===== SIDA 1 ===== Interim Report Q3 January–September 2025 Results summary 2 Outlook 3 CEO comment 4 Group results 5 Segment results 9 Sensitivity analysis and short-term risks 12 Legal proceedings 12 Sustainability 13 Events 14 Resolutions by the AGM 15 Shareholders' Nomination Board 15 Financials 16 IFRS section 16 Alternative performance measures 27 Contacts 32 On the cover: Liquid packaging board, containerboard, and food service board ===== SIDA 2 ===== Good progress in a challenging market environment Quarterly financial highlights (compared with Q3/24) • Sales increased by 1% to EUR 2,283 (2,261) million, mainly due to the acquisition of Junnikkala and the consumer board line ramp-up at the Oulu site. • Adjusted EBIT decreased by 28% to EUR 126 (175) million, driven by the ramp-up of the new line in Oulu, impacting the Q3 result negatively by EUR 45 million. The adjusted EBIT margin decreased to 5.5% (7.8%). • Operating result (IFRS) was EUR 231 (139) million, including items affecting comparability of EUR 117 million, and fair valuations and other non- operational items of EUR -11 million. • Earnings per share were EUR 0.25 (0.11) and earnings per share excl. fair valuations (FV) were EUR 0.26 (0.10). • The fair value of the forest assets was EUR 8.3 (8.8) billion, equivalent to EUR 10.50 per share, reflecting the impact of the forest asset divestment in Sweden. • Cash flow from operations amounted to EUR 223 (271) million, impacted by the lower profit. • The net debt to adjusted EBITDA (LTM) ratio improved to 2.7 (3.1). • Adjusted ROCE excluding the Forest segment (LTM) was 2.8% (2.7%). January–September 2025 results (compared with January–September 2024) • Sales were EUR 7,072 (6,727) million. • Adjusted EBIT was EUR 427 (478) million. • Operating result (IFRS) was EUR 466 (372) million. • Earnings per share (EPS) were EUR 0.42 (0.26) and EPS excl. fair valuations (FV) was EUR 0.44 (0.25). • Cash flow from operations amounted to EUR 560 (863) million. Cash flow after investing activities was EUR -26 (-15) million. Key highlights • The divestment of approximately 175,000 hectares of forest land in Sweden, equivalent of 12.4% of Stora Enso's Swedish forest assets, was completed in September. The enterprise value of the transaction was SEK 9.8 billion, equivalent to approximately EUR 900 million. • The strategic review of the Group's remaining forest assets in Sweden, initiated in July, is progressing. The review includes assessing a potential separation and public listing of the forest assets. • The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing. The line is expected to reach full capacity during 2027. • In October, Stora Enso and the International Union for Conservation of Nature (IUCN) launched a science-based framework to enable nature positive forestry. It guides informed prioritisation of biodiversity actions, ensuring that the most urgent threats to biodiversity are addressed first. • The second instalment of dividend, EUR 0.12 per share, was paid on 2 October. Sales and adjusted EBIT Sales, MEUR Adjusted EBIT, % Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 0 1,000 2,000 3,000 4,000 0% 3% 6% 9% 12% Net debt to adjusted EBITDA (LTM) Net debt, MEUR Net debt to adjusted EBITDA, LTM Target <2.0 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 0 1,000 2,000 3,000 4,000 0.0 1.0 2.0 3.0 4.0 Adjusted ROCE excl. Forest (LTM) Adjusted ROCE excl. Forest segment, LTM, % Target >13%Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 -5% 0% 5% 10% 15% Summary LTM = Last 12 months. The calculation method is explained in the Annual Report. S t o r a E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  2 ===== SIDA 3 ===== Outlook and focus for 2025 Stora Enso expects market demand to remain subdued and challenging, affected by low consumer confidence and heightened macroeconomic and geopolitical uncertainty. Guidance The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing. However, volumes are somewhat behind the original schedule. Despite this, the target of reaching EBITDA break-even by year-end is unchanged. As a result, the EBIT impact for Q4 will be higher than initially anticipated – now estimated at a negative EUR 15–35 million. The full year EBIT impact estimated to be approximately negative EUR 120–140 million. The line is expected to reach full capacity during 2027. Starting in the fourth quarter, the completed divestment of the forest assets in Sweden will have an annual adverse impact of EUR 25 million, approximately EUR 6 million per quarter, on the Forest segment's results. The Group's capital expenditure forecast for the full year of 2025 is EUR 730–790 million. Fourth quarter profitability will be impacted by planned maintenance stops, which are expected to be at similar levels as in the third quarter. See the section Maintenance for more details. Focus for 2025 • Continue proactive, systematic, and determined work across the whole Group to improve profitability, cash flow, and cost competitiveness through activities related to sourcing, operational efficiency, commercial excellence, working capital, and fixed costs. • Continue to build a leaner and flatter organisation, sharpening the focus on renewable packaging as the core business. The new streamlined structure not only enhances customer centricity and operational efficiency through deeper integration, but also unlocks further performance potential. • Transition to a more integrated business model across the Nordic packaging board mills to improve the entire value chain and customer- centricity. • After successfully completing the sale of 12.4% of the Swedish forest assets, continue the strategic review of the remaining Swedish forest assets, including assessment of a potential separation and public listing. • Ramp up production and leverage the EUR 1 billion investment in the new packaging board line at the integrated mill in Oulu, Finland, to further strengthen Stora Enso’s competitive position. Outlook from Q3/2025 to Q4/2025 Markets remain challenging, with low consumer confidence. The direct impact of the US tariffs remains modest as Stora Enso's direct sales to the USA account for only just below 3% of total group sales (2024). While tariffs impacting global trade present both risks and opportunities, the primary concern lies in their broader implications for economic conditions and trade flows. Indirect effects – such as weakening consumer confidence and an increase in Chinese exports to Europe – continue to weigh on the markets. Market outlook continues weak due to suppressed end-user demand, which is leading to weakening order inflow and lower volumes particularly in the packaging businesses. Market prices remain under persistent downward pressure as supply continues to surpass demand. Market demand for pulp remains weak, driven by ongoing market uncertainty. Market pulp prices are stable at low levels, and with demand continuing to lag. Prices are expected to stay flat or show only limited movement for the remainder of the year. Demand in the wood products markets remains low. The construction market outlook continues to be weak, and the European construction confidence index remains negative. In addition, rising log costs in Central Europe are putting further pressure on margins. The Forest segment continues to deliver solid financial performance. Fiber costs are expected to remain high, even though wood prices have decreased slightly. Outlook Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  3 ===== SIDA 4 ===== CEO comment During the third quarter of 2025, Stora Enso continued to execute on its strategy and profit improvement actions. While the market continues to be challenging and demand subdued, we focused on the areas within our control. The improvement actions remained the same – driving operational efficiency, cost competitiveness, and commercial excellence across the Group. In addition, we continue to work on further focusing our portfolio on growth in our core renewable packaging business and operations supporting it. A major milestone in the quarter was the completion of the divestment of approximately 175,000 hectares of forest land in Sweden, representing 12.4% of our total forest holdings. The transaction, with an enterprise value of SEK 9.8 billion (equivalent to approximately EUR 900 million), in line with forest book value, strengthens our balance sheet and improves our financial flexibility. We also made progress on the strategic review of our remaining 1.2 million hectares of Swedish forest assets announced in June 2025, including the assessment of a potential separation and public listing. The review aims to evaluate ways to unlock further value for our shareholders and strengthen our focus. The ramp-up of the new consumer board line at our Oulu site in Finland continues, with production volumes gradually increasing. While the ramp- up has, and will continue to, weigh on profitability in the short term, we remain confident that the Oulu board line will deliver industry-leading quality and cost competitiveness once fully operational. We target EBITDA break-even by the end of the year. Adjusted EBIT for the quarter was EUR 126 million. Excluding the EUR 45 million impact from the Oulu ramp-up, profitability would have been comparable to the same quarter last year, reflecting a stable underlying performance despite persistent market headwinds. Demand continued to be subdued due to low consumer confidence, and delivery volumes were relatively low, particularly in containerboard and biomaterials. Despite these challenges, we have intensified our own actions to improve and safeguard profitability, including a strengthened P&L responsibility in business areas, a leaner, more customer-focused organisation, and targeted efficiency programmes. Our net debt to adjusted EBITDA ratio improved to 2.7 from 3.1 a year ago, reflecting the positive impact of the forest asset divestment. "We will continue our systematic efforts to improve profitability and cash flow, whilst we expect market conditions to continue to be subdued and challenging." Looking ahead, we will continue our systematic efforts to improve profitability and cash flow, whilst we expect market conditions to continue to be subdued and challenging. The strategic review of the Swedish forest assets and ramp-up of Oulu continue to be priorities. Thanks to the dedication of our teams, we are now laying the foundation for a stronger, more focused company—one that is better positioned to deliver long-term value. As we reshape the company, the work being done today will define a more resilient and competitive future for Stora Enso. Hans Sohlström President and CEO, Stora Enso CEO comment Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  4 ===== SIDA 5 ===== Group result Q3/2025 (compared with Q3/2024) Key figures EUR million Q3/25 Q3/24 Change % Q3/25– Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Sales 2,283 2,261 1.0 % 2,426 7,072 6,727 9,049 Adjusted EBITDA 291 328 -11.4 % 279 889 938 1,223 Adjusted EBITDA margin 12.7 % 14.5 % 11.5 % 12.6 % 13.9 % 13.5 % Adjusted EBIT 126 175 -28.2 % 126 427 478 598 Adjusted EBIT margin 5.5 % 7.8 % 5.2 % 6.0 % 7.1 % 6.6 % Operating result (IFRS) 231 139 65.8 % 64 466 372 93 Result before tax (IFRS) 202 98 105.3 % 20 354 235 -118 Net result for the period (IFRS) 201 84 138.7 % 15 323 195 -183 Cash flow from operations 223 271 -17.5 % 145 560 863 1,187 Cash flow after investing activities 57 4 n/m -37 -26 -15 74 Capital expenditure 144 229 -37.4 % 218 487 741 1,090 Capital expenditure excluding investments in biological assets 128 210 -38.8 % 202 439 684 1,009 Depreciation and impairment charges excl. IAC 117 125 -5.9 % 123 358 376 501 Net debt 3,215 3,528 -8.9 % 3,988 3,215 3,528 3,707 Forest assets¹ 8,277 8,758 -5.5 % 8,990 8,277 8,758 8,894 Adjusted return on capital employed (ROCE), LTM² 3.9% 3.7% 4.3% 3.9% 3.7% 4.3% Adjusted ROCE excl. Forest segment, LTM² 2.8% 2.7% 3.3% 2.8% 2.7% 3.6% Earnings per share (EPS) excl. FV, EUR 0.26 0.10 149.8 % 0.05 0.44 0.25 -0.56 EPS (basic), EUR 0.25 0.11 125.7 % 0.03 0.42 0.26 -0.17 Return on equity (ROE), LTM² -0.5% -1.2% -1.7% -0.5% -1.2% -1.7% Net debt/equity ratio 0.30 0.33 0.39 0.30 0.33 0.37 Net debt to LTM² adjusted EBITDA ratio 2.7 3.1 3.3 2.7 3.1 3.0 Equity per share, EUR 13.47 13.73 -1.9 % 12.81 13.47 13.73 12.86 Average number of employees (FTE) 19,409 19,364 0.2 % 19,136 18,996 19,405 19,233 1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies 2 LTM = Last 12 months IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Items affecting comparability (IAC), fair valuations and non-operational items. Breakdown of change in sales Sales Q3/2024, EUR million 2,261 Price and mix 0% Currency -1% Volume -2% Other sales1 1% Total before structural changes -1% Structural changes2 2% Total 1% Sales Q3/2025, EUR million 2,283 1 Energy, paper for recycling (PfR), by-products etc. 2 Asset closures, major investments, divestments and acquisitions Group sales Sales increased 1%, mainly due to the structural changes related to the ramp-up of the consumer board line in Oulu and the Junnikkala acquisition. This was partly offset by lower volumes for continuing operations. Adjusted EBIT Adjusted EBIT decreased 28%, or EUR 49 million, driven by the ramp-up of the new line in Oulu. Higher prices, and active mix management increased profitability by EUR 12 million, which was only partly offset by the negative EUR 3 million impact from lower volumes. Variable costs were flat as higher fiber costs were offset by lower energy and chemical costs. Fixed costs decreased EUR 30 million due to good cost control and lower maintenance activity. Net foreign exchange rates had a negative EUR 20 million impact. The impact from depreciations, associated companies and other was a negative EUR 33 million, impacted by the EUR 10 million insurance compensation a year ago. Operating result (IFRS) Operating result (IFRS) increased by EUR 92 million. Fair valuations and non-operational items (FV) had an adverse impact on the operating result of EUR 11 (0) million. Items affecting comparability (IAC) had a positive impact of EUR 117 (adverse impact of 36) million on the operating result. Other Net financial items amounted to EUR -29 (-41) million, an improvement of EUR 12 million. The improvement was mainly driven by the receipt of the final instalment of receivables from the divestment of the Russian packaging sites in the third quarter, which positively impacted financial items through impairment loss reversals totalling EUR 12 million. Net debt to LTM adjusted EBITDA improved to 2.7 (3.1), reflecting the positive impact of the forest asset divestment. Group result Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  5 ===== SIDA 6 ===== Third quarter 2025 results (compared with Q2/2025) Sales Group sales decreased 6% or EUR 143 million to EUR 2,283 (2,426) million. This was mainly due to lower deliveries, particularly in the seasonally weaker Wood Products and Forest segments, and lower prices. Foreign exchange rates had a negative impact on topline, offset by the structural changes related to the Junnikkala acquisition and the ramp-up of the new line at the Oulu site. Adjusted EBIT Adjusted EBIT remained unchanged at EUR 126 (126) million. The adjusted EBIT margin increased to 5.5% (5.2%). Lower sales prices decreased adjusted EBIT by EUR 29 million, and volumes by EUR 11 million. Variable costs were EUR 22 million lower, mainly due to lower pulpwood and energy costs. Fixed costs were EUR 38 million lower, mainly due to seasonality, good cost control, and lower personnel costs related to lower volumes. Net foreign exchange rates had a negative EUR 19 million impact on adjusted EBIT. Structural changes had a positive EUR 5 million impact. The impact from depreciations, associated companies and other was a negative EUR 6 million. Sales and adjusted EBIT Sales, MEUR Adjusted EBIT, % Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 0 1,000 2,000 3,000 4,000 0% 3% 6% 9% 12% January–September 2025 results (compared with January–September 2024) Sales Group sales increased 5%, or EUR 345 million to EUR 7,072 (6,727) million, mainly due to higher deliveries in all segments, partially impacted by the Finnish political strike in 2024. Sales prices and active mix management increased topline in all other segments except Biomaterials. The structural changes had a positive impact as the Junnikkala acquisition and the consumer board line ramp-up in Oulu increased topline. Adjusted EBIT Adjusted EBIT decreased EUR 51 million to EUR 427 (478) million, driven by the ramp-up of the Oulu consumer board line. The adjusted EBIT margin decreased to 6.0% (7.1%). Higher sales prices increased profitability by EUR 130 million. Higher variable costs decreased adjusted EBIT by EUR 149 million, mainly due to wood costs. Fixed costs were EUR 42 million lower. Net foreign exchange rates had a positive EUR 15 million impact on profitability. The impact from depreciations, associated companies and other, had a negative impact of EUR 12 million on adjusted EBIT. Operating result (IFRS) was EUR 466 (372) million. Fair valuations and non-operational items (FV) had a negative net impact on the operating result of EUR 32 (4) million. Items affecting comparability (IAC) had a positive impact of EUR 71 (negative impact of 102) million on the operating result. Group result Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  6 ===== SIDA 7 ===== Cash flow Q3/2025 (compared with Q3/2024) Cash flow (non-IFRS) EUR million Q3/25 Q3/24 Change % Q3/25– Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Adjusted EBITDA 291 328 -11.4 % 279 889 938 1,223 IAC on adjusted EBITDA 120 -35 n/m -27 81 -93 -125 Other adjustments -210 -50 n/m -47 -269 -113 -194 Change in working capital 23 28 -17.2 % -61 -142 130 283 Cash flow from operations 223 271 -17.5 % 145 560 863 1,187 Cash spent on fixed and biological assets -166 -267 37.6 % -181 -586 -877 -1,113 Acquisitions of associated companies 0 0 98.9 % 0 0 0 -1 Cash flow after investing activities 57 4 n/m -37 -26 -15 74 Cash flow after investing activities was negatively impacted by lower profitability but benefited from lower fixed assets outflows related to Oulu as compared to Q3/24. IAC and other adjustments are mainly related to the sale of Swedish forest assets. Payments related to the previously announced provisions amounted to EUR 8 million. Capital expenditure Q3/2025 (compared with Q3/2024) Additions to fixed and biological assets totalled EUR 144 (229) million, of which EUR 128 (210) million were fixed assets and EUR 15 (19) million biological assets. Depreciations and impairment charges excluding IACs totalled EUR 117 (125) million. Additions in fixed and biological assets had a cash outflow impact of EUR 166 (267) million, mainly related to the Oulu project in the comparative period. Capital expenditure by segment EUR million Q3/25 Q1-Q3/25 Q3/24 Main investment projects Investment to be finalised Packaging Materials 57 286 152 Oulu consumer board investment in Finland 2025 Packaging Solutions 14 33 11 Biomaterials 47 115 46 Skutskär fluff pulp, winder and roll handling in Sweden 2025 Wood Products 17 30 9 Forest 6 18 4 Other 2 4 7 Total 144 487 229 Capital expenditure and depreciation forecast 2025 EUR million Forecast 2025 Capital expenditure 730–790 Depreciation and depletion of capitalised silviculture costs 550–600 Stora Enso’s capital expenditure forecast includes approximately EUR 75 million for the Group's forest assets. The depletion of capitalised silviculture costs is forecast to be EUR 75–85 million. Cash flow and capex Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  7 EUR million Cash flow Cash flow from operations Cash flow after investing activitiesQ2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 -150 0 150 300 450 ===== SIDA 8 ===== Capital structure Q3/2025 EUR million 30 Sep 2025 30 Jun 2025 31 Dec 2024 30 Sep 2024 Fixed assets1 13,392 14,025 13,846 14,326 Associated companies 1,086 949 954 936 Operating working capital, net2 523 494 308 492 Non-current interest-free items, net -229 -268 -220 -243 Operating capital total3 14,772 15,200 14,888 15,510 Net tax liabilities -1,080 -1,261 -1,192 -1,262 Capital employed3 13,692 13,939 13,696 14,249 Equity attributable to owners of the Parent3 10,624 10,100 10,139 10,826 Non-controlling interests3 -147 -149 -150 -106 Net debt 3,215 3,988 3,707 3,528 Financing total3 13,692 13,939 13,696 14,249 1 Fixed assets include goodwill, other intangible assets, property, plant and equipment, right-of-use assets, forest assets, emission rights, and unlisted securities. 2 Operating working capital, net includes inventories, trade receivables, trade payables and all other short-term operating receivables, payables, accruals, and provisions. 3 Including assets held for sale and related liabilities. Compared with Q2/2025 Net debt decreased by EUR 774 million to EUR 3,215 (3,988) million during the third quarter, reflecting the positive impact of the forest asset divestment. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 2.7 (3.3). The net debt/equity ratio on 30 September 2025 decreased to 0.30 (0.39). The average interest expense rate on borrowings at the reporting date was 3.8% (3.3%). Cash and cash equivalents net of overdrafts increased by EUR 647 million to EUR 2,195 million. During the third quarter, Stora Enso repaid a EUR-denominated bond of EUR 125 million. Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 30 September 2025. Compared with Q3/2024 Operating working capital, i.e., Inventories, trade receivables and trade payables, increased by EUR 37 million. Other operating working capital decreased by EUR 5 million. Credit ratings Rating agency Long/short-term rating Valid from Fitch Ratings BBB- (stable) 17 July 2025 Moody’s Baa3 (stable) / P-3 21 November 2024 Valuation of forest assets Compared with Q2/2025 The value of total forest assets, including leased land and Stora Enso's share of forest assets in associated companies, decreased by EUR 713 million to EUR 8,277 (8,990) million. The decrease was mainly due to the divestment of forest land in Sweden. Compared with Q3/2024 The fair value of total forest assets decreased by EUR 481 million to EUR 8,277 (8,758) million. The fair value of biological assets, including Stora Enso's share of biological assets in associated companies, increased by EUR 11 million to EUR 6,169 (6,158) million. This was mainly a result of increases in estimated wood prices. The value of forest land, including leased land and Stora Enso's share of associated companies, decreased by EUR 492 million to EUR 2,108 (2,600) million. This decrease in forest land value was mainly due to the divestment of forest land in Sweden and an increase in the discount rate. Capital structure Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  8 EUR billion Forest asset value Forest land (including leased land)Biological assets Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 0.0 2.0 4.0 6.0 8.0 10.0 ===== SIDA 9 ===== Segment overview Segments Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  9 EUR million Adjusted EBIT by segment, Q3/2025 Packaging Materials Packaging Solutions Biomaterials Wood Product Forest Other -20 -10 0 10 20 30 40 50 60 70 80 External sales by segment, Q3/2025 48% 11% 12% 17% 12% 0.4% Packaging Materials Packaging Solutions Biomaterials Wood Products Forest Other Packaging Materials A global leader and expert partner in circular packaging providing premium packaging boards, made from virgin and recycled fiber. Packaging Solutions A packaging converter that produces premium fiber-based packaging products for leading brands across multiple market areas, including retail, e- commerce, and industrial applications. Biomaterials Foundation built on pulp, with the aim of becoming customers’ first choice in selected grades. The segment also leverages all fractions to create innovative bio-based solutions, that replace fossil-based and other non- renewable materials. Wood Products Europe’s largest sawn timber producer and a leading provider of sustainable wood-based solutions for the global building sector. Provides the building sector with renewable and low-carbon wood-based solutions that help decarbonise the built environment. Forest Responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations as well as for B2B customers. Manages the Group’s forest assets and a 41% share in Tornator, whose forests are primarily located in Finland. Segment Other Includes the reporting of the emerging businesses as well as Stora Enso’s shareholding in Pohjolan Voima (PVO), and the Group's shared services and administration. External sales by destination, FY 2024 14% 9% 7% 6% 6% 28% 10% 3% 18% Sweden Germany Finland Poland The Netherlands Other Europe China USA Other countries EUR million Adjusted EBIT by segment, FY 2024 Packaging Materials Packaging Solutions Biomaterials Wood Product Forest Other -80 -40 0 40 80 120 160 200 240 280 320 External sales by segment, FY 2024 46% 11% 14% 15% 13% 1% Packaging Materials Packaging Solutions Biomaterials Wood Products Forest Other Information about production and deliveries is available in the section Production and deliveries. Information about production capacities is available in the Annual Report. External sales by destination, FY 2024 69% 17% 6% 4%2%1% Europe Asia Americas Middle East Africa Oceania ===== SIDA 10 ===== Packaging Materials Value creation actions mitigated the impact of the challenging market conditions • Sales decreased driven by slightly lower consumer board prices and adverse currency effects from a weaker US dollar. These were only partially offset by sales from the new production line at the Oulu site. • Adjusted EBIT decreased due to start-up costs related to the new production line at the Oulu site. Fiber costs remained high and logistics expenses and trade tariffs increased. These were mitigated by value creation initiatives. • As order inflow weakened further, capacity and cost levels were actively managed to align with demand. Key figures: Packaging Materials EUR million Q3/25 Q3/24 Change % Q3/25– Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Sales 1,128 1,169 -3.5 % 1,159 3,446 3,407 4,502 Adjusted EBITDA 120 147 -18.5 % 99 351 400 472 Adjusted EBIT1 36 73 -51.0 % 29 127 178 172 Adjusted EBIT margin 3.2 % 6.3 % 2.5 % 3.7 % 5.2 % 3.8 % Operating result (IFRS) 23 62 -63.0 % 17 100 133 -169 Adjusted ROOC, LTM 3.3 % 3.8 % 4.4 % 3.3 % 3.8 % 4.9 % Cash flow from operations 34 130 -73.9 % 95 214 353 462 Cash flow after investing activities -40 -56 27.7 % -27 -154 -283 -323 Board and paper deliveries, 1,000 tonnes1 1,255 1,256 -0.1 % 1,290 3,779 3,746 4,920 Board and paper production, 1,000 tonnes 1,289 1,304 -1.2 % 1,289 3,868 3,809 4,916 1 The comparative Q3/24 deliveries have been restated. Packaging Solutions Positive results despite ongoing market challenges • Sales increased slightly. Sales prices increased due to improved product mix offsetting a slight decline in volumes. • Adjusted EBIT improved supported by higher sales, improved margins driven by value creation initiatives, and reduced depreciation following the impairments announced in December 2024. • Market conditions remained challenging. Actions to improve product and customer mix, along with continuing cost efficiency measures, helped protect margins despite overcapacity. Key figures: Packaging Solutions EUR million Q3/25 Q3/24 Change % Q3/25– Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Sales 263 262 0.5 % 272 775 740 987 Adjusted EBITDA 18 13 35.6 % 20 59 50 62 Adjusted EBIT 2 -6 124.5 % 3 10 -9 -15 Adjusted EBIT margin 0.6 % -2.5 % 1.1 % 1.3 % -1.2 % -1.5 % Operating result (IFRS) -5 -8 38.6 % -2 -1 -15 -394 Adjusted ROOC, LTM 0.5 % -0.3 % -0.6 % 0.5 % -0.3 % -1.6 % Cash flow from operations 12 24 -50.2 % 20 38 54 78 Cash flow after investing activities -3 14 -118.0 % 8 2 22 31 Corrugated packaging European deliveries, million m² 312 317 -1.5 % 326 929 926 1,217 Corrugated packaging European production, million m² 284 300 -5.4 % 302 880 888 1,157 Segments For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV) LTM = Last 12 months. The calculation method is explained in the Annual Report. Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  10 ===== SIDA 11 ===== Biomaterials Challenging market conditions, pricing stabilised at low levels • Sales decreased, due to lower sales prices and adverse currency movements, partially offset by increased volumes. • Adjusted EBIT decreased, mainly due to lower sales prices, which have now stabilised at low levels. Cost reduction measures partially offset the impact. • Demand for hardwood pulp strengthened in both Europe and China, while softwood pulp demand in Europe was weaker. Pulp prices for all grades were lower in both regions. Key figures: Biomaterials EUR million Q3/25 Q3/24 Change % Q3/25–Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Sales 339 380 -10.8 % 378 1,110 1,168 1,587 Adjusted EBITDA 59 74 -20.6 % 55 186 263 372 Adjusted EBIT 24 43 -44.4 % 21 82 164 231 Adjusted EBIT margin 7.1 % 11.4 % 5.6 % 7.4 % 14.1 % 14.6 % Operating result (IFRS) 25 46 -46.2 % 23 89 170 256 Adjusted ROOC (LTM) 6.1 % 8.0 % 6.9 % 6.1 % 8.0 % 9.3 % Cash flow from operations 75 101 -25.8 % 50 169 369 507 Cash flow after investing activities 25 56 -55.6 % 23 52 241 332 Pulp deliveries, 1,000 tonnes 554 521 6.2 % 577 1,701 1,594 2,207 Wood Products Protecting margins against increasing raw material costs • Sales increased mainly due to higher sales prices and volumes for sawn wood. • Adjusted EBIT decreased driven by increased raw material costs, and a EUR 10 million insurance compensation a year ago affecting comparability. Sales price increases and value creation initiatives helped protect margins. • The construction market remained weak, although demand for both traditional wood products and building solutions increased compared to the previous year. Key figures: Wood Products EUR million Q3/25 Q3/24 Change % Q3/25–Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Sales 440 359 22.7 % 494 1,352 1,122 1,522 Adjusted EBITDA 5 8 -33.1 % 22 38 27 27 Adjusted EBIT -6 -2 -160.0 % 11 6 -5 -16 Adjusted EBIT margin -1.4 % -0.7 % 2.2 % 0.4 % -0.4 % -1.1 % Operating result (IFRS) -8 -3 -219.5 % 11 4 -5 -73 Adjusted ROOC (LTM) -1.0 % -5.0 % -0.4 % -1.0 % -5.0 % -2.7 % Cash flow from operations 29 46 -35.5 % 7 36 48 45 Cash flow after investing activities 14 32 -56.5 % 1 8 11 -4 Wood products deliveries, 1,000 m³ 999 876 14.0 % 1,148 3,143 2,753 3,718 Forest Strong quarterly adjusted EBIT reflecting stable and sustainable performance • Sales increased mainly due to higher volumes and wood prices. • Adjusted EBIT decreased slightly, mainly due to lower margins. Nevertheless, adjusted EBIT continued to reflect strong operational performance in the Group's forest assets and wood supply. • The fair value of forest assets was EUR 8.3 billion, or EUR 10.50 per share, reflecting the impact of the forest asset divestment in Sweden. Key figures: Forest EUR million Q3/25 Q3/24 Change % Q3/25–Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Sales¹ 750 695 7.9 % 833 2,419 2,043 2,827 Adjusted EBITDA 92 96 -4.6 % 107 292 270 364 Adjusted EBIT 76 81 -6.0 % 88 246 228 309 Adjusted EBIT margin 10.2 % 11.7 % 10.6 % 10.2 % 11.1 % 10.9 % Operating result (IFRS)2 210 69 204.7 % 55 341 180 646 Adjusted ROCE (LTM) 5.4 % 5.1 % 5.4 % 5.4 % 5.1 % 5.2 % Cash flow from operations 77 30 151.6 % 24 173 164 220 Cash flow after investing activities 65 18 263.3 % 10 139 126 171 Wood deliveries, 1,000 m³ 8,165 8,104 0.8 % 8,894 26,522 24,960 33,794 Operational fair value change of biological assets 26 27 -2.6 % 28 82 91 119 1 In Q3/25, internal wood sales to Stora Enso segments represented 64% of net sales, external sales to other forest companies represented 36% 2 Includes the full fair value change of the Nordic biological assets (standing trees) Segment Other • Sales increased by 29.8% to EUR 48 (37) million, mainly due to higher energy sales as prices have increased. • Adjusted EBIT improved by 73.7% to EUR -4 (-16) million, mainly due to lower costs associated with the Group’s shared services. • The business areas are charged for electricity at market prices. Through its 16.5% shareholding in the Finnish energy company Pohjolan Voima (PVO), Stora Enso is entitled to receive, at cost, 8.9% of the electricity produced by the Olkiluoto nuclear reactors, and 20.6% of the electricity from the hydropower plants. Segments For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV) LTM = Last 12 months. The calculation method is explained in the Annual Report. Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  11 ===== SIDA 12 ===== Sensitivity analysis Energy and raw material price sensitivity The direct effect of a 10% decrease in raw material prices on adjusted EBIT for the next 12 months EUR million Sensitivity 10% Energy +3 Wood +243 Pulp -140 Chemicals and fillers +45 Foreign exchange rate sensitivity The direct effect of a 10% strengthening in the value of the currency on adjusted EBIT for the next 12 months EUR million Sensitivity 10% USD +23 SEK -7 GBP +11 Weakening of the currencies would have the opposite impact. These numbers are net of hedges and assuming no changes occur other than a single currency exchange rate movement in an exposure currency. Foreign currency translation risk The Group's consolidated income statement on adjusted EBIT level is exposed to a foreign currency translation risk worth approximately EUR 149 million expense exposure in Brazilian real (BRL) and approximately EUR 78 million income exposure in Chinese Renminbi (CNY). These exposures arise from the foreign subsidiaries and joint operations located in Brazil and China, respectively. For these exposures a 10% strengthening in the value of a foreign currency would have a EUR -15 million and a EUR +8 million impact on adjusted EBIT, respectively. Short-term risks Risk is characterised by both threats and opportunities, which may affect future performance and the financial results of Stora Enso, reputation, as well as its ability to meet certain social and environmental objectives. The geopolitical unrest could have an adverse impact on the Group. Potential trade tariffs, retaliatory measures, conflict-related risks to people, operations, trade credit, cyber security, supply, and demand, could also affect the Group negatively. The risk of a prolonged global economic downturn and recession, sudden interest rate changes, currency fluctuations, trade union and political strike actions, and logistical chain disruptions could all adversely affect the Group’s profits, cash flow and financial position, as well as access to material, flow of goods and transport. Macroeconomic and geopolitical disruption may increase costs, add complexity, and lower short-term visibility, which could further impact market demand, prices, profit margins, and volumes of the Group's products. New capacity and volume entering the market might distort demand, volumes, inventories and pricing. Moreover, forced capacity cuts might further impact on profitability. There is a risk of continued price volatility for raw materials such as wood, chemicals, other components and energy in Europe. The continued tight wood market, especially in the Nordics, could cause increased costs, limit harvesting and cause disruptions such as delays and/or lack of wood supply to the Group's production sites. Regulatory or similar initiatives might challenge the Group's strategy, growth and operations. Other risks and uncertainties include, but are not limited to; general industry conditions, unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations, and related to actual or potential litigation; material process disruption at Stora Enso's manufacturing facilities with operational or environmental impacts; risks inherent in conducting business through joint ventures; and other factors. Stora Enso has been granted various investment subsidies and compensations, and has made certain investment commitments in several countries such as Finland, China, and Sweden. If commitments to planning conditions are not met, local officials may pursue administrative measures to reclaim some of the previously granted investment subsidies or impose penalties on Stora Enso. The outcome of such a process could result in adverse financial impact on Stora Enso. A more detailed risk description of risks is included in Stora Enso’s Annual Report 2024, available at storaenso.com/annualreport. Legal proceedings Contingent liabilities Stora Enso has undertaken significant restructuring actions in recent years which have included the divestment of companies, sale of assets and mill closures. These transactions include a risk of possible environmental or other obligations the existence of which would be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A provision has been recognised for obligations for which the related amount can be estimated reliably and for which the related future cost is considered to be at least probable. Stora Enso is party to legal proceedings that arise in the ordinary course of business and which primarily involve claims arising out of commercial law. The management does not consider that liabilities related to such proceedings before insurance recoveries, if any, are likely to be material to the Group’s financial condition or results of operations. Veracel On 11 July 2008, Stora Enso announced that a federal judge in Brazil had issued a decision claiming that the permits issued by the State of Bahia for the operations of Stora Enso’s joint operations company Veracel were not valid. The judge also ordered Veracel to take certain actions, including reforestation with native trees on part of Veracel’s plantations and a possible fine of, at the time of the decision, BRL 20 (EUR 3) million. Veracel disputes the decision and has filed an appeal against it. Veracel operates in full compliance with all Brazilian laws and has obtained all the necessary environmental and operating licences for its industrial and forestry activities from the relevant authorities. In November 2008, a Federal Court suspended the effects of the decision. On 10 July 2025, Veracel's appeal was upheld by the Federal Court, and the regularity of all the environmental licensing of the project was recognised, and the fine of BRL 20 (EUR 3) million was annulled. The decision was not appealed to the Higher Courts, and the ruling is final. No provisions have been recorded in Veracel’s or Stora Enso’s accounts for the reforestation or the possible fine. Sensitivity, risks, and legal Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  12 ===== SIDA 13 ===== Key sustainability targets and performance Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity. The foundation for these is the conduct of everyday business in a responsible manner. Climate Stora Enso’s science-based target for 2030 is to reduce absolute Scope 1 and 2 greenhouse gas (CO2e) emissions by 50% from the 2019 base year, in line with the 1.5-degree scenario. By the end of Q3/2025, the Scope 1 and 2 CO2e emissions were 1.05 million tonnes, a 60% reduction from the base year. Compared with Q3/2024 (1.32 million tonnes), the decrease in emissions is mainly attributed to reduction measures, such as fuel switches. Stora Enso is committed to reducing Scope 3 emissions by 50% from the 2019 base year by 2030. In 2024, Stora Enso's estimated Scope 3 CO2e emissions were 4.53 million tonnes, a 39% reduction from the base year. Circularity Stora Enso's target is to reach 100% recyclable products by 2030. By the end of 2024, 94% (2023: 93%) of the Group's products were technically recyclable. Stora Enso aims to ensure the recyclability of its products through an increased focus on circularity in innovation processes. The Group actively collaborates with customers and partners to establish infrastructure that enhances the actual recycling of products. Biodiversity Stora Enso is committed to achieving a net-positive impact on biodiversity in its own forests and plantations by 2050 through active biodiversity management. The Group steers its biodiversity actions through a Biodiversity Leadership Programme to improve biodiversity at species, habitat and landscape levels. Progress is monitored with science-based impact indicators reported on the Group's website. Biodiversity is an integral part of forest certifications, which include the protection of valuable ecosystems. Stora Enso’s target is to maintain a forest certification coverage level of at least 96% for the Group's own and leased forest lands. The forest certification coverage has remained stable and amounted to 99% in 2024 (2023: 99%). Direct and indirect CO2e emissions (Scope 1+2, rolling four quarters)1 Million tonnes 0% -13% -15% -28% -42% -53%-59%-60% -50% CO₂e million tonnes, effective CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 Q2/2025 Q3/2025 2025 2026 2027 2028 2029 2030 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 CO2e emissions along the value chain (Scope 3) Million tonnes 0% -3% 3% -24% -35% -39% -50% CO₂e million tonnes, estimated CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 1 2 3 4 5 6 7 8 1 Comparative figures are restated due to additional data after previous interim reports. Responsible business practices Stora Enso reports on the sustainability indicators below on a quarterly basis. For a full annual overview of Stora Enso's sustainability targets, 2024 performance, and accounting principles, see the Sustainability Statement. Key performance indicators (KPIs) 30 Sep 2025 30 Jun 2025 31 Dec 2024 30 Sep 2024 Target Occupational safety: total TRI rate, year-to-date1 4.7 4.4 n/a n/a 4.3 by the end of 2025 Gender balance: % of female managers among all managers 24% 25% 24% 25% 25% by end of 2027 Water: total water withdrawal per saleable tonne (m3/tonne) 57 57 60 62 Decreasing trend from 2016 baseline (60m3/tonne) Water: process water discharges per saleable tonne (m3/tonne) 32 33 33 34 17% reduction by 2030 from 2019 baseline (36m3/tonne) Sustainable sourcing: % of supplier spend covered by the Supplier Code of Conduct (SCoC) 94% 94% 95% 96% 95% or above 1 As of the beginning of 2025, the TRI rate has been expanded to include contractor employees. Sustainability Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  13 ===== SIDA 14 ===== Events during the quarter Forest assets divestment completed Stora Enso completed the divestment of approximately 175,000 hectares of forest land, equivalent to 12.4% of its total forest land holdings in Sweden for an enterprise value of SEK 9.8 billion, equivalent to approximately EUR 900 million. The buyers are Soya Group (40.6% ownership), and a MEAG-led consortium (44.4%). MEAG is the asset manager of Munich Re, a German insurance company. Stora Enso retains a 15% ownership in the sold company. Strategic review of Swedish forest assets In June, Stora Enso launched a strategic review of its forest assets in Sweden. The review explores various options, including a potential separation and listing of the Swedish forest assets into a new company that would be wholly owned by all Stora Enso shareholders. The aim is to further increase business focus, streamline operations, and fully unlock the value of both the forest assets and Stora Enso’s core packaging business. Following the divestment of part of the Swedish forestland, Stora Enso retains ownership of over 1.2 million hectares (1.0 million hectares of productive forestland) in Sweden, with a fair value of approximately EUR 5.7 billion as of 30 September 2025. Consumer board line inaugurated in Oulu The Oulu site is a strategically significant investment as it strengthens Stora Enso's leading position in high added value renewable packaging material. Stora Enso has invested EUR 1.1 billion in the new production line and other site developments, bringing total investments in the Oulu mill to approximately EUR 1.7 billion between 2019 and 2025. These investments have enabled the conversion of former paper machines into advanced board lines, incorporating the latest t e c h n o l o g y a n d r e d u c i n g f o s s i l C O ₂ emissions by 90%. The mill manufactures folding boxboard, kraftliners, paper bag material, and unbleached softwood pulp, all suitable for direct food contact., and exports nearly all production globally. Fluff pulp packaging line upgraded at Skutskär mill Stora Enso’s investment in a state-of-the- art fluff pulp packaging line at the Skutskär site in Sweden positions the site among the most advanced in Europe. Together with the recent investment in production, this upgrade contributes to growth within the hygiene and packaging sectors, where fluff pulp is an essential component in high-demand applications such as baby diapers, feminine care products, adult incontinence products, and medical absorbents. The new line enhances operational flexibility, enabling Stora Enso to optimise production and delivery capacity while catering to specific customer requirements, such as tailored roll sizes. Events after the quarter No major events after the quarter to date. Events Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  14 ===== SIDA 15 ===== Changes in Group management Micaela Thorström has been appointed Executive Vice President, People and Legal, General Counsel, as of 1 January 2026. Micaela has been part of Stora Enso’s Group Leadership Team since 2023, serving as Executive Vice President, Legal and General Counsel. Furthermore, as of 1 January 2026, Niclas Rosenlew, Chief Financial Officer, will assume additional responsibilities and represent the Communications and Brand organisations in the Group Leadership Team on top of his current duties. Resolutions by the Annual General Meeting 2025 Stora Enso Oyj’s Annual General Meeting was held on 20 March 2025 in Helsinki, Finland. The AGM adopted the accounts for 2024, adopted the Remuneration Report 2024 and the updated Remuneration Policy through an advisory resolution, and granted the Company’s Board of Directors and Chief Executive Officer discharge from liability for the financial period. The AGM resolved, in accordance with the proposal by the Board of Directors, that the Company shall distribute a dividend of EUR 0.25 per share for the year 2024 in two instalments as follows: The first dividend instalment, EUR 0.13 per share, was paid on 2 April 2025, and the second instalment, EUR 0.12 per share, was paid on 2 October 2025. The AGM resolved that the Board of Directors shall have nine (9) members. The AGM further resolved to re-elect the current members of the board of Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan, Christiane Kuehne, Richard Nilsson and Reima Rytsölä – as members of the Board of Directors until the end of the following AGM and to elect Elena Scaltritti and Antti Vasara as new members for the same term of office. The AGM resolved to elect Kari Jordan as Chair of the Board of Directors and Håkan Buskhe as Vice Chair of the Board of Directors. For more information about the resolutions of the AGM, please see the release Resolutions by Stora Enso Oyj’s Annual General Meeting 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. This report has been prepared in English and Finnish. If there are any variations in the content between the versions, the English version shall govern. This report is unaudited. Helsinki, 23 October 2025 Stora Enso Oyj Board of Directors Events Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  15 ===== SIDA 16 ===== Financials Basis of Preparation This unaudited interim financial report has been prepared in accordance with the accounting policies set out in International Accounting Standard 34 on Interim Financial Reporting and in the Group’s Financial Report for 2024 with the exception of new and amended standards applied to the annual periods beginning on 1 January 2025 and changes in accounting principles described below. All figures in this Interim Report have been rounded to the nearest million, unless otherwise stated. Therefore, percentages and figures in this report may not add up precisely to the totals presented and may vary from previously published financial information. Acquisition of Group companies In October 2024, Stora Enso signed an agreement to acquire 100% of the Finnish sawmill company Junnikkala Oy. The transaction was completed at the end of April 2025. Junnikkala Oy is a Finnish producer of sawn timber and processed wood products for domestic and export markets and employs approximately 220 people. It operates three sawmills in northern Finland including its new sawmill, nearby the Stora Enso Oulu site. The acquired sawmills will create synergies with the site in Oulu through long- term supply of raw materials and aims to secure a cost-efficient wood supply to the Oulu site. Stora Enso’s annual wood procurement in Finland will increase by approximately 1.7 million m³ and the Group’s total sawmilling capacity by approximately 700,000 m³. The acquired unit is reported in the Wood Products segment and the wood procurement activities are integrated into the Forest segment. The cash purchase consideration was approximately EUR 17 million, and the fair value of contingent considerations are estimated at EUR 44 million at the date of acquisition. There are two contingent earn-out components, which are settled in cash and are subject to Junnikkala achieving certain production milestones by the end of 2026 and 2029. The maximum amount of the earn-outs is EUR 47 million. The fair values of the acquired assets, liabilities and goodwill as on the acquisition date have been determined on a provisional basis, pending finalisation of the post-combination review of the fair values. There were no significant measurement period adjustments in Q3 2025. The provisional goodwill represents the expected synergies. The goodwill is allocated to the Packaging Materials Oulu CGU. None of the goodwill recognised is expected to be deductible for tax purposes. The impact of the acquired unit on Stora Enso Group’s consolidated sales and net result is not considered material. Related transaction costs amounted to EUR 5 million and are presented in other operating expenses. EUR million 2025 Net assets acquired Cash and cash equivalents 0 Property, plant and equipment 115 Intangible assets 1 Working capital 8 Tax assets and liabilities -1 Interest-bearing assets and liabilities -68 Fair value of net assets acquired 56 Purchase consideration, cash part 17 Purchase consideration, contingent 44 Total purchase consideration 61 Fair value of net assets acquired -56 Goodwill 5 Cash outflow on acquisitions -17 Cash and cash equivalents of acquired subsidiaries 0 Cash flow on acquisition, net of acquired cash -17 Disposal of Group companies In September 2025, Stora Enso divested approximately 175,000 hectares of forest land, equivalent to about 12.4% of its total forest land holdings in Sweden to Soya Group (40.6%) and a MEAG led consortium (44.4%). MEAG is the asset manager of Munich Re, a German insurance company. The valuation of the transaction is in line with the accounting fair value of the divested forest assets and the selling price for the shares transferred was approximately EUR 624 million, received in cash. At the same time certain loan receivables of EUR 158 million were paid back to Stora Enso. The disposal gain was approximately EUR 140 million, including capital gain, currency translation adjustments (CTA) release from equity to income statement and transaction costs. Stora Enso retains a 15% ownership of the sold company, which is reported as associated company. Although Stora Enso does not have majority control over the sold company, it has assessed that it will have a significant influence over the entity. The sold unit was part of the Forest segment, and the retained associated company is reported in the Forest segment. In connection with the transaction, Stora Enso and the divested entity entered into a 15-year wood supply agreement with a possible additional 15-year extension. This will secure wood availability for Stora Enso’s Swedish business units. The divested entity will also benefit from a forest management agreement under which Stora Enso will provide forest- related services. The value of the sold net assets and the disposal consideration are presented in the table below and have been determined on a provisional basis, pending finalisation of the post-completion review. EUR million 2025 Net assets sold Cash and cash equivalents 5 Property, plant and equipment 2 Intangible assets 0 Forest assets 907 Working capital 3 Tax assets and liabilities -188 Interest-bearing assets and liabilities -158 Non-controlling interest 0 Net assets sold total 570 Fair value of retained investment 110 Total disposal consideration 624 Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  16 ===== SIDA 17 ===== Assets held for sale As announced in May 2025, Stora Enso has signed an agreement to divest approximately 175,000 hectares of forest land, equivalent to about 12.4% of its total forest land holdings in Sweden. In Q2 2025, these assets were classified as held for sale. The transaction was completed in Q3 2025, and therefore is not classified as held for sale anymore. The following new and amended standards are applied to the annual periods beginning on 1 January 2025 Amended standards and interpretations did not have material effect on the Group. Future standard changes endorsed by the EU but not yet effective in 2025 No future standard changes endorsed by the EU which would have material effect on the Group. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  17 ===== SIDA 18 ===== Condensed consolidated income statement EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Sales 2,283 2,261 2,426 7,072 6,727 9,049 Other operating income 226 55 39 313 235 325 Change in inventories of finished goods and WIP 11 50 -39 28 96 48 Materials and services -1,501 -1,511 -1,562 -4,624 -4,415 -5,948 Freight and sales commissions -226 -212 -223 -671 -634 -838 Personnel expenses -289 -286 -342 -936 -916 -1,228 Other operating expenses -155 -116 -103 -370 -378 -543 Share of results of associated companies 18 14 8 39 29 52 Change in net value of biological assets -15 11 -10 -17 13 421 Depreciation, amortisation and impairment charges -121 -126 -130 -368 -385 -1,246 Operating result 231 139 64 466 372 93 Net financial items -29 -41 -44 -113 -137 -211 Result before tax 202 98 20 354 235 -118 Income tax -1 -14 -5 -31 -40 -65 Net result for the period 201 84 15 323 195 -183 Attributable to Owners of the Parent 198 88 24 335 204 -136 Non-controlling interests 3 -4 -9 -12 -9 -48 Net result for the period 201 84 15 323 195 -183 Earnings per share Basic earnings per share, EUR 0.25 0.11 0.03 0.42 0.26 -0.17 Diluted earnings per share, EUR 0.25 0.11 0.03 0.42 0.26 -0.17 Consolidated statement of comprehensive income EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Net result for the period 201 84 15 323 195 -183 Other comprehensive income (OCI) Items that will not be reclassified to profit and loss Equity instruments at fair value through OCI 236 63 -34 256 -147 -202 Actuarial gains and losses on defined benefit plans 32 -14 -9 32 10 22 Revaluation of forest land 0 0 -25 -25 6 -281 Share of OCI of associated companies 0 0 2 2 -5 5 Income tax relating to items that will not be reclassified -7 2 8 0 -3 53 260 51 -58 265 -139 -403 Items that may be reclassified subsequently to profit and loss Cumulative translation adjustment (CTA) 64 -54 -253 29 -133 -89 Net investment hedges and loans -1 7 -14 -25 4 4 Cash flow hedges and cost of hedging 1 18 31 105 -14 -81 Share of OCI of Non-controlling Interests (NCI) -1 1 10 15 0 -5 Income tax relating to items that may be reclassified 2 -6 -12 -26 2 19 65 -34 -237 99 -141 -152 Total comprehensive income 526 102 -281 686 -85 -738 Attributable to Owners of the parent 524 104 -283 683 -76 -685 Non-controlling interests 2 -2 2 3 -9 -53 Total comprehensive income 526 102 -281 686 -85 -738 CTA = Cumulative translation adjustment Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  18 ===== SIDA 19 ===== Condensed consolidated statement of financial position Assets Goodwill O 170 162 504 Other intangible assets O 253 277 296 Property, plant and equipment O 5,108 5,006 5,110 Right-of-use assets O 423 499 499 5,954 5,945 6,410 Forest assets O 6,489 7,227 7,127 Biological assets O 4,689 5,243 4,844 Forest land O 1,800 1,983 2,283 Emission rights O 78 73 129 Investments in associated companies O 1,086 954 936 Listed securities I 0 11 9 Unlisted securities O 871 602 660 Non-current interest-bearing receivables I 29 14 24 Deferred tax assets T 173 205 141 Other non-current assets O 75 53 52 Non-current assets 14,755 15,082 15,487 Inventories O 1,776 1,672 1,696 Tax receivables T 35 31 36 Operating receivables O 1,004 969 1,048 Interest-bearing receivables I 81 47 121 Cash and cash equivalents I 2,228 1,999 1,999 Current assets 5,124 4,719 4,900 Assets held for sale 0 0 0 Total assets 19,879 19,802 20,387 EUR million 30 Sep 2025 31 Dec 2024 30 Sep 2024 Equity and liabilities Owners of the Parent 10,624 10,139 10,826 Non-controlling Interests -147 -150 -106 Total equity 10,477 9,989 10,720 Post-employment benefit obligations O 171 181 202 Provisions O 79 81 83 Deferred tax liabilities T 1,281 1,416 1,428 Non-current interest-bearing liabilities I 3,647 3,894 4,090 Non-current operating liabilities O 55 10 10 Non-current liabilities 5,232 5,582 5,813 Current portion of non-current debt I 1,133 1,090 839 Interest-bearing liabilities I 739 788 732 Bank overdrafts I 32 7 21 Provisions O 42 37 61 Operating liabilities O 2,214 2,296 2,191 Tax liabilities T 8 13 10 Current liabilities 4,169 4,231 3,855 Liabilities related to assets held for sale 0 0 0 Total liabilities 9,401 9,813 9,667 Total equity and liabilities 19,879 19,802 20,387 EUR million 30 Sep 2025 31 Dec 2024 30 Sep 2024 Items designated with “O” comprise Operating Capital Items designated with “I” comprise Net debt Items designated with “T” comprise Net Tax Liabilities Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  19 ===== SIDA 20 ===== Condensed consolidated statement of cash flows Cash flow from operating activities Operating result 466 372 Adjustments for non-cash items 235 360 Change in net working capital -142 130 Cash flow from operations 560 863 Net financial items paid -143 -115 Income taxes paid, net -33 -70 Net cash from operating activities 384 678 Cash flow from investing activities Acquisition of subsidiary shares and business operations, net of acquired cash -17 -70 Acquisitions of unlisted securities -1 0 Cash flow on disposal of subsidiary shares and business operations, net of disposed cash 619 0 Cash flow on disposal of shares in equity accounted investments 1 0 Cash flow on disposal of listed and unlisted securities 9 3 Cash flow on disposal of forest and intangible assets and property, plant and equipment 13 16 Capital expenditure -586 -877 Proceeds from/payment of non-current receivables, net 203 -16 Net cash from investing activities 241 -944 Cash flow from financing activities Proceeds from issue of new long-term debt 487 15 Repayment of long-term debt and lease liabilities -747 -229 Change in short-term interest-bearing liabilities -30 83 Dividends paid -114 -79 Purchase of own shares1 -1 -3 Net cash from financing activities -405 -212 EUR million Q1-Q3/25 Q1-Q3/24 Net change in cash and cash equivalents 220 -477 Translation adjustment -18 -9 Net cash and cash equivalents at the beginning of period 1,993 2,464 Net cash and cash equivalents at period end 2,195 1,978 Cash and cash equivalents at period end 2,228 1,999 Bank overdrafts at period end -32 -21 Net cash and cash equivalents at period end 2,195 1,978 EUR million Q1-Q3/25 Q1-Q3/24 1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 30 September 2025. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  20 ===== SIDA 21 ===== Statement of changes in equity Fair value reserve EUR million Share capital Share premium and reserve fund Invested non- restricted equity fund Treasury shares Equity instruments through OCI Cash flow hedges Revaluation reserve OCI of associated companies CTA and net investment hedges and loans Retained earnings Attributable to owners of the parent Non- controlling interests Total Balance at 1 January 2024 1,342 77 633 — 653 38 1,540 63 -375 7,015 10,985 -97 10,889 Net result for the period — — — — — — — — — 204 204 -9 195 OCI before tax — — — — -147 -14 6 -5 -129 10 -279 0 -279 Income tax relating to OCI — — — — — 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 Net result for the period — — — — — — — — — -340 -340 -39 -379 OCI before tax — — — — -56 -67 -286 10 45 12 -342 -5 -348 Income tax relating to OCI — — — — -1 14 59 — 3 -2 73 — 73 Total Comprehensive Income — — — — -56 -53 -227 10 48 -330 -609 -44 -653 Dividend — — — — — — — — — -79 -79 — -79 Acquisitions and disposals — — — — — — — — — — — — — Purchase of treasury shares — — — — — — — — — — — — — Share-based payments — — — — — — — — — 1 1 — 1 Balance at 31 December 2024 1,342 77 633 — 450 -27 1,317 68 -457 6,735 10,139 -150 9,989 Net result for the period — — — — — — — — — 335 335 -12 323 OCI before tax — — — — 256 105 -25 2 4 32 374 15 389 Income tax relating to OCI — — — — 2 -21 5 — -5 -7 -26 — -26 Total comprehensive income — — — — 258 84 -20 2 — 360 683 3 686 Reclassifications on disposals — — — — -4 — -123 — — 127 — — — Dividend — — — — — — — — — -197 -197 — -197 Acquisitions and disposals — — — — — — — — — — — — — Purchase of treasury shares — — — -1 — — — — — — -1 — -1 Share-based payments — — — 1 — — — — — — 1 — 1 Balance at 30 September 2025 1,342 77 633 — 704 57 1,173 70 -457 7,025 10,624 -147 10,477 CTA = Cumulative Translation Adjustment OCI = Other Comprehensive Income NCI = Non-controlling Interests Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  21 ===== SIDA 22 ===== Goodwill, other intangible assets, property, plant and equipment, right-of-use assets and forest assets EUR million Q1-Q3/25 Q1-Q3/24 2024 Carrying value at 1 January 13,172 13,289 13,289 Additions in tangible and intangible assets 415 640 933 Additions in right-of-use assets 24 44 76 Additions in biological assets 48 57 81 Depletion of capitalised silviculture costs -73 -57 -88 Acquisition of subsidiaries 121 71 77 Disposals and classification as held for sale -915 -10 -21 Depreciation and impairment -368 -385 -1,246 Fair valuation of forest assets 30 75 229 Translation difference and other -11 -188 -158 Statement of Financial Position Total 12,443 13,537 13,172 . Breakdown of change in capital employed Capital employed 30 September 2024, EUR million 14,249 Capital expenditure excl. investments in biological assets less depreciation 282 Investments in biological assets less depletion of capitalised silviculture costs -34 Impairments and reversal of impairments -747 Fair valuation of forest assets 184 Unlisted securities (mainly PVO) 211 Associated companies 150 Net liabilities in defined benefit plans 48 Operating working capital and other interest-free items, net 11 Emission rights -51 Net tax liabilities 27 Acquisition of subsidiaries 130 Disposal of subsidiaries -733 Translation difference 0 Other changes -35 Capital employed 30 September 2025 13,692 Borrowings EUR million 30 Sep 2025 30 Sep 2024 31 Dec 2024 Bond loans 3,051 3,446 3,454 Loans from credit institutions 1,266 972 978 Lease liabilities 453 506 545 Long-term derivative financial liabilities 8 2 5 Other non-current liabilities 2 2 2 Non-current interest-bearing liabilities including current portion 4,780 4,928 4,985 Short-term borrowings 678 666 689 Interest payable 58 58 55 Short-term derivative financial liabilities 3 9 44 Bank overdrafts 32 21 7 Total interest-bearing liabilities 5,552 5,682 5,779 EUR million Q1-Q3/25 Q1-Q3/24 2024 Carrying value at 1 January 5,779 5,780 5,780 Additions in long-term debt, companies acquired 69 0 0 Proceeds of new long-term debt 487 15 19 Repayment of long-term debt -661 -168 -176 Additions in lease liabilities 28 44 82 Repayment of lease liabilities and interest -78 -67 -85 Change in short-term borrowings 28 69 69 Change in interest payable 17 20 23 Change in derivative financial liabilities -38 3 42 Disposals and classification as held for sale 0 0 -2 Other -7 20 15 Translation differences -73 -34 11 Total interest-bearing liabilities 5,552 5,682 5,779 Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  22 ===== SIDA 23 ===== Commitments and contingencies EUR million 30 Sep 2025 31 Dec 2024 30 Sep 2024 On Own Behalf Guarantees 10 17 18 Other commitments 6 6 6 On Behalf of associated companies Guarantees 4 4 4 On Behalf of Others Guarantees 5 16 16 Other commitments 0 0 0 Total 25 43 43 Guarantees 19 37 38 Other commitments 6 6 6 Total 25 43 43 Stora Enso has been granted investment subsidies and has given certain investment commitments in China. There is a risk that the majority owned local Chinese company may be subject to a claim based on alleged costs resulting from certain uncompleted investment commitments. Given the specific mitigating circumstances surrounding the investment case as a whole, Stora Enso does not consider it to be probable that this situation would result in an outflow of economic benefits that would be material to the Group. Capital commitments EUR million 30 Sep 2025 31 Dec 2024 30 Sep 2024 Total 117 304 374 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 2025 31 Dec 2024 30 Sep 2025 31 Dec 2024 SEK 11.0565 11.4590 11.1022 11.4309 USD 1.1741 1.0389 1.1180 1.0821 GBP 0.8734 0.8292 0.8503 0.8466 Fair Values of Financial Instruments The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: • Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; • Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly; • Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based on observable market data. The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at fair value in the following tables are measured at fair value on a recurring basis. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  23 ===== SIDA 24 ===== Carrying amounts of financial assets and liabilities by measurement and fair value categories: 30 September 2025 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial assets Listed securities — — — — — — — — Unlisted securities — 855 16 871 871 — — 871 Non-current interest-bearing receivables 11 13 5 29 29 — 17 — Derivative assets — 13 5 17 17 — 17 — Loan receivables 11 — — 11 11 — — — Trade and other operating receivables 599 78 — 677 677 — 78 — Current interest-bearing receivables 6 67 8 81 81 — 75 — Derivative assets — 67 8 75 75 — 75 — Other short-term receivables 6 — — 6 6 — — — Cash and cash equivalents 2,228 — — 2,228 2,228 — — — Total 2,844 1,012 29 3,886 3,886 — 170 871 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial liabilities Non-current interest-bearing liabilities 3,639 — 8 3,647 3,886 — 8 — Derivative liabilities — — 8 8 8 — 8 — Non-current debt 3,639 — — 3,639 3,878 — — — Current portion of non-current debt 1,133 — — 1,133 1,133 — — — Current interest-bearing liabilities 736 3 — 739 739 — 3 — Derivative liabilities — 3 — 3 3 — 3 — Current debt 736 — — 736 736 — — — Trade and other operating payables 1,915 — — 1,915 1,915 — — — Bank overdrafts 32 — — 32 32 — — — Total 7,455 3 8 7,467 7,706 — 12 — In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion. Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December 2024 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial assets Listed securities — 11 — 11 11 11 — — Unlisted securities — 587 15 602 602 — — 602 Non-current interest-bearing receivables 9 5 — 14 14 — 5 — Derivative assets — 5 — 5 5 — 5 — Loan receivables 9 — — 9 9 — — — Trade and other operating receivables 626 42 — 668 668 — 42 — Current interest-bearing receivables 38 9 1 47 47 — 10 — Derivative assets — 9 1 10 10 — 10 — Other short-term receivables 38 — — 38 38 — — — Cash and cash equivalents 1,999 — — 1,999 1,999 — — — Total 2,672 654 16 3,342 3,342 11 57 602 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial liabilities Non-current interest-bearing liabilities 3,889 5 — 3,894 4,129 — 5 — Derivative liabilities — 5 — 5 5 — 5 — Non-current debt 3,889 — — 3,889 4,124 — — — Current portion of non-current debt 1,090 — — 1,090 1,090 — — — Current interest-bearing liabilities 744 42 2 788 788 — 44 — Derivative liabilities — 42 2 44 44 — 44 — Current debt 744 — — 744 744 — — — Trade and other operating payables 2,005 — — 2,005 2,005 — — — Bank overdrafts 7 — — 7 7 — — — Total 7,735 47 2 7,784 8,019 — 50 — Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  24 ===== SIDA 25 ===== Reconciliation of level 3 fair value measurement of financial assets and liabilities: 30 September 2025 EUR million Q1-Q3/25 2024 Q1-Q3/24 Financial assets Opening balance at 1 January 602 810 810 Reclassifications 0 0 Gains/losses recognised in income statement 0 0 0 Gains/losses recognised in other comprehensive income 260 -205 -147 Additions 10 0 0 Disposals -1 -3 -3 Closing balance 871 602 660 The Group did not have level 3 financial liabilities as at 30 September 2025. Level 3 Financial Assets At period end, Level 3 financial assets included EUR 829 million of Pohjolan Voima Oy (PVO) shares for which the valuation method is described in more detail in the Annual Report. The valuation is most sensitive to changes in electricity prices and discount rates. The discount rate of 6.69% 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 +94 million and -94 million, respectively. A +/- percentage point change in the discount rate would change the valuation by EUR -155 million and +204 million, respectively. Stora Enso shares During the third quarter of 2025, the conversions of 6,075 A shares into R shares were recorded in the Finnish trade register. On 30 September 2025, Stora Enso had 175,546,132 A shares and 613,073,855 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 of votes at least 236,853,517. On 15 October, the conversion of 95 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 186,155 41,999,171 92,196 10,860,262 August 171,274 37,914,121 54,168 9,366,215 September 111,799 34,047,695 59,293 7,634,708 Total 469,228 113,960,987 205,657 27,861,185 Closing price Helsinki, EUR Stockholm, SEK A share R share A share R share July 9.22 9.03 105.50 101.10 August 10.60 9.98 113.00 110.50 September 9.52 9.34 106.50 103.10 Number of shares Million Q3/25 Q3/24 Q2/25 2024 At period end 788.6 788.6 788.6 788.6 Average 788.6 788.6 788.6 788.6 Average, diluted 789.7 789.6 789.7 789.7 Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  25 ===== SIDA 26 ===== Maintenance Total planned maintenance impact Expected and historical impact of lost value of sales and planned maintenance costs EUR million Q4/25¹ Q3/25² Q2/25 Q1/25 Q4/24 Q3/24 Total maintenance impact 106 110 95 75 118 139 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 Q3/2025 was EUR 101 million. Planned maintenance shutdowns Packaging Materials Biomaterials 2025 2024 2025 2024 Q1 — — Q1 — — Q2 Beihai, Langerbrugge Beihai, Langerbrugge Q2 Skutskär Montes del Plata, Skutskär Q3 Heinola, Oulu, Varkaus Heinola, Oulu, Varkaus Q3 Enocell Enocell, Veracel Q4 Anjalankoski, Fors, Imatra, Ostrołęka, Skoghall Anjalankoski, Fors, Imatra, Ostrołęka, Skoghall Q4 Montes del Plata — Production and external deliveries Q3/25 Q3/24 Change % Q3/25– Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Consumer board deliveries, 1,000 tonnes 725 711 2.1 % 737 2,149 2,102 2,778 Consumer board production, 1,000 tonnes 775 771 0.6 % 720 2,240 2,200 2,793 Containerboard deliveries, 1,000 tonnes 309 307 0.4 % 344 983 956 1,242 Containerboard production, 1,000 tonnes 369 373 -1.0 % 429 1,205 1,152 1,530 Corrugated packaging European deliveries, million m2 310 313 -1.1 % 323 920 917 1,205 Corrugated packaging European production, million m2 284 300 -5.4 % 302 880 888 1,157 Market pulp deliveries, 1,000 tonnes 476 494 -3.7 % 501 1,512 1,441 2,029 Wood products deliveries, 1,000 m3 1,038 912 13.9 % 1,197 3,288 2,869 3,892 Wood deliveries, 1,000 m3 2,922 3,108 -6.0 % 3,298 9,866 9,892 13,451 Paper deliveries, 1,000 tonnes 151 170 -11.0 % 133 421 471 611 Paper production, 1,000 tonnes 144 161 -10.3 % 140 424 457 592 The comparative Q3/24 deliveries for Board and Paper have been restated. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  26 ===== SIDA 27 ===== Sales by segment – total EUR million Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24 Packaging Materials 1,128 1,159 1,159 4,502 1,095 1,169 1,138 1,100 Packaging Solutions 263 272 239 987 247 262 254 224 Biomaterials 339 378 392 1,587 419 380 413 374 Wood Products 440 494 418 1,522 400 359 414 349 Forest 750 833 836 2,827 784 695 690 659 Other 48 47 49 176 47 37 36 57 Inter-segment sales -686 -756 -731 -2,552 -670 -640 -644 -599 Total 2,283 2,426 2,362 9,049 2,322 2,261 2,301 2,164 Sales by segment – external EUR million Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24 Packaging Materials 1,086 1,099 1,078 4,207 1,019 1,094 1,062 1,033 Packaging Solutions 260 270 237 977 244 259 252 221 Biomaterials 265 285 322 1,303 365 315 326 298 Wood Products 388 441 373 1,357 349 320 373 315 Forest 277 327 337 1,157 330 267 282 278 Other 8 5 15 49 15 7 7 20 Total 2,283 2,426 2,362 9,049 2,322 2,261 2,301 2,164 Operating result (IFRS) by segment EUR million Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24 Packaging Materials 23 17 60 -169 -303 62 24 47 Packaging Solutions -5 -2 5 -394 -379 -8 -4 -4 Biomaterials 25 23 41 256 86 46 66 58 Wood Products -8 11 1 -73 -68 -3 7 -10 Forest 210 55 76 646 466 69 49 63 Other -12 -35 -15 -162 -90 -31 -38 -4 Inter-segment eliminations -1 -6 3 -11 9 3 -13 -10 Operating result (IFRS) 231 64 171 93 -279 139 92 141 Net financial items -29 -44 -39 -211 -74 -41 -49 -47 Result before tax 202 20 132 -118 -353 98 43 94 Income tax expense -1 -5 -25 -65 -26 -14 -8 -17 Net result 201 15 107 -183 -379 84 35 77 The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  27 ===== SIDA 28 ===== Alternative performance measures According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance measure is understood as a financial measure of historical or future financial performance, financial position, or cash flows, not defined under IFRS. Used together with the IFRS measures, alternative performance measures provide meaningful supplemental information to the management, investors, analysts and other parties with regards to the financial development of the business operations. Definitions and purpose for alternative performance measures can be found in the Annual Report. ' Reconciliation of operating result EUR million Q3/25 Q3/24 Change % Q3/25– Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Adjusted EBITDA 291 328 -11.4 % 279 889 938 1,223 Depreciation and silviculture costs of associated companies -3 -4 14.3 % -6 -10 -10 -13 Silviculture costs1 -44 -24 -84.0 % -25 -94 -75 -111 Depreciation and impairment excl. IAC -117 -125 5.9 % -123 -358 -376 -501 Adjusted EBIT 126 175 -28.2 % 126 427 478 598 Fair valuations and non-operational items -11 0 n/m -27 -32 -4 364 Items affecting comparability (IAC) 117 -36 n/m -35 71 -102 -870 Operating result (IFRS) 231 139 65.8 % 64 466 372 93 1 Including damages to forests Adjusted EBIT by segment EUR million Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24 Packaging Materials 36 29 62 172 -6 73 53 52 Packaging Solutions 2 3 5 -15 -6 -6 -1 -1 Biomaterials 24 21 36 231 67 43 63 57 Wood Products -6 11 1 -16 -12 -2 7 -9 Forest 76 88 82 309 81 81 76 70 Other -4 -20 -14 -72 -13 -16 -32 -11 Inter-segment eliminations -1 -6 3 -11 9 3 -13 -10 Adjusted EBIT 126 126 175 598 121 175 153 149 Fair valuations and non- operational items -11 -27 7 364 368 0 -16 11 Items affecting comparability 117 -35 -11 -870 -768 -36 -46 -20 Operating result (IFRS) 231 64 171 93 -279 139 92 141 Net financial items -29 -44 -39 -211 -74 -41 -49 -47 Result before Tax 202 20 132 -118 -353 98 43 94 Income tax expense -1 -5 -25 -65 -26 -14 -8 -17 Net result 201 15 107 -183 -379 84 35 77 The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  28 ===== SIDA 29 ===== Items affecting comparability (IAC), fair valuations and non-operational items (FV) Items affecting comparability EUR million Q3/25 Q1-Q3/25 Q3/24 Q1-Q3/24 Acquisitions 1 -4 0 0 Disposals - Swedish forest assets 141 140 0 0 Disposals - Other -8 -10 -9 -24 Restructuring - Packaging Materials -10 -22 -9 -30 Restructuring - Packaging Solutions -5 -10 0 -5 Restructuring - Biomaterials -1 -1 0 -2 Restructuring - Wood Products -2 -2 0 0 Restructuring - Forest 0 0 0 0 Restructuring - Group functions and segment Other 9 -1 2 -3 Profit improvement programme - consulting costs -6 -18 -14 -32 Environmental provisions -2 0 -5 -5 Total 117 71 -36 -102 Items affecting comparability by segment EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Packaging Materials -10 -10 -11 -22 -42 -343 Packaging Solutions -6 -1 -5 -11 -6 -379 Biomaterials -1 -2 0 -1 -4 -7 Wood Products -2 0 0 -2 0 -57 Forest 141 -3 -2 139 -3 -5 Other -5 -20 -18 -31 -46 -79 IAC on operating result 117 -36 -35 71 -102 -870 Tax on IAC 4 5 6 12 17 77 IAC on net result 121 -31 -29 83 -84 -792 Packaging Materials The IAC for Q3/25 included EUR -10 million of restructuring costs, mainly related to operations in Finland and Sweden. The IAC for Q3/24 included EUR -10 million restructuring costs related to various units, mainly due to profit improvement programme actions. Packaging Solutions The IAC for Q3/25 included EUR -6 million of restructuring costs and asset impairments. The IAC for Q3/24 included EUR -1 million restructuring costs. Biomaterials The IAC for Q3/25 included EUR -1 million of restructuring costs. IAC for Q3/24 included EUR -2 million environmental provision increase. Wood Products The IAC for Q3/25 included EUR -2 million of restructuring costs. Forest The IAC for Q3/25 included EUR 141 million related to the disposal of Swedish forest assets. The IAC for Q3/24 included EUR -3 million related to environmental provision costs. Segment Other The IAC for Q3/25 included EUR -6 million of consulting costs related to profit improvement programme, EUR -5 million related to acquisitions and disposals, EUR -2 million related to environmental provisions, and EUR 9 million of restructuring related items, mainly asset disposal gains in Sweden. The IAC for Q3/24 included EUR -14 of consulting costs related to profit improvement programme, EUR 2 million of restructuring costs and EUR -7 million related to disposals. Fair valuations and non-operational items EUR million Q3/25 Q1-Q3/25 Q3/24 Q1-Q3/24 Non-operational fair valuation changes of biological assets, Packaging Materials -3 -5 -1 -3 Non-operational fair valuation changes of biological assets, Biomaterials 2 9 5 10 Non-operational fair valuation changes of biological assets, Forest 0 -15 0 -11 Non-cash income and expenses related to CO2 emission rights and liabilities, Other -3 7 5 34 Non-operational items of associated companies, Forest -7 -28 -9 -33 Adjustments for differences between fair value and acquisition cost of forest assets upon disposal, Forest 0 -1 -1 -2 Total -11 -32 0 -4 Fair valuations and non-operational items by segment EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Packaging Materials -3 -1 -1 -5 -3 2 Packaging Solutions 0 0 0 0 0 0 Biomaterials 2 5 2 9 10 32 Wood Products 0 0 0 0 0 0 Forest -7 -9 -31 -44 -45 342 Other -3 5 3 7 33 -12 FV on operating result -11 0 -27 -32 -4 364 Tax on FV 4 1 6 11 3 -72 FV on net result -7 1 -21 -21 -1 293 Fair valuations in Q3/25 Packaging Materials: Non-operational fair valuation changes of biological assets of EUR -3 (-1) million. Biomaterials: Non-operational fair valuation changes of biological assets of EUR 2 (5) million. Forest: Non-operational items of associated companies of EUR -7 (-9) million. Segment Other: Non-cash income and expenses related to CO2 emission rights and liabilities of EUR -3 (5) million. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  29 ===== SIDA 30 ===== Calculation of adjusted return on capital employed (ROCE) and return on equity (ROE) based on the last 12 months EUR million Q3/25 Q3/24 Q2/25 Q4/24 Adjusted EBIT, LTM 548 528 597 598 Capital employed, LTM average 13,948 14,146 14,032 14,060 Adjusted ROCE, LTM 3.9% 3.7% 4.3% 4.3% Adjusted EBIT excl. Forest division, LTM 220 225 265 290 Capital employed excl. Forest division, LTM average 7,901 8,220 7,928 8,071 Adjusted ROCE excl. Forest division, LTM 2.8% 2.7% 3.3% 3.6% Net result for the period, LTM -56 -130 -172 -183 Total equity, LTM average 10,274 10,780 10,302 10,576 Return on equity (ROE), LTM -0.5% -1.2% -1.7% -1.7% Net debt 3,215 3,528 3,988 3,707 Adjusted EBITDA, LTM 1,175 1,150 1,212 1,223 Net debt to LTM adjusted EBITDA ratio 2.7 3.1 3.3 3.0 LTM = Last 12 months. Calculation of earnings per share excl. fair valuations EUR million Q3/25 Q3/24 Q2/25 Q1-Q3/25 Q1-Q3/24 2024 Earnings per share (EPS) excl. FV EUR Net profit for the period attributable to owners of the Parent 198 88 24 335 204 -136 FV on net profit for the period attributable to owners of the Parent -4 7 -17 -12 10 307 Net profit for the period attributable to owners of the parent excl. FV 202 81 41 347 195 -442 Average number of shares 789 789 789 789 789 789 Earnings per share (EPS) excl. FV EUR 0.26 0.10 0.05 0.44 0.25 -0.56 Calculation of net debt EUR million 30 Sep 2025 30 Sep 2024 30 Jun 2025 31 Dec 2024 Listed securities 0 9 9 11 Non-current interest-bearing receivables 29 24 20 14 Interest-bearing receivables 81 121 100 47 Cash and cash equivalents 2,228 1,999 1,570 1,999 Interest-bearing assets 2,337 2,154 1,699 2,072 Non-current interest-bearing liabilities 3,647 4,090 3,580 3,894 Current portion of non-current debt 1,133 839 1,339 1,090 Interest-bearing liabilities 739 732 747 788 Bank overdrafts 32 21 22 7 Interest-bearing Liabilities 5,552 5,682 5,687 5,779 Net debt 3,215 3,528 3,988 3,707 Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  30 ===== SIDA 31 ===== Calculation of adjusted return on operating capital (ROOC) and adjusted return on capital employed (ROCE) based on the last 12 months by segment EUR million Q3/25 Q3/24 Q2/25 2024 Packaging Materials Adjusted EBIT, LTM 121 135 158 172 Operating capital, LTM 3,602 3,524 3,591 3,490 Adjusted ROOC, LTM 3.3% 3.8% 4.4% 4.9% Packaging Solutions Adjusted EBIT, LTM 4 -3 -5 -15 Operating capital, LTM 683 1,023 765 934 Adjusted ROOC, LTM 0.5% -0.3% -0.6% -1.6% Biomaterials Adjusted EBIT, LTM 149 199 168 231 Operating capital, LTM 2,426 2,493 2,452 2,480 Adjusted ROOC, LTM 6.1% 8.0% 6.9% 9.3% Wood Products Adjusted EBIT, LTM -6 -31 -2 -16 Operating capital, LTM 619 630 608 609 Adjusted ROOC, LTM -1.0% -5.0% -0.4% -2.7% Forest Adjusted EBIT, LTM 327 303 332 309 Capital employed, LTM 6,047 5,925 6,104 5,989 Adjusted ROCE, LTM 5.4% 5.1% 5.4% 5.2% LTM = Last 12 months. Financials Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  31 ===== SIDA 32 ===== Contact information Stora Enso Oyj P.O. Box 309 FI-00101 Helsinki, Finland Visiting address: Katajanokanlaituri 4 Tel: +358 2046 131 Stora Enso AB P.O. Box 70395 SE-107 24 Stockholm, Sweden Visiting address: World Trade Center Klarabergsviadukten 70, C4 Tel. +46 1046 46 000 storaenso.com storaenso.com/investors For further information, please contact: Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061 Carl Norell, SVP Corporate Communications, tel. +46 722 410 349 Stora Enso's full year 2025 results will be published on 4 February 2026 Stora Enso will organise a Capital Markets Day in London on 25 November 2025 The forest is at the heart of Stora Enso and we believe that everything made from fossil-based materials today can be made from a tree tomorrow. We are the leading provider of renewable products in packaging, biomaterials, and wooden construction, and one of the largest private forest owners in the world. We create better choices for society by accelerating the transition to a circular bioeconomy. We aim to contribute positively to nature, and have the most effective use of fiber-based renewable material. Stora Enso has approximately 19,000 employees and our sales in 2024 were EUR 9 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein which are not historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties, which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. All statements are based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes no obligation to publicly update or revise any forward-looking statement except to the extent legally required. Contacts Stora E n s o J a n u a r y – S e p t e m b e r r e s u l t s 2 0 2 5  32