Stora Enso (STERV.HE): Slight 2Q26 Miss on Lower Others Division

Research evidence excerpt

Stora Enso (STERV.HE): Slight 2Q26 Miss on Lower Others Division

Equity Research

23 July 2026 | 7:35AM BST

Today (July 23), Stora Enso reported 2Q26 Adj. EBITDA of €320mn, 3% below Visible Gabriel Simoes

+44(20)7051-6922 |

Alpha Consensus expectations of €330mn with strong results in Consumer Packaging gabriel.simoes@gs.com

Goldman Sachs International

offset by weaker than expected earnings in the wood business.

Georgina Fraser, Ph.D.

+44(20)7552-5984 |

georgina.fraser@gs.com

GS View: Goldman Sachs International

Thomas WardResults were a mixed bag. While we were positively surprised by the strong beat in +44(20)7051-2527 |

the Consumer Packaging division, which seems to be reaching better price realization thomas.ward@gs.comGoldman Sachs International

than expected, Biomaterials disappointed despite the company’s higher exposure to Marcus von Scheele

fluff pulp and UKP (which have been doing better than the more commoditized +44(20)7774-7676marcus.vonscheele@gs.com|

softwood grades) and the Others division posted a big miss to consensus numbers. Goldman Sachs International

Despite the lack of detail, we suspect the miss in Others was due to lower forestry

sales and higher-than-expected transportation costs. Given the planned spinoff of

the forestry division, we will seek for more details on the negative performance of

the division in the conference call. Once again, we flag the company’s adjustment for

non-operational results as still being elevated due to restructuring costs and led to a

91% miss in operating profit and 26% miss in FCF generation vs. Visible Alpha

Consensus. Adjusting for the company’s hybrid bond, Net Debt/EBITDA remained

elevated, at 3.1x.

While we believe consensus numbers could be revised upwards for Consumer