Stora Enso reported resilient full-year 2025 results despite continued pressure from weak pulp and board markets, supported by solid cash generation and an improved balance sheet.
Group sales reached EUR 9.3 billion, compared with EUR 9.0 billion in 2024, while adjusted EBIT declined to EUR 528 million (EUR 598 million), reflecting lower pulp prices and the ramp-up of the new consumer board line at the Oulu site. Earnings per share rose to EUR 0.88, up from a loss a year earlier.
Operating cash flow totalled EUR 897 million, while cash flow after investing activities improved to EUR 122 million. The net debt to adjusted EBITDA ratio improved to 2.8, supported by disciplined capital allocation and forest asset divestments completed during the year.
Q4 impacted by pricing and ramp-up costs
In the fourth quarter, sales declined 3% year on year to EUR 2.25 billion. Adjusted EBIT fell 17% to EUR 100 million, with the Oulu ramp-up weighing on performance by EUR 31 million. The IFRS operating result reached EUR 476 million, largely driven by fair value changes in forest assets.
Dividend and outlook
The Board of Directors will propose an unchanged dividend of EUR 0.25 per share, to be paid in two instalments in 2026.
Looking ahead, Stora Enso expects market conditions to remain challenging in early 2026. Packaging and pulp demand are forecast to stay stable at low levels, while the Oulu ramp-up is expected to have a EUR 15–30 million negative impact on adjusted EBIT in Q1 2026, gradually easing over time.
Stora Enso is a global provider of renewable materials, with a strong focus on fibre-based packaging solutions. The company aims to replace non-renewable materials with renewable alternatives, supporting the transition to a circular bioeconomy. Stora Enso employs around 19,000 people, and its sales in 2025 amounted to EUR 9.3 billion. The company’s shares are listed on Nasdaq Helsinki and Nasdaq Stockholm.
Source: Stora Enso
