Stora Enso (STE) AGM 2025 Presentation summary

Purpose, values, and strategy

• Aims to do good for people and the planet by replacing non-renewable materials with renewable products.

• Targets annual growth above 5%, net debt to adjusted EBITDA below 2, and net debt to equity under 60%.

• Seeks adjusted ROCE (excluding Forest) above 13% and a dividend payout of 50% of EPS.

• Performance culture emphasizes ambition, agility, analytics, and accountability.

• Sustainability goals include 50% less CO2 by 2030, 100% recyclable products, and net-zero emissions by 2040.

Financial performance and achievements 2024

• Adjusted EBIT increased by 75% year-over-year, with fixed costs reduced by €110 million.

• Cashflow from operations improved, and over €700 million released from operating working capital in 1.5 years.

• Adjusted ROCE (excluding Forest) rose from 1.0% to 3.6% year-over-year.

• Achieved increased profit despite higher wood costs, driven by sales price, mix, and cost control.

• Board proposes a €0.25 dividend per share for 2024.

Market position and sales breakdown

• 65% of group sales come from Europe, with the remainder from China, Asia, North America, and others.

• 65% of sales are for consumer end uses, especially food & beverages (38%) and pharma/personal care (10%).

• Well-positioned for growth in renewable packaging, with global demand expected to rise 2% CAGR through 2033.

• Holds leading positions in liquid packaging board, cartonboard, and containerboard in Europe.