Stora Enso Oyj Class A · OMXHEX:STEAV
Stora Enso Oyj Class A — Investor Day (November 2025)
39 slides from Stora Enso Oyj Class A's investor day presentation, Nov 25, 2025
Slide 1: Capital Markets Day 2025 Part 2
Stora Enso Oyj Capital Markets Day 2025 Part 2 25 November 2025 Products: FBB - Performa Light, Performa Nova, CUK – CKB (Coated kraft back) & SBS
Slide 2: Consumer Packaging
Consumer Packaging Andreas Birmoser EVP Cartonboard Product: Foodservice board: Foodbox 2
Slide 3: Champion in growing packaging markets with customer centric innovation
Champion in growing packaging markets with customer centric innovation Leading market positions across all consumer board grades Blue chip customer base Cartonboard #1 Folding Boxboard Coated Unbleached Kraft Solid Bleached Sulphate (FBB) (CUK) (SBS) Foodservice & Liquid Strong positions in Europe a
Slide 4: Healthy long term market growth trajectory
Healthy long term market growth trajectory Global consumer board market European consumer board market CAGR (2024-2035e) CAGR (2024-2035e) 80 Millions tonnes 12 Millions tonnes Foodservice & 70 Liquid 10 Foodservice & +0.6% 60 Liquid +3.1% +2 BEUR to +13 BEUR 8 50 to 2035 2035 Virgin fiber Virgin fi
Slide 5: Advancing our competitive position with the Oulu investment and continuous improvement
Advancing our competitive position with the Oulu investment and through continuous improvement FBB cost competitiveness in Europe LPB aseptic cost competitiveness in Europe 1,200 EUR/t, reels, delivered to Frankfurt 1,000 EUR/t, reels, delivered to Frankfurt Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,000 800 800 600
Slide 6: High barriers to entry
High barriers to entry Product Consistency & Barrier performance and Rising innovation bar requirements convertibility food safety compliance to drive sustainability Supplier Converter and end user Long-term contracts with Integrated systems from qualification & qualification process high switching
Slide 7: Stora Enso has a strong right-to-win and drives fiber-for-plastic substitution
Stora Enso has a strong right-to-win and drive fiber-for-plastic packaging substitution Retail packaging type % Stora Enso’s right to win (Europe and NA, bn units 2025) Paper & board 60–70% of global plastic substitution potential 10% in Europe • Scale and cost leadership in high-substitution segmen
Slide 8: Product innovation to drive competitiveness and expand the addressable market
Product innovation to drive competitiveness and expand the addressable market Performa NovaTM, Performa LumiTM The FBB Performa products from Oulu with patented FiberLight Tec concept, maximises fiber efficiency and functionality • Material efficiency for cost-savings throughout the value chain with
Slide 9: Successful start of the new consumer board line in Oulu, Finland
Successful start of the new, state-of-the-art consumer board line in Oulu, Finland Packaging for food, beverage, personal care and general packaging • 750,000 tonnes of annual capacity of folding boxboard and coated unbleached kraft • Expected to generate 800 MEUR in annual sales at full capacity De
Slide 10: Clear path for significant margin expansion through internal initiatives
Clear path for significant margin expansion through internal initiatives Adjusted EBIT margin Key initiatives to drive margin uplift Oulu BM6 ramp-up 30-40% from Structural changes Oulu BM6 at full run-rate enabling above market growth in folding cartons through superior cost and quality competitive
Slide 11: Leveraging our strong right-to-win in premium and growing markets to expand margins
Leveraging our strong right-to-win in premium and growing markets to expand margins How we win in Consumer Packaging • Premium market segments with healthy growth outlook • Right-to-win and fiber-for-plastic packaging substitution with cost competitive assets and customer centric innovations • Signi
Slide 12: Integrated Packaging
Integrated Packaging Carolyn Wagner EVP Packaging Solutions Product: Scalable gift packaging portfolio for Marimekko 12
Slide 13: Stora Enso is a regional champion in selected markets
Stora Enso is a regional champion in selected markets Leading market positions across all containerboard grades Blue chip customer base Virgin fiber containerboard Recycled fiber containerboard #3 #2 Central Eastern Kraftliner NSSC fluting Testliner Europe Corrugated packaging Strong positions in Eu
Slide 14: Growth in Stora Enso's key markets
Growth in Stora Enso’s key markets Global virgin fiber containerboard demand (Mt/a) CAGR Annual growth in corrugated packaging (%) (2024-2035e) Stora Enso’s +1.2% key market 50 3.5 45 3.2% 40 3.0 Current capacity 35 2.5 30 2.0 25 EU average 1.8% 1.7% 20 1.5 1.3% 1.2% 1.1% 15 1.0 10 0.5 5 0 0.0 2015
Slide 15: Low weight Kraftliner offers a compelling value proposition
Low weight Kraftliner offers a compelling value proposition Demand growth by Stora Enso target segment CAGR (2024-2040e) 10% less material consumption through light weighting1, resulting 3.3% in 49% lower CO2 emissions² Target markets are the fastest 1.9% 1.9% 1.9% growing segments globally 1.6% 1.5
Slide 16: Operational strength and vertical integration
Operational strength and vertical integration Competitiveness of asset footprint in Poland Low Mitigate market volatility Peer 1 Average km distance* between PS Baltics mill(s) and corrugated plant(s) Improve cost Growth efficiency potential to fully integrate Ostroleka PM5 volumes Ostrołęka Peer 2
Slide 17: Expanding the value chain
Expanding the value chain End-to-end Packaging Solutions with bespoke design capabilities 100+ packaging designers Customer co-creation • Strengthens customer relationships • Differentiates Deep customer understanding that shapes how we sell our containerboard 17
Slide 18: Automation as a growth engine
Automation as a growth engine Technological excellence • 40+ years of expertise, 1,000+ machines delivered • Advantage in having both corrugated production and own manufacturing of Packaging Automation equipment Expand margins • Corrugated packaging customers with Stora Enso Packaging Automation are
Slide 19: Clear path to a significant margin expansion
Clear path to a significant margin expansion Adjusted EBIT margin Key initiatives to drive margin uplift De Lier at optimal capacity 20-30% from Structural changes De Lier at optimal capacity with improved cost base and growth through expansion to new segments 70-80% from Own actions: Operational ac
Slide 20: Delivering product excellence with deep customer focus to expand margins
Delivering product excellence with deep customer focus to expand margins How we win in Integrated Packaging • Industry leading product performance for efficient operations and competitive advantage • End-to-end packaging solutions, design capabilities and customer-centric packaging innovation • Sign
Slide 21: Biomaterials
Biomaterials Johanna Hagelberg EVP Biomaterials Product: Wood foam: Papira 21
Slide 22: Serving demanding customers with specialised pulp grades
Serving demanding customers with specialised pulp grades We produce pulp for everyday life Eucalyptus Fluff Specialised UKP1 #1 #1 Cost Maximal High-quality competitive performance Eco-friendly Sustainable Minimal environmental impact Packaging Speciality paper Hygiene Medical care Electrical = Euro
Slide 23: Growth market with attractive value-add applications
Growth market with attractive value-add applications Global pulp market Fluff pulp end use segments CAGR (2024-2035e) 100 Millions tonnes Non-wovens Baby 90 Fluff pulp 13% diapers +3,2% 26% 80 UKP 7.5 +2,6% million 70 tonnes +14 Million Adult Femine 60 tonnes BHKP incontinence hygine +1,8% +10 Billi
Slide 24: Ensure packaging cost competitiveness with sustainable eucalyptus
Ensure packaging cost competitiveness, high margins and cashflow with sustainable eucalyptus Hardwood kraft pulp cost competitiveness (global) 1000 (EUR/t, delivered to Rotterdam) Q1 Q2 Q3 Q4 Two world-class pulp production units in Brazil and Uruguay with logistics ensuring cost- 800 effective and
Slide 25: Strengthening packaging cost-competitiveness through internal eucalyptus supply
Strengthening packaging cost-competitiveness through internal eucalyptus supply Only EU packaging peer with internal eucalyptus pulp supply Secure sustainable access create for long-term cost competitiveness Stable pulp supply ensures consistent process control and board performance Stable demand cr
Slide 26: Well positioned in specialised pulp for growing value-added applications
Well positioned in specialised pulp for growing value-added applications to demanding customers #1 Largest fluff pulp producer in Europe New developed high-quality UKP • Solid customer base & strong relationships • Customer base in packaging and new areas • Relevant product offering in hygiene • Pro
Slide 27: New Biomaterials enable long-term value creation
Serving demanding customers with New Biomaterials enable long-term value creation GROW SCALE-UP DEMONSTRATE Biochemicals Fiber Products Battery Materials Lignin and Tall oil enable new Fiber Products used in new high- Replacing mined and fossil-based applications and biochemicals performance materia
Slide 28: Significant margin expansion with specialised pulp and partnering up
Significant margin expansion with specialised pulp, continuous improvement and partnering up Adjusted EBIT margin Key initiatives to drive margin uplift 10-20% from Structural changes Partnering strategy Executing partnering strategy in growing new businesses EBIT 80-90% from Own actions: ~10% Opera
Slide 29: Unlocking customer value with integration, specialisation and competitiveness
Unlocking customer value with integration, specialisation and competitiveness to expand margins How we win in Biomaterials • Serving demanding customers with specialised pulp grades and new biomaterials • Sustainable eucalyptus pulp ensures long-term cost-competitiveness, high margins and cashflow •
Slide 30: Concluding remarks
Concluding remarks Hans Sohlström President and CEO Product: CUK: CKB 30
Slide 31: Stora Enso is a global leading renewable materials company with focus on packaging
Stora Enso is a global leading renewable materials company with focus on packaging Mission Deliver high customer value with efficient operations maximising shareholder value Financial Revenue growth EBIT margin 50% <1 x* targets >4% >10% Payout ratio Net debt/EBITDA Strategic Lead in customer value
Slide 32: Appendix
Appendix Products: Boxes made of corrugated board 32
Slide 33: Glossary - Financials (1/5)
Glossary - Financials (1/5) Term Description EBIT & EBITDA Referring to Adjusted EBIT and Adjusted EBITDA throughout the presentation Operating result (IFRS) excluding items affecting comparability (IAC) and fair valuations and non-operational items Adjusted EBIT (FV) of the line-by-line consolidate
Slide 34: Glossary - Other (2/5)
Glossary - Other (2/5) Term Description Annual harvest The yearly yield or financial return generated from harvesting timber in a given forest area return Bleached Hardwood Kraft Pulp. A chemical pulp made from hardwood species using the kraft process and then BHKP bleached to high brightness. Typic
Slide 35: Glossary - Other (3/5)
Glossary - Other (3/5) Term Description Eucalyptus pulp is a high-quality pulp made from eucalyptus wood, known for its short fibers that provide excellent Eucalyptus pulp softness, smoothness, and printability. It is commonly used in tissue papers, printing and writing papers, and specialty papers
Slide 36: Glossary - Other (4/5)
Glossary - Other (4/5) Term Description Liquid Packaging Board is a strong, multi-layer paperboard engineered to safely contain liquids, often coated with LPB barriers for moisture and flavour protection. It is used for packaging milk, juice, dairy products, and other beverages Laminated Veneer Lumb
Slide 37: Glossary - Other (5/5)
Glossary - Other (5/5) Term Description Standing Stock The total net volume of timber currently standing in a forest area, typically measured in cubic meters. It reflects the Net Volume usable, merchantable wood available Sustainable battery materials are renewable, wood-based alternatives to tradit
Slide 38: 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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