Årsredovisning 2024

Financial income and expense
EUR million 2024 2023
Net financial expense in the income statement
Financial income  118  91 
Financial expense  -329  -264 
Total  -211  -173 
Represented by
Interest expense
Interest expense from borrowings measured at 
amortised cost  -218  -167 
Interest component of the effective hedges under 
cash flow hedge  11  9 
Interest expense on leases  -25  -23 
Interest capitalised  29  7 
Interest income on loans and receivables measured at 
amortised cost  75  61 
Net interest expense  -127  -113 
Foreign exchange gains and losses
Currency derivatives  2  -12 
Borrowings, cash equivalents, lease liabilities and 
other  -22  -10 
Net foreign exchange gains and losses  -20  -22 
Other financial income  1  6 
Other financial expense
Financial fees  -43  -28 
Fair valuation losses  0  0 
Impairments of interest-bearing assets  -15  -11 
Net interest on net defined benefit liabilities  -6  -5 
Net other financial expense  -64  -38 
Total  -211  -173 
Gains and losses on derivative financial instruments are shown in note 5.4 Derivatives.
In 2024, the net interest expense increased mainly as a result of higher 
interest rates on borrowings and higher amount of gross debt. The 
negative impact was partly offset by higher interest income on loans and 
receivables.
The amount of interest costs capitalised during the year amounted to EUR 
29 (EUR 7) million, and were mainly related to the Oulu site conversion 
project in Finland. The average interest rate used for capitalisation was 4.1% 
(3.6%). Costs on long-term debt issues capitalised as part of non-current 
debt amounted to EUR 6 (9) million in the statement of financial position. 
During the year, EUR 3 (2) million was amortised through interest expense 
by using the effective interest rate method.
Exchange gains and losses for currency derivatives mainly relate to non-
hedge accounted instruments fair valued in the income statement. In 
2024, the amount reported as other financial income mainly consists of 
fair valuation gains, while other financial expense in the table above 
relates to net financial fees for unused committed credit facilities, 
guarantees and factoring and supply chain financing programmes. 
Impairments of interest-bearing assets relate to receivables originating 
from the sale of the Russia operations in 2022. During 2024 the Group 
decided to write-off the remaining receivables of EUR 15 million, the write-
off is discussed in more detail in note 5.3 Interest-bearing assets and 
liabilities.
2.5 Income taxes 
 Accounting principles
The Group income tax expense/benefit includes taxes of Group companies based 
on taxable profit/loss for the period, together with tax adjustments for previous 
periods and the change in deferred taxes. Tax assets and liabilities reflect 
uncertainty related to income taxes, if any.
Deferred taxes are provided using the liability method, as measured with enacted, 
or substantially enacted, tax rates, to reflect the net tax effects of all temporary 
differences between the tax bases and the accounting bases of assets and 
liabilities. No deferred tax is recognised for the initial recognition of goodwill and the 
initial recognition of an asset or liability in a transaction which is not a business 
combination, and at the time of the transaction this affects neither accounting 
profit nor taxable profit. Deferred tax is recognised on transactions in which equal 
amounts of deductible and taxable temporary differences arise on initial 
recognition. Deferred tax assets reduce income taxes payable on taxable income in 
future years. The deferred tax assets, whether arising from temporary differences or 
from tax losses, are recognised only to the extent that it is probable that future 
taxable profits will be available against which the assets can be utilised.
 Critical accounting estimates and judgement
Tax assets and liabilities are reviewed on a regular basis and balances are adjusted 
appropriately. The deferred tax assets, whether arising from temporary differences 
or from tax losses, are recognised only to the extent that it is probable that future 
taxable profits will be available against which the assets can be utilised. 
Management considers that adequate provision has been made for future tax 
consequences based on the current facts, circumstances and tax laws. However, 
should any tax positions be challenged and not prevail, different outcomes could 
result and have a significant impact on the amounts reported in the consolidated 
financial statements.
Tax expense
EUR million 2024 2023
Current tax  -41  -54 
Deferred tax  -24  119 
Total income tax  -65  64 
Income tax rate reconciliation
EUR million 2024 2023
Profit before tax  -118  -495 
Tax at statutory rates applicable to profits in the 
country concerned
1
 76  121 
Non-deductible expenses and tax exempt income
2
 -14  -10 
Valuation of deferred tax assets  -44  -60 
Taxes from prior years  -2  -3 
Changes in tax rates and tax laws  0  -1 
Impairment of goodwill
3
 -84  -19 
Results from associated companies  10  27 
Other  -8  9 
Total income taxes  -65  64 
Effective tax rate  -55.4 %  13.0 %
Statutory tax rate (blended)  64.1 %  24.5 %
1 Includes a EUR 30 million impact from countries with tax holidays and tax benefits in 2024 and a EUR 22 million 
impact from tax holidays and other tax benefits in 2023.
2 The tax value of non-deductible expenses of EUR 18 million has been netted against tax exempt income of 4 
EUR million in 2024, and tax value of non-deductible expenses of EUR 12 million has been netted against tax 
exempt income of EUR 3 million in 2023.
3 Impairment of goodwill previously presented on line other. Comparative figures restated accordingly.
The statutory tax rate is a weighted average of the statutory tax rates 
prevailing in jurisdictions where Stora Enso operates.
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Change in deferred taxes in 2024
EUR million
Value at
1 Jan 2024
Income 
statement OCI
Acquisitions/ 
disposals
Translation 
difference
Value at
31 Dec 2024
Forest assets  -1,315  -117  69  -2  30  -1,335 
Fixed assets  -83  61  0  0  5  -17 
Financial instruments  -12  2  16  0  0  5 
Untaxed reserves  -6  -1  0  0  0  -7 
Pensions and provisions  3  -33  -5  0  -3  -38 
Tax losses and tax credits carried 
forward  112  50  0  -1  2  164 
Other deferred taxes  3  17  0  0  -2  18 
Total  -1,299  -22  81  -3  31  -1,211 
Equity hedges and net investment 
loans (CTA)  -3  3 
Cash flow hedging  0  0 
Change in deferred tax  -24  83  -3  31 
Assets
1
 134  205 
Liabilities
1
 -1,433  -1,416 
1 Deferred tax assets and liabilities have been offset in accordance with IAS 12.
OCI = Other Comprehensive income, CTA = Cumulative Translation Adjustment
Change in deferred taxes in 2023
2
EUR million
Value at
1 Jan 2023
Income 
statement OCI
Acquisitions/ 
disposals
Translation 
difference
Value at
31 Dec 2023
Forest assets  -1,267  -54  9  0  -4  -1,315 
Fixed assets  -123  105  0  -62  -3  -83 
Financial instruments  -10  -2  -1  0  0  -12 
Untaxed reserves  -85  77  0  0  2  -6 
Pensions and provisions  26  -34  9  0  1  3 
Tax losses and tax credits carried 
forward  74  40  0  0  -2  112 
Other deferred taxes  15  -14  0  0  1  3 
Total  -1,370  119  18  -62  -4  -1,299 
Equity hedges and net investment 
loans (CTA)  0  0 
Change in deferred tax  119  18  -62  -4 
Assets
1
 74  134 
Liabilities
1  -1,443  -1,433 
1 Deferred tax assets and liabilities have been offset in accordance with IAS 12.
2 2023 restated due to reversal of held for sale classification. 
OCI = Other Comprehensive income, CTA = Cumulative Translation Adjustment
The recognition of deferred tax assets is based on the Group’s estimations of future taxable profits available 
against which the Group can utilise the benefits. 
Non-recognised deferred tax assets on deductible temporary differences amounted to EUR 126 (97) million.¹ There is 
no expiry date for these differences. Taxable temporary differences in respect of investments in subsidiaries, 
branches and associates and interests in joint operations, for which deferred tax liabilities have not been 
recognised amounted to EUR 440 (428) million.
Tax losses
Tax losses carried forward Recognised tax values Unrecognised tax values
1
EUR million 2024 2023 2024 2023 2024 2023
Expiry within five years  193  304  7  9  41  66 
Expiry after five years  565  326  108  60  6  6 
No expiry  1,199  1,213  48  42  208  219 
Total  1,957  1,842  163  111  256  290 
1 2023 restated due to reversal of held for sale classification.
At the end of 2024, tax losses of EUR 496 (259) million related to Finland. A deferred tax asset of EUR 99 (52) million 
was recognised relating to these tax losses, as it is likely that future taxable profit will be available against which the 
unused tax losses can be utilised before expiration. Despite losses in recent years in Finland, the Group has 
considered in its assessment that the losses arise from identifiable causes unlikely to recur and that measures to 
improve profitability are in place.
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Uncertain tax positions
At balance sheet date there were on-going tax audits in several 
jurisdictions. It is not expected that any significant additional taxes in 
excess of those already recorded for will arise as a result of these audits.
Impact of OECD Pillar Two model rules
The Group is within the scope of the OECD Pillar Two model rules as from 1 
January 2024. The Group applies the exception to recognising and 
disclosing information about deferred tax assets and liabilities related to 
Pillar Two income taxes, as provided in the amendments to IAS 12.
The impact of the legislation to the Group’s average effective tax rate is 
expected to vary from year to year. In 2024 current tax expense of EUR 41 
million includes EUR 2 million Pillar Two top-up tax expense. 
2.6 Earnings per share 
 Accounting principles
Basic earnings per share, attributable to the owners of the parent company, are 
calculated by dividing the net result attributable to shareholders by the weighted 
average number of ordinary shares in issue during the year, excluding ordinary 
shares held by the Group as treasury shares. Diluted earnings per share are 
calculated by adjusting the weighted average number of ordinary shares plus the 
diluted effect of all potential dilutive ordinary shares, such as shares from share-
based payments.
Earnings per share
2024 2023
Net result for the period attributable to the owners of 
the parent, EUR million  -136  -357 
Weighted average number of A and R shares 788,619,987 788,619,987
Weighted average number of share awards 1,151,874 1,094,121
Weighted diluted number of shares 789,771,861 789,714,108
Basic earnings per share, EUR  -0.17  -0.45 
Diluted earnings per share, EUR  -0.17  -0.45 
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3 Employee remuneration
3.1 Personnel expenses 
Personnel expenses
EUR million 2024 2023
Wages and salaries  926  962 
Pension expenses  143  147 
Share-based remuneration  2  4 
Other statutory employer costs  135  139 
Other voluntary costs  22  23 
Total  1,228  1,275 
Pension expenses
EUR million 2024 2023
Defined benefit plans  7  7 
Defined contribution plans  137  140 
Total  143  147 
The average number of employees in 2024 amounted to 19,233 (20,822). Pension costs are discussed further in note 
3.3 Post-employment benefit obligations.
In 2024, the expense of the share-based remuneration was EUR 2 (4) million. Share-based remuneration comprising 
of share awards is described in more detail in note 3.4 Employee variable compensation and equity incentive 
schemes. Remuneration of the Group Leadership Team and Board are described in note 3.2 Board and executive 
remuneration.
3.2 Board and executive remuneration 
Board and committee remuneration
2024 2023
EUR thousand (before taxes) Cash
Value of 
shares
1
Total
4
Total Committee memberships
Board members at 31 December 2024
Kari Jordan, Chair  140  87  227  220 People and Culture,  Nomination
2, 3
Håkan Buskhe, Vice Chair  79  49  129  125 People and Culture, Nomination
2, 3
Elisabeth Fleuriot  66  34  100  97 Financial and Audit
Helena Hedblom  57  34  90  88 Sustainability and Ethics
Astrid Hermann  66  34  100  97 Financial and Audit
Christiane Kuehne  61  34  95  93 Sustainability and Ethics
Richard Nilsson  80  34  114  104 
Financial and Audit, Sustainability 
and Ethics
Reima Rytsölä  57  34  90  — People and Culture
Former Board members
Antti Mäkinen (until 20 March, 2024)  —  —  —  88 People and Culture
Hans Sohlström (until 18 September, 2023)  —  —  —  88 Sustainability and Ethics
Total remuneration as Directors
1
 605  340  945  1,000 
1 40% of the Board remuneration, excluding Committee remuneration, in 2024 was paid in Stora Enso R shares purchased from the market and distributed as follows: to Chair 
6,806 R shares, Vice Chair 3,843 R shares, and members 2,638 R shares each. The Company has no formal policy requirements for the Board members to retain shares 
received as remuneration.
2  Stora Enso’s Shareholders’ Nomination Board has been appointed by the AGM in 2016 to exist until otherwise decided. The Shareholders’ Nomination Board according to its 
Charter as approved by the AGM comprises of four members: the Chair and Vice Chair of the Board of Directors, as well as two members appointed by the two largest 
shareholders (one each) as of 31 August each year. No separate remuneration is paid to members of the Nomination Board.
3 Marcus Wallenberg, appointed by FAM AB, is Chair of the Nomination Board. Jouko Karvinen is the member of the Shareholders’ Nomination Board appointed by Solidium 
Oy. Kari Jordan and Håkan Buskhe were appointed as members of the Shareholders’ Nomination Board in their roles as Chair and Vice Chair of the Board of Directors.
4 The Company additionally pays the transfer tax for share purchases for each member, in line with AGM decision, which amount is considered also taxable income for 
each member.
Shareholders at the Annual General Meeting (AGM) have established a Shareholders’ Nomination Board to exist 
until otherwise decided and to annually prepare proposals for the AGM’s approval concerning the number of 
members of the Board of Directors, the Chair, Vice Chair and other members of the Board, as well as the 
remuneration for the Chair, Vice Chair and members of the Board and its committees.
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Board share interests at 31 December 2024
Shares held (direct and indirect 
ownership)
A R
Board members at 31 December 2024
Kari Jordan, Chair  15,818 
Håkan Buskhe, Vice Chair  15,912 
Elisabeth Fleuriot  35,506 
Helena Hedblom  8,994 
Astrid Hermann  5,477 
Christiane Kuehne  20,067 
Richard Nilsson
1
 127  32,845 
Reima Rytsölä  2,638 
Total shares held  127  137,257 
1 Spouse holds 127 of A shares and 236 of R shares. 
The following Board members also served in 2024
Shares held when Board 
membership ended 
(direct and indirect)
Effective date of Board 
membership ending
Antti Mäkinen  19,415 20 March 2024
Group Leadership Team (GLT) remuneration and share interests
The following table includes the remuneration earned by GLT members during the year, including those shares with 
performance conditions that have ended and are due to vest in the coming year. The Company recommends and 
expects the CEO and GLT members to hold Stora Enso shares at a value corresponding to at least one annual base 
salary. Stora Enso shares received as remuneration are therefore recommended not to be sold until this level has 
been reached.
The aggregate cost of earned remuneration for the GLT in 2024 amounted to EUR 9 (12) million. The total number of 
GLT members was 11 (11) at the year end in 2024. 
In accordance with their respective pension arrangements, GLT members may retire at sixty-five years of age with 
pensions consistent with local practices in their respective home countries. Employment contracts provide for six 
months’ notice prior to termination, with severance compensation of twelve months basic salary if the termination 
is at the Company’s request.
The outcome of the financial targets relating to the Short-term incentive programmes for the performance year 
2024, and Long-term incentive programmes for the performance years 2022 to 2024 were reviewed and confirmed 
by the People and Culture Committee and approved by the Board of Directors in February 2025.
Note 3.4 Employee variable compensation and equity incentive schemes includes details of incentive schemes 
and share opportunity programmes for the management and staff of Stora Enso.
Group Leadership Team remuneration
2024 2023
EUR thousand CEO Others
2,5
GLT Total CEO
Former 
CEO Others GLT Total
Remuneration
1, 4
Annual salary  1,000  3,476  4,476  290  669  3,656  4,615 
Local housing (actual costs)  —  2  2  —  —  3  3 
Other benefits  —  940  940  —  26  263  289 
Termination benefits  —  —  —  —  933  300  1,233 
Short Term Incentive programme
3
 640  1,187  1,827  —  157  1,024  1,181 
Long Term Incentive programme
3
 —  394  394  —  912  1,652  2,564 
  1,640  5,999  7,639  290  2,697  6,898  9,885 
Pension costs
Mandatory plans  139  809  948  48  428  920  1,396 
Stora Enso voluntary plans  —  636  636  —  —  730  730 
 139  1,445  1,584  48  428  1,650  2,126 
Total compensation  1,779  7,444  9,223  338  3,125  8,548  12,011 
1 The Finnish Corporate Governance code requires companies to report remuneration that is paid or due, and due to this the figures presented in the above table do not 
directly reconcile with the amounts recognised as personnel expenses in the Income statement as presented in the below table Group Leadership Team remuneration in 
Income statement.
2 Includes earnings related to Seppo Parvi until 31 October 2024, Ad Smit until 31 October 2024, Tuomas Hallenberg as of 15 October 2024 and Carolyn Wagner as of 1 
November 2024.
3 Related to amounts due at year end, which will be paid in 2025. LTI value is calculated using the 30 December 2024 closing price of EUR 9.72  and forecasted LTI outcome as 
after Q3/2024.. The final value of the vested shares will be approved after February 2025 and depend on the share price on vesting date 18 March 2025.
4 Remuneration for executives is disclosed only for the period during which they were GLT members.
5 Remuneration of GLT members decreased in 2024 compared to 2023 mainly due to the performance outcome of variable pay programmes. The average number of GLT 
members during 2024 was 9.21.
Group Leadership Team remuneration in Income statement
2024 2023
EUR thousand CEO Others GLT Total CEO
Former 
CEO Others GLT Total
Salaries and other short-term employee 
benefits  1,640  5,605  7,245  290  852  4,946  6,088 
Long Term Incentive programme
1
 146  632  778  137  432  1,245  1,814 
Post-employment benefits 
2
 139  1,445  1,584  48  428  1,650  2,126 
Total recognised in Income statement  1,925  7,682  9,607  475  1,712  7,841  10,028 
1 The costs of long-term incentive (LTI) programmes are recognised as costs over the three year vesting period based on the share price at grant date and the estimate of 
equity instruments that will eventually vest.
2 Includes statutory and supplementary pension contributions.
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Executives other than CEO
Short term incentive (STI) programmes for management
In 2024, GLT members had STI programmes with up to a maximum of 70% 
or 80% of their annual fixed salary, payable the year following the 
performance period. 100% of the STI for 2024 was based on Group and 
divisional financial measures.
Long-term incentive (LTI) programmes for management
The 2022, 2023 and 2024 programmes feature performance metrics with 
one-year performance periods, which are accumulated after three years, 
as well as three-year performance periods. All three programmes will be 
settled in a single portion after three years, with the absolute maximum 
vesting level being 100% of the number of shares granted. The 2022 
programme pertains to the performance period 2022–2024, the 2023 
programme to the performance period 2023–2025, and the 2024 
programme to the performance period 2024–2026. The opportunity under 
these programmes is in Performance Shares, with shares vesting in 
accordance with performance criteria proposed by the People and 
Culture Committee and approved by the Board of Directors. 
During the year, the 2024 programme was launched, under which GLT 
members (as of the year-end) can potentially receive a value 
corresponding to 221,370 shares before taxes, assuming the maximum 
vesting level during the three-year vesting period (2024–2026) is achieved. 
The total number of shares actually transferred will be lower, as a portion 
corresponding to the tax obligation will be withheld to cover income tax.
The fair value of employee services received in exchange for share-based 
compensation payments is accounted for in a manner consistent with the 
method of settlement, which is either cash or equity settled as described in 
more detail in note 3.4 Employee variable compensation and equity 
incentive schemes. For the equity-settled portion, it is possible that the 
actual cash cost does not align with the accounting charges, as the share 
price is not updated at the time of the vesting. The figures in the Group 
Leadership Team Remuneration table refer to individuals who were 
executives at year-end or during part of the year.
At the end of the year, the performance period for the 2022 programme 
ended, and will be settled in one portion after three years, in March 2025, 
depending on Earnings Per Share (EPS) for the Stora Enso Group, Relative 
Total Shareholder Return (TSR) and ESG metrics (emission reduction and 
diversity) . The outcome of the Performance Share programme will be 
confirmed in the beginning of March 2025, once the relative TSR outcome 
is confirmed. The maximum number of shares due to executives (GLT 
members at year-end) from programmes that ended during 2024 
amounted to 111,060 shares. The total number of shares actually transferred 
will be based on the confirmed outcome and a portion corresponding to 
the tax obligation will be withheld to cover income tax.
CEO
President & Chief Executive Officer – Hans Sohlström
The CEO has been employed by Stora Enso and assumed the position of 
CEO on 18 September 2023. He has a notice period of six months, with a 
severance payment of twelve months’ salary upon termination by the 
Company, but no contractual payments in the event of change of control. 
The CEO’s pension plan and retirement age are in accordance with the 
Finnish statutory TyEL plan. The CEO has no supplementary pension plan.
Short-term incentive (STI) programme for CEO
The CEO is entitled to an STI programme with a maximum opportunity of 
100% of the annual fixed salary for each 12-month period. The CEO STI plan 
for the period Q4/2023– Q3/2024 resulted in an outcome of 64% and was 
paid in 2024.
Long-term incentive (LTI) programme for CEO
As of 18 September 2023, a two-year CEO Performance Plan was initiated, 
with a vesting date in Q4/2025. The CEO has the potential to receive a 
value corresponding to a maximum of 169,420 shares before taxes. The 
performance targets are related to the balance sheet, capital expenditure, 
strategy, and sustainability. The CEO is not participating in the LTI 2023–25 
or other potential LTI programmes that commenced during 2024.
Group Leadership Team share interests
R shares 
held
1 Shares due 
2025
2
Performance 
share 
opportunity 
2026–2027
3
Restricted
share 
opportunity 
2026–2027
3
Total, Serving Officers  345,902  280,480  383,500  — 
1 Direct and indirect ownership. None of the GLT members holds A shares.
2 Shares due to GLT member are gross of taxes for the LTI programmes with performance periods that ended 
in 2024 and are due to be paid 2025. The Performance Share programme value is based on maximum earning 
opportunity and final value will be available after February 2025. Some GLT members hold restricted shares in 
the Restricted Shares programme that ended in 2024 and those shares are due to be paid 2025. 
3 Potential shares to GLT members are gross of taxes for LTI programmes with performance periods that end 
in 2025-2026 and are due to be paid 2026-2027.
3.3 Post-employment benefit obligations 
 Accounting principles
Employee benefits
The Group operates a number of defined benefit and contribution plans throughout 
the world, the assets of which are generally held in separate trustee administered 
funds. Such pension and post-retirement plans are generally funded by payments 
from employees and by the relevant Group companies, taking into account the 
recommendations of independent qualified actuaries. Employer contributions to 
the defined contribution pension plans are charged to the consolidated income 
statement in the year they relate to.
For defined benefit plans, accounting values are assessed using the projected unit 
credit method. Under this method, the cost of providing pensions is charged to the 
consolidated income statement to spread the regular cost over the service lives of 
employees in accordance with the advice of qualified actuaries who carry out a full 
valuation of the plan every year. The pension obligation is measured as the present 
value of the estimated future cash outflows using interest rates of highly rated 
corporate bonds or government securities, as appropriate, that match the currency 
and expected duration of the related liability.
The Group recognises all actuarial gains and losses arising from defined benefit 
plans directly in equity, as disclosed in its consolidated statement of 
comprehensive income. Past service costs are identified at the time of any 
amendments to the plans and are recognised immediately in the consolidated 
income statement regardless of vesting requirements. The full liability for all plan 
deficits is recorded in the Group’s consolidated statement of financial position.
 Critical accounting estimates and judgement
The determination of the Group pension obligation and expense is subject to the 
selection of certain assumptions used by actuaries in calculating such amounts, 
including, among others, the discount rate, the annual rate of increase in future 
compensation levels and estimated lifespans. Amounts charged in the income 
statement are determined by independent actuaries; however, where actual 
results differ from the initial estimates, together with the effect of any change in 
assumptions or other factors, these differences are recognised directly in equity, as 
disclosed in the statement of comprehensive income.
The Group’s pension expenses amounted to EUR 143 (147) million in 2024, as 
shown in note 3.1 Personnel expenses. Pensions are classified as defined 
contribution plans and defined benefit plans. The majority of the Group’s 
pensions plans are defined contribution plans for which the charge 
amounted to EUR 137 (140) million. The aim of the Group is to provide 
defined contribution plans as its post-employment benefits.
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Net defined benefit obligation reconciliation
Defined 
benefit obligation (+)
Fair value 
of plan assets (-)
Net defined benefit obligation / 
(asset)
EUR million 2024 2023 2024 2023 2024 2023
At 1 January  775  736  -578  -577  197  159 
Current service cost  7  7  0  0  7  7 
Settlements  -1  0  1  0  0  0 
Interest expense (+) income (-)  29  27  -23  -22  6  5 
Total included in income statement  35  34  -22  -22  12  12 
Actuarial changes in demographic 
assumptions  -1  1  0  0  -1  1 
Actuarial changes in financial 
assumptions  -3  31  0  0  -3  31 
Actuarial changes from experience 
adjustments  -7  19  0  0  -7  19 
Return on plan assets
1
 0  0  -16  -1  -16  -1 
Asset ceiling impact
1
 0  0  4  2  4  2 
Total remeasurement gains (-) / 
losses (+) included in OCI  -11  52  -12  0  -23  52 
Benefit payments  -58  -56  47  45  -11  -12 
Employer contributions and refunds  0  0  -13  -20  -13  -20 
Translation difference  -6  3  4  -3  -2  0 
Disposals and classification as held 
for sale  0  6  0  -1  0  5 
At 31 December  735  775  -574  -578  161  197 
1  Excluding amounts included in interest expense (+) income (-) 
In 2025, contributions of EUR 4 (22) million are expected to be paid to Group’s defined benefit plans.
Significant actuarial assumptions used in the valuation of defined benefit obligations
Finland Germany Sweden
2024 2023 2024 2023 2024 2023
Discount rate % 3.2 3.1 3.4 3.3 3.3 3.1
Future salary increase % 3.0 3.0 2.5 2.5 2.9 2.9
Future pension increase % 2.2 2.2 2.0 2.0 2.0 2.0
Duration of pension plans 8.0 8.0 9.8 8.8 13.8 12.7
Sensitivity of the defined benefit obligation
Impact on defined benefit obligation
Change in 
assumption
Increase in 
assumption
Decrease in 
assumption
Discount rate  0.50 % Decrease by 5.8% Increase by 6.5%
Salary  growth rate  0.50 % Increase by 1.3% Decrease by 1.3%
Pension growth rate  0.50 % Increase by 5.0% Decrease by 4.6%
Life expectancy 1 year Increase by 3.5% Decrease by 3.5%
The Group defines following actuarial risks associated with defined benefit plans:
Interest risk 
The obligations are assessed using market rates of high-quality corporate or government bonds to discount the 
obligations and are therefore subject to any volatility in the movement of the market rate. The net interest income 
or expense recognised in profit and loss are also calculated using the market rate of interest.
Life expectancy
In the event that members live longer than assumed, the obligations may be understated originally and a deficit 
may emerge if funding has not adequately provided for the increased life expectancy.
Defined benefit plan summary by country as at 31 December 2024
EUR million Finland Germany Sweden Other Total
Present value of funded obligations  150  6  261  156  574 
Present value of unfunded obligations  0  122  17  22  160 
Defined benefit obligations (DBO)  150  128  278  178  735 
Fair value of plan assets  -149  -5  -270  -149  -574 
Net obligation in the balance sheet  1  123  7  29  161 
Represented by
Defined benefit pension plans  1  123  7  8  140 
Other post-employment benefits  0  0  0  21  21 
Net obligation in the balance sheet  1  123  7  29  161 
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Defined benefit plan summary by country as at 31 December 2023
EUR million Finland Germany Sweden Other Total
Present value of funded obligations  167  5  277  151  600 
Present value of unfunded obligations  0  131  20  23  174 
Defined benefit obligations (DBO)  167  136  297  174  775 
Fair value of plan assets  -160  -5  -271  -142  -578 
Net obligation in the balance sheet  7  131  26  32  197 
Represented by
Defined benefit pension plans  7  131  26  9  174 
Other post-employment benefits  0  0  0  23  23 
Net obligation in the balance sheet  7  131  26  32  197 
Finland
In Finland, the employees are entitled to a statutory pensions benefit determined by the Employee Pension Act 
(TyEL). These benefits are defined as contribution benefits. They are insured with an insurance company and 
provide coverage for old age, disability, and death. The charge in the income statement from contribution benefits 
is EUR 63 (62) million. 
In addition, the Group has additional defined benefit plans which resulted in a charge of EUR 0 (0) million excluding 
finance costs. Defined benefit plans and plan assets are managed by insurance companies. Details of the exact 
structure and investment strategy surrounding plan assets are not available to participating employers, as the 
assets actually belong to the insurance companies themselves. The assets are managed in accordance with EU 
regulations, and also national requirements, under which there is an obligation to pay guaranteed benefits 
irrespective of market conditions.
Germany
The German pension costs amounted to EUR 2 (3) million, of which EUR 2 (3) million related to defined contribution 
plans and EUR 0 (0) million to defined benefits excluding finance costs. The net defined benefit obligation 
amounted to EUR 123 (131) million.
Defined benefit pension plans are mainly accounted for in the statement of financial position through book 
reserves with some minor plans using insurance companies or independent trustees. Retirement benefits are 
based on the years worked and salaries received during the pensionable service, and the commencement of 
pension payments are linked to the national pension scheme’s retirement age. Pensions are paid directly by the 
companies themselves to their former employees. The security for the pensioners is provided by the legal 
requirement that the book reserves held in the statement of financial position are insured up to certain limits.
Sweden
In Sweden, all blue-collar staff and part of the white-collar staff are covered by defined contribution plans, with a 
charge of EUR 48 (50) million in the income statement. Defined benefit plans are covering the remaining white-
collar staff and resulted in a charge of EUR 3 (3) million, excluding finance costs. The net defined benefit obligation 
amounted to EUR 7 (26) million. The decrease in the net obligation during the year is explained by the benefit 
payments made during the year and changes in actuarial assumptions, especially from a slightly higher in 
discount rate. Stora Enso has undertaken to pay all local legal pension obligations for the main ITP scheme to the 
foundation, so the remaining obligation relates to other small plans. The long-term investment return target for the 
foundation is a 3% real return after tax. 
Other countries
The net defined benefit obligation in the remaining countries amounted to EUR 29 (EUR 32) million. The change in 
net obligation arose mainly from changes in actuarial assumptions.
Plan assets
2024 2023
EUR million Quoted Unquoted Total % of total Quoted Unquoted Total % of total
Equity instruments  90  6  96  17%  89  7  96  17% 
Debt instruments  67  29  96  17%  41  51  92  16% 
Property  0  61  61  11%  0  62  62  11% 
Cash  15  0  15  3%  5  0  5  1% 
Assets held by insurance 
companies  0  221  221  39%  0  228  228  39% 
Others  0  85  85  15%  7  89  96  17% 
Total pension fund assets  172  402  574  100%  142  436  578  100% 
Plan assets do not include any real estate or other assets occupied by the Group or the Company's own financial instruments. 
The two main financial factors affecting Group’s pension obligation are changes in interest rates and inflation 
expectations. The aim of asset investment allocations is to neutralise these effects, secure solvency for benefit 
payments and maximise returns.
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3.4 Employee variable compensation and equity 
incentive schemes 
 Accounting principles
Share awards
The costs of all employee-related share-based payments are charged to the 
consolidated income statement as personnel expenses over the vesting period.
All share-based payment transactions are classified as equity-settled share 
awards. The equity-settled share awards (net of tax), are measured at the fair value 
of the equity instruments on the grant date, and are adjusted for the present value 
of expected dividends. The fair value of the equity-settled share-based payments 
determined on the grant date is expensed on a straight-line basis over the vesting 
period, based on the estimate of equity instruments that will eventually vest, with a 
corresponding increase in equity.
Short term incentive (STI) programmes
Salaries for senior management are negotiated individually. Stora Enso 
has incentive plans that take into account the performance, development 
and results of both business units and individual employees. This 
performance-based variable compensation system is based on 
profitability as well as on attaining key business targets.
Group Executives, as well as division and business unit management have 
STI programmes in which the payment is calculated as a percentage of 
the annual base salary with a maximum level ranging from 35% to 100%. 
Middle management and employees participate in an STI programme 
with a maximum incentive level from 7% to 25%. All incentives are 
discretionary. These performance-based programmes cover most 
employees globally, where allowed by local practice and regulations. For 
the performance year 2024, the annual incentive programmes were 
based on financial measures and safety targets. The financial success 
metrics in the STI programme 2024 are adjusted EBIT and operating 
working capital.
Long term incentive (LTI) programmes
Since 2005, new share-based programmes for executives have been 
launched every year. The 2022, 2023 and 2024 programmes feature a 
performance metric with one-year performance periods, which are 
accumulated after three years, as well as performance metrics with three-
years performance periods. All outstanding programmes will be settled in 
a single portion after three years. 
For the 2022 and 2023 plans, three quarters (75%) of the opportunity under 
the programmes are in performance shares, where shares will vest in 
accordance with performance criteria proposed by the People and 
Culture Committee and approved by the Board of Directors. The financial 
performance metrics for the 2022, 2023, and 2024 programme are 3-year 
Earnings Per Share (EPS) for the Stora Enso Group and Relative Total 
Shareholder Return (absolute TSR in 2024), which also feature ESG metrics 
(emissions reduction and diversity). One quarter (25%) of the opportunity 
under the programmes are in Restricted Shares, for which vesting is 
subject to continued employment. For the 2024 plan, Restricted Shares 
have been awarded only in exceptional cases. Members of the GLT have 
been awarded only performance shares. 
Outstanding restricted and performance share opportunities before taxes 
are shown in the table below. The total number of shares actually 
transferred will be less than that shown below because a portion of shares 
corresponding to employees’ tax obligation will be withheld to cover 
income tax.
Share awards at 31 December 2024
Outstanding restricted and performance share awards 
at year end
Number of shares 2025 2026 2027 Total
2022 programme  608,011  608,011 
2023 programme  937,080  937,080 
2024 programme  1,125,160  1,125,160 
Total  608,011  937,080  1,125,160  2,670,251 
The costs of the Stora Enso share-based programmes are recognised as 
costs over the vesting period, which is the period between the grant and 
vesting. The total impact of share-based programmes in the income 
statement amounted to an expense of EUR 2 (EUR 4) million, all of which 
were related to restricted and performance share awards. 
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4 Operating capital
4.1 Intangible assets, property, plant and equipment and 
right-of-use assets 
 Accounting principles
Goodwill
Goodwill represents future economic benefits arising from assets that are not 
capable of being individually identified and separately recognised by the Group on 
an acquisition. Goodwill is computed as the excess of the cost of an acquisition over 
the fair value of the Group’s share of the fair value of net assets of the acquired 
subsidiary at the acquisition date and is allocated to those groups of cash 
generating units expected to benefit from the acquisition. Goodwill arising on the 
acquisition of non-euro foreign entities is treated as an asset of the foreign entity 
denominated in the local currency and translated at the closing rate.
Goodwill is not amortised but tested for impairment on an annual basis, or more 
frequently if there is an indication of impairment.
Other intangible assets
Intangible assets are stated at their historical cost and amortised on a straight-line 
basis over their expected useful lives, which usually varies from 3 to 10 years and up 
to 20 years for patents. An adjustment is made for any impairment. Intangible items 
acquired must be recognised as assets separately from goodwill if they meet the 
definition of an asset, are either separable or arise from contractual or other legal 
rights, and their fair value can be measured reliably.
The cost of development or acquisition of new software clearly associated with an 
identifiable asset that will be controlled by the Group and has a probable benefit 
exceeding its cost beyond one year is recognised as an intangible asset and will be 
amortised over the expected useful life of the software between 3 to 10 years.
Intangible assets recognised separately from goodwill in acquisitions consist of 
marketing and customer-related or contract and technology-based intangible 
assets. Typical marketing and customer-related assets include trademarks, trade 
names, service marks, collective marks, certification marks, customer lists, order or 
production backlogs, customer contracts and the related customer relationships. 
Contract and technology-based intangible assets are normally licensing and 
royalty agreements or patented technology and trade secrets, such as confidential 
formulas, processes or recipes. The initial fair value of customer contracts and 
related relationships is derived from expected retention rates and cash flow over 
the customers’ remaining estimated lifetime using excess earnings method. The 
initial fair value of trademarks is derived from a discounted cash flow analysis using 
the relief from royalty method.
Property, plant and equipment
Property, plant and equipment acquired by Group companies are stated at their 
historical cost, which are adjusted where appropriate by asset retirement costs. 
Assets arising on the acquisition of a new subsidiary are stated at fair value at the 
date of acquisition. Depreciation is computed on a straight-line basis and adjusted 
for any impairment and disposal charges. The carrying amount represents the cost 
deducted by received grants and subsidies and less the accumulated depreciation 
and any impairment charges. Interest costs on borrowings to finance the 
construction of assets are capitalised as part of the cost during the construction 
period when the requirements are fulfilled.
Land and water areas are not depreciated, as these are deemed to have an 
indefinite life, but otherwise depreciation is based on the following expected 
useful lives:
Asset class Depreciation 
years
Buildings, industrial 10-50
Buildings, office & residential 20-50
Groundwood mills 15-20
Hydroelectric power 40
Paper, board and pulp mills, main machines 20-30
Heavy machinery 10-20
Converting factories 10-15
Sawmills 10-15
Computers 3-5
Vehicles 5
Office equipment 3-5
Railway, harbours 20-25
Forest roads 10-15
Roads, fields, bridges 15-20
Ordinary maintenance and repair charges are written as expensed when incurred, 
but the costs of significant renewals and improvements are capitalised and 
depreciated over the remaining useful lives of the related assets. Retirements, sales 
and disposals of property, plant and equipment are recorded by deducting the cost 
and accumulated depreciation from the accounting records with any resulting 
terminal depreciation adjustments reflected in impairment charges in the 
consolidated income statement. Capital gains are shown in other operating 
income.
Spare parts are accounted for as property, plant and equipment if they are major 
and used over more than one period, or if they are used only in connection with an 
item of property, plant and equipment. In all other cases, spare parts are carried as 
part of the inventory and recognised in profit or loss as consumed items.
Right-of-use (ROU) assets
At inception of a contract, the Group assesses whether a contract is, or contains, a 
lease. A contract is, or contains, a lease if the contract conveys the right to control 
the use of an identified asset for a period of time in exchange for consideration. ROU 
assets are initially measured at cost, which comprises the initial amount of the 
lease liability adjusted mainly for lease payments made at or before the 
commencement date. The Group allocates the consideration in the contract to 
each lease component and will separate non-lease components if these are 
identifiable. Lease terms are negotiated on an individual basis and contain a wide 
range of different terms and conditions.
The ROU assets are subsequently depreciated using the straight line method from 
the commencement date to the earlier of the end of the lease term or the end of 
the useful life of the ROU asset. In addition, the ROU asset is adjusted for certain 
remeasurements of the lease liability.
The Group has elected not to recognise ROU assets for short-term leases that have 
a lease term of 12 months or less and leases of low value assets. Leases of low value 
assets mainly include IT and office equipment, certain vehicles and machinery and 
other low value items. The Group recognises the lease payments associated with 
these leases as an expense on a straight-line basis over the lease term, see note 2.2 
Other operating income and expenses, for more information.
 Critical accounting estimates and judgement
When assessing the lease term and if an extension or renewal options are included 
or not, the Group considers all relevant facts, circumstances and incentives that 
might have an impact on the assessment. Options to extend or renew the lease are 
included in the lease term only if it is reasonably certain that Stora Enso will exercise 
the option. The Group will do a reassessment, for example upon changes in 
circumstances, receiving new information or an occurrence of a significant event 
that is within the control of the lessee and might have an impact on the 
assessment.
For more information about critical accounting estimates and judgement related 
to valuation of intangible assets, property plant and equipment, right-of-use assets 
and goodwill, please see note 2.3 Depreciation, amortisation and impairment 
charges.
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Intangible assets
EUR million
Computer  
software
Customer 
relationships 
and 
trademarks
Other 
intangible 
assets
Assets in 
progress Goodwill Total
Acquisition cost
At 1 January 2023  222  0  100  18  502  842 
Translation difference  -1  0  -3  0  -3  -7 
Reclassifications  5  0  0  0  0  5 
Additions  15  206  6  18  349  594 
Disposals
1  -1  0  106  0  0  105 
At 31 December 2023  241  206  209  36  848  1,539 
Translation difference  0  0  2  0  -1  1 
Reclassifications  5  0  2  -13  0  -6 
Additions  9  0  15  19  0  43 
Disposals
1
 -4  0  -7  0  0  -10 
At 31 December 2024  251  206  222  42  847  1,567 
Accumulated amortisation and impairment
At 1 January 2023  185  0  35  0  258  478 
Translation difference  -1  0  -2  0  -1  -3 
Disposals
1  -1  0  107  0  0  106 
Amortisation  17  16  8  0  0  41 
Impairment  6  0  14  3  85  109 
At 31 December 2023  206  16  162  3  343  730 
Translation difference  0  0  2  0  1  3 
Reclassifications  -6  0  0  0  0  -6 
Disposals
1
 -3  0  -6  0  0  -9 
Amortisation  14  16  7  0  0  37 
Impairment  1  14  16  0  342  372 
At 31 December 2024  212  45  181  3  685  1,127 
Net Book Value at 31 December 2024  39  160  40  38  162  440 
Net Book Value at 31 December 2023  35  190  47  32  505  809 
1 Company disposals are included in Disposals line. Company disposals and classification of assets as held for sale are discussed in more detail in note 6.1 Acquisitions, 
disposals and assets held for sale.
2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals and assets held for sale.
Included in Customer relationships and trademarks, as part of the acquisition of De Jong Packaging Group, are customer-related 
intangibles purchased with a carrying amount of EUR 133 million and a remaining amortisation period of 13 years, as well as marketing-
related intangibles of EUR 27 million with remaining amortisation periods ranging from 3 to 18 years.
Property, plant and equipment
EUR million
Land and 
water
Buildings and 
structures
Plant and 
equipment
Other tangible 
assets
Assets in 
progress Total
Acquisition cost
At 1 January 2023  103  3,041  10,909  393  454  14,900 
Translation difference  1  -22  -17  -2  7  -32 
Reclassifications  0  25  260  8  -298  -5 
Reclassifications to biological assets  0  -2  -1  0  0  -3 
Additions  5  77  434  14  583  1,113 
Disposals
1  -1  -32  -495  -4  -1  -533 
At 31 December 2023  109  3,087  11,089  410  745  15,440 
Translation difference  0  18  -29  -4  1  -14 
Reclassifications  195  -10  -56  1  -129  1 
Reclassifications to biological assets  0  -3  -1  0  0  -4 
Additions  1  25  291  2  555  874 
Disposals
1  -199  -7  -79  -8  0  -292 
At 31 December 2024  107  3,111  11,215  400  1,172  16,004 
Accumulated depreciation and impairment
At 1 January 2023  2  1,804  7,882  336  16  10,040 
Translation difference  0  -4  7  -1  0  1 
Disposals
1  0  -31  -480  -4  0  -516 
Depreciation  0  74  349  10  0  433 
Impairments and reversals  0  133  488  5  1  628 
At 31 December 2023  2  1,976  8,246  345  17  10,586 
Translation difference  0  -5  -41  -3  0  -48 
Reclassifications  195  -23  -164  -4  -1  2 
Additions  0  1  0  0  0  1 
Disposals
1
 -198  -20  -72  -8  0  -298 
Depreciation  0  64  334  9  0  408 
Impairments and reversals  12  77  253  3  2  347 
At 31 December 2024  11  2,071  8,557  342  18  10,998 
Net Book Value at 31 December 2024  96  1,039  2,659  58  1,154  5,006 
Net Book Value at 31 December 2023  107  1,111  2,843  65  728  4,854 
1 Company disposals are included in the Disposals line. Company disposals and classification of assets as held for sale are discussed in more detail in note 6.1 Acquisitions, 
disposals and assets held for sale.
2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals and assets held for sale.
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Right-of-use assets
EUR million
Land and 
water Forest land
Buildings and 
structures
Plant and 
equipment 
and other Total
Acquisition cost
At 1 January 2023  105  243  96  113  556 
Translation difference  -5  -14  -1  0  -19 
Reclassifications to biological assets  0  -16  0  0  -16 
Additions  0  5  188  14  207 
Disposals
1
 0  0  -22  -19  -41 
Other changes  1  15  7  3  26 
At 31 December 2023  101  233  268  111  712 
Translation difference  3  9  -1  -2  9 
Reclassifications to biological assets  0  -18  0  0  -18 
Additions  5  5  53  13  76 
Disposals
1
 -1  0  -10  -14  -25 
Other changes  -4  -7  7  -1  -4 
At 31 December 2024  104  222  317  107  750 
Accumulated depreciation and impairment
At 1 January 2023  10  22  49  56  138 
Translation difference  -1  -1  0  0  -3 
Disposals
1
 0  0  -18  -18  -36 
Depreciation  3  3  32  21  59 
Impairment  28  0  3  2  33 
At 31 December 2023  40  24  66  61  192 
Translation difference  2  1  -1  -1  1 
Disposals
1
 -1  0  -9  -15  -24 
Depreciation  2  3  31  19  56 
Impairment  10  0  16  0  26 
At 31 December 2024  53  28  104  65  250 
Net Book Value at 31 December 2024  51  194  212  43  499 
Net Book Value at 31 December 2023  61  209  201  49  521 
1 Company disposals are included in the Disposals line. Company disposals and classification of assets as held for sale are discussed in more detail in note 6.1 Acquisitions, 
disposals and assets held for sale.
2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals and assets held for sale.
Stora Enso’s most material right-of-use assets capitalised consist of land areas used in forestry and industrial 
operations, various machinery and equipment leases including operative machinery and logistic equipment, as 
well as properties including offices, warehouses and other operative properties. Some of the leases contain 
renewal options and extension options that are considered in the lease term if the Group is reasonably certain to 
exercise the option.
See notes 5.3 Interest-bearing assets and liabilities for more details about lease liabilities and 2.2 Other operating 
income and expenses for details about lease expenses included in the income statement.
Intangible assets and property, plant and equipment, and right-of-use asset additions
The total capital expenditure excluding investments in biological assets for the year amounted to EUR 1,009 (1,054) 
million. Details of the ongoing projects and future plans are discussed in more detail in the Report of the Board of 
Directors.
4.2 Forest assets 
 Accounting principles
Stora Enso’s forest assets are defined as standing growing trees, classified as biological assets, and related forest land. Biological 
assets consist of standing trees to be used as raw material for pulp and mechanical wood production and as biofuels. 
Forest asset valuation is based on continuous operations and sustainable forest management, while also taking into account 
environmental restrictions and other reservations. Biological assets are recognised and valued in accordance with IAS 41 
Agriculture at fair value, while forest land assets are recognised in accordance with IAS 16 Property, plant and equipment. Leased 
forest land assets are presented as part of right-of-use assets in note 4.1 Intangible assets, property, plant and equipment and 
right-of-use assets.
Nordic and plantation forest assets are classified as different asset classes due to their differing nature, usage, and 
characteristics. The main difference is the short-term growing cycle of 6–12 years in plantations versus the long-term growing 
cycle of 60–100 years in Nordic forests. There are also differences in regeneration methods, forest management, and the use of 
assets for other purposes. 
Nordic forest assets include holdings in Sweden and Finland, while plantation forest assets include holdings in China, Brazil and 
Uruguay. Accounting policies for the different classes of forest assets are presented separately below. Additionally, the Group has 
minor forest asset holdings in Estonia and Romania through the associate company Tornator. The Group holds forest assets in its 
own subsidiaries in Sweden and China as well as in joint operations in Brazil and Uruguay, and in associate company in Finland. 
Stora Enso also ensures that the Group’s share of the valuation of forest holdings in associated companies and joint operations is 
consistent with Group accounting policies. At harvesting, biological assets are transferred to inventory.
Nordic forest assets
Forest assets in Sweden and Finland are recognised at fair value and valued using a market approach method based on forest 
market transactions in the areas where Stora Enso’s forests are located. Stora Enso’s forest assets create value by securing wood 
supply, increasing long-term yield, optimising land use and securing financial flexibility. They play an important role in mitigating 
climate change impacts, as growing trees absorb CO2. The forest lands offer additional opportunities for future value streams, 
such as wind power. 
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The total forest assets value is calculated with verified inventory data and regional 
standing stock prices, considering, among others:
• regional market transaction data based on the geographical locations of forest 
assets,
• standing stock prices by forest cubic metre (m³ fo) combined from traded forest 
estates and
• regional standing stock inventory.
Information relating to forest asset transactions is available from market data 
suppliers. Stora Enso applies three-year (36-month) weighted average market 
transaction prices which are considered to include a sufficient number of 
transactions and are estimated to represent market conditions at the reporting 
date. The market transaction information is viewed as market-corroborated inputs. 
Certain adjustments are made to refine the market-corroborated inputs using 
unobservable inputs; therefore, inputs are categorised based on Level 3 of the fair 
value hierarchy.
The total value of the forest assets in the Nordics is allocated across biological 
assets and forest land. The allocation of the combined fair value of forest assets is 
based on the income approach where the present values of expected net cash 
flows for both biological assets and forest land are calculated separately. 
The discount rate is determined as the rate at which the valuation, based on market 
transaction prices, matches the combined cash flows of total forest assets for 
biological assets and forest land. The discount rate is estimated to be the same for 
biological assets and forest land as the nature and timing of the cash flows 
are similar.
Biological assets are measured at fair value in accordance with IAS 41. The fair value 
is based on the income approach and the discounted cash flow method, whereby 
the fair value of the biological assets is calculated using cash flows from continuous 
operations, taking into account the growth potential of one cycle. Forest land is 
measured at fair value using the revaluation method, as defined in IAS 16. The fair 
value of forest land is measured based on the income approach, including net cash 
flows related to trees to-be-planted in the future as well as other land related 
income, such as wind power leases, hunting rights and soil material sales. The 
valuation of forest assets owned through Tornator Oyj in Estonia and Romania is 
based on the discounted cash flow method both for biological and land assets. 
Changes in the fair value of biological assets are recognised in the income 
statement. Changes in the fair value of forest land, net of deferred taxes, are 
recognised in other comprehensive income (OCI) and accumulated in a 
revaluation reserve in equity. The revaluation reserve is not recycled to the income 
statement upon disposal. If the fair value of forest land were to be less than cost, the 
difference would be recognised in the income statement as an impairment loss.
Plantation forest assets
In plantation forest areas, biological assets are recognised at fair value in 
accordance with  IAS 41  and based on the income approach in those areas where 
the Group has forest land. Fair value measurement is based on Level 3 of the fair 
value hierarchy. Forest land is measured initially and subsequently at cost, using the 
cost model as defined in IAS 16.
The valuation of biological assets is based on the discounted cash flow method. 
This method uses cash flows from continuous operations, incorporating sustainable 
forest management, and taking into account growth potential of one cycle. The fair 
value of biological assets is based on the productive forest land. The yearly harvest 
from the forecasted tree growth is multiplied by wood prices and the cost of 
silviculture and harvesting is deducted. The fair value of biological assets is 
measured as the present value of the harvest from one growth cycle, taking into 
consideration environmental restrictions and other reservations. The discount rate 
applied is determined using the weighted average cost of capital method.
Young standing timber less than two years old (less than three years in Montes del 
Plata) is considered to be an immature asset and accounted at cost. The fair value 
approximates the cost when little biological transformation has occurred or the 
impact of the transformation on the price is not expected to be significant. This 
varies according to the location and species of the assets.
Changes in the fair value of biological assets are recognised in the income 
statement. Forest land is measured at cost and not depreciated.
 Critical accounting estimates and judgement
Biological assets
The fair value of biological assets is determined by using discounted cash flow 
method. These discounted cash flows require estimates of growth, harvesting, sales 
price, costs and discount rate. To determine the fair value of biological assets, 
management must estimate future price levels and trends for sales and costs and 
conduct regular surveys to establish the volumes of wood available for harvesting 
and their current growth rates. 
Nordic forest assets
The fair value of forest assets in the Nordics is determined using a market approach,  
based on forest market transactions in the areas where Stora Enso’s forests are 
located. Market prices between areas vary significantly and judgement is applied to 
define relevant areas for market transactions used in valuation. The valuation of the 
forest assets is based on detailed transaction data and price statistics provided by 
market data suppliers. Judgement is applied when adjustments are made to 
reflect the specific characteristics and nature of Stora Enso’s forest assets and to 
exclude certain non-forest assets and outlier transactions. Stora Enso applies  
three-year (36 month) weighted average market transaction prices, which are 
considered to include a sufficient number of transactions and are estimated to 
represent market conditions at the reporting date.
The value of the forest assets is allocated to biological assets and forest land. The 
allocation of the combined fair value of forest assets is based on the income 
approach where the present values of expected net cash flows for both biological 
assets and forest land are calculated separately. The total net cash flows for each 
component include estimates for future cash flows.
The value of forest assets disclosed in the consolidated statement of financial 
position from subsidiary companies and joint operations amounts to EUR 7,227 
(7,105) million as shown below. The Group’s indirect share of forest assets held by 
associated company amounts to EUR 1,474 (1,417) million. The total forest asset value, 
including leased forest land, amounts to EUR 8,894 (8,731) million.
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Forest assets
Biological assets Forest land
2
Forest assets total
EUR million 2024 2023 2024 2023 2024 2023
Subsidiaries and joint operations
Value at 1 January  4,836  4,531  2,269  2,315  7,105  6,846 
Translation differences  -132  2  -60  0  -192  2 
Unrealised change in fair value
1
 638  385  -281  -49  358  335 
Additions  102  71  57  1  159  72 
Disposals and classification as held 
for sale
3
 -6  4  -2  2  -9  6 
Change due to harvesting
1
 -208  -168  —  —  -208  -168 
Other operative changes
1
 -9  -7  —  —  -9  -7 
Reclassification from PPE  22  20  —  —  22  20 
Value at 31 December  5,243  4,836  1,983  2,269  7,227  7,105 
Associated company
Tornator Oyj (41%)  1,335  1,287  139  130  1,474  1,417 
Value at 31 December  1,335  1,287  139  130  1,474  1,417 
Total  6,579  6,123  2,122  2,399  8,701  8,522 
1 For biological assets, changes are presented  in the profit and loss. For forest land, changes in fair value are recognised directly in equity.
2 Not including leased forest land.
3 2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals and assets held for sale.
Valuation and standing stock of forest assets
As at
31 December 2024
Swedish 
forests Guangxi
Veracel 
(50%)
MdP 
(50%)
Tornator 
(41%) Total
Total area Thousand ha  1,410  62  117  154  319  2,063 
- of which owned Thousand ha  1,410  —  103  111  319  1,944 
- of which leased Thousand ha  —  62  14  43  0  119 
Productive area Thousand ha  1,150  54  49  102  286  1,641 
Total area Standing stock million m
3
 fo.
1
155.9 4.2 6.8 16.0 34.1 217.0
Productive area Standing stock million m
3
 fo.
1
153.7 4.2 6.8 16.0 33.8 214.6
Estimated 
growth million m
3
 fo.
1
5.9 1.2 2.3 2.9 1.5 13.9
Harvesting million m
3
 fo.
1
-4.1 -1.1 -1.6 -2.4 -1.4 -10.5
Other changes million m
3
 fo.
1
2.1 -0.2 0.0 0.6 0.3 2.8
Harvesting million m
3
 u.b.
2
-3.4 -0.9 -1.3 -2.0 -1.1 -8.7
Biological assets EUR million  4,577  189  118  358  1,335  6,579 
Biological assets Productive area EUR/ha  3,980  3,517  2,392  3,516  4,675  4,009 
Forest land EUR million  1,725  —  25  233  139  2,122 
Total forest assets EUR million  6,302  189  143  592  1,474  8,701 
Leased forest land EUR million  —  140  6  48  —  194 
Total forest assets incl. leased land  6,302  329  150  639  1,474  8,894 
1 Forest cubic meters 
2 Solid under bark (sub) cubic meters
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As at
31 December 2023
Swedish 
forests Guangxi
Veracel 
(50%)
MdP 
(50%)
Tornator 
(41%) Total
Total area Thousand ha  1,383  70  116  138  310  2,016 
- of which owned Thousand ha  1,383  —  104  95  310  1,892 
- of which leased Thousand ha  —  70  12  43  —  125 
Productive area Thousand ha  1,139  61  49  92  285  1,627 
Total area Standing stock million m
3
 fo.
1
 151.9  4.3  6.1  15.0  33.7  210.8 
Productive area Standing stock million m
3
 fo.
1
 149.7  4.3  6.1  15.0  33.4  208.4 
Estimated 
growth million m
3
 fo.
1
5.8 1.3 2.2 2.0 1.5 12.8
Harvesting million m
3
 fo.
1
-4.2 -1.2 -1.3 -2.3 -1.4 -10.5
Other changes million m
3
 fo.
1
-2.5 0.0 0.0 -0.3 0.6 -2.1
Harvesting million m
3
 u.b.
2
 -3.5  -1.0  -1.1  -1.9  -1.1  -8.6 
Biological assets EUR million  4,239  184  124  288  1,287  6,123 
Biological assets Productive area EUR/ha  3,723  3,010  2,531  3,121  4,509  3,764 
Forest land EUR million  2,072  —  30  167  130  2,399 
Total forest assets EUR million  6,312  184  154  455  1,417  8,522 
Leased forest land EUR million  —  157  4  48  —  209 
Total forest assets incl. leased land  6,312  341  158  504  1,417  8,731 
1 Forest cubic metres 
2 Solid under bark (sub) cubic metres 
Subsidiaries and joint operations
At the end of 2024, forest assets (excluding leases) were located by value, in Sweden 87% (89%), China 3% (3%), Brazil 
2% (2%) and Uruguay 8% (6%). The total area amounts to 1,744 (1,706) thousand hectares of which 7% (7%) is leased 
and 0% (0%) is restricted. From Stora Enso’s total forest holdings 1,355 (1,341) thousand hectares constitutes 
productive forest area. The Montes del Plata and Veracel amounts reflect the ownership share.
Swedish forests
At the end of 2024, the value of biological assets in Swedish forests amounted to EUR 4,577 (4,239) million, related 
forest land amounted to EUR 1,725 (2,072) million and total forest assets amounted to EUR 6,302 (6,312) million. 
Standing stock increased due to more accurate volume measurements in productive areas and a slight increase 
in market prices had a positive impact on forest asset value, but due to negative foreign exchange impact, the 
value of the forest assets decreased slightly. Biological assets increased due to increase in wood market prices but 
increased discount rate had a negative effect on the value. Deferred tax liabilities related to forest assets 
amounted to EUR 1,297 (1,297) million. The discount rate of 4.1% (3.8%) was applied in the valuation.
The productive area in Swedish forests amounted to 1,150 (1,139) thousand hectares with a standing stock of 153.7 
(149.7) million forest m³. The weighted three-year (36 month) average market transaction price applied in the 
valuation for Swedish forests assets in 2024 is EUR 41 (42) per forest m³. The forest asset value corresponds to an 
average of EUR 5,480 (5,540) per hectare of productive forest area.
As explained in the section Critical accounting estimates and judgement, the valuation of forest assets is based on 
detailed transaction data and price statistics as provided by different market data suppliers. Market transaction 
data is adjusted to consider the characteristics and nature of Stora Enso’s forest assets and to exclude certain 
non-forest assets and outliers. The valuation takes into account the location of the forest land, price levels and 
volume of standing stock. Market prices vary significantly between areas. Future changes in the value of Swedish 
forest assets will be influenced by changes in market transaction prices and changes in volume of standing stock, 
considering growth and other factors. 
Forest asset location and volume
2024 North Middle South Total
Productive area Thousand ha  191  959  0  1,150 
Percentage of total %  17 %  83 %  0 %  100 %
Standing stock million m
3
 fo.
1
 17.6  136.1  0.0  153.7 
Percentage of total %  11 %  89 %  0 %  100 %
1 Forest cubic metres 
2023 North Middle South Total
Productive area Thousand ha  186  953  0  1,139 
Percentage of total %  16 %  84 %  0 %  100 %
Standing stock million m
3
 fo.
1
 16.9  132.8  0.0  149.7 
Percentage of total %  11 %  89 %  0 %  100 %
1 Forest cubic metres 
Guangxi
At the end of 2024, the value of the biological assets in Guangxi, China, amounted to EUR 189 (184) million. All the 
forest land in China is leased. In 2024 some of the lease contracts ended. The biological asset value increase is 
mainly driven by capital expenditure, sales prices and foreign exchange impact, whereas harvesting depletion and 
lower volume decreased the value. Biological assets included young standing timber with a value of EUR 30 (24) 
million. The discount rate of 9.2% (9.7%) used in the discounted cash flows (DCF) decreased in 2024.
Veracel
Veracel is a 50% joint operation in Brazil. Stora Enso’s share of biological assets was EUR 118 (124) million. The 
decrease is mainly caused by increased discount rate and weaker exchange rate, while higher prices and volume 
increased the value. Biological assets included young standing timber with a value of EUR 33 (40) million. The 
discount rate of 12.4% (10.2%) is used in 2024. The related forest land is measured at cost.
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Montes del Plata
Montes del Plata (MdP) is a 50% joint operation in Uruguay. Stora Enso’s 
share of biological assets was EUR 358 (288) million. The increase is mainly 
driven by acquisitions, higher wood price and stronger exchange rate. 
Biological assets included young standing timber with a value of EUR 55 
(48) million. The discount rate of 9.0% (9.0%) is used in the DCF in 2024. The 
related forest land is measured at cost.
Associated company
Tornator
Tornator Oyj is a 41% owned Finnish associate company. Stora Enso’s share 
of biological assets was EUR 1,335 (EUR 1,287) million, related forest land 
amounted to EUR 139 (130) million, and total forest assets equalled to EUR 
1,474 (1,417) million. The increase in the value of forest assets is mainly driven 
by acquisitions and slightly higher market prices.
Stora Enso’s share of the productive forest area totals 286 (285) thousand 
hectares with a standing stock of 33.8 (33.4) million forest m
3
. The weighted 
three-year (36 month) average market transaction price applied in the 
valuation for forest assets located in Finland in 2024 is EUR 44 (42) per 
forest m
3
. The forest asset value in Finland corresponds to an average of 
EUR 5,160 (4,960) per hectare of productive forest area.
Valuation sensitivities of significant assumptions 
of a +/- 10% movement
EUR million Wood market 
prices Growth rate Discount rate
Guangxi +/-32 +/-20 +/-3
Veracel +/-11 +/-11 +/-3
Montes del Plata +/-39 +/-39 +14/-13
Nordic forest asset valuation is sensitive to changes in market transaction 
prices and volume of standing stock. A change in the average market 
price of forest assets in Sweden of EUR 1 per forest m
3 
would impact the 
value of forest assets by EUR 154 (150) million. A change in the volume of 
standing stock of 1 million forest m
3
 would impact the value of forest assets 
by EUR 41 (42) million.
 4.3 Associates 
 Accounting principles
Associated companies over which Stora Enso exercises significant influence are 
accounted for using the equity method. Stora Enso does not control associated 
companies alone or jointly with other parties, but has significant influence. The 
Group’s share of the associated companies profit or loss is recognised in the 
consolidated income statement. The Group’s interest in an associated company is 
carried in the consolidated statement of financial position at an amount that 
reflects its share of the net assets of the associate together with goodwill. Goodwill 
arising from the acquisition of an associated companies is included in the carrying 
amount of the investment and is assessed for impairment as part of that 
investment. There is no material goodwill in the carrying amount of associated 
companies.
When the Group share of losses exceeds the carrying amount of an investment, the 
carrying amount is reduced to zero and any recognition of further losses ceases 
unless the Group is obliged to satisfy obligations of the investee that it has 
guaranteed or which it is otherwise committed to.
The Group’s share of results in associated companies is reported in the operating 
result to reflect the operational nature of these investments. Similarly, dividends 
received from associated companies are presented in the net cash provided by 
operating activities in the consolidated cash flow statement.
Principal associated company investments
Ownership 
interest % EUR million
Company
Reportable 
segment
Domicile 
and 
principal 
place of 
operations 2024 2023 2024 2023
Tornator Oyj Forest Finland 41.00 41.00  922  892 
Others  32  35 
Carrying amount  954  926 
Group share of associated companies income statements
EUR million 2024 2023
Sales  139  126 
Net operating expenses  -80  -69 
Biological asset valuation  14  121 
Operating result  74  178 
Net financial items  -14  -12 
Net result before tax  60  166 
Income tax  -10  -30 
Net result for the year  52  136 
The average number of personnel in the associated companies was 1,015 
in 2024, compared with 1,046 in 2023.
A summary of the financial information, prepared in accordance IFRS, in 
respect of the Group’s material associate, Tornator Oyj is set out below. The 
Group’s share of Tornator Oyj is reported in the Forest division and covers 
the majority of the Group’s total carrying amount of associated 
companies.
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Tornator Oyj
EUR million 2024 2023
Forest assets  3,595  3,456 
Other non-current assets  71  73 
Current assets  134  102 
Non-current liabilities  948  851 
Current liabilities  141  146 
Tax liabilities  460  459 
Sales  221  194 
Net result for the year  133  341 
Other comprehensive income  12  -57 
Total comprehensive income  145  284 
Dividends received during the financial year  70  60 
Net assets of the associate  2,250  2,175 
Ownership interest  41.00 %  41.00 %
Carrying amount of the Group’s interest in 
Tornator Oyj  922  892 
The Group’s current 41% ownership in Tornator is valued at EUR 922 (892) 
million at the year-end. The Group’s share of Tornator’s net profit was EUR 
54 (140) million, including a biological asset valuation gain net of taxes of 
EUR 12 (97) million.
Aggregate information of associated companies 
that are not individually material
EUR million 2024 2023
Non-current assets  44  33 
Current assets  16  13 
Non-current liabilities  8  0 
Current liabilities  20  11 
Sales  49  47 
Net result for the year  -2 -4
Dividends received during the financial year  0 0
Net assets of the associates  32  35 
Associate company value  32  35 
Associate company value for Tornator Oyj  922  892 
Total associate company value  954  926 
Associated company balances
EUR million 2024 2023
Receivables from associated companies
Non-current loan receivables  2  2 
Trade receivables  5  2 
Current loan receivables  10  0 
Liabilities to associated companies
Trade payables  46  128 
Associated company transactions
EUR million 2024 2023
Sales to associated companies  30  16 
Purchases from associated companies  199  181 
The Group engages in transactions with associated companies such as 
sales and purchases of wood. All agreements are negotiated at arm’s 
length and are conducted on terms that the Group considers customary 
in the industry and generally no less favourable than would be available 
from independent third parties.
4.4 Equity instruments 
 Accounting principles
The Group has elected to classify its equity investments in Pohjolan Voima shares 
and certain listed shares held by the Group at fair value through other 
comprehensive income (FVTOCI) under IFRS 9 by applying the irrevocable election 
for equity instruments under the standard due to the long-term nature of the 
ownership. The gains and losses resulting from changes in the fair value of equity 
investments under FVTOCI are not recycled to the income statement upon 
impairment or disposal, only the dividend income is recognised in the income 
statement. In addition, the Group also has certain equity investments in unlisted 
securities that are classified as fair value through income statement. The majority 
of the Group’s equity instruments consist of investments in Pohjolan Voima Oyj 
(PVO).
 Critical accounting estimates and judgement
Where the fair value of financial assets and liabilities cannot be derived directly 
from publicly quoted market prices, other valuation techniques, such as discounted 
cash flow models, and Gordon model, are applied. Changes in the key assumptions, 
such as future cash flow estimates, could affect the reported fair value of the 
financial instruments. Investments in equity and debt instruments of unlisted 
entities, such as Pohjolan Voima Oyj (PVO), represent a significant portion of the 
Group’s assets and require management judgement, as explained in more detail 
below.
Equity instruments
EUR million 2024 2023
1 January  819 1445
Change in fair value - OCI  -203  -645 
Change in fair value - Income statement  0  0 
Additions  0  18 
Disposals  -3  0 
Translation difference and other changes  -1  0 
31 December  613  819 
PVO shares
The Group holds a 16.1% (15.7%) interest in Pohjolan Voima Oyj (PVO), a public 
limited company in the energy sector that produces electricity and heat 
for its shareholders in Finland at cost-based and non-profit making 
principle (Mankala-principle). Each subsidiary of the PVO group has its own 
class of shares that, instead of dividends, entitle the shareholder to the 
energy produced in proportion to its ownership of that class of share. Also, 
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the shareholders then have an obligation to cover the costs of production, 
which are generally lower than market prices. Stora Enso received EUR 3 (0) 
million of dividends from PVO during 2024. The holding is fair valued using 
the discounted cash flow method. The valuation is categorised at level 3 in 
the fair value hierarchy. More details about these levels are included in 
note 5.2 Fair values.
The electricity prices used in the valuation are based on market future 
derivative prices for the first two years and on long-term electricity price 
estimates for the years thereafter. The historical financial statements 
provide the basis for the cost structure for each power asset and for future 
periods, estimates from PVO shareholder information is used when 
available and these are adjusted by inflation factor in future years.  The 
discount rate of 6.31% used in the valuation model is determined using the 
weighted average cost of capital method. A +/- 5% change in the 
electricity price used in the DCF would change the valuation by EUR +86 
million and -86 million, respectively. A +/- percentage point change in the 
discount rate would change the valuation by EUR -114 million and +151 
million, respectively.
PVO’s shares are divided in different share series. The B and B2 series relate 
to PVO’s shareholdings in Teollisuuden Voima Oyj (TVO), which operates 
three nuclear plants in Finland (Olkiluoto 1–3).Stora Enso holds an indirect 
share of approximately 8.9% of the capacity of the Olkiluoto 3 nuclear plant 
unit through its PVO B2 shares.
PVO shareholding and other equity instruments 31 December 2024
EUR million Share 
Series 
1 % Holding Asset 
Category
Fair value 
2024
Fair value 
2023
PVO A 20.6 Hydro  191  226 
PVO B, B2 15.7, 14.8 Nuclear  378  546 
PVO C 10.9 Thermal  1  7 
Total PVO  570  778 
Other unlisted securities  31  32 
Total unlisted securities  602  810 
Listed securities (Packages Ltd)  6.4  11  9 
Total Equity instruments  613  819 
1 After the finalisation of winding down of their related operations, the share series C2, V and M were dissolved 
during 2024.
The valuation of PVO in 2024 amounted to EUR 570 (778) million. The 
decrease in PVO’s valuation is mainly due to a decrease in electricity price 
estimates, netted with impact from lower discount rate. No deferred tax is 
recognised, as under Finnish tax regulations, holdings above 10% are 
exempt from tax on disposal proceeds.
4.5 Emission rights and other non-current assets 
 Accounting principles
The Group participates in the European Emissions Trading Scheme, with the aim of 
reducing greenhouse gas emissions. The Group has been allocated allowances to 
emit a fixed tonnage of carbon dioxide (CO2) over a fixed period of time, which are 
recognised as intangible assets, government grants and as liabilities for the 
obligation to deliver allowances equal to those emissions that have been made 
during the compliance period. 
Intangible assets related to emission allowances are measured at level 1 fair value 
at the date of initial recognition. The liabilities to deliver allowances are recognised 
based on actual emissions and are settled using allowances on hand and 
measured at the carrying amount of those allowances. At the reporting date, if the 
market value for the emission allowances is less than the carrying amount, any 
surplus allowances that are not required to cover emissions made are impaired to 
the market value.
The Group expenses emissions made at the grant date fair value, under materials 
and services, together with purchased emission rights at their purchase price. Such 
costs will be offset under other operating income by the income from the original 
rights used at their grant date fair value. The consolidated income statement will, 
thus, be neutral in respect to all the rights consumed that were within the original 
grant of rights. Sales of excess emission allowances are recognised as income on 
the delivery date. Any net effect represents the costs of purchasing additional rights 
to cover excess emissions, or the sale of unused rights in case that the realised 
emissions are below the allowances received free of charge or the impairment of 
allowances that are not required for own use.
Emission rights
EUR million 2024 2023
Value at 1 January  108  123 
Emission allowances allocated  110  146 
Sales  -65  -64 
Settlement with the government  -80  -98 
Disposals and classification as held for sale  —  0 
Value at 31 December  73  108 
The liability to deliver allowances is presented in the consolidated 
statement of financial position in line other operative liabilities. As of 31 
December 2024, the liability to deliver allowances amounted to EUR 56 (79) 
million as presented in note 4.8 Operative liabilities. The excess emission 
rights held at the year end were valued at EUR 17 (28) million.
Other non-current assets
EUR million 2024 2023
Prepaid expenses and accrued income  21  25 
Tax credit  3  4 
Other non-current operative assets  28  29 
Total  53  58 
4.6 Inventories 
 Accounting principles
Inventories are reported at lower of cost and net realisable value with the cost 
determined by the first-in first-out (FIFO) method or, alternatively, by the weighted 
average cost where it approximates FIFO. The same cost formula is used for all 
inventories having a similar nature and use to the Group. The cost of finished goods 
and work in progress comprises raw material, direct labour, depreciation, other 
direct costs and related production overheads, but excludes interest expenses. Net 
realisable value is the estimated selling price in the ordinary course of business, less 
the costs of completion and sale.
Where market conditions result in the manufacturing costs of a product exceeding 
its net realisable value, a valuation allowance is made. Valuation allowances are 
also made for old, slow moving and obsolete finished goods and spare parts when 
needed. Such valuation allowances are deducted from the carrying value of the 
inventories in the consolidated statement of financial position.
EUR million 2024 2023
Materials and supplies  468  403 
Work in progress  73  62 
Finished goods  829  808 
Spare parts and consumables  325  322 
Other inventories  26  30 
Advance payments and cutting rights  85  66 
Obsolescence allowance - spare parts and 
consumables  -104  -102 
Obsolescence allowance - finished goods  -12  -18 
Net realisable value allowance  -20  -25 
Total  1,672  1,545 
2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals 
and assets held for sale.
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EUR 5,842 (6,271) million of inventories in total were expensed during the 
year. EUR 23 (35) million of inventory write-downs were recognised as an 
expense. EUR 26 (55) million were recognised as a reversal of previous 
write-downs.
4.7 Operative receivables 
 Accounting principles
Trade receivables
Trade receivables are recognised initially at fair value and subsequently at their 
anticipated realisable value with an estimate made for loss allowance on expected 
credit losses based on a forward-looking and objective review of all outstanding 
amounts at period end. A simplified approach under IFRS 9 has been implemented 
for trade receivables and loss allowances are recognised based on expected 
lifetime credit losses in the consolidated income statement within other operating 
expenses. For non-defaulted receivables, expected credit losses are estimated 
based on externally generated customer level probability of default data that is 
used in the forward-looking loss allowance calculation model. The loss allowance 
model for non-defaulted receivables also takes into account a macroeconomic 
indicator that considers the macroeconomic developments and further 
incorporates forward-looking data to the calculation model. The rebuttable 
presumption that default does not occur later than when a financial asset is 90 
days past due has been applied in the calculation model and a default is normally 
estimated to occur when trade receivables are at least 90 days overdue or there is 
otherwise objective evidence supporting the conclusion that a default has 
occurred. Trade receivables will be written off and booked as a credit loss only with 
the court’s decision of bankruptcy or in some other cases when there is objective 
evidence supporting the write-off. Trade receivables are presented in current 
assets under operative receivables in the consolidated statement of 
financial position.
Trade receivables under factoring arrangements
Stora Enso uses factoring arrangements as one of the working capital 
management tools. Sold trade receivables are derecognised once significant 
related risks and rewards of ownership have been transferred to the buyer. 
Outstanding balances for trade receivables that were not yet sold at period end but 
qualify to be sold under factoring programmes in the next period, are classified as 
trade receivables fair valued through other comprehensive income in accordance 
with the business model and contractual cash flow characteristics tests under IFRS 
9. Please refer to note 5.2 Fair values for further details.
Current operative receivables
EUR million 2024 2023
Trade receivables - gross carrying amount  688  939 
Loss allowance  -20  -27 
Prepaid expenses and accrued income  87  80 
Other receivables  214  247 
Total  969  1,239 
2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals 
and assets held for sale.
Age analysis of trade receivables
EUR million 2024 2023
Not overdue  619  841 
Less than 30 days overdue  39  57 
31 to 60 days overdue  1  1 
61 to 90 days overdue  0  3 
91 to 180 days overdue  1  1 
Over 180 days overdue  27  36 
Total  688  939 
As at 31 December 2024, a gross amount of EUR 69 (98) million of trade 
receivables were overdue. These relate to a number of countries and 
unrelated customers that have no recent history of default. At 31 
December 2024, lifetime expected credit losses for trade receivables 
amounted to EUR 20 (27) million. Loss allowances for trade receivables are 
estimated on an individual basis based on a forward-looking model where 
estimated probabilities of customer default are used in the calculation 
model. If the Group has concerns regarding the financial status of a 
customer, an advance payment or an irrevocable letter of credit drawn 
from a bank is required. At the year end, the letters of credit awaiting 
maturity totalled EUR 48 (54) million. Please refer to note 5.1 Financial risk 
management for details of customer credit risk management.
Age analysis of loss allowance
EUR million 2024 2023
Not overdue and less than 90 days overdue  1  2 
91 to 365 days overdue  1  2 
Over 365 days overdue  17  23 
Total  20  27 
Reconciliation of loss allowance
EUR million 2024 2023
Opening balance at 1 January  27  32 
Change in loss allowance booked through income 
statement  3  9 
Write-offs  -10  -15 
Other  0  1 
Closing balance at 31 December  20  27 
The actual credit losses during 2024 amounted to EUR 10 (15) million of 
trade receivables being written-off from the Group’s balance sheet.
Stora Enso has entered into factoring agreements to sell trade receivables 
in order to accelerate cash conversion. These agreements resulted in full 
derecognition of trade receivables amounting to a nominal value of EUR 
414 (178) million at the end of the year. The continuing involvement of Stora 
Enso in the sold receivables was estimated as being insignificant due to 
the non-recourse nature of the factoring arrangements involved.
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4.8 Operative liabilities 
Non-current operative liabilities
EUR million 2024 2023
Share-based payments  1  2 
Other payables  9  9 
Total  10  11 
Current operative liabilities
EUR million 2024 2023
Trade payables  1,781  1,666 
Payroll and staff-related accruals  224  227 
Accrued liabilities and deferred income  114  122 
Emission liabilities  56  79 
Advances received  15  18 
Other payables¹  107  99 
Total  2,296  2,211 
1 Other payables consist especially of taxes payable to government, such as VAT and payroll taxes.
2023 restated due to reversal of held for sale classification. For more details see note 6.1 Acquisitions, disposals 
and assets held for sale.
In 2024, EUR 16 million of grants were paid back to the authorities in Belgium, as a result of a 2019 legionella-
related incident being considered as an environmental infringement.
Supplier Chain Finance arrangements
Stora Enso has entered into several supply chain finance agreements. 
Supply chain finance arrangements are recognised as trade payables 
and are not reclassified after initial recognition.
Supply chain finance arrangements have the following terms and 
conditions:
Suppliers offered chance to join the programme, either as part of contract 
negotiations or during the contract period to update the terms the 
agreement. This is a trade payable programme where invoices are paid to 
the bank under the same payment terms that Stora Enso has agreed upon 
with the supplier, while the bank pays the supplier early for the invoice 
according to the arrangement. The bank conducts negotiations for the 
supplier’s participation in the programme, with Stora Enso acting as an 
agent to connect the two parties. The only cost to the supplier is the early 
payment of invoices. The programme is funded on a non-recourse basis 
by the funder, and the supplier predominantly bears the cost of the 
discounting in the programme. In some individual contracts the supplier 
pays for the discounting in the programme, but charges this cost back to 
Stora Enso. These individual contracts are still classified as trade payables. 
No joint and several liability clause is included in the programme, with all 
invoices treated the same in Stora Enso’s subsidiaries.
EUR million 2024
SCF presented within trade payables  254 
Of which suppliers have received payment  236 
Range of payment due dates
Days after invoice date 2024
Trade payables that are part of an arrangement 60-180
Comparable trade payables that are not part of an arrangement 60-120
There were no material non-cash changes that would have caused 
changes in the carrying amounts.
4.9 Provisions 
 Accounting principles
Provisions are recognised when the Group has a present legal or constructive 
obligation as a result of past events, and it is probable that an outflow of resources 
will be required to settle the obligation, and a reliable estimate of the amount of the 
obligation can be made. Provisions are measured at the management’s best 
estimate and there is some uncertainty regarding the timing and amount of the 
costs. Provisions for obligations to dismantle, remove or restore assets after their 
use are added to the carrying amount of the assets at acquisition date and 
depreciated over the useful life of the asset. Provisions are discounted to their 
current net present value if the effect of the time value of money is material. 
Environmental provisions
Environmental expenditures resulting from the remediation of an existing condition 
caused by past operations, and which do not contribute to current or future 
revenues, are recognised as provisions. Environmental provisions are recorded 
when it is probable, based on current interpretations of environmental laws and 
regulations, that a present obligation has arisen and the amount of such liability 
can be reliably estimated.
Restructuring provisions
A restructuring provision is recognised in the period in which the Group becomes 
legally or constructively committed to the plan. The relevant costs are those that 
are incremental to, or incurred as a direct result of, the exit plan, or are the result of 
a continuing contractual obligation with no ongoing economic benefit, or represent 
a penalty incurred to cancel the obligation. 
Other provisions
Other provisions are recognised regarding different legal or constructive 
obligations, such as reforestation, onerous contracts, ongoing lawsuits, claims, or 
similar.
 Critical accounting estimates and judgement
The amounts recognised as provisions are based on the management’s best 
estimate of the costs required to settle the obligation. Due to uncertainty regarding 
the timing and amount of these costs, the actual costs might differ significantly 
from the original estimate. The carrying amounts of provisions are reviewed 
regularly and adjusted when needed to consider changes in cost estimates, 
regulations, applied technologies and conditions.
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Provisions
EUR million
Environ-
mental 
provisions
Restructuring 
provisions
Other 
provisions
Total 
provisions
Carrying Value at 1 January 
2023  73  21  30  124 
Translation difference  0  0  1  1 
Disposals and classification as 
held for sale  3  0  0  3 
Charge in Income Statement
New provisions  7  89  12  107 
Increase in existing provisions  4  4  1  8 
Reversal of existing provisions  -16  -7  0  -22 
Payments  -9  -31  -14  -54 
Carrying Value at 31 December 
2023  63  77  28  168 
Translation difference  -1  0  -2  -3 
Disposals and classification as 
held for sale  0  -1  0  -1 
Charge in Income Statement
New provisions  2  42  10  55 
Increase in existing provisions  14  2  0  16 
Reversal of existing provisions  -3  -14  0  -17 
Payments  -8  -80  -12  -100 
At 31 December 2024  67  26  25  118 
Allocation between current and 
non-current provisions
Current provisions: Payable 
within 12 months  5  21  11  37 
Non-current provisions: Payable 
after 12 months  62  5  14  81 
Total at 31 December 2024  67  26  25  118 
The Group has undergone major restructuring in recent years, from 
divestments to mill closures and administrative cost-saving programmes. 
The obligation at the end of 2024 amounted to EUR 26 (EUR 77) million for 
restructuring provisions and EUR 25 (EUR 28) million for other provisions. 
Material payments in 2024 in restructuring provisions are mainly related to 
the divestment of De Hoop BV in Netherlands, as announced in December 
2024, and to the profit improvement programme. The most material 
restructuring provision included in the ending balance of 2023 is EUR 35 
million related to closing down the De Hoop containerboard site in the 
Netherlands.
The most significant environmental provision is based on an agreement 
between Stora Enso and the City of Falun that obligates the Group to purify 
runoff from the Kopparberg mine before releasing the water into the 
environment. The provision at year end amounted to EUR 27 (EUR 27) million. 
The most material case in other provisions is related to an obligation in 
some Nordic countries to take care of reforestation within a specified time 
after final harvesting.
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5 Capital structure and financing
5.1 Financial risk management 
Risk management principles and process
Stora Enso is exposed to several financial market risks that the Group is 
managing under the policies approved by the Board of Directors. The 
objective is to ensure cost-effective funding of Group companies and 
manage financial risks effectively. The Stora Enso Group Financial Risk 
Policy governs all financial transactions in Stora Enso. This policy and any 
future amendments take effect once they are approved by the Board of 
Directors and all policies covering the use of financial instruments must 
comply with it. The Group’s joint operations companies operate under their 
own financial risk policies, which may not be fully similar to the Group’s 
policies.
The major financial market risks are detailed below with the main 
exposures for the Group being interest rate risk, currency risk, liquidity risk, 
refinancing risk, and commodity price risk, especially for fiber, pulp, 
and energy.
Interest rate risk
The Group is exposed to an interest rate risk that is the risk of fluctuating 
interest rates affecting the interest expense of the Group and value of its 
assets and liabilities. Stora Enso is exposed to the interest rate risk through 
interest-bearing assets and liabilities, such as loans, financial instruments 
and lease liabilities, but also through commercial agreements and 
operative assets and liabilities such as biological assets. The Group’s aim is 
to keep interest costs stable. The Group’s aggregate duration should not 
exceed the average loan maturity, but should aim towards a long duration. 
A duration above the average loan maturity is approved by the Board 
of Directors.
The Group may use interest-rate swaps and cross-currency swaps to 
manage the interest-rate risk by synthetically converting floating-rate 
loans into fixed-rate loans through the use of derivatives. The Group’s 
floating and fixed rate interest-rate position as per the year-end is 
presented in the following table. The table includes the respective assets 
and liabilities classified as held for sale.
Floating and fixed interest-rate position
As at
31 December 2024
As at
31 December 2023
EUR million
Floating 
rate Fixed rate
Floating 
rate Fixed rate
Non-current interest-bearing 
receivables
1
 1  8  11  51 
Current interest-bearing 
receivables
1
 4  28  1  14 
Cash and cash equivalents  1,999  —  2,464  — 
Interest-bearing liabilities
2
 -1,747  -3,928  -1,718  -3,998 
Interest-bearing assets and 
liabilities excluding interest rate 
derivatives  258  -3,892  758  -3,934 
Interest-rate and cross-currency 
swaps  346  -346  488  -488 
Interest-bearing assets and 
liabilities, net of interest rate 
derivatives  604  -4,238  1,246  -4,422 
1 Excluding interest receivable, listed securities, and derivative assets 
2 Non-current interest-bearing liabilities, current portion of non-current debt, short-term interest bearing 
liabilities and bank overdrafts excluding derivative liabilities and interest payable
2023 figures have been restated.
The average interest duration for the Group’s net interest-bearing 
liabilities, including all interest rate derivatives but excluding cash and 
cash equivalents, is 2.5 (2.7) years.
As of 31 December 2024, one percentage point increase in interest rates 
would increase annual net interest expenses by approximately EUR 7 
(EUR 10) million and a similar decrease in interest rates would decrease net 
interest expenses by EUR 7 (EUR 10) million. This assumes that the duration 
and the funding structure of the Group remain constant throughout the 
year. This simulation calculates the interest effect of a 100 basis point 
parallel shift in interest rates on all floating rate instruments excluding 
cash equivalents from their next reset date to the end of the year. In 
addition, all short-term loans maturing during the year are assumed to be 
rolled over on maturity to year end using the new higher or lower 
interest rate.
A one percentage point parallel change up or down in interest rates would 
also result in fair valuation gains or losses of EUR 3 (EUR 6) million before 
taxes in the cash flow hedge reserve in OCI regarding interest rate swaps 
under cash flow hedge accounting. Note 5.4 Derivatives summarises 
the nominal and fair values of the outstanding interest rate 
derivative contracts.
Foreign exchange risk – transaction risk
The Group operates globally and is exposed to a foreign-currency 
transaction risk arising from exchange rate fluctuations. Foreign exchange 
transaction risk exposure comprises both the geographical location of 
Stora Enso production facilities around the world, sourcing of raw materials 
and sales of end products in foreign currencies, mainly denominated in US 
dollars, British pounds and Swedish crowns. Stora Enso Group companies 
with functional currency other than euro are also exposed to a foreign-
currency transaction risk arising from EUR denominated net cash flows. 
These EUR exposures mainly arise from Stora Enso subsidiaries located in 
Sweden, Czechia and Poland.
The currency transaction risk is the impact of exchange rate fluctuations 
on the Group’s Income statement, which is the effect of currency rates on 
expected future cash flows and subsequent trade receivables or payables. 
The Group’s standard policy to mitigate the risk is to hedge 15–60% of the 
highly probable forecast cash flows in major currencies for the next 12 
months by using derivative financial instruments, such as foreign 
exchange forwards and foreign exchange options. The Group may also 
hedge periods between 12 months and 36 months, or change the above 
mentioned hedging ratio for the next 12 months upon the discretion of the 
Group’s management. 
For operative receivables and payables in foreign currencies, the objective 
is to hedge 50–100% of the outstanding net receivable balance in major 
currency pairs.
The table below presents the estimated net operative foreign currency 
transaction risk exposures for the main currencies for the next 12 months 
and the related foreign-currency hedges in place as at 31 December, 
retranslated using year-end exchange rates.The net operative receivables 
and payable exposures, representing the balances as at 31 December, 
include foreign currency exposures generated by external and 
intercompany transactions in line with the requirements of IFRS 7. A 
positive amount of exposure in the table below represents an estimated 
future inflow or receivable of a foreign currency amount.
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Operative foreign currency transaction risk exposure
As at
31 December 2024
As at
31 December 2023
EUR million EUR SEK USD GBP AUD UYU EUR SEK USD GBP AUD UYU
Estimated annual net cash flow exposure in 
hedged foreign-currency flows
1
 792  -321  1,580  158  73  -46  674  -278  1,446  126  63  -48 
Cash flow hedges for the next 12 months  -436  206  -737  -38  -20  32  -394  188  -632  -34  -15  27 
Estimated annual net cash flow exposure, 
net of hedges  356  -115  843  120  54  -14  280  -90  814  93  47  -21 
Hedging percentage as at 31 December for 
next 12 months  55 %  64 %  47 %  24 %  27 %  69 %  58 %  68 %  44 %  27 %  25 %  57 %
Weighted-average hedged rate against EUR
2
 11.42  1.11  0.84  1.64  43.74  11.57  1.10  0.87  1.66  45.07 
Operative receivables and payables net 
exposure  -87  -40  49  17  42  -4  -38  -23  181  18  18  -5 
Net receivable currency hedges  34  6  6  -10  -22  —  -7  7  -119  -15  -20  — 
Net operative receivables exposure, net of 
hedges  -54  -34  55  7  19  -4  -45  -15  62  3  -2  -5 
Estimated annual net transaction risk 
exposure after hedges  302  -149  898  127  73  -18  235  -105  876  96  46  -26 
1 Cash flows are forecasted highly probable net operating foreign-currency cash flows in hedged currencies. The exposure presented in the EUR column relates to operative 
transaction risk exposure from EUR denominated cash flows in Group companies located in Sweden, Czechia and Poland with functional currency other than EUR.
2 The weighted-average exchange rate against EUR is calculated based on bought leg of option collar structure and forward contracts’ forward rate and therefore 
represents the weighted-average hedged rate based on the least favourable hedged rate from the Group’s point-of-view.
In addition, the Group hedge estimated net operative foreign currency exposures in SEK and USD for the period 
between 12 and 24 months. Cash flow hedges outstanding at the reporting date was EUR 130 million for SEK 
exposures and EUR -96 million for USD exposures. A calculated 5% weakening of exposure currencies would result in 
a EUR -6 million (SEK hedges) and EUR 5 million (USD hedges) effect on cash flow hedging OCI reserve at year end.
The following table includes the estimated effect on the annual operating result of a weakening of an exposure 
currency against the functional currencies of exposed subsidiaries. The sensitivities have been calculated based 
on a 5% movement in EUR, SEK, USD, GBP and AUD while 10% movement in UYU. These changes are estimated as 
reasonably possible changes in exchange rates, measured against year-end closing rates. A corresponding 
strengthening of the exposure currency would have an approximately equal opposite impact. A negative amount 
in the table reflects a potential net loss in the income statement or equity and, conversely, a positive amount 
reflects a potential net gain. In practice, the actual foreign currency results may differ from the sensitivity analysis 
presented below, since the income statements of subsidiaries with functional currencies other than the euro are 
translated into the Group reporting currency using the average exchange rates for the year, whereas the 
statements of the financial position of such subsidiaries, including currency hedges, trade receivables and 
payable, are translated using the exchange rates at the reporting date. The translation risk exposures are 
discussed more in detail under the Translation risk chapter below.
The calculation includes currency hedges and assumes that there are no changes in other underlying currencies. 
The currency effects are based on estimated operative foreign currency flows for the next twelve months, hedging 
levels at the year end, and the assumption that the currency cash flow hedging levels and all other variables will 
remain constant during the next twelve months. Hedging instruments include foreign exchange forward contracts 
and foreign exchange options. Indirect currency effects with an impact on prices and product flows, such as a 
product becoming cheaper to produce in a different geographical location, have not been considered in this 
calculation.
Sensitivity analysis of operative foreign currency transaction risk exposure
As at
31 December 2024
As at
31 December 2023
EUR million EUR SEK USD GBP AUD UYU EUR SEK USD GBP AUD UYU
Exposure currency change by
1
 -5 %  -5 %  -5 %  -5 %  -5 %  -10 %  -5 %  -5 %  -5 %  -5 %  -5 %  -10 %
Effect on estimated annual net cash flows in 
hedged flows  -40  16  -79  -8  -4  5  -34  14  -72  -6  -3  5 
Effect on cash flow hedging OCI reserve 
before taxes as at year end
2
 22  -10  37  2  1  -3  20  -9  32  2  1  -3 
Effect on net operative receivables and 
payables after hedges
3
 3  2  -3  —  -1  —  2  1  -3  —  —  1 
Estimated annual EBIT impact
4
 -15  7  -45  -6  -4  2  -12  5  -44  -5  -2  3 
1 The sensitivity analysis for EUR denominated annual net cash flows, operative net receivables and related hedges refer to the EUR denominated transaction risk arising 
from EUR denominated foreign-currency cash flows in Sweden, Czechia and Poland with functional currency other than EUR.
2 The effect on OCI cash flow hedging reserve before taxes at year end is related to the fair value change in derivative contracts qualifying as cash flow hedges of highly 
probable forecast transactions under IFRS 9. Amount effecting OCI will be recycled to operative result when the transaction realises.
3 Currency effect related to net operative receivables or payables and related hedges.
4 The estimated annual EBIT impact includes currency effects in respect of operative exposures in the Statement of Financial Position, forecast cash flows and the related 
hedges.
The following table presents the financial foreign currency exposure and the related hedges in place as at 31 
December for the main currencies. Net debt includes foreign-currency external loan payables and receivables, 
foreign-currency internal loan payables and loan receivables and cash equivalents. Loans designated as net 
investment loans under IAS 21 are excluded from the table as they reduce the foreign-currency exposures on a 
Group level. Internal transaction exposure includes foreign-currency payables and receivables outstanding within 
the Group at reporting date. The currency derivatives mainly hedge financial exposures in the statement of 
financial position. A negative amount of exposure in the table represents a net payable of a foreign currency 
amount.
Additionally, the table includes the estimated effect on the income statement of a currency weakening of an 
exposure currency against EUR. The sensitivities have been calculated based on a 5% movement in SEK, USD, CNY, 
PLN, and CZK. These changes are estimated as reasonably possible changes in exchange rates, measured against 
year-end closing rates. A corresponding strengthening of the exposure currency  would have an approximately 
equal opposite impact. A negative amount in the table reflects a potential net loss in the Income statement and, 
conversely, a positive amount reflects a net potential gain. In practice, the actual foreign currency results may 
differ from the sensitivity analysis below as the exposure amounts may change during the year.
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Financial foreign currency exposure and estimated currency effects in income statement
As at
31 December 2024
As at
31 December 2023
EUR million SEK USD CNY PLN BRL CZK SEK USD CNY PLN BRL CZK
Foreign-currency net debt
1
 256  -151  141  -11  80  30  140  -121  185  -3  44  24 
Currency hedges  -257  -53  —  -11  —  -29  -158  -5  —  -5  —  -21 
Net exposure after hedges  -2  -204  141  -22  80  1  -18  -126  185  -8  44  3 
Internal transaction exposure  3  -6  —  137  13  — 
Currency hedges  —  —  —  —  —  — 
Net non-operative exposure  3  -6  —  137  13  — 
Exposure currency change by  -5 %  -5 %  -5 %  -5 %  -5 %  -5 %  -5 %  -5 %  -5 %  -5 %  -5 %  -5 %
Effect in the Income Statement
2
 —  10  -7  1  -4  —  -6  6  -9  -1  -2  — 
1 The Group has designated certain internal loans to Chinese subsidiaries as net investment loans under IAS 21. The loans are denominated in EUR, USD, and CNY. The 
underlying foreign currency gain or loss will be posted as part of CTA in Equity. The nominal amount of net investment loans amounted to EUR 620 (EUR 591) million as per 
the year end and reduces the currency exposure for relevant currencies in the above table.
2 Gains and losses are recognised as part of Net financial items in the Income Statement
Foreign exchange risk – translation risk
Translation risk results from fluctuations in exchange rates affecting the value of Stora Enso’s consolidated net 
foreign currency denominated assets, liabilities, and income. Translation risk is reduced by funding assets, 
whenever economically possible, in the same currency as the asset itself. The Group may also enter into foreign 
exchange forwards, foreign exchange options or foreign currency denominated loans to hedge its net investments 
in foreign entities with different functional currencies than the Group.
The balance sheets of foreign subsidiaries, associated companies and foreign currency denominated equity 
instruments in the scope of IFRS 9 are translated into euros using exchange rates prevailing on the reporting date, 
thus exposing consolidated Group equity to fluctuations in currency rates. The resulting translation differences, 
along with other movements such as the translation rate difference in the income statement, are recorded directly 
in shareholders’ equity. These cumulative differences materialise through the Income statement on the disposal, in 
whole or in part, of the foreign entity.
The following table presents the translation risk exposure in the Group’s Income statement arising from the 
translation of subsidiaries’ and joint operations’ foreign-currency income statements into the presentation 
currency of the Group in the consolidated financial statements.
Translation exposure in Income statement
As at
31 December 2024
As at
31 December 2023
EUR million SEK USD BRL CZK CNY SEK USD BRL CZK CNY
Translation exposure in Income Statement  -2  -208  -149  -57  78  -357  -196  -179  -65  67 
Exposure currency change by  -5 %  -5 %  -10 %  -5 %  -10 %  -5 %  -5 %  -10 %  -5 %  -5 %
Effect on EBIT from translation risk exposure  —  10  15  3  -8  18  10  18  3  -3 
The next table presents the translation exposure for geographical areas for which the Group has applied net 
investment hedging techniques to reduce the foreign-currency translation exposure in the consolidated equity. In 
practise, the Group also incurs material unhedged translation risk exposures in other geographical areas such as 
Sweden and China. The exposures used in the calculations are based on the foreign currency denominated equity 
and the hedging levels as at 31 December. Full details of actual CTA movements and hedging results are given in 
note 5.6 Cumulative translation adjustment and equity hedging. The sensitivity analysis includes the effects of 
currency hedges of net investments in foreign entities and assumes that no changes take place other than a 
single currency exchange rate movement on 31 December each year.
Hedged translation exposure in Equity
As at 31 December
EUR million 2024 2023
Translation exposure on equity in USD area
1
 1,799  1,625 
EUR/USD equity hedges
2
 -289  -271 
Translation exposure after hedges  1,510  1,354 
Sensitivity before hedges - EUR strengthening 5%  -90  -81 
Sensitivity after hedges - EUR strengthening 5%  -75  -68 
¹ Includes the joint operation Montes del Plata in Uruguay, which has USD as its functional currency.
² USD denominated bonds classified as hedges of net investments in foreign assets.
Liquidity and refinancing risk 
Liquidity risk arises from the difficulty of obtaining finance for operations at a given point in time. Stora Enso’s 
financial risk policy states that the average maturity of outstanding loans and committed credit facilities covering 
short-term borrowings should be at least four years. The policy further states that the Group must have cash 
equivalents and undrawn committed credit facilities to cover all debt maturing within the next 12 months, including 
supply chain financing and factoring. At 31 December 2024, undrawn committed credit facilities and undrawn 
loans were at EUR 1,235 (EUR 800) million. The credit facilities are used as a backup for general corporate purposes 
and are fully undrawn. Additionally, Stora Enso has access to various additional long-term sources of funding up to 
EUR 1,100 (EUR 1,100) million. These mainly relate to available funding sources from Finnish pension funds.
During 2024, Stora Enso secured a EUR 435 million long-term loan from European Investment Bank. Loan is currently 
undrawn and loan repayment extends until 2037. Stora Enso signed extensions of one to two years for a total of EUR 
350 million of its existing bilateral loans. In addition, the Company also signed a two-year extension to its EUR 100 
million committed credit facility. Funding events from during 2024 are described in more detail in note 5.3 Interest-
bearing assets and liabilities
As disclosed in note 4.8, the Group has entered into several supply finance agreements to improve the Group’s 
working capital. The finance providers are in good financial condition and the Group has no significant 
concentration of liquidity risk with the finance providers. The Group’s supplier finance agreements are discussed in 
more detail in note 4.8.
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Refinancing risk, or the risk that maturing debt is not refinanced in the markets, is mitigated by Stora Enso’s target of 
maintaining an even maturity profile of outstanding debt. The table below shows maturity analysis for the Group’s 
contractual financial liabilities classified under principal headings based on the remaining period to contractual 
maturity at the reporting date. Forward interest rates as at the year-end were used for estimating contractual 
finance charges for the upcoming years. The table includes the respective assets and liabilities classified as held 
for sale.
Contractual maturity repayments of financial liabilities, settlement net: 2024
EUR million 2025 2026 2027 2028 2029 2030+ Total
Bond loans  430  587  582  540  500  826  3,466 
Loans from credit institutions  577  255  104  4  4  35  979 
Lease liabilities  83  59  54  48  44  257  545 
Other non-current financial liabilities  0  1  0  0  0  0  2 
Non-current borrowings including current 
portion  1,090  903  741  592  548  1,119  4,992 
Estimated contractual finance charges  163  123  88  73  53  168  668 
Estimated contractual lease charges  27  24  23  21  20  162  276 
Contractual repayments on non-current 
borrowings  1,281  1,050  851  686  620  1,449  5,936 
Current borrowings, carrying amounts  689  0  0  0  0  0  689 
Gross-settled derivative liabilities - receipts  -1,333  -225  0  0  0  0  -1,558 
Gross-settled derivative liabilities - 
payments  1,370  232  0  0  0  0  1,602 
Trade payables  1,781  0  0  0  0  0  1,781 
Bank overdrafts  7  0  0  0  0  0  7 
Estimated contractual finance charges  14  0  0  0  0  0  14 
Total contractual repayments at 31 
December 2024  3,808  1,057  851  686  620  1,449  8,471 
Contractual maturity repayments of financial liabilities, settlement net: 2023
EUR million 2024 2025 2026 2027 2028 2029+ Total
Bond loans  136  440  590  591  548  1,310  3,615 
Loans from credit institutions  140  717  105  5  5  27  998 
Lease liabilities  71  57  48  43  39  263  520 
Other non-current financial liabilities  0  2  0  0  0  0  2 
Non-current borrowings including current 
portion  347  1,217  742  639  592  1,600  5,137 
Estimated contractual finance charges  193  152  113  82  69  194  802 
Estimated contractual lease charges  29  26  25  23  22  225  350 
Contractual repayments on non-current 
borrowings  569  1,395  880  744  683  2,018  6,289 
Short-term borrowings, carrying amounts  595  0  0  0  0  0  595 
Gross-settled derivative liabilities - receipts  -2,154  0  0  0  0  0  -2,154 
Gross-settled derivative liabilities - 
payments  2,132  0  0  0  0  0  2,132 
Trade payables  1,666  0  0  0  0  0  1,666 
Bank overdrafts  0  0  0  0  0  0  0 
Estimated contractual finance charges  9  0  0  0  0  0  9 
Total contractual repayments at 31 
December 2023  2,817  1,395  880  744  683  2,018  8,537 
Financial transactions counterparty credit risk
Financial counterparty risk is the risk of fluctuations in the value of the Group’s assets as a result of counterparties 
being unable to meet their obligations arising from financial contracts. The exposure to a financial counterparty 
risk is measured as the maximum loss that Stora Enso can suffer directly in the event of a single counterparty’s 
credit default. This risk is minimised by:
• entering into transactions only with leading financial institutions and with industrial companies that have a good 
credit rating;
• only investing in liquid funds and deposits with financial institutions or companies that have a minimum credit 
rating of A-3 or BBB-. 
• at least the higher of 50% of cash equivalents, or EUR 150 million, of cash equivalents to be held at counterparties 
with a minimum rating of A- or equivalent using credit ratings from main rating agencies;
• investing at least EUR 75 million of the Group’s cash and cash equivalents at counterparties other than the 
counterparty at which most of Stora Enso’s cash and cash equivalents are held;
• requiring parent company guarantees when dealing with any subsidiary of a rated company. 
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The Group Financial Risk Policy defines the limits for accepted counterparty risk, based on the tenor of financial 
contract and counterparty’s credit rating.
At the year end 2024, there were no significant concentrations of risk with respect to counterparties of derivative 
contracts, with the highest counterparty mark-to-market exposure being at EUR -8 (13) million and credit rating of 
A+ (A+) using Standard and Poor’s credit rating symbols.
Customer credit risk
Customer credit risk is Stora Enso’s exposure to contracts arising from deterioration in the financial health of its 
customers. The Group uses various measures to reduce customer credit risks, including, but not limited to, letters of 
credit, prepayments and bank guarantees. The Group has also obtained export guarantees, covering both political 
and commercial risks, which are used in connection with individual customers outside the OECD area. 
Management considers that no significant concentration of credit risk with any individual customer, counterparty 
or geographical region exists for Stora Enso. The ageing information of trade receivables and related loss 
allowances are given in note 4.7 Operative receivables.
Commodity price risk
Outstanding commodity hedges
As at
31 December 2024
As at
31 December 2023
Underlying 
amount of 
commodity 
hedged
Average 
hedged 
commodity 
price
Nominal 
amount 
hedged in 
EUR million
Fair value
EUR million
Underlying 
amount of 
commodity 
hedged
Average 
hedged 
commodity 
price
Nominal 
amount 
hedged in 
EUR  million
Fair value
EUR million
Electricity purchases
  - Nordic region 2,242,560 
MWh EUR 37.3  84  -1 245,712 MWh EUR 55.6  14  -1 
Oil purchases 208,896 
barrels USD 72.9  15  -1 
205,058 
barrels USD 75.9  14 -1
The Group is exposed to commodity and energy price volatility that will have an impact on the Group’s profitability. 
Electricity, natural gas and oil hedge derivatives are part of energy price risk management in the Group, whilst 
other commodity risks are measured and hedged if economically possible. In addition to electricity hedge 
derivatives, the Group also manages energy price risk by entering into long-term physical fixed price purchase 
agreements, and by holding a 16.1% stake in Pohjolan Voima Oy (PVO), which is a privately owned Group of 
companies in the energy sector in Finland. The fair value of the shares amounted to EUR 570 (EUR 778) million as per 
the year-end. The fair value of these shares is dependent on electricity market prices and discussed in more detail 
in note 4.4 Equity instruments.
A 10% movement in energy and raw material prices would result in a EUR 10 (EUR 5) million change in the fair value of 
commodity financial hedges described in the above table. The majority of these fair value changes, after taxes, are 
recorded directly in Equity under Hedging Reserves, until the contracts mature and the result is entered in the 
Income statement. These estimates only represent the sensitivity of commodity financial instruments to market 
risk and not the Group’s full exposure to raw material and energy price risks as a whole, since the actual underlying 
purchases are not financial instruments within the scope of the IFRS 7 standard. At the end of 2024, the maturities of 
the energy and commodity contracts, including both financial hedges and fixed-price physical purchase 
agreements, ranged between 2025 and 2027. In 2023, the maturities ranged between 2024 and 2025.
In an effort to mitigate other commodity price risk exposures in relation to wood fiber price risk, the Group is a 
significant owner of forest assets in the Nordic region. In Sweden the Group owns 1.4 million hectares of forest land. 
In addition, Stora Enso holds 41% share in Tornator Oyj, which is a significant forest owner in Finland. The Group’s 
share in Tornator is reported as an associate company and discussed in more detail in note 4.3 Associates. The 
Group’s forest assets are discussed in more detail in note 4.2 Forest assets.
Equity price risk
The Group has certain investments in publicly traded securities. Currently these relate to Packages Ltd shares in 
Pakistan. The market value of these equity investments was EUR 11 (EUR 9) million at the year end. Market value 
changes in these investments are recorded, after taxes, directly under Shareholders’ Equity in the Equity 
instruments through OCI reserve. More details on the publicly traded securities can be found from note 4.4 Equity 
instruments.
Capital risk management
Stora Enso’s debt structure is focused on capital markets and commercial banks. Group objectives when 
managing capital are to safeguard the ability to continue as a going concern in order to provide returns for 
shareholders and benefits for other stakeholders, as well as to maintain an optimal capital structure to maintain 
reasonable cost of capital. In order to maintain or adjust the capital structure, the Group may, subject to 
shareholder approval as appropriate, vary the dividends paid to shareholders, buy its own shares on financial 
markets, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group strives to pay 
stable dividends linked to the long-term performance with the aim of distributing 50% of Earnings per share (EPS) 
excluding fair valuations over the cycle.
The Group monitors its capital on the basis of a target net debt-to-equity ratio of 0.60 or less, and aiming that the 
Net-debt-to-adjusted EBITDA ratio remains below 2.0, indicating a solid financial position and financial flexibility.
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Capital structure
As at 31 December
EUR million 2024 2023
Interest-bearing liabilities
1
 5,779  5,780 
Interest-bearing assets
1
 2,072  2,613 
Net debt  3,707  3,167 
Equity attributable to owners of the parent  10,139  10,985 
Adjusted EBITDA
2
 1,223  989 
Net debt to equity ratio 0.37 0.29
Net debt to  adjusted EBITDA 3.0 3.2
1 Interest-bearing liabilities and assets in the table include the respective amounts classified as held for sale. 
More detailed reconciliation of net debt is included in the “Alternative performance measures” chapter in the 
Report of the Board of Directors.
2 Adjusted EBITDA definition is included in the “Alternative performance measures” chapter in the Report of the 
Board of Directors.
The Group’s subsidiary Stora Enso (Guangxi) Packaging and Forestry 
Company Ltd have complied with financial covenants related to debt-to-
assets ratio during the reported periods. There are no other covenants in 
the Group’s financing contracts. 
5.2 Fair values 
 Accounting principles
Financial assets
The Group classifies its financial assets into three categories, which are amortised 
cost, fair value through other comprehensive income and fair value through profit 
and loss. The classification is made according to the IFRS 9 standard and 
management determines the classification of investments at the time of 
initial recognition.
With investments in debt instruments, the classification is made based on the 
business model and contractual cash flow characteristics of debt instruments. 
Investments in debt instruments, for which the business model objective is to hold 
the financial instruments to collect contractual cash flows and those cash flows are 
solely payments of principal and interest, are classified as amortised cost and 
presented under current or non-current assets in the consolidated statement of 
financial position. Investments in debt instruments, for which the business model 
objective is to hold the financial instruments for both to collect contractual cash 
flows and sell financial instruments and the cash flows are solely payments of 
principal and interest, are classified as fair value through other comprehensive 
income and presented under current or non-current assets in the consolidated 
statement of financial position.
The Group’s investments into equity instruments, such as listed and unlisted 
securities, are classified as fair value through profit and loss unless the Group has at 
inception decided to apply the irrevocable election under IFRS 9 to classify the 
investments as fair value through other comprehensive income with only dividend 
income from the investments being recognised in the income statement. 
Investments that are not measured at amortised cost or at fair value through other 
comprehensive income are classified as fair value through profit and loss and are 
therefore fair valued through the consolidated income statement and presented 
under current or non-current assets in the consolidated statement of financial 
position.
Financial liabilities
The Group’s financial liabilities are classified into amortised cost or fair value 
through profit and loss categories. Financial liabilities are measured at amortised 
cost unless the Group has decided to apply a fair value option to designate a 
financial liability to be measured at fair value through profit and loss.
Derivatives
Derivative financial assets and liabilities are measured at fair value and classified 
as fair value through profit and loss or, if the Group has applied hedge accounting, 
at fair value through other comprehensive income according to the IFRS 9 
standard. Derivative financial instruments and hedge accounting are discussed in 
more detail in note 5.4 Derivatives.
Fair value of financial instruments
The fair values of publicly traded derivatives and listed securities, are based on 
quoted market prices at the reporting date; the fair values of interest rate swaps 
are calculated as the present value of the estimated future cash flows, and the fair 
values of foreign exchange forward contracts are determined using forward 
exchange rates at the reporting date. The valuation principles for derivative 
financial instruments have been described in more detail in note 5.4 Derivatives. 
In assessing the fair values of non-traded derivatives and other financial 
instruments, the Group uses a variety of methods and makes assumptions based 
on the market conditions at each reporting date. Quoted market prices or dealer 
quotes for identical or similar instruments are used for non-current debt. Other 
techniques, such as option pricing models and estimated discounted value of 
future cash flows, are used to determine fair values for the remaining financial 
instruments. The face values, less any estimated credit adjustments, for financial 
assets and liabilities with a maturity of less than one year are assumed to 
approximate their fair values. The fair values of financial liabilities for disclosure 
purposes are estimated by discounting the future contractual cash flows at the 
current market interest rates available to the Group for similar financial 
instruments.
Purchases and sales of financial instruments are recognised based on trade date 
accounting, which is the date on which the Group commits to purchasing or selling 
the financial instrument. Financial instruments are derecognised when the rights to 
receive or the cash flows from the financial instruments have expired or have been 
transferred and the Group has substantially transferred all risks, rewards and 
obligations of the ownership of the financial asset or liability.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value 
of financial instruments by valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or 
liabilities;
• Level 2: other techniques, for which all inputs which have a significant effect on 
the recorded fair value are observable, either directly or indirectly;
• Level 3: techniques which use inputs which have a significant effect on the 
recorded fair values that are not based on observable market data.
The Group evaluates the categorisation of its fair value measurements within the 
fair value hierarchy on a regular basis at the end of the reporting period. There were 
no transfers recognised in the fair value hierarchy between Levels 1 and 2 and no 
transfers into or out of Level 3 fair value measurements during 2024 and 2023. See 
note 4.4 Equity instruments for more information on Level 3 fair value measurement 
of unlisted securities.
 Critical accounting estimates and judgement
Where the fair value of financial assets and liabilities cannot be derived directly 
from publicly quoted market prices, other valuation techniques, such as discounted 
cash flow models, transaction multiples, the Black and Scholes model and the 
Gordon model, are applied. The key judgements include future cash flows, credit 
risk, volatility and changes in assumptions about these factors which could affect 
the reported fair value of the financial instruments.
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Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2024 
Fair value hierarchy
EUR million
Amortised 
cost
Fair 
value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount
Fair 
value Level 1 Level 2 Level 3 Note
Financial assets
Listed securities  —  11  —  11  11  11  —  — 4.4
Unlisted securities  —  587  15  602  602  —  —  602 4.4
Non-current interest-bearing 
receivables  9  5  —  14  14  —  5  — 5.3
Derivative assets  —  5  —  5  5  —  5  — 
Loan receivables  9  —  —  9  9  —  —  — 
Trade and other operative receivables  626  42  —  668  668  —  42  — 4.7
Current interest-bearing receivables  38  9  1  47  47  —  10  — 5.3
Derivative assets  —  9  1  10  10  —  10  — 
Other short-term receivables  38  —  —  38  38  —  —  — 
Cash and cash equivalents  1,999  —  —  1,999  1,999  —  —  — 
Total  2,672  654  16  3,342  3,342  11  57  602 
Fair value hierarchy
EUR million
Amortised 
cost
Fair 
value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount
Fair 
value Level 1 Level 2 Level 3 Note
Financial liabilities
Non-current interest-bearing liabilities  3,889  5  —  3,894  4,129  —  5  — 5.3
Derivative liabilities  —  5  —  5  5  —  5  — 
Non-current debt  3,889  —  —  3,889  4,124  —  —  — 
Current portion of non-current debt  1,090  —  —  1,090  1,090  —  —  — 5.3
Current interest-bearing liabilities  744  42  2  788  788  —  44  — 5.3
Derivative liabilities  —  42  2  44  44  —  44  — 
Current debt  744  —  —  744  744  —  —  — 
Trade and other operative payables  2,005  —  —  2,005  2,005  —  —  — 4.8
Bank overdrafts  7  —  —  7  7  —  —  — 
Total  7,735  47  2  7,784  8,019  —  50  — 
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities the cash flow hedge 
accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion.
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 2023 
Fair value hierarchy
EUR million
Amortised 
cost
Fair 
value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount
Fair 
value Level 1 Level 2 Level 3 Note
Financial assets
Listed securities  —  9  —  9  9  9  —  — 4.4
Unlisted securities  —  794  15  810  810  —  —  810 4.4
Non-current interest-bearing 
receivables  62  14  —  76  76  —  15  — 5.3
Derivative assets  —  14  —  15  15  —  15  — 
Loan receivables  62  —  —  62  62  —  —  — 
Trade and other operative receivables  882  30  —  912  912  —  30  — 4.7
Current interest-bearing receivables  21  39  4  64  64  —  43  — 5.3
Derivative assets  —  39  4  43  43  —  43  — 
Other short-term receivables  21  —  —  21  21  —  —  — 
Cash and cash equivalents  2,464  —  —  2,464  2,464  —  —  — 
Total  3,428  887  19  4,334  4,334  9  87  810 
Fair value hierarchy
EUR million
Amortised 
cost
Fair 
value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount
Fair 
value Level 1 Level 2 Level 3 Note
Financial liabilities
Non-current interest-bearing liabilities  4,774  1  —  4,775  4,926  —  1  — 5.3
Derivative liabilities  —  1  —  1  1  —  1  — 
Non-current debt  4,774  —  —  4,774  4,925  —  —  — 
Current portion of non-current debt  347  —  —  347  347  —  —  — 5.3
Current interest-bearing liabilities  651  4  2  657  657  —  6  — 5.3
Derivative liabilities  —  4  2  6  6  —  6  — 
Current debt  651  —  —  651  651  —  —  — 
Trade and other operative payables  1,892  —  —  1,892  1,892  —  —  — 4.8
Bank overdrafts  —  —  —  0  0  —  —  — 
Total  7,664  6  2  7,672  7,823  —  8  — 
31 December 2023 restated, see chapter Restatements for more details.
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities 
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion. 
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In the previous tables, the fair value is estimated to be equal to the 
carrying amount for current financial assets and financial liabilities, such 
as trade receivables and payables due to their short time to maturity and 
limited credit risk. The fair value of non-current loan receivables, 
considered as a level 2 fair value measurement, is based on the 
discounted cash flow analysis. The fair value of non-derivative interest-
bearing liabilities, considered as a level 2 fair value measurement, is 
estimated based on a discounted cash flow analysis in which the yield 
curves observable at commonly quoted intervals are used as a discount 
factor in the model.
Reconciliation of level 3 fair value measurement of financial 
assets and liabilities
EUR million 2024 2023
Financial assets
Opening balance at 1 January  810  1,437 
Reclassifications  0  0 
Gains/losses recognised in other comprehensive 
income  -205  -646 
Additions  0  18 
Disposals  -3  0 
Closing balance at 31 December  602  810 
The Group did not have level 3 financial liabilities as at 31 December 2024.
5.3 Interest-bearing assets and liabilities 
 Accounting principles
Interest-bearing assets - loan receivables
Loan receivables are debt instruments with fixed or determinable payments that 
are not quoted on an active market. They are recorded initially at fair value and 
subsequently measured at an amortised cost. Loss allowance for expected credit 
losses is calculated based on the general approach under IFRS 9, where loss 
allowance is recognised based on 12-month expected credit losses if there has not 
been a significant increase in credit risk since the initial recognition. A significant 
increase in the credit risk will be evaluated based on a comparison of the risk of a 
default occurring on the financial instrument as at the reporting date with the risk of 
default occurring on the financial instrument as at the date of initial recognition. 
The Group may use, for example, rates of credit default swaps (CDS) observable on 
financial markets to produce the risk assessment.
Interest income on loan receivables is included in financial income and expense. 
Loan receivables with a maturity less than 12 months are included in current assets 
under interest-bearing receivables, and those with maturities greater than 12 
months, in non-current interest-bearing receivables.
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value, net of transaction 
costs incurred. In subsequent periods, interest-bearing liabilities are measured at 
amortised cost using the effective interest method. Any difference between the 
proceeds net of transaction costs and redemption value is recognised in the 
consolidated income statement over the maturity period of the borrowings. Interest 
expenses are accrued for and recorded in the consolidated Income statement for 
each period.
Interest-bearing liabilities with an original maturity greater than 12 months are 
classified as non-current interest-bearing liabilities in the consolidated statement 
of financial position, though repayments falling due within 12 months are presented 
in current liabilities under the current portion of non-current debt. Short-term 
commercial paper, bank and other interest-bearing liabilities, for which the original 
maturity is less than 12 months, are presented in current liabilities under interest-
bearing liabilities.
Lease liabilities
At inception of a contract, the Group assesses whether a contract is, or contains, a 
lease. A contract is, or contains, a lease if the contract conveys the right to control 
the use of an identified asset for a period of time in exchange for consideration. 
Lease liabilities are initially capitalised at the commencement of the lease and 
measured at the present value of the lease payments that are not paid at the 
commencement date, discounted using the Group’s incremental borrowing rate. 
The lease term applied corresponds to the non-cancellable period except in cases 
where the Group is reasonably certain to exercise renewal option or prolong the 
contract. The Group allocates the consideration in the contract to each lease 
component and separates non-lease components if these are identifiable.  Lease 
terms are negotiated on an individual basis and contain a wide range of different 
terms and conditions.
The lease liabilities are subsequently measured at amortised cost using the 
effective interest method. Lease payment is allocated between the capital liability 
and finance charges to achieve a constant interest rate on the outstanding liability 
balance. Lease liabilities are remeasured mainly when there is a change in future 
lease payments arising from a change in an index or rate, or if there is a change in 
the Group’s assessment whether it will exercise an extension option. When lease 
liability is remeasured, a corresponding adjustment is generally made to the 
carrying amount of the right-of-use asset.
The Group has elected not to recognise lease liabilities for short-term leases that 
have a lease term of 12 months or less and leases of low value assets. Leases of low 
value assets mainly include IT and office equipment, certain vehicles and 
machinery and other low value items. The Group recognises the lease payments 
associated with these leases as an expense on a straight-line basis over the lease 
term.
For more information about critical accounting estimates and judgement related 
to leases, see note 4.1 Intangible assets, property, plant and equipment and right-of-
use assets
Managing Interest Rate Benchmark Reform and associated risks
The Group monitors the transition process from IBORs to new benchmark rates by 
reviewing the total number of contracts that have yet to transition to an alternative 
benchmark rate. The impact of any ongoing changes is expected to be limited. The 
Group’s financial instruments are mainly indexed to Euribor and Stibor reference 
rates which are expected to continue to exist for now. All interest-bearing liabilities 
have been transitioned to follow new benchmark rates. There has been no 
significant impact on the Group from the change.
Interest-bearing assets
EUR million 2024 2023
Listed securities  11  9 
Long-term derivative assets  5  15 
Long-term deposits  0  48 
Long-term loans to associated companies  2  2 
Other long-term loan receivables  7  12 
Total non-current interest-bearing assets  25  85 
Short-term derivative assets  9  42 
Current portion of long-term deposits  22  0 
Other short-term loan receivables  16  22 
Cash and cash equivalents  1,999  2,464 
Total current interest-bearing assets  2,047  2,528 
Total interest-bearing assets  2,072  2,613 
The annual average interest income rate for deposits and loan 
receivables during the year was approximately 3.4% (3.0%). Current 
interest-bearing receivables included EUR 6 (EUR 8) million accrued 
interest at 31 December 2024. The Group has evaluated that there has 
not been a significant increase in credit risk related to interest-bearing 
deposits and investments after the initial recognition. Accordingly, the 
loss allowance is recognised based on 12-month expected credit losses.
During 2024, the Group assessed that it has no reasonable  expectation to 
recover financial assets from the sale of Russian operations in 2022. 
Therefore the receivable, a total of EUR 15 million, was written-off the 
balance sheet and impacted the net financial items. 
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Interest-bearing liabilities
EUR million 2024 2023
Bond loans  3,454  3,601 
Loans from credit institutions  978  997 
Lease liabilities  545  520 
Long-term derivative financial liabilities  5  1 
Other non-current liabilities  2  2 
Non-current interest-bearing liabilities including 
current portion  4,985  5,123 
Short-term borrowings  689  595 
Interest payable  55  56 
Short-term derivative financial liabilities  44  6 
Bank overdrafts  7  0 
Total interest-bearing liabilities¹  5,779  5,780 
EUR million 2024 2023
Carrying value at 1 January  5,780  3,972 
Additions in long-term debt, companies acquired  0  131 
Proceeds of new long-term debt  19  2,006 
Repayment of long-term debt  -176  -619 
Additions in lease liabilities, companies acquired  0  99 
Additions in lease liabilities  82  109 
Repayment of lease liabilities and interest  -85  -87 
Change in short-term borrowings  69  177 
Change in interest payable  23  45 
Change in derivative financial liabilities  42  -41 
Disposals and classification as held for sale  -2  -8 
Other  15  26 
Translation differences  11  -29 
Total interest-bearing liabilities¹  5,779  5,780 
1  2023 restated, see chapter Restatements for more details.
Events during 2024 and 2023
In July 2024, Stora Enso secured a EUR 435 million long-term loan from 
the European Investment Bank to fund its EUR 1 billion investment at 
the Oulu site in Finland. Loan repayment extends until 2037, and the loan is 
currently undrawn. 
During the second quarter, Stora Enso signed extensions of one to two 
years for a total of EUR 350 million of its existing bilateral loans. The 
Company also signed a two-year extension to its EUR 100 million 
committed credit facility. 
During 2024, Stora Enso’s total repayments of SEK bond notes amounted to 
a nominal of EUR 135 million.
Stora Enso published a new framework for green and sustainability-linked 
financing in May 2023. The combined Green and Sustainability-Linked 
Financing Framework allows Stora Enso to issue both green and 
sustainability-linked financing instruments, as well as a combination of 
the two.
In May 2023, Stora Enso issued two EUR 500 million green bonds with 3- and 
6.25-year maturities. In November 2023, Stora Enso issued new SEK green 
bonds with nominal value of SEK 6,100 million, equal to EUR proceeds of 524 
million at the transaction date FX rate. The SEK green bonds feature several 
tranches, with the maturities ranging from 2025 to 2028. Later in December 
2023 the Company also completed a private placement of SEK 425 million 
with maturity in 2033. This was equal to EUR proceeds of 38 million at 
the transaction date FX rate. 
During 2023, Stora Enso drew new bilateral loans totaling EUR 400 million, 
with original maturities ranging from 1.5 to 3 years, along with extension 
options. The Company also re-financed a total of EUR 450 million of its 
bilateral loans and committed credit facility, originally maturiting in the 
fourth quarter of 2023. The existing loans were extended by one to two 
years, and the new terms also include extension options. In the fourth 
quarter a one-year extension was signed for the revolving credit facility of 
EUR 700 million, extending its maturity to 2028.
During 2023, Stora Enso’s total repayments of SEK and EUR bond notes 
amounted to a nominal of EUR 427 million. This amount includes partial 
repayment of SEK bond notes with original maturity in February 2024, 
which resulted in a EUR 1 million modification net gain being recognised in 
the Income Statement under net financial items.
Interest-bearing liabilities – maturities, interest rates 
and currency breakdown
Stora Enso’s borrowings maturities range from 2025 to the longest 
borrowing maturing in 2039. The Company’s borrowings have either fixed 
or floating interest rates ranging from 0.6% (0.6%) to 7.3% (7.3%). Stora Enso’s 
average interest rate on borrowings for the full year amounted to 4.1% 
(3.7%) with a run-rate of 4.0% as per the year end. Part of Stora Enso’s 
borrowings have been fixed through floating-to-fixed interest rate swaps. 
The majority of Group loans are denominated in euros, US dollars, Swedish 
crowns or Chinese renminbis. Detailed maturity analysis of the Group’s 
borrowings are set out in note 5.1 Financial risk management.
Net debt
In 2024 net interest-bearing liabilities, including amounts classified as held 
for sale, increased by EUR 540 (increased by EUR 1,314) million to EUR 3,707 
(3,167) million. Net interest-bearing liabilities are equal to total interest-
bearing liabilities less total interest-bearing assets such as cash 
equivalents and deposits. Cash and cash equivalents net of overdrafts 
decreased by EUR 472 (increased by EUR 547) million to EUR 1,993 (2,464) 
million as at 31 December 2024. In 2024, the total cash outflow for leases 
was EUR 85 (87) million including interest component of EUR 25 (23) million.
The ratio of net debt to the last 12 months’ adjusted EBITDA was 3.0 (3.2). 
The net debt/equity ratio was 0.37 (0.29) as per the year-end.
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Bond loans
Issue/ Maturity Dates Description of Bond Interest Rate % Currency of Bond
Nominal Value 
Issued
Outstanding As at 31 December Carrying Value As at 31 December
2024 2023 2024 2023
All Liabilities are Held by the Parent Company Currency million EUR million
Fixed Rate
2006-2036 Global 7.250% Notes 2036 7.25 USD  300  300  300  287  269 
2016-2023 Euro Medium Term Note 2.125 EUR  300  300  0  0 
2017-2027 Euro Medium Term Note 2.50 EUR  300  300  300  300  299 
2018-2028 Euro Medium Term Note 2.50 EUR  300  300  300  299  299 
2019-2024 Euro Medium Term Note (Green Bond) 1.875 SEK  1,750  1,750  44 
2020-2025 Euro Medium Term Note (Green Bond) 2.375 SEK  1,550  1,550  1,550  135  140 
2020-2030 Euro Medium Term Note (Green Bond) 0.625 EUR  500  500  500  496  496 
2023-2027 Euro Medium Term Note (Green Bond) 4.75 SEK  400  400  400  35  36 
2023-2026 Euro Medium Term Note (Green Bond) 4.00 EUR  500  500  500  499  499 
2023-2029 Euro Medium Term Note (Green Bond) 4.25 EUR  500  500  500  498  497 
2023-2027 Euro Medium Term Note (Green Bond) 4.75 SEK  600  600  600  52  54 
2023-2028 Euro Medium Term Note (Green Bond) 5.00 SEK  2,250  2,250  2,250  196  202 
Total Fixed Rate Bond Loans  2,797  2,834 
Floating Rate
2015-2025 Euro Medium Term Note Euribor+2.25 EUR  125  125  125  125  125 
2015-2027 Euro Medium Term Note Euribor+2.35 EUR  25  25  25  25  25 
2019-2024 Euro Medium Term Note (Green Bond) Stibor+1.45 SEK  1,250  1,030  93 
2019-2026 Euro Medium Term Note (Green Bond) Stibor+1.60 SEK  1,000  1,000  1,000  87  90 
2020-2025 Euro Medium Term Note (Green Bond) Stibor+2.20 SEK  1,550  1,550  1,550  135  140 
2023-2027 Euro Medium Term Note (Green Bond) Stibor+1.25 SEK  2,350  2,350  2,350  205  211 
2023-2028 Euro Medium Term Note (Green Bond) Stibor+1.60 SEK  500  500  500  44  45 
2023-2033 Euro Medium Term Note Stibor + 2.20 SEK  425  425  425  37  38 
Total Floating Rate Bond Loans  658  767 
Total Bond Loans  3,455  3,601 
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5.4 Derivatives 
 Accounting principles
Derivative financial instruments and hedge accounting
Derivative financial instruments are initially recognised in the consolidated 
statement of financial position at fair value and subsequently measured at their fair 
value at each reporting date according to valuation methods described in this 
note. Derivative contracts with maturity greater than 12 months are classified as 
non-current interest-bearing receivables and liabilities, and contracts maturing 
within 12 months are presented under current interest-bearing receivables and 
liabilities. 
When derivative contracts are entered into, the Group designates them as either 
hedges of highly probable forecast transactions or firm commitments (cash flow 
hedges), hedges of the exposure to changes in the fair value of recognised assets 
or liabilities (fair value hedges), hedges of net investments in foreign entities, or 
derivative financial instruments not meeting the hedge accounting criteria in 
accordance with IFRS 9. The method of recognising the resulting gains or losses on 
derivative instruments is dependent on the nature of the item being hedged.
At the inception of a hedge, the Group documents the relationship between the 
hedging instrument and the hedged item, as well as its risk management objective 
and strategy for undertaking various hedging transactions. This process includes 
linking all financial instruments designated under hedge accounting to specific 
assets and liabilities or to specific firm commitments or highly probable forecast 
transactions in order to verify and document the hedge relationship between the 
hedged item and the hedging instrument as required by IFRS 9. The Group also 
documents its qualitative prospective assessment at the hedge inception of 
whether the derivatives used in a hedge relationship are highly effective in 
offsetting changes in fair value or cash flows of hedged items. Hedge effectiveness 
will be assessed in accordance with IFRS 9 requirements.
The hedge ratio used for hedging relationships is usually 1:1. For currency and 
commodity hedging purposes, the Group uses a hedge designation where the 
critical terms of the hedging instrument and the hedged item will coincide in terms 
of the notional amount and timing. In respect of interest rate hedging, the interest 
rate basis between swap contracts and underlying debt will coincide. Since the 
critical terms of the hedges and underlying risks match, the hedging instruments 
are considered to offset any changes related to the anticipated transactions. 
Potential sources of ineffectiveness that may be expected to occur in relation to 
currency and commodity hedges are mainly related to the forecasted transaction 
not occurring in the amount or at the time expected. For interest rate hedges, 
cross-currency basis spread or initial fair value of the hedging instrument at the 
date of hedge designation may result in ineffectiveness being recognised in the 
income statement. Potential sources of ineffectiveness for all the aforementioned 
hedges also include possible effects of credit risk dominating fair value changes 
arising from the hedging instrument and the hedged item designated under the 
hedging relationship.
Cash flow hedges
Derivatives used in currency cash flow hedges are mainly forward contracts and 
options, with swaps mainly used for commodity and interest rate hedging 
purposes. During 2024 and 2023, the Group did not enter into new interest rate swap 
contracts.
Changes in the fair value of derivatives designated and qualifying as cash flow 
hedges, and which are effective, are recognised in a separate equity category of 
OCI cash flow hedges reserve, the movements of which are disclosed in the 
consolidated statement of comprehensive income. For foreign exchange forwards, 
both the spot element and forward points have been included to the hedge 
designation. In case of foreign exchange options, the time value of an option is 
excluded from the hedge designation and only the intrinsic value component of an 
option is designated as the hedging instrument. The changes in option time value 
are recognised in a cost of hedging reserve within OCI. The cumulative gain or loss 
of a derivative deferred in equity is transferred to the consolidated income 
statement and classified as an income or expense in the same period in which the 
hedged item affects the consolidated income statement. The unrealised gains and 
losses related to cash flow hedges are expected to be recycled through the income 
statement within one to four years with the longest hedging contract maturing in 
2027 (2027). However, the majority of the contracts are expected to mature in 2025.
Realised results of hedge accounted derivative instruments hedging foreign 
currency sales transactions or purchases are booked as adjustments to sales or 
materials and services, depending on the nature of the underlying hedged item. In 
respect of hedges of exposures to foreign currency risk of future transactions 
resulting in the recognition of non-financial assets, the gains and losses deferred to 
the cash flow hedges reserve within OCI are transferred from equity to be included 
in the initial acquisition cost of the non-financial asset at the time of recognition. 
The Group may hedge foreign-currency risk of external or internal foreign-currency 
purchases where the underlying amount purchased in a foreign-currency impacts 
the value of inventory in a local currency. In such cases the gains and losses are 
initially booked as an adjustment to raw material inventory and recycled further to 
finished goods inventory with being ultimately recognised in the consolidated 
income statement at the time when the hedged items are sold to an external 
customer. In case of non-current assets, the deferred amounts are ultimately 
recognised in the income statement through depreciation over the lifetime of the 
non-financial assets.
When a hedging instrument expires or is sold, terminated or exercised or no longer 
meets the hedge accounting criteria under IFRS 9, any cumulative gain or loss 
deferred in equity at that time remains in equity and is accounted for as an 
adjustment to income or expense when the committed or forecast transaction is 
ultimately recognised in the consolidated income statement. However, if the 
underlying forecasted transaction is no longer expected to occur, the cumulative 
gain or loss reported in equity from the period when the hedge was effective is 
immediately recognised in the consolidated income statement.
Fair value hedges
In case of fair value hedges, the Group uses either derivatives or borrowings as a 
hedging instrument to manage the risk associated with the fair value of a hedged 
item. The gains and losses on hedging instruments designated and qualifying as 
fair value hedges, and which are highly effective, are recorded in the consolidated 
income statement, along with any changes in the fair value of the hedged assets or 
liabilities attributable to the hedged risk. As at the end of 2024, the Group did not 
have fair value hedges. 
Net investment hedges
For hedges of net investments in foreign entities, the Group uses either derivatives 
or foreign-currency borrowings for this purpose. If the hedging instrument is a 
derivative, any gain or loss thereon relating to the effective portion of the hedge is 
recognised in equity in CTA as disclosed in the consolidated statement of 
comprehensive income; the gain or loss relating to the ineffective portion is 
immediately recognised in the consolidated income statement. In addition, 
exchange gains and losses arising on the translation of a foreign-currency 
borrowing that hedges net investment in a foreign operation are also recognised in 
CTA, with any ineffective portion being immediately recognised in the consolidated 
income statement. The gains and losses recognised in CTA are recycled from 
equity to the consolidated income statement at the time when the underlying 
hedged net investment is disposed.
Non-hedge accounted derivatives
Certain derivative transactions, while providing effective economic hedges under 
Group risk management policies, do not qualify for hedge accounting under the 
specific rules in IFRS 9 and therefore changes in the fair value of such non-qualifying 
hedges are accounted for at fair value in the consolidated income statement. For 
non-hedge accounted derivatives economically hedging foreign-currency risk of 
net of operative receivables and payables, the fair value changes are recognised in 
operating result under other operating income and expense. For other non-hedge 
accounted derivatives, the fair value changes are recognised in the consolidated 
income statement under financial income and expense.
Valuation of derivatives
Derivative financial instruments are recorded in the statement of financial position 
at their fair values defined as the amount at which the instrument could be 
exchanged in an orderly transaction between market participants at the 
measurement date. The fair values of such financial items have been estimated on 
the following basis:
• Foreign exchange forward contract fair values are calculated using forward 
exchange rates at the reporting date. 
• Foreign exchange option contract fair values are calculated using reporting date 
market rates together with common option pricing models.
• Commodity contract fair values are computed with reference to quoted market 
prices on futures exchanges or other reliable market sources.
• Interest rate swaps fair values are calculated using a discounted cash flow 
method.
• Cross-currency swaps fair values are calculated by using a discounted cash flow 
method with the exchange of notional also included in the valuation model.
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Total foreign exchange gains and losses in the income statement 
excluding hedges
EUR million  2024  2023 
Other operating income  27  -11 
Other operating expense  -18  -4 
Borrowings, cash equivalents. lease liabilities and other  -22  -10 
Total  -13  -25 
Hedge gains and losses in operating result
EUR million 2024 2023
Cash flow hedge accounted derivatives
Currency hedges  -2  -7 
Commodity hedges  -5  -2 
Total  -7  -8 
As adjustments to sales  -5  -7 
As adjustments to materials and services  -1  -2 
Realised from OCI through income statement  -7  -8 
Currency hedges ineffectiveness  1  1 
Net gains/losses from cash flow hedges  -6  -7 
Non-hedge accounted derivatives
Net receivable hedges  -3  5 
Net gains/losses on non-hedge accounted 
derivatives  -3  5 
Net hedge gains/losses in operating result  -9  -2 
In 2024, certain forecasted future transactions were no longer expected to 
occur, and due to this hedge accounting was ceased for those 
transactions. This resulted in a gain of EUR 1 (gain of 1) million being booked 
in the Group’s operating result and is being presented in the table above 
as ineffectiveness from cash flow hedges.
Hedge gains and losses in financial items
EUR million 2024 2023
Non-hedge accounted derivatives
Currency derivatives  2  -12 
Interest rate derivatives  0  4 
Net gains/losses on non-hedge accounted 
derivatives  2  -8 
Net gains/losses in financial items  2  -8 
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Nominal and fair values of derivative instruments
EUR million Nominal values
Positive
fair values
Negative
fair values Net fair values Nominal values
Positive
fair values
Negative
fair values Net fair values
2024 2023
Currency derivatives
Forwards: Operational cash flow hedging  1,340  5  -38  -33  1,210  31  -4  27 
Options: Operational cash flow hedging  673  1  -6  -5  405  6  -1  5 
Total cash flow hedge accounted  2,013  7  -44  -38  1,615  37  -5  33 
Forwards: Trade and loan receivables hedging  515  1  -2  -1  379  4  -1  3 
Total non-hedge accounted  515  1  -2  -1  379  4  -1  3 
Total currency derivatives  2,528  7  -47  -39  1,994  41  -6  35 
Commodity derivatives
Electricity swaps: Costs hedging  84  1  -2  -1  14  0  -1  -1 
Oil swaps: Costs hedging  15  0  -1  -1  14  0  -1  -1 
Total cash flow hedge accounted  98  2  -3  -1  28  0  -2  -2 
Total commodity derivatives  98  2  -3  -1  28  0  -2  -2 
Interest rate derivatives
Interest rate swaps: Financial expenses hedging  346  6  0  6  443  16  0  16 
Total cash flow hedge accounted  346  6  0  6  443  16  0  16 
Total interest rate derivatives  346  6  0  6  443  16  0  16 
Total cash flow hedge accounted  2,457  14  -47  -34  2,086  54  -7  47 
Total non-hedge accounted  515  1  -2  -1  379  4  -1  3 
Total derivatives  2,973  15  -50  -35  2,464  57  -8  49 
Positive and negative fair values of financial derivative instruments are shown under interest-bearing receivables 
and liabilities, and non-current interest-bearing receivables and liabilities. The presented fair values in the table 
include accrued interest and option premiums.
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Changes in fair values of hedged items and hedging instruments 2024
EUR million
Change in value 
of hedged item to 
determine hedge 
effectiveness
Change in value 
of outstanding 
hedging 
instruments Ineffectiveness
Foreign exchange risk - Forward and option contracts (excluding option time 
value)
1
 69  -68  1 
Foreign exchange risk - Net investment hedges  17  -17  0 
Commodity price risk - Commodity swaps  5  -5  0 
Interest rate risk - Interest rate swaps  10  -10  0 
1 Ineffectiveness booked in operating result.
Changes in fair values of hedged items and hedging instruments 2023
EUR million
Change in value 
of hedged item to 
determine hedge 
effectiveness
Change in value 
of outstanding 
hedging 
instruments Ineffectiveness
Foreign exchange risk - Forward and option contracts (excluding option time 
value)
1
 -23  24  1 
Foreign exchange risk - Net investment hedges
2
 -10  10  0 
Commodity price risk - Commodity swaps  21  -21  0 
Interest rate risk - Interest rate swaps  13  -13  0 
1 Ineffectiveness booked in operating result.
2 Comparison figures restated.
Breakdown of cash flow hedging reserve and net investment hedges in equity 2024
EUR million At 1 Jan 2024
Change in fair 
value 
recognised in 
OCI/CTA
Reclassified 
from OCI to 
profit and loss
Reclassified to 
non-financial 
assets Tax impact At 31 Dec 2024
Foreign exchange risk - Operational 
cash flow hedging  25  -70  2  0  14  -30 
Commodity price risk - Commodity 
swaps  -1  -5  5  0  0  0 
Interest rate risk - Interest rate swaps  13  -10  0  0  2  5 
Interest rate and foreign exchange 
risk - Cross-currency swaps  0  0  0  0  0  0 
Cost of hedging reserve  1  -3  0  0  1  -2 
Total cash flow hedge reserve in OCI  38  -88  7  0  16  -27 
Foreign exchange risk - Net 
investment hedges  7  -17  0  0  3  -7 
Total net investment hedges in CTA  7  -17  0  0  3  -7 
Total hedging reserves  45  -105  7  0  20  -34 
Breakdown of cash flow hedging reserve and net investment hedges in equity 2023
EUR million At 1 Jan 2023
Change in fair 
value 
recognised in 
OCI/CTA
Reclassified 
from OCI to 
profit and loss
Reclassified to 
non-financial 
assets Tax impact At 31 Dec 2023
Foreign exchange risk - Operational 
cash flow hedging  2  20  8  2  -6  25 
Commodity price risk - Commodity 
swaps  15  -21  2  0  4  -1 
Interest rate risk - Interest rate swaps  23  -13  0  0  3  13 
Interest rate and foreign exchange 
risk - Cross-currency swaps  1  0  -1  0  0  0 
Cost of hedging reserve  -1  2  0  0  0  1 
Total cash flow hedge reserve in OCI  39  -12  9  2  0  38 
Foreign exchange risk - Net 
investment hedges  1  10  -2  0  -2  7 
Total net investment hedges in CTA  1  10  -2  0  -2  7 
Total hedging reserves  40  -3  7  2  -2  45 
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Financial impact of netting for instruments subject to an enforceable master netting agreement 2024
Not offset in the statement of financial position
EUR million
Gross amount of 
recognised 
financial 
instruments
Related liabilities 
(-) or assets (+) 
subject to master 
netting 
agreements
Collateral 
received (-) or 
given (+) Net exposure
Derivative assets  15  -12  0  3 
Derivative liabilities  -50  12  0  -37 
Financial impact of netting for instruments subject to an enforceable master netting agreement 2023 
Not offset in the statement of financial position
EUR million
Gross amount of 
recognised 
financial 
instruments
Related liabilities 
(-) or assets (+) 
subject to master 
netting 
agreements
Collateral 
received (-) or 
given (+) Net exposure
Derivative assets  57  -2  0  56 
Derivative liabilities  -8  2  0  -6 
The Group enters into derivative transactions under master netting agreements agreed with each counterparty. In 
case of an unlikely credit event, such as default, all outstanding transactions under the agreements are 
terminated, and only a single net amount per counterparty is payable for settlement of all transactions. The 
agreements do not meet the criteria for offsetting in the statement of financial position, because offsetting is 
enforceable only in the occurrence of certain future events.
5.5 Shareholders' equity 
 Accounting principles
Dividend and capital repayments
Any dividend or capital repayment proposed by the Board is not deducted from distributable shareholders’ equity until approved 
by the shareholders at the Annual General Meeting.
At 31 December 2024, shareholders’ equity amounted to EUR 10,139 (10,985) million, compared to the market 
capitalisation on Nasdaq Helsinki of EUR 7,657 (9,864) million. The market values of the shares were EUR 9.68 (12.45) 
for A shares and EUR 9.72 (12.53) for R shares. In 2024, EUR 158 (473) million of dividends was recognised as distributed 
to owners, corresponding to EUR 0.20 (0.60) per share.
The A shares entitle the holder to one vote per share, whereas R shares entitle the holder to one vote per ten shares 
with a minimum of one vote, though the accountable par of both shares is the same. A shares may be converted 
into R shares at any time at the request of a shareholder. At 31 December 2024, the Company’s fully paid-up share 
capital, as entered in the Finnish Trade Register, was EUR 1,342 (1,342) million. The current accountable par of each 
issued share is EUR 1.70 (1.70).
At 31 December 2024, Directors and Group Leadership Team members owned 127 (127) A shares and 483,159 
(506,790) R shares representing 0.02% of the total voting rights of the Company. Full details of Director and Executive 
interests are shown in note 3.2 Board and executive remuneration. A full description of Company share award 
programmes is shown in note 3.4 Employee variable compensation and equity incentive schemes. However, none 
of these have any impact on the issued share capital.
Change in number of shares
A shares R shares Total
At 1 January 2023  176,238,280  612,381,707  788,619,987 
Conversion of A shares to R shares  -7,364  7,364  — 
At 31 December 2023  176,230,916  612,389,071  788,619,987 
Conversion of A shares to R shares  -566,837  566,837  — 
At 31 December 2024  175,664,079  612,955,908  788,619,987 
Number of votes as at 31 December 2024¹  175,664,079  61,295,590  236,959,669 
Share capital at 31 December 2024, EUR million²  299  1,043  1,342 
1 The R share votes are calculated by dividing the number of R shares by 10.
2 No changes in share capital in 2024 or 2023.
5.6 Cumulative translation adjustment and equity hedging 
 Accounting principles
The Group operates internationally and is thus exposed to currency risks arising from exchange rate fluctuations on the value of 
its net investment in non-euro entities. Exchange rate differences arising from the retranslation of net investments in foreign 
non-euro entities, and financial instruments that are designated as hedges of such investments, are recognised directly in equity 
in the cumulative translation adjustment (CTA). Movements in CTA (including related hedges) are shown in the consolidated 
statement of comprehensive income. 
The cumulative translation adjustments related to disposed and liquidated entities are combined with their gain or loss on 
disposal. The CTA is recycled in the consolidated income statement upon disposal and liquidation.
The Group policy for translation risk exposure is to minimise this by funding assets in the same currency whenever economically 
viable, but if matching the assets and liabilities in the same currency is not possible, hedging of the remaining translation risk 
may take place. The Group has also applied net investment loan accounting for certain intragroup loans for which settlement is 
neither planned nor likely to occur in the foreseeable future. These are in substance, a part of the entity’s net investment in the 
foreign operation.
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