1. Financial Results Q2 2013
CEO Jouko Karvinen and EVP Karl-Henrik Sundström
19 July 2013

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 Q2 2013 Financial Results 19 July 2013 2

3. Q2 results as expected
• Operational EBIT EUR 124 million
• Cash flow from Operations EUR 344
million
• Liquidity EUR 1.8 billion
• Net debt/Operational EBITDA LTM 2.7x
19 July 2013Stora Enso Q2 2013 Financial Results 3

4. Continued Solid Cash Flow from Operations
Reduced working capital
19 July 2013Stora Enso Q2 2013 Financial Results 4

5. All business areas contributed to cash flow generation
in Q2 2013
19 July 2013Stora Enso Q2 2013 Financial Results 5

6. European paper seasonally adjusted demand trend
development and y-o-y change
Source: Euro-GraphSA = seasonally adjusted Latest data point: Jun-2013
19 July 2013Stora Enso Q2 2013 Financial Results 6

7. Progress report: Streamlining and structure
simplification programme
EUR 200 million of annual net fixed cost savings, compensating also for inflation
EUR million Fixed Costs Annualized (Qx4) Progress
Q2 2012 703 2 812
Q2 2013 677 2 708
Change -26 -104
Programme impact -7 -28 14%
Other change -19 -76
19 July 2013Stora Enso Q2 2013 Financial Results 7
• The new divisional organizations announced
• EUR 200 million of annual fixed cost savings - full impact from Q2 2014
• EUR 43 million NRIs announced year to date - rest mainly planned in Q3 2013
• Other change represents impact of capacity closures, previously announced
programmes, new businesses, significant currency movements and M&A

8. Progress report: Montes del Plata
• Estimated to begin the start-up at the
end of Q3 2013
• Slightly negative impact on operational
EBIT in 2013
19 July 2013Stora Enso Q2 2013 Financial Results 8

9. Progress report: Ostrołęka mill PM 5
• Proceeding according to plan
• EBITDA margin approximately
20% during the latter part of 2013
as targeted
19 July 2013Stora Enso Q2 2013 Financial Results 9

10. Accelerating transformation: Guangxi, China
• Final approval from Chinese NDRC received
• Faster access to the Chinese consumer board
market
• Two phase implementation
– First phase consumer board machine operational in
the beginning of 2016
– Second phase chemical pulp mill
• Project clearly exceeds the ROCE target of 13%
19 July 2013Stora Enso Q2 2013 Financial Results 10

11. Accelerating innovation: Biorefinery at Sunila
• EUR 32 million investment
• Replacing fossil raw materials:
– Insulation
– Adhesive for construction materials
• Scalable technology
• Start-up Q1 2015
19 July 2013Stora Enso Q2 2013 Financial Results 11

12. 19 July 2013Stora Enso Q2 2013 Financial Results 12

13. Printing and Reading Structural Paper Demand Decline
Operational EBITDA
Q2 2012 vs Q2 2013
19 July 2013 13
• Year-on-Year demand decline 6%
• Structural decline continues
Paper Market
Stora Enso Printing and Reading
• Lower pricing mainly in News and
SC
• Sales volume decline 6% or [110 kt]
despite 3 PM closures
• No fixed cost improvement –
announced cost reduction top
priority
• Limited savings impact from Hylte
PM2 and Kvarnsveden PM11 during
Q2
• Solid cash flow generation Q2 –
needed for the transformation
Stora Enso Q2 2013 Financial Results

14. Summary financials
Q2 2013
EUR million Q2/13 Q1/13 Q2/12
Change % Change %
Q2 13 / Q2 12 Q2 13 / Q1 13
Sales 2 717 2 667 2 721 -0.1 1.9
Operational EBITDA 247 240 251 -1.6 2.9
Operational EBITDA, % 9.1 9.0 9.2 -1.1 1.1
Operational EBIT 124 118 144 -13.9 5.1
Operational EBIT margin, % 4.6 4.4 5.3 -13.2 4.5
Profit before tax excl. NRI 60 55 31 93.5 9.1
EPS excl. NRI, EUR 0.05 0.07 0.02 150.0 -28.6
EPS (basic), EUR 0.02 -0.02 0.08 -75.0 200.0
Operational ROCE, % 5.8 5.4 6.6 -12.1 7.4
Operational ROCE, % excl. transformation
investments 7.3 6.2 7.9 -7.6 17.7
Cash Flow from Operations 344 101 246 39.8 240.6
Net debt/last 12 months’ operational EBITDA
2.7 2.7 2.7 - -
19 July 2013Stora Enso Q2 2013 Financial Results 14

15. Fairly stable despite challenging paper market
Group operational EBIT
Q2 2012 vs Q2 2013 Q1 2013 vs Q2 2013
19 July 2013Stora Enso Q2 2013 Financial Results 15

16. Guidance for Q3 2013
• Compared to Q2 2013:
– Sales expected to be
slightly lower
– Operational EBIT in
line with or slightly
higher
19 July 2013Stora Enso Q2 2013 Financial Results 16

17. Summary
19 July 2013Stora Enso Q2 2013 Financial Results 17
• Q2 result as guided
• Solid cash flow - strong liquidity
• EUR 200 million fixed costs savings on plan
• European paper - to get ahead of the game
• Accelerated transformation:
– MdP
– Ostrołęka
– Guangxi
– Sunila Biorefinery

18. 19 July 2013Stora Enso Q2 2013 Financial Results 18

19. Projected Capex and Equity Injections for 2013
Including China investment
Capital Expenditure, Equity Injections and Depreciation Forecast 2013
EUR million Forecast 2013
Capital expenditure*
440-490
Equity injections
100-120
Total
540-610
Depreciation
590-610
19 July 2013Stora Enso Q2 2013 Financial Results 19
*Capital expenditure includes approximately EUR [90] million for project in Guangxi, China

20. Working capital reduced
Q1 2011 – Q2 2013
*Operative working capital = trade receivables + inventories – trade payables
Stora Enso Q2 2013 Financial Results 19 July 2013 20

21. Balance Sheet strength
Q1 2010 – Q2 2013
Stora Enso Q2 2013 Financial Results 19 July 2013
*Last twelve months’ operational EBITDA
21

22. Operational EBIT by segments
EUR million Q2/13 Q1/13 Q2/12
Change % Change %
Q213/Q212 Q213/Q113
Printing and Reading -17 2 43 -139.5 n/m
% of sales -1.5 0.2 3.6 -141.7 n/m
Biomaterials 14 22 15 -6.7 -36.4
% of sales 5.4 8.6 6.1 -11.5 -37.2
Building and Living 28 4 11 154.5 n/m
% of sales 5.6 0.9 2.5 124.0 n/m
Renewable Packaging 77 68 73 5.5 13.2
% of sales 9.2 8.3 8.8 4.5 10.8
Other 22 22 2 n/m -
% of sales 3.2 3.1 0.3 n/m 3.2
19 July 2013Stora Enso Q2 2013 Financial Results 22

23. Timeline for the restructuring announcements in 2013
Q2 2013
Hylte PM 2,
Kvarnsveden PM11
closed in May
Q3 2013
Impact
starts
Q4 2013
Q1 2014
Full impact Q2 2014
19 July 2013Stora Enso Q2 2013 Financial Results 23
February 2013
Announcement of Hylte PM 2 and Kvarnsveden PM 11 closures EUR 24 million
Q2 2013
Impact
starts
Q3 2013 Q4 2013 Q1 2014
Q2 2014
Full impact
February 2013
Building & Living EUR 30 million
Q2 2013 Q3 2013 Q4 2013 Q1 2014
Q2 2014
Full impact
April 2013
Business structure and organisation EUR 200 million (out of which EUR 30 million B&L)

24. 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
Hylte PM2 May 2013 Newsprint 205 000
Kvarnsveden PM11 May 2013 Newsprint 270 000
Total 3 695 000
2419 July 2013Stora Enso Q2 2013 Financial Results

25. 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
Total 1 900 000
19 July 2013Stora Enso Q2 2013 Financial Results 25

26. Net Financial Items
EUR million Q2/2013 Q1/2013 Q2/2012
Change %
Q213/Q212
Change %
Q213/Q113
Net interest expense -51 -50 -42 -21 -2
Foreign exchange gains and losses -12 -5 -18 33 -140
Other financial items, of which 16 -1 -10 n/m n/m
PIK notes 3 3 3
Fair valuation of interest rate derivatives* 7 2 -15
Fair valuation of long-term debt - -1 -
NewPage lease provision - - 9
Pension costs (IAS 19R) -4 -3 -3
Other items 10 -2 -4
Total net financial items -47 -56 -70 33 16
*Not hedge accounted interest rate derivatives.
Stora Enso Q2 2013 Financial Results 19 July 2013 26

27. Transaction risk and hedges
as at 30 June 2013
Operational EBIT: Currency strengthening of + 10 % EUR million
USD 104
SEK -81
GBP 51
EUR million USD SEK GBP
Estimated annual net operating cash flow exposure 1 040 -810 510
Transaction hedges as at 30 Jun 2013 -500 450 -250
Hedging percentage as at 30 Jun 2013 for the next 12 months 48% 56% 49%
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.
Additional USD and GBP hedges for 13-15 months increase the hedging percentages by
1% and 3% respectively.
Stora Enso Q2 2013 Financial Results 19 July 2013 27

28. Curtailments
of capacity
19 July 2013Stora Enso Q2 2013 Financial Results 28

29. Softwood pulp prices
Stora Enso’s market pulp is softwood
Source: FOEX
Stora Enso Q2 2013 Financial Results 19 July 2013 29

30. Pulp wood and saw log prices
Wood prices in Finland
Source: METLA
Stora Enso Q2 2013 Financial Results 19 July 2013 30

31. Paper for Recycling prices
German RCP price development. free delivered
Source: Verband Deutscher Papierfabriken/Stora Enso
Stora Enso Q2 2013 Financial Results 19 July 2013 31

32. Maturity profile Q2 2013
19 July 2013Stora Enso Q2 2013 Financial Results 32

33. Energy balance* Q2 2013
Impact** on operating profit from
10% change in:
EUR million p.a.
Electricity market price ~2
Fossil fuel price ~13
**) Remaining impact on non-hedged volume
19 July 2013Stora Enso Q2 2013 Financial Results
*) Pulp, paper and board mills, Europe and overseas
33

34. Stora Enso Electricity procurement* Q2 2013
19 July 2013Stora Enso Q2 2013 Financial Results
*) Pulp, paper and board mills, Europe and overseas
3434