Stora Enso Q2 2026 Results
Stora Enso Oyj announced second‑quarter adjusted EBIT of €160 million, missing the analyst consensus by roughly 10% as weakness in its Swedish forest operations and Central European sawmills offset improvements in consumer packaging. The miss contributed to an 11.5% decline in the company’s share price following the release.
Revenue for the quarter was €2,423 million, essentially unchanged from €2,426 million recorded in the same period a year earlier. Adjusted EBIT rose 27% year‑on‑year to €160 million from €126 million, supported by the ramp‑up of a new consumer board line at the Oulu site. However, the Other segment posted EBIT of only €7 million, well below the €28‑32 million analyst estimate, reflecting lower wood prices in Sweden and reduced margins in Central European wood‑products operations.
Earnings per share were –€0.03, compared with €0.03 in the prior‑year quarter. Adjusted earnings per share, excluding fair‑value adjustments, declined to €0.03 from €0.05 a year earlier. Net debt to adjusted EBITDA improved to 2.2× from 3.3×, primarily due to proceeds from a hybrid bond issuance that was classified as equity.
For the third quarter, Stora Enso expects planned maintenance costs to increase by approximately €40‑50 million relative to the second quarter because of scheduled shutdowns across all operational segments. The company indicated that the negative impact from the Oulu ramp‑up will remain at similar levels to the second quarter, with the line expected to reach full capacity during 2027.
CEO Hans Sohlström said the quarter demonstrated disciplined execution in a volatile market, noting improvements in operational performance, stronger customer relationships, and progress on several strategic initiatives. The firm continues preparations for the planned separation of its Swedish forest assets into a new publicly‑listed company, targeted for completion in the first half of 2027.