Årsredovisning 2025

• Reclassifying process waste streams as official by-products with added 
material value enhances material efficiency and supports the recovery 
of material streams. For example, the Oulu Mill in Finland has taken an 
active approach to reclassifying process waste streams, resulting in 
reduced waste generation. This aligns with the Group’s long-term 
commitment to maximising the value of material streams in line with the 
waste hierarchy, ensuring process functionality, reducing costs, and 
working towards zero waste.
• Collaboration in a five-year research programme, ‘Emission Free 
Pulping’, led by VTT Technical Research Centre of Finland and the 
Swedish research institute RISE. The programme, launched in 2024, aims 
to significantly reduce biomass burning and increase the product yield 
from wood, from approximately 50% to around 70%. In 2025, close to 30 
academic researchers began work toward this goal.
• Development of new applications for green liquor dregs, a side stream 
from the pulp production process, including a forest fertiliser, a 
substitute for sand in fluidised beds, and a sorbent for sulphur dioxide in 
flue gas desulfurisation. REACH registrations are completed to ensure 
chemical safety for the intended uses for new products that contain 
green liquor dregs.
• Continuous development of lignin-based products, a side stream from 
pulp production. Lignin is an example of where a short-lived energy 
product’s lifecycle can be extended to medium or long term, replacing 
fossil-based anode materials in electrical manufacturing.
Efforts to enhance energy efficiency are described in ESRS E1-3, and water 
efficiency actions in ESRS E3-2.
To address the risk related to dependency on upstream value chain for 
raw materials, Stora Enso acquired 100% of the Finnish sawmill company 
Junnikkala Oy. The acquired sawmills are integrated with Stora Enso’s 
packaging board site in Oulu, Finland, and secure a cost-efficient wood 
supply to the site. The acquisition was completed in May 2025. 
Wood-based products
Stora Enso creates positive impacts and identifies opportunities in the 
circular economy through its wood-based products. Negative impacts are 
associated with the amount of outflows which are managed through the 
actions described below to enhance circularity and recyclability.
1) Designing for circularity and recyclability is integrated into product 
development to ensure that the Group’s materials are widely accepted in 
recycling streams and capable of being transformed into new products. 
This includes a focus in research and development to reduce polymer 
content in barrier coatings, thereby enhancing recyclability. This is a 
continuous action that supports the Group’s target of achieving 100% 
technically recyclable products by 2030.
2) Life-cycle assessments (LCAs) are conducted regularly to evaluate the 
environmental impacts of products across the entire value chain. By 
applying scientific methodology to compare materials and production 
options, LCAs support informed decision-making.
3) Launch of a new folding boxboard solution in 2025 for consumer 
packaging, which is fit for paper and board recycling streams. The board is 
produced at the new Oulu production line, see action 1) under ‘Resource 
efficiency and side streams‘.
The risks associated with the Group’s products are linked to climate-
related supply chain disruptions and changes in regulatory requirements. 
Regulatory changes can also bring opportunities by driving market growth 
for sustainable products and create competitive advantages through 
resource efficiency and renewability. To address these risks and 
opportunities, Stora Enso actively monitors regulatory developments and  
participates in trade and industry associations dedicated to advancing 
recycling practices in society.
Value chain cooperation
Stora Enso has identified opportunities to enhance the collection, sorting, 
and recycling infrastructure for recyclable products through partnerships 
and collective initiatives. The long-term, continuous action consists of 
various collaborations and initiatives, such as:
• Improvement of collection, sorting, and recycling of post-consumer 
paper and packaging materials in Europe. The production site in 
Ostrołęka, Poland, features a beverage carton recycling facility that 
detaches fibers from polymers and aluminium. These fibers are then 
recycled into cartonboard materials, contributing to material circularity 
by transforming used paper-based packaging into new paper-based 
materials. The non-fiber fraction of the cartons, polyAI, is recovered and 
recycled in a dedicated facility by a Swedish packaging company 
Tetra Pak.
• Continuous active participation in organisations, such as the cross-
industry alliance 4Evergreen, which develops tools and guidelines for the 
packaging industry to improve the recyclability of fiber-based 
packaging.
• Involvement in the four-year European innovation project Woodcircles, 
which aims to enhance the circular utilisation of wood in construction. In 
2025, Stora Enso, together with project partners, produced two full-size 
CLT master panels – one made entirely from waste wood and one a 
hybrid panel made from waste wood and virgin wood. These master 
panels will be used in a demonstrator that will be constructed and then 
reassembled in various European cities as part of the project 
showcasing the reuse of remanufactured wood. The project continues 
until May 2027. 
Resources related to resource use and circular economy
Stora Enso’s current and future resources to manage opportunities under 
circular economy consist of capital expenditures related to product 
portfolio optimisation, such as the Oulu site conversion project in Finland 
(Action 3 described under ‘Wood-based products’). Additional information  
on investments can be found in the Financial Statements, note 4.1 
Intangible assets, property, plant an equipment and right-of-use assets.
Stora Enso has a EUR 435 million bilateral loan with the European 
Investment Bank, signed in 2024, to support the financing of the Oulu 
investment. The loan was drawn down in 2025. In addition, Stora Enso has 
an outstanding green bond issued in 2023, with part of the proceeds being 
used to support the investment in Oulu. Additional information on interest-
bearing assets and liabilities can be found in the Financial Statements, 
note 5.3 Interest bearing assets and liabilities.
Targets related to resource use 
and circular economy (E5-3)
Circular economy
To address the opportunity related to the Group’s resource outflows 
associated with its products and services, Stora Enso has set a target to 
increase circular product design, aiming for 100% technical recyclability of 
its products by 2030. The target aligns with one of the core principles of the 
Group’s Circularity Guidelines, ‘Design for recyclability’, and relates to the 
EU’s waste hierarchy category ‘Recycling’.
Target Scope
Baseline year 
and value 2025 2024
100% technical 
recyclable products by 
2030
Packaging, pulp, 
paper, and solid 
wood products, 
and biochemical 
by-products
2021: 93%  94%  94% 
In 2025, the rate of recyclable products remained stable compared to the 
previous year. Stora Enso aims to enhance product recyclability by 
focusing on circularity in product development and actively collaborating 
with customers and partners to improve recycling infrastructure.
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Accounting principles
Product circularity is calculated based on the technical recyclability of 
products and their production volumes consolidated as tonnes. The figures 
are based on actual weight or estimates based on weight conversion. 
Technical recyclability is defined by international standards and tests when 
available, such as those by CEPI (Confederation of European Paper 
Industries) and PTS (Papiertechnische Stiftung). In the absence of such 
standards (for example, for materials other than packaging), Stora Enso’s 
own tests or estimates that prove recyclability are used.
This target is not mandated by regulation and is not based on conclusive 
scientific evidence. External stakeholders were not involved in setting 
the target. 
Resource efficiency
To address the negative impact related to residuals and waste generated 
in Stora Enso’s production processes, the Group has set a waste 
management target related to waste diverted from disposal, specifically 
the process residuals utilisation rate. The target aligns with the 
Environmental Guidelines and aims to minimise waste, relating to the EU’s 
waste hierarchy category ‘Other recovery’ (for example, energy recovery).
Target Scope
Baseline year 
and value 2025 2024
Continuous target to 
maintain a process 
residuals utilisation 
rate of minimum 98%
Group’s own 
production sites 2017: 98%  99%  99% 
In 2025, performance was stable, with a high utilisation rate of process 
residuals.
 Accounting principles
The figures cover process-related residuals and waste from all production 
sites, excluding joint operations. Residuals and waste not related to 
production processes are reported separately. The figures are consolidated 
as dry tonnes. The figures are based on actual weight or estimates.
The target covers process waste and residuals, such as ash, sludge, chips, 
and wood waste from production units. Utilisation includes energy 
generation, landscaping, landfill construction, road construction, pulp 
manufacturing, brick and cement manufacturing, and agricultural use, as 
well as reclassified waste to official by-products. The scope excludes 
sawdust and wood cutting savings for internal pellets production. Tall oil, 
turpentine, lignin, sodium biosulphite, biocomposite, and soap are 
considered products and therefore excluded.
This target is not mandated by regulation and is not based on conclusive 
scientific evidence. External stakeholders were not involved in setting 
the target.
Resource inflows (E5-4)
Stora Enso’s operations require significant volumes of raw materials, 
creating a dependency on the upstream value chain. While most of the 
total process material use is based on renewable materials, sourcing 
these raw materials has impacts on the environment. The pressure on 
natural resources may cause supply chain disruptions, and increasing 
regulation may affect raw material costs. Climate change-related 
impacts are described in ESRS E1.
Stora Enso’s most critical raw material is wood. The Group’s fiber-based 
products are derived from renewable resources, primarily wood fibers 
from sustainably managed forests. In 2025, 93% (93%) of the total resource 
inflows were based on biological materials, including wood, purchased 
pulp, paper and board, and starch. Many of the products are FSC or PEFC 
certified, or receive other verification for responsible chain-of-custody and 
due diligence. The proportion of third-party certified wood in Stora Enso’s 
total wood supply was 84% (85%), resulting in a total of 76% (77%) 
sustainably sourced biological materials used to manufacture products in 
2025. The Group applies the principle of cascading use of wood, ensuring 
that all parts of harvested trees, forestry residuals, and industrial side 
streams are used in the most economically and environmentally efficient 
way before being used as energy.
In 2025, Stora Enso utilised 1.3 (1.3) million tonnes of Paper for Recycling (PfR) 
in its products, such as recycled newsprint and containerboard. By actively 
collecting, sorting, and recycling materials, Stora Enso helps to ensure that 
the value of renewable materials is prioritised, with recycled content 
directed toward the highest-value applications. In the reported metrics, 
PfR represents the category ‘secondary reused or recycled materials’.
Chemicals, pigments, and fillers comprise approximately 3% (4%) of the 
Group’s total material use. Chemicals are assessed before purchase and 
use, ensuring requirements are adequately addressed for legal 
compliance, health and safety, environmental protection, product safety, 
eco-labels, and circularity. Stora Enso works to substitute dangerous 
chemicals and engages with suppliers to find alternative products.
Plastics used for products and their packaging include fossil-based virgin 
plastics 49,500 (47,900) tonnes, bio-based virgin plastics 4,900 (4,600) 
tonnes, and recycled plastics 1,100 (1,200) tonnes.
The majority of Stora Enso’s product portfolio comprises raw materials and 
packaging solutions designed for customers’ products. Therefore, Stora 
Enso’s own packaging for its products mainly consists of wrappings, end 
discs, pallets, core tubes, plugs, and bands. The share of packaging out of 
the total material inflow is less than 1%.
Stora Enso is dependent on water for its production processes, as 
disclosed in ESRS E3.
 Accounting principles
Metrics related to resource inflows cover biological and technical process 
raw materials used for products and their packaging as delivered to Stora 
Enso’s production units. Aligned with the Financial Statements, the figures 
include the joint operations according to ownership share (50%).
The figures are based on actual weight measurement or delivered values. 
Wood is converted from delivered cubic meters to fresh tonnes (including 
water content) by using an average conversion factor for tree species 
processed by Stora Enso. The data is reported by each mill to the Group’s 
environmental reporting system. 
Metrics related to resource inflows, thousand tonnes 2025 2024
Wood 33,934 31,743
Purchased pulp, paper and board 623 620
Starch 124 114
Total weight of biological materials 34,681 32,477
Chemicals 812 819
Pigments and fillers 443 417
Plastics 56 54
Recycled board and paper 1,311 1,329
Total weight of technical materials 2,622 2,618
Total weight of materials 37,303 35,095
Sustainably sourced biological materials used to 
manufacture the products, %  76%  77% 
Secondary reused or recycled materials, %  4%  4% 
Secondary reused or recycled materials 1,312 1,330
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Resource outflows (E5-5)
Products and materials
Stora Enso contributes to circular economy through its products and 
solutions that enable customers to respond to the growing consumer 
demand on sustainable products. Through an in-depth customer 
understanding and close relationships with its customers, the Group 
designs products to be functional and value-adding throughout their 
lifecycle. The Circularity Guidelines are disclosed in ESRS E5-1, and actions 
regarding circular products and solutions in ESRS E5-2. The technical 
recyclability of products is disclosed in E5-3. Since Stora Enso is mainly a 
producer of materials rather than products, the expected product 
durability and repairability are not relevant for the Group’s reporting.
Stora Enso has an opportunity to contribute to society with renewable raw 
materials and solutions: wood-based products serve as alternatives to 
fossil-based materials, and can be recycled or used for energy at the end 
of their lifecycle. The Group also provides recycling solutions and services 
through its use of recycled materials (packaging and paper), and in its 
partnerships and investments in recycling infrastructure.
Key products and materials from production sites consist of packaging, 
pulp, paper, and solid wood products as well as biochemical by-products. 
The majority materials used in products and their packaging are 
renewable, including wood, recycled board and paper, and starch. Most of 
Stora Enso’s products are either raw materials or packaging designed for 
customers’ products. Therefore, Stora Enso’s own packaging for its 
products mainly consist of wrappings and pellets. The share of packaging 
in the total materials and products put on the market is less than 1%.
 Accounting principles
The rate of recyclable content in products is calculated according to the 
principles disclosed in ESRS E5-3, based on the technical recyclability of 
products and their production volumes consolidated as tonnes. The 
figures are based on actual weight or estimates based on weight 
conversion. When calculating the rate, the numerator is the weight of the 
recyclable content in the products and their packaging, while the 
denominator is the total weight of the products and their packaging. To 
avoid double-counting, internal deliveries are eliminated from the figures.
Metrics related to resource outflows, % 2025 2024
Rate of recyclable content in products and products 
packaging  94%  92% 
Waste
In 2025, total amount of waste generated was 1,354 (1,365) thousand 
tonnes, out of which 92% (93%) was diverted from disposal. The majority of 
the generated waste constituted of bark and mixed sludge. Stora Enso’s 
sites generate and distribute energy to local district heating systems and 
industrial partners, largely based on the incineration of harvesting and 
production process residuals. For more information, see ESRS E1-5.
 Accounting principles
Stora Enso’s waste reporting builds upon relevant EU legislative 
frameworks and policies including the EU Circular Economy Action Plan, 
Directive 2008/98/EC of the European Parliament and of the Council 
(Waste Framework Directive) and the EU industrial strategy. For forest 
industry, the relevant waste streams include ash, sludge, chips, and wood 
waste from production units.
The figures include waste from all production units. In addition, aligned 
with the Financial Statements, the figures include the Group’s joint 
operations according to ownership share (50%). The waste generated at 
offices are included based on estimates.
Diversion from disposal includes energy generation, landscaping, landfill 
construction, road construction, pulp manufacturing, brick and cement 
manufacturing, and agricultural use.
Materials with official by-product status are excluded from the reported 
waste. Official by-products include methanol, bark, ash, tall oil, turpentine, 
sodium biosulphite, and soap. Sawdust and wood cuttings used for internal 
pellet production are also excluded, as they are used internally.
The waste figures are consolidated as dry tonnes, and the figures are based 
on actual weight measurement. The only exception is hazardous waste, 
which is reported in its original state. The data is reported by each mill to the 
Group’s environmental reporting system.
  
Metrics related to resource outflows, thousand tonnes 2025 2024
Total amount of waste diverted from disposal 1,250 1,273
Non-hazardous waste 1,248 1,249
Preparation for reuse 45 42
Recycling 303 219
Other recovery operations 900 988
Hazardous waste (incl. radioactive) 2 24
Preparation for reuse 1 22
Recycling 0 0
Other recovery operations 1 1
Total amount of waste directed to disposal 104 92
Non-hazardous waste 59 47
Incineration 8 1
Landfill 42 40
Other disposal operations 9 6
Hazardous waste (incl. radioactive) 45 45
Incineration 1 2
Landfill 43 41
Other disposal operations 1 1
Total amount of waste generated 1,354 1,365
Total amount of non-recycled waste 1,051 1,145
Percentage of non-recycled waste  78%  84% 
Total amount of hazardous waste 47 69
Total amount of radioactive waste 0 0
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Social information
In this section
E S R S  S 1   O w n  w o r k f o r c e   ........................................................................................ 116
E S R S  S 2   W o r k e r s  i n  t h e  v a l u e  c h a i n   ................................................................. 123
E S R S  S 3   A f f e c t e d  c o m m u n i t i e s  ......................................................................... 126
E S R S  S 1  Own workforce
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Material impacts, risks and opportunities (ESRS 2 SBM-3)
Description Impact, risk, or opportunity Time horizon
Location in 
the value chain
Related sub-topic or
sub-sub-topic
Stora Enso provides employment for approximately 19,000 people and 
supports work-related rights, including freedom of association and 
collective bargaining. The Group pays adequate wages in line with or above 
legal requirements.
Actual positive impact Short, medium, and long 
term
Own operations, joint 
operations
Secure employment; Social 
dialogue; Freedom of 
association; Adequate 
wages
Promotion of diversity, equity, and inclusion to foster engagement and to 
enhance collaboration and performance.
Actual positive impact Short term Own operations Diversity; Gender equality 
and equal pay for work of 
equal value
Despite preventive safety measures, safety incidents still occur, particularly 
at the production sites. Some sites have a higher risk level due to specific 
equipment and labour-intensive processes.
Actual negative impact Short, medium, and long 
term
Own operations, joint 
operations
Health and safety
Uncertainty caused by a volatile market environment and related 
organisational changes can negatively affect employees’ well-being and 
overall commitment.
Actual negative impact Short term Own operations Secure employment
Stora Enso’s commercial success and strategic implementation depend on 
skilled personnel. The competitive market for top talent poses challenges in 
attracting and retaining qualified staff. Losing key employees, failing to 
attract or train new ones, or hiring delays could significantly harm the 
business and hinder the Group’s strategic goals.
Risk Short, medium, and long 
term
Own operations Secure employment
Despite proactive measures to identify and manage safety risks, serious or 
fatal injuries to employees, contractors, or third parties may still occur. 
Beyond physical harm, health effects, and environmental damage, 
consequences could include liability issues, reputational damage, 
challenges in attracting and retaining skilled workers, and potential 
temporary shutdowns enforced by government authorities.
Risk Short, medium, and long 
term
Own operations, joint 
operations
Health and safety
Driving competitiveness through reorganisation: a new, flatter organisation 
designed to maximise customer focus, enhance operational efficiency, and 
unlock further performance potential.
Opportunity Short and medium  term Own operations Training and skills 
development

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S1 disclosure requirement related to ESRS 2 SBM-3 
Stora Enso’s actual and potential impacts, risks, and opportunities originate 
from the Group’s business model and contribute to adapting the Group’s 
strategy. The disclosure on ESRS S1 covers all individuals in Stora Enso’s own 
workforce who could be materially impacted by the Group. This includes 
those employed directly by the Stora Enso, as well as safety of contractors 
working at the Group’s premises. Through its operations, Stora Enso directly 
impacts approximately 19,000 (19,000) employees. In addition to its own 
employees, the Group also works with workers classified as non-
employees by ESRS, as there are often contractor employees working at 
the production sites. The annual maintenance of mills leads to a 
temporary increase in the number of contractor workers. Furthermore, 
Stora Enso relies on contractors for the De Jong units in the Netherlands, as 
well as its forestry operations and packaging units in China.
The identified positive impacts are a result of a proactive approach in 
fostering an inclusive workplace and offering employment opportunities 
grounded in responsible practices. The impacts are directed towards its 
own employees, though these impacts may vary between different 
locations and countries.  
Stora Enso acknowledges that employees at its production sites have a 
higher likelihood of safety incidents. Certain sites have been identified as 
having a higher risk level due to the nature of their operations, which 
involve specific equipment and labour-intensive processes. The negative 
impacts caused by uncertainty and organisational restructuring result 
from the company’s efforts to establish a leaner, flatter organisation with 
seven P&L responsible business areas, reflecting the strategic importance 
of renewable packaging in its core business portfolio. This impacts nearly 
all of Stora Enso’s operations.
The organisational restructuring is also connected to an opportunity to 
unlock further performance  potential. The Group recognises its 
dependency on talented workforce and the risk of challenges in attracting 
and retaining skilled personnel. Through active actions, it aims to retain 
top-tier talents who are crucial for  implementing the Group’s business 
model and strategy, and achieving commercial success. 
Stora Enso’s material impacts do not arise from transition plans for 
reducing negative impacts on the environment, or achieving greener 
and climate-neutral operations. The Group has not identified countries, 
or geographic areas within in its own operations with a heightened risk of 
compulsory, forced, or child labour.
Policies related to own workforce (S1-1)
The minimum requirement is that all policies and guidelines are to be 
reviewed at least once every two years. Each policy owner shall ensure 
that the documents under their responsibility are reviewed and updated 
within the defined time frame.
Occupational Health and Safety Policy
The policy addresses managing safety risks and potential negative 
impacts from safety incidents. It outlines safety objectives and 
governance for health and safety management, integrating them into 
annual planning and reporting. The scope of the policy covers the Group’s 
own employees and those working on behalf of Stora Enso. The line 
organisation is responsible for the implementation of the policy.
Stora Enso has a safety management system for managing occupational 
health and safety risks, certified according to ISO 45001:2018. In 2025, 44 (42) 
out of 58 (57) production sites were externally certified according to the 
ISO standard.
Stora Enso Code
The Code sets a single set of values for all employees and provides them 
with the tools to make the right decisions in their work, while promoting 
transparency and ethics. In relation to topics concerning its own workforce 
(ESRS S1), the policy addresses risks associated with retaining skilled 
personnel and preventing potential negative impacts related to 
discrimination, bullying, or harassment. It also helps to maintain positive 
impacts related to equal opportunities and treatment. All Stora Enso 
employees are required to complete the Code training. The scope of the 
policy covers the Group’s own employees, and EVP Legal, General Counsel, 
is accountable for ensuring its implementation.
Diversity Policy
The Diversity Policy outlines the commitment to an inclusive workplace 
where individual differences are respected and people have equal 
opportunities. Similar to the Code, the policy addresses managing actual 
positive impacts related a diverse and inclusive workplace and the 
potential negative impacts if failing to take adequate actions. According to 
the policy, no employee shall face discrimination in hiring, compensation, 
working hours, advancement, discipline, termination, or retirement based 
on ethnicity, national or social origin, caste, birth, religion, disability, gender, 
gender identity, sexual orientation, marital status, family responsibilities, 
union membership, political affiliation, age, or any other characteristic that 
could lead to discrimination. The scope of the policy covers the Group’s 
own employees, and EVP, People and Communication, is accountable for 
ensuring its implementation.
To prevent, mitigate, and address discrimination once detected, all 
employees are required to complete Code training. Additionally, 
appropriate reporting channels for raising concerns and addressing non-
compliance are established. Promotion of actions to advance diversity 
and inclusion are described in ESRS S1-4.
Minimum Human Resources Requirements for Labour Conditions
The Minimum Human Resources Requirements for Labour Conditions 
establish a set of minimum requirements for all employees to ensure they 
are treated with respect and fairness. This is linked to a positive impact 
achieved through a working environment where employees are motivated 
and able to perform effectively in their positions. The requirements also 
address the risk related to dependency on skilled workforce. The scope of 
the policy covers the Group’s own employees, and EVP, People and 
Communication, is accountable for ensuring its implementation.
Human Rights Policy and Guidelines
In relation to its own workforce, the Human Rights Policy and Human Rights 
Guidelines address positive impacts related to fair employment practices 
and secure employment.
Stora Enso adheres to The United Nation’s Guiding Principles on Business 
and Human Rights. Stora Enso is also committed to those rights set out in 
the International Bill of Rights and the ILO Declaration on Fundamental 
Principles and Rights at Work, as outlined in the Human Rights Guidelines. 
Alignment with these principles is reflected in the Group’s commitment to 
respecting human rights across its operations and business relationships, 
and conducting human rights due diligence to identify, assess, and 
remedy any adverse human rights impacts. The guidelines outline the 
approach and commitment towards salient human rights issues, of which 
the relevant for the Group’s own workforce are: right to a safe workplace, 
fair employment conditions, and access to grievance mechanisms. The 
processes to monitor compliance with aforementioned international 
standards consists of:
• Ensuring grievance mechanisms are in place and accessible for 
everyone.
• Reported non-compliance cases.
• Sedex Member Ethical Data Audits (SMETA) conducted regularly, 
assessing performance against applicable labour standards, as well as 
health and safety, environmental, and business ethics criteria.
• Annually published Modern Slavery and Human Trafficking Statement 
describes the Group’s actions to prevent modern slavery in its 
operations and supply chains, in accordance with the United Kingdom’s 
Modern Slavery Act 2015 and the Australian Modern Slavery Act 2018.
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The Human Rights Policy outlines the Group’s objectives for engaging with 
affected and potentially affected stakeholders to ensure that its approach 
and focus on human rights are valid. Engagement with own workforce is 
described in ESRS S1-2. Stora Enso collaborates with stakeholders, affected 
individuals, and their representatives to find appropriate remedies, 
including situations where violations are committed by third parties 
connected to the Group’s operations, products, or services. Stora Enso 
does not obstruct the access of affected stakeholders to other remedy 
initiatives.
The scope of the policy and guidelines covers the Group’s own operations 
and all business relationships in the upstream and downstream value 
chain. EVP, Strategy and Sustainability, is accountable for ensuring the 
implementation of the policy and guidelines.
Stora Enso is aligned with the OECD’s Guidelines for Multinational 
Enterprises, the human rights-related principles of the UN Global Compact, 
and relevant Children’s Rights and Business Principles. The Human Rights 
Guidelines also address trafficking in human beings, and forced, 
compulsory, and child labour.
When setting policies related to its own workforce, the interests of 
employees were considered by gathering insights into their perspectives 
t h r o u g h  e n g a g e m e n t  p r a c t i c e s  d e s c r i b e d  i n  E S R S  S 1 - 2 .  T h e  p o l i c i e s  l i s t e d  
above are made available on the Group’s intranet as well as externally on 
the Group’s website (except for Minimum Human Resources Requirements 
for Labour Conditions).
The afore listed policies focus on inclusion of all employee groups without 
specific commitment to individuals from groups at particular risk of 
vulnerability within the Group’s own workforce.
Processes for engaging with own workforce and workers’ 
representatives about impacts (S1-2)
Stora Enso actively engages with its workforce and workers’ 
representatives regarding actual and potential impacts through a variety 
of channels and methods at different stages of the employee life cycle. 
The annual all-employee survey, Engage, is a vital tool for collecting 
perspectives and providing necessary insight to help teams and the 
Group to improve. The survey also includes a series of questions related to 
employees’ perceptions of sense of belonging, feeling valued, and fair 
opportunities. The results are reviewed by the Group Leadership Team and 
the Board of Directors, ensuring that employee perspectives are 
considered in decision-making. In 2025, the Engage survey was conducted 
once, but starting from 2026 it will be carried out twice a year. The survey 
also servers as the primary means for tracking effectiveness of 
engagement.
Additionally, ‘All Employee’ calls provide an opportunity for employees to 
anonymously submit questions and feedback to top management. These 
calls are arranged bi-monthly, or more frequently if needed. They also 
serve to inform employees about relevant impacts that affect all 
employees, including topics such as safety. The group-level initiatives are 
complemented by various other channels, such as town halls, and 
personal development discussions. The overall responsibility for the 
engagement lies with the EVP, People and Communication, whereas the 
business areas have the operational responsibility on implementation and 
monitoring.
Stora Enso’s occupational health and safety accountability lies within 
business areas with clearly defined governance practices to promote 
collaboration and knowledge sharing across the organisation. Safety 
Sponsor is a Group Leadership Team member elected by the CEO for a 
two-year term to support the safety management and secure reporting of 
safety matters  to the CEO and designated other forums. When necessary, 
relevant stakeholders such as workers’ representatives, contractors, and 
suppliers are consulted to ensure their input and perspectives are 
considered in safety-related decisions and initiatives. The majority of 
engagement takes place at the mills through ongoing, regular activities 
such as discussions, trainings, and safety walks to identify areas for 
improvement. The annual Safety Week is organised to share good safety 
practices among employees and contractors and to support the 
development of a safer working environment. In 2025, a new question was 
added to the Engage survey to assess whether employees perceive safety 
as a top priority at Stora Enso.
Stora Enso has a Global Framework Agreement with the labour unions 
IndustriAll, UniGlobal, and BWI, which serves to protect the interests of 
workers with consistent standards across the Group’s operations. Stora 
Enso also works closely with the European Works Council to provide an 
open and confidential information and consultation procedure between 
the Company and its employees on the EU/EEA level. The engagement 
involves yearly meetings with a wider group of union representatives, as 
well as regular meetings following each Board meeting where the CEO 
updates the subgroup of key union representatives on the topics 
discussed during the Board meeting.
Processes to remediate negative impacts and channels  
for own workforce to raise concerns (S1-3)
Stora Enso provides remedy in situations where its activities have caused 
or contributed to an adverse impact on employees and engages with 
affected stakeholders to agree on the best solution for remediation. The 
effectiveness is assessed case by case and according to the local 
legislation. Employees are encouraged to feel safe and comfortable 
speaking up, and as outlined in the Code, Stora Enso does not tolerate any 
retaliation against a person who in good faith reports misconduct.
During periods of restructuring and uncertainty, Stora Enso provides 
support through occupational health services. In restructuring situations, 
Stora Enso is committed to working closely together with the Group’s other 
locations, the local community, and other relevant stakeholders to support 
the re-employment and training of the affected employees. The majority 
of Stora Enso employees are covered by collective bargaining 
agreements, and in situations involving organisational restructuring, 
consultation processes with trade unions are carried out according to 
local legislation and relevant collective bargaining agreements.
Reporting of suspected non-compliances is facilitated via any of the 
Group’s grievance channels, be it personal contact with manager or 
human resources, e-mail, letter, phone, or anonymously via the third-party 
‘Speak Up’ reporting channel. The process for tracking and monitoring 
issues raised is described in ESRS G1-1 ‘Non-compliances and protection of 
whistleblowers’. The Code e-learning is mandatory for all employees and 
available in thirteen languages. In addition to the mandatory training, the 
effectiveness of the channels is supported through communication 
activities and awareness raising described in ESRS G1-1 ‘Ethical corporate 
culture’. As part of the Engage survey, the Group tracks how safe 
employees feel to speak up or report their concern in case they suspect or 
experience any form of misconduct.
The safety reporting tool is used to report safety observations, aiding in the 
identification and resolution of unsafe situations. Safety incidents are 
thoroughly investigated, findings are shared with the Safety Network, and 
appropriate preventive measures are implemented to prevent the 
recurrence of similar negative impacts in the future.
The European Works Council meets once a year with representatives 
selected from each country that has production units employing at least 
150 employees. Through their representatives, every Stora Enso employee 
has the opportunity to raise topics and ask questions to the Group 
Leadership Team.
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Taking action on material impacts on own workforce, and 
approaches to managing material risks and pursuing 
material opportunities related to own workforce, and 
effectiveness of those actions (S1-4)
The following key actions are implemented within Stora Enso’s own 
operations, with safety measures also covering contractors working at the 
Group’s premises. The process for determining group-wide actions is 
primarily guided by the People Promise and Expectations framework, the 
results of the employee engagement survey, proactive safety 
management findings, and external benchmarks and industry trends. 
Occupational safety
The following actions are undertaken to prevent risks related to safety 
incidents that may result in actual negative impacts. They contribute to 
the achievement of the Occupational Health and Safety Policy objectives 
and Group’s safety target (TRI rate).
1) The implementation of the new Safety Principles, introduced in 2024, was 
carried out across business units during 2025. These principles establish 
the foundation for safe operations and behaviour throughout the 
organisation. Complementing them are the Life-Saving Rules, updated in 
2025, from which each unit is required to identify the most critical ones and 
ensure they are consistently followed.
2) The leading indicator, Safety Engagement Rate, focuses on proactive 
safety reporting to identify safety risks. In each business areas, safety 
engagement is measured as a leading indicator, with specific targets 
related to, for example, safety observations, notifications or improvement 
ideas, reporting of near misses, and safety walks. This is an ongoing action 
across all production sites.
3) To further emphasise the Group’s commitment to safety within the 
value chain, a new key performance indicator was introduced in 2025. The 
indicator assesses the total number of recordable injuries among both its 
own employees and contractors (full TRI rate), see ESRS S1-5.
The effectiveness of the above actions is measured through safety 
observations and near misses reported, and performance against 
business unit targets on the leading safety indicator and the Group TRI 
rate.
Diversity, equity, and inclusion
Stora Enso has positive impacts on enhancing diversity, equity, and 
inclusion within its own workforce. Diversity, equity, and inclusion (DE&I) 
contribute to enhanced satisfaction and well-being at work and are strong 
enablers of improved performance, collaboration, and innovation. Key 
actions to promote equal treatment and opportunities for all, in 
accordance with the objectives of the Diversity Policy are outlined below. 
The initiatives also contribute to the achievement of the target on 
reaching 25% representation of female managers among all managers.
1) Each module in the leadership programmes described later on this page 
contains DE&I aspects to ensure that managers and leaders are equipped 
to foster inclusive environments, recognise diverse perspectives, and lead 
through change.
2) In Finland, a voluntary equality survey was conducted in 2025 to gain 
further insight into employees’ perspectives on inclusion and equity at the 
local level and to plan tailored actions accordingly. The results were also 
incorporated into Stora Enso’s gender equality and equity plan in Finland.
3) As on ongoing action, Stora Enso participates in the Female Leader 
Engineer talent programme for students with an interest in leadership, 
specifically connecting women and non-binary students in engineering 
with the industry. The company has been a member of the programme in 
Sweden since 2017, and in 2025, the initiative was also launched in Finland.
4) Majority of the DE&I initiatives is managed within the business areas. For 
instance, a DE&I programme was implemented in one business area in 
2025, aimed at equipping management teams with tools to evaluate the 
current status, identify improvement opportunities, and execute targeted 
DE&I actions. The programme, involving around 160 leaders in six countries, 
also focused on skill development for people leaders.
Effectiveness of the measures is tracked through employee engagement 
survey, performance and career development reviews, gender pay gap 
analysis, and progress against the Group target on gender balance.
Leadership and performance culture
The key actions to manage positive impacts on workforce retention, to 
mitigate any risks associated with failure to do so, as well as to drive the 
opportunity through strong performance culture are described below. 
These actions are aligned with the Diversity Policy’s ambition to ensure 
that the people in the organisation possess the capabilities and 
engagement required to deliver on the Group’s strategy.
1) In 2025, a new leadership programme portfolio was launched to drive 
innovation and foster a culture of trust, collaboration, and strong 
performance. It supports managers and leaders in leading themselves, 
their teams, and business transformation. The portfolio includes modules 
tailored to different stages of the leadership journey. The programme 
continues in the coming years (short to medium term).
2) For the second consecutive year, the Business Leaders Forum was held 
in 2025, bringing together 150 Stora Enso leaders. The event focused on the 
ongoing transformation toward sustainable and profitable growth, driven 
by a strong, value-based performance culture.
3) In 2025, Stora Enso announced a new organisational structure that 
decentralises P&L responsibility across seven business areas, bringing it 
closer to customers and operations. The change aims to enhance 
decision-making and mandate, connected to the opportunity to drive 
competitiveness.
4) As an ongoing action, talent development and upskilling plans are part 
of performance and development reviews to support individual career 
planning. The aim is that all employees are involved in at least one formal 
performance and development review with their manager each year. 
Additionally, regular check-ins between managers and employees are 
supported by automated reminders in the HR system.
Furthermore, efforts to enhance inclusion also contribute to talent 
retention, see actions in ‘Diversity, equity, and inclusion’.
For the effectiveness of the actions, Stora Enso tracks the outcomes of the 
annual Engage survey.
Targets related to managing material negative impacts, 
advancing positive impacts, and managing material 
risks and opportunities (S1-5)
Diversity 
Stora Enso has established a target related to the ESRS S1 sub-topic ‘Equal 
treatment and opportunities for all’, aimed at advancing actual positive 
impacts of diversity within its own workforce. The target is in line with the 
Diversity Policy. The Group’s updated diversity target is effective as of 2025, 
with progress measured against the baseline value set on 31 December 
2024. 
Target Scope
Baseline year 
and value 2025 2024
25% representation of 
female managers 
among all managers 
by the end of 2027
Managers with at 
least one direct 
report
2024: 24%  24%  24% 
At the end of 2025, the share of female managers was 24%, progressing in 
line towards the targeted level of 25% by year-end 2027. Advancing gender 
balance continues as a key focus area and is incorporated into the 
variable remuneration scheme. 
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Accounting principles
The share of female managers is calculated as the headcount of all 
permanent managers with at least one direct report. The manager must 
be permanent, but the subordinates can be temporary or permanent. 
Most of the data comes directly from the HR management system, with 
the exception of one small unit, representing less than 1% of the data. 
Target excludes joint operations.
The People and Culture organisation, representing own employees, was 
closely involved in target setting. The People and Culture organisation is 
also responsible for tracking performance against the target and 
identifying improvement areas. External stakeholders were not included in 
the target setting.
Occupational health and safety
Stora Enso has established a target under the ESRS S1 sub-topic ‘Health and 
Safety’, focusing on managing risks and addressing actual negative 
impacts of safety incidents. Stora Enso uses the Total Recordable Incident 
(TRI) rate as its main key lagging performance indicator (KPI), as this 
provides a comprehensive overview of safety performance, including less 
severe accidents. The target is set for one year at a time, based on the 
outcome of the previous year’s safety performance. The focus is on 
continuous improvement.
In 2025, the Group extended the target from its own workforce to also 
cover contractors working on its premises, with progress measured 
against the baseline value set on 31 December 2024. The target is in line 
with the Group’s Occupational Health and Safety Policy.
Target Scope
Baseline year 
and value 2025 2024
Total recordable 
incident rate: 4.3 by the 
end of 2025
Own and joint 
operations’ 
employees, 
contractors 
working at the 
Group’s premises
2024: 4.6 4.5 New target 
as of 2025
In 2025, safety performance improved slightly from the baseline but did 
not meet the target level. Stora Enso continues to identify areas for 
improvement, with safety remaining a top priority.
 Accounting principles
The KPI relies on incidents reported in Stora Enso’s safety management 
system. The reported TRI rate shows the number of recordable incidents as 
per one million hours worked, and covers Group’s own and joint operations’ 
employees as well as contractors working at its premises. 
Safety Network, representing Group’s own employees, is closely involved in 
the target setting. External stakeholders were not included in the target 
setting. Stora Enso has not established targets related to policy 
implementation.
Characteristics of the undertaking’s employees (S1-6)
 Accounting principles
Stora Enso’s reporting on headcount covers its own employees. Aligned 
with the Financial Statements, the total number of employees include the 
Group’s joint operations according to the ownership share (50%). The other 
figures reported under S1-6 are reported without joint operations due to 
the lack of full authority over contractual arrangements between the 
workers and the Group. Employee figures reflect the end-of-year situation 
and are rounded to the nearest fifty. For additional information on the 
average number of employees in each business segment, see Financial 
Statements, note 2.1 Segment information.
The headcount per country includes countries where the Group has at 
least 1,850 employees, which represents at least 10% of its total number of 
employees. Since persons cannot legally register as having a third, often 
neutral, gender in Stora Enso’s major operating countries, the ‘Other’ 
category is not included in the gender split reporting due to sensitivity of 
the data although presented in the table. Same applies to category 'Not 
reported’.
The data for turnover is collected through HR system and local payroll, and 
covers permanent employees. The turnover is calculated as leavers that 
include all who left the company during the reporting year, excluding 
divestments, and divided by average headcount. There are minor 
deviations due to different data sources. 
Number of employees by gender 2025 2024
Male 13,950 13,950
Female 4,600 4,650
Other n/a n/a
Not reported n/a n/a
Total employees 18,550 18,600
Number of employees by countries 2025 2024
Finland 4,950 4,950
Sweden 3,350 3,400
China 2,350 2,300
Poland 1,850 1,900
2025
Employees by contract type, 
broken down by gender Female Male Other
Not 
disclosed Total
Number of employees  4,600 13,950 n/a n/a 18,550
Number of permanent 
employees  3,750 12,250 n/a n/a 16,000
Number of temporary employees  600 1,100 n/a n/a 1,700
Number of non-guaranteed 
hours employees 0 50 n/a n/a 50
2024
Employees by contract type, 
broken down by gender Female Male Other
Not 
disclosed Total
Number of employees  4,650 13,950 n/a n/a 18,600
Number of permanent 
employees  3,800 12,200 n/a n/a 16,000
Number of temporary employees  600 1,150 n/a n/a 1,750
Number of non-guaranteed 
hours employees 0 50 n/a n/a 50
Metrics related to employees 2025 2024
Employee turnover %  9%  13% 
Number of employee who have left 
the undertaking 1,550 2,200
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Collective bargaining coverage and social 
dialogue (S1-8)
 Accounting principles
Stora Enso’s reporting on collective bargaining covers the employees 
within the European Economic Area. The percentage is presented only for 
countries with significant employment, defined as  1,850 number of 
employees representing at least 10% of its total number of employees.
At the end of 2025, approximately 89% (88%) of Stora Enso’s employees 
were covered by collective bargaining agreements. The number is an 
estimate due to differences in national legislation.
The global percentage of employees covered by workers’ representatives 
is reported for each country within the European Economic Area that 
meets the requirement on significant employment, defined as  1,850 
number of employees, which represents at least 10% of its total number 
of employees.
Stora Enso Oyj has had an agreement on European Corporate Cooperation 
in place since 1999. In 2015, the European Works Council (EWC) agreement 
was updated according to the EWC’s proposal. The purpose of the 
collaboration is to establish and develop an open, confidential information 
and consultation procedure between the company and its employees on 
EEA level. The agreement establishes that a cooperation meeting shall take 
place each year to discuss strategy and business topics.
Collective 
bargaining 
coverage Social dialogue
Collective bargaining coverage rate Employees – EEA
Workplace 
representation (EEA 
only)
0-19%
20-39%
40-59%
60-79%
80-100%
Finland, Sweden, 
Poland
Finland, Sweden, 
Poland
Diversity metrics (S1-9)
 Accounting principles
Stora Enso defines its top management as the CEO and Group Leadership 
Team which means one and two levels below the highest operational 
administrative and supervisory body (Board of Directors) The data is 
collected through its HR management system and covers 100% of the 
Group Leadership Team.
The data for age distribution in workforce is collected through the Group’s 
HR management system, which covers over 99% of the Group’s employees. 
The figures are reported without joint operations due to the lack of full 
authority over contractual arrangements between the workers and the 
Group.
Metrics related to top management 2025 2024
Number of employees at top 
management level
Male 8 7
Female 4 4
% of employees at top management 
level
Male  67%  64% 
Female  33%  36% 
Age distribution in workforce (in %) 2025 2024
Under 30 years old  12%  12% 
30-50 years old  55%  55% 
Over 50 years old  33%  33% 
Adequate wages (S1-10)
All Stora Enso’s own employees are paid an adequate wage when 
reviewed in accordance with the ESRS disclosure requirement and using 
Wageindicator benchmark. The figures exclude joint operations due to the 
lack of full authority over contractual arrangements between the workers 
and the Group. The benchmark study is conducted every two years, with 
the most recent study conducted in 2024.
Health and safety metrics (S1-14)
 Accounting principles 
Stora Enso reports incidents and accidents using international 
Occupational Health and Safety (OHSA) definitions when reporting Total 
Recordable Incident (TRI). Due to the inherent nature of occupational 
safety, the joint operations are consolidated at 100%. Stora Enso also 
monitors contractor accidents in separate categories for on-site 
accidents and logistics incidents.
The percentage of people in Stora Enso’s own workforce who are covered 
by health and safety management systems refers to the proportion of 
total employees covered by externally certified safety management 
systems, such as ISO 45001. Certain administrative functions and sales 
offices are currently excluded from the Group’s safety figures due to 
limited data availability, which is related to a relatively small headcount 
and lower occupational safety risk compared to production units. These 
units represent approximately 10% of the total workforce.
The rate of recordable work-related accidents for own workforce 
represents the number of work-related injuries per one million hours 
worked. The figure is calculated by dividing the number of work-related 
injuries by the number of total hours worked by people in the company’s 
own workforce, multiplied by one million. The TRI rate for own employees 
and contractors is disclosed in ESRS S1-5.
The number of recordable work-related accidents for own workforce is 
reported based on the international Occupational Health and Safety 
(OHSA) definitions. The data is collected in the Group’s Health and Safety 
reporting system. Stora Enso recognises a marginal error due to the partial 
system coverage.
Fatalities are reported for cases occurring at Stora Enso’s sites and 
premises. In 2025, a fatal accident involving a contractor’s employee 
occurred at Stora Enso’s Oulu site in Finland.
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Metrics related to health and safety 2025 2024
% of people in its own workforce who 
are covered by health and safety 
management system  95%  87% 
Rate of recordable work-related 
accidents for own workforce 6.7 5.2
Number of recordable work-related 
accidents for own workforce 223 177
Fatalities in own workforce as result of 
work-related injuries
Employees 0 0
Non-employees 1 0
Fatalities as result of work-related 
injuries of other workers working on 
undertaking's sites 0 0
Remuneration metrics (pay gap and total remuneration) 
(S1-16)
 Accounting principles
The gender pay gap has been calculated by counting the difference 
between the male’s and female’s hourly salaries and dividing that by the 
male’s salary. Salary data has been retrieved from the HR system or local 
payroll. The figure is reported without joint operations due to the lack of full 
authority over contractual arrangements between the workers and the 
Group. The calculation includes only base salary, excluding short- and 
long-term incentives.
The annual total remuneration ratio is defined as the ratio of the annual 
total remuneration of the highest-paid individual to the median annual 
total remuneration of all employees (excluding the highest-paid 
individual). The median remuneration data is retrieved from the HR system 
and local payroll, and includes only base and holiday salary, bonuses, one-
time payments from HR system, and long-term incentive schemes. 
Additional benefits are excluded as the data is not available in the system. 
The missing data is estimated to not impact the results. The figure 
excludes joint operations. For additional information on remuneration, see 
Financial Statements, note 3. Employee remuneration.
Metrics related to remuneration 2025 2024
Gender pay gap  5.4%  7.0% 
Annual Total Remuneration ratio 52.5 41.8
Incidents, complaints and severe human rights 
impacts (S1-17)
 Accounting principles
The number of incidents of discrimination include all reported cases 
during the year covering the Group’s own workforce (includes proven, non-
proven, cases handed over, and reported but investigation not yet 
completed).
The metric related to number of complaints filed through channels for 
people in own workforce to raise concerns covers all reported complaints 
related to threats and violent behaviour, unfair working conditions, and 
work health and safety violations.
The figures exclude incidents investigated by the joint operations due to 
the lack of full authority over contractual arrangements between the 
workers and the Group.
Metrics related to incidents and 
complaints 2025 2024
Number of incidents of discrimination 52 25
Number of complaints filed through 
channels for people in own workforce 
to raise concerns 13 15
In 2025, there were no fines or penalties as a result of the incidents and 
complaints disclosed in the table above. There were also no severe human 
rights incidents connected to Stora Enso’s own workforce. Therefore, 
reconciliation to Financial Statements is not presented.
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ESRS S2 Workers in the value chain
S2 disclosure requirement related to ESRS 2 SBM-3
Stora Enso’s disclosure on ESRS S2 addresses value chain workers who are 
likely to be materially impacted by the Group, particularly those in the 
upstream value chain governed by the Supplier Code of Conduct. Due to 
industrial working environment, value chain workers at Stora Enso’s sites 
may face higher safety risks. The safety of these employees is covered 
under ESRS S1. 
The impacts on value chain workers originate from Stora Enso’s business 
model and strategy, moreover, the risk of non-compliances and safety 
incidents connected to its dependency on raw materials and external 
personnel. While these have not led to adaptations in the business model 
or strategy, the Group has expanded its safety target to include value 
chain workers performing activities at its sites, effective from 2025. Stora 
Enso continuously identifies and assesses potential and actual adverse 
impacts related to human rights and defines preventive and mitigating 
actions accordingly.
When identifying value chain workers who are or could be negatively 
affected, Stora Enso focused on high-risk geographies as well as identified 
high-risk supplier categories. Those in more vulnerable positions include 
migrant workers in the forest and Paper for Recycling sectors, as well as 
contract employees in China. 
Stora Enso regards the risk of child and forced labour as a material issue 
because any actual violation would severely impact the affected 
individuals and result in significant financial repercussions for the Group. 
Stora Enso has not identified any specific geographies with a significant 
risk of child, forced, or compulsory labour, however, there are operations in 
areas where the risk is heightened. 
Policies related to value chain workers (S2-1)
The below policies relate to the risk resulting from the violation of Stora 
Enso’s ethical business practices and values. The minimum requirement is 
that all policies and guidelines are to be reviewed at least once every two 
years. Each policy owner shall ensure that the documents under their 
responsibility are reviewed and updated within the defined time frame.
Human Rights Policy and Guidelines
Stora Enso works to ensure that human rights are respected throughout its 
operations and business relationships. It takes human rights into account 
across its operations from investment decisions onwards, paying special 
attention to vulnerable groups, and encourages its partners to do the 
same. The Human Rights Policy outlines Stora Enso’ commitment to 
ensuring respect for human rights following the United Nations Guiding 
Principles on Business and Human Rights. The policy requires suppliers and 
other business partners to respect human and labour rights and comply 
with the Group’s policies and guidelines. The Human Rights Guidelines 
address the salient human rights topics, such as fair labour, access to 
grievance mechanisms, and children’s rights. Stora Enso strives to prevent 
and eliminate all forms of forced labour in its operations and supply 
chains, including modern slavery, child labour, and debt bondage. Both the 
policy and guidelines aim to mitigate the prevention of the risk of non-
compliance with Stora Enso’s standards in the Group’s own operations and 
upstream value chain. See further details on the Human Rights Policy, 
Human Rights Guidelines, and adherence to internationally recognised 
human and labour rights and standards in ESRS S1-1. 
Through its Human Rights Policy, Stora Enso commits to engaging with 
affected and potentially affected stakeholders, including value chain 
workers, to ensure that its approach and focus are valid. The company is 
also committed to remedying situations where its activities have caused 
or contributed to adverse human rights impacts, and engages with 
affected stakeholders in finding the most appropriate solution. These 
solutions depend on the needs of the affected people and the specifics of 
each case.
Supplier Code of Conduct (SCoC)
The SCoC is a legally binding document that imposes sustainability 
requirements on Stora Enso’s suppliers and needs to be signed as part of 
the pre-qualification. In addition to environmental topics, the SCoC covers 
areas such as human and labour rights, involuntary labour, occupational 
health and safety, ethical recruitment, and fair remuneration. The SCoC 
helps manage material risk related to the breach of these requirements 
occurring in the Group’s own operations or upstream value chain. The 
policy obliges suppliers to respect the ILO Convention 138 on abolition of 
child labour. It does not explicitly address precarious work. See ESRS E1-2 for 
more details on the SCoC.
The Occupational Health and Safety policy, which addresses the risk and 
actual negative impact related to the safety of workers in the value chain 
working at the Group’s sites and premises, is outlined in ESRS S1-1.
By the end of 2025, Stora Enso had not become aware of any severe cases 
of human rights incidents related to the UN Guiding Principles on Business 
and Human Rights, ILO Declaration on Fundamental Principles and Rights 
at Work or OECD Guidelines for Multinational Enterprises that involve value 
chain workers. The Group is informed of incidents of non-respect through 
internal audits, grievance mechanisms, and third-party supplier audits, 
which include aspects such as occupational safety and labour rights.
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Material impacts, risks and opportunities (SBM-3)
Description Impact, risk, or opportunity Time horizon
Location in 
the value chain
Related sub-topic or
sub-sub-topic
Despite preventive safety measures, safety incidents still occur.1 Actual negative impact Short, medium, and 
long term 
Upstream, own 
operations, joint 
operations
Health and safety
Risk of safety incidents for the workers in the value chain. Severe incidents in 
the value chain may damage Stora Enso’s reputation and brand, which may 
result in a loss of investor and customer confidence leading to higher cost of 
capital and decreased revenues.1
Risk Short, medium, and 
long term
Upstream, own 
operations, joint 
operations
Health and safety
Risk of non-compliance by suppliers or other business partners with Stora 
Enso’s standards on human and labour rights, ethical recruitment, and 
reasonable employee compensation may result in adverse consequences for 
people and Stora Enso’s reputation.
Risk Short, medium, and 
long term
Upstream, own 
operations
Forced labour; Child 
labour
1 The Group has control over its value chain workers when the activities occur on the Group’s sites and premises. The impacts and incidents where Group has direct control are reported under ESRS S1.

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Processes for engaging with value chain workers
about impacts (S2-2)
Stora Enso engages with value chain workers to gather perspectives on 
actual and potential impacts and to plan appropriate actions accordingly. 
This input can then be used to, for example, to define audit scopes or 
targeted initiatives that address those impacts. Engagement takes place 
on a consistent basis and at specific project or business process stages. It 
begins with risk mitigation measures, such as supplier screening and pre-
qualification, and extends to defining remedies. Engagement takes various 
forms, including participation, consultation, or information sharing, and is 
carried out either directly with the workers in the value chain, contractors 
and other business partners, or suppliers’ representatives. The operational 
responsibility for ensuring that the engagement happens and that its 
results inform the Group’s approach, is with the Sourcing and Logistics 
Leadership team.
Third-party audits are an important tool to engage with suppliers, track 
effectiveness of engagement, and focus on improvement measures 
where needed. See more details on third-party audits in ESRS S2-4. Other 
means of assessing the effectiveness of engagement include utilising 
feedback mechanisms through the Group’s established grievance 
channels or through specific project-defined feedback processes.
The approach to gaining insight into the perspectives of particularly 
vulnerable groups is tailored to each specific case. Examples of these  
processes can be found in section ESRS S2-4 (actions 2-5). Engagement 
related to the safety of workers in the value chain working at the Group’s 
sites and premises is outlined in ESRS S1-2.
Processes to remediate negative impacts and channels 
for value chain workers to raise concerns (S2-3)
Stora Enso continuously identifies and assesses potential and actual 
adverse impacts related to human rights and defines preventive and 
mitigating actions accordingly. The Group is committed to remedying 
situations where its activities have caused or contributed to adverse 
human rights impacts. Remediation measures and assessment of their 
effectiveness are determined on a case-by-case basis and according to 
the local context. The remediation process includes implementing 
corrective actions and ensuring knowledge-sharing to prevent similar 
cases from arising in the future.
All internal and external stakeholders can anonymously report potential 
non-compliance cases via the Speak up channel. Suspected non-
compliances can also be reported externally to national competent 
authorities and to certain EU-institutions. Equal protection against 
retaliation and liability is ensured in all cases.
As outlined in the SCoC, suppliers are required to ensure that their 
employees, sub-suppliers, local communities, and other relevant 
stakeholders have access to grievance channels to anonymously voice 
their concerns about potential misconduct related to the requirements of 
the SCoC. The supplier must also have processes in place to address these 
concerns and remedy any confirmed case. The SCoC needs to be signed 
as part of the pre-qualification process and it contains information on 
Stora Enso’s grievance channels to ensure suppliers are aware of these 
channels. 
Potential non-compliance cases involving a Stora Enso employee or a 
contracted third-party are duly investigated by an independent internal 
team. Whenever a suspected Supplier Code of Conduct non-conformity is 
identified during supplier visits or audits, or brought to the Group’s 
attention through grievance channels, Stora Enso initiates an investigation 
led by internal subject matter experts. In cases of non-conformity, Stora 
Enso takes a collaborative approach by working with the supplier to 
implement a corrective action plan. In cases where the level of criticality is 
deemed high, or if a supplier demonstrates an unwillingness to improve its 
performance, the business relationship is terminated. 
Currently, Stora Enso lacks a systematic monitoring process to assess the 
effectiveness of the grievance channels through the involvement of value 
chain workers, and that workers in the value chain trust them as a means 
to express their concerns or needs. As outlined in the Code and Business 
Practice Policy, Stora Enso does not tolerate any retaliation against a 
person who in good faith reports misconduct. For more information on the 
grievance mechanisms and protection against retaliation, see ESRS G1-1 
‘Non-compliances and protection of whistleblowers’.
Processes to remediate negative impacts and channels to raise concerns 
related to the safety of workers in the value chain working at the Group’s 
sites and premises is outlined in ESRS S1-3.
Taking action on material impacts on value chain 
workers, and approaches to managing material risks and 
pursuing material opportunities related to value chain 
workers, and effectiveness of those actions (S2-4)
To address the risk of non-compliance by suppliers and other business 
partners, as described in SBM-3 of this section, and to identify appropriate 
preventive actions, Stora Enso undertook the following actions during the 
reporting year. The Group plans to continue these actions in the short to 
mid-term future. The actions cover the Group’s own operations and the 
upstream value chain, with specific geographic locations specified for 
relevant activities.
1) In 2025, Stora Enso continued engagement with a tier 1 supplier in Brazil 
involved in kaolin processing and mining, following a desktop assessment 
conducted in 2024. The assessment highlighted concerns related to the 
accuracy and availability of public information, particularly regarding the 
supplier’s impact on local communities, land rights, and past 
environmental incidents. Stora Enso communicated its expectations and 
held regular follow-up calls to monitor progress on the corrective action 
plan, focusing on community engagement and operational 
improvements. An on-site sustainability audit was conducted with an 
external provider to evaluate the supplier’s operational sustainability 
performance. The audit identified some corrective actions related to 
labour rights, governance, and awareness of grievance mechanisms.
2) In 2025, Stora Enso continued efforts to address human rights risks in its 
Swedish forest operations, where silviculture contractors largely employ 
migrant workers. Building on a 2022 impact assessment, the company has 
strengthened contractor engagement, improved on-site labour 
assessments, and involved translators to support worker feedback.  In 
2025, to further safeguard human and labour rights, a worker voice survey 
was developed in collaboration with a third-party expert to reach more 
migrant workers and better understand their experiences and concerns. 
The survey is easily accessible and available in workers’ native languages. 
The survey results from 2025 did not reveal any new impact areas, but 
provided insights into known challenges faced by migrant workers, such 
as overtime, recruitment, and access to grievance mechanisms. These 
findings will inform the further development the Group’s existing initiatives.
3) In 2025, Stora Enso expanded its efforts to address human rights risks in 
forest operations by initiating audits of its associate company Tornator’s 
operations in Finland. The audits, which are conducted during 2025-2026, 
cover, for example, human rights topics, governance practices, and the 
o p e r a t i o n s  o f  c o n t r a c t o r s  a n d  s u b c o n t r a c t o r s .  P o t e n t i a l  n o n - c o n f o r m i t i e s  
are addressed promptly and collaboratively, and Stora Enso also reviews 
labour inspection reports issued by authorities.
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4) The Paper for Recycling (PfR) supply chain has previously been identified 
as having heightened sustainability risks, particularly in relation to social 
factors, as the work often is labour-intensive, involving health and safety 
risks, and low-skilled and migrant workers. In 2025, a structured approach 
was further developed to address these risks and challenges. During the 
year, three human rights-focused supplier visits were conducted at small 
and medium-sized enterprises in Poland by external consultants. These 
visits aimed to deepen understanding of potential risks and challenges, 
enabling informed decisions on capacity-building and mitigation 
measures, and strengthening future collaboration within the supply chain.
5) Following SMETA audits at some of the Group’s mills during 2024–2025, 
a key finding was the need to strengthen on-site due diligence processes 
for third-party employees to ensure that suppliers and contractors uphold 
employee rights. In response, a project was launched with an external 
consultant to develop a robust and coherent approach. Combining 
desktop research and stakeholder engagement, the project aims to 
create a blueprint for a due diligence process that can be consistently 
applied across other mills. Implementation is planned for year 2026.
6) In 2025, Stora Enso continued advancing a group-wide project to 
establish a risk-based, data-driven management system to support 
compliance with the upcoming EU Corporate Sustainability Due Diligence 
Directive (CSDDD) and enable effective execution of the sustainability 
agenda. To date, the project has introduced policy updates, assessed 
future system and data requirements, and developed supply chain due 
diligence instruction, including category- and country-level sustainability 
risk management. Stepwise implementation is planned for 2026 
and beyond.
In 2025, there was one reported instance of a severe human rights incident 
related to a fatal accident at the Oulu site in Finland (see ESRS S1-14).
To track effectiveness of the actions, Stora Enso has set a target on 
maintaining the proportion of total supplier spend covered by Supplier 
Code of Conduct, including all categories and regions, at a minimum 
of 95%.
Third-party audits assist in tracking the effectiveness of risk mitigation by 
providing an independent assessment of the measures implemented.
• Stora Enso focuses its audit efforts on suppliers in high-risk categories. 
During 2025, 38 (21) Supplier Code of Conduct audits were conducted, 
primarily in China, with the majority relating to contracted 
manufacturing and labour agencies. The audits revealed non-
conformities, related in particular to working hours, basic worker’s rights, 
and emergency preparedness. Stora Enso formulated corrective action 
plans for all cases with necessary follow-up.
• In 2025, 35 (33) sites had received a renewed Forest Stewardship Council 
(FSC) chain-of-custody certifications, with audits covering requirements 
on core labour rights.
• 54 (43) Health, Safety, Environment, and Quality (HSEQ) audits were 
conducted mainly in Finland connected to contractors working on-site 
at Stora Enso’s production sites. Actions to prevent negative impacts 
related to the safety of workers in the value chain working at the Group’s 
sites and premises is outlined in ESRS S1-4.
In case of material negative impacts, Stora Enso follows the processes 
described in ESRS S2-3 to provide and ensure remedy.
Targets related to managing material negative impacts, 
advancing positive impacts, and managing material 
risks and opportunities (S2-5)
To manage material risks related to value chain workers, Stora Enso has 
set a continuous target on maintaining the proportion of total supplier 
spend covered by Supplier Code of Conduct at a minimum of 95% each 
year. The target is in line with Stora Enso’s Supplier Code of Conduct.
Target Scope
Baseline year 
and value 2025 2024
Maintaining the 
proportion of total 
supplier spend covered 
by SCoC at a minimum 
of 95% 
All supplier 
categories and 
regions 2014: 78%  94%  95% 
In 2025, the coverage rate was slightly below target level.
 Accounting principles
Stora Enso measures the proportion of total supplier spend covered by its 
Supplier Code of Conduct for all categories and regions. The Supplier Code of 
Conduct applies to all Stora Enso’s sourcing categories globally. Joint 
operations, intellectual property rights (IPR), leasing agreements, financial 
trading, government fees such as customs, and wood purchases from 
private individual forest owners are excluded from the requirement to 
accept the Supplier Code of Conduct. The aforementioned items are 
excluded also from the total supplier spend.
Workers in the value chain, their legitimate representatives, or credible 
proxies were not involved in the target setting, tracking of the performance 
or identifying any lessons or improvements.
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ESRS S3 Affected communities
S3 disclosure requirement related to ESRS 2 SBM-3
The double materiality assessment included all communities potentially 
impacted by the Group’s own operations or upstream value chain. ESRS S3 
disclosure covers those affected communities that exceed the materiality 
threshold. Stora Enso’s impact on affected communities is connected to its 
strategy and business model, particularly through its business relationship 
with the 50% owned joint operation in Veracel, Brazil. The ongoing land-
related disputes have resulted in negative impact on a specific group of 
affected communities. Some of the affected individuals are 
representatives of indigenous people. The disputes arise from illegal land 
invasions aimed at gaining access to land for subsistence farming. This 
has resulted in the occupation of company-owned land. According to 
legal requirements, the occupants are removed and farming activities are 
stopped. As an adaptation action, Veracel is committed to maintaining 
ongoing dialogue with landless movements and other affected individuals 
and actively supports land allocations through the Sustainable Settlement 
Initiative. These disputes may also contribute to, or result in, the identified 
reputational risk described in the table above.
Despite compliance, preventive and precautionary measures, Stora Enso’s 
operations can impact the safety of people in local communities. This 
topic became material in 2025, when a fatal accident occurred at a 
harvesting site, see ESRS S3-4.
The reputational risk is related to Stora Enso’s resource-intense business 
model, which depends on forests as a source of its primary raw material, 
and can lead to potential disputes over forest management practices, 
biodiversity, and land and water use. The most significant risks are 
observed in communities living around areas where Stora Enso or its joint 
operations have a physical presence, such as forests and production sites. 
The risk is considered in strategy execution through the implementation 
of Environmental and Social Impact Assessments (ESIAs), which are 
mandatory for new production facilities or significant changes to existing 
facilities and plantations. 
As part of its dependency on raw materials, Stora Enso’s industrial 
operations require significant amounts of water to maintain production 
processes. Although the Group’s joint operations are not situated in 
regions experiencing severe droughts, it closely monitors the situation, 
as these communities are considered to be at a greater risk of harm.
Policies related to affected communities (S3-1)
The key policies guiding Stora Enso’s approach to affected communities 
are the Human Rights Policy and the Human Rights Guidelines. They outline 
the objectives for respecting human rights throughout the Group’s 
operations and engaging with affected and potentially affected 
stakeholders to ensure that its approach and focus on human rights are 
valid. The policies cover proactive risk identification, mitigating adverse 
impacts, and implementing remediation measures. They address the 
reputational risks related to water and land impacts, as well as the 
negative impacts of land use disputes in Brazil and safety incidents.
The Human Rights Policy outlines the Group’s commitment to the UN 
Guiding Principles on Business and Human Rights. The approach and 
practices for achieving these objectives is described in the Human Rights 
Guidelines, with special attention given to vulnerable groups, including 
indigenous people. Stora Enso strives to ensure that the management of 
land and natural resource rights related to its operations and supply chain 
respects stakeholder rights. These rights must be acquired through due 
diligence processes, which include avoiding the involuntary displacement 
of indigenous peoples from their traditional lands and natural resources. 
The Group’s management practices uphold the rights to health and an 
adequate standard of living for communities affected by its business 
activities. For further details on the policy and guidelines, see ESRS S1-1. 
Engagement is described in ESRS S3-2 and remediation in ESRS S3-3.
Protecting and respecting the rights of local communities and indigenous 
peoples is an essential part of sustainable forest management practices. 
The Wood and Fiber Sourcing, and Land Management Policy, described in 
ESRS E4-2, addresses managing tree plantations as part of local land use 
and contributing to sustainable livelihoods. It forbids harvesting in violation 
of traditional rights of indigenous people or civil rights. Human rights and 
local communities aspects are also embedded in all three chapters of the 
Environmental Guidelines described in ESRS E1-3. The guidelines specifically 
outline the right to water and sanitation, and to a safe, clean, healthy, and 
sustainable environment.
Stora Enso’s policy alignment with internationally recognised principles is 
disclosed in ESRS S1-1. In addition, Stora Enso is committed to international 
agreements on the rights of vulnerable groups, including but not limited to 
the Indigenous and Tribal Peoples Convention (C169), Convention on the 
Elimination of Discrimination Against Women (CEDAW), Convention on the 
Rights of the Child (UNCRC), and the International Convention on the 
Protection of the Rights of All Migrant Workers and Members of Their 
Families (CRMW). Stora Enso carries out chain-of-custody audits (FSC and 
PEFC), which require compliance with the ILO Declaration on Fundamental 
Principles and Rights at Work. For further information on monitoring 
compliance with international standards, see ESRS S1-1.
Stora Enso is committed to remedying situations where its activities have 
caused or contributed to adverse human rights impacts. The established 
grievance mechanisms are accessible to all external stakeholders, 
including affected communities. The Group engages with potentially 
affected people and/or their representatives on a regular basis to identify 
any needs for updating its priorities, policies, and practices and consulting 
stakeholders when updating documents that affect them.
By the end of 2025, Stora Enso had not become aware of any severe cases 
of human rights incidents related to non-respect of the UN Guiding 
Principles on Business and Human Rights, ILO Declaration on Fundamental 
Principles and Rights at Work, or OECD Guidelines for Multinational 
Enterprises that involve affected communities.
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Material impacts, risks and opportunities (ESRS 2 SBM-3)
Description Impact, risk, or opportunity Time horizon
Location in 
the value chain
Related sub-topic or
sub-sub topic
Stora Enso’s joint operation in Veracel has ongoing land rights disputes 
in Brazil.
Actual negative impact Short, medium, and 
long term
Joint operations Land-related impacts
Despite preventive and precautionary measures, Stora Enso’s operations 
can impact the safety of people in local communities.
Actual negative impact Short term Upstream value chain Health and safety
Risk of reputational harm related to disputes with local communities and 
NGOs over forest management practices, biodiversity, land, and water-
use. The disputes may damage Stora Enso’s reputation and brand, which 
may result in a loss of investor and customer confidence leading to higher 
cost of capital and decreased revenues.
Risk Short, medium, and 
long term
Joint operations Water and sanitation; Land-
related impacts

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Processes for engaging with affected communities
about impacts (S3-2)
Stora Enso incorporates the perspectives of affected communities into its 
decision-making processes to gain insights into the local context, to 
identify potential impacts, and to collaboratively develop an appropriate 
approach. Before harvesting, Stora Enso consults communities near the 
harvesting operations to listen to their concerns and expectations, and to 
incorporate their feedback into the decision-making process. In Veracel, 
Brazil, and Montes del Plata, Uruguay, the community liaison teams 
collaborate with, consult, and inform all affected local communities before 
and after forestry operations.
Human rights impacts are identified and addressed through 
Environmental and Social Impact Assessment (ESIA) requirements for new 
or significant changes to facilities and plantations. This involves consulting 
and informing affected and potentially affected stakeholders to avoid 
adverse impacts on stakeholder rights. Air, water, and soil emissions are 
governed through regulatory permitting and monitoring as well as 
considered in the local environmental management system related to the 
industrial or forestry operations.
Engagement takes place either directly with the communities or through 
community representatives, and occurs at different stages of the 
cooperation or project. It varies from consultation and participation to 
informing. Some of the engagement takes place regularly, while other 
interactions occur on an ongoing basis. 
The operational responsibility for the engagement and ensuring that the 
results inform the Group’s approach is with the EVP, Head of each business 
area and the CEOs of the joint operations in Brazil and Uruguay. 
Effectiveness of the engagement is primarily tracked by monitoring the 
cases reported through grievance channels.
Indigenous peoples
Community consultations, including Free, Prior and Informed Consent 
(FPIC), are a regular element in Stora Enso’s human rights due diligence 
and forestry operations, especially concerning land leasing and 
indigenous peoples’ rights. They are a central tool to mitigate disputes 
related to land use. The engagement with the indigenous peoples is 
designed together with the representatives of the affected stakeholders. 
Local communities are consulted during the planning and decision-
making stages of new investments. FPIC allows indigenous peoples to give 
or withhold consent to a project or development through a process in 
which they participate as equals and make decisions about their lands 
and territories in accordance with their traditions and customs. The aim is 
to establish bottom-up participation and consultation prior to the 
beginning of a project or development that takes place on ancestral land 
or uses resources within the indigenous population’s territory. This includes 
consent on issues that might impact indigenous peoples’ rights, lands, 
territories, resources, traditional livelihoods, and cultural heritage. Stora 
Enso expects its joint operations to adhere to similar operational 
procedures.
The Pataxó and Tupinambá communities represent almost 25,000 
indigenous people in the Discovery Coast in Brazil. Engagement is carried 
out with communities impacted by forestry operations in the territory and 
is organised by a third-party consultancy. To ensure transparent and 
culturally sensitive dialogue, Veracel also engages with FUNAI (The National 
Foundation for Indigenous Peoples), the Brazilian governmental body that 
represents and protects the rights of Indigenous Peoples. Engagement 
activities are conducted prior to the initiation of harvesting operations and 
upon their completion to evaluate the process. This active dialogue aims 
to establish an effective mechanism to minimise negative impact on 
these traditional communities during the development of operational 
activities.
The engagement with traditional fishing communities in conducted mainly 
through local associations at least annually to address any changes in 
quality of life or livelihoods of the affected communities and to preserve 
the traditional culture.
Some areas of Veracel’s land have been illegally occupied since 2008. 
Veracel strives to maintain continuous dialogue with landless movements 
and supports land allocations through the Sustainable Settlement Initiative 
launched in 2012. The Sustainable Settlement Initiative is facilitated by the 
Government of the State of Bahía and is conducted in cooperation with 
the National Institute of Colonisation and Agrarian Reform (INCRA) and the 
representatives of six officially recognised landless people’s social 
movements. In 2018, Veracel signed a new agreement with the social 
landless movements to complement the earlier agreed Sustainable 
Settlement Initiative. Veracel does not plant in areas recognised as 
indigenous lands and understands the complexity and sensitivity involved 
in the demarcation of indigenous lands in southern Bahia.
Although the indigenous Sámi people in Sweden are an important 
stakeholder group with established engagement practices in place, they 
are currently excluded from the ESRS reporting scope due to not meeting 
the materiality threshold.
Processes to remediate negative impacts and channels 
for affected communities to raise concerns (S3-3)
Remediation measures are determined on a case-by-case basis, taking 
into account the specific local context. The Group’s approach to 
remediation involves implementing corrective actions and promoting 
knowledge-sharing to proactively prevent the recurrence of similar cases 
in the future. Processes to identify the action needed to address an actual 
or potential negative impact are guided by the human rights due 
diligence processes and tools. These include monitoring compliance with 
the company policies, requirements, and guidelines; ensuring that 
grievance mechanisms are operating effectively and are accessible to all 
relevant stakeholders; engaging and consulting with affected people or 
their representatives; and conducting project-specific impact 
assessments.
The nature of the negative impact determines the range of possible 
remediation approaches, which can range from one-time settlements to 
long-term programmes with rigorous monitoring to ensure their 
effectiveness. To evaluate the most suitable course of action and response 
to an existing or potential impact, Stora Enso engages in consultations with 
the affected local community, and if necessary, seeks the assistance of a 
third-party remediator. In instances of actual negative impacts involving 
legal violations, the court determines the appropriate actions and 
remediation measures. In relation to indigenous peoples, the process of 
providing remedy involves taking into account their customs, traditions, 
rules, and local legislation.
All external stakeholders can anonymously report potential non-
compliance cases via the Speak up channel. The joint operations in Brazil 
and Uruguay have their own grievance mechanisms available in local 
language. Stora Enso does not have a specific process to assess that 
affected communities are aware of and trust these structures or 
processes as a way to raise their concerns or needs and have them 
addressed. This topic was, however, addressed as part of the human rights 
impact assessment conducted in 2025, see ESRS S3-4 below. For more 
information on the grievance mechanisms and protection against 
retaliation, see ESRS G1-1. Stora Enso does not have a specific process to 
assess the effectiveness of the remedy. It is assessed case-by-case, 
consisting of, for example, constructive dialogue with the community.
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Taking action on material impacts on affected 
communities, and approaches to managing material 
risks and pursuing material opportunities related to 
affected communities, and effectiveness of those 
actions (S3 -4)
Stora Enso has implemented a set of actions in co-operation with its joint 
operations to address the risk and identified negative impact related to 
affected communities. None of the listed actions entail plans that 
necessitate significant capital expenditure or operational expenditure. 
Whilst Stora Enso is active on community investments to advance positive 
impacts in local communities, the impacts were not considered to cross 
the materiality threshold. Initiatives planned with the primary purpose of 
delivering positive impacts for affected communities aim to address the 
negative impacts associated with land rights disputes. These initiatives 
(corresponding to ESRS S3-4 32 c) are described at the end of this chapter.
In 2025, there was one reported severe safety incident involving affected 
communities. This concerned a fatal accident in which a member of the 
public was killed while a subcontractor was performing harvesting work in 
Sweden. Neither Stora Enso’s, nor the involved authorities’ investigations, 
indicates that the accident was the result of any safety failures from Stora 
Enso’s or the subcontractor’s side.
Addressing reputational risk
Human Rights Impact Assessment
In 2025, Veracel conducted a new Human Rights Impact Assessment 
(HRIA) across its operations and neighbouring communities and reviewed 
its due diligence framework to ensure alignment with evolving standards 
and best practices. The assessment, led by a global consultancy, used a 
multi-source method including desk research, site visits, and interviews 
with over 50 community members, 200 workers, management, and NGOs. 
In response to the findings, Veracel will initiate corrective actions in 2026 to 
address identified issues. Stora Enso plays an active role in overseeing the 
HRIA process due to its 50% ownership share in the company.
Stora Enso’s long-term action plan
Stora Enso has implemented an ongoing, long-term action plan that 
encompasses its own operations and joint operations to address 
reputational risks associated with raw material dependency and potential 
disputes related to the use of natural resources and management of 
environmental impacts, such as deforestation, biodiversity loss, and land 
and water use.
• Engagement and collaboration as described in ESRS S3-2 is one of the 
key actions to ensure proactive and transparent communication, 
address the concerns of local communities and other stakeholders, 
such as NGOs, and to define the most appropriate actions.
• Community consultations, including Free, Prior, and Informed Consent 
(FPIC) are an important tool for mitigating potential negative impacts, 
such as disputes on land-related use (see ESRS S3-2).
• Environmental and Social Impact Assessments (ESIAs) are conducted for 
all new projects that could cause significant adverse impacts on local 
communities. Post-completion audits are carried out for all significant 
investments. The assessments inform on actions that may be required in 
project planning, construction, and operations to avoid possible 
negative impacts.
• Stora Enso's tree plantations and land holdings are an integral part of 
local land use, and therefore sustainable land use practices are defined 
specifically for each location. Identifying areas where water usage might 
create a negative impact on local communities, is done by applying the 
WRI Aqueduct Water Risk Atlas to assess water-related risks at 
production sites. The actions to monitor water-related impacts are 
described in sections ESRS E2 and ESRS E3.
• Deforestation-free practices and biodiversity management are 
described in ESRS E4. This includes the FSC and PEFC certifications on 
sustainable forest management practices.
• For details on the actions taken during 2025 regarding the social and 
environmental impacts of a tier 1 supplier involved in kaolin processing 
and mining in Brazil, see ESRS S2-4.
To monitor the effectiveness of these actions, Stora Enso utilises 
certifications like FSC and PEFC, conducts post-completion audits as part 
of the ESIAs, tracks cases of non-compliance, and gathers stakeholder 
feedback.
Managing land-related disputes in upstream value chain
In Brazil, Stora Enso has 50% ownership of the joint operation Veracel. Since 
the Group does not have direct operational control of the unit, it is 
leveraging its financial ownership to address the negative impacts related 
to land acquisition as described in ESRS S3 SBM-3. The identification of 
appropriate actions is decided in collaboration with the local community. 
As a long-term action, Veracel continues to support the transition of 
families from the settlements to more permanent residencies on the same 
land, as the legal processes regarding their claim to the land are resolved 
over time.
 In total, since 2012, Veracel has voluntarily approved the transfer of 
approximately 20,000 hectares of land to benefit landless people as part of 
the sustainable resettlement. At the end of 2025, 98 (139) hectares, or 0.1% 
(0.1%), of productive land owned by Veracel remained occupied by 
movements not involved in the agreements. Veracel works through legal 
processes and community engagement to resolve remaining land claims. 
In case of material negative impacts, Stora Enso follows the processes 
described in ESRS S3-3 to provide and ensure remedy.
In addition to the actions outlined above, proactive ongoing initiatives 
carried out in collaboration with local stakeholders aim to address the 
negative impacts related to land rights disputes. Stora Enso supports the 
resilience and livelihood of local communities through development 
programmes, monetary and in-kind donations, and employee 
volunteering.
Since 2018, Veracel has supported Indigenous education through its 
Education is Life program, benefiting 34 villages — approximately 25,000 
people — with school kits and infrastructure development The company 
also promotes cultural preservation by sponsoring traditional events and 
partnering with a local Indigenous organisation to establish a seedling 
nursery that strengthens food security and reforestation efforts. Support 
for 20 artisanal fishing associations includes training, certification, and 
recognition initiatives. To ensure safe coexistence between fishing and 
logistics operations, a maritime safety protocol was developed in 
collaboration with local cooperatives. Engagement with rural communities 
is further reinforced through annual events, gastronomic festivals, and 
targeted support.
In Montes del Plata, Uruguay, the community engagement programme 
includes a range of educational, economic, and partnership initiatives that 
foster local involvement, support community activities and livelihood, and 
promote educational continuity.
Targets related to managing material negative impacts, 
advancing positive impacts, and managing material 
risks and opportunities (S3-5)
Although Stora Enso is actively monitoring its impacts on affected 
communities, it currently lacks a specific target for this topic with defined 
timelines and desired outcomes. The Group does not track the 
effectiveness of its policies and actions with defined level of ambition or 
indicators. However, the Group is exploring the implementation of a 
suitable target. In the meantime, Stora Enso advances the progress in 
achieving its policy objectives through actions described in ESRS S3-4.
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Governance information
In this section
E S R S  G 1   B u s i n e s s  c o n d u c t ................................................................................... 129
ESRS G1 Business conduct
Business conduct policies and corporate culture (G1-1)
Policies
The Stora Enso Code, the Group’s code of conduct, outlines the approach 
to ethical business practices and process for identifying, reporting, and 
investigating concerns about behaviour in contradiction with the Code. 
The policy addresses the management of identified positive impacts 
related to business conduct, grounded in the company purpose and 
values. It is designed to foster stakeholder trust and create a safe, inclusive 
environment for employees. Additionally, the policy outlines measures to 
mitigate risks associated with misconduct or non-compliance by 
implementing clear principles and processes, and by encouraging 
employees to report concerns. Stora Enso does not tolerate any retaliation 
against a person who in good faith reports misconduct. Any person found 
engaging in retaliation is subject to disciplinary action by Stora Enso, 
including termination of employment. The policy is described in more 
detail in ESRS S1-1.
The Business Practice Policy, consistent with the United Nations Convention 
against Corruption, complements the Code and details Stora Enso’s 
approach to ethical business practices. It provides additional guidance to 
prevent risks in the areas such as anti-corruption and competition law, 
and outlines the procedures for reporting any violations of these practices. 
The policy shall be followed by all Stora Enso employees and the Group’s 
business partners. The EVP Legal, General Counsel, is accountable for 
ensuring the implementation of the policy. Process for monitoring entails 
the tailored training described in ESRS G1-3.
The Supplier Code of Conduct (SCoC) extends the principles of the Stora 
Enso Code to suppliers, setting forth specific requirements they must 
follow. Through the SCoC, Stora Enso manages the risk and potential 
negative impact associated with corruption and bribery. This includes 
mandating responsible business practices and ensuring full compliance 
with all applicable permits, laws, and regulations. Furthermore, the SCoC 
requires that suppliers ensure their own suppliers and sub-suppliers 
adhere to the stipulations of this SCoC or their own equivalent codes of 
conduct. For further details on the SCoC, see ESRS E1-2.
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Material impacts, risks and opportunities (ESRS 2 SBM-3)
Description Impact, risk or opportunity Time horizon
Location in 
the value chain
Related sub-topic or
sub-sub topic
Stora Enso operates globally, including in high-risk markets, and 
upholds stringent business standards through a robust 
compliance programme and an ethical corporate culture guided 
by its values of ‘Lead’ and ‘Do what’s right’. The Group empowers 
employees to act with integrity, supports safe whistle-blowing, 
and fosters transparency to positively impact both its workforce 
and business partners.
Actual positive impact Short, medium, 
and long term
Own operations, upstream and 
downstream value chain
Corporate culture; 
Protection of 
whistleblowers
The risks related to business conduct encompass fraud, anti-trust 
violations, corruption, conflict of interest, and other forms of 
misconduct, all of which are areas covered by the Stora Enso 
Code and Business Practice Policy. In the event of breaches of 
these laws, regulations, or policies, Stora Enso may incur 
significant compliance and remediation costs. These costs may 
encompass regulatory fines and penalties, legal expense, and 
potential damages to business relations, finances, or reputation.
Risk Short, medium, 
and long term
Own operations, upstream and 
downstream value chain
Prevention and detection 
including training; 
Corporate culture
Despite strict rules, processes, and policies, suspicions and 
incidents of non-compliance may still occur. The risks may lead to 
negative impacts on people and the environment, or financial 
consequences for the Group.
Risk Short, medium, 
and long term
Own operations, upstream and 
downstream value chain
Incidents; 
Corporate culture

===== SIDA 130 =====

Trade sanction controls
Stora Enso regularly conducts risk assessments to maintain an up-to-date 
understanding of its specific risk exposure concerning compliance with 
trade sanctions and export control rules. As outlined in the Business 
Practice Policy, all direct or indirect business activities connected to Tier 1 
Countries are prohibited, unless approval is obtained from the CEO or CFO. 
No such approval was given in 2025. As of 31 December 2025, the Tier 1 
sanction countries included: Cuba, Iran, North Korea, Syria, Russia, Non-
government controlled areas in Ukraine,  Belarus, Libya, Myanmar, Sudan, 
Venezuela and Yemen.
Non-compliances and protection of whistleblowers
All employees and stakeholders are actively encouraged to report any 
instances of suspected misconduct they identify. Stora Enso is subject to 
legal requirements under the national law transpose the EU 
Whistleblowing Directive. The measures to protect whistleblowers, their 
rights, privacy, and confidentiality include secure and anonymous 
reporting channels and policies against non-retaliation. Reporting is 
facilitated via any of the Group’s grievance channels, be it personal 
contact, e-mail, phone, or anonymously via the ‘Speak Up’ reporting 
channel. This service, which covers all of Stora Enso’s units, is available 24/7 
and allows reports to be submitted anonymously. Additionally, the service 
is available to external stakeholders, including suppliers, customers, and 
investors. Employees can raise concerns also with their manager, People & 
Culture organisation, or the Ethics and Compliance Team. Managers and 
HR representatives have the responsibility to forward serious complaints to 
the Ethics and Compliance team for further investigation and actions.
Potential non-compliance cases involving a Stora Enso employee or 
a contracted third-party are duly, promptly, and objectively investigated 
by a dedicated team that is independent from the chain of 
management involved in the matter. The investigation shall, if possible, 
be completed In a high-risk case within thirty calendar days from the 
initial report, and in other cases, within sixty calendar days. All cases, 
upon completion, are reported to both the Disciplinary Committee and 
the Board of Directors’ Sustainability and Ethics Committee. In cases 
where a remediation plan is required, it is implemented together with the 
relevant management representatives. As of September 2025, the ESG 
Regulatory team overseeing value chain sustainability is responsible for 
investigating and managing non-compliances related to the Supplier 
Code of Conduct.
To support all parties involved in evaluating a misconduct investigation 
and determining the appropriate disciplinary action, the Ethics and 
Compliance team maintains a Disciplinary Action Standard and cascades 
it to the relevant internal organisations. This standard establishes the 
ethical foundations for any disciplinary action taken in response to 
misconduct investigated within Stora Enso. It serves as a guide for the 
Ethics and Compliance team, as well as other decision-makers such as 
those in People & Culture organisation, business organisations, and union 
representatives, when evaluating a misconduct investigation and 
determining the appropriate disciplinary action.
The functions identified as being most at risk in terms of corruption and 
bribery include senior leadership, sales, sourcing, and corporate affairs. For 
training provided to these functions, see ESRS G1-3.
Ethical corporate culture
Stora Enso’s corporate culture is built on a foundation of openness and 
honesty, fostering a value-driven organisation that upholds the company’s 
core values of ‘Lead’ and ‘Do What’s Right’. To further develop and promote 
an ethical corporate culture, Stora Enso’s ethics & compliance programme 
includes, for example, training sessions, as well as communication and 
awareness-raising activities. All initiatives are reported to the Board's 
Sustainability and Ethics Committee four times a year.
Training
Stora Enso does not have a specific policy on training related to business 
conduct. However, all employees are required to complete the mandatory 
onboarding training on the Stora Enso Code. Starting in 2025, employees 
will be required to renew their Code training every three years. In addition, 
e-learning courses and customised training sessions cover various topics 
like onboarding business partners, gifts and hospitality, and joint 
purchasing agreements. See more on specific trainings in ESRS G1-3.
Ethics and Compliance index
Stora Enso tracks the advancement of positive impacts on its corporate 
culture using an Ethics and Compliance index. The index is calculated as 
an average of five ethics and compliance-related questions in the annual 
employee survey. The questions assess whether employees feel safe to 
speak up, are inspired by Stora Enso’s purpose and values, adhere to the 
Stora Enso Code and other policies in their daily work, believe their 
manager sets a good example, and see their team operating in 
accordance with general legislation and Stora Enso’s practices. In 2025, 
the result was 8.9 (8.8), with the maximum rating being 10.
Awareness raising and Ethics Ambassador Network
Stora Enso employs diverse communication channels to foster an ethical 
corporate culture. During the year, these included a webinar on 
psychological safety, ethics workshops, and articles shared in internal 
channels, among others.
The Ethics Ambassador Network consists of around 380 voluntary 
employees from across the organisation, with 150 new ambassadors 
joining in 2025. Ambassadors receive training on internal policies, rules, 
and ethical culture. They actively promote ethics, and company purpose 
and values in their workplaces. Ambassadors play a critical role in 
fostering ethical dialogue, cascading ethics information, and aiding the 
Ethics and Compliance team in understanding the local corporate culture 
for continuous improvement of communication efforts.
Prevention and detection of
corruption and bribery (G1-3)
Both the Stora Enso Code and Business Practice Policy require zero-
tolerance towards any form of corruption. To help prevent incidents of 
corruption or bribery, sales and sourcing teams are offered tailored 
training on competition law and anti-corruption, including training on 
trade associations, joint purchasing agreements, gifts and hospitality, and 
the onboarding of critical business partners. Details on specific trainings 
are outlined in the table below. Controls are in place for day-to-day 
operations, mandating that employees, for example, seek approval from 
Legal and their line managers prior to offering any hospitalities involving 
public officials.
High-risk roles, such as senior leadership, sales, sourcing, and corporate 
affairs, undergo in-depth compliance training. They also complete an 
annual refresher training on business ethics and confirm compliance with 
company policies. Top management employees, including the Group 
Leadership Team, have specific ethics and compliance onboarding 
training to enhance ethical leadership. New Board members regularly 
receive onboarding introductions, which cover topics related to the 
Stora Enso Code, Business Practice Policy, and the Group’s ethics and 
compliance programme, including anti-corruption and various other 
business ethics topics.
In addition to the trainings provided for at-risk functions, Stora Enso’s all 
employees must complete the Stora Enso Code training, as described in 
ESRS G1-1. The Code training is designed to build understanding of business 
conduct, including the detection of corruption and bribery.
The policies are implemented through the aforementioned trainings and 
are also made accessible on the company’s website and intranet. The 
business units employ an Ethics and Compliance Self-Assessment Tool 
(T.E.S.T) to gain a clearer overview of the progress their units are achieving 
in policy implementation, the compliance measures implemented, and 
any potential gaps and risks in compliance. Based on T.E.S.T survey results, 
Stora Enso has identified Competition Law and Communication as key 
areas for improvement and, in 2025, launched a company-wide gap-
closing initiative. This included a management information call, a 
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===== SIDA 131 =====

customised self-service slide deck for managers, competition law training 
for sales, sourcing, and other teams, and individual follow-ups by 
compliance counsels with managers of units showing gaps.
The Supplier Code of Conduct is a legally binding document for all 
suppliers, outlining the common set of minimum standards, including 
matters related to corruption and bribery. All suppliers are required to 
commit to the SCoC as part of the pre-qualification process.
Third parties who act on Stora Enso’s behalf are subject to additional Know 
Your Counterparty (KYC) screening before onboarding. Corruption risks are 
evaluated via internal and external questionnaires, watch list and adverse 
media screening as well as interviews and more in-depth due diligence 
when necessary. Mitigation actions are always put in place when such a 
party is engaged. In 2025, the screening was conducted for 65 (83) critical 
business partners. The reporting channels described in ‘Non-compliances 
and protection of whistleblowers’ also serve to detect allegations or 
incidents of corruption or bribery.
The process and responsibilities for investigating, addressing, and 
reporting incidents follow the same principles as outlined in chapter ‘Non-
compliances and protection of whistleblowers’.
Training on anti-corruption and bribery
 Accounting principles
The data regarding training coverage of anti-corruption and anti-bribery 
programmes is gathered via Stora Enso’s learning management system, 
with the exception of some smaller units that are manually added. There 
are minor deviations due to different data sources. The figures reflect the 
status as of December 31, 2025, for Stora Enso’s active employees. The 
figures are reported without joint operations due to the lack of full authority 
over contractual arrangements between the workers and Stora Enso. Due 
to organisational restructuring, the annual sign-off of training for at-risk 
functions was postponed until early 2026. As a result, this is reported as ‘to 
start in Q1/2026’.
Anti-corruption and anti-bribery training programmes 2025
At-risk functions
All employees at own 
workforce
Critical 
employees
Critical 
employees
Office 
workers
Production 
workers
In-depth 
compliance 
training 
(COMPLY)
Annual sign-
off
Stora Enso 
Code
Stora Enso 
Code intro
Training coverage
Total 3,550
To start in 
Q1/2026 7,100 10,450
Total receiving training 3,500
To start in 
Q1/2026 7,000 9,900
Total receiving training, % 99%
To start in 
Q1/2026 99% 95%
Delivery method and 
duration
Computer-based training 2 hours 20 minutes 40 minutes 15 minutes
Frequency
How often training is 
required Once Annually
Every three 
years Once
Topics covered
Definition of corruption x x x x
Business conduct and 
corporate culture policies x x x x
Procedures on suspicion/
detection x x x x
Stora Enso values x x x x
Practical examples x x x x
Applicable to Group 
Leadership Team x x x
Anti-corruption and anti-bribery training programmes 2024
At-risk functions
All employees at own 
workforce
Critical 
employees
Critical 
employees
Office 
workers
Production 
workers
In-depth 
compliance 
training 
(COMPLY)
Annual sign-
off
Stora Enso 
Code
Stora Enso 
Code intro
Training coverage
Total 3,550 3,000 7,600 10,150
Total receiving training 3,450 3,000 7,350 9,250
Total receiving training, % 97% 100% 97% 91%
Delivery method and 
duration
Computer-based training 2 hours 20 minutes 40 minutes 15 minutes
Frequency
How often training is 
required Once Annually Once Once
Topics covered
Definition of corruption x x x x
Business conduct and 
corporate culture policies x x x x
Procedures on suspicion/
detection x x x x
Stora Enso values x x x x
Practical examples x x x x
Applicable to Group 
Leadership Team x x x
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===== SIDA 132 =====

Incidents of corruption or bribery (G1-4)
As described in ESRS G1-3, both the Stora Enso Code and Business Practice 
Policy require zero-tolerance towards any form of corruption. Despite strict 
policies, incidents still occur. All employees and stakeholders are 
encouraged to report any instances of suspected misconduct they 
identify. Potential non-compliance cases involving a Stora Enso employee 
or a contracted third-party are duly, promptly, and objectively 
investigated by a dedicated team independent from the chain of 
management involved in the matter. The actions to address proven cases 
of corruption or bribery can include own worker dismissal or discipline. 
Further actions to address breaches in procedures and standards of anti-
corruption and anti-bribery are described in ESRS G1-1 and ESRS G1-3.
Accounting principles
The reporting on proven corruption, bribery, conflict of interest, and similar 
non-compliance cases covers the cases closed during the year, and 
therefore the recording of such an incident may have occurred during the 
current or previous financial years. In 2025, Stora Enso had no convictions 
of anti-corruption and anti-bribery laws, and paid no fines related to such 
incidents.
Metrics related to confirmed incidents 2025 2024
Number of confirmed incidents of 
corruption or bribery 1 6
Number of confirmed incidents in which 
own workers were dismissed or 
disciplined for corruption or bribery-
related incidents 0 5
Entity-specific disclosure on potential and proven non-compliances
Additionally, Stora Enso has prepared an entity-specific disclosure on the 
total number of reported potential non-compliance cases and number of 
identified proven cases leading to disciplinary action and/or legal action. 
Potential non-compliance cases cover all compliance violations, such as: 
competition law, corruption, fraud, discrimination, safety, privacy, and 
other breaches of rules, guidelines and policies.
Accounting principles
The number of potential non-compliance cases include the figures 
reported in ESRS S1-17 and ESRS G1-4 (Incidents of corruption and bribery).
Entity-specific metrics related to non-
compliances 2025 2024
Total number of reported potential non-
compliance cases 158 111
Number of identified proven cases 
leading to disciplinary action and/or 
legal action 12 19
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Financial Statements
Consolidated financial statements  .................................. 134
Consolidated income statement    ................................... 134
Consolidated statement of comprehensive 
income   .....................................................................................
134
Consolidated statement of financial position  ........... 135
Consolidated cash flow statement    ............................... 136
Statement of changes in equity    ..................................... 138
Notes to the consolidated financial statements       ......... 139
1 Basis for reporting   ................................................................... 139
1.1 Accounting principles     .................................................... 139
1.2 Critical accounting estimates and judgements    . 141
2 Financial performance  ......................................................... 142
2.1 Segment information      ................................................... 142
2.2 Materials and services    ................................................. 145
2.3 Other operating income and expenses  ................ 145
2.4 Depreciation, amortisation and impairments   .... 147
2.5 Net financial items    ....................................................... 148
2.6 Income taxes    ................................................................. 148
2.7 Earnings per share    ........................................................ 150
3 Employee remuneration   ...................................................... 151
3.1 Personnel expenses     ...................................................... 151
3.2 Board and executive remuneration   ........................ 151
3.3 Post-employment benefit obligations     .................. 153
3.4 Employee variable compensation and equity 
incentive schemes      .............................................................
155
4 Operating capital................................................................... 157
4.1 Intangible assets, property, plant and 
equipment and right-of-use assets    ..............................
157
4.2 Forest assets     .................................................................. 159
4.3 Associates     ....................................................................... 163
4.4 Equity instruments      ....................................................... 165
4.5 Emission rights and other non-current assets   .... 165
4.6 Inventories     ...................................................................... 166
4.7 Operative receivables   ................................................. 166
4.8 Operative liabilities      ...................................................... 167
4.9 Provisions      ........................................................................ 167
5 Capital structure and financing     ....................................... 169
5.1 Financial risk management   ........................................ 169
5.2 Fair values   ........................................................................ 174
5.3 Interest-bearing assets and liabilities     ................... 176
5.4 Derivatives     ....................................................................... 179
5.5 Shareholders' equity  ..................................................... 183
5.6 Cumulative translation adjustment and equity 
hedging  ...................................................................................
183
5.7 Non-controlling interests    ........................................... 184
6 Group structure   ...................................................................... 186
6.1 Acquisitions, disposals and assets held for sale      . 186
6.2 Group companies    ......................................................... 188
6.3 Related party transactions     ........................................ 191
7 Other    ........................................................................................... 192
7.1 Commitments and contingencies   ............................ 192
7.2 Events after the reporting period      ............................ 192
Parent company Stora Enso Oyj 
financial statements   ..............................................................
193
Notes to the parent company financial statements    . 195
Signatures for the financial statements     ......................... 206
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===== SIDA 134 =====

Consolidated financial statements
Consolidated income statement
Year ended 31 December
EUR million Note 2025 2024
Sales  2.1  9,326  9,049 
Other operating income  2.3  389  325 
Materials and services1  2.2  -7,020  -6,738 
Personnel expenses  3.1  -1,232  -1,228 
Other operating expenses  2.3  -503  -543 
Share of results of associated companies  4.3  89  52 
Change in net value of biological assets  4.2  401  421 
Depreciation, amortisation and impairments  2.4  -507  -1,246 
Operating result  2.1  942  93 
Financial income  2.5  104  118 
Financial expenses  2.5  -263  -329 
Result before Tax  783  -118 
Income tax  2.6  -97  -65 
Net result for the year  686  -183 
Attributable to
Owners of the Parent  695  -136 
Non-controlling Interests  5.7  -9  -48 
Net result for the year  686  -183 
Earnings per share
Basic earnings per share, EUR  2.7 0.88 -0.17
Diluted earnings per share, EUR  2.7 0.88 -0.17
1  The following three income statement lines: Materials and services, Change in inventories of finished good and WIP and Freight and sales commissions, were combined into 
this single row in Q4 2025.
Consolidated statement of comprehensive income
Year ended 31 December
EUR million Note 2025 2024
Net result for the year  686  -183 
Other Comprehensive Income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI  4.4  297  -202 
Actuarial gains and losses on defined benefit plans  3.3  36  22 
Revaluation of forest land  4.2  -385  -281 
Share of OCI of associated companies  4.3  -28  5 
Income tax relating to items that will not be reclassified  2.6  73  53 
 -8  -403 
Items that may be reclassified subsequently to profit and loss
Cumulative translation adjustment (CTA)  5.6  124  -89 
Net investment hedges and loans  5.6  -21  4 
Cash flow hedges and cost of hedging  5.4  84  -81 
Share of OCI of non-controlling interests (NCI)  5.7  12  -5 
Income tax relating to items that may be reclassified  2.6  -20  19 
 179  -152 
Total comprehensive income  857  -738 
Attributable to
Owners of the Parent  854  -685 
Non-controlling interests  5.7  3  -53 
Total comprehensive income  857  -738 
The accompanying Notes are an integral part of these consolidated financial statements.
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===== SIDA 135 =====

Consolidated statement of financial position
Assets
Goodwill O  4.1  171  162 
Other intangible assets O  4.1  250  277 
Property, plant and equipment O  4.1  5,227  5,006 
Right-of-use assets O  4.1  422  499 
 6,069  5,945 
Forest assets O  4.2  6,641  7,227 
Biological assets O  4.2  5,167  5,243 
Forest land O  4.2  1,473  1,983 
Emission rights O  4.5  45  73 
Investments in associated companies O  4.3  1,108  954 
Listed securities I  4.4  0  11 
Unlisted securities O  4.4  912  602 
Non-current interest-bearing receivables I  5.3  14  14 
Deferred tax assets T  2.6  222  205 
Other non-current assets O  4.5  69  53 
Non-current assets  15,081  15,082 
Inventories O  4.6  1,802  1,672 
Tax receivables T  29  31 
Operative receivables O  4.7  869  969 
Interest-bearing receivables I  5.3  67  47 
Cash and cash equivalents I  1,212  1,999 
Current assets  3,978  4,719 
Total assets  19,059  19,802 
As at 31 December
EUR million Note 2025 2024
Equity and liabilities
Share capital  5.5  1,342  1,342 
Share premium  77  77 
Invested non-restricted equity fund  633  633 
Fair value reserve  1,708  1,808 
Cumulative translation adjustment  5.6  -357  -457 
Retained earnings  7,393  6,735 
Equity attributable to owners of the Parent  10,796  10,139 
Non-controlling Interests  5.7  -147  -150 
Total equity  10,649  9,989 
Post-employment benefit obligations O  3.3  153  181 
Provisions O  4.9  79  81 
Deferred tax liabilities T  2.6  1,314  1,416 
Non-current interest-bearing liabilities I  5.3  3,557  3,894 
Non-current operative liabilities O  4.8  30  10 
Non-current liabilities  5,133  5,582 
Current portion of non-current debt I  5.3  253  1,090 
Interest-bearing liabilities I  5.3  659  788 
Bank overdrafts I  5.3  5  7 
Provisions O  4.9  50  37 
Operative liabilities O  4.8  2,293  2,296 
Tax liabilities T  2.6  17  13 
Current liabilities  3,277  4,231 
Total liabilities  8,410  9,813 
Total equity and liabilities  19,059  19,802 
As at 31 December
EUR million Note 2025 2024
Items designated “O” comprise Operating Capital, items designated “I” comprise Interest-bearing Net Liabilities, items designated “T” comprise Net Tax Liabilities.
The accompanying Notes are an integral part of these consolidated financial statements.
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===== SIDA 136 =====

Consolidated cash flow statement
Cash flow from operating activities
Operating result1  942  93 
Adjustments and reversal of non-cash items:
Depreciation, amortisation and impairments 2.4  507  1,246 
Change in value of biological assets 4.2  -401  -421 
Change in fair value of share awards  2  -2 
Share of results of associated companies 4.3  -89  -52 
CTA and profits and losses on sale of fixed assets and investments2 2.3  -155  -3 
Other adjustments  12  15 
Dividends received from associated companies 4.3  29  29 
Change in net working capital, net of businesses acquired or sold  51  283 
Cash flow from operations  897  1,187 
Interest received  33  77 
Interest paid  -192  -197 
Other financial items, net  -45  -43 
Income taxes paid  -48  -73 
Net cash provided by operating activities  645  952 
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash 6.1  -17  -75 
Acquisition of shares in associated companies 4.3  0  -1 
Acquisition of listed and unlisted securities 4.4  -1  0 
Cash flow on disposal of subsidiary shares and business operations, net of disposed 
cash 6.1  619  8 
Cash flow on disposal of shares in associated companies 4.3  1  0 
Cash flow on disposal of unlisted securities 4.4  9  3 
Cash flow on disposal of intangible assets and property, plant and equipment 4.1  17  23 
Capital expenditure 2.1, 4.1  -679  -1,010 
Investment in biological assets 4.2  -96  -103 
Proceeds from/payment of non-current receivables, net  206  22 
Net cash used in investing activities  60  -1,133 
Year ended 31 December
EUR million Note 2025 2024
Cash flow from financing activities
Proceeds from issue of new long-term debt 5.3  489  19 
Repayment of long-term debt and lease liabilities 5.3  -1,747  -225 
Change in short-term interest-bearing liabilities 5.3  -19  54 
Dividends paid  -209  -146 
Purchase of own shares  -2  -3 
Net cash used in financing activities  -1,487  -301 
Net change in cash and cash equivalents  -783  -483 
Translation adjustment  -4  11 
Net cash and cash equivalents at beginning of year  1,993  2,464 
Net cash and cash equivalents at year end  1,206  1,993 
Cash and cash equivalents at year end3  1,212  1,999 
Bank overdrafts at year end  -5  -7 
Net cash and cash equivalents at year end  1,206  1,993 
Year ended 31 December
EUR million Note 2025 2024
1 Previously, the starting point for cash flow was net result.
2 CTA = Cumulative Translation Adjustment.
3 Cash and cash equivalents comprise cash-in-hand, deposits held at call with banks and other liquid investments with original maturity of less than three months. Bank 
overdrafts are included in current liabilities.
The accompanying Notes are an integral part of these consolidated financial statements.
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===== SIDA 137 =====

Consolidated cash flow statement
Supplemental cash flow information
Year ended 31 December
EUR million Note 2025 2024
Change in net working capital consists of:
Change in inventories  -53  -136 
Change in interest-free receivables:
Current  117  259 
Non-current  -15  2 
Change in interest-free liabilities:
Current  22  168 
Non-current  -21  -10 
Change in net working capital, net of businesses acquired or sold  51  283 
Cash and cash equivalents consist of:
Cash on hand and at banks  693  912 
Cash equivalents  519  1,088 
Cash and cash equivalents  1,212  1,999 
Non-cash investing activities
Total capital expenditure excluding right-of-use assets  633  933 
Amounts paid  -679  -1,010 
Non-cash part of additions to intangible assets and property, plant and equipment  -46  -77 
Cash flow on acquisitions of subsidiaries and business operations
Purchase consideration on acquisitions, cash part  6.1  -17  -77 
Cash and cash equivalents in acquired companies, net of bank overdraft  6.1  0  2 
Net cash flow on acquisition  -17  -75 
Cash flow on disposals of subsidiaries and business operations
Cash part of the consideration  6.1  624  13 
Cash and cash equivalents in divested companies  6.1  -5  -5 
Net cash flow from disposal  619  8 
The accompanying Notes are an integral part of these consolidated financial statements.
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===== SIDA 138 =====

Statement of changes in equity
Fair value reserve
EUR million Share capital
Share 
premium and 
reserve fund
Invested non-
restricted 
equity fund
Treasury 
shares
Equity 
instruments 
through OCI
Cash flow 
hedges
Revaluation 
reserve
OCI of 
associated 
companies
CTA and net 
investment 
hedges and 
loans
Retained 
earnings
Attributable 
to owners of 
the parent
Non-
controlling 
interests Total
Balance at 1 January 2024  1,342  77  633  —  653  38  1,540  63  -375  7,015  10,985  -97  10,889 
Net result for the year  —  —  —  —  —  —  —  —  —  -136  -136  -48  -183 
OCI before tax  —  —  —  —  -202  -81  -281  5  -85  22  -621  -5  -626 
Income tax relating to OCI  —  —  —  —  —  16  58  —  3  -4  72  —  72 
Total Comprehensive Income  —  —  —  —  -203  -65  -223  5  -82  -118  -685  -53  -738 
Dividend  —  —  —  —  —  —  —  —  —  -158  -158  —  -158 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -3  —  —  —  —  —  —  -3  —  -3 
Share-based payments  —  —  —  3  —  —  —  —  —  -4  -1  —  -1 
Balance at 31 December 2024  1,342  77  633  —  450  -27  1,317  68  -457  6,735  10,139  -150  9,989 
Net result for the year  —  —  —  —  —  —  —  —  —  695  695  -9  686 
OCI before tax  —  —  —  —  297  84  -385  -28  103  36  106  12  118 
Income tax relating to OCI  —  —  —  —  2  -17  79  —  -3  -8  53  —  53 
Total Comprehensive Income  —  —  —  —  298  67  -307  -28  99  724  854  3  857 
Reclassifications on disposals  —  —  —  —  -4  —  -126  —  —  130  —  —  — 
Dividend  —  —  —  —  —  —  —  —  —  -197  -197  —  -197 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -2  —  —  —  —  —  —  -2  —  -2 
Share-based payments  —  —  —  2  —  —  —  —  —  —  2  —  2 
Balance at 31 December 2025  1,342  77  633  —  744  40  884  40  -357  7,393  10,796  -147  10,649 
CTA = Cumulative Translation Adjustment, NCI = Non-controlling Interests, OCI = Other Comprehensive Income
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Notes to the consolidated financial statements
1 Basis for reporting
 1.1 Accounting principles
Principal activities
Stora Enso Oyj (“the Company”) is a Finnish public limited liability company 
organised under the laws of the Republic of Finland and with its registered 
address at Katajanokanlaituri 4, 00160 Helsinki. Its shares are currently 
listed on Nasdaq Helsinki and Stockholm. The operations of Stora Enso Oyj 
and its subsidiaries (together “Stora Enso” or “the Group”) are organised 
into the following reportable segments: Packaging Materials, Packaging 
Solutions, Biomaterials, Wood Products, Forest and segment Other. The 
Group’s main market is Europe.
The Financial Statements were authorised for issue by the Board of 
Directors on 3 February 2026. According to the Finnish Limited Liability 
Companies Act, the General Meeting of shareholders is entitled to decide 
on the adoption of the financial statements.
Basis of preparation
The consolidated financial statements of Stora Enso have been prepared 
in accordance with IFRS Accounting Standards as adopted by the 
European Union. The consolidated financial statements of Stora Enso have 
been prepared according to the historical cost convention, except as 
disclosed in the accounting policies. The detailed accounting principles 
are explained in the related notes with a few exceptions where the 
accounting principles are presented in this note. The consolidated 
financial statements are presented in euros, which is the parent 
company’s functional currency.
All figures in these consolidated financial statements have been rounded 
to the nearest million, unless otherwise stated. Therefore, figures in this 
report may not add up precisely to the totals presented and may vary 
from previously published financial information.
New and amended standards and interpretations 
adopted in 2025
The Group has applied the following new and amended standards and 
interpretations which are effective from 1 January 2025:
• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: 
Lack of Exchangeability. The amendment contains guidance to specify 
when a currency is exchangeable and how to determine the exchange 
rate when it is not. The effective date was 1 January 2025. The 
amendment did not have a significant impact on the Group.
• Other standards, standard amendments and interpretations did not 
have any significant impact on the Group’s consolidated financial 
statements or disclosures.
Consolidation principles
The consolidated financial statements include the parent company, 
Stora Enso Oyj, and all companies controlled by the Group. Control is 
defined as when the Group:
• has power over the investee,
• is exposed, or has rights, to variable returns from its involvement with 
the investee; and
• has the ability to use its power to affect its returns.
If facts and circumstances indicate that there are changes to the three 
elements of control listed above the Group reassess whether or not it 
controls an investee. The subsidiaries and joint operations are listed in note 
6.2 Group companies.
All intercompany transactions, receivables, liabilities and unrealised profits, 
as well as intragroup profit distributions, are eliminated. Accounting 
policies for subsidiaries, joint arrangements and associated companies 
are adjusted where necessary to ensure consistency with the policies 
adopted by Stora Enso.
Associated companies over which Stora Enso exercises significant 
influence are accounted for by using the equity method. These companies 
are investments in which the Group has significant influence, but which it 
does not control. Significant influence means the power to participate in 
the financial and operating policy decisions of the company without 
control or joint control over those policies. More detailed information is 
presented in note 4.3 Associates.
Joint control is the contractually agreed sharing of control of the joint 
arrangement, which exists only when decisions on relevant activities 
require the unanimous consent of the parties sharing control. Joint 
operations are joint arrangements, whereby the partners who have joint 
control of the arrangement have rights to the assets, and obligations for 
the liabilities, relating to the arrangement. Joint ventures are joint 
arrangements, whereby the partners who have joint control of the 
arrangement have rights to the net assets of the joint arrangement.
The Group has two joint operations, Veracel and Montes del Plata. In both 
companies, Stora Enso’s ownership is 50%. The arrangements are based on 
shareholders’ agreements, which give Stora Enso rights to a share of 
returns and make the Group indirectly liable for the liabilities, as its ability 
to pay for the pulp is used to finance debts. In relation to its interest in joint 
operations, the Group recognises its share of assets, liabilities, revenues, 
expenses and cash flows of the joint operation. The share is determined 
based on rights to the assets and obligations for the liabilities of each 
joint operator.
• Veracel is a jointly owned company of Stora Enso and Suzano located in 
Brazil. The pulp mill produces bleached eucalyptus hard wood pulp and 
both owners are entitled to half of the mill’s output. The eucalyptus is 
sourced mostly from the company’s own forest plantations. The mill 
commenced production in 2005.
• Montes del Plata is a jointly owned company of Stora Enso and Arauco 
located in Uruguay. The pulp mill produces bleached eucalyptus hard 
wood pulp and Stora Enso’s part is sold entirely as market pulp. The 
eucalyptus is sourced mostly from the company’s own forest 
plantations. The mill commenced production in 2014.
Revenue recognition
Sales comprise products, raw materials and services less indirect sales tax 
and discounts, and are adjusted for cash flow hedging result on sales in 
foreign currencies. Sales are recognised after Stora Enso has transferred 
the control of goods and services to a customer and the Group retains 
neither a continuing right to dispose of the goods, nor effective control of 
those goods; usually, this means that sales are recorded upon the delivery 
of goods to customers in accordance with the agreed terms of delivery.
Stora Enso’s terms of delivery are based on Incoterms 2020, which are the 
official rules for the interpretation of trade terms as issued by the 
International Chamber of Commerce (ICC). The main categories of 
the terms covering Group sales are:
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• “D” terms, under which the group is obliged to deliver the goods to the 
buyer at the agreed place in the manner specified in the chosen rule, in 
which case the point of sale is the moment of delivery to the buyer.
• “C” terms, whereby the Group arranges and pays for the external 
carriage and certain other costs, though the Group ceases to be 
responsible for the goods once they have been handed over to 
the carrier in accordance with the relevant term. The point of sale is thus 
the handing over of the goods to the carrier contracted by the seller for 
the carriage to the agreed destination.
• “F” terms, being where the buyer arranges and pays for the carriage, 
thus the point of sale is the handing over of the goods to the carrier 
contracted by the buyer at the agreed point.
Where local rules may result in invoices being raised in advance of the 
above, the effect of this revenue advancement is quantified, and an 
adjustment is made accordingly. Stora Enso’s sales mainly comprise sales 
of products and the revenue is typically recognised at a point in time when 
Stora Enso transfers control of these products to a customer. Revenues 
from services are recognised over time once the service has been 
performed. More detailed information regarding Stora Enso’s principal 
activities and disaggregation of revenue is presented in note 2.1 Segment 
information.
Foreign currency transactions
Transactions in foreign currencies are recorded at the rate of exchange 
prevailing at the transaction date, but at the end of the month foreign-
currency-denominated receivables and liabilities are translated using the 
month-end exchange rate. Foreign exchange differences for operating 
items are presented in the appropriate income statement line in the 
operating result, and, for financial assets and liabilities, they are presented 
in the financial items in the consolidated income statement, except when 
deferred in equity as qualifying cash flow hedges, net investment hedges 
or net investment loans. Translation differences on non-monetary 
financial assets, such as equities classified at fair value through other 
comprehensive income (FVTOCI), are included in equity.
Foreign currency translations
The income statements of Group companies with functional and 
presentational currencies other than the euro are translated into the 
Group reporting currency using the average exchange rates of the year, 
whereas the statements of the financial position of these companies are 
translated using the exchange rates at the reporting date. The Group is 
exposed to currency risks arising from exchange rate fluctuations on the 
value of its net investment in non-euro foreign entities. Exchange 
differences arising from the retranslation of net investments in foreign 
entities that are non-euro foreign subsidiaries, joint operations or 
associated companies and of financial instruments that are designated to 
hedge such investments, are recorded directly in equity as cumulative 
translation adjustment (CTA). See note 5.6 Cumulative translation 
adjustment and equity hedging for more details.
Future standard changes endorsed by the EU 
but not yet effective in 2025 
• Amendments to IFRS 9 and IFRS 7 - the Classification and Measurement 
of Financial Instruments. The amendments will address diversity in 
accounting practice by making the requirements more understandable 
and consistent. These include clarifying the classification of financial 
assets with environmental, social and corporate governance (ESG) and 
similar features (ESG-linked features in loans could affect whether the 
loans are measured at amortised cost or fair value), and settlement of 
liabilities through electronic payment systems, where the amendments 
clarify the date on which a financial asset or financial liability is 
derecognised. With these amendments, the IASB has also introduced 
additional disclosure requirements to enhance transparency regarding 
investments in equity instruments designated at fair value through other 
comprehensive income and financial instruments with contingent 
features, for example features tied to ESG-linked targets. The effective 
date is 1 January 2026. The amendments are not expected to have 
significant impact on the Group.
• Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-
dependent Electricity. The own-use requirements in IFRS 9 are amended 
to include the factors an entity is required to consider for contracts to 
buy and take delivery of renewable electricity for which the source of 
production of the electricity is nature-dependent. Hedge accounting 
requirements are amended to permit an entity using a contract for 
nature-dependent renewable electricity with specified characteristics 
as a hedging instrument. Amendments also introduce disclosure 
requirements about contracts for nature-dependent electricity with 
specified characteristics. The effective date is 1 January 2026. The Group 
is evaluating the impact of the standard amendments and amendment 
is not expected to have any significant impact on Stora Enso.
• No other published standards, standard amendments or interpretations 
which would be expected to have any significant impact on the Group’s 
consolidated financial statements or disclosures.
Future standard changes not yet effective 
and not yet endorsed by the EU in 2025
• IFRS 18 Presentation and Disclosure in Financial Statements. The objective 
of the new IFRS 18 standard is to set out requirements for the 
presentation and disclosure of information in general purpose financial 
statements to help ensure they provide relevant information that 
faithfully represents an entity’s assets, liabilities, equity, income and 
expenses. The new Standard will give investors more transparent and 
comparable information about companies’ financial performance. IFRS 
18 is effective for annual reporting periods beginning on or after 1 
January 2027 (retrospective application is mandatory). IFRS 18 replaces 
current IAS 1 Presentation of Financial Statements. New standard carries 
forward many requirements from IAS 1 unchanged.
• IFRS 18 introduces three sets of new requirements to improve companies’ 
reporting of financial performance.
• Comparability in the income statement. IFRS 18 introduces defined 
categories for income and expenses - operating, investing, financing 
and taxes  - to improve the structure of the income statement, and 
requires all companies to provide new defined subtotals.
• Transparency of management-defined performance measures (often 
referred to as alternative performance measures). IFRS 18 requires 
companies to disclose explanations of company specific measures that 
are related to the income statement, referred to as management-
defined performance measures. The new requirements will improve the 
discipline and transparency of management-defined performance 
measures.
• Grouping of information in the financial statements. IFRS 18 sets out 
guidance on how to organise information and whether to provide it in 
the primary financial statements or in the notes. The changes are 
expected to provide more detailed and useful information. IFRS 18 also 
requires companies to provide more transparency about 
operating expenses.
• The Group is evaluating the impact of the new standard and expects it 
to have material impact on the Group’s income statement, cash flow 
statement, and certain notes to the consolidated financial statements. 
In relation to the income statement, the Group anticipates a decrease in 
the operating result (IFRS), primarily due to the results of associated 
companies being excluded from the operating result. In relation to the 
cash flow statement, the Group expects that the net cash from 
operating activities will increase (mainly due to interest paid being 
reclassified to financing activities). Net cash from investing activities is 
also expected to increase (primarily as interest and dividends received 
will be included in investing activities rather than operating activities). 
Net cash from financing activities is expected to decrease (mainly due 
to inclusion of interest paid).
• Other published standards, standard amendments or interpretations 
are not expected to have any significant impact on the Group’s 
consolidated financial statements or disclosures.
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1.2 Critical accounting estimates and judgements 
The preparation of consolidated financial statements in accordance 
with IFRS requires management to make estimates, judgements and 
assumptions that affect the reported assets and liabilities, as well as 
the disclosure of contingent assets and liabilities at the reporting date and 
the reported income and expenses during the period. These estimates, 
judgments and assumptions might have a significant impact on the 
amounts recognised in the consolidated financial statements. 
The estimates are based on historical experience and various other 
assumptions that are believed to be reasonable and reflect 
management’s best estimates, though actual result and timing could 
differ from these. The estimates, judgements and assumptions are 
reviewed regularly and updated if there are changes in circumstances or 
as a result of new information. The accounting items presented below 
represent those matters which include the most estimation uncertainty 
and exercise of judgement. More details are included in the 
respective notes.
• Property, plant and equipment, intangible assets and right-of-use assets 
and Goodwill – note 2.4 Depreciation, amortisation and impairments
• Income taxes – note 2.6 Income taxes
• Post-employment benefits – note 3.3 Post-employment benefit 
obligations
• Leases – note 4.1 Intangible assets, property, plant and equipment and 
right-of-use assets
• Forest assets – note 4.2 Forest assets
• Fair value of financial instruments – note 4.4 Equity instruments and note 
5.2 Fair values.
• Provisions – note 4.9 Provisions
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2 Financial performance
2.1 Segment information 
 Accounting principles
Stora Enso’s reportable segments are Packaging Materials, Packaging Solutions, 
Biomaterials, Wood Products, Forest and the segment Other. Operating segments 
reflect the Group’s management structure and the way financial information is 
regularly reviewed. Costs, revenues, assets and liabilities are allocated to operating 
segments on a consistent basis. Transactions between operating segments are 
based on arm’s length terms, and they are eliminated on consolidation. The 
activities of the reportable segments are:
Packaging Materials
Packaging Materials is a global leader and expert partner in circular 
packaging providing premium packaging boards, made from virgin and 
recycled fiber. Stora Enso helps customers reduce the use of fossil-based 
materials by offering renewable and recyclable products for their food, 
beverage, and transport packaging based on a wide selection of base 
boards and barrier coatings. 
Packaging Solutions
Packaging Solutions is a packaging converter that produces premium 
fiber-based packaging products for leading brands across multiple 
market areas, including retail, e-commerce, and industrial applications. 
Additionally, the offering includes design and sustainability services to help 
customers optimise material use, improve logistics, and reduce CO2 
emissions.
Biomaterials
Biomaterials’ foundation is built on pulp, with the aim of becoming 
customers’ first choice in selected grades. To unlock the full potential of a 
tree, the business also leverages all fractions to create innovative 
biobased solutions, that replace fossil-based and other non-renewable 
materials.
Wood Products
Wood Products is Europe’s largest sawn timber producer and a leading 
provider of sustainable wood-based solutions for the global building 
sector. It provides the building sector with renewable and low-carbon 
wood-based solutions that help decarbonise the built environment. 
Additionally, the offering includes window and door components, and co-
products such as pellets made from wood residuals.
Forest
Forest is responsible for wood sourcing for Stora Enso’s Nordic and Baltic 
operations as well as for B2B customers. It manages the Group’s forest 
assets in the Nordics. The operations are based on sustainable forest 
management encompassing planning, logistics, harvesting, and forest 
regeneration. 
Segment Other
The segment Other includes the reporting of the emerging businesses  as 
well as Stora Enso’s shareholding in the energy company Pohjolan Voima 
(PVO), and Group’s shared services and administration.
Segment reporting will change as of 1 January 2026 with more details of 
the change included under note 7.2 Events after the reporting period.
External sales
46%
11%
12%
17%
14% 0%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Segment Other
Personnel by segment
36%
22%
10%
21%
8% 3%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Segment Other
Capital expenditure
58%
8%
22%
8% 3%1%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Segment Other
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Operating segments 2025
EUR million
Packaging 
Materials
Packaging 
Solutions Biomaterials Wood Products Forest Other Eliminations Group
External sales  4,255  1,016  1,151  1,611  1,254  39  0  9,326 
Internal sales  224  11  308  205  1,958  155  -2,861  0 
Sales total  4,478  1,027  1,458  1,817  3,212  194  -2,861  9,326 
Product sales  9,259 
Service sales  67 
Sales total  9,326 
Material and services  -3,489  -688  -1,017  -1,480  -2,991  -293  2,937  -7,020 
Personnel expenses  -517  -182  -134  -229  -117  -53  0  -1,232 
Operating result  83  2  144  -16  826  -98  1  942 
Net financial expense  -159 
Income taxes  -97 
Result for the period  686 
Operative assets  4,625  790  2,708  983  7,786  1,005  -382  17,516 
Tax receivables  251 
Interest-bearing receivables  1,293 
Total assets  19,059 
Operative liabilities  1,054  202  301  306  803  298  -359  2,605 
Tax liabilities  1,331 
Interest-bearing liabilities  4,473 
Total liabilities  8,410 
Other items
Depreciations/impairments/impairment reversals  -245  -70  -100  -56  -22  -14  0  -507 
Capital expenditures (excluding investments in biological assets)  391  54  151  53  22  7  0  678 
Operating capital  3,571  588  2,407  677  6,983  707  -23  14,911 
Average personnel  6,803  4,110  1,925  3,963  1,499  578  0  18,877 
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Operating segments 2024
 
EUR million
Packaging 
Materials
Packaging 
Solutions Biomaterials Wood Products Forest Other Eliminations Group
External sales  4,207  977  1,303  1,357  1,157  49  0  9,049 
Internal sales  295  10  284  165  1,670  128  -2,552  0 
Sales total  4,502  987  1,587  1,522  2,827  176  -2,552  9,049 
Product sales  8,986 
Service sales  63 
Sales total  9,049 
Material and services  -3,489  -669  -1,024  -1,242  -2,624  -291  2,600  -6,738 
Personnel expenses  -513  -185  -137  -205  -112  -75  0  -1,228 
Operating result  -169  -394  256  -73  646  -162  -11  93 
Net financial expense  -211 
Income taxes  -65 
Result for the period  -183 
Operative assets  4,594  807  2,835  803  8,036  743  -325  17,494 
Tax receivables  236 
Interest-bearing receivables  2,072 
Total assets  19,802 
Operative liabilities  1,138  202  318  250  703  298  -301  2,606 
Tax liabilities  1,429 
Interest-bearing liabilities  5,779 
Total liabilities  9,813 
Other items
Depreciations/impairments/impairment reversals  -560  -452  -99  -100  -21  -13  0  -1,246 
Capital expenditures (excluding investments in biological assets)  709  50  136  50  21  43  0  1,009 
Operating capital  3,457  606  2,518  553  7,334  445  -24  14,888 
Average personnel  7,074  4,229  1,989  3,736  1,480  725  0  19,233 
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Geographical information
External sales by destination
Non-current assets by 
country1
Capital expenditure by 
country2
EUR million 2025 2024 2025 2024 2025 2024
Austria  298  294  133  132  10  6 
Baltic States  307  267  57  56  10  9 
Czechia  182  168  193  185  11  5 
Finland  683  623  3,597  3,291  359  718 
France  250  260  2  2  0  0 
Germany  837  811  1  1  3  8 
Italy  402  387  0  0  0  0 
Netherlands  502  503  396  435  5  16 
Poland  496  506  379  366  46  23 
Sweden  1,344  1,255  6,725  7,077  126  131 
UK  254  293  0  0  0  0 
Other Europe  879  845  102  92  23  10 
Total Europe  6,434  6,213  11,585  11,636  594  926 
China (incl. Hong Kong)  865  931  474  593  12  9 
Japan  247  248  0  0  0  0 
Uruguay  29  37  1,552  1,725  45  38 
USA  329  259  0  0  0  0 
Other countries  1,421  1,360  322  297  26  36 
Total  9,326  9,049  13,933  14,251  678  1,009 
1 Non-current assets excluding financial instruments and deferred tax assets.
2 Excluding biological asset capital expenditure.
2.2 Materials and services
 Accounting principles
Materials and services include costs of raw materials and consumables used in production processes as well as services 
purchased to support the Group’s production and delivery of goods to customers. Materials are recognised at cost and 
expensed as consumed in the production processes. Services are expensed as incurred.
 
2025 2024
Materials and supplies1  -5,506  -5,309 
Change in inventories  -28  75 
Freight costs  -886  -838 
Goods purchased for resale  -102  -107 
Other production related costs  -497  -559 
Total  -7,020  -6,738 
1 Materials and supplies include mostly wood, energy and chemical costs as well as related transportation costs, hedges and purchases from associated companies.
2.3 Other operating income and expenses 
 Accounting principles
Research and development
Research costs are expensed as incurred in other operating expenses in the consolidated income statement. Development 
costs are also expensed as incurred unless they meet the criteria to be recognised as intangible assets in accordance with 
IAS 38, in which case they are capitalised as intangible assets and amortised over their expected useful lives.
Government grants
Government grants relating to the purchase of property, plant and equipment are deducted from the carrying value of the 
asset, while the net cost is capitalised. Other government grants are recognised as income on a systematic basis over the 
periods necessary to match them with the related costs they were intended to compensate.
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Other operating income and expenses
EUR million 2025 2024
Other operating income
Emission rights allocated and disposal gains  101  107 
Sale of green certificates  3  4 
Gains on disposal of fixed assets  10  8 
Gains on disposal of Group companies and business operations  168  8 
Dividend and gain on sale of unlisted shares  4  3 
Insurance compensation  7  16 
CTA release  0  1 
Government grants  63  97 
Other1  34  82 
Total  389  325 
1 Including rent income, fair value changes for non-hedge accounted derivatives and other items. Derivatives are discussed in more detail in note 5.4 Derivatives.
EUR million 2025 2024
Other operating expenses
Lease expenses  46  44 
Credit losses, net of reversals  1  3 
Losses on disposal of fixed assets  2  7 
Losses on disposal of Group companies and business operations  0  8 
CTA release  24  0 
Provision changes in income statement  48  54 
Other1  382  427 
Total  503  543 
1 Includes expenses related to, among others, consultancy and other services, IT and telecommunications, properties and administration, audit, training, travelling, 
insurance, penalties, and currency translation differences on operative payables.
Materials and services include 2025 2024
Emissions rights to be delivered  41  55 
The Group has recorded an other operating income of EUR 101 (107) million related to emission rights. The actual 
realised profits amounted to EUR 72 (63) million on the disposal of surplus rights. Under Materials and Services, an 
expense of EUR 41 (55) million has been booked related to the cost of CO2 emissions from production. See note 4.5 
Emission rights and other non-current assets for more details related to emission rights.
Lease expenses comprise expenses related to short-term leases of EUR 11 (11) million, low-value assets of EUR 29 (26) 
million and variable lease payments not included in the measurement of lease liabilities of EUR 1 (2) million. They 
also include service payments specified in lease contracts, which are excluded from the measurement of lease 
liabilities.
In 2025, research and development expenses of EUR 62 (77) million were recorded.
Auditor’s fees and services
EUR million 2025 2024
Audit fees  5  4 
Audit-related fees  1  0 
Tax fees  0  0 
Other fees  0  0 
Total  5  5 
Aggregate fees for professional services, services other than audit fees, rendered to the Group principal auditor 
PricewaterhouseCoopers amounted to EUR 1 (0) million. Audit fees relate to the auditing of the annual financial 
statements or ancillary services normally provided in connection with statutory and regulatory filings. Audit-
related fees are incurred for assurance, such as assurance of the Sustainability Statements, and associated 
services that are reasonably related to the performance of the audit or for the review of financial statements.
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2.4 Depreciation, amortisation and impairments 
 Accounting principles
Depreciation or amortisation of an asset begins when it is available for use in the 
location and condition necessary for it to be operated in the manner intended by 
management. Depreciation or amortisation ceases when the asset is derecognised 
or classified as held for sale. Depreciation or amortisation does not cease when the 
asset becomes idle. Assets are depreciated and amortised on a straight-line basis 
during their useful lives. Useful lives are reviewed annually. If an asset is disposed 
and the asset’s book value is higher than the disposal proceeds, the difference is 
recognised as an impairment in the period when reliable estimate of disposal loss is 
available, at the latest when a binding sales contract is signed. Right-of-use (ROU) 
assets are depreciated using the straight line method from the commencement 
date of the contract to the earlier of the end of the lease term or the end of the 
useful life of the ROU assets.
The carrying amounts of intangible assets, property, plant and equipment and ROU 
assets are reviewed at each reporting date to determine whether there is any 
indication of impairment, whereas goodwill is tested for impairment annually. If any 
such indication exists, the recoverable amount is estimated as the higher of the fair 
value less costs of disposal and the value in use (discounted cash flow method), 
with an impairment being recognised whenever the carrying amount exceeds the 
recoverable amount.
A previously recognised impairment is reversed if there has been a change in the 
estimates used to determine the recoverable amount, however, not to an extent 
higher than the carrying amount that would have existed had no impairment been 
recognised in prior years. For goodwill, however, a recognised impairment is not 
reversed.
Whilst intangible assets, property, plant and equipment and ROU assets are subject 
to impairment testing at the cash generating unit (CGU) level, goodwill is subject to 
impairment testing at the CGU or group of CGUs level, which represents the lowest 
level within the Group at which goodwill is monitored for internal management 
purposes.
 Critical accounting estimates and judgement
The value in use (discounted cash flow) method uses future projections of cash 
flows of a CGU or a group of CGUs and includes, among other estimates, projections 
of future product pricing, production levels, costs, market supply and demand, 
projected capital expenditures and weighted average cost of capital. The discount 
rates used reflect the best estimate of the weighted average cost of capital. The 
Group has evaluated the most sensitive estimates and assumptions, which, when 
changed, could have a material impact on the valuation of the assets including 
goodwill and, therefore, could lead to an impairment. These estimates and 
assumptions are sales prices, operating costs, the discount rate and expected 
remaining useful life.
Management believes that the assigned values and useful lives, as well as the 
underlying assumptions, are reasonable, though different assumptions and 
assigned useful lives could have a significant impact on the reported amounts. For 
material intangible assets and property, plant and equipment in an acquisition, an 
external advisor makes a fair valuation and assists in determining their remaining 
useful life. The key assumptions used in the impairment testing are explained further 
in this note.
Depreciation, amortisation and impairments
EUR million 2025 2024
Depreciation and amortisation
Intangible assets  33  37 
Buildings and structures  62  66 
Plant and equipment  333  334 
Right-of-use assets  46  56 
Other tangible assets  8  8 
Total  482  500 
Impairment
Goodwill  0  342 
Intangible assets  2  30 
Buildings and structures  0  90 
Plant and equipment  14  254 
Right-of-use assets  11  26 
Other tangible assets  0  5 
Total  26  746 
Reversal of impairment
Buildings and structures  -1  0 
Plant and equipment  0  -1 
Total  -1  -1 
Depreciation, amortisation and impairments  507  1,246 
Impairment testing
The recoverable amount for the cash generating units (CGUs) has been 
determined as the higher of fair value less costs of disposal and their value 
in use. Value in use is determined by using cash flow projections from 
financial estimates approved by the Board of Directors and management. 
The pre-tax discount rates are determined for each CGU, taking into 
account the business environment of the CGU and the tax and risk profile 
of the country in which the cash flow is generated. The table in the goodwill 
impairment testing section below sets out the pre-tax discount rates used 
for goodwill impairment testing, which are similar to those used in the 
impairment testing of other intangible assets, property, plant and 
equipment, and ROU assets.
The following assumptions are used in calculating value in use for 
each CGU:
• Sales price estimates in accordance with internal and external specialist 
analysis;
• Cash flows and discount rates were prepared in nominal terms;
• Current cost structure to remain unchanged;
• For goodwill testing, a five-year future period, followed by perpetuity 
value,
• For other intangible assets, property, plant and equipment, and ROU 
assets, the testing period is the remaining expected useful life of the 
assets.
Property, plant and equipment, other intangible assets, 
and ROU assets impairments
The total impairments on property, plant and equipment, other intangible 
assets and ROU assets in 2025 amounted to EUR 26 (405) million. In 2025, no 
significant impairments.
In 2024, impairments were primarily related to the Packaging Materials, 
Packaging Solutions and Wood Products segments. In Packaging Materials, 
the impairments of EUR 248 million were related to the Consumer Board 
China CGU (EUR 141 million), the Varkaus Mill CGU (EUR 54 million), the Poland 
CGU (EUR 27 million) and the Langerbrugge Mill CGU (EUR 24 million).  In 
Packaging Solutions, the impairments of EUR 98 million were related to the 
Western Europe CGU. In Wood Products, the impairments of EUR 51 million 
were related to the Northern Europe CGU.
Goodwill impairments
The total impairments on goodwill in 2025 amounted to EUR 0 (342) million.
In 2024, goodwill impairments were recognised for the Packaging Solutions 
Western Europe CGU (EUR 277 million), Packaging Materials Varkaus Mill 
CGU (EUR 36 million), Packaging Materials Langerbrugge Mill CGU (EUR 23 
million) and Wood Products Norther Europe CGU (EUR 6 million).
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