Slide 1: Financial results Q4 2025: Sharpened strategic focus
Financial results Q4 2025 Sharpened strategic focus Products: FBB - Tambrite Aqua+
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:Avant Product: Pet food box Forte made Brown – of corrugated board Kraftliner 2
Slide 3: Key highlights and strategic focus areas
Key highlights and strategic focus areas Hans Sohlström President and CEO CUK: CKB Product: Foodservice board: Foodbox 3 3 Product: Foodservice board: Foodbox 3
Slide 4: Key highlights Q4 and FY 2025
Key highlights Q4 and FY 2025 Financial Revenue growth EBIT margin <1 x targets >4% >10% Net debt/EBITDA FY 2025 +3% 6% 2.8x (9.3 BEUR) (528 MEUR) Q4 2025 -3% 5% 2.8x (2.3 BEUR) (100 MEUR) Sharpened strategic focus Positioning as a global leader in renewable materials • Company to be separated into
Slide 5: 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 -61% net-zero CO2 Scope 1+2 (2025 compared to Sh
Slide 6: 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 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 Grow fas
Slide 7: Clear path to drive growth and continuous margin expansion well above 10%
Clear path to drive growth and continuous margin expansion well above 10% Adjusted EBIT Mainly Oulu MEUR Oulu ramp-up Expand margin through ramp-up business focus, positive Own actions performance culture and representing EBIT 500-700 MEUR systematic value creation >10% • Oulu ramp-up weighs on prof
Slide 8: Innovation highlights: new and awarded packaging and the world's first mass timber data centre
Innovation highlights: new and awarded packaging and the world’s first mass timber data centre Photo: ©EcoDataCente Ensovelvet – new, premium The World’s First Mass Timber Four WorldStar packaging design uncoated paperboard for luxury Data Centre in Sweden awards packaging Stora Enso’s CLT solutions
Slide 9: Financial performance
Financial performance Niclas Rosenlew CFO Product: Oulu, newTambrite consumer - Folding Box Board board line 9 Product: Valmet slitter steel blade packaging 9
Slide 10: Profitability improved across most business areas
Profitability improved across most business areas The ramp-up of the new line in Oulu weighed on EBIT Year-on-Year comparison ales d usted E T d usted E T • Full year sales increased by 276 MEUR or 3% • Full year Adj. EBIT decreased by 71 MEUR • Sales benefited from structural impacts from Junnikkal
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 improved following the gradual completion of the investment phase in Oulu
Cash flow improved following the gradual completion of the investment phase in Oulu Cash flow development Generate cash with high MEUR conversion ratio and disciplined capital allocation: • Cash flow from operations has benefitted from OWC reductions throughout 2024, with OWC stabilising during 2025
Slide 13: Net debt reduced following divestment of ~12% Swedish forest assets
Net debt reduced following divestment of ~12% Swedish forest assets 13
Slide 14: Overview of Q4 segment financial performance
Overview of Q4 segment financial performance Year-on-Year comparison Share of Share of 44% external 11% external sales sales ac a in aterials ac a in ol tions d E T d E T d E T d E T • Sales decreased by 6% to 1,033 (1,095) MEUR • Sales increased by 2% to 253 (247) MEUR • Slightly lower consumer boa
Slide 15: Overview of Q4 segment financial performance
Overview of Q4 segment financial performance Year-on-Year comparison Share of Share of Share of 12% external 18% external 14% external sales sales sales iomaterials ood rod cts orest d E T d E T d E T d E T d E T d E T • Sales decreased by 17% to 349 (419) MEUR • Sales increased by 16% to 465 (400)
Slide 16: Key takeaways - focus for 2026
Key takeaways - focus for 2026 Hans Sohlström President and CEO Product: CUK: CKB 16
Slide 17: Key takeaways - focus for 2026
Key takeaways - focus for 2026 Lead in customer value, Grow business, Expand margins and Generate cash • Continued actions in operational efficiency, commercial excellence, cost efficiency and improved sourcing while maintaining a disciplined approach to capital allocation • The demerger and listing
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
Slide 19: Appendix
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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* Q4/25 Q4/24 2025 2024 Dividend (annual) in EUR To distribute 50% of EPS /share excluding fair valuation N/A N/A 0.25** 0.25 over the cycle Growth YoY > 5% -3% 7% 3% -4% Net debt to adjusted EBITDA < 2.0x 2.8 3.0 2.8
Slide 21: Overview per segment
Overview per segment 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 21 New segments to be implemented Q1
Slide 22: Profitability up in most segments, but pulp prices, FX and Oulu ramp-up weighed results
Profitability up in most segments, but pulp prices, FX and Oulu ramp-up weighed results Year-on-Year comparison 22
Slide 23: Weak demand and annual shuts impacted sales price, mix and volumes, partly offset by active cost control
Weak demand and annual shuts impacted sales price, mix and volumes, partly offset by active cost control Quarter-on-Quarter comparison Quarterly adjusted EBIT variance QoQ 126 51 100 MEUR 38 -64 -16 -2 -32 Q325 Sales price Volume Variable costs Fixed costs Net FX Other Q425 and mix 23
Slide 24: The Group's forest asset value development
. he Gro p’s forest asset val e development Group forest assets Forest divestment • Fair value*** of 8.5* BEUR of 12.4% In BEUR Sweden equivalent to EUR 10.75 per share completed in Q325 10 9.3 • YoY forest assets decreased by 8.8 8.9 9.0 9 8.7 8.6 8.7 8.3* 8.5 EUR ~0.4 billion, mainly due to 8 2,4
Slide 25: Predictable and limited capex with major investments completed
Predictable and limited capex with major investments completed Following the ForestCo. Capital expenditure demerger, the majority of Well invested asset base: MEUR biological CAPEX disappears • Major projects completed, with Oulu consumer board line 1,125 1,090 finished on time and on budget • Maint
Slide 26: Stora Enso – Group sales by end use
Stora Enso – Group sales by end use Group sales by end use (FY/2025)* Construction 15% Consumer end uses (packaging) 65%) Industrial end uses Food & beverages 20% 36% Pharma & Personalcare 9% Other industrial 8% E-commerce 2% Industrial packaging Other consumer 12% 18% *Excludes forest division 26
Slide 27: We are well-positioned for growth in the large renewable packaging market
We are well-positioned for growth in the large renewable packaging market Global consumer board market (MT) Plastic vs. addressable renewable (CAGR 2019-2030e) packaging growth (Packaging market in Europe, CAGR 2023-2040e) 2.3% 1.7% Foodservice 61 & liquid 53 48 +3.1% Virgin fiber cartonboard ~3-4%
Slide 28: 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 29: Planned maintenance shutdowns impacting quarterly results
Planned maintenance shutdowns impacting quarterly results Group total planned maintenance impact Planned maintenance shutdowns in 2026 on adjusted EBIT Packaging Materials Biomaterials MEUR 160 Q1: - Q1: Veracel 146 Q2: Beihai, Langerbrugge Q2: Skutskär 140 134 139 Q3: Heinola, Oulu, Varkaus Q3: - 1
Slide 30: Net financial items
Net financial items MEUR Change Change Q4/25 Q4/24 Q3/25 Q4/25-Q4/24 Q4/25-Q3/25 Net interest expense -40 -32 -7 -44 5 Average interest rate* 4.0% 4.0% 3.8% Foreign exchange gains and losses 7 -12 20 2 5 Other financial items -14 -29 15 13 -27 Total net financial items -47 -74 27 -29 -17 *Quarterly
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 Q4/2025 y-o-y Q3/2025 y-o-y Q2/2025 y-o-y Q1/2025 y-o-y Q4/2024 y-o-y 31
Slide 32: Maintaining a strong liquidity position
Maintaining a strong liquidity position MEUR Liquidity position at the end of December 2025 3 500 100 100 3 000 200 435 100 • Liquidity at the end of December 2025: 700 100 200 435 700 − 1.2 BEUR cash and cash equivalents 2 500 700 100 − 700 MEUR committed revolving credit facility fully 700 2 000 7
Slide 33: Maturity profile 2025
Maturity profile 2025 December 2025 MEUR 1 400 15% 1 300 1 200 1 100 Bonds 1 000 Loans from Financial Institutions 900 Joint Venture Financing 20% 18% 800 Commercial Papers 700 16% Loans from Wood Suppliers 600 14% Other Loans / Liabilities 500 Committed Credit Facility 400 8% 300 200 2% 100 1% 1% 1
Slide 34: Biomass as primary fuel source
Biomass as primary fuel source Group fuel consumption Q4/2025 2% 2% 4% 3% Biomass Coal Other Fossil Gas Fuel Oil 89% Stora Enso Group’s total Q / fuel consumption was 7,0 TWh 34
Slide 35: 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 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319 Q120 Q320 Q121 Q321 Q122 Q322 Q123 Q323 Q124 Q324 Q125 Q325 Source: Luonnonvarakeskus 35
Slide 36: 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 36
Slide 37: 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 38: 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 1 400 1 400 1 200 1 300 EUR (average) per ton EUR (average) per ton 1 000 1 200 800 600 1 100 400 1 000 200 0 900 Q421 Q423 Q424 Q422
Slide 39: 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 Q425 Source: Fastmarkets FOEX *OCC: Old corrugated containers **ONP: Old newspapers - O
Slide 40: 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 2025E 2026F 2027F 2022 2023 2024 2025E 2026F 2027F Eurozone UK US China Source: Consensus, The World ank “China
Slide 41: 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 2025E 2026F 2027F 2022 2023 2024 2025E 2026F 2027F EU UK US China Source: Consensus 41
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