Stora Enso Oyj Class A · OMXHEX:STEAV
Stora Enso Oyj Class A — Investor Day (November 2025)
47 slides from Stora Enso Oyj Class A's investor day presentation, Nov 25, 2025
Slide 1: Capital Markets Day 2025 Part 1
Stora Enso Oyj Capital Markets Day 2025 Part 1 25 November 2025 Products: FBB - Performa Light, Performa Nova, CUK – CKB (Coated kraft back) & SBS
Slide 2: Welcome: Opening remarks
Welcome Opening remarks Jutta Mikkola SVP, Investor Relations 2
Slide 3: Agenda
Agenda 9:00 Session 1 11:15 Session 2 Welcome and opening remarks Business overview: Jutta Mikkola, SVP Investor Relations Consumer Packaging Andreas Birmoser, EVP Cartonboard Stora Enso today and the path forward Creating a pure play forest company Integrated Packaging Carolyn Wagner, EVP Packaging
Slide 4: Stora Enso today and the path forward
Stora Enso today and the path forward Hans Sohlström President and CEO Product: SBS (Solid bleached sulfate) - Ensovelvet 4
Slide 5: Group Leadership Team as of 1 January 2026
Group Leadership Team as of 1 January 2026 ForestCo1 President and CEO Chief Financial Officer EVP People and Legal, EVP Strategy and President and CEO of Stora Hans Sohlström Niclas Rosenlew General Counsel Sustainability Enso’s Swedish forests Micaela Thorström Tobias Bäärnman Tuomas Hallenberg Ex
Slide 6: Table of contents
Table of contents 1 Stora Enso today and the path forward 2 Creating a pure play forest company 3 Affirming Stora Enso’s strategic focus Product: Papira 6
Slide 7: Purpose, values and value creation
Purpose, values and value creation High customer value with efficient operations maximising shareholder value Purpose: • Do good for people and the planet • Replace non-renewable materials with renewable products Values: • Lead and do what’s right Performance culture: • Ambition • Agility • Analytic
Slide 8: Global leading renewable materials company addressing sustainability megatrends
Global leading renewable materials company addressing sustainability megatrends Key figures1 Diversified sales Sales split, 2024 (%) Other 1% Forest 13% Packaging By segment ~9 BEUR Leading market positions in renewable Wood Products 57% annual external sales 15% materials Biomaterials 14% ~19,000 1
Slide 9: Transformation from paper to a renewable materials company
Transformation from paper to a renewable materials company Divestment of 12% of Swedish Sales BEUR forests assets Strategic review of the 12 Divesting remaining 1.2M hectares 18% Positioning as a global Paper leader in renewable 16% materials 10 CAGR 14% (‘15-’25) • Company to be separated into two
Slide 10: Creating two champions…
Creating two champions… Stora Enso ForestCo1 Description Global leading renewable materials company Europe’s largest listed pure play forest company focused on packaging Strategy Maximise profitability through production Grow long-term value via sustainable asset efficiency and customer centric inno
Slide 11: …to maximise shareholder value
…to maximise shareholder value Fully unlocking the value of both, forest assets and Stora Enso’s renewable packaging business Stora Enso ForestCo • Global leader in renewable • Europe’s largest listed pure play materials, with sharpened focus forest company on packaging • Owning a distinct class of
Slide 12: Demerger and listing of ForestCo is planned to be completed in H1 2027
Demerger and listing of ForestCo is planned to be completed in H1 2027 Board decision to proceed with the demerger Completion of the Swedish domestic demerger Capital Markets General Meeting vote on the demerger 14 November 2025 Day focused on ForestCo Capital Markets Announcement of Day focused on
Slide 13: Table of contents
Table of contents 1 Stora Enso today and the path forward 2 Creating a pure play forest company 3 Affirming Stora Enso’s strategic focus 13
Slide 14: Swedish forests offer consistent return through the economic cycle
Swedish forests offer consistent return through the economic cycle - low correlation with other asset classes Swedish forest assets returns over the last +30 years Land appreciation ~4.5% p.a. 1,000 Total return1, forest Sweden (Index 1990=100, 1990-2023) • Historical average price development since
Slide 15: ForestCo benefits from its footprint in the most productive growing region in Sweden
ForestCo benefits from its footprint in the most productive available growing region in Sweden… Site productivity1 in Sweden (avg. m3fo/ha/year, 2019-2023) Peer #1 Located in mid-Sweden, with ~40 million m³ Site productivity1 3.0-4.0 of annual demand 4.0-5.0 5.0-6.0 6.0-7.0 Peer #2 7.0-8.0 Excellent
Slide 16: Supported by a wood supply agreement that provides demand security
…supported by a wood supply agreement that provides demand security Long-term wood supply, with gradually decreasing volume commitments for over 18 years, provides predictable demand whilst ensuring flexibility Gives time for ForestCo to develop as an independent company, and to plan for and build c
Slide 17: Additional opportunities for incremental value creation
Additional opportunities for incremental value creation Advanced forest management and Renewable energy related services and products Digital twin of all Nordic forest allows data Develop and sell ‘Ready-to-Build’ stage analysis driving optimal forest projects (ambition of 10 TWh of wind management
Slide 18: Table of contents
Table of contents 1 Stora Enso today and the path forward 2 Creating a pure play forest company 3 Affirming Stora Enso’s strategic focus Product: Valmet slitter steel blade packaging 18
Slide 19: Introducing strategic priorities to address compressed margins
Introducing strategic priorities to address compressed margins Strategic priorities High wood costs Low consumer confidence 1 Lead in customer value creation through innovation, quality and sustainability Grow faster than market with superior Compressed 2 customer offering, leading technology and op
Slide 20: Strategic priorities aligned with our unique positioning
Strategic priorities aligned with our unique positioning 1. Sizeable and structurally attractive markets fuelled by strong tailwinds 2. Leading market positions, with customer centric offering 3. Broad and differentiated product portfolio 4. Well invested asset base with cost competitive sites, and
Slide 21: Global packaging industry is aided by macro-tailwinds driving demand for renewable materials
Global packaging industry is aided by macro- tailwinds driving demand for renewable materials… Circularity Eco-awareness Climate change Resource scarcity 50% of consumers' care +50% of consumers expect to 60% of consumers say their +30% of world population growth about the recyclability increase the
Slide 22: Well-positioned for growth in the large renewable packaging market
…and 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 ~
Slide 23: Champion in growing renewable packaging markets
Champion in growing renewable packaging markets fuelled by customer centric innovation and sustainability Leading market positions across all segments Blue chip customer base Consumer board Containerboard LPB Other Virgin Recycled2 virgin fiber fiber #1 #1 #3 #2 Customers across +60 countries Pulp W
Slide 24: Renewable material innovations have a solid track record of creating new sales streams
Renewable material innovations have a solid track record of creating new, stable sales streams Innovating across different end-markets... …driving stronger and diversified sales streams AvantForte (launched 2020) New Packaging material Share of Packaging product sales (MEUR) materials’ total sales (
Slide 25: Stora Enso has the widest, most competitive, renewable packaging offering
Stora Enso has the widest, most competitive, renewable packaging offering Peer #1 Peer #2 Peer #3 Peer #4 Peer #5 Peer #6 Peer #7 Peer #8 Peer #9 FSB Consumer board FBB Virgin board SBS LPB Other virgin cartonboard Recycled Fluting/ Containerboard Medium Semichemical Kraftliner Linerboard Testliner
Slide 26: Modern, well invested and cost-effective asset base
Stora Enso operates a modern, well invested and cost-effective asset base... Average asset quality – Consumer board and containerboard machines in Europe Cost curve position 500 Capacity (1,000t) Quartile 3 - 4 Quartile 1 Peer 38% 400 24% #6 Peer Peer 300 #3 #5 Peer #4 Average (290) Peer 200 Peer #2
Slide 27: Vertically integrated across product grades
...which is vertically integrated across product grades Cost-competitive integrated packaging production… …complemented by cost-competitive market pulp supply New Oulu consumer board. It will be one of the most cost competitive integrated Grade Capacity / year mega sites Type Capacity / year Softwoo
Slide 28: Expand margin through business focus, performance culture and systematic value creation
Expand margin through business focus, performance culture and systematic value creation Operational efficiency Commercial excellence Enhance productivity by Grow leading market positions by maximising synergies across leveraging innovation and business areas to fuel competitive capitalising on the o
Slide 29: Over 4,000 initiatives to generate profit improvements
Over 4,000 initiatives to generate profit improvements Selective examples Imatra, Finland Enocell, Finland Fors, Sweden Boiler optimisation with automated Increase of Tall Oil yield, a by-product Enable up to 100 % eucalyptus pulp steam & electricity forecasts, and from pulp production, by using an
Slide 30: Over 4,000 initiatives to generate profit improvements
Over 4,000 initiatives to generate profit improvements Selective examples Montes del Plata, Uruguay Beihai, China Skutskär, Sweden Using methanol from the evaporation Improved ways of working, people Improving process & balance controls plant in the lime kiln as an alternative engagement and standar
Slide 31: Our strategic priorities build on our core strengths
Our strategic priorities build on our core strengths Core strengths and positioning Strategic priorities 1 Growing markets 1 Lead in customer value creation through innovation, quality and sustainability Grow faster than market with superior 2 Leading market positions 2 customer offering, leading te
Slide 32: Translating strategic priorities into future performance
Translating strategic priorities into future performance Niclas Rosenlew CFO Oulu, new consumer board line 32
Slide 33: 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 34: The reporting structure will be adjusted to reflect the new business focus
The reporting structure will be adjusted to reflect the new business focus Current reporting structure New reporting structure from Q1 2026 Packaging Materials Consumer Packaging • Foodservice and Liquid Board • BA Foodservice and Liquid Board • Cartonboard • BA Cartonboard • Containerboard Wood Pro
Slide 35: Clear path to drive growth and 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 Revenue growth and ramp-up margin uplift: Own actions representing EBIT • >10% margin uplift 500-700 MEUR >10% excludes market recovery • Market rebound = additional upside • Margin
Slide 36: 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 MEUR biological CAPEX disappears Well invested asset base: • Major projects 1,125 1,090 completed, with Oulu consumer board line finished on time and on budget 778 687
Slide 37: Drive strong cash conversion with disciplined capital allocation
Drive strong cash conversion with disciplined capital allocation Strong cash generative Cash flow after investing activities profile: MEUR • Tangible path to growth and margin expansion enabling a strong cash 1,159 1,102 Capital allocation generative profile priorities: • Disciplined capital expendi
Slide 38: Path to deleveraging from structural execution and profitability improvement
Path to deleveraging from structural execution and profitability improvement Path to deleverage: Net debt and net-debt-to-EBITDA • Targeted net debt / EBITDA ratio is 1x, with flexibility to Net debt (MEUR) increase up to 2x for 1,200Net-debt-to-adjusted EBITDA strategic investments Divestment of 12
Slide 39: We will deliver high customer value with efficient operations
We will deliver high customer value with efficient operations maximising shareholder value Drive growth Focus on strong 50% of net profit Path to healthy and margin cash conversion (eps) over cycle balance sheet expansion with disciplined returned to capital allocation shareholders as dividends 39
Slide 40: Appendix
Appendix Products: Boxes made of corrugated board 40
Slide 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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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