Kvartalsrapport Q2 2024

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

Half-year report
January–June 2024

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

List of contents
Summary 2
CEO comment 5
Events 6
Results 6
Divisions 9
Capital structure 15
Cash flow 16
Capital expenditure 16
Sustainability 18
Short-term risks 20
Sensitivity analysis 21
Legal proceedings 21
AGM 2024 21
Financials 23
   IFRS section 23
   Alternative performance 
measures
32
Contacts 40
President and CEO Hans Sohlström:
"I am encouraged by the 
fact that our Q2 
performance met our 
expectations, reinforcing 
our recently upgraded 
2024 guidance. "
Profit improvement and 
strengthened leverage ratio
Fixed costs savings, targeting 
EUR 120 million, effective 2025, 
progresses well. 
Strengthened net debt to 
adjusted EBITDA to 3.5x. 
Operating working capital 
released: EUR 576 million 
year-on-year. 
Enhanced competitiveness
Value creation programmes, 
supported by numerous 
initiatives and centred on 
sourcing, operational, and 
commercial efficiencies, are 
advancing across all 
divisions through a 
structured analytical 
approach.
Achieving 8
th
 EcoVadis 
Platinum in ESG
Stora Enso was awarded the 
highest rating by EcoVadis 
for the eighth consecutive 
year, demonstrating ongoing 
improvements in 
environment, labour/human 
rights, ethics, and 
sustainable procurement.
Cover photo: Interior from Stora Enso's new Head Office in Helsinki
Photographer: ©Unikuva /Stora Enso/Puurakentajat Group Oy
Stora Enso January–June results 2024 1 (40)

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

Continued profit improvement with strengthened 
leverage ratio 
Quarterly financial highlights
• Sales decreased by 3% to EUR 2,301 (2,374) million; 
however, continuing operations grew by 1%.
• Adjusted EBIT increased to EUR 161 (37) million. 
• Adjusted EBIT margin increased to 7.0% (1.6%).
• Operating result (IFRS) was EUR 99 (-253) million.
• Earnings per share (EPS) were EUR 0.06 (-0.29) and 
EPS excl. fair valuations (FV) was EUR 0.07 (-0.27).
• The value of the forest assets increased to EUR 8.7 
(8.1) billion, equivalent to EUR 11.06 per share.
• Cash flow from operations amounted to EUR 
323 (146) million. Cash flow after investing 
activities was EUR 86 (-70) million.
• Net debt increased by EUR 466 million to EUR 3,497 
(3,030) million, mainly due to the board 
investment at the Oulu site. 
• The net debt to adjusted EBITDA (LTM
1
) ratio was 3.5 
(1.7). The target to keep the ratio below 2.0 remains.
January–June result 
• Sales were EUR 4,466 (5,095) million. 
• Adjusted EBIT was EUR 317 (271) million. 
• Operating result (IFRS) was EUR 247 (5) million.
• Earnings per share (EPS) were EUR 0.16 (-0.05) and 
EPS excl. fair valuations (FV) was EUR 0.16 (-0.04).
• Cash flow from operations amounted to EUR 
592 (400) million. Cash flow after investing 
activities was EUR -18 (-69) million.
• Adjusted ROCE excluding the Forest division (LTM
1
) 
decreased to 1.3% (10.7%), the target being above 
13%.
Key highlights
• The value creation programmes, centred on 
sourcing, operational and commercial efficiencies, 
are making good progress across all divisions.
• In addition, the profit improvement programme 
focusing on fixed costs, initiated in the first quarter 
2024, targeting EUR 120 million has continued to 
progress well. This has supported an improvement 
in the earnings trend due to enhanced efficiencies 
and cash flow, and strengthened the leverage 
ratio: net debt to EBITDA.
• Operating working capital decreased by EUR 576 
million year-on-year to an all-time low, driven by 
our continued focus to improve working capital 
efficiency. 
• Stora Enso secured a EUR 435 million long-term 
loan, on 11 July, from the European Investment Bank 
to fund its EUR 1 billion investment in the Oulu mill, 
Finland. Loan repayment extends until 2036, 
improving and lengthening the Group’s debt 
maturity profile. The loan is currently undrawn.
• The consumer board investment at the Oulu site in 
Finland is progressing on schedule. Production is 
expected to start in the first half of 2025, with full 
capacity estimated to be reached during 2027.
• The plan to divest the Beihai site in China is in 
process. The site has been classified as assets held 
for sale from the end of 2023.
Guidance
On 15 May, Stora Enso raised its guidance for the full 
year 2024 adjusted EBIT, due to successful 
implementation of profit improvement actions and 
more favourable market conditions. The new 
guidance is:
Stora Enso's full year 2024 adjusted EBIT is expected to 
be significantly higher than for the full year 2023, EUR 
342 million.
Sales
EUR 2,301 million
(Q2/2023: 2,374)
Adjusted EBIT margin
7.0%
(Q2/2023: 1.6%)
Adjusted ROCE excl. 
the Forest division (LTM)
1.3%
(Q2/2023: 10.7%)
Net debt to 
adjusted EBITDA (LTM)
3.5
(Q2/2023: 1.7)
EPS (basic)
EUR 0.06 
(Q2/2023: -0.29)
Cash flow from operations
EUR 323 million
(Q2/2023: 146) 
LTM = Last 12 months
Summary
Stora Enso January–June results 2024 2 (40)

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

Outlook
Market and business outlook
Stora Enso anticipates a gradual market recovery in 
2024. The positive forecast is supported by successful 
initiatives to increase profitability, which have 
contributed to the earnings trend over the past three 
quarters and helped reduce the Group's net debt to 
EBITDA ratio. Despite this, high wood costs will continue 
to pressure margins. Market uncertainties, including 
high inflation, potential strikes, and demand and price 
fluctuations, are expected to continue through the 
end of the year.
Packaging Materials
The outlook for Q3 is slightly positive, supported by 
strong order books and an improving price outlook. 
Price increases announced during Q2 in both the 
consumer and containerboard segments are 
expected to contribute positively to the results, mainly 
in the second half of this year. The liquid and food 
service board segments show improved stability and 
demand, while carton board demand remains stable 
following a strong recovery. Kraftliner and testliner 
segments are recovering, supported by stable 
demand and three rounds of price increases 
announced during H1 this year. However, high fiber 
costs and seasonally higher fixed costs due to annual 
shutdowns in virgin fiber containerboard units will 
impact the second half of the year. Paper demand is 
expected to continue its steady, gradual decline.
Packaging Solutions
Demand for Q3 is expected to remain stable with 
seasonal fluctuations. In Western Europe, volumes are 
anticipated to normalise post weather-related delays 
in the fresh-produce season. Asia usually experiences 
a downturn in Q3, with improvements expected in Q4. 
Central, Northern, and Eastern Europe should see 
consistent demand. Market challenges continue due 
to overcapacity.
Biomaterials
Looking ahead in Q3, overall pulp demand in Europe 
and China is projected to remain stable. The European 
softwood pulp market remains balanced, with no 
signs of demand improvement. In China, demand is 
stable. Demand for fluff pulp in hygiene and tissue 
products continues to be stable, supported by global 
inventories which are at or below the 5-year average.
Wood Products
Q2 experienced a seasonal surge in volumes of classic 
sawn products. However, sales and volumes are 
projected to decrease sequentially in Q3 due to the 
holiday season. Building permits are anticipated to fall 
below 2023 levels and are expected to slightly decline 
in Western Europe in the foreseeable future. 
Meanwhile, wood costs are forecast to remain 
elevated.
Forest
In Q3, wood market activity is expected to remain 
strong in Finland, Sweden, and the Baltics, with tight 
conditions driven by increasing demand for industrial 
wood (pulpwood and sawlogs). 
Long-term growth opportunities
Stora Enso holds leading positions in markets and 
segments poised for long-term growth, particularly in 
sustainable packaging, wood construction, and 
innovative biomaterials. The Group stands to benefit 
from sustainability trends and regulatory 
advancements which favour its offerings, thereby 
supporting its market presence and facilitating 
development.
Market demand development by division quarter-on-quarter, Q2/2024 to Q3/2024
Packaging Materials
• Demand for consumer board in Europe is expected to be stable and slightly stronger in China. 
• European demand for containerboard is expected to be stable. 
• European demand for paper is expected to be stable at a low level.
Packaging Solutions • European demand for corrugated packaging is expected to be stable.
Biomaterials • Demand for softwood and hardwood pulp in both Europe and China is expected to be stable. 
• Demand for fluff pulp is expected to be stable.
Wood Products • Demand for sawn wood is expected to be weaker due to holiday season.
• Weak demand for building solutions in the construction segment is expected to persist.
Forest
• Demand for industrial wood is expected to increase across all markets due to seasonality, 
leading to continued tight market conditions in Finland, Sweden, and the Baltics. 
• Demand for pulpwood for energy use is expected to be stable.
Stora Enso January–June results 2024 3 (40)

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

Key figures
EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Sales  2,301  2,374  -3.0 % 2,164  6.3 % 4,466  5,095  -12.4 % 9,396 
Adjusted EBITDA  312  198  57.4 % 298  4.9 % 610  597  2.2 % 989 
Adjusted EBITDA margin  13.6 %  8.4 %  13.8 %  13.7 %  11.7 %  10.5 %
Adjusted EBIT  161  37 n/m  156  2.8 % 317  271  17.2 % 342 
Adjusted EBIT margin  7.0 %  1.6 %  7.2 %  7.1 %  5.3 %  3.6 %
Operating result (IFRS)  99  -253  139.2 % 148  -33.2 % 247  5 n/m  -322 
Result before tax (IFRS)  50  -304  116.5 % 101  -50.4 % 152  -76  299.3 % -495 
Net result for the period (IFRS)  42  -257  116.4 % 84  -49.9 % 126  -72  276.2 % -431 
Cash flow from operations  323  146  121.0 % 269  20.1 % 592  400  47.9 % 954 
Cash flow after investing activities  86  -70  223.5 % -104  182.3 % -18  -69  73.2 % -40 
Capital expenditure  285  232  22.7 % 226  26.0 % 511  462  10.8 % 1,125 
Capital expenditure excluding 
investments in biological assets  263  213  23.6 % 210  25.0 % 474  427  11.0 % 1,054 
Depreciation and impairment charges 
excl. IAC  118  135  -12.1 % 118  0.5 % 236  271  -12.8 % 534 
Net debt  3,497  3,030  15.4 % 3,518  -0.6 % 3,497  3,030  15.4 % 3,167 
Forest assets
1  8,725  8,065  8.2 % 8,626  1.1 % 8,725  8,065  8.2 % 8,731 
Adjusted return on capital employed 
(ROCE), LTM
2  2.8%  8.1%  1.9%  2.8%  8.1%  2.4% 
Adjusted ROCE excl. Forest division, LTM
2
 1.3%  10.7%  0.0%  1.3%  10.7%  1.0% 
Earnings per share (EPS) excl. FV, EUR  0.07  -0.27  125.3 % 0.09  -23.5 % 0.16  -0.04 n/m  -0.73 
EPS (basic), EUR  0.06  -0.29  119.4 % 0.11  -48.2 % 0.16  -0.05 n/m  -0.45 
Return on equity (ROE), LTM
2
 -2.1%  7.5%  -4.8%  -2.1%  7.5%  -3.8% 
Net debt/equity ratio  0.33  0.27  0.33  0.33  0.27  0.29 
Net debt to LTM
2
 adjusted EBITDA ratio  3.5  1.7  4.0  3.5  1.7  3.2 
Equity per share, EUR  13.61  14.03  -3.0 % 13.66  -0.3 % 13.61  14.03  -3.0 % 13.93 
Average number of employees (FTE)  19,469  21,171  -8.0 % 19,412  0.3 % 19,465  21,182  -8.1 % 20,822 
1
 Total forest assets value, including leased land, assets held for sale and Stora Enso's share of Tornator.
2
 LTM = Last 12 months. The calculation method explained in the section Alternative performance measures. 
IAC = Items affecting comparability, FV = Fair valuations and non-operational items
Adjusted key figures, items affecting comparability and other non-IFRS measures: Stora Enso’s non-IFRS measures, and the calculation and 
definitions of the key figures are presented in the section Alternative performance measures.
From 1 January 2024 onwards, a slight change in terminology is applied with regards to certain key alternative performance measures. More 
information in the section Changes in Alternative performance measures. 
 Production and external deliveries
Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Consumer board deliveries, 1,000 tonnes 712  698  2.0 % 679  4.8 % 1,391  1,406  -1.0 % 2,691 
Consumer board production, 1,000 
tonnes 727  653  11.3 % 702  3.6 % 1,429  1,369  4.4 % 2,593 
Containerboard deliveries, 1,000 tonnes 332  340  -2.4 % 317  4.5 % 649  658  -1.4 % 1,236 
Containerboard production, 1,000 
tonnes 400  402  -0.5 % 379  5.4 % 779  812  -4.1 % 1,592 
Corrugated packaging European 
deliveries, million m
2 324  299  8.3 % 280  15.5 % 604  584  3.3 % 1,167 
Corrugated packaging European 
production, million m
2 304  273  11.6 % 283  7.5 % 588  562  4.5 % 1,094 
Market pulp deliveries, 1,000 tonnes 561  551  1.9 % 386  45.5 % 947  1,115  -15.1 % 2,220 
Wood products deliveries, 1,000 m
3
1,079  1,033  4.4 % 879  22.8 % 1,957  2,077  -5.8 % 3,897 
Wood deliveries, 1,000 m
3
3,290  3,451  -4.7 % 3,494  -5.8 % 6,784  7,229  -6.2 % 13,667 
Paper deliveries, 1,000 tonnes 144  148  -2.8 % 158  -8.8 % 301  414  -27.3 % 761 
Paper production, 1,000 tonnes 145  144  0.4 % 151  -4.4 % 296  402  -26.3 % 752 
Total planned maintenance impact
Expected and historical impact as lost value of sales and planned maintenance costs
EUR million Q3/2024
1
Q2/2024
2
Q1/2024 Q4/2023 Q3/2023 Q2/2023
Total maintenance impact  127  134  83  123  110  146 
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 Q2/2024 was EUR 118 million.
Key figures
Stora Enso January–June results 2024 4 (40)

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

CEO comment 
I am encouraged by the fact that our Q2 performance 
met our expectations, reinforcing our recently 
upgraded 2024 guidance. Advances in our profitability 
and cash flow improvement initiatives, coupled with 
more favourable market conditions in some segments, 
have supported an improved earnings trend for the 
third consecutive quarter. Additionally, this has 
strengthened our leverage ratio in the quarter despite 
record high growth investments. This positive 
development is a testament to our team's dedication 
and sets a strong foundation for future success. 
Our year-on-year Group sales dipped slightly, by 3.0%, 
to 2,301 million euro due to structural changes; however, 
our continuing operations grew by 1%. Increasing 
volumes in all divisions and favourable pricing in the 
Biomaterials and Forest divisions contributed positively. 
Our adjusted EBIT rose significantly to 161 million euro 
from 37 million euro a year ago, with the margin 
improving to 7.0% from 1.6%. The result was driven by 
higher volumes and reduced fixed and chemical costs, 
despite challenges such as rising wood costs and 
political strikes in Finland. 
While we managed to improve our net debt to adjusted 
EBITDA ratio to 3.5 from 4.0 in Q1 this year, it remains 
above our target of 2.0 and has increased compared to 
the 1.7 ratio in Q2 last year. This highlights the need for 
further profitability improvement and working capital 
reduction actions, which remain our priority. The stable 
valuation of our forest assets at 8.7 billion euro, or 11 euro 
per share, continues to provide a solid foundation for 
our future growth and value creation. 
Our value creation programmes, centred on sourcing, 
operational and commercial efficiencies, are making 
good progress across all divisions, thanks to an 
analytical and structured approach. These efforts have 
had a significant impact on profits and cost 
competitiveness, with about 1,900 identified 
improvement initiatives led by approximately 500 
project owners. Additionally, our profit improvement 
programme, which aims for an annual fixed cost saving 
of 120 million euro, is advancing successfully. Together, 
these initiatives are contributing to sustained 
enhancements in profitability and competitiveness. 
Furthermore, we have reduced operating working 
capital by 576 million euro year-on-year, reaching an 
unprecedented low, driven by ongoing efforts to 
enhance working capital efficiency and release capital. 
The plan to divest the Beihai operation in China is 
proceeding. We are diligently moving forward with the 
process, and although it is lengthy, achieving the right 
value for our assets is most crucial. Ultimately, the value 
of the deal takes precedence over the timing. 
Our decentralised operating model is firmly in place 
and progressing well towards achieving a more 
focused customer and business oriented structure. I am 
delighted with the strides we have made, and we are 
already witnessing the advantages of a more efficient 
and agile framework. This not only benefits our strategic 
execution, but also enhances the service we provide to 
our customers. 
In the quarter, we conducted an Employee 
Engagement pulse survey across three of our five 
divisions. The results indicate that the level of employee 
engagement has remained consistently high and has 
even shown a slight increase in these divisions. This is 
particularly encouraging given the challenging 
circumstances in which we have been operating. 
We increased our outlook for the adjusted EBIT for the 
full year 2024 on 15 May, projecting it to be significantly 
higher than the profits of 342 million euro achieved last 
year. We remain on track to deliver on that guidance, 
supported by our value creation and profit 
improvement actions, as well as improved market 
conditions in some of our key segments. 
We are intensifying our focus on capital allocation and 
asset strategy in growing market segments, laying the 
groundwork for improved competitiveness and 
profitable growth across the Group. Looking ahead, we 
anticipate further advancements this year. We remain 
committed to investing in both human and capital 
resources to provide exceptional service to our 
customers and create robust shareholder value 
growth. 
Sincerely, 
Hans Sohlström
President and CEO
CEO comment
Stora Enso January–June results 2024 5 (40)

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

Events and product update
Value creation programmes
Stora Enso's value creation programmes, centred on 
variable costs and pricing, as well as sourcing, 
operational and commercial efficiencies, are making 
good progress across all divisions. These efforts have 
had a significant positive impact on profits and cost 
competitiveness, creating a new way of working that 
enhances continuous improvements in processes. 
Profit improvement programme proceeding 
well
Stora Enso's profit improvement programme 
launched in February 2024, focusing on fixed costs, 
targeting annualised adjusted EBIT improvement of 
EUR 120 million has progressed well. The programme 
may lead to a potential reduction of approximately 
1,000 employees. No production site closures are 
planned as part of this programme. The reductions 
will reflect division sizes and are in response to the 
ongoing weak and uncertain market environment. 
The majority of savings will materialise in 2025.
Working capital
Stora Enso has reduced operating working capital by 
576 million euro year-on-year, reaching an all-time 
low, driven by ongoing efforts to enhance working 
capital efficiency and release capital. 
Stora Enso and Altris to develop a sustainable 
battery
Stora Enso partners with Altris, a Swedish developer 
of sodium-ion batteries, to further develop and 
commercialise a sustainable battery value chain in 
Europe. The companies will drive the adaptation of 
Stora Enso’s hard carbon solution Lignode as an 
anode material in Altris’ battery cells.
Events after the quarter
Enhancing competitiveness and efficiency in 
corrugated packaging 
Stora Enso invests EUR 30 million in its Ostrołęka, 
Poland facility to upgrade and expand corrugated 
packaging production. This investment enhances 
operational efficiency and strengthens integration 
with its containerboard business, responding to 
rising demand for sustainable packaging solutions.
Second quarter 2024 results (compared with Q2/2023)
Sales 
MEUR 2,301 
(Q2/2023: 2,374)
Adjusted EBIT margin 
7.0% 
(Q2/2023: 1.6%)
Earnings per share
EUR 0.06
(Q2/2023: -0.29)
Group sales decreased by 3%, or EUR 72 million, to EUR 
2,301 (2,374) million. Sales declined mainly due to 
structural changes. Deliveries for the continuing 
operations were higher than in the corresponding 
period last year, driven by increased demand. 
Higher deliveries in all divisions and increased prices 
in the Biomaterials and Forest divisions were more 
than offset by the negative impact of structural 
changes. These changes related to the closures of 
the De Hoop board unit in the Netherlands, the Anjala 
paper machine in Finland, the Sunila pulp production 
site in Finland and the Näpi sawmill in Estonia.
Group adjusted EBIT increased to EUR 161 (37) million, 
and the adjusted EBIT margin increased to 7.0% (1.6%). 
Higher volumes, and lower chemical and fixed costs 
more than offset the higher wood costs. Higher 
volumes for continuing operations, mainly in 
Packaging Materials, despite the impact from the 
Finnish political strike, increased profitability by EUR 79 
million. Lower sales prices decreased adjusted EBIT by 
EUR 6 million. Variable costs were EUR 8 million higher 
as increased pulpwood costs more than offset lower 
costs for other variable cost items. Fixed costs 
decreased by EUR 53 million, mainly due to cost 
saving actions. Net foreign exchange rates had a 
positive EUR 17 million impact on adjusted EBIT. The 
impact from the structural changes, depreciations, 
associated companies and other was a negative EUR 
12 million on adjusted EBIT.
Fair valuations and non-operational items (FV) had 
an adverse impact on the operating result of EUR 16 
(14) million.
Items affecting comparability (IAC) had an adverse 
impact of EUR 46 (276) million on the operating result. 
More details of the items affecting comparability and 
fair valuation items are included in the sections for 
each division and in the section Items affecting 
comparability (IAC), fair valuations and non-
operational items (FV). Operating result (IFRS) was EUR 
99 (-253) million.
Net financial items of EUR 49 million were EUR 3 million 
lower than the corresponding period last year. Net 
interest expenses of EUR 32 million increased by EUR 4 
million. Other net financial expenses increased to EUR 
12 (1) million. The net foreign exchange impact in 
respect of cash equivalents, interest-bearing assets 
and liabilities, and related foreign-currency hedges 
amounted to a loss of EUR 4 (loss of EUR 22) million.
CEO comment
Stora Enso January–June results 2024 6 (40)

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

Earnings per share increased to EUR 0.06 (-0.29), and 
earnings per share excluding fair valuations were EUR 
0.07 (-0.27). 
The adjusted return on capital employed LTM (ROCE) 
was 2.8% (8.1%). Adjusted ROCE excluding the Forest 
division LTM was 1.3% (10.7%).
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
0
1,000
2,000
3,000
4,000
0%
6%
12%
18%
24% Adjusted ROCE excl. Forest (LTM)
Adjusted ROCE excl. Forest division, 
last 12 months
Target >13%Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
0%
6%
12%
18%
24% Net debt to adjusted EBITDA (LTM)
Net debt, EUR million
Net debt to adjusted EBITDA, LTM
Target <2.0Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0
LTM = Last 12 months, the calculation method is explained in the section Alternative performance measures.
Breakdown of change in sales
Sales Q2/2023, EUR million  2,374 
Price and mix  0% 
Currency  0% 
Volume  2% 
Other sales
1
 -1% 
Total before structural changes  1% 
Structural changes
2
 -4% 
Total  -3% 
Sales Q2/2024, EUR million  2,301 
1
 Energy, paper for recycling (PfR), by-products etc.   
2
 Asset closures, major investments, divestments and acquisitions 
Breakdown of change in capital employed
Capital employed 30 June 2023, EUR million  14,039 
Capital expenditure excl. investments in biological 
assets less depreciation  603 
Investments in biological assets less depletion of 
capitalised silviculture costs  -1 
Impairments and reversal of impairments  -624 
Fair valuation of forest assets  225 
Unlisted securities (mainly PVO)  -112 
Associated companies  71 
Net liabilities in defined benefit plans  -28 
Operating working capital and other interest-free 
items, net  -470 
Emission rights  22 
Net tax liabilities  107 
Acquisition of subsidiaries  74 
Disposal of subsidiaries  -12 
Translation difference  229 
Other changes  6 
Capital employed 30 June 2024  14,131 
Result
Stora Enso January–June results 2024 7 (40)

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

January–June results 2024 (compared with January–June 2023)
Group sales decreased by 12%, or 
EUR 629 million to EUR 4,466 (5,095) 
million, mainly due to lower sales 
prices and structural changes. 
Lower sales prices, despite the 
positive impact from active mix 
management, decreased topline 
in all other divisions, except in 
Forest. The structural changes 
relate to the paper site 
divestments at Nymölla and Hylte 
in Sweden and Maxau in Germany, 
and closures of the De Hoop board 
site in the Netherlands, the Anjala 
paper machine in Finland, the 
Sunila pulp mill in Finland and the 
Näpi sawmill in Estonia.
Adjusted EBIT increased to EUR 317 
(271) million and the adjusted EBIT 
margin increased to 7.1% (5.3%). 
Lower sales prices, in all other 
divisions, except in Forest, 
decreased profitability by EUR 243 
million. Higher volumes, despite the 
Finnish political strike in 2024, 
increased adjusted EBIT by EUR 112 
million due to recovering market 
demand. Lower variable costs 
increased adjusted EBIT by EUR 87 
million, as higher pulpwood costs 
were more than offset by lower 
other variable cost, especially 
chemical costs. 
Fixed costs were EUR 99 million 
lower, mainly due to internal cost 
saving actions. Net foreign 
exchange rates increased 
profitability by EUR 8 million. The 
impact from the structural 
changes, depreciations, 
associated companies and other, 
had an adverse impact of EUR 17 
million on adjusted EBIT. Operating 
result (IFRS) was EUR 247 (5) million.
Fair valuations and non-
operational items (FV) had a 
adverse net impact on the 
operating result of EUR 4 (3) 
million. Items affecting 
comparability (IAC) had an 
adverse impact of EUR 65 (264) 
million on the operating result. 
The main IAC and FV items are 
presented in the section Items 
affecting comparability (IAC), 
fair valuations and non-
operational items (FV).
Sales
MEUR 4,466 
(H1/2023: 5,095)
Adjusted EBIT margin
7.1%
(H1/2023: 5.3%)
Second quarter 2024 results (compared with Q1/2024)
Group sales increased to EUR 2,301 
(2,164) million, positively impacted 
by recovery in sales prices and 
deliveries. Sales prices increased 
in all divisions, except in Packaging 
Solutions. 
Adjusted EBIT increased to EUR 
161 (156) million and the margin 
improved to 7.0% (7.2%). Higher 
sales prices increased 
adjusted EBIT by EUR 77 million. 
Variable costs increased by 
EUR 96 million driven by higher 
fiber costs, mainly pulpwood.
Volumes had a positive EUR 43 
million impact, mainly due to 
Packaging Materials. Fixed 
costs were EUR 41 million higher 
driven by higher maintenance 
activity and seasonally higher 
personnel costs. Net foreign 
exchange rates had a positive 
EUR 10 million impact on 
adjusted EBIT. The impact from 
structural changes, 
depreciations, associated 
companies and other was a 
positive EUR 12 million.
Operating result (IFRS) was EUR 
99 (148) million. 
More details of the items 
affecting comparability (IAC) 
and fair valuations (FV) are 
included in the sections for 
each division. 
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q1/2024 Q2/2024
0
500
1,000
1,500
2,000
2,500
0%
2%
4%
6%
8%
10%
Result
Stora Enso January–June results 2024 8 (40)

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

Packaging Materials
• Demand for consumer 
board remained solid 
and demand for 
containerboard 
improved, though 
overall, recovery 
remained hampered by 
sluggish retail trade 
growth 
• Higher volumes, lower 
chemicals and fixed 
costs more than offset 
higher wood costs
• The political strikes in 
Finland led to 
production curtailments 
in early Q2 and delayed 
shipments and price 
increases during the 
quarter
2023 2024
Q1 — —
Q2 Beihai, Ostrołęka, Langerbrugge Beihai, Langerbrugge
Q3 Anjalankoski, Heinola, Ostrołęka, Oulu, 
Varkaus, Ingerois Oulu, Varkaus, Heinola
Q4 Fors, Imatra, Skoghall Anjalankoski, Fors, Imatra, Ostrołęka, 
Skoghall
Adjusted ROOC (LTM)
1.2%
(Target: >20%)
Planned maintenance shutdowns
• Sales decreased by 1%, or EUR 17 
million, to EUR 1,138 million, due 
to adverse impact from 
production unit/line closures 
during 2023, which was largely 
offset by improved demand 
across all segments.
• Adjusted EBIT increased by EUR 
82 million to EUR 60 million. 
driven by improved profitability 
across all segments. The result 
was supported by structural 
changes, lower depreciations, 
higher operating rates despite 
the negative effects of the 
political strikes in Finland, driven 
by reductions in energy, 
chemical, and fixed costs.
• Variable costs declined, except 
for fiber costs (wood, pulp, and 
recycled fiber), which 
continued to increase.
• Adjusted ROOC (LTM) was 1.2% 
(7.3%), below the long-term 
target of >20%.
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
0
300
600
900
1,200
1,500
-4%
0%
4%
8%
12%
16%
20%
Segments
Stora Enso January–June results 2024 9 (40)

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

EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Sales  1,138  1,155  -1.5 % 1,100  3.5 % 2,238  2,455  -8.8 % 4,557 
Adjusted EBITDA  127  58  120.0 % 126  0.1 % 253  186  36.1 % 267 
Adjusted EBITDA margin  11.1 %  5.0 %  11.5 %  11.3 %  7.6 %  5.9 %
Adjusted EBIT  60  -22 n/m  60  0.4 % 120  20 n/m  -57 
Adjusted EBIT margin  5.3 %  -1.9 %  5.5 %  5.4 %  0.8 %  -1.3 %
Fair valuations and non-operational 
items
1  -1  0  -162.3 % -1  -2.4 % -2  0 n/m  12 
Items affecting comparability (IAC)
1
 -27  -98  72.0 % -4 n/m  -32  -119  73.3 % -597 
Operating result (IFRS)  32  -120  126.4 % 55  -42.0 % 87  -99  187.0 % -642 
Adjusted EBIT, LTM  43  266  -83.7 % -38  212.7 % 43  266  -83.7 % -57 
Operating capital, LTM average  3,520  3,634  -3.1 % 3,566  -1.3 % 3,520  3,634  -3.1 % 3,580 
Adjusted ROOC, LTM  1.2 %  7.3 %  -1.1 %  1.2 %  7.3 %  -1.6 %
Cash flow from operations  75  80  -6.1 % 160  -53.0 % 235  75  213.4 % 370 
Cash flow after investing activities  -87  -39  -126.9 % -129  32.3 % -216  -196  -10.4 % -235 
Board and paper deliveries, 1,000 
tonnes 1,264 1,286  -1.7 % 1,225  3.2 % 2,489 2,572  -3.2 % 4,963
Board and paper production, 1,000 
tonnes 1,272 1,199  8.6 % 1,233  2.7 % 2,504 2,489  1.8 % 4,843
1 
The
 
IAC for Q2/24 included EUR -20 million restructuring costs and asset impairments related to various units, and EUR -7 million other items, 
mainly due to profit improvement programme actions. The IAC for Q2/23 included closure of De Hoop EUR -76 million, restructuring costs EUR -23 
million and acquisition of De Jong Packaging Group EUR 1 million. The fair valuations for Q2/24 included non-operational fair valuation changes of 
biological assets of EUR -1 (0) million.
LTM = Last 12 months
Market development during Q2/2024
Product Market
Demand Q2/24  
compared with 
Q2/23
Demand Q2/24  
compared with 
Q1/24
Price Q2/24 
compared with 
Q2/23
Price Q2/24 
compared with 
Q1/24
Consumer board Europe Significantly stronger Stronger Lower Stable
Kraftliner Global Slightly stronger Stable Slightly lower Slightly higher
Testliner Europe Slightly stronger Slightly stronger Slightly higher Significantly higher
Paper Europe Slightly stronger Weaker Significantly lower Stable
Source: Fastmarket RISI, Fastmarket FOEX, CEPI, Numera Analytics, Stora Enso.    
Consumer board prices include FBB only.
Segments
Stora Enso January–June results 2024 10 (40)

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

Packaging Solutions
• Gradual market 
recovery visible, though 
performance continued 
to be adversely 
impacted by 
overcapacity
• Margin pressure 
persisted due to a lag in 
passing through 
increased 
containerboard prices
• Poor weather conditions 
adversely impacted the 
key fresh produce 
segments in the Benelux 
area and reduced 
deliveries
Adjusted ROOC (LTM)
1.8%
(Target: >15%)
Sales YoY
-12%
Adjusted EBIT margin
-0.4%
(Q2/2023: 5.2%)
• Sales decreased by 12% or EUR 33 
million to EUR 254 million. Lower 
selling prices year-on-year in 
Q1/2024 influenced by previous 
declines in containerboard prices, 
the main input material, affected  
Q2 sales negatively.
• Adjusted EBIT decreased by EUR 16 
million to EUR -1 million, mainly 
impacted by high margin 
pressure. This pressure primarily 
resulted from a contractual lag in 
passing the sequentially 
increased containerboard costs 
in Q2 this year onto customers.
• Adjusted ROOC (LTM) was 1.8%, 
below the long-term target of 
>15%.  
Sales and adjusted EBIT margin
Sales, EUR million Adjusted EBIT, %
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
0
50
100
150
200
250
300
-2%
0%
2%
4%
6%
8%
10%
12%
EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Sales  254  288  -11.6 % 224  13.7 % 478  564  -15.2 % 1,077 
Adjusted EBITDA  18  32  -42.1 % 18  0.9 % 37  56  -34.0 % 111 
Adjusted EBITDA margin  7.2 %  11.1 %  8.2 %  7.7 %  9.9 %  10.3 %
Adjusted EBIT  -1  15  -107.0 % -1  -3.0 % -2  23  -109.0 % 43 
Adjusted EBIT margin  -0.4 %  5.2 %  -0.5 %  -0.4 %  4.0 %  4.0 %
Items affecting comparability (IAC)
1
 -3  -5  48.3 % -3  4.8 % -5  -25  79.1 % -26 
Operating result (IFRS)  -4  10  -135.7 % -4  2.7 % -7  -2  -228.5 % 17 
Adjusted EBIT, LTM  18  32  -43.1 % 34  -46.9 % 18  32  -43.1 % 43 
Operating capital, LTM average  1,034  538  92.4 % 1,039  -0.4 % 1,034  538  92.4 % 874 
Adjusted ROOC, LTM  1.8 %  5.9 %  3.3 %  1.8 %  5.9 %  4.9 %
Cash flow from operations  24  39  -39.1 % 7  256.8 % 30  58  -47.7 % 145 
Cash flow after investing activities  14  22  -36.3 % -6 n/m  8  15  -48.2 % 62 
Corrugated packaging European 
deliveries, million m
2 326 308  5.8 % 283  15.5 % 675 651  3.7 % 1,178
Corrugated packaging European 
production, million m
2 304 273  11.6 % 283  7.5 % 588 562  4.5 % 1,094
1
 The
 
IAC for Q2/24 included EUR -3 million restructuring costs and asset impairments and the IAC for Q2/23 included EUR -5 million restructuring 
costs.
LTM = Last 12 months                        The comparative figures for corrugated packaging European deliveries have been adjusted.
Market development during Q2/2024
Product Market
Demand Q2/24  
compared with 
Q2/23
Demand Q2/24  
compared with 
Q1/24
Price Q2/24 
compared with 
Q2/23
Price Q2/24 
compared with 
Q1/24
Corrugated packaging Europe Stronger Stronger Lower Stable
Source: Fastmarket RISI
Segments
Stora Enso January–June results 2024 11 (40)

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

Biomaterials
• Overall pulp demand 
remained stable
• Pulp prices increased 
sequentially in all pulp 
grades and markets
• Global inventories 
remained below 5-year 
average
• Supply disruptions in Q1, 
including political 
strikes in Finland and 
ongoing logistics issues, 
tightened pulp 
availability in Europe  in 
Q2
2023 2024
Q1 Veracel —
Q2 Montes del Plata, Skutskär Montes del Plata, Skutskär
Q3 — Enocell, Veracel
Q4 Enocell —
Adjusted ROOC (LTM)
6.3%
(Target: >15%)
Planned maintenance shutdowns
• Sales increased by 9%, or EUR 
34 million to EUR 413 million. 
Sales prices were higher, while 
deliveries were lower due to 
the closure of the Sunila pulp 
mill, Finland.
• Adjusted EBIT increased by EUR 
76 million to EUR 63 million, 
primarily driven by higher sales 
prices and internal actions to 
reduce costs and create value.
• Adjusted ROOC (LTM) was 6.3%, 
below the long-term target of 
>15%.
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
0
200
400
600
800
-10%
0%
10%
20%
30%
40%
EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Sales  413  379  9.0 % 374  10.3 % 788  868  -9.2 % 1,587 
Adjusted EBITDA  99  22 n/m  90  9.7 % 188  148  27.7 % 256 
Adjusted EBITDA margin  23.9 %  5.9 %  24.0 %  23.9 %  17.0 %  16.1 %
Adjusted EBIT  63  -13 n/m  57  10.6 % 121  78  54.0 % 118 
Adjusted EBIT margin  15.3 %  -3.4 %  15.3 %  15.3 %  9.0 %  7.4 %
Fair valuations and non-operational 
items
1  3  5  -33.7 % 1  138.3 % 5  4  21.5 % 25 
Items affecting comparability (IAC)
1
 -1  -101  99.1 % -1  -25.1 % -2  -101  98.4 % -224 
Operating result (IFRS)  66  -109  160.2 % 58  13.4 % 124  -19 n/m  -81 
Adjusted EBIT, LTM  160  525  -69.5 % 84  91.1 % 160  525  -69.5 % 118 
Operating capital, LTM average  2,528  2,746  -7.9 % 2,573  -1.7 % 2,528  2,746  -7.9 % 2,625 
Adjusted ROOC, LTM  6.3 %  19.1 %  3.3 %  6.3 %  19.1 %  4.5 %
Cash flow from operations  141  96  46.8 % 130  8.5 % 271  288  -5.9 % 431 
Cash flow after investing activities  101  42  138.6 % 87  15.7 % 187  182  2.8 % 234 
Pulp deliveries, 1,000 tonnes  537  550  -2.3 % 536  0.2 % 1,073  1,130  -5.0 % 2,277 
1 
The
 
IAC for Q2/24 included EUR -1 million restructuring costs. The IAC for Q2/23 included EUR -101 million of costs related to the closure of the Sunila 
mill. The fair valuations for Q2/24 included non-operational fair valuation changes of biological assets of EUR  3 (5) million.
LTM = Last 12 months
Market development during Q2/2024
Product Market
Demand Q2/24  
compared with Q2/23
Demand Q2/24  
compared with 
Q1/24
Price Q2/24 
compared with 
Q2/23
Price Q2/24 
compared with 
Q1/24
Softwood pulp Europe Significantly stronger Stronger Higher Higher
Hardwood pulp Europe Significantly stronger Slightly stronger Significantly higher Higher
Hardwood pulp China Slightly weaker Slightly weaker Significantly higher Higher
Source: PPPC, Fastmarket FOEX, Fastmarket RISI, Stora Enso
Segments
Stora Enso January–June results 2024 12 (40)

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

Wood Products
• Continued low demand 
but with seasonal 
improvement
• Further cost-saving 
measures implemented 
to mitigate increased 
raw material costs
• Low building activity 
continued to suppress 
demand for Cross 
Laminated Timber (CLT) 
and Laminated Veneer 
Lumber (LVL)
Adjusted ROOC (LTM)
-7.7%
(Target: >20%)
Sales YoY
-5%
Adjusted EBIT margin
1.7%
(Q2/2023: -1.3%)
• Sales decreased by 5%, or EUR 
22 million, to EUR 414 million, 
primarily due to lower sales 
prices, although volumes, 
especially for sawn wood, 
were higher.
• Adjusted EBIT increased by EUR 
13 million to EUR 7 million, driven 
by lower fixed and variable 
costs.
• Continued cost mitigation 
actions contributed to the 
improvement of results.
• Adjusted ROOC (LTM) was 
below the long-term target of 
>20% at -7.7% (5.6%). 
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
0
200
400
600
800
-10%
0%
10%
20%
30%
40%
EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Sales  414  436  -4.9 % 349  18.7 % 763  890  -14.2 % 1,580 
Adjusted EBITDA  17  7  163.9 % 1 n/m  19  8  130.9 % -17 
Adjusted EBITDA margin  4.2 %  1.5 %  0.4 %  2.5 %  0.9 %  -1.0 %
Adjusted EBIT  7  -6  225.7 % -9  175.7 % -2  -16  86.1 % -64 
Adjusted EBIT margin  1.7 %  -1.3 %  -2.6 %  -0.3 %  -1.8 %  -4.1 %
Items affecting comparability (IAC)
1
 0  -8  101.2 % 0  135.5 % 0  -8  97.8 % -22 
Operating result (IFRS)  7  -14  151.1 % -10  174.5 % -2  -24  90.1 % -86 
Adjusted EBIT, LTM  -50  40  -224.3 % -63  20.0 % -50  40  -224.3 % -64 
Operating capital, LTM average  654  725  -9.8 % 673  -2.8 % 654  725  -9.8 % 687 
Adjusted ROOC, LTM  -7.7 %  5.6 %  -9.3 %  -7.7 %  5.6 %  -9.3 %
Cash flow from operations  40  -13 n/m  -30  233.8 % 10  -10  202.8 % 43 
Cash flow after investing activities  34  -19  277.2 % -47  171.2 % -14  -27  49.2 % 3 
Wood products deliveries, 1,000 m
3
1,029 989  4.1 % 848  21.3 % 1,877 1,990  -5.7 % 3,727
1 
The IAC for Q2/23 included EUR -5 million restructuring costs and disposal of Wood Products DIY unit of EUR -3 million.
LTM = Last 12 months
Market development during Q2/2024
Product Market
Demand Q2/24  
compared with Q2/23
Demand Q2/24  
compared with Q1/24
Price Q2/24 compared 
with Q2/23
Price Q2/24 compared 
with Q1/24
Wood products Europe Slightly stronger Significantly stronger Lower Higher
Wood products Overseas Stable Significantly stronger Slightly lower Slightly higher
Source: Stora Enso
Segments
Stora Enso January–June results 2024 13 (40)

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

Forest
• Record high second 
quarter result driven by 
increased wood prices, 
strong demand, and 
favourable harvesting 
conditions
• Continued high 
demand for all wood 
assortments in the 
Nordics, with prices 
increasing both year-
on-year and quarter-
on-quarter
• The forest valuation 
remained stable at EUR 
8.7 billion , equivalent to 
EUR 11.06 per share
Adjusted ROCE (LTM)
4.8%
(Target: >3.5%)
Sales YoY
+11%
Total value of forest assets
EUR 8.7 billion
(Q2/2023: EUR 8.1 billion)
• Sales increased by 11%, or EUR 
69 million, to EUR 690 million, 
mainly due to higher volumes 
and wood prices.
• A record high second quarter 
adjusted EBIT increased by EUR 
14 million to EUR 76 million 
reflecting strong operational 
performance in the Group's 
forest assets.
• Adjusted ROCE (LTM), at 4.8% 
(4.1%), was above the 3.5% long-
term target.
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
0
200
400
600
800
0%
6%
12%
18%
24%
EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Sales
1
 690  620  11.2 % 659  4.7 % 1,349  1,307  3.2 % 2,490 
Adjusted EBITDA  94  75  24.7 % 80  16.4 % 174  143  21.8 % 305 
Adjusted EBITDA margin  13.6 %  12.1 %  12.2 %  12.9 %  10.9 %  12.2 %
Adjusted EBIT  76  62  23.2 % 70  8.0 % 146  119  23.4 % 253 
Adjusted EBIT margin  11.0 %  10.0 %  10.7 %  10.9 %  9.1 %  10.2 %
Fair valuations and non-operational 
items
2  -29  0 n/m  -6 n/m  -35  -9  -282.3 % 206 
Items affecting comparability (IAC)
2
 2  -2  227.2 % -2  201.9 % 0  -5  100.8 % 2 
Operating result (IFRS)
3
 49  60  -19.4 % 63  -22.4 % 111  105  6.2 % 461 
Adjusted EBIT, LTM  281  227  23.6 % 267  5.4 % 281  227  23.6 % 253 
Capital employed, LTM average  5,834  5,591  4.3 % 5,782  0.9 % 5,834  5,591  4.3 % 5,740 
Adjusted ROCE, LTM  4.8 %  4.1 %  4.6 %  4.8 %  4.1 %  4.4 %
Cash flow from operations  120  8 n/m  18 n/m  137  28 n/m  70 
Cash flow after investing activities  104  -5 n/m  8 n/m  111  4 n/m  19 
Wood deliveries, 1,000 m
3
8,587 8,256  4.0 % 8,270  3.8 % 16,856 17,483  -3.6 % 32,401
Operational fair value change of 
biological assets 29 29  -1.2 % 35  -16.7 % 64 59  8.4 % 120
1
 In Q2/24, internal wood sales to Stora Enso divisions represented 62% of net sales, external sales to other forest companies represented 38%.
2 
The
 
IAC for Q2/24 included EUR 2 million reversal of environmental provision and the IAC for Q2/23 included restructuring costs of EUR -3 million 
and reversal of land related impairment of EUR 1 million. The fair valuations for Q2/24 included non-operational fair value changes of biological 
assets of EUR -11 (-6) million and non-operational items of associated companies of EUR -18 (+6) million. The fair valuations for Q2/24 additionally 
included a EUR -1 million impact from adjustments for differences between the fair value and acquisition cost of forest assets upon disposal. 
3
 Includes the full fair value change of the Nordic biological assets (standing trees)
LTM = Last 12 months
Segments
Stora Enso January–June results 2024 14 (40)

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

Market development during Q2/2024
Product Market
Demand Q2/24  
compared with Q2/23
Demand Q2/24  
compared with Q1/24
Price Q2/24 compared 
with Q2/23
Price Q2/24 compared 
with Q1/24
Pulp wood, Finland Europe Slightly weaker Stronger Higher Slightly higher
Sawlogs, Finland Europe Significantly stronger Significantly stronger Higher Higher
Pulpwood, Sweden Europe Significantly stronger Slightly weaker Significantly higher Stable
Sawlogs, Sweden Europe Significantly weaker Weaker Significantly higher Stable
Source: Stora Enso
Segment Other
The segment Other includes the reporting of the emerging businesses (including 
Formed Fiber and Selfly Store), as well as Stora Enso’s shareholding in the energy 
company Pohjolan Voima (PVO), and the Group’s shared services and administration.
EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Sales  36  213  -83.3 % 57  -37.1 % 92  578  -84.0 % 964 
Adjusted EBITDA  -30  -5 n/m  -9  -227.9 % -39  27  -245.4 % 18 
Adjusted EBITDA margin  -83.2 %  -2.2 %  -15.9 %  -41.9 %  4.6 %  1.9 %
Adjusted EBIT  -32  -9  -245.7 % -11  -181.5 % -43  17 n/m  1 
Adjusted EBIT margin  -89.2 %  -4.3 %  -19.9 %  -46.7 %  3.0 %  0.1 %
Fair valuations and non-operational 
items
1  11  -19  160.5 % 17  -34.0 % 28  3 n/m  -13 
Items affecting comparability (IAC)
1
 -17  -61  72.4 % -10  -75.2 % -27  -5 n/m  -28 
Operating result (IFRS)  -38  -89  57.9 % -4 n/m  -42  15 n/m  -41 
Cash flow from operations  -76  -64  -20.0 % -15 n/m  -91  -38  -137.7 % -105 
Cash flow after investing activities  -78  -71  -10.3 % -17 n/m  -95  -48  -99.4 % -123 
1 
The
 
IAC for Q2/24 included EUR -17 million restructuring, consulting and write-down costs regarding various cases and the
 
IAC in Q2/23 included 
EUR -13 million restructuring costs, EUR 1 million related to restructuring of Kvarnsveden, EUR 5 million to restructuring of Veitsiluoto, EUR -49 million 
related to disposal of Hylte site, EUR EUR -1 million related to disposal of Nymölla site and EUR -5 million disposal related costs. The fair valuations for 
Q2/24 included non-cash income and expenses related to CO2 emission rights and liabilities of EUR 11 (-19) million.
• Sales decreased by EUR 178 million to EUR 36 
million. The main impacts were largely attributable 
to lower internal invoicing from the new 
decentralised operating model, and lower energy 
sales due to lower market prices.
• Adjusted EBIT decreased to EUR -32 million, mainly 
due to lower margins for electricity sales and 
legacy costs related to closed production sites. 
The divestments of the paper assets in 2023 had a 
negative impact year-on-year. 
• 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. 
Capital structure Q2/2024 (compared with Q1/2024)
EUR million 30 Jun 2024 31 Mar 2024 31 Dec 2023 30 Jun 2023
Fixed assets
1
 14,272  14,169  14,206  13,803 
Associated companies  922  923  926  850 
Operating working capital, net
2
 414  556  488  893 
Non-current interest-free items, net  -231  -224  -252  -198 
Operating capital total  15,377  15,425  15,368  15,348 
Net tax liabilities  -1,246  -1,234  -1,312  -1,309 
Capital employed
3
 14,131  14,190  14,056  14,039 
Equity attributable to owners of the Parent  10,734  10,771  10,985  11,066 
Non-controlling interests  -100  -98  -97  -58 
Net debt  3,497  3,518  3,167  3,030 
Financing total
3
 14,131  14,190  14,056  14,039 
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
 Including assets held for sale and related liabilities.
Segments
Stora Enso January–June results 2024 15 (40)

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

Net debt decreased by EUR 21 million to EUR 3,497 
(3,518) million during the second quarter. The ratio of 
net debt to the last 12 months’ adjusted EBITDA was at 
3.5 (4.0). The net debt/equity ratio on 30 June 2024 
remained stable at 0.33 (0.33). The average interest 
expense rate on borrowings at the reporting date 
was 4.1% (4.2%). Cash and cash equivalents net of 
overdrafts decreased by EUR 42 million to EUR 2,054 
million.
During the second quarter Stora Enso signed 
extensions of one to two years to a total of EUR 350 
million of its existing bilateral loans. The Company 
also signed a two-year extension to its EUR 100 million 
committed credit facility.
Stora Enso had in total EUR 800 million committed 
undrawn credit facilities as per 30 June 2024. 
Additionally, the Company has access to EUR 1,100 
million statutory pension premium loans in Finland.
In July, 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 2036, and it is currently 
undrawn.
Year-on-year, operating working capital (net) 
decreased by EUR 479 million. Operating working 
capital, i.e. Inventories, trade receivables and trade 
payables, decreased by EUR 576 million year-on-year. 
Other operating working capital increased by EUR 97 
million year-on-year.
Valuation of forest assets
The value of total forest assets, including leased land, 
Stora Enso's share of Tornator's forest assets and 
assets held for sale in China, increased sequentially, 
from Q1/2024 to Q2/2024, by EUR 99 million to EUR 8,725 
(8,626) million. The increase was mainly due to the 
impact of foreign exchange rates. Year-on-year, the 
fair value of total forest assets increased by EUR 660 
million to EUR 8,725 (8,065) million. 
Year-on-year, the fair value of biological assets, 
including Stora Enso's share of Tornator, increased by 
EUR 604 million to EUR 6,111 (5,507) million. The value of 
forest land, including leased land and Stora Enso's 
share of Tornator, increased by EUR 56 million to EUR 
2,614 (2,558) million.
Credit ratings
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 4 August 2023
Moody’s Baa3 (stable) / P-3 17 November 2023
Cash flow Q2/2024 (compared with Q1/2024) 
Cash flow (non-IFRS)
EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Adjusted EBITDA  312  198  57.4 % 298  4.9 % 610  597  2.2 % 989 
IAC on adjusted EBITDA  -38  -141  72.7 % -19  -101.5 % -57  -109  47.2 % -126 
Other adjustments  -43  -25  -73.9 % -20  -114.4 % -63  -82  22.3 % -210 
Change in working capital  92  113  -18.4 % 10 n/m  103  -7 n/m  300 
Cash flow from operations  323  146  121.0 % 269  20.1 % 592  400  47.9 % 954 
Cash spent on fixed and biological 
assets  -237  -214  -10.7 % -373  36.5 % -610  -468  -30.5 % -989 
Acquisitions of associated companies  0  -2  95.8 % 0  -100.0 % 0  -2  95.8 % -5 
Cash flow after investing activities  86  -70  223.5 % -104  182.3 % -18  -69  73.2 % -40 
Cash flow after investing activities was EUR 86 (-104) 
million. Working capital decreased by EUR 92 million, 
mainly due to lower trade receivables and higher 
trade payables. Cash spent on fixed and biological 
assets was EUR 237 million. Payments related to the 
previously announced provisions amounted to EUR 24 
million. Cash flow from operations was strong due to 
increased adjusted EBITDA, EUR 323 (269) million and 
due to working capital reduction.
EUR million
Cash flow from operations
Cash flow after investing activities
Q2/23 Q3/23 Q4/23 Q1/24 Q2/24
-100
0
100
200
300
400
Capital expenditure Q2/2024 (compared with Q2/2023)
Additions to fixed and biological assets totalled EUR 
285 (232) million, of which EUR 263 (213) million were 
fixed assets and EUR 22 (19) million biological assets.
Depreciations and impairment charges excluding 
IACs totalled EUR 118 (135) million. Additions in fixed and 
biological assets had a cash outflow impact of EUR 
237 (214) million.
Results
Stora Enso January–June results 2024 16 (40)

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

Capital expenditure by division
EUR million Q2/24 Q1-Q2/24 Investment 
to be finalised
Packaging Materials  191  367 Oulu consumer board investment in Finland 2025
Packaging Solutions  10  18 
Biomaterials  45  75 Skutskär fluff pulp, winder and roll handling 
Enocell unbleached kraft pulp (UKP) 
2025
2024
Wood Products  14  19 
Forest  8  13 
Other  17  19 
Total  285  511 
Capital expenditure and depreciation forecast 2024
EUR million Forecast 2024
Capital expenditure 1,030–1,130
Depreciation and depletion of capitalised silviculture costs 575–625
Stora Enso’s capital expenditure forecast includes 
approximately EUR 78 million for the Group's forest 
assets. 
The depletion of capitalised silviculture costs is 
forecast to be EUR 75–85 million.
Results
Stora Enso January–June results 2024 17 (40)

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

Key sustainability targets and performance 
Stora Enso contributes to the circular bioeconomy transition in the three areas in which 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. 
• Stora Enso introduces  
new biodiversity data 
features within the online 
tool for forest owners in 
Finland , enabling 
biodiversity monitoring 
and assessment of 
improvement actions. 
This service 
complements 
biodiversity monitoring 
in the Group's own 
forests and is part of 
improving biodiversity 
data management. 
• Stora Enso was awarded 
the highest rating, 
Platinum, by EcoVadis for 
the eighth consecutive 
year. This achievement 
demonstrates the 
Group's continuous 
improvement in the 
areas of environment, 
labour and human rights, 
ethics, and sustainable 
procurement . 
Climate change
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 baseline, in line 
with the 1.5-degree scenario. Furthermore, the Group 
is committed to reducing Scope 3 emissions by 50% 
from the 2019 baseline by 2030.
By the end of the Q2/2024, the Scope 1 and 2 CO2e 
emissions were 1.38 million tonnes or 46% less than in 
the base year. Compared with Q2/2023 (1.66 million 
tonnes or 35% less), the decrease is mainly attributed 
to site and production line closures, alongside active 
measures to reduce emissions. The Group continues 
to further lower emissions by improving energy 
efficiency, replacing fossil fuels with renewables, and 
increasing the share of non-fossil electricity.
Direct and indirect CO2e emissions 
(Scope 1+2, rolling four quarters)
1, 2
Million tonnes
0%
-12%-13%
-27%
-42%-44%-46% -50%
CO2e million tonnes, effective
CO2e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
31 Mar 2024
30 Jun 2024
2024
2025
2026
2027
2028
2029
2030
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
In 2023, Stora Enso's estimated Scope 3 CO2e 
emissions were 4.95 million tonnes or 34% less than in 
the base year (2022: 5.69 million tonnes or 24% less). 
The decrease in emissions was mainly a result of site 
and production line closures. Stora Enso continues to 
further improve its Scope 3 performance by 
enhancing efficiency and lowering carbon intensity in 
the value chain together with raw material suppliers, 
logistics suppliers, and customers.
CO2e emissions along the value chain (Scope 3)
1
Million tonnes
0% -3% 3%
-24%
-34%
-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
 Calculated as rolling four quarters. For more on definitions, see Calculation of key sustainability figures. 
2 
Comparative figures are recalculated 
due to additional data after previous interim reports.
Sustainability
Stora Enso January–June results 2024 18 (40)

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

Circularity
Stora Enso's target is to reach 100% recyclable 
products by 2030. By the end of 2023, 94% (2022: 94%) 
of the Group's products were technically recyclable. 
Stora Enso aims to ensure the recyclability of 
products through an increased focus on circularity in 
innovation processes and collaborates actively with 
customers and partners to set up infrastructure to 
improve the actual recycling of products. 
Share of technically recyclable products
1, 2
 
94%
6%
Technically recyclable products
Balance to 2030 target
Target 2030: 100%
1
 As of 31 December 20232
 For definitions, see Calculation of key sustainability figures.
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 
including 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 2023 
(2022: 99%). 
Biodiversity: forest certification coverage
1
Forest certification coverageTarget 96%
2021 2022 2023
80%
85%
90%
95%
100%
1
 For definitions, see Calculation of key sustainability figures.
Responsible business practices
Stora Enso reports on the sustainability indicators below on a quarterly basis. For full annual overview of Stora Enso's 
sustainability targets and 2023 performance, see storaenso.com.
Key performance indicators (KPIs) 30 Jun 2024 31 Mar 2024 31 Dec 2023 30 Jun 2023 Target
Occupational safety: TRI rate, year-to-date 5.1 5.4 4.7 4.3 4.6 by the end of 2024
Gender balance: % of female managers 
among all managers  24%  25%  24%  24% 25% by the end of 2024
Water: total water withdrawal per saleable 
tonne (m
3
/tonne)
1 61 62 61 61 Decreasing trend from 2016 
baseline (60m
3
/tonne)
Water: process water discharges per saleable 
tonne, (m
3
/tonne)
1,2 34 34 35 35  17% reduction by 2030 from 
2019 baseline (36m
3
/tonne)
Sustainable sourcing: % of supplier spend 
covered by the Supplier Code of Conduct 
(SCoC)
2  96%  96%  95%  96% 95% or above
1 
Comparative figures restated due to structural changes. 
2 
Excluding Business Unit Western Europe in Packaging Solutions. For definitions, see 
Calculation of key sustainability figures. 
At the end of Q2/2024, the Group's TRI rate was 5.1. 
Additionally, Stora Enso tracks proactive safety 
reporting using a leading indicator known as the 
'Safety Engagement Rate' to continuously enhance 
safety culture and performance. 
Stora Enso promotes a diverse and inclusive working 
environment throughout the organisation to enhance 
performance, collaboration, and innovation. At the 
end of Q2/2024, the share of female managers was 
24%, progressing in line with the target set for the end 
of 2024. Similarly, the share of female representation 
among all employees was 25%, and 30% within the 
Group Leadership Team.  
Water performance per saleable tonne, measured 
over rolling four quarters, has been impacted by 
lower production volumes as a steady water flow 
needs to be maintained at the water treatment 
plants. While water is relatively abundant at the 
Group's production sites, water stress may still impact 
operations locally and through wider supply chains. 
Approximately 96% of water is recycled back into the 
environment while only 4% is consumed in production. 
Stora Enso continuously works to maintain a high 
coverage rate for the Supplier Code of Conduct, 
outlining common requirements for all suppliers. 
During the second quarter, the coverage rate 
remained on target level.
Sustainability
Stora Enso January–June results 2024 19 (40)

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

ESG ratings and recognitions
ESG rating Stora Enso score / best possible score Rating compared to peers
CDP
Climate A-/A
Forest A/A
Water A-/A
Among the highest ranked in the industry
FTSE Russell 4.4/5 Among the highest ranked in the industry
ISS Corporate Rating B/A+ Among the highest ranked in the industry
ISS QualityScore
Governance 7/1*
Social 1/1*
Environment 2/1*
Above the industry average
MSCI AAA/AAA Among the highest ranked in the industry
Sustainalytics 13.7/0** Among the highest ranked in the industry
VigeoEiris 71/100 Among the highest ranked in the industry
*1 to 10 (1 indicating the best possible score)            **0 to 100 (0 indicating the lowest risk)
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. 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 given certain 
investment commitments in several countries e.g., 
Finland, China and Sweden. If commitments to 
planning conditions are not met, local officials may 
pursue administrative measures to reclaim some of 
the formerly granted investment subsidies or to 
impose penalties on Stora Enso, the outcome of such 
a process could result in adverse financial impact on 
Stora Enso.
A more detailed risk description is included in Stora 
Enso’s Annual Report 2023, available at 
storaenso.com/annualreport.
Sensitivity analysis
Energy sensitivity analysis: the direct effect of a 10% 
change in electricity and fossil fuel market prices 
would have an impact of approximately EUR 7 million 
on adjusted EBIT for the next 12 months.
Wood sensitivity analysis: the direct effect of a 10% 
change in wood prices would have an impact of 
approximately EUR 228 million on adjusted EBIT for the 
next 12 months. 
Pulp sensitivity analysis: the direct effect of a 10% 
change in pulp market prices would have an impact 
of approximately EUR 135 million on adjusted EBIT for 
the next 12 months. 
Chemical and filler sensitivity analysis: the direct 
effect of a 10% change in chemical and filler prices 
would have an impact of approximately EUR 40 million 
on adjusted EBIT for the next 12 months.  
Foreign exchange rates transaction risk sensitivity 
analysis for the next twelve months: the direct effect 
on adjusted EBIT of a 10% strengthening in the value of 
the US dollar, Swedish krona and British pound would 
Sustainability
Stora Enso January–June results 2024 20 (40)

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

be approximately positive EUR 86 million, negative EUR 
10 million and positive EUR 12 million annual impact, 
respectively. 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. 
The Group's consolidated income statement on 
adjusted EBIT level is exposed to a foreign-currency 
translation risk worth approximately EUR 179 million 
expense exposure in Brazilian real (BRL) and 
approximately EUR 67 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 negative EUR 18 million and a positive 
EUR 7 million impact on adjusted EBIT, respectively. 
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. 
Changes in Group management
Stora Enso has appointed Niclas Rosenlew Group CFO. 
He will replace Seppo Parvi, who has previously 
announced that he will leave Stora Enso to continue 
his career outside the Company. 
Stora Enso has appointed Carolyn Wagner Executive 
Vice President, Packaging Solutions division. She will 
replace Ad Smit who will retire. 
Niclas Rosenlew and Carolyn Wagner will join Stora 
Enso no later than January 2025.
Resolutions by the Annual General Meeting 
Stora Enso Oyj’s Annual General Meeting was held on 
20 March 2024 in Helsinki, Finland. The AGM adopted 
the accounts for 2023, adopted the remuneration 
report for 2023 through an advisory resolution and 
granted the Company’s Board of Directors and Chief 
Executive Officer discharge from liability for the 
period.
The AGM resolved, in accordance with the proposal 
by the Board of Directors, that the Company shall 
distribute a dividend of EUR 0.10 per share for the year 
2023. The dividend was paid on 4 April 2024. In 
addition, the AGM resolved that the Board of Directors 
is authorised to decide at its discretion on the 
payment of an additional dividend up to a maximum 
of EUR 0.20 per share. The authorisation is valid until 31 
December 2024. 
The AGM resolved, in accordance with the proposal 
by the Shareholders’ Nomination Board, 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, Elisabeth 
Fleuriot, Helena Hedblom, Astrid Hermann, Kari Jordan, 
Christiane Kuehne, and Richard Nilsson – as members 
of the Board of Directors until the end of the following 
AGM and to elect Reima Rytsölä as a new member of 
the Board of Directors 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.   
Events
Stora Enso January–June results 2024 21 (40)

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

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 215,270 (2023: 209,000)  
Vice Chair        EUR 121,540 (2023: 118,000) 
Members         EUR 83,430 (2023: 81,000)   
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 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. PricewaterhouseCoopers Oy has notified the 
Company that Samuli Perälä, APA, will act as the 
principally responsible auditor. 
PricewaterhouseCoopers Oy will also act as the 
sustainability reporting assurance provider of the 
Company until the end of the Company’s next AGM.
Resolutions by the organising meeting of the Board 
of Directors
Richard Nilsson (Chair), Elisabeth Fleuriot and Astrid 
Hermann 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 and Richard Nilsson were elected members 
of the Sustainability and Ethics Committee.  
More information about the AGM in 2024 is available 
in 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, 24 July 2024
Stora Enso Oyj
Board of Directors
Events
Stora Enso January–June results 2024 22 (40)

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

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 2023 with the exception of new 
and amended standards applied to the annual 
periods beginning on 1 January 2024 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 
In March 2024 Stora Enso’s 50% owned joint operation 
MdP (Montes del Plata, Uruguay) completed 
transaction to acquire forest assets and related 
forestry business in Uruguay. Stora Enso's share of the 
transaction includes approximately 16.3 thousand 
hectares of land, of which about 9.8 thousand 
hectares are productive land. The acquired units are 
fully owned and reported in Biomaterials division.
The acquired forest land and operations are located 
in different regions in Uruguay. The acquired 
operations mainly include forestry plantations to 
supply wood for pulp production. 
Stora Enso's share of the cash purchase 
consideration was EUR 75 million. The related 
transaction costs were not considered to be 
significant.  
The fair values of the identifiable assets and liabilities 
as of the acquisition date consisted mainly of forest 
assets (Stora Enso's share EUR 74 million). The amount 
of other items were not significant.
The fair values of the acquired assets and liabilities as 
at acquisition date have been determined on a 
provisional basis pending finalisation of the post-
combination review of the fair values. If new 
information obtained within one year of the date of 
acquisition about facts and circumstances that 
existed at the date of acquisition or any other 
adjustment items are identified, the above amounts 
are adjusted accordingly and the accounting for the 
acquisition will be adjusted. The measurement period 
adjustments in Q2 2024 were not considered to be 
significant.
The acquisition is not considered to have significant 
impact on Stora Enso Group’s sales or net profit.
Assets held for sale
As announced in December 2022, Stora Enso has 
initiated a sales process for divesting its consumer 
board production site and forestry operations in 
Guangxi, China.
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.
In accordance with the progress in the ongoing 
divestment process, the Guangxi operations have 
been classified as held for sale since Q4/2023. Assets 
held for sale include mainly fixed assets, forest assets, 
inventories and operating receivables, whereas 
related liabilities consist mainly of non-current and 
current interest bearing liabilities and operating 
liabilities.
The following new and amended 
standards are applied to the annual 
periods beginning on 1 January 2024
• Amended standards and interpretations did not 
have material effect on the Group.
Future standard changes endorsed by 
the EU but not yet effective in 2024
• No future standard changes endorsed by the EU 
which would have material effect on the Group.
Financials
Stora Enso January–June results 2024 23 (40)

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

Condensed consolidated income statement
EUR million Q2/24 Q2/23 Q1/24 Q1-Q2/24 Q1-Q2/23 2023
Sales  2,301  2,374  2,164  4,466  5,095  9,396 
Other operating income  66  87  114  180  234  378 
Change in inventories of finished goods and WIP  30  -74  16  46  -51  -209 
Materials and services  -1,491  -1,569  -1,413  -2,904  -3,308  -6,133 
Freight and sales commissions  -219  -230  -203  -422  -490  -883 
Personnel expenses  -328  -344  -302  -630  -672  -1,275 
Other operating expenses  -131  -260  -130  -261  -421  -638 
Share of results of associated companies  4  28  12  16  39  136 
Change in net value of biological assets  -6  5  8  2  4  209 
Depreciation, amortisation and impairment charges  -126  -270  -118  -244  -425  -1,303 
Operating result  99  -253  148  247  5  -322 
Net financial items  -49  -51  -47  -96  -81  -173 
Result before tax  50  -304  101  152  -76  -495 
Income tax  -8  47  -17  -25  4  64 
Net result for the period  42  -257  84  126  -72  -431 
Attributable to
Owners of the Parent  44  -226  85  129  -37  -357 
Non-controlling interests  -2  -31  -1  -2  -35  -74 
Net result for the period  42  -257  84  126  -72  -431 
Earnings per share
Basic earnings per share, EUR  0.06  -0.29  0.11  0.16  -0.05  -0.45 
Diluted earnings per share, EUR  0.06  -0.29  0.11  0.16  -0.05  -0.45 
Consolidated statement of comprehensive income
EUR million Q2/24 Q2/23 Q1/24 Q1-Q2/24 Q1-Q2/23 2023
Net result for the period  42  -257  84  126  -72  -431 
Other comprehensive income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI  -150  -262  -59  -209  -731  -645 
Actuarial gains and losses on defined benefit plans  4  14  20  24  17  -52 
Revaluation of forest land  6  18  0  6  17  -49 
Share of OCI of associated companies  -5  1  0  -5  1  -23 
Income tax relating to items that will not be 
reclassified  -1  5  -4  -6  -3  22 
 -147  -225  -43  -190  -699  -748 
Items that may be reclassified subsequently to 
profit and loss
Cumulative translation adjustment (CTA)  60  -128  -139  -79  -194  56 
Net investment hedges and loans  0  -23  -3  -3  -25  -15 
Cash flow hedges and cost of hedging  6  -25  -38  -32  -35  -1 
Share of OCI of Non-controlling Interests (NCI)  0  4  -1  -1  4  5 
Income tax relating to items that may be reclassified  -1  6  9  8  8  -1 
 64  -166  -172  -107  -241  44 
Total comprehensive income  -40  -648  -131  -171  -1,012  -1,135 
Attributable to
Owners of the parent  -38  -621  -129  -168  -982  -1,066 
Non-controlling interests  -2  -27  -1  -4  -30  -69 
Total comprehensive income  -40  -648  -131  -171  -1,012  -1,135 
CTA = Cumulative translation adjustment 
OCI = Other comprehensive income
Financials
Stora Enso January–June results 2024 24 (40)

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

Condensed consolidated statement of financial position
EUR million 30 Jun 2024 31 Dec 2023 30 Jun 2023
Assets
Goodwill O  504  505  575 
Other intangible assets O  280  283  318 
Property, plant and equipment O  4,769  4,544  4,961 
Right-of-use assets O  326  323  536 
 5,879  5,656  6,390 
Forest assets O  6,906  6,921  6,550 
Biological assets O  4,622  4,652  4,341 
Forest land O  2,284  2,269  2,209 
Emission rights O  178  108  155 
Investments in associated companies O  922  926  850 
Listed securities I  10  9  7 
Unlisted securities O  597  810  708 
Non-current interest-bearing receivables I  27  76  109 
Deferred tax assets T  128  134  104 
Other non-current assets O  54  58  72 
Non-current assets  14,699  14,699  14,944 
Inventories O  1,486  1,466  1,761 
Tax receivables T  32  31  44 
Operating receivables O  1,060  1,191  1,304 
Interest-bearing receivables I  121  64  52 
Cash and cash equivalents I  2,074  2,464  1,973 
Current assets  4,773  5,216  5,134 
Assets held for sale 855 839 0
Total assets  20,327  20,754  20,078 
Equity and liabilities
Owners of the Parent  10,734  10,985  11,066 
Non-controlling Interests  -100  -97  -58 
Total equity  10,634  10,889  11,009 
Post-employment benefit obligations O  195  217  178 
Provisions O  80  83  81 
Deferred tax liabilities T  1,402  1,433  1,430 
Non-current interest-bearing liabilities I  4,069  4,446  4,088 
Non-current operating liabilities O  10  11  10 
Non-current liabilities  5,756  6,190  5,788 
Current portion of non-current debt I  522  286  450 
Interest-bearing liabilities I  557  476  606 
Bank overdrafts I  19  0  26 
Provisions O  67  85  98 
Operating liabilities O  2,142  2,112  2,073 
Tax liabilities T  4  45  28 
Current liabilities  3,311  3,004  3,281 
Liabilities related to assets held for sale 626 671 0
Total liabilities  9,693  9,865  9,069 
Total equity and liabilities  20,327  20,754  20,078 
Items designated with “O” comprise Operating Capital 
Items designated with “I” comprise Net debt 
Items designated with “T” comprise Net Tax Liabilities 
Financials
Stora Enso January–June results 2024 25 (40)

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

Condensed consolidated statement of cash flows
EUR million Q1-Q2/24 Q1-Q2/23
Cash flow from operating activities
Operating result  247  5 
Adjustments for non-cash items  242  402 
Change in net working capital  103  -7 
Cash flow from operations  592  400 
Net financial items paid  -78  -63 
Income taxes paid, net  -58  -89 
Net cash provided by operating activities  457  249 
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash  -73  -584 
Acquisitions of associated companies  0  -2 
Acquisitions of unlisted securities  0  -2 
Cash flow on disposal of subsidiary shares and business operations, net of disposed cash  1  231 
Cash flow on disposal of unlisted securities  3  0 
Cash flow on disposal of forest and intangible assets and property, plant and equipment  8  41 
Capital expenditure  -610  -468 
Proceeds from/payment of non-current receivables, net  -6  8 
Net cash used in investing activities  -678  -776 
Cash flow from financing activities
Proceeds from issue of new long-term debt  8  1,327 
Repayment of long-term debt and lease liabilities  -169  -526 
Change in short-term interest-bearing liabilities  57  220 
Dividends paid  -79  -473 
Purchase of own shares
1
 -3  -6 
Net cash provided by financing activities  -187  542 
Net change in cash and cash equivalents  -409  15 
Translation adjustment  -1  15 
Net cash and cash equivalents at the beginning of period  2,464  1,917 
Net cash and cash equivalents at period end  2,054  1,947 
Cash and cash equivalents at period end  2,074  1,973 
Bank overdrafts at period end  -19  -26 
Net cash and cash equivalents at period end  2,054  1,947 
1
 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 30 June 2024.
Financials
Stora Enso January–June results 2024 26 (40)

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

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 2023  1,342  77  633  —  1,298  39  1,579  87  -415  7,893  12,532  -30  12,502 
Net result for the period  —  —  —  —  —  —  —  —  —  -37  -37  -35  -72 
OCI before tax  —  —  —  —  -731  -35  17  1  -218  17  -949  4  -945 
Income tax relating to OCI  —  —  —  —  —  7  -4  —  —  —  4  —  4 
Total comprehensive income  —  —  —  —  -731  -27  14  1  -218  -20  -982  -30  -1,012 
Dividend  —  —  —  —  —  —  —  —  —  -473  -473  —  -473 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  2  2 
Purchase of treasury shares  —  —  -6  —  —  —  —  —  —  -6  —  -6 
Share-based payments  —  —  6  —  —  —  —  —  -11  -5  —  -5 
Balance at 30 June 2023  1,342  77  633  —  567  12  1,592  88  -634  7,389  11,066  -58  11,009 
Net result for the period  —  —  —  —  —  —  —  —  —  -320  -320  -39  -359 
OCI before tax  —  —  —  —  86  34  -67  -24  259  -69  219  —  219 
Income tax relating to OCI  —  —  —  —  —  -8  14  —  -1  12  17  —  17 
Total Comprehensive Income  —  —  —  —  85  26  -53  -24  259  -377  -84  -39  -123 
Dividend  —  —  —  —  —  —  —  —  —  —  —  —  — 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  —  —  —  —  —  —  —  —  —  — 
Share-based payments  —  —  —  —  —  —  —  —  —  3  3  —  3 
Balance at 31 December 2023  1,342  77  633  —  653  38  1,540  63  -375  7,015  10,985  -97  10,889 
Net result for the period  —  —  —  —  —  —  —  —  —  129  129  -2  126 
OCI before tax  —  —  —  —  -209  -32  6  -5  -82  24  -299  -1  -300 
Income tax relating to OCI  —  —  —  —  0  7  -1  —  1  -4  2  —  2 
Total comprehensive income  —  —  —  —  -210  -25  4  -5  -81  148  -168  -4  -171 
Dividend  —  —  —  —  —  —  —  —  —  -79  -79  —  -79 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -3  —  —  —  —  —  —  -3  —  -3 
Share-based payments  —  —  —  3  —  —  —  —  —  -5  -2  —  -2 
Balance at 30 June 2024  1,342  77  633  —  443  12  1,544  58  -455  7,080  10,734  -100  10,634 
CTA = Cumulative Translation Adjustment      OCI = Other Comprehensive Income    NCI = Non-controlling Interests
Financials
Stora Enso January–June results 2024 27 (40)

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

Goodwill, other intangible assets, property, plant and equipment, right-of-use assets and forest assets 
EUR million Q1-Q2/24 Q1-Q2/23 2023
Carrying value at 1 January  12,577  12,489  12,489 
Additions in tangible and intangible assets  441  347  946 
Additions in right-of-use assets  33  80  108 
Additions in biological assets  38  35  71 
Depletion of capitalised silviculture costs  -39  -40  -81 
Acquisition of subsidiaries  75  857  859 
Disposals and classification as held for sale
1
 2  -9  -727 
Depreciation and impairment  -244  -425  -1,303 
Fair valuation of forest assets  46  62  241 
Translation difference and other  -144  -454  -27 
Statement of Financial Position Total  12,784  12,940  12,577 
1 
Including company disposals.
 
Borrowings
EUR million 30 Jun 2024 30 Jun 2023 31 Dec 2023
Bond loans  3,453  3,114  3,601 
Loans from credit institutions  795  909  794 
Lease liabilities  339  512  334 
Long-term derivative financial liabilities  2  1  1 
Other non-current liabilities  2  3  2 
Non-current interest-bearing liabilities including current portion  4,591  4,538  4,733 
Short-term borrowings  489  535  418 
Interest payable  52  29  52 
Short-term derivative financial liabilities  15  42  6 
Bank overdrafts  19  26  0 
Total Interest-bearing Liabilities  5,167  5,170  5,209 
EUR million Q1-Q2/24 Q1-Q2/23 2023
Carrying value at 1 January  5,209  3,972  3,972 
Additions in long-term debt, companies acquired  0  133  131 
Proceeds of new long-term debt  8  1,327  2,006 
Repayment of long-term debt  -147  -469  -619 
Additions in lease liabilities, companies acquired  0  99  99 
Additions in lease liabilities  33  80  109 
Repayment of lease liabilities and interest  -35  -37  -87 
Change in short-term borrowings  57  121  177 
Change in interest payable  7  5  40 
Change in derivative financial liabilities  9  -6  -41 
Disposals and classification as held for sale  15  1  -575 
Other  17  25  26 
Translation differences  -5  -81  -29 
Total Interest-bearing Liabilities  5,167  5,170  5,209 
Financials
Stora Enso January–June results 2024 28 (40)

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

Commitments and contingencies
EUR million 30 Jun 2024 31 Dec 2023 30 Jun 2023
On Own Behalf
Guarantees  18  18  18 
Other commitments  6  6  4 
On Behalf of associated companies
Guarantees  4  5  5 
On Behalf of Others
Guarantees  16  16  15 
Other commitments  0  0  36 
Total  43  44  77 
Guarantees  38  38  38 
Other commitments  6  6  40 
Total  43  44  77 
The Group announced its intention in December 2022 to divest its consumer board production and forest 
operations sites in Beihai, China. As previously disclosed, 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. The Company continues to monitor the situation as the divestment process proceeds.
Capital commitments
EUR million 30 Jun 2024 31 Dec 2023 30 Jun 2023
Total  472  683  812 
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)
30 Jun 2024 31 Dec 2023 30 Jun 2024 31 Dec 2023
SEK 11,3595 11,0960 11,3889 11,4728
USD 1,0705 1,1050 1,0812 1,0816
GBP 0,8464 0,8691 0,8545 0,8699
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 Enso January–June results 2024 29 (40)

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

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 30 June 2024
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair
EUR million cost OCI statement amount  value Level 1 Level 2 Level 3
Financial assets
Listed securities  —  10  —  10  10  10  —  — 
Unlisted securities  —  584  12  597  597  —  —  597 
Non-current interest-bearing receivables  14  13  —  27  27  —  13  — 
Derivative assets  —  13  —  13  13  —  13  — 
Loan receivables  14  —  —  14  14  —  —  — 
Trade and other operating receivables  643  76  —  719  719  —  76  — 
Current interest-bearing receivables  98  19  4  121  121  —  23  — 
Derivative assets  —  19  4  23  23  —  23  — 
Other short-term receivables  98  —  —  98  98  —  —  — 
Cash and cash equivalents  2,074  —  —  2,074  2,074  —  —  — 
Total  2,830  702  16  3,548  3,548  10  112  597 
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair 
EUR million cost OCI statement amount value Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  4,068  2  —  4,069  4,269  —  2  — 
Derivative liabilities  —  2  —  2  2  —  2  — 
Non-current debt  4,068  —  —  4,068  4,268  —  —  — 
Current portion of non-current debt  522  —  —  522  522  —  —  — 
Current interest-bearing liabilities  541  15  1  557  557  —  15  — 
Derivative liabilities  —  15  1  15  15  —  15  — 
Current debt  541  —  —  541  541  —  —  — 
Trade and other operating payables  1,674  —  —  1,674  1,674  —  —  — 
Bank overdrafts  19  —  —  19  19  —  —  — 
Total  6,824  16  1  6,841  7,041  —  17  — 
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
Stora Enso January–June results 2024 30 (40)

===== SIDA 32 =====

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December 
2023
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair 
EUR million cost OCI statement amount value Level 1 Level 2 Level 3
Financial assets
Listed securities  —  9  —  9  9  9  —  — 
Unlisted securities  —  794  15  810  810  —  —  810 
Non-current interest-bearing receivables  62  14  —  76  76  —  15  — 
Derivative assets  —  14  —  15  15  —  15  — 
Loan receivables  62  —  —  62  62  —  —  — 
Trade and other operating receivables  835  30  —  865  865  —  30  — 
Current interest-bearing receivables  21  39  4  64  64  —  43  — 
Derivative assets  —  39  4  43  43  —  43  — 
Other short-term receivables  21  —  —  21  21  —  —  — 
Cash and cash equivalents  2,464  —  —  2,464  2,464  —  —  — 
Total  3,382  887  19  4,288  4,288  9  87  810 
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair
EUR million cost OCI statement amount  value Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  4,445  1  —  4,446  5,071  —  1  — 
Derivative liabilities  —  1  —  1  1  —  1  — 
Non-current debt  4,445  —  —  4,445  5,069  —  —  — 
Current portion of non-current debt  286  —  —  286  286  —  —  — 
Current interest-bearing liabilities  469  4  2  476  476  —  6  — 
Derivative liabilities  —  4  2  6  6  —  6  — 
Current debt  469  —  —  469  469  —  —  — 
Trade and other operating payables  1,806  —  —  1,806  1,806  —  —  — 
Bank overdrafts  —  —  —  —  —  —  —  — 
Total  7,006  6  2  7,014  7,639  —  8  — 
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. 
Reconciliation of level 3 fair value measurement of financial assets and liabilities: 30 June 2024
EUR million Q1-Q2/24 2023 Q1-Q2/23
Financial assets
Opening balance at 1 January  810  1,437  1,437 
Reclassifications  0  0  -1 
Gains/losses recognised in other comprehensive income  -210  -646  -730 
Additions  0  18  1 
Disposals  -3  0  0 
Closing balance  597  810  708 
The Group did not have level 3 financial liabilities as at 30 June 2024.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 568 million of Pohjolan Voima Oy (PVO) shares for which the 
valuation method is described in more detail in the Annual Report. The valuation decreased by EUR 210 million versus 
December 2023, mainly due to lower electricity market prices and higher costs. The valuation is most sensitive to 
changes in electricity prices and discount rates. The discount rate of 6.83% 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 +85 million and -85 million, respectively. A +/- percentage point change in 
the discount rate would change the valuation by EUR -109 million and +143 million, respectively.
Financials
Stora Enso January–June results 2024 31 (40)

===== SIDA 33 =====

Stora Enso shares
During the second quarter of 2024, the conversions of 
206,138 A shares into R shares were recorded in the 
Finnish trade register.
On 30 June 2024, Stora Enso had 175,880,691 A shares 
and 612,739,296 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 237,154,620.
Trading volume
Helsinki Stockholm
A share R share A share R share
April 82,421 34,186,031 65,391 4,235,085
May 93,670 29,754,231 61,780 5,505,749
June 87,981 27,996,293 33,452 3,705,375
Total 264,072 91,936,555 160,623 13,446,209
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
April 12.55 12.55 147.50 149.30
May 13.60 13.41 151.50 153.40
June 12.65 12.76 144.50 144.80
Number of shares
Million Q2/24 Q2/23 Q1/24 2023
At period end  788.6  788.6  788.6  788.6 
Average  788.6  788.6  788.6  788.6 
Average, diluted  789.6  789.9  789.7  789.7 
Sales
Sales by segment – total
EUR million Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  1,138  1,100  4,557  1,045  1,057  1,155  1,300 
Packaging Solutions  254  224  1,077  247  266  288  276 
Biomaterials  413  374  1,587  375  345  379  488 
Wood Products  414  349  1,580  341  349  436  454 
Forest  690  659  2,490  650  534  620  687 
Other  36  57  964  207  179  213  364 
Inter-segment sales  -644  -599  -2,859  -691  -603  -717  -848 
Total  2,301  2,164  9,396  2,174  2,127  2,374  2,721 
Sales by segment – external
EUR million Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  1,062  1,033  4,362  1,006  1,012  1,103  1,242 
Packaging Solutions  252  221  1,066  244  264  285  273 
Biomaterials  326  298  1,363  322  297  321  423 
Wood Products  373  315  1,453  313  322  400  416 
Forest  282  278  989  266  218  246  258 
Other  7  20  162  22  14  18  108 
Total  2,301  2,164  9,396  2,174  2,127  2,374  2,721 
Disaggregation of revenue
EUR million Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Product sales  2,283  2,154  9,317  2,153  2,109  2,348  2,707 
Service sales  18  10  79  21  18  25  15 
Total  2,301  2,164  9,396  2,174  2,127  2,374  2,721 
Financials
Stora Enso January–June results 2024 32 (40)

===== SIDA 34 =====

Alternative performance measures 
Definitions and purpose for alternative performance measures can be found at the end of this section.
Changes in alternative performance measures
From 1 January 2024 onwards, a slight change in 
terminology is applied with regards to certain key 
alternative performance measures as detailed in the 
table below: 
Name until 31 Dec 2023 New name from 1 Jan 2024 
Operational EBIT Adjusted EBIT
Operational EBIT margin Adjusted EBIT margin
Operational EBITDA Adjusted EBITDA
Operational EBITDA margin Adjusted EBITDA margin
Net debt to LTM operational 
EBITDA 
Net debt to LTM adjusted 
EBITDA
Operational return on capital 
employed (op. ROCE)
Adjusted Return on capital 
employed (Adj. ROCE)
Operational ROCE excl. Forest 
division
Adjusted ROCE excl. Forest 
division
Operational return on 
operating capital (op. ROOC)
Adjusted Return on operating 
capital (Adj. ROOC)
In addition, the Company specifies that in order for 
the qualifying cases to be considered as items 
affecting comparability, a materiality threshold will be 
applied of at least EUR 4 million for Packaging 
Materials, EUR 2 million for Biomaterials, and EUR 1 
million for the rest of the divisions including the 
segment Other. No restatements were prepared for 
the alternative performance measures as this 
change will not have a significant impact on the 
comparative figures.
Reconciliation of operating result
EUR million Q2/24 Q2/23
Change %
Q2/24–
Q2/23 Q1/24
Change %
Q2/24–
Q1/24
Q1-
Q2/24
Q1-
Q2/23
Change %
Q1-Q2/24–
Q1-Q2/23 2023
Adjusted EBITDA  312  198  57.4 % 298  4.9 % 610 597  2.2 % 989 
Depreciation and silviculture costs of 
associated companies  -4  -3  -61.0 % -1  -218.5 % -6 -5  -20.6 % -11 
Silviculture costs
1
 -29  -24  -17.9 % -22  -29.0 % -51 -51  0.0 % -102 
Depreciation and impairment excl. IAC  -118  -135  12.1 % -118  -0.5 % -236 -271  12.8 % -534 
Adjusted EBIT  161  37 n/m  156  2.8 % 317 271  17.2 % 342 
Fair valuations and non-operational 
items  -16  -14  -14.6 % 11  -239.1 % -4 -3  -69.1 % 231 
Items affecting comparability (IAC)  -46  -276  83.4 % -20  -134.3 % -65 -264  75.2 % -895 
Operating result (IFRS)  99  -253  139.2 % 148  -33.2 % 247 5 n/m  -322 
1 
Including damages to forests
Adjusted EBIT by segment
EUR million Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  60  60  -57  -43  -34  -22  41 
Packaging Solutions  -1  -1  43  6  14  15  8 
Biomaterials  63  57  118  35  5  -13  91 
Wood Products  7  -9  -64  -27  -21  -6  -11 
Forest  76  70  253  75  59  62  57 
Other  -32  -11  1  -1  -15  -9  27 
Inter-segment eliminations  -13  -10  49  5  13  9  21 
Adjusted EBIT  161  156  342  51  21  37  234 
Fair valuations and non-operational 
items  -16  11  231  229  5  -14  11 
Items affecting comparability  -46  -20  -895  -605  -26  -276  12 
Operating result (IFRS)  99  148  -322  -326  -1  -253  258 
Net financial items  -49  -47  -173  -52  -40  -51  -29 
Result before Tax  50  101  -495  -378  -41  -304  228 
Income tax expense  -8  -17  64  53  7  47  -43 
Net result  42  84  -431  -325  -34  -257  185 
Financials
Stora Enso January–June results 2024 33 (40)

===== SIDA 35 =====

Items affecting comparability (IAC), fair valuations and non-operational items (FV)
Items affecting comparability in Q2/2024
EUR million Q2/24 Q1-Q2/24
Restructuring - Packaging Materials  -20  -22 
Restructuring - Packaging Solutions  -3  -5 
Restructuring - Biomaterials  -1  -2 
Restructuring - Forest  0  -2 
Restructuring - Group functions and 
segment Other  -17  -27 
Other items  -5  -8 
Total  -46  -65 
Items affecting comparability in Q2/2023
EUR million Q2/23 Q1-
Q2/23
Impairment reversal - Forest  1  1 
Disposal of Nymölla  -1  -29 
Disposal of Hylte  -48  -48 
Disposal of Maxau  0  49 
Disposal of Wood Products DIY unit  -3  -3 
Disposals related transaction costs  -5  -5 
Acquisition of De Jong Packaging Group  1  -15 
Closure of Sunila pulp mill  -104  -104 
Closure De Hoop  -76  -76 
Restructuring (2021 announced) - 
Kvarnsveden  1  23 
Restructuring (2021 announced) - 
Veitsiluoto  5  9 
Restructuring - Anjala  -7  -26 
Restructuring - Packaging Materials  -17  -17 
Restructuring - Packaging Solutions  -5  -10 
Restructuring - Wood Products  -8  -8 
Restructuring - Group functions  -10  -10 
Updates in environmental provisions - 
mainly closed Finnish sites  0  6 
Other items  0  0 
Total  -276  -264 
Fair valuations and non-operational items
EUR million Q2/24 Q1-
Q2/24 Q2/23 Q1-
Q2/23
Non-operational fair valuation changes of biological assets, Packaging Materials  -1  -2  0  0 
Non-operational fair valuation changes of biological assets, Biomaterials  3  5  5  4 
Non-operational fair valuation changes of biological assets, Forest  -11  -11  -6  -6 
Non-cash income and expenses related to CO2 emission rights and liabilities, Other  11  28  -18  3 
Non-operational items of associated companies, Forest  -18  -24  6  1 
Adjustments for differences between fair value and acquisition cost of forest assets 
upon disposal, Forest  -1  -1  0  -5 
Total  -16  -4  -14  -3 
Items affecting comparability (IAC) by segment
EUR million Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  -27  -4  -597  -474  -4  -98  -21 
Packaging Solutions  -3  -3  -26  -1  0  -5  -20 
Biomaterials  -1  -1  -224  -105  -17  -101  0 
Wood Products  0  0  -22  -13  -1  -8  0 
Forest  2  -2  2  4  3  -2  -3 
Other  -17  -10  -28  -16  -6  -61  56 
IAC on operating result  -46  -20  -895  -605  -26  -276  12 
Tax on IAC  8  4  100  53  6  43  -3 
IAC on net result  -38  -16  -795  -552  -20  -233  10 
Results
Stora Enso January–June results 2024 34 (40)

===== SIDA 36 =====

Fair valuations and non-operational items by segment
EUR million Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  -1  -1  12  12  0  0  0 
Packaging Solutions  0  0  0  0  0  0  0 
Biomaterials  3  1  25  24  -3  5  -1 
Wood Products  0  0  0  0  0  0  0 
Forest  -29  -6  206  221  -5  0  -9 
Other  11  17  -13  -28  12  -19  21 
FV on operating result  -16  11  231  229  5  -14  11 
Tax on FV  3  -1  -25  -24  -1  4  -3 
FV on net result  -13  11  206  205  3  -10  8 
Operating result by segment
EUR million Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  32  55  -642  -504  -38  -120  21 
Packaging Solutions  -4  -4  17  5  14  10  -12 
Biomaterials  66  58  -81  -46  -15  -109  90 
Wood Products  7  -10  -86  -40  -22  -14  -11 
Forest  49  63  461  300  57  60  44 
Other  -38  -4  -41  -46  -10  -89  104 
Inter-segment eliminations  -13  -10  49  5  13  9  21 
Operating result (IFRS)  99  148  -322  -326  -1  -253  258 
Net financial items  -49  -47  -173  -52  -40  -51  -29 
Result before tax  50  101  -495  -378  -41  -304  228 
Income tax expense  -8  -17  64  53  7  47  -43 
Net result  42  84  -431  -325  -34  -257  185 
Calculation of adjusted return on capital employed (ROCE) and return on equity (ROE) based on the last 12 
months
EUR million Q2/24 Q2/23 Q1/24 Q4/23
Adjusted EBIT, LTM  389  1,154  265  342 
Capital employed, LTM average  14,108  14,262  14,197  14,230 
Adjusted ROCE, LTM  2.8%  8.1%  1.9%  2.4% 
Adjusted EBIT excl. Forest division, LTM  108  926  -2  89 
Capital employed excl. Forest division, LTM average  8,274  8,671  8,415  8,490 
Adjusted ROCE excl. Forest division, LTM  1.3%  10.7%  0.0%  1.0% 
Net result for the period, LTM  -233  879  -532  -431 
Total equity, LTM average  10,842  11,790  11,047  11,413 
Return on equity (ROE), LTM  -2.1%  7.5%  -4.8%  -3.8% 
Net debt  3,497  3,030  3,518  3,167 
Adjusted EBITDA, LTM  1,002  1,801  888  989 
Net debt to LTM adjusted EBITDA ratio  3.5  1.7  4.0  3.2 
LTM = Last 12 months.
Calculation of EPS excl. FV
EUR million Q2/24 Q2/23 Q1/24 Q1-Q2/24 Q1-Q2/23 2023
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of 
the Parent  44  -226  85  129  -37  -357 
FV on net profit for the period attributable to 
owners of the Parent  -11  -10  14  3  -2  218 
Net profit for the period attributable to owners 
of the parent excl. FV 55 -216 71 126 -35 -575
Average number of shares  789  789  789  789  789  789 
Earnings per share (EPS) excl. FV EUR  0.07  -0.27  0.09  0.16  -0.04  -0.73 
Results
Stora Enso January–June results 2024 35 (40)

===== SIDA 37 =====

Calculation of net debt
EUR million 30 Jun 2024 30 Jun 2023 31 Mar 2024 31 Dec 2023
Listed securities  10  7  10  9 
Non-current interest-bearing receivables  27  109  76  76 
Interest-bearing receivables  121  52  40  64 
Cash and cash equivalents  2,074  1,973  2,099  2,464 
Interest-bearing assets  2,232  2,140  2,225  2,613 
Non-current interest-bearing liabilities  4,069  4,088  4,310  4,446 
Current portion of non-current debt  522  450  248  286 
Interest-bearing liabilities  557  606  623  476 
Bank overdrafts  19  26  3  0 
Interest-bearing liabilities held-for-sale  562  0  558  571 
Interest-bearing Liabilities 5,729 5,170 5,743 5,780
Net debt  3,497  3,030  3,518  3,167 
Definitions and calculation of 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. 
Operating result (IFRS) Net result for the period excluding income tax and net 
financial items (finance costs).
Used in combination with below 
measures to determine the 
profitability of the Group.
Adjusted EBIT
Operating result (IFRS) excluding items affecting 
comparability (IAC) and fair valuations and non-
operational items (FV) of the line-by-line consolidated 
entities and Stora Enso’s share of operating result excluding 
IAC and FV of its associated companies.
The Group’s key non-IFRS 
performance metric, which is 
used to evaluate the 
performance of operating 
segments and, in combination 
with below ratios, to steer 
allocation of resources to them.
Adjusted EBITDA Operating result (IFRS) excluding silviculture costs and 
damage to forests, fixed asset depreciation and 
impairment, IACs and FV. The definition includes the 
respective items of subsidiaries, joint arrangements and 
associated companies.
Used by management to analyse 
the business and, from time-to-
time, for short term and long-
term target setting.
Adjusted return on capital 
employed (ROCE), LTM
3 
(%)
Adjusted EBIT
3
    x 100
Capital employed
1 Used for long-term Group 
financial targets setting.
Adjusted return on operating 
capital (ROOC), LTM
3
 (%)
Adjusted EBIT
3
    x 100
Operating capital
 1 Used for long-term divisional 
financial targets setting.
Return on equity, ROE, LTM
3
 
(%)
Net result for the period    x 100
Total equity
1 A measure of the profitability in 
relation to equity.
Net debt Interest-bearing liabilities – interest-bearing assets, 
marked with “I” in the statement of financial position.
Used for long-term Group 
financial targets setting.
Net debt/equity ratio Net debt
Equity
2 Used for long-term Group 
financial targets setting.
Net debt/last 12 months’ 
adjusted EBITDA ratio
Net debt
LTM adjusted EBITDA
Used for long-term Group 
financial targets setting.
Earnings per share (EPS) 
excluding FV Net result for the period excluding fair valuations and non-
operational items after tax divided by the weighted 
average number of shares
Stora Enso's dividend policy is to 
distribute 50% of earnings per 
share (EPS) excluding fair 
valuation over the cycle. 
Operating capital and 
capital employed
Operating capital is comprised of items marked with “O” in 
the statement of financial position. Capital employed = 
Operating capital – Net tax liabilities. Net tax liabilities are 
marked with "T" in the statement of financial position.
Used for long-term Group 
financial targets setting.
Alternative performance 
measure
Definition Purpose
Results
Stora Enso January–June results 2024 36 (40)

===== SIDA 38 =====

Items affecting 
comparability (IAC)
The most common IAC are significant capital gains and 
losses, impairments or impairment reversals, disposal gains 
and losses relating to Group companies, provisions for 
planned restructurings, environmental provisions, changes 
in depreciation due to restructuring and penalties. In order 
for qualifying cases to be considered as items affecting 
comparability, a materiality threshold will be applied of at 
least EUR 4 million for Packaging Materials, EUR 2 million for 
Biomaterials, and EUR 1 million for the rest of the divisions 
including segment Other.
Represent certain significant 
items, identified by the 
management, considered not 
indicative of the operating 
business performance due to 
their nature and/or frequency.
Fair valuations and non-
operational items (FV)
Fair valuations and non-operational items include non-
cash income and expenses related to CO2 emission rights 
and liabilities, non-operational fair valuation changes of 
biological assets, adjustments for differences between fair 
value and acquisition cost of forest assets upon disposal 
and the Group’s share of income tax and net financial 
items of associated companies. Non-operational fair value 
changes of biological assets reflect changes made to 
valuation assumptions and parameters. The adjustments 
for differences between fair value and acquisition cost of 
forest assets upon disposal are a result of the fact that the 
cumulative non-operational fair valuation changes of 
disposed forest assets were included in previous periods in 
IFRS operating result (biological assets) and other 
comprehensive income (forest land) and are included in 
adjusted EBIT only at the disposal date (for non-strategic 
forest assets disposals).
Represent adjustments for 
certain items considered by the 
management less relevant for 
understanding operating 
business performance. These 
adjustments result in differences 
in the recognition and 
measurement principles 
applicable under IFRS.
Operational fair value 
change of biological assets
Operational fair value changes of biological assets contain 
all other fair value changes (see above about non-
operational fair value changes of biological assets), mainly 
due to inflation and differences in actual harvesting levels 
compared to the harvesting plan.
The long-term value change of 
the growing forests is an 
important component of the 
forestry business profitability.
Cash flow from operations 
(non-IFRS)  and cash flow 
after investing activities 
(non-IFRS)
Cash flow from operations (non-IFRS) is equal to net cash 
provided by operating activities (IFRS) before cash flows 
related to financial items and income taxes. Cash flow after 
investing activities (non-IFRS) is equal to cash flow from 
operations (non-IFRS) minus cash spent on intangible 
assets, property, plant and equipment, and biological 
assets and acquisitions of associated companies. 
These are measures of cash 
generation, working capital 
efficiency and capital 
expenditure outflows. 
Capital expenditure Capital expenditure on fixed assets includes investments in 
and acquisitions of tangible and intangible assets as well 
as internally generated assets and capitalised borrowing 
costs, net of any related subsidies. Capital expenditure on 
leased assets includes new capitalised leasing contracts. 
Capital expenditure on biological assets consists of 
acquisitions of biological assets and capitalisation of costs 
directly linked to growing trees in plantation forests. The 
cash flow impact of capital expenditure is presented in 
cash flow from investing activities, excluding lease capex, 
where the cash flow impact is based on paid lease 
liabilities and presented in cash flow from financing and 
operating activities. 
A measure of the operating 
business investments capitalised 
as tangible and intangibles 
assets.
Fixed costs Maintenance, personnel and other administration type of 
costs, excluding IAC and FV.
A measure of the costs that are 
less variable in nature.
Alternative performance 
measure
Definition Purpose
1
Average for the last five quarter ends  
2
Attributable to the owners of the Parent  
3
Last 12 months prior to the end of reporting period
Results
Stora Enso January–June results 2024 37 (40)

===== SIDA 39 =====

Definitions and calculation of key sustainability figures
GHG emissions, Scope 1 + 2 Direct absolute CO2e emissions from production (Scope 1) and indirect absolute CO2e 
emissions related to purchased electricity and heat (Scope 2). Excluding joint 
operations. Reported as rolling 12 months. Calculated in accordance with the 
Greenhouse Gas Protocol of the World Resource Institute (WRI). 
GHG emissions, Scope 3 Absolute CO2e emissions from other sources along the value chain of all production 
units are estimated based on the most recent methodology. Joint operations included 
as suppliers. Currently, material emission categories for Scope 3 emissions are updated 
annually. Accounting based on guidelines provided by the Greenhouse Gas Protocol 
and the World Business Council for Sustainable Development (WBCSD).
Forest certification coverage The proportion of land in wood production and harvesting owned or leased by Stora 
Enso that is covered by forest certification schemes. Reporting on total land area and its 
forest certification coverage aligned with financial reporting on forests assets.
Share of technically recyclable 
products
The proportion of technically recyclable products based on production volumes as 
tonnes. Technical recyclability is defined by international standards and tests when 
available, and in the absence of these, by Stora Enso’s tests that prove recyclability. The 
reporting scope includes Stora Enso’s packaging, pulp, paper and solid wood products 
as well as biochemical by-products.
TRI (Total recordable incidents) 
rate Number of incidents per one million hours worked. Including joint operations. 
Gender balance: % of female 
managers among all managers
The share of female managers is calculated as the headcount of all permanent 
managers with at least one direct report. The manager must be permanent, but the 
subordinates can be temporary or permanent. Reported as rolling 12 months. Excluding 
joint operations.
Total water withdrawal per 
saleable tonne 
Reported as rolling 12 months. Excluding joint operations. Total water withdrawal includes 
process water and cooling and non-contact water intakes by board, pulp, and paper 
production sites as cubic metres (m
3
).
Process water discharges per 
saleable tonne
Reported as rolling 12 months. Excluding joint operations and Business Unit Western 
Europe in Packaging Solutions. Process water discharges include the discharges of 
board, pulp, and paper production sites as cubic metres (m
3
).
Supplier Code of Conduct (SCoC) 
coverage
The share of supplier spend (rolling 12 months) covered by the Supplier Code of Conduct 
(SCoC). Excludes contracts with an annual value below EUR 10,000,  joint operations, 
intellectual property rights, leasing fees, financial trading, government fees such as 
customs, and wood purchases from private individual forest owners. Excluding Business 
Unit Western Europe in Packaging Solutions.
Results
Stora Enso January–June results 2024 38 (40)

===== SIDA 40 =====

Divisions
Packaging Materials
Leading the development of 
circular packaging, providing 
premium packaging 
materials based on virgin 
and recycled fiber.
Share of Group external sales
46%
Packaging Solutions
Developing and selling 
premium fiber-based 
packaging products and 
services.
Share of Group external sales
11%
Biomaterials
Meeting the growing 
demand for bio-based 
solutions with innovations 
and being customers choice 
in selected pulp grades.
Share of Group external sales
14%
Wood Products 
One of the largest sawn wood producers in 
Europe and a global leading provider of 
renewable wood-based solutions.
Share of Group external sales
16%
Forest 
Creating value through sustainable forest 
management, competitive wood supply and 
innovation.
Share of Group external sales
12%
Information about Stora Enso's production capacities is available in the Annual Report 2023.
Results
Stora Enso January–June results 2024 39 (40)

===== SIDA 41 =====

Contact information
Stora Enso Oyj Stora Enso AB storaenso.com
P.O.Box 309 P.O.Box 70395 storaenso.com/investors
FI-00101 Helsinki, Finland SE-107 24 Stockholm, Sweden
Visiting address: Salmisaarenaukio 2 Visiting address: World Trade Center
Tel. +358 2046 111 Klarabergsviadukten 70
Tel. +46 1046 46 000
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–September 2024 results will be published on
24 October 2024
Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, and wooden construction, and 
one of the largest private forest owners in the world. We create value with our low-carbon and recyclable fiber-based products, through which we 
support our customers in meeting the demand for renewable sustainable products. Stora Enso has approximately 20,000 employees and our 
sales in 2023 were EUR 9.4 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 Enso January–June results 2024 40 (40)