In 2025, Stora Enso, Helsinki, generated sales of €9.3 billion, recording a slight increase of 3% compared to 2024 (€9.05 billion). Adjusted EBIT amounted to €528 million last year (2024: €598 million), and operating profit (IFRS) of €942 million was achieved (2024: €93 million). Operating cash flow was €897 million in 2025 (2024: €1.19 billion), while cash flow after investing activities amounted to €122 million (2024: €74 million).
In the fourth quarter of 2025, sales decreased by 3% year on year to €2.25 billion (Q4 2024: €2.32 billion). Stora Enso attributes this primarily to lower prices for paperboard and pulp. This decrease was, however, partially offset by the acquisition of Junnikkala and the ramp-up of the consumer board production line at the Oulu site. Operating profit (IFRS) amounted to €476 million (Q4 2024: -€279 million).
Stora Enso is continuing to make preparations for the separation of its Swedish forest assets business into a new publicly-listed company. This process is expected to be completed in the first half of 2027. In the autumn of 2025, the group launched a strategic review of its sawmill and building solutions operations in Central Europe. Various scenarios will be assessed, including a potential divestment. This review is intended to strengthen the strategic focus on renewable materials and packaging. Furthermore, Stora Enso will continue the ramp-up of the consumer board line in Oulu, Finland, this year, which is expected to reach full capacity in 2027. EBIT headwind is expected to gradually decrease as the group is improving its technical performance. A negative impact of €15 to €30 million on adjusted EBIT is anticipated in the first quarter.
According to Stora Enso’s assessment, markets will remain challenging in 2026, with low consumer confidence. Geopolitical volatility reduces predictability. Demand in the packaging and pulp markets is expected to remain stable at a low level.
The divestment of 175,000 ha of forest assets in Sweden, which was completed in 2025, will lead to a reduction in annual adjusted EBIT of around €20 million in 2026. Stora Enso estimates that the quarterly effect will be around €5 million.
