Slide 1: Financial results Q1 2026: Focus on our own actions drives results
Financial results Q1 2026 Focus on our own actions drives results Product Virgin fiber kraftliner - AvantForte WhiteTop
Slide 2: Agenda
Agenda: 1. Key highlights and Hans Sohlström strategic focus areas 2. Financial performance Niclas Rosenlew 3. Key takeaways Hans Sohlström - focus for 2026 Product: Product: Trayforma Avant brown Forte Brown – Kraftliner 2
Slide 3: Key highlights and strategic focus areas
Key highlights and strategic focus areas Hans Sohlström President and CEO Product: Product: Natura Life board: Foodbox Foodservice 3 Product: Foodservice board: Foodbox 33
Slide 4: Key highlights Q1 2026
Key highlights Q1 2026 Financial Revenue growth EBIT margin <1 x targets >4% >10% Net debt/EBITDA Q1 2026 +1% 5% 3.1x LTM (9.3 BEUR) (511 MEUR) Q1 2026 0% 7% 3.1x (2.4 BEUR) (159 MEUR) Sharpened strategic focus • We continued to drive performance through our own actions across operations, costs, com
Slide 5: Expand margin through business focus, positive performance culture and systematic value creation
Expand margin through business focus, positive performance culture and systematic value creation Adjusted EBIT MEUR Own actions representing 500-700 MEUR EBIT Mixed market movements >10% in Q126: • Wood cost pressure easing, however unfavorable FX and continued pressure on 598 528 prices and demand
Slide 6: Bergslagets Skogar – New name for Stora Enso's Swedish forest entity
Bergslagets Skogar – New name for Stora Enso’s Swedish forest entity • Next step in the preparations to separate the Swedish forest assets into a standalone listed company • The name reflects both the geographic and historic footprint and a long-term approach to value creation • Represents a high-qu
Slide 7: Innovation highlights: partnering with customers, and great progress in emission reduction
Innovation highlights: partnering with customers, and great progress in emission reduction Photo: Majoral Papira® Certificate Winner in Paris 2026 Grease resistance for packaging: Record low emissions from Packaging Week Innovation Awards Aristo’s success with CKB Nude Aqua Imatra mills • Papira® je
Slide 8: Financial performance
Financial performance Niclas Rosenlew CFO Product: Oulu, newCupforma Tambrite consumer- Natura Folding Box Board board line 8
Slide 9: Focus on our own actions drives results: Year-on-Year comparison
Focus on our own actions drives results Year-on-Year comparison Sa es d E and ad E E E d E d E • Sales was stable • Adj. EBIT decreased by 16 MEUR • Higher deliveries in all segments, except • Lower wood costs offset by negative net foreign Biomaterials, offset by adverse foreign exchange exchange r
Slide 10: Focus on our own actions drives results: Year-on-Year comparison
Focus on our own actions drives results Year-on-Year comparison 10
Slide 11: Generate cash with high conversion ratio and disciplined capital allocation
Generate cash with high conversion ratio and disciplined capital allocation Cash flow development MEUR • Lower capex spend improved cash flow after investing activities • Higher restructuring- related site closure expenses and higher working capital impacted cashflow from operations 11
Slide 12: Path to deleveraging from structural execution and profitability improvement
Path to deleveraging from structural execution and profitability improvement Net debt and net-debt-to-EBITDA Net debt (MEUR) 1,200Net-debt-to-adjusted EBITDA • Net debt increased compared with Q4 2025 following the dividend booking • Successfully issued 1 BEUR hybrid in April 2026, further strengthe
Slide 13: Overview per segment
Overview per segment Sales, MEUR Consumer Packaging Integrated Packaging Biomaterials Other Adjusted EBIT, MEUR and Adjusted EBIT Margin, % Consumer Packaging Integrated Packaging Biomaterials Other Adjusted EBIT Adjusted EBIT margin 13
Slide 14: Key takeaways - focus for 2026
Key takeaways - focus for 2026 Hans Sohlström President and CEO Product: CKB 14
Slide 15: Key takeaways - focus for 2026
Key takeaways Dennis check the - focus for 2026 picture – its short of “thin” Lead in customer value, Grow our business, Expand margins and Generate cash • Continued actions in operational efficiency, commercial excellence, cost efficiency and improved sourcing while maintaining a disciplined approa
Slide 16: 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
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Slide 18: Strong progress on our sustainability targets
Strong progress on our sustainability targets 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 -62% net-zero CO2 Scope 1+2 (Q126 compared to Sh
Slide 19: Focus on our own actions drives results: Quarter-on-Quarter comparison
Focus on our own actions drives results Quarter-on-Quarter comparison 19
Slide 20: Predictable and limited capex going forward with major investments completed
Predictable and limited capex going forward with major investments completed Capital expenditure MEUR Well invested asset base: 1,125 1,090 • Major projects completed, with Oulu consumer board line finished on time and on 778 746 budget 666 • Maintenance capex sets Est <550 the minimum level for Sel
Slide 21: The Group's forest asset value development
. he Group’s forest asset va ue deve opment Group forest assets Forest divestment of 12.4% In • Fair value*** of 8.5* BEUR BEUR Sweden completed equivalent to EUR 10.76 per share in Q325 10,0 9.3 • YoY forest assets decreased by 8.9 9.0 9,0 8.6 8.7 8.8 8.3* 8.5 8.5 EUR ~0.8 billion, mainly due to 8,
Slide 22: Planned maintenance shutdowns impacting quarterly results
Planned maintenance shutdowns impacting quarterly results Planned maintenance shutdowns in 2026 Group total planned maintenance impact on adjusted EBIT Consumer Packaging Integrated Packaging Biomaterials MEUR Q1: - Q1: - Q1: Veracel 160 Q2: Beihai Q2: Langerbrugge Q2: - 139 Q3: Oulu Q3: Heinola, Ou
Slide 23: Net financial items
Net financial items MEUR Change Change Q1/26 Q1/25 Q4/25 Q1/26-Q1/25 Q1/25-Q4/25 Net interest expense -36 -31 -5 -40 4 Average interest rate* 3.7% 3.7% 4.0% Foreign exchange gains and losses 5 4 1 7 -2 Other financial items -11 -13 2 -14 3 Total net financial items -41 -39 -3 -47 5 *Quarterly gross
Slide 24: Maintaining a strong liquidity position
Maintaining a strong liquidity position At the end of the period MEUR Liquidity position at the end of March 2026 • Liquidity at the end of March 2026: 3 500 − 1.0 BEUR cash and cash equivalents, net of 100 100 overdrafts 3 000 200 435 100 700 100 − 700 MEUR committed revolving credit facility, full
Slide 25: Maturity profile 2026
Maturity profile 2026 March 2026 MEUR 1 400 16% 1 300 1 200 1 100 Bonds 1 000 22% Loans from Financial Institutions 900 Joint Venture Financing 800 Commercial Papers 700 17% Loans from Wood Suppliers 600 14% Other Loans / Liabilities 14% 500 Committed Credit Facility 400 8% 300 200 2% 2% 100 2% 1% 1
Slide 26: Stora Enso's wood and energy self-sufficiency
Stora Enso’s wood and energy se f-sufficiency Group energy self-sufficiency excl. JVs 2026e Group wood self-sufficiency by country 2025 100% 94% 89% 75% 74% 80% 60% 20% Total energy Finland Sweden Uruguay Brazil China Fuels Electricity 26
Slide 27: Group energy balance in detail
Group energy balance in detail Group energy balance estimate excl. JVs 2026e Impact on non-hedged volume on MEUR operating profit from 10% change p.a. TWh/a for the next 12 months in: 50 Electricity market price ~2,7 40 Self-sufficiency 74% Fossil fuel price ~3,7 30 20 Self-sufficiency 80% Energy he
Slide 28: Biomass as primary fuel source
Biomass as primary fuel source Group fuel consumption Q1/2026 3% 2% 1% 4% Biomass Other Fossil Coal Gas Fuel oil 89% Stora Enso Group’s total Q / fuel consumption was , Wh 28
Slide 29: Pulpwood and sawlog price development in Finland
EUR /m3 80 20 30 40 90 0 10 50 70 60 Q116 Q216 Q316 Source: Luonnonvarakeskus Q416 in Finland Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Pulpwood, Pine Q220 Q320 Q420 Q121 Q221 Q321 Q421 Sawlogs, Pine Q122 Q222 Q322 Q422 Q123 Pulpwood and sawlog price development Q223 Q323 Q423
Slide 30: 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 22 January 2026 report, based on nominal prices 30
Slide 31: Pulp prices development
Pulp prices development Inventory levels Price development Inventories USD/ Europe NBSK/USD, Delivered in days tonne Europe BHKP/USD, Delivered Bleached softwood kraft 90 China BHKP/USD NET, Delivered pulp 1 800 85 China NBSK/USD NET, Delivered 80 Bleached hardwood kraft 1 600 75 70 pulp 1 400 65 60
Slide 32: Containerboard and folding box board price development
Containerboard and folding box board price development Containerboard price development Folding Box Board price development EUR EUR /tonnes /tonnes 1 400 1 400 1 200 1 200 1 000 EUR (average) per ton EUR (average) per ton 1 000 800 800 600 600 400 400 200 200 0 0 Q421 Q422 Q423 Q424 Q425 Q121 Q321 Q
Slide 33: Indicators driving the demand for packaging
Indicators driving the demand for packaging Private consumption Industrial production Annual growth rate (%) Annual growth rate (%) 10 8 9 6 8 7 4 6 5 2 4 3 0 2 1 -2 0 -1 -4 2022 2023 2024 2025 2026F 2027F 2022 2023 2024 2025 2026F 2027F Eurozone UK US China Source: Consensus, he World ank “China Ec
Slide 34: Indicators for demand development in packaging
Indicators for demand development in packaging GDP Inflation 6 Annual growth rate (%) 10 Annual growth rate (%) 9 5 8 7 4 6 5 3 4 3 2 2 1 1 0 0 -1 2022 2023 2024 2025 2026F 2027F 2022 2023 2024 2025 2026F 2027F EU UK US China Source: Consensus 34
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