Shareholders and ownership changes
Ownership distribution as of 31 March 2026
- Solidium Oy* - 10.7%
- FAM AB** - 10.2%
- Social Insurance Institution of Finland (KELA) - 3.0%
- Finnish institutions (excl. Solidium and KELA) - 13.9%
- Swedish institutions (excl. FAM) - 2.1%
- Finnish private shareholders - 4.0%
- Swedish private shareholders - 3.0%
- ADR holders - 1.5%
- Under nominee accounts (non-Finnish/non-Swedish shareholders) - 51.7%
| Ownership distribution, 31 March 2026 | % of shares | Change % of shares Q4/25-Q1/26 | % of votes | Change % of votes Q4/25-Q1/26 |
|---|---|---|---|---|
| Solidium Oy* | 10.7% | - | 27.4% | - |
| FAM AB** | 10.2% | - | 27.4% | - |
| Social Insurance Institution of Finland (KELA) | 3.0% | - | 10.1% | - |
| Finnish institutions (excl. Solidium and KELA) | 13.9% | -1.5% | 9.2% | -0.7% |
| Swedish institutions (excl. FAM) | 2.1% | -10.0% | 1.1% | -6.8% |
| Finnish private shareholders | 4.0% | -1.5% | 2.4% | -0.8% |
| Swedish private shareholders | 3.0% | -3.4% | 2.0% | -1.8% |
| ADR holders | 1.5% | 2.2% | 0.5% | 2.2% |
| Under nominee accounts (non-Finnish/non-Swedish shareholders) | 51.7% | 1.1% | 20.0% | 1.0% |
**As confirmed to Stora Enso.
Major shareholders as of 31 March 2026
The list is updated quarterly.
Please note that the following list has been compiled by the company, based upon shareholder information from Euroclear Finland Oy and Euroclear Sweden AB share registers and a database managed by Citibank, N.A. (as the company's ADR agent bank). This information includes only direct registered holdings, thus certain holdings (which may be substantial) of ordinary shares and ADRs held in nominee or brokerage accounts can not be included. The list is therefore incomplete.
| By voting power | Country | A shares | R shares | Votes | % of shares | Change % of shares | % of votes | Change % of votes | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Solidium Oy* | FI | 62 655 036 | 21 792 540 | 64 834 290 | 10.7 % | 0.0 % | 27.4 % | 0.0 % |
| 2 | FAM AB** | SE | 63 123 386 | 17 000 000 | 64 823 386 | 10.2 % | 0.0 % | 27.4 % | 0.0 % |
| 3 | Social Insurance Institution of Finland | FI | 23 825 086 | 0 | 23 825 086 | 3.0 % | 0.0 % | 10.1 % | 0.0 % |
| 4 | Ilmarinen Mutual Pension Insurance Company | FI | 4 159 992 | 20 680 000 | 6 227 992 | 3.1 % | 0.0 % | 2.6 % | 0.0 % |
| 5 | Varma Mutual Pension Insurance Company | FI | 5 163 018 | 7 840 874 | 5 947 105 | 1.6 % | 0.0 % | 2.5 % | 0.0 % |
| 6 | MP-Bolagen i Vetlanda AB** | SE | 4 936 000 | 1 000 000 | 5 036 000 | 0.8 % | 0.0 % | 2.1 % | 0.0 % |
| 7 | Elo Mutual Pension Insurance Company | FI | 2 010 000 | 10 679 000 | 3 077 900 | 1.6 % | 3.8 % | 1.3 % | 1.5 % |
| 8 | E.J. Ljungberg’s Foundation | SE | 1 780 540 | 2 336 224 | 2 014 162 | 0.5 % | 0.0 % | 0.9 % | 0.0 % |
| 9 | Bergslaget's Healthcare Foundation | SE | 626 269 | 1 609 483 | 787 217 | 0.3 % | 0.0 % | 0.3 % | 0.0 % |
| 10 | Lannebo fonder | SE | 0 | 7 412 927 | 741 293 | 0.9 % | 5.2 % | 0.3 % | 5.2 % |
| 11 | The State Pension Fund | FI | 0 | 5 600 000 | 560 000 | 0.7 % | 0.0 % | 0.2 % | 0.0 % |
| 12 | Unionen (Swedish trade union) | SE | 0 | 5 000 000 | 500 000 | 0.6 % | 0.0 % | 0.2 % | 0.0 % |
| 13 | The Society of Swedish Literature in Finland | FI | 0 | 4 020 600 | 402 060 | 0.5 % | 0.0 % | 0.2 % | 0.0 % |
| 14 | OP Finland Index | FI | 0 | 3 340 425 | 334 043 | 0.4 % | 7.1 % | 0.1 % | 7.1 % |
| 15 | Nordea Finnish Stars Fund | FI | 0 | 2 834 892 | 283 489 | 0.4 % | 0.0 % | 0.1 % | 0.0 % |
| 16 | OP Finland Fund | FI | 0 | 2 818 311 | 281 831 | 0.4 % | -14.5 % | 0.1 % | -14.5 % |
| 17 | Avanza Pension Insurance | SE | 111 568 | 1 462 675 | 257 836 | 0.2 % | 1.9 % | 0.1 % | 1.2 % |
| 18 | Indecap AB | SE | 0 | 2 542 556 | 254 256 | 0.3 % | 0.0 % | 0.1 % | 0.0 % |
| 19 | Savings Bank Domestic Mutual Fund | FI | 0 | 2 237 047 | 223 705 | 0.3 % | 0.0 % | 0.1 % | 0.0 % |
| 20 | Danske Invest Finnish Equity Fund | FI | 0 | 2 204 176 | 220 418 | 0.3 % | -1.1 % | 0.1 % | -1.1 % |
*Entirely owned by the Finnish State.
**As confirmed to Stora Enso.
Shareholders' announcements
The free float of Stora Enso shares excluding shareholders with holdings of more than 5% of shares or votes is more than 70% of the total number of shares issued.
Major shareholders' announcements
The major shareholder announcements can be found under "Newsroom".
