Quarterly update

Outlook Q3/2026

• Market conditions remain uncertain. Continued geopolitical tensions and trade-related volatility may affect customer demand, supply chains and input costs. Stora Enso continues to focus on actions within its control while proactively adapting to market developments with agility.

• Planned maintenance impact in the third quarter is expected to increase by approximately EUR 40–50 million compared with the second quarter. The increase is due to scheduled maintenance shutdowns across all operational segments. See the section Maintenance for more details.

• The ramp-up of the new production line in Oulu continues. A longer annual shutdown is planned in the third quarter, during which selected efficiency improvement equipment will be installed. The negative impact on adjusted EBIT is expected to remain at a similar level to the second quarter.

• The divestment of 175,000 hectares of forest assets in Sweden, completed in 2025, will result in a reduction of annual adjusted EBIT of approximately EUR 20 million, with an estimated quarterly effect of approximately EUR 5 million.

• The operating income from emission rights in 2025 was about EUR 72 million, distributed evenly throughout the year. For 2026, the income from the sale of emission rights is projected to decrease to EUR 10–20 million. This decline reflects changes to the EU ETS (Emissions Trading Scheme) rules: several sites will lose their free CO₂ allowance allocations from 2026 onward, as their emissions are more than 95% biogenic and therefore no longer qualify for free allocations under the revised ETS framework.

Recent events

Stora Enso announced on 17 June that it will strengthen its focus on specialised pulp grades by investing EUR 19 million in fluff pulp production increase at its Skutskär production unit in Sweden. This investment will cater to the growing consumer demand for hygiene products.As part of this transition, softwood pulp production on fiberline 3 will be permanently shut down during Q3/2026.

Stora Enso continues the preparations for the planned separation of its Swedish forest assets business into a new publicly-listed company, expected to be completed during the first half of 2027.

Stora Enso's strategic review of its Central European sawmills and building solutions operations is ongoing.

The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing. The line is expected to reach full capacity during 2027.

Stora Enso has published its Circularity Plan, aligned with the first version of the Global Circularity Protocol for Business (GCP), and introduced a new target to increase material circularity in its direct operational control. The plan outlines the company’s comprehensive approach to advancing circularity, including target setting and the integration of circular economy principles into its strategy and daily operations.

On 7 May, Stora Enso announced Bergslagets Skogar as the new name of its Swedish forest asset company. The announcement marks an important step in Stora Enso’s preparations to separate its Swedish forest assets into a standalone listed company, subject to relevant approvals. Further information on Bergslagets Skogar and the planned separation will be presented at a Capital Markets Day on 3 November 2026 in Stockholm. The CMD will be followed by a forest field trip in Falun. An invitation with registration details and a complete agenda will be sent out closer to the event. 

Stora Enso successfully completed the issuance of two tranches of hybrid bonds with a total nominal amount of EUR 1 billion in April. The proceeds from the issuance will be used for general corporate purposes, including the refinancing of existing debt and upcoming maturities. Read more.

The financial reporting dates in 2027 are available in the calendar.

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. Read more