FULLTEXT DEL 6 AV 6
Årsredovisning 2025
5.5 Shareholders' equity
Accounting principles
Dividend and capital repayments
Any dividend or capital repayment proposed by the Board is not deducted from distributable shareholders’ equity until approved
by the shareholders at the Annual General Meeting.
At 31 December 2025, shareholders’ equity amounted to EUR 10,796 (10,139) million, compared to the market
capitalisation on Nasdaq Helsinki of EUR 8,433 (7,657) million. The market values of the shares were EUR 10.65 (9.68)
for A shares and EUR 10.71 (9.72) for R shares. In 2025, EUR 197 (158) million of dividends was recognised as distributed
to owners, corresponding to EUR 0.25 (0.20) per share.
The A shares entitle the holder to one vote per share, whereas R shares entitle the holder to one vote per ten shares
with a minimum of one vote, though the accountable par of both shares is the same. A shares may be converted
into R shares at any time at the request of a shareholder. At 31 December 2025, the Company’s fully paid-up share
capital, as entered in the Finnish Trade Register, was EUR 1,342 (1,342) million. The current accountable par of each
issued share is EUR 1.70 (1.70).
At 31 December 2025, Directors and Group Leadership Team members owned 127 (127) A shares and 480,569
(483,159) R shares representing 0.02% of the total voting rights of the Company. Full details of Director and Executive
interests are shown in note 3.2 Board and executive remuneration. A full description of Company share award
programmes is shown in note 3.4 Employee variable compensation and equity incentive schemes. However, none
of these have any impact on the issued share capital.
Change in number of shares
A shares R shares Total
At 1 January 2024 176,230,916 612,389,071 788,619,987
Conversion of A shares to R shares -566,837 566,837 —
At 31 December 2024 175,664,079 612,955,908 788,619,987
Conversion of A shares to R shares -121,658 121,658 —
At 31 December 2025 175,542,421 613,077,566 788,619,987
Number of votes as at 31 December 2025¹ 175,542,421 61,307,756 236,850,177
Share capital at 31 December 2025, EUR million² 299 1,043 1,342
1 The R share votes are calculated by dividing the number of R shares by 10.
2 No changes in share capital in 2025 or 2024.
5.6 Cumulative translation adjustment and equity hedging
Accounting principles
The Group operates internationally and is thus exposed to currency risks arising from exchange rate fluctuations on the value of
its net investment in non-euro entities. Exchange rate differences arising from the retranslation of net investments in foreign
non-euro entities, and financial instruments that are designated as hedges of such investments, are recognised directly in equity
in the cumulative translation adjustment (CTA). Movements in CTA (including related hedges) are shown in the consolidated
statement of comprehensive income.
The cumulative translation adjustments related to disposed and liquidated entities are combined with their gain or loss on
disposal. The CTA is recycled in the consolidated income statement upon disposal and liquidation.
The Group policy for translation risk exposure is to minimise this by funding assets in the same currency whenever economically
viable, but if matching the assets and liabilities in the same currency is not possible, hedging of the remaining translation risk
may take place. The Group has also applied net investment loan accounting for certain intragroup loans for which settlement is
neither planned nor likely to occur in the foreseeable future. These are in substance, a part of the entity’s net investment in the
foreign operation.
Cumulative translation adjustment - movement
EUR million 2025 2024
At 1 January
CTA -465 -376
Net investment hedges and loans 10 6
Income tax related to hedges and loans -2 -4
Net CTA in equity -457 -375
CTA movement OCI
CTA movement 100 -88
CTA release through income statement 24 -1
Net investment hedges and loans -21 4
Income tax related to hedges and loans -3 3
CTA movement OCI total 99 -82
At 31 December
CTA -341 -465
Net investment hedges and loans -11 10
Income tax related to hedges and loans -5 -2
Net CTA in equity -357 -457
In 2025, the release of cumulative translation adjustments to the income statement resulted in a loss of EUR 24
million and was related to the disposal Swedish forest assets.
In 2024 there were no significant releases of cumulative translation adjustments to the income statement.
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Cumulative translation adjustment – financial position
Cumulative Translation
Adjustment (CTA)
Net investment
hedges and loans
Net CTA in the statement of
financial position
EUR million 2025 2024 2025 2024 2025 2024
Brazil -285 -284 0 0 -285 -284
China 173 143 -26 1 147 144
Czechia 42 35 -9 -9 33 26
Poland -8 -14 12 17 4 3
Sweden -350 -649 31 33 -318 -616
Uruguay (USD) 92 298 -20 -33 72 265
Others -6 6 0 0 -6 6
CTA before Tax -341 -465 -11 10 -352 -455
Taxes 0 0 -5 -2 -5 -2
Net CTA in Equity -341 -465 -16 8 -357 -457
Hedging instruments and unrealised hedge losses
Nominal amount (Currency) Nominal amount (EUR) Unrealised losses (EUR)
EUR million 2025 2024 2025 2024 2025 2024
Borrowings
USD area 300 300 255 289 -20 -47
Total hedging 255 289 -20 -47
The Group is currently only hedging its equity exposure to the US dollar arising from its joint operation located in
Uruguay with USD as functional currency.
5.7 Non-controlling interests
Accounting principles
Non-controlling interests are presented as a separate component within the equity of the Group in the consolidated statement
of financial position. The proportionate shares of profit or loss attributable to non-controlling interests and to owners of the
parent company are presented in the consolidated income statement after the net result for the period. Transactions between
non-controlling interests and Group shareholders are transactions within equity and are thus shown in the statement of
changes in equity. The measurement type of non-controlling interest is decided separately for each acquisition.
Non-controlling interests
EUR million 2025 2024
At 1 January -150 -97
Share of net result for the period -9 -48
Share of other comprehensive income 12 -5
At 31 December -147 -150
Principal non-controlling interests
2025 2024 2025 2024
Company Principal place of
business
Ownership and voting rights
held by non-controlling
Interests, %
EUR million
Stora Enso Pulp and Paper Asia AB Group
(subgroup)1
Sweden and
China 5.79%-19.92% 5.79%-19.92% -144 -148
Others - -3 -2
Total -147 -150
1 Consist of non-controlling interests in Guangxi Integrated Project and Operations. Entity level ownership presented in note 6.2 Group companies.
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Non-controlling interests in Stora Enso Pulp and Paper Asia AB Group
Summarised financial information in respect of the subsidiaries that have material non-controlling interests is set
out below.
Stora Enso Pulp and Paper Asia AB Group
EUR million 2025 2024
Assets 613 675
Equity attributable to the owners of the parent -460 -515
Non-controlling interests1 -144 -148
Total equity -604 -663
Liabilities 1,217 1,337
Net result for the period -43 -196
Attributable to
Owners of the parent -35 -153
Non-controlling interests -8 -43
Net result for the period -43 -196
Net cash flow from operating activities 55 9
Net cash flow from investing activities -26 -38
Net cash flow from financing activities -35 18
Net cash flow -6 -11
1 No dividends were paid to non-controlling interests in 2025 or 2024.
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6 Group structure
6.1 Acquisitions, disposals and assets held for sale
Accounting principles
Acquired companies are accounted in accordance with the acquisition method
whereby these companies are included in the consolidated financial statements
from the date the control is obtained. Accordingly, the consideration transferred
(including contingent consideration) and the acquired company’s identifiable net
assets are measured at fair value at the date of the acquisition. Transaction costs
related to acquisition are expensed as incurred. The measurement type of non-
controlling interest is decided separately for each acquisition, and measured either
at fair value or non-controlling interest’s proportionate share of the net assets. The
excess of the consideration transferred, non-controlling interest and possible
previously held equity interest over the fair value of net assets of the acquired
company is recognised as goodwill.
The disposed companies are included in the consolidated financial statements up
to the date when the control is lost. The gain or loss on disposal together with
cumulative translation adjustments (CTA) related to disposed companies are
recognised in the consolidated income statement at the date control is lost. Gains
and losses on the disposal of a Group entity include any goodwill relating to the
entity sold.
Assets are classified as held for sale, if their carrying amounts will be recovered
mainly through a sale transaction rather than through continuing use. The assets
must be available for immediate sale in their present condition subject only to
terms that are usual and customary for sale of such assets. Also, the sale must be
highly probable and expected to be completed within one year from the date of
classification. These assets and related liabilities are presented separately in the
consolidated statement of financial position and measured at the lower of the
carrying amount and fair value less costs to sell. Comparative information is not
restated when classification is made. Assets classified as held for sale are
not depreciated.
Acquisition of Group companies
EUR million 2025 2024
Net assets acquired
Cash and cash equivalents 0 2
Property, plant and equipment 115 0
Forest assets 0 77
Intangible assets 1 0
Right-of-use assets 0 0
Working capital 8 0
Tax assets and liabilities -1 -2
Interest-bearing assets and liabilities -68 0
Fair value of net assets acquired 56 77
Purchase consideration, cash part 17 77
Purchase consideration, contingent 44 0
Total purchase consideration 61 77
Fair value of net assets acquired -56 -77
Non-controlling interest 0 0
Goodwill 5 0
Cash outflow on acquisitions -17 -77
Cash and cash equivalents of acquired subsidiaries 0 2
Cash flow on acquisition, net of acquired cash -17 -75
2025
Junnikkala
In April 2025, Stora Enso completed a transaction to acquire 100% of the
Finnish sawmill company Junnikkala Oy. Junnikkala is a Finnish producer of
sawn timber and processed wood products for domestic and export
markets and employs approximately 220 people. It operates three
sawmills in northern Finland including its new sawmill, nearby the Stora
Enso Oulu site. The acquired sawmills will create synergies with the site in
Oulu through long-term supply of raw materials and aims to secure a
cost-efficient wood supply to the Oulu site.
Stora Enso’s annual wood procurement in Finland will increase by
approximately 1.7 million m³ and the Group’s total sawmilling capacity by
approximately 700,000 m³. The acquired unit is reported in the Wood
Products segment and the wood procurement activities are integrated
into the Forest segment.
The cash purchase consideration was approximately EUR 17 million, and
the fair value of contingent considerations are estimated at EUR 44 million
at the date of acquisition. There are two contingent earn-out components,
which are settled in cash and are subject to Junnikkala achieving certain
production milestones by the end of 2026 and 2029. The maximum
amount of the earn-outs is EUR 47 million.
The post combination review was completed at the end of 2025 and
therefore acquisition accounting is considered final. There were no
significant measurement period adjustments in 2025. The goodwill
represents the expected synergies and is allocated to the Packaging
Materials Oulu CGU. None of the goodwill recognised is expected to be
deductible for tax purposes.
The impact of the acquired unit on Stora Enso Group’s consolidated sales
in 2025 was EUR 91 million, the impact on net result is not considered
material. Related transaction costs amounted to EUR 5 million and are
presented in other operating expenses.
2024
Montes del Plata forest assets
In March 2024 Stora Enso’s 50% owned joint operation in Uruguay, Montes
del Plata (MdP), completed a transaction to acquire forest assets and
related forestry business in Uruguay. Stora Enso’s share of the transaction
includes approximately 16.3 thousand hectares of land, of which about 9.8
thousand hectares are productive land. The acquired units are fully owned
and reported under the Biomaterials segment. The acquired forest land
and operations are located in various regions of Uruguay. These
operations primarily include forestry plantations to supply wood for pulp
production.
Stora Enso’s share of the cash purchase consideration was EUR 77 million.
The related transaction costs were not considered significant. The fair
values of the identifiable assets and liabilities as of the acquisition date
consisted mainly of forest assets and are presented in the table above.
The post combination review was completed at the end of 2024 and
therefore acquisition accounting is considered final. There were no
significant measurement period adjustments in 2024. The acquisition is not
considered to have had a significant impact on Stora Enso Group’s sales or
net profit.
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Disposal of Group companies
EUR million 2025 2024
Net assets sold
Cash and cash equivalents 5 5
Property, plant and equipment 2 2
Intangible assets 0 0
Forest assets 926 0
Working capital -10 6
Tax assets and liabilities -192 1
Interest-bearing assets and liabilities -162 -2
Net assets sold total 569 13
Fair value of retained investment 113 0
Total disposal consideration 624 13
CTA release -24 1
Asset writedowns 0 -7
Loan impairments 0 0
Transaction costs -4 -1
Total net gain/loss 140 -7
2025
Swedish forest assets
In September 2025, Stora Enso divested approximately 175,000 hectares of
forest land, equivalent to about 12.4% of its total forest land holdings in
Sweden to Soya Group (40.6%) and a MEAG led consortium (44.4%). MEAG is
the asset manager of Munich Re, a German insurance company. The
valuation of the transaction was in line with the accounting fair value of
the divested forest assets and the selling price for the shares transferred
was approximately EUR 624 million, received in cash. At the same time
certain loan receivables of EUR 162 million were paid back to Stora Enso.
The disposal gain was approximately EUR 140 million, including capital gain
of EUR 168 million, currency translation adjustments (CTA) release from
equity to income statement of EUR -24 million, and transaction costs of EUR
4 million.
Stora Enso retains a 15% ownership of the sold company, which is reported
as associated company. In connection with the transaction, Stora Enso
and the divested entity entered into a 15-year wood supply agreement
with a possible additional 15-year extension. This will secure wood
availability for Stora Enso’s Swedish business units. The divested entity will
also benefit from a forest management agreement under which Stora
Enso will provide forest-related services. The group has assessed that
these agreements together with other contractual details and Stora Enso’s
voting rights and share of appointed board members indicate that Stora
Enso will exercise a significant influence over the entity.
The sold unit was part of the Forest segment, and the retained associated
company is reported in the Forest segment.
2024
De Hoop site
In December 2024, Stora Enso completed the divestment of its 100% owned
De Hoop site in the Netherlands to DS Smith. Production at the De Hoop
containerboard site was closed in 2023. The sold unit was part of the
segment Other at the time of disposal. The transaction did not have a
significant impact on the Group.
Selfly Store business
In December 2024, Stora Enso completed the divestment of its 100% owned
Selfly Store business to Husky Intelligent Fridges. Selfly Store provides
complete smart vending machine solutions. The sold unit was part of the
segment Other. The transaction did not have a significant impact on
the Group.
Sunila site
In December 2024, Stora Enso completed the divestment of its 100% owned
Sunila site in Finland to AALTO Development Oy. Production in the Sunila
pulp mill was closed in 2023. Stora Enso’s Lignode pilot plant operations in
Sunila continue unaffected by the disposal. The sold unit was part of the
segment Other at the time of disposal. The transaction did not have a
significant impact on the Group.
E-Corrugated site
In October 2024, Stora Enso completed the divestment of its 100% owned
E-Corrugated unit in the United Kingdom to Lavelle Corrugated. The sold
unit was part of the Packaging Solutions segment. The transaction did not
have a significant impact on the Group.
Paper for recycling trading unit
In July 2024, Stora Enso completed the divestment of its 51% share in a
Danish-based Packaging Materials segment unit to Hartmann. The unit
specialises in paper for recycling trading. The transaction did not have a
significant impact on the Group.
Assets held for sale
At the end of 2025 and 2024 there were no assets held for sale.
2023 Restated, more information below about reversal of held for sale classification.
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6.2 Group companies
Group ownership, % Group ownership, %
Subsidiaries Country 2025 2024
Anjala Fiber & Energy Oy Finland 0.00 100.00
AS Stora Enso Latvija Latvia 100.00 100.00
Bangma Productie B.V. Netherlands 100.00 100.00
Bangma Verpakking B.V. Netherlands 100.00 100.00
Bergslaget Förvaltnings AB (Formerly FuraCore AB) Sweden 100.00 100.00
Bergnät 1 AB Sweden 100.00 100.00
Beta Skog 1 AB Sweden 100.00 100.00
Cellutech AB Sweden 100.00 100.00
Centrum Dystrybucji i Obróbki Drewna Sp. z.o.o. Poland 100.00 100.00
Changzhou Stora Enso Packaging Technology Co. Ltd. China 100.00 100.00
De Jong Box B.V. Netherlands 100.00 100.00
De Jong Packaging Ltd. UK 100.00 100.00
De Jong Verpackung GmbH Germany 100.00 100.00
De Jong Verpakking B.V. Netherlands 100.00 100.00
DJV Holding B.V. Netherlands 100.00 100.00
DJV Strategisch Advies B.V. Netherlands 100.00 100.00
Dongguan Stora Enso Inpac Packaging Co. Ltd. China 100.00 100.00
Enso Alueverkko Oy Finland 100.00 100.00
Euro - Timber, spol. s.r.o. Slovak Republic 100.00 100.00
Felco B.V. Netherlands 100.00 100.00
FuraCore BV Belgium 0.00 100.00
Gaster Wellpappe GmbH Germany 100.00 100.00
Green Packaging System B.V. Netherlands 100.00 100.00
Guangxi Stora Enso Forestry Co. Ltd. China 89.50 89.50
Herman Andersson Oy Finland 100.00 100.00
HESPOL Sp. z.o.o. Poland 100.00 100.00
Jiashan Stora Enso Inpac Packaging Co. Ltd. China 100.00 100.00
Junnikkala Oy Finland 100.00 0.00
Karpack B.V. Netherlands 100.00 100.00
KPMB Agri BV Belgium 100.00 100.00
KPMB NV Belgium 100.00 100.00
Lignode Holding Oy Finland 100.00 100.00
Lignode Oy Finland 100.00 100.00
Lumipaper Ltd UK 100.00 100.00
Lumipaper NV Belgium 100.00 100.00
PTI Packmitteltechnik GmbH Germany 80.00 80.00
Pulse Anilox Cleaning B.V. Netherlands 100.00 100.00
Rudico B.V. Netherlands 100.00 100.00
Rudico Groep B.V. Netherlands 100.00 100.00
Rudico Holding B.V. Netherlands 100.00 100.00
Skogsutveckling Syd AB Sweden 66.67 66.67
Södra Norrlands Hamnbolag nr 1 AB Sweden 0.00 100.00
Stora Enso (Guangxi) Forestry Company Ltd. China 80.08 80.08
Stora Enso (Guangxi) Packaging Company Ltd. China 80.08 80.08
Stora Enso (HK) Ltd Hong Kong 100.00 100.00
Stora Enso (Southern Africa) (Pty) Ltd South Africa 0.00 100.00
Stora Enso AB Sweden 100.00 100.00
Stora Enso Amsterdam B.V. Netherlands 100.00 100.00
Stora Enso Anjalankoski Oy (Formerly Ingerois Oy) Finland 100.00 100.00
Stora Enso Arapoti Holding Florestal S.A. Brazil 100.00 100.00
Stora Enso Australia Pty Ltd Australia 100.00 100.00
Stora Enso Belgium NV Belgium 100.00 100.00
Stora Enso Bergskog 2 AB Sweden 100.00 100.00
Stora Enso Bergskog 3 AB Sweden 100.00 100.00
Stora Enso Bois SAS France 100.00 100.00
Stora Enso Brasil Ltda Brazil 100.00 100.00
Stora Enso China Co., Ltd China 100.00 100.00
Stora Enso China Holdings AB Sweden 100.00 100.00
Stora Enso China Packaging (HK) Co., Limited Hong Kong 100.00 100.00
Stora Enso Corbehem SAS France 100.00 100.00
Stora Enso Danmark A/S Denmark 100.00 100.00
Stora Enso Eesti AS Estonia 100.00 100.00
Stora Enso Espana S.A.U Spain 100.00 100.00
Stora Enso Fors AB Sweden 100.00 100.00
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Stora Enso France SAS France 100.00 100.00
Stora Enso Germany GmbH Germany 100.00 100.00
Stora Enso Holding B.V. Netherlands 100.00 100.00
Stora Enso Holding France SAS France 100.00 100.00
Stora Enso Holdings UK Ltd UK 100.00 100.00
Stora Enso Inpac Corrugated Packaging (Hebei) Company Limited China 100.00 100.00
Stora Enso Inpac Hebei Protective Packaging Co., Ltd. China 100.00 100.00
Stora Enso Inpac Packaging Co. Ltd China 100.00 100.00
Stora Enso International Oy Finland 100.00 100.00
Stora Enso Italia Srl Italy 100.00 100.00
Stora Enso Japan K.K. Japan 100.00 100.00
Stora Enso Langerbrugge NV Belgium 100.00 100.00
Stora Enso LLC Ukraine 100.00 100.00
Stora Enso Mexico S.A. Mexico 100.00 100.00
Stora Enso Middle East FCZO
United Arab
Emirates 100.00 100.00
Stora Enso Narew Sp.z.o.o. Poland 100.00 100.00
Stora Enso North American Sales, LLC USA 100.00 100.00
Stora Enso Oulu Oy Finland 100.00 100.00
Stora Enso Packaging AB Sweden 100.00 100.00
Stora Enso Packaging AS Estonia 100.00 100.00
Stora Enso Packaging Oy Finland 100.00 100.00
Stora Enso Packaging SIA Latvia 100.00 100.00
Stora Enso Packaging UAB Lithuania 100.00 100.00
Stora Enso Paper AB Sweden 100.00 100.00
Stora Enso Paper UK Ltd UK 100.00 100.00
Stora Enso Pension Trust Ltd. UK 100.00 100.00
Stora Enso Poland S.A. Poland 100.00 100.00
Stora Enso Polska Sp.z.o.o. Poland 100.00 100.00
Stora Enso Portugal Lda Portugal 0.00 100.00
Stora Enso Praha s.r.o. Czechia 100.00 100.00
Stora Enso Publication Papers Oy Ltd Finland 0.00 100.00
Stora Enso Pulp AB Sweden 100.00 100.00
Stora Enso Pulp and Paper Asia AB Sweden 94.21 94.21
Stora Enso Skog AB Sweden 100.00 100.00
Stora Enso Skog AS Norway 100.00 100.00
Stora Enso Skog och Mark AB Sweden 0.00 100.00
Stora Enso Skogsegendom AB Sweden 100.00 0.00
Stora Enso South East Asia Pte Ltd Singapore 100.00 100.00
Stora Enso Timber AB Sweden 100.00 100.00
Stora Enso Turkey Karton Ve Kağıt Ticaret Anonim Sirketi Turkey 100.00 100.00
Stora Enso UK Limited UK 100.00 100.00
Stora Enso US Inc. USA 100.00 100.00
Stora Enso Veitsiluoto Oy Finland 100.00 100.00
Stora Enso Wood Products d.o.o. Koper Slovenia 100.00 100.00
Stora Enso Wood Products GmbH Austria 100.00 100.00
Stora Enso Wood Products Japan K.K. Japan 100.00 100.00
Stora Enso Wood Products Planá s.r.o. Czechia 100.00 100.00
Stora Enso Wood Products Sp.z.o.o. Poland 100.00 100.00
Stora Enso Wood Products Zdirec s.r.o. Czechia 100.00 100.00
Stora Enso WP Bad St. Leonhard GmbH Austria 100.00 100.00
Stora Enso WP HV s.r.o. Czechia 100.00 100.00
Stora Kopparbergs Bergslags AB Sweden 100.00 100.00
Sumarbox B.V. Netherlands 100.00 100.00
Sydved AB Sweden 66.67 66.67
Twinpack B.V. Netherlands 100.00 100.00
UAB Stora Enso Lietuva Lithuania 100.00 100.00
Virdia B2X, LLC USA 100.00 100.00
Virdia LLC USA 100.00 100.00
Virdia Ltd Israel 100.00 100.00
Wellpappenfabrik Gesellschaft GmbH Germany 80.00 80.00
Group ownership, % Group ownership, %
Associated companies Country 2025 2024
A.C.D.F. Industrie France 35.00 35.00
Bergslagens Vind AB Sweden 50.00 50.00
HV Energi AB Sweden 50.00 0.00
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Honkalahden Teollisuuslaituri Oy Finland 50.00 50.00
Industrikraft i Sverige AB Sweden 20.00 20.00
Kemira Cell Sp.z.o.o. Poland 45.00 45.00
Metsäteho Oy Finland 23.95 23.95
Novimus Oy Finland 32.24 32.24
Österbergs Förpackningsmaskiner AB Sweden 50.00 50.00
Perkaus Oy Finland 33.33 33.33
SELF Logistika SIA Latvia 50.00 50.00
SESOM 2 AB Sweden 15.00 0.00
Steveco Oy Finland 48.40 34.39
Suomen Keräyspaperi Tuottajayhteisö Oy Finland 40.09 40.09
SweTree Technologies AB Sweden 23.83 23.83
T&B Containers Holdings Ltd. UK 30.00 30.00
Tornator Oyj Finland 41.00 41.00
Trätåg AB Sweden 50.00 50.00
TreeToTextile AB Sweden 22.60 28.94
ZMP GMBH Austria 30.00 30.00
Group ownership, % Group ownership, %
Other companies Country 2025 2024
AMEXCI AB Sweden 9.10 9.10
Arevo AB Sweden 9.47 8.86
CarbonScape Ltd New Zealand 15.00 15.00
Clic Innovation Oy Finland 9.87 9.87
Combient AB Sweden 5.40 5.40
East Office of Finnish Industries Oy Finland 4.00 4.00
Packages Limited Pakistan 0.00 6.40
Pohjolan Voima Oyj Finland 16.54 16.14
PulPac AB Sweden 10.30 10.30
Radioskog AB Sweden 10.00 10.00
RK Returkartong AB Sweden 8.40 8.40
SSG Standard Solutions Group AB Sweden 14.29 14.29
Suomen Puukauppa Oy Finland 10.74 10.74
T&B Containers Ltd. UK 30.00 30.00
Union Developement Récup. Pap. France 10.70 10.70
Group ownership, % Group ownership, %
Joint operations Country 2025 2024
Celulosa y Energia Punta Pereira S.A. Uruguay 50.00 50.00
El Esparragal Asociación Agraria de Responsabilidad Limitada Uruguay 50.00 50.00
Eufores S.A. Uruguay 50.00 50.00
Forestal Cono Sur S.A. Uruguay 50.00 50.00
Monte Fresnos A.A.R.L. Uruguay 50.00 50.00
Monte Fresnos S.A. Uruguay 50.00 50.00
Ongar S.A. Uruguay 50.00 50.00
Stora Enso Uruguay S/A Uruguay 50.00 50.00
Taurion A.A.R.L. Uruguay 50.00 50.00
Taurion S.A. Uruguay 50.00 50.00
Terminal Logística e Industrial M`Bopocuá S.A. Uruguay 50.00 50.00
Veracel Celulose SA Brazil 50.00 50.00
Zona Franca Punta Pereira S.A. Uruguay 50.00 50.00
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6.3 Related party transactions
Balances and transactions between Stora Enso and its subsidiaries and
joint operations have been eliminated on consolidation and are not
disclosed in this note. For the other entities which are classified as the
Group’s related parties and disclosed in this note, their subsidiary
companies are also considered as related parties.
The Group has classified Solidium Oy as a related party. Solidium Oy is
entirely owned by the State of Finland, and it owned 10.7% of Stora Enso
shares and 27.4% of all votes on 31 December 2025. The Group has applied
an exemption, as stated in IAS 24 paragraph 25, not to disclose
transactions and outstanding balances with government-related entities.
The Group has classified FAM AB and Wallenberg Investments AB as
related parties. FAM AB owned 10.2% of Stora Enso shares and 27.4% of all
votes on 31 December 2025. FAM AB is wholly owned by Wallenberg
Investments AB. The Group had transactions with Kopparfors Fastigheter
AB, a fully owned subsidiary of Kopparfors Skogar AB, which is wholly
owned by FAM AB. More details on this are disclosed below.
The key management personnel of the Group are the members of the
Group Leadership Team and the Board of Directors. The compensation of
key management personnel is presented in note 3.2 Board and executive
remuneration.
In the ordinary course of business, the Group engages in transactions on
commercial terms with associated companies, joint arrangements and
other related parties that are not any more favourable than those that
would be available to other third parties. Stora Enso intends to continue
with transactions on a similar basis with its associated companies and
joint arrangements. Further details of the transactions with associated
companies are shown in note 4.3 Associates.
Group companies, including subsidiary companies and joint operations,
are listed in note 6.2 Group companies.
Forest assets and wood procurement
The Group has a 41.0% interest in Tornator with the remaining 59.0% being
held mainly by Finnish institutional investors. Stora Enso has long-term
purchase contracts of wood at market prices with the Tornator Group, and
in 2025 purchases of 3 (3) million cubic metres came to EUR 192 (167) million.
The Group procures wood at market prices from Kopparfors Fastigheter
AB, a fully owned subsidiary of Kopparfors Skogar AB, which is wholly
owned by FAM AB. In 2025 the purchases from the related party amounted
to EUR 3 (15) million and the sales of services by Stora Enso to the said
related party amounted to EUR 0 (0) million. At the end of 2025 the Group
had EUR 0 (0) million of open payables to the related party.
The Group procured wood at market prices from SESOM 2 AB, which is a 15%
owned Swedish associate company. In addition, the Group sold services to
the said party. The related transactions were not material.
Stevedoring
The Group owns 48.4% of shares in Steveco Oy, a Finnish company
engaged in loading and unloading vessels. The other shareholders in
Steveco are UPM-Kymmene, Finnlines and Myllykoski. The stevedoring
services are provided by Steveco at market prices and in 2025 amounted
to EUR 24 (25) million.
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7 Other
7.1 Commitments and contingencies
Accounting principles
Guarantees
The guarantees entered into with financial institutions and other credit guarantors
generally oblige the group to make payment in the event of default by the
borrower. The guarantees have an off-balance sheet credit risk representing the
accounting loss that would be recognised at the reporting date if the
counterparties fail to perform completely as contracted. The credit risk amounts
are equal to the contract sums, assuming the amounts are not paid in full and are
irrecoverable from other parties.
Commitments
EUR million 2025 2024
On own behalf
Guarantees 18 17
Other commitments 6 6
On behalf of associated companies
Guarantees 4 4
On behalf of others
Guarantees 6 16
Other commitments 0 0
Total 33 43
Guarantees 27 37
Other commitments 6 6
Total 33 43
In 2025, the Group’s commitments amounted to EUR 33 (43) million. In
addition, the parent company Stora Enso Oyj has guaranteed the liabilities
of many of its subsidiaries and joint operations up to EUR 667 (792) million
as of 31 December 2025.
Capital commitments
EUR million 2025 2024
Total 89 304
Capital expenditure commitments are not recognised in the balance
sheet and these include the Group’s share of direct capital expenditure
contracts in joint operations.
Contingent liabilities
Stora Enso has undertaken significant restructuring actions in recent years
which have included the divestment of companies, sale of assets and mill
closures. These transactions include a risk of possible environmental or
other obligations the existence of which would be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Group.Stora Enso has undertaken
significant restructuring actions in recent years which have included the
divestment of companies, sale of assets and mill closures. These
transactions include a risk of possible environmental or other obligations
the existence of which would be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the
control of the Group. A provision has been recognised for obligations for
which the related amount can be estimated reliably and for which the
related future cost is considered to be at least probable.A provision has
been recognised for obligations for which the related amount can be
estimated reliably and for which the related future cost is considered to be
at least probable.
Stora Enso has been granted various investment subsidies and
compensations, and has made certain investment commitments in
several countries such as Finland, China, and Sweden. If commitments to
planning conditions are not met, local officials may pursue administrative
measures to reclaim some of the previously granted investment subsidies
or impose penalties on Stora Enso. The outcome of such a process could
result in adverse financial impact on Stora Enso.
Stora Enso has been granted investment subsidies and has given certain
investment commitments in China. There is a risk that the majority owned
local Chinese company may be subject to a claim based on alleged costs
resulting from certain uncompleted investment commitments. Given the
specific mitigating circumstances surrounding the investment case as a
whole, Stora Enso does not consider it to be probable that this situation
would result in an outflow of economic benefits that would be material to
the Group.
Stora Enso is party to legal proceedings that arise in the ordinary course of
business and which primarily involve claims arising out of commercial law.
The management does not consider that liabilities related to such
proceedings before insurance recoveries, if any, are likely to be material to
the Group’s financial condition or results of operations.Stora Enso is party
to legal proceedings that arise in the ordinary course of business and
which primarily involve claims arising out of commercial law. The
management does not consider that liabilities related to such
proceedings before insurance recoveries, if any, are likely to be material to
the Group’s financial condition or results of operations.
Veracel
On 11 July 2008, Stora Enso announced that a federal judge in Brazil had
issued a decision claiming that the permits issued by the State of Bahia for
the operations of Stora Enso’s joint operations company Veracel were not
valid. Veracel disputed the decision and filed an appeal against it.
On 10 July 2025, Veracel’s appeal was upheld by the Federal Court, and the
regularity of all the environmental licensing of the project was recognised,
and the fine of BRL 20 (EUR 3) million was annulled. The decision was not
appealed to the Higher Courts, and the ruling is final.
7.2 Events after the reporting period
The were no significant adjusting or non-adjusting events after the
reporting period end.
As of 1 January 2026, Stora Enso has implemented changes in its
organisational and reporting structures. The reportable segments as of
1 January 2026 are: Consumer Packaging (comprising the Cartonboard
and the Foodservice and Liquid Board business areas), Integrated
Packaging (comprising the Containerboard and the Packaging Solutions
business areas), Biomaterials, and Other (including the Wood and Energy
business area and the Group’s administration). The Swedish forest assets
and the Central European sawmilling and building solutions operations
(currently under strategic review) will be reported under the segment
Other. Comparative figures will be restated accordingly.
The Board of Directors proposes to the AGM that a dividend of EUR 0.25 per
share be distributed on the basis of the balance sheet adopted for the
year 2025. This would correspond to EUR 197,154,996.75 in aggregate for all
currently registered 788,619,987 shares, which would leave EUR
1,299,548,548.25 in distributable shareholders’ equity. The Board of Directors
proposes that the dividend be paid in two instalments.
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Parent company Stora Enso Oyj financial statements
Parent company income statement
Year ended 31 December
EUR million Note 2025 2024
Sales 2 2,870 2,631
Changes in inventories of finished goods and work in progress + / - -2 25
Production for own use 3 2
Other operating income 3 500 462
Materials and services 4 -2,183 -1,992
Personnel expenses 5 -301 -298
Depreciation and impairment 6 -110 -183
Other operating expenses 7 -984 -895
3,078 2,877
Operating profit / loss -208 -246
Financial income and expenses 9 478 238
Profit before appropriations and taxes 270 -8
Appropriations 10 -19 68
Income tax 11 1 -3
Profit for the period 252 57
Parent company statement of financial position
Assets
Non-current assets
Intangible assets 13 52 54
Tangible assets 13 841 834
Investments 14 9,390 9,250
Non-current assets total 10,284 10,137
As at 31 December
EUR million Note 2025 2024
Current assets
Inventories 15 527 543
Short-term receivables 16 1,292 1,296
Financial securities 17 432 1,007
Cash in hand and at bank 524 764
Total current assets 2,775 3,610
Total assets 13,059 13,746
Equity and liabilities
Equity 18
Share capital 1,342 1,342
Share premium 3,639 3,639
Fair value reserve 2 -2
Invested non-restricted equity fund 633 633
Retained earnings 612 751
Profit for the period 252 57
Total equity 6,480 6,421
Accumulated appropriations 19 233 192
Obligatory provisions 20 28 25
Liabilities
Non-current liabilities 22 3,000 3,386
Current liabilities 23 3,318 3,722
Total liabilities 6,318 7,109
Total equity and liabilities 13,059 13,746
As at 31 December
EUR million Note 2025 2024
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Parent company cash flow statement
Cash provided by operating activities
Profit for the period 252 57
Adjustments and reversal of non-cash items:
Direct taxes -1 3
Appropriations 19 -68
Depreciation according to plan and impairment 110 183
Unrealised foreign exchange gains and losses -59 15
Other non-cash items 4 -2
Financial income and expenses -478 -238
Change in working capital:
Increase (-) / decrease (+) in current non-interest-bearing receivables -73 266
Increase (-) / decrease (+) in inventories 16 -70
Increase (+) / decrease (-) in current non-interest-bearing liabilities -15 118
Cash flow from operating activities before financial items and taxes -225 263
Interest received from operating activities 136 214
Interest paid from operating activities -221 -250
Dividends received from operating activities 601 481
Other financial items, net 40 -33
Direct taxes paid -1 -11
Cash provided by operating activities 330 665
Net cash provided by investing activities
Investments in tangible and intangible assets -112 -112
Capital gains from sale of tangible and intangible assets 1 1
Investments in other financial assets -9 0
Investments in subsidiary shares and other capital contributions -379 -538
Proceeds from disposal of subsidiary shares and other repayment of capital 0 3
Proceeds from disposal of other investments 0 1
Payments of non-current loan receivables -140 -961
Proceeds from non-current loan receivables 507 1,700
Net cash provided by investing activities -132 96
Year ended 31 December
EUR million 2025 2024
Cash flow from financing activities
Proceeds from (issue of) long-term liabilities 435 0
Proceeds from (payment of) long-term liabilities -866 -730
Proceeds from (issue of) short-term liabilities 230 91
Proceeds from (payment of) short-term liabilities -662 -544
Dividends paid -209 -147
Group contributions received 59 133
Cash flow from financing activities -1,012 -1,197
Net change in cash and cash equivalents -815 -437
Translation differences 0 -3
Cash and cash equivalents at start of year 1,771 2,211
Cash and cash equivalents at year end 956 1,771
Cash and cash equivalents at year end includes:
Financial securities 432 1,007
Cash in hand and at bank 524 764
Cash and cash equivalents total 956 1,771
Year ended 31 December
EUR million 2025 2024
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Notes to the parent company financial statements
Note 1 Accounting principles
The financial statements of Stora Enso Oyj have been prepared in accordance with
the Finnish Accounting Act and other current rules and regulations concerning
financial statements in Finland. The financial statements are presented in millions of
euros and rounded and therefore the sum of individual figures might deviate from
the presented total figure.
Derivative contracts
Stora Enso is exposed to several financial market risks that the Group is responsible
for managing under policies approved by the Board of Directors. The objective is to
have cost-effective funding in Group companies and to manage financial risks
using financial instruments in order to decrease earnings volatility. The main
exposures for the Group are interest rate risk, currency risk, funding risk and
commodity price risk, especially for fiber and energy. The parent company
manages these risks centrally in the Group. The Group’s risk management principles
are presented in more detail in note 5.1 Financial Risk Management to the
consolidated financial statements.
Derivative contracts are measured at fair value on the balance sheet. Derivatives
with external counterparties that are subject to hedge accounting are recognised
as financial assets and liabilities at fair value through the income statement in the
same manner as the parent company’s derivatives with other Group companies as
counterparties. The parent company’s derivative contracts that are used to hedge
the parent company’s own cash flow are measured at fair value, and the change in
fair value (effective part) is recognised, in line with hedge accounting principles, in
the fair value reserve in equity on the balance sheet, while the ineffective part is
recognised in the parent company’s income statement. The change in fair value of
derivatives not included in hedge accounting is entered immediately in the
income statement.
Interest income and expenses related to derivatives that are used to manage the
interest rate risk are allocated over the contract period and are used to adjust
interest expenses related to hedged loans. Option premiums are recognised as
advance payments until the options mature.
With regard to derivatives, more information about the measurement principles,
fair values and changes in fair value is provided in note 25 Financial instruments.
Foreign currency transactions
Transactions in foreign currencies are recorded at the rate of exchange prevailing
at the transaction date. At the end of the month, foreign-currency-denominated
receivables and liabilities are translated using the month-end exchange rate.
Equity incentive schemes
The employees covered by the scope of Stora Enso Oyj’s share-based incentive
schemes are awarded with shares in the company. The awarded shares and the
costs of the schemes are recognised as an expense in the income statement when
the shares are delivered. The settlement covers taxes and similar changes incurred.
The principles of the Group’s share opportunity programmes are presented in more
detail in note 3.4 Employee variable compensation and equity incentive schemes to
the consolidated financial statements.
Pensions
Statutory pension security is arranged through employment pension insurance
companies outside the Group. Some employees have additional pension security
through life insurance companies outside the Group. Pension contributions are
allocated in accordance with performance-based salaries and wages for the
financial period.
Non-current assets
The balance sheet value of intangible and tangible assets is their direct acquisition
cost less depreciation according to plan and any impairment. Depreciation
according to plan is recognised for intangible and tangible assets, based on their
expected useful lives.
Depreciation is based on the following useful lives:
Buildings and structures 10–50 years
Production machinery and equipment 10–20 years
Light machinery and equipment 3–5 years
Intellectual property rights 3–20 years
No depreciation is recognised for land and water areas.
Interest in Group companies
Interest in the Group companies is measured at cost less any impairment losses.
Interest in the Group companies is assessed for impairment annually.
The fair value of the subsidiary shares has been assessed mainly based on income
approach, in which the fair value of investment is calculated based on the
discounted cash flow model (DCF). Impairment need is assessed by comparing the
fair value of the subsidiary shares to the book value in the parent company’s
balance sheet and possible write down is booked through profit or loss, if
considered permanent in nature.
During the financial year, the parent company completed a business acquisition.
The contingent consideration related to the acquisition consists of two components
a n d i s p r e s e n t e d t h e b a l a n c e s h e e t b a s e d o n m a t u r i t y . T h e l o n g - t e r m p o r t i o n i s
p r e s e n t e d u n d e r A c c r u e d l i a b i l i t i e s ( N o t e 2 2 N o n - c u r r e n t l i a b i l i t i e s ) a n d t h e
s h o r t - t e r m p o r t i o n u n d e r A c c r u e d l i a b i l i t i e s ( N o t e 2 3 C u r r e n t l i a b i l i t i e s ) . F u r t h e r
information on the acquisition of Junnikkala Oy and its terms is disclosed in note 6.1
Acquisitions, disposals and assets held for sale.
Loan receivables
Loan receivables are debt instruments with fixed or determinable payments that
are not quoted on an active market. They are recorded initially at nominal value
and subsequently measured at an amortised cost. Investments in subsidiaries and
other companies are measured at cost, or fair value in case the fair value is less
than cost. Loan receivables are presented in the balance sheet item Investments.
The loan receivables are mainly from Group companies.
Inventories
Inventories are measured at acquisition cost or probable replacement cost or at
net realisable value if lower. Acquisition cost is determined using the FIFO method or
the weighted average cost method. The cost of finished goods and work in progress
comprises raw materials, direct labour, depreciation and other direct costs, as well
as the related production overhead. Net realisable value is the estimated selling
price less the costs of completion and sale.If, at the end of the financial year, the
probable replacement cost, selling price, or net realisable value is lower than the
acquisition cost, the difference is recognised as an expense.
Rental expenses
Leasing payments are recognised in other operating expenses. The remaining
leasing payments under leasing agreements are presented in note 24
Commitments and Contingencies.
Expenditure on research and development
Expenditure on R&D is recognised as an expense for the financial period.
Income taxes
The tax expense on the income statement includes income taxes based on the
taxable profit for the financial period and tax adjustments for previous periods. The
parent company does not recognise deferred tax assets and liabilities, excluding
derivatives, in its financial statements. Deferred tax assets and liabilities that can be
recognised on the balance sheet are presented in note 21 Deferred tax liabilities and
receivables.
Obligatory provisions
Future costs and losses that no longer generate corresponding income, to which
the company is committed or by which the company is obligated, are recognised
in the income statement according to their nature and in obligatory provisions on
the balance sheet.
Emission rights
For 2025, 0.5 million tonnes of free emission allowances in accordance with the EU
Emissions Trading Directive were allocated to the company. Emission allowances
are recognised through a net cash cost basis, meaning that the difference
between the actual emissions and the emission allowances received is recognised
through profit or loss if the actual emissions are larger than the emission
allowances received. During the financial period, the emissions emitted were
estimated at 0.2 million tonnes. The emission rights purchased during the financial
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period are recognised in other operating expenses, and the emission rights sold
during the financial period are recognised in other operating income.
At the end of the financial period, the market value of the emission rights was EUR
85.24 per tonne.
Comparability of the information for the financial period
The information for the financial year and the comparison year are comparable.
There have been no mergers, corporate restructurings or other changes during the
financial year that would affect the comparability of the information.
Note 2 Net sales by segment and market area
EUR million 2025 2024
By segment
Packaging Materials 1,580 1,559
Biomaterials 154 160
Forest 841 658
Wood Products 197 161
Other 98 93
Total 2,870 2,631
Distribution by region
Finland 1,234 1,043
Other Europe 932 908
North and South America 239 179
Asia and Oceania 374 394
Africa 91 108
Total 2,870 2,631
Note 3 Other operating income
EUR million 2025 2024
Rent and equivalents 2 2
Gains on sale of fixed assets 0 1
Insurance compensation 1 1
Subsidies, grants and equivalents 17 17
Administration services 51 47
Proceeds from sales of emission rights 72 63
Other operating income1 357 332
Total 500 462
1 Other operating income consists mainly of items relating to the segment based operating model in the Group.
Note 4 Materials and services
EUR million 2025 2024
Materials and supplies
Purchases during the period 1,656 1,501
Change in inventories +/- 18 -29
External services 509 520
Total Materials and Services 2,183 1,992
Note 5 Personnel expenses and average number of
employees
EUR million 2025 2024
Salaries and fees 250 242
Statutory employer costs
Pensions 43 48
Other personnel costs 8 8
Total 301 298
Remuneration for the CEO and the members of the Board of Directors
Remuneration for the CEO and the members of the Board of Directors is
presented in note 3.2 Board and executive remuneration to the
consolidated financial statements.
Pension liabilities for the CEO
Pension liabilities for the CEO are presented in note 3.2 Board and executive
remuneration to the consolidated financial statements.
Receivables from management
There were no loan receivables from the company’s management.
Average number of employees 2025 2024
Number of employees during the financial period 3,494 3,664
Note 6 Depreciation and impairment
EUR million 2025 2024
Depreciation according to plan 106 115
Impairment of fixed assets 4 68
Total 110 183
Depreciation and amortisation on each item in the statement of financial position is included under intangible
and tangible assets.
Note 7 Other operating expenses
EUR million 2025 2024
Product freight 203 193
Sales commissions 55 56
Rental costs 34 22
Administration and office services 287 313
Insurance premiums 24 21
Other personnel expenses 18 17
Representation costs 0 0
Public and other relations 3 4
Emission rights expenses 61 51
Other operating expenses1 298 208
Merger loss 0 9
Total 984 895
1 Other operating expenses consist mainly of items relating to the segment based operating model in the Group.
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Note 8 Auditors’ fees
EUR million 2025 2024
Audit fees 1 1
Other audit-related fees 1 0
Tax fees 0 0
Other fees 0 0
Total 2 2
Note 9 Financial income and expenses
EUR million 2025 2024
Dividend income
From Group companies 540 480
From associated companies 29 29
From others 2 3
Total 571 511
Interest income from non-current investments
From Group companies 68 93
From associated companies 1 2
From others 0 0
Total 69 95
Other interest and financial income
From Group companies 29 42
From others 30 74
Total 59 116
Total financial income 700 722
Interest and other financial expenses
To Group companies -43 -85
Other financial expenses -149 -200
Total -191 -285
Impairment on investments
Impairment on investments in non-current assets -30 -199
Total financial expenses -221 -484
Total financial income and expenses 478 238
The item “Financial Income and Expenses” includes
exchange rate gains/losses (net) 22 -9
Note 10 Appropriations
EUR million 2025 2024
Difference between depreciation according to plan
and depreciation recognised in taxation -41 9
Group contributions received 22 59
Total appropriations -19 68
Note 11 Income tax expense
EUR million 2025 2024
Income taxes from primary operations for the period 0 -3
Income taxes for previous periods 1 0
Total income tax 1 -3
Note 12 Environmental expenses
EUR million 2025 2024
Materials and services 31 30
Personnel expenses 3 4
Depreciation and impairment 10 11
Total 44 44
Air quality protection 6 5
Wastewater treatment 21 22
Waste management 11 10
Soil and groundwater protection 1 1
Noise and vibration prevention 0 0
Biodiversity and landscape protection 0 0
R&D 0 0
Other environmental protection measures 5 6
Total 44 44
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Note 13 Intangible and tangible assets
Intangible assets
EUR million
Intellectual
property rights
Other non-
current
expenditure
Advance
payments and
acquisitions in
progress Total
Acquisition cost 1 Jan 195 26 23 244
Increases 3 0 7 10
Decreases -3 0 0 -3
Reclassification 12 0 -13 -1
Acquisition cost 31 Dec 207 26 17 250
Accumulated depreciation and impairment 1 Jan -165 -25 0 -190
Accumulated depreciation on decreases and
reclassifications 2 0 0 2
Depreciation for the period -10 0 0 -10
Impairments 0 0 0 0
Accumulated depreciation 31 Dec -173 -26 0 -199
Book value on 31 December 2025 34 1 17 52
Book value on 31 December 2024 30 1 23 54
Tangible assets
EUR million
Land and
water areas
Buildings and
structures
Plant and
equipment
Other tangible
assets
Advance
payments
and
acquisitions in
progress Total
Acquisition cost 1 Jan 18 628 3,065 182 62 3,954
Increases 0 1 60 2 44 107
Decreases 0 0 -139 -2 0 -141
Reclassification 0 0 39 1 -40 1
Acquisition cost 31 Dec 18 629 3,024 184 66 3,921
Accumulated depreciation and
impairment 1 Jan -4 -483 -2,471 -165 0 -3,123
Accumulated depreciation on
decreases and reclassifications 0 0 139 2 0 141
Depreciation for the period 0 -13 -82 -2 0 -97
Impairment for the period 0 0 -3 0 0 -3
Accumulated depreciation 31 Dec -4 -496 -2,417 -165 0 -3,081
Increase in value 1 Jan 2 0 0 0 0 2
Increase in value 31 Dec 2 0 0 0 0 2
Book value on 31 December 2025 16 133 607 19 66 841
Book value on 31 December 2024 16 145 594 18 62 834
Production plant and equipment
Book value on 31 December 2025 592
Book value on 31 December 2024 581
Advance payments and acquisitions in progress
EUR million
Intangible
assets
Buildings and
structures
Plant and
equipment
Other tangible
assets Total
Acquisition cost 1 Jan 23 0 62 0 84
Increases 7 0 44 0 51
Reclassification -13 0 -40 0 -53
Acquisition cost 31 Dec 2025 17 0 66 0 83
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Capitalised environmental expenditure
31 Dec 2025
EUR million
Land and
water areas
Buildings and
structures
Plant and
equipment
Other tangible
assets
Advance
payments
and
acquisitions in
progress Total
Acquisition cost 1 Jan 3 22 48 3 24 100
Increases 0 0 36 2 -1 37
Depreciations for the period 0 -1 -8 -1 0 -10
Book value on 31 December 2025 3 20 76 4 23 127
Air quality protection 0 8 60 0 15 84
Wastewater treatment 0 1 14 0 4 20
Waste management 2 0 1 2 0 5
Soil and groundwater protection 1 11 1 2 3 18
Noise and vibration prevention 0 0 1 0 0 1
3 20 76 4 23 127
31 Dec 2024
EUR million
Land and
water areas
Buildings and
structures
Plant and
equipment
Other tangible
assets
Advance
payments
and
acquisitions in
progress Total
Acquisition cost 1 Jan 4 22 46 3 18 93
Increases 0 1 12 0 6 18
Depreciations for the period 0 -1 -9 -1 0 -11
Book value on 31 December 2024 3 22 48 3 24 100
Air quality protection 0 8 40 0 14 63
Wastewater treatment 0 2 7 0 6 15
Waste management 2 0 0 2 0 5
Soil and groundwater protection 1 11 1 0 3 16
Noise and vibration prevention 0 0 1 1 0 1
3 22 48 3 24 100
In 2025 and 2024, environmentally based fines, charges or compensation were paid EUR 0.0 million (0.0). Subsidies
were received for environmental protection of EUR 0.0 (0.0) million.
Note 14 Non-current investments in shares and loan receivables
EUR million
Shares in
Group
companies
Loan
receivables
from Group
companies
Shares in
associated
companies
Loan
receivables
from
associated
companies
Other
shares
Other
receivables
Total
investments
Acquisition cost 1 Jan 7,817 1,834 37 26 209 16 9,939
Increases 422 15 10 0 9 1 458
Decreases 0 -254 0 -24 -1 -9 -288
Acquisition cost 31 Dec 8,239 1,595 47 2 217 9 10,109
Impairments 1 Jan -664 0 0 0 -20 -5 -689
Increases -47 0 0 0 0 0 -47
Impairment reversal 0 0 0 0 18 0 18
Impairments 31 Dec -711 0 0 0 -1 -5 -718
Book value on 31 December 2025 7,527 1,595 47 2 216 4 9,390
Book value on 31 December 2024 7,153 1,834 37 26 189 11 9,250
The acquisition cost related to the acquisition of Junnikkala has been recognised under investment in group
companies.
Note 15 Inventories
2025 2024
Materials and supplies 240 258
Work in progress 9 9
Finished goods 230 232
Other inventories 0 0
Prepayments 48 44
Total 527 543
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Note 16 Short-term receivables
Short-term loan receivables
Receivables from Group companies
Loan receivables 813 798
Commodity derivative receivables 0 2
Interest receivables 19 50
Total 832 850
Receivables from associated companies
Loan receivables 1 10
Total 1 10
Receivables from others
Loan receivables -1 21
Commodity derivative receivables 0 0
Other receivables 47 6
Interest receivables 5 9
Total 51 35
Total current interest-bearing receivables 883 896
Current non-interest-bearing receivables
Receivables from Group companies
Trade receivables 205 153
Other receivables 24 58
Total 229 211
Receivables from equity accounted investments
Trade receivables 1 1
Total 1 1
Receivables from others
Trade receivables 99 109
Deferred tax assets 0 2
Other receivables 56 53
Accrued income 23 24
Total 178 187
Stora Enso may enter into factoring agreements to sell trade receivables in order to accelerate cash
conversion. Nominally, such agreements led to the nominal derecognition of 85.0 EUR million (EUR 107.8 million
in 2024) by the end of the financial period. The continuing involvement of Stora Enso in the sold receivables
was estimated as being insignificant due to the non-recourse nature of the factoring arrangements involved.
EUR million 2025 2024
EUR million 2025 2024
Total current non-interest-bearing receivables 409 399
Total current receivables 1,292 1,296
Significant accruals
Advances paid 10 10
Other accruals 13 14
Total 23 24
Note 17 Financial securities
EUR million 2025 2024
From Group companies 1 2
From others 431 1,005
Total 432 1,007
Note 18 Shareholders’ equity
EUR million 2025 2024
Restricted shareholders’ equity
Share capital 1 Jan 1,342 1,342
Share capital 31 Dec 1,342 1,342
Share premium fund 1 Jan 3,639 3,639
Share premium fund 31 Dec 3,639 3,639
Fair value reserve 1 Jan -2 14
Increase (-) / Decrease (+) 4 -16
Fair value reserve 31 Dec 2 -2
Total restricted equity 4,983 4,979
Change in share capital and number of shares are presented in
Note 5.5 to the consolidated financial statements.
Non-restricted shareholders’ equity
Invested unrestricted equity reserve 1 Jan 633 633
Invested unrestricted equity reserve 31 Dec 633 633
Retained earnings 1 Jan 809 909
Dividend distribution -197 -158
Reversal of increase in value of land 0 0
Retained earnings 31 Dec 612 751
Profit for the period 252 57
Total non-restricted equity 1,497 1,442
Total shareholders’ equity 6,480 6,421
Calculation of distributable equity 31 Dec
Fair value reserve 31 Dec 0 -2
Invested unrestricted equity reserve 31 Dec 633 633
Retained earnings 31 Dec 612 751
Profit for the period 252 57
Total 1,497 1,440
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Note 19 Accumulated appropriations
EUR million 2025 2024
Depreciation difference
Intellectual property rights -7 -6
Goodwill 0 0
Other non-current expenditure -2 -2
Buildings and structures 12 13
Plant and equipment 231 190
Other tangible assets -1 -2
Total 233 192
Note 20 Obligatory provisions
EUR million 2025 2024
Restructuring provisions 5 3
Environmental provisions 17 20
Pension provisions 0 0
Other provisions 6 2
Total 28 25
Note 21 Deferred tax liabilities and receivables
EUR million 2025 2024
Deferred tax liability due to depreciation difference -27 -19
Deferred tax receivables and liabilities due to
derivatives 0 1
Deferred tax receivable due to loss 138 94
Deferred tax receivable due to provisions 6 5
Deferred tax receivables and liabilities from IFRS 16
leases -2 0
Deferred tax liabilities from financial items -1 -1
Deferred tax receivables due to other temporary
differences 16 7
Total deferred tax receivable 129 87
Deferred tax liabilities and receivables excluding derivatives have not been recognised on the balance sheet.
Note 22 Non-current liabilities
As at 31 December
EUR million 2025 2024
Non-current liabilities
Bonds 2,441 3,029
Loans from credit institutions 535 355
Other non-current liabilities 1 1
Other non-current liabilities to group companies 2 1
Accrued liabilities 20 0
Total 3,000 3,386
Accrued liabilities include liabilities arising from the Junnikkala earn out obligation.
Liabilities with maturities later than five years
Bonds 293 823
Other non-current liabilities 0 0
Loans from credit institutions 306 0
Total 599 823
Specifications of Bond loans are presented in note 5.3 Interest-bearing liabilities in consolidated financial
statements.
Note 23 Current liabilities
Current interest-bearing liabilities
Liabilities to Group companies
Other loans 2,032 1,798
Interest due 0 0
Total 2,032 1,798
Liabilities to others
Other loans 225 242
Commodity derivative liabilities 0 2
Interest due 31 50
Bonds 92 430
Loans from credit institutions 100 400
Total 448 1,124
Total current interest-bearing liabilities 2,481 2,922
EUR million 2025 2024
Current non-interest-bearing liabilities
Liabilities to Group companies
Trade payables 64 64
Commodity derivative liabilities 1 1
Total 65 65
Liabilities to associated companies
Trade payables 222 187
Total 222 187
Liabilities to others
Advances received 2 3
Trade payables 421 427
Other loans 21 34
Accrued liabilities 106 85
Total 550 548
Accrued liabilities include liabilities arising from the Junnikkala earn-out obligations.
Total current non-interest-bearing liabilities 837 800
Total current liabilities 3,318 3,722
Substantial accrued liabilities and deferred income
Payroll payments accrued 58 58
Annual discounts 16 14
Other accrued expenses and liabilities 32 12
Total 106 85
EUR million 2025 2024
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Note 24 Commitments and contingencies
EUR million 2025 2024
On own behalf, for own debt
Mortgages 0 0
For Group debt
Guarantees 667 792
On behalf of Associated companies
Guarantees 4 4
On behalf of others
Guarantees 0 10
Other commitments, own
Leasing commitments, in next 12 months 10 22
Leasing commitments, after next 12 months 32 30
Lease commitments 5 6
Other commitments 8 15
Total 725 879
Mortgages 0 0
Guarantees 670 806
Leasing commitments 42 52
Lease commitments 5 6
Other commitments 8 15
Total 725 879
Contingent liabilities
Stora Enso Oyj has implemented significant restructuring measures in
recent years. These measures have included divestments of business
operations and production units, as well as mill closures. These
transactions include a risk of possible environmental or other obligations,
the existence of which would be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the
control of the Group. A provision has been recognised for obligations for
which the related amount can be estimated reliably and the occurrence
of which is considered likely.
Stora Enso Oyj has been granted various investment subsidies and has
given certain investment commitments in Finland. If committed planning
conditions are not met, local officials may pursue administrative measures
to reclaim some of the formerly granted investment subsidies or to impose
penalties on Stora Enso Oyj and the outcome of such a process could
result in a negative financial impact on Stora Enso Oyj.
Stora Enso Oyj is party to legal proceedings that arise in the ordinary
course of business and primarily involve claims arising out of commercial
law. The company management does not believe that such processes as
a whole, before any insurance compensation, would have significant
impacts on the company’s financial position or profit from operations.
Some of the most significant legal proceedings are described in note 7.1 to
the consolidated financial statements.
PVO Shares
The Group holds a 16.5% (16.1%) interest in Pohjolan Voima Oyj (PVO), a public
limited company in the energy sector that produces electricity and heat
for its shareholders in Finland at cost-based and non-profit making
principle (Mankala-principle). Each subsidiary of the PVO group has its own
class of shares that, instead of dividends, entitle the shareholder to the
energy produced in proportion to its ownership of that class of share. Also,
the shareholders then have an obligation to cover the costs of production,
which are generally lower than market prices.
For more details, see the Consolidated Financial Statements note 4.4 Equity
instruments.
Note 25 Financial instruments
Valuation of derivatives
The fair value is defined as the amount at which a derivative instrument
could be exchanged in an orderly transaction between market
participants at the measurement date. The fair values of such instruments
are determined on the following basis:
• Foreign exchange forward contract fair values are calculated using
forward exchange rates on the reporting date.
• Foreign exchange option contract fair values are calculated using
reporting date market rates together with common option pricing
models.
• Commodity contract fair values are computed with reference to quoted
market prices on futures exchanges or other reliable market sources.
• Interest rate swaps fair values are calculated using a discounted cash
flow method.
Fair value hierarchy
Stora Enso uses the following hierarchy for determining and disclosing the
fair value of financial instruments by valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets
or liabilities;
• Level 2: other techniques, for which all inputs that have a significant
effect on the recorded fair value are observable, either directly or
indirectly;
• Level 3: techniques which use inputs that have a significant effect on the
recorded fair values that are not based on observable market data.
The parent company’s derivatives are classified as Level 2 in the fair value
hierarchy.
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Nominal and fair values of derivative instruments
As at 31 December 2025
EUR million
Nominal
values
Positive fair
values
Negative fair
values
Fair values,
Net
Cash flow hedges entered on behalf of the parent company and its
subsidiaries, for which hedge accounting is applied in target
companies
Foreign exchange forwards 2,522 44 -43 1
Foreign exchange options 591 4 -4 0
Commodity contracts 0 3 -3 0
Interest rate swaps 117 1 0 1
Non-hedge accounted derivatives
Foreign exchange forwards 901 1 -2 -1
Total 4,132 54 -52 1
of which against subsidiaries 1,717 2 -49 -48
of which against external parties 2,415 52 -3 49
As at 31 December 2024
EUR million
Nominal
values
Positive fair
values
Negative fair
values
Fair values,
Net
Cash flow hedges entered on behalf of the
parent company and its subsidiaries, for which
hedge accounting is applied in target companies
Currency forwards 2,491 34 -41 -7
Currency options 1,280 7 -8 -1
Commodity contracts 167 4 -4 0
Interest rate swaps 346 6 0 6
Non-hedge accounted derivatives
Currency forwards 774 2 -4 -2
Total 5,058 52 -56 -4
of which against subsidiaries 2,138 38 -9 28
of which against external parties 2,920 15 -47 -32
Fair value reserve
The net amount of the parent company’s unrealised cash flow hedge loss in the fair value reserve was EUR 1.9 (-2.2)
million, which was related to currency and interest rate derivatives. Currency and interest rate derivatives also
include a gain of EUR 0.0 (0.2) million related to the time value of options. These unrealised gains are recognised in
the income statement upon the maturity of the hedging contracts. The longest hedging contract will mature in
2027.. During 2025 and 2024, there were no material ineffectiveness related to hedges recognised in the income
statement. Derivatives used in currency cash flow hedges are mainly forward contracts and options. Swaps are
mainly used in commodity hedges and interest rate cash flow hedges.
Hedge gains and losses in operating profit
EUR million 2025 2024
Cash flow hedge accounted derivatives
Currency hedges 6 -2
Total 6 -2
As adjustments to sales 6 -2
As adjustments to materials and services 0 0
Items realised from the fair value reserve that are recognised in the income statement 6 -2
Net losses from cash flow hedges 6 -2
Net hedge gains/losses in operating profit 6 -4
Hedge gains and losses in financial items
EUR million 2025 2024
Non-hedge accounted derivatives
Currency derivatives -10 3
Net gains/losses in financial items -10 3
Sensitivity of currency derivatives to strengthening of EUR
31 December 2024
EUR million SEK USD GBP
Currency change against EUR -5.0 % -5.0 % -5.0 %
Nominals of currency derivatives hedging next 12 months cash flow in EUR 0 498 -3
Estimated effect on fair value reserve in EUR (net of taxes) 0 -20 0
Sensitivity of commodity derivatives to price risk
There were no outstanding commodity derivatives related to parent company’s cash flows at the end of reporting
period. More detailed information about financial instruments are presented in note 5.1 Financial risk management,
note 5.2 Fair values and note 5.4 Derivatives to the consolidated financial statements.
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Note 26 Related party transactions
EUR million 2025 2024
Related party transactions with associated companies and joint ventures:
Purchase of materials and supplies during the year 182 159¹
Interest income on non-current loan receivables 0 0
Non-current loan receivables at year end 3 3
Trade payables at year end 49 44
The Group’s principles for related party transactions are presented in note 6.3 to the consolidated financial statements. In the parent company’s notes 14, 16, 22, and 23, the
loans with group companies are specified. The terms have complied with company’s established principles and policies and adhered to arm’s length principle.
1 The comparative year’s figure for purchases of materials and supplies from associated companies and joint ventures has been updated. This affects only this note
disclosure and has no impact on the comparative year’s result or financial position.
Intra-group loans and loans to related parties
The parent company acts as the treasury company in the group and finances subsidiaries with intra-group loans.
The loans can have different maturities and interest rates, which are determined by market conditions.
The loan term of the loans granted to intercompanies is 0.5 to 9 years. The interest rate on these loans varies
approximately between 2% and 9%, depending on the currency and term of the loan. Pricing is prepared on an
arm’s length basis. The total amount of the loans is EUR 2.4 billion. The company has also issued guarantees
amounting to EUR 667 million on behalf of intercompanies.
The company has not granted any loans to persons in related parties, nor has it provided any contingent liabilities
on behalf of related parties. The amount of such loans and commitments is EUR 0.
Note 27 Separate financial statements for the electricity business
According to the Electricity Market Act (588/2013), a company operating in the electricity market, must separate its
electricity business from its other business operations.
Basis of preparation of the separated electricity business statements: income, costs, assets and liabilities
immediately attributable to the electricity business are allocated directly and indirect costs and non-attributable
items are allocated according to allocation or allocation keys.
Electricity business income statement
31 December
EUR million 2025 2024
Sales 94 87
Other operating income 0 0
Materials and services -74 -65
Depreciation and impairment -3 -6
Other operating expenses -1 -1
Operating profit 16 16
Profit before Appropriations and Taxes 16 16
Appropriations -1 0
Profit before Taxes 15 17
Income tax expense and windfall tax -3 -3
Profit / loss for the period 12 13
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Electricity business statement of financial position
Assets
Non-current assets
Tangible assets 28 28
Investments 189 171
Non-current assets total 216 199
Current assets
Short-term receivables 16 13
Total current assets 16 13
Total assets 232 212
Equity and liabilities
Equity
Share capital 35 35
Share premium 95 95
Invested non-restricted equity fund 17 17
Retained earnings 55 42
Profit for the period 12 13
Total equity 214 202
Accumulated appropriations 8 6
Liabilities
Non-current liabilities 2 0
Current liabilities 9 4
Total liabilities 10 4
Total equity and liabilities 232 212
As at 31 December
EUR million 2025 2024
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Signatures for the financial statements
These financial statements are prepared in accordance with the applicable accounting standards and give
a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and of the companies
included in its consolidated financial statements. The report of the Board of Directors includes a fair review of
the development and performance of the Group and of the companies included in its consolidated accounts,
together with a description of the principal risks and uncertainties and the financial position of the Company.
The sustainability statements included in the Report of the Board of Directors have been prepared in accordance
with the reporting standards referred to in Chapter 7 of the Finnish Accounting Act and Article 8 of the
Taxonomy Regulation.
3 February 2026
Kari Jordan Håkan Buskhe
Chair Vice Chair
Helena Hedblom Astrid Hermann
Christiane Kuehne Richard Nilsson
Reima Rytsölä Elena Scaltritti
Antti Vasara Hans Sohlström
President and CEO
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Auditor’s Report (Translation of the Finnish Original)
To the Annual General Meeting of Stora Enso Oyj
Report on the Audit of the Financial Statements
Opinion
In our opinion
• the consolidated financial statements give a true and fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU
• the financial statements give a true and fair view of the parent company’s financial performance and financial
position in accordance with the laws and regulations governing the preparation of financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report to the Audit Committee.
What we have audited
We have audited the financial statements of Stora Enso Oyj (business identity code 1039050-8) for the year ended
31 December 2025. The financial statements comprise:
• the consolidated statement of financial position, consolidated income statement, consolidated statement of
comprehensive income, statement of changes in equity, consolidated cash flow statement and notes to the
consolidated financial statements, which include material accounting policy information and other explanatory
information
• the parent company statement of financial position, parent company income statement, parent company cash
flow statement and notes to the parent company financial statements.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the parent company and of the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
To the best of our knowledge and belief, the non-audit services that we have provided to the parent company and
group companies are in accordance with the applicable law and regulations in Finland and we have not provided
non-audit services that are prohibited under Article 5(1) of Regulation (EU) No 537/2014. The non-audit services that
we have provided are disclosed in note 2.2 to the Consolidated Financial Statements.
Our Audit Approach
Overview
• We have applied an overall group materiality of EUR 60 million.
• We performed audit procedures at 23 reporting components in 10 countries based on
our overall risk assessment and materiality.
• Valuation of forest assets
• Provisions and contingent liabilities
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
financial statements. In particular, we considered where management made subjective judgements; for example,
in respect of significant accounting estimates that involved making assumptions and considering future events
that are inherently uncertain.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance whether the financial statements are free from material misstatement. Misstatements may arise due to
fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the financial statements.
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Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the
overall group materiality for the consolidated financial statements as set out in the table below. These, together
with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of
our audit procedures and to evaluate the effect of misstatements on the financial statements as a whole.
Overall group materiality EUR 60 million
How we determined it Based on operating profit and total assets
Rationale for the materiality benchmark applied We chose operating profit and total assets as the benchmarks because, in our
view, they are relevant benchmarks against which the performance of
the group is commonly measured by users of the financial statements.
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the structure of the Stora Enso Group, the accounting
processes and controls, and the industry in which the group operates.
The Group operates through a number of legal entities or other reporting components globally. We determined the
nature, timing and extent of audit work that needed to be performed at reporting components by us, as the group
engagement team, or component auditors operating under our instruction. Where the work was performed by
component auditors, we issued audit instructions to those auditors including our risk analysis, materiality and
global audit approach. We performed audit procedures at 23 reporting components in 10 countries based on our
overall risk assessment and materiality. We have considered that the remaining reporting components do not
present a reasonable risk of material misstatement for consolidated financial statements and thus our procedures
related to these reporting components have been limited to analytical procedures performed at group level and
to possible targeted audit procedures over individual significant balances.
By performing the procedures above at reporting components, combined with additional procedures at the group
level, we have obtained sufficient and appropriate evidence regarding the financial information of the group as a
whole to provide a basis for our opinion on the consolidated financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
As in all of our audits, we also addressed the risk of management override of internal controls, including among
other matters consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Key audit matter in the audit of the group How our audit addressed the key audit matter
Valuation of forest assets
Refer to Note 1.2 and Note 4.2 in the consolidated financial
statements for the related disclosures.
Forest assets comprise of biological assets and forest land
excluding leased forest land assets. As of December 31, 2025
the fair value of the Group’s forest assets owned through
subsidiaries, joint operations and associated companies was
EUR 8 343 million. The fair value of EUR 6 728 million was
related to biological assets and EUR 1 615 million was related
to forest land.
Forest assets in Sweden and Finland are recognised at fair
value and valued by using a market approach method on the
basis of the forest market transactions in the areas where
Stora Enso’s forests are located.
Market prices between areas vary significantly and judgment
is applied to define relevant areas for market transactions
used in the valuation. Market transaction data is adjusted to
consider characteristics and nature of the Group’s forest
assets and to exclude certain non-forest assets and
transactions considered as outliers compared to other
transactions. Biological assets valuation is calculated based
on a discounted cash flow (DCF) method in accordance with
IAS 41 Agriculture. For forest land the revaluation method is
applied as defined in IAS 16 Property, plant and equipment.
Forest land is revalued using a DCF method based on
estimated future net cash flow streams related to trees to-
be-planted in the future as well as other income, such as
hunting rights, wind power leases and soil material sales.
Total value determined for biological assets and forest land
agrees to the market transaction based fair value of forest
assets as a discount rate implied by the market transactions
is used in the DCF method to value these assets.
The value of biological assets outside Sweden and Finland is
measured based on fair value less cost to sell. The fair value is
determined using a DCF method based on sustainable forest
management plans taking into account the growth potential
of one cycle. The one cycle varies depending on the
geographic location and species. Determining the
discounted cash flows requires estimates of growth, harvest,
sales price and costs.
We obtained an understanding of management’s forest
assets valuation process, evaluated the design and tested
the operating effectiveness of internal controls related to
directly and indirectly owned forest assets.
Our audit procedures over valuation of directly owned forest
asset included:
• Evaluation of the methodology adopted by management
for the valuation;
• Testing the mathematical accuracy of the model used for
valuation;
• Assessment of the discount rates applied in the valuation;
• Assessment of the other key valuation assumptions; and
• Validation of key inputs and data used in the valuation
model including sales price assumptions, growth
assumptions and cost assumptions.
In addition, specific to the market transaction based
valuation our audit procedures included:
• Assessment of the definition of relevant areas for market
transactions used in the valuation;
• Assessment of the adjustments made to the market
transaction data; and
• Validation of key inputs and data used in the valuation
model including market transaction data and volume of
standing trees.
We involved specialists in the audit work over valuation of
directly owned forest assets.
Related to indirectly owned forest assets we have
communicated with the auditors of the three largest
associates and joint operations. As part of the
communication, among other things, we have evaluated the
audit procedures performed and conclusions reached
related to valuation of forest assets.
In addition, we assessed the appropriateness of disclosures
related to forest assets.
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The other European forest lands are revalued by using a DCF
method based on its estimated future net cash flows related
to trees to-be-planted in the future as well as other non-
forest related income. The forest land for the plantations is
accounted at cost.
Due to the level of judgment involved in the valuation of forest
assets as well as the significance of forest assets to the
Group's financial position, this is considered to be a key audit
matter.
Provisions and contingent liabilities
Refer to Note 1.2, Note 4.9 and Note 7.1 in the consolidated
financial statements for the related disclosures.
As of 31 December 2025, the Group had environmental,
restructuring and other provisions totaling EUR 129 million.
In addition, the Group has disclosed significant open legal
cases and contingent liabilities in Note 7.1.
The assessment of the existence of the present legal or
constructive obligation, the analysis of the probability of the
outflow of future economic benefits, and making a reliable
estimate, require management’s judgment to ensure
appropriate accounting and disclosures.
Due to the level of judgment relating to recognition, valuation
and presentation of provisions and contingent liabilities, this
is considered to be a key audit matter.
We obtained an understanding of management’s process to
identify new obligations and changes in existing obligations.
We analysed significant changes in material provisions from
prior periods and obtained a detailed understanding of these
changes and assumptions applied.
Our audit procedures related to material provisions
recognized included:
• Assessment of the recognition criteria for the liability;
• Evaluation of the methodology adopted by management
for the measurement of the liability;
• Testing of the mathematical accuracy of the
measurement calculation;
• Assessment of the discount rates applied in
the measurement; and
• Assessment of the other key measurement assumptions
and inputs.
We obtained legal letters on the main outstanding legal
cases.
We reviewed minutes of the meetings of the board of
directors and board committees.
We assessed the appropriateness of the presentation of the
most significant contingent liabilities in the consolidated
financial statements.
We have no key audit matters to report with respect to our audit of the parent company financial statements.
There are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to
the consolidated financial statements or the parent company financial statements.
Responsibilities of the Board of Directors and
the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and
of financial statements that give a true and fair view in accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and
the Managing Director are also responsible for such internal control as they determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for
assessing the parent company’s and the group’s ability to continue as a going concern, disclosing, as applicable,
matters relating to going concern and using the going concern basis of accounting. The financial statements are
prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company
or the group or to cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with good auditing practice will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
parent company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going
concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the parent company or the group to cease to continue
as a going concern.
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• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events so that the financial
statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the group
financial statements. We are responsible for the direction, supervision and review of the audit work performed for
purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Other Reporting Requirements
Appointment
We were first appointed as auditors by the annual general meeting on 28 March 2018. Our appointment represents
a total period of uninterrupted engagement of 8 years.
Other Information
The Board of Directors and the Managing Director are responsible for the other information. The other information
comprises the report of the Board of Directors and the Information for Shareholders.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to the report of the
Board of Directors, our responsibility also includes considering whether the report of the Board of Directors has
been prepared in compliance with the applicable provisions, excluding the sustainability report information on
which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.
In our opinion the information in the report of the Board of Directors is consistent with the information in the
financial statements and the report of the Board of Directors has been prepared in compliance with the applicable
provisions. Our opinion does not cover the sustainability report information on which there are provisions in
Chapter 7 of the Accounting Act and in the sustainability reporting standards.
If, based on the work we have performed, we conclude that there is a material misstatement of the other
information, we are required to report that fact. We have nothing to report in this regard.
Other statements based on law
Registration of the income tax report
Our responsibility is to, based on our audit, express an opinion on the registration and publication of the income tax
report required in Chapter 7 b of the Accounting Act.
The Board of Directors and the Managing Director are responsible for the registration and the publication of the
income tax report.
In our opinion, the company has not been obliged to register and publish an income tax report referred to in
Chapter 7 b of the Accounting Act for the financial year immediately preceding the financial year.
Other Statements
We support the proposal that the financial statements should be adopted. The proposal by the Board of Directors
regarding the use of the profit shown in the balance sheet is in compliance with the Limited Liability Companies
Act. We support that the Members the Board of Directors of the parent company and the Managing Director should
be discharged from liability for the financial period audited by us.
Helsinki, 11 February 2026
PricewaterhouseCoopers Oy
Authorised Public Accountants
Panu Vänskä
Authorised Public Accountant (KHT)
A u d i t e d 210
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Assurance Report on the Sustainability Statement (Translation of the Finnish Original)
To the Annual General Meeting of Stora Enso Oyj
We have performed a limited assurance engagement on the group sustainability statement of Stora Enso Oyj
(business identity code 1039050-8) that is referred to in Chapter 7 of the Accounting Act and that is included in the
report of the Board of Directors for the reporting period 1 January – 31 December 2025.
Opinion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the group sustainability statement does not comply, in all material
respects, with
1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards
(ESRS), and
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of
the Council on the establishment of a framework to facilitate sustainable investment, and amending
Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Stora Enso Oyj has identified the information for reporting in
accordance with the sustainability reporting standards (double materiality assessment).
Our opinion does not cover the tagging of the group sustainability statement with digital XBRL sustainability tags in
accordance with Chapter 7, Section 22, Subsection 1(2), of the Accounting Act, because sustainability reporting
companies have not had the possibility to comply with that requirement in the absence of requirements for the
tagging of sustainability information in the ESEF regulation or other European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability statement as a limited assurance engagement in
compliance with good assurance practice in Finland and with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical
Financial Information.
Our responsibilities under this standard are further described in the Responsibilities of the Authorised Group
Sustainability Auditor section of our report.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Authorised Group Sustainability Auditor's Independence and Quality Management
We are independent of the parent company and of the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
The authorised group sustainability auditor applies International Standard on Quality Management ISQM 1, which
requires the authorised sustainability audit firm to design, implement and operate a system of quality
management including policies or procedures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director of Stora Enso Oyj are responsible for:
• the group sustainability statement and for its preparation and presentation in accordance with the provisions of
Chapter 7 of the Accounting Act, including the process that has been defined in the sustainability reporting
standards and in which the information for reporting in accordance with the sustainability reporting standards
has been identified,
• the compliance of the group sustainability statement with the requirements laid down in Article 8 of the
Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to
facilitate sustainable investment, and amending Regulation (EU) 2019/2088, and for
• such internal control as the Board of Directors and the Managing Director determine is necessary to enable the
preparation of a group sustainability statement that is free from material misstatement, whether due to fraud
or error.
Inherent Limitations in the Preparation of a Sustainability Statement
In reporting forward-looking information in accordance with ESRS, management of the Company is required to
prepare the forward-looking information on the basis of assumptions that have been disclosed in the sustainability
report about events that may occur in the future and possible future actions by the Group. Actual outcomes are
likely to be different since anticipated events frequently do not occur as expected.
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Responsibilities of the Authorised Group Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain limited assurance about whether the group
sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited
assurance report that includes our opinion. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users
taken on the basis of the group sustainability statement.
Compliance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) requires that we
exercise professional judgment and maintain professional skepticism throughout the engagement. We also:
• Identify and assess the risks of material misstatement of the group sustainability report, whether due to fraud or
error, and obtain an understanding of internal control relevant to the engagement in order to design assurance
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the parent company’s or the group’s internal control.
• Design and perform assurance procedures responsive to those risks to obtain evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Description of the Procedures That Have Been Performed
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. The nature, timing and extent of assurance procedures
selected depend on professional judgment, including the assessment of risks of material misstatement, whether
due to fraud or error. Consequently, the level of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been obtained had a reasonable assurance engagement
been performed.
Our procedures included for example the following:
• We interviewed the company's management and the individuals responsible for collecting and reporting the
information contained in the group sustainability statement at the group level and in subsidiaries as well as at
different levels and business areas of the organization to gain an understanding of the sustainability reporting
process and the related internal controls and information systems.
• We familiarised ourselves with the background documentation and records prepared by the company where
applicable, and assessed whether they support the information contained in the group sustainability statement.
• We performed site visits in Belgium and Finland.
• We assessed the company's double materiality assessment process in relation to the requirements of the ESRS
standards, as well as whether the information provided about the assessment process complies with the ESRS
standards.
• We assessed whether the sustainability information contained in the group sustainability statement complies
with the ESRS standards.
• Regarding the EU taxonomy information, we gained an understanding of the process by which the company has
identified the group's taxonomy-eligible and taxonomy-aligned economic activities, and we assessed the
compliance of the information provided with the regulations.
Helsinki 11 February 2026
PricewaterhouseCoopers Oy
Authorised Sustainability Auditors
Panu Vänskä
Authorised Sustainability Auditor
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Independent practitioner’s reasonable assurance report on selected sustainability information
To the Management of Stora Enso Oyj
We have, at the request of the Management of Stora Enso Oyj (business identity code 1039050-8) (hereinafter also
the “Company” or “Parent company”), undertaken a reasonable assurance engagement of the selected
sustainability information for the reporting period 1 January - 31 December 2025, disclosed in the group
sustainability statement that is referred to in Chapter 7 of the Accounting Act and that is included in the report of
the Board of Directors 2025 (hereinafter the “selected sustainability information”).
Selected sustainability information
The sustainability information subject to our reasonable assurance for the reporting period 1 January – 31
December 2025 covers:
Greenhouse Gas gross emissions for Scope 1 and Scope 2 (market-based), which are presented in group
sustainability statement in the table “Carbon footprint 2019–2025 according to GHG Protocol”.
Our assurance engagement does not extend to selected sustainability information in respect of earlier reporting
periods.
Management’s responsibility
The Management of Stora Enso Oyj is responsible for the preparation of the selected sustainability information in
accordance with the reporting criteria set out in the GHG Corporate Accounting and Reporting Standard and the
GHG Protocol Scope 2 Guidance. This responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation of selected sustainability information that is free from material
misstatement, whether due to fraud or error.
Greenhouse gas quantification is subject to inherent uncertainty because of incomplete scientific knowledge used
to determine emissions factors and the values needed to combine emissions of different gases.
Our independence and quality management
We are independent of the parent company and of the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
PricewaterhouseCoopers Oy applies International Standard on Quality Management (ISQM) 1, which requires the
firm to design, implement and operate a system of quality management including policies or procedures
regarding compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Our responsibility
Our responsibility is to express an opinion on the selected sustainability information based on the evidence we
have obtained. We conducted our reasonable assurance engagement in accordance with International Standard
on Assurance Engagements 3410, “Assurance Engagements on Greenhouse Gas Statements” ('ISAE 3410'), issued by
the International Auditing and Assurance Standards Board. That standard requires that we plan and perform this
engagement to obtain reasonable assurance about whether the selected sustainability information is free from
material misstatement.
A reasonable assurance engagement in accordance with ISAE 3410 involves performing procedures to obtain
evidence about the quantification of emissions and related information in the selected sustainability information.
The nature, timing and extent of procedures selected depend on the practitioner’s judgment, including the
assessment of the risks of material misstatement, whether due to fraud or error, in the selected sustainability
information. In making those risk assessments, we considered internal control relevant to Stora Enso Oyj’s
preparation of the selected sustainability information. A reasonable assurance engagement also includes:
• assessing the suitability in the circumstances of Stora Enso Oyj’s use of the reporting criteria set out in the GHG
Corporate Accounting and Reporting Standard and the GHG Protocol Scope 2 Guidance, applied as explained in
Accounting principles under “Stora Enso’s carbon footprint, following the GHG Protocol’s principle of operational
control” in the Sustainability Statement, as the basis for preparing the selected sustainability information;
• evaluating the appropriateness of quantification methods and reporting policies used, and the reasonableness
of estimates made by management; and
• evaluating the overall presentation of the selected sustainability information.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
In our opinion, Stora Enso Oyj’s selected sustainability information for the reporting period 1 January – 31 December
2025 is prepared, in all material respects, in accordance with the reporting criteria set out in the GHG Protocol and
applied as explained in Accounting principles under “Stora Enso’s carbon footprint, following the GHG Protocol’s
principle of operational control” in the Sustainability Statement.
Our assurance report has been prepared in accordance with the terms of our engagement. We do not accept, or
assume responsibility to anyone else, except to Stora Enso Oyj for our work, for this report, or for the opinion that we
have reached.
Helsinki 11 February 2026
PricewaterhouseCoopers Oy
Authorised Public Accountants
Panu Vänskä
Authorised Public Accountant (KHT)
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ISSB index: Interoperability of IFRS S1 & S2 standards with ESRS
Stora Enso voluntarily reports on the interoperability between the ESRS (European Sustainability
Reporting Standards) and the ISSB (International Sustainability Standards Board) sustainability
disclosure standards. The content index table references IFRS S1 and S2 disclosure requirements
against Stora Enso’s Sustainability Statement, which is prepared in compliance with the ESRS.
The approach is based on the Interoperability Guidance published jointly by EFRAG and the IFRS
Foundation in 2024.
Basis for preparation
Compliance with IFRS Sustainability Disclosure Standards
The ISSB index, which demonstrates the interoperability between ESRS and ISSB, is based on voluntary disclosure
and does not claim full compliance with ISSB requirements. Stora Enso continues to monitor the development of
ESRS alignment with ISSB and will adapt its reporting practices accordingly. The deviations from ISSB are specified in
column ‘Additional information’.
Connectivity with financial statements
The index should be read in conjunction with the Group’s Consolidated financial statements prepared in
accordance with IFRS Accounting Standards as well as the European Sustainability Reporting Standards.
The information covers a 12-month period for the year ended 31 December 2025 which is aligned with the reporting
period of the related Consolidated financial statements. The time horizons for sustainability-related risks and
opportunities in the Group’s Enterprise Risk Management and ESRS are the same.
Transition reliefs
Stora Enso discloses this index for the first time, on a voluntary basis, and the following standards were used to
prepare this index:
• IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information
• IFRS S2 – Climate-related Disclosures
Stora Enso applies proportionality mechanisms, making use of reliefs based on the principle of ‘reasonable and
supportable information that is available to the entity without undue cost or effort.’ As a result, only qualitative
information is provided for certain climate-related disclosures. These instances are indicated in the index.
Furthermore, Stora Enso follows the development of the European Sustainability Reporting Standards in relation
to current and anticipated financial effects, and will prepare its reporting accordingly.
Reporting boundary
Stora Enso’s Sustainability Statement, which is referenced in the below content index, has been prepared on
a consolidated basis in accordance with Chapter 7 of the Finnish Accounting Act and the European Sustainability
Reporting Standards (ESRS), and it refers to the Group Sustainability Report as required under Chapter 7 of the
Finnish Accounting Act. It follows the same consolidation principles as the Financial Statements prepared in
accordance with the IFRS Accounting Standards. Unless otherwise stated, the Group’s consolidated performance
figures expressed in this report relate to the parent company, Stora Enso Oyj, and all companies in which the Group
holds 50% or more of the voting rights, directly or indirectly. For additional information on Group’s structure, see
Financial Statements, note 6.2 Group structure.
Comparative information on metrics and targets is provided in the Sustainability Statement, referenced in
the index.
Reporting boundary for GHG emissions
In its GHG accounting, Stora Enso follows the Greenhouse Gas Protocol, using the operational control approach for
consolidation. To align with the ESRS requirements, Stora Enso also presents disaggregated GHG emissions
following the financial consolidation scope. This means that the joint operations are consolidated line by line into
Scope 1, 2, and 3 emissions according to the ownership share (50%). This approach is aligned with the Financial
Statements but differs from GHG Protocol, where joint operations are classified as part of Scope 3.
Judgements and measurement uncertainties
When reporting involves estimated value chain data, outcome uncertainty, or disclosures required by other
legislation or accepted sustainability standards, the relevant information is presented within the accounting
principles section for each metric. In ESRS E1-6, the metrics related to Scope 3 are subject to a higher level of
measurement uncertainty, due to the data encompassing the full value chain. The expected reductions in Stora
Enso’s carbon reduction pathway for 2030 (presented as graph in ESRS E1-4) are based on various assumptions and
estimates that are believed to be reasonable, though actual result and timing could differ from these.
The estimates, judgments, and assumptions are reviewed regularly and updated when deemed necessary.
Materiality assessment
Stora Enso has conducted a double materiality assessment in accordance with ESRS requirements to identify
material sustainability-related impacts, risks, and opportunities. Stora Enso has identified a total of 47
sustainability-related impacts, risks, and opportunities. The assessment process and its outcomes are described in
the Sustainability Statement under ESRS 2 General Information IRO-1 and SBM-3. Unlike the ISSB, which focuses on
f i n a n c i a l m a t e r i a l i t y a n d s u s t a i n a b i l i t y i n f o r m a t i o n r e l e v a n t f o r u s e r s o f g e n e r a l - p u r p o s e f i n a n c i a l s t a t e m e n t s ,
the ESRS assessment covers both financial and impact materiality.
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IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
Governance
S1.27(a) Governance body responsible for oversight of sustainability-related risks and opportunities
S1.27(a)(i) Responsibilities reflected in the terms of reference, mandates, and role descriptions ESRS 2 General information: GOV-1
S1.27(a)(ii) Determining appropriate skills and competencies ESRS 2 General information: GOV-1
S1.27(a)(iii) How and how often the body is informed about sustainability-related risks and
opportunities
ESRS 2 General information: GOV-2
S1.27(a)(iv) How the body takes into account sustainability-related risks and opportunities when
overseeing strategy, major transactions and risk management processes
ESRS 2 General information: GOV-2
S1.27(a)(v) Setting of targets and monitoring progress towards those targets ESRS 2 General information: GOV-2, GOV-3
S1.27(b) Management’s role in the governance processes, controls and procedures used to monitor,
manage and oversee sustainability-related risks and opportunities
S1.27(b)(i) Management’s role and oversight ESRS 2 General information: GOV-1
S1.27(b)(ii) Controls and procedures used to support the oversight ESRS 2 General information: GOV-1
Strategy
Sustainability-related risks and opportunities
S1.30(a) Expected effects on the company’s prospects ESRS 2 General information: SBM-3
S1.30(b) Expected time horizons during which sustainability-related risks and opportunities could
reasonably be expected to occur
SBM-3 sections under topical standards: ESRS E1, ESRS E2, ESRS E3, ESRS E4,
ESRS E5, ESRS S1, ESRS S2, ESRS S3, ESRS G1
Detailed information on the risks and opportunities are provided under ESRS topical standards,
including time horizons.
S1.30(c) Definition of time horizons ESRS 2 General information: BP-2
Business model and value chain
S1.32(a) Current and anticipated effects on the business model and value chain ESRS 2 General information: SBM-3
S1.32(b) Concentration of sustainability-related risks and opportunities in the business model and
value chain
ESRS 2 General information: SBM-3
Strategy and decision-making
S1.33(a) Response to sustainability-related risks and opportunities ESRS 2 General information: SBM-3
S1.33(b) Progress against plans disclosed in previous reporting period See ‘Actions’ under topical standards for progress made.
S1.33(c) Trade-offs between sustainability-related risks and opportunities ESRS 2 General information: GOV-2
Financial position, financial performance and cash flows
S1.34(a) Effects of sustainability-related risks and opportunities on the financial position, financial
performance and cash flows for the reporting period
ESRS 2 General information: SBM-3
S1.34(b) Anticipated effects of sustainability-related risks and opportunities on the financial position,
financial performance and cash flows over the short, medium and long term
For anticipated financial effects, Stora Enso applies the phased-in provision
in accordance with the ESRS 1 Appendix C for all disclosure requirements
except ESRS E1-9
Qualitative information on anticipated financial effects from material physical and transition risks and
potential climate-related opportunities is disclosed in ESRS E1-9.
S1.35(a) Effects of sustainability-related risks and opportunities on the financial position, financial
performance and cash flows for the reporting period
ESRS 2 General information: SBM-3 Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.35(b) Risk of a material adjustment within the next annual reporting period to the carrying
amounts of assets and liabilities reported in the related financial statements
Not disclosed
IFRS S1 standard reference Location in the Sustainability Statement Additional information
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S1.35(c) Expected changes to the company’s financial position over the short, medium and long term
S1.35(c)(i) Investment and disposal plans ESRS 2 General information: SBM-3 Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.35(c)(ii) Planned sources of funding to implement the strategy ESRS 2 General information: SBM-3 Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.35(d) Expected changes to the company’s financial performance and cash flows ESRS 2 General information: SBM-3 Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.40(a) Explanation why only qualitative information is provided Only qualitative information provided based on the ISSB proportionality
mechanism of undue cost or effort.
Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S1.40(b) Qualitative information about financial effects likely to be affected by sustainability-related
risks or opportunities
ESRS 2 General information: SBM-3
ESRS E1 Climate Change: E1-9
S1.40(c) Quantitative information about the combined financial effects of sustainability-related risks
or opportunities with other sustainability-related risks or opportunities and other factors
Quantitative information not provided. Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
Resilience
S1.41 Qualitative and, if applicable, quantitative assessment of the resilience of the company’s
strategy and business model in relation to its sustainability-related risks
ESRS 2 General information: SBM-3 Qualitative assessment provided.
Risk management
S1.44(a) Processes and policies used to identify, assess, prioritise and monitor sustainability-related risks
S1.44(a)(i) Inputs and parameters used ESRS 2 General information: IRO-1 (Input parameters used)
S1.44(a)(ii) Scenario analysis used to inform the identification of sustainability-related risks ESRS 2 General information: IRO-1 (Climate change)
S1.44(a)(iii) Assessment of the nature, likelihood and magnitude of the effects ESRS 2 General information: IRO-1 (Identifying and assessing risks and
opportunities)
S1.44(a)(iv) Prioritisation of sustainability-related risks to other types of risk ESRS 2 General information: IRO-1 (Classification and rating of sustainability-
related risks and opportunities)
S1.44(a)(v) Monitoring of sustainability-related risks ESRS 2 General information: IRO-1 (Identifying and assessing risks and
opportunities)
S1.44(a)(vi) Changes in the process compared with the previous reporting period ESRS 2 General information: IRO-1 (Changes compared to the prior reporting
period)
S1.44(b) Processes used to identify, assess, prioritise and monitor sustainability-related opportunities ESRS 2 General information: IRO-1 (Identifying and assessing risks and
opportunities)
S1.44(c) How the process are integrated and inform the overall risk management process ESRS 2 General information: IRO-1 (Decision-making process and integration
with other management processes)
Metrics and targets
S1.46(a) Metrics required by an applicable IFRS Sustainability Disclosure Standard for sustainability-
related risks and opportunities
ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1, ESRS G1 Metrics disclosed in accordance with the ESRS. Entity-specific metrics deviating from ESRS are
described in ESRS 2 General information: SBM-3.
S1.46(b)(i) Metrics used for measuring and monitoring sustainability-related risks and opportunities ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1, ESRS G1
S1.46(b)(ii) Performance, including progress towards targets ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1, ESRS G1
S1.51(a-g) Information about the targets set to monitor progress towards achieving strategic goals ESRS E1, ESRS E2, ESRS E3, ESRS E4, ESRS E5, ESRS S1
IFRS S1 standard reference Location in the Sustainability Statement Additional information
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IFRS S2 Climate-related Disclosures
Governance
S2.6(a) Governance body responsible for oversight of climate-related risks and opportunities
S2.6(a)(i) Responsibilities reflected in the terms of reference, mandates, and role descriptions ESRS 2 General information: GOV-1
S2.6(a)(ii) Determining appropriate skills and competencies ESRS 2 General information: GOV-1
S2.6(a)(iii) How and how often the body is informed about climate-related risks and opportunities ESRS 2 General information: GOV-2
S2.6(a)(iv) How the body takes into account sustainability-related risks and opportunities when
overseeing strategy, major transactions and risk management processes
ESRS 2 General information: GOV-2
S2.6(a)(v) Setting of targets and monitoring progress towards those targets ESRS 2 General information: GOV-2, GOV-3
S2.6(b) Management’s role in the governance processes, controls and procedures used to monitor,
manage and oversee climate-related risks and opportunities
S2.6(b)(i) Management’s role and oversight ESRS 2 General information: GOV-1
S2.6(b)(ii) Controls and procedures used to support the oversight ESRS 2 General information: GOV-1
Strategy
Climate-related risks and opportunities
S2.10(a) Excepted effects on the company’s prospects ESRS E1 Climate change: SBM-3
S2.10(b) Explanation whether the entity considers the risk to be a climate-related physical risk or
climate-related transition risk
ESRS E1 Climate change: SBM-3
S2.10(c) Expected time horizons during which climate-related risks and opportunities could reasonably
be expected to occur
ESRS E1 Climate change: SBM-3
S2.10(d) Definition of time horizons ESRS 2 General information: BP-2
ESRS 2 General information: IRO-1 (Climate change)
Business model and value chain
S2.13(a) Current and anticipated effects of climate-related risks and opportunities on the business
model and value chain
ESRS 2 General information: SBM-3
ESRS E1 Climate change: E1-9
S2.13(b) Concentration of sustainability-related risks and opportunities in the business model and value
chain
ESRS E1 Climate change: SBM-3
Strategy and decision-making
S2.14(a) Response to climate-related risks and opportunities in the company’s strategy and decision-
making and plans to achieve climate-related targets
S2.14(a)(i) Current and anticipated changes to the company’s business model to address climate-
related risks and opportunities
ESRS E1 Climate change: SBM-3
S2.14(a)(ii) Current and anticipated direct mitigation and adaptation efforts ESRS E1 Climate change: E1-3
S2.14(a)(iii) Current and anticipated indirect mitigation and adaptation efforts ESRS E1 Climate change: E1-3
S2.14(a)(iv) Climate-related transition plan and dependencies on which the transition plan relies ESRS E1 Climate change: E1-1, E1-3 Further information on the climate transition plan, and key assumptions and dependencies on climate-
related transition are disclosed in the Climate Resilience Plan.
IFRS S2 standard reference Location in the Sustainability Statement Additional information
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S2.14(a)(v) Plans to achieve any climate-related targets, including any greenhouse gas emissions
targets
ESRS E1 Climate change: E1-3
S2.14(b) Resourcing and plans to resource the activities under 14(a) ESRS E1 Climate change: E1-3
S2.14(c) Quantitative and qualitative information about the progress of plans ESRS E1 Climate change: E1-1, E1-3, E1-4
Financial position, financial performance, and cash flows
S2.15(a) Effects of climate-related risks and opportunities on the financial position, financial
performance and cash flows for the reporting period
ESRS 2 General information: SBM-3 (Current and anticipated financial
effects), E1 Climate change: E1-9
S2.15(b) Anticipated effects of climate-related risks and opportunities on the financial position, financial
performance and cash flows over the short, medium and long term
For anticipated financial effects, Stora Enso applies the phased-in
provision in accordance with the ESRS 1 Appendix C for all disclosure
requirements except ESRS E1-9.
Qualitative information on anticipated financial effects from material physical and transition risks and
potential climate-related opportunities is disclosed in ESRS E1-9.
S2.16(a) Quantitative and qualitative information on financial effects ESRS 2 General information: SBM-3 (Current and anticipated financial
effects), E1 Climate change: E1-9
Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.16(b) Anticipated material adjustments to the carrying amounts of reported assets and liabilities ESRS 2 General information: SBM-3 (Current and anticipated financial
effects), E1 Climate change: E1-9
Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.16(c)Expected changes to the company’s financial position
S2.16(c)(i) Investment and disposal plans ESRS 2 General information: SBM-3 (Current and anticipated financial
effects), E1 Climate change: E1-9
Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.16(c)(ii) Planned sources of funding to implement the strategy ESRS 2 General information: SBM-3 (Current and anticipated financial
effects), E1 Climate change: E1-9
Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.16(d) Expected changes to the company’s financial performance and cash flows ESRS 2 General information: SBM-3 ‘Current and anticipated financial
effects’, E1 Climate change: E1-9
Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.21(a) Explanation why only qualitative information is provided E1 Climate change: E1-9 Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.21(b) Qualitative information about financial effects that are likely to be affected, or have been
affected, by sustainability-related risks or opportunities
ESRS 2 General information: SBM-3 (Current and anticipated financial
effects), E1 Climate change: E1-9
S2.21(c)Quantitative information about the combined financial effects of sustainability-related risks or
opportunities with other sustainability-related risks or opportunities
Quantitative information not provided. Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
Climate resilience
S2.22(a) Assessment of climate resilience
S2.22(a)(i) Implications for strategy and business model ESRS E1 Climate change: SBM-3
S2.22(a)(ii) Significant areas of uncertainty ESRS E1 Climate change: SBM-3
S2.22(a)(iii)(1-3) Capacity to adjust or adapt strategy and business model to climate change over the
short, medium, and long term
ESRS E1 Climate change: SBM-3
S2.22(b) How and when the climate-related scenario analysis was carried out
S2.22(b)(i)(1-7) Inputs used ESRS 2 General information: IRO-1 (Climate change)
S2.22(b)(ii)(1-5) Key assumptions ESRS 2 General information: IRO-1 (Climate change) Further information in Stora Enso’s Climate resilience plan.
S2.22(b)(iii) Reporting period in which the climate-related scenario analysis was carried out ESRS 2 General information: SBM-3 (Resilience)
IFRS S2 standard reference Location in the Sustainability Statement Additional information
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Risk management
S2.25(a) Processes and related policies used to identify, assess, prioritise and monitor climate-related
risks
S2.25(a)(i) Inputs and parameters used ESRS 2 General information: IRO-1 (Input parameters used)
S2.25(a)(ii) Scenario analysis used to inform the identification of climate-related risks ESRS 2 General information: IRO-1 (Climate change)
IFRS S2.25(a)(iii) Assessment of the nature, likelihood and magnitude of the effects ESRS 2 General information: IRO-1 (Identifying and assessing risks and
opportunities)
IFRS S2.25(a)(iv) Prioritisation of climate-related risks to other types of risk ESRS 2 General information: IRO-1 (Identifying and assessing risks and
opportunities)
IFRS S2.25(a)(v) Monitoring of climate-related risks ESRS 2 General information: IRO-1 (Identifying and assessing risks and
opportunities), (Decision-making process and integration with other
management processes)
ESRS E1 Climate change: E1-2
IFRS S2.25(a)(vi) Changes in the process compared with the previous reporting period ESRS 2 General information: IRO-1 (Changes compared to the prior
reporting period)
IFRS S2.25(b) Processes used to identify, assess, prioritise and monitor climate-related opportunities ESRS 2 General information: IRO-1 (Identifying and assessing risks and
opportunities)
ESRS E1 Climate change: E1-9 and E1-2
IFRS S2.25(c) Integration of processes for identifying, assessing, prioritising and monitoring climate-
related risks and opportunities into the overall risk management process
ESRS 2 General information: IRO-1 (Decision-making process and
integration with other management processes)
Metrics
S2.29(a)(i)(1-3) Gross greenhouse gas emissions for the reporting period (Scope 1, 2, 3) ESRS E1 Climate change: E1-6
S2.29(a)(ii) Method for measuring greenhouse gas emissions ESRS E1 Climate change: E1-6 Stora Enso’s disaggregated GHG emissions follow the financial consolidation scope. Hence, the joint
operations are consolidated line by line into Scope 1, 2, and 3 emissions according to the ownership
share (50%). This consolidation approach is aligned with the Financial Statements, but differs from the
GHG Protocol.
S2.29(a)(iii)(1-3) Approach to measuring greenhouse gas emissions ESRS E1 Climate change: E1-6
S2.29(a)(iv)(1-2) Disaggregated Scope 1 and 2 emissions ESRS E1 Climate change: E1-6 Stora Enso has two joint operations, Veracel in Brazil and Montes del Plata in Uruguay. In both
companies, Stora Enso holds a 50% ownership. To ensure consistency with Stora Enso’s financial
reporting, the Sustainability Statement covers information proportional to Group’s ownership in these
joint operations for certain ESRS disclosure requirements (see p. 69).
S2.29(a)(v) Location-based Scope 2 greenhouse gas emissions and contractual instruments ESRS E1 Climate change: E1-6
S2.29(a)(vi)(1) Scope 3 emissions ESRS E1 Climate change: E1-6
S2.29(a)(vi)(2) Financed emissions (asset management, commercial banking or insurance) Not relevant for Stora Enso
S2.29(b) Amount and percentage of assets or business activities vulnerable to climate-related
transition risks
ESRS 2 General information: IRO-1 (Climate change), E1 Climate change:
E1-9
Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.29(c) Amount and percentage of assets or business activities vulnerable to climate-related physical
risks
ESRS 2 General information: IRO-1 (Climate change), E1 Climate change:
E1-9
Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.29(d) Amount and percentage of assets or business activities aligned with climate-related
opportunities
ESRS 2 General information: IRO-1 (Climate change), E1 Climate change:
E1-9
Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
IFRS S2 standard reference Location in the Sustainability Statement Additional information
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S2.29(e) Amount of capital expenditure, financing or investment deployed towards climate-related risks
and opportunities
ESRS E1 Climate change: E1-1, E1-3 Only qualitative information provided based on the ISSB proportionality mechanism of undue cost or
effort. Quantitative financial effects to be provided in alignment with the ESRS regulatory development.
S2.29(f i-ii) Internal carbon prices Not financially material based on the double materiality assessment
conducted according the Corporate Sustainability Reporting Directive
requirements
S2.29(g)(i-ii) Climate-related considerations in remuneration ESRS 2 General information: GOV-3
Targets
S2.33(a-h) Targets and their accounting principles ESRS E1 Climate change: E1-4
S2.34(a-d) Approach to setting and reviewing targets, and monitoring progress ESRS E1 Climate change: E1-4 Specification for the IFRS S2 disclosure requirement: The targets have been approved by the Science
Based Targets initiative (SBTi).
S2.35 Performance against the targets ESRS E1 Climate change: E1-4
S2.36(a) Greenhouse gases are covered by the target ESRS E1 Climate change: E1-4
S2.36(b) Scope 1, 2 and 3 greenhouse gas emissions covered by the target ESRS E1 Climate change: E1-4
S2.36(c) Type of greenhouse gas emissions target (gross or net) ESRS E1 Climate change: E1-4
S2.36(d) Sectoral decarbonisation approach Sectoral decarbonisation approach not used Stora Enso’s 2030 climate targets are approved by the Science Based Targets initiative and follow
the Absolute Contraction Approach.
S2.36(e)(i-iv) Use of carbon credits Carbon credits are not considered as means to achieve the targets.
IFRS S2 standard reference Location in the Sustainability Statement Additional information
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Sustainability data by production unit
Certificates GHG emissions Pollution Water Biodiversity Waste
Number of
employeesa) ISO 45001 ISO 14001
Scope 1 and 2
CO2eq
emissions
Biogenic CO2
emissions COD
Total
suspended
solids AOX Phosphorus Nitrogen SO2
b) NOx as NO2
Total water
withdrawal
Process
water
discharges
Water stress
WRI Water
Aqueductc)
Biodiversity
significance
(IBAT)d)
Total non-
hazardous
waste to
landfill
Hazardous
wastee)
Unit t t t t t t t t 1,000 m3 1,000 m3 t t
Threshold 1 5 50 150 100
Production site
Austria
Bad St. Leonhard 248 x x 1,005 — 10 10 Low — 40
Brand 204 x x 1,462 — 60 60 Low Low — 40
Ybbs 406 x x 2,232 — 113 113 Low — 106
Belgium
Langerbrugge 339 x x 182,606 434,410 999 149 2 — — — 190 7,562 5,431 High Medium — 35,169
Roeselare 13 46 High —
China
Beihai 428 x x 293,905 109,775 234 99 — — — 169 7,031 6,104 High 116 24
Dongguan 431 x 3,278 — — — — 8 8 Medium-High 60 40
Qian´an 448 x 1,688 — — — 15 — High — 3
Wujin 548 x x 2 — — 75 75 High — 137
Czechia
Planá 237 x x 2,260 31,515 6 1 — 5 — — — 9 9 Low 346 64
Ždírec 458 x x 3,752 93,716 — — — 196 72 5 Low-Medium 2,655 54
Estonia
Imavere 284 x x 2,644 59,256 1 1 — — — — 29 19 Low-Medium 11 75
Tallinn 26 x x 78 1 1 Low-Medium — 1
Finland
Anjalankoski 469 x x 16,659 182,179 896 62 — — — 123 21,837 6,874 Low — 6,846
Enocell 259 x x 12,403 1,362,722 9,900 119 56 — — — 864 53,307 19,553 Low 3,096 64
Heinola Fluting 211 x x 57,895 210,451 919 85 — — 312 203 11,454 1,624 Low 844 217
Honkalahti 139 x x 1,996 38,395 — — 234 227 Low — 88
Imatra 1,029 x x 111,958 2,002,327 15,302 2,277 78 14 149 — 1,467 84,485 52,509 Low 79 346
Kalajokif) 38 x x 745 Low —
Kristiinankaupunki 52 x x 17 1 1 Low-Medium Low — 5
Lahti 259 x x 561 1 — — — 31 23 Low — 335
Oulu Containerboard 543 x x 14,779 1,182,941 1,685 276 — — — 1,105 36,457 19,767 Low Medium — 941
Oulainenf) 11 x x 2,581 Low —
Oulu Sawmillf) 24 x x 3,109 Low —
Uimaharju 84 x x 710 792 — 3 3 Low — 10
Varkaus Sawmill 153 x x 3,211 15 2 — — 211 180 Low 15 36
Varkaus 252 x x 31,440 542,097 2,391 425 — 59 — 327 22,217 14,527 Low 1,705 89
Veitsiluoto 60 x x 1,904 1 Low — 4
Germany
Augsburg 18 491 2 Low —
Heidelberg 165 x 1,292 1 Low-Medium Low — 1
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Certificates GHG emissions Pollution Water Biodiversity Waste
Number of
employeesa) ISO 45001 ISO 14001
Scope 1 and 2
CO2eq
emissions
Biogenic CO2
emissions COD
Total
suspended
solids AOX Phosphorus Nitrogen SO2
b) NOx as NO2
Total water
withdrawal
Process
water
discharges
Water stress
WRI Water
Aqueductc)
Biodiversity
significance
(IBAT)d)
Total non-
hazardous
waste to
landfill
Hazardous
wastee)
Unit t t t t t t t t 1,000 m3 1,000 m3 t t
Threshold 1 5 50 150 100
Production site
Sausenheim 175 x 2,687 10 4 Low High —
St. Ingbert 19 x x 109 Low-Medium Low —
Latvia
Laukalne 189 x x 4,341 53,173 — — — — — — 40 40 Low-Medium 33 28
Riga 163 x x 2,464 — 17 17 Medium-High — 41
Lithuania
Alytus 248 x x 1,375 26,827 7 — — 17 7 Medium-High 194 51
Kaunas 40 x x 164 1 1 Medium-High Medium — 1
Netherlands
Aalsmeer 47 194 Low Low —
De Lier 421 11,284 77 Low High 17 26
Dronten 52 408 Low Low —
Eerbeek Felco 34 181 1 1 Low Medium — 220
Eerbeek Rudico 32 80 Low Medium — 15
Roosendaal 54 753 Low —
Poland
Łódz 233 x x 3,229 21 11 High — 4
Mosina 78 x x 232 1 1 Medium-High Medium — 58
Murow 286 x x 1,649 32,483 — — 12 11 Low-Medium High — 168
Ostrołęka Containerboardg) 656 x x 177,117 424,665 1,314 297 6 66 — 346 14,245 10,223 Medium-High High — 55
Ostrołęka Corrugatedg) 260 x x 2,818 99 96 Medium-High High — —
Tychy 167 x x 2,742 17 10 Medium-High — 3
Sweden
Ala 136 x x 1,181 67,535 — 60 60 Low-Medium 3 34
Falu Rödfärgh) — x 484 — 21 5 Low 34 3
Fors 443 x x 978 202,744 1,595 153 — — — — — 5,957 4,634 Low 44 46
Gruvön 202 x x 3,910 — — 42 42 Low 1 20
Hylte Formed Fiberi) 26 — Low —
Jönköping 170 x x 1,136 — — 14 14 Low-Medium — 13
Skene 67 x x 66 — — — — — 10 10 Low — 2
Skoghall 580 x x 41,493 973,398 9,695 767 17 11 76 — 493 41,575 29,398 Low 2,012 314
Skoghall (Forshaga) 96 x x 756 8 6 Low 3 8
Skutskär 432 x x 10,113 1,192,229 6,784 475 31 8 79 — 660 48,652 19,000 Low 9,358 991
Total production unitsj) 1,028,656 9,223,628 51,738 5,193 183 44 429 312 6,142 356,122 190,713 20,625 46,833
a) Yearly average as full-time equivalents.
b) Total sulphur is reported as sulphur dioxide (SO2) equivalent, but includes all sulphurous compounds.
c) Production site located in region with high baseline water stress according to the WRI Water Aqueduct Tool.
d) Biodiversity significance assessed via IBAT associated with each site indicating the total sum of significance score for Key Biodiversity Areas. Empty cell indicate no significance.
e) Reported on the basis of country-specific definitions applied in national regulations.
f) Junnikkala sites were acquired during the reporting year.
g) Water discharges reported together from both Ostrołeka units.
h) Does not have its own personnel but hires personnel from Stora Enso AB.
i) Hylte Formed Fiber production site was closed during the reporting year.
j) Excluding joint operations. An em dash (—) indicates that the emissions, discharges, or waste exist but are below the Group’s reporting threshold and therefore not disclosed. Blank cells indicate that the parameter is considered not relevant for that specific unit. See Sustainability Statement for accounting principles applied. The totals of the columns
differ from the ESRS due to the different consolidation scope.
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Capacities by production site in 2026
Consumer board Location Grade Business area Capacity 1,000 t
Beihai CHN LPB, CUK, FSB, FBB Foodservice and Liquid Board 600
Fors SWE FBB Cartonboard 455
Imatra FIN FSB, SBS, FBB, LPB Foodservice and Liquid Board 1,230
Ingerois FIN FBB Cartonboard 310
Oulu¹ FIN FBB, CUK Cartonboard —
Skoghall SWE LPB, CUK Foodservice and Liquid Board 1,000
Total 3,570
1 The converted consumer board line at the Oulu mill started up in 2025, and is ramping up. The full capacity of 750,000 tonnes is estimated to be reached during 2027.
Containerboard Location Grade Business area Capacity 1,000 t
Heinola FIN SC fluting Containerboard 300
Ostrołęka POL
Testliner, PfR fluting, sack paper,
wrapping paper Containerboard 670
Oulu FIN Kraftliner, white-top kraftliner Containerboard 450
Varkaus FIN Kraftliner, white-top kraftliner Containerboard 420
Total 1,840
Paper Location Grade Business area Capacity 1,000 t
Anjalankoski FIN Book paper Cartonboard 185
Langerbrugge BEL SC, news Containerboard 555
Total 740
Barrier coating Location Grade Business area Capacity 1,000 t
Beihai CHN Barrier coating Foodservice and Liquid Board 80
Skoghall (Forshaga) SWE Barrier coating Foodservice and Liquid Board 120
Imatra FIN Barrier coating Foodservice and Liquid Board 455
Total 655
Corrugated packaging Business area Capacity million m²
Baltic states (Riga) Packaging Solutions 120
Finland (Lahti) Packaging Solutions 140
Poland (Łódz, Mosina, Ostrołeka, Tychy) Packaging Solutions 415
Sweden (Jönköping, Skene) Packaging Solutions 125
Western Europe (De Lier, Heidelberg, Augsburg, Sausenheim) Packaging Solutions 860
Total 1,660
Additionally, conversion capacity available at the following sites: Tallinn and Kaunas (EST), and Kristiinankaupunki (FIN).
China Packaging Location Business area Capacity million pcs Capacity million m²
Gaobu, Dongguan CHN Packaging Solutions 390 30
Qian’an, Hebei CHN Packaging Solutions 100 10
Wu Jin, Jiangshu CHN Packaging Solutions 300 35
Total 790 75
Chemical pulp Location Grade Business area Capacity 1,000 t
Enocell FIN Long-fiber Biomaterials 630
Skutskär SWE Long-fiber, fluff Biomaterials 545
Montes del Plata (50% share) URU Short-fiber Biomaterials 750
Veracel (50% share) BRA Short-fiber Biomaterials 575
Total 2,500
Chemical pulp Location Grade Business area Capacity 1,000 t
Heinola FIN NSSC Containerboard 285
Imatra FIN Short and long-fiber Foodservice and Liquid Board 1,020
Ostrołęka POL Long-fiber Containerboard 130
Oulu FIN Long-fiber Containerboard 550
Skoghall SWE Long-fiber Foodservice and Liquid Board 390
Varkaus FIN Long-fiber Containerboard 335
Total 2,710
Chemical pulp total 5,210
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Deinked pulp (DIP) Location Grade Business area Capacity 1,000 t
Langerbrugge BEL DIP Containerboard 680
Ostrołęka POL Recycled fiber-based pulp Containerboard 700
Varkaus FIN Recycled fiber-based pulp Containerboard 150
Total 1,530
CTMP Location Grade Business area Capacity 1,000 t
Beihai CHN BCTMP Foodservice and Liquid Board 210
Fors SWE CTMP Cartonboard 220
Kaukopää FIN CTMP Foodservice and Liquid Board 220
Oulu1 FIN BCTMP Cartonboard —
Skoghall SWE CTMP Foodservice and Liquid Board 310
Total 960
1 Project ramp-up ongoing, full capacity 500,000 tonnes expected in 2027.
Wood Products Location
Sawing capacity
1,000 m³
Further processing
capacity 1,000 m³
Pellet capacity
1,000 t
CLT
capacity 1,000 m³
LVL capacity
1,000 m³
Ala SWE 400 50 100 — —
Alytus LIT 240 115 — — —
Bad St. Leonhard AUT 360 105 — 80 —
Brand AUT 440 295 — — —
Gruvön SWE 370 150 100 80 —
Honkalahti FIN 340 70 — — —
Imavere EST 350 160 100 — —
Kalajoki FIN 200 100 — — —
Launkalne LAT 270 70 50 — —
Murow POL 300 210 — — —
Oulu FIN 300 — — — —
Oulainen FIN 150 — — — —
Planá CZE 390 220 — — —
Uimaharju¹ FIN 240 — — — —
Varkaus FIN 260 120 — — 85
Veitsiluoto FIN 200 — — — —
Ybbs AUT 700 450 — 110 —
Zdírec² CZE 580 220 80 70 —
Total 6,090 2,335 430 340 85
1 Uimaharju sawmill belongs to the Biomaterials segment.
2 Theoretical CLT capacity 120,000 m³, limited capacity due to ramp-up.
Abbreviations used in the tables:
BCTMP bleached chemi-thermomechanical pulp
CKB coated kraft back board
CLT cross-laminated timber
CTMP chemi-thermomechanical pulp
CUK coated unbleached kraftboard
DIP deinked pulp
FBB folding boxboard
FSB food service board
LPB liquid packaging board
LVL laminated veneer lumber
NSSC neutral sulphite semi-chemical pulp
PfR paper for recycling
SBS solid bleached sulphate board
SC supercalendered paper
SC fluting semi-chemical fluting
The formula: (Sum of net saleable production of two best consecutive months / Available time of these two consecutive
months) × Available time of the year
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Stora Enso Oyj
P.O. Box 309
FI-00101 Helsinki, Finland
Visiting address: Katajanokanlaituri 4
Tel: +358 2046 131
Stora Enso AB
P.O. Box 70395
SE-107 24 Stockholm, Sweden
Visiting address: World Trade Center
Klarabergsviadukten 70, C4
Tel. +46 1046 46 000
storaenso.com
Concept and design: Miltton Oy and Stora Enso
Photography: Lasse Arvidson, Daniel Dahlgren, Getty Images, Magnus Glans, Jean-François Gratton, Kristiina Hemminki, Elina
Himanen, Sylvie Li, Mikko Nikkinen, Mikko Ryhänen, Linda Svarfvar, Tuomas Uusheimo, and Stora Enso’s archive. AI has been
partially utilised in image creation.
It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements
herein which are not historical facts, including, without limitation those regarding expectations for market growth and
developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”,
“foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates
and projections, they involve risks and uncertainties, which may cause actual results to materially differ from those expressed in
such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of
manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance
of new products or services by the Group’s targeted customers, success of the existing and future collaboration arrangements,
changes in business strategy or development plans or targets, changes in the degree of protection created by the Group’s
patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as
strength of product demand, intensity of competition, prevailing and future global market prices for the Group’s products and
the pricing pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of
the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic
conditions, such as rates of economic growth in the Group’s principal geographic markets or fluctuations in exchange and
interest rates. All statements are based on management’s best assumptions and beliefs in light of the information currently
available to it and Stora Enso assumes no obligation to publicly update or revise any forward-looking statement except to
the extent legally required.