Och gud såg att det var skit. Stora Enso q1

STORA ENSO OYJ INTERIM REPORT 7 May 2026 at 8:30 EEST

Q1/2026 (year-on-year)

· Sales remained stable at EUR 2,358 (2,362) million, as higher deliveries were offset by negative foreign exchange rate changes.

· Adjusted EBIT decreased by 9% to EUR 159 (175) million, as lower wood costs were offset by negative net foreign exchange rate and the ramp-up at the Oulu site. The adjusted EBIT margin decreased to 6.7% (7.4%).

· Operating result (IFRS) was EUR 85 (171) million, including items affecting comparability of EUR -56 (-11) million, and fair valuations and other non-operational items of EUR -18 (7) million.

· Earnings per share were EUR 0.04 (0.14) and earnings per share excl. fair valuations (FV) were EUR 0.05 (0.13).

· The fair value of the forest assets was EUR 8.5 (9.3) billion, equivalent to EUR 10.76 per share, reflecting the impact of the divestment of 12.4% of forest assets in Sweden in 2025.

· Cash flow from operations amounted to EUR 125 (192) million, reflecting higher restructuring-related site closure expenses and higher working capital.

· Cash flow after investing activities improved to EUR -22 (-47) million, mainly due to lower cash spending on fixed assets.

· The net debt to adjusted EBITDA (LTM) ratio improved to 3.1 (3.2).

Key highlights

· Stora Enso continues the preparations for the separation of its Swedish forest assets business into a new publicly-listed company, expected to be completed during the first half of 2027.

· Stora Enso's strategic review of its Central European sawmills and building solutions operations is ongoing.

· The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing. The line is expected to reach full capacity during 2027.

· 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's Annual General Meeting on 24 March 2026 decided to distribute a dividend of EUR 0.25 per share for the year 2025 in two instalments, paid on 8 April 2026 and 2 October 2026

Outlook Q2/2026

· 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 Group is working on measures to manage these pressures, but uncertainty persists regarding cost and market development.

· The ramp-up of the new production line in Oulu continues. In Q2, we expect the negative impact on adjusted EBIT to continue at a similar level as in Q1/2026.

· Planned maintenance activity in the second quarter is expected to be broadly in line with the first quarter of 2026.

· The divestment of 175,000 hectares of forest assets in Sweden, completed in 2025, will result in a reduction of annual adjusted EBIT of approximately EUR 20 million, with an estimated quarterly effect of approximately EUR 5 million.

· The operating income from emission rights in 2025 was about EUR 72 million, distributed evenly throughout the year. For 2026, the income from the sale of emission rights is projected to decrease to EUR 10-20 million. This decline results from changes in the EU ETS (Emissions Trading Scheme) rules: several sites will lose their free CO₂ allowance allocations from 2026 onward, as their emissions are now more than 95% biogenic, demonstrating the success of long-term emission-reduction initiatives.

Här är länken men den behöver man inte lägga nån energi på om man inte vill blanka.

https://mb.cision.com/Public/13589/4345733/a3b837a4fc364e99.pdf