Årsredovisning 2024

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2 · Del 3 · Del 4 · Del 5 · Del 6

===== SIDA 1 =====

Stora Enso
Annual Report 2024

===== SIDA 2 =====

Contents
Our year 2024
Stora Enso in brief 4
CEO message 5
Key figures 7
Events in 2024 8
This is Stora Enso
Our business model 10
Our divisions 11
Stora Enso’s products in everyday life 12
Stora Enso worldwide 13
Value from our forest 14
Our strategy
Megatrends 17
Business environment and value creation 18
Strategic focus areas 19
Strategic progress 20
Our people
People and culture 22
Diversity, equity, and inclusion 23
Community engagement 24
Governance
Corporate Governance Stora Enso in 2024 26
Shareholders’ Meeting 26
Board of Directors 27
Board Committees 31
Management of the Company 32
Internal control and risk management related 
to financial reporting 35
Members of the Board of Directors 36
Members of the Group Leadership Team 38
Appendix 1 40
Shareholders
Information for shareholders 42
Stora Enso in the capital markets 43
Taxpayer report 50
Report of the Board of Directors
Stora Enso introduction 54
Year 2024 55
Risk management 63
Sustainability Statement 69
Shares and governance 127
Outlook 129
Proposal for the distribution of dividend 130
Events after the reporting period 130
Alternative performance measures 131
Financial Statements
Consolidated financial statements 136
Notes to the Consolidated financial statements 141
Parent company financial statements 196
Notes to the parent company 
financial statements 198
Signatures for the financial statements 211
Auditor’s report and assurance report 211
Appendices
Sustainability data by unit 219
Capacities by production site in 2025 221
Remuneration Report 2024 is available at 
storaenso.com/annualreport
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  2

===== SIDA 3 =====

Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  3
Our year 2024
Stora Enso in brief 4
CEO message 5
Key targets 7
Events in 2024 8

===== SIDA 4 =====

We are the renewable 
materials company
Our purpose
• Do good for people and the planet 
• Replace non-renewable materials with 
renewable products
Our values
• Lead
• Do what’s right
We create better choices for society by 
accelerating the transition to a circular 
bioeconomy. Our aim is to contribute 
positively to nature, and ensure the most 
effective use of fiber-based renewable 
materials.
Employees
19,000
Heritage
1288 1862 1872 1998 2005 2014 2016 2018 2019 2021 2023 2024
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 
venture)
Start-up of the 
Beihai mill in China. 
The converted 
paper machine at 
the Varkaus mill in 
Finland starts 
production of 
containerboard.
Acquisition of 
forest assets in 
Sweden led to a 
total of 1.4 million 
hectares in 
holdings.
Stora Enso issues 
its first green 
bonds.
The converted 
paper machine 
at the Oulu mill in 
Finland starts 
production of 
packaging board.
Acquisition of De 
Jong Packaging 
Group in the 
Netherlands. 
Paper business is 
discontinued.
Stora Enso 
initiated the sale 
of approximately 
12% of its 1.4 million 
hectares of forest 
assets in Sweden.
Stora Enso 
in brief
The forest is at the heart of Stora Enso and we 
believe that everything made from fossil-
based materials today can be made from a 
tree tomorrow. As a leading provider of 
renewable packaging, biomaterials, and 
wooden construction, and one of the largest 
private forest owners globally, we actively 
contribute to the circular bioeconomy 
focusing on climate change, circularity, and 
biodiversity. Our low-carbon and recyclable 
fiber-based products support our customers 
in choosing renewable options. 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).
Image: Stora Enso’s newly opened headquarter building in Helsinki, the largest 
mass timber building in Finland. The building is owned by mutual pension 
insurance company Varma.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  4
Sales and adjusted EBIT margin
EUR million         %
Sales, EUR million
Adjusted EBIT, %
2022 2023 2024
0
2,000
4,000
6,000
8,000
10,000
12,000
0
3
6
9
12
15
18
Our divisions
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Renewable materials
Wood, our raw material, is renewable, 
recyclable, and fossil-free
Circularity
Our renewable products contribute 
to a circular bioeconomy

===== SIDA 5 =====

Q&A with Hans Sohlström, 
President and CEO
We spoke with Hans Sohlström to gain his perspective on Stora Enso’s performance in 2024. 
We also discussed key priorities and the strategic direction for the business.
Q: Take us through 2024 for Stora Enso and 
the industry. How would you sum it up?
Thanks to several efficiency improvement and cost-
saving actions across the entire Company, we were 
able to deliver a significantly higher adjusted EBIT and 
reduce working capital compared to 2023. However, 
we were still far from our long-term financial targets, 
and our systematic efforts to improve profitability and 
reduce debt will continue.
Over the course of the year, the market gradually 
recovered compared to the full year of 2023, although 
consumer confidence and spending has yet to fully 
rebound. Market uncertainties, along with fluctuations 
in demand and pricing, persisted throughout 2024. 
Our Forest division delivered record-high results, 
primarily driven by increased wood prices. However, 
high wood costs have continued to pressure margins 
across the Group. We faced several challenges in the 
market, including weak demand for consumer board, 
overcapacity in corrugated board, a volatile pulp 
market, a persistently weak construction sector, and 
continued tightness in wood markets. To mitigate 
these challenges, our Group-wide cost-saving 
measures will continue to deliver results. 
Q: What were your key focus areas for improvement 
in 2024, and what was the biggest challenge?
Close relationships and engagements with both our 
customers and employees are crucial, and I am 
pleased that we continue to attain high scores in 
customer satisfaction and employee engagement, 
reflecting the strengths of Stora Enso.
In my first year, we identified two key areas to enhance 
shareholder value: improving operational 
performance to boost competitiveness and achieving 
commercial excellence in sales and sourcing. The 
positive impact of this approach is evident in the 75% 
increase of our adjusted EBIT.
“Stora Enso’s profit improvement, 
working capital reduction, and 
value creation actions – focusing 
on cost reduction through 
improved sourcing, operational, 
and commercial efficiencies – 
made good progress across 
all divisions.”
The biggest challenge has been the continued 
volatility and market weakness, but we focus on 
controlling what we can. We will do more with less and 
become more efficient. My main mission is to drive 
results and build a performance culture, where I see 
significant potential for value creation. This positive 
performance culture is based on the 4As: ambition, 
agility, analytical approach, and accountability. This is 
not just a project but a new culture and way of 
working. The underlying effectiveness of our 
organisation and our competitiveness must improve, 
and my key performance indicator as a CEO is total 
shareholder return, to maximise value for all 
our shareholders.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  5

===== SIDA 6 =====

Q: How did Stora Enso progress towards achieving 
its long-term strategic objectives in 2024?
Stora Enso’s profit improvement, working capital 
reduction, and value creation actions—focusing on 
cost reduction through improved sourcing, 
operational, and commercial efficiencies—made good 
progress across all divisions. Our systematic working 
capital reduction actions during the last 1.5 years 
resulted in a significant reduction of operating working 
capital of about EUR 700 million reducing the relation 
to net sales from above 14% to 7%
Initiated in February 2024, Stora Enso’s profit 
improvement programme, focused on fixed cost 
savings, progressed successfully. The programme 
aimed to reduce fixed costs and enhance annualised 
adjusted EBIT by EUR 120 million, and includes a 
reduction of approximately 1,000 employees, with no 
closures of production sites. These reductions were 
proportional to division sizes and addressed 
persistently weak and uncertain market conditions. 
The full impact in fixed cost savings is starting 
from 2025.
Q: What strategic actions were taken during 
the year to make Stora Enso more competitive?
The ongoing consumer board investment of 
EUR 1 billion at the Oulu site in Finland progressed 
according to plan. Production ramp-up will begin in 
the first half of 2025, with full capacity estimated to 
be reached by 2027.
During the second half of the year, we decided to stop 
the divestment process and instead retain our Beihai 
consumer packaging board production site and 
forestry business. We recognise that the value of using 
these assets internally exceeds the achievable 
proceeds from a sale. This decision supports our 
strategic aim to augment our leadership in the 
sustainable fiber-based packaging market. By 
optimising the product mix, the Beihai site will further 
elevate our position as a leading global consumer 
board supplier, particularly in the Asia-Pacific region. 
We are committed to financial prudence, with no 
significant capital expenditure expected in the mid-
term as we pursue these strategic enhancements.
As part of our ongoing efforts to improve financial 
stability, we announced the decision to prepare for 
the sale of approximately 12% of our forest assets in 
Sweden, covering 1.4 million hectares with a book value 
of EUR 6.3 billion. This divestment seeks to strengthen 
our balance sheet and crystallise the economic value 
of our forest holdings. While prioritising financial 
stability through strategic decisions such as the 
divestment of forest assets in Sweden, we remain 
equally dedicated to upholding the highest 
environmental standards across all areas 
of operation.
We also announced the acquisition of Junnikkala Oy, 
a Finnish sawmill company, for a total enterprise value 
of up to EUR 137 million, depending on its performance 
in the next years. This strategic move will bolster our 
wood supply for Stora Enso’s packaging board site in 
Oulu, Finland, while shoring up our wood products 
business. Located near our Oulu site, Junnikkala 
operates three sawmills, creating significant synergies, 
including a stable supply of raw materials.
During the year, Stora Enso partnered with Altris, 
a Swedish developer of sodium-ion batteries, to 
incorporate renewable lignin in producing sustainable 
anode materials for these batteries. This initiative 
seeks to lower carbon emissions and promote 
a circular economy in battery manufacturing.
We also entered a collaboration with Södra, Sweden’s 
largest forest owner association, to secure a stable 
supply of kraft lignin. This partnership will support 
Stora Enso’s production of sustainable lignin-based 
materials with high added value, advancing the 
Company’s commitment to renewable products and 
reducing its environmental impact.
Q: Please take us through Stora Enso’s 
sustainability progress during the year.
I am pleased to announce significant progress in our 
sustainability efforts. As part of our long-term 
commitment to sustainability, we have set ambitious 
science-based targets aligned with the 1.5-degree 
scenario. By the end of 2024, we achieved a 53% 
reduction in our Scope 1 and 2 emissions from 2019. 
This surpasses our target of a 50% reduction by 2030 
and underscores our commitment to proactive 
climate action. We remain dedicated to maintaining 
and further reducing our emissions in line with our 
business strategy.
“Stora Enso holds leading market 
positions in renewable packaging, 
biomaterials, and sustainable 
construction segments.”
Scope 1 and 2 emissions, originating directly from our 
operations and the energy we consume, are areas 
where we can implement emission reductions 
through investments and fuel switching. Our success 
in these categories demonstrates our ability to 
effectively mitigate our direct impact on climate 
through operational efficiency and the 
implementation of new technologies. We are also 
committed to achieving a 50% reduction in our Scope 
3 emissions by 2030, which include indirect emissions 
from activities such as purchased goods and the 
processing of sold products. Essentially, these 
emissions represent the Scope 1 and 2 emissions of 
other companies within our value chain.
As we continue working toward our Scope 3 target, 
we are actively engaging and partnering with our 
suppliers and customers. It is essential that the full 
value chain commits to climate action together. By 
doing so, we are not only achieving crucial emission 
reductions for Stora Enso but also paving the way for 
businesses of the future.
Q: What are your expectations and 
focus areas for 2025 and beyond?
All the businesses in which we operate are in growing 
segments, driven by strong sustainability trends. 
Stora Enso holds leading market positions in 
renewable packaging, biomaterials, and sustainable 
construction segments, all of which are positioned for 
long-term growth. These areas align with evolving 
sustainability trends and regulatory developments, 
favouring our renewable and innovative product 
offerings. Increased consumer demand and brand 
owners’ focus on sustainability drive our commitment 
to offering more sustainable products, strengthening 
the market position of our circular solutions and 
making them a preferred choice in the industry.
We are leveraging these advantages to increase our 
market presence and continue our progress. This 
strategic alignment positions us to seize current 
opportunities while building resilience for future 
advancement. Looking ahead, we are prioritising 
capital allocation and asset strategy in expanding 
market segments to amplify competitiveness and 
drive profitable growth across the Group.
Promoting a positive performance culture has been 
essential in creating an environment that supports 
customer focus, operational efficiency, innovation, 
and excellence. Our annual employee engagement 
survey, conducted in November 2024, had both a high 
response rate and an overall strong engagement rate, 
exceeding the industry benchmark. I am proud of how 
our people and the organisation have performed 
during challenging times and as a team, we will 
continue the good work going forward.
As we pursue our long-term financial targets, we are 
well-equipped to embrace new opportunities, tackle 
future challenges, and deliver value to all our 
stakeholders. I want to thank our owners, employees, 
customers and business partners who have worked 
with us throughout the year. Thank you for your 
continued collaboration, trust, and support.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  6

===== SIDA 7 =====

Earnings per share (basic)
E U R   - 0 . 1 7
last 12 months
Climate change
Our Scope 1 & 2 
CO2e emissions were 
53% 
lower than in the base year 2019
Biodiversity 
99% 
of the land we own or 
manage was covered by 
forest certification schemes
Circularity 
94% 
of our products were 
technically recyclable
Proposed dividend 
E U R   0 . 2 5  
per share
The Board of Directors proposes that 
the dividend be paid in two instalments, during 
the second and fourth quarter of 2025.
Key figures
Key targets
2024 2023 2022 Target
Performance 
against target
Financials
Sales growth  -4 %  -20 %  17 % >5% per annum
Adjusted ROCE¹ excl. Forest  3.6 %  1.0 %  20.4 % >13%
Net debt to adjusted EBITDA¹ 3.0 3.2 0.7 <2.0
Net debt to equity  37 %  29 %  15 % <60%
Dividend per share (EUR)
2
0.25 0.2 0.6 See below
3
Non-financials
Reduction of absolute CO2e emissions 
(Scope 1 and 2) from 2019 base year
4
 -53 %  -43 %  -28 % -50% by 2030
Reduction of absolute CO2e emissions 
(Scope 3) from 2019 base year
4
 -39 %  -35 %  -24 % -50% by 2030
Forest certification coverage  99 %  99 %  99 %  96 % 
Circularity
4
 94 %  93 %  94 % 
100% recyclable 
products by 2030
1 Last 12 months
2 For 2024, dividend proposal, The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth 
quarter of 2025.
3 To distribute 50% of EPS excluding fair valuation over the cycle.
4 Comparative figures are restated due to structural changes or additional data after the previous annual report.
Achieved
On track
Not achieved
Adjusted ROCE excl. Forest*, %
Adjusted ROCE excl. Forest, %Target >13%
2022 2023 2024
0
5
10
15
20
25
*Last 12 months
Net debt to adjusted EBITDA
Net debt to adjusted EBITDA Target <2.0
2022 2023 2024
0.0
1.0
2.0
3.0
4.0
*Last 12 months
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  7

===== SIDA 8 =====

Events in 2024
Stora Enso discontinues the divestment process of its 
Beihai production site in China
Stora Enso decided to discontinue the divestment process for its Beihai 
packaging board production site and forestry business. This decision 
supports Stora Enso’s strategic aim to strengthen its leadership in the 
fiber-based packaging market.
   Read more on our website
Stora Enso prepares to sell parts of its forest assets 
in Sweden
Stora Enso initiated the sale of approximately 12% of its 1.4 million 
hectares of forest assets in Sweden. This sell aims to reduce debt and 
strengthen Stora Enso’s balance sheet, highlighting the financial value 
of its forest holdings.
   Read more on our website
Stora Enso strengthens wood supply chain in Oulu 
by sawmill acquisition
Stora Enso entered into an agreement to acquire 100% of the Finnish 
sawmill company Junnikkala Oy. The acquisition aims to secure a cost-
efficient wood supply to Stora Enso’s packaging board site in Oulu, 
Finland.
   Read more on our website
Profit improvement programme and value creation 
actions to improve long-term profitability
Stora Enso launched a profit improvement programme aimed at 
reducing gross fixed costs to boost annualised adjusted EBIT by EUR 120 
million, The programme covers a reduction of approximately 1,000 
employees but does not involve any closures of production sites. Stora 
Enso also implemented value creation actions across the group, 
focused on sourcing, operational, and commercial efficiencies.
   Read more on our website
Stora Enso partners with IUCN on positive impacts 
on biodiversity
Stora Enso has developed a science-based framework using 
technology and data to forecast and enhance biodiversity impacts. 
The company's partnership with the International Union for 
Conservation of Nature (IUCN) will offer expert insights to further 
refine and validate this framework.
   Read more on our website
Sustainability statement in accordance with 
the Corporate Sustainability Reporting Directive
Stora Enso's Sustainability statement provides a comprehensive 
overview of the risks and opportunities arising from social, 
environmental, and governance issues, and on the impact of our 
activities on people and the environment.
   Read more in the Report of the Board of Directors
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  8

===== SIDA 9 =====

Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  9
This is Stora Enso
Our business model 10
Our divisions 11
Stora Enso’s products in everyday life 12
Stora Enso worldwide 13
Value from our forest 14

===== SIDA 10 =====

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
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  10
Forest
Our value creation has its foundation in the 
forest, where wood represents the largest part of 
our raw material. The forest is a value accretive 
real asset and functions as a long-term fiber 
supply for our products. Sustainable forest 
management ensures that new generations of 
trees replace those that are harvested.
Suppliers
With over 20,000 
contractors, sub-
contractors 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
Stora Enso supports its customers in 
meeting the growing consumer demand 
for low-carbon, 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.
Growth areas
 We are positioned in the following 
growing segments:
Renewable packaging – is driven by 
high demand for circular packaging. 
We hold leading global market 
positions in consumer board 
segments with high barriers-to-entry.
Sustainable building solutions – is 
driven by a growing wooden buildings 
market. We are a leading global 
supplier of building solutions, offering 
alternatives to fossil-intense 
construction materials.
Biomaterials innovation – our 
agenda targets new applications 
in fiber products, lignin and 
biochemicals, focusing on novel 
products that replace 
fossil-based materials.

===== SIDA 11 =====

Our divisions
Share of external sales
46%
11%
14%
15%
13% 1%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Share of capital expenditure
68%5%
17%
5%2%4%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Share of personnel
37%
22%
10%
19%
8% 4%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  11
Products and applications Main customer groups Key figures Market position
Packaging Materials
The Packaging Materials division is a global leader and expert partner in 
circular packaging providing premium packaging board, 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 board and barrier coatings.
• Liquid packaging board
• Foodservice board 
• Fresh cartonboard
• Containerboard
• Book paper
• Newsprint, magazine paper
Packaging converters, food 
producers, brand owners, 
retailers, and book and 
newspaper producers
Sales: 
EUR 4,502 million
Adjusted EBIT:
EUR 172 million
Adjusted ROOC*:
4.9%
#1 
globally in liquid 
packaging board
#1 
in Europe in fresh 
cartonboard
Packaging Solutions
The Packaging Solutions division is a packaging converter that produces 
a wide-range of fiber-based packaging products for leading brands across 
multiple market areas, including retail, e-commerce, and industrial 
applications. Additionally, the division provides design, packaging 
automation 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
Sales: 
EUR 987 million
Adjusted EBIT:
EUR -15 million
Adjusted ROOC*:
-1.6%
#3 
in corrugated boxes in 
the Nordic countries
#2 
in corrugated boxes in 
the Benelux countries
Biomaterials
The Biomaterials division’s 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 division also leverages all fractions to create 
innovative biobased solutions, that replace fossil-based and other non-
renewable materials.
• Pulp
• Hard carbon battery 
material
• Lignin 
• Biobased binders
• Wood foams
• Biobased chemicals
• Formed fiber
• Tall oil and turpentine
Packaging, paper, 
tissue, specialty paper, 
hygiene products, 
construction, and 
furniture industries and 
chemical producers
Sales: 
EUR 1,587 million
Adjusted EBIT:
EUR 231 million
Adjusted ROOC*:
9.3%
#1 
fluff producer 
in Europe
Wood Products
The Wood Products division is Europe’s largest sawn timber producer and 
a leading provider of sustainable wood-based solutions for the global 
building sector. The division provides the building sector with renewable 
and low-carbon wood-based solutions that help decarbonise the built 
environment. Additionally, the division offers windows and door 
components, and co-products such as pellets made from wood residuals.
• Material for mass timber 
construction: CLT, LVL
• Services and digital tools
• Building concepts
• Window and door 
components
• Sawn and planed wood 
• Pellets
• Sawdust
Construction companies, 
wholesalers and retailers
Sales: 
EUR 1,522 million
Adjusted EBIT:
EUR -16 million
Adjusted ROOC*:
-2.7%
#1
globally in construction 
cross-laminated timber
#2 
in Europe in classic 
sawn wood
Forest
The Forest division 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 Sweden and a 41% share in Tornator, whose forests are 
primarily located in Finland. The division’s 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
Sales: 
EUR 2,827 million
Adjusted EBIT:
EUR 309 million
Adjusted ROCE*:
5.2%
*Last 12 months
One of the largest 
private forest owners 
in the world

===== SIDA 12 =====

Stora Enso’s 
products in 
everyday life
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  12
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 e-
commerce packaging, ensuring 
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 packaging 
foam that, replaces fossil-
based 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 food
Wood fiber-based packaging materials 
used for packaging juices, milk, yogurt, 
soups and other liquid-based products 
are suitable for recycling.
Wood-based building solutions
Mass timber elements for offices, schools, 
and multi-storey buildings cut carbon 
emissions by up to 60%, storing carbon 
throughout their lifetime.
Building concepts
Linking architectural guidelines with 
building concepts for low-carbon, 
cost-efficient offices, schools, 
residential and industrial buildings.
Ready-meal trays and cups
Lightweight and 100% food 
safe in virgin fiber, suitable for 
frozen and chilled ready 
meals or take-away.
Paperboard tube with 
a fiber-based closure
Used for cosmetics and 
personal care applications. 
All components are 
designed for recycling.
Prefabricated building solutions 
Prefabricated building solutions 
includes everything needed to create 
a modern, sustainable wood structure.
Corrugated board for industrial, bulk 
and heavy-duty transport packaging 
A cost and weight-efficient packaging 
that is easy to assemble, handle, 
and recycle.
Renewable leak-
tight flower 
packaging  box
Allows customers 
to move from plastic 
buckets to renewable 
cardboard boxes 
optimised for 
transport.
Folded boxes for dry food
Food safe, renewable materials to 
replace plastic in dry foods such 
as cereals, pasta or chocolate.
Transport box for fruit 
High quality and food 
safe white top kraftliner 
packaging board 
made from fresh fibers. 
Strong and light 
material suited for 
fresh produce 
transport and retail.

===== SIDA 13 =====

Stora Enso worldwide
Stora Enso operates globally and focuses on 
using renewable materials to create value in 
packaging, biomaterials, and wooden 
construction. Our customers include global 
companies such as packaging 
manufacturers, brand owners, retailers, 
industrial component manufacturers, and 
construction companies.
Stora Enso manages its own and leased forest land 
covering a total area of 2.1 million hectares worldwide.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  13
Europe, 69%
Asia Pacific, 13%
North America, 4%
South America, 1%
Other, 13%
Sales by destination 
Finland, 27%
Sweden, 18%
China, 12%
Poland, 10%
Czech Republic, 6%
Austria, 5%
Other Europe, 16%
Brazil and Uruguay, 4%
Other countries, 1%
Employees by country¹ 
1 Including 50% of the employees at Veracel in 
Brazil and Montes del Plata in Uruguay.
Europe
We are a leading European 
producer of packaging board, 
pulp, and wood-based products, 
with most of our sales and 
production located across 
eleven countries in Europe.
South America
We obtain high-quality pulp from 
eucalyptus plantations in South America. In 
Brazil, we have a 50/50 joint venture with 
Suzano, called Veracel. In Uruguay, we have 
a 50/50 joint venture with Arauco, 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.
Asia
Our consumer board site in Guangxi, China, 
mainly serves the Asian markets with virgin 
fiber-based board. Our operations also 
include eucalyptus plantations that supply 
our production facilities in the region. In 
addition, we supply renewable packaging 
products to our customers in Asia through 
our global operations from production sites 
in Europe and South America.
We primarily source our wood, our main 
raw material, from our own Northern 
European forests located near our 
production facilities. We also source wood 
from forest associates and private forest 
owners, ensuring strategic sourcing 
flexibility. In Central Europe, we source 
wood and recycled fiber for our production 
facilities through our own organisation.
Tornator
(41% ownership)
Finland, Estonia, and Romania
319,000 ha 
of forest land
Swedish forests
(12% of holdings 
announced for sale)
1,410,000 ha 
of forest land
Veracel
(50% ownership)
Brazil
117,000 ha
of forest land Montes del Plata
(50% ownership)
Uruguay
154,000 ha
of forest land
Guangxi
Southern China
62,000 ha
of forest land

===== SIDA 14 =====

Value from our forest assets
Our forests are the foundation of our business. They are a scarce resource and 
a critical asset for the global renewable materials market, the balance and protection 
of biodiversity, and the well-being of our communities.
Stora Enso, one of the world’s largest private forest 
owners, holds forest assets valued at EUR 8.9 billion 
as of the end of 2024, spanning 2.06 million hectares 
globally. The company meets 36% of its wood raw 
material needs from its own sources and long-term 
agreements, mitigating wood market volatility while 
enhancing long-term yields and financial flexibility.
In addition to sourcing wood from its own forests and 
tree plantations, Stora Enso purchased wood from 
approximately 21,000 private forest owners during the 
year. In 2024, approximately 83% of Stora Enso’s wood 
came from forests in Europe, most of which are 
privately owned.
Our long-term target is to increase 
the total value of our forest assets 
While increasing the value of our forest assets, we 
are actively addressing climate change through 
adaptation and mitigation. Trees are a renewable 
resource that grow back when forests are managed 
sustainably. We ensure forest regeneration after 
harvesting, as growing trees absorb carbon dioxide 
and wood-based products store carbon, replacing 
fossil fuel-based products.
We support the cascading use of wood, which means 
that all parts of harvested trees, forestry residuals, 
and industrial side streams are used in the most 
efficient way. Our biological assets, primarily standing 
trees, serve as raw materials for pulp and mechanical 
wood production, while wood residues are used as 
biofuels, mainly in our own operations.
Group’s forest assets value
EUR billion
6.1 6.6
2.6 2.3
Biological assets
Forest land
31 Dec 2023 31 Dec 2024
0
2
4
6
8
10
Including leased land and Stora Enso’s share of Tornator.
Market transaction-based 
forest prices in Sweden
Index
SEK/m
3 
fo
Southern Sweden Central Sweden
Northern Sweden Sweden
1995 2000 2005 2010 2015 2020 2024
0
200
400
600
800
1,000
Source: Ludvig & Co report, based on nominal prices.
Stora Enso’s forest assets are located in Central and Northern Sweden.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  14
Benefits of owning forest assets
Raw material efficiency and 
optimisation of timber 
value for various end uses.
Support Stora Enso’s 
growth plans by securing a
36% 
self-sufficiency
of wood supply.
Stable income from wood 
sales with increasing long-
term demand for 
renewable materials.
Yield improvement 
initiatives to increase 
harvesting sustainably in 
our own forests through 
tree breeding, fertilisation, 
and advanced forest 
management practices.
Returns from land development 
include increased wind power 
capacity, land swaps, 
compensations for protected 
areas, and revenue from land 
sales and hunting rights.
Opportunity to develop 
forest management 
practices that respond to 
changing market and 
climate conditions while 
enhancing biodiversity.
Stora Enso forest areas in Sweden 
and Tornator forest areas in Finland
Board, pulp and paper production sites
Sawmills

===== SIDA 15 =====

Annual harvesting 
10.5 
million m³ forest cubic metres
Across all our forests, wood harvesting is planned to 
align with the unique characteristics of each site.
Estimated annual 
forest growth 
13.9 
million m³ forest cubic metres
Sustainable forest management 
promotes healthy, thriving forests.
Annual CO2 sequestration 
4.3 
million tonnes CO2 
CO2 sequestered in our own or leased productive 
forest lands, 3-year annual average.
Innovation for future-fit forests
Our forest assets, forest professionals, and 
international network enable us to focus on 
development and innovation, optimise land utilisation, 
and create new revenue streams. We are intensifying 
initiatives in our Swedish forests, concentrating on 
research, development, and the adoption of new 
technologies and digitalisation.
Digitalisation, remote sensing technology, and 
artificial intelligence enhance our operations in 
forests and the wood supply chain while aiding in 
biodiversity protection and restoration. With precise 
data, we can accurately monitor forest volume, yield, 
and variety, and detect diseases early. This data also 
supports our efforts to implement more effective 
biodiversity actions.
In the future, we aim to monitor tree species 
composition and deadwood creation with high 
granularity, identifying key areas for biodiversity. We 
also encourage our partners to adopt similar 
approaches.
Sustainable forestry and biodiversity
Sustainable forest and plantation management 
ensures the long-term availability of wood while 
preserving ecosystems and biodiversity, crucial for 
forest resilience. Biodiversity refers to the variability of 
life at genetic, species, and habitat levels. Globally, 
biodiversity is declining, and more action is needed to 
reverse this trend.
As one of the world’s largest private forest owners, we 
have a responsibility to protect biodiversity across all 
our operations.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  15
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 2024, we harvested in own and leased forests and sourced from long-term agreements a total of 10.5 million m³. Our deliveries to our mills 
were 29.0 million m³ in total excluding energy wood.
Veracel (50%)
Montes del Plata (50%)
Guangxi
Tornator (41%)
Stora Enso’s 
own forests, Sweden
2022 2023 2024
60
80
100
120
140
160
180
200
220
Estimated growth
Harvesting
2022 2023 2024
0
2
4
6
8
10
12
14
Total growth and harvesting
Million m³ fo
Total standing stock
Million m³ fo
Supply from own and managed sources³, %Supply from other sources, %
Finland Sweden and 
Norway
Central EuropeBaltic countriesUruguay² Brazil² China
0
10
20
30
40
Wood procurement by countries/region¹
%

===== SIDA 16 =====

Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  16
Our strategy
Megatrends 17
Business environment and value creation 18
Strategic focus areas 19
Strategic progress 20

===== SIDA 17 =====

Market dynamics 
Macroeconomic and 
geopolitical disruption
By navigating macroeconomic and 
geopolitical disruptions, Stora Enso can 
access new markets, streamline operations, 
and enhance its competitiveness. However, 
these disruptions could affect market 
demand, prices, profit margins, and product 
volumes. They may also increase costs and 
complexity. Global instability could disrupt 
supply chains, heightening risks while also 
creating opportunities to strengthen 
resilience and innovate in supply 
management.
Regulatory change
Political or regulatory developments could 
have both positive and negative impact on 
Stora Enso’s businesses.
Access to raw materials
The growing demand for bio-based 
materials, along with external factors such 
as climate change and geopolitical 
instability, may limit Stora Enso’s access to 
wood-based raw materials. However, these 
challenges also create opportunities to 
innovate and identify alternative sources, 
potentially driving greater sustainability and 
efficiency in the industry. 
Climate change
Climate change could pose challenges to 
Stora Enso’s forests and operations, 
impacting resource availability. However, it 
also presents opportunities to innovate and 
adapt, leading to advancements in 
sustainable forestry practices. Such 
improvements could enhance resilience 
while positioning the company as a leading 
provider of renewable fiber-based solutions, 
attracting new customers and markets.
Global megatrends underpin 
our business strategy
Megatrends and market dynamics are affecting our business, driving growth, improving 
margins, and creating new business opportunities. However, these factors could also potentially 
bring significant challenges and uncertainties. At the same time, sustainability initiatives, 
technological advancements, and shifts in consumer preferences toward replacing fossil-based 
materials are influencing purchasing behaviour. Global megatrends are fuelling the demand for 
renewable materials, supporting our growth and value creation.
Key megatrends
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, as 
seen in melting ice caps, rising sea levels, 
extreme weather events, biodiversity loss, 
food insecurity, and health risks. A key 
factor in decelerating climate change, and 
where Stora Enso can contribute, is 
replacing 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, establishing 
circular material flows, and waste 
reduction.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  17

===== SIDA 18 =====

Business 
environment 
and value 
creation
Business environment
Stora Enso’s forest operations are based on the 
principles of sustainable forestry and demand for 
renewable wood raw material for packaging and 
construction. Stora Enso capitalises on the growing 
demand for renewable resources, aligning with 
market needs focused on reducing carbon emissions 
and promoting circular economy.
The market for sustainable packaging is growing, 
fuelled by increasing environmental concerns and 
changes in consumer behaviour. Fiber-based 
packaging for food is a significant growth area and e-
commerce continues to expand. There is higher 
demand for packaging that is both functional and 
sustainable. Stora Enso’s renewable and recyclable 
packaging products, are well-positioned to benefit 
from this trend.
The market for pulp is driven by demand in packaging, 
tissue, speciality papers and disposable hygiene 
products. Leveraging renewable technologies 
enhances the ability to tap into sustainability trends 
and seize opportunities.
The market demand for wood products is driven by 
factors such as housing and construction trends, 
consumer preferences for natural materials, and 
environmental sustainability considerations.
Our value creation
• Wood fiber-based 
products
• Renewable packaging
• Wood Products & pulp
• Sustainability trends as a 
key driving force
• Growth per year >5%
• Net debt to adj. EBITDA <2
• LTM adj. ROCE excl. 
Forest >13%
• 2030: 50% less CO2 
emissions
• ͏ ͏ 2 0 3 0 :  1 0 0 %  r e c y c l a b l e  
products
• ͏ ͏ 2 0 4 0 :  N e t - z e r o  e m i s s i o n s
• Customer value and 
innovation
• ͏ ͏ P o s i t i v e  p e r f o r m a n c e  
culture
• ͏ ͏ S a f e t y ,  D i v e r s i t y  &  I n c l u s i o n
Strong market positions 
with high entry barriers in 
growing segments
Optimised 
and competitive 
production assets
One of 
the world’s largest 
private forest owners
Growth opportunities 
in biobased materials 
and markets
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  18
A focused and disciplined approach to capital allocation drives shareholder value
Cash flow generation
Allocating capital for 
sustainable profitable growth
Organic growth – CAPEX at or below 
depreciation over the cycle.
M&A – Selective M&A to support growth in 
both Packaging and Building Solutions.
Returning capital 
to shareholders Dividend – To distribute 50% of EPS excluding fair valuation over the cycle.

===== SIDA 19 =====

Strategic focus areas
We create value for our shareholders by growing our leading positions in packaging, 
biomaterials innovations, and building solutions, combined with a strict capital allocation 
strategy, cost control, and other financial measures.
Renewable packaging
In Packaging, we continue to see strong demand for 
plastic substitution and circular solutions. Fiber-
based packaging is the most sustainable option for 
many products as it can be recycled, reused, or 
composted. It is the fastest growing packaging 
material globally and is expected to outpace plastic 
alternatives in the long term.
We hold leading global market positions in 
high-value segments and long-term customer 
partnerships. Our wide range of fiber-based 
packaging materials and solutions for cartons, 
boxes, trays, cups, and bags serve industries such as 
food and beverage, e-commerce, pharmaceutical, 
and cosmetics.
Biomaterials innovation
In Biomaterials, we focus on providing innovative and 
sustainable biobased solutions for high-growth, high-
margin markets. Through our expertise, strategic 
collaborations and partnerships, we accelerate 
breakthrough innovations in new fiber products, 
biochemicals, and lignin-based applications, such as 
anode material for batteries and bio-based binders for 
construction, which can replace fossil-based materials.
Sustainable building solutions
There are growth opportunities in the building 
industry, particularly with wooden alternatives to 
materials such as concrete and steel, which have 
larger carbon footprints. The global construction 
market is shifting towards modular building methods 
that use less energy and reduce carbon emissions. 
Mass timber products now enable the construction of 
safe and sustainable high-rise buildings. We are well-
positioned to capture more value across the entire 
supply chain with our products and value-added 
services, including prefabricated bespoke wooden 
elements, new concepts, and digital services.
Forest
Forests are the foundation for Stora Enso’s 
renewable solutions. Stora Enso owns forest assets 
in Sweden and holds a 41% share in Tornator, whose 
forest assets are primarily located in Finland. The 
Forest division manages the forest assets in Sweden 
and is also responsible for wood sourcing for Stora 
Enso’s Nordic and Baltic operations.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  19
Ambition to significantly reduce earnings cyclicality
Developing a more value-added pulp product mix
 Growth in packaging with increased integration of captive pulp
 Growing the share of building solutions
 36% self-sufficiency in wood supply
Forest
Pulp, traditional wood products
Sustainability supports our growth strategy
Growth and value drivers
Renewable 
packaging
Biomaterials 
innovation
Sustainable 
building solutions
Strategic growth areas
30%
70%
Strategic 
growth areas¹
Paper,
53%47%
Strategic 
growth areas¹
Foundation 
sales²
80%
20%
Strategic 
growth areas¹
Foundation 
sales²
Sales 2006 Sales 2024 Sales 2030
Calculations are based on external sales.
1 Strategic growth areas include Renewable packaging, Sustainable building solutions, and Biomaterials innovations.
2 Foundation businesses include pulp, traditional wood products, and forest.

===== SIDA 20 =====

Value creation actions and profit 
improvement programmes for long-
term competitiveness
Our value creation actions, focused on improved 
sourcing, operational efficiency and commercial 
excellence, made good progress across all 
divisions. These efforts have significant impacted 
profits and cost competitiveness during the year.
Additionally, our profit improvement programme, 
targeting annual gross fixed cost saving of EUR 120 
million, advanced successfully.
Together, these initiatives are contributing to 
sustained enhancements in profitability and 
competitiveness. Furthermore, we reduced 
operating working capital by EUR 228 million during 
the year, driven by ongoing efforts to enhance 
capital release.
Investments and capital allocation
Stora Enso’s EUR 1 billion investment to convert the 
idle paper machine at the Oulu site in Finland into 
a high-volume consumer board production line is 
proceeding according to plan. This investment 
supports growth in renewable packaging, with 
production expected to begin in early 2025.
In 2024, we initiated the sale of approximately 12% 
of our 1.4 million hectares of forest assets in 
Sweden. This sale aims to reduce debt and 
strengthen the balance sheet by showcasing the 
financial value of our forest holdings.
During the year, we decided to discontinue the 
divestment process for our Beihai packaging 
board production site and forestry business. This 
decision aligns with our strategic aim to 
strengthen our leadership in the fiber-based 
packaging market.
We also made a strategic decision to enter into an 
agreement to acquire 100% of the Finnish sawmill 
company Junnikkala Oy. The acquisition aims to 
secure a cost-efficient wood supply for our 
packaging board site in Oulu, Finland, and will 
support our wood products business with new 
production assets.
Sustainability progress
During 2024, we continued to make progress on 
our sustainability targets, achieving reductions in 
carbon emissions across all three Scope 
categories. Both active measures to reduce 
emissions and the closure of sites and production 
lines contributed to a 53% decrease in Scope 1 and 
2 emissions and a 39% decrease in Scope 3 
emissions compared to the 2019 baseline.
Our commitment to circularity involves reducing, 
reusing, and recycling materials in both production 
and consumption. We integrate circularity into our 
product development and collaborate with 
customers and partners to promote product 
recycling. By the end of 2024, 94% of our products 
were technically recyclable.
Our biodiversity initiatives aim for a net positive 
impact, with action programmes in place until 
2030 to enhance biodiversity at the species, 
habitat, and landscape levels. Additionally, the 
share of forest certification coverage of the land 
we own or manage remained high at 99%.
Stora Enso’s annual climate impact¹
1 Negative value indicates a net removal from atmosphere.
2 A modelled 100-year average with IPCC tool. Calculated by the Swedish 
University of Agricultural Sciences (SLU) based on Stora Enso’s forest and 
production figures: Climate effects of a forestry company – including biogenic 
carbon fluxes and substitution effects.
3 Substitution effect describes the amount of greenhouse gas emissions avoided 
from using our products and biomass energy compared to more carbon-
intensive fossil products and fuels. Calculated based on Stora Enso’s product 
portfolio. 
4 Stora Enso’s CO2e emissions in 2024 including direct emissions from our 
operations, emissions from purchased energy, and emissions from other 
sources along our value chain (Scope 1, 2, and 3). Calculated based on the 
Greenhouse Gas Protocol guidance.
5 Annual CO2 sequestration in Stora Enso’s owned or leased productive forest 
lands, three-year annual average. For further details, see Sustainability 
Statement, ESRS E1.
Strategic progress
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  20
Our products substitute 
fossil-based alternatives
Net impact
-13.5
million tonnes of CO2³ Our products store carbon²
Net impact
-2.5
million tonnes of CO2²
Our forests 
sequester carbon
5
Net impact 
-4.3 
million tonnes of CO2
Our value 
chain emissions
4
Net impact
5.8 
million tonnes of CO2

===== SIDA 21 =====

Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  21
Our people
People and culture 22
Diversity, equity, and inclusion 23
Community engagement 24

===== SIDA 22 =====

People and culture
To lead in a changing world, Stora Enso developed a People Promise 
and Expectations framework in 2024, closely aligned with its strategy.
Employee engagement
Stora Enso strives to understand employee 
perspectives and measure progress on our People 
Promise. We continuously adjust and refine our 
approach to support teams growth and improve 
through the all-employee survey, Engage. In year 2024 
we ran a global survey as well as several divisional 
surveys to support the development of our 
decentralised operating model. The global survey 
conducted in 2024, had a response rate of 79%. 
The engagement score was 7.8, slightly above the 
industry benchmark.
Ways of working in a decentralised model
In 2024, Stora Enso made further progress in identifying 
optimal practices within its decentralised operating 
model. This approach aims to empower our divisions, 
create leaner Group functions, and increase 
customer-centricity. These efforts have involved  
organisational changed management across the 
company. Throughout this process, we have carefully 
adhered to national, union, and Works Council 
guidance, while providing managers and employees 
with continuous support and communication 
through various channels
Our positive performance culture
To foster a positive performance culture, we 
introduced the concept of 4As at the end of 2023. 
Ambition, Agility, Analytical Approach and 
Accountability guide us in developing high-
performing teams and building a strong, transparent 
company culture. We are raising the bar by 
challenging ourselves and creating an active 
feedback culture. Our focus is on enhancing efficiency 
by raising a high clock speed. We utilise new forums to 
facilitate quicker problem-solving and connecting 
performance management processes across the 
organisation. Additionally, we are committed to 
embedding a culture of continuous improvement as 
our standard way of working, to encourage ongoing 
development and progress.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  22
Cornerstones of our People Promise
Provide a safe, diverse, 
and inclusive environment
We value diversity and inclusion as they 
boost competitiveness, improve decision-
making, and encourage job satisfaction, 
innovation, and agility. More information on 
our diversity, equity, and inclusion initiatives 
can be found on the next page.
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
Stora Enso prioritises customer value to 
guide its direction and actions, promoting 
high performance and innovation across 
the organisation, supported by diversity 
and collaboration. We enhance managers’ 
skills, agility, capabilities, and build expert 
partnerships through various training 
programmes, workshops, webinars, and 
conferences. Our Sales Academy is 
designed to drive value and performance 
in the marketplace for sales teams and 
other functions.
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. Our 
strategic workforce planning ensures the 
organisation has the necessary capabilities 
to meet market demands. We focus on 
recruitment and talent initiatives to 
address workforce gaps and support 
employee development.

===== SIDA 23 =====

Stora Enso ranked 
top leader 
in the Financial Times 
Diversity Leaders index
Share of women 
24% 
among all managers
Employees representing 
80 
different citizenships
Diversity, equity, and inclusion
Stora Enso is committed to offering an inclusive and equitable workplace where we respect 
and value individual differences. To meet market demands and effectively respond to our 
customers' needs, we recognise the importance of having employees from diverse 
backgrounds who bring a variety of perspectives.
Stora Enso is committed to diversity, equity, and 
inclusion (DE&I) in the workplace. We respect and 
value individual differences, striving to create an 
inclusive and equitable environment for all 
employees.
Reflecting the diverse societies in which we operate 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. We have a zero-tolerance policy for 
discrimination, harassment, or bullying.
While we have set key performance indicators (KPIs) 
related to gender balance, we acknowledge that 
diversity includes more than just gender. It also 
includes age, ethnicity, national origin, and other 
aspects of identity. Our commitment to a safe, 
diverse, and inclusive working environment is outlined 
in our People Promise and Expectations. 
Stora Enso is actively working towards greater 
inclusion through various initiatives. We regularly 
monitor employee feedback and perspectives on our 
diversity and inclusion efforts through engagement 
surveys. In 2024, we introduced a new Inclusion Index 
in our global employee engagement survey, which 
scored 8.4, placing Stora Enso in the average rank 
among the manufacturing sector.
Employee resource groups (ERGs) foster awareness 
and a sense of belonging. For example, the Rainbow 
Alliance ERG supports LGBTQI+ employees and allies. 
We also run communication campaigns to increase 
awareness on DE&I, coinciding with events such as 
International Women’s Day, Pride Month, and Mental 
Health Day.
Each division has its own diversity focus areas and 
actions to enhance a sense of belonging. For 
instance, the Packaging Materials division promotes 
psychological safety through workshops, the 
Packaging Solutions division emphasises gender 
diversity in recruitment. One of the recruitment 
initiatives is the “Female Leader Engineer Talent 
Programme Cooperation”, which also includes active 
collaboration of other divisions such as Biomaterials 
and Packaging Solutions.
The Wood Products division incorporates diversity 
metrics into its Purpose report, with development 
initiatives at both divisional and unit levels. As part of 
the Gender Balance Project in Austria, the division 
established a hybrid “Female Power Talks” programme, 
which included four events in 2024 aimed at 
empowering women and fostering support networks.
In addition to other aspects of diversity, the Forest 
division focuses on age diversity, with programmes 
such as the Young Advisory Board which serves as 
a development platform for junior and early-career 
talents in Sweden. The “Experienced and Still Sparkling” 
programme launched in 2024, aims to recognise and 
value more experienced employees.
Overall, Stora Enso is committed to continuously 
improving DE&I, creating an environment where every 
employee feels valued, respected, and that 
they belong.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  23

===== SIDA 24 =====

Community engagement
With its strong global presence, Stora Enso depends on thriving and resilient 
communities. Our Purpose “Do Good for the People and the Planet” and our Values 
“Lead” and “Do What’s Right” underline our commitment to conducting business 
responsibly in the communities in where we operate.
Our operations depend on local communities for 
a skilled workforce and the supply of our primary raw 
material, wood. In turn, we contribute to local 
employment, income generation, and infrastructure 
development. Additionally, our community 
development programmes and employee 
volunteering initiatives are designed to further 
enhance the livelihoods of these communities.
We prioritise open and transparent relationships with 
stakeholders to discuss the impact of our operations, 
build trust, and address concerns. We have a long 
history of engaging with local communities in diverse 
settings and cultures. The form and frequency of our 
engagement vary based on the local context. This 
may involve interaction through community 
representatives or direct and inclusive contact. Active 
cooperation with forest owners and stakeholders near 
our harvesting sites helps to promote sustainable 
sourcing, share knowledge, and gain social 
acceptance.
Two examples of how we work 
with indigenous people
We are a significant private forest owner in Sweden 
and a key forestry operator in Finland. We 
acknowledge our responsibilities to the indigenous 
Sámi people who reside near the lands where we 
operate or source our wood. Our forestry planning 
team engages in ongoing dialogue with the local Sámi 
communities in Sweden, including discussions about 
forestry and reindeer herding, and identifying 
opportunities and challenges together. Before 
commencing any forestry operations, we consult with 
the Sámi communities. Annual evaluation meetings 
assess the year’s activities and consultations, ensuring 
continuous communication and collaboration. This 
partnership has resulted in solutions such as 
minimising damage to lichen during soil preparation 
for replanting, which is essential for feeding reindeer 
during winter.
Our approach to engaging with 
local communities and indigenous 
peoples, as well as managing our 
impact, is further described in 
the Sustainability Statement.
The Pataxó and Tupinambá communities, comprising 
nearly 25,000 indigenous people, live near Veracel, our 
joint venture in Brazil. In cooperation with indigenous 
communities, Veracel’s community liaison team plans 
activities to foster dialogue and preserve traditional 
culture. Community consultations are held before 
logging operations begin and after activities near 
harvesting sites are completed to avoid or mitigate 
any potential impact. We are committed to managing 
our actions responsibly, minimising adverse impacts 
on the environment and people while maximising 
positive outcomes.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  24

===== SIDA 25 =====

Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  25
Governance
Corporate Governance Stora Enso in 2024 26
Shareholders’ Meeting 26
Board of Directors 27
Board Committees 31
Management of the Company 32
Internal control and risk management related to financial reporting 35
Members of the Board of Directors 36
Members of the Group Leadership Team 38
Appendix 1 40

===== SIDA 26 =====

Corporate Governance 
Stora Enso in 2024
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 divisional and function teams.
Governance bodies
Shareholders’ meeting
Shareholders’ Nomination Board
External Audit
Board of Directors
Financial and Audit Committee
People and Culture Committee
Sustainability and Ethics Committee
Internal Audit
Risk management
Internal control
Ethics and 
Compliance
President and CEO
Group Leadership Team (GLT)
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 decision-
making 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
• presentation of the remuneration policy and/or report
• decision on the number and the remuneration of the members of the 
Board and the Auditor
• election of the Chair, Vice Chair, and other members of the Board and 
the Auditor
• 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.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  26

===== SIDA 27 =====

In 2024 
Stora Enso’s AGM was held on 20 March 2024 in Helsinki, Finland. Of all issued 
and outstanding shares in the Company, a total of 66.7% of all shares (69.3% in 
2023) and a total of 83.2% of all votes (85.9%) were represented at the meeting, 
with 91.4% of all A shares (94.2%) and 59.6% of all R shares (62.2%) 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 2024. 
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 2024
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 Jouko Karvinen 
(Solidium Oy) and Marcus Wallenberg (FAM AB). 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 2025 concerning Board members and their 
remuneration. During its working period 2024–2025, the Shareholders’ 
Nomination Board convened four (4) times. All members were male. Each 
member of the Shareholders’ Nomination Board attended all the meetings. 
Kari Jordan and Håkan Buskhe did not participate in the preparations or the 
decision-making regarding Board remuneration.
In its proposal for the AGM 2025, the Shareholders’ Nomination Board proposes 
that of the current members of the Board of Directors Håkan Buskhe, Helena 
Hedblom, Astrid Hermann, Kari Jordan, Christiane Kuehne, Richard Nilsson and 
Reima Rytsölä be re-elected members of the Board of Directors until the end of 
the following AGM and that Elena Scaltritti and Antti Vasara be elected new 
members of the Board of Directors for the same term of office. It is proposed 
that Kari Jordan be elected Chair of the Board and Håkan Buskhe Vice Chair of 
the Board. Elisabeth Fleuriot has informed the Shareholders’ Nomination Board 
that she is 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 increased by 3 percent.
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.
Composition of the Shareholders’ Nomination Board in 2024
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 Jouko Karvinen, 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 1957. M.Sc. 
(Tech.). Chair of the Board of Directors 
of Solidium Oy.
1 Curriculum vitae of Kari Jordan and Håkan Buskhe, see chapter Members of the Board of Directors. 
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.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  27

===== SIDA 28 =====

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. Both genders shall 
be represented on the Board and the aim of the Company shall be to 
strive towards a good and balanced gender distribution.
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 
2025 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 2024
The Board had eight members at the end of 2024, 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), Richard Nilsson (Investment Director at FAM AB) and Reima Rytsölä (CEO of 
Solidium Oy).
The Board members nominated at the AGM in 2024 were Kari Jordan (Chair), 
Håkan Buskhe (Vice Chair), Elisabeth Fleuriot, Helena Hedblom, Astrid Hermann, 
Christiane Kuehne, Richard Nilsson and Reima Rytsölä. The Board convened  
ten times during the year. The members’ participation rate in meetings 
amounted to 100%.
An external evaluation relating to the Board’s work has been conducted during 
2024, 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 2024 decided 
on an annual remuneration of EUR 215,270 for the Board Chair, EUR 121,540 for the 
Vice Chair and EUR 83,430 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 2024
During 2024, the Board has been composed of eight 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 2024 the age of the 
Board members varied from 51 years to 69 years and the Board was 
composed of four women and four men.
In 2024, the Shareholders’ Nomination Board has considered its previous 
evaluation of competencies that may be further strengthened in the long-
term Board succession planning. In its proposal for the AGM 2025, the 
Shareholders’ Nomination Board has proposed a Board composition that 
includes four women and five men in the age range of 51 years to 69 years and 
representing a total of five different nationalities. With the proposed Board 
composition, the gender balance of the Board of Directors will comprise 44.4% 
female and 55.6% male. The proposed new Board members Elena Scaltritti and 
Antti Vasara would bring strong science and technology 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 aim of the Shareholders’ Nomination Board going forward is to maintain 
a good and balanced gender distribution.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  28

===== SIDA 29 =====

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 strategy;
• organisational and personnel matters:
– decisions concerning the basic top management organisation;
– decisions concerning the composition of the GLT; 
– remuneration of the CEO;
– appointment and dismissal of the CEO and approval of heads of 
divisions and other members of the GLT, based on the CEO’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 
guarantees;
– 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;
– receive 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
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  29
Board meeting / SECo, FAC, PCC
Inside Committee meeting
Ethics and Compliance Management Committee meeting
Board meeting (Q3) / FAC, PCC
Inside Committee meeting
Board meeting (strategy) / SECo, FAC
Inside Committee meeting
Ethics and Compliance Management Committee meeting
Board meeting (Q2) / FAC
Inside Committee meeting
Ethics and Compliance Management Committee meeting
Inside Committee meeting
Board meeting (Full year and Q4 + annual governance update) / SECo, FAC, PCC
Inside Committee meeting
Annual General Meeting / Board meeting / SECo
Ethics and Compliance Management Committee meeting 
Inside Committee meeting
Board meeting (Q1) / FAC, PCC
Board meeting
SECo = Sustainability and Ethics Committee
FAC = Financial and Audit Committee
PCC = People and Culture Committee
Monthly
GLT meetings
Investment Working Group meetings
Divisional performance meetings
Quarterly
Meetings with auditors

===== SIDA 30 =====

Board skills matrix Board diversity in figures
Tenure
Number of persons
2
3
1
2 1–2 years
3–5 years
6–9 years
≥10 years
Gender
Number of persons
44 Male
Female
The Board of Directors features equal representation of both 
genders, with a composition of 50% female and 50% male.
Age*
Number of persons
0
4
1
3 18–50
51–60
61–65
>65
Occupation*
Number of persons
3
5
Non-Executive Director
Non-Executive Director
operating as a CEO, CFO,
or in another active
operational role in
another company
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  30
Kari Jordan Håkan Buskhe Elisabeth Fleuriot Helena Hedblom Astrid Hermann Christiane Kuehne Richard Nilsson Reima Rytsölä
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 2013 2021 2023 2017 2014 2024
Independent of Company ● ● ● ● ● ● ● ●
Independent of Owners ● ● ● ● ● ● ● ●
FAC membership 2024 Member Member Chair
SECo membership 2024 Member Chair Member
PCC membership 2024 Chair Member Member
Other current listed Boards* 1 1 0 0 0 0 1 2
Gender Male Male Female Female Female Female Male Male
Principal Skills (out of 8 Directors)
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
●  y e s    ● n o   * a t  3 1  D e c e m b e r  2 0 2 4
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.
2
5
8
6 6 7
2
8
2 2 3

===== SIDA 31 =====

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 2024
The Financial and Audit Committee comprised three members: Richard Nilsson 
(Chair), Elisabeth Fleuriot and Astrid Hermann. The Committee convened seven 
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. During the year the Committee continued to follow-
up on the forest land and Finnish power asset valuations. In respect of the EU 
Corporate Sustainability Reporting Directive (CSRD), the Committee monitored 
compliance with the legal and regulatory requirements, and the quality and 
controls of the reporting processes.  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 23,278 per annum and member EUR 16,377 per annum as decided by 
the AGM.
The Financial and Audit Committee Charter is presented at storaenso.com/
investors/governance.
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 2024
The People and Culture Committee comprised three members: Kari Jordan 
(Chair), Håkan Buskhe and Reima Rytsölä.¹ The Committee convened 
four times. The members’ participation rate in meetings amounted to 92%.
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 2024, the Committee has focused on remuneration and developing the 
talent pipeline for GLT positions. Subsequently three GLT nominations have 
been made; EVP Forest Division, EVP Packaging Solutions Division and CFO.
Remuneration
Chair EUR 11,639 and member EUR 7,004 per annum as decided by the AGM. 
The People and Culture Committee Charter is presented at storaenso.com/
investors/governance.
1 The Committee prior to the AGM on 20 March 2024 comprised the following three members: Kari Jordan 
(Chair), Håkan Buskhe and Antti Mäkinen.
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 Strategy and Ethics and Compliance Strategy and, in 
accordance with Stora Enso’s corporate governance structure, oversees 
their effective implementation as well as reviews 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, sustainability (in particular, climate change, circularity and 
biodiversity) and ethics.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  31

===== SIDA 32 =====

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 2024
The Sustainability and Ethics Committee comprised three members: Christiane 
Kuehne (Chair), Helena Hedblom and Richard Nilsson.¹ The Committee 
convened six times. The members’ participation rate in meetings amounted 
to 100%.
The Committee in each of its meetings reviews the areas relevant for the 
Committee’s work, including safety and sustainability matters, as well as ethics 
and compliance matters. The Committee further reviews safety status and 
sustainability and ethics and compliance KPI’s, sustainability reporting, as well 
as relevant sustainability and safety initiatives and processes carried out 
during the year. In 2024 the main topics were divisional deep-dives in the area 
of safety and sustainability, and the implementation of the new Corporate 
Sustainability Reporting Directive (CSRD). During the year, the committee had 
two extra meetings focusing on the double materiality assessment process 
and results. In addition, an important part of the Committee’s work consisted of 
overseeing reported compliance cases and environmental incident reports.
Remuneration
Chair EUR 11,639 and member EUR 7,004 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 2024 comprised the following two members: Christiane 
Kuehne (Chair) and Helena Hedblom.
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 2024 the CEO was directly in charge of 
the following functions, which also reported to him:
• Divisions (Packaging Materials, Packaging Solutions, Biomaterials, Wood 
Products and Forest)
• CFO Office (responsible for Accounting, Controlling, Internal Audit, 
Investor Relations, Information and Cyber Security, Global Business 
Services, Tax, Transformation and Treasury)
• 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 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. As of 1 November 2024, the 
Company no longer has a deputy to the CEO.
Group Leadership Team as at 31 December 2024
President and CEO
Hans Sohlström
CFO¹
Packaging Materials
Hannu Kasurinen
Packaging Solutions²
Carolyn Wagner
Biomaterials
Johanna Hagelberg
Wood Products
Lars Völkel
Forest, Country Manager Finland
3
Tuomas Hallenberg
People and Communication
Katariina Kravi
Legal
Micaela Thorström
Strategy and Sustainability
Tobias Bäärnman
C o u n t r y  M a n a g e r  S w e d e n ⁴  
Per Lyrvall
1 Seppo Parvi, CFO and Deputy CEO, Country Manager Finland was a member of GLT until 31 October 2024. Pasi Kyckling, Acting CFO 1 November 2024–12 January 2025 was not a member of GLT. Niclas Rosenlew started in his position as new CFO and GLT member on 13 January 2025.
2 Ad Smit, EVP Packaging Solutions was a member of GLT until 31 October 2024.
3 Per Lyrvall, EVP Forest until 14 October 2024.
4 Per Lyrvall remains as a Country Manager Sweden and GLT member until his retirement 1 April 2025. The role of Country Manager Sweden will be assumed by Tobias Bäärnman, EVP Strategy and Sustainability as of 1 April 2025.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  32

===== SIDA 33 =====

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 2024 year end, the ten GLT members 
were the CEO, the heads of the divisions, People and Communication, Legal 
(who is also General Counsel), Strategy and Sustainability, as well as 
Country Manager Sweden. New CFO started in his position 13 January 2025.
The GLT assists the CEO in supervising the Group and divisional 
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 2024
The GLT had ten members at the end of 2024. The GLT convened 19 times during 
the year. Important items on the agenda in 2024 were financial performance, 
safety, strategy and transformation, sustainability, digitalisation, performance 
culture, and preparatory work for Board meetings.
Divisions and other functions
The divisions are responsible for their respective line of business and are 
organised and resourced to deal with all business issues. The CEO steers 
the divisions through 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 Investment Working Group (IWG) comprising group and 
division representatives and chaired by the Executive Vice President (EVP), 
Strategy and Sustainability (in addition, the allocation proposals are made 
by IWG).
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 divisions to drive market and customer focus.
Transformation work has been organized both at Group level and in each 
business division. The objective of the Transformation is to both improve 
financial performance of the Group and develop ways of working and 
culture. Each division 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 divisions and line management supported by 
functional experts at all levels. Sustainability reporting is conducted 
through collaboration between Group Sustainability and the CFO Office. 
Stora Enso’s sustainability work during 2024 was steered by 
the Sustainability Council, which included Heads of Sustainability from 
the divisions. Chaired by the Chief Sustainability Officer, its work involves 
identifying longer-term opportunities and challenges that may require 
a Group-wide response as well as sharing of good practices. The 
Sustainability Council met ten times during 2024. Both the GLT and the 
Board of Directors are regularly informed about sustainability progress 
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
Year Ended 31 December
EUR million 2024 2023
Audit fees  4  4 
Audit-related  0  0 
Tax fees  0  0 
Other fees  0  0 
Total  5  5 
In 2024
On the recommendation of the Financial and Audit Committee, the Board 
proposed that PricewaterhouseCoopers Oy be re-elected auditor by the AGM 
2024 for the seventh year as the Company’s auditors. The AGM 2024 elected 
PricewaterhouseCoopers Oy as auditor for a term of office expiring at the end 
of the AGM 2025.
Internal Audit
Group Internal Audit 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 Stora Enso Sustainability and 
Ethics Committee related to sustainability findings.
Administratively, the Head of Internal Audit 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 Internal Audit 
Charter.
Ethics and Compliance Management Committee
Stora Enso’s Ethics and Compliance Management Committee supervises 
and monitors legal and regulatory ethics and compliance related policies, 
the implementation and maintenance of processes and tools regarding 
the same, and concrete compliance cases of principle interest. The Ethics 
and Compliance Management Committee consists of the General 
Counsel (Chair), CEO, CFO, Head of People and Communication, Head of 
Strategy and Sustainability and the Head of Internal Audit, with the SVP, 
Ethics and Compliance being the secretary. The Ethics and Compliance 
Management Committee shall convene at least four times every year.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  33

===== SIDA 34 =====

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 e-
learning, communication, face-to-face training, and sign-off are 
organised in order to ensure that these are part of the everyday decision-
making and activities at Stora Enso.
The Company has established divisional compliance forums to assess the 
risk and monitor compliance in all operational activities. The divisions use a 
tool called the Ethics and Compliance Self-Assessment Tool (T.E.S.T.) to give 
them 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 T.E.S.T. are covered in the divisional 
compliance forums and in the development of appropriate action plans 
and follow-up.
Stora Enso’s employees are encouraged to report any suspected cases of 
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 non-
compliance cases by phone, mail, or online. This service, which covers all of 
Stora Enso’s units, is available 24/7. All cases 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, 
the SVP, Ethics and Compliance and the Investigation Manager being the 
secretary. All cases are also reported to the Board of Directors’ 
Sustainability and Ethics Committee and in cases 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 regulation as well 
as the guidelines of Nasdaq Helsinki Oy. The Company’s internal insider 
guidelines are published and distributed throughout the group. Stora 
Enso’s legal function and the General Counsel 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 an Inside Committee 
composed of the CEO, CFO as well as representatives of Strategy and 
Sustainability, IR and Legal 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 Division management teams, key business leaders in 
the Divisions, 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.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  34

===== SIDA 35 =====

Internal control and 
risk management related 
to financial reporting
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. In 
2024, Stora Enso created a new framework for sustainability reporting, 
which 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 division functions. Group 
Internal Control, under the supervision of CFO and Group Controller, is 
responsible for internal control governance, processes, tools and internal 
control reporting, whereas division internal control functions are 
responsible for executing the internal control processes in divisions. 
Divisions, various support and service functions are accountable for 
operating effective internal controls.
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 
The Company’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
The Company’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.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  35

===== SIDA 36 =====

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 2024, EUR¹ 226,909
Meeting attendance 10/10
FAC attendance
PCC attendance 4 / 4  ●
SECo attendance
Shareholding in Stora Enso² 15,818 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 Kopparfors 
Skogar AB, The Grand Group, Navigare Ventures AB, 
Qarlbo Energy AB, Swedish Defence University and 
Industrikraft i Sverige 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 2024, EUR¹ 128,544
Meeting attendance 10/10
FAC attendance
PCC attendance 4 / 4  ▲
SECo attendance
Shareholding in Stora Enso² 15,912 R shares
Independent member Yes/no³
Elisabeth Fleuriot
Born 1956. Female. M.Sc. (Econ.).
Position
Member of Stora Enso’s Board of Directors since April 
2013. Member of the Financial and Audit Committee 
since March 2019.
Board memberships
Chair of the Board of Foundation Caritas.
Principal work experience
and other information
Senior advisor at Astanor Venture Capital. President 
and CEO of Thai Union Europe Africa 2013–2017. Senior 
Vice President, Emerging Markets and Regional Vice 
President, France, Benelux, Russia and Turkey, in 
Kellogg Company 2001–2013. General Manager, 
Europe, in Yoplait, Sodiaal Group 1998–2001. Several 
management positions in Danone Group 1979–1997. 
Total remuneration 2024, EUR¹ 99,807
Meeting attendance 10/10
FAC attendance 7 / 7  ▲
PCC attendance
SECo attendance
Shareholding in Stora Enso² 35,506 R shares
Independent member Yes
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 2024, EUR¹ 90,434
Meeting attendance 10/10
FAC attendance
PCC attendance
SECo attendance 6 / 6  ▲
Shareholding in Stora Enso² 8,994 R shares
Independent member Yes
FAC Financial and Audit Committee
PCC People and Culture Committee
SECo Sustainability and Ethics Committee
●  C h a i r  ▲  M e m b e r
1 Detailed description of remuneration for Board and 
Committee memberships as decided by the AGM in 2024 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.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  36

===== SIDA 37 =====

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 2024, EUR¹ 99,807
Meeting attendance 10/10
FAC attendance 7 / 7  ▲
PCC attendance
SECo attendance
Shareholding in Stora Enso² 5,477 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 2024, EUR¹ 95,069
Meeting attendance 10/10
FAC attendance
PCC attendance
SECo attendance 6 / 6  ●  
Shareholding in Stora Enso² 20,067 R shares
Independent member Yes
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 2024, EUR¹ 113,712
Meeting attendance 10/10
FAC attendance 7 / 7  ●  
PCC attendance
SECo attendance 3 / 3 ³  ▲
Shareholding in Stora Enso² 32,609 R shares 
directly, 127 A 
shares and 236 R 
shares through 
related persons 
(spouse)
Independent member Y e s / n o ⁴
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 and Nokian 
Renkaat Oyj.
Principal work experience
and other information
CEO of Solidium Oy since 2022. 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 2024, EUR¹ 90,434
Meeting attendance 8 / 8 ⁵
FAC attendance
PCC attendance 2 / 3 ⁶  ▲
SECo attendance
Shareholding in Stora Enso² 2,638 R shares
Independent member Y e s / n o ⁷
FAC Financial and Audit Committee
PCC People and Culture Committee
SECo Sustainability and Ethics Committee
●  C h a i r  ▲  M e m b e r
1 Detailed description of remuneration for Board and 
Committee memberships as decided by the AGM in 2024 can 
be found  in the Remuneration Report.
2 Shares held by Board members and related parties.
3 Meetings attended out of the meetings held after election as 
SECO member.
4 Richard Nilsson is independent of the company but not of its 
significant shareholders due to his employment at FAM AB.
5 Meetings attended out of the meetings held after election as 
Board member.
6 Meetings attended out of the meetings held after election as 
PCC member.
7 Reima Rytsölä is independent of the company but not of its 
significant shareholders due to his position as the CEO of 
Solidium Oy.
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.
 
Antti Mäkinen was Member of Stora Enso’s Board of Directors 
since March 2018 until his resignation on 20 March 2024. Mäkinen 
has participated in all Board and relevant Committee meetings 
held during 2024 prior to his resignation. He was independent of 
the company and the significant shareholders.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  37

===== SIDA 38 =====

Members of the Group Leadership Team (31 December 2024)
Hans Sohlström
Born 1964. Male. M.Sc. (Tech.), M.Sc. (Econ.)
Position
President and Chief Executive Officer (CEO). 
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.
Shareholding in Stora Enso
100,620 R shares directly, 179 R shares 
through related persons (spouse)
Tobias Bäärnman
Born 1977. Male. M.Sc. (Econ.).
Position
Executive Vice President, Strategy and 
Sustainability. 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
8,449 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 
Division. 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
40,825 R shares
Tuomas Hallenberg
Born 1971. Male. M.Sc. (Forestry), MBA.
Position
Executive Vice President, Forest Division, 
Country Manager Finland. Member of the 
GLT since 15 October 2024. Joined the 
company 15 October 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. Member of the Board of Finnish 
Forest Industries Federation and member of 
the Business Council of International 
Chamber of Commerce Finland as of 1 
January 2025. 
Shareholding in Stora Enso
0
Hannu Kasurinen
Born 1963. Male.
Position
Executive Vice President, Packaging 
Materials Division. 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 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
62,415 R shares
Katariina Kravi
Born 1967. Female. LL.M., Trained on the Bench.
Position
Executive Vice President, People and 
Communication. Member of the GLT since 
2020. Joined 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
16,175 R shares
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  38

===== SIDA 39 =====

Per Lyrvall
Born 1959. Male. LL.M.
Position
Country Manager Sweden since 2013. 
Member of the GLT since 2012. Joined the 
company in 1994. 
Board memberships, principal work 
experience and other information
EVP, Forest Division 2022–14.10.2024. EVP, 
Legal, General Counsel 2008–2022. Legal 
Counsel 1994–2008. Prior to joining Stora 
Enso legal positions at Swedish courts, law 
firms and Assi Domän. Member of the Board 
of Antidoping Sverige AB and the Swedish 
Forest Industry Association 
(Skogsindustrierna).
Shareholding in Stora Enso
89,368 R shares directly, 1,257 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.
Shareholding in Stora Enso
813 R shares
Lars Völkel
Born 1975. Male. M.Sc. (BA).
Position
Executive Vice President, Wood Products 
Division. Member of the GLT since 2020. 
Joined 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
25,801 R shares
Carolyn Wagner
Born 1968. Female. Grad. Eng. (Packaging 
Technology)
Position
Executive Vice President, Packaging 
Solutions Division. Member of the GLT since 1 
November 2024. Joined the company 1 
November 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. 
Shareholding in Stora Enso
0
Seppo Parvi, CFO and Deputy CEO, Country 
Manager Finland was a member of GLT until 31 
October 2024. Pasi Kyckling, Acting CFO 1 November 
2024–12 January 2025 was not a member of GLT. 
Niclas Rosenlew started in his position as new CFO 
and GLT member on 13 January 2025.
Ad Smit, EVP Packaging Solutions was a member of 
GLT until 31 October 2024.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  39

===== SIDA 40 =====

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.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  40

===== SIDA 41 =====

Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  41
Shareholders
Stora Enso ensures that all material information that has an impact on 
Stora Enso’s share price is simultaneously available to the general public 
and financial community in order to ensure the right share price level in 
relation to the company’s history, assets and future prospects. In its 
engagement with the capital markets, Stora Enso supports the brand 
with accurate, consistent and credible financial information.
Information for shareholders 42
Stora Enso in the capital markets 43
Shares and shareholders 43
Debt investors 49
Stora Enso as a taxpayer 50

===== SIDA 42 =====

Information for shareholders
Annual General Meeting (AGM)
Stora Enso Oyj’s Annual General Meeting (AGM) will be held on Thursday 20 
March 2025 at 16:00 EET at Marina Congress Center in Helsinki.
Shareholders are invited to a Q&A session with Stora Enso’s President and 
CEO Hans Sohlström and CFO Niclas Rosenlew at Marina Congress Center, 
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, 
with simultaneous interpretation into English.
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 2025
10 March  Record date for AGM
20 March Annual General Meeting (AGM)
24 March Record date for dividend (first instalment)
2 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 2024. The Board of Directors proposes that the 
dividend be paid in two instalments. The dividend payable on shares 
registered with Euroclear Sweden will be forwarded by Euroclear Sweden 
AB and paid in Swedish crowns. The dividend payable to ADR holders will 
be forwarded by Citibank N.A. (Citi) and paid in US dollars.
Publications dates for 2025
11 February  Interim report for October-December and full-year 
  report for 2024
13 February Annual Report 2024
25 April   Interim report for January-March 2025
23 July   Half-year report for January–June 2025
23 October  Interim report for January–September 2025
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
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  42

===== SIDA 43 =====

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 2024, Stora 
Enso had 175,664,079 A shares and 612,955,908 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 
236,959,669.
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 2024, 788,619,987 of the 
Company’s shares including both A and R shares were registered in 
Euroclear Finland, 63,697,486 A and R shares in Euroclear Sweden AB and 
12,704,576 shares in ADR form at Citibank, N.A.
Distribution by book-entry system, 31 December 2024
Number of shares Total A shares R shares
Euroclear Finland Oy 788,619,987 175,664,079 612,955,908
Euroclear Sweden AB
1
63,697,486 4,095,266 59,602,220
Citi administered ADRs
1
12,704,576 - 12,704,576
Total 788,619,987 175,664,079 612,955,908
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 2024
Stora Enso’s Investor Relations activities in 2024 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 Sweden, and Finland. 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.
Overall, Stora Enso’s Investor Relations activities in 2024 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.
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 Task-force on Nature-related Financial Disclosures (TNFD) provides a 
framework for risk management and disclosure to identify, assess, 
respond to, and disclose nature-related issues. In 2024, Stora Enso became 
a TNFD Early Adopter and has published its first TNFD-aligned report for 
the financial year 2024. For further details, see TNFD.
Guidance policy
NB: As a change to prior practices, Stora Enso will continue to provide 
comments on its outlook but not a specific annual EBIT guidance. This 
aligns with international practices.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  43

===== SIDA 44 =====

Closed period
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 2024, the Company had approximately 108,290 registered 
shareholders, including about 51,361 Swedish and 56,020 Finnish 
shareholders and 909 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 79% 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 2024, 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 2024
% of shares % of votes % of shareholders
Solidium Oy
1
 10.7%  27.4%  0.0% 
FAM AB
2
 10.2%  27.4%  0.0% 
Social Insurance Institution 
of Finland (KELA)  3.0%  10.1%  0.0% 
Finnish institutions 
(excl. Solidium and KELA)  12.2%  8.6%  2.5% 
Swedish institutions (excl. FAM)  1.6%  1.0%  1.1% 
Finnish private shareholders  3.7%  2.3%  49.4% 
Swedish private shareholders  3.2%  2.1%  45.3% 
ADR holders  1.6%  0.5%  0.8% 
Under nominee names  53.7%  20.7%  1.0% 
1 Entirely owned by the Finnish State
2 As confirmed to Stora Enso
Ownership distribution, % of shares held
Solidium Oy¹, 10.7%
FAM AB², 10.2%
Social Insurance Institution of Finland (KELA), 3.0%
Finnish institutions (excl. Solidium and KELA), 12.2%
Swedish institutions (excl. FAM), 1.6%
Finnish private shareholders, 3.7%
Swedish private shareholders, 3.2%
ADR holders, 1.6%
Under nominee names, 53.7%
1 Entirely owned by the Finnish State
2 As confirmed to Stora Enso
Major shareholders as at 31 December 2024
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 18,670,446  2.9%  2.5% 
5 Varma Mutual Pension 
Insurance Company
5,163,018 1,140,874  0.8%  2.2% 
6 MP-Bolagen i Vetlanda AB² 4,885,000 1,000,000  0.7%  2.1% 
7 Elo Mutual Pension Insurance 
Company 
2,010,000 10,087,000  1.5%  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 The State Pension Fund (Finland) - 5,600,000  0.7%  0.2% 
11 Lannebo fonder - 4,904,100  0.6%  0.2% 
12 Unionen (Swedish trade union) - 4,800,000  0.4%  0.2% 
13 OP Finland Fund - 3,041,759  0.4%  0.1% 
14 Nordea Finnish Stars Fund - 3,017,418  0.4%  0.1% 
15 The Society of Swedish 
Literature in Finland 
- 3,000,000  0.4%  0.1% 
Total 168,228,327 97,999,844  33.8%  75.1% 
Nominee-registered shares³ 75,519,278 478,429,538  70.3%  51.6% 
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.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  44

===== SIDA 45 =====

Share capital
On 31 December 2024, 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 566,837 A shares into R shares were 
recorded in the Finnish Trade Register during the year 2024.
Equity per share
EUR
2020 2021 2022 2023 2024
0
2
4
6
8
10
12
14
16
18
Dividend per share
EUR
2020 2021 2022 2023 2024¹
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
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 2025.
Changes in share capital 2015–2024
No. of A
shares
issued
No. of R
shares
issued
Total no.
of shares
Share
capital (EUR
million)
Stora Enso Oyj, 31 Dec 2015 176,532,090 612,087,897 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2015–Nov 2016 -25,000 25,000 - -
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
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 decreased by 24% during 2024 (5% 
decrease in 2023). Over the same period, the OMX Helsinki Index decreased 
by 7% (7% decrease in 2023) and the OMX Helsinki Basic Materials Index 
decreased by 22% (3% decrease in 2023).
Stockholm
The Stora Enso R (STE R) share price decreased by 21% during 2024 (5% 
decrease in 2023). Over the same period, the OMX Stockholm Index 
increased by 6% (15% increase in 2023) and the OMX Stockholm Basic 
Materials Index decreased by 10% (10% increase in 2023).
OTC
Stora Enso ADR (SEOAY) share price decreased by 27% during 2024 (1% 
decrease in 2023). Over the same period, the Standard & Poor’s Global 
Timber and Forestry Index decreased by 6% (11% increase in 2023).
The volume-weighted average price of R shares over the year was EUR 11.53 
in Helsinki (EUR 11.93 in 2023), SEK 130.79 in Stockholm (SEK 136.88 in 2023) and 
USD 12.58 on the OTC in the USA (USD 13.00 in 2023). Total market 
capitalisation of the Company was EUR 8.3 billion (EUR 10.5 billion) at 
the end of 2024.
Share prices and volumes in 2024
Helsinki, EUR Stockholm, SEK OTC, USD
A share 14.00 160.50
High R share 13.84 160.90 15.04
A share 9.10 102.00
Low R share 9.12 104.10 9.47
A share 9.68 110.00
Closing, 31 Dec 2023 R share 9.72 111.50 10.12
A share  -23.8%  -21.8% 
Change from previous year R share  -23.5%  -21.3%  -26.8% 
A share 1,192,396 697,516
Cumulative trading 
volume, no. of shares R share 423,418,972 66,870,949 14,515,641
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  45

===== SIDA 46 =====

Helsinki, Stora Enso A
Number of shares,  Share price
thousand (EUR)
Volume Monthly average share price
2020 2021 2022 2023 2024
0
500
1,000
1,500
2,000
2,500
0
5
10
15
20
25
Helsinki, Stora Enso R
Number of shares,  Share price
million (EUR)
Volume Monthly average share price
2020 2021 2022 2023 2024
0
20
40
60
80
100
0
4
8
12
16
20
Stockholm, Stora Enso R
Number of shares,  Share price
million (SEK)
Volume Monthly average share price
2020 2021 2022 2023 2024
0
10
20
30
40
0
50
100
150
200
New York, Stora Enso ADR
Number of shares,  Share price
million (USD)
Volume Monthly average share price
2020 2021 2022 2023 2024
0
1
2
3
4
0
6
12
18
24
Stora Enso R share vs Nasdaq Helsinki indices
1.1.2020 = 100
Stora Enso (EUR)
OMX Helsinki Basic Materials (EUR)
OMX Helsinki (EUR)
2020 2021 2022 2023 2024
50
75
100
125
150
Market capitalisation on Nasdaq Helsinki
EUR million
2020 2021 2022 2023 2024
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  46

===== SIDA 47 =====

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 A-/A
Among the highest ranked in 
the industry
FTSE Russell 4.4/5 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 15.6/0** Among the highest ranked in 
the industry
VigeoEiris 71/100 Among the highest ranked in 
the industry
*1 to 10 (1 indicating the lowest risk)
**0 to 100 (0 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 EURO STOXX Climate Transition 
Benchmark
OMX Helsinki 25 EURO STOXX Mid FTSE Developed Europe All Cap MSCI Europe Euronext World EURO STOXX Paris-Aligned 
Benchmark
OMX Helsinki Large Cap STOXX Developed World FTSE Finland 25 Index MSCI World Euronext Developed Market Euronext Climate Europe
OMX Helsinki Basic Materials STOXX Developed Europe MSCI World IMI Euronext Low Carbon 300 
World PAB
OMX Stockholm STOXX Developed Nordic MSCI ACWI FTSE4Good Index
OMX Stockholm Large Cap STOXX Global 3000 MSCI ACWI IMI MSCI Acwi ESG Leaders
OMX Stockholm Basic 
Materials
STOXX Nordic MSCI Europe ESG Leaders
Nasdaq OMX Nordic 120 MSCI World Climate Change
MSCI World ESG Leaders
MSCI World SRI
OMX Sustainability Finland
STOXX Europe Sustainability
STOXX Global ESG Leaders
ISS STOXX World AC 
Biodiversity
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  47

===== SIDA 48 =====

Key share data 2015–2024, total operations (for calculations see Alternative performance measures)
According to Nasdaq Helsinki 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Earnings per share, EUR -0.17 -0.45 1.97 1.61 0.79 1.12 1.28 0.79 0.59 1.02
– diluted, EUR -0.17 -0.45 1.97 1.61 0.79 1.12 1.28 0.79 0.59 1.02
– excl. FV, EUR
 1
-0.56 -0.73 1.55 1.19 0.45 0.61 1.26 0.89 0.65 1.24
Equity/share, EUR 12.86 13.93 15.89 13.55 11.17 9.42 8.51 7.62 7.36 6.83
Dividend/share, EUR
2
0.25 0.20 0.60 0.55 0.30 0.30 0.50 0.41 0.37 0.33
Payout ratio excluding FV % 
3 
 -44.6 %  -27.4 % 38.6 46.3 66.7 49.2 39.7 46.1 56.9 26.6
Dividend yield, %
A share 2.6 1.6 4.3 3.3 1.9 2.2 4.5 3.1 3.6 3.9
R share 2.6 1.6 4.6 3.4 1.9 2.3 5.0 3.1 3.6 3.9
Price/earnings ratio (P/E), excl. FV
A share -17.3 -17.1 9.0 14.0 35.3 22.2 8.8 14.8 16.0 6.8
R share -17.3 -17.2 8.5 13.6 34.8 21.2 8.0 14.9 15.7 6.8
Share prices for the period, EUR
A share
– closing price 9.68 12.45 13.90 16.60 15.90 13.55 11.05 13.20 10.40 8.40
– average price 11.54 12.82 16.61 16.68 12.06 12.88 16.36 11.93 8.50 8.87
– high 14.00 15.55 20.60 18.70 16.20 14.45 18.45 13.79 10.45 11.01
– low 9.10 11.00 13.40 14.45 9.26 10.85 10.75 10.26 6.56 6.70
R share
– closing price 9.72 12.53 13.15 16.14 15.65 12.97 10.09 13.22 10.21 8.39
– average price 11.53 11.93 16.12 15.70 11.52 11.05 14.61 11.54 7.88 8.70
– high 13.84 14.25 20.01 17.67 15.85 13.05 18.29 13.75 10.28 10.95
– low 9.12 10.11 12.66 13.67 7.25 9.10 9.92 9.70 6.50 6.58
Market capitalisation at year-end, EUR million
A share 1,700 2,194 2,450 2,926 2,802 2,388 1,948 2,328 1,836 1,483
R share 5,957 7,670 8,053 9,884 9,580 7,939 6,175 8,094 6,250 5,135
Total 7,657 9,864 10,503 12,809 12,383 10,328 8,123 10,422 8,085 6,618
Number of shares at the end of period, (thousands)
A share 175,664 176,231 176,238 176,244 176,254 176,257 176,313 176,392 176,507 176,532
R share 612,957 612,389 612,382 612,376 612,366 612,363 612,307 612,228 612,113 612,088
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 1,199 968 1,174 1,750 4,662 1,299 3,068 6,768 1,254 1,641
% of total number of A shares 0.7 0.5 0.7 1.0 2.6 0.7 1.7 3.8 0.7 0.9
R share 425,082 476,654 455,952 422,493 605,233 679,475 610,300 571,717 765,122 798,507
% of total number of R shares 69.3 77.8 74.5 69.0 98.8 111.0 99.7 93.4 125.0 130.5
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 789,772 789,714 789,391 789,126 789,182 789,533 789,883 790,024 789,888 789,809
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 2024.         3 Excluding IAC in 2011–2017                IAC = Items affecting comparability
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  48

===== SIDA 49 =====

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 fixed-
income 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 2024, the liquidity and funding position continued to be strong. Stora 
Enso had approximately EUR 2.0 billion cash and cash equivalents at 31 
December 2024. The Company also had in total EUR 800 million committed 
undrawn credit facilities at year-end. Additionally, the Company has an 
undrawn EUR 435 million loan commitment from European Investment 
Bank and has access to EUR 830 million statutory pension premium loans 
in Finland. Stora Enso has a good access to various funding sources.
Public debt structure as at 31 December 2024
EUR USD SEK
Public issues EUR 500 million 2026 USD 300 million 2036 SEK 3500 million 2025
EUR 300 million 2027 SEK 2950 million 2027
EUR 300 million 2028 SEK 2750 million 2028
EUR 500 million 2029
EUR 500 million 2030
Private placements EUR 125 million 2025 SEK 1000 million 2026
EUR 25 million 2027 SEK 425 million 2033
Debt programmes and credit facilities as at 31 December 2024
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 
2028
1
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 2024, 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 sustainability-
linked 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 2024
Rating agency  Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 26 July 2024
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.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  49

===== SIDA 50 =====

Stora Enso as a taxpayer
Stora Enso aims to be transparent with respect to economic value 
generation. For this purpose, Stora Enso makes a voluntary commitment to 
provide information on the Group’s tax approach and details of the 
corporate income taxes paid by the Group. Stora Enso follows the GRI 207 
standard as a reference for its tax disclosure. This means that the Group 
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 the 
corporate income taxes paid and accrued, and other financial country-
by-country information.
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.
Stora Enso has operations in the following locations that offer favourable 
tax treatments:
• 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.
• Stora Enso’s two forestry companies in Guangxi, China are entitled to 
exemption from corporate income tax from forestry income and value 
added tax on their sales, and Stora Enso’s related industrial company is 
entitled to reduced corporate income tax rate until 2025.
• 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 in order 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 enterprise 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.
The Group’s tax disclosures are included in the assurance process of the 
Annual Report. This ‘Stora Enso as a taxpayer’ report is subject to limited 
assurance.
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 readily 
responds to investor enquiries, and constantly follows the development of 
tax sustainability and transparency expectations.
Country-by-country reporting of income 
taxes in 2024: How to read the report
The country-by country (CbC) data is reported along the line of the GRI 
207-4 standard. However, while the reporting required in GRI 207-4 is based 
on the data in Stora Enso’s consolidated Financial Statements, the 
reporting is unconsolidated and does not fully reconcile with the 
consolidated Financial Statements. The 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 is different than what is presented in the 
consolidated financial statements for 2024.
Our year 2024 This is Stora Enso Our strategy Our people Governance Shareholders Report of the Board of Directors Financial Statements Appendices
≡
U n a u d i t e d  50

===== SIDA 51 =====