Full-Year Sales and Reported EBIT
Group sales of EUR 9.3 billion for 2025 and reported EBIT of EUR 528 million, demonstrating resilience in a challenging environment.
Net Debt and Balance Sheet Actions
Net debt reduced materially (net debt decreased by almost EUR 800 million earlier in the year following divestment) and net debt to adjusted EBITDA improved to 2.8x, supported by sale of ~175,000 hectares of Swedish forest land for approximately EUR 900 million.
Clear Strategic Targets and Capital Allocation
New financial targets: ~4% annual revenue growth, ~10% EBIT margin target, distribution of 50% of net profit as dividends, and target to reduce net debt/EBITDA below 1x through disciplined capital allocation and cash generation.
Value Creation Delivered and Pipeline
Value creation programs delivered ~EUR 900 million of annual P&L impact through 2024–2025, and an additional EUR 500–700 million of profit improvement initiatives have been identified and are being executed.
Oulu Investment: Long‑term Growth Driver
Oulu consumer board line ramp-up weighed on 2025 earnings by ~EUR 140 million but is expected to add ~EUR 800 million in annual sales at full capacity (target full potential by 2027); Oulu reached EBITDA breakeven in an October full-run month.
Sustainability Leadership
Scope 1 and 2 emissions reduced by 61% versus 2019 (surpassing the 2030 target of 50%), included on CDP Climate Change A list, and completion of a pioneering IUCN collaboration to deliver a science-based framework for net-positive biodiversity impact.
Innovation and Commercial Wins
Launched Ensovelvet (uncoated premium board for luxury packaging), received 3 awards from the World Packaging Organization, and enabled the world's first large‑scale timber data center using CLT — reinforcing product innovation and commercial relevance.
Operational and Cost Discipline
Other variable and fixed costs decreased by more than EUR 200 million through organizational streamlining and value creation actions; operating working capital stable at ~7% of sales; CapEx guidance reduced to ~EUR 550 million as investment phase winds down.