Stora Enso reported adjusted EBIT of Euro 159 million for the Q1 ended March 31, 2026, a 9% decrease from Euro 175 million in the same period last year, driven by negative net foreign exchange rate movements and the ramp-up of the new consumer board line at the Oulu site.
Sales remained stable at Euro 2,358 million compared to Euro 2,362 million in the Q1 2025, as higher deliveries were offset by negative foreign exchange rate changes. The adjusted EBIT margin decreased to 6.7% from 7.4%. The operating result (IFRS) was Euro 85 million, down from Euro 171 million a year earlier.
In the Consumer Packaging segment, sales increased due to higher deliveries and the Oulu ramp-up, while adjusted EBIT improved by Euro 10 million as lower variable and fixed costs were partly offset by the adverse impact of the new line. Demand for European consumer board grades remained mixed.
The Integrated Packaging segment reported a decrease in sales due to negative foreign exchange rates, while adjusted EBIT increased by Euro 6 million as lower variable costs were partly offset by lower prices. Demand for containerboard and corrugated board remained stable amid market overcapacity.
The Biomaterials segment saw sales decrease due to negative foreign exchange rates and lower deliveries impacted by annual maintenance at the Veracal site. Adjusted EBIT decreased by Euro 20 million. The softwood market remained weak, while the Asian hardwood market tightened with prices continuing to recover sequentially.
Cash flow from operations amounted to Euro 125 million, down from Euro 192 million in the prior year, reflecting higher restructuring-related site closure expenses and higher working capital. Capital expenditure totaled Euro 74 million, compared with Euro 125 million a year earlier. Net debt to last-twelve-months adjusted EBITDA improved to 3.1 from 3.2.
Looking ahead, Stora Enso stated that market conditions remain challenging with low consumer confidence and heightened geopolitical volatility. Geopolitical tensions, particularly the conflict in the Middle East, are expected to increase costs in 2026, especially for logistics, chemicals, and energy. The negative impact on adjusted EBIT from the Oulu ramp-up is expected to continue at a similar level in the second quarter. The company continues preparations for the separation of its Swedish forest assets business, expected to be completed during the first half of 2027. Capital expenditure in 2026 is anticipated to be below Euro 550 million, Euro 200 million less than in the previous year. Income from the sale of emission rights is projected to decrease to Euro 10–20 million in 2026.
Stora Enso is a global leader in renewable materials with a strong focus on packaging.
