Kvartalsrapport Q1 2025

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

Interim Report Q1
January–March 2025
Results summary 2
Outlook 3
CEO comment 4
Group results 5
Segment results 9
Sensitivity analysis 12
Short-term risks 12
Legal proceedings 12
Events 13
Sustainability 14
Changes  in the Group management 15
AGM 2025 15
Financials 16
IFRS section 16
Alternative performance measures 26
Contacts 31

===== SIDA 2 =====

Consistent progress in improving performance
Quarterly financial highlights 
(compared to Q1/24)
• Sales increased by 9% to EUR 2,362 (2,164) million, mainly due to higher 
prices and deliveries. The average sales growth (LTM YoY) was 4.6% 
(-23.8%).
• Adjusted EBIT increased, for the fourth consecutive quarter compared 
year-on-year, to EUR 175 (149) million. Adjusted EBIT margin increased to 
7.4% (6.9%). Higher prices, volumes and positive impacts from net currency 
exchange rates and depreciations more than offset higher fiber costs.
• Operating result (IFRS) was EUR 171 (141) million, including items affecting 
comparability of EUR -11 million, and fair valuations and other non-
operational items of EUR 7 million.
• Earnings per share were EUR 0.14 (0.10) and earnings per share excl. fair 
valuations (FV) were EUR 0.13 (0.08).
• The fair value of the forest assets increased to EUR 9.3 (8.6) billion, 
equivalent to EUR 11.74 per share.
• Cash flow from operations amounted to EUR 192 (269) million, impacted 
by higher sales increasing trade receivables, and build-up of inventories 
partly related to the ramp-up of the new consumer board line at the Oulu 
site.
• The net debt to adjusted EBITDA (LTM) ratio improved to 3.2 (4.0). 
• Adjusted ROCE excluding the Forest division (LTM) increased to 3.8% (-0.1%), 
the target being above 13%.
Key highlights
• The new consumer packaging board line at the Oulu site in Finland 
started production ramp-up in March. The line is expected to reach 
EBITDA breakeven by the year-end 2025 and full capacity during 2027.
• Stora Enso has received regulatory approval from the competition 
authorities to proceed with the acquisition of the Finnish sawmill 
company Junnikkala Oy, announced in October 2024. The transaction is 
expected to be finalised by early May 2025. 
• As announced today, Stora Enso plans to implement a new, leaner and 
flatter organisational structure as of 1 July 2025, dividing its packaging 
business into four main areas with a reinforced focus on renewable 
packaging as the core business; Food Service and Liquid Board, 
Cartonboard, Containerboard, and Packaging Solutions. The new 
structure would expand the total business areas from five to seven 
removing one management layer, and represents a further 
decentralisation of P&L responsibility closer to customers and operations. 
• The Annual General Meeting decided to distribute a dividend of EUR 0.25 
per share for the year 2024 in two instalments, on 2 April 2025 and 
2 October 2025.
• Stora Enso intends to sell approximately 12% of its total forest assets of 1.4 
million hectares in Sweden. The sales process is ongoing.
• Stora Enso was recognised for its leadership in corporate transparency 
and performance on climate action by environmental non-profit CDP, 
securing a place on 2024 Climate Change ‘A List’.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12% Net debt to adjusted EBITDA (LTM)
Net debt, MEUR
Net debt to adjusted EBITDA, LTM
Target <2.0
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0 Adjusted ROCE excl. Forest (LTM)
Adjusted ROCE excl. Forest division, LTM, %
Target >13%Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
0%
5%
10%
15%
Summary
LTM = Last 12 months. The calculation method is explained in the Annual Report.
            S t o r a  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  2
The new consumer board line at the Oulu mill in Finland started 
production during the quarter.

===== SIDA 3 =====

Outlook and focus for 2025
Stora Enso expects market demand to remain subdued and 
volatile, affected by heightened macroeconomic and 
geopolitical uncertainty due to trade-related tensions, and 
lower consumer sentiment. 
Guidance
Stora Enso anticipates that its adjusted EBIT for the full year of 2025 will be 
adversely impacted by approximately EUR 100 million due to the ramp-up 
of the new packaging board line in Oulu, Finland. A majority of this is 
expected in Q2/2025.
The Group's capital expenditure forecast for the full year of 2025 is EUR 
730–790 million.
In the second quarter of 2025, maintenance costs are expected to 
increase by approximately EUR 20 million from Q1/2025. See section 
Maintenance for more details.
Fiber costs are expected to remain at high levels.
Focus for 2025
• Continue to build a leaner, more agile organisation to enhance 
customer and business orientation, and operational efficiency.
• Plan to implement organisational restructuring to streamline operations 
and increase efficiency in core business areas, focusing on renewable 
packaging.
• Transition to a more integrated business model across Nordic 
packaging board mills to improve the entire value chain and customer-
centricity.
• Enhance business accountability and reduce complexity by transitioning 
from five autonomous divisions to seven streamlined business areas 
with effective group-level support.
• Ramp up production and leverage the 1-billion-euro investment in the 
new packaging board line at the integrated mill in Oulu, Finland, to 
strengthen Stora Enso’s competitive position.
Outlook from Q1/2025 to Q2/2025, across the divisions
In the Packaging Materials division, the containerboard market is expected 
to remain stable with ongoing price increases. Consumer board demand 
is expected to be seasonally stronger, and products from Stora Enso's new 
consumer packaging board line will gradually increase delivery volumes.
The Packaging Solutions division anticipates increased demand in Western 
Europe due to the seasonal fruit and vegetable market, while expectations 
for Asian demand suggest a return to lower seasonal norms.
The Biomaterials division predicts stable demand with higher prices driven 
by a tightening supply, partly offset by weaker USD.
For Wood Products, no structural demand improvement is expected, 
though seasonal factors and continued cost mitigation is expected to 
provide support.
The Forest division is expected to maintain robust financial performance.
Outlook
            Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  3

===== SIDA 4 =====

CEO comment
During the first quarter of 2025, we continued to make good 
progress in building a stronger and more profitable Stora Enso. 
We recorded a robust adjusted EBIT of 175 million euro, an 18% 
increase year-on-year, with an EBIT margin of 7.4%. This 
improvement primarily resulted from higher prices, alongside 
increased volumes, favourable foreign exchange rates, and 
the positive impact of cost-saving and value-creation 
initiatives, which helped mitigate continued high fiber costs. 
This marks the fourth consecutive quarter with a year-on-year result 
improvement. Furthermore, in the first quarter, all divisions achieved positive 
adjusted EBIT for the first time since the third quarter of 2022. Group sales 
rose by 9% year-on-year, driven by higher deliveries and increased sales 
prices across most divisions. 
In our Packaging Materials division, we saw a slight recovery in demand, 
albeit at low levels, particularly in Europe, where higher prices contributed 
positively. Our Packaging Solutions division also delivered increased sales 
and EBIT driven by larger volumes, but with price pressure caused by market 
overcapacity somewhat offsetting the positive volume impact. 
Our Biomaterials division delivered stable results through higher volumes 
despite headwinds with lower pulp prices and volumes, along with higher 
variable costs both year-on-year and quarter-on-quarter. The Wood 
Products division reached a break-even adjusted EBIT. This progress was 
driven by strong efficiency improvement actions coupled with somewhat 
improved demand, while still from a low level due to a continued weak 
construction market. In our Forest division, the high demand and tight 
markets for wood and fresh fiber continued, leading to another record-high 
quarterly EBIT. 
Overall, the markets remain volatile, with low consumer sentiment further 
fuelled by tariff announcements. What comes to US tariffs, we estimate that 
the direct impact at current tariff rates is limited given that our direct sales 
to the USA account for only just below 3% of total group sales (2024). Tariffs 
impacting global trade present both risks and opportunities to our business. 
However, the main risk, as it currently stands, is the overall impact on the 
economy. 
I am proud of the resilience and hard work demonstrated by our team, and I 
remain optimistic and confident in our strategic direction, positioning, and 
the opportunities that lie ahead. We are beginning to see the significant 
impact of our efforts to control factors within our power, reflected in our 
improving results, operational efficiency, and close relationship with our 
customers. 
Going forward, we continue to work diligently with pricing, cost and 
operational efficiencies, alongside numerous other ongoing value-creating 
actions which contribute to improved profit and cash flow. As part of this, we 
continue to reduce our indebtedness with net debt to EBITDA having come 
down from 4.0x to 3.2x in the last year. Operating working capital to sales 
came down from 9.7% to 7.0%. With the last remaining investments due in our 
integrated Oulu packaging board mill in Q2, we will reduce our capital 
expenditure as planned. The ramp-up is going according to plan with 
promising achieved product quality. Also, the sales process of 12% of our 
Swedish forest holding is proceeding.
Given the recent progress made, as announced today, we now take the next 
step on our path to build a stronger Stora Enso by further strengthening the 
strategic focus on our core business of renewable packaging. To reinforce 
this ambition, we plan to implement a more streamlined organisational 
structure, carefully designed to increase customer focus, drive operational 
efficiency and enhance our performance culture. 
"We are taking the next step to build a stronger 
Stora Enso by further strengthening the focus on 
our core business of renewable packaging."
Following the planned change, our renewable packaging business will 
consist of four P&L responsible business areas accounting for approximately 
60% of Stora Enso’s full year revenue: Food Service and Liquid Board, 
Cartonboard, Containerboard, and Packaging Solutions. The offering of 
these business areas helps customers and consumers reduce their 
environmental impact and benefit from strong sustainability growth trends, 
leading market positions and a high degree of innovation.  
Our remaining three business areas, Biomaterials, Wood Products, and 
Forest, will in addition to their respective business, support renewable 
packaging operations through wood sourcing and supply of raw material.   
This streamlined organisational setup will enable us to enhance business 
accountability, remove one management layer and represents a further 
decentralisation of P&L responsibility closer to customers and operations. 
This will also enable us to capitalise on synergies, reduce complexity and 
overlap, and most importantly, make us more customer and business 
centric.  
Thank you for your continued support and dedication. We are confidently 
navigating through volatile markets and building a stronger, better, resilient, 
and more profitable Stora Enso.  
Sincerely, 
Hans Sohlström
President and CEO, Stora Enso
CEO comment
            Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  4

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

Group result Q1/2025
(compared with Q1/2024)
Key figures
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24
Change %
Q1/25–Q4/24 2024
Sales  2,362  2,164  9.1 % 2,322  1.7 % 9,049 
Adjusted EBITDA  320  298  7.3 % 285  12.1 % 1,223 
Adjusted EBITDA margin  13.5 %  13.8 %  12.3 %  13.5 %
Adjusted EBIT
3
 175  149  17.7 % 121  45.5 % 598 
Adjusted EBIT margin
3
 7.4 %  6.9 %  5.2 %  6.6 %
Operating result (IFRS)
3
 171  141  21.7 % -279  161.4 % 93 
Result before tax (IFRS)
3
 132  94  40.8 % -353  137.4 % -118 
Net result for the period (IFRS)
3
 107  77  40.0 % -379  128.3 % -183 
Cash flow from operations  192  269  -28.7 % 325  -40.9 % 1,187 
Cash flow after investing activities  -47  -104  55.1 % 88  -153.1 % 74 
Capital expenditure  125  226  -44.8 % 349  -64.2 % 1,090 
Capital expenditure excluding investments in 
biological assets  109  210  -48.2 % 325  -66.5 % 1,009 
Depreciation and impairment charges excl. IAC
3  118  125  -6.1 % 125  -5.7 % 501 
Net debt  3,932  3,518  11.8 % 3,707  6.1 % 3,707 
Forest assets¹
,
³  9,260  8,625  7.4 % 8,894  4.1 % 8,894 
Adjusted return on capital employed (ROCE), LTM²
,
³  4.4%  1.8%  4.3%  4.3% 
Adjusted ROCE excl. Forest division, LTM²
,
³  3.8%  -0.1%  3.6%  3.6% 
Earnings per share (EPS) excl. FV, EUR³  0.13  0.08  59.0 % -0.81  116.3 % -0.56 
EPS (basic), EUR³  0.14  0.10  43.5 % -0.43  133.3 % -0.17 
Return on equity (ROE), LTM²
,
³  -1.5%  -4.9%  -1.7%  -1.7% 
Net debt/equity ratio  0.38  0.33  0.37  0.37 
Net debt to LTM² adjusted EBITDA ratio  3.2  4.0  3.0  3.0 
Equity per share, EUR³  13.16  13.65  -3.6 % 12.86  2.4 % 12.86 
Average number of employees (FTE)  18,512  19,412  -4.6 % 18,731  -1.2 % 19,233 
1 Total forest assets value, including leased land and Stora Enso's share of Tornator.
2 LTM = Last 12 months. 
3 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Items affecting comparability (IAC), fair valuations and 
non-operational items. 
Breakdown of change in sales
Sales Q1/2024, EUR million  2,164 
Price and mix  5% 
Currency  1% 
Volume  4% 
Other sales
1
 0% 
Total before structural changes  9% 
Structural changes
2
 0% 
Total  9% 
Sales Q1/2025, EUR million  2,362 
1  Energy, paper for recycling (PfR), by-products etc.     2 Asset closures, major investments, divestments and acquisitions 
Group sales 
Sales increased 9% , mainly due to higher prices and mix management in all divisions except in Biomaterials. 
Improved deliveries contributed to topline growth, due to increased demand and, in part, by the political strike in 
Finland during Q1/24. Currencies had a small positive impact on sales in the first quarter.
Adjusted EBIT
Adjusted EBIT increased 18%. Higher prices and volumes increased profitability by EUR 98 million and EUR 15 million, 
respectively.
Variable costs were EUR 122 million higher, caused by increased wood costs. Energy and pulp costs decreased 
compared to year ago. Fixed costs remained flat. 
Net foreign exchange rates had a positive EUR 29 million impact. The impact from structural changes, 
depreciations, associated companies and other was a positive EUR 7 million.
Operating result (IFRS) 
Fair valuations and non-operational items (FV) had a positive impact on the operating result of EUR 7 (11) million. 
Items affecting comparability (IAC) had an adverse impact of EUR 11 (20) million on the operating result. 
Other 
Net financial items of EUR -39 (-47) million were EUR 8 million lower than in the corresponding period last year, 
mainly due to positive impact from foreign exchange rates. 
Net debt to LTM adjusted EBITDA improved to 3.2 (4.0), despite increasing net debt as LTM profitability continued to 
improve.
Group result
            Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  5

===== SIDA 6 =====

First quarter 2025 results
(compared with Q4/2024)
Sales
Group sales increased 2% or EUR 40 million to EUR 2,362 (2,322) million. 
Higher deliveries especially in Packaging Materials contributed to topline 
growth. Sales prices were only slightly higher, primarily attributable to 
Forest and Wood Products. 
Adjusted EBIT
Adjusted EBIT increased EUR 54 million to EUR 175 (121) million, the adjusted 
EBIT margin improved to 7.4% (5.2%). Higher sales prices and volumes 
increased adjusted EBIT by EUR 5 million and EUR 33 million, respectively. 
Variable costs increased by EUR 50 million, mainly due to higher energy 
costs, resulting from the lower sale of emission certificates.
Fixed costs were EUR 76 million lower, mainly due to clearly lower 
maintenance activity in Packaging Materials and seasonality. Net foreign 
exchange rates had a positive EUR 25 million impact on adjusted EBIT. The 
impact from structural changes, depreciations, associated companies 
and other was a negative EUR 34 million.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12%
Group result
            Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  6

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

Cash flow Q1/2025 
(compared with Q1/2024)
Cash flow (non-IFRS)
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24
Change %
Q1/25–Q4/24 2024
Adjusted EBITDA  320  298  7.3 % 285  12.1 % 1,223 
IAC on adjusted EBITDA  -11  -19  41.3 % -32  65.1 % -125 
Other adjustments  -13  -20  36.9 % -81  84.2 % -194 
Change in working capital  -104  10 n/m  152  -168.3 % 283 
Cash flow from operations  192  269  -28.7 % 325  -40.9 % 1,187 
Cash spent on fixed and biological assets  -239  -373  36.1 % -236  -1.3 % -1,113 
Acquisitions of associated companies  0  0  -100.0 % 0  99.0 % -1 
Cash flow after investing activities  -47  -104  55.1 % 88  -153.1 % 74 
Cash flow after investing activities was EUR -47 (-104) million. Working capital increased by EUR 104 million mainly 
impacted  by higher sales increasing trade receivables, and build-up of inventories partly related to the ramp-up 
of the new consumer board line at the Oulu site. Cash outflow related to fixed and biological assets was EUR 239 
million, mainly related to the new line at Oulu. Payments related to the previously announced provisions amounted 
to EUR 11 million. Cash flow from operations was EUR 192 (269) million.
Capital expenditure Q1/2025
(compared with Q1/2024) 
Additions to fixed and biological assets totalled EUR 125 (226) million, of which EUR 109 (210) million were fixed assets 
and EUR 16 (16) million biological assets.
Depreciations and impairment charges excluding IACs totalled EUR 118 (125) million. Additions in fixed and biological 
assets had a cash outflow impact of EUR 239 (373) million, mainly related to the Oulu project.
Capital expenditure by division
EUR million Q1/25 Q1/24 Main investment projects
Investment to 
be finalised
Packaging Materials  84  176 Oulu consumer board investment in Finland 2025
Packaging Solutions  4  8 
Biomaterials  28  30 Skutskär fluff pulp, winder and roll handling in Sweden 2025
Wood Products  5  5 
Forest  2  5 
Other  1  2 
Total  125  226 
Capital expenditure and depreciation forecast 2025
EUR million Forecast 2025
Capital expenditure 730–790
Depreciation and depletion of capitalised silviculture costs 610–660
Stora Enso’s capital expenditure forecast includes approximately EUR 75 million for the Group's forest assets.  The 
depletion of capitalised silviculture costs is forecast to be EUR 75–85 million.
Cash flow and capex
            Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  7
EUR million
Cash flow
Cash flow from operations
Cash flow after investing activities
Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25
-150
0
150
300
450

===== SIDA 8 =====

Capital structure Q1/2025
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
Fixed assets
1
 14,285  13,846  14,161 
Associated companies  940  954  923 
Operating working capital, net
2
 434  308  556 
Non-current interest-free items, net  -203  -220  -224 
Operating capital total
3
 15,457  14,888  15,417 
Net tax liabilities  -1,294  -1,192  -1,234 
Capital employed
3
 14,163  13,696  14,183 
Equity attributable to owners of the Parent
3
 10,381  10,139  10,765 
Non-controlling interests
3
 -150  -150  -100 
Net debt  3,932  3,707  3,518 
Financing total
3
 14,163  13,696  14,183 
1 Fixed assets include goodwill, other intangible assets, property, plant and equipment, right-of-use assets, forest assets, emission rights, and unlisted securities.
2 Operating working capital, net includes inventories, trade receivables, trade payables and all other short-term operating receivables, payables, accruals, and provisions.
3 31 Mar 2024 restated, see the interim report for Q3 2024 for more details..
Compared with Q4/2024
Net debt increased by EUR 225 million to EUR 3,932 (3,707) million during the first quarter, mainly due to dividend 
payable. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 3.2 (3.0). The net debt/equity ratio on 31 
March 2025 increased to 0.38 (0.37). The average interest expense rate on borrowings at the reporting date was 
3.7% (4.0%). Cash and cash equivalents net of overdrafts decreased by EUR 333 million to EUR 1,659 million.
During the first quarter, Stora Enso repaid EUR and USD bilateral loans totalling EUR 160 million.
Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 31 March 2025.
During 2024, Stora Enso secured a EUR 435 million long-term loan from the European Investment Bank to fund its 
EUR 1 billion investment in the Oulu mill, Finland. Loan repayment extends until 2037, and it is currently undrawn.
Compared with Q1/2024
Operating working capital, i.e., Inventories, trade receivables and trade payables, decreased by EUR 188 million 
year-on-year. Other operating working capital increased by EUR 66 million year-on-year.
Credit ratings
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 26 July 2024
Moody’s Baa3 (stable) / P-3 21 November 2024
Valuation of forest assets
Compared with Q4/2024
The value of total forest assets, including leased land and Stora Enso's share of Tornator's forest assets, increased 
by EUR 365 million to EUR 9,260 (8,894) million. The increase was mainly due to currency impact i.e., stronger SEK. 
Compared with Q1/2024
The fair value of total forest assets increased by EUR 635 million to EUR 9,260 (8,625) million. The fair value of 
biological assets, including Stora Enso's share of Tornator, increased by EUR 825 million to EUR 6,864 (6,039) million. 
This was mainly a result of stronger currency impact and increases in estimated wood prices. The value of forest 
land, including leased land and Stora Enso's share of Tornator, decreased by EUR 190 million to EUR 2,396 (2,586) 
million. This decrease in forest land value was mainly due to an increase in the discount rate.
Capital structure
            Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  8
EUR billion
Forest asset value
Forest land (including leased land)Biological assets
Q121
Q221
Q321
Q421
Q122
Q222
Q322
Q422
Q123
Q223
Q323
Q423
Q124
Q224
Q324
Q424
Q125
0.0
2.0
4.0
6.0
8.0
10.0

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

Segment overview
Segments
            Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  9
EUR million
Adjusted EBIT by segment, Q1/2025
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-80
-40
0
40
80
120
160
200
240
280
320
External sales by segment, Q1/2025
46%
10%
14%
16%
14%
1%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Packaging Materials
A global leader and expert partner in circular packaging providing premium 
packaging boards, made from virgin and recycled fiber.
Packaging Solutions
A packaging converter that produces premium fiber-based packaging 
products for leading brands across multiple market areas, including retail, e-
commerce, and industrial applications. 
Biomaterials
Foundation built on pulp, with the aim of becoming customers’ first choice in 
selected grades. The division also leverages all fractions to create innovative 
biobased solutions, that replace fossil-based and other non-renewable 
materials.
Wood Products 
Europe’s largest sawn timber producer and a leading provider of sustainable 
wood-based solutions for the global building sector. Provides the building 
sector with renewable and low-carbon wood-based solutions that help 
decarbonise the built environment.
Forest 
Responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations 
as well as for B2B customers. Manages the Group’s forest assets in Sweden 
and a 41% share in Tornator, whose forests are primarily located in Finland.
Segment Other
Includes the reporting of the emerging businesses as well as Stora Enso’s 
shareholding in Pohjolan Voima (PVO),  Group Head Office function and 
Global Business Services.
External sales by destination, FY 2024
14%
9%
7%
6%
6%
28%
10%
3%
18%
Sweden
Germany
Finland
Poland
The Netherlands
Other Europe
China
USA
Other countries
EUR million
Adjusted EBIT by segment, FY 2024
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-80
-40
0
40
80
120
160
200
240
280
320
External sales by segment, FY 2024
46%
11%
14%
15%
13%
1%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Information about production and deliveries is available in the section Production and deliveries. Information about production capacities is available in the Annual Report.
External sales by destination, FY 2024
69%
17%
6%
4%2%1%
Europe
Asia
Americas
Middle East
Africa
Oceania

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

Packaging Materials
Positive result development driven by price increases and seasonally improving demand
• Sales increased driven by higher prices for both consumer board and containerboard. Delivery volumes 
remained stable.
• Adjusted EBIT increased driven by higher prices in both consumer board and containerboard. Fiber cost increase 
and negative impact from the ramp-up of the new consumer packaging board line in Oulu, Finland, was offset 
by lower energy, chemicals and fixed costs.  
• Order inflow improved from Q4/2024 but remained burdened by weak consumer spending and persistent 
overcapacity. The containerboard price cycle bottomed during the quarter, and impact from the first price 
increase started to come through towards the end of the first quarter.
Key figures: Packaging Materials*
EUR million Q1/25 Q1/24
Change %
Q1/25–
Q1/24 Q4/24 2024
Sales  1,159  1,100  5.4 % 1,095  4,502 
Adjusted EBITDA  131  126  3.8 % 71  472 
Adjusted EBIT
1
 62  52  18.7 % -6  172 
Adjusted EBIT margin
1
 5.4 %  4.8 %  -0.6 %  3.8 %
Operating result (IFRS)
1
 60  47  27.7 % -303  -169 
Adjusted ROOC, LTM  5.1 %  -1.3 %  4.9 %  4.9 %
Cash flow from operations  85  160  -46.7 % 109  462 
Cash flow after investing activities  -87  -129  32.6 % -40  -323 
Board and paper deliveries, 1,000 tonnes 1,234 1,225  0.7 % 1,174 4,920
Board and paper production, 1,000 tonnes 1,290 1,233  4.7 % 1,107 4,916
1 
 
Q1 2024 restated in Q3 2024, see interim report for Q3 2024 for more details.
Packaging Solutions
First positive results since Q4/2023 driven by China demand and efficiency improvements
• Sales increased driven by high demand for rigid boxes in China. Corrugated volumes also increased with prices 
remaining at Q4/2024 levels. 
• Adjusted EBIT increased with higher volumes and sales, as well as lower depreciations following earlier 
announced impairments. 
• Price pressure caused by market overcapacity and oversupply continued.
Key figures: Packaging Solutions*
EUR million Q1/25 Q1/24
Change %
Q1/25–
Q1/24 Q4/24 2024
Sales  239  224  7.0 % 247  987 
Adjusted EBITDA  22  18  18.0 % 12  62 
Adjusted EBIT  5  -1 n/m  -6  -15 
Adjusted EBIT margin  2.1 %  -0.5 %  -2.5 %  -1.5 %
Operating result (IFRS)  5  -4  231.1 % -379  -394 
Adjusted ROOC, LTM  -1.0 %  3.3 %  -1.6 %  -1.6 %
Cash flow from operations  7  7  -1.2 % 24  78 
Cash flow after investing activities  -4  -6  39.0 % 9  31 
Corrugated packaging European deliveries, million m² 290 283  2.6 % 291 1,217
Corrugated packaging European production, million m² 295 283  4.0 % 269 1,157
Segments
* For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  10

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

Biomaterials
Stable performance despite seasonally lower demand and continued high wood costs
• Sales increased driven by higher volumes. Lower sales prices partly offset by positive currency rate impact.
• Adjusted EBIT decreased mainly caused by lower sales prices and higher costs, primarily wood costs.
• Pulp demand was relatively weaker in Q1/2025, as a consequence of a seasonally strong end of 2024. Pulp prices 
in Europe were slightly lower as a result of a weakened USD against the EUR.
Key figures: Biomaterials*
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Sales  392  374  4.7 % 419  1,587 
Adjusted EBITDA  72  90  -20.0 % 109  372 
Adjusted EBIT  36  57  -36.6 % 67  231 
Adjusted EBIT margin  9.3 %  15.3 %  16.0 %  14.6 %
Operating result (IFRS)  41  58  -29.0 % 86  256 
Adjusted ROOC (LTM)  8.4 %  3.3 %  9.3 %  9.3 %
Cash flow from operations  44  130  -66.4 % 138  507 
Cash flow after investing activities  5  87  -94.5 % 91  332 
Pulp deliveries, 1,000 tonnes 570 536  6.3 % 612 2,207
Wood Products
Positive EBIT through active margin management during continued weak construction demand
• Sales increased primarily due to higher sales prices and volumes for sawn wood.
• Adjusted EBIT increased driven by higher volumes and prices, which offset increased raw material costs. 
Continued value creation actions contributed to the improvement of the results.
• The demand for both traditional wood products and building solutions was significantly higher year-on-year. The 
main driver for the price increases were rapidly increased raw material costs. 
Key figures: Wood Products*
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Sales  418  349  19.7 % 400  1,522 
Adjusted EBITDA  10  1 n/m  0  27 
Adjusted EBIT  1  -9  109.6 % -12  -16 
Adjusted EBIT margin  0.2 %  -2.6 %  -2.9 %  -1.1 %
Operating result (IFRS)  1  -10  107.1 % -68  -73 
Adjusted ROOC (LTM)  -1.0 %  -9.3 %  -2.7 %  -2.7 %
Cash flow from operations  0  -30  101.3 % -2  45 
Cash flow after investing activities  -8  -47  83.7 % -14  -4 
Wood products deliveries, 1,000 m³ 997 848  17.5 % 964 3,718
Forest
Record-high quarterly adjusted EBIT reflecting strong and stable performance
• Sales increased mainly due to higher volumes and wood prices, which continue to be at a high level for all wood 
assortments in the Nordics.
• Adjusted EBIT increased, reflecting a strong operational performance in the Group's forest assets and wood 
supply.
• The forest assets' fair value increased to EUR 9.3 billion, equivalent to EUR 11.74 per share, mainly due to favourable 
currency rate impact.
Key figures: Forest*
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Sales¹  836  659  26.8 % 784  2,827 
Adjusted EBITDA  93  80  16.0 % 94  364 
Adjusted EBIT  82  70  16.3 % 81  309 
Adjusted EBIT margin  9.8 %  10.7 %  10.3 %  10.9 %
Operating result (IFRS)
2
 76  63  22.2 % 466  646 
Adjusted ROCE ( LTM)  5.3 %  4.6 %  5.2 %  5.2 %
Cash flow from operations  72  18 n/m  56  220 
Cash flow after investing activities  63  8 n/m  45  171 
Wood deliveries, 1,000 m³ 9,463 8,270  14.4 % 8,834 33,794
Operational fair value change of biological assets
2 28 35  -19.4 % 28  119 
1 In Q1/25, internal wood sales to Stora Enso divisions represented 60% of net sales, external sales to other forest companies represented 40%.
2 Includes the full fair value change of the Nordic biological assets (standing trees)
Segment Other
• Sales decreased by 13.2% to EUR 49 (57) million. The causal factors were largely attributable to lower energy sales 
due to the annual maintenance of the Olkiluoto nuclear power plant unit 3 (OL3).
• Adjusted EBIT decreased by 24.9% to EUR -14 (-11) million, mainly due to lower margins for electricity sales and 
costs related to Group’s shared services. 
• The divisions are charged for electricity at market prices. Through its 16.1% shareholding in the Finnish energy 
company Pohjolan Voima (PVO), Stora Enso is entitled to receive, at cost, 8.9% of the electricity produced by the 
Olkiluoto nuclear reactors, and 20.6% of the electricity from the hydropower plants. 
Segments
* For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  11

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

Sensitivity analysis
Energy and raw material price sensitivity
The direct effect of a 10% decrease in raw material prices on adjusted EBIT 
for the next 12 months
EUR million Sensitivity 10%
Energy +6
Wood +229
Pulp -125
Chemicals and fillers +42
Foreign exchange rate sensitivity
The direct effect of a 10% strengthening in the value of the currency on 
adjusted EBIT for the next 12 months
EUR million Sensitivity 10%
USD  +74 
SEK  -10 
GBP  +14 
Weakening of the currencies would have the opposite impact. These 
numbers are net of hedges and assuming no changes occur other than a 
single currency exchange rate movement in an exposure currency. 
Foreign currency translation risk 
The Group's consolidated income statement on adjusted EBIT level is 
exposed to a foreign currency translation risk worth approximately EUR 149 
million expense exposure in Brazilian real (BRL) and approximately EUR 78 
million income exposure in Chinese Renminbi (CNY). These exposures arise 
from the foreign subsidiaries and joint operations located in Brazil and 
China, respectively. For these exposures a 10% strengthening in the value of 
a foreign currency would have a EUR -15 million and a EUR +8 million impact 
on adjusted EBIT, respectively. 
Short-term risks
Risk is characterised by both threats and opportunities, which may affect 
future performance and the financial results of Stora Enso, reputation, as 
well as its ability to meet certain social and environmental objectives.
The geopolitical unrest could have an adverse impact on the Group. 
Potential trade tariffs, retaliatory measures, conflict-related risks to people, 
operations, trade credit, cyber security, supply, and demand, could also 
affect the Group negatively.
The risk of a prolonged global economic downturn and recession, 
continued high inflation, as well as sudden interest rate changes, currency 
fluctuations, trade union and political strike actions, and logistical chain 
disruptions could all adversely affect the Group’s profits, cash flow and 
financial position, as well as access to material, flow of goods and 
transport.
Macroeconomic and geopolitical disruption may increase costs, add 
complexity, and lower short-term visibility, which could further impact 
market demand, prices, profit margins, and volumes of the Group's 
products. New capacity and volume entering the market might distort 
demand, volumes, inventories and pricing. Moreover, forced capacity cuts 
might further impact on profitability. 
There is a risk of continued price volatility for raw materials such as wood, 
chemicals, other components and energy in Europe. The continued tight 
wood market, especially in the Nordics, could cause increased costs, limit 
harvesting and cause disruptions such as delays and/or lack of wood 
supply to the Group's production sites. Regulatory or similar initiatives 
might challenge the Group's strategy, growth and operations.
Other risks and uncertainties include, but are not limited to; general 
industry conditions, unanticipated expenditures related to the cost of 
compliance with existing and new environmental and other governmental 
regulations, and related to actual or potential litigation; material process 
disruption at Stora Enso's manufacturing facilities with operational or 
environmental impacts; risks inherent in conducting business through joint 
ventures; and other factors.
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.
A more detailed risk description of risks is included in Stora Enso’s Annual 
Report 2024, available at storaenso.com/annualreport.
Legal proceedings
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. 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 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. The judge also ordered Veracel to take certain actions, including 
reforestation with native trees on part of Veracel’s plantations and a 
possible fine of, at the time of the decision, BRL 20 (EUR 4) million. Veracel 
disputes the decision and has filed an appeal against it. Veracel operates 
in full compliance with all Brazilian laws and has obtained all the necessary 
environmental and operating licences for its industrial and forestry 
activities from the relevant authorities. In November 2008, a Federal Court 
suspended the effects of the decision. No provisions have been recorded 
in Veracel’s or Stora Enso’s accounts for the reforestation or the possible 
fine. 
Sensitivity, risks, and legal
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  12

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

Events during the quarter      Events after the reporting period
New board machine in Oulu 
started operations
Through this EUR 1 billion investment, the 
Oulu unit in Finland will become Stora 
Enso's largest production facility, an 
integrated mega-site, focusing on future 
packaging board grades and featuring a 
flexible production setup.
The new packaging board line is expected 
to reach EBITDA breakeven by the year-
end 2025 and full capacity during 2027, at 
which point annual sales are anticipated 
to be approximately EUR 800 million. 
The first customer deliveries are expected 
in the second quarter of 2025. 
Plans to sell part of the forests 
in Sweden
The sales process of Stora Enso's forest 
assets in Sweden is ongoing. As 
announced in October 2024, Stora Enso 
intends to sell approximately 12% of its 
total forest assets of 1.4 million hectares in 
Sweden, with a fair value of EUR 6.7 billion. 
A sale would reduce debt and strengthen 
the balance sheet.
Strong focus on renewable 
packaging
Stora Enso plans to implement a new 
organisation with seven P&L responsible 
business areas reflecting the importance 
of its core business renewable packaging. 
The new flatter and streamlined 
organisation will increase customer focus, 
drive operational efficiency with 
increased integration, reduce complexity 
and enhance the Group’s performance 
culture.
The renewable packaging business will 
consist of four business areas accounting 
for approximately 60% of Group sales:  
Food Service and Liquid Board, 
Cartonboard, Containerboard, and 
Packaging Solutions. 
The other three business areas, 
Biomaterials, Wood Products and Forest , 
will in addition to their respective business, 
support the renewable packaging 
operations through wood sourcing and 
supply of raw material. 
Strengthening wood supply 
chains in Finland
Stora Enso has received regulatory 
approval from the competition authorities 
to proceed with the acquisition of 
Junnikkala Oy, announced in October 
2024. Preparations for the closure of the 
transaction are ongoing, and it is 
expected to be finalised in the second 
quarter of 2025.
The acquisition aims to secure a cost-
efficient wood supply to Stora Enso’s 
packaging board site in Oulu, Finland, and 
to support Stora Enso’s wood products 
business with new production assets. 
The total enterprise value (EV) for the 
transaction is up to EUR 137 million, a 
significant part of it being contingent 
upon achieving specific production 
milestones. 
Events
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  13

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

Key sustainability targets and performance 
Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity. 
The foundation for these is the conduct of everyday business in a responsible manner. 
   Climate
Stora Enso’s science-based target for 2030 is to reduce absolute Scope 1 
and 2 greenhouse gas (CO2e) emissions by 50% from the 2019 base year, in 
line with the 1.5-degree scenario. 
By the end of Q1/2025, the Scope 1 and 2 CO2e emissions were 1.12 million 
tonnes, a 57% reduction from the base year. Compared with Q1/2024 (1.44 
million tonnes), the decrease in emissions is mainly attributed to reduction 
measures, such as fuel switches. 
Stora Enso is committed to reducing Scope 3 emissions by 50% from 
the 2019 base year by 2030. In 2024, Stora Enso's estimated Scope 3 CO2e 
emissions were 4.53 million tonnes, a 39% reduction from the base year. 
   Circularity
Stora Enso's target is to reach 100% recyclable products by 2030. By the end 
of 2024, 94% (2023: 93%) of the Group's products were technically 
recyclable. Stora Enso aims to ensure the recyclability of its products 
through an increased focus on circularity in innovation processes. The 
Group actively collaborates with customers and partners to establish 
infrastructure that enhances the actual recycling of products. 
   Biodiversity
Stora Enso is committed to achieving a net-positive impact on biodiversity 
in its own forests and plantations by 2050 through active biodiversity 
management. The Group steers its biodiversity actions through a 
Biodiversity Leadership Programme to improve biodiversity at species, 
habitat and landscape levels. Progress is monitored with science-based 
impact indicators reported on the Group's website.
Biodiversity is an integral part of forest certifications, which include the 
protection of valuable ecosystems. Stora Enso’s target is to maintain a 
forest certification coverage level of at least 96% for the Group's own and 
leased forest lands. The forest certification coverage has remained stable 
and amounted to 99% in 2024 (2023: 99%). 
Direct and indirect CO2e emissions 
(Scope 1+2, rolling four quarters)
1
Million tonnes
0%
-13% -15%
-28%
-43%
-53% -57% -50%
CO₂e million tonnes, effective CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
31 Mar 2025
2025
2026
2027
2028
2029
2030
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
CO2e emissions along the value chain (Scope 3)
1
Million tonnes
0% -3% 3%
-24%
-35% -39%
-50%
CO₂e million tonnes, estimated CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
0
1
2
3
4
5
6
7
8
1 Comparative figures are restated due to additional data after previous interim reports. 
   Responsible business practices
Stora Enso reports on the sustainability indicators below on a quarterly 
basis. For a full annual overview of Stora Enso's sustainability targets, 2024 
performance, and accounting principles, see the Sustainability Statement.
Key performance 
indicators (KPIs)
31 Mar 
2025
31 Dec 
2024
31 Mar 
2024 Target
Occupational safety: total 
TRI rate, year-to-date
1
4.2 n/a n/a 4.3 by the end of 2025
Gender balance: % of 
female managers among 
all managers  25%  24%  25% 25% by end of 2027
Water: total water 
withdrawal per saleable 
tonne (m
3
/tonne) 58 60 62
Decreasing trend from 
2016 baseline (60m
3
/
tonne)
Water: process water 
discharges per saleable 
tonne (m
3
/tonne) 33 34 34
 17% reduction by 2030 
from 2019 baseline 
(36m
3
/tonne)
Sustainable sourcing: % of 
supplier spend covered by 
the Supplier Code of 
Conduct (SCoC)
2
 95%  95%  96% 95% or above
1 
As of the beginning of 2025, the TRI rate has been expanded to include contractor employees. In Q1 2025, a fatal 
accident involving a contractor's employee occurred at Stora Enso's Oulu site in Finland.
2
 Business Unit Western Europe in Packaging Solutions included from Q4/2024 onwards. 
Events
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  14

===== SIDA 15 =====

Changes in Group management
Niclas Rosenlew started as CFO and a member of the Group Leadership 
Team on 13 January 2025. 
Resolutions by the Annual General 
Meeting 2025
Stora Enso Oyj’s Annual General Meeting was held on 20 March 2025 in 
Helsinki, Finland. The AGM adopted the accounts for 2024, adopted the 
Remuneration Report 2024 and the updated Remuneration Policy through 
an advisory resolution, and granted the Company’s Board of Directors and 
Chief Executive Officer discharge from liability for the financial period. 
The AGM resolved, in accordance with the proposal by the Board of 
Directors, that the Company shall distribute a dividend of EUR 0.25 per 
share for the year 2024 in two instalments as follows:  
The first dividend instalment, EUR 0.13 per share, shall be paid to 
shareholders who on the record date of the first dividend payment, 24 
March 2025, are registered in the shareholders’ register maintained by 
Euroclear Finland Oy or in the separate register of shareholders 
maintained by Euroclear Sweden AB. The first dividend instalment shall be 
paid on or about 2 April 2025.  
The second dividend instalment, EUR 0.12 per share, shall be paid to 
shareholders who on the record date of the second dividend payment, 25 
September 2025, are registered in the shareholders’ register maintained by 
Euroclear Finland Oy or in the separate register of shareholders 
maintained by Euroclear Sweden AB. The second dividend instalment shall 
be paid on or about 2 October 2025.  
The AGM resolved that the Board of Directors shall have nine (9) members. 
The AGM further resolved to re-elect the current members of the board of 
Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan, 
Christiane Kuehne, Richard Nilsson and Reima Rytsölä – as members of the 
Board of Directors until the end of the following AGM and to elect Elena 
Scaltritti and Antti Vasara as new members for the same term of office. 
The AGM resolved to elect Kari Jordan as Chair of the Board of Directors 
and Håkan Buskhe as Vice Chair of the Board of Directors.  
The AGM resolved, in accordance with the proposal by the Shareholders' 
Nomination Board, that the annual remuneration for the Board of Directors 
be paid as follows:  
Chair                  EUR 221,728 (2024: 215,270)
Vice Chair        EUR 125,186 (2024: 121,540)
Members          EUR 85,933 (2024: 83,430)
The AGM also resolved that the annual remuneration for the members of 
the Board of Directors be paid in Company shares and cash so that 40% is 
paid in Stora Enso R shares. The AGM resolved the annual remuneration for 
the Board committees be paid in accordance with the proposal by the 
Shareholders’ Nomination Board.
The AGM resolved to elect PricewaterhouseCoopers Oy as auditor until the 
end of the Company’s next AGM. Panu Vänskä, APA, will act as the 
principally responsible auditor. The AGM also resolved to elect 
PricewaterhouseCoopers Oy as sustainability reporting assurer until the 
end of the following AGM. Panu Vänskä, APA, authorised sustainability 
auditor (ASA), will act as the principally responsible sustainability reporting 
assurer. 
Resolutions by the organising meeting of the Board of 
Directors
Richard Nilsson (Chair), Astrid Hermann and Antti Vasara were elected 
members of the Financial and Audit Committee. 
Kari Jordan (Chair), Håkan Buskhe and Reima Rytsölä were elected 
members of the People and Culture Committee.  
Christiane Kuehne (Chair), Helena Hedblom, Richard Nilsson and Elena 
Scaltritti were elected members of the Sustainability and Ethics 
Committee.  
For more information about the AGM, see the release Stora Enso’s Annual 
General Meeting and decisions by the Board of Directors.
This report has been prepared in English and Finnish. If there are any variations in the content between the versions, the English version shall govern. This report is unaudited.
Helsinki, 25 April 2025
Stora Enso Oyj
Board of Directors
Events
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  15

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

Financials
Basis of Preparation
This unaudited interim financial report has been prepared in accordance 
with the accounting policies set out in International Accounting Standard 
34 on Interim Financial Reporting and in the Group’s Financial Report for 
2024 with the exception of new and amended standards applied to the 
annual periods beginning on 1 January 2025 and changes in accounting 
principles described below.
All figures in this Interim Report have been rounded to the nearest million, 
unless otherwise stated. Therefore, percentages and figures in this report 
may not add up precisely to the totals presented and may vary from 
previously published financial information.
Acquisition of Group companies 
No acquisitions completed in Q1/2025.
Disposal of Group companies
No disposals completed in Q1/2025.
Assets held for sale
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 
the sale of such assets. In addition, the sale must be highly probable and 
expected to be completed within one year after the date of classification.
These assets and related liabilities are presented separately in the 
consolidated statement of financial position and are measured at the 
lower of the carrying amount and fair value less costs to sell. Comparative 
information is not restated. Assets classified as held for sale are not 
depreciated. 
Stora Enso did not have any assets held for sale at the end of Q1/2025.
The following new and amended standards are 
applied to the annual periods beginning on 
1 January 2025
• Amended standards and interpretations did not have material effect on 
the Group.
Future standard changes endorsed by the EU but 
not yet effective in 2025
• No future standard changes endorsed by the EU which would have 
material effect on the Group.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  16

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

Condensed consolidated income statement
EUR million Q1/25 Q1/24 Q4/24 2024
Sales  2,362  2,164  2,322  9,049 
Other operating income  49  114  90  325 
Change in inventories of finished goods and WIP  55  16  -48  48 
Materials and services  -1,561  -1,413  -1,532  -5,948 
Freight and sales commissions  -222  -203  -204  -838 
Personnel expenses  -304  -302  -312  -1,228 
Other operating expenses  -112  -130  -165  -543 
Share of results of associated companies  13  12  23  52 
Change in net value of biological assets  7  8  408  421 
Depreciation, amortisation and impairment charges  -117  -126  -861  -1,246 
Operating result  171  141  -279  93 
Net financial items  -39  -47  -74  -211 
Result before tax  132  94  -353  -118 
Income tax  -25  -17  -26  -65 
Net result for the period  107  77  -379  -183 
Attributable to
Owners of the Parent  113  79  -340  -136 
Non-controlling interests  -6  -2  -39  -48 
Net result for the period  107  77  -379  -183 
Earnings per share
Basic earnings per share, EUR  0.14  0.10  -0.43  -0.17 
Diluted earnings per share, EUR  0.14  0.10  -0.43  -0.17 
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Consolidated statement of comprehensive income
EUR million Q1/25 Q1/24 Q4/24 2024
Net result for the period  107  77  -379  -183 
Other comprehensive income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI  54  -59  -56  -202 
Actuarial gains and losses on defined benefit plans  10  20  12  22 
Revaluation of forest land  0  0  -286  -281 
Share of OCI of associated companies  0  0  10  5 
Income tax relating to items that will not be reclassified  -1  -4  56  53 
 63  -43  -264  -403 
Items that may be reclassified subsequently to profit and loss
Cumulative translation adjustment (CTA)  218  -139  44  -89 
Net investment hedges and loans  -10  -3  0  4 
Cash flow hedges and cost of hedging  73  -38  -67  -81 
Share of OCI of Non-controlling Interests (NCI)  5  -1  -5  -5 
Income tax relating to items that may be reclassified  -16  9  17  19 
 271  -172  -11  -152 
Total comprehensive income  441  -138  -653  -738 
Attributable to
Owners of the parent  442  -136  -609  -685 
Non-controlling interests  0  -3  -44  -53 
Total comprehensive income  441  -138  -653  -738 
CTA = Cumulative translation adjustment 
OCI = Other comprehensive income
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  17

===== SIDA 18 =====

Condensed consolidated statement of financial position
Assets
Goodwill O  163  162  505 
Other intangible assets O  285  277  310 
Property, plant and equipment O  4,996  5,006  4,936 
Right-of-use assets O  483  499  507 
 5,928  5,945  6,260 
Forest assets O  7,585  7,227  6,982 
Biological assets O  5,513  5,243  4,732 
Forest land O  2,072  1,983  2,249 
Emission rights O  115  73  171 
Investments in associated companies O  940  954  923 
Listed securities I  10  11  10 
Unlisted securities O  657  602  749 
Non-current interest-bearing receivables I  22  14  76 
Deferred tax assets T  200  205  142 
Other non-current assets O  62  53  57 
Non-current assets  15,519  15,082  15,370 
Inventories O  1,800  1,672  1,584 
Tax receivables T  39  31  30 
Operating receivables O  1,021  969  1,174 
Interest-bearing receivables I  115  47  40 
Cash and cash equivalents I  1,659  1,999  2,099 
Current assets  4,634  4,719  4,927 
Assets held for sale 0 0 0
Total assets  20,153  19,802  20,297 
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
Equity and liabilities
Owners of the Parent  10,381  10,139  10,765 
Non-controlling Interests  -150  -150  -100 
Total equity  10,231  9,989  10,665 
Post-employment benefit obligations O  173  181  192 
Provisions O  82  81  79 
Deferred tax liabilities T  1,507  1,416  1,379 
Non-current interest-bearing liabilities I  3,904  3,894  4,625 
Non-current operating liabilities O  11  10  10 
Non-current liabilities  5,676  5,582  6,285 
Current portion of non-current debt I  911  1,090  325 
Interest-bearing liabilities I  922  788  790 
Bank overdrafts I  0  7  3 
Provisions O  33  37  72 
Operating liabilities O  2,354  2,296  2,130 
Tax liabilities T  26  13  28 
Current liabilities  4,246  4,231  3,347 
Liabilities related to assets held for sale 0 0 0
Total liabilities  9,923  9,813  9,632 
Total equity and liabilities  20,153  19,802  20,297 
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
Items designated with “O” comprise Operating Capital 
Items designated with “I” comprise Net debt 
Items designated with “T” comprise Net Tax Liabilities 
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  18

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

Condensed consolidated statement of cash flows
Cash flow from operating activities
Operating result  171  148 
Adjustments for non-cash items  124  110 
Change in net working capital  -104  10 
Cash flow from operations  192  269 
Net financial items paid  -26  -23 
Income taxes paid, net  -15  -41 
Net cash provided by operating activities  151  206 
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash  0  -74 
Cash flow on disposal of unlisted securities  1  0 
Cash flow on disposal of forest and intangible assets and property, plant and equipment  6  1 
Capital expenditure  -239  -373 
Proceeds from/payment of non-current receivables, net  0  -1 
Net cash used in investing activities  -232  -447 
Cash flow from financing activities
Repayment of long-term debt and lease liabilities  -219  -153 
Change in short-term interest-bearing liabilities  -17  30 
Dividends paid  -11  0 
Purchase of own shares
1
 -1  -3 
Net cash provided by financing activities  -248  -127 
Net change in cash and cash equivalents  -330  -368 
Translation adjustment  -3  0 
Net cash and cash equivalents at the beginning of period  1,993  2,464 
Net cash and cash equivalents at period end  1,659  2,096 
Cash and cash equivalents at period end  1,659  2,099 
Bank overdrafts at period end  0  -3 
Net cash and cash equivalents at period end  1,659  2,096 
EUR million Q1/25 Q1/24
1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 31 March 2025.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  19

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

Statement of changes in equity
Fair value reserve
EUR million Share capital
Share 
premium and 
reserve fund
Invested non-
restricted 
equity fund
Treasury 
shares
Equity 
instruments 
through OCI
Cash flow 
hedges
Revaluation 
reserve
OCI of 
associated 
companies
CTA and net 
investment 
hedges and 
loans
Retained 
earnings
Attributable to 
owners of the 
parent
Non-
controlling 
interests Total
Balance at 1 January 2024  1,342  77  633  —  653  38  1,540  63  -375  7,015  10,985  -97  10,889 
Net result for the period  —  —  —  —  —  —  —  —  —  79  79  -2  77 
OCI before tax  —  —  —  —  -59  -38  0  —  -142  20  -219  -1  -220 
Income tax relating to OCI  —  —  —  —  —  8  0  —  1  -4  5  —  5 
Total comprehensive income  —  —  —  —  -59  -30  0  —  -141  95  -136  -3  -138 
Dividend  —  —  —  —  —  —  —  —  —  -79  -79  —  -79 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -3  —  —  —  —  —  —  -3  —  -3 
Share-based payments  —  —  —  3  —  —  —  —  —  -6  -3  —  -3 
Balance at 31 March 2024  1,342  77  633  —  593  8  1,540  63  -516  7,024  10,765  -100  10,665 
Net result for the period  —  —  —  —  —  —  —  —  —  -214  -214  -46  -260 
OCI before tax  —  —  —  —  -143  -43  -281  5  58  2  -402  -4  -406 
Income tax relating to OCI  —  —  —  —  —  8  58  —  2  —  67  —  67 
Total Comprehensive Income  —  —  —  —  -143  -35  -223  5  59  -213  -550  -50  -600 
Dividend  —  —  —  —  —  —  —  —  —  -79  -79  —  -79 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  —  —  —  —  —  —  —  —  —  — 
Share-based payments  —  —  —  —  —  —  —  —  —  2  2  —  2 
Balance at 31 December 2024  1,342  77  633  —  450  -27  1,317  68  -457  6,735  10,139  -150  9,989 
Net result for the period  —  —  —  —  —  —  —  —  —  113  113  -6  107 
OCI before tax  —  —  —  —  54  73  —  —  209  10  346  5  351 
Income tax relating to OCI  —  —  —  —  —  -15  —  —  -1  -1  -17  -17 
Total comprehensive income  —  —  —  —  55  58  —  —  207  121  442  —  441 
Dividend  —  —  —  —  —  —  —  —  —  -197  -197  —  -197 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -1  —  —  —  —  —  —  -1  —  -1 
Share-based payments  —  —  —  1  —  —  —  —  —  -2  -1  —  -1 
Balance at 31 March 2025  1,342  77  633  —  505  31  1,317  68  -249  6,658  10,381  -150  10,231 
CTA = Cumulative Translation Adjustment      OCI = Other Comprehensive Income    NCI = Non-controlling Interests
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  20

===== SIDA 21 =====

Goodwill, other intangible assets, property, plant and equipment, 
right-of-use assets and forest assets
EUR million Q1/25 Q1/24 2024
Carrying value at 1 January  13,172  13,289  13,289 
Additions in tangible and intangible assets  105  207  933 
Additions in right-of-use assets  4  3  76 
Additions in biological assets  16  16  81 
Depletion of capitalised silviculture costs  -20  -18  -88 
Acquisition of subsidiaries  0  75  77 
Disposal of subsidiaries  -3  -1  -21 
Depreciation and impairment  -117  -126  -1,246 
Fair valuation of forest assets  27  27  229 
Translation difference and other  329  -230  -158 
Statement of Financial Position Total  13,513  13,241  13,172 
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Breakdown of change in capital employed
Capital employed 31 March 2024, EUR million  14,183 
Capital expenditure excl. investments in biological assets less depreciation  415 
Investments in biological assets less depletion of capitalised silviculture costs  -7 
Impairments and reversal of impairments  -745 
Fair valuation of forest assets  230 
Unlisted securities (mainly PVO)  -92 
Associated companies  16 
Net liabilities in defined benefit plans  21 
Operating working capital and other interest-free items, net  -110 
Emission rights  -56 
Net tax liabilities  24 
Acquisition of subsidiaries  -2 
Disposal of subsidiaries  -8 
Translation difference  316 
Other changes  -21 
Capital employed 31 March 2025  14,163 
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Borrowings
EUR million 31 Mar 2025 31 Mar 2024 31 Dec 2024
Bond loans  3,495  3,436  3,454 
Loans from credit institutions  793  995  978 
Lease liabilities  524  515  545 
Long-term derivative financial liabilities  2  2  5 
Other non-current liabilities  1  2  2 
Non-current interest-bearing liabilities including current portion  4,815  4,949  4,985 
Short-term borrowings  838  702  689 
Interest payable  66  70  55 
Short-term derivative financial liabilities  19  18  44 
Bank overdrafts  0  3  7 
Total interest-bearing liabilities¹  5,738  5,743  5,779 
EUR million Q1/25 Q1/24 2024
Carrying value at 1 January  5,779  5,780  5,780 
Proceeds of new long-term debt  0  0  19 
Repayment of long-term debt  -172  -140  -176 
Additions in lease liabilities  6  3  82 
Repayment of lease liabilities and interest  -30  -17  -85 
Change in short-term borrowings  158  104  69 
Change in interest payable  18  20  23 
Change in derivative financial liabilities  -29  12  42 
Disposals and classification as held for sale  0  0  -2 
Other  1  5  15 
Translation differences  7  -24  11 
Total interest-bearing liabilities¹  5,738  5,743  5,779 
1 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  21

===== SIDA 22 =====

Commitments and contingencies
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
On Own Behalf
Guarantees  10  17  18 
Other commitments  6  6  4 
On Behalf of associated companies
Guarantees  4  4  4 
On Behalf of Others
Guarantees  6  16  16 
Other commitments  0  0  0 
Total  25  43  42 
Guarantees  19  37  37 
Other commitments  6  6  4 
Total  25  43  42 
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. 
Capital commitments
EUR million 31 Mar 2025 31 Dec 2024 31 Mar 2024
Total  254  304  556 
The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure contracts 
in joint operations.
Key exchange rates for the euro
One Euro is Closing Rate Average Rate (Year-to-date)
31 Mar 2025 31 Dec 2024 31 Mar 2025 31 Dec 2024
SEK  10.8490  11.4590  11.2315  11.4309 
USD  1.0815  1.0389  1.0524  1.0821 
GBP  0.8354  0.8292  0.8356  0.8466 
Fair Values of Financial Instruments
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by 
valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• Level 2: other techniques, for which all inputs 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 valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at 
fair value in the following tables are measured at fair value on a recurring basis.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  22

===== SIDA 23 =====

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 
31 March 2025
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities  —  10  —  10  10  10  —  — 
Unlisted securities  —  642  16  657  657  —  —  657 
Non-current interest-bearing receivables  10  12  —  22  22  —  12  — 
Derivative assets  —  12  —  12  12  —  12  — 
Loan receivables  10  —  —  10  10  —  —  — 
Trade and other operating receivables  596  86  —  682  682  —  86  — 
Current interest-bearing receivables  71  43  1  115  115  —  44  — 
Derivative assets  —  43  1  44  44  —  44  — 
Other short-term receivables  71  —  —  71  71  —  —  — 
Cash and cash equivalents  1,659  —  —  1,659  1,659  —  —  — 
Total  2,337  792  16  3,146  3,146  10  142  657 
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  3,903  2  —  3,904  4,137  —  2  — 
Derivative liabilities  —  2  —  2  2  —  2  — 
Non-current debt  3,903  —  —  3,903  4,135  —  —  — 
Current portion of non-current debt  911  —  —  911  911  —  —  — 
Current interest-bearing liabilities  904  15  4  922  922  —  19  — 
Derivative liabilities  —  15  4  19  19  —  19  — 
Current debt  904  —  —  904  904  —  —  — 
Trade and other operating payables  2,041  —  —  2,041  2,041  —  —  — 
Bank overdrafts  —  —  —  —  —  —  —  — 
Total  7,759  16  4  7,779  8,012  —  20  — 
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for 
financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value 
through OCI, in line with how they are booked for the effective portion. 
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 
31 December 2024
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities  —  11  —  11  11  11  —  — 
Unlisted securities  —  587  15  602  602  —  —  602 
Non-current interest-bearing receivables  9  5  —  14  14  —  5  — 
Derivative assets  —  5  —  5  5  —  5  — 
Loan receivables  9  —  —  9  9  —  —  — 
Trade and other operating receivables  626  42  —  668  668  —  42  — 
Current interest-bearing receivables  38  9  1  47  47  —  10  — 
Derivative assets  —  9  1  10  10  —  10  — 
Other short-term receivables  38  —  —  38  38  —  —  — 
Cash and cash equivalents  1,999  —  —  1,999  1,999  —  —  — 
Total
 
 2,672  654  16  3,342  3,342  11  57  602 
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  3,889  5  —  3,894  4,129  —  5  — 
Derivative liabilities  —  5  —  5  5  —  5  — 
Non-current debt  3,889  —  —  3,889  4,124  —  —  — 
Current portion of non-current debt  1,090  —  —  1,090  1,090  —  —  — 
Current interest-bearing liabilities  744  42  2  788  788  —  44  — 
Derivative liabilities  —  42  2  44  44  —  44  — 
Current debt  744  —  —  744  744  —  —  — 
Trade and other operating payables  2,005  —  —  2,005  2,005  —  —  — 
Bank overdrafts  7  —  —  7  7  —  —  — 
Total  7,735  47  2  7,784  8,019  —  50  — 
Q4 2024 restated in 2024, please see the Financial Statement release for 2024 for more details
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  23

===== SIDA 24 =====

Reconciliation of level 3 fair value measurement of financial assets and liabilities: 31 March 2025
EUR million Q1/25 2024 Q1/24
Financial assets
Opening balance at 1 January  602  810  810 
Reclassifications  0  0  -60 
Gains/losses recognised in income statement  1  0 -1
Gains/losses recognised in other comprehensive income  56  -205  0 
Additions  0  0  0 
Disposals  -1  -3  0 
Closing balance  657  602  749 
The Group did not have level 3 financial liabilities as at 31 March 2025.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 625 million of Pohjolan Voima Oy (PVO) shares for which the 
valuation method is described in more detail in the Annual Report. The valuation is most sensitive to changes in 
electricity prices and discount rates. The discount rate of 6.78% used in the valuation model is determined using the 
weighted average cost of capital method. A +/- 5% change in the electricity price used in the DCF would change 
the valuation by EUR +84 million and -84 million, respectively. A +/- percentage point change in the discount rate 
would change the valuation by EUR -120 million and +156 million, respectively.
Stora Enso shares
During the first quarter of 2025, the conversions of 110,668 A shares into R shares were recorded in the Finnish trade 
register.
On 31 March 2025, Stora Enso had 175,553,411 A shares and 613,066,576 R shares in issue. The company did not hold its 
own shares. The total number of Stora Enso shares in issue was 788,619,987 and the total number votes at least 
236,860,068.
On 15 April 2025, the conversion of 1,077 A shares into R shares was recorded in the Finnish trade register.
Trading volume
Helsinki Stockholm
A share R share A share R share
January 97,453 31,652,027 80,885 5,936,332
February 76,767 38,667,165 102,191 9,856,632
March 122,782 45,967,124 44,133 13,069,683
Total 297,002 116,286,316 227,209 28,862,647
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
January  10.40  10.70  122.00  123.10 
February  10.35  10.37  114.50  115.90 
March  8.98  8.71  95.00  94.75 
Number of shares
Million Q1/25 Q1/24 Q4/24 2024
At period end  788.6  788.6  788.6  788.6 
Average  788.6  788.6  788.6  788.6 
Average, diluted  789.6  789.7  789.6  789.7 
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  24

===== SIDA 25 =====

Maintenance
Total planned maintenance impact
Expected and historical impact of lost value of sales and planned maintenance costs
EUR million Q2/25
1
Q1/25
2
Q4/24 Q3/24 Q2/24 Q1/24
Total maintenance impact  92  75  118  139  134  83 
1 The estimated numbers may be impacted by unforeseen additional costs and/or volume loss in connection with the planned maintenance stops and the restart of 
operations.
2 The estimate for Q1/2025 was EUR 64 million.
Planned maintenance shutdowns
Packaging Materials Biomaterials
2025 2024 2025 2024
Q1 — — Q1 — —
Q2 Beihai, Langerbrugge Beihai, Langerbrugge Q2 Skutskär Montes del Plata, Skutskär
Q3 Oulu, Heinola, Varkaus Oulu, Varkaus, Heinola Q3 Enocell Enocell, Veracel
Q4 Anjalankoski, Fors, Imatra, 
Skoghall, Ostrołęka
Anjalankoski, Fors, Imatra, 
Ostrołęka, Skoghall Q4 Montes del Plata —
Production and external deliveries
Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Consumer board deliveries, 1,000 tonnes 686  679  1.1 % 677  2,778 
Consumer board production, 1,000 tonnes 744  702  6.0 % 593  2,793 
Containerboard deliveries, 1,000 tonnes 330  317  4.1 % 286  1,242 
Containerboard production, 1,000 tonnes 406  379  7.1 % 379  1,530 
Corrugated packaging European deliveries, million m
2
287  280  2.4 % 287  1,205 
Corrugated packaging European production, million m
2
295  283  4.0 % 269  1,157 
Market pulp deliveries, 1,000 tonnes 536  477  12.4 % 588  2,029 
Wood products deliveries, 1,000 m
3
1,052  879  19.8 % 1,023  3,892 
Wood deliveries, 1,000 m
3
3,646  3,494  4.4 % 3,559  13,451 
Paper deliveries, 1,000 tonnes 137  158  -12.9 % 140  611 
Paper production, 1,000 tonnes 140  151  -7.8 % 135  592 
The comparative Q1/24 deliveries for market pulp have been restated.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  25

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

Sales by segment – total
EUR million Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  1,159  4,502  1,095  1,169  1,138  1,100 
Packaging Solutions  239  987  247  262  254  224 
Biomaterials  392  1,587  419  380  413  374 
Wood Products  418  1,522  400  359  414  349 
Forest  836  2,827  784  695  690  659 
Other  49  176  47  37  36  57 
Inter-segment sales  -731  -2,552  -670  -640  -644  -599 
Total  2,362  9,049  2,322  2,261  2,301  2,164 
Sales by segment – external
EUR million Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  1,078  4,207  1,019  1,094  1,062  1,033 
Packaging Solutions  237  977  244  259  252  221 
Biomaterials  322  1,303  365  315  326  298 
Wood Products  373  1,357  349  320  373  315 
Forest  337  1,157  330  267  282  278 
Other  15  49  15  7  7  20 
Total  2,362  9,049  2,322  2,261  2,301  2,164 
Operating result (IFRS) by segment
EUR million Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  60  -169  -303  62  24  47 
Packaging Solutions  5  -394  -379  -8  -4  -4 
Biomaterials  41  256  86  46  66  58 
Wood Products  1  -73  -68  -3  7  -10 
Forest  76  646  466  69  49  63 
Other  -15  -162  -90  -31  -38  -4 
Inter-segment eliminations  3  -11  9  3  -13  -10 
Operating result (IFRS)  171  93  -279  139  92  141 
Net financial items  -39  -211  -74  -41  -49  -47 
Result before tax  132  -118  -353  98  43  94 
Income tax expense  -25  -65  -26  -14  -8  -17 
Net result  107  -183  -379  84  35  77 
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  26

===== SIDA 27 =====

Alternative performance measures 
According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance 
measure is understood as a financial measure of historical or future financial performance, financial position, or 
cash flows, not defined under IFRS. Used together with the IFRS measures, alternative performance measures 
provide meaningful supplemental information to the management, investors, analysts and other parties with 
regards to the financial development of the business operations. Definitions and purpose for alternative 
performance measures can be found in the Annual Report.
'
Reconciliation of operating result
EUR million Q1/25 Q1/24
Change %
Q1/25–Q1/24 Q4/24 2024
Adjusted EBITDA  320  298  7.3 % 285  1,223 
Depreciation and silviculture costs of associated companies  -1  -1  4.3 % -3  -13 
Silviculture costs
1
 -25  -22  -14.1 % -36  -111 
Depreciation and impairment excl. IAC
2
 -118  -125  6.1 % -125  -501 
Adjusted EBIT
2
 175  149  17.7 % 121  598 
Fair valuations and non-operational items  7  11  -42.2 % 368  364 
Items affecting comparability (IAC)  -11  -20  45.7 % -768  -870 
Operating result (IFRS)
2
 171  141  21.7 % -279  93 
1 Including damages to forests     
2 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Adjusted EBIT by segment
EUR million Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  62  172  -6  73  53  52 
Packaging Solutions  5  -15  -6  -6  -1  -1 
Biomaterials  36  231  67  43  63  57 
Wood Products  1  -16  -12  -2  7  -9 
Forest  82  309  81  81  76  70 
Other  -14  -72  -13  -16  -32  -11 
Inter-segment eliminations  3  -11  9  3  -13  -10 
Adjusted EBIT  175  598  121  175  153  149 
Fair valuations and non-operational items  7  364  368  0  -16  11 
Items affecting comparability  -11  -870  -768  -36  -46  -20 
Operating result (IFRS)  171  93  -279  139  92  141 
Net financial items  -39  -211  -74  -41  -49  -47 
Result before Tax  132  -118  -353  98  43  94 
Income tax expense  -25  -65  -26  -14  -8  -17 
Net result  107  -183  -379  84  35  77 
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  27

===== SIDA 28 =====

Items affecting comparability (IAC), fair valuations and non-operational items (FV)
Items affecting comparability in Q1/2025
EUR million Q1/25
Restructuring - Packaging Materials  -1 
Restructuring - Biomaterials  -1 
Disposals  -3 
Profit improvement programme - consulting costs  -8 
Environmental provisions  2 
Total  -11 
Items affecting comparability in Q1/2024
EUR million Q1/24
Restructuring - Packaging Materials  -4 
Restructuring - Packaging Solutions  -3 
Restructuring - Biomaterials  -1 
Restructuring - Forest  -2 
Restructuring - Group functions and segment Other  -10 
Total  -20 
Items affecting comparability (IAC) by segment
EUR million Q1/25 Q1/24 Q4/24 2024
Packaging Materials  -1  -4  -301  -343 
Packaging Solutions  0  -3  -373  -379 
Biomaterials  -1  -1  -4  -7 
Wood Products  0  0  -56  -57 
Forest  0  -2  -2  -5 
Other  -8  -10  -32  -79 
IAC on operating result  -11  -20  -768  -870 
Tax on IAC  2  4  60  77 
IAC on net result  -9  -16  -708  -792 
Packaging Materials
The IAC for Q1/25 included restructuring cots of EUR -1 million. The IAC for 
Q1/24 included restructuring costs of EUR -4 million. 
Packaging Solutions
The IAC for Q1/24 included restructuring costs of EUR -3 million.
Biomaterials
The IAC for Q1/25 included restructuring costs of EUR -1 million. The IAC for 
Q1/24 included restructuring costs of EUR -1 million. 
Wood Products
No IACs for Q1/25 or Q1/24.
Forest
The IAC for Q1/24 included restructuring costs of EUR -2 million.
Segment Other
The
 
IAC for Q1/25 included EUR -8 million of consulting costs related to profit 
improvement programme, EUR -7 million related to closure and disposal of 
Sunila, disposal of lands of EUR 4 million related to closed operations and EUR 2 
million related to updates in environmental provisions. The
 
IAC in Q1/24 
included EUR -10 million restructuring costs.
Fair valuations and non-operational items
EUR million Q1/25 Q1/24
Non-operational fair valuation changes of biological 
assets, Packaging Materials  -1  -1 
Non-operational fair valuation changes of biological 
assets, Biomaterials  5  1 
Non-operational fair valuation changes of biological 
assets, Forest  —  — 
Non-cash income and expenses related to CO2 emission 
rights and liabilities, Other  8  17 
Non-operational items of associated companies, Forest  -5  -6 
Adjustments for differences between fair value and 
acquisition cost of forest assets upon disposal, Forest  0  0 
Total  7  11 
Fair valuations and non-operational items by segment
EUR million Q1/25 Q1/24 Q4/24 2024
Packaging Materials  -1  -1  5  2 
Packaging Solutions  0  0  0  0 
Biomaterials  5  1  22  32 
Wood Products  0  0  0  0 
Forest  -5  -6  387  342 
Other  8  17  -45  -12 
FV on operating result  7  11  368  364 
Tax on FV  1  -1  -75  -72 
FV on net result  7  11  293  293 
Packaging Materials
The fair valuations for Q1/25 included non-operational fair valuation changes 
of biological assets of EUR -1 (-1) million.
Biomaterials
The fair valuations for Q1/25 included non-operational fair valuation changes 
of biological assets of EUR 5 (1) million.  
Forest
The fair valuations for Q1/25 included non-operational items of associated 
companies of EUR -5 (-6) million.
Segment Other
The fair valuations for Q1/25 included non-cash income and expenses related 
to CO2 emission rights and liabilities of EUR 8 (17) million.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  28

===== SIDA 29 =====

Calculation of adjusted return on capital employed (ROCE) 
and return on equity (ROE) based on the last 12 months
EUR million Q1/25 Q1/24 Q4/24
Adjusted EBIT, LTM
1
 625  257  598 
Capital employed, LTM average
1
 14,081  14,195  14,060 
Adjusted ROCE, LTM
1
 4.4%  1.8%  4.3% 
Adjusted EBIT excl. Forest division, LTM
1
 305  -9  290 
Capital employed excl. Forest division, LTM average
1
 8,038  8,413  8,071 
Adjusted ROCE excl. Forest division, LTM
1
 3.8%  -0.1%  3.6% 
Net result for the period, LTM
1
 -153  -539  -183 
Total equity, LTM average
1
 10,445  11,045  10,576 
Return on equity (ROE), LTM
1
 -1.5%  -4.9%  -1.7% 
Net debt  3,932  3,518  3,707 
Adjusted EBITDA, LTM  1,245  888  1,223 
Net debt to LTM adjusted EBITDA ratio  3.2  4.0  3.0 
LTM = Last 12 months.
1 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Calculation of earnings per share excl. fair valuations
EUR million Q1/25 Q1/24 Q4/24 2024
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of the Parent
1
 113  79  -340  -136 
FV on net profit for the period attributable to owners of the Parent  9  14  297  307 
Net profit for the period attributable to owners of the parent excl. FV
1
104 65 -637 -442
Average number of shares  789  789  789  789 
Earnings per share (EPS) excl. FV EUR
1
 0.13  0.08  -0.81  -0.56 
1 Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Calculation of net debt
EUR million 31 Mar 2025 31 Mar 2024 31 Dec 2024
Listed securities  10  10  11 
Non-current interest-bearing receivables  22  76  14 
Interest-bearing receivables  115  40  47 
Cash and cash equivalents  1,659  2,099  1,999 
Interest-bearing assets  1,806  2,225  2,072 
Non-current interest-bearing liabilities  3,904  4,625  3,894 
Current portion of non-current debt  911  325  1,090 
Interest-bearing liabilities  922  790  788 
Bank overdrafts  0  3  7 
Interest-bearing Liabilities 5,738 5,743 5,779
Net debt  3,932  3,518  3,707 
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  29

===== SIDA 30 =====

Calculation of adjusted return on operating capital (ROOC) 
and adjusted return on capital employed (ROCE) based on the last 12 months by division
EUR million Q1/25 Q1/24 Q4/24
Packaging Materials
Adjusted EBIT, LTM
1
 182  -46  172 
Operating capital, LTM  3,563  3,565  3,490 
Adjusted ROOC, LTM
1
 5.1%  -1.3%  4.9% 
Packaging Solutions
Adjusted EBIT, LTM  -9  34  -15 
Operating capital, LTM  851  1,039  934 
Adjusted ROOC, LTM  -1.0%  3.3%  -1.6% 
Biomaterials
Adjusted EBIT, LTM  210  84  231 
Operating capital, LTM  2,490  2,573  2,480 
Adjusted ROOC, LTM  8.4%  3.3%  9.3% 
Wood Products
Adjusted EBIT, LTM  -6  -63  -16 
Operating capital, LTM  597  673  609 
Adjusted ROOC, LTM  -1.0%  -9.3%  -2.7% 
Forest
Adjusted EBIT, LTM  320  267  309 
Capital employed, LTM  6,043  5,782  5,989 
Adjusted ROCE, LTM  5.3%  4.6%  5.2% 
LTM = Last 12 months.
1
  
Q1 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  30

===== SIDA 31 =====

Contact information
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
storaenso.com/investors
For further information, please contact:
Anna-Lena Åström, SVP Investor Relations, tel. +46 702 107 691
Carl Norell, SVP Corporate Communications, tel. +46 722 410 349
Stora Enso's January–June 2025 results will be published on
23 July 2025
Stora Enso will organise a Capital Markets Day on
25–26 November 2025
The forest is at the heart of Stora Enso and we believe that everything made from fossil-based materials today can 
be made from a tree tomorrow. We are the leading provider of renewable products in packaging, biomaterials, and 
wooden construction, and one of the largest private forest owners in the world. We create better choices for 
society by accelerating the transition to a circular bioeconomy. We aim to contribute positively to nature, and have 
the most effective use of fiber-based renewable material. Stora Enso has approximately 19,000 employees and our 
sales in 2024 were EUR 9 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq 
Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and 
ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors
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.
Contacts
Stora  E n s o  J a n u a r y – M a r c h   r e s u l t s  2 0 2 5  31