===== 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