Kvartalsrapport Q2 2025

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

Interim Report Q2
January–June 2025
Results summary 2
Outlook 3
CEO comment 4
Group results 5
Segment results 9
Sensitivity analysis and short-term risks 12
Legal proceedings 12
Sustainability 13
Events 14
Changes in Group structure and management 15
Resolutions by the AGM 15
Financials 16
IFRS section 16
Alternative performance measures 26
Contacts 31
On the cover: The EcoFlowerBox by Stora Enso made from corrugated board

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

Solid business performance in a volatile demand environment
Quarterly financial highlights 
(compared with Q2/24)
• Sales increased by 5% to EUR 2,426 (2,301) million, mainly due to higher 
deliveries and a positive impact from structural changes. 
• Adjusted EBIT decreased by 18% to EUR 126 (153) million. Adjusted EBIT 
margin decreased to 5.2% (6.7%). The ramp-up of the new consumer 
board line at the Oulu site had a negative impact of approximately EUR 
50 million. 
• Operating result (IFRS) was EUR 64 (92) million, including items affecting 
comparability of EUR -35 million, and fair valuations and other non-
operational items of EUR -27 million.
• Earnings per share were EUR 0.03 (0.05) and earnings per share excl. fair 
valuations (FV) were EUR 0.05 (0.06).
• The fair value of the forest assets increased to EUR 9.0 (8.7) billion, 
equivalent to EUR 11.40 per share.
• Cash flow from operations amounted to EUR 145 (323) million, impacted 
by the lower profit and decreasing trade payables.
• The net debt to adjusted EBITDA (LTM) ratio improved to 3.3 (3.5). 
• Adjusted ROCE excluding the Forest segment (LTM) increased to 3.3% 
(1.1%).
January–June 2025 results 
(compared with January–June 2024)
• Sales were EUR 4,789 (4,466) million. 
• Adjusted EBIT was EUR 301 (302) million. 
• Operating result (IFRS) was EUR 235 (232) million.
• Earnings per share (EPS) were EUR 0.17 (0.15) and EPS excl. fair valuations 
(FV) was EUR 0.18 (0.14).
• Cash flow from operations amounted to EUR 336 (592) million. Cash flow 
after investing activities was EUR -83 (-18) million.
Key highlights
• In May, Stora Enso entered into an agreement to divest approximately 
175,000 hectares of forest land, equivalent to 12.4% of its total forest land 
holdings in Sweden for an enterprise value of EUR 900 million, equivalent 
to SEK 9.8 billion. Stora Enso will retain a 15% ownership and secure long-
term wood supply.
• Stora Enso has initiated a strategic review of its Swedish forest assets. 
The review includes assessing a potential separation and public listing of 
the forest assets. 
• The ramp-up of the new consumer board line at the Oulu site in Finland 
is proceeding, and the line is expected to reach full capacity during 2027.
• The acquisition of the Finnish sawmill company Junnikkala Oy was 
completed during the quarter. 
• Stora Enso implemented a new, leaner and flatter organisational 
structure as of 1 July 2025, dividing its packaging business into four main 
areas with a reinforced focus on renewable packaging as the core 
business: Foodservice and Liquid Board, Cartonboard, Containerboard, 
and Packaging Solutions. 
• FTSE Russel has upgraded Stora Enso’s ESG rating score from 4.4 to 4.6 
(max 5.0), and ranked the Group as the best company in its sector. Stora 
Enso also remains included in the FTSE4Good Index Series.
• In July, Fitch confirmed that Stora Enso’s credit rating will continue as 
BBB- with Stable Outlook.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12% Net debt to adjusted EBITDA (LTM)
Net debt, MEUR
Net debt to adjusted EBITDA, LTM
Target <2.0
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0 Adjusted ROCE excl. Forest (LTM)
Adjusted ROCE excl. Forest segment, LTM, %
Target >13%Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
0%
5%
10%
15%
Summary
LTM = Last 12 months. The calculation method is explained in the Annual Report.
            S t o r a  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  2

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

Outlook and focus for 2025
Stora Enso expects market demand to remain subdued and 
volatile, affected by heightened macroeconomic and 
geopolitical uncertainty.
Guidance
Stora Enso anticipates that the adverse impact on adjusted EBIT for the full 
year of 2025, due to the ramp-up of the new consumer packaging board 
line at the Oulu site in Finland, will be around or somewhat above EUR 100 
million.
The Group's capital expenditure forecast for the full year of 2025 is EUR 
730–790 million.
In the third quarter of 2025, maintenance costs are expected to increase 
by approximately EUR 10 million from Q2/2025. See section Maintenance for 
more details.
Fiber costs are expected to remain at high levels.
Focus for 2025
• Continue systematic and determined work across the whole Group to 
improve profitability, cash flow, and cost competitiveness through a 
focus on sourcing, operational efficiency, commercial excellence, 
working capital, and fixed costs
• Complete the sale of 12.4% of Swedish forest assets.
• Conduct a strategic review of the remaining Swedish forest assets, 
including the assessment of a potential separation and public listing of 
t h e  f o r e s t  a s s e t s .    
• Continue to build a leaner and flatter organisation by dividing the 
packaging business into four main areas – Foodservice and Liquid 
Board, Cartonboard, Containerboard, and Packaging Solutions – with a 
reinforced focus on renewable packaging as the core business. The new 
streamlined organisation will increase customer focus, drive operational 
efficiency through increased integration, reduce complexity, and 
enhance the Group’s performance culture.
• Transition to a more integrated business model across the Nordic 
packaging board mills to improve the entire value chain and customer-
centricity.
• Ramp up production and leverage the EUR 1 billion investment in the new 
packaging board line at the integrated mill in Oulu, Finland, to strengthen 
Stora Enso’s competitive position.
Outlook from Q2/2025 to Q3/2025
Markets remain volatile, with low consumer sentiment. The direct impact of 
the US tariffs at current rates is limited given that Stora Enso's direct sales 
to the USA account for only just below 3% of total group sales (2024). Tariffs 
impacting global trade present both risks and opportunities to our 
business. However, the main risk, as it currently stands, is the overall impact 
on the economy and trade flows.
Overall demand in the packaging segments is expected to remain stable 
at a low level. Prices are expected to remain relatively stable, despite 
ongoing pressure from persistent overcapacity and increased 
competition from Asia in consumer boards. In euro terms, prices for 
overseas deliveries are expected to be negatively affected by a weaker US 
dollar. 
Market demand for pulp is expected to remain weak due to market 
uncertainty, the low season, and increased inventory levels. Market pulp 
prices are expected to continue decreasing or to flatten throughout the 
summer and into autumn, negatively impacted by a weaker US dollar. 
Following the holiday season, demand in the wood products markets is 
projected to return to previous low levels. Prices are expected to remain 
stable amid ongoing pressure from rising saw log costs. 
The Forest segment is estimated to maintain stable financial performance. 
The third quarter profitability will be negatively affected by the planned 
maintenance stops, approximately EUR 10 million, and the continuing 
ramp-up of the new line at Oulu, with an estimated impact of EUR 30–45 
million.
Outlook
            Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  3

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

CEO comment
During the second quarter of 2025, we continued to make 
good progress in building a stronger and more competitive 
Stora Enso. While market conditions remained challenging, we 
focused on the areas within our control – enhancing sourcing, 
operational efficiency, commercial excellence, working capital, 
and fixed costs. 
We reached a major milestone with the agreement to divest 
approximately 175,000 hectares of forest land, equivalent to 12.4% of our 
total forest land holdings in Sweden, for an enterprise value of 
approximately EUR 900 million, in line with our Swedish forest book value. 
This transaction reduces our debt and enhances our financial flexibility. 
Stora Enso will retain a 15% ownership. In connection with the transaction, 
Stora Enso and the divested entity will enter into a 15-year wood supply 
agreement with a possible additional 15-year extension. 
Following this, we initiated a strategic review of our remaining 1.2 million 
hectares of Swedish forest assets, reinforcing our commitment to active 
portfolio management and shareholder value creation. As part of this 
review, we will explore various options, including a potential separation 
and listing of the forest business into a new company that would be wholly 
owned by all Stora Enso shareholders. The aim of the review is to assess 
options to further strengthen Stora Enso’s leading renewable packaging 
business, as well as to unlock the value and business potential of the 
unique Swedish forest business.  
Our new consumer board line in Oulu continued the ramp-up during the 
quarter. Customer feedback on product quality has been very 
encouraging. While the ramp-up will continue to weigh on earnings in the 
short term, we remain confident the Oulu board line will be very cost-
competitive and deliver some of the best quality products in the industry. 
This investment is central to our strategy of growing in renewable 
packaging. We also closed the acquisition of Junnikkala sawmills, which 
will further enhance the Oulu mill's cost competitiveness. 
Financially, all operational segments delivered positive adjusted EBIT for 
the second consecutive quarter, despite continued weakness in board 
and pulp markets, with total adjusted EBIT at EUR 126 million. The Oulu 
ramp-up had an approximately EUR 50 million negative impact on the 
second quarter adjusted EBIT. Sales at EUR 2.4 billion grew 5% year-on-year 
supported by high demand for wood products and packaging solutions. 
Our continuous, dedicated efforts to improve cash flow resulted in an 
operating working capital to sales of 6.9%, a decrease of 1.8 percentage 
points year-on-year. Cash flow was negative in the second quarter, as 
expected, driven by the final investments at the Oulu site.
"We are navigating through a volatile world with 
determination and discipline, and we remain 
firmly on track to deliver long-term sustainable 
value."
Looking ahead, we expect subdued and volatile market demand to persist 
through the remainder of 2025, driven by macroeconomic and 
geopolitical uncertainty. Market pulp prices are expected to continue to 
decrease or to flatten throughout the summer and into autumn, while 
some board prices are facing pressure due to low demand. We are also 
entering a period of higher maintenance activity, which will increase 
maintenance costs in the second half of the year. The Oulu ramp-up will 
continue to impact EBIT negatively, albeit less than in the second quarter. 
As previously announced, we have implemented a new, leaner and flatter 
organisational structure as of 1 July 2025. This new structure will increase 
customer focus, drive operational efficiency with increased integration, 
reduce complexity and enhance the Group’s performance culture. The 
renewable packaging business will consist of four P&L responsible business 
areas: Foodservice and Liquid Board, Cartonboard, Containerboard, and 
Packaging Solutions. The remaining businesses continue to be divided into 
three P&L responsible business areas: Biomaterials, Wood Products, and 
Forest. Within these seven business areas, P&L responsibility is further 
decentralised down to 22 new P&L responsible business units close to 
customers and operations.
I am proud of the resilience and dedication shown by our teams across 
the company. We are navigating through a volatile world with 
determination and discipline, and we remain firmly on track to deliver 
long-term sustainable value. Thank you for your continued support. 
Hans Sohlström
President and CEO, Stora Enso
CEO comment
            Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  4

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

Group result Q2/2025
(compared with Q2/2024)
Key figures
EUR million Q2/25 Q2/24
Change %
Q2/25–
Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Sales  2,426  2,301  5.4 % 2,362  4,789  4,466  9,049 
Adjusted EBITDA  279  312  -10.5 % 320  599  610  1,223 
Adjusted EBITDA margin  11.5 %  13.6 %  13.5 %  12.5 %  13.7 %  13.5 %
Adjusted EBIT
3
 126  153  -17.8 % 175  301  302  598 
Adjusted EBIT margin
3
 5.2 %  6.7 %  7.4 %  6.3 %  6.8 %  6.6 %
Operating result (IFRS)
3
 64  92  -30.3 % 171  235  232  93 
Result before tax (IFRS)
3
 20  43  -53.8 % 132  152  137  -118 
Net result for the period (IFRS)
3
 15  35  -56.4 % 107  122  111  -183 
Cash flow from operations  145  323  -55.2 % 192  336  592  1,187 
Cash flow after investing activities  -37  86  -142.5 % -47  -83  -18  74 
Capital expenditure  218  285  -23.4 % 125  343  511  1,090 
Capital expenditure excluding 
investments in biological assets  202  263  -23.4 % 109  310  474  1,009 
Depreciation and impairment charges 
excl. IAC
3  123  126  -2.4 % 118  240  251  501 
Net debt  3,988  3,497  14.1 % 3,932  3,988  3,497  3,707 
Forest assets¹
,
³  8,990  8,723  3.1 % 9,260  8,990  8,723  8,894 
Adjusted return on capital employed 
(ROCE), LTM²
,
³  4.3%  2.6%  4.4%  4.3%  2.6%  4.3% 
Adjusted ROCE excl. Forest segment, 
LTM²
,
³  3.3%  1.1%  3.8%  3.3%  1.1%  3.6% 
Earnings per share (EPS) excl. FV, EUR³  0.05  0.06  -15.4 % 0.13  0.18  0.14  -0.56 
EPS (basic), EUR³  0.03  0.05  -37.4 % 0.14  0.17  0.15  -0.17 
Return on equity (ROE), LTM²
,
³  -1.7%  -2.3%  -1.5%  -1.7%  -2.3%  -1.7% 
Net debt/equity ratio  0.39  0.33  0.38  0.39  0.33  0.37 
Net debt to LTM² adjusted EBITDA ratio  3.3  3.5  3.2  3.3  3.5  3.0 
Equity per share, EUR³  12.81  13.60  -5.8 % 13.16  12.81  13.60  12.86 
Average number of employees (FTE)  19,136  19,469  -1.7 % 18,512  18,849  19,465  19,233 
1 Total forest assets value, including leased land, assets held for sale and Stora Enso's share of Tornator.
2 LTM = Last 12 months. 
3 Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Items affecting comparability (IAC), fair valuations and 
non-operational items. 
Breakdown of change in sales
Sales Q2/2024, EUR million  2,301 
Price and mix  0% 
Currency  0% 
Volume  3% 
Other sales
1
 0% 
Total before structural changes  4% 
Structural changes
2
 2% 
Total  5% 
Sales Q2/2025, EUR million  2,426 
1  Energy, paper for recycling (PfR), by-products etc.     2 Asset closures, major investments, divestments and acquisitions 
Group sales 
Sales increased 5% , mainly due to higher deliveries. Structural changes had a positive impact as both Junnikkala 
acquisition and Oulu consumer board line ramp-up increased topline.
Adjusted EBIT
Adjusted EBIT decreased 18%,or EUR 27 million, driven by the ramp-up of Oulu consumer board line of approximately 
EUR 50 million.
Lower prices,especially in Biomaterials decreased profitability by EUR 6 million, which was more than offset by the 
positive EUR 12 million impact from higher volumes.
Variable costs were flat as higher wood and paper for recycling (PfR) costs were offset by lower energy, logistic and 
chemical costs. Fixed costs decreased slightly. 
Net foreign exchange rates had a positive EUR 6 million impact. The impact from depreciations, associated 
companies and other was a negative EUR 4 million.
Operating result (IFRS) 
Operating result (IFRS) decreased by EUR 28 million. Fair valuations and non-operational items (FV) had an adverse 
impact on the operating result of EUR 27 (16) million. Items affecting comparability (IAC) had an adverse impact of 
EUR 35 (46) million on the operating result. 
Other 
Net financial items of EUR -44 (-49) million were EUR 5 million lower than in the corresponding period last year, 
mainly due to a positive impact from foreign exchange rates. 
Net debt to LTM adjusted EBITDA improved to 3.3 (3.5), despite increasing net debt as LTM profitability continued to 
improve.
Group result
            Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  5

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

Second quarter 2025 results
(compared with Q1/2025)
Sales
Group sales increased 3% or EUR 64 million to EUR 2,426 (2,362) million. 
Higher deliveries and prices contributed to topline growth, especially in the 
seasonally stronger Packaging Solutions and Wood Products segments. 
Foreign exchange rates had a negative impact on topline, which was 
offset by the structural change related to the Junnikkala acquisition and 
the ramp-up of the consumer board line at the Oulu site. 
Adjusted EBIT
Adjusted EBIT decreased EUR 49 million to EUR 126 (175) million, mainly due to 
the ramp-up costs related to the new board line at Oulu. The adjusted EBIT 
margin decreased to 5.2% (7.4%). Higher sales prices increased adjusted 
EBIT by EUR 34 million, partially offset by a EUR 4 million negative impact 
from lower volumes. Variable costs remained flat, as higher wood and PfR 
costs were offset by lower pulp, logistics, and energy costs.
Fixed costs were EUR 42 million higher, mainly due to personnel costs 
related to higher volumes, seasonality and higher maintenance activity in 
Packaging Materials and Biomaterials. Net foreign exchange rates had a 
negative EUR 11 million impact on adjusted EBIT. The impact from 
depreciations, associated companies and other was a positive 
EUR 10 million.
Sales and adjusted EBIT
Sales, MEUR Adjusted EBIT, %
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
0
1,000
2,000
3,000
4,000
0%
3%
6%
9%
12%
January–June 2025 results
(compared with January–June 2024)
Sales
Group sales increased by 7%, or EUR 323 million to EUR 4,789 (4,466) million, 
mainly due to higher deliveries in all segments, partially impacted by the 
Finnish political strike in 2024. Sales prices and active mix management 
increased topline in all other segments except Biomaterials. The structural 
changes had a positive impact as the Junnikkala acquisition and the 
consumer board line ramp-up in Oulu increased topline.
Adjusted EBIT
Adjusted EBIT remained flat at EUR 301 (302) million and the adjusted EBIT 
margin decreased to 6.3% (6.8%). Higher volumes and sales prices 
increased profitability by EUR 76 million and EUR 37 million, respectively. 
Higher variable costs decreased adjusted EBIT by EUR 101 million, mainly 
due to wood costs. Fixed costs were EUR 4 million lower. 
Net foreign exchange rates had a positive EUR 35 million impact on 
profitability, which was offset by similar negative EUR 37 million impact 
from structural changes. The impact from depreciations, associated 
companies and other, had a negative impact of EUR 15 million on adjusted 
EBIT. 
Operating result (IFRS) was EUR 235 (232) million. 
Fair valuations and non-operational items (FV) had a negative net impact 
on the operating result of EUR 21 (4) million. Items affecting comparability 
(IAC) had an adverse impact of EUR 46 (65) million on the operating result. 
Group result
            Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  6

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

Cash flow Q2/2025 
(compared with Q2/2024)
Cash flow (non-IFRS)
EUR million Q2/25 Q2/24
Change %
Q2/25–
Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Adjusted EBITDA  279  312  -10.5 % 320  599  610  1,223 
IAC on adjusted EBITDA  -27  -38  28.4 % -11  -39  -57  -125 
Other adjustments  -47  -43  -7.6 % -13  -59  -63  -194 
Change in working capital  -61  92  -165.7 % -104  -165  103  283 
Cash flow from operations  145  323  -55.2 % 192  336  592  1,187 
Cash spent on fixed and biological assets  -181  -237  23.5 % -239  -420  -610  -1,113 
Acquisitions of associated companies  0  0  99.9 % 0  0  0  -1 
Cash flow after investing activities  -37  86  -142.5 % -47  -83  -18  74 
Cash flow after investing activities was negatively impacted mainly by adverse changes in trade payables and 
lower profitability compared to Q2/24. A significant part of the cash outflow related to fixed and biological asset 
was attributable to the new line at Oulu. Payments related to the previously announced provisions amounted to 
EUR 11 million. 
Capital expenditure Q2/2025
(compared with Q2/2024) 
Additions to fixed and biological assets totalled EUR 218 (285) million, of which EUR 202 (263) million were fixed assets 
and EUR 17 (22) million biological assets.
Depreciations and impairment charges excluding IACs totalled EUR 123 (126) million. Additions in fixed and biological 
assets had a cash outflow impact of EUR 181 (237) million, mainly related to the Oulu project.
Capital expenditure by segment
EUR million Q2/25 Q1-Q2/25 Q2/24 Main investment projects
Investment to 
be finalised
Packaging Materials  145  229  191 Oulu consumer board investment in Finland 2025
Packaging Solutions  15  19  10 
Biomaterials  39  68  45 Skutskär fluff pulp, winder and roll handling in Sweden 2025
Wood Products  8  13  14 
Forest  10  12  8 
Other  1  2  17 
Total  218  343  285 
Capital expenditure and depreciation forecast 2025
EUR million Forecast 2025
Capital expenditure 730–790
Depreciation and depletion of capitalised silviculture costs 610–660
Stora Enso’s capital expenditure forecast includes approximately EUR 75 million for the Group's forest assets. The 
depletion of capitalised silviculture costs is forecast to be EUR 75–85 million.
Cash flow and capex
            Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  7
EUR million
Cash flow
Cash flow from operations
Cash flow after investing activitiesQ1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
-150
0
150
300
450

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

Capital structure Q2/2025
EUR million 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024
Fixed assets
1
 14,025  14,285  13,846  14,257 
Associated companies  949  940  954  922 
Operating working capital, net
2
 494  434  308  414 
Non-current interest-free items, net  -268  -203  -220  -231 
Operating capital total
3
 15,200  15,457  14,888  15,362 
Net tax liabilities  -1,261  -1,294  -1,192  -1,246 
Capital employed
3
 13,939  14,163  13,696  14,115 
Equity attributable to owners of the Parent
3
 10,100  10,381  10,139  10,722 
Non-controlling interests
3
 -149  -150  -150  -103 
Net debt  3,988  3,932  3,707  3,497 
Financing total
3
 13,939  14,163  13,696  14,115 
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. 30 June 2024 restated, see the interim report for Q3 2024 for more details.
Compared with Q1/2025
Net debt increased by EUR 56 million to EUR 3,988 (3,932) million during the second quarter. The ratio of net debt to 
the last 12 months’ adjusted EBITDA was at 3.3 (3.2). The net debt/equity ratio on 30 June 2025 increased to 0.39 
(0.38). The average interest expense rate on borrowings at the reporting date was 3.3% (3.7%). Cash and cash 
equivalents net of overdrafts decreased by EUR 111 million to EUR 1,548 million.
During the second quarter, Stora Enso repaid SEK-denominated bonds totalling EUR 283 million. Additionally, the 
company drew down a previously undrawn facility from the European Investment Bank, amounting to EUR 435 
million. The loan is amortising with last repayment in 2037.
Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 30 June 2025.
Compared with Q2/2024
Operating working capital, i.e., Inventories, trade receivables and trade payables, increased by EUR 6 million. Other 
operating working capital increased by EUR 74 million.
Credit ratings
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 17 July 2025
Moody’s Baa3 (stable) / P-3 21 November 2024
Valuation of forest assets
Compared with Q1/2025
The value of total forest assets, including leased land, Stora Enso's share of Tornator's forest assets and assets held 
for sale, decreased by EUR 269 million to EUR 8,990 (9,260) million. The decrease was mainly due to currency impact 
i.e., weaker SEK. 
Compared with Q2/2024
The fair value of total forest assets increased by EUR 267 million to EUR 8,990 (8,723) million. The fair value of 
biological assets, including Stora Enso's share of Tornator and assets held for sale, increased by EUR 600 million to 
EUR 6,711 (6,111) million. This was mainly a result of increases in estimated wood prices. The value of forest land, 
including leased land, Stora Enso's share of Tornator and assets held for sale, decreased by EUR 333 million to EUR 
2,279 (2,612) million. This decrease in forest land value was mainly due to an increase in the discount rate.
Capital structure
            Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  8
EUR billion
Forest asset value
Forest land (including leased land)Biological assets
Q2/21 
Q3/21 
Q4/21 
Q1/22 
Q2/22 
Q3/22 
Q4/22 
Q1/23 
Q2/23 
Q3/23 
Q4/23 
Q1/24 
Q2/24 
Q3/24 
Q4/24 
Q1/25 
Q2/25 
0.0
2.0
4.0
6.0
8.0
10.0

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

Segment overview
Segments
            Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  9
EUR million
Adjusted EBIT by segment, Q2/2025
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-20
-10
0
10
20
30
40
50
60
70
80
90
External sales by segment, Q2/2025
45%
11%
12%
18%
13%
0.2%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Packaging Materials
A global leader and expert partner in circular packaging providing premium 
packaging boards, made from virgin and recycled fiber.
Packaging Solutions
A packaging converter that produces premium fiber-based packaging 
products for leading brands across multiple market areas, including retail, e-
commerce, and industrial applications. 
Biomaterials
Foundation built on pulp, with the aim of becoming customers’ first choice in 
selected grades. The segment also leverages all fractions to create 
innovative bio-based solutions, that replace fossil-based and other non-
renewable materials.
Wood Products 
Europe’s largest sawn timber producer and a leading provider of sustainable 
wood-based solutions for the global building sector. Provides the building 
sector with renewable and low-carbon wood-based solutions that help 
decarbonise the built environment.
Forest 
Responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations 
as well as for B2B customers. Manages the Group’s forest assets in Sweden 
and a 41% share in Tornator, whose forests are primarily located in Finland.
Segment Other
Includes the reporting of the emerging businesses as well as Stora Enso’s 
shareholding in Pohjolan Voima (PVO), and the Group's shared services and 
administration.
External sales by destination, FY 2024
14%
9%
7%
6%
6%
28%
10%
3%
18%
Sweden
Germany
Finland
Poland
The Netherlands
Other Europe
China
USA
Other countries
EUR million
Adjusted EBIT by segment, FY 2024
Packaging Materials
Packaging Solutions
Biomaterials
Wood Product
Forest
Other
-80
-40
0
40
80
120
160
200
240
280
320
External sales by segment, FY 2024
46%
11%
14%
15%
13%
1%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
Information about production and deliveries is available in the section Production and deliveries. Information about production capacities is available in the Annual Report.
External sales by destination, FY 2024
69%
17%
6%
4%2%1%
Europe
Asia
Americas
Middle East
Africa
Oceania

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

Packaging Materials
Result burdened by new consumer board line start-up at Oulu site in Finland
• Sales increased slightly, driven by higher prices for containerboard and a slight increase for consumer board. 
Deliveries increased slightly, driven by the first deliveries from the new line at the Oulu site.
• Adjusted EBIT decreased mainly due to ramp-up costs for Oulu. Excluding Oulu, results improved driven by 
recovery in the containerboard markets. Fiber cost remained persistently at a high level, offset by lower other 
variable costs. Profit improvement actions supported the results.
• Order inflow weakened, burdened by weak consumer spending and persistent overcapacity. Capacity was 
actively managed in line with demand.
Key figures: Packaging Materials
EUR million Q2/25 Q2/24
Change %
Q2/25–
Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Sales  1,159  1,138  1.8 % 1,159  2,318  2,238  4,502 
Adjusted EBITDA  99  127  -21.6 % 131  231  253  472 
Adjusted EBIT
1
 29  53  -45.8 % 62  91  105  172 
Adjusted EBIT margin
1
 2.5 %  4.6 %  5.4 %  3.9 %  4.7 %  3.8 %
Operating result (IFRS)
1
 17  24  -30.9 % 60  77  71  -169 
Adjusted ROOC, LTM  4.4 %  0.8 %  5.1 %  4.4 %  0.8 %  4.9 %
Cash flow from operations
1
 95  64  48.9 % 85  180  223  462 
Cash flow after investing activities
1
 -27  -99  72.8 % -87  -114  -228  -323 
Board and paper deliveries, 1,000 tonnes 1,290 1,264  2.0 % 1,234 2,524 2,489 4,920
Board and paper production, 1,000 tonnes 1,289 1,272  1.4 % 1,290 2,579 2,504 4,916
1 
 
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Packaging Solutions
Positive results despite ongoing market challenges
• Sales increased in nearly all markets, driven by a combination of volume growth in some markets, mix, as well as 
higher volumes and higher prices offsetting increased containerboard prices. 
• Adjusted EBIT increased supported by higher sales and reduced depreciation following the impairments 
announced in December 2024. 
• Markets remained challenging, with overcapacity and oversupply limiting ability to absorb higher raw material 
costs with needed speed. 
Key figures: Packaging Solutions
EUR million Q2/25 Q2/24
Change %
Q2/25–
Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Sales  272  254  7.1 % 239  512  478  987 
Adjusted EBITDA  20  18  6.7 % 22  41  37  62 
Adjusted EBIT  3  -1 n/m  5  8  -2  -15 
Adjusted EBIT margin  1.1 %  -0.4 %  2.1 %  1.6 %  -0.4 %  -1.5 %
Operating result (IFRS)  -2  -4  56.1 % 5  3  -7  -394 
Adjusted ROOC, LTM  -0.6 %  1.8 %  -1.0 %  -0.6 %  1.8 %  -1.6 %
Cash flow from operations  20  24  -16.4 % 7  26  30  78 
Cash flow after investing activities  8  14  -41.3 % -4  4  8  31 
Corrugated packaging European deliveries, 
million m² 326 326  0.0 % 290 616 609 1,217
Corrugated packaging European production, 
million m² 302 304  -0.9 % 295 596 588 1,157
The comparative figures for corrugated packaging European deliveries have been adjusted.
Segments
For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  10

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

Biomaterials
Navigating challenging market conditions with significant currency headwind
• Sales decreased due to lower sales prices and a negative currency rate impact, partly offset by higher volumes.
• Adjusted EBIT decreased mainly due to lower sales prices, partly offset by lower costs. Wood costs remained high.
• Pulp demand was significantly weaker in Europe. Pulp prices in Europe and China were weaker in all grades.
Key figures: Biomaterials
EUR million Q2/25 Q2/24
Change %
Q2/25–Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Sales  378  413  -8.5 % 392  770  788  1,587 
Adjusted EBITDA  55  99  -44.1 % 72  127  188  372 
Adjusted EBIT  21  63  -66.7 % 36  57  121  231 
Adjusted EBIT margin  5.6 %  15.3 %  9.3 %  7.5 %  15.3 %  14.6 %
Operating result (IFRS)  23  66  -64.7 % 41  64  124  256 
Adjusted ROOC (LTM)  6.9 %  6.3 %  8.4 %  6.9 %  6.3 %  9.3 %
Cash flow from operations
1
 50  139  -63.7 % 44  94  269  507 
Cash flow after investing activities
1
 23  98  -77.1 % 5  27  185  332 
Pulp deliveries, 1,000 tonnes 577 537  7.5 % 570 1,147 1,073 2,207
1 
 
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Wood Products
Positive EBIT development with price increases to mitigate increasing raw material costs
• Sales increased primarily due to higher sales prices and volumes for sawn wood. Additionally, the Junnikkala 
acquisition contributed to the growth in sales.
• Adjusted EBIT increased driven by higher prices and volumes, partly offset by increased raw material and fixed 
costs. Continued value creation actions contributed to the improvement of the results.
• The demand for both traditional wood products and building solutions was stronger year-on-year. The main 
driver for the price increases was further increasing raw material costs. 
Key figures: Wood Products
EUR million Q2/25 Q2/24
Change %
Q2/25–Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Sales  494  414  19.1 % 418  911  763  1,522 
Adjusted EBITDA  22  17  25.4 % 10  32  19  27 
Adjusted EBIT  11  7  56.7 % 1  12  -2  -16 
Adjusted EBIT margin  2.2 %  1.7 %  0.2 %  1.3 %  -0.3 %  -1.1 %
Operating result (IFRS)  11  7  53.9 % 1  12  -2  -73 
Adjusted ROOC (LTM)  -0.4 %  -7.7 %  -1.0 %  -0.4 %  -7.7 %  -2.7 %
Cash flow from operations
1  7  32  -79.6 % 0  7  2  45 
Cash flow after investing activities
1  1  26  -95.5 % -8  -7  -22  -4 
Wood products deliveries, 1,000 m³ 1,148 1,029  11.5 % 997 2,144 1,877 3,718
1 
 
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Forest
Record-high quarterly adjusted EBIT reflecting strong and stable performance
• Sales increased mainly due to higher volumes and wood prices, which continue to be at a high level for all wood 
assortments in the Nordics.
• Adjusted EBIT increased, reflecting a strong operational performance in the Group's forest assets and wood 
supply.
• The forest assets' fair value was EUR 9.0 billion, equivalent to EUR 11.40 per share.
Key figures: Forest
EUR million Q2/25 Q2/24
Change %
Q2/25–Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Sales¹  833  690  20.8 % 836  1,669  1,349  2,827 
Adjusted EBITDA  107  94  14.1 % 93  200  174  364 
Adjusted EBIT  88  76  16.0 % 82  170  146  309 
Adjusted EBIT margin  10.6 %  11.0 %  9.8 %  10.2 %  10.9 %  10.9 %
Operating result (IFRS)
2
 55  49  13.8 % 76  132  111  646 
Adjusted ROCE (LTM)  5.4 %  4.8 %  5.3 %  5.4 %  4.8 %  5.2 %
Cash flow from operations
3
 24  116  -79.0 % 72  96  134  220 
Cash flow after investing activities
3
 10  100  -89.7 % 63  74  108  171 
Wood deliveries, 1,000 m³ 8,894 8,587  3.6 % 9,463 18,356 16,856 33,794
Operational fair value change of biological 
assets 28 29  -2.6 % 28 56 64  119 
1 In Q2/25, internal wood sales to Stora Enso segments represented 63% of net sales, external sales to other forest companies represented 37%
2 Includes the full fair value change of the Nordic biological assets (standing trees)
3 Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Segment Other
• Sales increased by 30.6% to EUR 47 (36) million, mainly due to higher energy sales, impacted by the longer 
maintenance break of the Olkiluoto nuclear power plant unit 3 (OL3) a year ago.
• Adjusted EBIT increased by 38.0% to EUR -20 (-32) million, mainly due to higher margin for energy services and 
lower legacy costs related to closed production sites. 
• The segments are charged for electricity at market prices. Through its 16.5% shareholding in the Finnish energy 
company Pohjolan Voima (PVO), Stora Enso is entitled to receive, at cost, 8.9% of the electricity produced by the 
Olkiluoto nuclear reactors, and 20.6% of the electricity from the hydropower plants. 
Segments
For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV)
LTM = Last 12 months. The calculation method is explained in the Annual Report.
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  11

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

Sensitivity analysis
Energy and raw material price sensitivity
The direct effect of a 10% decrease in raw material prices on adjusted EBIT 
for the next 12 months
EUR million Sensitivity 10%
Energy +5
Wood +245
Pulp -120
Chemicals and fillers +43
Foreign exchange rate sensitivity
The direct effect of a 10% strengthening in the value of the currency on 
adjusted EBIT for the next 12 months
EUR million Sensitivity 10%
USD  +72 
SEK  -8 
GBP  +15 
Weakening of the currencies would have the opposite impact. These 
numbers are net of hedges and assuming no changes occur other than a 
single currency exchange rate movement in an exposure currency. 
Foreign currency translation risk 
The Group's consolidated income statement on adjusted EBIT level is 
exposed to a foreign currency translation risk worth approximately EUR 149 
million expense exposure in Brazilian real (BRL) and approximately EUR 78 
million income exposure in Chinese Renminbi (CNY). These exposures arise 
from the foreign subsidiaries and joint operations located in Brazil and 
China, respectively. For these exposures a 10% strengthening in the value of 
a foreign currency would have a EUR -15 million and a EUR +8 million impact 
on adjusted EBIT, respectively. 
Short-term risks
Risk is characterised by both threats and opportunities, which may affect 
future performance and the financial results of Stora Enso, reputation, as 
well as its ability to meet certain social and environmental objectives.
The geopolitical unrest could have an adverse impact on the Group. 
Potential trade tariffs, retaliatory measures, conflict-related risks to people, 
operations, trade credit, cyber security, supply, and demand, could also 
affect the Group negatively.
The risk of a prolonged global economic downturn and recession, sudden 
interest rate changes, currency fluctuations, trade union and political strike 
actions, and logistical chain disruptions could all adversely affect the 
Group’s profits, cash flow and financial position, as well as access to 
material, flow of goods and transport.
Macroeconomic and geopolitical disruption may increase costs, add 
complexity, and lower short-term visibility, which could further impact 
market demand, prices, profit margins, and volumes of the Group's 
products. New capacity and volume entering the market might distort 
demand, volumes, inventories and pricing. Moreover, forced capacity cuts 
might further impact on profitability. 
There is a risk of continued price volatility for raw materials such as wood, 
chemicals, other components and energy in Europe. The continued tight 
wood market, especially in the Nordics, could cause increased costs, limit 
harvesting and cause disruptions such as delays and/or lack of wood 
supply to the Group's production sites. Regulatory or similar initiatives 
might challenge the Group's strategy, growth and operations.
Other risks and uncertainties include, but are not limited to; general 
industry conditions, unanticipated expenditures related to the cost of 
compliance with existing and new environmental and other governmental 
regulations, and related to actual or potential litigation; material process 
disruption at Stora Enso's manufacturing facilities with operational or 
environmental impacts; risks inherent in conducting business through joint 
ventures; and other factors.
Stora Enso has been granted various investment subsidies and 
compensations, and has made certain investment commitments in 
several countries such as Finland, China, and Sweden. If commitments to 
planning conditions are not met, local officials may pursue administrative 
measures to reclaim some of the previously granted investment subsidies 
or impose penalties on Stora Enso. The outcome of such a process could 
result in adverse financial impact on Stora Enso.
A more detailed risk description of risks is included in Stora Enso’s 
Annual Report 2024, available at storaenso.com/annualreport.
Legal proceedings
Contingent liabilities
Stora Enso has undertaken significant restructuring actions in recent years 
which have included the divestment of companies, sale of assets and mill 
closures. These transactions include a risk of possible environmental or 
other obligations the existence of which would be confirmed only by the 
occurrence or non-occurrence of one or more uncertain future events not 
wholly within the control of the Group. A provision has been recognised for 
obligations for which the related amount can be estimated reliably and for 
which the related future cost is considered to be at least probable.
Stora Enso is party to legal proceedings that arise in the ordinary course of 
business and which primarily involve claims arising out of commercial law. 
The management does not consider that liabilities related to such 
proceedings before insurance recoveries, if any, are likely to be material to 
the Group’s financial condition or results of operations. 
Veracel
On 11 July 2008, Stora Enso announced that a federal judge in Brazil had 
issued a decision claiming that the permits issued by the State of Bahia for 
the operations of Stora Enso’s joint operations company Veracel were not 
valid. The judge also ordered Veracel to take certain actions, including 
reforestation with native trees on part of Veracel’s plantations and a 
possible fine of, at the time of the decision, BRL 20 (EUR 3) 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. 
On 2 July 2025, Veracel's appeal was upheld by the Federal Court and the 
regularity of all the environmental licensing of the project was recognised, 
and the fine of BRL 20 (EUR 3) million was annulled. The decision can still be 
appealed to the Superior Courts. No provisions have been recorded in 
Veracel’s or Stora Enso’s accounts for the reforestation or the possible fine. 
Sensitivity, risks, and legal
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  12

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

Key sustainability targets and performance 
Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity. 
The foundation for these is the conduct of everyday business in a responsible manner. 
   Climate
Stora Enso’s science-based target for 2030 is to reduce absolute Scope 1 
and 2 greenhouse gas (CO2e) emissions by 50% from the 2019 base year, in 
line with the 1.5-degree scenario. 
By the end of Q2/2025, the Scope 1 and 2 CO2e emissions were 1.07 million 
tonnes, a 59% reduction from the base year. Compared with Q2/2024 (1.39 
million tonnes), the decrease in emissions is mainly attributed to reduction 
measures, such as fuel switches. 
Stora Enso is committed to reducing Scope 3 emissions by 50% from 
the 2019 base year by 2030. In 2024, Stora Enso's estimated Scope 3 CO2e 
emissions were 4.53 million tonnes, a 39% reduction from the base year. 
   Circularity
Stora Enso's target is to reach 100% recyclable products by 2030. By the end 
of 2024, 94% (2023: 93%) of the Group's products were technically 
recyclable. Stora Enso aims to ensure the recyclability of its products 
through an increased focus on circularity in innovation processes. The 
Group actively collaborates with customers and partners to establish 
infrastructure that enhances the actual recycling of products. 
   Biodiversity
Stora Enso is committed to achieving a net-positive impact on biodiversity 
in its own forests and plantations by 2050 through active biodiversity 
management. The Group steers its biodiversity actions through a 
Biodiversity Leadership Programme to improve biodiversity at species, 
habitat and landscape levels. Progress is monitored with science-based 
impact indicators reported on the Group's website.
Biodiversity is an integral part of forest certifications, which include the 
protection of valuable ecosystems. Stora Enso’s target is to maintain a 
forest certification coverage level of at least 96% for the Group's own and 
leased forest lands. The forest certification coverage has remained stable 
and amounted to 99% in 2024 (2023: 99%). 
Direct and indirect CO2e emissions 
(Scope 1+2, rolling four quarters)
1
Million tonnes
0%
-13% -15%
-28%
-42%
-53%-57%-59%
-50%
CO₂e million tonnes, effective CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
Q1/2025
Q2/2025
2025
2026
2027
2028
2029
2030
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
CO2e emissions along the value chain (Scope 3)
Million tonnes
0% -3% 3%
-24%
-35% -39%
-50%
CO₂e million tonnes, estimated CO₂e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
0
1
2
3
4
5
6
7
8
1 Comparative figures are restated due to additional data after previous interim reports. 
   Responsible business practices
Stora Enso reports on the sustainability indicators below on a quarterly 
basis. For a full annual overview of Stora Enso's sustainability targets, 2024 
performance, and accounting principles, see the Sustainability Statement.
Key performance 
indicators (KPIs)
30 Jun 
2025
31 Mar 
2025
31 Dec 
2024
30 Jun 
2024 Target
Occupational safety: total 
TRI rate, year-to-date
1
4.4 4.2 n/a n/a
4.3 by the end of 
2025
Gender balance: % of 
female managers among 
all managers  25%  25%  24%  24% 25% by end of 2027
Water: total water 
withdrawal per saleable 
tonne (m
3
/tonne) 57 58 60 61
Decreasing trend 
from 2016 baseline 
(60m
3
/tonne)
Water: process water 
discharges per saleable 
tonne (m
3
/tonne)
2
33 33 33 34
 17% reduction by 
2030 from 2019 
baseline 
(36m
3
/tonne)
Sustainable sourcing: % of 
supplier spend covered 
by the Supplier Code of 
Conduct (SCoC)  94%  95%  95%  96% 95% or above
1 As of the beginning of 2025, the TRI rate has been expanded to include contractor employees. 
2 Comparative figures are restated due to additional data after previous interim reports.
Sustainability
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  13

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

Events during the quarter
Monetising forest assets
Stora Enso entered into an agreement to 
divest approximately 175,000 hectares of 
forest land, equivalent to 12.4% of its total 
forest land holdings in Sweden for an 
enterprise value of SEK 9.8 billion, 
equivalent to EUR 900 million.
Soya Group, will hold a 40.6% share in the 
newly formed company, and a MEAG led 
consortium will hold 44.4% of the shares. 
MEAG is the asset manager of Munich Re, 
a German insurance company. Stora Enso 
will retain a 15% ownership in the company.
Stora Enso and the divested entity will 
enter into a 15-year wood supply 
agreement. Stora Enso's adjusted EBITDA is 
expected to decrease by approx. EUR 25 
million per year, based on 2024 numbers. 
The transaction is subject to clearance by 
the competition authorities, and is 
expected to be completed during Q3/ 
2025.
Strategic review of Swedish 
forest assets
Stora Enso will explore various options, 
including a potential separation and 
listing of the Swedish forest assets into a 
new company that would be wholly 
owned by all Stora Enso shareholders. The 
aim is to further increase business focus, 
streamline operations, and fully unlock the 
value of both the forest assets and Stora 
Enso’s core packaging business.
Following the recent agreement to divest 
part of the Swedish forestland, Stora Enso 
retains ownership of over 1.2 million 
hectares (1.0 million hectares of 
productive forestland) in Sweden, with a 
fair value of approximately EUR 5.6 billion 
as of 30 June 2025.
Strong focus on renewable 
packaging
Stora Enso implemented a new 
organisation with seven P&L responsible 
business areas reflecting the importance 
of its core business renewable packaging. 
The new flatter and streamlined 
organisation will increase customer focus, 
drive operational efficiency with 
increased integration, reduce complexity 
and enhance the Group’s performance 
culture.
The renewable packaging business now 
comprises four business areas 
accounting for approximately 60% of 
Group sales: Foodservice and Liquid Board, 
Cartonboard, Containerboard, and 
Packaging Solutions. The other three 
business areas, Biomaterials, Wood 
Products and Forest, will in addition to their 
respective business, support the renewable 
packaging operations through wood 
sourcing and supply of raw material. 
Strengthening wood supply 
chains in Finland
The acquisition of the Finnish sawmill 
company Junnikkala Oy, announced in 
October 2024, was completed during the 
quarter. The acquired sawmills will be 
integrated with Stora Enso’s packaging 
board site in Oulu, and secure a cost-
efficient wood supply to the site, where a 
new packaging board machine recently 
started ramping up production.
The total enterprise value for the 
transaction is up to EUR 137 million, a 
significant part of it being contingent 
upon achieving specific production 
milestones. 
The acquisition is expected to gradually 
generate synergies of approximately EUR 
15 million annually once Junnikkala’s new 
sawmill in Oulu is fully operational. The 
products of the Junnikkala sawmills 
complement Stora Enso’s wood products 
portfolio.
Events after the quarter
No major events after the quarter to date.
Events
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  14

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

Changes in Group structure
As announced in April, Stora Enso has implemented a new organisation 
structure with seven P&L responsible business areas, reflecting the 
strategic importance of its core business of renewable packaging, 
effective 1 July 2025. The new structure removes one management layer 
and represents further decentralisation of P&L responsibility, bringing 
decision-making closer to customers and operations. 
Stora Enso's renewable packaging business now comprises of four P&L 
responsible business areas: Foodservice and Liquid Board, Cartonboard, 
Containerboard, and Packaging Solutions. The Group’s remaining 
businesses continue to be organised into three P&L responsible business 
areas: Biomaterials, Wood Products, and Forest. 
Within this structure, the sawmills and building solutions sites in the Nordics 
operationally belong to the geographically closest board or pulp 
production site. Central European building solutions sites and sawmills 
remain within the Wood Products business area. Customers of the Wood 
Products business area continue to be served through its global sales and 
customer service network.
Stora Enso will maintain its current external reporting structure.
Changes in Group management
Following Stora Enso’s decision to divide the renewable packaging 
business into four business areas, the Group appointed two new Executive 
Vice Presidents (EVP) and members of the Group Leadership Team (GLT) as 
of 1 July 2025. Markku Luoto was appointed EVP and Head of Foodservice 
and Liquid Board Business Area, and Andreas Birmoser was appointed EVP 
and Head of Cartonboard Business Area. The Containerboard Business 
Area will be led by Hannu Kasurinen, who previously served as EVP 
Packaging Materials division, and has been a member of the GLT since 
2019.
Markku Luoto joined Stora Enso in 2010 and most recently served as Head 
of Foodservice and Liquid Board Business Unit within the Packaging 
Materials division. He holds a Master of Science in Technology and an 
Executive MBA. 
Andreas Birmoser first joined Stora Enso in 2005 and has held various 
leadership roles, including CFO and CEO of Stora Enso’s joint operation 
Veracel in Brazil. Most recently, he served as Head of Cartonboard Business 
Unit in the Packaging Materials division. He holds a Bachelor of Business 
Administration and an Executive MBA.
Katariina Kravi, EVP People and Communication and a member of the GLT, 
has accepted a new position outside Stora Enso and will leave the 
company at the end of 2025. Katariina has served in her current role since 
2020. 
Resolutions by the Annual General 
Meeting 2025
Stora Enso Oyj’s Annual General Meeting was held on 20 March 2025 in 
Helsinki, Finland. The AGM adopted the accounts for 2024, adopted the 
Remuneration Report 2024 and the updated Remuneration Policy through 
an advisory resolution, and granted the Company’s Board of Directors and 
Chief Executive Officer discharge from liability for the financial period. 
The AGM resolved, in accordance with the proposal by the Board of 
Directors, that the Company shall distribute a dividend of EUR 0.25 per 
share for the year 2024 in two instalments as follows:  
The first dividend instalment, EUR 0.13 per share, was paid on 2 April 2025. 
The second dividend instalment, EUR 0.12 per share, shall be paid on or 
about 2 October 2025.  
The AGM resolved that the Board of Directors shall have nine (9) members. 
The AGM further resolved to re-elect the current members of the board of 
Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan, 
Christiane Kuehne, Richard Nilsson and Reima Rytsölä – as members of the 
Board of Directors until the end of the following AGM and to elect Elena 
Scaltritti and Antti Vasara as new members for the same term of office. 
The AGM resolved to elect Kari Jordan as Chair of the Board of Directors 
and Håkan Buskhe as Vice Chair of the Board of Directors.  
For more information about the resolutions of the AGM, please see the 
release Resolutions by Stora Enso Oyj’s Annual General Meeting.
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, 23 July 2025
Stora Enso Oyj
Board of Directors
Events
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  15

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

Financials
Basis of Preparation
This unaudited interim financial report has been prepared in accordance 
with the accounting policies set out in International Accounting Standard 
34 on Interim Financial Reporting and in the Group’s Financial Report for 
2024 with the exception of new and amended standards applied to the 
annual periods beginning on 1 January 2025 and changes in accounting 
principles described below.
All figures in this Interim Report have been rounded to the nearest million, 
unless otherwise stated. Therefore, percentages and figures in this report 
may not add up precisely to the totals presented and may vary from 
previously published financial information.
Acquisition of Group companies 
In October 2024, Stora Enso signed an agreement to acquire 100% of the 
Finnish sawmill company Junnikkala Oy. The transaction was completed at 
the end of April 2025. Junnikkala Oy is a Finnish producer of sawn timber 
and processed wood products for domestic and export markets and 
employs approximately 220 people. It operates three sawmills in northern 
Finland including its new sawmill, nearby the Stora Enso Oulu site. The 
acquired sawmills will create synergies with the site in Oulu through long-
term supply of raw materials and aims to secure a cost-efficient wood 
supply to the Oulu site. 
Stora Enso’s annual wood procurement in Finland will increase by 
approximately 1.7 million m³ and the Group’s total sawmilling capacity by 
approximately 700,000 m³. The acquired unit is reported in the Wood 
Products segment and the wood procurement activities are integrated 
into the Forest segment.
The cash purchase consideration was approximately EUR 17 million, and 
the fair value of contingent considerations are estimated at EUR 44 million 
at the date of acquisition. There are two contingent earn-out components, 
which are settled in cash and are subject to Junnikkala achieving certain 
production milestones by the end of 2026 and 2029. The maximum 
amount of the earn-outs is EUR 47 million.
The fair values of the acquired assets, liabilities and goodwill as on the 
acquisition date have been determined on a provisional basis, pending 
finalisation of the post-combination review of the fair values. The 
provisional goodwill represents the expected synergies. The goodwill is 
allocated to the Packaging Materials Oulu CGU. None of the goodwill 
recognised is expected to be deductible for tax purposes.
The impact of the acquired unit on Stora Enso Group’s consolidated sales 
and net result is not considered material. Related transaction costs 
amounted to EUR 4 million and are presented in other operating expenses.
EUR million 2025
Net assets acquired
Cash and cash equivalents  0 
Property, plant and equipment  115 
Intangible assets  1 
Working capital  9 
Tax assets and liabilities  -2 
Interest-bearing assets and liabilities  -68 
Fair value of net assets acquired  56 
Purchase consideration, cash part  17 
Purchase consideration, contingent  44 
Total purchase consideration  61 
Fair value of net assets acquired  -56 
Goodwill  5 
Cash outflow on acquisitions  -15 
Cash and cash equivalents of acquired subsidiaries  0 
Cash flow on acquisition, net of acquired cash  -14 
Disposal of Group companies
No disposals completed in Q2/2025.
Assets held for sale
As announced in May 2025, Stora Enso has signed an agreement to divest 
approximately 175,000 hectares of forest land, equivalent to about 12.4% of 
its total forest land holdings in Sweden. The valuation of the transaction is 
in line with the accounting fair value of the divested forest assets. Stora 
Enso will retain 15% ownership in the company. The sold unit is part of the 
Forest segment. The transaction is expected to be completed during 
Q3/2025.
In connection with the transaction, Stora Enso and the divested entity will 
enter into a 15-year wood supply agreement with a possible additional 15-
year extension, to secure wood availability for Stora Enso’s Swedish 
business units. The sold entity will also benefit from a forest management 
agreement under which Stora Enso will provide forest-related services.
In accordance with the progress in the ongoing divestment process, the 
share of Swedish forest assets have been classified as held for sale since 
Q2 2025. Assets held for sale and related liabilities include mainly forest 
assets and deferred tax liabilities.
The following new and amended standards are 
applied to the annual periods beginning on 
1 January 2025
Amended standards and interpretations did not have material effect on 
the Group.
Future standard changes endorsed by the EU but 
not yet effective in 2025
No future standard changes endorsed by the EU which would have 
material effect on the Group.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  16

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

Condensed consolidated income statement
EUR million Q2/25 Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Sales  2,426  2,301  2,362  4,789  4,466  9,049 
Other operating income  39  66  49  88  180  325 
Change in inventories of finished goods and WIP  -39  30  55  16  46  48 
Materials and services  -1,562  -1,491  -1,561  -3,123  -2,904  -5,948 
Freight and sales commissions  -223  -219  -222  -444  -422  -838 
Personnel expenses  -342  -328  -304  -646  -630  -1,228 
Other operating expenses  -103  -131  -112  -215  -261  -543 
Share of results of associated companies  8  4  13  21  16  52 
Change in net value of biological assets  -10  -6  7  -3  2  421 
Depreciation, amortisation and impairment 
charges  -130  -133  -117  -247  -259  -1,246 
Operating result  64  92  171  235  232  93 
Net financial items  -44  -49  -39  -83  -96  -211 
Result before tax  20  43  132  152  137  -118 
Income tax  -5  -8  -25  -29  -25  -65 
Net result for the period  15  35  107  122  111  -183 
Attributable to
Owners of the Parent  24  38  113  137  117  -136 
Non-controlling interests  -9  -3  -6  -14  -5  -48 
Net result for the period  15  35  107  122  111  -183 
Earnings per share
Basic earnings per share, EUR  0.03  0.05  0.14  0.17  0.15  -0.17 
Diluted earnings per share, EUR  0.03  0.05  0.14  0.17  0.15  -0.17 
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Consolidated statement of comprehensive income
EUR million Q2/25 Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Net result for the period  15  35  107  122  111  -183 
Other comprehensive income (OCI)
Items that will not be reclassified to profit and 
loss
Equity instruments at fair value through OCI  -34  -150  54  20  -209  -202 
Actuarial gains and losses on defined benefit 
plans  -9  4  10  1  24  22 
Revaluation of forest land  -25  6  0  -25  6  -281 
Share of OCI of associated companies  2  -5  0  2  -5  5 
Income tax relating to items that will not be 
reclassified  8  -1  -1  7  -6  53 
 -58  -147  63  5  -190  -403 
Items that may be reclassified subsequently to 
profit and loss
Cumulative translation adjustment (CTA)  -253  60  218  -34  -79  -89 
Net investment hedges and loans  -14  0  -10  -24  -3  4 
Cash flow hedges and cost of hedging  31  6  73  104  -32  -81 
Share of OCI of Non-controlling Interests (NCI)  10  -1  5  16  -1  -5 
Income tax relating to items that may be 
reclassified  -12  -1  -16  -28  8  19 
 -237  64  271  34  -107  -152 
Total comprehensive income  -281  -48  441  161  -186  -738 
Attributable to
Owners of the parent  -283  -44  442  159  -180  -685 
Non-controlling interests  2  -4  0  1  -7  -53 
Total comprehensive income  -281  -48  441  161  -186  -738 
CTA = Cumulative translation adjustment 
OCI = Other comprehensive income
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  17

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

Condensed consolidated statement of financial position
Assets
Goodwill O  169  162  504 
Other intangible assets O  258  277  300 
Property, plant and equipment O  5,090  5,006  5,073 
Right-of-use assets O  442  499  516 
 5,959  5,945  6,393 
Forest assets O  6,436  7,227  7,089 
Biological assets O  4,649  5,243  4,806 
Forest land O  1,787  1,983  2,284 
Emission rights O  108  73  178 
Investments in associated companies O  949  954  922 
Listed securities I  9  11  10 
Unlisted securities O  624  602  597 
Non-current interest-bearing receivables I  20  14  27 
Deferred tax assets T  164  205  128 
Other non-current assets O  57  53  54 
Non-current assets  14,326  15,082  15,397 
Inventories O  1,740  1,672  1,602 
Tax receivables T  37  31  32 
Operating receivables O  1,004  969  1,086 
Interest-bearing receivables I  100  47  121 
Cash and cash equivalents I  1,570  1,999  2,074 
Current assets  4,452  4,719  4,915 
Assets held for sale 899 0 0
Total assets  19,676  19,802  20,312 
EUR million 30 Jun 2025 31 Dec 2024 30 Jun 2024
Equity and liabilities
Owners of the Parent  10,100  10,139  10,722 
Non-controlling Interests  -149  -150  -103 
Total equity  9,951  9,989  10,619 
Post-employment benefit obligations O  191  181  195 
Provisions O  77  81  80 
Deferred tax liabilities T  1,280  1,416  1,402 
Non-current interest-bearing liabilities I  3,580  3,894  4,383 
Non-current operating liabilities O  57  10  10 
Non-current liabilities  5,184  5,582  6,070 
Current portion of non-current debt I  1,339  1,090  599 
Interest-bearing liabilities I  747  788  728 
Bank overdrafts I  22  7  19 
Provisions O  29  37  67 
Operating liabilities O  2,219  2,296  2,206 
Tax liabilities T  31  13  4 
Current liabilities  4,386  4,231  3,623 
Liabilities related to assets held for sale 155 0 0
Total liabilities  9,725  9,813  9,693 
Total equity and liabilities  19,676  19,802  20,312 
EUR million 30 Jun 2025 31 Dec 2024 30 Jun 2024
Items designated with “O” comprise Operating Capital 
Items designated with “I” comprise Net debt 
Items designated with “T” comprise Net Tax Liabilities 
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  18

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

Condensed consolidated statement of cash flows
Cash flow from operating activities
Operating result  235  247 
Adjustments for non-cash items  266  242 
Change in net working capital  -165  103 
Cash flow from operations  336  592 
Net financial items paid  -89  -78 
Income taxes paid, net  -24  -58 
Net cash provided by operating activities  223  457 
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash  -14  -73 
Acquisitions of unlisted securities  -1  0 
Cash flow on disposal of subsidiary shares and business operations, net of disposed cash  0  1 
Cash flow on disposal of unlisted securities  1  3 
Cash flow on disposal of forest and intangible assets and property, plant and equipment  8  8 
Capital expenditure  -420  -610 
Proceeds from/payment of non-current receivables, net  21  -6 
Net cash used in investing activities  -405  -678 
Cash flow from financing activities
Proceeds from issue of new long-term debt  488  8 
Repayment of long-term debt and lease liabilities  -610  -169 
Change in short-term interest-bearing liabilities  -12  57 
Dividends paid  -114  -79 
Purchase of own shares
1
 -1  -3 
Net cash provided by financing activities  -250  -187 
EUR million Q1-Q2/25 Q1-Q2/24
Net change in cash and cash equivalents  -432  -409 
Translation adjustment  -12  -1 
Net cash and cash equivalents at the beginning of period  1,993  2,464 
Net cash and cash equivalents at period end  1,548  2,054 
Cash and cash equivalents at period end  1,570  2,074 
Bank overdrafts at period end  -22  -19 
Net cash and cash equivalents at period end  1,548  2,054 
EUR million Q1-Q2/25 Q1-Q2/24
1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 30 June 2025.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  19

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

Statement of changes in equity
Fair value reserve
EUR million Share capital
Share 
premium and 
reserve fund
Invested non-
restricted 
equity fund
Treasury 
shares
Equity 
instruments 
through OCI
Cash flow 
hedges
Revaluation 
reserve
OCI of 
associated 
companies
CTA and net 
investment 
hedges and 
loans
Retained 
earnings
Attributable to 
owners of the 
parent
Non-
controlling 
interests Total
Balance at 1 January 2024  1,342  77  633  —  653  38  1,540  63  -375  7,015  10,985  -97  10,889 
Net result for the period  —  —  —  —  —  —  —  —  —  117  117  -5  111 
OCI before tax  —  —  —  —  -209  -32  6  -5  -82  24  -299  -1  -300 
Income tax relating to OCI  —  —  —  —  —  7  -1  —  1  -4  2  —  2 
Total comprehensive income  —  —  —  —  -210  -25  4  -5  -81  136  -180  -7  -186 
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  7,067  10,722  -103  10,619 
Net result for the period  —  —  —  —  —  —  —  —  —  -252  -252  -42  -295 
OCI before tax  —  —  —  —  7  -49  -286  10  -3  -2  -322  -4  -326 
Income tax relating to OCI  —  —  —  —  —  10  59  —  1  —  69  —  69 
Total Comprehensive Income  —  —  —  —  7  -39  -227  10  -1  -254  -505  -46  -552 
Dividend  —  —  —  —  —  —  —  —  —  -79  -79  —  -79 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  —  —  —  —  —  —  —  —  —  — 
Share-based payments  —  —  —  —  —  —  —  —  —  1  1  —  1 
Balance at 31 December 2024  1,342  77  633  —  450  -27  1,317  68  -457  6,735  10,139  -150  9,989 
Net result for the period  —  —  —  —  —  —  —  —  —  137  137  -14  122 
OCI before tax  —  —  —  —  20  104  -25  2  -58  1  43  16  59 
Income tax relating to OCI  —  —  —  —  1  -20  5  —  -7  1  -21  —  -21 
Total comprehensive income  —  —  —  —  21  84  -20  2  -66  138  159  1  161 
Dividend  —  —  —  —  —  —  —  —  —  -197  -197  —  -197 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -1  —  —  —  —  —  —  -1  —  -1 
Share-based payments  —  —  —  1  —  —  —  —  —  -1  —  —  — 
Balance at 30 June 2025  1,342  77  633  —  471  57  1,297  70  -522  6,676  10,100  -149  9,951 
CTA = Cumulative Translation Adjustment      OCI = Other Comprehensive Income    NCI = Non-controlling Interests
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  20

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

Goodwill, other intangible assets, property, plant and equipment, 
right-of-use assets and forest assets
EUR million Q1-Q2/25 Q1-Q2/24 2024
Carrying value at 1 January  13,172  13,289  13,289 
Additions in tangible and intangible assets  301  441  933 
Additions in right-of-use assets  10  33  76 
Additions in biological assets  33  38  81 
Depletion of capitalised silviculture costs  -37  -39  -88 
Acquisition of subsidiaries  121  75  77 
Disposals and classification as held for sale  -903  -4  -21 
Depreciation and impairment  -247  -259  -1,246 
Fair valuation of forest assets  9  46  229 
Translation difference and other  -63  -137  -158 
Statement of Financial Position Total  12,395  13,483  13,172 
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Breakdown of change in capital employed
Capital employed 30 June 2024, EUR million  14,115 
Capital expenditure excl. investments in biological assets less depreciation  356 
Investments in biological assets less depletion of capitalised silviculture costs  -11 
Impairments and reversal of impairments  -745 
Fair valuation of forest assets  192 
Unlisted securities (mainly PVO)  27 
Associated companies  27 
Net liabilities in defined benefit plans  4 
Operating working capital and other interest-free items, net  60 
Emission rights  -70 
Net tax liabilities  18 
Acquisition of subsidiaries  127 
Disposal of subsidiaries  -8 
Translation difference  -124 
Other changes  -31 
Capital employed 30 June 2025  13,939 
Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Borrowings
EUR million 30 Jun 2025 30 Jun 2024 31 Dec 2024
Bond loans  3,170  3,452  3,454 
Loans from credit institutions  1,265  995  978 
Lease liabilities  480  531  545 
Long-term derivative financial liabilities  1  2  5 
Other non-current liabilities  1  2  2 
Non-current interest-bearing liabilities including current portion  4,919  4,982  4,985 
Short-term borrowings  690  656  689 
Interest payable  52  56  55 
Short-term derivative financial liabilities  5  15  44 
Bank overdrafts  22  19  7 
Total interest-bearing liabilities¹  5,687  5,729  5,779 
EUR million Q1-Q2/25 Q1-Q2/24 2024
Carrying value at 1 January  5,779  5,780  5,780 
Additions in long-term debt, companies acquired  69  0  0 
Proceeds of new long-term debt  488  8  19 
Repayment of long-term debt  -536  -147  -176 
Additions in lease liabilities  12  33  82 
Repayment of lease liabilities and interest  -48  -35  -85 
Change in short-term borrowings  39  57  69 
Change in interest payable  6  12  23 
Change in derivative financial liabilities  -43  9  42 
Disposals and classification as held for sale  0  0  -2 
Other  3  17  15 
Translation differences  -81  -5  11 
Total interest-bearing liabilities¹  5,687  5,729  5,779 
1 Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  21

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

Commitments and contingencies
EUR million 30 Jun 2025 31 Dec 2024 30 Jun 2024
On Own Behalf
Guarantees  10  17  18 
Other commitments  6  6  6 
On Behalf of associated companies
Guarantees  4  4  4 
On Behalf of Others
Guarantees  5  16  16 
Other commitments  0  0  0 
Total  25  43  43 
Guarantees  19  37  38 
Other commitments  6  6  6 
Total  25  43  43 
Stora Enso has been granted investment subsidies and has given certain investment commitments in China. There 
is a risk that the majority owned local Chinese company may be subject to a claim based on alleged costs 
resulting from certain uncompleted investment commitments. Given the specific mitigating circumstances 
surrounding the investment case as a whole, Stora Enso does not consider it to be probable that this situation 
would result in an outflow of economic benefits that would be material to the Group. 
Capital commitments
EUR million 30 Jun 2025 31 Dec 2024 30 Jun 2024
Total  181  304  472 
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 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024
SEK  11.1465  11.4590  11.0933  11.4309 
USD  1.1720  1.0389  1.0930  1.0821 
GBP  0.8555  0.8292  0.8423  0.8466 
Fair Values of Financial Instruments
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by 
valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are 
observable, either directly or indirectly;
• Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based 
on observable market data.
The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at 
fair value in the following tables are measured at fair value on a recurring basis.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  22

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

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 
30 June 2025
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities  —  9  —  9  9  9  —  — 
Unlisted securities  —  608  16  624  624  —  —  624 
Non-current interest-bearing receivables  11  8  —  20  20  —  8  — 
Derivative assets  —  8  —  8  8  —  8  — 
Loan receivables  11  —  —  11  11  —  —  — 
Trade and other operating receivables  623  51  —  674  674  —  51  — 
Current interest-bearing receivables  15  78  7  100  100  —  85  — 
Derivative assets  —  78  7  85  85  —  85  — 
Other short-term receivables  15  —  —  15  15  —  —  — 
Cash and cash equivalents  1,570  —  —  1,570  1,570  —  —  — 
Total  2,219  754  24  2,997  2,997  9  144  624 
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  3,578  1  —  3,580  3,817  —  1  — 
Derivative liabilities  —  1  —  1  1  —  1  — 
Non-current debt  3,578  —  —  3,578  3,816  —  —  — 
Current portion of non-current debt  1,339  —  —  1,339  1,339  —  —  — 
Current interest-bearing liabilities  741  4  1  747  747  —  5  — 
Derivative liabilities  —  4  1  5  5  —  5  — 
Current debt  741  —  —  741  741  —  —  — 
Trade and other operating payables  1,929  —  —  1,929  1,929  —  —  — 
Bank overdrafts  22  —  —  22  22  —  —  — 
Total  7,609  5  1  7,616  7,854  —  7  — 
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for 
financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value 
through OCI, in line with how they are booked for the effective portion. 
Carrying amounts of financial assets and liabilities by measurement and fair value categories: 
31 December 2024
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial assets
Listed securities  —  11  —  11  11  11  —  — 
Unlisted securities  —  587  15  602  602  —  —  602 
Non-current interest-bearing receivables  9  5  —  14  14  —  5  — 
Derivative assets  —  5  —  5  5  —  5  — 
Loan receivables  9  —  —  9  9  —  —  — 
Trade and other operating receivables  626  42  —  668  668  —  42  — 
Current interest-bearing receivables  38  9  1  47  47  —  10  — 
Derivative assets  —  9  1  10  10  —  10  — 
Other short-term receivables  38  —  —  38  38  —  —  — 
Cash and cash equivalents  1,999  —  —  1,999  1,999  —  —  — 
Total
 
 2,672  654  16  3,342  3,342  11  57  602 
Amortised 
cost
Fair value 
through 
OCI
Fair value 
through 
income 
statement
Total 
carrying 
amount Fair value
Fair value hierarchy
EUR million Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  3,889  5  —  3,894  4,129  —  5  — 
Derivative liabilities  —  5  —  5  5  —  5  — 
Non-current debt  3,889  —  —  3,889  4,124  —  —  — 
Current portion of non-current debt  1,090  —  —  1,090  1,090  —  —  — 
Current interest-bearing liabilities  744  42  2  788  788  —  44  — 
Derivative liabilities  —  42  2  44  44  —  44  — 
Current debt  744  —  —  744  744  —  —  — 
Trade and other operating payables  2,005  —  —  2,005  2,005  —  —  — 
Bank overdrafts  7  —  —  7  7  —  —  — 
Total  7,735  47  2  7,784  8,019  —  50  — 
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  23

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

Reconciliation of level 3 fair value measurement of financial assets and liabilities: 30 June 2025
EUR million Q1-Q2/25 2024 Q1-Q2/24
Financial assets
Opening balance at 1 January  602  810  810 
Reclassifications  0  0  0 
Gains/losses recognised in income statement  0  0  0 
Gains/losses recognised in other comprehensive income  22  -205  -210 
Additions  1  0  0 
Disposals  -1  -3  -3 
Closing balance  624  602  597 
The Group did not have level 3 financial liabilities as at 30 June 2025.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 592 million of Pohjolan Voima Oy (PVO) shares for which the 
valuation method is described in more detail in the Annual Report. The valuation is most sensitive to changes in 
electricity prices and discount rates. The discount rate of 6.65% 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 +83 million and -83 million, respectively. A +/- percentage point change in the discount rate 
would change the valuation by EUR -116 million and +153 million, respectively.
Stora Enso shares
During the second quarter of 2025, the conversions of 1,204 A shares into R shares were recorded in the Finnish 
trade register.
On 30 June 2025, Stora Enso had 175,552,207 A shares and 613,067,780 R shares in issue. The company did not hold its 
own shares. The total number of Stora Enso shares in issue was 788,619,987 and the total number votes at least 
236,858,985.
Trading volume
Helsinki Stockholm
A share R share A share R share
April 139,160 55,005,363 59,226 10,627,863
May 99,358 40,089,410 63,300 8,136,479
June 110,301 47,950,298 86,512 12,041,000
Total 348,819 143,045,071 209,038 30,805,342
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
April  9.22  8.17  95.20  89.90 
May  9.92  8.91  103.50  97.15 
June  9.90  9.22  106.50  103.30 
Number of shares
Million Q2/25 Q2/24 Q1/25 2024
At period end  788.6  788.6  788.6  788.6 
Average  788.6  788.6  788.6  788.6 
Average, diluted  789.7  789.6  789.6  789.7 
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  24

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

Maintenance
Total planned maintenance impact
Expected and historical impact of lost value of sales and planned maintenance costs
EUR million Q3/25¹ Q2/25² Q1/25 Q4/24 Q3/24 Q2/24
Total maintenance impact  101  95  75  118  139  134 
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 Q2/2025 was EUR 92 million.
Planned maintenance shutdowns
Packaging Materials Biomaterials
2025 2024 2025 2024
Q1 — — Q1 — —
Q2 Beihai, Langerbrugge Beihai, Langerbrugge Q2 Skutskär Montes del Plata, Skutskär
Q3 Heinola, Oulu, Varkaus Heinola, Oulu, Varkaus Q3 Enocell Enocell, Veracel
Q4 Anjalankoski, Fors, Imatra, 
Skoghall, Ostrołęka
Anjalankoski, Fors, Imatra, 
Ostrołęka, Skoghall Q4 Montes del Plata —
Production and external deliveries
Q2/25 Q2/24
Change %
Q2/25–
Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Consumer board deliveries, 1,000 tonnes 737  712  3.5 % 686 1,423  1,391  2,778 
Consumer board production, 1,000 tonnes 720  727  -0.9 % 744 1,465  1,429  2,793 
Containerboard deliveries, 1,000 tonnes 344  332  3.7 % 330 674  649  1,242 
Containerboard production, 1,000 tonnes 429  400  7.4 % 406 835  779  1,530 
Corrugated packaging European 
deliveries, million m
2 323  324  -0.2 % 287 610  604  1,205 
Corrugated packaging European 
production, million m
2 302  304  -0.9 % 295 596  588  1,157 
Market pulp deliveries, 1,000 tonnes 501  471  6.4 % 536 1,036  947  2,029 
Wood products deliveries, 1,000 m
3
1,197  1,079  11.0 % 1,052 2,249  1,957  3,892 
Wood deliveries, 1,000 m
3
3,298  3,290  0.2 % 3,646 6,944  6,784  13,451 
Paper deliveries, 1,000 tonnes 133  144  -7.6 % 137 270  301  611 
Paper production, 1,000 tonnes 140  145  -3.4 % 140 279  296  592 
The comparative Q2/24 deliveries for market pulp have been restated.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  25

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

Sales by segment – total
EUR million Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  1,159  1,159  4,502  1,095  1,169  1,138  1,100 
Packaging Solutions  272  239  987  247  262  254  224 
Biomaterials  378  392  1,587  419  380  413  374 
Wood Products  494  418  1,522  400  359  414  349 
Forest  833  836  2,827  784  695  690  659 
Other  47  49  176  47  37  36  57 
Inter-segment sales  -756  -731  -2,552  -670  -640  -644  -599 
Total  2,426  2,362  9,049  2,322  2,261  2,301  2,164 
Sales by segment – external
EUR million Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  1,099  1,078  4,207  1,019  1,094  1,062  1,033 
Packaging Solutions  270  237  977  244  259  252  221 
Biomaterials  285  322  1,303  365  315  326  298 
Wood Products  441  373  1,357  349  320  373  315 
Forest  327  337  1,157  330  267  282  278 
Other  5  15  49  15  7  7  20 
Total  2,426  2,362  9,049  2,322  2,261  2,301  2,164 
Operating result (IFRS) by segment
EUR million Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  17  60  -169  -303  62  24  47 
Packaging Solutions  -2  5  -394  -379  -8  -4  -4 
Biomaterials  23  41  256  86  46  66  58 
Wood Products  11  1  -73  -68  -3  7  -10 
Forest  55  76  646  466  69  49  63 
Other  -35  -15  -162  -90  -31  -38  -4 
Inter-segment eliminations  -6  3  -11  9  3  -13  -10 
Operating result (IFRS)  64  171  93  -279  139  92  141 
Net financial items  -44  -39  -211  -74  -41  -49  -47 
Result before tax  20  132  -118  -353  98  43  94 
Income tax expense  -5  -25  -65  -26  -14  -8  -17 
Net result  15  107  -183  -379  84  35  77 
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  26

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

Alternative performance measures 
According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance 
measure is understood as a financial measure of historical or future financial performance, financial position, or 
cash flows, not defined under IFRS. Used together with the IFRS measures, alternative performance measures 
provide meaningful supplemental information to the management, investors, analysts and other parties with 
regards to the financial development of the business operations. Definitions and purpose for alternative 
performance measures can be found in the Annual Report.
'
Reconciliation of operating result
EUR million Q2/25 Q2/24
Change %
Q2/25–
Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Adjusted EBITDA  279  312  -10.5 % 320 599 610  1,223 
Depreciation and silviculture costs of 
associated companies  -6  -4  -25.8 % -1 -7 -6  -13 
Silviculture costs
1
 -25  -29  12.9 % -25 -50 -51  -111 
Depreciation and impairment excl. IAC
2
 -123  -126  2.4 % -118 -240 -251  -501 
Adjusted EBIT
2
 126  153  -17.8 % 175 301 302  598 
Fair valuations and non-operational 
items  -27  -16  -70.9 % 7 -21 -4  364 
Items affecting comparability (IAC)  -35  -46  23.6 % -11 -46 -65  -870 
Operating result (IFRS)
2
 64  92  -30.3 % 171 235 232  93 
1 Including damages to forests     
2 Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Adjusted EBIT by segment
EUR million Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24
Packaging Materials  29  62  172  -6  73  53  52 
Packaging Solutions  3  5  -15  -6  -6  -1  -1 
Biomaterials  21  36  231  67  43  63  57 
Wood Products  11  1  -16  -12  -2  7  -9 
Forest  88  82  309  81  81  76  70 
Other  -20  -14  -72  -13  -16  -32  -11 
Inter-segment eliminations  -6  3  -11  9  3  -13  -10 
Adjusted EBIT  126  175  598  121  175  153  149 
Fair valuations and non-operational items  -27  7  364  368  0  -16  11 
Items affecting comparability  -35  -11  -870  -768  -36  -46  -20 
Operating result (IFRS)  64  171  93  -279  139  92  141 
Net financial items  -44  -39  -211  -74  -41  -49  -47 
Result before Tax  20  132  -118  -353  98  43  94 
Income tax expense  -5  -25  -65  -26  -14  -8  -17 
Net result  15  107  -183  -379  84  35  77 
The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  27

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

Items affecting comparability (IAC), fair 
valuations and non-operational items (FV)
Items affecting comparability in Q2/2025
EUR million Q2/25 Q1-Q2/25
Acquisitions  -5  -5 
Disposals  -1  -4 
Restructuring - Packaging Materials  -11  -12 
Restructuring - Packaging Solutions  -5  -5 
Restructuring - Biomaterials  0  0 
Restructuring - Group functions and segment Other  -10  -10 
Profit improvement programme - consulting costs  -4  -12 
Environmental provisions  0  2 
Total  -35  -45 
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 (IAC) by segment
EUR million Q2/25 Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Packaging Materials  -11  -27  -1  -12  -32  -343 
Packaging Solutions  -5  -3  0  -5  -5  -379 
Biomaterials  0  -1  -1  0  -2  -7 
Wood Products  0  0  0  0  0  -57 
Forest  -2  2  0  -2  0  -5 
Other  -18  -17  -8  -26  -27  -79 
IAC on operating 
result  -35  -46  -11  -46  -65  -870 
Tax on IAC  6  8  2  8  12  77 
IAC on net result  -29  -38  -9  -38  -53  -792 
Packaging Materials
The IAC for Q2/25 included restructuring costs of EUR -11 million, mainly 
related to operations in Finland. 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.
Packaging Solutions
The IAC for Q2/25 included restructuring costs of EUR -5 million. The
 
IAC for 
Q2/24 included EUR -3 million restructuring costs and asset impairments.
Biomaterials
The
 
IAC for Q2/24 included EUR -1 million restructuring costs. 
Wood Products
No IACs for Q2/25 or Q2/24.
Forest
The IAC for Q2/25 included acquisition related costs of EUR -2 million.
 
The
 
IAC for Q2/24 included EUR 2 million reversal of environmental provision.
Segment Other
The
 
IAC for Q2/25 included acquisition related costs of EUR -3 million, disposals 
related costs of EUR -1 million, consulting costs related to profit improvement 
programme of EUR -4 million and restructuring costs of EUR -10 million, mainly 
related to closed operations. The
 
IAC for Q2/24 included EUR -17 million 
restructuring, consulting and write-down costs regarding various cases.
Fair valuations and non-operational items
EUR million Q2/25 Q1-Q2/25 Q2/24 Q1-Q2/24
Non-operational fair valuation changes of 
biological assets, Packaging Materials  -1  -2  -1  -2 
Non-operational fair valuation changes of 
biological assets, Biomaterials  2  7  3  5 
Non-operational fair valuation changes of 
biological assets, Forest  -15  -15  -11  -11 
Non-cash income and expenses related to 
CO2 emission rights and liabilities, Other  3  10  11  28 
Non-operational items of associated 
companies, Forest  -16  -21  -18  -24 
Adjustments for differences between fair 
value and acquisition cost of forest assets 
upon disposal, Forest  0  0  -1  -1 
Total  -27  -21  -16  -4 
Fair valuations and non-operational items by segment
EUR million Q2/25 Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Packaging Materials  -1  -1  -1  -2  -2  2 
Packaging Solutions  0  0  0  0  0  0 
Biomaterials  2  3  5  7  5  32 
Wood Products  0  0  0  0  0  0 
Forest  -31  -29  -5  -37  -35  342 
Other  3  11  8  10  28  -12 
FV on operating result  -27  -16  7  -21  -4  364 
Tax on FV  6  3  1  7  2  -72 
FV on net result  -21  -13  7  -14  -2  293 
Fair valuations in Q2/25
Packaging Materials: Non-operational fair valuation changes of biological 
assets of EUR -1 (-1) million.
Biomaterials: Non-operational fair valuation changes of biological assets of 
EUR 2 (3) million.  
Forest: Non-operational items of associated companies of EUR -16 (-18) million.
Segment Other: Non-cash income and expenses related to CO2 emission 
rights and liabilities of EUR 10 (11) million.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  28

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

Calculation of adjusted return on capital employed (ROCE) 
and return on equity (ROE) based on the last 12 months
EUR million Q2/25 Q2/24 Q1/25 Q4/24
Adjusted EBIT, LTM
1
 597  374  625  598 
Capital employed, LTM average
1
 14,032  14,104  14,081  14,060 
Adjusted ROCE, LTM
1
 4.3%  2.6%  4.4%  4.3% 
Adjusted EBIT excl. Forest division, LTM
1
 265  93  305  290 
Capital employed excl. Forest division, LTM average
1
 7,928  8,270  8,038  8,071 
Adjusted ROCE excl. Forest division, LTM
1
 3.3%  1.1%  3.8%  3.6% 
Net result for the period, LTM
1
 -172  -248  -153  -183 
Total equity, LTM average
1
 10,302  10,838  10,445  10,576 
Return on equity (ROE), LTM
1
 -1.7%  -2.3%  -1.5%  -1.7% 
Net debt  3,988  3,497  3,932  3,707 
Adjusted EBITDA, LTM  1,212  1,002  1,245  1,223 
Net debt to LTM adjusted EBITDA ratio  3.3  3.5  3.2  3.0 
LTM = Last 12 months.
1 Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Calculation of earnings per share excl. fair valuations
EUR million Q2/25 Q2/24 Q1/25 Q1-Q2/25 Q1-Q2/24 2024
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of 
the Parent
1
 24  38  113  137  117  -136 
FV on net profit for the period attributable to 
owners of the Parent  -17  -11  9  -8  3  307 
Net profit for the period attributable to owners 
of the parent excl. FV
1
41 49 104 145 114 -442
Average number of shares  789  789  789  789  789  789 
Earnings per share (EPS) excl. FV EUR
1
 0.05  0.06  0.13  0.18  0.14  -0.56 
1 Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Calculation of net debt
EUR million 30 Jun 2025 30 Jun 2024 31 Mar 2025 31 Dec 2024
Listed securities  9  10  10  11 
Non-current interest-bearing receivables  20  27  22  14 
Interest-bearing receivables  100  121  115  47 
Cash and cash equivalents  1,570  2,074  1,659  1,999 
Interest-bearing assets  1,699  2,232  1,806  2,072 
Non-current interest-bearing liabilities  3,580  4,383  3,904  3,894 
Current portion of non-current debt  1,339  599  911  1,090 
Interest-bearing liabilities  747  728  922  788 
Bank overdrafts  22  19  0  7 
Interest-bearing Liabilities 5,687 5,729 5,738 5,779
Net debt  3,988  3,497  3,932  3,707 
Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  29

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

Calculation of adjusted return on operating capital (ROOC) 
and adjusted return on capital employed (ROCE) based on the last 12 months by segment
EUR million Q2/25 Q2/24 Q1/25
Packaging Materials
Adjusted EBIT, LTM
1
 158  28  182 
Operating capital, LTM  3,591  3,516  3,563 
Adjusted ROOC, LTM
1
 4.4%  0.8%  5.1% 
Packaging Solutions
Adjusted EBIT, LTM  -5  18  -9 
Operating capital, LTM  765  1,034  851 
Adjusted ROOC, LTM  -0.6%  1.8%  -1.0% 
Biomaterials
Adjusted EBIT, LTM  168  160  210 
Operating capital, LTM  2,452  2,528  2,490 
Adjusted ROOC, LTM  6.9%  6.3%  8.4% 
Wood Products
Adjusted EBIT, LTM  -2  -50  -6 
Operating capital, LTM  608  654  597 
Adjusted ROOC, LTM  -0.4%  -7.7%  -1.0% 
Forest
Adjusted EBIT, LTM  332  281  320 
Capital employed, LTM  6,104  5,834  6,043 
Adjusted ROCE, LTM  5.4%  4.8%  5.3% 
LTM = Last 12 months.
1 Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details.
Financials
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  30

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

Contact information
Stora Enso Oyj
P.O. Box 309
FI-00101 Helsinki, Finland
Visiting address: Katajanokanlaituri 4 
Tel: +358 2046 131
Stora Enso AB
P.O. Box 70395
SE-107 24 Stockholm, Sweden 
Visiting address: World Trade Center 
Klarabergsviadukten 70, C4
Tel. +46 1046 46 000
storaenso.com
storaenso.com/investors
For further information, please contact:
Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061
Carl Norell, SVP Corporate Communications, tel. +46 722 410 349
Stora Enso's January–September 2025 results will be published on
23 October 2025
Stora Enso will organise a Capital Markets Day in London on
25 November 2025
The forest is at the heart of Stora Enso and we believe that everything made from fossil-based materials today can 
be made from a tree tomorrow. We are the leading provider of renewable products in packaging, biomaterials, and 
wooden construction, and one of the largest private forest owners in the world. We create better choices for 
society by accelerating the transition to a circular bioeconomy. We aim to contribute positively to nature, and have 
the most effective use of fiber-based renewable material. Stora Enso has approximately 19,000 employees and our 
sales in 2024 were EUR 9 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq 
Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and 
ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors
It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein 
which are not historical facts, including, without limitation those regarding expectations for market growth and developments; 
expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar 
expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they 
involve risks and uncertainties, which may cause actual results to materially differ from those expressed in such forward-looking 
statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing 
activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products 
or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in 
business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other 
intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product 
demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures 
thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential 
introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of 
economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. All statements are 
based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes 
no obligation to publicly update or revise any forward-looking statement except to the extent legally required.
Contacts
Stora  E n s o  J a n u a r y – J u n e   r e s u l t s  2 0 2 5  31