Stora Enso lifts Q32026 adjusted EBIT 28% to US$189M

FINLAND – Stora Enso has reported adjusted earnings before interest and taxes of €161 million (US$189 million) in Q32026, up 28% from €126 million (US$148 million) in the same period last year, driven by increased board volumes, decreased variable costs and the continued start-up of the consumer board line at Oulu.

Organic sales increased by 2%, supported by higher board deliveries and containerboard prices. 

However, reported sales fell 2% to €2.24 billion (US$2.63 billion) from €2.28 billion (US$2.68 billion) because of divestments. 

The operating result under International Financial Reporting Standards was €47 million (US$55.2 million), compared with €231 million (US$271.1 million) in the second quarter of 2025. 

The figure included €63 million (US$73.9 million) of items affecting comparability, mainly impairments, restructuring and disposals.

Forest Assets Valued at US$9.86 Billion

The value of Stora Enso’s forest assets reached €8.4 billion (US$9.86 billion), compared with €8.3 billion (US$9.74 billion), or €10.66 (US$12.51) per share. 

The net debt-to-adjusted EBITDA ratio, measured over the last 12 months, improved to 2.1 from 2.7. 

The company used proceeds from a hybrid bond, classified as equity, to repay debt. 

For the January-to-September period, sales remained flat, totalling €7 billion (US$8.22 billion). 

Adjusted EBIT increased by 12% to €479 million (US$562.2 million), while the IFRS operating result fell 68.2% to €148 million (US$173.7 million).

Demerger and Mill Closures Reshape Portfolio

Stora Enso is continuing preparations to separate its Swedish forest assets business into a new publicly listed company. 

The board has approved a demerger plan for the separation of Bergslagets Skogar, expected in the first half of 2027. 

The company permanently closed the Veitsiluoto sawmill in Kemi, Finland, moving production to other sawmills, and will close its cross-laminated timber unit at Gruvön, Sweden, by the end of 2026. 

In Finland, the company plans to centralise corrugated packaging production at its Lahti facility and close the Kristiinankaupunki site.

Hans Sohlström, president and chief executive officer, said the company continued to make steady progress with organic growth of 2% year-on-year supported by its own actions. 

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