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

Stora Enso 
Annual Report 2023

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

Contents
About this report
Stora Enso acknowledges the concept 
of double materiality in its sustainability 
approach and reporting. The Group’s 
impacts on the environment and people 
are reported in both the strategy and 
sustainability reporting section of the 
report. The most significant financial 
opportunities and risks related to 
sustainability topics are highlighted in 
the section Our strategy. 
This Annual Report is not an XHTML 
document compliant with the ESEF 
(European Single Electronic Format) 
regulation.
 Audited
The Sustainability reporting, including EU 
Taxonomy and Stora Enso as a taxpayer, 
has been assured by an independent third-
party assurance provider with a level of 
Limited Assurance. A level of Reasonable 
Assurance has been provided for direct 
and indirect fossil CO 2e emissions.
Our year 2023
Stora Enso in brief 4
CEO message  5
Key targets 7
Key highlights 8
Shareholders
Information for shareholders  26
Stora Enso in capital markets 27
Sustainability 
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry  
and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80
Governance 
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and  
risk management related to  
financial reporting  92
Members of the Board  
of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97
Remuneration 
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on  
remuneration 2023 103
Financials
Report of the Board of Directors 109
Consolidated financial  
statements  135
Notes to the consolidated  
financial statements   140
Parent company Stora Enso Oyj  
financial statements   193
Notes to the parent company  
financial statements   195
Signatures for  
the financial statements 205
Auditor’s report 206
Appendix: Capacities  
by production site 210
This is Stora Enso
Business model 10
Investment case 11
Our divisions 12
Stora Enso’s products  
in everyday life 13
Stora Enso worldwide 14
Value from our forest 15 
Our strategy
Key drivers and key risks 18
Strategic focus areas 19
Strategic progress 20 
Our people
People and culture 22
Diversity, equity, and inclusion 23
Community engagement  24
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
2

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Stora Enso in brief 4
CEO message  5
Key targets 7
Key highlights 8
Our year 2023
This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Our year 2023

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

Stora Enso in brief
Part of the global bioeconomy, Stora Enso 
is a business-to-business company and 
a leading provider of renewable products 
in packaging, biomaterials, and wooden 
construction, and one of the largest private 
forest owners in the world. Sustainability is 
integral in Stora Enso’s business strategy, 
it is at the core of what we do.
Stora Enso contributes to the transition towards a circular 
bioeconomy in three areas where it has the biggest impact 
and opportunities: climate change, biodiversity, and 
circularity. We create value by our low-carbon and recyclable 
fiber-based products, through which we support our 
customers in meeting the demand for renewable eco-friendly 
products. Our shares are listed at Helsinki (STEAV, STERV) 
and Stockholm (STE A, STE R) stock exchanges. In addition, 
the shares are traded in the USA as ADRs at OTC Markets 
(OTCQX) and ordinary shares (SEOAY , SEOFF , SEOJF).
Our purpose
Do good for people and the planet 
Replace non-renewable materials 
with renewable products
Our values
Lead
Do What’s RightDivisions
Forest
Renewability
Our raw material is 
renewable, recyclable 
and fossil-free
Circularity
Our renewable 
products contribute to 
a circular bioeconomy
Less CO2
Our products replace 
fossil-based materials
Personnel
20,000
We are the renewable 
materials company
1288 
World’s first 
stock listing: 
The mining 
company Stora 
Kopparbergs 
Bergslag in 
Sweden.
1872 
Hans Gutzeit 
established 
a sawmill in 
Kotka, Finland.
1998 
Stora Enso was 
formed through 
the merger of 
the Finnish 
Enso Oyj and 
the Swedish 
STORA.
2014 
Start-up of 
the Montes del 
Plata pulp mill 
in Uruguay.
2019 
Stora Enso 
issues its first 
green bonds.
1862 
This business 
progressed to 
become Stora 
Kopparbergs 
Bergslag 
encompassing 
mining, iron, 
and wood 
activities.
2005 
Start-up of 
the Veracel pulp 
mill in Brazil.
2018 
Acquisition of 
forest assets 
in Sweden.
2016 
Start-up of 
the Beihai mill 
in China.
The converted 
paper machine 
at the Varkaus 
mill in Finland 
started 
production of 
containerboard.
2021 
The converted 
paper machine 
at the Oulu 
mill in Finland 
started 
production 
of packaging 
board.
2023 
Acquisition of 
De Jong  
Packaging 
Group in 
the Nether lands.
Paper business 
discontinued.
Packaging Materials Packaging Solutions
0
3
6
9
12
15
18
0
2,000
4,000
6,000
8,000
10,000
12,000
2021 2022 2023
2021 2022 2023 XX
Sales, EUR million 10,164 11,680 9396
Operational EBIT, % 15.0 16.2 3.6
Sales and operational EBIT margin 
EUR million
Sales, EUR million
Operational EBIT, %
%
1
Wood Products Biomaterials
2022
Exiting Russian 
operations.
Heritage
This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
4Stora Enso 2023: Our year 2023
Our year 2023

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

Q&A with Hans Sohlström,  
President and CEO
We spoke with Hans Sohlström to gain his perspective on his journey thus far 
with Stora Enso. We also discussed the key priorities for 2024, both to navigate 
the challenging market environment and to set the strategic path for the business.
Leading a purpose-driven company: 
Hans Sohlström on his appointment 
as Stora Enso’s President and CEO:
I am honoured to lead a company with such a strong 
purpose and heritage. Stora Enso has a solid foundation, 
leading global positions with many growth opportunities 
in providing renewable and circular solutions made 
from wood. I have had the opportunity to meet with 
dedicated employees across the Group and visit 
various sites and locations. I am deeply impressed by 
the competence, knowledge, and dedication that exists 
within the organisation along with the Company’s strong 
customer relationships.
Q: It has been a challenging year for Stora Enso 
and the whole sector, how would you sum it up?
A: 2023 was a challenging year for the whole industry, 
with lower demand and volumes in general. During the year, 
we experienced a decline with a speed and magnitude 
not seen for a couple of decades, with deteriorating 
market conditions and price pressure for all segments. 
For Stora Enso, we have faced unprecedented market 
conditions and need to focus our efforts on what we can 
control to improve our competitiveness and prepare for 
an unpredictable future.
The geopolitical disruption has worsened. Global 
trade and supply chains have been challenged, and 
a new definition of “global” has emerged when sourcing 
and moving goods. Moreover, we are facing increasing 
sustainability demands which we are well positioned to 
meet. Navigating in this constantly changing macro and 
business environment requires business resilience as 
a key component. Despite these challenges, we remain 
determined to create value for our shareholders.
Q: How has the Company responded to  
the market and company-related challenges?
A: To respond to these challenges, we focus on what 
we can control. A restructuring programme was initiated 
in June 2023 to strengthen the Group’s long-term 
competitiveness, improve profitability and focus capital 
allocation on strategic growth markets.
We closed several production units with low long-term 
competitiveness. We also took the next step in further 
empowering our divisions by decentralising operations 
and creating lean Group functions, to increase agility, 
accountability, and customer focus. These were difficult but 
necessary decisions. The restructuring actions will improve 
our operational EBIT by approximately EUR 110 million 
annually and affected approximately 1,150 employees who 
unfortunately had to leave their positions.
We have faced unprecedented 
market conditions and  
need to focus our efforts 
on what we can control to 
improve our competitiveness.
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5Stora Enso 2023: Our year 2023
Our year 2023

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

We also achieved a significant working capital 
reduction of EUR 650 million from the peak in the beginning 
of 2023. This helps generate cash flow, which is a key 
success factor.
Last year’s restructuring programme initiated in 
June 2023 identified synergy opportunities. In February 
of this year, 2024, we initiated a profit improvement 
programme resulting from those findings which would 
improve the Group’s operational EBIT by EUR 80 million 
annually, with the majority of these savings realised during 
2025. This profit improvement initiative includes a potential 
reduction of approximately 1,000 employees without 
any new production site closures. Although difficult, this 
plan is necessary to ensure our long-term success and 
competitiveness. We are facing persistent weakness in 
the macroeconomic and geopolitical environment, and 
need to focus on core business activities which align with 
our strategy. This profit improvement programme will enable 
a strengthened focus on competitiveness and cash flow 
making us more resilient to market uncertainties.
Q: What progress was made towards 
the Company’s long-term strategic 
objectives in 2023?
A: Our strategy yielded significant progress in 2023. 
We began the year by discontinuing our Paper division, 
which had been in a market-related structural decline for 
many years. Instead, we focused on growing in our key 
areas, most notably renewable packaging, our largest 
growth area. In January, we completed the acquisition of 
De Jong Packaging Group, a leading corrugated packaging 
producer in the Netherlands, which reinforced our position in 
West Europe. Furthermore, we continued converting a paper 
line into growing consumer board segments at our Oulu 
production site in Finland, with production set to commence 
in early 2025. These strategic investments will strengthen 
our positions in the attractive segments of renewable, 
circular, and recyclable packaging materials and solutions.
Q: What have your focus and priority areas 
been and what are some of your other 
most pressing priorities?
A: First of all, the health and safety of our employees, 
contractors, and local environment will always be our top 
priority, and I’m pleased to see our safety performance 
improving in 2023. Diversity, equity, and inclusion are critical 
ingredients for creating a good workplace where everyone 
feels safe, included, and equally treated, with a strong sense 
of belonging to their teams and to Stora Enso.
Since I took over the lead, we have identified four priorities 
for reshaping the Company to make it more competitive:
Our first priority is to create value by improving our 
profitability through procurement and operational efficiency, 
streamlining our organisation, and revising our commercial 
strategies. These efforts are aimed at achieving commercial 
excellence and cost-savings while better meeting our 
customers’ evolving needs.
To enhance commercial and operational excellence, 
we implemented a leaner organisation, with profit and loss 
responsibility assigned to divisions and business units. 
This will improve decision-making and faster implementation 
of actions, as well as result orientation and customer focus.
Our second priority is to release capital, by reducing 
working capital, and through divestments of non-core 
activities and businesses. We will focus on optimising our 
working capital and cash flow management. The divestment 
process of our consumer board production site in Beihai, 
China, as well as the forestry operations in the surrounding 
region, is ongoing and according to our plan.
Our third priority is to improve our competitiveness 
through a revised asset strategy. We will achieve this 
through focused, timely, and relevant capital allocation in 
our core businesses and assets, upgrading or expanding our 
production sites if needed.
And the fourth priority is to cultivate strong leadership, 
which is critical to fostering a culture of collaboration, 
accountability, and agility that supports these goals. We 
believe that attracting and retaining top talent and building 
a culture of excellence, innovation, and engagement is 
essential to our success.
These priorities will remain central to our efforts as 
we work towards realising our vision of success.
Q: Your long-term ambition is to offer 
100% regenerative products and solutions 
by 2050. Can you please elaborate on what 
this means for Stora Enso?
A: By regenerative we mean providing renewable and fully 
circular products and solutions that help reduce climate 
impact by removing more carbon than they emit and that 
support biodiversity restoration. This long-term ambition 
is guided by intermediate targets for 2030 in our three key 
sustainability areas: climate, circularity, and biodiversity.
During the year, we reinforced our climate commitment by 
joining The Climate Pledge initiative, with a commitment to 
achieve net zero carbon emissions by 2040, across all three 
Scope categories. We will continue our decarbonisation 
journey to improve energy efficiency, increasing the share of 
renewable energy sources, and working together with our 
suppliers and customers to reduce emissions throughout 
our value chain. Our focus on the three key sustainability 
areas is supported by our commitment to the UN Global 
Compact’s Ten Principles and the UN’s Guiding Principles 
on Business and Human Rights.
Q: What are your expectations  
and focus for 2024 onward?
A: We still expect the market conditions to remain 
challenging and uncertain in 2024, with continued pressure 
on demand, prices, and margins. However, we also see 
some signs of improvement, such as improving pulp 
market and normalisation of customer inventory levels 
across our main business segments. We will continue to 
focus on our profit and cash generation, commercial and 
operational excellence, enhancing our competitiveness 
and increasing shareholder value.
We see strong sustainability trends such as substitution, 
replacement, and eco-awareness driving demand for new 
solutions made from renewable and recyclable materials 
which replace fossil-based materials in the long term. 
Our growth strategy remains unchanged; however, we need 
to be proactive and adapt to be successful in a changing 
environment. We will continue to pursue growth opportunities 
in our strategic focus areas: renewable packaging, 
sustainable building solutions, and biomaterials innovation, 
leading Stora Enso towards a more sustainable future.
I would like to express my gratitude to our shareholders, 
employees, customers, and partners for their trust and 
support during this turbulent year. Together, we will 
overcome the current challenges and build a stronger, more 
competitive Stora Enso that generates greater shareholder 
value while also benefiting society and the environment.
Hans Sohlström
President and CEO
We will continue to pursue 
growth opportunities in our  
strategic focus areas: renewable 
packaging, sustainable building 
solutions, and biomaterials 
innovation.
This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
6Stora Enso 2023: Our year 2023
Our year 2023

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

0
5
10
15
20
25
2021 2022 2023
Legend 2021 2022 2023
Leave this row blank
Operational ROCE excl. Forest, % 17.7 20.4 1
Target >13% 13.0 13.0 13.0
Operational ROCE excl. Forest* 
%
Operational ROCE excl. Forest, %
Target >13%
*Last 12 months
2
0.0
1.0
2.0
3.0
4.0
2021 2022 2023
Legend 2021 2022 2023
Leave this row blank
Net debt to operational EBITDA 1.1 0.7 3.2
Target <2.0 2.0 2.0 2.0
Net debt to operational EBITDA
Net debt to operational EBITDA
Target <2.0
3
Key targets
Key targets
2023 2022 2021 Target
Performance 
against target
Financials
Sales growth (Excl. Paper division, discountinued from 2023) -20% 17% 29% >5% per annum
Operational ROCE1 excl. Forest 1,0% 20.4% 17.7% >13%
Net debt to operational EBITDA1 3.2 0.7 1.1 <2.0
Net debt to equity 29% 15% 22% 60%
Dividend per share (EUR) 0.12 0.6 0.3 See below3
Non-financials
Reduction of absolute CO2e emissions4 (Scope 1 and 2) -41% -27% -13% -50% by 2030
Reduction of absolute CO2e emissions4 (Scope 3) -34% -24% 3% -50% by 2030
Forest certification coverage 99% 99% 99% 96%
Circularity 94% 94% 94%
100% recyclable 
products by 2030
1 Last 12 months
2 Dividend proposal of 0.10 EUR/share to be paid in April 2024 – Proposal that the Board is authorised, at its discretion,  
to pay an additional 0.20 EUR/share until 31 December 2024.
3 To distribute 50% of EPS excluding fair valuation over the cycle.
4 Compared to the 2019 baseline. Historical figures are restated due to structural changes or additional data after the previous annual report.
 Achieved 
 On track
 Not achieved
Proposed dividend
EUR 0.10   
per share*
Earnings per share (basic)
EUR -0.45
Climate change: 
Our Scope 1 & 2 CO2e emissions were
41% 
lower than in 2019
Biodiversity: 
99% 
of the land we own or manage was covered 
by forest certification schemes
Circularity: 
94% 
of our products were recyclable
*The Board of Directors proposes to the AGM that a dividend of 
EUR 0.10 per share is to be distributed for 2023. In addition, the Board 
of Directors proposes that the AGM would authorise the Board of 
Directors to decide at its discretion on the payment of an additional 
dividend up to a maximum of EUR 0.20 per share.
This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
7Stora Enso 2023: Our year 2023
Our year 2023

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

Stora Enso advanced its strategic agenda in 2023 by taking major steps in its core growth segments: 
renewable packaging, sustainable building products, and biomaterials innovations.
Key highlights of 2023
EUR 1 billion investment 
to accelerate growth in 
renewable packaging
The investment of approximately 
EUR 1 billion at the Oulu site in 
Finland to convert the remaining idle 
paper machine into a high-volume 
consumer board production line 
is moving ahead according to 
schedule. Production is expected to 
start during 2025. This site will be one 
of the most modern and cost-efficient 
production sites of packaging 
materials in Europe.
Divestment process of Beihai in China
Stora Enso is in the process of a potential divestment 
of the consumer board site in Beihai, China. 
The divestment will also encompass the forestry 
operations in the adjacent region. The process is 
progressing as planned, and we are working closely 
with our joint venture partners to manage the interest 
from potential buyers. The released capital will support 
the Group’s already decided investments in Europe, 
improving our long-term profitable growth opportunities. 
The Group will continue to serve the Chinese market 
from its other sites around the world.
Appointment of new President and CEO
Hans Sohlström was appointed the new President 
and CEO of Stora Enso on 18 September 2023. Mr 
Sohlström has more than 30 years of experience in 
business leadership, including over 10 years as CEO 
predominantly in the forest and renewable materials 
industries. Most recently, he led Ahlstrom Corporation, 
Ahlström Capital and Rettig Group. Prior to that, for over 
20 years, he held several leadership positions at UPM-
Kymmene Corporation. Mr Sohlström was a member of 
the Board of Directors of Stora Enso since March 2021 
until he was appointed the President and CEO.
Restructuring to boost 
competitiveness and profitability
In June, Stora Enso announced restructuring actions 
that would improve operational EBIT by EUR 110 million 
annually while decreasing annual sales by EUR 380 million. 
The restructuring included closing down four production 
units in Finland, the Netherlands, Poland and Estonia, 
and reducing approximately 1,150 employees in total.
Discontinuing the Paper division
The Paper division was discontinued as of 1 January 
2023. The retained paper sites Langerbrugge and Anjala 
are reported as part of the Packaging Materials division. 
Aquisition of De Jong Packaging Group
In January, the acquisition of De Jong Packaging Group 
was completed. De Jong is based in the Netherlands and 
is one of the largest corrugated packaging producers in 
the Benelux countries. This acquisition builds the Group’s 
foothold in Western Europe.
New high-tech corrugated packaging 
production site at De Lier in the Netherlands
In June, Stora Enso opened a new sustainable 
corrugated packaging site in the Netherlands. The 
site, part of the acquired De Jong Packaging Group, 
has four corrugators and is the largest and most 
modern in Europe. It produces boxes and trays for 
various applications.
Commitment to net-zero carbon emissions
Stora Enso committed to achieving net-zero carbon 
emissions 2040 by signing The Climate Pledge. This 
commitment aligns with the broader ambition to be 
net carbon positive and provide 100% regenerative 
products by 2050. Stora Enso remains commited to 
its 2030 target to reduce absolute Scope 1, 2, and 3 
emissions by 50% from the 2019 baseline, in line with 
the 1.5-degree scenario and approved by the Science 
Based Targets initiative.
This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
8Stora Enso 2023: Our year 2023
Our year 2023

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

Business model 10
Investment case 11
Our divisions 12
Stora Enso’s products in everyday life 13
Stora Enso worldwide 14
Value from forest 15
This is Stora Enso
Our year 2023 Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
This is Stora Enso

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

How we optimise stakeholder value in a circular bioeconomy.
Our business model
Growth areas
Sustainability is the opportunity driving our growth strategy. 
We see the greatest potential for scalable innovation and 
commercialisation of new products in the following three areas:
Customers
Our innovation and investments in energy, raw 
material efficiency, and product development 
help customers reach their climate targets 
and meet consumer demands for low-
carbon products. Through partnerships with 
customers and other stakeholders we create 
sustainable and valuable products. This in 
turn strengthens our customer relationships 
and market share.
Operations
In our operations, we constantly 
improve resource efficiency and 
make use of material streams that 
would otherwise end up as waste. 
Operating in a circular economy, 
many of our products and materials 
can be reused and recycled to 
reduce environmental impact 
and maximise value. 
Together with our partners, we drive 
our innovation agenda towards replacing, 
substituting, or displacing fossil-based 
materials in applications where we can 
create most value long term.
Consumers
Stora Enso supports its customers 
in meeting the growing consumer 
demand for sustainable products 
and, when possible, replacing fossil-
based products with renewable 
ones. Consumers use our products 
on a daily basis, for example milk 
cartons, boxes for products bought 
online, and wooden housing. 
Our purpose
Do good for people and the planet 
Replace non-renewable materials 
with renewable products
Renewable packaging – driven by high demand 
for eco-friendly, circular packaging. We hold leading 
global market positions in consumer board segments 
with high barriers-to-entry.
Sustainable building solutions – driven by 
a growing wooden buildings market. We offer 
alternatives to fossil-based construction 
materials and are a leading global supplier in 
building solutions.
Biomaterials innovations – where 
our agenda is focused on lignin, wood 
foams and biochemicals, targeting 
strong growth in new applications 
with novel products to replace 
fossil-based materials.
Suppliers
With over 20,000 suppliers, 
we focus on ensuring 
the responsible sourcing 
of raw materials and 
maintaining and building 
long-term relationships with 
our key suppliers.
Forest
Our ability to create value has its foundation in 
the forest as wood represents the largest part 
of our raw materials. The forest is a valuable, 
growing asset which facilitates a steady, long-term 
fiber supply for our products, which are in turn 
a beneficial alternative to non-renewable materials. 
Sustainable forest management ensures that 
new generations of trees replace those that 
are harvested.
Our forests absorb carbon and wood-based products act as carbon storage.
Our year 2023 Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
10Stora Enso 2023: This is Stora Enso
This is Stora Enso

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

Investment case
A diversified business model  
underpinned by megatrends 
Stora Enso is one of the world’s largest private forest owners 
with a diversified product portfolio of renewable and circular 
solutions. We leverage our value chain, expertise and 
innovation to create competitive advantage. Our portfolio is 
balanced geographically and product-wise, offering a solid 
base and multiple growth opportunities. Global megatrends 
such as urbanisation, digitalisation, changing lifestyles, and 
eco-awareness all underpin our growth opportunities.
Sustainability is the opportunity  
driving our strategy 
We create renewable and circular solutions from 
sustainably managed forests. Sustainability is integral to 
our business strategy and practices. Our products help 
combat climate change, restore the environment, and 
generate revenue and profits for the Group. Our ambition 
is to offer 100% regenerative solutions by 2050, meaning 
products that are fully circular, remove more carbon than 
they emit, and support biodiversity restoration.
Creating value for our shareholders now and for the long term.
Forest assets create a solid foundation 
Forests are a scarce resource and a critical asset for 
the global renewable materials market, and a high 
proportion of its own wood supply gives Stora Enso 
tactical flexibility and synergies. It contributes to a strong 
balance sheet and long-term value growth. Owning land 
also provides an opportunity to increase revenue from 
wind power development, land swaps, and compensations 
for protection areas.
Growth with focused capital allocation
Through capital allocated to the key focus growth areas, 
Packaging Materials and Solutions, Building Solutions, 
and Biomaterials Innovations, Stora Enso’s competitive 
advantage can further be enhanced. The target is to grow 
sales 5% annually and deliver a ROCE of 13%. Stora Enso’s 
dividend policy is to distribute 50% of earnings to its 
shareholders over the cycle excluding fair valuation.
Cash flow 
generation
Focused and disciplined capital allocation drives shareholder value
Organic growth 
CAPEX at or below 
depreciation over 
the cycle.
M&A 
Selective M&A to support 
growth in both Packaging 
and Building Solutions.
Dividend
To distribute 50% of EPS excluding 
fair valuation over the cycle.
Allocating capital 
for sustainable 
profitable growth
Returning 
capital to 
shareholders
Our year 2023 Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
11Stora Enso 2023: This is Stora Enso
This is Stora Enso

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

Our divisions Products and applications Main customer groups Key figures Market position
Packaging Materials
The Packaging Materials division is a global leader and expert in 
circular packaging providing premium packaging materials based 
on virgin and recycled fiber. Stora Enso helps customers replace 
fossil-based materials with low-carbon, renewable and recyclable 
alternatives for their food, beverage, and transport packaging with 
a wide selection of base boards and barrier coatings.
 – Liquid packaging boards
 – Foodservice boards 
 – Fresh cartonboards
 – Containerboard
 – Book paper
 – Newsprint, magazine 
paper
Packaging converters, food 
producers, brand owners, 
retailers, and book and 
newspaper printers
Sales: 
EUR 4,557 million
Operational EBIT:
EUR -57 million
Operational ROOC*:
-1.6%
 #1 
globally in liquid 
packaging board
#2 
in Europe in fresh 
cartonboards
Packaging Solutions
The Packaging Solutions division is a packaging converter that 
provides premium fiber-based packaging products and services 
used by leading brands across multiple market areas, including 
retail, e-commerce, and industrial applications. The division also 
provides design and sustainability services for customers to 
optimise material use, logistics, and reduce CO2 emissions.
 – Boxes and trays for 
packaging
 – Packaging design and 
automation
 – Converting of carton and 
corrugated board
Leading brand owners in fresh 
produce, food and beverage, 
industrial applications, 
e-commerce, retail and 
transport industries
Sales: 
EUR 1,077 million
Operational EBIT:
EUR 43 million
Operational ROOC*:
4.9%
#3 
in Europe in 
kraftliners
Biomaterials
The Biomaterials division’s business opportunities are strongly 
driven by the need to replace fossil-based and other non-
renewable materials. Stora Enso uses all fractions of a tree to 
develop new biobased solutions for various end applications. 
The division’s long-term growth is driven by new products and 
innovations, while pulp continues to be the foundation. 
 – Pulp
 – Lignode
 – Biobased binders
 – Wood foams
 – Biobased chemicals
 – Formed fiber
 – Tall oil, turpentine
Packaging, paper, tissue, 
specialty paper, hygiene 
products, construction 
and furniture industries, 
chemical producers
Sales: 
EUR 1,587 million
Operational EBIT:
EUR 118 million
Operational ROOC*:
4.5%
#1 
producer of fluff 
in Europe
Wood Products
The Wood Products division is Europe’s largest sawn timber 
producer and a leading provider of sustainable wood-based 
solutions for the global construction industry. Additionally, it offers 
window and door components, and co-products such as pellets 
made from wood residuals.
 – Material for mass timber 
construction: CLT, LVL
 – Services and digital tools
 – Building concepts
 – Window and door 
components
 – Sawn and planed wood
Construction companies, 
wholesalers and retailers
Sales: 
EUR 1,580 million
Operational EBIT:
EUR -64 million
Operational ROOC*:
-9.3%
#1
 globally in cross-
laminated timber
#1 
in Europe in 
classic sawn 
wood
Forest
The Forest division is responsible for wood sourcing for 
Stora Enso’s Nordic and Baltic operations and B2B customers. It 
manages the Group’s forest assets in Sweden and a 41% share of 
Tornator, whose forests are mainly located in Finland. The division’s 
operations are based on sustainable forest management from 
planning and logistics to harvesting and forest regeneration. 
 – Wood procurement
 – Management of the 
Group’s own forests
 – Biodiversity management
 – Forest management 
and other services for 
forest owners
Stora Enso’s production 
sites, B2B customers, 
private forest owners
Sales: 
EUR 2,490 million
Operational EBIT:
EUR 253 million
Operational ROCE*:
4.4%
One of the 
largest private 
forest owners 
in the world
*Last 12 months
Share of external sales
Legend Value in %
Packaging Materials 46% 46%
Packaging Solutions 11% 11%
Biomaterials 15% 15%
Wood Products 15% 15%
Forest 11% 11%
Total 98% XX%
46%
11%15%
15%
11%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
4
Share of capital expenditure
Legend Value in %
Packaging Materials 60% 60%
Packaging Solutions 15% 15%
Biomaterials 15% 15%
Wood Products 5% 5%
Forest 3% 3%
Other 1% 1%
Total 98% XX%
1%
60%15%
5%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
15%
3%
6
Share of personnel
Legend Value in %
Packaging Materials 35% 35%
Packaging Solutions 21% 21%
Biomaterials 11% 11%
Wood Products 20% 20%
Forest 7% 7%
Other 7% 7%
Total 94% XX%
35%
21%11%
20%
7%
Packaging Materials
Packaging Solutions
Biomaterials
Wood Products
Forest
Other
7%
7
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12Stora Enso 2023: This is Stora Enso
This is Stora Enso

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

54
Fresh food trays
Easy-peeling packaging board used 
for e.g. cold cuts, fish, and cheese. 
Consists of 90% wood fibers, 
keeping plastic usage to a minimum.
Carton for liquid food
Recyclable packaging based 
on renewable materials used for 
packaging juices, milk, yogurt, 
soups, etc.
Paperboard tube with 
a fiber-based closure
Used for cosmetics and 
personal care applications. 
All components are 
designed for recycling.
Renewable box for 
flowers: Leak-tight, 
cost-effective  
flower packaging
Allows customers 
to move from plastic 
buckets to renewable 
cardboard boxes 
optimised for transport.
Corrugated board: For 
industrial, bulk and heavy-duty 
transport packaging 
A cost and weight-efficient 
packaging easy to assemble, 
handle, and recycle.
Non-bleached fluff pulp
Used for hygiene applications, such 
as baby care and feminine care 
products. 30% lower carbon footprint 
compared to traditional fluff pulp.
Lignode
Biobased battery material, developed to be used 
e.g. in EVs, handheld tools or large-scale energy 
storage systems. Replaces or can be combined 
with finite mined or synthetic graphite in batteries.
Wood foams
Recyclable and biodegradable 
cellulose-based packaging 
foam, replaces fossil-based 
foam in cushioning.
E-commerce packaging
Recyclable solutions for 
e-commerce packaging, ensuring 
protection and cushioning, and 
enabling easy returns.
Paper cups
Cupstock designed for hot 
and cold beverage cups 
with sealable barriers and 
high resistance.
Ready-meal trays and cups
Lightweight and 100% food 
safe with virgin fibers, used for 
frozen and chilled ready meals 
or take-away.
Wood-based solutions for buildings
Mass timber elements for offices, 
schools, and multi-storey buildings. 
Wooden buildings store carbon 
throughout their lifetime, with carbon 
emissions cut by up to 60%.
Building concepts
Linking architectural guidelines to 
building concepts for low-carbon 
and cost-efficient offices, schools, 
residential and industrial buildings.
Stora Enso’s 
products in 
everyday life
Prefabricated building kits 
The Sylva building kit includes 
everything needed to create 
a modern, sustainable wood 
structure.
Folded boxes for dry food
Food safe, renewable materials to 
replace plastic in dry foods such 
as cereals, pasta or chocolate.
Our year 2023 Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
13Stora Enso 2023: This is Stora Enso
This is Stora Enso

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

1
5
4
3
2
Stora Enso worldwide
Stora Enso operates worldwide and focuses on utilising renewable materials to 
create value in packaging, biomaterials, and wooden construction. Our customers 
are often global companies, such as packaging converters, brand owners and 
retailers, industrial component manufacturers and construction companies.
Europe
We are a leading European producer of 
packaging board, pulp, and wood-based 
products, with most of our sales and production 
in Europe. We operate production units in 12 
European countries and have five innovation 
and research centres across Northern and 
Central Europe.
We source most of our primary raw material, 
wood, from our own forests in Northern 
Europe which are strategically located near 
our production facilities, as well as from our 
forest associates and private forest owners. 
This provides us with tactical flexibility in wood 
sourcing. In Central Europe, the wood and 
recycled fiber for our production facilities is 
sourced through our own organisation.
South America
We obtain high-quality and cost-competitive 
eucalyptus pulp from tree plantations in South 
America. In Brazil, we have a 50% joint operation 
Veracel with Suzano. Our share of the eucalyptus 
pulp produced is partly used in our production 
sites and partly sold as market pulp. In Uruguay, 
we have a 50% joint operation Montes del Plata 
with Arauco. Our share of the production is sold 
entirely as market pulp, mainly in Europe and Asia.
Asia
We supply our customers in Asia with 
renewable packaging products through our 
global operations from production sites in Europe 
and South America. Our consumer board site in 
Guangxi, China, serves the Asian markets with 
virgin fiber-based board, and our operations also 
include eucalyptus plantations supplying our 
production facilities in the region. Design studios 
and sales offices further support the business in 
the region. 
Rest of the world
Stora Enso has sales offices and a design studio 
in North America as well as sales offices in Africa, 
the Middle East, and Australia supporting the sales 
of our products globally.
Production unit
Design Studio
Innovation Centre
Forests and plantations
Stora Enso’s productive 
forest land areas at 
the end of 2023
Swedish forests
1,139 thousand ha of forest land
Fair value1:
EUR 6,312 million
1
Montes del Plata, Uruguay 
Stora Enso’s share: 92 thousand ha 
of forest land
Fair value3:
EUR 504 million
4
Tornator
Stora Enso’s share: 285 thousand ha
of forest land in Finland, Estonia, 
and Romania
Fair value1:
EUR 1,417 million
2
Veracel, Brazil
Stora Enso’s share: 49 thousand ha 
of forest land
Fair value3:
EUR 158 million
5
Guangxi2, Southern China (leased)
61 thousand ha of forest land
Fair value3:
EUR 341 million
3
We combine global resources with 
a local presence, service offerings 
and sustainability expertise.
Stora Enso manages its own and 
leased forest land covering 
a total area of
2 million
hectares worldwide.
1 Includes biological assets and forest land
2 Ongoing divestment process
3 Includes biological assets, forest land, and leased land
Value in %
Other 13.6% 13.6%
South America 0.4% 0.4%
North America 3.2% 3.2%
Asia Pacific 13.1% 13.1%
Europe 69.7% 69.7%
Sales by destination
Europe 69.7%
Asia Pacific 13.1%
North America 3.2%
South America 0.4%
Other 13.6%
8
Austria 5%
Employees by country1
Value in %
Other countries 1% 1%
Brazil and Uruguay 4% 4%
Other Europe 17% 17%
Austria 5% 5%
Czech Republic 6% 6%
Poland 10% 10%
China 12% 12%
Sweden 19% 19%
Finland 27% 27%
Finland 27%
Czech Republic 6%
Brazil and Uruguay 4%
Other countries 1%
Sweden 19%
China 12%
Poland 10%
Other Europe 17%
1 Including 50% of the employees 
at Veracel in Brazil and Montes 
del Plata in Uruguay.
9
Our year 2023 Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
14Stora Enso 2023: This is Stora Enso
This is Stora Enso

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

Value from our forest
Stora Enso is one of the largest private forest owners in 
the world, with forest assets valued at EUR 8.7 billion in 
2023. Stora Enso owns or leases land covering a total area 
of 2.02 million hectares globally. 36% of wood raw material 
needs for our businesses are covered from our own sources 
and long-term supply agreements. This helps to stabilise 
the impacts of wood market volatility, increase the long-term 
yield and secure financial flexibility.
In addition to the wood supply from own forests 
and tree plantations, Stora Enso purchased wood from 
approximately 19,000 private forest owners during the year. 
In 2023, approximately 84% of Stora Enso’s wood came 
from forests in Europe, most of which are privately owned.
Our forests are the foundation of our business. They are a scarce resource and 
a critical asset for the global renewable materials market, the balance and protection 
of biodiversity, and the well-being of our communities. 
Our long-term target is to increase the total value of 
our forest assets fully taking into account climate change 
adaptation and mitigation. Trees are a renewable resource, 
they grow back when forests are managed sustainably. 
For example, after final felling, we ensure that harvested 
forests are regenerated. Growing trees absorb carbon 
dioxide and wood-based products store carbon during 
their lifetime, while also substituting fossil fuel-based 
products. We support the cascading use of wood, which 
means that all parts of harvested trees, forestry residuals, 
and industrial side streams are used in the most optimal 
way. Our biological assets consist of standing trees to 
be used as raw material in pulp and mechanical wood 
production. Wood residues are used as biofuels mainly 
in our own operations.
Benefits of owning forests
• Support Stora Enso’s growth plans by securing 
a 36% self-sufficiency of wood supply.
• Raw material efficiency and optimisation of 
timber value for various end uses. 
• Stable income from wood sales with increasing 
long-term demand for renewable materials.
• Yield improvement initiatives to increase 
harvesting sustainably in our own forests 
through tree breeding, fertilisation and advanced 
forest management practices.
• Opportunity to develop forest management 
practices to respond to changing market 
and climate conditions as well as to 
enhance biodiversity.
• Returns through land development, such as 
increasing wind power capacity, land swaps 
and compensations for protection areas, and 
revenue streams from land sales, hunting rights, 
and gravel sales.
See also note 4.2 Forest assets.
Group’s forest assets value 
EUR billion
0
2
4
6
8
10
Biological assets 5.7 6.1
Forest land 2.7 2.6
8.3 8.7
Forest land Biological assets
31 Dec 2022 31 Dec 2023
2.7
5.7
8.3
2.6
6.1
8.7
Including leased land and Stora Enso’s share of Tornator.
10
0
200
400
600
800
1,000
Legend Leave empty
Southern 
Sweden
Central 
Sweden
Northern 
Sweden
Sweden
Leave empty
1995 201 189 124 168
1996 200 161 102 149
1997 239 181 137 180
1998 237 201 136 186
1999 257 205 140 194
2000 247 218 138 196
2001 282 194 126 192
2002 258 197 128 187
2003 271 200 132 193
2004 304 231 139 215
2005 324 270 169 246
2006 384 298 200 284
2007 431 356 267 342
2008 450 377 283 361
2009 463 379 273 361
2010 523 417 299 400
2011 553 419 293 407
2012 554 416 280 401
2013 524 388 245 370
2014 537 380 249 372
2015 566 404 247 388
2016 601 397 243 393
2017 613 419 273 415
2018 649 454 269 436
2019 698 451 274 450
2020 703 483 296 471
2021 813 540 333 534
2022 913 559 385 587
2023 850 539 369 557
Leave empty
Market transaction based forest prices in Sweden
Southern Sweden Central Sweden
Northern Sweden Sweden
1995 2000 2005 2010 2015 2022 2023
Source: Ludvig & Co report, based on nominal prices. 
Stora Enso’s forest assets are located in Central and Northern Sweden.
11
Wood procurement by region1, %
Country Calculation % Supply from own 
sources %
Finland 28.4 37.2 8.8
Sweden and 
Norway
7.9 22.6 14.7
Central 
Europe
15.7 15.7 0.0
Baltic 
countries
7.3 8.3 1.0
Uruguay2 2.6 7.9 5.3
Brazil2 1.7 7.1 5.4
China 0.0 1.2 1.2
0
5
10
15
20
25
30
35
40
Finland Sweden and Norway Central Europe Baltic countries Uruguay2 Brazil2 China
1 Total amount of wood (roundwood and chips) procured within these regions for delivery to our units (million m3 solid under bark). 
2 Figures for Brazil and Uruguay include 50% of the wood procurement of our joint operations Veracel and Montes del Plata. 
3 Includes wood delivered from Stora Enso’s forests to third-parties. Managed sources consist of long-term harvesting rights and contracts. 
In 2023, we harvested in own and leased forests and sourced from long-term agreements a total of 10.2 million m3. Our deliveries to our mills were 28.1 million m3 in total 
excluding energy wood. 
Supply from own and managed sources3, %
12
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15Stora Enso 2023: This is Stora Enso
This is Stora Enso

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

Innovations for future-fit forests 
We are in a unique position: our own forest assets, 
forest professionals, and international network give us 
the capability and capacity to focus on development and 
innovation. This includes optimising land utilisation for 
higher efficiency, and developing new revenue streams. 
To capture the full value of our forest assets, we are 
intensifying our initiatives in our own forests in Sweden, 
focusing on research and development, and utilising new 
technologies and digitalisation. 
Digitalisation, remote sensing technology, and artificial 
intelligence enable us to take a step forward in the way 
we operate in forests, in the wood supply chain, and in 
protecting and restoring biodiversity. With more precise 
data, we are able to more accurately track the volume, 
yield, and variety in forests, as well as early identification 
of any disease or causes for concern. Improved data 
also supports our ambition to implement more effective 
biodiversity actions. In the future, we will be able to 
follow the development of tree species composition and 
deadwood creation with high granularity, helping to 
identify key areas for biodiversity in forest landscapes. 
We support and encourage our partners to move in 
the same direction.
Sustainable forestry and biodiversity
Sustainable forest and plantation management secures 
the long-term availability of wood while ensuring 
the preservation of ecosystems and biodiversity, which is 
key to the resilience of forests. Biodiversity is the variability 
Estimated annual forest growth
12.8 million m3
forect cubic meters
 
Sustainable forest management 
promotes vital and growing forests.
Wind power
We are leasing out land to generate wind power – 
currently with annual energy production of around 
1 TWh in Sweden, but there is potential to expand this 
further. Starting in 2023, we will also develop in-house 
projects for wind power on our own land. Additionally, 
ongoing efforts include exploring other revenue 
streams such as solar power and carbon credits.
of life on genetic, species, and habitat levels. Globally, 
biodiversity has been decreasing for decades, and more 
actions are needed to reverse this development. Being 
one of the largest private forest owners in the world, we 
have the responsibility to safeguard biodiversity in all 
our operations. 
Read more about our actions on sustainable forestry and biodiversity  
 in the Sustainability reporting section.
Annual CO2 sequestration
4.3 million 
tonnes
CO2 sequestered in our own or 
leased productive forest lands, 
3-year annual average.
Annual harvesting
10.5 million m3 
forect cubic meters
In all our forests, wood harvesting is planned 
to suit the characteristics of each site.
60
80
100
120
140
160
180
200
220
2021 2022 2023
2021 2022 2023
Stora Enso’s own forests, 
Sweden 150.5 150.5 149.7
Tornator (41%) 32.7 32.8 33.4
Guangxi 4.9 4.1 4.3
Montes del Plata (50%) 13.9 15.5 15.0
Veracel (50%) 5.0 5.2 6.1
Total 207.1 208.1
Total standing stock 
Million m3 fo
Stora Enso’s own forests, Sweden
Tornator (41%)
Guangxi
Montes del Plata (50%)
Veracel (50%)
13
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2021 2022 2023
2021 2022 2023
Estimated growth 13.2 13.6 12.8
Harvesting 9.9 10.7 10.6
Total growth and harvesting 
Million m3 fo
Estimated growth
Harvesting
Figures cover productive area.
14
Our year 2023 Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
16Stora Enso 2023: This is Stora Enso
This is Stora Enso

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

Key drivers and key risks 18
Strategic focus areas 19
Strategic progress 20
Our strategy
Our year 2023 This is Stora Enso Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Our strategy

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

Our value 
chain emissions4
6.5
million tonnes  
of CO2
Global megatrends underpin our business strategy
Sustainability is core to our businesses, accelerating our growth, enabling margin expansion, and opening up 
new business opportunities. While climate change continues to impact the environment, economy, and society, 
an expanding global population and middle class is pushing up demand for food, clothing, housing and energy. 
At the same time, sustainability actions, technology developments, and consumer demand and preferences to 
substitute and replace fossil-based materials are changing buying behaviour. Overall, global megatrends drive 
the demand for renewable materials supporting our growth and value creation. 
Stora Enso’s response 
Stora Enso’s purpose is to “Do good for people and the planet”. We believe everything which is made from fossil today can be 
made from a tree tomorrow. Our aim is to replace non-renewable materials with renewable products. This purpose underpins 
our commitment to accelerate the transition to a circular bioeconomy to combat climate change and have a positive impact on 
biodiversity. We strive to balance carbon flows, safeguard forests and nature, and have the most effective use of renewable materials. 
Key drivers
Key risks
Macroeconomic and 
geopolitical disruption
Market demand, prices, the Group’s 
profit margin and product volumes 
might be adversely impacted. 
Macroeconomic and geopolitical 
dynamics could also increase costs, 
complexity and lower visibility 
for the Group. Global instability 
causes interruptions in global 
supply chains, increasing the risk 
of significant disruptions.
Regulatory change
Political or regulatory developments 
could lead to both positive and 
negative impact on Stora Enso’s 
businesses.
Access to raw materials
Growing demand for biobased 
materials increases demand for 
wood-based raw material which 
can lead to a lack of supply for 
Stora Enso’s needs. There can 
also be limited access to raw 
materials related to climate change 
and geopolitical instability.
Climate change
Stora Enso’s forests, operating 
environment, and production sites 
could potentially be challenged due 
to the effects of climate change.
Read more in the Risks section in 
the Report of the Board of Directors.
Stora Enso’s annual climate impact1
1 Negative value indicates a net removal from atmosphere.
2 A modelled 100-year average with IPCC tool. Calculated by the Swedish 
University of Agricultural Sciences (SLU) based on Stora Enso’s forest 
and production figures: Climate effects of a forestry company – including 
biogenic carbon fluxes and substitution effects.
3 Substitution effect describes the amount of greenhouse gas emissions 
avoided from using our products and biomass energy compared to 
more carbon-intensive fossil products and fuels. Calculated based on 
Stora Enso’s product portfolio. 
4 Stora Enso’s fossil CO2e emissions in 2023, including direct emissions 
from our operations, emissions from purchased energy, and emissions from 
other sources along our value chain (Scope 1, 2, and 3). Calculated based 
on the Greenhouse Gas Protocol guidance.
5 Annual CO2 sequestration in Stora Enso’s owned or leased productive 
forest lands, three-year annual average. For further details, see 
Consolidated sustainability figures.
Circularity
Circularity is gaining momentum across various 
sectors and regions, driven by policy, innovation, and 
consumer demand. The world needs materials which 
are both renewable and recyclable, and supporting 
a circular bioeconomy to combat climate change, 
save natural resources, and minimise waste. 
Climate change
The increase in average global temperatures has 
significant impacts on the environment, society, and 
economy, as seen in melting ice caps, rising sea 
levels, extreme weather events, biodiversity loss, food 
insecurity, and human health risks. A key factor to 
decelerate climate change, and where Stora Enso can 
contribute, is in replacing fossil-based materials with 
renewable materials.
Eco-awareness 
Climate change requires us to use natural resources 
more efficiently, and more and more consumers 
demand sustainable products. Investors and other 
financial institutions increasingly factor in companies’ 
climate and biodiversity impacts in their investment 
strategies. Policy makers and regulators shape 
regulation to mitigate and adapt to climate change 
and halt biodiversity loss.
Resource scarcity
A growing population and middle class increase 
the demand for food, such as meat, fish, dairy, sugar 
and vegetable oils. These require more land, energy 
and water to produce. This rise in global resource 
scarcity also increases the price of natural resources. 
Our products  
substitute fossil-based  
alternatives, saving3
-13.4
million tonnes  
of CO2
Our products 
store carbon2
-2.5
million tonnes  
of CO2
Our forests 
remove carbon5
-4.3
million tonnes  
of CO2
Our year 2023 This is Stora Enso Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
18Stora Enso 2023: Our strategy
Our strategy

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

We create value for our shareholders 
by growing our leading positions in 
packaging, biomaterials innovations 
and building solutions together with 
a strict capital allocation strategy, cost, 
and other financial controls. 
Ambition to significantly 
reduce earnings cyclicality
Responsible exit from 
the paper business
Developing a more 
value-added 
pulp product mix
Growth in packaging 
with increased integration 
of captive pulp
Growing the share 
of building solutions
High self-sufficiency 
on energy reduces 
our exposure to 
external cost instability
36% self-sufficiency 
in wood supply
Strategic focus areas
Sustainability is driving our growth strategy
Sustainable building solutions
There are growth opportunities in the building industry, 
offering wooden alternatives to other construction materials 
that have a larger carbon footprint, such as concrete and steel. 
The global construction market is moving from labour intensive 
to modular building methods that use less energy and have a low 
carbon footprint. Today, mass timber products can be used to 
build sustainable and safe high-rise buildings. We have a strong 
position to capture more value in the full supply chain with our 
products and value-added services, such as pre-fabricated, 
bespoke wooden elements, new concepts, and digital services.
Renewable packaging
In Packaging, we continue to see high demand for plastic 
substitution and circular solutions. Fiber-based packaging is 
the most sustainable option for many products, as it can be 
recycled, reused, or composted. Fiber-based packaging is 
the fastest growing packaging materials globally, and fiber-based 
packaging is expected to grow faster than plastic alternatives 
long-term. We have leading global market positions in high-
value segments and long-term customer partnerships. Our 
innovative and customised solutions help our customers reduce 
their environmental impact and enhance their brand image. 
We offer a wide range of fiber-based packaging materials and 
solutions, such as cartons, boxes, trays, cups, and bags, for 
various industries, such as food and beverage, e-commerce, 
pharmaceutical, and cosmetics.
Biomaterials innovation
In Biomaterials, we focus on offering innovative 
and sustainable materials for high growth, high 
margin markets with our portfolio of biobased 
solutions, proprietary technologies, and a unique 
value proposition. Through our know-how, strategic 
collaborations and partnerships, we accelerate 
breakthrough innovations in wood foams, 
biochemicals, and lignin-based applications, including 
anode material for batteries and biobinders for 
construction, which can replace fossil-based materials.
Growth and value drivers
Pulp, traditional wood products
Forests are the foundation for Stora Enso’s renewable solutions. Stora Enso has forest assets in Sweden and a 41% share of Tornator,  
whose forest assets are mainly located in Finland. The Forest division is responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations. 
Forest
0%
20%
40%
60%
80%
100%
Total Energy Fuels Electricity
Total Energy Fuels Electricity
Stora Enso's energy efficiency 
in 2023 72% 70% 82%
Stora Enso’s energy self-sufficiency in 2023
72% 70%
82%
15
Our year 2023 This is Stora Enso Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
19Stora Enso 2023: Our strategy
Our strategy

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

Strategic growth areas
Calculations are based on external sales.
*Strategic growth areas include Renewable packaging,  
Sustainable building solutions, and Biomaterials innovations.
**Foundation businesses include pulp, traditional wood 
products, and forest.
Restructuring actions for 
long-term competitiveness
Stora Enso’s restructuring actions will strengthen 
the Group’s long-term competitiveness, improve 
profitability and focus capital allocation in strategic 
growth markets. The restructuring actions announced 
in June 2023 will improve operational EBIT by 
EUR 110 million annually while decreasing annual sales 
by EUR 380 million, based on the 2022 sales figures. 
We also took the next step in driving a decentralised 
operating model through autonomous divisions targeting 
increased customer centricity and higher efficiency. 
This will help us optimise sourcing and value chain as 
well as enhance commercial and operational excellence. 
We have also worked on capital release through 
the reduction of working capital.
The restructuring included closure of the Sunila pulp 
production unit in Finland, the De Hoop containerboard 
site in the Netherlands, one containerboard line at 
the Ostrołeka site in Poland, and the Näpi sawmill 
in Estonia. The closures targeted a reduction of 
approximately 600 employees. The restructuring 
also included a reduction of 300 office employees in 
group functions and a reduction of 250 employees in 
the Packaging Materials division. The restructuring 
actions included a reduction of 1,150 employees in total.
Discontinued paper business
The Paper division was discontinued at the beginning 
of 2023. Paper demand in Europe has been in structural 
decline for over a decade, and paper is no longer 
a strategic growth area for the Group. Our exposure 
to paper markets now represents only a small part of 
our total sales. The retained Langerbrugge (Belgium) 
and Anjala (Finland) paper production sites have been 
integrated into Packaging Materials division reporting. In 
line with Stora Enso’s strategy, our focus is on long-term 
growth potential for renewable products in packaging, 
building solutions, and biomaterials innovations.
Investments and capital allocation
At the end of 2022, Stora Enso announced the investment 
of approximately EUR 1 billion to convert the remaining 
idle paper machine at the Oulu site in Finland into a high-
volume consumer board production line. The investment 
accelerates our growth strategy in renewable packaging 
by providing increased volumes for growing packaging 
segments. Production on the converted machine 
is estimated to start in early 2025. Another initiative 
within our capital allocation is the divestment of Beihai, 
which will allow Stora Enso to accelerate its strategy by 
focusing on investing in other cost-efficient sites such 
as the Oulu site in Finland. In January, the acquisition 
of De Jong Packaging Group was completed. De Jong 
is based in the Netherlands and is one of the largest 
corrugated packaging producers in the Benelux 
countries. This acquisition builds the Group’s foothold in 
Western Europe. De Jong is now included in Packaging 
Solutions. The enterprise value was approximately 
EUR 1,020 million.
Sustainability progress
Throughout the year, we advanced our sustainability 
agenda, witnessing reductions in carbon emissions 
across all three Scope categories. Lower production 
volumes, together with site and production line closures, 
resulted in a 41% decrease in Scope 1 & 2 emissions 
and a 34% decrease in Scope 3 emissions compared 
to the 2019 baseline. Our commitment to circularity 
involves reducing, reusing, and recycling materials in 
both production and consumption. We not only integrate 
circularity into our product development but also 
collaborate with customers and partners to promote 
product recycling. By the end of 2023, 94% of our 
products were technically recyclable. Our biodiversity 
initiatives aim for a net positive impact, with action 
programmes in place until 2030 to enhance biodiversity 
at species, habitat, and landscape levels. Additionally, 
the share of forest cretification coverage of the land we 
own or manage remained high at 99%.
Strategic progress
Sales 2006
Strategic  
growth 
areas 
30%*
Paper 
70%
Legend Value in %
Strategic  
growth areas
30% *
Paper 70% **
Total 100%
16
Sales 2023
Strategic  
growth 
areas 
55%*
Foundation  
sales 
45%**
Legend Value in %
Strategic  
growth areas
55% * 55%
Foundation  
sales
45% ** 45%
Total 100%
17
Sales 2030
Strategic  
growth 
areas 
80%*
Foundation  
sales 
20%**
Legend Value in %
Strategic  
growth areas
80% * XX%
Foundation  
sales
20% ** XX%
Total 100%
18
Our year 2023 This is Stora Enso Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
20Stora Enso 2023: Our strategy
Our strategy

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

People and culture 22
Diversity, equity, and inclusion 23
Community engagement  24 
Our people
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Our people

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

Four cornerstones of our People Promise
Provide a safe, diverse, and 
inclusive work environment
We value different experiences and views. 
Diversity strengthens our competitiveness and 
contributes to better decision making by enabling 
us to explore new perspectives. Combined with 
inclusion, it supports high work satisfaction and 
innovation as well as agility. Our initiatives supporting 
diversity, equity, and inclusion are described in 
more detail on the next page. 
In all our operations and offices, we encourage 
our people to take an active role in continuous 
safety improvement. Since safety is psychological 
as well as physical, we promote mental health 
awareness through, for example, webinars and 
discussion forums. For office workers, approximately 
40% of total headcount, we offer flexible working 
arrangements such as hybrid and remote work to 
enhance work-life balance.
Read more on our safety performance in the Sustainability reporting section.
Drive customer value, 
performance, and innovation
Stora Enso defines its direction and actions 
through customer value. With this, we expect 
our people to strive for high performance and 
innovation in all parts of the organisation, further 
supported by diversity and collaboration. 
Among programmes driven in our divisions, we 
are upskilling managers, strengthening agility, 
developing capability and cultivating expert 
partners through a range of trainings, workshops, 
webinars, and external conferences. Our sales 
academy tailored for sales and other functions 
aims to further bolster our value and performance 
in the marketplace.
Grow leadership
Stora Enso grows leaders who share our 
purpose and values and celebrate innovation 
and collaboration. Leadership programmes 
during 2023 included: Senior leaders, executive 
leadership in conjunction with universities, leading 
leaders for second and third level line managers, 
Stora Enso manager for first level line managers, 
intensive preparatory manager training for 
employees, and Agile leadership training open 
to all. In total, 450 leaders and potential leaders 
participated in these trainings. Additionally, 
Stora Enso continued the mentoring programme 
with over 200 mentor-mentee pairs.
Grow to your full potential
We encourage everyone to take responsibility for 
their growth and reach their best potential, and 
emphasise providing development opportunities 
for all employees to expand their knowledge, skills, 
and networks. Strategic workforce planning is 
focused on assuring that we have the organisation 
and capabilities needed to meet market demands, 
thus devising recruitment and talent activities that 
serve to address workforce gaps as well as nurture 
and develop employees. 
People and culture
To lead in a changing world, Stora Enso has developed a People Promise and Expectations framework 
strongly tied to Stora Enso’s strategy. Our success depends on the power and potential of our people. 
With operations, sales and supply chains extending globally, we are guided by our values “Lead” and 
“Do What’s Right” and endeavour to set the example and lead in all aspects of our business.
Employee listening and engagement
Importantly, Stora Enso strives to understand employee 
views, measure the progress on our People Promise, and 
consequently adapt and fine-tune to help teams grow 
and improve via the all-employee survey Engage. The 
survey was conducted twice in 2023 with a response rate 
of approximately 80% in both surveys. The engagement 
scores were 8.0 and 7.8, both slightly above the industry 
benchmark. The top strengths for Stora Enso, as viewed by 
employees, were growth, management support, freedom to 
express opinions, and relationships with colleagues.
Adapting to a decentralised model
During 2023, Stora Enso took further steps with restructuring 
actions towards a decentralised operating model to 
empower our divisions, create leaner Group functions and 
to target increased customer-centricity. This has entailed 
considerable organisational change management across 
the Company. In all respects, care has been taken to follow 
national, union and Works Council guidance and additionally 
supporting managers and employees with continuous 
communications through various channels. For more 
details on support in restructuring situations, see chapter 
Employees in the Sustainability reporting section.
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22Stora Enso 2023: Our people
Our people

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

Reflecting the societies where we operate is crucial to 
our strategy: diversity and inclusion are strong enablers 
of improved performance, collaboration, and innovation. 
Increased diversity of thought is needed to develop our 
products to meet market demand. We value diversity of 
thought and encourage employees to share their views, we 
also have zero tolerance for discrimination, harassment and 
bullying in any form.
We have set our diversity KPI related to gender balance, 
while recognising diversity embraces age, ethnicity, national 
origin, and other personal identity aspects. Our aims 
and priorities for providing a safe, diverse, and inclusive 
working environment for all our employees is laid out in our 
People Promise. 
Stora Enso is continuously and actively working 
towards increased inclusion with a variety of actions. 
Additionally, we frequently monitor employee views 
and reflections on the diversity and inclusion efforts as 
part of employee engagement surveys. Shown in recent 
results and benchmarking, we rank in the middle among 
manufacturing sector companies.
During 2023, improvement actions included recruitment 
outreach and employment of people with diverse 
backgrounds in parallel with analysing and understanding 
the gender gap. One example of this was an unconscious 
bias training organised for recruiters to enhance inclusive 
recruitment and workplace diversity.
Our several Employee Resource Groups (ERGs) play 
an essential role in our work. Communications campaigns 
have served to create further awareness around diversity, 
equity, and inclusion topics company-wide. These include 
campaigns for International Women’s Day, Pride Month and 
Mental Health Day including neurodivergence. 
In 2022, a pay equity study was carried out by an 
independent third-party covering all office workers. Actions 
to close unexplained pay gaps identified in the study took 
place in 2023.
Diversity, equity, and inclusion
Promoting diversity and inclusion  
in the local context
In traditionally male-dominated industries, the proportion 
of females might still remain low especially at production 
sites, while in functional and administrative roles 
the proportion of women is higher. This is the situation 
at Wood Products division’s sites in Austria. To better 
understand and address these gender imbalances, 
the division conducted a gender gap analysis across all 
of its locations in Austria. The analysis covered various 
diversity and inclusion aspects, ranging from recruitment 
processes to corporate culture. 
Based on the survey, the division developed 
a roadmap in areas such as empowering women in their 
careers, succession planning, inclusive recruitment, and 
enhancing managerial skills. Each production unit and 
department has now established three-year targets, 
which are monitored quarterly. As one of the first actions 
resulting from the survey, a training programme was 
implemented for all management levels, focusing on 
leading diversity and identifying potential biases. 
Stora Enso is committed to offering an inclusive and equal 
workplace where we respect and appreciate individual differences.
Read more in chapter Employees in the Sustainability reporting section.
Stora Enso was ranked 
top leader 
in the Financial Times  
Diversity Leaders index
Share of women
24% 
among all managers
Employees representing
over 80
different citizenships
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23Stora Enso 2023: Our people
Our people

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

Communities around our production sites and forestry 
operations form one of our most important stakeholder 
groups. Our operations are heavily dependent on local 
communities for a skilled and competitive workforce, and 
for the sourcing of our most important raw material, wood. 
We have a long history in engaging with local communities in 
different local settings and cultures. The form and frequency 
of the engagement with local communities is shaped by 
the local context. In some areas, the interaction is through 
community representatives while others may prefer direct 
and inclusive contact. Many of our employees live in 
these communities and have a deeper understanding of 
the local context. 
We maintain continuous cooperation with local schools 
and universities, NGOs and suppliers, and other business 
partners. It is in our interest to ensure these communities 
are resilient. Stora Enso, for example, provides a significant 
number of summer jobs for students and graduates to begin 
their career. During 2023, we had approximately 1,100 
summer employees located mainly in Finland and Sweden.
Community engagement
With a strong global presence, Stora Enso depends on thriving and resilient communities. 
Beyond our own employees, we are committed to supporting the local communities nearby 
our operations. Our Purpose “Do Good for the People and the Planet” and our Values 
“Lead” and “Do What’s Right” underline our commitment to doing business responsibly 
in the communities in which we operate. 
During site closures, it is of utmost importance to us that 
affected employees are given access to support throughout 
any restructuring process. We are committed to working 
closely together among our locations, the local community, 
and other stakeholders to support in re-employment and 
training of affected employees. Supporting the livelihood of 
local communities during site closures is equally important 
to us. During the year, we collaborated, for example, 
with the city of Kotka and the regional business services 
provider to find a new owner for the closed Sunila site, 
creating new investments and employment opportunities in 
the community. 
For more information on support in responsible exits and restructuring situations,  
 see chapter Employees in the Sustainability reporting section. 
Impact on local communities
By supporting local employment, income generation, infrastructure, and collaboration, we can help to strengthen our 
neighbouring communities. However, our tree plantations influence land use in ways that may adversely affect the rights 
of local communities. Our actions must be managed responsibly in order to minimise negative socio-environmental 
impact and maximise positive influence. 
Read more in chapter Community in the Sustainability reporting section.
Harvesting Partner concept supports 
entrepreneurs in rural areas
Stora Enso’s Harvesting Partner programme is aimed at 
attracting new entrepreneurs to the industry and helping 
them set up their own business, and thereby creating 
new job and business opportunities in rural areas. 
We offer long-term partnerships with a four-year contract, 
machinery, and a complete package of support services. 
The new concept enables Stora Enso to increase 
the availability of skillful operators, and to improve 
efficiency and productivity. The first entrepreneurs started 
in Sweden in 2022, and four new harvesting partners 
have started their business during 2023. The concept 
continues to expand with new partners outside 
Sweden and has now been launched in also Finland, 
Lithuania, and Norway.
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24Stora Enso 2023: Our people
Our people

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

Shareholders
Information for shareholders  26
Stora Enso in capital markets 27
AppendixFinancialsRemunerationGovernanceSustainability reportingShareholdersOur peopleOur strategyThis is Stora EnsoOur year 2023

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

Information for shareholders
Annual General Meeting (AGM)
Stora Enso Oyj's Annual General Meeting (AGM) will be held on Wednesday 20 March 2024 
at 16:00 EET.
Nominee-registered shareholders wishing to attend and vote at the AGM must have shares 
that would entitle to being registered in the Company shareholders' register on the record date 
6 March 2023 and must be temporarily registered in the Stora Enso shareholders' register by 
10 March 2023. For shares registered through Euroclear Sweden and for holders of ADRs, 
the timetable may vary and earlier dates may apply. Instructions for submitting notice of 
attendance is given in the invitation to the AGM which can be consulted on Stora Enso's 
website at storaenso.com/agm. 
AGM and dividend in 2024
8 March  Record date for AGM
20 March  Annual General Meeting (AGM)
21 March  Ex-dividend date
22 March  Record date for dividend
4 April  Dividend payment (first instalment)
Dividend
The Board of Directors proposes to the AGM that a dividend of EUR 0.10 per share to be 
distributed on the basis of the balance sheet adopted for the year ending 31 December 2023. In 
addition, the Board of Directors proposes that the AGM would authorise the Board of Directors to 
decide at its discretion on the payment of an additional dividend up to a maximum of EUR 0.20 
per share. The authorisation would be valid until 31 December 2024. The dividend payable on 
shares registered with Euroclear Sweden will be forwarded by Euroclear Sweden AB and paid in 
Swedish crowns. The dividend payable to ADR holders will be forwarded by Citibank N.A. (Citi) 
and paid in US dollars.
Publications dates for 2024
1 February  Interim report for October-December and full-year report for 2023
13 February Annual Report 2023
25 April   Interim report for January-March 2024
24 July   Half-year report for January–June 2024
24 October  Interim report for January–September 2024
Distribution of financial information
Stora Enso's Annual Report in English can be downloaded as a pdf file at storaenso.com/
annualreport.
The official financial statements in Finnish are available at the same address. 
The governance and remuneration sections are also available in Finnish. The strategy, 
sustainability reporting and shareholders sections are available in English only. The interim, 
half-year and full-year reports are published in English and Finnish at storaenso.com/press.
Information for holders of American Depositary Receipts (ADRs)
The Stora Enso dividend reinvestment and direct purchase plan is administered by Citibank N.A. 
The plan makes it easier for existing ADR holders and first-time purchasers of Stora Enso ADRs 
to increase their investment by reinvesting cash distributions or by making additional cash 
investments. The plan is intended for US residents only. Further information on the Stora Enso 
ADR programme is available at citi.com/DR. 
Contact information for Stora Enso ADR holders
Citibank Shareholder Services
Computershare
P.O. Box 43077
Providence, Rhode Island 02940-3077
Email: citibank@shareholders-online.com
Toll-free number: (877)-CITI-ADR
Direct dial: (781) 575-4555
Contact
Anna-Lena Åström
SVP Investor Relations
Stora Enso Oyj
Tel. +46 70 210 7691, anna-lena.astrom@storaenso.com
storaenso.com/investors
investor.relations@storaenso.com
26Stora Enso 2023: Shareholders
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Stora Enso in capital markets 27

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

Stora Enso in the capital markets
Shares and shareholders
Shares and voting rights
The shares of Stora Enso Oyj (hereafter the “Company” or “Stora Enso”) are divided into A and 
R shares, which entitle holders to the same dividend but different voting rights. Each A share and 
every ten R shares carry one vote at a shareholders’ meeting. However, each shareholder has 
at least one vote.
As at 31 December 2023, Stora Enso had 176,230,916 A shares and 612,389,071 R shares 
in issue, of which the Company held no A shares or R shares. The total number of Stora Enso 
shares in issue was 788,619,987 and the total number of votes was 237,469,823.
Share listings
Stora Enso shares are listed on the Nasdaq Helsinki and the Nasdaq Stockholm. Stora Enso 
shares are quoted in Helsinki in euros (EUR) and in Stockholm in Swedish crowns (SEK).
American Depositary Receipts (ADRs)
Stora Enso has a sponsored Level I American Depositary Receipts (ADR) facility. Stora Enso 
ADRs are traded over-the-counter (OTC) in the USA. The ratio between Stora Enso ADRs and 
R shares is 1:1, i.e. one ADR represents one Stora Enso R share. Citibank, N.A. acts as 
the depositary bank for the Stora Enso ADR programme. The trading symbols of the ADRs and 
Ordinary Shares are SEOAY, SEOFF, SEOJF. The CUSIP number is 86210M106.
Share registers
The Company’s shares are entered in the Book-Entry Securities System maintained by 
Euroclear Finland Oy, which also maintains the official share register of Stora Enso Oyj.
As at 31 December 2023, 788,619,987 of the Company’s shares including both A and R 
shares were registered in Euroclear Finland, 52,622,149  A and R shares in Euroclear Sweden 
AB and 12,876,025 shares in ADR form at Citibank, N.A.
Distribution by book-entry system, 31 December 2023
Number of shares Total A shares R shares
Euroclear Finland Oy 788,619,987 176,230,916 612,389,071
Euroclear Sweden AB1 52,622,149 4,511,992 48,110,157
Citi administered ADRs1 12,876,025 - 12,876,025
Total 788,619,987 176,230,916 612,389,071
1 Shares registered in Euroclear Sweden and ADRs are both nominee registered in Euroclear Finland.
Ownership distribution, 31 December 2023
% of shares % of votes % of shareholders
Solidium Oy1  10.7%  27.3%  0.0% 
FAM AB2  10.2%  27.3%  0.0% 
Social Insurance Institution of Finland (KELA)  3.0%  10.0%  0.0% 
Finnish institutions (excl. Solidium and KELA)  11.0%  8.1%  2.4% 
Swedish institutions (excl. FAM)  1.1%  0.9%  1.1% 
Finnish private shareholders  3.9%  2.4%  47.6% 
Swedish private shareholders  3.0%  2.2%  47.0% 
ADR holders  1.6%  0.5%  0.9% 
Under nominee names 
(non-Finnish/non-Swedish shareholders)  55.4%  21.3%  1.0% 
1 Entirely owned by the Finnish State.
2 As confirmed to Stora Enso.
Share capital
On 31 December 2023, the Company’s fully paid-up share capital entered in the Finnish Trade 
Register was EUR 1,342 million. The current accountable par of each issued share is EUR 1.70.
Conversion
According to the Articles of Association, holders of Stora Enso A shares may convert these into 
R shares at any time. The conversion of shares is voluntary. The conversions of a total of 7,364 
A shares into R shares were recorded in the Finnish Trade Register during the year 2023.
27Stora Enso 2023: Shareholders
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Stora Enso in capital markets 27

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

Changes in share capital 2013–2023
No. of A 
shares 
issued
No. of R 
shares 
issued
Total no. 
of shares
Share capital 
(EUR million)
Stora Enso Oyj, 1 Jan 2013 177,147,772 612,390,727 789,538,499 1,342
Cancellation of shares owned by the Company, 15 May 2013 -918,512 788,619,987 -
Conversion of A shares into R shares, Dec 2012–Nov 2013 -51,568 51,568 - -
Stora Enso Oyj, 31 Dec 2013 177,096,204 611,523,783 788,619,987 1,342
Conversion of A shares into R shares, Dec 2013–Nov 2014 -40,000 40,000 - -
Stora Enso Oyj, 31 Dec 2014 177,056,204 611,563,783 788,619,987 1,342
Conversion of A shares into R shares, Dec 2014–Nov 2015 -524,114 524,114 - -
Stora Enso Oyj, 31 Dec 2015 176,532,090 612,087,897 788,619,987 1,342
Conversion of A shares into R shares, Dec 2015–Nov 2016 -25,000 25,000 - -
Stora Enso Oyj, 31 Dec 2016 176,507,090 612,112,897 788,619,987 1,342
Conversion of A shares into R shares, Dec 2016–Nov 2017 -114,770 114,770 - -
Stora Enso Oyj, 31 Dec 2017 176,392,320 612,227,667 788,619,987 1,342
Conversion of A shares into R shares, Dec 2017–Nov 2018 -79,648 79,648 - -
Stora Enso Oyj, 31 Dec 2018 176,312,672 612,307,315 788,619,987 1,342
Conversion of A shares into R shares, Dec 2018–Nov 2019 -55,838 55,838 - -
Stora Enso Oyj, 31 Dec 2019 176,256,834 612,363,153 788,619,987 1,342
Conversion of A shares into R shares, Dec 2019–Nov 2020 -2,419 2,419 - -
Stora Enso Oyj, 31 Dec 2020 176,254,415 612,365,572 788,619,987 1,342
Conversion of A shares into R shares, Dec 2020–Nov 2021 -10,366 10,366 - -
Stora Enso Oyj, 31 Dec 2021 176,244,049 612,375,938 788,619,987 1,342
Conversion of A shares into R shares, Dec 2021–Nov 2022 -5,769 5,769 - -
Stora Enso Oyj, 31 Dec 2022 176,238,280 612,381,707 788,619,987 1,342
Conversion of A shares into R shares, Dec 2022–Nov 2023 -7,364 7,364 - -
Stora Enso Oyj, 31 Dec 2023 176,230,916 612,389,071 788,619,987 1,342
For more historical data about the share capital, please visit storaenso.com/investors/shares.
Stora Enso’s activities during 2023
Stora Enso’s Investor Relations activities in 2023 focused on promoting a fair valuation of 
the Company and ensuring continued access to funding sources in the equity markets. 
The Investor Relations (IR) team provided timely and accurate information on the development 
of the Company’s business operations, strategy, performance, markets, and financial position.
Throughout the year, the IR team conducted numerous individual and group meetings, both 
in person and virtually, with equity investors. These meetings were  separately and with the 
senior management team members and other experts at Stora Enso. The team also maintained 
regular contact with equity research analysts at investment banks and brokerage firms. 
Additionally, the team organized  site visits to Stora Enso mills in Sweden , Austria  and Finland. 
To further engage with investors, the senior management and the IR team members gave 
presentations at virtual and live investor conferences in Scandinavia, Continental Europe, and 
the United Kingdom.
In May, the Company held an ESG (Environmental, Social, Governance) info call for analysts 
and investors. The focus of the event was to provide information on various sustainability areas 
including Biodiversity, Climate and Human rights.
Overall, Stora Enso's Investor Relations activities in 2023 successfully maintained strong 
relationships with investors and ensured continued access to funding sources, while also 
promoting the Company's commitment to sustainability.
Stora Enso’s goals and ambitions by 2030:
• an increase in Group sales by 30% excluding inflation vs 2021
• a 15% operational EBIT margin over a cycle
• Packaging to represent more than 60% of Group sales
• >40% of Wood Products sales from Building Solutions, and to increase the operational
EBITDA in Wood Products by 75% over a cycle
• new revenue streams of EUR 1 billion from Biomaterials Innovations
• 5–10 TWh of wind power from the Group's own forest land
• market pulp exposure significantly reduced, no paper exposure
• earnings cyclicality to be reduced by half compared to 2016–2021
Disclosure of financially material ESG topics for investors
Stora Enso’s reporting on the material ESG topics is prepared according to several 
internationally recognised frameworks. 
Stora Enso reporting on the SASB’s Sustainability Accounting Standards for Forest 
Management and Containers & Packaging relate to topics that are considered to be financially 
material in the industry. These include topics such as sustainable forest management and forest 
certification, greenhouse gas emissions, air quality, energy management, water management, 
product safety, product life cycle management, and supply chain management.  For further 
details, see the Stora Enso's SASB Content Index
. 
The Group's sustainability reporting is prepared in accordance with the GRI Standards 
covering all General Disclosures and Topic-specific Standards deemed material, presented in 
the GRI Content Index
. Additionally, Stora Enso reports according to the Task Force on Climate-
related Financial Disclosures (TCFD) framework for disclosing climate-related risks and 
opportunities. The Group's disclosures with reference to TCFD recommendations are listed in 
this index table.
In 2023, the EU Taxonomy was expanded with the four remaining environmental objectives 
covered by the EU Environmental Delegated Act and with amendments to the Climate 
Delegated Act. The amendments did not bring major impact on Stora Enso's Taxonomy-
eligibility. For further details on Stora Enso's EU Taxonomy reporting for 2023, see here
.
Guidance policy
In connection with its financial statement release for 2023, Stora Enso announced its guidance 
for 2024. Stora Enso's full year 2024 operational EBIT is expected to be higher than for the full 
year 2023 (EUR 342 million).
Closed period
Stora Enso's closed period start when the reporting period ends or 30 days prior to 
the announcement of the results, whichever is earlier, and lasts until the day of 
the announcement of the results. The dates are published in the financial calendar at 
storaenso.com/investors
. During closed periods, Stora Enso PDMR’s or persons entered into 
the Company’s Closed Period List are not allowed to trade in the Company's securities. 
In addition, there are no communications in regards to the Group's financials and/or financially 
related topics with the capital markets or financial media during the closed period. This applies 
to meetings, telephone conversations or other means of communication.
28Stora Enso 2023: Shareholders
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7

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

Shareholdings of other Group-related bodies as at 31 December 2023
E.J. Ljungberg’s Foundation owned 39,534 A shares and 101,579 R shares, Mr. and Mrs. 
Ljungberg’s Testamentary Foundation owned 5,093 A shares and 13,085 R shares and 
Bergslaget’s Healthcare Foundation owned 626,269 A shares and 1,609,483 R shares.
Shareholders
At the end of 2023, the Company had approximately 115,306 registered shareholders, including 
about 55,855 Swedish and 58,496 Finnish shareholders and 955 ADR holders. Each nominee 
register is entered in the share register as one shareholder.
The free float of shares, excluding shareholders with holdings of more than 5% of shares or 
votes, is approximately 600 million shares, corresponding to 79% of the total number of shares 
issued. The largest shareholder in the Company is Solidium Oy based in Finland.
Major shareholders as at 31 December 2023
By voting power A shares R shares % of shares % of votes
1 Solidium Oy1 62,655,036 21,792,540  10.7%  27.3% 
2 FAM AB2 63,123,386 17,000,000  10.2%  27.3% 
3 Social Insurance Institution of Finland (KELA) 23,825,086 -  3.0%  10.0% 
4 Ilmarinen Mutual Pension Insurance Company 4,159,992 15,290,638  2.5%  2.4% 
5 Varma Mutual Pension Insurance Company 5,163,018 1,140,874  0.8%  2.2% 
6 MP-Bolagen i Vetlanda AB1 4,885,000 1,000,000  0.7%  2.1% 
7 Elo Mutual Pension Insurance Company 2,010,000 9,987,000  1.5%  1.3% 
8 Bergslaget's Healthcare Foundation 626,269 1,609,483  0.3%  0.3% 
9 The State Pension Fund - 5,600,000  0.7%  0.2% 
10 The Society of Swedish Literature in Finland - 3,000,000  0.4%  0.1% 
11 Avanza Pension Insurance 142,664 1,372,515  0.2%  0.1% 
12 OP Finland Fund - 2,549,753  0.3%  0.1% 
13 Danske Invest Finnish Equity Fund - 2,435,000  0.3%  0.1% 
14 Unionen (Swedish trade union) - 2,312,750  0.3%  0.1% 
15 EVLI Finland Select Fund - 1,940,000  0.2%  0.1% 
Total 166,590,451 87,030,553  32.2%  73.8% 
 
Nominee-registered shares3 75,045,090 487,121,848  71.3%  52.1% 
1 Entirely owned by the Finnish State.
2 As confirmed to Stora Enso.
3 As some of the shareholdings on the list are nominee registered, the percentage figures do not add up to 100%.
4 According to Euroclear Finland.
The list has been compiled by the Company on the basis of shareholder information obtained from Euroclear Finland, Euroclear 
Sweden and a database managed by Citibank, N.A. This information includes only directly registered holdings, thus certain holdings 
(which may be substantial) of shares held in nominee or brokerage accounts cannot be included. The list is therefore incomplete.
Share price performance and volumes
Helsinki
The Stora Enso R (STERV) share price decreased by 5% during 2023 (19% decrease in 2022). 
Over the same period, the OMX Helsinki Index decreased by 7% (16% decrease in 2022) and 
the OMX Helsinki Basic Materials Index decreased by 3% (4% decrease in 2022).
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Stockholm
The Stora Enso R (STE R) share price decreased by 5% during 2023 (11% decrease in 2022). 
Over the same period, the OMX Stockholm Index increased by 15% (25% decrease in 2022) 
and the OMX Stockholm Basic Materials Index increased by 10% (12% decrease in 2022). 
OTC
Stora Enso ADR (SEOAY) share price decreased by 1% during 2023 (23% decrease in 2022). 
Over the same period, the Standard & Poor’s Global Timber and Forestry Index increased by 
11% (21% decrease in 2022).
Share prices and volumes in 2023
Helsinki, EUR Stockholm, SEK OTC, USD
A share 15.55 173.60
High R share 14.25 161.90 15.35
A share 11.00 130.00
Low R share 10.11 117.10 11.16
A share 12.45 139.00
Closing, 31 Dec 2023 R share 12.53 139.10 13.87
A share  -10.0%  -10.0% 
Change from previous year R share  -5.0%  -5.0%  -1.0% 
A share 968,233 946,966
Cumulative trading volume, no. of shares R share 476,654,045 73,582,343 8,971,544
The volume-weighted average price of R shares over the year was EUR 11.93 in Helsinki 
(EUR 16.12 in 2022), SEK 136.88 in Stockholm (SEK 173.10 in 2022) and USD 13.00 on 
the OTC in the USA (USD 16.76 in 2022). Total market capitalisation of the Company was 
EUR 10.5 billion (EUR 11.3 billion) at the end of 2023.
Stora Enso actively participates in the following ESG assessment schemes:
ESG rating
Stora Enso score / 
best possible score Rating compared to peers
CDP Climate A-/A
Forest A/A
Water A-/A
Above the industry average
FTSE Russell 4.4/5 Among highest rank in the industry
ISS Corporate Rating B/A+ Among highest rank in the industry
ISS QualityScore Governance 2/1*
Social 1/1*
Environment 1/1*
Among highest rank in the industry
MSCI AAA/AAA Among highest rank in the industry
Sustainalytics 14.4/0** Among highest rank in the industry
VigeoEiris 71/100 Among highest rank in the industry
*1 to 10 (1 indicating the lowest risk)
 **0 to 100 (0 indicating the lowest risk)
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Stora Enso is included in several stock market indices worldwide. Stora Enso is also included 
in several stock market ESG indices worldwide. These indices provide investors 
with a representation of the performance of leading companies based on various categories and 
specific ESG criteria. 
 
Stora Enso is included in the following indices amongst others
OMX INDICES STOXX INDICES FTSE INDICES MSCI INDICES EURONEXT INDICES SUSTAINABILITY INDICES
OMX Helsinki EURO STOXX FTSE RAFI All-World 3000 MSCI Finland Euronext Eurozone 150 EW EURO STOXX Climate Transition Benchmark
OMX Helsinki 25 EURO STOXX Mid FTSE RAFI Europe MSCI Europe Euronext Europe 500 EURO STOXX Paris-Aligned Benchmark
OMX Helsinki Large Cap STOXX Developed World FTSE Developed Europe All Cap MSCI World Euronext World Euronext Climate Europe
OMX Helsinki Basic Materials STOXX Developed Europe FTSE Finland 25 Index MSCI World IMI Euronext Developed Market Euronext Eurozone 100 ESG
OMX Stockholm STOXX Developed Nordic MSCI ACWI Euronext Low Carbon 300 World PAB
OMX Stockholm Large Cap STOXX Global 3000 MSCI ACWI IMI Euronext Vigeo Europe 120 Index
OMX Stockholm Basic Materials STOXX Nordic Euronext Vigeo World 120
Nasdaq OMX Nordic 120 FTSE4Good Index
MSCI Acwi ESG Leaders
MSCI Europe ESG Leaders
MSCI World Climate Change
MSCI World ESG Leaders
MSCI World SRI
OMX Sustainability Finland
STOXX Europe Sustainability
STOXX Global ESG Leaders
ISS STOXX World AC Biodiversity
Trading codes and currencies
Helsinki Stockholm OTC
A share STEAV STE A -
R share STERV STE R -
ADRs - - SEOAY
Segment Large Cap Large Cap -
Sector Materials Materials -
Currency EUR SEK USD
ISIN, A share FI0009005953 FI0009007603
ISIN, R share FI0009005961 FI0009007611
CUSIP - - 86210M106
Reuters STERV.HE
Bloomberg STERV FH Equity
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Key share data 2011–2023, total operations (for calculations see Alternative performance measures)
According to Nasdaq Helsinki 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Earnings per share, EUR -0.45 1.97 1.61 0.79 1.12 1.28 0.79 0.59 1.02 0.13 -0.07 0.61 0.43
– diluted, EUR -0.45 1.97 1.61 0.79 1.12 1.28 0.79 0.59 1.02 0.13 -0.07 0.61 0.43
– excl. FV, EUR (1) -0.73 1.55 1.19 0.45 0.61 1.26 0.89 0.65 1.24 0.40 0.40 0.33 0.63
Equity/share, EUR 13.93 15.89 13.55 11.17 9.42 8.51 7.62 7.36 6.83 6.43 6.61 7.32 7.45
Dividend and distribution/share, EUR 0.10 0.60 0.55(2) 0.30 0.30 0.50 0.41 0.37 0.33 0.30 0.30 0.30 0.30
Payout ratio excluding FV (3) % -13.7 38.6 46.3 66.7 49.2 39.7 46.1 56.9 26.6 75.0 75.0 90.9 47.6
Dividend and distribution yield, %
A share 0.8 4.3 3.3(2) 1.9 2.2 4.5 3.1 3.6 3.9 4.0 4.1 5.3 5.9
R share 0.8 4.6 3.4(2) 1.9 2.3 5.0 3.1 3.6 3.9 4.0 4.1 5.7 6.5
Price/earnings ratio (P/E), excl. FV
A share -17.1 9.0 14.0 35.3 22.2 8.8 14.8 16.0 6.8 18.7 18.3 17.3 8.0
R share -17.2 8.5 13.6 34.8 21.2 8.0 14.9 15.7 6.8 18.6 18.3 15.9 7.3
Share prices for the period, EUR
A share
– closing price 12.45 13.90 16.60 15.90 13.55 11.05 13.20 10.40 8.40 7.48 7.31 5.70 5.03
– average price 12.82 16.61 16.68 12.06 12.88 16.36 11.93 8.50 8.87 7.29 6.82 6.15 7.73
– high 15.55 20.60 18.70 16.20 14.45 18.45 13.79 10.45 11.01 8.35 7.49 7.15 9.80
– low 11.00 13.40 14.45 9.26 10.85 10.75 10.26 6.56 6.70 5.73 5.42 5.10 4.70
R share
– closing price 12.53 13.15 16.14 15.65 12.97 10.09 13.22 10.21 8.39 7.44 7.30 5.25 4.63
– average price 11.93 16.12 15.70 11.52 11.05 14.61 11.54 7.88 8.70 7.16 5.79 5.08 6.28
– high 14.25 20.01 17.67 15.85 13.05 18.29 13.75 10.28 10.95 8.38 7.54 5.95 8.99
– low 10.11 12.66 13.67 7.25 9.10 9.92 9.70 6.50 6.58 5.71 4.76 4.14 3.73
Market capitalisation at year-end, EUR million
A share 2,194 2,450 2,926 2,802 2,388 1,948 2,328 1,836 1,483 1,324 1,295 1,010 891
R share 7,670 8,053 9,884 9,580 7,939 6,175 8,094 6,250 5,135 4,547 4,464 3,212 2,835
Total 9,864 10,503 12,809 12,383 10,328 8,123 10,422 8,085 6,618 5,871 5,756 4,222 3,726
Number of shares at the end of period, (thousands)
A share 176,231 176,238 176,244 176,254 176,257 176,313 176,392 176,507 176,532 177,056 177,096 177,148 177,149
R share 612,389 612,382 612,376 612,366 612,363 612,307 612,228 612,113 612,088 611,564 611,524 612,391 612,389
Total 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 789,538 789,538
Trading volume, (thousands)
A share 968 1,174 1,750 4,662 1,299 3,068 6,768 1,254 1,641 1,553 1,656 831 1,402
% of total number of A shares 0.5 0.7 1.0 2.6 0.7 1.7 3.8 0.7 0.9 0.9 0.9 0.5 0.8
R share 476,654 455,952 422,493 605,233 679,475 610,300 571,717 765,122 798,507 731,067 828,401 977,746 1,237,898
% of total number of R shares 77.8 74.5 69.0 98.8 111.0 99.7 93.4 125.0 130.5 119.5 135.5 159.7 202.1
Average number of shares (thousands)
basic 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620 788,620
diluted 789,714 789,391 789,126 789,182 789,533 789,883 790,024 789,888 789,809 789,210 788,620 788,620 788,620
1 Earnings per share (EPS) excl. FV was added to the list of non-IFRS measures in 2020 replacing the key figure of EPS excl. IAC. Comparatives are recalculated for 2018-2019. For 2011–2017 table includes EPS excl. IAC figures.
2 Board of Directors' proposal to the AGM for distribution of dividend.
IAC = Items affecting comparability
Read more about incentive programmes in note 3.4 and management interests in note 3.2.
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===== SIDA 33 =====

Debt investors
Funding strategy
Stora Enso’s funding strategy is based on the Group’s financial targets. Stora Enso should have 
access to sufficient and competitively priced funding at any time to be able to pursue its strategy 
and achieve its financial targets. Stora Enso maintains consistent dialogue with fixed-income 
community with informative and transparent communication and meetings in conferences and 
roadshows. The Company’s Treasury function is responsible for fixed income investor 
communication. 
Funding is obtained in the currencies of the Group’s investments and assets (primarily 
EUR, SEK, CNY and USD). Commercial paper markets are used for short-term funding and 
liquidity management.
In 2023, the liquidity and funding position continued to be strong. Stora Enso had 
approximately EUR 2.5 billion cash and cash equivalents at 31 December 2023. The Company 
also had in total EUR 800 million committed undrawn credit facilities at year-end. Additionally, 
the Company has access to EUR 1.1 billion statutory pension premium loans in Finland. 
Stora Enso has a good access to various funding sources.
Public debt structure as at 31 December 2023
EUR USD SEK
Public issues EUR 500 million 2026 USD 300 million 2036 SEK 1514 million 2024
EUR 300 million 2027 SEK 3500 million 2025
EUR 300 million 2028 SEK 2950 million 2027
EUR 500 million 2029 SEK 2750 million 2028
EUR 500 million 2030
Private placements EUR 125 million 2025 SEK 1000 million 2026
EUR 25 million 2027 SEK 425 million 2033
Debt programmes and credit facilities as at 31 December 2023
EUR SEK
Commercial paper 
programmes
Finnish Commercial Paper Programme 
EUR 750 million
Swedish Commercial Paper Programme 
SEK 10 000 million
EMTN (Euro Medium-Term 
Note programme)
EUR 4 000 million
Back-up facility EUR 700 million sustainability linked 
revolving credit facility 20281
EUR 100 million Bilateral Committed 
Credit Facility 2025 undrawn
1 Undrawn committed credit facility EUR 700 million. Part of the pricing for the facility agreement is based on Stora Enso's Science 
Based Targets to combat global warming by reducing greenhouse gases, including CO2.
Stora Enso has integrated sustainability agenda to its funding and financial services. The Group 
has the long-term aim to secure funding partners that have sustainability as a fundamental part 
of their agenda. It aims to influence and develop the financial markets to ensure that 
sustainability becomes an integral part of decisions and credit evaluation. For more information, 
visit storaenso.com/investors.
Green Bonds
In 2023, Stora Enso issued both EUR and SEK denominated new Green Bonds. During 
the second quarter Stora Enso issued two EUR 500 million green bonds with 3- and 6.25-year 
maturities. During the fourth quarter the Company issued new SEK green bonds and private 
placements with nominal value of SEK 6,525 million. The bonds are listed on the Luxembourg 
Stock Exchange.
In 2023 Stora Enso published a new Green and Sustainability-Linked Financing 
Framework. The framework is based on Stora Enso's sustainability agenda and goals, driving 
the transformation towards a circular bioeconomy. Green bonds issued in 2023 were issued 
under the new framework. The framework replaces the old Green Bond Framework, 
published in 2018.
The green financing element of the framework comprises of the following six eligible asset 
categories: sustainable forest management, sustainable product processes, energy efficiency, 
renewable energy and waste to energy, sustainable water management, and waste 
management and pollution control. The categories are designed to promote the transition 
towards a low-carbon and environmentally sustainable society in accordance with Stora Enso’s 
sustainability agenda. The sustainability-linked financing element specifies key performance 
indicators for Stora Enso’s performance on climate change, biodiversity and circularity.
Please find additional information here: Sustainable finance 
Rating strategy
Stora Enso Group’s target is to have at least one public credit rating with the ambition to remain 
investment grade and sustain such metrics throughout business cycles. The present rating and 
outlook from Moody's and Fitch Ratings are shown below.
Ratings as at 31 December 2023
Rating agency  Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 4 August 2023
Moody’s Baa3 (stable) / P-3 17 November 2023
Stora Enso’s current credit ratings are: Baa3 with stable outlook from Moody’s and BBB- 
with stable outlook from Fitch Ratings. Both ratings correspond to an Investment Grade rating. 
Stora Enso’s goal is to ensure that rating agencies continue to be comfortable with 
Stora Enso’s strategy and performance. The Company’s strategy is to achieve liquidity well in 
line with the comfort level of the agencies. Review meetings are arranged with the Stora Enso 
management annually, and regular contact is maintained with the rating analysts.
Read more about debt and loans in note 5.3 Interest-bearing assets and liabilities. 
33Stora Enso 2023: Shareholders
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===== SIDA 34 =====

Sustainability reporting
Sustainability approach,  
governance, and stakeholders
 3
5
Sustainability targets  38
C
limate change: emissions 3
9
Sustainable forestry and biodiversity  4
1
Circularity
43
Product stewardship 4
5
Materials, residuals, and waste
 4
6
Energy
47
Water
48
Environmental incidents  50
E
mployees
51
Safety
53
Business ethics 5
4
Human rights 5
6
Community 5
8
Sustainable sourcing  6
0
Policies and guidelines  6
2
Consolidation of  
sustainability statements
 6
3
Sustainability data by unit 6
4
Consolidated sustainability figures  6
7
Stora Enso as a taxpayer
 7
7
Assurance Statement  8
0
AppendixFinancialsRemunerationGovernanceSustainability reportingShareholdersOur peopleOur strategyThis is Stora EnsoOur year 2023

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

Sustainability approach, governance, and stakeholders
Stora Enso drives the transition towards a bio-based circular economy in the three areas where it has the most substantial impact and opportunities: climate change, 
biodiversity, and circularity, while respecting planetary boundaries. The Group’s sustainability approach and ambition is embedded throughout its business operations and decisions.
Approach to sustainability
Stora Enso’s sustainability approach is built on the framework launched in 2021 and is premised 
on actively contributing to mitigate climate change and halt biodiversity loss. The Planetary 
Boundary concept, developed by climate scientists at the Stockholm Resilience Centre, serves 
as the basis for this approach. It offers a scientifically grounded framework that informs and 
guides strategic decision-making.
Building on the Planetary Boundary concept, Stora Enso’s long-term ambition is that all of its 
products and solutions will be 100% regenerative by 2050. This means renewable and fully 
circular products and solutions that help reduce climate impacts by sequestering more carbon 
than they emit and supporting biodiversity restoration. The long-term ambition is supported by 
intermediate targets for 2030. For climate, the Group’s target is to reduce absolute carbon 
dioxide emissions by 50% by 2030 from the 2019 baseline, both in its own production and within 
the value chain. For circularity, the target is to achieve 100% technically recyclable products by 
2030. Finally, Stora Enso’s aim to preserve biodiversity in harvesting is measured with a set of 
biodiversity impact indicators with a target to reach 100% compliance by 2030.
These ambitions stand on a foundation of conducting everyday business in a responsible 
manner. Sustainability is embedded in the Group’s key business processes such as:
• Strategy and business reviews with the divisions
• Product management and innovation
• Investments, and mergers and acquisitions
• Management remuneration
• Funding strategy
Stora Enso has set targets and defined key performance indicators (KPIs) for all the areas in its 
sustainability framework. Progress is regularly monitored on Group level and via quarterly 
divisional business reviews. Consolidated results on the Group’s sustainability performance are 
reported annually (see Sustainability targets) and selected sustainability indicators are also 
reported quarterly in Stora Enso’s interim reports.
Stora Enso acknowledges the importance of the United Nations Sustainable Development Goals 
(SDGs) and supports all seventeen SDGs. Goals 12, 13, and 15 have been identified as the most 
relevant, where the Group has the largest impact through its own operations and products.
Sustainability governance
At Stora Enso, sustainability is owned by the Board of Directors, the President and Chief 
Executive Officer (CEO), and the Group Leadership Team (GLT). The CEO holds ultimate 
responsibility for the implementation of the Group’s sustainability agenda. Sustainability work is 
led by the Executive Vice President, Sustainability, who reports directly to the CEO and is part of 
the Group Leadership Team (GLT). Read more about the management of the Company in 
the Governance section. The Board of Directors’ Sustainability and Ethics Committee (SECo) 
oversees the implementation of Stora Enso’s sustainability agenda, and the Ethics and 
Compliance Strategy. The Committee met four times in 2023 and has also reviewed 
the sustainability disclosures in this Annual Report. The main focus areas of the Committee 
during the year are described in the Governance section.
In 2023, a teach-in was organised for the Board regarding the EU Corporate Sustainability 
Reporting Directive (CSRD). The session primarily emphasised the Board’s oversight duties and 
highlighted the Finance and Audit Committee's role in approving the Board of Directors' report, 
which encompasses the upcoming sustainability reporting requirements. Today, oversight for  
sustainability reporting is exercised by the SECo which, on a quarterly basis, reviews 
a comprehensive sustainability scorecard with a set of targets and metrics that extend beyond 
the interim report. The Committee receives regular updates on specific topics, such as 
biodiversity, water management, carbon, safety, data privacy, and human rights to ensure 
continued capacity building on the most material sustainability topics. SECo is also kept informed 
on business ethics investigations, Supplier Code of Conduct audit findings, and significant 
environmental incidents at Stora Enso. 
1
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35Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders  35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

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

Alongside financial ones, sustainability is one of the performance metrics in Stora Enso’s short 
and long-term incentive programmes (STI and LTI). In the STI programme, non-financial 
sustainability targets represent a 20% weight, and is divided into: occupational safety measured by 
the total recordable incident rate (15%), and the reduction of production units’ direct Scope 1 and 
indirect Scope 2 GHG emissions (5%). In the LTI programme, non-financial sustainability targets 
also represent a 20% weight. In addition to the GHG Scope 1 and 2 targets (10%), the LTI includes 
a target on diversity and inclusion (10%), measured by the share of female managers among all 
managers. For more information, see the Remuneration section.
Stora Enso’s joint operations in Brazil (Veracel) and Uruguay (Montes del Plata) have their 
own sustainability teams. Sustainability topics are regularly discussed by their respective Boards 
which include representatives from Stora Enso. The Sustainability and Communications Support 
Groups at both joint operations convene regularly with representation from both joint venture 
partners. In addition, Stora Enso is represented on the Board of its equity-accounted 
investments, such as the forestry company Tornator in Finland.
Sustainability policies
Stora Enso's Sustainability Policy outlines the Group's overarching stance on sustainability. 
The Stora Enso Code, along with additional policies and guidelines addressing specific 
sustainability issues, provides a more detailed explanation of the Group’s approach. These 
documents not only elaborate on the Company's principles but also serve as guides for 
employees in their day-to-day tasks. The policies and guidelines are reviewed bi-annually. For 
an overview of Stora Enso’s sustainability policies and guidelines, see Policies and guidelines.
Stakeholder engagement
Open dialogue with key stakeholders is crucial to identify concerns, global trends, and market 
expectations successfully and proactively. Stora Enso’s stakeholder engagement work is based 
on both structured and informal interaction, and on regular surveys on topics such as customer 
and employee satisfaction and investor expectations. The Group also obtains important 
information through its formal grievance channels. Examples of key sustainability topics 
discussed with stakeholders are reported in their respective sections in this report.
Materiality
Stora Enso acknowledges the concept of double materiality. When assessing the most relevant topics 
that influence or are affected by the Group’s value chain, Stora Enso takes into consideration both 
financial and non-financial risks and opportunities, as well as the Group’s most significant impacts on 
society and the environment. During 2023, Stora Enso updated its materiality analysis to ensure that it 
prioritises the most relevant sustainability topics in the implementation of its sustainability agenda, 
target setting, and reporting. The analysis was built on the previous assessment conducted in 2020. 
Going forward, the assessment will be updated on an annual basis. 
Impacts were identified and prioritised via internal analysis, and stakeholder views were 
gathered through various sources, focusing on qualitative resources. The assessment 
encompassed financial as well as environmental and societal impacts, with a greater emphasis 
on evolving EU regulations and scientific frameworks such as the United Nations’ 
Intergovernmental Panel on Climate Change (IPCC), the Convention on Biological Diversity, and 
the Planetary Boundaries Framework. The materiality assessment was aligned with the Global 
Reporting Initiative’s (GRI) 2021 recommendations, and was inspired by CSRD guidance. In 
order to ensure alignment with the upcoming legislation, Stora Enso is conducting a new double 
materiality assessment according to EFRAG’s implementation guidelines from December 2023.
 The outcome of the 2023 assessment confirmed that the most material topics for Stora Enso 
remain the same as those in 2020, but some areas have grown in importance. Climate change, 
biodiversity, circularity, and occupational health and safety continue to present the most 
significant financial risks and opportunities for Stora Enso. Value chain related aspects, such as 
sustainable sourcing, and workers and communities affected by the Group’s activities, have 
become more material according to the assessment. Based on the outcome, Stora Enso’s 
ambition to develop 100% regenerative solutions by 2050, along with the areas in its 
sustainability framework focusing on climate change, biodiversity, and circularity, remain valid.
In the context of double materiality, the Group’s assessment of its impacts on the environment 
and people complements and supports the Group’s Enterprise Risk Management (ERM) process 
focusing on financial risks and opportunities. The statutory non-financial information in the Report 
of the Board of Directors includes those sustainability topics that relate to the Group’s key risks 
and opportunities, including assessments of financial impacts on the Company and 
the sustainability impacts of the Company’s operations on society.
2
United Nation’s Sustainable Development Goals
12 Responsible consumption and 
production: Stora Enso’s aim is to offer low-
carbon, renewable, and circular products, 
replacing those made from fossil-based 
materials. In addition to its products, 
Stora Enso contributes to SDG 12 through its 
operations and supply chain. The Group works 
constantly to reuse and recycle materials, to 
minimise waste, and to maximise the value of 
material streams by creating circular material 
flows in the value chain, while reducing its own 
process waste to landfill.
13 Climate action: The Group’s operations 
are based on renewable raw materials and 
sustainable forest management, which 
contribute to climate action. Stora Enso’s 
products help to reduce CO2 emissions by 
providing low carbon, renewable, and 
recyclable alternatives to fossil fuels and other 
non-renewable materials. The Group has set 
science-based targets to reduce CO2e 
emissions from its own operations and across 
its value chain by 50% by 2030, from 
the 2019 baseline.
15 Life on land: Stora Enso’s work with 
forests, plantations, and land use directly 
contributes to SDG 15, which focuses on 
the sustainable management of all types of 
forests, halting biodiversity loss, and 
regenerating biodiversity. Sustainable forest 
management safeguards forest health and 
productivity and protects biodiversity, while 
securing the long-term availability of 
renewable resources. Stora Enso closely 
monitors the management of the forests and 
plantations from which it sources wood.
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36Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders  35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

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

Policy development
The rollout of policies and legislation from national governments, the EU, and international 
forums to achieve the green transition continued throughout 2023. Stora Enso welcomes this 
ambition and believes that the circular bioeconomy has an important role to play in the transition. 
The Group actively engages on all pertinent policy areas, providing constructive and detailed 
evidence to show, for example, how sustainable forest management can enhance biodiversity 
while maintaining forest carbon sinks, or how renewable materials can replace fossil-based 
products. Stora Enso identifies synergies and opportunities within EU regulation and policy 
consultations to seek more sustainable alternatives, particularly in sectors such as packaging, 
batteries, and construction. These are areas where wood can be used for innovative applications 
to replace non-renewable products. Read more about Stora Enso’s public policy work here.
The EU, in particular, has a wide set of legislation and regulations bundled within 
the European Green Deal. In 2023, there were numerous EU policy developments relevant to 
Stora Enso’s business. The Group has continued to engage with decision-makers and relevant 
stakeholders in three priority areas: climate change, biodiversity, and circularity. This includes, for 
example, the proposed Nature Restoration Law, the Packaging and Packaging Waste Regulation 
(PPWR), the Critical Raw Materials Act, and the Construction Products Regulation (CPR).  
The EU Corporate Sustainability Reporting Directive (CSRD) came into force in January 2023. 
Large, listed companies are required to apply the new rules from the start of the 2024 financial 
year. The directive ensures that investors and other stakeholders have sufficient information to 
assess the impact of companies on people and the environment, and to assess financial risks and 
opportunities arising from climate change and other sustainability issues. Meanwhile, 
the Corporate Sustainability Due Diligence Directive (CSDDD) took further steps towards adoption. 
Companies will be required to identify, prevent, halt, or mitigate the negative impacts of their 
operations on people and the environment, and will be required to demonstrate their human rights 
and environmental efforts across their business practices. 
Key memberships in industry and trade associations
Stora Enso is a member of, or represented in, several trade and industry associations across its 
various business areas. The main organisations are listed below:
• The Confederation of European Paper Industries (CEPI), with representation via national 
industry associations
• National memberships in forest industry associations, such as the Finnish and Swedish forest 
industry federations
• National memberships in woodworking industries’ federations in Austria, Finland, and Sweden
• Business Europe
• The International Chamber of Commerce (ICC)
• National memberships in the development of international (ISO) and European (CEN) 
standardisation
• The European Federation of Corrugated Board Manufacturers (FEFCO), with representation 
via national industry associations
• 4evergreen
• The European Organisation for Packaging and the Environment (EUROPEN)
• The European Confederation of Woodworking Industries (CEI-Bois)
• The Alliance for Beverage Cartons and the Environment (ACE)
• The European platform to improve and increase the recycling of beverage cartons (EXTR:ACT)
• The European Carton Makers Association (ECMA)
• The Digital Watermarks Initiative HolyGrail 2.
External assurance:
Stora Enso’s sustainability reporting has been assured by an independent third-party 
provider with a level of Limited Assurance, with GRI Standards serving as criteria. 
Given the Group’s commitment to climate change mitigation and related emissions data 
reliability, a level of Reasonable Assurance, with GHG Protocol serving as criteria, has 
been provided for direct and indirect fossil CO2e emissions (Scope 1 and 2).
Stora Enso’s sustainability 
impact and topics are described 
in the following sections of 
the Annual Report:
• Strategy section: material topics 
in relation to Group’s strategy
• Sustainability reporting: material 
sustainability impacts
• GRI content index
• SASB content index
• TCFD and TNFD frameworks
• EU Taxonomy
Significant stakeholder groups:
• Investors 
• Customers 
• Consumers
• Employees
• Media 
• NGOs
• Policy makers 
• Partners and suppliers
• Forest owners
• Local communities
• Trade unions
Collaboration with non-governmental organisations
Stora Enso actively collaborates with prioritised non-governmental organisations (NGOs). 
The Group is involved in developing industry practices related to climate change, circular 
bioeconomy, sustainable forestry, human rights, and business ethics, as well as in 
the development of sustainability reporting and assurance. Key collaborations in 2023 included:
• Forest certification organisations (FSC and PEFC)
• Climate Leadership Coalition
• Finnish Business & Society (FIBS)
• Global Business Initiative on Human Rights (GBI)
• Science Based Targets initiative (SBTi)
• The Forest Dialogue (TFD)
• Transparency International
• UN Global Compact
• We Mean Business Coalition
• World Business Council for Sustainable Development (WBCSD)
• World Green Building Council (WorldGBC)
• World Wide Fund for Nature (WWF)
• ECO platform
• International Sustainable Forestry Coalition
3
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
37Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders  35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

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

Stora Enso’s sustainability targets and key performance indicators (KPIs)
Sustainability topic Key performance indicator (KPI) Target 2023 2022 2021 Progress comment
Transformation agenda
Climate Reduction of production units’ absolute fossil 
CO2e emissions (Scope 1 and 2)
50% reduction by the end of 2030 
from 2019 baseline
-41% -27% -13% On track – during 2023, Scope 1 & 2 emissions 
decreased mainly as a consequence of lower 
production volumes as well as site and production 
line closures.
Reduction of absolute fossil CO2e emissions 
in supply chain, transportation and customer 
operations (Scope 3)
50% reduction by the end of 2030 
from 2019 baseline
-34% -24% 3% On track – during 2023, Scope 3 emissions 
decreased mainly as a consequence of lower 
production volumes as well as site and production 
line closures.
Biodiversity % of the owned and leased lands in wood 
production and harvesting covered by forest 
certification schemes
Maintain a minimum coverage level of 96% 99% 99% 99% Achieved – the certification coverage has 
remained high. The reporting on biodiversity is 
complemented with specific biodiversity indicators.
Circularity % of technically recyclable products 100% by the end of 2030 94% 94% 94% On track – stable performance with a focus on 
recyclability in  product development.
Responsible business practices
Materials, residuals, 
and waste 
Process residuals utilisation rate (%) Maintain a minimum utilisation level of 98% 99% 99% 98% Achieved – stable performance with a high 
utilisation rate of process residuals.
Energy Projected energy savings, % (MWh saved/
MWh total energy used, electricity, heat, 
and fuels)
1.1% annual energy saving until 2030 -0.7% -1.1% -0.6% Not achieved –  projected energy savings below 
target, focus on optimisation of energy efficiency 
with targeted measures at production sites.
Water Process water discharges per saleable tonne 
of board, pulp, and paper (m3/t)
17% reduction by 2030 from 
2019 baseline (36m3/tonne)
35 34 33 Behind – lower production volumes are currently 
adversely affecting the performance per saleable 
tonne, as a regular water flow needs to be 
maintained, particularly in wastewater treatment.
Total water withdrawal per saleable tonne 
of board, pulp, and paper (m3/t)
Decreasing trend from 2016 baseline (60m3) 61 57 54 Not achieved – performance impacted by lower 
production volumes (see above). 
Environmental 
incidents
Number of significant non-compliance events Zero non-compliance events 14 16 8 Not achieved – significant non-compliance events 
occurred despite prevention measures. Increased 
management focus was placed on the topic. 
Employees Diversity and inclusion: % of 
female managers among all managers
25% by the end of 2024 24% 23% 23% On track – at the end of 2023, the share of female 
managers was 24%, progressing in line with 
the target set for 2024. Efforts continue to further 
enhance diversity and inclusion. 
Safety Total Recordable Incident (TRI) rate 4.9 milestone by the end of 2023 4.7 5.9 6.2 Achieved – target was exceeded by prioritising 
preventive safety measures and reinforcing 
divisions’ accountability on improving 
performance. 
Business ethics Ethics and Compliance Index Positive trend 8.9 8.7 n/a Achieved – improved score in the Ethics and 
Compliance Index.
Human rights Implementation of human rights due diligence 
programme across the value chain
Ensure efficient implementation of human 
rights due diligence programme
Implementing 
pilot phase 
findings into 
operations and 
processes
3 pilots targeting 
key risk areas
Continuous 
improvements
On track – continued focus on human rights 
due diligence.
Community Community Investment (CI): % of working 
hours and in-kind in the total CI
Increase to 70% by 2023 while also 
increasing the total CI
39% 41% 42% Not achieved – in 2023, the Community 
Investment target was closed. A new 
measurement reflecting the decentralised 
operating model is under consideration.
Sustainable sourcing % of supplier spend covered by the 
Supplier Code of Conduct (SCoC)
Maintain a minimum coverage level of 95% 95% 96% 96% Achieved – slight decline in the coverage level of 
the SCoC, but performance remains on target. 
4
For accounting principles and restatements of historical figures, see the Consolidated sustainability figures.
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
38Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

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

Climate change: emissions
The Intergovernmental Panel on Climate Change (IPCC) stresses the urgency of 
ambitious, near-term climate action and accelerated measures to limit global warming 
to 1.5°C. Furthermore, the planetary boundary for climate change – one of the two 
core boundaries – has already been crossed*. Both mitigation and adaptation efforts 
are now imperative, necessitating systemic change across sectors. Stora Enso is 
committed to reducing emissions in its own production, as well as across its value 
chain in line with the Science Based Targets initiative’s 1.5-degree pathway. 
*Stockholm Resilience Center
Progress
Stora Enso has a long history of greenhouse gas emissions reporting, having set its first related 
target in 2007. Stora Enso was the first forest products company to set a science-based target 
(SBT) in 2017 to reduce its GHG emissions, achieving the target nine years ahead of schedule. 
In 2021, Stora Enso raised its ambition to align with the 1.5-degree scenario. The updated target 
is to reduce absolute CO2e emissions in both own production (Scope 1 and 2) and within 
the value chain (Scope 3) by 50% by 2030, from the 2019 baseline. In 2023, Stora Enso 
reinforced its climate commitment by joining The Climate Pledge initiative, with a commitment to 
achieve net zero carbon emissions by 2040, across all three Scope categories.
Scope 1 and 2 CO2e emissions 
In line with the Group’s Carbon Neutrality roadmap, Stora Enso continued its decarbonisation 
efforts, such as changing fuel types from fossil to biomass fuels, shifting to low-carbon electricity, 
and improving energy efficiency. During 2024–2025, Stora Enso continues to invest in projects 
that, in addition to business targets, aim at reaching the CO2e targets. Additionally, 
the announced site closures will impact the emission reduction outcome.
Stora Enso’s operations largely utilise renewable biomass fuels from forest and process 
residuals, resulting in a high share of biogenic CO2 emissions. In 2023, 86% of the total direct CO2 
emissions from the Group’s own operations were carbon neutral, originating from biomass fuels.
Scope 3 CO2e emissions
Scope 3 accounting differs inherently from Scope 1 and 2, as it involves activities outside of 
a company's direct control. It remains a developing field, partly due to the limited availability of 
primary data. In 2023, Stora Enso continued with enhanced actions to lead an internal 
programme for increasing the amount of primary data to establish a better-informed baseline, 
improve the accuracy of data collection, and support data-driven development actions and 
investments. Within this programme, Stora Enso aims to automate the majority of its Scope 3 
accounting, enhancing the granularity of data down to production unit level. 
In 2023, Scope 3 emissions accounted for approximately 76% of Stora Enso’s total CO2e 
emissions. The most significant climate impacts in the Group’s value chain are generated from 
the sourcing and manufacturing of raw materials, the further processing of products by 
customers, and in the transportation of raw materials and final products. To read more about 
Scope 3 emissions actions in the Group’s supply chain, see Sustainable sourcing.
5
For a full set of performance indicators and accounting principles, see the Consolidated sustainability figures.
Targets and performance
Reduction of absolute Scope 1 and 2 CO2e emissions from operations 
by 50% by 2030 from the 2019 baseline
Reduction of absolute Scope 3 CO2e emissions in supply chain, transportation, 
and customer operations by 50% by 2030 from the 2019 baseline
Key Performance Indicator (KPI) 2023 2022 2021
Reduction of production units’ absolute fossil CO2e emissions (Scope 1 and 2)1  -41 %  -27 %  -13 %
Reduction of absolute fossil CO2e emissions in supply chain, transportation 
and customer operations (Scope 3)1  -34 %  -24 %  3  %
1 Historical figures are restated due to structural changes or additional data after the previous annual report.
On track – during 2023, Scope 1 & 2 emissions decreased mainly as a consequence of lower 
production volumes as well as site and production line closures.
On track – during 2023, Scope 3 emissions decreased mainly as a consequence of lower 
production volumes as well as site and production line closures.
Key actions to drive performance
• Stora Enso’s Carbon Neutrality Roadmap as a key tool in greenhouse gas scenario 
assessment guiding short- and long-term fossil CO2e reduction actions
• Increasing the share of clean energy sources and improving energy efficiency
• Scope 1 and 2 reduction targets linked to management remuneration
• Developing an automated Scope 3 accounting system and improving the accuracy of 
collected data
• Further improving Scope 3 performance by enhancing efficiency and lowering carbon 
intensity together with the supply chain, transportation, and customer operations
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
39Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

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

Stora Enso’s wider climate impact is presented in the section Our strategy, including 
the carbon stored in products, carbon sequestered by the Group’s forests, and carbon saved by 
substituting fossil-based materials. 
Ways of working
Stora Enso’s climate ambition and actions are in line with the Paris Agreement and the SBTi’s 
1.5 °C pathway. Stora Enso supports the European Green Deal, which provides an action plan to 
boost the economy through green technology, promoting sustainable industry and transport, and 
cutting pollution. The currently evolving GHG Protocol’s Land Sector and Removals Guidance 
will provide direction on how companies and organisations should account for greenhouse gas 
emissions and carbon removals from land use, land use change, bioenergy, and related topics in 
their greenhouse gas inventories. Stora Enso has actively participated in the GHG Protocol 
Secretariat to provide feedback.
The Group’s Carbon Neutrality Roadmap is complemented by the divisions’ own carbon 
neutrality roadmaps which guide their work towards reaching the emission reduction targets. 
To support the implementation of the roadmap, training for employees on energy conservation 
and climate actions are embedded in the sites’ management systems. The Scope 1 and 2 CO2e 
targets are always part of the Group’s capital expenditure assessment. 
Since 2022, Stora Enso’s Scope 1 and 2 targets have been included in the Group’s short- and 
long-term incentive programmes. For more information, see the Remuneration section.
To progress towards its Scope 3 CO2e reduction target, Stora Enso collaborates closely with 
suppliers to further enhance efficiency and to lower carbon intensity. An essential tool for 
enforcing emission reductions is the Stora Enso Supplier Code of Conduct, the common set of 
requirements for all suppliers. Additionally, as part of the tendering process, suppliers are 
required to submit data on their carbon emissions. 
Climate scenarios
Stora Enso continuously assesses and works to improve its climate scenario modellings in order 
to better analyse the resilience of the Group’s assets and operations in different scenarios, and 
to support the planning of mitigating actions at the sites accordingly. Financial risks and 
opportunities related to climate change are evaluated through the annual Enterprise Risk 
Management (ERM) process. Stora Enso is aligned with the Task Force for Climate-related 
Financial Disclosures (TCFD) and utilises physical and transition risk scenarios to assess 
the potential impacts of climate change. Read more in the Financials (Climate-related 
financial disclosures).
Carbon offsetting
Stora Enso’s primary means of reducing fossil carbon emissions is through direct action within its 
own operations and value chain. The Group’s corporate carbon performance is reported without 
offsets as advised by Science Based Targets initiative. Despite direct action being the primary 
means of emissions reduction, some emissions currently remain unavoidable. Therefore, carbon 
offsetting is used in some of the Group’s products as a way to offer materials that can help 
customers to reduce their climate impact. Offsetting for products is done only through projects 
that are measurable and third-party verified, for example, in accordance with the Gold Standard.
Scope 3 reduction roadmap, Packaging Materials
In 2023, the Packaging Materials division took significant strides to advance its Scope 3 
reduction objectives, in line with the Group target, and concentrating on three key 
categories with the most pronounced impact: 
1) Sourcing of chemicals and non-fiber raw materials: Reduction efforts encompass 
supplier collaboration with a focus on identifying suppliers committed to emissions 
reduction. Actions in the division’s own product development and innovation include, for 
example, reducing bleaching and mineral coatings, and the light-weighting of barrier layers.
2) Processing of sold products: Enhancing data quality by collecting primary data 
from customers.
3) Downstream transportation: Entering strategic partnerships with logistics solutions 
providers to accelerate the transition towards electric vehicles and biofuels.
Piloting carbon capture technology in Sweden
Stora Enso is piloting novel carbon capture technology (CCS) at Skutskär pulp production 
site in Sweden to capture biogenic CO2 from the site’s flue gases. One of the advantages 
of the used technology is that it enables the process to be carried out by utilising site’s 
waste heat. The pilot is part of the EU’s four-year ACCSESS project supporting widespread 
CCS deployment in Europe. 
Stora Enso commits to net zero carbon emissions by 2040
In 2023, Stora Enso joined the The Climate Pledge platform designed to bring the world’s 
largest companies together to work towards achieving net zero carbon emissions by 
2040, ten years ahead of the Paris Agreement. Committing to net-zero emissions is 
a logical step for Stora Enso in its long-term ambition to become net carbon positive, and 
to offer 100% regenerative products and solutions by 2050. As a signatory, Stora Enso 
seeks to drive change and accelerate decarbonisation through energy efficiency 
improvements, shifting to renewable fuels and electricity, and active collaboration with 
value chain partners.
6
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
40Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

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

Sustainable forestry 
and biodiversity
Biodiversity is fundamental to the planet and to people, supporting functioning 
ecosystems. It is impacted by human interventions and interlinked with climate 
change, meaning more actions are needed to reverse both biodiversity loss and rising 
temperatures. These efforts are being actively shaped through international 
agreements and initiatives. Sustainable forest management promotes vital and 
growing forests, which bind carbon dioxide from the atmosphere and preserve 
biodiversity while securing the long-term availability of wood. At the same time, forests 
must be able to adapt to a changing climate. Stora Enso is one of the largest private 
forest owners in the world, and recognises its responsibility to safeguard forests and 
nature, striving for a net positive impact on biodiversity.
Progress
Biodiversity Leadership Programme
To achieve a net positive impact on biodiversity, Stora Enso has set an over-arching Biodiversity 
Leadership Programme for an integrated, long-term approach. It includes four streams:
1. Biodiversity alignment on a global scale
2. New value innovation
3. Data, modelling, and analytics
4. Concrete biodiversity actions in the forest  
In 2023, Stora Enso continued developing ways to measure and achieve a net positive impact 
on biodiversity. To verify this impact and speed up the pace of change, it is key to collaborate 
globally and combine data-driven decision-making and modelling with adaptive forestry actions.
The development of the Group’s biodiversity indicators continued throughout the year. In 
2021, Stora Enso organised some of its most impactful biodiversity actions practised during 
harvesting into common impact indicators for Finland, Sweden, and the Baltics. In 2023, 
the data collection was advanced with digitalisation to ensure harmonised reporting in the field. 
2023 also saw further development of two sets of biodiversity indicators that monitor long-term 
biodiversity trends in the Group’s own forests and tree plantations (see details on the Group’s 
biodiversity website).
Biodiversity actions in Northern forests
Targeted biodiversity action programmes involve concrete measures in Finland, Sweden, and 
the Baltics. Forest certifications set the basis in each country, but Stora Enso’s programmes go 
beyond certification requirements, especially in company-owned forests where the Group 
controls the decision-making process. 
The biodiversity action programme for Stora Enso’s own forests in Sweden has five focus 
areas with measurable targets for 2030: measures to improve specific habitats, restoration of 
waterways and wetlands, enhancement of deadwood, promoting broadleaved trees, and actions 
designed for red-listed species. Major achievements in the Group’s land holdings included rolling 
out restoration plans for three wetlands, controlled burnings to promote habitats vital for fire-
dependent species, and the further development of the Group’s umbrella species concept.  
7
Key actions to drive performance
• Biodiversity Leadership Programme to drive alignment with external priorities, innovation, 
and adaptive actions to improve biodiversity at species, habitat, and landscape levels
• Developing and implementing ways to model, monitor, and measure the journey towards 
a verifiable net positive impact
• Biodiversity action programmes in own forests in Sweden and in wood supply in Finland, 
Sweden, and the Baltics
• Measuring performance: impact indicators for biodiversity in harvesting and state indicators 
for biodiversity conditions in own forests and plantations
• Using own forests as a platform to explore and research new forestry practices for 
biodiversity, forest growth and carbon sink, resource efficiency, and climate adaptation
Achieved – the certification coverage has remained high. Certain purchased areas in Stora 
Enso’s joint operations in Brazil and Uruguay were in the certification process, but not yet 
certified by the end of 2023. The reporting on biodiversity is complemented with specific 
biodiversity indicators.
Biodiversity impact indicators to protect biodiversity 
Biodiversity impact indicators measure how well biodiversity is preserved in harvesting, according to 
internal standards and requirements. Stora Enso’s current target is to reach 90% performance for 
each indicator, meaning that at least 90% of surveyed sites meet the best practices for biodiversity 
as defined in the Group’s biodiversity requirements. The target is 100% compliance by 2030.  
Biodiversity indicators1 2023 2022 2021
High stumps  84%  71%  70% 
Ground deadwood  81%  84%  92% 
Soil and water  96%  95%  86% 
Habitats  98%  85%  89% 
Tree retention  87%  87%  89% 
Buffer zones  91%  93% n/a
Total  90%  86%  87% 
Performance is assessed through a sample of  harvesting sites in Finland, Sweden, and the Baltics, reported as weighted average. 
For details on each indicator and region, see Stora Enso’s biodiversity impact indicator webpage.
1 Historical figures are restated due to a change in accounting method after the previous annual report.
Targets and performance
Achieve a net positive impact on biodiversity in Stora Enso’s own forests 
and plantations through active biodiversity management
Maintain a minimum coverage level of 96% for forest certification
Key Performance Indicator (KPI) 2023 2022 2021
% of the owned and leased lands in wood production and harvesting covered by 
forest certification schemes  99%  99%  99% 
For a full set of performance indicators and accounting principles, see the Consolidated sustainability figures.
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
41Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

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

Due to the importance of mixed forests, increasing the population of broadleaved trees on its 
own forest land is also one of the targets of Stora Enso’s Green and Sustainability-linked 
Financing Framework, launched in 2023, and one of the first of its kind to include a dedicated 
biodiversity target. The key performance indicator focuses on birch, which is the most important 
native broadleaved species in Nordic forestry. By 2030, Stora Enso aims to plant at least 
3.4 million birch trees in its forests to enhance biodiversity and build long-term resilience and 
adaptation to climate change.
In Finland, the biodiversity action programme supports private forest owners’ efforts to drive 
biodiversity in four focus areas: deadwood and tree retention, conservation and restoration, 
water protection, and enhancing habitats. Key actions in 2023 included wetland restoration with 
associate company Tornator, forest stream conservation with Tornator and WWF Finland, rolling 
out a biodiversity premium pilot for forest owners, and promoting naturally regenerating 
broadleaved trees by planting less spruce. Similar programmes are being developed for forest 
owners in the Baltics and Sweden.
Protecting biodiversity on plantations 
Stora Enso’s 50% joint operation Veracel in Brazil protects and restores biodiversity in 
the Atlantic rainforest. When Veracel began operations in 1991, only a fraction of the original 
Atlantic rainforest was left in the region following extensive logging and clearing for cattle 
ranching. Since the plantations were established, Veracel has worked systematically to protect 
and restore local biodiversity. Half of Veracel’s land areas (115,000 hectares) is now dedicated to 
rainforest preservation and restoration, and Veracel aims to restore around 400 hectares of 
rainforest habitat every year through planting of native species. Between 1994 and 2023, a total 
of 8,200 hectares have been restored.
Ways of working
To cover all aspects of sustainability in Stora Enso's wood and fiber sourcing and land management, 
the Group applies the same comprehensive policy and guidelines for the wood procurement 
process in all its operating regions. The Wood and Fiber Sourcing, and Land Management Policy 
covers the entire cycle of forest and tree plantation management. The policy requires sustainable 
forest management through responsible sourcing and land use in order to safeguard the health and 
ecological function of ecosystems and to conserve biodiversity, soil, and water.
Sustainable forest management for healthy forests
Sustainable forest management encompasses environmental, social, and economic factors and 
constitutes an integral part of Stora Enso’s work, both in boreal forests and on plantations. 
The most common forest management method in the Nordics is retention forestry, in which 
measures to promote biodiversity are integrated into harvest operations. In this method, the 
forest lifecycle is around 60–100 years, after which most of the trees are harvested with special 
consideration to biodiversity. After final felling, forest is regenerated by planting new trees. 
In 2023, Stora Enso planted and delivered over 41.5 million tree seedlings in the Nordics and 
the Baltics. In addition to retention forestry, alternative practices are explored in company-owned 
forests to learn more about their potential impacts on biodiversity and growth. Stora Enso has 
long-term strategic tree breeding programmes to provide new generations of trees for improved 
growth and resilience to climate change. In Sweden, three company-owned nurseries supply 
future-fit, genetically diverse seedlings for regeneration. 
Forest certification and deforestation-free practices
Stora Enso uses forest certification and third-party traceability systems to know the origin of all 
the wood it uses and to ensure that it comes from sustainable sources. These include the Forest 
Stewardship Council’s (FSC1) Chain of Custody/Controlled Wood scheme, the Chain of Custody/
Due Diligence System of the Programme for the Endorsement of Forest Certification (PEFC), 
and the ISO 14001 environmental management system.
Stora Enso’s Supplier Code of Conduct complements these tools by imposing strict 
contractual requirements on suppliers. In 2023, Stora Enso started work to improve digital wood 
traceability in accordance with the new EU Deforestation-free Regulation. With forest 
regeneration measures, strict enforcement, and various tools in place to ensure sustainable 
forest management and wood sourcing, Stora Enso does not engage in the deforestation or 
depletion of the world’s forests.
Similar to the Group’s managed semi-natural boreal forests, plantations are also certified to 
ensure the consideration of all sustainability aspects. Stora Enso never establishes plantations in 
natural forests, protected areas, or water-sensitive locations, and only uses land with low 
biodiversity values, such as former pastureland. Plantations typically consist of a mosaic of areas 
for intensive wood production and biodiversity conservation. The Group recognises that its 
plantations are an integral part of local land use, and therefore evaluates and defines sustainable 
land use practices specifically for each location.
1 Stora Enso Communications’ FSC® trademark license number is FSC-N001919.
Stakeholder concerns and collaboration
Stora Enso works actively with its stakeholders to ensure different communities continue to have 
access to forests as a source of livelihood, prosperity, food, and recreation. There are growing 
expectations for increased forest protection and changes to existing forestry practices. 
Stora Enso is an active member of numerous local and global forestry associations, networks, 
and initiatives. The Group has been a member of the Forest Solutions Group (FSG) of the World 
Business Council for Sustainable Development (WBCSD) since the late 1990s and continues to 
support and participate in The Forests Dialogue (TFD). In 2023, Stora Enso joined the new 
International Sustainable Forestry Coalition (ISFC) to support dialogue around forestry and 
renewable materials. Stora Enso's approach to the recommendations of the Taskforce on 
Nature-related Financial Disclosures (TNFD) is described in the Board of Directors Report.
Research and NGO collaborations enable Stora Enso to actively preserve nature and follow 
the latest findings. In 2023, the Group continued its various nature conservation projects with 
WWF Finland and its long-term cooperation with the Swedish University of Agricultural Sciences 
(SLU) on biodiversity, forest growth and yield, and remote sensing.
8
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
42Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

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

Circularity
The pressing issues of climate change, biodiversity loss, and resource scarcity underscore 
the urgency of transitioning from a linear to a circular economy. Globally, only 7.2%* of all 
material inputs are materials that are cycled back into the global economy after their end-
of-life. This highlights the need for active collaboration to advance circularity and to 
strengthen collection and recycling infrastructure. With renewable and recyclable materials 
and solutions, Stora Enso is positioned at the core of circular bioeconomy. Long-lived, 
wood-based products serve as carbon capturers, and can be reused, recycled or used for 
energy at the end of their lifecycle.  
* Circle Economy: The circularity GAP report 2023
Progress 
Stora Enso’s approach to circularity is driven by a commitment to reduce, reuse, and recycle 
materials and resources in both production and consumption. 
Throughout the year, Stora Enso continued to develop and improve the recyclability of its products, 
thereby enhancing the potential for reducing the use of virgin resources. These efforts have 
yielded a range of new packaging solutions, such as the circular packaging material for frozen 
and chilled food and renewable, leak-tight flower packaging. With optimised packaging and 
the right functionality to safeguard the product, the amount of material used, and waste created, 
can be minimised, while also expanding the product’s lifespan. One of the focus areas is to 
improve the circularity of barrier coatings in packaging. An example of this is Rematch, a joint 
collaboration with industry partners launched in 2023 with the objective to develop 
the separation of polymer from fiber in barrier-coated materials.
Advancing the reuse of wooden building materials
Stora Enso aims to extend the value of used wood products and building materials through 
modular building solutions that support multiple uses throughout their lifecycle. The Group’s 
‘design for reuse’ concept encompasses repurposing existing wooden building elements for 
a new function. An example of this is the new mixed-use building concept, which enables 
multiple upcyclings of the building structure for various purposes. This approach, requiring co-
operation within the value chain, contributes to a reduction in carbon emissions and waste, 
compared to traditional demolition and redevelopment. Furthermore, wood products play a vital 
role in storing carbon throughout their entire lifespan. 
To further promote the upcycling, recovery, and recycling of wood construction waste in 
Europe, Stora Enso joined an EU-funded research programme, Woodcircles.
Value from recycled fibers
Both renewable virgin fibers and recycled fibers are needed to sustain a circular economy. Stora Enso 
is one of the largest Paper for Recycling (PfR) consumers in Europe. Through cooperation with 
local authorities and waste management companies, and by managing its own collection facilities, 
Stora Enso secures a sufficient supply of PfR. Recycled newspapers and magazines are used to 
produce certain paper grades at Stora Enso’s Langerbrugge site in Belgium, and recovered board 
is used to make specific containerboard grades at the Ostrołeka site in Poland and at the Varkaus 
site in Finland.  In Poland, Stora Enso owns and manages a network of 15 depots, where PfR is 
collected and baled for transportation to the Ostrołeka site, and to external PfR customers.
9
For a full set of performance indicators and accounting principles, see the Consolidated sustainability figures.
Targets and performance
Achieve 100% technically recyclable products by 2030
Key Performance Indicator (KPI) 2023 2022 2021
% of technically recyclable products  9 4  %  9 4  %  9 4  %
On track – stable performance with a focus on recyclability in  product development.
Key actions to drive performance
• Increased focus on circularity in the innovation and design processes to ensure recyclability 
of products
• Full adoption of the Stora Enso Circular Design Guidelines across the Group by 2025
• Collaboration with customers and partners on improving material efficiency to reduce 
the environmental impact of products and processes
• Driving change on system level and promoting the actual recycling of products in joint efforts 
with the value chain
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
43Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

===== SIDA 44 =====

Driving recyclability within the value chain
Facilitating the recyclability of a product at its end-of-life necessitates that its material 
components are designed accordingly from the beginning. Designing for recyclability involves 
the wider value chain, emphasising partnerships and collaboration as critical means to actively 
contribute to the development of future collection, sorting, and recycling infrastructure, as well as 
to promote the advancement of recycling technology and awareness. The infrastructure to 
collect, sort, and recycle waste still varies both nationally and locally. 
For fiber-based packaging, Stora Enso’s aim is to achieve an 85% actual recycling target in 
Europe by 2030 through active industry collaboration. One of its key areas of engagement is 
the 4evergreen alliance, a European circular economy platform with a particular emphasis on 
enhancing circularity in household, out-of-home, and on-the-go packaging. In 2023, the alliance 
released an updated version of its Circularity by Design Guideline, with new guidance on how to 
design beverage packaging that is recyclable from the very beginning. It also released the beta 
version of its Fibre-Based Packaging Recyclability Evaluation protocol, expected to create an 
improved and standardised framework for evaluating the recyclability of packaging products in 
Europe. As a third deliverable, an updated version of the ‘Guidance for Collection & Sorting’ was 
published with guidelines for the improved collection and sorting of fibre-based packaging.
Stora Enso also continued its engagement in The Cup Collective initiative, a collaboration with 
Huhtamaki  that aims for recycling and capturing the value of used paper cups on an industrial scale.
Ways of working
Through an in-depth customer understanding and close relationships with its customers, 
Stora Enso designs products to be functional and valuable throughout their lifecycle. To achieve 
circularity and the technical recycling of its products, Stora Enso’s Circular Design Guidelines 
contain principles that serve as guidance for all divisions, whether planning to create new 
processes and solutions or to update existing ones. These guidelines will be fully adopted in 
the innovation and product management processes by 2025. Recyclability tests and 
assessments are carried out where applicable. In the Packaging Materials division, a ‘Product 
Life Cycle Operating Model’ has been established to support a holistic product circularity 
approach for innovations.
In 2023, Stora Enso introduced an internal ‘Regenerative Scorecard’ to screen new and 
existing products for inclusion in a future regenerative products portfolio. The circularity 
indicators included in the scorecard are related to material utilisation, recyclability, and the use 
and re-use of recycled and renewable materials. The implementation of the scorecard will 
continue in 2024. 
Stora Enso actively participates in external initiatives and associations dedicated to advancing 
recycling practices in society. In addition to the 4evergreen alliance, Stora Enso participates in 
The Digital Watermarks Initiative HolyGrail 2.0, which focuses on the development of innovative 
solutions aimed at improving the efficiency of sorting used packaging materials. To drive 
collection and recycling within the beverage carton sector, the Group participates in regional and 
global platforms. These platforms include the Alliance for Beverage Cartons and the Environment 
(ACE), The European Federation of Corrugated Board Manufacturers (FEFCO), and 
the EXTR:ACT platform. Stora Enso also cooperates with local authorities and waste 
management companies to increase the number of available facilities and to further promote 
recycling in society.
One of the pivotal legislative initiatives related to Stora Enso’s product offering and circularity 
is the EU Packaging and Packaging Waste Regulation (PPWR), a fundamental pillar of 
the Circular Economy Action Plan of the European Green Deal. The primary objective of this 
proposal is to ensure that all packaging in the EU is reusable or recyclable in an economically 
viable way by 2030. Furthermore, the proposed Construction Products Regulation (CPR) lays 
down harmonised EU rules for making construction products available on the market. The new 
regulation will align construction products with circular economy principles, so that they last 
longer, are easier to repair, and can be recycled at the end of their lifespan.
One of Europe’s main recycling hubs for beverage cartons
In 2023, a new fiber recycling line for post-consumer beverage cartons began operations 
in Ostrołęka, Poland. The line is set to triple the country’s annual recycling capacity of post-
consumer beverage cartons and has the potential to recycle the entire volume of beverage 
cartons sold in Poland, with additional volumes from Central and Eastern Europe. The non-
fiber fraction of beverage cartons, polyAI, is recovered and will be recycled in a dedicated 
facility by Tetrapak.  
Woodcircles targets large-scale circular use of wood in construction 
The construction sector is responsible for over 35% of the EU’s total waste generation. 
To realise its full circular potential, it is crucial to establish value chains that address wood 
construction waste. Woodcircles is a European innovation project dedicated to substantially 
enhancing the circular utilisation of wood in construction. The primary goal is to reduce 
waste generation and resource consumption by promoting the increased use and reuse of 
wood. As a partner in this project, Stora Enso is responsible for the development of a 100% 
recycled construction product. The consortium is spearheaded by 20 partners.
Recyclable, biobased-foam for consumer packaging
Stora Enso has developed a bio-based, recyclable packaging foam made of cellulose that 
is derived from wood. The raw materials are sourced from sustainably managed forests 
and produced without solvents, blowing agents, or hazardous chemicals. The bio-based 
foam is lightweight and shock absorbent, making it an ideal choice for protective packaging 
applications. The product is currently in the pilot phase, with the aim to to gradually scale 
up operations.
10
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
44Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

===== SIDA 45 =====

Product stewardship
Stora Enso's comprehensive product stewardship approach starts with material sourcing and extends across the entire product lifespan, including end-of-life management. 
This involves the assessment of health, safety, and environmental aspects at each stage. Life cycle assessments offer factual, verifiable insights for comparing and reducing 
environmental impacts.
Product safety  
Stora Enso requires all its suppliers to comply with the Group’s product safety requirements. 
Products covered by specific safety regulations include food contact materials, materials for toys, 
packaging for pharmaceuticals, and materials for personal care and hygiene products. Units 
producing these sensitive materials follow Good Manufacturing Practices – a set of widely 
recognised guidelines incorporated into EU regulations. Stora Enso follows legislation designed 
to protect human health and the environment, including regulation on chemical substances 
(REACH), the Biocidal Products Regulation, the Classification, Labelling, and Packaging 
Regulation, and relevant food contact legislation concerning food safety.
Per- and polyfluoroalkyl substances (PFAS) are a large group of synthetic chemicals widely 
used by various industries. Stora Enso’s production sites do not use or intentionally add any 
PFAS in the manufacturing of paper and paperboard products. Instead, the Group uses 
alternative barrier solutions in its packaging products to provide the necessary protection. 
Certified sustainability  
The ISO 22000, FSSC 22000, BRCGS, and FDA product safety certificates issued to many of 
Stora Enso’s units further ensure that a systematic approach to food safety issues is applied. 
ISO 9001, ISO 14001, ISO 50001, and ISO 45001 certified systems help to identify and meet 
customer requirements as well as to systematically improve product quality and environmental, 
energy, and occupational safety management. All the Group’s construction products are CE 
marked to guarantee that they comply with the relevant EU legislation. Many of Stora Enso’s 
products are FSC or PEFC certified or receive other verification for responsible chain-of-custody 
and due diligence. The proportion of third-party certified wood in Stora Enso’s total wood supply 
was 81% in 2023. 
Life cycle assessments
Stora Enso collects and regularly updates product-specific life cycle inventory data, which is 
typically used in Life Cycle Assessments (LCAs) conducted by Stora Enso’s experts and 
customers, often in collaboration with academia, expert organisations, or industry associations. 
The LCAs help to evaluate the environmental performance of products, enabling a comparison 
between the impacts of renewable products to those of fossil-based alternatives. 
Environmental product declarations for building products
Environmental Product Declarations (EPD) offered for all Stora Enso’s building products provide 
third-party verified information about the product’s environmental performance throughout its life 
cycle and are in line with relevant ISO and EN standards. EPDs help customers to assess 
the life cycle impacts of their construction projects and are an important resource for customers 
who wish to apply for building certification schemes or ecolabels for their products. Stora Enso is 
a member of the ECO Platform association, working to promote the sustainable development of 
the construction sector by providing credible and scientifically correct product data in EPDs. 
In 2023, Stora Enso published updated EPDs for cross-laminated timber (CLT) and laminated 
veneer lumber (LVL) indicating further improved environmental performance compared to 
comparison years. For more details on EPDs and carbon footprint calculations, see 
storaenso.com.
Fiber-based transportation trays for plants
Stora Enso, together with Norway's largest wholly-owned flower retailer chain, has 
developed a renewable, fiber-based tray for transporting plants. The horticulture trays are 
made from Stora Enso’s formed fiber with the required qualities for stiffness, water 
resistance, and efficiency in logistics. The LCA studied multiple impacts, and as one 
example, it shows that the formed fiber trays help to cut CO2 emissions by approximately 
55-80% in comparison to single-use plastic alternatives, including recycled plastics. 
The trays are produced in Sweden with sustainably sourced Nordic wood fiber, using 100% 
fossil-free energy. The trays were successfully tested and shown by customers in 
Scandinavia to consistently withstand at least three reuses. Read more here.
Developing a holistic Life Cycle Sustainability Assessment method
Stora Enso is a member of a European consortium, ORIENTING, which strives for 
the development of a level playing field for products based on transparent and verifiable 
sustainability information through a robust methodology for Life Cycle Sustainability 
Assessments (LCSAs). The methodology adopts an integrated approach for assessing and 
managing environmental, social, and economic impacts of products, covering also 
circularity and the criticality of raw materials. As part of the consortium, Stora Enso is 
piloting the new methodology with a beverage carton.
11
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
45Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

===== SIDA 46 =====