Interim report
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Interim Report Q3 January–September 2026 Results summary 2 CEO comment 3 Group results 4 Segment results 6 Sustainability 8 Short-term risks 9 Resolutions by the AGM 9 Events after the period 9 Financials 10 IFRS section 10 Alternative performance measures 19 Contacts 23 On the cover: Trayforma, wood-fiber-based pressed tray material
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Introducing Bergslagets Skogar while building a stronger Stora Enso Quarterly financial highlights (compared with Q3/25) • Organic sales increased by 2%, supported by higher board deliveries and containerboard prices. Reported sales decreased by 2% to EUR 2,240 (2,283) million due to divestments. • Adjusted EBIT increased by 28% to EUR 161 (126) million, driven by higher board volumes and lower variable costs, as well as the ramp-up of the new consumer board line at the Oulu site. The adjusted EBIT margin increased to 7.2% (5.5%). • Operating result (IFRS) was EUR 47 (231) million, including items affecting comparability of EUR -63 (117) million, mainly related to impairments, restructuring and disposals, and fair valuations and other non-operational items of EUR -51 (-11) million, mostly related to fair valuation of biological assets. • Earnings per share was EUR 0.01 (0.25) and earnings per share excl. fair valuations (FV) were EUR 0.06 (0.26). • The fair value of the forest assets was EUR 8.4 (8.3) billion, equivalent to EUR 10.66 per share. • Cash flow from operations amounted to EUR 245 (223) million. Lower cash spending on fixed assets contributed to cash flow after investing activities, which increased to EUR 132 (57) million. • The net debt to adjusted EBITDA (LTM) ratio improved to 2.1 (2.7), primarily due to repayment of debt with proceeds from the hybrid bond, classified as equity. January–September 2026 results (compared with Jan–Sep 2025) • Sales were EUR 7,021 (7,072) million. • Adjusted EBIT was EUR 479 (427) million. • Operating result (IFRS) was EUR 148 (466) million. • Earnings per share (EPS) was EUR 0.02 (0.42) and EPS excl. fair valuations (FV) was EUR 0.14 (0.44). • Cash flow from operations amounted to EUR 457 (560) million. Cash flow after investing activities was EUR 113 (-26) million. Key highlights • Preparations continue for the planned separation of Stora Enso's Swedish forest assets business into a new publicly listed company, expected during the first half of 2027. Stora Enso's Board of Directors has approved a Demerger Plan concerning the demerger. • The Veitsiluoto sawmill in Kemi, Finland, was permanently closed, and sawmill production was centralised at the company’s other sawmills. • Stora Enso will permanently close the Cross Laminated Timber (CLT) unit at Gruvön, Sweden by the end of 2026. The site will focus on sawn goods operations. • Stora Enso will centralise its corrugated packaging production in Finland at its Lahti site and close the Kristiinankaupunki site. • In October, Stora Enso and Shanshan Technology partnered to accelerate the development and industrialisation of sustainable battery materials, including construction of a demonstration line for lignin-based hard carbon anode materials. • The strategic review of the Central European sawmills and building solutions operations is ongoing. • The ramp-up of the consumer board line at the Oulu site in Finland continues and is expected to be completed during 2027. Outlook Q4/2026 • Market conditions remain mixed and uncertain. Demand across several end markets continues subdued, while pricing has improved in certain packaging grades. Geopolitical tensions and uncertainty are expected to put further pressure on variable costs, particularly energy, logistics and chemicals. The wood costs are expected to increase somewhat in the fourth quarter. Stora Enso continues to focus on actions within its control while proactively adapting to market developments. • Consumer Packaging will be impacted by significant planned annual maintenance, resulting in higher maintenance costs and lower volumes. The lower share of consumer board volumes will also have an adverse price/mix impact. In addition, the fourth quarter is low season for Consumer Packaging. See the section Maintenance for more details. • The ramp-up of the new production line in Oulu continues to progress. The financial performance of the line is expected to improve somewhat year-on-year in the fourth quarter. The ramp- up is expected to be completed during 2027. • The divestment of 175,000 hectares of forest assets in Sweden, completed in 2025, will result in a reduction of annual adjusted EBIT of approximately EUR 20 million, with an estimated quarterly effect of approximately EUR 5 million. • The operating income from emission rights in 2025 was about EUR 72 million, distributed evenly throughout the year. For 2026, the income from the sale of emission rights is projected to decrease to EUR 10–20 million. This decline reflects changes to the EU ETS (Emissions Trading Scheme) rules: several sites will lose their free C O ₂ a l l o w a n c e a l l o c a t i o n s f r o m 2 0 2 6 o n w a r d , a s t h e i r e m i s s i o n s a r e more than 95% biogenic and therefore no longer qualify for free allocations under the revised ETS framework. • Capital expenditure for 2026 is estimated at approximately EUR 500 million, down from the previous estimate of below EUR 550 million. Summary LTM = Last 12 months. The calculation method is explained in the Annual Report. S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 2 Sales and adjusted EBIT margin Sales, MEUR Adjusted EBIT, % Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 1,000 2,000 3,000 4,000 0% 3% 6% 9% 12%
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CEO comment We have now formally decided to proceed with the planned separation of Bergslagets Skogar. In just a few days, we will host Capital Markets Day, where we present Bergslagets Skogar’s financials and showcase a business with a unique asset base, a strong foundation and long-term value creation potential. The separation will unlock value and sharpen the strategic focus of both companies. In the third quarter, we continued to make steady progress, with organic growth of 2% year-on-year, supported by our own actions. AI is increasingly helping us accelerate our Value Creation Programmes and identify further opportunities to improve performance. Despite high planned annual maintenance activity, as well as higher costs related to the conflict in Iran, we delivered an adjusted EBIT margin above 7%. This is further evidence that our strategic priorities and portfolio optimisation are gradually strengthening the quality and resilience of our earnings and cash flow. I am particularly pleased with the continued performance of our packaging businesses, which remain a key area of focus for us. Consumer Packaging delivered another strong quarter, supported by increased deliveries, good operational execution and continued progress in Oulu. In Integrated Packaging, the underlying profitability remained solid despite significant annual maintenance at several key sites, with improved containerboard pricing and successful post- maintenance ramp-ups supporting performance. The development in both segments demonstrates the increasing resilience of our packaging business and the tangible impact of our own actions. Furthermore, Biomaterials continued to demonstrate strong competitiveness with solid margins despite a challenging operating environment. During the quarter, we continued to take decisive actions to strengthen the competitiveness and focus of our portfolio by divesting our Packaging Solutions units in Germany and consolidating sawmilling in the Oulu region in Finland. We streamlined our CLT production through the closure of the Gruvön unit in Sweden, enabling more efficient utilisation of our three CLT units in the Czech Republic and Austria. We also announced plans to centralise our Packaging Solutions operations in Finland. Furthermore, we reduced our ownership in a Swedish wood supply company. These actions are aligned with our ongoing efforts to simplify our portfolio, improve competitiveness and allocate capital to areas where we see the greatest opportunities to create value. Our recently announced partnership with Shanshan Technology, a leading producer of battery anode materials, is an important step in accelerating the development and commercialisation of renewable, lignin-based battery materials. Market conditions remained mixed. Demand in some end markets continued to improve while others stayed subdued. The external environment remained marked by uncertainty and geopolitical tensions. The conflict in Iran continued to increase energy, logistics and other input costs. We continue to focus on the factors within our control and respond proactively and with agility to changing market conditions. "We have now formally decided to proceed with the planned separation of Bergslagets Skogar, which will unlock value and sharpen the strategic focus of both companies." Our strategic priorities remain unchanged: • Lead in customer value creation through innovation, quality and sustainability • Grow faster than market with superior customer offering, leading technology and operational efficiency • Expand margin through business focus, a positive performance culture and systematic value creation • Generate cash with high conversion ratio and disciplined capital allocation I am encouraged by the progress we are making. We have many exciting and important steps ahead, with the Bergslagets Skogar Capital Markets Day being the next one. I would like to thank our shareholders, customers and other stakeholders for the trust they place in us. And most importantly, I would like to thank our employees for their commitment, hard work and determination throughout this journey. Together, we are actively shaping our future and building a stronger, more focused, and more sustainable Stora Enso. Hans Sohlström President and CEO, Stora Enso CEO comment S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 3
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Group result Q3/2026 (compared with Q3/2025) EUR million Q3/26 Q3/25 Change % Q3/26–Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Sales 2,240 2,283 -1.9% 2,423 7,021 7,072 9,326 Adjusted EBITDA 320 291 10.2% 320 948 889 1,144 Adjusted EBITDA margin 14.3 % 12.7 % 13.2 % 13.5 % 12.6 % 12.3 % Adjusted EBIT 161 126 27.8% 160 479 427 528 Adjusted EBIT margin 7.2 % 5.5 % 6.6 % 6.8 % 6.0 % 5.7 % Operating result (IFRS) 47 231 -79.7% 16 148 466 942 Result before tax (IFRS) 17 202 -91.4% -26 35 354 783 Net result for the period (IFRS) 25 201 -87.6% -11 49 323 686 Cash flow from operations 245 223 9.8% 87 457 560 897 Cash flow after investing activities 132 57 132.2% 3 113 -26 122 Capital expenditure 112 144 -22.0% 96 283 487 746 Depreciation and impairments excl. IAC 127 117 8.5% 135 389 358 483 Net debt 2,534 3,215 -21.2% 2,619 2,534 3,215 3,181 Forest assets¹ 8,405 8,277 1.6% 8,518 8,405 8,277 8,478 Adjusted return on capital employed (ROCE), %, LTM 4.2% 3.9% 3.9% 4.2% 3.9% 3.8% Earnings per share (EPS) excl. FV, EUR 0.06 0.26 -77.8% 0.03 0.14 0.44 0.41 EPS (basic), EUR 0.01 0.25 -95.1% -0.03 0.02 0.42 0.88 Return on equity (ROE), %, LTM 3.8% -0.5% 5.5% 3.8% -0.5% 6.7% Net debt/equity ratio 0.22 0.30 0.22 0.22 0.30 0.29 Net debt to LTM² adjusted EBITDA ratio 2.1 2.7 2.2 2.1 2.7 2.8 Equity per share, EUR 14.77 13.47 9.6% 14.96 14.77 13.47 13.69 Average number of employees (FTE) 17,959 19,409 -7.5% 18,215 18,050 18,996 18,877 1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies Group sales Organic sales increased by 2%, driven by higher deliveries in Consumer Packaging and Integrated Packaging, as well as increased prices in Integrated Packaging and Biomaterials. Reported sales decreased by 2% due to the divestment of corrugated board units in Germany and a change in the consolidation method from a wood supply subsidiary to an associated company following a partial divestment, with no material impact on profitability. Adjusted EBIT Adjusted EBIT increased by 28% or EUR 35 million. Higher volumes in Consumer Packaging and Integrated Packaging supported profitability by EUR 31 million. Prices and mix had a negative EUR 12 million impact, as higher prices in Integrated Packaging and Biomaterials were offset by lower external sales prices for wood in Sweden. Variable costs were EUR 40 million lower. 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. Fixed costs decreased by EUR 2 million due to good cost control. Net foreign exchange rates had a negative EUR 8 million impact. The profitability impact from depreciations, associated companies, structural changes and other was negative EUR 18 million. Operating result (IFRS) Operating result (IFRS) decreased by EUR 184 million, primarily due to the EUR 141 million gain on the disposal of Swedish forest assets recognised in Q3 2025. Fair valuations and non-operational items (FV) had a EUR -51 (-11) million impact and items affecting comparability (IAC) a EUR -63 (117) million impact on the operating result. Other Net financial items amounted to EUR -30 (-29) million. Net debt to LTM adjusted EBITDA improved to 2.1 (2.7), primarily due to repayment of debt with proceeds from the hybrid bond, classified as equity. Forest assets The fair value of total forest assets increased by EUR 128 million to EUR 8,405 (8,277) million. The increase was mainly due to increases in estimated long-term wood prices The fair value of biological assets, including Stora Enso's share of biological assets in associated companies, increased by EUR 437 million to EUR 6,607 (6,169) million. This was mainly a result of increases in estimated long-term wood prices. The value of forest land, including leased land and Stora Enso's share of associated companies, decreased by EUR 309 million to EUR 1,799 (2,108) million. The decrease was mainly due to an increase in the discount rate. Group result LTM = Last 12 months IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Items affecting comparability (IAC), fair valuations and non-operational items. Stora Enso January–September 2026 results 4
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Third quarter 2026 results (compared with Q2/2026) Sales Group sales decreased by 8%, or EUR 183 million, to EUR 2,240 (2,423) million, mainly due to the divestment of corrugated board units in Germany and a change in the consolidation method from a wood supply subsidiary to associated company following a partial divestment, with no material impact on profitability. The decrease was only partly offset by higher prices in Integrated Packaging. Adjusted EBIT Adjusted EBIT increased to EUR 161 (160) million. The adjusted EBIT margin increased to 7.2% (6.6%). Sales prices and mix improved adjusted EBIT by EUR 10 million, especially for Integrated Packaging. Volumes had a negative impact of EUR 10 million, mainly due to annual maintenance in Biomaterials. Variable costs were EUR 1 million higher, as lower wood costs were offset by cost escalation related to the Iran conflict. Fixed costs were EUR 35 million lower, mainly due to seasonality and cost-saving actions. Net foreign exchange rates had a positive EUR 4 million impact on adjusted EBIT. The profitability impact from depreciations, associated companies, structural changes and other was negative EUR 37 million. January–September 2026 results (compared with Jan–Sep 2025) Sales Organic sales grew by 1%, as higher board deliveries and the ramp-up in Oulu was partly offset by negative foreign exchange rates. Reported sales remained flat at EUR 7,021 (7,072) million. Adjusted EBIT Adjusted EBIT increased EUR 52 million to EUR 479 (427) million, supported by the positive impact from the ramp-up in Oulu. The adjusted EBIT margin increased to 6.8% (6.0%). Lower sales prices decreased profitability by EUR 99 million, mainly due to lower external prices for wood in Sweden. Higher volumes, especially in Consumer Packaging and Industrial Packaging, improved profitability by EUR 52 million. Lower variable costs increased adjusted EBIT by EUR 137 million, mainly due to lower wood costs and own cost reduction actions. Fixed costs were EUR 36 million lower, due to cost-saving measures and lower maintenance activity. Net foreign exchange rates had a negative EUR 47 million impact on profitability. The impact from depreciations, associated companies and other, was a negative EUR 27 million on adjusted EBIT. IFRS result Operating result (IFRS) was EUR 148 (466) million. Fair valuations and non-operational items (FV) had a EUR -130 (-32) million impact and items affecting comparability (IAC) a EUR -201 (71) million impact on the operating result. Cash flow Q3/2026 Cash flow (non-IFRS) EUR million Q3/26 Q3/25 Change % Q3/26–Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Adjusted EBITDA 320 291 10.2% 320 948 889 1,144 IAC and other adjustments on Adjusted EBITDA -97 -90 -8.2% -108 -271 -188 -298 Change in working capital 22 23 -1.6% -124 -220 -142 51 Cash flow from operations 245 223 9.8% 87 457 560 897 Cash spent on fixed and biological assets -113 -166 32.3% -85 -339 -586 -775 Acquisitions of associated companies 0 0 n/m 0 -5 0 0 Cash flow after investing activities 132 57 132.2% 3 113 -26 122 Cash flow after investing activities improved significantly compared to Q3/25, primarily due to stronger cash flow from operations and lower cash spending on fixed assets. Cash flow from operations increased to EUR 245 (223) million, reflecting improved profitability, while the impact from working capital was broadly in line with the comparison period. Payments related to previously announced provisions amounted to EUR 7 million. Items affecting comparability were mainly related to restructuring costs and changes in the Group structure . Capital expenditure Q3/2026 (compared with Q3/2025) Additions to fixed and biological assets totalled EUR 112 (144) million, of which EUR 93 (128) million were fixed assets and EUR 20 (15) million biological assets. Depreciations and impairment excluding IACs totalled EUR 127 (117) million. Additions in fixed and biological assets had a cash outflow impact of EUR 113 (166) million. Stora Enso anticipates that capital expenditure in 2026 will be approximately EUR 500 million, which is EUR 250 million less than in the previous year. The main projects ongoing during the quarter were: • Corrugated packaging plant development at the Ostrołęka site in Poland • Drying machine rebuild at the Skutskär site in Sweden for increased fluff pulp production Group result Stora Enso January–September 2026 results 5
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Capital structure Q3/2026 (compared with Q2/2026) EUR million 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Fixed assets1 13,479 13,785 13,668 13,392 Associated companies 1,100 1,085 1,108 1,086 Operating working capital, net2 606 613 328 523 Non-current interest-free items, net -146 -182 -193 -229 Operating capital total 15,039 15,301 14,911 14,772 Net tax liabilities -1,003 -1,032 -1,080 -1,080 Capital employed 14,036 14,269 13,830 13,692 Equity attributable to owners of the Parent 11,648 11,801 10,796 10,624 Non-controlling interests -146 -151 -147 -147 Net debt 2,534 2,619 3,181 3,215 Financing total 14,036 14,269 13,830 13,692 1 Fixed assets include goodwill, other intangible assets, property, plant and equipment, right-of-use assets, forest assets, emission rights, and unlisted securities. 2 Operating working capital, net includes inventories, trade receivables, trade payables and all other short-term operating receivables, payables, accruals, and provisions. Net debt decreased by EUR 85 million to EUR 2,534 (2,619) million during the third quarter. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 2.1 (2.2). The net debt/equity ratio on 30 September 2026 was at 0.22 (0.22). The average interest expense rate on borrowings at the reporting date was 3.8% (3.7%). Cash and cash equivalents net of overdrafts decreased by EUR 728 million to EUR 829 million. During the quarter, Stora Enso completed the make-whole redemption of EUR 800 million of bonds, comprising EUR 300 million originally due in March 2028 and EUR 500 million originally due in December 2030. Stora Enso had in total EUR 800 million committed undrawn credit facilities as at 30 September 2026. Segments Stora Enso changed its segment reporting structure as of 1 January 2026. More details in the section Segment changes. Consumer Packaging Comprises the Cartonboard and the Foodservice and Liquid Board business areas Cartonboard is a leader in Folding Boxboard (FBB), Coated Unbleached Kraft (CUK) and Solid Bleached Sulphate (SBS) segments in Europe, and focuses on developing and innovating sustainable packaging materials. It produces premium fresh fiber packaging boards for food, cosmetics, chocolate, cigarette, and pharmaceutical packaging, beverage and multipacks. Foodservice and Liquid Board is a global leader in Liquid Packaging Boards and Europe’s largest supplier of Foodservice Boards, focusing on developing and innovating sustainable packaging materials for the global food and beverage sector. It produces Foodservice Boards for items like paper cups, trays, and containers, and Liquid Packaging Boards for products such as milk, juice, yoghurt, and soups. Integrated Packaging Comprises the Containerboard and the Packaging Solutions business areas Containerboard is a global leader in virgin-fiber containerboard, with a competitive recycled offering. It produces brown and white-top kraftliners for fresh food and agricultural products, and testliners and fluting for corrugated packaging in e- commerce, consumer products, electronics, and industrial packaging applications. Packaging Solutions is a packaging converter producing premium fiber-based packaging products across multiple market areas, including retail, e-commerce, and industrial applications. It provides design and sustainability services to help customers to optimise material use, improve logistics, and reduce CO2 emissions. Biomaterials The segment includes specialty pulp grades and biochemicals produced at the Northern European production units and sustainable cost competitive eucalyptus pulp grades produced in Latin America, serving demanding customers with specialised pulp across packaging, hygiene, medical care and industrial applications. Other Includes the Wood and Energy business area and Group functions, the Swedish forest assets, the Growth business unit, and the Central European Wood Products operations. Intercompany sales of wood and logistics services from the segment Other to Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated from the segment Other. Capital structure Stora Enso January–September 2026 results 6
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Segment results (compared with Q3/2025) EUR million Q3/26 Q3/25 Change % Q3/26– Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Consumer Packaging Sales 967 945 2.3% 985 2,922 2,792 3,692 Adjusted EBITDA 142 120 17.7% 124 382 302 354 Adjusted EBIT 80 54 47.9% 64 209 131 129 Adjusted EBIT margin 8.3% 5.7% 6.5% 7.2% 4.7% 3.5% Operating result (IFRS) 39 41 -3.1% 48 146 95 88 Integrated Packaging Sales 592 584 1.5% 599 1,764 1,795 2,359 Adjusted EBITDA 56 31 79.5% 70 193 163 232 Adjusted EBIT 16 -9 274.5% 29 73 45 74 Adjusted EBIT margin 2.7% -1.5% 4.9% 4.1% 2.5% 3.1% Operating result (IFRS) 0 -18 101.2% -3 -1 27 53 Biomaterials Sales 371 358 3.6% 410 1,134 1,181 1,558 Adjusted EBITDA 84 73 16.0% 103 264 243 326 Adjusted EBIT 52 38 36.2% 65 156 140 185 Adjusted EBIT margin 14.0% 10.7% 15.9% 13.8% 11.8% 11.9% Operating result (IFRS) 43 36 17.1% 31 108 136 219 Other Sales 493 588 -16.2% 631 1,764 1,891 2,497 Adjusted EBITDA 38 67 -43.3% 29 113 185 230 Adjusted EBIT 13 44 -69.7% 7 45 116 138 Adjusted EBIT margin 2.7% 7.4% 1.1% 2.6% 6.1% 5.5% Operating result (IFRS) -35 173 -120.2% -54 -101 212 580 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Consumer Packaging • Sales increased mainly due to the ramp-up of the consumer board line in Oulu and higher deliveries. • Adjusted EBIT increased by EUR 26 million, supported by the ramp-up in Oulu. Good operational performance, improved board volumes and lower wood costs and own cost savings actions were only partly offset by the cost escalation related to the Iran conflict, especially in logistics and chemicals. • Demand for European consumer board grades remained mixed, with stronger deliveries for certain products. Integrated Packaging • Sales increased as higher containerboard deliveries and prices were only partly offset by lower corrugated packaging deliveries following the divestment of the corrugated board production units in Germany. • Adjusted EBIT increased by EUR 25 million, mainly due to higher sales prices and volumes in containerboard. Higher variable costs, driven by increased cost related to the Iran conflict, were offset by good fixed cost control. • Demand for virgin containerboard continued to improve together with price increases. In corrugated board, the main focus is on protecting and improving margins through price increases. Biomaterials • Sales increased, supported by higher Eucalyptus pulp prices. • Adjusted EBIT increased by EUR 14 million, driven by higher prices. Slightly lower volumes were offset by reduced fixed costs due to good cost control. • Demand for pulp grades remained mixed, while prices continued to gradually recover. Other • The decrease in sales mainly reflects a change in the consolidation method from a wood supply subsidiary to associated company, following a partial divestment, with no material impact on profitability. • Adjusted EBIT decreased due lower prices for external wood sales in Sweden and lower margins in the Energy function. The energy business was negatively impacted by the annual maintenance at the Olkiluoto 3 nuclear plant and lower electricity prices. Segment results Stora Enso January–September 2026 results 7 Share of external sales by segment 40% 25% 15% 20% Consumer Packaging Integrated Packaging Biomaterials Other EUR million Adjusted EBIT by segment Consumer Packaging Integrated Packaging Biomaterials Other 0 20 40 60 80
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Key sustainability targets and performance Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity. The foundation for these is the conduct of everyday business in a responsible manner. Climate Stora Enso’s science-based target for 2030 is to reduce absolute Scope 1 and 2 greenhouse gas (CO2e) emissions by 50% from the 2019 base year, in line with the 1.5-degree scenario. By the end of Q3/2026, the Scope 1 and 2 CO2e emissions were 1.03 million tonnes, a 60% reduction from the base year. Compared with Q3/2025 (1.04 million tonnes), the decrease in emissions is mainly attributed to reduction measures, such as fuel switches. Stora Enso is committed to reducing Scope 3 emissions by 50% from the 2019 base year by 2030. In 2025, Stora Enso's estimated Scope 3 CO2e emissions were 4.63 million tonnes, a 38% reduction from the base year. Circularity In May 2026, Stora Enso published its Circularity Plan, aligned with the Global Circularity Protocol for Business, and set a new target to achieve 90% material circularity in its direct operations by 2030, up from a baseline of 79% in 2025. The target integrates circular design, operational efficiency, and value chain collaboration to optimise the use of resources and minimise waste. The previous technical recyclability target is incorporated within this new broader material circularity metric. Performance will be reported in the Sustainability Statement 2026. Biodiversity Stora Enso is committed to achieving a net-positive impact on biodiversity in its own forests and plantations by 2050 through active biodiversity management at species, habitat and landscape levels. Progress is monitored with science-based impact indicators reported in the Sustainability Statement. Biodiversity is an integral part of forest certifications, which include the protection of valuable ecosystems. Stora Enso’s target is to maintain a forest certification coverage level of at least 96% for the Group's own and leased forest lands. The forest certification coverage has remained stable and amounted to 99% in 2025 (2024: 99%). Direct and indirect CO2e emissions (Scope 1+2, rolling four quarters) Million tonnes 0% -13% -15% -28% -42% -53% -61% -61%-60% -50% CO₂e million tonnes, effective CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 2025 Q2/2026 Q3/2026 2026 2027 2028 2029 2030 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 CO2e emissions along the value chain (Scope 3) Million tonnes 0% -4% 1% -25% -35% -39% -38% -50% CO₂e million tonnes, estimated CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 1 2 3 4 5 6 7 8 Responsible business practices Stora Enso reports on the sustainability indicators below on a quarterly basis. Key performance indicators (KPIs) 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Target Occupational safety: total TRI rate, year-to-date 4.7 4.4 4.5 4.7 4.3 by the end of 2026 Gender balance: % of female managers among all managers 25% 24% 24% 24% 25% by end of 2027 Water: total water withdrawal per saleable tonne (m3/tonne) 56 56 56 56 Decreasing trend from 2016 baseline (60m3/ tonne) Water: process water discharges per saleable tonne (m3/tonne) 32 32 32 32 17% reduction by 2030 from 2019 baseline (36m3/tonne) Sustainable sourcing: % of supplier spend covered by the Supplier Code of Conduct (SCoC) 94% 94% 94% 94% 95% or above Full overview of Stora Enso's sustainability targets, 2025 performance and accounting principles are available in the Sustainability Statement. Sustainability S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 8
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Short-term risks Risk is characterised by both threats and opportunities that may affect Stora Enso's performance, financial results and reputation. Geopolitical and macroeconomic uncertainty could adversely impact the Group through trade measures, conflict-related risks, supply- and demand imbalances, and economic volatility. Continued macroeconomic uncertainty, interest rate and currency fluctuations, operational and logistics disruptions, and challenges in market capacity may negatively affect costs, margins, volumes and profitability. Continued volatility in raw material and energy prices, particularly wood availability in the Nordics, could increase costs and disrupt production. Regulatory developments, compliance costs, litigation, and operational or environmental incidents may also have an adverse financial impact. The completion of the demerger of the Swedish forest assets remains subject to uncertainty, including prevailing market conditions and satisfactory business and financing conditions.More detailed risk disclosures are available in Stora Enso’s Annual Report 2025, at storaenso.com/annualreport. Changes in Group management CFO Niclas Rosenlew was appointed Deputy CEO, effective 17 September 2026, alongside his existing responsibilities. Resolutions by the Annual General Meeting 2026 Stora Enso Oyj’s Annual General Meeting was held on 24 March 2026 in Helsinki, Finland. The AGM adopted the accounts for 2025 and the Remuneration Report 2025, and granted the Company’s Board of Directors and Chief Executive Officer discharge from liability for the financial period. The AGM resolved, in accordance with the proposal by the Board of Directors, that the Company shall distribute a dividend of EUR 0.25 per share for the year 2025 in two instalments as follows: The first dividend instalment, EUR 0.13 per share, was paid on 8 April 2026, and the second instalment, EUR 0.12 per share, on 2 October 2026. The AGM resolved that the Board of Directors shall have eight (8) members. The AGM further resolved to re-elect the current members of the board of Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Christiane Kuehne, Richard Nilsson, Elena Scaltritti, and Antti Vasara – as members of the Board of Directors until the end of the following AGM and to elect Jouko Karvinen as new member for the same term of office. The AGM resolved to elect Håkan Buskhe as Chair of the Board of Directors and Jouko Karvinen as Vice Chair of the Board of Directors. For more information about the resolutions of the AGM in 2026, please see the release Resolutions by Stora Enso Oyj’s Annual General Meeting. Events after the period In October, Stora Enso's Board of Directors approved a Demerger Plan concerning the cross-border partial demerger of Stora Enso, separating Stora Enso's Swedish forest assets business into an independent listed company. The completion of the demerger is subject to, among others, approval by Stora Enso’s shareholders at an extraordinary general meeting, expected to be held on 15 December 2026, and regulatory approvals. This report has been prepared in English and Finnish. If there are any variations in the content between the versions, the English version shall govern. This report is unaudited. Helsinki, 30 October 2026 Stora Enso Oyj Board of Directors Short-term risks S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 9
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Financials Condensed consolidated income statement EUR million Q3/26 Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Sales 2,240 2,283 2,423 7,021 7,072 9,326 Other operating income 40 226 52 137 313 389 Materials and services1 -1,672 -1,716 -1,806 -5,219 -5,267 -7,020 Personnel expenses -286 -289 -337 -936 -936 -1,232 Other operating expenses -122 -155 -124 -379 -370 -503 Share of results of associated companies 18 18 9 30 39 89 Change in net value of biological assets -25 -15 -23 -41 -17 401 Depreciation, amortisation and impairments -146 -121 -178 -464 -368 -507 Operating result 47 231 16 148 466 942 Net financial items -30 -29 -42 -113 -113 -159 Result before tax 17 202 -26 35 354 783 Income tax 8 -1 15 14 -31 -97 Net result for the period 25 201 -11 49 323 686 Attributable to Owners of the Parent 22 198 -13 41 335 695 Non-controlling interests 3 3 2 8 -12 -9 Net result for the period 25 201 -11 49 323 686 Earnings per share Basic earnings per share, EUR 0.01 0.25 -0.03 0.02 0.42 0.88 Diluted earnings per share, EUR 0.01 0.25 -0.03 0.02 0.42 0.88 1 The following three income statement lines: Materials and services, Change in inventories of finished good and WIP and Freight and sales commissions, were combined into this single row in Q4 2025. Consolidated statement of comprehensive income EUR million Q3/26 Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Net result for the period 25 201 -11 49 323 686 Other comprehensive income (OCI) Items that will not be reclassified to profit and loss Equity instruments at fair value through OCI -90 236 374 116 256 297 Actuarial gains and losses on defined benefit plans 35 32 -6 40 32 36 Revaluation of forest land -3 0 104 101 -25 -385 Share of OCI of associated companies 0 0 -7 -6 2 -28 Income tax relating to items that will not be reclassified -6 -7 -20 -26 0 73 -64 260 445 225 265 -8 Items that may be reclassified subsequently to profit and loss Cumulative translation adjustment (CTA) -104 64 -54 -187 29 124 Net investment hedges and loans -12 -1 14 23 -25 -21 Cash flow hedges and cost of hedging 10 1 -18 -50 105 84 Share of OCI of Non-controlling Interests (NCI) -2 -1 -4 -12 15 12 Income tax relating to items that may be reclassified 1 2 3 11 -26 -20 -108 65 -59 -215 99 179 Total comprehensive income -147 526 375 59 686 857 Attributable to Owners of the parent -147 524 377 62 683 854 Non-controlling interests 0 2 -2 -4 3 3 Total comprehensive income -147 526 375 59 686 857 Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 10
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Condensed consolidated statement of financial position Assets Goodwill O 170 171 170 Other intangible assets O 204 250 253 Property, plant and equipment O 5,066 5,227 5,108 Right-of-use assets O 416 422 423 5,855 6,069 5,954 Forest assets O 6,542 6,641 6,489 Biological assets O 5,015 5,167 4,689 Forest land O 1,527 1,473 1,800 Emission rights O 51 45 78 Investments in associated companies O 1,100 1,108 1,086 Unlisted securities O 1,031 912 871 Non-current interest-bearing receivables I 29 14 29 Deferred tax assets T 256 222 173 Other non-current assets O 96 69 75 Non-current assets 14,959 15,081 14,755 Inventories O 1,830 1,802 1,776 Tax receivables T 35 29 35 Operating receivables O 1,022 869 1,004 Interest-bearing receivables I 48 67 81 Cash and cash equivalents I 831 1,212 2,228 Current assets 3,765 3,978 5,124 Total assets 18,725 19,059 19,879 EUR million 30 Sep 2026 31 Dec 2025 30 Sep 2025 Equity and liabilities Owners of the Parent 11,648 10,796 10,624 Non-controlling Interests -146 -147 -147 Total equity 11,503 10,649 10,477 Post-employment benefit obligations O 134 153 171 Provisions O 77 79 79 Deferred tax liabilities T 1,252 1,314 1,281 Non-current interest-bearing liabilities I 2,276 3,557 3,647 Non-current operating liabilities O 31 30 55 Non-current liabilities 3,769 5,133 5,232 Current portion of non-current debt I 343 253 1,133 Interest-bearing liabilities I 821 659 739 Bank overdrafts I 2 5 32 Provisions O 49 50 42 Operating liabilities O 2,196 2,293 2,214 Tax liabilities T 42 17 8 Current liabilities 3,453 3,277 4,169 Total liabilities 7,222 8,410 9,401 Total equity and liabilities 18,725 19,059 19,879 EUR million 30 Sep 2026 31 Dec 2025 30 Sep 2025 Items designated with “O” comprise Operating Capital Items designated with “I” comprise Net debt Items designated with “T” comprise Net Tax Liabilities Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 11
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Condensed consolidated statement of cash flows Cash flow from operating activities Operating result 148 466 Adjustments for non-cash items 529 235 Change in net working capital -220 -142 Cash flow from operations 457 560 Net financial items paid -130 -143 Income taxes paid, net -35 -33 Net cash from operating activities 292 384 Cash flow from investing activities Acquisition of subsidiary shares and business operations, net of acquired cash 0 -17 Acquisitions of associated companies -5 0 Acquisitions of unlisted securities 0 -1 Cash flow on disposal of subsidiary shares and business operations, net of disposed cash -4 619 Cash flow on disposal of shares in equity accounted investments 0 1 Cash flow on disposal of listed and unlisted securities 0 9 Cash flow on disposal of forest and intangible assets and property, plant and equipment 10 13 Capital expenditure -339 -586 Proceeds from/payment of non-current receivables, net 0 203 Net cash from investing activities -337 241 Cash flow from financing activities Proceeds from issue of new long-term debt 103 487 Proceeds from issue of hybrid bonds 992 0 Repayment of long-term debt -1,292 -688 Repayment of lease liabilities -42 -60 Change in short-term interest-bearing liabilities 12 -30 Dividends paid -103 -114 Purchase of own shares1 -1 -1 Net cash from financing activities -331 -405 EUR million Q1-Q3/26 Q1-Q3/25 Net change in cash and cash equivalents -376 220 Translation adjustment -1 -18 Net cash and cash equivalents at the beginning of period 1,206 1,993 Net cash and cash equivalents at period end 829 2,195 Cash and cash equivalents at period end 831 2,228 Bank overdrafts at period end -2 -32 Net cash and cash equivalents at period end 829 2,195 EUR million Q1-Q3/26 Q1-Q3/25 1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 30 September 2026. Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 12
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Statement of changes in equity Fair value reserve EUR million Share capital Share premium and reserve fund Invested non- restricted equity fund Treasury shares Equity instruments through OCI Cash flow hedges Revaluation reserve OCI of associated companies CTA and net investment hedges and loans Hybrid bond Retained earnings Attributable to owners of the parent Non- controlling interests Total Balance at 1 January 2025 1,342 77 633 — 450 -27 1,317 68 -457 — 6,735 10,139 -150 9,989 Net result for the period — — — — — — — — — — 335 335 -12 323 OCI before tax — — — — 256 105 -25 2 4 — 32 374 15 389 Income tax relating to OCI — — — — 2 -21 5 — -5 — -7 -26 -26 Total comprehensive income — — — — 258 84 -20 2 — — 360 683 3 686 Reclassifications on disposals — — — — -4 — -123 — — — 127 — — — Dividend — — — — — — — — — — -197 -197 — -197 Acquisitions and disposals — — — — — — — — — — — — — — Purchase of treasury shares — — — -1 — — — — — — — -1 — -1 Share-based payments — — — 1 — — — — — — — 1 — 1 Balance at 30 September 2025 1,342 77 633 — 704 57 1,173 70 -457 — 7,025 10,624 -147 10,477 Net result for the period — — — — — — — — — — 361 361 3 363 OCI before tax — — — — 41 -21 -360 -30 98 — 4 -268 -3 -271 Income tax relating to OCI — — — — — 4 74 — 1 — -1 78 — 78 Total comprehensive income — — — — 41 -17 -287 -30 100 — 364 171 0 171 Reclassifications on disposals — — — — — — -3 — — — 3 — — — Dividend — — — — — — — — — — — — — — Acquisitions and disposals — — — — — — — — — — — — — — Purchase of treasury shares — — — — — — — — — — — — — — Share-based payments — — — — — — — — — — 1 1 — 1 Balance at 31 December 2025 1,342 77 633 — 744 40 884 40 -357 — 7,393 10,796 -147 10,649 Net result for the period — — — — — — — — — — 41 41 8 49 OCI before tax — — — — 116 -50 101 -6 -164 — 40 36 -12 25 Income tax relating to OCI — — — — — 10 -21 — 1 — -5 -15 -15 Total comprehensive income — — — — 116 -40 80 -6 -163 — 76 62 -4 59 Dividend — — — — — — — — — — -197 -197 — -197 Hybrid bond issue — — — — — — — — — 992 — 992 — 992 Acquisitions and disposals — — — — — — — — — — -7 -7 5 -2 Purchase of treasury shares — — — -1 — — — — — — — -1 — -1 Share-based payments — — — 1 — — — — — — 1 2 — 2 Balance at 30 September 2026 1,342 77 633 — 861 — 964 34 -520 992 7,266 11,648 -146 11,503 CTA = Cumulative Translation Adjustment OCI = Other Comprehensive Income NCI = Non-controlling Interests Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 13
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Basis of Preparation This unaudited interim financial report has been prepared in accordance with the accounting policies set out in International Accounting Standard 34 on Interim Financial Reporting and in the Group’s Financial Report for 2025 with the exception of new and amended standards applied to the annual periods beginning on 1 January 2026 and changes in accounting principles described below. All figures in this Interim Report have been rounded to the nearest million, unless otherwise stated. Therefore, percentages and figures in this report may not add up precisely to the totals presented and may vary from previously published financial information. Segment changes Stora Enso has implemented changes to its organisational and reporting structures to better align with its strategic focus and operational synergies. Effective 1 January 2026, the Group's reportable segments are Consumer Packaging, Integrated Packaging, Biomaterials and Other. Consumer Packaging: Consumer Packaging is a new reportable segment, consisting of the Cartonboard, and Foodservice and Liquid Board business areas (previously in Packaging Materials). These operating segments have been aggregated into a single reportable segment based on their similar economic and other characteristics. Integrated Packaging: Another new reportable segment, Integrated Packaging, comprises the Containerboard business area (previously included in Packaging Materials) and the Packaging Solutions business area. These operating segments have also been aggregated based on their similar economic and other characteristics. Biomaterials: The Biomaterials segment continues to be reported as a separate reportable segment. Other: The segment Other now includes the Wood & Energy business area and Group functions, the Swedish forest assets, the Growth business unit, and the Central European Wood Products operations. Intercompany sales of wood and logistics services from the segment Other to Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated from the segment Other, reflecting the manner in which the chief operating decision maker regularly reviews reportable segments. Main changes The Wood Products segment has been discontinued as a separate reportable segment as of 1 January 2026. Northern Europe Wood Products operations have been integrated into the Consumer Packaging, Integrated Packaging, and Biomaterials segments to leverage operational synergies. Central European Wood Products operations, which are currently under strategic review, are reported within the segment Other. The Forest segment has also been discontinued as a separate reportable segment. Swedish forest assets (which are proposed to be demerged) and wood supply operations in Finland, Sweden, and the Baltic countries are now reported within the segment Other. Plantations in Latin America and China, which are linked to local mills, continue to be reported under the Consumer Packaging and Biomaterials segments. From 1 January 2026, Stora Enso’s forestry-related associated companies results and assets in Finland (Tornator) and Sweden (Linum) are reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the Forest segment), based on their proportional wood consumption. Stora Enso’s energy-related business and assets in Pohjolan Voima (PVO) are now reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the segment Other), based on their proportional energy consumption. External PVO related electricity sales will continue to be reported under the segment Other. The Growth business unit, focused on developing innovative b i o b a s e d s o l u t i o n s t o r e p l a c e f o s s i l - b a s e d a n d o t h e r n o n ‑ r e n e w a b l e materials, is now reported within the segment Other. Previously, it was included in the Biomaterials segment. Comparative periods have been restated accordingly. Details of these restatements are provided in the press release dated 25 March 2026. Hybrid bonds Hybrid bonds issued by the Group are subordinated instruments and are reported as part of equity in accordance with IFRS. The Group has no contractual obligation to deliver cash or another financial asset to the holder. The bonds have no contractual maturity and the Group has full discretion over the payment of principal and coupons. Upon initial recognition, the proceeds are recognised directly in equity, net of discount and transaction costs. Any subsequent coupon payments are recognised directly in equity. When calculating both basic and diluted earnings per share, the after-tax amount of the interest on the hybrid bonds applicable for the period is deducted from profit or loss attributable to the ordinary shareholders irrespective of whether the interest has been paid or accrued during the financial period. The following new and amended standards are applied to the annual periods beginning on 1 January 2026 Amended standards and interpretations did not have material effect on the Group. Future standard changes endorsed by the EU but not yet effective in 2026 IFRS 18 Presentation and Disclosure in Financial Statements The new IFRS 18 standard replaces the guidance in IAS 1 Presentation of Financial Statements and carries forward many requirements from IAS 1 unchanged. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027 (retrospective application is mandatory). Its main objective is to ensure that general purpose financial statements provide relevant and faithfully represented information about entity's financial performance, in a more transparent and comparable manner. The most significant impacts on Stora Enso are expected to be: Comparability in the income statement. IFRS 18 introduces defined categories - operating, investing, financing, taxes and discontinued operations - to improve the structure of the income statement, and requires all companies to provide new defined subtotals. The most significant impact on the income statement is a decrease in the operating result (IFRS), primarily due to the results of associated companies being excluded from the operating result (IFRS) and presented in investing category and due to certain costs reclassified from financing to operating category. Also interest income and certain foreign exchange related items are reclassified from financing to investing category. Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 14
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Changes in cash flow statement. Net cash from operating activities will increase, mainly due to interest paid being reclassified from operating to financing activities, netted with impact from reclassifying dividends and interest received from operating to investing activities. Net cash from investing activities is also expected to increase, primarily as interest and dividends received will be included in investing activities rather than operating activities. Net cash from financing activities is expected to decrease, mainly due to inclusion of interest paid. Management-defined performance measures (MPMs). IFRS 18 requires disclosure of explanations of company specific income statement measures, to improve the transparency. Stora Enso has evaluated that Adjusted EBITDA, Adjusted EBIT and Earnings per share (EPS) excl. FV are considered as MPMs as defined in IFRS 18. These measures are also APMs. More details including reconciliation calculations about these measures are presented in chapter Alternative performance measures. Definitions and purpose for these measures can be found in the Annual Report. Grouping of information in the financial statements. IFRS 18 sets out guidance on how to organise information and whether to provide it in the primary financial statements or in the notes. It also establishes requirements aimed at ensuring that the primary financial statements present useful, structured summaries that deliver relevant and understandable information to users. There are no other future standard changes endorsed by the EU which would have material effect on the Group. Goodwill, other intangible assets, property, plant and equipment, right-of-use and forest assets EUR million Q1-Q3/26 Q1-Q3/25 2025 Carrying value at 1 January 12,710 13,172 13,172 Additions in tangible and intangible assets 213 415 633 Additions in right-of-use assets 22 24 45 Additions in biological assets 48 48 69 Depletion of capitalised silviculture costs -46 -73 -127 Acquisition of subsidiaries 0 121 121 Disposals and classification as held for sale -14 -915 -937 Depreciation and impairments -464 -368 -507 Fair valuation of forest assets 106 30 143 Translation difference and other -176 -11 99 Statement of Financial Position Total 12,397 12,443 12,710 Borrowings EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Bond loans 1,414 3,051 2,530 Loans from credit institutions 733 1,266 815 Lease liabilities 469 453 463 Long-term derivative financial liabilities 1 8 1 Other non-current liabilities 1 2 1 Non-current interest-bearing liabilities including current portion 2,619 4,780 3,809 Short-term borrowings 647 583 609 Dividend payable 95 95 0 Interest payable 41 58 46 Short-term derivative financial liabilities 38 3 4 Bank overdrafts 2 32 5 Total interest-bearing liabilities 3,441 5,552 4,473 EUR million Q1-Q3/26 Q1-Q3/25 2025 Carrying value at 1 January 4,473 5,779 5,779 Additions in long-term debt, companies acquired 0 69 69 Proceeds of new long-term debt 103 487 489 Repayment of long-term debt -1,293 -661 -1,647 Additions in lease liabilities 26 28 50 Repayment of lease liabilities and interest -42 -60 -76 Change in short-term borrowings 24 -67 -39 Change in dividend payable 95 95 -11 Change in interest payable 1 -1 -9 Change in derivative financial liabilities 34 -38 -44 Disposals -4 0 0 Other 8 -7 -32 Translation differences 17 -73 -55 Total interest-bearing liabilities 3,441 5,552 4,473 Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 15
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Commitments and contingencies EUR million 30 Sep 2026 31 Dec 2025 30 Sep 2025 On Own Behalf Guarantees 10 10 10 Other commitments 0 6 6 On Behalf of associated companies Guarantees 3 4 4 On Behalf of Others Guarantees 4 6 5 Other commitments 0 0 0 Total 17 25 25 Guarantees 17 19 19 Other commitments 0 6 6 Total 17 25 25 Stora Enso has been granted investment subsidies and has given certain investment commitments in China. There is a risk that the majority owned local Chinese company may be subject to a claim based on alleged costs resulting from certain uncompleted investment commitments. Given the specific mitigating circumstances surrounding the investment case as a whole, Stora Enso does not consider it to be probable that this situation would result in an outflow of economic benefits that would be material to the Group. Capital commitments EUR million 30 Sep 2026 31 Dec 2025 30 Sep 2025 Total 80 89 117 The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure contracts in joint operations. Fair Values of Financial Instruments The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: • Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; • Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly; • Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based on observable market data. The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at fair value in the following tables are measured at fair value on a recurring basis. Carrying amounts of financial assets and liabilities by measurement and fair value categories: 30 September 2026 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial assets Listed securities — — — — — — — — Unlisted securities — 1,012 19 1,031 1,031 — — 1,031 Non-current interest-bearing receivables 11 18 — 29 29 — 18 — Derivative assets — 18 — 18 18 — 18 — Loan receivables 11 — — 11 11 — — — Trade and other operating receivables 651 91 — 741 741 — 91 — Current interest-bearing receivables 17 20 11 48 48 — 31 — Derivative assets — 20 2 22 22 — 22 — Other short-term receivables 17 — 9 26 26 — 9 — Cash and cash equivalents 831 — — 831 831 — — — Total 1,509 1,141 30 2,680 2,680 — 140 1,031 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial liabilities Non-current interest-bearing liabilities 2,274 1 — 2,276 2,413 — 1 — Derivative liabilities — 1 — 1 1 — 1 — Non-current debt 2,274 — — 2,274 2,412 — — — Current portion of non-current debt 343 — — 343 343 — — — Current interest-bearing liabilities 684 31 11 726 726 — 42 — Derivative liabilities — 31 11 42 42 — 42 — Current debt 684 — — 684 684 — — — Dividend payable 95 — — 95 95 — — — Trade and other operating payables 1,895 — — 1,895 1,895 — — — Bank overdrafts 2 — — 2 2 — — — Total 5,292 32 11 5,336 5,474 — 43 — In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion. Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 16
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Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December 2025 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial assets Listed securities — — — — — — — — Unlisted securities — 896 17 912 912 — — 912 Non-current interest-bearing receivables 11 3 — 14 14 — 3 — Derivative assets — 3 — 3 3 — 3 — Loan receivables 11 — — 11 11 — — — Trade and other operating receivables 543 50 — 593 593 — 50 — Current interest-bearing receivables 10 49 8 67 67 — 57 — Derivative assets — 49 1 50 50 — 50 — Other short-term receivables 10 — 7 17 17 — 7 — Cash and cash equivalents 1,212 — — 1,212 1,212 — — — Total 1,774 999 25 2,798 2,798 — 111 912 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial liabilities Non-current interest-bearing liabilities 3,556 1 — 3,557 3,718 — 1 — Derivative liabilities — 1 — 1 1 — 1 — Non-current debt 3,556 — — 3,556 3,718 — — — Current portion of non-current debt 253 — — 253 253 — — — Current interest-bearing liabilities 649 3 7 659 659 — 10 — Derivative liabilities — 3 7 10 10 — 10 — Current debt 649 — — 649 649 — — — Trade and other operating payables 2,013 — — 2,013 2,013 — — — Bank overdrafts 5 — — 5 5 — — — Total 6,475 4 7 6,486 6,648 — 11 — Reconciliation of level 3 fair value measurement of financial assets and liabilities: 30 September 2026 EUR million Q1-Q3/26 2025 Q1-Q3/25 Financial assets Opening balance at 1 January 912 602 602 Reclassifications 3 0 0 Gains/losses recognised in income statement -1 1 0 Gains/losses recognised in other comprehensive income 116 300 260 Additions 0 13 10 Disposals 0 -3 -1 Closing balance 1,031 912 871 The Group did not have level 3 financial liabilities as at 30 September 2026. Level 3 Financial Assets At period end, Level 3 financial assets included EUR 986 million of Pohjolan Voima Oy (PVO) shares for which the valuation method is described in more detail in the Annual Report. The valuation is most sensitive to changes in electricity prices and discount rates. The discount rate of 6.84% used in the valuation model is determined using the weighted average cost of capital method. A +/- 5% change in the electricity price used in the DCF would change the valuation by EUR +90 million and -90 million, respectively. A +/- percentage point change in the discount rate would change the valuation by EUR -160 million and +211 million, respectively. Key exchange rates for the euro One Euro is Closing Rate Average Rate (Year-to-date) 30 Sep 2026 31 Dec 2025 30 Sep 2026 31 Dec 2025 SEK 11.3310 10.8215 10.8923 11.0647 USD 1.1355 1.1750 1.1616 1.1293 GBP 0.8546 0.8726 0.8635 0.8566 Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 17
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Maintenance Planned maintenance shutdowns Consumer Packaging Integrated Packaging Biomaterials 2026 2025 2026 2025 2026 2025 Q1 — — Q1 — — Q1 Veracel — Q2 Beihai Beihai Q2 Langerbrugge Langerbrugge Q2 — Skutskär Q3 Oulu Oulu Q3 Heinola, Oulu, Varkaus Heinola, Oulu, Varkaus Q3 Skutskär Enocell Q4 Anjalankoski, Fors, Imatra, Skoghall Anjalankoski, Fors, Imatra, Skoghall Q4 Ostrołęka Ostrołęka Q4 — Montes del Plata Total planned maintenance impact Expected and historical impact of lost value of sales and planned maintenance costs EUR million Q4/26¹ Q3/26² Q2/26 Q1/26 Q4/25 Q3/25 Total maintenance impact 110-120 112 71 83 113 110 1 The estimated numbers may be impacted by unforeseen additional costs and/or volume loss in connection with the planned maintenance stops and the restart of operations. 2 The estimate for Q3/2026 was EUR 110–120 million. External deliveries Q3/26 Q3/25 Change % Q3/26– Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Consumer board, 1,000 tonnes 789 725 8.7% 767 2,331 2,149 2,852 Containerboard, 1,000 tonnes 364 309 18.0% 362 1,072 983 1,296 Corrugated packaging Europe, million m2 281 310 -9.4% 315 888 920 1,216 Market pulp, 1,000 tonnes 455 476 -4.5% 484 1,371 1,512 2,019 Wood products, 1,000 m3 1,042 1,038 0.3% 1,230 3,389 3,288 4,440 Wood, 1,000 m3 2,282 2,922 -21.9% 3,390 9,304 9,866 13,255 Paper, 1,000 tonnes 143 151 -5.3% 141 431 421 561 Stora Enso shares During the third quarter of 2026, the conversions of 42,749 A shares into R shares were recorded in the Finnish trade register. On 30 September 2026, Stora Enso had 175,491,395 A shares and 613,128,592 R shares in issue. The company did not hold its own shares. The total number of Stora Enso shares in issue was 788,619,987 and the total number of votes at least 236,804,254. Trading volume Helsinki Stockholm A share R share A share R share July 164,997 41,069,684 49,022 7,449,085 August 113,004 29,387,348 74,394 4,002,102 September 145,077 33,863,721 95,060 5,406,264 Total 423,078 104,320,753 218,476 16,857,451 Closing price Helsinki, EUR Stockholm, SEK A share R share A share R share July 10.20 9.94 111.00 109.30 August 10.35 10.13 113.00 112.90 September 10.20 10.17 115.00 115.30 Number of shares Million Q3/26 Q3/25 Q2/26 2025 At period end 788.6 788.6 788.6 788.6 Average 788.6 788.6 788.6 788.6 Average, diluted 790.2 789.7 790.3 789.7 Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 18
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Sales by segment – total EUR million Q3/26 Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 967 985 970 3,692 900 945 953 894 Integrated Packaging 592 599 572 2,359 564 584 626 586 Biomaterials 371 410 353 1,558 378 358 407 416 Other 493 631 641 2,497 606 588 658 645 Inter-segment eliminations -183 -202 -179 -780 -194 -191 -217 -178 Total 2,240 2,423 2,358 9,326 2,254 2,283 2,426 2,362 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Sales by segment – external EUR million Q3/26 Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 922 937 927 3,510 849 901 905 855 Integrated Packaging 572 577 552 2,274 542 564 602 566 Biomaterials 291 321 282 1,233 302 280 309 342 Other 455 588 596 2,310 561 539 610 600 Total 2,240 2,423 2,358 9,326 2,254 2,283 2,426 2,362 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Operating result (IFRS) by segment EUR million Q3/26 Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 39 48 59 88 -7 41 4 51 Integrated Packaging 0 -3 1 53 26 -18 25 20 Biomaterials 43 31 35 219 83 36 38 62 Other -35 -54 -11 580 369 173 4 34 Inter-segment eliminations 0 -6 2 2 6 -1 -7 4 Operating result (IFRS) 47 16 85 942 476 231 64 171 Net financial items -30 -42 -41 -159 -47 -29 -44 -39 Result before tax 17 -26 43 783 430 202 20 132 Income tax expense 8 15 -8 -97 -66 -1 -5 -25 Net result 25 -11 35 686 363 201 15 107 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Alternative performance measures According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance measure is understood as a financial measure of historical or future financial performance, financial position, or cash flows. These measures are not defined under IFRS Accounting Standards and therefore might not be comparable to apparently similar measures used by other entities. Used together with the IFRS measures, alternative performance measures provide meaningful supplemental information about the financial development of the business operations. Definitions and purpose for alternative performance measures can be found in the Annual Report. The newly introduced organic sales measure represents sales at constant exchange rates, excluding the impacts of significant acquisitions, disposals and closures. Adjusted EBIT by segment EUR million Q3/26 Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 80 64 65 129 -2 54 22 55 Integrated Packaging 16 29 28 74 29 -9 33 22 Biomaterials 52 65 39 185 45 38 42 59 Other 13 7 25 138 22 44 37 35 Inter-segment eliminations 0 -6 2 2 6 -1 -7 4 Adjusted EBIT 161 160 159 528 100 126 126 175 Fair valuations and non- operational items -51 -61 -18 434 466 -11 -27 7 Items affecting comparability -63 -83 -56 -19 -90 117 -35 -11 Operating result (IFRS) 47 16 85 942 476 231 64 171 Net financial items -30 -42 -41 -159 -47 -29 -44 -39 Result before Tax 17 -26 43 783 430 202 20 132 Income tax expense 8 15 -8 -97 -66 -1 -5 -25 Net result 25 -11 35 686 363 201 15 107 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Reconciliation of operating result EUR million Q3/26 Q3/25 Change % Q3/26– Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Adjusted EBITDA 320 291 10.2% 320 948 889 1,144 Depreciation and silviculture costs of associated companies -6 -3 -62.9% -5 -13 -10 -14 Silviculture costs1 -26 -44 40.1% -20 -66 -94 -120 Depreciation and impairment excl. IAC -127 -117 -8.5% -135 -389 -358 -483 Adjusted EBIT 161 126 27.8% 160 479 427 528 Fair valuations and non-operational items -51 -11 n/m -61 -130 -32 434 Items affecting comparability (IAC) -63 117 -154.2 % -83 -201 71 -19 Operating result (IFRS) 47 231 -79.7 % 16 148 466 942 1 Including damages to forests Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 19
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Items affecting comparability (IAC), fair valuations and non-operational items (FV) Items affecting comparability Q3/26 Q1-Q3/26 Q3/25 Q1-Q3/25 EUR million Income statement Before tax Income tax Before tax Income tax Before tax Income tax Before tax Income tax Acquisition & disposal Other operating income 0 0 0 0 164 0 164 0 Acquisition & disposal Other operating expenses -22 5 -39 5 -28 0 -37 0 Impairment Depreciation, amortisation and impairments -19 4 -75 16 -3 1 -10 2 Impairment Share of results of associated companies 0 0 -12 0 0 0 0 0 Restructuring Other operating expenses -15 3 -42 9 -12 2 -34 7 Restructuring Materials and services -3 1 -13 2 0 0 -10 2 Environmental Other operating expenses 0 0 0 0 -4 1 -2 1 Environmental Materials and services 3 0 -7 2 0 0 0 0 Other Other operating expenses -4 1 -9 2 0 0 0 0 Other Materials and services -4 1 -4 1 0 0 0 0 Total Operating result -63 14 -201 37 117 4 71 12 The impact on non-controlling interests (NCI) is considered immaterial. Items affecting comparability by segment EUR million Q3/26 Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Consumer Packaging -37 -8 -9 -48 -19 -46 Integrated Packaging -14 -8 -28 -68 -13 -21 Biomaterials -1 -1 -22 -24 -2 -5 Other -11 133 -23 -61 105 52 IAC on operating result -63 117 -83 -201 71 -19 Tax on IAC 14 4 16 37 12 28 IAC on net result -49 121 -66 -164 83 9 Comparative figures have been restated according to the new segment structure. Items affecting comparability Q3/26 Consumer Packaging Q3/26: Restructuring costs of EUR -13 million and restructuring related asset impairments of EUR -19 million, mostly related to operations in Finland and Sweden, claims and damages of EUR -8 million and other cases of EUR 3 million. Q3/25: Restructuring costs of EUR -8 million, mostly related to operations in Finland and Sweden. Integrated Packaging Q3/26: Disposal losses of EUR -12 million, mainly related to Western Europe operations and restructuring costs of EUR -2 million. Q3/25: Restructuring costs and asset impairments of EUR -8 million. Biomaterials Q3/26: Restructuring costs of EUR -1 million. Q3/25: Restructuring costs of EUR -1 million. Other Q3/26: Restructuring costs of EUR -1 million and EUR -9 million related to acquisitions and disposals, mostly related to potential demerger of Swedish forest. Q3/25: The disposal of Swedish forest assets of EUR 141 million, EUR -5 million related to other acquisitions and disposals, EUR -6 million of consulting costs related to profit improvement programme, EUR 6 million related to restructuring costs (mainly asset disposal gains in Sweden) and EUR -2 million related to environmental provisions. Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 20
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Fair valuations and non-operational items Q3/26 Q1-Q3/26 Q3/25 Q1-Q3/25 EUR million Income statement Before tax Income tax Before tax Income tax Before tax Income tax Before tax Income tax Non-operational FV changes of biological assets Change in net value of biological assets -34 7 -86 18 -1 0 -11 1 CO2 emission rights and liabilities Other operating income, Materials and services 0 0 -2 0 -3 1 7 -1 Non-operational items of associated companies Share of results of associated companies -6 -28 -7 -28 Adjustments for differences between fair value and acquisition cost of forest assets upon disposal Other operating income -11 2 -14 3 0 0 -1 0 Total Operating result -51 9 -130 22 -11 1 -32 0 Financial items of associated companies Share of results of associated companies 2 9 3 9 Income tax of associated companies Share of results of associated companies 4 11 4 11 Total Net result for the period -49 13 -121 33 -8 4 -23 11 The impact on non-controlling interests (NCI) is considered immaterial. Fair valuations and non-operational items by segment EUR million Q3/26 Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Consumer Packaging -4 -6 -7 -15 -17 5 Integrated Packaging -1 -1 -4 -6 -5 -1 Biomaterials -8 -1 -12 -24 -1 40 Other -38 -3 -38 -85 -9 390 FV on operating result -51 -11 -61 -130 -32 434 FV on financial items 2 3 4 9 9 11 Tax on FV 13 4 14 33 11 -76 FV on net result -35 -4 -44 -88 -12 369 Comparative figures have been restated according to the new segment structure. Fair valuations in Q3/26 Consumer Packaging: Non-operational fair valuation changes of biological assets and non-operational items of associated companies of EUR -4 (-6) million. Integrated Packaging: Non-operational items of associated companies of EUR -1 (-1) million. Biomaterials: Non-operational fair valuation changes of biological assets and non-operational items of associated companies of EUR -8 (-1) million. Other: Non-cash income and expenses related to CO2 emission rights and liabilities and non-operational fair valuation changes of biological assets of EUR -38 (-3) million. Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 21
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Forest assets EUR million Q3/26 Q3/25 Q2/26 Q4/25 Forest assets in subsidiaries and joint operations 6,542 6,489 6,662 6,641 Forest assets in associated companies 1,727 1,655 1,719 1,702 Leased forest land (right-of-use assets) 136 134 137 134 Total Forest assets 8,405 8,277 8,518 8,478 Calculation of adjusted ROCE and ROE based on the last 12 months EUR million Q3/26 Q3/25 Q2/26 Q4/25 Adjusted EBIT, LTM 580 548 545 528 Capital employed, LTM average 13,929 13,948 13,909 13,864 Adjusted ROCE, LTM 4.2% 3.9% 3.9% 3.8% Net result for the period, LTM 413 -56 588 686 Total equity, LTM average 10,912 10,274 10,602 10,259 Return on equity (ROE), LTM 3.8% -0.5% 5.5% 6.7% Net debt 2,534 3,215 2,619 3,181 Adjusted EBITDA, LTM 1,203 1,175 1,173 1,144 Net debt to LTM adjusted EBITDA ratio 2.1 2.7 2.2 2.8 ROCE = Return on capital employed ROE = Return on equity LTM = Last 12 months Calculation of earnings per share excl. fair valuations EUR million Q3/26 Q3/25 Q2/26 Q1-Q3/26 Q1-Q3/25 2025 Net profit for the period attributable to owners of the Parent 22 198 -13 41 335 695 Accumulated interest expenses on hybrid bond after taxes of the period -13 -10 -22 FV on net profit for the period attributable to owners of the Parent -35 -4 -44 -88 -12 369 Net profit for the period attributable to owners of the parent excl. FV 45 202 21 107 347 327 Average number of shares 789 789 789 789 789 789 Earnings per share (EPS) excl. FV EUR 0.06 0.26 0.03 0.14 0.44 0.41 Calculation of net debt EUR million 30 Sep 2026 30 Sep 2025 30 Jun 2026 31 Dec 2025 Non-current interest-bearing receivables 29 29 19 14 Interest-bearing receivables 48 81 40 67 Cash and cash equivalents 831 2,228 1,558 1,212 Interest-bearing assets 908 2,337 1,617 1,293 Non-current interest-bearing liabilities 2,276 3,647 3,105 3,557 Current portion of non-current debt 343 1,133 329 253 Interest-bearing liabilities 821 739 800 659 Bank overdrafts 2 32 2 5 Interest-bearing Liabilities 3,441 5,552 4,236 4,473 Net debt 2,534 3,215 2,619 3,181 Financials S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 22
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Contact information Stora Enso Oyj P.O. Box 309 FI-00101 Helsinki, Finland Visiting address: Katajanokanlaituri 4 Tel: +358 2046 131 Stora Enso AB Fannys väg 1 SE-131 54 Nacka, Sweden Tel. +46 1046 000 00 storaenso.com storaenso.com/investors For further information, please contact: Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061 Hanna Rutanen, SVP Communications, tel. +358 41 507 1361 Stora Enso's Q4 and full year 2026 results will be published on 11 February 2027 Bergslagets Skogar, the Swedish forest assets business to be separated from Stora Enso, will organise a Capital Markets Day in Stockholm on 3 November 2026 Stora Enso is a global leader in renewable materials with a strong focus on packaging. Our purpose is to replace non-renewable materials with renewable solutions. Together with our customers, we design and deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers, accelerating the transition to a circular bioeconomy. Stora Enso has approximately 19,000 employees and our sales in 2025 were EUR 9.3 billion. Stora Enso's shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors 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. Contacts S t o r a E n s o J a n u a r y – S e p t e m b e r 2 0 2 6 r e s u l t s 23