Stora Enso has reported a 28% fall in adjusted earnings before interest and taxes (EBIT) to €126m in the third quarter (Q3) of 2025, down from €175m a year earlier.
The Finnish pulp and packaging group stated that the ramp-up of a consumer board line at its Oulu site had a €45m negative effect on the quarter.
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Its adjusted EBIT margin narrowed to 5.5% from 7.8% in the same period of 2024.
Sales edged up 1% to €2.28bn, driven largely by the Junnikkala acquisition and the Oulu ramp-up.
According to international financial reporting standards, operating profit rose to €231m from €139m, reflecting €117m of items affecting comparability.
Basic earnings per share increased to €0.25 from €0.11.
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By GlobalDataCash flow from operations declined to €223m, compared with €271m in the third quarter of 2024.
Stora Enso completed the sale of 175,000 hectares of forest land in Sweden for Skr9.8bn (€900m), representing 12.4% of its Swedish forest holdings.
The divestment reduced the net debt-to-adjusted earnings before interest, taxation, depreciation and amortisation ratio to 2.7 from 3.1.
The fair value of forest assets was reported at €8.3bn, down from €8.8bn a year earlier and equivalent to €10.50 per share, reflecting the Swedish disposal.
In its outlook, the group noted continued pressure on packaging and pulp markets from weak consumer confidence and soft order intake, and said it expected prices to remain flat or face downward pressure through the fourth quarter.
Capital expenditure for 2025 was forecast to be between €730 and €790m, with maintenance stoppages expected at similar levels to those in Q3.
Stora Enso also stated that the completed Swedish forest sale would have an annual adverse impact of €25m on the Forest segment’s results, roughly €6m per quarter, starting in Q4.
For the remainder of 2025, the company will focus on enhancing profitability, cash flow and cost competitiveness through measures aimed at improving sourcing efficiency, commercial performance, working capital and fixed cost reduction.
Stora Enso plans to further integrate its Nordic packaging board mills and continue the strategic review of its remaining Swedish forest assets, including an assessment of a potential separation and listing.
Stora Enso president and CEO Hans Sohlström stated: “During the third quarter of 2025, Stora Enso continued to execute on its strategy and profit improvement actions. While the market continues to be challenging and demand subdued, we focused on the areas within our control.
“Thanks to the dedication of our teams, we are now laying the foundation for a stronger, more focused company — one that is better positioned to deliver long-term value. As we reshape the company, the work being done today will define a more resilient and competitive future for Stora Enso.”
