===== SIDA 1 ===== Financial Statements Release 2025 Results summary 2 Outlook 3 CEO comment 4 Group results 5 Segment results 9 Sustainability 12 Events 13 Sensitivity analysis and short-term risks 14 Shareholders' Nomination Board 14 Annual General Meeting 2026 15 Proposed dividend 15 Financials 16 IFRS section 16 Alternative performance measures 25 Contacts 28 On the cover: Food packaging (FBB – Tambrite Aqua+) ===== SIDA 2 ===== Sharpened strategic focus Quarterly financial highlights (compared with Q4/24) • Sales decreased by 3% to EUR 2,254 (2,322) million, mainly due to lower board and pulp prices, partly offset by the impact from acquisition of Junnikkala and the consumer board line ramp-up at the Oulu site. • Adjusted EBIT decreased by 17% to EUR 100 (121) million, driven by lower pulp prices and adverse currency effects, as well as the ramp-up of the new line in Oulu, which impacted the Q4 result negatively by EUR 31 million. The adjusted EBIT margin decreased to 4.5% (5.2%). • Operating result (IFRS) was EUR 476 (-279) million, including items affecting comparability of EUR -90 (-768) million, and fair valuations and other non-operational items of EUR 466 (368) million mainly driven by an increase in the fair value of biological assets. • Earnings per share were EUR 0.46 (-0.43) and earnings per share excl. fair valuations (FV) were EUR -0.03 (-0.81). • The fair value of the forest assets was EUR 8.5 (8.9) billion, equivalent to EUR 10.75 per share, reflecting the impact of the divestment of 12.4% of forest assets in Sweden. • Cash flow from operations amounted to EUR 337 (325) million, positively impacted by improvement in working capital. • The net debt to adjusted EBITDA (LTM) ratio improved to 2.8 (3.0). • Adjusted ROCE excluding the Forest segment (LTM) was 2.7% (3.6%). Year 2025 results (compared with full year 2024) • Sales were EUR 9,326 (9,049) million. • Adjusted EBIT was EUR 528 (598) million. • Operating result (IFRS) was EUR 942 (93) million. • Earnings per share (EPS) were EUR 0.88 (-0.17) and EPS excl. fair valuations (FV) was EUR 0.41 (-0.56). • Cash flow from operations amounted to EUR 897 (1,187) million. Cash flow after investing activities was EUR 122 (74) million. Proposed dividend The Board of Directors will propose a dividend of EUR 0.25 (EUR 0.25) per share at the Annual General Meeting on 24 March 2026. The Board of Directors proposes that the dividend be paid in two instalments, during the second and fourth quarter of 2026. Key highlights • Stora Enso is preparing for the separation of its Swedish forest assets business into a new publicly-listed company, expected to be completed during the first half of 2027. • Stora Enso initiated a strategic review of its Central European sawmills and building solutions operations. Different scenarios will be assessed, including the possibility to divest the business, to strengthen Stora Enso’s strategic focus on renewable materials and packaging. • The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing. The line is expected to reach full capacity during 2027. • Stora Enso has been recognised for its continued leadership in corporate transparency and climate action, earning a place on the 2025 CDP Climate Change ‘A List’. • Stora Enso will change its financial targets and reporting structure starting from 2026, as presented in the Capital Markets Day in November. Sales and adjusted EBIT Sales, MEUR Adjusted EBIT, % Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0 1,000 2,000 3,000 4,000 0% 3% 6% 9% 12% Net debt to adjusted EBITDA (LTM) Net debt, MEUR Net debt to adjusted EBITDA, LTM Target <2.0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0 1,000 2,000 3,000 4,000 0.0 1.0 2.0 3.0 4.0 Adjusted ROCE excl. Forest (LTM) Adjusted ROCE excl. Forest segment, LTM, % Target >13%Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0% 5% 10% 15% Summary LTM = Last 12 months. The calculation method is explained in the Annual Report. S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  2 ===== SIDA 3 ===== Outlook and focus Outlook Q1/2026 • Markets remain challenging, with low consumer confidence. Geopolitical volatility results in decreased predictability. • Packaging and pulp market demand is expected to remain stable at low levels. • The ramp-up of the new production line in Oulu continues. The EBIT headwind is expected to gradually decrease as we improve the technical performance of the production line. In Q1, we expect a negative impact of EUR 15–30 million on adjusted EBIT. • The divestment of 175,000 hectares of forest assets in Sweden, completed in 2025, will result in a reduction of annual adjusted EBIT of approximately EUR 20 million, with an estimated quarterly effect of approximately EUR 5 million. • In the first quarter there will be less planned maintenance activities compared to the fourth quarter of 2025. See the section Maintenance for more details. • The operating income from emission rights in 2025 was about EUR 72 million, distributed evenly throughout the year. For 2026, the income from the sale of emission rights is projected to decrease to EUR 10–20 million. This decline results from changes in the EU ETS (Emissions Trading S c h e m e ) r u l e s : s e v e r a l s i t e s w i l l l o s e t h e i r f r e e C O ₂ a l l o w a n c e a l l o c a t i o n s from 2026 onward, as their emissions are now more than 95% biogenic, demonstrating the success of long-term emission-reduction initiatives. • In the first quarter of 2026 we will introduce a revised reporting structure, as presented in the Capital Markets Day (CMD) in November 2025. The packaging business areas will be consolidated into Consumer Packaging and Integrated Packaging segments. In addition, we will report Biomaterials and Other. Focus for 2026 • During 2026 we will execute on the new strategic priorities introduced at the CMD in November 2025: – Lead in customer value creation through innovation, quality and sustainability – Grow faster than market with superior customer offering, leading technology and operational efficiency – Expand margin through business focus, a positive performance culture and systematic value creation – Generate cash with high conversion ratio and disciplined capital allocation • Furthermore, we will continue to prepare for the separation of the Swedish forest assets business into a new publicly listed company, expected to be completed during the first half of 2027. • We will also continue with the strategic review of Central European sawmills and building solutions operations. Different scenarios will be assessed, including the possibility to divest the business, to strengthen Stora Enso’s strategic focus on renewable materials and packaging. • Finally, we will continue with the ramp-up of the consumer board line at the Oulu site in Finland. The line is expected to reach full capacity during 2027. Outlook S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  3 ===== SIDA 4 ===== CEO comment 2025 was a pivotal year for Stora Enso, marked by decisive actions to sharpen our strategic focus and unlock long-term value for our stakeholders. In the fourth quarter, we reached a significant milestone by completing the strategic review of our Swedish forest assets. We are separating our Swedish forest assets to unlock value creating two champions with distinctive business dynamics and return profiles: A globally leading renewable materials company with sharpened focus on packaging, and Europe’s largest listed pure-play forest company. Also, we initiated a strategic review of our Central European sawmills and building solutions operations to further sharpen our business focus reflecting our commitment to active portfolio management and ensuring that all our operations are aligned with our long-term value creation goals. During the quarter, we also hosted a successful Capital Markets Day (CMD), where we introduced new financial targets, strategic priorities, and a clear roadmap for the coming years. Our strategy positions us as a global leader in renewable materials, with an increasing focus on packaging. We are committed to cost efficiency, profitable growth, expanding margins through systematic profit improvement actions, and generating strong cash flow with disciplined capital allocation. We also introduced a new reporting structure where packaging business areas will be regrouped into Consumer Packaging and Integrated Packaging, alongside Biomaterials and Other. The new reporting segments will be applicable starting in the first quarter of 2026. "Underlying performance improved across all business areas except Biomaterials." Despite a challenging macroeconomic and market environment, Stora Enso delivered resilient results. Group sales for the year were EUR 9.3 billion, with adjusted EBIT of EUR 528 million. Underlying performance improved across all business areas except Biomaterials, which was impacted by lower pulp prices. The ramp-up of the new line at Oulu had an adverse impact on the results. Our net debt to adjusted EBITDA ratio improved to 2.8, reflecting the positive impact of the Swedish forest asset divestment of approximately 175,000 hectares of forest land in Sweden, at a value of EUR 900 million, and our ongoing focus on cash flow and cost competitiveness. Operationally, we progressed in ramping up the new consumer board line at Oulu, which is central to our strategic focus on renewable packaging. While the ramp-up weighed on profitability in the short term, we remain confident in the long-term value and industry-leading quality this investment will deliver. The acquisition of Junnikkala Oy further strengthened our wood supply chain and supports the competitiveness of our Oulu site. Our ongoing cost and efficiency actions, combined with a leaner and more business-focused organisational structure with six P&L responsible business areas including the new business area Wood and Energy, and 23 P&L responsible business units, have positioned us well to navigate continued market volatility. "Our strategic priorities are clear: We want to lead in customer value creation, grow our business, expand margins, and generate strong cash flow over the cycle." For the second consecutive year, Stora Enso has been included on CDP’s Climate Change ‘A List’, highlighting our strong transparency and performance in climate action. This recognition affirms our dedication to sustainable growth through emission reduction, renewable material innovation, and advancing the circular bioeconomy. Additionally, in partnership with the International Union for Conservation of Nature (IUCN), we completed a pioneering project that offers the forest sector a science-based framework for achieving net-positive biodiversity impact. This collaboration helps forestry operations focus on the most effective actions to reduce species extinction risk while maintaining long- term economic value. By the end of 2025, we cut Scope 1 and 2 emissions by 61% and Scope 3 emissions by 38% from 2019 levels, surpassing our 2030 target. Additionally, 94% of our products are technically recyclable, and we maintain 99% forest certification coverage. As we enter 2026, we expect market conditions to remain subdued and volatile, shaped by ongoing macroeconomic and geopolitical uncertainty. We will continue to execute our strategy and drive proactive, systematic, and determined work across the whole Group. Our strategic priorities, as set forth in our CMD, are clear: We want to lead in customer value creation, grow our business, expand margins, and generate strong cash flow over the cycle. We will achieve this through our continued actions in sourcing, operational efficiency, commercial excellence, working capital, and fixed costs, while maintaining a disciplined approach to capital allocation. Customer centricity is now at the forefront of our strategy, driving us to pursue innovation, quality, and sustainability across all aspects of our operations. By delivering superior customer offering and leveraging advanced technologies, we are dedicated to setting new industry standards for excellence. The demerger and listing of our Swedish forest assets will be a key focus, as will the ongoing strategic review of our Central European wood products business and ramping up the new production line in Oulu, Finland. At the core of everything we do is people – our customers, employees, shareholders and partners. I want to thank you all for the dedication and resilience during this transformative year. Together, we are building a stronger, more focused, and more sustainable Stora Enso. Hans Sohlström President and CEO, Stora Enso CEO comment S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  4 ===== SIDA 5 ===== Group result Q4/2025 (compared with Q4/2024) Key figures EUR million Q4/25 Q4/24 Change % Q4/25– Q4/24 Q3/25 2025 2024 Sales 2,254 2,322 -2.9 % 2,283 9,326 9,049 Adjusted EBITDA 255 285 -10.7 % 291 1,144 1,223 Adjusted EBITDA margin 11.3 % 12.3 % 12.7 % 12.3 % 13.5 % Adjusted EBIT 100 121 -16.7 % 126 528 598 Adjusted EBIT margin 4.5 % 5.2 % 5.5 % 5.7 % 6.6 % Operating result (IFRS) 476 -279 270.6 % 231 942 93 Result before tax (IFRS) 430 -353 221.7 % 202 783 -118 Net result for the period (IFRS) 363 -379 195.9 % 201 686 -183 Cash flow from operations 337 325 3.9 % 223 897 1,187 Cash flow after investing activities 149 88 68.5 % 57 122 74 Capital expenditure 259 349 -25.7 % 144 746 1,090 Capital expenditure excluding investments in biological assets 239 325 -26.6 % 128 678 1,009 Depreciation and impairments excl. IAC 125 125 -0.1 % 117 483 501 Net debt 3,181 3,707 -14.2 % 3,215 3,181 3,707 Forest assets¹ 8,478 8,894 -4.7 % 8,277 8,478 8,894 Adjusted return on capital employed (ROCE), LTM² 3.8% 4.3% 3.9% 3.8% 4.3% Adjusted ROCE excl. Forest segment, LTM² 2.7% 3.6% 2.8% 2.7% 3.6% Earnings per share (EPS) excl. FV, EUR -0.03 -0.81 96.8 % 0.26 0.41 -0.56 EPS (basic), EUR 0.46 -0.43 206.1 % 0.25 0.88 -0.17 Return on equity (ROE), LTM² 6.7% -1.7% -0.5% 6.7% -1.7% Net debt/equity ratio 0.29 0.37 0.30 0.29 0.37 Net debt to LTM² adjusted EBITDA ratio 2.8 3.0 2.7 2.8 3.0 Equity per share, EUR 13.69 12.86 6.5 % 13.47 13.69 12.86 Average number of employees (FTE) 18,631 18,731 -0.5 % 19,409 18,877 19,233 1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies 2 LTM = Last 12 months IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Items affecting comparability (IAC), fair valuations and non-operational items. Breakdown of change in sales Sales Q4/2024, EUR million 2,322 Price and mix -4% Currency -1% Volume -1% Other sales1 -1% Total before structural changes -6% Structural changes2 3% Total -3% Sales Q4/2025, EUR million 2,254 1 Energy, paper for recycling (PfR), by-products etc. 2 Asset closures, major investments, divestments and acquisitions Group sales Sales decreased 3%, mainly due to lower board and pulp prices. This was only partly offset by the structural changes related to the ramp-up of the consumer board line in Oulu and the Junnikkala acquisition. Adjusted EBIT Adjusted EBIT decreased 17% or EUR 20 million. Profitability improved across most segments, but lower pulp prices, unfavourable currency movements, and the ramp-up of the new line in Oulu weighed on results. Lower prices, decreased profitability by EUR 74 million, which was only partly offset by the EUR 11 million impact from higher volumes. Variable costs were EUR 23 million lower as lower chemicals costs were only partly offset by higher energy costs, impacted by lower EUA certificate sales. Fixed costs decreased EUR 44 million due to cost control and lower maintenance costs. Net foreign exchange rates had a negative EUR 10 million impact. The impact from depreciations, associated companies and other was a positive EUR 13 million. Structural changes had a negative EUR 26 million impact in profitability. Operating result (IFRS) Operating result (IFRS) increased by EUR 755 million. Fair valuations and non-operational items (FV) had a positive impact on the operating result of EUR 466 (368) million. Items affecting comparability (IAC) had an adverse impact of EUR 90 (-768) million on the operating result. Other Net financial items amounted to EUR -47 (-74) million, an improvement of EUR 27 million. The improvement was mainly driven by foreign exchange gains. The fourth quarter in 2024 included a EUR -15 million write-off of receivables related to the Russian operations disposed in 2022. Net debt to LTM adjusted EBITDA improved to 2.8 (3.0), reflecting the positive impact of the forest asset divestment. Group result S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  5 ===== SIDA 6 ===== Fourth quarter 2025 results (compared with Q3/2025) Sales Group sales decreased 1% or EUR 29 million to EUR 2,254 (2,283) million, mainly due to lower prices in Packaging Materials and Forest. Structural changes related to the Junnikkala acquisition and the ramp-up of the consumer board line at the Oulu site supported sales, together with seasonally higher deliveries in Wood Products and Forest. Adjusted EBIT Adjusted EBIT decreased to EUR 100 (126) million. The adjusted EBIT margin decreased to 4.5% (5.5%). Weak demand and annual maintenance shutdowns adversely affected sales prices and mix, with a negative impact of EUR 64 million on adjusted EBIT. Volumes had a negative impact of EUR 32 million. Variable costs were EUR 38 million lower, mainly driven by lower chemicals, logistic and energy c o s t s , r e f l e c t i n g c o n t i n u e d c o s t - c o n t r o l e f f o r t s . Fixed costs were EUR 16 million higher, mainly due to seasonality, and higher personnel costs related to higher volumes in Wood Products. Net foreign exchange rates had a negative EUR 2 million impact on adjusted EBIT. Structural changes had a positive EUR 14 million impact. The impact from depreciations, associated companies and other was a positive EUR 37 million. Sales and adjusted EBIT Sales, MEUR Adjusted EBIT, % Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0 1,000 2,000 3,000 4,000 0% 3% 6% 9% 12% Full year 2025 results (compared with 2024) Sales Group sales increased 3%, or EUR 276 million to EUR 9,326 (9,049) million, supported by higher deliveries in all segments, partially impacted by the Finnish political strike in 2024. The structural changes had a positive impact as the Junnikkala acquisition and the consumer board line ramp-up in Oulu increased sales. Adjusted EBIT Adjusted EBIT decreased EUR 71 million to EUR 528 (598) million, driven by the ramp-up of the Oulu consumer board line. The impact for the full year 2025 was approximately EUR 140 million. The adjusted EBIT margin decreased to 5.7% (6.6%). Higher sales prices increased profitability by EUR 124 million. Higher variable costs decreased adjusted EBIT by EUR 157 million, mainly due to wood costs. Fixed costs were EUR 83 million lower. Net foreign exchange rates had a negative EUR 22 million impact on profitability. The impact from depreciations, associated companies and other, had a negative impact of EUR 3 million on adjusted EBIT. Structural changes had a negative EUR 101 million impact, compared with the previous year. IFRS result Operating result (IFRS) was EUR 942 (93) million. Fair valuations and non-operational items (FV) had a positive impact on the operating result of EUR 434 (364) million. Items affecting comparability (IAC) had a negative impact of EUR 19 (870) million on the operating result. Group result S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  6 ===== SIDA 7 ===== Cash flow Q4/2025 (compared with Q4/2024) Cash flow (non-IFRS) EUR million Q4/25 Q4/24 Change % Q4/25– Q4/24 Q3/25 2025 2024 Adjusted EBITDA 255 285 -10.7 % 291 1,144 1,223 IAC on adjusted EBITDA -42 -32 -30.8 % 120 39 -125 Other adjustments -68 -81 15.9 % -210 -337 -194 Change in working capital 192 152 26.5 % 23 51 283 Cash flow from operations 337 325 3.9 % 223 897 1,187 Cash spent on fixed and biological assets -188 -236 20.1 % -166 -775 -1,113 Acquisitions of associated companies 0 0 95.7 % 0 0 -1 Cash flow after investing activities 149 88 68.5 % 57 122 74 Cash flow after investing activities was impacted by lower adjusted EBITDA but benefited from change in working capital and lower fixed assets outflows related to Oulu as compared to Q4/24. Payments related to previously announced provisions amounted to EUR 9 million. Capital expenditure Q4/2025 (compared with Q4/2024) Additions to fixed and biological assets totalled EUR 259 (349) million, of which EUR 239 (325) million were fixed assets and EUR 21 (24) million biological assets. Depreciations and impairment charges excluding IACs totalled EUR 125 (125) million. Additions in fixed and biological assets had a cash outflow impact of EUR 188 (236) million, mainly related to the Oulu project in the comparative period. Stora Enso anticipates that capital expenditure in 2026 will be below EUR 550 million, which is EUR 200 million less than in the previous year. Capital expenditure by segment EUR million Q4/25 2025 Q4/24 Main investment projects Investment to be finalised Packaging Materials 126 412 221 Oulu consumer board investment in Finland 2025 Packaging Solutions 21 54 21 Biomaterials 79 194 60 Skutskär fluff pulp, winder and roll handling in Sweden 2025 Wood Products 22 53 22 Forest 8 26 8 Other 3 7 17 Total 259 746 349 Cash flow and capex S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  7 EUR million Cash flow Cash flow from operations Cash flow after investing activitiesQ3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 -150 0 150 300 450 ===== SIDA 8 ===== Capital structure Q4/2025 EUR million 31 Dec 2025 30 Sep 2025 31 Dec 2024 Fixed assets1 13,668 13,392 13,846 Associated companies 1,108 1,086 954 Operating working capital, net2 328 523 308 Non-current interest-free items, net -193 -229 -220 Operating capital total 14,911 14,772 14,888 Net tax liabilities -1,080 -1,080 -1,192 Capital employed 13,830 13,692 13,696 Equity attributable to owners of the Parent 10,796 10,624 10,139 Non-controlling interests -147 -147 -150 Net debt 3,181 3,215 3,707 Financing total 13,830 13,692 13,696 1 Fixed assets include goodwill, other intangible assets, property, plant and equipment, right-of-use assets, forest assets, emission rights, and unlisted securities. 2 Operating working capital, net includes inventories, trade receivables, trade payables and all other short-term operating receivables, payables, accruals, and provisions. Compared with Q3/2025 Net debt decreased by EUR 34 million to EUR 3,181 (3,215) million during the fourth quarter. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 2.8 (2.7). The net debt/equity ratio on 31 December 2025 decreased to 0.29 (0.30). The average interest expense rate on borrowings at the reporting date was 4.0% (3.8%). Cash and cash equivalents net of overdrafts decreased by EUR 989 million to EUR 1,206 million. D u r i n g t h e f o u r t h q u a r t e r , S t o r a E n s o r e d u c e d i t s i n t e r e s t - b e a r i n g l i a b i l i t i e s b y r e p a y i n g E U R   2 0 0   m i l l i o n o f b a n k l o a n s a n d E U R   3 6 m i l l i o n o f S E K - d e n o m i n a t e d b o n d s a t t h e i r o r i g i n a l m a t u r i t i e s . I n a d d i t i o n , t h e G r o u p c a r r i e d o u t e a r l y d e b t r e p a y m e n t s , i n c l u d i n g t h e E U R   5 0 0   m i l l i o n b o n d r e p u r c h a s e d p r i o r t o i t s c o n t r a c t u a l m a t u r i t y t h r o u g h a m a k e - w h o l e p r o c e s s , a n d E U R   2 5 0   m i l l i o n o f b a n k l o a n s s e t t l e d a h e a d o f s c h e d u l e . Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 31 December 2025. Compared with Q4/2024 Operating working capital, i.e., Inventories, trade receivables and trade payables, increased by EUR 36 million. Other operating working capital decreased by EUR 16 million. Credit ratings Rating agency Long/short-term rating Valid from Fitch Ratings BBB- (stable) 17 July 2025 Moody’s Baa3 (stable) / P-3 21 November 2024 Valuation of forest assets Compared with Q3/2025 The value of total forest assets, including leased land and Stora Enso's share of forest assets in associated companies, increased by EUR 201 million to EUR 8,478 (8,277) million. The increase was mainly driven by the impact of foreign exchange rates and a slight increase in market transaction prices in Sweden. A storm in the end of December negatively affected a portion of the Swedish forest assets. Estimated damages of EUR 29 million are booked as reduction in biological assets, adversely impacting the IFRS result. The full extent of the damage and potential insurance compensation is still being assessed. Compared with Q4/2024 The fair value of total forest assets decreased by EUR 417 million to EUR 8,478 (8,894) million. The decrease was mainly due to the divestment of forest assets in Sweden. The fair value of biological assets, including Stora Enso's share of biological assets in associated companies, increased by EUR 150 million to EUR 6,728 (6,579) million. This was mainly a result of increases in estimated long-term wood prices and foreign exchange rates. The value of forest land, including leased land and Stora Enso's share of associated companies, decreased by EUR 566 million to EUR 1,750 (2,316) million. The decrease was mainly due to the divestment of forest land in Sweden and an increase in the discount rate, while foreign exchange rates had a positive impact on forest asset value. Capital structure S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  8 EUR billion Forest asset value Forest land (including leased land)Biological assets Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0.0 2.0 4.0 6.0 8.0 10.0 ===== SIDA 9 ===== Segments in 2025 - overview Segments S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  9 EUR million Adjusted EBIT by segment, Q4/2025 Packaging Materials Packaging Solutions Biomaterials Wood Product Forest Other -10 0 10 20 30 40 50 60 70 80 External sales by segment, Q4/2025 44% 11% 12% 18% 14% 0.5% Packaging Materials Packaging Solutions Biomaterials Wood Products Forest Other Packaging Materials A global leader and expert partner in circular packaging providing premium packaging boards, made from virgin and recycled fiber. Packaging Solutions A packaging converter that produces premium fiber-based packaging products for leading brands across multiple market areas, including retail, e- commerce, and industrial applications. Biomaterials Foundation built on pulp, with the aim of becoming customers’ first choice in selected grades. The segment also leverages all fractions to create innovative bio-based solutions, that replace fossil-based and other non- renewable materials. Wood Products Europe’s largest sawn timber producer and a leading provider of sustainable wood-based solutions for the global building sector. Provides the building sector with renewable and low-carbon wood-based solutions that help decarbonise the built environment. Forest Responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations as well as for B2B customers. Manages the Group’s forest assets and a 41% share in Tornator, whose forests are primarily located in Finland. Segment Other Includes the reporting of the emerging businesses as well as Stora Enso’s shareholding in Pohjolan Voima (PVO), and the Group's shared services and administration. External sales by destination, FY 2025 14% 9% 7% 5% 5% 28% 9% 4% 18% Sweden Germany Finland Poland The Netherlands Other Europe China USA Other countries EUR million Adjusted EBIT by segment, FY 2025 Packaging Materials Packaging Solutions Biomaterials Wood Product Forest Other -40 0 40 80 120 160 200 240 280 320 External sales by segment, FY 2025 46% 11% 12% 17% 13% 0.4% Packaging Materials Packaging Solutions Biomaterials Wood Products Forest Other Information about production and deliveries is available in the section Production and deliveries. Information about production capacities is available in the Annual Report. External sales by destination, FY 2025 69% 16% 7% 4%3%1% Europe Asia Americas Middle East Africa Oceania ===== SIDA 10 ===== Packaging Materials Proactive measures mitigated market headwinds, helping preserve profitability • Sales decreased mainly due to slightly lower consumer board prices and adverse currency movements from a significantly weaker US dollar. These were only partially offset by the impact of the new production line ramp up at the Oulu site. • Adjusted EBIT improved slightly, driven by lower fiber costs and clearly reduced fixed costs from value creation a c t i o n s . T h e s e f a c t o r s h e l p e d o f f s e t t h e a d v e r s e i m p a c t s o f m a r k e t h e a d w i n d s a n d t h e r a m p - u p o f t h e O u l u consumer board line. • Order inflow showed a slightly positive trend and improved compared with the previous year. Key figures: Packaging Materials EUR million Q4/25 Q4/24 Change % Q4/25– Q4/24 Q3/25 2025 2024 Sales 1,033 1,095 -5.7 % 1,128 4,478 4,502 Adjusted EBITDA 69 71 -3.6 % 120 419 472 Adjusted EBIT -3 -6 52.4 % 36 124 172 Adjusted EBIT margin -0.3 % -0.6 % 3.2 % 2.8 % 3.8 % Operating result (IFRS) -17 -303 94.4 % 23 83 -169 Adjusted ROOC, LTM 3.5 % 4.9 % 3.3 % 3.5 % 4.9 % Cash flow from operations 167 109 53.8 % 34 381 462 Cash flow after investing activities 86 -40 n/m -40 -68 -323 Board and paper deliveries, 1,000 tonnes 1,230 1,174 4.8 % 1,255 5,009 4,920 Board and paper production, 1,000 tonnes 1,214 1,107 9.7 % 1,289 5,082 4,916 Packaging Solutions Positive results despite ongoing market challenges • Sales increased slightly, driven by higher sales prices from an improved product mix and an increase in sales volumes. • Adjusted EBIT improved supported by higher sales, improved margins driven by value creation actions, and reduced depreciation following the impairments announced in December 2024. • Market conditions remained challenging. Actions to improve product and customer mix, along with continuing cost efficiency measures, helped protect margins despite overcapacity. Key figures: Packaging Solutions EUR million Q4/25 Q4/24 Change % Q4/25– Q4/24 Q3/25 2025 2024 Sales 253 247 2.1 % 263 1,027 987 Adjusted EBITDA 21 12 70.5 % 18 80 62 Adjusted EBIT 5 -6 172.9 % 2 14 -15 Adjusted EBIT margin 1.8 % -2.5 % 0.6 % 1.4 % -1.5 % Operating result (IFRS) 4 -379 101.0 % -5 2 -394 Adjusted ROOC, LTM 2.4 % -1.6 % 0.5 % 2.4 % -1.6 % Cash flow from operations 34 24 42.4 % 12 73 78 Cash flow after investing activities 18 9 99.2 % -3 20 31 Corrugated packaging European deliveries, million m² 299 291 2.7 % 312 1,228 1,217 Corrugated packaging European production, million m² 280 269 4.3 % 284 1,161 1,157 Segments For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV) LTM = Last 12 months. The calculation method is explained in the Annual Report. S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  10 ===== SIDA 11 ===== Biomaterials Challenging market conditions continued • Sales decreased, due to lower sales prices and volumes, impacted by adverse currency movements. • Adjusted EBIT decreased, mainly due to lower sales prices and volumes. However, intensified value creation actions, such as cost reduction measures, partly mitigated the negative effect. • Demand for softwood and hardwood pulp was weaker in both Europe and China. Prices were significantly lower. Key figures: Biomaterials EUR million Q4/25 Q4/24 Change % Q4/25–Q4/24 Q3/25 2025 2024 Sales 349 419 -16.8 % 339 1,458 1,587 Adjusted EBITDA 66 109 -39.5 % 59 252 372 Adjusted EBIT 28 67 -58.2 % 24 110 231 Adjusted EBIT margin 8.0 % 16.0 % 7.1 % 7.5 % 14.6 % Operating result (IFRS) 55 86 -35.9 % 25 144 256 Adjusted ROOC (LTM) 4.5 % 9.3 % 6.1 % 4.5 % 9.3 % Cash flow from operations 72 138 -47.3 % 75 241 507 Cash flow after investing activities 10 91 -88.9 % 25 62 332 Pulp deliveries, 1,000 tonnes 579 612 -5.4 % 554 2,280 2,207 Wood Products Value creation actions mitigated challenging raw material market • Sales increased mainly due to the acquisition of Junnikkala and higher sales prices both in classic sawn and building solutions products, supported by stronger by-product sales. • Adjusted EBIT improved driven by higher sales prices and value creation actions. Raw material costs increased, reflecting challenging market conditions. • The construction market stabilised at low level, with a slight increase in demand. Production curtailments were implemented to align with market conditions. Key figures: Wood Products EUR million Q4/25 Q4/24 Change % Q4/25–Q4/24 Q3/25 2025 2024 Sales 465 400 16.3 % 440 1,817 1,522 Adjusted EBITDA 5 0 n/m 5 43 27 Adjusted EBIT -7 -12 38.1 % -6 -2 -16 Adjusted EBIT margin -1.5 % -2.9 % -1.4 % -0.1 % -1.1 % Operating result (IFRS) -19 -68 71.7 % -8 -16 -73 Adjusted ROOC (LTM) -0.3 % -2.7 % -1.0 % -0.3 % -2.7 % Cash flow from operations 13 -2 n/m 29 50 45 Cash flow after investing activities -1 -14 90.5 % 14 6 -4 Wood products deliveries, 1,000 m³ 1,113 964 15.4 % 999 4,256 3,718 Forest Strong quarterly adjusted EBIT reflecting stable and sustainable performance • Sales were stable, with no material differences in wood prices or volumes. • Adjusted EBIT decreased, primarily due to the divestment of 12.4% of the Group’s Swedish forest holdings completed at the end of Q3 2025. Nevertheless, the results continued to demonstrate strong operational performance in the Group’s forest assets and wood supply operations. • The fair value of the Group's forest assets was EUR 8.5 billion, equivalent to EUR 10.75 per share. Key figures: Forest EUR million Q4/25 Q4/24 Change % Q4/25– Q4/24 Q3/25 2025 2024 Sales¹ 794 784 1.2 % 750 3,212 2,827 Adjusted EBITDA 85 94 -9.3 % 92 377 364 Adjusted EBIT 71 81 -12.4 % 76 317 309 Adjusted EBIT margin 8.9 % 10.3 % 10.2 % 9.9 % 10.9 % Operating result (IFRS)2 484 466 3.9 % 210 826 646 Adjusted ROCE (LTM) 5.3 % 5.2 % 5.4 % 5.3 % 5.2 % Cash flow from operations 68 56 21.0 % 77 240 220 Cash flow after investing activities 55 45 20.9 % 65 194 171 Wood deliveries, 1,000 m³ 8,800 8,834 -0.4 % 8,165 35,322 33,794 Operational fair value change of biological assets 20 28 -30.2 % 26 102 119 1 In Q4/25, internal wood sales to Stora Enso segments represented 62% of net sales, external sales to other forest companies represented 38% 2 Includes the full fair value change of the Nordic biological assets (standing trees) Segment Other • Sales increased by 6.3% to EUR 50 (47) million, mainly due to higher energy sales as prices have increased. • Adjusted EBIT improved by 109.3% to EUR 1 (-13) million, mainly due to lower Legacy costs. • The business areas are charged for electricity at market prices. Through its 16.5% shareholding in the Finnish energy company Pohjolan Voima (PVO), Stora Enso is entitled to receive, at cost, 8.9% of the electricity produced by the Olkiluoto nuclear reactors, and 20.6% of the electricity from the hydropower plants. Segments For more details, see section Items affecting comparability (IAC), fair valuations and non-operational items (FV) LTM = Last 12 months. The calculation method is explained in the Annual Report. S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  11 ===== SIDA 12 ===== Key sustainability targets and performance Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity. The foundation for these is the conduct of everyday business in a responsible manner. Climate Stora Enso’s science-based target for 2030 is to reduce absolute Scope 1 and 2 greenhouse gas (CO2e) emissions by 50% from the 2019 base year, in line with the 1.5-degree scenario. By the end of Q4/2025, the Scope 1 and 2 CO2e emissions were 1.03 million tonnes, a 61% reduction from the base year. Compared with Q4/2024 (1.24 million tonnes), the decrease in emissions is mainly attributed to reduction measures, such as fuel switches. Stora Enso is committed to reducing Scope 3 emissions by 50% from the 2019 base year by 2030. In 2025, Stora Enso's estimated Scope 3 CO2e emissions were 4.63 million tonnes, a 38% reduction from the base year. Compared with 2024, the performance was affected by increased production. Circularity Stora Enso's target is to reach 100% recyclable products by 2030. By the end of 2025, 94% (2024: 94%) of the Group's products were technically recyclable. Stora Enso aims to ensure the recyclability of its products through an increased focus on circularity in innovation processes. The Group actively collaborates with customers and partners to establish infrastructure that enhances the actual recycling of products. Biodiversity Stora Enso is committed to achieving a net-positive impact on biodiversity in its own forests and plantations by 2050 through active biodiversity management. The Group steers its biodiversity actions through a Biodiversity Leadership Programme to improve biodiversity at species, habitat and landscape levels. Progress is monitored with science-based impact indicators reported on the Group's website. Biodiversity is an integral part of forest certifications, which include the protection of valuable ecosystems. Stora Enso’s target is to maintain a forest certification coverage level of at least 96% for the Group's own and leased forest lands. The forest certification coverage has remained stable and amounted to 99% in 2025 (2024: 99%). Direct and indirect CO2e emissions (Scope 1+2, rolling four quarters)1 Million tonnes 0% -13% -15% -28% -42% -53% -60% -61% -50% CO₂e million tonnes, effective CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 Q3/2025 Q4/2025 2026 2027 2028 2029 2030 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 CO2e emissions along the value chain (Scope 3)1 Million tonnes 0% -4% 1% -25% -35% -39% -38% -50% CO₂e million tonnes, estimated CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 1 2 3 4 5 6 7 8 1 Comparative figures are revised due to additional data after previous interim reports. Responsible business practices Stora Enso reports on the sustainability indicators below on a quarterly basis. Key performance indicators (KPIs) 31 Dec 2025 30 Sep 2025 31 Dec 2024 Target Occupational safety: total TRI rate, year-to-date1 4.5 4.7 n/a 4.3 by the end of 2025 Gender balance: % of female managers among all managers 24% 24% 24% 25% by end of 2027 Water: total water withdrawal per saleable tonne (m3/tonne) 56 56 60 Decreasing trend from 2016 baseline (60m3/ tonne) Water: process water discharges per saleable tonne (m3/tonne)2 32 32 33 17% reduction by 2030 from 2019 baseline (36m3/tonne) Sustainable sourcing: % of supplier spend covered by the Supplier Code of Conduct (SCoC) 94% 94% 95% 95% or above 1 As of the beginning of 2025, the TRI rate has been expanded to include contractor employees. 2 Comparative figures are revised due to additional data after previous interim reports. Full overview of Stora Enso's sustainability targets, 2025 performance and accounting principles will be published in the Annual Report 2025 during the week commencing 9 February 2026. Segments S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  12 ===== SIDA 13 ===== Events during the quarter Creating the largest listed pure play forest company in Europe Stora Enso has initiated preparations to separate the company’s Swedish forest assets into a new publicly listed company , targeted for completion in the first half of 2027. Shares in the new company will be distributed to Stora Enso’s shareholders. The planned separation is intended to create Europe’s largest listed pure play f o r e s t c o m p a n y , c o m p r i s i n g o v e r 1 . 2   m i l l i o n hectares of Swedish forest land with an estimated fair value of approximately E U R   5 . 8   b i l l i o n a s o f 3 1   D e c e m b e r 2 0 2 5 . T h e new forest company will be headquartered in Falun, Sweden, and is intended to be listed on Nasdaq Stockholm and Nasdaq Helsinki. The contemplated demerger remains subject to approval by Stora Enso’s General Meeting. Strategic review of Central European sawmills and building solutions Stora Enso has launched a strategic review of its Central European sawmills and building solutions business, covering seven sawmills in Austria, Czechia, Poland, and Lithuania, along with three c r o s s - l a m i n a t e d t i m b e r ( C L T ) m i l l s , w o o d procurement, and international sales and distribution activities. While the business holds a strong market position, it offers limited strategic or operational synergies with Stora Enso’s core renewable packaging operations. The review will evaluate various options, including a potential divestment, to sharpen the company’s focus on renewable materials and packaging. Operations in Sweden, Finland, Estonia, and Latvia are not part of the review and will remain a key part of the company’s future. New financial targets To drive stronger performance and sharpen its focus on packaging, the Group has updated its financial targets to reflect its new strategy. Target over the business cycle • Adjusted EBIT margin: >10% • Revenue growth: >4% • Payout ratio: >50% • Net debt to adjusted EBITDA ratio: <1x Greenhouse gas emissions reduced The EUR 30 million investment to modernise energy processes at the Heinola fluting mill in Finland was completed during the quarter. By transitioning from solid fossil fuels to renewable bioenergy, the site has reduced its annual greenhouse gas emissions by more than 113,000 tonnes of CO2 —a decrease of over 90%. The investment is an important step towards Stora Enso’s target of halving the greenhouse gas emissions from its operations by 2030. Events after the quarter No major events after the quarter to date. Events S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  13 ===== SIDA 14 ===== Sensitivity analysis Energy and raw material price sensitivity The direct effect of a 10% decrease in raw material prices on adjusted EBIT for the next 12 months EUR million Sensitivity 10% Energy +4 Wood +238 Pulp -85 Chemicals and fillers +44 Foreign exchange rate sensitivity The direct effect of a 10% strengthening in the value of the currency on adjusted EBIT for the next 12 months EUR million Sensitivity 10% USD +28 SEK -7 GBP +12 Weakening of the currencies would have the opposite impact. These numbers are net of hedges and assuming no changes occur other than a single currency exchange rate movement in an exposure currency. Short-term risks Risk is characterised by both threats and opportunities, which may affect future performance and the financial results of Stora Enso, reputation, as well as its ability to meet certain social and environmental objectives. The geopolitical unrest could have an adverse impact on the Group. Potential trade tariffs, retaliatory measures, conflict-related risks to people, operations, trade credit, cyber security, supply, and demand, could also affect the Group negatively. The risk of a prolonged global economic downturn and recession, sudden interest rate changes, currency fluctuations, trade union and political strike actions, and logistical chain disruptions could all adversely affect the Group’s profits, cash flow and financial position, as well as access to material, flow of goods and transport. Macroeconomic and geopolitical disruption may increase costs, add complexity, and lower short-term visibility, which could further impact market demand, prices, profit margins, and volumes of the Group's products. New capacity and volume entering the market might distort demand, volumes, inventories and pricing. Moreover, forced capacity cuts might further impact on profitability. There is a risk of continued price volatility for raw materials such as wood, chemicals, other components and energy in Europe. The continued tight wood market, especially in the Nordics, could cause increased costs, limit harvesting and cause disruptions such as delays and/or lack of wood supply to the Group's production sites. Regulatory or similar initiatives might challenge the Group's strategy, growth and operations. Other risks and uncertainties include, but are not limited to; general industry conditions, unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations, and related to actual or potential litigation; material process disruption at Stora Enso's manufacturing facilities with operational or environmental impacts; risks inherent in conducting business through joint ventures; and other factors. Stora Enso has been granted various investment subsidies and compensations, and has made certain investment commitments in several countries such as Finland, China, and Sweden. If commitments to planning conditions are not met, local officials may pursue administrative measures to reclaim some of the previously granted investment subsidies or impose penalties on Stora Enso. The outcome of such a process could result in adverse financial impact on Stora Enso. A more detailed risk description of risks will be included in Stora Enso’s Annual Report 2025, available at storaenso.com/annualreport. on 12 February 2026. Changes in Group and reporting structure Stora Enso has implemented changes in its organisational and reporting structures. As of 1 January 2026, the business operations were organised under six business areas: Foodservice and Liquid Board, Cartonboard, Containerboard, Packaging Solutions, Biomaterials, and Wood and Energy. The new Wood and Energy business area encompasses wood sourcing and trading, wood products supply chain and sales, the Group’s energy business, as well as the Central European sawmilling operations. The reporting segments as of 1 January 2026 are: Consumer Packaging (comprising the Cartonboard and the Foodservice and Liquid Board business areas), Integrated Packaging (comprising the Containerboard and the Packaging Solutions business areas), Biomaterials, and Other (including the Wood and Energy business area, the Group's administration and the Swedish forest assets until the planned separation). The wood products sites in Northern Europe, that are not included in the strategic review announced on 14 November, are integrated into the packaging and biomaterials segments to align with business unit P&L responsibilities. The Swedish forest assets and the Central European sawmilling and building solutions operations (currently under strategic review) will be reported under the segment Other. Changes in Group management Tuomas Hallenberg was appointed President and CEO of Stora Enso’s Swedish forest business, which is planned to be demerged from Stora Enso in 2027. His new role is effective as of 1 January 2026. He stepped down from his previous role in the Group Leadership Team as of 31 December 2025, and continues reporting to Hans Sohlström, President and CEO of Stora Enso. Pauli Torikka, M.Sc. (Forest Economics and Wood Technology), has been appointed Executive Vice President of the new Wood and Energy business area, which was established on 1 January 2026, and a member of the Group Leadership Team. Lars Völkel, M.Sc. (BA), has been appointed Executive Vice President Containerboard business area effective 1 January 2026. He joined Stora Enso in 2020 as Executive Vice President, Wood Products. Lars will continue to serve on the Group Leadership Team in his new role, succeeding Hannu Kasurinen, who retired at the end of 2025. Sensitivity, risks, and legal S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  14 ===== SIDA 15 ===== Shareholders’ Nomination Board The Shareholders’ Nomination Board consists of the following members: Chair Marcus Wallenberg (Chair of FAM AB’s Board of Directors), Matts Rosenberg (Chief Executive Officer of Solidium), Kari Jordan (Chair of Stora Enso’s Board of Directors), and Håkan Buskhe (Vice Chair of Stora Enso’s Board of Directors). The Shareholders’ Nomination Board proposes to the Annual General Meeting to be held on 24 March 2026 that the Company’s Board of Directors shall have eight (8) members. The Shareholders’ Nomination Board proposes that of the current members of the Board of Directors, Håkan Buskhe, Helena Hedblom, Astrid Hermann, Christiane Kuehne, Richard Nilsson, Elena Scaltritti, and Antti Vasara be re-elected members of the Board of Directors until the end of the following AGM and that Jouko Karvinen be elected new member of the Board of Directors for the same term of office. The Shareholders’ Nomination Board proposes that Håkan Buskhe be elected Chair and Jouko Karvinen be elected Vice Chair of the Board of Directors. Kari Jordan and Reima Rytsölä have announced that they are not available for re-election to the Board of Directors. The Shareholders’ Nomination Board proposes that the annual remuneration of the Board be maintained at the 2025 level. Annual General Meeting 2026 Stora Enso Oyj's Annual General Meeting (AGM) will be held on Tuesday 24 March 2026 at 4:00 p.m. EET at Finlandia Hall, Mannerheimintie 13e (Congress Wing, entrances M1 and K1), Helsinki, Finland. The proposals for decisions relating to the agenda of the AGM and the AGM notice will be available on Stora Enso Oyj’s website at storaenso.com/ agm on 5 February 2026. Stora Enso Oyj’s annual accounts, the report of the Board of Directors and the auditor’s report, and the Remuneration Report for 2025 will be published on Stora Enso Oyj’s website storaenso.com/annualreport on 12 February 2026. The proposals for decisions and the other meeting documents will be available also at the AGM. The Board of Directors’ dividend proposal The Board of Directors proposes to the AGM that a dividend of EUR 0.25 per share be distributed on the basis of the balance sheet adopted for the year 2025. This would correspond to EUR 197,154,996.75 in aggregate for all currently registered 788,619,987 shares, which would leave EUR 1,299,548,548.25 in distributable shareholders’ equity. The Board of Directors proposes that the dividend be paid in two instalments. The first dividend instalment, EUR 0.13 per share, is proposed to be paid to shareholders who on the record date of the first dividend instalment, 26 March 2026, are registered in the shareholders’ register maintained by Euroclear Finland Oy or in the separate register of shareholders maintained by Euroclear Sweden AB for Euroclear Sweden registered shares. The Board of Directors proposes to the AGM that the first instalment of the dividend be paid on or about 8 April 2026. The second dividend instalment, EUR 0.12 per share, is proposed to be paid to shareholders who on the record date of the second dividend instalment on 25 September 2026 are registered in the shareholders’ register maintained by Euroclear Finland Oy or in the separate register of shareholders maintained by Euroclear Sweden AB for Euroclear Sweden registered shares. The Board of Directors proposes that the second dividend instalment would be paid on or about 2 October 2026. Dividends payable to Euroclear Sweden registered shares will be forwarded by Euroclear Sweden AB and paid in Swedish crowns. Dividends payable to ADR holders will be forwarded by Citibank N.A. and paid in US dollars. Stora Enso's policy is to distribute 50% of earnings per share (EPS) excluding fair valuation over the cycle. In 2025, EPS excluding fair valuation was EUR 0.41. This report has been prepared in English and Finnish. If there are any variations in the content between the versions, the English version shall govern. This report is unaudited. Helsinki, 4 February 2026 Stora Enso Oyj Board of Directors Sustainability S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  15 ===== SIDA 16 ===== Financials Basis of Preparation This unaudited interim financial report has been prepared in accordance with the accounting policies set out in International Accounting Standard 34 on Interim Financial Reporting and in the Group’s Financial Report for 2024 with the exception of new and amended standards applied to the annual periods beginning on 1 January 2025 and changes in accounting principles described below. All figures in this Interim Report have been rounded to the nearest million, unless otherwise stated. Therefore, percentages and figures in this report may not add up precisely to the totals presented and may vary from previously published financial information. Acquisition of Group companies In October 2024, Stora Enso signed an agreement to acquire 100% of the Finnish sawmill company Junnikkala Oy. The transaction was completed at the end of April 2025. Junnikkala Oy is a Finnish producer of sawn timber and processed wood products for domestic and export markets and employs approximately 220 people. It operates three sawmills in northern Finland including its new sawmill, nearby the Stora Enso Oulu site. The acquired sawmills will create synergies with the site in Oulu through long- term supply of raw materials and aims to secure a cost-efficient wood supply to the Oulu site. Stora Enso’s annual wood procurement in Finland will increase by approximately 1.7 million m³ and the Group’s total sawmilling capacity by approximately 700,000 m³. The acquired unit is reported in the Wood Products segment and the wood procurement activities are integrated into the Forest segment. The cash purchase consideration was approximately EUR 17 million, and the fair value of contingent considerations are estimated at EUR 44 million at the date of acquisition. There are two contingent earn-out components, which are settled in cash and are subject to Junnikkala achieving certain production milestones by the end of 2026 and 2029. The maximum amount of the earn-outs is EUR 47 million. The post combination review was completed at the end of 2025 and therefore acquisition accounting is considered final. There were no significant measurement period adjustments in Q4 2025. The goodwill represents the expected synergies and is allocated to the Packaging Materials Oulu cash generating unit. None of the goodwill recognised is expected to be deductible for tax purposes. The impact of the acquired unit on Stora Enso Group’s consolidated sales in 2025 was EUR 91 million, the impact on net result is not considered material. Related transaction costs amounted to EUR 5 million and are presented in other operating expenses. EUR million 2025 Net assets acquired Cash and cash equivalents 0 Property, plant and equipment 115 Intangible assets 1 Working capital 8 Tax assets and liabilities -1 Interest-bearing assets and liabilities -68 Fair value of net assets acquired 56 Purchase consideration, cash part 17 Purchase consideration, contingent 44 Total purchase consideration 61 Fair value of net assets acquired -56 Goodwill 5 Cash outflow on acquisitions -17 Cash and cash equivalents of acquired subsidiaries 0 Cash flow on acquisition, net of acquired cash -17 Disposal of Group companies In September 2025, Stora Enso divested approximately 175,000 hectares of forest land, equivalent to about 12.4% of its total forest land holdings in Sweden to Soya Group (40.6%) and a MEAG led consortium (44.4%). MEAG is the asset manager of Munich Re, a German insurance company. The valuation of the transaction is in line with the accounting fair value of the divested forest assets and the selling price for the shares transferred was approximately EUR 624 million, received in cash. At the same time certain loan receivables of EUR 162 million were paid back to Stora Enso. The disposal gain was approximately EUR 140 million, including capital gain, currency translation adjustments (CTA) release from equity to income statement and transaction costs. Stora Enso retains a 15% ownership of the sold company, which is reported as associated company. Although Stora Enso does not have majority control over the sold company, it has assessed that it will have a significant influence over the entity. The sold unit was part of the Forest segment, and the retained associated company is reported in the Forest segment. In connection with the transaction, Stora Enso and the divested entity entered into a 15-year wood supply agreement with a possible additional 15-year extension. This will secure wood availability for Stora Enso’s Swedish business units. The divested entity will also benefit from a forest management agreement under which Stora Enso will provide forest- related services. The value of the sold net assets and the disposal consideration are presented in the table below. EUR million 2025 Net assets sold Cash and cash equivalents 5 Property, plant and equipment 2 Intangible assets 0 Forest assets 926 Working capital -10 Tax assets and liabilities -192 Interest-bearing assets and liabilities -162 Non-controlling interest 0 Net assets sold total 569 Fair value of retained investment 113 Total disposal consideration 624 The following new and amended standards are applied to the annual periods beginning on 1 January 2025 Amended standards and interpretations did not have material effect on the Group. Future standard changes endorsed by the EU but not yet effective in 2025 No future standard changes endorsed by the EU which would have material effect on the Group. Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  16 ===== SIDA 17 ===== Condensed consolidated income statement EUR million Q4/25 Q4/24 Q3/25 2025 2024 Sales 2,254 2,322 2,283 9,326 9,049 Other operating income 75 90 226 389 325 Materials and services1 -1,754 -1,784 -1,716 -7,020 -6,738 Personnel expenses -296 -312 -289 -1,232 -1,228 Other operating expenses -133 -165 -155 -503 -543 Share of results of associated companies 49 23 18 89 52 Change in net value of biological assets 419 408 -15 401 421 Depreciation, amortisation and impairments -138 -861 -121 -507 -1,246 Operating result 476 -279 231 942 93 Net financial items -47 -74 -29 -159 -211 Result before tax 430 -353 202 783 -118 Income tax -66 -26 -1 -97 -65 Net result for the period 363 -379 201 686 -183 Attributable to Owners of the Parent 361 -340 198 695 -136 Non-controlling interests 3 -39 3 -9 -48 Net result for the period 363 -379 201 686 -183 Earnings per share Basic earnings per share, EUR 0.46 -0.43 0.25 0.88 -0.17 Diluted earnings per share, EUR 0.46 -0.43 0.25 0.88 -0.17 1 The following three income statement lines: Materials and services, Change in inventories of finished good and WIP and Freight and sales commissions, were combined into this single row in Q4 2025. Consolidated statement of comprehensive income EUR million Q4/25 Q4/24 Q3/25 2025 2024 Net result for the period 363 -379 201 686 -183 Other comprehensive income (OCI) Items that will not be reclassified to profit and loss Equity instruments at fair value through OCI 41 -56 236 297 -202 Actuarial gains and losses on defined benefit plans 4 12 32 36 22 Revaluation of forest land -360 -286 0 -385 -281 Share of OCI of associated companies -30 10 0 -28 5 Income tax relating to items that will not be reclassified 73 56 -7 73 53 -273 -264 260 -8 -403 Items that may be reclassified subsequently to profit and loss Cumulative translation adjustment (CTA) 95 44 64 124 -89 Net investment hedges and loans 3 0 -1 -21 4 Cash flow hedges and cost of hedging -21 -67 1 84 -81 Share of OCI of Non-controlling Interests (NCI) -3 -5 -1 12 -5 Income tax relating to items that may be reclassified 5 17 2 -20 19 80 -11 65 179 -152 Total comprehensive income 171 -653 526 857 -738 Attributable to Owners of the parent 171 -609 524 854 -685 Non-controlling interests 0 -44 2 3 -53 Total comprehensive income 171 -653 526 857 -738 Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  17 ===== SIDA 18 ===== Condensed consolidated statement of financial position Assets Goodwill O 171 162 Other intangible assets O 250 277 Property, plant and equipment O 5,227 5,006 Right-of-use assets O 422 499 6,069 5,945 Forest assets O 6,641 7,227 Biological assets O 5,167 5,243 Forest land O 1,473 1,983 Emission rights O 45 73 Investments in associated companies O 1,108 954 Listed securities I 0 11 Unlisted securities O 912 602 Non-current interest-bearing receivables I 14 14 Deferred tax assets T 222 205 Other non-current assets O 69 53 Non-current assets 15,081 15,082 Inventories O 1,802 1,672 Tax receivables T 29 31 Operating receivables O 869 969 Interest-bearing receivables I 67 47 Cash and cash equivalents I 1,212 1,999 Current assets 3,978 4,719 Total assets 19,059 19,802 EUR million 31 Dec 2025 31 Dec 2024 Equity and liabilities Owners of the Parent 10,796 10,139 Non-controlling Interests -147 -150 Total equity 10,649 9,989 Post-employment benefit obligations O 153 181 Provisions O 79 81 Deferred tax liabilities T 1,314 1,416 Non-current interest-bearing liabilities I 3,557 3,894 Non-current operating liabilities O 30 10 Non-current liabilities 5,133 5,582 Current portion of non-current debt I 253 1,090 Interest-bearing liabilities I 659 788 Bank overdrafts I 5 7 Provisions O 50 37 Operating liabilities O 2,293 2,296 Tax liabilities T 17 13 Current liabilities 3,277 4,231 Total liabilities 8,410 9,813 Total equity and liabilities 19,059 19,802 EUR million 31 Dec 2025 31 Dec 2024 Items designated with “O” comprise Operating Capital Items designated with “I” comprise Net debt Items designated with “T” comprise Net Tax Liabilities Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  18 ===== SIDA 19 ===== Condensed consolidated statement of cash flows Cash flow from operating activities Operating result 942 93 Adjustments for non-cash items -96 812 Change in net working capital 51 283 Cash flow from operations 897 1,187 Net financial items paid -204 -163 Income taxes paid, net -48 -73 Net cash from operating activities 645 952 Cash flow from investing activities Acquisition of subsidiary shares and business operations, net of acquired cash -17 -75 Acquisitions of associated companies 0 -1 Acquisitions of unlisted securities -1 0 Cash flow on disposal of subsidiary shares and business operations, net of disposed cash 619 8 Cash flow on disposal of shares in equity accounted investments 1 0 Cash flow on disposal of listed and unlisted securities 9 3 Cash flow on disposal of forest and intangible assets and property, plant and equipment 17 23 Capital expenditure -775 -1,113 Proceeds from/payment of non-current receivables, net 206 22 Net cash from investing activities 60 -1,133 Cash flow from financing activities Proceeds from issue of new long-term debt 489 19 Repayment of long-term debt and lease liabilities -1,747 -225 Change in short-term interest-bearing liabilities -19 54 Dividends paid -209 -146 Purchase of own shares1 -2 -3 Net cash from financing activities -1,487 -301 EUR million 2025 2024 Net change in cash and cash equivalents -783 -483 Translation adjustment -4 11 Net cash and cash equivalents at the beginning of period 1,993 2,464 Net cash and cash equivalents at period end 1,206 1,993 Cash and cash equivalents at period end 1,212 1,999 Bank overdrafts at period end -5 -7 Net cash and cash equivalents at period end 1,206 1,993 EUR million 2025 2024 1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 31 December 2025. Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  19 ===== SIDA 20 ===== Statement of changes in equity Fair value reserve EUR million Share capital Share premium and reserve fund Invested non- restricted equity fund Treasury shares Equity instruments through OCI Cash flow hedges Revaluation reserve OCI of associated companies CTA and net investment hedges and loans Retained earnings Attributable to owners of the parent Non- controlling interests Total Balance at 1 January 2024 1,342 77 633 — 653 38 1,540 63 -375 7,015 10,985 -97 10,889 Net result for the period — — — — — — — — — -136 -136 -48 -183 OCI before tax — — — — -202 -81 -281 5 -85 22 -621 -5 -626 Income tax relating to OCI — — — — — 16 58 — 3 -4 72 — 72 Total comprehensive income — — — — -203 -65 -223 5 -82 -118 -685 -53 -738 Dividend — — — — — — — — — -158 -158 — -158 Acquisitions and disposals — — — — — — — — — — — — — Purchase of treasury shares — — — -3 — — — — — — -3 — -3 Share-based payments — — — 3 — — — — — -4 -1 — -1 Balance at 31 December 2024 1,342 77 633 — 450 -27 1,317 68 -457 6,735 10,139 -150 9,989 Net result for the period — — — — — — — — — 695 695 -9 686 OCI before tax — — — — 297 84 -385 -28 103 36 106 12 118 Income tax relating to OCI — — — — 2 -17 79 — -3 -8 53 — 53 Total comprehensive income — — — — 298 67 -307 -28 99 724 854 3 857 Reclassifications on disposals — — — — -4 — -126 — — 130 — — — Dividend — — — — — — — — — -197 -197 — -197 Acquisitions and disposals — — — — — — — — — — — — — Purchase of treasury shares — — — -2 — — — — — — -2 — -2 Share-based payments — — — 2 — — — — — — 2 — 2 Balance at 31 December 2025 1,342 77 633 — 744 40 884 40 -357 7,393 10,796 -147 10,649 CTA = Cumulative Translation Adjustment OCI = Other Comprehensive Income NCI = Non-controlling Interests Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  20 ===== SIDA 21 ===== Goodwill, other intangible assets, property, plant and equipment, right-of-use assets and forest assets EUR million 2025 2024 Carrying value at 1 January 13,172 13,289 Additions in tangible and intangible assets 633 933 Additions in right-of-use assets 45 76 Additions in biological assets 69 81 Depletion of capitalised silviculture costs -127 -88 Acquisition of subsidiaries 121 77 Disposals and classification as held for sale -937 -21 Depreciation and impairments -507 -1,246 Fair valuation of forest assets 143 229 Translation difference and other 99 -158 Statement of Financial Position Total 12,710 13,172 . Breakdown of change in capital employed Capital employed 31 December 2024, EUR million 13,696 Capital expenditure excl. investments in biological assets less depreciation 196 Investments in biological assets less depletion of capitalised silviculture costs -59 Impairments and reversal of impairments -25 Fair valuation of forest assets 143 Unlisted securities (mainly PVO) 307 Associated companies 153 Net liabilities in defined benefit plans 39 Operating working capital and other interest-free items, net 30 Emission rights -27 Net tax liabilities -2 Acquisition of subsidiaries 144 Disposal of subsidiaries -740 Translation difference 89 Other changes -115 Capital employed 31 December 2025 13,830 Borrowings EUR million 31 Dec 2025 31 Dec 2024 Bond loans 2,530 3,454 Loans from credit institutions 815 978 Lease liabilities 463 545 Long-term derivative financial liabilities 1 5 Other non-current liabilities 1 2 Non-current interest-bearing liabilities including current portion 3,809 4,985 Short-term borrowings 609 689 Interest payable 46 55 Short-term derivative financial liabilities 4 44 Bank overdrafts 5 7 Total interest-bearing liabilities 4,473 5,779 EUR million 2025 2024 Carrying value at 1 January 5,779 5,780 Additions in long-term debt, companies acquired 69 0 Proceeds of new long-term debt 489 19 Repayment of long-term debt -1,647 -176 Additions in lease liabilities 50 82 Repayment of lease liabilities and interest -96 -85 Change in short-term borrowings -50 69 Change in interest payable 10 23 Change in derivative financial liabilities -44 42 Disposals and classification as held for sale 0 -2 Other -32 15 Translation differences -55 11 Total interest-bearing liabilities 4,473 5,779 Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  21 ===== SIDA 22 ===== Commitments and contingencies EUR million 31 Dec 2025 31 Dec 2024 On Own Behalf Guarantees 10 17 Other commitments 6 6 On Behalf of associated companies Guarantees 4 4 On Behalf of Others Guarantees 6 16 Other commitments 0 0 Total 25 43 Guarantees 19 37 Other commitments 6 6 Total 25 43 Stora Enso has been granted investment subsidies and has given certain investment commitments in China. There is a risk that the majority owned local Chinese company may be subject to a claim based on alleged costs resulting from certain uncompleted investment commitments. Given the specific mitigating circumstances surrounding the investment case as a whole, Stora Enso does not consider it to be probable that this situation would result in an outflow of economic benefits that would be material to the Group. Capital commitments EUR million 31 Dec 2025 31 Dec 2024 Total 89 304 The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure contracts in joint operations. Key exchange rates for the euro One Euro is Closing Rate Average Rate (Year-to-date) 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 SEK 10.8215 11.4590 11.0647 11.4309 USD 1.1750 1.0389 1.1293 1.0821 GBP 0.8726 0.8292 0.8566 0.8466 Fair Values of Financial Instruments The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: • Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; • Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly; • Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based on observable market data. The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at fair value in the following tables are measured at fair value on a recurring basis. Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December 2025 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial assets Listed securities — — — — — — — — Unlisted securities — 896 17 912 912 — — 912 Non-current interest-bearing receivables 11 3 — 14 14 — 3 — Derivative assets — 3 — 3 3 — 3 — Loan receivables 11 — — 11 11 — — — Trade and other operating receivables 543 50 — 593 593 — 50 — Current interest-bearing receivables 10 49 8 67 67 — 57 — Derivative assets — 49 1 50 50 — 50 — Other short-term receivables 10 — 7 17 17 — 7 — Cash and cash equivalents 1,212 — — 1,212 1,212 — — — Total 1,774 999 25 2,798 2,798 — 111 912 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial liabilities Non-current interest-bearing liabilities 3,556 1 — 3,557 3,718 — 1 — Derivative liabilities — 1 — 1 1 — 1 — Non-current debt 3,556 — — 3,556 3,718 — — — Current portion of non-current debt 253 — — 253 253 — — — Current interest-bearing liabilities 649 3 7 659 659 — 10 — Derivative liabilities — 3 7 10 10 — 10 — Current debt 649 — — 649 649 — — — Trade and other operating payables 2,013 — — 2,013 2,013 — — — Bank overdrafts 5 — — 5 5 — — — Total 6,475 4 7 6,486 6,648 — 11 — In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion. Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  22 ===== SIDA 23 ===== Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December 2024 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial assets Listed securities — 11 — 11 11 11 — — Unlisted securities — 587 15 602 602 — — 602 Non-current interest-bearing receivables 9 5 — 14 14 — 5 — Derivative assets — 5 — 5 5 — 5 — Loan receivables 9 — — 9 9 — — — Trade and other operating receivables 626 42 — 668 668 — 42 — Current interest-bearing receivables 38 9 1 47 47 — 10 — Derivative assets — 9 1 10 10 — 10 — Other short-term receivables 38 — — 38 38 — — — Cash and cash equivalents 1,999 — — 1,999 1,999 — — — Total 2,672 654 16 3,342 3,342 11 57 602 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial liabilities Non-current interest-bearing liabilities 3,889 5 — 3,894 4,129 — 5 — Derivative liabilities — 5 — 5 5 — 5 — Non-current debt 3,889 — — 3,889 4,124 — — — Current portion of non-current debt 1,090 — — 1,090 1,090 — — — Current interest-bearing liabilities 744 42 2 788 788 — 44 — Derivative liabilities — 42 2 44 44 — 44 — Current debt 744 — — 744 744 — — — Trade and other operating payables 2,005 — — 2,005 2,005 — — — Bank overdrafts 7 — — 7 7 — — — Total 7,735 47 2 7,784 8,019 — 50 — Reconciliation of level 3 fair value measurement of financial assets and liabilities: 31 December 2025 EUR million 2025 2024 Financial assets Opening balance at 1 January 602 810 Gains/losses recognised in income statement 1 0 Gains/losses recognised in other comprehensive income 300 -205 Additions 13 0 Disposals -3 -3 Closing balance 912 602 The Group did not have level 3 financial liabilities as at 31 December 2025. Level 3 Financial Assets At period end, Level 3 financial assets included EUR 870 million of Pohjolan Voima Oy (PVO) shares for which the valuation method is described in more detail in the Annual Report. The valuation is most sensitive to changes in electricity prices and discount rates. The discount rate of 6.48% used in the valuation model is determined using the weighted average cost of capital method. A +/- 5% change in the electricity price used in the DCF would change the valuation by EUR +96 million and -96 million, respectively. A +/- percentage point change in the discount rate would change the valuation by EUR -154 million and +204 million, respectively. Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  23 ===== SIDA 24 ===== Stora Enso shares During the fourth quarter of 2025, the conversions of 6,075 A shares into R shares were recorded in the Finnish trade register. During 2025, the conversions of 121,658 A shares into R shares were recorded in the Finnish trade register. On 31 December 2025, Stora Enso had 175,542,421 A shares and 613,077,566 R shares in issue. The company did not hold its own shares. The total number of Stora Enso shares in issue was 788,619,987 and the total number of votes at least 236,850,177. On 15 January 2026, the conversion of 93 A shares into R shares was recorded in the Finnish trade register. Trading volume Helsinki Stockholm A share R share A share R share October 167,206 38,875,820 93,519 10,989,200 November 184,708 34,790,004 67,209 8,011,413 December 126,678 29,787,501 56,296 8,257,111 Total 478,592 103,453,325 217,024 27,257,724 Closing price Helsinki, EUR Stockholm, SEK A share R share A share R share October 10.35 10.10 114.00 110.90 November 10.30 10.13 113.00 111.50 December 10.65 10.71 117.00 115.60 Number of shares Million Q4/25 Q4/24 Q3/25 2025 2024 At period end 788.6 788.6 788.6 788.6 788.6 Average 788.6 788.6 788.6 788.6 788.6 Average, diluted 789.7 789.6 789.7 789.7 789.7 Maintenance Total planned maintenance impact Expected and historical impact of lost value of sales and planned maintenance costs EUR million Q1/26¹ Q4/25² Q3/25 Q2/25 Q1/25 Q4/24 Total maintenance impact 70–80 113 110 95 75 118 1 The estimated numbers may be impacted by unforeseen additional costs and/or volume loss in connection with the planned maintenance stops and the restart of operations. 2 The estimate for Q4/2025 was EUR 106 million. Planned maintenance shutdowns Packaging Materials Biomaterials 2026 2025 2026 2025 Q1 — — Q1 Veracel — Q2 Beihai, Langerbrugge Beihai, Langerbrugge Q2 Skutskär Skutskär Q3 Heinola, Oulu, Varkaus Heinola, Oulu, Varkaus Q3 — Enocell Q4 Anjalankoski, Fors, Imatra, Ostrołęka, Skoghall Anjalankoski, Fors, Imatra, Ostrołęka, Skoghall Q4 — Montes del Plata Production and external deliveries Q4/25 Q4/24 Change % Q4/25– Q4/24 Q3/25 2025 2024 Consumer board deliveries, 1,000 tonnes 703 677 3.9 % 725 2,852 2,778 Consumer board production, 1,000 tonnes 661 593 11.4 % 775 2,901 2,793 Containerboard deliveries, 1,000 tonnes 313 286 9.3 % 309 1,296 1,242 Containerboard production, 1,000 tonnes 409 379 8.0 % 369 1,613 1,530 Corrugated packaging European deliveries, million m2 296 287 2.9 % 310 1,216 1,205 Corrugated packaging European production, million m2 280 269 4.3 % 284 1,161 1,157 Market pulp deliveries, 1,000 tonnes 507 588 -13.7 % 476 2,019 2,029 Wood products deliveries, 1,000 m3 1,153 1,023 12.7 % 1,038 4,440 3,892 Wood deliveries, 1,000 m3 3,389 3,559 -4.8 % 2,922 13,255 13,451 Paper deliveries, 1,000 tonnes 140 140 0.3 % 151 561 611 Paper production, 1,000 tonnes 145 135 7.2 % 144 568 592 Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  24 ===== SIDA 25 ===== Sales by segment – total EUR million 2025 Q4/25 Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24 Packaging Materials 4,478 1,033 1,128 1,159 1,159 4,502 1,095 1,169 1,138 1,100 Packaging Solutions 1,027 253 263 272 239 987 247 262 254 224 Biomaterials 1,458 349 339 378 392 1,587 419 380 413 374 Wood Products 1,817 465 440 494 418 1,522 400 359 414 349 Forest 3,212 794 750 833 836 2,827 784 695 690 659 Other 194 50 48 47 49 176 47 37 36 57 Inter-segment sales -2,861 -688 -686 -756 -731 -2,552 -670 -640 -644 -599 Total 9,326 2,254 2,283 2,426 2,362 9,049 2,322 2,261 2,301 2,164 Sales by segment – external EUR million 2025 Q4/25 Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24 Packaging Materials 4,255 992 1,086 1,099 1,078 4,207 1,019 1,094 1,062 1,033 Packaging Solutions 1,016 250 260 270 237 977 244 259 252 221 Biomaterials 1,151 278 265 285 322 1,303 365 315 326 298 Wood Products 1,611 409 388 441 373 1,357 349 320 373 315 Forest 1,254 314 277 327 337 1,157 330 267 282 278 Other 39 11 8 5 15 49 15 7 7 20 Total 9,326 2,254 2,283 2,426 2,362 9,049 2,322 2,261 2,301 2,164 Operating result (IFRS) by segment EUR million 2025 Q4/25 Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24 Packaging Materials 83 -17 23 17 60 -169 -303 62 24 47 Packaging Solutions 2 4 -5 -2 5 -394 -379 -8 -4 -4 Biomaterials 144 55 25 23 41 256 86 46 66 58 Wood Products -16 -19 -8 11 1 -73 -68 -3 7 -10 Forest 826 484 210 55 76 646 466 69 49 63 Other -98 -36 -12 -35 -15 -162 -90 -31 -38 -4 Inter-segment eliminations 1 6 -1 -6 3 -11 9 3 -13 -10 Operating result (IFRS) 942 476 231 64 171 93 -279 139 92 141 Net financial items -159 -47 -29 -44 -39 -211 -74 -41 -49 -47 Result before tax 783 430 202 20 132 -118 -353 98 43 94 Income tax expense -97 -66 -1 -5 -25 -65 -26 -14 -8 -17 Net result 686 363 201 15 107 -183 -379 84 35 77 The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details. Alternative performance measures According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance measure is understood as a financial measure of historical or future financial performance, financial position, or cash flows, not defined under IFRS. Used together with the IFRS measures, alternative performance measures provide meaningful supplemental information about the financial development of the business operations. Definitions and purpose for alternative performance measures can be found in the Annual Report. Reconciliation of operating result EUR million Q4/25 Q4/24 Change % Q4/25– Q4/24 Q3/25 2025 2024 Adjusted EBITDA 255 285 -10.7 % 291 1,144 1,223 Depreciation and silviculture costs of associated companies -4 -3 -11.3 % -3 -14 -13 Silviculture costs1 -26 -36 29.5 % -44 -120 -111 Depreciation and impairment excl. IAC -125 -125 0.1 % -117 -483 -501 Adjusted EBIT 100 121 -16.7 % 126 528 598 Fair valuations and non-operational items 466 368 26.4 % -11 434 364 Items affecting comparability (IAC) -90 -768 88.3 % 117 -19 -870 Operating result (IFRS) 476 -279 270.6 % 231 942 93 1 Including damages to forests Adjusted EBIT by segment EUR million 2025 Q4/25 Q3/25 Q2/25 Q1/25 2024 Q4/24 Q3/24 Q2/24 Q1/24 Packaging Materials 124 -3 36 29 62 172 -6 73 53 52 Packaging Solutions 14 5 2 3 5 -15 -6 -6 -1 -1 Biomaterials 110 28 24 21 36 231 67 43 63 57 Wood Products -2 -7 -6 11 1 -16 -12 -2 7 -9 Forest 317 71 76 88 82 309 81 81 76 70 Other -37 1 -4 -20 -14 -72 -13 -16 -32 -11 Inter-segment eliminations 1 6 -1 -6 3 -11 9 3 -13 -10 Adjusted EBIT 528 100 126 126 175 598 121 175 153 149 Fair valuations and non- operational items 434 466 -11 -27 7 364 368 0 -16 11 Items affecting comparability -19 -90 117 -35 -11 -870 -768 -36 -46 -20 Operating result (IFRS) 942 476 231 64 171 93 -279 139 92 141 Net financial items -159 -47 -29 -44 -39 -211 -74 -41 -49 -47 Result before Tax 783 430 202 20 132 -118 -353 98 43 94 Income tax expense -97 -66 -1 -5 -25 -65 -26 -14 -8 -17 Net result 686 363 201 15 107 -183 -379 84 35 77 The Packaging Materials and Group figures for Q1 and Q2 2024 restated in Q3 2024, please see the interim report for Q3 2024 for more details. Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  25 ===== SIDA 26 ===== Items affecting comparability (IAC), fair valuations and non-operational items (FV) Items affecting comparability EUR million Q4/25 2025 Q4/24 2024 Acquisitions 0 -4 0 0 Disposals - Swedish forest assets 0 140 0 0 Disposals - Other -6 -16 -9 -26 Impairments - Packaging Materials 0 0 -300 -305 Impairments - Packaging Solutions -1 -4 -371 -371 Impairments - Wood Products -12 -12 -56 -56 Restructuring - Packaging Materials -10 -32 -1 -32 Restructuring - Packaging Solutions 0 -7 -2 -8 Restructuring - Biomaterials -5 -5 -3 -6 Restructuring - Wood Products 0 -2 0 0 Restructuring - Forest -4 -4 0 0 Restructuring - Group functions and segment Other -5 -6 -3 -7 Profit improvement programme - consulting costs -5 -24 -13 -45 Claims and penalties -8 -8 0 0 Environmental provisions and damages -35 -35 -9 -14 Total -90 -19 -768 -870 Items affecting comparability by segment EUR million Q4/25 Q4/24 Q3/25 2025 2024 Packaging Materials -24 -301 -10 -46 -343 Packaging Solutions -1 -373 -6 -12 -379 Biomaterials -5 -4 -1 -6 -7 Wood Products -12 -56 -2 -14 -57 Forest -30 -2 141 109 -5 Other -19 -32 -5 -50 -79 IAC on operating result -90 -768 117 -19 -870 Tax on IAC 16 60 4 28 77 IAC on net result -74 -708 121 9 -792 Items affecting comparability by segment Packaging Materials The IAC for Q4/25 included restructuring costs of EUR -10 million and claims and penalties of EUR -8 million, mainly related to operations in Finland as well as storm related forest damages in China of EUR -5 million. The IAC for Q4/24 included impairments of EUR -300 million and EUR -1 million of restructuring costs related to various units. Packaging Solutions The IAC for Q4/25 included asset impairments of EUR -1 million. The IAC for Q4/24 included impairments of EUR -371 million and restructuring costs of EUR -2 million. Biomaterials The IAC for Q4/25 included restructuring costs of EUR -5 million. IAC for Q4/24 included restructuring costs of EUR -4 million. Wood Products The IAC for Q4/25 included asset impairments of EUR -12 million. The IAC for Q4/24 included asset impairments of EUR -56 million. Forest The IAC for Q4/25 included EUR -29 million storm related forest damages in Sweden and mainly restructuring costs of EUR -1 million. The IAC for Q4/24 included EUR -2 million related to environmental provisions. Segment Other The IAC for Q4/25 included EUR -5 million of consulting costs related to profit improvement programme, EUR -6 million related to acquisitions and disposals and EUR -8 million of restructuring related items. The IAC for Q4/24 included EUR -13 of consulting costs related to profit improvement programme, EUR -4 million of restructuring costs, EUR -8 million related to disposals and EUR -7 million related to environmental provisions. Fair valuations and non-operational items EUR million Q4/25 2025 Q4/24 2024 Non-operational fair valuation changes of biological assets, Packaging Materials 10 5 5 2 Non-operational fair valuation changes of biological assets, Biomaterials 31 40 22 32 Non-operational fair valuation changes of biological assets, Forest 419 404 392 382 Non-cash income and expenses related to CO2 emission rights and liabilities, Other -19 -12 -45 -11 Non-operational items of associated companies, mainly Forest 26 -2 -2 -34 Adjustments for differences between fair value and acquisition cost of forest assets upon disposal, Forest -2 -2 -4 -6 Total 466 434 368 364 Fair valuations and non-operational items by segment EUR million Q4/25 Q4/24 Q3/25 2025 2024 Packaging Materials 10 5 -3 5 2 Packaging Solutions 0 0 0 0 0 Biomaterials 31 22 2 40 32 Wood Products 0 0 0 0 0 Forest 443 387 -7 399 342 Other -19 -45 -3 -11 -12 FV on operating result 466 368 -11 434 364 Tax on FV -88 -75 4 -76 -72 FV on net result 378 293 -7 358 293 Fair valuations in Q4/25 Packaging Materials: Non-operational fair valuation changes of biological assets of EUR 10 (5) million. Biomaterials: Non-operational fair valuation changes of biological assets of EUR 31 (22) million. Forest: Non-operational fair valuation changes of biological assets and non- operational items of associated companies of EUR 443 (387) million. Segment Other: Non-cash income and expenses related to CO2 emission rights and liabilities of EUR -19 (-45) million. Financials S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  26 ===== SIDA 27 ===== Forest assets EUR million Q4/25 Q4/24 Q3/25 Forest assets in subsidiaries and joint operations 6,641 7,227 6,489 Forest assets in associated companies 1,702 1,474 1,655 Leased forest land (right-of-use assets) 134 194 134 Total Forest assets 8,478 8,894 8,277 Calculation of adjusted ROCE and ROE based on the last 12 months EUR million Q4/25 Q4/24 Q3/25 Adjusted EBIT, LTM 528 598 548 Capital employed, LTM average 13,864 14,060 13,948 Adjusted ROCE, LTM 3.8% 4.3% 3.9% Adjusted EBIT excl. Forest segment, LTM 210 290 220 Capital employed excl. Forest segment, LTM average 7,860 8,071 7,901 Adjusted ROCE excl. Forest segment, LTM 2.7% 3.6% 2.8% Net result for the period, LTM 686 -183 -56 Total equity, LTM average 10,259 10,576 10,274 Return on equity (ROE), LTM 6.7% -1.7% -0.5% Net debt 3,181 3,707 3,215 Adjusted EBITDA, LTM 1,144 1,223 1,175 Net debt to LTM adjusted EBITDA ratio 2.8 3.0 2.7 Calculation of earnings per share excl. fair valuations EUR million Q4/25 Q4/24 Q3/25 2025 2024 Earnings per share (EPS) excl. FV EUR Net profit for the period attributable to owners of the Parent 361 -340 198 695 -136 FV on net profit for the period attributable to owners of the Parent 381 297 -4 369 307 Net profit for the period attributable to owners of the parent excl. FV -20 -637 202 327 -442 Average number of shares 789 789 789 789 789 Earnings per share (EPS) excl. FV EUR -0.03 -0.81 0.26 0.41 -0.56 Calculation of net debt EUR million 31 Dec 2025 31 Dec 2024 30 Sep 2025 31 Dec 2024 Listed securities 0 11 0 11 Non-current interest-bearing receivables 14 14 29 14 Interest-bearing receivables 67 47 81 47 Cash and cash equivalents 1,212 1,999 2,228 1,999 Interest-bearing assets 1,293 2,072 2,337 2,072 Non-current interest-bearing liabilities 3,557 3,894 3,647 3,894 Current portion of non-current debt 253 1,090 1,133 1,090 Interest-bearing liabilities 659 788 739 788 Bank overdrafts 5 7 32 7 Interest-bearing Liabilities 4,473 5,779 5,552 5,779 Net debt 3,181 3,707 3,215 3,707 Calculation of adjusted ROOC and adjusted ROCE based on the last 12 months by segment EUR million Q4/25 Q4/24 Q3/25 Packaging Materials Adjusted EBIT, LTM 124 172 121 Operating capital, LTM 3,575 3,490 3,602 Adjusted ROOC, LTM 3.5% 4.9% 3.3% Packaging Solutions Adjusted EBIT, LTM 14 -15 4 Operating capital, LTM 602 934 683 Adjusted ROOC, LTM 2.4% -1.6% 0.5% Biomaterials Adjusted EBIT, LTM 110 231 149 Operating capital, LTM 2,427 2,480 2,426 Adjusted ROOC, LTM 4.5% 9.3% 6.1% Wood Products Adjusted EBIT, LTM -2 -16 -6 Operating capital, LTM 635 609 619 Adjusted ROOC, LTM -0.3% -2.7% -1.0% Forest Adjusted EBIT, LTM 317 309 327 Capital employed, LTM 6,004 5,989 6,047 Adjusted ROCE, LTM 5.3% 5.2% 5.4% Financials ROCE = Return on capital employed ROE = Return on equity ROOC = Return on operating capital LTM = Last 12 months S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  27 ===== SIDA 28 ===== Contact information Stora Enso Oyj P.O. Box 309 FI-00101 Helsinki, Finland Visiting address: Katajanokanlaituri 4 Tel: +358 2046 131 Stora Enso AB P.O. Box 70395 SE-107 24 Stockholm, Sweden Visiting address: World Trade Center Klarabergsviadukten 70, C4 Tel. +46 1046 46 000 storaenso.com storaenso.com/investors For further information, please contact: Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061 Hanna Rutanen SVP Communications, tel. +358 41 507 1361 Stora Enso's January–March 2026 results will be published on 7 May 2026 Stora Enso is a global leader in renewable materials with a strong focus on packaging. Our purpose is to replace non-renewable materials with renewable solutions. Together with our customers, we design and deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers, accelerating the transition to a circular bioeconomy. Stora Enso has approximately 19,000 employees and our sales in 2025 were EUR 9.3 billion. Stora Enso's shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein which are not historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties, which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. All statements are based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes no obligation to publicly update or revise any forward-looking statement except to the extent legally required. Contacts S t o r a E n s o Q 4 a n d f u l l y e a r 2 0 2 5 r e s u l t s  28