Stora Enso Reports Q1 2026 Earnings: EBIT Down 9% Amid Geopolitical Pressures
Event summary
- Q1 2026 sales stable at EUR 2.36 billion, but adjusted EBIT fell 9% to EUR 159 million due to FX headwinds and Oulu site ramp-up costs.
- Forest assets valued at EUR 8.5 billion post-2025 divestment, with separation of Swedish forest business (Bergslagets Skogar) on track for H1 2027.
- EU ETS rule changes to cut 2026 emission rights income to EUR 10–20 million from EUR 72 million in 2025.
- Strategic review ongoing for Central European sawmills and building solutions operations.
The big picture
Stora Enso's Q1 results reflect broader challenges in the renewable materials sector, including geopolitical volatility and regulatory shifts. The company's focus on operational cost control and strategic asset separation aligns with industry trends toward specialization and sustainability-driven valuation. The EUR 8.5 billion forest asset divestment underscores the scale of its restructuring efforts amid a volatile macroeconomic backdrop.
What we're watching
- Geopolitical Cost Pressures
- How escalating Middle East tensions will affect Q2 logistics, energy, and chemical costs.
- Oulu Ramp-Up Execution
- Whether Stora Enso can mitigate short-term profitability hits while reaching full Oulu capacity in 2027.
- Forest Business Separation
- The pace at which Bergslagets Skogar's November 2026 Capital Markets Day clarifies valuation and strategic fit.
Related topics