FULLTEXT DEL 1 AV 6
Årsredovisning 2025
===== SIDA 1 ===== Stora Enso Annual Report 2025 ===== SIDA 2 ===== 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 ===== SIDA 3 ===== 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 ===== SIDA 4 ===== 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 ===== SIDA 6 ===== 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 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 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 ===== SIDA 8 ===== 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. 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 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. 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 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. 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 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 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 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) 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 14 ===== 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) 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 15 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 % 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 16 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 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 17 ===== 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. 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 18 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. 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 19 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 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 20 ===== 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. 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 21 ===== 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. 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 22 ===== SIDA 23 ===== 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. 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 23 ===== SIDA 24 ===== 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 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 24 ===== SIDA 25 ===== 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 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 25 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. 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 26 ===== SIDA 27 ===== 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. 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 27 ===== SIDA 28 ===== 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 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 28 ===== SIDA 29 ===== 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. 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 29 ===== SIDA 30 ===== 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. 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 30 ===== SIDA 31 ===== 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. 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 31 ===== SIDA 32 ===== 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. 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 32 ===== SIDA 33 ===== 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 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 33 ===== SIDA 34 ===== 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. 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 34 ===== SIDA 35 ===== Appendix 1 Due to differences between Swedish and Finnish legislation, governance code rules and corporate governance practices Stora Enso’s Corporate Governance deviates in the following aspects from the Swedish Corporate Governance Code: Rule 1.4 The company’s nomination committee is to propose a chair for the annual general meeting. The proposal is to be presented in the notice of the meeting. • According to Finnish annual general meeting (AGM) practice, the Chair of the Board of Directors opens the meeting and proposes the chair for the AGM. The proposed chair is normally an attorney-at-law. Rule 2.1 The nomination committee is also to make proposals on the election and remuneration of the statutory auditor. • According to the Finnish Code, the Financial and Audit Committee shall make a recommendation on the auditor election for the Board, which shall give its proposal on the matter to the AGM. Our year 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 35 ===== SIDA 36 ===== Shareholders Information for shareholders ............................................................................. 37 Stora Enso in the capital markets ..................................................................... 38 Country-by-country reporting of income taxes ......................................... 45 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 36 ===== SIDA 37 ===== 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 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 37 ===== SIDA 38 ===== 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. 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 38 ===== SIDA 39 ===== 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. 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 39 ===== SIDA 40 ===== 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 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 40 ===== SIDA 41 ===== 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 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 41 ===== SIDA 42 ===== 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 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 42 ===== SIDA 43 ===== 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 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 43 ===== SIDA 44 ===== 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. 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 44 ===== SIDA 45 ===== 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. 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 45 ===== SIDA 46 ===== 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 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 46 ===== SIDA 47 ===== 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 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 47 ===== SIDA 48 ===== 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. 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 48 ===== SIDA 49 =====