Debt investors
Debt investors
Stora Enso’s funding strategy is based on the Group’s financial targets. Stora Enso should have access to sufficient and competitively priced funding at any time to be able to pursue its strategy and achieve its financial targets.
Stora Enso’s debt structure is focused on the capital markets and commercial banks. Stora Enso maintains consistent dialogue with fixed-income community with informative and transparent communication and meetings in conferences and roadshows. The Company's Treasury function is responsible for fixed income investor communication.
Funding is obtained in the currencies of the Group’s investments and assets (primarily EUR, SEK, CNY and USD). Commercial paper markets are used for short-term funding and liquidity management.
In Q3 2026, despite of debt repayments, Stora Enso's liquidity and funding position continued to be strong. Stora Enso has EUR 829 million cash and cash equivalents at 30 September 2026. The company has EUR 800 million of committed undrawn credit lines: a fully undrawn EUR 700 million Committed Revolving Credit Facility and committed credit facility of EUR 100 million undrawn. Stora Enso has a good access to various funding sources.
Public debt structure
| as at 30 September 2026 | EUR | USD | SEK |
|---|---|---|---|
| Public issues | EUR 500 million 2029 | USD 300 million 2036 | SEK 2950 million 2027 |
| SEK 2750 million 2028 | |||
| Private placements | EUR 25 million 2027 | SEK 500 million 2032 | |
| SEK 425 million 2033 | |||
| | SEK 500 million 2034 |
Debt programmes and credit facilities
| as at 30 September 2026 | EUR | USD | SEK |
|---|---|---|---|
| Commercial Paper Programmes | Finnish Commercial Paper Programme | | Swedish Commercial Paper Programme |
| EUR 750 million | SEK 10 000 million | ||
| EMTN (Euro Medium-Term Note Programme) | EUR 5 000 million | | |
| Back-up facility | EUR 700 million Sustainability linked Revolving Credit Facility 2028 1) | | |
| EUR 100 million Bilateral Committed Credit Facility 2029 undrawn | |||
| 1) Undrawn committed credit facility EUR 700 million. Part of the pricing for the facility agreement is based on Stora Enso's Science Based Targets to combat global warming by reducing greenhouse gases, including CO₂. |
Bond loans in non-current debt, including current part
| Issue / Maturity Dates | Description of Bond | Interest Rate % | Currency of Bond | Nominal Value Issued | Outstanding as at | Carrying Value as at |
|---|---|---|---|---|---|---|
| | | 30 September 2026 | 30 September 2026 | |||
| 2026 | 2026 | |||||
| All liabilities are Held by the Parent company | Currency million | EUR million | ||||
| Fixed rate | ||||||
| 2023 - 2027 | Euro Medium Term Note | 4.750 | SEK | 600 | 600 | 53 |
| 2023 - 2028 | Euro Medium Term Note | 5.000 | SEK | 2 250 | 2 250 | 198 |
| 2023 - 2029 | Euro Medium Term Note | 4.250 | EUR | 500 | 500 | 498 |
| 2006 - 2036 | Global 7.250% Notes 2036 | 7.250 | USD | 300 | 300 | 262 |
| Total Fixed Rate Bond Loans | 1 012 | |||||
| Floating rate | ||||||
| 2026 - 2032 | Euro Medium Term Note | Stibor + 1.25 | SEK | 500 | 500 | 44 |
| 2026 - 2034 | Euro Medium Term Note | Stibor + 1.35 | SEK | 500 | 500 | 44 |
| 2015 - 2027 | Euro Medium Term Note | Euribor +2.35 | EUR | 25 | 25 | 25 |
| 2023 - 2027 | Euro Medium Term Note | Stibor + 1.25 | SEK | 2 350 | 2 350 | 207 |
| 2023 - 2028 | Euro Medium Term Note | Stibor + 1.60 | SEK | 500 | 500 | 44 |
| 2023 - 2033 | Euro Medium Term Note | Stibor + 2.20 | SEK | 425 | 425 | 37 |
| Total Floating Rate Bond Loans | 402 | |||||
| Total Bond Loans | 1 414 | |||||
Rating strategy
Stora Enso Group’s target is to have at least one public credit rating with the ambition to be investment grade and sustain such metrics throughout business cycles. The present rating and outlook from Moody's and Fitch Ratings are shown below.| Rating agency | Long / Short-term rating | Valid from |
|---|---|---|
| Fitch Ratings | BBB- (stable) | Thursday, 17 July 2025 |
| Moody's | Baa3 (stable) / P-3 | Thursday, 21 November 2024 |
Both ratings correspond to an Investment Grade rating.
Stora Enso’s goal is to ensure that rating agencies continue to be comfortable with Stora Enso’s strategy and performance. The Company’s strategy is to achieve liquidity well in line with the comfort level of the agencies. Review meetings are arranged with the Stora Enso management annually, and regular contact is maintained with the rating analysts.
Read more about debt and loans in Note 5.3 of our Annual Report 2025
