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Stora Enso Capital Markets Day 2025 Booklet 25 November 2025 Products: Kraftliner - AvantForte WhiteTop, LPB - Natura Life
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2 Content included Product: CarrEco Brown – unbleached uncoated board 1. Opening remarks from President and CEO Hans Sohlström 2. Key facts 3. Meet our GLT 4. Glossary
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Welcome to Stora Enso’s Capital Markets day Hans Sohlström, President and CEO 3 Products: FBB - Performa Light, Performa Nova, CUK – CKB ( Coated kraft back )
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4 Welcome to Stora Enso’s Capital Markets day I am pleased to invite you to our upcoming Capital Markets Day on November 25 in London. Me and the whole GLT look forward to share the new future for Stora Enso. At this event, we will present our new strategic direction, with a strong focus on packaging. We will also share the conclusions of the strategic review regarding our Swedish forest assets and introduce the new forest company. It is an important step in our journey to strengthen our core operations and unlock shareholder value. I look forward to your participation and to share our vision for the next chapter of Stora Enso. Kind regards, Hans Sohlström President and CEO, Stora Enso
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Key facts 5 Products : FBB - Performa Light, Performa Nova
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• A global leader in renewable materials, we deliver solutions for high-performance packaging, wooden construction, and biomaterials. • With a stable, sustainable supply chain, we are a reliable and trusted partner for quality packaging and material development. • We contribute to solving climate change by accelerating the transition to a circular bioeconomy for the benefit of people and the planet. We are the renewable materials company Sales 9 BEUR in 2024 Adjusted EBIT 598 MEUR in 2024 Employees ~19,000 NASDAQ OMX (Helsinki, Stockholm), ADRs and Ordinary Shares (USA) 6
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First documents of the Swedish mining company Stora Kopparbergs Bergslag. 1288 Stora Enso is formed through the merger of the Finnish Enso Oyj and the Swedish STORA. 700 years of resilience, knowledge, and growth Stora Kopparbergs Bergslag’s business progresses to encompass mining, iron, and wood activities. 1862 The Enso branch of the company emerges with the establishment of a steam- powered sawmill in Kotka, Finland, by Hans Gutzeit. 1998 1872 Today, our renewable solutions and packaging materials are visible in everyday moments 7
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Packaging 57% Biomaterials 14% Wood Products 15% Forest 13% Other 1% 8 Global leading renewable materials company answering sustainability megatrends Key figures 2024 ~9 BEUR annual external sales Leading market positions in renewable materials ~19,000 employees 1.2 BEUR Cash flow from operations ~7% EBIT margin ~14 M tons CO2e avoided by replacing fossil- based alternatives Diversified sales Sales split, 2024 (%) Europe 69% Asia 17% Americas 6% Rest of the World 8% By segmentBy geography
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From the Nordics to the world: Global reach with local market knowledge Head office in Helsinki, Finland production units 50+ 18 Sales offices in countries 30+ Employees in countries countries with production facilities 12 0-30 employees 30-500 employees 500-1,000 employees 1,000+ employees 9
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Competitive portfolio of quality, renewable solutions, with strong focus on packaging Wood products wood-based solutions that help the building sector decarbonise construction Renewable packaging industry-leading portfolio of renewable, high- performance packaging to replace plastics where it matters and address regulatory and consumer demands Biomaterials supplying high-quality pulp and driving the growth of bio-based innovations 10
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Leading market positions in key business areas 11 • Liquid packaging board globally • Fresh cartonboard in Europe • Fluff pulp producer in Europe • Unbleached kraft market pulp globally • CLT in construction globally • Corrugated boxes in Benelux • Classic sawn wood in Europe #1 #2 #3 • Corrugated boxes in the Nordics
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Packaging expertise for every customer need: Consumer and Containerboards Consumer boards Containerboards Liquid packaging board Foodservice board Coated unbleached kraft Solid bleached sulphate Folding boxboard Kraftliner Recycled containerboard Semi-chemical fluting Kraft paper Paper products: Book, newsprint, SC 12
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Packaging expertise for every customer need: Corrugated and premium solutions 13 Corrugated packaging solutions Premium packaging Fresh produce eCommerce and logistics Consumer goods Industrial Consumer-facing premium solutions Automated packaging lines for corrugated Packaging automation Food and beverage
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14 Protecting medicines at every stage Securing cargo and deliverables with durable packaging and biobased foams Delivering premium, tailored solutions for the most demanding needs Keeping food and beverages fresh and safe Every packaging has its function We protect what matters
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Delivering value with pulp and nurturing biobased innovations for growth 15 Pulp Biomaterial innovations Unbleached kraft pulp Northern bleached softwood kraft Fluff pulp Sustainable battery materials Eucalyptus pulp Biobased chemicals Synergies for packaging Integrated mill units Fiber and supply synergies Pulp and residuals New fiber products
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• Expertise in pulping and biomaterials: board and paper, sawn timber, and wood products • Competitive premium materials with mill synergies, investments into worldclass facilities, and flexible production capabilities • Executing the climate roadmap with green energy, electrification, and advanced technologies Where the magic happens • Co-creation of premium packaging, tailored to a range of customer needs • Optimised solutions from concept design to production and logistics • Leveraging our in-house sustainability competence, regulatory knowledge, and market insights • Wood fiber expertise, and partnerships to reimagine packaging for innovation, safety, and sustainability • Pioneering development with pilot facilities and 3,200+ applications and patents • Product testing for unmatched quality and performance • Data-driven simulation service to reduce packaging damage risks • Safeguarding what matters: test and certify against transport hazards • Optimising design to minimise empty space and overpacking Worldclass productionPackaging designR&D centres Packaging tester 16
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Our products are visible in everyday moments across diverse applications Hard carbon for batteries E-commerce packaging Paper cups Wood foams Unbleached fluff pulp Fresh food trays Carton packaging for liquid food Wood-based building solutions Building concepts Ready-meal trays and cups Paperboard tube with a fiber-based closure Renewable leak-tight flower packaging box Transport box for fruit Folded boxes for dry food Prefabricated building solutions Corrugated board for industrial, bulk and heavy- duty transport packaging 17
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18 Overview of our assets and capacities Packaging materials mills Pulp mills Sawmills, LVL, CLTPackaging solutions plants 1818 Sawmills, LVL, CLT under strategic review …complemented by cost-competitive pulp supplyCost-competitive integrated packaging production… Only EU packaging peer with internal cost competitive eucalyptus pulp supply Grade Capacity 1,000 t Softwood and fluff pulp 1,2MT Hardwood pulp 1,3MT Total Capacity 2,5MT Type Capacity/year Packaging Material mills1 6MT Integrated pulp mills 5MT Packaging solutions2 1.6bn m2 Sawmills 5.4 million m³
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Meet our GLT 19 Product: EcoFreshBox made from virgin corrugated
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20 Group Leadership Team as of 1 January 2026 President and CEO Hans Sohlström EVP People and Legal, General Counsel Micaela Thorström EVP Biomaterials Johanna Hagelberg EVP Containerboard Lars Völkel EVP Strategy and Sustainability Tobias Bäärnman President and CEO of Stora Enso’s Swedish forests Tuomas Hallenberg EVP Packaging Solutions Carolyn Wagner Chief Financial Officer Niclas Rosenlew EVP Cartonboard Andreas Birmoser EVP Foodservice & Liquid Board Markku Luoto EVP Wood and Energy Pauli Torikka Executive Vice Presidents of Business Areas: ForestCo1 1. Working name.
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• Member of the GLT since 2023. Joined the company in 2023. • Member of the Board of Stora Enso Oyj 2021–2023. President and CEO of Ahlstrom Oyj 2018–2022. President and CEO of Ahlström Capital 2016–2018 and of Rettig Group Oy 2012–2016. • Member of UPM-Kymmene Corporation’s Group Executive Team since 2004, responsible for Marketing 2004–2007, New Businesses and Biofuels 2007–2008, and Corporate Relations and Development 2008–2012. In 1990–2004 several managerial positions at UPM leading profit units, mills and sales. • Member of the Board of Saint-Gobain. • Education: M.Sc. (Tech.), M.Sc. (Econ.) 21 Hans Sohlström President and Chief Executive Officer
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22 Niclas Rosenlew Chief Financial Officer • Member of the GLT since joining the company on 13 January 2025. • CFO at AB SKF 2019–2024. CFO at Basware 2014– 2019. Prior to that senior positions at Microsoft and Nokia. • Member of the Supervisory Board of A. Ahlström. • Education: M.Sc. (Finance).
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• Member of the GLT 2023. Joined the company in 2015. • VP Group Legal 2022–2023. Legal Counsel 2015– 2022. Prior to joining Stora Enso several senior- level positions at Finnish companies and law firms such as PricewaterhouseCoopers, Hannes Snellman, Lindholm Wallgren Attorneys and Roschier. • Member of the Board of Securities Market Association. Member of the Nomination Committee of Finnish Fair Foundation. Member of the supervisory board of Ilmarinen. • Education: LL.M. 23 Micaela Thorström Executive Vice President, Legal and General Counsel As of 1 January 2026: Executive Vice President, People and Legal, General Counsel
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• Member of the GLT since 2020. Joined the company in 2017. • SVP Controlling, Strategy and IT for Consumer Board division 2017–2019. Prior to that Finance Director at Iggesund Paperboard and various positions at Statoil and Procter and Gamble. • Education M.Sc. (Econ.). 24 Tobias Bäärnman Executive Vice President, Strategy and Sustainability, Country Manager Sweden
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• Member of the GLT since 1 July 2025. Joined the company for the first time in 2005. • Several previous leadership positions in Stora Enso, including CFO and CEO of Stora Enso’s joint operation Veracel. • Education: BBA, MBA. 25 Andreas Birmoser Executive Vice President, Cartonboard
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• Member of the GLT since 1 July 2025. Joined the company in 2010. • Several previous leadership positions in Stora Enso within Packaging Materials. • Education: M.Sc. (Tech.), MBA. 26 Markku Luoto Executive Vice President, Foodservice and Liquid Board
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27 Lars Völkel Executive Vice President, Wood Products until 31 December 2025 As of 1 January 2026: Executive Vice President, Containerboard • Member of the GLT since 2020. Joined the company in 2020. • CEO of Ambibox GmbH 2018–2020. CEO of Franke Kitchen Systems 2014–2017. EVP Luxury retail & CEO of Poggenpohl at Nobia 2011–2014. Has held various managerial positions at Electrolux incl. VP Western Europe. • Education: LL.M.
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28 Carolyn Wagner Executive Vice President, Packaging Solutions • Member of the GLT since 1 November 2024. Joined the company 1 November 2024. • Divisional CEO of the Packaging Division at the German Klingele Paper & Packaging Group 2021– 2024. Prior to that several senior positions at other corrugated packaging companies, amongst others, DS Smith and SCA. • Member of the Advisory Board of Herma GmbH & Co. • Education: Grad. Eng. (Packaging Technology)
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• Member of the GLT since 2014. Joined the company in 2013. • EVP, Sourcing and Logistics 2014–2021. SVP Sourcing, Stora Enso Printing and Living 2013–2014. Chief Procurement Officer at Vattenfall AB 2010– 2013. Prior to that leading Sourcing positions at NCC, RSA Scandinavia and within the Automotive Industry for Scania, Saab and General Motors. • Chair of the Board of Veracel. Member of the Board of Höegh Autoliners AS and Montes del Plata. • Education: M.Sc. (Industrial Eng. and Mgmt) and M.Sc. (Eng. and Mgmt of Manufacturing Systems). 29 Johanna Hagelberg Executive Vice President, Biomaterials
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• Currently Senior Vice President, Wood Supply in the Forest business area • Joined Stora Enso in 2020 • Current board member of Tornator Oyj • Several leadership positions at UPM such as Director of Pulp Strategy, Pulp Raw Materials and working in demand supply planning and wood sourcing. • Education: M.Sc. (Forestry.), eMBA. 30 Pauli Torikka Executive Vice President, Wood and Energy as of 1 January 2026
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• Member of the GLT since 15 October 2024. Joined the company 15 October 2024. • SVP, Property Development and Renewables at Metsähallitus (the Finnish national forest company) 2020–2024. Prior to that several leadership roles at Metsähallitus since 2014. Various leadership and management roles at UPM, mainly in the wood sourcing and forest operations 1998–2014. • Education: M.Sc. (Forestry), MBA. 31 Tuomas Hallenberg Executive Vice President, Forest, Country Manager Finland As of 1 January 2026: President and CEO of Stora Enso’s Swedish forest assets
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32 Glossary Term Description LPB Liquid packaging board is a strong, multi-layer paperboard engineered to safely contain liquids, often coated with barriers for moisture and flavour protection. It is used for packaging milk, juice, dairy products, and other beverages FSB Food service board is a hygienic, durable paperboard designed for direct contact with food, often featuring barriers against grease and moisture. It is used for cups, plates, takeaway containers, and fast-food packaging CUK Coated unbleached kraft is a sturdy paperboard made from unbleached virgin fibers, coated for improved printability and appearance. It is used for packaging food, beverages, frozen goods, and fast-food containers SBS Solid bleached sulphate board is a premium, fully bleached paperboard made from virgin pulp, valued for its strength, smooth surface, and excellent print quality. It is commonly used for packaging cosmetics, pharmaceuticals, luxury items, and food products FBB Folding box board is a lightweight, stiff paperboard made from layers of mechanical and chemical pulp, offering excellent printability and visual appeal. It is used for packaging products like cosmetics, pharmaceuticals, confectionery, and consumer goods Kraftliner Kraftliner is a strong, durable containerboard made mainly from virgin kraft pulp, known for its high resistance to moisture and stacking strength. It is used for packaging applications such as food boxes, heavy-duty shipping cartons, and retail packaging Recycled containerboard Recycled containerboard is made entirely from recovered paper fibers, providing a sustainable and cost-effective packaging material. It is commonly used for shipping boxes, retail packaging, and e-commerce parcels Semi-chemical fluting Semi-chemical fluting paper is a strong, stiff corrugating medium made from semi-chemical pulp, used in cardboard packaging for products like fruits, vegetables, electronics, and heavy goods Kraft Paper Kraft paper is a strong, tear-resistant paper made from virgin wood fibers, commonly used for packaging like bags and wrapping. It’s food-safe, recyclable, and sustainable SC paper Super calendared paper - feature excellent runnability, printability and cost-efficiency for high-quality catalogues and magazines in high-volume rotogravure and offset printing
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33 Glossary Term Description Corrugated boxes Corrugated boxes are sturdy packaging containers made from layers of fluted and flat paperboard, offering strength and protection for goods during transport. They are widely used for shipping consumer electronics, food and beverages, industrial products, and e-commerce deliveries Unbleached kraft pulp Unbleached kraft pulp is a strong, natural brown pulp made from wood fibers, valued for its durability and sustainability. It is used in products such as paper bags, corrugated boxes, wrapping papers, and industrial packaging NBSK Northern bleached softwood kraft (NBSK) is a high-quality, fully bleached pulp made from northern softwood trees, known for its long fibers that provide strength and bulk. It is commonly used in tissue papers, printing and writing papers, specialty papers, and as reinforcement in other paper and packaging products Fluff pulp Fluff pulp is a soft, highly absorbent cellulose pulp made from wood fibers, designed for superior liquid absorption. It is used in products like diapers, sanitary products, adult incontinence products, and absorbent pads Eucalyptus pulp Eucalyptus pulp is a high-quality pulp made from eucalyptus wood, known for its short fibers that provide excellent softness, smoothness, and printability. It is commonly used in tissue papers, printing and writing papers, and specialty papers Sustainable battery materials Sustainable battery materials are renewable, wood-based alternatives to traditional battery components, designed to reduce environmental impact while maintaining high performance. They are used in applications such as electric vehicle batteries, consumer electronics, and energy storage systems Biobased chemicals Biobased chemicals are renewable chemicals derived from wood and other biomass instead of fossil fuels, offering a more sustainable alternative for various industries. They are used in products such as adhesives, coatings, packaging, textiles, and personal care items New fiber products New fiber products are innovative materials made from renewable wood fibers, developed to replace plastics and other non-renewable materials. They are used in items such as sustainable packaging, disposable tableware, textiles, and molded fiber products
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Welcome to Stora Enso’s Capital Markets day 34 Products : FBB - Performa Light, Performa Nova, CUK – CKB ( Coated kraft back ) Products : FSB - Trayforma , Cupforma Natura, Cupforma Special
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35 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 profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties, which may cause actual results to materially differ from tho se expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products or services by the group’s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the group’s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the group’s products and the pricing pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the group’s principal geographic markets or fluctuations in exchange and interest rates. All statements are based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes no obligation to publicly update or revise any forward-looking statement except to the extent legally required. Disclaimer
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