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

Stora Enso
Annual Report 2025

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Contents
Our year 2025
Stora Enso in brief   ......................................................................... 4
CEO comment     ............................................................................... 5
Key figures     ...................................................................................... 6
Events in 2025    ................................................................................ 7
Stora Enso worldwide     ................................................................. 8
Stora Enso’s products in everyday life   .................................. 9
Our strategy
Stora Enso is a global leading renewable materials 
company with a focus on packaging    ...................................
11
Our business model   .................................................................... 13
ForestCo – Europe’s largest listed pure play 
forest company    ............................................................................
14
Our segments in 2025     ................................................................. 16
Our people
People and culture   ...................................................................... 18
Diversity, equity, and inclusion  ................................................. 19
Governance
Corporate Governance Stora Enso in 2025 ......................... 21
Shareholders’ meetings   ............................................................. 21
Board of Directors    ........................................................................ 22
Board committees  ....................................................................... 26
Management of the Company    ............................................... 27
Internal control and risk management related 
to financial reporting    ..................................................................
30
Members of the Board of Directors   ........................................ 31
Members of the Group Leadership Team     ........................... 33
Appendix 1    ....................................................................................... 35
Shareholders
Information for shareholders   ................................................... 37
Stora Enso in the capital markets    ........................................... 38
Country-by-country reporting of income taxes   ............... 45
Report of the Board of Directors
Introduction     ................................................................................... 48
Year 2025     ........................................................................................ 49
Risk management  ........................................................................ 56
Shares and governance  ............................................................ 60
Outlook   ............................................................................................. 63
Proposal for the distribution of dividend  .............................. 63
Events after the reporting period   ........................................... 64
Alternative performance measures   ...................................... 65
Sustainability Statement ........................................................... 68
Financial Statements
Consolidated financial statements     .................................... 134
Notes to the consolidated financial statements      ............ 139
Parent company Stora Enso Oyj financial statements  . 193
Notes to the parent company financial statements  .... 195
Signatures for the financial statements   ............................ 206
Auditor's report and assurance reports
Auditor’s Report    ......................................................................... 207
Assurance Report on the Sustainability Statement    ...... 211
Independent practitioner’s reasonable assurance 
report on selected sustainability information     .................
213
Appendices
ISSB index: Interoperability of IFRS S1 & S2 standards 
with ESRS   .......................................................................................
214
Sustainability data by production unit   ............................... 221
Capacities by production site in 2026   ................................ 223
Remuneration Report 2025 is available at storaenso.com/annualreport
Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡
U n a u d i t e d  2

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Our year 2025
Stora Enso in brief    ...................................................................................................... 4
CEO comment    ............................................................................................................ 5
Key figures    ................................................................................................................... 6
Events in 2025     ............................................................................................................. 7
Stora Enso worldwide  ............................................................................................... 8
Stora Enso’s products in everyday life      ............................................................... 9
Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡
U n a u d i t e d  3

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Heritage
1288 1862 1872 1998 2005 2014 2016 2019 2021 2023 2025
First documents of 
the Swedish mining 
company Stora 
Kopparbergs 
Bergslag.
This business 
progressed to 
become Stora 
Kopparbergs 
Bergslag 
encompassing 
mining, iron, and 
wood activities.
The Enso branch of 
the company 
emerge with the 
establishment of 
a steam-powered 
sawmill in Kotka, 
Finland, by  Hans 
Gutzeit.
Stora Enso was 
formed through 
the merger of the 
Finnish Enso Oyj 
and the Swedish 
STORA.
Start-up of the 
Veracel pulp mill in 
Brazil (50% owned 
joint  operation).
Start-up of the 
Montes del Plata 
pulp mill in Uruguay 
(50% owned joint 
operation).
Start-up of the 
Beihai mill in China. 
The converted 
paper machine at 
the Varkaus mill in 
Finland starts 
production of 
containerboard.
Stora Enso issues its 
first green bonds.
The first converted 
paper machine at  
Oulu, Finland starts 
production of 
packaging board.
Acquisition of 
De Jong Packaging 
Group in the 
Netherlands. 
Paper business is 
discontinued.
Start-up of the 
second converted 
board machine at 
Oulu, Finland. Sale 
of 12% of Swedish 
forest assets.
We are the renewable 
materials company
Our purpose
Do good for people 
and the planet 
Replace non-renewable 
materials with 
renewable products
Our values
Lead
Do what’s right
Stora Enso in brief
Stora Enso is a global leader in renewable materials. 
As a reliable and trusted partner, we design and deliver 
competitive, high-quality packaging materials and solutions, 
made from fresh and recycled fibers. With our customers, 
we reimagine packaging and co-create renewable material 
alternatives that make a difference. Together, we accelerate 
the transition to a circular bioeconomy.
Stora Enso’s shares are publicly traded on the Helsinki (STEAV, 
STERV) and Stockholm (STE A, STE R) stock exchanges, as well 
as in the USA as ADRs on OTC Markets (OTCQX) and ordinary 
shares (SEOAY, SEOFF, SEOJF).
Sales 
9,326 EUR million
(2024: 9,049 EUR million)
Adjusted EBIT margin 
5.7%
(2024: 6.6%)
Employees
19,000
Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡
U n a u d i t e d  4
Renewable materials
Wood, our raw material, is renewable, recyclable, and fossil-free
Circularity
Our renewable products contribute to a circular bioeconomy
Our segments in 2025
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest

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

CEO comment
In 2025, we continued to execute our strategy 
and profit improvement actions. While market 
conditions remained to be challenging and 
demand was subdued, we stayed focused on 
the areas within our control. We took actions 
that will build a stronger Stora Enso 
going forward.
We made progress in strengthening operational 
efficiency, cost competitiveness, and commercial 
excellence across the Group. In addition, we continued 
to align our portfolio more closely with our core 
renewable packaging business and the operations 
supporting it.
Despite a challenging macroeconomic and market 
environment, Stora Enso delivered resilient results. 
Group sales for the year were EUR 9.3 billion, with 
adjusted EBIT of EUR 528 million. Underlying profitability 
improved across all business areas except 
Biomaterials, which was impacted by lower pulp 
prices. The ramp-up of the Oulu site had an adverse 
impact on the results. Our net debt to adjusted EBITDA 
ratio improved to 2.8, reflecting the positive impact of 
the Swedish forest asset divestment.
As mentioned a significant milestone during the year 
was the successful divestment of approximately 175,000 
hectares of forest land in Sweden. This transaction, 
valued at SEK 9.8 billion (around EUR 900 million), was in 
line with the forest book value and bolstered our 
balance sheet, enhancing our financial flexibility.
During the year, we took an important step in 
maximising shareholder value by deciding to create 
the largest listed forest company in Europe. Our 
remaining Swedish forest assets are planned to be 
demerged into a new publicly–listed entity in 2027, 
comprising over 1.2 million hectares. This new company 
would be well-positioned for long-term value creation, 
with naturally growing standing stock and the prospect 
of stable, inflation-resilient returns. Furthermore, it will 
unlock additional opportunities in advanced forest 
management, land value optimisation, renewable 
energy, and carbon sequestration.
“We took an important step in 
maximising shareholder value by 
deciding to create the largest listed 
forest company in Europe.”
In November, we initiated a strategic review of our 
Central European sawmills and building solutions 
operations, covering seven sawmills across Austria, 
Czechia, Poland, and Lithuania, as well as three cross-
laminated timber mills. While these operations hold a 
strong market position, they do not create synergies 
for our renewable packaging business.
The ramp-up of the new consumer board line at 
our Oulu site in Finland progressed, with increasing 
production volumes. Although this phase impacted our 
profitability during the year, we are confident that the 
Oulu board line will set new industry standards for 
quality and cost competitiveness once fully operational.
During the year, we introduced a new organisational 
structure, establishing seven P&L-responsible business 
areas that reflect the importance of our core business 
of renewable packaging within our portfolio. This 
flatter, more streamlined organisation is designed to 
enhance customer focus, drive operational efficiency, 
and foster a high-performance culture.
We also completed the acquisition of the Finnish 
sawmill company Junnikkala Oy, securing a cost-
efficient wood supply for our Oulu packaging board 
site and supporting our wood products business.
At the end of the year, we hosted a Capital Markets 
Day,  where we introduced new financial targets, 
strategic priorities, and a clear roadmap for the 
coming years. Our strategic priorities are clear: We 
want to lead in customer value creation, grow our 
business, expand margins, and generate strong cash 
flow over the cycle.
In 2025, we strengthened our commitment to 
accelerate the transition to a circular bioeconomy by 
launching a Climate Resilience Plan, which outlines 
the concrete steps supporting our climate ambitions. 
As part of this effort, we have also pledged to phasing 
out coal, reinforcing our continued trajectory towards 
net zero.
By the end of the year, we achieved a 61% reduction in 
Scope 1 and 2 emissions and a 38% reduction in Scope 
3 emissions compared to 2019. We continue to focus 
on performance improvements to enable long-term 
business resilience and the creation of sustained 
value for our stakeholders.
The strategic decisions made during 2025 are laying 
the foundations for two robust and focused 
companies, each better positioned to deliver 
sustained value for our shareholders. As we reshape 
our businesses, we are building a more resilient and 
competitive future for Stora Enso.
The businesses in which we operate are in growing 
segments, driven by strong sustainability trends, and 
Stora Enso holds leading market positions across 
these segments.
I would like to extend my sincere gratitude to our 
owners, employees, customers, and business partners 
for your dedication and collaboration throughout the 
year. Thank you for your continued trust and support.
Hans Sohlström
President and Chief Executive Officer
Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡
U n a u d i t e d  5

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Key figures
2025 2024 2023
Sales growth  3 %  -4 %  -20 % 
Adjusted EBIT margin  5.7 %  7 %  4 % 
Adjusted ROCE¹ excl. Forest  2.7 %  3.6 %  1.0 % 
Net debt to adjusted EBITDA¹ 2.8 3.0 3.2
Net debt to equity  29 %  37 %  29 % 
Dividend per share (EUR)2 0.25 0.25 0.20
1 Last 12 months
2 For 2025, dividend proposal, The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth quarter of 2026.
Sales and adjusted EBIT margin
EUR million
Sales, EUR million
Adjusted EBIT, %
2023 2024 2025
0
2,000
4,000
6,000
8,000
10,000
12,000
0
3
6
9
12
15
18
Net debt to adjusted EBITDA
Net debt to adjusted EBITDA
Target <2.0
2023 2024 2025
0.0
1.0
2.0
3.0
4.0
*Last 12 months
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U n a u d i t e d  6
Biodiversity 
99% 
of the land we own or 
manage was covered by 
forest certification schemes
Circularity 
94% 
of our products 
were technically 
recyclable
Climate change
Our Scope 1 & 2 
CO2e emissions were 
61% 
lower than in the base year
Our Scope 3 
CO2e emissions were 
38%
lower than in the base year
Earnings per share (basic)
E U R   0 . 8 8
last 12 months
Proposed dividend 
E U R   0 . 2 5  
per share
The Board of Directors proposes that 
the dividend be paid in two instalments, during 
the second and fourth quarter of 2026.

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

Events in 2025
Strengthening focus on packaging
The new consumer board line at the Oulu site in 
Finland began operations in the beginning of 
2025. The flexible converted line, with an annual 
capacity of 750,000 tonnes produces folding 
box board (FBB) and coated unbleached kraft 
(CUK) for frozen, chilled, and dry food, as well as 
beverage multi-packaging, primarily for 
customers in Europe and North America.
Divestment of part of Swedish 
forest holdings
Stora Enso divested 12.4% of its Swedish forest 
holdings at an enterprise value of EUR 900 
million, in line with the accounting fair value of 
the divested forest assets. Stora Enso and the 
divested entity entered into a 15-year wood 
supply agreement, securing wood availability 
for Stora Enso’s Swedish business units.
Strategic review of Central 
European sawmills
In November, Stora Enso initiated a strategic 
review of its Central European sawmills and 
building solutions operations. The review covers 
seven sawmills in Austria, Czechia, Poland, and 
Lithuania, and further processing units, 
including three cross-laminated-timber (CLT) 
mills. While the business holds a strong position 
in an attractive market, it does not create 
synergies for Stora Enso’s renewable 
packaging operations.
Strengthening wood supply chains
The acquisition of the Finnish sawmill company 
Junnikkala Oy was finalised in 2025. It secures 
a cost-efficient wood supply to Stora Enso’s 
packaging board site in Oulu, Finland, and 
supports Stora Enso’s wood products business 
with new production assets.
Leaner organisational structure
In July, Stora Enso launched a new 
organisational structure with seven P&L- 
responsible business areas, reflecting the 
importance of its core business of renewable 
packaging in the business portfolio. The flatter 
more streamlined organisation increases 
customer focus, drives operational efficiency 
through greater integration, and strengthens 
the performance culture.
New climate resilience plan
Stora Enso has published a climate resilience 
plan to ensure its strategy and business model 
remain compatible with the transition to 
a sustainable economy amid rapid advances 
in science, technology, and regulation. The plan 
details how the company anticipates, 
w i t h s t a n d s ,  a n d  a d a p t s  t o  c l i m a t e - r e l a t e d  r i s k s  
while addressing opportunities, and sets out 
actions, target delivery, and governance to 
strengthen resilience.
Creating Europe’s largest listed forest company
Stora Enso’s Swedish forest assets are planned to be demerged into 
a new publicly–listed company in 2027, creating Europe’s largest listed 
pure play forest company, comprising over 1.2 million hectares of forest 
land with a fair value of approximately EUR 5.8 billion. The new company 
will be positioned for long-term value growth through naturally growing 
standing stock. The expected stable cash flows would provide investors 
with an opportunity for stable inflation-resilient returns. The company 
will have additional long-term opportunities with potential new revenue 
streams from advanced forest management, land holding value 
optimisation, renewable energy initiatives, and carbon sequestration.
Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡
U n a u d i t e d  7

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Stora Enso worldwide
Stora Enso is a trusted partner globally, with production and deliveries all over the world. 
We are headquartered in Finland, with Nordic values at our core. With local market knowledge 
and presence across the globe, we serve customers with solutions tailored to their needs and 
markets. Our integrated production units utilise wood and pulp synergies to deliver efficiency 
and competitiveness for our global customers, ranging from packaging manufacturers and 
retailers to brand owners and industrial component manufacturers.
Stora Enso manages its own and leased forest land 
covering a total area of 1.9 million hectares worldwide.
Stora Enso head office, Helsinki
Stora Enso Stockholm office
● Packaging materials mills
● Packaging solutions plants
● Sawmills, LVL, CLT
● Sawmills, LVL, CLT under strategic review
● Market pulp mills
Europe
We are a leading European producer of 
packaging board, pulp, and wood-based 
products, with most of our sales and 
production in Europe. We operate 
production units in 11 European countries. 
We source most of our primary raw 
material, wood, from our forests in 
Northern Europe which are strategically 
located near our production facilities, 
as well as from our forest associates and 
private forest owners. In Central Europe, 
the wood and recycled fiber for our 
production facilities is sourced through 
our own organisation.
South America and Asia
We obtain high-quality pulp from  
eucalyptus plantations in South America 
where we have two joint operations, 
Veracel and Montes del Plata. Our share 
of the eucalyptus pulp produced is partly 
used in our production sites and partly 
sold as market pulp, primarily to Europe 
and Asia. Our consumer board site in 
Beihai, China, mainly serves the Asian 
markets with virgin fiber-based board.  
We supply renewable packaging products 
to our customers in Asia through our 
global operations from production sites in 
Europe and South America.
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U n a u d i t e d  8
Europe, 69%
Asia, 16%
Americas, 7%
Middle East, 4%
Africa, 3%
Oceania, 1%
Sales by destination
Finland, 27%
Sweden, 18%
China, 12%
Poland, 10%
Czechia, 6%
Austria, 5%
Other Europe, 16%
Brazil and Uruguay, 4%
Other countries, 1%
Employees by country¹ 
1 Including 50% of the employees at Veracel in 
Brazil and Montes del Plata in Uruguay.
Only EU packaging 
peer with internal 
cost competitive 
eucalyptus 
pulp supply
Veracel
Montes del Plata
Beihai
Enocell
Skutskär
Oulu
Varkaus
Imatra
Anjala
Heinola
Fors
Skoghall
Langer-
brugge
Ostrołęka
New Oulu consumer board 
will be one of the most 
cost competitive 
integrated mega sites.

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

Stora Enso’s 
products in 
everyday life
Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡
U n a u d i t e d  9
Hard carbon for batteries
Hard carbon from lignin is a biobased material for 
batteries, offering a sustainable alternative to mined 
or fossil-based materials and ideal for use in electric 
vehicles, energy storage systems, and more.
E-commerce packaging
Recyclable solutions for e-
commerce packaging, ensuring 
protection and cushioning while 
enabling easy returns.
Paper cups
Cupstock designed for hot 
and cold beverage cups 
with sealable barriers and 
high resistance.
Wood foams
Recyclable and biodegradable 
cellulose-based packaging 
foam that, replaces fossil-
based foam in cushioning.
Unbleached fluff pulp
Used for hygiene applications such 
as baby care and feminine care 
products. 30% lower carbon footprint 
compared to traditional fluff pulp.
Fresh food trays
Easy-peeling packaging board used for 
products such as cold cuts, fish, and 
cheese. Consists of 90% wood fiber, 
keeping plastic usage to a minimum.
Carton packaging for liquid food
Wood fiber-based packaging materials 
used for packaging juices, milk, yogurt, 
soups and other liquid-based products 
are suitable for recycling.
Wood-based building solutions
Prefabricated mass timber solutions 
for offices, schools and multi-storey 
buildings, to create sustainable and 
low-carbon architecture.
Ready-meal trays and cups
Lightweight, 100% food-safe 
virgin fiber packaging, suitable 
for frozen and chilled ready 
meals or take-away.
Paperboard tube with 
a fiber-based closure
Designed for cosmetics 
and personal care 
applications, with all 
components recyclable. Corrugated board for industrial, bulk 
and heavy-duty transport packaging 
Cost- and weight-efficient packaging 
that is easy to assemble, handle, 
and recycle.
Renewable leak-tight 
flower packaging box
Allows customers 
to switch from plastic 
buckets to renewable 
cardboard boxes 
optimised for transport.
Folded boxes for dry food
Made from food safe, renewable 
materials to replace plastic in 
dry foods such as cereals, pasta 
or chocolate.
Transport box for fruit 
High-quality, food-safe 
white top kraftliner 
packaging board made 
from fresh fibers; strong, 
light material suited for 
fresh produce transport 
and retail.

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

Our strategy
Stora Enso is a global leading renewable materials company 
with a focus on packaging  .................................................................................
11
Our business model   ............................................................................................... 13
ForestCo – Europe’s largest listed pure play forest company   ................ 14
Our segments in 2025  ........................................................................................... 16
Our year 2025 Our strategy Our people Governance Shareholders Report of the Board of Directors Sustainability Statement Financial Statements Appendices ≡
U n a u d i t e d  10

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

Stora Enso is a global leading 
renewable materials company 
with a focus on packaging
Our strategy is to lead in renewable materials, with a strong focus on packaging. We see 
growth opportunities in the renewable packaging market, where we already hold a solid 
position and have made significant investments.
The global packaging industry is undergoing 
a transformation, driven by powerful macro trends. 
Circularity, eco-awareness, climate change, and 
resource scarcity are reshaping consumer preferences 
and regulations. More than half of consumers prioritise 
the renewability and recyclability of packaging, and 
the substitution of plastics is expected to accelerate.
These megatrends create strong tailwinds for our 
focus on renewable materials and packaging, and 
we are exceptionally well–positioned to capture 
this growth.
Key megatrends affecting our business
Circularity
Circularity is gaining momentum across various 
sectors and regions, driven by policy, innovation, and 
consumer demand. The world needs materials that 
are both renewable and recyclable, and supporting 
a circular bioeconomy to combat climate change, 
conserve natural resources, and minimise waste.
Climate change
The increase in average global temperatures 
has significant impacts on the environment, society, 
and economy, including melting ice caps, rising sea 
levels, extreme weather events, biodiversity loss, food 
insecurity, and health risks. A key factor in 
decelerating climate change, and one where 
Stora Enso can contribute, is the replacement of 
fossil-based materials with renewable alternatives.
Eco-awareness
Climate change necessitates the more efficient 
use of natural resources, and consumer demand for 
sustainable products is growing. Investors and other 
financial institutions are increasingly factoring climate 
and biodiversity impacts into their investment 
strategies. Meanwhile, policymakers and regulators 
are developing regulations to mitigate and adapt to 
climate change and halt biodiversity loss.
Resource scarcity
Population growth, increasing consumption 
patterns, and climate change have led to the 
depletion of natural resources, subsequently 
increasing their price. This emphasises the need for 
efficient resource utilisation, the establishment of 
circular material flows, and waste reduction.
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U n a u d i t e d  11

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

We hold leading market positions across our business 
areas, including being the global leader in liquid 
packaging board and Europe’s number one in other 
virgin fiber cartonboards.
With the planned demerger of our Swedish forest 
assets, the strategic review of our Central European 
sawmills and building solutions operations, and more 
flexible, integrated, and cost-competitive production, 
we are in an excellent position to further strengthen 
our leadership in renewable materials, with an even 
sharper focus on packaging.
To support this, we have introduced four strategic 
priorities, built on our core strengths and market 
opportunities, while also addressing the challenges 
we face.
Our strategic priorities are:
1. Lead in customer value creation through innovation, 
quality, and sustainability.
We are the trusted partner for the world’s leading 
brands, with relationships that span decades. Our 
customers are world-class companies operating 
in over 60 countries. They seek sustainable, 
renewable, and recyclable packaging that supports 
differentiation, e-commerce readiness, co-creation, 
and smart features, such as connected packaging or 
lightweight designs, to reduce carbon footprints and 
costs. We contribute to their success by leading in 
quality, innovation, and sustainability.
Customer-centric innovation is at our core. We launch 
approximately one new product every month, and 
new products already account for 18% of our 
packaging materials sales — and this innovation 
rate continues to accelerate.
2. Grow faster than market with a superior customer 
offering, leading technology, and operational 
efficiency.
We offer the broadest and most competitive portfolio 
to meet all packaging needs. For brand owners and 
converters, having all packaging options available 
from a single trusted supplier simplifies operations, 
provides greater flexibility, and strengthens 
partnerships. A key driver of our competitive 
advantage is our modern, well-invested, and highly 
integrated production and asset base.
3. Expand margin through business focus, positive 
performance culture, and systematic value creation.
Our highly broad and competitive product portfolio 
enables us to meet diverse customer needs, swiftly 
adapt to market trends, and seize opportunities across 
multiple segments. This allows us to optimise costs 
and production while driving better margins.
The combination of modern assets and cost-
effectiveness facilitates the delivery of reliable, high-
quality products to our customers, while supporting 
margin expansion and long-term growth.
Our positive performance culture drives continuous 
and systematic improvement across the entire 
company — in operations, sales, procurement, 
and support functions.
4. Generate cash with high conversion ratio and 
disciplined capital allocation.
We have made significant investments to enhance 
our competitiveness in renewable packaging. 
Our Oulu consumer board line will be reaching full 
capacity during 2027. With major investments now 
complete, with improving profitability, and disciplined 
capital allocation, we are well placed to increase cash 
flow and maintain strong cash conversion. We also 
have strict capital allocation priorities, including 
reducing debt.
These strategic priorities are shaping and guiding our 
decisions and our daily actions. They are enabling us 
to become a leader in renewable materials, with 
strong focus on packaging.
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U n a u d i t e d  12
Financial targets
We have also introduced new financial targets that will be valid from 2026 onwards:
<1 ×*
Net debt/EBITDA
>4%
Revenue growth
>10% 
EBIT margin
50% 
Payout ratio
* Temporarily the flexibility to increase up to 2 × for strategic investments
Our strategic priorities build on our core strengths
Core strengths and positioning Strategic priorities
Growing markets
The fiber-based packaging market is 
experiencing robust growth on the back of 
consumer demand and plastic substitution
Lead in customer value creation through 
innovation, quality, and sustainability
Leading market positions
Stora Enso holds leading market positions 
across our segments
Grow faster than market with a superior 
customer offering, leading technology, 
and operational efficiency
Attractive product offering
Stora Enso provides the widest and most 
competitive range of fiber-based packaging, 
covering all major grades
Expand margin through business focus, 
positive performance culture, and systematic 
value creation
Cost competitive integrated assets
Our competitive advantage is our modern, 
well-invested, and cost-effective integrated 
asset base
Generate cash with high conversion ratio 
and disciplined capital allocation
Systematic continuous improvement 
with value creation
Continuous improvement through a focused 
business approach and systematic value 
creation initiatives

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

Our business model
How we optimise 
stakeholder value in 
a circular bioeconomy
Together with our partners, we work 
to replace or reduce the use of 
fossil-based materials
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U n a u d i t e d  13
Focus areas
 We are positioned in the following 
growing segments:
Renewable packaging is 
driven by high demand for 
circular packaging. We hold 
leading market positions 
across our segments
Biomaterials – We are 
offering innovative and 
sustainable materials within 
biomaterials and operate in 
high margin markets with 
our portfolio of biobased 
solutions
Forest
Our value creation has its 
foundation in the forest, where 
wood represents the largest 
part of our raw material. 
Suppliers
With over 20,000 
contractors, sub-
contractors and 
suppliers, we prioritise 
responsible raw material 
sourcing and foster 
long-term relationships 
with key partners.
Operations
We constantly improve resource 
efficiency and make use of material 
streams that would otherwise end up 
as waste. Operating in a circular 
economy, many of our products and 
materials can be reused and recycled 
to reduce environmental impact 
and maximise value.
Customers
Our investments in energy, raw material 
efficiency, and product development 
enable customers to achieve their climate 
and circularity goals. By partnering with 
customers and other stakeholders, we 
create sustainable, valuable products that 
enhance our customer relationships 
and market share.
Consumers
We support our customers  in meeting the 
growing consumer demand for low-
carbon, circular products and, when 
possible, replacing fossil-based products 
with renewable ones. Consumers world–
wide use our products daily, such as milk 
cartons, boxes for products bought online, 
and wooden housing.

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

ForestCo – Europe’s largest 
listed pure play forest company
Stora Enso is preparing to separate its Swedish forest assets into a new publicly listed company, 
with completion anticipated in the first half of 2027. The new entity, ForestCo, would comprise 
more than 1.2 million hectares of forest land in Sweden, representing a distinctive, high-quality 
asset base positioned for sustainable, long-term value appreciation.
ForestCo would be positioned as the largest listed 
pure play forest company in Europe, offering investors 
exposure to forest assets. The world sees a demand 
for sustainable materials, land scarcity continues to 
increase. Trees mature biologically, producing high-
quality wood and serving as the source for building 
and packaging end-uses. Forest land has historically 
shown resilience against inflation and market volatility.
The value from forests comes both from biological 
growth and underlying land appreciation over the 
long term. Global sustainability trends are driving 
demand for renewable materials as substitutes for 
fossil-based and forests also play a critical role in 
carbon sequestration.
Strategy: Grow long-term value via sustainable 
asset development and land appreciation
Value return
~7%
(hist.)
Forest asset value at the end of 2025
~5.8 BEUR
Customer base: Local, mainly focused on timber processors
Listing: Nasdaq Stockholm & Nasdaq Helsinki 
(Listing expected in H1 2027)
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===== SIDA 15 =====

Swedish forest assets returns over the last +30 years
Total return1, forest Sweden 
(Index 1990=100, 1990-2023)
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
20230
200
400
600
800
1000
Source: Swedish Forest Agency; Ludvig&Co; Lantmäteriet; Riksskogstaxeringen (SLU)
1 Total returns comprise of land appreciation, standing stock net volume growth and annual harvest return. 
Land appreciation ~4.5% p.a.
• Historical average price development since 1990
• Significantly above inflation and excludes the underlying
growth in standing stock
Standing stock net volume growth ~1% p.a.
• Steady increase in standing stock volume
• Increasing growth rate over time driven by improvements
in forestry operation
Annual harvest return ~1.5% p.a.
• An average net forestry margin of >50% since 1990
• Annual harvesting volume has been an average
of close to 3% of standing stock since 1990
Non-harvest related returns
• Net revenues from non harvesting related land-use activities
(wind and hunting leases, gravel and land optimisations)
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Additional opportunities for incremental value creation
Advanced forest 
management and related 
services and products
Digital twin of all Nordic forests 
allows data analysis driving 
optimal forest management
Renewable energy
Develop and sell ‘Ready-to-
Build’ stage projects, with the 
ambition of 10 TWh of wind 
power by 2035.
Land holding value 
optimisation
Divest land with a high share of 
‘set-aside’ areas, acquire land 
with a greater share of fiber-
base areas, and leverage 
zoning to unlock value
Carbon storage
Carbon credits through carbon 
capture, peatland rewetting, 
and other activities that drive 
CO2 sequestration
~7%1 p.a.
Located in mid-Sweden, with ~40 million m³ of annual demand
Excellent forest growing conditions, leading to a faster-
expanding timber stock vs. other large-scale competitors
130 million m³ standing stock with over 3 million m³ of annual 
harvesting volume, and net standing stock increasing ~1.0% p.a. 
Strong sustainability features, with forests binding ~1.5 million 
tonnes of CO2 equivalents p.a.
Long-term wood supply to Stora Enso, with gradually decreasing volume commitments 
for over 18 years, provides predictable demand whilst ensuring flexibility.
ForestCo
ForestCo:s forest holdings 
are located in the most 
productive available 
growing region in Sweden

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

Our segments in 2025
Share of external sales
46%
11%
12%
17%
13% 0%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Share of personnel
36%
22%
10%
21%
8% 3%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Wood procurement by countries/region¹
%
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Products and applications Main customer groups Market position
Packaging Materials
Packaging Materials is a global leader and expert partner in circular 
packaging, providing premium packaging boards, made from virgin 
and recycled fiber. Stora Enso helps customers reduce the use of fossil-
based materials by offering renewable and recyclable products for 
their food, beverage, and transport packaging based on a wide 
selection of base boards and barrier coatings.
• Liquid packaging board
• Foodservice board 
• Fresh cartonboard
• Containerboard
• Book paper
• Newsprint, magazine paper
Packaging converters, 
food producers, brand 
owners, retailers, and 
book and newspaper 
producers
#1 
globally in liquid 
packaging board
#1 
in Europe in fresh 
cartonboard
Packaging Solutions
Packaging Solutions is a packaging converter that produces 
premium fiber-based packaging products for leading brands across 
multiple market areas, including retail, e-commerce, and industrial 
applications. Additionally, the offering includes design and 
sustainability services to help customers optimise material use, 
improve logistics, and reduce CO2 emissions.
• Boxes and trays for 
packaging
• Packaging design and 
automation
• Converting of carton and 
corrugated board
Brand owners in 
fresh produce, 
horticulture,  food 
and beverage, 
industrial 
applications, 
e-commerce, 
electronics, retail 
and transport 
industries
#1 
integrated producer in 
Sweden & Finland
#2 
in corrugated boxes in 
the Benelux countries
Biomaterials
Biomaterials’ foundation is built on pulp, with the aim of becoming 
customers’ first choice in selected grades. To unlock the full potential 
of a tree, the business also leverages all fractions to create innovative 
biobased solutions, that replace fossil-based and other non-
renewable materials.
• Pulp
• Hard carbon battery material
• Lignin 
• Biobased binders
• Wood foams
• Biobased chemicals
• Formed fiber
• Tall oil and turpentine
Packaging, paper, 
tissue, specialty 
paper, hygiene 
products, 
construction, and 
furniture industries 
and chemical 
producers
#1 
fluff producer 
in Europe                          
#1 
UKP market pulp
globally
Wood Products
Wood Products is Europe’s largest sawn timber producer and 
a leading provider of sustainable wood-based solutions for the global 
building sector. It provides renewable and low-carbon wood-based 
solutions that help decarbonise the built environment. Additionally, 
the offering includes window and door components, and co-products 
such as pellets made from wood residuals.
• Material for mass timber 
construction: CLT, LVL
• Services and digital tools
• Building concepts
• Window and door 
components
• Sawn and planed wood 
• Pellets
• Sawdust
Construction 
companies, wholesalers 
and retailers
#1
globally in construction 
cross-laminated timber
#1 
in Europe in classic 
sawn wood
Forest
Forest is responsible for wood sourcing for Stora Enso’s Nordic and 
Baltic operations as well as for B2B customers. It manages the Group’s 
forest assets in the Nordics. The operations are based on sustainable 
forest management, encompassing planning, logistics, harvesting, 
and forest regeneration.
• Wood procurement
• Management of the 
Group’s own forests
• Biodiversity management
• Forest management and 
other services for private 
forest owners
Stora Enso’s Nordic and 
Baltic production sites, 
B2B customers, private 
forest owners
One of the largest 
private forest owners 
in the world
1 Stora Enso  implemented a new financial reporting structure as of  1 January 2026, aligning with the Group’s enhanced focus on renewable materials and packaging. The new reporting segments are Consumer Packaging, Integrated Packaging, Biomaterials, and Other.
Supply from own and managed sources³, %
Supply from other sources, %
Finland
Sweden and Norway
Central EuropeBaltic countries
Uruguay²Brazil² China
0
10
20
30
40
50
1 Total amount of wood (roundwood and chips) procured within these 
regions for delivery to our units (million m³ solid under bark).
2 Figures for Brazil and Uruguay include 50% of the wood procurement of 
our joint operations Veracel and Montes del Plata.
3 Includes wood delivered from Stora Enso’s forests to third-parties. 
Managed sources consist of long-term harvesting rights and contracts.
In 2025, we harvested in own and leased forests and sourced from long-
term agreements a total of 10.6 million m³. Our deliveries to our mills were 
30.6 million m³ in total excluding energy wood.

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

Our people
People and culture  ................................................................................................. 18
Diversity, equity, and inclusion    ........................................................................... 19
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===== SIDA 18 =====

People and culture
Stora Enso offers renewable material choices that make a difference and meet today’s 
needs while safeguarding tomorrow. This, combined with our mission to do good for 
people and the planet, provides our people with meaningful work. In our positive 
performance culture, our ambitious experts get to work with dedicated colleagues and 
grow to their full potential in a safe and inclusive working environment. This is reflected 
in our People Promise and Expectations framework, developed in 2024.
Employee engagement built on 
community and growth
Stora Enso strives to understand employee 
perspectives and measure progress on our People 
Promise. We continuously adjust and refine our 
approach to support teams and improve through our 
all-employee survey, Engage. In 2025, our global survey 
had a response rate of 77%. The engagement score 
was 7.6 on a scale of 1–10 (2024: 7.8), slightly above the 
industry benchmark and showing steady engagement 
even during challenging times. Colleagues, growth 
opportunities, and Stora Enso’s sustainability ambitions 
are the greatest sources of motivation for our people.
Ways of working in new business areas
Following the strategy shift in 2025, Stora Enso 
implemented a leaner organisational structure to 
reflect a stronger focus on renewable packaging. 
The new approach increases customer focus through 
decentralised business areas, captures synergies 
across the value chain, and reduces complexity with 
leaner, centralised Group functions. This has involved 
change management across the company. 
Throughout the process, we have carefully adhered to 
national, union, and Works Council guidance, while 
providing managers and employees with continuous 
support and communication in various channels.
Our positive performance culture
To foster a positive performance culture, we follow 
a concept of 4As: Ambition, Agility, Analytical Approach 
and Accountability guide our high-performance 
teams in creating a strong, transparent company 
culture, built on our values of Lead and Do what’s right.
We challenge ourselves and always inspire each other 
to better results by actively giving feedback and 
enabling our people to leverage their abilities and 
voice their opinions. We enhance efficiency and raise 
the clock speed to answer to customer needs in 
the changing market. We utilise new forums to enable 
quicker problem-solving and connect performance 
management processes across the organisation. 
We are committed to continuous improvement and 
encourage our people to develop their skills and 
career, staying accountable for their goals and results.
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Cornerstones of our People Promise
Provide a safe, diverse, 
and inclusive environment
We value diversity and inclusion as they 
boost competitiveness, improve decision-
making, and encourage job satisfaction, 
innovation, and agility.
Across all our operations and offices, 
we encourage all our people to actively 
participate in continuous safety 
improvement. We promote mental health 
awareness and physical safety through 
webinars and discussion forums.
Drive customer value, 
performance, and innovation
We are a trusted partner for our customers, 
listening proactively to their needs. As 
a global leader, we are committed to 
making a positive impact and driving 
customer value through quality materials, 
innovation, and sustainable practices.
This is all built by our dedicated experts 
and high-performance teams, supported by 
diversity, collaboration and continuous 
development. We strengthen our experts 
and managers’ skills and capabilities 
through various training programmes, 
workshops, webinars, and conferences.
Grow to your full potential
We encourage all employees to drive their 
growth, set high ambitions, and embrace 
development opportunities to enhance their 
knowledge, skills, and networks. We plan and 
provide learning opportunities to ensure the 
organisation has the necessary capabilities 
to meet market demands in a fast-changing 
world. In 2025, we expanded our learning 
portfolio with extensive Roots and Bloom 
programmes and other wide-ranging 
resources to provide our experts and leaders 
alike with opportunities to develop their 
leadership and succeed.

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

Diversity, equity, and inclusion
Stora Enso is committed to offering an inclusive and equitable workplace where we value 
differences and everyone can come as their full self to work. An inclusive, psychologically 
safe community boosts employee well-being and motivation, and employees from diverse 
backgrounds bring a variety of perspectives, enabling us to respond to customer and 
market needs more effectively.
Our commitment to a safe, diverse, and inclusive 
working environment is outlined in our People Promise 
and Expectations. Reflecting the diverse societies in 
which we operate, a diverse and psychologically safe 
community is essential to achieving our strategic 
goals. Diversity and inclusion drive improved 
performance, collaboration, and innovation. We 
appreciate diversity of thought and encourage 
employees to share their views. In our speak-up 
culture, led by our values and strong ethics, we have 
a zero-tolerance policy towards discrimination, 
harassment, or bullying.
We regularly monitor employee feedback and 
perspectives on our diversity and inclusion efforts 
through Engagement surveys. In our Inclusion Index 
in our global employee survey, we scored 8.4 in 2025 
(on a scale of 1–10), remaining on the same level as 
previously. This places Stora Enso in the average rank 
within the manufacturing industry.
We work actively towards greater inclusion through 
various initiatives, such as promoting gender balance, 
building employee resource groups, and generating 
awareness around all kinds of diversity, inclusion, 
and intersectionality.
Gender
Gender balance in an important aspect of our talent 
recruitment and leadership. To promote gender 
balance, we have set a target on reaching 25% 
representation of female managers among all 
managers. In 2025, female managers made up 24% 
of all managers, and we continue to work towards 
a stronger gender balance in management positions.
Stora Enso is committed to 
continuously improving DE&I, 
creating an environment where 
every employee feels valued, 
respected and that they belong.
Gender diversity work is also driven with and within 
our business areas but also wider in business and 
engineering. For instance, the Female Leader Engineer 
Talent Programme is a business-driven cooperation 
between different industrial and technology 
companies. In the programme, we drive gender 
diversity in recruitment and encourage more women 
to pursue leadership positions in engineering.
Celebrating diversity of all kinds
While we have set key performance indicators (KPIs) 
related to gender balance, we acknowledge that 
diversity includes more than just gender. It also 
involves age, ethnicity, national origin, and other 
aspects of identity. In our awareness campaigns, 
we share experiences and knowledge about different 
aspects of diversity, coinciding with events such as 
International Women’s Day, Pride Month, and Mental 
Health Day.
These different aspects are celebrated in our various 
employee resource groups (ERGs) that foster 
awareness and a sense of belonging. For example, 
the Raibow Alliance ERG supports LGBTQI+ employees 
and allies.
In addition to our awareness campaigns, we arranged 
leadership trainings on inclusion for our managers in 
2025. For instance, Inclusion for Competitiveness 
workshops took place in Poland, Sweden, Finland, and 
Latvia, training managers on inclusion to foster 
an inclusive an attractive work environment. By 
focusing on leadership development and identifying 
gaps, strengths, and opportunities, we are future-
proofing our position as a competitive employer.
Overall, Stora Enso is committed to continuously 
improving DE&I, creating an environment where every 
employee feels valued, respected, and included.
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Inclusion Index 
8.4
in our employee engagement 
survey (scale 1–10)
Employees representing 
80
different citizenships
Share of women 
24%
among all managers

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

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

Corporate Governance 
Stora Enso in 2025
The duties of the various bodies within Stora Enso Oyj (“Stora Enso” 
or the “Company”) are determined by the laws of Finland and by the 
Company’s corporate governance policy, which complies with the Finnish 
Companies Act and the Finnish Securities Market Act. The rules and 
recommendations of the Nasdaq Helsinki Oy and Nasdaq Stockholm AB 
stock exchanges are also followed, where applicable. The corporate 
governance policy is approved by the Board of Directors (“Board”).
Stora Enso complies with the Finnish Corporate Governance Code 2025 
issued by the Securities Market Association (the “Finnish Code”). The Finnish 
Code is available at cgfinland.fi. Stora Enso also complies with the Swedish 
Corporate Governance Code (the “Swedish Code”), with the exception of 
the deviations listed in Appendix 1 of this Corporate Governance Report. 
The deviations are due to differences between Swedish and Finnish 
legislation, governance code rules and practices, and in these cases 
Stora Enso follows the practice in its domicile. The Swedish Code is issued 
by the Swedish Corporate Governance Board and is available 
at corporategovernanceboard.se.
This Corporate Governance Report is available as a PDF document at 
storaenso.com/investors/governance.
General governance issues
The Board and the President and CEO are responsible for the management 
of the Company, the roles and responsibilities of which are described in 
more detail later in this report. Other governance bodies have an assisting 
and supporting role.
The Stora Enso group prepares Consolidated financial statements and 
interim reports conforming to International Financial Reporting Standards 
(IFRS Accounting Standards). The Company’s sustainability statement is 
prepared in accordance with the European Sustainability Reporting 
Standards. The annual financial statement, the Report of the Board of 
Directors including the sustainability statement and interim reports are 
published in Finnish and English. Stora Enso prepares its financial 
statements in accordance with the Finnish Accounting Act.
The Company’s head office is in Helsinki, Finland, and it also has head office 
functions in Stockholm, Sweden.
Stora Enso has one statutory auditor elected by the shareholders at the 
Annual General Meeting (the “AGM”).  To the maximum extent possible, 
corporate actions and corporate records are taken and recorded in English.
Objectives and composition 
of governance bodies
The shareholders exercise their ownership rights through the shareholders’ 
meetings. The decision-making bodies responsible for managing the 
Company are the Board and the CEO, while the Group Leadership Team 
(GLT) supports the CEO in managing the Company.
The day-to-day operational responsibility rests with the GLT members. 
supported by teams from the Business Areas and functions.
Governance bodies
Shareholders’ meeting
Shareholders’ Nomination Board
External Audit
Board of Directors
Financial and Audit Committee
People and Culture Committee
Sustainability and Ethics Committee
Internal Audit
Risk management
Internal control
Ethics and 
Compliance
President and CEO
Group Leadership Team (GLT)
Shareholders’ meetings
The AGM is held annually to present detailed information about the 
Company’s performance and to deal with matters such as adopting 
the annual accounts, setting the dividend (or distribution of funds) and its 
payment, and appointing the Chair, Vice Chair, and the members of the 
Board of Directors, as well as the Auditor.
Shareholders may exercise their voting rights and take part in the 
decision-making process of Stora Enso by participating in shareholders’ 
meetings. Shareholders also have the right to ask the Company’s 
management and Board of Directors questions at shareholders’ meetings. 
Major decisions are taken by the shareholders at Annual or Extraordinary 
General Meetings. At a shareholders’ meeting, each A share and every ten 
R shares carry one vote. Shareholders may also exercise their decision-
making rights by means of pre-voting, which has been offered by the 
Company as a means of exercising voting rights since 2020.
The Board of Directors convenes a shareholders’ meeting by publishing 
a notice of the meeting at the Company’s website not more than three 
months before the last day for advance notice of attendance mentioned 
in the notice of the meeting and not less than three weeks before the date 
of the meeting. In addition, the Company publishes details on the date and 
location of the meeting, together with the address of the Company’s 
website, in at least two Finnish and two Swedish newspapers. Other 
regulatory notices to the shareholders are delivered in the same way.
The AGM shall be held annually by the end of June in Helsinki, Finland. 
The Finnish Companies Act and Stora Enso’s Articles of Association specify 
in detail that the following matters have to be dealt with at the AGM:
• presentation and adoption of the annual accounts
• presentation of the Board of Directors report and the Auditor’s report
• use of the result and distribution of funds to the shareholders
• resolution concerning discharge of the members of the Board and 
the CEO from liability
• adoption of the remuneration report and, when necessary, 
remuneration policy
• decision on the number of the members of the Board and the 
remuneration of the members of the Board, the Auditor, and the 
Sustainability Reporting Assurer
• election of the Chair, Vice Chair, and other members of the Board, 
the Auditor and the Sustainability Reporting Assurer
• any other matters notified separately in the notice of the meeting.
In addition, the AGM shall take decisions on matters proposed by the Board 
of Directors. A shareholder may also propose items for inclusion in the 
agenda provided that they are within the authority of the shareholders’ 
meeting and the Board of Directors was asked to include the items in the 
agenda no later than on the date set out by the Company, which must be 
not earlier than four weeks before the publication of the notice of the 
meeting and which will be announced at the Company’s website no later 
than by the end of the financial year preceding the AGM.
An Extraordinary General Meeting of Shareholders is convened when 
considered necessary by the Board of Directors or when requested in 
writing by the Auditor or shareholders together holding a minimum of one 
tenth of all the shares to discuss a specified matter which they 
have indicated.
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===== SIDA 22 =====

In 2025 
Stora Enso’s AGM was held on 20 March 2025 in Helsinki, Finland. Of all issued 
and outstanding shares in the Company, a total of 68.3% of all shares (66.7% in 
2024) and a total of 83.9% of all votes (83.2%) were represented at the meeting, 
with 91.7% of all A shares (91.4%) and 61.6% of all R shares (59.6%) represented. All 
Board members and most of the GLT members as well as Company’s Auditor 
were present at the meeting. The AGM, in addition to regular matters, 
authorised the Board to decide on a share issue or share repurchase covering 
a maximum of 2,000,000 R shares in order to carry out the Company’s 
compensation or remuneration schemes. No Extraordinary General Meetings 
of Shareholders were convened in 2025. 
Shareholders’ Nomination Board
Shareholders at the AGM have established a Shareholders’ Nomination 
Board to exist until otherwise decided, and to annually prepare proposals 
to the shareholders’ meeting concerning:
• the number of members of the Board;
• the Chair, Vice Chair, and other members of the Board;
• the remuneration for the Chair, Vice Chair, and members of the Board;
• the remuneration for the Chair and members of the committees of 
the Board.
The AGM has approved the Charter of the Shareholders’ Nomination Board 
and shall approve any proposed amendments of the Charter, other than 
technical updates. The Shareholder’s Nomination Board according to its 
Charter comprises four members:
• the Chair of the Board; 
• the Vice Chair of the Board;
• two members appointed annually by the two largest shareholders 
(one each) as of 31 August.
The Board through its Chair shall ensure that the annual appointment of 
the members to the Shareholders’ Nomination Board is carried out as set 
out in the Charter as decided by the AGM. The Board Chair shall annually 
convene the first meeting of the Shareholders’ Nomination Board, which 
shall elect its Chair amongst its members that are annually appointed by 
the Company’s two largest shareholders.
The Shareholders’ Nomination Board shall serve until further notice, unless 
the AGM decides otherwise. Its members are elected annually, and their 
term of office shall end when new members are elected to replace them.
In 2025
The Shareholders’ Nomination Board comprised four members: Kari Jordan 
(Chair of the Board), Håkan Buskhe (Vice Chair of the Board) and two other 
members appointed by the two largest shareholders, namely Matts Rosenberg 
(Solidium Oy) and Marcus Wallenberg (FAM AB). Until 18 December 2025 
Solidium was represented by Jouko Karvinen. Marcus Wallenberg was elected 
Chair of the Shareholders’ Nomination Board.
The main tasks of the Shareholders’ Nomination Board were to prepare the 
proposals for the AGM 2026 concerning Board members and their 
remuneration. During its working period 2025–2026, the Shareholders’ 
Nomination Board convened six (6) times. All members were male. The 
members’ participation rate in meetings amounted to 96%. Kari Jordan and 
Håkan Buskhe did not participate in the preparations or the decision-making 
regarding Board remuneration.
In its proposal for the AGM 2026, the Shareholders’ Nomination Board proposes 
that of the current members of the Board of Directors Håkan Buskhe, Helena 
Hedblom, Astrid Hermann, Christiane Kuehne, Richard Nilsson, Elena Scaltritti 
and Antti Vasara be re-elected members of the Board of Directors until the 
end of the following AGM and that Jouko Karvinen be elected new member of 
the Board of Directors for the same term of office. It is proposed that Håkan 
Buskhe be elected Chair of the Board and Jouko Karvinen Vice Chair of the 
Board. Kari Jordan and Reima Rytsölä have informed the Shareholders’ 
Nomination Board that they are not available for re-election. The Shareholders’ 
Nomination Board also proposes that the annual remuneration for the Chair, 
Vice Chair, and members of the Board of Directors, as well as for the Chairs 
and members of Board Committees be maintained at 2025 level.
For the purpose of carrying out its tasks, the Shareholders’ Nomination Board 
has received the results of the external evaluation of the Board of Directors as 
well as the assessment of each director’s independence of the Company and 
of significant shareholders. The Shareholders’ Nomination Board has taken the 
results of the Board evaluation and the requirements relating to director 
independence into account in its work. The Shareholders’ Nomination Board 
further considers the principles of the Board Diversity Policy in preparing its 
proposal. The Shareholders’ Nomination Board has a Charter that defines its 
tasks and responsibilities in more detail.
Remuneration
No remuneration is paid for members of the Shareholders’ Nomination Board 
as decided by the AGM. The Shareholders’ Nomination Board Charter is 
presented at storaenso.com/investors/governance.
Composition of the Shareholders’ Nomination Board in 2025
Kari Jordan¹, member Håkan Buskhe¹, member
Chair of Stora Enso’s Board of Directors Vice Chair of Stora Enso’s Board of 
Directors
Marcus Wallenberg, Chair Matts Rosenberg², member
Chair of Stora Enso’s Shareholders’ 
Nomination Board. Born 1956. B.Sc. 
(Foreign Service). Chair of the Board of 
Directors of FAM AB.
Member of Stora Enso’s Shareholders’ 
Nomination Board. Born 1977. Ph.D. 
(Finance). CEO of Solidium Oy.
1 Curriculum vitae of Kari Jordan and Håkan Buskhe, see chapter Members of the Board of Directors. 
2 Until 18 December 2025 Solidium was represented by Jouko Karvinen. 
Board of Directors
Stora Enso is managed by the Board acting in accordance with the Finnish 
Companies Act as well as other applicable legislation.
According to the Company’s Articles of Association, the Board comprises 
six to eleven ordinary members appointed by the shareholders at the AGM 
for a one-year term. The majority of the directors shall be independent of 
the Company. In addition, at least two of the directors comprising this 
majority shall be independent of significant shareholders of the Company. 
A significant shareholder is a shareholder that holds at least 10% of all the 
Company’s shares or the votes carried by all the shares or a shareholder 
that has the right or the obligation to purchase the corresponding number 
of already issued shares. The independence is evaluated annually in 
accordance with the Finnish Corporate Governance Code.
All directors are required to deal at arm’s length with the Company and its 
subsidiaries and to disclose circumstances that might be perceived as a 
conflict of interest.
The shareholders at the AGM decide the remuneration of the Board 
members (including the remuneration of the members of the Board 
committees).
The Board supervises the operation and management of Stora Enso and 
decides on significant matters relating to strategy, investments, 
organisation, finance, and sustainability.
The Board is responsible for overseeing management and for the proper 
organisation of the Company’s operations. Likewise, it is responsible for 
overseeing the proper supervision of accounting and the control of 
financial and sustainability matters.
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The Board has defined a working order, the principles of which are 
published in chapter Working order of the Board in this report and at 
storaenso.com/investors/governance.
The AGM elects the Chair and Vice Chair of the Board. Should the Chair or 
Vice Chair of the Board of Directors resign or become otherwise unable to 
act as Chair or Vice Chair during their term of office, the Board may elect 
a new Chair or Vice Chair from among its members for the remaining term 
of office.
The Board annually agrees on focus areas for the Board’s work during 
the upcoming year constituting the Board Agenda.
The Board appoints the CEO, Chief Financial Officer (CFO), and other GLT 
members. The Board approves the main organisational structure of 
the Company.
The Board reviews and determines the remuneration of the CEO, which is 
described in the Annual Report and on the Company’s website. The Board 
and each of its Committees evaluates its performance annually. The 
results of the Board’s evaluation are reviewed by the Board and shall be 
communicated to the Shareholders’ Nomination Board, which shall take 
the results of the Board evaluation into account in its work. The Board also 
reviews the corporate governance policy annually and amends it 
when required.
The Board’s work is supported through its committees – the Financial and 
Audit Committee, the People and Culture Committee and the 
Sustainability and Ethics Committee. Each committee’s Chair and 
members are appointed by the Board annually.
The Board meets at least five times a year. The Board members meet 
regularly without management in connection with the Board meetings.
Board Diversity Policy
The Company has established a Board Diversity Policy setting out the 
principles concerning the diversity of the Board. The Shareholders’ 
Nomination Board shall, in connection with preparing its proposals for the 
nomination of directors to the AGM, consider the principles of 
the Company’s Board Diversity Policy.
Directors shall be nominated on the basis of their merits and with 
consideration of the benefits of diversity and the principles that the 
Company refers to as Diversity of Thought, including, but not limited to, 
criteria of diversity such as gender, age, nationality, and individual 
differences both in professional and personal experiences. The merits of 
directors include knowledge of the operational environment of the 
Company, its markets and of the industry within which it operates, and 
may include elements such as financial, sustainability or other specific 
competency, geographical representation, and business background as 
required in order to achieve the appropriate balance of diversity, skills, 
experience, and expertise of the Board collectively. The foremost criteria 
for nominating director candidates shall be the candidates’ skills and 
experiences, industrial knowledge as well as personal qualities and 
integrity. The composition of the Board as a whole shall reflect the 
requirements set by the Company operations and its development stage. 
The number of directors and the composition of the Board shall be such 
that they enable the Board to see to its duties efficiently. The 
representation of both genders in the Board shall be balanced.
The Shareholders’ Nomination Board has taken the principles of the Board 
Diversity Policy into account in its work. The Shareholders’ Nomination 
Board finds that the composition of the Board as proposed to the AGM 
2026 reflects diversity and a good variety of skills and experiences among 
the Board members following the principles set out in the Board Diversity 
Policy. The aim of the Shareholders’ Nomination Board going forward is to 
maintain a good and balanced gender distribution.
The Board Diversity Policy is presented at storaenso.com/investors/
governance.
In 2025
The Board had nine members at the end of 2025, all of them independent of 
the Company. The Board members are also independent of significant 
shareholders of the Company with the exception of Håkan Buskhe (CEO of FAM 
AB) and Richard Nilsson (Investment Director at FAM AB).
The Board members nominated at the AGM in 2025 were Kari Jordan (Chair), 
Håkan Buskhe (Vice Chair), Helena Hedblom, Astrid Hermann, Christiane 
Kuehne, Richard Nilsson, Reima Rytsölä, Elena Scaltritti and Antti Vasara. The 
Board convened eleven times during the year. The members’ participation rate 
in meetings amounted to 97%.
An external evaluation relating to the Board’s work has been conducted during 
2025, which together with the evaluation of the Board members’ 
independence has been provided to the Shareholders’ Nomination Board for 
information. Overall assessment of the Board’s work and performance has 
been effective and positive. The Board has worked according to all applicable 
rules and regulations. For detailed information about the Board members and 
their share ownerships, see chapter Members of the Board of Directors.
Remuneration
Board remuneration is decided by the AGM each year. The AGM 2025 decided 
on an annual remuneration of EUR 221,728 for the Board Chair, EUR 125,186 for the 
Vice Chair and EUR 85,933 for other members, which is paid partly in Company 
shares as set out in the resolution of the AGM. In addition, remuneration may be 
paid based on Board Committee memberships.
Board Diversity in 2025
During 2025, the Board has been composed of nine members representing 
five different nationalities and a diverse range of experience from global 
companies and industrial sectors. All Board members have university degrees 
from different fields such as engineering, technology, finance, and law. All 
members have vast experience from global companies either from operative 
positions or through board memberships. A detailed description of the 
educational and professional backgrounds of the Board members can be 
found in chapter Members of the Board of Directors.
The Board members represent a good knowledge of the operational 
environment of the Company as well as particular experience of amongst 
others sustainability, ESG, financial competence, and the business environment 
relevant to the operations of the Company. At the end of 2025 the age of the 
Board members varied from 52 years to 70 years and the Board was 
composed of four women and five men.
In 2025, the Shareholders’ Nomination Board has considered its previous 
evaluation of competencies that may be further strengthened in the long-
term Board succession planning. In its proposal for the AGM 2026, the 
Shareholders’ Nomination Board has proposed a Board composition that 
includes four women and four men in the age range of 52 years to 70 years 
and representing a total of five different nationalities. With the proposed Board 
composition, the gender balance of the Board of Directors will comprise 50% 
female and 50% male. The proposed new Board member Jouko Karvinen would 
bring strong industry competence and experience to the Board, and would, in 
the view of the Shareholders’ Nomination Board, add strong value to the Board 
as a collective.
The Shareholders’ Nomination Board shall see that a good and balanced 
gender distribution is maintained.
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Working order of the Board
The working order describes the working practices of the Board. 
A summary of key contents is presented below.
Board meetings
• occur regularly, at least five times a year, according to a schedule 
decided in advance;
• special Board meetings, if requested by a Board member or the CEO, 
are held within 14 days of the date of request;
• agenda and material shall be delivered to Board members one week 
before the meeting.
Information
• the Board shall receive information monthly concerning financial 
performance, the market situation, and significant events within 
the Company’s and the group’s operations;
• Board members shall be informed about all significant events 
immediately.
Matters to be handled at Board meetings
• matters specified by the Finnish Companies Act;
• approval of business strategy;
• organisational and personnel matters:
– decisions concerning the basic top management organisation;
– decisions concerning the composition of the GLT; 
– remuneration of the CEO;
– appointment and dismissal of the CEO and approval of heads of 
Business Areas and other members of the GLT, based on the CEO’s 
proposal;
– appointment of Committee Chairs and members;
– remuneration of GLT members based on the CEO’s proposal;
– review talent management and succession planning process 
(in particular the CEO);
• economic and financial matters:
– approval and review of the annual budget;
– approval of loans and guarantees, excluding intra-group loans and 
guarantees;
– approval of share repurchases, if any, as well as the report of share 
repurchases;
– approval of financial reports;
• sustainability matters
– approval of the double materiality assessment;
– approval of the sustainability statement;
• investment matters:
– approval of major investments;
– approval of major divestments;
– receiving relevant analyst meeting presentations and analyst reports;
• approval of the governing documents as defined in the Policy on 
Delegation of Authority, including the following:
– Board and Committee Charters;
– Board Diversity Policy;
– Corporate Governance Policy;
– Disclosure Policy;
– Insider Guidelines;
– Remuneration Policy;
– Group Financial Risk Policy;
– Internal Control Policy;
– Enterprise Risk Management Policy;
• other matters:
– report of the CEO on the group’s operations;
– reports of the Financial and Audit Committee, People and Culture 
Committee, and Sustainability and Ethics Committee by the Chairs of 
the respective committees. The recommendations and proposals by 
the Shareholders’ Nomination Board shall be reported to the Board by 
the Chair of the Board;
– annual self- or external assessment of Board work and performance 
as well as independence;
• other matters submitted by a member of the Board or the CEO.
The Board of Directors’ and management’s annual working cycle
Q1 Q2 Q3 Q4
• Board meeting (Full year and Q4 
+ annual governance update) / 
SECo, FAC, PCC
• Annual General Meeting / Board 
meeting / SECo
• Board meeting (Q1) / FAC, PCC
• Board meeting
• Board meeting (Q2) / FAC
• Board meeting (strategy) / 
SECo, FAC
• Board meeting (Q3) / FAC, PCC
• Board meeting / SECo, FAC, PCC
SECo = Sustainability and Ethics Committee
FAC = Financial and Audit Committee
PCC = People and Culture Committee
Monthly
GLT meetings
Investment Committee meetings
Business area performance meetings
Meetings with auditors
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Board skills matrix Board diversity in figures
Tenure
Number of persons
3
3
2
1
1–2 years
3–5 years
6–9 years
≥10 years
Gender
Number of persons
5
4 Male
Female
The Board of Directors features balanced representation 
of both genders, with a composition of 44,4% female and 
56,6% male.
Age*
Number of persons
0
6
1
2 18–50
51–60
61–65
>65
Occupation*
Number of persons
3
6
Non-Executive Director
Non-Executive Director
operating as a CEO, CFO,
or in another active
operational role in
another company
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Kari Jordan Håkan Buskhe Helena Hedblom Astrid Hermann Christiane Kuehne Richard Nilsson Reima Rytsölä Elena Scaltritti Antti Vasara
Qualifications and Experience
Sustainability driven innovation ● ● ●
Finance and Risk Management ● ● ● ● ●
Global Business and Operative Management ● ● ● ● ● ● ● ● ●
Sustainability, ESG ● ● ● ● ● ● ●
Governance & Compliance ● ● ● ● ● ● ●
Business Leadership ● ● ● ● ● ● ● ●
Industry Experience ● ●
Strategic planning ● ● ● ● ● ● ● ● ●
Branding and Communications ●
Cyber security/IT & Digitalisation ● ● ●
Emerging Markets ● ● ●
Additional Qualifications and Information
Director since 2022 2020 2021 2023 2017 2014 2024 2025 2025
Independent of Company ● ● ● ● ● ● ● ● ●
Independent of Owners ● ● ● ● ● ● ● ● ●
FAC membership 2025 Member Chair Member
SECo membership 2025 Member Chair Member Member
PCC membership 2025 Chair Member Member
Other current listed Boards* 1 1 0 0 0 1 1 0 2
Gender Male Male Female Female Female Male Male Female Male
Principal Skills (out of 8 Directors)
Sustainability 
driven innovation
Finance and Risk 
Management
Global Business 
and Operative 
Management
Sustainability, ESG Governance & 
Compliance 
Business 
Leadership
Industry Experience Strategic planning Branding and 
Communications
Cyber security/
IT & Digitalisation
Emerging Markets
●  y e s    ● n o   * a t  3 1  D e c e m b e r  2 0 2 5
The table sets out the primary skills of each Board member. The fact that an item is not highlighted for a Board member does not mean that such member does not possess that qualification or skill.
3 5
9
7 7 8
2
9
1
3 3

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

Board committees
The tasks and responsibilities of the Board committees are defined in 
their charters, which are approved by the Board. All the committees 
evaluate their performance annually, are allowed to use external 
consultants and experts when necessary, and shall have access to all 
information required. Each committee’s Chair and members are 
appointed by the Board annually.
Financial and Audit Committee
The Board has a Financial and Audit Committee to support the Board in 
maintaining the integrity of the Company’s financial and sustainability 
reporting and the Board’s control functions. It regularly reviews and 
monitors the system of internal control and internal audit as well as its 
efficiency, the management and reporting of financial risks, the audit 
process, the Company’s procedures for monitoring related party 
transactions, the annual corporate governance report, and the Report of 
the Board of Directors including the Sustainability Statement. It makes 
recommendations regarding the appointment of external auditor for 
the Parent Company and the main subsidiaries, and monitors 
the auditor’s independence.
The Committee comprises three to five Board members who are 
independent of and not affiliated with the Company. The members of 
the Committee must have sufficient expertise and experience to be able 
to challenge and evaluate the Company’s internal accounting function 
and internal and external audit functions. At least one member must have 
the relevant expertise in accounting and auditing as required by the 
applicable regulation. The Financial and Audit Committee meets regularly, 
at least four times a year. The Committee members meet the external and 
internal auditors regularly without the management being present. The 
Chair of the Committee presents a report on each Financial and Audit 
Committee meeting to the Board. The tasks and responsibilities of the 
Financial and Audit Committee are defined in its charter, which is 
approved by the Board. Financial and Audit Committee members may 
receive remuneration solely based on their role as directors. 
The compensation is decided by the shareholders at the AGM.
In 2025
The Financial and Audit Committee comprised three members: Richard Nilsson 
(Chair), Astrid Hermann and Antti Vasara.¹ The Committee convened six times. 
The members’ participation rate in meetings amounted to 100%.
The main task of the Committee is to support the Board in maintaining the 
integrity of Stora Enso’s financial and sustainability reporting and the Board’s 
control functions. To fulfil its task, the Committee regularly reviews the 
Company’s system of internal control, management, and reporting of financial 
and enterprise risks (including IT and cyber security), as well as the internal and 
external audit processes, and the statutory audit and assurance of 
sustainability reporting. In addition, the Committee reviewed finance plans, 
treasury activities and material items affecting comparability and 
impairments, including items relating to activities such as mergers & 
acquisitions and restructurings. In addition, the Committee further reviews 
relevant material compliance related cases relating to the integrity of financial 
reporting or fraud investigations that have been reported to Internal Audit and 
Ethics and Compliance during the year.
Remuneration
Chair EUR 23,976 per annum and member EUR 16,868 per annum as decided by 
the AGM.
The Financial and Audit Committee Charter is presented at storaenso.com/
investors/governance. 
1 The Committee prior to the AGM on 20 March 2025 comprised the following three members: Richard 
Nilsson (Chair), Elisabeth Fleuriot and Astrid Hermann.
People and Culture Committee
The Board has a People and Culture Committee which ensures that the 
remuneration, talent and succession plans support the strategic aims of 
Stora Enso. The Committee is responsible for preparing for the Board’s 
approval the Remuneration Policy and Report, management nominations, 
compensation and incentive plans, including equity incentive 
remuneration plans. The Committee also reviews and proposes the total 
compensation of the CEO and evaluates the CEO performance. There is 
a People and Culture Committee representative present at the AGM to 
answer questions relating to management remuneration. The Board 
appoints the CEO and approves his/her remuneration as well as the 
nomination and compensation of other members of the GLT.
The Committee comprises three to four Board members who are 
independent of and not affiliated with the Company. The People and 
Culture Committee meets at least once a year. The Chair of the People 
and Culture Committee presents a report on each People and Culture 
Committee meeting to the Board. The tasks and responsibilities of the 
People and Culture Committee are defined in its charter, which is 
approved by the Board. People and Culture Committee members may 
receive remuneration solely based on their role as directors. 
The compensation is decided by the shareholders at the AGM.
In 2025
The People and Culture Committee comprised three members: Kari Jordan 
(Chair), Håkan Buskhe and Reima Rytsölä. The Committee convened four times. 
The members’ participation rate in meetings amounted to 100%.
The main task of the Committee is to recommend, evaluate, and propose 
executive nominations and remunerations, review the Company’s 
remuneration reporting, and to make recommendations to the Board relating 
to management remuneration in general, including short- and long-term 
incentive programmes.
In 2025, the Committee has focused on remuneration and developing the 
talent pipeline for GLT positions. New business area organisation structure and 
subsequent GLT nominations have been made for the positions of EVP BA 
Cartonboard, EVP BA Containerboard, and EVP BA Foodservice and Liquid 
Board.
Remuneration
Chair EUR 11,988 and member EUR 7,214 per annum as decided by the AGM.
The People and Culture Committee Charter is presented at storaenso.com/
investors/governance.
Sustainability and Ethics Committee
The Board has a Sustainability and Ethics Committee which is responsible 
for overseeing the Company’s sustainability and ethical business conduct, 
its strive to be a responsible corporate citizen, and its contribution to 
sustainable development. The Committee regularly reviews Stora Enso’s 
sustainability agenda and Ethics and Compliance strategy, ensuring their 
effective implementation in line with the corporate governance structure, 
and monitors the Company’s external sustainability reporting. In its work 
the Committee takes into consideration Stora Enso’s Purpose and Values 
as well as the Stora Enso Code and Business Practice Policy. The topics of 
the Committee meetings include safety, key sustainability matters (in 
particular, climate change, circularity and biodiversity) and ethics.
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The Committee comprises two to four Board members who are 
nominated annually by the Board. The members are independent of and 
not affiliated with the Company. At least one Committee member is 
expected to have sufficient prior knowledge and experience in handling 
sustainability and ethics matters.
The Committee meets regularly, at least twice a year. The Chair of the 
Committee presents a report on each Sustainability and Ethics Committee 
meeting to the Board. The tasks and responsibilities of the Committee are 
defined in its charter, which is approved by the Board. Sustainability and 
Ethics Committee members may receive remuneration solely based on 
their role as directors. The compensation is decided by the shareholders 
at the AGM.
In 2025
The Sustainability and Ethics Committee comprised four members: Christiane 
Kuehne (Chair), Helena Hedblom, Richard Nilsson and Elena Scaltritti.¹ The 
Committee convened four times. The members’ participation rate in meetings 
amounted to 100%.
The Committee in each of its meetings reviews matters relevant for the 
Committee’s work, including safety, sustainability, and ethics and compliance. 
The Committee monitors safety performance, sustainability and ethics and 
compliance KPIs, external sustainability reporting, and key initiatives and 
processes undertaken during the year. In 2025, the main topics were safety, 
climate resilience plan, biodiversity, and circularity, as well as material 
sustainability impacts, risks, and opportunities. In addition, an important part of 
the Committee’s work consisted of overseeing reported compliance cases and 
environmental incident reports.
Remuneration
Chair EUR 11,988 and member EUR 7,214 per annum as decided by the AGM.
The Sustainability and Ethics Committee Charter is presented at 
storaenso.com/investors/governance.
1 The Committee prior to the AGM on 20 March 2025 comprised the following three members: Christiane 
Kuehne (Chair), Helena Hedblom and Richard Nilsson.
Management of the Company
Chief Executive Officer (CEO)
The CEO is in charge of the day-to-day management of the Company in 
accordance with the Finnish Companies Act and the instructions and 
orders issued by the Board. It is the duty of the CEO to ensure that the 
Company’s accounting principles comply with the law and that financial 
matters are handled in a reliable manner.
The Board approves the main organisation, including the functions 
reporting to the CEO. At the end of 2025 the CEO was directly in charge of 
the following functions, which also reported to him:
• Business Areas (Cartonboard, Containerboard, Foodservice and Liquid 
board, Packaging Solutions, Biomaterials, Wood Products and Forest)
• CFO Office (responsible for Controlling, Group Assurance, Investor 
Relations, Finance Excellence and Tax, Treasury, Digital & Business 
Technology Solution, Sourcing & Logistics and Group Operations)
• People and Communication
• Legal
• Strategy and Sustainability (responsible for Strategic Projects, 
Sustainability, Corporate Finance and M&A, Investment Process, Energy 
Services, Enterprise Risk Management, and Corporate and Regulatory 
Affairs)
The CEO is also responsible for preparatory work with regard to Board 
meetings. In addition, the CEO supervises decisions regarding key personnel 
and other important operational matters.
Group Leadership Team as at 31 December 2025
President and CEO
Hans Sohlström
Cartonboard
Andreas Birmoser
Foodservice and Liquid Board
Markku Luoto
Containerboard
Hannu Kasurinen1
Packaging Solutions
Carolyn Wagner
Biomaterials
Johanna Hagelberg
Wood Products2
Lars Völkel3
Forest, Country Manager Finland4
Tuomas Hallenberg
Finance
Niclas Rosenlew
People and Communication5
Katariina Kravi
Strategy and Sustainability, 
Country Manager Sweden
Tobias Bäärnman
Legal6
Micaela Thorström
1 Hannu Kasurinen has retired at the year end. Lars Völkel has been appointed EVP Containerboard as of 1 January 2026.
2 Wood and Energy as of 1 January 2026.
3 Pauli Torikka has been appointed EVP Wood and Energy as of 1 January 2026.
4 Tuomas Hallenberg has been appointed President and CEO of Stora Enso’s Swedish forest business, which is planned to be demerged from Stora Enso in 2027. He has stepped down from his  role in GLT at the year end. His new role is effective as of 1 January 2026. Markku Luoto has been appointed Country Manager Finland as of 1 January 2026.
5 The People function was moved to People and Legal, and the Communication function was moved to Finance as of 1 January 2026.
6 People and Legal as of 1 January 2026.
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Group Leadership Team (GLT)
The GLT is chaired by the CEO. The GLT members are appointed by the CEO 
and approved by the Board. At the 2025 year end, the twelve GLT members 
were the CEO, CFO, the heads of the Business Areas, People and 
Communication, Legal (who is also General Counsel), as well as Strategy 
and Sustainability.
The GLT assists the CEO in supervising the Group and Business Area 
performance against agreed targets, portfolio strategy, ensuring the 
availability and value-creating allocation of Group funds and capital, and 
statutory, governance, compliance, and listing issues and policies.
The GLT meets regularly every month, and as required.
In 2025
The GLT had twelve members at the end of 2025. The GLT convened 21 times 
during the year. Important items on the agenda in 2025 were financial 
performance, safety, strategy and transformation, sustainability, digitalisation, 
performance culture, and preparatory work for Board meetings.
Business Areas and other functions
The Business Areas are responsible for their respective line of business and 
are organised and resourced to deal with all business issues. The CEO 
steers through the Business Areas in monthly performance meetings 
(including innovations) as well as the GLT meetings.
Strategic investment projects are approved on the group level following 
the mandate by the CEO and Board of Directors. Larger projects are 
reviewed by the Technical Advisory Group (TAG) comprising group and 
Business Area representatives and chaired by the Chief Technology 
Officer. In addition, larger development projects are also reviewed in 
Business Case Assurance (BCA) meetings by named senior experts from 
Group and Business Areas and chaired by the Chief Technology Officer. All 
larger projects supported by TAG and BCA will ultimately reviewed and 
approved by the Investment Committee (IC) which is chaired by the CEO.
Innovation and R&D is organised in two structures. On the group level, 
the long-term research and company-wide collaborations with academia 
and external R&D providers are managed by a small team of experts. 
The innovation related to current and future offering of the businesses are 
executed within the Business Areas to drive market and customer focus.
Transformation work has been organised both at Group level and in each 
Business Area. The objective of the Transformation is to both improve 
financial performance of the Group and develop ways of working and 
culture. Each Business Area is responsible for their respective 
transformation work. Group Transformation Office coordinates the overall 
Transformation work.
At Stora Enso, sustainability work is led by the EVP, Strategy and 
Sustainability, who reports directly to the CEO and is part of the Group 
Leadership Team (GLT). The CEO holds the ultimate responsibility for the 
successful implementation of Company’s sustainability agenda. The 
everyday implementation of Stora Enso’s sustainability agenda is the 
responsibility of the sustainability function led by the Chief Sustainability 
Officer. Sustainability reporting is conducted through collaboration 
between Group Sustainability and the CFO Office. Both the GLT and the 
Board of Directors are regularly informed about sustainability progress, 
material impacts, risks, and opportunities, and other topical issues.
The Company has established proper disclosure policies and controls, and 
a process for quarterly and other ongoing reporting.
Other supervisory bodies and norms
Auditor 
The AGM annually elects one auditor for Stora Enso. The Financial and Audit 
Committee monitors the auditor selection process and gives its 
recommendation as to who should serve as the auditor to the Board for 
the purpose of making the proposal to the shareholders at the AGM. 
The auditor shall be an authorised public accounting firm, which appoints 
the responsible auditor.
Auditor’s fees and services
Year Ended 31 December
EUR million 2025 2024
Audit fees  5  4 
Audit-related  1  0 
Tax fees  0  0 
Other fees  0  0 
Total  5  5 
In 2025
On the recommendation of the Financial and Audit Committee, the Board 
proposed that PricewaterhouseCoopers Oy be re-elected auditor by the AGM 
2025 for the eighth year as the Company’s auditors. The AGM 2025 elected 
PricewaterhouseCoopers Oy as auditor for a term of office expiring at the end 
of the AGM 2026.
Internal Audit
Group Internal Audit, under the governance of Group Assurance, is an 
independent and objective assurance and advisory function designed to 
add value by providing systematic way to audit governance, risk 
management and internal controls system of Stora Enso.
Internal Audit reports regularly the status of the audits as well as key 
findings and recommendations to the Financial and Audit Committee. 
Internal Audit reports also on regular basis to Sustainability and Ethics 
Committee related to sustainability findings.
The Head of Internal Audit administratively reports to the Stora Enso CFO 
and functionally to CEO. The Financial and Audit Committee approves 
the appointment of the Head of the Internal Audit following 
the recommendation by the CEO.
Internal Audit annual plan is created on risk- and assurance-based 
method. Internal Audit co-operates with second line functions during 
the year in order to avoid overlapping work with other assurance activities, 
and to be able to identify possible gaps. During the year, Internal Audit 
executes possible special engagements based on a separate request. 
The Financial and Audit Committee approves the Internal Audit Annual 
Plan including changes during the year, cost estimate and the Internal 
Audit Charter.
Ethics and Compliance
Stora Enso is committed to taking responsibility for its actions, to 
complying with all applicable laws and regulations wherever it operates, 
and to creating and maintaining ethical relationships with its customers, 
suppliers and other stakeholders. The Stora Enso Code is a single set of 
values defined for all employees to provide guidance on the Company’s 
approach to ethical business practices, environmental values, and human 
and labour rights. These same values are applied wherever Stora Enso 
operates. The Business Practice Policy complements the Code, and sets 
further out Stora Enso’s approach to ethical business practices and 
describes the processes for reporting on violations thereof. Continuous e-
learning, communication, face-to-face training, and sign-off are 
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organised in order to ensure that these are part of the everyday decision-
making and activities at Stora Enso.
The Company has established compliance forums within each Business 
Area to assess the risk and monitor compliance in all operational activities. 
Risk assessments in various forms are made to give Business Area and 
Group Functions a better overview of the progress their units are making in 
policy implementation, compliance measures taken, and possible gaps 
and risks in compliance. The results of the risk assessments are covered in 
the compliance forum meetings and in the development of appropriate 
action plans and follow-up.
Stora Enso’s employees are encouraged to report any suspected  
misconduct or unethical behaviour to their own supervisor, or to People 
and Culture or Legal functions. Stora Enso uses an additional external 
service, the reporting channel Speak Up, through which employees and 
any third party globally can anonymously report potential non-
compliance situations by phone, mail, or online. This service, which covers 
all of Stora Enso’s units, is available 24/7. All investigations are upon 
completion reported to and closed by the Disciplinary Committee. 
The Disciplinary Committee consists of the General Counsel, the Head of 
People and Communication and the Chief Compliance Officer. All 
investigations are also reported to the Board of Directors’ Sustainability 
and Ethics Committee and should they be related to fraud or the integrity 
of financial reporting, also to the Financial and Audit Committee.
Insider administration
The Company complies with the EU and Finnish insider regulations, 
the guidelines of Nasdaq Helsinki Ltd as well as other applicable insider 
regulations and guidelines. The Company’s internal insider guidelines are 
published and distributed throughout the group. The General Counsel and 
dedicated people from Stora Enso’s legal function are responsible for the 
procedures relating to inside administration, including monitoring 
compliance with applicable regulation, the keeping of inside lists, and 
internal training.The Company has established a process for ongoing 
supervision for the purpose of continuously reviewing pending projects 
and the existence of inside information in the Company.
Persons discharging managerial responsibilities (PDMR’s) in Stora Enso are 
the members of the Board, the CEO and the CFO, as well as other members 
of the Group Leadership Team (GLT). PDMR’s, as well as their closely related 
persons, are subject to a duty to notify the Company and the Finnish 
Financial Supervisory Authority of all transactions with the securities of 
the Company.
The Company also keeps a list of persons that are involved in the 
preparation of interim reports and financial results, which is approved by 
the General Counsel (Closed Period List). Persons included in the list are, 
e.g., members of the Business Area management teams, key business 
leaders in the Business Areas, members of Investor Relations, as well as 
the heads and certain team members of Treasury, Group Accounting and 
Reporting and Legal.
Persons who participate in the development and preparation of a project 
that constitutes inside information, are considered project specific insiders. 
A separate project-specific insider register is established when required by 
the decision of the General Counsel.
The insider guidelines do not permit Stora Enso PDMR’s or persons involved 
in the preparation of interim reports or financial results and entered into 
the Closed Period List to buy or sell any of the Company’s securities (i.e., 
shares or listed bonds) during the closed period defined below or when 
they possess information that could have a material impact on the Stora 
Enso share price.
Closed period
Stora Enso’s closed period starts when the reporting period ends or 30 
days prior to the announcement of the results, whichever is earlier, and 
lasts until the results are announced. The dates are published in the 
financial calendar at storaenso.com/calendar.
During the closed periods, Stora Enso PDMR’s or persons entered into 
the Company’s Closed Period List are not allowed to trade in Company 
securities.
Guidelines for Related Party Transactions
The principles applicable to the monitoring of Stora Enso related party 
transactions are set out in Stora Enso’s Guideline for Related Party 
Transactions. The Guideline defines Stora Enso related parties and sets out 
the decision-making order and principles for monitoring related party 
transactions, including a description of Stora Enso internal controls with 
regards to related party transactions. Information on material 
transactions with related parties is set out in note 6.3 of Stora Enso’s 
consolidated financial statements.
Stora Enso business activities may include regular or less frequent 
transactions with related parties. Transactions with related parties shall 
always promote the purpose of the Company and be concluded on 
market terms and in the interest of the Company, as well as in compliance 
with prevailing regulation. Internal controls have been designed to ensure 
that related party transactions are duly monitored and identified.
Related party transactions, which are part of the ordinary course of 
business and undertaken on market terms are approved in accordance 
with the Company’s internal guidelines. Any transaction which would not 
meet these terms must be reported to the Financial and Audit Committee 
and be approved by the Board of Directors. The Board of Directors is 
responsible for overseeing the processes established for monitoring 
related party transactions.
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Internal control and 
risk management related 
to financial reporting
At Stora Enso, Group Internal Control operates under the governance of 
Group Assurance, alongside but independent from Group Internal Audit 
as of 1st of December 2025.
Internal control over financial reporting
The system of internal control related to financial reporting in the Stora 
Enso group is based upon the framework issued by the Committee of 
Sponsoring Organisations (COSO) and comprises five principal 
components of internal control: control environment, risk assessment, 
control activities, information and communication, and monitoring.
The internal controls related to financial reporting are designed to provide 
reasonable assurance regarding the reliability of financial reporting and 
the preparation of financial statements in accordance with applicable 
laws and regulations, generally accepted accounting principles, and other 
requirements for listed companies. Stora Enso’s internal control framework 
over financial reporting is documented in the minimum internal control 
requirements and applied for all business units and Group functions. Stora 
Enso’s internal control framework for sustainability reporting is further 
described in the Sustainability Statement section (ESRS 2 GOV-5).
Control environment
Stora Enso’s control environment sets the tone of the organisation 
providing the company purpose and values, policies, processes and 
structures as a foundation for carrying out internal control across the 
organisation.
The Board, supported by the Financial and Audit Committee, has the 
overall responsibility for setting up an effective system of internal control 
and risk management. Responsibility for maintaining effective risk 
management and internal controls over financial reporting is delegated to 
the CEO. The GLT and senior management issue corporate guidelines in 
accordance with Stora Enso’s policy management process. These 
guidelines stipulate responsibilities and authority and constitute the 
control environment for specific areas, such as legal, sustainability, people 
and culture, finance and sourcing and logistics. Internal control 
responsibilities have been described in Stora Enso’s Internal Control Policy 
which also outlines the responsibilities of the first and second line of 
defence. Internal control is divided into Group and Business Area functions. 
Group Internal Control, under the supervision of CFO and Group Assurance, 
is responsible for internal control governance, processes, tools and internal 
control reporting. Business Areas, together with Group functions, are 
responsible for executing internal control activities and ensuring effective 
internal controls within their areas of responsibility.
Risk assessment
Stora Enso’s management specifies objectives relating to the preparation 
of financial statements. The Company applies a process to manage risks 
by identifying, assessing and responding to risks over significant financial 
statement accounts and disclosures based on the overall materiality. 
The assessment of risks includes risks related to fraud and irregularities 
as well as the risk of loss or the misappropriation of assets.
Control activities
Stora Enso’s control activities are the policies, guidelines, procedures and 
organisational structures in place to ensure that management directives 
are carried out and that necessary action is taken to address risks related 
to the achievement of objectives relating to financial reporting. Stora 
Enso’s minimum internal control requirements are aimed at preventing, 
detecting, and correcting material accounting and disclosure errors and 
irregularities and are performed on all company levels. They include 
a range of activities such as approvals, authorisations, verifications, 
reconciliations, reviews of operating performance, the security of assets, 
and the segregation of duties, as well as IT general controls.
Information and communication
Stora Enso’s information and communication channels support 
the completeness and correctness of financial reporting. For example, 
the management communicates information about Stora Enso’s financial 
reporting objectives, financial control requirements, policies and 
procedures regarding accounting and financial reporting to all employees 
concerned. The management also communicates regular updates and 
briefings regarding changes in accounting policies and reporting and 
disclosure requirements. Subsidiaries and operational units make regular 
financial and management reports to the management, including the 
analysis of and comments on financial performance, scenarios and risks. 
The Board receives monthly financial reports. The Company has internal 
and external procedures for the anonymous reporting of violations related 
to accounting, internal controls, and auditing matters.
Monitoring
Stora Enso’s financial performance is reviewed at each Board meeting. 
The interim and annual financial statements and the Report of the Board 
of Directors are reviewed by the Financial and Audit Committee and 
approved by the Board.
The effectiveness of the process for assessing risks and the execution of 
control activities are monitored continuously at various levels. Information 
on the development of essential risk areas as well as executed and 
planned activities in these areas are regularly communicated to the 
Financial and Audit Committee. Monitoring involves both formal and 
informal procedures applied by management, including reviews of results 
which are compared against the set budgets, plans and key performance 
indicators. Stora Enso Group Internal Control function monitors the control 
design and control operating effectiveness and prepares quarterly 
internal control report to the management.
In addition to Group Internal Control function, the Stora Enso Group Internal 
Audit has an independent oversight role on internal control over financial 
reporting governance. The Group Internal Audit regularly evaluates the 
effectiveness and efficiency of Stora Enso’s governance, risk management 
and system of internal control over financial reporting.
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Members of the Board of Directors
Kari Jordan
Born 1956. Male. M.Sc. (Econ.). Vuorineuvos 
(Finnish honorary title).
Position
Chair of Stora Enso’s Board of Directors since 
March 2023. Member since March 2022. 
Chair of the People and Culture Committee 
since March 2023. Member since March 
2022. 
Board memberships
Chair of the Board of Outokumpu Oyj.
Principal work experience
and other information
President and CEO of Metsä Group 2006–
2018. CEO of Metsäliitto Cooperative 2004–
2017. Various board positions and senior 
executive management positions in Nordea 
Group 1998–2004, Merita Bank 1995–2000 
and OKOBANK 1987–1994 as well as other key 
positions in the financial sector. 
Total remuneration 2025, EUR¹ 233,716
Meeting attendance 11/11
FAC attendance
PCC attendance 4 / 4  ●
SECo attendance
Shareholding in Stora Enso² 25,344 R 
shares
Independent member Yes
Håkan Buskhe
Born 1963. Male. M.Sc. (Eng.), Licentiate of 
Engineering.
Position
Vice Chair of Stora Enso’s Board of Directors 
since March 2021. Member since June 2020. 
Member of the People and Culture 
Committee since March 2021.
Board memberships
Chair of the Board of Directors of IPCO AB. 
Vice Chair of the Board of AB SKF. Member of 
the Board of The Grand Group, Navigare 
Ventures AB, Swedish Defence University, 
Industrikraft i Sverige AB and Verkan AB.
Principal work experience
and other information
CEO of FAM AB. CEO and President of SAAB 
AB 2010–2019 and E.ON Nordic 2008–2010. 
Executive positions in E.ON Sweden 2006–
2008, CEO of the logistics company 
Schenker North 2001–2006, as well as 
several positions in Storel AB 1998–2001, 
Carlsberg A/S 1994–1998 and Scansped AB 
1988–1994.
Total remuneration 2025, EUR¹ 132,400
Meeting attendance 11/11
FAC attendance
PCC attendance 4 / 4  ▲
SECo attendance
Shareholding in Stora Enso² 21,290 R 
shares
Independent member Yes/no³
Helena Hedblom
Born 1973. Female. M.Sc. (Material Tech.).
Position
Member of Stora Enso’s Board of Directors 
since March 2021. Member of the 
Sustainability and Ethics Committee since 
March 2021. 
Board memberships
Member of the Board of Wallenberg 
Investments AB.
Principal work experience
and other information
President and CEO of Epiroc since 2020. Prior 
to her current position she was Senior 
Executive Vice President Mining and 
Infrastructure at Epiroc. Various General 
Management and Research and 
development positions in Atlas Copco, since 
2017 President for Atlas Copco’s Mining and 
Rock Excavation Technique business area. 
Total remuneration 2025, EUR¹ 93,147
Meeting attendance 10/11
FAC attendance
PCC attendance
SECo attendance 4 / 4  ▲
Shareholding in Stora Enso² 12,686 R 
shares
Independent member Yes
Astrid Hermann
Born 1973. Female. B.Sc. (Business and MBA). 
Position
Member of Stora Enso’s Board of Directors 
since March 2023. Member of the Financial 
and Audit Committee since March 2023.
Board memberships
-
Principal work experience
and other information
CFO of Beiersdorf AG since 2021. Prior to that 
several managerial finance roles at 
Colgate-Palmolive 2004–2020 and at The 
Clorox Company 1997–2004. 
Total remuneration 2025, EUR¹ 102,801
Meeting attendance 10/11
FAC attendance 6 / 6  ▲
PCC attendance
SECo attendance
Shareholding in Stora Enso² 9,169 R shares
Independent member Yes
Christiane Kuehne
Born 1955. Female. LL.M., B.B.A.
Position
Member of Stora Enso’s Board of Directors 
since April 2017. Chair of the Sustainability 
and Ethics Committee since March 2019. 
Board memberships
Member of the Board of James Finlays Ltd 
and Foundation Pierre du Bois.
Principal work experience
and other information
Operative roles within the Nestlé Group 1977–
2015. Her last operative role at Nestlé was as 
Senior Vice President Strategic Business Unit 
Food with strategic responsibility for the 
food business of Nestlé at global level.
Total remuneration 2025, EUR¹97,921
Meeting attendance 11/11
FAC attendance
PCC attendance
SECo attendance 4 / 4  ●  
Shareholding in Stora Enso² 23,759 R shares
Independent member Yes
FAC Financial and Audit Committee
PCC People and Culture Committee
SECo Sustainability and Ethics Committee
●  C h a i r  ▲  M e m b e r
1 Detailed description of remuneration for Board 
and Committee memberships as decided by the 
AGM in 2025 can be found in the Remuneration 
Report.
2 Shares held by Board members and related 
parties.
3 Håkan Buskhe is independent of the company but 
not of its significant shareholders due to his 
position as the CEO of FAM AB.
The independence is evaluated in accordance with 
Recommendation 10 of the Finnish Corporate 
Governance Code 2025. The full recommendation 
can be found at cgfinland.fi. A significant 
shareholder according to the recommendation is a 
shareholder that holds at least 10% of all company 
shares or the votes carried by all the shares or a 
shareholder that has the right or the obligation to 
purchase the corresponding number of already 
issued shares.
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Richard Nilsson
Born 1970. Male. B.Sc. (BA and Econ.).
Position
Member of Stora Enso’s Board of Directors 
since April 2014. Chair of the Financial and 
Audit Committee since April 2016 and 
member since April 2015. Member of the 
Sustainability and Ethics Committee since 
March 2024. 
Board memberships
Member of the Board of IPCO AB and group 
companies, Cinder Invest AB, AB SKF and 
TBox Sweden AB. Member of the supervisory 
Board of GROPYUS AG.
Principal work experience
and other information
Investment Director at FAM AB since 2022. 
Investment Manager at FAM AB 2008–2022. 
Pulp & paper research analyst at SEB 
Enskilda 2000–2008, Alfred Berg 1995–2000 
and Handelsbanken 1994–1995.
Total remuneration 2025, 
EUR¹
117,123
Meeting attendance 11/11
FAC attendance 6 / 6  ●  
PCC attendance
SECo attendance 4 / 4  ▲
Shareholding in Stora Enso² 36,301 R shares 
directly, 127 A 
shares and 236 
R shares 
through related 
persons 
(spouse)
Independent member Yes/no³
Reima Rytsölä
Born 1969. Male. M.Soc.Sc. (Social Sciences, 
Econ.)
Position
Member of Stora Enso’s Board of Directors 
since March 2024. Member of the People and 
Culture Committee since March 2024.
Board memberships
Member of the Board of Metso Oyj.
Principal work experience
and other information
CEO of Kojamo Oyj since June 2025. CEO of 
Solidium Oy 2022–2025. Deputy CEO and 
Chief Investment Officer at Varma Mutual 
Pension Insurance Company 2014–2022. 
Various positions in Pohjola Bank, amongst 
others as Senior Executive Vice President, 
Head of Banking 2008–2013.
Total remuneration 2025, EUR¹ 93,147
Meeting attendance 11/11
FAC attendance
PCC attendance 4 / 4  ▲  
SECo attendance
Shareholding in Stora Enso² 6,330 R shares
Independent member Yes
Elena Scaltritti
Born 1972. Female. Executive MBA, B.Sc. 
(Organic Chemistry).
Position
Member of Stora Enso´s Board of Directors 
since March 2025. Member of the 
Sustainability and Ethics Committee since 
March 2025.
Board memberships
-
Principal work experience
and other information
Chief Commercial Officer of Topsoe since 
2022. Executive Vice President of SONGWON 
2019–2022 and several other leadership roles 
2011–2022.
Total remuneration 2025, EUR¹ 93,147
Meeting attendance 8 / 9 ⁴
FAC attendance
PCC attendance
SECo attendance 2 / 2 ⁵  ▲
Shareholding in Stora Enso² 3,692 R shares
Independent member Yes
Antti Vasara
Born 1965. Male. D.Sc. (Tech.).
Position
Member of Stora Enso´s Board of Directors 
since March 2025. Member of the Financial 
and Audit Committee since March 2025.
Board memberships
Member of the Board of Directors of the 
Jane and Aatos Erkko Foundation, 
Detection Technology Oyj, Bioretec Oy, QMill 
Oy, SemiQon Technologies Oy and Onego 
Bio Ltd.
Principal work experience
and other information
President and Chief Executive Officer of VTT 
2015–2025. Executive at Tieto Oyj 2012–2015 
and Nokia Oyj 2003–2012. CEO 2001–2003 and 
COO 2000–2001 at SmartTrust Oy. 
Management consultant at McKinsey & 
Company 1993–2000.
Total remuneration 2025, EUR¹ 102,801
Meeting attendance 9 / 9 ⁴
FAC attendance 5 / 5 ⁶  ▲
PCC attendance
SECo attendance
Shareholding in Stora Enso² 3,692 R shares
Independent member Yes
FAC Financial and Audit Committee
PCC People and Culture Committee
SECo Sustainability and Ethics Committee
●  C h a i r  ▲  M e m b e r
1 Detailed description of remuneration for Board 
and Committee memberships as decided by the 
AGM in 2025 can be found in the Remuneration 
Report.
2 Shares held by Board members and related 
parties.
3 Richard Nilsson is independent of the company 
but not of its significant shareholders due to his 
employment at FAM AB.
4 Meetings attended out of the meetings held after 
election as Board member.
5 Meetings attended out of the meetings held after 
election as SECO member.
6 Meetings attended out of the meetings held after 
election as FAC member.
The independence is evaluated in accordance with 
Recommendation 10 of the Finnish Corporate 
Governance Code 2025. The full recommendation 
can be found at cgfinland.fi. A significant 
shareholder according to the recommendation is a 
shareholder that holds at least 10% of all company 
shares or the votes carried by all the shares or a 
shareholder that has the right or the obligation to 
purchase the corresponding number of already 
issued shares.
 
Elisabeth Fleuriot was Member of Stora Enso’s 
Board of Directors since April 2013 until her 
resignation on 20 March 2025. Fleuriot has 
participated in all Board and relevant Committee 
meetings held during 2025 prior to her resignation. 
She was independent of the company and the 
significant shareholders.
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Members of the Group Leadership Team 
(31 December 2025)
Hans Sohlström
Born 1964. Male. M.Sc. (Tech.), M.Sc. (Econ.)
Position
President and Chief Executive Officer. 
Member of the GLT since 2023. Joined the 
company in 2023.
Board memberships, principal work 
experience and other information
Member of the Board of Stora Enso Oyj 2021–
2023. President and CEO of Ahlstrom Oyj 
2018–2022. President and CEO of Ahlström 
Capital 2016–2018 and of Rettig Group Oy 
2012–2016. Member of UPM-Kymmene 
Corporation’s Group Executive Team since 
2004, responsible for Marketing 2004–2007, 
New Businesses and Biofuels 2007–2008, and 
Corporate Relations and Development 
2008–2012. In 1990–2004 several managerial 
positions at UPM leading profit units, mills 
and sales. Member of the Board of Saint-
Gobain.
Shareholding in Stora Enso
149,693 R shares directly, 179 R shares 
through related persons (spouse)
Andreas Birmoser
Born 1980. Male. BBA, MBA.
Position
Executive Vice President, Cartonboard. 
Member of the GLT since 1 July 2025. Joined 
the company for the first time in 2005.
Board memberships, principal work 
experience and other information
Several previous leadership positions in 
Stora Enso, including CFO and CEO of Stora 
Enso’s joint operation Veracel. 
Shareholding in Stora Enso
3,576 R shares 
Tobias Bäärnman
Born 1977. Male. M.Sc. (Econ.).
Position
Executive Vice President, Strategy and 
Sustainability, Country Manager Sweden. 
Member of the GLT since 2020. Joined the 
company in 2017.
Board memberships, principal work 
experience and other information
SVP, Controlling, Strategy and IT for 
Consumer Board division 2017–2019. Prior to 
that Finance Director at Iggesund 
Paperboard and various positions at Statoil 
and Procter and Gamble.
Shareholding in Stora Enso
9,992 R shares
Johanna Hagelberg
Born 1972. Female. M.Sc. (Industrial Eng. and 
Mgmt) and M.Sc. (Eng. and Mgmt of 
Manufacturing Systems).
Position
Executive Vice President, Biomaterials. 
Member of the GLT since 2014. Joined the 
company in 2013.
Board memberships, principal work 
experience and other information
EVP, Sourcing and Logistics 2014–2021. SVP 
Sourcing, Stora Enso Printing and Living 2013–
2014. Chief Procurement Officer at Vattenfall 
AB 2010–2013. Prior to that leading Sourcing 
positions at NCC, RSA Scandinavia and 
within the Automotive Industry for Scania, 
Saab and General Motors. Chair of the Board 
of Veracel. Member of the Board of Höegh 
Autoliners AS and Montes del Plata.
Shareholding in Stora Enso
43,408 R shares
Tuomas Hallenberg
Born 1971. Male. M.Sc. (Forestry), MBA.
Position
Executive Vice President, Forest, Country 
Manager Finland. Member of the GLT since 
joining the company in 2024.
Board memberships, principal work 
experience and other information
SVP, Property Development and Renewables 
at Metsähallitus (the Finnish national forest 
company) 2020–2024. Prior to that several 
leadership roles at Metsähallitus since 2014. 
Various leadership and management roles 
at UPM, mainly in the wood sourcing and 
forest operations 1998–2014. Member of the 
Board of the Defence Guilds’ Federation of 
Finland and Finnish Forest Industries 
Federation. Member of the Business Council 
of International Chamber of Commerce 
Finland. 
Shareholding in Stora Enso
0
Hannu Kasurinen
Born 1963. Male.
Position
Executive Vice President, Containerboard. 
Member of the GLT since 2019. Joined the 
company in 1993.
Board memberships, principal work 
experience and other information
Several leadership positions in Stora Enso, 
including EVP Packaging Materials, EVP and 
SVP, Liquid Packaging and Carton Board in 
Consumer Board Division, Group Treasurer, 
SVP of Strategy and EVP of Wood Products 
Division.
Shareholding in Stora Enso
65,929 R shares
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Katariina Kravi
Born 1967. Female. LL.M., Trained on the Bench.
Position
Executive Vice President, People and 
Communication. Member of the GLT since 
joining the company in 2020.
Board memberships, principal work 
experience and other information
EVP, HR and Chief People and Culture Officer 
at Tieto Oyj 2012–2020. Prior to that several 
HR management positions at Nokia. Vice 
Chair of the Board of Elisa Oyj. Member of the 
supervisory board of Varma Mutual Pension 
Insurance Company.
Shareholding in Stora Enso
18,217 R shares
Markku Luoto
Born 1984. Male. M.Sc. (Tech.), MBA.
Position
Executive Vice President, Foodservice and 
Liquid Board. Member of the GLT since 1 July 
2025. Joined the company in 2010.
Board memberships, principal work 
experience and other information
Several previous leadership positions in 
Stora Enso within Packaging Materials.
Shareholding in Stora Enso
5,194 R shares
Niclas Rosenlew
Born 1972. Male. M.Sc. (Finance).
Position
CFO and member of the GLT since joining 
the company on 13 January 2025. 
Board memberships, principal work 
experience and other information
CFO at AB SKF 2019–2024. CFO at Basware 
2014–2019. Prior to that senior positions at 
Microsoft and Nokia. Member of the 
Supervisory Board of A. Ahlström.
Shareholding in Stora Enso
10,541 R shares directly, 900 R shares through 
related persons (spouse)
Micaela Thorström
Born 1976. Female. LL.M.
Position
Executive Vice President, Legal and General 
Counsel. Member of the GLT since 2023. 
Joined the company in 2015.
Board memberships, principal work 
experience and other information
VP, Group Legal 2022–2023. Legal Counsel 
2015–2022. Prior to joining Stora Enso several 
senior-level positions at Finnish companies 
and law firms such as 
PricewaterhouseCoopers, Hannes Snellman, 
Lindholm Wallgren Attorneys and Roschier. 
Member of the Board of Securities Market 
Association. Member of the Nomination 
Committee of Finnish Fair Foundation. 
Member of the supervisory board of 
Ilmarinen.
Shareholding in Stora Enso
1,086 R shares
Lars Völkel
Born 1975. Male. M.Sc. (BA).
Position
Executive Vice President, Wood Products. 
Member of the GLT since joining the 
company in 2020.
Board memberships, principal work 
experience and other information
CEO of Ambibox GmbH 2018–2020. CEO of 
Franke Kitchen Systems 2014–2017. EVP Luxury 
retail & CEO of Poggenpohl at Nobia 2011–
2014. Has held various managerial positions 
at Electrolux incl. VP Western Europe.
Shareholding in Stora Enso
29,355 R shares
Carolyn Wagner
Born 1968. Female. Grad. Eng. (Packaging 
Technology)
Position
Executive Vice President, Packaging 
Solutions. Member of the GLT since joining 
the company in 2024.
Board memberships, principal work 
experience and other information
Divisional CEO of the Packaging Division at 
the German Klingele Paper & Packaging 
Group 2021–2024. Prior to that several senior 
positions at other corrugated packaging 
companies, amongst others, DS Smith and 
SCA. Member of the Advisory Board of 
Herma GmbH & Co.
Shareholding in Stora Enso
0
Pasi Kyckling, Acting CFO until 12 January 2025 was 
not a member of GLT. 
Per Lyrvall, Country Manager Sweden was a 
member of GLT until 31 March 2025.
The People function was moved to People and 
Legal, and the Communication function was moved 
to Finance as of 1 January 2026.
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Appendix 1
Due to differences between Swedish and Finnish legislation, governance 
code rules and corporate governance practices Stora Enso’s Corporate 
Governance deviates in the following aspects from the Swedish Corporate 
Governance Code:
Rule 1.4 The company’s nomination committee is to propose a chair for 
the annual general meeting. The proposal is to be presented in the notice 
of the meeting.
• According to Finnish annual general meeting (AGM) practice, the Chair 
of the Board of Directors opens the meeting and proposes the chair for 
the AGM. The proposed chair is normally an attorney-at-law.
Rule 2.1 The nomination committee is also to make proposals on 
the election and remuneration of the statutory auditor.
• According to the Finnish Code, the Financial and Audit Committee shall 
make a recommendation on the auditor election for the Board, which 
shall give its proposal on the matter to the AGM.
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Shareholders
Information for shareholders   ............................................................................. 37
Stora Enso in the capital markets    ..................................................................... 38
Country-by-country reporting of income taxes    ......................................... 45
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Information for shareholders
Annual General Meeting (AGM)
Stora Enso Oyj’s Annual General Meeting (AGM) will be held on Tuesday 24 
March 2026 at 16:00 EET at Finlandia Hall in Helsinki.
Shareholders are invited to a Q&A session with Stora Enso’s President and 
CEO Hans Sohlström and CFO Niclas Rosenlew at Finlandia Hall, prior to the 
AGM. The event will take place from 14:30 to 15:30 EET. Please note that this 
event is not part of the AGM and will be conducted in Finnish.
Detailed information on how to register for the Annual General Meeting 
(AGM) and vote in advance is available on Stora Enso’s website at 
storaenso.com/agm.
AGM and dividend in 2026
12 March  Record date for AGM
24 March Annual General Meeting (AGM)
26 March Record date for dividend (first instalment)
8 April  Dividend payment (first instalment)
25 September Record date for dividend (second instalment)
2 October Dividend payment (second instalment)
Dividend
The Board of Directors proposes to the AGM that a dividend of EUR 0.25 per 
share to be distributed on the basis of the balance sheet adopted for 
the year ending 31 December 2025. The Board of Directors proposes that 
the dividend be paid in two instalments. 
Publications dates in 2026
4 February  Full-year report for 2025
12 February Annual Report 2025
7 May   Interim report for January–March 2026
23 July   Half-year report for January–June 2026
30 October  Interim report for January–September 2026
Distribution of financial information
Stora Enso’s Annual Report in English can be downloaded as a PDF file at 
storaenso.com/annualreport.
The official financial statements in Finnish are available at the same 
address. The governance and remuneration sections are also available in 
Finnish. The interim, half-year and full-year reports are published in English 
and Finnish at storaenso.com/press.
Information for holders of American Depositary 
Receipts (ADRs)
The Stora Enso dividend reinvestment and direct purchase plan is 
administered by Citibank N.A. The plan makes it easier for existing ADR 
holders and first-time purchasers of Stora Enso ADRs to increase their 
investment by reinvesting cash distributions or by making additional cash 
investments. The plan is intended for US residents only. Further information 
on the Stora Enso ADR programme is available at citi.com/DR.
Contact information for Stora Enso ADR holders
Citibank Shareholder Services
Computershare
P.O. Box 43077
Providence, Rhode Island 02940-3077
Email: citibank@shareholders-online.com
Toll-free number: (877)-CITI-ADR
Direct dial: (781) 575-4555
Investor relations contact
storaenso.com/investors
investor.relations@storaenso.com
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Stora Enso in the capital markets
Shares and shareholders
Shares and voting rights
The shares of Stora Enso Oyj are divided into A and R shares, which entitle 
holders to the same dividend but different voting rights. Each A share and 
every ten R shares carry one vote at a shareholders’ meeting. However, 
each shareholder has at least one vote. As at 31 December 2025, Stora 
Enso had 175,542,421 A shares and 613,077,566 R shares in issue, of which 
the Company held no A shares or R shares. The total number of Stora Enso 
shares in issue was 788,619,987 and the total number of votes was 
236,850,177.
Share listings
Stora Enso shares are listed on the Nasdaq Helsinki and the Nasdaq 
Stockholm. Stora Enso shares are quoted in Helsinki in euros (EUR) and in 
Stockholm in Swedish crowns (SEK).
American Depositary Receipts (ADRs)
Stora Enso has a sponsored Level I American Depositary Receipts (ADR) 
facility. Stora Enso ADRs are traded over-the-counter (OTC) in the USA. The 
ratio between Stora Enso ADRs and R shares is 1:1, i.e. one ADR represents 
one Stora Enso R share. Citibank, N.A. acts as the depositary bank for the 
Stora Enso ADR programme. The trading symbols of the ADRs and Ordinary 
Shares are SEOAY, SEOFF, SEOJF. The CUSIP number is 86210M106.
Share registers
The Company’s shares are entered in the Book-Entry Securities System 
maintained by Euroclear Finland Oy, which also maintains the official share 
register of Stora Enso Oyj. As at 31 December 2025, 788,619,987 of the 
Company’s shares including both A and R shares were registered in 
Euroclear Finland, 64,198,452 A and R shares in Euroclear Sweden AB and 
11,686,435 shares in ADR form at Citibank, N.A.
Distribution by book-entry system, 31 December 2025
Number of shares Total A shares R shares
Euroclear Finland Oy 788,619,987 175,542,421 613,077,566
Euroclear Sweden AB1 64,198,452 3,944,182 60,254,270
Citi administered ADRs1 11,686,435 - 11,686,435
Total 788,619,987 175,542,421 613,077,566
1 Shares registered in Euroclear Sweden and ADRs are both nominee registered in Euroclear Finland.
Trading codes and currencies
Helsinki Stockholm OTC
A share STEAV STE A -
R share STERV STE R -
ADRs - - SEOAY
Segment Large Cap Large Cap -
Sector Materials Materials -
Currency EUR SEK USD
ISIN, A share FI0009005953 FI0009007603
ISIN, R share FI0009005961 FI0009007611
CUSIP - - 86210M106
Reuters STERV.HE
Bloomberg STERV FH Equity
Stora Enso’s activities during 2025
Stora Enso’s Investor Relations activities in 2025 focused on promoting a fair 
valuation of the Company and ensuring continued access to funding 
sources in the equity markets. The Investor Relations (IR) team provided 
timely and accurate information on the development of the Company’s 
business operations, strategy, performance, markets, and financial position.
Throughout the year, the IR team conducted numerous individual and 
group meetings, both in person and virtually, with equity investors. These 
meetings were separately and with the senior management team 
members and other experts at Stora Enso. The team also maintained 
regular contact with equity research analysts at investment banks and 
brokerage firms. Additionally, the team organised site visits to Stora Enso 
mills in the Nordics. To further engage with investors, the senior 
management and the IR team members gave presentations at virtual and 
live investor conferences in the Nordics, Continental Europe, Latin America 
and the United Kingdom. Stora Enso also hosted a Capital Markets Day in 
London 25 November 2025, the event was also available through 
a webcast.
Overall, Stora Enso’s Investor Relations activities in 2025 successfully 
maintained strong relationships with investors and ensured continued 
access to funding sources, while also promoting the Company’s 
commitment to sustainability.
Disclosure of financially material ESG topics for investors
Stora Enso’s reporting on the material ESG topics is prepared according to 
several internationally recognised frameworks.
The Sustainability Statement, published as part of the Report of the Board 
of Directors, is prepared in accordance with the Corporate Sustainability 
Reporting Directive and the European Sustainability Reporting Standards. 
The statement provides a comprehensive overview of the risks and 
opportunities arising from social, environmental, and governance issues, 
and on the impact of the Group’s activities on people and the 
environment. Stora Enso reports the share of its Taxonomy-eligible and 
Taxonomy-aligned activities in the ‘EU Taxonomy’ section of the 
Sustainability Statement. Stora Enso has identified six eligible activities to 
report in the EU Taxonomy.
For the financial year 2025, Stora Enso voluntarily reports on the 
interoperability between the ESRS (European Sustainability Reporting 
Standards) and the ISSB (International Sustainability Standards Board) 
sustainability disclosure standards. The content index table references IFRS 
S1 and S2 disclosure requirements against Stora Enso’s Sustainability 
Statement.
Stora Enso reporting on the SASB’s Sustainability Accounting Standards for 
Forest Management and Containers & Packaging relate to topics that are 
considered to be financially material in the industry. These include topics 
such as sustainable forest management and forest certification, 
greenhouse gas emissions, air quality, energy management, water 
management, product safety, product life cycle management, and supply 
chain management. For further details, see the SASB content index.
The Taskforce on Nature-related Financial Disclosures (TNFD) provides 
a framework for risk management and disclosure to identify, assess, 
respond to, and disclose nature-related issues. For further details on 
Stora Enso’s TNFD-aligned report, see TNFD.
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Closed period
Stora Enso’s closed period start when the reporting period ends or 30 
days prior to the announcement of the results, whichever is earlier, and 
lasts until the day of the announcement of the results. The dates are 
published in the financial calendar at  storaenso.com/investors . During 
closed periods, Stora Enso PDMR’s or persons entered into the 
Company’s Closed Period List are not allowed to trade in the Company ’s 
securities. In addition, there are no communications in regards to the 
Group’s financials and/or financially related topics with the capital 
markets or financial media during the closed period. This applies to 
meetings, telephone conversations or other means of communication.
Shareholders
At the end of 2025, the Company had approximately 107,566 registered 
shareholders, including about 48,027 Swedish and 58,690 Finnish 
shareholders and 849 ADR holders. Each nominee register is entered in 
the share register as one shareholder.
The free float of shares, excluding shareholders with holdings of more than 
5% of shares or votes, is approximately 600 million shares, corresponding 
to 76% of the total number of shares issued. The largest shareholder in 
the Company is Solidium Oy based in Finland.
Shareholdings of other Group-related bodies
On 31 December 2025, E.J. Ljungberg’s Foundation owned 1,780,540 A shares 
and 2,336,224 R shares, Mr. and Mrs. Ljungberg’s Testamentary Foundation 
owned 5,093 A shares and 13,085 R shares and Bergslaget’s Healthcare 
Foundation owned 626,269 A shares and 1,609,483 R shares.
Ownership distribution, 31 December 2025
% of shares % of votes % of shareholders
Solidium Oy1  10.7%  27.4%  0.0% 
FAM AB2  10.2%  27.4%  0.0% 
Social Insurance Institution 
of Finland (KELA)  3.0%  10.1%  0.0% 
Finnish institutions 
(excl. Solidium and KELA)  14.1%  9.2%  2.5% 
Swedish institutions (excl. FAM)  2.3%  1.2%  1.7% 
Finnish private shareholders  4.0%  2.4%  51.3% 
Swedish private shareholders  3.1%  2.0%  42.7% 
ADR holders  1.5%  0.5%  0.8% 
Under nominee names  50.3%  19.8%  1.0% 
1 Entirely owned by the Finnish State
2 As confirmed to Stora Enso
Ownership distribution, % of shares held
Solidium Oy¹, 10.7%
FAM AB², 10.2%
Social Insurance Institution of Finland (KELA), 3.0%
Finnish institutions (excl. Solidium and KELA), 14.1%
Swedish institutions (excl. FAM), 2.3%
Finnish private shareholders, 4.0%
Swedish private shareholders, 3.1%
ADR holders, 1.5%
Under nominee names, 51.1%
1 Entirely owned by the Finnish State
2 As confirmed to Stora Enso
Major shareholders as at 31 December 2025
By voting power A shares R shares % of shares % of votes
1 Solidium Oy¹ 62,655,036 21,792,540  10.7%  27.4% 
2 FAM AB² 63,123,386 17,000,000  10.2%  27.4% 
3 Social Insurance Institution 
of Finland (KELA)
23,825,086 -  3.0%  10.1% 
4 Ilmarinen Mutual Pension 
Insurance Company
4,159,992 21,930,000  3.3%  2.7% 
5 Varma Mutual Pension 
Insurance Company
5,163,018 7,840,874  1.6%  2.5% 
6 MP-Bolagen i Vetlanda AB² 4,936,000 1,000,000  0.8%  2.1% 
7 Elo Mutual Pension Insurance 
Company 
2,010,000 10,497,000  1.6%  1.3% 
8 E.J. Ljungberg’s Foundation 1,780,540 2,336,224  0.5%  0.9% 
9 Bergslaget’s Healthcare 
Foundation
626,269 1,609,483  0.3%  0.3% 
10 Lannebo fonder - 6,924,602  0.9%  0.3% 
11 The State Pension Fund - 5,900,000  0.7%  0.2% 
12 Unionen (Swedish trade union) - 5,150,000  0.7%  0.2% 
13 The Society of Swedish 
Literature in Finland
- 4,020,600  0.5%  0.2% 
14 Nordea Finnish Stars Fund - 3,134,179  0.4%  0.1% 
15 OP Finland Fund - 2,897,999  0.4%  0.1% 
Total 168,279,327 109,135,502  35.7%  75.8% 
Nominee-registered shares³ 74,387,486 460,355,727  67.8%  50.8% 
1 Entirely owned by the Finnish State
2 As confirmed to Stora Enso
3 According to Euroclear Finland. As some of the shareholdings on the list are nominee registered, the 
percentage figures do not add up to 100%.
The list has been compiled by the Company on the basis of shareholder information obtained directly from the 
large shareholders, and from Euroclear Finland, Euroclear Sweden and a database managed by Citibank, N.A. 
This information includes directly registered holdings, thus certain holdings (which may be substantial) of shares 
held in nominee or brokerage accounts cannot be included. The list is therefore incomplete.
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Share capital
On 31 December 2025, the Company’s fully paid-up share capital entered 
in the Finnish Trade Register was EUR 1,342 million. The current accountable 
par of each issued share is EUR 1.70.
Conversion
According to the Articles of Association, holders of Stora Enso A shares 
may convert these into R shares at any time. The conversion of shares is 
voluntary. The conversions of a total of 121,658 A shares into R shares were 
recorded in the Finnish Trade Register during the year 2025.
Equity per share
EUR
2021 2022 2023 2024 2025
0
2
4
6
8
10
12
14
16
18
Dividend per share
EUR
2021 2022 2023 2024 2025¹
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
1 Board of Directors’ proposal to the AGM for distribution of dividend. The Board of Directors proposes that 
the dividend be paid in two instalments, during the second and fourth quarter of 2026.
Changes in share capital 2016–2025
No. of A
shares
issued
No. of R
shares
issued
Total no.
of shares
Share
capital (EUR
million)
Stora Enso Oyj, 31 Dec 2016 176,507,090 612,112,897 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2016–Nov 2017 -114,770 114,770 - -
Stora Enso Oyj, 31 Dec 2017 176,392,320 612,227,667 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2017–Nov 2018 -79,648 79,648 - -
Stora Enso Oyj, 31 Dec 2018 176,312,672 612,307,315 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2018–Nov 2019 -55,838 55,838 - -
Stora Enso Oyj, 31 Dec 2019 176,256,834 612,363,153 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2019–Nov 2020 -2,419 2,419 - -
Stora Enso Oyj, 31 Dec 2020 176,254,415 612,365,572 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2020–Nov 2021 -10,366 10,366 - -
Stora Enso Oyj, 31 Dec 2021 176,244,049 612,375,938 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2021–Nov 2022 -5,769 5,769 - -
Stora Enso Oyj, 31 Dec 2022 176,238,280 612,381,707 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2022–Nov 2023 -7,364 7,364 - -
Stora Enso Oyj, 31 Dec 2023 176,230,916 612,389,071 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2023–Nov 2024 -566,837 566,837 - -
Stora Enso Oyj, 31 Dec 2024 175,664,079 612,955,908 788,619,987 1,342
Conversion of A shares into R 
shares, Dec 2024–Nov 2025 -121,658 121,658 - -
Stora Enso Oyj, 31 Dec 2025 175,542,421 613,077,566 788,619,987 1,342
For more historical data about the share capital, please visit storaenso.com/investors/shares.
Share price performance and volumes
Helsinki
The Stora Enso R (STERV) share price increased by 10% during 2025 
(24% decrease in 2024). Over the same period, the OMX Helsinki Index 
increased by 28% (7% decrease in 2024) and the OMX Helsinki Basic 
Materials Index was flat (22% decrease in 2024).
Stockholm
The Stora Enso R (STE R) share price increased by 4% during 2025 
(21% decrease in 2024). Over the same period, the OMX Stockholm Index 
increased by 16% (6% increase in 2024) and the OMX Stockholm Basic 
Materials Index increased by 17% (10% decrease in 2024).
OTC
Stora Enso ADR (SEOAY) share price increased by 24% during 2025 
(27% decrease in 2024). Over the same period, the Standard & Poor’s Global 
Timber and Forestry Index decreased by 6% (6% decrease in 2024).
The volume-weighted average price of R shares over the year was EUR 9.44 
in Helsinki (EUR 11.53 in 2024), SEK 105.24 in Stockholm (SEK 130.79 in 2024) 
and USD 10.75 on the OTC in the USA (USD 12.58 in 2024). Total market 
capitalisation of the Company was EUR 9.2 billion (EUR 8.3 billion) at 
the end of 2025.
Share prices and volumes in 2025
Helsinki, EUR Stockholm, SEK OTC, USD
A share 11.20 126.00
High R share 11.21 125.70 12.59
A share 7.98 86.60
Low R share 7.37 81.70 8.20
A share 10.65 117.00
Closing, 30 Dec 2025 R share 10.71 115.60 12.52
A share  10.0%  6.4% 
Change from previous year R share  10.2%  3.7%  23.7% 
A share 1,593,641 858,928
Cumulative trading 
volume, no. of shares R share 476,745,699 114,786,898 16,411,690
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Helsinki, Stora Enso A
Number of shares,  Share price
thousand (EUR)
Volume Monthly average share price
2021 2022 2023 2024 2025
0
500
1,000
1,500
2,000
2,500
0
5
10
15
20
25
Helsinki, Stora Enso R
Number of shares,  Share price
million (EUR)
Volume Monthly average share price
2021 2022 2023 2024 2025
0
20
40
60
80
100
0
4
8
12
16
20
Stockholm, Stora Enso R
Number of shares,  Share price
million (SEK)
Volume Monthly average share price
2021 2022 2023 2024 2025
0
10
20
30
40
0
50
100
150
200
New York, Stora Enso ADR
Number of shares,  Share price
million (USD)
Volume Monthly average share price
2021 2022 2023 2024 2025
0
1
2
3
4
5
0
5
10
15
20
25
Stora Enso R share vs Nasdaq Helsinki indices
1.1.2021 = 100
Stora Enso (EUR)
OMX Helsinki  (EUR)
OMX Helsinki Basic Materials (EUR)
2021 2022 2023 2024 2025
25
50
75
100
125
150
Market capitalisation on Nasdaq Helsinki
EUR million
2021 2022 2023 2024 2025
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
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Stora Enso actively participates in the following ESG assessment schemes:
ESG rating
Stora Enso score /
best possible score Rating compared to peers
CDP Climate A/A
Forest A-/A
Water B/A
Among the highest ranked in 
the industry
FTSE Russell 4.6/5 Among the highest ranked in 
the industry
ISS Corporate Rating B-/A+ Among the highest ranked in 
the industry
ISS QualityScore Governance 5/1*
Social 1/1*
Environment 2/1*
Above the industry average
MSCI AAA/AAA Among the highest ranked in 
the industry
Sustainalytics 14.3/0** Among the highest ranked in 
the industry
*1 to 10 (1 indicating the lowest risk)
**0 to 100 (0 indicating the lowest risk)
Stora Enso is included in several stock market indices worldwide. 
Stora Enso is also included in several stock market ESG indices worldwide. 
These indices provide investors with a representation of the performance 
of leading companies based on various categories and specific 
ESG criteria.
Stora Enso is included in the following indices amongst others
OMX INDICES STOXX INDICES FTSE INDICES MSCI INDICES EURONEXT INDICES SUSTAINABILITY INDICES
OMX Helsinki EURO STOXX FTSE RAFI All-World 3000 MSCI Finland Euronext Europe 500 Euronext Climate Europe
OMX Helsinki 25 EURO STOXX Mid FTSE Developed Europe All Cap MSCI Europe Euronext World Euronext Low Carbon 300 
World PAB
OMX Helsinki Large Cap STOXX Developed World FTSE Finland 25 Index MSCI World Euronext Developed Market FTSE4Good Index
OMX Helsinki Basic Materials STOXX Developed Europe MSCI World IMI MSCI Acwi ESG Leaders
OMX Stockholm Large Cap STOXX Global 3000 MSCI ACWI IMI MSCI World Climate Change 
CTB
OMX Stockholm Basic 
Materials
STOXX Nordic MSCI World ESG Leaders
Nasdaq OMX Nordic 120 MSCI World SRI
OMX Sustainability Finland
STOXX Europe Sustainability
STOXX Global ESG Leaders
ISS STOXX World AC 
Biodiversity
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Key share data 2015–2025, total operations (for calculations see Alternative performance measures)
According to Nasdaq Helsinki 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Earnings per share, EUR 0.88 -0.17 -0.45 1.97 1.61 0.79 1.12 1.28 0.79 0.59
– diluted, EUR 0.88 -0.17 -0.45 1.97 1.61 0.79 1.12 1.28 0.79 0.59
– excl. FV, EUR 1 0.41 0.56 -0.73 1.55 1.19 0.45 0.61 1.26 0.89 0.65
Equity/share, EUR 13.69 12.86 13.93 15.89 13.55 11.17 9.42 8.51 7.62 7.36
Dividend/share, EUR2 0.25 0.25 0.20 0.60 0.55 0.30 0.30 0.50 0.41 0.37
Payout ratio excluding FV % 3  60.4 %  -44.6 %  -27.4 % 38.6 46.3 66.7 49.2 39.7 46.1 56.9
Dividend yield, %
A share 2.3 2.6 1.6 4.3 3.3 1.9 2.2 4.5 3.1 3.6
R share 2.3 2.6 1.6 4.6 3.4 1.9 2.3 5.0 3.1 3.6
Price/earnings ratio (P/E), excl. FV
A share 25.9 -17.3 -17.1 9.0 14.0 35.3 22.2 8.8 14.8 16.0
R share 25.7 -17.3 -17.2 8.5 13.6 34.8 21.2 8.0 14.9 15.7
Share prices for the period, EUR
A share
– closing price 10.65 9.68 12.45 13.90 16.60 15.90 13.55 11.05 13.20 10.40
– average price 9.83 11.54 12.82 16.61 16.68 12.06 12.88 16.36 11.93 8.50
– high 11.30 14.00 15.55 20.60 18.70 16.20 14.45 18.45 13.79 10.45
– low 7.84 9.10 11.00 13.40 14.45 9.26 10.85 10.75 10.26 6.56
R share
– closing price 10.71 9.72 12.53 13.15 16.14 15.65 12.97 10.09 13.22 10.21
– average price 9.44 11.53 11.93 16.12 15.70 11.52 11.05 14.61 11.54 7.88
– high 11.29 13.84 14.25 20.01 17.67 15.85 13.05 18.29 13.75 10.28
– low 7.10 9.12 10.11 12.66 13.67 7.25 9.10 9.92 9.70 6.50
Market capitalisation at year-end, EUR million
A share 1,870 1,700 2,194 2,450 2,926 2,802 2,388 1,948 2,328 1,836
R share 6,563 5,957 7,670 8,053 9,884 9,580 7,939 6,175 8,094 6,250
Total 8,433 7,657 9,864 10,503 12,809 12,383 10,328 8,123 10,422 8,085
Number of shares at the end of period, (thousands)
A share 175,542 175,664 176,231 176,238 176,244 176,254 176,257 176,313 176,392 176,507
R share 613,078 612,957 612,389 612,382 612,376 612,366 612,363 612,307 612,228 612,113
Total 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620
Trading volume, (thousands)
A share 1,594 1,199 968 1,174 1,750 4,662 1,299 3,068 6,768 1,254
% of total number of A shares 0.9 0.7 0.5 0.7 1.0 2.6 0.7 1.7 3.8 0.7
R share 476,746 425,082 476,654 455,952 422,493 605,233 679,475 610,300 571,717 765,122
% of total number of R shares 77.8 69.3 77.8 74.5 69.0 98.8 111.0 99.7 93.4 125.0
Average number of shares (thousands)
basic 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620
diluted 789,697 789,772 789,714 789,391 789,126 789,182 789,533 789,883 790,024 789,888
1 Earnings per share (EPS) excl. FV was added to the list of non-IFRS measures in 2020 replacing the key figure of EPS excl. IAC. Comparatives are recalculated for 2018-2019. For 2015–2017 table includes EPS excl. IAC figures.
2 Board of Directors’ proposal to the AGM for distribution of dividend for 2026.         3 Excluding IAC in 2011–2017                IAC = Items affecting comparability
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Debt investors
Funding strategy
Stora Enso’s funding strategy is based on the Group’s financial targets. 
Stora Enso should have access to sufficient and competitively priced 
funding at any time to be able to pursue its strategy and achieve its 
financial targets. Stora Enso maintains consistent dialogue with fixed-
income community with informative and transparent communication and 
meetings in conferences and roadshows. The Company’s Treasury 
function is responsible for fixed income investor communication.
Funding is obtained in the currencies of the Group’s investments and 
assets (primarily EUR, SEK, CNY and USD). Commercial paper markets are 
used for short-term funding and liquidity management.
In 2025, the liquidity and funding position continued to be strong. 
Stora Enso had approximately EUR 1.2 billion cash and cash equivalents 
at 31 December 2025. The Company also had in total EUR 800 million 
committed undrawn credit facilities at year-end. Stora Enso has a good 
access to various funding sources.
Public debt structure as at 31 December 2025
EUR USD SEK
Public issues EUR 300 million 2027 USD 300 million 2036 SEK 2950 million 2027
EUR 300 million 2028 SEK 2750 million 2028
EUR 500 million 2029
EUR 500 million 2030
Private placements EUR 25 million 2027 SEK 1000 million 2026
SEK 425 million 2033
Debt programmes and credit facilities as at 31 December 2025
EUR SEK
Commercial paper 
programmes
Finnish Commercial Paper 
Programme EUR 750 million
Swedish Commercial Paper 
Programme SEK 10 000 
million
EMTN (Euro Medium-Term 
Note programme)
EUR 5 000 million
Back-up facility EUR 700 million sustainability 
linked revolving credit facility 
20281
EUR 100 million Bilateral 
Committed Credit Facility 
2027 undrawn
1 Undrawn committed credit facility EUR 700 million. Part of the pricing for the facility agreement is based on 
Stora Enso’s Science Based Targets to combat global warming by reducing greenhouse gases, including CO2.
Stora Enso has integrated sustainability agenda to its funding and 
financial services. The Group has the long-term aim to secure funding 
partners that have sustainability as a fundamental part of their agenda. 
It aims to influence and develop the financial markets to ensure that 
sustainability becomes an integral part of decisions and credit evaluation. 
For more information, visit storaenso.com/investors.
Green bonds
In 2025, Stora Enso did not issue any bonds. Stora Enso has a Green and 
Sustainability-Linked Financing Framework. The framework is based on 
Stora Enso’s sustainability agenda and goals, driving the transformation 
towards a circular bioeconomy.
The green financing element of the framework comprises the following six 
eligible asset categories: sustainable forest management; sustainable 
product processes, energy efficiency, renewable energy and waste to 
energy, sustainable water management, and waste management and 
pollution control. The categories are designed to promote the transition 
towards a low-carbon and environmentally sustainable society in 
accordance with Stora Enso’s sustainability agenda. The sustainability-
linked financing element specifies key performance indicators for 
Stora Enso’s performance on climate change, biodiversity and circularity.
Read more about sustainable financing on Stora Enso’s website: 
Sustainable finance.
Rating strategy
Stora Enso Group’s target is to have at least one public credit rating with 
the ambition to remain investment grade and sustain such metrics 
throughout business cycles. The present rating and outlook from Moody’s 
and Fitch Ratings are shown below.
Ratings as at 31 December 2025
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 17 July 2025
Moody’s Baa3 (stable) / P-3 21 November 2024
Stora Enso’s current credit ratings are: Baa3 with stable outlook from 
Moody’s and BBB- with stable outlook from Fitch Ratings. Both ratings 
correspond to an Investment Grade rating.
Stora Enso’s goal is to ensure that rating agencies continue to be 
comfortable with Stora Enso’s strategy and performance. The Company’s 
strategy is to achieve liquidity well in line with the comfort level of 
the agencies. Review meetings are arranged with the Stora Enso 
management annually, and regular contact is maintained with the 
rating analysts.
Read more about debt and loans in note 5.3 Interest-bearing assets 
and liabilities.
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Country-by-country reporting of income taxes
Stora Enso provides information on the Group’s tax approach 
and reports details of the corporate income taxes paid by 
the Group as required by EU Public Country by Country 
Reporting Directive 2021/2101. The aim of the Directive is to 
strengthen corporate social responsibility by disclosing how 
companies support local welfare through country-by-country 
tax payments and prevent harmful tax practices. 
In this report, Stora Enso describes its tax policy and approach to tax 
and explains its processes around tax governance, controls, and risk 
management. Moreover, Stora Enso describes how it engages with 
stakeholders and deals with any concerns there may be related to tax. 
The Group also discloses a report of the corporate income taxes paid and 
accrued, and other financial country-by-country information as required 
by the Directive.
Tax policy
The Stora Enso Tax Policy addresses the Group’s tax strategy, including 
approach to tax, tax governance, compliance, tax risk management and 
tax authority co-operation. The Tax Policy has been approved by the 
President and CEO of Stora Enso and is reviewed annually. This report 
discusses the principles of the Tax Policy.
Approach to tax
As a responsible taxpayer, Stora Enso is committed to observing the letter 
and the spirit of applicable tax laws, rules and regulations, including 
international transfer pricing guidelines and local legislation in all 
jurisdictions where it conducts business activities or has otherwise any tax 
obligation. In addition to legal and regulatory requirements, the tax 
principles comply with Stora Enso’s values to ‘Lead’ and ‘Do what’s right’. 
The strategic priorities of Stora Enso’s tax function are confirmed annually 
by the Group CFO.
Stora Enso seeks to ensure that the tax strategy is aligned with the Group’s 
business and commercial strategy. Stora Enso only undertakes tax 
planning that is duly aligned to economic activity and does not take 
aggressive tax planning positions. This means that all tax decisions are 
made in response to commercial activity, and tax is one of many other 
factors that are considered when making business decisions. Stora Enso 
has an obligation to manage tax costs as part of the Company’s financial 
responsibility to societies and shareholders. Stora Enso may therefore 
respond to tax incentives and exemptions granted by governments on 
reasonable grounds, and currently has operations in countries that offer 
favourable tax treatments, where their location also is justified by sound 
commercial considerations.
The joint operation Montes del Plata operates a pulp mill in a Special 
Economic Zone with favourable tax treatment in Uruguay. As of 2024 the 
operations are subject to the global minimum tax requirement under 
the OECD Pillar Two rules, with potential additional tax.
In addition, Stora Enso conducts business, mainly consisting of sales 
support services, in the United Arab Emirates, Singapore, and Hong Kong.
Tax governance, control, and risk management
Stora Enso acts, as part of protecting shareholder value, with integrity in 
all tax matters. The Group’s Tax team, reporting to the Group CFO, works 
closely with the businesses and other internal stakeholders to identify and 
manage business and compliance tax risks to ensure a sustainable yet 
business feasible platform for operations. The Group’s Tax team regularly 
reports key tax matters to the Group management and the Finance and 
Audit Committee of the Board of Directors.
Tax affairs are managed under an extensive set of Group policies and 
guidelines. Internal stakeholders are continuously trained on tax-related 
matters to enhance capabilities and improve overall tax compliance and 
quality of tax reporting. Compliance processes are subject to internal 
controls, and tax risks are annually reviewed as part of the Group’s risk 
management process. The Tax team monitors changes in tax legislation 
and regularly reviews tax affairs and risks with stakeholders to ensure that 
Stora Enso can sufficiently identify, assess, and mitigate tax risk.
In case employees have any concerns about unethical or unlawful 
behaviour or the Company’s integrity, the anonymous Speak Up Hotline 
can be used to report any suspected cases also regarding tax matters.
Stakeholder engagement 
and concerns related to tax
Stora Enso’s commitment to tax transparency is also reflected in the 
Group’s relationships with tax authorities and governments. Stora Enso 
seeks to work positively, proactively and openly with tax authorities on 
a global basis, utilising transparent advance processes to minimise 
potential disputes. Stora Enso also works with government representatives, 
mainly through associations, by providing corporate views and impacts at 
request to aid law-making and implementation. Stora Enso responds to 
investor enquiries and constantly follows the development of tax 
sustainability and transparency expectations.
Country-by-country reporting of income 
taxes in 2025: How to read the report
The country-by country (CbC) data is reported according to the EU 
Directive 2021/2101. The directive requires reporting of financial information 
for all entities located in European Economic Area (EEA) per country. Also, 
entities in specified jurisdictions which are listed as “non-cooperative” by 
the EU are reported per country, and the rest of the countries in aggregate. 
The required financial information in the CbC report is the sum of the legal 
entities’ local standalone IFRS reported balances in each country. Group 
level consolidation adjustments, such as elimination of group internal 
transactions, are excluded. Due to this the financial information does not 
fully reconcile to what is presented in the consolidated financial 
statements for 2025. The reported amounts exclude value adjustments 
and group internal dividends.
In the CbC report, revenues represent the total amount of income of the 
entities in the jurisdiction.
Profit/loss before tax is the total amount of the group entities’ profit or loss 
before tax in the jurisdiction, as reported under IFRS. The reported amounts 
include differences between accounting and taxation, such as 
depreciation differences, and thus do not represent the taxable income on 
which taxes are calculated in the jurisdiction’s taxation.
Income tax paid on a cash basis contains the total of income taxes paid or 
received during the reported period by the companies in the jurisdiction to 
the home jurisdiction and all other jurisdictions. The amount contains tax 
payments and refunds for previous years and excess payments 
refundable in following years. Therefore, the cash tax payment is not 
directly comparable to the reported profit or loss before tax for the 
reporting period.
Income tax accrued on profit/loss is the IFRS reported current tax expense 
of the reported period. The amounts do not include deferred taxes from 
temporary differences and tax losses and thus do not represent the total 
tax expense of the entities in the income statement. The amounts do not 
contain taxes from previous periods.
Accumulated earnings consist of the retained earnings under IFRS of the 
companies in the jurisdiction. Number of employees is the number of full-
time equivalents in the jurisdiction at the end of the year. Primary activities 
in the jurisdiction lists the main activities of all group entities in 
the jurisdiction.
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Country-by-country information for financial year 2025 
The Group’s ultimate parent company is Stora Enso Oyj (Finland). The list of Stora Enso group subsidiaries can be 
found in section 6.2 of the Notes to the consolidated financial statements in the Annual Report. The table below 
provides the country-by-country financial information for 2025 on entities established in the EEA countries or 
specified jurisdictions which are listed as “non-cooperative” by the EU, reported in thousand euros. 
A Finnish language version of the public country-by-country reporting can be found here.
Country-by-country information for financial year 2025 
Stora Enso Group  16,123,430  220,987  48,642  60,328  8,409,855  18,333 
Austria  444,572  22,234  1,930  4,393  135,379  978 Manufacturing, sales
Belgium  350,220  25,836  6,106  6,275  21,405  482 Manufacturing, sales
Germany  109,106  -5,554  777  2,427  -68,390  447 Manufacturing, sales
Estonia  195,524  8,089  2,481  1,692  135,789  480 Manufacturing, sales, support services
Spain  3,129  254  97  63  837  13 Support services
Finland  6,440,598  -166,016  1,334  207  1,235,199  4,874 Manufacturing, R&D, procurement, sales, group management
France  61,157  5,208  57  0  -77,835  24 Sales, support services
Italy  5,611  2,302  1,433  656  1,210  28 Support services
Lithuania  118,598  3,639  647  1,005  24,999  300 Manufacturing, sales
Latvia  183,431  7,807  2,507  1,262  38,625  355 Manufacturing, sales
Netherlands  526,148  6,566  3,046  1,889  176,810  677 Manufacturing, sales, support services
Portugal  2  1  -5  0  0  0 Support services
Slovenia  24,919  619  111  136  3,158  5 Sales
Slovakia  511  9  5  4  227  1 Procurement
Czechia  413,023  15,079  2,207  3,125  85,338  1,134 Manufacturing, sales
Denmark  852  -108  133  0  668  2 Support services
Poland  828,141  36,799  3,676  12,831  197,644  1,862 Manufacturing, sales
Sweden  4,545,662  45,368  4,496  3,955  7,659,551  3,342 Manufacturing, R&D, procurement, sales, group management, forestry
Norway  132,818  148  90  33  1,902  4 Procurement
Turkey  476  89  12  1  157  2 Support services
All other  1,738,931  212,620  17,499  20,373  -1,162,819  3,322 Manufacturing, sales, support services, forestry, procurement
Stora Enso Group  16,123,430  220,987  48,642  60,328  8,409,855  18,333 
MEUR Total revenue
Profit/loss before
 income tax
Income tax paid
(on cash basis)
Income tax accrued 
(current year) Accumulated earnings Number of employees Primary activity in jurisdiction
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Report of the Board of Directors
Introduction      ............................................................................................................ 48
Business model  .................................................................................................. 48
Strategy   ................................................................................................................ 48
Year 2025    .................................................................................................................. 49
Markets and deliveries   .................................................................................... 50
Alternative performance measures  ........................................................... 50
Financial results – Group   ................................................................................ 51
Financial results – Segments     ........................................................................ 53
Capital expenditure   ......................................................................................... 55
Innovation, research and development     ................................................... 55
Employees   ........................................................................................................... 55
Nature-related financial disclosures (TNFD)      ........................................... 55
Risk management     ................................................................................................ 56
Approach to risk management      ................................................................... 56
Risk governance    ................................................................................................ 56
Risk management process   ........................................................................... 56
Main risks   ............................................................................................................. 57
Shares and governance   ..................................................................................... 60
Share capital   ...................................................................................................... 60
Governance   ........................................................................................................ 61
Related party transactions  ............................................................................ 62
Legal proceedings   ............................................................................................ 62
Changes in the Group management      ........................................................ 62
Resolutions by the Annual General Meeting    ............................................ 62
Outlook    ...................................................................................................................... 63
Short-term outlook     ........................................................................................... 63
Sensitivity analysis   ............................................................................................ 63
Short-term risks     ................................................................................................. 63
Proposal for the distribution of dividend  ..................................................... 63
Events after the reporting period .................................................................... 64
Alternative performance measures    ............................................................. 65
Sustainability Statement   ................................................................................... 68
General information  ........................................................................................ 69
Environmental information   ........................................................................... 87
Social information    ............................................................................................ 116
Governance information    ............................................................................... 129
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Introduction
Business model
Stora Enso is a global leader in renewable materials, with 
increasing focus on packaging, accelerating the transition to 
a circular bioeconomy. We are a reliable and trusted partner, 
delivering high-quality, competitive packaging materials and 
solutions for a growing variety of end-uses and demanding 
applications. Together with our customers, we reimagine 
packaging and co-create renewable material alternatives, 
made from fresh and recycled fibers.
Stora Enso had approximately 19,000 employees at the end of 2025. 
The Group’s sales in 2025 totalled EUR 9.3 billion, with an adjusted EBIT of 
EUR 528 million. Stora Enso shares are publicly listed on the Helsinki (STEAV, 
STERV) and Stockholm (STE A, STE R) stock exchanges. In addition, the 
shares are traded on OTC Markets (OTCQX) in the USA as ADRs and 
ordinary shares (SEOAY, SEOFF, SEOJF).
Strategy
Stora Enso’s purpose is to replace non-renewable materials with 
renewable products, driving innovation and sustainability while 
maximising shareholder value. With the ongoing process to separate 
the Group’s Swedish forest assets into a new publicly listed company, 
Stora Enso is strengthening its position as a global leader in renewable 
materials, focusing on packaging, with a highly diversified customer base 
and strong market positions, and a more focused strategy going forward.
Strategic priorities
Stora Enso’s strategy is anchored in four main priorities:
• Lead in customer value creation through innovation, quality and 
sustainability
• Grow faster than market with superior customer offering, leading 
technology and operational efficiency
• Expand margins through business focus, positive performance culture 
and systematic value creation 
• Generate cash with high conversion ratio and disciplined capital 
allocation
Core strengths
Stora Enso’s competitive advantage is underpinned by leading market 
positions, a broad and differentiated product portfolio, and a modern, 
cost-effective asset base. Vertical integration ensures efficient wood 
supply and reliable production, while strategic investments in technology 
and facilities support long-term growth and margin expansion.
Market position and opportunities
The company is well placed to capitalise on global trends favouring 
sustainability, with increasing demand for renewable packaging. 
Regulatory changes and heightened consumer awareness further support 
growth prospects. Strategic investments and acquisitions have reinforced 
Stora Enso’s market position and ability to capture new opportunities.
Margin expansion and operational excellence
Margin expansion remains central, driven by ongoing strategic review, 
restructuring, and operational excellence initiatives. Systematic cost 
reductions, efficiency improvements, and continuous improvement 
programmes are embedded in daily operations, ensuring sustained 
profitability and value creation.
Key figures
2025 2024 2023
Sales growth  3 %  -4 %  -20 % 
Adjusted EBIT margin  5.7 %  6.6 %  3.6 % 
Adjusted ROCE¹ excl. Forest  2.7 %  3.6 %  1.0 % 
Net debt to adjusted EBITDA¹ 2.8 3.0 3.2
Dividend per share (EUR)2 0.25 0.25 0.20
Non-financials
Reduction of absolute CO2e emissions (Scope 1 and 2) from 2019 base year  -61 %  -53 %  -43 % 
Reduction of absolute CO2e emissions (Scope 3) from 2019 base year  -38 %  -39 %  -35 % 
Forest certification coverage  99 %  99 %  99 % 
Circularity  94 %  94 %  93 % 
1 Last 12 months
2 Dividend proposal for 2025. The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth quarter of 2026.
Stora Enso’s policy is to distribute 50% of EPS excluding fair valuation over the cycle.
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