Here are Stora’s results as well, since they hadn’t been linked yet:
Q4/2025 (compared to Q4/2024)
• Sales decreased by 3% to EUR 2,254 (2,322) million, mainly due to lower board and pulp prices. This was partially offset by the impact of the Junnikkala acquisition and the ramp-up of the consumer board line at the Oulu mill.
• Adjusted EBIT decreased by 17% to EUR 100 (121) million. This was driven by lower pulp prices and the start-up of the new line in Oulu, which had a negative impact of EUR 31 million for the quarter. The adjusted EBIT margin decreased to 4.5% (5.2%).
• IFRS operating profit was EUR 476 (-279) million. The result includes EUR -90 (-768) million in items affecting comparability and EUR 466 (368) million in fair value changes and non-operational items. This was mainly due to an increase in the fair value of biological assets.
• Earnings per share was EUR 0.46 (-0.43) and earnings per share excluding fair value changes was EUR -0.03 (-0.81).
• The fair value of forest assets was EUR 8.5 (8.9) billion, which corresponds to EUR 10.75 per share. The change reflects the sale of a 12.4% stake in forest assets in Sweden.
• Cash flow from operations was EUR 337 (325) million. It was positively impacted by an improvement in working capital.
• The net debt to adjusted EBITDA ratio (last 12 months) improved to 2.8 (3.0).
• Adjusted return on capital employed (ROCE, last 12 months) excluding the Forest segment was 2.7% (3.6%).
Year 2025 (compared to year 2024)
• Sales were EUR 9,326 (9,049) million.
• Adjusted EBIT was EUR 528 (598) million.
• IFRS operating profit was EUR 942 (93) million.
• Earnings per share was EUR 0.88 (-0.17) and earnings per share excluding fair value changes was EUR 0.41 (-0.56).
• Cash flow from operations was EUR 897 (1,187) million. Cash flow after investing activities was EUR 122 (74) million.
Dividend proposal
The Board’s dividend proposal for the Annual General Meeting to be held on March 24, 2026, is EUR 0.25 (0.25) per share. The Board proposes that the dividend be paid in two installments, in the second and final quarters of 2026.
And (quick) comments immediately following: