 shares, which would leave EUR 
1,299,548,548.25 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, 26 
March 2026, 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 8 April 2026. 
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 2026 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 2026.
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 2025, EPS excluding fair valuation was EUR 
0.41.
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, 4 February 2026
Stora Enso Oyj
Board of Directors
Sustainability
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  15

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

Financials
Basis of Preparation
This unaudited interim financial report has been prepared in accordance 
with the accounting policies set out in International Accounting Standard 
34 on Interim Financial Reporting and in the Group’s Financial Report for 
2024 with the exception of new and amended standards applied to the 
annual periods beginning on 1 January 2025 and changes in accounting 
principles described below.
All figures in this Interim Report have been rounded to the nearest million, 
unless otherwise stated. Therefore, percentages and figures in this report 
may not add up precisely to the totals presented and may vary from 
previously published financial information.
Acquisition of Group companies 
In October 2024, Stora Enso signed an agreement to acquire 100% of the 
Finnish sawmill company Junnikkala Oy. The transaction was completed at 
the end of April 2025. Junnikkala Oy is a Finnish producer of sawn timber 
and processed wood products for domestic and export markets and 
employs approximately 220 people. It operates three sawmills in northern 
Finland including its new sawmill, nearby the Stora Enso Oulu site. The 
acquired sawmills will create synergies with the site in Oulu through long-
term supply of raw materials and aims to secure a cost-efficient wood 
supply to the Oulu site. 
Stora Enso’s annual wood procurement in Finland will increase by 
approximately 1.7 million m³ and the Group’s total sawmilling capacity by 
approximately 700,000 m³. The acquired unit is reported in the Wood 
Products segment and the wood procurement activities are integrated 
into the Forest segment.
The cash purchase consideration was approximately EUR 17 million, and 
the fair value of contingent considerations are estimated at EUR 44 million 
at the date of acquisition. There are two contingent earn-out components, 
which are settled in cash and are subject to Junnikkala achieving certain 
production milestones by the end of 2026 and 2029. The maximum 
amount of the earn-outs is EUR 47 million.
The post combination review was completed at the end of 2025 and 
therefore acquisition accounting is considered final. There were no 
significant measurement period adjustments in Q4 2025. The goodwill 
represents the expected synergies and is allocated to the Packaging 
Materials Oulu cash generating unit. None of the goodwill recognised is 
expected to be deductible for tax purposes.
The impact of the acquired unit on Stora Enso Group’s consolidated sales 
in 2025 was EUR 91 million, the impact on net result is not considered 
material. Related transaction costs amounted to EUR 5 million and are 
presented in other operating expenses.
EUR million 2025
Net assets acquired
Cash and cash equivalents  0 
Property, plant and equipment  115 
Intangible assets  1 
Working capital  8 
Tax assets and liabilities  -1 
Interest-bearing assets and liabilities  -68 
Fair value of net assets acquired  56 
Purchase consideration, cash part  17 
Purchase consideration, contingent  44 
Total purchase consideration  61 
Fair value of net assets acquired  -56 
Goodwill  5 
Cash outflow on acquisitions  -17 
Cash and cash equivalents of acquired subsidiaries  0 
Cash flow on acquisition, net of acquired cash  -17 
Disposal of Group companies
In September 2025, Stora Enso divested approximately 175,000 hectares of 
forest land, equivalent to about 12.4% of its total forest land holdings in 
Sweden to Soya Group (40.6%) and a MEAG led consortium (44.4%). MEAG is 
the asset manager of Munich Re, a German insurance company. 
The valuation of the transaction is in line with the accounting fair value of 
the divested forest assets and the selling price for the shares transferred 
was approximately EUR 624 million, received in cash. At the same time 
certain loan receivables of EUR 162 million were paid back to Stora Enso. 
The disposal gain was approximately EUR 140 million, including capital gain, 
currency translation adjustments (CTA) release from equity to income 
statement and transaction costs.
Stora Enso retains a 15% ownership of the sold company, which is reported 
as associated company. Although Stora Enso does not have majority 
control over the sold company, it has assessed that it will have a 
significant influence over the entity. The sold unit was part of the Forest 
segment, and the retained associated company is reported in the Forest 
segment.
In connection with the transaction, Stora Enso and the divested entity 
entered into a 15-year wood supply agreement with a possible additional 
15-year extension. This will secure wood availability for Stora Enso’s Swedish 
business units. The divested entity will also benefit from a forest 
management agreement under which Stora Enso will provide forest-
related services. 
The value of the sold net assets and the disposal consideration are 
presented in the table below.
EUR million 2025
Net assets sold
Cash and cash equivalents  5 
Property, plant and equipment  2 
Intangible assets  0 
Forest assets  926 
Working capital  -10 
Tax assets and liabilities  -192 
Interest-bearing assets and liabilities  -162 
Non-controlling interest  0 
Net assets sold total  569 
Fair value of retained investment  113 
Total disposal consideration  624 
The following new and amended standards are applied to the 
annual periods beginning on 1 January 2025
Amended standards and interpretations did not have material effect on 
the Group.
Future standard changes endorsed by the EU but not yet 
effective in 2025
No future standard changes endorsed by the EU which would have 
material effect on the Group.
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  16

===== SIDA 17 =====

Condensed consolidated income statement
EUR million Q4/25 Q4/24 Q3/25 2025 2024
Sales  2,254  2,322  2,283  9,326  9,049 
Other operating income  75  90  226  389  325 
Materials and services1  -1,754  -1,784  -1,716  -7,020  -6,738 
Personnel expenses  -296  -312  -289  -1,232  -1,228 
Other operating expenses  -133  -165  -155  -503  -543 
Share of results of associated companies  49  23  18  89  52 
Change in net value of biological assets  419  408  -15  401  421 
Depreciation, amortisation and impairments  -138  -861  -121  -507  -1,246 
Operating result  476  -279  231  942  93 
Net financial items  -47  -74  -29  -159  -211 
Result before tax  430  -353  202  783  -118 
Income tax  -66  -26  -1  -97  -65 
Net result for the period  363  -379  201  686  -183 
Attributable to
Owners of the Parent  361  -340  198  695  -136 
Non-controlling interests  3  -39  3  -9  -48 
Net result for the period  363  -379  201  686  -183 
Earnings per share
Basic earnings per share, EUR  0.46  -0.43  0.25  0.88  -0.17 
Diluted earnings per share, EUR  0.46  -0.43  0.25  0.88  -0.17 
1  The following three income statement lines: Materials and services, Change in inventories of finished good and WIP and Freight and sales commissions, were combined into 
this single row in Q4 2025.
Consolidated statement of comprehensive income
EUR million Q4/25 Q4/24 Q3/25 2025 2024
Net result for the period  363  -379  201  686  -183 
Other comprehensive income (OCI)
Items that will not be reclassified to profit and 
loss
Equity instruments at fair value through OCI  41  -56  236  297  -202 
Actuarial gains and losses on defined benefit 
plans  4  12  32  36  22 
Revaluation of forest land  -360  -286  0  -385  -281 
Share of OCI of associated companies  -30  10  0  -28  5 
Income tax relating to items that will not be 
reclassified  73  56  -7  73  53 
 -273  -264  260  -8  -403 
Items that may be reclassified subsequently to 
profit and loss
Cumulative translation adjustment (CTA)  95  44  64  124  -89 
Net investment hedges and loans  3  0  -1  -21  4 
Cash flow hedges and cost of hedging  -21  -67  1  84  -81 
Share of OCI of Non-controlling Interests (NCI)  -3  -5  -1  12  -5 
Income tax relating to items that may be 
reclassified  5  17  2  -20  19 
 80  -11  65  179  -152 
Total comprehensive income  171  -653  526  857  -738 
Attributable to
Owners of the parent  171  -609  524  854  -685 
Non-controlling interests  0  -44  2  3  -53 
Total comprehensive income  171  -653  526  857  -738 
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  17

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

Condensed consolidated statement of financial position
Assets
Goodwill O  171  162 
Other intangible assets O  250  277 
Property, plant and equipment O  5,227  5,006 
Right-of-use assets O  422  499 
 6,069  5,945 
Forest assets O  6,641  7,227 
Biological assets O  5,167  5,243 
Forest land O  1,473  1,983 
Emission rights O  45  73 
Investments in associated companies O  1,108  954 
Listed securities I  0  11 
Unlisted securities O  912  602 
Non-current interest-bearing receivables I  14  14 
Deferred tax assets T  222  205 
Other non-current assets O  69  53 
Non-current assets  15,081  15,082 
Inventories O  1,802  1,672 
Tax receivables T  29  31 
Operating receivables O  869  969 
Interest-bearing receivables I  67  47 
Cash and cash equivalents I  1,212  1,999 
Current assets  3,978  4,719 
Total assets  19,059  19,802 
EUR million 31 Dec 2025 31 Dec 2024
Equity and liabilities
Owners of the Parent  10,796  10,139 
Non-controlling Interests  -147  -150 
Total equity  10,649  9,989 
Post-employment benefit obligations O  153  181 
Provisions O  79  81 
Deferred tax liabilities T  1,314  1,416 
Non-current interest-bearing liabilities I  3,557  3,894 
Non-current operating liabilities O  30  10 
Non-current liabilities  5,133  5,582 
Current portion of non-current debt I  253  1,090 
Interest-bearing liabilities I  659  788 
Bank overdrafts I  5  7 
Provisions O  50  37 
Operating liabilities O  2,293  2,296 
Tax liabilities T  17  13 
Current liabilities  3,277  4,231 
Total liabilities  8,410  9,813 
Total equity and liabilities  19,059  19,802 
EUR million 31 Dec 2025 31 Dec 2024
Items designated with “O” comprise Operating Capital 
Items designated with “I” comprise Net debt 
Items designated with “T” comprise Net Tax Liabilities 
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  18

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

Condensed consolidated statement of cash flows
Cash flow from operating activities
Operating result  942  93 
Adjustments for non-cash items  -96  812 
Change in net working capital  51  283 
Cash flow from operations  897  1,187 
Net financial items paid  -204  -163 
Income taxes paid, net  -48  -73 
Net cash from operating activities  645  952 
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash  -17  -75 
Acquisitions of associated companies  0  -1 
Acquisitions of unlisted securities  -1  0 
Cash flow on disposal of subsidiary shares and business operations, net of disposed cash  619  8 
Cash flow on disposal of shares in equity accounted investments  1  0 
Cash flow on disposal of listed and unlisted securities  9  3 
Cash flow on disposal of forest and intangible assets and property, plant and equipment  17  23 
Capital expenditure  -775  -1,113 
Proceeds from/payment of non-current receivables, net  206  22 
Net cash from investing activities  60  -1,133 
Cash flow from financing activities
Proceeds from issue of new long-term debt  489  19 
Repayment of long-term debt and lease liabilities  -1,747  -225 
Change in short-term interest-bearing liabilities  -19  54 
Dividends paid  -209  -146 
Purchase of own shares1  -2  -3 
Net cash from financing activities  -1,487  -301 
EUR million 2025 2024
Net change in cash and cash equivalents  -783  -483 
Translation adjustment  -4  11 
Net cash and cash equivalents at the beginning of period  1,993  2,464 
Net cash and cash equivalents at period end  1,206  1,993 
Cash and cash equivalents at period end  1,212  1,999 
Bank overdrafts at period end  -5  -7 
Net cash and cash equivalents at period end  1,206  1,993 
EUR million 2025 2024
1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 31 December 2025.
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  19

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

Statement of changes in equity
Fair value reserve
EUR million Share capital
Share 
premium and 
reserve fund
Invested non-
restricted 
equity fund
Treasury 
shares
Equity 
instruments 
through OCI
Cash flow 
hedges
Revaluation 
reserve
OCI of 
associated 
companies
CTA and net 
investment 
hedges and 
loans
Retained 
earnings
Attributable to 
owners of the 
parent
Non-
controlling 
interests Total
Balance at 1 January 2024  1,342  77  633  —  653  38  1,540  63  -375  7,015  10,985  -97  10,889 
Net result for the period  —  —  —  —  —  —  —  —  —  -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 
Net result for the period  —  —  —  —  —  —  —  —  —  695  695  -9  686 
OCI before tax  —  —  —  —  297  84  -385  -28  103  36  106  12  118 
Income tax relating to OCI  —  —  —  —  2  -17  79  —  -3  -8  53  —  53 
Total comprehensive income  —  —  —  —  298  67  -307  -28  99  724  854  3  857 
Reclassifications on disposals  —  —  —  —  -4  —  -126  —  —  130  —  —  — 
Dividend  —  —  —  —  —  —  —  —  —  -197  -197  —  -197 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -2  —  —  —  —  —  —  -2  —  -2 
Share-based payments  —  —  —  2  —  —  —  —  —  —  2  —  2 
Balance at 31 December 2025  1,342  77  633  —  744  40  884  40  -357  7,393  10,796  -147  10,649 
CTA = Cumulative Translation Adjustment      OCI = Other Comprehensive Income    NCI = Non-controlling Interests
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  20

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

Goodwill, other intangible assets, property, plant and equipment, 
right-of-use assets and forest assets
EUR million 2025 2024
Carrying value at 1 January  13,172  13,289 
Additions in tangible and intangible assets  633  933 
Additions in right-of-use assets  45  76 
Additions in biological assets  69  81 
Depletion of capitalised silviculture costs  -127  -88 
Acquisition of subsidiaries  121  77 
Disposals and classification as held for sale  -937  -21 
Depreciation and impairments  -507  -1,246 
Fair valuation of forest assets  143  229 
Translation difference and other  99  -158 
Statement of Financial Position Total  12,710  13,172 
.
Breakdown of change in capital employed
Capital employed 31 December 2024, EUR million  13,696 
Capital expenditure excl. investments in biological assets less depreciation  196 
Investments in biological assets less depletion of capitalised silviculture costs  -59 
Impairments and reversal of impairments  -25 
Fair valuation of forest assets  143 
Unlisted securities (mainly PVO)  307 
Associated companies  153 
Net liabilities in defined benefit plans  39 
Operating working capital and other interest-free items, net  30 
Emission rights  -27 
Net tax liabilities  -2 
Acquisition of subsidiaries  144 
Disposal of subsidiaries  -740 
Translation difference  89 
Other changes  -115 
Capital employed 31 December 2025  13,830 
Borrowings
EUR million 31 Dec 2025 31 Dec 2024
Bond loans  2,530  3,454 
Loans from credit institutions  815  978 
Lease liabilities  463  545 
Long-term derivative financial liabilities  1  5 
Other non-current liabilities  1  2 
Non-current interest-bearing liabilities including current portion  3,809  4,985 
Short-term borrowings  609  689 
Interest payable  46  55 
Short-term derivative financial liabilities  4  44 
Bank overdrafts  5  7 
Total interest-bearing liabilities  4,473  5,779 
EUR million 2025 2024
Carrying value at 1 January  5,779  5,780 
Additions in long-term debt, companies acquired  69  0 
Proceeds of new long-term debt  489  19 
Repayment of long-term debt  -1,647  -176 
Additions in lease liabilities  50  82 
Repayment of lease liabilities and interest  -96  -85 
Change in short-term borrowings  -50  69 
Change in interest payable  10  23 
Change in derivative financial liabilities  -44  42 
Disposals and classification as held for sale  0  -2 
Other  -32  15 
Translation differences  -55  11 
Total interest-bearing liabilities  4,473  5,779 
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  21

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

Commitments and contingencies
EUR million 31 Dec 2025 31 Dec 2024
On Own Behalf
Guarantees  10  17 
Other commitments  6  6 
On Behalf of associated companies
Guarantees  4  4 
On Behalf of Others
Guarantees  6  16 
Other commitments  0  0 
Total  25  43 
Guarantees  19  37 
Other commitments  6  6 
Total  25  43 
Stora Enso has been granted investment subsidies and has given certain investment commitments in China. There 
is a risk that the majority owned local Chinese company may be subject to a claim based on alleged costs 
resulting from certain uncompleted investment commitments. Given the specific mitigating circumstances 
surrounding the investment case as a whole, Stora Enso does not consider it to be probable that this situation 
would result in an outflow of economic benefits that would be material to the Group. 
Capital commitments
EUR million 31 Dec 2025 31 Dec 2024
Total  89  304 
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 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024
SEK  10.8215  11.4590  11.0647  11.4309 
USD  1.1750  1.0389  1.1293  1.0821 
GBP  0.8726  0.8292  0.8566  0.8466 
Fair Values of Financial Instruments
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by 
valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are 
observable, either directly or indirectly;
• Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based 
on observable market data.
The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at 
fair value in the following tables are measured at fair value on a recurring basis.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 
31 December 2025
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities  —  —  —  —  —  —  —  — 
Unlisted securities  —  896  17  912  912  —  —  912 
Non-current interest-bearing receivables  11  3  —  14  14  —  3  — 
Derivative assets  —  3  —  3  3  —  3  — 
Loan receivables  11  —  —  11  11  —  —  — 
Trade and other operating receivables  543  50  —  593  593  —  50  — 
Current interest-bearing receivables  10  49  8  67  67  —  57  — 
Derivative assets  —  49  1  50  50  —  50  — 
Other short-term receivables  10  —  7  17  17  —  7  — 
Cash and cash equivalents  1,212  —  —  1,212  1,212  —  —  — 
Total  1,774  999  25  2,798  2,798  —  111  912 
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  3,556  1  —  3,557  3,718  —  1  — 
Derivative liabilities  —  1  —  1  1  —  1  — 
Non-current debt  3,556  —  —  3,556  3,718  —  —  — 
Current portion of non-current debt  253  —  —  253  253  —  —  — 
Current interest-bearing liabilities  649  3  7  659  659  —  10  — 
Derivative liabilities  —  3  7  10  10  —  10  — 
Current debt  649  —  —  649  649  —  —  — 
Trade and other operating payables  2,013  —  —  2,013  2,013  —  —  — 
Bank overdrafts  5  —  —  5  5  —  —  — 
Total  6,475  4  7  6,486  6,648  —  11  — 
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for 
financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value 
through OCI, in line with how they are booked for the effective portion. 
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  22

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

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 
31 December 2024
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities  —  11  —  11  11  11  —  — 
Unlisted securities  —  587  15  602  602  —  —  602 
Non-current interest-bearing receivables  9  5  —  14  14  —  5  — 
Derivative assets  —  5  —  5  5  —  5  — 
Loan receivables  9  —  —  9  9  —  —  — 
Trade and other operating receivables  626  42  —  668  668  —  42  — 
Current interest-bearing receivables  38  9  1  47  47  —  10  — 
Derivative assets  —  9  1  10  10  —  10  — 
Other short-term receivables  38  —  —  38  38  —  —  — 
Cash and cash equivalents  1,999  —  —  1,999  1,999  —  —  — 
Total  2,672  654  16  3,342  3,342  11  57  602 
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  3,889  5  —  3,894  4,129  —  5  — 
Derivative liabilities  —  5  —  5  5  —  5  — 
Non-current debt  3,889  —  —  3,889  4,124  —  —  — 
Current portion of non-current debt  1,090  —  —  1,090  1,090  —  —  — 
Current interest-bearing liabilities  744  42  2  788  788  —  44  — 
Derivative liabilities  —  42  2  44  44  —  44  — 
Current debt  744  —  —  744  744  —  —  — 
Trade and other operating payables  2,005  —  —  2,005  2,005  —  —  — 
Bank overdrafts  7  —  —  7  7  —  —  — 
Total  7,735  47  2  7,784  8,019  —  50  — 
Reconciliation of level 3 fair value measurement of financial assets and liabilities: 31 December 2025
EUR million 2025 2024
Financial assets
Opening balance at 1 January  602  810 
Gains/losses recognised in income statement  1  0 
Gains/losses recognised in other comprehensive income  300  -205 
Additions  13  0 
Disposals  -3  -3 
Closing balance  912  602 
The Group did not have level 3 financial liabilities as at 31 December 2025.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 870 million of Pohjolan Voima Oy (PVO) shares for which the 
valuation method is described in more detail in the Annual Report. The valuation is most sensitive to changes in 
electricity prices and discount rates. The discount rate of 6.48% used in the valuation model is determined using the 
weighted average cost of capital method. A +/- 5% change in the electricity price used in the DCF would change 
the valuation by EUR +96 million and -96 million, respectively. A +/- percentage point change in the discount rate 
would change the valuation by EUR -154 million and +204 million, respectively.
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  23

===== SIDA 24 =====

Stora Enso shares
During the fourth quarter of 2025, the conversions of 6,075 A shares into R shares were recorded in the Finnish trade 
register. During 2025, the conversions of 121,658 A shares into R shares were recorded in the Finnish trade register.
On 31 December 2025, Stora Enso had 175,542,421 A shares and 613,077,566 R shares in issue. The company did not 
hold its own shares. The total number of Stora Enso shares in issue was 788,619,987 and the total number of votes at 
least 236,850,177.
On 15 January 2026, the conversion of 93 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 167,206 38,875,820 93,519 10,989,200
November 184,708 34,790,004 67,209 8,011,413
December 126,678 29,787,501 56,296 8,257,111
Total 478,592 103,453,325 217,024 27,257,724
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
October  10.35  10.10  114.00  110.90 
November  10.30  10.13  113.00  111.50 
December  10.65  10.71  117.00  115.60 
Number of shares
Million Q4/25 Q4/24 Q3/25 2025 2024
At period end  788.6  788.6  788.6  788.6  788.6 
Average  788.6  788.6  788.6  788.6  788.6 
Average, diluted  789.7  789.6  789.7  789.7  789.7 
Maintenance
Total planned maintenance impact
Expected and historical impact of lost value of sales and planned maintenance costs
EUR million Q1/26¹ Q4/25² Q3/25 Q2/25 Q1/25 Q4/24
Total maintenance impact 70–80  113  110  95  75  118 
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 Q4/2025 was EUR 106 million.
Planned maintenance shutdowns
Packaging Materials Biomaterials
2026 2025 2026 2025
Q1 — — Q1 Veracel —
Q2 Beihai, Langerbrugge Beihai, Langerbrugge Q2 Skutskär Skutskär
Q3 Heinola, Oulu, Varkaus Heinola, Oulu, Varkaus Q3 — Enocell
Q4 Anjalankoski, Fors, Imatra, 
Ostrołęka, Skoghall
Anjalankoski, Fors, Imatra, 
Ostrołęka, Skoghall Q4 — Montes del Plata
Production and external deliveries
Q4/25 Q4/24
Change %
Q4/25–
Q4/24 Q3/25 2025 2024
Consumer board deliveries, 1,000 tonnes 703  677  3.9 % 725 2,852  2,778 
Consumer board production, 1,000 tonnes 661  593  11.4 % 775 2,901  2,793 
Containerboard deliveries, 1,000 tonnes 313  286  9.3 % 309 1,296  1,242 
Containerboard production, 1,000 tonnes 409  379  8.0 % 369 1,613  1,530 
Corrugated packaging European deliveries, million m2 296  287  2.9 % 310 1,216  1,205 
Corrugated packaging European production, million m2 280  269  4.3 % 284 1,161  1,157 
Market pulp deliveries, 1,000 tonnes 507  588  -13.7 % 476 2,019  2,029 
Wood products deliveries, 1,000 m3 1,153  1,023  12.7 % 1,038 4,440  3,892 
Wood deliveries, 1,000 m3 3,389  3,559  -4.8 % 2,922 13,255  13,451 
Paper deliveries, 1,000 tonnes 140  140  0.3 % 151 561  611 
Paper production, 1,000 tonnes 145  135  7.2 % 144 568  592 
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  24

===== SIDA 25 =====

Sales by segment – total
EUR million 2025 Q4/25 Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  4,478  1,033  1,128  1,159  1,159  4,502  1,095  1,169  1,138  1,100 
Packaging Solutions  1,027  253  263  272  239  987  247  262  254  224 
Biomaterials  1,458  349  339  378  392  1,587  419  380  413  374 
Wood Products  1,817  465  440  494  418  1,522  400  359  414  349 
Forest  3,212  794  750  833  836  2,827  784  695  690  659 
Other  194  50  48  47  49  176  47  37  36  57 
Inter-segment sales  -2,861  -688  -686  -756  -731  -2,552  -670  -640  -644  -599 
Total  9,326  2,254  2,283  2,426  2,362  9,049  2,322  2,261  2,301  2,164 
Sales by segment – external
EUR million 2025 Q4/25 Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  4,255  992  1,086  1,099  1,078  4,207  1,019  1,094  1,062  1,033 
Packaging Solutions  1,016  250  260  270  237  977  244  259  252  221 
Biomaterials  1,151  278  265  285  322  1,303  365  315  326  298 
Wood Products  1,611  409  388  441  373  1,357  349  320  373  315 
Forest  1,254  314  277  327  337  1,157  330  267  282  278 
Other  39  11  8  5  15  49  15  7  7  20 
Total  9,326  2,254  2,283  2,426  2,362  9,049  2,322  2,261  2,301  2,164 
Operating result (IFRS) by segment
EUR million 2025 Q4/25 Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  83  -17  23  17  60  -169  -303  62  24  47 
Packaging Solutions  2  4  -5  -2  5  -394  -379  -8  -4  -4 
Biomaterials  144  55  25  23  41  256  86  46  66  58 
Wood Products  -16  -19  -8  11  1  -73  -68  -3  7  -10 
Forest  826  484  210  55  76  646  466  69  49  63 
Other  -98  -36  -12  -35  -15  -162  -90  -31  -38  -4 
Inter-segment eliminations  1  6  -1  -6  3  -11  9  3  -13  -10 
Operating result (IFRS)  942  476  231  64  171  93  -279  139  92  141 
Net financial items  -159  -47  -29  -44  -39  -211  -74  -41  -49  -47 
Result before tax  783  430  202  20  132  -118  -353  98  43  94 
Income tax expense  -97  -66  -1  -5  -25  -65  -26  -14  -8  -17 
Net result  686  363  201  15  107  -183  -379  84  35  77 
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
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 about the financial development of the business operations. 
Definitions and purpose for alternative performance measures can be found in the Annual Report.
Reconciliation of operating result
EUR million Q4/25 Q4/24
Change %
Q4/25–
Q4/24 Q3/25 2025 2024
Adjusted EBITDA  255  285  -10.7 % 291 1,144 1,223
Depreciation and silviculture costs of associated 
companies  -4  -3  -11.3 % -3 -14 -13
Silviculture costs1  -26  -36  29.5 % -44 -120 -111
Depreciation and impairment excl. IAC  -125  -125  0.1 % -117 -483 -501
Adjusted EBIT  100  121  -16.7 % 126 528 598
Fair valuations and non-operational items  466  368  26.4 % -11 434 364
Items affecting comparability (IAC)  -90  -768  88.3 % 117 -19 -870
Operating result (IFRS)  476  -279  270.6 % 231 942 93
1 Including damages to forests     
Adjusted EBIT by segment
EUR million 2025 Q4/25 Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  124  -3  36  29  62  172  -6  73  53  52 
Packaging Solutions  14  5  2  3  5  -15  -6  -6  -1  -1 
Biomaterials  110  28  24  21  36  231  67  43  63  57 
Wood Products  -2  -7  -6  11  1  -16  -12  -2  7  -9 
Forest  317  71  76  88  82  309  81  81  76  70 
Other  -37  1  -4  -20  -14  -72  -13  -16  -32  -11 
Inter-segment eliminations  1  6  -1  -6  3  -11  9  3  -13  -10 
Adjusted EBIT  528  100  126  126  175  598  121  175  153  149 
Fair valuations and non-
operational items  434  466  -11  -27  7  364  368  0  -16  11 
Items affecting comparability  -19  -90  117  -35  -11  -870  -768  -36  -46  -20 
Operating result (IFRS)  942  476  231  64  171  93  -279  139  92  141 
Net financial items  -159  -47  -29  -44  -39  -211  -74  -41  -49  -47 
Result before Tax  783  430  202  20  132  -118  -353  98  43  94 
Income tax expense  -97  -66  -1  -5  -25  -65  -26  -14  -8  -17 
Net result  686  363  201  15  107  -183  -379  84  35  77 
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  25

===== SIDA 26 =====

Items affecting comparability (IAC), fair valuations and non-operational items (FV)
Items affecting comparability
EUR million Q4/25 2025 Q4/24 2024
Acquisitions  0  -4  0  0 
Disposals - Swedish forest assets  0  140  0  0 
Disposals - Other  -6  -16  -9  -26 
Impairments - Packaging Materials  0  0  -300  -305 
Impairments - Packaging Solutions  -1  -4  -371  -371 
Impairments - Wood Products  -12  -12  -56  -56 
Restructuring - Packaging Materials  -10  -32  -1  -32 
Restructuring - Packaging Solutions  0  -7  -2  -8 
Restructuring - Biomaterials  -5  -5  -3  -6 
Restructuring - Wood Products  0  -2  0  0 
Restructuring - Forest  -4  -4  0  0 
Restructuring - Group functions and 
segment Other  -5  -6  -3  -7 
Profit improvement programme - 
consulting costs  -5  -24  -13  -45 
Claims and penalties  -8  -8  0  0 
Environmental provisions and damages  -35  -35  -9  -14 
Total  -90  -19  -768  -870 
Items affecting comparability by segment
EUR million Q4/25 Q4/24 Q3/25 2025 2024
Packaging Materials  -24  -301  -10  -46  -343 
Packaging Solutions  -1  -373  -6  -12  -379 
Biomaterials  -5  -4  -1  -6  -7 
Wood Products  -12  -56  -2  -14  -57 
Forest  -30  -2  141  109  -5 
Other  -19  -32  -5  -50  -79 
IAC on operating result  -90  -768  117  -19  -870 
Tax on IAC  16  60  4  28  77 
IAC on net result  -74  -708  121  9  -792 
Items affecting comparability by segment
Packaging Materials
The IAC for Q4/25 included restructuring costs of EUR -10 million and claims 
and penalties of EUR -8 million, mainly related to operations in Finland as 
well as storm related forest damages in China of EUR -5 million. The IAC for 
Q4/24 included impairments of EUR -300 million and EUR -1 million of 
restructuring costs related to various units.
Packaging Solutions
The IAC for Q4/25 included asset impairments of EUR -1 million. The IAC for 
Q4/24 included impairments of EUR -371 million and restructuring costs of 
EUR -2 million.
Biomaterials
The IAC for Q4/25 included restructuring costs of EUR -5 million. IAC for 
Q4/24 included restructuring costs of EUR -4 million. 
Wood Products
The IAC for Q4/25 included asset impairments of EUR -12 million. The IAC for 
Q4/24 included asset impairments of EUR -56 million.
Forest
The IAC for Q4/25 included EUR -29 million storm related forest damages in 
Sweden and mainly restructuring costs of EUR -1 million.  The IAC for Q4/24 
included EUR -2 million related to environmental provisions.
Segment Other
The IAC for Q4/25 included EUR -5 million of consulting costs related to 
profit improvement programme, EUR -6 million related to acquisitions and 
disposals and EUR -8 million of restructuring related items. The IAC for 
Q4/24 included EUR -13 of consulting costs related to profit improvement 
programme, EUR -4 million of restructuring costs, EUR -8 million related to 
disposals and EUR -7 million related to environmental provisions.
Fair valuations and non-operational items
EUR million Q4/25 2025 Q4/24 2024
Non-operational fair valuation changes of 
biological assets, Packaging Materials  10  5  5  2 
Non-operational fair valuation changes of 
biological assets, Biomaterials  31  40  22  32 
Non-operational fair valuation changes of 
biological assets, Forest  419  404  392  382 
Non-cash income and expenses related to 
CO2 emission rights and liabilities, Other  -19  -12  -45  -11 
Non-operational items of associated 
companies, mainly Forest  26  -2  -2  -34 
Adjustments for differences between fair 
value and acquisition cost of forest assets 
upon disposal, Forest  -2  -2  -4  -6 
Total  466  434  368  364 
Fair valuations and non-operational items by segment
EUR million Q4/25 Q4/24 Q3/25 2025 2024
Packaging Materials  10  5  -3  5  2 
Packaging Solutions  0  0  0  0  0 
Biomaterials  31  22  2  40  32 
Wood Products  0  0  0  0  0 
Forest  443  387  -7  399  342 
Other  -19  -45  -3  -11  -12 
FV on operating result  466  368  -11  434  364 
Tax on FV  -88  -75  4  -76  -72 
FV on net result  378  293  -7  358  293 
Fair valuations in Q4/25
Packaging Materials: Non-operational fair valuation changes of biological 
assets of EUR 10 (5) million.
Biomaterials: Non-operational fair valuation changes of biological assets of 
EUR 31 (22) million.  
Forest: Non-operational fair valuation changes of biological assets and non-
operational items of associated companies of EUR 443 (387) million.
Segment Other: Non-cash income and expenses related to CO2 emission 
rights and liabilities of EUR -19 (-45) million.
Financials
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  26

===== SIDA 27 =====

Forest assets
EUR million Q4/25 Q4/24 Q3/25
Forest assets in subsidiaries and joint operations  6,641  7,227  6,489 
Forest assets in associated companies  1,702  1,474  1,655 
Leased forest land (right-of-use assets)  134  194  134 
Total Forest assets 8,478 8,894 8,277
Calculation of adjusted ROCE and ROE based on the last 12 months
EUR million Q4/25 Q4/24 Q3/25
Adjusted EBIT, LTM  528  598  548 
Capital employed, LTM average  13,864  14,060  13,948 
Adjusted ROCE, LTM  3.8%  4.3%  3.9% 
Adjusted EBIT excl. Forest segment, LTM  210  290  220 
Capital employed excl. Forest segment, LTM average  7,860  8,071  7,901 
Adjusted ROCE excl. Forest segment, LTM  2.7%  3.6%  2.8% 
Net result for the period, LTM  686  -183  -56 
Total equity, LTM average  10,259  10,576  10,274 
Return on equity (ROE), LTM  6.7%  -1.7%  -0.5% 
Net debt  3,181  3,707  3,215 
Adjusted EBITDA, LTM  1,144  1,223  1,175 
Net debt to LTM adjusted EBITDA ratio  2.8  3.0  2.7 
Calculation of earnings per share excl. fair valuations
EUR million Q4/25 Q4/24 Q3/25 2025 2024
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of the Parent  361  -340  198  695  -136 
FV on net profit for the period attributable to owners of the Parent  381  297  -4  369  307 
Net profit for the period attributable to owners of the parent 
excl. FV -20 -637 202 327 -442
Average number of shares  789  789  789  789  789 
Earnings per share (EPS) excl. FV EUR  -0.03  -0.81  0.26  0.41  -0.56 
Calculation of net debt
EUR million 31 Dec 2025 31 Dec 2024 30 Sep 2025 31 Dec 2024
Listed securities  0  11  0  11 
Non-current interest-bearing receivables  14  14  29  14 
Interest-bearing receivables  67  47  81  47 
Cash and cash equivalents  1,212  1,999  2,228  1,999 
Interest-bearing assets  1,293  2,072  2,337  2,072 
Non-current interest-bearing liabilities  3,557  3,894  3,647  3,894 
Current portion of non-current debt  253  1,090  1,133  1,090 
Interest-bearing liabilities  659  788  739  788 
Bank overdrafts  5  7  32  7 
Interest-bearing Liabilities 4,473 5,779 5,552 5,779
Net debt  3,181  3,707  3,215  3,707 
Calculation of adjusted ROOC and adjusted ROCE based on the last 12 months by segment
EUR million Q4/25 Q4/24 Q3/25
Packaging Materials
Adjusted EBIT, LTM  124  172  121 
Operating capital, LTM  3,575  3,490  3,602 
Adjusted ROOC, LTM  3.5%  4.9%  3.3% 
Packaging Solutions
Adjusted EBIT, LTM  14  -15  4 
Operating capital, LTM  602  934  683 
Adjusted ROOC, LTM  2.4%  -1.6%  0.5% 
Biomaterials
Adjusted EBIT, LTM  110  231  149 
Operating capital, LTM  2,427  2,480  2,426 
Adjusted ROOC, LTM  4.5%  9.3%  6.1% 
Wood Products
Adjusted EBIT, LTM  -2  -16  -6 
Operating capital, LTM  635  609  619 
Adjusted ROOC, LTM  -0.3%  -2.7%  -1.0% 
Forest
Adjusted EBIT, LTM  317  309  327 
Capital employed, LTM  6,004  5,989  6,047 
Adjusted ROCE, LTM  5.3%  5.2%  5.4% 
Financials
ROCE = Return on capital employed
ROE = Return on equity 
ROOC = Return on operating capital
LTM = Last 12 months                      S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  27

===== SIDA 28 =====

Contact information
Stora Enso Oyj
P.O. Box 309
FI-00101 Helsinki, Finland
Visiting address: Katajanokanlaituri 4 
Tel: +358 2046 131
Stora Enso AB
P.O. Box 70395
SE-107 24 Stockholm, Sweden 
Visiting address: World Trade Center 
Klarabergsviadukten 70, C4
Tel. +46 1046 46 000
storaenso.com
storaenso.com/investors
For further information, please contact:
Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061
Hanna Rutanen SVP  Communications, tel. +358 41 507 1361
Stora Enso's January–March 2026 results will be published on
7 May 2026
Stora Enso is a global leader in renewable materials with a strong focus on packaging. Our purpose is to replace 
non-renewable materials with renewable solutions. Together with our customers, we design and deliver 
competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers, accelerating 
the transition to a circular bioeconomy. Stora Enso has approximately 19,000 employees and our sales in 2025 were 
EUR 9.3 billion. Stora Enso's shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, 
STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, 
SEOFF, SEOJF). storaenso.com/investors
It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein 
which are not historical facts, including, without limitation those regarding expectations for market growth and developments; 
expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar 
expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they 
involve risks and uncertainties, which may cause actual results to materially differ from those expressed in such forward-looking 
statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing 
activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products 
or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in 
business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other 
intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product 
demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures 
thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential 
introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of 
economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. All statements are 
based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes 
no obligation to publicly update or revise any forward-looking statement except to the extent legally required.
Contacts
S t o r a  E n s o  Q 4  a n d  f u l l  y e a r  2 0 2 5  r e s u l t s  28