===== 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