Stora Enso Q1 Report 2024

• Sequential adj. EBIT improvement but year-on-year performance below a comparably strong Q1/2023
• Political strikes in Finland adversely impacted the results by approximately €25 million
• €551 million reduction in operating working capital
• Raised profit improvement target to €120 million from the initial EUR 80 million due to additional cost savings, full effect in 2025
• A reduction of about 1,000 employees may result from the programme
• Awarded “Green bond of the year – corporate EMEA”
• Advancing positive impacts on biodiversity through partnering with IUCN

Sales

• Sales decreased by 20% or by €557 million to ~€2.2 billion
• Sales declined due to capacity closures, political strikes and lower sales prices in all divisions, except Forest

EBIT

• Adj. EBIT decreased to €156 million
• Adj. EBIT margin decreased to 7.2%
• Higher volumes (excluding structural impact) supported by lower maintenance
• Apart from fiber costs, many variable cost categories continued to decline
• Political strikes impact more than offset by one-off CO2 emission compensations 

Cash Flow

• Cash flow from operations amounted to €269 million and cash flow after investing activities to €-104 million
• Operating working capital decreased by €551 million