Stora Enso updates comparative figures following changes to segment reporting

Rhea-AI Summary

Stora Enso (OTC:SEOAY) restated its 2025 comparative segment figures after changing reportable segments effective 1 January 2026. The new segments are Consumer Packaging, Integrated Packaging, Biomaterials, and Other. Restated 2025 totals: sales EUR 9,326m; adjusted EBITDA EUR 1,144m; adjusted EBIT EUR 528m; operating result EUR 942m.

The release presents full quarter breakdowns and explains that Wood Products and Forest were discontinued as separate segments, with related assets and associates reallocated across the new segments.

Positive

• Clearer segment alignment into four reportable units from 1 Jan 2026
• Consumer Packaging scale at EUR 3,692m in restated 2025 sales
• Integrated Packaging sales reported at EUR 2,359m for 2025
• Biomaterials margin of 11.9% in 2025 supports segment profitability
• Adjusted EBITDA consolidated at EUR 1,144m for 2025

Negative

• Forest and Wood Products discontinued as separate segments, reducing historical comparability
• Swedish forest assets proposed demerger introduces execution uncertainty for shareholders
• Central European Wood Products under strategic review, indicating possible restructuring or divestment
• Other segment concentration large (EUR 2,497m sales; EUR 580m operating result), complicating transparency

STORA ENSO OYJ STOCK EXCHANGE RELEASE 25 March 2026 at 9:00 EET

HELSINKI, March 25, 2026 /PRNewswire/ -- Stora Enso's segment reporting changed as of 1 January 2026, and the Group has restated the comparative figures for its segment reporting for 2025. 

Stora Enso has implemented changes to its organisational and reporting structures to better align with its strategic focus and operational synergies. Effective 1 January 2026, the Group's reportable segments are Consumer Packaging, Integrated Packaging, Biomaterials, and Other.

Consumer Packaging: Consumer Packaging is a new reportable segment, consisting of the Cartonboard, and Foodservice and Liquid Board business areas (previously in Packaging Materials). These operating segments have been aggregated into a single reportable segment based on their similar economic and other characteristics.

Integrated Packaging: Another new reportable segment, Integrated Packaging, comprises the Containerboard business area (previously included in Packaging Materials) and the Packaging Solutions business area. These operating segments have also been aggregated based on their similar economic and other characteristics.

Biomaterials: The Biomaterials segment continues to be reported as a separate reportable segment.

Other: The segment Other now includes the Wood & Energy business area and Group functions, the Swedish forest assets, the Growth business unit and the Central European Wood Products operations. Intercompany sales of wood and logistics services from the segment Other to Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated from the segment Other, reflecting the manner in which the chief operating decision maker regularly reviews reportable segments.

Main changes

The Wood Products segment has been discontinued as a separate reportable segment as of 1 January 2026. Northern Europe Wood Products operations have been integrated into the Consumer Packaging, Integrated Packaging, and Biomaterials segments to leverage operational synergies. Central European Wood Products operations, which are currently under strategic review, are reported within the segment Other.

The Forest segment has also been discontinued as a separate reportable segment. Swedish forest assets (which are proposed to be demerged) and wood supply operations in Finland, Sweden, and the Baltic countries are now reported within the segment Other. Plantations in Latin America and China, which are linked to local mills, continue to be reported under the Consumer Packaging and Biomaterials segments.

From 1 January 2026, Stora Enso's forestry-related associated companies in Finland (Tornator) and Sweden (SESOM 2) are reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the Forest segment), based on their proportional wood consumption.

Stora Enso's energy-related business and assets in Pohjolan Voima (PVO) are now reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the segment Other), based on their proportional energy consumption. External PVO-related electricity sales will continue to be reported under the segment Other. The Growth business unit, focused on developing innovative biobased solutions to replace fossil-based and other non-renewable materials, is now reported within the segment Other. Previously, it was included in the Biomaterials segment.

The comparative figures have been restated according to the new reporting structure and are presented in the tables below under heading 'Restated'. Comparative figures based on the old reporting structure are presented under the heading 'As published'.

Total sales

Restated

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Consumer Packaging	3,692	900	945	953	894
Integrated Packaging	2,359	564	584	626	586
Biomaterials	1,558	378	358	407	416
Other	2,497	606	588	658	645
Inter-segment sales	-780	-194	-191	-217	-178
Total	9,326	2,254	2,283	2,426	2,362

As published

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Packaging Materials	4,478	1,033	1,128	1,159	1,159
Packaging Solutions	1,027	253	263	272	239
Biomaterials	1,458	349	339	378	392
Wood Products	1,817	465	440	494	418
Forest	3,212	794	750	833	836
Other	194	50	48	47	49
Inter-segment sales	-2,861	-688	-686	-756	-731
Total	9,326	2,254	2,283	2,426	2,362

External sales

Restated

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Consumer Packaging	3,510	849	901	905	855
Integrated Packaging	2,274	542	564	602	566
Biomaterials	1,233	302	280	309	342
Other	2,310	561	539	610	600
Total	9,326	2,254	2,283	2,426	2,362

As published

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Packaging Materials	4,255	992	1,086	1,099	1,078
Packaging Solutions	1,016	250	260	270	237
Biomaterials	1,151	278	265	285	322
Wood Products	1,611	409	388	441	373
Forest	1,254	314	277	327	337
Other	39	11	8	5	15
Total	9,326	2,254	2,283	2,426	2,362

Adjusted EBITDA 

Restated

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Consumer Packaging	354	52	120	76	105
Integrated Packaging	232	68	31	72	60
Biomaterials	326	83	73	77	94
Other	230	45	67	61	57
Eliminations	2	6	-1	-7	4
Total	1,144	255	291	279	320

As published

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Packaging Materials	419	69	120	99	131
Packaging Solutions	80	21	18	20	22
Biomaterials	252	66	59	55	72
Wood Products	43	5	5	22	10
Forest	377	85	92	107	93
Other	-28	3	-2	-17	-12
Eliminations	1	6	-1	-6	3
Total	1,144	255	291	279	320

Adjusted EBIT

Restated

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Consumer Packaging	129	-2	54	22	55
Integrated Packaging	74	29	- 9	33	22
Biomaterials	185	45	38	42	59
Other	138	22	44	37	35
Eliminations	2	6	-1	-7	4
Total	528	100	126	126	175

As published

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Packaging Materials	124	-3	36	29	62
Packaging Solutions	14	5	2	3	5
Biomaterials	110	28	24	21	36
Wood Products	-2	-7	-6	11	1
Forest	317	71	76	88	82
Other	-37	1	-4	-20	-14
Eliminations	1	6	-1	-6	3
Total	528	100	126	126	175

Adjusted EBIT margin 

Restated

	2025	Q4/25	Q3/25	Q2/25	Q1/25
Consumer Packaging	3.5 %	-0.2 %	5.7 %	2.3 %	6.2 %
Integrated Packaging	3.1 %	5.1 %	-1.5 %	5.2 %	3.7 %
Biomaterials	11.9 %	11.9 %	10.7 %	10.4 %	14.3 %
Other	5.5 %	3.7 %	7.4 %	5.6 %	5.5 %
Total	5.7 %	4.5 %	5.5 %	5.2 %	7.4 %

As published

	2025	Q4/25	Q3/25	Q2/25	Q1/25
Packaging Materials	2.8 %	-0.3 %	3.2 %	2.5 %	5.4 %
Packaging Solutions	1.4 %	1.8 %	0.6 %	1.1 %	2.1 %
Biomaterials	7.5 %	8.0 %	7.1 %	5.6 %	9.3 %
Wood Products	-0.1 %	-1.5 %	-1.4 %	2.2 %	0.2 %
Forest	9.9 %	8.9 %	10.2 %	10.6 %	9.8 %
Other	-19.1 %	2.4 %	-9.0 %	-42.3 %	-28.7 %
Total	5.7 %	4.5 %	5.5 %	5.2 %	7.4 %

Operating result (IFRS)

Restated

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Consumer Packaging	88	-7	41	4	51
Integrated Packaging	53	26	-18	25	20
Biomaterials	219	83	36	38	62
Other	580	369	173	4	34
Eliminations	2	6	-1	-7	4
Total	942	476	231	64	171

As published

EUR million	2025	Q4/25	Q3/25	Q2/25	Q1/25
Packaging Materials	83	-17	23	17	60
Packaging Solutions	2	4	-5	-2	5
Biomaterials	144	55	25	23	41
Wood Products	-16	-19	-8	11	1
Forest	826	484	210	55	76
Other	-98	-36	-12	-35	-15
Eliminations	1	6	-1	-6	3
Total	942	476	231	64	171

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

STORA ENSO OYJ

For further information, please contact:
Jutta Mikkola
SVP Investor Relations
tel. +358 50 544 6061

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SOURCE Stora Enso Oyj

FAQ

What segment changes did Stora Enso (SEOAY) implement effective 1 January 2026?

The company reorganised into four reportable segments: Consumer Packaging, Integrated Packaging, Biomaterials, and Other. According to the company, Wood Products and Forest were discontinued as separate segments and assets reassigned across the new reporting structure.

How do the restated 2025 sales for Stora Enso (SEOAY) compare by new segment?

Restated 2025 sales total EUR 9,326m, split: Consumer Packaging EUR 3,692m, Integrated Packaging EUR 2,359m, Biomaterials EUR 1,558m, Other EUR 2,497m. According to the company, tables show quarter-by-quarter breakdowns in the release.

What are the key profitability metrics after Stora Enso's (SEOAY) restatement for 2025?

Adjusted EBITDA is EUR 1,144m and adjusted EBIT is EUR 528m for restated 2025. According to the company, Biomaterials had an adjusted EBIT margin of 11.9%, with full segment margins provided in the tables.

How will the restatement affect comparability for investors in Stora Enso (SEOAY)?

Comparability will change because historical Packaging Materials, Forest, and Wood Products figures are reallocated into the new segments. According to the company, comparative figures for 2025 were restated and presented side-by-side with prior 'as published' tables.

What corporate actions are noted that could affect Stora Enso (SEOAY) operations?

The company notes a proposed demerger of Swedish forest assets and a strategic review of Central European Wood Products. According to the company, these items are reflected by moving related assets into the Other segment.

Where can investors find the detailed restated tables for Stora Enso (SEOAY) 2025 segments?

The company provided full restated and 'as published' tables in the announcement, showing sales, external sales, adjusted EBITDA, adjusted EBIT, margins, and operating result by quarter. According to the company, all figures are included in the release tables.