Stora Enso financial result q1 2015

1. Financial Results for Q1 2015
CEO Karl-Henrik Sundström and CFO Seppo Parvi
22 April 2015

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.
Stora Enso Q1 2015 Results 222 April 2015

3. Solid quarter supported by FX tailwinds
Q1 2015 year-on-year
• Sales decreased by 3%
– Sales excluding the structurally
declining paper and divested
businesses increased by 3% mainly
due to Montes del Plata ramp-up
• Operational EBIT EUR 220 million
– 21% increase due to FX gains and
lower costs
• Net debt to EBITDA 2.6 (2.8)
• Operational ROCE 10.1% (8.6%)
– Excluding transformational
investment project 11.3%
22 April 2015Stora Enso Q1 2015 Results 3

4. Operational EBIT increased by 21% in Q1 y-o-y
22 April 2015Stora Enso Q1 2015 Results 4
MEUR
+17
+220
+182
+52
0
50
100
150
200
250
15Q1Other
-5
Paper
-17
Wood Products
-5
BiomaterialsPackaging
Solutions
-4
Consumer Board14Q1

5. Sensitivity analysis
10% change, impact on operational EBIT
22 April 2015Stora Enso Q1 2015 Results 5
10% increase in Impact*
Market pulp price, total Positive EUR 120 million
*Impact on operational EBIT for the next twelve months.
An increase of energy, wood or chemical and filler prices or decrease of pulp prices, as well as weakening of
the currencies would have the opposite impact.
10% decrease in Impact*
Energy prices Positive EUR 8 million
Wood prices Positive EUR 173 million
Chemical and filler prices Positive EUR 66 million
10% strengthening against Euro
in the value of
Impact*
US dollar Positive EUR 116 million
Swedish krona Negative EUR 82 million
British pound Positive EUR 46 million

6. Guangxi proceeding as planned
22 April 2015Stora Enso Q1 2015 Results 6

7. Transformation in Progress
Consumer Board
Guangxi consumer board mill
• 800 MEUR (phase one), increase of 40
MEUR due to FX rates
• Construction of the consumer board mill
is in full speed
• Start up in mid-2016
Investment in Imatra mills
• 27 MEUR to improve quality and cost-
competitiveness
• Increases consumer board capacity by
20 000 tonnes
• Start up in Sep 2015
22 April 2015Stora Enso Q1 2015 Results 7

8. Transformation in Progress
Packaging Solutions and Wood Products
Varkaus conversion
• 110 MEUR for conversion
• EBITDA margin above 15%
• Capacity 390 000 tonnes of
kraftliner
• Uncoated fine paper capacity
to reduce by 280 000 tonnes
• Start up Q4 2015
Murow Sawmill
• 28 MEUR to modernise and
develop Murow Sawmill in
Poland
• Increases consumption of
Polish saw logs
• Capacity increase to
140 000 m³/shift/year
• Start up Q2 2015
22 April 2015Stora Enso Q1 2015 Results 8
Wooden elements
• 43 MEUR investment in a new
production line for wooden
building elements
• Based on peeling technology
• Yearly capacity ~100 000 m3
• Sales 50 MEUR, ROOC >13%
• Start up Q2 2016

9. Transformation in Progress
Biomaterials
22 April 2015Stora Enso Q1 2015 Results 9
Montes del Plata
• Total investment 1 721
MEUR, of which Stora Enso’s
50% share 850 MEUR
• Annual capacity 1.3 million
tonnes, Stora Enso’s 50%
share 650 000 tonnes
• Ramp-up proceeding
according to plan
Virdia & demonstration plant
• Virdia acquisition 17 MEUR with
potential payouts maximum of
21 MEUR by 2017
• The construction of 32 MEUR
Xylose Demo Plant in the US is
proceeding well and on schedule
Sunila Mill
• Biorefinery investment
32 MEUR completed
• Lignin extracted from
the black liquor
• Commercialization is
expected to begin in
the second half of 2015

10. 70 %
12 %
21 %
-3 %
8 %
33 %
7 %
48 %
4 %
37 %
14 %16 %
32 %
2 %
30 %
70 %
Paper Growth businesses
62 %
6 %
35 %
-3 %
63%
92%
30%
38%
In 2006, all pulp used internally
Q1/2015 Operational EBIT2006 Operational EBIT
Transformation journey continues
Growth businesses with 63% of sales and 92% of operational EBIT
2006 Sales
Stora Enso Q1 2015 Results 1022 April 2015
Q1/2015 Sales
20XX Sales

11. Summary financials
Q1 2015
EUR million Q1/15 Q1/14
Change% Change %
Q1 15 /
Q1 14 Q4/14
Q1 15 /
Q4 14
Sales 2 491 2 568 -3.0% 2 552 -2.4%
Operational EBITDA 340 302 12.6% 308 10.4%
Operational EBITDA, % 13.6% 11.8% 12.1%
Operational EBIT 220 182 20.9% 209 5.3%
Operational EBIT margin, % 8.8% 7.1% 8.2%
Profit before tax excl. NRI 154 106 45.3% 32 n/m
EPS excl. NRI, EUR 0.15 0.09 0.06
EPS (basic), EUR 0.16 0.13 -0.15
Operational ROCE, % 10.1% 8.6% 9.7%
Operational ROCE, % excl. transformation
projects 11.3% 10.9% 13.1%
Cash Flow from Operations 171 152 12.5% 442 -61.3%
Net debt/last 12 months’ operational
EBITDA 2.6 2.8 2.6
11Stora Enso Q1 2015 Results 22 April 2015

12. • Net FX impact of 64 MEUR mainly due to a stronger US dollar and a weaker Brazilian real
• Approximately 40 MEUR of this relates to Biomaterials division
• Stora Enso is primarily a euro and Swedish crown cost based company
• Selling significant volumes in other currencies such as the US dollar and British
pound causes material impacts on operational EBIT through price and currency
movements
+220+2
+26
+32
+74
+182
0
20
40
60
80
100
120
140
160
180
200
220
240
15Q1OtherFixed costsFX on salesLocal sales
price and mix
-86
14Q1 Variable costs
-10
Fx on costs
Net FX of EUR 64 million year-on-year
22 April 2015Stora Enso Q1 2015 Results 12
MEUR

13. Cash flow from operations and balance sheet strength
Q1 2013 – Q1 2015
Stora Enso Q1 2015 Results 13
*Last twelve months’ operational EBITDA
22 April 2015
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
50
100
150
200
250
300
350
400
450
500
13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1
Cash flow from operations, MEUR Cash flow to sales
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
2 900
3 000
3 100
3 200
3 300
3 400
3 500
3 600
13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1
Net Debt, MEUR Net Debt to Operational EBITDA*

14. 0
10
20
30
40
50
60
70
80
90
14Q1 15Q1
Operational EBIT, MEUR
0
100
200
300
400
500
600
14Q1 15Q1
Sales, MEUR
Consumer Board operational EBIT increased by 27%
Q1 2015 year-on-year
14Stora Enso Q1 2015 Results
• Sales increased to EUR 569 (EUR 564)
million due to higher board deliveries
• Operational EBIT improved 27% to EUR 79
(EUR 62) million
– Positive FX and lower costs
• Operational ROOC 17.3% (15.7%)
– Operational ROOC 30.0% (20.8%) excluding
Guangxi investment
22 April 2015
0.9%
27.4%
564 569
79
62

15. 0
5
10
15
20
25
30
14Q1 15Q1
Operational EBIT excl. Corenso, MEUR
0
50
100
150
200
250
14Q1 15Q1
Sales excl. Corenso, MEUR
Packaging Solutions Q1 sales decreased due to
Corenso divestment
Q1 2015 year-on-year
15Stora Enso Q1 2015 Results
• Sales decreased to EUR 221 (EUR 267)
million due to Corenso divestment
– Excluding Corenso divestment the sales grew
1.2%
• Operational EBIT decreased to EUR 26
(EUR 30) million
– Excluding Corenso divestment operational
EBIT was flat
– Lower sales prices in local currencies and
lower variable costs
– Fixed costs and volumes were lower due to
Corenso divestment
• Operational ROOC 12.9% (13.5%)
• Maintenance in Q2: Ostrołęka
22 April 2015
1.2%
0%
219 221
2626

16. 0
10
20
30
40
50
60
70
80
14Q1 15Q1
Operational EBIT, MEUR
0
50
100
150
200
250
300
350
400
14Q1 15Q1
Sales, MEUR
Biomaterials Q1 sales increased by 35%
Q1 2015 year-on-year
• Sales increased to EUR 354 (EUR 263)
million mainly due to Montes del Plata
deliveries and FX impact
• Operational EBIT increased to EUR 73 (EUR
21) million
– FX impact of approximately 40 EUR million,
partly offset by lower USD based softwood
pulp prices
– Higher MdP volumes, partly offset by higher
depreciation and fixed costs
– MdP maintenance went as planned in Q1
• Operational ROOC 11.4% (4.0%)
• Maintenance in Q2: Veracel and Enocell
22 April 2015Stora Enso Q1 2015 Results 16
34.6%
247.6%
263
354
73
21

17. 0
5
10
15
20
25
14Q1 15Q1
Operational EBIT, MEUR
0
100
200
300
400
500
14Q1 15Q1
Sales, MEUR
Wood Products sales declined by 12%
Q1 2015 year-on-year
• Sales declined by 12% to EUR 392
(EUR 445) million mainly due to lower
deliveries to Japanese and Middle East
market
• Operational EBIT decreased by 25% to
EUR 15 (EUR 20) million
– Lower production and delivery volumes
related to oversupply and lack of profitable
orders
– Fixed costs lower
• Operational ROOC 11.7% (15.3%)
• Curtailments 6% (3%)
22 April 2015Stora Enso Q1 2015 Results 17
-11.9%
-25.0%
445
20
15
392

18. 0
200
400
600
800
1 000
1 200
14Q1 15Q1
Sales, MEUR
0
10
20
30
40
50
60
70
80
90
14Q1 15Q1
Operational EBITDA, MEUR
Paper cash flow to sales improved to 7%
Q1 2015 year-on-year
• Sales declined by 9% to EUR 914 (EUR 999)
million
– Asset closures and demand decline
– Uetersen mill disposal completed in Q1 2015
• Operational EBITDA decreased by 28% to
EUR 61 (EUR 85) million
– Doubtful receivable provision of EUR 7 million
– Lower volumes
– Lower prices were partly offset by positive FX
impact
• Cash flow to sales improved from 1% to 7%
• Maintenance in Q2: Langerbrugge’s energy,
Oulu, Sachsen and Nymölla
Stora Enso Q1 2015 Results 1822 April 2015
-8.5%
-28.2%
914
999
85
61
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1
Cash flow from operations, MEUR Cash flow to Sales

19. Forecast for capex in 2015
EUR million Forecast 2015
Capital expenditure* 820–880
Depreciation 530–550
* The capital expenditure forecast includes EUR 110 million for biological assets and approximately
EUR 390 million for the project in Guangxi, China. The Guangxi forecast has increased by EUR 40
million due to the weakening of the euro against the Chinese Renminbi.
19Stora Enso Q1 2015 Results 22 April 2015

20. Guidance for Q2 2015
Compared to Q1 2015
• Q2 Sales are estimated to be
slightly higher than the Q1 amount
of EUR 2 491 million
• Q2 Operational EBIT is expected
to be in line with the Q1 amount of
EUR 220 million
• Q2 negative maintenance impact
is expected to be EUR 30 million
higher than in Q1
– Maintenance in Veracel, Enocell,
Ostrołęka, Oulu, Sachsen,
Nymölla, and at Langerbrugge
energy production in Q2
22 April 2015Stora Enso Q1 2015 Results 20

21. Summary
Solid quarter supported by FX tailwinds
• Transformation in progress
• Sales excluding paper and
divested businesses increased by
3% y-o-y
• Operational EBIT 21% higher y-o-y
• Net debt to EBITDA 2.6 (2.8)
• Operational ROCE 10.1% (8.6%)
22 April 2015Stora Enso Q1 2015 Results 21

22. Capital Markets Day (CMD)
Welcome to CMD
on 28th of May 2015
in London
22 April 2015Stora Enso Q1 2015 Results 22

23. 22 April 2015Stora Enso Q1 2015 Results 23

24. Operational EBIT by segments
EUR million Q1/15 Q1/14
Change % Change %
Q1 15 /
Q1 14
Q4/14 Q1 15 /
Q4 14
Consumer Board 79 62 27.4% 44 79.5%
% of sales 13.9% 11.0% 7.9%
Packaging Solutions 26 30 -13.3% 30 -13.3%
% of sales 11.8% 11.2% 11.4%
Biomaterials 73 21 247.6% 34 114.7%
% of sales 20.6% 8.0% 10.8%
Wood Products 15 20 -25.0% 10 50.0%
% of sales 3.8% 4.5% 2.4%
Paper 18 35 -48.6% 68 -73.5%
% of sales 2.0% 3.5% 6.9%
Other 9 14 -35.7% 23 -60.9%
% of sales 1.4% 2.0% 3.6%
24Stora Enso Q1 2015 Results 22 April 2015

25. Cash flow by divisions in Q1
22 April 2015Stora Enso Q1 2015 Results 25
-40
-20
0
20
40
60
80
Consumer Board Packaging
Solutions
Biomaterials Wood Products Paper Other
Cash flow from operations, MEUR Cash flow after investments, MEUR

26. Permanent pulp, paper and board capacity reductions
since 2006
Stora Enso Q1 2015 Results 26
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
Corbehem MIll July 2014 LWC 330 000
Total 4 300 000
22 April 2015

27. Permanent sawn wood capacity reductions
since 2006
Stora Enso Q1 2015 Results 27
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 150 000
Total 2 050 000
22 April 2015

28. Net Financial Items
22 April 2015Stora Enso Q1 2015 Results 28
EUR million
Q1/
2015
Q1/
2014
Change %
Q115/
Q114
Q4/
2014
Change %
Q115/
Q414
Net interest expense -48 -48 - -48 -
Foreign exchange gains and losses 6 -10 n/m -31 n/m
Other financial items. of which -11 -7 -57 -18 39
Fair valuation of interest rate derivatives* -2 -7 4
Fair valuation of long-term debt -1 - -
Pension costs (IAS 19R) -2 -3 -3
Other items -6 3 -19
Total net financial items -53 -65 18 -97 45
*Not hedge accounted interest rate derivatives.

29. Net cash flows and foreign exchange hedges Q1 2015
Stora Enso Q1 2015 Results 2922 April 2015
€ million USD SEK GBP
Estimated annual net operating cash flow exposure
1 160 -820 460
Transaction hedges as at 31 Mar 2015
-630 430 -240
Hedging percentage for the next 12 months
54% 52% 52%

30. 0
2
4
6
8
10
12
14
16
Paper and Board Wood Products
Curtailments
of capacity
30Stora Enso Q1 2015 Results
% of the
capacity
22 April 2015

31. Pulp price development
Stora Enso Q1 2015 Results 31
Source: FOEX
22 April 2015
300
400
500
600
700
800
900
1 000
1 100
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
14Q2
14Q3
14Q4
15Q1
USD/tonne
Bleached softwood kraft pulp Bleached hardwood kraft pulp

32. Pulp sensitivity analysis
10% change in prices, impact on operational EBIT
22 April 2015Stora Enso Q1 2015 Results 32
10% increase in Impact*
Softwood pulp prices Positive EUR 45 million
Hardwood pulp prices Positive EUR 45 million
Fluff pulp prices Positive EUR 20 million
Dissolving pulp prices Positive EUR 10 million
Market pulp price, total Positive EUR 120 million
* Impact on operational EBIT for the next twelve months. A decrease of pulp prices would have the opposite impact.

33. Pulp wood and saw log prices
Wood prices in Finland
Source: METLA
33Stora Enso Q1 2015 Results 22 April 2015
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
14Q2
14Q3
14Q4
15Q1
EUR/m3
Pulpwood, Pine Sawlogs, Pine

34. Paper for recycling prices
Stora Enso Q1 2015 Results 34
German RCP price development. free delivered
Source: Verband Deutscher Papierfabriken/Stora Enso
22 April 2015
0
40
80
120
160
200
07Q1
07Q3
08Q1
08Q3
09Q1
09Q3
10Q1
10Q3
11Q1
11Q3
12Q1
12Q3
13Q1
13Q3
14Q1
14Q3
15Q1
EUR/tonne
Mixed OCC De-inking

35. MEUR Other loans / liabilitiesBonds Commercial paper
Revolving Credit Facility € 700 million matures in January 2018 and is fully undrawn
Maturity profile Q1 2015
22 April 2015Stora Enso Q1 2015 Results 35
0
200
400
600
800
1 000
1 200
2015 2016 2017 2018 2019 2020 2021 2022-2035 2036

36. Energy balance* Q1 2015
22 April 2015Stora Enso Q1 2015 Results 36
**) Remaining impact on non-hedged volume*) Pulp. paper and board mills. Europe and overseas
Impact** on operating profit from
10% change in:
EUR million p.a.
Electricity market price ~0,4
Fossil fuel price ~7,1

37. Stora Enso Electricity procurement* Q1 2015
22 April 2015Stora Enso Q1 2015 Results 37
*) Pulp. paper and board mills. Europe and overseas
37

38. Global Responsibility update
KPI results Q1 2015 – (1/2)
22 April 2015Stora Enso Q1 2015 Results 38
Focus Area
Key Performance
Indicator
Q1 2015
Target to be reached by end
of 2015
2014
People&Ethics
Health &Safety
TRI rate (Incidents per 1m
working hours)
10.1 8.8 12,5
LTA rate (lost time accidents per
1m working hours)
4.8 3.6 5,2
Human Rights
Extent of implementation of the
Group's approach to human
rights issues.
Group-wide planning for actions was
initiated to address the human rights
impacts identified in the Human Rights
assessments that had not been dealt
with
Human Rights Assessment to be
conducted in all countries with
production units, forestry and/or
plantation operations by end of 2014.
100 %
Ethics &
Compliance
Employees' perception of
adherence to Code of Conduct
(YourVoice)
Positive trend in annual employee
survey.
69 %
Sustainable
Leadership
Leadership Index (YourVoice)
Positive trend in annual employee
survey
76,0
Responsible
Sourcing
% of supplier spend covered by
supplier Code of Conduct (CoC)
77%
90% of supplier spend covered by the
Supplier Code of Conduct by end of
2016
78%

39. Global Responsibility update
KPI results Q1 2015 – (2/2)
Focus Area Key Performance Indicator Q1 2015** Target 2014
Environment&Efficiency
Climate & Energy
Reduction of CO₂ emissions per saleable
tonne of pulp, paper and board (kg/t)***
-24%
-35%
by end of 2025
-27%
Process Water
Discharges
Reduction of volume per saleable tonne of
pulp, paper and board (m³/t)
-5%
-6%
by end of 2015
-4%
Process Water
Discharges
Reduction of Chemical Oxygen Demand
(COD) per saleable tonne of pulp, paper
and board (kg/t)
-4%
-7%
by end of 2015
-6%
39
*From baseline levels: year 2006 in CO₂ emissions, year 2005 in the volume (m³) of process water discharges, and year 2007 in the Chemical Oxygen Demand (COD)
levels of process water discharges. Historical figures recalculated due to changes in baseline or data revision.
**Including performance in January and February. The Q1 performance will be completed with performance in March in the Interim Review for the Q2.
***Covering direct fossil CO₂ emissions from production and indirect fossil CO₂ emissions related to purchased electricity and heat (Scope 1 and 2).
ENVIRONMENTAL PERFORMANCE COMPARED TO BASELINE LEVELS*
22 April 2015Stora Enso Q1 2015 Results