Stora Enso Interim Report January-September 2026: Introducing Bergslagets Skogar while building a stronger Stora Enso

Adjusted profitability improved, but IFRS earnings declined and planned maintenance is expected to weigh on fourth-quarter packaging volumes.

Rhea-AI Summary

Stora Enso (SEOAY) reported third-quarter adjusted operating profit of EUR 161 million, with higher board volumes and lower variable costs supporting growth. Adjusted operating profit rose 27.8% year on year, and its margin increased to 7.2% from 5.5%. Sales fell 1.9% to EUR 2,240 million following divestments, while organic sales rose 2%. IFRS operating profit fell to EUR 47 million from EUR 231 million; earnings per share declined to EUR 0.01 from EUR 0.25.

Operating cash flow rose to EUR 245 million from EUR 223 million. The board approved the demerger plan for Swedish forest business Bergslagets Skogar, with separation expected in the first half of 2027. Stora Enso expects fourth-quarter maintenance to reduce Consumer Packaging volumes and increase costs. It lowered estimated 2026 capital expenditure to approximately EUR 500 million. The Oulu consumer board line ramp-up is expected to finish during 2027.

13 points · 0 major

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0 major · 18 points

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Positive

• Moderate pointQ3 organic sales increased 2%, supported by higher board deliveries and containerboard prices.
• Moderate pointQ3 adjusted operating profit rose 27.8% to EUR 161 million; margin increased to 7.2% from 5.5%.
• Moderate pointQ3 operating cash flow increased 9.8% to EUR 245 million.
• Moderate pointQ3 cash flow after investing increased to EUR 132 million from EUR 57 million, helped by lower fixed-asset spending.
• Moderate pointNet debt to trailing-year adjusted EBITDA improved to 2.1 from 2.7, primarily through hybrid-funded debt repayment.
• Moderate pointBergslagets Skogar demerger plan approved, advancing the planned separation into a publicly listed company.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 capital expenditure estimate lowered to approximately EUR 500 million, from below EUR 550 million.

6 minor points

• Minor pointQ3 adjusted EBITDA rose 10.2% to EUR 320 million, measuring earnings before interest, taxes, depreciation and amortisation.
• Minor pointForest assets increased to EUR 8,405 million from EUR 8,277 million, equivalent to EUR 10.66 per share.
• Minor pointJanuary–September adjusted operating profit increased to EUR 479 million from EUR 427 million; margin reached 6.8% from 6.0%.
• Minor pointJanuary–September adjusted EBITDA increased to EUR 948 million from EUR 889 million.
• Minor pointJanuary–September cash flow after investing reached EUR 113 million, versus EUR -26 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Oulu consumer board line ramp-up is expected to finish during 2027; Q4 financial performance should improve somewhat year-on-year.

Negative

• Moderate pointQ3 reported sales fell 1.9% to EUR 2,240 million, reflecting divestments.
• Moderate pointQ3 IFRS operating profit fell 79.7% to EUR 47 million from EUR 231 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 Consumer Packaging maintenance is expected to raise costs, reduce volumes and adversely affect product mix.
• Minor pointQ3 IFRS profit before tax fell 91.4% to EUR 17 million from EUR 202 million.
• Minor pointQ3 IFRS net profit fell 87.6% to EUR 25 million from EUR 201 million.

13 minor points

• Minor pointQ3 basic EPS fell to EUR 0.01 from EUR 0.25; EPS excluding fair valuations fell to EUR 0.06 from EUR 0.26.
• Minor pointQ3 comparability items were EUR -63 million, mainly impairments, restructuring and disposals, versus EUR 117 million.
• Minor pointQ3 fair valuations and other non-operational items were EUR -51 million, versus EUR -11 million, mostly biological-asset valuations.
• Minor pointJanuary–September sales declined to EUR 7,021 million from EUR 7,072 million.
• Minor pointJanuary–September IFRS operating profit fell to EUR 148 million from EUR 466 million.
• Minor pointJanuary–September IFRS profit before tax fell to EUR 35 million from EUR 354 million.
• Minor pointJanuary–September IFRS net profit fell to EUR 49 million from EUR 323 million.
• Minor pointJanuary–September basic EPS fell to EUR 0.02 from EUR 0.42; excluding fair valuations, EUR 0.14 versus EUR 0.44.
• Minor pointJanuary–September operating cash flow declined to EUR 457 million from EUR 560 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 Consumer Packaging low season adds a seasonal headwind.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 wood costs are expected to increase somewhat; geopolitical uncertainty is expected to pressure other variable costs.
• Minor point2025 Swedish forest divestment reduces annual adjusted operating profit by approximately EUR 20 million, approximately EUR 5 million quarterly.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 emission-rights sales income is projected at EUR 10–20 million, versus about EUR 72 million operating income in 2025.

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STORA ENSO OYJ INTERIM REPORT 30 October 2026 at 8:30 EET

HELSINKI, Oct. 30, 2026 /PRNewswire/ --

Q3/2026 (year-on-year)

• Organic sales increased by 2%, supported by higher board deliveries and containerboard prices. Reported sales decreased by 2% to EUR 2,240 (2,283) million due to divestments.
• Adjusted EBIT increased by 28% to EUR 161 (126) million, driven by higher board volumes and lower variable costs, as well as the ramp-up of the new consumer board line at the Oulu site. The adjusted EBIT margin increased to 7.2% (5.5%).
• Operating result (IFRS) was EUR 47 (231) million, including items affecting comparability of EUR -63 (117) million, mainly related to impairments, restructuring and disposals, and fair valuations and other non-operational items of EUR -51 (-11) million, mostly related to fair valuation of biological assets.
• Earnings per share was EUR 0.01 (0.25) and earnings per share excl. fair valuations (FV) were EUR 0.06 (0.26).
• The fair value of the forest assets was EUR 8.4 (8.3) billion, equivalent to EUR 10.66 per share.
• Cash flow from operations amounted to EUR 245 (223) million. Lower cash spending on fixed assets contributed to cash flow after investing activities, which increased to EUR 132 (57) million.
• The net debt to adjusted EBITDA (LTM) ratio improved to 2.1 (2.7), primarily due to repayment of debt with proceeds from the hybrid bond, classified as equity.

January–September 2026 (year-on-year)

• Sales were EUR 7,021 (7,072) million.
• Adjusted EBIT was EUR 479 (427) million.
• Operating result (IFRS) was EUR 148 (466) million.
• Earnings per share (EPS) were EUR 0.02 (0.42) and EPS excl. fair valuations (FV) was EUR 0.14 (0.44).
• Cash flow from operations amounted to EUR 457 (560) million. Cash flow after investing activities was EUR 113 (-26) million.

Key highlights

• Preparations continue for the planned separation of Stora Enso's Swedish forest assets business into a new publicly listed company, expected during the first half of 2027. Stora Enso's Board of Directors has approved a Demerger Plan concerning the demerger.
• The Veitsiluoto sawmill in Kemi, Finland, was permanently closed, and sawmill production was centralised at the company's other sawmills.
• Stora Enso will permanently close the Cross Laminated Timber (CLT) unit at Gruvön, Sweden by the end of 2026. The site will focus on sawn goods operations.
• Stora Enso will centralise its corrugated packaging production in Finland at its Lahti site and close the Kristiinankaupunki site.
• In October, Stora Enso and Shanshan Technology partnered to accelerate the development and industrialisation of sustainable battery materials, including construction of a demonstration line for lignin-based hard carbon anode materials.
• The strategic review of the Central European sawmills and building solutions operations is ongoing.
• The ramp-up of the consumer board line at the Oulu site in Finland continues and is expected to be completed during 2027.

Outlook Q4/2026

Market conditions remain mixed and uncertain. Demand across several end markets continues subdued, while pricing has improved in certain packaging grades. Geopolitical tensions and uncertainty are expected to put further pressure on variable costs, particularly energy, logistics and chemicals. The wood costs are expected to increase somewhat in the fourth quarter. Stora Enso continues to focus on actions within its control while proactively adapting to market developments.

Consumer Packaging will be impacted by significant planned annual maintenance, resulting in higher maintenance costs and lower volumes. The lower share of consumer board volumes will also have an adverse price/mix impact. In addition, the fourth quarter is low season for Consumer Packaging. 

The ramp-up of the new production line in Oulu continues to progress. The financial performance of the line is expected to improve somewhat year-on-year in the fourth quarter. The ramp-up is expected to be completed during 2027.

The divestment of 175,000 hectares of forest assets in Sweden, completed in 2025, will result in a reduction of annual adjusted EBIT of approximately EUR 20 million, with an estimated quarterly effect of approximately EUR 5 million.

The operating income from emission rights in 2025 was about EUR 72 million, distributed evenly throughout the year. For 2026, the income from the sale of emission rights is projected to decrease to EUR 10–20 million. This decline reflects changes to the EU ETS (Emissions Trading Scheme) rules: several sites will lose their free CO₂ allowance allocations from 2026 onward, as their emissions are more than 95% biogenic and therefore no longer qualify for free allocations under the revised ETS framework.

Capital expenditure for 2026 is estimated at approximately EUR 500 million, down from the previous estimate of below EUR 550 million.

Key figures

EUR million	Q3/26	Q3/25	Change % Q3/26–Q3/25	Q2/26	Q1-Q3/26	Q1-Q3/25	2025
Sales	2,240	2,283	-1.9 %	2,423	7,021	7,072	9,326
Adjusted EBITDA	320	291	10.2 %	320	948	889	1,144
Adjusted EBIT	161	126	27.8 %	160	479	427	528
Adjusted EBIT margin	7.2 %	5.5 %		6.6 %	6.8 %	6.0 %	5.7 %
Operating result (IFRS)	47	231	-79.7 %	16	148	466	942
Result before tax (IFRS)	17	202	-91.4 %	-26	35	354	783
Net result for the period (IFRS)	25	201	-87.6 %	-11	49	323	686
Cash flow from operations	245	223	9.8 %	87	457	560	897
Cash flow after investing activities	132	57	132.2 %	3	113	-26	122
Forest assets¹	8,405	8,277	1.6 %	8,518	8,405	8,277	8,478
Earnings per share (EPS) excl. FV, EUR	0.06	0.26	-77.8 %	0.03	0.14	0.44	0.41
EPS (basic), EUR	0.01	0.25	-95.1 %	-0.03	0.02	0.42	0.88
Net debt to LTM² adjusted EBITDA ratio	2.1	2.7		2.2	2.1	2.7	2.8
Average number of employees (FTE)	17,959	19,409	-7.5 %	18,215	18,050	18,996	18,877
1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies 2 LTM=Last 12 months

Stora Enso's President and CEO Hans Sohlström comments the results:

"We have now formally decided to proceed with the planned separation of Bergslagets Skogar. In just a few days, we will host Capital Markets Day, where we present Bergslagets Skogar's financials and showcase a business with a unique asset base, a strong foundation and long-term value creation potential. The separation will unlock value and sharpen the strategic focus of both companies.

In the third quarter, we continued to make steady progress, with organic growth of 2% year-on-year, supported by our own actions. AI is increasingly helping us accelerate our Value Creation Programmes and identify further opportunities to improve performance. Despite high planned annual maintenance activity, as well as higher costs related to the conflict in Iran, we delivered an adjusted EBIT margin above 7%. This is further evidence that our strategic priorities and portfolio optimisation are gradually strengthening the quality and resilience of our earnings and cash flow.

I am particularly pleased with the continued performance of our packaging businesses, which remain a key area of focus for us. Consumer Packaging delivered another strong quarter, supported by increased deliveries, good operational execution and continued progress in Oulu. In Integrated Packaging, the underlying profitability remained solid despite significant annual maintenance at several key sites, with improved containerboard pricing and successful post-maintenance ramp-ups supporting performance. The development in both segments demonstrates the increasing resilience of our packaging business and the tangible impact of our own actions. Furthermore, Biomaterials continued to demonstrate strong competitiveness with solid margins despite a challenging operating environment.

During the quarter, we continued to take decisive actions to strengthen the competitiveness and focus of our portfolio by divesting our Packaging Solutions units in Germany and consolidating sawmilling in the Oulu region in Finland. We streamlined our CLT production through the closure of the Gruvön unit in Sweden, enabling more efficient utilisation of our three CLT units in the Czech Republic and Austria. We also announced plans to centralise our Packaging Solutions operations in Finland. Furthermore, we reduced our ownership in a Swedish wood supply company. These actions are aligned with our ongoing efforts to simplify our portfolio, improve competitiveness and allocate capital to areas where we see the greatest opportunities to create value.

Our recently announced partnership with Shanshan Technology, a leading producer of battery anode materials, is an important step in accelerating the development and commercialisation of renewable, lignin-based battery materials.

Market conditions remained mixed. Demand in some end markets continued to improve while others stayed subdued. The external environment remained marked by uncertainty and geopolitical tensions. The conflict in Iran continued to increase energy, logistics and other input costs. We continue to focus on the factors within our control and respond proactively and with agility to changing market conditions. 

Our strategic priorities remain unchanged: 

• Lead in customer value creation through innovation, quality and sustainability
• Grow faster than market with superior customer offering, leading technology and operational efficiency
• Expand margin through business focus, a positive performance culture and systematic value creation
• Generate cash with high conversion ratio and disciplined capital allocation

I am encouraged by the progress we are making. We have many exciting and important steps ahead, with the Bergslagets Skogar Capital Markets Day being the next one.

I would like to thank our shareholders, customers and other stakeholders for the trust they place in us. And most importantly, I would like to thank our employees for their commitment, hard work and determination throughout this journey. 

Together, we are actively shaping our future and building a stronger, more focused, and more sustainable Stora Enso.

Webcast for analysts, investors, and media 
Stora Enso's President and CEO Hans Sohlström and CFO Niclas Rosenlew will present the results in a webcast today starting at 11:00 am EET (10:00 CET, 9:00 GMT, 4:00 EST). The live the webcast can be accessed using the following link: https://stora-enso-q3-earnings-presentation-2026.open-exchange.net/ 

During the webcast presentation, analysts and investors will also have the possibility to ask questions. To participate in the teleconference, please choose the "Teleconference" option on the homepage of the webcast. Recording of the webcast will be available shortly after the event at the same address and at storaenso.com.

Media representatives who wish to ask questions after the publication of the report may contact Hanna Rutanen, SVP Communications at Stora Enso on +358 41 507 1361

This release is a summary of Stora Enso's Interim Report January–September 2026. The complete report is attached to this release as a pdf file, and it is also available on the company website.

Media enquiries:
Hanna Rutanen
SVP Communications
tel. +358 41 507 1361

Investor enquiries:
Jutta Mikkola
SVP Investor Relations
tel. +358 50 544 6061

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 shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA on OTC Markets (OTCQX) as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors

STORA ENSO OYJ

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does Stora Enso expect to separate Bergslagets Skogar?

Stora Enso expects the separation of its Swedish forest assets business, Bergslagets Skogar, into a new publicly listed company during the first half of 2027. The board has approved the demerger plan, and preparations continue.

Why does Stora Enso expect lower emission-rights income in 2026?

Changes to the EU Emissions Trading Scheme mean several Stora Enso sites lose free carbon allowance allocations from 2026 onward because their emissions are more than 95% biogenic. Income from emission-rights sales is projected at EUR 10–20 million in 2026, compared with about EUR 72 million of operating income from emission rights in 2025.

Which Stora Enso production sites are closing or being consolidated?

The Veitsiluoto sawmill in Kemi has permanently closed, with production centralised at other sawmills. Stora Enso will permanently close the Gruvön cross-laminated timber unit by the end of 2026, retaining sawn goods operations there. It also plans to centralise Finnish corrugated packaging production in Lahti and close Kristiinankaupunki.

What portfolio and battery-materials developments did Stora Enso announce?

Stora Enso divested its Packaging Solutions units in Germany and reduced its ownership in a Swedish wood supply company. Its review of Central European sawmills and building solutions operations continues. In October, it partnered with Shanshan Technology on renewable battery materials, including construction of a demonstration line for lignin-based hard carbon anode materials.