Annual report 2025
In 2025, we delivered resilient financial results, strengthened our balance sheet through a major forest divestment, and announced plans to create a new listed forest company in 2027. While Oulu’s ramp-up affected profitability, it will enhance competitiveness long-term. As a company, we remain focused on sustainability, disciplined capital allocation, and growth in renewable segments for lasting value creation.
Annual report 2025
We publish a combined Annual Report, covering our strategy, financials and corporate governance. The new CSRD-aligned Sustainability Statement is included within the Report of the Board of Directors. The remuneration report is published as a separate document.
President and CEO's review
What is a summary of Stora Enso’s 2025?
In 2025, we continued to execute our strategy and profit improvement actions. While market conditions remained to be challenging and demand was subdued, we stayed focused on the areas within our control. We took actions that will build a stronger Stora Enso going forward.
How did Stora Enso perform financially?
Despite a challenging macroeconomic and market environment, Stora Enso delivered resilient results. Group sales for the year were EUR 9.3 billion, with adjusted EBIT of EUR 528 million. Underlying profitability improved across all business areas except Biomaterials, which was impacted by lower pulp prices. The ramp-up of the Oulu site had an adverse impact on the results. Our net debt to adjusted EBITDA ratio improved to 2.8, reflecting the positive impact of the Swedish forest asset divestment.
What can you tell about the forest divestment?
A significant milestone during the year was the successful divestment of approximately 175,000 hectares of forest land in Sweden. This transaction, valued at SEK 9.8 billion (around EUR 900 million), was in line with the forest book value and bolstered our balance sheet, enhancing our financial flexibility.
What steps were taken to maximise shareholder value?
During the year, we took an important step in maximising shareholder value by deciding to create the largest listed forest company in Europe.
What can you say about the strategic review of your Central European sawmills?
How did the ramp-up of the new consumer board production line in Oulu progressed?
The ramp-up of the new consumer board line at our Oulu site in Finland progressed, with increasing production volumes. Although this phase impacted our profitability during the year, we are confident that the Oulu board line will set new industry standards for quality and cost competitiveness once fully operational.
What can you say about the climate resilience plan?
Stora Enso published a climate resilience plan to ensure its strategy and business model remain compatible with the transition to a sustainable economy amid rapid advances in science, technology, and regulation. The plan details how the company anticipates, withstands, and adapts to climate‑related risks while addressing opportunities, and sets out actions, target delivery, and governance to strengthen resilience.
What will the focus forward be?
The strategic decisions made during 2025 are laying the foundations for two robust and focused companies, each better positioned to deliver sustained value for our shareholders.
As we reshape our businesses, we are building a more resilient and competitive future for Stora Enso. The businesses in which we operate are in growing segments, driven by strong sustainability trends, and Stora Enso holds leading market positions across these segments.
Hans Sohlström
President and CEO
ESEF Annual Financial Statements 2025
| Language | Name | Download as XBRL |
| Finnish | Tilinpäätös 2025 | Lataa |
