Forest demerger
Creating Europe’s largest listed pure play forest company
Stora Enso is preparing to separate its Swedish forest assets into a new publicly listed company, with completion anticipated in the first half of 2027. The new entity, Bergslagets Skogar, would comprise more than 1.2 million hectares of forest land in Sweden, representing a distinctive, high-quality asset base positioned for sustainable, long-term value appreciation.
Further information on Bergslagets Skogar and the planned separation will be presented at a Capital Markets Day on 3 November 2026 in Stockholm. The CMD will be followed by a forest field trip in Falun. An invitation with registration details and a complete agenda will be sent out closer to the event.
Bergslagets Skogar
Bergslagets Skogar would be positioned as the largest listed pure play forest company in Europe, offering investors exposure to forest assets. The world sees a demand for sustainable materials, land scarcity continues to increase. Trees mature biologically, producing high-quality wood and serving as the source for building and packaging end-uses. Forest land has historically shown resilience against inflation and market volatility. The value from forests comes both from biological growth and underlying land appreciation over the long term. Global sustainability trends are driving demand for renewable materials as substitutes for fossil-based and forests also play a critical role in carbon sequestration.Long-term wood supply to Stora Enso, with gradually decreasing volume commitments for over 18 years, provides predictable demand whilst ensuring flexibility.
Value from forest
Land appreciation ~4.5% p.a.
- Historical average price development since 1990
- Significantly above inflation and excludes the underlying growth in standing stock
Standing stock net volume growth ~1% p.a.
- Steady increase in standing stock volume
- Increasing growth rate over time driven by improvements in forestry operation
Annual harvest return ~1.5% p.a.
- An average net forestry margin of >50% since 1990
- Annual harvesting volume has been an average of close to 3% of standing stock since 1990
Non-harvest related returns
- Net revenues from non-harvesting related land-use activities (wind and hunting leases, gravel and land optimisations)
Additional opportunities for incremental value creation
- Advanced forest management and related services and products: Digital twin of all Nordic forests allows data analysis driving optimal forest management
- Renewable energy: Develop and sell ‘Ready-to-Build’ stage projects, with the ambition of 10 TWh of wind power by 2035.
- Land holding value optimisation: Divest land with a high share of ‘set-aside’ areas, acquire land with a greater share of fiber-base areas, and leverage zoning to unlock value
- Carbon storage: Carbon credits through carbon capture, peatland rewetting, and other activities that drive CO2 sequestration
Creating two champions
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Stora Enso: Global leader in renewable materials focusing on packaging |
Bergslagets Skogar: Europe’s largest listed pure play forest company |
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| Description |
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| Strategy | Maximise profitability through production efficiency and customer centric innovation | Grow long-term value via sustainable asset development and land appreciation |
| Key figures | Growth <4% EBIT <10% |
Value return~7% (hist.)
Forest asset value ~5.7 BEUR |
| Customer base | Global, with highly diversified end-markets | Local, mainly focused on timber processors |
| Listing | Nasdaq Helsinki, Nasdaq Stockholm | Nasdaq Stockholm, Nasdaq Helsinki |
Planned schedule
