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Stora Enso (STE) investor relations material
Stora Enso Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved 1% year-over-year sales growth in Q3 2025 to EUR 2.3 billion, despite challenging market conditions and subdued consumer sentiment, mainly due to acquisitions and Oulu ramp-up.
Adjusted EBIT fell 28% year-over-year to EUR 126 million, mainly due to the Oulu consumer board line ramp-up, which had a EUR 45 million negative EBIT impact in Q3.
Completed the divestment of 12–12.4% of Swedish forest assets for EUR 900 million, strengthening the balance sheet and reducing net debt.
Strategic review of remaining Swedish forest assets ongoing, with potential demerger and public listing under consideration.
Leadership changes: new EVP for People and Legal, CFO assumes additional responsibilities effective January 2026.
Financial highlights
Q3 2025 sales: EUR 2,283 million (+1% YoY); adjusted EBIT: EUR 126 million (-28% YoY); operating result: EUR 231 million (+66% YoY).
Net debt to adjusted EBITDA improved to 2.7x from above 3x, reflecting the Swedish forest asset divestment.
Cash flow from operations turned positive, supported by a EUR 700 million reduction in operating working capital since 2023.
Earnings per share: EUR 0.25 (EUR 0.11 in Q3 2024); net result for Q3: EUR 201 million.
Capital expenditure for Q3: EUR 144 million (EUR 229 million in Q3 2024); 2025 CapEx forecast: EUR 730–790 million.
Outlook and guidance
Oulu ramp-up EBIT impact for Q4 projected at EUR 35–50 million; full-year EBIT impact expected at EUR 120–140 million.
Full ramp-up of Oulu expected by 2027, with EBITDA break-even targeted by year-end 2025.
Market demand expected to remain subdued due to low consumer confidence and macroeconomic/geopolitical uncertainty.
CapEx to decrease from over EUR 1 billion in recent years to mid-EUR 700 million, with further reductions expected.
Q4 profitability to be impacted by planned maintenance stops.
Oulu line ramp-up: what drives schedule delay?
Forest assets review: timeline for listing?
Scope 3 emissions: strategy for 50% reduction?
Oulu ramp-up: What's the current bottleneck?
Forest spin-off: What are the key pros/cons?
Cost savings: How much more to expect?
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Next Stora Enso earnings date
CMD 202525 Nov, 2025
Next Stora Enso earnings date
CMD 202525 Nov, 2025
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Frequently asked questions
Stora Enso Oyj provides renewable solutions in packaging, biomaterials, wood construction and paper globally. The company offers solid-wood products, wood components, wood-based products, paperboards, newsprint and magazine papers, lightweight coated papers, fine papers, consumer boards and industrial paperboards for use in the printing and packaging industries. It also designs and constructs turn-key biomass power plants for customers; growth medium for growing crops produced from by-products of forest and pulp industries; and various biomaterials consisting of lignocellulosic fibers from wood or other vegetable materials for use as replacements to plastics and fossil-based materials in applications including automotive interior parts such as door panels, center consoles or parcel shelves. The company was incorporated in 1996 and is headquartered in Helsinki, Finland.
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