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Stora Enso Half Year Financial Report January–June 2021 Q2 Results Summary

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Stora Enso Half Year Financial Report January–June 2021 Q2 Results Summary Stora Enso Half year financial report January–June 2021 Q2 Results summary Strong performance and solid growth continue Q2/2021 (compared with Q2/2020) Strategy implementation update • Sales increased by 22.6% to EUR 2 592 (2 114) • The ramp-up of kraftliner production line at Oulu is million, due to higher deliveries and prices. Sales proceeding ahead of schedule. excluding Paper increased by 28.4%. • Stora Enso and Tetra Pak partner to provide circular • Operational EBIT increased to EUR 364 (178) million, solutions to the market to significantly improve due to higher prices and volumes, especially in recycling of beverage cartons in Central and Eastern Biomaterials, Wood Products, and Packaging Europe. Materials. Operational EBIT excluding Paper • The feasibility study regarding a possible expansion of increased to EUR 413 (216) million. the pulp and board production at Skoghall is expected • Operational EBIT margin increased to 14.0% (8.4%). to be finalised by the end of 2021. Excluding Paper, the operational EBIT margin was • Dispersion barrier coating started at the Forshaga site, 19.1% (12.9%). and commercial customer qualifications are ongoing. • Items affecting comparability (IAC) amounted to EUR • The pilot plant for carbon for energy storage at Sunila -171 (-7) million, mainly related to restructuring costs started up during the quarter as planned, and in the Paper division. production of Lignode® by Stora Enso is ramping up. • Operating profit (IFRS) decreased to EUR 182 (226) • The co-determination negotiations concerning closing million. down the pulp and paper production at the Veitsiluoto • EPS was EUR 0.26 (0.19) and EPS excl. fair and Kvarnsveden sites were completed. The closures valuations (FV) was EUR 0.27 (0.13). will take place during the third quarter of 2021. • The value of forest assets, including leased land and • Stora Enso will divest its Sachsen paper mill in Stora Enso's share of Tornator, increased to EUR 7.4 Germany to Model Group. (5.4) billion. The forest valuation method was changed • Restructuring at Hylte was finalised, and production is in Q4/2020 to market based valuation in Sweden. now based solely on mechanical pulp (TMP). • Strong cash flow from operations amounted to EUR 463 (363) million. Cash flow after investing activities Outlook was EUR 339 (239) million. The global economy is recovering strongly from the • Net debt decreased by EUR 314 million to EUR 2 975 impacts of the pandemic and demand for Stora Enso's (3 289) million. products, except for graphic paper, continues to be very • The net debt to operational EBITDA ratio was 1.8 healthy. (2.5). The target is to keep the ratio below 2.0. The annual outlook for 2021 remains unchanged, • Operational ROCE excluding the Forest division operational EBIT in 2021 is expected to be higher than increased to 18.1% (7.8%), and was clearly above the operational EBIT in 2020. long-term target of more than 13%. Two quarters ahead of the plan, Stora Enso concluded its EUR 400 million profit protection programme by the end of Q2/2021, and there will no longer be separate reporting on Q1-Q2/2021 (compared with Q1-Q2/20) it. The accumulated continuous and total savings from the beginning of the programme were EUR 510 million, of • Sales were EUR 4 868 (4 321) million. which continuous savings amounted to EUR 410 million. • Operational EBIT was EUR 692 (357) million. Due to successful technical and commercial ramp-up, the • Strong cash flow from operations amounted to EUR Oulu kraftliner unit reached operational EBITDA break- 648 (509) million. Cash flow after investing activities even already during Q2/2021. This is three quarters ahead was EUR 330 (208) million. of the initial target. The unit also reached the designed • Operational ROCE excluding the Forest division capacity, as planned, by the end of Q2. The total negative increased to 15.2% (7.8%). impact on operational EBIT is estimated to be EUR 20–25 million for 2021. This is clearly below the previous estimate of EUR 40–50 million. As the unit has now reached operational EBITDA breakeven, the separate reporting will be discontinued. Total maintenance impact EUR million Q3/20211 Q2/2021 Q1/2021 Q4/2020 Q3/2020 Q2/2020 Total maintenance impact 184 136 105 161 159 110 1 Estimated Stora Enso January–June 2021 results 1 (33) Key figures Operational ROCE excl. Forest division Net debt to operational EBITDA 20% 4 000 4.0 18% 3 500 3.5 16% 14% 3 000 3.0 12% 2 500 2.5 10% 2 000 2.0 8% 1 500 1.5 6% 1 000 1.0 4% 500 0.5 2% 0% 0 0.0 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Operational ROCE Net debt, EUR million Rolling 12 month average Net debt to operational EBITDA Target >13% Target <2.0 Stora Enso January–June 2021 results 2 (33) Key figures Key figures Change % Change % Change % Q2/21- Q2/21- Q1-Q2/21– EUR million Q2/21 Q2/20 Q2/20 Q1/21 Q1/21 Q1-Q2/21 Q1-Q2/20 Q1-Q2/20 2020 Sales 2 592 2 114 22.6 % 2 276 13.9 % 4 868 4 321 12.7 % 8 553 Operational EBITDA 524 332 57.6 % 488 7.3 % 1 011 667 51.7 % 1 270 Operational EBITDA margin 20.2 % 15.7 % 21.4 % 20.8 % 15.4 % 14.9 % Operational EBIT 364 178 104.9 % 328 11.0 % 692 357 93.6 % 650 Operational EBIT margin 14.0 % 8.4 % 14.4 % 14.2 % 8.3 % 7.6 % Operating profit (IFRS) 182 226 -19.3 % 161 12.9 % 343 487 -29.6 % 922 Profit before tax excl. IAC and FV 334 142 135.1 % 292 14.2 % 626 268 133.3 % 501 Profit before tax (IFRS) 152 190 -20.1 % 125 21.0 % 277 398 -30.4 % 773 Net profit for the period (IFRS) 207 144 43.8 % 145 42.6 % 353 293 20.3 % 617 Cash flow from operations 463 363 27.6 % 185 149.9 % 648 509 27.4 % 1 344 Cash flow after investing activities 339 239 41.6 % -9 n/m 330 208 58.9 % 680 Capital expenditure 130 144 -9.8 % 124 4.1 % 254 228 11.4 % 687 Capital expenditure excluding investments in biological assets 114 126 -9.7 % 111 2.0 % 225 198 13.8 % 628 Depreciation and impairment charges excl. IAC 135 136 -0.5 % 139 -2.5 % 274 274 0.0 % 544 Net interest-bearing liabilities 2 975 3 289 -9.6 % 3 236 -8.1 % 2 975 3 289 -9.6 % 2 921 Forest assets5 7 409 5 389 37.5 % 7 179 3.2 % 7 409 5 389 37.5 % 7 314 Operational return on capital employed (ROCE), % 12.1% 6.8% 11.1% 11.6% 6.8% 5.8% Operational ROCE excl. Forest division4 18.1% 7.8% 12.0% 15.2% 7.8% 7.0% Earnings per share (EPS) excl. FV3, EUR 0.27 0.13 106.8 % 0.22 22.4 % 0.50 0.24 106.7 % 0.45 EPS (basic), EUR 0.26 0.19 40.3 % 0.18 43.4 % 0.44 0.38 16.9 % 0.79 Return on equity (ROE) 9.3% 8.1% 6.7% 7.8% 8.0% 7.6% Net debt/equity ratio 0.32 0.45 0.37 0.32 0.45 0.33 Net debt to last 12 months’ operational EBITDA ratio 1.8 2.5 2.3 1.8 2.5 2.3 Fixed costs to sales, % 23.4 % 26.3 % 24.6 % 24.0 % 25.6 % 26.7 % Equity per share, EUR 11.68 9.19 27.1 % 11.04 5.7 % 11.68 9.19 27.1 % 11.17 Average number of employees (FTE) 23 509 25 077 -6.3 % 23 068 1.9 % 23 293 25 017 -6.9 % 24 455 TRI rate12 5.6 4.7 19.1 % 5.8 -3.4 % 5.7 5.7 0.0 % 6.1 Operational key figures, items affecting comparability and other non-IFRS measures: The list of Stora Enso’s non-IFRS measures and the calculation of the key figures are presented at the end of this report. See also the section Non-IFRS measures at the beginning of the Financials section. IAC = Items affecting comparability, FV = Fair valuations and non-operational items TRI (Total recordable incidents) rate = number of incidents per one million hours worked. 1 For own employees, including employees of the joint operations Veracel and Montes del Plata 2 Historical figures for TRI rate recalculated due to additional data received after the previous Interim Reports. 3 Earnings per share (EPS) excl. FV was added to the list of non-IFRS measures during Q4/2020 replacing the key figure of EPS excl. IAC and FV. Comparatives are recalculated. 4 The segment comparative figures have been restated in accordance to the change in presentation of certain consolidation adjustments, as described in the section Basis of preparation. 5 Total forest assets value, including leased land and Stora Enso's share of Tornator. Production and external deliveries Change % Change % Change % Q2/21- Q2/21- Q1-Q2/21– Q2/21 Q2/20 Q2/20 Q1/21 Q1/21 Q1-Q2/21 Q1-Q2/20 Q1-Q2/20 2020 Board deliveries1, 1 000 tonnes 1 099 970 13.3 % 1 007 9.1 % 2 107 1 881 12.0 % 3 712 Board production1, 1 000 tonnes 1 168 1 068 9.4 % 1 139 2.6 % 2 307 2 074 11.2 % 4 063 Corrugated packaging European deliveries, million m2 242 212 14.9 % 237 2.5 % 479 435 10.1 % 902 Corrugated packaging European production, million m2 270 237 13.8 % 263 2.6 % 533 485 9.9 % 1 004 Market pulp deliveries, 1 000 tonnes 603 557 8.2 % 630 -4.3 % 1 233 1 083 13.8 % 2 443 Wood products deliveries, 1 000 m3 1 347 1 174 14.7 % 1 192 13.0 % 2 539 2 299 10.4 % 4 692 Wood deliveries, 1 000 m3 3 042 2 814 8.1 % 3 045 -0.1 % 6 087 5 855 4.0 % 11 469 Paper deliveries, 1 000 tonnes 767 666 15.2 % 742 3.4 % 1 509 1 583 -4.7 % 3 106 Paper production, 1 000 tonnes 741 650 14.0 % 743 -0.3 % 1 484 1 580 -6.1 % 3 034 1 Includes consumer board and containerboard volumes Stora Enso January–June 2021 results 3 (33) CEO comment CEO comment As the global economy recovers from the impacts of the As the renewable materials company, we are happy to see pandemic, our strong performance continued in the second that more and more businesses want environmentally friendly packaging that is fossil-free, renewable and quarter of the year.
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