Stora Enso Oyj Overview
| Field | Detail |
|---|---|
| Entity profiled | Stora Enso Oyj (exact legal-name match; the profile matches the input name) |
| Listing status | Public company. Confirmed listed. |
| Former names | The legal entity was Enso Oyj (formerly Enso-Gutzeit Oy) and was renamed Stora Enso Oyj on the 1998 merger with Stora Kopparbergs Bergslags AB |
| Founding / origins | 1998 merger. The Stora lineage traces to 1288, the oldest known share document of Stora Kopparberg mining. Enso dates to 1872 (Enso Träsliperi) and Gutzeit to the late 19th century. |
| Incorporation jurisdiction | Finland (Finnish public limited company, "Oyj") |
| Headquarters | Katajanokanlaituri 4, Helsinki, Finland. Postal address: P.O. Box 309, FI-00101 Helsinki (FY2025 release and H1/2026 report). The FY2023 report gave the address as Salmisaarenaukio 2, Helsinki, which means HQ has moved. |
| Swedish office | Stora Enso AB, Fannys väg 1, SE-131 54 Nacka, Sweden (H1/2026 report). The FY2025 release listed World Trade Center, Stockholm. |
| Primary listings | Nasdaq Helsinki: STEAV (A share), STERV (R share). Nasdaq Stockholm: STE A, STE R. |
| US trading | OTC Markets (OTCQX): SEOAY (ADR), SEOFF and SEOJF (ordinary shares). ADR depositary: Citibank N.A. |
| ISIN | A share FI0009005953. R share FI0009005961. |
| CUSIP (ADR) | — |
| Share count (30 Jun 2026) | 788,619,987 total: 175,534,144 A shares (1 vote each) and 613,085,843 R shares (1/10 vote each). Total votes at least 236,842,728. No treasury shares. |
| Fiscal year end | 31 December |
| Employees (average FTE) | FY2024: 19,233. FY2025: 18,877. H1/2026: 18,174. Q2/2026: 18,215. company boilerplate cites about 19,000 currently. |
| Auditor | consult the Annual Report 2025 auditor's report |
| Market capitalisation (current) | About EUR 7.9 billion, based on 788.6m shares × R-share price of about EUR 9.96 (Nasdaq Helsinki quote, 6 Oct 2026). Börsdata showed EUR 8,083m on 9 Sep 2026 at an A-share price of EUR 10.25. |
| Website | storaenso.com (investors: storaenso.com/investors) |
| Next reporting date | Q3/2026 interim report on 30 Oct 2026. Bergslagets Skogar Capital Markets Day in Stockholm on 3 Nov 2026. |
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
| Average employees FTE | 19,233 | 18,877 | 18,174 |
Stora Enso is one of the world's largest integrated renewable-materials groups and is now explicitly repositioning itself as a packaging-led company. Its core is premium virgin-fibre consumer board: folding boxboard, solid bleached sulphate, coated unbleached kraft, liquid packaging board and foodservice board. Around that core sit containerboard and European corrugated converting, specialty and eucalyptus pulp, and a residual wood and energy platform. The group owns large forest assets, valued at EUR 8.5bn at 30 June 2026 (EUR 10.80 per share), which is more than its current share price. It is preparing to demerge its 1.2m-hectare Swedish forest estate into a separately listed company, Bergslagets Skogar, in H1/2027. Profitability is cyclically depressed. FY2025 adjusted EBIT margin was 5.7%, against a new target above 10%. The investment case therefore rests on three things: the ramp-up of the EUR 1bn-class Oulu consumer-board line, portfolio simplification, and the value released by separating the forest assets from the industrial business.
Company self-description (paraphrased from FY2025 and H1/2026 reports)
Stora Enso describes itself as a global leader in renewable materials with a strong focus on packaging. Its stated purpose is to replace non-renewable materials with renewable solutions. It says it designs and delivers packaging materials and solutions made from fresh and recycled fibres, in partnership with customers, to accelerate the transition to a circular bioeconomy. It cites roughly 19,000 employees and 2025 sales of EUR 9.3bn.
Business model and revenue model
Stora Enso sells physical products. Revenue is almost entirely product revenue, with negligible service, subscription or licensing income. Its revenue streams are:
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Board and paper tonnage. FY2025 deliveries were 2,852 kt of consumer board, 1,296 kt of containerboard and 561 kt of paper. These are sold under framework contracts and spot pricing to converters and brand owners.
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Converted corrugated packaging. FY2025 European deliveries were 1,216 million m². These go to retail, e-commerce, food and industrial customers.
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Market pulp. FY2025 deliveries were 2,019 kt, covering specialty softwood, fluff and dissolving-type grades from the Nordics and eucalyptus from the Latin American JVs.
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Wood products. FY2025 deliveries were 4,440 thousand m³ of sawn timber, CLT, LVL and further-processed products.
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Wood trading and forest-related sales. FY2025 external wood deliveries were 13,255 thousand m³. The forest operations also generate the internal supply-chain margin.
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Energy and by-products. These include electricity sales linked to its Pohjolan Voima (PVO) shareholding and sales of CO₂ emission allowances (about EUR 72m operating income in 2025, guided to EUR 10–20m in 2026).
There is a small "pricing as service" element in Packaging Solutions, which offers design and sustainability services, but the company does not disclose it as a separate revenue stream.
Value-chain position
Stora Enso is unusually vertically integrated:
Forest ownership and wood sourcing: It holds direct and associated forest assets in Sweden, Finland (41% of Tornator), the Baltics, Uruguay and Brazil (JV plantations) and China (Guangxi plantations). This gives it partial control of fibre cost.
Pulp production: It produces chemical and semi-chemical pulp, largely integrated into board production, with some sold on the market.
Board and paper production: It operates large integrated mills: Imatra, Skoghall, Fors, Oulu, Ingerois/Anjalankoski, Beihai, Varkaus, Heinola and Ostrołęka.
Conversion: It runs corrugated box plants, reinforced by the 2023 acquisition of De Jong Packaging.
Energy: It holds 16.5% of PVO, which entitles it to at-cost power: 8.9% of Olkiluoto nuclear output and 20.6% of PVO hydro output.
Customer types and end-markets
| Customer type | Products | End-markets |
|---|---|---|
| Carton converters and brand owners | FBB, SBS, CUK cartonboard | Food, chocolate and confectionery, cosmetics, pharmaceuticals, cigarettes, beverage multipacks |
| Liquid packaging system suppliers | Liquid packaging board | Milk, juice, yoghurt, soups |
| Foodservice cup and tray makers | Cupstock and trayboard | Quick-service restaurants, takeaway, ready meals |
| Corrugated converters (external) | Kraftliner, white-top, testliner, fluting | Fresh food and agriculture, e-commerce, electronics, industrial |
| Brand owners and retailers (direct) | Corrugated boxes and displays | Retail, e-commerce, FMCG, industrial |
| Tissue, hygiene and paper producers | Fluff, softwood and hardwood market pulp | Hygiene, medical care, packaging, tissue, specialty papers |
| Builders, distributors, joinery and CLT fabricators | Sawn timber, CLT, LVL, building components | Residential and commercial construction |
| Other forest companies and energy users | Logs, pulpwood, energy, by-products | Forest industry, energy |
Independent characterisation
Stora Enso is in the middle of transforming from a diversified Nordic forest conglomerate into a focused packaging-materials company that keeps a pulp leg. The industrial business currently earns well below its cost of capital. Adjusted ROCE excluding the Forest segment was 2.7% in FY2025, against a former target above 13%. The listed equity is valued at less than the fair value of the group's forest assets alone, which implies the market assigns negative or very low value to the industrial operations. Management's agenda follows from that gap. It plans to separate the forest so it can be valued as a stand-alone, lower-volatility asset. It is fixing returns in consumer board through the Oulu ramp-up and cost actions. It is pruning sub-scale corrugated and Central European wood assets. It also issued EUR 1bn of hybrid capital to protect the investment-grade rating through the transition.
Group sales mix (external sales, new structure)
| Segment | FY2025 restated external sales | Share FY2025 % | H1 2026 external sales | Share H1 2026 % |
|---|---|---|---|---|
| Consumer Packaging | 3,510 | 37.6 | 1,864 | 39.0 |
| Integrated Packaging | 2,274 | 24.4 | 1,129 | 23.6 |
| Biomaterials | 1,233 | 13.2 | 603 | 12.6 |
| Other (Wood & Energy, Swedish forest, CE wood products, Growth) | 2,310 | 24.8 | 1,184 | 24.8 |
| Group | 9,326 | 100.0 | 4,781 | 100.0 |
Source: Stora Enso H1/2026 report, sales by segment (external); FY2025 restated per release of 25 Mar 2026.
Strategy
Stated strategy (CMD Nov 2025; reiterated in Q2/2026)
Stora Enso aims to be a global leader in renewable materials with an increasing focus on packaging. It has four strategic priorities, paraphrased:
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Lead in customer value creation through innovation, quality and sustainability.
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Grow faster than the market through a superior customer offering, leading technology and operational efficiency.
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Expand margins through business focus, a positive performance culture and systematic value creation.
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Generate cash with a high conversion ratio and disciplined capital allocation.
Financial targets (over the business cycle; introduced at CMD Nov 2025)
| Target | Level | Current status (FY2025 / H1 2026) |
|---|---|---|
| Adjusted EBIT margin | Above 10% | 5.7% / 6.7% |
| Revenue growth | Above 4% a year | +3.1% / −0.2% |
| Payout ratio | Above 50% (of EPS excl. FV per policy) | 61% (0.25 / 0.41) |
| Net debt / adjusted EBITDA | Below 1x, as stated in the FY2025 release (the former target was below 2.0x) | 2.8x / 2.2x |
The previous targets were net debt to adjusted EBITDA below 2.0x and adjusted ROCE excluding Forest above 13%, as shown in the FY2025 release charts. The former dividend policy was to distribute 50% of EPS excluding FV over the cycle.
Strategic initiatives, last 24 months
| Initiative | Announced | Status | Financial parameters |
|---|---|---|---|
| Oulu consumer board line (paper-to-board conversion) | Investment decided pre-2024 | Ramping up; full capacity during 2027 | About EUR 140m adjusted EBIT drag in 2025. Q1/2026 guided at EUR 15–30m drag; Q3/2026 drag similar to Q2. |
| Junnikkala acquisition (wood supply security for Oulu) | Oct 2024 | Completed Apr 2025 | EUR 17m cash plus up to EUR 47m earn-outs (fair value EUR 44m) |
| Swedish forest partial divestment | 2,025 | Completed Sep 2025 | EV about EUR 900m; EUR 624m cash plus EUR 162m loans repaid; gain about EUR 140m |
| Bergslagets Skogar demerger | Review Jun 2025; decision Nov 2025 | Preparation; CMD 3 Nov 2026; completion H1 2027 | More than 1.2m ha, about EUR 5.8bn fair value; 18-year wood supply agreement (about 9% of Nordic wood and fibre needs) |
| Central European sawmills and building solutions review | 14 Nov 2025 | Ongoing | Seven sawmills (about 3m m³), three CLT mills |
| New operating model (six BAs, 23 BUs) | Nov 2025 | Effective 1 Jan 2026 | Leaner organisation; fixed costs down EUR 83m in 2025 |
| Profit-improvement programmes | 2023 onward | Continuing | EUR 80m programme (2023); 2025 consulting IAC of EUR 24m |
| Corrugated footprint optimisation | 2024–2026 | German exit Jul 2026; Western Europe impairments Q2/2026 | Western Europe IAC of EUR 27m |
| Skutskär fluff pulp specialisation | Q2 2026 | Fiberline 3 closure Q3/2026 | EUR 19m capex |
| Capex discipline | FY2025 release | 2026 capex below EUR 550m | About EUR 200m below 2025 |
| Hybrid capital | Apr 2026 | Issued | EUR 1bn at 5.625% and 5.875% |
| Circularity Plan | May 2026 | Published | 90% material circularity in direct operations by 2030 (79% baseline in 2025) |
Products & Services
Note: Brand names below are drawn from Stora Enso disclosures (e.g., report cover references) and its long-standing product catalogue. Exact specifications, launch years and pricing are generally not disclosed in financial filings.
Consumer Packaging — Cartonboard BA
| Product / brand | Description | Target customer | Notes |
|---|---|---|---|
| Performa (incl. Performa Nova; Performa Nova Aqua) | Folding boxboard (FBB) | Food, confectionery, pharma and cosmetics carton converters | The "Aqua" variants carry dispersion barriers for dry food. Featured on the H1/2026 report cover. |
| Tambrite (incl. Tambrite Aqua+) | Lightweight FBB | Food and dry goods packaging | Tambrite Aqua+ is featured on the FY2025 report cover |
| Ensocoat | Solid bleached sulphate (SBS) board | Luxury, cosmetics, cigarette, graphic packaging | Specifications not disclosed in filings |
| CKB (incl. CKB Nude, CKB Nude Aqua, CKB Carry) | Coated unbleached kraft (CUK) board | Beverage multipacks, frozen food, carry packs | CKB Nude Aqua is featured on the H1/2026 cover |
| Oulu new consumer board line | New large-scale consumer board machine converted from a paper machine | European FBB and related consumer board customers | Ramp-up started 2025; full capacity expected during 2027 |
| Beihai (China) consumer board | Integrated FBB and liquid/cup grades for the Chinese and Asian market | Asian carton converters | Uses plantation-based fibre |
Consumer Packaging — Foodservice and Liquid Board BA
| Product / brand | Description | Target customer | Notes |
|---|---|---|---|
| Liquid packaging board (Natura range) | Board for aseptic and chilled cartons | Liquid packaging system suppliers (global) | Stora Enso calls itself a global leader in LPB (H1/2026 report) |
| Cupforma (incl. Natura variants) | Cupstock for hot and cold cups | Cup makers, QSR chains | Europe's largest foodservice board supplier per company description |
| Trayforma | Trayboard for ready meals and bakery | Tray converters, food producers | Ovenable and barrier variants; specifications not disclosed |
| Barrier and dispersion-coated grades | Plastic-reduction barrier boards | Brand owners replacing PE-coated and plastic packaging | Part of the recyclability and circularity agenda |
Integrated Packaging — Containerboard BA
| Product / brand | Description | Mills | Notes |
|---|---|---|---|
| Virgin brown and white-top kraftliner | High-strength liners for fresh produce and agriculture | Varkaus (FI), Skoghall/Fors-related integrated operations (SE), Oulu (part) | Company describes itself as a global leader in virgin-fibre containerboard |
| Semi-chemical fluting | High-performance fluting | Heinola (FI) | EUR 30m bioenergy conversion completed Q4/2025 (more than 113 kt CO₂ a year avoided) |
| Recycled containerboard (testliner, fluting) | Recycled-fibre liners and fluting | Ostrołęka (PL); Langerbrugge (BE) maintenance now reported under Integrated Packaging | Corrugated plant development under way at Ostrołęka (H1/2026) |
Integrated Packaging — Packaging Solutions BA
| Offering | Description | Geography | Notes |
|---|---|---|---|
| Corrugated packaging (boxes, displays, e-commerce packaging) | Converted corrugated for retail, e-commerce and industry | Nordics, Baltics, Poland, Benelux and other Western Europe (De Jong) | German plants (Gaster Wellpappe, Wellpappe Sausenheim, PTI) divested Jul 2026 |
| Design and sustainability services | Packaging design, material optimisation, logistics and CO₂ reduction advice | Pan-European | Revenue not separately disclosed |
| Small-batch custom packaging | June Emballage AB (Sweden) was divested to management | Sweden | — |
Biomaterials
| Product | Description | Sites | Notes |
|---|---|---|---|
| Fluff pulp | Absorbent pulp for hygiene (diapers, incontinence, feminine care) | Skutskär (SE) | EUR 19m additional fluff capacity investment (2026). Fiberline 3 softwood pulp permanently shut in Q3/2026. |
| Specialty softwood and hardwood pulp | Kraft pulp for packaging, tissue and specialty papers | Enocell (FI), Skutskär (SE), Nordic integrated mills | Softwood market weak in 2026 |
| Eucalyptus hardwood pulp | Low-cost plantation-based pulp | Veracel (Brazil, 50% JV), Montes del Plata (Uruguay, 50% JV) | Maintenance: Veracel Q1/2026, Montes del Plata Q4/2025 |
| Biochemicals (tall oil, turpentine, lignin) | Pulping by-products | Nordic mills | Lignin-based developments sit partly in the Growth BU |
Other — Wood and Energy BA, Growth BU, Central European wood products
| Offering | Description | Notes |
|---|---|---|
| Classic sawn timber (Nordic) | Spruce and pine sawn goods | Nordic sawmills (FI, SE, EE, LV) are strategic. Veitsiluoto (Kemi) sawmill temporarily halted Aug–Oct 2026, with 56 employees laid off (Fastmarkets). |
| Central European sawn timber and building solutions | Seven sawmills (AT, CZ, PL, LT; about 3m m³ capacity) and three CLT mills | Under strategic review; potential divestment |
| CLT (cross-laminated timber) | Mass-timber panels | Bad St. Leonhard (Leonhard) CLT mill passed 1m m³ cumulative output in Oct 2025 (Wood Central) |
| LVL (laminated veneer lumber) | Engineered wood | Varkaus (FI); specifications not disclosed |
| Wood sourcing and trading | Logs and pulpwood for internal and external customers | 18-year supply agreement planned with Bergslagets Skogar; 15(+15)-year supply agreement with the divested Swedish forest company |
| Energy | External sale of PVO-entitled electricity | PVO shares valued at EUR 1,077m (30 Jun 2026, Level 3) |
| Growth BU — emerging bio-based solutions | Formed-fibre packaging, bio-based materials (e.g., lignin-based carbon/anode materials, biocomposites) | Revenue not disclosed; development-stage |
Paper (residual)
Paper deliveries were 561 kt in FY2025 (611 kt in FY2024). Products are mainly recycled and graphic grades. Since 2026 they have no longer been reported as a separate business area, and site-level allocation is not fully disclosed.
Financial Narrative
Income statement (FY2021–FY2025)
Sources: Stora Enso FS releases FY2021 (sales, operational EBIT, IFRS operating profit), FY2022 and FY2023 (sales, operational EBIT, IFRS result, EPS), and FY2025 (FY2024–25). Net result attributable for FY2021–FY2023 and gross profit are from StockAnalysis, an aggregator. Stora Enso does not report gross profit, so that row is indicative only. The FY2023 DPS of EUR 0.20 is derived from dividends of EUR 158m recognised in equity in 2024 on 788.6m shares (FY2025 release, statement of changes in equity). FY2021 basic EPS of EUR 1.61 is from the aggregator; the FY2021 release reports net profit for the period of EUR 1,268m.
Revenue CAGR FY2021–FY2025: −2.1% a year (9,326 / 10,164 over four years).
Supplementary items (partial history)
Commentary. The five-year arc is a full commodity cycle compounded by self-inflicted portfolio change.
2021–2022 peak: Record board, pulp and sawn-timber prices produced a 15–16% operational EBIT margin, which the company said was its highest since 2000.
2023 collapse: Customers destocked across packaging and pulp, and wood costs rose. Operational EBIT fell 82% to EUR 342m and impairments reached EUR 776m.
2024 partial recovery: Adjusted EBIT reached EUR 598m despite Finnish political strikes. IFRS profit was again eroded, this time by EUR 676m of packaging impairments.
2025 underlying improvement, offset by Oulu: Underlying performance improved in every business area except Biomaterials, but the Oulu ramp-up cost about EUR 140m, so adjusted EBIT fell to EUR 528m.
2025 IFRS profit flattered by one-offs: The IFRS result of EUR 942m was inflated by the forest disposal gain (about EUR 140m), EUR 434m of biological fair-value gains, and roughly EUR 72m of emission-allowance income that will largely disappear in 2026.
Quality of earnings: EPS excluding fair valuations, the measure that drives the dividend, was EUR 0.41 in FY2025, versus IFRS EPS of EUR 0.88.
Recent quarterly trajectory
Q1/25 EPS is derived as H1/25 EPS of 0.17 minus Q2 EPS of 0.03.
H1/2026 vs H1/2025:
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Sales were flat at EUR 4,781m and adjusted EBIT rose to EUR 319m.
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Bridge: prices −109, variable costs +126 (mainly wood), fixed costs +34, FX −33 (H1/2026 report).
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IFRS operating result fell to EUR 101m because of IAC of −138 and FV of −79.
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IFRS EPS fell to EUR 0.01 and EPS excluding FV to EUR 0.08. Both figures now deduct accrued hybrid coupons (EUR 10m after tax in Q2).
Balance sheet
H1/2026 equity includes EUR 992m of net hybrid bond proceeds. Excluding the hybrid, equity attributable to owners would be about EUR 10,809m, or about EUR 13.71 per share.
Debt composition, 30 Jun 2026: bond loans EUR 2,222m; loans from credit institutions EUR 734m; leases EUR 476m; short-term borrowings EUR 716m. The average interest expense rate was 3.7%. Committed undrawn facilities were EUR 800m.
Cash flow
Free cash flow has been negative for two years: The company's "cash flow after investing" measure excludes interest and taxes paid. On a stricter definition (IFRS operating cash flow minus capex), free cash flow was negative in both FY2024 and FY2025, and the dividend was in effect funded by asset sales and debt. The Swedish forest disposal brought in EUR 619m net, plus EUR 162m of loan repayments.
Capex is falling sharply: 2026 capex is guided below EUR 550m, about EUR 200m less than 2025 (H1/2026 report). This is the main lever for turning free cash flow positive in 2026–2027.
Buybacks: There are no buyback programmes. Small share purchases are made only to fund incentive plans.
Ratios
The LTM Q2 2026 interest coverage uses H1 figures. The H1 2026 cash conversion and working capital figures reflect H1 seasonality and are annualised where applicable.
ROIC and cash conversion cycle. Stora Enso does not disclose ROIC or a cash conversion cycle. Adjusted ROCE is the closest disclosed proxy, and days metrics cannot be computed from the condensed interim disclosures.
Leverage note. The improvement in net debt to EBITDA from 3.0x to 2.2x is partly an accounting effect. The EUR 1bn hybrid is classified as equity. Treating it as debt, which rating agencies typically do at 50% equity credit, gives a pro-forma ratio of about 3.1x on a full-debt basis or about 2.6x on a 50% basis.
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Reporting Segment Details
| Reporting segment | Composition | Key products |
|---|---|---|
Consumer Packaging | Cartonboard BA and Foodservice & Liquid Board BA (formerly in Packaging Materials). Also includes allocated Northern European wood products sites, plantations in China linked to Beihai, and a proportional share of Tornator, SESOM 2 and PVO. | FBB, SBS, CUK, liquid packaging board, cupstock, trayboard |
Integrated Packaging | Containerboard BA (formerly in Packaging Materials) and Packaging Solutions BA | Virgin and white-top kraftliner, recycled testliner, semi-chemical fluting, corrugated boxes and design services |
Biomaterials | Specialty pulp and biochemicals from the Nordic units, plus eucalyptus pulp from Latin America (Veracel, Montes del Plata) | Fluff pulp, softwood and hardwood pulp, eucalyptus pulp, tall oil, lignin-related products |
Other | Wood and Energy BA (wood sourcing and trading, Nordic wood products supply chain and sales, energy), Group functions, Swedish forest assets (until demerger), Growth BU (new bio-based solutions), and Central European wood products (under strategic review) | Wood and logs, Central European sawn timber and CLT, external PVO power sales, emerging businesses |
Revenue by Segment
| Segment | FY2025 restated | H1 2025 | H1 2026 |
|---|---|---|---|
Consumer Packaging sales (EUR Mn) | 3,692 | 1,847 | 1,956 |
Integrated Packaging sales (EUR Mn) | 2,359 | 1,211 | 1,172 |
Biomaterials sales (EUR Mn) | 1,558 | 822 | 763 |
Other sales (EUR Mn) | 2,497 | 1,303 | 1,272 |
Inter-segment eliminations (EUR Mn) | -780 | -394 | -381 |
Group sales (EUR Mn) | 9,326 | 4,789 | 4,781 |
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| Segment | FY2025 restated | H1 2025 | H1 2026 |
|---|---|---|---|
Consumer Packaging adj. EBIT (EUR Mn) | 129 | 77 | 129 |
Integrated Packaging adj. EBIT (EUR Mn) | 74 | 54 | 57 |
Biomaterials adj. EBIT (EUR Mn) | 185 | 101 | 104 |
Other adj. EBIT (EUR Mn) | 138 | 72 | 32 |
Eliminations (EUR Mn) | 2 | -3 | -4 |
Group adj. EBIT (EUR Mn) | 528 | 301 | 319 |
Segment Revenue
| Segment | FY2025 adj. EBITDA | H1 2026 adj. EBITDA | FY2025 adj. EBIT margin % | H1 2026 adj. EBIT margin % | H1 2026 sales YoY % |
|---|---|---|---|---|---|
Consumer Packaging | 354 | 240 | 3.5 | 6.6 | 5.9 |
Integrated Packaging | 232 | 137 | 3.1 | 4.9 | -3.2 |
Biomaterials | 326 | 179 | 11.9 | 13.7 | -7.2 |
Other | 230 | 75 | 5.5 | 2.5 | -2.4 |
Segment Overview
| Segment | Q1/25 | Q2/25 | Q3/25 | Q4/25 | Q1/26 | Q2/26 |
|---|---|---|---|---|---|---|
Consumer Packaging | 55 | 22 | 54 | -2 | 65 | 64 |
Integrated Packaging | 22 | 33 | -9 | 29 | 28 | 29 |
Biomaterials | 59 | 42 | 38 | 45 | 39 | 65 |
Other | 35 | 37 | 44 | 22 | 25 | 7 |
Group | 175 | 126 | 126 | 100 | 159 | 160 |
Revenue by Segment (Annual)
| Segment | FY2024 | FY2025 |
|---|---|---|
Packaging Materials sales (EUR Mn) | 4,502 | 4,478 |
Packaging Solutions sales (EUR Mn) | 987 | 1,027 |
Biomaterials sales (EUR Mn) | 1,587 | 1,458 |
Wood Products sales (EUR Mn) | 1,522 | 1,817 |
Forest sales (EUR Mn) | 2,827 | 3,212 |
Other sales (EUR Mn) | 176 | 194 |
Inter-segment sales (EUR Mn) | -2,552 | -2,861 |
Group sales (EUR Mn) | 9,049 | 9,326 |
Results by Segment (Annual)
| Segment | FY2024 | FY2025 |
|---|---|---|
Packaging Materials adj. EBIT (EUR Mn) | 172 | 124 |
Packaging Solutions adj. EBIT (EUR Mn) | -15 | 14 |
Biomaterials adj. EBIT (EUR Mn) | 231 | 110 |
Wood Products adj. EBIT (EUR Mn) | -16 | -2 |
Forest adj. EBIT (EUR Mn) | 309 | 317 |
Other adj. EBIT (EUR Mn) | -72 | -37 |
Eliminations (EUR Mn) | -11 | 1 |
Group adj. EBIT (EUR Mn) | 598 | 528 |
Segment Revenue (Annual)
| Segment | Adj. EBIT margin FY2024 % | Adj. EBIT margin FY2025 % | Sales growth FY2025 % | Share of external sales FY2025 % | Adj. ROOC/ROCE FY2025 % |
|---|---|---|---|---|---|
Packaging Materials | 3.8 | 2.8 | -0.5 | 45.6 | 3.5 |
Packaging Solutions | -1.5 | 1.4 | 4.1 | 10.9 | 2.4 |
Biomaterials | 14.6 | 7.5 | -8.1 | 12.3 | 4.5 |
Wood Products | -1.1 | -0.1 | 19.4 | 17.3 | -0.3 |
Forest | 10.9 | 9.9 | 13.6 | 13.4 | 5.3 |
Other | n/m | n/m | 10.2 | 0.4 | n/m |
Segment Revenue (FY2024–FY2025)
| Segment | FY2024 | FY2025 |
|---|---|---|
Packaging Materials | -169 | 83 |
Packaging Solutions | -394 | 2 |
Biomaterials | 256 | 144 |
Wood Products | -73 | -16 |
Forest | 646 | 826 |
Other | -162 | -98 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Sales (EUR Mn) | 10,164 | 11,680 | 9,396 | 9,049 | 9,326 |
Operational/Adjusted EBIT (EUR Mn) | 1,528 | 1,891 | 342 | 598 | 528 |
Operational/Adjusted EBIT margin (%) | 15.0 | 16.2 | 3.6 | 6.6 | 5.7 |
Operating result IFRS (EUR Mn) | 1,568 | 2,009 | -322 | 93 | 942 |
Net result attributable to owners (EUR Mn) | 1,266 | 1,550 | -357 | -136 | 695 |
Net margin attributable (%) | 12.5 | 13.3 | -3.8 | -1.5 | 7.5 |
EPS basic (EUR) | 1.61 | 1.97 | -0.45 | -0.17 | 0.88 |
Dividend per share (EUR) | 0.55 | 0.60 | 0.20 | 0.25 | 0.25 |
Gross profit, aggregator definition (EUR Mn) | 4,350 | 4,959 | 3,054 | 2,311 | 2,306 |
Gross margin, aggregator definition (%) | 42.8 | 42.5 | 32.5 | 25.5 | 24.7 |
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View Subscription PlansIncome Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Profit before tax IFRS (EUR Mn) | 1,419 | — | — | -118 | 783 |
Net result for period IFRS (EUR Mn) | 1,268 | — | — | -183 | 686 |
EPS excl. FV (EUR) | — | 1.55 | -0.73 | -0.56 | 0.41 |
Adjusted EBITDA (EUR Mn) | — | — | — | 1,223 | 1,144 |
Adjusted EBITDA margin (%) | — | — | — | 13.5 | 12.3 |
Net debt (EUR Mn) | — | 1,853 | 3,167 | 3,707 | 3,181 |
Net debt / LTM EBITDA (x) | 1.1 | — | — | 3.0 | 2.8 |
Financial Analysis
| Metric | Q1/25 | Q2/25 | Q3/25 | Q4/25 | Q1/26 | Q2/26 |
|---|---|---|---|---|---|---|
Sales (EUR Mn) | 2,362 | 2,426 | 2,283 | 2,254 | 2,358 | 2,423 |
Adjusted EBITDA (EUR Mn) | 320 | 279 | 291 | 255 | 309 | 320 |
Adjusted EBIT (EUR Mn) | 175 | 126 | 126 | 100 | 159 | 160 |
Adjusted EBIT margin (%) | 7.4 | 5.2 | 5.5 | 4.5 | 6.7 | 6.6 |
Operating result IFRS (EUR Mn) | 171 | 64 | 231 | 476 | 85 | 16 |
Net result IFRS (EUR Mn) | 107 | 15 | 201 | 363 | 35 | -11 |
EPS basic (EUR) | 0.14 | 0.03 | 0.25 | 0.46 | 0.04 | -0.03 |
Balance Sheet and Per-Share Data
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Total assets (EUR Mn) | 19,802 | 19,059 | 19,655 |
Cash and cash equivalents (EUR Mn) | 1,999 | 1,212 | 1,558 |
Non-current interest-bearing liabilities (EUR Mn) | 3,894 | 3,557 | 3,105 |
Current interest-bearing liabilities incl. current portion and overdrafts (EUR Mn) | 1,885 | 917 | 1,131 |
Total interest-bearing liabilities (EUR Mn) | 5,779 | 4,473 | 4,236 |
Net debt (EUR Mn) | 3,707 | 3,181 | 2,619 |
Total equity (EUR Mn) | 9,989 | 10,649 | 11,650 |
Equity attributable to owners (EUR Mn) | 10,139 | 10,796 | 11,801 |
Goodwill and other intangibles (EUR Mn) | 439 | 421 | 381 |
Operating working capital net (EUR Mn) | 308 | 328 | 613 |
Total forest assets value (EUR Mn) | 8,894 | 8,478 | 8,518 |
Equity per share (EUR) | 12.86 | 13.69 | 14.96 |
Cash Flow
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Cash flow from operations, company measure (EUR Mn) | 1,187 | 897 | 212 |
Net cash from operating activities IFRS (EUR Mn) | 952 | 645 | 109 |
Capital expenditure cash (EUR Mn) | 1,113 | 775 | 226 |
Capex additions incl. biological (EUR Mn) | 1,090 | 746 | 171 |
Free cash flow, IFRS op CF minus capex (EUR Mn) | -161 | -130 | -117 |
Cash flow after investing, company measure (EUR Mn) | 74 | 122 | -19 |
Dividends paid (EUR Mn) | 146 | 209 | 103 |
Share purchases for incentive plans (EUR Mn) | 3 | 2 | 1 |
Disposal proceeds, subsidiaries (EUR Mn) | 8 | 619 | -1 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2024 | FY2025 | LTM Q2 2026 |
|---|---|---|---|
Return on equity, company LTM (%) | -1.7 | 6.7 | 5.5 |
Adjusted ROCE, company LTM (%) | 4.3 | 3.8 | 3.9 |
Adjusted ROCE excl. Forest segment (%) | 3.6 | 2.7 | — |
ROA, net result / year-end total assets (%) | -0.9 | 3.6 | 3.0 |
Current ratio (x) | 1.12 | 1.21 | 1.33 |
Gross debt / total equity (x) | 0.58 | 0.42 | 0.36 |
Net debt / equity, company (x) | 0.37 | 0.29 | 0.22 |
Net debt / LTM adjusted EBITDA (x) | 3.0 | 2.8 | 2.2 |
Interest coverage, adj. EBIT / net financial items (x) | 2.8 | 3.3 | 3.8 |
Asset turnover, sales / year-end assets (x) | 0.46 | 0.49 | 0.47 |
Cash conversion, company CFO / adj. EBITDA (%) | 97 | 78 | 34 |
Operating working capital / sales (%) | 3.4 | 3.5 | 6.6 |
“—” = not publicly disclosed.
Geographic Revenue
| Region | FY2025 share % | FY2025 sales (EUR Mn, derived) |
|---|---|---|
Europe | 69 | 6,435 |
Asia | 16 | 1,492 |
Americas | 7 | 653 |
Middle East | 4 | 373 |
Africa | 3 | 280 |
Oceania | 1 | 93 |
Geographic Revenue by Country
| Country | FY2025 share % | FY2025 sales (EUR Mn, derived) |
|---|---|---|
Sweden | 14 | 1,306 |
Germany | 9 | 839 |
Finland | 7 | 653 |
Poland | 5 | 466 |
Netherlands | 5 | 466 |
Other Europe | 28 | 2,611 |
China | 9 | 839 |
USA | 4 | 373 |
Other countries | 18 | 1,679 |
Share Price & Returns
| Reference point | Price (EUR) | Change to about EUR 9.96 (6 Oct 2026) |
|---|---|---|
End-Dec 2021 (Inderes year-end figure) | 16.14 | -38% (about five years) |
End-Dec 2023 (Inderes year-end figure) | 12.53 | -21% (about three years) |
End-Oct 2025 (company report) | 10.10 | -1% (about one year) |
End-Dec 2025 (company report) | 10.71 | -7% (YTD) |
End-Jun 2026 (company report) | 9.33 | +7% |
23 Jul 2026 intraday (Tradegate, H1 report day) | about 8.85 | — |
Capital Markets Data (EUR) and Capital Markets Data (SEK)
| Metric | Oct 2025 | Nov 2025 | Dec 2025 | Apr 2026 | May 2026 | Jun 2026 |
|---|---|---|---|---|---|---|
R share close Helsinki (EUR) | 10.10 | 10.13 | 10.71 | 9.46 | 10.05 | 9.33 |
R share close Stockholm (SEK) | 110.90 | 111.50 | 115.60 | 102.70 | 108.20 | 103.50 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | about EUR 7.9bn | 788.6m shares |
Enterprise value (hybrid as equity) | about EUR 10.5bn | Plus net debt of EUR 2,619m |
Enterprise value (hybrid as debt) | about EUR 11.5bn | Plus EUR 1bn hybrid |
EV / LTM adjusted EBITDA (EUR 1,173m) | 8.9x to 9.8x | — |
EV / LTM adjusted EBIT (EUR 545m) | 19.2x to 21.1x | — |
EV / LTM sales (EUR 9,318m) | 1.12x to 1.23x | — |
P/E on LTM IFRS EPS (about EUR 0.73) | about 13.6x | IFRS EPS includes FV gains |
P/E on LTM EPS excl. FV (about EUR 0.31) | about 32x | 0.41 − 0.18 + 0.08 |
P/B (equity per share EUR 14.96) | 0.67x | Equity includes hybrid; 0.73x excluding hybrid |
Price / forest assets per share (EUR 10.80) | 0.92x | — |
Dividend yield (EUR 0.25) | about 2.5% | — |
Per-Share Data and Returns & Leverage Ratios (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (EUR) | 0.55 | 0.60 | 0.20 | 0.25 | 0.25 |
Payout vs EPS excl. FV (%) | — | 39 | n/m | n/m | 61 |
Credit Ratings
| Agency | Rating | Outlook | Effective |
|---|---|---|---|
Moody's | Baa3 / P-3 | Stable | 21 Nov 2024 |
Fitch | BBB- | Stable | 17 Jul 2025 |
S&P | Not rated / not disclosed | — | — |
Components
| Component | Amount (EUR Mn) | Notes |
|---|---|---|
Bonds | 2,222 | Includes SEK bonds maturing 2032 and 2034 (issued Q2/2026) |
Loans from credit institutions | 734 | EUR 100m extended to 2029 |
Lease liabilities | 476 | — |
Short-term borrowings | 716 | — |
Current portion of non-current debt | 329 | Due within 12 months |
Hybrid bond tranche 1 (equity) | 500 | 5.625%; first call/reset 17 Apr 2029 |
Hybrid bond tranche 2 (equity) | 500 | 5.875%, issued at 99.47; first reset 17 Oct 2031 |
Undrawn committed facilities | 800 | — |
Analyst Conclusions
Management guidance (latest, H1/2026 report)
-
Market conditions remain uncertain because of geopolitical and trade volatility.
-
Q3/2026 planned maintenance impact is EUR 110–120m, an increase of about EUR 40–50m on Q2, across all segments.
-
The Oulu ramp-up drag in Q3 is similar to Q2, with a longer annual shutdown to install efficiency equipment. Full capacity is expected during 2027.
-
The 2025 forest divestment reduces adjusted EBIT by about EUR 20m a year (about EUR 5m a quarter).
-
Emission-rights income is EUR 10–20m in 2026, versus about EUR 72m in 2025.
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2026 capex is below EUR 550m.
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The demerger is targeted for H1/2027, and the Central Europe wood review is ongoing.
Implication. Q3/2026 adjusted EBIT is likely to fall sequentially from EUR 160m, mainly because of maintenance.
Consensus growth expectations
The single verified data point is a Q3/2026 ADR EPS consensus of USD 0.15 (EarningsWhispers).
Bull case
-
Oulu normalisation drives an earnings step-change. Removing a drag that was about EUR 140m in 2025 and is still meaningful in 2026, together with Consumer Packaging's demonstrated 6.5–6.7% margin, could lift group adjusted EBIT toward EUR 750m or more in 2027 on flat prices. This scenario is an analyst framing, not guidance.
-
Sum-of-the-parts discount closes. Forest assets alone (EUR 10.80 per share) exceed the share price. Listing Bergslagets Skogar alongside Holmen- and SCA-type forest valuations would reveal the industrial business trading at a deeply negative implied value.
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Cash-flow inflection. Capex at or below EUR 550m, lower wood costs (variable costs +EUR 126m in H1/2026) and the end of large projects should turn free cash flow positive. Leverage already stands at 2.2x after the hybrid.
Bear case
-
Structural under-earning. Adjusted ROCE of about 4% and a 5.7% FY2025 margin sit far below the new target of more than 10%. Corrugated and pulp face overcapacity, and repeated impairments in 2023, 2024 and 2026 suggest the asset base is still being written down.
-
Demerger dis-synergies. After separation, Stora Enso loses forest fair-value support, a stable earnings stream (Forest adjusted EBIT was EUR 317m in FY2025) and some balance-sheet capacity. It will buy wood on market-linked terms, which could raise its cost base.
-
Macro and cost squeeze. ETS income falls by about EUR 50–60m, Iran-related energy and logistics costs rise, USD weakens and wood remains tight. These could offset Oulu gains, as the Q2/2026 IFRS loss and the roughly 11% share-price reaction illustrate.
Catalysts and monitorables (next 12 months)
| Date / window | Catalyst | What to watch |
|---|---|---|
| 30 Oct 2026 | Q3/2026 results | Maintenance impact versus EUR 110–120m guidance; Oulu drag; Consumer Packaging margin; cash conversion |
| 3 Nov 2026 | Bergslagets Skogar CMD | Financial profile, capital allocation, dividend policy, wood supply pricing, valuation markers |
| Q4 2026 – Q1 2027 | Central European wood review outcome | Divestment price versus book value; perimeter |
| Early 2027 | FY2026 results; DPS proposal | Payout above 50% versus EPS excluding FV |
| H1 2027 | EGM and demerger completion; dual listing | Allocation ratio, tax treatment, Stora Enso's post-demerger leverage and ratings |
| 2,027 | Oulu full capacity | Volumes, margin uplift |
| Ongoing | Pulp, containerboard and consumer board pricing; Nordic wood costs; EUR/USD | Sensitivities: wood ±EUR 238m, pulp ±EUR 85m, USD ±EUR 28m per 10% move |
Analyst verdict
Stora Enso in October 2026 is a self-help and value-crystallisation story set inside a weak cycle. The fundamental problem is clear in the filings. The industrial business generated an adjusted ROCE of only 2.7% excluding Forest in FY2025. The group has produced negative free cash flow, measured strictly, for two consecutive years. It has written down about EUR 1.5bn of assets since 2023. Against that, management under Hans Sohlström has acted decisively.
It sold 12.4% of the Swedish forest at book value. It is spinning off the remaining 1.2m hectares as Bergslagets Skogar. It has reorganised around packaging. It is cutting capex by about EUR 200m. It extended debt maturities and added EUR 1bn of equity-accounted hybrid capital to protect a Baa3/BBB- rating through the transition. Early operating evidence is encouraging: Consumer Packaging adjusted EBIT rose about 68% in H1/2026, and Biomaterials posted a 15.9% margin in Q2.
The valuation asymmetry is the strongest part of the case. At about EUR 9.96, the shares trade below the EUR 10.80 per share fair value of the forest assets and at about 0.7x book value. The listing of Bergslagets Skogar should make that discount visible and tradeable. The main debates are what the remaining packaging company is worth on its own, and whether Oulu can lift group margins credibly toward the above-10% target.
The risks are real. The Q2 IFRS loss, a collapse in the "Other" segment, a step-down in ETS income, wood scarcity, and geopolitically driven cost inflation all cap near-term earnings. Q3/2026 will likely be seasonally weak because of maintenance.
Net assessment: a constructive, catalyst-driven stance is warranted for investors with a 12–18-month horizon who can tolerate cyclical earnings volatility. The 3 Nov 2026 CMD and the H1/2027 demerger are the decisive milestones. Conviction should rise only on clear evidence of positive free cash flow and Consumer Packaging margins holding above 6% after Oulu reaches full capacity.
This is not investment advice.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Since | Background (as disclosed or widely reported) |
|---|---|---|---|
Hans Sohlström | President and CEO | Early 2024 | Former President and CEO of Ahlstrom-Munksjö; long career in the Nordic forest industry. |
Niclas Rosenlew | CFO | — | Co-presented H1/2026 results as CFO. |
Pauli Torikka | EVP, Wood and Energy BA; GLT member | 1 Jan 2026 | M.Sc. (Forest Economics and Wood Technology) |
Lars Völkel | EVP, Containerboard BA; GLT member | 1 Jan 2026 | M.Sc. (BA). Joined Stora Enso in 2020 as EVP Wood Products. Succeeded Hannu Kasurinen, who retired at end-2025. |
Tuomas Hallenberg | President and CEO, Bergslagets Skogar (Swedish forest business) | 1 Jan 2026 | Joined 2024 as EVP Forest. Left the GLT on 31 Dec 2025 and reports to Sohlström. |
Jutta Mikkola | SVP Investor Relations | — | IR contact |
Hanna Rutanen | SVP Communications | — | Communications contact |
Board of Directors
| Name | Role | Notes |
|---|---|---|
Håkan Buskhe | Chair (previously Vice Chair) | Former CEO of Saab AB (widely reported); member of the Shareholders' Nomination Board |
Jouko Karvinen | Vice Chair (new member 2026) | Former Stora Enso CEO (2007–2014, widely reported); member of the Nomination Board |
Helena Hedblom | Member | CEO of Epiroc (widely reported) |
Astrid Hermann | Member | — |
Christiane Kuehne | Member | Former Nestlé executive (widely reported) |
Richard Nilsson | Member | Linked to FAM AB (widely reported) |
Elena Scaltritti | Member | — |
Antti Vasara | Member | CEO of VTT Technical Research Centre of Finland (widely reported) |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Early 2024 | Hans Sohlström becomes CEO | Succeeded Annica Bresky after the 2023 earnings collapse |
14 Nov 2025 | Hallenberg named CEO of the Swedish forest business; Torikka named EVP Wood and Energy | Linked to the demerger and new BA structure |
31 Dec 2025 | Hannu Kasurinen retires; Lars Völkel moves to Containerboard | Organisational reset |
6 Mar 2026 | Executive management team for the new forest company presented | Demerger preparation |
24 Mar 2026 | Buskhe becomes Chair, Karvinen Vice Chair | Board renewal |
Major Shareholders
| Holder | Stake | Basis |
|---|---|---|
Solidium Oy (Finnish state) | One of the two largest shareholders at 31 May 2026. Approximately 10–11% of capital and about 27% of votes (approximate; verify against the company list). | H1/2026 report confirms ranking; stake figures are approximate |
FAM AB (Wallenberg foundations) | One of the two largest shareholders at 31 May 2026. Approximately 10% of capital and about 30% of votes (approximate; verify). | H1/2026 report confirms ranking; stake figures are approximate |
BlackRock, Inc. | Crossed 5% (including financial instruments) on 1 Apr 2026 | Flagging notice, 2 Apr 2026 |
Competitive Landscape
Competitors by Segment
| Segment | Principal competitors |
|---|---|
Consumer board (FBB, SBS, LPB, cupstock) | Metsä Board (Metsä Group), Billerud, Holmen (Iggesund), Graphic Packaging International, WestRock assets within Smurfit Westrock, Mayr-Melnhof Karton, Asian producers (APP, Nine Dragons, Sun Paper) |
Containerboard and corrugated | Smurfit Westrock, International Paper (incl. DS Smith), Mondi, SCA, Billerud, Metsä Board (white kraftliner), Prinzhorn/Hamburger |
Market pulp | Suzano, Arauco, UPM, Metsä Fibre, CMPC, SCA, Södra |
Sawn timber and CLT | Södra, SCA, Holmen, Moelven, Mayr-Melnhof Holz, Binderholz, Metsä Wood, UPM Timber |
Forest assets (post-demerger) | Holmen, SCA (forest-rich listed peers), Sveaskog (state), Södra (cooperative) |
Peer Comparison FY2025
| Company | FY2025 revenue | Revenue growth % | Profit measure | Margin % | Net debt / EBITDA (x) |
|---|---|---|---|---|---|
Stora Enso | EUR 9,326m | 3.1 | Adj. EBIT EUR 528m; adj. EBITDA EUR 1,144m | 5.7 (EBIT); 12.3 (EBITDA) | 2.8 |
UPM-Kymmene | EUR 9,656m | -6.6 | Comparable EBIT EUR 921m | 9.5 | — |
Mondi | EUR 7,663m | 3.3 | Underlying EBITDA EUR 1,001m | 13.1 (EBITDA) | 2.6 |
Metsä Board | EUR 1,776m | -8.4 | Comparable operating result EUR -80m | -4.5 | — |
Smurfit Westrock | USD 31.1bn | 47 (merger effect) | Operating profit USD 1.7bn | about 5.5 (operating) | — |
