Quarterly update
Q3/2026: Introducing Bergslagets Skogar while building a stronger Stora Enso
| Organic sales growth >4% | EBIT margin >10% | Net debt/EBITDA <1x | |
| Q3 2026 | 2% Reported growth -2% |
7.2% (161 MEUR) |
2.1x |
President and CEO Hans Sohlström comments on Q3 results
Outlook Q4/2026
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Market conditions remain mixed and uncertain. Demand across several end markets continues subdued, while pricing has improved in certain packaging grades. Geopolitical tensions and uncertainty are expected to put further pressure on variable costs, particularly energy, logistics and chemicals. The wood costs are expected to increase somewhat in the fourth quarter. Stora Enso continues to focus on actions within its control while proactively adapting to market developments.
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Consumer Packaging will be impacted by significant planned annual maintenance, resulting in higher maintenance costs and lower volumes. The lower share of consumer board volumes will also have an adverse price/mix impact. In addition, the fourth quarter is low season for Consumer Packaging.
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The ramp-up of the new production line in Oulu continues to progress. The financial performance of the line is expected to improve somewhat year-on-year in the fourth quarter. The ramp-up is expected to be completed during 2027.
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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.
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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.
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Capital expenditure for 2026 is estimated at approximately EUR 500 million, down from the previous estimate of below EUR 550 million.
Recent event
In October, Stora Enso and Shanshan Technology entered into a partnership to jointly accelerate the development and industrialisation of sustainable battery materials with the construction of a demonstration line for lignin-based hard carbon battery anode materials. The collaboration marks an important step in strengthening capabilities across the battery materials ecosystem. As part of the agreement, a demonstration line for hard carbon development will be established at Shanshan Technology’s facility in Ningbo, China, enabling faster technical development and industrial-scale validation globally. Read more.
Stora Enso continues the preparations for the planned separation of its Swedish forest assets business, Bergslagets Skogar, into a new publicly-listed company, expected to be completed during the first half of 2027. Stora Enso's Board of Directors has approved a Demerger Plan concerning the demerger. 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.
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.
