“The operating profit for the full year 2023 is expected to be significantly lower than for the full year 2022,” writes Stora Enso in a press release.
In the most recent previous forecast, Stora Enso was content to state that there would be a lower result.
According to Stora Enso, the poor market outlook has worsened towards the end of the first quarter of the year.
“Cost pressures and market uncertainty, which are expected to be significantly more challenging in 2023 than in 2022, are weighing on our results and reducing the short-term visibility for the current year. This market situation will continue to weaken consumer confidence resulting in lower private consumption, which affects all our divisions,” writes Great Enso.
According to the company, the entire packaging market is in “a weakened state”.
“Especially the demand for corrugated board raw material is expected to remain weak, but consumer cardboard also shows signs of weakening, with the exception of liquid cardboard,” writes Stora Enso.
“The construction sector continues to undergo challenges with a lower number of issued building permits and new housing starts,” adds the company.