===== 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)