Third Quarter 2022 Highlights *Third-quarter results exceeded the high end of guidance *Announced the Skjern Paper acquisition to expand production capacity in Europe *Launched state-of-the-art uncoated recycled paperboard (URB) #10 machine in the Hartsville Mill Complex *Released updated Corporate Responsibility Report highlighting commitments to ESG initiatives *Continued progress on strategic priorities which are expected to benefit financial results in 2023 and beyond

For the full year, revenue (continuing operations) declined 2 per cent on a constant currency basis. There was a positive contribution from European corrugated box volumes (£22 million) and an incremental c. nine month contribution from Europac (which was acquired in mid January 2019) of £376 million, offset in Europe by reduced pricing of external paper, recyclate and box prices (together down £285 million year on year), and a decline in other volumes particularly due to increased paper and recyclate integration and reduced volumes of corrugated sheet (down £175 million). The reduced sales price across the European operations was driven principally by a fall in testliner and kraftliner pricing, which partly fed through into corrugated packaging pricing progressively through the year as indexed contracts adjusted for the market price of paper, the main input cost. The North America business also recorded a fall in revenue (down £63 million), principally reflecting lower paper prices into the export market. Operating profit improved 6 per cent (constant currency) to £455 million (2018/19: £427 million).

Stora Enso has signed a new EUR 435 million bilateral loan with the European Investment Bank (EIB) to support the its growth in renewable, fiber-based consumer packaging board. Stora Enso’s EUR 1 billion investment in its Oulu mill in Finland is being financed, in part, by a new long-term bilateral loan. The loan features an amortising structure, with the final repayment anticipated in 2036, effectively lengthening the Group’s debt maturity profile. The mill, which is expected to begin operations with a novel, converted consumer board production line in the first half of 2025, will be one of the most modern and cost-efficient production sites for packaging materials in Europe. “The investment in Oulu supports our growth strategy in renewable, circular packaging by providing new volume for the growing packaging segment. The wood fiber is sourced from sustainably managed forests in the Nordics, and the boards are designed to replace plastics in food and personal care packaging,” says Hannu Kasurinen, Executive Vice President, Packaging Materials Division.