Stora Enso Oyj Class A · OMXHEX:STEAV
Stora Enso Oyj Class A — Q3 2026 Earnings Presentation
23 slides from Stora Enso Oyj Class A's earnings presentation, Oct 30, 2026
Slide 1: Interim Report Q3 January–September 2026
Interim Report Q3 January–September 2026 Results summary 2 CEO comment 3 Group results 4 Segment results 6 Sustainability 8 Short-term risks 9 Resolutions by the AGM 9 Events after the period 9 Financials 10 IFRS section 10 Alternative performance measures 19 Contacts 23 On the cover: Trayforma, woo
Slide 2: Introducing Bergslagets Skogar while building a stronger Stora Enso
Summary Introducing Bergslagets Skogar while building a stronger Stora Enso Quarterly financial highlights (compared with Q3/25) January–September 2026 results Outlook Q4/2026 • Organic sales increased by 2%, supported by higher board deliveries (compared with Jan–Sep 2025) • Market conditions remai
Slide 3: CEO comment
CEO comment CEO comment We have now formally decided to proceed with the planned Our recently announced partnership with Shanshan Technology, a separation of Bergslagets Skogar. In just a few days, we will host leading producer of battery anode materials, is an important step in Capital Markets Day,
Slide 4: Group result Q3/2026 (compared with Q3/2025)
Group result Group result Q3/2026 (compared with Q3/2025) Change % EUR million Q3/26 Q3/25 Q3/26–Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Group sales Sales 2,240 2,283 -1.9% 2,423 7,021 7,072 9,326 Organic sales increased by 2%, driven by higher deliveries in Consumer Packaging and Integrated Packaging, a
Slide 5: Third quarter 2026 results and cash flow
Group result Third quarter 2026 results (compared with Q2/2026) Cash flow Q3/2026 Sales Cash flow (non-IFRS) Group sales decreased by 8%, or EUR 183 million, to EUR 2,240 (2,423) million, mainly due to the divestment of Change % EUR million Q3/26 Q3/25 Q3/26–Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 corrug
Slide 6: Capital structure Q3/2026 and Segments
Capital structure Capital structure Q3/2026 (compared with Q2/2026) Segments EUR million 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Stora Enso changed its segment reporting structure as of 1 January 2026. More details in the section Fixed assets1 13,479 13,785 13,668 13,392 Segment changes. Ass
Slide 7: Segment results (compared with Q3/2025)
Segment results Segment results (compared with Q3/2025) Consumer Packaging • Sales increased mainly due to the ramp-up of the consumer board line in Oulu and higher deliveries. • Adjusted EBIT increased by EUR 26 million, supported by the ramp-up in Oulu. Good operational Change % performance, impro
Slide 8: Key sustainability targets and performance
Sustainability Key sustainability targets and performance Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity. The foundation for these is the conduct of everyday business in
Slide 9: Short-term risks, AGM resolutions and events after the period
Short-term risks Short-term risks Resolutions by the Annual General Events after the period Risk is characterised by both threats and opportunities that may Meeting 2026 In October, Stora Enso's Board of Directors approved a Demerger Plan affect Stora Enso's performance, financial results and reputa
Slide 10: Condensed consolidated income statement
Financials Financials Condensed consolidated income statement Consolidated statement of comprehensive income EUR million Q3/26 Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 EUR million Q3/26 Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Sales 2,240 2,283 2,423 7,021 7,072 9,326 Net result for the period 25 201 -11 49 323
Slide 11: Condensed consolidated statement of financial position
Financials Condensed consolidated statement of financial position EUR million 30 Sep 2026 31 Dec 2025 30 Sep 2025 EUR million 30 Sep 2026 31 Dec 2025 30 Sep 2025 Assets Equity and liabilities Goodwill O 170 171 170 Owners of the Parent 11,648 10,796 10,624 Other intangible assets O 204 250 253 Non-c
Slide 12: Condensed consolidated statement of cash flows
Financials Condensed consolidated statement of cash flows EUR million Q1-Q3/26 Q1-Q3/25 EUR million Q1-Q3/26 Q1-Q3/25 Cash flow from operating activities Net change in cash and cash equivalents -376 220 Operating result 148 466 Translation adjustment -1 -18 Adjustments for non-cash items 529 235 Net
Slide 13: Statement of changes in equity
Financials Statement of changes in equity Fair value reserve CTA and net Share Invested non- Equity OCI of investment Attributable to Non- premium and restricted Treasury instruments Cash flow Revaluation associated hedges and Retained owners of the controlling EUR million Share capital reserve fund
Slide 14: Basis of Preparation
Financials Basis of Preparation reflecting the manner in which the chief operating decision maker regularly reviews reportable segments. the holder. The bonds have no contractual maturity and the Group has full discretion over the payment of principal and coupons. Upon initial recognition, the proce
Slide 15: Changes in cash flow statement and Borrowings
Financials Changes in cash flow statement. Net cash from operating activities will increase, mainly due to interest Borrowings paid being reclassified from operating to financing activities, netted with impact from reclassifying EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 dividends and interest
Slide 16: Commitments, contingencies and fair values of financial instruments
Financials Commitments and contingencies Carrying amounts of financial assets and liabilities by measurement and fair value categories: EUR million 30 Sep 2026 31 Dec 2025 30 Sep 2025 30 September 2026 Fair value On Own Behalf Fair value through Total Fair value hierarchy Amortised through income ca
Slide 17: Level 3 Financial Assets
Financials Carrying amounts of financial assets and liabilities by measurement and fair value categories: Reconciliation of level 3 fair value measurement of financial assets and liabilities: 30 September 2026 31 December 2025 EUR million Q1-Q3/26 2025 Q1-Q3/25 Fair value Fair value through Total Fa
Slide 18: Maintenance, Stora Enso shares and external deliveries
Financials Maintenance Stora Enso shares Planned maintenance shutdowns During the third quarter of 2026, the conversions of 42,749 A shares into R shares were recorded in the Consumer Packaging Integrated Packaging Biomaterials Finnish trade register. 2026 2025 2026 2025 2026 2025 On 30 September 20
Slide 19: Alternative performance measures
Financials Sales by segment – total Alternative performance measures EUR million Q3/26 Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance Consumer Packaging 967 985 970 3,692 900 945 953 894 measure is und
Slide 20: Items affecting comparability, fair valuations and non-operational items
Financials Items affecting comparability (IAC), fair valuations and non-operational items (FV) Items affecting comparability Q3/26 Q1-Q3/26 Q3/25 Q1-Q3/25 EUR million Income statement Before tax Income tax Before tax Income tax Before tax Income tax Before tax Income tax Acquisition & disposal Other
Slide 21: Fair valuations and non-operational items
Financials Fair valuations and non-operational items Q3/26 Q1-Q3/26 Q3/25 Q1-Q3/25 EUR million Income statement Before tax Income tax Before tax Income tax Before tax Income tax Before tax Income tax Non-operational FV changes of biological assets Change in net value of biological assets -34 7 -86 1
Slide 22: Forest assets and earnings per share excl. fair valuations
Financials Forest assets Calculation of earnings per share excl. fair valuations EUR million Q3/26 Q3/25 Q2/26 Q4/25 EUR million Q3/26 Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Forest assets in subsidiaries and joint operations 6,542 6,489 6,662 6,641 Net profit for the period attributable to owners of the
Slide 23: Contacts
Contacts Contact information Stora Enso's Q4 and full year 2026 results will be published on Stora Enso Oyj P.O. Box 309 11 February 2027 FI-00101 Helsinki, Finland Visiting address: Katajanokanlaituri 4 Bergslagets Skogar, the Swedish forest assets business to be separated from Stora Enso, Tel: +35