Stora Enso Oyj Class A · OMXHEX:STEAV
Stora Enso Oyj Class A — Q3 2025 Earnings Presentation
44 slides from Stora Enso Oyj Class A's earnings presentation, Oct 23, 2025
Slide 1: Financial results Q3 2025: Good progress in a challenging market environment
Financial results Q3 2025 Good progress in a challenging market environment Products: Liquid packaging board, containerboard and food service board
Slide 2: Agenda
Agenda: 1. Key highlights and Hans Sohlström strategic focus areas 2. Financial performance Niclas Rosenlew 3. Key takes - focus for Hans Sohlström 2025 Product: Avant Forte Brown – Kraftliner 2
Slide 3: Key highlights and strategic focus areas
Key highlights and strategic focus areas Hans Sohlström, President and CEO Product:: CKB - Coated unbleached kraft 3
Slide 4: Changes in Stora Enso's Group Leadership Team
Changes in Stora Enso’s Group Leadership Team The following changes will take place in Stora Enso’s Group Leadership Team as of 1 Jan 2026: Micaela Thorström Niclas Rosenlew, has been appointed our Chief Financial Officer, will Executive Vice President, assume additional People and Legal, responsibi
Slide 5: Key highlights Q3
Key highlights Q3 2.3 (+1%) 126 (-28%) 2.7 (3.1) Sales, BEUR and sales growth Adjusted EBIT, MEUR Net debt to adjusted EBITDA ratio (LTM) Building a stronger Stora Enso • Divestment completed: Sale of 12% of Swedish forest assets finalised, strengthening cash flow and reducing net debt • Strategic r
Slide 6: Proactive actions driving profitability
Proactive actions driving profitability - consistent work since 2023 Fixed cost Operational Performance Cash flow & Strategic reduction efficiency culture working capital portfolio actions • 120 MEUR and 110 • Implementation of • >4,000 • 700 MEUR • Sale of ~12% MEUR cost savings FTE reductions impr
Slide 7: Oulu update
Oulu update • The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing • Customer feedback on product quality has been very encouraging • Ramp-up volumes are somewhat behind the original schedule • Despite this, we are pushing
Slide 8: Innovation highlights: awarded design and wooden landmarks
Innovation highlights: awarded design and wooden landmarks Red Dot Design Awards for 2025 Atlassian Central in Finlandia Prize for Medal boxes in World Ski Championships Sydney, Australia Architecture 2025 2025 Mass timber solutions to Stora Enso Headquarters: the world’s tallest hybrid Katajanokan
Slide 9: Financial performance
Financial performance Niclas Rosenlew, CFO Product: Tambrite - Folding Box Board 9
Slide 10: Good progress in a challenging market environment
Good progress in a challenging market environment Year-on-Year comparison Sa es d E T and ad E T E E 1 200 2 00 12 10 22 0 1 0 2 000 100 6 1 0 0 2 1 00 0 0 d E T d E T • Sales increased by 22 MEUR or 1% • Adj. EBIT decreased by 49 MEUR • Structural changes related to the consumer board line ramp- •
Slide 11: Continued focus on profit, performance and portfolio while ramping up the new consumer board line
Continued focus on profit, performance and portfolio while ramping up the new consumer board line Year-on-Year comparison 11
Slide 12: Cash flow turned positive following the gradual completion of the investment phase in Oulu
Cash flow turned positive following the gradual completion of the investment phase in Oulu • Since 2023, the profitability has improved gradually • Cash flow from operations has benefitted from OWC reductions throughout 2024, with OWC stabilizing during 2025 • As the heavy investment phase is ending
Slide 13: Net debt reduced following divestment of ~12% Swedish forest assets
Net debt reduced following divestment of ~12% Swedish forest assets et de t to ad E T perating or ing apita E E 20 000 1 00 1 12 0 16 00 1 1 000 12 000 2 0 10 2 00 00 6 1 2 000 2 0 2 1 00 0 0 0 2 2 12 22 2 2 12 22 2 2 2 12 22 2 2 12 22 2 et debt et debt to ad E T to sales 13
Slide 14: Overview of segment financial performance
Overview of segment financial performance Year-on-Year comparison Share of Share of 48% external 11% external sales sales E a aging ateria s E a aging So utions 100 20 100 20 1 1 0 10 0 10 2 2 0 0 0 0 2 2 0 10 0 10 d E T d E T d E T d E T • Sales decreased by 3.5% to 1,128 (1,169) MEUR • Sales incre
Slide 15: Overview of segment financial performance
Overview of segment financial performance Year-on-Year comparison Share of Share of Share of 12% external 17% external 12% external sales sales sales E iomateria s E ood rodu ts E orest 100 20 100 20 100 20 1 1 1 0 10 0 10 0 10 2 2 2 0 0 0 0 0 0 2 2 2 0 10 0 10 0 10 d E T d E T d E T d E T d E T d E
Slide 16: Key takes - focus for 2025
Key takes - focus for 2025 Hans Sohlström, President and CEO Product: Performa light – Folding Box Board 16
Slide 17: Key takes - focus for 2025
Key takes - focus for 2025 Focus on Profit, Performance and Portfolio • Continue company-wide actions to improve profitability and cash flow through sourcing, operational efficiency, commercial excellence, working capital, and fixed cost reductions • Finalise the strategic review of the Swedish fore
Slide 18: 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 20: Development of long-term Group financial targets
Development of long-term Group financial targets Group long-term financial targets Q3/25 Q3/24 2024 Dividend (annual) in EUR /share To distribute 50% of EPS excluding fair valuation over N/A N/A 0.25* the cycle Growth YoY > 5% 1% 6% -4% Net debt to adjusted EBITDA < 2.0x 2.7 3.1 3.0 Net debt to equi
Slide 21: Surpassing 2030 target of 50% reduction in Scope 1 and 2 CO2 emissions
Surpassing 2030 target of 50% reduction in Scope 1 and 2 CO2 emissions 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
Slide 22: Oulu ramp-up and higher maintenance activity weighted on earnings partly offset by increased prices
Oulu ramp-up and higher maintenance activity weighted on earnings partly offset by increased prices Quarter-on-Quarter comparison 22
Slide 23: The divestment of ~12% of Swe forest assets decreased the total forest asset value
. The divestment of ~12% of Swe forest assets decreased the total forest asset value Group forest assets Forest divestment of 12.4% In • Fair value*** of 8.3* BEUR BEUR Sweden equivalent to EUR 10.50 per share completed in Q325 10.0 9.3 • YoY forest assets decreased by 8.7 8.8 8.9 9.0 9.0 8.2 8.7 8.
Slide 24: 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 24
Slide 25: Stora Enso – Group sales by end use
Stora Enso – Group sales by end use Group 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 25
Slide 26: 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 27: U.S. import tariffs – risks and opportunities
U.S. import tariffs – risks and opportunities Tariff status: U.S. imports and exports of board and softwood pulp in 2024 • Limited impact at current tariff rates 2.1 1.3 • Limited sales to the U.S., less than 3% of total sales in 2024 Cartonboard1) (million tonnes) 1.7 0.8 • Main risk is the overall
Slide 28: Overview per segment, LTM
Overview per segment, LTM* Sales, MEUR Packaging Materials Packaging Solutions Biomaterials Wood Products Forest 6 000 6 000 6 000 6 000 6 000 000 000 000 000 000 2 000 2 000 2 000 2 000 2 000 0 0 0 0 0 LT LT LT LT LT Adjusted EBIT, MEUR and Adjusted EBIT Margin, % Packaging Materials Packaging Solu
Slide 29: Planned maintenance shutdowns impacting quarterly results
Planned maintenance shutdowns impacting quarterly results Group total planned maintenance impact Planned maintenance shutdowns in 2025 on adjusted EBIT Packaging Materials Biomaterials MEUR 160 Q1: - Q1: - 146 Q2: Beihai, Langerbrugge Q2: Skutskär 134 139 Q3: Heinola, Oulu, Varkaus Q3: Enocell 140 1
Slide 30: Net financial items
Net financial items MEUR Change Change Q3/25 Q3/24 Q2/25 Q3/25-Q3/24 Q3/25-Q2/25 Net interest expense -44 -31 -13 -38 -6 Average interest rate* 3.8% 4.1% 3.3% Foreign exchange gains and losses 2 3 -1 6 -4 Other financial items 13 -13 26 -12 25 Total net financial items -29 -41 12 -44 15 *Quarterly g
Slide 31: Net FX effect per division
Net FX effect per division MEUR Packaging Materials Packaging Solutions Biomaterials Wood Products Forest -25 -20 -15 -10 -5 0 5 10 15 20 Q3/2025 y-o-y Q2/2025 y-o-y Q1/2025 y-o-y Q4/2024 y-o-y Q3/2024 y-o-y 31
Slide 32: Maintaining a strong liquidity position
Maintaining a strong liquidity position MEUR 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 undra
Slide 33: 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 34: Stora Enso's wood and energy self-sufficiency
Stora Enso’s ood and energy se f-sufficiency Group wood self-sufficiency by country 2024 100% 86% 76% 65% 23% Finland Sweden Uruguay Brazil China 34
Slide 35: Group energy balance in detail
Group energy balance in detail Group energy balance estimate excl. JVs 2025e 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 ~0,4 40 Self-sufficiency 74% Fossil fuel price ~2,9 30 20 Self-sufficiency 78% Energy he
Slide 36: Biomass as primary fuel source
Biomass as primary fuel source Group fuel consumption Q3/2025 2% 4% 2% 4% Biomass Coal Gas Fuel Oil Other Fossil 88% Stora Enso Group’s total /202 fuel consumption was 6 T h 36
Slide 37: Pulpwood and sawlog price development in Finland
Pulpwood and sawlog price development in Finland Pulpwood, Pine Sawlogs, Pine 90 80 70 60 50 EUR /m3 40 30 20 10 0 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319 Q120 Q320 Q121 Q321 Q122 Q322 Q123 Q323 Q124 Q324 Q125 Source: Luonnonvarakeskus 37
Slide 38: 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 38
Slide 39: Hardwood pulp inventories rose while softwood inventories went down, pulp prices declined
Hardwood pulp inventories rose while softwood inventories went down, pulp prices declined Inventory levels Price development Inventories in days USD/ tonne Europe NBSK/USD, Delivered 90 Bleached softwood kraft Europe BHKP/USD, Delivered 1,800 85 China BHKP/USD NET, Delivered pulp 80 China NBSK/USD N
Slide 40: Cost-driven price increases in both containerboard and folding box board
Cost-driven price increases in both containerboard and folding box board Containerboard price development Folding Box Board price development EUR EUR /tonnes /tonnes 1,600 1,400 1,500 1,200 1,400 EUR (average) per ton EUR (average) per ton 1,000 1,300 800 1,200 600 1,100 400 1,000 200 900 0 800 Q423
Slide 41: Paper for recycling price development
Paper for recycling price development 320 PIX OCC Europe* PIX ONP/OMG Europe** 280 240 200 EUR /tonne 160 120 80 40 0 Q216 Q416 Q217 Q417 Q218 Q418 Q219 Q419 Q220 Q420 Q221 Q421 Q222 Q422 Q223 Q423 Q224 Q424 Q225 Source: Fastmarkets FOEX *OCC: Old corrugated containers **ONP: Old newspapers - OMG: O
Slide 42: Indicators driving the demand for packaging
Indicators driving the demand for packaging Private consumption Industrial production Annual growth rate (%) Annual growth rate (%) 12 10 11 8 10 9 6 8 4 7 2 6 5 0 4 -2 3 2 -4 1 -6 0 -1 -8 2021 2022 2023 2024 2025F 2026F 2021 2022 2023 2024 2025F 2026F Eurozone UK US China Source: onsensus The orld
Slide 43: Indicators for demand development in packaging
Indicators for demand development in packaging GDP Inflation 10 Annual growth rate (%) 10 Annual growth rate (%) 9 9 8 8 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 2021 2022 2023 2024 2025F 2026F 2021 2022 2023 2024 2025F 2026F EU UK US China Source: Consensus 43
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