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Stora Enso’s long-term financial targets
Stora Enso has revised its long-term financial targets. There are new Group level targets for growth and return on capital employed (ROCE). The divisional targets for Packaging Solutions and Forest will also change. Also, dividend policy is updated to distribute 50% of EPS excluding fair valuation over the cycle. Other targets remain unchanged.


KPI New target Comparison to old targets
Group Dividend* To distribute 50% of EPS excluding fair valuation over the cycle To distribute 50% of EPS over the cycle
Growth** > 5% per annum To grow faster than the relevant market
Net debt to operational EBITDA <2.0x No change
Net debt to equity <60% No change
Operational ROCE excl. Forest >13% > 13%, but including Forest
Packaging Materials Operational ROOC >20% No change
Packaging Solutions Operational ROOC >25% Operational ROOC >30%
Biomaterials Operational ROOC >15% No change
Wood Products Operational ROOC >20% No change
Forest Operational ROCE >3.5%*** Operational ROOC >5%
Paper Cash flow after investing activities to sales >7% No change

*Annual dividend **Excl. Paper ***Including deferred tax liabilities
ROCE = Return on Capital Employed

ROOC = Return on Operating Capital