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Stora Enso Virtual Capital Markets Day 2022

Stora Enso arranged a virtual Capital Markets Day 2022 for investors and analysts on 13 September 2022. The CMD programme provided an update on Stora Enso’s strategy, performance, and financial targets. Presentations covered how we are driving and accelerating growth in our three key strategic growth areas: Renewable Packaging, Building Solutions and Biomaterials Innovations. A recording of the event can be found below.

Highlights of the CMD

Stora Enso continues to shift its capital allocation to be more focused on the growth businesses and in the areas where the company sees long-term, sustainable growth potential. Our strong balance sheet enables both organic and acquisitive growth. By 2030, we aim to have a significantly lower exposure to market pulp and reduce cyclicality by increasing integration and growing in Renewable Packaging, Building Solutions as well as new innovative biomaterials in our portfolio.

In Renewable Packaging, we are well positioned to further strengthen our leading positions and capture growth opportunities in consumer board, containerboard and corrugated packaging. Our ambition is to generate over 60% of Group sales from Renewable Packaging by 2030. 

In Building Solutions, our markets are growing due to increased demand of wood-based material in the construction sector. Our 2030 ambition is to increase the share of Building Solutions in Wood Product’s sales mix to 40% by mainly growing our Cross Laminated Timber and Laminated Veneer Lumber businesses.

In Biomaterials Innovations, we are accelerating the scale-up and commercial development together with partners and customers.

Traditional Wood Products, Pulp and Forest remain at the foundation for value creation and continue to support and provide synergies for key strategic growth areas. In accordance with our strategy, we are aiming to exit the structurally declining paper business.

Long-term financial targets

Stora Enso’s long-term financial targets set in November 2020 remain unchanged except its ROOC target for Packaging Solutions division. Due to the acquisition of De Jong Packaging and changes in the division’s business portfolio, Packaging Solutions ROOC target has been reassessed from >25% to >15%.

Group long-term financial targets (unchanged)

Sales growth* YoY

> 5%

Operational ROCE excl. Forest

> 13%

Net debt to operational EBITDA

< 2.0x

Net debt to equity

< 60%

Annual dividend

To distribute 50% of EPS excluding fair valuation over the cycle

*Excluding Paper

Divisional long-term financial targets (unchanged, except in Packaging Solutions)

Packaging Materials

Operational ROOC > 20%

Packaging Solutions

Operational ROOC > 15% (previously >25%)


Operational ROOC > 15%

Wood Products

Operational ROOC > 20%


Operational ROCE > 3.5%**


Cash flow to sales after investing activities > 7%

*Divestment process including four paper sites ongoing
**Including deferred tax liabilities
ROOC = Return on Operating Capital
ROCE = Return on Capital Employed

Panel discussion and Q&A

A panel discussion was moderated and presented by EVP Sustainability, Annette Stube on material transition. The panel discussed how we can together provide renewable, circular products and solutions that help mitigate climate change. The panel was joined by external guests:

Patrik Andreasson, Vice President Strategy, Northvolt
Fabrice Denis, Managing Director, Building Differently division, Bouygues Construction
Laurence Mott, Executive Vice President for Development & Technology, Tetra Pak

After the panel, a lively Q&A session moderated by SVP Investor Relations, Anna-Lena Åström was organised.

A recording of the event  

Highlights of the day also available on Twitter #StoraEnsoCMD


Capital Markets Day 2022 Presentations

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