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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Capital Markets Day 2026 Wisdome (Tekniska Museet), Stockholm 3 November 2026
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2 Welcome and agenda Jutta Mikkola SVP Investor Relations, Stora Enso Josefine Bonnevier Head of Investor Relations, Bergslagets Skogar Welcome speakers Agenda for the day Welcome Bergslagets Skogar Capital Markets Day Management Team, Bergslagets Skogar Stora Enso and demerger update Hans Sohlström, President and CEO, Stora Enso Lunch
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Opening remarks Josefine Bonnevier Head of Investor Relations 3
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Agenda 4 Session 2 • Best-in-class operations and value creation Johan Djurberg, Head of Forestry Annika Nordin, Head of Sustainability • Q&A Moderator: Josefine Bonnevier, Head of Investor Relations • Concluding remarks Tuomas Hallenberg, CEO Session 1 • Opening remarks Josefine Bonnevier, Head of Investor Relations • Creating Europe’s largest listed pure-play forest company Tuomas Hallenberg, CEO • Unlocking the financial value of the forest Martin Ros, CFO • Break
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Today’s presenters Tuomas Hallenberg CEO Martin Ros CFO Johan Djurberg Head of Forestry Annika Nordin Head of Sustainability Josefine Bonnevier Head of Investor Relations 5
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Creating Europe’s largest listed pure-play forest company Tuomas Hallenberg CEO 6
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2. Europe's largest listed pure play 7 A real asset that grows Scale, in the right place Generations of know-how, the newest tools Grows and pays More value from every hectare 137m m³fo standing stock, growing every year 1.2m ha in Sweden's forest-industry heartland Data-driven forestry; satellite, drone and LiDAR across stands Capital-light; harvest converts growth to cash Sawlogs, breeding, land optimisation 1. Real, sustainable asset 3. Best-in-class operations 4. Disciplined cash returns 5. Geared for value creation Why BergslagetsSkogar: big, well placed, growing, and focused on forestry
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• Harvest for the mills • Group capital allocation • One business area • Forest value within a diversified group What changes: the forest becomes the strategy 8 A fresh start: our own capital allocation, our own systems Short forest Long forest • Harvest for the forest and market • Our own capital allocation • Dedicated leadership and board • Pure-play listed access to Swedish forests
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1. REAL, SUSTAINABLE ASSET 9 Grow Biological growth Growth with limited capital requirements Sustainable by nature Renewable, a carbon sink and supportive of biodiversity Mother Nature is our factory, and she works every day Protect Scarce real asset Finite productive forestland Natural diversification Low correlation with traditional asset classes Inflation linked Wood and land values provide long -term protection Scarce, diversifying and linked to inflation Pay Harvest flexibility Choose when to realise value Multiple sources of return Asset appreciation, biological growth and harvest income Every part of the tree has a market, and we choose when to sell A real asset that grows through cycles while management retains flexibility over harvest timing and capital allocation Forest is a rare asset: it grows, it protects, it pays
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It grows: Swedish forestry is sustainable by design Circular by nature Wood replaces fossil materials Long-term and sustainable practices Managed for regrowth. Wood stores carbon, replaces fossil -intensive materials and remains renewable, recyclable and biodegradable 2X Swedish forest volume over 100 years 55m tons of net CO₂e absorbed in Swedish forests1 Up to 50% embodied CO₂ reduction vs. concrete or steel 1. REAL, SUSTAINABLE ASSET 10Source: SLU, Skogsstyrelsen, Svenskt Trä, Paper Province , Swedish Forest Industri es , Avfall Sverige, Naturvårdsverket Note: 1) Net greenhouse gas removals by Sweden's total forest land, 2024: ~55 m illion tons CO ₂-equivalent (net sink) compri sing livi ng biomass, dead organic matter and mineral soil (removal s) net of organi c soil and othe r emissions
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1. REAL, SUSTAINABLE ASSET It protects: demand is growing, supply is limited Global roundwood demand (Million m3 RWE1) 2020 demand 2050 demand 1990 2025 ~2,000 ~2,700 1,206 1,176 (2%)~35% • Global population reaching 10 billion by 2050 • Urbanisation shifting billions into formal housing • Wood replacing steel, concrete, and plastics to decarbonise the global economy Demand is growing • Multi-decade long growth cycles • Declining area of forestland • Regulatory harvest restrictions Supply is limited Global productive2 forestland area (Million ha) 11Source: Food and Agriculture Organisation of the United Nati ons Note: 1) Roundwood equival ent; 2) Productive forestland defined as forests designated pri marily for the production of timber, fibre, bioenergy and/or non -wood for est products (NWFPs)
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(1 = perfect correlation, 0 = no correlation, -1 = inverse correlation) Correlation coefficients between total forest returns¹ and common asset classes (2005-2025) -1.00 -0.75 -0.50 -0.25 0.00 0.25 0.50 0.75 1.00 Swedish equity (OMXS30) Global equity (MSCI World index2) Swedish real-estate prices Swedish bonds (10y. Gov. yield) European equity (MSCI Europe index2) 1. REAL, SUSTAINABLE ASSET It protects: forest offers diversification from other asset classes Natural diversification Forests grow independently of economic cycles 12Source: Refinitiv Eikon, SCB, Riksbanken , FR ED Note: 1) Total returns i nclude both the val ue appreciation of forest assets and the returns from harvest and operati ons from Sw edi s h f orests; 2) Index in USD Offers low correlation to mainstream assets like equities Provides stability and portfolio diversification
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It pays: every part of the tree has a market 1. REAL, SUSTAINABLE ASSET 33bn 18bn 2bn SEK 53bn Swedish production output • Housing and construction activity • Urbanisation and infrastructure development • Energy prices (vs. fossil fuels) • Select renewable energy policies • New application areas such as biochemicals, textile fibre and plastics • Retail and e -commerce growth • Plastic substitution • Growing population and improved purchasing power • Emerging application areas such as lignin 1 4 3 2 Pulp, board and paper Pulpwood Smaller diameter wood Wood products and building solutions Sawlogs Larger diameter wood Renewable energy Wood fuel Treetops, branches and other Wood type Core application Demand drivers 13Source: Food and Agr iculture Organi sati on of the United N ations; Sw edi sh F orest Agency Note: 1) Split based on l atest available Sw edish production output vol umes (pr el iminary 2025) multipli ed by Q2 2026 prices; 2 ) Wood fuel: 5.3 mill ion m 3 and 450 SEK/m 3; 3) Pul pw ood: 31.0 mi llion m 3 and 565 SEK/m 3; 4) Saw logs: 34.0 mill ion m 3 and 967 SEK/m 3
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1. REAL, SUSTAINABLE ASSET Source: Swedish Forest Agency, Sveriges Lantbruksuniversitet , SC B; Ludvig & Co; Lantmäteriet ; Riksskogstaxeringen (SLU) Note: 1) 5y movi ng average; 2) Average harvest volume of total standing stock 1995 -2025 multiplied by average profit from harvest (‘ Återstående värde’) including costs for harvesting, transport to roadside and silviculture. Numbers may not add up due to compounding 14 1 2 It pays: Swedish forest has returned around 7% a year over 30 years 4.0% 4.9% 5.6% 0.3% 0.7% 0.8% 1.5% 1.5% 1.3% 5.8% 7.2% 7.9% Forest price appreciation Standing stock net volume growth Harvest return1 2 Historic Swedish forest asset return across different time periods 2.9%Inflation 1.7% 3.9% 10y p.a. growth (2015 - 2025) 30y p.a. growth (1995 - 2025) 50y p.a. growth (1975 - 2025) Return logic Trees grow independently of economic cycles Harvesting converts biological growth into cash Land and standing stock values appreciate over time
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Europe's largest listed pure-play forest company 2. EUROPE’S LARGEST LISTED PURE -PLAY FOREST COMPANY Land holdings1 Standing stock2 1.2m ha 137m m3fo Nearly the size of Montenegro Enough timber to build ~10 million single-family homes Scale supports operating efficiency and strategic flexibility, creating multiple avenues for long -term value creation 15Note: 1) As of December 2025; 2) As of September 2026 Bergslagets Skogar’s assets
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In the sweet spot of Swedish forestry: strong growth, contiguous land 2. EUROPE’S LARGEST LISTED PURE -PLAY FOREST COMPANY Site productivity1 in Sweden (avg. m3fo/ha/year, 2019-2023) Gross historical CAGR of standing stock volume2 (%, ‘21-’25) Bergslagets Skogar3 4.3% 4.0% 3.7% 3.6% Average: 3.9% Company #1 Company #2 Company #3 16Source: Swedish University of Agricultural Sciences (SLU), Ludvig & Co; Company annual reports Note: 1) Higher value means higher annual growth of standing stock per hectare; 2) Gross CAGR reflects actual forest growth, including cumul ative harvest volumes; 3) 2021 -24 data due to a 12.4% divestment of Sw edish forest assets in FY25 making 2025 data u navailable North: slower growth South: faster growth but fragmented ownership Bergslagets Skogar Company #1 Company #2 Company #3 3.0–4.0 Site productivity 4.0–5.0 5.0–6.0 6.0–7.0 7.0–8.0 8.0+
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Customers on our doorstep: local demand is 17–21x our harvest 2. EUROPE’S LARGEST LISTED PURE -PLAY FOREST COMPANY Historically, demand has exceeded supply in mid-Sweden, with imports required to address the shortfall Pulp mill wood demand in Sweden within BergslagetsSkogar’s reach (million m³sub/year) 17 Bergslagets Skogar’s sawlog harvests 1 Sawmill wood consumption 2 ~1.4 ~23 ~17x Bergslagets Skogar’s pulp wood harvests 1 Pulp mill wood consumption 3 ~1.5 ~32 ~21x Sawmills Pulp mills Stora Enso mills Bergslagets Skogar’s assets Source: Swedish Forest Industries; Company websites Note: 1) Based on 2025 harvested volumes; 2) Esti mated based on total production capacity, with multiplying factor of 2; 3) C onsidering 2024 demand for pul p mills Sawmill wood demand in Sweden within BergslagetsSkogar’s reach (million m³sub/year) Take-or-pay agreement: 18-year take-or-pay agreement with Stora Enso
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Pure play: we optimise forestry 2. EUROPE’S LARGEST LISTED PURE -PLAY FOREST COMPANY Limited end-market cyclicality Limited investment requirements Ability to optimise harvest timing Ability to optimise holdings for forestry rather than industry HARVEST BERGSLAGETS SKOGAR’S VALUE CHAIN POSITION NURSERIES FOREST MANAGEMENT HARVEST RIGHTS PULP MILL ENERGY SAWMILL 18 We sell harvest ing rights… …customers harvest
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Solid foundation for increasing asset productivity , with the sole ambition to create long-term forest value 2. EUROPE’S LARGEST LISTED PURE -PLAY FOREST COMPANY Comp. 1 Comp. 2 Comp. 3 Comp. 4 Comp. 5 Comp. 6 Privately held Nordic pure -play forestry operators Listed Nordic forest industry companies Asset productivity: Adj. operating profit over harvested volume (SEK/m 3sub, 2025) Illustrative Downstream focus “Short forest” Upstream focus “Long forest” Bergslagets Skogar is fundamentally different from listed peers in its ability to cater directly to the market through sustainable and optimised harvesting operations ~50% ~60% Degree of wood self -sufficiency 19Source: Bain market study Note: Figures follow the reported forestry segment operations of each company i ncluding, among others, external sourcing, ow n forest harvests and company -specific revenue and cost allocations as reported. Figures exclude changes in value of biological asse ts as relevant and applicable
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Generations of know-how, the newest tools 20 Exceptional data in expert hands Enhance biological growth Drive land optimisation Time harvest to market Grow and optimise the customer base over time Opportunities / benefits from increased focus 7 Forestry expertise Forest intelligence • 700+ years of forestry • Seedling production and tree breeding • Deep silviculture expertise • ~300 FTEs • Data-driven forest management • 100-year harvest plan • Biodiversity tracking Withsustainability at thecore 30–35% Expected yield uplift from next-generation breeding 1.2m ha Satellite, drone and LiDAR- enabled monitoring 40,000 km Road network optimised using digital planning 3. BEST -IN-CLASS OPERATIONS
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Grow the asset, harvest the cash, return it 4. DISCIPLINED CASH RETURNS Financial flexibility: Harvest timing • Selective land transactions • Robust balance sheet • Shareholder distributions Biological growth Asset base grows with limited capex Harvest and sales Disciplined timing and commercial execution 1 Cash flows Lean organisation with high operating margins 3 Capital allocation Dividends, land optimisation and growth initiatives 4 2 21
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Geared for value creation from core operations and beyond 5. GEARED FOR VALUE CREATION 22 Enabled by forest intelligence Breeding & silviculture Assortment mix & marginal pricing Digitally enabled harvest operations Renewable energy and established forest-related activities Land optimisation Grow more, worth more per hectare • Data-driven silviculture • More resilient seedlings with higher growth potential • Shift assortment mix to higher-value sawlogs • Time harvest to market • Drive marginal pricing • Convert non-productive land to productive land • Manage set-asides and conduct land swaps • Roll-out of forest intelligence platform • More efficient management of core processes, esp. harvest planning • Scale renewable energy to market potential • Grow established forest- related activities • External seedling sales, Falu Rödfärg and land-use rights Higher biological growth Additional profits from same volume Higher asset value and larger harvests More cost-efficient operations Additional profits beyond core forestry Beyond the trees
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2 Europe's largest listed pure play 23 Why BergslagetsSkogar: big, well placed, growing, and focused on forestry A real asset that grows Scale, in the right place Generations of know-how, the newest tools Grows and pays More value from every hectare 137m m³fo standing stock, growing every year 1.2m ha in Sweden's forest-industry heartland Data-driven forestry; satellite, drone and LiDAR across stands Capital-light; harvest converts growth to cash Sawlogs, breeding, land optimisation 1 Real, sustainable asset 3 Best-in-class operations 4 Disciplined cash returns 5 Geared for value creation
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Unlocking the financial value of the forest Martin Ros CFO 24
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Bergslagets Skogar’sfinancial profile in brief Resilient total shareholder return We offer stability and predictability 25 We generate strong cash flows We deploy capital with discipline We maintain a solid balance sheet We deliver safe & growing shareholder distributions
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Regardless of cycle, biological growth builds the asset base, while harvesting generates recurring cash flow 1. STABILITY AND PREDICTABILITY Net growth Harvest, natural mortality, etc. Total standing stock of 137 million m3fo (Index 100 trees) 4.3% gross historical CAGR of standing stock volume (‘21-’25) 26
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0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 50 100 150 200 250 2020 2030 2040 2050 2060 2070 2080 Long-term harvesting supports both recurring cash flow and net standing stock growth, providing long-term value appreciation Long-term development of asset base Standing stock (million m3fo), Left-hand side Annual harvesting level (5-year average intervals for forecasted period, million m3sub), Right-hand side Growth target 1% Annual net standing stock growth1) 27Note: Based on latest harvesting calculation (AVB) as of October 2026, which is reviewed and updated on a regular basis 1) Annual net standing stock growth target measured as a running 10 -year average 1. STABILITY AND PREDICTABILITY Long-term harvesting calculation (reviewed and updated periodically) Historical volumes p.a. Elevated harvesting in 2026 due to the Johannes storm ~3.0-3.3
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A robust and growing asset base Stable and appreciating asset anchored in net biological growth, active forest management and land optimisation 1. STABILITY AND PREDICTABILITY Note: 1) Average forest assets defined as (Opening balance + Closing Balance) / 2; 2) Corresponds to a weighted 36 -month avg. pr ice using statistics from the largest real estate brokers in Sweden per relevant geography; 3) Assuming Sep'26 forest asset v alues and net debt of SEK ~9.1 bn, the net asset value would correspond to SEK ~69/share. Number of shares at 788,619,987 ( Bergslagets Skogar share structure to replicate Stora Enso to 1:1) Long-term asset growth driven by: • Biological growth and active forest management • Active land value optimisation Active and tradable forest property market • Fair valuation accounting principles using transaction market statistics • Divestment of 12.4% of Swedish forest holdings at book value carried out Sep’25 Growing net asset value Net asset value3) (corresponding to SEK ~69 / share) Forest assets Net debt Illustrative only at Sep’26 forest asset value Net asset value ( SEKbn) Avg. Forest fair value ( SEKbn)1) Standing stock (million m3fo) 449 470 470 468 466 Implied market valuation (SEK/m3fo)2) 62 62 63 2022 2023 2024 2025 Sep’26 ~54 ~9.1 At listing 63 +2% +1% 130 130 133 133 137 28
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Actively promoting NAV growth using full toolbox at hand 1. STABILITY AND PREDICTABILITY 29 Long-term growth in NAV per share • Long-term biological growth compounding • Harvest converts to cash flow • Robust demand for, and scarcity of available, forest assets support long-term appreciation • Focus on value accretive actions to support NAV per share, including land value optimisations Increase in NAV per share coming from multiple value drivers Net asset value1) per share (SEK) Note: 1) Assuming Sep'26 forest asset values and net debt of approximately SEK 9.1bn, the net asset val ue would correspond to ~SEK 69/ share. Number of shares at 788,619,987 ( Bergslagets Skogar share structure to replicate Stora Enso to 1:1); 2) Change relates to valuation of productive forest land per hectare, that has increased sl ightly, how ever the price per m 3fo has decreased during the same period Illustrative only1) 2024 opening balance Net growth Free cash flow Other value accretive actions Forest land prices Sep’26 ~691) Executing land swaps, and pursuing acquisitions and divestments 2)
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Disciplined harvesting supports long-term revenue visibility Flexibility to optimise harvesting to market environment as a pure -play operator High share of high -value sawlogs, structural premium over pulpwood Temporary price pressures beginning of 2026 from the Johannes storm 2024 Volume Price/ mix Other 2025 Volume Price/ mix Other Sep’26 R12 2,015 2,212 2,418 Stable revenues across cycles BergslagetsSkogarhas the flexibility to adapt to the market to maximise the value of each tree 1. STABILITY AND PREDICTABILITY Note: 1) Wood delivery stumpage sales adding the buyers’ harvesting costs for felling of sold trees, see appendix for reconciliations ; 2) Average timber price relates to a blended average annual price for harvested timber volumes Gross sales growth reflects active value capture from harvested volumes and wood pricing Gross wood sales (SEKm)1) Total harvesting (million m3sub) Gross wood sales by type (SEKbn) Pulpwood Sawlogs Avg. timber price (SEK/m3sub)2) 694 Impact from Johannes storm 2.9 2.9 3.5 30 686 753
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18-year take-or-pay agreement safeguards revenue flows while providing commercial flexibility over time 1. STABILITY AND PREDICTABILITY Average annual volumes (million m 3sub) Wood volumes under the take-or-pay agreement with Stora Enso Clear benefits to Bergslagets Skogar Market-based pricing Orderly transition to diversification Increasing commercial flexibilityCounterparty assurance Sawmills Pulp mills BergslagetsSkogar’s assets Stora Enso mills Strategically located forest assets provide close proximity to stable and predictable timber demand Ample demand near BergslagetsSkogar’s assets 31 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2027 2028 2029-2032 2033-2036 2037-2040 2041-2044 100% 2027 2028 2029-2032 2033-2036 2037-2040 2041-2044
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Predictable, flexible and scalable Upstream value chain position enables a predictable, flexible and scalable cost structure, promoting stable cash generation over time 2. STRONG CASH FLOWS Note: Ill ustrative visualization. 1) Excluding IACs. 2) F orestry investments include road investments (~50%) and nurseries (~ 50%). Other investments include Falu Rödfärg , renewable energy and forest intelligence pl atform High share of revenue is translated to free cash flow (SEKm, Sep’26 R12) Close to two-thirds of yearly cash outflow is external services Lean and efficient organisation with increased stand-alone costs in 2027 expected due to separation from Stora Enso Reforestation investments support long -term growth Limited investment and working capital requirements , supporting a robust cash flow profile ~0.5% of forest assets ~3% of total net sales 984 Total net sales Operating expenses1) Adjusted operating profit Investments in reforestation Capital expenditures 2) Other cash flow items (incl. ΔNWC and add-backs) Free cash flow 2,119 Other operating income Sales Other Forestry Forestry management Other operating expenses D&A 1,411 32
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High profitability turning to cash Pure-play focus promotes strong cash earnings over time • High margins from technology-driven forestry management • Efficient operations with no industrial operations, hence limited investment and working capital requirements Higher harvesting in 2026 following the Johannes storm, with increased volumes translating to high cash flows despite headwind in wood prices, impacting margins. Volumes and prices expected to normalize in 2027 BergslagetsSkogaraims to deliver stable free cash flow returns over time through high margins and limited investment requirements Note: IACs and changes in net value of biological assets recognised i n operating profit as per IFRS but excluded i n adjusted operating profit, to provide cash -based earnings. 1) Adjusted operating profit margin defined as operating profit or loss adjusted for i tems affecting comparability, profit and loss on sale of fi xed assets and investments and changes i n net value of biol ogical assets divided by the sum of sales and other oper ating income . 2) Free cash fl ow return defined as Free cash fl ow l ast twelve months divided by annual average forest assets fai r value, see appendix for reconciliati ons High margins combined with capital -light operations, translating to strong cash generation (SEKm) Adj. operating profit margin Illustrative effect of an internal change in payment terms Free cash flow return 2. STRONG CASH FLOWS 33 Free cash flow 2) 984 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 0 200 400 600 800 1,200 1.0% 2024 1.7% 2025 1.6% Sep’26 R12 2% Long-term 1,088 Return target 0 1,000 2,000 3,000 4,000 5,000 6,000 30 40 50 60 70 80 90 Y Axis 65.6% 2024 67.0% 2025 66.6% Sep’26 R12 5,747 5,371 5,210 1,246 1,378 1,411 Operating profit Adjusted operating profit 1)
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Strong cash flow combined with a solid balance sheet supports high shareholder distributions 3-5. DISCIPLINE, ROBUSTNESS AND RECURRING AND PREDICTABLE SHAREHOLDER DISTRIBUTIONS Note: 1) At Sep’26 forest asset value and net debt of approximately SEK ~9.1 bn . Forest asset value defined at closi ng balance, not average. Balance sheet strength supported by conservative leverage at listing (SEKbn) Illustrative only Disciplined and clear capital allocation priorities promoting high shareholder distributions (SEKm, Sep’26 R12) Stable operational profitability Limited investment needs Solid balance sheet ~9.1 At listing ~14%1) Forest asset value Net debt Net LTV, % 984 Net income Changes in fair valuations, net tax Profits and losses on sale of fixed assets and investments Investments in reforestration IAC, post -tax Adj. net income (illustrative only) Free Cash Flow 34 Net LTV target 0-20% Stable & growing dividends Pay-out ratio of adjusted net income 80-100% Dividend policy
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Long-term strategic and financial targets to promote resilient total shareholder return 35 Growth 1% Annual net standing stock growth (rolling 10-year average) Climate Increased climate benefit Return 2% Long-term annual free cash flow return Biodiversity Increased biodiversity benefit Dividend policy Stable & growing dividends 80-100% Pay-out ratio of adjusted net income Capital structure 0-20% Net loan-to-value
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Break 36
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Welcome back Josefine Bonnevier Head of Investor Relations 37
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Best-in-class operations and value creation Annika Nordin Head of Sustainability Johan Djurberg Head of Forestry 38
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Section introduction: Best -in-class operations and value creation Long-term value from a productive forest base Grow more Tree breeding and forest management support long-term forest productivity and deliver higher yield per hectare Worth more per hectare Forest intelligence and active land management for a better, higher-value fibre base Beyond the trees New income from the same land through opportunities beyond today’s forest operations Forestry expertise and forest intelligence, with sustainability at the core 39
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We realise the full value of our land across core and adjacent businesses ADJACENT BUSINESSES TODAY LAND DEVELOPMENT OTHER FOREST RELATED INCOME • Monetise the land by leasing it to developers and operators, e.g. for wind and solar energy • Seedling sales • Falu Rödfärg • Recreational land rights (hunting and fishing) 40 HARVEST BERGSLAGETS SKOGAR’S VALUE CHAIN POSITION NURSERIES FOREST MANAGEMENT HARVEST RIGHTS PULP MILL ENERGY SAWMILL OUR INTEGRATED BUSINESS MODEL
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We operate in a highly attractive local wood market, with demand far exceeding harvest volumes Source: AFRY; Swedi sh Forest Industries; Company websites Note: 1) Estimated based on total production capacity, with multipl ying factor of 2; 2) Considering 2024 demand for pulp mill s; 3) Based on 2025 harvested vol umes; 4) Defined as a 200 km radius around Bergslagets Skogar’s forest, reflecting the practical maxi mum haul distance for bulky wood 41 Swedish sawlog1 and pulp wood2 demand within BergslagetsSkogar’s reach (Mm3sub/year) 7 25 32 7 15 23 1.41.5 ~3 ~14 ~41 ~55 Mill wood demand within/ between Company land Mill wood demand within 100km reach of Company land Mill wood demand within catchment area 4 Sawlogs Pulp wood Bergslagets Skogar’s wood harvests 3 ~40% of total demand Sawlog demand is fragmented within catchment area; T op 10 sawmills account for ~70% of total demand Pulp wood demand is concentrated within catchment area; T op 10 pulp mills account for
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From forest to customer , a value proposition defined by reliability 42 Enabling customers to capture the full value of every harvest Full-service focus Reliable supply and service across the value chain Sustainable value Long-term value from responsibly managed forests Advanced forest intelligence Better planning, yield and efficiency Certified at scale Large certified holdings with traceability
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The value creation rests on a foundation of forestry expertise and data Combining forestry expertise and forest intelligence to create value from every hectare 43 Forestry expertise Forest intelligence • 700+ years of forestry • Seedling production and tree breeding • Deep silviculture expertise • Data-driven forest management • 100-year harvest plan • Biodiversity tracking Withsustainability at thecore 1. Grow more More yield from every hectare 2. Worth more per hectare A better, higher-value fibre base 3. Beyond the trees New income from the same land
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Our foundation: deep forestry expertise Superior plant material Breeding programme delivers faster- growing, more resilient forests from day one Forest resilience Growing and harvesting to strengthen forest health and productivity — protecting asset quality over time Optimal forest management Deep forestry expertise optimises forest health and long-term returns Leading forestry education and research Applied innovation, tree breeding, science-to-practice +200 years of collaboration across academia, industry and society Sweden is the global benchmark in forestry research and education… …converted into in -house capabilities… …setting up Bergslagets Skogar for value creation as an independent company 44
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Our foundation: AI-powered forestry intelligence 45 Laser scanning Field measurements Satellites Drones Public data Forest machine data More accurate standing stock and tree data estimates Damage detection and biodiversity tracking Precise modelling, simulation and harvesting plans Reduced manual data collection and field visits Site-specific forest management DATA SOURCES ACTIONABLE INSIGHTS Forestry Intelligence Platform
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1. Grow more: More yield from every hectare Future forest value starts in our nurseries 30-35% higher growth potential1 through tree breeding More resilient forests with improved resistance to climate stress, pests and diseases ~50 million seedlings annually enabling large-scale deployment of superior planting material Beyond our own forests we supply thousands of private forest owners across mid-Sweden Revenue-generating business from external seedling sales creates value today while supporting future forest growth Our data and expertise drive nursery capabilities for site-specific planting decisions across our land Three nursery units 17 greenhouses 46Note: 1) Measur ed relative to non -bred seed mater ial pl anted under comparable condi tions. Grow th potenti al of 30 –35% refl ects ex pected perfor mance for the next -generation seed. Current (3rd -generation) growth potential is 20 –25%
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2. Worth more per hectare: A better, higher -value fibre base Long-term strategy to maximise the value of productive forest land through active land optimisation 47 Example methods of land optimisation Swap land to optimise operations: acquire high-growth forest land; divest fragmented or hard-to-manage parcels Increased forest asset value Larger harvest volumes and cash generation Geographically more consolidated land holdings reduce costs for planning, harvesting, transport, and roads Identify productive land in previously classified non-productive forest land 10k ha already identified, with additional potential existing ~80 transactions of productive forest land between ’23-’25 Case study on next page
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2. Worth more per hectare: A better, higher -value fibre base Case studies: consolidating land holdings through targeted acquisitions and divestments Portfolio benefits Case study B: Divestment of fragmented parcels Red = fragmented parcels to divest Fragmented Costly to manage Low productivity Case study A: Acquisition strengthening a core holding Light green = new acquisition Dark green = existing holding Contiguous Operationally efficient High productivity Higher return per hectare Simpler operations A more contiguous estate is easier to manage Lower costs Lower planning, harvesting and transport costs 48
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2. Worth more per hectare: A better, higher -value fibre base Sustainable forestry keeps forests healthy and productive 49 Biodiversity Healthy, productive forests Climate Higher carbon storage and fossil- free operations Benefits the planet and the business Customers • Certification • Long-term forest value
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2. Worth more per hectare: A better, higher -value fibre base Managing biodiversity for forests’ resilience and long-term productivity Biodiverse forests are healthier, more resilient and more productive – driving long-term value 1 Integrate Build biodiversity into every planning and operational decision 2 Enhance Use targeted plans to strengthen priority habitats and ecosystems 3 Assure Track delivery and model short- and long-term outcomes HOW WE WORK WITH BIODIVERSITY 50
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BY THE NUMBERS 2. Worth more per hectare: A better, higher -value fibre base Case study: 30 years with the white-backed woodpecker ~6,000 ha of set-aside forest managed by Bergslagets Skogar today Early 1990s first set-aside for the woodpecker 14 successful breeding pairs in Sweden in 2024 – best in 30 years Long-running effort to invest in habitat development for a critically endangered species and the forests it depends on 51
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2. Worth more per hectare: A better, higher -value fibre base Growing and harvesting forests to enhance climate benefits 0 2 4 6 8 10 12 0 20 40 60 80 100 tonnes CO₂/ha, year Age of standing stock Carbon sequestration capacity of growing stock Annual CO₂ uptake Average CO₂ uptake Extending the period of high carbon-uptake before harvest Higher growth supports higher carbon removals Improved genetics and silviculture increase both wood production and carbon uptake Active management optimises carbon and timber value Harvest timing balances biological growth, carbon sequestration and economic returns Future carbon revenue opportunities Verified carbon removals may provide an additional future revenue stream 52Source: SLU
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3. Beyond the trees: New income from the same land Growth opportunities beyond today’s forest operations • Monetise land through wind and solar developers and operators • Scale: ~1 TWh annual generation today from operating projects, with ~20 TWh identified long-term development potential • Income: Grow long-term lease income with limited capital exposure, while maintaining core forestry • Optimise land use to capitalise on carbon uptake • Revenue potential: Future income from verified carbon removals • Development opportunities: Increase standing forest carbon stocks Maintain and develop established businesses that complement core forestry • External seedling sales • Falu Rödfärg • Land-use rights Current opportunities Future opportunities Land development Other forest related income Carbon credits 53
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Long-term value from a productive forest base 54 Section summary: Best -in-class operations and value creation Grow more Tree breeding and forest management support long-term forest productivity and deliver higher yield per hectare Worth more per hectare Forest intelligence and active land management for a better, higher-value fibre base Beyond the trees New income from the same land through opportunities beyond today’s forest operations Forestry expertise and forest intelligence, with sustainability at the core
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Q&A 55 Tuomas Hallenberg CEO Martin Ros CFO Johan Djurberg Head of Forestry Annika Nordin Head of Sustainability Josefine Bonnevier Head of Investor Relations
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Concluding remarks Tuomas Hallenberg CEO 56
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57 Growth 1% Annual net standing stock growth (rolling 10-year average) Climate Increased climate benefit Return 2% Long-term annual free cash flow return Biodiversity Increased biodiversity benefit Dividend policy Stable & growing dividends 80-100% Pay-out ratio of adjusted net income Capital structure 0-20% Net loan-to-value Long-term strategic and financial targets to promote resilient total shareholder return
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2 Europe's largest listed pure play 58 A real asset that grows Scale, in the right place Generations of know-how, the newest tools Grows and pays More value from every hectare 137m m³fo standing stock, growing every year 1.2m ha in Sweden's forest-industry heartland Data-driven forestry; satellite, drone and LiDAR across stands Capital-light; harvest converts growth to cash Sawlogs, breeding, land optimisation 1 Real, sustainable asset 3 Best-in-class operations 4 Disciplined cash returns 5 Geared for value creation Why BergslagetsSkogar: big, well placed, growing, and focused on forestry
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Thank you. 59
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Hans Sohlström President and CEO More focused, positioned to win Stora Enso after the demerger of Bergslagets Skogar
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61 Two focused companies. Two distinct investment cases. One objective: higher long-term shareholder value.
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62 Demerger and listing of BergslagetsSkogar planned to be completed during H1 2027 Board decision to proceed with the demerger 14 November 2025 Completion of the Swedish domestic demerger Extraordinary General Meeting vote on the demerger 15 December 2026 Capital Markets Day focused on Stora Enso 25 November 2025 Announcement and filing of the cross-border demerger plan Publication of Information Brochure 23 or 24 November 2026 Listing of Bergslagets Skogar Public trading in the shares planned to commence as soon as possible after registration Announcement of strategic review 18 June 2025 Capital Markets Day focused on Bergslagets Skogar 3 November 2026 Planned registration of the completion of the demerger 31 March 2027 Publication of prospectus Following completion of the demerger and prior to listing Notice to Extraordinary General Meeting 2 November 2026
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We are The renewable materials company Lead in customer value Grow business Expand margin Generate cash 63
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Appendix Transaction structure 64
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65 Overview of demerger transaction structure Stora Enso shareholders will receive shares in the newly listed company in proportion to their existing shareholding Note: Each class A share in Bergslagets Skogar carries one (1) vote and each commenced lot of ten (10) class B shares in Bergslaget s Skogar carries one (1) vote Stora Enso Oyj Demerging company A and R shares Bergslagets Skogar AB Receiving company A and B shares Receive Bergslagets Skogar shares pro rata 1:1 within each share class 01 Statutory partial cross- border demerger 02 Shares distributed pro rata 03 Subject to EGM approval 04 Nasdaq Stockholm and Nasdaq Helsinki Stora Enso shareholders Swedish forest asset business Transferred through a statutory partial cross -border demerger Transaction Consideration Approvals Listing
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Appendix Supplementary forest introductory materials 66
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Forest assets provide an inflation hedge and lower volatility of returns Wood prices have a high correlation with inflation, providing a natural inflation hedge Forest assets provide low bond-like volatility, while delivering returns 0% 5% 10% 15% 20% 0% 5% 10% 15% 20% Volatility (Std. dev., %) Annual returns (%) Forest returns US 10 yr T bond S&P 500 Risk-return profile2 (1995-2025)Correlation between inflation and wood prices 1 (1995-2025) 0.87 Correlation over the period 67 Source: Nasdaq, Swedish University of Agr icultural Sciences (SLU), Swedi sh Forest Agency, Refinitiv Eikon, SC B, Riksbanken , FRED Note: 1) Based on actual prices for delivery timber/roadside timber until Q1 ’25; prices after are extrapolated using price d evelopment of harvesting contracts due to changes in price methodologies for del ivery/roadside timber and to cover a larger shar e of the market; 2) Total f orest retur ns i nclude both the val ue appreciation of forest assets and the returns from harvest and operati ons from Swedi sh forests
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68 Every era finds new value in the Swedish forest – the future holds a wide breadth of use Historic forestry Basic products 1900s 2020s 2040-2100 Pulp & paper production Forestry today Diversified portfolio Forestry tomorrow Breadth of advanced use cases Sawn timber / structural lumber Firewood & basic energy Cross- laminated timber (CLT) Sustainable & bio- degradable packaging Biofuels & biomass heat/power Textile fibers (viscose / lyocell) Wind & solar land leasing At scale cellulose nanofibers & bio-composites Advanced hemicellulose- derived chemicals Lignin-based carbon fiber, resins & aromatics Bio-composites replacing conventional plastics Pharma- ceutical ingredients Carbon sequestration as traded commodity Hemi-cellulose- derived chemicals
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Pine 69 Swedish forest primarily consists of softwood pine and spruce; use cases in construction and packaging Versatile wood for a variety of end- usage, e.g. both construction and packaging A versatile hardwood used for plywood, furniture, and pulp production Denser woods used in high-end furniture, flooring, and construction Valued for straight grain and strength- to-weight ratio, being slightly weaker than pine Swedish forest composition overview Softwood1 (79%) Hardwood (21%) Spruce Birch Other3 Construction Packaging Interiors / tissue & paper Flooring / decoration 40% 2 39% 2 12% 2 9% 2 End use cases Swedish forests grow slower, producing timber better suited to high-value sawlog production (primarily used in construction) compared to fast-growing wood in warmer climates Source: NFI; SLU; Lit search; Annual reports Note: 1 Other softwood (Larch) not visi ble due to minimal share of standing stock (<1%); 2 2020 -2024 average of m 3 standing over bark; 3 Other hardwood includes Aspen, Alder, Goat willow, Mountain ash, Oak, Beech, Norway maple, D utch elm, E uropean ash, Linden, Hornbeam, Wild cherry.
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Ändra färg på bakgrunden Högerklicka utanför arbetsområdet, välj Formatera bakgrund från snabbmenyn och välj Hel fyllning . Ändra färg i menyn Färg. Du får enbart använda nedan markerade färger. Appendix Supplementary financial information 70
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71 Accounting policies, changes and basis of preparation APPENDIX The key financial information of Bergslagets Skogar presented is based on the unaudited combined financial statements for fiscal year 2025 and fiscal year 2024 and unaudited condensed combined interim financial information for nine -month period ended 30 September 2026 and 30 September 2025. Accounting policy elections made by Bergslagets Skogar are materially identical with those made by Stora Enso Group with the exception for initial recognition of silviculture expenditures and the early application of IFRS 18 (Presentation and Disclosure in Financial Statements). Bergslagets Skogar has elected another policy related to silviculture expenditures related to reforestation. Bergslagets Skogar are, unlike Stora Enso, recognising expenditures for reforestation as an investment in forest assets. The future financing structure of Bergslagets Skogar on a standalone basis may differ materially from the current financing presented in the combined financial statements. The combined financial statements reflect the Swedish forest asset business controlled by Stora Enso Oyj Group as of the reporting date. Stora Enso divested certain Swedish forest assets in September 2025, and these operations have been excluded from the combined financial statements. Bergslagets Skogar has not formed a separate legal group of entities during the years presented. Thus, the combined financial statements may not be indicative of BergslagetsSkogar’s future performance and do not necessarily reflect what its combined income statement, balance sheet and cash flows would have been, had Bergslagets Skogar operated as a standalone consolidated group and had it therefore presented standalone consolidated financial information during the periods presented. Further comprehensive financial information will be provided in the Information Brochure and the subsequent listing prospectus.
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Financial impacts on Stora Enso 72 APPENDIX The Demerger is not expected to have a material impact on Stora Enso's reported sales, as sales generated by Bergslagets Skogar have historically been largely internal transactions within the Stora Enso Group. Following the Demerger, Stora Enso's operating profit (IFRS) will largely decrease by an amount corresponding to Bergslagets Skogar's operating profit (IFRS), as presented throughout the presentation. For illustrative purposes, Stora Enso's adjusted EBIT , excluding Bergslagets Skogar, for the twelve-month period ending 30 September 2026 would have been approximately EUR 400 million. The net debt of Stora Enso will decrease by approximately EUR 800 million at completion of the demerger. Bergslagets Skogar would report adjusted operating profit as one of its alternative performance measures (APM), while Stora Enso reports adjusted EBIT. The measures are not directly comparable, mainly because i) operational fair value change of biological assets and ii) adjustments for differences between fair value and acquisition cost of forest assets upon disposals are excluded from Bergslagets Skogar's adjusted operating profit but included in Stora Enso's adjusted EBIT .
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APPENDIX 73 Historical price and volume development Bergslagets Skogar Sawlog volume (million m3sub) Average gross sawlog prices (SEK / m3sub) Average gross pulpwood prices (SEK / m3sub) • All historical volumes sold to Stora Enso • Take-or-pay agreement between Bergslagets Skogar and Stora Enso in force as of 1 January 2026. No historical adjustments carried out • Market-based pricing Commentary Pulpwood volume (million m3sub) 2024 2025 R12 Sep ‘26 1.3 1.4 1.6 832 940 902 534 586 498 1.6 1.5 1.8
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74 Various sales measures APPENDIX SEKm Sep’26 R12 2025 2024 Wood delivery stumpage sales 1,772 1,700 1,536 (+) Seed and seedlings sales 108 107 114 (+) Falu Rödfärg 104 104 84 Sales 1,985 1,910 1,734 Wood delivery stumpage sales 1,772 1,700 1,536 (+) Buyers’ harvesting cost 645 512 479 Gross wood sales1,2) 2,418 2,212 2,015 Sales 1,985 1,910 1,734 (+) Other operating income 135 145 165 Total net sales1) 2,119 2,055 1,898 Harvested volume (million m3sub) 3.5 2.9 2.9 • Wood is primarily sold under delivery stumpage purchase contracts, whereby the customer acquires the harvesting rights to standing trees • Revenue is recognised at the time of logging under delivery stumpage purchase contracts • Revenues from delivery stumpage purchase contracts are recognised with an amount equal to the amount expected to be paid by the customer. The amount expected to be received is based on the pricing based on agreed price lists, timber assortment, area, quality classifications and certifications, and harvested volumes, with a deduction of logging costs since Bergslagets Skogar does not perform the harvesting Sales: Note: 1) Alternative performance measures; 2) Gross w ood sales defined as w ood delivery stumpage sales adding the buyers’ harvesting costs for felling of sold trees
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0 5 10 15 20 25 Price from price list Commission/ Bonus Certification and other premiums Harvesting costs Net stumpage price 2 3 4 1 Illustrativepricing model of stumpage contracts 75 General pricing structure for delivery stumpage contracts in the Swedish market APPENDIX Sawlogs command a structural premium (40 -80%) to pulpwood 1) Prices are differentiated by key factors such as species, quality and dimension A commission (bonus) is added to the list price for each assortment in line with general pricing structure on the market A premium for certified wood according to FSC standard is also added in line with market standard practice Subtracting the applicable harvesting costs of the buyer results in the net stumpage price for respective assortment and period 2 3 4 1 Note: 1) Based on Bain & Company Market Study
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100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 Roundwood prices 1 (SEK/m3 sub) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 76 Sawlogs command a structural price premium over pulpwood APPENDIX Roundwood price quarterly development 2019-2026– market statistics Sawlog price premium Indexed, pulpwood prices =100 Sawlogs Pulpwood 2019 2020 2021 2022 2023 2024 2025 2026 100 171 Q2 2026 +71% Note: 1) Based on Bain & Company Market Study / Swedish Forest Agency: Based on actual prices for delivery timber/roadside timber until Q2 ’26 for the market
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77 Silviculture accounting recognition APPENDIX 0 100 200 300 Investment in reforestation SEKm • Bergslagets Skogar capitalises reforestation expenditures as an investment in forest assets • This treatment differs from Stora Enso Group to partly align its policies with Swedish listed peers to improve comparability, and to accurately reflect the nature of the investment horizon of the forest assets Recognising expenditures for reforestation as an investment in biological assets: 219 286 289 2024 2025 Sep'26 R12
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78 Income statement APPENDIX SEKm R12 Sep’26 2025 2024 Sales 1,985 1,910 1,734 Other operating income 135 145 165 Materials and services -795 -293 -286 Personnel expenses -264 -79 -65 Other operating expenses -232 -209 -238 Change in net value of biological assets 4,429 3,945 4,483 Depreciation, amortisation and impairment charges -48 -48 -46 Operating profit 5,210 5,371 5,747 Share of results of joint ventures -0 -0 -1 Change in fair value of unlisted securities -0 0 0 Interest income 21 18 25 Investing items 20 18 24 Profit before financing and income tax 5,230 5,389 5,771 Interest expense -143 -147 -144 Financing items -143 -147 -144 Profit before tax 5,087 5,241 5,628 Current income tax -207 -183 -195 Deferred income tax -845 -890 -971 Income tax -1,052 -1,073 -1,166 Net profit for the year 4,036 4,169 4,462
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79 Statement of financial position (1/2) APPENDIX SEKm 2026/09/30 2025/12/31 2024/12/31 Assets Software 59 63 50 Property, plant and equipment 374 358 362 Right-of-use assets 0 1 1 Forest assets Biological assets 49,175 48,985 45,370 Forest land 14,575 13,443 17,100 Investments in joint ventures 14 11 0 Unlisted securities 28 28 20 Non-current interest -bearing receivables, related party - - 182 Other non-current financial assets 4 4 2 Non-current assets 64,229 62,894 63,087 Inventories 393 829 161 Tax receivables 2 1 0 Operative receivables 756 426 476 Current interest -bearing receivables, related party 816 1,299 1,005 Cash and cash equivalents 208 20 1 Current assets 2,176 2,574 1,643 Total Assets 66,405 65,468 64,730
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80 Statement of financial position (2/2) APPENDIX SEKm 2026/09/30 2025/12/31 2024/12/31 Equity and liabilities Share capital - - - Other contributed capital 27,424 27,813 28,369 Revaluation reserve 9,192 8,294 11,216 Translation reserve -2 -2 1 Retained earnings including Net profit for the period 8,938 8,631 4,462 Equity attributable to owners of Bergslagets Skogar 45,553 44,736 44,047 Provisions 295 316 343 Deferred tax liabilities 13,080 12,929 12,798 Non-current interest -bearing liabilities, related party 6,000 6,000 6,000 Non-current liabilities 19,375 19,245 19,141 Lease liabilities 0 1 1 Current financial liabilities, related party 880 1,170 1,229 Provisions 160 136 127 Operative liabilities 428 180 184 Tax liabilities 8 0 0 Current liabilities 1,477 1,487 1,542 Total equity and liabilities 66,405 65,468 64,730
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81 Cash flow APPENDIX SEKm R12 Sep’26 2025 2024 Cash flow from operating activities Operating profit 5,210 5,371 5,747 Adjustments and reversal of non-cash item s: Depreciation and impairment charges 48 48 46 Change in net value of biological assets -4,429 -3,945 -4,483 Profits and losses on sale of fixed assets and investments -13 -43 -41 Other adjustm ents 477 107 113 Income taxes paid -200 -183 -192 Provisions paid -45 -125 -136 Change in net working capital -113 14 -370 Net cash from operating activities 935 1,242 683 Cash flow from investing activities Investments in joint ventures -3 -11 -1 Acquisition of unlisted securities - -9 - Cash flow on disposal of subsidiary shares and business operations, net of disposed cash - 40 - Cash flow on disposal of software and property, plant and equipment 15 9 47 Capital expenditure of software and property, plant and equipm ent -72 -64 -80 Investment in forest assets -341 -368 -272 Disposal of forest assets 101 40 92 Interest received 21 18 25 Proceeds from non-current receivables - 182 0 Paym ent of non-current receivables - -2 - Net cash used in investing activities -279 -166 -189 Cash flow from financing activities Change in cash pool, related party 71 -295 -50 Change in liabilities, related party 15 -59 457 Group contribution (distribution) to Remaining Stora Enso Group, net -1,122 -1,108 -1,202 Capital contribution received from Remaining Stora Enso Group 720 410 - Equity financing with Remaining Stora Enso Group, net -9 142 445 Interest paid to Rem aining Stora Enso Group -142 -147 -144 Net cash used in financing activities -468 -1,057 -494 Net change in cash and cash equivalents 188 19 0 Net cash and cash equivalents at beginning of period 20 1 0 Net cash and cash equivalents at period end 208 20 1 Note: 1) Where of SEK 426 million is related to non -cash cost of storm damaged ti mber sol d 1)
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SEKm (unless otherwise stated) R12 Sep’26 2025 2024 Total net sales 2,119 2,055 1,898 Gross wood sales 2,418 2,212 2,015 Adjusted Operating profit 1,411 1,378 1,246 Adjusted Operating profit margin (%) 66.6% 67.0% 65.6% Free cash flow 984 1,088 621 Free cash flow return (%) 1.6% 1.7% 1.0% Earnings per Share (basic and diluted), SEK 5.12 5.29 5.66 Adjusted net income 808 783 704 Adjusted earnings per share, SEK 1.02 0.99 0.89 Pay-out ratio (%) n.a. n.a. n.a. Net debt n.m n.m n.m Loan-to-value, net n.m n.m n.m Net asset value n.m n.m n.m Net asset value per share, SEK n.m n.m n.m Harvested volumes, million m 3sub 3.5 2.9 2.9 Standing stock, million m 3fo 136.91) 133.3 133.0 82 Alternative performance measures and key performance indicators APPENDIX Note that the historical net debt position is not representative of intended capital structure following listing, hence certain key APMs are n.m. for historical periods Note: 1) Per 30 September 2026
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83 Reconciliation of alternative performance measures and key performance indicators (1/3) APPENDIX Total net sales SEKm R12 Sep’26 2025 2024 Sales 1,985 1,910 1,734 (+) Other operating income 135 145 165 Total net sales 2,119 2,055 1,898 Adjusted Operating profit SEKm R12 Sep’26 2025 2024 Operating profit 5,210 5,371 5,747 (+/-) Change in net value of biological assets -4,429 -3,945 -4,483 (-/+) Profits and losses on sale of fixed assets and investments -13 -43 -41 (+/-) Items affecting comparability 643 -5 23 Adjusted Operating profit 1,411 1,378 1,246 Adjusted Operating profit margin (%) SEKm R12 Sep’26 2025 2024 Adjusted Operating profit 1,411 1,378 1,246 (÷) Total net sales 2,119 2,055 1,898 Adjusted Operating profit margin (%) 66.6% 67.0% 65.6%Items affecting comparability (IAC) SEKm R12 Sep’26 2025 2024 Restructuring1) 25 - 3 Cost of storm damaged timber2) 426 - - Environmental provisions3) -3 -5 20 Storm damage4) 109 - - Separation and listing cost3) 85 - - Total items affecting comparability (IAC) 643 -5 23 Gross wood sales SEKm R12 Sep’26 2025 2024 Wood delivery stumpage sales 1,772 1,700 1,536 (+) Buyers’ harvesting costs 645 512 479 Gross wood sales 2,418 2,212 2,015 Note: 1) Affecting personnel expense; 2) Affecting materials and services; 3) Affecting other operating expenses; 4) Affecting sale s (SEK 99 milli on) and materials and services (SEK 10 million)
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84 Reconciliation of alternative performance measures and key performance indicators (2/3) APPENDIX Average forest assets SEKm Sep’26 R12 2025 2024 Biological assets 45,159 45,370 40,689 Forest Land 17,334 17,100 19,890 Forest assets - Opening balance 62,493 62,470 60,579 Biological assets 49,175 48,985 45,370 Forest Land 14,575 13,443 17,100 Forest assets - Closing balance 63,750 62,428 62,470 Average forest assets (Opening balance + Closing Balance) / 2 63,121 62,449 61,525 Free cash flow SEKm Sep’26 R12 2025 2024 Operating profit 5,210 5,371 5,747 (+/-) Change in net value of biological assets -4,429 -3,945 -4,483 (-/+) Profits and losses on sale of fixed assets and investments -13 -43 -41 (+/-) Items affecting comparability 643 -5 23 Adjusted operating profit 1,411 1,378 1,246 (+) Depreciation, amortisation and impairment charges 48 48 46 (-) Capital expenditure of software and property, plant and equipment -72 -64 -80 (-) Investment in reforestation -289 -286 -219 (-) Lease payments -0 -0 -0 (+/-) Change in net working capital -113 14 -370 Free cash flow 984 1,088 621 Free cash flow return (%) SEKm Sep’26 R12 2025 2024 Free cash flow R12 984 1,088 621 (÷) Average Forest Assets 63,121 62,449 61,525 Free cash flow return (%) 1.6% 1.7% 1.0%
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85 Reconciliation of alternative performance measures and key performance indicators (3/3) APPENDIX Note: 1) Number of shares equals the number of shares in Bergslagets Skogar AB pl anned to be outstanding at listing based on current number of shares in Stora Enso Oyj. Earnings per share Sep’26 R12 2025 2024 Net profit for the period attributable to the owners of Bergslagets Skogar, SEKm 4,036 4,169 4,462 Weighted average number of shares1) 788,619,987 788,619,987 788,619,987 Weighted average number of share awards1) - - - Weighted diluted number of shares1) 788,619,987 788,619,987 788,619,987 Basic Earnings per Share, SEK 5.12 5.29 5.66 Diluted Earnings per Share, SEK 5.12 5.29 5.66 Adjusted earnings per share, SEK SEKm Sep’26 R12 2025 2024 Net profit for the period attributable to the owners of Bergslagets Skogar 4,036 4,169 4,462 (+/-) Excluding change in net value of biological assets after tax -3,516 -3,132 -3,560 (-/+) Profits and losses on sale of fixed assets and investments after tax -10 -34 -33 (+/-) Excluding items affecting comparability after tax 510 -4 18 (-) Investment in reforestation of biological assets after tax -211 -215 -183 Adjusted net income 808 783 704 (÷) Number of shares1) 788,619,987 788,619,987 788,619,987 Adjusted earnings per share, SEK 1.02 0.99 0.89 Adjusted net income SEKm Sep’26 R12 2025 2024 Net profit for the period attributable to the owners of Bergslagets Skogar 4,036 4,169 4,462 (+/-) Excluding change in net value of biological assets after tax -3,516 -3,132 -3,560 (-/+) Profits and losses on sale of fixed assets and investments after tax -10 -34 -33 (+/-) Excluding items affecting comparability after tax 510 -4 18 (-) Investment in reforestation of biological assets after tax -211 -215 -183 Adjusted net income 808 783 704 Pay-out ratio (%) SEKm Sep’26 R12 2025 2024 Dividends - - - (÷) Weighted average number of shares1) 788,619,987 788,619,987 788,619,987 Dividend per share (DPS) paid - - - (÷) Adjusted Earnings per Share, SEK 1.02 0.99 0.89 Pay-out ratio (%) n.a. n.a. n.a. Note that the historical net debt position is not representative of intended capital structure following listing, hence certain key APMs are n.m. for historical periods
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Disclaimer This presentation is for information purposes only. The information contained herein does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of Stora Enso Oyj (“Stora Enso” or the “Demerging Company”) or Bergslagets Skogar AB (“Bergslagets Skogar” or the “Receiving Company”), a company to be incorporated in connection with the proposed cross-border partial demerger of Stora Enso (the “Demerger”), in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction . This presentation is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in the United States. In particular, any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “US Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States, unless such securities are registered under the US Securities Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the US Securities Act and applicable state or local securities laws. There will be no public offering of securities in the United States. Neither the United States Securities and Exchange Commission nor any other U.S. federal or state securities commission or regulatory authority has approved or disapproved the securities referred to herein, including the shares of Stora Enso or the shares to be issued in Bergslagets Skogar, nor have any of the foregoing authorities passed an opinion or comment upon, or endorsed the fairness or merits of, such securities, the Demerger or the accuracy or the adequacy of the information contained in this presentation . Any representation to the contrary is a criminal offense in the United States. This presentation does not constitute a notice to convene a general meeting of shareholders, nor does it constitute a demerger or listing prospectus or any other offering document . No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or decision whatsoever . Any decision with respect to the proposed Demerger should be made solely on the basis of information included in the actual notice to convene a general meeting of shareholders, the demerger plan, the statement of the Board of Directors concerning the legal and economic effects of the demerger, the information brochure concerning the separation of Bergslagets Skogar to be made available to shareholders prior to the general meeting of Stora Enso’s shareholders resolving on the Demerger as well as on an independent assessment of the information included therein. Investors are directed to consult such documents for more comprehensive information on Bergslagets Skogar, its shares, and the proposed Demerger . This presentation includes forward-looking statements which are based on present plans, estimates, projections and expectations and are not guarantees of future performance . These forward-looking statements are subject to numerous risks, uncertainties and assumptions, including risks relating to the proposed Demerger and its completion . These forward-looking statements reflect knowledge and information available at, and speak only as at, the date they are made, which, even though they seem to be reasonable at present, may turn out to be incorrect . Except as required by law, neither the Stora Enso nor Bergslagets Skogar, nor any of their respective affiliates, advisors or representatives or any other person, undertake any obligation to update or revise publicly any forward- looking statements after the date hereof, whether as a result of new information, future events or otherwise, after the date hereof or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on such forward-looking statements . This presentation includes estimates relating to the benefits expected to arise from the proposed Demerger, which are based on a number of assumptions and judgments . The assumptions relating to the estimated benefits and costs arising from the proposed Demerger are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause the actual benefits and costs arising from the proposed Demerger to differ materially from the estimates in this presentation . Further, there can be no certainty that the proposed Demerger will be completed in the manner and timeframe described in this presentation, or at all. The information contained in this presentation is provided as at the date of this presentation (or at a different date as indicated herein) and is subject to change without notice. Stora Enso and Bergslagets Skogar are under no obligation to update or keep current the information contained in this presentation . The key financial information of Bergslagets Skogar based on unaudited combined financial statements for fiscal year 2025 and fiscal year 2024 and unaudited condensed combined interim financial information for nine-month period ended 30 September 2026 and 30 September 2025 included in this presentation may not accurately reflect what Bergslagets Skogar’s actual operations, financial position and result of operations would have been had Bergslagets Skogar and its subsidiaries operated as an independent group and had it presented stand-alone financial statements during the periods presented, and they may not be indicative of Bergslagets Skogar’s future operations, financial position and/or result of operations . This presentation contains only summary information and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. Although all reasonable care has been taken to ensure the facts stated herein are accurate, and that the opinions contained herein are fair and reasonable, this presentation is selective in nature and is intended only to provide an overview of Bergslagets Skogar for the intended addressees of this presentation . No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. This presentation includes certain performance measures which, in accordance with the "Alternative Performance Measures" guidance issued by the European Securities and Markets Authority, are not accounting measures defined or specified in IFRS accounting standards, and therefore are considered as alternative performance measures (“APMs”). APMs should not be viewed in isolation or as a substitute to the accounting measures under IFRS accounting standards . All companies do not calculate APMs in a uniform way, and therefore, the APMs presented herein may not be comparable with similarly named measures presented by other companies . The market and industry data and forecasts included in this presentation were obtained from internal surveys, estimates, experts and studies, where appropriate, as well as external market research, publicly available information and industry publications . Statistics, data and other information relating to markets, market sizes, market shares and market positions contained in this presentation are estimates by nature and based on statistics and information from industry associations and other market data providers, internal financial and operational information supplied by, or on behalf of, Stora Enso, and publicly available information from other sources. Stora Enso and its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts or sought to verify that the information remains accurate as at the date of this presentation and neither Stora Enso, nor its affiliates, directors, officers, advisors and employees make any representations or warranties in relation thereto. Such data and forecasts are taken from sources considered by Stora Enso to be sufficiently reliable as at the date of this presentation and are included herein for information purposes only. Market data included in this presentation and not attributed to a specific source are estimates of Stora Enso’s management and have not been independently verified. By attending this presentation, you acknowledge that you will be solely responsible for forming your own assessment of the market and the market position of Bergslagets Skogar and that you will conduct your own analysis and be solely responsible for forming your own assessment of the potential future performance of the business of Bergslagets Skogar.
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