1. Financial Results Q1 2014
CEO Jouko Karvinen and CFO Seppo Parvi
23 April 2014

2. It should be noted that 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 within the meaning of the United States Private Securities
Litigation Reform Act of 1995. 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.
223 April 2014Stora Enso Q1 2014 Financial Results

3. Jouko Karvinen decides to leave his position as CEO
after heading the Company for seven years
“Jouko Karvinen initiated
discussions with the Board of
Directors late last year about
his wish to retire from the
Company during 2014. The
Board regrets his decision
and Jouko Karvinen will
continue as CEO until a
successor is found,” says
Stora Enso Chairman
Gunnar Brock.
23 April 2014Stora Enso Q1 2014 Financial Results 3

4. Lower costs improved profits
Q1 2014 year-on-year
• Clearly higher Operational EBIT due to lower costs, lower depreciation and
restructuring
– Operational EBIT EUR 182 million or 7.1% (4.4%), increase EUR 64 million
• Nearly all of the original cost reductions of the EUR 200 million programme
visible in the financial results, earlier than anticipated
• Net debt to Operational EBITDA decreased to 2.8 (3.1)
• Operational ROCE 8.6% (5.1%)
23 April 2014Stora Enso Q1 2014 Financial Results 4

5. Stora Enso portfolio – Paper sales below 40%
Q1 2014
Group Sales, EUR 2 568 million Operational EBIT, EUR 182 million
23 April 2014Stora Enso Q1 2014 Financial Results 5
European paper 33% of Group sales
Other and eliminations
39%
17%
32%
2%
10%
19%
12%
11%
51%
7%

6. Operational EBIT 54% improvement year-on-year
Lower costs and depreciation
23 April 2014Stora Enso Q1 2014 Financial Results 6
MEUR

7. Fixed cost decrease continued
Fixed cost 4 quarter rolling average
723 April 2014Stora Enso Q1 2014 Financial Results
MEUR

8. European paper demand continued to decline, at slightly
lower rate
European paper demand trend development
23 April 2014 8
SA = seasonally adjusted Source: PPPC, Euro-Graph
Stora Enso Q1 2014 Financial Results
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
30000
31000
32000
33000
34000
35000
36000
37000
38000
39000
40000
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Y-o-Ychange%
Annualizeddemand[kt/a]
Y-o-Y Paper
Annualized Paper

9. Printing and Reading improved Operational EBIT by
EUR 33 million
Q1 2014 year-on-year
• Operational EBIT:
– Costs significantly lower
– EUR 21 million lower
depreciation
– Capacity closures
• Seasonally lower cash flow
• Veitsiluoto PM 1 closure
• No production at Corbehem
since January 2014
23 April 2014Stora Enso Q1 2014 Financial Results 9
MEUR

10. Biomaterials generated stable operational EBIT
Q1 2014 year-on-year
1023 April 2014Stora Enso Q1 2014 Financial Results
• Operational EBIT at the same level:
– Higher deliveries and clearly lower
variable costs
– Q1 2013 included gain from land
sales (EUR 10 million)
– Higher biorefinery R&D costs
• MdP Pulp Mill ready for start-up
after receiving operation permits
– In 2014 Stora Enso’s share of
production 350 000-400 000 tonnes
• Veracel and Sunila mills in
maintenance in Q2
0%
2%
4%
6%
8%
10%
12%
14%
Q1 2013 Q1 2014
ROOC (%) ROOC (%) excl str. projects

11. Building and Living continued solid performance
Q1 2014 year-on-year
MEUR
1123 April 2014Stora Enso Q1 2014 Financial Results
• Operational EBIT:
– Sales prices higher
– Costs clearly lower, partially due
to early cost reductions
• Efficiency improvement:
– Closure of Sollenau, Austria and
Investment to Murow, Poland

12. Renewable Packaging increased profit by EUR 24
million
Q1 2014 year-on-year
MEUR
1223 April 2014Stora Enso Q1 2014 Financial Results
• Operational EBIT:
– Higher sales prices
– Clearly lower costs
• Guangxi:
– IFC equity and loan
– 2/3 of the levelling work completed
– Key equipment selected
– Harvesting the plantations and
selling the wood
– Board machine operational early
2016 as previously announced
• Q2 maintenance Ostrołęka and
Imatra pulp

14. Summary financials
Q1 2014
EUR million Q1/14 Q1/13
Change % Change %
Q1 14 /
Q1 13
Q4/13 Q1 14 /
Q4 13
Sales 2 568 2 672 -3.9 2 612 -1.7
Operational EBITDA 302 254 18.9 260 16.2
Operational EBITDA, % 11.8 9.5 10.0
Operational EBIT 182 118 54.2 152 19.7
Operational EBIT margin, % 7.1 4.4 5.8
Profit before tax excl. NRI 106 56 89.3 111 -4.5
EPS excl. NRI, EUR 0.09 0.07 0.15
EPS (basic), EUR 0.13 -0.02 -0.18
Operational ROCE, % 8.6 5.1 7.0
Operational ROCE, % excl. transformation
investments
10.9 5.8 9.0
Cash Flow from Operations 152 126 20.6 462 -67.1
Net debt/last 12 months’ operational
EBITDA
2.8 3.1 2.9
1423 April 2014Stora Enso Q1 2014 Financial Results

15. Forecast for Capex and Equity Injections in 2014
EUR million Forecast 2014*
Capital expenditure 760–840
Equity injections 30
Total 790–870
Depreciation 550–580
* Capital expenditure includes approximately EUR 260 million for the project in Guangxi, China and approximately EUR 125
million for Montes del Plata Pulp Mill in Uruguay.
1523 April 2014Stora Enso Q1 2014 Financial Results

16. Guidance
Compared to Q1 2014
• Sales expected to be similar
• Operational EBIT in line with
EUR 182 million
• Maintenance in Biomaterials
and Renewable Packaging
• Ostrołęka Mill shutdown extended
by Polish national electricity grid
maintenance break in Q2
23 April 2014Stora Enso Q1 2014 Financial Results 16

17. Summary
• 54% higher operational EBIT and
improved profitability due to lower
costs
• Seasonally lower cash flow
• Nearly all originally targeted cost
reductions achieved ahead of
schedule
• MdP pulp ready for start-up
• Guangxi proceeding according to
plan
23 April 2014Stora Enso Q1 2014 Financial Results 17

18. 18

19. Operational EBIT by segments
EUR million Q1/14 Q1/13
Change % Change %
Q1 14 /
Q1 13
Q4/13 Q1 14 /
Q4 13
Printing and Reading 35 2 n/m 36 -2.8
% of sales 3.5 0.2 3.4
Biomaterials 21 22 -4.5 24 -12.5
% of sales 8.0 8.4 9.0
Building and Living 20 4 n/m 19 5.3
% of sales 4.5 0.9 4.1
Renewable Packaging 92 68 35.3 73 26.0
% of sales 11.2 8.3 9.3
Other 14 22 -36.4 - n/m
% of sales 2.0 3.1 -
1923 April 2014Stora Enso Q1 2014 Financial Results

20. Cash flow in Q1 2014
2023 April 2014Stora Enso Q1 2014 Financial Results
MEUR

21. Fixed costs to sales
2123 April 2014Stora Enso Q1 2014 Financial Results

22. Balance Sheet strength
Q1 2012 – Q1 2014
*Last twelve months’ operational EBITDA
2223 April 2014Stora Enso Q1 2014 Financial Results
MEUR

23. Permanent pulp, paper and board capacity reductions
since 2006
Mill Date Grade Capacity reduction, t
Corbehem PM 3 and PM 4 Jun 2006 LWC 250 000
Varkaus PM 1 End 2006 WFC 95 000
Berghuizer Mill Oct 2007 WFU 235 000
Reisholz Mill End 2007 SC 215 000
Summa Mill Jan 2008 Newsprint, uncoated mag, book paper 415 000
Anjala Mill PM1 Feb 2008 Coated magazine paper 155 000
Baienfurt Mill End 2008 FBB 190 000
Kabel Mill PM 3 End 2008 Coated magazine 140 000
Kemijärvi Pulp Mill April 2008 Long-fibre (SW) pulp 250 000
Norrsundet Pulp Mill Dec 2008 Long-fibre (SW), pulp 300 000
Varkaus Mill coreboard machine Dec 2008 Coreboard 100 000
Imatra PM 8 Mar 2010 WFU 210 000
Varkaus PM 2 and PM 4 Sep 2010 Newsprint, directory paper 290 000
Maxau PM 7 Nov 2010 Newsprint 195 000
Hylte PM1 Dec 2012 Newsprint 180 000
Ostroleka PM2 Jan 2013 Containerboard 85 000
Hylte PM2 May 2013 Newsprint 205 000
Kvarnsveden PM11 May 2013 Newsprint 270 000
Veitsiluoto PM1 Apr 2014 Coated magazine 190 000
Total 3 970 000
2323 April 2014Stora Enso Q1 2014 Financial Results

24. Permanent sawn wood capacity reductions
since 2006
Mill Date Capacity reduction, m3
Veitsiluoto Sawmill 2006 100 000
Honkalahti Sawmill 2006 90 000
Sauga Sawmill Jun 2007 130 000
Sollenau Sawmill 2007 110 000
Näpi Sawmill 2007-2008 100 000
Kotka Sawmill 2007-2008 70 000
Paikuse Sawmill End 2008 220 000
Zdirec Sawmill 2008 120 000
Ybbs Sawmill 2008 & Jun 2009 200 000
Kitee Sawmill 2008 & Jun 2009 130 000
Varkaus Sawmill Jun 2009 60 000
Tolkkinen Sawmill End 2009 260 000
Kopparfors Sawmill End 2011 310 000
Sollenau Sawmill Mar 2014 400 000
Total 2 300 000
2423 April 2014Stora Enso Q1 2014 Financial Results

25. Net Financial Items
EUR million Q1/14 Q1/13
Change %
Q1 14/
Q1 13
Q4/13
Change %
Q1 14/
Q4 13
Net interest expense -48 -52 8 -50 4
Foreign exchange gains and losses -10 -4 -150 6 n/m
Other financial items. of which -7 - n/m -27 74
PIK notes - 3 -
Fair valuation of interest rate derivatives* -7 2 -8
Fair valuation of long-term debt - - -
Pension costs (IAS 19R) -3 -3 -4
Other items 3 -2 -15
Total net financial items -65 -56 -16 -71 8
*Not hedge accounted interest rate derivatives.
Stora Enso Q1 2014 Financial Results 23 April 2014 25

26. Transaction risk and hedges
as at 31 March 2014
Operational EBIT: Currency strengthening of + 10 % EUR million
USD 98
SEK -77
GBP 48
EUR million USD SEK GBP
Estimated annual net operating cash flow exposure 980 -770 480
Transaction hedges as at 31 Mar 2014 -450 400 -230
Hedging percentage as at 31 Mar 2014 for the next 12 months 46% 52% 48%
The sensitivity is based on estimated next 12 months net operating cash flow. The
calculation does not take into account currency hedges, and assumes no changes occur
other than a single currency exchange rate movement. Weakening would have the
opposite impact.
Stora Enso Q1 2014 Financial Results 23 April 2014
Additional GBP hedge for 13-15 months increase the hedging percentage by 5%.
26

27. Curtailments
of capacity
2723 April 2014Stora Enso Q1 2014 Financial Results
0
2
4
6
8
10
12
14
16
18
20
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114
%ofthecapacity
Paper and Board Wood Products

28. Softwood pulp prices
Stora Enso’s market pulp is softwood
Source: FOEX
2823 April 2014Stora Enso Q1 2014 Financial Results
450
550
650
750
850
950
1 050
07Q1
07Q2
07Q3
07Q4
08Q1
08Q2
08Q3
08Q4
09Q1
09Q2
09Q3
09Q4
10Q1
10Q2
10Q3
10Q4
11Q1
11Q2
11Q3
11Q4
12Q1
12Q2
12Q3
12Q4
13Q1
13Q2
13Q3
13Q4
14Q1
USD/tonne
Bleached softwood
kraft pulp
Bleached hardwood
kraft pulp

29. Pulp wood and saw log prices
Wood prices in Finland
Source: METLA
2923 April 2014Stora Enso Q1 2014 Financial Results
0
10
20
30
40
50
60
70
80
06Q1
06Q2
06Q3
06Q4
07Q1
07Q2
07Q3
07Q4
08Q1
08Q2
08Q3
08Q4
09Q1
09Q2
09Q3
09Q4
10Q1
10Q2
10Q3
10Q4
11Q1
11Q2
11Q3
11Q4
12Q1
12Q2
12Q3
12Q4
13Q1
13Q2
13Q3
13Q4
14Q1
EUR/m3
Pulpwood, Pine Sawlogs, Pine

30. Paper for Recycling prices
German RCP price development. free delivered
Source: Verband Deutscher Papierfabriken/Stora Enso
3023 April 2014Stora Enso Q1 2014 Financial Results

31. MEUR
Revolving Credit Facility € 700 million matures in January 2017 and is fully undrawn
Maturity profile Q1 2014
23 April 2014Stora Enso Q1 2014 Financial Results 31
0
100
200
300
400
500
600
700
800
900
1 000
2014 2015 2016 2017 2018 2019 2020 2021-
2035
2036
Commercial papers Bonds Other loans / liabilities

32. Energy balance* Q1 2014
Impact** on operating profit from
10% change in:
EUR million p.a.
Electricity market price ~2
Fossil fuel price ~12
**) Remaining impact on non-hedged volume
23 April 2014Stora Enso Q1 2014 Financial Results
*) Pulp. paper and board mills. Europe and overseas
32

33. Stora Enso Electricity procurement* Q1 2014
23 April 2014Stora Enso Q1 2014 Financial Results
*) Pulp. paper and board mills. Europe and overseas
3333