Stora Enso has published its interim report for the third quarter of 2025. Sales increased by 1 % to 2.283 billion euros, while adjusted EBIT decreased by 28 % to 126 million euros - mainly due to the start-up costs of the new consumer board line in Oulu.
The Group attributed the negative impact on earnings primarily on the ramp-up in Oulu which had a negative impact of around EUR 45 million on the Q3 result. The company is still targeting the EBITDA break-even mark by the end of the year and expects an overall EBIT effect of around EUR -120 to -140 million for 2025; a negative contribution of EUR -15 to -35 million is forecast for Q4. The line is scheduled to reach full capacity in 2027.
Portfolio and financial structure: sale of forestry land strengthens balance sheet
In September, Stora Enso finalised the sale of around 175,000 hectares of forest land in Sweden (12.4 % of the country's forests). The enterprise value of the transaction amounts to SEK 9.8 billion (around EUR 900 million). The net leverage ratio improved; the net debt to adjusted EBITDA (LTM) ratio decreased to 2.7. Stora Enso retains 15 % of the divested business and is exploring strategic options for the remaining Swedish forest assets, including a possible spin-off and listing.
Business development in the segments
In the Packaging Materials segment, sales fell to €1.128 billion and adjusted EBIT fell to €36 million; high fibre prices, logistics costs and customs duties had a negative impact, but were mitigated by value enhancement initiatives. Packaging Solutions improved slightly in operational terms and achieved a positive adjusted EBIT of EUR 2 million despite the continued weak market situation. The Forest segment made robust contributions, while Biomaterials operated in a weak price environment.
Outlook: Demand remains subdued, investment framework confirmed
Stora Enso expects demand to remain subdued in the short term, particularly in packaging applications, against the backdrop of weak consumer sentiment and global trade uncertainties. The 2025 investment framework remains at EUR 730 to 790 million. Planned maintenance shutdowns will impact Q4 to a similar extent to the third quarter.
Source: Stora Enso
