Stora Enso Oyj Class A · OMXHEX:STEAV
Stora Enso Oyj Class A — Investor Presentation (2025)
79 slides from Stora Enso Oyj Class A's investor presentation, 2025
Slide 1: Stora Enso investor kit Q3 2025
Stora Enso investor kit Q3 2025
Slide 2: Disclaimer
Disclaimer It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein which are not historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and profi
Slide 3: Content
Content Group 4–17 Divisions 18–56 Divisions overview financials 19 Packaging Materials & Packaging Solutions 20-29 Biomaterials 30-34 Wood Products 35-44 Forest 45-56 Financials and governance 57–71 Forest assets and fair valuation 72–79 3
Slide 4: We are the renewable materials company
We are the renewable materials company • A global leader in renewable materials, we deliver solutions for high-performance packaging, wooden construction, and biomaterials. • With a stable, sustainable supply chain, we are a reliable and trusted partner for quality packaging and material development
Slide 5: Competitive portfolio of quality, renewable solutions, with strong focus on packaging
Competitive portfolio of quality, renewable solutions, with strong focus on packaging Renewable packaging Wood products Biomaterials industry-leading portfolio of renewable, high- wood-based solutions that supplying high-quality pulp performance packaging to replace plastics where it help the buildi
Slide 6: Leading market positions in all divisions
Leading market positions in all divisions Forest Consumer Board Containerboard Packaging solutions One of the largest private forest LPB #1 Globally Kraftliner #3 in Europe Corrugated boxes top three in owners in the world Nordics FSB #1 in Europe SC fluting #3 in Europe Corrugated boxes top two in
Slide 7: Capacities by division
Capacities by division Division Capacity 1,000 t Division Capacity 1,000 t Packaging materials Biomaterials Consumer board 4,320* Softwood and fluff pulp 1,175 Containerboard 1,820 Hardwood pulp 1,325 Barrier coating 655 Paper 740 Group forest assets Total area 1.9m ha*** Packaging Solutions 1,777 M
Slide 8: Global capacity and forest asset distribution
Global capacity and forest asset distribution Board capacity by country 2024 Finland Finland Finland Finland Paper capacity by country 2024* 50% 25% 25% 17% Packaging Solutions (corrugated converting capacity) by country 2024 Market pulp capacity by country 2024 Wood Products in 2024 Sweden Belgium
Slide 9: Capacities and long positions 2024-2025
Capacities and long positions 2024-2025 Capacities Net long positions 2024* 2025* 2024* 2025* Consumer Board Consumer Board ~3,520,000 ~3,570,000 Containerboard Net balance Net balance Containerboard Containerboard ~995,000 ~1,055,000 ~1,820,000 ~1,820,000 Market pulp Softwood & fluff Softwood & flu
Slide 10: Group financial performance annually
Group financial performance annually Sales MEUR Adjusted EBIT MEUR MEUR 2 000 Net debt 4 000 12 000 24% 15% -20% 1 800 17% 3 500 19% -4% 1 600 10 000 -21% 3 000 71% 1 400 135% -82% 8 000 1 200 2 500 -20% 1 000 2 000 6 000 800 75% 1 500 4 000 600 1 000 400 2 000 200 500 0 0 0 2020 2021 2022 2023 2024
Slide 11: Annual financial performance by division
Annual financial performance by division MEUR Packaging Materials 6 000 25% MEUR Packaging Solutions MEUR Biomaterials 1 200 25% 2 500 40% 5 000 20% 1 000 20% 2 000 30% 4 000 15% 800 15% 1 500 3 000 10% 600 10% 20% 1 000 2 000 5% 400 5% 10% 1 000 0% 500 200 0% 0 -5% 0 -5% 0 0% 2020 2021 2022 2023 20
Slide 12: Strategic growth areas represented 59% of Group sales in Q3/2025
Strategic growth areas represented 59% of Group sales in Q3/2025 Sales FY/2006 Sales Q3/2025 Sales in ~FY/2030 30%* 59%* 80%* Strategic growth areas Strategic growth areas Strategic growth areas Paper Foundation sales Foundation sales Calculations are based on external sales *Strategic growth areas
Slide 13: External sales by end use FY/2024
External sales by end use FY/2024* Construction 12% Consumer end uses (packaging) 65% Industrial end uses 23% Food & beverages 38% Other industrial Pharma & 5% Personalcare 10% E-commerce 3% Industrial packaging 18% Other consumer 14% *Excludes forest division 13
Slide 14: External sales by destination FY/2024
External sales by destination FY/2024 4% 2% 1% 6% 17% 69% Europe Asia Americas Middle East Africa Oceania 14
Slide 15: Annual climate impact
Annual climate impact1 Our products Our value chain emissions2 Our forests remove carbon3 Our products substitute fossil-based store carbon4 alternatives, saving5 5.8 −4.3 −2.5 −13.5 million tonnes million tonnes of CO2 million tonnes million tonnes of CO2 of CO2 of CO2 1 Negative value indicates a
Slide 16: Our sustainability performance
Our sustainability performance Climate change Circularity Biodiversity -50% 100% Net positive Targets Reduction in absolute Recyclable products Impact on biodiversity emissions by 2030 (Scope 1,2,3) by 2030 by 2050 Committed to reaching -60% net-zero CO2 Scope 1+2 (Q3 2025 compared to emissions by S
Slide 17: Stora Enso ~2030 ambition
Stora Enso ~2030 ambition* +30% sales Packaging >60% Earnings New revenue vs 2021 of sales cyclicality streams (excl. inflation) reduced by half** 1 BEUR sales Wood Products No paper exposure from Biomaterials innovation >40% Significantly reduced 15% operational market pulp exposure EBIT margin of
Slide 18: Segments
StoraEnso
Slide 19: Overview per segment, LTM
Overview per segment, LTM* Sales, MEUR Packaging Materials Packaging Solutions Biomaterials Wood Products Forest , , , , , , , , , , , , , , , Adjusted EBIT, MEUR and Adjusted EBIT Margin, % Packaging Materials Packaging Solutions Biomaterials Wood Products Forest Adjusted EBIT Adjusted EBIT margin
Slide 20: Packaging
Packaging Packaging Materials Packaging Solutions
Slide 21: Packaging Materials division in brief
Packaging Materials division in brief • Aims to lead the development of circular packaging, providing premium packaging materials based on fresh and recycled fiber • Helping customers to replace fossil-based materials with low-carbon, renewable and recyclable alternatives for their food and drink, p
Slide 22: Packaging Solutions in brief
Packaging Solutions in brief • Develops and sells premium fiber-based packaging products and services • Innovation collaboration throughout the whole value chain for developing renewable packaging materials • High-end, eco-friendly packaging products which are used by leading brands across multiple
Slide 23: We have a broad portfolio of products
We have a broad portfolio of products Sales mix Q3 2025 Consumer Board Packaging Solutions Packaging Materials Liquid packaging Food Service Coated Solid Bleached Folding Boxboard board Board Unbleached Kraft Sulphate Containerboard Packaging solutions Kraftliner & Kraft papers Fluting Corrugated pa
Slide 24: Leading market positions in Europe and global reach
Leading market positions in Europe and global reach • Top 10 largest global supplier of Consumer Board Containerboard Stora Enso’s market position packaging board Kraftliner #3 in Europe LPB #1 Globally • Premium products and services SC fluting #3 in Europe for demanding end uses FSB #1 in Europe R
Slide 25: Integration benefits in core regions
Integration benefits in core regions China Nordics and Baltics • Premium carton and liquid packaging board • Fresh fiber containerboard and converting • Megasites for economies of scale and integration benefits • Smaller production sites with niche product concepts • Optimising product mix Eastern a
Slide 26: The new consumer board line in Oulu, Finland
The new consumer board line in Oulu, Finland • Production will include folding boxboard (FBB) and coated unbleached kraft (CUK) for frozen, chilled and dry food, as well as beverage multi-packaging • The new consumer board line started production in Q1/2025 and is currently in ramp-up phase • In add
Slide 27: Planning and implementation of growth projects
Planning and implementation of growth projects Pre- Full feasibility Feasibility Ramp-up production study study Construction phase ~2–3 quarters ~1 year ~2 years ~2–3 years Capex ~3–4 years 27
Slide 28: We are committed to reduce our long position in containerboard
We are committed to reduce our long position in containerboard Testliner, recycled fluting capacity 530,000 Internal consumption** 315,000 SC Fluting Total containerboard Net balance capacity capacity ~1,055,000 300,000 1,690,000* External purchases** 320,000 Kraftliner capacity 860,000 *Excluding O
Slide 29: Packaging ~2030 ambition
Packaging ~2030 ambition >60% sales Highest industry Leader in 100% recyclable increase margins sustainable products vs 2021 packaging design (technically) and innovation EBIT >2x Fully integrated 50% carbon Full adoption of vs 2021 board capacity footprint Circular Design with internal pulp reducti
Slide 30: Biomaterials
WG. WA “aS StoraEnso Biomaterials
Slide 31: Biomaterials division in brief
Biomaterials division in brief • The Biomaterials division’s foundation is built on pulp, with the aim of becoming customer’s first choice in selected grades • To unlock the full potential of a tree the division also leverages all fractions to create innovative biobased solutions, that replace fossi
Slide 32: Biomaterials worldwide
Biomaterials worldwide Grade Capacity 1,000 t Softwood and fluff pulp 1,175 Skutskär Capacity: 545kt Hardwood pulp 1,325 Total Capacity 2,500 Veracel Capacity: 575kt* Enocell a Capacity: 630kt Montes del Plata Capacity: 750kt* *Stora Enso’s share of the capacity (5 %) 32
Slide 33: Our products and sales mix form the foundation for biomaterial innovation
Our products and sales mix form the foundation for biomaterial innovation Sales mix Q3 2025 Pulp sales by end use Q3 2025 Pulp Market size 45 BEUR, CAGR +2% Other Hygiene Paper Packaging Bleached kraft Fluff Unbleached kraft Bio- pulp pulp pulp chemicals Tissue Innovative biomaterials Pulp Specialti
Slide 34: Grow new biomaterials businesses
Grow new biomaterials businesses Sustainable Battery Materials Bio-based Chemicals Renewable Fiber Products From aspiration to action: We create sustainable new biomaterials businesses that • Strong customer orientation and go-to-market strategies provide attractive scale, profitability and growth •
Slide 35: Wood Products
Wood Products
Slide 36: Wood Products division in brief
Wood Products division in brief • Largest sawn wood producer in Europe and a leading provider of sustainable wood-based solutions for the construction industry globally • The growing Building Solutions business offers building concepts to support low-carbon construction and eco-friendly designs • De
Slide 37: Our two strategic pillars enable financial stability and resilience
Our two strategic pillars enable financial stability and resilience Sales mix Q3 2025 Traditional wood products 3-4% annual market growth rate long-term Market size: >100 BEUR Classic Classic Wooden industrial Pellets sawn planed window and door components Building Solutions <10% annual market growt
Slide 38: Climate change can be mitigated with wood construction
Climate change can be mitigated with wood construction CO2 savings for every m³ built with wood -1 tonne CO2 -2.5 tonnes CO2 vs. concrete vs. steel We can significantly cut emissions in the construction sector by using renewable materials 38
Slide 39: Our market position and sustainability megatrends support our profitable growth ambitions
Our market position and sustainability megatrends support our profitable growth ambitions Traditional wood products markets Stora Enso’s global C Stora Enso’s market share (%) market share 2024 10-13% 4% 6% 2% 6% >1% Europe Oceania Asia MENA North America Traditional wood products Building Solutions
Slide 40: Leading provider of wood-based building solutions
Leading provider of wood-based building solutions • Close to strategic European markets • Industrial infrastructure • Local supply of raw material Veitsiluoto Ala Varkaus Annual capacity Honkalahti Sawing 5.4 million m3 Gruvön Imavere Further processing 2.2 million m3 CLT 340,000 m3* Launkalne LVL 8
Slide 41: Traditional wood products: improved profitability and competitiveness
Traditional wood products: we have improved our profitability and competitiveness for profitable growth 1. Demand growth: megatrend for wooden buildings continues 2. Wood supply: competitive sourcing in Nordics and Central Europe 3. Efficiency: largest operational process efficiency programme comple
Slide 42: Building Solutions: accelerated profitable growth across the building lifecycle
Building Solutions: accelerated profitable growth with solutions across the building lifecycle Architect Construction company Building owner Plan Build Live Re-use Building concepts Prefabrication Digital building Recyclability 42
Slide 43: Prefabrication example: Fully-finished building elements
Prefabrication example: Fully-finished building elements to reduce manual, costly workload on the construction site Commodity, off-the-self Bespoke, delivered just in time 43
Slide 44: Wood Products ~2030 ambition
Wood Products ~2030 ambition >40% sales 40% share of 50% scope 3 carbon increase* Building Solutions footprint reduction +75% operational ~25 wind turbine Efficient asset EBITDA over the cycle* towers delivered footprint *Compared to 2016-2021. Measured as standard deviation over a cycle 44
Slide 45: Forest
Forest
Slide 46: Forest division in brief
Forest division in brief • The division creates value with sustainable forest management, competitive wood supply to Stora Enso’s production units, and innovation • Our forests are the foundation for Stora Enso’s renewable offerings • The division includes our Swedish forest assets and the 41% share
Slide 47: We create value through our forest assets
We create value through our forest assets • ~36% self-sufficiency of wood supply from own forest assets and long-term agreements • Secure tactical flexibility through wood sourcing • Operate the largest wood sourcing organisation in the Baltic Sea region • Increased harvesting to secure wood flows t
Slide 48: ~36% self-sufficiency of wood supply from own forest assets
~36% self-sufficiency of wood supply from own forest assets and long-term agreements Wood self-sufficiency by country in 2024 100% 100% 75% 86% 81% 50% 65% 25% 23% 0% Sweden Finland Brazil Uruguay China Sourcing from other third-parties Own forests assets and long-term agreements Stora Enso controls
Slide 49: The forest presents an endless source of value
The forest presents an endless source of value • Foundation for development of sustainable forest management • Advances our innovation and R&D work • Supports our growth strategy through cost efficient wood flows and resource efficiency • Lowers financial and strategic risks • Supports a strong bala
Slide 50: We hold our forest assets close to our production
We hold our forest assets close to our production to ensure flexibility and a low carbon footprint • Enables further control of our wood supply • Establishes a resilience to changes in the market environment • Secures availability and lowers wood costs for the Group • Provides tactical flexibility i
Slide 51: We use all parts of each harvested tree ensuring optimal use
We use all parts of each harvested tree ensuring optimal use Tree tops, branches Renewable energy Energy wood Small diameter wood Pulp, board, paper and lignin Sustainable Pulpwood harvesting Large diameter wood Wood products and building solutions Sawlogs 51
Slide 52: Carbon sequestration capacity
Only growing forests remove CO2 Carbon sequestration capacity of growing stock Year 10–50 Year 70–90 Year 100 → tCO2/ha/yr Peak CO2 absorption Typical harvesting age Forests decay and release carbon 16 Carbon sequestration capacity 12 8 4 0 30 60 90 120 150 Age of growing stock 52
Slide 53: We are committed to step up our work to safeguard biodiversity
We are committed to step up our work to safeguard biodiversity 99% of the lands we own or manage covered by forest certification schemes Science-based indicators for landscapes, habitats and species Net-positive impact on biodiversity by 2050 Investor kit Q1 2023 53 53
Slide 54: Precision forestry enables a more efficient forest management
Precision forestry enables a more and efficient forest management Forest data Forest Forest biodiversity growth Forest health
Slide 55: Active land management enables new revenue streams
Active land management enables new revenue streams Active landowner Wind power • Selected land sales • Land leasing • Land swaps to • Expansion potential optimise the land holdings Other revenue streams Future potential • Hunting licences and • Carbon credits fishing rights • Solar power • Gravel sa
Slide 56: Unlocking wind power potential with strategic initiatives
Unlocking wind power potential with strategic initiatives Our ambition is to The total potential Our aim is to reach Our agreement with develop and for wind power 5–10 TWh of wind power OX2 on a joint wind significantly production on Stora production, ramping up power development increase our Enso’s
Slide 57: Group's financial performance, dividend policy, ownership and top management
Group’s financial performance, dividend policy, ownership and top management
Slide 58: Sales and adjusted EBIT margin development
Sales and adjusted EBIT margin development MEUR 14 000 % 11 680 25 12 000 10 164 10 000 9 396 9 049 20 8 553 8 000 15 6 000 10 4 000 5 2 000 0 0 2020 2021 2022 2023 2024 Sales Adjusted EBIT % 58
Slide 59: Cash flow over the cycles
Cash flow over the cycles MEUR 2 000 1 866 1 800 1 750 1 600 1 400 1 343 • Cash flow from operations 1 200 1 154 1 187 increased to 1,187 (1954) 1 099 954 MEUR in 2024 1 000 800 680 • Cash flow after investing 600 activities was 74 (-40) MEUR in 2024 400 200 74 0 -40 -200 2020 2021 2022 2023 2024 Ca
Slide 60: Stora Enso's wood and energy self-sufficiency
Stora Enso’s wood and energy self-sufficiency Group wood self-sufficiency by country 2024 100% 86% 76% 65% 23% Finland Sweden Uruguay Brazil China 60
Slide 61: We drive shareholder value through a focused and disciplined capital allocation
We drive shareholder value through a focused and disciplined capital allocation Allocating capital for Organic growth M&A sustainable profitable growth CAPEX at or below Selective M&A to support depreciation over the growth in both Packaging cycle and Wood Products Strong cash flow generation Return
Slide 62: Finalising the heavy investment phase
Finalising the heavy investment phase Capital expenditure development MEUR Strategic capex • High strategic capex phase during 2023 and 2024, due to the 1.1 BEUR consumer board investment at the Oulu mill in Finland, is coming to an end 62
Slide 63: Dividend development
Dividend development Dividend EUR 0,7 0,6 0,5 Target to 0,4 distribute: 50% of EPS excluding fair 0,3 0.25* 0,2 valuation over the cycle 0,1 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 *The Board of Directors decided that the dividend be paid in two instalm
Slide 64: Cost structure in 2024
Cost structure in 2024 9% 11% Logistics and commissions 6% Fiber Chemicals and fillers Energy 14% Material 36% Personnel Depreciation 10% Other 6% 8% 64
Slide 65: Maintaining a strong liquidity position
Maintaining a strong liquidity position Title Liquidity position at the end of September 2025 3 500 100 100 3 000 • Liquidity at the end of September 2025: 200 435 100 700 100 200 − 2.2 BEUR cash and cash equivalents 2 500 435 700 700 − 700 MEUR committed revolving credit facility fully 700 100 undr
Slide 66: Maturity profile 2025
Maturity profile 2025 September 2025 MEUR 1 400 27% 12% 1 300 1 200 1 100 Bonds 1 000 Loans from Financial Institutions 900 14% Joint Venture Financing 800 Commercial Papers 700 13% Loans from Wood Suppliers 600 11% Other Loans / Liabilities 9% 500 Committed Credit Facility 400 6% 300 200 2% 100 1%
Slide 67: Ownership distribution at the end of Q3 2025
Ownership distribution at the end of Q3 2025 % of shares % of votes Solidium Oy* 10.7% 27.4% FAM AB 10.2% 27.4% Social Insurance Institution of Finland (KELA) 3.0% 10.1% Finnish institutions (excl. Solidium and KELA) 13.9% 9.1% Swedish institutions (excl. FAM) 2.4% 1.2% Finnish private shareholders
Slide 68: Major shareholders at the end of Q3 2025
Major shareholders at the end of Q3 2025 List has been compiled by the company. based upon shareholder information from Euroclear Finland Oy and Euroclear Sweden AB share registers and a database managed by Citibank. N.A. (as the company's ADR agent bank). This information includes only direct regis
Slide 69: Sponsored ADR Programme
Sponsored ADR Programme Stora Enso has a sponsored Level I ADR programme in the US. Contact information for Stora Enso ADR holders: The ADRs and Ordinary Shares trade on the OTCQX® Best Market. Citibank Shareholder Services Computershare Symbols SEOAY, SEOFF, SEOJF P.O. Box 43077 CUSIP 86210M106 Pro
Slide 70: Group Leadership Team
Group Leadership Team President and CEO Chief Financial Officer Strategy and Sustainability, People and Communication Legal and General Counsel Forest, Country Manager Hans Sohlström Niclas Rosenlew Country Manager Sweden Katariina Kravi Micaela Thorström Finland Tobias Bäärnman Tuomas Hallenberg Ca
Slide 71: Board of Directors
Board of Directors Kari Jordan Håkan Buskhe Helena Hedblom Astrid Hermann Chair Vice Chair Christiane Kuehne Richard Nilsson Reima Rytsölä Elena Scaltritti Antti Vasara 71
Slide 72: Forest assets and fair valuation
Forest assets and fair valuation
Slide 73: Stora Enso's global forest assets' fair values and valuation methodology by region Q325
Stora Enso’s global forest assets’ fair values and valuation methodology by region Q325 Group forest assets fair value at 8.3 BEUR or EUR 10.50 per share in Q3 2025 after the completed divestment of ~12% of Swedish forest assets All forest assets numbers Sweden include biological assets and 5.7 BEUR
Slide 74: We are a leader in sustainable forest management across one of the world's largest private forest estates
We are a leader in sustainable forest management across one of the world’s largest private forest estates Swedish forests 1,235,000 ha (After divestment of 175,000 ha that was divested in Q325) of forest land Veracel Brazil 117,000 ha Tornator of forest land of forest land 319,000 ha in Finland, Est
Slide 75: Biannual market transaction-based fair valuation in Sweden and Finland
Biannual market transaction-based fair valuation in Sweden and Finland Forest divestment of Group forest assets 12.4% In Sweden completed in Q325 Sweden and Finland BEUR 9.0 • Market transactions from our forest regions 1.0 8.3 1.0 • Volume weighted three-year average 1.5 transactions 1.5 • Standing
Slide 76: Forest property market transaction-based price development
Forest property market transaction-based price development Index Sweden SEK/m3fo 1 000 900 800 700 600 500 400 300 200 100 0 1995 2000 2005 2010 2015 2020 2025 Southern Sweden Central Sweden Northern Sweden Sweden Source: Ludvig & Co 21 August 2025 half-year report, based on nominal prices 76
Slide 77: Annual harvesting represented 76% of the forest growth in 2024
Annual harvesting represented 76% of the forest growth in 2024 million million m3 fo Estimated annual forest growth m3 fo Annual harvesting 16,0 16,0 14,0 13.6 13.9 14,0 12.8 12,0 12,0 10.7 10.5 10.5 10,0 10,0 8,0 8,0 6,0 6,0 4,0 4,0 2,0 2,0 0,0 0,0 2022 2023 2024 2022 2023 2024 Sweden Tornator (41%
Slide 78: Increasing standing forest stock
Increasing standing forest stock million m3 fo Total standing stock 250,0 208.1 208.4 214.6 200,0 150,0 100,0 50,0 0,0 2022 2023 2024 Sweden Tornator (41%) Guangxi MdP (50%) Veracel (50%) 78
Slide 79: StoraEnso
IK StoraEnso