Kvartalsrapport Q3 2024

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

Interim report
January–September 2024

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

List of contents
Summary 2
CEO comment 5
Events 6
Results 6
Divisions 9
Capital structure 16
Cash flow 16
Capital expenditure 17
Sustainability 18
Short-term risks 20
Sensitivity analysis 20
Legal proceedings 21
AGM 2024 21
Financials 23
   IFRS section 23
   Alternative performance
   measures 35
Contacts 42
President and CEO Hans Sohlström:
"I am pleased to report 
that our value creation 
and profit improvement 
programmes are 
progressing well across 
all divisions."
Profit improvement and 
enhanced competitiveness
Value creation programmes 
focused on sourcing, 
operational, and commercial 
efficiencies are progressing 
well across all divisions. The 
profit improvement 
programme initiated in 
Q1/2024 with a target of EUR 
120 million in fixed cost 
savings is expected to have 
full impact from 2025. 
Value from forest
Stora Enso is preparing to sell 
approximately 12% of its 1.4 
million hectares of forest 
assets in Sweden, valued at 
EUR 6.3 billion, to reduce debt 
confirming the financial 
value of the Company’s 
forest holdings. 
Beihai divestment 
discontinued
Stora Enso is of the view that 
the value in own use of the 
assets exceeds the 
achievable transaction 
value, and has therefore 
chosen to retain the Beihai 
packaging production site 
and forestry operations 
within the Group. 
Cover photo: Packaging Materials division's products used in food packaging (AvantForte Brown, Natura, CKB Nude, 
Tambrite)
Stora Enso January–September results 2024 1 (42)

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

Continued growth and earnings improvement
Quarterly financial highlights 
(compared to Q3/23)
• Sales increased by 6% to EUR 2,261 (2,127) million.
• Adjusted EBIT increased to EUR 175 (21) million
2
. 
• Adjusted EBIT margin increased to 7.8% (1.0%).
• Operating result (IFRS) was EUR 139 (-1) million
2
.
• Earnings per share (EPS) were EUR 0.11 (-0.04) and 
EPS excl. fair valuations (FV) was EUR 0.10 (-0.05).
• The value of the forest assets increased to EUR 8.8 
(8.3) billion, equivalent to EUR 11.11 per share.
• Cash flow from operations amounted to EUR 
271 (231) million. Cash flow after investing activities 
was EUR 4 (38) million.
• Net debt increased by EUR 409 million to EUR 3,528 
(3,120) million, mainly due to the board investment 
at the Oulu site. 
• The net debt to adjusted EBITDA (LTM
1
) ratio was 3.1 
(2.4). The target to keep the ratio below 2.0 remains.
January–September result
 (compared to Jan-Sept 23)
• Sales were EUR 6,727 (7,222) million. 
• Adjusted EBIT was EUR 478 (292) million. 
• Operating result (IFRS) was EUR 372 (4) million.
• Earnings per share (EPS) were EUR 0.26 (-0.09) and 
EPS excl. fair valuations (FV) was EUR 0.25 (-0.09).
• Cash flow from operations amounted to EUR 
863 (631) million. Cash flow after investing activities 
was EUR -15 (-31) million.
• Adjusted ROCE excluding the Forest division (LTM
1
) 
decreased to 2.7% (4.7%), the target being above 
13%.
Key highlights
• The value creation programmes, centred on 
sourcing, operational and commercial efficiencies, 
are making good progress across all divisions.
• The profit improvement programme, initiated in 
Q1/2024 with a target of EUR 120 million in fixed cost 
savings, has progressed well, full impact is 
expected from 2025.
• In October, Stora Enso announced that it is 
preparing to sell approximately 12% of its total forest 
assets of 1.4 million hectares in Sweden, valued at 
EUR 6.3 billion. A sale would reduce debt, confirming 
the financial value of the Company’s forest 
holdings. 
• Stora Enso decided in October to discontinue the 
divestment process for its Beihai packaging board 
production site and forestry business. Stora Enso is 
of the view that the value in own use of the assets 
exceeds the achievable transaction value, and has 
therefore chosen to retain these operations within 
the Group. As a result of the reversal of 
classification as held for sale, Adjusted EBIT and IFRS 
operating result for Q1 to Q3/24 decreased by EUR 
7.5 million per each quarter, EUR 30 million for the full 
year 2024,  due to the inclusion of previously 
suspended depreciation into the restated results.
2
• The consumer board investment at the Oulu site in 
Finland is progressing on schedule. Production is 
expected to start in the second quarter of 2025, with 
full capacity estimated to be reached during 2027. 
Guidance
Stora Enso's full year 2024 adjusted EBIT is expected to 
be significantly higher than for the full year 2023, EUR 
342 million.
Sales
EUR 2,261 million
(Q3/2023: 2,127)
Adjusted EBIT margin
7.8%
(Q3/2023: 1.0%)
Adjusted ROCE excl. 
the Forest division (LTM
1
)
2.7%
(Q3/2023: 4.7%)
Net debt to 
adjusted EBITDA (LTM
1
)
3.1
(Q3/2023: 2.4)
EPS (basic)
EUR 0.11 
(Q3/2023: -0.04)
Cash flow from operations
EUR 271 million
(Q3/2023: 231) 
1
 LTM = Last 12 months
2
 The classification of the Beihai site as assets held for sale has been ceased. The previously published adjusted EBIT and IFRS operating result for 
January–June 2024 decreased by EUR 15 million due to the inclusion of the previously suspended depreciation into the restated results. Read more 
under Restatements.
Summary
Stora Enso January–September results 2024 2 (42)

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

Outlook
Market and business outlook
Stora Enso's recent profitability improvement 
initiatives have positively impacted the earnings trend 
over the past four quarters and reduced the Group’s 
net debt to EBITDA ratio in the last two quarters. Stora 
Enso anticipates that the gradual market recovery will 
slow down for the rest of the year, which is expected to 
adversely impact its profits in the fourth quarter. This 
sequential slowdown is attributed to factors such as 
weak consumer board demand, corrugated board 
overcapacity, and an ongoing weak construction 
sector. Additionally, high wood costs are likely to 
continue compressing margins. Stora Enso anticipates 
persistent market volatility, including high inflation, 
potential labour strikes, and slow retail growth, along 
with other demand and price fluctuations through 
year-end.
Packaging Materials
The seasonally low fourth quarter is expected to 
encounter challenges, including decreased volumes 
due to weaker demand and annual maintenance 
shutdowns. The average price level across the division 
is expected to be lower in the fourth quarter, despite 
price increases in both consumer board and 
containerboard. This is due to product mix 
adjustments with a higher portion of lower-priced 
containerboard compared to higher-priced 
consumer board products. The planned annual 
shutdowns are at five of its production sites, of which 
four in consumer board including two major 
integrated sites, which will also elevate fixed costs. The 
persistent high cost of wood remains a primary 
concern. Weak order inflow during third quarter makes 
the fourth-quarter outlook uncertain. Demand for 
cartonboard, kraftliner, and testliner is expected to 
drop slightly, influenced by seasonal lows, while paper 
demand is forecasted to grow sequentially due to 
favourable seasonal effects.
Packaging Solutions
Market demand remains unpredictable and volatile, 
influenced by weekly fluctuations and pervasive 
overcapacity. Volumes in Western Europe are likely to 
decline sequentially due to seasonal effects, with any 
significant uplift from traditional peak periods like 
"Black week" and Christmas not anticipated. The 
Chinese market continues to struggle amid a weak 
economic environment. Despite no major anticipated 
cost increases in the fourth quarter, ongoing expenses 
related to increased containerboard prices and the 
ongoing ramp up of the corrugated packaging site in 
De Lier, NL, are expected to constrain margin growth.
Biomaterials
Demand will vary across segments, but the division's 
average is expected to remain unchanged quarter-
on-quarter. In China, fourth-quarter demand is poised 
to rise due to low inventories, favourable seasonal 
demand, and lower prices. Conversely, demand in 
Europe is expected to weaken slightly, primarily due to 
reduced demand for printing and writing paper 
products, and tissue, although demand for fluff is 
projected to remain stable. Wood prices in the Nordics 
are forecasted to be high, while chemical prices are 
likely to stabilise at third-quarter levels. 
Wood Products
Demand for classic sawn products and pellets, 
particularly for heating, is expected to rise sequentially 
in the fourth quarter due to seasonal factors. Demand 
for building solutions, such as construction beams and 
cross-laminated timber, is anticipated to drive higher 
volumes. Raw material costs in the fourth quarter are 
expected to align with third-quarter levels on average, 
although fixed costs may increase with volume 
growth. Elevated wood costs are projected to 
continue, with a year-on-year increase.
Forest
Wood markets in the Baltic Rim are forecasted to 
remain constrained due to a shortage of wood, driven 
by heightened demand for industrial wood (pulpwood 
and sawlogs). A robust and sustainable financial 
performance is expected to continue from the first 
three quarters into the fourth quarter. General cost 
inflation, particularly affecting logistics and harvesting 
costs from the third quarter, is also expected to 
impact the fourth quarter.
Long-term growth opportunities
Stora Enso maintains leading market positions in 
sectors positioned for long-term growth, including 
high-end consumer packaging, wood construction, 
and innovative biomaterials. The Group is set to 
capitalise on sustainability trends and regulatory 
advancements which favour its product offerings, 
enhancing its market presence and driving 
continuous progress.
Market demand development by division quarter-on-quarter, Q3/2024 to Q4/2024
Packaging Materials
• Demand for consumer board in Europe is expected to be slightly weaker and slightly stronger in 
China. 
• European demand for containerboard is expected to be slightly stronger. 
• European demand for paper is expected to be slightly stronger at a low level.
Packaging Solutions • European demand for corrugated packaging is expected to be weaker.
Biomaterials
•  The average demand for the division is expected to be unchanged. Demand for softwood and 
hardwood pulp in Europe is expected to be slightly weaker and slightly stronger in China. 
• Demand for fluff pulp is expected to be stable.
Wood Products • Demand for sawn wood is expected to be significantly stronger due to seasonality.
• Weak demand for building solutions in the construction segment is expected to persist.
Forest
• Demand for industrial wood is expected to be stronger across all markets, leading to continued 
tight market conditions in the Baltic Rim. 
• Demand for pulpwood for energy use is expected to be be stronger due to seasonality.
Stora Enso January–September results 2024 3 (42)

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

Key figures
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Sales  2,261  2,127  6.3 % 2,301  -1.7 % 6,727  7,222  -6.9 % 9,396 
Adjusted EBITDA  328  180  82.3 % 312  5.1 % 938  777  20.7 % 989 
Adjusted EBITDA margin  14.5 %  8.5 %  13.6 %  13.9 %  10.8 %  10.5 %
Adjusted EBIT
3
 175  21 n/m  153  14.4 % 478  292  63.8 % 342 
Adjusted EBIT margin
3
 7.8 %  1.0 %  6.7 %  7.1 %  4.0 %  3.6 %
Operating result (IFRS
)3
 139  -1 n/m  92  52.4 % 372  4 n/m  -322 
Result before tax (IFRS)
3
 98  -41 n/m  43  129.9 % 235  -117 n/m  -495 
Net result for the period (IFRS)
3
 84  -34 n/m  35  142.3 % 195  -106  284.4 % -431 
Cash flow from operations  271  231  17.3 % 323  -16.2 % 863  631  36.7 % 954 
Cash flow after investing activities  4  38  -90.1 % 86  -95.7 % -15  -31  53.0 % -40 
Capital expenditure  229  242  -5.3 % 285  -19.6 % 741  704  5.2 % 1,125 
Capital expenditure excluding 
investments in biological assets  210  227  -7.4 % 263  -20.2 % 684  653  4.6 % 1,054 
Depreciation and impairment charges 
excl. IAC
3  125  130  -3.9 % 126  -0.8 % 376  401  -6.1 % 534 
Net debt  3,528  3,120  13.1 % 3,497  0.9 % 3,528  3,120  13.1 % 3,167 
Forest assets
1,3  8,758  8,256  6.1 % 8,723  0.4 % 8,758  8,256  6.1 % 8,731 
Adjusted return on capital employed 
(ROCE), LTM
2,3  3.7%  4.5%  2.6%  3.7%  4.5%  2.4% 
Adjusted ROCE excl. Forest division, LTM
2,3
 2.7%  4.7%  1.1%  2.7%  4.7%  1.0% 
Earnings per share (EPS) excl. FV, EUR
3
 0.10  -0.05 n/m  0.06  66.7 % 0.25  -0.09 n/m  -0.73 
EPS (basic), EUR
3
 0.11  -0.04 n/m  0.05  131.6 % 0.26  -0.09 n/m  -0.45 
Return on equity (ROE), LTM
2,3
 -1.2%  4.1%  -2.3%  -1.2%  4.1%  -3.8% 
Net debt/equity ratio  0.33  0.28  0.33  0.33  0.28  0.29 
Net debt to LTM
2
 adjusted EBITDA ratio  3.1  2.4  3.5  3.1  2.4  3.2 
Equity per share, EUR
3
 13.73  14.03  -2.2 % 13.60  1.0 % 13.73  14.03  -2.2 % 13.93 
Average number of employees (FTE)  19,364  21,132  -8.4 % 19,469  -0.5 % 19,405  21,097  -8.0 % 20,822 
1
 Total forest assets value, including leased land, assets held for sale and Stora Enso's share of Tornator.
2
 LTM = Last 12 months. The calculation method explained in the section Alternative performance measures. 
3
 Q2/24 restated, see chapter Restatements for more details.
IAC = Items affecting comparability, FV = Fair valuations and non-operational items
Adjusted key figures, items affecting comparability and other non-IFRS measures: Stora Enso’s non-IFRS measures, and the calculation and 
definitions of the key figures are presented in the section Alternative performance measures.
From 1 January 2024 onwards, a slight change in terminology is applied with regards to certain key alternative performance measures. More 
information in the section Changes in Alternative performance measures. 
 Production and external deliveries
Q3/24 Q3/23
Change %
Q3/24–
Q3/23
Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23
2023
Consumer board deliveries, 1,000 tonnes 870  651  33.6 % 712  22.2 % 2,261  2,057  9.9 % 2,691 
Consumer board production, 1,000 
tonnes 771  664  16.1 % 727  6.0 % 2,200  2,033  8.2 % 2,593 
Containerboard deliveries, 1,000 tonnes 347  320  8.4 % 332  4.6 % 996  978  1.8 % 1,236 
Containerboard production, 1,000 
tonnes 373  386  -3.3 % 400  -6.7 % 1,152  1,198  -3.9 % 1,592 
Corrugated packaging European 
deliveries, million m
2 313  304  3.1 % 324  -3.2 % 917  888  3.3 % 1,167 
Corrugated packaging European 
production, million m
2 300  273  9.8 % 304  -1.5 % 888  836  6.2 % 1,094 
Market pulp deliveries, 1,000 tonnes 494  555  -11.0 % 561  -12.0 % 1,441  1,671  -13.7 % 2,220 
Wood products deliveries, 1,000 m
3
912  863  5.7 % 1,079  -15.5 % 2,869  2,940  -2.4 % 3,897 
Wood deliveries, 1,000 m
3
3,108  3,003  3.5 % 3,290  -5.5 % 9,892  10,232  -3.3 % 13,667 
Paper deliveries, 1,000 tonnes 156  173  -10.1 % 144  8.2 % 457  588  -22.2 % 761 
Paper production, 1,000 tonnes 161  180  -11.0 % 145  11.0 % 457  583  -21.6 % 752 
The comparative figures for corrugated packaging European deliveries have been adjusted.
Total planned maintenance impact
Expected and historical impact as lost value of sales and planned maintenance costs
EUR million Q4/2024
1
Q3/2024
2
Q2/2024 Q1/2024 Q4/2023 Q3/2023
Total maintenance impact  113  139  134  83  123  110 
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 Q3/2024 was EUR 127 million.
Key figures
Stora Enso January–September results 2024 4 (42)

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

CEO comment 
I am pleased to report that our value creation and 
profit improvement programmes are progressing well 
across all divisions. These initiatives, designed to 
optimise our processes and enhance our competitive 
edge, remain on track. Improvements in profitability, 
along with more favourable market conditions in some 
segments during the third quarter, continued to 
support a positive earnings trend. Our team is diligently 
managing operations, sales, sourcing, working capital, 
and refining processes to ensure operational 
efficiency, cost competitiveness and financial strength. 
And our profit improvement programme, initiated 
earlier this year with a goal of 120 million euro in fixed 
cost savings, is set to deliver its full impact from 2025. 
We have seen a strong increase in our Group financial 
performance this quarter compared to last year, 
driven by higher prices and volumes, particularly in 
Packaging Materials. The Biomaterials division 
demonstrated strong performance, though demand 
weakened during the quarter with rapidly decreasing 
pulp prices. Our Forest division delivered a record high 
third quarter result, driven by increased wood prices. 
This resulted in a Group sales increase to 2,261 million 
euro from 2,127 million euro. The adjusted EBIT rose for 
the fourth consecutive quarter, reaching 175 million 
euro, up from 21 million euro in 2023, due to price hikes 
and cost cuts. This improved our margin to 7.8% from 1%. 
Challenges persist in the Wood Products division due to 
a weak construction sector and our Packaging 
Solutions face price lags and market overcapacity. 
Despite these challenges, our cost-saving measures 
have effectively reduced both fixed and variable costs. 
On 23 October, we announced that after a thorough 
review and negotiations, we decided to stop the 
divestment process and instead retain our Beihai 
packaging production site and forestry business, 
recognising that the value in own use of these assets 
exceeds achievable sale proceeds. This decision 
supports our strategic aim to strengthen our 
leadership in the fiber-based packaging market and 
by optimising the product mix, this site will continue to 
enhance our position as a leading global supplier, 
especially in the Asia Pacific region. We are committed 
to financial prudence, with no significant capital 
expenditure expected in the mid-term as we pursue 
these strategic enhancements. 
In our continuous pursuit of financial stability, we are 
preparing for the sale of approximately 12% of our 
forest assets in Sweden, covering 1.4 million hectares 
valued at 6.3 billion euro. This divestment aims to 
strengthen our balance sheet, underscoring the 
economic value and resilience of our forest holdings. 
In our ongoing commitment to prioritise financial 
stability through strategic decisions such as the 
divestment of forest assets in Sweden, we remain 
equally dedicated to maintaining the highest 
environmental standards in all operational areas.
Looking ahead, we are intensifying our focus on capital 
allocation and asset strategy in growing market 
segments, laying the foundation for enhanced 
competitiveness and profitable growth across the 
Group. Our focused profitability improvement 
initiatives over the past year have strengthened Stora 
Enso's financial standing. However, we anticipate a 
slower market recovery for the remainder of the year 
to adversely impact profits due to the effect from 
declining pulp prices, subdued board demand and a 
changed mix of packaging products, together with 
continued high wood costs. We confirm our annual 
guidance for adjusted EBIT to be significantly higher 
than for the full year 2023 and remain committed to 
delivering exceptional service to our customers and 
robust value growth for our shareholders. 
Sincerely, 
Hans Sohlström
President and CEO, Stora Enso
CEO comment
Stora Enso January–September results 2024 5 (42)

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

Events and product update
Value creation programmes
Stora Enso's value creation programmes, centred on 
variable costs and pricing, as well as sourcing, 
operational and commercial efficiencies, are making 
good progress across all divisions. These efforts have 
had a significant positive impact on profits and cost 
competitiveness, creating a new way of working that 
enhances continuous improvements in processes. 
Profit improvement programme proceeding 
well
Stora Enso's profit improvement programme initiated 
in February 2024, aimed at reducing fixed costs to 
boost annualised adjusted EBIT by EUR 120 million, 
is progressing successfully. The programme might 
result in an estimated reduction of around 1,000 
employees, but no production sites will be closed. 
Reductions will be proportional to division sizes, 
addressing the persistently weak and uncertain 
market conditions. Full impact is expected from 2025.
Biographite demonstration plant at the Sunila 
site
CarbonScape, a New Zealand-based start-up 
company in which Stora Enso has a minority 
shareholding, chose Stora Enso’s Sunila site in Finland 
as the location for its biographite demonstration 
plant, taking a step towards commercialising bio-
based graphite for lithium-ion batteries. Biographite 
offers a carbon-negative alternative to traditional 
graphite, helping solve supply chain and 
sustainability challenges in the electric vehicle and 
energy storage sectors.
New collaboration on kraft lignin supply
Södra, Sweden's largest forest-owner association, will 
supply Stora Enso with kraft lignin from its Swedish 
production facility, which will begin operations in 2027. 
Through this supply agreement, Stora Enso and Södra 
aim to enhance the development of lignin as a 
sustainable non-fossil-based material, with broad 
applications across various industries.
Events after the quarter
On 3 October, Stora Enso announced that it was 
preparing to sell approximately 12% of its total forest 
assets in Sweden.
On 23 October, Stora Enso announced that it had 
decided to discontinue the divestment process of its 
Beihai production site in China.
Third quarter 2024 results (compared with Q3/2023)
Sales 
MEUR 2,261 
(Q3/2023: 2,127)
Adjusted EBIT margin 
7.8% 
(Q3/2023: 1.0%)
Earnings per share
EUR 0.11
(Q3/2023: -0.04)
Group sales increased by 6%, or EUR 134 million, to EUR 
2,261 (2,127) million. Higher prices in all divisions except 
in Packaging Solutions and increased deliveries 
especially in Packaging Materials were only partly 
offset by the negative impact of structural changes. 
These changes related mainly to the closures of the 
De Hoop board unit in the Netherlands, the Anjala 
paper machine in Finland, and the Näpi sawmill in 
Estonia.
Group adjusted EBIT increased to EUR 175 (21) million, 
and the adjusted EBIT margin increased to 7.8% (1.0%). 
Higher prices and volumes increased profitability by 
EUR 99 million and EUR 33 million, respectively. 
Variable costs were EUR 19 million higher driven by 
increased pulpwood costs. Fixed costs decreased by 
EUR 13 million despite higher maintenance activity in 
Biomaterials, mainly due to cost saving actions. Net 
foreign exchange rates had a positive EUR 15 million 
impact on adjusted EBIT. The impact from the 
structural changes, depreciations, associated 
companies and other was a positive EUR 13 million on 
adjusted EBIT.
Fair valuations and non-operational items (FV) had 
an impact on the operating result of EUR 0 (5) million.
Items affecting comparability (IAC) had an adverse 
impact of EUR 36 (26) million on the operating result. 
More details of the items affecting comparability and 
fair valuation items are included in the sections for 
each division and in the section Items affecting 
comparability (IAC), fair valuations and non-
operational items (FV). Operating result (IFRS) was EUR 
139 (-1) million.
Net financial items of EUR 41 million were EUR 1 million 
higher than the corresponding period last year. Net 
interest expenses of EUR 31 million increased by EUR 2 
million. Other net financial expenses increased to EUR 
13 (4) million. The net foreign exchange impact in 
respect of cash equivalents, interest-bearing assets 
and liabilities, and related foreign-currency hedges 
amounted to a gain of EUR 3 (loss of EUR 7) million.
Earnings per share increased to EUR 0.11 (-0.04), and 
earnings per share excluding fair valuations were EUR 
0.10 (-0.05). 
The adjusted return on capital employed LTM (ROCE) 
was 3.7% (4.5%). Adjusted ROCE excluding the Forest 
division LTM was 2.7% (4.7%).
CEO comment
Stora Enso January–September results 2024 6 (42)

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

Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
0
1,000
2,000
3,000
4,000
0%
6%
12%
18%
24% Adjusted ROCE excl. Forest (LTM)
Adjusted ROCE excl. Forest division, 
last 12 months
Target >13%Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
0%
6%
12%
18%
24% Net debt to adjusted EBITDA (LTM)
Net debt, EUR million
Net debt to adjusted EBITDA, LTM
Target <2.0Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0
LTM = Last 12 months, the calculation method is explained in the section Alternative performance measures.
Breakdown of change in sales
Sales Q3/2023, EUR million  2,127 
Price and mix  5% 
Currency  0% 
Volume  5% 
Other sales
1
 0% 
Total before structural changes  9% 
Structural changes
2
 -3% 
Total  6% 
Sales Q3/2024, EUR million  2,261 
1
 Energy, paper for recycling (PfR), by-products etc.   
2
 Asset closures, major investments, divestments and acquisitions 
Breakdown of change in capital employed
Capital employed 30 September 2023, EUR million  14,126 
Capital expenditure excl. investments in biological 
assets less depreciation  577 
Investments in biological assets less depletion of 
capitalised silviculture costs  6 
Impairments and reversal of impairments  -610 
Fair valuation of forest assets  232 
Unlisted securities (mainly PVO)  20 
Associated companies  71 
Net liabilities in defined benefit plans  -46 
Operating working capital and other interest-free 
items, net  -250 
Emission rights  -21 
Net tax liabilities  84 
Acquisition of subsidiaries  71 
Disposal of subsidiaries  -4 
Translation difference  -6 
Other changes  -1 
Capital employed 30 September 2024  14,249 
Result
Stora Enso January–September results 2024 7 (42)

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

January–September results 2024 (compared with January–
September 2023)
Group sales decreased by 7%, or 
EUR 495 million to EUR 6,727 (7,222) 
million, mainly due to structural 
changes. Lower sales prices were 
offset by higher deliveries. The 
structural changes relate to the 
paper site divestments at Hylte in 
Sweden and Maxau in Germany, 
and closures of the De Hoop board 
site in the Netherlands, the Anjala 
paper machine in Finland, the 
Sunila pulp mill in Finland and the 
Näpi sawmill in Estonia.
Adjusted EBIT increased to EUR 478 
(292) million and the adjusted EBIT 
margin increased to 7.1% (4.0%). 
Lower sales prices, in all other 
divisions, except Biomaterials and 
Forest, decreased profitability by 
EUR 125 million. Higher volumes, 
despite the Finnish political strike in 
2024, increased adjusted EBIT by 
EUR 153 million. Lower variable costs 
increased adjusted EBIT by EUR 39 
million, as higher pulpwood costs 
were more than offset by lower 
other variable cost, especially 
chemical costs. 
Fixed costs were EUR 149 million 
lower, mainly due to cost saving 
actions. Net foreign exchange 
rates increased profitability by EUR 
28 million. The impact from the 
structural changes, depreciations, 
associated companies and other, 
had an adverse impact of EUR 58 
million on adjusted EBIT. Operating 
result (IFRS) was EUR 372 (4) million.
Fair valuations and non-
operational items (FV) had an 
adverse net impact on the 
operating result of EUR 4 (-2) 
million. Items affecting 
comparability (IAC) had an 
adverse impact of EUR 102 (290) 
million on the operating result. 
The main IAC and FV items are 
presented in the section Items 
affecting comparability (IAC), 
fair valuations and non-
operational items (FV).
Sales
MEUR 6,727 
(Q1–Q3/2023: 7,222)
Adjusted EBIT margin
7.1%
(Q1–Q3/2023: 4.0%)
Third quarter 2024 results (compared with Q2/2024)
Group sales decreased to EUR 
2,261 (2,301) million. Higher sales 
prices, especially for board 
products were offset by lower 
deliveries. 
Adjusted EBIT increased to EUR 
175 (153) million and the margin 
improved to 7.8% (6.7%). Higher 
sales prices increased 
adjusted EBIT by EUR 14 million. 
Variable costs increased by 
EUR 18 million driven by higher 
fiber costs, mainly pulpwood.
Volumes had a negative EUR 32 
million impact. Fixed costs 
were EUR 21 million lower driven 
by cost reduction, profit 
improvement actions and 
seasonality. Net foreign 
exchange rates had a positive 
EUR 10 million impact on 
adjusted EBIT. The impact from 
structural changes, 
depreciations, associated 
companies and other was a 
positive EUR 26 million.
Operating result (IFRS) was EUR 
139 (92) million. 
More details of the items 
affecting comparability (IAC) 
and fair valuations (FV) are 
included in the sections for 
each division. 
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q2/2024 Q3/2024
0
500
1,000
1,500
2,000
2,500
0%
2%
4%
6%
8%
10%
Result
Stora Enso January–September results 2024 8 (42)

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

Packaging Materials
• Solid quarter with high 
operating rates and results 
from profit improvement 
programme
• Price increases improved 
the result in 
containerboard
• The order inflow weakened 
for all segments during Q3
• Consumer board price 
increases successfully 
implemented on renewed 
contracts, representing a 
small portion of total 
volume
2023 2024
Q1 — —
Q2 Beihai, Ostrołęka, Langerbrugge Beihai, Langerbrugge
Q3 Anjalankoski, Heinola, Ostrołęka, Oulu, 
Varkaus, Ingerois Oulu, Varkaus, Heinola
Q4 Fors, Imatra, Skoghall Anjalankoski, Fors, Imatra, Ostrołęka, 
Skoghall
Adjusted ROOC (LTM)
3.8%
(Target: >20%)
Planned maintenance shutdowns
• Sales increased by 11%, or EUR 112 
million, to EUR 1,169 million. 
Higher volumes and 
significantly higher 
containerboard prices were 
only partly offset by the 
adverse impact from 
production unit/line closures 
during 2023.
• Adjusted EBIT increased by EUR 
107 million to EUR 73 million 
driven by improved topline and 
lower fixed costs. Higher cost of 
fiber was offset by lower 
energy, chemicals and other 
variable costs.
• Adjusted ROOC (LTM) was 3.8% 
(1.2%), below the long-term 
target of >20%.
Sales and adjusted EBIT margin
Sales, EUR million Adjusted EBIT, %
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
0
300
600
900
1,200
1,500
-4%
0%
4%
8%
12%
16%
20%
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Sales  1,169  1,057  10.6 % 1,138  2.7 % 3,407  3,512  -3.0 % 4,557 
Adjusted EBITDA  147  46  219.3 % 127  16.3 % 400  232  72.5 % 267 
Adjusted EBITDA margin  12.6 %  4.4 %  11.1 %  11.8 %  6.6 %  5.9 %
Adjusted EBIT
2
 73  -34 n/m  53  38.7 % 178  -15 n/m  -57 
Adjusted EBIT margin
2
 6.3 %  -3.2 %  4.6 %  5.2 %  -0.4 %  -1.3 %
Fair valuations and non-operational 
items
1  -1  0 n/m  -1  4.1 % -3  0 n/m  12 
Items affecting comparability (IAC)
1
 -10  -4  -142.2 % -27  63.0 % -42  -123  65.9 % -597 
Operating result (IFRS)
2
 62  -38  262.6 % 24  155.7 % 133  -138  197.0 % -642 
Adjusted EBIT, LTM
2
 135  44  205.5 % 28 n/m  135  44  205.5 % -57 
Operating capital, LTM average
2
 3,524  3,640  -3.2 % 3,516  0.2 % 3,524  3,640  -3.2 % 3,580 
Adjusted ROOC, LTM
2
 3.8 %  1.2 %  0.8 %  3.8 %  1.2 %  -1.6 %
Cash flow from operations
2
 130  140  -7.5 % 64  103.6 % 353  215  64.2 % 370 
Cash flow after investing activities
2
 -56  20 n/m  -99  43.6 % -283  -176  -61.1 % -235 
Board and paper deliveries, 1,000 tonnes 1,440 1,215  18.5 % 1,264  13.9 % 3,929 3,787  3.8 % 4,963
Board and paper production, 1,000 tonnes 1,304 1,230  6.1 % 1,272  2.6 % 3,809 3,719  2.4 % 4,843
1 
The
 
IAC for Q3/24 included EUR -10 million restructuring costs related to various units, mainly due to profit improvement programme actions. The 
IAC for Q3/23 included costs related to closure of De Hoop EUR -4 million and other restructuring costs of EUR -1 million. The fair valuations for Q3/24 
included non-operational fair valuation changes of biological assets of EUR -1 (0) million.
2
 Q2/24 restated, see chapter Restatements for more details.           
LTM = Last 12 months
Segments
Stora Enso January–September results 2024 9 (42)

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

Packaging Materials
Market development during Q3/2024
Product Market
Demand Q3/24  
compared with 
Q3/23
Demand Q3/24  
compared with 
Q2/24
Price Q3/24 
compared with 
Q3/23
Price Q3/24 
compared with 
Q2/24
Consumer board Europe Significantly stronger Stable Slightly lower Stable
Kraftliner Global Slightly stronger Slightly weaker Higher Higher
Testliner Europe Slightly stronger Slightly weaker Significantly higher Significantly higher
Paper Europe Slightly stronger Weaker Significantly lower Stable
Source: Fastmarket RISI, Fastmarket FOEX, CEPI, Numera Analytics, Stora Enso.                Consumer board prices include FBB only.
Segments
Stora Enso January–September results 2024 10 (42)

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

Packaging Solutions
• Margin pressure due to 
increased containerboard 
costs
• Volumes improved slightly, 
however selling prices 
were under pressure due 
to overcapacity and soft 
demand
• Ramp up of the new 
corrugated packaging site 
in The Netherlands 
burdened the result
Adjusted ROOC (LTM)
-0.3%
(Target: >15%)
Sales YoY
-2%
Adjusted EBIT margin
-2.5%
(Q3/2023: 5.4%)
• Sales decreased by 2% or EUR 5 
million to EUR 262 million. Sales 
were negatively impacted by 
lower selling prices compared to 
last year, which were caused by 
earlier declines in the prices of 
containerboard, the main input 
material, and by market 
overcapacity. 
• Adjusted EBIT decreased by EUR 
21 million to EUR -6 million, 
mainly impacted by high 
margin pressure. This pressure 
primarily resulted from a 
contractual lag in passing the 
sequentially increased 
containerboard costs in Q3 this 
year onto customers.
• Adjusted ROOC (LTM) was -0.3%, 
below the long-term target of 
>15%.  
Sales and adjusted EBIT margin
Sales, EUR million Adjusted EBIT, %
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
0
50
100
150
200
250
300
-3%
0%
3%
6%
9%
12%
15%
18%
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Sales  262  266  -1.7 % 254  2.9 % 740  830  -10.8 % 1,077 
Adjusted EBITDA  13  31  -57.4 % 18  -27.6 % 50  87  -42.4 % 111 
Adjusted EBITDA margin  5.1 %  11.7 %  7.2 %  6.8 %  10.5 %  10.3 %
Adjusted EBIT  -6  14  -144.8 % -1 n/m  -9  37  -122.9 % 43 
Adjusted EBIT margin  -2.5 %  5.4 %  -0.4 %  -1.2 %  4.5 %  4.0 %
Items affecting comparability (IAC)
1
 -1  0  -146.4 % -3  52.8 % -6  -26  74.8 % -26 
Operating result (IFRS)  -8  14  -154.9 % -4  -114.2 % -15  12  -227.0 % 17 
Adjusted EBIT, LTM  -3  42  -106.6 % 18  -115.5 % -3  42  -106.6 % 43 
Operating capital, LTM average  1,023  709  44.4 % 1,034  -1.0 % 1,023  709  44.4 % 874 
Adjusted ROOC, LTM  -0.3 %  6.0 %  1.8 %  -0.3 %  6.0 %  4.9 %
Cash flow from operations  24  40  -39.8 % 24  2.5 % 54  98  -44.4 % 145 
Cash flow after investing activities  14  21  -31.3 % 14  4.3 % 22  36  -38.3 % 62 
Corrugated packaging European 
deliveries, million m
2 317 304  4.3 % 326  -2.9 % 926 900  2.9 % 1,178
Corrugated packaging European 
production, million m
2 300 273  9.8 % 304  -1.5 % 888 836  6.2 % 1,094
1
 The
 
IAC for Q3/24 included EUR -1 million restructuring costs and asset impairments.
LTM = Last 12 months                       
 The comparative figures for corrugated packaging European deliveries have been adjusted.
Market development during Q3/2024
Product Market
Demand Q3/24  
compared with 
Q3/23
Demand Q3/24  
compared with 
Q2/24
Price Q3/24 
compared with 
Q3/23
Price Q3/24 
compared with 
Q2/24
Corrugated packaging Europe Slightly stronger Slightly stronger Slightly lower Slightly higher
Source: Fastmarket RISI
Segments
Stora Enso January–September results 2024 11 (42)

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

Biomaterials
• Higher sales prices year-
on-year yet sequentially 
pulp prices decreased 
across all pulp grades 
and markets. 
• New market capacity 
ramp-ups affected 
supply demand balance
• Weakened overall pulp 
demand mainly due to 
seasonality
• Global inventories 
increased to above the 
5-year average
2023 2024
Q1 Veracel —
Q2 Montes del Plata, Skutskär Montes del Plata, Skutskär
Q3 — Enocell, Veracel
Q4 Enocell —
Adjusted ROOC (LTM)
8.0%
(Target: >15%)
Planned maintenance shutdowns
• Sales increased by 10%, or EUR 
36 million to EUR 380 million. 
Sales prices were higher, while 
deliveries were lower due to 
slower demand, and planned 
annual maintenance 
shutdown.
• Adjusted EBIT increased by EUR 
39 million to EUR 43 million, 
primarily driven by higher sales 
prices compared to Q3/2023.
• Adjusted ROOC (LTM) was 8.0%, 
below the long-term target of 
>15%.
Sales and adjusted EBIT margin
Sales, EUR million Adjusted EBIT, %
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
0
200
400
600
800
-10%
0%
10%
20%
30%
40%
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Sales  380  345  10.4 % 413  -7.9 % 1,168  1,212  -3.6 % 1,587 
Adjusted EBITDA  74  38  93.7 % 99  -24.6 % 263  186  41.3 % 256 
Adjusted EBITDA margin  19.6 %  11.1 %  23.9 %  22.5 %  15.3 %  16.1 %
Adjusted EBIT  43  5 n/m  63  -31.5 % 164  83  97.0 % 118 
Adjusted EBIT margin  11.4 %  1.4 %  15.3 %  14.1 %  6.9 %  7.4 %
Fair valuations and non-operational 
items
1  5  -3  291.7 % 3  59.5 % 10  1 n/m  25 
Items affecting comparability (IAC)
1
 -2  -17  87.5 % -1  -139.9 % -4  -119  96.8 % -224 
Operating result (IFRS)  46  -15 n/m  66  -29.3 % 170  -34 n/m  -81 
Adjusted EBIT, LTM  199  333  -40.2 % 160  24.0 % 199  333  -40.2 % 118 
Operating capital, LTM average  2,493  2,716  -8.2 % 2,528  -1.4 % 2,493  2,716  -8.2 % 2,625 
Adjusted ROOC, LTM  8.0 %  12.2 %  6.3 %  8.0 %  12.2 %  4.5 %
Cash flow from operations
2
 101  73  38.1 % 139  -27.4 % 369  361  2.4 % 431 
Cash flow after investing activities
2
 56  25  120.7 % 98  -42.9 % 241  208  16.3 % 234 
Pulp deliveries, 1,000 tonnes  521  580  -10.1 % 537  -2.9 % 1,594  1,710  -6.8 % 2,277 
1 
The
 
IAC for Q3/24 included EUR -2 million environmental provision increase. The IAC for Q3/23 included EUR -16 million of costs related to the 
closure of the Sunila mill and other restructuring costs of EUR -2 million. The fair valuations for Q3/24 included non-operational fair valuation 
changes of biological assets of EUR  5 (-3) million.   
 
2
 Q2/24 restated, see chapter Restatements for more details.   
 LTM = Last 12 months
Market development during Q3/2024
Product Market
Demand Q3/24  
compared with Q3/23
Demand Q3/24  
compared with 
Q2/24
Price Q3/24 
compared with 
Q3/23
Price Q3/24 
compared with 
Q2/24
Softwood pulp Europe Slightly stronger Slightly weaker Significantly higher Slightly higher
Hardwood pulp Europe Significantly stronger Slightly weaker Significantly higher Lower
Hardwood pulp China Significantly weaker Slightly stronger Significantly higher Significantly lower
Source: PPPC, Fastmarket FOEX, Fastmarket RISI, Stora Enso
Segments
Stora Enso January–September results 2024 12 (42)

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

Wood Products
• Stronger demand year-on-
year, but continued weak 
markets and low 
construction activity  
• Higher sales prices and 
volumes for sawn wood
• Improvement actions 
taken to mitigate increases 
in raw material costs
• Low building activity 
continued to suppress 
demand for Cross 
Laminated Timber (CLT) 
and Laminated Veneer 
Lumber (LVL)
Photo: WO2 ©Patrick Raffin
Adjusted ROOC (LTM)
-5.0%
(Target: >20%)
Sales YoY
+3%
Adjusted EBIT margin
-0.7%
(Q3/2023: -6.1%)
• Sales increased by 3%, or EUR 9 
million, to EUR 359 million, 
primarily due to higher sales 
prices and volumes for sawn 
wood.
• Adjusted EBIT increased by EUR 
19 million to EUR -2 million, driven 
by higher volumes and prices,  
and a EUR 10 million insurance 
claim compensation offsetting 
increased raw material costs.
• Continued cost mitigation 
actions contributed to the 
improvement of results.
• Adjusted ROOC (LTM) was below 
the long-term target of >20% at 
-5.0% (-7.2%). 
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
0
200
400
600
-10%
0%
10%
20%
30%
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Sales  359  349  2.7 % 414  -13.4 % 1,122  1,239  -9.4 % 1,580 
Adjusted EBITDA  8  -10  182.5 % 17  -54.4 % 27  -1 n/m  -17 
Adjusted EBITDA margin  2.2 %  -2.8 %  4.2 %  2.4 %  -0.1 %  -1.0 %
Adjusted EBIT  -2  -21  88.7 % 7  -134.7 % -5  -38  87.6 % -64 
Adjusted EBIT margin  -0.7 %  -6.1 %  1.7 %  -0.4 %  -3.0 %  -4.1 %
Items affecting comparability (IAC)
1
 0  -1  83.8 % 0  -193.6 % 0  -9  96.8 % -22 
Operating result (IFRS)  -3  -22  88.6 % 7  -135.5 % -5  -47  89.4 % -86 
Adjusted EBIT, LTM  -31  -51  39.1 % -50  37.9 % -31  -51  39.1 % -64 
Operating capital, LTM average  630  713  -11.7 % 654  -3.8 % 630  713  -11.7 % 687 
Adjusted ROOC, LTM  -5.0 %  -7.2 %  -7.7 %  -5.0 %  -7.2 %  -9.3 %
Cash flow from operations
2  46  38  21.0 % 32  41.8 % 48  28  71.6 % 43 
Cash flow after investing activities
2  32  31  5.2 % 26  26.6 % 11  4  168.4 % 3 
Wood products deliveries, 1,000 m
3
876 822  6.5 % 1,029  -14.9 % 2,753 2,812  -2.1 % 3,727
1 
The IAC for Q3/23 included EUR -1 million restructuring costs.
2
 Q2/24 restated, see chapter Restatements for more details.
LTM = Last 12 months
Market development during Q3/2024
Product Market
Demand Q3/24  
compared with Q3/23
Demand Q3/24  
compared with Q2/24
Price Q3/24 compared 
with Q3/23
Price Q3/24 compared 
with Q2/24
Wood products Europe Significantly stronger Significantly weaker Higher Stable
Wood products Overseas Weaker Significantly weaker Slightly higher Stable
Source: Stora Enso
Segments
Stora Enso January–September results 2024 13 (42)

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

Forest
• Record high third quarter 
result driven by 
increased wood prices, 
strong demand, and 
good operational 
performance in all areas
• Continued high demand 
for all wood assortments 
in the Nordics, with prices 
increasing both year-on-
year and quarter-on-
quarter
• The forest valuation 
remained stable at EUR 
8.8 billion , equivalent to 
EUR 11.11 per share
Adjusted ROCE (LTM)
5.1%
(Target: >3.5%)
Sales YoY
+30%
Total value of forest assets
EUR 8.8 billion
(Q3/2023: EUR 8.3 billion)
• Sales increased by 30%, or EUR 
161 million, to EUR 695 million, 
mainly due to higher volumes 
and wood prices.
• A record high third quarter 
adjusted EBIT increased by EUR 
22 million to EUR 81 million 
reflecting strong operational 
performance in the Group's 
forest assets and wood supply.
• Adjusted ROCE (LTM), at 5.1% 
(4.3%), was above the 3.5% 
long-term target.
Sales and adjusted EBIT margin
Sales, EUR million
Adjusted EBIT, %
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
0
200
400
600
800
0%
6%
12%
18%
24%
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Sales
1
 695  534  30.2 % 690  0.7 % 2,043  1,841  11.0 % 2,490 
Adjusted EBITDA  96  72  34.0 % 94  2.4 % 270  215  25.9 % 305 
Adjusted EBITDA margin  13.8 %  13.4 %  13.6 %  13.2 %  11.7 %  12.2 %
Adjusted EBIT  81  59  37.0 % 76  6.5 % 228  178  27.9 % 253 
Adjusted EBIT margin  11.7 %  11.1 %  11.0 %  11.1 %  9.7 %  10.2 %
Fair valuations and non-operational 
items
2  -9  -5  -83.4 % -29  68.6 % -45  -14  -212.1 % 206 
Items affecting comparability (IAC)
2
 -3  3  -204.4 % 2  -254.0 % -3  -2  -57.7 % 2 
Operating result (IFRS)
3
 69  57  20.7 % 49  41.7 % 180  162  11.3 % 461 
Adjusted EBIT, LTM  303  240  26.3 % 281  7.8 % 303  240  26.3 % 253 
Capital employed, LTM average  5,925  5,620  5.4 % 5,834  1.6 % 5,925  5,620  5.4 % 5,740 
Adjusted ROCE, LTM  5.1 %  4.3 %  4.8 %  5.1 %  4.3 %  4.4 %
Cash flow from operations
4
 30  -12 n/m  116  -73.7 % 164  16 n/m  70 
Cash flow after investing activities
4
 18  -24  173.9 % 100  -82.1 % 126  -20 n/m  19 
Wood deliveries, 1,000 m
3
8,104 7,069  14.6 % 8,587  -5.6 % 24,960 24,552  1.7 % 32,401
Operational fair value change of 
biological assets 27 27  -1.1 % 29  -6.4 % 91 86  5.3 % 120
1
 In Q3/24, internal wood sales to Stora Enso divisions represented 62% of net sales, external sales to other forest companies represented 38%.
2 
The
 
IAC for Q3/24 included EUR -3 million mainly related to environmental provision costs. The IAC for Q3/23 included reversal of restructuring 
costs of EUR 3 million. The fair valuations for Q3/24 included non-operational items of associated companies of EUR -9 (-5) million. The fair 
valuations for Q3/24 additionally included a EUR -1 million impact from adjustments for differences between the fair value and acquisition cost of 
forest assets upon disposal. 
3
 Includes the full fair value change of the Nordic biological assets (standing trees)
4
 Q2/24 restated, see chapter Restatements for more details.                    LTM = Last 12 months
Market development during Q3/2024
Product Market
Demand Q3/24  
compared with Q3/23
Demand Q3/24  
compared with Q2/24
Price Q3/24 compared 
with Q3/23
Price Q3/24 compared 
with Q2/24
Pulp wood, Finland Europe Significantly stronger Slightly stronger Significantly higher Higher
Sawlogs, Finland Europe Significantly stronger Stable Higher Slightly higher
Pulpwood, Sweden Europe Significantly stronger Significantly stronger Significantly higher Higher
Sawlogs, Sweden Europe Significantly weaker Significantly weaker Significantly higher Significantly higher
Source: Stora Enso
Segments
Stora Enso January–September results 2024 14 (42)

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

Segment Other
The segment Other includes the reporting of the emerging businesses as well as Stora Enso’s 
shareholding in the energy company Pohjolan Voima (PVO), and the Group’s shared services 
and administration.
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Sales  37  179  -79.2 % 36  4.2 % 129  756  -82.9 % 964 
Adjusted EBITDA  -14  -11  -29.3 % -30  52.3 % -53  16 n/m  18 
Adjusted EBITDA margin  -38.1 %  -6.1 %  -83.2 %  -40.8 %  2.1 %  1.9 %
Adjusted EBIT  -16  -15  -8.1 % -32  48.3 % -60  2 n/m  1 
Adjusted EBIT margin  -44.3 %  -8.5 %  -89.2 %  -46.0 %  0.3 %  0.1 %
Fair valuations and non-operational 
items
1  5  12  -56.7 % 11  -53.3 % 33  15  123.0 % -13 
Items affecting comparability (IAC)
1
 -20  -6  -201.4 % -17  -15.5 % -46  -12  -292.0 % -28 
Operating result (IFRS)  -31  -10  -219.9 % -38  18.0 % -72  5 n/m  -41 
Cash flow from operations
2  -60  -47  -26.3 % -51  -16.9 % -126  -86  -46.8 % -105 
Cash flow after investing activities
2  -61  -35  -74.1 % -53  -15.2 % -131  -83  -58.4 % -123 
1 
The
 
IAC for Q3/24 included EUR -14 of consulting costs related to profit improvement programme, EUR -1 million other restructuring costs, EUR -7 
million related to closure of De Hoop and EUR 2 million reversal of provisions related to closure of Sunila. The
 
IAC in Q3/23 included EUR -14 million 
related to disposal of biocomposite business, EUR 4 million related to restructuring of Kvarnsveden, EUR 1 million to restructuring of Veitsiluoto, EUR 1 
million related to disposal of Hylte site, EUR -1 million related to disposal of Nymölla site, EUR 3 million related to disposal of Maxau site and EUR -1 
million other restructuring costs. The fair valuations for Q3/24 included non-cash income and expenses related to CO2 emission rights and 
liabilities of EUR 5 (12) million.
2
 Q2/24 restated, see chapter Restatements for more details.
• Sales decreased by EUR 142 million to EUR 37 million. 
The main impacts were largely attributable to 
lower internal invoicing from the new 
decentralised operating model, and lower energy 
sales due to lower market prices.
• Adjusted EBIT decreased by EUR 1 million to EUR -16 
million, mainly due to lower margins for electricity 
sales and legacy costs related to closed 
production sites. 
• The divisions are charged for electricity at market 
prices. Through its 16.1% shareholding in the Finnish 
energy company Pohjolan Voima (PVO), Stora 
Enso is entitled to receive, at cost, 8.9% of the 
electricity produced by the Olkiluoto nuclear 
reactors, and 20.6% of the electricity from the 
hydropower plants. 
Capital structure Q3/2024 (compared with Q2/2024)
EUR million 30 Sep 2024 30 Jun 2024 31 Dec 2023 30 Sep 2023
Fixed assets
1
 14,326  14,257  14,206  14,014 
Associated companies  936  922  926  865 
Operating working capital, net
2
 492  414  488  752 
Non-current interest-free items, net  -243  -231  -252  -184 
Operating capital total
3
 15,510  15,362  15,368  15,447 
Net tax liabilities  -1,262  -1,246  -1,312  -1,321 
Capital employed
3
 14,249  14,115  14,056  14,126 
Equity attributable to owners of the Parent
3
 10,826  10,722  10,985  11,067 
Non-controlling interests
3
 -106  -103  -97  -61 
Net debt  3,528  3,497  3,167  3,120 
Financing total
3
 14,249  14,115  14,056  14,126 
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
 30 Jun 2024 restated, see chapter Restatements for more details..
Net debt increased by EUR 31 million to EUR 3,528 
(3,497) million during the third quarter. The ratio of net 
debt to the last 12 months’ adjusted EBITDA was at 3.1 
(3.5). The net debt/equity ratio on 30 September 2024 
remained stable at 0.33 (0.33). The average interest 
expense rate on borrowings at the reporting date 
was 4.1% (4.1%). Cash and cash equivalents net of 
overdrafts decreased by EUR 75 million to EUR 1,978 
million.
Stora Enso had in total EUR 800 million committed 
undrawn credit facilities as per 30 September 2024. 
Additionally, the Company has access to EUR 1,100 
million statutory pension premium loans in Finland.
In July, Stora Enso secured a EUR 435 million long-term 
loan from the European Investment Bank to fund its 
EUR 1 billion investment in the Oulu mill, Finland. Loan 
repayment extends until 2036, and it is currently 
undrawn.
Segments
Stora Enso January–September results 2024 15 (42)

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

Operating working capital, i.e. Inventories, trade 
receivables and trade payables, decreased by EUR 
368 million year-on-year. Other operating working 
capital increased by EUR 108 million year-on-year.
Valuation of forest assets
The value of total forest assets, including leased land 
and Stora Enso's share of Tornator's forest assets, 
increased sequentially, from Q2/2024 to Q3/2024, by 
EUR 35 million to EUR 8,758 (8,723) million. The increase 
was mainly due to the impact of foreign exchange 
rates. Year-on-year, the fair value of total forest 
assets increased by EUR 502 million to EUR 8,758 
(8,256) million. 
Year-on-year, the fair value of biological assets, 
including Stora Enso's share of Tornator, increased by 
EUR 514 million to EUR 6,158 (5,644) million. The value of 
forest land, including leased land and Stora Enso's 
share of Tornator, decreased by EUR 12 million to EUR 
2,600 (2,611) million.
Credit ratings
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 4 August 2023
Moody’s Baa3 (stable) / P-3 17 November 2023
Cash flow Q3/2024 (compared with Q2/2024) 
Cash flow (non-IFRS)
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Adjusted EBITDA  328  180  82.3 % 312  5.1 % 938  777  20.7 % 989 
IAC on adjusted EBITDA  -35  -11  -214.5 % -38  8.0 % -93  -120  22.7 % -126 
Other adjustments  -50  -37  -34.8 % -43  -14.7 % -113  -118  4.6 % -210 
Change in working capital  28  99  -72.2 % 92  -70.2 % 130  92  41.2 % 300 
Cash flow from operations  271  231  17.3 % 323  -16.2 % 863  631  36.7 % 954 
Cash spent on fixed and biological 
assets  -267  -193  -38.0 % -237  -12.6 % -877  -661  -32.7 % -989 
Acquisitions of associated companies  0  0 n/m  0  -170.8 % 0  -2  84.1 % -5 
Cash flow after investing activities  4  38  -90.1 % 86  -95.7 % -15  -31  53.0 % -40 
Cash flow after investing activities was EUR 4 (86) 
million. Working capital decreased by EUR 28 million, 
mainly due to lower trade receivables and higher 
trade payables. Cash spent on fixed and biological 
assets was EUR 267 million. Payments related to the 
previously announced provisions amounted to EUR 19 
million. Cash flow from operations at EUR 271 (323) 
million was strong due to increased adjusted EBITDA 
and due to working capital reduction.
EUR million
Cash flow from operations
Cash flow after investing activities
Q3/23 Q4/23 Q1/24 Q2/24 Q3/24
-100
0
100
200
300
400
Results
Stora Enso January–September results 2024 16 (42)

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

Capital expenditure Q3/2024 (compared with Q3/2023)
Additions to fixed and biological assets totalled EUR 
229 (242) million, of which EUR 210 (227) million were 
fixed assets and EUR 19 (15) million biological assets.
Depreciations and impairment charges excluding 
IACs totalled EUR 125 (130) million. Additions in fixed 
and biological assets had a cash outflow impact of 
EUR 267 (193) million.
Capital expenditure by division
EUR million Q3/24 Q1-Q3/24 Investment 
to be finalised
Packaging Materials  152  519 Oulu consumer board investment in Finland 2025
Packaging Solutions  11  29 
Biomaterials  46  121 Skutskär fluff pulp, winder and roll handling 
Enocell unbleached kraft pulp (UKP)
2025
2024
Wood Products  9  29 
Forest  4  17 
Other  7  26 
Total  229  741 
Capital expenditure and depreciation forecast 2024
EUR million Forecast 2024
Capital expenditure 1,030–1,130
Depreciation and depletion of capitalised silviculture costs 610–660
Stora Enso’s capital expenditure forecast includes 
approximately EUR 80 million for the Group's forest 
assets. 
The depletion of capitalised silviculture costs is 
forecast to be EUR 75–85 million.
Results
Stora Enso January–September results 2024 17 (42)

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

Key sustainability targets and performance 
Stora Enso contributes to the circular bioeconomy transition in the three areas in which it has the biggest 
impact and opportunities: climate change, circularity, and biodiversity. The foundation for these is the conduct 
of everyday business in a responsible manner. 
• Stora Enso  is renewing the 
energy set-up and 
process equipment at the 
Heinola fluting site to 
replace the remaining 
fossil-based fuels with 
renewable bioenergy. This 
will reduce the site's 
greenhouse gas emissions 
by over 90%, contributing 
to the Group's climate 
target. The construction 
work is expected to be 
completed in the latter 
half of 2025. 
• An environmental incident 
occurred in Hukkajoki, 
Finland, when a sub-
contractor's  forestry 
machinery crossed a river 
inhabited by endangered 
freshwater pearl mussel. 
Stora Enso takes  
responsibility for the 
incident, which took place 
despite the presence of 
strict guidelines. Following 
an internal investigation, a 
range of corrective 
measures are being 
implemented.
Climate change
Stora Enso’s science-based target for 2030 is to 
reduce absolute Scope 1 and 2 greenhouse gas 
(CO2e) emissions by 50% from the 2019 baseline, in line 
with the 1.5-degree scenario. Furthermore, the Group 
is committed to reducing Scope 3 emissions by 50% 
from the 2019 baseline by 2030.
By the end of the Q3/2024, the Scope 1 and 2 CO2e 
emissions were 1.32 million tonnes or 49% less than in 
the base year. Compared with Q3/2023, the decrease 
is mainly attributed to both active measures to 
reduce emissions, and site and production line 
closures. The Group continues to further lower 
emissions by improving energy efficiency, replacing 
fossil fuels with renewables, and increasing the share 
of non-fossil electricity.
Direct and indirect CO2e emissions 
(Scope 1+2, rolling four quarters)
1, 2
Million tonnes
0%
-12%-13%
-27%
-42%-46%-49% -50%
CO2e million tonnes, effective
CO2e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
30 Jun 2024
30 Sep 2024
2024
2025
2026
2027
2028
2029
2030
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
In 2023, Stora Enso's estimated Scope 3 CO2e 
emissions were 4.95 million tonnes or 34% less than in 
the base year. The decrease in emissions was mainly 
a result of site and production line closures. Stora Enso 
continues to further improve its Scope 3 performance 
by enhancing efficiency and lowering carbon 
intensity in the value chain together with raw material 
suppliers, logistics suppliers, and customers.
CO2e emissions along the value chain (Scope 3)
1
Million tonnes
0% -3% 3%
-24%
-34%
-50%
CO2e million tonnes, estimated
CO2e million tonnes, target -50%
% reduction
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
0
1
2
3
4
5
6
7
8
1
 Calculated as rolling four quarters. For more on definitions, see Calculation of key sustainability figures. 
2 
Comparative figures are recalculated 
due to additional data after previous interim reports.
Sustainability
Stora Enso January–September results 2024 18 (42)

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

Circularity
Stora Enso's target is to reach 100% recyclable 
products by 2030. By the end of 2023, 94% (2022: 94%) 
of the Group's products were technically recyclable. 
Stora Enso aims to ensure the recyclability of 
products through an increased focus on circularity in 
innovation processes and collaborates actively with 
customers and partners to set up infrastructure to 
improve the actual recycling of products. 
Share of technically recyclable products
1, 2
 
94%
6%
Technically recyclable products
Balance to 2030 target
Target 2030: 100%
1
 As of 31 December 20232
 For definitions, see Calculation of key sustainability figures.
Biodiversity
After the environmental incident in Finland, Stora Enso 
has, and continues to, introduce robust measures to 
prevent similar events. Stora Enso remains fully 
committed to the long-term target to achieve a net 
positive impact on biodiversity in its own forests and 
plantations by 2050 through active biodiversity 
management. 
The Group steers its biodiversity actions through a 
Biodiversity Leadership Programme to improve 
biodiversity at species, habitat and landscape levels. 
Progress is monitored with science-based impact 
indicators reported on the Group's website.
Biodiversity is an integral part of forest certifications 
including protection of valuable ecosystems. Stora 
Enso’s target is to maintain a forest certification 
coverage level of at least 96% for the Group's own and 
leased forest lands. The forest certification coverage 
has remained stable and amounted to 99% in 2023 
(2022: 99%). 
Biodiversity: forest certification coverage
1
Forest certification coverageTarget 96%
2021 2022 2023
80%
85%
90%
95%
100%
1
 For definitions, see Calculation of key sustainability figures.
Responsible business practices
Stora Enso reports on the sustainability indicators below on a quarterly basis. For full annual overview of Stora Enso's 
sustainability targets and 2023 performance, see storaenso.com.
Key performance indicators (KPIs) 30 Sep 2024 30 Jun 2024 31 Dec 2023 30 Sep 2023 Target
Occupational safety: TRI rate, year-to-date 5.0 5.1 4.7 4.8 4.6 by the end of 2024
Gender balance: % of female managers 
among all managers  25%  24%  24%  25% 25% by the end of 2024
Water: total water withdrawal per saleable 
tonne (m
3
/tonne)
1 62 61 61 60 Decreasing trend from 2016 
baseline (60m
3
/tonne)
Water: process water discharges per saleable 
tonne, (m
3
/tonne)
1,2 34 34 35 35  17% reduction by 2030 from 
2019 baseline (36m
3
/tonne)
Sustainable sourcing: % of supplier spend 
covered by the Supplier Code of Conduct 
(SCoC)
2  96%  96%  95%  96% 95% or above
1 
Comparative figures restated due to structural changes. 
2 
Excluding Business Unit Western Europe in Packaging Solutions. For definitions, see 
Calculation of key sustainability figures. 
At the end of Q3/2024, the Group's TRI rate was 5.0. 
Additionally, Stora Enso tracks proactive safety 
reporting using a leading indicator known as the 
'Safety Engagement Rate' to continuously enhance 
safety culture and performance. 
Stora Enso promotes a diverse and inclusive working 
environment throughout the organisation to enhance 
performance, collaboration, and innovation. At the 
end of Q3/2024, the share of female managers was 
25%, in line with the target set for the end of 2024. 
Similarly, the share of female representation among 
all employees was 25%, and 30% within the Group 
Leadership Team.  
Water performance per saleable tonne, measured 
over rolling four quarters, has been impacted by 
lower production volumes as a steady water flow 
needs to be maintained at the water treatment 
plants. While water is relatively abundant at the 
Group's production sites, water stress may still impact 
operations locally and through wider supply chains. 
Approximately 96% of water is recycled back into the 
environment while only 4% is consumed in production. 
Stora Enso continuously works to maintain a high 
coverage rate for the Supplier Code of Conduct, 
outlining common requirements for all suppliers. 
During the third quarter, the coverage rate remained 
on target level.
Sustainability
Stora Enso January–September results 2024 19 (42)

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

ESG ratings and recognitions
ESG rating Stora Enso score / best possible score Rating compared to peers
CDP
Climate A-/A
Forest A/A
Water A-/A
Among the highest ranked in the industry
FTSE Russell 4.4/5 Among the highest ranked in the industry
ISS Corporate Rating B/A+ Among the highest ranked in the industry
ISS QualityScore
Governance 7/1*
Social 1/1*
Environment 2/1*
Above the industry average
MSCI AAA/AAA Among the highest ranked in the industry
Sustainalytics 13.8/0** Among the highest ranked in the industry
VigeoEiris 71/100 Among the highest ranked in the industry
*1 to 10 (1 indicating the best possible score)            **0 to 100 (0 indicating the lowest risk)
Short-term risks
Risk is characterised by both threats and 
opportunities, which may affect future performance 
and the financial results of Stora Enso, reputation, as 
well as its ability to meet certain social and 
environmental objectives.
The geopolitical unrest could have an adverse 
impact on the Group. Retaliatory measures, conflict-
related risks to people, operations, trade credit, cyber 
security, supply, and demand, could also affect the 
Group negatively.
The risk of a prolonged global economic downturn 
and recession, continued high inflation, as well as 
sudden interest rate changes, currency fluctuations, 
trade union and political strike actions, and logistical 
chain disruptions could all adversely affect the 
Group’s profits, cash flow and financial position, as 
well as access to material, flow of goods and 
transport.
Macroeconomic and geopolitical disruption may 
increase costs, add complexity, and lower short-term 
visibility, which could further impact market demand, 
prices, profit margins, and volumes of the Group's 
products. New capacity and volume entering the 
market might distort demand, volumes, inventories 
and pricing. Moreover, forced capacity cuts might 
further impact on profitability. 
There is a risk of continued price volatility for raw 
materials such as wood, chemicals, other 
components and energy in Europe. The continued 
tight wood market, especially in the Nordics, could 
cause increased costs, limit harvesting and cause 
disruptions such as delays and/or lack of wood 
supply to the Group's production sites. Regulatory or 
similar initiatives might challenge the Group's 
strategy, growth and operations.
Other risks and uncertainties include, but are not 
limited to; general industry conditions, unanticipated 
expenditures related to the cost of compliance with 
existing and new environmental and other 
governmental regulations, and related to actual or 
potential litigation; material process disruption at 
Stora Enso's manufacturing facilities with operational 
or environmental impacts; risks inherent in 
conducting business through joint ventures; and 
other factors.
Stora Enso has been granted various investment 
subsidies and compensations, and has given certain 
investment commitments in several countries e.g., 
Finland, China and Sweden. If commitments to 
planning conditions are not met, local officials may 
pursue administrative measures to reclaim some of 
the formerly granted investment subsidies or to 
impose penalties on Stora Enso, the outcome of such 
a process could result in adverse financial impact on 
Stora Enso.
A more detailed risk description is included in Stora 
Enso’s Annual Report 2023, available at 
storaenso.com/annualreport.
Sensitivity analysis
Energy sensitivity analysis: the direct effect of a 10% 
change in electricity and fossil fuel market prices 
would have an impact of approximately EUR 6 million 
on adjusted EBIT for the next 12 months.
Wood sensitivity analysis: the direct effect of a 10% 
change in wood prices would have an impact of 
approximately EUR 233 million on adjusted EBIT for the 
next 12 months. 
Pulp sensitivity analysis: the direct effect of a 10% 
change in pulp market prices would have an impact 
of approximately EUR 125 million on adjusted EBIT for 
the next 12 months. 
Chemical and filler sensitivity analysis: the direct 
effect of a 10% change in chemical and filler prices 
would have an impact of approximately EUR 44 million 
on adjusted EBIT for the next 12 months.  
Foreign exchange rates transaction risk sensitivity 
analysis for the next twelve months: the direct effect 
on adjusted EBIT of a 10% strengthening in the value of 
the US dollar, Swedish krona and British pound would 
Sustainability
Stora Enso January–September results 2024 20 (42)

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

be approximately positive EUR 88 million, negative EUR 
8 million and positive EUR 12 million annual impact, 
respectively. Weakening of the currencies would have 
the opposite impact. These numbers are net of 
hedges and assuming no changes occur other than a 
single currency exchange rate movement in an 
exposure currency. 
The Group's consolidated income statement on 
adjusted EBIT level is exposed to a foreign-currency 
translation risk worth approximately EUR 179 million 
expense exposure in Brazilian real (BRL) and 
approximately EUR 67 million income exposure in 
Chinese Renminbi (CNY). These exposures arise from 
the foreign subsidiaries and joint operations located 
in Brazil and China, respectively. For these exposures a 
10% strengthening in the value of a foreign currency 
would have a negative EUR 18 million and a positive 
EUR 7 million impact on adjusted EBIT, respectively. 
Legal proceedings
Contingent liabilities  
Stora Enso has undertaken significant restructuring 
actions in recent years which have included the 
divestment of companies, sale of assets and mill 
closures. These transactions include a risk of possible 
environmental or other obligations the existence of 
which would be confirmed only by the occurrence or 
non-occurrence of one or more uncertain future 
events not wholly within the control of the Group. A 
provision has been recognised for obligations for 
which the related amount can be estimated reliably 
and for which the related future cost is considered to 
be at least probable.
Stora Enso is party to legal proceedings that arise in 
the ordinary course of business and which primarily 
involve claims arising out of commercial law. The 
management does not consider that liabilities related 
to such proceedings before insurance recoveries, if 
any, are likely to be material to the Group’s financial 
condition or results of operations. 
Veracel  
On 11 July 2008, Stora Enso announced that a federal 
judge in Brazil had issued a decision claiming that the 
permits issued by the State of Bahia for the 
operations of Stora Enso’s joint operations company 
Veracel were not valid. The judge also ordered 
Veracel to take certain actions, including 
reforestation with native trees on part of Veracel’s 
plantations and a possible fine of, at the time of the 
decision, BRL 20 (EUR 4) million. Veracel disputes the 
decision and has filed an appeal against it. Veracel 
operates in full compliance with all Brazilian laws and 
has obtained all the necessary environmental and 
operating licences for its industrial and forestry 
activities from the relevant authorities. In November 
2008, a Federal Court suspended the effects of the 
decision. No provisions have been recorded in 
Veracel’s or Stora Enso’s accounts for the 
reforestation or the possible fine. 
Changes in Group management
Pasi Kyckling was appointed acting CFO as of 1 
November 2024 until Niclas Rosenlew starts in his 
position as the new CFO, at the latest in January 2025. 
Shareholders’ Nomination Board
Stora Enso's Shareholders’ Nomination Board was 
established in September. The Shareholders’ 
Nomination Board consists of the following members: 
Kari Jordan (Chair of Stora Enso’s Board of Directors), 
Håkan Buskhe (Vice Chair of Stora Enso’s Board of 
Directors), Jouko Karvinen (Solidium Oy), and Marcus 
Wallenberg (FAM AB). 
The Shareholders’ Nomination Board elected Marcus 
Wallenberg as its Chair.
Resolutions by the Annual General Meeting 
Stora Enso Oyj’s Annual General Meeting was held on 
20 March 2024 in Helsinki, Finland. The AGM adopted 
the accounts for 2023, adopted the remuneration 
report for 2023 through an advisory resolution and 
granted the Company’s Board of Directors and Chief 
Executive Officer discharge from liability for the 
period.
Events
Stora Enso January–September results 2024 21 (42)

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

The AGM resolved, in accordance with the proposal 
by the Board of Directors, that the Company shall 
distribute a dividend of EUR 0.10 per share for the year 
2023. The dividend was paid on 4 April 2024. In 
addition, the AGM resolved that the Board of Directors 
is authorised to decide at its discretion on the 
payment of an additional dividend up to a maximum 
of EUR 0.20 per share. The authorisation is valid until 31 
December 2024. 
The AGM resolved, in accordance with the proposal 
by the Shareholders’ Nomination Board, that the 
Board of Directors shall have eight (8) members. The 
AGM further resolved to re-elect the current members 
of the Board of Directors – Håkan Buskhe, Elisabeth 
Fleuriot, Helena Hedblom, Astrid Hermann, Kari Jordan, 
Christiane Kuehne, and Richard Nilsson – as members 
of the Board of Directors until the end of the following 
AGM and to elect Reima Rytsölä as a new member of 
the Board of Directors for the same term of office. The 
AGM resolved to elect Kari Jordan as Chair of the 
Board of Directors and Håkan Buskhe as Vice Chair of 
the Board of Directors.   
The AGM resolved, in accordance with the proposal 
by the Shareholders' Nomination Board, that the 
annual remuneration for the Board of Directors be 
paid as follows:  
Chair     EUR 215,270 (2023: 209,000)  
Vice Chair        EUR 121,540 (2023: 118,000) 
Members         EUR 83,430 (2023: 81,000)   
The AGM also resolved that the annual remuneration 
for the members of the Board of Directors be paid in 
Company shares and cash so that 40% is paid in 
Stora Enso R shares. 
The AGM resolved the annual remuneration for the 
Board committees in accordance with the proposal 
by the Shareholders’ Nomination Board.
The AGM resolved to elect PricewaterhouseCoopers 
Oy as auditor until the end of the Company's next 
AGM. PricewaterhouseCoopers Oy has notified the 
Company that Samuli Perälä, APA, will act as the 
principally responsible auditor. 
PricewaterhouseCoopers Oy will also act as the 
sustainability reporting assurance provider of the 
Company until the end of the Company’s next AGM.
Resolutions by the organising meeting of the Board 
of Directors
Richard Nilsson (Chair), Elisabeth Fleuriot and Astrid 
Hermann were elected members of the Financial and 
Audit Committee. 
Kari Jordan (Chair), Håkan Buskhe and Reima Rytsölä 
were elected members of the People and Culture 
Committee.
Christiane Kuehne (Chair), Helena Hedblom and 
Richard Nilsson were elected members of the 
Sustainability and Ethics Committee.  
More information about the AGM in 2024 is available 
in the release Stora Enso’s Annual General Meeting 
and decisions by the Board of Directors.
This report has been prepared in English and Finnish. If there are any variations in the content between the versions, 
the English version shall govern. This report is unaudited.
Helsinki, 24 October 2024
Stora Enso Oyj
Board of Directors
Events
Stora Enso January–September results 2024 22 (42)

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

Financials
Basis of Preparation
This unaudited interim financial report has been 
prepared in accordance with the accounting policies 
set out in International Accounting Standard 34 on 
Interim Financial Reporting and in the Group’s 
Financial Report for 2023 with the exception of new 
and amended standards applied to the annual 
periods beginning on 1 January 2024 and changes in 
accounting principles described below.
All figures in this Interim Report have been rounded to 
the nearest million, unless otherwise stated. Therefore, 
percentages and figures in this report may not add 
up precisely to the totals presented and may vary 
from previously published financial information.
Acquisition of Group companies 
In March 2024 Stora Enso’s 50% owned joint operation 
MdP (Montes del Plata, Uruguay) completed 
transaction to acquire forest assets and related 
forestry business in Uruguay. Stora Enso's share of the 
transaction includes approximately 16.3 thousand 
hectares of land, of which about 9.8 thousand 
hectares are productive land. The acquired units are 
fully owned and reported in Biomaterials division.
The acquired forest land and operations are located 
in different regions in Uruguay. The acquired 
operations mainly include forestry plantations to 
supply wood for pulp production. 
Stora Enso's share of the cash purchase 
consideration was EUR 72 million. The related 
transaction costs were not considered to be 
significant.  
The fair values of the identifiable assets and liabilities 
as of the acquisition date consisted mainly of forest 
assets (Stora Enso's share EUR 72 million). The amount 
of other items were not significant.
The fair values of the acquired assets and liabilities as 
at acquisition date have been determined on a 
provisional basis pending finalisation of the post-
combination review of the fair values. If new 
information obtained within one year of the date of 
acquisition about facts and circumstances that 
existed at the date of acquisition or any other 
adjustment items are identified, the above amounts 
are adjusted accordingly and the accounting for the 
acquisition will be adjusted. There were no 
measurement period adjustments in Q3 2024.
The acquisition is not considered to have significant 
impact on Stora Enso Group’s sales or net profit.
Disposal of Group companies
In Q3/2024 Stora Enso completed a transaction for a 
unit in Packaging Materials division, specialised in 
paper for recycling trading. The transaction did not 
have significant impact to the Group. The following 
table reflects the net assets of the companies sold in 
2024.
EUR million Q1-Q3/24 Q1-Q3/23
Net assets sold
Cash and cash equivalents  1  28 
Property, plant and equipment  0  266 
Intangible assets  0  60 
Working capital  0  -6 
Tax assets and liabilities  0  -27 
Interest-bearing assets and 
liabilities  0  -92 
Non-controlling interest  0  0 
Net assets in disposed companies  0  230 
Total disposal consideration  1  264 
Assets held for sale
As announced in December 2022, Stora Enso initiated 
a sales process for divesting its Beihai packaging 
board production site and forestry operations in 
Guangxi, China.
Assets are classified as held for sale, if their carrying 
amounts will be recovered mainly through a sale 
transaction rather than through continuing use. The 
assets must be available for immediate sale in their 
present condition subject only to terms that are usual 
and customary for the sale of such assets. In addition, 
the sale must be highly probable and expected to be 
completed within one year after the date of 
classification.
Financials
Stora Enso January–September results 2024 23 (42)

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

These assets and related liabilities are presented 
separately in the consolidated statement of financial 
position and are measured at the lower of the 
carrying amount and fair value less costs to sell. 
Comparative information is not restated. Assets 
classified as held for sale are not depreciated.
The Beihai operations were classified as held for sale 
since Q4/2023 and based on latest evaluation the 
divestment is not seen as highly probable anymore. 
Stora Enso's view is that the value in own use of the 
assets exceeds the achievable transaction value, and 
has therefore chosen to retain these operations 
within the Group. Therefore, the held for sale 
classification was ceased at the end of Q3/2024. 
Comparative figures have been restated accordingly, 
including recognising depreciations for Q1 and 
Q2/2024 which were not recognised during the held 
for sale classification. See section Restatements 
below for more details.
Assets held for sale included mainly fixed assets, 
forest assets, inventories and operating receivables, 
whereas related liabilities consisted mainly of non-
current and current interest bearing liabilities and 
operating liabilities. 
The following new and amended 
standards are applied to the annual 
periods beginning on 1 January 2024
• Amended standards and interpretations did not 
have material effect on the Group.
Future standard changes endorsed by 
the EU but not yet effective in 2024
• No future standard changes endorsed by the EU 
which would have material effect on the Group.
Stora Enso January–September results 2024 24 (42)

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

Condensed consolidated income statement
EUR million Q3/24 Q3/23 Q2/24 Q1-Q3/24 Q1-Q3/23 2023
Sales  2,261  2,127  2,301  6,727  7,222  9,396 
Other operating income  55  62  66  235  297  378 
Change in inventories of finished goods and WIP  50  -75  30  96  -126  -209 
Materials and services  -1,511  -1,394  -1,491  -4,415  -4,703  -6,133 
Freight and sales commissions  -212  -195  -219  -634  -685  -883 
Personnel expenses  -286  -283  -328  -916  -956  -1,275 
Other operating expenses  -116  -113  -131  -378  -534  -638 
Share of results of associated companies  14  15  4  29  54  136 
Change in net value of biological assets  11  1  -6  13  5  209 
Depreciation, amortisation and impairment charges  -126  -145  -133  -385  -570  -1,303 
Operating result  139  -1  92  372  4  -322 
Net financial items  -41  -40  -49  -137  -121  -173 
Result before tax  98  -41  43  235  -117  -495 
Income tax  -14  7  -8  -40  11  64 
Net result for the period  84  -34  35  195  -106  -431 
Attributable to
Owners of the Parent  88  -33  38  204  -70  -357 
Non-controlling interests  -4  -1  -3  -9  -36  -74 
Net result for the period  84  -34  35  195  -106  -431 
Earnings per share
Basic earnings per share, EUR  0.11  -0.04  0.05  0.26  -0.09  -0.45 
Diluted earnings per share, EUR  0.11  -0.04  0.05  0.26  -0.09  -0.45 
Q2/24 restated, see chapter Restatements for more details.
Consolidated statement of comprehensive income
EUR million Q3/24 Q3/23 Q2/24 Q1-Q3/24 Q1-Q3/23 2023
Net result for the period  84  -34  35  195  -106  -431 
Other comprehensive income (OCI)
Items that will not be reclassified to profit and loss
Equity instruments at fair value through OCI  63  -85  -150  -147  -816  -645 
Actuarial gains and losses on defined benefit plans  -14  3  4  10  19  -52 
Revaluation of forest land  0  0  6  6  18  -49 
Share of OCI of associated companies  0  0  -5  -5  1  -23 
Income tax relating to items that will not be 
reclassified  2  -2  -1  -3  -5  22 
 51  -84  -147  -139  -783  -748 
Items that may be reclassified subsequently to 
profit and loss
Cumulative translation adjustment (CTA)  -54  115  60  -133  -79  56 
Net investment hedges and loans  7  8  0  4  -17  -15 
Cash flow hedges and cost of hedging  18  -8  6  -14  -43  -1 
Share of OCI of Non-controlling Interests (NCI)  1  -2  -1  0  2  5 
Income tax relating to items that may be reclassified  -6  2  -1  2  10  -1 
 -34  115  64  -141  -126  44 
Total comprehensive income  102  -3  -48  -85  -1,015  -1,135 
Attributable to
Owners of the parent  104  0  -44  -76  -982  -1,066 
Non-controlling interests  -2  -3  -4  -9  -33  -69 
Total comprehensive income  102  -3  -48  -85  -1,015  -1,135 
CTA = Cumulative translation adjustment 
OCI = Other comprehensive income
Q2/24 restated, see chapter Restatements for more details.
Financials
Stora Enso January–September results 2024 25 (42)

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

Condensed consolidated statement of financial position
EUR million 30 Sep 2024 31 Dec 2023 30 Sep 2023
Assets
Goodwill O  504  505  576 
Other intangible assets O  296  304  318 
Property, plant and equipment O  5,110  4,854  5,072 
Right-of-use assets O  499  521  536 
 6,410  6,183  6,502 
Forest assets O  7,127  7,105  6,722 
Biological assets O  4,844  4,836  4,462 
Forest land O  2,283  2,269  2,260 
Emission rights O  129  108  150 
Investments in associated companies O  936  926  865 
Listed securities I  9  9  7 
Unlisted securities O  660  810  640 
Non-current interest-bearing receivables I  24  76  104 
Deferred tax assets T  141  134  106 
Other non-current assets O  52  59  79 
Non-current assets  15,487  15,411  15,175 
Inventories O  1,696  1,545  1,652 
Tax receivables T  36  31  36 
Operating receivables O  1,048  1,239  1,258 
Interest-bearing receivables I  121  64  27 
Cash and cash equivalents I  1,999  2,464  2,077 
Current assets  4,900  5,343  5,051 
Assets held for sale 0 0 0
Total assets  20,387  20,754  20,226 
Equity and liabilities
Owners of the Parent  10,826  10,985  11,067 
Non-controlling Interests  -106  -97  -61 
Total equity  10,720  10,889  11,007 
Post-employment benefit obligations O  202  217  172 
Provisions O  83  83  81 
Deferred tax liabilities T  1,428  1,433  1,419 
Non-current interest-bearing liabilities I  4,090  4,775  4,182 
Non-current operating liabilities O  10  11  10 
Non-current liabilities  5,813  6,520  5,864 
Current portion of non-current debt I  839  347  489 
Interest-bearing liabilities I  732  657  640 
Bank overdrafts I  21  0  24 
Provisions O  61  85  105 
Operating liabilities O  2,191  2,211  2,054 
Tax liabilities T  10  45  43 
Current liabilities  3,855  3,346  3,355 
Liabilities related to assets held for sale 0 0 0
Total liabilities  9,667  9,865  9,219 
Total equity and liabilities  20,387  20,754  20,226 
Items designated with “O” comprise Operating Capital 
Items designated with “I” comprise Net debt 
Items designated with “T” comprise Net Tax Liabilities 
31 Dec 2023 restated, see chapter Restatements for more details.
Financials
Stora Enso January–September results 2024 26 (42)

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

Condensed consolidated statement of cash flows
EUR million Q1-Q3/24 Q1-Q3/23
Cash flow from operating activities
Operating result  372  4 
Adjustments for non-cash items  360  535 
Change in net working capital  130  92 
Cash flow from operations  863  631 
Net financial items paid  -115  -75 
Income taxes paid, net  -70  -99 
Net cash provided by operating activities  678  456 
Cash flow from investing activities
Acquisition of subsidiary shares and business operations, net of acquired cash  -70  -584 
Acquisitions of associated companies  0  -2 
Acquisitions of unlisted securities  0  -18 
Cash flow on disposal of subsidiary shares and business operations, net of disposed cash  0  235 
Cash flow on disposal of unlisted securities  3  0 
Cash flow on disposal of forest and intangible assets and property, plant and equipment  16  42 
Capital expenditure  -877  -661 
Proceeds from/payment of non-current receivables, net  -16  3 
Net cash used in investing activities  -944  -984 
Cash flow from financing activities
Proceeds from issue of new long-term debt  15  1,441 
Repayment of long-term debt and lease liabilities  -229  -554 
Change in short-term interest-bearing liabilities  83  240 
Dividends paid  -79  -473 
Purchase of own shares
1
 -3  -6 
Net cash provided by financing activities  -212  648 
Net change in cash and cash equivalents  -477  121 
Translation adjustment  -9  15 
Net cash and cash equivalents at the beginning of period  2,464  1,917 
Net cash and cash equivalents at period end  1,978  2,053 
Cash and cash equivalents at period end  1,999  2,077 
Bank overdrafts at period end  -21  -24 
Net cash and cash equivalents at period end  1,978  2,053 
1
 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 30 September 2024.
Financials
Stora Enso January–September results 2024 27 (42)

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

Statement of changes in equity
Fair value reserve
EUR million
Share 
capital
Share 
premium 
and 
reserve 
fund
Invested 
non-
restricted 
equity 
fund
Treasury 
shares
Equity 
instruments 
through OCI
Cash 
flow 
hedges
Revaluation 
reserve
OCI of 
associated 
companies
CTA and 
net 
investment 
hedges 
and loans
Retained 
earnings
Attributable 
to owners of 
the parent
Non-
controlling 
interests Total
Balance at 1 January 2023  1,342  77  633  —  1,298  39  1,579  87  -415  7,893  12,532  -30  12,502 
Net result for the period  —  —  —  —  —  —  —  —  —  -70  -70  -36  -106 
OCI before tax  —  —  —  —  -816  -43  18  1  -95  19  -916  2  -913 
Income tax relating to OCI  —  —  —  —  —  8  -4  —  1  -2  4  —  4 
Total comprehensive income  —  —  —  —  -815  -34  14  1  -94  -53  -982  -33  -1,015 
Dividend  —  —  —  —  —  —  —  —  —  -473  -473  —  -473 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  2  2 
Purchase of treasury shares  —  —  —  -6  —  —  —  —  —  —  -6  —  -6 
Share-based payments  —  —  —  6  —  —  —  —  —  -10  -4  —  -4 
Balance at 30 September 2023  1,342  77  633  —  482  5  1,593  88  -510  7,357  11,067  -61  11,007 
Net result for the period  —  —  —  —  —  —  —  —  —  -287  -287  -38  -325 
OCI before tax  —  —  —  —  171  41  -67  -24  136  -72  186  2  188 
Income tax relating to OCI  —  —  —  —  —  -9  14  —  -1  14  17  —  17 
Total Comprehensive Income  —  —  —  —  170  33  -53  -24  135  -344  -84  -36  -120 
Dividend  —  —  —  —  —  —  —  —  —  —  —  —  — 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  —  —  —  —  —  —  —  —  —  — 
Share-based payments  —  —  —  —  —  —  —  —  —  2  2  —  2 
Balance at 31 December 2023  1,342  77  633  —  653  38  1,540  63  -375  7,015  10,985  -97  10,889 
Net result for the period  —  —  —  —  —  —  —  —  —  204  204  -9  195 
OCI before tax  —  —  —  —  -147  -14  6  -5  -129  10  -279  —  -279 
Income tax relating to OCI  —  —  —  —  0  3  -1  —  -1  -2  -2  —  -2 
Total comprehensive income  —  —  —  —  -146  -11  4  -5  -130  212  -76  -9  -85 
Dividend  —  —  —  —  —  —  —  —  —  -79  -79  —  -79 
Acquisitions and disposals  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of treasury shares  —  —  —  -3  —  —  —  —  —  —  -3  —  -3 
Share-based payments  —  —  —  3  —  —  —  —  —  -5  -1  —  -1 
Balance at 30 September 2024  1,342  77  633  —  506  26  1,544  58  -505  7,144  10,826  -106  10,720 
CTA = Cumulative Translation Adjustment      OCI = Other Comprehensive Income    NCI = Non-controlling Interests
Financials
Stora Enso January–September results 2024 28 (42)

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

Goodwill, other intangible assets, property, plant and equipment, right-of-use assets and forest assets 
EUR million Q1-Q3/24 Q1-Q3/23 2023
Carrying value at 1 January  13,289  12,489  12,489 
Additions in tangible and intangible assets  640  557  946 
Additions in right-of-use assets  44  96  108 
Additions in biological assets  57  50  71 
Depletion of capitalised silviculture costs  -57  -61  -81 
Acquisition of subsidiaries  71  858  859 
Disposals and classification as held for sale
1
 -10  -16  -15 
Depreciation and impairment  -385  -570  -1,303 
Fair valuation of forest assets  75  84  241 
Translation difference and other  -188  -262  -27 
Statement of Financial Position Total  13,537  13,224  13,289 
1 
Including company disposals. 2023 restated, see chapter Restatements for more details.
 
Borrowings
EUR million 30 Sep 2024 30 Sep 2023 31 Dec 2023
Bond loans  3,446  3,136  3,601 
Loans from credit institutions  972  1,013  997 
Lease liabilities  506  517  520 
Long-term derivative financial liabilities  2  3  1 
Other non-current liabilities  2  3  2 
Non-current interest-bearing liabilities including current portion  4,928  4,671  5,123 
Short-term borrowings  666  556  595 
Interest payable  58  44  56 
Short-term derivative financial liabilities  9  40  6 
Bank overdrafts  21  24  0 
Total Interest-bearing Liabilities
1
 5,682  5,335  5,780 
EUR million Q1-Q3/24 Q1-Q3/23 2023
Carrying value at 1 January  5,780  3,972  3,972 
Additions in long-term debt, companies acquired  0  131  131 
Proceeds of new long-term debt  15  1,441  2,006 
Repayment of long-term debt  -168  -481  -619 
Additions in lease liabilities, companies acquired  0  99  99 
Additions in lease liabilities  44  97  109 
Repayment of lease liabilities and interest  -67  -54  -87 
Change in short-term borrowings  69  132  177 
Change in interest payable  20  27  45 
Change in derivative financial liabilities  3  -6  -41 
Disposals and classification as held for sale  0  -8  -8 
Other  20  27  26 
Translation differences  -34  -42  -29 
Total Interest-bearing Liabilities
1
 5,682  5,335  5,780 
 1
2023 restated, see chapter Restatements for more details.
Financials
Stora Enso January–September results 2024 29 (42)

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

Commitments and contingencies
EUR million 30 Sep 2024 31 Dec 2023 30 Sep 2023
On Own Behalf
Guarantees  18  18  18 
Other commitments  6  6  4 
On Behalf of associated companies
Guarantees  4  5  5 
On Behalf of Others
Guarantees  16  16  16 
Other commitments  0  0  36 
Total  43  44  78 
Guarantees  38  38  38 
Other commitments  6  6  40 
Total  43  44  78 
As previously disclosed, Stora Enso has been granted investment subsidies and has given certain investment 
commitments in China. There is a risk that the majority owned local Chinese company may be subject to a claim 
based on alleged costs resulting from certain uncompleted investment commitments. Given the specific mitigating 
circumstances surrounding the investment case as a whole, Stora Enso does not consider it to be probable that this 
situation would result in an outflow of economic benefits that would be material to the Group. The Company 
continues to monitor the situation as the divestment process proceeds.
Capital commitments
EUR million 30 Sep 2024 31 Dec 2023 30 Sep 2023
Total  374  683  792 
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 Sep 2024 31 Dec 2023 30 Sep 2024 31 Dec 2023
SEK 11.3000 11.0960 11.4088 11.4728
USD 1.1196 1.1050 1.0870 1.0816
GBP 0.8354 0.8691 0.8514 0.8699
Fair Values of Financial Instruments
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by 
valuation technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are 
observable, either directly or indirectly;
• Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not 
based on observable market data.
The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at 
fair value in the following tables are measured at fair value on a recurring basis.
Financials
Stora Enso January–September results 2024 30 (42)

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

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 30 September 
2024
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair
EUR million cost OCI statement amount  value Level 1 Level 2 Level 3
Financial assets
Listed securities  —  9  —  9  9  9  —  — 
Unlisted securities  —  645  15  660  660  —  —  660 
Non-current interest-bearing receivables  14  10  —  24  24  —  10  — 
Derivative assets  —  10  —  10  10  —  10  — 
Loan receivables  14  —  —  14  14  —  —  — 
Trade and other operating receivables  601  96  —  697  697  —  96  — 
Current interest-bearing receivables  88  32  1  121  121  —  33  — 
Derivative assets  —  32  1  33  33  —  33  — 
Other short-term receivables  88  —  —  88  88  —  —  — 
Cash and cash equivalents  1,999  —  —  1,999  1,999  —  —  — 
Total  2,703  792  16  3,511  3,511  9  139  660 
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair 
EUR million cost OCI statement amount value Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  4,087  2  —  4,090  4,366  —  2  — 
Derivative liabilities  —  2  —  2  2  —  2  — 
Non-current debt  4,087  —  —  4,087  4,364  —  —  — 
Current portion of non-current debt  839  —  —  839  839  —  —  — 
Current interest-bearing liabilities  724  6  3  732  732  —  9  — 
Derivative liabilities  —  6  3  9  9  —  9  — 
Current debt  724  —  —  724  724  —  —  — 
Trade and other operating payables  1,882  —  —  1,882  1,882  —  —  — 
Bank overdrafts  21  —  —  21  21  —  —  — 
Total  7,553  8  3  7,564  7,841  —  11  — 
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities 
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective 
portion. 
Financials
Stora Enso January–September results 2024 31 (42)

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

Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December 
2023
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair 
EUR million cost OCI statement amount value Level 1 Level 2 Level 3
Financial assets
Listed securities  —  9  —  9  9  9  —  — 
Unlisted securities  —  794  15  810  810  —  —  810 
Non-current interest-bearing receivables  62  14  —  76  76  —  15  — 
Derivative assets  —  14  —  15  15  —  15  — 
Loan receivables  62  —  —  62  62  —  —  — 
Trade and other operating receivables  882  30  —  912  912  —  30  — 
Current interest-bearing receivables  21  39  4  64  64  —  43  — 
Derivative assets  —  39  4  43  43  —  43  — 
Other short-term receivables  21  —  —  21  21  —  —  — 
Cash and cash equivalents  2,464  —  —  2,464  2,464  —  —  — 
Total
 
 3,428  887  19  4,334  4,334  9  87  810 
Fair value
Fair value through Total Fair value hierarchy
Amortised through income carrying Fair
EUR million cost OCI statement amount  value Level 1 Level 2 Level 3
Financial liabilities
Non-current interest-bearing liabilities  4,774  1  —  4,775  4,926  —  1  — 
Derivative liabilities  —  1  —  1  1  —  1  — 
Non-current debt  4,774  —  —  4,774  4,925  —  —  — 
Current portion of non-current debt  347  —  —  347  347  —  —  — 
Current interest-bearing liabilities  651  4  2  657  657  —  6  — 
Derivative liabilities  —  4  2  6  6  —  6  — 
Current debt  651  —  —  651  651  —  —  — 
Trade and other operating payables  1,892  —  —  1,892  1,892  —  —  — 
Bank overdrafts  —  —  —  —  —  —  —  — 
Total  7,664  6  2  7,672  7,823  —  8  — 
31 December 2023 restated, see chapter Restatements for more details.
In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities 
the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective 
portion. 
Reconciliation of level 3 fair value measurement of financial assets and liabilities: 30 September 2024
EUR million Q1-Q3/24 2023 Q1-Q3/23
Financial assets
Opening balance at 1 January  810  1,437  1,437 
Reclassifications  0  0  0 
Gains/losses recognised in other comprehensive income  -147  -646  -814 
Additions  0  18  18 
Disposals  -3  0  0 
Closing balance  660  810  640 
The Group did not have level 3 financial liabilities as at 30 September 2024.
Level 3 Financial Assets
At period end, Level 3 financial assets included EUR 628 million of Pohjolan Voima Oy (PVO) shares for which the 
valuation method is described in more detail in the Annual Report. The valuation decreased by EUR 149 million 
versus December 2023, mainly due to lower electricity market prices and higher costs. The valuation is most 
sensitive to changes in electricity prices and discount rates. The discount rate of 6.49% 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 +91 million and -91 million, respectively. A +/- percentage point change 
in the discount rate would change the valuation by EUR -115 million and +150 million, respectively.
Financials
Stora Enso January–September results 2024 32 (42)

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

Stora Enso shares
During the third quarter of 2024, the conversions of 
441 A shares into R shares were recorded in the 
Finnish trade register.
On 30 September 2024, Stora Enso had 175,880,250 A 
shares and 612,739,737 R shares in issue. The company 
did not hold its own shares. The total number of Stora 
Enso shares in issue was 788,619,987 and the total 
number votes at least 237,154,223.
On 15 October 2024, the conversion of 50,979  A shares 
into R shares was recorded in the Finnish trade 
register.
Trading volume
Helsinki Stockholm
A share R share A share R share
July 56,565 31,455,493 43,801 5,119,505
August 112,043 35,892,217 58,554 4,679,962
September 70,638 31,940,575 48,230 4,558,663
Total 239,246 99,288,285 150,585 14,358,130
Closing price
Helsinki, EUR Stockholm, SEK
A share R share A share R share
July 11.50 11.54 129.00 133.90
August 11.60 11.70 130.50 132.70
September 11.60 11.50 129.50 129.90
Number of shares
Million Q3/24 Q3/23 Q2/24 2023
At period end  788.6  788.6  788.6  788.6 
Average  788.6  788.6  788.6  788.6 
Average, diluted  789.6  789.8  789.6  789.7 
Sales
Sales by segment – total
EUR million Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  1,169  1,138  1,100  4,557  1,045  1,057  1,155  1,300 
Packaging Solutions  262  254  224  1,077  247  266  288  276 
Biomaterials  380  413  374  1,587  375  345  379  488 
Wood Products  359  414  349  1,580  341  349  436  454 
Forest  695  690  659  2,490  650  534  620  687 
Other  37  36  57  964  207  179  213  364 
Inter-segment sales  -640  -644  -599  -2,859  -691  -603  -717  -848 
Total  2,261  2,301  2,164  9,396  2,174  2,127  2,374  2,721 
Sales by segment – external
EUR million Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  1,094  1,062  1,033  4,362  1,006  1,012  1,103  1,242 
Packaging Solutions  259  252  221  1,066  244  264  285  273 
Biomaterials  315  326  298  1,363  322  297  321  423 
Wood Products  320  373  315  1,453  313  322  400  416 
Forest  267  282  278  989  266  218  246  258 
Other  7  7  20  162  22  14  18  108 
Total  2,261  2,301  2,164  9,396  2,174  2,127  2,374  2,721 
Disaggregation of revenue
EUR million Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Product sales  2,246  2,283  2,154  9,317  2,153  2,109  2,348  2,707 
Service sales  16  18  10  79  21  18  25  15 
Total  2,261  2,301  2,164  9,396  2,174  2,127  2,374  2,721 
Financials
Stora Enso January–September results 2024 33 (42)

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

Restatement of comparative figures
The Beihai site was classified as assets held for sale 
from the end of 2023. As at the end of September 
2024, such classification has been ceased, because 
the sale is not anymore considered to be highly 
probable. Adjusted EBIT and IFRS operating result for 
January–June 2024 decreased by EUR 15 million due 
to the inclusion of the previously suspended 
depreciation into the restated results. In accordance 
with IFRS, depreciation has not been booked on the 
Beihai assets during their classification as held for 
sale. There are no cash flow impacts as a result of the 
restatements. The following table illustrates the 
restatements. 
Key figures - Group Restated As published Change
Q1 2024 Q2 2024 Q1-Q2 
2024 Q1 2024 Q2 2024 Q1-Q2 
2024 Q1 2024 Q2 2024 Q1-Q2 
2024
Adjusted EBIT  149  153  302  156  161  317  -8  -8  -15 
Adjusted EBIT margin  6.9 %  6.7 %  6.8 %  7.2 %  7.0 %  7.1 %  -0.3 %  -0.3 %  -0.3 %
Operating result (IFRS)  141  92  232  148  99  247  -8  -8  -15 
Result before tax (IFRS)  94  43  137  101  50  152  -8  -8  -15 
Net result for the period (IFRS)  77  35  111  84  42  126  -8  -8  -15 
Depreciation and impairment charges 
excl. IAC  125  126  251  118  118  236  8  8  15 
Forest assets  8,625  8,723  8,723  8,626  8,725  8,725  -1  -2  -2 
Adjusted return on capital employed 
(ROCE), LTM  1.8 %  2.6 %  2.6 %  1.9 %  2.8 %  2.8 %  -0.1 %  -0.1 %  -0.1 %
Adjusted ROCE excl. Forest division, LTM  -0.1 %  1.1 %  1.1 %  0.0 %  1.3 %  1.3 %  -0.1 %  -0.2 %  -0.2 %
Earnings per share (EPS) excl. FV, EUR  0.08  0.06  0.14  0.09  0.07  0.16  -0.01  -0.01  -0.02 
EPS (basic), EUR  0.10  0.05  0.15  0.11  0.06  0.16  -0.01  -0.01  -0.02 
Return on equity (ROE), LTM  -4.9 %  -2.3 %  -2.3 %  -4.8 %  -2.1 %  -2.1 %  -0.1 %  -0.1 %  -0.2 %
Equity per share, EUR  13.65  13.60  13.60  13.66  13.61  13.61  -0.01  -0.02  -0.02 
Operating capital, total  15,417  15,362  15,362  15,425  15,377  15,377  -8  -15  -15 
Capital employed  14,183  14,115  14,115  14,190  14,131  14,131  -8  -15  -15 
Equity attributable to owners of the Parent  10,765  10,722  10,722  10,771  10,734  10,734  -6  -12  -12 
Non-controlling interests  -100  -103  -103  -98  -100  -100  -1  -3  -3 
Net result attributable to owners of the 
parent  79  38  117  85  44  129  -6  -6  -12 
Net profit for the period attributable to 
owners of the parent excl. FV  65  49  114  71  55  126  -6  -6  -12 
Adjusted EBIT, LTM  257  374  374  265  389  389  -8  -15  -15 
Capital employed, LTM average  14,195  14,104  14,104  14,197  14,108  14,108  -2  -5  -5 
Adjusted EBIT excl. Forest division, LTM  -9  93  93  -2  108  108  -8  -15  -15 
Capital employed excl. Forest division, LTM 
average  8,413  8,270  8,270  8,415  8,274  8,274  -2  -5  -5 
Net result for the period, LTM  -539  -248  -248  -532  -233  -233  -8  -15  -15 
Total equity, LTM average  11,045  10,838  10,838  11,047  10,842  10,842  -2  -5  -5 
Key figures - Packaging Materials Restated As published Change
Q1 2024 Q2 2024 Q1-Q2 
2024 Q1 2024 Q2 2024 Q1-Q2 
2024 Q1 2024 Q2 2024 Q1-Q2 
2024
Adjusted EBIT  52  53  105  60  60  120  -8  -8  -15 
Adjusted EBIT margin  4.8 %  4.6 %  4.7 %  5.5 %  5.3 %  5.4 %  -0.7 %  -0.7 %  -0.7 %
Operating result (IFRS)  47  24  71  55  32  87  -8  -8  -15 
Adjusted EBIT, LTM  -46  28  28  -38  43  43  -8  -15  -15 
Operating capital, LTM  3,565  3,516  3,516  3,566  3,520  3,520  -2  -5  -5 
Adjusted ROOC, LTM  -1.3 %  0.8 %  0.8 %  -1.1 %  1.2 %  1.2 %  -0.2 %  -0.4 %  -0.4 %
The below tables present a restatement of the divisions' cash flows due to an incorrect allocation in the previously 
published figures. The Group's figures are unchanged.
Financials
Stora Enso January–September results 2024 34 (42)

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

Cash Flow from Operations (non-IFRS) Restated As published Change
Q2 2024 Q1-Q2 2024 Q2 2024 Q1-Q2 2024 Q2 2024 Q1-Q2 2024
Packaging Materials  64  223  75  235  -11  -12 
Packaging Solutions  24  30  24  30  0  0 
Biomaterials  139  269  141  271  -2  -2 
Wood Products  32  2  40  10  -8  -8 
Forest  116  134  120  137  -4  -3 
Other  -51  -66  -76  -91  25  25 
Group  323  592  323  592  0  0 
Cash Flow after Investing Activities (non-
IFRS) Restated As published Change
Q2 2024 Q1-Q2 2024 Q2 2024 Q1-Q2 2024 Q2 2024 Q1-Q2 2024
Packaging Materials  -99  -228  -87  -216  -12  -12 
Packaging Solutions  14  8  14  8  0  0 
Biomaterials  98  185  101  187  -3  -2 
Wood Products  26  -22  34  -14  -8  -8 
Forest  100  108  104  111  -4  -3 
Other  -53  -70  -78  -95  25  25 
Group  86  -18  86  -18  0  0 
Alternative performance measures 
Definitions and purpose for alternative performance measures can be found at the end of this section.
Changes in alternative performance measures
From 1 January 2024 onwards, a slight change in 
terminology is applied with regards to certain key 
alternative performance measures as detailed in the 
table below: 
Name until 31 Dec 2023 New name from 1 Jan 2024 
Operational EBIT Adjusted EBIT
Operational EBIT margin Adjusted EBIT margin
Operational EBITDA Adjusted EBITDA
Operational EBITDA margin Adjusted EBITDA margin
Net debt to LTM operational 
EBITDA 
Net debt to LTM adjusted 
EBITDA
Operational return on capital 
employed (op. ROCE)
Adjusted Return on capital 
employed (Adj. ROCE)
Operational ROCE excl. Forest 
division
Adjusted ROCE excl. Forest 
division
Operational return on 
operating capital (op. ROOC)
Adjusted Return on operating 
capital (Adj. ROOC)
In addition, the Company specifies that in order for 
the qualifying cases to be considered as items 
affecting comparability, a materiality threshold will be 
applied of at least EUR 4 million for Packaging 
Materials, EUR 2 million for Biomaterials, and EUR 1 
million for the rest of the divisions including the 
segment Other. No restatements were prepared for 
the alternative performance measures as this 
change did not have a significant impact on the 
comparative figures.
Reconciliation of operating result
EUR million Q3/24 Q3/23
Change %
Q3/24–
Q3/23 Q2/24
Change %
Q3/24–
Q2/24
Q1-
Q3/24
Q1-
Q3/23
Change %
Q1-Q3/24–
Q1-Q3/23 2023
Adjusted EBITDA  328  180  82.3 % 312  5.1 % 938 777  20.7 % 989 
Depreciation and silviculture costs of 
associated companies  -4  -3  -54.9 % -4  9.3 % -10 -7  -32.6 % -11 
Silviculture costs
1
 -24  -27  10.5 % -29  17.0 % -75 -77  3.6 % -102 
Depreciation and impairment excl. IAC
2
 -125  -130  3.9 % -126  0.8 % -376 -401  6.1 % -534 
Adjusted EBIT
2
 175  21 n/m  153  14.4 % 478 292  63.8 % 342 
Fair valuations and non-operational 
items  0  5  -93.7 % -16  101.8 % -4 2 n/m  231 
Items affecting comparability (IAC)  -36  -26  -37.9 % -46  20.9 % -102 -290  64.9 % -895 
Operating result (IFRS)
2
 139  -1 n/m  92  52.4 % 372 4 n/m  -322 
1 
Including damages to forests
2
 Q2/24 restated, see chapter Restatements for more details.
Financials
Stora Enso January–September results 2024 35 (42)

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

Adjusted EBIT by segment
EUR million Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  73  53  52  -57  -43  -34  -22  41 
Packaging Solutions  -6  -1  -1  43  6  14  15  8 
Biomaterials  43  63  57  118  35  5  -13  91 
Wood Products  -2  7  -9  -64  -27  -21  -6  -11 
Forest  81  76  70  253  75  59  62  57 
Other  -16  -32  -11  1  -1  -15  -9  27 
Inter-segment eliminations  3  -13  -10  49  5  13  9  21 
Adjusted EBIT  175  153  149  342  51  21  37  234 
Fair valuations and non-operational 
items  0  -16  11  231  229  5  -14  11 
Items affecting comparability  -36  -46  -20  -895  -605  -26  -276  12 
Operating result (IFRS)  139  92  141  -322  -326  -1  -253  258 
Net financial items  -41  -49  -47  -173  -52  -40  -51  -29 
Result before Tax  98  43  94  -495  -378  -41  -304  228 
Income tax expense  -14  -8  -17  64  53  7  47  -43 
Net result  84  35  77  -431  -325  -34  -257  185 
The Packaging Materials and Group figures were restated for Q2/24 and Q1/24. See chapter Restatements for more details.
Items affecting comparability (IAC), fair valuations and non-operational items (FV)
Items affecting comparability in Q3/2024
EUR million Q3/24 Q1-Q3/24
Restructuring - Packaging Materials  -9  -30 
Restructuring - Packaging Solutions  -1  -6 
Restructuring - Biomaterials  0  -2 
Restructuring - Forest  0  -3 
Restructuring - Group functions and 
segment Other  2  -3 
Profit improvement programme - 
consulting costs  -14  -32 
Closure De Hoop  -7  -11 
Environmental provisions  -5  -5 
Other items  -2  -9 
Total  -36  -102 
Items affecting comparability in Q3/2023
EUR million Q3/23 Q1-
Q3/23
Impairment reversal - Forest  0  1 
Disposal of Nymölla  -1  -30 
Disposal of Hylte  1  -47 
Disposal of Maxau  3  52 
Disposal of biocomposite business  -14  -14 
Disposal of Wood Products DIY unit  0  -3 
Disposals related transaction costs  0  -5 
Acquisition of De Jong Packaging Group  -1  -16 
Closure of Sunila pulp mill  -13  -117 
Closure De Hoop  -4  -80 
Restructuring (2021 announced) - 
Kvarnsveden  4  28 
Restructuring (2021 announced) - 
Veitsiluoto  1  10 
Restructuring - Anjala  0  -26 
Restructuring - Packaging Materials  -1  -17 
Restructuring - Packaging Solutions  0  -10 
Restructuring - Biomaterials  -2  -2 
Restructuring - Wood Products  0  -8 
Restructuring - Group functions  -1  -11 
Environmental provisions - mainly 
closed Finnish sites  0  6 
Other items  0  -1 
Total  -26  -290 
Fair valuations and non-operational items
EUR million Q3/24 Q1-
Q3/24 Q3/23 Q1-
Q3/23
Non-operational fair valuation changes of biological assets, Packaging Materials  -1  -3  0  0 
Non-operational fair valuation changes of biological assets, Biomaterials  5  10  -3  1 
Non-operational fair valuation changes of biological assets, Forest  0  -11  0  -6 
Non-cash income and expenses related to CO2 emission rights and liabilities, Other  5  34  12  15 
Non-operational items of associated companies, Forest  -9  -33  -5  -3 
Adjustments for differences between fair value and acquisition cost of forest assets 
upon disposal, Forest  -1  -2  0  -5 
Total  0  -4  5  2 
Results
Stora Enso January–September results 2024 36 (42)

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

Items affecting comparability (IAC) by segment
EUR million Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  -10  -27  -4  -597  -474  -4  -98  -21 
Packaging Solutions  -1  -3  -3  -26  -1  0  -5  -20 
Biomaterials  -2  -1  -1  -224  -105  -17  -101  0 
Wood Products  0  0  0  -22  -13  -1  -8  0 
Forest  -3  2  -2  2  4  3  -2  -3 
Other  -20  -17  -10  -28  -16  -6  -61  56 
IAC on operating result  -36  -46  -20  -895  -605  -26  -276  12 
Tax on IAC  5  8  4  100  53  6  43  -3 
IAC on net result  -31  -38  -16  -795  -552  -20  -233  10 
Fair valuations and non-operational items by segment
EUR million Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  -1  -1  -1  12  12  0  0  0 
Packaging Solutions  0  0  0  0  0  0  0  0 
Biomaterials  5  3  1  25  24  -3  5  -1 
Wood Products  0  0  0  0  0  0  0  0 
Forest  -9  -29  -6  206  221  -5  0  -9 
Other  5  11  17  -13  -28  12  -19  21 
FV on operating result  0  -16  11  231  229  5  -14  11 
Tax on FV  1  3  -1  -25  -24  -1  4  -3 
FV on net result  1  -13  11  206  205  3  -10  8 
Operating result by segment
EUR million Q3/24 Q2/24 Q1/24 2023 Q4/23 Q3/23 Q2/23 Q1/23
Packaging Materials  62  24  47  -642  -504  -38  -120  21 
Packaging Solutions  -8  -4  -4  17  5  14  10  -12 
Biomaterials  46  66  58  -81  -46  -15  -109  90 
Wood Products  -3  7  -10  -86  -40  -22  -14  -11 
Forest  69  49  63  461  300  57  60  44 
Other  -31  -38  -4  -41  -46  -10  -89  104 
Inter-segment eliminations  3  -13  -10  49  5  13  9  21 
Operating result (IFRS)  139  92  141  -322  -326  -1  -253  258 
Net financial items  -41  -49  -47  -173  -52  -40  -51  -29 
Result before tax  98  43  94  -495  -378  -41  -304  228 
Income tax expense  -14  -8  -17  64  53  7  47  -43 
Net result  84  35  77  -431  -325  -34  -257  185 
The Packaging Materials and Group figures were restated for Q2/24 and Q1/24. See chapter Restatements for more details.
Calculation of adjusted return on capital employed (ROCE) and return on equity (ROE) based on the last 12 
months
EUR million Q3/24 Q3/23 Q2/24 Q4/23
Adjusted EBIT, LTM
1
 528  647  374  342 
Capital employed, LTM average
1
 14,146  14,336  14,104  14,230 
Adjusted ROCE, LTM
1
 3.7%  4.5%  2.6%  2.4% 
Adjusted EBIT excl. Forest division, LTM
1
 225  407  93  89 
Capital employed excl. Forest division, LTM average
1
 8,220  8,715  8,270  8,490 
Adjusted ROCE excl. Forest division, LTM
1
 2.7%  4.7%  1.1%  1.0% 
Net result for the period, LTM
1
 -130  478  -248  -431 
Total equity, LTM average
1
 10,780  11,727  10,838  11,413 
Return on equity (ROE), LTM
1
 -1.2%  4.1%  -2.3%  -3.8% 
Net debt  3,528  3,120  3,497  3,167 
Adjusted EBITDA, LTM  1,150  1,292  1,002  989 
Net debt to LTM adjusted EBITDA ratio  3.1  2.4  3.5  3.2 
LTM = Last 12 months.
¹ Q2/24 restated, see chapter Restatements for more details.
Results
Stora Enso January–September results 2024 37 (42)

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

Calculation of EPS excl. FV
EUR million Q3/24 Q3/23 Q2/24 Q1-Q3/24 Q1-Q3/23 2023
Earnings per share (EPS) excl. FV EUR
Net profit for the period attributable to owners of 
the Parent
1  88  -33  38  204  -70  -357 
FV on net profit for the period attributable to 
owners of the Parent  7  3  -11  10  1  218 
Net profit for the period attributable to owners 
of the parent excl. FV
1 81 -37 49 195 -72 -575
Average number of shares  789  789  789  789  789  789 
Earnings per share (EPS) excl. FV EUR
1
 0.10  -0.05  0.06  0.25  -0.09  -0.73 
¹ Q2/24 restated, see chapter Restatements for more details.
Calculation of net debt
EUR million 30 Sep 2024 30 Sep 2023 30 Jun 2024 31 Dec 2023
Listed securities  9  7  10  9 
Non-current interest-bearing receivables  24  104  27  76 
Interest-bearing receivables  121  27  121  64 
Cash and cash equivalents  1,999  2,077  2,074  2,464 
Interest-bearing assets  2,154  2,216  2,232  2,613 
Non-current interest-bearing liabilities  4,090  4,182  4,383  4,775 
Current portion of non-current debt  839  489  599  347 
Interest-bearing liabilities  732  640  728  657 
Bank overdrafts  21  24  19  0 
Interest-bearing liabilities held-for-sale  0  0  0  0 
Interest-bearing Liabilities 5,682 5,335 5,729 5,780
Net debt  3,528  3,120  3,497  3,167 
31 Dec 2023 restated, see chapter Restatements for more details.
Definitions and calculation of alternative performance measures 
According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance 
measure is understood as a financial measure of historical or future financial performance, financial position, or 
cash flows, not defined under IFRS. Used together with the IFRS measures, alternative performance measures 
provide meaningful supplemental information to the management, investors, analysts and other parties with 
regards to the financial development of the business operations. 
Operating result (IFRS) Net result for the period excluding income tax and net 
financial items (finance costs).
Used in combination with below 
measures to determine the 
profitability of the Group.
Adjusted EBIT
Operating result (IFRS) excluding items affecting 
comparability (IAC) and fair valuations and non-
operational items (FV) of the line-by-line consolidated 
entities and Stora Enso’s share of operating result excluding 
IAC and FV of its associated companies.
The Group’s key non-IFRS 
performance metric, which is 
used to evaluate the 
performance of operating 
segments and, in combination 
with below ratios, to steer 
allocation of resources to them.
Adjusted EBITDA Operating result (IFRS) excluding silviculture costs and 
damage to forests, fixed asset depreciation and 
impairment, IACs and FV. The definition includes the 
respective items of subsidiaries, joint arrangements and 
associated companies.
Used by management to analyse 
the business and, from time-to-
time, for short term and long-
term target setting.
Adjusted return on capital 
employed (ROCE), LTM
3 
(%)
Adjusted EBIT
3
    x 100
Capital employed
1 Used for long-term Group 
financial targets setting.
Adjusted return on operating 
capital (ROOC), LTM
3
 (%)
Adjusted EBIT
3
    x 100
Operating capital
 1 Used for long-term divisional 
financial targets setting.
Return on equity, ROE, LTM
3
 
(%)
Net result for the period    x 100
Total equity
1 A measure of the profitability in 
relation to equity.
Net debt Interest-bearing liabilities – interest-bearing assets, 
marked with “I” in the statement of financial position.
Used for long-term Group 
financial targets setting.
Alternative performance 
measure
Definition Purpose
Results
Stora Enso January–September results 2024 38 (42)

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

Net debt/equity ratio Net debt
Equity
2 Used for long-term Group 
financial targets setting.
Net debt/last 12 months’ 
adjusted EBITDA ratio
Net debt
LTM adjusted EBITDA
Used for long-term Group 
financial targets setting.
Earnings per share (EPS) 
excluding FV Net result for the period excluding fair valuations and non-
operational items after tax divided by the weighted 
average number of shares
Stora Enso's dividend policy is to 
distribute 50% of earnings per 
share (EPS) excluding fair 
valuation over the cycle. 
Operating capital and 
capital employed
Operating capital is comprised of items marked with “O” in 
the statement of financial position. Capital employed = 
Operating capital – Net tax liabilities. Net tax liabilities are 
marked with "T" in the statement of financial position.
Used for long-term Group 
financial targets setting.
Items affecting 
comparability (IAC)
The most common IAC are significant capital gains and 
losses, impairments or impairment reversals, disposal gains 
and losses relating to Group companies, provisions for 
planned restructurings, environmental provisions, changes 
in depreciation due to restructuring and penalties. In order 
for qualifying cases to be considered as items affecting 
comparability, a materiality threshold will be applied of at 
least EUR 4 million for Packaging Materials, EUR 2 million for 
Biomaterials, and EUR 1 million for the rest of the divisions 
including segment Other.
Represent certain significant 
items, identified by the 
management, considered not 
indicative of the operating 
business performance due to 
their nature and/or frequency.
Fair valuations and non-
operational items (FV)
Fair valuations and non-operational items include non-
cash income and expenses related to CO2 emission rights 
and liabilities, non-operational fair valuation changes of 
biological assets, adjustments for differences between fair 
value and acquisition cost of forest assets upon disposal 
and the Group’s share of income tax and net financial 
items of associated companies. Non-operational fair value 
changes of biological assets reflect changes made to 
valuation assumptions and parameters. The adjustments 
for differences between fair value and acquisition cost of 
forest assets upon disposal are a result of the fact that the 
cumulative non-operational fair valuation changes of 
disposed forest assets were included in previous periods in 
IFRS operating result (biological assets) and other 
comprehensive income (forest land) and are included in 
adjusted EBIT only at the disposal date (for non-strategic 
forest assets disposals).
Represent adjustments for 
certain items considered by the 
management less relevant for 
understanding operating 
business performance. These 
adjustments result in differences 
in the recognition and 
measurement principles 
applicable under IFRS.
Operational fair value 
change of biological assets
Operational fair value changes of biological assets contain 
all other fair value changes (see above about non-
operational fair value changes of biological assets), mainly 
due to inflation and differences in actual harvesting levels 
compared to the harvesting plan.
The long-term value change of 
the growing forests is an 
important component of the 
forestry business profitability.
Cash flow from operations 
(non-IFRS)  and cash flow 
after investing activities 
(non-IFRS)
Cash flow from operations (non-IFRS) is equal to net cash 
provided by operating activities (IFRS) before cash flows 
related to financial items and income taxes. Cash flow after 
investing activities (non-IFRS) is equal to cash flow from 
operations (non-IFRS) minus cash spent on intangible 
assets, property, plant and equipment, and biological 
assets and acquisitions of associated companies. 
These are measures of cash 
generation, working capital 
efficiency and capital 
expenditure outflows. 
Capital expenditure Capital expenditure on fixed assets includes investments in 
and acquisitions of tangible and intangible assets as well 
as internally generated assets and capitalised borrowing 
costs, net of any related subsidies. Capital expenditure on 
leased assets includes new capitalised leasing contracts. 
Capital expenditure on biological assets consists of 
acquisitions of biological assets and capitalisation of costs 
directly linked to growing trees in plantation forests. The 
cash flow impact of capital expenditure is presented in 
cash flow from investing activities, excluding lease capex, 
where the cash flow impact is based on paid lease 
liabilities and presented in cash flow from financing and 
operating activities. 
A measure of the operating 
business investments capitalised 
as tangible and intangibles 
assets.
Fixed costs Maintenance, personnel and other administration type of 
costs, excluding IAC and FV.
A measure of the costs that are 
less variable in nature.
Alternative performance 
measure
Definition Purpose
1
Average for the last five quarter ends  
2
Attributable to the owners of the Parent  
3
Last 12 months prior to the end of reporting period
Results
Stora Enso January–September results 2024 39 (42)

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

Definitions and calculation of key sustainability figures
GHG emissions, Scope 1 + 2 Direct absolute CO2e emissions from production (Scope 1) and indirect absolute CO2e 
emissions related to purchased electricity and heat (Scope 2). Excluding joint 
operations. Reported as rolling 12 months. Calculated in accordance with the 
Greenhouse Gas Protocol of the World Resource Institute (WRI). 
GHG emissions, Scope 3 Absolute CO2e emissions from other sources along the value chain of all production 
units are estimated based on the most recent methodology. Joint operations included 
as suppliers. Currently, material emission categories for Scope 3 emissions are updated 
annually. Accounting based on guidelines provided by the Greenhouse Gas Protocol 
and the World Business Council for Sustainable Development (WBCSD).
Forest certification coverage The proportion of land in wood production and harvesting owned or leased by Stora 
Enso that is covered by forest certification schemes. Reporting on total land area and its 
forest certification coverage aligned with financial reporting on forests assets.
Share of technically recyclable 
products
The proportion of technically recyclable products based on production volumes as 
tonnes. Technical recyclability is defined by international standards and tests when 
available, and in the absence of these, by Stora Enso’s tests that prove recyclability. The 
reporting scope includes Stora Enso’s packaging, pulp, paper and solid wood products 
as well as biochemical by-products.
TRI (Total recordable incidents) 
rate Number of incidents per one million hours worked. Including joint operations. 
Gender balance: % of female 
managers among all managers
The share of female managers is calculated as the headcount of all permanent 
managers with at least one direct report. The manager must be permanent, but the 
subordinates can be temporary or permanent. Reported as rolling 12 months. Excluding 
joint operations.
Total water withdrawal per 
saleable tonne 
Reported as rolling 12 months. Excluding joint operations. Total water withdrawal includes 
process water and cooling and non-contact water intakes by board, pulp, and paper 
production sites as cubic metres (m
3
).
Process water discharges per 
saleable tonne
Reported as rolling 12 months. Excluding joint operations and Business Unit Western 
Europe in Packaging Solutions. Process water discharges include the discharges of 
board, pulp, and paper production sites as cubic metres (m
3
).
Supplier Code of Conduct (SCoC) 
coverage
The share of supplier spend (rolling 12 months) covered by the Supplier Code of Conduct 
(SCoC). Excludes contracts with an annual value below EUR 10,000,  joint operations, 
intellectual property rights, leasing fees, financial trading, government fees such as 
customs, and wood purchases from private individual forest owners. Excluding Business 
Unit Western Europe in Packaging Solutions.
Results
Stora Enso January–September results 2024 40 (42)

===== SIDA 42 =====

Divisions
Packaging Materials
Leading the development of 
circular packaging, providing 
premium packaging 
materials based on virgin 
and recycled fiber.
Share of Group external sales
48%
Packaging Solutions
Developing and selling 
premium fiber-based 
packaging products and 
services.
Share of Group external sales
11%
Biomaterials
Meeting the growing 
demand for bio-based 
solutions with innovations 
and being customers choice 
in selected pulp grades.
Share of Group external sales
14%
Wood Products 
One of the largest sawn wood producers in 
Europe and a global leading provider of 
renewable wood-based solutions.
Share of Group external sales
14%
Forest 
Creating value through sustainable forest 
management, competitive wood supply and 
innovation.
Share of Group external sales
12%
Information about Stora Enso's production capacities is available in the Annual Report 2023.
Results
Stora Enso January–September results 2024 41 (42)

===== SIDA 43 =====

Contact information
Stora Enso Oyj Stora Enso AB storaenso.com
P.O.Box 309 P.O.Box 70395 storaenso.com/investors
FI-00101 Helsinki, Finland SE-107 24 Stockholm, Sweden
Visiting address: Katajanokanlaituri 4 Visiting address: World Trade Center
Tel. +358 2046 111 Klarabergsviadukten 70
Tel. +46 1046 46 000
For further information, please contact:
Anna-Lena Åström, SVP Investor Relations, tel. +46 702 107 691
Carl Norell, SVP Corporate Communications, tel. +46 722 410 349
Stora Enso's Q4 and full year 2024 results will be published on
11 February 2025
Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, and wooden construction, and 
one of the largest private forest owners in the world. We create value with our low-carbon and recyclable fiber-based products, through which we 
support our customers in meeting the demand for renewable sustainable products. Stora Enso has approximately 20,000 employees and our 
sales in 2023 were EUR 9.4 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In 
addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors
It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein which are not 
historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and 
profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since 
these statements are based on current plans, estimates and projections, they involve risks and uncertainties, which may cause actual results to 
materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as 
continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance 
of new products or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in business 
strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other intellectual property rights, 
the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and 
future global market prices for the Group’s products and the pricing pressures thereto, price fluctuations in raw materials, financial condition of the 
customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general 
economic conditions, such as rates of economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. 
All statements are based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes 
no obligation to publicly update or revise any forward-looking statement except to the extent legally required.
Contacts
Stora Enso January–September results 2024 42 (42)