FULLTEXT DEL 1 AV 1
Kvartalsrapport Q4 2025
===== 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
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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
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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
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Contact information
Stora Enso Oyj
P.O. Box 309
FI-00101 Helsinki, Finland
Visiting address: Katajanokanlaituri 4
Tel: +358 2046 131
Stora Enso AB
P.O. Box 70395
SE-107 24 Stockholm, Sweden
Visiting address: World Trade Center
Klarabergsviadukten 70, C4
Tel. +46 1046 46 000
storaenso.com
storaenso.com/investors
For further information, please contact:
Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061
Hanna Rutanen SVP Communications, tel. +358 41 507 1361
Stora Enso's January–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