Slides
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5 February 2026 Metsä Group’s full-year result 2025 Jussi Vanhanen President and CEO
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©grow. for metsaliitto 5 February 2026 2 Current issues The cooperative distributes income across Finland Business areas Contents Financial review
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©grow. for metsaliitto • Krapkowice, Poland was Metsä’s safest mill with 700+ accident-free days • Development actions – Safety management training – Safety of service providers – Continuity of safety management after organisational changes Metsä Group achieved record-level safety TRIF = Number of work-related accidents per one million hours of work 5 February 2026 12.1 10.6 8.7 8.1 6.7 6.1 5.2 4.0 195 170 137 133 107 96 82 62 0 50 100 150 200 0 5 10 15 20 2018 2019 2020 2021 2022 2023 2024 2025 Accident frequency (TRIF) TRIF, own personnel Number of accidents
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©grow. for metsaliitto • Metsä Board acquired a sheeting and distribution hub in the Netherlands • Metsäliitto Cooperative acquired a 5.1% stake in Metsä Fibre from Itochu • Cost savings and profit improvement programme is proceeding as planned Current issues at Metsä Group 5.2.2026
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Financial review 2025
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• Nearly 800 positions terminated through change negotiations • The ERP renewal was suspended for the time being • Investments completed at Mariestad tissue paper mill and Simpele paperboard mill • Only new investment is the Äänekoski Kerto LVL mill; test runs started Events from last quarter 5 February 2026 Investment peak behind – focus on cost competitiveness
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• Decrease of sales prices and increase in costs turned the full-year result into the negative • Strong operational cash flow is a highlight • Financing position remained strong • EUR -187 million in items affecting the comparability in 2025 • The Board proposes a profit distribution of EUR 88 million to the owner-members Strong operational cash flow 5 February 2026 Sales EUR 5,833 million (Q1–Q4/2024: 5,747) Operating result* EUR -85 million (Q1–Q4/2024: 203) Operating result*, of sales -1.5% (Q1–Q4/2024: 3.5) *comparable
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©grow. for metsaliitto 1,400 1,542 1,515 1,560 1,594 1,822 1,823 1,741 1,634 1,481 1,509 1,486 1,457 1,480 1,336 1,475 1,642 1,427 1,440 1,325 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Q1/21 Q2 Q3 Q4 Q1/22 Q2 Q3 Q4 Q1/23 Q2 Q3 Q4 Q1/24 Q2 Q3 Q4 Q1/25 Q2 Q3 Q4 8 Sales in January–December increased slightly from previous year EUR million 5 February 2026
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©grow. for metsaliitto 254 317 353 287 322 395 467 379 355 177 127 174 186 88 224 151 197 68 39 61 174 242 278 220 244 330 391 311 276 104 51 57 70 -13 113 33 81 -37 -72 -57 -200 -100 0 100 200 300 400 500 600 Q1/21 Q2 Q3 Q4 Q1/22 Q2 Q3 Q4 Q1/23 Q2 Q3 Q4 Q1/24 Q2 Q3 Q4 Q1/25 Q2 Q3 Q4 Comparable EBITDA Comparable operating result 9 Muted demand and low pulp prices negatively impacted EBITDA and operating result EUR million 5 February 2026
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203 -148 45 9 -39 56 -7 -96 -110 1 -85 -200 -150 -100 -50 0 50 100 150 200 250 Lower sales prices and fixed costs weakened the comparable operating result 5.2.2026 EUR million Comparable operating result Q1–Q4/2025
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©grow. for metsaliitto 95 279 222 427 135 321 372 399 38 -19 469 439 -137 -114 87 176 -10 19 207 320 -200 -100 0 100 200 300 400 500 600 Q1/21 Q2 Q3 Q4 Q1/22 Q2 Q3 Q4 Q1/23 Q2 Q3 Q4 Q1/24 Q2 Q3 Q4 Q1/25 Q2 Q3 Q4 Net cash flow from operations 11 Working capital reduction strengthened net cash flow from operations EUR million 5 February 2026
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©grow. for metsaliitto 61.1 60.6 55.9 56.2 56.8 0 10 20 30 40 50 60 70 2021 2022 2023 2024 2025 Equity ratio, % 12 Strong equity ratio and sustainable level of debt % 5 February 2026 -185 177 663 1,236 1,288 -300 0 300 600 900 1 200 1 500 2021 2022 2023 2024 2025 Interest-bearing net liabilities, EUR million
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©grow. for metsaliitto LÄHDE: Metsäteollisuus ry 13 Decline in pulpwood stumpage prices continued 0 10 20 30 40 50 60 70 80 90 2021 2022 2023 2024 2025 2026 4-week rolling average, EUR/m³ Pine log Spruce log Birch log Pine fibre Spruce fibre Birch fibre Source: Finnish Forest Industries Federation
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©grow. for metsaliitto LÄHDE: Metsäteollisuus ry 14 Wood trade has been active for a few months 500 1 000 1 500 2 000 2 500 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 1,000 m³ Weekly wood purchases by the members of the Finnish Forest Industries Federation from private forests, accounting for approximately 80% of all wood sales 2026 2025 2024 2023 Lähde: Metsäteollisuus ry
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©grow. for metsaliitto • Uncertainty in the world economy and over capacity are decreasing demand for pulp and paperboard • No signs of improvement in construction market conditions • Demand for tissue paper remains stable • 2/3 of the cost-savings programme’s targets expected to be achieved during 2026 Poor predictability of near-term outlook 5 February 2026
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Forest owners’ cooperative provides wealth across Finland
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©grow. for metsaliitto 128 116 119 149 137 115 130 191 174 142 150 183 187 132 169 194 214 127 144 156 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 -1 1 3 5 7 9 11 13 15 0 50 100 150 200 250 Q1/21 Q2 Q3 Q4 Q1/22 Q2 Q3 Q4 Q1/23 Q2 Q3 Q4 Q1/24 Q2 Q3 Q4 Q1/25 Q2 Q3 Q4 Wood trade income Bonuses from wood trade 17 Owner-members received approximately EUR 641 million in wood trade income in 2025 EUR million Wood trade income 2025: EUR 641 million Wood trade income 2022: EUR 573 million Wood trade income 2023: EUR 649 million Wood trade income 2024: EUR 682 million Wood trade income 2021: EUR 512 million EUR million 22 January 2026
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©grow. for metsaliitto Forests are among Finland’s most significant natural resources. Forest management work keeps forests vibrant, and the Metsä Group Plus service strengthens forest biodiversity. 22 January 2026 18 It pays to take good care of Finnish forests 4 13 33 33 24 22 25 33 19 31 0 10 20 30 40 50 Metsä Group Plus management model’s share of wood trade (%) 0 10 20 30 40 50 60 Q1/21 Q2 Q3 Q4 Q1/22 Q2 Q3 Q4 Q1/23 Q2 Q3 Q4 Q1/24 Q2 Q3 Q4 Q1/25 Q2 Q3 Q4 Sales of forest management work to members (Rolling 12 months, EUR million)
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Business areas
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©grow. for metsaliitto 21 Pulp and Sawn Timber Industry’s result clearly negative • Metsä Fibre’s result weakened due to low pulp prices and increased wood costs • Pulp delivery volumes increased due to an increased market share and the increased production of the Kemi bioproduct mill • However, pulp production was curtailed due to the poor market situation • The average prices of sawn timber rose, but demand remained below normal in all main markets Metsä Fibre – Pulp and Sawn Timber Industry 669 542 639 649 585 575 527 643 789 588 633 569 134.3 24.4 -22.1 -8.6 -14.7 -49.4 78.0 -11.6 38.3 -31.9 -76.0 -51.7 -100 -50 0 50 100 150 200 250 300 350 400 -200 -100 0 100 200 300 400 500 600 700 800 900 Sales Operating result Sales and comparable operating result EUR million 5 February 2026
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©grow. for metsaliitto 22 Negative result for Metsä Board – profitability improvement programme is delivering results • Metsä Board’s result was weakened due to the low pulp price, paperboard delivery volumes and market-based production curtailment • The cost savings were due to change negotiations and the improved efficiency of production and procurement • The released working capital exceeded the target Metsä Board – Paperboard Industry 542 498 479 423 484 510 499 446 481 460 441 39488.7 27.3 5.5 0.7 31.5 -0.8 41.9 -3.6 22.8 -22.7 -45.6 -34.7 -50 -25 0 25 50 75 100 125 150 -200 -100 0 100 200 300 400 500 600 Sales Operating result Sales and comparable operating result EUR million 5 February 2026
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©grow. for metsaliitto 23 Tissue and Greaseproof Papers was most profitable segment in a challenging year • Metsä Tissue maintained its profitability despite the challenging global conditions • The operating result was affected by higher fixed costs and depreciation, as well as lower greaseproof paper sales volumes • Tissue sales volumes increased slightly from 2024. During Q4/2025, tissue volumes grew by 7% compared to Q4/2024 Metsä Tissue – Tissue and Greaseproof Papers 343 311 293 304 298 284 281 290 284 281 280 291 46.8 38.3 43.8 59.7 41.1 18.5 15.5 28.2 15.6 10.2 20.7 25.6 0 25 50 75 100 0 50 100 150 200 250 300 350 400 Sales Operating result Sales and comparable operating result EUR million 5 February 2026
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©grow. for metsaliitto 24 Negative profitability in the Wood Products Industry – long-term outlook positive • Weaker profitability for Metsä Wood due to ERP issues, weak demand for spruce plywood and the gradual winding down of the Suolahti mills • Delivery volumes of Kerto LVL products increased, while the volumes of other products decreased • Sales prices of wood products decreased slightly Metsä Wood – Wood Products Industry 162 164 137 129 140 156 126 132 127 127 114 100 24.6 21.1 9.3 6.9 7.4 7.8 2.5 3.0 -1.3 1.8 -6.2 -6.6 -10 -5 0 5 10 15 20 25 30 35 40 -25 0 25 50 75 100 125 150 175 200 Sales Operating result Sales and comparable operating result EUR million 5 February 2026
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©grow. for metsaliitto 25 Market prices of wood took a downwards turn • Profitability improved due to cost savings and better sales margins • In Finnish private forests, wood trade was brisk in H1/2025, but slowed down in H2 • In Finland, wood prices decreased significantly in H2/2025 but remain high from a long-term perspective. Mill prices began to decrease in Q4/2025 • The delivery volume was at the previous year’s level, at 29.6 million m3 (29.8) • Customer experience and forest service sales reached a record Metsä Forest – Wood Supply and Forest Services 601 530 485 605 616 549 592 603 742 636 533 554 6.8 -2.7 2.8 11.7 12.6 1.0 8.3 6.5 13.0 5.4 5.5 10.2 -5 0 5 10 15 20 25 30 35 -100 0 100 200 300 400 500 600 700 800 Sales Operating result Sales and comparable operating result EUR million 5 February 2026