Creating Europe’s largest listed pure play forest company 

Stora Enso is preparing to separate its Swedish forest assets into a new publicly listed company, with completion anticipated in the first half of 2027. The new entity, Bergslagets Skogar, would comprise more than 1.2 million hectares of forest land in Sweden, representing a distinctive, high-quality asset base positioned for sustainable, long-term value appreciation. 

Further information on Bergslagets Skogar and the planned separation will be presented at a Capital Markets Day on 3 November 2026 in Stockholm. Please see further details on the CMD page.

The purpose of the Demerger is to separate Stora Enso’s Swedish forest assets business into an independent company, with the aim to unlock the full potential of the Swedish forest assets business, enabling enhanced focus on core strengths and market opportunities. The separation also aims at positioning Bergslagets Skogar for additional long-term opportunities of incremental value creation through, among other things, advanced forest management and land holding value optimisation.

The separation of the Swedish forest assets business follows Stora Enso's stronger focus on renewable materials and packaging, with the aim to unlock the full potential of both the Swedish forest assets business and Stora Enso's core packaging business, optimise capital allocation, reduce group complexity, and enable enhanced focus on each of Stora Enso's and Bergslagets Skogar's core strengths and market opportunities, with the aim to accelerate value creation for shareholders.

Bergslagets Skogar

Bergslagets Skogar would be positioned as the largest listed pure-play forest company in Europe, offering investors access to forest assets. Global sustainability trends are driving demand for renewable materials as substitutes for fossil-based ones, and forests also play a critical role in climate change mitigation. Trees mature biologically, producing high-quality renewable raw material for different end-uses, such as packaging and construction industries. Forest land has historically shown resilience against inflation and market volatility. The value from forests comes both from biological growth and underlying land appreciation over the long term.

Bergslagets Skogar would aim to generate attractive long-term shareholder returns through sustainable forest management, recurring and stable cash generation, forest asset appreciation and disciplined capital allocation. 

Strategic targets for Bergslagets Skogar

•  The net standing stock volume shall grow by 1 percent per year on average.
• Long-term generate an annual free cash flow return of 2 percent.
• The biodiversity benefit shall increase.
• The climate benefit shall increase.
• The net loan-to-value ratio shall be between 0 to 20 percent.

Read more in the release published on 30 October 2026.

Indicative key dates for the Demerger process:

• On or about 2 November 2026: Notice of the EGM
• At the latest 24 November 2026: Publication of Information Brochure
• On or about 15 December 2026: EGM
• On or about 31 March 2027: Planned registration of the completion of the Demerger
• A prospectus concerning the admission to trading of Bergslagets Skogar's shares is expected to be published closely following the completion date of the Demerger and in any case prior to commencement of public trading in Bergslagets Skogar’s shares