Slide 1: Financial results Q2 2026
Financial results Q2 2026 Optimising our portfolio and driving results through our own actions Product: Trayforma and Trayforma Brown fiber-based food packaging Product Products: Virgin fiber Performa kraftliner Nova Aqua,- CKB AvantForte WhiteTop Nude 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 H2 2026 Product: Corrugated paperboard box Product: Product: CKBForte Avant packaging Brown –for fresh produce Kraftliner 2
Slide 3: Key highlights and strategic focus areas
Key highlights and strategic focus areas Hans Sohlström President and CEO Products: Performa Nova, CKB Nude Aqua, Performa Lumi 3
Slide 4: Key highlights Q2 2026
Key highlights Q2 2026 Financial Revenue growth EBIT margin <1 x targets >4% >10% Net debt/EBITDA Q2 2026 0% 5.8% LTM (9.3 BEUR) (545 MEUR) 2.2x Q2 2026 0% 6.6% (2.4 BEUR) (160 MEUR) Sharpened strategic focus • Continued operational improvement and stable earnings delivery • Good progress, particula
Slide 5: We are The renewable materials company
We are The renewable materials company Lead in Generate customer cash value Grow Expand business margin 5
Slide 6: We are systematically creating value by optimising our portfolio
We are systematically creating value by optimising our portfolio • Reshaping the portfolio through investments, divestments, closures and acquisitions • Strategic reviews to sharpen business focus and unlock shareholder value 2023-2024 2025 2026 2027 Closure of non- Divestment of 12.4% of Skutskär,
Slide 7: 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 Market impacts in H1 2026: Own actions • Lower pulpwood costs, representing while sawlog costs 500-700 MEUR EBIT remained high >10% • Unfavourable FX, continued pressure on prices and
Slide 8: Innovation highlights: driving leadership in circularity, food safety and materials innovation
Innovation highlights: driving leadership in circularity, food safety and materials innovation Photo: Majoral Among the first to lead with new Strengthening food safety assurance Serving customers in growing markets circularity target in Oulu for customers with Performa Natura Aqua • 90% material ci
Slide 9: Financial performance
Financial performance Niclas Rosenlew CFO Product: CKB, Performa Nova, Performa White, CKB Nude Aqua, Performa Natura Aqua 9
Slide 10: Own actions and Oulu progress improved profitability
Own actions and Oulu progress improved profitability Year-on-Year comparison • Sales were stable • Adj. EBIT increased by 27% • Higher sales from the Oulu ramp-up and the Junnikkala • Improved profitability, supported by progress in Oulu ramp-up, acquisition were largely offset by lower prices and a
Slide 11: Own actions and Oulu progress improved profitability
Own actions and Oulu progress improved profitability Year-on-Year comparison 11
Slide 12: Lower pulpwood costs, while sawlog costs remained high
Lower pulpwood costs, while sawlog costs remained high • Mix effect: The impact of declining pulpwood prices to Stora Enso’s total wood costs in Europe are partly offset by increasing sawlog cost to sawmills • Inventory lag: Changes in market wood prices are reflected in mill wood costs with a delay
Slide 13: 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 trade receivables following stronger Consumer Packaging sales and lower trade payables impacted cashflow from operations 1
Slide 14: 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 MEUR 1,200 5x 4,000 • Net debt reduced 4x following the EUR 1 billion 3,500 hybrid issuance 3x • Hybrid strengthens the capital structure and 3,000 increases financial 2x flexibility to suppo
Slide 15: 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 15
Slide 16: Key takeaways - focus for H2 2026
Key takeaways - focus for H2 2026 Hans Sohlström President and CEO Product: CKB 16
Slide 17: Key takeaways - focus for H2 2026
Key takeaways - focus for H2 2026 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 approach to capital allocation • The ramp-up of th
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: Stora Enso
al StoraEnso
Slide 20: Strong progress on our sustainability targets
Strong progress on our sustainability targets Climate change Circularity Biodiversity -50% 90% 100% Targets Reduction in absolute emissions Material circularity Performance for each by 2030 (Scope 1,2,3) by 2030 biodiversity impact indicator by 2030 Sustainability focus areas aligned with strategy a
Slide 21: Focus on our own actions drives results
Focus on our own actions drives results Quarter-on-Quarter comparison 21
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 Q2: Beihai Q2: Langerbrugge Q2: - 110-120 Q3: Oulu Q3: Heinola, Ou
Slide 23: 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 24: The Group's forest asset value development
. The Group’s forest asset value development Group forest assets • Fair value*** of 8.5* BEUR Forest BEUR divestment of equivalent to EUR 10.80 per share 12.4% In Sweden completed in 9.3 Q325 • YoY forest assets decreased by 9.0 EUR ~0.5 billion, mainly due to 8.3* 8.5 8.5 8.5 divestment in Sweden •
Slide 25: Net financial items
Net financial items MEUR Change Change Q2/26 Q2/25 Q1/26 Q2/26-Q2/25 Q2/26-Q1/26 Net interest expense -31 -38 7 -36 4 Average interest rate* 3.7% 3.3% 3.7% Foreign exchange gains and losses 1 6 -6 5 -5 Other financial items -11 -12 1 -11 - Total net financial items -42 -44 2 -41 -1 *Quarterly gross
Slide 26: Maintaining a strong liquidity position
Maintaining a strong liquidity position • Liquidity at the end of June 2026: − 1.6 BEUR cash and cash equivalents, net of overdrafts − 700 MEUR committed revolving credit facility, fully undrawn − 100 MEUR committed credit facility, fully undrawn • Net debt to operational EBITDA for the last 12 mont
Slide 27: Maturity profile June 2026
Maturity profile June 2026 Bonds Loans from Financial Institutions Joint Venture Financing Commercial Papers Loans from Wood Suppliers Other Loans / Liabilities Committed Credit Facility Committed credit facilities are fully undrawn and mature in 2028 and 2029. RCFs in total: €800m. Percentages do n
Slide 28: Stora Enso's wood and energy self-sufficiency
Stora Enso’s wood and energy self-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 28
Slide 29: 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 ~1,9 40 Self-sufficiency 74% Fossil fuel price ~3,8 30 20 Self-sufficiency 80% Energy he
Slide 30: Biomass as primary fuel source
Biomass as primary fuel source Group fuel consumption Q2/2026 3% 1% 3% 4% Biomass Other Fossil Coal Gas Fuel Oil 89% Stora Enso Group’s total Q2/2026 fuel consumption was 7.0 TWh 30
Slide 31: 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 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Source: Luonnonvarakeskus 31
Slide 32: 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 July 2026 report, based on nominal prices 32
Slide 33: Pulp inventory and prices development
Pulp inventory and prices development Inventory levels Price development Inventories USD/ Europe NBSK/USD, Delivered in days tonne Europe BHKP/USD, Delivered 90 China BHKP/USD NET, Delivered Bleached softwood kraft pulp 1,800 85 China NBSK/USD NET, Delivered 80 Bleached hardwood kraft pulp 1,600 75
Slide 34: Containerboard and folding box board price development
Containerboard and folding box board price development EUR/ tonnes 1,600 1,400 1,200 1,000 800 600 400 200 0 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 FBB (GC2) Germany PIX Testliner PIX Kraftliner PIX OCC Europe* Source: Fastmarkets FOE
Slide 35: 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, The World Bank “China
Slide 36: 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 36
Slide 37: Stora Enso
al StoraEnso