Seedlings ofPinus sylvestriswere cold‐stored for three or six months at ‐4°C or 2°C or overwintered outdoors. Dry weight development and net photosynthetic capacity were then measured during a 60‐day cultivation period in a controlled environment. In all storage regimes the longer storage period gave a faster growth initiation. Photosynthetic recovery was faster for seedlings stored at 2°C than at ‐4°C, due to better recovery of stomatal conductance. The results suggest that there is little difference in seedling development between storage temperatures of ‐4°C and 2°C whereas outdoor storage might cause certain negative effects on subsequent growth of seedlings. This result is discussed with regard to the present winter climate.