Shares and shareholders

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Stora Enso Oyj shares are listed on the Nasdaq Helsinki Oy and Nasdaq Stockholm AB, and are divided into A and R shares.

All shares entitle holders to an equal dividend but different voting rights, with each A share and every ten R shares representing one vote at the Annual General Meeting (AGM). 

Stora Enso shares are quoted in euros (EUR) in Helsinki and in Swedish crown (SEK) in Stockholm. Shares are registered in Euroclear Finland and Euroclear Sweden and the ADRs in Citibank, N.A. 

For changes in ownership according to the Finnish Securities Markets Act, please send an e-mail to or

Dual share classes explained

Dual share classes are exceedingly common in Finland and Sweden since decades. The dual share classes are a governance mechanism which facilitates a stable, long-term investor base, while at the same time enables high liquidity in the company with the ability to attract a broad range of investors. The share structure is set by the articles of association of the company which is a publicly available document. Changes to the articles of association can only be made by shareholder decision with special majority. The share structure and the respective rights attached to the different classes of shares is thus highly transparent. In Finnish and Swedish  listed companies with dual class share systems, it is not unusual that both classes of shares are listed although in some companies it is only the more liquid class of lower voting shares that is listed.

The Finnish and Swedish dual class share system is combined with strong minority protection rules to ensure that all shareholders are fairly treated. Such minority protection rights include: 

  • a strong principle of equal and fair treatment of all shareholders,
  • qualified majority requirements for key material shareholder decisions,
  • shareholder pre-emption rights on share issues, and minority powers to take specific action, including to request minimum dividends, minority auditors and special examiners.
Investor contacts and events: Find information about our contacts, ongoing and upcoming financial events as well as our roadshows.
Please note: Shares registered in Euroclear Sweden (STE R shares) and ADRs are both nominee registered in Euroclear Finland and thus included in the number of STERV in the table above. For total number of Stora Enso R and A shares, please see table below.

Share information

Number of shares as of 15 May 2024
​​A share​​ 175 938 609
R share 612 681 378
Total number of shares 788 619 987
Total number of votes 237 206 746
​Share capital 31 March 2006​ ​EUR 1 342 million
Breakdown of shares A share R share Total
Conversion of A shares into R shares 1 - 31 January 2023 -825 825
15 February 2023 176 237 451 612 382 536 788 619 987
Conversion of A shares into R shares 1 - 31 March 2023 -2 398 2 398
17 April 2023 176 235 053 612 384 934 788 619 987
Conversion of A shares into R shares 1 - 30 April 2023 -266 266
15 May 2023 176 234 787 612 385 200 788 619 987
Conversion of A shares into R shares 1 - 31 May 2023 -490 490
15 June 2023 176 234 297 612 385 690 788 619 987
Conversion of A shares into R shares 1 - 30 June 2023 -570 570
17 July 2023 176 233 727 612 386 260 788 619 987
Conversion of A shares into R shares 1 - 30 June 2023 -310 310
20 July 2023 176 233 417 612 386 570 788 619 987
Conversion of A shares into R shares 1 - 31 July 2023 -745 745
15 August 2023 176 232 672 612 387 315 788 619 987
Conversion of A shares into R shares 1 - 31 August 2023 -726 726
6 September 2023 176 231 946 612 388 041 788 619 987
Conversion of A shares into R shares 1 - 30 September 2023 -287 287
16 October 2023 176 231 659 612 388 328 788 619 987
Conversion of A shares into R shares 1 - 30 October 2023 -250 250
16 November 2023 176 231 409 612 388 578 788 619 987
Conversion of A shares into R shares 1 - 30 November 2023 -493 493
15 December 2023 176 230 916 612 389 071 788 619 987
Conversion of A shares into R shares 1 - 31 December 2023 -24 348 24 348
15 January 2024 176 206 568 612 413 419 788 619 987
Conversion of A shares into R shares 1 - 31 January 2024 -119 739 119 739
15 February 2024 176 086 829 612 533 158 788 619 987
Conversion of A shares into R shares 1 February - 31 March 2024 -107 215 107 215
15 April 2024 175 979 614 612 640 373 788 619 987
Conversion of A shares into R shares 1 April - 30 April 2024 -41 005 41 005
15 May 2024 175 938 609 612 681 378 788 619 987
Registered share capital is (since 31 March 2006): EUR 1 342 215 448.30

Stora Enso's shares

Helsinki Stockholm OTC
A share STEAV STE A -
R share STERV STE R -
Currency EUR SEK USD
German stock quotations (Freiverkehr)
Symbol CUSIO number Place of listing
A share ENUA 870 734 Berlin, Munich
R share ENUR 871 004 Berlin, Frankfurt, Stuttgart, Munich, Düsseldorf


Our Dividend Policy promotes the payment of stable dividends linked to our long-term performance and to distribute 50% of earnings per share (EPS) excluding fair valuation over the financial cycle.

Dividend for 2023

Stora Enso Oyj’s Annual General Meeting 2024 was held on 20 March 2024. The AGM resolved, in accordance with the proposal by the Board of Directors, that the Company shall distribute a dividend of EUR 0.10 per share for the year 2023.

In addition, the AGM resolved, in accordance with the proposal of the Board of Directors, that the Board of Directors is authorised to decide at its discretion on the payment of an additional dividend up to a maximum of EUR 0.20 per share. Based on the authorisation, it is also possible to resolve on distributing the additional dividend in one or several instalments. The authorisation is valid until 31 December 2024. The Company will publish possible resolutions of the Board of Directors on dividend payments and confirm the record and payment dates of the dividend payments in connection with such resolutions.

Record date for dividend: 22 March 2024
Dividend payment: 4 April 2024
Exchange rates:11.531 SEK/EUR and 1.0853 USD/EUR

Dividend history (pdf)


Changes in withholding taxation of dividends

Changes in the Finnish law based withholding taxation of dividends paid to holders of nominee registered shares have entered into force and are applicable as of 1 January 2021.

In practice, this means that as a starting point, withholding tax of 35% will be withheld on Finnish source dividend payments in most cases. In certain situations where inter alia a custodian is registered with the Finnish Tax Administration, the withholding percentage may also be lower.

It is possible to apply from the Finnish Tax Administration for a reclaim of any tax withheld in excess of the applicable withholding tax rate (e.g. applicable tax treaty rate) after the year of the dividend payment.

This can be done by submitting a refund application to the Finnish Tax Administration, either on paper (form for corporate entities 
here, and for individuals here), or electronically.

You may also be able to receive a refund already during the year of dividend payment via your registered custodian. Please contact your custodian for further information.

Additional information on withholding tax reclaims can be obtained from the Tax Administration either:

Please note that Stora Enso does not process withholding tax reclaims. 

Dividends paid to Finnish tax resident holders of nominee registered shares may as of 2020 have been subject to withholding of 50% tax prepayment (ennakonpidätys). Any excess tax prepayment will be credited in the normal tax assessment process where the shareholder reports their dividend income to the Finnish Tax Administration.

American depositary receipts - ADRs 

Stora Enso’s shares are traded in the USA as American Depositary Receipts (ADRs). The ratio between Stora Enso ADRs and R shares is 1:1, i.e. one ADR represents one Stora Enso R share. 

Citibank, N.A. (Citi) acts as depositary bank for Stora Enso's ADR programme. The trading symbol is SEOAY and the CUSIP is 86210M106. 

Additional ADR info

Contacts for ADR investors and brokers

Citibank ADR broker services desks
New York Tel +1 212 723 5435
London +44 207 500 2030

Contacts for registered ADR holders

Citibank Shareholder Services
P.O. Box 43077
Providence, Rhode Island 02940-3077
Toll-free number: (877)-CITI-ADR
Direct dial: (781) 575-4555

Stora Enso share buy-backs

The Annual General Meeting 2023 authorised the Board of Directors to decide on the repurchase of Stora Enso R shares until 31 July 2024. 

The amount of R shares to be repurchased shall not exceed 2,000,000 shares, which corresponds to approximately 0.25% of all shares and 0.33% of all R shares in the Company. Own R shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders (directed repurchase). Own R shares can be repurchased using the unrestricted equity of the Company at a price formed in public trading on the date of the repurchase or otherwise at a price determined by the markets. Own R shares may be repurchased primarily in order to use the shares as part of the Company's incentive and remuneration scheme. The repurchased shares may be held for reissue, cancelled or transferred further.

Share buy-back history

Old share certificates

Stora Enso’s and its predecessors (e.g. Enso-Gutzeit) physical, paper format shares have had no financial value since 14 June 2012.

Old Stora Enso and its predecessors (e.g. Enso-Gutzeit) physical, paper share certificates have not been in use since the shares were transferred to the book-entry system. In 2001, Stora Enso’s Annual General Meeting approved the sale of Stora Enso shares that were not transferred to the book-entry system on behalf of their owners. On 5 June 2002, Stora Enso sold the shares (in total 7 121 series A and 23 100 series R shares) which were not transferred to the book-entry system by that date.

The owners or other holders of rights over the shares were entitled to claim an amount proportional to their shares from the sale. The amount was paid from the net sale proceeds deposited with the Provincial State Office of Southern Finland against share certificates or any other title documents. The right to claim from the deposited funds expired after ten years on 14 June 2012.

Share history

Stora Enso Oyj is a global paper, packaging and wood products company, with shares listed on Nasdaq Helsinki and Nasdaq Stockholm, and traded in the USA as ADRs. Stora Enso was formed through the merger of Finnish Enso and Swedish STORA at the end of 1998. However, the roots of the company date back to the 13th century and beyond.

1288: STORA’s history dates back to a time when copper mining started in Falun, Sweden. The company is first mentioned in documents dated 1288.

1872: Enso is established at Kotka, Finland. The company goes through several mergers and acquisitions over the following decades.

1901: STORA’s shares are listed on the Stockholm Stock Exchange.

1916: Enso's shares are listed on the Helsinki Exchanges.

1998: STORA and Enso merge – Enso Oyj’s name is changed to Stora Enso Oyj and its share capital is increased. New shares are listed on the Helsinki Exchanges and on the Stockholm Stock Exchange.

1999: Stora Enso initiated compulsory redemption of the remaining STORA shares. STORA shares were delisted from the Stockholm, London and Frankfurt stock exchanges.

2000: Stora Enso shares are listed on the New York Stock Exchange.

2007: Stora Enso shares are delisted from the New York Stock Exchange.

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