STORA ENSO OYJ STOCK EXCHANGE RELEASE 25 March 2026 at 9:00 EET
Stora Enso's segment reporting changed as of 1 January 2026, and the Group has restated the comparative figures for its segment reporting for 2025.
Stora Enso has implemented changes to its organisational and reporting structures to better align with its strategic focus and operational synergies. Effective 1 January 2026, the Group's reportable segments are Consumer Packaging, Integrated Packaging, Biomaterials, and Other.
Consumer Packaging: Consumer Packaging is a new reportable segment, consisting of the Cartonboard, and Foodservice and Liquid Board business areas (previously in Packaging Materials). These operating segments have been aggregated into a single reportable segment based on their similar economic and other characteristics.
Integrated Packaging: Another new reportable segment, Integrated Packaging, comprises the Containerboard business area (previously included in Packaging Materials) and the Packaging Solutions business area. These operating segments have also been aggregated based on their similar economic and other characteristics.
Biomaterials: The Biomaterials segment continues to be reported as a separate reportable segment.
Other: The segment Other now includes the Wood & Energy business area and Group functions, the Swedish forest assets, the Growth business unit and the Central European Wood Products operations. Intercompany sales of wood and logistics services from the segment Other to Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated from the segment Other, reflecting the manner in which the chief operating decision maker regularly reviews reportable segments.
Main changes
The Wood Products segment has been discontinued as a separate reportable segment as of 1 January 2026. Northern Europe Wood Products operations have been integrated into the Consumer Packaging, Integrated Packaging, and Biomaterials segments to leverage operational synergies. Central European Wood Products operations, which are currently under strategic review, are reported within the segment Other.
The Forest segment has also been discontinued as a separate reportable segment. Swedish forest assets (which are proposed to be demerged) and wood supply operations in Finland, Sweden, and the Baltic countries are now reported within the segment Other. Plantations in Latin America and China, which are linked to local mills, continue to be reported under the Consumer Packaging and Biomaterials segments.
From 1 January 2026, Stora Enso's forestry-related associated companies in Finland (Tornator) and Sweden (SESOM 2) are reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the Forest segment), based on their proportional wood consumption.
Stora Enso's energy-related business and assets in Pohjolan Voima (PVO) are now reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the segment Other), based on their proportional energy consumption. External PVO-related electricity sales will continue to be reported under the segment Other. The Growth business unit, focused on developing innovative biobased solutions to replace fossil-based and other non-renewable materials, is now reported within the segment Other. Previously, it was included in the Biomaterials segment.
The comparative figures have been restated according to the new reporting structure and are presented in the tables below under heading 'Restated'. Comparative figures based on the old reporting structure are presented under the heading 'As published'.
Total sales
Restated
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Consumer Packaging | 3,692 | 900 | 945 | 953 | 894 |
Integrated Packaging | 2,359 | 564 | 584 | 626 | 586 |
Biomaterials | 1,558 | 378 | 358 | 407 | 416 |
Other | 2,497 | 606 | 588 | 658 | 645 |
Inter-segment sales | -780 | -194 | -191 | -217 | -178 |
Total | 9,326 | 2,254 | 2,283 | 2,426 | 2,362 |
As published
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Packaging Materials | 4,478 | 1,033 | 1,128 | 1,159 | 1,159 |
Packaging Solutions | 1,027 | 253 | 263 | 272 | 239 |
Biomaterials | 1,458 | 349 | 339 | 378 | 392 |
Wood Products | 1,817 | 465 | 440 | 494 | 418 |
Forest | 3,212 | 794 | 750 | 833 | 836 |
Other | 194 | 50 | 48 | 47 | 49 |
Inter-segment sales | -2,861 | -688 | -686 | -756 | -731 |
Total | 9,326 | 2,254 | 2,283 | 2,426 | 2,362 |
External sales
Restated
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Consumer Packaging | 3,510 | 849 | 901 | 905 | 855 |
Integrated Packaging | 2,274 | 542 | 564 | 602 | 566 |
Biomaterials | 1,233 | 302 | 280 | 309 | 342 |
Other | 2,310 | 561 | 539 | 610 | 600 |
Total | 9,326 | 2,254 | 2,283 | 2,426 | 2,362 |
As published
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Packaging Materials | 4,255 | 992 | 1,086 | 1,099 | 1,078 |
Packaging Solutions | 1,016 | 250 | 260 | 270 | 237 |
Biomaterials | 1,151 | 278 | 265 | 285 | 322 |
Wood Products | 1,611 | 409 | 388 | 441 | 373 |
Forest | 1,254 | 314 | 277 | 327 | 337 |
Other | 39 | 11 | 8 | 5 | 15 |
Total | 9,326 | 2,254 | 2,283 | 2,426 | 2,362 |
Adjusted EBITDA
Restated
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Consumer Packaging | 354 | 52 | 120 | 76 | 105 |
Integrated Packaging | 232 | 68 | 31 | 72 | 60 |
Biomaterials | 326 | 83 | 73 | 77 | 94 |
Other | 230 | 45 | 67 | 61 | 57 |
Eliminations | 2 | 6 | -1 | -7 | 4 |
Total | 1,144 | 255 | 291 | 279 | 320 |
As published
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Packaging Materials | 419 | 69 | 120 | 99 | 131 |
Packaging Solutions | 80 | 21 | 18 | 20 | 22 |
Biomaterials | 252 | 66 | 59 | 55 | 72 |
Wood Products | 43 | 5 | 5 | 22 | 10 |
Forest | 377 | 85 | 92 | 107 | 93 |
Other | -28 | 3 | -2 | -17 | -12 |
Eliminations | 1 | 6 | -1 | -6 | 3 |
Total | 1,144 | 255 | 291 | 279 | 320 |
Adjusted EBIT
Restated
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Consumer Packaging | 129 | -2 | 54 | 22 | 55 |
Integrated Packaging | 74 | 29 | - 9 | 33 | 22 |
Biomaterials | 185 | 45 | 38 | 42 | 59 |
Other | 138 | 22 | 44 | 37 | 35 |
Eliminations | 2 | 6 | -1 | -7 | 4 |
Total | 528 | 100 | 126 | 126 | 175 |
As published
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Packaging Materials | 124 | -3 | 36 | 29 | 62 |
Packaging Solutions | 14 | 5 | 2 | 3 | 5 |
Biomaterials | 110 | 28 | 24 | 21 | 36 |
Wood Products | -2 | -7 | -6 | 11 | 1 |
Forest | 317 | 71 | 76 | 88 | 82 |
Other | -37 | 1 | -4 | -20 | -14 |
Eliminations | 1 | 6 | -1 | -6 | 3 |
Total | 528 | 100 | 126 | 126 | 175 |
Adjusted EBIT margin
Restated
2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 | |
Consumer Packaging | 3.5% | -0.2% | 5.7% | 2.3% | 6.2% |
Integrated Packaging | 3.1% | 5.1% | -1.5% | 5.2% | 3.7% |
Biomaterials | 11.9% | 11.9% | 10.7% | 10.4% | 14.3% |
Other | 5.5% | 3.7% | 7.4% | 5.6% | 5.5% |
Total | 5.7% | 4.5% | 5.5% | 5.2% | 7.4% |
As published
2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 | |
Packaging Materials | 2.8% | -0.3% | 3.2% | 2.5% | 5.4% |
Packaging Solutions | 1.4% | 1.8% | 0.6% | 1.1% | 2.1% |
Biomaterials | 7.5% | 8.0% | 7.1% | 5.6% | 9.3% |
Wood Products | -0.1% | -1.5% | -1.4% | 2.2% | 0.2% |
Forest | 9.9% | 8.9% | 10.2% | 10.6% | 9.8% |
Other | -19.1% | 2.4% | -9.0% | -42.3% | -28.7% |
Total | 5.7% | 4.5% | 5.5% | 5.2% | 7.4% |
Operating result (IFRS)
Restated
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Consumer Packaging | 88 | -7 | 41 | 4 | 51 |
Integrated Packaging | 53 | 26 | -18 | 25 | 20 |
Biomaterials | 219 | 83 | 36 | 38 | 62 |
Other | 580 | 369 | 173 | 4 | 34 |
Eliminations | 2 | 6 | -1 | -7 | 4 |
Total | 942 | 476 | 231 | 64 | 171 |
As published
EUR million | 2025 | Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Packaging Materials | 83 | -17 | 23 | 17 | 60 |
Packaging Solutions | 2 | 4 | -5 | -2 | 5 |
Biomaterials | 144 | 55 | 25 | 23 | 41 |
Wood Products | -16 | -19 | -8 | 11 | 1 |
Forest | 826 | 484 | 210 | 55 | 76 |
Other | -98 | -36 | -12 | -35 | -15 |
Eliminations | 1 | 6 | -1 | -6 | 3 |
Total | 942 | 476 | 231 | 64 | 171 |
Stora Enso is a global leader in renewable materials with a strong focus on packaging. Our purpose is to replace non-renewable materials with renewable solutions. Together with our customers, we design and deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers, accelerating the transition to a circular bioeconomy.
Stora Enso has approximately 19,000 employees and our sales in 2025 were EUR 9.3 billion. Stora Enso's shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors
STORA ENSO OYJ
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