Stora Enso Oyj

Regulatory Filings • Mar 29, 2023

Disclosure 430794

Stora Enso Oyj - Other information disclosed according to the rules of the Exchange

Update: Stora Enso's restated comparison figures for segment reporting

STORA ENSO OYJ STOCK EXCHANGE RELEASE 29 March 2023 at 12:00 EEST Update to Stora Enso's stock exchange release published today at 10:00 EEST. Restated comparison figures for the key figure “Operational ROCE excluding Forest division” added. Group return on capital employed (operational ROCE) and return on equity (ROE) Q4/22 Q3/22 Q2/22 Q1/22 Operational ROCE, last 12 13.7% 14.6% 14.3% 13.6% months Operational ROCE excl. 20.4% 22.1% 21.7% 20.5% Forest division, last 12 months Return on equity (ROE), 13.3% 14.3% 14.5% 14.4% last 12 months The complete updated release is as follows: Stora Enso's segment reporting changed as of 1 January 2023, and the Group has restated the comparative figures for its segment reporting for 2021 and 2022. From 1 January onwards, Stora Enso's reporting segments are: Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest, and Other. The Paper division was discontinued as of 1 January 2023 and is not reported as a separate segment going forward. From 1 January 2023 onwards, the Maxau and Hylte paper sites are reported in Segment Other until the completion of the divestments. The divestment of the Maxau site was completed on 1 March 2023. The Langerbrugge and Anjala paper sites, which are retained in Stora Enso, are reported as part of the Packaging Materials division. From 1 January 2023, the reporting of emerging businesses, including Formed Fiber, Circular Solutions (biocomposites), and Selfly Stores, was transferred from the Packaging Solutions division to Segment Other. The comparative figures have been restated according to the new reporting structure and are presented in the tables below under heading ‘Restated'. Comparative figures based on the old reporting structure are presented under the heading ‘As published'. Sales Restated EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 5,496 1,335 1,421 1,424 1,317 4,508 Packaging Solutions 727 177 176 186 189 720 Biomaterials 2,180 649 567 522 442 1,728 Wood Products 2,195 471 520 631 573 1,872 Forest 2,519 664 581 649 626 2,311 Other 2,150 528 575 568 481 2,119 Inter-segment sales -3,589 -959 -876 -925 -828 -3,094 Total 11,680 2,864 2,963 3,054 2,798 10,164 As published EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 4,690 1,127 1,210 1,222 1,132 3,898 Packaging Solutions 737 179 179 189 191 723 Biomaterials 2,180 649 567 522 442 1,728 Wood Products 2,195 471 520 631 573 1,872 Forest 2,519 664 581 649 626 2,311 Paper 1,772 424 471 462 416 1,703 Other 1,097 289 282 290 236 1,092 Inter-segment sales -3,512 -939 -846 -910 -817 -3,163 Total 11,680 2,864 2,963 3,054 2,798 10,164 Operational EBITDA Restated EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 993 142 273 285 293 858 Packaging Solutions 42 11 10 9 11 69 Biomaterials 822 284 234 155 149 618 Wood Products 356 -1 82 146 130 410 Forest 256 79 60 59 58 318 Other 102 20 38 23 21 -81 Total 2,529 515 689 663 662 2,184 As published EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 900 104 258 265 273 846 Packaging Solutions 27 6 8 4 8 56 Biomaterials 822 284 234 155 149 618 Wood Products 356 -1 82 146 130 410 Forest 256 79 60 59 58 318 Paper 242 59 63 67 53 -48 Other -33 4 -10 -18 -9 -9 Total 2,529 515 689 663 662 2,184 Operational EBITDA margin Restated 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 18.1% 10.6% 19.2% 20.0% 22.3% 19.0% Packaging Solutions 5.7% 6.3% 5.7% 5.0% 6.0% 9.6% Biomaterials 37.7% 43.8% 41.2% 29.8% 33.7% 35.7% Wood Products 16.2% -0.1% 15.7% 23.1% 22.7% 21.9% Forest 10.2% 11.9% 10.3% 9.1% 9.3% 13.7% Other 4.7% 3.8% 6.7% 4.1% 4.3% -3.8% Total 21.7% 18.0% 23.3% 21.7% 23.7% 21.5% As published 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 19.2% 9.3% 21.3% 21.7% 24.1% 21.7% Packaging Solutions 3.6% 3.5% 4.5% 2.3% 4.3% 7.8% Biomaterials 37.7% 43.8% 41.2% 29.8% 33.7% 35.7% Wood Products 16.2% -0.1% 15.7% 23.1% 22.7% 21.9% Forest 10.2% 11.9% 10.3% 9.1% 9.3% 13.7% Paper 13.7% 13.8% 13.4% 14.5% 12.8% -2.8% Other -3.0% 1.3% -3.4% -6.3% -3.8% -0.8% Total 21.7% 18.0% 23.3% 21.7% 23.7% 21.5% Operational EBIT Restated EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 655 59 188 200 208 535 Packaging Solutions 16 5 4 2 5 42 Biomaterials 687 249 197 123 117 495 Wood Products 309 -14 70 134 118 364 Forest 204 62 47 47 49 267 Other 63 14 29 14 6 -166 Total 1,891 355 527 505 503 1,528 As published EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 596 31 181 188 196 556 Packaging Solutions -2 -1 1 -3 1 26 Biomaterials 687 249 197 123 117 495 Wood Products 309 -14 70 134 118 364 Forest 204 62 47 47 49 267 Paper 185 49 49 51 36 -124 Other -47 -1 -12 -19 -14 -48 Total 1,891 355 527 505 503 1,528 Operational EBIT margin Restated 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 11.9% 4.4% 13.2% 14.1% 15.8% 11.9% Packaging Solutions 2.2% 2.9% 2.3% 1.3% 2.5% 5.9% Biomaterials 31.5% 38.4% 34.8% 23.6% 26.4% 28.7% Wood Products 14.1% -2.9% 13.5% 21.3% 20.6% 19.5% Forest 8.1% 9.3% 8.1% 7.2% 7.8% 11.5% Other 2.9% 2.6% 5.0% 2.4% 1.3% -7.8% Total 16.2% 12.4% 17.8% 16.5% 18.0% 15.0% As published 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 12.7% 2.7% 15.0% 15.4% 17.4% 14.3% Packaging Solutions -0.2% -0.5% 0.5% -1.4% 0.4% 3.6% Biomaterials 31.5% 38.4% 34.8% 23.6% 26.4% 28.7% Wood Products 14.1% -2.9% 13.5% 21.3% 20.6% 19.5% Forest 8.1% 9.3% 8.1% 7.2% 7.8% 11.5% Paper 10.5% 11.6% 10.5% 10.9% 8.8% -7.3% Other -4.3% -0.2% -4.4% -6.7% -6.1% -4.4% Total 16.2% 12.4% 17.8% 16.5% 18.0% 15.0% Cash flow from operations Restated EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 823 168 304 187 165 848 Packaging Solutions 11 17 -5 3 -3 69 Biomaterials 682 213 188 145 136 490 Wood Products 346 54 74 141 78 313 Forest 146 20 59 23 45 158 Other -136 -42 19 -95 -17 -126 Total 1,873 429 639 404 402 1,752 As published EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 756 154 278 169 155 807 Packaging Solutions -5 11 -7 -2 -6 56 Biomaterials 682 213 188 145 136 490 Wood Products 346 54 74 141 78 313 Forest 146 20 59 23 45 158 Paper 77 11 44 20 2 -25 Other -130 -34 3 -92 -7 -48 Total 1,873 429 639 404 402 1,752 Cash flow after investing activities Restated EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 488 61 230 116 81 480 Packaging Solutions -14 9 -11 -2 -10 45 Biomaterials 536 168 156 114 97 391 Wood Products 264 28 57 124 55 252 Forest 91 -3 48 11 34 112 Other -203 -61 8 -116 -34 -178 Total 1,162 202 489 247 224 1,102 As published EUR million 2022 Q4/22 Q3/22 Q2/22 Q1/22 2021 Packaging Materials 440 51 212 103 74 459 Packaging Solutions -40 -2 -15 -9 -14 26 Biomaterials 536 168 156 114 97 391 Wood Products 264 28 57 124 55 252 Forest 91 -3 48 11 34 112 Paper 16 -3 28 4 -12 -77 Other -146 -37 1 -99 -11 -62 Total 1,162 202 489 247 224 1,102 Return on operating capital (operational ROOC) and return on capital employed (operational ROCE) Presenting return measures based on the last 12 months is an effective way to analyse the most recent financial data on an annualised basis and is considered more suitable for tracking the development of long-term targets. From Q1/2023 onwards, Stora Enso will present the operational return on capital employed (operational ROCE) based on the last 12 months prior to the end of the reporting period. This is calculated by dividing the operational EBIT of the last 12 months with the average capital employed. The average capital employed for the last 12 months is determined as the average of the published capital employed of the last five quarter-ends. Similarly, the return on operating capital (operational ROOC) for the divisions and the return on equity (ROE) for the Group will be based on the last 12 months prior to the end of the reporting period. The presentation of operational ROCE, operational ROOC and ROE based on quarter or year-to-date figures will be discontinued. Return on operating capital (operational ROOC) and return on capital employed (operational ROCE), restated based on the last 12 months Q4/22 Q3/22 Q2/22 Q1/22 Packaging Materials1 18.6% 21.0% 20.3% 18.4% Packaging Solutions1 7.9% 14.0% 18.0% 18.6% Biomaterials1 25.3% 22.9% 20.7% 22.2% Wood Products1 43.2% 58.5% 68.3% 65.8% Forest2 3.7% 3.5% 3.6% 3.7% 1 Operational ROOC for last 12 months 2 Operational ROCE for last 12 months Group return on capital employed (operational ROCE) and return on equity (ROE) Q4/22 Q3/22 Q2/22 Q1/22 Operational ROCE, last 12 13.7% 14.6% 14.3% 13.6% months Operational ROCE excl. 20.4% 22.1% 21.7% 20.5% Forest division, last 12 months Return on equity (ROE), 13.3% 14.3% 14.5% 14.4% last 12 months For further information, please contact: Carl Norell Press officer tel. +46 72 241 0349 Investor enquiries: Anna-Lena Åström SVP Investor Relations Tel. +46 70 210 7691 Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials and wooden construction, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 21,000 employees and our sales in 2022 were EUR 11.7 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com/investors STORA ENSO OYJ For further information, please contact: Carl Norell Press officer tel. +46 72 241 0349 Investor enquiries: Anna-Lena Åström SVP Investor Relations Tel. +46 70 210 7691