Stora Enso has reported adjusted earnings before interest and taxes (EBIT) of €161m ($179.6m) in the third quarter (Q3) of 2026, up 28% from €126m in the same period last year.
This is driven by increased board volumes, decreased variable costs, and the continued start-up of the consumer board line at Oulu in Finland.
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Organic sales increased by 2%, supported by higher board deliveries and containerboard prices.
However, reported sales fell 2% to €2.24bn from €2.28bn because of divestments.
Operating result under International Financial Reporting Standards (IFRS) was €47m, compared with €231m in Q2 2025.
The figure included €63m of items affecting comparability, mainly impairments, restructuring, and disposals.
The value of Stora Enso’s forest assets reached €8.4bn, compared with €8.3bn, or €10.66 per share.
The net debt-to-adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) ratio, measured over the last 12 months, improved to 2.1 from 2.7. The company used proceeds from a hybrid bond, which is classified as equity, to repay debt.
For the January-to-September period, sales remained flat, totalling €7bn.
Adjusted EBIT increased by 12% to €479m while IFRS operating result fell 68.2% to €148m.
Stora Enso is continuing preparations to separate its Swedish forest assets business into a new publicly listed company.
The company’s board has approved a demerger plan for the separation of Bergslagets Skogar, which is expected in the first half of 2027.
The company permanently closed the Veitsiluoto sawmill in Kemi, Finland, moving production to its other sawmills.
Stora Enso will also close its cross-laminated timber (CLT) unit at Gruvön, Sweden, by the end of 2026. The site will concentrate on sawn goods operations.
In Finland, the company plans to centralise corrugated packaging production at its Lahti facility and close the Kristiinankaupunki site. Its strategic review of Central European sawmills and building solutions operations remains under way.
Last month, Stora Enso partnered with Shanshan Technology on sustainable battery materials. The agreement includes construction of a demonstration line for lignin-based hard carbon anode materials.
In the fourth quarter, Consumer Packaging will be affected by planned annual maintenance. Stora Enso expects this to increase maintenance costs and reduce volumes.
The Oulu consumer board line is expected to improve its financial performance modestly year on year in the fourth quarter. The ramp-up is due to finish in 2027.
Stora Enso now expects 2026 capital expenditure of €500m, compared with its previous estimate of below €550m.
Stora Enso President and CEO Hans Sohlström said: “In the third quarter, we continued to make steady progress, with organic growth of 2% year-on-year, supported by our own actions.
“AI is increasingly helping us accelerate our Value Creation Programmes and identify further opportunities to improve performance. Despite high planned annual maintenance activity, as well as higher costs related to the conflict in Iran, we delivered an adjusted EBIT margin above 7%.
“This is further evidence that our strategic priorities and portfolio optimisation are gradually strengthening the quality and resilience of our earnings and cash flow.”
