Stora Enso Investor Kit Strategy and Market Environment, and Financial Performance Disclaimer

Stora Enso investor kit Strategy and market environment, and financial performance Disclaimer

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.

2 4 May 2021 Stora Enso Content

SECTION 1: SECTION 2: SECTION 3: SECTION 4: SECTION 5: LATEST STRATEGY DIVISIONS INNOVATIONS FINANCIALS & INTERIM REPORT GOVERNANCE Introduction Businesses and Innovation in Financial performance Strategy capacities packaging Balance sheet strength Strategic targets Key figures Innovation in Cost structure Bioeconomy Key demand drivers Biomaterials Capital expenditure Forest assets Market outlook Innovation in Wood Key figures Products Dividend policy Ownership structure Management & the Board ADR programme

3 4 May 2021 Stora Enso Stora Enso in brief

Part of the bioeconomy, leading global provider of renewable solutions in Sales packaging, biomaterials, wooden EUR 8.6 billion in 2020 constructions and paper

Operational EBIT EUR 650 million in 2020

Some 23 000 Stora Enso shares are listed on NASDAQ OMX Helsinki and Stockholm. In addition, the shares are traded in the employees USA as ADRs

4 4 May 2021 Stora Enso Shaping our business for higher growth and value…

Growth

Packaging Materials Packaging Solutions

Wood Products: Building Solutions Biomaterials: Innovations Foundation Cash

Wood Products: Forest Traditional wood products Biomaterials: Pulp Paper 5 4 May 2021 Stora Enso …by focusing on our three leading positions

Packaging Materials & Solutions Wood Products: Building Solutions Biomaterials Innovations

• High demand for plastic free and eco- • 10%+ annual growth • High growth end product markets friendly circular packaging • Leading global supplier • Uncontested sustainability position • Leading market positions • Potential to capture a larger share of the • Proprietary technologies and unique • Attractive investment options available value chain value propositions

Significant growth potential with 3x sales from Building Solutions with 35%+ margin in novel markets with 20%+ margin ~20% margin strong growth Majority of future company growth

6 4 May 2021 Stora Enso Development of long-term financial targets

Group long-term financial targets Q1 20 Q1 21

Dividend* To distribute 50% of EPS excluding fair valuation 0.30 0.30 over the cycle Growth** > 5% -13.8% (YoY) 14.3% (YoY) Net debt to operational < 2.0x 2.3 2.3 EBITDA Net debt to equity < 60% 48% 37% Operational ROCE excl. Forest > 13% 7.8% 12.0%

Divisional long-term financial targets Q1 20 Q1 21

Packaging Materials Operational ROOC > 20% 13.5% 16.7% Packaging Solutions Operational ROOC > 25% 13.8% 7.5%

Biomaterials Operational ROOC > 15% -0.4% 11.2% Wood Products Operational ROOC > 20% 11.3% 36.9% Forest Operational ROCE > 3.5% 4.9% 9.9% Paper Cash flow after investing activities to sales > 7% -0.2% -4.6%

* Annual dividend. ** Excluding Paper 7 4 May 2021 Stora Enso Capacities by grade

Capacity Capacity Usage of Paper for Grade Grade 1 000 t 1 000 t 1 000 t Recycling (PfR) Consumer Board 3 380 Newsprint and Book paper 1 570 PfR for Paper mills 1 200 Containerboards* 1 915 2 Corrugated Packaging 1 385 (Mm ) Uncoated Magazine (SC) 1 070 OCC** for Containerboard mills 720 Coated Magazine 260 Total 1 920 Sawn goods 5.7 Mm3 Total Magazine Paper 1 330

Short-fiber pulp 1 200 Uncoated Fine 1 000 Long-fiber pulp 300 Total Fine Paper 1 000 Fluff pulp 350 Dissolving pulp 250 Paper Total 3 900 Unbleached kraft pulp 100 Net market pulp 2 200

*Includes Oulu capacity of 450 000 t/a. Oulu kraftliner line ramping up. **Old Corrugated Cartons

8 4 May 2021 Stora Enso Global position – capacity and biological asset allocation

Board capacity by country 2021

Paper capacity by country 2021 Finland Finland Finland Finland Finland Chemical Pulp capacity by country 2021 52% 31% 56% 11% 30% Forest assets by country as at Dec 2020

Total assets by country as at Dec 2020 Sweden Sweden Sweden Sweden Sweden 25% 33% 20% 77% 41%

Germany Germany Poland Poland Poland 21% 2% 3% 2% 13%

China China China 10% 5% 7% Brazil Brazil Brazil 2% 1% 9% Other Other countries countries 14% 6%

Uruguay Uruguay Uruguay 9% 6% 12%

9 4 May 2021 Stora Enso Megatrends are changing business and society – we contribute to mitigating climate change

10 4 May 2021 Stora Enso Stora Enso’s annual estimated climate impact

Our forests Our products Our value Our products substitute Climate impact3 remove carbon1 store carbon chain emissions2 fossil-based products, saving −1.5 −2.6 +10.5 −17.9 = −11.5 million tonnes of CO2 million tonnes of CO2e million tonnes of CO2e million tonnes of CO2e million tonnes

1) Estimated net annual carbon sequestration in own and managed forests and plantations, which provide about 30% of our wood use. Excludes purchased wood. Third-party owned forests that of CO e provide Stora Enso’s purchased wood are estimated to have an additional net carbon sequestration of –5 million tonnes of CO2 annually. 2 2) Fossil CO2 emissions in 2019 including direct emissions from our operations, emissions from purchased energy as well as emissions from other sources along our value chain (Scope 1, 2, and 3). Calculated based on the guidance provided by the Greenhouse Gas Protocol. 3) Negative value indicates a net removal from atmosphere. Calculated by the Swedish University of Agricultural Sciences (SLU) in 2020 based on Stora Enso’s production, forest and wood use, and emission figures in 2019: Climate effects of a forestry company – including biogenic carbon fluxes and substitution effects. 11 4 May 2021 Stora Enso We are a solution for consumers’ new demands

Everything that’s made with fossil-based materials today can be made from a tree tomorrow

12 4 May 2021 Stora Enso Valuation method changed in 2020 – forest assets fair value 7.2 BEUR at the end of Q1/2021 Group forest assets Stora Enso productive forest land areas at end of 2020 BEUR

7.3 7.2 Swedish forests Tornator (41%) 1 145 000 ha Finland 269 000 ha

Veracel (50%) Guangxi, China Brazil 47 000 ha (leased) 75 000 ha

Montes del Plata (50%) Uruguay 94 000 ha Q4/20 Q1/21

13 4 May 2021 Stora Enso Stora Enso’s global forest assets – significant share of the balance sheet

All figures total forest assets including biological Sweden assets and forest land* 5.45 BEUR Tornator (41%) (Market transaction- 818 MEUR based fair value) (DCF) (Q1/21) Group forest assets (Q1/21) Biological assets: 4.9 BEUR Forest land*: 2.3 BEUR Montes del Plata (50%) Veracel (50%) Guangxi 98% certified wood 439 MEUR 89 MEUR 373 MEUR from own forests (DCF) (Q1/21) (DCF) (Q1/21) (DCF) (Q1/21)

*including leased land

14 4 May 2021 Stora Enso One of the largest global forest owner

Stora Enso key forest figures: Peer companies’ productive forest Peer companies’ forest assets fair land valuations • > 2 million ha of forest land million hectares BEUR and over 1.6 million ha productive forest land at the end of 2020 7.4 7.2 2.0 • ~196 million m3 fo standing stock* 1.6 − Increase of 3.8 million m3 fo in 2020 due to good growth 4.2

1.0 • Forest growth exceeded harvesting clearly in 2.9 2020 0.8 − Annual estimated growth 11.1 million m3 − Harvesting represented only 70% of the forest growth Peer 1 Stora Enso Peer 2 Peer 3 Peer 1 Stora Enso Peer 2 Peer 3 • Target to increase sustainable harvesting by (Q4/20) (Q4/20) (Q4/20) (Q4/20) (Q1/21) (Q1/21) (Q1/21) (Q4/20) 10-15% in Sweden (Figures updated on annual basis) (Transaction-based (DCF-based fair *Productive forest land fair valuation method) valuation method) 15 4 May 2021 Stora Enso Step change in premium kraftliner

Stora Enso containerboard capacity (kt) • AvantForte – a new premium 1,865 kraftliner with superior purity and strength: +98% • Global product for food and e-commerce applications 940 • Safe and plastic-free packaging, less materials needed • Oulu Mill conversion increases sales ~300 MEUR in 2022 2014 2021 (After(After Oulu Oulu mill mill conversion) conversion)

16 4 May 2021 Stora Enso Opportunity to grow Consumer Board in Skoghall

• Start feasibility study and Strategic rationale environmental impact

assessment Q4/2020 Capture Leverage growth in favourable • Pulp capacity +410 kt LPB and fiber supply CKB • Board capacity +120 kt • Market pulp 220 kt Scale and Flexibility in integration serving our • 800 - 850 MEUR capex benefits customers • Study completed by end of 2021, ready for decision making Platform • Earliest possible start-up for future Fossil fuel growth free Q4/2023 production

17 4 May 2021 Stora Enso Stora Enso Group 2016–Q1 2021

18 4 May 2021 Stora Enso Historical figures before 2018 not restated Financial performance - divisions

Sales Operational EBIT margin Operational EBITDA margin Operational ROOC, 4Q rolling Operational ROCE, 4Q rolling

19 4 May 2021 Stora Enso Divisions

20 4 May 2021 Stora Enso • Packaging Materials – Leading premium packaging board supplier Packaging • Packaging Solutions – Premium sustainable solution provider

21 4 May 2021 Stora Enso Packaging Materials division in brief

• Strong offering of renewable and recyclable materials with low carbon footprint for consumer and industrial packaging • Serving demanding packaging end uses with premium materials based on both virgin and recycled fiber • Customers are converters, brand owners and retailers • We are targeting expansion of relative market share in profitable niches in consumer board business and growth on the fluting and kraftliner market

22 4 May 2021 Stora Enso Packaging Materials key figures

Divisional strategic target Q1/20 Q1/21

Packaging Operational ROOC 16.7 13.5% Materials > 20% %

23 4 May 2021 Stora Enso Geographical exposure – Packaging Materials

Production Facilities Worldwide sales network Sales R&D: Karlstad, Sweden and Imatra, Finland

Finland Sweden Imatra Mill Fors Mill Ingerois Mill Skoghall Mill Heinola Mill Oulu Mill* Poland Varkaus Mill Ostroleka Mill China Beihai Mill

Capacity Grade 1 000 t Consumer Board 3 380 Containerboards 1 915

*Oulu kraftliner line ramping up 24 4 May 2021 Stora Enso Significant growth opportunities for plastic free and circular packaging

Global packaging market

Increased disposable Industrial packaging Consumer packaging income & urbanisation Board based Board based industrial packaging 10% consumer packaging +4.5%* p.a. in 25% +4.5%* p.a. in Growing e-commerce & addressable markets addressable markets on-the-go consumption ~850 BEUR 40% Demand for renewable & low CO alternatives 25% 2 Other industrial Other consumer packaging packaging

*Including inflation

25 4 May 2021 Stora Enso Solid global growth in consumer and containerboard

Annual demand growth of consumer board and containerboard* combined in 2020 - 2030 and market sizes (2019) Global demand split 2019 Consumer board +2.9% 21%

Containerboard +1.7% +2.9% +1.3% 79% 61 Mt

42 Mt 41 Mt 41 Mt +2.8% +2.4% 16 Mt 11 Mt

China Europe Rest of Asia North America South America Rest of the world

*Excluding sack and kraft papers Source: Stora Enso and AFRY

26 4 May 2021 Stora Enso Leading position in attractive packaging materials segments

Significant presence in both consumer and industrial 5.3 Top 10 European packaging board packaging boards producers and their capacity (million t) 4.6 Consumer packaging board 4.0 Containerboard #1 in consumer board in Europe 3.3

2.3 2.2 2.0 1.8 #2 in packaging board 1.7 in Europe 1.3

#4 in consumer board globally Peer 1 Stora Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Enso* Industrial packaging board does not include wrapping paper and sack paper *After completion of Oulu conversion - Source: AFRY, Stora Enso 27 4 May 2021 Stora Enso Packaging Solutions in brief

• Packaging Solutions division focuses on growing new services and packaging solutions • Innovation collaboration throughout the whole value chain for developing new renewable packaging • Our high-end eco-friendly packaging products are used by leading brands across multiple market sectors, including store retail, e- commerce and industrials • Portfolio includes corrugated and other converting, design services, automation solutions, and scalable innovations such as former fiber and biocomposites

28 4 May 2021 Stora Enso Formed fiber products replace plastic in packaging

• Plastic free, renewable and recyclable material that can be used for various applications in food and non-food use • Moisture and grease resistant • Can be used for instance in bowls, plates, coffee cup lids, as well as in agriculture, electronics and cosmetics packaging to replace plastic parts • Products are made from various pulps by pressing it into a desired shape in a molding machine

29 4 May 2021 Stora Enso DuraSense® by Stora Enso – gradually replacing plastics with biocomposites

• Biocomposites enable the use of renewable wood in products typically produced from plastics, such as disposable cutlery, furniture, as well as storage and logistics goods • Includes renewable materials and can reduce the consumption of fossil-based plastic by up to 60% • Always a better alternative than fossil-based plastic − For example, with wood fiber we can reduce the carbon footprint of a product up to 80%

30 4 May 2021 Stora Enso Packaging Solutions key figures

Divisional strategic target Q1/20 Q1/21

Packaging Solutions Operational ROOC > 25% 13.8% 7.5%

31 4 May 2021 Stora Enso Geographical exposure – Packaging Solutions

Production Facilities

Sales Russia Arzamas Balabanovo Lukhovitsy

Finland Sweden Kristiinankaupunki Jönköping Lahti Skene Vikingstad

Estonia Tallinn

Latvia Riga

Lithuania Beijing Kaunas

Poland Shanghai Lodz Mosina Dongguan Ostroleka Tychy Capacity Grade 1 000 t Corrugated packaging 1 385 (Mm2)

32 4 May 2021 Stora Enso E-commerce is driving growth in packaging

E-commerce packaging by Corrugated packaging growth in materials E-commerce (Global market value share, 2019E) 4% 1% • ~13% CAGR (2019–2023) 15% • ~34 BEUR market value globally in 2019 • In 2023, estimated global market value 56 BEUR and in Europe 80% 12 BEUR • ~22 BEUR market value added in E-commerce segment globally Corrugated Flexibles until 2023 Secondaryprotective Mailers

Note: Market values for Global and Europe (Western, Central and Eastern) in 2019E. 1.10 EUR/USD average exchange rate used in calculations. Source: Sustainable ecommerce packaging 2019E 33 4 May 2021 Stora Enso Attractive converting positions in growing markets

Industrial packaging Consumer packaging converting converting Active engagement in plastic substitution Nordic countries China Annual market growth # Annual market growth #3 ~ 1.5%* 1 ~ 9%*

Speed in introduction of Baltics and Poland new materials and solutions Annual market growth # ~ 3.5%* 2

Synergies with Packaging Russia Materials from integrated Annual market growth #6 supply chain ~ 3%* Source: RISI, ICCA, and others

*In 2020 - 2025 34 4 May 2021 Stora Enso Significant growth potential with 20%+ margin

Stora Enso Packaging Materials and Packaging Solutions sales (BEUR) and operational EBIT margin %

EBIT margin on growth 3.6 20%+ 3.5 Organic growth options

10% 12%

2017 2020 Future state (illustration, not forecast)

35 4 May 2021 Stora Enso • Integrated pulp producer with cost efficient stand alone assets Biomaterials • Innovations to replace fossil- based products

36 4 May 2021 Stora Enso Biomaterials division in brief

• Biomaterials division offers a wide variety of pulp grades to meet the demands of paper, board, tissue, textile and hygiene product producers • Fluff pulp primarily used in diapers and hygiene products • We use all fractions of biomass, like lignin and sugars, to develop new solutions • We work to replace fossil-based materials with new applications such as carbon for energy storage, bio-based binders, and bio-based carbon fiber

37 4 May 2021 Stora Enso Biomaterials key figures

Divisional strategic target Q1/20 Q1/21

Biomaterials Operational ROOC > 15% -0.4% 11.2%

Sample product categories: • Paper, packaging and tissue production: Supreme by Stora Enso (Softwood), Perform by Stora Enso (Hardwood) and Select by Stora Enso (Hardwood). • Fluff pulp for hygiene products; diapers, and feminine care products: Care by Stora Enso • Lignin (adhesive for construction, carbon fiber and energy storage) LineoTM by Stora Enso • By-products: tall oil, turpentine Main competitors include UPM, Metsä Fibre, Södra, Arauco and Suzano

38 4 May 2021 Stora Enso Biomaterials worldwide

Capacity Enocell Grade 1 000 t Capacity: 490kt/a Short-fiber pulp 1 200 Skutskär Capacity: 540kt/a Long-fiber pulp 300 Fluff pulp 350 Sunila Capacity: 375kt/a Dissolving pulp 250 Group net market 2 200 pulp

Veracel Capacity: 1.2Mt/a Montes del Plata Capacity: 1.4Mt/a Shared Ownership (50%) Stora Enso Biomaterials’ Mills

39 4 May 2021 Stora Enso Total market pulp demand expected to grow 2.2% in the long-term

Pulp consumption increase Packaging Specialty papers 2020-2030 (Mt) Growth +2% Growth +3% 20 Market pulp demand in ‘20E: 5.5 Mt Market pulp demand in ‘20E: 9.2 Mt 16 Tissue Textile, non-woven (dissolving) 12 Growth +3% Growth +2% 8 Market pulp demand in ‘20E: 25.7 Mt Market pulp demand in ‘20E: 6.3 Mt 4 Hygiene Graphic papers Growth -1% 0 Growth +3% Market pulp demand in ‘20E: 14.7 Mt -4 Market pulp demand in ‘20E: 6.2 Mt Graphic Growing paper segments

Digitalisation Urbanisation Growing Global Eco Changing Growing middle class warming awareness lifestyles population

Source: Afry, Hawkins Wright, Euromonitor and Stora Enso estimates, updated in April 2021 40 4 May 2021 Stora Enso Integrated producer with cost efficient stand alone assets

Top 10 chemical pulp producers globally and their capacity (million t) One of the top 10 largest chemical pulp 15 producer globally 12

60% of all our pulp is 8 used internally 8 6 6 5 5 4 4 A leading market pulp producer with the broadest portfolio in the industry

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Stora Peer 6 Peer 7 Peer 8 Peer 9 Enso Source: Annual reports 41 4 May 2021 Stora41 Enso Focus on strengthening competitiveness

Delivered cost – Standard market pulp

Delivered cost per tonne • Market pulp not a focus area for growth Strengthen the competitiveness • Investments in integrated pulp to support Packaging Materials • Maintain cost competitiveness of the Eucalyptus mills

Cumulative capacity

42 4 May 2021 Stora Enso Exposure to growing markets and end usages

Biomaterials’ sales mix geographically in Q1/2021 Biomaterials’ sales mix by end use in Q1/2021

Hygiene Board & packaging China Printing & writing Textile

Europe and other regions Tissue Specialties

43 4 May 2021 Stora Enso • Building Solutions – Leading supplier Wood of wood-based construction solutions • Traditional wood products – Largest producer of classic sawn and planed Products wood in Europe

44 4 May 2021 Stora Enso Wood Products division in brief

• Largest sawn wood producer in Europe and a leading provider of sustainable wood-based solutions for the construction industry • The product range covers all areas of construction, including massive wooden elements and wooden components • It also includes a variety of sawn timber goods and pellets for sustainable heating • High demands with regard to safety, quality, design and sustainability • Customers are mainly merchants and retailers, industrial integrators and construction companies

45 4 May 2021 Stora Enso This building grows back in

17 We can cut minutes construction emissions by up to 75% using renewable materials

Geologen Trummen Strand Växjö, Sweden 46 4 May 2021 Picture: FOJAB architects Stora Enso The wood used removed 5 700 tonnes of CO2 from the atmosphere

..and it equals 40 million car kilometres

Üstra-Siedlung Hannover, Germany 47 4 May 2021 Stora Enso Strong and light without losing flexibility in design

Millimetre precision using latest technology

Head above Water 48 4 May 2021 Stora Enso London, England Wood Products key figures

Divisional strategic target Q1/20 Q1/21

Wood Operational ROOC > 20% 11.3% 36.9% Products

Sample product categories: • Classic sawn • Classic planed • CLT (Cross laminated timber) • LVL (Laminated Veneer Lumber) • Construction beams • Window and door components • Building Solutions • Building Components • ThermoWood • Pellets Main competitors include Binderholz, Holzindustie Schweighofer, SCA Timber and Metsä Fibre

49 4 May 2021 Stora Enso Our operations well positioned in Europe

Wood Products

2 Finland employees 3 800 2 Russia

2 Sweden 17

2 Estonia Production units 1 Latvia EUR 1.420 billion

1 Lithuania 5.7 Mm3 1 Netherlands 1 Poland 1.6 Grade Capacity 2 Czech Sawn goods 5.7 Mm3 Further processing 2.5 Mm3 3 Austria SalesCLT to 270 000 m3 countriesLVL 60 75 000 m3 Pellets 520 000 t

50 4 May 2021 Stora Enso X Number of mills Leading market positions in Europe and globally

Traditional wood products Total market size (BEUR) % Stora Enso market share

Europe’s biggest sawmilling Europe 4% 21

company Asia 2% 22

North America <1% 29 2nd largest global supplier of wood-based Building Solutions Oceania 6% 2 ~2% market growth MENA 9% 2 ~10% EBITDA Global reach with > 40% sales in overseas markets Mass timber Building Solutions % Stora Enso market share, total market size (MEUR)

~10% market growth Europe 22% 600 >15% EBITDA

51 4 May 2021 Stora Enso Strong foundation for Building Solutions growth

Traditional wood products Building Solutions • ~5% operational EBIT -margin business over a cycle • ~20% operational EBIT -margin business • ~2% market growth • ~10% market growth • Platform for building solutions and • Opportunities to take a larger part of value fiber supply to pulp mills chain with new business models and services

52 4 May 2021 Stora Enso Attractive growth opportunities in Building Solutions

The global wood-based 2030 market share Building Solutions market and value by geography (BEUR) Carbon storage & safer 9 workplaces 2.3 BEUR

Lower building costs & faster construction 3.6 BEUR

Policies promoting 1.5 BEUR wooden construction < 1

Building Solutions 2019 2030 Other construction materials (concrete, steel)

53 4 May 2021 Stora Enso Global market leader of wood-based Building Solutions

Stora Enso Cross Laminated Timber Stora Enso global CLT (CLT) capacity (k m³) market share in 2020 360 +44% 250 20%

80%

2020 After Ždírec investment

Varkaus Ždírec Bad St. Leonhard Ybbs Gruvön Several projects LVL CLT CLT CLT CLT in pipeline Capacity: 80 000 m3 Capacity: 110 000 m3 Capacity: 75 000 m3 Capacity: 100 000 m3 Capacity: 120 000 m3

2008 2022

54 4 May 2021 Stora Enso CLT investment to further enhance position as a global market leader in CLT

• 79 MEUR investment in a new production line for CLT at Ždírec sawmill in the Czech Republic • Further improve out capabilities to offer a high- quality range of building solutions for our customers around the world • Annual sales approximately 70 MEUR • Expected to meet Wood Product division’s 20% operational ROOC target when run at full capacity • Production to begin during Q3/2022 • Annual production capacity 120 000 m³ • Strengthens our global #1 position in CLT

55 4 May 2021 Stora Enso Capturing a larger share of the value chain

Architect Construction Building company owner

Plan Build Live Re-use Building concepts Prefabrication CLT360+ RFID sensors

56 4 May 2021 Stora Enso Ambition to triple sales from Building Solutions

Wood Products’ sales split and operational EBIT margin

Traditional wood products Building Solutions

20% margin 1.6 1.6 on growth

6% 7%

2016 2019 Future state (Illustration, not forecast))

57 4 May 2021 Stora Enso Forest division in brief

• Includes Stora Enso’s Swedish forest assets and the 41% share of Tornator* as well as wood supply operations in Finland, Sweden, Russia and the Baltics • Division creates value with sustainable forest management, competitive wood supply to Stora Enso’s mills and innovation • We are one of the biggest private forest owners in the world

*Tornator owns more than 700 000 hectares of forest in Finland, Estonia and Romania

58 4 May 2021 Stora Enso Forest key figures

Divisional strategic target Q1/20 Q1/21

Operational ROCE Forest 4.9% 9.9% > 3.5%

59 4 May 2021 Stora Enso The leader in sustainable forest management

Biodiversity Climate benefits

Preserving local< Capturing C02 from the biodiversity and culture atmosphere

Land use Community Safeguard ecosystems Maintain prosperity of while optimising social communities close to benefits from efficient our operations land use

60 4 May 2021 Stora Enso Innovation to increase forest growth

Precision forestry Tree breeding and and digitalisation biotechnology Accurate and timely Increased yield, disease operations and efficient use resistance, and improved of digital opportunities wood properties

Sustainability and biodiversity Best in class forestry practices and holistic biodiversity measurements

61 4 May 2021 Stora Enso Target to increase sustainable harvesting by 10 - 15% in Sweden

Long-term harvesting plan in Sweden for 2020 - 2040 (m³ solid under bark)

million m³

Innovation and forest management 4.5 driving higher harvesting 0.5 3.5* 0.5

*Adjusted to current land area Target to increase standing stock

Bergvik historically 2020 2020 - 2039 2040

62 4 May 2021 Stora Enso Swedish forest assets located mainly in Central Sweden

• We are targeting to increase harvesting volumes by 10–15% in our Swedish forests by 2040

• Secured availability and reasonably priced wood for the Swedish mills

• Own Swedish forests represent: − 50% of raw material needs in Sweden − 70% of raw material needs in Central Sweden

• Own forests give tactical flexibility and additional synergies in wood supply

• Forest assets locations: − 83% in Central Sweden − 17% in Northern Sweden

63 4 May 2021 Stora Enso Sustainable forest management – we are not compromising biodiversity

Forest growth Growing forests good for the climate Productivity Protecting biodiversity Limit impact on soil and water

Sustainable forestry Stora Enso regenerated forest by planting 62 million seedlings in 2020

Social 98% aspects of the lands Stora Enso owns or manages were covered by forest certification schemes

Jobs in rural areas Stora Enso invested Dialogue with indigenous people EUR 68 million Recreation considerations in future growth through silviculture and fertilisation in 2020 64 4 May 2021 Stora Enso Controlling ~30% of wood supply and a #1 Nordic position are competitive advantages #1 Nordic position We control ~30% of our wood raw material Wood procurement by region in 2020 consumption (million m3 sub) (million m3 sub) 3 3 3 Uruguay China Central Mm sub Mm sub Mm sub 0.4 2.3 Europe 16 2.5 0.6 5.0 Brazil 14 1.9 0.5 Baltic 2 countries 12 2.2 0.4 10 1.5

Sweden & 8 0.3 Norway 6 1 9.1 0.2 4 0.5 0.1 2 Finland Russia 10.7 0 0 0 3.6 Sweden Finland Brazil Uruguay China China sale & Norway

Central Europe, China, Uruguay and Brazil are integrated to business divisions. Supply from own sources based on ownership Long-term supply contracts Purchased Sold externally

Total amount of wood (incl. roundwood & wood chips) delivered to Stora Enso mills was 35 million cubic metres* in 2020. 65 4 May 2021 Stora Enso *Solid under bark cubic metres Paper division in brief

• Renewable and best-in-class paper solutions for print media and office use from virgin wood and recycled fibers • Customers include publishers, retailers, printing houses, merchants, converters and office suppliers • The products and services meet the customers’ quality and sustainability requirements • End uses: newspapers and supplements, books, magazines, advertising, note books, art books, office • Focus on further developing the sustainability and efficiency of operations

66 4 May 2021 Stora Enso Paper key figures

Divisional strategic Q1/20 Q1/21 target

Cash flow after Paper investing activities to -0.2% -4.6% sales >7%

Sample product categories • Paper selection for print media: Newsprint and book papers, Uncoated mechanical papers (SC), Coated magazine paper • Paper selection for office use: transactional needs, office printing, writing and educational needs (Brands: e.g 4CC, MultiCopy, Zoom) Main competitors include UPM, Sappi, Norske Skog, Holmen and the Navigator company

67 4 May 2021 Stora Enso Paper capacity

Europe

Capacity * Veitsiluoto Grade 1 000 t Newsprint and book paper 1 570 Kvarnsveden

Anjala Uncoated Magazine (SC) 1 070 Hylte Coated Magazine 260 Nymölla Total Magazine Paper 1 330

Langerbrugge Sachsen Uncoated Fine 1 000 Total Fine Paper 1 000 Maxau Paper Total 3 900

68 4 May 2021 Stora Enso Structural paper demand decline continues

European paper (Excl. wood free coated) demand European paper demand by end use (million t)

35 CAGR: -4.6% Other commercial 30 Direct mail 25 CAGR: -5.5% 21 Insert & Flyers Copy paper 17 15 Catalogues

Books Supplements Newsprint Magazines 2008 2010 2012 2014 2016 2018 2020 2022 2024

69 4 May 2021 Stora Enso Successful cash management despite sales decline

Stora Enso paper capacity Paper division sales and cash flow after (kt) investing activities to sales % MEUR

12.3 Mt 4 839 4 319 3 912 3 630 3 245 3 066 -68% 2 920 2 856

1 979

3.9 Mt 8% 6% 6.1% 5.6% 8.6% 5.5% 5.7% 9.3% 1.6%

2006 2020* 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sales (%) Cash flow after investing activities

70 4 May 2021 Stora Enso Strong cash generation through cost reductions and capacity management

Cost development Sales (BEUR) • Focus on cost reductions and Net fixed costs (%) working capital 3.5 30% 3.0 25% • Capacity management through conversions, closures and 2.5 20% divestitures 2.0 15%

• Active asset management since 2006 1.5 10% 2017 2018 2019 2020 − 17 machine and four mill closures − Two mill site conversions Improving customer service Net Promoter Score − 13 mill divestments 62 64 56 55 • Strong commitment to customer service

2017 2018 2019 2020 71 4 May 2021 Stora Enso Higher operational independence to adapt to challenging market conditions

Increased focus on the particular needs of the Paper business

Fit-for-purpose processes and tools

Allowing scalability of costs

72 4 May 2021 Stora Enso Innovations

73 4 May 2021 Stora Enso Increased focus on our innovation agenda

Sustainable packaging applications Bio-based Biomaterials Innovation to replace fossil materials barrier solutions for packaging Carbon for energy storage Formed fiber Bio-binders Biofoam Carbon fibers

74 4 May 2021 Stora Enso Focus on innovations

In 2020, Stora Enso’s expenditure on research and development was EUR 146 million, which was equivalent to 1.7% of sales.

Over 440 patents granted worldwide in 2020

75 4 May 2021 Stora Enso Stora Enso R&D expenditure against main peers in 2020

MEUR % of sales Stora Enso’s 200 2.5% Research and 180 Development (R&D) 160 2.0% expenditure in 2020: 140 146 MEUR 120 1.5% 100 Peers: Metsä Group 80 1.0% UPM 60 Mondi 40 0.5% Metsä Board SCA 20 Smurfit Kappa 0 0.0% DS Smith Stora Enso Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 R&D R&D spend/sales %

Source: Competitors’ annual reports 2020

76 4 May 2021 Stora Enso Innovation projects with high potential impact to transformation

77 4 May 2021 Stora Enso Innovation in packaging Advancing the renewable packaging industry with innovations

Microfibrillated cellulose (MFC)

Biobarrier coatings

Biocomposites

Intelligent packaging

Design driven innovation

78 4 May 2021 Stora Enso Significant opportunities for new sustainable packaging

Formed fiber Biofoam Biobarriers and films

Market growth (CAGR 2020 - 2030) 3% 6% 3% Total market size (BEUR, 2020e) 30 15 80 EBIT margin Supporting potential 30% 35% existing business 1st production line in Hylte Pilot plant in Fors Capacity investment in Forshaga

79 4 May 2021 Stora Enso Micro-fibrillated cellulose improves product properties and can replace fossil-based materials

Today

• MFC is used to make more durable, lighter, high- quality packaging products

Future potential

• Barrier coating solutions for grease and oxygen barriers • Biodegradable replacement for aluminium foil • Carrier for example in cosmetics • 3D printing

80 4 May 2021 Stora Enso Biocomposites – gradually replacing plastic

• Use in products, such as disposable cutlery, furniture, as well as storage and logistics goods • Raw material for markets where plastics dominate • Can reduce the consumption of fossil-based plastic by up to 60% • Always a better alternative than fossil-based plastic − Reduce the carbon footprint of a product up to 80%

Target market 4.5 Mt 1-5 years

81 4 May 2021 Stora Enso Intelligent Packaging – digitalising packaging

Intelligent Packaging Verticals Stora Enso Intelligent Packaging digitalisation of product and packaging ECO RFID New Retail flows with RFID technology tags solutions Key benefits and uses of RFID ▪ Automated item level identification ▪ Inventory management ▪ Unmanned services for retail and industry

Leading thought - customer centric development

82 4 May 2021 Stora Enso Connectivity with ECO RFID tag technology

• Innovative and feasible alternative

• Additive, dry antenna manufacturing process, high- speed IC assembly and simplified label converting machine

• Paper based

• Low cost conductor with high conductivity

• Environmentally friendly materials

83 4 May 2021 Stora Enso ECO RFID Tag Technology – key advantages

•Paper based, no plastic •No harmful substances in production and assembly •No chemicals required for etching Sustainable •No carcinogenic substances •No polyurethanes, no nickel Cost

•Tag passes all industry tests for reliability Neutral •Temperature & Humidity IEC 60068-2-67 Reliable •Temperature Cycling JESD22-A104-B •Tag Bending Test Voyantic Bendurance

•Outperforms silver ink, graphene vaporised aluminium based High tags Performance •Competitive with etched Aluminium

84 4 May 2021 Stora Enso 1 Intelligent Cabinet Frictionless Purchase Process 4 1. Consumer opens the cabinet using their credit card 2. Door unlocks 3 3. Customer selects items. All items are uniquely identified using sustainable, paper based anti- 2 tamper RFID tags 4. Fridge re-locks, performs inventory reading and displays purchases on screen. 5. Retailer or brand owner receives real-time information about stock, purchases and use-by dates 5

485 May 2021 Stora Enso One-and-only provider who can truly produce and provide the whole spectrum of ECO RFID-enabled new retail solution

86 4 May 2021 Stora Enso Innovation in Biomaterials

Innovation areas

Increased focus on lignin

Carbon for energy storage, biobinders and carbon fibers

87 4 May 2021 Stora Enso Platforms of innovation for sustainable profitable growth

Emerging businesses Core innovation

Bio-based Bio-based Biobarriers Pulp Biobinders Biorefineries Biofoams carbons fibers Innovation Innovation

Bio-based adhesives for Anode carbons for Value-added streams Wood-based textile & Sustainable foams for Biobased barriers for New pulp products for construction, insulation e-mobility from existing pulp mills Carbon fibers for textile, packaging industry packaging materials textile (Dissolving pulp) and furniture industries and chemicals directly automotive and wind and hygiene (Fluff) from biomass energy businesses

88 4 May 2021 Stora Enso Highly attractive innovation areas

Carbon for Bioplastics (FDCA) Formaldehyde-free Tree To Textile Carbon fiber Biofoams energy storage binder

89 4 May 2021 Stora Enso Increased focus on biochemical platform in lignin

Carbon for energy storage Biobinders Carbon fiber

90 4 May 2021 Stora Enso Renewable lignin can replace fossil-based materials

• Wood-based lignin is a renewable, non-toxic, traceable material • Environmentally beneficial, for example, in carbon fibers, energy storage and biobinders • Today used as a replacement for oil-based phenolic materials in glues for example in plywood and paper lamination as well as for crude-oil based bitumen in asphalt • Lignin makes up 20-30% of round wood

91 4 May 2021 Stora Enso Carbon for energy storage – replacing graphite

• Wood-based carbon can be utilised as a crucial component in batteries typically used in consumer electronics, the automotive industry and large-scale energy storage systems.

• Carbon anode material to replace graphite

• Pilot facility for producing bio-based carbon materials based on lignin in starting phase at Sunila Mill.

• Decisions about commercialisation will follow after evaluating the results of the pilot-scale production.

92 4 May 2021 Stora Enso Biobinders - next generation in wood glues

• Sustainable and healthy living solutions through innovation enabled by biobinders

• Reducing fossil content and harmful chemicals in construction and furniture products with lignin-based binder solutions

93 4 May 2021 Stora Enso Carbon fibers – used in industrial applications

• Ten years of technical development to creating a lignin and cellulose-based carbon fiber • Competitive to existing fossil-based solutions • Renewable, more sustainable • Joint development with our partner Cordenka, leading producer of premium-quality industrial viscose fibers

94 4 May 2021 Stora Enso New biomaterials are a highly attractive innovation platform

Carbon for energy storage Bio-binders Carbon fibers

Market growth (CAGR 2020 - 2030) 30% 2 - 4% 8 - 10% Total market size (BEUR, 2020e) 10 20 3

EBIT margin potential 35% 35% 35% Pilot plant in Sunila 1st production line in Sunila Pilot ongoing in JD with Cordenka

95 4 May 2021 Stora Enso Innovation in Wood Products

Product innovations

Building Systems

Digitalisation

96 4 May 2021 Stora Enso From a classic sawn producer to a leading provider of innovative wood-based solutions

Classic sawn Cross Laminated Laminated Veneer Building Solutions Timber (CLT) Lumber (LVL)

Industrial components Construction beams Pellets Online services and e-business

97 4 May 2021 Stora Enso Building Systems driving growth

Residential multi storey panel construction

Residential multi storey modular construction

Find the film from Stora Enso’s YouTube page (youtube.com/storaenso), or use a direct link youtube.com/watch?v=3EI9hhp_T5k

98 4 May 2021 Stora Enso New ways of improving efficiency through digitalisation – Forest categorisation & log value

Cloud

Calculation Buyer takes pictures Pictures to cloud service ProCalc data - Value of logs

• Quality class • Value for sawmills

→ Pricing proposal for buyer

Results

99 4 May 2021 Stora Enso Digitalisation in Wood Products

Intelligent products Digital customer interaction Market information

Scan each single product Markets Products

Automate, robotise and IndustriesCustomers mobilise production Competitors Supplier

Wood Products Product demand forecast end-to-end Digitalisation based on market

Simulate production, based on demand and log info

Optimised raw material specification based on demand Scan each single log

Forest categorisation based on Individualisation of leach log and collected info digital data transfer to mill Trees cut based on profit optimisation

100 4 May 2021 Stora Enso Group’s financial performance, dividend policy, ownership and top management

101 4 May 2021 Stora Enso Financial performance - Group

* Group operational ROCE before 2018 102 4 May 2021 Historical figures before 2018 not restated Stora Enso Growth businesses 82% of sales and 100% of operational EBIT

Sales 2006 Sales Q1/2021

-3% 30% 18% 82% 21% 36% 9% Packaging Materials 12% Packaging Solutions1 Biomaterials 70% 16% 7% Wood Products 14% Forest Paper2 3 Operational EBIT 2006 Operational EBIT Q1/2021 Other & eliminations

38% 100% 1 In 2006 included in Packaging Materials -3% 2 In 2006 includes merchants 3 In 2006 includes Forest 35% 33% 34%

62% 6% 1% 14% 17%

103 4 May 2021 Stora Enso Cost structure 2020 % of costs

13% 11% Logistics and commissions 7% Fiber Chemicals and fillers Energy 32% 16% Material Personnel Depreciation

6% Other

6% 9%

104 4 May 2021 Stora Enso Selective capex to support growth

Biological capex Strategic capex Maintenance capex Capex estimate for 2021 Depreciation and depletion of capitalised silviculture costs

Capex include the capitalised leasing contracts according to IFRS 16 Leases standard from 2019 onwards

105 4 May 2021 Stora Enso Year-on-year net debt/EBITDA

Net debt to operational EBITDA for periods before 2018 not restated

106 4 May 2021 Stora Enso Continued focus on strong liquidity

• Actions to secure liquidity: MEUR 3,000 Liquidity − 1 258 MEUR cash and cash equivalents at the end of Q1 2021 2,500 − 600 MEUR committed revolving credit facility fully undrawn 400

− 400 MEUR additional committed funding facilities through bilateral 2,000 400 arrangements signed and undrawn 1,500 − 950 MEUR statutory pension premium loans available 1,655 953 1,130 1,258 1,000 876 • Next bond (approx. 300 MEUR) maturing in Q3 2021 607 • No financial covenants on Stora Enso Oyj’s debt 500 700 600 600 600 600 600 • Net debt to operational EBITDA for the last 12 months at 2.3x 0 2016 2017 2018 2019 2020 Q1 21 and gearing at 37% Revolving credit facility Cash and cash equivalents Bilateral funding facilities*

At the end of the period * Signed and undrawn at the end of Q1 2021

107 4 May 2021 Stora Enso Maturity profile Q1 2021

Bonds Joint Venture financing Forest owner deposits Commercial Papers Loans from Financial Institutions Other loans / liabilities Committed credit facilities

Committed credit facilities are fully undrawn and mature in 2021 (150 MEUR), 2022 (100 MEUR), 2023 (600 MEUR) and 2027 (150 MEUR)

108 4 May 2021 Stora Enso Sustainability in our funding and reporting

Revolving Credit Facility Green Bond Framework Green Bonds with a green aspect

Pricing incudes sustainability A loan-format to support EUR 1 506 million component based on ability sustainability-focused fixed total amount of Stora to reduce greenhouse gas income investors and to Enso’s outstanding green emissions. report environmental bonds impacts.

Sustainable Finance Climate-related financial Integrated reporting strategy disclosure The World Business Council for The aim is to influence and CFO support for better disclosure Sustainable Development (WBCSD) develop the financial markets of climate risks and opportunities Redefining Value Board and and to secure funding partners based on recommendations by the programme: work on international with sustainability agenda. Financial Stability Board’s Task reporting frameworks, materiality Force on Climate-related assessment standards, and data Financial Disclosures (TCFD). assurance methodologies.

109 4 May 2021 Stora Enso Stora Enso dividend history

Dividend policy • Strive to pay stable dividends linked to the long-term performance • 50% of EPS excluding fair valuation over the cycle

110 4 May 2021 Stora Enso Ownership Distribution as of 31 March 2021

% of % of shares votes % of shares held Solidium Oy* 10.7% 27.3%

FAM AB 10.2% 27.3%

Social Insurance Institution of Finland (KELA) 3.1% 10.1%

Finnish institutions (excl. Solidium and KELA) 10.9% 8.2%

Swedish institutions (excl. FAM) 5.5% 4.8%

Swedish private shareholders 3.8% 2.6%

Finnish private shareholders 3.8% 2.3%

ADR holders 1.9% 0.6%

Under nominee names (non-Finnish/non-Swedish shareholders) 50.0% 16.8%

* Entirely owned by the Finnish State

111 4 May 2021 Stora Enso Major Shareholders as of 31 March 2021

By voting power A shares R shares % of shares % of votes 1 Solidium Oyj* 62 655 036 21 792 540 11 27.3 2 FAM AB** 63 123 386 17 000 000 10 27.3 3 Social Insurance Institution of Finland (KELA) 23 825 086 973 982 3 10.1 4 Ilmarinen Mutual Pension Insurance Company 4 312 762 14 798 924 2 2.4 5 Varma Mutual Pension Insurance Company 5 163 018 1 140 874 1 2.2 6 MB-Bolangen i Vetlanda AB (incl. Stiftelsen Seydlitz Småland) 4 828 000 1 000 000 1 2.1 7 Elo Mutual Pension Insurance Company 2 000 000 8 026 225 1 1.2 8 Erik Johan Ljungberg's Education Foundation 1 780 540 2 336 224 1 0.8 9 SEB Investment Management 0 11 494 286 2 0.5 10 Bergslaget's Healthcare Foundation 626 269 1 609 483 0 0.3 11 The State Pension Fund 0 5 513 755 1 0.2 12 Unionen (Swedish trade union) 0 3 782 750 1 0.2 13 OP-Suomi Investment Fund 0 3 549 494 1 0.1 14 The Society of Swedish Literature in Finland 0 3 000 000 0 0.1 15 Avanza Pension Insurance 126 053 1 334 729 0 0.1 16 SEB AB, Luxembourg Branch 2 177 2 379 412 0 0.1 17 Schweizerische Nationalbank 0 2 366 723 0 0.1 18 Länsförsäkringar Portfolio Management 0 2 021 125 0 0.1 18 Danske Invest Finnish Equity Find 0 1 960 000 0 0.1 20 Säästöpankki Kotimaa Investment Fund 0 1 727 047 0 0.1 20 largest total 168 442 327 107 807 573 35 75.4 *Entirely owned by the Finnish State. **As confirmed to Stora Enso. List has been compiled by the company, based upon shareholder information from Euroclear Finland Oy and Euroclear Sweden AB share registers and a database managed by Citibank, N.A. (as the company's ADR agent bank). This information includes only direct registered holdings, thus certain holdings (which may be substantial) of ordinary shares and ADRs held in nominee or brokerage accounts can not be included. The list is therefore incomplete.

112 4 May 2021 Stora Enso Group Leadership Team

President CFO Chief Packaging Sourcing & and CEO Seppo Strategy and Solutions Logistics Annica Parvi Innovation David Johanna Bresky Officer Ekberg Hagelberg Tobias Bäärnman

Paper Packaging HR Communications Legal Kati Materials Katariina and marketing Per ter Horst Hannu Kravi Ulrika Lyrvall Kasurinen Lilja

Biomaterials CIO and Head Sustainability Forest Wood Products Markus of IT & Annette Jari Lars Völkel Mannström Digitalisation Stube Suominen Teemu Salmi

113 4 May 2021 Stora Enso Board of Directors

Antti Mäkinen Håkan Buskhe Elisabet Fleuriot since March 2018 since June 2020 since April 2013 Chair Vice Chair

Hock Goh Helena Hedblom Mikko Helander since April 2012 since March 2021 since March 2019

Christiane Kuehne Richard Nilsson Hans Sohlström since April 2017 since April 2014 since March 2021

114 4 May 2021 Stora Enso SASB reporting started in 2020

• Stora Enso started to report in 2020 against the Standards by the Sustainability Accounting SASB is an independent Standards Board (SASB) which aims to improve non-profit organisation that develops its standards sustainability reporting for investors based on extensive feedback from companies, • Relevant standards within SASB’s Renewable investors and other market Resources & Alternative energy section participants as part of a transparent, publicly- − Forest Management documented process. − Pulp & Paper Products Link to SASB online index: • Specific indicators in these two Standards relate to financially material topics in the industry such as https://www.storaenso.com/- sustainable forest management and certification, /media/Documents/Download- GHG emissions, air quality, energy management, center/Documents/Annual- water management and supply chain management reports/2020/STORAENSO_SASB_2020.pdf

115 4 May 2021 Stora Enso Our progress with TCFD

• TCFD is a framework for disclosing climate- related risks and opportunities that goes beyond current practices • Our first TCFD disclosure in the Annual report 2019 • In 2020, our work focused on a qualitative scenario assessment for physical climate- related risks and opportunities in the Nordic forests The TCFD recommendations encourage companies to use scenario analysis to help ensure that their strategies are resilient to • TCFD index table available for investors climate change in a range of possible future states

116 4 May 2021 Stora Enso ESG indices and external recognition in 2020

Euronext Vigeo WBCSD Stora Enso is listed in the Euronext Vigeo CDP Stora Enso’s Sustainability Report 2019 was Europe, and Eurozone 120 indices as one Stora Enso is included in CDP’s Climate List, included in the top ten sustainability reports of the 120 most advanced companies which identifies the global companies that are globally according to the 2020 Reporting in terms of environmental, social, and taking leadership in climate action. matters publication by the World Business governance performance. Council for Sustainable Development (WBCSD). Solactive Europe Corporate Transition Pathway Initiative (TPI) Social Responsibility Index Stora Enso is top-ranked in greenhouse Represents European securities that are screened gas management and performance ReportWatch/Comprend in the field of Corporate Social Responsibility. This by the TPI. An asset owner-led and Stora Enso’s Annual report 2019, including the includes the following aspects: human rights, human capital, asset manager-supported global Sustainability report, received the highest A+ environmental social impact, market ethics and initiative, the TPI assesses companies’ ranking among more than 300 reports globally. corporate governance. The index is a successor preparedness for transition to a low carbon index of the Ethibel Sustainability Index Excellence Europe. economy, supporting efforts to address climate change. FTSE4Good Index Stora Enso is included in the FTSE4Good Most sustainable company Index Series. These indices measure STOXX ESG indices Stora Enso was ranked the most sustainable the performance of companies that Stora Enso is included in several STOXX ESG listed company in our sector in Sweden by meet globally recognised corporate indices. These indices rate leading global Dagens Industri, Aktuell Hållbarhet, and Lund responsibility standards. companies according to environmental, social, University School of Economics and and governance criteria. Management.

MSCI In 2020, Stora Enso maintained a rating of OMX Sustainability Finland index Ecovadis AA in the MSCI ESG Ratings assessment. Stora Enso is included in the NASDAQ Stora Enso was included in the top 1% Stora Enso is included in several of MSCI’s OMX Sustainability Finland index. (industry suppliers) of the Ecovadis ethical ESG indices. supplier rating system, and achieved the highest recognition level (Platinum ECPI Ethical Indices Stora Enso is included in the ECPI EMU Ethical Equity and ECPI World ESG Equity indices, which covers environmental, social, and governance criteria.

117 4 May 2021 Stora Enso Sponsored ADR Programme

Stora Enso has established a sponsored Level I ADR programme in the US. The ADRs trade on the premier tier of Over-The-Counter (“OTC”) market in the US. Details are as follows:

Ticker Symbol SEOAY CUSIP 86210M106 Ratio 1 ADR : 1 Ordinary Shares ADR depositary Citibank

Share price information www.citi.com/DR or www.otcqx.com

Please contact the Citibank’s dedicated ADR broker desks:

Scott Pollak (New York) Mike Woods (London) Tel: +1 212 723 5676 Tel: +44 20 7500 2030 Email: [email protected] Email: [email protected]

118 4 May 2021 Stora Enso Forest assets fair value update

119 4 May 2021 Stora Enso Importance of forests increased as a valuation driver • Forests are a significant part of our balance sheet Why forest • Significant difference between the market values and balance sheet values assets fair • Market practice for forest valuation changing in the Nordics valuation As of Q4/2020, forest assets value is based on method was market transactions changed? • Applies to Nordic forest assets • Plantation valuation not changed due to lack of sufficient market transaction data and shorter harvesting cycles (6 - 12 years vs 60 - 100 years)

120 4 May 2021 Stora Enso Group forest assets fair value

Group forest assets BEUR Biological assets Forest land* 7.3 7.2 Market transaction based valuation method in Sweden 2.3 2.3 • Market transactions from Stora Enso forest regions (Northern and Central Sweden) • Standing stock and price data of the traded forest (Price per m3fo (SEK)) • Weighted three year average transactions from 5.0 4.9 Ludvig & Co and Areal statistics

Land revaluation in Finland • Impact not material Group Q4/20 Group Q1/21 *including leased land

121 4 May 2021 Stora Enso Changes in the forest valuation methodology Starting at year end 2020

Sweden Tornator (41%) Plantations (Finland, Estonia & Romania) (Brazil, Uruguay and China)

Forest assets Market transaction- based method

Allocation of forest assets Biological DCF method DCF method assets fair value based on DCF

Allocation of forest assets At historical Forest land DCF method fair value based on DCF cost

Changes in valuation method 122 4 May 2021 Stora Enso What changed in Stora Enso accounting policy?

Previous accounting policy New accounting policy (Sweden) (Sweden)

Forest assets • Biological assets and related forest land Biological assets measured at fair value applying market Measured at fair value transaction based method applying DCF • Total fair value allocated to biological Changed in connection assets and forest land with Q4/20 report Biological assets Forest land • Measured at fair value applying DCF Measured at historical cost • One rotation harvesting volumes (existing trees) Forest land • Measured at fair value applying DCF • Incl. second rotation (trees to be planted in the future) and income from other sources*

*such as hunting rights, wind power leases and soil material sales

123 4 May 2021 In addition, Tornator’s forest land will be valued based on DCF method. Stora Enso Previously, forest land was valued at historical cost. Swedish forest asset valuation method change

Hectares Productive Standing stock Price per Price per Forest land Biological asset Total value forest land (m3fo) m3fo (EUR) ha (EUR) value (BEUR) value (BEUR) (BEUR) Swedish forests assets 1 145 000 143 000 000 39.0 4 900 1.8 3.8 5.6 value as at 31 Dec 2020

Swedish forests assets 1 145 000 143 000 000 38.0 4 755 1.8 3.7 5.45 value as at 31 Marc 2021

Deferred tax liabilities related to Swedish forest assets amounted to EUR 1 129 (669) million at the end of Q1/2021.

124 4 May 2021 Stora Enso Forest asset valuation method changed – significant forest land value increase in Sweden

Biological assets in Sweden Forest land in Sweden Swedish forest assets market BEUR BEUR transaction based fair value 3.8 5.45 BEUR 3.7

1.8 1.8 With standing stock of ~143 million (m3fo), price per m3fo was EUR 38.0

With 1.145 million ha productive forest land area, price per Q4/20 Q1/21 Q4/20 Q1/21 hectare was EUR 4 755

125 4 May 2021 Stora Enso Swedish market transaction based prices increased clearly in our regions during 2020

SEK/m3fo Market transaction based forest prices in Sweden* Price changes per region in 800 1-12/2020 (y-o-y): Northern +7.5%, 700 Central +6.5%, Southern +0.2% 600

500 Large differences between absolute regional 400 transaction prices 300

200

Stora Enso’s forest asset in 100

Sweden: 0 83% Central, 17% Northern 1995 2000 2005 2010 2015 2020

Southern Sweden Central Sweden Northen Sweden Sweden Source: Ludvig & Co FY2020 report 126 4 May 2021 *Prices disclosed biannually Stora Enso One of the largest global forest owners

Peer companies’ productive Peer companies’ forest land forest assets fair valuations > 2 million ha of forest land million hectares BEUR and over 1.6 million ha productive forest land 7.4 7.2 2.0

1.6 ~196 million m3 standing 4.2 stock* 1.0 2.9 0.8

11.1 million m3* in annual growth (exceeding harvesting levels with > 3 million m3*) Peer 1 Stora Enso Peer 2 Peer 3 Peer 1 Stora Enso Peer 2 Peer 3 (Q4/20) (Q4/20) (Q4/20) (Q4/20) (Q1/21) (Q1/21) (Q1/21) (Q4/20) (Figures updated on annual basis) (Transaction-based (DCF-based fair *Productive forest land fair valuation method) valuation method) 127 4 May 2021 Stora Enso Financial results for Q1 2021 Back on track 23 April 2021

128 4 May 2021 Stora Enso Back on track

• Market conditions are improving • 14% growth of core businesses • Operational EBIT improved by 82% • Plan of two paper mill closures significantly improves profitability and long-term competitiveness of Paper business • Close to 90% of group sales would come from core businesses after planned closures • Oulu Mill is reaching operational EBITDA break- even already in Q3 2021 • Operational EBIT in 2021 is expected to be higher than in 2020

129 4 May 2021 Stora Enso Improving performance and market conditions Q1 2021 year-on-year

• Sales increased by 3%, 14% excl. Paper • Operational EBIT increased to 328 (180) MEUR, excl. Paper to 362 (158) MEUR − Impact of 74 MEUR from forest sales in Sweden • Operational EBIT % increased to 14.4% (8.1%), excl. Paper 19.4% (9.7%) • Cash flow from operations 185 (146) MEUR and after investments -9 (-32) MEUR • Net debt to operational EBITDA at 2.3x (2.3x) • Operational ROCE excl. Forest division increased to 12.0% (7.8%)

130 4 May 2021 Stora Enso Result improvement driven by performance in growth businesses and good cost management Operational EBIT Q1 y-o-y

131 4 May 2021 Stora Enso Strong market conditions for the growth businesses

• Robust performance continues for Packaging Materials − Capacity sold-out for the division − Market situation in China continued to improve • Solid e-commerce demand supports corrugated packaging, prices yet to catch-up with raw material price increases • Classic sawn as well as CLT and LVL strong in Wood Products • Continued healthy performance for Forest • Excellent market conditions for Biomaterials • Paper demand decline continued

132 4 May 2021 Stora Enso Strategy execution intensifies further

• Paper restructuring plans announced • Shut down of US-based Virdia operations in Q1 2021 • TreeToTextile, joint venture where Stora Enso holds 25% share, invests in demonstration plant for sustainable textile fiber in Nymölla Mill • Dissolving pulp production at Enocell Mill to be discontinued during 2021. Mill will increase production of other pulp grades • Ramp-up of the converted kraftliner mill in Oulu is proceeding ahead of plan. Operational EBITDA break-even to be reached already Q3 2021. • Investment in CLT production at Ždírec Mill proceeding as planned • Feasibility study ongoing at Skoghall Mill, decision by end 2021 • Agreement with OX2 to lease land in Sweden for the construction of a 170 MW wind power park

133 4 May 2021 Stora Enso Plans to permanently close down pulp and paper production at Kvarnsveden and Veitsiluoto mills

• Decision is subject to completed co-determination negotiations • Kvarnsveden Mill, Sweden − 565 000/a tonnes of SC magazine paper and improved news (two machines) − 900 000/a tonnes of thermomechanical pulp • Veitsiluoto Mill, Finland − 790 000/a tonnes of woodfree uncoated office paper and coated magazine paper (three paper machines) − 360 000/a tonnes chemical pulp − Groundwood mill and sheeting plant − Sawmill operations continue • Potential personnel impact of max 1 110 persons 134 4 May 2021 Stora Enso Financial impact of potential paper mill closures

• Plans would reduce paper capacity by 35% or ~1.3 million tonnes/a • Annual sales would decrease by approximately 600 MEUR • Paper sales would be reduced to slightly above 10% of Group sales • Operational EBITDA would improve by 35 MEUR annually • 127 MEUR non-cash impairment costs as IAC in Q1 2021 results • 104 MEUR cost as IAC in Q2 2021 results − Of which 96 MEUR cash impact

135 4 May 2021 Stora Enso Strong margin recovery Summary financials Q1 2021

Change% Change% Q1/21- Q1/21- MEUR Q1/21 Q1/20 Q1/20 Q4/20 Q4/20 Sales 2 276 2 207 3.1% 2 154 5.7% Operational EBITDA 488 335 45.8% 274 78.3% Operational EBITDA margin 21.4% 15.2% 12.7% Operational EBIT 328 180 82.4% 118 178.7% Operational EBIT margin 14.4% 8.1% 5.5% Profit before tax excl. IAC and FV 292 126 131.3% 88 232.5% Net profit for the period (IFRS) 145 149 -2.5% 237 -38.8% EPS excl. FV, EUR 0.22 0.11 106.5% 0.09 145.1% EPS (basic), EUR 0.18 0.19 -5.7% 0.30 -40.1%

Operational ROCE excluding Forest 12.0% 7.8% 4.7% Cash Flow from Operations 185 146 27.0% 436 -57.5% Net debt/last 12 months’ operational EBITDA 2.3 2.3 2.3

136 4 May 2021 Stora Enso The 400 MEUR profit protection programme target will be reached ahead of plan 50 MEUR continuous savings achieved in Q1

137 4 May 2021 Stora Enso Packaging Materials Strong performance continues, Oulu Mill ramp-up proceeding ahead of the plan Q1 y-o-y • Sales increased by 13% to 862 MEUR − Higher deliveries and prices • Operational EBIT increased by 31 MEUR to 127 MEUR despite Oulu ramp- up costs of 23 MEUR − Lower variable and fixed costs − Last year Q1 was negatively impacted by strike in Finland • Operational ROOC improved to 16.7% (13.5%) • Oulu Mill operational EBITDA break-even expected to be reached in Q3 2021. Previously it was estimated to be Q1 2022.

138 4 May 2021 Stora Enso Packaging Solutions Solid growth, operational EBIT challenged by higher raw material costs Q1 y-o-y

• Sales increased by 7% to 159 MEUR − Higher sales in China Packaging − Higher European corrugated deliveries • Operational EBIT decreased by 4 MEUR to 4 MEUR − Higher raw material prices and negative FX impact not yet fully compensated by higher selling prices − New businesses impacted operational EBIT negatively (biocomposites, formed fiber and Box Inc.) − Partly offset by higher volumes • Operational ROOC at 7.5% (13.8%)

139 4 May 2021 Stora Enso Biomaterials Excellent market conditions and solid performance improved profitability Q1 y-o-y

• Sales increased by 24% to 355 MEUR − Higher pulp prices − Higher deliveries, partly due to Finnish strike in the comparison period Q1 2020 • Operational EBIT increased by 68 MEUR to 65 MEUR − Higher sales and lower variable costs • Operational ROOC increased to 11.2% (-0.4%)

140 4 May 2021 Stora Enso Wood Products Record high quarterly operational EBIT margin Q1 y-o-y

• Sales increased by 13% to 382 MEUR − Strong demand, especially classic sawn • Operational EBIT increased by 34 MEUR to 52 MEUR − 2nd highest Q1 ever − Higher sales prices and volumes partly offset by higher raw material costs • Highest ever operational ROOC at 36.9% (11.3%)

141 4 May 2021 Stora Enso Forest Solid operational performance on top of gain from land divestment Q1 y-o-y

• Sales increased by 7% to 582 MEUR − Higher wood deliveries in Finland and Baltics • Operational EBIT increased by 82 MEUR to record high Q1 level of 123 MEUR − Impact of 74 MEUR from forest land sales in Sweden − Solid wood supply performance • Operational ROCE clearly above long-term target at 9.9% (4.9%)

142 4 May 2021 Stora Enso Paper Planned closures would improve profitability and long-term competitiveness Q1 y-o-y

• Sales decreased by 28% to 428 MEUR − Lower deliveries due to accelerated structural demand decline − Oulu Mill conversion decreased sales significantly • Operational EBIT decreased by 55 MEUR to -34 MEUR − Global paper market challenges − Higher variable costs partly offset by lower fixed costs − Last year Q1 was negatively impacted by strike in Finland • Cash flow after investing activities to sales ratio at -4.6% (-0.2%)

143 4 May 2021 Stora Enso Operational EBIT in 2021 is expected to be higher than in 2020, as guided earlier

• Global economy recovering from the pandemic • Demand for our products healthy except for graphic paper • In Packaging Materials Oulu Mill operational EBITDA break-even in Q3 2021. Previously it was estimated to be Q1 2022 − Approx. 10-15 MEUR negative impact of ramp-up on operational EBIT in Q2 − Approx. 40-50 MEUR total negative impact of ramp-up on operational EBIT in 2021 − Design capacity reached by the end of Q2 − Commercialisation of product portfolio by the end of 2021 • The 400 MEUR profit protection programme will be concluded ahead of plan by end of Q2 2021

144 4 May 2021 Stora Enso Back on track

145 4 May 2021 Stora Enso 146 4 May 2021 Stora Enso