Slides
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Introducing Bergslagets Skogar while building a stronger Stora Enso Financial results Q3 2026 Product Virgin fiber kraftliner - AvantForte WhiteTop Product: Trayforma and Trayforma Brown fiber-based food packaging Products: Performa Nova Aqua, CKB Nude Aqua Product: Trayforma
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2 1. Key highlights and strategic focus areas Hans Sohlström 2. Financial performance Niclas Rosenlew 3. Key takeaways - focus for Q4 2026 Hans Sohlström Agenda: Products: Trayforma, Natura Life
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Key highlights and strategic focus areas Hans Sohlström President and CEO 3
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4 Key highlights Q3 2026 Financial targets EBIT margin >10% <1 x Net debt/EBITDA Q3 2026 LTM 6.3% (580 MEUR) Q3 2026 7.2% (161 MEUR) 2.1x Sharpened strategic focus • Bergslagets Skogar CMD in Stockholm on 3 November 2026 • Preparing two stronger and more focused companies for the future • Continued earnings progress demonstrates the increasing resilience of our business and the tangible impact of our own actions • Further portfolio optimisation alongside the continued Oulu ramp-up Organic sales growth >4% 1%* 2% *Q1-Q3 2026 vs. Q1-Q3 2025 Reported growth -0%* Reported growth -2%
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5 We are systematically creating value by optimising our portfolio • Reshaping the portfolio through investments, divestments, closures and acquisitions • Strategic reviews to sharpen business focus and unlock shareholder value The portfolio work is not a one-off action — it is a disciplined lever for long-term value creation Closure of non- core/low-return assets in pulp, sawn goods, containerboard and paper 2023-2024 2025 Divestment of 12.4% of Swedish forest holdings (EV 900 MEUR) Acquisition of Junnikkala sawmills to support Oulu cost competitiveness Start of the Oulu ramp-up Skutskär, Sweden fluff pulp investment and closure of softwood pulp line Divestment of corrugated board production in Germany Northern Finland sawmill production centralised; closure of Veitsiluoto sawmill Strategic review of Central European sawmills 2026 2027 Planned separation of Bergslagets Skogar (Swedish forest assets) Discontinue CLT production at Gruvön site in Sweden Decreased ownership in a wood supply company in Sweden. Consolidate corrugated packaging production in Finland at Lahti site and close Kristiinankaupunki site
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• Accelerates development of Lignode • Advances industrial-scale validation through a demonstration line for lignin-based anode materials. • Supports Stora Enso’s long-term ambition to establish large-scale European-based Lignode business. Shanshan Technology is one of the world’s largest suppliers of battery anode materials. 6 Partnering with Shanshan Technology to advance Lignode – our wood-based sustainable battery materials
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7 Expand margin through business focus, positive performance culture and systematic value creation Adjusted EBIT MEUR 528 EBIT >10% 598 Own actions representing 500-700 MEUR Market impacts in Q1-Q3 2026: Lower wood costs partly offset the negative market impacts from: • ongoing war-related impacts on energy, logistics and chemicals • continued subdued consumer confidence • lower EU ETS allowances and divestment of 12% of the Swedish forest assets in Q32025 • unfavourable FX Oulu improving YoY 580 Q1 – Q326 development Without market movements
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AI supporting the execution of our value creation programme Embedding practical AI solutions into ongoing initiatives to improve customer value, operational performance and ways of working. Using AI to support better customer insight, responsiveness and commercial execution. Scaling AI-enabled monitoring, predictive and optimisation capabilities across operations. AI integrated into automation, analytics and daily workflows to improve speed and quality. Customer value Operational performance Ways of working Targeted AI capabilities are supporting 20-30% of our current value creation initiatives Customer insight and execution Reliability and efficiency Speed and quality 8
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9 Niclas Rosenlew CFO Financial performance 99 Products: Cupforma Natura Aqua+
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10 Demerger sharpens Stora Enso’s strategic and financial profile What changes for Stora Enso after the demerger? S A L E S ~9.3 BEUR Largely unchanged Limited impact on reported sales Bergslagets Skogar sales have largely been internal A D J U S T E D E B I T ~400 MEUR A more focused earnings base Illustrative Q3 2026 LTM adjusted EBIT excluding Bergslagets Skogar Focused on renewable packaging and biomaterials N E T D E B T ~800 MEUR Lower absolute net debt Reduction in Stora Enso net debt at the completion date of the demerger More focused capital allocation after separation Illustrative financial information based on the twelve-month period ending 30 September 2026. Bergslagets Skogar’s adjusted operating profit and Stora Enso’s adjusted EBIT are not directly comparable, mainly due to the different treatment of operational fair value changes of biological assets.
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Improved earnings resilience, driven by own actions 11 • Organic sales increased 2% • Higher volumes in Consumer and Integrated Packaging • Higher prices in Integrated Packaging and Biomaterials • Reported sales decreased 2% due to divestments • Adj. EBIT increased by 28% • Higher volumes in Consumer and Integrated Packaging • Lower wood costs and own cost reduction actions were partly offset by the cost escalation related to the Iran conflict, especially for energy, logistics and chemicals • Own actions more than offset fixed cost inflation Year-on-Year comparison
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12 Increased profitability from higher volumes and lower variable costs driven by own actions Year-on-Year comparison
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13 Generate cash with high conversion ratio and disciplined capital allocation Cash flow development MEUR • Cash flow after investing activities improved significantly • Stronger cash flow from operations and lower cash spending on CAPEX • FY 2026 CAPEX estimate lowered from 550 MEUR to 500 MEUR
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14 Path to deleveraging from structural execution and profitability improvement 1,200 • Positive cash flow in Q326 further reduced net debt • Net debt remains lower following the EUR 1 billion hybrid issuance in Q226 • Stronger capital structure provides flexibility to execute the long-term strategy Net debt and net-debt-to-EBITDA MEUR 5x 4x 3x 2x 1x 0
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Overview per segment Sales, MEUR Consumer Packaging Adjusted EBIT, MEUR and Adjusted EBIT Margin, % Integrated Packaging OtherBiomaterials Consumer Packaging Integrated Packaging Biomaterials Other Adjusted EBIT Adjusted EBIT margin 15
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16 Key takeaways - focus for Q4 2026 Hans Sohlström President and CEO Product: Natura Life
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Lead in customer value, Grow our business, Expand margins and Generate cash • Continued actions in operational efficiency, commercial excellence, cost efficiency and improved sourcing while maintaining a disciplined approach to capital allocation • The ramp-up of the new production line in Oulu, Finland • Prepare for the demerger and listing of the Swedish forest assets o Bergslagets Skogar CMD in Stockholm on 3 November 2026 17 Key takeaways - focus for Q4 2026 Product: AvantForte White Top
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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 those 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 18
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