The main role of the nucleolus is ribosomal biogenesis, but it also responds to stress with changes in number, area, and/or morphology. Nucleoli with transcriptionally active ribosomal RNA genes are selectively stained by silver nitrate. Hypothesising that fire recurrence and/or polyethylene glycol (PEG)-induced water stress would cause nucleolar changes in Pinus pinaster roots, nucleolar parameters were analysed upon the germination of seeds harvested in post-fire naturally regenerated stands with different fire regimes. An unburned stand was used as a control. The nucleoli number varied from 1 to 15 among stands and PEG treatments, but a mode of five or six nucleoli was found. The number of nucleoli per interphase (N) increased (p < 0.001) with fire recurrence (stand effect). Increasing PEG concentration (treatment effect) decreased the nucleoli number, notably in the stand with the highest fire recurrence. The nucleolar area decreased (p < 0.001) with increased nucleoli number, fire recurrence, and/or PEG concentration. Fire recurrence and water scarcity are forecasted for future climate scenarios. As demonstrated earlier, these factors could influence protein synthesis or the cell cycle’s regularity, which are crucial processes for root growth and pine seedling establishment. Furthermore, this work revealed that nucleolar parameters could be suitable biomarkers for pine stress studies.