Hello everyone, and welcome to Stora Enso Investor and Media Webcast. My name is Jutta Mikkola, and I'm the Head of Investor Relations here in Stora Enso. With me today is our President and CEO, Hans Sohlström, and our CFO, Niclas Rosenlew. We're hosting this special webcast today in the light of the exciting news released this morning. We will begin with a short presentation followed by a Q&A session. You can ask questions by using the Raise Your Hand button. Participants are asked to limit themselves to one question and a brief follow-up, and then rejoin the queue so that everyone has an opportunity to participate. The call is scheduled for 30 minutes. With these words, Hans and Niclas, the stage is yours. Good morning, good afternoon to all of you. We are excited about the news we have released today. We have made a decision to create Europe's largest listed pure-play forest company. The Board of Directors has decided to move forward with the de-merger. This is really exciting news because it is there to unlock the full business potential of both the forest company as well as the renewable materials company, maximizing shareholder value, optimizing capital allocation, and also reducing complexity, increasing business focus in both companies. This forest company would comprise 1.2 million hectares of forest land in Sweden, with a fair value of approximately EUR 5.7 billion. The company would be listed on the Stockholm as well as Helsinki Stock Exchanges, with the headquarters in Falun, Sweden. The de-merger is expected to be completed during the first half of 2027, and of course is subject to approval and signing of a de-merger plan by the Board of Directors and approval by a general meeting to be convened separately by the board at a later stage. Next page, please. The planned de-merger would maximize shareholder value, and it would maximize also the business value in both companies because they are distinct, two different operating models, business models. We have Stora Enso, the global leader in renewable materials, with a sharpened focus on renewable packaging, with strong market positions, world-leading and European-leading market positions, customer-centric offering based on sustainability and innovation, very flexible, integrated and cost-competitive production, and a tangible path to grow the company, as well as also continuing our determined actions to improve profitability. The new forest company would be Europe's largest listed pure-play forest company. We know that there is a big appetite for investment in this type of assets. It's a unique class of assets, and we anticipate continued long-term value appreciation. The last 30 years show that swedish Forest Assets have been appreciating with an average of 7% per year. There are strong tailwinds for this business from renewable materials, renewable energy, and new carbon sequestration revenue models. There is potential for lots of significant new revenue streams. Next page, please. The de-merger timeline is as follows here. We have a Capital Market day now coming up on the 25th of November, where we will provide more information. There will be also a separate Capital Market day focusing on the new forest company during next year. The listing of the new forest company is expected to take place during the first half of 2027. Next page, please. We have also today announced a strategic review of our Central European sawmills and building solutions operations. This concerns one business unit within wood products. We have been operating this entity as a P&L responsible business unit since the 1st of July. It includes seven sawmills and three CLT plants in Austria, Czech Republic, Lithuania, and Poland, as well as wood procurement in that region serving these units, as well as international sales and distribution operations globally. Although we see that this is an attractive business and there are strong growth prospects driven by sustainability trends, it does not bring strategic or operational synergies to our core renewable packaging operations. The sawmills and the further processing units in the Nordic countries bring synergies to our packaging materials and pulp operations that are located in the Nordic countries. As you recall, they have been organized within the business units of these board and pulp mills as from the 1st of July. The strategic review will assess different scenarios, including the possibility to divest this business during next year. In the meanwhile, operations serving customers will continue as normal. Next page, please. There are some implications to our group leadership team. First of all, Thomas Hallenberg, who is currently leading our forest business area, has today been appointed President and CEO of the Swedish Forest Business Entity as from the 1st of January, we will start running this entity as a company or as a unit within Stora Enso until the de-merger. Thomas is building up the organization, the structure, the business, everything related to this so that we can demonstrate the performance of this unit and be in a flying, you know, being flying, you know, with this business also then at the moment of de-merger. We have created a new business area led by Pauli Torikka, the business area wood and energy, which includes the wood products south unit, as well as all the wood sourcing, wood trading, as well as energy that we will start leading as a business. He will join the group leadership team as from the 1st of January, leading this new business area. Hannu Kasurinen, who is currently leading containerboard business area, will retire by the end of this year after having served Stora Enso for a remarkable 32 years. Big thanks to Hannu for your valuable contribution. Lars Fölkel, who is currently running the wood products business area, has been appointed Executive Vice President, containerboard business area, as from the 1st of January, succeeding then Hannu. Next page, please. All in all, the new wood and energy business area is including all the wood sourcing, wood trading, which is a significant operation, all the wood products supply chain and sales centrally, even if the P&L of our northern wood products units are part of the board and pulp mill business unit. It will include the energy that we are now starting to steer and lead as a business. We have important energy assets, and we have also important external sales of energy. We see that there is a possibility to maximize profitability by leading this as a business instead of as an internal service. The Central European Sawmills, the business unit, wood products business unit south will then also report into this business area during that strategic review. This business unit accounts for a significant part of our operations. We are going to drive profitability and operational synergies, efficiencies also through this new business area. Next page, please. All in all, we have the Capital Market day coming up here. Now we are prepared to take your questions. If you would like to ask a question, please use the raised hand function at the bottom of your Zoom screen. When it is your turn, you will receive a prompt to be promoted to panelist. Please accept this prompt, wait a moment. Once you have been introduced, you may unmute yourself, turn on your video, and ask your question. Please only ask one maximum question at a time. If you wish to ask another question, you may rejoin the queue. Thank you. Our first question comes from Cole Hathorn at Jefferies. Cole, you may now unmute your line, turn on your video, and ask your question. Thank you. Good morning, Hans. I'd like to start off with the forest spin. Is there any details that you can give on the EBITDA or how you're thinking about the new entity dividend policy, how much debt you're going to allocate to the new business, or is that something that you're going to provide with the Capital Markets day or still to be said into the future? Any details you can provide on the future of the new forest entity would be helpful. Thank you, Cole. We will give some further information on the Capital Market day, but as I said, we will also organize a separate Capital Market day for the forest company during next year. That is really the moment for all the more detailed questions. Certainly in the next Capital Market day, 25th of November, there will be further opening up around the forest company as an entity. In that case, let me focus on the strategic review of the sawmill and building solutions business. You know, Stora Enso has got a very strong position from a market share globally. You know, you've led the CLT business. I'm just wondering, the time to sell this is really where we see a construction recovery. You know, how are you thinking about timing so that you get the best value for this? And does getting rid of the global sales network impact any of your Nordic sawmills by not having access to that kind of sales team? Yeah, we have thought through this very, very thoroughly. Of course, timing is important. That is also why we want to take some time for this strategic review. We will look for the best timing to maximize shareholder value. We do not have any pressure, you know, to divest, but I think it is also good when it comes to our strategy, focusing on renewable materials with a special focus on renewable packaging, to also clarify this question. That is why we have initiated and published this strategic review. When it comes to the sales, also there we have thought it through and we have arrangements how this can be taken care of without any synergies. Thank you. Our next question comes from Reinhardt van der Walt at Bank of America. You may now unmute your line and ask your question. Thank you. Good morning, folks. Thanks for taking my question. First, I just want to get a sense of how we should think about, I guess, the equity story of this new forest company and sort of what the management team's mandate will most likely look like. I mean, is this really just going to be sort of a holding company for real assets, or do you think that there is some kind of optionality that can be exploited in the new vehicle as well? Clearly the mandate and the target for the management of this company is to maximize shareholder value, to maximize value of that very important asset, you know, value that EUR 5.7 billion. There are many ways to maximize, you know, the asset value. There is, first of all, efficient, you know, forest management, harvesting. You know that we harvest less than the growth. The standing stock is increasing continuously, also supporting value growth. There are also other revenue streams. We have some unique features like precision forestry and digital twin of all the forests, not only our forests, which actually gives us an opportunity to optimize. We have even found more productive forest land using this very, very good AI-based digital tool. There are also new revenue streams from renewable energy, wind, solar, where we have a big untapped potential. There are new, completely new types of carbon sequestration markets evolving here. For instance, we can re-wet peatland, which is non-productive forest land. By re-wetting dried peatland, we can tie up 250 tons of carbon per hectare of peatland. There are companies who are prepared to pay for these services. There are many other recreational services, land optimization. By focusing and developing this business, we can significantly accelerate also value creation. Just as a reminder from our stock exchange release, during the last 30 years, the value appreciation of Swedish Forest in general has been 7% per year. Understood. Thank you very much. If I could just do one quick follow-up, the non-Sweden Forest Assets, can we expect a similar process to be run for those assets, potential private sale? Do you think those remain naturally in the rest of the portfolio? This concerns now our swedish Forest Assets, the 1.2 million hectares. Regarding the rest, there is no further considerations or plans at this moment. Understood. Thank you very much. Our next question comes from Charlie Muir-Sands at BNP Paribas. Charlie, you may now unmute your line and ask your question. Thank you. Yeah, morning, guys. Thanks for taking my questions. First one just relates to the decision to do the spin-off. I think you clearly before indicated that was the strong preference, but did you explore the possibility or did you entertain any offers from third parties for a sale of any more of the forest at all? Yes, of course, we have thought about all the options. We know quite well, you know, the sale option because we just end of September concluded the sale of 175,000 hectares of forest land in Sweden, which was sold at an enterprise value of EUR 900 million. Exactly at our book value, including a long-term wood supply agreement. Through that process, we also have a very good view of the big appetite actually for this type of assets, this type of investments. That is why we are also encouraged to move forward with this de-merger. We think that there will be a great appetite for this asset class among lots of institutional and also private investors. Yes, of course, we have been looking into various options and alternatives. We see that this way forward is absolutely the most attractive solution for our shareholders. Our current Stora Enso shareholders will become shareholders in the stock-listed company with the same ownership share as they have in Stora Enso today. We think it is also the most shareholder-friendly alternative. That way, shareholders, depending on the appetite for risk and return, can also make their choices about where they want to allocate their investments. We think this is a great opportunity to unlock shareholder value and to maximize shareholder value in Stora Enso. Many thanks. Just on the remaining Stora Enso entity, you're clearly going to be left even more reliant on external wood sourcing, even if that external sourcing is from the forest company. How do you aim to protect the company from the wood cost pressure, particularly given, you know, notwithstanding the fact that wood costs are starting to come down? They have been quite volatile and put a lot of pressure over the last few years. Are you aiming to secure long-term pricing agreements or, you know, how are you going to manage the greater operational leverage of the remaining company? Thank you. Yes. Yes, thank you, Charlie. Also in this case, as we said in our stock exchange release, there will be a long-term 18-year supply agreement in place, but gradually, you know, decreasing committed volumes to Stora Enso and increasing volumes to third party or possibility to increase volumes to third party other customers. We think it is important for optimizing the business in both companies. Already today, I mean, our forest business area has been operating on market practices, market price practices. The transfer prices to our industrial activities are market-based. We know what it means also for our industrial activities. We are convinced that with the determined actions we have to improve our margins, reduce our costs, improve our cost competitiveness, you know, we will be successful with the renewable materials company also with less direct forest ownership. May I just add, Hans and Charlie, I mean, this is, we are talking about 7%, significantly less than 10% or 7% of our wood supply today. It is not like it is a major change globally. Of course, locally it is, but already today, 93% is bought outside. 93% at a group level is already bought outside on a net or gross basis. I thought you had 35% self-sufficiency. Yeah, that's the gross because we are also, we are doing significant wood trading. We are buying much more wood and then selling to third party. That would be the gross figure. The gross figure, yes, correct. Thank you. That is, of course, yes, thank you very much, Charlie. Thanks, Charlie. As a reminder, please only ask a maximum of one question at a time. If you wish to ask another question, you may rejoin the queue. Thank you. Our next question comes from Linus Larsson at SEB. Linus, you may now unmute your line, turn on your video, and ask your question. Thank you. Thanks. Hi, Hans. Hi, Niclas. Clearly, Stora Enso is refocusing on packaging. That is even clearer with today's announcement regarding the strategic review that you are now initiating with regards to the continental European sawmills. A couple of things in relation to that. First, if you could provide some reassurance that you will make sure that you will not sell these assets at a point in time when, you know, simply they will not provide you with the appropriate value for shareholders. If markets are not supportive, that you will basically hold back on such execution. Secondly, I mean, there are other assets as well in the group which are not directly or not obviously supporting a packaging strategy. I am thinking maybe especially not about the forest, but the pulp mills. You have four standalone pulp mills. You have a net long position of some 2 million tons per annum around the world. Could you just update us on your strategic thinking around your positioning in market pulp as well? Yes. If I could take your first question here. First of all, we can assure you that, you know, we will, if we divest and when we divest, the timing will be the right one, you know, to maximize shareholder value. Our most important job, my main KPI and Niclas's main KPI is shareholder value maximization. Let's remember that we have significantly strengthened our balance sheet with the forest deal just recently. Also, this de-merger will further allow capital allocation optimization and debt allocation optimization. Strengthening further the balance sheet significantly of Stora Enso Renewable Materials Company. Yes, I can assure you, Linus, regarding the pulp mills, actually, they are a very integrated part of our renewable packaging growth strategy. Let's remember, for instance, that with the new OLU Consumer Borderline, already today, you know, with that unit fully ramped up, 75% of our ownership share in Veracel, which is one of the most cost competitive eucalyptus mills in the world, will go to our internal use. We see a clear trend of increasing use of eucalyptus pulp in our board production in Europe. It is cost efficient and it's a clear trend that we are leading in this area. Let's also remember that this is a competitive advantage for Stora Enso. We are the only European packaging material board producer with own cost efficient assets in South America. They are an integral important part of our packaging materials growth. But Niclas, do you want to add? No, no, that was actually, that was it. Okay, great. Sorry. I started off with that. Thanks, Hans. Just now you mentioned the LATAM mills. Just to make sure, is that also your thinking? I mean, Skutskär and Enocell, somewhat different setup. How do they fit into the increasing focus on packaging in the group? They also fit in there quite well. Enocell, for instance, is supplying unbleached kraft pulp to our board mill in Beihai to produce CKB, where actually we are the only producer in China. The rest is imported from the U.S. That gives growth opportunities. Enocell is also supplying internally to some of our other mills. Skutskär, even if it is Europe's largest producer of specialized fluff pulp, is also supplying some pulp to Skoghall, for instance. There is a certain integration also there between these Nordic pulp mills. Many thanks. Our next question comes from Robin Santavirta at DNB Carnegie. Robin, you may now unmute your line, turn on your video, and ask your question. Thank you. Thank you very much, gentlemen. Good afternoon, everybody. I have a question related to this 18-year wood supply agreement. How does that work in practice? First of all, why 18 years? Is Is there some regulation that steers you to that sort of, why not 35 or 50? Secondly, it seems other companies can also, or the forest company can also supply to other companies. Is that correct? Finally, related to this, your mills are really not that close to your forest. You must have bought a lot of wood raw material from other suppliers. How much did Stora Enso's industry account for the sales of your forest before this transaction? Those ones, thanks. I mean, Robin, good to see you again. On the 18 years, I mean, this is, we are creating two independent and strong companies here. Of course, both need to work independently, both need to stand on their own legs. At the same time, of course, securing a good kind of runway for both businesses. In terms of the length of the wood supply agreement, I mean, we have experience, we have a wood supply agreement in place also for the 12% that we sold. A lot of thinking has gone into that. This is a balance. This is something which we view is optimal and good. There is a certain, and we will come back to that in future meetings in CMD and so on. There is a ramp-down period in terms of exclusiveness. It is important that the new forest company can stand on its own legs and also create its own business. We see a lot of good reasons for why to continue to be tightly or trade between the two companies, but also there is an importance in this independence. As we mentioned before, about 7% of our total wood procurement, gross wood procurement, comes from these swedish Forest Assets, the 1.2 million hectares today. We also buy from private forest owners and we sell also quite a lot of wood to third-party forest industry companies. Yes, we have a significant wood trading business and that is also one of the basic ideas of the wood and energy business area that we have created. Thanks. Can I squeeze in another one? When I look at the financials of the forest segment, and then when I compare it to, say, Tornado, there is quite a big difference in earnings and cash flow as they are standalone and they are very optimized. They are clearly ahead of you or the swedish Forest Assets, it seems. Do you think there is a potential for the swedish Forest Assets' earnings and cash flow to reach those levels that Tornado has reached? I mean, they were very weak 25 years ago before the split or the formation of Tornado. Now the numbers look completely different. Can you do the same journey in Sweden? Just on the numbers and Hans, you can take the second part of it, but we have not split out the Swedish Forest numbers. Of course, one can do kind of backward calculations and end up, but I would caution everyone a bit that do not draw too kind of detailed conclusions on the Swedish Forest numbers before we are at that stage where we can talk about the real facts. I think Robin's spot on. I mean, one of the main reasons for this de-merger is that with full focus, with full development, you know, incentivizing the management with a dedicated board of directors, you know, there is potential to accelerate value creation within this very focused forest business. Let's also remember that our forests in Sweden are located in the south midst part of Sweden where also the growth of forest is clearly higher than in the more northern part in Sweden. There are forests and forests in Sweden and these are great forests. Thank you. We have reached the end of the Q&A session and have run out of time to take any further questions. I shall now hand the call back to Hans Sohlström and CFO Niclas Rosenlew for closing remarks. Thank you. Thank you very much for your participation today. We are very excited about this. Our main objective is to maximize shareholder value through the performance of our operations and our business. We are confident that taking these decisions today are taking us in the right direction. We are continuing to execute on our strategy, building a better, stronger Stora Enso and building the world-leading pure-play forest company with speed and determination. Thank you very much for your attention. Have a good day. Bye-bye.