Stora Enso Oyj — Annual Report 2025

Feb 12, 2026

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Our year 2025
---------------	--

Stora Enso in brief	4
CEO comment	5
Key figures	6
Events in 2025	7
Stora Enso worldwide	8
Stora Enso's products in everyday life	9

Our strategy

Stora Enso is a global leading renewable materials	11
company with a focus on packaging
Our business model	13
ForestCo – Europe's largest listed pure play	14
forest company
Our segments in 2025	16

Our people

People and culture	18
Diversity, equity, and inclusion	19
Governance
Corporate Governance Stora Enso in 2025	21
Shareholders' meetings	21
Board of Directors	22
Board committees	26
Management of the Company	27
Internal control and risk management related	30
to financial reporting
Members of the Board of Directors	31
Members of the Group Leadership Team	33
Appendix 1	35

Shareholders

Information for shareholders	37
Stora Enso in the capital markets	38
Country-by-country reporting of income taxes	45
Report of the Board of Directors

Year 2025	49
Risk management	56
Shares and governance	60
Outlook	63
Proposal for the distribution of dividend	63

Events after the reporting period ........................................... 64 Alternative performance measures...................................... 65 Sustainability Statement........................................................... 68

Financial Statements

Consolidated financial statements	134
Notes to the consolidated financial statements	139
Parent company Stora Enso Oyj financial statements.	193
Notes to the parent company financial statements	195
Signatures for the financial statements	206

Auditor's report and assurance reports

Auditor's Report	207
Assurance Report on the Sustainability Statement	211
Independent practitioner's reasonable assurance	213
report on selected sustainability information

Appendices

ISSB index: Interoperability of IFRS S1 & S2 standards	214
with ESRS
Sustainability data by production unit	221
Capacities by production site in 2026	223

Remuneration Report 2025 is available at storaenso.com/annualreport

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Our year 2025

Stora Enso in brief	4
CEO comment	5
Key figures	6
Events in 2025	7
Stora Enso worldwide	8
Stora Enso's products in everyday life	9

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Stora Enso in brief

Stora Enso is a global leader in renewable materials. As a reliable and trusted partner, we design and deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers. With our customers, we reimagine packaging and co-create renewable material alternatives that make a difference. Together, we accelerate the transition to a circular bioeconomy.

Stora Enso's shares are publicly traded on the Helsinki (STEAV, STERV) and Stockholm (STE A, STE R) stock exchanges, as well as in the USA as ADRs on OTC Markets (OTCQX) and ordinary shares (SEOAY, SEOFF, SEOJF).

Sales

9,326 EUR million

(2024: 9,049 EUR million)

Adjusted EBIT margin

5.7%

(2024: 6.6%)

Employees

19,000

Heritage

1288	1862	1872	1998	2005	2014	2016	2019	2021	2023	2025
First documents of the Swedish mining company Stora Kopparbergs Bergslag.	This business progressed to become Stora Kopparbergs Bergslag encompassing mining, iron, and wood activities.	The Enso branch of the company emerge with the establishment of a steam-powered sawmill in Kotka, Finland, by Hans Gutzeit.	Stora Enso was formed through the merger of the Finnish Enso Oyj and the Swedish STORA.	Start-up of the Veracel pulp mill in Brazil (50% owned joint operation).	Start-up of the Montes del Plata pulp mill in Uruguay (50% owned joint operation).	Start-up of the Beihai mill in China. The converted paper machine at the Varkaus mill in Finland starts production of containerboard.	Stora Enso issues its first green bonds.	The first converted paper machine at Oulu, Finland starts production of packaging board.	Acquisition of De Jong Packaging Group in the Netherlands. Paper business is discontinued.	Start-up of the second converted board machine at Oulu, Finland. Sale of 12% of Swedish forest assets.

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CEO comment

In 2025, we continued to execute our strategy and profit improvement actions. While market conditions remained to be challenging and demand was subdued, we stayed focused on the areas within our control. We took actions that will build a stronger Stora Enso going forward.

We made progress in strengthening operational efficiency, cost competitiveness, and commercial excellence across the Group. In addition, we continued to align our portfolio more closely with our core renewable packaging business and the operations supporting it.

Despite a challenging macroeconomic and market environment, Stora Enso delivered resilient results. Group sales for the year were EUR 9.3 billion, with adjusted EBIT of EUR 528 million. Underlying profitability improved across all business areas except Biomaterials, which was impacted by lower pulp prices. The ramp-up of the Oulu site had an adverse impact on the results. Our net debt to adjusted EBITDA ratio improved to 2.8, reflecting the positive impact of the Swedish forest asset divestment.

As mentioned a significant milestone during the year was the successful divestment of approximately 175,000 hectares of forest land in Sweden. This transaction, valued at SEK 9.8 billion (around EUR 900 million), was in line with the forest book value and bolstered our balance sheet, enhancing our financial flexibility.

During the year, we took an important step in maximising shareholder value by deciding to create the largest listed forest company in Europe. Our remaining Swedish forest assets are planned to be demerged into a new publicly–listed entity in 2027, comprising over 1.2 million hectares. This new company would be well-positioned for long-term value creation, with naturally growing standing stock and the prospect

of stable, inflation-resilient returns. Furthermore, it will unlock additional opportunities in advanced forest management, land value optimisation, renewable energy, and carbon sequestration.

"We took an important step in maximising shareholder value by deciding to create the largest listed forest company in Europe."

In November, we initiated a strategic review of our Central European sawmills and building solutions operations, covering seven sawmills across Austria, Czechia, Poland, and Lithuania, as well as three crosslaminated timber mills. While these operations hold a strong market position, they do not create synergies for our renewable packaging business.

The ramp-up of the new consumer board line at our Oulu site in Finland progressed, with increasing production volumes. Although this phase impacted our profitability during the year, we are confident that the Oulu board line will set new industry standards for quality and cost competitiveness once fully operational.

During the year, we introduced a new organisational structure, establishing seven P&L-responsible business areas that reflect the importance of our core business of renewable packaging within our portfolio. This flatter, more streamlined organisation is designed to enhance customer focus, drive operational efficiency, and foster a high-performance culture.

We also completed the acquisition of the Finnish sawmill company Junnikkala Oy, securing a costefficient wood supply for our Oulu packaging board site and supporting our wood products business.

At the end of the year, we hosted a Capital Markets Day, where we introduced new financial targets, strategic priorities, and a clear roadmap for the coming years. Our strategic priorities are clear: We want to lead in customer value creation, grow our business, expand margins, and generate strong cash flow over the cycle.

In 2025, we strengthened our commitment to accelerate the transition to a circular bioeconomy by launching a Climate Resilience Plan, which outlines the concrete steps supporting our climate ambitions. As part of this effort, we have also pledged to phasing out coal, reinforcing our continued trajectory towards net zero.

By the end of the year, we achieved a 61% reduction in Scope 1 and 2 emissions and a 38% reduction in Scope 3 emissions compared to 2019. We continue to focus on performance improvements to enable long-term business resilience and the creation of sustained value for our stakeholders.

The strategic decisions made during 2025 are laying the foundations for two robust and focused companies, each better positioned to deliver sustained value for our shareholders. As we reshape our businesses, we are building a more resilient and competitive future for Stora Enso.

The businesses in which we operate are in growing segments, driven by strong sustainability trends, and Stora Enso holds leading market positions across these segments.

I would like to extend my sincere gratitude to our owners, employees, customers, and business partners for your dedication and collaboration throughout the year. Thank you for your continued trust and support.

Hans Sohlström

President and Chief Executive Officer

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Key figures

	2025	2024	2023
Sales growth	3 %	-4 %	-20 %
Adjusted EBIT margin	5.7 %	7 %	4 %
Adjusted ROCE¹ excl. Forest	2.7 %	3.6 %	1.0 %
Net debt to adjusted EBITDA¹	2.8	3.0	3.2
Net debt to equity	29 %	37 %	29 %
Dividend per share (EUR)2	0.25	0.25	0.20

¹ Last 12 months

Sales and adjusted EBIT margin

Net debt to adjusted EBITDA

*Last 12 months

Earnings per share (basic)

EUR 0.88

last 12 months

Proposed dividend

EUR 0.25

per share

The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth quarter of 2026.

Biodiversity

99%

of the land we own or manage was covered by forest certification schemes Circularity

94%

of our products were technically recyclable

Climate change

Our Scope 1 & 2 CO2e emissions were

61%

lower than in the base year

Our Scope 3 CO2e emissions were

38%

lower than in the base year

² For 2025, dividend proposal, The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth quarter of 2026.

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Events in 2025

Strengthening focus on packaging

The new consumer board line at the Oulu site in Finland began operations in the beginning of 2025. The flexible converted line, with an annual capacity of 750,000 tonnes produces folding box board (FBB) and coated unbleached kraft (CUK) for frozen, chilled, and dry food, as well as beverage multi-packaging, primarily for customers in Europe and North America.

Divestment of part of Swedish forest holdings

Stora Enso divested 12.4% of its Swedish forest holdings at an enterprise value of EUR 900 million, in line with the accounting fair value of the divested forest assets. Stora Enso and the divested entity entered into a 15-year wood supply agreement, securing wood availability for Stora Enso's Swedish business units.

Strategic review of Central European sawmills

In November, Stora Enso initiated a strategic review of its Central European sawmills and building solutions operations. The review covers seven sawmills in Austria, Czechia, Poland, and Lithuania, and further processing units, including three cross-laminated-timber (CLT) mills. While the business holds a strong position in an attractive market, it does not create synergies for Stora Enso's renewable packaging operations.

Strengthening wood supply chains

The acquisition of the Finnish sawmill company Junnikkala Oy was finalised in 2025. It secures a cost-efficient wood supply to Stora Enso's packaging board site in Oulu, Finland, and supports Stora Enso's wood products business with new production assets.

Leaner organisational structure

In July, Stora Enso launched a new organisational structure with seven P&Lresponsible business areas, reflecting the importance of its core business of renewable packaging in the business portfolio. The flatter more streamlined organisation increases customer focus, drives operational efficiency through greater integration, and strengthens the performance culture.

New climate resilience plan

Stora Enso has published a climate resilience plan to ensure its strategy and business model remain compatible with the transition to a sustainable economy amid rapid advances in science, technology, and regulation. The plan details how the company anticipates, withstands, and adapts to climate-related risks while addressing opportunities, and sets out actions, target delivery, and governance to strengthen resilience.

Creating Europe's largest listed forest company

Stora Enso's Swedish forest assets are planned to be demerged into a new publicly–listed company in 2027, creating Europe's largest listed pure play forest company, comprising over 1.2 million hectares of forest land with a fair value of approximately EUR 5.8 billion. The new company will be positioned for long-term value growth through naturally growing standing stock. The expected stable cash flows would provide investors with an opportunity for stable inflation-resilient returns. The company will have additional long-term opportunities with potential new revenue streams from advanced forest management, land holding value optimisation, renewable energy initiatives, and carbon sequestration.

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Stora Enso worldwide

Stora Enso is a trusted partner globally, with production and deliveries all over the world. We are headquartered in Finland, with Nordic values at our core. With local market knowledge and presence across the globe, we serve customers with solutions tailored to their needs and markets. Our integrated production units utilise wood and pulp synergies to deliver efficiency and competitiveness for our global customers, ranging from packaging manufacturers and retailers to brand owners and industrial component manufacturers.

Stora Enso manages its own and leased forest land covering a total area of 1.9 million hectares worldwide.

• Stora Enso head office, Helsinki
• Stora Enso Stockholm office
• Packaging materials mills
• Packaging solutions plants
• Sawmills, LVL, CLT
• Sawmills, LVL, CLT under strategic review

We are a leading European producer of packaging board, pulp, and wood-based products, with most of our sales and production in Europe. We operate production units in 11 European countries. We source most of our primary raw

● Market pulp mills

Europe

Only EU packaging peer with internal cost competitive eucalyptus pulp supply

material, wood, from our forests in Northern Europe which are strategically located near our production facilities,

Veracel

Skutskär

Enocell

Montes del Plata

our own organisation.

as well as from our forest associates and private forest owners. In Central Europe, the wood and recycled fiber for our production facilities is sourced through

South America and Asia

Beihai

We obtain high-quality pulp from eucalyptus plantations in South America where we have two joint operations, Veracel and Montes del Plata. Our share of the eucalyptus pulp produced is partly used in our production sites and partly

sold as market pulp, primarily to Europe and Asia. Our consumer board site in Beihai, China, mainly serves the Asian markets with virgin fiber-based board. We supply renewable packaging products to our customers in Asia through our global operations from production sites in Europe and South America.

Oulu

Heinola

Ostrołęka

Fors

Skoghall

New Oulu consumer board will be one of the most cost competitive integrated mega sites.

Langerbrugge

Varkaus Imatra

Anjala

Sales by destination

Employees by country¹

1 Including 50% of the employees at Veracel in Brazil and Montes del Plata in Uruguay.

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Hard carbon for batteries

Hard carbon from lignin is a biobased material for batteries, offering a sustainable alternative to mined or fossil-based materials and ideal for use in electric vehicles, energy storage systems, and more.

E-commerce packaging

Recyclable solutions for ecommerce packagina, ensurina protection and cushioning while enabling easy returns.

Paper cups

Cupstock designed for hot and cold beverage cups with sealable barriers and high resistance.

Wood foams

Recyclable and biodegradable cellulose-based packagina foam that, replaces fossilbased foam in cushioning.

Unbleached fluff pulp

Used for hygiene applications such as baby care and feminine care products. 30% lower carbon footprint compared to traditional fluff pulp.

Fresh food trays

Easy-peeling packaging board used for products such as cold cuts, fish, and cheese. Consists of 90% wood fiber. keeping plastic usage to a minimum.

Carton packaging for liquid foodWood fiber-based packaging materials

used for packaging juices, milk, vogurt. soups and other liquid-based products are suitable for recycling.

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Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

Our strategy

Stora Enso is a global leading renewable materials company	11
with a focus on packaging
Our business model	13
ForestCo – Europe's largest listed pure play forest company	14
Our segments in 2025	16

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Stora Enso is a global leading renewable materials company with a focus on packaging

Our strategy is to lead in renewable materials, with a strong focus on packaging. We see growth opportunities in the renewable packaging market, where we already hold a solid position and have made significant investments.

The global packaging industry is undergoing a transformation, driven by powerful macro trends. Circularity, eco-awareness, climate change, and resource scarcity are reshaping consumer preferences and regulations. More than half of consumers prioritise the renewability and recyclability of packaging, and the substitution of plastics is expected to accelerate.

These megatrends create strong tailwinds for our focus on renewable materials and packaging, and we are exceptionally well–positioned to capture this growth.

Key megatrends affecting our business

Circularity

Circularity is gaining momentum across various sectors and regions, driven by policy, innovation, and consumer demand. The world needs materials that are both renewable and recyclable, and supporting a circular bioeconomy to combat climate change, conserve natural resources, and minimise waste.

Eco-awareness

Climate change necessitates the more efficient use of natural resources, and consumer demand for sustainable products is growing. Investors and other financial institutions are increasingly factoring climate and biodiversity impacts into their investment strategies. Meanwhile, policymakers and regulators are developing regulations to mitigate and adapt to climate change and halt biodiversity loss.

Climate change

The increase in average global temperatures has significant impacts on the environment, society, and economy, including melting ice caps, rising sea levels, extreme weather events, biodiversity loss, food insecurity, and health risks. A key factor in decelerating climate change, and one where Stora Enso can contribute, is the replacement of fossil-based materials with renewable alternatives.

Resource scarcity

Population growth, increasing consumption patterns, and climate change have led to the depletion of natural resources, subsequently increasing their price. This emphasises the need for efficient resource utilisation, the establishment of circular material flows, and waste reduction.

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We hold leading market positions across our business areas, including being the global leader in liquid packaging board and Europe's number one in other virgin fiber cartonboards.

With the planned demerger of our Swedish forest assets, the strategic review of our Central European sawmills and building solutions operations, and more flexible, integrated, and cost-competitive production, we are in an excellent position to further strengthen our leadership in renewable materials, with an even sharper focus on packaging.

To support this, we have introduced four strategic priorities, built on our core strengths and market opportunities, while also addressing the challenges we face.

Our strategic priorities are:

1. Lead in customer value creation through innovation, quality, and sustainability.

We are the trusted partner for the world's leading brands, with relationships that span decades. Our customers are world-class companies operating in over 60 countries. They seek sustainable, renewable, and recyclable packaging that supports differentiation, e-commerce readiness, co-creation, and smart features, such as connected packaging or lightweight designs, to reduce carbon footprints and costs. We contribute to their success by leading in quality, innovation, and sustainability.

Customer-centric innovation is at our core. We launch approximately one new product every month, and new products already account for 18% of our packaging materials sales — and this innovation rate continues to accelerate.

2. Grow faster than market with a superior customer offering, leading technology, and operational efficiency.

We offer the broadest and most competitive portfolio to meet all packaging needs. For brand owners and converters, having all packaging options available from a single trusted supplier simplifies operations, provides greater flexibility, and strengthens

partnerships. A key driver of our competitive advantage is our modern, well-invested, and highly integrated production and asset base.

3. Expand margin through business focus, positive performance culture, and systematic value creation.

Our highly broad and competitive product portfolio enables us to meet diverse customer needs, swiftly adapt to market trends, and seize opportunities across multiple segments. This allows us to optimise costs and production while driving better margins.

The combination of modern assets and costeffectiveness facilitates the delivery of reliable, highquality products to our customers, while supporting margin expansion and long-term growth.

Our positive performance culture drives continuous and systematic improvement across the entire company — in operations, sales, procurement, and support functions.

4. Generate cash with high conversion ratio and disciplined capital allocation.

We have made significant investments to enhance our competitiveness in renewable packaging. Our Oulu consumer board line will be reaching full capacity during 2027. With major investments now complete, with improving profitability, and disciplined capital allocation, we are well placed to increase cash flow and maintain strong cash conversion. We also have strict capital allocation priorities, including reducing debt.

These strategic priorities are shaping and guiding our decisions and our daily actions. They are enabling us to become a leader in renewable materials, with strong focus on packaging.

Our strategic priorities build on our core strengths

Core strengths and positioning Strategic priorities

Growing markets

The fiber-based packaging market is experiencing robust growth on the back of consumer demand and plastic substitution

Leading market positions

Stora Enso holds leading market positions across our segments

Attractive product offering

Stora Enso provides the widest and most competitive range of fiber-based packaging, covering all major grades

Cost competitive integrated assets

Our competitive advantage is our modern, well-invested, and cost-effective integrated asset base

Systematic continuous improvement with value creation

Continuous improvement through a focused business approach and systematic value creation initiatives

Lead in customer value creation through innovation, quality, and sustainability

Grow faster than market with a superior customer offering, leading technology, and operational efficiency

Expand margin through business focus, positive performance culture, and systematic value creation

Generate cash with high conversion ratio and disciplined capital allocation

Financial targets

We have also introduced new financial targets that will be valid from 2026 onwards:

<1 ×*

>4%

>10%

50%

Net debt/EBITDA

Revenue growth

EBIT margin

Payout ratio

^* Temporarily the flexibility to increase up to 2 × for strategic investments

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Our business model

How we optimise stakeholder value in a circular bioeconomy

Together with our partners, we work to replace or reduce the use of fossil-based materials

Forest

Our value creation has its foundation in the forest, where wood represents the largest part of our raw material.

Suppliers

With over 20,000 contractors, subcontractors and suppliers, we prioritise responsible raw material sourcing and foster long-term relationships with key partners.

Operations

We constantly improve resource efficiency and make use of material streams that would otherwise end up as waste. Operating in a circular economy, many of our products and materials can be reused and recycled to reduce environmental impact and maximise value.

Customers

Our investments in energy, raw material efficiency, and product development enable customers to achieve their climate and circularity goals. By partnering with customers and other stakeholders, we create sustainable, valuable products that enhance our customer relationships and market share.

Consumers

We support our customers in meeting the growing consumer demand for lowcarbon, circular products and, when possible, replacing fossil-based products with renewable ones. Consumers world– wide use our products daily, such as milk cartons, boxes for products bought online, and wooden housing.

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ForestCo – Europe's largest listed pure play forest company

Stora Enso is preparing to separate its Swedish forest assets into a new publicly listed company, with completion anticipated in the first half of 2027. The new entity, ForestCo, would comprise more than 1.2 million hectares of forest land in Sweden, representing a distinctive, high-quality asset base positioned for sustainable, long-term value appreciation.

ForestCo would be positioned as the largest listed pure play forest company in Europe, offering investors exposure to forest assets. The world sees a demand for sustainable materials, land scarcity continues to increase. Trees mature biologically, producing highquality wood and serving as the source for building and packaging end-uses. Forest land has historically shown resilience against inflation and market volatility. The value from forests comes both from biological growth and underlying land appreciation over the long term. Global sustainability trends are driving demand for renewable materials as substitutes for fossil-based and forests also play a critical role in carbon sequestration.

Strategy: Grow long-term value via sustainable asset development and land appreciation

Value return

~7%

(hist.)

Forest asset value at the end of 2025

~5.8 BEUR

Customer base: Local, mainly focused on timber processors

Listing: Nasdaq Stockholm & Nasdaq Helsinki

(Listing expected in H1 2027)

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Located in mid-Sweden, with ~40 million m³ of annual demand

Excellent forest growing conditions, leading to a fasterexpanding timber stock vs. other large-scale competitors

130 million m³ standing stock with over 3 million m³ of annual harvesting volume, and net standing stock increasing ~1.0% p.a.

Strong sustainability features, with forests binding ~1.5 million tonnes of CO² equivalents p.a.

Long-term wood supply to Stora Enso, with gradually decreasing volume commitments for over 18 years, provides predictable demand whilst ensuring flexibility.

Swedish forest assets returns over the last +30 years

Total return¹ , forest Sweden (Index 1990=100, 1990-2023)

Source: Swedish Forest Agency; Ludvig&Co; Lantmäteriet; Riksskogstaxeringen (SLU) 1 Total returns comprise of land appreciation, standing stock net volume growth and annual harvest return.

Land appreciation ~4.5% p.a.

• Historical average price development since 1990
• Significantly above inflation and excludes the underlying growth in standing stock

Standing stock net volume growth ~1% p.a.

• Steady increase in standing stock volume
• Increasing growth rate over time driven by improvements in forestry operation

Annual harvest return ~1.5% p.a.

• An average net forestry margin of >50% since 1990
• Annual harvesting volume has been an average of close to 3% of standing stock since 1990

Non-harvest related returns

• Net revenues from non harvesting related land-use activities (wind and hunting leases, gravel and land optimisations)

Additional opportunities for incremental value creation

Advanced forest management and related services and products

Digital twin of all Nordic forests allows data analysis driving optimal forest management

Renewable energy

Develop and sell 'Ready-to-Build' stage projects, with the ambition of 10 TWh of wind power by 2035.

Land holding value optimisation

Divest land with a high share of 'set-aside' areas, acquire land with a greater share of fiberbase areas, and leverage zoning to unlock value

Carbon storage

Carbon credits through carbon capture, peatland rewetting, and other activities that drive CO² sequestration

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Our segments in 2025

Packaging Materials

Packaging Materials is a global leader and expert partner in circular packagina, providing premium packaging boards, made from virgin and recycled fiber. Stora Enso helps customers reduce the use of fossilbased materials by offering renewable and recyclable products for their food, beverage, and transport packaging based on a wide selection of base boards and barrier coatinas.

Products and a	plications
• Liquid packagi	ng board

• Foodservice board · Fresh cartonboard
• Containerboard Book paper
• · Newsprint, magazine paper

Packaging converters, food producers, brand owners, retailers, and book and newspaper

producers

Main customer aroups

1 globally in liquid packaging board

Market position

1

in Europe in fresh cartonboard

1

Packaging Solutions

Packaging Solutions is a packaging converter that produces premium fiber-based packaging products for leading brands across multiple market areas, including retail, e-commerce, and industrial applications. Additionally, the offering includes design and sustainability services to help customers optimise material use, improve logistics, and reduce CO₂ emissions.

• · Boxes and trays for packaging Packaging design and
• automation • Converting of carton and corrugated board

Brand owners in fresh produce. horticulture, food and beverage, industrial applications. e-commerce, electronics retail and transport

industries

Packagina, paper.

construction and

furniture industries

and chemical

producers

Construction

companies, wholesalers

and retailers

integrated producer in Sweden & Finland

in corrugated boxes in the Benelux countries

1

Biomaterials

Wood Products

Biomaterials' foundation is built on pulp, with the aim of becoming customers' first choice in selected grades. To unlock the full potential of a tree, the business also leverages all fractions to create innovative biobased solutions, that replace fossil-based and other nonrenewable materials.

a leading provider of sustainable wood-based solutions for the global

the offering includes window and door components, and co-products

building sector. It provides renewable and low-carbon wood-based

solutions that help decarbonise the built environment. Additionally,

Wood Products is Europe's largest sawn timber producer and

such as pellets made from wood residuals.

• Pulp
• · Hard carbon battery material
• Lignin
• Biobased binders
• Wood foams
• · Biobased chemicals
• Formed fiber
• Tall oil and turpentine

Material for mass timber

· Services and digital tools

Sawn and planed wood

construction: CLT, LVL

Building concepts

Window and door

components

Pellets

Sawdust

tissue, specialty paper, hygiene products.

fluff producer in Europe #1

UKP market pulp alobally

1

globally in construction cross-laminated timber

1

in Europe in classic sawn wood

Forest

Forest is responsible for wood sourcing for Stora Enso's Nordic and Baltic operations as well as for B2B customers. It manages the Group's forest assets in the Nordics. The operations are based on sustainable forest management, encompassing planning, logistics, harvesting, and forest regeneration.

• · Wood procurement
• Management of the Group's own forests
• Biodiversity management
• Forest management and other services for private forest owners

Stora Enso's Nordic and Baltic production sites. B2B customers, private forest owners

One of the largest private forest owners in the world

Share of external sales

Share of personnel

Wood procurement by countries/region¹

• 1 Total amount of wood (roundwood and chips) procured within these regions for delivery to our units (million m³ solid under bark)
• 2 Figures for Brazil and Uruguay include 50% of the wood procurement of our joint operations Veracel and Montes del Plata.
• 3 Includes wood delivered from Stora Enso's forests to third-parties. Managed sources consist of long-term harvesting rights and contracts. In 2025 we harvested in own and leased forests and sourced from longterm gareements a total of 10.6 million m³. Our deliveries to our mills were 30.6 million m3 in total excluding energy wood.

¹ Stora Enso, implemented a new financial reporting structure as of 1 January 2026, alianing with the Group's enhanced focus on renewable materials and packaging. The new reporting seaments are Consumer Packaging, Integrated Packaging, Biomaterials, and Other.

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Our people

People and culture	18
Diversity, equity, and inclusion	19

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People and culture

Stora Enso offers renewable material choices that make a difference and meet today's needs while safeguarding tomorrow. This, combined with our mission to do good for people and the planet, provides our people with meaningful work. In our positive performance culture, our ambitious experts get to work with dedicated colleagues and grow to their full potential in a safe and inclusive working environment. This is reflected in our People Promise and Expectations framework, developed in 2024.

Employee engagement built on community and growth

Stora Enso strives to understand employee perspectives and measure progress on our People Promise. We continuously adjust and refine our approach to support teams and improve through our all-employee survey, Engage. In 2025, our global survey had a response rate of 77%. The engagement score was 7.6 on a scale of 1–10 (2024: 7.8), slightly above the industry benchmark and showing steady engagement even during challenging times. Colleagues, growth opportunities, and Stora Enso's sustainability ambitions are the greatest sources of motivation for our people.

Ways of working in new business areas

Following the strategy shift in 2025, Stora Enso implemented a leaner organisational structure to reflect a stronger focus on renewable packaging. The new approach increases customer focus through decentralised business areas, captures synergies across the value chain, and reduces complexity with leaner, centralised Group functions. This has involved change management across the company. Throughout the process, we have carefully adhered to national, union, and Works Council guidance, while providing managers and employees with continuous support and communication in various channels.

Our positive performance culture

To foster a positive performance culture, we follow a concept of 4As: Ambition, Agility, Analytical Approach and Accountability guide our high-performance teams in creating a strong, transparent company culture, built on our values of Lead and Do what's right.

We challenge ourselves and always inspire each other to better results by actively giving feedback and enabling our people to leverage their abilities and voice their opinions. We enhance efficiency and raise the clock speed to answer to customer needs in the changing market. We utilise new forums to enable quicker problem-solving and connect performance management processes across the organisation. We are committed to continuous improvement and encourage our people to develop their skills and career, staying accountable for their goals and results.

Cornerstones of our People Promise

Provide a safe, diverse, and inclusive environment

We value diversity and inclusion as they boost competitiveness, improve decisionmaking, and encourage job satisfaction, innovation, and agility.

Across all our operations and offices, we encourage all our people to actively participate in continuous safety improvement. We promote mental health awareness and physical safety through webinars and discussion forums.

Drive customer value, performance, and innovation

We are a trusted partner for our customers, listening proactively to their needs. As a global leader, we are committed to making a positive impact and driving customer value through quality materials, innovation, and sustainable practices.

This is all built by our dedicated experts and high-performance teams, supported by diversity, collaboration and continuous development. We strengthen our experts and managers' skills and capabilities through various training programmes, workshops, webinars, and conferences.

Grow to your full potential

We encourage all employees to drive their growth, set high ambitions, and embrace development opportunities to enhance their knowledge, skills, and networks. We plan and provide learning opportunities to ensure the organisation has the necessary capabilities to meet market demands in a fast-changing world. In 2025, we expanded our learning portfolio with extensive Roots and Bloom programmes and other wide-ranging resources to provide our experts and leaders alike with opportunities to develop their leadership and succeed.

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Diversity, equity, and inclusion

Stora Enso is committed to offering an inclusive and equitable workplace where we value differences and everyone can come as their full self to work. An inclusive, psychologically safe community boosts employee well-being and motivation, and employees from diverse backgrounds bring a variety of perspectives, enabling us to respond to customer and market needs more effectively.

Our commitment to a safe, diverse, and inclusive working environment is outlined in our People Promise and Expectations. Reflecting the diverse societies in which we operate, a diverse and psychologically safe community is essential to achieving our strategic goals. Diversity and inclusion drive improved performance, collaboration, and innovation. We appreciate diversity of thought and encourage employees to share their views. In our speak-up culture, led by our values and strong ethics, we have a zero-tolerance policy towards discrimination, harassment, or bullying.

We regularly monitor employee feedback and perspectives on our diversity and inclusion efforts through Engagement surveys. In our Inclusion Index in our global employee survey, we scored 8.4 in 2025 (on a scale of 1–10), remaining on the same level as previously. This places Stora Enso in the average rank within the manufacturing industry.

We work actively towards greater inclusion through various initiatives, such as promoting gender balance, building employee resource groups, and generating awareness around all kinds of diversity, inclusion, and intersectionality.

Gender

Gender balance in an important aspect of our talent recruitment and leadership. To promote gender balance, we have set a target on reaching 25% representation of female managers among all managers. In 2025, female managers made up 24%

of all managers, and we continue to work towards a stronger gender balance in management positions.

Stora Enso is committed to continuously improving DE&I, creating an environment where every employee feels valued, respected and that they belong.

Gender diversity work is also driven with and within our business areas but also wider in business and engineering. For instance, the Female Leader Engineer Talent Programme is a business-driven cooperation between different industrial and technology companies. In the programme, we drive gender diversity in recruitment and encourage more women to pursue leadership positions in engineering.

Celebrating diversity of all kinds

While we have set key performance indicators (KPIs) related to gender balance, we acknowledge that diversity includes more than just gender. It also involves age, ethnicity, national origin, and other aspects of identity. In our awareness campaigns, we share experiences and knowledge about different aspects of diversity, coinciding with events such as International Women's Day, Pride Month, and Mental Health Day.

Inclusion Index 8.4 in our employee engagement survey (scale 1–10) Employees representing 80 different citizenships Share of women 24% among all managers

These different aspects are celebrated in our various employee resource groups (ERGs) that foster awareness and a sense of belonging. For example, the Raibow Alliance ERG supports LGBTQI+ employees and allies.

In addition to our awareness campaigns, we arranged leadership trainings on inclusion for our managers in 2025. For instance, Inclusion for Competitiveness workshops took place in Poland, Sweden, Finland, and

Latvia, training managers on inclusion to foster an inclusive an attractive work environment. By focusing on leadership development and identifying gaps, strengths, and opportunities, we are futureproofing our position as a competitive employer.

Overall, Stora Enso is committed to continuously improving DE&I, creating an environment where every employee feels valued, respected, and included.

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Corporate Governance Stora Enso in 2025	21
Shareholders' meetings	21
Board of Directors	22
Board committees	26
Management of the Company	27
Internal control and risk management related to financial reporting	30
Members of the Board of Directors	31
Members of the Group Leadership Team	33
Appendix 1	35

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Corporate Governance Stora Enso in 2025

The duties of the various bodies within Stora Enso Oyj ("Stora Enso" or the "Company") are determined by the laws of Finland and by the Company's corporate governance policy, which complies with the Finnish Companies Act and the Finnish Securities Market Act. The rules and recommendations of the Nasdaq Helsinki Oy and Nasdaq Stockholm AB stock exchanges are also followed, where applicable. The corporate governance policy is approved by the Board of Directors ("Board").

Stora Enso complies with the Finnish Corporate Governance Code 2025 issued by the Securities Market Association (the "Finnish Code"). The Finnish Code is available at cgfinland.fi. Stora Enso also complies with the Swedish Corporate Governance Code (the "Swedish Code"), with the exception of the deviations listed in Appendix 1 of this Corporate Governance Report. The deviations are due to differences between Swedish and Finnish legislation, governance code rules and practices, and in these cases Stora Enso follows the practice in its domicile. The Swedish Code is issued by the Swedish Corporate Governance Board and is available at corporategovernanceboard.se.

This Corporate Governance Report is available as a PDF document at storaenso.com/investors/governance.

General governance issues

The Board and the President and CEO are responsible for the management of the Company, the roles and responsibilities of which are described in more detail later in this report. Other governance bodies have an assisting and supporting role.

The Stora Enso group prepares Consolidated financial statements and interim reports conforming to International Financial Reporting Standards (IFRS Accounting Standards). The Company's sustainability statement is prepared in accordance with the European Sustainability Reporting Standards. The annual financial statement, the Report of the Board of Directors including the sustainability statement and interim reports are published in Finnish and English. Stora Enso prepares its financial statements in accordance with the Finnish Accounting Act.

The Company's head office is in Helsinki, Finland, and it also has head office functions in Stockholm, Sweden.

Stora Enso has one statutory auditor elected by the shareholders at the Annual General Meeting (the "AGM"). To the maximum extent possible, corporate actions and corporate records are taken and recorded in English.

Objectives and composition of governance bodies

The shareholders exercise their ownership rights through the shareholders' meetings. The decision-making bodies responsible for managing the Company are the Board and the CEO, while the Group Leadership Team (GLT) supports the CEO in managing the Company.

The day-to-day operational responsibility rests with the GLT members. supported by teams from the Business Areas and functions.

Governance bodies

Shareholders' meetings

The AGM is held annually to present detailed information about the Company's performance and to deal with matters such as adopting the annual accounts, setting the dividend (or distribution of funds) and its payment, and appointing the Chair, Vice Chair, and the members of the Board of Directors, as well as the Auditor.

Shareholders may exercise their voting rights and take part in the decision-making process of Stora Enso by participating in shareholders' meetings. Shareholders also have the right to ask the Company's management and Board of Directors questions at shareholders' meetings. Major decisions are taken by the shareholders at Annual or Extraordinary

General Meetings. At a shareholders' meeting, each A share and every ten R shares carry one vote. Shareholders may also exercise their decisionmaking rights by means of pre-voting, which has been offered by the Company as a means of exercising voting rights since 2020.

The Board of Directors convenes a shareholders' meeting by publishing a notice of the meeting at the Company's website not more than three months before the last day for advance notice of attendance mentioned in the notice of the meeting and not less than three weeks before the date of the meeting. In addition, the Company publishes details on the date and location of the meeting, together with the address of the Company's website, in at least two Finnish and two Swedish newspapers. Other regulatory notices to the shareholders are delivered in the same way.

The AGM shall be held annually by the end of June in Helsinki, Finland. The Finnish Companies Act and Stora Enso's Articles of Association specify in detail that the following matters have to be dealt with at the AGM:

• presentation and adoption of the annual accounts
• presentation of the Board of Directors report and the Auditor's report
• use of the result and distribution of funds to the shareholders
• resolution concerning discharge of the members of the Board and the CEO from liability
• adoption of the remuneration report and, when necessary, remuneration policy
• decision on the number of the members of the Board and the remuneration of the members of the Board, the Auditor, and the Sustainability Reporting Assurer
• election of the Chair, Vice Chair, and other members of the Board, the Auditor and the Sustainability Reporting Assurer
• any other matters notified separately in the notice of the meeting.

In addition, the AGM shall take decisions on matters proposed by the Board of Directors. A shareholder may also propose items for inclusion in the agenda provided that they are within the authority of the shareholders' meeting and the Board of Directors was asked to include the items in the agenda no later than on the date set out by the Company, which must be not earlier than four weeks before the publication of the notice of the meeting and which will be announced at the Company's website no later than by the end of the financial year preceding the AGM.

An Extraordinary General Meeting of Shareholders is convened when considered necessary by the Board of Directors or when requested in writing by the Auditor or shareholders together holding a minimum of one tenth of all the shares to discuss a specified matter which they have indicated.

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In 2025

Stora Enso's AGM was held on 20 March 2025 in Helsinki, Finland. Of all issued and outstanding shares in the Company, a total of 68.3% of all shares (66.7% in 2024) and a total of 83.9% of all votes (83.2%) were represented at the meeting, with 91.7% of all A shares (91.4%) and 61.6% of all R shares (59.6%) represented. All Board members and most of the GLT members as well as Company's Auditor were present at the meeting. The AGM, in addition to regular matters, authorised the Board to decide on a share issue or share repurchase covering a maximum of 2,000,000 R shares in order to carry out the Company's compensation or remuneration schemes. No Extraordinary General Meetings of Shareholders were convened in 2025.

Shareholders' Nomination Board

Shareholders at the AGM have established a Shareholders' Nomination Board to exist until otherwise decided, and to annually prepare proposals to the shareholders' meeting concerning:

• the number of members of the Board;
• the Chair, Vice Chair, and other members of the Board;
• the remuneration for the Chair, Vice Chair, and members of the Board;
• the remuneration for the Chair and members of the committees of the Board.

The AGM has approved the Charter of the Shareholders' Nomination Board and shall approve any proposed amendments of the Charter, other than technical updates. The Shareholder's Nomination Board according to its Charter comprises four members:

• the Chair of the Board;
• the Vice Chair of the Board;
• two members appointed annually by the two largest shareholders (one each) as of 31 August.

The Board through its Chair shall ensure that the annual appointment of the members to the Shareholders' Nomination Board is carried out as set out in the Charter as decided by the AGM. The Board Chair shall annually convene the first meeting of the Shareholders' Nomination Board, which shall elect its Chair amongst its members that are annually appointed by the Company's two largest shareholders.

The Shareholders' Nomination Board shall serve until further notice, unless the AGM decides otherwise. Its members are elected annually, and their term of office shall end when new members are elected to replace them.

In 2025

The Shareholders' Nomination Board comprised four members: Kari Jordan (Chair of the Board), Håkan Buskhe (Vice Chair of the Board) and two other members appointed by the two largest shareholders, namely Matts Rosenberg (Solidium Oy) and Marcus Wallenberg (FAM AB). Until 18 December 2025 Solidium was represented by Jouko Karvinen. Marcus Wallenberg was elected Chair of the Shareholders' Nomination Board.

The main tasks of the Shareholders' Nomination Board were to prepare the proposals for the AGM 2026 concerning Board members and their remuneration. During its working period 2025–2026, the Shareholders' Nomination Board convened six (6) times. All members were male. The members' participation rate in meetings amounted to 96%. Kari Jordan and Håkan Buskhe did not participate in the preparations or the decision-making regarding Board remuneration.

In its proposal for the AGM 2026, the Shareholders' Nomination Board proposes that of the current members of the Board of Directors Håkan Buskhe, Helena Hedblom, Astrid Hermann, Christiane Kuehne, Richard Nilsson, Elena Scaltritti and Antti Vasara be re-elected members of the Board of Directors until the end of the following AGM and that Jouko Karvinen be elected new member of the Board of Directors for the same term of office. It is proposed that Håkan Buskhe be elected Chair of the Board and Jouko Karvinen Vice Chair of the Board. Kari Jordan and Reima Rytsölä have informed the Shareholders' Nomination Board that they are not available for re-election. The Shareholders' Nomination Board also proposes that the annual remuneration for the Chair, Vice Chair, and members of the Board of Directors, as well as for the Chairs and members of Board Committees be maintained at 2025 level.

For the purpose of carrying out its tasks, the Shareholders' Nomination Board has received the results of the external evaluation of the Board of Directors as well as the assessment of each director's independence of the Company and of significant shareholders. The Shareholders' Nomination Board has taken the results of the Board evaluation and the requirements relating to director independence into account in its work. The Shareholders' Nomination Board further considers the principles of the Board Diversity Policy in preparing its proposal. The Shareholders' Nomination Board has a Charter that defines its tasks and responsibilities in more detail.

Remuneration

No remuneration is paid for members of the Shareholders' Nomination Board as decided by the AGM. The Shareholders' Nomination Board Charter is presented at storaenso.com/investors/governance.

Kari Jordan¹, member	Håkan Buskhe¹, member
Chair of Stora Enso's Board of Directors Vice Chair of Stora Enso's Board of	Directors
Marcus Wallenberg, Chair	Matts Rosenberg², member
Chair of Stora Enso's Shareholders' Nomination Board. Born 1956. B.Sc. (Foreign Service). Chair of the Board of Directors of FAM AB.	Member of Stora Enso's Shareholders' Nomination Board. Born 1977. Ph.D. (Finance). CEO of Solidium Oy.

Board of Directors

Stora Enso is managed by the Board acting in accordance with the Finnish Companies Act as well as other applicable legislation.

According to the Company's Articles of Association, the Board comprises six to eleven ordinary members appointed by the shareholders at the AGM for a one-year term. The majority of the directors shall be independent of the Company. In addition, at least two of the directors comprising this majority shall be independent of significant shareholders of the Company. A significant shareholder is a shareholder that holds at least 10% of all the Company's shares or the votes carried by all the shares or a shareholder that has the right or the obligation to purchase the corresponding number of already issued shares. The independence is evaluated annually in accordance with the Finnish Corporate Governance Code.

All directors are required to deal at arm's length with the Company and its subsidiaries and to disclose circumstances that might be perceived as a conflict of interest.

The shareholders at the AGM decide the remuneration of the Board members (including the remuneration of the members of the Board committees).

The Board supervises the operation and management of Stora Enso and decides on significant matters relating to strategy, investments, organisation, finance, and sustainability.

The Board is responsible for overseeing management and for the proper organisation of the Company's operations. Likewise, it is responsible for overseeing the proper supervision of accounting and the control of financial and sustainability matters.

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The Board has defined a working order, the principles of which are published in chapter Working order of the Board in this report and at storaenso.com/investors/governance.

The AGM elects the Chair and Vice Chair of the Board. Should the Chair or Vice Chair of the Board of Directors resign or become otherwise unable to act as Chair or Vice Chair during their term of office, the Board may elect a new Chair or Vice Chair from among its members for the remaining term of office.

The Board annually agrees on focus areas for the Board's work during the upcoming year constituting the Board Agenda.

The Board appoints the CEO, Chief Financial Officer (CFO), and other GLT members. The Board approves the main organisational structure of the Company.

The Board reviews and determines the remuneration of the CEO, which is described in the Annual Report and on the Company's website. The Board and each of its Committees evaluates its performance annually. The results of the Board's evaluation are reviewed by the Board and shall be communicated to the Shareholders' Nomination Board, which shall take the results of the Board evaluation into account in its work. The Board also reviews the corporate governance policy annually and amends it when required.

The Board's work is supported through its committees – the Financial and Audit Committee, the People and Culture Committee and the Sustainability and Ethics Committee. Each committee's Chair and members are appointed by the Board annually.

The Board meets at least five times a year. The Board members meet regularly without management in connection with the Board meetings.

Board Diversity Policy

The Company has established a Board Diversity Policy setting out the principles concerning the diversity of the Board. The Shareholders' Nomination Board shall, in connection with preparing its proposals for the nomination of directors to the AGM, consider the principles of the Company's Board Diversity Policy.

Directors shall be nominated on the basis of their merits and with consideration of the benefits of diversity and the principles that the Company refers to as Diversity of Thought, including, but not limited to, criteria of diversity such as gender, age, nationality, and individual differences both in professional and personal experiences. The merits of directors include knowledge of the operational environment of the Company, its markets and of the industry within which it operates, and

may include elements such as financial, sustainability or other specific competency, geographical representation, and business background as required in order to achieve the appropriate balance of diversity, skills, experience, and expertise of the Board collectively. The foremost criteria for nominating director candidates shall be the candidates' skills and experiences, industrial knowledge as well as personal qualities and integrity. The composition of the Board as a whole shall reflect the requirements set by the Company operations and its development stage. The number of directors and the composition of the Board shall be such that they enable the Board to see to its duties efficiently. The representation of both genders in the Board shall be balanced.

The Shareholders' Nomination Board has taken the principles of the Board Diversity Policy into account in its work. The Shareholders' Nomination Board finds that the composition of the Board as proposed to the AGM 2026 reflects diversity and a good variety of skills and experiences among the Board members following the principles set out in the Board Diversity Policy. The aim of the Shareholders' Nomination Board going forward is to maintain a good and balanced gender distribution.

The Board Diversity Policy is presented at storaenso.com/investors/ governance.

In 2025

The Board had nine members at the end of 2025, all of them independent of the Company. The Board members are also independent of significant shareholders of the Company with the exception of Håkan Buskhe (CEO of FAM AB) and Richard Nilsson (Investment Director at FAM AB).

The Board members nominated at the AGM in 2025 were Kari Jordan (Chair), Håkan Buskhe (Vice Chair), Helena Hedblom, Astrid Hermann, Christiane Kuehne, Richard Nilsson, Reima Rytsölä, Elena Scaltritti and Antti Vasara. The Board convened eleven times during the year. The members' participation rate in meetings amounted to 97%.

An external evaluation relating to the Board's work has been conducted during 2025, which together with the evaluation of the Board members' independence has been provided to the Shareholders' Nomination Board for information. Overall assessment of the Board's work and performance has been effective and positive. The Board has worked according to all applicable rules and regulations. For detailed information about the Board members and their share ownerships, see chapter Members of the Board of Directors.

Remuneration

Board remuneration is decided by the AGM each year. The AGM 2025 decided on an annual remuneration of EUR 221,728 for the Board Chair, EUR 125,186 for the Vice Chair and EUR 85,933 for other members, which is paid partly in Company shares as set out in the resolution of the AGM. In addition, remuneration may be paid based on Board Committee memberships.

Board Diversity in 2025

During 2025, the Board has been composed of nine members representing five different nationalities and a diverse range of experience from global companies and industrial sectors. All Board members have university degrees from different fields such as engineering, technology, finance, and law. All members have vast experience from global companies either from operative positions or through board memberships. A detailed description of the educational and professional backgrounds of the Board members can be found in chapter Members of the Board of Directors.

The Board members represent a good knowledge of the operational environment of the Company as well as particular experience of amongst others sustainability, ESG, financial competence, and the business environment relevant to the operations of the Company. At the end of 2025 the age of the Board members varied from 52 years to 70 years and the Board was composed of four women and five men.

In 2025, the Shareholders' Nomination Board has considered its previous evaluation of competencies that may be further strengthened in the longterm Board succession planning. In its proposal for the AGM 2026, the Shareholders' Nomination Board has proposed a Board composition that includes four women and four men in the age range of 52 years to 70 years and representing a total of five different nationalities. With the proposed Board composition, the gender balance of the Board of Directors will comprise 50% female and 50% male. The proposed new Board member Jouko Karvinen would bring strong industry competence and experience to the Board, and would, in the view of the Shareholders' Nomination Board, add strong value to the Board as a collective.

The Shareholders' Nomination Board shall see that a good and balanced gender distribution is maintained.

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Working order of the Board

The working order describes the working practices of the Board. A summary of key contents is presented below.

Board meetings

• occur regularly, at least five times a year, according to a schedule decided in advance.
• special Board meetings, if requested by a Board member or the CEO, are held within 14 days of the date of request;
• agenda and material shall be delivered to Board members one week before the meeting.

Information

• the Board shall receive information monthly concerning financial performance, the market situation, and significant events within the Company's and the group's operations;
• Board members shall be informed about all significant events immediately.

Matters to be handled at Board meetings

• · matters specified by the Finnish Companies Act;
• approval of business strateay:
• organisational and personnel matters:

• decisions concerning the basic top management organisation;

• decisions concerning the composition of the GLT;

• remuneration of the CFO.
• appointment and dismissal of the CEO and approval of heads of Business Areas and other members of the GLT based on the CFO's proposal;
• appointment of Committee Chairs and members;
• remuneration of GLT members based on the CEO's proposal;
• review talent management and succession planning process (in particular the CEO);
• economic and financial matters:
• approval and review of the annual budget:
• approval of loans and guarantees, excluding intra-group loans and quarantees;
• approval of share repurchases, if any, as well as the report of share repurchases;
• approval of financial reports;
• · sustainability matters
• approval of the double materiality assessment;
• approval of the sustainability statement;
• investment matters:
• approval of major investments;
• approval of major divestments;

• receiving relevant analyst meeting presentations and analyst reports;

• approval of the governing documents as defined in the Policy on Delegation of Authority, including the following:

• Board and Committee Charters:
• Board Diversity Policy:
• Corporate Governance Policy;
• Disclosure Policy;
• Insider Guidelines:
• Remuneration Policy:
• Group Financial Risk Policy;
• Internal Control Policy;
• Enterprise Risk Management Policy:
• · other matters:
• report of the CEO on the group's operations;
• reports of the Financial and Audit Committee. People and Culture Committee, and Sustainability and Ethics Committee by the Chairs of the respective committees. The recommendations and proposals by the Shareholders' Nomination Board shall be reported to the Board by the Chair of the Board:
• annual self- or external assessment of Board work and performance as well as independence:
• other matters submitted by a member of the Board or the CEO.

The Board of Directors' and management's annual working cycle

• Board meeting (Full year and O4 + annual governance update) / SECO FAC PCC

• · Annual General Meeting / Board meeting / SECo

• Board meeting (Q1) / FAC. PCC

• Board meeting

• Board meeting (O2) / FAC

• Board meeting (strategy) / SECo, FAC

• Board meeting (O3) / FAC. PCC

• Board meeting / SECo, FAC, PCC

SECo = Sustainability and Ethics Committee FAC = Financial and Audit Committee PCC = People and Culture Committee

Monthly

GLT meetings Investment Committee meetings Business area performance meetings

Meetings with auditors

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	Kari Jordan	Håkan Buskhe			Helena Hedblom Astrid Hermann Christiane Kuehne Richard Nilsson		Reima Rytsölä	Elena Scaltritti	Antti Vasara
Qualifications and Experience
Sustainability driven innovation			●					●	●
Finance and Risk Management	●	●		●		●	●
Global Business and Operative Management	●	●	●	●	●	●	●	●	●
Sustainability, ESG			●	●	●	●	●	●	●
Governance & Compliance	●			●	●	●	●	●	●
Business Leadership	●	●	●		●	●	●	●	●
Industry Experience	●					●
Strategic planning	●	●	●	●	●	●	●	●	●
Branding and Communications					●
Cyber security/IT & Digitalisation		●		●					●
Emerging Markets			●		●			●
Additional Qualifications and Information
Director since	2022	2020	2021	2023	2017	2014	2024	2025	2025
Independent of Company	●	●	●	●	●	●	●	●	●
Independent of Owners	●	●	●	●	●	●	●	●	●
FAC membership 2025				Member		Chair			Member
SECo membership 2025			Member		Chair	Member		Member
PCC membership 2025	Chair	Member					Member
Other current listed Boards*	1	1	0	0	0	1	1	0	2
Gender	Male	Male	Female	Female	Female	Male	Male	Female	Male
Principal Skills (out of 8 Directors)
	9			8		9
5 3		7	7		2		1	3	3
Sustainability Finance and Risk driven innovation Management	Global Business and Operative	Sustainability, ESG	Governance & Compliance	Business Leadership	Industry Experience Strategic planning		Branding and Communications	Cyber security/ IT & Digitalisation	Emerging Markets

● yes ● no *at 31 December 2025

The table sets out the primary skills of each Board member. The fact that an item is not highlighted for a Board member does not mean that such member does not possess that qualification or skill.

Management

Board skills matrix Board diversity in figures

Tenure

Number of persons

Gender

Number of persons

The Board of Directors features balanced representation of both genders, with a composition of 44,4% female and 56,6% male.

Age*

Number of persons

Occupation*

Number of persons

Non-Executive Director Non-Executive Director operating as a CEO, CFO, or in another active operational role in another company

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Board committees

The tasks and responsibilities of the Board committees are defined in their charters, which are approved by the Board. All the committees evaluate their performance annually, are allowed to use external consultants and experts when necessary, and shall have access to all information required. Each committee's Chair and members are appointed by the Board annually.

Financial and Audit Committee

The Board has a Financial and Audit Committee to support the Board in maintaining the integrity of the Company's financial and sustainability reporting and the Board's control functions. It regularly reviews and monitors the system of internal control and internal audit as well as its efficiency, the management and reporting of financial risks, the audit process, the Company's procedures for monitoring related party transactions, the annual corporate governance report, and the Report of the Board of Directors including the Sustainability Statement. It makes recommendations regarding the appointment of external auditor for the Parent Company and the main subsidiaries, and monitors the auditor's independence.

The Committee comprises three to five Board members who are independent of and not affiliated with the Company. The members of the Committee must have sufficient expertise and experience to be able to challenge and evaluate the Company's internal accounting function and internal and external audit functions. At least one member must have the relevant expertise in accounting and auditing as required by the applicable regulation. The Financial and Audit Committee meets regularly, at least four times a year. The Committee members meet the external and internal auditors regularly without the management being present. The Chair of the Committee presents a report on each Financial and Audit Committee meeting to the Board. The tasks and responsibilities of the Financial and Audit Committee are defined in its charter, which is approved by the Board. Financial and Audit Committee members may receive remuneration solely based on their role as directors. The compensation is decided by the shareholders at the AGM.

In 2025

The Financial and Audit Committee comprised three members: Richard Nilsson (Chair), Astrid Hermann and Antti Vasara.¹ The Committee convened six times. The members' participation rate in meetings amounted to 100%.

The main task of the Committee is to support the Board in maintaining the integrity of Stora Enso's financial and sustainability reporting and the Board's control functions. To fulfil its task, the Committee regularly reviews the Company's system of internal control, management, and reporting of financial and enterprise risks (including IT and cyber security), as well as the internal and external audit processes, and the statutory audit and assurance of sustainability reporting. In addition, the Committee reviewed finance plans, treasury activities and material items affecting comparability and impairments, including items relating to activities such as mergers & acquisitions and restructurings. In addition, the Committee further reviews relevant material compliance related cases relating to the integrity of financial reporting or fraud investigations that have been reported to Internal Audit and Ethics and Compliance during the year.

Remuneration

Chair EUR 23,976 per annum and member EUR 16,868 per annum as decided by the AGM.

The Financial and Audit Committee Charter is presented at storaenso.com/ investors/governance.

1 The Committee prior to the AGM on 20 March 2025 comprised the following three members: Richard Nilsson (Chair), Elisabeth Fleuriot and Astrid Hermann.

People and Culture Committee

The Board has a People and Culture Committee which ensures that the remuneration, talent and succession plans support the strategic aims of Stora Enso. The Committee is responsible for preparing for the Board's approval the Remuneration Policy and Report, management nominations, compensation and incentive plans, including equity incentive remuneration plans. The Committee also reviews and proposes the total compensation of the CEO and evaluates the CEO performance. There is a People and Culture Committee representative present at the AGM to answer questions relating to management remuneration. The Board appoints the CEO and approves his/her remuneration as well as the nomination and compensation of other members of the GLT.

The Committee comprises three to four Board members who are independent of and not affiliated with the Company. The People and Culture Committee meets at least once a year. The Chair of the People and Culture Committee presents a report on each People and Culture Committee meeting to the Board. The tasks and responsibilities of the People and Culture Committee are defined in its charter, which is approved by the Board. People and Culture Committee members may receive remuneration solely based on their role as directors. The compensation is decided by the shareholders at the AGM.

In 2025

The People and Culture Committee comprised three members: Kari Jordan (Chair), Håkan Buskhe and Reima Rytsölä. The Committee convened four times. The members' participation rate in meetings amounted to 100%.

The main task of the Committee is to recommend, evaluate, and propose executive nominations and remunerations, review the Company's remuneration reporting, and to make recommendations to the Board relating to management remuneration in general, including short- and long-term incentive programmes.

In 2025, the Committee has focused on remuneration and developing the talent pipeline for GLT positions. New business area organisation structure and subsequent GLT nominations have been made for the positions of EVP BA Cartonboard, EVP BA Containerboard, and EVP BA Foodservice and Liquid Board.

Remuneration

Chair EUR 11,988 and member EUR 7,214 per annum as decided by the AGM.

The People and Culture Committee Charter is presented at storaenso.com/ investors/governance.

Sustainability and Ethics Committee

The Board has a Sustainability and Ethics Committee which is responsible for overseeing the Company's sustainability and ethical business conduct, its strive to be a responsible corporate citizen, and its contribution to sustainable development. The Committee regularly reviews Stora Enso's sustainability agenda and Ethics and Compliance strategy, ensuring their effective implementation in line with the corporate governance structure, and monitors the Company's external sustainability reporting. In its work the Committee takes into consideration Stora Enso's Purpose and Values as well as the Stora Enso Code and Business Practice Policy. The topics of the Committee meetings include safety, key sustainability matters (in particular, climate change, circularity and biodiversity) and ethics.

{26}------------------------------------------------

The Committee comprises two to four Board members who are nominated annually by the Board. The members are independent of and not affiliated with the Company. At least one Committee member is expected to have sufficient prior knowledge and experience in handling sustainability and ethics matters.

The Committee meets regularly, at least twice a year. The Chair of the Committee presents a report on each Sustainability and Ethics Committee meeting to the Board. The tasks and responsibilities of the Committee are defined in its charter, which is approved by the Board. Sustainability and Ethics Committee members may receive remuneration solely based on their role as directors. The compensation is decided by the shareholders at the AGM.

In 2025

The Sustainability and Ethics Committee comprised four members: Christiane Kuehne (Chair), Helena Hedblom, Richard Nilsson and Elena Scaltritti.¹ The Committee convened four times. The members' participation rate in meetings amounted to 100%.

The Committee in each of its meetings reviews matters relevant for the Committee's work, including safety, sustainability, and ethics and compliance. The Committee monitors safety performance, sustainability and ethics and compliance KPIs, external sustainability reporting, and key initiatives and processes undertaken during the year. In 2025, the main topics were safety, climate resilience plan, biodiversity, and circularity, as well as material sustainability impacts, risks, and opportunities. In addition, an important part of the Committee's work consisted of overseeing reported compliance cases and environmental incident reports.

Remuneration

Chair EUR 11,988 and member EUR 7,214 per annum as decided by the AGM.

The Sustainability and Ethics Committee Charter is presented at storaenso.com/investors/governance.

1 The Committee prior to the AGM on 20 March 2025 comprised the following three members: Christiane Kuehne (Chair), Helena Hedblom and Richard Nilsson.

Management of the Company

Chief Executive Officer (CEO)

The CEO is in charge of the day-to-day management of the Company in accordance with the Finnish Companies Act and the instructions and orders issued by the Board. It is the duty of the CEO to ensure that the Company's accounting principles comply with the law and that financial matters are handled in a reliable manner.

The Board approves the main organisation, including the functions reporting to the CEO. At the end of 2025 the CEO was directly in charge of the following functions, which also reported to him:

• Business Areas (Cartonboard, Containerboard, Foodservice and Liquid board, Packaging Solutions, Biomaterials, Wood Products and Forest)
• CFO Office (responsible for Controlling, Group Assurance, Investor Relations, Finance Excellence and Tax, Treasury, Digital & Business Technology Solution, Sourcing & Logistics and Group Operations)
• People and Communication
• Legal
• Strategy and Sustainability (responsible for Strategic Projects, Sustainability, Corporate Finance and M&A, Investment Process, Energy Services, Enterprise Risk Management, and Corporate and Regulatory Affairs)

The CEO is also responsible for preparatory work with regard to Board meetings. In addition, the CEO supervises decisions regarding key personnel and other important operational matters.

Group Leadership Team as at 31 December 2025

				President and CEO Hans Sohlström
Cartonboard Foodservice and Liquid Board Containerboard Hannu Kasurinen1 Andreas Birmoser Markku Luoto				Packaging Solutions Carolyn Wagner	Biomaterials Johanna Hagelberg	Wood Products2 Lars Völkel3
		Forest, Country Manager Finland4 Tuomas Hallenberg	Finance Niclas Rosenlew	People and Communication5 Katariina Kravi		Strategy and Sustainability, Country Manager Sweden Tobias Bäärnman	Legal6 Micaela Thorström

• 1 Hannu Kasurinen has retired at the year end. Lars Völkel has been appointed EVP Containerboard as of 1 January 2026.
• 2 Wood and Energy as of 1 January 2026.
• 3 Pauli Torikka has been appointed EVP Wood and Energy as of 1 January 2026.
• 4 Tuomas Hallenberg has been appointed President and CEO of Stora Enso's Swedish forest business, which is planned to be demerged from Stora Enso in 2027. He has stepped down from his role in GLT at the year end. His new role is effective as of 1 January 2026. Markku Luoto has been appointed Country Manager Finland as of 1 January 2026.
• 5 The People function was moved to People and Legal, and the Communication function was moved to Finance as of 1 January 2026.
• 6 People and Legal as of 1 January 2026.

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Group Leadership Team (GLT)

The GLT is chaired by the CEO. The GLT members are appointed by the CEO and approved by the Board. At the 2025 year end, the twelve GLT members were the CEO, CFO, the heads of the Business Areas, People and Communication, Legal (who is also General Counsel), as well as Strategy and Sustainability.

The GLT assists the CEO in supervising the Group and Business Area performance against agreed targets, portfolio strategy, ensuring the availability and value-creating allocation of Group funds and capital, and statutory, governance, compliance, and listing issues and policies.

The GLT meets regularly every month, and as required.

In 2025

The GLT had twelve members at the end of 2025. The GLT convened 21 times during the year. Important items on the agenda in 2025 were financial performance, safety, strategy and transformation, sustainability, digitalisation, performance culture, and preparatory work for Board meetings.

Business Areas and other functions

The Business Areas are responsible for their respective line of business and are organised and resourced to deal with all business issues. The CEO steers through the Business Areas in monthly performance meetings (including innovations) as well as the GLT meetings.

Strategic investment projects are approved on the group level following the mandate by the CEO and Board of Directors. Larger projects are reviewed by the Technical Advisory Group (TAG) comprising group and Business Area representatives and chaired by the Chief Technology Officer. In addition, larger development projects are also reviewed in Business Case Assurance (BCA) meetings by named senior experts from Group and Business Areas and chaired by the Chief Technology Officer. All larger projects supported by TAG and BCA will ultimately reviewed and approved by the Investment Committee (IC) which is chaired by the CEO.

Innovation and R&D is organised in two structures. On the group level, the long-term research and company-wide collaborations with academia and external R&D providers are managed by a small team of experts. The innovation related to current and future offering of the businesses are executed within the Business Areas to drive market and customer focus.

Transformation work has been organised both at Group level and in each

Business Area. The objective of the Transformation is to both improve financial performance of the Group and develop ways of working and culture. Each Business Area is responsible for their respective transformation work. Group Transformation Office coordinates the overall Transformation work.

At Stora Enso, sustainability work is led by the EVP, Strategy and Sustainability, who reports directly to the CEO and is part of the Group Leadership Team (GLT). The CEO holds the ultimate responsibility for the successful implementation of Company's sustainability agenda. The everyday implementation of Stora Enso's sustainability agenda is the responsibility of the sustainability function led by the Chief Sustainability Officer. Sustainability reporting is conducted through collaboration between Group Sustainability and the CFO Office. Both the GLT and the Board of Directors are regularly informed about sustainability progress, material impacts, risks, and opportunities, and other topical issues.

The Company has established proper disclosure policies and controls, and a process for quarterly and other ongoing reporting.

Other supervisory bodies and norms

Auditor

The AGM annually elects one auditor for Stora Enso. The Financial and Audit Committee monitors the auditor selection process and gives its recommendation as to who should serve as the auditor to the Board for the purpose of making the proposal to the shareholders at the AGM. The auditor shall be an authorised public accounting firm, which appoints the responsible auditor.

Auditor's fees and services

2025	2024
5	4
1	0
0	0
0	0
5	5
	Year Ended 31 December

In 2025

On the recommendation of the Financial and Audit Committee, the Board proposed that PricewaterhouseCoopers Oy be re-elected auditor by the AGM 2025 for the eighth year as the Company's auditors. The AGM 2025 elected PricewaterhouseCoopers Oy as auditor for a term of office expiring at the end of the AGM 2026.

Internal Audit

Group Internal Audit, under the governance of Group Assurance, is an independent and objective assurance and advisory function designed to add value by providing systematic way to audit governance, risk management and internal controls system of Stora Enso.

Internal Audit reports regularly the status of the audits as well as key findings and recommendations to the Financial and Audit Committee. Internal Audit reports also on regular basis to Sustainability and Ethics Committee related to sustainability findings.

The Head of Internal Audit administratively reports to the Stora Enso CFO and functionally to CEO. The Financial and Audit Committee approves the appointment of the Head of the Internal Audit following the recommendation by the CEO.

Internal Audit annual plan is created on risk- and assurance-based method. Internal Audit co-operates with second line functions during the year in order to avoid overlapping work with other assurance activities, and to be able to identify possible gaps. During the year, Internal Audit executes possible special engagements based on a separate request. The Financial and Audit Committee approves the Internal Audit Annual Plan including changes during the year, cost estimate and the Internal Audit Charter.

Ethics and Compliance

Stora Enso is committed to taking responsibility for its actions, to complying with all applicable laws and regulations wherever it operates, and to creating and maintaining ethical relationships with its customers, suppliers and other stakeholders. The Stora Enso Code is a single set of values defined for all employees to provide guidance on the Company's approach to ethical business practices, environmental values, and human and labour rights. These same values are applied wherever Stora Enso operates. The Business Practice Policy complements the Code, and sets further out Stora Enso's approach to ethical business practices and describes the processes for reporting on violations thereof. Continuous elearning, communication, face-to-face training, and sign-off are

{28}------------------------------------------------

organised in order to ensure that these are part of the everyday decisionmaking and activities at Stora Enso.

The Company has established compliance forums within each Business Area to assess the risk and monitor compliance in all operational activities. Risk assessments in various forms are made to give Business Area and Group Functions a better overview of the progress their units are making in policy implementation, compliance measures taken, and possible gaps and risks in compliance. The results of the risk assessments are covered in the compliance forum meetings and in the development of appropriate action plans and follow-up.

Stora Enso's employees are encouraged to report any suspected misconduct or unethical behaviour to their own supervisor, or to People and Culture or Legal functions. Stora Enso uses an additional external service, the reporting channel Speak Up, through which employees and any third party globally can anonymously report potential noncompliance situations by phone, mail, or online. This service, which covers all of Stora Enso's units, is available 24/7. All investigations are upon completion reported to and closed by the Disciplinary Committee. The Disciplinary Committee consists of the General Counsel, the Head of People and Communication and the Chief Compliance Officer. All investigations are also reported to the Board of Directors' Sustainability and Ethics Committee and should they be related to fraud or the integrity of financial reporting, also to the Financial and Audit Committee.

Insider administration

The Company complies with the EU and Finnish insider regulations, the guidelines of Nasdaq Helsinki Ltd as well as other applicable insider regulations and guidelines. The Company's internal insider guidelines are published and distributed throughout the group. The General Counsel and dedicated people from Stora Enso's legal function are responsible for the procedures relating to inside administration, including monitoring compliance with applicable regulation, the keeping of inside lists, and internal training.The Company has established a process for ongoing supervision for the purpose of continuously reviewing pending projects and the existence of inside information in the Company.

Persons discharging managerial responsibilities (PDMR's) in Stora Enso are the members of the Board, the CEO and the CFO, as well as other members of the Group Leadership Team (GLT). PDMR's, as well as their closely related persons, are subject to a duty to notify the Company and the Finnish Financial Supervisory Authority of all transactions with the securities of the Company.

The Company also keeps a list of persons that are involved in the preparation of interim reports and financial results, which is approved by the General Counsel (Closed Period List). Persons included in the list are,

e.g., members of the Business Area management teams, key business leaders in the Business Areas, members of Investor Relations, as well as the heads and certain team members of Treasury, Group Accounting and Reporting and Legal.

Persons who participate in the development and preparation of a project that constitutes inside information, are considered project specific insiders. A separate project-specific insider register is established when required by the decision of the General Counsel.

The insider guidelines do not permit Stora Enso PDMR's or persons involved in the preparation of interim reports or financial results and entered into the Closed Period List to buy or sell any of the Company's securities (i.e., shares or listed bonds) during the closed period defined below or when they possess information that could have a material impact on the Stora Enso share price.

Closed period

Stora Enso's closed period starts when the reporting period ends or 30 days prior to the announcement of the results, whichever is earlier, and lasts until the results are announced. The dates are published in the financial calendar at storaenso.com/calendar.

During the closed periods, Stora Enso PDMR's or persons entered into the Company's Closed Period List are not allowed to trade in Company securities.

Guidelines for Related Party Transactions

The principles applicable to the monitoring of Stora Enso related party transactions are set out in Stora Enso's Guideline for Related Party Transactions. The Guideline defines Stora Enso related parties and sets out the decision-making order and principles for monitoring related party transactions, including a description of Stora Enso internal controls with regards to related party transactions. Information on material transactions with related parties is set out in note 6.3 of Stora Enso's consolidated financial statements.

Stora Enso business activities may include regular or less frequent transactions with related parties. Transactions with related parties shall always promote the purpose of the Company and be concluded on market terms and in the interest of the Company, as well as in compliance with prevailing regulation. Internal controls have been designed to ensure that related party transactions are duly monitored and identified.

Related party transactions, which are part of the ordinary course of business and undertaken on market terms are approved in accordance with the Company's internal guidelines. Any transaction which would not meet these terms must be reported to the Financial and Audit Committee and be approved by the Board of Directors. The Board of Directors is responsible for overseeing the processes established for monitoring related party transactions.

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Internal control and risk management related to financial reporting

At Stora Enso, Group Internal Control operates under the governance of Group Assurance, alongside but independent from Group Internal Audit as of 1st of December 2025.

Internal control over financial reporting

The system of internal control related to financial reporting in the Stora Enso group is based upon the framework issued by the Committee of Sponsoring Organisations (COSO) and comprises five principal components of internal control: control environment, risk assessment, control activities, information and communication, and monitoring.

The internal controls related to financial reporting are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with applicable laws and regulations, generally accepted accounting principles, and other requirements for listed companies. Stora Enso's internal control framework over financial reporting is documented in the minimum internal control requirements and applied for all business units and Group functions. Stora Enso's internal control framework for sustainability reporting is further described in the Sustainability Statement section (ESRS 2 GOV-5).

Control environment

Stora Enso's control environment sets the tone of the organisation providing the company purpose and values, policies, processes and structures as a foundation for carrying out internal control across the organisation.

The Board, supported by the Financial and Audit Committee, has the overall responsibility for setting up an effective system of internal control and risk management. Responsibility for maintaining effective risk management and internal controls over financial reporting is delegated to the CEO. The GLT and senior management issue corporate guidelines in accordance with Stora Enso's policy management process. These guidelines stipulate responsibilities and authority and constitute the control environment for specific areas, such as legal, sustainability, people and culture, finance and sourcing and logistics. Internal control responsibilities have been described in Stora Enso's Internal Control Policy which also outlines the responsibilities of the first and second line of defence. Internal control is divided into Group and Business Area functions.

Group Internal Control, under the supervision of CFO and Group Assurance, is responsible for internal control governance, processes, tools and internal control reporting. Business Areas, together with Group functions, are responsible for executing internal control activities and ensuring effective internal controls within their areas of responsibility.

Risk assessment

Stora Enso's management specifies objectives relating to the preparation of financial statements. The Company applies a process to manage risks by identifying, assessing and responding to risks over significant financial statement accounts and disclosures based on the overall materiality. The assessment of risks includes risks related to fraud and irregularities as well as the risk of loss or the misappropriation of assets.

Control activities

Stora Enso's control activities are the policies, guidelines, procedures and organisational structures in place to ensure that management directives are carried out and that necessary action is taken to address risks related to the achievement of objectives relating to financial reporting. Stora Enso's minimum internal control requirements are aimed at preventing, detecting, and correcting material accounting and disclosure errors and irregularities and are performed on all company levels. They include a range of activities such as approvals, authorisations, verifications, reconciliations, reviews of operating performance, the security of assets, and the segregation of duties, as well as IT general controls.

Information and communication

Stora Enso's information and communication channels support the completeness and correctness of financial reporting. For example, the management communicates information about Stora Enso's financial reporting objectives, financial control requirements, policies and procedures regarding accounting and financial reporting to all employees concerned. The management also communicates regular updates and briefings regarding changes in accounting policies and reporting and disclosure requirements. Subsidiaries and operational units make regular financial and management reports to the management, including the analysis of and comments on financial performance, scenarios and risks. The Board receives monthly financial reports. The Company has internal and external procedures for the anonymous reporting of violations related to accounting, internal controls, and auditing matters.

Monitoring

Stora Enso's financial performance is reviewed at each Board meeting. The interim and annual financial statements and the Report of the Board of Directors are reviewed by the Financial and Audit Committee and approved by the Board.

The effectiveness of the process for assessing risks and the execution of control activities are monitored continuously at various levels. Information on the development of essential risk areas as well as executed and planned activities in these areas are regularly communicated to the Financial and Audit Committee. Monitoring involves both formal and informal procedures applied by management, including reviews of results which are compared against the set budgets, plans and key performance indicators. Stora Enso Group Internal Control function monitors the control design and control operating effectiveness and prepares quarterly internal control report to the management.

In addition to Group Internal Control function, the Stora Enso Group Internal Audit has an independent oversight role on internal control over financial reporting governance. The Group Internal Audit regularly evaluates the effectiveness and efficiency of Stora Enso's governance, risk management and system of internal control over financial reporting.

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Members of the Board of Directors

Kari Jordan

Born 1956. Male. M.Sc. (Econ.). Vuorineuvos (Finnish honorary title).

Position

Chair of Stora Enso's Board of Directors since March 2023. Member since March 2022. Chair of the People and Culture Committee since March 2023. Member since March 2022.

Board memberships

Chair of the Board of Outokumpu Oyj.

Principal work experience and other information

President and CEO of Metsä Group 2006– 2018. CEO of Metsäliitto Cooperative 2004– 2017. Various board positions and senior executive management positions in Nordea Group 1998–2004, Merita Bank 1995–2000 and OKOBANK 1987–1994 as well as other key positions in the financial sector.

Total remuneration 2025, EUR¹ 233,716
Meeting attendance	11/11
FAC attendance
PCC attendance	4/4 ●
SECo attendance
Shareholding in Stora Enso² 25,344 R	shares
Independent member	Yes

Håkan Buskhe

Born 1963. Male. M.Sc. (Eng.), Licentiate of Engineering.

Position

Vice Chair of Stora Enso's Board of Directors since March 2021. Member since June 2020. Member of the People and Culture Committee since March 2021.

Board memberships

Chair of the Board of Directors of IPCO AB. Vice Chair of the Board of AB SKF. Member of the Board of The Grand Group, Navigare Ventures AB, Swedish Defence University, Industrikraft i Sverige AB and Verkan AB.

Principal work experience and other information

CEO of FAM AB. CEO and President of SAAB AB 2010–2019 and E.ON Nordic 2008–2010. Executive positions in E.ON Sweden 2006– 2008, CEO of the logistics company Schenker North 2001–2006, as well as several positions in Storel AB 1998–2001, Carlsberg A/S 1994–1998 and Scansped AB 1988–1994.

Total remuneration 2025, EUR¹ 132,400
Meeting attendance	11/11
FAC attendance
PCC attendance	4/4 ▲
SECo attendance
Shareholding in Stora Enso² 21,290 R	shares
Independent member	Yes/no³

Helena Hedblom

Born 1973. Female. M.Sc. (Material Tech.).

Position

Member of Stora Enso's Board of Directors since March 2021. Member of the Sustainability and Ethics Committee since March 2021.

Board memberships

Member of the Board of Wallenberg Investments AB.

Principal work experience and other information

President and CEO of Epiroc since 2020. Prior to her current position she was Senior Executive Vice President Mining and Infrastructure at Epiroc. Various General Management and Research and development positions in Atlas Copco, since 2017 President for Atlas Copco's Mining and Rock Excavation Technique business area.

Total remuneration 2025, EUR¹ 93,147
Meeting attendance	10/11
FAC attendance
PCC attendance
SECo attendance	4/4 ▲
Shareholding in Stora Enso² 12,686 R	shares
Independent member	Yes

Astrid Hermann

Born 1973. Female. B.Sc. (Business and MBA).

Position

Member of Stora Enso's Board of Directors since March 2023. Member of the Financial and Audit Committee since March 2023.

Board memberships

-

Principal work experience and other information

CFO of Beiersdorf AG since 2021. Prior to that several managerial finance roles at Colgate-Palmolive 2004–2020 and at The Clorox Company 1997–2004.

Total remuneration 2025, EUR¹ 102,801
Meeting attendance	10/11
FAC attendance	6/6 ▲
PCC attendance
SECo attendance
Shareholding in Stora Enso² 9,169 R shares
Independent member	Yes

Christiane Kuehne

Born 1955. Female. LL.M., B.B.A.

Position

Member of Stora Enso's Board of Directors since April 2017. Chair of the Sustainability and Ethics Committee since March 2019.

Board memberships

Member of the Board of James Finlays Ltd and Foundation Pierre du Bois.

Principal work experience and other information

Operative roles within the Nestlé Group 1977– 2015. Her last operative role at Nestlé was as Senior Vice President Strategic Business Unit Food with strategic responsibility for the food business of Nestlé at global level.

Total remuneration 2025, EUR¹ 97,921
Meeting attendance	11/11
FAC attendance
PCC attendance
SECo attendance	4/4 ●
Shareholding in Stora Enso² 23,759 R shares
Independent member	Yes

FAC Financial and Audit Committee PCC People and Culture Committee SECo Sustainability and Ethics Committee

● Chair ▲ Member

• 1 Detailed description of remuneration for Board and Committee memberships as decided by the AGM in 2025 can be found in the Remuneration Report.
• 2 Shares held by Board members and related parties.
• 3 Håkan Buskhe is independent of the company but not of its significant shareholders due to his position as the CEO of FAM AB.

The independence is evaluated in accordance with Recommendation 10 of the Finnish Corporate Governance Code 2025. The full recommendation can be found at cgfinland.fi. A significant shareholder according to the recommendation is a shareholder that holds at least 10% of all company shares or the votes carried by all the shares or a shareholder that has the right or the obligation to purchase the corresponding number of already issued shares.

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Richard Nilsson

Born 1970. Male. B.Sc. (BA and Econ.).

Position

Member of Stora Enso's Board of Directors since April 2014. Chair of the Financial and Audit Committee since April 2016 and member since April 2015. Member of the Sustainability and Ethics Committee since March 2024.

Board memberships

Member of the Board of IPCO AB and group companies, Cinder Invest AB, AB SKF and TBox Sweden AB. Member of the supervisory Board of GROPYUS AG.

Principal work experience and other information

Investment Director at FAM AB since 2022. Investment Manager at FAM AB 2008–2022. Pulp & paper research analyst at SEB Enskilda 2000–2008, Alfred Berg 1995–2000 and Handelsbanken 1994–1995.

Total remuneration 2025, EUR¹	117,123
Meeting attendance	11/11
FAC attendance	6/6 ●
PCC attendance
SECo attendance	4/4 ▲
Shareholding in Stora Enso² 36,301 R shares	directly, 127 A shares and 236 R shares through related persons (spouse)
Independent member	Yes/no³

Reima Rytsölä

Born 1969. Male. M.Soc.Sc. (Social Sciences, Econ.)

Position

Member of Stora Enso's Board of Directors since March 2024. Member of the People and Culture Committee since March 2024.

Board memberships

Member of the Board of Metso Oyj.

Principal work experience and other information

CEO of Kojamo Oyj since June 2025. CEO of Solidium Oy 2022–2025. Deputy CEO and Chief Investment Officer at Varma Mutual Pension Insurance Company 2014–2022. Various positions in Pohjola Bank, amongst others as Senior Executive Vice President, Head of Banking 2008–2013.

Total remuneration 2025, EUR¹ 93,147
Meeting attendance	11/11
FAC attendance
PCC attendance	4/4 ▲
SECo attendance
Shareholding in Stora Enso² 6,330 R shares
Independent member	Yes

Elena Scaltritti

Born 1972. Female. Executive MBA, B.Sc. (Organic Chemistry).

Position

Member of Stora Enso´s Board of Directors since March 2025. Member of the Sustainability and Ethics Committee since March 2025.

Board memberships

-

Principal work experience and other information

Chief Commercial Officer of Topsoe since 2022. Executive Vice President of SONGWON 2019–2022 and several other leadership roles 2011–2022.

Total remuneration 2025, EUR¹ 93,147
Meeting attendance	8/9⁴
FAC attendance
PCC attendance
SECo attendance	2/2⁵ ▲
Shareholding in Stora Enso² 3,692 R shares
Independent member	Yes

Antti Vasara

Born 1965. Male. D.Sc. (Tech.).

Position

Member of Stora Enso´s Board of Directors since March 2025. Member of the Financial and Audit Committee since March 2025.

Board memberships

Member of the Board of Directors of the Jane and Aatos Erkko Foundation, Detection Technology Oyj, Bioretec Oy, QMill Oy, SemiQon Technologies Oy and Onego Bio Ltd.

Principal work experience and other information

President and Chief Executive Officer of VTT 2015–2025. Executive at Tieto Oyj 2012–2015 and Nokia Oyj 2003–2012. CEO 2001–2003 and COO 2000–2001 at SmartTrust Oy. Management consultant at McKinsey & Company 1993–2000.

Total remuneration 2025, EUR¹ 102,801
Meeting attendance	9/9⁴
FAC attendance	5/5⁶ ▲
PCC attendance
SECo attendance
Shareholding in Stora Enso² 3,692 R shares
Independent member	Yes

FAC Financial and Audit Committee PCC People and Culture Committee SECo Sustainability and Ethics Committee

● Chair ▲ Member

• 1 Detailed description of remuneration for Board and Committee memberships as decided by the AGM in 2025 can be found in the Remuneration Report.
• 2 Shares held by Board members and related parties.
• 3 Richard Nilsson is independent of the company but not of its significant shareholders due to his employment at FAM AB.
• 4 Meetings attended out of the meetings held after election as Board member.
• 5 Meetings attended out of the meetings held after election as SECO member.
• 6 Meetings attended out of the meetings held after election as FAC member.

The independence is evaluated in accordance with Recommendation 10 of the Finnish Corporate Governance Code 2025. The full recommendation can be found at cgfinland.fi. A significant shareholder according to the recommendation is a shareholder that holds at least 10% of all company shares or the votes carried by all the shares or a shareholder that has the right or the obligation to purchase the corresponding number of already issued shares.

Elisabeth Fleuriot was Member of Stora Enso's Board of Directors since April 2013 until her resignation on 20 March 2025. Fleuriot has participated in all Board and relevant Committee meetings held during 2025 prior to her resignation. She was independent of the company and the significant shareholders.

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Members of the Group Leadership Team

(31 December 2025)

Hans Sohlström

Born 1964. Male. M.Sc. (Tech.), M.Sc. (Econ.)

Position

President and Chief Executive Officer. Member of the GLT since 2023. Joined the company in 2023.

Board memberships, principal work experience and other information

Member of the Board of Stora Enso Oyj 2021– 2023. President and CEO of Ahlstrom Oyj 2018–2022. President and CEO of Ahlström Capital 2016–2018 and of Rettig Group Oy 2012–2016. Member of UPM-Kymmene Corporation's Group Executive Team since 2004, responsible for Marketing 2004–2007, New Businesses and Biofuels 2007–2008, and Corporate Relations and Development 2008–2012. In 1990–2004 several managerial positions at UPM leading profit units, mills and sales. Member of the Board of Saint-Gobain.

Shareholding in Stora Enso

149,693 R shares directly, 179 R shares through related persons (spouse)

Andreas Birmoser

Born 1980. Male. BBA, MBA.

Position

Executive Vice President, Cartonboard. Member of the GLT since 1 July 2025. Joined the company for the first time in 2005.

Board memberships, principal work experience and other information

Several previous leadership positions in Stora Enso, including CFO and CEO of Stora Enso's joint operation Veracel.

Shareholding in Stora Enso

3,576 R shares

Tobias Bäärnman

Born 1977. Male. M.Sc. (Econ.).

Position

Executive Vice President, Strategy and Sustainability, Country Manager Sweden. Member of the GLT since 2020. Joined the company in 2017.

Board memberships, principal work experience and other information

SVP, Controlling, Strategy and IT for Consumer Board division 2017–2019. Prior to that Finance Director at Iggesund Paperboard and various positions at Statoil and Procter and Gamble.

Shareholding in Stora Enso

9,992 R shares

Johanna Hagelberg

Born 1972. Female. M.Sc. (Industrial Eng. and Mgmt) and M.Sc. (Eng. and Mgmt of Manufacturing Systems).

Position

Executive Vice President, Biomaterials. Member of the GLT since 2014. Joined the company in 2013.

Board memberships, principal work experience and other information

EVP, Sourcing and Logistics 2014–2021. SVP Sourcing, Stora Enso Printing and Living 2013– 2014. Chief Procurement Officer at Vattenfall AB 2010–2013. Prior to that leading Sourcing positions at NCC, RSA Scandinavia and within the Automotive Industry for Scania, Saab and General Motors. Chair of the Board of Veracel. Member of the Board of Höegh Autoliners AS and Montes del Plata.

Shareholding in Stora Enso

43,408 R shares

Tuomas Hallenberg

Born 1971. Male. M.Sc. (Forestry), MBA.

Position

Executive Vice President, Forest, Country Manager Finland. Member of the GLT since joining the company in 2024.

Board memberships, principal work experience and other information

SVP, Property Development and Renewables at Metsähallitus (the Finnish national forest company) 2020–2024. Prior to that several leadership roles at Metsähallitus since 2014. Various leadership and management roles at UPM, mainly in the wood sourcing and forest operations 1998–2014. Member of the Board of the Defence Guilds' Federation of Finland and Finnish Forest Industries Federation. Member of the Business Council of International Chamber of Commerce Finland.

Shareholding in Stora Enso

0

Hannu Kasurinen

Born 1963. Male.

Position

Executive Vice President, Containerboard. Member of the GLT since 2019. Joined the company in 1993.

Board memberships, principal work experience and other information

Several leadership positions in Stora Enso, including EVP Packaging Materials, EVP and SVP, Liquid Packaging and Carton Board in Consumer Board Division, Group Treasurer, SVP of Strategy and EVP of Wood Products Division.

Shareholding in Stora Enso

65,929 R shares

{33}------------------------------------------------

Katariina Kravi

Born 1967. Female. LL.M., Trained on the Bench.

Position

Executive Vice President, People and Communication. Member of the GLT since joining the company in 2020.

Board memberships, principal work experience and other information

EVP, HR and Chief People and Culture Officer at Tieto Oyj 2012–2020. Prior to that several HR management positions at Nokia. Vice Chair of the Board of Elisa Oyj. Member of the supervisory board of Varma Mutual Pension Insurance Company.

Shareholding in Stora Enso

18,217 R shares

Markku Luoto

Born 1984. Male. M.Sc. (Tech.), MBA.

Position

Executive Vice President, Foodservice and Liquid Board. Member of the GLT since 1 July 2025. Joined the company in 2010.

Board memberships, principal work experience and other information

Several previous leadership positions in Stora Enso within Packaging Materials.

Shareholding in Stora Enso

5,194 R shares

Niclas Rosenlew

Born 1972. Male. M.Sc. (Finance).

Position

CFO and member of the GLT since joining the company on 13 January 2025.

Board memberships, principal work experience and other information

CFO at AB SKF 2019–2024. CFO at Basware 2014–2019. Prior to that senior positions at Microsoft and Nokia. Member of the Supervisory Board of A. Ahlström.

Shareholding in Stora Enso

10,541 R shares directly, 900 R shares through related persons (spouse)

Micaela Thorström

Born 1976. Female. LL.M.

Position

Executive Vice President, Legal and General Counsel. Member of the GLT since 2023. Joined the company in 2015.

Board memberships, principal work experience and other information

VP, Group Legal 2022–2023. Legal Counsel 2015–2022. Prior to joining Stora Enso several senior-level positions at Finnish companies and law firms such as PricewaterhouseCoopers, Hannes Snellman, Lindholm Wallgren Attorneys and Roschier. Member of the Board of Securities Market Association. Member of the Nomination Committee of Finnish Fair Foundation. Member of the supervisory board of

Shareholding in Stora Enso

1,086 R shares

Ilmarinen.

Lars Völkel

Born 1975. Male. M.Sc. (BA).

Position

Executive Vice President, Wood Products. Member of the GLT since joining the company in 2020.

Board memberships, principal work experience and other information

CEO of Ambibox GmbH 2018–2020. CEO of Franke Kitchen Systems 2014–2017. EVP Luxury retail & CEO of Poggenpohl at Nobia 2011– 2014. Has held various managerial positions at Electrolux incl. VP Western Europe.

Shareholding in Stora Enso

29,355 R shares

Carolyn Wagner

Born 1968. Female. Grad. Eng. (Packaging Technology)

Position

Executive Vice President, Packaging Solutions. Member of the GLT since joining the company in 2024.

Board memberships, principal work experience and other information

Divisional CEO of the Packaging Division at the German Klingele Paper & Packaging Group 2021–2024. Prior to that several senior positions at other corrugated packaging companies, amongst others, DS Smith and SCA. Member of the Advisory Board of Herma GmbH & Co.

Shareholding in Stora Enso

0

Pasi Kyckling, Acting CFO until 12 January 2025 was not a member of GLT.

Per Lyrvall, Country Manager Sweden was a member of GLT until 31 March 2025.

The People function was moved to People and Legal, and the Communication function was moved to Finance as of 1 January 2026.

{34}------------------------------------------------

Appendix 1

Due to differences between Swedish and Finnish legislation, governance code rules and corporate governance practices Stora Enso's Corporate Governance deviates in the following aspects from the Swedish Corporate Governance Code:

Rule 1.4 The company's nomination committee is to propose a chair for the annual general meeting. The proposal is to be presented in the notice of the meeting.

• According to Finnish annual general meeting (AGM) practice, the Chair of the Board of Directors opens the meeting and proposes the chair for the AGM. The proposed chair is normally an attorney-at-law.

Rule 2.1 The nomination committee is also to make proposals on the election and remuneration of the statutory auditor.

• According to the Finnish Code, the Financial and Audit Committee shall make a recommendation on the auditor election for the Board, which shall give its proposal on the matter to the AGM.

{35}------------------------------------------------

Shareholders

Information for shareholders	37
Stora Enso in the capital markets	38
Country-by-country reporting of income taxes	45

{36}------------------------------------------------

Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

Information for shareholders

Annual General Meeting (AGM)

Stora Enso Oyj's Annual General Meeting (AGM) will be held on Tuesday 24 March 2026 at 16:00 EET at Finlandia Hall in Helsinki.

Shareholders are invited to a Q&A session with Stora Enso's President and CEO Hans Sohlström and CFO Niclas Rosenlew at Finlandia Hall, prior to the AGM. The event will take place from 14:30 to 15:30 EET. Please note that this event is not part of the AGM and will be conducted in Finnish.

Detailed information on how to register for the Annual General Meeting (AGM) and vote in advance is available on Stora Enso's website at storaenso.com/agm.

AGM and dividend in 2026

12 March Record date for AGM

24 March Annual General Meeting (AGM)

26 March Record date for dividend (first instalment)

8 April Dividend payment (first instalment) 25 September Record date for dividend (second instalment)

2 October Dividend payment (second instalment)

Dividend

The Board of Directors proposes to the AGM that a dividend of EUR 0.25 per share to be distributed on the basis of the balance sheet adopted for the year ending 31 December 2025. The Board of Directors proposes that the dividend be paid in two instalments.

Publications dates in 2026

4 February Full-year report for 2025 12 February Annual Report 2025

7 May Interim report for January–March 2026 23 July Half-year report for January–June 2026 30 October Interim report for January–September 2026

Distribution of financial information

Stora Enso's Annual Report in English can be downloaded as a PDF file at storaenso.com/annualreport.

The official financial statements in Finnish are available at the same address. The governance and remuneration sections are also available in Finnish. The interim, half-year and full-year reports are published in English and Finnish at storaenso.com/press.

Information for holders of American Depositary Receipts (ADRs)

The Stora Enso dividend reinvestment and direct purchase plan is administered by Citibank N.A. The plan makes it easier for existing ADR holders and first-time purchasers of Stora Enso ADRs to increase their investment by reinvesting cash distributions or by making additional cash investments. The plan is intended for US residents only. Further information on the Stora Enso ADR programme is available at citi.com/DR.

Contact information for Stora Enso ADR holders

Citibank Shareholder Services Computershare P.O. Box 43077 Providence, Rhode Island 02940-3077 Email: citibank@shareholders-online.com Toll-free number: (877)-CITI-ADR Direct dial: (781) 575-4555

Investor relations contact

storaenso.com/investors investor.relations@storaenso.com

{37}------------------------------------------------

Stora Enso in the capital markets

Shares and shareholders

Shares and voting rights

The shares of Stora Enso Oyj are divided into A and R shares, which entitle holders to the same dividend but different voting rights. Each A share and every ten R shares carry one vote at a shareholders' meeting. However, each shareholder has at least one vote. As at 31 December 2025, Stora Enso had 175,542,421 A shares and 613,077,566 R shares in issue, of which the Company held no A shares or R shares. The total number of Stora Enso shares in issue was 788,619,987 and the total number of votes was 236,850,177.

Share listings

Stora Enso shares are listed on the Nasdaq Helsinki and the Nasdaq Stockholm. Stora Enso shares are quoted in Helsinki in euros (EUR) and in Stockholm in Swedish crowns (SEK).

American Depositary Receipts (ADRs)

Stora Enso has a sponsored Level I American Depositary Receipts (ADR) facility. Stora Enso ADRs are traded over-the-counter (OTC) in the USA. The ratio between Stora Enso ADRs and R shares is 1:1, i.e. one ADR represents one Stora Enso R share. Citibank, N.A. acts as the depositary bank for the Stora Enso ADR programme. The trading symbols of the ADRs and Ordinary Shares are SEOAY, SEOFF, SEOJF. The CUSIP number is 86210M106.

Share registers

The Company's shares are entered in the Book-Entry Securities System maintained by Euroclear Finland Oy, which also maintains the official share register of Stora Enso Oyj. As at 31 December 2025, 788,619,987 of the Company's shares including both A and R shares were registered in Euroclear Finland, 64,198,452 A and R shares in Euroclear Sweden AB and 11,686,435 shares in ADR form at Citibank, N.A.

Distribution by book-entry system, 31 December 2025

Number of shares	Total	A shares	R shares
Euroclear Finland Oy	788,619,987	175,542,421	613,077,566
Euroclear Sweden AB1	64,198,452	3,944,182	60,254,270
Citi administered ADRs1	11,686,435	-	11,686,435
Total	788,619,987	175,542,421	613,077,566

¹ Shares registered in Euroclear Sweden and ADRs are both nominee registered in Euroclear Finland.

Trading codes and currencies

	Helsinki	Stockholm	OTC
A share	STEAV	STE A	-
R share	STERV	STE R	-
ADRs	-	-	SEOAY
Segment	Large Cap	Large Cap	-
Sector	Materials	Materials	-
Currency	EUR	SEK	USD
ISIN, A share	FI0009005953	FI0009007603
ISIN, R share	FI0009005961	FI0009007611
CUSIP	-	-	86210M106
Reuters			STERV.HE
Bloomberg			STERV FH Equity

Stora Enso's activities during 2025

Stora Enso's Investor Relations activities in 2025 focused on promoting a fair valuation of the Company and ensuring continued access to funding sources in the equity markets. The Investor Relations (IR) team provided timely and accurate information on the development of the Company's business operations, strategy, performance, markets, and financial position.

Throughout the year, the IR team conducted numerous individual and group meetings, both in person and virtually, with equity investors. These meetings were separately and with the senior management team members and other experts at Stora Enso. The team also maintained regular contact with equity research analysts at investment banks and brokerage firms. Additionally, the team organised site visits to Stora Enso mills in the Nordics. To further engage with investors, the senior management and the IR team members gave presentations at virtual and live investor conferences in the Nordics, Continental Europe, Latin America and the United Kingdom. Stora Enso also hosted a Capital Markets Day in

London 25 November 2025, the event was also available through a webcast.

Overall, Stora Enso's Investor Relations activities in 2025 successfully maintained strong relationships with investors and ensured continued access to funding sources, while also promoting the Company's commitment to sustainability.

Disclosure of financially material ESG topics for investors

Stora Enso's reporting on the material ESG topics is prepared according to several internationally recognised frameworks.

The Sustainability Statement, published as part of the Report of the Board of Directors, is prepared in accordance with the Corporate Sustainability Reporting Directive and the European Sustainability Reporting Standards. The statement provides a comprehensive overview of the risks and opportunities arising from social, environmental, and governance issues, and on the impact of the Group's activities on people and the environment. Stora Enso reports the share of its Taxonomy-eligible and Taxonomy-aligned activities in the 'EU Taxonomy' section of the Sustainability Statement. Stora Enso has identified six eligible activities to report in the EU Taxonomy.

For the financial year 2025, Stora Enso voluntarily reports on the interoperability between the ESRS (European Sustainability Reporting Standards) and the ISSB (International Sustainability Standards Board) sustainability disclosure standards. The content index table references IFRS S1 and S2 disclosure requirements against Stora Enso's Sustainability Statement.

Stora Enso reporting on the SASB's Sustainability Accounting Standards for Forest Management and Containers & Packaging relate to topics that are considered to be financially material in the industry. These include topics such as sustainable forest management and forest certification, greenhouse gas emissions, air quality, energy management, water management, product safety, product life cycle management, and supply chain management. For further details, see the SASB content index.

The Taskforce on Nature-related Financial Disclosures (TNFD) provides a framework for risk management and disclosure to identify, assess, respond to, and disclose nature-related issues. For further details on Stora Enso's TNFD-aligned report, see TNFD.

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Stora Enso's closed period start when the reporting period ends or 30 days prior to the announcement of the results, whichever is earlier, and lasts until the day of the announcement of the results. The dates are published in the financial calendar at storaenso.com/investors. During closed periods, Stora Enso PDMR's or persons entered into the Company's Closed Period List are not allowed to trade in the Company's securities. In addition, there are no communications in regards to the Group's financials and/or financially related topics with the capital markets or financial media during the closed period. This applies to meetings, telephone conversations or other means of communication.

Shareholders

At the end of 2025, the Company had approximately 107,566 registered shareholders, including about 48,027 Swedish and 58,690 Finnish shareholders and 849 ADR holders. Each nominee register is entered in the share register as one shareholder.

The free float of shares, excluding shareholders with holdings of more than 5% of shares or votes, is approximately 600 million shares, corresponding to 76% of the total number of shares issued. The largest shareholder in the Company is Solidium Oy based in Finland.

Shareholdings of other Group-related bodies

On 31 December 2025, E.J. Ljungberg's Foundation owned 1,780,540 A shares and 2,336,224 R shares, Mr. and Mrs. Ljungberg's Testamentary Foundation owned 5,093 A shares and 13,085 R shares and Bergslaget's Healthcare Foundation owned 626,269 A shares and 1,609,483 R shares.

Ownership distribution, 31 December 2025

	% of shares		% of votes % of shareholders
Solidium Oy1	10.7%	27.4%	0.0%
FAM AB2	10.2%	27.4%	0.0%
Social Insurance Institution of Finland (KELA)	3.0%	10.1%	0.0%
Finnish institutions (excl. Solidium and KELA)	14.1%	9.2%	2.5%
Swedish institutions (excl. FAM)	2.3%	1.2%	1.7%
Finnish private shareholders	4.0%	2.4%	51.3%
Swedish private shareholders	3.1%	2.0%	42.7%
ADR holders	1.5%	0.5%	0.8%
Under nominee names	50.3%	19.8%	1.0%

¹ Entirely owned by the Finnish State

Ownership distribution, % of shares held

¹ Entirely owned by the Finnish State

Major shareholders as at 31 December 2025

By voting power	A shares		R shares % of shares % of votes
1 Solidium Oy¹	62,655,036	21,792,540	10.7%	27.4%
2 FAM AB²	63,123,386	17,000,000	10.2%	27.4%
3 Social Insurance Institution of Finland (KELA)	23,825,086	-	3.0%	10.1%
4 Ilmarinen Mutual Pension Insurance Company	4,159,992	21,930,000	3.3%	2.7%
5 Varma Mutual Pension Insurance Company	5,163,018	7,840,874	1.6%	2.5%
6 MP-Bolagen i Vetlanda AB²	4,936,000	1,000,000	0.8%	2.1%
7 Elo Mutual Pension Insurance Company	2,010,000	10,497,000	1.6%	1.3%
8 E.J. Ljungberg's Foundation	1,780,540	2,336,224	0.5%	0.9%
9 Bergslaget's Healthcare Foundation	626,269	1,609,483	0.3%	0.3%
10 Lannebo fonder	-	6,924,602	0.9%	0.3%
11 The State Pension Fund	-	5,900,000	0.7%	0.2%
12 Unionen (Swedish trade union)	-	5,150,000	0.7%	0.2%
13 The Society of Swedish Literature in Finland	-	4,020,600	0.5%	0.2%
14 Nordea Finnish Stars Fund	-	3,134,179	0.4%	0.1%
15 OP Finland Fund	-	2,897,999	0.4%	0.1%
Total	168,279,327	109,135,502	35.7%	75.8%
Nominee-registered shares³		74,387,486 460,355,727	67.8%	50.8%

¹ Entirely owned by the Finnish State

The list has been compiled by the Company on the basis of shareholder information obtained directly from the large shareholders, and from Euroclear Finland, Euroclear Sweden and a database managed by Citibank, N.A. This information includes directly registered holdings, thus certain holdings (which may be substantial) of shares held in nominee or brokerage accounts cannot be included. The list is therefore incomplete.

² As confirmed to Stora Enso

² As confirmed to Stora Enso

² As confirmed to Stora Enso

³ According to Euroclear Finland. As some of the shareholdings on the list are nominee registered, the percentage figures do not add up to 100%.

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Share capital

On 31 December 2025, the Company's fully paid-up share capital entered in the Finnish Trade Register was EUR 1,342 million. The current accountable par of each issued share is EUR 1.70.

Conversion

According to the Articles of Association, holders of Stora Enso A shares may convert these into R shares at any time. The conversion of shares is voluntary. The conversions of a total of 121,658 A shares into R shares were recorded in the Finnish Trade Register during the year 2025.

Equity per share

Dividend per share

¹ Board of Directors' proposal to the AGM for distribution of dividend. The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth quarter of 2026.

Changes in share capital 2016–2025

	No. of A shares issued	No. of R shares issued	Total no. of shares	Share capital (EUR million)
Stora Enso Oyj, 31 Dec 2016	176,507,090		612,112,897 788,619,987	1,342
Conversion of A shares into R shares, Dec 2016–Nov 2017	-114,770	114,770	-	-
Stora Enso Oyj, 31 Dec 2017		176,392,320 612,227,667 788,619,987		1,342
Conversion of A shares into R shares, Dec 2017–Nov 2018	-79,648	79,648	-	-
Stora Enso Oyj, 31 Dec 2018		176,312,672 612,307,315 788,619,987		1,342
Conversion of A shares into R shares, Dec 2018–Nov 2019	-55,838	55,838	-	-
Stora Enso Oyj, 31 Dec 2019		176,256,834 612,363,153 788,619,987		1,342
Conversion of A shares into R shares, Dec 2019–Nov 2020	-2,419	2,419	-	-
Stora Enso Oyj, 31 Dec 2020		176,254,415 612,365,572 788,619,987		1,342
Conversion of A shares into R shares, Dec 2020–Nov 2021	-10,366	10,366	-	-
Stora Enso Oyj, 31 Dec 2021		176,244,049 612,375,938 788,619,987		1,342
Conversion of A shares into R shares, Dec 2021–Nov 2022	-5,769	5,769	-	-
Stora Enso Oyj, 31 Dec 2022	176,238,280		612,381,707 788,619,987	1,342
Conversion of A shares into R shares, Dec 2022–Nov 2023	-7,364	7,364	-	-
Stora Enso Oyj, 31 Dec 2023		176,230,916 612,389,071 788,619,987		1,342
Conversion of A shares into R shares, Dec 2023–Nov 2024	-566,837	566,837	-	-
Stora Enso Oyj, 31 Dec 2024		175,664,079 612,955,908 788,619,987		1,342
Conversion of A shares into R shares, Dec 2024–Nov 2025	-121,658	121,658	-	-
Stora Enso Oyj, 31 Dec 2025		175,542,421 613,077,566 788,619,987		1,342

For more historical data about the share capital, please visit storaenso.com/investors/shares.

Share price performance and volumes Helsinki

The Stora Enso R (STERV) share price increased by 10% during 2025 (24% decrease in 2024). Over the same period, the OMX Helsinki Index increased by 28% (7% decrease in 2024) and the OMX Helsinki Basic Materials Index was flat (22% decrease in 2024).

Stockholm

The Stora Enso R (STE R) share price increased by 4% during 2025 (21% decrease in 2024). Over the same period, the OMX Stockholm Index increased by 16% (6% increase in 2024) and the OMX Stockholm Basic Materials Index increased by 17% (10% decrease in 2024).

OTC

Stora Enso ADR (SEOAY) share price increased by 24% during 2025 (27% decrease in 2024). Over the same period, the Standard & Poor's Global Timber and Forestry Index decreased by 6% (6% decrease in 2024).

The volume-weighted average price of R shares over the year was EUR 9.44 in Helsinki (EUR 11.53 in 2024), SEK 105.24 in Stockholm (SEK 130.79 in 2024) and USD 10.75 on the OTC in the USA (USD 12.58 in 2024). Total market capitalisation of the Company was EUR 9.2 billion (EUR 8.3 billion) at the end of 2025.

Share prices and volumes in 2025

			Helsinki, EUR Stockholm, SEK	OTC, USD
	A share	11.20	126.00
High	R share	11.21	125.70	12.59
	A share	7.98	86.60
Low	R share	7.37	81.70	8.20
	A share	10.65	117.00
Closing, 30 Dec 2025	R share	10.71	115.60	12.52
	A share	10.0%	6.4%
Change from previous year R share		10.2%	3.7%	23.7%
	A share	1,593,641	858,928
Cumulative trading volume, no. of shares	R share	476,745,699	114,786,898	16,411,690

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Helsinki, Stora Enso A

Helsinki, Stora Enso R

Stockholm, Stora Enso R

New York, Stora Enso ADR

Stora Enso R share vs Nasdaq Helsinki indices

Market capitalisation on Nasdaq Helsinki

{41}------------------------------------------------

Stora Enso actively participates in the following ESG assessment schemes:

ESG rating	Stora Enso score / best possible score	Rating compared to peers
CDP	Climate A/A Forest A-/A Water B/A	Among the highest ranked in the industry
FTSE Russell		4.6/5 Among the highest ranked in the industry
ISS Corporate Rating		B-/A+ Among the highest ranked in the industry
ISS QualityScore	Governance 5/1 Social 1/1 Environment 2/1*	Above the industry average
MSCI		AAA/AAA Among the highest ranked in the industry
Sustainalytics		14.3/0** Among the highest ranked in the industry

^*1 to 10 (1 indicating the lowest risk)

Stora Enso is included in several stock market indices worldwide. Stora Enso is also included in several stock market ESG indices worldwide. These indices provide investors with a representation of the performance of leading companies based on various categories and specific ESG criteria.

Stora Enso is included in the following indices amongst others

OMX INDICES	STOXX INDICES	FTSE INDICES	MSCI INDICES	EURONEXT INDICES	SUSTAINABILITY INDICES
OMX Helsinki	EURO STOXX	FTSE RAFI All-World 3000	MSCI Finland	Euronext Europe 500	Euronext Climate Europe
OMX Helsinki 25	EURO STOXX Mid	FTSE Developed Europe All Cap MSCI Europe		Euronext World	Euronext Low Carbon 300 World PAB
OMX Helsinki Large Cap	STOXX Developed World	FTSE Finland 25 Index	MSCI World	Euronext Developed Market	FTSE4Good Index
OMX Helsinki Basic Materials	STOXX Developed Europe		MSCI World IMI		MSCI Acwi ESG Leaders
OMX Stockholm Large Cap	STOXX Global 3000		MSCI ACWI IMI		MSCI World Climate Change CTB
OMX Stockholm Basic Materials	STOXX Nordic				MSCI World ESG Leaders
Nasdaq OMX Nordic 120					MSCI World SRI
					OMX Sustainability Finland
					STOXX Europe Sustainability
					STOXX Global ESG Leaders
					ISS STOXX World AC Biodiversity

^**0 to 100 (0 indicating the lowest risk)

{42}------------------------------------------------

Key share data 2015–2025, total operations (for calculations see Alternative performance measures)

Key share data 2015–2025, total operations (for calculations see Alternative performance measures) According to Nasdaq Helsinki	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Earnings per share, EUR	0.88	-0.17	-0.45	1.97	1.61	0.79	1.12	1.28	0.79	0.59
– diluted, EUR	0.88	-0.17	-0.45	1.97	1.61	0.79	1.12	1.28	0.79	0.59
– excl. FV, EUR 1	0.41	0.56	-0.73	1.55	1.19	0.45	0.61	1.26	0.89	0.65
Equity/share, EUR	13.69	12.86	13.93	15.89	13.55	11.17	9.42	8.51	7.62	7.36
Dividend/share, EUR2	0.25	0.25	0.20	0.60	0.55	0.30	0.30	0.50	0.41	0.37
Payout ratio excluding FV % 3	60.4 %	-44.6 %	-27.4 %	38.6	46.3	66.7	49.2	39.7	46.1	56.9
Dividend yield, %
A share	2.3	2.6	1.6	4.3	3.3	1.9	2.2	4.5	3.1	3.6
R share	2.3	2.6	1.6	4.6	3.4	1.9	2.3	5.0	3.1	3.6
Price/earnings ratio (P/E), excl. FV
A share	25.9	-17.3	-17.1	9.0	14.0	35.3	22.2	8.8	14.8	16.0
R share	25.7	-17.3	-17.2	8.5	13.6	34.8	21.2	8.0	14.9	15.7
Share prices for the period, EUR
A share
– closing price	10.65	9.68	12.45	13.90	16.60	15.90	13.55	11.05	13.20	10.40
– average price	9.83	11.54	12.82	16.61	16.68	12.06	12.88	16.36	11.93	8.50
– high	11.30	14.00	15.55	20.60	18.70	16.20	14.45	18.45	13.79	10.45
– low	7.84	9.10	11.00	13.40	14.45	9.26	10.85	10.75	10.26	6.56
R share
– closing price	10.71	9.72	12.53	13.15	16.14	15.65	12.97	10.09	13.22	10.21
– average price	9.44	11.53	11.93	16.12	15.70	11.52	11.05	14.61	11.54	7.88
– high	11.29	13.84	14.25	20.01	17.67	15.85	13.05	18.29	13.75	10.28
– low	7.10	9.12	10.11	12.66	13.67	7.25	9.10	9.92	9.70	6.50
Market capitalisation at year-end, EUR million
A share	1,870	1,700	2,194	2,450	2,926	2,802	2,388	1,948	2,328	1,836
R share	6,563	5,957	7,670	8,053	9,884	9,580	7,939	6,175	8,094	6,250
Total	8,433	7,657	9,864	10,503	12,809	12,383	10,328	8,123	10,422	8,085
Number of shares at the end of period, (thousands)
A share	175,542	175,664	176,231	176,238	176,244	176,254	176,257	176,313	176,392	176,507
R share	613,078	612,957	612,389	612,382	612,376	612,366	612,363	612,307	612,228	612,113
Total	788,620	788,620	788,620	788,620	788,620	788,620	788,620	788,620	788,620	788,620
Trading volume, (thousands)
A share	1,594	1,199	968	1,174	1,750	4,662	1,299	3,068	6,768	1,254
% of total number of A shares	0.9	0.7	0.5	0.7	1.0	2.6	0.7	1.7	3.8	0.7
R share	476,746	425,082	476,654	455,952	422,493	605,233	679,475	610,300	571,717	765,122
% of total number of R shares	77.8	69.3	77.8	74.5	69.0	98.8	111.0	99.7	93.4	125.0
Average number of shares (thousands)
basic	788,620	788,620	788,620	788,620	788,620	788,620	788,620	788,620	788,620	788,620
diluted	789,697	789,772	789,714	789,391	789,126	789,182	789,533	789,883	790,024	789,888

¹ Earnings per share (EPS) excl. FV was added to the list of non-IFRS measures in 2020 replacing the key figure of EPS excl. IAC. Comparatives are recalculated for 2018-2019. For 2015–2017 table includes EPS excl. IAC figures.

2 Board of Directors' proposal to the AGM for distribution of dividend for 2026. 3 Excluding IAC in 2011–2017 IAC = Items affecting comparability

{43}------------------------------------------------

.

Debt investors

Funding strategy

Stora Enso's funding strategy is based on the Group's financial targets. Stora Enso should have access to sufficient and competitively priced funding at any time to be able to pursue its strategy and achieve its financial targets. Stora Enso maintains consistent dialogue with fixedincome community with informative and transparent communication and meetings in conferences and roadshows. The Company's Treasury function is responsible for fixed income investor communication.

Funding is obtained in the currencies of the Group's investments and assets (primarily EUR, SEK, CNY and USD). Commercial paper markets are used for short-term funding and liquidity management.

In 2025, the liquidity and funding position continued to be strong. Stora Enso had approximately EUR 1.2 billion cash and cash equivalents at 31 December 2025. The Company also had in total EUR 800 million committed undrawn credit facilities at year-end. Stora Enso has a good access to various funding sources.

Public debt structure as at 31 December 2025

	EUR	USD	SEK
Public issues		EUR 300 million 2027 USD 300 million 2036 SEK 2950 million 2027
	EUR 300 million 2028		SEK 2750 million 2028
	EUR 500 million 2029
	EUR 500 million 2030
Private placements EUR 25 million 2027			SEK 1000 million 2026
			SEK 425 million 2033

Debt programmes and credit facilities as at 31 December 2025

	EUR	SEK
Commercial paper programmes	Finnish Commercial Paper Programme EUR 750 million	Swedish Commercial Paper Programme SEK 10 000 million
EMTN (Euro Medium-Term Note programme)	EUR 5 000 million
Back-up facility	EUR 700 million sustainability linked revolving credit facility 20281
	EUR 100 million Bilateral Committed Credit Facility 2027 undrawn

¹ Undrawn committed credit facility EUR 700 million. Part of the pricing for the facility agreement is based on Stora Enso's Science Based Targets to combat global warming by reducing greenhouse gases, including CO²

Stora Enso has integrated sustainability agenda to its funding and financial services. The Group has the long-term aim to secure funding partners that have sustainability as a fundamental part of their agenda. It aims to influence and develop the financial markets to ensure that sustainability becomes an integral part of decisions and credit evaluation. For more information, visit storaenso.com/investors.

Green bonds

In 2025, Stora Enso did not issue any bonds. Stora Enso has a Green and Sustainability-Linked Financing Framework. The framework is based on Stora Enso's sustainability agenda and goals, driving the transformation towards a circular bioeconomy.

The green financing element of the framework comprises the following six eligible asset categories: sustainable forest management; sustainable product processes, energy efficiency, renewable energy and waste to energy, sustainable water management, and waste management and pollution control. The categories are designed to promote the transition towards a low-carbon and environmentally sustainable society in accordance with Stora Enso's sustainability agenda. The sustainabilitylinked financing element specifies key performance indicators for Stora Enso's performance on climate change, biodiversity and circularity.

Read more about sustainable financing on Stora Enso's website: Sustainable finance.

Rating strategy

Stora Enso Group's target is to have at least one public credit rating with the ambition to remain investment grade and sustain such metrics throughout business cycles. The present rating and outlook from Moody's and Fitch Ratings are shown below.

Ratings as at 31 December 2025

Rating agency	Long/short-term rating	Valid from
Fitch Ratings	BBB- (stable)	17 July 2025
Moody's	Baa3 (stable) / P-3	21 November 2024

Stora Enso's current credit ratings are: Baa3 with stable outlook from Moody's and BBB- with stable outlook from Fitch Ratings. Both ratings correspond to an Investment Grade rating.

Stora Enso's goal is to ensure that rating agencies continue to be comfortable with Stora Enso's strategy and performance. The Company's strategy is to achieve liquidity well in line with the comfort level of the agencies. Review meetings are arranged with the Stora Enso management annually, and regular contact is maintained with the rating analysts.

Read more about debt and loans in note 5.3 Interest-bearing assets and liabilities.

{44}------------------------------------------------

Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

Country-by-country reporting of income taxes

Stora Enso provides information on the Group's tax approach and reports details of the corporate income taxes paid by the Group as required by EU Public Country by Country Reporting Directive 2021/2101. The aim of the Directive is to strengthen corporate social responsibility by disclosing how companies support local welfare through country-by-country tax payments and prevent harmful tax practices.

In this report, Stora Enso describes its tax policy and approach to tax and explains its processes around tax governance, controls, and risk management. Moreover, Stora Enso describes how it engages with stakeholders and deals with any concerns there may be related to tax. The Group also discloses a report of the corporate income taxes paid and accrued, and other financial country-by-country information as required by the Directive.

Tax policy

The Stora Enso Tax Policy addresses the Group's tax strategy, including approach to tax, tax governance, compliance, tax risk management and tax authority co-operation. The Tax Policy has been approved by the President and CEO of Stora Enso and is reviewed annually. This report discusses the principles of the Tax Policy.

Approach to tax

As a responsible taxpayer, Stora Enso is committed to observing the letter and the spirit of applicable tax laws, rules and regulations, including international transfer pricing guidelines and local legislation in all jurisdictions where it conducts business activities or has otherwise any tax obligation. In addition to legal and regulatory requirements, the tax principles comply with Stora Enso's values to 'Lead' and 'Do what's right'. The strategic priorities of Stora Enso's tax function are confirmed annually by the Group CFO.

Stora Enso seeks to ensure that the tax strategy is aligned with the Group's business and commercial strategy. Stora Enso only undertakes tax planning that is duly aligned to economic activity and does not take aggressive tax planning positions. This means that all tax decisions are made in response to commercial activity, and tax is one of many other factors that are considered when making business decisions. Stora Enso has an obligation to manage tax costs as part of the Company's financial responsibility to societies and shareholders. Stora Enso may therefore respond to tax incentives and exemptions granted by governments on reasonable grounds, and currently has operations in countries that offer

favourable tax treatments, where their location also is justified by sound commercial considerations.

The joint operation Montes del Plata operates a pulp mill in a Special Economic Zone with favourable tax treatment in Uruguay. As of 2024 the operations are subject to the global minimum tax requirement under the OECD Pillar Two rules, with potential additional tax.

In addition, Stora Enso conducts business, mainly consisting of sales support services, in the United Arab Emirates, Singapore, and Hong Kong.

Tax governance, control, and risk management

Stora Enso acts, as part of protecting shareholder value, with integrity in all tax matters. The Group's Tax team, reporting to the Group CFO, works closely with the businesses and other internal stakeholders to identify and manage business and compliance tax risks to ensure a sustainable yet business feasible platform for operations. The Group's Tax team regularly reports key tax matters to the Group management and the Finance and Audit Committee of the Board of Directors.

Tax affairs are managed under an extensive set of Group policies and guidelines. Internal stakeholders are continuously trained on tax-related matters to enhance capabilities and improve overall tax compliance and quality of tax reporting. Compliance processes are subject to internal controls, and tax risks are annually reviewed as part of the Group's risk management process. The Tax team monitors changes in tax legislation and regularly reviews tax affairs and risks with stakeholders to ensure that Stora Enso can sufficiently identify, assess, and mitigate tax risk.

In case employees have any concerns about unethical or unlawful behaviour or the Company's integrity, the anonymous Speak Up Hotline can be used to report any suspected cases also regarding tax matters.

Stakeholder engagement and concerns related to tax

Stora Enso's commitment to tax transparency is also reflected in the Group's relationships with tax authorities and governments. Stora Enso seeks to work positively, proactively and openly with tax authorities on a global basis, utilising transparent advance processes to minimise potential disputes. Stora Enso also works with government representatives, mainly through associations, by providing corporate views and impacts at request to aid law-making and implementation. Stora Enso responds to investor enquiries and constantly follows the development of tax sustainability and transparency expectations.

Country-by-country reporting of income taxes in 2025: How to read the report

The country-by country (CbC) data is reported according to the EU Directive 2021/2101. The directive requires reporting of financial information for all entities located in European Economic Area (EEA) per country. Also, entities in specified jurisdictions which are listed as "non-cooperative" by the EU are reported per country, and the rest of the countries in aggregate. The required financial information in the CbC report is the sum of the legal entities' local standalone IFRS reported balances in each country. Group level consolidation adjustments, such as elimination of group internal transactions, are excluded. Due to this the financial information does not fully reconcile to what is presented in the consolidated financial statements for 2025. The reported amounts exclude value adjustments and group internal dividends.

In the CbC report, revenues represent the total amount of income of the entities in the jurisdiction.

Profit/loss before tax is the total amount of the group entities' profit or loss before tax in the jurisdiction, as reported under IFRS. The reported amounts include differences between accounting and taxation, such as depreciation differences, and thus do not represent the taxable income on which taxes are calculated in the jurisdiction's taxation.

Income tax paid on a cash basis contains the total of income taxes paid or received during the reported period by the companies in the jurisdiction to the home jurisdiction and all other jurisdictions. The amount contains tax payments and refunds for previous years and excess payments refundable in following years. Therefore, the cash tax payment is not directly comparable to the reported profit or loss before tax for the reporting period.

Income tax accrued on profit/loss is the IFRS reported current tax expense of the reported period. The amounts do not include deferred taxes from temporary differences and tax losses and thus do not represent the total tax expense of the entities in the income statement. The amounts do not contain taxes from previous periods.

Accumulated earnings consist of the retained earnings under IFRS of the companies in the jurisdiction. Number of employees is the number of fulltime equivalents in the jurisdiction at the end of the year. Primary activities in the jurisdiction lists the main activities of all group entities in the jurisdiction.

{45}------------------------------------------------

Country-by-country information for financial year 2025

The Group's ultimate parent company is Stora Enso Oyj (Finland). The list of Stora Enso group subsidiaries can be found in section 6.2 of the Notes to the consolidated financial statements in the Annual Report. The table below provides the country-by-country financial information for 2025 on entities established in the EEA countries or specified jurisdictions which are listed as "non-cooperative" by the EU, reported in thousand euros.

A Finnish language version of the public country-by-country reporting can be found here.

Country-by-country information for financial year 2025

MEUR	Total revenue	Profit/loss before income tax	Income tax paid (on cash basis)	Income tax accrued	(current year) Accumulated earnings		Number of employees Primary activity in jurisdiction
Stora Enso Group	16,123,430	220,987	48,642	60,328	8,409,855	18,333
Austria	444,572	22,234	1,930	4,393	135,379		978 Manufacturing, sales
Belgium	350,220	25,836	6,106	6,275	21,405		482 Manufacturing, sales
Germany	109,106	-5,554	777	2,427	-68,390		447 Manufacturing, sales
Estonia	195,524	8,089	2,481	1,692	135,789		480 Manufacturing, sales, support services
Spain	3,129	254	97	63	837		13 Support services
Finland	6,440,598	-166,016	1,334	207	1,235,199		4,874 Manufacturing, R&D, procurement, sales, group management
France	61,157	5,208	57	0	-77,835		24 Sales, support services
Italy	5,611	2,302	1,433	656	1,210		28 Support services
Lithuania	118,598	3,639	647	1,005	24,999		300 Manufacturing, sales
Latvia	183,431	7,807	2,507	1,262	38,625		355 Manufacturing, sales
Netherlands	526,148	6,566	3,046	1,889	176,810		677 Manufacturing, sales, support services
Portugal	2	1	-5	0	0		0 Support services
Slovenia	24,919	619	111	136	3,158		5 Sales
Slovakia	511	9	5	4	227		1 Procurement
Czechia	413,023	15,079	2,207	3,125	85,338		1,134 Manufacturing, sales
Denmark	852	-108	133	0	668		2 Support services
Poland	828,141	36,799	3,676	12,831	197,644		1,862 Manufacturing, sales
Sweden	4,545,662	45,368	4,496	3,955	7,659,551		3,342 Manufacturing, R&D, procurement, sales, group management, forestry
Norway	132,818	148	90	33	1,902		4 Procurement
Turkey	476	89	12	1	157		2 Support services
All other	1,738,931	212,620	17,499	20,373	-1,162,819		3,322 Manufacturing, sales, support services, forestry, procurement
Stora Enso Group	16,123,430	220,987	48,642	60,328	8,409,855	18,333

{46}------------------------------------------------

Report of the Board of Directors

Introduction	48
Business model	48
Strategy	48
Year 2025	49
Markets and deliveries	50
Alternative performance measures	50
Financial results – Group	51
Financial results – Segments	53
Capital expenditure	55
Innovation, research and development	55
Employees	55
Nature-related financial disclosures (TNFD)	55
Risk management	56
Approach to risk management	56
Risk governance	56
Risk management process	56
Main risks	57

Shares and governance	60
Share capital	60
Governance	6
Related party transactions	62
Legal proceedings	62
Changes in the Group management	62
Resolutions by the Annual General Meeting	62
Outlook	63
Short-term outlook	63
Sensitivity analysis	63
Short-term risks	63
Proposal for the distribution of dividend	63
Events after the reporting period	64
Alternative performance measures	65
Sustainability Statement	68
General information	69
Environmental information	87
Social information	116
Governance information	129

{47}------------------------------------------------

Introduction

Business model

Stora Enso is a global leader in renewable materials, with increasing focus on packaging, accelerating the transition to a circular bioeconomy. We are a reliable and trusted partner, delivering high-quality, competitive packaging materials and solutions for a growing variety of end-uses and demanding applications. Together with our customers, we reimagine packaging and co-create renewable material alternatives, made from fresh and recycled fibers.

Stora Enso had approximately 19,000 employees at the end of 2025. The Group's sales in 2025 totalled EUR 9.3 billion, with an adjusted EBIT of EUR 528 million. Stora Enso shares are publicly listed on the Helsinki (STEAV, STERV) and Stockholm (STE A, STE R) stock exchanges. In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF).

Strategy

Stora Enso's purpose is to replace non-renewable materials with renewable products, driving innovation and sustainability while maximising shareholder value. With the ongoing process to separate the Group's Swedish forest assets into a new publicly listed company, Stora Enso is strengthening its position as a global leader in renewable materials, focusing on packaging, with a highly diversified customer base and strong market positions, and a more focused strategy going forward.

Strategic priorities

Stora Enso's strategy is anchored in four main priorities:

• Lead in customer value creation through innovation, quality and sustainability
• Grow faster than market with superior customer offering, leading technology and operational efficiency
• Expand margins through business focus, positive performance culture and systematic value creation
• Generate cash with high conversion ratio and disciplined capital allocation

Core strengths

Stora Enso's competitive advantage is underpinned by leading market positions, a broad and differentiated product portfolio, and a modern, cost-effective asset base. Vertical integration ensures efficient wood supply and reliable production, while strategic investments in technology and facilities support long-term growth and margin expansion.

Market position and opportunities

The company is well placed to capitalise on global trends favouring sustainability, with increasing demand for renewable packaging. Regulatory changes and heightened consumer awareness further support growth prospects. Strategic investments and acquisitions have reinforced Stora Enso's market position and ability to capture new opportunities.

Margin expansion and operational excellence

Margin expansion remains central, driven by ongoing strategic review, restructuring, and operational excellence initiatives. Systematic cost reductions, efficiency improvements, and continuous improvement programmes are embedded in daily operations, ensuring sustained profitability and value creation.

Key figures

	2025	2024	2023
Sales growth	3 %	-4 %	-20 %
Adjusted EBIT margin	5.7 %	6.6 %	3.6 %
Adjusted ROCE¹ excl. Forest	2.7 %	3.6 %	1.0 %
Net debt to adjusted EBITDA¹	2.8	3.0	3.2
Dividend per share (EUR)2	0.25	0.25	0.20
Non-financials
Reduction of absolute CO2e emissions (Scope 1 and 2) from 2019 base year	-61 %	-53 %	-43 %
Reduction of absolute CO2e emissions (Scope 3) from 2019 base year	-38 %	-39 %	-35 %
Forest certification coverage	99 %	99 %	99 %
Circularity	94 %	94 %	93 %

¹ Last 12 months

² Dividend proposal for 2025. The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth quarter of 2026. Stora Enso's policy is to distribute 50% of EPS excluding fair valuation over the cycle.

{48}------------------------------------------------

Year 2025

Stora Enso's development in 2025 was characterised by financial improvement, strategic asset management, organisational transformation, and a continued focus on operational excellence. Despite market volatility and subdued demand, the Group's proactive measures and structural changes strengthened its competitiveness and resilience in an evolving global environment.

The operating environment remained exceptionally challenging in 2025. Market uncertainty was amplified by geopolitical tensions and supply chain disruptions, undermining consumer confidence and dampening demand across several business areas. Fluctuating demand, overcapacity, instability in the pulp market, and weakness in the construction sector exerted pressure on the entire industry.

Wood prices continued to rise and remained high throughout the year, increasing cost pressures, particularly in Finland and Sweden. This situation reinforced the need to adjust operations, enhance efficiency, and safeguard long-term competitiveness.

Despite the challenging market conditions, Stora Enso continued to strengthen profitability and secure cash flow. Net debt to EBITDA ratio improved to approximately 2.8x at the end of 2025, reflecting effective working capital management and targeted asset arrangements.

The value creation programme also progressed as planned. By year-end, its cumulative impact on results was significant, providing a solid foundation for further improvements in profitability.

Main strategic actions

Throughout 2025, Stora Enso pursued systematic efforts across the Group to improve profitability, cash flow, and cost competitiveness through initiatives in sourcing, operational efficiency, commercial excellence, working capital management, and fixed cost optimisation.

The new consumer board line at the Oulu site in Finland started operations in the beginning of 2025. The flexible converted line with an annual capacity of 750,000 tonnes produces folding box board (FBB) and coated unbleached kraft (CUK) for frozen, chilled and dry food, as well as beverage multi-packaging, primarily for customers in Europe and North America. The EUR 1 billion investment further strengthens the Group's strategic focus on renewable packaging materials.

The acquisition of the Finnish sawmill company Junnikkala Oy was finalised in May. It secures a cost-efficient wood supply to Stora Enso's packaging board site in Oulu, and supports the Group's wood products business with new production assets.

In September, Stora Enso finalised the divestment of 12.4% of its Swedish forest holdings at an enterprise value of EUR 900 million, in line with the accounting fair value of the divested forest assets.

In November, Stora Enso's Board of Directors approved a plan to separate Stora Enso's Swedish forest assets into a new publicly-listed company in 2027, creating Europe's largest listed pure play forest company.

Also in November, Stora Enso initiated a strategic review of its Central European sawmills and building solutions operations. The review covers seven sawmills in Austria, Czechia, Poland, and Lithuania, and further processing units with three cross-laminated-timber (CLT) mills. While the business holds a strong position in an attractive market, it does not create synergies for Stora Enso's renewable packaging operations.

Sales and adjusted EBIT margin

Cash flow

Adjusted ROCE excl. Forest

{49}------------------------------------------------

Markets and deliveries

Global cartonboard consumption grew 2% in 2025. Demand in Europe remained stagnant. Macroeconomic and geopolitical uncertainties limited growth potential. The global cartonboard market remained oversupplied due to heavily increased capacity, especially in China.

Global containerboard demand increased 2% in 2025. In Europe, conversions of former graphic paper mills to recycled testliner increased capacity and kept market oversupplied.

European publication paper demand declined 9% in 2025, driven by structural demand erosion and macroeconomic uncertainty. As result of weaker demand, market remained oversupplied despite of some capacity closures.

European corrugated packaging demand grew 2% in 2025, led by Central and Eastern Europe, especially Poland. E-commerce and retail sales supported growth, while stable inflation and low unemployment provided a favourable backdrop. However, overcapacity remains a challenge.

Global demand for chemical market pulp increased 2.3% in 2025. Demand for hardwood pulp increased 3.2%, whereas growth in softwood pulp demand was modest at 0.7%.

The global chemical market pulp capacity remained flat in 2025. Hardwood market pulp capacity increased by 1.6% as new capacity was ramping up in South America. Softwood capacity continued to decline by 2.1% due to capacity closures. Unbleached kraft pulp (UKP) capacity increased slightly by 0.9%. The overall shipment-to-capacity balance stood at 90%, nearly 2 percent points up from 2024.

Global pulp inventories were considered balanced in 2025. Softwood pulp inventories have remained elevated throughout the year despite capacity curtailments. Hardwood pulp inventories were balanced most of the year thanks to capacity curtailments and grade conversions.

Global softwood markets stabilised in 2025 after a weak 2024, with modest year-on-year demand growth of around 1–2% driven mainly by North America and early signs of recovery in Europe. Asia remained mixed, with China below previous peak levels but providing a stable baseline for global trade, while Oceania stayed steady at a small scale. Raw material availability (sawlogs) improved modestly in many regions as harvesting and forest access normalised, but supply tightness persists in selected markets (like Central Europe) and keeping pressure on input costs despite recovering demand.

Estimated consumption of board, pulp, sawn softwood, and paper in 2025

Tonnes, million	Europe		North America Asia and Oceania
Consumer board 1	9.0	8.4	36.6
Containerboard 1	31.9	32.8	101.9
Corrugated board (billion m2 ) 2	8.7	n/a	n/a
Chemical market pulp	15.9	7.8	40.3
Sawn softwood (million m3 )	76.0	101.0	71.0
Newsprint 1	2.6	0.9	4.2
Uncoated magazine paper 1	1.2	0.5	0.1

¹ Europe excluding Russia & Belarus

Production and external deliveries

	2025	2024	Change % 2025–2024
Consumer board deliveries, 1,000 tonnes	2,852	2,778	2.6%
Consumer board production, 1,000 tonnes	2,901	2,793	3.8%
Containerboard deliveries, 1,000 tonnes	1,296	1,242	4.3%
Containerboard production, 1,000 tonnes	1,613	1,530	5.4%
Corrugated packaging European deliveries, million m2	1,216	1,205	0.9%
Corrugated packaging European production, million m2	1,161	1,157	0.3%
Market pulp deliveries, 1,000 tonnes	2,019	2,029	-0.5%
Wood products deliveries, 1,000 m3	4,440	3,892	14.1%
Wood deliveries, 1,000 m3	13,255	13,451	-1.5%
Paper deliveries, 1,000 tonnes	561	611	-8.1%
Paper production, 1,000 tonnes	568	592	-4.0%

Alternative performance measures

The alternative performance measures used by Stora Enso are explained in the chapter Alternative performance measures.

² European focus markets (Benelux, FI, PL, SE)

Source: Afry, CEPI, Numera, ICCA, PPPC, Stora Enso, Forest Economic Advisors (FEA)

{50}------------------------------------------------

Financial results – Group

Group sales increased 3% year-on-year to EUR 9,326 (9,049) million, supported by higher deliveries in all segments, partially impacted by the Finnish political strike in 2024. The structural changes had a positive impact as the Junnikkala acquisition and the consumer board line ramp-up in Oulu increased sales. Adjusted EBIT was EUR 528 (598) million, and the adjusted EBIT margin was 5.7%. Adjusted EBIT decreased mainly due to the ramp-up of the Oulu consumer board line. Higher sales prices and lower fixed costs were offset by increased wood costs. Earnings per share was EUR 0.88 (-0.17) and earnings per share excluding fair valuations was EUR 0.41 (-0.56).

The IFRS operating result was EUR 942 (93) million. The IFRS operating result includes a positive net effect of EUR 401 (positive 421) million from biological asset valuation from subsidiaries and joint operations. The positive impact comes mainly from the increase in fair valuation in Stora Enso owned forests in Sweden, mostly driven by increases in estimated long-term wood prices. There is also a positive net effect of EUR 89 (positive 52) million from Stora Enso's share of net result of associated companies. The positive impact comes mainly from Finnish forests operational result, through Stora Enso's 41% investment in Tornator. A storm in the end of December negatively affected a portion of the Swedish forest assets. Estimated damages of EUR 29 million were booked as reduction in biological assets, adversely impacting the IFRS result. The full extent of the damage and potential insurance compensation is still being assessed.

Tangible and intangible asset (including goodwill) impairments amounted to EUR 26 (746) million.

The items affecting comparability (IAC) had an adverse impact of EUR 19 (870) million on IFRS operating result. The main IACs in 2025 relate to the disposal of Swedish forest assets, restructuring costs related to various units and forest related damages. The IACs in 2024 mainly relate to the impairments in Packaging Materials, Packaging Solutions and Wood Products segments as well as restructuring related costs. Fair valuations and non-operational items (FV) had a positive net impact on the IFRS operating result of EUR 434 (364) million. The main IAC and FV items are presented in the chapter Alternative Performance Measures.

Net financial expenses at EUR 159 (211) million were EUR 52 million lower than a year ago. Net interest expenses, at EUR 153 million, increased by EUR 27 million. The net interest expense increase was mainly due to a significant reduction in interest income from deposits and cash equivalents, driven by lower average interest rates and cash balances during the year. Although interest expenses on loans decreased due to lower average borrowings, the reduction did not fully offset the decline in interest income. Other net financial expenses, at EUR 26 million, were EUR 38 million lower, mainly due to reversal of EUR 25 million impairment related to the sale of Russia operations. The net foreign exchange impact in respect of cash equivalents, interest-bearing assets and liabilities and related foreign-currency hedges amounted to a gain of EUR 20 (loss of EUR 20) million, mainly due to revaluation of foreign currency net debt in subsidiaries located in China.

The net tax totalled EUR -97 (-65) million, equivalent to an effective tax rate of 12.4% (-55.4%), as described in more detail in note 2.6 Income taxes.

The loss attributable to non-controlling interests was EUR 9 (EUR 48) million, leaving a profit of EUR 695 (loss of EUR 136) million attributable to Company shareholders.

Adjusted return on capital employed was 3.8% (4.3%).

The Group capital employed was EUR 13,830 million on 31 December 2025, an increase of EUR 134 million, due to investment projects, mainly the consumer board investment at the Oulu site, increase of the fair valuation of forest and energy assets, acquisition of Junnikkala sawmills, partly offset by the disposal of part of the Swedish forests.

Key figures

	2025	2024	2023
Sales, EUR million	9,326	9,049	9,396
Adjusted EBIT, EUR million	528	598	342
Adjusted EBIT margin	5.7%	6.6%	3.6%
Operating result (IFRS), EUR million	942	93	-322
Operating result margin (IFRS)	10.1%	1.0%	-3.4%
Return on equity (ROE)	6.7%	-1.7%	-3.8%
Adjusted ROCE	3.8%	4.3%	2.4%
Adjusted ROCE excl. Forest segment	2.7%	3.6%	1.0%
Net debt/equity ratio	0.29	0.37	0.29
EPS (basic), EUR	0.88	-0.17	-0.45
EPS excluding FV, EUR	0.41	-0.56	-0.73
Dividend per share1 , EUR	0.25	0.25	0.20
Payout ratio, excluding FV	60.4%	-44.6%	-27.4%
Payout ratio (IFRS)	28.4%	-145.4%	-44.2%
Dividend yield, (R share)	2.3%	2.6%	1.6%
Price/earnings (R share), excluding FV	25.85	-17.33	-17.17
Equity per share, EUR	13.69	12.86	13.93
Market capitalisation 31 Dec, EUR million	8,433	7,657	9,864
Closing price 31 Dec, A share, EUR	10.65	9.68	12.45
Closing price 31 Dec, R share, EUR	10.71	9.72	12.53
Average price, A share, EUR	9.83	11.54	12.82
Average price, R share, EUR	9.44	11.53	11.93
Number of shares 31 Dec (thousands)	788,620	788,620	788,620
Trading volume A shares (thousands)	1,594	1,199	968
% of total number of A shares	0.9%	0.7%	0.5%
Trading volume R shares (thousands)	476,746	425,082	476,654
% of total number of R shares	77.8%	69.3%	77.8%
Average number of shares, basic (thousands)	788,620	788,620	788,620
Average number of shares, diluted (thousands)	789,697	789,772	789,714

¹ Proposed dividend. The Board of Directors proposes that the dividend be paid in two instalments. See the Board of Directors' proposal for the distribution of dividend.

{51}------------------------------------------------

EUR million	Capital employed
31 December 2024	13,696
Capital expenditure excluding investments in biological assets less depreciation	196
Investments in biological assets less depletion of capitalised silviculture costs	-59
Impairments and reversal of impairments	-25
Fair valuation of forest assets	143
Unlisted securities (mainly PVO)	307
Associated companies	153
Net liabilities in defined benefit plans	39
Operative working capital and other interest-free items, net	30
Emission rights	-27
Net tax liabilities	-2
Acquisition of subsidiaries	144
Disposal of subsidiaries	-740
Translation difference	89
Other changes	-115
31 December 2025	13,830

Financing

Cash flow from operations was EUR 897 (1,187) million and cash flow after investing activities was EUR 122 (74) million. Cash flow from operations had a positive impact from a decrease in working capital of EUR 51 (283) million and cash flow after investing activities benefited from lower fixed assets outflows related to Oulu as compared to 2024. Payments related to previously recognised provisions were EUR 39 (100) million.

Operative cash flow

EUR million	2025	2024
Adjusted EBITDA	1,144	1,223
IAC on adjusted EBITDA	39	-125
Other adjustments	-337	-194
Change in working capital	51	283
Cash flow from operations	897	1,187
Cash spent on fixed and biological assets	-775	-1,113
Acquisitions of associated companies	0	-1
Cash flow after investing activities	122	74

As at 31 December 2025, Group net interest-bearing liabilities were EUR 3,181 (3,707) million. The decrease in net interest-bearing liabilities was mainly driven by the sale of the 12.4% share of the Group's Swedish forest assets at the end of the third quarter. Cash and cash equivalents net of bank overdrafts decreased to EUR 1,206 (1,993) million. The net debt/equity ratio at 31 December 2025 decreased to 0.29 (0.37). The ratio of net debt to the last 12 months' adjusted EBITDA decreased to 2.8 (3.0) due to lower net interest-bearing liabilities. The average interest rate on borrowings for the full year 2025 decreased to 3.8% (4.1%) with a run-rate of 4.0% as per the end of the fourth quarter.

The Group repaid EUR and USD nominated bank loans totalling EUR160million in the first quarter and SEK-denominated bonds amounting to EUR 283million in the second quarter. In the same period, a previously undrawn EUR435million amortising loan from the European Investment Bank was drawn, with final maturity in 2037.

In the second half of the year, Stora Enso repaid a EUR125million bond and reduced interest-bearing liabilities further by repaying EUR200million of bank loans and EUR36million of SEK-denominated bonds at maturity. In addition, the Group executed early debt repayments, including a EUR500million bond repurchased before maturity through a make-whole process and EUR250million of bank loans settled ahead of schedule.

Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 31 December 2025.

The changes in the fair value of forest land, net of deferred taxes, which are recognised in other comprehensive income (OCI) decreased the equity by EUR 307 million (decreased by EUR 223 million), mainly due to increase in the discount rate.

The changes in the fair valuation of equity investments fair valued through other comprehensive income increased equity by EUR 298 (decreased by EUR 203) million. The increase is mainly due to a higher fair valuation of the Group's shareholding in Pohjolan Voima Oy (PVO), explained especially by higher electricity price forecasts. The changes in the fair valuation of cash flow hedges fair valued through other comprehensive income increased equity by EUR 67 million, mainly driven by stronger SEK and weaker USD.

At the end of the year, the ratings for Stora Enso's rated bonds were as follows:

Rating agency	Long/short-term rating	Valid from
Fitch Ratings	BBB- (stable)	17 July 2025
Moody's	Baa3 (stable) / P-3	21 November 2024

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Financial results – Segments

Packaging Materials

Packaging Materials is a global leader and expert partner in circular packaging providing premium packaging boards, made from virgin and recycled fiber. Stora Enso helps customers reduce the use of fossil-based materials by offering renewable and recyclable products for their food, beverage, and transport packaging based on a wide selection of base boards and barrier coatings.

EUR million	2025	2024
Sales	4,478	4,502
Adjusted EBITDA	419	472
Adjusted EBITDA margin	9.4 %	10.5 %
Adjusted EBIT	124	172
Adjusted EBIT margin	2.8 %	3.8 %
Fair valuations and non-operational items (FV)1	5	2
Items affecting comparability (IAC)1	-46	-343
Operating result (IFRS)	83	-169
Adjusted EBIT, LTM	124	172
Operating capital, LTM	3,575	3,490
Adjusted ROOC, LTM	3.5 %	4.9 %
Cash flow from operations	381	462
Cash flow after investing activities	-68	-323
Board deliveries, 1,000 tonnes	5,009	4,920

¹ The IAC for 2025 included EUR -32 million of restructuring costs related to various units (mainly HQ, Finland, Sweden and China), claims and penalties of EUR -8 million and forest storm related damages (China) of EUR -5 million. The IAC for 2024 included asset impairments of EUR -141 million for China operations, EUR -90 million for the Varkaus containerboard unit, EUR -47 million for the Langerbrugge paper unit, EUR -27 million for the Poland containerboard unit, and EUR -38 million restructuring and other related to various units (mainly HQ, Anjalankoski, Imatra, Swedish operations, China). The fair valuations for 2025 included non-operational fair valuation changes of biological assets of EUR 5 (2) million.

The Packaging Materials segment's sales decreased by 1% to 4,478 (4,502) million, primarily impacted by a significantly weaker US dollar. The negative effect was largely offset by sales price increases and higher volumes, the latter mainly attributable to the ramp-up of the new Oulu consumer board line.

Adjusted EBIT decreased by EUR 48 million to EUR 124 (172) million, entirely due to start-up costs related to the Oulu board line. Excluding these costs, adjusted EBIT improved, supported by lower variable costs - particularly in energy and chemicals - and a substantial reduction in fixed costs. These improvements, reflecting the positive effects of internal efficiency measures, more than compensated for higher wood costs.

Packaging Solutions

Packaging Solutions is a packaging converter that produces premium fiber-based packaging products for leading brands across multiple market areas, including retail, e-commerce, and industrial applications. Additionally, the offering includes design and sustainability services to help customers optimise material use, improve logistics, and reduce CO² emissions.

EUR million	2025	2024
Sales	1,027	987
Adjusted EBITDA	80	62
Adjusted EBITDA margin	7.8%	6.3%
Adjusted EBIT	14	-15
Adjusted EBIT margin	1.4%	-1.5%
Items affecting comparability (IAC)1	-12	-379
Operating result (IFRS)	2	-394
Adjusted EBIT, LTM	14	-15
Operating capital, LTM	602	934
Adjusted ROOC, LTM	2.4%	-1.6%
Cash flow from operations	73	78
Cash flow after investing activities	20	31
Corrugated packaging European deliveries, million m2	1,228	1,217

¹ The IAC for 2025 included asset impairments of EUR - 4 million and restructuring costs of EUR - 7 million related to various units. The IAC for 2024 included asset impairments of EUR -371 million related to operations in western Europe, and EUR -8 million restructuring costs related to various units.

The Packaging Solutions segment's sales increased by 4%, to EUR 1,027 (987) million, supported by value-based selling. Sales volumes grew by 1% despite continued overcapacity in the main markets.

Adjusted EBIT improved by EUR 29 million to EUR 14 (-15) million), driven by value-creation actions in all businesses, the successful ramp-up of the De Lier site in the Netherlands, and lower depreciation following the impairment recognised in December2024.

European corrugated packaging demand rose by 2%, led by Central and Eastern Europe, particularly Poland. Growth was supported by e-commerce and retail sales. Nevertheless, persistent overcapacity continued to pose challenges.

Biomaterials

Biomaterials' foundation is built on pulp, with the aim of becoming customers' first choice in selected grades. To unlock the full potential of a tree, the business also leverages all fractions to create innovative biobased solutions, that replace fossil-based and other non-renewable materials.

EUR million	2025	2024
Sales	1,458	1,587
Adjusted EBITDA	252	372
Adjusted EBITDA margin	17.3%	23.4%
Adjusted EBIT	110	231
Adjusted EBIT margin	7.5%	14.6%
Fair valuations and non-operational items (FV)1	40	32
Items affecting comparability (IAC)1	-6	-7
Operating result (IFRS)	144	256
Adjusted EBIT, LTM	110	231
Operating Capital, LTM	2,427	2,480
Adjusted ROOC, LTM	4.5%	9.3%
Cash flow from operations	241	507
Cash flow after investing activities	62	332
Pulp deliveries, 1,000 tonnes	2,280	2,207

¹ The IAC for 2025 included EUR -6 million restructuring costs related to various units. The IAC for 2024 included EUR -7 million restructuring costs related to various units. The fair valuations for 2025 included non-operational fair valuation changes of biological assets of EUR 40 (32) million.

The Biomaterials segment's sales amounted to EUR 1,458 (1,587) million. The decline was mainly attributable to lower pulp sales prices and adverse currency movements, partly offset by higher volumes. Overall, market conditions remained weak.

Adjusted EBIT decreased by 53% to EUR 110 (231) million primarily reflecting lower sales prices and negative currency movements impacts, which were partly mitigated by key commercial and operational value-creation actions, including cost-reduction measures.

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Wood Products

Wood Products is Europe's largest sawn timber producer and a leading provider of sustainable wood-based solutions for the global building sector. It provides the building sector with renewable and low-carbon wood-based solutions that help decarbonise the built environment. Additionally, the offering includes window and door components, and coproducts such as pellets made from wood residuals.

EUR million	2025	2024
Sales	1,817	1,522
Adjusted EBITDA	43	27
Adjusted EBITDA margin	2.3%	1.8%
Adjusted EBIT	-2	-16
Adjusted EBIT margin	-0.1%	-1.1%
Items affecting comparability (IAC)1	-14	-57
Operating result (IFRS)	-16	-73
Adjusted EBIT, LTM	-2	-16
Operating capital, LTM	635	609
Adjusted ROOC, LTM	-0.3%	-2.7%
Cash flow from operations	50	45
Cash flow after investing activities	6	-4
Wood products deliveries, 1,000 m3	4,256	3,718

¹ The IAC for 2025 included asset impairments of EUR -12 million and restructuring costs of EUR -2 million. The IAC for 2024 included asset impairments of EUR -56 million related to the operations in northern Europe.

The Wood Products segment's sales increased by 19% to EUR 1,817 (1,522) million, driven by the acquisition of Junnikkala, higher sales prices and growth in CLT volumes. The construction market remained weak, and the European construction confidence index continued to show negative sentiment, although with slight improvement toward the end of the year. Overall demand was marginally higher year-on-year. To address the low demand and rising raw material costs, production curtailments were implemented.

Adjusted EBIT was EUR -2 (-16) million, representing an improvement of EUR 15 million. Value creation actions, increased sales prices, and higher volumes helped offset the impact of rising raw material costs.

Forest

Forest is responsible for wood sourcing for Stora Enso's Nordic and Baltic operations as well as for B2B customers. It manages the Group's forest assets in the Nordics. The operations are based on sustainable forest management encompassing planning, logistics, harvesting, and forest regeneration.

EUR million	2025	2024
Sales	3,212	2,827
Adjusted EBITDA	377	364
Adjusted EBITDA margin	11.7%	12.9%
Adjusted EBIT	317	309
Adjusted EBIT margin	9.9%	10.9%
Fair valuations and non-operational items (FV)1	399	342
Items affecting comparability (IAC)1	109	-5
Operating result (IFRS)	826	646
Adjusted EBIT, LTM	317	309
Operating capital, LTM	6,004	5,989
Adjusted ROCE, LTM	5.3%	5.2%
Cash flow from operations	240	220
Cash flow after investing activities	194	171
Wood deliveries, 1,000 m3	35,322	33,794
Operational fair value change of biological assets	102	119

¹ The IAC for 2025 included disposal of Swedish forest assets of EUR 144 million, storm related forest damages of EUR -29 million (Sweden) and restructuring and other costs of EUR -6 million. The IAC for 2024 included EUR -2 million related to environmental provision and EUR -3 million of restructuring costs. The fair valuations for 2025 included non-operational fair valuation changes of biological assets of EUR 404 (382) million, non-operational items of associated companies of EUR -2 (-34) million, and EUR -2 (-6) million impact from adjustments for differences between fair value and acquisition cost of forest assets upon disposal.

The Forest segment's sales increased by 14%, EUR 3,212 (2,827) million, driven by higher sales prices and increased demand.

Adjusted EBIT rose by 3% to EUR 317 (309) million, supported by strong operational performance and higher sales prices from the Group's own forest assets. The sale of the 12.4% share of the Group's Swedish forest assets at the end of the third quarter had a partly offsetting impact on the result.

Segment Other

The segment Other includes the reporting of the emerging businesses as well as Stora Enso's shareholding in the energy company Pohjolan Voima (PVO), and Group's shared services and administration.

EUR million	2025	2024
Sales	194	176
Adjusted EBITDA	-28	-63
Adjusted EBITDA margin	-14.6 %	-36.0 %
Adjusted EBIT	-37	-72
Adjusted EBIT margin	-19.1 %	-41.0 %
Fair valuations and non-operational items (FV)1	-11	-12
Items affecting comparability (IAC)1	-50	-79
Operating result (IFRS)	-98	-162
Cash flow from operations	-87	-125
Cash flow after investing activities	-92	-134

¹ The IAC for 2025 included EUR -24 million of consulting costs related to profit improvement programme, EUR - 20 million related to acquisitions and disposals and EUR -6 million related to restructuring costs. The IAC for 2024 included EUR -45 million of consulting costs related to profit improvement programme, EUR -8 million other restructuring costs, EUR -4 million related to closure and disposal of De Hoop, EUR -7 million related to closure and disposal of Sunila, EUR -8 million related to disposal of Selfly Store and EUR -7 million related to updates in environmental provisions. The fair valuations for 2025 included non-cash income and expenses related to CO² emission rights and liabilities of EUR -11 (-12) million.

Sales for the segment Other were at EUR 194 (176) million and adjusted EBIT EUR -37 (-72) million. The reduction from the previous year was mainly driven by lower administration and holding costs for closed sites.

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Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

Capital expenditure

Additions to fixed and biological assets including internal costs capitalised in 2025 totalled EUR 746 (1,090) million. The total amount includes additions in biological assets of EUR 69 (81) million.

Following the EUR 1 billion investment to convert the remaining idle paper machine to consumer board production, the new line at the Oulu site in Finland started production in the beginning of 2025. The new, flexible line supports the Group's growth strategy in renewable packaging by providing new capacity for growing packaging segments. The targeted end-use segments are food and beverage packaging, especially frozen and chilled, as well as dry and fast food, mainly in Europe and North America. The line is expected to reach full capacity, 750,000 tonnes annually, during 2027.

The EUR 30 million Heinola boiler and fuel handling modification, announced in February 2023, was taken in use during the second half of 2025.

The EUR 42 million investment in improvements to fluff pulp production at the Skutskär site in Sweden was completed in the first half of 2025.

The ramp-up of the new corrugated packaging site in De Lier in the Netherlands is ongoing and is expected to be completed in 2026.

The EUR 30 million upgrade and expansion of the Ostrołęka corrugated plant in Poland is ongoing and is expected to be completed in 2026.

Innovation, research and development

Stora Enso's growth focus is on the development of sustainable and resource-efficient packaging applications to replace fossil-based materials, innovative biomaterials for high-end applications, and sustainable wooden-based materials and components that store carbon and improve the energy efficiency of buildings. Stora Enso engages with young and growing companies that are developing technology and solutions aligned with the Company's core and growth areas, using a venture client approach.

The Group's Innovation and R&D team works closely with strategic partner universities, research institutes, and excellence centres to tackle key scientific questions related to renewable materials. Stora Enso engages in multiple research programmes along the value chain, from forests to products and circular material flows.

Stora Enso's total spend on innovation, research, and development in 2025 was EUR 69 (78) million, equivalent to 0.7% (1.0%) of total sales. Research and development work is fundamental to staying relevant and competitive in relation to customers. In 2025, Stora Enso employed approximately 310 people in research and development. The product innovations and development of services is guided and financed by the business areas.

Intellectual property (IP) is an important tool to support Stora Enso's development of innovative products and processes while safeguarding the Group's intellectual assets. In 2025, Stora Enso continued to strengthen its patent portfolio by applying for patents for 62 new innovations, primarily in the Biomaterials and Packaging Materials segments. Within biomaterials, the focus was on patents for sustainable battery materials, biobinders, biofoam, and circular chemicals, while the packaging materials patents were mainly related to barriers, board technology, and circular packaging.

Stora Enso's patent portfolio now amounts to over 3,100 applications and granted patents.

Employees

On 31 December 2025, there were 18,515 (18,558) full-time employees in the Group. The average number of employees in 2025 was 18,877, which is 356 less than a year before. Although the total number of personnel decreased slightly, the acquisition of Junnikkala and the start-up of the new consumer board line at the Oulu site had an increasing effect on personnel. At the end of 2025, the Group's top four countries in respect to the number of employees were Finland, Sweden, China, and Poland.

Nature-related financial disclosures (TNFD)

The Taskforce on Nature-related Financial Disclosures (TNFD) is a sciencebased initiative supported globally by national governments, businesses, and financial institutions. It provides a framework for risk management and disclosure to identify, assess, respond to, and disclose nature-related issues. The TNFD recommendations align with the global policy goals outlined in the Kunming-Montreal Global Biodiversity Framework and are structured around four pillars: Governance, Strategy, Risk & Impact Management, and Metrics & Targets.

Stora Enso became a TNFD Early Adopter in 2024 and published its first TNFD-aligned report for the financial year 2024. The Group's reporting according to the European Sustainability Reporting Standards comprises nature-related disclosures, which are in line with the TNFD recommendations. It is recognised that the nature-related disclosures will evolve as international reporting frameworks continue to develop and more data becomes available.

Stora Enso utilise the LEAP (Locate, Evaluate, Assess, and Prepare) framework in the nature-related management and reporting to demonstrate how the Group addresses nature-related impacts, risks, and dependencies. This approach is complemented by in-depth analyses of individual mills within their respective management systems. Stora Enso's ambition is to establish, maintain, and develop practises and ways of working across its value chain that contribute to positive outcomes in nature. This approach aims to enhance the valuation of nature, while mitigating environmental impacts and preserving biodiversity. In 2025, the Group started developing an approach for biodiversity action plans for prioritised production units.

The TNFD index table is available at storaenso.com/annual report. The index provides further references to relevant sections in the Group's Annual Report. This includes the Sustainability Statement prepared in accordance with the European Sustainability Reporting Standards.

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Risk management

Approach to risk management

Stora Enso operates globally in the renewable materials industry, serving diverse markets with products and solutions that replace fossil-based materials. These markets are competitive and subject to economic, regulatory, and environmental changes.

We define risk as any event or condition that could adversely affect the achievement of our organisational values, strategic or operational objectives. Risks may arise from threats, uncertainties, or missed opportunities related to current or future activities.

Stora Enso applies and established Enterprise Risk Management (ERM) Framework to systematically identify, analyse, assess and report risks across strategic, operational, financial and compliance areas. This framework support consistent risk management practices throughout the Group and ensures that risks are managed appropriately.

Risk governance

The Group Risk Policy, approved by the Board of Directors, establishes Stora Enso's overarching approach to governance and risk management. It is consistent with the COSO (Committee of Sponsoring Organizations) framework and aligned with ISO 31000 principles.

The Board retains ultimate responsibility for the Group's risk management process and, primarily through Group policies, determines the appropriate and acceptable level of risk.

The Financial and Audit Committee assists the Board in monitoring the adequacy and effectiveness of the risk management framework, with particular focus on the management and reporting of financial risks. The Sustainability and Ethics Committee assists the Board in overseeing the management and reporting of sustainability and business ethics risks.

The Head of Enterprise Risk Management, reporting to the Executive Vice President, Strategy and Sustainability,is accountable for the design, development, and top-down implementation of the Group risk management framework. Each Business Area and Group Function Head, together with their respective management teams, is responsible for executing the risk management process and ensuring that the framework and related guidelines are effectively cascaded throughout the organisation.

Robust risk governance supports Stora Enso's sustainability objectives and contributes to long-term value creation by ensuring effective oversight, accountability, and proactive management of risks across the Group.

Risk management process

Risk management is integrated into decision-making and business planning processes. As part of the annual strategy process, each business area and Group function conducts a baseline risk assessment aligned with its key objectives. Guidance on the risk management process is provided in the Enterprise Risk Management (ERM) framework.

Business areas and functions identify potential risk events and sources, including changes in internal and external context, underlying causes, and potential impacts. Stora Enso's risk framework defines the overall risk universe, supporting consistent risk identification, consolidation, and terminology.

Risk analysis focuses on understanding risks to inform evaluation and prioritisation. Risks are assessed based on impact and likelihood, often using specific scenarios. Existing risk controls and mitigations are considered to determine the residual risk level. Impact scales cover financial, safety, compliance, and reputational aspects, using both quantitative and qualitative measures.

Risk treatment involves selecting appropriate actions, such as avoiding, mitigating, transferring, or accepting risks. For risks exceeding tolerance levels, additional mitigation measures are defined, including responsibilities, timelines, and follow-up actions.

After the annual baseline assessment, prioritised and emerging risks, along with related risk treatments, are reviewed during business area meetings twice a year.

Despite these measures, some risks remain beyond management's control. Therefore, Stora Enso cannot guarantee that such risks, if they occur, will not have a material adverse effect on the company's business, financial position, operating profit, or ability to meet financial obligations.

Risk management process

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Risk	Description	Mitigation	Opportunity
Reputation	Negative impacts on reputation often reflects the combined effects of various types of risks and may result from incidents or non-compliant behaviour by employees, contractors, suppliers or other business partners. This includes failures to comply with norms, laws and regulations, or policy documents. Damage to Stora Enso's reputation and brand could lead to a loss of investor and customer confidence, resulting in higher cost of capital and decreased revenues.	Policies such as the Stora Enso Code and Supplier Code of Conduct ensure that the Board has oversight. Continuous and mandatory training sessions for employees and, occasionally for, suppliers guarantee that the policies are being implemented, and audits are conducted to monitor that Stora Enso's requirements are met. Stora Enso has established a Speak Up Hotline, through which employees and any third party globally can anonymously report potential non-compliance cases. All reported cases are subject to an established investigation and reporting process, with proven cases leading to actions. Stora Enso continuously engages with its stakeholders to enhance relationships, to respond to developing needs, and inform its strategy.	Stakeholder engagement, internal and external, is key to building and fostering a strong corporate reputation. It ensures good communication flows and solid collaborative alliances. Consistently delivering high quality, compliant products and services is the foundation of Stora Enso's brand reputation. Stora Enso provides visibility into its sustainability roadmap, deliver on its key commitments and comply with the evolving regulatory framework through stringent processes. Finally, the Group ensures strong community outreach and involvement in the areas where is has operations.
Strategic risks
Macroeconomy, geopolitics, and currency rates	Changes in global economic conditions, such as sharp market corrections and foreign exchange volatility, could have a negative and material impact on Stora Enso's profit, cash flows and financial position. Stora Enso is exposed to several financial market risks, which the Group is responsible for	Stora Enso has a diversified portfolio of businesses which mitigates exposure to any one country or product segment. The external environment is continuously monitored and planning assumptions take into account important near- to medium-term and long-term drivers and risks related to key macro-economic factors.	Despite the volatility in the macroeconomy, global megatrends drive the demand for renewable materials supporting Stora Enso's growth and value creation. A diverse business portfolio and geographical presence, competitive strength and resilient balance sheet reduce the Group's risk exposures.
	managing under policies approved by the Board of Directors. The objective is to achieve cost-effective funding for Group companies and manage financial risks by using financial instruments to reduce earnings volatility. The main exposures for the Group, besides currency risk, are interest rate risk, liquidity risk, refinancing risk, commodity price risk and credit risk.	Compliance with the Board-approved risk appetite is closely monitored and cash flow and liquidity are actively managed. Stora Enso hedges 15–60% of the highly probable 12-month net foreign exchange flows in main currency pairs. Currency translation risk is reduced by funding assets, whenever economically possible, in the same currency as the asset.
	Financial risks are discussed in detail in note 5.1 Financial risk management.	The business areas regularly monitor their order flows and other leading indicators, where available, so they can respond quickly to a deterioration in trading conditions. In the event of a significant deterioration in general economic condition and in main leading economic indicators, the Group has the ability to implement cost reduction measures to offset the impact on margins from a decline in sales.
Climate change – physical impacts	Long-term (25–30 years) changes in precipitation patterns, periods of drought, storms, more frequent extreme weather events and higher average temperatures, could cause damage to operations, forests and tree plantations. Such developments may increase the risk of forest fires, insect outbreaks, wind damages and other climate-related impacts affecting forests asset values and regional wood prices. Milder winters could also impact on the harvesting and transport of wood, as well as related costs in northern regions. More frequent extreme weather events also increase the risk of disruptions in the production, logistics and supply of raw materials and energy.	property and business interruption insurance programmes. With regards to forest and plantation assets, Stora Enso benefits from strategic resilience through geographical diversification within its asset portfolio. Diligent plantation planning ensures the avoidance of frost sensitive areas, and R&D programmes are applied to increase tolerance to extreme	availability and costs.
Biodiversity loss	Stora Enso's forestry and industrial operations have an impact on biodiversity. At the same time, Stora Enso's business depends on raw material inputs from natural capital, such as wood and fresh water. Biodiversity is essential for maintaining the stability of ecosystem processes in changing environments. Biodiversity loss can negatively impact the value of Stora Enso's forest assets and acceptability of wood as a raw material. Read more in the TNFD chapter.	Stora Enso is committed to achieving a net positive impact on biodiversity in its own forests and plantations through active biodiversity management. Biodiversity management is an integral part of all Stora Enso's forest and plantation management practices. Operations are supported by new technologies and digitalisation, as well as continuous research and innovation. For example, Stora Enso's forest units have established special programmes focusing on biodiversity management. In addition, Stora Enso uses tools, such as wood traceability and forest certification, and engages in collaboration with various stakeholders to protect ecosystems and safeguard natural resources.	Sustainable forest management maintains forest health and vitality. Active biodiversity management and conservation in Stora Enso's forest operations, such as spatially optimising the volume of deadwood and protection of key habitats, contribute to a positive biodiversity impact. Healthy and biodiverse forests improve resilience against external calamities and a changing climate.
Competition and market demand	in turn affect product price levels. Product prices, which tend to be cyclical, are affected by capacity utilisation, which decreases in times of economic slowdowns. Price changes differ	develop new products on a competitive and economic basis requires innovation, continuous capacity management, and structural development. Risks related to factors such as a demand, price, competition, and customers are regularly monitored by each business area and unit as a routine part of business management. These risks are also continuously monitored and evaluated at the Group level to gain a perspective on Stora Enso's total asset	expertise in wood and wood-based renewable materials is focused on responding to changing customer and consumer preferences, driven by climate change.
	between products and geographic regions. See Table 1 for the operating profit sensitivity to a +/- 10% change in either price or volume for different segments.	r portfolio and overall long-term profitability potential.	Products based on renewable materials with a low carbon footprint help customers and society at large to reduce $\mathrm{CO}_2$ emissions by providing an alternative to solutions based on fossil fuels or other non-renewable materials.

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Risk	Description	Mitigation	Opportunity
Regulatory changes	Stora Enso's businesses may be affected by political or regulatory developments in any of the countries or jurisdictions where it operates, including changes to forest, biodiversity, environmental, fiscal, tax, or other regulatory regimes. Potential impacts include higher costs and capital expenditures to meet new requirements, expropriation of assets, imposition of royalties or other industry-specific taxes, and requirements for local ownership or value-added processing.	Active monitoring of regulatory and political developments in the countries where Stora Enso operates as well as participation in policy development primarily through industry associations and other partnership programmes are important risk mitigation measures related regulatory changes.	Regulatory changes can also present significant opportunities by driving market growth for sustainable products and creating competitive advantage through resource efficiency and renewability.
Strategic investments	To succeed in implementing its strategy, Stora Enso must understand the needs of its customers and find the best way to serve them with the right offering and the right production asset portfolio. Failure to complete strategic projects in accordance with the agreed schedule, budget or specifications can, therefore, have serious impacts on Stora Enso's financial performance. Significant, unforeseen changes in costs or an inability to sell the envisaged volumes or achieve planned price levels may prevent Stora Enso from achieving its business goals.	Risks are mitigated through thorough and detailed pre-feasibility and feasibility studies which are prepared for each large investment. Investment guidelines stipulate the process, governance, risk assessment, management and monitoring procedures for strategic projects, including climate related risk factors. The guidelines also require the calculation of potential cost and income for CO 2 emissions as part of the investment proposal, Environmental and Social Impact Assessments (ESIAs) are conducted for all new projects that could cause significant adverse effects in local communities. Post completion audits are carried out for all significant investments.	Replacing fossil-based materials by innovating and developing new products and services based on wood and other renewable materials.
Mergers, acquisitions and divestments	s, Failure to realise the expected benefits from the acquisition of a company or asset can have serious financial impacts on Stora Enso. The Group may also find itself liable for past acts or omissions of the acquired business, without any adequate right of redress. Failure to achieve expected values from the sales of assets or deliveries beyond the expected receipt of funds may also impact Stora Enso's financial position. Divestments or business restructuring may involve additional costs due to historical and unaccounted liabilities as well as reputational impacts.	and execution of all acquisitions. Structured governance and policies, such as the policy for	A strong balance sheet and cash flow enable value enhancing M&A, when the timing and opportunity are right.
Operational risks	s
Personal safety – employees and wider workforce	Failure to maintain high levels of safety management can result in harm to Stora Enso's remployees and contractors, as well as to communities near our operations and the environment. Impacts in addition to physical injury, health effects and environmental damage could include liability to employees or third parties, damage to reputation, or an inability to attract and retain skilled employees. Government authorities could also enforce the closure of our operations on a temporary basis. Personnel safety and security can never be compromised. Therefore, Stora Enso must be aware of potential safety risks and provide adequate guidelines to people for managing risks related to, for example, travelling, working, and living in countries with security or crime concerns.	Stora Enso's goal is to provide an accident-free workplace. Encouraging a Group-wide safety culture means that everyone is responsible for making every workday healthy and safe – from top management throughout the Group. The approach to safety extends to contractors, suppliers, and on-site visitors. Everyone is encouraged to share feedback and suggest ideas for further improving safety. Additionally, safety is promoted among contractors and suppliers through a dedicated e-learning. The Group also emphasises the importance of safety by asking suppliers to provide information on their safety performance in the tendering process. Stora Enso's Health and Safety Policy defines the objectives for safety management, as well as the governance model for managing health and safety topics in practice and integrating them into annual planning and reporting.	Achieving strong health and safety performance can enhance Stora Enso's employer brand, as well as improve engagement, efficiency and productivity.
Physical assets	Stora Enso's production facilities carry inherent risks of equipment failure or off-spec operations, which can lead to poor product quality, unplanned downtime, lower output, and higher costs. Such issues may affect delivery commitments and business objectives. Risks can arise from design deficiencies, operational failures, or practices, and also include hazards such as fire and explosions. The most significant exposures are in integrated pulp and board production and related energy generation.	Protecting production assets and ensuring business continuity are top priorities for Stora Enso. The Group uses structured methods to identify, measure, and control process risks, working with insurance providers and loss prevention experts. Annual technical inspections, risk improvement programmes, and cost-benefit analyses are supported by internal reporting and assessment tools. Property loss prevention guidelines, fire and machinery risk assessments, and targeted programmes help reduce exposure. Planned maintenance stoppages are essential for equipment reliability and safety.	Preventive maintenance programmes and spare part criticality analyses are utilised to secure the high availability and efficiency of key machinery.
Product safety	Some of Stora Enso's products are used for packaging liquids and food consumer products, where any defects could affect health or packaging functionality, leading to costly product recalls. Wood products are used in construction, potentially exposing Stora Enso to product liability related to failures in structural design, product selection or installation. Failure to ensure product safety could result in recalls involving significant costs including compensation for customers' indirect expenses, and reputational damage.	Mills producing food and drink contact products have established certified hygiene management systems based on risk and hazard analysis. To ensure product safety, Stora Enso actively participates in CEPI (Confederation of European Paper Industry) working groups on chemical and product safety. In addition, Stora Enso mills have certified ISO quality management systems. Contractual liability limitation and insurance protection further mitigate Stora Enso's risk exposure.	Stora Enso recognises the opportunity of differentiation and value creation through superior product quality and the highest level of product conformity.

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Risk	Description	Mitigation	Opportunity
People and capabilities	Competition for personnel is intense and Stora Enso may, in the long term, not be successful in attracting or retaining qualified personnel. The loss of key employees, the inability to attract new or adequately trained employees, or a delay in hiring key personnel could seriously harm Stora Enso's business and impede reaching the Group's strategic objectives. Labour market disruptions and strikes, especially in times of restructuring and redundancies due to divestments and mill closures or during labour market negotiations, could also have adverse material effects on Stora Enso's business, financial position and profitability.	Stora Enso manages the risks and loss of key talents through a combination of different actions. Some of the activities aim towards making the Stora Enso employer brand better known both internally and externally, globalising some of the remuneration practices and intensifying the efforts to identify and develop talents. Finally, the Group actively focuses on talent and management assessments, including succession planning for key positions. The majority of employees are represented by labour unions under several collective agreements in different countries where Stora Enso operates, thus relations with unions are of high importance to manage labour disruption risks.	Stora Enso recognises that skilled and dedicated employees are essential for success. Engaged, high-performing individuals drive the implementation of transformation strategy and contribute to commercial success.
Sourcing	Increasing input costs or challenges in availability of materials, goods and services may adversely affect Stora Enso's profitability. Securing access to reliable, low-cost supplies and proactively managing costs and productivity are key priorities. Reliance on external energy suppliers also makes Stora Enso susceptible to fluctuations in energy market prices. Additionally, the supply chain faces heightened risks of disruption due to cyber incidents, political instability, and other factors related to global trade. See Table 2 for Stora Enso's major cost items. In many areas Stora Enso depends on suppliers and their ability to deliver products or services on time and at required quality. Key inputs include fiber, chemicals, energy, and machinery and equipment for capital investment projects. Increased demand for carbon neutral primary and secondary biomass fuels may drive up energy costs. Critical services, such as transport and outsourced business support, are also essential. For some of these inputs, reliance on a limited number of suppliers poses a risk.	Input cost volatility is closely monitored at the business unit, business area and Group levels, and a consistent long-term energy risk management approach is applied. Price and supply risks are mitigated through increased in-house generation, shareholding in competitive power assets such as PVO/TVO, physical long-term contracts, and financial derivatives. Stora Enso hedges price risks in raw material and end-product markets and supports the development of financial hedging mechanisms. A wide range of suppliers is utilised and monitored to avoid situations that might jeopardise continued production, business transactions, or development projects. Suppliers and subcontractors are required to comply with Stora Enso's sustainability standards, as they form part of the Group's value chain. These sustainability requirements, along with audit schemes encompass raw materials, and other goods and services procured. Suppliers are assessed for risks related to environmental, social and business practices using an internal risk assessment tool. Supplier Code of Conduct audits are conducted for high-risk suppliers, and findings from these audits are followed-up. If mitigation is not possible, supplier contracts may be terminated.	Stora Enso also has the opportunity to add value and drive innovation globally by building strong, measurable relationships with top suppliers, enforcing harmonised sourcing processes to enhance capabilities, improve tender quality, reduce costs, and nurture sustainable suppliers.
Information technology, security, and digitalisation	Stora Enso is dependent on IT systems for both internal and external communications and for the day-to-day management of its operations. Information systems, personnel, and facilities are subject to cyber security risks, such as ransomware. In addition, the accidental disclosure of confidential information due to a failure to follow information handling guidelines, as a result of an accident or criminal act, may result in financial damage, penalties, disrupted or delayed launch of new business lines or ventures, loss of customer and market confidence, loss of research secrets, breach of data privacy regulations, and other business-critical information.	The management of risks is actively pursued in the Information Risk Management System, and best practice change management and project methodologies are applied. We actively work to prevent cybercrime. Several security controls have been implemented to strengthen the protection of confidential information and to ensure compliance with international regulations.	Opportunities may arise from efficient operations, performance optimisation, innovative product offerings. New customer services through digitisation also present potential benefits. Additionally, sophisticated IT systems, as well as new technologies offering significant potential for higher level of process optimisation and automatisation. These improvements can generate new business and enhance value propositions for customers and consumers.
Ethics and compliance	Stora Enso operates in a highly regulated business area and is therefore exposed to risks related to breaches of applicable laws and regulations, including those related to capital markets regulation, company and tax laws, customs, the environment, human rights, and safety. This also covers areas addressed by policies such as the Stora Enso Code and Business Practice Policy, including fraud, anti-trust, corruption, conflict of interests, and other forms of misconduct. Breaches may lead to high compliance and remediation costs, including prosecution costs, fines, penalties, and contractual, financial, and reputational damage.	Stora Enso's Ethics and Compliance Programme, which includes policy setting, promoting values, training, knowledge sharing and grievance mechanisms, is continuously updated and developed. Other compliance mechanisms include Stora Enso Group's internal control system and Internal Audit assurance, as well as the Supplier Code of Conduct in supplier contracts, risk assessments, trainings and audits. In response to capital markets regulations, Stora Enso's Disclosure Policy emphasises the importance of transparency, credibility, responsibility, proactivity and interaction. Environmental risks are minimised through environmental management systems and environmental due diligence for acquisitions and divestments, and indemnification agreements where effective and appropriate remediation projects are required. Special remediation projects related to discontinued activities and mill closures are executed based	Focusing on ethics in a wider sense, rather than merely complying with laws and regulations, promotes a value-driven and more successful business, fosters accountability, and enhances corporate reputation.

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The table 1 shows the operating profit sensitivity to a +/- 10% change in either price or volume for different segments based on figures for 2025.

Table 1. Operating profit: Impact of changes +/- 10%, EUR million

Segments	Price	Volume
Packaging Materials	421	110
Packaging Solutions	101	37
Biomaterials	131	40
Wood Products	176	33
Forest	318	22

The table 2 shows Stora Enso's major cost items.

Table 2. Composition of costs in 2025

Operative costs	% of costs	% of sales
Logistics and commissions	11%	10%
Manufacturing costs
Fiber	39%	37%
Chemicals and fillers	7%	7%
Energy	5%	5%
Material	8%	8%
Personnel	14%	13%
Other	10%	10%
Depreciation	6%	5%
Total costs and sales	100%	95%
Total operative costs and sales in EUR million	8,887	9,326
Associated companies, operational		89
Adjusted EBIT (EUR million)		528

Shares and governance

Share capital

Stora Enso Oyj's shares are divided into A and R shares. The A and R shares entitle holders to the same dividend but different number of votes. Each A share and every ten R shares carry one vote at a shareholders' meeting. However, each shareholder has at least one vote.

Number of shares as at 31 December 2025

	A shares	R shares	Total
Number of shares	175,542,421	613,077,566	788,619,987
Number of votes (at least)	175,542,421	61,307,756	236,850,177

During 2025, a total of 121,658 A shares converted into R shares were recorded in the Finnish Trade Register. Board of Directors is authorised to decide on the repurchase and on the issuance of Stora Enso R shares. The amount of shares to be issued or repurchased shall not exceed a total of 2,000,000 R shares, corresponding to approximately 0.25% of all shares and 0.33% of all R shares.

Major shareholders as of 31 December 2025

By voting power	A shares	R shares	% of shares	% of votes
1 Solidium Oy¹	62,655,036	21,792,540	10.7%	27.4%
2 FAM AB²	63,123,386	17,000,000	10.2%	27.4%
3 Social Insurance Institution of Finland (KELA)	23,825,086	-	3.0%	10.1%
4 Ilmarinen Mutual Pension Insurance Company	4,159,992	21,930,000	3.3%	2.7%
5 Varma Mutual Pension Insurance Company	5,163,018	7,840,874	1.6%	2.5%
6 MP-Bolagen i Vetlanda AB²	4,936,000	1,000,000	0.8%	2.1%
7 Elo Mutual Pension Insurance Company	2,010,000	10,497,000	1.6%	1.3%
8 E.J. Ljungberg's Foundation	1,780,540	2,336,224	0.5%	0.9%
9 Bergslaget's Healthcare Foundation	626,269	1,609,483	0.3%	0.3%
10 Lannebo fonder	-	6,924,602	0.9%	0.3%
11 The State Pension Fund	-	5,900,000	0.7%	0.2%
12 Unionen (Swedish trade union)	-	5,150,000	0.7%	0.2%
13 The Society of Swedish Literature in Finland	-	4,020,600	0.5%	0.2%
14 Nordea Finnish Stars Fund	-	3,134,179	0.4%	0.1%
15 OP Finland Fund	-	2,897,999	0.4%	0.1%
Total	168,279,327	109,135,502	35.7%	75.8%
Nominee-registered shares³	74,387,486	460,355,727	67.8%	50.8%

¹ Entirely owned by the Finnish State

² As confirmed to Stora Enso

³ According to Euroclear Finland. As some of the shareholdings on the list are nominee registered, the percentage figures do not add up to 100%. The list has been compiled by the Company on the basis of shareholder information obtained directly from the large shareholders, and from Euroclear Finland, Euroclear Sweden and a database managed by Citibank, N.A. This information includes directly registered holdings, thus certain holdings (which may be substantial) of shares held in nominee or brokerage accounts cannot be included. The list is therefore incomplete.

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Share distribution as at 31 December 2025

By size of holding, A share		Shareholders % of shareholders	Shares	% of shares
1–100	7,070	59.2%	270,142	0.2%
101–1,000	4,300	36.0%	1,468,127	0.8%
1,001–10,000	541	4.5%	1,236,037	0.7%
10,001–100,000	21	0.2%	466,449	0.3%
100,001–1,000,000	2	0.0%	255,241	0.1%
1,000,001–	8	0.1%	171,846,425	97.9%
Total	11,942	100%	175,542,421	100%

By size of holding, R share		Shareholders % of shareholders	Shares	% of shares
1–100	17,299	37.0%	805,301	0.1%
101–1,000	22,801	48.8%	9,214,141	1.5%
1,001–10,000	6,121	13.1%	16,171,489	2.6%
10,001–100,000	444	1.0%	11,233,639	1.8%
100,001–1,000,000	58	0.1%	18,420,961	3.0%
1,000,001–	25	0.1%	557,232,035	90.9%
Total	46,748	100%	613,077,566	100%

According to Euroclear Finland. This table includes only shares registered in Euroclear Finland. E.g. Stora Enso's Swedish shareholders are listed under their nominee bank in this list. Therefore, this table is not comparable with the table Major shareholders as of 31 December 2025.

Ownership distribution as at 31 December 2025

	% of shares	% of votes
Solidium Oy1	10.7%	27.4%
FAM AB2	10.2%	27.4%
Social Insurance Institution of Finland (KELA)	3.0%	10.1%
Finnish institutions (excl. Solidium and KELA)	14.1%	9.2%
Swedish institutions (excl. FAM)	2.3%	1.2%
Finnish private shareholders	4.0%	2.4%
Swedish private shareholders	3.1%	2.0%
ADR holders	1.5%	0.5%
Under nominee names	51.1%	19.8%

¹ Entirely owned by the Finnish State

Stora Enso Oyj shares held by the members of the Group Leadership Team as of 31 December 2025

		Shares held (direct and indirect ownership)
		A	R
Hans Sohlström¹	President and CEO	0	149,872
Andreas Birmoser	EVP Cartonboard	0	3,576
Tobias Bäärnman	EVP Strategy and Sustainability	0	9,992
Johanna Hagelberg	EVP Biomaterials	0	43,408
Tuomas Hallenberg	EVP Forest	0	0
Hannu Kasurinen	EVP Containerboard	0	65,929
Katariina Kravi	EVP HR and Communications	0	18,217
Markku Luoto	EVP Foodservice and Liquid Board	0	5,194
Niclas Rosenlew²	CFO	0	11,441
Micaela Thorström	EVP Legal, General Counsel	0	1,086
Lars Völkel	EVP Wood Products	0	29,355
Carolyn Wagner	EVP Packaging Solutions	0	0
Total		0	338,070
Share of outstanding shares		0.00%	0.06%

¹ Includes 179 shares held through related persons (spouse)

The shareholding in Stora Enso Oyj's shares by the members of the Board of Directors 31 December 2025 is presented in note 3.2. Their holding in total represents 0.00% of the Company's A-shares and 0.02% of the R-shares. The total shareholding of the members of the Board of Directors and the Group Leadership Team on 31 December 2025 represented 0.02% of the total voting rights in the Company.

Governance

Stora Enso complies with the Finnish Corporate Governance Code 2025 issued by the Securities Market Association. The Code is available at cgfinland.fi. Stora Enso also complies with the Swedish Corporate Governance Code, with the exception of the deviations listed in Appendix 1 of the Corporate Governance report. The deviations are due to differences between Swedish and Finnish legislation, governance code rules and practices, and in these cases Stora Enso follows the practice in its domicile. The Swedish Code is issued by the Swedish Corporate Governance Board and is available at corporategovernanceboard.se.

² As confirmed to Stora Enso

² Includes 900 shares held through related persons (spouse)

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Related party transactions

Stora Enso's Guideline for Related Party transactions addresses the principles and processes for related party transactions in Stora Enso Group, including decision-making, identifying related party transactions, reporting and monitoring of related party transactions. Any transaction undertaken with a related party, which is not undertaken on market terms or which does not form part of the Company's ordinary course of business shall be reported to the Financial and Audit Committee and approved by the Board of Directors. Furthermore, Board members and members of the Group Leadership Team are subject to additional transparency requirements to ensure proper review of transactions involving them, their close family or a related entity. For more details on related party transactions, see the Financial Statement, note 6.3 and the Parent company financial statements note 26.

Legal proceedings

Contingent liabilities

Stora Enso has undertaken significant restructuring actions in recent years which have included the divestment of companies, sale of assets and mill closures. These transactions include a risk of possible environmental or other obligations the existence of which would be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A provision has been recognised for obligations for which the related amount can be estimated reliably and for which the related future cost is considered to be at least probable.

Stora Enso is party to legal proceedings that arise in the ordinary course of business and which primarily involve claims arising out of commercial law. The management does not consider that liabilities related to such proceedings before insurance recoveries, if any, are likely to be material to the Group's financial condition or results of operations.

Veracel

On 11 July 2008, Stora Enso announced that a federal judge in Brazil had issued a decision claiming that the permits issued by the State of Bahia for the operations of Stora Enso's joint operations company Veracel were not valid. Veracel disputed the decision and filed an appeal against it.

On 10 July 2025, Veracel's appeal was upheld by the Federal Court, and the regularity of all the environmental licensing of the project was recognised, and the fine of BRL 20 (EUR 3) million was annulled. The decision was not appealed to the Higher Courts, and the ruling is final.

Changes in the Group management

Niclas Rosenlew started as CFO and a member of the Group Leadership Team on 13 January 2025. As of 1 January 2026, he assumed additional responsibilities and represents the Communications and Brand organisations in the Group Leadership Team.

Following Stora Enso's decision to divide the renewable packaging business into four business areas, the Group appointed two new Executive Vice Presidents (EVP) and members of the Group Leadership Team (GLT) as of 1 July 2025. Markku Luoto was appointed EVP and Head of Foodservice and Liquid Board Business Area, and Andreas Birmoser was appointed EVP and Head of Cartonboard Business Area. The Containerboard Business Area will be led by Hannu Kasurinen, who previously served as EVP Packaging Materials division, and has been a member of the GLT since 2019. Hannu Kasurinen retired on 31 December 2025. Lars Völkel, previously EVP Wood Products, was appointed as EVP Containerboard as of 1 January 2026.

Katariina Kravi, EVP People and Communication and a member of the GLT since 2020, accepted a new position outside Stora Enso and left the company at the end of 2025.

Micaela Thorström was appointed Executive Vice President, People and Legal, General Counsel, as of 1 January 2026. Micaela has been part of Stora Enso's Group Leadership Team since 2023, serving as Executive Vice President, Legal and General Counsel.

Tuomas Hallenberg was appointed President and CEO of Stora Enso's Swedish forest business, which is planned to be demerged from Stora Enso in 2027. His new role is effective as of 1 January 2026. He stepped down from his role of EVP Forest in the Group Leadership Team as of 31 December 2025.

Resolutions by the Annual General Meeting

Stora Enso Oyj's Annual General Meeting convened on 20 March 2025 in Helsinki, Finland. The AGM adopted the accounts for 2024, adopted the Remuneration Report 2024 and the updated Remuneration Policy through an advisory resolution, and granted the Company's Board of Directors and Chief Executive Officer discharge from liability for the financial period 1 January 2024–31 December 2024.

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 2024 in two instalments. The first dividend instalment, EUR 0.13 per share, was paid on 2 April 2025, and the second instalment, EUR 0.12 per share, on 2 October 2025.

The AGM resolved, in accordance with the proposal by the Shareholders' Nomination Board, that the Board of Directors shall have nine (9) members.

The AGM further resolved, in accordance with the proposal by the Shareholders' Nomination Board, to re-elect the current members of the board of Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan, Christiane Kuehne, Richard Nilsson and Reima Rytsölä – as members of the Board of Directors until the end of the following AGM and to elect Elena Scaltritti and Antti Vasara as new members of the Board of Directors for the same term of office. Kari Jordan was elected as Chair of the Board of Directors and Håkan Buskhe as Vice Chair of the Board of Directors.

The AGM resolved, in accordance with the proposal by the Shareholders' Nomination Board, that the annual remuneration for the Board of Directors be paid as follows:

Chair EUR 221,728 (2024: 215,270) Vice Chair EUR 125,186 (2024: 121,540) Members EUR 85,933 (2024: 83,430)

The AGM also resolved that the annual remuneration for the members of the Board of Directors be paid in Company shares and cash so that 40% is paid in Stora Enso R shares.

The AGM resolved the annual remuneration for the Board committees in accordance with the proposal by the Shareholders' Nomination Board.

The AGM resolved to elect PricewaterhouseCoopers Oy as auditor until the end of the Company's next AGM. PricewaterhouseCoopers Oy has notified the Company that Panu Vänskä, APA, will act as the principally responsible auditor. The AGM also elected PricewaterhouseCoopers Oy as sustainability reporting assurer until the end of the following AGM. Panu Vänskä, APA, authorised sustainability auditor (ASA), will act as the principally responsible sustainability reporting assurer.

In accordance with the proposals by the Board of Directors, the AGM resolved to authorise the Board of Directors to decide on repurchase and issuance of Stora Enso R shares.

The AGM also resolved, in accordance with the proposal by the Board of Directors, to amend the Company's Articles of Association. Amendments were made under the sections III Management of the Company, IV Closing of accounts, annual audit and sustainability reporting assurance, and V Annual General Meeting.

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Resolutions by the organising meeting of the Board of Directors

Richard Nilsson (Chair), Astrid Hermann and Antti Vasara were elected members of the Financial and Audit Committee.

Kari Jordan (Chair), Håkan Buskhe and Reima Rytsölä were elected members of the People and Culture Committee.

Christiane Kuehne (Chair), Helena Hedblom, Richard Nilsson and Elena Scaltritti were elected members of the Sustainability and Ethics Committee.

Outlook

Short-term outlook

• Markets remain challenging, with low consumer confidence. Geopolitical volatility results in decreased predictability.
• Packaging and pulp market demand is expected to remain stable at low levels.
• The ramp-up of the new consumer board production line at the Oulu site in Finland continues. The EBIT headwind is expected to gradually decrease as we improve the technical performance of the production line. In Q1, we expect a negative impact of EUR 15–30 million on adjusted EBIT.
• 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 were 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 results from changes in the EU ETS (Emissions Trading Scheme) rules: several sites will lose their free CO₂ allowance allocations from 2026 onward, as their emissions are now more than 95% biogenic, demonstrating the success of long-term emission-reduction initiatives.
• In the first quarter of 2026 we will introduce a revised reporting structure, as presented in the CMD in November 2025. The packaging business areas will be consolidated into Consumer Packaging and Integrated Packaging segments. In addition, we will report Biomaterials and Other.

Sensitivity analysis

Energy and raw material price sensitivity

The direct effect of a 10% decrease in raw material prices on adjusted EBIT for the next 12 months

EUR million	Sensitivity 10%
Energy	+4
Wood	+238
Pulp	-85
Chemicals and fillers	+44

Foreign exchange rate sensitivity

The direct effect of a 10% strengthening in the value of the currency on adjusted EBIT for the next 12 months

EUR million	Sensitivity 10%
USD	+28
SEK	-7
GBP	+12

Weakening of the currencies would have the opposite impact. These numbers are net of hedges and assuming no changes occur other than a single currency exchange rate movement in an exposure currency.

Short-term risks

The geopolitical unrest could have an adverse impact on the Group. Potential trade tariffs, retaliatory measures, conflict-related risks to people, operations, trade credit, cyber security, supply, and demand, could also affect the Group negatively.

The risk of a prolonged global economic downturn and recession, sudden interest rate changes, currency fluctuations, trade union and political strike actions, and logistical chain disruptions could all adversely affect the Group's profits, cash flow and financial position, as well as access to material, flow of goods and transport.

Macroeconomic and geopolitical disruption may increase costs, add complexity, and lower short-term visibility, which could further impact market demand, prices, profit margins, and volumes of the Group's products. New capacity and volume entering the market might distort demand, volumes, inventories and pricing. Moreover, forced capacity cuts might further impact on profitability.

There is a risk of continued price volatility for raw materials such as wood, chemicals, other components and energy in Europe. The continued tight wood market, especially in the Nordics, could cause increased costs, limit harvesting and cause disruptions such as delays and/or lack of wood supply to the Group's production sites. Regulatory or similar initiatives might challenge the Group's strategy, growth and operations.

Other risks and uncertainties include, but are not limited to; general industry conditions, unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations, and related to actual or potential litigation; material process disruption at Stora Enso's manufacturing facilities with operational or environmental impacts; risks inherent in conducting business through joint ventures; and other factors.

Proposal for the distribution of dividend

Stora Enso Oyj's Annual General Meeting (AGM) will be held on Tuesday 24 March 2026 at 16:00 EET at Finlandia Hall in Helsinki, Finland. More information is available at storaenso.com/agm.

The parent company distributable shareholders' equity on 31 December 2025 amounted to EUR 1,496,703,545.00 including the profit for the period of EUR 251,991,875.65.

The Board of Directors proposes to the AGM that a dividend of EUR 0.25 per share be distributed on the basis of the balance sheet adopted for the year 2025. This would correspond to EUR 197,154,996.75 in aggregate for all currently registered 788,619,987 shares, which would leave EUR 1,299,548,548.25 in distributable shareholders' equity. The Board of Directors proposes that the dividend be paid in two instalments.

The first dividend instalment, EUR 0.13 per share, is proposed to be paid to shareholders who on the record date of the first dividend instalment, 26 March 2026, are registered in the shareholders' register maintained by Euroclear Finland Oy or in the separate register of shareholders maintained by Euroclear Sweden AB for Euroclear Sweden registered shares. The Board of Directors proposes to the AGM that the first instalment of the dividend be paid on or about 8 April 2026.

The second dividend instalment, EUR 0.12 per share, is proposed to be paid to shareholders who on the record date of the second dividend instalment on 25 September 2026 are registered in the shareholders' register

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maintained by Euroclear Finland Oy or in the separate register of shareholders maintained by Euroclear Sweden AB for Euroclear Sweden registered shares. The Board of Directors proposes that the second dividend instalment would be paid on or about 2 October 2026.

Dividends payable to Euroclear Sweden registered shares will be forwarded by Euroclear Sweden AB and paid in Swedish crowns. Dividends payable to ADR holders will be forwarded by Citibank N.A. and paid in US dollars.

Stora Enso's policy is to distribute 50% of earnings per share (EPS) excluding fair valuation over the cycle. In 2025, EPS excluding fair valuation was EUR 0.41.

Events after the reporting period

New reporting structure

Stora Enso implemented a new financial reporting structure effective 1 January 2026, aligning with the Group's enhanced focus on renewable materials and packaging. The new reporting segments are:

• Consumer Packaging (comprising the Cartonboard and the Foodservice and Liquid Board business areas)
• Integrated Packaging (comprising the Containerboard and the Packaging Solutions business areas)
• Biomaterials
• Other (including the Wood and Energy business area and the Group's administration)

The Swedish forest assets and the Central European sawmilling and building solutions operations (currently under strategic review) will be reported under the segment Other.

New financial targets

To drive stronger performance and sharpen its focus on packaging, the Group has updated its financial targets to reflect its new strategy.

Targets over the business cycle

• Adjusted EBIT margin: >10%
• Revenue growth: >4%
• Payout ratio: >50%
• Net debt to adjusted EBITDA ratio: <1x

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Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices

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, not defined under IFRS. Used together with the IFRS measures, alternative performance measures provide meaningful supplemental information to the management, investors, analysts and other parties with regards to the financial development of the business operations.

Alternative performance measure	Definition	Purpose
Operating result (IFRS)	Net result for the period excluding income tax and net financial items (finance costs).	Used in combination with below measures to determine the profitability of the Group.
Adjusted EBIT	Operating result (IFRS) excluding items affecting comparability (IAC) and fair valuations and non-operational items (FV) of the line-by-line consolidated entities and Stora Enso's share of operating result excluding IAC and FV of its associated companies.	The Group's key non-IFRS performance metric, which is used to evaluate the performance of operating segments and, in combination with below ratios, to steer allocation of resources to them.
Adjusted EBITDA	Operating result (IFRS) excluding silviculture costs and damage to forests, fixed asset depreciation and impairment, IACs and FV. The definition includes the respective items of subsidiaries, joint arrangements and associated companies.	Used by management to analyse the business and, from time-to-time, for short term and long-term target setting.
Adjusted return on capital employed (ROCE), LTM 3 (%)	Adjusted EBIT 3 x 100 Capital employed 1	Used for long-term Group financial targets setting.
Adjusted return on operating capital (ROOC), LTM 2 (%)	Adjusted EBIT 3 x 100 Operating capital 1	Used for long-term divisional financial targets setting.
Return on equity, ROE, LTM³ (%)	Net result for the period x 100 Total equity 1	A measure of the profitability in relation to equity.
Net debt	Interest-bearing liabilities – interest-bearing assets, marked with "I" in the statement of financial position.	Used for long-term Group financial targets setting.
Net debt/equity ratio	Net debt Equity 2	Used for long-term Group financial targets setting.
Net debt/last 12 months' adjusted EBITDA ratio	Net debt LTM adjusted EBITDA	Used for long-term Group financial targets setting.
Earnings per share (EPS) excluding FV	Net result for the period excluding fair valuations and non-operational items after tax divided by the weighted average number of shares	Stora Enso's dividend policy is to distribute 50% of earnings per share (EPS) excluding fair valuation over the cycle.
Operating capital and capital employed	Operating capital is comprised of items marked with "O" in the statement of financial position. Capital employed = Operating capital – Net tax liabilities. Net tax liabilities are marked with "T" in the statement of financial position.	Used for long-term Group financial targets setting.
Items affecting comparability (IAC)	The most common IAC are significant capital gains and losses, impairments or impairment reversals, disposal gains and losses relating to Group companies, provisions for planned restructurings, environmental provisions, changes in depreciation due to restructuring and penalties. In order for qualifying cases to be considered as items affecting comparability, a materiality threshold will be applied of at least EUR 4 million for Packaging Materials, EUR 2 million for Biomaterials, and EUR 1 million for the rest of the divisions including segment Other.	Represent certain significant items, identified by the management, considered not indicative of the operating business performance due to their nature and/or frequency.
Fair valuations and non-operational items (FV)	Fair valuations and non-operational items include non-cash income and expenses related to CO 2 emission rights and liabilities, non-operational fair valuation changes of biological assets, adjustments for differences between fair value and acquisition cost of forest assets upon disposal and the Group's share of income tax and net financial items of associated companies. Non-operational fair value changes of biological assets reflect changes made to valuation assumptions and parameters. The adjustments for differences between fair value and acquisition cost of forest assets upon disposal are a result of the fact that the cumulative non-operational fair valuation changes of disposed forest assets were included in previous periods in IFRS operating result (biological assets) and other comprehensive income (forest land) and are included in adjusted EBIT only at the disposal date (for non-strategic forest assets disposals).	Represent adjustments for certain items considered by the management less relevant for understanding operating business performance. These adjustments result in differences in the recognition and measurement principles applicable under IFRS.
Operational fair value change of biological assets	Operational fair value changes of biological assets contain all other fair value changes (see above about non-operational fair value changes of biological assets), mainly due to inflation and differences in actual harvesting levels compared to the harvesting plan.	The long-term value change of the growing forests is an important component of the forestry business profitability.

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Alternative performance measure	Definition	Purpose
Cash flow from operations (non-IFRS) and cash flow after investing activities (non-IFRS)	Cash flow from operations (non-IFRS) is equal to net cash provided by operating activities (IFRS) before cash flows related to financial items and income taxes. Cash flow after investing activities (non-IFRS) is equal to cash flow from operations (non-IFRS) minus cash spent on intangible assets, property, plant and equipment, and biological assets and acquisitions of associated companies.	These are measures of cash generation, working capital efficiency and capital expenditure outflows.
Capital expenditure	Capital expenditure on fixed assets includes investments in and acquisitions of tangible and intangible assets as well as internally generated assets and capitalised borrowing costs, net of any related subsidies. Capital expenditure on leased assets includes new capitalised leasing contracts. Capital expenditure on biological assets consists of acquisitions of biological assets and capitalisation of costs directly linked to growing trees in plantation forests. The cash flow impact of capital expenditure is presented in cash flow from investing activities, excluding lease capex, where the cash flow impact is based on paid lease liabilities and presented in cash flow from financing and operating activities.	A measure of the operating business investments capitalised as tangible and intangibles assets.
Fixed costs	Maintenance, personnel and other administration type of costs, excluding IAC and FV.	A measure of the costs that are less variable in nature.

Earnings per share (EPS) excl. fair valuation

¹ Average for the last five quarter ends 2 Attributable to the owners of the Parent 3 Last 12 months prior to the end of reporting period

Reconciliation of key figures
EUR million	2025	2024	2023
Adjusted EBIT	528	598	342
Capital employed, average	13,864	14,060	14,230
Adjusted ROCE	3.8%	4.3 %	2.4 %
Adjusted EBIT excl. Forest segment	210	290	89
Capital employed excl. Forest segment, average	7,860	8,071	8,490
Adjusted ROCE excl. Forest segment	2.7%	3.6%	1.0%
Net result for the period	686	-183	-431
Total equity, average	10,259	10,576	11,413
Return on equity (ROE)	6.7%	-1.7%	-3.8%
Net debt	3,181	3,707	3,167
Adjusted EBITDA	1,144	1,223	989
Net debt to adjusted EBITDA ratio	2.8	3.0	3.2

EUR million	2025	2024	2023
Earnings per share (EPS) excl. FV EUR
Net result for the period attributable to owners of the Parent	695	-136	-357
FV on net result for the period attributable to owners of the Parent	369	307	218
Net result for the period attributable to owners of the parent excl. FV	327	-442	-575
Average number of shares	789	789	789
Earnings per share (EPS) excl. FV EUR	0.41	-0.56	-0.73
Reconciliation of operational profitability EUR million	2025	2024	2023
Adjusted EBITDA	1,144	1,223	989
Depreciation and silviculture costs of associated companies	-14	-13
Silviculture costs1		-111	-11
Depreciation and impairment excl. IAC	-120		-102
	-483	-501	-534
Adjusted EBIT	528	598	342
Fair valuations and non-operational items	434	364	231
Items affecting comparability (IAC)	-19	-870	-895

Operating result (IFRS) 942 93 -322

Segment share of adjusted EBIT, IAC, fair valuations and nonoperational items and operating result

	Adjusted EBIT		IAC, fair valuations and non operational items		Operating result
EUR million	2025	2024	2025	2024	2025	2024
Packaging Materials	124	172	-41	-341	83	-169
Packaging Solutions	14	-15	-12	-380	2	-394
Biomaterials	110	231	34	25	144	256
Wood Products	-2	-16	-14	-57	-16	-73
Forest	317	309	509	337	826	646
Other	-37	-72	-61	-90	-98	-162
Inter-segment eliminations	1	-11	0	0	1	-11
Total	528	598	414	-505	942	93
Net financial items					-159	-211
Profit before Tax					783	-118
Income tax expense					-97	-65
Net Profit					686	-183

¹ Including damages to forests

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Items affecting comparability in 2025

EUR million	2025
Acquisitions	-4
Disposals - Swedish forest assets	140
Disposals - Other	-16
Impairments - Packaging Solutions	-4
Impairments - Wood Products	-12
Restructuring - Packaging Materials	-32
Restructuring - Packaging Solutions	-7
Restructuring - Biomaterials	-5
Restructuring - Wood Products	-2
Restructuring - Forest	-4
Restructuring - Group functions and segment Other	-6
Profit improvement programme - consulting costs	-24
Claims and penalties	-8
Environmental provisions and damages	-35
Total	-19

Items affecting comparability in 2024

EUR million	2024
Impairments - Packaging Materials	-305
Impairments - Packaging Solutions	-371
Impairments - Wood Products	-56
Disposal & closure of De Hoop	-4
Disposal & closure of Sunila	-6
Disposal of Selfly Store	-8
Disposals - other	-8
Restructuring - Packaging Materials	-32
Restructuring - Packaging Solutions	-8
Restructuring - Biomaterials	-6
Restructuring - Forest	0
Restructuring - Group functions and segment Other	-7
Profit improvement programme - consulting costs	-45
Environmental provisions	-14
Other items	0
Total	-870

Fair valuations and non-operational items in 2025 and 2024

EUR million	2025	2024
Non-operational fair valuation changes of biological assets, Packaging Materials	5	2
Non-operational fair valuation changes of biological assets, Biomaterials	40	32
Non-operational fair valuation changes of biological assets, Forest	404	382
Non-cash income and expenses related to CO2 emission rights and liabilities, Other	-12	-11
Non-operational items of associated companies, mainly Forest	-2	-34
Adjustments for differences between fair value and acquisition cost of forest assets upon disposal, Forest	-2	-6
Total	434	364

Calculation of net debt

EUR million	31 Dec 2025	31 Dec 2024
Listed securities	—	11
Non-current interest-bearing receivables	14	14
Interest-bearing receivables	67	47
Cash and cash equivalents	1,212	1,999
Interest-bearing assets	1,293	2,072
Non-current interest-bearing liabilities	3,557	3,894
Current portion of non-current debt	253	1,090
Interest-bearing liabilities	659	788
Bank overdrafts	5	7
Interest-bearing Liabilities	4,473	5,779
Net debt	3,181	3,707

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General information	6
Basis for preparation	69
Governance	70
Strategy	7:
Impact, risk, and opportunity management	7
Environmental information	8
EU Taxonomy	8
ESRS E1 Climate change	92
ESRS E2 Pollution	10
ESRS E3 Water and marine resources	104
ESRS E4 Biodiversity and ecosystems	106
ESRS E5 Resource use and circular economy	112
Social information	116
ESRS S1 Own workforce	116
ESRS S2 Workers in the value chain	123
ESRS S3 Affected communities	120
Governance information	129
ESRS G1 Business conduct	129

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General information

In this section

Basis for preparation	69
Governance	70
Strategy	72
Impact, risk, and opportunity management	77

Basis for preparation

General basis for preparation of the Sustainability Statement (BP-1)

Stora Enso's Sustainability Statement has been prepared on a consolidated basis in accordance with Chapter 7 of the Finnish Accounting Act and the European Sustainability Reporting Standards (ESRS), and it refers to the Group Sustainability Report as required under Chapter 7 of the Finnish Accounting Act. It follows the same consolidation principles as the Financial Statements prepared in accordance with the IFRS Accounting Standards. Unless otherwise stated, the Group's consolidated performance figures expressed in this report relate to the parent company, Stora Enso Oyj, and all companies in which the Group holds 50% or more of the voting rights, directly or indirectly. For additional information on Group's structure, see Financial Statements, note 6.2 Group structure.

Stora Enso has two joint operations, Veracel in Brazil and Montes del Plata in Uruguay. In both companies, Stora Enso holds a 50% ownership. In the Financial Statements, the joint operations are recognised and consolidated based on the Group's share of the assets, liabilities, revenues, expenses, and cash flows of the joint operation.

To ensure consistency with financial reporting, the Sustainability Statement covers information proportional to Group's ownership in the joint operations in the following ESRS disclosure requirements: E1-5, E1-6, E1-7, E2-4, E3-4, E4-5, E5-4, E5-5, and S1-6 (total number of employees). The above environmental disclosure requirements include the intensity ratios related to the Group's financial revenue. For additional information on consolidation principles, see Financial Statements, note 1.1 Accounting principles.

Stora Enso does not have full authority over the daily operations of its joint operations, and as these operations are not governed by Stora Enso's policies, internal controls, or targets, most ESRS reporting requirements for joint operations are not applicable. The same principle applies to financial reporting, where the Group's joint operations follow their own financial risk policies, which may differ from those of Stora Enso. Unlike financial reporting, where joint operations comply with IFRS accounting standards, they do not adhere to ESRS.

Following the double materiality principle, the Sustainability Statement contains relevant upstream and downstream value chain information where necessary to understand the Group's material impacts, risks, and opportunities and to provide information that meets the qualitative characteristics outlined in the Corporate Sustainability Reporting Directive (CSRD). In the descriptions of material topics, joint operations are referred to as 'joint operations' to distinguish them from the Group's own operations, over which the Group has full authority regarding the operating policies.

Due to the sensitivity of information, Stora Enso has exercised the option not to disclose specific details related to intellectual property, know-how, or the outcomes of innovation. In accordance with the Finnish Accounting Act chapter 7 13 § (21.12.2023/1249), Stora Enso does not disclose information on impending developments or matters under negotiation, and has also opted to omit value chain metrics.

The connectivity of the ESRS disclosures with the Group's Financial Statements is indicated through guidance directing readers to additional information, which is not in the scope of ESRS reporting.

This Sustainability Statement has been assured by an independent thirdparty assurance provider in accordance with the Finnish Auditing Act. PricewaterhouseCoopers Oy has provided a level of Limited Assurance, using the ESRS Standards and the requirements of the delegated acts of the Taxonomy Regulation (EU) 2021/2178 as criteria, covering the Sustainability Statement as defined under BP-1. PricewaterhouseCoopers Oy applies the International Standard on Quality Management (ISQM) 1. Additionally, a level of Reasonable Assurance, using the GHG Protocol as criteria, has been provided for Stora Enso's reporting on direct and indirect greenhouse gas (GHG) emissions (Scope 1 and 2, market-based). Stora Enso's Science-Based climate targets align with the GHG Protocol and therefore deviate from the ESRS consolidation principle in terms of joint operations, see ESRS E1-6. The Assurance Reports are available on page 211 of the Annual Report.

Disclosures in relation to specific circumstances (BP-2)

The Sustainability Statement fulfils the characteristics of specific circumstances in some disclosures.

Due to the nature of the Group's operations, time horizons differ from the definitions provided by CSRD. For risks, Stora Enso defines short-term as up to one year, medium-term as two to ten years, and long-term as ten years or more. This aligns with Stora Enso's enterprise risk management process.

Stora Enso applies phased-in provisions in line with the ESRS1 Phased-in Disclosure Requirements Appendix C (EU 2025/1416 delegated regulation amendment to 2023/2772) for the following disclosures: E2-6, E3-5, E4-6, E5-6, S1-7, S1-8 (covers only EEA countries), S1-11, S1-13, and S1-14 (88 d, e).

When reporting involves estimated value chain data, outcome uncertainty, or disclosures required by other legislation or accepted sustainability standards, the relevant information is presented within the accounting principles section for each metric. In ESRS E1-6, the metrics related to Scope 3 are subject to a higher level of measurement uncertainty, due to the data encompassing the full value chain. The

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expected reductions in Stora Enso's carbon reduction pathway for 2030 (presented as graph in ESRS E1-4) are based on various assumptions and estimates that are believed to be reasonable, though actual result and timing could differ from these. The estimates, judgments and assumptions are reviewed regularly and updated when deemed necessary.

Unless otherwise stated, the metrics disclosed in the Sustainability Statement have not been validated by an external body other than the assurance provider.

Changes in presentation of sustainability information

ESRS E1-3 Reductions by Scope 1 and 2 decarbonisation levers In 2025, Stora Enso adjusted its approach to analysing emission reductions per decarbonisation lever, resulting in adjustments between levers but no change to the total reduction achieved.

ESRS E1-6 Total GHG emissions disaggregated

In 2025, Stora Enso's disaggregated GHG emissions are presented following the financial consolidation scope, in alignment with ESRS standards (2024 reporting followed GHG Protocol). Under this change, joint operations are consolidated line by line in Scope 1 and 2, rather than Scope 3 (as classified by the GHG Protocol). This technical adjustment reallocated emissions between scopes but did not affect the total GHG emissions.

Governance

The role of the administrative, management, and supervisory bodies (GOV-1)

Composition and diversity of the Board of Directors	2025	2024
Number of non-executive members	9	8
Number of executive members	0	0
Percentage of independent members1	100%	100%
Gender diversity: average ratio of female to male (% of female)	4:5 (44%)	1:1 (50%)
Age range	52-70	51-69
Number of different nationalities	5	5
Members with industry experience	2	2
Members with experience in emerging markets	3	3
Members with experience in global business and operational management	9	8

¹ Two of the Board members were independent of the Company but not of its significant shareholders.

There is no employee representative on the Board.

Roles and responsibilities of the Board of Directors and its committees for oversight of impacts, risks and opportunities

Board of Directors

• Supervises the operation and management of Stora Enso. • Decides on significant matters relating to strategy, sustainability, investments, organisation, and finance.
• Reviews strategic and operational risks.
• Oversees the proper supervision of accounting and the control of financial and sustainability matters.
• Approves the double materiality assessment, Sustainability Statement, and climate resilience plan.

Financial and Audit Committee

• Supports the Board in maintaining the integrity of the company's financial and sustainability reporting, as well as the Board's control functions.
• Reviews and supports the material content of the Sustainability Statement, as recommended by the Sustainability and Ethics Committee, for inclusion in the Report of the Board of Directors, subject to Board approval.

Sustainability and Ethics Committee

• Oversees the company's sustainability and ethical business conduct and the related impacts, risks, and opportunities.
• Reviews and assesses the annual reporting and control procedures on quantitative and narrative disclosures related to sustainability and business ethics.
• Reviews, evaluates, and oversees Stora Enso's double materiality assessment, including the identified material impacts, risks, and opportunities, as well as the associated targets and action plans.

People and Culture Committee

• Responsible for recommending and evaluating executive nominations and remunerations, and making recommendations to the Board on management remuneration issues.
• Responsible for ensuring that the talent and
• remuneration plans and programmes support the strategic aims of the company.

The Corporate Governance Policy addresses corporate governance within Stora Enso. The Group Risk Policy outlines the overall approach to governance and the management of risks in accordance with the COSO (Committee of Sponsoring Organizations) framework and in line with ISO 31000. Both policies are approved by the Board of Directors.

The duties of the various bodies within Stora Enso are determined by the laws of Finland and by the company's Corporate Governance Policy, which complies with the Finnish Companies Act and the Finnish Securities Market Act. The working order of the Board sets out the Board's working practices, while the tasks and responsibilities of the Board committees are defined in their respective charters. The Board's work is supported by its committees.

Executive management's role to monitor, manage and oversee impacts, risks and opportunities

The CEO is responsible for the day-to-day management of the company in accordance with the Finnish Companies Act and the instructions and

orders issued by the Board. The CEO is also responsible for overseeing effective risk management and internal controls over financial and sustainability reporting. The Group Internal Control, under Group Assurance and supervised by the CFO, is accountable for internal control governance, processes and tools. The head of Enterprise Risk Management, reporting to the Executive Vice President of Strategy and Sustainability, is responsible for designing, developing, and monitoring the implementation of the Group's risk management framework.

Sustainability work is led by the Executive Vice President (EVP) responsible for strategy and sustainability, who reports directly to the CEO and is part of the Group Leadership Team (GLT). The CEO holds ultimate responsibility for the successful implementation of the company's sustainability agenda. The EVP Legal, General Counsel, is responsible for ethics and compliance matters at Stora Enso and reports to the CEO.

To ensure control over the management of impacts, risks, and opportunities, Stora Enso has set procedures to update the Board on incidents related to safety and environmental non-compliances. The Financial and Audit Committee supports the Board in monitoring the risk management process within Stora Enso, particularly with regard to the management and reporting of risks that have a significant financial impact. Responsibility for maintaining effective risk management is delegated to the CEO.

Both the Group Leadership Team and the Board of Directors are regularly updated on sustainability progress and other topical issues. The Group Leadership Team members present sustainability targets to the Board, first reviewed by the Sustainability and Ethics Committee and then approved by the Board of Directors. The Board of Directors receives quarterly updates on performance against the targets.

Skills and expertise of the Board to oversee sustainability matters

The Sustainability and Ethics Committee comprises two to four Board members who are nominated annually by the Board. At least one Committee member is expected to have sufficient prior knowledge and experience in handling sustainability and business ethics matters. To ensure the Board's insight and competence on the Company's material sustainability-related topics, the Board regularly reviews and discusses material impacts, risks and opportunities, targets, and external reporting as described below under ESRS 2 GOV-2.

In 2025, seven of the Board members possessed sustainability or ESGrelated expertise as their primary skill. Additionally, three of the Board members had specific expertise in sustainability-driven innovation. These skills are aligned with the strategic topics identified as part of Stora Enso's double materiality assessment: climate change, biodiversity and circularity. Three out of the four members of the Sustainability and Ethics Committee

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possessed expertise in governance and compliance as their primary skill. and all the members of the Financial and Audit Committee held this expertise. All Board committees are allowed to engage external consultants and experts when necessary. To ensure access to sufficient and relevant sustainability expertise and skills, the Group's subject matter experts present sustainability topics and updates to the committees. More details are provided under ESRS 2 GOV-2.

Information provided to and sustainability matters addressed by the administrative, management, and supervisory bodies (GOV-2)

The Sustainability and Ethics Committee receives regular updates and engages in discussions with management on key sustainability matters. as outlined in the table below. This ensures the Board stays well-informed, follows a structured annual review and approval process, and maintains the necessary expertise to address these issues.

All non-compliance cases are reported to the Sustainability and Ethics Committee upon completion, and cases related to fraud or the integrity of financial reporting are also reported to the Financial and Audit Committee. Significant non-compliances are reported to Sustainability and Ethics Committee within 48 hours of their occurrence.

Matters addressed by Sustainability and Ethics Committee

Safety (TRI and fatalities) statistics Quarterly updates and discussións • Ethics and Compliance topics and incident reviews · Environmental incidents update Review of the augrterly sustainability results to assess performance against sustainability targets Bi-annual updates and · Deep dives into material sustainability topics on the discussions¹ management of significant risks, impacts, and opportunities (climate, biodiversity, and circularity) Proposal and agreement on sustainability focus areas · Integrated ERM and Double Materiality Assessment Annual updates and discussions review with the Financial and Audit Committee Review of sustainability targets Review of the Sustainability Statement and support to Financial and Audit Committee in providing recommendations to the Board for the approval of the Board of Directors Report

In addition to the topics listed above, the Board receives updates and discusses other material sustainability topics as needed. The updates are provided by the Group Leadership Team members and their teams, primarily Group Sustainability and Group Legal.

In 2025, these included:

Our strategy

• update and discussion on climate resilience plan
• implementation of the due diligence process in accordance with the Corporate Sustainability Due Diligence Directive, and
• · ESG update on market information.

The Board approves the double materiality assessment as described in ESRS IRO-1. The outcome of the assessment is disclosed under ESRS 2 SBM-3.

The Board supervises the operation and management of Stora Enso and decides on significant matters relating to strategy, investments, organisation, and finance. Information on the development of essential risk greas, as well as executed and planned activities in these greas are regularly communicated to the Financial and Audit Committee. Sustainability and Ethics Committee receives regular updates on material sustainability topics, including related impacts, risks and opportunities as described above. The two Committees present a report on each meeting to the Board to be utilised in the Board's approval, supervisory and decision-making processes. Risks are reviewed jointly with the Financial and Audit Committee and Sustainability and Ethics Committee to ensure a holistic approach to overseeing Company risks. In accordance with the Board's working order, matters handled in the meetings include among others, the approval of major investments and divestments. The Group's Investment Guidelines address sustainability matters to be considered, but do not provide specific guidance on potential trade-offs.

Integration of sustainability-related performance in incentive schemes (GOV-3)

The Remuneration Policy describes Stora Enso's main principles and the decision-making process for the remuneration of the members of the Board and the President and CEO. The performance metrics defined in the policy include sustainability targets as decided by the Board. Since 2022, sustainability measures have been part of the Company's variable remuneration. The sustainability performance criteria align with Stora Enso's key sustainability targets and key performance indicators (KPIs), thereby contributing to the overall fulfilment of the Group's sustainability ambition.

Occupational safety objectives are integrated into the short-term incentive plans of all employees, including the CEO, Group Leadership Team, and business area and unit management. For the 2025 plan (payable in 2026), 10% is tied to safety performance. Targets are set annually, with payouts based on yearly results.

The long-term incentive plan encompasses around 300 key employees. including the Group Leadership Team. It includes sustainability metrics on carbon reduction (10%) and gender balance (10%). The targets for the plan are set for a three-year period, and payouts in Stora Enso shares are based on the company's performance against set targets.

Shareholders at the Annual General Meeting have established a Shareholders' Nomination Board, which is to exist until otherwise decided. and will annually prepare proposals for the Annual General Meeting's approval concerning the number of members as well as the remuneration of the Board of Directors. The Board's remuneration is not directly linked to the Company's performance, but may be paid partly in Company shares, as decided by the Annual General Meeting.

The compensation of the President and CEO is decided by the Board based on the evaluation and proposal by the Board's People and Culture Committee, and the company's Remuneration Policy.

Statement on due diligence (GOV-4)

Stora Enso integrates risk-based sustainability due diligence into its policies and risk management systems, covering both the Group's own operations and the value chain. This includes identifying and prioritising human rights and environmental impacts, implementing preventive and mitigating measures, and engaging in remediation where needed. The company monitors the effectiveness of its due diligence and implements it through, for example, the following processes and tools:

• Due diligence, in which the company evaluates the impact that current or potential business operations may have on local communities and the environment.
• Third-party certified management systems in place at production units that apply international standards such as ISO 14001, ISO 45001, and ISO 50001.
• SMETA audits focusing on social matters and working conditions.
• Third-party forest management certification for the Group's own forestry operations and suppliers, such as FSC¹ and PEFC², which also include community considerations as a prerequisite.
• When necessary, organisational restructuring processes and the closure of operations are carried out in cooperation with authorities to support communities through related changes and to create opportunities for new business initiatives.
• Grievance mechanisms are available for all external stakeholders. including communities close to the Group's operations.
• 1 Stora Enso Communications' FSC® trademark license number is FSC-N001919
• 2 Stora Enso PEFC trademark license number is PEFC/02-44-22.

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Stora Enso's due diligence commitment is outlined in the Sustainability Policy. Stora Enso recognises the human rights-related principles of the UN Global Compact, relevant Children's Rights and Business Principles, and the OECD's Guidelines for Multinational Enterprises. The core elements of Stora Enso's due diligence are further described in the following paragraphs:

Core elements of due diligence	Paragraphs in the Sustainability Statement
a) Embedding due diligence in governance, strategy and business model	ESRS 2 GOV-2, ESRS 2 GOV-3, ESRS 2 SBM-3
b) Engaging with affected stakeholders in all key steps of the due diligence	ESRS 2 GOV-2, ESRS 2 SBM-2, ESRS 2 IRO-1, ESRS MDR-P, ESRS S3
c) Identifying and assessing adverse impacts	ESRS 2 IRO-1, ESRS 2 SBM-3, ESRS S3
d) Taking actions to address those adverse impacts	ESRS 2 MDR-A
e) Tracking the effectiveness of these efforts and communication	ESRS 2 MDR-A, ESRS 2 MDR-T
f) Third-party certified management systems	ESRS E1-2, ESRS E4-3

Risk management and internal controls over sustainability reporting (GOV-5)

Stora Enso's internal control framework includes internal controls designed to meet the requirements on reasonable assurance for the reported sustainability data, reliability of disclosures and compliance with applicable laws, regulations, policies and guidelines. The framework is based on the principles established by the Committee of Sponsoring Organizations (COSO).

The Board, supported by the Financial and Audit Committee, has the overall responsibility for setting up an effective system of internal control and risk management for sustainability reporting. The responsibility is further delegated within the organisation. The Group Internal Control is responsible for internal control governance and processes, while business areas and support and service functions are accountable for operating effective internal controls.

Risk assessments have been conducted for the end-to-end sustainability reporting processes, with risks prioritised based on their impact and likelihood. The main risks identified include the accuracy, timeliness, and completeness of the reporting. To address these risks, internal controls were designed and implemented at potential points of failure or error

throughout the process, from the source data to consolidation and disclosures. Implemented control activities include review and approval processes, verifications, reconciliations, IT general controls, and controls supported by IT systems. Control activities also include the policies, guidelines, procedures, and organisational structures in place to ensure that management directives are carried out and that necessary actions are taken to address risks related to the achievement of objectives concerning sustainability reporting.

The effectiveness of the process for assessing risks and executing control activities is monitored continuously. The Group Internal Control oversees control design and effectiveness providing quarterly reports to management and bi-annual updates to the Financial and Audit Committee. The contributors to the sustainability reporting process from business areas and functions are informed of the findings and observations concerning the internal controls.

Strategy

Strategy, business model and value chain (SBM-1)

Stora Enso is a global renewable materials company with an increasing focus on packaging. In 2025, the Group's sales were EUR 9,326 (9,049) million. Stora Enso operates in the following ESRS sector groups and related sectors:

Sector group: Agriculture. Sector: Forestry (AFO)

Sector group: Manufacturing. Sector: Pulp, Paper & Wood products (MPW)

The Group's strategy is based on creating value in the circular economy with renewable, fiber-based materials. In 2025, key product categories included packaging products andsolutions forvarious industries such as food and beverage, retail, e-commerce, and industrial applications. Additional product categories included biomaterials (pulp and bio-based solutions), wood products, and building solutions. The Group's forests serve as a reliable and long-term source of fiber for its products.

Stora Enso's key customer segments include packaging converters, food and beverage producers, brand owners and retailers, and e-commerce. Over half of the Group's sales are directed toward consumer end uses. The Group's main market is Europe, accounting for approximately 69% of sales. The second largest market is the Asia, contributing 16% of sales. For additional information on financial performance by segment and external sales by destination, see Financial Statements, note 2.1 Segment information.

In September 2025, Stora Enso divested approximately 175,000 hectares of Swedish forest land, equivalent to about 12.4% of its total forest land

holdings in Sweden. Stora Enso retains a 15% ownership of the sold company. In connection with the divestment, Stora Enso and the divested entity entered into a 15-year wood supply agreement to secure wood availability for Stora Enso's Swedish business units. See additional information in the Financial Statements, note 6.1 Acquisitions, disposals and assets held for sale.

In November 2025, the Group completed a strategic review of its Swedish forest assets as part of a stronger focus on renewable packaging and initiated preparations for the separation of the assets into a publicly-listed Swedish company, with the listing planned to be completed in 2027. In November, Stora Enso also initiated a strategic review of its Central European sawmills and building solutions operations, which is expected to be carried out in 2026.

Stora Enso is a significant employer in its operating countries, employing approximately 19,000 (19,000) people at the end of 2025. The number of employees by countries is presented under ESRS S1-6.

The Group's long-term ambition is to provide regenerative products and solutions by 2050 across all markets, and product and customer categories. This means providing renewable and circular products and solutions that remove more carbon than they emit and support biodiversity restoration. Currently, the long-term ambition aligns with the significant products, markets, and customer groups within the Group. The majority of the products are designed for recycling or energy recovery at the end of their lifecycle, underscoring the commitment to the circular economy.

Key sustainability matters impacting the strategy are climate change and biodiversity loss, which may adversely affect the health and resilience of forests and tree plantations, the value of forest assets, and wood prices. Conversely, strategy elements impacting sustainability matters are mainly related to the renewable, wood-based products that serve as alternatives to fossil-based materials and contribute to mitigating climate change and supporting the circular economy. The main challenge regarding sustainability matters lies in the evolving regulatory landscape and political decisions on forest resources, which could limit wood availability, increase costs, and reduce investment opportunities.

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Stora Enso's business model

Stora Enso is a global renewable materials company with focus on packaging. The Group procures wood from both internal and external sources, manufacturing it into a range of wood-based products and materials. A global sales and distribution network is used to deliver products to customers worldwide for further processing. The majority of sales are directed towards consumer end uses. The main business actors include private forest owners, chemical suppliers, transportation and logistics partners, and the key customer seaments detailed in the illustration below. (The illustration presents company structure as of 31 December 2025.)

Upstream Own operations Downstream

Securing a reliable supply of raw materials

Wood as primary raw material

• Owned and leased forest land in Europe
• 50% ownership of eucalyptus plantations in Brazil and Uruguay
• Large network of private forest owners providing tactical flexibility in wood sourcina

Other raw materials

• Long-term relationships with key suppliers to ensure a reliable supply of main raw materials
• Large, global supplier base for key raw materials, such as chemicals, fillers, and energy

Stora Enso's operations

Purpose

Transport to

Enso's production

Do good for people and the planet

Replace nonrenewable materials with renewable products

Production and conversion units worldwide

Focus on resource efficiency

• Utilising harvested trees, forestry residuals, and industrial side streams in the most efficient way
• Developing recycled fiber into new products
• Reducing emissions, water usage, and energy consumption

Skilled and engaged employees

• Safety as a top priority
• Focus on strong performance culture and attracting and retaining top talent to secure future skills

Renewable materials to global customer base

Kev customer seaments

• Packaging converters, food and beverage producers, brand owners and retailers, and e-commerce

Key products and applications

• Packaging boards, made from virgin and recycled fiber based on a wide selection of base boards and barrier coatings
• Corrugated packaging solutions
• Pulp and bio-based solutions focused on lianin, wood foams, and biochemicals

Outcomes and benefits

Financial market

Focused capital allocation driving shareholder value and sustainable profitable growth: dividends to shareholders, and interest and principal payments to lenders

Customers and end-users

Helping customers meet consumer demand for low-carbon, renewable products while maintaining the highest product safety standards

People and communities

Safe and inclusive workplace with opportunities for development

Large supplier network creating indirect employment opportunities

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Interests and views of stakeholders (SBM-2)

Stora Enso's stakeholder engagement is rooted in both systematic and informal interactions, complemented by regular surveys on topics such as customer and employee satisfaction. The Group also gains insights through its established grievance mechanisms. Stakeholder engagement is conducted continuously and is being integrated into existing engagement practices.

The purpose of the engagement is to:

• build trust and enhance transparency,
• identify market opportunities,
• address concerns and areas for improvement,
• recognise global trends and weak or silent signals,
• promote sustainable business practices, and
• advance industry standards.

Stora Enso engages regularly with affected stakeholders and users of the Sustainability Statement as outlined in the table to the right. During these engagements, key stakeholders have highlighted the opportunities for Stora Enso to advance circular economy through its wood-based products, which are aligned with the Group's business model. They have also emphasised the importance of implementing responsible business practices throughout operations and the value chain, as these are crucial for securing the long-term acceptability of the strategy.

Stora Enso integrates the perspectives and rights of employees (including respect of human rights) into its business model and strategy through established cooperation structures, such as grievance channels, European Works Council, and dialogue with trade unions. These processes are detailed in ESRS S1-2. Similarly, the interests, views, and rights of value chain workers that could be materially impacted by the Group, including respect for human rights, as well as those of affected communities, inform Stora Enso's strategy and business model. This is reflected in processes such as supplier due diligence, human rights risk assessments, grievance channels, and stakeholder dialogue (see ESRS S2-2 and ESRS S3-2).

Outcomes from stakeholder engagement are incorporated into the annual double materiality assessment process. The Group Leadership Team and the Board of Directors receives regular updates, at least annually, regarding the perspectives and interests of affected stakeholders and users of the Sustainability Statement. These updates also include potential implications for Stora Enso's strategy, operations, and significant sustainability-related impacts.

Stakeholder group	How engagement is organised
Affected stakeholders
Customers	• Bilateral meetings, newsletters • Trade fairs and conferences • Customer satisfaction surveys • Collaboration to create new services and solutions
Employees	• Employee engagement survey, performance and development reviews • Regular all-employee calls • Engagement with union representatives, safety observations, and grievance channels • Trainings on topics such as business ethics and safety
Suppliers and workers in the value chain	• Continuous collaboration and trainings • Supplier audits, human rights assessments • Commitment to Stora Enso's Supplier Code of Conduct and related criteria • Grievance channels
Forest owners	• Bilateral discussions on forest management, forestry services, and wood purchases • Forest owner events and webinars • Newsletters, forest owner magazines, and digital channels • Forest management platforms, such as eMetsä in Finland
Local communities	• Dialogue and collaboration via different communication channels and meetings • Engagement with local authorities and local community councils • Volunteering initiatives • Group and local level grievance channels
Nature (silent stakeholder)	• Presented via scientific research, ecological data, and data on the conservation of species
Users of Sustainability Statement
Investors and analysts	• Investor calls and meetings, webinars, teach-ins • Roadshows and conferences, Annual General Meeting, Capital Markets Day • Engagement with ESG specialists and investor initiatives • Analyst and investor perception studies, ESG ratings
Governments and policymakers	• Public consultations, bilateral meetings and events • Engagement in policy-making processes, advocacy through industry associations • Supporting policymakers by providing industry insights and technological capabilities
	Non-governmental organisations (NGOs) • Knowledge sharing and joint initiatives
Industry and trade organisations	• Active participation to develop industry practices and collaboration in joint projects

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Material impacts, risks and opportunities and their interaction with strategy and business model (SBM-3)

Stora Enso's material impacts, risks, and opportunities, identified through the double materiality assessment mainly occur within its own operations and upstream value chain. The impacts primarily originate from the Group's resourceintensive business model and industrial operations, including global operations and a broad value chain. Summaries for each material topic are provided below. Detailed descriptions of the identified impacts, risks, and opportunities are presented at the beginning of each topical standard, including expected time horizons and value chain locations.

Summary of material impacts, risks and opportunities resulting from materiality assessment

E1 Climate change S1 Own workforce

Stora Enso has a direct negative impact on climate change through greenhouse gas emissions from its own operations and indirectly through its value chain. At the same time, the Group generates positive climate impacts via forest carbon sequestration, carbon storage in wood-based products, and the substitution of fossil-based materials with renewable alternatives. In addition, Stora Enso identifies its high level of energy self-sufficiency as an opportunity. See ESRS E1 SBM-3 for further details.

Stora Enso's industrial activities generate emissions to air and water, posing risks of environmental non-compliance and significant incidents. The pollution of soil is a material topic for Stora Enso due to the environmental provision related to remediation of an existing condition caused by past operations, the most material case being in Falun, Sweden. Within Stora Enso's own organisation, thresholds for pollution of soil are not exceeded. See ESRS E2 SBM-3 for further details.

E3 Water and marine resources S3 Affected communities

Stora Enso's production sites are dependent on water, particularly in board, pulp, and paper production processes. While most sites are situated in regions with low water stress, the Group recognises water as a critical resource in meeting its environmental objectives. See ESRS E3 SBM-3 for further details.

Owning forest assets enables Stora Enso to secure a reliable wood supply, reduce dependency on external suppliers, promote sustainable forestry, preserve biodiversity, and contribute to carbon sequestration. The Group has a positive impact on biodiversity through sustainable forest and biodiversity management practices in its own operations and upstream value chain. At the same time, Stora Enso recognises its negative impacts on biodiversity, such as damage to key habitats or species. Identified risks include biodiversity loss, non-compliance with harvesting regulations, and the impacts of climate change on forest ecosystems. See ESRS E4 SBM-3 for further details.

E5 Resource use and circular economy G1 Business conduct

Stora Enso supports the circular economy through renewable products and solutions, with business relationships playing a vital role in enabling these impacts. At the same time, the Group recognises negative impacts linked to raw material sourcing and waste generation. The company's strategy is aligned with circular economy principles, leveraging products to drive value. Current financial effects from material opportunities are reflected in product revenues, such as the significant investment to expand board production capacity at the Oulu site in Finland. See ESRS E5 SBM-3 for further details.

Environment Social and governance

With a workforce of approximately 19,000 employees, Stora Enso has a direct impact on the safety and well-being of its people. Positive impacts are mainly linked to the Group's business model and focus on its own operations. These include creating employment opportunities, promoting work-related rights, and advancing diversity, equity, and inclusion. Stora Enso has also identified an opportunity to drive competitiveness and growth through organisational restructuring, unlocking further performance potential. The identified negative impacts relate to occupational safety incidents, which occur despite preventive safety measures. The Group acknowledges its dependency on talented workforce, and recognises a risk associated with attracting and retaining talent. See ESRS S1 SBM-3 for further details.

E2 Pollution S2 Workers in the value chain

Through its supplier relationships, Stora Enso is connected to workers across the value chain. The Group recognises risks of Supplier Code of Conduct breaches and safety incidents within its upstream value chain. See ESRS S2 SBM-3 for further details.

Stora Enso acknowledges that climate change may lead to controversies with local communities and non-governmental organisations concerning forest management practices, biodiversity, and land and water use. Stora Enso is primarily involved in these communityrelated risks through its joint operations in South America. Despite preventive and precautionary measures, safety incidents may occur at Stora Enso's sites or forestry operations with impact on local communities. One severe incident took place in 2025. See ESRS S3 SBM-3 for further details.

E4 Biodiversity and ecosystems S4 Consumers and end-users

Included in the double materiality assessment; does not exceed the materiality threshold.

Business conduct is acknowledged as a fundamental aspect of responsible global business, serving as the cornerstone of stakeholder trust and legal compliance. Stora Enso upholds high business standards, an ethical corporate culture, and a robust compliance programme, which generate positive impacts for employees and business partners. However, there are risks of non-compliance with laws, regulations, and internal policies which could lead to significant expenses and reputational damage. The Group is exposed to these risks through its own operations and business relationships. See ESRS G1 SBM-3 for further details.

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Effects of material impacts, risks and opportunities on the business model, value chain, strategy and decision-making

The current effects of Stora Enso's material impacts, risks, and opportunities on its business model, value chain, strategy, and decisionmaking focus on climate mitigation, given the scientific consensus on the urgency of action. The Group's emission reduction plans are aligned with the Paris Agreement and 1.5-degree scenario. In addition to reduction actions, the Group focuses on opportunities by optimising biodiversity management through new technology and driving the circular economy through product innovation and partnerships. Due to the substantial environmental footprint of forest management and resource-intensive manufacturing operations, many of the identified impacts and risks related to pollution, water, and biodiversity are predominantly addressed through responsible business practices and resource efficiency rather than significant changes to the Group's strategy or business model. Similarly, impacts on employees and value chain workers are mainly addressed through robust employee management, HR practices, and sustainable sourcing policies.

Current and anticipated financial effects

The current financial effects of climate change include investments in new technology and equipment to enhance energy efficiency and reduce carbon emissions. Current financial effects of material opportunities are mostly related to revenue from renewable products, the valuation of forest assets, and investment in biological assets. For additional information, see the Consolidated income statement, Consolidated statement of financial position, and Consolidated cash flow statement in the Financial Statements.

For anticipated financial effects, Stora Enso applies the phased-in provision in accordance with the ESRS 1 Appendix C for all disclosure requirements except ESRS E1-9.

Resilience

Stora Enso tested the resilience of its strategy and business model in 2021, when it established transition plans and introduced a new sustainability agenda centred around three focus areas: climate, biodiversity, and circularity. This was preceded by an assessment of the Group's business model and strategic resilience in relation to future key sustainability risks and opportunities. The assessment's time horizons were set to 2030 and 2050. The analysis indicates that, to future-proof the Group's business model and strategy, it is essential for operations and products to actively remove carbon from the atmosphere and help mitigate biodiversity loss.

Due to the rapid advances in science, technology, and regulatory frameworks, Stora Enso published a new climate resilience plan in February 2026 to guide environmental stewardship in line with global sustainability targets. For further details on the transition plans, see ESRS E1-1 and ESRS E4-1.

The resilience of Stora Enso's strategy and business model to climate change has been tested through various scenario analyses, which are explained in more detail in ESRS 2 IRO-1 (Climate change). The analyses did not identify significant risks before 2040.

Changes compared to the previous reporting period

Stora Enso's reporting scope, i.e. topics and sub-topics, remain unchanged compared to the outcome of the double materiality assessment conducted in 2024, except for one sub-topic under S3 Affected communities. This exception relates to the entity-specific sub-topic on Health and safety, described in the 'Entity-specific disclosures' chapter below. Furthermore, some of the impacts, risks, and opportunities have been regrouped.

Changes to material impacts, risks, and opportunities relate to 'ESRS S1 Own workforce', where Stora Enso has identified a new opportunity to drive competitiveness and unlock further performance potential through a leaner and flatter organisation. Meanwhile, the previously identified positive impact of training and development opportunities no longer meets the materiality threshold and has been excluded from the reporting scope.

Entity-specific disclosures

Stora Enso has prepared entity-specific disclosures for ESRS E4 Biodiversity and ecosystems and the impacts and risks related to the following sustainability matters: Direct exploitation; Endangered species and their habitat; and Impacts and dependencies on ecosystem services (see ESRS E4 SBM-3 table). These include data on biodiversity impact indicators, information on wood procurement, forest certificates, forest growth and harvesting, total standing stock and the hectares of material forest lands.

For the 2025 reporting year, Stora Enso prepared an entity-specific subtopic on Health and safety under 'S3 Affected Communities' due to an incident exceeding the materiality threshold (see ESRS S3 SBM-3 table).

Stora Enso also reports an entity-specific metric for ESRS G1 Business Conduct and the risk related to non-compliance (see ESRS G1 SBM-3 table). This includes the total number of reported potential non-compliance cases and number of identified proven cases leading to disciplinary action and/or legal action. All other material impacts, risks, and opportunities are covered by ESRS requirements as listed in ESRS 2 IRO-2-56.

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Impact, risk, and opportunity management

Description of the process to identify and assess material impacts, risks and opportunities (IRO-1)

In 2024, Stora Enso conducted a double materiality assessment in accordance with the Corporate Sustainability Reporting Directive requirements. The main objective was to identify sustainability topics that have a significant impact on the Group's business performance, risks, and opportunities (financial materiality), or reflect significant impacts on people and the environment (impact materiality). These dimensions determine the materiality of the information to be reported.

Changes compared to the prior reporting period

In 2025, Stora Enso revisited its double materiality assessment by reviewing material changes in business operations, significant events or incidents, legislation, and the regulatory environment. It also included reviewing latest scientific research, conducting internal stakeholder consultations, and reviewing financial risks and opportunities as part of the annual Enterprise Risk Management process. Due to the ongoing organisational restructuring and a strategic focus on performance culture, particular attention was given to topics related to own workforce through internal consultation. This led to changes in positive impacts and opportunities as outlined in ESRS 2 SBM-3. Compared to the previous year, broader stakeholder interviews were not included in the assessment.

The double materiality assessment will be reviewed and updated annually according to the Corporate Sustainability Reporting Directive requirements. The process outlined below largely reflects the 2024 double materiality assessment, as no significant changes were made in 2025.

Methodologies and assumptions

The process adhered to the requirements outlined in the European Commission Delegated Regulation 2023/2772 on European Sustainability Reporting Standards for conducting a double materiality assessment. The assessment covered the company structure as of 31 December 2025.

The underlying assumptions relied on latest scientific research, according to which climate change and biodiversity loss are accelerating. Climate change was also considered as one of the underlying drivers of financial risks.

The assessment methodologies varied based on topics, but included, for example, interviews, workshops, and desktop analyses. As part of the assessment finalised in 2024, a broad representation of key internal and external stakeholders were engaged in discussions and interviews to ensure that the assessment covered all relevant impacts, risks, and

opportunities. The stakeholders represented both those affected by the Group's operations and users of the Sustainability Statement as well as other stakeholder groups such as nature (silent stakeholder), public authorities, and non-governmental organisations (NGOs). The focus of the engagement was on open interviews to gain deeper insight into the actual and potential impacts, risks, and opportunities related to Stora Enso's business, operations, and value chain. The outcome of the engagement was consistent with Stora Enso's strategy and business model.

Identifying and assessing impacts

The assessment covered the Group's own operations and the impacts it is, or may be, associated with across its value chain. It included all business activities and geographies, and for value chain workers, affected communities, and business conduct, other factors, such as geographic locations linked to heightened risks of adverse impacts, were also considered.

Overview of the process

• 1) Establishing an overview of the Group's business activities, relationships, and operating context. Identifying and engaging with key stakeholders across the entire value chain, both upstream and downstream. Nature recognised as a silent stakeholder.
• 2) Identifying actual and potential impacts associated with sustainability matters based on stakeholder input and scientific research.
• 3) The established long list of impacts was compared against the full scope of European Sustainability Reporting Standards' environmental, social, and governance matters listed in ESRS-1 Appendix A to ensure all relevant topics were included. Validation by internal subject matter experts.
• 4) Assessment and rating of the impacts. See below for 'Prioritisation of impacts'.

As described in ESRS 2 GOV-4, Stora Enso's due diligence consists of multiple processes and tools. These processes were taken into account in the double materiality assessment when identifying and assessing adverse impacts.

Consultation of affected stakeholders

Stora Enso consulted with affected stakeholders on the topics related to own employees as part of the double materiality assessment process. For other topics, Stora Enso did not directly consult the affected stakeholders. Further information on consultation of affected stakeholders is presented below under 'Topic-specific disclosures on identifying impacts, risks and opportunities'.

Thresholds and prioritisation of impacts

The different impact types were rated according to the below matrix, on a scale from 1 to 5. Stora Enso applied EFRAG's guidance on the severity of the impact, with severity taking precedence over likelihood when assessing potential impacts to people or the environment. This means that potential impacts that are difficult to remediate were rated as more significant. Following the principle of significant impact, impacts with 'High or critical impact to environment and people' or 'Very high or catastrophic impact to environment and people' were considered material from an impact perspective. On impact materiality, scientific frameworks and global human rights principles guided the rating. For example, impacts related to planetary boundaries were considered severe.

Since the Corporate Sustainability Reporting Directive does not provide guidance on setting thresholds, the approach was aligned with the EU Taxonomy, where only economic activities with a significant impact are included.

Impact type	Scale	Scope	Remediability	Likelihood
Actual positive impacts	x	x
Actual negative impacts	x	x	x
Potential positive impacts	x	x		x
Potential negative impacts	x	x	x	x

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Identifying and assessing risks and opportunities

Overview of the process

• 1) Review of the financial risks recorded in the Group's Enterprise Risk Management (ERM) process.
• 2) Analysis of scientific reports, global megatrend reports, and the Group's transition plans on climate, biodiversity, and circularity to identify relevant risks and opportunities.
• 3) Discussions with internal subject matter experts to validate and gain further insight into the listed risks and opportunities.
• 4) The established long list of risks and opportunities was compared with the full scope of European Sustainability Reporting Standards' environmental, social, and governance matters listed in ESRS-1 Appendix A to ensure the inclusion of all relevant topics. Validation by internal subject matter experts.
• 5) Classification and rating of the identified risks and opportunities. See below for 'Classification and rating of sustainability-related risks and opportunities'.

When identifying opportunities, Stora Enso relied on its transition plans for key focus areas – climate change, biodiversity, and circularity – to unlock new opportunities and adapt to accelerating change. The climate transition plan was updated in 2025 and published in February 2026 ('Stora Enso climate resilience plan'). Progress in the key focus areas is closely monitored and integrated into the double materiality assessment.

Connection of impacts and dependencies with risks and opportunities

Significant risks and opportunities linked to identified impacts and dependencies were considered during the materiality assessment, incorporating findings from the impact materiality phase. The outcome of the climate scenario analysis was also taken into account. Key risks include dependency on a skilled workforce and the availability of raw materials. Biodiversity loss may negatively affect the value of Stora Enso's forest assets, increase the risk of wood supply shortages, and cause reputational damage.

By further optimising its material use, the Group has an opportunity to reduce environmental impact, increase yield, and lower costs related to raw materials. Stora Enso has also identified an opportunity related to its dependency on water, based on the WRI Aqueduct Water Risk Atlas assessment. The majority of production sites are located in areas with low water stress, contributing to a stable water supply and ensuring operational efficiency. Furthermore, an opportunity has been identified for the company's own workforce, unlocking further performance potential through a leaner, customer-centric organisation. The opportunity was recognised

through internal consultation and alignment with the Group's strategic focus, and is connected to the ongoing organisational restructuring.

Classification and rating of sustainability-related risks and opportunities

Sustainability-related risks were identified among all reported corporate risks, and classified into ESRS sub-sub-categories, and assigned to their corresponding value chain locations. The financial materiality scores relied on the ratings provided by the business areas in their original ERM assessment, including likelihood, magnitude, and nature of effects. Following the principle of significant impact, only the risks with a 10% or higher segment EBITDA impact were considered financially material. The segment EBITDA impact was considered instead of the Group EBITDA to focus on specific activities, business relationships, geographies, or other business area factors that contribute to a heightened risk of adverse impacts. Since sustainability is embedded into the Group's strategy, many of the sustainability-related risks are considered high and prioritised in the ERM process due to strategic or operational importance. Opportunities were rated based on the same principles as risks.

Decision-making process and integration with other management processes

In 2024, the results of the double materiality assessment were discussed and reviewed with the Group's leadership and the Board's Sustainability and Ethics Committee and Financial and Audit Committee. The Board of Directors approved the double materiality assessment threshold and results in February 2025. The double materiality assessment update conducted in 2025 was reviewed by the Group Leadership Team, and the Board's Sustainability and Ethics Committee and Financial and Audit Committee toward the end of the year and approved by the Board of Directors in February 2026.

The process to monitor material impacts, risks, and opportunities, as well as the annual review of the double materiality assessment's results are integrated with the Enterprise Risk Management, the Corporate Sustainability Due Diligence Directive, and the Task Force on Naturerelated Financial Disclosures preparations. The process takes into account all actual significant impacts the Group had on the environment and people during the year. Stora Enso has also established a dedicated internal control for the double materiality assessment to ensure its completeness and proper approval process.

The results are described in more detail in the section ESRS 2 SBM-3, and all material topics covered in this statement are listed in ESRS 2 IRO-2 'Requirements in ESRS covered by the undertaking's sustainability statement'.

Input parameters used

Environmental topics

• Scientific research, such as sector specific impacts identified by the UN Environment Programme World Conservation Monitoring Centre (UNEP-WCMC), the Planetary Boundaries framework by the Stockholm Resilience Center, reports from the Intergovernmental Panel on Climate Change (IPCC), the World Resources Institute (WRI) Aqueduct Water Risk Atlas tool, and the Science Based Targets for Nature Framework.
• Biodiversity loss -related systemic risks to society and business considered through scientific research, such as the Living Planet 2024 report and the Dasgupta Review 2021.
• Climate scenarios, described in ESRS 2 E1 IRO-1, utilised for identifying climate-related risks.
• Impacts related to resource outflows and products assessed through Life Cycle Assessments and Environmental Product Declarations conducted by Stora Enso's experts and customers, often in collaboration with academia, expert organisations, or industry associations.

Social topics

• Globally recognised human rights principles, such as the International Labour Organisation's Core Convention and the International Bill of Human Rights.
• Employee survey results, occupational safety performance, and insights provided by the Group's subject matter experts.
• Identification of actual and potential impacts involved interviews with the Group's employees.
• External studies, such as pay gap analyses and adequate wage benchmarks.

Governance topics

• Internal interviews, whistleblower data, and employee surveys.
• Ethics and Compliance Self-Assessment Tool to track policy implementation and gaps.
• Counterparty screenings and high-risk country categorisation to support the identification of material risks.

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Topic-specific disclosures on identifying impacts, risks and opportunities

Detailed information on identifying and assessing environmental and business conduct matters is provided below in line with the topic-specific IRO-1 requirements under ESRS.

Climate change (E1: ESRS 2 IRO-1)

Impacts on climate change

The process to identify and assess impacts on climate change, in particular through GHG emissions, covered the Group's own operations (Scope 1 and 2) and value chain (Scope 3) emissions as disclosed in ESRS E1-6. The screening was conducted for all production sites and material value chain emission categories. Stora Enso did not utilise other drivers for climate-related impacts in the scenario analysis although the Group recognises the Stockholm Resilience Centre's Planetary Boundaries framework and related tipping points in its sustainability work. In addition to actual impacts, Stora Enso has estimated its potential impacts based on production forecasts. Locked-in GHG emission are described in ESRS E1-1.

Climate-related scenario analysis

Stora Enso has utilised multiple climate-related scenario analyses to inform the identification and assessment of physical risks, transition risks and opportunities over the short, medium, and long-term. For risks, Stora Enso defines short-term as up to one year, medium-term as two to ten years, and long-term as ten years or more. This definition aligns with Stora Enso's enterprise risk management process. There are no critical climaterelated assumptions made in the Financial Statements. The Group recognises uncertainty in the scenario analysis, as recent climate development suggests that expected time horizons for impacts in different scenarios might be shorter than anticipated.

Climate-related physical risks

Stora Enso has assessed climate-related hazards and evaluated how its assets and business activities may be exposed and sensitive to these risks by applying Shared Socioeconomic Pathway (SSP) scenarios, including SSP1-1.9 (Sustainability – Taking the Green Road), SSP2-4.5 (Regional Rivalry – a Rocky Road), and SSP5-8.5 (Fossil-fuelled Development – Taking the Highway). The scope covered the Group's own operations, which are considered more exposed to potential risks, as well as its joint operations.

No material physical climate change impact risks were identified before 2040. However, long-term changes over 25 to 30 years, such as altered precipitation patterns, droughts, frequent extreme weather events, and rising average temperatures, could increase the risk of forest fires and insect outbreaks, potentially affecting operations, forests, and tree

plantations. More frequent extreme weather events may also disrupt production, logistics, and the supply of raw materials and energy.

Climate-related transition risks

Stora Enso has conducted a business impact scenario assessment for 2030, based on the global transition needed to limit temperature rise to 1.5°C in line with the Paris Agreement, using Representative Concentration Pathway (RCP) 1.9. The scope covered the Group's own operations.

The transition to a low-carbon, circular bioeconomy was found to be well aligned with Stora Enso's strategy. However, the scenario indicated that emerging regulations and market mechanisms aimed at mitigating climate change could affect operating costs through restrictions on wood harvesting, changes in forest management, and rising emission and energy costs. Sustainable product requirements may also influence future market access, demand, and development. Due to Stora Enso's strong presence in Europe, the mandates and regulations on existing products and services are considered almost certain in the medium term, as the European Union is implementing the EU Green Deal and related legislation. Recent legislation has focused specifically on emission reduction, deforestation, biodiversity, and the circular economy, all of which are central to Stora Enso's strategy.

Pollution (E2: ESRS 2 IRO-1)

The screening of the impacts, risks, and opportunities focused on the Group's own operations. Stora Enso consulted with environmental managers from its industrial units to determine compliance with environmental permit limits and associated emission levels. The screening process relied on measured values, calculations, or estimates from thirdparty assessments. Pollution in terms of air emissions and water effluents are regulated by the relevant authorities, with limits set through environmental impact assessments and permitting processes, which consider local conditions and relevant legislation. Consultations are not conducted directly with affected communities, but indirectly through these assessments and processes.

Pollution-related impacts and risks are connected to Stora Enso's business model, as the Group's production processes generate emissions to both air and water. This poses a risk of local significant or even critical negative impacts for both the environment and people. During the past years, some of the risks have materialised into local environmental incidents.

Air pollution stems from atmospheric emissions and aerosol loading due to fuel combustion, while water contamination is linked to effluents containing suspended solids, organic compounds, nutrients, and halogens from wastewater treatment. The pollution of soil is a material topic for Stora Enso due to the environmental provision related to remediation of an existing condition caused by past operations, the most material case being in Falun, Sweden. Within Stora Enso's own organisation, thresholds for pollution of soil are not exceeded.

Water and marine resources (E3: ESRS 2 IRO-1)

The screening of impacts, risks, and opportunities focused on the Group's own operations. The analysis was based on the WRI Aqueduct Water Risk Atlas, which is used to annually assess water-related risks at the Group's own production sites, providing information on water scarcity, stress, flooding, and water quality. Marine resources were analysed as part of the assessment, but the topic did not cross the materiality threshold. Stora Enso did not consult directly with affected stakeholders as part of the process, but consultations are part of the environmental impact assessments.

According to the WRI Aqueduct Water Risk Atlas tool, six of the Group's production units operate in regions with High Baseline Water Stress: Beihai in China, Langerbrugge and Roeselare in Belgium, Wujin and Qian'an corrugated units in China, and Łódź in Poland.

Biodiversity and ecosystems (E4: ESRS 2 IRO-1)

The screening of actual and potential impacts included forestry sites located on the Group's own forest land and within its upstream value chain. The assessment considered biodiversity loss-related systemic risks to society and business through scientific research, such as the Living Planet 2024 report and the Dasgupta Review 2021. Additionally, the assessment examined the tree species used for re-planting and significant incidents that negatively impact biodiversity. The impacts were identified through long-term surveillance of the ecological status of the sites and three sets of biodiversity indicators.

As part of the double materiality assessment, Stora Enso did not conduct direct consultations with affected communities on sustainability assessments of shared biological resources and ecosystems, as such engagement is carried out on a regular basis. The Group's engagement with affected communities is further detailed in ESRS S3-2 and includes also situations where a site, raw material production, or sourcing activity may have an adverse impact on biodiversity and ecosystems.

Stora Enso is dependent on biodiversity and ecosystems due to wood being its primary raw material. The climate scenario analysis primarily focused on physical and systemic risks that could impact the Group's forests. The ecosystem services considered in the assessment included tree growth and forest health. The climate scenarios and their outcome are described earlier on this page (E1: ESRS 2 IRO-1).

Stora Enso will be impacted by transition events on the medium term as the European Commission implements new biodiversity and forest related

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regulations. Stora Enso has formal traceability systems in place to ensure that the origin of purchased wood and pulp is known. These traceability systems are third-party verified through the FSC Chain of Custody/ Controlled Wood scheme, the PEFC Chain of Custody/Due Diligence System, and ISO 14001. Most of the pulp used in operations is produced internally at the Group's mills. Stora Enso also purchases pulp from external suppliers for reasons related to quality and logistics. Pulp purchased from external suppliers is covered by Stora Enso's traceability systems. However, the new European Deforestation Regulation (EUDR) increases the requirements for Stora Enso.

Some of Stora Enso's production units are located near biodiversitysensitive areas, such as Natura 2000, but these sites do not actively contribute to the deterioration of natural habitats due to strict environmental permitting processes. The biodiversity-related impacts and risks connected to production units are described in ESRS E2 and ESRS E3. Whenever a new industrial unit is established or production capacities are increased, Stora Enso ensures that the project plan undergoes an environmental impact assessment including a thorough evaluation of biodiversity-sensitive areas. The assessment is used to determine significant impacts. To identify biodiversity-sensitive sites, Stora Enso screened all of its production site locations by applying the IBAT assessment tool to create an overview of key biodiversity areas located in conjunction with its industrial operations.

The Group's own forests and upstream harvesting sites may also be near or located in biodiversity-sensitive areas. The impacts on biodiversitysensitive areas are described in ESRS E4 SBM-3.

Stora Enso acknowledges the necessity of implementing measures to mitigate any negative effects on biodiversity. These are part of the Group's ways of working and are further described in ESRS E4-3.

Resource use and circularity (E5: ESRS 2 IRO-1)

The assessment covered impacts related to the Group's resource use across its whole value chain due to significant volumes of resource inflows, outflows and waste (sourced raw materials, waste, products produced, and end-of-life of products). Since Stora Enso and its upstream value chain are responsible for raw material extraction, the downstream value chain was not considered material in the assessment. Resource outflows and product-related impacts were assessed using Life Cycle Assessments and Environmental Product Declarations, carried out by Stora Enso's experts and customers, often in collaboration with academia, expert organisations, or industry associations.

Stora Enso advances the circular economy through its renewable products and solutions, with partnerships and business relationships playing a key role in enabling these positive impacts. At the same time, the Group recognises negative impacts linked to raw material sourcing and waste generation.

When identifying opportunities in the circular economy, Stora Enso referred to its 2021 circularity transition plan, which recognised financial potential in the downstream value chain through products and solutions that help customers meet rising demand for sustainable goods. By leveraging its strong customer relationships and deep understanding of market needs, the Group designs functional products that create value throughout their lifecycle.

Risks were screened as part of the Enterprise Risk Management process and analysis of Stora Enso's transition plan. Political decisions on forest resources could limit wood availability, raise costs, and hinder investments. Regulations may also restrict the production of single-use products, even those made from fiber-based materials. In addition, rising demand for biobased materials, especially wood-based raw materials, could lead to supply shortages.

Affected stakeholders were not directly consulted in the double materiality assessment, but their perspectives were represented through internal subject matter experts and customer surveys.

Business conduct (G1: ESRS 2 IRO-1)

The assessment of business conduct–related topics incorporated internal interviews across Group Legal and the Group CFO Office, global data from the company's whistleblower system, and insights from the annual employee survey.

Ethics and compliance risks are assessed as part of Stora Enso's overall risk assessment procedure, outlined in the Enterprise Risk Management instructions. The Ethics and Compliance Self-Assessment Tool (T.E.S.T.) provides business units and functions with an overview of their progress in implementing policies and compliance measures, while also identifying and managing possible gaps and risks.

The double materiality assessment also incorporated findings from counterparty screenings and categorisation of high-risk countries to support the identification of material risks. Trade sanction controls and high-risk countries are disclosed in ESRS G1-1.

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Requirements in ESRS covered by the undertaking's sustainability statement (ESRS IRO-2)

The below table presents a list of the disclosure requirements compiled in the Sustainability Statement. The material information has been determined based on the material impacts, risks and opportunities resulting from the Group's materiality assessment. After identifying material topical standards, the materiality was assessed on disclosure requirement and data point level. The materiality assessment process and the use of thresholds is described in ESRS 2 IRO-1.

ESRS	Disclosure requirement
General information
ESRS 2	BP-1 General basis for preparation of sustainability statements	69
ESRS 2	BP-2 Disclosures in relation to specific circumstances	69
ESRS 2	GOV-1 The role of the administrative, management and supervisory bodies	70
ESRS 2	GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies	71
ESRS 2	GOV-3 Integration of sustainability-related performance in incentive schemes	71
ESRS 2	GOV-4 Statement on due diligence	71
ESRS 2	GOV-5 Risk management and internal controls over sustainability reporting	72
ESRS 2	SBM-1 Strategy, business model and value chain	72
ESRS 2	SBM-2 Interests and views of stakeholders	74
ESRS 2	SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2	IRO-1 Description of the process to identify and assess material impacts, risks and opportunities	77
ESRS 2	IRO-2 disclosure requirements in ESRS covered by the undertaking's sustainability statement 81
Environmental information
E1 Climate change	ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes	71
E1 Climate change	E1-1 Transition plan for climate change mitigation	92
E1 Climate change	ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	92
E1 Climate change	ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities	77
E1 Climate change	E1-2 Policies related to climate change mitigation and adaptation	93
E1 Climate change	E1-3 Actions and resources in relation to climate change policies
E1 Climate change	E1-4 Targets related to climate change mitigation and adaptation	95
E1 Climate change	E1-5 Energy consumption and mix	96
E1 Climate change	E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	97
E1 Climate change	E1-7 GHG removals and GHG mitigation projects financed through carbon credits	99

ESRS	Disclosure requirement	Page
E1 Climate change	E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	99
E2 Pollution	ESRS 2 IRO-1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities	77
E2 Pollution	E2-1 Policies related to pollution	101
E2 Pollution	E2-2 Actions and resources related to pollution	101
E2 Pollution	E2-3 Targets related to pollution	102
E2 Pollution	E2-4 Pollution of air, water and soil	103
E3 Water and marine resources	ESRS 2 IRO-1 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities	77
E3 Water and marine resources	E3-1 Policies related to water and marine resources	104
E3 Water and marine resources	E3-2 Actions and resources related to water and marine resources	104
E3 Water and marine resources	E3-3 Targets related to water and marine resources	105
E3 Water and marine resources	E3-4 Water consumption	105
E4 Biodiversity and ecosystems	E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model
E4 Biodiversity and ecosystems	ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	106
E4 Biodiversity and ecosystems	IRO-1 Description of processes to identify and assess material biodiversity and ecosystem related impacts, risks and opportunities	77
E4 Biodiversity and ecosystems	E4-2 Policies related to biodiversity and ecosystems	107
E4 Biodiversity and ecosystems	E4-3 Actions and resources related to biodiversity and ecosystems	107
E4 Biodiversity and ecosystems	E4-4 Targets related to biodiversity and ecosystems	108
E4 Biodiversity and ecosystems	E4-5 Impact metrics related to biodiversity and ecosystems change	110
E5 Resource use and circular economy	ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities
E5 Resource use and circular economy	E5-1 – Policies related to resource use and circular economy
E5 Resource use and circular economy	E5-2 – Actions and resources related to resource use and circular economy
E5 Resource use and circular economy	E5-3 – Targets related to resource use and circular economy	113

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ESRS	Disclosure requirement	Page
E5 Resource use and circular economy	E5-4 – Resource inflows	114
E5 Resource use and circular economy	E5-5 – Resource outflows	115
Social information
S1 Own workforce	ESRS 2 SBM-2 Interests and views of stakeholders	74
S1 Own workforce	ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	116
S1 Own workforce	S1-1 Policies related to own workforce	117
S1 Own workforce	S1-2 Processes for engaging with own workforce and workers' representatives about impacts 118
S1 Own workforce	S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns	118
S1 Own workforce	S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	119
S1 Own workforce	S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
S1 Own workforce	S1-6 Characteristics of the undertaking's employees
S1 Own workforce	S1-8 Collective bargaining coverage and social dialogue	121
S1 Own workforce	S1-9 Diversity metrics	121
S1 Own workforce	S1-10 – Adequate wages	121
S1 Own workforce	S1-14 – Health and safety metrics	121
S1 Own workforce	S1-16 – Remuneration metrics (pay gap and total remuneration)	122
S1 Own workforce	S1-17 – Incidents, complaints and severe human rights impacts	122
S2 Workers in the value chain	SBM-2 Interests and views of stakeholders	74
S2 Workers in the value chain	SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	123
S2 Workers in the value chain	S2-1 Policies related to value chain workers	123
S2 Workers in the value chain	S2-2 Processes for engaging with value chain workers about impacts	124
S2 Workers in the value chain	S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns	124
S2 Workers in the value chain	S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action
S2 Workers in the value chain	S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
S3 Affected communities	ESRS 2 SBM-2 – Interests and views of stakeholders	74
S3 Affected communities	ESRS 2 SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business mode	126

ESRS	Disclosure requirement	Page
S3 Affected communities	S3-1 – Policies related to affected communities	126
S3 Affected communities	S3-2 – Processes for engaging with affected communities about impacts	127
S3 Affected communities	S3-3 – Processes to remediate negative impacts and channels for affected communities to raise concerns	127
S3 Affected communities	S3-4 – Taking action on material impacts on affected communities, and approaches	128
S3 Affected communities	S3-5 – Targets related to managing material negative impacts, advancing positive effectiveness of those actions
Governance information
G1 Business Conduct	GOV-1 The role of the administrative, supervisory and management bodies
G1 Business Conduct	ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities
G1 Business Conduct	G1-1 Business conduct policies and corporate culture
G1 Business Conduct	G1-3 Prevention and detection of corruption and bribery
G1 Business Conduct	G1-4 Incidents of corruption or bribery	132

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List of data points in cross-cutting and topical standards that derive from other EU legislation

Disclosure requirement and related data point	SFDR reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Location in the Sustainability Statement
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)	Indicator number 13 of Table #1 of Annex 1		Commission Delegated Regulation (EU) 2020/1816 ( 27 ), Annex II		page 70
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)			Delegated Regulation (EU) 2020/1816, Annex II		page 70
ESRS 2 GOV-4 Statement on due diligence paragraph 30	Indicator number 10 Table #3 of Annex 1				page 71
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i	Indicator number 4 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II		n/a
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii	Indicator number 9 Table #2 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II		n/a
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii	Indicator number 14 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1818 ( 29 ), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		n/a
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 ( 28 ) Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk	Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		n/a
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14				Regulation (EU) 2021/1119, Article 2(1)	page 92
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2		page 92
ESRS E1-4 GHG emission reduction targets paragraph 34	Indicator number 4 Table #2 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6		page 94
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1				page 96
ESRS E1-5 Energy consumption and mix paragraph 37	Indicator number 5 Table #1 of Annex 1				page 97
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Indicator number 6 Table #1 of Annex 1				page 97

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Disclosure requirement and related data point	SFDR reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Location in the Sustainability Statement
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	Indicators number 1 and 2 Table #1 of Annex 1	Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)		page 99
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	Indicator number 3 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)		page 99
ESRS E1-7 GHG removals and carbon credits paragraph 56				Regulation (EU) 2021/1119, Article 2(1)	page 99
ESRS E1-9 Exposure of the benchmark portfolio to climate related physical risks paragraph 66			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II		pages 99-100 (only qualitative disclosure)
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.			pages 99-100 (only qualitative disclosure)
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34;Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral			pages 99-100 (only qualitative disclosure)
ESRS E1-9 Degree of exposure of the portfolio to climate related opportunities paragraph 69			Delegated Regulation (EU) 2020/1818, Annex II		pages 99-100 (only qualitative disclosure)
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1				page 103
ESRS E3-1 Water and marine resources paragraph 9	Indicator number 7 Table #2 of Annex 1				page 14
ESRS E3-1 Dedicated policy paragraph 13	Indicator number 8 Table 2 of Annex 1				page 104
ESRS E3-1 Sustainable oceans and seas paragraph 14	Indicator number 12 Table #2 of Annex 1				Not material
ESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 Table #2 of Annex 1					page 105
ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29	Indicator number 6.1 Table #2 of Annex 1				page 105
ESRS 2 SBM-3 - E4 paragraph 16 (a) i	Indicator number 7 Table #1 of Annex 1				page 106
ESRS 2 SBM-3 - E4 paragraph 16 (b)	Indicator number 10 Table #2 of Annex 1				page 106
ESRS 2 SBM-3 - E4 paragraph 16 (c)	Indicator number 14 Table #2 of Annex 1				page 106
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	Indicator number 11 Table #2 of Annex 1				page 107

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Disclosure requirement and related data point	SFDR reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Location in the Sustainability Statement
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	Indicator number 12 Table #2 of Annex 1				Not material
ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1					page 107
ESRS E5-5 Non-recycled waste paragraph 37 (d)	Indicator number 13 Table #2 of Annex 1				page 115
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	Indicator number 9 Table #1 of Annex 1				page 115
ESRS 2 SBM-3 - S1 Risk of incidents of forced labour paragraph 14 (f)	Indicator number 13 Table #3 of Annex I				page 116
ESRS 2 SBM-3 - S1 Risk of incidents of child labour paragraph 14 (g)	Indicator number 12 Table #3 of Annex I				page 116
ESRS S1-1 Human rights policy commitments paragraph 20	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I				page 117
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21			Delegated Regulation (EU) 2020/1816, Annex II		page 117
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	Indicator number 11 Table #3 of Annex I				page 117
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	Indicator number 1 Table #3 of Annex I				page 117
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)	Indicator number 1 Table #3 of Annex I				page 118
ESRS S1-14 Number of fatalities and number and rate of work related accidents paragraph 88 (b) and (c)	Indicator number 2 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II		page 122
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	Indicator number 3 Table #3 of Annex I				Phased-in, not disclosed in 2025
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	Indicator number 12 Table #1 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II		page 122
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	Indicator number 8 Table #3 of Annex I				page 122
ESRS S1-17 Incidents of discrimination paragraph 103 (a)	Indicator number 7 Table #3 of Annex I				page 122
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a)	Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)		page 122
ESRS 2 SBM-3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	Indicators number 12 and n. 13 Table #3 of Annex I				page 123
ESRS S2-1 Human rights policy commitments paragraph 17	Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1				page 123
ESRS S2-1 Policies related to value chain workers paragraph 18	Indicator number 11 and n. 4 Table #3 of Annex 1				page 123
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	Indicator number 10 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		page 123

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Disclosure requirement and related data point	SFDR reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Location in the Sustainability Statement
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19			Delegated Regulation (EU) 2020/1816, Annex II		page 123
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	Indicator number 14 Table #3 of Annex 1				page 124
ESRS S3-1 Human rights policy commitments paragraph 16	Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1				page 126
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines paragraph 17	Indicator number 10 Table #1 Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		page 126
ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 Table #3 of Annex 1					page 128
ESRS S4-1 Policies related to consumers and end-users paragraph 16	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1				Not material
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	Indicator number 10 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		Not material
ESRS S4-4 Human rights issues and incidents paragraph 35 Indicator number 14 Table #3 of Annex 1					Not material
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)	Indicator number 15 Table #3 of Annex 1				page 129
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d)	Indicator number 6 Table #3 of Annex 1				page 130
ESRS G1-4 Fines for violation of anti-corruption and anti bribery laws paragraph 24 (a)	Indicator number 17 Table #3 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II)		page 132
ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b)	Indicator number 16 Table #3 of Annex 1				page 132

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Environmental information

In this section

EU Taxonomy	87
ESRS E1 Climate change	92
Pollution ESRS E2	101
ESRS E3 Water and marine resources	104
ecosystems ESRS E4 Biodiversity and	106
economy ESRS E5 Resource use and circular	112

EU Taxonomy

To meet the EU's climate and energy targets for 2030 and reach the objectives of the European Green Deal, a classification system for sustainable economic activities called EU Taxonomy was introduced in 2020. Companies in the scope of the Corporate Sustainability Reporting Directive are obligated to report the share of Taxonomy-eligibility and Taxonomy-alignment in their operations. Taxonomy-eligibility describes if an economic activity is included in the scope of activities recognised in the EU Taxonomy Regulation. Taxonomy-alignment describes if an economic activity is sustainable based on the technical screening criteria for substantial contribution and do-no-significant harm specified for the activity. Taxonomy-aligned activity needs to be also carried out in compliance with the minimum safeguards, thus to respect basic human rights and follow good business conduct rules.

For the financial year 2025, Stora Enso has opted to apply the EU Taxonomy disclosure requirements as set out in Commission Delegated Regulation (EU) 2021/2178, prior to the amendments introduced by Commission Delegated Regulation of 4 July 2025.

Breakdown of EU Taxonomy key performance indicators in 2025

EUR million	Turnover1		Capex		Opex
Taxonomy aligned activities	469	5.0%	47	6.3%	68	9.8%
Taxonomy eligible but not aligned activities	136	1.5%	8	1.1%	32	4.6%
Total taxonomy eligible activities	605	6.5%	55	7.4%	100	14.4%
Taxonomy non-eligible activities	8,721 93.5%			691 92.6%		592 85.6%
Total	9,326	100%	746	100%	692	100%

¹ Turnover matches with the Group's total sales. Rental income excluded.

Taxonomy eligible and aligned activities

Stora Enso has identified six eligible activities to report in the EU Taxonomy in the conducted annual exercise. From Stora Enso's main activities, the production of wood-based solutions for construction industry is included in the EU Taxonomy through its contribution to buildings energy efficiency. Other main activities, production of pulp, consumer board, containerboard and corrugated packaging, are yet excluded from the scope of the EU Taxonomy.

Economic activity	Description
1.3 Forest management	The activities in the forests owned by Stora Enso in Sweden. Tree plantations in South America and China are not included in the activity.
1.4 Conservation forestry	Stora Enso's 50% owned joint operation Veracel has dedicated more than half of its land for the protection and restoration of biological biodiversity in natural Atlantic rainforest. This rainforest is excluded from the harvesting activities.
2.4 Remediation of contaminated sites and areas	Remediation projects of contaminated sites and areas related to discontinued operations and mill closures at Stora Enso sites.
3.4 Manufacture of batteries	Pilot plant costs and research and development expenses related to hard carbon innovation.
3.5 Manufacture of energy efficiency equipment for buildings	Wood-based solutions for the construction industry which contribute to buildings energy efficiency. Door, window and roofing components and external wall systems manufactured from classic sawn, CLT, LVL and construction beams are considered eligible.
4.20 Cogeneration of heat/cool and power from bioenergy	Wood side-streams and by-products from the pulp process are used for energy production. The bioenergy generated from biobased feedstock is considered eligible.

100% of Stora Enso's Swedish forests are certified under certification systems (PEFC or FSC) which lays the foundation for sustainable forest management. Stora Enso considers its 1.3 Forest management and 1.4 Conservation practices aligned with EU Taxonomy, but has been unable to fulfil the third party verification requirement described in forest management and conservation forestry substantial contribution criteria (section 4. Audit). Stora Enso remains open to engaging with a partner capable of conducting EU Taxonomy compliant verification. Until such partner is found the Group reports its forest management and conservation forestry as eligible but not-aligned in EU Taxonomy.

The alignment assessment of 3.4 Manufacture of batteries activity is done based on the predicted future industrial scale operations and production which will be aligned with the technical screening criteria of the activity once started. Compliance with the criteria is considered through life-cycle GHG assessments that confirm lignin-based carbon having potential for substantial GHG emission reductions in transport and in off-grid energy storage.

Since Stora Enso is not a manufacturer of the end products, the compliance with the activity's 3.5 Manufacture of energy efficiency equipment for buildings substantial contribution was assessed based on the knowledge of the end use and the energy efficiency related

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regulations in the primary market areas. Compliance with the criteria is assessed based on customers, known use-cases, and the U-values of the final products (such as window components).

The eligibility and alignment assessments for all activities have been carried out based on the best interpretation of the Taxonomy Regulation and the available guidelines from the European Commission. In case of unclarities, the conservative approach has been chosen.

Accounting principles

The EU Taxonomy KPIs, turnover, capex and opex, are presented in separate tables as defined in the regulation. Double counting is avoided by having a clear cost structure in reporting which ensures that the profit centers and cost elements are separate for each activity. In reporting, the activities do not overlap between environmental objectives.

Turnover

The total turnover is the Group's total sales, as presented in the line of sales, in consolidated income statement and in note 2.1 Segment information, which respectively include the IFRS 15 income according to the EU Taxonomy turnover definition. Rental income recognised under IFRS 16 is no longer included to ensure full reconciliation with the Group's reported total sales. The external sales connected to the economic activities are reported under Taxonomy-eligible turnover. Taxonomy-eligible and aligned shares of turnover remained consistent with the previous reporting period.

The output of 1.3 Forest management activity, the grown wood, is used mostly internally in Stora Enso's own operations. The forest management turnover in the EU Taxonomy includes the sale of externally sold roundwood and forest residuals.

In category 3.5 Manufacture of energy efficiency equipment for buildings, the external sales related to the share of production that is estimated to end up for doors, windows, roofing and external wall systems, is included under the EU Taxonomy turnover.

In category 4.20 Cogeneration of heat/cool and power from bioenergy, the turnover includes the external sales of the excess electricity and heat which is not consumed internally.

Capex

The total capex is the Group's total capital expenditure in 2025, as presented in the line of additions, excluding goodwill additions, in note 4.1 Intangible assets, property, plant and equipment and right of use assets, and note 4.2 Forest assets. The Taxonomy-eligible capex are the investments related to the assets or processes associated with the respective economic activities. Taxonomy-eligible and aligned shares of capex remained consistent with the previous reporting period.

In category 1.3 Forest management the capex includes investments that support the forest management activities, such as forest land acquisitions and investments in roads and bridges.

In category 4.20 Cogeneration of heat/cool and power from bioenergy the capex includes the investments made to bioenergy production at Stora Enso sites. The largest investments relate to Oulu and Heinola production sites in Finland.

Opex

The total opex covers the maintenance expenses, short-term lease costs, non-capitalised research and development costs and silviculture costs at the Group level. The Taxonomy-eligible opex include the corresponding direct non-capitalised costs related to the economic activities. Compared to 2024, taxonomy-eligible and aligned shares of opex increased slightly to 14% (13%) and 10% (9%) due to higher R&D and environmental remediation costs.

In 2025 the following were reported under the EU Taxonomy opex:

1.3 Forest management, the silviculture costs and related research and development costs.

1.4 Conservation forestry, the costs from the conservation operations. 2.4 Remediation of contaminated sites and areas, the expenses related to the environmental remediation work carried out.

3.4 Manufacture of batteries, the pilot plant costs and research and development expenses related to hard carbon innovation. Turnover for the activity is expected within future years.

3.5 Manufacture of energy efficiency equipment for buildings, the expenses related to the share of production that is estimated to end up for doors, windows, roofing and external wall systems is reported. 4.20 Cogeneration of heat/cool from bioenergy, the maintenance salaries, maintenance material and other direct costs related to the day-to-day serving of the asset.

Minimum safeguards

Minimum safeguards were assessed in Group-level from two angles: by reviewing the company processes for human rights, corruption, taxation and fair competition to determine that the adequate processes and controls are in place, and by investigating that there are no known breaches or violations existing in the parent company, in its subsidiaries or by senior management. The Group considers its processes to be at a robust level and with no violations to meet the alignment with the minimum safeguards. For more information on the Group's governance, see ESRS G1 Business Conduct.

Template 1 Nuclear and fossil gas related activities

Row	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	NO
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	NO
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	NO1
	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	NO
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/ cool and power generation facilities using fossil gaseous fuels.	NO
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	NO

¹ Stora Enso holds a 16.5% interest in Pohjolan Voima Oyj (PVO). The investment is fair valued through other comprehensive income (FVTOCI) and therefore not in the scope of the Group's EU Taxonomy reporting. For more information see note 4.4 Equity instruments.

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Proportion of Turnover from products or services associated with Taxonomy-aligned economic activities 2025

EUR million						Substantial contribution criteria							DNSH criteria ('Does Not Significantly Harm')
Economic Activities	Code	Turnover	Proportion of turnover year 2025	mate change mitigation Cli	mate change adaptation Cli	Water	Pollution	my Circular Econo	Biodiversity	mate change mitigation Cli	mate change adaptation Cli	Water	Pollution	my Circular Econo	Biodiversity	safeguards m mu Mini	Proportion of Taxonomy aligned or eligible turnover year 2024	Category enabling activity	Category transitional activity
		EUR	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of energy efficiency equipment for buildings	CCM 3.5	430	4.6%	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	4.3%	E
Cogeneration of heat/cool and power from bioenergy	CCM 4.20	39	0.5%	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	0.5%
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)		469	5.0%	5.0%													4.7%
	Of which Enabling	430	4.6%	4.6%													4.3%	E
	Of which Transitional																		T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
						EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Forest management	CCM 1.3	133	1.4%	EL	EL	N/EL	N/EL	N/EL	N/EL								1.5%
Cogeneration of heat/cool and power from bioenergy	CCM 4.20	3	0.0%	EL	EL	N/EL	N/EL	N/EL	N/EL								0.0%
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		136	1.5%	1.5%													1.6%
A.Turnover of Taxonomy eligible activities (A.1+A.2)		605	6.5%	6.5%													6.3%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities 8,721 93.5% TOTAL 9,326 100%

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy non-eligible activity for the relevant environmental objective

EL - Taxonomy-eligible activity for the relevant objective

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Proportion of capex from products or services associated with Taxonomy-aligned economic activities 2025

EUR million								Substantial contribution criteria		DNSH criteria ('Does Not Significantly Harm')
Economic Activities	Code	Capex	Proportion of capex year 2025	mate change mitigation Cli	mate change adaptation Cli	Water	Pollution	my Circular Econo	Biodiversity	mate change mitigation Cli	mate change adaptation Cli	Water	Pollution	my Circular Econo	Biodiversity	safeguards m mu Mini	Proportion of Taxonomy aligned or eligible capex year 2024	Category enabling activity	Category transitional activity
		EUR	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of energy efficiency equipment for buildings	CCM 3.5	1	0.1%	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	0.1%	E
Cogeneration of heat/cool and power from bioenergy	CCM 4.20	45	6.0%	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	5.8%
Capex of environmentally sustainable activities (Taxonomy-aligned) (A.1)		47	6.2%	6.2%													5.9%
	Of which Enabling	2	0.2%	0.2%													0.1%	E
	Of which Transitional																		T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
								EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Forest management	CCM 1.3	8	1.1%	EL	EL	N/EL	N/EL	N/EL	N/EL								0.8%
Cogeneration of heat/cool and power from bioenergy	CCM 4.20	0	0.0%	EL	EL	N/EL	N/EL	N/EL	N/EL								0.0%
Capex of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		8	1.1%	1.1%													0.8%
A.Capex of Taxonomy eligible activities (A.1+A.2)		55	7.4%	7.4%													6.7%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities		691	92.6%

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective

TOTAL 746 100%

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy non-eligible activity for the relevant environmental objective

EL - Taxonomy-eligible activity for the relevant objective

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Proportion of opex from products or services associated with Taxonomy-aligned economic activities 2025

EUR million							Substantial contribution criteria						DNSH criteria ('Does Not Significantly Harm')
Economic Activities	Code	Opex	Proportion of opex year 2025	mate change mitigation Cli	mate change adaptation Cli	Water	Pollution	my Circular Econo	Biodiversity	mate change mitigation Cli	mate change adaptation Cli	Water	Pollution	my Circular Econo	Biodiversity	safeguards m mu Mini	Proportion of Taxonomy aligned or eligible opex year 2024	Category enabling activity	Category transitional activity
		EUR	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N		E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Remediation of contaminated sites and areas	PPC 2.4	4		0.6% N/EL	N/EL	N/EL	Y	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	0.3%
Manufacture of batteries	CCM 3.4	19	2.7%	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	2.1%	E
Manufacture of energy efficiency equipment for buildings	CCM 3.5	17	2.5%	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	2.4%	E
Cogeneration of heat/cool and power from bioenergy	CCM 4.20	27	4.0%	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	4.3%
Opex of environmentally sustainable activities (Taxonomy-aligned) (A.1)		68	9.8%	9.2%			0.6 %										9.1%
	Of which Enabling	36	5.2%	5.2%													4.5%	E
	Of which Transitional																		T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
							EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Forest management	CCM 1.3	28	4.1%	EL	EL	N/EL	N/EL	N/EL	N/EL								3.2%
Conservation forestry	CCM 1.4	1	0.1%	EL	EL	N/EL	N/EL	N/EL	N/EL								0.1%
Remediation of contaminated sites and areas	PPC 2.4	2		0.4% N/EL	N/EL	N/EL	EL	N/EL	N/EL								0.1%
Cogeneration of heat/cool and power from bioenergy	CCM 4.20	1	0.1%	EL	EL	N/EL	N/EL	N/EL	N/EL								0.0%
Opex of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		32	4.6%	4.3%			0.4%										3.4%
A.Opex of Taxonomy eligible activities (A.1+A.2)		100		14.4% 13.4%			1.0%										12.5%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Opex of Taxonomy-non-eligible activities 592 85.6% TOTAL 692 100%

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy non-eligible activity for the relevant environmental objective

EL - Taxonomy-eligible activity for the relevant objective

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ESRS E1 Climate change

Transition plan for climate change mitigation (E1-1)

In February 2026, Stora Enso published a new climate resilience plan to ensure that amidst rapid advances in science, technology, and changing regulatory frameworks, its strategy and business model are compatible with the transition to a sustainable economy and the 1.5 degree goal of the Paris Agreement. The resilience plan is approved by the Board of Directors.

Stora Enso's climate change mitigation actions are guided by its Policy for Energy and Climate Change as well as its climate targets. These targets are aligned with the Science Based Targets initiative (SBTi) 1.5-degree pathway and the Paris Agreement's 1.5-degree goal, as described in ESRS E1-4. The actions and decarbonisation levers for climate change mitigation in the Group's own operations include enhancements in energy efficiency, fuel switches, investments in electrification, and the use of renewable energy. For upstream and downstream value chain, Stora Enso's work focuses on four levers to decarbonise purchased goods and services, fuel and energy-related activities, upstream transportation and distribution, and processing of sold products. The actions and levers are further described in ESRS E1-3.

Key investments related to climate change mitigation actions are disclosed in ESRS E1-3. The resilience plan aligns with the Group's strategy, and incorporates climaterelated scenario analysis, which have been used to inform the strategy. Some of the decarbonisation levers link directly to the Group's product portfolio, placing the resilience plan at the core of the business model. The climate mitigation actions are included in the financial planning as described in ESRS E1-3.

At the end of 2025, Scope 1 and 2 CO2eq emissions totalled 1.03 million tonnes or -61% less, and Scope 3 emissions 4.63 million tonnes or -38% less than in the base year 2019.

Stora Enso does not consider any of its emissions unavoidable (locked-in), but acknowledges that some assets and products have emissions that are currently economically and technologically harder to abate. Therefore, future investments and new technology are essential to achieve the climate targets. The Group intends to continue investments in low-carbon and energy-efficient solutions, particularly to reduce the use of fossil fuels, and is committed to phasing out coal. Actions and investments are described in ESRS E1-3 and presented in the graph 'Achieved and expected reductions' in ESRS E1-4.

Stora Enso reports according to the EU Taxonomy. The forest industry is not central to current legislation, limiting Stora Enso's relevant economic activities for reporting. In 2025, Stora Enso's taxonomy-aligned capex was EUR 47 (64) million, see section EU Taxonomy. Stora Enso is not excluded from the EU-Paris aligned benchmark.

Material impacts, risks and opportunities (ESRS 2 SBM-3)

Description	Impact, risk, or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub-topic	Transition risk	Physical risk
Positive impact on climate through forest carbon sequestration, products substituting fossil-based alternatives, and carbon stored in products.	Actual positive impact	Short, medium, and long term	Own operations, joint operations	Climate change mitigation
Production sites emit greenhouse gases and use energy-intensive processes, both of which directly impact climate change.	Actual negative impact	Short, medium, and long term	Own operations; joint operations	Climate change mitigation; Energy
Indirect impact on climate change due to greenhouse gas emissions resulting from upstream and downstream value chain activities.	Actual negative impact	Short, medium, and long term	Joint operations, Upstream and downstream value chain	Climate change mitigation
Operations generate biogenic emissions, which are treated as carbon neutral. Stora Enso recognises the risk of a possible change in the accounting of these emissions, which would impact the Group's path towards climate neutrality and product lifecycle assessments.	Risk	Medium and long term	Own operations, joint operations, upstream and downstream value chain	Climate change mitigation	x
Uncertainty in reaching the net zero target by 2040: for Scope 1 and 2 emissions, adequate investments and new technology are required, while for Scope 3 emissions, the lack of direct control over value chain emissions may create challenges in achieving reduction targets. Inability to meet the targets may lead to possible damage to Stora Enso's reputation and brand, which may result in a loss of investor and customer confidence leading to higher cost of capital and decreased revenues.	Risk	Medium and long term	Own operations, upstream and downstream value chain	Climate change mitigation	x
Stora Enso's scenario analysis recognises that long-term (25–30 years) changes in precipitation patterns, periods of drought, frequent extreme weather events, and higher average temperatures that increase the risk of forest fires and insect outbreaks, could cause damage to operations, forests, and tree plantations. In northern regions, milder winters may also impact the harvesting and transportation of wood and related costs. More frequent extreme weather events also increase the risk of disruptions in the production, logistics, and supply of raw materials and energy.	Risk	Long term	Own operations, joint operations, upstream value chain	Climate change adaptation		x
Opportunity due to high energy self-sufficiency, which reduces the Group's exposure to external cost instability and market disruptions. With access to renewable biomass and fossil-free electricity, Stora Enso is well-positioned to contribute to the green transition and a low-carbon economy.	Opportunity	Short, medium, and long term	Own operations	Energy
Opportunity in sustainable forest management to enhance the resilience of forest ecosystems, and the potential for changing climate to increase tree growth and species distribution, particularly in northern latitudes.	Opportunity	Medium and long term	Own operations, joint operations, upstream value chain	Climate change mitigation

Opportunities related to climate change resilience are described in ESRS E3, E4, and E5.

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E1 disclosure requirement related to ESRS 2 SBM-3

Stora Enso utilises scenarios to assess climate change impacts and has tested the resilience of its strategy and business model in relation to climate change through multiple resilience analyses conducted over the past years. Resilience analyses have been conducted for Stora Enso's own operations, covering production assets in Sweden, Finland, Poland, and Belgium, as well as for the forest assets in Sweden. In addition, resilience analyses have been conducted for Stora Enso's joint operations in Brazil and Uruguay and the plantations in South America.

The scenario analyses for the operational assets for Stora Enso's own operations and upstream operations (joint operations) were conducted as desktop studies by reviewing location-based historical weather data against five different climate scenarios (SSP1-1.9, SSP5-8.5). For forest assets in Sweden, the study was done as a literature review by a third-party. The analysis for the upstream value chain covering plantations in South America was also conducted by a third party. The time horizon on materiality was set to 2040, with an overall horizon extending to 2100. In 2025, Stora Enso updated its climate resilience plan, incorporating the scenarios outlined earlier together with the latest emission forecasts and market insights. The anticipated financial effects were considered in investment estimates and planning, alongside broader business implications such as potential production growth.

Stora Enso assumes that the transition to a lower-carbon and resilient economy will affect the Group through emission reductions, regulations, and the need to adapt operations, for example, by electrification.

The results of the resilience analysis show that operational assets in Sweden and Finland have endured similar weather conditions in the past. Stora Enso acknowledges that weather extremes will become more frequent, but there is little evidence to suggest that those would have a material impact on the ability to operate assets before 2040. Assets located in continental Europe, are at a higher risk of climate hazards compared to those in the Nordics. However, no material impact was identified.

The results of the resilience analysis for forest assets in Sweden were inconclusive. A warmer climate enhances forest growth, but at the same time, more frequent storms, drought, and pest damage may negatively affect growth. Based on the outcome, there are both risks and opportunities in the changing climate. There is uncertainty in the resilience analysis, as recent climate development suggests that expected time horizons for impacts in different scenarios might be shorter than anticipated. In 2024, the EU's climate service reported that for the first time, global warming had exceeded 1.5°C over the course of an entire year.

Stora Enso has also conducted a business impact scenario that identified climate-related transition opportunity. The results concluded that the overall transition to a low carbon, circular economy is aligned with the Group's strategy.

Based on the resilience analysis, Stora Enso has the ability to adjust or adapt its strategy to respond to climate change in the short, medium, and long term. Climate-related transition risks relate to the Group's capability to reduce its emissions across the value chain, and also its capability to position its business offering to support the global transition to a lowcarbon, circular economy. Stora Enso's operations and value chain benefit from their wide geographical distribution, as it is unlikely that all locations would be impacted simultaneously.

Policies related to climate change mitigation and adaptation (E1-2)

The minimum requirement is that all policies and guidelines are to be reviewed at least once every two years. Each policy owner shall ensure that the documents under their responsibility are reviewed and updated within the defined time frame.

Policy for Energy and Climate Change

The policy outlines the ambition for combatting climate change through objectives across products, industrial operations, and the value chain. The policy addresses the management of negative impacts related to GHG emissions generated from Stora Enso's own operations by continuously improving energy efficiency and increasing the deployment of renewable energy through a higher share of biomass. The policy also promotes working with suppliers, customers, and partners to decarbonise the value chain, thereby aiming to mitigate negative impacts resulting from emissions generated within the value chain. In addition, the policy includes a commitment to collaborating with customers and stakeholders to substitute non-renewable materials and to sustainable forest management practices. The efforts contribute to positive climate impacts through forest carbon sequestration, use of products as substitutes for fossil-based alternatives, and carbon stored in wood-based products.

The policy applies to Stora Enso's own operations, and the EVP, Strategy and Sustainability, is accountable for ensuring its implementation.

Environmental Guidelines

The guidelines address topics related to environmental management and circularity, energy and climate change, pollution, water, forests, plantations, and land use. The guidelines require that all of Stora Enso's production units implement and maintain a third-party certified environmental management system. Third-party certified management systems (ISO 14001 and ISO 50001) help improve environmental performance and energy efficiency. In relation to energy and climate change, the guidelines address both the negative and positive impacts outlined in the Policy for Energy and Climate Change.

The scope of the guidelines covers Stora Enso's own operations, and the EVP, Strategy and Sustainability, is accountable for ensuring their implementation.

Supplier Code of Conduct (SCoC)

The SCoC outlines minimum standards for suppliers in addition to applicable laws and regulations. The policy lists objectives for responsible business practices, occupational health and safety, human and labour rights, supporting and engaging with communities, and protecting the environment. It requires suppliers to actively monitor, report, and work to reduce GHG emissions from their own operations and value chain. The supplier must allow Stora Enso, or a third party authorised by Stora Enso, to verify compliance with the requirements of this SCoC through dialogue, disclosure of information or, if considered necessary by Stora Enso, an audit of the supplier's operations. The policy also addresses managing the negative impacts resulting from GHG emissions in the Group's value chain.

The scope of the policy covers all Stora Enso's business activities and operations globally. Accountability for ensuring the implementation of the SCoC lies with the Sourcing & Logistics Leadership Team. The SCoC is provided to suppliers during the pre-qualification process, where they are required to commit to adhering to it.

Actions and resources in relation to climate change policies (E1-3)

Stora Enso's climate change mitigation and adaptation actions extend across its own operations, as well as its upstream and downstream value chain, and are aligned with the Paris Agreement and SBTi's 1.5-degree pathway.

Climate change mitigation in the Group's own operations

The action plan consists of two decarbonisation levers, described below, which contribute to Stora Enso's target of reducing GHG emissions for Scope 1 and 2 by 50% by 2030 from the 2019 baseline. The plan also supports the achievement of objectives outlined in the Policy for Energy and Climate Change and the Environmental Guidelines on climate change

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mitigation, as well as managing negative impacts resulting from the GHG emissions generated by the Group's operations. The action plan covers the Group's own operations and the time horizon spans from short to long term.

1) Decarbonisation lever: energy efficiency and investments into electrification

Stora Enso focuses on continuously improving energy efficiency at its production sites through targeted measures. In 2025, the Group supported energy-efficiency investments totalling approximately EUR 25.8 (18.8) million, reducing heat, fuel, and electricity consumption, and contributing to a reduction in the total carbon emissions. On average, these investments have a payback period of two years. In the Financial Statements, these investments are included in the note 4.1 Intangible assets, property, plant and equipment and right-of-use assets (under the corresponding 'Additions' rows).

To reduce GHG emissions in energy-intensive production processes, Stora Enso has invested in e-boilers as alternatives to fossil-based energy sources and to enhance operational efficiency. For instance, in Lahti, Finland, two new electric boilers became fully operational in early 2025, aiming to reduce the site's CO₂ emissions by up to 70% compared to the 2019 baseline. Furthermore, Stora Enso is investing in vehicle electrification.

Stora Enso applies the ISO 50001 standard to improve energy efficiency across its operations by implementing an Energy Management System. The standard supports continuous improvement through energy-saving objectives and targets. By the end of 2025, approximately 99% of the Group's production sites were covered by ISO 50001.

By the end of 2025, the emission reduction achieved for this decarbonisation lever was 0.05 million tonnes from the 2019 base year. The expected emission reduction from 2025 to 2030 is 0.01 million tonnes. See also progress against the Group's energy efficiency target (ESRS E1-4).

2) Decarbonisation lever: fuel switches and use of renewable and nuclear energy

To reduce the carbon intensity of its industrial operations, Stora Enso promotes the use of various forms of low carbon electricity and heat, including energy sources such as nuclear, wind, solar, and bioenergy. The Group's operations largely utilise renewable biomass fuels from forest and process side streams. Fuel switches are implemented in both production processes and transportation. To support its decarbonisation targets, Stora Enso purchases Guarantees of Origin to ensure that electricity has been generated from renewable or nuclear energy sources, with lower greenhouse gas emission factors. Examples of measures taken at the mills during the reporting year:

• As part of the Oulu conversion project in Finland, a new bio boiler was built to meet the steam needs of the new cartonboard machine. It was designed in accordance with BAT (Best Available Techniques) and BREF (Best Available Techniques Reference Documents) requirements to minimise environmental impact.
• In 2025, a new bio oil tank became fully operational at the Skoghall mill in Sweden, replacing fossil oil and enabling a projected 38% reduction in fossil emissions - approximately 25,000 tonnes of CO₂ annually.
• Renewal of the energy set-up and process equipment at the Heinola fluting site, Finland, was carried out to replace majority of the remaining fossil-based fuels with renewable bioenergy. The expected GHG reduction is over 90%. The project was completed in the latter half of 2025.

In 2025, the emission reduction achieved for this decarbonisation lever was 0.95 million tonnes. The expected emission reduction from 2025 to 2030 is 0.35 million tonnes.

In addition to the decarbonisation levers described above, site and production line closures, aligned with Stora Enso's business model and strategy, also impact the achieved reduction.

Climate change mitigation in the value chain

Stora Enso aims to reduce Scope 3 emissions in alignment with the objectives of the Policy for Energy and Climate Change, the Environmental Guidelines, and the Supplier Code of Conduct to mitigate negative impacts on climate change resulting from GHG emissions in the Group's upstream and downstream value chain.

The action plan for climate change mitigation in the value chain consists of four decarbonisation levers, covering Stora Enso's material Scope 3 categories, aiming to reduce value chain emission in line with target to reach 50% reduction in Scope 3 emissions by 2030 from the 2019 baseline. The time horizon of this action plan spans from short to long term and covers the Group's value chain.

1) Decarbonisation of purchased goods and services

Stora Enso continuously optimises product features, recipes, and design for resource efficiency and carbon intensity. The focus is on supplier sub-categories with significant emission impacts. This includes working with raw material suppliers to improve efficiency and lower carbon intensity throughout the value chain.

An example from the reporting year is hosting a supplier event with key chemical partners to support the reduction of GHG emissions, facilitate adaptation to evolving regulations, and promote the exchange of actionable data.

By the end of 2025, the emission reduction achieved for this decarbonisation lever was 0.72 million tonnes from the 2019 baseline. The expected emission increase from 2025 to 2030 is 0.14 million tonnes.

2) Decarbonisation of fuel and energy-related activities

The decarbonisation levers for Scope 1 and 2 also reduce upstream emissions from fuel and energy related activities. By the end of 2025, the emission reduction achieved for this decarbonisation lever was 0.35 million tonnes from the 2019 baseline. The expected emission reduction from 2025 to 2030 is 0.07 million tonnes.

3) Decarbonisation of upstream transportation and distribution

Stora Enso focuses on supplier sub-categories with significant emission impacts. This includes working with logistics partners to improve efficiency and lower carbon intensity of transportation. An example from the reporting year is participation in the TREE project, coordinated by the Forestry Research Institute of Sweden, which has been testing six electric heavy-duty vehicles to electrify forestry transport in Sweden.

By the end of 2025, the emission reduction achieved for this decarbonisation lever was 0.27 million tonnes from the 2019 baseline. The expected emission increase from 2025 to 2030 is 0.09 million tonnes.

4) Decarbonisation of processing of sold products

Customer actions to reduce emissions serve as a decarbonisation lever, with Stora Enso maintaining active dialogue on customers' climate ambitions and targets to gain visibility into these opportunities. In addition, the Group reviews decarbonisation opportunities in new markets and end uses.

By the end of 2025, the emission reduction achieved for this decarbonisation lever was 1.46 million tonnes from the 2019 baseline. The expected emission reduction from 2025 to 2030 is 0.15 million tonnes.

Other impacts to Scope 3 reduction

In addition to the above decarbonisation levers, continuous enhancement of data collection supports identifying mitigation actions. Scope 3 accounting differs inherently from Scope 1 and 2, as it involves activities beyond a company's direct control and is still a developing field partly due to limited primary data availability. Accordingly, Stora Enso aims to continuously improve its Scope 3 data collection and reporting processes, focusing on improving the granularity of data down to the production unit level. This will allow for a better-informed baseline and support datadriven development actions. The scope of the activities covered by the automation project spans the Group's entire value chain.

Furthermore, business growth, site and production line closures, aligned with the Group's business model and strategy, impact the achieved reduction outcome. The impacts are reflected across all decarbonisation levers.

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Climate change adaptation types

Stora Enso's objective and approach to climate change adaption are included as part of the Environmental Guidelines. To address the policy objective and to mitigate the increasing risks posed by climate-related hazards, Stora Enso implements nature-based adaptation solutions. The scope of the action covers the Group's own operations and upstream value chain, with a long-term time horizon. Examples of this action include:

• Increasing mixed forests, and promoting sustainable forest management and harvesting practices, see ESRS E4.
• · Enforcing diversification in wood sourcing.
• Enhancing materials efficiency, see ESRS E5.
• · Monitoring water risk areas and taking relevant action, see ESRS E3.

Addressing opportunities and positive impacts

The two key actions to address the positive impact and opportunity on climate change mitigation, as well as the opportunity to increase forest resilience and growth, are described below. The third key action addresses the opportunity on energy self-sufficiency. These long-term actions contribute to the achievement of the objectives outlined in the Policy for Energy and Climate Change and the Environmental Guidelines.

• 1) Promotion of sustainable forest management practices in Stora Enso's own and managed forests to increase the resilience of forest ecosystems and improve forest sequestration. In 2025, the three-year average of annual carbon sequestration in the Group's owned or leased productive forest lands was 3.8 (4.3) million tonnes of CO₂. See ESRS E1-7.
• 2) The Group's innovation and product development focuses on fiberbased, renewable products that substitute fossil-based alternatives. In 2025, the substitution effect amounted to 14.6 (13.5) million tonnes of CO₂. In addition, the Groups's wood-based products stored carbon amounting to 2.7 million tonnes of CO₂. See ESRS E1-7. Recent key investments include:
• New consumer packaging board line at the Oulu site in Finland started production ramp-up in 2025 and is expected to reach full capacity during 2027.
• In 2025. Stora Enso's total spend on innovation, research and development was EUR 69 (78) million.
• 3) By securing and enhancing energy self-sufficiency, Stora Enso aims to mitigate exposure to external cost volatility and market disruptions. The action consists of long-term contracts to manage energy supply, direct market access via energy exchanges, combined heat and power production at production units, and shareholding in the Finnish energy company Pohjolan Voima Oyj. The Group also places increased emphasis on leveraging its electricity generation capabilities and electricity demand flexibility. In 2025, Stora Enso's total energy self-sufficiency was 74% (72%).

Current and future resources

The Group's EU Taxonomy aligned Capex related to climate change mitigation was EUR 47 (64) million and Opex EUR 64 (66) million, see further details in the section EU Taxonomy. The difference between the ESRS EI and EU Taxonomy disclosed Capex and Opex is due to Stora Enso's central business areas not being addressed by the current scope of the EU Taxonomy.

Stora Enso acknowledges that future investments and new technology are required to reach its target of net-zero by 2040 and intends to continue investing in low-carbon and energy-efficient solutions.

Taraets related to climate change mitigation and adaptation (E1-4)

Climate change mitigation

In 2017, Stora Enso established a science-based target to reduce its greenhouse gas (GHG) emissions and achieved this target nine years ahead of schedule. In 2021, Stora Enso raised its ambition to align with the 1.5-degree scenario. The targets have been approved by the Science Based Targets initiative (SBTi) and are aligned with the Group's Energy and Climate Change Policy.

Target	Scope	and value	2025	2024
Scope 1 & 2: -50% reduction by 2030	Own operations	2019: 2.62 CO₂e million tonnes	-61%	-53%
Scope 3:-50% reduction by 2030	Value chain	2019: 7.43 CO 2 e million tonnes	-38%	-39%

Compared to 2024, the decrease in Scope 1 and 2 emissions is primarily a result of reduction measures, such as fuel switches. Scope 3 performance, compared to previous year, was affected by increased production.

The decarbonisation levers and their contributions to reductions from the baseline year are shown in the graphs below. For Scope 1 and 2, new technologies and other investments are required to achieve targets. For Scope 3, the estimated contributions depend on additional future actions to reach the target. The pace and effectiveness of future decarbonisation will also be influenced by the availability of low-carbon energy, infrastructure development, and market adoption of new solutions.

The presented forecasts on future growth and expected reductions are based on various assumptions and estimates that are believed to be reasonable, though actual result and timing could differ from these. The estimates, judgments and assumptions are reviewed regularly and updated when deemed necessary. The expected reductions by 2030 are rounded to the nearest 5 percentage point. There is an estimation uncertainty of +/-5% in the forecast.

In 2023, Stora Enso reinforced its climate commitment by joining The Climate Pledge initiative, aiming for net zero carbon emissions by 2040. across all three Scope categories. The 2019 baseline year applies to both the 2030 and 2040 targets.

For setting the targets, Stora Enso uses a publicly available science-based target-setting method for Scope 1, 2 and 3 emissions called the Absolute Contraction Approach. Since the targets are set for absolute emission reductions, possible future developments, such as changes in sales volumes or shifts in customer demand, will not alter the targets. GHG removals, carbon credits, or avoided emissions are not considered as means to achieve the targets. See accounting principles for GHG emissions in ESRS E1-6. Stakeholders, other than SBTi and Climate Pledge, have not been included in the target setting process.

Energy

Stora Enso has set an energy efficiency target as part of the Group's decarbonisation pathway and as a means to reduce negative impacts generated by energy use. For 2025, the target was updated to 1.5% annual energy saving by 2030 (1.1% in 2024), in alignment with the EU's energy efficiency target.

Target	Scope	Baseline year and value	2025	2024
Projected annual energy saving of -1.5% by 2030 (MWh saved/MWh total energy used, electricity, heat, and fuels)	Own operations	Annual target	-2.1%	-1.6%

In 2025, Stora Enso exceeded its target, achieved mainly through an increased focus on operational efficiency.

✓ Accounting principles

In addition to operational changes, the projected energy savings include savings from the investments for which the reporting year marks the first year of impact. Energy savings are reported as a percentage reduction compared to total energy consumption for the year, without considering efficiency investments. The target excludes packaging converting units and joint operations. The target value is applied for each year.

The target was established with input from internal subject matter experts and covers the Packagina Materials. Biomaterials, and Wood Products segments. The target is in line with the Policy for Energy and Climate Change and supports the achievement of the Scope 1 and 2 Science Based Targets. The target is in line with EU's energy efficiency target.

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Achieved and planned GHG reductions within the Group's own operations

CO2eq, million tonnes

Achieved and expected GHG reductions within the value chain

CO2eq, million tonnes

¹ For Scope 3, the estimated contributions depend on additional future actions to reach the target. The pace and effectiveness of future decarbonisation will also be influenced by the availability of low-carbon energy, infrastructure development, and market adoption of new solutions.

Energy consumption and mix (E1-5)

Accounting principles

The energy figures cover all production units. Aligned with the Financial Statements, the figures include the Group's joint operations according to the ownership share (50%). Energy consumption in offices is included in the figures based on estimates. Local factors are taken into account at the units when calculating the energy content of the fuels used.

Stora Enso applies a conservative approach in accordance with ESRS when distinguishing between renewable and non-renewable energy sources. The Group classifies energy as renewable or nuclear-based only if the origin of the purchased energy is clearly defined in contractual arrangements with its suppliers, or if Guarantees of Origin are cancelled for the Group's consumption and are in line with GHG Protocol requirements. If the origin is not known, the source is classified as fossil. Some production units that purchase electricity from the grid have estimated their energy consumption, as invoices from the energy provider were not available at year-end. These estimates do not have a material impact on the Group's total energy consumption figure.

Stora Enso's business activities fall within high climate impact sectors: Agriculture (Sector: Forestry, code AFO) and Manufacturing (Sector: Pulp, Paper & Wood products, code MPW) or alternatively NACE 02 (Forestry and logging), NACE 16 (Manufacture of products of wood), and NACE 17 (Manufacture of pulp, paper and paperboard). Therefore, the Group's total sales as reported in the Financial Statements (Consolidated income statement) is used to determine energy intensity.

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Energy consumption and mix, TWh	2025	2024
Fuel consumption from coal and coal products	1.0	1.1
Fuel consumption from crude oil and petroleum products	0.7	1.2
Fuel consumption from natural gas	0.8	0.5
Fuel consumption from other fossil sources	1.1	1.3
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources	0.2	0.3
Total fossil energy consumption	3.8	4.4
Share of fossil sources in total energy consumption, %	9%	11%
Consumption from nuclear sources	4.3	3.9
Share of consumption from nuclear sources in total energy consumption, %	10%	9%
Fuel consumption from renewable sources	33.8	33.3
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources	0.8	0.6
The consumption of self-generated non-fuel renewable energy	0.0	0.0
Total renewable energy consumption	34.6	33.8
Share of renewable sources in total energy consumption, %	81%	80%
Total energy consumption	42.7	42.2
Energy intensity ratio	2025	2024
Total energy consumption from activities in high climate impact sectors, TWh	42.7	42.2
Energy intensity, MWh/EUR million	4,577	4,658

For energy balance, the figures encompass the Group's own energy production. Electricity received at cost-based principle from Pohiolan Voima Oyj – where Stora Enso is a minority shareholder with a 16.5% (16.1%) ownership stake - is reported as its own line and included in own electricity generation due to Mankala principle. For additional information, see Financial Statements, note 4.4 Equity instruments. Stora Enso's energy balance contains also external energy sales, which are partly EU taxonomy-eligible. For more information, see EU Taxonomy.

Energy production, TWh	2025	2024
Renewable	29.8	29.5
Non-renewable 1	2.6	3.0
PVO shareholding	2.5	2.5
Renewable	0.4	0.4
Nuclear	2.1	2.1
Total energy production 1	34.9	35.0
Comparative figure revised due to minor error.

Shareholders

Gross Scopes 1, 2, 3 and Total GHG emissions (E1-6)

Stora Enso's carbon footprint, following the GHG Protocol's principle of operational control

✓ Accounting principles

In its GHG accounting, Stora Enso follows the three standards provided by the Greenhouse Gas Protocol of the World Resources Institute and the World Business Council for Sustainable Development: the GHG Corporate Accounting and Reporting Standard, the GHG Protocol Scope 2 Guidance, and the Corporate Value Chain (Scope 3) Accounting and Reporting Standard. Stora Enso uses the operational control approach to consolidate GHG emission figures. The targets for reducing GHG emissions are reported as a percentage change from the baseline, which is updated annually to reflect the current company structure. The Group's climate targets. approved by the Science-Based Taraets initiative and presented in ESRS EI-4, follow the GHG Protocol. The CO₂ factors used for purchased energy (Scope 2) largely follow the market-based methodology, which means that almost all production sites apply CO₂ factors provided by their energy suppliers.

Carbon footprint 2019–2025 according to GHG Protocol

(Follows the GHG Protocol's principle of operational control, Scope 1 and 2 emissions covered by reasonable assurance.)^1,2

	F	ossil CO2			Trend
	2019	2020	2021	2022	2023	2024	2025	2019-2025
Scope 1	2.27	2.08	2.13	1.79	1.46	1.18	0.99	-57%
Scope 2	0.35	0.19	0.11	0.10	0.07	0.06	0.04	-88%
Scope 3	7.43	7.16	7.54	5.59	4.86	4.56	4.63	-38%
Total	10.06	9.44	9.78	7.48	6.39	5.80	5.66	-44%

• 1 Scope 1+2 emissions covers Stora Enso's production units. Includes the trading of Guarantees of Origin for electricity. Joint operations are included in Scope 3 emissions.
• 2 All comparative figures are revised due to structural changes or additional data after the previous report.

Stora Enso's carbon footprint, following the financial consolidation scope (aligned with ESRS)

✓ Accounting principles

To alian with the ESRS requirements. Stora Enso's disagaregated GHG emissions follow the financial consolidation scope. Hence, the joint operations are consolidated line by line into Scope 1, 2, and 3 emissions according to the ownership share (50%). This consolidation approach is aligned with the Financial Statements but differs from GHG Protocol, where joint operations are classified as part of Scope 3.

Scope 1 and 2 emissions include direct and indirect GHG emissions, calculated as fossil CO₂ equivalents (CO₂eq). In addition to CO₂, other relevant GHG emissions for Stora Enso are methane (CH_A) and nitrous oxide (N₂O), which are generated when using fossil and biomass fuels in the units' power boilers. These gases are converted to CO₂eg using their respective global warming potential based on the fourth assessment report of the Intergovernmental Panel on Climate Change (IPCC), or fuel-specific CO2 emission factors based on site analysis. The sources of Stora Enso's Scope 1 factors are 2006 IPCC Guidelines for National Greenhouse Gas inventories (Chapter 2: Stationary Combustion) and, for biogenic emissions, Fuel classification 2018 from Statistics Finland. HFCs and SF6 are not material for Stora Enso's carbon accounting.

In 2025, 49% (54%) of Scope 1 emissions were from regulated emission trading schemes. For additional information on emissions covered by trading schemes, see Financial Statements, note 4.5 Emission rights and other non-current assets. In 2025, biogenic emissions related to Scope 1 amounted to 11.98 (11.86) million tCO₂ea.

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Scope 2 GHG emissions are calculated based on purchased electricity and heat. The CO₂ emission factors used for purchased energy largely follow the market-based methodology, meaning that almost all units apply CO₂ factors provided by their energy suppliers. When these are not available. the Group applies a country-specific residual mix factor. In the absence of residual mix factors, the most recent location-based factors provided by the International Energy Agency (IEA) are used. The applied factors do not separate the percentage of biogenic CO₂. In Scope 2 market-based accounting, approximately 96% of purchased energy is covered by contractual instruments. The allocation between bundled and unbundled instruments is based on estimates, with approximately 96% of the energy associated with bundled instruments and 4% with unbundled instruments. For both categories, the contractual instruments primarily consist of Guarantees of Origin for electricity or Renewable Energy Certificates.

Scope 3 emissions include fossil CO₂eg emissions from other sources in the upstream and downstream value chain of all production units. Stora Enso follows the WBCSD guidance for Scope 3, which defines 15 potential categories of emissions. The Group applies an activity-based methodology in its Scope 3 accounting. This means that emissions are estimated by multiplying the activity data with the relevant carbon emission factors.

When determining which categories to include in Scope 3 emissions reporting, the Group assesses the materiality of each category based on the significance of its associated activities to total emissions. Categories considered immaterial or not relevant to the Group's business operations may be excluded from reporting.

Material emission categories included in Scope 3 emissions are reviewed whenever new information on data level or regarding accounting methodology becomes available. When primary data is not available for the carbon emission factors of Stora Enso's activity data, the Group utilises secondary sources.

In the 2025 reporting, the Scope 3 categories, as identified by the GHG Protocol, included the below categories.

Scope 3 category	Method
Purchased goods and services (category 1)	Stora Enso utilises raw material volumes to calculate category 1 emissions. Primary data, such as LCAs, are preferred. In the absence of primary data, selected secondary sources, such as Ecolnvent and Metsäteho, are utilised.
Fuel and energy related activities (category 3)	Stora Enso utilises energy volumes when calculating category 3 emissions. In the absence of primary data, selected secondary sources, such as Ecolnvent, are utilised.
Upstream transportation and distribution (category 4)	Stora Enso utilises transportation distances, volumes, and modes to calculate category 4 emissions. In the absence of primary data, selected secondary sources, such as The Network for Transport Measures (NTM) is utilised.
Processing of sold products (category 10)	Stora Enso utilises the volumes of product categories to calculate category 10 emissions. Some of the data is obtained from primary sources. When primary data is not available, selected secondary sources, such as The Alliance for Beverage Cartons and the Environment (ACE), the European Federation of Corrugated Board Manufacturers (FEFCO), and proxy data are used.

The excluded Scope 3 categories and the explanations for exclusion are provided in the following table. The share of primary data used based on the volume of emissions is approximately 12%. Biogenic emissions that occur in the upstream and downstream value chain emissions are not calculated.

Scope 3 category	Explanation for exclusion
Capital goods (category 2)	LCA studies show that capital goods account for less than 1% of CO 2 emissions in the paper industry, making this category immaterial.
Waste generated in operations (category 5)	Most of the waste and residuals from the Group's operations are treated internally and disposed of in company-owned landfills. Consequently, the majority of emissions from waste management are accounted for under Scope 1 as internal transportation.
Business travelling (category 6)	Impact on emissions deemed immaterial (less than 1%).
Employee commuting (category 7)	Impact on emissions deemed immaterial (less than 1%).
Upstream leased assets (category 8)	Not applicable. All operating units under the Group's operational control (with less than 50% shareholding) are included in Scope 1 and 2.
Downstream transportation and distribution (category 9)	Not assessed. An assessment of transportation by Stora Enso's customers and their customers is ongoing.
Use of sold products (category 11)	Not relevant. Relevant only for products that directly consume energy during use (engines), fuels and feedstocks (natural gas) and products that contain or form GHG that are emitted during use (fire extinguisher).
End-of-life treatment of sold products (category 12)	Immaterial. Most of the Group's products are recycled or incinerated for energy recovery, with end-of-life emissions estimated at less than 1% of total Scope 3.
Downstream leased assets (category 13)	Not applicable. Stora Enso does not have downstream leased assets.
Franchises (category 14)	Not relevant. Stora Enso does not operate franchises.
Investments (category 15)	Impact on emissions deemed immaterial.

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Our strategy

Shareholders

		Retro	spectiv	re¹	Milesto	ones	and tar	get years²
Total GHG emissions disaggregated	Base year 2019	2024	2025	Change, %	2025 2	030	(2050)	Annual % Target / base year
Scope 1 GHG Emissions
Gross Scope 1 GHG emissions (CO 2 -eq, million tonnes)	2.43	1.33	1.14	-15%		n/a		n/a
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	67%	54%	49%	-9%
Scope 2 GHG Emissions
Gross location-based Scope 2 GHG emissions (CO 2 -eq, million tonnes)	n/a	0.45	0.47	4%
Gross market-based Scope 2 GHG emissions (CO 2 -eq, million tonnes)	0.35	0.06	0.05	-26%		n/a		n/a
Significant scope 3 GHG	emissi	ons
Total Gross indirect (Scope 3) GHG emissions (CO 2 -eq, million tonnes)	7.28	4.40	4.48	2%		n/a		n/a
Purchased goods and services	2.17	1.46	1.45	-1%
Fuel and energy related activities	0.54	0.21	0.20	-5%
Upstream transportation and distribution	1.28	0.95	1.01	6%
Processing of sold products	3.29	1.79	1.84	3%
Total GHG emissions
Total GHG emissions (location-based) (CO 2 -eq, million tonnes)	n/a	6.19	6.09	-1%
Total GHG emissions (market-based) (CO 2 -eq, million tonnes)	10.06	5.80	5.66	-2%		n/a		n/a
						_

¹ Comparative figures are revised due to additional data and adjustments in calculation approach.

When calculating the GHG intensity per net revenue, Total sales as reported in the Financial Statements (Consolidated income statement) are used to determine the greenhouse gas emission intensity.

GHG intensity per net revenue, tCO2-eq/EUR million	2025	2024
Total GHG emissions (market-based) per net revenue	607	636
Total GHG emissions (location-based) per net revenue	653	676

GHG removals and storage (E1-7)

Stora Enso's business activities are connected with GHG removals and carbon storage as the Group's forests sequester carbon and wood-based products store carbon. While the Group does not use these removals or storage in its GHG reporting of Scope 1, 2 and 3, the amounts are disclosed in accordance with ESRS requirements to provide a coherent picture of the positive impacts identified in the double materiality assessment.

Stora Enso's primary means of reducing fossil carbon emissions is through direct action within its own operations and value chain as described in ESRS E1-3. The Group's carbon performance is reported without offsets as advised by the Science Based Targets initiative. Although direct action is the primary means of emissions reduction, some emissions currently remain unavoidable. Therefore, carbon offsetting is used for certain products to offer materials that help customers reduce their climate impact. Offsetting for products is only done through projects that are measurable and third-party verified such as those in accordance with the Gold Standard.

✓ Accounting principles

Forest carbon sink is calculated as the three-year average of annual CO₂ sequestration in Stora Enso's owned or leased productive forest lands. The carbon stored in the Group's productive forests is calculated as of end of the reporting year. In line with the Financial Statements, the figure contains the biological assets of the Group's joint operations proportional to the ownership share (50%). For additional information, see Financial Statements note 4.2 Forest assets.

Accounting methods for forest carbon sinks and storage are not standardised, and the chosen method and reporting period can influence the results. In sustainably managed forests, carbon sink and storage levels are maintained or increased throughout the forests' management cycle. During this cycle, factors such as harvesting and natural disturbances, growth rates related to forest ages and types, and other possible events can cause short-term variations in the carbon sinks and storage.

For the reporting year, Stora Enso revised its accounting for carbon stored in its products to alian with the ISO 13 391 standard, which applies a half-life decay approach developed by the Intergovernmental Panel on Climate Change (IPCC). In 2024, the figure was calculated by the Swedish University of Agricultural Sciences (SLU) using the IPCC half-life methodology and Stora Enso's production data. Due to the change in methodology, the reported figures are not directly comparable.

Metrics related to GHG removals and storage, million tonnes	2025	2024
Total GHG removals
Annual CO 2 sequestration in owned or leased productive forest lands, three-year annual average	3.8	4.3
Total GHG storage
Total ${\rm CO_2}$ stored in Stora Enso's productive forest as of 31 Dec 2025	273	295
Carbon stored in Stora Enso's products 1	2.7	2.5

1 Methodology change affecting comparability, see accounting principles.

Anticipated financial effects from material physical and transition risks and potential climate-related opportunities (E1-9)

Stora Enso has utilised various scenarios to assess climate change impacts. The scenarios and their outcomes are further described in ESRS 2 IRO-1 Climate change. Stora Enso applies the phased-in provision by ESRS to disclose only qualitative information on anticipated financial effects.

Anticipated financial effects from material physical risks

Based on the scenario analyses, no material physical climate change risks before 2040 were identified. In alignment with these results, no significant effects on the Group's financial position, financial performance and cash flow are expected within this long-term timeframe (up to 15 years). Over a longer time horizon of 25–30 years, Stora Enso recognises a risk of forest fires and insect outbreaks causing damage to the Group's operations globally, including owned and leased forests in Europe, and tree plantations in South America and China. In northern regions, milder winters may also impact the harvesting and transportation of wood and related costs. There is also risk of disruptions in the production, logistics, and supply of raw materials and energy due to extreme weather events.

However, there is uncertainty in the resilience analysis, as recent climate development suggests that expected time horizons for impacts in

² Stora Enso's science-based targets follow a different consolidation principle (GHG protocol) and are therefore disclosed as not applicable in this table. The targets and related performance are reported in ESRS EI-4.

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Stora Enso addresses these physical risks in its own operations and upstream value chain by increasing mixed forests and promoting sustainable forest management, diversifying wood sourcing, enhancing material efficiency, and monitoring water risk areas with relevant measures. See ESRS E1-3 for further details on the climate change adaption actions.

Anticipated financial effects from material transition risks

When considering medium- and long-term transition risks, Stora Enso recognises that in order to reach the net zero target by 2040 and to contribute to the transition to a lower-carbon economy, new technologies and investments in energy-efficient solutions are essential. In terms of Scope 3, the lack of direct control over value chain emissions may create challenges in achieving reduction targets. This, in turn, could damage Stora Enso's reputation and brand, potentially resulting in a loss of investor and customer confidence, higher cost of capital, and decreased revenues.

A second transition risk relates to evolving regulation and standards, particularly regarding the accounting of biogenic emissions, which are currently considered carbon-neutral and not included in mitigation plans. A change in the accounting standards for these emissions could affect the Group's pathway towards climate neutrality and alter product lifecycle assessments.

The transition risks relate to the Group's production assets and industrial operations. Climate change mitigation actions and short- and medium- term investments to address these risks are described in ESRS E1-3 and in the graph 'Achieved and expected reductions' in ESRS E1-4. Potential long-term implications include supply chain disruptions caused by climate-related hazards or regulatory changes affecting upstream partners.

Potential to benefit from material climate-related opportunities

Stora Enso's climate change mitigation and adaptation actions are expected to generate long-term cost efficiencies across operations. Sustainable forest management enhances the resilience of forest ecosystems, reducing the risk of climate-related damage and preserving asset value. In northern latitudes, changing climate conditions may support increased tree growth and broader species distribution, potentially improving forest productivity and lowering sourcing costs over time. The Group's high energy self-sufficiency reduces exposure to external cost volatility and market disruptions. With access to renewable biomass and fossil-free electricity, Stora Enso is well-positioned to benefit from the green transition.

Climate-related opportunities also relate to Stora Enso's capability to position its business offering to support the global transition to a lowcarbon, circular economy. Growing consumer demand for sustainable products and regulatory changes present opportunities by driving market growth for renewable products and creating competitive advantage through resource efficiency and renewability. Market insights, based on AFRY and company information, suggest the global virgin consumer board market to grow by approximately 3-4% annually by 2030 from 2024 (compound annual growth rate, CAGR). This opportunity is addressed by the Group's strategy and investments, as well as innovation and product development. One of the key investments is the new production line in Oulu, Finland, which will further strengthen Stora Enso's position in high added-value renewable packaging materials. The line is expected to reach full capacity during 2027. For actions related to renewable packaging, see ESRS E5-2.

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ESRS E2 Pollution

Material impacts, risks and opportunities (ESRS 2 SBM-3)

Description	Impact, risk, or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub-topic
Emissions to air and effluents to water are generated from industrial operations.	Actual negative impact	Short, medium, and long term	Own operations, joint operations	Pollution of air/water
Significant environmental incidents occur at industrial operations and forestry (wood supply) operations.	Actual negative impact	Short, medium, and long term	Own operations	Pollution of air/water
Stora Enso has an environmental provision related to remediation of an existing condition caused by past operations. see E2-2. Within Stora Enso's own organisation, thresholds for pollution of soil are not exceeded.	Actual negative impact	Short, medium, and long term	Own operations	Pollution of water/soil
Risk of pollution-related environmental non-compliance, such as exceeding permit limits. Incidents may damage Stora Enso's reputation and brand, which may result in a loss of investor and customer confidence leading to higher cost of capital and decreased revenues. Incidents may also lead to	Risk	Short, medium, and long term	Own operations	Pollution of air/water

Policies related to pollution (E2-1)

fines and other financial liabilities.

The minimum requirement is that all policies and guidelines are to be reviewed at least once every two years. Each policy owner shall ensure that the documents under their responsibility are reviewed and updated within the defined time frame.

The Environmental Guidelines outline the commitment to protecting the environment and complying with all applicable legal and regulatory obligations. This means applying precautionary management actions to mitigate and remedy potential adverse impacts on the environment and people. The mitigation and prevention measures focus on ensuring compliance with regulations, controlling pollution to air, water, and soil, and implementing and maintaining environmental management systems. The guidelines specifically address phosphorus, nitrogen, chemical oxygen demand (COD), and absorbable organic halogen compounds (AOX), but do not cover all pollutants. Additionally, the guidelines do not explicitly address the avoidance of incidents and emergencies, as these are expected to be documented in local environmental management systems. The guidelines do not detail remediation of actual negative impacts, as corrective actions are typically defined specifically for each case through dialogue between authorities and the relevant production unit. For further details on the guidelines, see ESRS E1-2.

Actions and resources related to pollution (E2-2)

The following two key actions carried out in the Group's own operations contribute to the achievement of the objectives outlined in the Environmental Guidelines for preventing, mitigating, and remedying impacts to air, water, and soil. Both of these continuous, long-term actions are aligned with the target of achieving zero environmental noncompliances.

1) Controlling and monitoring emissions to air and water

Stora Enso implements and maintains processes and systems to monitor and control emissions to air and water, thereby managing its pollutionrelated impacts and associated risks. This is locally managed and implemented at each production site.

• Environmental management systems are considered the primary tool tool for implementing precautionary measures and driving continual improvements in processes and environmental performance. All production sites are required to implement and uphold third-party certified environmental management systems. Regular internal and external audits ensure that these systems are upheld according to established standards and are used to assess performance. At the end of 2025, 49 (47) out of the Group's 58 (57) production sites had an ISO 14001 certificate.

• Leveraging the best available techniques (BAT) and applying the most effective methods at production sites helps to reduce pollution and optimise resource use.
• To ensure water quality and compliance with permit limits, Stora Enso's board, pulp, and paper mills continuously monitor effluent discharges, including temperature and pH levels, into local water bodies. Compliance with environmental permit limits is regulated and controlled by relevant authorities, with any deviations promptly reported to them.
• Stora Enso employs advanced technologies such as scrubbers and boiler process control systems to reduce air emissions and mitigate odours from point sources at its industrial units. These emissions primarily stem from fuel combustion for energy generation and from production processes. As an example, Stora Enso is investing in the Heinola fluting mill in Finland to renovate the sulphur furnace and absorption tower, aiming to reduce sulfur emissions by approximately 30% and enhance chemical recovery efficiency. The project is scheduled for completion in autumn 2026.

2) Addressing environmental incidents and liabilities

Stora Enso addresses the management of environmental incidents by maintaining a group-wide reporting and management process. The approach aims to ensure regulatory compliance, adherence to permits, and continuous improvement. It involves the following steps:

• Significant events are reported to the Board's Sustainability and Ethics Committee, and are also included in the externally published Annual Report each year. This process aligns with the Environmental Guidelines, which prioritise regulatory compliance, adherence to permits, and the target of zero environmental incidents.
• Root cause analysis is carried out for each incident, and corrective and preventive measures are decided accordingly. The analysis findings are shared internally for ongoing improvement and prevention efforts.
• Internal investigations are conducted with the involvement of relevant internal and external stakeholders for each incident. The timeframe for completion varies depending on the nature of the case. Collaboration and dialogue with the relevant authorities are managed individually for each case.
• Corrective and preventive measures may include, for example, training of the Group's own employees and suppliers, and installation of new equipment. In some instances, Stora Enso is also subject to potential fines from local authorities. The cases that occurred, along with the corrective short-term actions and remediation taken in 2025, are described in ESRS E2-3.

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• Stora Enso has environmental provisions related to remediation of an existing condition caused by past operations. The most material provision being the agreement between Stora Enso and the City of Falun that obligates the Group to purify runoff water from the Kopparbera mine before releasing the water into the environment. The provision at year-end amounted to EUR 26 (27) million. For additional information on all environmental provisions, see Financial Statements, note 4.9 Provisions.

Current and future resources related to pollution

Investments in new technology and upgrading of existing equipment are necessary to control and reduce environmental pollution and its impacts. These improvements are targeted at enhancing quality of air and water, maintaining compliance, and minimising the risk of accidental spills into the environment. In 2025, Stora Enso's total environmental investments amounted to EUR 126 (120) million. These investments were mainly targeted at improving the quality of air and water, to enhance resource and energy efficiency, and to minimise the risk of accidental spills. In 2025, the Group's environmental investments related to emissions to air and water amounted to EUR 86 (93) million. Future investments will be decided by prioritising required improvements at industrial units.

Stora Enso's environmental costs in 2025, excluding interest and including depreciation, totalled EUR 214 (208) million. These costs include taxes, fees, refunds, permit-related costs, and repair and maintenance costs, as well as wastewater treatment chemicals and certain other materials. In 2025. the Group's environmental costs related to emissions to air and water totalled EUR 71 (75) million.

Targets related to pollution (E2-3)

Stora Enso has a continuous target of zero significant non-compliance events to support and promote its environmental policies and prevent negative impacts.

Target	Scope	Baseline year and value	2025	2024
Continuous target of zero significant non-compliance events	Own operations	2017: 10	8	24
Of which related to pollution of air			3	4
Of which related to pollution of water			3	8
Other (waste handling)	)		1	0

¹ The incident categorised as 'Other' relates to event described on the third row in the table to the right.

In 2025, both the total number of incidents and the number of noncompliance incidents related to air and water decreased compared to the previous year; however, the target was not met. Stora Enso continues to focus on preventive measures and conducts root cause analyses of events to drive continuous improvement.

✓ Accounting principles

The target is measured as the number of significant non-compliance events occurred during the reporting year. The target includes Stora Enso's own business operations: production and harvesting sites.

A non-compliance in pollution typically means crossing a specific local monthly, quarterly, or annual permit limit of air pollutants, or emission to water. The incidents related to pollution of air and water are reported per production site, based on their specific environmental permissions.

The target focuses on controlling air pollutants and their specific loads, as well as emissions to water and their specific loads, since crossing of monthly, quarterly, or annual local permit is considered as a significant non-compliance event. The target is not based on conclusive scientific evidence, but rather on legal compliance. The target is monitored based on the group-wide reporting process described in ESRS E2-2. Stakeholders were not included in the target setting.

In alignment with the Corporate Sustainability Reporting Directive, the target is disclosed also in ESRS E4-4, covering non-compliance cases related to biodiversity and ecosystems. The cases related to pollution of air and water are presented in the below table.

Location	Description of the event	Corrective and preventive measures
Ostrołęka mill, Poland	Two events: Water permit limit exceeded for chemical oxygen demand (COD) and suspended solids due to wastewater overload at the treatment plant while emptying the retention tank	Immediate reduction of COD load and preparation of the treatment plant for future load increase. Further process adjustments by improving aeration, introduction of automatic sewage pumping system, and staff training.
Skoghall mill, Sweden	The flue gas measurement equipment on the bioboiler exceeded the permitted 10- day failure limit	Flue gas analyser replaced during a maintenance stop.
Skutskär mill, Sweden	Organic material was deposited at a landfill despite the ban, due to a failure in waste labelling	Landfilling stopped and waste stored at the landfill to capture washing liquids in the leachate. Awaiting alternative disposal management method and to reduce fiber content in the waste.
Skutskär mill, Sweden	At one of the recovery boilers, total annual sulphur emissions exceeded the limits set by the BAT conclusions	Actions completed in boiler operations, analysis instruments, and operator training. Emissions are now within the permitted limits.
Varkaus mill, Finland	Nitrogen oxide emissions $(NO_{\chi})$ exceeded the annual permit limit due to excess air entering the combustion process	Improvements made to combustion process control. Investments in the combustion air fan planned for 2026 to reduce excess air and NO x emissions.
Zdirec mill, Austria	Leakage of impregnating chemicals from the mill premises to the river Doubrava due to uncontrolled flushing of the new impregnation line into the storm sewer	Sewers under the impregnation station cleaned both onsite and offsite towards the river. Camera monitoring of the sewerage system installed to support further inspections and clarify the flow path. The official report from the authorities still pending.

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Pollution of air, water and soil (E2-4)

Accounting principles

According to the European Sustainability Reporting Standard on Pollution, the consolidation of each pollutant includes only the emissions from facilities for which the applicable threshold value specified in Annex II of Regulation (EC) No 166/2006 is exceeded. For particulate matter (PM), Stora Enso reports the total amount, not specifically PM10.

The reporting of pollutants is a combination of unit-specific direct measurement, estimates, and calculations of emissions. Aligned with Stora Enso's Financial Statements, the figures also contain emissions to air and water generated by the Group's joint operations according to the ownership share (50%).

Water effluents are monitored using both online and offline measurements, such as standard methods for the forest products industry. Board, pulp, and paper production sites monitor process water discharges, and water pollutants such as suspended solids, chemical oxygen demand, total organic carbon, phosphorous, nitrogen, and absorbable organic halogen compounds. Monitoring and reporting are conducted daily, monthly, or annually depending on the sites' operations, pollutants, and environmental permits. The share of the measure obtained from direct measurement is estimated to be almost 100%.

Third party assessments are used as a basis for estimates, in particular for heavy metal related emissions when direct measuring equipment is not available. In these cases, the average of third-party measured values is applied for the full year. The data is reported by each mill to Group's environmental reporting system based on direct measurements or estimates based on third party calculations.

Non-compliances and incidents related to pollution in 2025 are disclosed as part of ESRS E2-3, detailing short-term corrective and preventive actions taken.

The thresholds for pollution of soil in the Group's own operations are not exceeded, and therefore not disclosed as part of ESRS E2-4.

Emissions to air by pollutant	Unit	2025	2024
Ammonia (NH3)	tonnes	282	189
Carbon monoxide (CO)	tonnes	5,067	5,202
Chlorine and inorganic compounds (as HCl)	tonnes	47	41
Nitrogen oxides (NOx/NO2)	tonnes	7,429	7,435
Non-methane volatile organic compounds (NMVOC)	tonnes	1,394	1,352
Particulate matter (PM)	tonnes	981	1,178
Sulphur oxides (SOx/SO2)	tonnes	312	335
Copper and compounds (as Cu)1	kg	n/a	130
PCDD + PCDF (dioxins + furans) (as Teq) kg		3	30

¹ Not applicable for 2025, as the threshold was not exceeded.

Emissions to water by pollutant	Unit	2025	2024
Halogenated organic compounds (as AOX)	tonnes	221	195
Total nitrogen	tonnes	429	517
Total organic carbon (TOC) (as total C or COD/3)	tonnes	6,138	4,593
Total phosphorus	tonnes	71	63
Zinc and compounds (as Zn)	tonnes	11	9
Cadmium and compounds (as Cd)	kg	312	312
Copper and compounds (as Cu)	kg	1,536	1,370
Mercury and compounds (as Hg)	kg	71	15
Nickel and compounds (as Ni)	kg	895	570
Polycyclic aromatic hydrocarbons (PAHs)1	kg	315	n/a

¹ Not applicable for 2024, as the threshold was not exceeded.

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ESRS E3 Water and marine resources

Material impacts, risks and opportunities (ESRS 2 SBM-3)

Description	Impact, risk, or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub-topic
Stora Enso's industrial operations withdraw significant amounts of water, as the production of board, pulp, and paper requires substantial volumes, accounting for over 99% of the Group's total withdrawal.	Actual negative impact	Short, medium, and long term	Own operations	Water withdrawals
Water-intensive production processes.	Actual negative impact	Short, medium, and long term	Own operations, joint operations	Water consumption
Water withdrawal and consumption occur in areas of water scarcity which may impact local water sufficiency.	Potential negative impact	Short, medium, and long term	Own operations	Water withdrawals; Water consumption
Industrial operations impact freshwater ecosystems through water discharges.	Actual negative impact	Short, medium, and long term	Own operations, joint operations	Water discharges
Majority of the production sites are located in areas with low water stress which contributes to consistent and sufficient water supply and ensures operational stability and efficiency. Moreover, it supports the Group's long-term resilience against climate change as areas with a low risk of water inadequacy are less likely to experience the adverse impacts of climate change, such as prolonged droughts or water scarcity.	Opportunity	Medium and long term	Own operations	Water withdrawal; Water consumption

Policies related to water and marine resources (E3-1)

The minimum requirement is that all policies and guidelines are to be reviewed at least once every two years. Each policy owner shall ensure that the documents under their responsibility are reviewed and updated within the defined time frame

The Environmental Guidelines are described in ESRS E1-2. For managing water-related negative impacts and risks defined in the above table in SMB-3, the guidelines set the founding principles for efficient, low, and optimised water use. This encompasses water withdrawal, water treatment, and process water discharges. More specifically, the quidelines set out a commitment to reducing the impacts of water use, and enhancing efficiency and recycling in water treatment to support more sustainable sourcing of water. They also emphasise improving water quality, minimising pollution, and mitigating or remediating potential adverse impacts on the environment and people.

ISO 14001 environmental management system comprises on-site management procedures for identifying and assessing material waterrelated impacts, risks, and opportunities focusing on the local material water issues with the highest priority. Process water is minimised with tailored activities to achieve continuous improvements. The wastewater treatment facilities that treat the process water from production processes

aim to prevent ecological harm cased by discharged water. The impacts on local communities are addressed as part of the Environmental and Social Impact Assessments for new industrial projects, as well as through due diligence processes for mergers, acquisitions, and divestments.

Most of the production units are located in areas where water is generally abundant, and water scarcity is closely monitored. Water risks are identified for ground and surface water scarcity, failures of water-related equipment, flooding, run-off and rising water levels, and for raw water temperature implications. The Environmental Guidelines outline the commitment to drive proactive water stewardship in this areas.

Actions and resources related to water and marine resources (E3-2)

Stora Enso's three key long-term actions to improve water use efficiency and to mitigate potential negative impact in areas of water scarcity are described below. The actions contribute to the objectives of the Environmental Guidelines on protecting the environment.

• 1) Site-specific investments in technology and equipment are done on an annual basis to enhance water efficiency. In 2025, the Group supported water related investments totalling approximately EUR 37.2 (40.6) million. In the Financial Statements, these investments are included in the note 4.1 Intangible assets, property, plant and equipment and right-of-use assets (under the corresponding 'Additions' rows). This action supports the targets of reducing specific process water discharges and decreasing the trend for total water withdrawal as described in ESRS F3-3.
• 2) Action is taken locally to manage the potential impact related to production units that are located in areas with water stress. In 2025, six production units were located in areas of high water stress. WRI Aqueduct Water Risk Atlas is used to assess water-related risks, providing information on water scarcity, stress, flooding, and water quality. Examples of initiatives from year 2025 to address water stress include:
• At the Langerbrugge mill in Belgium, water discharges were reduced by approximately 7% compared to the previous year mainly due to enhanced recycling of water effluents.
• Beihai mill in China continuously seeks to enhance water efficiency. For example, the mill has optimised the use of sealing water in effluent treatment and improved water circulation processes in food service board production to reduce discharged water and fresh water consumption.
• 3) Continuous efforts are taken at the production sites to optimise water use by utilising only freshwater from surface, ground, and municipal sources. After use, the process water is cleaned at treatment plants before being returned to the local ecosystem. As an outcome, almost 95% (95%) of water is recycled back into the environment, while only around 5% (5%) of water is consumed in production processes. This action helps to mitigate the impact generated by both water consumption and withdrawal.

For the Group's environmental costs and investments, see ESRS E2-2.

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Targets related to water and marine resources (E3-3)

To reduce its negative impacts related to water use, Stora Enso has established a target on reducing specific process water discharges and the total water withdrawal. The targets are in line with the Environmental Guidelines, defining the founding principles and Group requirements for water management.

Target, m3 /tonne	Scope	Baseline year and value	2025	2024
Decrease in process water discharges per saleable tonne of board, pulp, and paper by 17% by 2030	Selected board, pulp, and paper production sites	2019: 36 m3	32	34
Continuous target on decreasing the trend for total water withdrawal per saleable tonne	All board, pulp, and paper production sites	2016: 60 m3	56	60

In 2025, water discharges decreased compared to the previous year, representing an 10% reduction from the baseline year. Total water withdrawal also declined, in line with the target for a decreasing trend. Stora Enso continues to enhance its water performance through targeted investments and ongoing improvements in water management and efficiency.

Accounting principles

The targets have been established for operations with most significant impact on water use, and include process water and cooling and noncontact water intake. Process water discharges include the discharges by selected board, pulp, and paper production sites as cubic metres (m³ ).

The target for total water withdrawal contains all board, pulp, and paper production sites. The water withdrawal and discharges are normalised by dividing water m³ with the total production of board, pulp, and paper as saleable tonnes (t) during the same period. Detailed accounting principles are available in ESRS E3-4.

Setting a target on water is not mandated by legislation. External stakeholders were not involved in the target setting. The targets are not based on conclusive scientific evidence.

Water consumption (E3-4)

Production of board, pulp, and paper requires substantial amounts of water, accounting for over 99% of the Group's total water withdrawal. These units predominantly draw process and cooling water from surface water sources, with 98% (98%) of the total water withdrawal derived from surface water in 2025. Approximately 2% (2%) is sourced from municipal or groundwater supplies. According to the WRI Aqueduct Water Risk Atlas tool, six of the Group's production units operate in regions with High Baseline Water Stress: Beihai in China, Langerbrugge and Roeselare in Belgium, Wujin and Qian´an corrugated units in China, and Łódź in Poland. During 2025, these units withdrew 14.7 (15.7) million m³ of water, which is 4% (4%) of the Group's total water withdrawal. The process water discharges of these units were 11.6 (12.7) million m³ , which is 5% (6%) of the Group's total process water discharges. Stora Enso does not store water within is production sites.

Accounting principles

Aligned with the Financial Statements, the water related metrics include the Group's joint operations according to the ownership share (50%). Stora Enso continuously improves the accuracy of water reporting and consolidation of data. The data is reported by each mill to the Group's environmental reporting system.

Total water withdrawal includes process water and cooling and noncontact water intakes by all industrial units as cubic metres (m³ ). Total water discharges include the discharges of all industrial units as cubic metres (m³ ).

Stora Enso has implemented a standardised procedure to report water at board, pulp, and paper units, where cooling and process water flows are measured in different physical positions at the units. Total water withdrawal is a sum of total water withdrawals from ground, municipal, and surface water sources at all production sites. Total water discharge is a sum of process water discharges as well as cooling and non-contact water discharges from all production sites. The share of the measure obtained from direct measurement is estimated to be approximately 60%.

The reported water consumption includes estimated water in products, residuals, and waste, as well as volumes of evaporated water to air from process water cooling towers, from wastewater treatment plants, and from cooling towers for non-contact water at the Group's mills. Sawmills, corrugated production units, and offices are included in the consumption figures based on estimates. The calculation of water consumption builds on the Confederation of European Paper Industries' (CEPI) method of describing water use and consumption, and the Swedish Environmental Research Institute's (IVL) report on Water Profile for the Swedish forest

industry. Almost 100% of the total volume of water consumed is determined through a combination of calculation and estimation.

The total water recycled and reused is reported based on the amounts of reused cooling and non-contact water.

Water intensity ratio is calculated as the Group's total water consumption in m³per million EUR of the Group's total sales as reported in the Financial Statements.

Metrics related to water	Unit	2025	2024
Total water withdrawals	million m3	386	401
Total water discharges	million m3	360	379
Total water consumption	million m3	20.5	19.6
Total water consumption in areas at water risk, including areas of high water stress	million m3	2.0	1.6
Total water recycled and reused	million m3	16.9	18.6
Water intensity ratio	m3 /million EUR	2,203	2,169

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Transition plan and consideration of biodiversity and ecosystems in strategy and business model (E4-1)

ESRS E4 Biodiversity and ecosystems

In 2021, Stora Enso introduced a new sustainability agenda centred around three focus areas: climate, biodiversity, and circularity. This was preceded by an assessment of Stora Enso's business model and strategic resilience in relation to future key sustainability risks and opportunities. The assessment process engaged internal stakeholders from all business areas, while also seeking input from external experts. The assessment did not include consultations with affected communities. The assessment's time horizons were set to 2030 and 2050.

The assessment's focus was on transition events, such as increasing legislation and external stakeholder pressure, as well as physical and systemic risks. The assessment covered Stora Enso's own operations and incorporated a number of scientific studies and analysis, one of the most important being the Planetary Boundary concept by Stockholm Resilience Center. The analysis did not cover the upstream and downstream value chain.

The results of the analysis indicated that biodiversity loss is proceeding at an accelerated speed, and stakeholders expect companies to address systemic climate and biodiversity related risks beyond their own industries. The analysis suggests that, to future-proof Stora Enso's business and strategy, it is crucial for its operations to reduce emissions, for its products to store carbon and contribute to mitigating biodiversity loss, and for the company to implement responsible practices that protect the environment.

As an outcome, Stora Enso established a transition plan designed for driving new opportunities and future-proofing the Group's business. For biodiversity, an ambition was established on achieving a net-positive impact on biodiversity in the Group's own forests and plantations by 2050. The long-term goal is supported by a set of biodiversity indicators, with defined intermediate targets. Furthermore, global advocacy and research partnerships — such as cooperation with the International Union for the Conservation of Nature (IUCN) and the International Sustainable Forestry Coalition (ISFC) — are integral to advancing biodiversity. The resilience plan for climate was updated during 2025 and is presented under ESRS E1-1.

In November 2025, Stora Enso completed a strategic review of its Swedish forest assets and initiated preparations for the separation of the assets into a new publicly-listed Swedish. The demerger is planned to be completed in 2027. The current ESRS E4 disclosure represents the company structure and business model as of 31 December 2025.

Material impacts, risks and opportunities (ESRS 2 SBM-3)

Description	Impact, risk, or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub-topic
Active biodiversity management and conservation in forest operations, such as spatially optimising the volume of deadwood and protection of key habitats, contribute to positive biodiversity impact.	Actual positive impact	Short, medium, and long term	Upstream value chain, Own operations, joint operations	Direct exploitation
Forest management and harvesting in and near key species or habitats can have a negative impact on biodiversity.	Actual and potential negative impact	Short, medium, and long term	Upstream value chain, Own operations	Direct exploitation; Endangered species and their habitat
Dependency on wood as raw material exposes Stora Enso to wood market price fluctuations. For example, evolving forestry and biodiversity regulations related to harvesting levels and forest management choices could lead to a lower supply of raw material and/or higher wood prices, which may adversely affect the competitiveness of products.	Risk	Short, medium, and long term	Upstream value chain, Own operations	Impacts and dependencies on ecosystem services
Global biodiversity decline can reduce the value of Stora Enso's forest assets, decrease forests' resilience to external calamities, and impact the acceptability of wood as raw material.	Risk	Medium and long term	Own operations, joint operations	Impacts and dependencies on ecosystem services
Risk of non-compliance related to harvesting, such as damage to ecologically sensitive areas or non-compliance with regulations. Incidents may damage Stora Enso's reputation and brand, which may result in a loss of investor and customer confidence leading to higher cost of capital and decreased revenues. Incidents may also lead to fines and other financial liabilities.	Risk	Short, medium, and long term	Upstream value chain, Own operations	Direct exploitation
Through its own and leased forest assets, Stora Enso ensures a reliable and consistent wood supply, reduces reliance on external suppliers, promotes environmental stewardship through sustainable forestry practices, preserves and actively manages biodiversity, and contributes to carbon sequestration efforts.	Opportunity	Short, medium, and long term	Own operations, joint operations	Impacts and dependencies on ecosystem services
Biodiversity enhancement, supported by new technology developments, could increase forest asset and ecosystem values. Stora Enso leverages science, technology, and data to optimise biodiversity management and conservation across its forestry operations.	Opportunity	Short, medium, and long term	Upstream value chain, Own operations, joint operations	Impacts and dependencies on ecosystem services; Endangered species and their habitat

Climate change related physical risks on biodiversity and the Group's forest assets are described in ESRS E1.

E4 disclosure requirement related to ESRS 2 SBM-3

Stora Enso had a total of 1.9 (2.1) million hectares of owned or leased lands in 2025. Additionally, the Group purchased wood from approximately 22,400 (21,000) private forest owners. The Group does not have direct impact on land-use change as existing forests are not converted to agriculture, plantations, or other purposes. In the double-materiality assessment, no material negative impact with regards to land degradation, desertification, or soil sealing was identified.

In addition to its own forestry sites, Stora Enso sources most of its wood from private and other forest owners in Finland, Sweden, Norway, the Baltics, and Central Europe. These harvesting sites are considered to be part of the Group's upstream value chain.

As per the Corporate Sustainability Reporting Directive, Stora Enso's material forestry sites fall into two categories: sites under operational control and sites within the value chain, where the Company holds 50% ownership, or less. The Group's own forests and harvesting sites of the local forest owners may be located near biodiversity-sensitive areas, but significant negative impact is not typically caused to these habitats due to strict policies and harvesting practices. Forest operations may affect threatened species, with risks mitigated through strict guidelines and measures that protect and promote habitats. See ESRS E4-3 'Resources to manage biodiversity and forest management' for an environmental incident that took place in 2024.

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Forestry site	Direct operational control	Ecological status	Activities impacting ecological status	Biodiversity sensitive areas impacted
Sweden (own forest)1	Yes	Moderately modified	Forestry operations	No
China1	Yes	Largely modified	Forestry operations (plantations)	No
Brazil1	No	Largely modified	Forestry operations (plantations)	No
Uruguay1	No	Largely modified	Forestry operations (plantations)	No
Tornator - Finland, Estonia, Romania2	No	Moderately modified	Forestry operations	No
Private forest owners: Finland, Sweden, Norway, Baltics	No	-	Forestry operations	Yes

• 1 Stora Enso has identified a financial dependency on biodiversity and ecosystems related to the sites it owns directly or jointly, as the biodiversity and ecosystem condition may impact the value of the assets in the longterm.
• 2 Tornator Oyj is a 41%-owned Finnish associate company.

Policies related to biodiversity and ecosystems (E4-2)

The minimum requirement is that all policies and guidelines are to be reviewed at least once every two years. Each policy owner shall ensure that the documents under their responsibility are reviewed and updated within the defined time frame.

Wood and Fibre Sourcing, and Land Management Policy

Stora Enso's Wood and Fibre Sourcing, and Land Management Policy outlines the approach to responsible sourcing of wood and fiber from sustainably managed forests and tree plantations. The policy addresses sustainable forest and land management practices, which safeguard the health and ecological functions of ecosystems and help conserve biodiversity, soil, and water resources. The policy also addresses the prevention of negative impacts and potential risks to biodiversity that may arise from unsustainable forest management and harvesting practices or levels. The Environmental Guidelines introduced in ESRS E1-2 further elaborate on the policy objectives.

Key contents of the policy include:

• utilising wood in an efficient way to ensure high added value from the resources;
• promoting sustainable forest and land management practices with forest owners;
• monitoring the condition of forests and results of management activities, and using, for example, forest certifications to promote and verify sustainable forest management;
• utilising traceability systems to ensure that all the wood and fiber used in own operations originates from legal sources and does not result in deforestation or forest degradation;
• designing and managing tree plantations as part of local land use and contributing to sustainable livelihoods;
• recognising the unique economic and cultural rights of indigenous peoples.

In addition, the policy forbids procurement of wood and fiber which:

• has been illegally harvested;
• logged in protected areas or areas currently undergoing official processes of designation for protection, unless the logging is clearly in line with national conservation regulations;
• harvested in forests where High Conservation Values are threatened by logging;
• sourced from areas undergoing conversion from forest or other wooded ecosystems to plantations or non-forest uses, unless such conversion is justified on grounds of net social and environmental gain; or
• harvested in violation of traditional rights or civil rights.

Biodiversity and ecosystem protection are included in this policy, which covers owned forests, leased forests, and managed sites located in or near biodiversity-sensitive areas. Stora Enso has not adopted policies specifically to sustainable sea practices. The policy does not specifically relate to material dependencies, or physical and transition risks or opportunities.

The scope of the policy covers the Group's own operations and upstream value chain, and the EVP in each respective business area managing the forest assets is accountable for ensuring its implementation. The policy is made available on the Group's website.

Supplier Code of Conduct

The Supplier Code of Conduct sets the minimum requirements on suppliers with the obligation to protect the environment, among other topics. It specifically obliges the supplier to understand the connections that its business may have on impacts on biodiversity and, as relevant, act to safeguard biodiversity. The policy addresses the negative impacts and risks, which may result from unsustainable forest management practices. The Supplier Code of Conduct is required to be signed as part of the prequalification process. See ESRS E1 for further details on the policy.

Actions and resources related to biodiversity and ecosystems (E4-3)

Sustainable forest management and biodiversity

Stora Enso strives to actively enhance biodiversity as an integral part of sustainable forest management practices. The key actions below relate to enhancing positive biodiversity impact, mitigating negative impacts and risks related to unsustainable forestry practices, and the opportunities enabled by new technology for optimised biodiversity management and conservation. They support the ambition of a net positive impact on biodiversity and zero environmental non-compliances, as well as the objectives of the Wood and Fibre Sourcing, and Land Management Policy.

• 1) Retention forestry (even-aged forestry), the prevalent method in the Northern region, involves thinning middle-aged forests to promote growth of vital trees. Final harvesting involves clear-felling while retaining biodiversity features such as living trees in groups and buffer zones, as well as deadwood. The forest is regenerated by planting seedlings adapted to the site and complemented by natural regeneration. In 2025, approximately 41 (39) million tree seedlings were planted or delivered for planting in the Group's forests in the Nordics.
• 2) Stora Enso applies active, locally adapted biodiversity management in its own forests and plantations, with a specific focus on safeguarding endangered species and maintaining set-aside areas for nature conservation. In Finland, Sweden, and the Baltics, collaborations with private forest owners provide services and raise awareness to promote biodiversity. Examples from the reporting year include:
• In its own forests, Stora Enso continued to use targeted measures to maintain habitats for threatened species such as the white-backed woodpecker, long-horned beetle, and sand lizard, creating conditions for biodiversity at the landscape level.
• In Finland, the Group collaborated with Tornator to restore 85 hectares of wetlands. Over time, restored wetlands are expected to function as carbon sinks, contributing to climate mitigation.

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• • In Sweden, the focus has been on restoring streams, with three projects completed in 2025 to return waterways to a natural state and create diverse aquatic habitats for fish, aquatic animals, and birds.
• In 2024, Veracel, Stora Enso's joint operation in Brazil, signed a long-term agreement with Biomas to restore 1,200 hectares of degraded set-aside areas, with financing linked to the future sale of carbon credits. The restoration activities were started in 2025.
• 3) Stora Enso advanced its use of AI and other technologies to better integrate biodiversity and wood production, including digital forest twins that model forest management actions and predict impacts on rare species. As one significant step, the partnership project between Stora Enso and International Union for Conservation of Nature (IUCN), launched in early 2024 to promote positive forest biodiversity outcomes, was completed in 2025. Its goal was to develop a framework enabling the forestry sector to achieve a net positive biodiversity impact through active forest management. The main outcome is the proof-of-concept integration of the STAR (Species Threat Abatement and Restoration) biodiversity metric, developed by IUCN, with Stora Enso's forest planning system. The framework enables informed prioritisation of biodiversity actions across forest landscapes over time, ensuring that the most urgent threats to biodiversity are addressed first and in the most effective way to minimise negative impact on wood production. The results, including technical details, were intended for publication in scientific journals and were presented at the IUCN World Conservation Congress 2025.
• 4) In 2025. Stora Enso implemented strengthened training practices. revised ways of working, and enhanced control mechanisms operations to enforce compliance with company quidelines and mitigate risks related to harvesting activities. These precautionary actions were based on an audit conducted in 2024–2025, reviewing all wood procurement planning, implementation, and control processes. The implementation and sufficiency of the corrective actions have been verified by an external auditor. See also, 'Resources to manage biodiversity and forest management'.

Forest certification and deforestation-free practices

Stora Enso takes continuous actions to respond to the objectives of the Wood and Fibre Sourcing and Land Management Policy and the Supplier Code of Conduct on responsible sourcing of wood and sustainable forest management practices. Continuous forest regeneration measures are complemented by the following three continuous actions to address the risk related to non-compliance in harvesting operations.

1) Stora Enso has implemented forest certifications and third-party traceability systems to verify the origin of the wood and to ensure that it comes from sustainable sources. These include the Forest Stewardship Council's (FSC) Chain of Custody/Controlled Wood scheme, the Chain of Custody/Due Diligence System of the Programme for the Endorsement of Forest Certification (PEFC), and the ISO 14001 environmental management system. The action encompasses all wood sourcing operations (own operations and upstream value chain) and contributes to the target on forest certification coverage described in ESRS E4-4.

• 2) Stora Enso does not establish tree plantations in natural forests. protected areas, or water-sensitive locations, and only uses land with low biodiversity values, such as former pastureland. The action encompasses plantations in South America and China.
• 3) Stora Enso has prepared for compliance with the EU Deforestation Regulation by enhancing due diligence processes and IT systems to ensure supply chain transparency and regulatory alignment on deforestation.

For engagement with affected communities, see ESRS S3.

Resources to manage biodiversity and forest management

At the end of 2025. Stora Enso's forest assets, including leased land, were valued at EUR 8.5 (8.9) billion, spanning 1.9 (2.1) million hectares globally. In September 2025, Stora Enso divested approximately 175,000 hectares of Swedish forest land, equivalent to about 12.4% of its Swedish forest land holdings, and retains a 15% ownership of the sold company. Stora Enso meets 35% (36%) of its wood raw material needs from its own sources and long-term gareements. The Group's forests assets contribute to carbon sequestration (described in ESRS El-7), biodiversity conservation, and the mitigation of financial risks related to wood dependency and availability. For additional information on Stora Fnso's forest assets and related valuation, see Financial Statements, note 4.2 Forest Assets.

In November 2025, the Group completed a strategic review of its Swedish forest assets as part of its stronger focus on renewable materials and packaging and initiated preparations for the separation of the assets into a new publicly-listed Swedish company through a statutory partial crossborder demerger. The demerger is planned to be completed in 2027.

In addition to owning forests, Storg Enso's current resources (and those anticipated for the future) to manage biodiversity and forest management include operative costs related to personnel in the biodiversity programmes and forest management, operating tree nurseries, forest certification fees, and the development of Al and other technologies.

In 2024, an environmental incident occurred at Hukkajoki, Finland, where forest activities caused significant harm to an endangered freshwater mussel species at one harvesting site. In 2025, Stora Enso and Metsähallitus Parks & Wildlife Finland signed a co-operation agreement until 2030 to improve the protection practices of the highly endangered freshwater

pearl mussel in Finland. During the contract period, mussel habitats will be mapped, inventoried and restored, watercourses will be restored and managed, and information system data will be improved. Stora Enso will finance the programme with EUR 1.1 million by the end of 2030. The environmental incident is being investigated as a serious nature conservation crime.

In 2025, the Group's Forest management and Conservation forestryrelated EU taxonomy-eligible opex was EUR 29 (25) million and capex EUR 8 (9) million. Description of taxonomy-eligible activities is provided in the section on EU Taxonomy.

Stora Enso has not used biodiversity offsets in its action plans.

Targets related to biodiversity and ecosystems (E4-4) Biodiversity

Stora Enso is committed to an ambition of a net-positive impact on biodiversity in its own forests and plantations by 2050 through active biodiversity management. Biodiversity impact indicators measure how well biodiversity is preserved in harvesting, according to science-based research, external recommendations, and internal-standards and requirements. Stora Enso's current target is to reach 90% performance for each indicator, meaning that at least 90% of surveyed sites meet the best practices for biodiversity as defined in the Group's biodiversity requirements.

The target relates to identified impacts in relation to the Group's own operations and upstream value chain, and is aligned with Stora Enso's Wood and Fibre Sourcing, and Land Management Policy. When considering the mitigation hierarchy, the target can be allocated to all layers: avoidance, minimisation and restoration of impacts. The target was set before the Kunming-Montreal Global Biodiversity Framework and EU biodiversity strategy for 2030 were established, but is aligned with their taraets.

Target	Scope	Baseline year and value	2025	2024
90% performance for each biodiversity impact indicator	Harvesting sites
100% performance for each biodiversity impact indicator by 2030	—in Sweden, Finland, the Baltics	2022: 84%	91%	89%

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In 2025, the overall weighted average showed a slight improvement, but some indicators remained below the target level, as shown in the table below. Going forward, the focus will continue on all indicators, but particular attention will be given to those not meeting the target.

Accounting principles

Biodiversity indicators measure the compliance ratios of inspected harvesting sites against Stora Enso's specific biodiversity indicators for Sweden, Finland, and the Baltics. The consolidated ratios across the three regions are weighted averages using the harvested volumes in each region as a weight.

Ecological thresholds and allocations were not considered when setting the target. Whilst the target is set in line with scientific research, it is not based on conclusive scientific evidence. External stakeholders were not included in the target setting. Biodiversity offsets were not used in the target setting.

Compliance rate of biodiversity impact indicators, %	2025	2024
High stumps creation	92%	82%
Ground deadwoods preservation	87%	83%
Soil and water protection	88%	94%
Prioritised habitat preservation	93%	96%
Tree retention	89%	85%
Buffer zone preservation	94%	93%
Total	91%	89%

Forest certification

Biodiversity is an integral part of forest certifications, including protection of valuable ecosystems. To promote sustainable forest management practices and related positive impacts, Stora Enso has set a continuous target related to forest certification coverage level for the Group's own and leased forest lands. The target relates to identified impacts in relation to its own and upstream value chain, and is aligned with Stora Enso's Wood and Fibre Sourcing, and Land Management Policy.

Target	Scope	Baseline year and value	2025	2024
Continuous target to maintain a forest certification coverage level of at least 96%	Own and leased forest lands	2013: 93%	99%	99%

In 2025, the coverage remained above the target level.

Accounting principles

The geographical scope of the target includes Stora Enso's owned lands in Sweden, owned and leased lands in China, and owned and leased lands of its joint operations in Uruguay and Brazil. The forest certification scheme coverage is calculated based on the proportion of land owned or leased by Stora Enso that is covered by forest certification schemes. Reporting on total land area and its forest certification coverage is aligned with financial reporting on forests assets.

When considering mitigation hierarchy, the target can be allocated to minimisation and restoration of impacts. Ecological thresholds and allocations were not considered when setting the target, and it is not based on conclusive scientific evidence. The basis for reporting (forest certificates: FSC and PEFC) is verified by accredited certification bodies, but the consolidated metric is not validated by an external body other than the assurance provider. External stakeholders were not included in the target setting. Biodiversity offsets were not used in the target setting.

Sustainable forestry

Stora Enso has a target on zero environmental non-compliances, as described in ESRS E2-3. Stora Enso defines a significant non-compliance related to forestry operations as a legal environmental non-compliance or permit violation, or a breach that has irreversible environmental or social impact.

Biodiversity or forestry related significant non-compliance events

Target	Scope	Baseline year and value	2025	2024
Continuous target of zero significant environmental non compliance events	Own operations	2017: 10	8	24
Of which related to sustainable forestry or biodiversity			1	12

The number of significant non-compliance cases related to sustainable forestry and biodiversity decreased significantly from the previous year, mainly due to a strong focus on incident prevention through enhanced training, revised work practices, and improved control mechanisms (see action 4 in E4-3).

Ecological thresholds and allocations were not considered when setting the target, and it is not based on conclusive scientific evidence. External stakeholders were not included in the target setting. Biodiversity offsets were not used in the target setting.

Location	Description of the event	Corrective and preventive measures
	Forest Finland A flying squirrel's nesting place was impacted at one thinning location due to insufficient information about the species' habitat.	Harvesting was immediately suspended upon sighting, and the incident was reported to the authorities, who notified the police. The police have not yet investigated the case. Staff and vendor training was conducted to improve their ability to recognise flying squirrel habitats. Stora Enso's procedures were updated to ensure prompt action on sightings of flying squirrels, including neighbouring properties near harvesting sites.

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Impact metrics related to biodiversity and ecosystems change (E4-5)

Stora Enso has selected three types of indicators to measure biodiversity based on their value for forest biodiversity according to science:

• Biodiversity impact indicators monitor harvesting operations in the Northern forests as reported in ESRS E4-4.
• · Long-term biodiversity indicators follow developments in response to the biodiversity action programme in the Group's own forest in Sweden.
• Biodiversity indicators for tree plantations monitor developments in South American plantations, where biodiversity is protected and restored in dedicated set-aside areas. These metrics are not disclosed as part of Stora Enso's Sustainability Statement due to the lack of direct operational control. Stora Enso exercises its ownership share to negotiate on the required actions to advance positive impacts.

All these indicators have been used internally for years, but recently Stora Enso has started to report them externally on its website to enhance transparency.

Descriptions and impacted hectares of biodiversity-sensitive areas affected by Stora Enso sites are disclosed in ESRS E4-4.

Key forest-related figures

✓ Accounting principles

As wood is Stora Enso's most important raw material, information on company-owned forest resources (type, standing stock, growth, harvesting, and certification) is essential for contextualising the biodiversity impacts of the operations. Aligned with the Financial Statements, the figures include the wood procurement of the joint operations according to the ownership share (50%).

Wood procurement includes total amounts of wood (roundwood and chips) procured for delivery to Stora Enso's units (million m³, solid under bark). The reporting on third-party certified wood as a percentage of total supply is based on actual deliveries to the mills. Internal deliveries between the mills have been eliminated.

Metrics related to forest	2025	2024
Total amount of wood delivered to Stora Enso's sites, million m 3	30.6	29.0
% of third-party certified wood of total wood supply	84%	85%
% of wood from own sources or long-term supply agreements	35%	36%
% of wood from managed semi-natural forests in Europe	85%	83%
% of wood from tree plantations	15%	17%

The estimated annual forest growth and total standing stock are counted for productive forest areas. Million m³ fo refers to million forest cubic meters. The annual forest growth figures are based on estimates, whereas the annual harvesting is based on actual data. Total standing stock and the related accounting principles are disclosed in the Financial Statements, note 4.2 Forest assets, section 'Valuation and standing stock of forest assets'.

Annual forest growth and harvesting and total standing stock, million m³ fo	2025	2024
Estimated annual forest growth	13.9	13.9
Stora Enso's own forests, Sweden	6.0	5.9
Guangxi	1.1	1.2
Veracel (50%)	2.2	2.3
Montes del Plata (50%)	3.0	2.9
Tornator (41%)	1.6	1.5
SESOM 2 AB (15%) 1	0.0	n/a
Annual harvesting	11.6	10.5
Stora Enso's own forests, Sweden	3.9	4.1
Guangxi	1.5	1.1
Veracel (50%)	2.1	1.6
Montes del Plata (50%)	2.7	2.4
Tornator (41%)	1.4	1.4
SESOM 2 AB (15%) 1	0.0	n/a
Total standing stock	198.4	214.6
Stora Enso's own forests, Sweden	133.3	153.7
Guangxi	3.6	4.2
Veracel (50%)	7.0	6.8
Montes del Plata (50%)	16.2	16.0
Tornator (41%)	35.1	33.8
SESOM 2 AB (15%) 1	3.2	n/a

¹ SESOM 2 AB is a 15% owned Swedish associate company.

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Forests, plantations and lands as of 31 December 2025

Accounting principles

To provide information on the extent of ecosystems, Stora Enso reports on entity-specific metrics on the hectares of the material forest lands. Figures for land areas, and their forest certification coverage, include Stora Enso's own and leased forest assets. The figures measure area coverage, rather than condition of ecosystems. For additional information, see Financial Statements, note 4.2 Forest assets.

Aligned with the Financial Statements, the joint operations and the equityaccounted investment in Tornator, Finland, are consolidated based on Stora Enso's ownership stakes in these companies.

Unit	Area1	Certification coverage	Details of local landscapes and protected areas
Owned lands
Swedish forest holdings	1,199,000 ha, of which 1,003,000 productive forest land	PEFC and FSC for 1,199,000 ha	Protected areas total to 324,000 ha and consist of productive or non-productive land which has been set-aside from wood production and infrastructure development either voluntarily or by legal requirements.
Montes del Plata plantations and lands, Uruguay (50% owned joint operation with Arauco)	223,000 ha, of which 130,000 ha planted for pulp production	PEFC and FSC for 222,000 ha	Protected areas total to 90,000 ha and consist of remnants of native ecosystems, such as grasslands and riparian forests, within the company's lands. Local landscape consists mainly of pasturelands and agricultural fields.
Veracel plantations and lands, Bahia, Brazil (50% owned joint operation with Suzano)	206,000 ha, of which 78,000 ha planted for pulp production	CERFLOR (PEFC) for 187,000 ha; FSC for 187,000 ha	Protected areas total to 98,000 ha, including a 6,000 ha Private Natural Heritage Reserve, and mostly consist of native forest remnants at different stages of regeneration. Local landscape consists of pasturelands and agricultural fields cleared from Atlantic rainforest between the 1950s and 1980s.
Tornator (41%-owned associated company)
Finland	735,000 ha, of which 656,000 productive forest land	PEFC and FSC for 735,000 ha	Protected areas total to 75,000 ha and consist of productive and non productive land which has been set-aside from harvesting either voluntarily or by legal requirements.
Estonia	65,000 ha, of which 59,000 productive forest land	PEFC and FSC for 65,000 ha	Protected areas total to 2,400 ha.
Romania	12,000 ha, of which 12,000 productive forest land	PEFC and FSC for 12,000 ha	Protected areas total to 160 ha.
SESOM 2 AB (15%-owned associated company)
Sweden	171,000 ha of which 148,000 ha productive forest land	PEFC and FSC for 171,000 ha	Protected areas total to 54,000 ha and consist of productive or non-productive land, which has been set-aside from wood production and infrastructure development either voluntarily or by legal requirements.
Leased lands
Plantations and lands, Guangxi, China	54,000 ha, of which 48,000 ha planted	Chinese Forest Certification Council certificate (PEFC) for 54,000 ha; FSC for 54,000 ha	Protected areas total to 7,200 ha and consist of buffer zones and other important areas for protection of watersheds and native flora and fauna. No pristine ecosystems are found in the leased lands. Local mosaic landscape includes agricultural crop fields, forest plantations, and settlements.
Montes del Plata	84,000 ha, of which 72,000 ha planted	PEFC and FSC for 82,000 ha	Protected areas total 11,000 ha and consist of remnants of native ecosystems, such as grasslands and riparian forests. Local landscape consists mainly of pasturelands and agricultural fields. In most of the leased areas, protected areas are excluded from lease agreements.
Veracel	29,000 ha, of which 12,000 ha planted	CERFLOR (PEFC) for 15,000 ha; FSC for 15,000 ha	Protected areas total to 13,000 ha and consist of native forest remnants at different stages of regeneration.

¹ Reported as total areas of the companies. Stora Enso's share corresponds to the ownership share. Includes operations where the size of the area exceeds 1,000 hectares.

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ESRS E5 Resource use and circular economy

Material impacts, risks and opportunities (ESRS 2 SBM-3)

Description	Impact, risk, or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub-topic
Contribution to circular economy through renewable and recyclable products and solutions that replace fossil-based alternatives.	Actual positive impact	Short, medium, and long term	Own operations, upstream and downstream value chain	Resource outflows related to products and services
Industrial operations require significant volumes of raw materials. While most of the total process material usage is based on renewable resources, sourcing these raw materials has an impact on the environment, for example, biodiversity (see ESRS E4).	Actual negative impact	Short, medium, and long term	Own operations, joint operations, upstream value chain	Resources inflows, including resource use
Resource outflows from Stora Enso's operations primarily stem from its products. While most of these products are technically recyclable, the actual product recycling depends on local recycling systems and broader system-level changes in societal infrastructure.	Actual negative impact	Short, medium, and long term	Downstream value chain	Resource outflows related to products and services
While most of the residuals from industrial operations are utilised in other production processes, waste is still generated and, where no other option exists, landfilled.	Actual negative impact	Short, medium and long term	Own operations, joint operations	Waste
Dependency on upstream value chain for raw materials. Supply chain disruptions, increasing raw material costs or availability of materials, goods and services may adversely affect Stora Enso's profitability.	Risk	Medium and long term Own operations, joint	operations, upstream value chain	Resources inflows, including resource use
Stora Enso's strategy is aligned with circular economy principles, focusing on generating revenue through renewable products. The Group's wood-based products serve as carbon storage and can be recycled or converted into energy at the end of their lifecycle. Furthermore, Stora Enso actively supports recycling through strategic partnerships and investments in recycling infrastructure. The Group also sees opportunities in transforming process residuals into new products.	Opportunity	Short, medium, and long term	Own operations, upstream and downstream value chain	Waste; Resource outflows
Regulatory changes and growing consumer demand for sustainable products present significant opportunities, creating competitive advantage by incentivising resource efficiency, recyclability, and renewability and driving market growth for renewable products.	Opportunity	Short, medium, and long term	Own operations, upstream and downstream value chain	Waste; Resource outflows

Policies related to resource use and circular economy (E5-1)

The minimum requirement is that all policies and guidelines are to be reviewed at least once every two years. Each policy owner shall ensure that the documents under their responsibility are reviewed and updated within the defined time frame.

Circularity Guidelines

The Circularity Guidelines outline the Group's commitment to contributing to a circular economy and addressing the opportunities and positive impacts outlined in the table 'Material impacts, risks and opportunities'. The core principles of the guidelines encompass design for renewable and recycled materials, reducing the use of virgin material, a commitment to using fewer resources to produce a product, and designing out waste. The design for circular business models encompasses circular sourcing, which involves procuring products and services that align with circular economy principles. The guidelines cover the Group's full materials value chain and all geographies. The accountability for ensuring their implementation lies with the EVP, Strategy and Sustainability.

Environmental Guidelines

The Environmental Guidelines describe the approach to environmental management (see ESRS E1-2). Related to circularity and resource use, the guidelines outline the commitment to use renewable wood-based resources – both virgin and recycled fiber – to promote circularity. This

entails using of raw materials efficiently, reducing process residuals, reusing fiber, creating business opportunities from process residuals and by-products, and reducing waste to landfills to close to zero. Additionally, the guidelines emphasise seeking partnerships with stakeholders and customers to introduce new renewable products to the market. Stora Enso is committed to responsible sourcing to protect ecosystems, preserve biodiversity, and safeguard soil and water resources. The Group supports sustainable forest management and requires its external pulp suppliers to adhere to similar principles in wood and fiber procurement.

The guidelines address the management of all the material impacts, risks, and opportunities listed in the table 'Material impacts, risks and opportunities'.

Actions and resources related to resource use and circular economy (E5-2)

The actions described below support the objectives of both the Environmental Guidelines and Circularity Guidelines.

Resource efficiency and side streams

Stora Enso actively improves resource efficiency by investing in resource efficient processes and technologies, minimising waste, and converting production side streams into new products. Key actions from the reporting year include:

• 1) In 2025, Stora Enso began ramping up its new consumer packaging board production line in Oulu, Finland. The line utilises patented fibre processing technology that enhances material efficiency by enabling the production of stronger, lighter board while reducing raw material usage.
• 2) Stora Enso continuously aims to ensure that the value of materials is preserved by recycling of materials. For example, secondary raw material, Paper for Recycling, can be used to produce a range of paper and containerboard products. In Poland, the Group owns and manages a network of twelve depots, where Paper for Recycling is collected and baled for transportation to the Group's Ostrołeka site in Poland and to external PfR customers.
• 3) Stora Enso seeks efficient methods to improve material efficiency, recover material streams, and increase the value derived from wood and side streams, aligned with the process residual utilisation target (ESRS E5-3). Examples of co-operations from the reporting year include:

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• Reclassifying process waste streams as official by-products with added material value enhances material efficiency and supports the recovery of material streams. For example, the Oulu Mill in Finland has taken an active approach to reclassifying process waste streams, resulting in reduced waste generation. This aligns with the Group's long-term commitment to maximising the value of material streams in line with the waste hierarchy, ensuring process functionality, reducing costs, and working towards zero waste.
• Collaboration in a five-year research programme, 'Emission Free Pulping', led by VTT Technical Research Centre of Finland and the Swedish research institute RISE. The programme, launched in 2024, aims to significantly reduce biomass burning and increase the product yield from wood, from approximately 50% to around 70%. In 2025, close to 30 academic researchers began work toward this goal.
• Development of new applications for green liquor dregs, a side stream from the pulp production process, including a forest fertiliser, a substitute for sand in fluidised beds, and a sorbent for sulphur dioxide in flue gas desulfurisation. REACH registrations are completed to ensure chemical safety for the intended uses for new products that contain green liquor dregs.
• Continuous development of lignin-based products, a side stream from pulp production. Lignin is an example of where a short-lived energy product's lifecycle can be extended to medium or long term, replacing fossil-based anode materials in electrical manufacturing.

Efforts to enhance energy efficiency are described in ESRS E1-3, and water efficiency actions in ESRS E3-2.

To address the risk related to dependency on upstream value chain for raw materials, Stora Enso acquired 100% of the Finnish sawmill company Junnikkala Oy. The acquired sawmills are integrated with Stora Enso's packaging board site in Oulu, Finland, and secure a cost-efficient wood supply to the site. The acquisition was completed in May 2025.

Wood-based products

Stora Enso creates positive impacts and identifies opportunities in the circular economy through its wood-based products. Negative impacts are associated with the amount of outflows which are managed through the actions described below to enhance circularity and recyclability.

1) Designing for circularity and recyclability is integrated into product development to ensure that the Group's materials are widely accepted in recycling streams and capable of being transformed into new products. This includes a focus in research and development to reduce polymer content in barrier coatings, thereby enhancing recyclability. This is a continuous action that supports the Group's target of achieving 100% technically recyclable products by 2030.

• 2) Life-cycle assessments (LCAs) are conducted regularly to evaluate the environmental impacts of products across the entire value chain. By applying scientific methodology to compare materials and production options, LCAs support informed decision-making.
• 3) Launch of a new folding boxboard solution in 2025 for consumer packaging, which is fit for paper and board recycling streams. The board is produced at the new Oulu production line, see action 1) under 'Resource efficiency and side streams'.

The risks associated with the Group's products are linked to climaterelated supply chain disruptions and changes in regulatory requirements. Regulatory changes can also bring opportunities by driving market growth for sustainable products and create competitive advantages through resource efficiency and renewability. To address these risks and opportunities, Stora Enso actively monitors regulatory developments and participates in trade and industry associations dedicated to advancing recycling practices in society.

Value chain cooperation

Stora Enso has identified opportunities to enhance the collection, sorting, and recycling infrastructure for recyclable products through partnerships and collective initiatives. The long-term, continuous action consists of various collaborations and initiatives, such as:

• Improvement of collection, sorting, and recycling of post-consumer paper and packaging materials in Europe. The production site in Ostrołęka, Poland, features a beverage carton recycling facility that detaches fibers from polymers and aluminium. These fibers are then recycled into cartonboard materials, contributing to material circularity by transforming used paper-based packaging into new paper-based materials. The non-fiber fraction of the cartons, polyAI, is recovered and recycled in a dedicated facility by a Swedish packaging company Tetra Pak.
• Continuous active participation in organisations, such as the crossindustry alliance 4Evergreen, which develops tools and guidelines for the packaging industry to improve the recyclability of fiber-based packaging.
• Involvement in the four-year European innovation project Woodcircles, which aims to enhance the circular utilisation of wood in construction. In 2025, Stora Enso, together with project partners, produced two full-size CLT master panels – one made entirely from waste wood and one a hybrid panel made from waste wood and virgin wood. These master panels will be used in a demonstrator that will be constructed and then reassembled in various European cities as part of the project showcasing the reuse of remanufactured wood. The project continues until May 2027.

Resources related to resource use and circular economy

Stora Enso's current and future resources to manage opportunities under circular economy consist of capital expenditures related to product portfolio optimisation, such as the Oulu site conversion project in Finland (Action 3 described under 'Wood-based products'). Additional information on investments can be found in the Financial Statements, note 4.1 Intangible assets, property, plant an equipment and right-of-use assets.

Stora Enso has a EUR 435 million bilateral loan with the European Investment Bank, signed in 2024, to support the financing of the Oulu investment. The loan was drawn down in 2025. In addition, Stora Enso has an outstanding green bond issued in 2023, with part of the proceeds being used to support the investment in Oulu. Additional information on interestbearing assets and liabilities can be found in the Financial Statements, note 5.3 Interest bearing assets and liabilities.

Targets related to resource use and circular economy (E5-3)

Circular economy

To address the opportunity related to the Group's resource outflows associated with its products and services, Stora Enso has set a target to increase circular product design, aiming for 100% technical recyclability of its products by 2030. The target aligns with one of the core principles of the Group's Circularity Guidelines, 'Design for recyclability', and relates to the EU's waste hierarchy category 'Recycling'.

Target	Scope	Baseline year and value	2025	2024
100% technical recyclable products by 2030	Packaging, pulp, paper, and solid wood products, and biochemical by-products	2021: 93%	94%	94%

In 2025, the rate of recyclable products remained stable compared to the previous year. Stora Enso aims to enhance product recyclability by focusing on circularity in product development and actively collaborating with customers and partners to improve recycling infrastructure.

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Accounting principles

Product circularity is calculated based on the technical recyclability of products and their production volumes consolidated as tonnes. The figures are based on actual weight or estimates based on weight conversion. Technical recyclability is defined by international standards and tests when available, such as those by CEPI (Confederation of European Paper Industries) and PTS (Papiertechnische Stiftung). In the absence of such standards (for example, for materials other than packaging), Stora Enso's own tests or estimates that prove recyclability are used.

This target is not mandated by regulation and is not based on conclusive scientific evidence. External stakeholders were not involved in setting the target.

Resource efficiency

To address the negative impact related to residuals and waste generated in Stora Enso's production processes, the Group has set a waste management target related to waste diverted from disposal, specifically the process residuals utilisation rate. The target aligns with the Environmental Guidelines and aims to minimise waste, relating to the EU's waste hierarchy category 'Other recovery' (for example, energy recovery).

Target	Scope	Baseline year and value	2025	2024
Continuous target to maintain a process residuals utilisation rate of minimum 98%	Group's own production sites	2017: 98%	99%	99%

In 2025, performance was stable, with a high utilisation rate of process residuals.

Accounting principles

The figures cover process-related residuals and waste from all production sites, excluding joint operations. Residuals and waste not related to production processes are reported separately. The figures are consolidated as dry tonnes. The figures are based on actual weight or estimates.

The target covers process waste and residuals, such as ash, sludge, chips, and wood waste from production units. Utilisation includes energy generation, landscaping, landfill construction, road construction, pulp manufacturing, brick and cement manufacturing, and agricultural use, as well as reclassified waste to official by-products. The scope excludes sawdust and wood cutting savings for internal pellets production. Tall oil, turpentine, lignin, sodium biosulphite, biocomposite, and soap are considered products and therefore excluded.

This target is not mandated by regulation and is not based on conclusive scientific evidence. External stakeholders were not involved in setting the target.

Resource inflows (E5-4)

Stora Enso's operations require significant volumes of raw materials, creating a dependency on the upstream value chain. While most of the total process material use is based on renewable materials, sourcing these raw materials has impacts on the environment. The pressure on natural resources may cause supply chain disruptions, and increasing regulation may affect raw material costs. Climate change-related impacts are described in ESRS E1.

Stora Enso's most critical raw material is wood. The Group's fiber-based products are derived from renewable resources, primarily wood fibers from sustainably managed forests. In 2025, 93% (93%) of the total resource inflows were based on biological materials, including wood, purchased pulp, paper and board, and starch. Many of the products are FSC or PEFC certified, or receive other verification for responsible chain-of-custody and due diligence. The proportion of third-party certified wood in Stora Enso's total wood supply was 84% (85%), resulting in a total of 76% (77%) sustainably sourced biological materials used to manufacture products in 2025. The Group applies the principle of cascading use of wood, ensuring that all parts of harvested trees, forestry residuals, and industrial side streams are used in the most economically and environmentally efficient way before being used as energy.

In 2025, Stora Enso utilised 1.3 (1.3) million tonnes of Paper for Recycling (PfR) in its products, such as recycled newsprint and containerboard. By actively collecting, sorting, and recycling materials, Stora Enso helps to ensure that the value of renewable materials is prioritised, with recycled content directed toward the highest-value applications. In the reported metrics, PfR represents the category 'secondary reused or recycled materials'.

Chemicals, pigments, and fillers comprise approximately 3% (4%) of the Group's total material use. Chemicals are assessed before purchase and use, ensuring requirements are adequately addressed for legal compliance, health and safety, environmental protection, product safety, eco-labels, and circularity. Stora Enso works to substitute dangerous chemicals and engages with suppliers to find alternative products.

Plastics used for products and their packaging include fossil-based virgin plastics 49,500 (47,900) tonnes, bio-based virgin plastics 4,900 (4,600) tonnes, and recycled plastics 1,100 (1,200) tonnes.

The majority of Stora Enso's product portfolio comprises raw materials and packaging solutions designed for customers' products. Therefore, Stora Enso's own packaging for its products mainly consists of wrappings, end discs, pallets, core tubes, plugs, and bands. The share of packaging out of the total material inflow is less than 1%.

Stora Enso is dependent on water for its production processes, as disclosed in ESRS E3.

Accounting principles

Metrics related to resource inflows cover biological and technical process raw materials used for products and their packaging as delivered to Stora Enso's production units. Aligned with the Financial Statements, the figures include the joint operations according to ownership share (50%).

The figures are based on actual weight measurement or delivered values. Wood is converted from delivered cubic meters to fresh tonnes (including water content) by using an average conversion factor for tree species processed by Stora Enso. The data is reported by each mill to the Group's environmental reporting system.

Metrics related to resource inflows, thousand tonnes	2025	2024
Wood	33,934	31,743
Purchased pulp, paper and board	623	620
Starch	124	114
Total weight of biological materials	34,681	32,477
Chemicals	812	819
Pigments and fillers	443	417
Plastics	56	54
Recycled board and paper	1,311	1,329
Total weight of technical materials	2,622	2,618
Total weight of materials	37,303	35,095
Sustainably sourced biological materials used to manufacture the products, %	76%	77%
Secondary reused or recycled materials, %	4%	4%
Secondary reused or recycled materials	1,312	1,330

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Resource outflows (E5-5)

Products and materials

Stora Enso contributes to circular economy through its products and solutions that enable customers to respond to the growing consumer demand on sustainable products. Through an in-depth customer understanding and close relationships with its customers, the Group designs products to be functional and value-adding throughout their lifecycle. The Circularity Guidelines are disclosed in ESRS E5-1, and actions regarding circular products and solutions in ESRS E5-2. The technical recyclability of products is disclosed in E5-3. Since Stora Enso is mainly a producer of materials rather than products, the expected product durability and repairability are not relevant for the Group's reporting.

Stora Enso has an opportunity to contribute to society with renewable raw materials and solutions: wood-based products serve as alternatives to fossil-based materials, and can be recycled or used for energy at the end of their lifecycle. The Group also provides recycling solutions and services through its use of recycled materials (packaging and paper), and in its partnerships and investments in recycling infrastructure.

Key products and materials from production sites consist of packaging, pulp, paper, and solid wood products as well as biochemical by-products. The majority materials used in products and their packaging are renewable, including wood, recycled board and paper, and starch. Most of Stora Enso's products are either raw materials or packaging designed for customers' products. Therefore, Stora Enso's own packaging for its products mainly consist of wrappings and pellets. The share of packaging in the total materials and products put on the market is less than 1%.

Accounting principles

The rate of recyclable content in products is calculated according to the principles disclosed in ESRS E5-3, based on the technical recyclability of products and their production volumes consolidated as tonnes. The figures are based on actual weight or estimates based on weight conversion. When calculating the rate, the numerator is the weight of the recyclable content in the products and their packaging, while the denominator is the total weight of the products and their packaging. To avoid double-counting, internal deliveries are eliminated from the figures.

Metrics related to resource outflows, %	2025	2024
Rate of recyclable content in products and products packaging	94%	92%

Waste

In 2025, total amount of waste generated was 1,354 (1,365) thousand tonnes, out of which 92% (93%) was diverted from disposal. The majority of the generated waste constituted of bark and mixed sludge. Stora Enso's sites generate and distribute energy to local district heating systems and industrial partners, largely based on the incineration of harvesting and production process residuals. For more information, see ESRS E1-5.

Accounting principles

Stora Enso's waste reporting builds upon relevant EU legislative frameworks and policies including the EU Circular Economy Action Plan, Directive 2008/98/EC of the European Parliament and of the Council (Waste Framework Directive) and the EU industrial strategy. For forest industry, the relevant waste streams include ash, sludge, chips, and wood waste from production units.

The figures include waste from all production units. In addition, aligned with the Financial Statements, the figures include the Group's joint operations according to ownership share (50%). The waste generated at offices are included based on estimates.

Diversion from disposal includes energy generation, landscaping, landfill construction, road construction, pulp manufacturing, brick and cement manufacturing, and agricultural use.

Materials with official by-product status are excluded from the reported waste. Official by-products include methanol, bark, ash, tall oil, turpentine, sodium biosulphite, and soap. Sawdust and wood cuttings used for internal pellet production are also excluded, as they are used internally.

The waste figures are consolidated as dry tonnes, and the figures are based on actual weight measurement. The only exception is hazardous waste, which is reported in its original state. The data is reported by each mill to the Group's environmental reporting system.

Metrics related to resource outflows, thousand tonnes	2025	2024
Total amount of waste diverted from disposal	1,250	1,273
Non-hazardous waste	1,248	1,249
Preparation for reuse	45	42
Recycling	303	219
Other recovery operations	900	988
Hazardous waste (incl. radioactive)	2	24
Preparation for reuse	1	22
Recycling	0	0
Other recovery operations	1	1
Total amount of waste directed to disposal	104	92
Non-hazardous waste	59	47
Incineration	8	1
Landfill	42	40
Other disposal operations	9	6
Hazardous waste (incl. radioactive)	45	45
Incineration	1	2
Landfill	43	41
Other disposal operations	1	1
Total amount of waste generated	1,354	1,365
Total amount of non-recycled waste	1,051	1,145
Percentage of non-recycled waste	78%	84%
Total amount of hazardous waste	47	69
Total amount of radioactive waste	0	0

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Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

Social information

In this section

ESRS S1 Own workforce	116
chain ESRS S2 Workers in the value	123
communities ESRS S3 Affected	126

ESRS S1 Own workforce

Material impacts, risks and opportunities (ESRS 2 SBM-3)

Description	Impact, risk, or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub-topic
Stora Enso provides employment for approximately 19,000 people and supports work-related rights, including freedom of association and collective bargaining. The Group pays adequate wages in line with or above legal requirements.	Actual positive impact	Short, medium, and long term	Own operations, joint operations	Secure employment; Social dialogue; Freedom of association; Adequate wages
Promotion of diversity, equity, and inclusion to foster engagement and to enhance collaboration and performance.	Actual positive impact	Short term	Own operations	Diversity; Gender equality and equal pay for work of equal value
Despite preventive safety measures, safety incidents still occur, particularly at the production sites. Some sites have a higher risk level due to specific equipment and labour-intensive processes.	Actual negative impact	Short, medium, and long term	Own operations, joint operations	Health and safety
Uncertainty caused by a volatile market environment and related organisational changes can negatively affect employees' well-being and overall commitment.	Actual negative impact	Short term	Own operations	Secure employment
Stora Enso's commercial success and strategic implementation depend on skilled personnel. The competitive market for top talent poses challenges in attracting and retaining qualified staff. Losing key employees, failing to attract or train new ones, or hiring delays could significantly harm the business and hinder the Group's strategic goals.	Risk	Short, medium, and long term	Own operations	Secure employment
Despite proactive measures to identify and manage safety risks, serious or fatal injuries to employees, contractors, or third parties may still occur. Beyond physical harm, health effects, and environmental damage, consequences could include liability issues, reputational damage, challenges in attracting and retaining skilled workers, and potential temporary shutdowns enforced by government authorities.	Risk	Short, medium, and long term	Own operations, joint operations	Health and safety
Driving competitiveness through reorganisation: a new, flatter organisation designed to maximise customer focus, enhance operational efficiency, and unlock further performance potential.	Opportunity	Short and medium term	Own operations	Training and skills development

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S1 disclosure requirement related to ESRS 2 SBM-3

Stora Enso's actual and potential impacts, risks, and opportunities originate from the Group's business model and contribute to adapting the Group's strategy. The disclosure on ESRS S1 covers all individuals in Stora Enso's own workforce who could be materially impacted by the Group. This includes those employed directly by the Stora Enso, as well as safety of contractors working at the Group's premises. Through its operations, Stora Enso directly impacts approximately 19,000 (19,000) employees. In addition to its own employees, the Group also works with workers classified as nonemployees by ESRS, as there are often contractor employees working at the production sites. The annual maintenance of mills leads to a temporary increase in the number of contractor workers. Furthermore, Stora Enso relies on contractors for the De Jong units in the Netherlands, as well as its forestry operations and packaging units in China.

The identified positive impacts are a result of a proactive approach in fostering an inclusive workplace and offering employment opportunities grounded in responsible practices. The impacts are directed towards its own employees, though these impacts may vary between different locations and countries.

Stora Enso acknowledges that employees at its production sites have a higher likelihood of safety incidents. Certain sites have been identified as having a higher risk level due to the nature of their operations, which involve specific equipment and labour-intensive processes. The negative impacts caused by uncertainty and organisational restructuring result from the company's efforts to establish a leaner, flatter organisation with seven P&L responsible business areas, reflecting the strategic importance of renewable packaging in its core business portfolio. This impacts nearly all of Stora Enso's operations.

The organisational restructuring is also connected to an opportunity to unlock further performance potential. The Group recognises its dependency on talented workforce and the risk of challenges in attracting and retaining skilled personnel. Through active actions, it aims to retain top-tier talents who are crucial for implementing the Group's business model and strategy, and achieving commercial success.

Stora Enso's material impacts do not arise from transition plans for reducing negative impacts on the environment, or achieving greener and climate-neutral operations. The Group has not identified countries, or geographic areas within in its own operations with a heightened risk of compulsory, forced, or child labour.

Policies related to own workforce (S1-1)

The minimum requirement is that all policies and guidelines are to be reviewed at least once every two years. Each policy owner shall ensure that the documents under their responsibility are reviewed and updated within the defined time frame.

Occupational Health and Safety Policy

The policy addresses managing safety risks and potential negative impacts from safety incidents. It outlines safety objectives and governance for health and safety management, integrating them into annual planning and reporting. The scope of the policy covers the Group's own employees and those working on behalf of Stora Enso. The line organisation is responsible for the implementation of the policy.

Stora Enso has a safety management system for managing occupational health and safety risks, certified according to ISO 45001:2018. In 2025, 44 (42) out of 58 (57) production sites were externally certified according to the ISO standard.

Stora Enso Code

The Code sets a single set of values for all employees and provides them with the tools to make the right decisions in their work, while promoting transparency and ethics. In relation to topics concerning its own workforce (ESRS S1), the policy addresses risks associated with retaining skilled personnel and preventing potential negative impacts related to discrimination, bullying, or harassment. It also helps to maintain positive impacts related to equal opportunities and treatment. All Stora Enso employees are required to complete the Code training. The scope of the policy covers the Group's own employees, and EVP Legal, General Counsel, is accountable for ensuring its implementation.

Diversity Policy

The Diversity Policy outlines the commitment to an inclusive workplace where individual differences are respected and people have equal opportunities. Similar to the Code, the policy addresses managing actual positive impacts related a diverse and inclusive workplace and the potential negative impacts if failing to take adequate actions. According to the policy, no employee shall face discrimination in hiring, compensation, working hours, advancement, discipline, termination, or retirement based on ethnicity, national or social origin, caste, birth, religion, disability, gender, gender identity, sexual orientation, marital status, family responsibilities, union membership, political affiliation, age, or any other characteristic that could lead to discrimination. The scope of the policy covers the Group's own employees, and EVP, People and Communication, is accountable for ensuring its implementation.

To prevent, mitigate, and address discrimination once detected, all employees are required to complete Code training. Additionally, appropriate reporting channels for raising concerns and addressing noncompliance are established. Promotion of actions to advance diversity and inclusion are described in ESRS S1-4.

Minimum Human Resources Requirements for Labour Conditions

The Minimum Human Resources Requirements for Labour Conditions establish a set of minimum requirements for all employees to ensure they are treated with respect and fairness. This is linked to a positive impact achieved through a working environment where employees are motivated and able to perform effectively in their positions. The requirements also address the risk related to dependency on skilled workforce. The scope of the policy covers the Group's own employees, and EVP, People and Communication, is accountable for ensuring its implementation.

Human Rights Policy and Guidelines

In relation to its own workforce, the Human Rights Policy and Human Rights Guidelines address positive impacts related to fair employment practices and secure employment.

Stora Enso adheres to The United Nation's Guiding Principles on Business and Human Rights. Stora Enso is also committed to those rights set out in the International Bill of Rights and the ILO Declaration on Fundamental Principles and Rights at Work, as outlined in the Human Rights Guidelines. Alignment with these principles is reflected in the Group's commitment to respecting human rights across its operations and business relationships, and conducting human rights due diligence to identify, assess, and remedy any adverse human rights impacts. The guidelines outline the approach and commitment towards salient human rights issues, of which the relevant for the Group's own workforce are: right to a safe workplace, fair employment conditions, and access to grievance mechanisms. The processes to monitor compliance with aforementioned international standards consists of:

• Ensuring grievance mechanisms are in place and accessible for everyone.
• Reported non-compliance cases.
• Sedex Member Ethical Data Audits (SMETA) conducted regularly, assessing performance against applicable labour standards, as well as health and safety, environmental, and business ethics criteria.
• Annually published Modern Slavery and Human Trafficking Statement describes the Group's actions to prevent modern slavery in its operations and supply chains, in accordance with the United Kingdom's Modern Slavery Act 2015 and the Australian Modern Slavery Act 2018.

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The Human Rights Policy outlines the Group's objectives for engaging with affected and potentially affected stakeholders to ensure that its approach and focus on human rights are valid. Engagement with own workforce is described in ESRS S1-2. Stora Enso collaborates with stakeholders, affected individuals, and their representatives to find appropriate remedies, including situations where violations are committed by third parties connected to the Group's operations, products, or services. Stora Enso does not obstruct the access of affected stakeholders to other remedy initiatives.

The scope of the policy and guidelines covers the Group's own operations and all business relationships in the upstream and downstream value chain. EVP, Strategy and Sustainability, is accountable for ensuring the implementation of the policy and guidelines.

Stora Enso is aligned with the OECD's Guidelines for Multinational Enterprises, the human rights-related principles of the UN Global Compact, and relevant Children's Rights and Business Principles. The Human Rights Guidelines also address trafficking in human beings, and forced, compulsory, and child labour.

When setting policies related to its own workforce, the interests of employees were considered by gathering insights into their perspectives through engagement practices described in ESRS S1-2. The policies listed above are made available on the Group's intranet as well as externally on the Group's website (except for Minimum Human Resources Requirements for Labour Conditions).

The afore listed policies focus on inclusion of all employee groups without specific commitment to individuals from groups at particular risk of vulnerability within the Group's own workforce.

Processes for engaging with own workforce and workers' representatives about impacts (S1-2)

Stora Enso actively engages with its workforce and workers' representatives regarding actual and potential impacts through a variety of channels and methods at different stages of the employee life cycle. The annual all-employee survey, Engage, is a vital tool for collecting perspectives and providing necessary insight to help teams and the Group to improve. The survey also includes a series of questions related to employees' perceptions of sense of belonging, feeling valued, and fair opportunities. The results are reviewed by the Group Leadership Team and the Board of Directors, ensuring that employee perspectives are considered in decision-making. In 2025, the Engage survey was conducted once, but starting from 2026 it will be carried out twice a year. The survey also servers as the primary means for tracking effectiveness of engagement.

Additionally, 'All Employee' calls provide an opportunity for employees to anonymously submit questions and feedback to top management. These calls are arranged bi-monthly, or more frequently if needed. They also serve to inform employees about relevant impacts that affect all employees, including topics such as safety. The group-level initiatives are complemented by various other channels, such as town halls, and personal development discussions. The overall responsibility for the engagement lies with the EVP, People and Communication, whereas the business areas have the operational responsibility on implementation and monitoring.

Stora Enso's occupational health and safety accountability lies within business areas with clearly defined governance practices to promote collaboration and knowledge sharing across the organisation. Safety Sponsor is a Group Leadership Team member elected by the CEO for a two-year term to support the safety management and secure reporting of safety matters to the CEO and designated other forums. When necessary, relevant stakeholders such as workers' representatives, contractors, and suppliers are consulted to ensure their input and perspectives are considered in safety-related decisions and initiatives. The majority of engagement takes place at the mills through ongoing, regular activities such as discussions, trainings, and safety walks to identify areas for improvement. The annual Safety Week is organised to share good safety practices among employees and contractors and to support the development of a safer working environment. In 2025, a new question was added to the Engage survey to assess whether employees perceive safety as a top priority at Stora Enso.

Stora Enso has a Global Framework Agreement with the labour unions IndustriAll, UniGlobal, and BWI, which serves to protect the interests of workers with consistent standards across the Group's operations. Stora Enso also works closely with the European Works Council to provide an open and confidential information and consultation procedure between the Company and its employees on the EU/EEA level. The engagement involves yearly meetings with a wider group of union representatives, as well as regular meetings following each Board meeting where the CEO updates the subgroup of key union representatives on the topics discussed during the Board meeting.

Processes to remediate negative impacts and channels for own workforce to raise concerns (S1-3)

Stora Enso provides remedy in situations where its activities have caused or contributed to an adverse impact on employees and engages with affected stakeholders to agree on the best solution for remediation. The effectiveness is assessed case by case and according to the local legislation. Employees are encouraged to feel safe and comfortable speaking up, and as outlined in the Code, Stora Enso does not tolerate any retaliation against a person who in good faith reports misconduct.

During periods of restructuring and uncertainty, Stora Enso provides support through occupational health services. In restructuring situations, Stora Enso is committed to working closely together with the Group's other locations, the local community, and other relevant stakeholders to support the re-employment and training of the affected employees. The majority of Stora Enso employees are covered by collective bargaining agreements, and in situations involving organisational restructuring, consultation processes with trade unions are carried out according to local legislation and relevant collective bargaining agreements.

Reporting of suspected non-compliances is facilitated via any of the Group's grievance channels, be it personal contact with manager or human resources, e-mail, letter, phone, or anonymously via the third-party 'Speak Up' reporting channel. The process for tracking and monitoring issues raised is described in ESRS G1-1 'Non-compliances and protection of whistleblowers'. The Code e-learning is mandatory for all employees and available in thirteen languages. In addition to the mandatory training, the effectiveness of the channels is supported through communication activities and awareness raising described in ESRS G1-1 'Ethical corporate culture'. As part of the Engage survey, the Group tracks how safe employees feel to speak up or report their concern in case they suspect or experience any form of misconduct.

The safety reporting tool is used to report safety observations, aiding in the identification and resolution of unsafe situations. Safety incidents are thoroughly investigated, findings are shared with the Safety Network, and appropriate preventive measures are implemented to prevent the recurrence of similar negative impacts in the future.

The European Works Council meets once a year with representatives selected from each country that has production units employing at least 150 employees. Through their representatives, every Stora Enso employee has the opportunity to raise topics and ask questions to the Group Leadership Team.

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Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions (S1-4)

The following key actions are implemented within Stora Enso's own operations, with safety measures also covering contractors working at the Group's premises. The process for determining group-wide actions is primarily guided by the People Promise and Expectations framework, the results of the employee engagement survey, proactive safety management findings, and external benchmarks and industry trends.

Occupational safety

The following actions are undertaken to prevent risks related to safety incidents that may result in actual negative impacts. They contribute to the achievement of the Occupational Health and Safety Policy objectives and Group's safety target (TRI rate).

• 1) The implementation of the new Safety Principles, introduced in 2024, was carried out across business units during 2025. These principles establish the foundation for safe operations and behaviour throughout the organisation. Complementing them are the Life-Saving Rules, updated in 2025, from which each unit is required to identify the most critical ones and ensure they are consistently followed.
• 2) The leading indicator, Safety Engagement Rate, focuses on proactive safety reporting to identify safety risks. In each business areas, safety engagement is measured as a leading indicator, with specific targets related to, for example, safety observations, notifications or improvement ideas, reporting of near misses, and safety walks. This is an ongoing action across all production sites.
• 3) To further emphasise the Group's commitment to safety within the value chain, a new key performance indicator was introduced in 2025. The indicator assesses the total number of recordable injuries among both its own employees and contractors (full TRI rate), see ESRS S1-5.

The effectiveness of the above actions is measured through safety observations and near misses reported, and performance against business unit targets on the leading safety indicator and the Group TRI rate.

Diversity, equity, and inclusion

Stora Enso has positive impacts on enhancing diversity, equity, and inclusion within its own workforce. Diversity, equity, and inclusion (DE&I) contribute to enhanced satisfaction and well-being at work and are strong enablers of improved performance, collaboration, and innovation. Key actions to promote equal treatment and opportunities for all, in

accordance with the objectives of the Diversity Policy are outlined below. The initiatives also contribute to the achievement of the target on reaching 25% representation of female managers among all managers.

• 1) Each module in the leadership programmes described later on this page contains DE&I aspects to ensure that managers and leaders are equipped to foster inclusive environments, recognise diverse perspectives, and lead through change.
• 2) In Finland, a voluntary equality survey was conducted in 2025 to gain further insight into employees' perspectives on inclusion and equity at the local level and to plan tailored actions accordingly. The results were also incorporated into Stora Enso's gender equality and equity plan in Finland.
• 3) As on ongoing action, Stora Enso participates in the Female Leader Engineer talent programme for students with an interest in leadership, specifically connecting women and non-binary students in engineering with the industry. The company has been a member of the programme in Sweden since 2017, and in 2025, the initiative was also launched in Finland.
• 4) Majority of the DE&I initiatives is managed within the business areas. For instance, a DE&I programme was implemented in one business area in 2025, aimed at equipping management teams with tools to evaluate the current status, identify improvement opportunities, and execute targeted DE&I actions. The programme, involving around 160 leaders in six countries, also focused on skill development for people leaders.

Effectiveness of the measures is tracked through employee engagement survey, performance and career development reviews, gender pay gap analysis, and progress against the Group target on gender balance.

Leadership and performance culture

The key actions to manage positive impacts on workforce retention, to mitigate any risks associated with failure to do so, as well as to drive the opportunity through strong performance culture are described below. These actions are aligned with the Diversity Policy's ambition to ensure that the people in the organisation possess the capabilities and engagement required to deliver on the Group's strategy.

• 1) In 2025, a new leadership programme portfolio was launched to drive innovation and foster a culture of trust, collaboration, and strong performance. It supports managers and leaders in leading themselves, their teams, and business transformation. The portfolio includes modules tailored to different stages of the leadership journey. The programme continues in the coming years (short to medium term).
• 2) For the second consecutive year, the Business Leaders Forum was held in 2025, bringing together 150 Stora Enso leaders. The event focused on the

ongoing transformation toward sustainable and profitable growth, driven by a strong, value-based performance culture.

• 3) In 2025, Stora Enso announced a new organisational structure that decentralises P&L responsibility across seven business areas, bringing it closer to customers and operations. The change aims to enhance decision-making and mandate, connected to the opportunity to drive competitiveness.
• 4) As an ongoing action, talent development and upskilling plans are part of performance and development reviews to support individual career planning. The aim is that all employees are involved in at least one formal performance and development review with their manager each year. Additionally, regular check-ins between managers and employees are supported by automated reminders in the HR system.

Furthermore, efforts to enhance inclusion also contribute to talent retention, see actions in 'Diversity, equity, and inclusion'.

For the effectiveness of the actions, Stora Enso tracks the outcomes of the annual Engage survey.

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (S1-5)

Diversity

Stora Enso has established a target related to the ESRS S1 sub-topic 'Equal treatment and opportunities for all', aimed at advancing actual positive impacts of diversity within its own workforce. The target is in line with the Diversity Policy. The Group's updated diversity target is effective as of 2025, with progress measured against the baseline value set on 31 December 2024.

Target	Scope	Baseline year and value	2025	2024
25% representation of female managers among all managers by the end of 2027	Managers with at least one direct report	2024: 24%	24%	24%

At the end of 2025, the share of female managers was 24%, progressing in line towards the targeted level of 25% by year-end 2027. Advancing gender balance continues as a key focus area and is incorporated into the variable remuneration scheme.

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Accounting principles

The share of female managers is calculated as the headcount of all permanent managers with at least one direct report. The manager must be permanent, but the subordinates can be temporary or permanent. Most of the data comes directly from the HR management system, with the exception of one small unit, representing less than 1% of the data. Target excludes joint operations.

The People and Culture organisation, representing own employees, was closely involved in target setting. The People and Culture organisation is also responsible for tracking performance against the target and identifying improvement areas. External stakeholders were not included in the target setting.

Occupational health and safety

Stora Enso has established a target under the ESRS S1 sub-topic 'Health and Safety', focusing on managing risks and addressing actual negative impacts of safety incidents. Stora Enso uses the Total Recordable Incident (TRI) rate as its main key lagging performance indicator (KPI), as this provides a comprehensive overview of safety performance, including less severe accidents. The target is set for one year at a time, based on the outcome of the previous year's safety performance. The focus is on continuous improvement.

In 2025, the Group extended the target from its own workforce to also cover contractors working on its premises, with progress measured against the baseline value set on 31 December 2024. The target is in line with the Group's Occupational Health and Safety Policy.

Target	Scope	Baseline year and value	2025	2024
Total recordable incident rate: 4.3 by the end of 2025	Own and joint operations' employees, contractors working at the Group's premises	2024: 4.6		4.5 New target as of 2025

In 2025, safety performance improved slightly from the baseline but did not meet the target level. Stora Enso continues to identify areas for improvement, with safety remaining a top priority.

Accounting principles

The KPI relies on incidents reported in Stora Enso's safety management system. The reported TRI rate shows the number of recordable incidents as per one million hours worked, and covers Group's own and joint operations' employees as well as contractors working at its premises.

Safety Network, representing Group's own employees, is closely involved in the target setting. External stakeholders were not included in the target setting. Stora Enso has not established targets related to policy implementation.

Characteristics of the undertaking's employees (S1-6)

Accounting principles

Stora Enso's reporting on headcount covers its own employees. Aligned with the Financial Statements, the total number of employees include the Group's joint operations according to the ownership share (50%). The other figures reported under S1-6 are reported without joint operations due to the lack of full authority over contractual arrangements between the workers and the Group. Employee figures reflect the end-of-year situation and are rounded to the nearest fifty. For additional information on the average number of employees in each business segment, see Financial Statements, note 2.1 Segment information.

The headcount per country includes countries where the Group has at least 1,850 employees, which represents at least 10% of its total number of employees. Since persons cannot legally register as having a third, often neutral, gender in Stora Enso's major operating countries, the 'Other' category is not included in the gender split reporting due to sensitivity of the data although presented in the table. Same applies to category 'Not reported'.

The data for turnover is collected through HR system and local payroll, and covers permanent employees. The turnover is calculated as leavers that include all who left the company during the reporting year, excluding divestments, and divided by average headcount. There are minor deviations due to different data sources.

Number of employees by gender	2025	2024
Male	13,950	13,950
Female	4,600	4,650
Other	n/a	n/a
Not reported	n/a	n/a
Total employees	18,550	18,600

Number of employees by countries	2025	2024
Finland	4,950	4,950
Sweden	3,350	3,400
China	2,350	2,300
Poland	1,850	1,900

	2025
Employees by contract type, broken down by gender	Female	Male	Other	Not disclosed	Total
Number of employees	4,600	13,950	n/a	n/a	18,550
Number of permanent employees	3,750	12,250	n/a	n/a	16,000
Number of temporary employees	600	1,100	n/a	n/a	1,700
Number of non-guaranteed hours employees	0	50	n/a	n/a	50

	2024
Employees by contract type, broken down by gender	Female	Male	Other	Not disclosed	Total
Number of employees	4,650	13,950	n/a	n/a	18,600
Number of permanent employees	3,800	12,200	n/a	n/a	16,000
Number of temporary employees	600	1,150	n/a	n/a	1,750
Number of non-guaranteed hours employees	0	50	n/a	n/a	50

Metrics related to employees	2025	2024
Employee turnover %	9%	13%
Number of employee who have left the undertaking	1,550	2,200

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Collective bargaining coverage and social dialogue (S1-8)

Accounting principles

Stora Enso's reporting on collective bargaining covers the employees within the European Economic Area. The percentage is presented only for countries with significant employment, defined as 1,850 number of employees representing at least 10% of its total number of employees.

At the end of 2025, approximately 89% (88%) of Stora Enso's employees were covered by collective bargaining agreements. The number is an estimate due to differences in national legislation.

The global percentage of employees covered by workers' representatives is reported for each country within the European Economic Area that meets the requirement on significant employment, defined as 1,850 number of employees, which represents at least 10% of its total number of employees.

Stora Enso Oyj has had an agreement on European Corporate Cooperation in place since 1999. In 2015, the European Works Council (EWC) agreement was updated according to the EWC's proposal. The purpose of the collaboration is to establish and develop an open, confidential information and consultation procedure between the company and its employees on EEA level. The agreement establishes that a cooperation meeting shall take place each year to discuss strategy and business topics.

	Collective bargaining coverage	Social dialogue
Collective bargaining coverage rate	Employees – EEA	Workplace representation (EEA only)
0-19%
20-39%
40-59%
60-79%
80-100%	Finland, Sweden, Poland	Finland, Sweden, Poland

Diversity metrics (S1-9)

Accounting principles

Stora Enso defines its top management as the CEO and Group Leadership Team which means one and two levels below the highest operational administrative and supervisory body (Board of Directors) The data is collected through its HR management system and covers 100% of the Group Leadership Team.

The data for age distribution in workforce is collected through the Group's HR management system, which covers over 99% of the Group's employees. The figures are reported without joint operations due to the lack of full authority over contractual arrangements between the workers and the Group.

Metrics related to top management	2025	2024
Number of employees at top management level
Male	8	7
Female	4	4
% of employees at top management level
Male	67%	64%
Female	33%	36%

Age distribution in workforce (in %)	2025	2024
Under 30 years old	12%	12%
30-50 years old	55%	55%
Over 50 years old	33%	33%

Adequate wages (S1-10)

All Stora Enso's own employees are paid an adequate wage when reviewed in accordance with the ESRS disclosure requirement and using Wageindicator benchmark. The figures exclude joint operations due to the lack of full authority over contractual arrangements between the workers and the Group. The benchmark study is conducted every two years, with the most recent study conducted in 2024.

Health and safety metrics (S1-14)

Accounting principles

Stora Enso reports incidents and accidents using international Occupational Health and Safety (OHSA) definitions when reporting Total Recordable Incident (TRI). Due to the inherent nature of occupational safety, the joint operations are consolidated at 100%. Stora Enso also monitors contractor accidents in separate categories for on-site accidents and logistics incidents.

The percentage of people in Stora Enso's own workforce who are covered by health and safety management systems refers to the proportion of total employees covered by externally certified safety management systems, such as ISO 45001. Certain administrative functions and sales offices are currently excluded from the Group's safety figures due to limited data availability, which is related to a relatively small headcount and lower occupational safety risk compared to production units. These units represent approximately 10% of the total workforce.

The rate of recordable work-related accidents for own workforce represents the number of work-related injuries per one million hours worked. The figure is calculated by dividing the number of work-related injuries by the number of total hours worked by people in the company's own workforce, multiplied by one million. The TRI rate for own employees and contractors is disclosed in ESRS S1-5.

The number of recordable work-related accidents for own workforce is reported based on the international Occupational Health and Safety (OHSA) definitions. The data is collected in the Group's Health and Safety reporting system. Stora Enso recognises a marginal error due to the partial system coverage.

Fatalities are reported for cases occurring at Stora Enso's sites and premises. In 2025, a fatal accident involving a contractor's employee occurred at Stora Enso's Oulu site in Finland.

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Non-employees 1 0

undertaking's sites 0 0

Remuneration metrics (pay gap and total remuneration)
(S1-16)

Accounting principles

Fatalities as result of work-related injuries of other workers working on

The gender pay gap has been calculated by counting the difference between the male's and female's hourly salaries and dividing that by the male's salary. Salary data has been retrieved from the HR system or local payroll. The figure is reported without joint operations due to the lack of full authority over contractual arrangements between the workers and the Group. The calculation includes only base salary, excluding short- and long-term incentives.

The annual total remuneration ratio is defined as the ratio of the annual total remuneration of the highest-paid individual to the median annual total remuneration of all employees (excluding the highest-paid individual). The median remuneration data is retrieved from the HR system and local payroll, and includes only base and holiday salary, bonuses, onetime payments from HR system, and long-term incentive schemes. Additional benefits are excluded as the data is not available in the system. The missing data is estimated to not impact the results. The figure excludes joint operations. For additional information on remuneration, see Financial Statements, note 3. Employee remuneration.

Metrics related to remuneration	2025	2024
Gender pay gap	5.4%	7.0%
Annual Total Remuneration ratio	52.5	41.8

Incidents, complaints and severe human rights impacts (S1-17)

Accounting principles

The number of incidents of discrimination include all reported cases during the year covering the Group's own workforce (includes proven, nonproven, cases handed over, and reported but investigation not yet completed).

The metric related to number of complaints filed through channels for people in own workforce to raise concerns covers all reported complaints related to threats and violent behaviour, unfair working conditions, and work health and safety violations.

The figures exclude incidents investigated by the joint operations due to the lack of full authority over contractual arrangements between the workers and the Group.

Metrics related to incidents and complaints	2025	2024
Number of incidents of discrimination	52	25
Number of complaints filed through channels for people in own workforce to raise concerns	13	15

In 2025, there were no fines or penalties as a result of the incidents and complaints disclosed in the table above. There were also no severe human rights incidents connected to Stora Enso's own workforce. Therefore, reconciliation to Financial Statements is not presented.

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ESRS S2 Workers in the value chain

Material impacts, risks and opportunities (SBM-3)

Description	Impact, risk, or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub-topic
Despite preventive safety measures, safety incidents still occur.1	Actual negative impact	Short, medium, and long term	Upstream, own operations, joint operations	Health and safety
Risk of safety incidents for the workers in the value chain. Severe incidents in the value chain may damage Stora Enso's reputation and brand, which may result in a loss of investor and customer confidence leading to higher cost of capital and decreased revenues.1	Risk	Short, medium, and long term	Upstream, own operations, joint operations	Health and safety
Risk of non-compliance by suppliers or other business partners with Stora Enso's standards on human and labour rights, ethical recruitment, and reasonable employee compensation may result in adverse consequences for people and Stora Enso's reputation.	Risk	Short, medium, and long term	Upstream, own operations	Forced labour; Child labour

¹ The Group has control over its value chain workers when the activities occur on the Group's sites and premises. The impacts and incidents where Group has direct control are reported under ESRS S1.

S2 disclosure requirement related to ESRS 2 SBM-3

Stora Enso's disclosure on ESRS S2 addresses value chain workers who are likely to be materially impacted by the Group, particularly those in the upstream value chain governed by the Supplier Code of Conduct. Due to industrial working environment, value chain workers at Stora Enso's sites may face higher safety risks. The safety of these employees is covered under ESRS S1.

The impacts on value chain workers originate from Stora Enso's business model and strategy, moreover, the risk of non-compliances and safety incidents connected to its dependency on raw materials and external personnel. While these have not led to adaptations in the business model or strategy, the Group has expanded its safety target to include value chain workers performing activities at its sites, effective from 2025. Stora Enso continuously identifies and assesses potential and actual adverse impacts related to human rights and defines preventive and mitigating actions accordingly.

When identifying value chain workers who are or could be negatively affected, Stora Enso focused on high-risk geographies as well as identified high-risk supplier categories. Those in more vulnerable positions include migrant workers in the forest and Paper for Recycling sectors, as well as contract employees in China.

Stora Enso regards the risk of child and forced labour as a material issue because any actual violation would severely impact the affected individuals and result in significant financial repercussions for the Group. Stora Enso has not identified any specific geographies with a significant risk of child, forced, or compulsory labour, however, there are operations in areas where the risk is heightened.

Policies related to value chain workers (S2-1)

The below policies relate to the risk resulting from the violation of Stora Enso's ethical business practices and values. The minimum requirement is that all policies and guidelines are to be reviewed at least once every two years. Each policy owner shall ensure that the documents under their responsibility are reviewed and updated within the defined time frame.

Human Rights Policy and Guidelines

Stora Enso works to ensure that human rights are respected throughout its operations and business relationships. It takes human rights into account across its operations from investment decisions onwards, paying special attention to vulnerable groups, and encourages its partners to do the same. The Human Rights Policy outlines Stora Enso' commitment to ensuring respect for human rights following the United Nations Guiding Principles on Business and Human Rights. The policy requires suppliers and other business partners to respect human and labour rights and comply

with the Group's policies and guidelines. The Human Rights Guidelines address the salient human rights topics, such as fair labour, access to grievance mechanisms, and children's rights. Stora Enso strives to prevent and eliminate all forms of forced labour in its operations and supply chains, including modern slavery, child labour, and debt bondage. Both the policy and guidelines aim to mitigate the prevention of the risk of noncompliance with Stora Enso's standards in the Group's own operations and upstream value chain. See further details on the Human Rights Policy, Human Rights Guidelines, and adherence to internationally recognised human and labour rights and standards in ESRS S1-1.

Through its Human Rights Policy, Stora Enso commits to engaging with affected and potentially affected stakeholders, including value chain workers, to ensure that its approach and focus are valid. The company is also committed to remedying situations where its activities have caused or contributed to adverse human rights impacts, and engages with affected stakeholders in finding the most appropriate solution. These solutions depend on the needs of the affected people and the specifics of each case.

Supplier Code of Conduct (SCoC)

The SCoC is a legally binding document that imposes sustainability requirements on Stora Enso's suppliers and needs to be signed as part of the pre-qualification. In addition to environmental topics, the SCoC covers areas such as human and labour rights, involuntary labour, occupational health and safety, ethical recruitment, and fair remuneration. The SCoC helps manage material risk related to the breach of these requirements occurring in the Group's own operations or upstream value chain. The policy obliges suppliers to respect the ILO Convention 138 on abolition of child labour. It does not explicitly address precarious work. See ESRS E1-2 for more details on the SCoC.

The Occupational Health and Safety policy, which addresses the risk and actual negative impact related to the safety of workers in the value chain working at the Group's sites and premises, is outlined in ESRS S1-1.

By the end of 2025, Stora Enso had not become aware of any severe cases of human rights incidents related to the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises that involve value chain workers. The Group is informed of incidents of non-respect through internal audits, grievance mechanisms, and third-party supplier audits, which include aspects such as occupational safety and labour rights.

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Processes for engaging with value chain workers about impacts (S2-2)

Stora Enso engages with value chain workers to gather perspectives on actual and potential impacts and to plan appropriate actions accordingly. This input can then be used to, for example, to define audit scopes or targeted initiatives that address those impacts. Engagement takes place on a consistent basis and at specific project or business process stages. It begins with risk mitigation measures, such as supplier screening and prequalification, and extends to defining remedies. Engagement takes various forms, including participation, consultation, or information sharing, and is carried out either directly with the workers in the value chain, contractors and other business partners, or suppliers' representatives. The operational responsibility for ensuring that the engagement happens and that its results inform the Group's approach, is with the Sourcing and Logistics Leadership team.

Third-party audits are an important tool to engage with suppliers, track effectiveness of engagement, and focus on improvement measures where needed. See more details on third-party audits in ESRS S2-4. Other means of assessing the effectiveness of engagement include utilising feedback mechanisms through the Group's established grievance channels or through specific project-defined feedback processes.

The approach to gaining insight into the perspectives of particularly vulnerable groups is tailored to each specific case. Examples of these processes can be found in section ESRS S2-4 (actions 2-5). Engagement related to the safety of workers in the value chain working at the Group's sites and premises is outlined in ESRS S1-2.

Processes to remediate negative impacts and channels for value chain workers to raise concerns (S2-3)

Stora Enso continuously identifies and assesses potential and actual adverse impacts related to human rights and defines preventive and mitigating actions accordingly. The Group is committed to remedying situations where its activities have caused or contributed to adverse human rights impacts. Remediation measures and assessment of their effectiveness are determined on a case-by-case basis and according to the local context. The remediation process includes implementing corrective actions and ensuring knowledge-sharing to prevent similar cases from arising in the future.

All internal and external stakeholders can anonymously report potential non-compliance cases via the Speak up channel. Suspected noncompliances can also be reported externally to national competent authorities and to certain EU-institutions. Equal protection against retaliation and liability is ensured in all cases.

As outlined in the SCoC, suppliers are required to ensure that their employees, sub-suppliers, local communities, and other relevant stakeholders have access to grievance channels to anonymously voice their concerns about potential misconduct related to the requirements of the SCoC. The supplier must also have processes in place to address these concerns and remedy any confirmed case. The SCoC needs to be signed as part of the pre-qualification process and it contains information on Stora Enso's grievance channels to ensure suppliers are aware of these channels.

Potential non-compliance cases involving a Stora Enso employee or a contracted third-party are duly investigated by an independent internal team. Whenever a suspected Supplier Code of Conduct non-conformity is identified during supplier visits or audits, or brought to the Group's attention through grievance channels, Stora Enso initiates an investigation led by internal subject matter experts. In cases of non-conformity, Stora Enso takes a collaborative approach by working with the supplier to implement a corrective action plan. In cases where the level of criticality is deemed high, or if a supplier demonstrates an unwillingness to improve its performance, the business relationship is terminated.

Currently, Stora Enso lacks a systematic monitoring process to assess the effectiveness of the grievance channels through the involvement of value chain workers, and that workers in the value chain trust them as a means to express their concerns or needs. As outlined in the Code and Business Practice Policy, Stora Enso does not tolerate any retaliation against a person who in good faith reports misconduct. For more information on the grievance mechanisms and protection against retaliation, see ESRS G1-1 'Non-compliances and protection of whistleblowers'.

Processes to remediate negative impacts and channels to raise concerns related to the safety of workers in the value chain working at the Group's sites and premises is outlined in ESRS S1-3.

Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions (S2-4)

To address the risk of non-compliance by suppliers and other business partners, as described in SBM-3 of this section, and to identify appropriate preventive actions, Stora Enso undertook the following actions during the reporting year. The Group plans to continue these actions in the short to mid-term future. The actions cover the Group's own operations and the upstream value chain, with specific geographic locations specified for relevant activities.

• 1) In 2025, Stora Enso continued engagement with a tier 1 supplier in Brazil involved in kaolin processing and mining, following a desktop assessment conducted in 2024. The assessment highlighted concerns related to the accuracy and availability of public information, particularly regarding the supplier's impact on local communities, land rights, and past environmental incidents. Stora Enso communicated its expectations and held regular follow-up calls to monitor progress on the corrective action plan, focusing on community engagement and operational improvements. An on-site sustainability audit was conducted with an external provider to evaluate the supplier's operational sustainability performance. The audit identified some corrective actions related to labour rights, governance, and awareness of grievance mechanisms.
• 2) In 2025, Stora Enso continued efforts to address human rights risks in its Swedish forest operations, where silviculture contractors largely employ migrant workers. Building on a 2022 impact assessment, the company has strengthened contractor engagement, improved on-site labour assessments, and involved translators to support worker feedback. In 2025, to further safeguard human and labour rights, a worker voice survey was developed in collaboration with a third-party expert to reach more migrant workers and better understand their experiences and concerns. The survey is easily accessible and available in workers' native languages. The survey results from 2025 did not reveal any new impact areas, but provided insights into known challenges faced by migrant workers, such as overtime, recruitment, and access to grievance mechanisms. These findings will inform the further development the Group's existing initiatives.
• 3) In 2025, Stora Enso expanded its efforts to address human rights risks in forest operations by initiating audits of its associate company Tornator's operations in Finland. The audits, which are conducted during 2025-2026, cover, for example, human rights topics, governance practices, and the operations of contractors and subcontractors. Potential non-conformities are addressed promptly and collaboratively, and Stora Enso also reviews labour inspection reports issued by authorities.

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• 4) The Paper for Recycling (PfR) supply chain has previously been identified as having heightened sustainability risks, particularly in relation to social factors, as the work often is labour-intensive, involving health and safety risks, and low-skilled and migrant workers. In 2025, a structured approach was further developed to address these risks and challenges. During the year, three human rights-focused supplier visits were conducted at small and medium-sized enterprises in Poland by external consultants. These visits aimed to deepen understanding of potential risks and challenges, enabling informed decisions on capacity-building and mitigation measures, and strengthening future collaboration within the supply chain.
• 5) Following SMETA audits at some of the Group's mills during 2024–2025, a key finding was the need to strengthen on-site due diligence processes for third-party employees to ensure that suppliers and contractors uphold employee rights. In response, a project was launched with an external consultant to develop a robust and coherent approach. Combining desktop research and stakeholder engagement, the project aims to create a blueprint for a due diligence process that can be consistently applied across other mills. Implementation is planned for year 2026.
• 6) In 2025, Stora Enso continued advancing a group-wide project to establish a risk-based, data-driven management system to support compliance with the upcoming EU Corporate Sustainability Due Diligence Directive (CSDDD) and enable effective execution of the sustainability agenda. To date, the project has introduced policy updates, assessed future system and data requirements, and developed supply chain due diligence instruction, including category- and country-level sustainability risk management. Stepwise implementation is planned for 2026 and beyond.

In 2025, there was one reported instance of a severe human rights incident related to a fatal accident at the Oulu site in Finland (see ESRS S1-14).

To track effectiveness of the actions, Stora Enso has set a target on maintaining the proportion of total supplier spend covered by Supplier Code of Conduct, including all categories and regions, at a minimum of 95%.

Third-party audits assist in tracking the effectiveness of risk mitigation by providing an independent assessment of the measures implemented.

• Stora Enso focuses its audit efforts on suppliers in high-risk categories. During 2025, 38 (21) Supplier Code of Conduct audits were conducted, primarily in China, with the majority relating to contracted manufacturing and labour agencies. The audits revealed nonconformities, related in particular to working hours, basic worker's rights, and emergency preparedness. Stora Enso formulated corrective action plans for all cases with necessary follow-up.

• In 2025, 35 (33) sites had received a renewed Forest Stewardship Council (FSC) chain-of-custody certifications, with audits covering requirements on core labour rights.
• 54 (43) Health, Safety, Environment, and Quality (HSEQ) audits were conducted mainly in Finland connected to contractors working on-site at Stora Enso's production sites. Actions to prevent negative impacts related to the safety of workers in the value chain working at the Group's sites and premises is outlined in ESRS S1-4.

In case of material negative impacts, Stora Enso follows the processes described in ESRS S2-3 to provide and ensure remedy.

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (S2-5)

To manage material risks related to value chain workers, Stora Enso has set a continuous target on maintaining the proportion of total supplier spend covered by Supplier Code of Conduct at a minimum of 95% each year. The target is in line with Stora Enso's Supplier Code of Conduct.

Target	Scope	Baseline year and value	2025	2024
Maintaining the proportion of total supplier spend covered by SCoC at a minimum of 95%	All supplier categories and regions	2014: 78%	94%	95%

In 2025, the coverage rate was slightly below target level.

Accounting principles

Stora Enso measures the proportion of total supplier spend covered by its Supplier Code of Conduct for all categories and regions. The Supplier Code of Conduct applies to all Stora Enso's sourcing categories globally. Joint operations, intellectual property rights (IPR), leasing agreements, financial trading, government fees such as customs, and wood purchases from private individual forest owners are excluded from the requirement to accept the Supplier Code of Conduct. The aforementioned items are excluded also from the total supplier spend.

Workers in the value chain, their legitimate representatives, or credible proxies were not involved in the target setting, tracking of the performance or identifying any lessons or improvements.

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ESRS S3 Affected communities

Material impacts, risks and opportunities (ESRS 2 SBM-3)

Description	Impact, risk, or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub topic
Stora Enso's joint operation in Veracel has ongoing land rights disputes in Brazil.	Actual negative impact	Short, medium, and long term	Joint operations	Land-related impacts
Despite preventive and precautionary measures, Stora Enso's operations can impact the safety of people in local communities.	Actual negative impact	Short term	Upstream value chain	Health and safety
Risk of reputational harm related to disputes with local communities and NGOs over forest management practices, biodiversity, land, and water use. The disputes may damage Stora Enso's reputation and brand, which may result in a loss of investor and customer confidence leading to higher cost of capital and decreased revenues.	Risk	Short, medium, and long term	Joint operations	Water and sanitation; Land related impacts

S3 disclosure requirement related to ESRS 2 SBM-3

The double materiality assessment included all communities potentially impacted by the Group's own operations or upstream value chain. ESRS S3 disclosure covers those affected communities that exceed the materiality threshold. Stora Enso's impact on affected communities is connected to its strategy and business model, particularly through its business relationship with the 50% owned joint operation in Veracel, Brazil. The ongoing landrelated disputes have resulted in negative impact on a specific group of affected communities. Some of the affected individuals are representatives of indigenous people. The disputes arise from illegal land invasions aimed at gaining access to land for subsistence farming. This has resulted in the occupation of company-owned land. According to legal requirements, the occupants are removed and farming activities are stopped. As an adaptation action, Veracel is committed to maintaining ongoing dialogue with landless movements and other affected individuals and actively supports land allocations through the Sustainable Settlement Initiative. These disputes may also contribute to, or result in, the identified reputational risk described in the table above.

Despite compliance, preventive and precautionary measures, Stora Enso's operations can impact the safety of people in local communities. This topic became material in 2025, when a fatal accident occurred at a harvesting site, see ESRS S3-4.

The reputational risk is related to Stora Enso's resource-intense business model, which depends on forests as a source of its primary raw material, and can lead to potential disputes over forest management practices, biodiversity, and land and water use. The most significant risks are observed in communities living around areas where Stora Enso or its joint operations have a physical presence, such as forests and production sites. The risk is considered in strategy execution through the implementation of Environmental and Social Impact Assessments (ESIAs), which are mandatory for new production facilities or significant changes to existing facilities and plantations.

As part of its dependency on raw materials, Stora Enso's industrial operations require significant amounts of water to maintain production processes. Although the Group's joint operations are not situated in regions experiencing severe droughts, it closely monitors the situation, as these communities are considered to be at a greater risk of harm.

Policies related to affected communities (S3-1)

The key policies guiding Stora Enso's approach to affected communities are the Human Rights Policy and the Human Rights Guidelines. They outline the objectives for respecting human rights throughout the Group's operations and engaging with affected and potentially affected stakeholders to ensure that its approach and focus on human rights are valid. The policies cover proactive risk identification, mitigating adverse impacts, and implementing remediation measures. They address the reputational risks related to water and land impacts, as well as the negative impacts of land use disputes in Brazil and safety incidents.

The Human Rights Policy outlines the Group's commitment to the UN Guiding Principles on Business and Human Rights. The approach and practices for achieving these objectives is described in the Human Rights Guidelines, with special attention given to vulnerable groups, including

indigenous people. Stora Enso strives to ensure that the management of land and natural resource rights related to its operations and supply chain respects stakeholder rights. These rights must be acquired through due diligence processes, which include avoiding the involuntary displacement of indigenous peoples from their traditional lands and natural resources. The Group's management practices uphold the rights to health and an adequate standard of living for communities affected by its business activities. For further details on the policy and guidelines, see ESRS S1-1. Engagement is described in ESRS S3-2 and remediation in ESRS S3-3.

Protecting and respecting the rights of local communities and indigenous peoples is an essential part of sustainable forest management practices. The Wood and Fiber Sourcing, and Land Management Policy, described in ESRS E4-2, addresses managing tree plantations as part of local land use and contributing to sustainable livelihoods. It forbids harvesting in violation of traditional rights of indigenous people or civil rights. Human rights and local communities aspects are also embedded in all three chapters of the Environmental Guidelines described in ESRS E1-3. The guidelines specifically outline the right to water and sanitation, and to a safe, clean, healthy, and sustainable environment.

Stora Enso's policy alignment with internationally recognised principles is disclosed in ESRS S1-1. In addition, Stora Enso is committed to international agreements on the rights of vulnerable groups, including but not limited to the Indigenous and Tribal Peoples Convention (C169), Convention on the Elimination of Discrimination Against Women (CEDAW), Convention on the Rights of the Child (UNCRC), and the International Convention on the Protection of the Rights of All Migrant Workers and Members of Their Families (CRMW). Stora Enso carries out chain-of-custody audits (FSC and PEFC), which require compliance with the ILO Declaration on Fundamental Principles and Rights at Work. For further information on monitoring compliance with international standards, see ESRS S1-1.

Stora Enso is committed to remedying situations where its activities have caused or contributed to adverse human rights impacts. The established grievance mechanisms are accessible to all external stakeholders, including affected communities. The Group engages with potentially affected people and/or their representatives on a regular basis to identify any needs for updating its priorities, policies, and practices and consulting stakeholders when updating documents that affect them.

By the end of 2025, Stora Enso had not become aware of any severe cases of human rights incidents related to non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work, or OECD Guidelines for Multinational Enterprises that involve affected communities.

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Processes for engaging with affected communities about impacts (S3-2)

Stora Enso incorporates the perspectives of affected communities into its decision-making processes to gain insights into the local context, to identify potential impacts, and to collaboratively develop an appropriate approach. Before harvesting, Stora Enso consults communities near the harvesting operations to listen to their concerns and expectations, and to incorporate their feedback into the decision-making process. In Veracel, Brazil, and Montes del Plata, Uruguay, the community liaison teams collaborate with, consult, and inform all affected local communities before and after forestry operations.

Human rights impacts are identified and addressed through Environmental and Social Impact Assessment (ESIA) requirements for new or significant changes to facilities and plantations. This involves consulting and informing affected and potentially affected stakeholders to avoid adverse impacts on stakeholder rights. Air, water, and soil emissions are governed through regulatory permitting and monitoring as well as considered in the local environmental management system related to the industrial or forestry operations.

Engagement takes place either directly with the communities or through community representatives, and occurs at different stages of the cooperation or project. It varies from consultation and participation to informing. Some of the engagement takes place regularly, while other interactions occur on an ongoing basis.

The operational responsibility for the engagement and ensuring that the results inform the Group's approach is with the EVP, Head of each business area and the CEOs of the joint operations in Brazil and Uruguay. Effectiveness of the engagement is primarily tracked by monitoring the cases reported through grievance channels.

Indigenous peoples

Community consultations, including Free, Prior and Informed Consent (FPIC), are a regular element in Stora Enso's human rights due diligence and forestry operations, especially concerning land leasing and indigenous peoples' rights. They are a central tool to mitigate disputes related to land use. The engagement with the indigenous peoples is designed together with the representatives of the affected stakeholders. Local communities are consulted during the planning and decisionmaking stages of new investments. FPIC allows indigenous peoples to give or withhold consent to a project or development through a process in which they participate as equals and make decisions about their lands and territories in accordance with their traditions and customs. The aim is to establish bottom-up participation and consultation prior to the beginning of a project or development that takes place on ancestral land

or uses resources within the indigenous population's territory. This includes consent on issues that might impact indigenous peoples' rights, lands, territories, resources, traditional livelihoods, and cultural heritage. Stora Enso expects its joint operations to adhere to similar operational procedures.

The Pataxó and Tupinambá communities represent almost 25,000 indigenous people in the Discovery Coast in Brazil. Engagement is carried out with communities impacted by forestry operations in the territory and is organised by a third-party consultancy. To ensure transparent and culturally sensitive dialogue, Veracel also engages with FUNAI (The National Foundation for Indigenous Peoples), the Brazilian governmental body that represents and protects the rights of Indigenous Peoples. Engagement activities are conducted prior to the initiation of harvesting operations and upon their completion to evaluate the process. This active dialogue aims to establish an effective mechanism to minimise negative impact on these traditional communities during the development of operational activities.

The engagement with traditional fishing communities in conducted mainly through local associations at least annually to address any changes in quality of life or livelihoods of the affected communities and to preserve the traditional culture.

Some areas of Veracel's land have been illegally occupied since 2008. Veracel strives to maintain continuous dialogue with landless movements and supports land allocations through the Sustainable Settlement Initiative launched in 2012. The Sustainable Settlement Initiative is facilitated by the Government of the State of Bahía and is conducted in cooperation with the National Institute of Colonisation and Agrarian Reform (INCRA) and the representatives of six officially recognised landless people's social movements. In 2018, Veracel signed a new agreement with the social landless movements to complement the earlier agreed Sustainable Settlement Initiative. Veracel does not plant in areas recognised as indigenous lands and understands the complexity and sensitivity involved in the demarcation of indigenous lands in southern Bahia.

Although the indigenous Sámi people in Sweden are an important stakeholder group with established engagement practices in place, they are currently excluded from the ESRS reporting scope due to not meeting the materiality threshold.

Processes to remediate negative impacts and channels for affected communities to raise concerns (S3-3)

Remediation measures are determined on a case-by-case basis, taking into account the specific local context. The Group's approach to remediation involves implementing corrective actions and promoting knowledge-sharing to proactively prevent the recurrence of similar cases in the future. Processes to identify the action needed to address an actual or potential negative impact are guided by the human rights due diligence processes and tools. These include monitoring compliance with the company policies, requirements, and guidelines; ensuring that grievance mechanisms are operating effectively and are accessible to all relevant stakeholders; engaging and consulting with affected people or their representatives; and conducting project-specific impact assessments.

The nature of the negative impact determines the range of possible remediation approaches, which can range from one-time settlements to long-term programmes with rigorous monitoring to ensure their effectiveness. To evaluate the most suitable course of action and response to an existing or potential impact, Stora Enso engages in consultations with the affected local community, and if necessary, seeks the assistance of a third-party remediator. In instances of actual negative impacts involving legal violations, the court determines the appropriate actions and remediation measures. In relation to indigenous peoples, the process of providing remedy involves taking into account their customs, traditions, rules, and local legislation.

All external stakeholders can anonymously report potential noncompliance cases via the Speak up channel. The joint operations in Brazil and Uruguay have their own grievance mechanisms available in local language. Stora Enso does not have a specific process to assess that affected communities are aware of and trust these structures or processes as a way to raise their concerns or needs and have them addressed. This topic was, however, addressed as part of the human rights impact assessment conducted in 2025, see ESRS S3-4 below. For more information on the grievance mechanisms and protection against retaliation, see ESRS G1-1. Stora Enso does not have a specific process to assess the effectiveness of the remedy. It is assessed case-by-case, consisting of, for example, constructive dialogue with the community.

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Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions (S3 -4)

Stora Enso has implemented a set of actions in co-operation with its joint operations to address the risk and identified negative impact related to affected communities. None of the listed actions entail plans that necessitate significant capital expenditure or operational expenditure. Whilst Stora Enso is active on community investments to advance positive impacts in local communities, the impacts were not considered to cross the materiality threshold. Initiatives planned with the primary purpose of delivering positive impacts for affected communities aim to address the negative impacts associated with land rights disputes. These initiatives (corresponding to ESRS S3-4 32 c) are described at the end of this chapter.

In 2025, there was one reported severe safety incident involving affected communities. This concerned a fatal accident in which a member of the public was killed while a subcontractor was performing harvesting work in Sweden. Neither Stora Enso's, nor the involved authorities' investigations, indicates that the accident was the result of any safety failures from Stora Enso's or the subcontractor's side.

Addressing reputational risk

Human Rights Impact Assessment

In 2025, Veracel conducted a new Human Rights Impact Assessment (HRIA) across its operations and neighbouring communities and reviewed its due diligence framework to ensure alignment with evolving standards and best practices. The assessment, led by a global consultancy, used a multi-source method including desk research, site visits, and interviews with over 50 community members, 200 workers, management, and NGOs. In response to the findings, Veracel will initiate corrective actions in 2026 to address identified issues. Stora Enso plays an active role in overseeing the HRIA process due to its 50% ownership share in the company.

Stora Enso's long-term action plan

Stora Enso has implemented an ongoing, long-term action plan that encompasses its own operations and joint operations to address reputational risks associated with raw material dependency and potential disputes related to the use of natural resources and management of environmental impacts, such as deforestation, biodiversity loss, and land and water use.

• Engagement and collaboration as described in ESRS S3-2 is one of the key actions to ensure proactive and transparent communication, address the concerns of local communities and other stakeholders, such as NGOs, and to define the most appropriate actions.
• Community consultations, including Free, Prior, and Informed Consent (FPIC) are an important tool for mitigating potential negative impacts, such as disputes on land-related use (see ESRS S3-2).
• Environmental and Social Impact Assessments (ESIAs) are conducted for all new projects that could cause significant adverse impacts on local communities. Post-completion audits are carried out for all significant investments. The assessments inform on actions that may be required in project planning, construction, and operations to avoid possible negative impacts.
• Stora Enso's tree plantations and land holdings are an integral part of local land use, and therefore sustainable land use practices are defined specifically for each location. Identifying areas where water usage might create a negative impact on local communities, is done by applying the WRI Aqueduct Water Risk Atlas to assess water-related risks at production sites. The actions to monitor water-related impacts are described in sections ESRS E2 and ESRS E3.
• Deforestation-free practices and biodiversity management are described in ESRS E4. This includes the FSC and PEFC certifications on sustainable forest management practices.
• For details on the actions taken during 2025 regarding the social and environmental impacts of a tier 1 supplier involved in kaolin processing and mining in Brazil, see ESRS S2-4.

To monitor the effectiveness of these actions, Stora Enso utilises certifications like FSC and PEFC, conducts post-completion audits as part of the ESIAs, tracks cases of non-compliance, and gathers stakeholder feedback.

Managing land-related disputes in upstream value chain

In Brazil, Stora Enso has 50% ownership of the joint operation Veracel. Since the Group does not have direct operational control of the unit, it is leveraging its financial ownership to address the negative impacts related to land acquisition as described in ESRS S3 SBM-3. The identification of appropriate actions is decided in collaboration with the local community. As a long-term action, Veracel continues to support the transition of families from the settlements to more permanent residencies on the same land, as the legal processes regarding their claim to the land are resolved over time.

In total, since 2012, Veracel has voluntarily approved the transfer of approximately 20,000 hectares of land to benefit landless people as part of the sustainable resettlement. At the end of 2025, 98 (139) hectares, or 0.1%

(0.1%), of productive land owned by Veracel remained occupied by movements not involved in the agreements. Veracel works through legal processes and community engagement to resolve remaining land claims.

In case of material negative impacts, Stora Enso follows the processes described in ESRS S3-3 to provide and ensure remedy.

In addition to the actions outlined above, proactive ongoing initiatives carried out in collaboration with local stakeholders aim to address the negative impacts related to land rights disputes. Stora Enso supports the resilience and livelihood of local communities through development programmes, monetary and in-kind donations, and employee volunteering.

Since 2018, Veracel has supported Indigenous education through its Education is Life program, benefiting 34 villages — approximately 25,000 people — with school kits and infrastructure development The company also promotes cultural preservation by sponsoring traditional events and partnering with a local Indigenous organisation to establish a seedling nursery that strengthens food security and reforestation efforts. Support for 20 artisanal fishing associations includes training, certification, and recognition initiatives. To ensure safe coexistence between fishing and logistics operations, a maritime safety protocol was developed in collaboration with local cooperatives. Engagement with rural communities is further reinforced through annual events, gastronomic festivals, and targeted support.

In Montes del Plata, Uruguay, the community engagement programme includes a range of educational, economic, and partnership initiatives that foster local involvement, support community activities and livelihood, and promote educational continuity.

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (S3-5)

Although Stora Enso is actively monitoring its impacts on affected communities, it currently lacks a specific target for this topic with defined timelines and desired outcomes. The Group does not track the effectiveness of its policies and actions with defined level of ambition or indicators. However, the Group is exploring the implementation of a suitable target. In the meantime, Stora Enso advances the progress in achieving its policy objectives through actions described in ESRS S3-4.

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Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

Governance information

In this section

ESRS G1 Business conduct................................................................................... 129

ESRS G1 Business conduct

Material impacts, risks and opportunities (ESRS 2 SBM-3)

Description	Impact, risk or opportunity	Time horizon	Location in the value chain	Related sub-topic or sub-sub topic
Stora Enso operates globally, including in high-risk markets, and upholds stringent business standards through a robust compliance programme and an ethical corporate culture guided by its values of 'Lead' and 'Do what's right'. The Group empowers employees to act with integrity, supports safe whistle-blowing, and fosters transparency to positively impact both its workforce and business partners.	Actual positive impact	Short, medium, and long term	Own operations, upstream and downstream value chain	Corporate culture; Protection of whistleblowers
The risks related to business conduct encompass fraud, anti-trust violations, corruption, conflict of interest, and other forms of misconduct, all of which are areas covered by the Stora Enso Code and Business Practice Policy. In the event of breaches of these laws, regulations, or policies, Stora Enso may incur significant compliance and remediation costs. These costs may encompass regulatory fines and penalties, legal expense, and potential damages to business relations, finances, or reputation.	Risk	Short, medium, and long term	Own operations, upstream and downstream value chain	Prevention and detection including training; Corporate culture
Despite strict rules, processes, and policies, suspicions and incidents of non-compliance may still occur. The risks may lead to negative impacts on people and the environment, or financial consequences for the Group.	Risk	Short, medium, and long term	Own operations, upstream and downstream value chain	Incidents; Corporate culture

Business conduct policies and corporate culture (G1-1) Policies

The Stora Enso Code, the Group's code of conduct, outlines the approach to ethical business practices and process for identifying, reporting, and investigating concerns about behaviour in contradiction with the Code. The policy addresses the management of identified positive impacts related to business conduct, grounded in the company purpose and values. It is designed to foster stakeholder trust and create a safe, inclusive environment for employees. Additionally, the policy outlines measures to mitigate risks associated with misconduct or non-compliance by implementing clear principles and processes, and by encouraging employees to report concerns. Stora Enso does not tolerate any retaliation against a person who in good faith reports misconduct. Any person found engaging in retaliation is subject to disciplinary action by Stora Enso, including termination of employment. The policy is described in more detail in ESRS S1-1.

The Business Practice Policy, consistent with the United Nations Convention against Corruption, complements the Code and details Stora Enso's approach to ethical business practices. It provides additional guidance to prevent risks in the areas such as anti-corruption and competition law,

and outlines the procedures for reporting any violations of these practices. The policy shall be followed by all Stora Enso employees and the Group's business partners. The EVP Legal, General Counsel, is accountable for ensuring the implementation of the policy. Process for monitoring entails the tailored training described in ESRS G1-3.

The Supplier Code of Conduct (SCoC) extends the principles of the Stora Enso Code to suppliers, setting forth specific requirements they must follow. Through the SCoC, Stora Enso manages the risk and potential negative impact associated with corruption and bribery. This includes mandating responsible business practices and ensuring full compliance with all applicable permits, laws, and regulations. Furthermore, the SCoC requires that suppliers ensure their own suppliers and sub-suppliers adhere to the stipulations of this SCoC or their own equivalent codes of conduct. For further details on the SCoC, see ESRS E1-2.

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Trade sanction controls

Stora Enso regularly conducts risk assessments to maintain an up-to-date understanding of its specific risk exposure concerning compliance with trade sanctions and export control rules. As outlined in the Business Practice Policy, all direct or indirect business activities connected to Tier 1 Countries are prohibited, unless approval is obtained from the CEO or CFO. No such approval was given in 2025. As of 31 December 2025, the Tier 1 sanction countries included: Cuba, Iran, North Korea, Syria, Russia, Nongovernment controlled areas in Ukraine, Belarus, Libya, Myanmar, Sudan, Venezuela and Yemen.

Non-compliances and protection of whistleblowers

All employees and stakeholders are actively encouraged to report any instances of suspected misconduct they identify. Stora Enso is subject to legal requirements under the national law transpose the EU Whistleblowing Directive. The measures to protect whistleblowers, their rights, privacy, and confidentiality include secure and anonymous reporting channels and policies against non-retaliation. Reporting is facilitated via any of the Group's grievance channels, be it personal contact, e-mail, phone, or anonymously via the 'Speak Up' reporting channel. This service, which covers all of Stora Enso's units, is available 24/7 and allows reports to be submitted anonymously. Additionally, the service is available to external stakeholders, including suppliers, customers, and investors. Employees can raise concerns also with their manager, People & Culture organisation, or the Ethics and Compliance Team. Managers and HR representatives have the responsibility to forward serious complaints to the Ethics and Compliance team for further investigation and actions.

Potential non-compliance cases involving a Stora Enso employee or a contracted third-party are duly, promptly, and objectively investigated by a dedicated team that is independent from the chain of management involved in the matter. The investigation shall, if possible, be completed In a high-risk case within thirty calendar days from the initial report, and in other cases, within sixty calendar days. All cases, upon completion, are reported to both the Disciplinary Committee and the Board of Directors' Sustainability and Ethics Committee. In cases where a remediation plan is required, it is implemented together with the relevant management representatives. As of September 2025, the ESG Regulatory team overseeing value chain sustainability is responsible for investigating and managing non-compliances related to the Supplier Code of Conduct.

To support all parties involved in evaluating a misconduct investigation and determining the appropriate disciplinary action, the Ethics and Compliance team maintains a Disciplinary Action Standard and cascades it to the relevant internal organisations. This standard establishes the ethical foundations for any disciplinary action taken in response to

misconduct investigated within Stora Enso. It serves as a guide for the Ethics and Compliance team, as well as other decision-makers such as those in People & Culture organisation, business organisations, and union representatives, when evaluating a misconduct investigation and determining the appropriate disciplinary action.

The functions identified as being most at risk in terms of corruption and bribery include senior leadership, sales, sourcing, and corporate affairs. For training provided to these functions, see ESRS G1-3.

Ethical corporate culture

Stora Enso's corporate culture is built on a foundation of openness and honesty, fostering a value-driven organisation that upholds the company's core values of 'Lead' and 'Do What's Right'. To further develop and promote an ethical corporate culture, Stora Enso's ethics & compliance programme includes, for example, training sessions, as well as communication and awareness-raising activities. All initiatives are reported to the Board's Sustainability and Ethics Committee four times a year.

Training

Stora Enso does not have a specific policy on training related to business conduct. However, all employees are required to complete the mandatory onboarding training on the Stora Enso Code. Starting in 2025, employees will be required to renew their Code training every three years. In addition, e-learning courses and customised training sessions cover various topics like onboarding business partners, gifts and hospitality, and joint purchasing agreements. See more on specific trainings in ESRS G1-3.

Ethics and Compliance index

Stora Enso tracks the advancement of positive impacts on its corporate culture using an Ethics and Compliance index. The index is calculated as an average of five ethics and compliance-related questions in the annual employee survey. The questions assess whether employees feel safe to speak up, are inspired by Stora Enso's purpose and values, adhere to the Stora Enso Code and other policies in their daily work, believe their manager sets a good example, and see their team operating in accordance with general legislation and Stora Enso's practices. In 2025, the result was 8.9 (8.8), with the maximum rating being 10.

Awareness raising and Ethics Ambassador Network

Stora Enso employs diverse communication channels to foster an ethical corporate culture. During the year, these included a webinar on psychological safety, ethics workshops, and articles shared in internal channels, among others.

The Ethics Ambassador Network consists of around 380 voluntary employees from across the organisation, with 150 new ambassadors joining in 2025. Ambassadors receive training on internal policies, rules, and ethical culture. They actively promote ethics, and company purpose and values in their workplaces. Ambassadors play a critical role in fostering ethical dialogue, cascading ethics information, and aiding the Ethics and Compliance team in understanding the local corporate culture for continuous improvement of communication efforts.

Prevention and detection of corruption and bribery (G1-3)

Both the Stora Enso Code and Business Practice Policy require zerotolerance towards any form of corruption. To help prevent incidents of corruption or bribery, sales and sourcing teams are offered tailored training on competition law and anti-corruption, including training on trade associations, joint purchasing agreements, gifts and hospitality, and the onboarding of critical business partners. Details on specific trainings are outlined in the table below. Controls are in place for day-to-day operations, mandating that employees, for example, seek approval from Legal and their line managers prior to offering any hospitalities involving public officials.

High-risk roles, such as senior leadership, sales, sourcing, and corporate affairs, undergo in-depth compliance training. They also complete an annual refresher training on business ethics and confirm compliance with company policies. Top management employees, including the Group Leadership Team, have specific ethics and compliance onboarding training to enhance ethical leadership. New Board members regularly receive onboarding introductions, which cover topics related to the Stora Enso Code, Business Practice Policy, and the Group's ethics and compliance programme, including anti-corruption and various other business ethics topics.

In addition to the trainings provided for at-risk functions, Stora Enso's all employees must complete the Stora Enso Code training, as described in ESRS G1-1. The Code training is designed to build understanding of business conduct, including the detection of corruption and bribery.

The policies are implemented through the aforementioned trainings and are also made accessible on the company's website and intranet. The business units employ an Ethics and Compliance Self-Assessment Tool (T.E.S.T) to gain a clearer overview of the progress their units are achieving in policy implementation, the compliance measures implemented, and any potential gaps and risks in compliance. Based on T.E.S.T survey results, Stora Enso has identified Competition Law and Communication as key areas for improvement and, in 2025, launched a company-wide gapclosing initiative. This included a management information call, a

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customised self-service slide deck for managers, competition law training for sales, sourcing, and other teams, and individual follow-ups by compliance counsels with managers of units showing gaps.

The Supplier Code of Conduct is a legally binding document for all suppliers, outlining the common set of minimum standards, including matters related to corruption and bribery. All suppliers are required to commit to the SCoC as part of the pre-qualification process.

Third parties who act on Stora Enso's behalf are subject to additional Know Your Counterparty (KYC) screening before onboarding. Corruption risks are evaluated via internal and external questionnaires, watch list and adverse media screening as well as interviews and more in-depth due diligence when necessary. Mitigation actions are always put in place when such a party is engaged. In 2025, the screening was conducted for 65 (83) critical business partners. The reporting channels described in 'Non-compliances and protection of whistleblowers' also serve to detect allegations or incidents of corruption or bribery.

The process and responsibilities for investigating, addressing, and reporting incidents follow the same principles as outlined in chapter 'Noncompliances and protection of whistleblowers'.

Training on anti-corruption and bribery

Accounting principles

The data regarding training coverage of anti-corruption and anti-bribery programmes is gathered via Stora Enso's learning management system, with the exception of some smaller units that are manually added. There are minor deviations due to different data sources. The figures reflect the status as of December 31, 2025, for Stora Enso's active employees. The figures are reported without joint operations due to the lack of full authority over contractual arrangements between the workers and Stora Enso. Due to organisational restructuring, the annual sign-off of training for at-risk functions was postponed until early 2026. As a result, this is reported as 'to start in Q1/2026'.

Anti-corruption and anti-bribery training programmes 2025

		At-risk functions		All employees at own workforce
	Critical employees	Critical employees	Office workers	Production workers
	In-depth compliance training (COMPLY)	Annual sign off	Stora Enso Code	Stora Enso Code intro
Training coverage
Total	3,550	To start in Q1/2026	7,100	10,450
Total receiving training	3,500	To start in Q1/2026	7,000	9,900
Total receiving training, %	99%	To start in Q1/2026	99%	95%
Delivery method and duration
Computer-based training	2 hours	20 minutes	40 minutes	15 minutes
Frequency
How often training is required	Once	Annually	Every three years	Once
Topics covered
Definition of corruption	x	x	x	x
Business conduct and corporate culture policies	x	x	x	x
Procedures on suspicion/ detection	x	x	x	x
Stora Enso values	x	x	x	x
Practical examples	x	x	x	x
Applicable to Group Leadership Team	x	x	x

Anti-corruption and anti-bribery training programmes 2024

		At-risk functions		All employees at own workforce
	Critical employees	Critical employees	Office workers	Production workers
	In-depth compliance training (COMPLY)	Annual sign off	Stora Enso Code	Stora Enso Code intro
Training coverage
Total	3,550	3,000	7,600	10,150
Total receiving training	3,450	3,000	7,350	9,250
Total receiving training, %	97%	100%	97%	91%
Delivery method and duration
Computer-based training	2 hours	20 minutes	40 minutes	15 minutes
Frequency
How often training is required	Once	Annually	Once	Once
Topics covered
Definition of corruption	x	x	x	x
Business conduct and corporate culture policies	x	x	x	x
Procedures on suspicion/ detection	x	x	x	x
Stora Enso values	x	x	x	x
Practical examples	x	x	x	x
Applicable to Group Leadership Team	x	x	x

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Incidents of corruption or bribery (G1-4)

As described in ESRS G1-3, both the Stora Enso Code and Business Practice Policy require zero-tolerance towards any form of corruption. Despite strict policies, incidents still occur. All employees and stakeholders are encouraged to report any instances of suspected misconduct they identify. Potential non-compliance cases involving a Stora Enso employee or a contracted third-party are duly, promptly, and objectively investigated by a dedicated team independent from the chain of management involved in the matter. The actions to address proven cases of corruption or bribery can include own worker dismissal or discipline. Further actions to address breaches in procedures and standards of anticorruption and anti-bribery are described in ESRS G1-1 and ESRS G1-3.

Accounting principles

The reporting on proven corruption, bribery, conflict of interest, and similar non-compliance cases covers the cases closed during the year, and therefore the recording of such an incident may have occurred during the current or previous financial years. In 2025, Stora Enso had no convictions of anti-corruption and anti-bribery laws, and paid no fines related to such incidents.

Metrics related to confirmed incidents	2025	2024
Number of confirmed incidents of corruption or bribery	1	6
Number of confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery related incidents	0	5

Entity-specific disclosure on potential and proven non-compliances

Additionally, Stora Enso has prepared an entity-specific disclosure on the total number of reported potential non-compliance cases and number of identified proven cases leading to disciplinary action and/or legal action. Potential non-compliance cases cover all compliance violations, such as: competition law, corruption, fraud, discrimination, safety, privacy, and other breaches of rules, guidelines and policies.

Accounting principles

The number of potential non-compliance cases include the figures reported in ESRS S1-17 and ESRS G1-4 (Incidents of corruption and bribery).

Entity-specific metrics related to non compliances	2025	2024
Total number of reported potential non compliance cases	158	111
Number of identified proven cases leading to disciplinary action and/or legal action	12	19

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Financial Statements

Consolidated financial statements	134
Consolidated income statement	134
Consolidated statement of comprehensive	134
income
Consolidated statement of financial position	135
Consolidated cash flow statement	136
Statement of changes in equity	138
Notes to the consolidated financial statements	139
1 Basis for reporting	139
1.1 Accounting principles	139
1.2 Critical accounting estimates and judgements .	141
2 Financial performance	142
2.1 Segment information	142
2.2 Materials and services	145
2.3 Other operating income and expenses	145
2.4 Depreciation, amortisation and impairments	147
2.5 Net financial items	148
2.6 Income taxes	148
2.7 Earnings per share	150

3 Employee remuneration	151
3.1 Personnel expenses	151
3.2 Board and executive remuneration	151
3.3 Post-employment benefit obligations	153
3.4 Employee variable compensation and equity incentive schemes	155
4 Operating capital	157
4.1 Intangible assets, property, plant and equipment and right-of-use assets	157
4.2 Forest assets	159
4.3 Associates	163
4.4 Equity instruments	165
4.5 Emission rights and other non-current assets	165
4.6 Inventories	166
4.7 Operative receivables	166
4.8 Operative liabilities	167
4.9 Provisions	167

5 Capital structure and financing	169
5.1 Financial risk management	169
5.2 Fair values	174
5.3 Interest-bearing assets and liabilities	176
5.4 Derivatives	179
5.5 Shareholders' equity	183
5.6 Cumulative translation adjustment and equity	183
hedging
5.7 Non-controlling interests	184
6 Group structure	186
6.1 Acquisitions, disposals and assets held for sale .	186
6.2 Group companies	188
6.3 Related party transactions	191
7 Other	192
7.1 Commitments and contingencies	192
7.2 Events after the reporting period	192
Parent company Stora Enso Oyj	193
financial statements
Notes to the parent company financial statements	195
Signatures for the financial statements	206

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Consolidated financial statements

Consolidated income statement

		Year ended 31 December
EUR million	Note	2025	2024
Sales	2.1	9,326	9,049
Other operating income	2.3	389	325
Materials and services1	2.2	-7,020	-6,738
Personnel expenses	3.1	-1,232	-1,228
Other operating expenses	2.3	-503	-543
Share of results of associated companies	4.3	89	52
Change in net value of biological assets	4.2	401	421
Depreciation, amortisation and impairments	2.4	-507	-1,246
Operating result	2.1	942	93
Financial income	2.5	104	118
Financial expenses	2.5	-263	-329
Result before Tax		783	-118
Income tax	2.6	-97	-65
Net result for the year		686	-183
Attributable to
Owners of the Parent		695	-136
Non-controlling Interests	5.7	-9	-48
Net result for the year		686	-183
Earnings per share
Basic earnings per share, EUR	2.7	0.88	-0.17
Diluted earnings per share, EUR	2.7	0.88	-0.17

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

		Year ended 31 December
EUR million	Note	2025	2024
Net result for the year		686	-183
Other Comprehensive Income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI	4.4	297	-202
Actuarial gains and losses on defined benefit plans	3.3	36	22
Revaluation of forest land	4.2	-385	-281
Share of OCI of associated companies	4.3	-28	5
Income tax relating to items that will not be reclassified	2.6	73	53
		-8	-403
Items that may be reclassified subsequently to profit and loss
Cumulative translation adjustment (CTA)	5.6	124	-89
Net investment hedges and loans	5.6	-21	4
Cash flow hedges and cost of hedging	5.4	84	-81
Share of OCI of non-controlling interests (NCI)	5.7	12	-5
Income tax relating to items that may be reclassified	2.6	-20	19
		179	-152
Total comprehensive income		857	-738
Attributable to
Owners of the Parent		854	-685
Non-controlling interests	5.7	3	-53
Total comprehensive income		857	-738

The accompanying Notes are an integral part of these consolidated financial statements.

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	As at 31 December
EUR million		Note	2025	2024
Assets
Goodwill	O	4.1	171	162
Other intangible assets	O	4.1	250	277
Property, plant and equipment	O	4.1	5,227	5,006
Right-of-use assets	O	4.1	422	499
			6,069	5,945
Forest assets	O	4.2	6,641	7,227
Biological assets	O	4.2	5,167	5,243
Forest land	O	4.2	1,473	1,983
Emission rights	O	4.5	45	73
Investments in associated companies	O	4.3	1,108	954
Listed securities	I	4.4	0	11
Unlisted securities	O	4.4	912	602
Non-current interest-bearing receivables	I	5.3	14	14
Deferred tax assets	T	2.6	222	205
Other non-current assets	O	4.5	69	53
Non-current assets			15,081	15,082
Inventories	O	4.6	1,802	1,672
Tax receivables	T		29	31
Operative receivables	O	4.7	869	969
Interest-bearing receivables	I	5.3	67	47
Cash and cash equivalents	I		1,212	1,999
Current assets			3,978	4,719
Total assets			19,059	19,802

			As at 31 December
EUR million		Note	2025	2024
Equity and liabilities
Share capital		5.5	1,342	1,342
Share premium			77	77
Invested non-restricted equity fund			633	633
Fair value reserve			1,708	1,808
Cumulative translation adjustment		5.6	-357	-457
Retained earnings			7,393	6,735
Equity attributable to owners of the Parent			10,796	10,139
Non-controlling Interests		5.7	-147	-150
Total equity			10,649	9,989
Post-employment benefit obligations	O	3.3	153	181
Provisions	O	4.9	79	81
Deferred tax liabilities	T	2.6	1,314	1,416
Non-current interest-bearing liabilities	I	5.3	3,557	3,894
Non-current operative liabilities Non-current liabilities	O	4.8	30 5,133	10 5,582
Current portion of non-current debt	I	5.3	253	1,090
Interest-bearing liabilities	I	5.3	659	788
Bank overdrafts	I	5.3	5	7
Provisions	O	4.9	50	37
Operative liabilities	O	4.8	2,293	2,296
Tax liabilities	T	2.6	17	13
Current liabilities			3,277	4,231
Total liabilities			8,410	9,813
Total equity and liabilities			19,059	19,802

Items designated "O" comprise Operating Capital, items designated "I" comprise Interest-bearing Net Liabilities, items designated "T" comprise Net Tax Liabilities. The accompanying Notes are an integral part of these consolidated financial statements.

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Consolidated cash flow statement

		Year ended 31 December
EUR million	Note	2025	2024
Cash flow from operating activities
Operating result1		942	93
Adjustments and reversal of non-cash items:
Depreciation, amortisation and impairments	2.4	507	1,246
Change in value of biological assets	4.2	-401	-421
Change in fair value of share awards		2	-2
Share of results of associated companies	4.3	-89	-52
CTA and profits and losses on sale of fixed assets and investments2	2.3	-155	-3
Other adjustments		12	15
Dividends received from associated companies	4.3	29	29
Change in net working capital, net of businesses acquired or sold		51	283
Cash flow from operations		897	1,187
Interest received		33	77
Interest paid		-192	-197
Other financial items, net		-45	-43
Income taxes paid		-48	-73
Net cash provided by operating activities		645	952
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash	6.1	-17	-75
Acquisition of shares in associated companies	4.3	0	-1
Acquisition of listed and unlisted securities	4.4	-1	0
Cash flow on disposal of subsidiary shares and business operations, net of disposed cash	6.1	619	8
Cash flow on disposal of shares in associated companies	4.3	1	0
Cash flow on disposal of unlisted securities	4.4	9	3
Cash flow on disposal of intangible assets and property, plant and equipment	4.1	17	23
Capital expenditure	2.1, 4.1	-679	-1,010
Investment in biological assets	4.2	-96	-103
Proceeds from/payment of non-current receivables, net		206	22
Net cash used in investing activities		60	-1,133

		Year ended 31 December
EUR million Cash flow from financing activities Proceeds from issue of new long-term debt Repayment of long-term debt and lease liabilities Change in short-term interest-bearing liabilities Dividends paid Purchase of own shares Net cash used in financing activities Net change in cash and cash equivalents Translation adjustment Net cash and cash equivalents at beginning of year Net cash and cash equivalents at year end Cash and cash equivalents at year end3 Bank overdrafts at year end	Note	2025	2024
	5.3	489	19
	5.3	-1,747	-225
	5.3	-19	54
		-209	-146
		-2	-3
		-1,487	-301
		-783	-483
		-4	11
		1,993	2,464
		1,206	1,993
		1,212	1,999
		-5	-7
Net cash and cash equivalents at year end		1,206	1,993

¹ Previously, the starting point for cash flow was net result.

² CTA = Cumulative Translation Adjustment.

³ Cash and cash equivalents comprise cash-in-hand, deposits held at call with banks and other liquid investments with original maturity of less than three months. Bank overdrafts are included in current liabilities.

The accompanying Notes are an integral part of these consolidated financial statements.

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Consolidated cash flow statement

Supplemental cash flow information

	Year ended 31 December
EUR million Note	2025	2024
Change in net working capital consists of:
Change in inventories	-53	-136
Change in interest-free receivables:
Current	117	259
Non-current	-15	2
Change in interest-free liabilities:
Current	22	168
Non-current	-21	-10
Change in net working capital, net of businesses acquired or sold	51	283
Cash and cash equivalents consist of:
Cash on hand and at banks	693	912
Cash equivalents	519	1,088
Cash and cash equivalents	1,212	1,999
Non-cash investing activities
Total capital expenditure excluding right-of-use assets	633	933
Amounts paid	-679	-1,010
Non-cash part of additions to intangible assets and property, plant and equipment	-46	-77
Cash flow on acquisitions of subsidiaries and business operations
Purchase consideration on acquisitions, cash part 6.1	-17	-77
Cash and cash equivalents in acquired companies, net of bank overdraft 6.1	0	2
Net cash flow on acquisition	-17	-75
Cash flow on disposals of subsidiaries and business operations
Cash part of the consideration 6.1	624	13
Cash and cash equivalents in divested companies 6.1	-5	-5
Net cash flow from disposal	619	8

The accompanying Notes are an integral part of these consolidated financial statements.

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Statement of changes in equity

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	Retained earnings	Attributable to owners of the parent	Non controlling interests	Total
Balance at 1 January 2024	1,342	77	633	—	653	38	1,540	63	-375	7,015	10,985	-97	10,889
Net result for the year	—	—	—	—	—	—	—	—	—	-136	-136	-48	-183
OCI before tax	—	—	—	—	-202	-81	-281	5	-85	22	-621	-5	-626
Income tax relating to OCI	—	—	—	—	—	16	58	—	3	-4	72	—	72
Total Comprehensive Income	—	—	—	—	-203	-65	-223	5	-82	-118	-685	-53	-738
Dividend	—	—	—	—	—	—	—	—	—	-158	-158	—	-158
Acquisitions and disposals	—	—	—	—	—	—	—	—	—	—	—	—	—
Purchase of treasury shares	—	—	—	-3	—	—	—	—	—	—	-3	—	-3
Share-based payments	—	—	—	3	—	—	—	—	—	-4	-1	—	-1
Balance at 31 December 2024	1,342	77	633	—	450	-27	1,317	68	-457	6,735	10,139	-150	9,989
Net result for the year	—	—	—	—	—	—	—	—	—	695	695	-9	686
OCI before tax	—	—	—	—	297	84	-385	-28	103	36	106	12	118
Income tax relating to OCI	—	—	—	—	2	-17	79	—	-3	-8	53	—	53
Total Comprehensive Income	—	—	—	—	298	67	-307	-28	99	724	854	3	857
Reclassifications on disposals	—	—	—	—	-4	—	-126	—	—	130	—	—	—
Dividend	—	—	—	—	—	—	—	—	—	-197	-197	—	-197
Acquisitions and disposals	—	—	—	—	—	—	—	—	—	—	—	—	—
Purchase of treasury shares	—	—	—	-2	—	—	—	—	—	—	-2	—	-2
Share-based payments	—	—	—	2	—	—	—	—	—	—	2	—	2
Balance at 31 December 2025	1,342	77	633	—	744	40	884	40	-357	7,393	10,796	-147	10,649

CTA = Cumulative Translation Adjustment, NCI = Non-controlling Interests, OCI = Other Comprehensive Income

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Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

Notes to the consolidated financial statements

1 Basis for reporting

1.1 Accounting principles

Principal activities

Stora Enso Oyj ("the Company") is a Finnish public limited liability company organised under the laws of the Republic of Finland and with its registered address at Katajanokanlaituri 4, 00160 Helsinki. Its shares are currently listed on Nasdaq Helsinki and Stockholm. The operations of Stora Enso Oyj and its subsidiaries (together "Stora Enso" or "the Group") are organised into the following reportable segments: Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest and segment Other. The Group's main market is Europe.

The Financial Statements were authorised for issue by the Board of Directors on 3 February 2026. According to the Finnish Limited Liability Companies Act, the General Meeting of shareholders is entitled to decide on the adoption of the financial statements.

Basis of preparation

The consolidated financial statements of Stora Enso have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union. The consolidated financial statements of Stora Enso have been prepared according to the historical cost convention, except as disclosed in the accounting policies. The detailed accounting principles are explained in the related notes with a few exceptions where the accounting principles are presented in this note. The consolidated financial statements are presented in euros, which is the parent company's functional currency.

All figures in these consolidated financial statements have been rounded to the nearest million, unless otherwise stated. Therefore, figures in this report may not add up precisely to the totals presented and may vary from previously published financial information.

New and amended standards and interpretations adopted in 2025

The Group has applied the following new and amended standards and interpretations which are effective from 1 January 2025:

• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The amendment contains guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. The effective date was 1 January 2025. The amendment did not have a significant impact on the Group.
• Other standards, standard amendments and interpretations did not have any significant impact on the Group's consolidated financial statements or disclosures.

Consolidation principles

The consolidated financial statements include the parent company, Stora Enso Oyj, and all companies controlled by the Group. Control is defined as when the Group:

• has power over the investee,
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.

If facts and circumstances indicate that there are changes to the three elements of control listed above the Group reassess whether or not it controls an investee. The subsidiaries and joint operations are listed in note 6.2 Group companies.

All intercompany transactions, receivables, liabilities and unrealised profits, as well as intragroup profit distributions, are eliminated. Accounting policies for subsidiaries, joint arrangements and associated companies are adjusted where necessary to ensure consistency with the policies adopted by Stora Enso.

Associated companies over which Stora Enso exercises significant influence are accounted for by using the equity method. These companies are investments in which the Group has significant influence, but which it does not control. Significant influence means the power to participate in the financial and operating policy decisions of the company without control or joint control over those policies. More detailed information is presented in note 4.3 Associates.

Joint control is the contractually agreed sharing of control of the joint arrangement, which exists only when decisions on relevant activities require the unanimous consent of the parties sharing control. Joint operations are joint arrangements, whereby the partners who have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint ventures are joint arrangements, whereby the partners who have joint control of the arrangement have rights to the net assets of the joint arrangement.

The Group has two joint operations, Veracel and Montes del Plata. In both companies, Stora Enso's ownership is 50%. The arrangements are based on shareholders' agreements, which give Stora Enso rights to a share of returns and make the Group indirectly liable for the liabilities, as its ability to pay for the pulp is used to finance debts. In relation to its interest in joint operations, the Group recognises its share of assets, liabilities, revenues, expenses and cash flows of the joint operation. The share is determined based on rights to the assets and obligations for the liabilities of each joint operator.

• Veracel is a jointly owned company of Stora Enso and Suzano located in Brazil. The pulp mill produces bleached eucalyptus hard wood pulp and both owners are entitled to half of the mill's output. The eucalyptus is sourced mostly from the company's own forest plantations. The mill commenced production in 2005.
• Montes del Plata is a jointly owned company of Stora Enso and Arauco located in Uruguay. The pulp mill produces bleached eucalyptus hard wood pulp and Stora Enso's part is sold entirely as market pulp. The eucalyptus is sourced mostly from the company's own forest plantations. The mill commenced production in 2014.

Revenue recognition

Sales comprise products, raw materials and services less indirect sales tax and discounts, and are adjusted for cash flow hedging result on sales in foreign currencies. Sales are recognised after Stora Enso has transferred the control of goods and services to a customer and the Group retains neither a continuing right to dispose of the goods, nor effective control of those goods; usually, this means that sales are recorded upon the delivery of goods to customers in accordance with the agreed terms of delivery.

Stora Enso's terms of delivery are based on Incoterms 2020, which are the official rules for the interpretation of trade terms as issued by the International Chamber of Commerce (ICC). The main categories of the terms covering Group sales are:

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• "D" terms, under which the group is obliged to deliver the goods to the buyer at the agreed place in the manner specified in the chosen rule, in which case the point of sale is the moment of delivery to the buyer.
• "C" terms, whereby the Group arranges and pays for the external carriage and certain other costs, though the Group ceases to be responsible for the goods once they have been handed over to the carrier in accordance with the relevant term. The point of sale is thus the handing over of the goods to the carrier contracted by the seller for the carriage to the agreed destination.
• "F" terms, being where the buyer arranges and pays for the carriage, thus the point of sale is the handing over of the goods to the carrier contracted by the buyer at the agreed point.

Where local rules may result in invoices being raised in advance of the above, the effect of this revenue advancement is quantified, and an adjustment is made accordingly. Stora Enso's sales mainly comprise sales of products and the revenue is typically recognised at a point in time when Stora Enso transfers control of these products to a customer. Revenues from services are recognised over time once the service has been performed. More detailed information regarding Stora Enso's principal activities and disaggregation of revenue is presented in note 2.1 Segment information.

Foreign currency transactions

Transactions in foreign currencies are recorded at the rate of exchange prevailing at the transaction date, but at the end of the month foreigncurrency-denominated receivables and liabilities are translated using the month-end exchange rate. Foreign exchange differences for operating items are presented in the appropriate income statement line in the operating result, and, for financial assets and liabilities, they are presented in the financial items in the consolidated income statement, except when deferred in equity as qualifying cash flow hedges, net investment hedges or net investment loans. Translation differences on non-monetary financial assets, such as equities classified at fair value through other comprehensive income (FVTOCI), are included in equity.

Foreign currency translations

The income statements of Group companies with functional and presentational currencies other than the euro are translated into the Group reporting currency using the average exchange rates of the year, whereas the statements of the financial position of these companies are translated using the exchange rates at the reporting date. The Group is exposed to currency risks arising from exchange rate fluctuations on the value of its net investment in non-euro foreign entities. Exchange differences arising from the retranslation of net investments in foreign entities that are non-euro foreign subsidiaries, joint operations or

associated companies and of financial instruments that are designated to hedge such investments, are recorded directly in equity as cumulative translation adjustment (CTA). See note 5.6 Cumulative translation adjustment and equity hedging for more details.

Future standard changes endorsed by the EU but not yet effective in 2025

• Amendments to IFRS 9 and IFRS 7 the Classification and Measurement of Financial Instruments. The amendments will address diversity in accounting practice by making the requirements more understandable and consistent. These include clarifying the classification of financial assets with environmental, social and corporate governance (ESG) and similar features (ESG-linked features in loans could affect whether the loans are measured at amortised cost or fair value), and settlement of liabilities through electronic payment systems, where the amendments clarify the date on which a financial asset or financial liability is derecognised. With these amendments, the IASB has also introduced additional disclosure requirements to enhance transparency regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to ESG-linked targets. The effective date is 1 January 2026. The amendments are not expected to have significant impact on the Group.
• Amendments to IFRS 9 and IFRS 7 Contracts Referencing Naturedependent Electricity. The own-use requirements in IFRS 9 are amended to include the factors an entity is required to consider for contracts to buy and take delivery of renewable electricity for which the source of production of the electricity is nature-dependent. Hedge accounting requirements are amended to permit an entity using a contract for nature-dependent renewable electricity with specified characteristics as a hedging instrument. Amendments also introduce disclosure requirements about contracts for nature-dependent electricity with specified characteristics. The effective date is 1 January 2026. The Group is evaluating the impact of the standard amendments and amendment is not expected to have any significant impact on Stora Enso.
• No other published standards, standard amendments or interpretations which would be expected to have any significant impact on the Group's consolidated financial statements or disclosures.

Future standard changes not yet effective and not yet endorsed by the EU in 2025

• IFRS 18 Presentation and Disclosure in Financial Statements. The objective of the new IFRS 18 standard is to set out requirements for the presentation and disclosure of information in general purpose financial statements to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and

• expenses. The new Standard will give investors more transparent and comparable information about companies' financial performance. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027 (retrospective application is mandatory). IFRS 18 replaces current IAS 1 Presentation of Financial Statements. New standard carries forward many requirements from IAS 1 unchanged.
• IFRS 18 introduces three sets of new requirements to improve companies' reporting of financial performance.
• Comparability in the income statement. IFRS 18 introduces defined categories for income and expenses - operating, investing, financing and taxes - to improve the structure of the income statement, and requires all companies to provide new defined subtotals.
• Transparency of management-defined performance measures (often referred to as alternative performance measures). IFRS 18 requires companies to disclose explanations of company specific measures that are related to the income statement, referred to as managementdefined performance measures. The new requirements will improve the discipline and transparency of management-defined performance measures.
• 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. The changes are expected to provide more detailed and useful information. IFRS 18 also requires companies to provide more transparency about operating expenses.
• The Group is evaluating the impact of the new standard and expects it to have material impact on the Group's income statement, cash flow statement, and certain notes to the consolidated financial statements. In relation to the income statement, the Group anticipates a decrease in the operating result (IFRS), primarily due to the results of associated companies being excluded from the operating result. In relation to the cash flow statement, the Group expects that the net cash from operating activities will increase (mainly due to interest paid being reclassified to financing 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).
• Other published standards, standard amendments or interpretations are not expected to have any significant impact on the Group's consolidated financial statements or disclosures.

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1.2 Critical accounting estimates and judgements

The preparation of consolidated financial statements in accordance with IFRS requires management to make estimates, judgements and assumptions that affect the reported assets and liabilities, as well as the disclosure of contingent assets and liabilities at the reporting date and the reported income and expenses during the period. These estimates, judgments and assumptions might have a significant impact on the amounts recognised in the consolidated financial statements. The estimates are based on historical experience and various other assumptions that are believed to be reasonable and reflect management's best estimates, though actual result and timing could differ from these. The estimates, judgements and assumptions are reviewed regularly and updated if there are changes in circumstances or as a result of new information. The accounting items presented below represent those matters which include the most estimation uncertainty and exercise of judgement. More details are included in the respective notes.

• Property, plant and equipment, intangible assets and right-of-use assets and Goodwill – note 2.4 Depreciation, amortisation and impairments
• Income taxes note 2.6 Income taxes
• Post-employment benefits – note 3.3 Post-employment benefit obligations
• Leases – note 4.1 Intangible assets, property, plant and equipment and right-of-use assets
• Forest assets note 4.2 Forest assets
• Fair value of financial instruments – note 4.4 Equity instruments and note 5.2 Fair values.
• Provisions note 4.9 Provisions

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2 Financial performance

2.1 Segment information

Accounting principles

Stora Enso's reportable segments are Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest and the segment Other. Operating segments reflect the Group's management structure and the way financial information is regularly reviewed. Costs, revenues, assets and liabilities are allocated to operating segments on a consistent basis. Transactions between operating segments are based on arm's length terms, and they are eliminated on consolidation. The activities of the reportable segments are:

Packaging Materials

Packaging Materials is a global leader and expert partner in circular packaging providing premium packaging boards, made from virgin and recycled fiber. Stora Enso helps customers reduce the use of fossil-based materials by offering renewable and recyclable products for their food, beverage, and transport packaging based on a wide selection of base boards and barrier coatings.

Packaging Solutions

Packaging Solutions is a packaging converter that produces premium fiber-based packaging products for leading brands across multiple market areas, including retail, e-commerce, and industrial applications. Additionally, the offering includes design and sustainability services to help customers optimise material use, improve logistics, and reduce CO² emissions.

Biomaterials

Biomaterials' foundation is built on pulp, with the aim of becoming customers' first choice in selected grades. To unlock the full potential of a tree, the business also leverages all fractions to create innovative biobased solutions, that replace fossil-based and other non-renewable materials.

Wood Products

Wood Products is Europe's largest sawn timber producer and a leading provider of sustainable wood-based solutions for the global building sector. It provides the building sector with renewable and low-carbon wood-based solutions that help decarbonise the built environment. Additionally, the offering includes window and door components, and coproducts such as pellets made from wood residuals.

Forest

Forest is responsible for wood sourcing for Stora Enso's Nordic and Baltic operations as well as for B2B customers. It manages the Group's forest assets in the Nordics. The operations are based on sustainable forest management encompassing planning, logistics, harvesting, and forest regeneration.

Segment Other

The segment Other includes the reporting of the emerging businesses as well as Stora Enso's shareholding in the energy company Pohjolan Voima (PVO), and Group's shared services and administration.

Segment reporting will change as of 1 January 2026 with more details of the change included under note 7.2 Events after the reporting period.

External sales

Personnel by segment

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Operating segments 2025

EUR million	Packaging Materials	Packaging Solutions	Biomaterials	Wood Products	Forest	Other	Eliminations	Group
External sales	4,255	1,016	1,151	1,611	1,254	39	0	9,326
Internal sales	224	11	308	205	1,958	155	-2,861	0
Sales total	4,478	1,027	1,458	1,817	3,212	194	-2,861	9,326
Product sales								9,259
Service sales								67
Sales total								9,326
Material and services	-3,489	-688	-1,017	-1,480	-2,991	-293	2,937	-7,020
Personnel expenses	-517	-182	-134	-229	-117	-53	0	-1,232
Operating result	83	2	144	-16	826	-98	1	942
Net financial expense								-159
Income taxes								-97
Result for the period								686
Operative assets	4,625	790	2,708	983	7,786	1,005	-382	17,516
Tax receivables								251
Interest-bearing receivables								1,293
Total assets								19,059
Operative liabilities	1,054	202	301	306	803	298	-359	2,605
Tax liabilities								1,331
Interest-bearing liabilities								4,473
Total liabilities								8,410
Other items
Depreciations/impairments/impairment reversals	-245	-70	-100	-56	-22	-14	0	-507
Capital expenditures (excluding investments in biological assets)	391	54	151	53	22	7	0	678
Operating capital	3,571	588	2,407	677	6,983	707	-23	14,911
Average personnel	6,803	4,110	1,925	3,963	1,499	578	0	18,877

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Operating segments 2024

EUR million	Packaging Materials	Packaging Solutions	Biomaterials	Wood Products	Forest	Other	Eliminations	Group
External sales	4,207	977	1,303	1,357	1,157	49	0	9,049
Internal sales	295	10	284	165	1,670	128	-2,552	0
Sales total	4,502	987	1,587	1,522	2,827	176	-2,552	9,049
Product sales								8,986
Service sales								63
Sales total								9,049
Material and services	-3,489	-669	-1,024	-1,242	-2,624	-291	2,600	-6,738
Personnel expenses	-513	-185	-137	-205	-112	-75	0	-1,228
Operating result	-169	-394	256	-73	646	-162	-11	93
Net financial expense								-211
Income taxes								-65
Result for the period								-183
Operative assets	4,594	807	2,835	803	8,036	743	-325	17,494
Tax receivables								236
Interest-bearing receivables								2,072
Total assets								19,802
Operative liabilities	1,138	202	318	250	703	298	-301	2,606
Tax liabilities								1,429
Interest-bearing liabilities								5,779
Total liabilities								9,813
Other items
Depreciations/impairments/impairment reversals	-560	-452	-99	-100	-21	-13	0	-1,246
Capital expenditures (excluding investments in biological assets)	709	50	136	50	21	43	0	1,009
Operating capital	3,457	606	2,518	553	7,334	445	-24	14,888
Average personnel	7,074	4,229	1,989	3,736	1,480	725	0	19,233

{144}------------------------------------------------

Geographical information

	External sales by destination		Non-current assets by country1		Capital expenditure by country2
EUR million	2025	2024	2025	2024	2025	2024
Austria	298	294	133	132	10	6
Baltic States	307	267	57	56	10	9
Czechia	182	168	193	185	11	5
Finland	683	623	3,597	3,291	359	718
France	250	260	2	2	0	0
Germany	837	811	1	1	3	8
Italy	402	387	0	0	0	0
Netherlands	502	503	396	435	5	16
Poland	496	506	379	366	46	23
Sweden	1,344	1,255	6,725	7,077	126	131
UK	254	293	0	0	0	0
Other Europe	879	845	102	92	23	10
Total Europe	6,434	6,213	11,585	11,636	594	926
China (incl. Hong Kong)	865	931	474	593	12	9
Japan	247	248	0	0	0	0
Uruguay	29	37	1,552	1,725	45	38
USA	329	259	0	0	0	0
Other countries	1,421	1,360	322	297	26	36
Total	9,326	9,049	13,933	14,251	678	1,009

¹ Non-current assets excluding financial instruments and deferred tax assets.

2.2 Materials and services

Accounting principles

Materials and services include costs of raw materials and consumables used in production processes as well as services purchased to support the Group's production and delivery of goods to customers. Materials are recognised at cost and expensed as consumed in the production processes. Services are expensed as incurred.

	2025	2024
Materials and supplies1	-5,506	-5,309
Change in inventories	-28	75
Freight costs	-886	-838
Goods purchased for resale	-102	-107
Other production related costs	-497	-559
Total	-7,020	-6,738

¹ Materials and supplies include mostly wood, energy and chemical costs as well as related transportation costs, hedges and purchases from associated companies.

2.3 Other operating income and expenses

Accounting principles

Research and development

Research costs are expensed as incurred in other operating expenses in the consolidated income statement. Development costs are also expensed as incurred unless they meet the criteria to be recognised as intangible assets in accordance with IAS 38, in which case they are capitalised as intangible assets and amortised over their expected useful lives.

Government grants

Government grants relating to the purchase of property, plant and equipment are deducted from the carrying value of the asset, while the net cost is capitalised. Other government grants are recognised as income on a systematic basis over the periods necessary to match them with the related costs they were intended to compensate.

² Excluding biological asset capital expenditure.

{145}------------------------------------------------

EUR million	2025	2024
Other operating income
Emission rights allocated and disposal gains	101	107
Sale of green certificates	3	4
Gains on disposal of fixed assets	10	8
Gains on disposal of Group companies and business operations	168	8
Dividend and gain on sale of unlisted shares	4	3
Insurance compensation	7	16
CTA release	0	1
Government grants	63	97
Other1	34	82
Total	389	325

1 Including rent income, fair value changes for non-hedge accounted derivatives and other items. Derivatives are discussed in more detail in note 5.4 Derivatives.

EUR million	2025	2024
Other operating expenses
Lease expenses	46	44
Credit losses, net of reversals	1	3
Losses on disposal of fixed assets	2	7
Losses on disposal of Group companies and business operations	0	8
CTA release	24	0
Provision changes in income statement	48	54
Other1	382	427
Total	503	543

1 Includes expenses related to, among others, consultancy and other services, IT and telecommunications, properties and administration, audit, training, travelling, insurance, penalties, and currency translation differences on operative payables.

Materials and services include	2025	2024
Emissions rights to be delivered	41	55

The Group has recorded an other operating income of EUR 101 (107) million related to emission rights. The actual realised profits amounted to EUR 72 (63) million on the disposal of surplus rights. Under Materials and Services, an expense of EUR 41 (55) million has been booked related to the cost of CO² emissions from production. See note 4.5 Emission rights and other non-current assets for more details related to emission rights.

Lease expenses comprise expenses related to short-term leases of EUR 11 (11) million, low-value assets of EUR 29 (26) million and variable lease payments not included in the measurement of lease liabilities of EUR 1 (2) million. They also include service payments specified in lease contracts, which are excluded from the measurement of lease liabilities.

In 2025, research and development expenses of EUR 62 (77) million were recorded.

Auditor's fees and services

EUR million	2025	2024
Audit fees	5	4
Audit-related fees	1	0
Tax fees	0	0
Other fees	0	0
Total	5	5

Aggregate fees for professional services, services other than audit fees, rendered to the Group principal auditor PricewaterhouseCoopers amounted to EUR 1 (0) million. Audit fees relate to the auditing of the annual financial statements or ancillary services normally provided in connection with statutory and regulatory filings. Auditrelated fees are incurred for assurance, such as assurance of the Sustainability Statements, and associated services that are reasonably related to the performance of the audit or for the review of financial statements.

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2.4 Depreciation, amortisation and impairments

Accounting principles

Depreciation or amortisation of an asset begins when it is available for use in the location and condition necessary for it to be operated in the manner intended by management. Depreciation or amortisation ceases when the asset is derecognised or classified as held for sale. Depreciation or amortisation does not cease when the asset becomes idle. Assets are depreciated and amortised on a straight-line basis during their useful lives. Useful lives are reviewed annually. If an asset is disposed and the asset's book value is higher than the disposal proceeds, the difference is recognised as an impairment in the period when reliable estimate of disposal loss is available, at the latest when a binding sales contract is signed. Right-of-use (ROU) assets are depreciated using the straight line method from the commencement date of the contract to the earlier of the end of the lease term or the end of the useful life of the ROU assets.

The carrying amounts of intangible assets, property, plant and equipment and ROU assets are reviewed at each reporting date to determine whether there is any indication of impairment, whereas goodwill is tested for impairment annually. If any such indication exists, the recoverable amount is estimated as the higher of the fair value less costs of disposal and the value in use (discounted cash flow method), with an impairment being recognised whenever the carrying amount exceeds the recoverable amount.

A previously recognised impairment is reversed if there has been a change in the estimates used to determine the recoverable amount, however, not to an extent higher than the carrying amount that would have existed had no impairment been recognised in prior years. For goodwill, however, a recognised impairment is not reversed.

Whilst intangible assets, property, plant and equipment and ROU assets are subject to impairment testing at the cash generating unit (CGU) level, goodwill is subject to impairment testing at the CGU or group of CGUs level, which represents the lowest level within the Group at which goodwill is monitored for internal management purposes.

Critical accounting estimates and judgement

The value in use (discounted cash flow) method uses future projections of cash flows of a CGU or a group of CGUs and includes, among other estimates, projections of future product pricing, production levels, costs, market supply and demand, projected capital expenditures and weighted average cost of capital. The discount rates used reflect the best estimate of the weighted average cost of capital. The Group has evaluated the most sensitive estimates and assumptions, which, when changed, could have a material impact on the valuation of the assets including goodwill and, therefore, could lead to an impairment. These estimates and assumptions are sales prices, operating costs, the discount rate and expected remaining useful life.

Management believes that the assigned values and useful lives, as well as the underlying assumptions, are reasonable, though different assumptions and assigned useful lives could have a significant impact on the reported amounts. For material intangible assets and property, plant and equipment in an acquisition, an external advisor makes a fair valuation and assists in determining their remaining useful life. The key assumptions used in the impairment testing are explained further in this note.

Depreciation, amortisation and impairments

Depreciation, amortisation and impairments	507	1,246
Total	-1	-1
Plant and equipment	0	-1
Buildings and structures	-1	0
Reversal of impairment
Total	26	746
Other tangible assets	0	5
Right-of-use assets	11	26
Plant and equipment	14	254
Buildings and structures	0	90
Intangible assets	2	30
Goodwill	0	342
Impairment
Total	482	500
Other tangible assets	8	8
Right-of-use assets	46	56
Plant and equipment	333	334
Buildings and structures	62	66
Intangible assets	33	37
Depreciation and amortisation
EUR million	2025	2024

Impairment testing

The recoverable amount for the cash generating units (CGUs) has been determined as the higher of fair value less costs of disposal and their value in use. Value in use is determined by using cash flow projections from financial estimates approved by the Board of Directors and management. The pre-tax discount rates are determined for each CGU, taking into account the business environment of the CGU and the tax and risk profile of the country in which the cash flow is generated. The table in the goodwill impairment testing section below sets out the pre-tax discount rates used

for goodwill impairment testing, which are similar to those used in the impairment testing of other intangible assets, property, plant and equipment, and ROU assets.

The following assumptions are used in calculating value in use for each CGU:

• Sales price estimates in accordance with internal and external specialist analysis;
• Cash flows and discount rates were prepared in nominal terms;
• Current cost structure to remain unchanged;
• For goodwill testing, a five-year future period, followed by perpetuity value,
• For other intangible assets, property, plant and equipment, and ROU assets, the testing period is the remaining expected useful life of the assets.

Property, plant and equipment, other intangible assets, and ROU assets impairments

The total impairments on property, plant and equipment, other intangible assets and ROU assets in 2025 amounted to EUR 26 (405) million. In 2025, no significant impairments.

In 2024, impairments were primarily related to the Packaging Materials, Packaging Solutions and Wood Products segments. In Packaging Materials, the impairments of EUR 248 million were related to the Consumer Board China CGU (EUR 141 million), the Varkaus Mill CGU (EUR 54 million), the Poland CGU (EUR 27 million) and the Langerbrugge Mill CGU (EUR 24 million). In Packaging Solutions, the impairments of EUR 98 million were related to the Western Europe CGU. In Wood Products, the impairments of EUR 51 million were related to the Northern Europe CGU.

Goodwill impairments

The total impairments on goodwill in 2025 amounted to EUR 0 (342) million.

In 2024, goodwill impairments were recognised for the Packaging Solutions Western Europe CGU (EUR 277 million), Packaging Materials Varkaus Mill CGU (EUR 36 million), Packaging Materials Langerbrugge Mill CGU (EUR 23 million) and Wood Products Norther Europe CGU (EUR 6 million).

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The most material groups of CGUs containing goodwill

	Year ended 31 December
	2025		2024
EUR million	Goodwill at year end	Pre-tax discount rate	Goodwill at year end	Pre-tax discount rate
Wood Products - Southern Europe	111	11.3 %	109	11.6 %
Other CGUs	60		54
Total	171		162

Goodwill testing sensitivity analysis

The calculation of value in use is highly sensitive to discount rates, sales prices and costs. Sensitivity analysis are conducted to calculate the amounts by which the value assigned to the key assumption must change in order for the unit's recoverable amount to be equal to its carrying amount for the CGUs for which a reasonably possible change in an assumption could result in an impairment. The recoverable amount for the Packaging Materials Oulu CGU amounted to EUR 1,578 million compared with the carrying amount of EUR 1,390 million. The table below summarises the amounts by which the key assumption must change in order for the unit's recoverable amount to be equal to its carrying amount.

Packaging Materials Oulu CGU

Increase in the discount rate (percentage points)	0.8 %
Annual decrease in the sales prices	-1.1 %
Annual increase in the costs	1.3 %

Summary of impairments and impairment reversals per segment

EUR million	2025	2024
Packaging Materials	1	307
Packaging Solutions	4	375
Biomaterials	0	1
Wood Products	12	56
Forest	1	0
Other	7	6
Total (impairment +) / (Impairment reversal -)	25	745

2.5 Net financial items

Accounting principles

Net financial items comprise net interest expenses, foreign exchange gains and losses and other financial income and expenses mainly arising from interestbearing assets and liabilities.

Financial income and expense

EUR million	2025	2024
Net financial expense in the income statement
Financial income	104	118
Financial expense	-263	-329
Total	-159	-211
Represented by
Interest expense
Interest expense from borrowings measured at amortised cost	-186	-218
Interest component of the effective hedges under cash flow hedge	4	11
Interest expense on leases	-20	-25
Interest capitalised	10	29
Interest income on loans and receivables measured at amortised cost	38	75
Net interest expense	-153	-127
Foreign exchange gains and losses
Currency derivatives	-5	2
Borrowings, cash equivalents, lease liabilities and other	25	-22
Net foreign exchange gains and losses	20	-20
Other financial income	2	1
Other financial expense
Financial fees	-46	-43
Fair valuation losses	0	0
Impairments losses and impairment reversals on interest-bearing assets	24	-15
Net interest on net defined benefit liabilities	-6	-6
Net other financial expense	-26	-64
Total	-159	-211

Gains and losses on derivative financial instruments are shown in note 5.4 Derivatives.

In 2025, the net interest expense increased compared to previous year. The increase was mainly due to a significant reduction in interest income from deposits and cash equivalents, reflecting lower average interest rates and cash balances during the year. Although interest expenses on loans decreased due to lower average borrowings, this reduction was not enough to offset the decline in interest income. In addition, a smaller amount of interest was capitalised to qualifying assets during the year, contributing further to the higher net interest expense.

The amount of interest costs capitalised during the year amounted to EUR 10 (29) million, and were mainly related to the Oulu site conversion project in Finland. The average interest rate used for capitalisation was 4.0% (4.1%). Costs on long-term debt issues capitalised as part of non-current debt amounted to EUR 6 (6) million in the statement of financial position. During the year, EUR 2 (3) million was amortised through interest expense by using the effective interest rate method.

Exchange gains and losses for currency derivatives mainly relate to nonhedge accounted instruments fair valued in the income statement. In 2025, the amount reported as other financial income mainly consists of fair valuation gains, while other financial expense in the table above relates to net financial fees for unused committed credit facilities, guarantees and factoring and supply chain financing programmes. Impairments of interest-bearing assets relate to receivables originating from the sale of the Russia operations in 2022. During 2024 the Group decided to write-off the remaining receivables of EUR 15 million. In 2025, the Group received EUR25million related to these receivables, which was recognised as a reversal of impairments in the income statement.

2.6 Income taxes

Accounting principles

The Group income tax expense/benefit includes taxes of Group companies based on taxable profit/loss for the period, together with tax adjustments for previous periods and the change in deferred taxes. Tax assets and liabilities reflect uncertainty related to income taxes, if any.

Deferred taxes are provided using the liability method, as measured with enacted, or substantially enacted, tax rates, to reflect the net tax effects of all temporary differences between the tax bases and the accounting bases of assets and liabilities. No deferred tax is recognised for the initial recognition of goodwill and the initial recognition of an asset or liability in a transaction which is not a business combination, and at the time of the transaction this affects neither accounting profit nor taxable profit. Deferred tax is recognised on transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. Deferred tax assets reduce income taxes payable on taxable income in future years. The deferred tax assets, whether arising from temporary differences or from tax losses, are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised.

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Critical accounting estimates and judgement

Tax assets and liabilities are reviewed on a regular basis and balances are adjusted appropriately. The deferred tax assets, whether arising from temporary differences or from tax losses, are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. Management considers that adequate provision has been made for future tax consequences based on the current facts, circumstances and tax laws. However, should any tax positions be challenged and not prevail, different outcomes could result and have a significant impact on the amounts reported in the consolidated financial statements.

Tax expense

EUR million	2025	2024
Current tax	-57	-41
Deferred tax	-40	-24
Total income tax	-97	-65

Income tax rate reconciliation

EUR million	2025	2024
Profit before tax	783	-118
Tax at statutory rates applicable to profits in the country concerned1	-147	76
Non-deductible expenses and tax exempt income2	-9	-14
Valuation of deferred tax assets	16	-44
Taxes from prior years	0	-2
Changes in tax rates and tax laws	-2	0
Impairment of goodwill	-4	-84
Results from associated companies	18	10
Other3	31	-8
Total income taxes	-97	-65
Effective tax rate	12.4 %	-55.4 %
Statutory tax rate (blended)	18.8 %	64.1 %

• 1 Includes a EUR 27 million impact from countries with tax holidays and tax benefits in 2025 and a EUR 30 million impact from tax holidays and other tax benefits in 2024.
• 2 The tax value of non-deductible expenses of EUR 19 million has been netted against tax exempt income of 10 EUR million in 2025, and tax value of non-deductible expenses of EUR 18 million has been netted against tax exempt income of EUR 4 million in 2024.
• 3 Includes a EUR 29 million tax impact from tax-exempt divestment of Swedish forest holdings in 2025.

The statutory tax rate is a weighted average of the statutory tax rates prevailing in jurisdictions where Stora Enso operates.

Change in deferred taxes in 2025

EUR million	Value at 1 Jan 2025	Income statement	OCI	Acquisitions/ disposals	Translation difference	Value at 31 Dec 2025
Forest assets	-1,335	-87	61	191	-58	-1,228
Fixed assets	-17	-76	0	-1	-11	-105
Financial instruments	5	1	-15	0	0	-9
Untaxed reserves	-7	1	0	0	0	-7
Pensions and provisions	-38	82	-8	0	6	42
Tax losses and tax credits carried forward	164	34	0	0	-5	193
Other deferred taxes	18	3	0	0	3	24
Total	-1,211	-43	37	190	-65	-1,092
Equity hedges and net investment loans (CTA)		3	-3
Cash flow hedging		0	0
Change in deferred tax		-40	34	190	-65
Assets1	205					222
Liabilities1	-1,416					-1,314

¹ Deferred tax assets and liabilities have been offset in accordance with IAS 12. OCI = Other Comprehensive income, CTA = Cumulative Translation Adjustment

Change in deferred taxes in 2024

EUR million	Value at 1 Jan 2024	Income statement	OCI	Acquisitions/ disposals	Translation difference	Value at 31 Dec 2024
Forest assets	-1,315	-117	69	-2	30	-1,335
Fixed assets	-83	61	0	0	5	-17
Financial instruments	-12	2	16	0	0	5
Untaxed reserves	-6	-1	0	0	0	-7
Pensions and provisions	3	-33	-5	0	-3	-38
Tax losses and tax credits carried forward	112	50	0	-1	2	164
Other deferred taxes	3	17	0	0	-2	18
Total	-1,298	-22	81	-3	31	-1,211
Equity hedges and net investment loans (CTA)		-3	3
Change in deferred tax		-24	83	-3	31
Assets1	134					205
Liabilities1	-1,433					-1,416

¹ Deferred tax assets and liabilities have been offset in accordance with IAS 12. OCI = Other Comprehensive income, CTA = Cumulative Translation Adjustment

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Non-recognised deferred tax assets on deductible temporary differences amounted to EUR 69 (126) million. There is no expiry date for these differences. Taxable temporary differences in respect of investments in subsidiaries, branches and associates and interests in joint operations, for which deferred tax liabilities have not been recognised amounted to EUR 414 (440) million.

Tax losses

		Tax losses carried forward		Recognised tax values		Unrecognised tax values
EUR million	2025	2024	2025	2024	2025	2024
Expiry within five years	192	193	3	7	44	41
Expiry after five years	785	565	153	108	5	6
No expiry	1,140	1,199	36	48	195	208
Total	2,117	1,957	192	163	243	256

At the end of 2025, tax losses of EUR 731 (496) million related to Finland. A deferred tax asset of EUR 146 (99) million was recognised relating to these tax losses. The Group evaluates the probability of deferred tax asset utilisation on an ongoing basis, considering both favourable and unfavourable evidence.

Cumulative losses in Finland in recent years have primarily resulted from high wood costs, geopolitical uncertainty, low consumer confidence, the Group's earlier heavy investment phase, as well as cost items considered as nonrecurring in nature. Tax losses will generally expire within 10 years from the date of their creation, with the majority of the Group's tax losses in Finland expiring in 2033–2035. Forecasts of future taxable profit in Finland indicate that it is probable the tax losses can be utilised within the expiration period. The forecasts reflect underlying improvements in operating performance, including the expected future positive impact from the Oulu mill rampup and the successful execution of already implemented measures to improve operational and cost efficiency.

Based on the assessment of available evidence, the Group has concluded that it is probable that the tax losses and deductible temporary differences in Finland can be utilised. The Group will continue to monitor the above factors, including in particular its actual profit record, in upcoming periods. If circumstances and facts indicate that it is no longer probable that deferred tax assets will be utilised, adjustments will be made as necessary.

Uncertain tax positions

At balance sheet date there were on-going tax audits in certain jurisdictions. It is not expected that any significant additional taxes in excess of those already recorded for will arise as a result of these audits.

Impact of OECD Pillar Two model rules

The Group is within the scope of the OECD Pillar Two model rules as from 1 January 2024. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12.

The impact of the legislation to the Group's average effective tax rate is expected to vary from year to year. In 2025 current tax expense of EUR 57 million includes EUR 4 million Pillar Two top-up tax expense.

2.7 Earnings per share

Accounting principles

Basic earnings per share, attributable to the owners of the parent company, are calculated by dividing the net result attributable to shareholders by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares held by the Group as treasury shares. Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares plus the diluted effect of all potential dilutive ordinary shares, such as shares from share-based payments.

Earnings per share

	2025	2024
Net result for the period attributable to the owners of the parent, EUR million	695	-136
Weighted average number of A and R shares	788,619,987	788,619,987
Weighted average number of share awards	1,076,778	1,151,874
Weighted diluted number of shares	789,696,765	789,771,861
Basic earnings per share, EUR	0.88	-0.17
Diluted earnings per share, EUR	0.88	-0.17

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3 Employee remuneration

3.1 Personnel expenses

Personnel expenses

EUR million	2025	2024
Wages and salaries	925	926
Pension expenses	144	143
Share-based remuneration	4	2
Other statutory employer costs	137	135
Other voluntary costs	22	22
Total	1,232	1,228

Pension expenses

EUR million	2025	2024
Defined benefit plans	6	7
Defined contribution plans	139	137
Total	144	143

The average number of employees in 2025 amounted to 18,877 (19,233). Pension costs are discussed further in note 3.3 Post-employment benefit obligations.

In 2025, the expense of the share-based remuneration was EUR 4 (2) million. Share-based remuneration comprising of share awards is described in more detail in note 3.4 Employee variable compensation and equity incentive schemes. Remuneration of the Group Leadership Team and Board are described in note 3.2 Board and executive remuneration.

3.2 Board and executive remuneration Board and committee remuneration

		2025		2024
EUR thousand (before taxes)	Cash	Value of shares1	Total4	Total	Committee memberships
Board members at 31 December 2025
Kari Jordan, Chair	145	89	234	227	2, 3 People and Culture, Nomination
Håkan Buskhe, Vice Chair	82	50	132	129	2, 3 People and Culture, Nomination
Helena Hedblom	59	34	93	90	Sustainability and Ethics
Astrid Hermann	68	34	103	100	Financial and Audit
Christiane Kuehne	64	34	98	95	Sustainability and Ethics
Richard Nilsson	83	34	117	114	Financial and Audit, Sustainability and Ethics
Reima Rytsölä	59	34	93	90	People and Culture
Elena Scaltritti	59	34	93	—	Sustainability and Ethics
Antti Vasara	68	34	103	—	Financial and Audit
Former Board members
Elisabeth Fleuriot (until 20 March 2025)	—	—	—	100	Financial and Audit
Antti Mäkinen (until 20 March 2024)	—	—	—	—	People and Culture
Total remuneration as Directors1	687	379	1,066	945

¹ 40% of the Board remuneration, excluding Committee remuneration, in 2025 was paid in Stora Enso R shares purchased from the market and distributed as follows: to Chair 9,526 R shares, Vice Chair 5,378 R shares, and members 3,692 R shares each. The Company has no formal policy requirements for the Board members to retain shares received as remuneration.

Shareholders at the Annual General Meeting (AGM) have established a Shareholders' Nomination Board to exist until otherwise decided and to annually prepare proposals for the AGM's approval concerning the number of members of the Board of Directors, the Chair, Vice Chair and other members of the Board, as well as the remuneration for the Chair, Vice Chair and members of the Board and its committees.

² Stora Enso's Shareholders' Nomination Board has been appointed by the AGM in 2016 to exist until otherwise decided. The Shareholders' Nomination Board according to its Charter as approved by the AGM comprises of four members: the Chair and Vice Chair of the Board of Directors, as well as two members appointed by the two largest shareholders (one each) as of 31 August each year. No separate remuneration is paid to members of the Nomination Board.

³ Marcus Wallenberg, appointed by FAM AB, is Chair of the Nomination Board. Matts Rosenberg (Jouko Karvinen until 18 December 2025) is the member of the Shareholders' Nomination Board appointed by Solidium Oy. Kari Jordan and Håkan Buskhe were appointed as members of the Shareholders' Nomination Board in their roles as Chair and Vice Chair of the Board of Directors.

⁴ The Company additionally pays the transfer tax for share purchases for each member, in line with AGM decision, which amount is considered also taxable income for each member.

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Board share interests at 31 December 2025

	Shares held (direct and indirect ownership)
	A R
Board members at 31 December 2025
Kari Jordan, Chair	25,344
Håkan Buskhe, Vice Chair	21,290
Helena Hedblom	12,686
Astrid Hermann	9,169
Christiane Kuehne	23,759
Richard Nilsson¹	127 36,537

1 Spouse holds 127 of A shares and 236 of R shares.

The following Board members also served in 2025

	Shares held when Board membership ended (direct and indirect)	Effective date of Board membership ending
Elisabeth Fleuriot	35,506	20 March 2025

Reima Rytsölä 6,330 Elena Scaltritti 3,692 Antti Vasara 3,692 Total shares held 127 142,499

Group Leadership Team (GLT) remuneration and share interests

The following table includes the remuneration earned by GLT members during the year, including those shares with performance conditions that have ended and are due to vest in the coming year. The Company recommends and expects the CEO and GLT members to hold Stora Enso shares at a value corresponding to at least one annual base salary. Stora Enso shares received as remuneration are therefore recommended not to be sold until this level has been reached.

The aggregate cost of earned remuneration for the GLT in 2025 amounted to EUR 11 (11) million. The total number of GLT members was 12 (11) at the year end in 2025.

In accordance with their respective pension arrangements, GLT members may retire at sixty-five years of age with pensions consistent with local practices in their respective home countries. Employment contracts provide for six months' notice prior to termination, with severance compensation of twelve months basic salary if the termination is at the Company's request.

The outcome of the financial targets relating to the Short-term incentive programmes for the performance year 2025, and Long-term incentive programmes for the performance years 2023 to 2025 were reviewed and confirmed by the People and Culture Committee and approved by the Board of Directors in February 2026.

Note 3.4 Employee variable compensation and equity incentive schemes includes details of incentive schemes and share opportunity programmes for the management and staff of Stora Enso.

Group Leadership Team remuneration

		2025			2024
EUR thousand	CEO	Others2, 5	GLT Total	CEO	Others	GLT Total
Remuneration1, 4
Annual salary	1,013	4,348	5,361	1,000	3,476	4,476
Local housing (actual costs)	—	4	4	—	2	2
Other benefits	2	246	248	—	940	940
Termination benefits	—	457	457	—	—	—
Short Term Incentive programme3	254	1,775	2,029	640	2,001	2,641
Long Term Incentive programme3	990	700	1,690	—	1,621	1,621
	2,259	7,530	9,789	1,640	8,040	9,680
Pension costs
Mandatory plans	129	681	810	139	809	948
Stora Enso voluntary plans	—	764	764	—	636	636
	129	1,445	1,574	139	1,445	1,584
Total compensation	2,388	8,975	11,363	1,779	9,485	11,264

• 1 The Finnish Corporate Governance code requires companies to report remuneration that is paid or due, and due to this the figures presented in the above table do not directly reconcile with the amounts recognised as personnel expenses in the Income statement as presented in the below table Group Leadership Team remuneration in Income statement.
• 2 Includes earnings related to Pasi Kyckling until 13 January 2025, Niclas Rosenlew as of 13 January 2025, Andreas Birmoser and Markku Luoto as of 1 July 2025 and Per Lyrvall until 31 March 2025..
• 3 Related to amounts paid in 2025 and amounts due at year end, which will be paid in 2026. LTI value is calculated using the 30 December 2025 closing price of EUR 10.71 and forecasted LTI outcome as after Q3/2025. The final value of the vested shares will be approved after February 2026 and depend on the share price on vesting date 18 March 2026. Respectively, 2024 related numbers have been updated to include STI and LTI incentives paid in 2024 and to be paid in 2025.
• 4 Remuneration for executives is disclosed only for the period during which they were GLT members.
• 5 Remuneration of GLT members decreased in 2025 compared to 2024 mainly due to the performance outcome of variable pay programmes. The average number of GLT members during 2025 was 10.25.

Group Leadership Team remuneration in Income statement

		2024
EUR thousand	CEO	Others	GLT Total	CEO	Others	GLT Total
Salaries and other short-term employee benefits	1,229	5,478	6,707	1,640	5,605	7,245
Long Term Incentive programme1	1,228	639	1,867	146	632	778
Post-employment benefits2	129	1,445	1,574	139	1,445	1,584
Total recognised in Income statement	2,586	7,562	10,148	1,925	7,682	9,607

• 1 The costs of long-term incentive (LTI) programmes are recognised as costs over the three year vesting period based on the share price at grant date and the estimate of equity instruments that will eventually vest.
• 2 Includes statutory and supplementary pension contributions.

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Executives other than CEO

Short term incentive (STI) programmes for management

In 2025, GLT members had STI programmes with up to a maximum 80% of their annual fixed salary, payable the year following the performance period. 100% of the STI for 2025 was based on Group and segment financial measures.

Long-term incentive (LTI) programmes for management

The 2023 and 2024 programmes feature performance metrics with oneyear performance periods, which are accumulated after three years, as well as metrics with three-year performance periods. The 2025 programme features performance metrics with three-year performance periods. All three programmes will be settled in a single portion after three years, with the absolute maximum vesting level being 100% of the number of shares granted. The 2023 programme pertains to the performance period 2023–2025, the 2024 programme to the performance period 2024– 2026, and the 2025 programme to the performance period 2025–2027. The opportunity under these programmes is in Performance Shares, with shares vesting in accordance with performance criteria proposed by the People and Culture Committee and approved by the Board of Directors.

During the year, the 2025 programme was launched, under which GLT members (as of the year-end) can potentially receive a value corresponding to 577,060 shares before taxes, assuming the maximum vesting level during the three-year vesting period (2025–2027) is achieved. The total number of shares actually transferred will be lower, as a portion corresponding to the tax obligation will be withheld to cover income tax.

The fair value of employee services received in exchange for share-based compensation payments is accounted for in a manner consistent with the method of settlement, which is either cash or equity settled as described in more detail in note 3.4 Employee variable compensation and equity incentive schemes. For the equity-settled portion, it is possible that the actual cash cost does not align with the accounting charges, as the share price is not updated at the time of the vesting. The figures in the Group Leadership Team Remuneration table refer to individuals who were executives at year-end or during part of the year.

At the end of the year, the performance period for the 2023 programme ended, and will be settled in one portion after three years, in March 2026, depending on Earnings Per Share (EPS) for the Stora Enso Group, Relative Total Shareholder Return (TSR) and ESG metrics (emission reduction and diversity) . The outcome of the Performance Share programme will be confirmed in the beginning of March 2026, once the relative TSR outcome is confirmed. The maximum number of shares due to executives (GLT members at year-end) from programmes that ended during 2025 amounted to 161,880 shares. The total number of shares actually

transferred will be based on the confirmed outcome and a portion corresponding to the tax obligation will be withheld to cover income tax.

CEO

President and Chief Executive Officer Hans Sohlström has been employed by Stora Enso and assumed the position of CEO on 18 September 2023. He has a notice period of six months, with a severance payment of twelve months' salary upon termination by the Company, but no contractual payments in the event of change of control. The CEO's pension plan and retirement age are in accordance with the Finnish statutory TyEL plan. The CEO has no supplementary pension plan.

Short-term incentive (STI) programme for CEO

The maximum STI earning for the CEO is 100% of the fixed annual salary until September 2025 and 150% as of October 2025. The CEO STI plan for the period Q4/2024– Q3/2025 resulted in an outcome of 16% and was paid in 2025. For the last quarter 2025, the CEO STI programme followed the Group STI plan structure pro-rated for the three-month earning period. As of 2026, the CEO's STI programme is fully aligned with the standard annual STI cycle.

Long-term incentive (LTI) programme for CEO

As of 18 September 2023, a two-year CEO Performance Plan was initiated, with a vesting date in Q4/2025. The plan resulted in an outcome of 60% and a gross award of 101,652 R shares was delivered in 2025. The total number of shares actually transferred will be lower, as a portion corresponding to the tax obligation will be withheld to cover income tax. The performance targets related to the balance sheet, capital expenditure, strategy, and sustainability. The Board decided to include the CEO on the ongoing LTI 2024 and LTI 2025 programmes. The CEO was granted 164,060 performance shares and 52,080 restricted shares from LTI 2024-2026 programme, and 164,060 performance shares from LTI 2025-2027.

Group Leadership Team share interests

	R shares held1	Shares due 20262	Performance share opportunity 2027–20283	Restricted share opportunity 2027–20283
Total, Serving Officers	338,070	33,758	860,162	98,080

1 Direct and indirect ownership. None of the GLT members holds A shares.

3.3 Post-employment benefit obligations

Accounting principles

Employee benefits

The Group operates a number of defined benefit and contribution plans throughout the world, the assets of which are generally held in separate trustee administered funds. Such pension and post-retirement plans are generally funded by payments from employees and by the relevant Group companies, taking into account the recommendations of independent qualified actuaries. Employer contributions to the defined contribution pension plans are charged to the consolidated income statement in the year they relate to.

For defined benefit plans, accounting values are assessed using the projected unit credit method. Under this method, the cost of providing pensions is charged to the consolidated income statement to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plan every year. The pension obligation is measured as the present value of the estimated future cash outflows using interest rates of highly rated corporate bonds or government securities, as appropriate, that match the currency and expected duration of the related liability.

The Group recognises all actuarial gains and losses arising from defined benefit plans directly in equity, as disclosed in its consolidated statement of comprehensive income. Past service costs are identified at the time of any amendments to the plans and are recognised immediately in the consolidated income statement regardless of vesting requirements. The full liability for all plan deficits is recorded in the Group's consolidated statement of financial position.

Critical accounting estimates and judgement

The determination of the Group pension obligation and expense is subject to the selection of certain assumptions used by actuaries in calculating such amounts, including, among others, the discount rate, the annual rate of increase in future compensation levels and estimated lifespans. Amounts charged in the income statement are determined by independent actuaries; however, where actual results differ from the initial estimates, together with the effect of any change in assumptions or other factors, these differences are recognised directly in equity, as disclosed in the statement of comprehensive income. The Group defines interest risk and life expectancy as actuarial risks associated with defined benefit plans. Interest risk: the obligations are assessed using market rates of high-quality corporate or government bonds to discount the obligations and are therefore subject to any volatility in the movement of the market rate. The net interest income or expense recognised in profit and loss are also calculated using the market rate of interest. Life expectancy: In the event that members live longer than assumed, the obligations may be understated originally and a deficit may emerge if funding has not adequately provided for the increased life expectancy.

The Group's pension expenses amounted to EUR 144 (143) million in 2025, as shown in note 3.1 Personnel expenses. Pensions are classified as defined contribution plans and defined benefit plans. The majority of the Group's pensions plans are defined contribution plans for which the charge amounted to EUR 139 (137) million. The aim of the Group is to provide defined contribution plans as its post-employment benefits.

² Shares due to GLT member are gross of taxes for the LTI programmes with performance periods that ended in 2025 and are due to be paid 2026. The Performance Share programme value is based on Q3/2025 forecasted outcome and final value will be available after February 2026. Some GLT members hold restricted shares in the Restricted Shares programme that ended in 2025 and those shares are due to be paid 2026. 3 Potential shares to GLT members are gross of taxes for LTI programmes with performance periods that end in 2026-2027 and are due to be paid 2027-2028.

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	Defined	benefit obligation (+)		Fair value of plan assets (-)	Net defined benefit obligation / (asset)
EUR million	2025	2024	2025	2024	2025	2024
At 1 January	735	775	-574	-578	161	197
Current service cost	8	7	—	—	8	7
Past service cost	22	—	-25	—	-2	—
Settlements	—	-1	—	1	—	—
Interest expense (+) income (-)	26	29	-20	-23	6	6
Total included in income statement	57	35	-45	-22	11	12
Actuarial changes in demographic assumptions	1	-1	—	—	1	-1
Actuarial changes in financial assumptions	-32	-3	—	—	-32	-3
Actuarial changes from experience adjustments	-8	-7	—	—	-8	-7
Return on plan assets1	—	—	10	-16	10	-16
Asset ceiling impact1	—	—	-6	4	-6	4
Total remeasurement gains (-) / losses (+) included in OCI	-40	-11	4	-12	-36	-23
Benefit payments	-55	-58	44	47	-10	-11
Employer contributions and refunds	—	—	-3	-13	-3	-13
Translation difference	12	-6	-11	4	1	-2
Other	-1	—	—	—	-1	—
At 31 December	707	735	-586	-574	122	161

¹ Excluding amounts included in interest expense (+) income (-).

In 2026, contributions of EUR 4 (4) million are expected to be paid to Group's defined benefit plans.

Significant actuarial assumptions used in the valuation of defined benefit obligations

	Finland		Germany		Sweden
	2025	2024	2025	2024	2025	2024
Discount rate %	3.6	3.2	4.0	3.4	3.6	3.3
Future salary increase %	3.0	3.0	2.5	2.5	2.9	2.9
Future pension increase %	2.2	2.2	2.0	2.0	2.0	2.0
Duration of pension plans	8.0	8.0	10.6	9.8	13.0	13.8

Sensitivity of the defined benefit obligation

	Impact on defined benefit obligation
	Change in assumption	Increase in assumption	Decrease in assumption
Discount rate		0.50 % Decrease by 5.5%	Increase by 6.1%
Salary growth rate	0.50 %	Increase by 1.1%	Decrease by 1.0%
Pension growth rate	0.50 %		Increase by 4.9% Decrease by 4.5%
Life expectancy	1 year		Increase by 4.7% Decrease by 4.7%

Defined benefit plan summary by country as at 31 December 2025

EUR million	Finland	Germany	Sweden	Other	Total
Present value of funded obligations	133	2	252	148	534
Present value of unfunded obligations	—	139	16	18	173
Defined benefit obligations (DBO)	133	141	268	165	707
Fair value of plan assets	-132	-30	-281	-142	-586
Net obligation in the balance sheet	1	111	-14	24	122
Represented by
Defined benefit pension plans	1	111	-14	6	105
Other post-employment benefits	—	—	—	17	17
Net obligation in the balance sheet	1	111	-14	24	122

Defined benefit plan summary by country as at 31 December 2024

EUR million	Finland	Germany	Sweden	Other	Total
Present value of funded obligations	150	6	261	156	574
Present value of unfunded obligations	—	122	17	22	160
Defined benefit obligations (DBO)	150	128	278	178	735
Fair value of plan assets	-149	-5	-270	-149	-574
Net obligation in the balance sheet	1	123	7	29	161
Represented by
Defined benefit pension plans	1	123	7	8	140
Other post-employment benefits	—	—	—	21	21
Net obligation in the balance sheet	1	123	7	29	161

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Finland

In Finland, the employees are entitled to a statutory pensions benefit determined by the Employee Pension Act (TyEL). These benefits are defined as contribution benefits. They are insured with an insurance company and provide coverage for old age, disability, and death. The charge in the income statement from contribution benefits is EUR 64 (63) million.

In addition, the Group has additional defined benefit plans which resulted in a charge of EUR 0 (0) million excluding finance costs. Defined benefit plans and plan assets are managed by insurance companies. Details of the exact structure and investment strategy surrounding plan assets are not available to participating employers, as the assets actually belong to the insurance companies themselves. The assets are managed in accordance with EU regulations, and also national requirements, under which there is an obligation to pay guaranteed benefits irrespective of market conditions.

Germany

The German pension costs amounted to EUR 4 (2) million, of which EUR 1 (2) million related to defined contribution plans and EUR 2 (0) million to defined benefits excluding finance costs. The net defined benefit obligation amounted to EUR 111 (123) million.

Defined benefit pension plans are mainly accounted for in the statement of financial position through book reserves with some minor plans using insurance companies or independent trustees. Retirement benefits are based on the years worked and salaries received during the pensionable service, and the commencement of pension payments are linked to the national pension scheme's retirement age. Pensions are paid directly by the companies themselves to their former employees. The security for the pensioners is provided by the legal requirement that the book reserves held in the statement of financial position are insured up to certain limits.

Sweden

In Sweden, all blue-collar staff and part of the white-collar staff are covered by defined contribution plans, with a charge of EUR 48 (48) million in the income statement. Defined benefit plans are covering the remaining whitecollar staff and resulted in a charge of EUR 2 (3) million, excluding finance costs. The net defined benefit asset amounted to EUR 14 (net obligation EUR 7) million. The decrease in the net obligation during the year is explained mostly by changes in actuarial assumptions, especially from a slightly higher in discount rate. Stora Enso has undertaken to pay all local legal pension obligations for the main ITP scheme to the foundation, so the remaining obligation relates to other small plans. The long-term investment return target for the foundation is a 3% real return after tax.

Other countries

The net defined benefit obligation in the remaining countries amounted to EUR 24 (EUR 29) million. The change in net obligation arose mainly from changes in actuarial assumptions.

Plan assets

		2025				2024
EUR million		Quoted Unquoted	Total	% of total		Quoted Unquoted	Total	% of total
Equity instruments	86	—	86	15%	90	6	96	17%
Debt instruments	43	31	75	13%	67	29	96	17%
Property	12	62	74	13%	—	61	61	11%
Cash	7	—	7	1%	15	—	15	3%
Assets held by insurance companies	—	279	279	48%	—	221	221	39%
Others	10	54	64	11%	0	85	85	15%
Total pension fund assets	158	427	586	100%	172	402	574	100%

Plan assets do not include any real estate or other assets occupied by the group or the Company's own financial instruments.

The two main financial factors affecting Group's pension obligation are changes in interest rates and inflation expectations. The aim of asset investment allocations is to neutralise these effects, secure solvency for benefit payments and maximise returns.

3.4 Employee variable compensation and equity incentive schemes

Accounting principles

Share awards

The costs of all employee-related share-based payments are charged to the consolidated income statement as personnel expenses over the vesting period.

All share-based payment transactions are classified as equity-settled share awards. The equity-settled share awards (net of tax), are measured at the fair value of the equity instruments on the grant date, and are adjusted for the present value of expected dividends. The fair value of the equity-settled share-based payments determined on the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of equity instruments that will eventually vest, with a corresponding increase in equity.

Short term incentive (STI) programmes

Salaries for senior management are negotiated individually. Stora Enso has incentive plans that take into account the performance, development and results of both business units and individual employees. This performancebased variable compensation system is based on profitability as well as on attaining key business targets.

Group Executives, as well as business area and business unit management have STI programmes in which the payment is calculated as a percentage of the annual base salary with a maximum level ranging from 35% to 80%. Middle management and employees participate in an STI programme with a maximum incentive level from 7% to 25%. All incentives are discretionary. These performance-based programmes cover most employees globally, where allowed by local practice and regulations. For the performance year 2025, the annual incentive programmes were based on financial measures and safety targets. The financial success metrics in the STI programme 2025 are adjusted EBIT and operating working capital.

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Long term incentive (LTI) programmes

Since 2005, new share-based programmes for executives have been launched every year. The 2023 and 2024 programmes feature a performance metric with one-year performance periods, which are accumulated after three years, as well as performance metrics with three-years performance periods. The 2025 programme feature a performance metric with three years performance period. All outstanding programmes will be settled in a single portion after three years.

For the 2023 plan, three quarters (75%) of the opportunity under the programmes are in performance shares, where shares will vest in accordance with performance criteria proposed by the People and Culture Committee and approved by the Board of Directors. The financial performance metrics for the 2023, 2024, and 2025 programme are 3-year Earnings Per Share (EPS) for the Stora Enso Group and Absolute Total Shareholder Return (relative TSR in 2023), which also feature ESG metrics (emissions reduction and diversity). One quarter (25%) of the opportunity under the programme are in Restricted Shares, for which vesting is subject to continued employment. For the 2024 and 2025 plans, Restricted Shares have been awarded only in exceptional cases. Members of the GLT have been awarded mainly performance shares.

Outstanding restricted and performance share opportunities before taxes are shown in the table below. The total number of shares actually transferred will be less than that shown below because a portion of shares corresponding to employees' tax obligation will be withheld to cover income tax.

Share awards at 31 December 2025

Outstanding restricted and performance share awards at year end

Number of shares	2026	2027	2028	Total
2023 programme	668,030			668,030
2024 programme		1,266,470		1,266,470
2025 programme			1,712,880	1,712,880
Total	668,030	1,266,470	1,712,880	3,647,380

The costs of the Stora Enso share-based programmes are recognised as costs over the vesting period, which is the period between the grant and vesting. The total impact of share-based programmes in the income statement amounted to an expense of EUR 4 (EUR 2) million, all of which were related to restricted and performance share awards.

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4 Operating capital

4.1 Intangible assets, property, plant and equipment and right-of-use assets

Accounting principles

Goodwill

Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognised by the Group on an acquisition. Goodwill is computed as the excess of the cost of an acquisition over the fair value of the Group's share of the fair value of net assets of the acquired subsidiary at the acquisition date and is allocated to those groups of cash generating units expected to benefit from the acquisition. Goodwill arising on the acquisition of non-euro foreign entities is treated as an asset of the foreign entity denominated in the local currency and translated at the closing rate.

Goodwill is not amortised but tested for impairment on an annual basis, or more frequently if there is an indication of impairment.

Other intangible assets

Intangible assets are stated at their historical cost and amortised on a straight-line basis over their expected useful lives, which usually varies from 3 to 10 years and up to 20 years for patents. An adjustment is made for any impairment. Intangible items acquired must be recognised as assets separately from goodwill if they meet the definition of an asset, are either separable or arise from contractual or other legal rights, and their fair value can be measured reliably.

The cost of development or acquisition of new software clearly associated with an identifiable asset that will be controlled by the Group and has a probable benefit exceeding its cost beyond one year is recognised as an intangible asset and will be amortised over the expected useful life of the software between 3 to 10 years.

Intangible assets recognised separately from goodwill in acquisitions consist of marketing and customer-related or contract and technology-based intangible assets. Typical marketing and customer-related assets include trademarks, trade names, service marks, collective marks, certification marks, customer lists, order or production backlogs, customer contracts and the related customer relationships. Contract and technology-based intangible assets are normally licensing and royalty agreements or patented technology and trade secrets, such as confidential formulas, processes or recipes. The initial fair value of customer contracts and related relationships is derived from expected retention rates and cash flow over the customers' remaining estimated lifetime using excess earnings method. The initial fair value of trademarks is derived from a discounted cash flow analysis using the relief from royalty method.

Property, plant and equipment

Property, plant and equipment acquired by Group companies are stated at their historical cost, which are adjusted where appropriate by asset retirement costs. Assets arising on the acquisition of a new subsidiary are stated at fair value at the date of acquisition. Depreciation is computed on a straight-line basis and adjusted for any impairment and disposal charges. The carrying amount represents the cost deducted by received grants and subsidies and less the accumulated depreciation and any impairment charges. Interest costs on borrowings to finance the construction of assets are capitalised as part of the cost during the construction period when the requirements are fulfilled. Assets are considered to be ready when they are capable of operating in the manner intended by management, which indicates that certain pre-determined physical and technical conditions are met. In assessing readiness, factors such as production quality and stability, achievement of certain technical milestones, and fulfilment of regulatory requirements may be considered.

Land and water areas are not depreciated, as these are deemed to have an indefinite life, but otherwise depreciation is based on the following expected useful lives:

Asset class	Depreciation years
Buildings, industrial	10-50
Buildings, office & residential	20-50
Groundwood mills	15-20
Hydroelectric power	40
Paper, board and pulp mills, main machines	20-30
Heavy machinery	10-20
Converting factories	10-15
Sawmills	10-15
Computers	3-5
Vehicles	5
Office equipment	3-5
Railway, harbours	20-25
Forest roads	10-15
Roads, fields, bridges	15-20

Ordinary maintenance and repair charges are expensed when incurred, but the costs of significant renewals and improvements are capitalised and depreciated over the remaining useful lives of the related assets. Retirements, sales and disposals of property, plant and equipment are recorded by deducting the cost and accumulated depreciation from the accounting records with any resulting terminal depreciation adjustments reflected in impairment in the consolidated income statement. Capital gains are shown in other operating income.

Spare parts are accounted for as property, plant and equipment if they are major and used over more than one period, or if they are used only in connection with an item of property, plant and equipment. In all other cases, spare parts are carried as part of the inventory and expensed when consumed.

Right-of-use (ROU) assets

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted mainly for lease payments made at or before the commencement date. The Group allocates the consideration in the contract to each lease component and will separate non-lease components if these are identifiable. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.

The ROU assets are subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the lease term or the end of the useful life of the ROU asset. In addition, the ROU asset is adjusted for certain remeasurements of the lease liability.

The Group has elected not to recognise ROU assets for short-term leases that have a lease term of 12 months or less and leases of low value assets. Leases of low value assets mainly include IT and office equipment, certain vehicles and machinery and other low value items. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term, see note 2.3 Other operating income and expenses, for more information.

Critical accounting estimates and judgement

When assessing the lease term and if an extension or renewal options are included or not, the Group considers all relevant facts, circumstances and incentives that might have an impact on the assessment. Options to extend or renew the lease are included in the lease term only if it is reasonably certain that Stora Enso will exercise the option. The Group will do a reassessment, for example upon changes in circumstances, receiving new information or an occurrence of a significant event that is within the control of the lessee and might have an impact on the assessment.

For more information about critical accounting estimates and judgement related to valuation of intangible assets, property plant and equipment, right-of-use assets and goodwill, please see note 2.4 Depreciation, amortisation and impairments.

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Intangible assets

		Customer relationships	Other
EUR million	Computer software	and trademarks	intangible assets	Assets in progress	Goodwill	Total
Acquisition cost
At 1 January 2024	241	206	209	36	848	1,539
Translation difference	0	0	2	0	-1	1
Reclassifications	5	0	2	-13	0	-6
Additions	9	0	15	19	0	43
Disposals1	-4	0	-7	0	0	-10
At 31 December 2024	251	206	222	42	847	1,567
Translation difference	-2	0	-5	0	2	-5
Reclassifications	12	0	3	-22	0	-7
Additions	7	0	2	7	5	21
Disposals1	-7	0	-14	0	0	-21
At 31 December 2025	262	206	207	27	854	1,555
Accumulated amortisation and impairments
At 1 January 2024	206	16	162	3	343	730
Translation difference	0	0	2	0	1	3
Reclassifications	-6	0	0	0	0	-6
Disposals1	-3	0	-6	0	0	-9
Amortisation	14	16	7	0	0	37
Impairments	1	14	16	0	342	372
At 31 December 2024	212	45	181	3	685	1,127
Translation difference	-1	0	-4	0	-2	-7
Reclassifications	0	0	0	0	0	0
Disposals1	-8	0	-13	0	0	-21
Amortisation	13	15	6	0	0	33
Impairments	0	0	2	0	0	2
At 31 December 2025	216	60	172	3	683	1,135
Net Book Value at 31 December 2025	46	146	35	24	171	421
Net Book Value at 31 December 2024	39	160	40	38	162	440

¹ Company disposals are included in Disposals line. Company disposals and classification of assets as held for sale are discussed in more detail in note 6.1 Acquisitions, disposals and assets held for sale.

Included in Customer relationships and trademarks, as part of the 2023 acquisition of De Jong Packaging Group, are customer-related intangibles purchased with a carrying amount of EUR 123 million and a remaining amortisation period of 12 years, as well as marketingrelated intangibles of EUR 22 million with remaining amortisation periods ranging from 2 to 17 years.

Property, plant and equipment	Land and	Buildings and	Plant and	Other tangible	Assets in
EUR million	water	structures	equipment	assets	progress	Total
Acquisition cost
At 1 January 2024	109	3,087	11,089	410	745	15,440
Translation difference	0	18	-29	-4	1	-14
Reclassifications	195	-10	-56	1	-129	1
Reclassifications to biological assets	0	-3	-1	0	0	-4
Additions	1	25	291	2	555	874
Disposals1	-199	-7	-79	-8	0	-292
At 31 December 2024	107	3,111	11,215	400	1,172	16,004
Translation difference	1	-63	-16	5	0	-73
Reclassifications	0	147	872	20	-1,032	7
Reclassifications to biological assets	0	-3	-1	0	0	-4
Additions	14	59	451	9	167	700
Disposals1	-2	-38	-307	-6	0	-353
At 31 December 2025	120	3,212	12,215	428	307	16,281
Accumulated depreciation and impairment
At 1 January 2024	2	1,976	8,246	345	17	10,586
Translation difference	0	-5	-41	-3	0	-48
Reclassifications	195	-23	-164	-4	-1	2
Additions	0	1	0	0	0	1
Disposals1	-198	-20	-72	-8	0	-298
Depreciation	0	64	334	9	0	408
Impairments and reversals	12	77	253	3	2	347
At 31 December 2024	11	2,071	8,557	342	18	10,998
Translation difference	0	-15	29	4	-1	17
Reclassifications	0	0	0	0	0	1
Additions	0	0	0	0	0	0
Disposals1	0	-52	-317	-6	0	-376
Depreciation	0	60	333	10	0	402
Impairments and reversals	-1	0	13	0	0	12
At 31 December 2025	10	2,064	8,614	349	17	11,055
Net Book Value at 31 December 2025	110	1,148	3,600	79	289	5,227

¹ Company disposals are included in the Disposals line. Company disposals and classification of assets as held for sale are discussed in more detail in note 6.1 Acquisitions, disposals and assets held for sale.

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Right-of-use assets

EUR million	Land and water	Forest land	Buildings and structures	Plant and equipment and other	Total
Acquisition cost
At 1 January 2024	101	233	268	111	712
Translation difference	3	9	-1	-2	9
Reclassifications to biological assets	0	-18	0	0	-18
Additions	5	5	53	13	76
Disposals1	-1	0	-10	-14	-25
Other changes	-4	-7	7	-1	-4
At 31 December 2024	104	222	317	107	750
Translation difference	-6	-19	0	-2	-27
Reclassifications to biological assets	0	-16	0	0	-16
Additions	1	6	13	25	45
Disposals1	0	-10	-8	-20	-39
Other changes	1	-34	0	2	-30
At 31 December 2025	99	150	321	113	683
Accumulated depreciation and impairment
At 1 January 2024	40	24	66	61	192
Translation difference	2	1	-1	-1	1
Disposals1	-1	0	-9	-15	-24
Depreciation	2	3	31	19	56
Impairment	10	0	16	0	26
At 31 December 2024	53	28	104	65	250
Translation difference	-4	-2	0	-1	-7
Disposals1	0	-10	-8	-20	-39
Depreciation	2	-1	27	18	46
Impairment	0	0	3	8	11
At 31 December 2025	51	15	126	69	261
Net Book Value at 31 December 2025	48	134	195	44	422
Net Book Value at 31 December 2024	51	194	212	43	499

¹ Company disposals are included in the Disposals line. Company disposals and classification of assets as held for sale are discussed in more detail in note 6.1 Acquisitions, disposals and assets held for sale.

Stora Enso's most material right-of-use assets capitalised consist of land areas used in forestry and industrial operations, various machinery and equipment leases including operative machinery and logistic equipment, as well as properties including offices, warehouses and other operative properties. Some of the leases contain renewal options and extension options that are considered in the lease term if the Group is reasonably certain to exercise the option.

See notes 5.3 Interest-bearing assets and liabilities for more details about lease liabilities and 2.3 Other operating income and expenses for details about lease expenses included in the income statement.

Intangible assets and property, plant and equipment, and right-of-use asset additions

The total capital expenditure excluding investments in biological assets for the year amounted to EUR 678 (1,009) million. Details of the ongoing projects and future plans are discussed in more detail in the Report of the Board of Directors.

4.2 Forest assets

Accounting principles

Stora Enso's forest assets are defined as standing growing trees, classified as biological assets, and related forest land. Biological assets consist of standing trees to be used as raw material for pulp and mechanical wood production and as biofuels.

Forest asset valuation is based on continuous operations and sustainable forest management, while also taking into account environmental restrictions and other reservations. Biological assets are recognised and valued in accordance with IAS 41 Agriculture at fair value, while forest land assets are recognised in accordance with IAS 16 Property, plant and equipment. Leased forest land assets are presented as part of right-of-use assets in note 4.1 Intangible assets, property, plant and equipment and right-of-use assets.

Nordic and plantation forest assets are classified as different asset classes due to their differing nature, usage, and characteristics. The main difference is the short-term growing cycle of 6–12 years in plantations versus the long-term growing cycle of 60–100 years in Nordic forests. There are also differences in regeneration methods, forest management, and the use of assets for other purposes.

Nordic forest assets include holdings in Sweden and Finland, while plantation forest assets include holdings in China, Brazil and Uruguay. Accounting policies for the different classes of forest assets are presented separately below. Additionally, the Group has minor forest asset holdings in Estonia and Romania through the associate company Tornator. The Group holds forest assets in its own subsidiaries in Sweden and China as well as in joint operations in Brazil and Uruguay, and in associate companies in Finland and Sweden. Stora Enso also ensures that the Group's share of the valuation of forest holdings in associated companies and joint operations is consistent with Group accounting policies. At harvesting, biological assets are transferred to inventory.

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Nordic forest assets

Forest assets in Sweden and Finland are recognised at fair value and valued using a market approach method based on forest market transactions in the areas where Stora Enso's forests are located. Stora Enso's forest assets create value by securing wood supply, increasing long-term yield, optimising land use and securing financial flexibility. They play an important role in mitigating climate change impacts, as growing trees absorb CO² . The forest lands offer additional opportunities for future value streams, such as wind power.

The total forest assets value is calculated with verified inventory data and regional standing stock prices, considering, among others:

• regional market transaction data based on the geographical locations of forest assets,
• standing stock prices by forest cubic metre (m³ fo) combined from traded forest estates and
• regional standing stock inventory.

Information relating to forest asset transactions is available from market data suppliers. Stora Enso applies three-year (36-month) weighted average market transaction prices which are considered to include a sufficient number of transactions and are estimated to represent market conditions at the reporting date. The market transaction information is viewed as market-corroborated inputs. Certain adjustments are made to refine the market-corroborated inputs using unobservable inputs; therefore, inputs are categorised based on Level 3 of the fair value hierarchy.

The total value of the forest assets in the Nordics is allocated across biological assets and forest land. The allocation of the combined fair value of forest assets is based on the income approach where the present values of expected net cash flows for both biological assets and forest land are calculated separately. The discount rate is determined as the rate at which the valuation, based on market transaction prices, matches the combined cash flows of total forest assets for biological assets and forest land. The discount rate is estimated to be the same for biological assets and forest land as the nature and timing of the cash flows are similar.

Biological assets are measured at fair value in accordance with IAS 41. The fair value is based on the income approach and the discounted cash flow method, whereby the fair value of the biological assets is calculated using cash flows from continuous operations, taking into account the growth potential of one cycle. Forest land is measured at fair value using the revaluation method, as defined in IAS 16. The fair value of forest land is measured based on the income approach, including net cash flows related to trees to-be-planted in the future as well as other land related income, such as wind power leases, hunting rights and soil material sales. The valuation of forest assets owned through Tornator Oyj in Estonia and Romania is based on the discounted cash flow method both for biological and land assets.

Changes in the fair value of biological assets are recognised in the income statement. Changes in the fair value of forest land, net of deferred taxes, are recognised in other comprehensive income (OCI) and accumulated in a revaluation reserve in equity. The revaluation reserve is not recycled to the income statement upon disposal. If the fair value of forest land were to be less than cost, the difference would be recognised in the income statement as an impairment loss.

Plantation forest assets

In plantation forest areas, biological assets are recognised at fair value in accordance with IAS 41 and based on the income approach in those areas where the Group has forest land. Fair value measurement is based on Level 3 of the fair value hierarchy. Forest land is measured initially and subsequently at cost, using the cost model as defined in IAS 16.

The valuation of biological assets is based on the discounted cash flow method. This method uses cash flows from continuous operations, incorporating sustainable forest management, and taking into account growth potential of one cycle. The fair value of biological assets is based on the productive forest land. The yearly harvest from the forecasted tree growth is multiplied by wood prices and the cost of silviculture and harvesting is deducted. The fair value of biological assets is measured as the present value of the harvest from one growth cycle, taking into consideration environmental restrictions and other reservations. The discount rate applied is determined using the weighted average cost of capital method.

Young standing timber less than two years old (less than three years in Montes del Plata) is considered to be an immature asset and accounted at cost. The fair value approximates the cost when little biological transformation has occurred or the impact of the transformation on the price is not expected to be significant. This varies according to the location and species of the assets.

Changes in the fair value of biological assets are recognised in the income statement. Forest land is measured at cost and not depreciated.

Critical accounting estimates and judgement

Biological assets

The fair value of biological assets is determined by using discounted cash flow method. These discounted cash flows require estimates of growth, harvesting, sales price, costs and discount rate. To determine the fair value of biological assets, management must estimate future price levels and trends for sales and costs and conduct regular surveys to establish the volumes of wood available for harvesting and their current growth rates.

Nordic forest assets

The fair value of forest assets in the Nordics is determined using a market approach, based on forest market transactions in the areas where Stora Enso's forests are located. Market prices between areas vary significantly and judgement is applied to define relevant areas for market transactions used in valuation. The valuation of the forest assets is based on detailed transaction data and price statistics provided by market data suppliers. Judgement is applied when adjustments are made to reflect the specific characteristics and nature of Stora Enso's forest assets and to exclude certain non-forest assets and outlier transactions. Stora Enso applies three-year (36 month) weighted average market transaction prices, which are considered to include a sufficient number of transactions and are estimated to represent market conditions at the reporting date.

The value of the forest assets is allocated to biological assets and forest land. The allocation of the combined fair value of forest assets is based on the income approach where the present values of expected net cash flows for both biological assets and forest land are calculated separately. The total net cash flows for each component include estimates for future cash flows.

The value of forest assets disclosed in the consolidated statement of financial position from subsidiary companies and joint operations amounts to EUR 6,641 (7,227) million as shown below. The Group's indirect share of forest assets held by associated companies amounts to EUR 1,702 (1,474) million. The total forest asset value, including leased forest land, amounts to EUR 8,478 (8,894) million.

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Forest assets

	Biological ass	sets	Forest land	2	Forest assets total
EUR million	2025	2024	2025	2024	2025	2024
Subsidiaries and joint operations
Value at 1 January	5,243	4,836	1,983	2,269	7,227	7,105
Translation differences	222	-132	75	-60	297	-192
Unrealised change in fair value 1	675	638	-385	-281	289	358
Additions	69	102	2	57	70	159
Disposals and classification as held for sale	-729	-6	-201	-2	-930	-9
Change due to harvesting 1	-237	-208	_	-	-237	-208
Other operative changes 1	-37	-9	_	_	-37	-9
Reclassification from PPE	20	22	_	_	20	22
Reclassification - other 3	-59		-		-59
Value at 31 December	5,167	5,243	1,473	1,983	6,641	7,227
Associated companies
SESOM 2 AB (15%)	111	_	31	_	143	_
Tornator Oyj (41%)	1,449	1,335	110	139	1,560	1,474
Value at 31 December	1,561	1,335	142	139	1,702	1,474
Total	6,728	6,579	1,615	2,122	8,343	8,701

Our year 2025 Our strategy Our people

Valuation and standing stock of forest assets

As at 31 December 2025

			0. 2000
			Swedish forests	Guangxi	Veracel (50%)	MdP (50%)	Tornator (41%)	SESOM 2 AB (15%)	Total
Total area		Thousand ha	1,199	54	118	153	333	26	1,882
- of which owned		Thousand ha	1,199	_	103	111	333	26	1,772
- of which leased		Thousand ha	_	54	14	42	-	_	110
Productive area		Thousand ha	1,003	48	50	101	298	22	1,522
Total area	Standing stock	million m³ fo.¹	135.2	3.6	7.0	16.2	35.5	3.2	200.6
Productive area	Standing stock	million m³ fo.¹	133.3	3.6	7.0	16.2	35.1	3.2	198.4
	Estimated growth	million m³ fo.¹	6.0	1.1	2.2	3.0	1.6	0.0	13.9
	Harvesting	million m³ fo.1	-3.9	-1.5	-2.1	-2.7	-1.4	0.0	-11.6
	Other changes	million m³ fo.1	-22.5	-0.3	0.0	-0.1	1.1	3.2	-18.5
	Harvesting	million m³ u.b.²	-3.3	-1.2	-1.7	-2.2	-1.1	0.0	-9.5
Biological assets		EUR million	4,527	156	135	350	1,449	111	6,728
Biological assets	Productive area	EUR/ha	4,511	3,241	2,724	3,461	4,865	5,089	4,421
Forest land		EUR million	1,242	_	25	206	110	31	1,615
Total forest asse	ts	EUR million	5,769	156	160	556	1,560	143	8,343
Leased forest lan	d	EUR million	-	84	9	41	-	_	134
Total forest asse	ts incl. leased lan	d	5,769	240	169	597	1,560	143	8,478

¹ For biological assets, changes are presented in the profit and loss. For forest land, changes in fair value are recognised directly in equity.
2 Not including leased forest land.

³ Related to Swedish forests.

¹ Forest cubic meters 2 Solid under bark (sub) cubic meters

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				01 0	202111001 2024
		•	Swedish forests	Guangxi	Veracel (50%)	MdP (50%)	Tornator (41%)	Total
Total area		Thousand ha	1,410	62	117	154	319	2,063
- of which owned	ł	Thousand ha	1,410	_	103	111	319	1,944
- of which leased	I	Thousand ha	_	62	14	43	0	119
Productive area		Thousand ha	1,150	54	49	102	286	1,641
Total area	Standing stock	million m 3 fo. 1	155.9	4.2	6.8	16.0	34.1	217.0
Productive area	Standing stock	million m³ fo.¹	153.7	4.2	6.8	16.0	33.8	214.6
	Estimated growth	million m³ fo.¹	5.9	1.2	2.3	2.9	1.5	13.9
	Harvesting	million m 3 fo. 1	-4.1	-1.1	-1.6	-2.4	-1.4	-10.5
	Other changes	million m³ fo.¹	2.1	-0.2	0.0	0.6	0.3	2.8
	Harvesting	million m³ u.b.²	-3.4	-0.9	-1.3	-2.0	-1.1	-8.7
Biological assets		EUR million	4,577	189	118	358	1,335	6,579
Biological assets	Productive area	EUR/ha	3,980	3,517	2,392	3,516	4,675	4,009
Forest land		EUR million	1,725	_	25	233	139	2,122
Total forest asset	:S	EUR million	6,302	189	143	592	1,474	8,701
Leased forest lan	d	EUR million	_	140	6	48	_	194
Total forest asset	s incl. leased land		6,302	329	150	639	1,474	8,894

1 Forest cubic metres

Subsidiaries and joint operations

At the end of 2025, forest assets (excluding leases) were located by value, in Sweden 87% (87%), China 2% (3%), Brazil 2% (2%) and Uruauay 8% (8%). The total area amounts to 1.523 (1.744) thousand hectares of which 7% (7%) is leased and 0% (0%) is restricted. From Stora Enso's total forest holdings 1,202 (1,355) thousand hectares constitutes productive forest grea. The Montes del Plata and Vergcel amounts reflect the ownership share.

Swedish forests

At the end of 2025, the value of biological assets in Swedish forests amounted to EUR 4,527 (4,577) million, related forest land amounted to EUR 1.242 (1.725) million and total forest assets amounted to EUR 5.769 (6.302) million. The decrease was mainly due to the divestment of forest assets in Sweden, while stronger foreign exchange rate and slight increase in standing stock had a positive impact on forest assets. Biological assets decreased due to the divestment, while foreign exchange rate impact and increase in long-term wood market prices had a positive impact on the value. The increased discount rate impacted the biological asset value negatively. A storm in the end of December had a negative impact on the biological assets in Sweden, due to which EUR 59 million of biological assets were moved to inventory and EUR 29 million was booked as damages to the operating result. The full extent of the damage and potential insurance compensation is still being assessed. Forest land value

decreased mainly due to the divestment of forest land in Sweden and an increase in the discount rate, while foreign exchange rate had a positive impact on forest land value. Deferred tax liabilities related to forest assets amounted to EUR 1,191 (1,297) million. The discount rate of 4.5% (4.1%) was applied in the valuation.

The productive grea in Swedish forests amounted to 1003 (1150) thousand hectares with a standing stock of 133.3 (153.7) million forest m³. The weighted three-year (36 month) average market transaction price applied in the valuation for Swedish forests assets in 2025 is EUR 43 (41) per forest m³. The forest asset value corresponds to an average of EUR 5.750 (5.480) per hectare of productive forest area.

As explained in the section Critical accounting estimates and judgement, the valuation of forest assets is based on detailed transaction data and price statistics as provided by different market data suppliers. Market transaction data is adjusted to consider the characteristics and nature of Stora Enso's forest assets and to exclude certain non-forest assets and outliers. Main adjustments made to the transaction data in 2025 was related to outliers. The divestment of 12.4% of Stora Enso's Swedish forest assets was not included in the market transaction data as it was not considered a pure unconditional sale of forest assets due to the related contractual agreements, further described in 6.1 Acquisitions, disposals and assets held for sale. The valuation takes into account the location of the forest land, price levels and volume of standing stock. Market prices vary significantly between areas. Future changes in the value of Swedish forest assets will be influenced by changes in market transaction prices and changes in volume of standing stock, considering growth and other factors.

2025		Värmland, Storlän	Dalarna, Västra	Dalarna, Östra	Gävleborg, Östra	Jämtland, Södra	Other	Total
Productive area	Thousand ha	391	88	272	70	181	0	1,003
Percentage of total	%	39%	9%	27%	7%	18%	0%	100%
Standing stock	million m³ fo.1	58.3	11.3	35.6	10.8	17.2	0.0	133.3
Percentage of total	%	44%	8%	27%	8%	13%	0%	100%
Valuation EUR/m³ fo 1,2	EUR	45	42	45	41	36	70	43
Number of transactions	S	293	189	348	77	127	n/a	1034

1 Forest cubic metres

^{2 3-}year weighted average

2024		Värmland, Storlän	Dalarna, Västra	Dalarna, Östra	Gävleborg, Östra	Jämtland, Södra	Other	Total
Productive area	Thousand ha	482	95	312	70	191	0	1,150
Percentage of total	%	42%	8%	27%	6%	17%	0%	100%
Standing stock	million m³ fo.¹	70.9	11.8	42.2	11.2	17.6	0.0	153.7
Percentage of total	%	46%	8%	27%	7%	11%	0%	100%
Valuation EUR/m³ fo 1,2	EUR	41	43	44	41	35	66	41
Number of transactions		250	165	322	72	121	n/a	930

1 Forest cubic metres

² Solid under bark (sub) cubic metres

^{2 3-}year weighted average

{162}------------------------------------------------

Guangxi

At the end of 2025, the value of the biological assets in Guangxi, China, amounted to EUR 156 (189) million. All the forest land in China is leased. The biological asset value decrease is mainly due to lower volumes as some of the lease contracts were ended in 2025, while sales prices and decrease in discount rate had a positive impact on the value. Biological assets included young standing timber with a value of EUR 21 (30) million. The discount rate of 8.8% (9.2%) used in the discounted cash flows (DCF) decreased in 2025.

Veracel

Veracel is a 50% joint operation in Brazil. Stora Enso's share of biological assets was EUR 135 (118) million. The increase is mainly caused by favourable climate conditions effecting the growth and decreased discount rate. Biological assets included young standing timber with a value of EUR 36 (33) million. The discount rate of 8.2% (12.4%) is used in 2025. The related forest land is measured at cost.

Montes del Plata

Montes del Plata (MdP) is a 50% joint operation in Uruguay. Stora Enso's share of biological assets was EUR 350 (358) million. The decrease is mainly driven by weaker foreign exchange rate, while increased growth and decrease in discount rate had a positive impact on the biological asset value. Biological assets included young standing timber with a value of EUR 54 (55) million. The discount rate of 8.0% (9.0%) is used in the DCF in 2025. The related forest land is measured at cost.

Associated companies

Tornator

Tornator Oyj is a 41% owned Finnish associate company. Stora Enso's share of biological assets was EUR 1,449 (EUR 1,335) million, related forest land amounted to EUR 110 (139) million, and total forest assets equalled to EUR 1,560 (1,474) million. The increase in the value of forest assets is mainly driven by acquisitions and slightly higher market prices.

Stora Enso's share of the productive forest area totals 298 (286) thousand hectares with a standing stock of 35.1 (33.8) million forest m³ . The weighted three-year (36 month) average market transaction price applied in the valuation for forest assets located in Finland in 2025 is EUR 44 (44) per forest m³ . The forest asset value in Finland corresponds to an average of EUR 5,240 (5,160) per hectare of productive forest area.

SESOM 2 AB

SESOM 2 AB is a 15% owned Swedish associate company. Stora Enso's share of biological assets was EUR 111 million, related forest land amounted to EUR 31 million and total forest assets equalled to EUR 143 million.

Stora Enso's share of the productive forest area totals 22 thousand hectares with a standing stock of 3.2 million forest m³ . The weighted threeyear (36 month) average market transaction price applied in the valuation for forest assets located in Sweden in 2025 is EUR 45 per forest m³ . The forest asset value in Sweden corresponds to an average of EUR 6,520 per hectare of productive forest area.

Valuation sensitivities of significant assumptions of a +/- 10% movement

EUR million	Wood market prices		Growth rate Discount rate
Guangxi	+/-24	+/-17	+/-3
Veracel	+/-13	+/-13	+/-3
Montes del Plata	+/-37	+/-37	+12/-11

Nordic forest asset valuation is sensitive to changes in market transaction prices and volume of standing stock. The table below shows the sensitivity to change in average market price and to change in the volume of standing stock of forest assets in Sweden.

	EUR +1/forest m3		volume of standing stock of +1 million forest m3
EUR million	2025	2024	2025	2024
Värmland, Storlän	58	71	20	19
Dalarna, Västra	11	12	4	3
Dalarna, Östra	36	42	12	12
Gävleborg, Östra	11	11	3	3
Jämtland, Södra	17	18	5	4
Other	0	0	0	0
Total	133	154	43	41

4.3 Associates

Accounting principles

Associated companies over which Stora Enso exercises significant influence are accounted for using the equity method. Stora Enso does not control associated companies alone or jointly with other parties, but has significant influence. The Group's share of the associated companies profit or loss is recognised in the consolidated income statement. The Group's interest in an associated company is carried in the consolidated statement of financial position at an amount that reflects its share of the net assets of the associate together with goodwill. Goodwill arising from the acquisition of an associated companies is included in the carrying amount of the investment and is assessed for impairment as part of that investment.

When the Group share of losses exceeds the carrying amount of an investment, the carrying amount is reduced to zero and any recognition of further losses ceases unless the Group is obliged to satisfy obligations of the investee that it has guaranteed or which it is otherwise committed to.

The Group's share of results in associated companies is reported in the operating result to reflect the operational nature of these investments. Similarly, dividends received from associated companies are presented in the net cash provided by operating activities in the consolidated cash flow statement.

Principal associated company investments

				Ownership interest %		EUR million
Company	Reportable segment	Domicile and principal place of operations	2025	2024	2025	2024
Tornator Oyj	Forest	Finland	41.00	41.00	953	922
SESOM 2 AB	Forest	Sweden	15.00	—	116	—
Others					39	32
Carrying amount					1,108	954

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EUR million	2025	2024
Sales	152	139
Net operating expenses	-85	-80
Biological asset valuation	55	14
Operating result	123	74
Net financial items	-11	-14
Net result before tax	111	60
Income tax	-23	-10
Net result for the year	89	52

The average number of personnel in the associated companies was 971 in 2025, compared with 1,015 in 2024.

A summary of the financial information, prepared in accordance IFRS, in respect of the Group's material associates, Tornator Oyj and SESOM 2 AB is set out below. The Group's share of these associated companies are reported in the Forest segment and covers the majority of the Group's total carrying amount of associated companies.

Tornator Oyj

EUR million	2025	2024
Forest assets	3,805	3,595
Other non-current assets	73	71
Current assets	145	134
Non-current liabilities	748	948
Current liabilities	480	141
Tax liabilities	470	460
Sales	238	221
Net result for the year	217	133
Other comprehensive income	-71	12
Total comprehensive income	146	145
Dividends received during the financial year (41%)	29	29
Net assets of the associate	2,325	2,250
Ownership interest	41.00 %	41.00 %
Carrying amount of the Group's interest in Tornator Oyj	953	922

The Group's share of Tornator's net profit was EUR 89 (54) million, including a biological asset valuation gain net of taxes of EUR 43 (12) million.

SESOM 2 AB

EUR million	2025
Forest assets	951
Other non-current assets	169
Current assets	18
Non-current liabilities	162
Current liabilities	4
Tax liabilities	197
Sales	11
Net result for the year	17
Other comprehensive income	7
Total comprehensive income	24
Net assets of the associate	775
Ownership interest	15.00 %
Carrying amount of the Group's interest in SESOM 2 AB	116

In September 2025, Stora Enso disposed 12.4% of its forest assets and retained 15% ownership of the sold company. In 2025 Stora Enso and SESOM 2 entered into a 15-year wood supply agreement with a possible additional 15-year extension. This will secure wood availability for Stora Enso's Swedish business units. SESOM 2 will also benefit from a forest management agreement under which Stora Enso will provide forest-related services. The group has assessed that these agreements together with other contractual details and Stora Enso's voting rights and share of appointed board members indicate that Stora Enso will exercise a significant influence over SESOM 2 and therefore it has been reported as associate company. More details about the transaction included in note 6.1 Acquisitions, disposals and assets held for sale.

The Group's share of SESOM 2 AB's net profit was EUR 3 million, including a biological asset valuation gain net of taxes of EUR 2 million.

Aggregate information of associated companies that are not individually material

EUR million	2025	2024
Non-current assets	46	44
Current assets	18	16
Non-current liabilities	10	8
Current liabilities	16	20
Sales	52	49
Net result for the year	-3	-2
Dividends received during the financial year	—	—
Net assets of the associates	39	32
Associate company value	39	32
Associate company value for Tornator Oyj	953	922
Associate company value for SESOM 2 AB	116	—
Total associate company value	1,108	954

Associated company balances

EUR million	2025	2024
Receivables from associated companies
Non-current loan receivables	3	2
Trade receivables	4	5
Current loan receivables	1	10
Liabilities to associated companies
Trade payables	60	46

Associated company transactions

EUR million	2025	2024
Sales to associated companies	26	30
Purchases from associated companies	231	199

The Group engages in transactions with associated companies such as sales and purchases of wood. All agreements are negotiated at arm's length and are conducted on terms that the Group considers customary in the industry and generally no less favourable than would be available from independent third parties.

{164}------------------------------------------------

Our year 2025

4.4 Equity instruments

✓ Accounting principles

The Group has elected to classify its equity investments in Pohjolan Voima shares and certain other unlisted shares held by the Group at fair value through other comprehensive income (FVTOCI) under IFRS 9 by applying the irrevocable election for equity instruments under the standard due to the long-term nature of the ownership. The gains and losses resulting from changes in the fair value of equity investments under FVTOCI are not recycled to the income statement upon impairment or disposal, only the dividend income is recognised in the income statement. In addition, the Group also has certain equity investments in unlisted securities that are classified as fair value through income statement. The majority of the Group's equity instruments consist of investments in Pohjolan Voima Oyj

✓ Critical accounting estimates and judgement

Where the fair value of financial assets and liabilities cannot be derived directly from publicly quoted market prices, other valuation techniques, such as discounted cash flow models, and Gordon model, are applied. Changes in the key assumptions, such as future cash flow estimates, could affect the reported fair value of the financial instruments. Investments in equity and debt instruments of unlisted entities, such as PVO, represent a significant portion of the Group's assets and require management judgement, as explained in more detail below.

Equity instruments

EUR million	2025	2024
1 January	613	819
Change in fair value - OCI	297	-203
Change in fair value - Income statement	0	0
Additions	13	0
Disposals	-11	-3
Translation difference and other changes	1	-1
31 December	912	613

PVO shares

The Group holds a 16.5% (16.1%) interest in Pohjolan Voima Oyi (PVO), a public limited company in the energy sector that produces electricity and heat for its shareholders in Finland at cost-based and non-profit making principle (Mankala-principle). Each subsidiary of the PVO group has its own class of shares that instead of dividends, entitle the shareholder to the energy produced in proportion to its ownership of that class of share. Also, the shareholders then have an obligation to cover the costs of production, which are generally lower than market prices. Stora Enso received EUR 2 (3) million of dividends from PVO during 2025. The holding is fair valued using

the discounted cash flow method. The valuation is categorised at level 3 in the fair value hierarchy. More details about these levels are included in note 5.2 Fair values.

Governance

The electricity prices used in the valuation are based on market future derivative prices for the first two years and on long-term electricity price estimates for the years thereafter. The historical financial statements provide the basis for the cost structure for each power asset and for future periods, estimates from PVO shareholder information is used when available and these are adjusted by inflation factor in future years. The discount rate of 6.48% 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 +96 million and -96 million, respectively. A +/- percentage point change in the discount rate would change the valuation by EUR -154 million and +204 million, respectively.

PVO's shares are divided in different share series. The B and B2 series relate to PVO's shareholdings in Teollisuuden Voima Oyi (TVO), which operates three nuclear plants in Finland (Olkiluoto 1–3). Stora Enso holds an indirect share of approximately 8.9% of the capacity of the Olkiluoto 3 nuclear plant unit through its PVO B2 shares.

PVO and other equity instruments 31 December 2025

EUR million	R million Share % Holding Asset Series 1 % Holding Category			2025	2024
PVO	А	20.6	Hydro	249	191
PVO	B, B2	15.7, 14.8	Nuclear	621	378
PVO	С			0	1
Total PVO				870	570
Other unlisted securities				42	31
Total unlisted securit	ies			912	602
Listed securities (Pack	ages Ltd) 2			0	11
Total Equity instrume	ents			912	613

• 1 After the finalisation of winding down of their related operations, the share series C was dissolved during 2025 and share series C2, V and M were dissolved during 2024.
• 2 Disposed during 2025.

The valuation of PVO in 2025 amounted to FUR 870 (570) million. The increase in PVO's valuation is mainly due to an increase in electricity price estimates. No deferred tax is recognised, as under Finnish tax regulations, holdings above 10% are exempt from tax on disposal proceeds.

4.5 Emission rights and other non-current assets

✓ Accounting principles

The Group participates in the European Emissions Tradina Scheme with the aim of reducing greenhouse gas emissions. The Group has been allocated allowances to emit a fixed tonnage of carbon dioxide (CO₂) over a fixed period of time, which are recognised as intangible assets, government grants and as liabilities for the obligation to deliver allowances equal to those emissions that have been made during the compliance period.

Intanaible assets related to emission allowances are measured at level 1 fair value at the date of initial recognition. The liabilities to deliver allowances are recognised based on actual emissions and are settled using allowances on hand and measured at the carrying amount of those allowances. At the reporting date, if the market value for the emission allowances is less than the carrying amount, any surplus allowances that are not required to cover emissions made are impaired to the market value.

The Group recognises expenses under "Materials and Services" related to emissions made at the grant date fair value for the allocated free allowances, or at acquisition cost for purchased emissions rights. These costs are offset by income from the use of granted rights, also measured at their original fair value, resulting in a neutral impact on the consolidated income statement for rights consumed within the original grant. Revenue from selling surplus emission allowances is recognised on the delivery date. Any net effect reflects either the cost of acquiring additional rights to cover excess emissions, the sale of unused rights when actual emissions are below the granted amount, or impairment of rights not needed for internal use.

Emission rights

EUR million	2025	2024
Value at 1 January	73	108
Emission allowances allocated	99	110
Sales	-71	-65
Settlement with the government	-55	-80
Value at 31 December	45	73

The liability to deliver allowances is presented in the consolidated statement of financial position in line other operative liabilities. As of 31 December 2025, the liability to deliver allowances amounted to EUR 40 (56) million as presented in note 4.8 Operative liabilities. The excess emission rights held at the year end were valued at EUR 21 (17) million.

Other non-current assets

EUR million	2025	2024
Prepaid expenses and accrued income	28	21
Tax credit	3	3
Other non-current operative assets	38	28
Total	69	53

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4.6 Inventories

Accounting principles

Inventories are reported at lower of cost and net realisable value with the cost determined by the first-in first-out (FIFO) method or, alternatively, by the weighted average cost where it approximates FIFO. The same cost formula is used for all inventories having a similar nature and use to the Group. The cost of finished goods and work in progress comprises raw material, direct labour, depreciation, other direct costs and related production overheads, but excludes interest expenses. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and sale.

Where market conditions result in the manufacturing costs of a product exceeding its net realisable value, a valuation allowance is made. Valuation allowances are also made for old, slow moving and obsolete finished goods and spare parts when needed. Such valuation allowances are deducted from the carrying value of the inventories in the consolidated statement of financial position.

EUR million	2025	2024
Materials and supplies	501	468
Work in progress	70	73
Finished goods	853	829
Spare parts and consumables	328	325
Other inventories	89	26
Advance payments and cutting rights	101	85
Obsolescence allowance - spare parts and consumables	-100	-104
Obsolescence allowance - finished goods	-18	-12
Net realisable value allowance	-22	-20
Total	1,802	1,672

EUR 6,117 (5,842) million of inventories in total were expensed during the year. EUR 29 (23) million of inventory write-downs were recognised as an expense. EUR 26 (26) million were recognised as a reversal of previous write-downs.

4.7 Operative receivables

Accounting principles

Trade receivables

Trade receivables are recognised initially at fair value and subsequently at their anticipated realisable value with an estimate made for loss allowance on expected credit losses based on a forward-looking and objective review of all outstanding amounts at period end. A simplified approach under IFRS 9 has been implemented for trade receivables and loss allowances are recognised based on expected lifetime credit losses in the consolidated income statement within other operating expenses. For non-defaulted receivables, expected credit losses are estimated based on externally generated customer level probability of default data that is used in the forward-looking loss allowance calculation model. The loss allowance model for non-defaulted receivables also takes into account a macroeconomic indicator that considers the macroeconomic developments and further incorporates forward-looking data to the calculation model. The rebuttable presumption that default does not occur later than when a financial asset is 90 days past due has been applied in the calculation model and a default is normally estimated to occur when trade receivables are at least 90 days overdue or there is otherwise objective evidence supporting the conclusion that a default has occurred. Trade receivables will be written off and booked as a credit loss only with the court's decision of bankruptcy or in some other cases when there is objective evidence supporting the write-off.

Trade receivables under factoring arrangements

Stora Enso uses factoring arrangements as one of the working capital management tools. Sold trade receivables are derecognised once significant related risks and rewards of ownership have been transferred to the buyer. Outstanding balances for trade receivables that were not yet sold at period end but qualify to be sold under factoring programmes in the next period, are classified as trade receivables fair valued through other comprehensive income in accordance with the business model and contractual cash flow characteristics tests under IFRS 9. Please refer to note 5.2 Fair values for further details.

Current operative receivables

EUR million	2025	2024
Trade receivables - gross carrying amount	613	688
Loss allowance	-20	-20
Prepaid expenses and accrued income	67	87
Other receivables	209	214
Total	869	969

Age analysis of trade receivables

EUR million	2025	2024
Not overdue	540	619
Less than 30 days overdue	38	39
31 to 60 days overdue	3	1
61 to 90 days overdue	3	0
91 to 180 days overdue	3	1
Over 180 days overdue	27	27
Total	613	688

As at 31 December 2025, a gross amount of EUR 74 (69) million of trade receivables were overdue. These relate to a number of countries and unrelated customers that have no recent history of default. If the Group has concerns regarding the financial status of a customer, an advance payment or an irrevocable letter of credit drawn from a bank is required. At the year end, the letters of credit awaiting maturity totalled EUR 40 (48) million. Please refer to note 5.1 Financial risk management for details of customer credit risk management.

Age analysis of loss allowance

EUR million	2025	2024
Not overdue and less than 90 days overdue	1	1
91 to 365 days overdue	3	1
Over 365 days overdue	17	17
Total	20	20

Reconciliation of loss allowance

EUR million	2025	2024
Opening balance at 1 January	20	27
Change in loss allowance booked through income statement	1	3
Write-offs	-1	-10
Other	1	0
Closing balance at 31 December	20	20

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Stora Enso has entered into factoring agreements to sell trade receivables in order to accelerate cash conversion. During 2025, the Group entered into one new factoring agreement with a financial institution, under terms similar to the existing agreements. These agreements resulted in full derecognition of trade receivables amounting to a nominal value of EUR 441 (414) million at the end of the year. The continuing involvement of Stora Enso in the sold receivables was estimated as being insignificant due to the non-recourse nature of the factoring arrangements involved.

4.8 Operative liabilities

Non-current operative liabilities

EUR million	2025	2024
Share-based payments	1	1
Other payables	30	9
Total	30	10
EUR million	2025	2024
Trade payables	1,804	1,781
Payroll and staff-related accruals	209	224
Current operative liabilities Accrued liabilities and deferred income	103	114
Emission liabilities	40	56
Advances received	11	15
Other payables¹	126	107
Total	2,293	2,296

¹ Other payables consist especially of taxes payable to government, such as VAT and payroll taxes. In 2024, EUR 16 million of grants were paid back to the authorities in Belgium, as a result of a 2019 legionellarelated incident being considered as an environmental infringement.

Supplier Chain Finance arrangements

Stora Enso has entered into several supply chain finance agreements. Supply chain finance arrangements are recognised as trade payables and are not reclassified after initial recognition.

Supply chain finance arrangements have the following terms and conditions:

Suppliers offered chance to join the programme, either as part of contract negotiations or during the contract period to update the terms the agreement. This is a trade payable programme where invoices are paid to the bank under the same payment terms that Stora Enso has agreed upon with the supplier, while the bank pays the supplier early for the invoice according to the arrangement. The bank conducts negotiations for the

supplier's participation in the programme, with Stora Enso acting as an agent to connect the two parties. The only cost to the supplier is the early payment of invoices. The programme is funded on a non-recourse basis by the funder, and the supplier predominantly bears the cost of the discounting in the programme. No joint and several liability clause is included in the programme, with all invoices treated the same in Stora Enso's subsidiaries.

	2024
322	254
299	236

Range of payment due dates Days after invoice date 2025 2024 Trade payables that are part of an arrangement 60-180 60-180 Comparable trade payables that are not part of an arrangement 60-120 60-120

There were no material non-cash changes that would have caused changes in the carrying amounts.

4.9 Provisions

Accounting principles

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are measured at the management's best estimate and there is some uncertainty regarding the timing and amount of the costs. Provisions for obligations to dismantle, remove or restore assets after their use are added to the carrying amount of the assets at acquisition date and depreciated over the useful life of the asset. Provisions are discounted to their current net present value if the effect of the time value of money is material.

Environmental provisions

Environmental expenditures resulting from the remediation of an existing condition caused by past operations, and which do not contribute to current or future revenues, are recognised as provisions. Environmental provisions are recorded when it is probable, based on current interpretations of environmental laws and regulations, that a present obligation has arisen and the amount of such liability can be reliably estimated.

Restructuring provisions

A restructuring provision is recognised in the period in which the Group becomes legally or constructively committed to the plan. The relevant costs are those that are incremental to, or incurred as a direct result of, the exit plan, or are the result of a continuing contractual obligation with no ongoing economic benefit, or represent a penalty incurred to cancel the obligation.

Other provisions

Other provisions are recognised regarding different legal or constructive obligations, such as reforestation, onerous contracts, ongoing lawsuits, claims, or similar.

Critical accounting estimates and judgement

The amounts recognised as provisions are based on the management's best estimate of the costs required to settle the obligation. Due to uncertainty regarding the timing and amount of these costs, the actual costs might differ significantly from the original estimate. The carrying amounts of provisions are reviewed regularly and adjusted when needed to consider changes in cost estimates, regulations, applied technologies and conditions.

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Provisions

	Environ
EUR million	mental provisions	Restructuring provisions	Other provisions	Total provisions
Carrying Value at 1 January 2024	63	77	28	168
Translation difference	-1	0	-2	-3
Disposals and classification as held for sale	0	-1	0	-1
Charge in Income Statement
New provisions	2	42	10	55
Increase in existing provisions	14	2	0	16
Reversal of existing provisions	-3	-14	0	-17
Payments	-8	-80	-12	-100
Carrying Value at 31 December 2024	67	26	25	118
Translation difference	2	1	1	5
Disposals and classification as held for sale	0	0	-2	-2
Charge in Income Statement
New provisions	3	27	18	47
Increase in existing provisions	4	0	3	7
Reversal of existing provisions	-3	-2	-1	-6
Payments	-10	-19	-11	-40
At 31 December 2025	64	32	32	129
Allocation between current and non-current provisions
Current provisions: Payable within 12 months	3	29	18	50
Non-current provisions: Payable after 12 months	61	3	15	79
Total at 31 December 2025	64	32	32	129

The Group has undergone major restructuring in recent years, from divestments to mill closures and administrative cost-saving programmes. The obligation at the end of 2025 amounted to EUR 32 (EUR 26) million for restructuring provisions and EUR 32 (EUR 25) million for other provisions. Material payments in 2025 in restructuring provisions are mainly related to the profit improvement programme.

The most significant environmental provision is based on an agreement between Stora Enso and the City of Falun that obligates the Group to purify runoff from the Kopparberg mine before releasing the water into the environment. The provision at year end amounted to EUR 26 (EUR 27) million. The most material case in other provisions is related to an obligation in some Nordic countries to take care of reforestation within a specified time after final harvesting.

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Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

5 Capital structure and financing

5.1 Financial risk management Risk management principles and process

Stora Enso is exposed to several financial market risks that the Group is managing under the policies approved by the Board of Directors. The objective is to ensure cost-effective funding of Group companies and manage financial risks effectively. The Stora Enso Group Financial Risk Policy governs all financial transactions in Stora Enso. This policy and any future amendments take effect once they are approved by the Board of Directors and all policies covering the use of financial instruments must comply with it. The Group's joint operations companies operate under their own financial risk policies, which may not be fully similar to the Group's policies.

The major financial market risks are detailed below with the main exposures for the Group being interest rate risk, currency risk, liquidity risk, refinancing risk, and commodity price risk, especially for fiber, pulp, and energy.

Interest rate risk

The Group is exposed to an interest rate risk that is the risk of fluctuating interest rates affecting the interest expense of the Group and value of its assets and liabilities. Stora Enso is exposed to the interest rate risk through interest-bearing assets and liabilities, such as loans, financial instruments and lease liabilities, but also through commercial agreements and operative assets and liabilities such as biological assets. The Group's aim is to keep interest costs stable. The Group's aggregate duration should not exceed the average loan maturity, but should aim towards a long duration. A duration above the average loan maturity is approved by the Board of Directors.

The Group may use interest-rate swaps and cross-currency swaps to manage the interest-rate risk by synthetically converting floating-rate loans into fixed-rate loans through the use of derivatives.

Floating and fixed interest-rate position

The average interest duration for the Group's net interest-bearing liabilities, including all interest rate derivatives but excluding cash and cash equivalents, is 2.9 (2.5) years. At the end of 2025, the portion of the balance sheet, net of related derivatives and exposed to floating interest rates, amounted to EUR 231 million (EUR 604 million) (excluding interest receivable and payable, listed securities, derivative asset and liabilities). The fixed rate interest portion was 74% (69%) of the total debt portfolio at the end of 2025 (excluding derivative liabilities and interest payable).

The sensitivity analysis reflects the effect to profit before tax mainly as a result of changes in interest expenses on floating rate debt. As of 31 December 2025, one percentage point increase in interest rates would increase annual net interest expenses by approximately EUR 7 (EUR 7) million and a similar decrease in interest rates would decrease net interest expenses by EUR 7 (EUR 7) million. This assumes that the duration and the funding structure of the Group remain constant throughout the year. This simulation calculates the interest effect of a 100 basis point parallel shift in interest rates on all floating rate instruments excluding cash equivalents from their next reset date to the end of the year. In addition, all short-term loans maturing during the year are assumed to be rolled over on maturity to year end using the new higher or lower interest rate.

A one percentage point parallel change up or down in interest rates would also result in fair valuation gains or losses of EUR 1 (EUR 3) million before taxes in the cash flow hedge reserve in OCI regarding interest rate swaps under cash flow hedge accounting. Note 5.4 Derivatives summarises the nominal and fair values of the outstanding interest rate derivative contracts.

Foreign exchange risk – transaction risk

The Group operates globally and is exposed to a foreign-currency transaction risk arising from exchange rate fluctuations. Foreign exchange transaction risk exposure comprises both the geographical location of Stora Enso production facilities around the world, sourcing of raw materials and sales of end products in foreign currencies, mainly denominated in US dollars, British pounds and Swedish crowns. Stora Enso Group companies

with functional currency other than euro are also exposed to a foreigncurrency transaction risk arising from EUR denominated net cash flows. These EUR exposures mainly arise from Stora Enso subsidiaries located in Sweden, Czechia and Poland.

The currency transaction risk is the impact of exchange rate fluctuations on the Group's Income statement, which is the effect of currency rates on expected future cash flows and subsequent trade receivables or payables. The Group's standard policy to mitigate the risk is to hedge 15–60% of the highly probable forecast cash flows in major currencies for the next 12 months by using derivative financial instruments, such as foreign exchange forwards and foreign exchange options. For exposures denominated in SEK, deviations from the standard hedge ratio are applied across business areas to reflect differences in the nature of underlying exposures and risk management practices. A higher ratio has been approved for certain cost exposures representing a portion of the Group's total SEK net exposure. Other business units' SEK sales and costs are managed separately and are not included in this hedging program. For highly probable USD cash flows, a higher hedge ratio of up to 80% has been approved. The Group may also hedge periods between 12 months and 36 months, or change the above mentioned hedging ratio for the next 12 months upon the discretion of the Group's management.

For operative receivables and payables in foreign currencies, the objective is to hedge 50–100% of the outstanding net receivable balance in major currency pairs.

The table below presents the estimated net operative foreign currency transaction risk exposures for the main currencies for the next 12 months and the related foreign-currency hedges in place as at 31 December, retranslated using year-end exchange rates. The net operative receivables and payable exposures, representing the balances as at 31 December, include foreign currency exposures generated by external and intercompany transactions in line with the requirements of IFRS 7. A positive amount of exposure in the table below represents an estimated future inflow or receivable of a foreign currency amount.

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Operative foreign currency transaction risk exposure

		As at 31 December 2025						As at 31 December 2024
EUR million	EUR	SEK	USD	GBP	AUD	UYU	EUR	SEK	USD	GBP	AUD	UYU
Estimated annual net cash flow exposure in hedged foreign-currency flows1		748 -308 1,327		159	80	-45	792		-321 1,580	158	73	-46
Cash flow hedges for the next 12 months	-461		242 -1,045	-34	-23		27 -436		206 -737	-38	-20	32
Estimated annual net cash flow exposure, net of hedges	286	-66	282	125	57	-18	356	-115	843	120	54	-14
Hedging percentage as at 31 December for next 12 months	62 %	79 %	79 %	22 %	28 %	60 %	55 %	64 %	47 %	24 %	27 %	69 %
Weighted-average hedged rate against EUR2		11.19	1.15	0.87		1.79 50.27		11.42	1.11	0.84		1.64 43.74

1 Cash flows are forecasted highly probable net operating foreign-currency cash flows in hedged currencies. The exposure presented in the EUR column relates to operative transaction risk exposure from EUR denominated cash flows in Group companies located in Sweden, Czechia and Poland with functional currency other than EUR.

2 The weighted-average exchange rate against EUR is calculated based on bought leg of option collar structure and forward contracts' forward rate and therefore represents the weighted-average hedged rate based on the least favourable hedged rate from the Group's point-of-view.

	As at 31 December 2025					As at 31 December 2024
EUR million	EUR	SEK	USD	GBP	AUD	UYU	EUR	SEK	USD	GBP	AUD	UYU
Operative receivables and payables net exposure	-88	-35	89	16	30	-6	-87	-40	49	17	42	-4
Net receivable currency hedges 1	33	7	-50	-10	-30	0	34	6	6	-10	-22	0
Net operative receivables exposure, net of hedges	-56	-27	39	5	0	-6	-54	-34	55	7	19	-4

1 The hedge positions presented in this table reflect instruments used against the accounts payable and receivable balance sheet positions shown, rather than those outstanding at 31 December 2025 year-end. Adjustments were applied on January 2026 using December operative receivables and payables net exposure to align with risk management strategy.

In addition, the Group hedge estimated net operative foreign currency exposures in SEK for the period between 12 and 24 months. Cash flow hedges outstanding at the reporting date was EUR 33 million for SEK exposures. A calculated 5% weakening of exposure currencies would result in a EUR -2 million effect on cash flow hedging OCI reserve at year end.

The following table includes the estimated effect on the annual operating result of a weakening of an exposure currency against the functional currencies of exposed subsidiaries. The sensitivities have been calculated based on a 5% movement in EUR, SEK, USD, GBP and AUD while 10% movement in UYU. These changes are estimated as reasonably possible changes in exchange rates, measured against year-end closing rates. A corresponding strengthening of the exposure currency would have an approximately equal opposite impact. A negative amount in the table reflects a potential net loss in the income statement or equity and, conversely, a positive amount reflects a potential net gain. In practice, the actual foreign currency results may differ from the sensitivity analysis presented below, since the income statements of subsidiaries with functional currencies other than the euro are translated into the Group reporting currency using the average exchange rates for the year, whereas the statements of the financial position of such subsidiaries, including currency hedges, trade receivables and payable, are translated using the exchange rates at the reporting date. The translation risk exposures are discussed more in detail under the Translation risk chapter below.

The calculation includes currency hedges and assumes that there are no changes in other underlying currencies. The currency effects are based on estimated operative foreign currency flows for the next twelve months, hedging levels at the year end, and the assumption that the currency cash flow hedging levels and all other variables will remain constant during the next twelve months. Hedging instruments include foreign exchange forward contracts and foreign exchange options. Indirect currency effects with an impact on prices and product flows, such as a product becoming cheaper to produce in a different geographical location, have not been considered in this calculation.

Sensitivity analysis of operative foreign currency transaction risk exposure

	As at 31 December 2025					As at 31 December 2024
EUR million	EUR	SEK	USD	GBP	AUD	UYU	EUR	SEK	USD	GBP	AUD	UYU
Exposure currency change by1	-5 %	-5 %	-5 %	-5 %	-5 %	-10 %	-5 %	-5 %	-5 %	-5 %	-5 %	-10 %
Effect on estimated annual net cash flows in hedged flows	-37	15	-66	-8	-4	4	-40	16	-79	-8	-4	5
Effect on cash flow hedging OCI reserve before taxes as at year end2	23	-12	52	2	1	-3	22	-10	37	2	1	-3
Effect on net operative receivables and payables after hedges3	3	1	-2	—	—	1	3	2	-3	—	-1	—
Estimated annual EBIT impact4	-12	5	-16	-7	-3	2	-15	7	-45	-6	-4	2

1 The sensitivity analysis for EUR denominated annual net cash flows, operative net receivables and related hedges refer to the EUR denominated transaction risk arising from EUR denominated foreign-currency cash flows in Sweden, Czechia and Poland with functional currency other than EUR.

2 The effect on OCI cash flow hedging reserve before taxes at year end is related to the fair value change in derivative contracts qualifying as cash flow hedges of highly probable forecast transactions under IFRS 9. Amount effecting OCI will be recycled to operative result when the transaction realises.

3 Currency effect related to net operative receivables or payables and related hedges.

4 The estimated annual EBIT impact includes currency effects in respect of operative exposures in the Statement of Financial Position, forecast cash flows and the related hedges.

The following table presents the financial foreign currency exposure and the related hedges in place as at 31 December for the main currencies. Net debt includes foreign-currency external loan payables and receivables, foreign-currency internal loan payables and loan receivables and cash equivalents. Loans designated as net investment loans under IAS 21 are excluded from the table as they reduce the foreign-currency exposures on a Group level. Internal transaction exposure includes foreign-currency payables and receivables outstanding within the Group at reporting date. The currency derivatives mainly hedge financial exposures in the statement of financial position. A negative amount of exposure in the table represents a net payable of a foreign currency amount.

Additionally, the table includes the estimated effect on the income statement of a currency weakening of an exposure currency against EUR. The sensitivities have been calculated based on a 5% movement in SEK, USD, CNY, PLN, and CZK. These changes are estimated as reasonably possible changes in exchange rates, measured against year-end closing rates. A corresponding strengthening of the exposure currency would have an approximately equal opposite impact. A negative amount in the table reflects a potential net loss in the Income statement and, conversely, a positive amount reflects a net potential gain. In practice, the actual foreign currency results may differ from the sensitivity analysis below as the exposure amounts may change during the year.

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Financial foreign currency exposure and estimated currency effects in income statement

			As at	31 December 2025					As at	31 December 2024
EUR million	SEK	USD	CNY	PLN	BRL	CZK	SEK	USD	CNY	PLN	BRL	CZK
Foreign-currency net debt1	51	-32	73	-12	4	17	256	-151	141	-11	80	30
Currency hedges	-90	-27	—	-9	—		-22 -257	-53	—	-11	—	-29
Net exposure after hedges	-39	-59	73	-21	4	-5		-2 -204	141	-22	80	1
Internal transaction exposure				—			3			-6		—
Currency hedges				—			—			—		—
Net non-operative exposure	—	—	—	—	—	—	3			-6		—
Exposure currency change by	-5 %	-5 %	-5 %	-5 %	-5 %	-5 %	-5 %	-5 %	-5 %	-5 %	-5 %	-5 %
Effect in the Income Statement2	2	3	-4	1	—	—	—	10	-7	1	-4	—

¹ The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are denominated in EUR, USD, and CNY. The underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal amount of net investment loans amounted to EUR 686 (EUR 620) million as per the year end and reduces the currency exposure for relevant currencies in the above table.

Foreign exchange risk – translation risk

Translation risk results from fluctuations in exchange rates affecting the value of Stora Enso's consolidated net foreign currency denominated assets, liabilities, and income. Translation risk is reduced by funding assets, whenever economically possible, in the same currency as the asset itself. The Group may also enter into foreign exchange forwards, foreign exchange options or foreign currency denominated loans to hedge its net investments in foreign entities with different functional currencies than the Group.

The balance sheets of foreign subsidiaries, associated companies and foreign currency denominated equity instruments in the scope of IFRS 9 are translated into euros using exchange rates prevailing on the reporting date, thus exposing consolidated Group equity to fluctuations in currency rates. The resulting translation differences, along with other movements such as the translation rate difference in the income statement, are recorded directly in shareholders' equity. These cumulative differences materialise through the Income statement on the disposal, in whole or in part, of the foreign entity.

The following table presents the translation exposure for geographical areas for which the Group has applied net investment hedging techniques to reduce the foreign-currency translation exposure in the consolidated equity. In practise, the Group also incurs material unhedged translation risk exposures in other geographical areas such as Sweden and China. The exposures used in the calculations are based on the foreign currency denominated equity and the hedging levels as at 31 December. Full details of actual CTA movements and hedging results are given in note 5.6 Cumulative translation adjustment and equity hedging. The sensitivity analysis includes the effects of currency hedges of net investments in foreign entities and assumes that no changes take place other than a single currency exchange rate movement on 31 December each year.

Hedged translation exposure in Equity

	As at 31 December
EUR million	2025	2024
Translation exposure on equity in USD area1	1,607	1,799
EUR/USD equity hedges2	-255	-289
Translation exposure after hedges	1,352	1,510
Sensitivity before hedges - EUR strengthening 5%	-80	-90
Sensitivity after hedges - EUR strengthening 5%	-68	-75

¹ Includes the joint operation Montes del Plata in Uruguay, which has USD as its functional currency.

Liquidity and refinancing risk

Liquidity risk arises from the difficulty of obtaining finance for operations at a given point in time. Stora Enso's financial risk policy states that the average maturity of outstanding loans and committed credit facilities covering short-term borrowings should be at least four years. The policy further states that the Group must have cash equivalents and undrawn committed credit facilities to cover all debt maturing within the next 12 months, including supply chain financing and factoring. At 31 December 2025, undrawn committed credit facilities and undrawn loans were at EUR 800 (EUR 1,235) million. The credit facilities are used as a backup for general corporate purposes and are fully undrawn.

Funding events from 2025 are described in more detail in note 5.3 Interest-bearing assets and liabilities.

As disclosed in note 4.8, the Group has entered into several supply finance agreements to improve the Group's working capital. The finance providers are in good financial condition and the Group has no significant concentration of liquidity risk with the finance providers. The Group's supplier finance agreements are discussed in more detail in note 4.8

Refinancing risk, or the risk that maturing debt is not refinanced in the markets, is mitigated by Stora Enso's target of maintaining an even maturity profile of outstanding debt. The table below shows maturity analysis for the Group's contractual financial liabilities classified under principal headings based on the remaining period to contractual maturity at the reporting date. Forward interest rates as at the year-end were used for estimating contractual finance charges for the upcoming years. The table includes the respective assets and liabilities classified as held for sale.

² Gains and losses are recognised as part of Net financial items in the Income Statement

² USD denominated bonds classified as hedges of net investments in foreign assets.

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Contractual maturity repayments of financial liabilities, settlement net: 2025

EUR million	2026	2027	2028	2029	2030	2031+	Total
Bond loans	92	598	554	500	500	295	2,539
Loans from credit institutions	100	109	48	60	142	358	817
Lease liabilities	60	57	51	43	36	215	463
Other non-current financial liabilities	0	0	0	0	0	1	1
Non-current borrowings including current portion	253	764	653	603	678	869	3,819
Estimated contractual finance charges	122	110	95	73	49	170	619
Estimated contractual lease charges	20	18	17	16	15	116	203
Contractual repayments on non-current borrowings	394	892	765	692	743	1,155	4,641
Current borrowings, carrying amounts	609	0	0	0	0	0	609
Gross-settled derivative liabilities - receipts	-2,119	-34	0	0	0	0	-2,153
Gross-settled derivative liabilities - payments	2,079	33	0	0	0	0	2,112
Trade payables	1,804	0	0	0	0	0	1,804
Bank overdrafts	5	0	0	0	0	0	5
Estimated contractual finance charges	15	0	0	0	0	0	15
Total contractual repayments at 31 December 2025	2,788	891	765	692	743	1,155	7,033

EUR million	2025	2026	2027	2028	2029	2030+	Total
Bond loans	430	587	582	540	500	826	3,466
Loans from credit institutions	577	255	104	4	4	35	979
Lease liabilities	83	59	54	48	44	257	545
Other non-current financial liabilities	0	1	0	0	0	0	2
Non-current borrowings including current portion	1,090	903	741	592	548	1,119	4,992
Estimated contractual finance charges	163	123	88	73	53	168	668
Estimated contractual lease charges	27	24	23	21	20	162	276
Contractual repayments on non-current borrowings	1,281	1,050	851	686	620	1,449	5,936
Short-term borrowings, carrying amounts	689	0	0	0	0	0	689
Gross-settled derivative liabilities - receipts	-1,333	-225	0	0	0	0	-1,558
Gross-settled derivative liabilities - payments	1,370	232	0	0	0	0	1,602
Trade payables	1,781	0	0	0	0	0	1,781
Bank overdrafts	7	0	0	0	0	0	7
Estimated contractual finance charges	14	0	0	0	0	0	14
Total contractual repayments at 31 December 2024	3,808	1,057	851	686	620	1,449	8,471

Financial transactions counterparty credit risk

Financial counterparty risk is the risk of fluctuations in the value of the Group's assets as a result of counterparties being unable to meet their obligations arising from financial contracts. The exposure to a financial counterparty risk is measured as the maximum loss that Stora Enso can suffer directly in the event of a single counterparty's credit default. This risk is minimised by:

• entering into transactions only with leading financial institutions and with industrial companies that have a good credit rating;
• only investing in liquid funds and deposits with financial institutions or companies that have a minimum credit rating of A-3 or BBB-;
• at least the higher of 50% of cash equivalents, or EUR 150 million, of cash equivalents to be held at counterparties with a minimum rating of A- or equivalent using credit ratings from main rating agencies;
• investing at least EUR 75 million of the Group's cash and cash equivalents at counterparties other than the counterparty at which most of Stora Enso's cash and cash equivalents are held;
• requiring parent company guarantees when dealing with any subsidiary of a rated company.

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The Group Financial Risk Policy defines the limits for accepted counterparty risk, based on the tenor of financial contract and counterparty's credit rating.

At the year end 2025, there were no significant concentrations of risk with respect to counterparties of derivative contracts, with the highest counterparty mark-to-market exposure being at EUR 22 (-8) million and credit rating of AA- (A+) using Standard and Poor's credit rating symbols.

Customer credit risk

Customer credit risk is Stora Enso's exposure to contracts arising from deterioration in the financial health of its customers. The Group uses various measures to reduce customer credit risks, including, but not limited to, letters of credit, prepayments and bank guarantees. The Group has also obtained export guarantees, covering both political and commercial risks, which are used in connection with individual customers outside the OECD area. Management considers that no significant concentration of credit risk with any individual customer, counterparty or geographical region exists for Stora Enso. The ageing information of trade receivables and related loss allowances are given in note 4.7 Operative receivables.

Commodity price risk

Outstanding commodity hedges

		As at 31 December 2025				As at 31 December 2024
	Underlying amount of commodity hedged	Average hedged commodity price	Nominal amount hedged in EUR million	Fair value EUR million	Underlying amount of commodity hedged	Average hedged commodity price	Nominal amount hedged in EUR million	Fair value EUR million
Electricity purchases
- Nordic region	1,445,400 MWh	EUR 37.9	55	2	2,242,560 MWh	EUR 37.3	84	-1
Oil purchases	213,500 barrels	USD 67.5	12	-2	208,089 barrels	USD 72.9	15	-1

The Group is exposed to commodity and energy price volatility that will have an impact on the Group's profitability. Electricity, natural gas and oil hedge derivatives are part of energy price risk management in the Group, whilst other commodity risks are measured and hedged if economically possible. In addition to electricity hedge derivatives, the Group also manages energy price risk by entering into long-term physical fixed price purchase agreements, and by holding a 16.5% stake in Pohjolan Voima Oy (PVO), which is a privately owned Group of

companies in the energy sector in Finland. The fair value of the shares amounted to EUR 870 (EUR 570) million as per the year-end. The fair value of these shares is dependent on electricity market prices and discussed in more detail in note 4.4 Equity instruments.

A 10% movement in energy and raw material prices would result in a EUR 7 (EUR 10) million change in the fair value of commodity financial hedges described in the above table. The majority of these fair value changes, after taxes, are recorded directly in Equity under Hedging Reserves, until the contracts mature and the result is entered in the Income statement. These estimates only represent the sensitivity of commodity financial instruments to market risk and not the Group's full exposure to raw material and energy price risks as a whole, since the actual underlying purchases are not financial instruments within the scope of the IFRS 7 standard. At the end of 2025, the maturities of the energy and commodity contracts, including both financial hedges and fixed-price physical purchase agreements, ranged between 2026 and 2028. In 2024, the maturities ranged between 2025 and 2027.

In an effort to mitigate other commodity price risk exposures in relation to wood fiber price risk, the Group is a significant owner of forest assets in the Nordic region. In Sweden the Group owns 1.2 million hectares of forest land. In addition, Stora Enso holds 41% share in Tornator Oyj, which is a significant forest owner in Finland. The Group's share in Tornator is reported as an associate company and discussed in more detail in note 4.3 Associates. The Group's forest assets are discussed in more detail in note 4.2 Forest assets.

Equity price risk

The Group had certain investments in publicly traded securities. These related to Packages Ltd shares in Pakistan. These shares were disposed during 2025. More details on the publicly traded securities can be found from note 4.4 Equity instruments.

Capital risk management

Stora Enso's debt structure is focused on capital markets and commercial banks. Group objectives when managing capital are to safeguard the ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, as well as to maintain an optimal capital structure to maintain reasonable cost of capital. In order to maintain or adjust the capital structure, the Group may, subject to shareholder approval as appropriate, vary the dividends paid to shareholders, buy its own shares on financial markets, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group strives to pay stable dividends linked to the long-term performance with the aim of distributing 50% of Earnings per share (EPS) excluding fair valuations over the cycle.

The Group monitors its capital on the basis of a target net debt-to-equity ratio of 0.60 or less, and aiming that the Net-debt-to-adjusted EBITDA ratio remains below 1.0, indicating a solid financial position and financial flexibility.

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Capital structure

	As at 31 December
EUR million	2025	2024
Interest-bearing liabilities1	4,473	5,779
Interest-bearing assets1	1,293	2,072
Net debt	3,181	3,707
Equity attributable to owners of the parent	10,796	10,139
Adjusted EBITDA2	1,144	1,223
Net debt to equity ratio	0.29	0.37
Net debt to adjusted EBITDA	2.8	3.0

• 1 Interest-bearing liabilities and assets in the table include the respective amounts classified as held for sale. More detailed reconciliation of net debt is included in the "Alternative performance measures" chapter in the Report of the Board of Directors.
• 2 Adjusted EBITDA definition is included in the "Alternative performance measures" chapter in the Report of the Board of Directors.

The Group does not have any borrowings subject to financial covenants.

5.2 Fair values

Accounting principles

Financial assets

The Group classifies its financial assets into three categories, which are amortised cost, fair value through other comprehensive income and fair value through profit and loss. The classification is made according to the IFRS 9 standard and management determines the classification of investments at the time of initial recognition.

Investments in debt instruments are classified based on the business model and the nature of their cash flows. If the goal is to hold the instruments to collect contractual cash flows – consisting solely of principal and interest – they are measured at amortised cost and reported under current or non-current assets. If the objective includes both collecting cash flows and selling the instruments, and the cash flows are also solely principal and interest, they are classified at fair value through other comprehensive income and similarly presented in the statement of financial position.

The Group's investments into equity instruments, such as listed and unlisted securities, are classified as fair value through profit and loss unless the Group has at inception decided to apply the irrevocable election under IFRS 9 to classify the investments as fair value through other comprehensive income with only dividend income from the investments being recognised in the income statement.

Investments that are not measured at amortised cost or at fair value through other comprehensive income are classified as fair value through profit and loss and are therefore fair valued through the consolidated income statement and presented under current or non-current assets in the consolidated statement of financial position.

Financial liabilities

The Group's financial liabilities are classified into amortised cost or fair value through profit and loss categories. Financial liabilities are measured at amortised cost unless the Group has decided to apply a fair value option to designate a financial liability to be measured at fair value through profit and loss.

Derivatives

Derivative financial assets and liabilities are measured at fair value and classified as fair value through profit and loss or, if the Group has applied hedge accounting, at fair value through other comprehensive income according to the IFRS 9 standard. Derivative financial instruments and hedge accounting are discussed in more detail in note 5.4 Derivatives.

Fair value of financial instruments

The fair values of publicly traded derivatives and listed securities, are based on quoted market prices at the reporting date; the fair values of interest rate swaps are calculated as the present value of the estimated future cash flows, and the fair values of foreign exchange forward contracts are determined using forward exchange rates at the reporting date. The valuation principles for derivative financial instruments have been described in more detail in note 5.4 Derivatives.

In assessing the fair values of non-traded derivatives and other financial instruments, the Group uses a variety of methods and makes assumptions based on the market conditions at each reporting date. Quoted market prices or dealer quotes for identical or similar instruments are used for non-current debt. Other techniques, such as option pricing models and estimated discounted value of future cash flows, are used to determine fair values for the remaining financial instruments. The face values, less any estimated credit adjustments, for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values. The fair values of financial liabilities for disclosure purposes are estimated by discounting the future contractual cash flows at the current market interest rates available to the Group for similar financial instruments.

Purchases and sales of financial instruments are recognised based on trade date accounting, which is the date on which the Group commits to purchasing or selling the financial instrument. Financial instruments are derecognised when the rights to receive or the cash flows from the financial instruments have expired or have been transferred and the Group has substantially transferred all risks, rewards and obligations of the ownership of the financial asset or liability.

Fair value hierarchy

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 which have a significant effect on the recorded fair value are observable, either directly or indirectly;
• Level 3: techniques which use inputs which have a significant effect on the recorded fair values that are not based on observable market data.

The Group evaluates the categorisation of its fair value measurements within the fair value hierarchy on a regular basis at the end of the reporting period. There were no transfers recognised in the fair value hierarchy between Levels 1 and 2 and no transfers into or out of Level 3 fair value measurements during 2025 and 2024. See note 4.4 Equity instruments for more information on Level 3 fair value measurement of unlisted securities.

Critical accounting estimates and judgement

Where the fair value of financial assets and liabilities cannot be derived directly from publicly quoted market prices, other valuation techniques, such as discounted cash flow models, transaction multiples, the Black and Scholes model and the Gordon model, are applied. The key judgements include future cash flows, credit risk, volatility and changes in assumptions about these factors which could affect the reported fair value of the financial instruments.

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Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2025

							Fair value hierarchy
EUR million	Amortised cost	Fair value through OCI	Fair value through income statement	Total carrying amount	Fair value	Level 1	Level 2	Level 3	Note
Financial assets
Listed securities	—	—	—	—	—	—	—	—	4.4
Unlisted securities	—	896	17	912	912	—	—	912	4.4
Non-current interest-bearing receivables	11	3	—	14	14	—	3	—	5.3
Derivative assets	—	3	—	3	3	—	3	—
Loan receivables	11	—	—	11	11	—	—	—
Trade and other operating receivables	543	50	—	593	593	—	50	—	4.7
Current interest-bearing receivables	10	49	8	67	67	—	57	—	5.3
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

							Fair value hierarchy
EUR million	Amortised cost	Fair value through OCI	Fair value through income statement	Total carrying amount	Fair value	Level 1	Level 2	Level 3	Note
Financial liabilities
Non-current interest-bearing liabilities	3,556	1	—	3,557	3,718	—	1	—	5.3
Derivative liabilities	—	1	—	1	1	—	1	—
Non-current debt	3,556	—	—	3,556	3,718	—	—	—
Current portion of non-current debt	253	—	—	253	253	—	—	—	5.3
Current interest-bearing liabilities	649	3	7	659	659	—	10	—	5.3
Derivative liabilities	—	3	7	10	10	—	10	—
Current debt	649	—	—	649	649	—	—	—
Trade and other operative payables	2,013	—	—	2,013	2,013	—	—	—	4.8
Bank overdrafts	5	—	—	5	5	—	—	—
Total	6,475	4	7	6,486	6,648	—	11	—

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.

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2024

							Fair value hierarchy
EUR million	Amortised cost	Fair value through OCI	Fair value through income statement	Total carrying amount	Fair value	Level 1	Level 2	Level 3	Note
Financial assets
Listed securities	—	11	—	11	11	11	—	—	4.4
Unlisted securities	—	587	15	602	602	—	—	602	4.4
Non-current interest-bearing receivables	9	5	—	14	14	—	5	—	5.3
Derivative assets	—	5	—	5	5	—	5	—
Loan receivables	9	—	—	9	9	—	—	—
Trade and other operative receivables	626	42	—	668	668	—	42	—	4.7
Current interest-bearing receivables	38	9	1	47	47	—	10	—	5.3
Derivative assets	—	9	1	10	10	—	10	—
Other short-term receivables	38	—	—	38	38	—	—	—
Cash and cash equivalents	1,999	—	—	1,999	1,999	—	—	—
Total	2,672	654	16	3,342	3,342	11	57	602

						Fair value hierarchy
EUR million	Amortised cost	Fair value through OCI	Fair value through income statement	Total carrying amount	Fair value	Level 1	Level 2	Level 3	Note
Financial liabilities
Non-current interest-bearing liabilities	3,889	5	—	3,894	4,129	—	5	—	5.3
Derivative liabilities	—	5	—	5	5	—	5	—
Non-current debt	3,889	—	—	3,889	4,124	—	—	—
Current portion of non-current debt	1,090	—	—	1,090	1,090	—	—	—	5.3
Current interest-bearing liabilities	744	42	2	788	788	—	44	—	5.3
Derivative liabilities	—	42	2	44	44	—	44	—
Current debt	744	—	—	744	744	—	—	—
Trade and other operative payables	2,005	—	—	2,005	2,005	—	—	—	4.8
Bank overdrafts	7	—	—	7	7	—	—	—
Total	7,735	47	2	7,784	8,019	—	50	—

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.

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In the previous tables, the fair value is estimated to be equal to the carrying amount for current financial assets and financial liabilities, such as trade receivables and payables due to their short time to maturity and limited credit risk. The fair value of non-current loan receivables, considered as a level 2 fair value measurement, is based on the discounted cash flow analysis. The fair value of non-derivative interestbearing liabilities, considered as a level 2 fair value measurement, is estimated based on a discounted cash flow analysis in which the yield curves observable at commonly quoted intervals are used as a discount factor in the model.

Reconciliation of level 3 fair value measurement of financial assets and liabilities

EUR million	2025	2024
Financial assets
Opening balance at 1 January	602	810
Reclassifications	0	0
Gains/losses recognised in income statement	1	0
Gains/losses recognised in other comprehensive income	300	-205
Additions	13	0
Disposals	-3	-3
Closing balance at 31 December	912	602

The Group did not have level 3 financial liabilities as at 31 December 2025.

5.3 Interest-bearing assets and liabilities

Accounting principles

Interest-bearing assets - loan receivables

Loan receivables are debt instruments with fixed or determinable payments that are not quoted on an active market. They are recorded initially at fair value and subsequently measured at an amortised cost. Loss allowance for expected credit losses is calculated based on the general approach under IFRS 9, where loss allowance is recognised based on 12-month expected credit losses if there has not been a significant increase in credit risk since the initial recognition. A significant increase in the credit risk will be evaluated based on a comparison of the risk of a default occurring on the financial instrument as at the reporting date with the risk of default occurring on the financial instrument as at the date of initial recognition. The Group may use, for example, rates of credit default swaps (CDS) observable on financial markets to produce the risk assessment.

Interest income on loan receivables is included in financial income and expense. Loan receivables with a maturity less than 12 months are included in current assets under interest-bearing receivables, and those with maturities greater than 12 months, in non-current interest-bearing receivables.

Interest-bearing liabilities

Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred. In subsequent periods, interest-bearing liabilities are measured at amortised cost using the effective interest method. Any difference between the proceeds net of transaction costs and redemption value is recognised in the consolidated income statement over the maturity period of the borrowings. Interest expenses are accrued for and recorded in the consolidated Income statement for each period.

Interest-bearing liabilities with an original maturity greater than 12 months are classified as non-current interest-bearing liabilities in the consolidated statement of financial position, though repayments falling due within 12 months are presented in current liabilities under the current portion of non-current debt. Short-term commercial paper, bank and other interest-bearing liabilities, for which the original maturity is less than 12 months, are presented in current liabilities under interestbearing liabilities.

Lease liabilities

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease liabilities are initially capitalised at the commencement of the lease and measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Group's incremental borrowing rate. The lease term applied corresponds to the non-cancellable period except in cases where the Group is reasonably certain to exercise renewal option or prolong the contract. The Group allocates the consideration in the contract to each lease component and separates non-lease components if these are identifiable. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.

The lease liabilities are subsequently measured at amortised cost using the effective interest method. Lease payment is allocated between the capital liability and finance charges to achieve a constant interest rate on the outstanding liability balance. Lease liabilities are remeasured mainly when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in the Group's assessment whether it will exercise an extension option. When lease liability is remeasured, a corresponding adjustment is generally made to the carrying amount of the right-of-use asset.

The Group has elected not to recognise lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. Leases of low value assets mainly include IT and office equipment, certain vehicles and machinery and other low value items. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

For more information about critical accounting estimates and judgement related to leases, see note 4.1 Intangible assets, property, plant and equipment and right-ofuse assets

Managing Interest Rate Benchmark Reform and associated risks

The Group monitors the transition process from IBORs to new benchmark rates by reviewing the total number of contracts that have yet to transition to an alternative benchmark rate. The Group's financial instruments are mainly indexed to Euribor and Stibor reference rates which are expected to continue to exist for now. All interest-bearing liabilities have been transitioned to follow new benchmark rates. There has been no significant impact on the Group from the change.

Interest-bearing assets

EUR million	2025	2024
Listed securities	0	11
Long-term derivative assets	3	5
Long-term deposits	0	0
Long-term loans to associated companies	3	2
Other long-term loan receivables	8	7
Total non-current interest-bearing assets	14	25
Short-term derivative assets	50	9
Current portion of long-term deposits	0	22
Other short-term loan receivables	17	16
Cash and cash equivalents 1	1,212	1,999
Total current interest-bearing assets	1,279	2,047
Total interest-bearing assets	1,293	2,072

1 EUR 9 (7) million of cash and cash equivalent balances are held by the Group's subsidiaries in jurisdictions where the transfer of funds across borders is subject to foreign exchange control regulations. As a result, cash and cash equivalents held in these jurisdictions may not be immediately or freely available for general use by the Group.

The annual average interest income rate for deposits and loan receivables during the year was approximately 2.1% (3.4%). Current interest-bearing receivables included EUR 9 (EUR 6) million accrued interest at 31 December 2025. The Group has evaluated that there has not been a significant increase in credit risk related to interest-bearing deposits and investments after the initial recognition. Accordingly, the loss allowance is recognised based on 12-month expected credit losses.

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Interest-bearing liabilities

EUR million	2025	2024
Bond loans	2,530	3,454
Loans from credit institutions	815	978
Lease liabilities	463	545
Long-term derivative financial liabilities	1	5
Other non-current liabilities	1	2
Non-current interest-bearing liabilities including current portion	3,809	4,985
Short-term borrowings	609	689
Interest payable	46	55
Short-term derivative financial liabilities	4	44
Bank overdrafts	5	7
Total interest-bearing liabilities	4,473	5,779

EUR million	2025	2024
Carrying value at 1 January	5,779	5,780
Additions in long-term debt, companies acquired	69	0
Proceeds of new long-term debt	489	19
Repayment of long-term debt	-1,647	-176
Additions in lease liabilities	50	82
Repayment of lease liabilities and interest	-96	-85
Change in short-term borrowings	-50	69
Change in interest payable	10	23
Change in derivative financial liabilities	-44	42
Disposals and classification as held for sale	0	-2
Other	-32	15
Translation differences	-55	11
Total interest-bearing liabilities	4,473	5,779

Events during 2025 and 2024

During 2025, Stora Enso continued to actively manage its debt portfolio. The Group repaid EUR and USD nominated bank loans totalling EUR160million in the first quarter and SEK-denominated bonds amounting to EUR283million in the second quarter. In the same period, a previously undrawn EUR435million amortising loan from the European Investment Bank was drawn, with final maturity in 2037.

In the second half of the year, Stora Enso repaid a EUR 125million bond and reduced interest-bearing liabilities further by repaying EUR200million of bank loans and EUR36million of SEK-denominated bonds at maturity. In addition, the Group executed early debt repayments, including a EUR 500million bond repurchased before maturity through a make-whole process and EUR 250million of bank loans settled ahead of schedule.

During the second quarter of 2024, Stora Enso signed extensions of one to two years for a total of EUR 350 million of its existing bilateral loans. The Company also signed a two-year extension to its EUR 100 million committed credit facility.

During 2024, Stora Enso's total repayments of SEK bond notes amounted to a nominal of EUR 135 million.

Interest-bearing liabilities – maturities, interest rates and currency breakdown

Stora Enso's borrowings maturities range from 2026 to the longest borrowing maturing in 2039. The Company's borrowings have either fixed or floating interest rates ranging from 0.6% (0.6%) to 7.3% (7.3%). Stora Enso's average interest rate on borrowings for the full year 2025 amounted to 3.8% (4.1%) with a run-rate of 4.0% as per the year end. Part of Stora Enso's borrowings have been fixed through floating-to-fixed interest rate swaps. The majority of Group loans are denominated in euros, US dollars, Swedish crowns or Chinese renminbis. Detailed maturity analysis of the Group's borrowings are set out in note 5.1 Financial risk management.

Net debt

In 2025 net interest-bearing liabilities decreased by EUR 526 (increased by EUR 540) million to EUR 3,181 (3,707) million. Net interest-bearing liabilities are equal to total interest-bearing liabilities less total interest-bearing assets such as cash equivalents and deposits. Cash and cash equivalents net of overdrafts decreased by EUR 786 (decreased by EUR 472) million to EUR 1,206 (1,993) million as at 31 December 2025. In 2025, the total cash outflow for leases was EUR 96 (85) million including interest component of EUR 20 (25) million.

The ratio of net debt to the last 12 months' adjusted EBITDA was 2.8 (3.0). The net debt/equity ratio was 0.29 (0.37) as per the year-end.

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Bond loans

Issue/ Maturity Dates	Description of Bond	Interest Rate %	Currency of Bond		Outstanding As at 31 December		Carrying Value As at 31 December
				Nominal Value Issued	2025	2024	2025	2024
All Liabilities are Held by the Parent Company					Currency million		EUR million
Fixed Rate
2006-2036	Global 7.250% Notes 2036	7.25	USD	300	300	300	253	287
2017-2027	Euro Medium Term Note	2.50	EUR	300	300	300	300	300
2018-2028	Euro Medium Term Note	2.50	EUR	300	300	300	299	299
2020-2025	Euro Medium Term Note (Green Bond)	2.375	SEK	1,550	0	1,550	0	135
2020-2030	Euro Medium Term Note (Green Bond)	0.625	EUR	500	500	500	497	496
2023-2025	Euro Medium Term Note (Green Bond)	4.75	SEK	400	0	400	0	35
2023-2026	Euro Medium Term Note (Green Bond)	4.00	EUR	500	0	500	0	499
2023-2029	Euro Medium Term Note (Green Bond)	4.25	EUR	500	500	500	498	498
2023-2027	Euro Medium Term Note (Green Bond)	4.75	SEK	600	600	600	55	52
2023-2028	Euro Medium Term Note (Green Bond)	5.00	SEK	2,250	2,250	2,250	208	196
Total Fixed Rate Bond Loans					0		2,110	2,797
Floating Rate
2015-2025	Euro Medium Term Note	Euribor+2.25	EUR	125	0	125	0	125
2015-2027	Euro Medium Term Note	Euribor+2.35	EUR	25	25	25	25	25
2019-2026	Euro Medium Term Note (Green Bond)	Stibor+1.60	SEK	1,000	1,000	1,000	92	87
2020-2025	Euro Medium Term Note (Green Bond)	Stibor+2.20	SEK	1,550	0	1,550	0	135
2023-2027	Euro Medium Term Note (Green Bond)	Stibor+1.25	SEK	2,350	2,350	2,350	217	205
2023-2028	Euro Medium Term Note (Green Bond)	Stibor+1.60	SEK	500	500	500	46	44
2023-2033	Euro Medium Term Note	Stibor + 2.20	SEK	425	425	425	39	37
Total Floating Rate Bond Loans							420	658
Total Bond Loans							2,530	3,454

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5.4 Derivatives

Accounting principles

Derivative financial instruments and hedge accounting

Derivative financial instruments are initially recognised in the consolidated statement of financial position at fair value and subsequently measured at their fair value at each reporting date according to valuation methods described in this note. Derivative contracts with maturity greater than 12 months are classified as non-current interest-bearing receivables and liabilities, and contracts maturing within 12 months are presented under current interest-bearing receivables and liabilities.

When derivative contracts are entered into, the Group designates them as either hedges of highly probable forecast transactions or firm commitments (cash flow hedges), hedges of the exposure to changes in the fair value of recognised assets or liabilities (fair value hedges), hedges of net investments in foreign entities, or derivative financial instruments not meeting the hedge accounting criteria in accordance with IFRS 9. The method of recognising the resulting gains or losses on derivative instruments is dependent on the nature of the item being hedged.

At the inception of a hedge, the Group documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedging transactions. This process includes linking all financial instruments designated under hedge accounting to specific assets and liabilities or to specific firm commitments or highly probable forecast transactions in order to verify and document the hedge relationship between the hedged item and the hedging instrument as required by IFRS 9. The Group also documents its qualitative prospective assessment at the hedge inception of whether the derivatives used in a hedge relationship are highly effective in offsetting changes in fair value or cash flows of hedged items. Hedge effectiveness will be assessed in accordance with IFRS 9 requirements.

The hedge ratio used for hedging relationships is usually 1:1. For currency and commodity hedging purposes, the Group uses a hedge designation where the critical terms of the hedging instrument and the hedged item will coincide in terms of the notional amount and timing. In respect of interest rate hedging, the interest rate basis between swap contracts and underlying debt will coincide. Since the critical terms of the hedges and underlying risks match, the hedging instruments are considered to offset any changes related to the anticipated transactions.

Potential sources of ineffectiveness that may be expected to occur in relation to currency and commodity hedges are mainly related to the forecasted transaction not occurring in the amount or at the time expected. For interest rate hedges, cross-currency basis spread or initial fair value of the hedging instrument at the date of hedge designation may result in ineffectiveness being recognised in the income statement. Potential sources of ineffectiveness for all the aforementioned hedges also include possible effects of credit risk dominating fair value changes arising from the hedging instrument and the hedged item designated under the hedging relationship.

Cash flow hedges

Derivatives used in currency cash flow hedges are mainly forward contracts and options, with swaps mainly used for commodity and interest rate hedging purposes.

Changes in the fair value of derivatives designated and qualifying as cash flow hedges, and which are effective, are recognised in a separate equity category of OCI cash flow hedges reserve, the movements of which are disclosed in the consolidated statement of comprehensive income. For foreign exchange forwards, both the spot element and forward points have been included to the hedge designation. In case of foreign exchange options, the time value of an option is excluded from the hedge designation and only the intrinsic value component of an option is designated as the hedging instrument. The changes in option time value are recognised in a cost of hedging reserve within OCI. The cumulative gain or loss of a derivative deferred in equity is transferred to the consolidated income statement and classified as an income or expense in the same period in which the hedged item affects the consolidated income statement. The unrealised gains and losses related to cash flow hedges are expected to be recycled through the income statement within one to four years with the longest hedging contract maturing in 2027 (2026). However, the majority of the contracts are expected to mature in 2026.

Realised results of hedge accounted derivative instruments hedging foreign currency sales transactions or purchases are booked as adjustments to sales or materials and services, depending on the nature of the underlying hedged item. In respect of hedges of exposures to foreign currency risk of future transactions resulting in the recognition of non-financial assets, the gains and losses deferred to the cash flow hedges reserve within OCI are transferred from equity to be included in the initial acquisition cost of the non-financial asset at the time of recognition. The Group may hedge foreign-currency risk of external or internal foreign-currency purchases where the underlying amount purchased in a foreign-currency impacts the value of inventory in a local currency. In such cases the gains and losses are initially booked as an adjustment to raw material inventory and recycled further to finished goods inventory with being ultimately recognised in the consolidated income statement at the time when the hedged items are sold to an external customer. In case of non-current assets, the deferred amounts are ultimately recognised in the income statement through depreciation over the lifetime of the non-financial assets.

When a hedging instrument expires or is sold, terminated or exercised or no longer meets the hedge accounting criteria under IFRS 9, any cumulative gain or loss deferred in equity at that time remains in equity and is accounted for as an adjustment to income or expense when the committed or forecast transaction is ultimately recognised in the consolidated income statement. However, if the underlying forecasted transaction is no longer expected to occur, the cumulative gain or loss reported in equity from the period when the hedge was effective is immediately recognised in the consolidated income statement.

Fair value hedges

In case of fair value hedges, the Group uses either derivatives or borrowings as a hedging instrument to manage the risk associated with the fair value of a hedged item. The gains and losses on hedging instruments designated and qualifying as

fair value hedges, and which are highly effective, are recorded in the consolidated income statement, along with any changes in the fair value of the hedged assets or liabilities attributable to the hedged risk. As at the end of 2025, the Group did not have fair value hedges.

Net investment hedges

For hedges of net investments in foreign entities, the Group uses either derivatives or foreign-currency borrowings for this purpose. If the hedging instrument is a derivative, any gain or loss thereon relating to the effective portion of the hedge is recognised in equity in CTA as disclosed in the consolidated statement of comprehensive income; the gain or loss relating to the ineffective portion is immediately recognised in the consolidated income statement. In addition, exchange gains and losses arising on the translation of a foreign-currency borrowing that hedges net investment in a foreign operation are also recognised in CTA, with any ineffective portion being immediately recognised in the consolidated income statement. The gains and losses recognised in CTA are recycled from equity to the consolidated income statement at the time when the underlying hedged net investment is disposed.

Non-hedge accounted derivatives

Certain derivative transactions, while providing effective economic hedges under Group risk management policies, do not qualify for hedge accounting under the specific rules in IFRS 9 and therefore changes in the fair value of such non-qualifying hedges are accounted for at fair value in the consolidated income statement. For non-hedge accounted derivatives economically hedging foreign-currency risk of net of operative receivables and payables, the fair value changes are recognised in operating result under other operating income and expense. For other non-hedge accounted derivatives, the fair value changes are recognised in the consolidated income statement under financial income and expense.

Valuation of derivatives

Derivative financial instruments are recorded in the statement of financial position at their fair values defined as the amount at which the instrument could be exchanged in an orderly transaction between market participants at the measurement date. The fair values of such financial items have been estimated on the following basis:

• Foreign exchange forward contract fair values are calculated using forward exchange rates at the reporting date.
• Foreign exchange option contract fair values are calculated using reporting date market rates together with common option pricing models.
• Commodity contract fair values are computed with reference to quoted market prices on futures exchanges or other reliable market sources.
• Interest rate swaps fair values are calculated using a discounted cash flow method.
• Cross-currency swaps fair values are calculated by using a discounted cash flow method with the exchange of notional also included in the valuation model.

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Total foreign exchange gains and losses in the income statement excluding hedges

EUR million	2025	2024
Other operating income	-41	27
Other operating expense	27	-18
Borrowings, cash equivalents. lease liabilities and other	25	-22
Total	12	-13

Hedge gains and losses in operating result

EUR million	2025	2024
Cash flow hedge accounted derivatives
Currency hedges	42	-2
Commodity hedges	10	-5
Total	52	-7
As adjustments to sales	33	-5
As adjustments to materials and services	19	-1
Realised from OCI through income statement	52	-7
Currency hedges ineffectiveness	2	1
Net gains/losses from cash flow hedges	54	-6
Non-hedge accounted derivatives
Net receivable hedges	1	-3
Net gains/losses on non-hedge accounted derivatives	1	-3
Net hedge gains/losses in operating result	55	-9

In 2025, certain forecasted future transactions were no longer expected to occur, and due to this hedge accounting was ceased for those transactions. This resulted in a gain of EUR 2 (gain of 1) million being booked in the Group's operating result and is being presented in the table above as ineffectiveness from cash flow hedges.

Hedge gains and losses in financial items

EUR million	2025	2024
Non-hedge accounted derivatives
Currency derivatives	-5	2
Interest rate derivatives	0	0
Net gains/losses on non-hedge accounted derivatives	-5	2
Net gains/losses in financial items	-5	2

{180}------------------------------------------------

Nominal and fair values of derivative instruments

As at 31 December

		As at 31 December
EUR million	Nominal values	Positive fair values	Negative fair values	Net fair values	Nominal values	Positive fair values	Negative fair values	Net fair values
		2025				2024
Currency derivatives
Forwards: Operational cash flow hedging	1,752	46	-2	44	1,340	5	-38	-33
Options: Operational cash flow hedging	296	4	0	4	673	1	-6	-5
Total cash flow hedge accounted	2,048	50	-2	48	2,013	7	-44	-38
Forwards: Trade and loan receivables hedging	297	0	-1	-1	515	1	-2	-1
Total non-hedge accounted	297	0	-1	-1	515	1	-2	-1
Total currency derivatives	2,345	50	-3	47	2,528	7	-47	-39
Commodity derivatives
Electricity swaps: Costs hedging	55	2	0	2	84	1	-2	-1
Oil swaps: Costs hedging	12	0	-2	-2	15	0	-1	-1
Total cash flow hedge accounted	67	2	-2	1	98	2	-3	-1
Total commodity derivatives	67	2	-2	1	98	2	-3	-1
Interest rate derivatives
Interest rate swaps: Financial expenses hedging	117	1	0	1	346	6	0	6
Total cash flow hedge accounted	117	1	0	1	346	6	0	6
Cross-currency swaps: Financial expenses hedging	52	0	0	0	0	0	0	0
Total non-hedge accounted	52	0	0	0	0	0	0	0
Total interest rate derivatives	169	1	0	1	346	6	0	6
Total cash flow hedge accounted	2,232	53	-4	49	2,457	14	-47	-34
Total non-hedge accounted	349	0	-1	-1	515	1	-2	-1
Total derivatives	2,582	54	-5	49	2,973	15	-50	-35

Positive and negative fair values of financial derivative instruments are shown under interest-bearing receivables and liabilities, and non-current interest-bearing receivables and liabilities. The presented fair values in the table include accrued interest and option premiums.

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EUR million	Change in value of hedged item to determine hedge effectiveness	Change in value of outstanding hedging instruments	Ineffectiveness
Foreign exchange risk - Forward and option contracts (excluding option time value)1	-37	39	2
Foreign exchange risk - Net investment hedges	-33	34	0
Commodity price risk - Commodity swaps	6	-8	0
Interest rate risk - Interest rate swaps	4	-4	0

¹ Ineffectiveness booked in operating result.

Changes in fair values of hedged items and hedging instruments 2024

EUR million	Change in value of hedged item to determine hedge effectiveness	Change in value of outstanding hedging instruments	Ineffectiveness
Foreign exchange risk - Forward and option contracts (excluding option time value)1	69	-68	1
Foreign exchange risk - Net investment hedges2	17	-17	0
Commodity price risk - Commodity swaps	5	-5	0
Interest rate risk - Interest rate swaps	10	-10	0

¹ Ineffectiveness booked in operating result. 2 Comparison figures restated.

Breakdown of cash flow hedging reserve and net investment hedges in equity 2025

EUR million	At 1 Jan 2025	Change in fair value recognised in OCI/CTA	Reclassified from OCI to profit and loss	Reclassified to non-financial assets		Tax impact At 31 Dec 2025
Foreign exchange risk - Operational cash flow hedging	-30	128	-44	0	-17	37
Commodity price risk - Commodity swaps	0	13	-10	0	-1	1
Interest rate risk - Interest rate swaps	5	-4	0	0	1	1
Interest rate and foreign exchange risk - Cross-currency swaps	0	0	0	0	0	0
Cost of hedging reserve	-2	2	0	0	0	0
Total cash flow hedge reserve in OCI	-27	139	-54	0	-17	40
Foreign exchange risk - Net investment hedges	-7	31	0	0	-6	18
Total net investment hedges in CTA	-7	31	0	0	-6	18
Total hedging reserves	-34	170	-54	0	-23	58

Breakdown of cash flow hedging reserve and net investment hedges in equity 2024

EUR million	At 1 Jan 2024	Change in fair value recognised in OCI/CTA	Reclassified from OCI to profit and loss	Reclassified to non-financial assets		Tax impact At 31 Dec 2024
Foreign exchange risk - Operational cash flow hedging	25	-70	2	0	14	-30
Commodity price risk - Commodity swaps	-1	-5	5	0	0	0
Interest rate risk - Interest rate swaps	13	-10	0	0	2	5
Interest rate and foreign exchange risk - Cross-currency swaps	0	0	0	0	0	0
Cost of hedging reserve	1	-3	0	0	1	-2
Total cash flow hedge reserve in OCI	38	-88	7	0	16	-27
Foreign exchange risk - Net investment hedges	7	-17	0	0	3	-7
Total net investment hedges in CTA	7	-17	0	0	3	-7
Total hedging reserves	45	-105	7	0	20	-34

Financial impact of netting for instruments subject to an enforceable master netting agreement 2025

Not offset in the statement of financial position EUR million Gross amount of recognised financial instruments Related liabilities (-) or assets (+) subject to master netting agreements Collateral received (-) or given (+) Net exposure Derivative assets 54 -3 0 51 Derivative liabilities -5 3 0 -2

Financial impact of netting for instruments subject to an enforceable master netting agreement 2024

Not offset in the statement of financial position

EUR million	Gross amount of recognised financial instruments	Related liabilities (-) or assets (+) subject to master netting agreements	Collateral received (-) or given (+)	Net exposure
Derivative assets	15	-12	0	3
Derivative liabilities	-50	12	0	-37

The Group enters into derivative transactions under master netting agreements agreed with each counterparty. In case of an unlikely credit event, such as default, all outstanding transactions under the agreements are terminated, and only a single net amount per counterparty is payable for settlement of all transactions. The agreements do not meet the criteria for offsetting in the statement of financial position, because offsetting is enforceable only in the occurrence of certain future events.

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5.5 Shareholders' equity

Accounting principles

Dividend and capital repayments

Any dividend or capital repayment proposed by the Board is not deducted from distributable shareholders' equity until approved by the shareholders at the Annual General Meeting.

At 31 December 2025, shareholders' equity amounted to EUR 10,796 (10,139) million, compared to the market capitalisation on Nasdaq Helsinki of EUR 8,433 (7,657) million. The market values of the shares were EUR 10.65 (9.68) for A shares and EUR 10.71 (9.72) for R shares. In 2025, EUR 197 (158) million of dividends was recognised as distributed to owners, corresponding to EUR 0.25 (0.20) per share.

The A shares entitle the holder to one vote per share, whereas R shares entitle the holder to one vote per ten shares with a minimum of one vote, though the accountable par of both shares is the same. A shares may be converted into R shares at any time at the request of a shareholder. At 31 December 2025, the Company's fully paid-up share capital, as entered in the Finnish Trade Register, was EUR 1,342 (1,342) million. The current accountable par of each issued share is EUR 1.70 (1.70).

At 31 December 2025, Directors and Group Leadership Team members owned 127 (127) A shares and 480,569 (483,159) R shares representing 0.02% of the total voting rights of the Company. Full details of Director and Executive interests are shown in note 3.2 Board and executive remuneration. A full description of Company share award programmes is shown in note 3.4 Employee variable compensation and equity incentive schemes. However, none of these have any impact on the issued share capital.

Change in number of shares

A shares	R shares	Total
176,230,916	612,389,071	788,619,987
-566,837	566,837	—
175,664,079	612,955,908	788,619,987
-121,658	121,658	—
175,542,421	613,077,566	788,619,987
175,542,421	61,307,756	236,850,177
		1,342
	299	1,043

¹ The R share votes are calculated by dividing the number of R shares by 10.

5.6 Cumulative translation adjustment and equity hedging

Accounting principles

The Group operates internationally and is thus exposed to currency risks arising from exchange rate fluctuations on the value of its net investment in non-euro entities. Exchange rate differences arising from the retranslation of net investments in foreign non-euro entities, and financial instruments that are designated as hedges of such investments, are recognised directly in equity in the cumulative translation adjustment (CTA). Movements in CTA (including related hedges) are shown in the consolidated statement of comprehensive income.

The cumulative translation adjustments related to disposed and liquidated entities are combined with their gain or loss on disposal. The CTA is recycled in the consolidated income statement upon disposal and liquidation.

The Group policy for translation risk exposure is to minimise this by funding assets in the same currency whenever economically viable, but if matching the assets and liabilities in the same currency is not possible, hedging of the remaining translation risk may take place. The Group has also applied net investment loan accounting for certain intragroup loans for which settlement is neither planned nor likely to occur in the foreseeable future. These are in substance, a part of the entity's net investment in the foreign operation.

Cumulative translation adjustment - movement

EUR million	2025	2024
At 1 January
CTA	-465	-376
Net investment hedges and loans	10	6
Income tax related to hedges and loans	-2	-4
Net CTA in equity	-457	-375
CTA movement OCI
CTA movement	100	-88
CTA release through income statement	24	-1
Net investment hedges and loans	-21	4
Income tax related to hedges and loans	-3	3
CTA movement OCI total	99	-82
At 31 December
CTA	-341	-465
Net investment hedges and loans	-11	10
Income tax related to hedges and loans	-5	-2
Net CTA in equity	-357	-457

In 2025, the release of cumulative translation adjustments to the income statement resulted in a loss of EUR 24 million and was related to the disposal Swedish forest assets.

In 2024 there were no significant releases of cumulative translation adjustments to the income statement.

² No changes in share capital in 2025 or 2024.

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Cumulative translation adjustment – financial position

		Cumulative Translation Adjustment (CTA)		Net investment hedges and loans		Net CTA in the statement of financial position
EUR million	2025	2024	2025	2024	2025	2024
Brazil	-285	-284	0	0	-285	-284
China	173	143	-26	1	147	144
Czechia	42	35	-9	-9	33	26
Poland	-8	-14	12	17	4	3
Sweden	-350	-649	31	33	-318	-616
Uruguay (USD)	92	298	-20	-33	72	265
Others	-6	6	0	0	-6	6
CTA before Tax	-341	-465	-11	10	-352	-455
Taxes	0	0	-5	-2	-5	-2
Net CTA in Equity	-341	-465	-16	8	-357	-457

Hedging instruments and unrealised hedge losses

	Nominal amount (Currency)		Nominal amount (EUR)		Unrealised losses (EUR)
EUR million	2025	2024	2025	2024	2025	2024
Borrowings
USD area	300	300	255	289	-20	-47
Total hedging			255	289	-20	-47

The Group is currently only hedging its equity exposure to the US dollar arising from its joint operation located in Uruguay with USD as functional currency.

5.7 Non-controlling interests

Accounting principles

Non-controlling interests are presented as a separate component within the equity of the Group in the consolidated statement of financial position. The proportionate shares of profit or loss attributable to non-controlling interests and to owners of the parent company are presented in the consolidated income statement after the net result for the period. Transactions between non-controlling interests and Group shareholders are transactions within equity and are thus shown in the statement of changes in equity. The measurement type of non-controlling interest is decided separately for each acquisition.

Non-controlling interests

EUR million	2025	2024
At 1 January	-150	-97
Share of net result for the period	-9	-48
Share of other comprehensive income	12	-5
At 31 December	-147	-150

Principal non-controlling interests

		2025	2024	2025	2024
Company	Principal place of business	Ownership and voting rights held by non-controlling			EUR million
Stora Enso Pulp and Paper Asia AB Group (subgroup)1	Sweden and China	5.79%-19.92%	5.79%-19.92%	-144	-148
Others	-			-3	-2
Total				-147	-150

1 Consist of non-controlling interests in Guangxi Integrated Project and Operations. Entity level ownership presented in note 6.2 Group companies.

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Non-controlling interests in Stora Enso Pulp and Paper Asia AB Group

Summarised financial information in respect of the subsidiaries that have material non-controlling interests is set out below.

Stora Enso Pulp and Paper Asia AB Group

EUR million	2025	2024
Assets	613	675
Equity attributable to the owners of the parent	-460	-515
Non-controlling interests1	-144	-148
Total equity	-604	-663
Liabilities	1,217	1,337
Net result for the period	-43	-196
Attributable to
Owners of the parent	-35	-153
Non-controlling interests	-8	-43
Net result for the period	-43	-196
Net cash flow from operating activities	55	9
Net cash flow from investing activities	-26	-38
Net cash flow from financing activities	-35	18
Net cash flow	-6	-11

¹ No dividends were paid to non-controlling interests in 2025 or 2024.

{185}------------------------------------------------

6 Group structure

6.1 Acquisitions, disposals and assets held for sale

Accounting principles

Acquired companies are accounted in accordance with the acquisition method whereby these companies are included in the consolidated financial statements from the date the control is obtained. Accordingly, the consideration transferred (including contingent consideration) and the acquired company's identifiable net assets are measured at fair value at the date of the acquisition. Transaction costs related to acquisition are expensed as incurred. The measurement type of noncontrolling interest is decided separately for each acquisition, and measured either at fair value or non-controlling interest's proportionate share of the net assets. The excess of the consideration transferred, non-controlling interest and possible previously held equity interest over the fair value of net assets of the acquired company is recognised as goodwill.

The disposed companies are included in the consolidated financial statements up to the date when the control is lost. The gain or loss on disposal together with cumulative translation adjustments (CTA) related to disposed companies are recognised in the consolidated income statement at the date control is lost. Gains and losses on the disposal of a Group entity include any goodwill relating to the entity sold.

Assets are classified as held for sale, if their carrying amounts will be recovered mainly through a sale transaction rather than through continuing use. The assets must be available for immediate sale in their present condition subject only to terms that are usual and customary for sale of such assets. Also, the sale must be highly probable and expected to be completed within one year from the date of classification. These assets and related liabilities are presented separately in the consolidated statement of financial position and measured at the lower of the carrying amount and fair value less costs to sell. Comparative information is not restated when classification is made. Assets classified as held for sale are not depreciated.

Acquisition of Group companies

EUR million	2025	2024
Net assets acquired
Cash and cash equivalents	0	2
Property, plant and equipment	115	0
Forest assets	0	77
Intangible assets	1	0
Right-of-use assets	0	0
Working capital	8	0
Tax assets and liabilities	-1	-2
Interest-bearing assets and liabilities	-68	0
Fair value of net assets acquired	56	77
Purchase consideration, cash part	17	77
Purchase consideration, contingent	44	0
Total purchase consideration	61	77
Fair value of net assets acquired	-56	-77
Non-controlling interest	0	0
Goodwill	5	0
Cash outflow on acquisitions	-17	-77
Cash and cash equivalents of acquired subsidiaries	0	2
Cash flow on acquisition, net of acquired cash	-17	-75

2025

Junnikkala

In April 2025, Stora Enso completed a transaction to acquire 100% of the Finnish sawmill company Junnikkala Oy. Junnikkala is a Finnish producer of sawn timber and processed wood products for domestic and export markets and employs approximately 220 people. It operates three sawmills in northern Finland including its new sawmill, nearby the Stora Enso Oulu site. The acquired sawmills will create synergies with the site in Oulu through long-term supply of raw materials and aims to secure a cost-efficient wood supply to the Oulu site.

Stora Enso's annual wood procurement in Finland will increase by approximately 1.7 million m³ and the Group's total sawmilling capacity by approximately 700,000 m³. The acquired unit is reported in the Wood Products segment and the wood procurement activities are integrated into the Forest segment.

The cash purchase consideration was approximately EUR 17 million, and the fair value of contingent considerations are estimated at EUR 44 million at the date of acquisition. There are two contingent earn-out components, which are settled in cash and are subject to Junnikkala achieving certain production milestones by the end of 2026 and 2029. The maximum amount of the earn-outs is EUR 47 million.

The post combination review was completed at the end of 2025 and therefore acquisition accounting is considered final. There were no significant measurement period adjustments in 2025. The goodwill represents the expected synergies and is allocated to the Packaging Materials Oulu CGU. None of the goodwill recognised is expected to be deductible for tax purposes.

The impact of the acquired unit on Stora Enso Group's consolidated sales in 2025 was EUR 91 million, the impact on net result is not considered material. Related transaction costs amounted to EUR 5 million and are presented in other operating expenses.

2024

Montes del Plata forest assets

In March 2024 Stora Enso's 50% owned joint operation in Uruguay, Montes del Plata (MdP), completed a transaction to acquire forest assets and related forestry business in Uruguay. Stora Enso's share of the transaction includes approximately 16.3 thousand hectares of land, of which about 9.8 thousand hectares are productive land. The acquired units are fully owned and reported under the Biomaterials segment. The acquired forest land and operations are located in various regions of Uruguay. These operations primarily include forestry plantations to supply wood for pulp production.

Stora Enso's share of the cash purchase consideration was EUR 77 million. The related transaction costs were not considered significant. The fair values of the identifiable assets and liabilities as of the acquisition date consisted mainly of forest assets and are presented in the table above. The post combination review was completed at the end of 2024 and therefore acquisition accounting is considered final. There were no significant measurement period adjustments in 2024. The acquisition is not considered to have had a significant impact on Stora Enso Group's sales or net profit.

{186}------------------------------------------------

Disposal of Group companies

EUR million	2025	2024
Net assets sold
Cash and cash equivalents	5	5
Property, plant and equipment	2	2
Intangible assets	0	0
Forest assets	926	0
Working capital	-10	6
Tax assets and liabilities	-192	1
Interest-bearing assets and liabilities	-162	-2
Net assets sold total	569	13
Fair value of retained investment	113	0
Total disposal consideration	624	13
CTA release	-24	1
Asset writedowns	0	-7
Loan impairments	0	0
Transaction costs	-4	-1
Total net gain/loss	140	-7

2025

Swedish forest assets

In September 2025, Stora Enso divested approximately 175,000 hectares of forest land, equivalent to about 12.4% of its total forest land holdings in Sweden to Soya Group (40.6%) and a MEAG led consortium (44.4%). MEAG is the asset manager of Munich Re, a German insurance company. The valuation of the transaction was in line with the accounting fair value of the divested forest assets and the selling price for the shares transferred was approximately EUR 624 million, received in cash. At the same time certain loan receivables of EUR 162 million were paid back to Stora Enso. The disposal gain was approximately EUR 140 million, including capital gain of EUR 168 million, currency translation adjustments (CTA) release from equity to income statement of EUR -24 million, and transaction costs of EUR 4 million.

Stora Enso retains a 15% ownership of the sold company, which is reported as associated company. In connection with the transaction, Stora Enso

and the divested entity entered into a 15-year wood supply agreement with a possible additional 15-year extension. This will secure wood availability for Stora Enso's Swedish business units. The divested entity will also benefit from a forest management agreement under which Stora Enso will provide forest-related services. The group has assessed that these agreements together with other contractual details and Stora Enso's voting rights and share of appointed board members indicate that Stora Enso will exercise a significant influence over the entity.

The sold unit was part of the Forest segment, and the retained associated company is reported in the Forest segment.

2024

De Hoop site

In December 2024, Stora Enso completed the divestment of its 100% owned De Hoop site in the Netherlands to DS Smith. Production at the De Hoop containerboard site was closed in 2023. The sold unit was part of the segment Other at the time of disposal. The transaction did not have a significant impact on the Group.

Selfly Store business

In December 2024, Stora Enso completed the divestment of its 100% owned Selfly Store business to Husky Intelligent Fridges. Selfly Store provides complete smart vending machine solutions. The sold unit was part of the segment Other. The transaction did not have a significant impact on the Group.

Sunila site

In December 2024, Stora Enso completed the divestment of its 100% owned Sunila site in Finland to AALTO Development Oy. Production in the Sunila pulp mill was closed in 2023. Stora Enso's Lignode pilot plant operations in Sunila continue unaffected by the disposal. The sold unit was part of the segment Other at the time of disposal. The transaction did not have a significant impact on the Group.

E-Corrugated site

In October 2024, Stora Enso completed the divestment of its 100% owned E-Corrugated unit in the United Kingdom to Lavelle Corrugated. The sold unit was part of the Packaging Solutions segment. The transaction did not have a significant impact on the Group.

Paper for recycling trading unit

In July 2024, Stora Enso completed the divestment of its 51% share in a Danish-based Packaging Materials segment unit to Hartmann. The unit specialises in paper for recycling trading. The transaction did not have a significant impact on the Group.

Assets held for sale

At the end of 2025 and 2024 there were no assets held for sale.

{187}------------------------------------------------

6.2 Group companies

			Group ownership, % Group ownership, %
Subsidiaries	Country	2025	2024
Anjala Fiber & Energy Oy	Finland	0.00	100.00
AS Stora Enso Latvija	Latvia	100.00	100.00
Bangma Productie B.V.	Netherlands	100.00	100.00
Bangma Verpakking B.V.	Netherlands	100.00	100.00
Bergslaget Förvaltnings AB (Formerly FuraCore AB)	Sweden	100.00	100.00
Bergnät 1 AB	Sweden	100.00	100.00
Beta Skog 1 AB	Sweden	100.00	100.00
Cellutech AB	Sweden	100.00	100.00
Centrum Dystrybucji i Obróbki Drewna Sp. z.o.o.	Poland	100.00	100.00
Changzhou Stora Enso Packaging Technology Co. Ltd.	China	100.00	100.00
De Jong Box B.V.	Netherlands	100.00	100.00
De Jong Packaging Ltd.	UK	100.00	100.00
De Jong Verpackung GmbH	Germany	100.00	100.00
De Jong Verpakking B.V.	Netherlands	100.00	100.00
DJV Holding B.V.	Netherlands	100.00	100.00
DJV Strategisch Advies B.V.	Netherlands	100.00	100.00
Dongguan Stora Enso Inpac Packaging Co. Ltd.	China	100.00	100.00
Enso Alueverkko Oy	Finland	100.00	100.00
Euro - Timber, spol. s.r.o.	Slovak Republic	100.00	100.00
Felco B.V.	Netherlands	100.00	100.00
FuraCore BV	Belgium	0.00	100.00
Gaster Wellpappe GmbH	Germany	100.00	100.00
Green Packaging System B.V.	Netherlands	100.00	100.00
Guangxi Stora Enso Forestry Co. Ltd.	China	89.50	89.50
Herman Andersson Oy	Finland	100.00	100.00
HESPOL Sp. z.o.o.	Poland	100.00	100.00
Jiashan Stora Enso Inpac Packaging Co. Ltd.	China	100.00	100.00
Junnikkala Oy	Finland	100.00	0.00
Karpack B.V.	Netherlands	100.00	100.00

KPMB Agri BV Belgium 100.00 100.00

KPMB NV	Belgium	100.00	100.00
Lignode Holding Oy	Finland	100.00	100.00
Lignode Oy	Finland	100.00	100.00
Lumipaper Ltd	UK	100.00	100.00
Lumipaper NV	Belgium	100.00	100.00
PTI Packmitteltechnik GmbH	Germany	80.00	80.00
Pulse Anilox Cleaning B.V.	Netherlands	100.00	100.00
Rudico B.V.	Netherlands	100.00	100.00
Rudico Groep B.V.	Netherlands	100.00	100.00
Rudico Holding B.V.	Netherlands	100.00	100.00
Skogsutveckling Syd AB	Sweden	66.67	66.67
Södra Norrlands Hamnbolag nr 1 AB	Sweden	0.00	100.00
Stora Enso (Guangxi) Forestry Company Ltd.	China	80.08	80.08
Stora Enso (Guangxi) Packaging Company Ltd.	China	80.08	80.08
Stora Enso (HK) Ltd	Hong Kong	100.00	100.00
Stora Enso (Southern Africa) (Pty) Ltd	South Africa	0.00	100.00
Stora Enso AB	Sweden	100.00	100.00
Stora Enso Amsterdam B.V.	Netherlands	100.00	100.00
Stora Enso Anjalankoski Oy (Formerly Ingerois Oy)	Finland	100.00	100.00
Stora Enso Arapoti Holding Florestal S.A.	Brazil	100.00	100.00
Stora Enso Australia Pty Ltd	Australia	100.00	100.00
Stora Enso Belgium NV	Belgium	100.00	100.00
Stora Enso Bergskog 2 AB	Sweden	100.00	100.00
Stora Enso Bergskog 3 AB	Sweden	100.00	100.00
Stora Enso Bois SAS	France	100.00	100.00
Stora Enso Brasil Ltda	Brazil	100.00	100.00
Stora Enso China Co., Ltd	China	100.00	100.00
Stora Enso China Holdings AB	Sweden	100.00	100.00
Stora Enso China Packaging (HK) Co., Limited	Hong Kong	100.00	100.00
Stora Enso Corbehem SAS	France	100.00	100.00
Stora Enso Danmark A/S	Denmark	100.00	100.00
Stora Enso Eesti AS	Estonia	100.00	100.00
Stora Enso Espana S.A.U	Spain	100.00	100.00
Stora Enso Fors AB	Sweden	100.00	100.00

{188}------------------------------------------------

Stora Enso France SAS	France	100.00	100.00
Stora Enso Germany GmbH	Germany	100.00	100.00
Stora Enso Holding B.V.	Netherlands	100.00	100.00
Stora Enso Holding France SAS	France	100.00	100.00
Stora Enso Holdings UK Ltd	UK	100.00	100.00
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited	China	100.00	100.00
Stora Enso Inpac Hebei Protective Packaging Co., Ltd.	China	100.00	100.00
Stora Enso Inpac Packaging Co. Ltd	China	100.00	100.00
Stora Enso International Oy	Finland	100.00	100.00
Stora Enso Italia Srl	Italy	100.00	100.00
Stora Enso Japan K.K.	Japan	100.00	100.00
Stora Enso Langerbrugge NV	Belgium	100.00	100.00
Stora Enso LLC	Ukraine	100.00	100.00
Stora Enso Mexico S.A.	Mexico	100.00	100.00
Stora Enso Middle East FCZO	United Arab Emirates	100.00	100.00
Stora Enso Narew Sp.z.o.o.	Poland	100.00	100.00
Stora Enso North American Sales, LLC	USA	100.00	100.00
Stora Enso Oulu Oy	Finland	100.00	100.00
Stora Enso Packaging AB	Sweden	100.00	100.00
Stora Enso Packaging AS	Estonia	100.00	100.00
Stora Enso Packaging Oy	Finland	100.00	100.00
Stora Enso Packaging SIA	Latvia	100.00	100.00
Stora Enso Packaging UAB	Lithuania	100.00	100.00
Stora Enso Paper AB	Sweden	100.00	100.00
Stora Enso Paper UK Ltd	UK	100.00	100.00
Stora Enso Pension Trust Ltd.	UK	100.00	100.00
Stora Enso Poland S.A.	Poland	100.00	100.00
Stora Enso Polska Sp.z.o.o.	Poland	100.00	100.00
Stora Enso Portugal Lda	Portugal	0.00	100.00
Stora Enso Praha s.r.o.	Czechia	100.00	100.00
Stora Enso Publication Papers Oy Ltd	Finland	0.00	100.00
Stora Enso Pulp AB	Sweden	100.00	100.00
Stora Enso Pulp and Paper Asia AB	Sweden	94.21	94.21

Stora Enso Skog AB	Sweden	100.00	100.00
Stora Enso Skog AS	Norway	100.00	100.00
Stora Enso Skog och Mark AB	Sweden	0.00	100.00
Stora Enso Skogsegendom AB	Sweden	100.00	0.00
Stora Enso South East Asia Pte Ltd	Singapore	100.00	100.00
Stora Enso Timber AB	Sweden	100.00	100.00
Stora Enso Turkey Karton Ve Kağıt Ticaret Anonim Sirketi	Turkey	100.00	100.00
Stora Enso UK Limited	UK	100.00	100.00
Stora Enso US Inc.	USA	100.00	100.00
Stora Enso Veitsiluoto Oy	Finland	100.00	100.00
Stora Enso Wood Products d.o.o. Koper	Slovenia	100.00	100.00
Stora Enso Wood Products GmbH	Austria	100.00	100.00
Stora Enso Wood Products Japan K.K.	Japan	100.00	100.00
Stora Enso Wood Products Planá s.r.o.	Czechia	100.00	100.00
Stora Enso Wood Products Sp.z.o.o.	Poland	100.00	100.00
Stora Enso Wood Products Zdirec s.r.o.	Czechia	100.00	100.00
Stora Enso WP Bad St. Leonhard GmbH	Austria	100.00	100.00
Stora Enso WP HV s.r.o.	Czechia	100.00	100.00
Stora Kopparbergs Bergslags AB	Sweden	100.00	100.00
Sumarbox B.V.	Netherlands	100.00	100.00
Sydved AB	Sweden	66.67	66.67
Twinpack B.V.	Netherlands	100.00	100.00
UAB Stora Enso Lietuva	Lithuania	100.00	100.00
Virdia B2X, LLC	USA	100.00	100.00
Virdia LLC	USA	100.00	100.00
Virdia Ltd	Israel	100.00	100.00
Wellpappenfabrik Gesellschaft GmbH	Germany	80.00	80.00

			Group ownership, % Group ownership, %
Associated companies	Country	2025	2024
A.C.D.F. Industrie	France	35.00	35.00
Bergslagens Vind AB	Sweden	50.00	50.00
HV Energi AB	Sweden	50.00	0.00

{189}------------------------------------------------

Our year 2025	Our strategy	Our people	Governance	Shareholders	Report of the Board of Directors	Sustainability Statement	Financial Statements Appendices ≡

Honkalahden Teollisuuslaituri Oy	Finland	50.00	50.00
Industrikraft i Sverige AB	Sweden	20.00	20.00
Kemira Cell Sp.z.o.o.	Poland	45.00	45.00
Metsäteho Oy	Finland	23.95	23.95
Novimus Oy	Finland	32.24	32.24
Österbergs Förpackningsmaskiner AB	Sweden	50.00	50.00
Perkaus Oy	Finland	33.33	33.33
SELF Logistika SIA	Latvia	50.00	50.00
SESOM 2 AB	Sweden	15.00	0.00
Steveco Oy	Finland	48.40	34.39
Suomen Keräyspaperi Tuottajayhteisö Oy	Finland	40.09	40.09
SweTree Technologies AB	Sweden	23.83	23.83
T&B Containers Holdings Ltd.	UK	30.00	30.00
Tornator Oyj	Finland	41.00	41.00
Trätåg AB	Sweden	50.00	50.00
TreeToTextile AB	Sweden	22.60	28.94
ZMP GMBH	Austria	30.00	30.00

			Group ownership, % Group ownership, %
Other companies	Country	2025	2024
AMEXCI AB	Sweden	9.10	9.10
Arevo AB	Sweden	9.47	8.86
CarbonScape Ltd	New Zealand	15.00	15.00
Clic Innovation Oy	Finland	9.87	9.87
Combient AB	Sweden	5.40	5.40

East Office of Finnish Industries Oy	Finland	4.00	4.00
Packages Limited	Pakistan	0.00	6.40
Pohjolan Voima Oyj	Finland	16.54	16.14
PulPac AB	Sweden	10.30	10.30
Radioskog AB	Sweden	10.00	10.00
RK Returkartong AB	Sweden	8.40	8.40
SSG Standard Solutions Group AB	Sweden	14.29	14.29
Suomen Puukauppa Oy	Finland	10.74	10.74
T&B Containers Ltd.	UK	30.00	30.00
Union Developement Récup. Pap.	France	10.70	10.70

			Group ownership, % Group ownership, %
Joint operations	Country	2025	2024
Celulosa y Energia Punta Pereira S.A.	Uruguay	50.00	50.00
El Esparragal Asociación Agraria de Responsabilidad Limitada	Uruguay	50.00	50.00
Eufores S.A.	Uruguay	50.00	50.00
Forestal Cono Sur S.A.	Uruguay	50.00	50.00
Monte Fresnos A.A.R.L.	Uruguay	50.00	50.00
Monte Fresnos S.A.	Uruguay	50.00	50.00
Ongar S.A.	Uruguay	50.00	50.00
Stora Enso Uruguay S/A	Uruguay	50.00	50.00
Taurion A.A.R.L.	Uruguay	50.00	50.00
Taurion S.A.	Uruguay	50.00	50.00
Terminal Logística e Industrial M`Bopocuá S.A.	Uruguay	50.00	50.00
Veracel Celulose SA	Brazil	50.00	50.00
Zona Franca Punta Pereira S.A.	Uruguay	50.00	50.00

{190}------------------------------------------------

6.3 Related party transactions

Balances and transactions between Stora Enso and its subsidiaries and joint operations have been eliminated on consolidation and are not disclosed in this note. For the other entities which are classified as the Group's related parties and disclosed in this note, their subsidiary companies are also considered as related parties.

The Group has classified Solidium Oy as a related party. Solidium Oy is entirely owned by the State of Finland, and it owned 10.7% of Stora Enso shares and 27.4% of all votes on 31 December 2025. The Group has applied an exemption, as stated in IAS 24 paragraph 25, not to disclose transactions and outstanding balances with government-related entities.

The Group has classified FAM AB and Wallenberg Investments AB as related parties. FAM AB owned 10.2% of Stora Enso shares and 27.4% of all votes on 31 December 2025. FAM AB is wholly owned by Wallenberg Investments AB. The Group had transactions with Kopparfors Fastigheter AB, a fully owned subsidiary of Kopparfors Skogar AB, which is wholly owned by FAM AB. More details on this are disclosed below.

The key management personnel of the Group are the members of the Group Leadership Team and the Board of Directors. The compensation of key management personnel is presented in note 3.2 Board and executive remuneration.

In the ordinary course of business, the Group engages in transactions on commercial terms with associated companies, joint arrangements and other related parties that are not any more favourable than those that would be available to other third parties. Stora Enso intends to continue with transactions on a similar basis with its associated companies and joint arrangements. Further details of the transactions with associated companies are shown in note 4.3 Associates.

Group companies, including subsidiary companies and joint operations, are listed in note 6.2 Group companies.

Forest assets and wood procurement

The Group has a 41.0% interest in Tornator with the remaining 59.0% being held mainly by Finnish institutional investors. Stora Enso has long-term purchase contracts of wood at market prices with the Tornator Group, and in 2025 purchases of 3 (3) million cubic metres came to EUR 192 (167) million.

The Group procures wood at market prices from Kopparfors Fastigheter AB, a fully owned subsidiary of Kopparfors Skogar AB, which is wholly owned by FAM AB. In 2025 the purchases from the related party amounted to EUR 3 (15) million and the sales of services by Stora Enso to the said

related party amounted to EUR 0 (0) million. At the end of 2025 the Group had EUR 0 (0) million of open payables to the related party.

The Group procured wood at market prices from SESOM 2 AB, which is a 15% owned Swedish associate company. In addition, the Group sold services to the said party. The related transactions were not material.

Stevedoring

The Group owns 48.4% of shares in Steveco Oy, a Finnish company engaged in loading and unloading vessels. The other shareholders in Steveco are UPM-Kymmene, Finnlines and Myllykoski. The stevedoring services are provided by Steveco at market prices and in 2025 amounted to EUR 24 (25) million.

{191}------------------------------------------------

7 Other

7.1 Commitments and contingencies

Accounting principles

Guarantees

The guarantees entered into with financial institutions and other credit guarantors generally oblige the group to make payment in the event of default by the borrower. The guarantees have an off-balance sheet credit risk representing the accounting loss that would be recognised at the reporting date if the counterparties fail to perform completely as contracted. The credit risk amounts are equal to the contract sums, assuming the amounts are not paid in full and are irrecoverable from other parties.

Commitments

EUR million	2025	2024
On own behalf
Guarantees	18	17
Other commitments	6	6
On behalf of associated companies
Guarantees	4	4
On behalf of others
Guarantees	6	16
Other commitments	0	0
Total	33	43
Guarantees	27	37
Other commitments	6	6
Total	33	43

In 2025, the Group's commitments amounted to EUR 33 (43) million. In addition, the parent company Stora Enso Oyj has guaranteed the liabilities of many of its subsidiaries and joint operations up to EUR 667 (792) million as of 31 December 2025.

Capital commitments

EUR million	2025	2024
Total	89	304

Capital expenditure commitments are not recognised in the balance sheet and these include the Group's share of direct capital expenditure contracts in joint operations.

Contingent liabilities

Stora Enso has undertaken significant restructuring actions in recent years which have included the divestment of companies, sale of assets and mill closures. These transactions include a risk of possible environmental or other obligations the existence of which would be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group.Stora Enso has undertaken significant restructuring actions in recent years which have included the divestment of companies, sale of assets and mill closures. These transactions include a risk of possible environmental or other obligations the existence of which would be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Group. A provision has been recognised for obligations for which the related amount can be estimated reliably and for which the related future cost is considered to be at least probable.A provision has been recognised for obligations for which the related amount can be estimated reliably and for which the related future cost is considered to be at least probable.

Stora Enso has been granted various investment subsidies and compensations, and has made certain investment commitments in several countries such as Finland, China, and Sweden. If commitments to planning conditions are not met, local officials may pursue administrative measures to reclaim some of the previously granted investment subsidies or impose penalties on Stora Enso. The outcome of such a process could result in adverse financial impact on Stora Enso.

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.

Stora Enso is party to legal proceedings that arise in the ordinary course of business and which primarily involve claims arising out of commercial law. The management does not consider that liabilities related to such proceedings before insurance recoveries, if any, are likely to be material to the Group's financial condition or results of operations.Stora Enso is party to legal proceedings that arise in the ordinary course of business and which primarily involve claims arising out of commercial law. The

management does not consider that liabilities related to such proceedings before insurance recoveries, if any, are likely to be material to the Group's financial condition or results of operations.

Veracel

On 11 July 2008, Stora Enso announced that a federal judge in Brazil had issued a decision claiming that the permits issued by the State of Bahia for the operations of Stora Enso's joint operations company Veracel were not valid. Veracel disputed the decision and filed an appeal against it.

On 10 July 2025, Veracel's appeal was upheld by the Federal Court, and the regularity of all the environmental licensing of the project was recognised, and the fine of BRL 20 (EUR 3) million was annulled. The decision was not appealed to the Higher Courts, and the ruling is final.

7.2 Events after the reporting period

The were no significant adjusting or non-adjusting events after the reporting period end.

As of 1 January 2026, Stora Enso has implemented changes in its organisational and reporting structures. The reportable segments as of 1 January 2026 are: Consumer Packaging (comprising the Cartonboard and the Foodservice and Liquid Board business areas), Integrated Packaging (comprising the Containerboard and the Packaging Solutions business areas), Biomaterials, and Other (including the Wood and Energy business area and the Group's administration). The Swedish forest assets and the Central European sawmilling and building solutions operations (currently under strategic review) will be reported under the segment Other. Comparative figures will be restated accordingly.

The Board of Directors proposes to the AGM that a dividend of EUR 0.25 per share be distributed on the basis of the balance sheet adopted for the year 2025. This would correspond to EUR 197,154,996.75 in aggregate for all currently registered 788,619,987 shares, which would leave EUR 1,299,548,548.25 in distributable shareholders' equity. The Board of Directors proposes that the dividend be paid in two instalments.

{192}------------------------------------------------

Parent company Stora Enso Oyj financial statements

Parent company income statement

		Year ended 31 December
EUR million	Note	2025	2024
Sales	2	2,870	2,631
Changes in inventories of finished goods and work in progress + / -		-2	25
Production for own use		3	2
Other operating income	3	500	462
Materials and services	4	-2,183	-1,992
Personnel expenses	5	-301	-298
Depreciation and impairment	6	-110	-183
Other operating expenses	7	-984	-895
		3,078	2,877
Operating profit / loss		-208	-246
Financial income and expenses	9	478	238
Profit before appropriations and taxes		270	-8
Appropriations	10	-19	68
Income tax	11	1	-3
Profit for the period		252	57

Parent company statement of financial position

		As at 31 December
EUR million Note		2025	2024
Assets
Non-current assets
Intangible assets	13	52	54
Tangible assets	13	841	834
Investments	14	9,390	9,250
Non-current assets total		10,284	10,137

		As at 31 December
EUR million	Note	2025	2024
Current assets
Inventories	15	527	543
Short-term receivables	16	1,292	1,296
Financial securities	17	432	1,007
Cash in hand and at bank		524	764
Total current assets		2,775	3,610
Total assets		13,059	13,746
Equity and liabilities
Equity	18
Share capital		1,342	1,342
Share premium		3,639	3,639
Fair value reserve		2	-2
Invested non-restricted equity fund		633	633
Retained earnings		612	751
Profit for the period		252	57
Total equity		6,480	6,421
Accumulated appropriations	19	233	192
Obligatory provisions	20	28	25
Liabilities
Non-current liabilities	22	3,000	3,386
Current liabilities	23	3,318	3,722
Total liabilities		6,318	7,109
Total equity and liabilities		13,059	13,746

{193}------------------------------------------------

Parent company cash flow statement

	Year ended 31 December
EUR million	2025	2024
Cash provided by operating activities
Profit for the period	252	57
Adjustments and reversal of non-cash items:
Direct taxes	-1	3
Appropriations	19	-68
Depreciation according to plan and impairment	110	183
Unrealised foreign exchange gains and losses	-59	15
Other non-cash items	4	-2
Financial income and expenses	-478	-238
Change in working capital:
Increase (-) / decrease (+) in current non-interest-bearing receivables	-73	266
Increase (-) / decrease (+) in inventories	16	-70
Increase (+) / decrease (-) in current non-interest-bearing liabilities	-15	118
Cash flow from operating activities before financial items and taxes	-225	263
Interest received from operating activities	136	214
Interest paid from operating activities	-221	-250
Dividends received from operating activities	601	481
Other financial items, net	40	-33
Direct taxes paid	-1	-11
Cash provided by operating activities	330	665
Net cash provided by investing activities
Investments in tangible and intangible assets	-112	-112
Capital gains from sale of tangible and intangible assets	1	1
Investments in other financial assets	-9	0
Investments in subsidiary shares and other capital contributions	-379	-538
Proceeds from disposal of subsidiary shares and other repayment of capital	0	3
Proceeds from disposal of other investments	0	1
Payments of non-current loan receivables	-140	-961
Proceeds from non-current loan receivables	507	1,700
Net cash provided by investing activities	-132	96

	Year ended 31 December
EUR million	2025	2024
Cash flow from financing activities
Proceeds from (issue of) long-term liabilities	435	0
Proceeds from (payment of) long-term liabilities	-866	-730
Proceeds from (issue of) short-term liabilities	230	91
Proceeds from (payment of) short-term liabilities	-662	-544
Dividends paid	-209	-147
Group contributions received	59	133
Cash flow from financing activities	-1,012	-1,197
Net change in cash and cash equivalents	-815	-437
Translation differences	0	-3
Cash and cash equivalents at start of year	1,771	2,211
Cash and cash equivalents at year end	956	1,771
Cash and cash equivalents at year end includes:
Financial securities	432	1,007
Cash in hand and at bank	524	764
Cash and cash equivalents total	956	1,771

{194}------------------------------------------------

Notes to the parent company financial statements

Note 1 Accounting principles

The financial statements of Stora Enso Oyj have been prepared in accordance with the Finnish Accounting Act and other current rules and regulations concerning financial statements in Finland. The financial statements are presented in millions of euros and rounded and therefore the sum of individual figures might deviate from the presented total figure.

Derivative contracts

Stora Enso is exposed to several financial market risks that the Group is responsible for managing under policies approved by the Board of Directors. The objective is to have cost-effective funding in Group companies and to manage financial risks using financial instruments in order to decrease earnings volatility. The main exposures for the Group are interest rate risk, currency risk, funding risk and commodity price risk, especially for fiber and energy. The parent company manages these risks centrally in the Group. The Group's risk management principles are presented in more detail in note 5.1 Financial Risk Management to the consolidated financial statements.

Derivative contracts are measured at fair value on the balance sheet. Derivatives with external counterparties that are subject to hedge accounting are recognised as financial assets and liabilities at fair value through the income statement in the same manner as the parent company's derivatives with other Group companies as counterparties. The parent company's derivative contracts that are used to hedge the parent company's own cash flow are measured at fair value, and the change in fair value (effective part) is recognised, in line with hedge accounting principles, in the fair value reserve in equity on the balance sheet, while the ineffective part is recognised in the parent company's income statement. The change in fair value of derivatives not included in hedge accounting is entered immediately in the income statement.

Interest income and expenses related to derivatives that are used to manage the interest rate risk are allocated over the contract period and are used to adjust interest expenses related to hedged loans. Option premiums are recognised as advance payments until the options mature.

With regard to derivatives, more information about the measurement principles, fair values and changes in fair value is provided in note 25 Financial instruments.

Foreign currency transactions

Transactions in foreign currencies are recorded at the rate of exchange prevailing at the transaction date. At the end of the month, foreign-currency-denominated receivables and liabilities are translated using the month-end exchange rate.

Equity incentive schemes

The employees covered by the scope of Stora Enso Oyj's share-based incentive schemes are awarded with shares in the company. The awarded shares and the costs of the schemes are recognised as an expense in the income statement when the shares are delivered. The settlement covers taxes and similar changes incurred. The principles of the Group's share opportunity programmes are presented in more detail in note 3.4 Employee variable compensation and equity incentive schemes to the consolidated financial statements.

Pensions

Statutory pension security is arranged through employment pension insurance companies outside the Group. Some employees have additional pension security through life insurance companies outside the Group. Pension contributions are allocated in accordance with performance-based salaries and wages for the financial period.

Non-current assets

The balance sheet value of intangible and tangible assets is their direct acquisition cost less depreciation according to plan and any impairment. Depreciation according to plan is recognised for intangible and tangible assets, based on their expected useful lives.

Depreciation is based on the following useful lives:

Buildings and structures	10–50 years
Production machinery and equipment	10–20 years
Light machinery and equipment	3–5 years
Intellectual property rights	3–20 years

No depreciation is recognised for land and water areas.

Interest in Group companies

Interest in the Group companies is measured at cost less any impairment losses. Interest in the Group companies is assessed for impairment annually.

The fair value of the subsidiary shares has been assessed mainly based on income approach, in which the fair value of investment is calculated based on the discounted cash flow model (DCF). Impairment need is assessed by comparing the fair value of the subsidiary shares to the book value in the parent company's balance sheet and possible write down is booked through profit or loss, if considered permanent in nature.

During the financial year, the parent company completed a business acquisition. The contingent consideration related to the acquisition consists of two components and is presented the balance sheet based on maturity. The long-term portion is presented under Accrued liabilities (Note 22 Non-current liabilities) and the short-term portion under Accrued liabilities (Note 23 Current liabilities). Further information on the acquisition of Junnikkala Oy and its terms is disclosed in note 6.1 Acquisitions, disposals and assets held for sale.

Loan receivables

Loan receivables are debt instruments with fixed or determinable payments that are not quoted on an active market. They are recorded initially at nominal value and subsequently measured at an amortised cost. Investments in subsidiaries and other companies are measured at cost, or fair value in case the fair value is less than cost. Loan receivables are presented in the balance sheet item Investments. The loan receivables are mainly from Group companies.

Inventories

Inventories are measured at acquisition cost or probable replacement cost or at net realisable value if lower. Acquisition cost is determined using the FIFO method or the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour, depreciation and other direct costs, as well as the related production overhead. Net realisable value is the estimated selling price less the costs of completion and sale.If, at the end of the financial year, the probable replacement cost, selling price, or net realisable value is lower than the acquisition cost, the difference is recognised as an expense.

Rental expenses

Leasing payments are recognised in other operating expenses. The remaining leasing payments under leasing agreements are presented in note 24 Commitments and Contingencies.

Expenditure on research and development

Expenditure on R&D is recognised as an expense for the financial period.

Income taxes

The tax expense on the income statement includes income taxes based on the taxable profit for the financial period and tax adjustments for previous periods. The parent company does not recognise deferred tax assets and liabilities, excluding derivatives, in its financial statements. Deferred tax assets and liabilities that can be recognised on the balance sheet are presented in note 21 Deferred tax liabilities and receivables.

Obligatory provisions

Future costs and losses that no longer generate corresponding income, to which the company is committed or by which the company is obligated, are recognised in the income statement according to their nature and in obligatory provisions on the balance sheet.

Emission rights

For 2025, 0.5 million tonnes of free emission allowances in accordance with the EU Emissions Trading Directive were allocated to the company. Emission allowances are recognised through a net cash cost basis, meaning that the difference between the actual emissions and the emission allowances received is recognised through profit or loss if the actual emissions are larger than the emission allowances received. During the financial period, the emissions emitted were estimated at 0.2 million tonnes. The emission rights purchased during the financial

{195}------------------------------------------------

At the end of the financial period, the market value of the emission rights was EUR 85.24 per tonne.

Comparability of the information for the financial period

The information for the financial year and the comparison year are comparable. There have been no mergers, corporate restructurings or other changes during the financial year that would affect the comparability of the information.

Note 2 Net sales by segment and market area

2025	2024
1,580	1,559
154	160
841	658
197	161
98	93
2,870	2,631

Distribution by region
Finland	1,234	1,043
Other Europe	932	908
North and South America	239	179
Asia and Oceania	374	394
Africa	91	108
Total	2,870	2,631

Note 3 Other operating income

EUR million	2025	2024
Rent and equivalents	2	2
Gains on sale of fixed assets	0	1
Insurance compensation	1	1
Subsidies, grants and equivalents	17	17
Administration services	51	47
Proceeds from sales of emission rights	72	63
Other operating income1	357	332
Total	500	462

¹ Other operating income consists mainly of items relating to the segment based operating model in the Group.

Note 4 Materials and services

EUR million	2025	2024
Materials and supplies
Purchases during the period	1,656	1,501
Change in inventories +/-	18	-29
External services	509	520
Total Materials and Services	2,183	1,992

Note 5 Personnel expenses and average number of employees

EUR million	2025	2024
Salaries and fees	250	242
Statutory employer costs
Pensions	43	48
Other personnel costs	8	8
Total	301	298

Remuneration for the CEO and the members of the Board of Directors

Remuneration for the CEO and the members of the Board of Directors is presented in note 3.2 Board and executive remuneration to the consolidated financial statements.

Pension liabilities for the CEO

Pension liabilities for the CEO are presented in note 3.2 Board and executive remuneration to the consolidated financial statements.

Receivables from management

There were no loan receivables from the company's management.

Average number of employees	2025	2024
Number of employees during the financial period	3,494	3,664

Note 6 Depreciation and impairment

EUR million	2025	2024
Depreciation according to plan	106	115
Impairment of fixed assets	4	68
Total	110	183

Depreciation and amortisation on each item in the statement of financial position is included under intangible and tangible assets.

Note 7 Other operating expenses

EUR million	2025	2024
Product freight	203	193
Sales commissions	55	56
Rental costs	34	22
Administration and office services	287	313
Insurance premiums	24	21
Other personnel expenses	18	17
Representation costs	0	0
Public and other relations	3	4
Emission rights expenses	61	51
Other operating expenses1	298	208
Merger loss	0	9
Total	984	895

¹ Other operating expenses consist mainly of items relating to the segment based operating model in the Group.

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EUR million	2025	2024
Audit fees	1	1
Other audit-related fees	1	0
Tax fees	0	0
Other fees	0	0
Total	2	2

Note 9 Financial income and expenses

EUR million	2025	2024
Dividend income
From Group companies	540	480
From associated companies	29	29
From others	2	3
Total	571	511
Interest income from non-current investments
From Group companies	68	93
From associated companies	1	2
From others	0	0
Total	69	95
Other interest and financial income
From Group companies	29	42
From others	30	74
Total	59	116
Total financial income	700	722
Interest and other financial expenses
To Group companies	-43	-85
Other financial expenses	-149	-200
Total	-191	-285
Impairment on investments
Impairment on investments in non-current assets	-30	-199
Total financial expenses	-221	-484
Total financial income and expenses	478	238
The item "Financial Income and Expenses" includes
exchange rate gains/losses (net)	22	-9

Note 10 Appropriations

EUR million	2025	2024
Difference between depreciation according to plan and depreciation recognised in taxation	-41	9
Group contributions received	22	59
Total appropriations	-19	68

Note 11 Income tax expense

EUR million	2025	2024
Income taxes from primary operations for the period	0	-3
Income taxes for previous periods	1	0
Total income tax	1	-3

Note 12 Environmental expenses

EUR million	2025	2024
Materials and services	31	30
Personnel expenses	3	4
Depreciation and impairment	10	11
Total	44	44
Air quality protection	6	5
Wastewater treatment	21	22
Waste management	11	10
Soil and groundwater protection	1	1
Noise and vibration prevention	0	0
Biodiversity and landscape protection	0	0
R&D	0	0
Other environmental protection measures	5	6
Total	44	44

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Note 13 Intangible and tangible assets Intangible assets

EUR million	Intellectual property rights	Other non current expenditure	Advance payments and acquisitions in progress	Total
Acquisition cost 1 Jan	195	26	23	244
Increases	3	0	7	10
Decreases	-3	0	0	-3
Reclassification	12	0	-13	-1
Acquisition cost 31 Dec	207	26	17	250
Accumulated depreciation and impairment 1 Jan	-165	-25	0	-190
Accumulated depreciation on decreases and reclassifications	2	0	0	2
Depreciation for the period	-10	0	0	-10
Impairments	0	0	0	0
Accumulated depreciation 31 Dec	-173	-26	0	-199
Book value on 31 December 2025	34	1	17	52
Book value on 31 December 2024	30	1	23	54

Tangible assets

					Advance payments
EUR million	Land and water areas	Buildings and structures	Plant and equipment	Other tangible assets	and acquisitions in progress	Total
Acquisition cost 1 Jan	18	628	3,065	182	62	3,954
Increases	0	1	60	2	44	107
Decreases	0	0	-139	-2	0	-141
Reclassification	0	0	39	1	-40	1
Acquisition cost 31 Dec	18	629	3,024	184	66	3,921
Accumulated depreciation and impairment 1 Jan	-4	-483	-2,471	-165	0	-3,123
Accumulated depreciation on decreases and reclassifications	0	0	139	2	0	141
Depreciation for the period	0	-13	-82	-2	0	-97
Impairment for the period	0	0	-3	0	0	-3
Accumulated depreciation 31 Dec	-4	-496	-2,417	-165	0	-3,081
Increase in value 1 Jan	2	0	0	0	0	2
Increase in value 31 Dec	2	0	0	0	0	2
Book value on 31 December 2025	16	133	607	19	66	841
Book value on 31 December 2024	16	145	594	18	62	834
Production plant and equipment
Book value on 31 December 2025			592
Book value on 31 December 2024			581

Advance payments and acquisitions in progress

EUR million	Intangible assets	Buildings and structures	Plant and equipment	Other tangible assets	Total
Acquisition cost 1 Jan	23	0	62	0	84
Increases	7	0	44	0	51
Reclassification	-13	0	-40	0	-53
Acquisition cost 31 Dec 2025	17	0	66	0	83

{198}------------------------------------------------

EUR million	Land and water areas	Buildings and structures	Plant and equipment	Other tangible assets	Advance payments and acquisitions in progress	Total
Acquisition cost 1 Jan	3	22	48	3	24	100
Increases	0	0	36	2	-1	37
Depreciations for the period	0	-1	-8	-1	0	-10
Book value on 31 December 2025	3	20	76	4	23	127
Air quality protection	0	8	60	0	15	84
Wastewater treatment	0	1	14	0	4	20
Waste management	2	0	1	2	0	5
Soil and groundwater protection	1	11	1	2	3	18
Noise and vibration prevention	0	0	1	0	0	1
	3	20	76	4	23	127

31 Dec 2024

EUR million	Land and water areas	Buildings and structures	Plant and equipment	Other tangible assets	Advance payments and acquisitions in progress	Total
Acquisition cost 1 Jan	4	22	46	3	18	93
Increases	0	1	12	0	6	18
Depreciations for the period	0	-1	-9	-1	0	-11
Book value on 31 December 2024	3	22	48	3	24	100
Air quality protection	0	8	40	0	14	63
Wastewater treatment	0	2	7	0	6	15
Waste management	2	0	0	2	0	5
Soil and groundwater protection	1	11	1	0	3	16
Noise and vibration prevention	0	0	1	1	0	1
	3	22	48	3	24	100

In 2025 and 2024, environmentally based fines, charges or compensation were paid EUR 0.0 million (0.0). Subsidies were received for environmental protection of EUR 0.0 (0.0) million.

Note 14 Non-current investments in shares and loan receivables

EUR million	Shares in Group companies	Loan receivables from Group companies	Shares in associated companies	Loan receivables from associated companies	Other shares	Other receivables	Total investments
Acquisition cost 1 Jan	7,817	1,834	37	26	209	16	9,939
Increases	422	15	10	0	9	1	458
Decreases	0	-254	0	-24	-1	-9	-288
Acquisition cost 31 Dec	8,239	1,595	47	2	217	9	10,109
Impairments 1 Jan	-664	0	0	0	-20	-5	-689
Increases	-47	0	0	0	0	0	-47
Impairment reversal	0	0	0	0	18	0	18
Impairments 31 Dec	-711	0	0	0	-1	-5	-718
Book value on 31 December 2025	7,527	1,595	47	2	216	4	9,390
Book value on 31 December 2024	7,153	1,834	37	26	189	11	9,250

The acquisition cost related to the acquisition of Junnikkala has been recognised under investment in group companies.

Note 15 Inventories

	2025	2024
Materials and supplies	240	258
Work in progress	9	9
Finished goods	230	232
Other inventories	0	0
Prepayments	48	44
Total	527	543

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Note 16 Short-term receivables

EUR million	2025	2024
Short-term loan receivables
Receivables from Group companies
Loan receivables	813	798
Commodity derivative receivables	0	2
Interest receivables	19	50
Total	832	850
Receivables from associated companies
Loan receivables	1	10
Total	1	10
Receivables from others
Loan receivables	-1	21
Commodity derivative receivables	0	0
Other receivables	47	6
Interest receivables	5	9
Total	51	35
Total current interest-bearing receivables	883	896
Current non-interest-bearing receivables
Receivables from Group companies
Trade receivables	205	153
Other receivables	24	58
Total	229	211
Receivables from equity accounted investments
Trade receivables	1	1
Total	1	1
Receivables from others
		109
Trade receivables	99
Deferred tax assets	0	2
Other receivables	56	53
Accrued income	23	24

Stora Enso may enter into factoring agreements to sell trade receivables in order to accelerate cash conversion. Nominally, such agreements led to the nominal derecognition of 85.0 EUR million (EUR 107.8 million in 2024) by the end of the financial period. The continuing involvement of Stora Enso in the sold receivables was estimated as being insignificant due to the non-recourse nature of the factoring arrangements involved.

EUR million	2025	2024
Total current non-interest-bearing receivables	409	399
Total current receivables	1,292	1,296
Significant accruals
Advances paid	10	10
Other accruals	13	14
Total	23	24

Note 17 Financial securities

EUR million	2025	2024
From Group companies	1	2
From others	431	1,005
Total	432	1,007

Note 18 Shareholders' equity

EUR million	2025	2024
Restricted shareholders' equity
Share capital 1 Jan	1,342	1,342
Share capital 31 Dec	1,342	1,342
Share premium fund 1 Jan	3,639	3,639
Share premium fund 31 Dec	3,639	3,639
Fair value reserve 1 Jan	-2	14
Increase (-) / Decrease (+)	4	-16
Fair value reserve 31 Dec	2	-2
Total restricted equity	4,983	4,979
Change in share capital and number of shares are presented in Note 5.5 to the consolidated financial statements.
Non-restricted shareholders' equity
Invested unrestricted equity reserve 1 Jan	633	633
Invested unrestricted equity reserve 31 Dec	633	633
Retained earnings 1 Jan	809	909
Dividend distribution	-197	-158
Reversal of increase in value of land	0	0
Retained earnings 31 Dec	612	751
Profit for the period	252	57
Total non-restricted equity	1,497	1,442
Total shareholders' equity	6,480	6,421
Calculation of distributable equity 31 Dec
Fair value reserve 31 Dec	0	-2
Invested unrestricted equity reserve 31 Dec	633	633
Retained earnings 31 Dec	612	751
Profit for the period	252	57
Total	1,497	1,440

{200}------------------------------------------------

Note 19 Accumulated appropriations

EUR million	2025	2024
Depreciation difference
Intellectual property rights	-7	-6
Goodwill	0	0
Other non-current expenditure	-2	-2
Buildings and structures	12	13
Plant and equipment	231	190
Other tangible assets	-1	-2
Total	233	192

Note 20 Obligatory provisions

EUR million	2025	2024
Restructuring provisions	5	3
Environmental provisions	17	20
Pension provisions	0	0
Other provisions	6	2
Total	28	25

Note 21 Deferred tax liabilities and receivables

EUR million	2025	2024
Deferred tax liability due to depreciation difference	-27	-19
Deferred tax receivables and liabilities due to derivatives	0	1
Deferred tax receivable due to loss	138	94
Deferred tax receivable due to provisions	6	5
Deferred tax receivables and liabilities from IFRS 16 leases	-2	0
Deferred tax liabilities from financial items	-1	-1
Deferred tax receivables due to other temporary differences	16	7
Total deferred tax receivable	129	87

Deferred tax liabilities and receivables excluding derivatives have not been recognised on the balance sheet.

Note 22 Non-current liabilities

	As at 31 December
EUR million	2025	2024
Non-current liabilities
Bonds	2,441	3,029
Loans from credit institutions	535	355
Other non-current liabilities	1	1
Other non-current liabilities to group companies	2	1
Accrued liabilities	20	0
Total	3,000	3,386

Accrued liabilities include liabilities arising from the Junnikkala earn out obligation.

Liabilities with maturities later than five years

Total	599	823
Loans from credit institutions	306	0
Other non-current liabilities	0	0
Bonds	293	823

Specifications of Bond loans are presented in note 5.3 Interest-bearing liabilities in consolidated financial statements.

Note 23 Current liabilities

EUR million	2025	2024
Current interest-bearing liabilities
Liabilities to Group companies
Other loans	2,032	1,798
Interest due	0	0
Total	2,032	1,798
Liabilities to others
Other loans	225	242
Commodity derivative liabilities	0	2
Interest due	31	50
Bonds	92	430
Loans from credit institutions	100	400
Total	448	1,124
Total current interest-bearing liabilities	2,481	2,922

EUR million	2025	2024
Current non-interest-bearing liabilities
Liabilities to Group companies
Trade payables	64	64
Commodity derivative liabilities	1	1
Total	65	65
Liabilities to associated companies
Trade payables	222	187
Total	222	187
Liabilities to others
Advances received	2	3
Trade payables	421	427
Other loans	21	34
Accrued liabilities	106	85
Total	550	548
Accrued liabilities include liabilities arising from the Junnikkala earn-out obligations.
Total current non-interest-bearing liabilities	837	800
Total current liabilities	3,318	3,722
Substantial accrued liabilities and deferred income
Payroll payments accrued	58	58
Annual discounts	16	14
Other accrued expenses and liabilities	32	12
Total	106	85

{201}------------------------------------------------

Note 24 Commitments and contingencies

EUR million	2025	2024
On own behalf, for own debt
Mortgages	0	0
For Group debt
Guarantees	667	792
On behalf of Associated companies
Guarantees	4	4
On behalf of others
Guarantees	0	10
Other commitments, own
Leasing commitments, in next 12 months	10	22
Leasing commitments, after next 12 months	32	30
Lease commitments	5	6
Other commitments	8	15
Total	725	879
Mortgages	0	0
Guarantees	670	806
Leasing commitments	42	52
Lease commitments	5	6
Other commitments	8	15
Total	725	879

Contingent liabilities

Stora Enso Oyj has implemented significant restructuring measures in recent years. These measures have included divestments of business operations and production units, as well as mill closures. These transactions include a risk of possible environmental or other obligations, the existence of which would be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Group. A provision has been recognised for obligations for which the related amount can be estimated reliably and the occurrence of which is considered likely.

Stora Enso Oyj has been granted various investment subsidies and has given certain investment commitments in Finland. If committed planning conditions are not met, local officials may pursue administrative measures to reclaim some of the formerly granted investment subsidies or to impose penalties on Stora Enso Oyj and the outcome of such a process could result in a negative financial impact on Stora Enso Oyj.

Stora Enso Oyj is party to legal proceedings that arise in the ordinary course of business and primarily involve claims arising out of commercial law. The company management does not believe that such processes as a whole, before any insurance compensation, would have significant impacts on the company's financial position or profit from operations. Some of the most significant legal proceedings are described in note 7.1 to the consolidated financial statements.

PVO Shares

The Group holds a 16.5% (16.1%) interest in Pohjolan Voima Oyj (PVO), a public limited company in the energy sector that produces electricity and heat for its shareholders in Finland at cost-based and non-profit making principle (Mankala-principle). Each subsidiary of the PVO group has its own class of shares that, instead of dividends, entitle the shareholder to the energy produced in proportion to its ownership of that class of share. Also, the shareholders then have an obligation to cover the costs of production, which are generally lower than market prices.

For more details, see the Consolidated Financial Statements note 4.4 Equity instruments.

Note 25 Financial instruments

Valuation of derivatives

The fair value is defined as the amount at which a derivative instrument could be exchanged in an orderly transaction between market participants at the measurement date. The fair values of such instruments are determined on the following basis:

• Foreign exchange forward contract fair values are calculated using forward exchange rates on the reporting date.
• Foreign exchange option contract fair values are calculated using reporting date market rates together with common option pricing models.
• Commodity contract fair values are computed with reference to quoted market prices on futures exchanges or other reliable market sources.
• Interest rate swaps fair values are calculated using a discounted cash flow method.

Fair value hierarchy

Stora Enso 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 parent company's derivatives are classified as Level 2 in the fair value hierarchy.

{202}------------------------------------------------

Nominal and fair values of derivative instruments

		As at 31 December 2025
EUR million	Nominal values	Positive fair values	Negative fair values	Fair values, Net
Cash flow hedges entered on behalf of the parent company and its subsidiaries, for which hedge accounting is applied in target companies
Foreign exchange forwards	2,522	44	-43	1
Foreign exchange options	591	4	-4	0
Commodity contracts	0	3	-3	0
Interest rate swaps	117	1	0	1
Non-hedge accounted derivatives
Foreign exchange forwards	901	1	-2	-1
Total	4,132	54	-52	1
of which against subsidiaries	1,717	2	-49	-48
of which against external parties	2,415	52	-3	49

		As at 31 December 2024
EUR million	Nominal values	Positive fair values	Negative fair values	Fair values, Net
Cash flow hedges entered on behalf of the parent company and its subsidiaries, for which hedge accounting is applied in target companies
Currency forwards	2,491	34	-41	-7
Currency options	1,280	7	-8	-1
Commodity contracts	167	4	-4	0
Interest rate swaps	346	6	0	6
Non-hedge accounted derivatives
Currency forwards	774	2	-4	-2
Total	5,058	52	-56	-4
of which against subsidiaries	2,138	38	-9	28
of which against external parties	2,920	15	-47	-32

Fair value reserve

The net amount of the parent company's unrealised cash flow hedge loss in the fair value reserve was EUR 1.9 (-2.2) million, which was related to currency and interest rate derivatives. Currency and interest rate derivatives also include a gain of EUR 0.0 (0.2) million related to the time value of options. These unrealised gains are recognised in the income statement upon the maturity of the hedging contracts. The longest hedging contract will mature in

2027.. During 2025 and 2024, there were no material ineffectiveness related to hedges recognised in the income statement. Derivatives used in currency cash flow hedges are mainly forward contracts and options. Swaps are mainly used in commodity hedges and interest rate cash flow hedges.

Hedge gains and losses in operating profit

EUR million	2025	2024
Cash flow hedge accounted derivatives
Currency hedges	6	-2
Total	6	-2
As adjustments to sales	6	-2
As adjustments to materials and services	0	0
Items realised from the fair value reserve that are recognised in the income statement	6	-2
Net losses from cash flow hedges	6	-2
Net hedge gains/losses in operating profit	6	-4

Hedge gains and losses in financial items

EUR million	2025	2024
Non-hedge accounted derivatives
Currency derivatives	-10	3
Net gains/losses in financial items	-10	3

Sensitivity of currency derivatives to strengthening of EUR

		31 December 2024
EUR million	SEK	USD	GBP
Currency change against EUR	-5.0 %	-5.0 %	-5.0 %
Nominals of currency derivatives hedging next 12 months cash flow in EUR	0	498	-3
Estimated effect on fair value reserve in EUR (net of taxes)	0	-20	0

Sensitivity of commodity derivatives to price risk

There were no outstanding commodity derivatives related to parent company's cash flows at the end of reporting period. More detailed information about financial instruments are presented in note 5.1 Financial risk management, note 5.2 Fair values and note 5.4 Derivatives to the consolidated financial statements.

{203}------------------------------------------------

Note 26 Related party transactions

EUR million	2025	2024
Related party transactions with associated companies and joint ventures:
Purchase of materials and supplies during the year	182	159¹
Interest income on non-current loan receivables	0	0
Non-current loan receivables at year end	3	3
Trade payables at year end	49	44

The Group's principles for related party transactions are presented in note 6.3 to the consolidated financial statements. In the parent company's notes 14, 16, 22, and 23, the loans with group companies are specified. The terms have complied with company's established principles and policies and adhered to arm's length principle.

Intra-group loans and loans to related parties

The parent company acts as the treasury company in the group and finances subsidiaries with intra-group loans. The loans can have different maturities and interest rates, which are determined by market conditions.

The loan term of the loans granted to intercompanies is 0.5 to 9 years. The interest rate on these loans varies approximately between 2% and 9%, depending on the currency and term of the loan. Pricing is prepared on an arm's length basis. The total amount of the loans is EUR 2.4 billion. The company has also issued guarantees amounting to EUR 667 million on behalf of intercompanies.

The company has not granted any loans to persons in related parties, nor has it provided any contingent liabilities on behalf of related parties. The amount of such loans and commitments is EUR 0.

Note 27 Separate financial statements for the electricity business

According to the Electricity Market Act (588/2013), a company operating in the electricity market, must separate its electricity business from its other business operations.

Basis of preparation of the separated electricity business statements: income, costs, assets and liabilities immediately attributable to the electricity business are allocated directly and indirect costs and non-attributable items are allocated according to allocation or allocation keys.

Electricity business income statement

		31 December
EUR million	2025	2024
Sales	94	87
Other operating income	0	0
Materials and services	-74	-65
Depreciation and impairment	-3	-6
Other operating expenses	-1	-1
Operating profit	16	16
Profit before Appropriations and Taxes	16	16
Appropriations	-1	0
Profit before Taxes	15	17
Income tax expense and windfall tax	-3	-3
Profit / loss for the period	12	13

¹ The comparative year's figure for purchases of materials and supplies from associated companies and joint ventures has been updated. This affects only this note disclosure and has no impact on the comparative year's result or financial position.

{204}------------------------------------------------

Electricity business statement of financial position

	As at 31 December
EUR million	2025	2024
Assets
Non-current assets
Tangible assets	28	28
Investments	189	171
Non-current assets total	216	199
Current assets
Short-term receivables	16	13
Total current assets	16	13
Total assets	232	212
Equity and liabilities
Equity
Share capital	35	35
Share premium	95	95
Invested non-restricted equity fund	17	17
Retained earnings	55	42
Profit for the period	12	13
Total equity	214	202
Accumulated appropriations	8	6
Liabilities
Non-current liabilities	2	0
Current liabilities	9	4
Total liabilities	10	4
Total equity and liabilities	232	212

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Signatures for the financial statements

These financial statements are prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and of the companies included in its consolidated financial statements. The report of the Board of Directors includes a fair review of the development and performance of the Group and of the companies included in its consolidated accounts, together with a description of the principal risks and uncertainties and the financial position of the Company. The sustainability statements included in the Report of the Board of Directors have been prepared in accordance with the reporting standards referred to in Chapter 7 of the Finnish Accounting Act and Article 8 of the Taxonomy Regulation.

3 February 2026

Kari Jordan Chair	Håkan Buskhe Vice Chair
Helena Hedblom	Astrid Hermann
Christiane Kuehne	Richard Nilsson
Reima Rytsölä	Elena Scaltritti
Antti Vasara	Hans Sohlström President and CEO

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Auditor's Report (Translation of the Finnish Original)

To the Annual General Meeting of Stora Enso Oyj

Report on the Audit of the Financial Statements

Opinion

In our opinion

• the consolidated financial statements give a true and fair view of the group's financial position, financial performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU
• the financial statements give a true and fair view of the parent company's financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.

Our opinion is consistent with the additional report to the Audit Committee.

What we have audited

We have audited the financial statements of Stora Enso Oyj (business identity code 1039050-8) for the year ended 31 December 2025. The financial statements comprise:

• the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, statement of changes in equity, consolidated cash flow statement and notes to the consolidated financial statements, which include material accounting policy information and other explanatory information
• the parent company statement of financial position, parent company income statement, parent company cash flow statement and notes to the parent company financial statements.

Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

To the best of our knowledge and belief, the non-audit services that we have provided to the parent company and group companies are in accordance with the applicable law and regulations in Finland and we have not provided non-audit services that are prohibited under Article 5(1) of Regulation (EU) No 537/2014. The non-audit services that we have provided are disclosed in note 2.2 to the Consolidated Financial Statements.

Our Audit Approach

Overview

• We have applied an overall group materiality of EUR 60 million.
• We performed audit procedures at 23 reporting components in 10 countries based on our overall risk assessment and materiality.
• Valuation of forest assets
• Provisions and contingent liabilities

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.

Materiality

The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

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Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the consolidated financial statements as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements on the financial statements as a whole.

Overall group materiality	EUR 60 million
How we determined it	Based on operating profit and total assets
Rationale for the materiality benchmark applied	We chose operating profit and total assets as the benchmarks because, in our view, they are relevant benchmarks against which the performance of the group is commonly measured by users of the financial statements.

How we tailored our group audit scope

We tailored the scope of our audit, taking into account the structure of the Stora Enso Group, the accounting processes and controls, and the industry in which the group operates.

The Group operates through a number of legal entities or other reporting components globally. We determined the nature, timing and extent of audit work that needed to be performed at reporting components by us, as the group engagement team, or component auditors operating under our instruction. Where the work was performed by component auditors, we issued audit instructions to those auditors including our risk analysis, materiality and global audit approach. We performed audit procedures at 23 reporting components in 10 countries based on our overall risk assessment and materiality. We have considered that the remaining reporting components do not present a reasonable risk of material misstatement for consolidated financial statements and thus our procedures related to these reporting components have been limited to analytical procedures performed at group level and to possible targeted audit procedures over individual significant balances.

By performing the procedures above at reporting components, combined with additional procedures at the group level, we have obtained sufficient and appropriate evidence regarding the financial information of the group as a whole to provide a basis for our opinion on the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

Valuation of forest assets

Refer to Note 1.2 and Note 4.2 in the consolidated financial statements for the related disclosures.

Forest assets comprise of biological assets and forest land excluding leased forest land assets. As of December 31, 2025 the fair value of the Group's forest assets owned through subsidiaries, joint operations and associated companies was EUR 8 343 million. The fair value of EUR 6 728 million was related to biological assets and EUR 1 615 million was related to forest land.

Forest assets in Sweden and Finland are recognised at fair value and valued by using a market approach method on the basis of the forest market transactions in the areas where Stora Enso's forests are located.

Market prices between areas vary significantly and judgment is applied to define relevant areas for market transactions used in the valuation. Market transaction data is adjusted to consider characteristics and nature of the Group's forest assets and to exclude certain non-forest assets and transactions considered as outliers compared to other transactions. Biological assets valuation is calculated based on a discounted cash flow (DCF) method in accordance with IAS 41 Agriculture. For forest land the revaluation method is applied as defined in IAS 16 Property, plant and equipment. Forest land is revalued using a DCF method based on estimated future net cash flow streams related to trees tobe-planted in the future as well as other income, such as hunting rights, wind power leases and soil material sales. Total value determined for biological assets and forest land agrees to the market transaction based fair value of forest assets as a discount rate implied by the market transactions is used in the DCF method to value these assets.

The value of biological assets outside Sweden and Finland is measured based on fair value less cost to sell. The fair value is determined using a DCF method based on sustainable forest management plans taking into account the growth potential of one cycle. The one cycle varies depending on the geographic location and species. Determining the discounted cash flows requires estimates of growth, harvest, sales price and costs.

Key audit matter in the audit of the group How our audit addressed the key audit matter

We obtained an understanding of management's forest assets valuation process, evaluated the design and tested the operating effectiveness of internal controls related to directly and indirectly owned forest assets.

Our audit procedures over valuation of directly owned forest asset included:

• Evaluation of the methodology adopted by management for the valuation;
• Testing the mathematical accuracy of the model used for valuation;
• Assessment of the discount rates applied in the valuation;
• Assessment of the other key valuation assumptions; and
• Validation of key inputs and data used in the valuation model including sales price assumptions, growth assumptions and cost assumptions.

In addition, specific to the market transaction based valuation our audit procedures included:

• Assessment of the definition of relevant areas for market transactions used in the valuation;
• Assessment of the adjustments made to the market transaction data; and
• Validation of key inputs and data used in the valuation model including market transaction data and volume of standing trees.

We involved specialists in the audit work over valuation of directly owned forest assets.

Related to indirectly owned forest assets we have communicated with the auditors of the three largest associates and joint operations. As part of the communication, among other things, we have evaluated the audit procedures performed and conclusions reached related to valuation of forest assets.

In addition, we assessed the appropriateness of disclosures related to forest assets.

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The other European forest lands are revalued by using a DCF method based on its estimated future net cash flows related to trees to-be-planted in the future as well as other nonforest related income. The forest land for the plantations is accounted at cost.

Due to the level of judgment involved in the valuation of forest assets as well as the significance of forest assets to the Group's financial position, this is considered to be a key audit matter.

Provisions and contingent liabilities

Refer to Note 1.2, Note 4.9 and Note 7.1 in the consolidated financial statements for the related disclosures.

As of 31 December 2025, the Group had environmental, restructuring and other provisions totaling EUR 129 million.

In addition, the Group has disclosed significant open legal cases and contingent liabilities in Note 7.1.

The assessment of the existence of the present legal or constructive obligation, the analysis of the probability of the outflow of future economic benefits, and making a reliable estimate, require management's judgment to ensure appropriate accounting and disclosures.

Due to the level of judgment relating to recognition, valuation and presentation of provisions and contingent liabilities, this is considered to be a key audit matter.

We obtained an understanding of management's process to identify new obligations and changes in existing obligations.

We analysed significant changes in material provisions from prior periods and obtained a detailed understanding of these changes and assumptions applied.

Our audit procedures related to material provisions recognized included:

• Assessment of the recognition criteria for the liability;
• Evaluation of the methodology adopted by management for the measurement of the liability;
• Testing of the mathematical accuracy of the measurement calculation;
• Assessment of the discount rates applied in the measurement; and
• Assessment of the other key measurement assumptions and inputs.

We obtained legal letters on the main outstanding legal cases.

We reviewed minutes of the meetings of the board of directors and board committees.

We assessed the appropriateness of the presentation of the most significant contingent liabilities in the consolidated financial statements.

We have no key audit matters to report with respect to our audit of the parent company financial statements.

There are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to the consolidated financial statements or the parent company financial statements.

Responsibilities of the Board of Directors and the Managing Director for the Financial Statements

The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent company's and the group's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group or to cease operations, or there is no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company's or the group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors' and the Managing Director's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the parent company's or the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the parent company or the group to cease to continue as a going concern.

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• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Reporting Requirements

Appointment

We were first appointed as auditors by the annual general meeting on 28 March 2018. Our appointment represents a total period of uninterrupted engagement of 8 years.

Other Information

The Board of Directors and the Managing Director are responsible for the other information. The other information comprises the report of the Board of Directors and the Information for Shareholders.

Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to the report of the Board of Directors, our responsibility also includes considering whether the report of the Board of Directors has been prepared in compliance with the applicable provisions, excluding the sustainability report information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.

In our opinion the information in the report of the Board of Directors is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in compliance with the applicable provisions. Our opinion does not cover the sustainability report information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.

If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard.

Other statements based on law

Registration of the income tax report

Our responsibility is to, based on our audit, express an opinion on the registration and publication of the income tax report required in Chapter 7 b of the Accounting Act.

The Board of Directors and the Managing Director are responsible for the registration and the publication of the income tax report.

In our opinion, the company has not been obliged to register and publish an income tax report referred to in Chapter 7 b of the Accounting Act for the financial year immediately preceding the financial year.

Other Statements

We support the proposal that the financial statements should be adopted. The proposal by the Board of Directors regarding the use of the profit shown in the balance sheet is in compliance with the Limited Liability Companies Act. We support that the Members the Board of Directors of the parent company and the Managing Director should be discharged from liability for the financial period audited by us.

Helsinki, 11 February 2026

PricewaterhouseCoopers Oy

Authorised Public Accountants

Panu Vänskä

Authorised Public Accountant (KHT)

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Assurance Report on the Sustainability Statement (Translation of the Finnish Original)

To the Annual General Meeting of Stora Enso Oyj

We have performed a limited assurance engagement on the group sustainability statement of Stora Enso Oyj (business identity code 1039050-8) that is referred to in Chapter 7 of the Accounting Act and that is included in the report of the Board of Directors for the reporting period 1 January – 31 December 2025.

Opinion

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the group sustainability statement does not comply, in all material respects, with

• 1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards (ESRS), and
• 2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).

Point 1 above also contains the process in which Stora Enso Oyj has identified the information for reporting in accordance with the sustainability reporting standards (double materiality assessment).

Our opinion does not cover the tagging of the group sustainability statement with digital XBRL sustainability tags in accordance with Chapter 7, Section 22, Subsection 1(2), of the Accounting Act, because sustainability reporting companies have not had the possibility to comply with that requirement in the absence of requirements for the tagging of sustainability information in the ESEF regulation or other European Union legislation.

Basis for Opinion

We performed the assurance of the group sustainability statement as a limited assurance engagement in compliance with good assurance practice in Finland and with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information.

Our responsibilities under this standard are further described in the Responsibilities of the Authorised Group Sustainability Auditor section of our report.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Authorised Group Sustainability Auditor's Independence and Quality Management

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

The authorised group sustainability auditor applies International Standard on Quality Management ISQM 1, which requires the authorised sustainability audit firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors and the Managing Director of Stora Enso Oyj are responsible for:

• the group sustainability statement and for its preparation and presentation in accordance with the provisions of Chapter 7 of the Accounting Act, including the process that has been defined in the sustainability reporting standards and in which the information for reporting in accordance with the sustainability reporting standards has been identified,
• the compliance of the group sustainability statement with the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088, and for
• such internal control as the Board of Directors and the Managing Director determine is necessary to enable the preparation of a group sustainability statement that is free from material misstatement, whether due to fraud or error.

Inherent Limitations in the Preparation of a Sustainability Statement

In reporting forward-looking information in accordance with ESRS, management of the Company is required to prepare the forward-looking information on the basis of assumptions that have been disclosed in the sustainability report about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.

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Responsibilities of the Authorised Group Sustainability Auditor

Our responsibility is to perform an assurance engagement to obtain limited assurance about whether the group sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of the group sustainability statement.

Compliance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) requires that we exercise professional judgment and maintain professional skepticism throughout the engagement. We also:

• Identify and assess the risks of material misstatement of the group sustainability report, whether due to fraud or error, and obtain an understanding of internal control relevant to the engagement in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company's or the group's internal control.
• Design and perform assurance procedures responsive to those risks to obtain evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Description of the Procedures That Have Been Performed

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. The nature, timing and extent of assurance procedures selected depend on professional judgment, including the assessment of risks of material misstatement, whether due to fraud or error. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our procedures included for example the following:

• We interviewed the company's management and the individuals responsible for collecting and reporting the information contained in the group sustainability statement at the group level and in subsidiaries as well as at different levels and business areas of the organization to gain an understanding of the sustainability reporting process and the related internal controls and information systems.
• We familiarised ourselves with the background documentation and records prepared by the company where applicable, and assessed whether they support the information contained in the group sustainability statement.
• We performed site visits in Belgium and Finland.
• We assessed the company's double materiality assessment process in relation to the requirements of the ESRS standards, as well as whether the information provided about the assessment process complies with the ESRS standards.
• We assessed whether the sustainability information contained in the group sustainability statement complies with the ESRS standards.
• Regarding the EU taxonomy information, we gained an understanding of the process by which the company has identified the group's taxonomy-eligible and taxonomy-aligned economic activities, and we assessed the compliance of the information provided with the regulations.

Helsinki 11 February 2026

PricewaterhouseCoopers Oy

Authorised Sustainability Auditors

Panu Vänskä

Authorised Sustainability Auditor

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Independent practitioner's reasonable assurance report on selected sustainability information

To the Management of Stora Enso Oyj

We have, at the request of the Management of Stora Enso Oyj (business identity code 1039050-8) (hereinafter also the "Company" or "Parent company"), undertaken a reasonable assurance engagement of the selected sustainability information for the reporting period 1 January - 31 December 2025, disclosed in the group sustainability statement that is referred to in Chapter 7 of the Accounting Act and that is included in the report of the Board of Directors 2025 (hereinafter the "selected sustainability information").

Selected sustainability information

The sustainability information subject to our reasonable assurance for the reporting period 1 January – 31 December 2025 covers:

Greenhouse Gas gross emissions for Scope 1 and Scope 2 (market-based), which are presented in group sustainability statement in the table "Carbon footprint 2019–2025 according to GHG Protocol".

Our assurance engagement does not extend to selected sustainability information in respect of earlier reporting periods.

Management's responsibility

The Management of Stora Enso Oyj is responsible for the preparation of the selected sustainability information in accordance with the reporting criteria set out in the GHG Corporate Accounting and Reporting Standard and the GHG Protocol Scope 2 Guidance. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of selected sustainability information that is free from material misstatement, whether due to fraud or error.

Greenhouse gas quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases.

Our independence and quality management

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

PricewaterhouseCoopers Oy applies International Standard on Quality Management (ISQM) 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Our responsibility

Our responsibility is to express an opinion on the selected sustainability information based on the evidence we have obtained. We conducted our reasonable assurance engagement in accordance with International Standard on Assurance Engagements 3410, "Assurance Engagements on Greenhouse Gas Statements" ('ISAE 3410'), issued by the International Auditing and Assurance Standards Board. That standard requires that we plan and perform this engagement to obtain reasonable assurance about whether the selected sustainability information is free from material misstatement.

A reasonable assurance engagement in accordance with ISAE 3410 involves performing procedures to obtain evidence about the quantification of emissions and related information in the selected sustainability information. The nature, timing and extent of procedures selected depend on the practitioner's judgment, including the assessment of the risks of material misstatement, whether due to fraud or error, in the selected sustainability information. In making those risk assessments, we considered internal control relevant to Stora Enso Oyj's preparation of the selected sustainability information. A reasonable assurance engagement also includes:

• assessing the suitability in the circumstances of Stora Enso Oyj's use of the reporting criteria set out in the GHG Corporate Accounting and Reporting Standard and the GHG Protocol Scope 2 Guidance, applied as explained in Accounting principles under "Stora Enso's carbon footprint, following the GHG Protocol's principle of operational control" in the Sustainability Statement, as the basis for preparing the selected sustainability information;
• evaluating the appropriateness of quantification methods and reporting policies used, and the reasonableness of estimates made by management; and
• evaluating the overall presentation of the selected sustainability information.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, Stora Enso Oyj's selected sustainability information for the reporting period 1 January – 31 December 2025 is prepared, in all material respects, in accordance with the reporting criteria set out in the GHG Protocol and applied as explained in Accounting principles under "Stora Enso's carbon footprint, following the GHG Protocol's principle of operational control" in the Sustainability Statement.

Our assurance report has been prepared in accordance with the terms of our engagement. We do not accept, or assume responsibility to anyone else, except to Stora Enso Oyj for our work, for this report, or for the opinion that we have reached.

Helsinki 11 February 2026

PricewaterhouseCoopers Oy

Authorised Public Accountants

Panu Vänskä

Authorised Public Accountant (KHT)

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ISSB index: Interoperability of IFRS S1 & S2 standards with ESRS

Stora Enso voluntarily reports on the interoperability between the ESRS (European Sustainability Reporting Standards) and the ISSB (International Sustainability Standards Board) sustainability disclosure standards. The content index table references IFRS S1 and S2 disclosure requirements against Stora Enso's Sustainability Statement, which is prepared in compliance with the ESRS. The approach is based on the Interoperability Guidance published jointly by EFRAG and the IFRS Foundation in 2024.

Basis for preparation

Compliance with IFRS Sustainability Disclosure Standards

The ISSB index, which demonstrates the interoperability between ESRS and ISSB, is based on voluntary disclosure and does not claim full compliance with ISSB requirements. Stora Enso continues to monitor the development of ESRS alignment with ISSB and will adapt its reporting practices accordingly. The deviations from ISSB are specified in column 'Additional information'.

Connectivity with financial statements

The index should be read in conjunction with the Group's Consolidated financial statements prepared in accordance with IFRS Accounting Standards as well as the European Sustainability Reporting Standards. The information covers a 12-month period for the year ended 31 December 2025 which is aligned with the reporting period of the related Consolidated financial statements. The time horizons for sustainability-related risks and opportunities in the Group's Enterprise Risk Management and ESRS are the same.

Transition reliefs

Stora Enso discloses this index for the first time, on a voluntary basis, and the following standards were used to prepare this index:

• IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
• IFRS S2 Climate-related Disclosures

Stora Enso applies proportionality mechanisms, making use of reliefs based on the principle of 'reasonable and supportable information that is available to the entity without undue cost or effort.' As a result, only qualitative information is provided for certain climate-related disclosures. These instances are indicated in the index. Furthermore, Stora Enso follows the development of the European Sustainability Reporting Standards in relation to current and anticipated financial effects, and will prepare its reporting accordingly.

Reporting boundary

Stora Enso's Sustainability Statement, which is referenced in the below content index, has been prepared on a consolidated basis in accordance with Chapter 7 of the Finnish Accounting Act and the European Sustainability Reporting Standards (ESRS), and it refers to the Group Sustainability Report as required under Chapter 7 of the Finnish Accounting Act. It follows the same consolidation principles as the Financial Statements prepared in accordance with the IFRS Accounting Standards. Unless otherwise stated, the Group's consolidated performance figures expressed in this report relate to the parent company, Stora Enso Oyj, and all companies in which the Group holds 50% or more of the voting rights, directly or indirectly. For additional information on Group's structure, see Financial Statements, note 6.2 Group structure.

Comparative information on metrics and targets is provided in the Sustainability Statement, referenced in the index.

Reporting boundary for GHG emissions

In its GHG accounting, Stora Enso follows the Greenhouse Gas Protocol, using the operational control approach for consolidation. To align with the ESRS requirements, Stora Enso also presents disaggregated GHG emissions following the financial consolidation scope. This means that the joint operations are consolidated line by line into Scope 1, 2, and 3 emissions according to the ownership share (50%). This approach is aligned with the Financial Statements but differs from GHG Protocol, where joint operations are classified as part of Scope 3.

Judgements and measurement uncertainties

When reporting involves estimated value chain data, outcome uncertainty, or disclosures required by other legislation or accepted sustainability standards, the relevant information is presented within the accounting principles section for each metric. In ESRS E1-6, the metrics related to Scope 3 are subject to a higher level of measurement uncertainty, due to the data encompassing the full value chain. The expected reductions in Stora Enso's carbon reduction pathway for 2030 (presented as graph in ESRS E1-4) are based on various assumptions and estimates that are believed to be reasonable, though actual result and timing could differ from these. The estimates, judgments, and assumptions are reviewed regularly and updated when deemed necessary.

Materiality assessment

Stora Enso has conducted a double materiality assessment in accordance with ESRS requirements to identify material sustainability-related impacts, risks, and opportunities. Stora Enso has identified a total of 47 sustainability-related impacts, risks, and opportunities. The assessment process and its outcomes are described in the Sustainability Statement under ESRS 2 General Information IRO-1 and SBM-3. Unlike the ISSB, which focuses on financial materiality and sustainability information relevant for users of general-purpose financial statements, the ESRS assessment covers both financial and impact materiality.

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Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

IFRS S1 standard reference	Location in the Sustainability Statement	Additional information
Governance
S1.27(a) Governance body responsible for oversight of sustainability-related risks and opportunities
S1.27(a)(i) Responsibilities reflected in the terms of reference, mandates, and role descriptions	ESRS 2 General information: GOV-1
S1.27(a)(ii) Determining appropriate skills and competencies	ESRS 2 General information: GOV-1
S1.27(a)(iii) How and how often the body is informed about sustainability-related risks and opportunities	ESRS 2 General information: GOV-2
S1.27(a)(iv) How the body takes into account sustainability-related risks and opportunities when overseeing strategy, major transactions and risk management processes	ESRS 2 General information: GOV-2
S1.27(a)(v) Setting of targets and monitoring progress towards those targets	ESRS 2 General information: GOV-2, GOV-3
S1.27(b) Management's role in the governance processes, controls and procedures used to monitor, manage and oversee sustainability-related risks and opportunities
S1.27(b)(i) Management's role and oversight	ESRS 2 General information: GOV-1
S1.27(b)(ii) Controls and procedures used to support the oversight	ESRS 2 General information: GOV-1
Strategy
Sustainability-related risks and opportunities
S1.30(a) Expected effects on the company's prospects	ESRS 2 General information: SBM-3
S1.30(b) Expected time horizons during which sustainability-related risks and opportunities could reasonably be expected to occur	SBM-3 sections under topical standards: ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1, ESRS S2, ESRS S3, ESRS G1	Detailed information on the risks and opportunities are provided under ESRS topical standards, including time horizons.
S1.30(c) Definition of time horizons	ESRS 2 General information: BP-2
Business model and value chain
S1.32(a) Current and anticipated effects on the business model and value chain	ESRS 2 General information: SBM-3
S1.32(b) Concentration of sustainability-related risks and opportunities in the business model and value chain	ESRS 2 General information: SBM-3
Strategy and decision-making
S1.33(a) Response to sustainability-related risks and opportunities	ESRS 2 General information: SBM-3
S1.33(b) Progress against plans disclosed in previous reporting period	See 'Actions' under topical standards for progress made.
S1.33(c) Trade-offs between sustainability-related risks and opportunities	ESRS 2 General information: GOV-2
Financial position, financial performance and cash flows
S1.34(a) Effects of sustainability-related risks and opportunities on the financial position, financial performance and cash flows for the reporting period	ESRS 2 General information: SBM-3
S1.34(b) Anticipated effects of sustainability-related risks and opportunities on the financial position, financial performance and cash flows over the short, medium and long term	For anticipated financial effects, Stora Enso applies the phased-in provision in accordance with the ESRS 1 Appendix C for all disclosure requirements except ESRS E1-9	Qualitative information on anticipated financial effects from material physical and transition risks and potential climate-related opportunities is disclosed in ESRS E1-9.
S1.35(a) Effects of sustainability-related risks and opportunities on the financial position, financial performance and cash flows for the reporting period	ESRS 2 General information: SBM-3	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.35(b) Risk of a material adjustment within the next annual reporting period to the carrying amounts of assets and liabilities reported in the related financial statements	Not disclosed

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IFRS S1 standard reference	Location in the Sustainability Statement	Additional information
S1.35(c) Expected changes to the company's financial position over the short, medium and long term
S1.35(c)(i) Investment and disposal plans	ESRS 2 General information: SBM-3	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.35(c)(ii) Planned sources of funding to implement the strategy	ESRS 2 General information: SBM-3	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.35(d) Expected changes to the company's financial performance and cash flows	ESRS 2 General information: SBM-3	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.40(a) Explanation why only qualitative information is provided	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort.	Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.40(b) Qualitative information about financial effects likely to be affected by sustainability-related risks or opportunities	ESRS 2 General information: SBM-3 ESRS E1 Climate Change: E1-9
S1.40(c) Quantitative information about the combined financial effects of sustainability-related risks or opportunities with other sustainability-related risks or opportunities and other factors	Quantitative information not provided.	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
Resilience
S1.41 Qualitative and, if applicable, quantitative assessment of the resilience of the company's strategy and business model in relation to its sustainability-related risks	ESRS 2 General information: SBM-3	Qualitative assessment provided.
Risk management
S1.44(a) Processes and policies used to identify, assess, prioritise and monitor sustainability-related risks
S1.44(a)(i) Inputs and parameters used	ESRS 2 General information: IRO-1 (Input parameters used)
S1.44(a)(ii) Scenario analysis used to inform the identification of sustainability-related risks	ESRS 2 General information: IRO-1 (Climate change)
S1.44(a)(iii) Assessment of the nature, likelihood and magnitude of the effects	ESRS 2 General information: IRO-1 (Identifying and assessing risks and opportunities)
S1.44(a)(iv) Prioritisation of sustainability-related risks to other types of risk	ESRS 2 General information: IRO-1 (Classification and rating of sustainability related risks and opportunities)
S1.44(a)(v) Monitoring of sustainability-related risks	ESRS 2 General information: IRO-1 (Identifying and assessing risks and opportunities)
S1.44(a)(vi) Changes in the process compared with the previous reporting period	ESRS 2 General information: IRO-1 (Changes compared to the prior reporting period)
S1.44(b) Processes used to identify, assess, prioritise and monitor sustainability-related opportunities ESRS 2 General information: IRO-1 (Identifying and assessing risks and	opportunities)
S1.44(c) How the process are integrated and inform the overall risk management process	ESRS 2 General information: IRO-1 (Decision-making process and integration with other management processes)
Metrics and targets
S1.46(a) Metrics required by an applicable IFRS Sustainability Disclosure Standard for sustainability related risks and opportunities	ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1, ESRS G1	Metrics disclosed in accordance with the ESRS. Entity-specific metrics deviating from ESRS are described in ESRS 2 General information: SBM-3.
S1.46(b)(i) Metrics used for measuring and monitoring sustainability-related risks and opportunities	ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1, ESRS G1
S1.46(b)(ii) Performance, including progress towards targets	ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1, ESRS G1
S1.51(a-g) Information about the targets set to monitor progress towards achieving strategic goals	ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1

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IFRS S2 Climate-related Disclosures

IFRS S2 standard reference	Location in the Sustainability Statement	Additional information
Governance
S2.6(a) Governance body responsible for oversight of climate-related risks and opportunities
S2.6(a)(i) Responsibilities reflected in the terms of reference, mandates, and role descriptions	ESRS 2 General information: GOV-1
S2.6(a)(ii) Determining appropriate skills and competencies	ESRS 2 General information: GOV-1
S2.6(a)(iii) How and how often the body is informed about climate-related risks and opportunities	ESRS 2 General information: GOV-2
S2.6(a)(iv) How the body takes into account sustainability-related risks and opportunities when overseeing strategy, major transactions and risk management processes	ESRS 2 General information: GOV-2
S2.6(a)(v) Setting of targets and monitoring progress towards those targets	ESRS 2 General information: GOV-2, GOV-3
S2.6(b) Management's role in the governance processes, controls and procedures used to monitor, manage and oversee climate-related risks and opportunities
S2.6(b)(i) Management's role and oversight	ESRS 2 General information: GOV-1
S2.6(b)(ii) Controls and procedures used to support the oversight	ESRS 2 General information: GOV-1
Strategy
Climate-related risks and opportunities
S2.10(a) Excepted effects on the company's prospects	ESRS E1 Climate change: SBM-3
S2.10(b) Explanation whether the entity considers the risk to be a climate-related physical risk or climate-related transition risk	ESRS E1 Climate change: SBM-3
S2.10(c) Expected time horizons during which climate-related risks and opportunities could reasonably be expected to occur	ESRS E1 Climate change: SBM-3
S2.10(d) Definition of time horizons	ESRS 2 General information: BP-2 ESRS 2 General information: IRO-1 (Climate change)
Business model and value chain
S2.13(a) Current and anticipated effects of climate-related risks and opportunities on the business model and value chain	ESRS 2 General information: SBM-3 ESRS E1 Climate change: E1-9
S2.13(b) Concentration of sustainability-related risks and opportunities in the business model and value chain	ESRS E1 Climate change: SBM-3
Strategy and decision-making
S2.14(a) Response to climate-related risks and opportunities in the company's strategy and decision making and plans to achieve climate-related targets
S2.14(a)(i) Current and anticipated changes to the company's business model to address climate related risks and opportunities	ESRS E1 Climate change: SBM-3
S2.14(a)(ii) Current and anticipated direct mitigation and adaptation efforts	ESRS E1 Climate change: E1-3
S2.14(a)(iii) Current and anticipated indirect mitigation and adaptation efforts	ESRS E1 Climate change: E1-3
S2.14(a)(iv) Climate-related transition plan and dependencies on which the transition plan relies	ESRS E1 Climate change: E1-1, E1-3	Further information on the climate transition plan, and key assumptions and dependencies on climate related transition are disclosed in the Climate Resilience Plan.

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IFRS S2 standard reference	Location in the Sustainability Statement	Additional information
S2.14(a)(v) Plans to achieve any climate-related targets, including any greenhouse gas emissions targets	ESRS E1 Climate change: E1-3
S2.14(b) Resourcing and plans to resource the activities under 14(a)	ESRS E1 Climate change: E1-3
S2.14(c) Quantitative and qualitative information about the progress of plans	ESRS E1 Climate change: E1-1, E1-3, E1-4
Financial position, financial performance, and cash flows
S2.15(a) Effects of climate-related risks and opportunities on the financial position, financial performance and cash flows for the reporting period	ESRS 2 General information: SBM-3 (Current and anticipated financial effects), E1 Climate change: E1-9
S2.15(b) Anticipated effects of climate-related risks and opportunities on the financial position, financial performance and cash flows over the short, medium and long term	For anticipated financial effects, Stora Enso applies the phased-in provision in accordance with the ESRS 1 Appendix C for all disclosure requirements except ESRS E1-9.	Qualitative information on anticipated financial effects from material physical and transition risks and potential climate-related opportunities is disclosed in ESRS E1-9.
S2.16(a) Quantitative and qualitative information on financial effects	ESRS 2 General information: SBM-3 (Current and anticipated financial effects), E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.16(b) Anticipated material adjustments to the carrying amounts of reported assets and liabilities	ESRS 2 General information: SBM-3 (Current and anticipated financial effects), E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.16(c)Expected changes to the company's financial position
S2.16(c)(i) Investment and disposal plans	ESRS 2 General information: SBM-3 (Current and anticipated financial effects), E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.16(c)(ii) Planned sources of funding to implement the strategy	ESRS 2 General information: SBM-3 (Current and anticipated financial effects), E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.16(d) Expected changes to the company's financial performance and cash flows	ESRS 2 General information: SBM-3 'Current and anticipated financial effects', E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.21(a) Explanation why only qualitative information is provided	E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.21(b) Qualitative information about financial effects that are likely to be affected, or have been affected, by sustainability-related risks or opportunities	ESRS 2 General information: SBM-3 (Current and anticipated financial effects), E1 Climate change: E1-9
S2.21(c)Quantitative information about the combined financial effects of sustainability-related risks or opportunities with other sustainability-related risks or opportunities	Quantitative information not provided.	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
Climate resilience
S2.22(a) Assessment of climate resilience
S2.22(a)(i) Implications for strategy and business model	ESRS E1 Climate change: SBM-3
S2.22(a)(ii) Significant areas of uncertainty	ESRS E1 Climate change: SBM-3
S2.22(a)(iii)(1-3) Capacity to adjust or adapt strategy and business model to climate change over the short, medium, and long term	ESRS E1 Climate change: SBM-3
S2.22(b) How and when the climate-related scenario analysis was carried out
S2.22(b)(i)(1-7) Inputs used	ESRS 2 General information: IRO-1 (Climate change)
S2.22(b)(ii)(1-5) Key assumptions	ESRS 2 General information: IRO-1 (Climate change)	Further information in Stora Enso's Climate resilience plan.
S2.22(b)(iii) Reporting period in which the climate-related scenario analysis was carried out	ESRS 2 General information: SBM-3 (Resilience)

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IFRS S2 standard reference	Location in the Sustainability Statement	Additional information
Risk management
S2.25(a) Processes and related policies used to identify, assess, prioritise and monitor climate-related risks
S2.25(a)(i) Inputs and parameters used	ESRS 2 General information: IRO-1 (Input parameters used)
S2.25(a)(ii) Scenario analysis used to inform the identification of climate-related risks	ESRS 2 General information: IRO-1 (Climate change)
IFRS S2.25(a)(iii) Assessment of the nature, likelihood and magnitude of the effects	ESRS 2 General information: IRO-1 (Identifying and assessing risks and opportunities)
IFRS S2.25(a)(iv) Prioritisation of climate-related risks to other types of risk	ESRS 2 General information: IRO-1 (Identifying and assessing risks and opportunities)
IFRS S2.25(a)(v) Monitoring of climate-related risks	ESRS 2 General information: IRO-1 (Identifying and assessing risks and opportunities), (Decision-making process and integration with other management processes) ESRS E1 Climate change: E1-2
IFRS S2.25(a)(vi) Changes in the process compared with the previous reporting period	ESRS 2 General information: IRO-1 (Changes compared to the prior reporting period)
IFRS S2.25(b) Processes used to identify, assess, prioritise and monitor climate-related opportunities	ESRS 2 General information: IRO-1 (Identifying and assessing risks and opportunities) ESRS E1 Climate change: E1-9 and E1-2
IFRS S2.25(c) Integration of processes for identifying, assessing, prioritising and monitoring climate related risks and opportunities into the overall risk management process	ESRS 2 General information: IRO-1 (Decision-making process and integration with other management processes)
Metrics
S2.29(a)(i)(1-3) Gross greenhouse gas emissions for the reporting period (Scope 1, 2, 3)	ESRS E1 Climate change: E1-6
S2.29(a)(ii) Method for measuring greenhouse gas emissions	ESRS E1 Climate change: E1-6	Stora Enso's disaggregated GHG emissions follow the financial consolidation scope. Hence, the joint operations are consolidated line by line into Scope 1, 2, and 3 emissions according to the ownership share (50%). This consolidation approach is aligned with the Financial Statements, but differs from the GHG Protocol.
S2.29(a)(iii)(1-3) Approach to measuring greenhouse gas emissions	ESRS E1 Climate change: E1-6
S2.29(a)(iv)(1-2) Disaggregated Scope 1 and 2 emissions	ESRS E1 Climate change: E1-6	Stora Enso has two joint operations, Veracel in Brazil and Montes del Plata in Uruguay. In both companies, Stora Enso holds a 50% ownership. To ensure consistency with Stora Enso's financial reporting, the Sustainability Statement covers information proportional to Group's ownership in these joint operations for certain ESRS disclosure requirements (see p. 69).
S2.29(a)(v) Location-based Scope 2 greenhouse gas emissions and contractual instruments	ESRS E1 Climate change: E1-6
S2.29(a)(vi)(1) Scope 3 emissions	ESRS E1 Climate change: E1-6
S2.29(a)(vi)(2) Financed emissions (asset management, commercial banking or insurance)	Not relevant for Stora Enso
S2.29(b) Amount and percentage of assets or business activities vulnerable to climate-related transition risks	ESRS 2 General information: IRO-1 (Climate change), E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.29(c) Amount and percentage of assets or business activities vulnerable to climate-related physical risks	ESRS 2 General information: IRO-1 (Climate change), E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.29(d) Amount and percentage of assets or business activities aligned with climate-related opportunities	ESRS 2 General information: IRO-1 (Climate change), E1 Climate change: E1-9	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.

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IFRS S2 standard reference	Location in the Sustainability Statement	Additional information
S2.29(e) Amount of capital expenditure, financing or investment deployed towards climate-related risks and opportunities	ESRS E1 Climate change: E1-1, E1-3	Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.29(f i-ii) Internal carbon prices	Not financially material based on the double materiality assessment conducted according the Corporate Sustainability Reporting Directive requirements
S2.29(g)(i-ii) Climate-related considerations in remuneration	ESRS 2 General information: GOV-3
Targets
S2.33(a-h) Targets and their accounting principles	ESRS E1 Climate change: E1-4
S2.34(a-d) Approach to setting and reviewing targets, and monitoring progress	ESRS E1 Climate change: E1-4	Specification for the IFRS S2 disclosure requirement: The targets have been approved by the Science Based Targets initiative (SBTi).
S2.35 Performance against the targets	ESRS E1 Climate change: E1-4
S2.36(a) Greenhouse gases are covered by the target	ESRS E1 Climate change: E1-4
S2.36(b) Scope 1, 2 and 3 greenhouse gas emissions covered by the target	ESRS E1 Climate change: E1-4
S2.36(c) Type of greenhouse gas emissions target (gross or net)	ESRS E1 Climate change: E1-4
S2.36(d) Sectoral decarbonisation approach	Sectoral decarbonisation approach not used	Stora Enso's 2030 climate targets are approved by the Science Based Targets initiative and follow the Absolute Contraction Approach.
S2.36(e)(i-iv) Use of carbon credits	Carbon credits are not considered as means to achieve the targets.

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Sustainability data by production unit

		Certif	icates	GHG en	nissions				Pollution					Water		Biodiversity Waste		ıste
	Number of employees a)	ISO 45001	ISO 14001	Scope 1 and 2 CO 2 eq emissions	Biogenic CO 2 emissions	COD	Total suspended solids	АОХ	Phosphorus	Nitrogen	SO 2 b)	NO x as NO 2	Total water withdrawal	Process water discharges	Water stress WRI Water Aqueduct c)	Biodiversity significance (IBAT) d)	Total non- hazardous waste to landfill	Hazardous waste e)
Unit				t	t	t		1	t t	t	t	t	1,000 m3	1,000 m3			t	t
Threshold								1	5	50	150	100
Production site
Austria
Bad St. Leonhard	248	х	х	1,005								_	10	10	Low		_	40
Brand	204	х	х	1,462								_	60	60	Low	Low	_	40
Ybbs	406	х	х	2,232								_	113	113	Low		_	106
Belgium
Langerbrugge	339	х	х	182,606	434,410	999	149	2	_	_	_	190	7,562	5,431	High	Medium	_	35,169
Roeselare	13			46											High		_
China															J
Beihai	428	х	х	293,905	109,775	234	99		_	_	_	169	7,031	6,104	High		116	24
Dongguan	431		Х	3,278	,	_	_		_	_			8	8			60
Qian'an	448		х	1,688		_	_			_			15	_	High		_
Wujin	548	X	X	2		_	_						75	75	High		_
Czechia				_											9			1
Planá	237	X	Х	2,260	31,515	6	1	_	5	_	_	_	9	9	Low		346	64
Ždírec	458	X	X	3,752	93,716	_	_		_		_	196	72		Low-Medium		2,655
Estonia				5,7 52	00,710								,_		Lott Modiani		2,000
Imavere	284	Х	X	2,644	59,256	1	1		_	_	_	_	29	19	Low-Medium		11	75
Tallinn	26	X	X	78	33,233	•							1		Low-Medium
Finland	20			,,										•	Lott Modiani			·
Anjalankoski	469	х	х	16,659	182,179	896	62		_	_	_	123	21,837	6,874	Low		_	6,846
Enocell	259	×	X	12,403	1,362,722	9,900	119	56		_	_	864	53,307	19,553	Low		3,096
Heinola Fluting	211	×	X	57,895	210,451	919	85		_	_	312	203	11,454	1,624	Low		844
Honkalahti	139	×	X	1,996	38,395	0.0	00				-	_	234	227	Low		_
Imatra	1,029	×	X	111,958	2,002,327	15,302	2,277	78	14	149	_	1,467	84,485	52,509	Low		79
Kalajoki f)	38	X	×	745	2,002,027	10,002	2,211	70		140		1,407	04,400	02,000	Low		-
Kristiinankaupunki	52	×	X	17									1	1		Low	_
Lahti	259	×	×	561		1	_		_	_			31	23	Low	LOW	_
Oulu Containerboard	543	×	×	14,779	1,182,941	1,685	276		_	_	_	1,105	36,457	19,767	Low	Medium	_
Oulainen f)	11	×	X	2,581	1,102,041	1,000	270					1,100	00,407	10,707	Low	Wediairi	_
Oulu Sawmill f)	24	X	X	3,109											Low
Uimaharju	84	X	X	710	792							_	3	3	Low
Varkaus Sawmill	153	X	X	3,211	752	15	2		_				211	180	Low		15
Varkaus	252	х х	X	31,440	542,097	2,391	425		_	59	_	327	22,217	14,527	Low		1,705
	60	X		1,904	542,087	∠,ა91	420		_	59		32/	∠∠,∠1/	14,52/			1,705
Veitsiluoto	60	X	X	1,904											Low		_	4
Germany	10			401									0		Low		_
Augsburg	18			491									2		Low	1
Heidelberg	165		Х	1,292									1		Low-Medium	Low	_	1

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		Certif	icates	GHG en	nissions				Pollution					Water		Biodiversity Waste		ste
	Number of employees a)	ISO 45001	ISO 14001	Scope 1 and 2 CO 2 eq emissions	Biogenic CO 2 emissions	COD	Total suspended solids	АОХ	Phosphorus	Nitrogen	SO 2 b)	NO x as NO 2	Total water withdrawal	Process water discharges	Water stress WRI Water Aqueduct c)	Biodiversity significance (IBAT) d)	Total non- hazardous waste to landfill	Hazardous waste o)
Unit				t	t	t		,	t t	t	t	t	1,000 m3	1,000 m3			t	t
Threshold								1	5	50	150	100
Production site
Sausenheim	175		Х	2,687									10	4	Low	High	_
St. Ingbert	19	х	Х	109											Low-Medium	Low	_
Latvia
Laukalne	189	х	Х	4,341	53,173	_	_		_	_	_	_	40	40	Low-Medium		33	28
Riga	163	х	Х	2,464								_	17	17	Medium-High		_	41
Lithuania															_
Alytus	248	х	Х	1,375	26,827		7				_	_	17	7	Medium-High		194	51
Kaunas	40	х	х	164									1	1	Medium-High	Medium	_	1
Netherlands															J
Aalsmeer	47			194											Low	Low	_
De Lier	421			11,284									77		Low	High	17	26
Dronten	52			408											Low	Low	_
Eerbeek Felco	34			181									1	1	Low	Medium	_	220
Eerbeek Rudico	32			80											Low	Medium	_
Roosendaal	54			753											Low		_
Poland
Łódz	233	х	Х	3,229									21	11	High		_	4
Mosina	78	Х	Х	232									1	1	Medium-High	Medium	_	58
Murow	286	Х	Х	1,649	32,483						_	_	12		Low-Medium	High	_
Ostrołęka Containerboard g)	656	Х	Х	177,117	424,665	1,314	297		6	66	_	346	14,245	10,223		High	_	55
Ostrołęka Corrugated g)	260	Х	Х	2,818									99	96		High	_
Tychy	167	Х	Х	2,742									17	10	Medium-High		_	3
Sweden															Ü
Ala	136	х	Х	1,181	67,535							_	60	60	Low-Medium		3	34
Falu Rödfärg h)	_		Х	484							_		21	5	Low		34	3
Fors	443	х	X	978	202,744	1,595	153	_	_	_	_	_	5,957	4,634	Low		44	46
Gruvön	202	X	X	3,910		,,,,,,					_	_	42	42			1
Hylte Formed Fiber i)	26														Low		_
Jönköping	170	Х	х	1,136		_	_						14	14			_	13
Skene	67	X	X	66		_	_	_	_	_			10	10			_
Skoghall	580	X	X	41,493	973,398	9,695	767	17	11	76	_	493	41,575	29,398	Low		2,012	314
Skoghall (Forshaga)	96	X	X	756	2.2,220	2,300		.,		,,		,00	8	6	Low		3	8
Skutskär	432	X	X	10,113	1,192,229	6,784	475	31	8	79	_	660	48,652	19,000	Low		9,358	991
Total production units j)				1,028,656	9,223,628	51,738	5,193	183		429	312	6,142	356,122	190,713			20,625	46,833

a) Yearly average as full-time equivalents.
b) Total sulphur is reported as sulphur dioxide (SO₂) equivalent, but includes all sulphurous compounds.
c) Production site located in region with high baseline water stress according to the WRI Water Aqueduct Tool.
d) Biodiversity significance assessed via IBAT associated with each site indicating the total sum of significance score for Key Biodiversity Areas. Empty cell indicate no significance.

e) Reported on the basis of country-specific definitions applied in national regulations.

f) Junnikkala sites were acquired during the reporting year.
g) Water discharges reported together from both Ostroleka units.
h) Does not have its own personnel but hires personnel from Stora Enso AB.

i) Hylte Formed Fiber production site was closed during the reporting year.

Excluding joint operations. An em dash (-) inclicates that the emissions, discharges, or waste exist but are below the Group's reporting threshold and therefore not disclosed. Blank cells indicate that the parameter is considered not relevant for that specific unit. See Sustainability Statement for accounting principles applied. The totals of the columns differ from the ESRS due to the different consolidation scope.

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Consumer board	Location	Grade	Business area	Capacity 1,000 t
Beihai	CHN	LPB, CUK, FSB, FBB	Foodservice and Liquid Board	600
Fors	SWE	FBB	Cartonboard	455
Imatra	FIN	FSB, SBS, FBB, LPB	Foodservice and Liquid Board	1,230
Ingerois	FIN	FBB	Cartonboard	310
Oulu¹	FIN	FBB, CUK	Cartonboard	—
Skoghall	SWE	LPB, CUK	Foodservice and Liquid Board	1,000
Total				3,570

1 The converted consumer board line at the Oulu mill started up in 2025, and is ramping up. The full capacity of 750,000 tonnes is estimated to be reached during 2027.

Containerboard	Location	Grade	Business area	Capacity 1,000 t
Heinola	FIN	SC fluting	Containerboard	300
Ostrołęka	POL	Testliner, PfR fluting, sack paper, wrapping paper	Containerboard	670
Oulu	FIN	Kraftliner, white-top kraftliner	Containerboard	450
Varkaus	FIN	Kraftliner, white-top kraftliner	Containerboard	420
Total				1,840

Paper	Location	Grade	Business area	Capacity 1,000 t
Anjalankoski	FIN	Book paper	Cartonboard	185
Langerbrugge	BEL	SC, news	Containerboard	555
Total				740

Barrier coating	Location	Grade	Business area	Capacity 1,000 t
Beihai	CHN	Barrier coating	Foodservice and Liquid Board	80
Skoghall (Forshaga)	SWE	Barrier coating	Foodservice and Liquid Board	120
Imatra	FIN	Barrier coating	Foodservice and Liquid Board	455
Total				655

Corrugated packaging	Business area	Capacity million m²
Baltic states (Riga)	Packaging Solutions	120
Finland (Lahti)	Packaging Solutions	140
Poland (Łódz, Mosina, Ostrołeka, Tychy)	Packaging Solutions	415
Sweden (Jönköping, Skene)	Packaging Solutions	125
Western Europe (De Lier, Heidelberg, Augsburg, Sausenheim)	Packaging Solutions	860
Total		1,660

Additionally, conversion capacity available at the following sites: Tallinn and Kaunas (EST), and Kristiinankaupunki (FIN).

China Packaging	Location	Business area	Capacity million pcs	Capacity million m²
Gaobu, Dongguan	CHN	Packaging Solutions	390	30
Qian'an, Hebei	CHN	Packaging Solutions	100	10
Wu Jin, Jiangshu	CHN	Packaging Solutions	300	35
Total			790	75

Chemical pulp	Location Grade		Business area	Capacity 1,000 t
Enocell	FIN	Long-fiber	Biomaterials	630
Skutskär	SWE	Long-fiber, fluff	Biomaterials	545
Montes del Plata (50% share) URU		Short-fiber	Biomaterials	750
Veracel (50% share)	BRA	Short-fiber	Biomaterials	575
Total				2,500

		Business area	Capacity 1,000 t
FIN	NSSC	Containerboard	285
FIN	Short and long-fiber	Foodservice and Liquid Board	1,020
POL	Long-fiber	Containerboard	130
FIN	Long-fiber	Containerboard	550
SWE	Long-fiber	Foodservice and Liquid Board	390
FIN	Long-fiber	Containerboard	335
			2,710
			5,210
		Location Grade

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Deinked pulp (DIP)	Location	Grade	Business area	Capacity 1,000 t
Langerbrugge	BEL	DIP	Containerboard	680
Ostrołęka	POL	Recycled fiber-based pulp	Containerboard	700
Varkaus	FIN	Recycled fiber-based pulp	Containerboard	150
Total				1,530

CTMP	Location	Grade	Business area	Capacity 1,000 t
Beihai	CHN	BCTMP	Foodservice and Liquid Board	210
Fors	SWE	CTMP	Cartonboard	220
Kaukopää	FIN	CTMP	Foodservice and Liquid Board	220
Oulu1	FIN	BCTMP	Cartonboard	—
Skoghall	SWE	CTMP	Foodservice and Liquid Board	310
Total				960

¹ Project ramp-up ongoing, full capacity 500,000 tonnes expected in 2027.

Wood Products	Location	Sawing capacity 1,000 m³	Further processing capacity 1,000 m³	Pellet capacity 1,000 t	CLT capacity 1,000 m³	LVL capacity 1,000 m³
Ala	SWE	400	50	100	—	—
Alytus	LIT	240	115	—	—	—
Bad St. Leonhard	AUT	360	105	—	80	—
Brand	AUT	440	295	—	—	—
Gruvön	SWE	370	150	100	80	—
Honkalahti	FIN	340	70	—	—	—
Imavere	EST	350	160	100	—	—
Kalajoki	FIN	200	100	—	—	—
Launkalne	LAT	270	70	50	—	—
Murow	POL	300	210	—	—	—
Oulu	FIN	300	—	—	—	—
Oulainen	FIN	150	—	—	—	—
Planá	CZE	390	220	—	—	—
Uimaharju¹	FIN	240	—	—	—	—
Varkaus	FIN	260	120	—	—	85
Veitsiluoto	FIN	200	—	—	—	—
Ybbs	AUT	700	450	—	110	—
Zdírec²	CZE	580	220	80	70	—
Total		6,090	2,335	430	340	85

¹ Uimaharju sawmill belongs to the Biomaterials segment.

Abbreviations used in the tables:

The formula: (Sum of net saleable production of two best consecutive months / Available time of these two consecutive months) × Available time of the year

² Theoretical CLT capacity 120,000 m³, limited capacity due to ramp-up.

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Stora Enso Oyj

P.O. Box 309 FI-00101 Helsinki, Finland Visiting address: Katajanokanlaituri 4 Tel: +358 2046 131

Stora Enso AB

P.O. Box 70395 SE-107 24 Stockholm, Sweden Visiting address: World Trade Center Klarabergsviadukten 70, C4 Tel. +46 1046 46 000

storaenso.com

Concept and design: Miltton Oy and Stora Enso

Photography: Lasse Arvidson, Daniel Dahlgren, Getty Images, Magnus Glans, Jean-François Gratton, Kristiina Hemminki, Elina Himanen, Sylvie Li, Mikko Nikkinen, Mikko Ryhänen, Linda Svarfvar, Tuomas Uusheimo, and Stora Enso's archive. AI has been partially utilised in image creation.

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.