===== SIDA 1 ===== Interim Report Q1 January-March 2026 Results summary 2 CEO comment 3 Group results 4 Segment results 6 Sustainability 8 Short-term risks 9 Annual General Meeting 2026 9 Events after the period 9 Financials 10 IFRS section 10 Alternative performance measures 19 Contacts 23 On the cover: Dry food packaging, AvantForte White Top ===== SIDA 2 ===== Focus on our own actions drives results Quarterly financial highlights (compared with Q1/25) • Sales remained stable at EUR 2,358 (2,362) million, as higher deliveries were offset by negative foreign exchange rate changes. • Adjusted EBIT decreased by 9% to EUR 159 (175) million, as lower wood costs were offset by negative net foreign exchange rate and the ramp- up at the Oulu site. The adjusted EBIT margin decreased to 6.7% (7.4%). • Operating result (IFRS) was EUR 85 (171) million, including items affecting comparability of EUR -56 (-11) million, and fair valuations and other non- operational items of EUR -18 (7) million. • Earnings per share were EUR 0.04 (0.14) and earnings per share excl. fair valuations (FV) were EUR 0.05 (0.13). • The fair value of the forest assets was EUR 8.5 (9.3) billion, equivalent to EUR 10.76 per share, reflecting the impact of the divestment of 12.4% of forest assets in Sweden in 2025. • Cash flow from operations amounted to EUR 125 (192) million, reflecting higher restructuring-related site closure expenses and higher working capital. • Cash flow after investing activities improved to EUR -22 (-47) million, mainly due to lower cash spending on fixed assets. • The net debt to adjusted EBITDA (LTM) ratio improved to 3.1 (3.2). Key highlights • Stora Enso continues the preparations for the separation of its Swedish forest assets business into a new publicly-listed company, expected to be completed during the first half of 2027. • Stora Enso's strategic review of its Central European sawmills and building solutions operations is ongoing. • The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing. The line is expected to reach full capacity during 2027. • Stora Enso's segment reporting changed as of 1 January 2026, and the Group has restated the comparative figures for its segment reporting for 2025. • Stora Enso's Annual General Meeting on 24 March 2026 decided to distribute a dividend of EUR 0.25 per share for the year 2025 in two instalments, paid on 8 April 2026 and 2 October 2026. Outlook Q2/2026 • Market conditions remain challenging, with low consumer confidence and heightened geopolitical volatility. • Geopolitical tensions, particularly the conflict in the Middle East, are expected to increase costs in 2026, especially for logistics, chemicals, and energy. The Group is working on measures to manage these pressures, but uncertainty persists regarding cost and market development. • The ramp-up of the new production line in Oulu continues. In Q2, we expect the negative impact on adjusted EBIT to continue at a similar level as in Q1/2026. • Planned maintenance activity in the second quarter is expected to be broadly in line with the first quarter of 2026. See the section Maintenance for more details. • The divestment of 175,000 hectares of forest assets in Sweden, completed in 2025, will result in a reduction of annual adjusted EBIT of approximately EUR 20 million, with an estimated quarterly effect of approximately EUR 5 million. • The operating income from emission rights in 2025 was about EUR 72 million, distributed evenly throughout the year. For 2026, the income from the sale of emission rights is projected to decrease to EUR 10–20 million. This decline results from changes in the EU ETS (Emissions Trading S c h e m e ) r u l e s : s e v e r a l s i t e s w i l l l o s e t h e i r f r e e C O ₂ a l l o w a n c e a l l o c a t i o n s from 2026 onward, as their emissions are now more than 95% biogenic, demonstrating the success of long-term emission-reduction initiatives. 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 2 0 2 6 r e s u l t s  2 Sales and adjusted EBiT margin Sales, MEUR Adjusted EBIT, % Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 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 <1.0x Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 0 1,000 2,000 3,000 4,000 0.0 1.0 2.0 3.0 4.0 ===== SIDA 3 ===== CEO comment The first quarter of 2026 developed largely as expected, with stable performance in a market that remains challenging. Demand in our main end markets stayed at relatively low levels, and pricing pressure persisted in some business segments, while prices firmed up and increased in others. While market conditions remain challenging, we continue to drive performance through our own actions across operations, costs, commercial excellence, and procurement. In the early part of the quarter, we saw a positive development in demand. However, towards the end of the quarter, geopolitical tensions escalated with the outbreak of the war in Iran. While the impact on the first quarter's performance was limited, these developments have increased uncertainty and are expected to affect the operating environment going forward. The situation adds to volatility and raises the risk of higher cost levels, particularly related to energy, logistics and other variable costs such as chemicals, with effects becoming more visible in the second quarter. O p e r a t i o n a l l y , t h e r a m p - u p o f t h e n e w c o n s u m e r b o a r d l i n e a t O u l u continued. We focused on improving the technical runnability of production. This, in addition to the weak market, impacted profitability during the quarter and is expected to continue into the second q u a r t e r . W h i l e t h e r a m p - u p c o n t i n u e s t o i m p a c t s h o r t - t e r m profitability, we remain confident in bringing the line to full operational performance during 2027. Preparations for the separation of our Swedish forest assets business, now named Bergslagets Skogar (formerly ForestCo), continued to progress as planned. A dedicated management team is in place, and we are preparing for a Capital Markets Day on 3 November 2026, which will provide further detail on the business, its strategy and financial profile. This quarter marks the first time we report under our new reporting structure, which reflects how we manage the business and how value is created across the Group. A key to value creation is the P&L responsibility across 6 Business Areas and 23 Business Units. I am pleased to see that this decentralised P&L responsibility is already having a positive effect through our leaders focusing on continuous profit improvement. This provides a strong foundation for performance culture going forward. Our strategic priorities remain unchanged: • Lead in customer value creation through innovation, quality and sustainability • Grow faster than market with superior customer offering, leading technology and operational efficiency • Expand margin through business focus, a positive performance culture and systematic value creation • Generate cash with high conversion ratio and disciplined capital allocation "While market conditions remain challenging, we continue to drive performance through our own actions across operations, costs, commercial excellence, and procurement." We continue to strengthen our competitiveness and ability to deliver consistent performance regardless of external market volatility. I would like to thank our employees for their strong contribution at the start of the year. Together, we are building a stronger, more focused, and more sustainable Stora Enso. Hans Sohlström President and CEO, Stora Enso CEO comment S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  3 ===== SIDA 4 ===== Group result Q1/2026 (compared with Q1/2025) EUR million Q1/26 Q1/25 Change % Q1/26–Q1/25 Q4/25 2025 Sales 2,358 2,362 -0.2 % 2,254 9,326 Adjusted EBITDA 309 320 -3.5 % 255 1,144 Adjusted EBITDA margin 13.1 % 13.5 % 11.3 % 12.3 % Adjusted EBIT 159 175 -9.5 % 100 528 Adjusted EBIT margin 6.7 % 7.4 % 4.5 % 5.7 % Operating result (IFRS) 85 171 -50.5 % 476 942 Result before tax (IFRS) 43 132 -67.2 % 430 783 Net result for the period (IFRS) 35 107 -67.3 % 363 686 Cash flow from operations 125 192 -35.1 % 337 897 Cash flow after investing activities -22 -47 53.5 % 149 122 Capital expenditure 74 125 -40.4 % 259 746 Depreciation and impairments excl. IAC 127 118 8.0 % 125 483 Net debt 3,535 3,932 -10.1 % 3,181 3,181 Forest assets¹ 8,484 9,260 -8.4 % 8,478 8,478 Adjusted return on capital employed (ROCE), %, LTM² 3.7% 4.4% 3.8% 3.8% Earnings per share (EPS) excl. FV, EUR 0.05 0.13 -60.2 % -0.03 0.41 EPS (basic), EUR 0.04 0.14 -71.7 % 0.46 0.88 Return on equity (ROE), %, LTM² 6.0% -1.5% 6.7% 6.7% Net debt/equity ratio 0.34 0.38 0.29 0.29 Net debt to LTM² adjusted EBITDA ratio 3.1 3.2 2.8 2.8 Equity per share, EUR 13.23 13.16 0.5 % 13.69 13.69 Average number of employees (FTE) 18,055 18,512 -2.5 % 18,631 18,877 1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies Breakdown of change in sales Sales Q1/2025, EUR million 2,362 Price and mix 0% Currency -2% Volume 1% Other sales1 0% Total before structural changes -2% Structural changes2 1% Total 0% Sales Q1/2026, EUR million 2,358 1 Energy, paper for recycling (PfR), by-products etc. 2 Asset closures, major investments, divestments and acquisitions Group sales Sales were stable. Higher deliveries in all segments, except Biomaterials, as well as structural changes related to the ramp-up of the consumer board line in Oulu and the acquisition of Junnikkala, were offset by adverse foreign exchange rate movements. Adjusted EBIT Adjusted EBIT decreased by 9% or EUR 17 million. Lower wood costs were offset by negative net foreign exchange rates and the adverse impact of the ramp-up of the new consumer board line in Oulu. Prices and mix decreased profitability by EUR 20 million. Variable costs were EUR 81 million lower, mainly due to lower wood, chemicals, and transportation costs. Fixed costs decreased EUR 2 million due to cost control. Net foreign exchange rates had a negative EUR 58 million impact. The impact from depreciations, associated companies, structural changes and other was negative EUR 16 million in profitability. Operating result (IFRS) Operating result (IFRS) decreased by EUR 87 million. Fair valuations and non-operational items (FV) had a adverse impact on the operating result of EUR 18 (+7) million. Items affecting comparability (IAC) had an adverse impact of EUR 56 (-11) million on the operating result. Other Net financial items amounted to EUR -41 (-39) million, an increase of EUR 2 million. The slight increase was mainly driven by lower interest income during the quarter. Net debt to LTM adjusted EBITDA improved to 3.1 (3.2) due to lower net debt level as compared to the same period of last year. Forest assets The fair value of total forest assets decreased by EUR 776 million to EUR 8,484 (9,260) million. The decrease was mainly due to the divestment of forest assets in Sweden in 2025. The fair value of biological assets, including Stora Enso's share of biological assets in associated companies, decreased by EUR 124 million to EUR 6,740 (6,864) million. This was mainly a result of the divestment of forest assets in Sweden, while increases in estimated long-term wood prices had a positive impact on biological asset value. The value of forest land, including leased land and Stora Enso's share of associated companies, decreased by EUR 652 million to EUR 1,744 (2,396) million. The decrease was mainly due to the divestment of forest land in Sweden and an increase in the discount rate. Group result LTM = Last 12 months 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. Stora Enso January–March 2026 results 4 ===== SIDA 5 ===== First quarter 2026 results (compared with Q4/2025) Sales Group sales increased by 5%, or EUR 104 million, to EUR 2,358 (2,254) million, mainly due to higher deliveries in all segments except Biomaterials. Sales prices and foreign exchange rates had a small positive impact on sales. Adjusted EBIT Adjusted EBIT increased to EUR 159 (100) million. The adjusted EBIT margin increased to 6.7% (4.5%). Sales prices and mix improved adjusted EBIT by EUR 4 million. Volumes had a positive impact of EUR 30 million. Variable costs were EUR 40 million lower, as lower wood costs were partly offset by lower EUA certificate sales. Fixed costs were EUR 9 million lower, mainly due to cost control, seasonality, and lower maintenance activity. Net foreign exchange rates had a negative EUR 10 million impact on adjusted EBIT. The impact from depreciations, associated companies, structural changes and other was negative EUR 15 million in profitability. Cash flow Q1/2026 (compared with Q1/2025) Cash flow (non-IFRS) EUR million Q1/26 Q1/25 Change % Q1/26–Q1/25 Q4/25 2025 Adjusted EBITDA 309 320 -3.5 % 255 1,144 IAC and other adjustments on Adjusted EBITDA -66 -24 -173.9 % -110 -298 Change in working capital -118 -104 -14.1 % 192 51 Cash flow from operations 125 192 -35.1 % 337 897 Cash spent on fixed and biological assets -142 -239 40.7 % -188 -775 Acquisitions of associated companies -5 0 n/m 0 0 Cash flow after investing activities -22 -47 53.5 % 149 122 Cash flow after investing activities improved compared to Q1/25, mainly due to lower cash spending on fixed assets. Items affecting comparability were mainly related to restructuring costs. Changes in working capital had a somewhat more negative impact compared to Q1/25. Payments related to previously announced provisions amounted to EUR 15 (11) million. Capital expenditure Q1/2026 (compared with Q1/2025) Additions to fixed and biological assets totalled EUR 74 (125) million, of which EUR 62 (109) million were fixed assets and EUR 12 (16) million biological assets. Depreciations and impairment charges excluding IACs totalled EUR 127 (118) million. Additions in fixed and biological assets had a cash outflow impact of EUR 142 (239) million, mainly related to the Oulu ramp-up. Stora Enso anticipates that capital expenditure in 2026 will be below EUR 550 million, which is EUR 200 million less than in the previous year. The main projects ongoing during the quarter were: • Corrugated packaging plant development at the Ostrołęka site in Poland • Finalisation of fluff pulp, winder and roll handling investment at the Skutskär site in Sweden Group result Stora Enso January–March 2026 results 5 ===== SIDA 6 ===== Capital structure Q1/2026 EUR million 31 Mar 2026 31 Dec 2025 31 Mar 2025 Fixed assets1 13,457 13,668 14,285 Associated companies 1,083 1,108 940 Operating working capital, net2 505 328 434 Non-current interest-free items, net -179 -193 -203 Operating capital total 14,866 14,911 15,457 Net tax liabilities -1,050 -1,080 -1,294 Capital employed 13,816 13,830 14,163 Equity attributable to owners of the Parent 10,431 10,796 10,381 Non-controlling interests -149 -147 -150 Net debt 3,535 3,181 3,932 Financing total 13,816 13,830 14,163 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. Compared with Q4/2025 Net debt increased by EUR 354 million to EUR 3,535 (3,181) million during the first quarter, mainly due to dividend payables and cash outflows after investing activities, net financial items and taxes. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 3.1 (2.8). The net debt/equity ratio on 31 March 2026 increased to 0.34 (0.29). 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 199 million to EUR 1,007 million. D u r i n g t h e q u a r t e r , S t o r a E n s o r e p a i d E U R   1 0 0   m i l l i o n o f b a n k l o a n a t i t s o r i g i n a l m a t u r i t y . O n 1 0 A p r i l , S t o r a Enso completed the issuance of two tranches of hybrid bonds with a total nominal amount of EUR 1 billion. Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 31 March 2026. Segments Stora Enso changed its segment reporting structure as of 1 January 2026. More details in the section Segment changes. Consumer Packaging Comprises the Cartonboard and the Foodservice and Liquid Board business areas Cartonboard is a leader in Folding Boxboard (FBB), Coated Unbleached Kraft (CUK) and Solid Bleached Sulphate (SBS) segments in Europe, and focuses on developing and innovating sustainable packaging materials. It produces premium fresh fiber packaging boards for food, cosmetics, chocolate, cigarette, and pharmaceutical packaging, beverage and multipacks. Foodservice and Liquid Board is a global leader in Liquid Packaging Boards and Europe’s largest supplier of Foodservice Boards, focusing on developing and innovating sustainable packaging materials for the global food and beverage sector. It produces Foodservice Boards for items like paper cups, trays, and containers, and Liquid Packaging Boards for products such as milk, juice, yoghurt, and soups. Integrated Packaging Comprises the Containerboard and the Packaging Solutions business areas Containerboard is a global leader in virgin-fiber containerboard, with a competitive recycled offering. It produces brown and white-top kraftliners for fresh food and agricultural products, and testliners and fluting for corrugated packaging in e- commerce, consumer products, electronics, and industrial packaging applications. Packaging Solutions is a packaging converter producing premium fiber-based packaging products across multiple market areas, including retail, e-commerce, and industrial applications. It provides design and sustainability services to help customers to optimise material use, improve logistics, and reduce CO2 emissions. Biomaterials The segment includes specialty pulp grades and biochemicals produced at the Northern European production units and sustainable cost competitive eucalyptus pulp grades produced in Latin America, serving demanding customers with specialised pulp across packaging, hygiene, medical care and industrial applications. Other Includes the Wood and Energy business area and Group functions, the Swedish forest assets, the Growth business unit, and the Central European Wood Products operations. Intercompany sales of wood and logistics services from the segment Other to Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated from the segment Other. Capital structure Stora Enso January–March 2026 results 6 ===== SIDA 7 ===== Segment results (compared with Q1/2025) EUR million Q1/26 Q1/25 Change % Q1/26–Q1/25 Q4/25 2025 Consumer Packaging Sales 970 894 8.5 % 900 3,692 Adjusted EBITDA 117 105 10.6 % 52 354 Adjusted EBIT 65 55 18.1 % -2 129 Adjusted EBIT margin 6.7% 6.2% -0.2% 3.5% Operating result (IFRS) 59 51 15.2 % -7 88 Integrated Packaging Sales 572 586 -2.3 % 564 2,359 Adjusted EBITDA 67 60 12.7 % 68 232 Adjusted EBIT 28 22 27.4 % 29 74 Adjusted EBIT margin 4.8% 3.7% 5.1% 3.1% Operating result (IFRS) 1 20 -95.1 % 26 53 Biomaterials Sales 353 416 -15.1 % 378 1,558 Adjusted EBITDA 77 94 -18.3 % 83 326 Adjusted EBIT 39 59 -33.7 % 45 185 Adjusted EBIT margin 11.1% 14.3% 11.9% 11.9% Operating result (IFRS) 35 62 -44.2 % 83 219 Other Sales 641 645 -0.6 % 606 2,497 Adjusted EBITDA 46 57 -18.6 % 45 230 Adjusted EBIT 25 35 -29.4 % 22 138 Adjusted EBIT margin 3.9% 5.5% 3.7% 5.5% Operating result (IFRS) -11 34 -133.0 % 369 580 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Consumer Packaging • Sales increased mainly due to higher deliveries and ramp-up of the consumer board line in Oulu and the Junnikkala acquisition. • Adjusted EBIT increased by EUR 10 million, as lower variable and fixed costs were partly offset by the adverse impact of the ramp-up of the new line in Oulu. • Order inflow improved, although demand for European consumer board grades remained mixed. Integrated Packaging • Sales decreased mainly due to negative foreign exchange rates. • Adjusted EBIT increased by EUR 6 million as lower variable costs were partly offset by lower prices and negative net foreign exchange rates. • Demand for containerboard and corrugated board remained stable and the Group continues to protect and improve its margins in markets with overcapacity. Biomaterials • Sales decreased mainly due to negative foreign exchange rates and lower deliveries, impacted by annual maintenance at the Veracel site in the first quarter of 2026. • Adjusted EBIT decreased by EUR 20 million as lower sales were only partly offset by lower variable costs. • Softwood market remained weak but especially Asian hardwood market more tight and prices continued to recover sequentially. Other • Sales of wood and wood products remained relatively stable. • Adjusted EBIT decreased by EUR 10 million mainly due to higher costs and lower margins in the Central European wood products operations. Segment results Stora Enso January–March 2026 results 7 Share of external sales by segment 39% 24% 12% 25% Consumer Packaging Integrated Packaging Biomaterials Other EUR million Adjusted EBIT by segment Consumer Packaging Integrated Packaging Biomaterials Other 0 10 20 30 40 50 60 70 ===== SIDA 8 ===== 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 Q1/2026, the Scope 1 and 2 CO2e emissions were 1.01 million tonnes, a 62% reduction from the base year. Compared with Q1/2025 (1.13 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 2025, Stora Enso's estimated Scope 3 CO2e emissions were 4.63 million tonnes, a 38% reduction from the base year. Circularity Stora Enso's target is to reach 100% recyclable products by 2030. By the end of 2025, 94% (2024: 94%) 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 in the Sustainability Statement. 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 2025 (2024: 99%). Direct and indirect CO2e emissions (Scope 1+2, rolling four quarters)1 Million tonnes 0% -13% -15% -28% -42% -53% -61% -62% -50% CO₂e million tonnes, effective CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 2025 Q1/2026 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 —% -4% 1% -25% -35% -39% -38% -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 revised due to additional data after previous interim reports. Responsible business practices Stora Enso reports on the sustainability indicators below on a quarterly basis. Key performance indicators (KPIs) 31 Mar 2026 31 Dec 2025 31 Mar 2025 Target Occupational safety: total TRI rate, year-to-date 4.5 4.5 4.2 4.3 by the end of 2026 Gender balance: % of female managers among all managers 24% 24% 25% 25% by end of 2027 Water: total water withdrawal per saleable tonne (m3/tonne) 57 56 58 Decreasing trend from 2016 baseline (60m3/ tonne) Water: process water discharges per saleable tonne (m3/tonne) 33 32 33 17% reduction by 2030 from 2019 baseline (36m3/tonne) Sustainable sourcing: % of supplier spend covered by the Supplier Code of Conduct (SCoC) 94% 94% 95% 95% or above Full overview of Stora Enso's sustainability targets, 2025 performance and accounting principles are available in the Sustainability Statement. Sustainability S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  8 ===== SIDA 9 ===== Short-term risks Risk is characterised by both threats and opportunities that may affect Stora Enso's performance, financial results and reputation. Geopolitical and macroeconomic uncertainty could adversely impact the Group through trade measures, conflict-related risks, supply- and demand imbalances, and economic volatility. A prolonged downturn, interest rate and currency fluctuations, operational and logistics disruptions, and challenges in market capacity may negatively affect costs, margins, volumes and profitability. Continued volatility in raw material and energy prices, particularly wood availability in the Nordics, could increase costs and disrupt production. Regulatory developments, compliance costs, litigation, and operational or environmental incidents may also have an adverse financial impact. More detailed risk disclosures are available in in Stora Enso’s Annual Report 2025, at storaenso.com/annualreport. Resolutions by the Annual General Meeting 2026 Stora Enso Oyj’s Annual General Meeting was held on 24 March 2026 in Helsinki, Finland. The AGM adopted the accounts for 2025 and the Remuneration Report 2025, 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 2025 in two instalments as follows: The first dividend instalment, EUR 0.13 per share, was paid paid on 8 April 2026, and the second instalment, EUR 0.12 per share, will be paid on 2 October 2026. The AGM resolved that the Board of Directors shall have eight (8) members. The AGM further resolved to re-elect the current members of the board of Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Christiane Kuehne, Richard Nilsson, Elena Scaltritti, and Antti Vasara – as members of the Board of Directors until the end of the following AGM and to elect Jouko Karvinen as new member for the same term of office. The AGM resolved to elect Håkan Buskhe as Chair of the Board of Directors and Jouko Karvinen as Vice Chair of the Board of Directors. For more information about the resolutions of the AGM in 2026, please see the release Resolutions by Stora Enso Oyj’s Annual General Meeting. Events after the period On 10 April, Stora Enso completed the issuance of two tranches of hybrid bonds with a total nominal amount of EUR 1 billion. The proceeds from the issuance will be used for general corporate purposes, including the refinancing of existing debt and upcoming maturities. The hybrid bonds will be treated as equity in Stora Enso's consolidated financial statements prepared in accordance with the IFRS. 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, 7 May 2026 Stora Enso Oyj Board of Directors Short-term risks S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  9 ===== SIDA 10 ===== Financials Condensed consolidated income statement EUR million Q1/26 Q1/25 Q4/25 2025 Sales 2,358 2,362 2,254 9,326 Other operating income 44 49 75 389 Materials and services1 -1,741 -1,727 -1,754 -7,020 Personnel expenses -314 -304 -296 -1,232 Other operating expenses -133 -112 -133 -503 Share of results of associated companies 3 13 49 89 Change in net value of biological assets 7 7 419 401 Depreciation, amortisation and impairments -140 -117 -138 -507 Operating result 85 171 476 942 Net financial items -41 -39 -47 -159 Result before tax 43 132 430 783 Income tax -8 -25 -66 -97 Net result for the period 35 107 363 686 Attributable to Owners of the Parent 32 113 361 695 Non-controlling interests 3 -6 3 -9 Net result for the period 35 107 363 686 Earnings per share Basic earnings per share, EUR 0.04 0.14 0.46 0.88 Diluted earnings per share, EUR 0.04 0.14 0.46 0.88 1 The following three income statement lines: Materials and services, Change in inventories of finished good and WIP and Freight and sales commissions, were combined into this single row in Q4 2025. Consolidated statement of comprehensive income EUR million Q1/26 Q1/25 Q4/25 2025 Net result for the period 35 107 363 686 Other comprehensive income (OCI) Items that will not be reclassified to profit and loss Equity instruments at fair value through OCI -167 54 41 297 Actuarial gains and losses on defined benefit plans 10 10 4 36 Revaluation of forest land 0 0 -360 -385 Share of OCI of associated companies 0 0 -30 -28 Income tax relating to items that will not be reclassified 0 -1 73 73 -157 63 -273 -8 Items that may be reclassified subsequently to profit and loss Cumulative translation adjustment (CTA) -29 218 95 124 Net investment hedges and loans 20 -10 3 -21 Cash flow hedges and cost of hedging -42 73 -21 84 Share of OCI of Non-controlling Interests (NCI) -5 5 -3 12 Income tax relating to items that may be reclassified 7 -16 5 -20 -49 271 80 179 Total comprehensive income -170 441 171 857 Attributable to Owners of the parent -168 442 171 854 Non-controlling interests -2 0 0 3 Total comprehensive income -170 441 171 857 Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  10 ===== SIDA 11 ===== Condensed consolidated statement of financial position Assets Goodwill O 170 171 163 Other intangible assets O 245 250 285 Property, plant and equipment O 5,173 5,227 4,996 Right-of-use assets O 428 422 483 6,015 6,069 5,928 Forest assets O 6,629 6,641 7,585 Biological assets O 5,163 5,167 5,513 Forest land O 1,466 1,473 2,072 Emission rights O 65 45 115 Investments in associated companies O 1,083 1,108 940 Listed securities I 0 0 10 Unlisted securities O 747 912 657 Non-current interest-bearing receivables I 19 14 22 Deferred tax assets T 234 222 200 Other non-current assets O 78 69 62 Non-current assets 14,871 15,081 15,519 Inventories O 1,849 1,802 1,800 Tax receivables T 31 29 39 Operating receivables O 997 869 1,021 Interest-bearing receivables I 48 67 115 Cash and cash equivalents I 1,011 1,212 1,659 Current assets 3,936 3,978 4,634 Total assets 18,807 19,059 20,153 EUR million 31 Mar 2026 31 Dec 2025 31 Mar 2025 Equity and liabilities Owners of the Parent 10,431 10,796 10,381 Non-controlling Interests -149 -147 -150 Total equity 10,282 10,649 10,231 Post-employment benefit obligations O 143 153 173 Provisions O 80 79 82 Deferred tax liabilities T 1,297 1,314 1,507 Non-current interest-bearing liabilities I 3,304 3,557 3,904 Non-current operating liabilities O 34 30 11 Non-current liabilities 4,858 5,133 5,676 Current portion of non-current debt I 425 253 911 Interest-bearing liabilities I 879 659 922 Bank overdrafts I 5 5 0 Provisions O 54 50 33 Operating liabilities O 2,287 2,293 2,354 Tax liabilities T 17 17 26 Current liabilities 3,667 3,277 4,246 Total liabilities 8,525 8,410 9,923 Total equity and liabilities 18,807 19,059 20,153 EUR million 31 Mar 2026 31 Dec 2025 31 Mar 2025 Items designated with “O” comprise Operating Capital Items designated with “I” comprise Net debt Items designated with “T” comprise Net Tax Liabilities Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  11 ===== SIDA 12 ===== Condensed consolidated statement of cash flows Cash flow from operating activities Operating result 85 171 Adjustments for non-cash items 158 124 Change in net working capital -118 -104 Cash flow from operations 125 192 Net financial items paid -38 -26 Income taxes paid, net -15 -15 Net cash from operating activities 72 151 Cash flow from investing activities Acquisitions of associated companies -5 0 Cash flow on disposal of listed and unlisted securities 0 1 Cash flow on disposal of forest and intangible assets and property, plant and equipment 4 6 Capital expenditure -142 -239 Proceeds from/payment of non-current receivables, net 1 0 Net cash from investing activities -142 -232 Cash flow from financing activities Repayment of long-term debt and lease liabilities -109 -219 Change in short-term interest-bearing liabilities -23 -17 Dividends paid 0 -11 Purchase of own shares1 -1 -1 Net cash from financing activities -133 -248 Net change in cash and cash equivalents -202 -330 Translation adjustment 3 -3 Net cash and cash equivalents at the beginning of period 1,206 1,993 Net cash and cash equivalents at period end 1,007 1,659 Cash and cash equivalents at period end 1,011 1,659 Bank overdrafts at period end -5 0 Net cash and cash equivalents at period end 1,007 1,659 EUR million Q1/26 Q1/25 1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 31 March 2026. Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  12 ===== SIDA 13 ===== 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 2025 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 0 — 209 10 346 5 351 Income tax relating to OCI — — — — — -15 0 — -1 -1 -17 — -17 Total comprehensive income — — — — 55 58 0 — 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 Net result for the period — — — — — — — — — 582 582 -3 579 OCI before tax — — — — 242 11 -385 -28 -106 27 -240 7 -233 Income tax relating to OCI — — — — 1 -2 79 — -2 -7 69 — 69 Total comprehensive income — — — — 244 9 -307 -28 -108 602 412 4 416 Reclassifications on disposals — — — — -4 — -126 — — 130 — — — Dividend — — — — — — — — — — — — — Acquisitions and disposals — — — — — — — — — — — — — Purchase of treasury shares — — — — — — — — — — — — — Share-based payments — — — — — — — — — 3 3 — 3 Balance at 31 December 2025 1,342 77 633 — 744 40 884 40 -357 7,393 10,796 -147 10,649 Net result for the period — — — — — — — — — 32 32 3 35 OCI before tax — — — — -167 -42 — — -9 10 -207 -5 -213 Income tax relating to OCI — — — — — 7 — — — — 7 — 7 Total comprehensive income — — — — -167 -35 — — -9 42 -168 -2 -170 Dividend — — — — — — — — — -197 -197 — -197 Acquisitions and disposals — — — — — — — — — — — — — Purchase of treasury shares — — — -1 — — — — — — -1 — -1 Share-based payments — — — 1 — — — — — — 1 — 1 Balance at 31 March 2026 1,342 77 633 — 577 6 884 40 -366 7,238 10,431 -149 10,282 CTA = Cumulative Translation Adjustment OCI = Other Comprehensive Income NCI = Non-controlling Interests Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  13 ===== SIDA 14 ===== 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 2025 with the exception of new and amended standards applied to the annual periods beginning on 1 January 2026 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. Segment changes Stora Enso has implemented changes to its organisational and reporting structures to better align with its strategic focus and operational synergies. Effective 1 January 2026, the Group's reportable segments are Consumer Packaging, Integrated Packaging, Biomaterials and the segment Other. Consumer Packaging: Consumer Packaging is a new reportable segment, consisting of the Cartonboard, and Foodservice and Liquid Board business areas (previously in Packaging Materials). These operating segments have been aggregated into a single reportable segment based on their similar economic and other characteristics. Integrated Packaging: Another new reportable segment, Integrated Packaging, comprises the Containerboard business area (previously included in Packaging Materials) and the Packaging Solutions business area. These operating segments have also been aggregated based on their similar economic and other characteristics. Biomaterials: The Biomaterials segment continues to be reported as a separate reportable segment. Other: The segment Other now includes the Wood & Energy business area and Group functions, the Swedish forest assets, the Growth business unit, and the Central European Wood Products operations. Intercompany sales of wood and logistics services from the segment Other to Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated from the segment Other, reflecting the manner in which the chief operating decision maker regularly reviews reportable segments. Main changes The Wood Products segment has been discontinued as a separate reportable segment as of 1 January 2026. Northern Europe Wood Products operations have been integrated into the Consumer Packaging, Integrated Packaging, and Biomaterials segments to leverage operational synergies. Central European Wood Products operations, which are currently under strategic review, are reported within the segment Other. The Forest segment has also been discontinued as a separate reportable segment. Swedish forest assets (which are proposed to be demerged) and wood supply operations in Finland, Sweden, and the Baltic countries are now reported within the segment Other. Plantations in Latin America and China, which are linked to local mills, continue to be reported under the Consumer Packaging and Biomaterials segments. From 1 January 2026, Stora Enso’s forestry-related associated companies results and assets in Finland (Tornator) and Sweden (SESOM 2) are reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the Forest segment), based on their proportional wood consumption. Stora Enso’s energy-related business and assets in Pohjolan Voima (PVO) are now reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the segment Other), based on their proportional energy consumption. External PVO related electricity sales will continue to be reported under the segment Other. The Growth business unit, focused on developing innovative biobased s o l u t i o n s t o r e p l a c e f o s s i l - b a s e d a n d o t h e r n o n - r e n e w a b l e m a t e r i a l s , i s now reported within the segment Other. Previously, it was included in the Biomaterials segment. Comparative periods have been restated accordingly. Details of these restatements are provided in the press release dated 25 March 2026. The following new and amended standards are applied to the annual periods beginning on 1 January 2026 Amended standards and interpretations did not have material effect on the Group. Future standard changes endorsed by the EU but not yet effective in 2026 IFRS 18 Presentation and Disclosure in Financial Statements. The objective of the new IFRS 18 standard is to set out requirements for the presentation and disclosure of information in general purpose financial statements to help ensure they provide relevant information that faithfully represents an entity's financial performance. The new Standard will give investors more transparent and comparable information about companies’ financial performance. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027 (retrospective application is mandatory). IFRS 18 replaces IAS 1 Presentation of Financial Statements and carries forward many requirements from IAS 1 unchanged. IFRS 18 introduces three sets of new requirements to improve companies’ reporting of financial performance. Comparability in the income statement. IFRS 18 introduces defined categories for income and expenses - operating, investing, financing and taxes - to improve the structure of the income statement, and requires all companies to provide new defined subtotals. Transparency of management-defined performance measures (often referred to as alternative performance measures). IFRS 18 requires companies to disclose explanations of company specific measures that are related to the income statement, referred to as management defined performance measures. The new requirements will improve the transparency of management-defined performance measures. Grouping of information in the financial statements. IFRS 18 sets out guidance on how to organise information and whether to provide it in the primary financial statements or in the notes. The changes are expected to provide more detailed and useful information. The Group is evaluating the impact of the new standard and expects it to have material impact on the Group’s income statement, cash flow statement, and certain notes to the consolidated financial statements. In relation to the income statement, the Group anticipates a decrease in the operating result (IFRS), primarily due to the results of associated companies being excluded from the operating result (IFRS) and due to certain costs reclassified from financing to operating category. In relation to the cash flow statement, the Group expects that the net cash from operating activities will increase (mainly due to interest paid being reclassified to financing activities, netted with impact from reclassifying dividends and interest received to investing activities). Net cash from investing activities is also expected to increase (primarily as interest and dividends received will be included in investing activities rather than operating activities). Net cash from financing activities is expected to decrease (mainly due to inclusion of interest paid). No other future standard changes endorsed by the EU which would have material effect on the Group. Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  14 ===== SIDA 15 ===== Goodwill, other intangible assets, property, plant and equipment, right-of-use and forest assets EUR million Q1/26 Q1/25 2025 Carrying value at 1 January 12,710 13,172 13,172 Additions in tangible and intangible assets 50 105 633 Additions in right-of-use assets 13 4 45 Additions in biological assets 12 16 69 Depletion of capitalised silviculture costs -15 -20 -127 Acquisition of subsidiaries 0 0 121 Disposals and classification as held for sale -2 -3 -937 Depreciation and impairments -140 -117 -507 Fair valuation of forest assets 23 27 143 Translation difference and other -6 329 99 Statement of Financial Position Total 12,644 13,513 12,710 Borrowings EUR million 31 Mar 2026 31 Mar 2025 31 Dec 2025 Bond loans 2,529 3,495 2,530 Loans from credit institutions 724 793 815 Lease liabilities 475 524 463 Long-term derivative financial liabilities 1 2 1 Other non-current liabilities 1 1 1 Non-current interest-bearing liabilities including current portion 3,729 4,815 3,809 Short-term borrowings 800 838 609 Interest payable 54 66 46 Short-term derivative financial liabilities 25 19 4 Bank overdrafts 5 0 5 Total interest-bearing liabilities 4,613 5,738 4,473 EUR million Q1/26 Q1/25 2025 Carrying value at 1 January 4,473 5,779 5,779 Additions in long-term debt, companies acquired 0 0 69 Proceeds of new long-term debt 0 0 489 Repayment of long-term debt -100 -172 -1,647 Additions in lease liabilities 15 6 50 Repayment of lease liabilities and interest -18 -30 -96 Change in short-term borrowings 185 158 -50 Change in interest payable 14 18 10 Change in derivative financial liabilities 21 -29 -44 Other 0 1 -32 Translation differences 23 7 -55 Total interest-bearing liabilities 4,613 5,738 4,473 Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  15 ===== SIDA 16 ===== Commitments and contingencies EUR million 31 Mar 2026 31 Dec 2025 On Own Behalf Guarantees 10 10 Other commitments 6 6 On Behalf of associated companies Guarantees 3 4 On Behalf of Others Guarantees 4 6 Other commitments 0 0 Total 23 25 Guarantees 17 19 Other commitments 6 6 Total 23 25 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 2026 31 Dec 2025 Total 81 89 The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure contracts in joint operations. 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. Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 March 2026 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 — — — — — — — — Unlisted securities — 729 18 747 747 — — 747 Non-current interest-bearing receivables 13 6 — 19 19 — 6 — Derivative assets — 6 — 6 6 — 6 — Loan receivables 13 — — 13 13 — — — Trade and other operating receivables 684 31 — 715 715 — 31 — Current interest-bearing receivables -3 27 12 37 37 — 39 — Derivative assets — 27 3 30 30 — 30 — Other short-term receivables -3 — 9 7 7 — 9 — Cash and cash equivalents 1,011 — — 1,011 1,011 — — — Total 1,706 792 30 2,528 2,528 — 76 747 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 3,303 1 — 3,304 3,443 — 1 — Derivative liabilities — 1 — 1 1 — 1 — Non-current debt 3,303 — — 3,303 3,442 — — — Current portion of non-current debt 425 — — 425 425 — — — Current interest-bearing liabilities 853 14 18 885 885 — 32 — Derivative liabilities — 14 18 32 32 — 32 — Current debt 853 — — 853 853 — — — Trade and other operating payables 1,992 — — 1,992 1,992 — — — Bank overdrafts 5 — — 5 5 — — — Total 6,578 15 18 6,611 6,749 — 33 — 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. Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  16 ===== SIDA 17 ===== Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December 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 — — — — — — — — Unlisted securities — 896 17 912 912 — — 912 Non-current interest-bearing receivables 11 3 — 14 14 — 3 — Derivative assets — 3 — 3 3 — 3 — Loan receivables 11 — — 11 11 — — — Trade and other operating receivables 543 50 — 593 593 — 50 — Current interest-bearing receivables 10 49 8 67 67 — 57 — Derivative assets — 49 1 50 50 — 50 — Other short-term receivables 10 — 7 17 17 — 7 — Cash and cash equivalents 1,212 — — 1,212 1,212 — — — Total 1,774 999 25 2,798 2,798 — 111 912 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 3,556 1 — 3,557 3,718 — 1 — Derivative liabilities — 1 — 1 1 — 1 — Non-current debt 3,556 — — 3,556 3,718 — — — Current portion of non-current debt 253 — — 253 253 — — — Current interest-bearing liabilities 649 3 7 659 659 — 10 — Derivative liabilities — 3 7 10 10 — 10 — Current debt 649 — — 649 649 — — — Trade and other operating payables 2,013 — — 2,013 2,013 — — — Bank overdrafts 5 — — 5 5 — — — Total 6,475 4 7 6,486 6,648 — 11 — Reconciliation of level 3 fair value measurement of financial assets and liabilities: 31 March 2026 EUR million Q1/26 2025 Q1/25 Financial assets Opening balance at 1 January 912 602 602 Reclassifications 2 0 0 Gains/losses recognised in income statement 0 1 1 Gains/losses recognised in other comprehensive income -167 300 56 Additions 0 13 0 Disposals 0 -3 -1 Closing balance 747 912 657 The Group did not have level 3 financial liabilities as at 31 March 2026. Level 3 Financial Assets At period end, Level 3 financial assets included EUR 703 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 6.57% 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 +82 million and -82 million, respectively. A +/- percentage point change in the discount rate would change the valuation by EUR -130 million and +172 million, respectively. Key exchange rates for the euro One Euro is Closing Rate Average Rate (Year-to-date) 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025 SEK 10.9430 10.8215 10.6927 11.0647 USD 1.1498 1.1750 1.1707 1.1293 GBP 0.8683 0.8726 0.8683 0.8566 Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  17 ===== SIDA 18 ===== Maintenance Planned maintenance shutdowns Consumer Packaging Integrated Packaging Biomaterials 2026 2025 2026 2025 2026 2025 Q1 — — Q1 — — Q1 Veracel — Q2 Beihai Beihai Q2 Langerbrugge Langerbrugge Q2 — Skutskär Q3 Oulu Oulu Q3 Heinola, Oulu, Varkaus Heinola, Oulu, Varkaus Q3 Skutskär Enocell Q4 Anjalankoski, Fors, Imatra, Skoghall Anjalankoski, Fors, Imatra, Skoghall Q4 Ostrołęka Ostrołęka Q4 — Montes del Plata Total planned maintenance impact Expected and historical impact of lost value of sales and planned maintenance costs EUR million Q2/26¹ Q1/26² Q4/25 Q3/25 Q2/25 Q1/25 Total maintenance impact 70–80 83 113 110 95 75 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 Q1/2026 was EUR 70–80 million. External deliveries Q1/26 Q1/25 Change % Q1/26–Q1/25 Q4/25 2025 Consumer board, 1,000 tonnes 775 686 12.9 % 703 2,852 Containerboard, 1,000 tonnes 345 330 4.6 % 313 1,296 Corrugated packaging Europe, million m2 293 287 2.0 % 296 1,216 Market pulp, 1,000 tonnes 432 536 -19.4 % 507 2,019 Wood products, 1,000 m3 1,118 1,052 6.3 % 1,153 4,440 Wood, 1,000 m3 3,632 3,646 -0.4 % 3,389 13,255 Paper, 1,000 tonnes 147 137 6.9 % 140 561 Stora Enso shares During the first quarter of 2026, the conversions of 198 A shares into R shares were recorded in the Finnish trade register. On 31 March 2026, Stora Enso had 175,542,223 A shares and 613,077,764 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 of votes at least 236,849,999. Trading volume Helsinki Stockholm A share R share A share R share January 113,682 28,417,453 49,780 6,046,643 February 147,558 35,439,211 71,396 8,024,088 March 188,285 43,004,452 72,327 7,902,142 Total 449,525 106,861,116 193,503 21,972,873 Closing price Helsinki, EUR Stockholm, SEK A share R share A share R share January 9.92 9.74 105.00 102.90 February 11.55 11.51 123.50 122.40 March 10.10 10.07 111.00 110.10 Number of shares Million Q1/26 Q1/25 Q4/25 2025 At period end 788.6 788.6 788.6 788.6 Average 788.6 788.6 788.6 788.6 Average, diluted 790.1 789.6 789.7 789.7 Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  18 ===== SIDA 19 ===== Sales by segment – total EUR million Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 970 3,692 900 945 953 894 Integrated Packaging 572 2,359 564 584 626 586 Biomaterials 353 1,558 378 358 407 416 Other 641 2,497 606 588 658 645 Inter-segment sales -179 -780 -194 -191 -217 -178 Total 2,358 9,326 2,254 2,283 2,426 2,362 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Sales by segment – external EUR million Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 927 3,510 849 901 905 855 Integrated Packaging 552 2,274 542 564 602 566 Biomaterials 282 1,233 302 280 309 342 Other 596 2,310 561 539 610 600 Total 2,358 9,326 2,254 2,283 2,426 2,362 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Operating result (IFRS) by segment EUR million Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 59 88 -7 41 4 51 Integrated Packaging 1 53 26 -18 25 20 Biomaterials 35 219 83 36 38 62 Other -11 580 369 173 4 34 Inter-segment eliminations 2 2 6 -1 -7 4 Operating result (IFRS) 85 942 476 231 64 171 Net financial items -41 -159 -47 -29 -44 -39 Result before tax 43 783 430 202 20 132 Income tax expense -8 -97 -66 -1 -5 -25 Net result 35 686 363 201 15 107 Comparative figures have been restated as detailed in the press release dated 25 March 2026. 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. These measures are not defined under IFRS Accounting Standards and therefore might not be comparable to apparently similar measures used by other entities. Used together with the IFRS measures, alternative performance measures provide meaningful supplemental information about the financial development of the business operations. Definitions and purpose for alternative performance measures can be found in the Annual Report. Adjusted EBIT by segment EUR million Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 65 129 -2 54 22 55 Integrated Packaging 28 74 29 -9 33 22 Biomaterials 39 185 45 38 42 59 Other 25 138 22 44 37 35 Inter-segment eliminations 2 2 6 -1 -7 4 Adjusted EBIT 159 528 100 126 126 175 Fair valuations and non- operational items -18 434 466 -11 -27 7 Items affecting comparability -56 -19 -90 117 -35 -11 Operating result (IFRS) 85 942 476 231 64 171 Net financial items -41 -159 -47 -29 -44 -39 Result before Tax 43 783 430 202 20 132 Income tax expense -8 -97 -66 -1 -5 -25 Net result 35 686 363 201 15 107 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Reconciliation of operating result EUR million Q1/26 Q1/25 Change % Q1/26–Q1/25 Q4/25 2025 Adjusted EBITDA 309 320 -3.5% 255 1,144 Depreciation and silviculture costs of associated companies -2 -1 -87.2% -4 -14 Silviculture costs1 -20 -25 19.9% -26 -120 Depreciation and impairment excl. IAC -127 -118 -8.0% -125 -483 Adjusted EBIT 159 175 -9.5% 100 528 Fair valuations and non-operational items -18 7 n/m 466 434 Items affecting comparability (IAC) -56 -11 n/m -90 -19 Operating result (IFRS) 85 171 -50.5 % 476 942 1 Including damages to forests Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  19 ===== SIDA 20 ===== Items affecting comparability (IAC), fair valuations and non-operational items (FV) Items affecting comparability Q1/26 Q1/25 EUR million Income statement Before tax Income tax Before tax Income tax Acquisition & disposal Other operating expenses -8 0 -3 0 Impairment Depreciation, amortisation and impairments -13 2 0 0 Impairment Share of results of associated companies -12 0 0 0 Restructuring Other operating expenses -16 4 -10 2 Restructuring Materials and services -6 1 0 0 Environmental Other operating expenses 0 0 2 0 Environmental Materials and services -1 0 0 0 Other Other operating expenses 0 0 0 0 Total Operating result -56 7 -11 2 The impact on non-controlling interests (NCI) is considered immaterial. Items affecting comparability by segment EUR million Q1/26 Q1/25 Q4/25 2025 Consumer Packaging -2 -1 -27 -46 Integrated Packaging -25 0 -8 -21 Biomaterials 0 -1 -3 -5 Other -28 -9 -52 52 IAC on operating result -56 -11 -90 -19 Tax on IAC 7 2 16 28 IAC on net result -49 -9 -74 9 Comparative figures have been restated according to the new segment structure. Items affecting comparability Q1/26 Consumer Packaging Q1/26: Restructuring costs of EUR -2 million. Q1/25: Restructuring costs of EUR -1 million. Integrated Packaging Q1/26: Restructuring costs for EUR -13 million, mainly related to a site closure in China and asset impairments of EUR -13 million, mainly related to operations in China and Western Europe operations. Biomaterials Q1/26: Restructuring costs of EUR 0 million. Q1/25: Restructuring costs of EUR -1 million. Other Q1/26: EUR -7 million of restructuring costs, EUR -8 million related to acquisitions and disposals, mostly related to potential demerger of Swedish forest, impairments of EUR -12 million related to associate company valuation and environmental items of EUR -1 million. Q1/25: 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. Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  20 ===== SIDA 21 ===== Fair valuations and non-operational items Q1/26 Q1/25 EUR million Income statement Before tax Income tax Before tax Income tax Non-operational FV changes of biological assets Change in net value of biological assets -3 1 5 -1 CO2 emission rights and liabilities Other operating income, Materials and services -8 2 8 -2 Non-operational items of associated companies Share of results of associated companies -7 -5 Adjustments for differences between fair value and acquisition cost of forest assets upon disposal Other operating income 0 0 0 0 Total Operating result -18 3 7 -3 Financial items of associated companies Share of results of associated companies 3 2 Income tax of associated companies Share of results of associated companies 4 3 Total Net result for the period -16 6 9 1 The impact on non-controlling interests (NCI) is considered immaterial. Fair valuations and non-operational items by segment EUR million Q1/26 Q1/25 Q4/25 2025 Consumer Packaging -4 -3 22 5 Integrated Packaging -1 -1 5 -1 Biomaterials -4 3 41 40 Other -9 8 399 390 FV on operating result -18 7 466 434 FV on financial items 3 2 3 11 Tax on FV 6 1 -88 -76 FV on net result -9 9 381 369 Comparative figures have been restated according to the new segment structure. Fair valuations in Q1/26 Consumer Packaging: Non-operational fair valuation changes of biological assets and non-operational items of associated companies of EUR -4 (-3) million. Integrated Packaging: Non-operational items of associated companies of EUR -1 (-1) million. Biomaterials: Non-operational fair valuation changes of biological assets and non-operational items of associated companies of EUR -4 (3) million. Other: Non-cash income and expenses related to CO2 emission rights and liabilities of EUR -9 (8) million. Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  21 ===== SIDA 22 ===== Forest assets EUR million Q1/26 Q1/25 Q4/25 Forest assets in subsidiaries and joint operations 6,629 7,585 6,641 Forest assets in associated companies 1,719 1,491 1,702 Leased forest land (right-of-use assets) 136 184 134 Total Forest assets 8,484 9,260 8,478 Calculation of adjusted ROCE and ROE based on the last 12 months EUR million Q1/26 Q1/25 Q4/25 Adjusted EBIT, LTM 511 625 528 Capital employed, LTM average 13,888 14,081 13,864 Adjusted ROCE, LTM 3.7% 4.4% 3.8% Net result for the period, LTM 614 -153 686 Total equity, LTM average 10,318 10,445 10,259 Return on equity (ROE), LTM 6.0% -1.5% 6.7% Net debt 3,535 3,932 3,181 Adjusted EBITDA, LTM 1,133 1,245 1,144 Net debt to LTM adjusted EBITDA ratio 3.1 3.2 2.8 ROCE = Return on capital employed ROE = Return on equity LTM = Last 12 months Calculation of earnings per share excl. fair valuations EUR million Q1/26 Q1/25 Q4/25 2025 Earnings per share (EPS) excl. FV EUR Net profit for the period attributable to owners of the Parent 32 113 361 695 FV on net profit for the period attributable to owners of the Parent -9 9 381 369 Net profit for the period attributable to owners of the parent excl. FV 41 104 -20 327 Average number of shares 789 789 789 789 Earnings per share (EPS) excl. FV EUR 0.05 0.13 -0.03 0.41 Calculation of net debt EUR million 31 Mar 2026 31 Mar 2025 31 Dec 2025 Listed securities 0 10 0 Non-current interest-bearing receivables 19 22 14 Interest-bearing receivables 48 115 67 Cash and cash equivalents 1,011 1,659 1,212 Interest-bearing assets 1,078 1,806 1,293 Non-current interest-bearing liabilities 3,304 3,904 3,557 Current portion of non-current debt 425 911 253 Interest-bearing liabilities 879 922 659 Bank overdrafts 5 0 5 Interest-bearing liabilities 4,613 5,738 4,473 Net debt 3,535 3,932 3,181 Financials S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  22 ===== SIDA 23 ===== 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: Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061 Hanna Rutanen SVP Communications, tel. +358 41 507 1361 Stora Enso's January–June 2026 results will be published on 23 July 2026 Bergslagets Skogar, the Swedish forest assets business to be separated from Stora Enso, will organise a Capital Markets Day in Stockholm on 3 November 2026 Stora Enso is a global leader in renewable materials with a strong focus on packaging. Our purpose is to replace non-renewable materials with renewable solutions. Together with our customers, we design and deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers, accelerating the transition to a circular bioeconomy. Stora Enso has approximately 19,000 employees and our sales in 2025 were EUR 9.3 billion. Stora Enso's 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 S t o r a E n s o J a n u a r y – M a r c h 2 0 2 6 r e s u l t s  23