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's activity report 2022

Stora Enso is a leading provider of renewable solutions in the global market, while adhering to sustainable and responsible practices and focusing on environmentally friendly solutions. Stora Enso

Packaging AS follows the same values in its operations.

The main activity of Stora Enso Packaging AS is the design and production of corrugated packaging solutions.

2022 was the company's twenty-ninth year of operation. Compared to 2021, the company's sales revenue increased by 8.57% and profit before taxation decreased by -19.32%. A total of 1.1 million euros was earned before income tax. The sales activity of Stora Enso Packaging AS does not depend on the season/time of year, but is stable throughout the year.

The most important goals set for 2022 were the development of digitally printed solutions and 2022 is characterized by a decrease in demand for products made from recyclable materials and a continued increase in raw material prices in the global market in the first half of the year.

The second half of the year brought stability in material prices.

We continued with safety training, promoting the making of safety observations in the work environment and safety behavior. With the aim of changing the safety culture and reducing risk behavior both in performing work tasks and outside of work. Significant progress was also made in this regard, as evidenced by over 2500 accident-free days.

The war between Ukraine and Russia that began in February 2022 has not directly negatively affected the operations of Stora Enso Packaging AS, but we continue to monitor the market in order to respond quickly to changes if necessary.

All financial risks that may affect Stora Enso Packaging AS are managed at the group level

Based on the financial policy of the Stora Enso group. More information on risk management can be found in the Stora Enso 2022 financial report, which is available on the Stora Enso website: https://www.storaenso.com/en/download-centre?page=1&tab=documents (ESEF Annual Financial

Statements 2022, page 18).

We are very grateful to our customers for their effective cooperation!

Main financial ratios and their calculation methodology: 2022 2021

Sales revenue growth (decline) 8.57% 17.43%

Profit growth (decline) -19.32% 118.16%

Profitability 6.59% 10.92%

Coverage ratio of short-term obligations 3.54% 2.52%

ROE 23.17% 43.10%

Sales revenue growth = (2022 sales revenue - 2021 sales revenue) / 2021 sales revenue *100