Slides
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Metsä Metsä Board Investor presentation Results for January - June 2026
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This presentation includes forward-looking statements. The words “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim”, “target”, “might” or in each case, their negative, or any similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. By their nature, forward-looking statements are subject to assumptions, risks and uncertainties. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual results may differ, even materially, from those expressed or implied by these forward-looking statements.We urge presentation participants not to place undue reliance on such statements. The information and views contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Metsä Board does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Viewers should understand that this presentation does not constitute, and should not be construed as, an offer to buy or subscribe for Metsä Board’s securities anywhere in the world or an inducement to enter into any investment activity relating to the same. No partof this presentation should form the basis of, or be relied on in connection with, any contract or commitment or decision to invest in Metsä Board securities whatsoever. Potential investors are instructed to acquaint themselves with Metsä Board’s annual accounts, interim reports and stock exchange releases, as well as other information published by Metsä Board, to form a comprehensive picture of the company and its securities. Metsä Board publishes inside information according to the Market Abuse Regulation (MAR) and the rules of Nasdaq Helsinki. 2 Disclaimer 2
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Contents Metsä Board in brief, strategy and demand drivers 4 Capex, production and supply chain 15 Cost structure, profit drivers and sensitivities 21 H1’26 results, financial position and transformation programme 30 Operating environment and regulation 48 ESG and R&D 59 Owners and management 70
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• EUR >6bn investments since 2015 to expand capacity and improve competitiveness & environmental performance • Secured wood supply at scale: ~30 million m³ sourced in 2025 • Value creation from forests: Owner-members’ wood converted into high-value, sustainable end products 4 Metsä Group a strengthened and competitive industrial platform METSÄ GROUP Sales EUR 5.8 billion│ Personnel 8,800 Parent company: METSÄLIITTO COOPERATIVE owned by over 90,000 Finnish forest-owners METSÄ FIBRE METSÄ BOARD METSÄ TISSUE METSÄ WOOD METSÄ FOREST PULP AND SAWN TIMBER Sales EUR 2.6 bn Personnel 1,400 Holding: Metsäliitto Cooperative 55.2% Itochu Corporation 19.9% Metsä Board 24.9% PAPERBOARD Sales EUR 1.8 bn Personnel 2,000 Holding: Metsäliitto Cooperative 52% Listed in Nasdaq Helsinki TISSUE AND GREASEPROOF PAPERS Sales EUR 1.1 bn Personnel 2,400 Holding: Metsäliitto Cooperative 100% WOOD PRODUCTS Sales EUR 0.5 bn Personnel 1,600 Holding: Metsäliitto Cooperative 100% WOOD SUPPLY AND FOREST SERVICES Sales EUR 2.5 bn Personnel 600 Holding: Metsäliitto Cooperative 100% METSÄ SPRING, Innovation company Metsä Spring invests and supports potential sustainable innovations and technologies that find new purposes and higher value for Nordic wood Metsä Board is part of Metsä Group
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Premium paperboards built on deep expertise 5 Metsä Board | Investment highlights Driving returns from completed investments Growing demand in packaging Ongoing transformation to enhance value creation Recyclable and lightweight packaging materials providing alternative to plastics Focus in food and pharma packaging with long-term customer relationships Strong market position Transformation programme*) focused on cost savings, commercial excellence and simplifying operations More efficient use of capital 84% of consumers in Europe prefer paperboard over plastic Brand owners committed to several ESG targets PPWR and EPR favour recyclable and material-efficient solutions Major capacity and quality investments are completed, shifting focus to full value capture Priority is maximizing utilization, efficiency and commercial impact *) targeted annual EBITDA improvement EUR +200 million by end of 2027
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6 Metsä Board in figures Sales split by product Sales split by region Comparable operating result FY2025: EUR -80.2 million or -4.5% of sales Consumer Packaging 56% Retail Packaging 26% Market pulp 12% Other operations 6% Europe 67% Americas 27% Emerging markets 6% -5 0 5 10 15 20 25 -100 0 100 200 300 400 500 600 2021 2022 2023 2024 2025 Comparable operating result, EURm FY 2025 SALES EUR 1.8bn FY 2025 SALES EUR 1.8bn Paperboard capacity tonnes/year Pulp and BCTMP capacity tonnes/year Ownership in Metsä Fibre* secures self-sufficiency in pulp Long-term customer relationships Diversified customer base in around 90 countries including brand owners, converters, manufacturers of corrugated products and merchants 2.1 million 1.7 million 24.9 %
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7 A clear portfolio focus and related targets White kraftliners Softwood pulp Hardwood pulp BCTMP Folding boxboards Foodservice boards Market pulp From high exposure to more stable cash flow Consumer packaging Targeting organic and inorganic growth Retail packaging Improving profitability and value creation through partnerships Shares reflect the 2025 sales split. Other operations account for the remaining 6%. 56% 26% 12%
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8 Focus on premium and recyclable fresh fibre paperboards, end-uses mainly in consumer products Food packaging Other consumer products Graphics Applications for retail packaging Applications for consumer goods packaging e-Commerce White kraftliners 0.7mton* Folding boxboard 1.4mton Source: Metsä Board’s own estimate * of which 2/3 is coated WKL Healthcare packaging Consumer Packaging Retail Packaging
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Regional focus on key demand drivers 9 Main markets are Europe and North America Total paperboard deliveries in 2025 were 1.4 million tonnes Strong growth with packaging solutions and renewed service capability in EUROPE • Environmental awareness and regulatory requirements support recyclable packaging materials • Trend towards material reduction and lightweighting favours folding boxboard • Food safety requirements favour pure fresh fibre paperboards • Weakened availability of high-quality recycled paper Growth in premium segments in NORTH AMERICA • Limited local availability of high-quality lightweight paperboards • Growth in sustainable packaging for food and food service • Product brand promotion and personalization in growing e-commerce A modest market share opens potential for growth with key customers in EMERGING MARKETS AMERICAS 30% 197,000t FBB 203,000t WKL EUROPE 55% 521,000t FBB 256,000t WKL Emerging markets 15% 172,000t FBB
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10 Consumer behaviour, sustainability and regulation are shaping the packaging market PPWR 2026 PPWR starts to apply across the EU. Drives shift to fibre-based, recyclable packaging. EPR fees increasingly favour recyclable and material-efficient solutions. BRAND OWNERS are committed to climate targets, recyclability and plastic reduction. Packaging is key in Scope 3 emissions reduction. 84% OF CONSUMERS in Europe prefer paperboard over plastic Growing demand for renewable, plastic-free packaging solutions, driven by climate and waste concerns PPWR: All packaging recyclable by 2030; deforestation-free fibre sourcing EPR: Extended Producer Responsibility Major brands covering 20% of plastic packaging commit to cut use of plastic (EMF Global Commitment) (Pro Carton | Consumer Survey 2026)
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Global demand (Mt) and estimated CAGR (%) for 2024-2030 for cartonboardand rigid plastic packaging 11 Expanded share-gain opportunity as fresh fibre replaces rigid plastics and WLC Roughly 15% (~9Mt) of rigid plastic packaging could be replaced with FBB or FSB FBB has clear share-gain potential vs. WLC in demanding end-uses, especially food *) for consumer packaging applications Source: Metsä Board estimates based on several sources including AFRY, Smithers, Euromonitor, Material Economics. FBB 14Mt ~4%/a FSB 5Mt ~4%/a SBS 3Mt ~0%/a CUK 3Mt ~2%/a Rigid plastic* 62Mt ~3.5%/a WLC 19Mt ~1%/a LPB 5Mt ~1.5%/a
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12 Our new ambition is to Lead the Pack Make an immediate profitability turnaround with future transformation toward a premium packaging solutions company • Future transformation Profitable Growth (~2030) Premium packaging solutions company – Leading partner for premium consumer brand packaging. Fit for Growth (starting 2026) Profitability turnaround – Stable performance and cashflow. Immediate turnaround
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Dividend policy: Target is to distribute a dividend of at least 50% of the result for the financial period over time, taking into account investment and development needs 13 Financial targets and dividend policy support long-term business development and shareholder value creation Net debt / EBITDA* <2.5 ROCE* >8% (2027–2028) ROCE* >12% (2029) >4% revenue growth (CAGR) in Consumer Packaging ACTUAL IN 2025: -11% ACTUAL IN 2025: -1.7% ACTUAL IN 2025: 8.6 ACTUAL IN 2025: No dividend distrubuted
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Pillar Strategic focus KPI H1 2026 H1 2025 FY 2025 Target 2030 SAFE Safety, quality and sustainability TRIF 5.8 4.3 4.8 0 SHIFT Capabilities and organisational renewal People Power Index1 – – 69 78 SCALE Customer-centric growth Net Promoter Score 43 45 45 55 Revenue growth (CAGR) of Consumer Packaging business -19 – -11 >4% annually STREAMLINE Improve profitability and operational efficiency Paperboard production OEE%2 68% 73% 71% 85% Operating NWC3, EURm 254 478 168 EUR 200 million EBITDA improvement, run-rate 135 – 52 EUR 200 million4 14 Executing the 4Strategy 1) reported annually 2) OEE % = Time Efficiency % x Speed Efficiency % x Quality Efficiency % x Material Efficiency % 3) at the end of period 4) run-rate improvement by the end of 2027
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Capex, production and supply chain
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16 Major investment phase completed – Structurally lower capex ahead H1 2026, actual capex • EUR 24 million, of which 45% development investments including acquisitions and 55% annual maintenance 2026−2030, estimated capex • clearly below EUR 100 million, out of which • annual maintenance at EUR ~50 million • Carefully selected mill-specific investments possible to support long-term value creation 48 50 59 51 59 172 254 170 124 81 0 100 200 300 2021 2022 2023 2024 2025 2026- 2030E Growth and development capex Maintenance capex Depreciation EUR <100 million p.a. EUR MILLION Capex and depreciation 2020–2025A and 2026-2030E
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17 Our production is close to the main raw material – northern wood Husum, Sweden 600,000 t/a FBB 250,000 t/a WKL 730,000 t/a pulp Kyro 190,000 t/a FBB Äänekoski 260,000 t/a FBB Simpele 300,000 t/a FBB Total pulp / BCTMP capacity: BCTMP: 750,000 t/a Chemical pulp: 910,000 t/a 24.9% ownership in Metsä Fibre, total pulp capacity ~4Mt Total paperboard capacity: Folding boxboard (FBB): 1,360,000 t/a White kraftliner (WKL): 715,000 t/a Wood sourced from Finland, Sweden and Baltics. Joutseno 360,000 t/a BCTMP 690,000 t/a pulp 2 Kemi 465,000 t/a WKL 180,000 t/a pulp1 1,320,000 t/a pulp2 Kaskinen 390,000 t/a BCTMP Mill integrated in chemical pulp Mill non-integrated in chemical pulp 1) Unbleached pulp production, fully used in Metsä Board’s kraftliner production, integrated to Metsä Fibre’s bioproduct mill 2) Metsä Fibre’s mill
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18 Operational service excellence driving profitability and reliability Loading / Discharge ports Inland Warehouse FastTrack / Converting location OEE improvement On-time-in-full (OTIF) delivery model Improved European supply chain agility Local and fast service to US customers
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19 Self-sufficiency in pulp secured through ownership of Metsä Fibre Metsä Fibre is globally #1 producer in softwood market pulp (NBSK) Chemical pulp capacity ~4 million tonnes/year (80% SW, 20% HW) Sawn timber capacity 2.1 million m3/year (40% spruce, 60% pine) Annual electricity production roughly 4TWh with ~200% self-sufficiency Metsä Board owns 24.9% of Metsä Fibre Other owners Metsäliitto Cooperative 55.2% and Itochu Corporation 19.9% Metsä Board consolidates 24.9% of Metsä Fibre’s net result into its EBITDA. The annual dividend by Metsä Fibre is typically paid at the end of Q1 Taking into account the ownership in Metsä Fibre, +/- 10% change in market pulp price has an +/- EUR 40 million impact on Metsä Board’s annual operating result Metsä Fibre’s pulp sales split by region 2025 APAC 44% Europe 37% MEA & Americas 13% Metsä Fibre’s pulp sales split by end-use 2025 Tissue 34% Paperboard 25% Printing paper 26% Specialty papers 14% Metsä Fibre’s sales (EURm) and operating margin (%) -10 0 10 20 30 0 1,000 2,000 3,000 4,000 2018 2019 2020 2021 2022 2023 2024 2025 Sales Operating margin EURm % NOTE! Production and sensitivity based on assumption of full utilisation
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Our self-sufficiency in energy is roughly 90% Own generation 28% Sourced from PVO at cost price 46% Sourced from Metsä Fibre 14% Sourced from market 13% Biomass, own generation 81% Biomass, sourced from Metsä Fibre 14%* Gas, oil, waste, peat, sourced from market 5% Fuels (Heat) Total 5.3 TWh Electricity Total 1.8 TWh Energy consumption by sourcing method in 2025 * In addition, fossil-based heat (0.2%) sourced from Metsä Fibre.
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Cost structure and profit drivers
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Cost development and structure Metsä Board’s cost structure in 2025 Total costs EUR 1.7 billion (1.9) 22 Topical at the end of H1’26 • Transformation programme – EUR 135m annual run-rate EBITDA improvement achieved (value of implemented actions), ~67% of the EUR 200m target by end-27 – Improvement mainly from reduced fixed and variable costs • Structural measures – Tako mill closure to improve annual EBITDA by ~EUR 30m (~75% realised by end of H1) • Cost development (H1’26 vs. H1’25) – Total costs down ~2% YoY, driven by lower wood and chemical costs * Pulp: Metsä Board purchases all external pulp from its associated company Metsä Fibre, of which Metsä Board owns 24.9%. Metsä Fibre’s pulp cost structure in 2025: Wood 57%, Chemicals 10%, Logistics 9%, Energy 3%, Personnel and other fixed 21%. 20% 12% 15% 12% 9% 5% 12% 15% Wood Pulp Logistics Chemicals Energy Other variables Personnel Other fixed
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Main profit drivers and sensitivities Component Unit Change1) Impact on EBIT, approximately Folding boxboard Price / tonne +10% ~EUR +100 million White kraftliners Price / tonne +10% ~EUR +50 million FX USD/EUR +10% EUR +50 million SEK/EUR +10% EUR -40 million Pulp2) PIX price of SW/HW per tonne +10% EUR +40 million Wood2) Cost, delivered to Finnish mills +10% EUR -40 million Cost, delivered to Husum +10% EUR -20 million 1) a negative change has the opposite effect 2) sensitivities take into account Metsä Board’s 24.9% stake in Metsä Fibre 23
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Folding boxboard and white kraftliners in Europe Price development of folding boxboard & white kraftliners in Europe 24 Demand for folding boxboard & white kraftliners in Europe 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 2021 2022 2023 2024 2025 2026 * Folding boxboard White top kraftliners * Fastmarkets launched new transaction price assessments for European folding boxboard with effect from January 2021. The old price assessment series has been removed from the tables and are now replaced with single free-delivered transaction price series, which offers a more accurate indication of actual market prices. 0 500 1,000 1,500 2,000 2,500 2025A 2030E 2035E 1,000 Tonnes FBB WKL Source: AFRYSource: Fastmarkets RISI & Fastmarkets FOEX EUR/tonne
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25 Impacts of FX FX sensitivities, excluding hedges Annual FX transaction exposure total EUR 1.0 billion USD 49% SEK 38% GBP 9% Other 4% The foreign currency transaction exposure consists of foreign-currency-denominated sales and costs. • Impact, including hedges, actual – H1’26 vs H1’25: EUR -24 million – Q2’26 vs Q1’26: flat • Estimated future impacts, including hedges – Overall negative impact in FY’26 vs FY’25 – Q3’26 vs Q2’26 slightly negative Hedging policy: In addition to the balance sheet position of trade receivables and trade payables, 50% of the projected annual net foreign currency exposure at the normal level is hedged. At the end of Q2’26, an average of 8.3 months of the net foreign currency exposure was hedged. A 10% strengthening of foreign currency vs EUR would have an impact on Metsä Board’s EBIT Currency Next 12 months USD, $ EUR +50 million SEK, kr EUR -40 million GBP, £ EUR +10 million
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FX rates development: EUR/USD and EUR/SEK EUR/USD 26 EUR/SEK 0.9500 1.0000 1.0500 1.1000 1.1500 1.2000 1.2500 44377 44742 45107 45473 45838 46203 9.5 10.0 10.5 11.0 11.5 12.0 30/06/202 1 30/06/202 2 30/06/202 3 30/06/202 4 30/06/202 5 30/06/202 6
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Global demand for bleached softwood pulp for graphic paper production is structurally declining Price development of pulp (PIX) 27 Global bleached kraft market pulp demand development 20 25 30 35 40 45 50 55 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Mt Softwood Hardwood Source: AFRYSource: Fastmarkets FOEX 300 500 700 900 1,100 1,300 1,500 1,700 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 USD or EUR Softwood pulp Europe, USD Hardwood pulp Europe, USD Softwood pulp China (net), USDHardwood pulp Europe, EUR Softwood pulp Europe, EUR
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Wood usage • In 2025, Metsä Board used1) 6.0 million m3 wood for its products, of which 92% was certified (PEFC, FSC®) • Wood1) represents roughly 30% of Metsä Board’s total costs Wood supply • Metsä Group is responsible for Metsä Board’s wood sourcing • Metsä Group’s total annual wood sourcing is ~30 million m3 • Majority of wood sourced in Finland comes from the owner members of Metsäliitto Cooperative, roughly 90,000 private forest owners • In Sweden Metsä Board has a long-term wood supply agreement with Norra Skog, a co-owner with a 30% stake in the Husum pulp mill Wood is Metsä Board’s main raw material 1) Includes Metsä Board’s own wood use for pulp/BCTMP as well as the wood used in pulp that Metsä Board buys from Metsä Fibre. PEFC/02–31–92 FSC®-C001580 Finland 55% Sweden 35% Baltic countries 11%
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Price development of pulpwood in Finland and Sweden Price (delivery at roadside, on bark) of pulpwood in Finland, EUR/m3 29 Price (delivery at roadside, under bark) of pulpwood in Sweden*, SEK/m 3 200 300 400 500 600 700 2021-Q1 Q2 Q3 Q4 2022-Q1 Q2 Q3 Q4 2023-Q1 Q2 Q3 Q4 2024-Q1 Q2 Q3 Q4 2025-Q1 Q2 Q3 Q4 2026-Q1 Conifers Spruce Birch Softwood Hardwood 20 30 40 50 60 70 2021-Q1 Q2 Q3 Q4 2022-Q1 Q1 Q2 Q3 2023-Q1 Q2 Q3 Q4 2024-Q1 Q2 Q3 Q4 2025-Q1 Q2 Q3 Q4 2026-Q1 Q2 Pine Spruce Birch Sources: Finland – Luke (Natural Resources Institute Finland): Average delivery prices at roadside (EUR per solid cubic metre with bark, excl. VAT) Sweden – Skogsstyrelsen (The Swedish Forest Agency): Average delivery prices at roadside (SEK per cubic metre under bark) * Swedish pricing data comes with a one-quarter delay compared to the Finnish pricing data. (SEK per cubic metre under bark)
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Results for H1 2026, financial position and transformation programme
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31 Key financials Q2/26 Q2/25 Change Q2/26 vs Q2/25 Q1-Q2/26 Q1-Q2/25 Change Q1-Q2/26 vs Q1-Q2/25 FY/25 Sales EURm 432 460 -6% 826 941 -12% 1,776 EBITDA* EURm 30 6 395% 47 57 -18% 30 Operating result* EURm 3 -23 -8 0 -80 % of sales* % 0.7 -4.9 -0.9 -0.0 -4.5 Metsä Fibre’s share of operating result* EURm -5 -9 -11 -3 -33 Earnings per share EUR -0.02 -0.06 -72% -0.06 -0.08 -27% -0.44 ROCE* % 0.8 -3.3 -0.4 0.2 -3.1 Total investments EURm 11 19 -44% 24 35 -31% 140 Cash flow from operations EURm 9 -10 -62 -38 -62% 240 IB Net debt at end of period EURm 341 430 341 430 255 *comparable
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32 Q2’26: Strong volumes and improving profitability Q2 2026 in brief • Comparable EBIT turned positive as expected; Husum remained loss-making • Paperboard deliveries increased from Q1’26 and pricing showed a positive trend towards the end of the quarter • Transformation programme reached EUR 135m EBITDA run-rate • Positive cash flow • Higher logistics costs from the Iran conflict weighed on earnings • Market pulp demand remained weak; Joutseno curtailment continued 51 6 -18 -9 17 30 -20 -10 0 10 20 30 40 50 60 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Comparable EBITDA EUR million
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• Q2 deliveries increased from Q1, particularly in Europe • Metsä Board’s market share of the European FBB market increased (Source: ProCarton) • Year-on-year decline in delivery volumes driven by the Americas – Largest decline in FSB deliveries in the U.S. – Main impact on the Husum integrated mill • Stronger order inflows and improved average selling prices towards the end of the period Consumer packaging Folding boxboard (FBB) 992 890 248 240 216 187 205 222 0 200 400 600 800 1,000 FY'24 FY'25 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 H1’26 vs H1’25: -61kt (-13%) 1,000 tonnes Europe 62% (57) Americas 17% (23) Emerging markets 20% (20) Metsä Board’s FBB deliveries by region H1’26 (H1’25) Metsä Board’s FBB delivery volumes54% of total sales in H1’26 NOTE: Metsä Board closed Tako paperboard mill (FBB capacity 210kt/year) in June 2025 Demand recovery continued in Q2
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• White kraftliner deliveries increased by 8% year- on-year • Growth was driven by strong European demand, particularly during Q2 • Stronger order inflows and improved average selling prices towards the end of the period Retail packaging White kraftliner (WKL) 480 474 119 120 116 118 122 138 0 100 200 300 400 500 FY'24 FY'25 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 1,000 tonnes Europe 55% (56) Americas 42% (41) Emerging markets 3% (2) Metsä Board’s WKL deliveries by region H1’26 (H1’25) Metsä Board’s WKL delivery volumes30% of total sales in H1’26 Q2 volume growth driven by Europe H1’26 vs H1’25: +20kt (+8%)
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Market pulp 35 1,000 tonnes Market pulp delivery volumes, Metsä Board (left) and Metsä Fibre (right) 400 368 100 86 94 87 78 91 2484 2893 886 595 735 677 727 727 0 500 1000 1500 2000 2500 3000 0 100 200 300 400 500 FY'24 FY'25 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Metsä Board's deliveries Metsä Fibre's deliveries Europe 67% (72) Emerging markets 33% (28) Market pulp deliveries by region Europe 44% (38)APAC 42% (52) MEA&Americas 14% (10) Metsä Board H1’26 (H1’25) Metsä Fibre* FY’25 (FY’24) 12% of total sales1) in H1’26 METSÄ BOARD METSÄ FIBRE 1) Metsä Board’s market pulp sales, does not include Metsä Fibre 2) Metsä Board owns a 24.9% share of Metsä Fibre. The company consolidates its share of Metsä Fibre’s net result into its own EBITDA on a quarterly basis. 3) Includes BCTMP • Market pulp demand remained weak in Europe and China • Production curtailments tightened supply in Europe • The market-related curtailment at Joutseno pulp mill continued throughout Q2 • Volume and prices during H1’26 vs H1’25 – Metsä Board pulp1,3) deliveries -9% – Metsä Fibre2) pulp deliveries -2% – NBSK prices: Europe (gross) +5%, China (net) -12% Soft market conditions despite tighter supply *) Metsä Fibre’s delivery split reported only on annual basis
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36 H1’2026 sales impacted by lower volumes, adverse FX and prices Sales, quarterly EUR million Comparable operating result, quarterly EUR million and % of sales 481 394 460 432441 394 0 100 200 300 400 500 600 2025 2026 23 -11 -23 3 -46 -35 -60 -40 -20 0 20 40 60 2025 2026 FY 2025: EUR 1,776m FY 2025: EUR -80m margin -4.5% H1 2026 (H1 2025): EUR -8m (0) margin -0.9% (0) H1 2026 (H1 2025): EUR 826m (941)
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H1'25 Volume Price FX Variable cost Fixed cost Metsä Fibre Other H1'26 0 -10 -20 -30 -40 -50 -60 -70 37 Strong self-help actions mitigated market headwinds EUR +23 million EUR -11 million Comparable operating profit H1’25: EUR 0.1million -> H2’26: EUR -7.7million H1 2025 vs H1 2026 results EUR -7.7m EUR 0.1m
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-15 -10 -5 0 5 10 15 38 Q2’26: Higher volumes, transformation continued to deliver EUR -11 million Q2’25 vs Q2’26 and Q1’26 vs Q2’26 results -40 -35 -30 -25 -20 -15 -10 -5 0 5 EUR -22.7m EUR +3.1m EUR -10.8m EUR +3.1m Comparable operating profit Q2’25: EUR -22.7million -> Q2’26: EUR +3.1million Comparable operating profit Q1’26: EUR -10.8million -> Q2’26: EUR +3.1million
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39 Earnings recovery supported cash generation in Q2’26 -8 -9 5 50 -28 -10 122 156 -70 9 -25 -25 -9 -32 -38 -23 94 85 -80 5 -150 -100 -50 0 50 100 150 200 250 -150 -100 -50 0 50 100 150 200 250 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Cash flow from operations, quarterly Cash flow after investing, quarterly Cash flow from operations, rolling 12 months Cash flow after investing, rolling 12 months Cash flow from operations and after investing EUR million 45 -38 -60 27 -7 -11 -4 9 5 0 5 10 15 20 25 30 Q2 2026 cash flow break-down EUR million -38 Dividend received from Metsä Fibre is included in cash flow from operations: Q1’24: €10m, Q1’25: €0m, Q1’26: €0m
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40 Strong liquidity and secured refinancing support financial flexibility June 2026 • Strong liquidity position of EUR 547 million, including EUR 250 million undrawn RCF • Secured refinancing of EUR 250 million bond maturing in 2027 • Net debt EUR 341 million; leverage elevated at 17.7x due to weak LTM EBITDA • Investment-grade ratings maintained by Moody's and S&P 176 293 348 345 402 430 338 255 341 341 0 100 200 300 400 500 3/2024 6/2024 9/2024 12/2024 3/2025 6/2025 9/2025 12/2025 3/2026 6/2026 Net debt Net debt, EUR million EUR million
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Interest-bearing debt and liquidity 30 June 2026 Interest-bearing debt EUR 638 million 41 Liquidity EUR 547 million Liquidity is complemented by: • Commercial paper programme of EUR 200 million • Metsä Group’s internal undrawn short-term credit facility of EUR 150 million 145 44747 250 297 Financial leases and other loans Loans from financial institutions Bonds Syndicated credit facility (RCF) Liquid assets and investments
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Debt maturity and credit ratings Topical at the end of H1’26 • Total interest-bearing debt was EUR 638 million, and net debt was EUR 341 million • The average interest rate on loans at the end of the review period was 3.0 %, and the average maturity of long-term loans was 2.7 years • H1 2026 net financial costs, including foreign exchange differences, were EUR -10 million (2025: -17) Maturity of interest-bearing debt Total EUR 638 million Rating agency Rating and outlook Last update on rating/outlook S&P Global BBB-/negative Aug 25 Moody’s Investor Services Baa3/negative Nov 25 Metsä Board’s credit ratings are investment grade EUR million 0 100 200 300 2026 2027 2028-2030* 2031 Bond Loans from financial institutions Other *) Includes a committed refinancing facility for the bond maturing in September 2027. The facility can be drawn if a new bond is not issued prior to maturity.
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Operating environment, 3-6 months PACKAGING DEMAND • Paperboard pricing and demand improved towards the end of H1, supporting the operating environment in H2 MARKET PULP • Global demand remains constrained by low utilisation rates in the paper and paperboard industry • In Europe, previous production curtailments may support gradual market rebalancing during H2 COSTS • Iran-related cost pressures persist; Q3 impact expected to be similar to Q2, partly mitigated by commercial actions FX • Slightly negative impact in Q3 vs Q2 Near-term outlook Metsä Board specific outlook for Q3’26 (compared to Q2’26) • Cash flow-based operational steering and strict working capital management remain priorities; Operating cash flow estimated to remain at Q2 level • Paperboard delivery volumes expected to remain at Q2 level, improved pricing at the end of H1 expected to support profitability • Transformation programme measures continue to ease the cost structure • Long shutdown at Husum and higher maintenance activity will have a significant negative impact on Q3 earnings • Metsä Fibre result contribution expected to remain negative, reflecting extensive maintenance activity and continued low pulp production utilisation rates
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Transformation programme towards profitability and focused value creation In a volatile operating environment, we strengthen our profitability and competitiveness by sharpening our focus on commercial excellence, optimising costs and leveraging our strong competitive advantages.
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Profitability turnaround supported by transformation programme Cash release Working capital release through inventory, receivables and payables optimization Reduced capex Personnel costs Personnel reductions implemented across all operating countries and Metsä Group in 2025 Procurement Logistics and procurement, cost optimisation and reduction of external costs Unit price reduction and supplier management Commercial excellence Growth in selected segments driven by margin optimisation and better service Strengthening market position in Europe and North America EUR 300 million working capital released in H2’25 - Cash driven operational steering continues: Q2 cash flow positive Target by the end of 2027: EUR 200 million improvement in EBITDA (run rate) Achieved by the end of Q2’26: EUR 135 million improvement in EBITDA (run rate) Mill productivity Optimising raw material and energy use Streamlining operations and offering 4545
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Husum remains the biggest potential Sensitivity analysis of Husum integrated mill Annual EBIT impact of a 10% increase in key components (a 10% decrease has the opposite effect) • USD: EUR +30 million • SEK: EUR -40 million • Market pulp price: EUR +20 million • Wood price: EUR -20 million FX sensitivity is against the EUR and does not include the effects of hedging Clear upside potential from cost-savings initiatives under the transformation programme Increased sheeting capacity in Winschoten enhances utilisation of Husum’s strengths in the European market Profitability is heavily impacted by U.S. tariffs and the weak pulp market High sensitivity to changes in paperboard demand, FX, wood and market pulp prices
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Strong progress towards the target – commercial impact expected to build gradually EBITDA impact (run-rate) of the actions implemented EUR million Main actions implemented in Q2’26: • Simplified operations and reduced fixed costs across mills • Improved sourcing, logistics and production efficiency • Advanced profitability improvement actions across Metsä Group Target EUR 200 million 0 50 100 150 200 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Realised quarterly impact in EBITDA, EUR million Realised cumulative impact in EBITDA, EUR million <10 <10 15 25 47 20 45 Note: Q1'26 cumulative EBITDA impact revised to EUR 25 million (previously EUR 30 million)
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Operating environment and regulation
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Global need for packaging is growing Global packaging market value is USD 1.176 billion and it is growing by 3.5% per year 49 Paperboard 32 % Other packaging 7 %Flexible packaging 24 % Rigid plastic 20 % Metal 13 % Glass 4 % +3.6%/a 2025–2030 +3.0%/a 2025–2030 +3.7%/a 2025–2030 +2.3%/a 2025–2030 +3.9%/a 2025–2030 +2.3%/a 2025–2030 Source: Afry Management ConsultingSource: Smithers Information Ltd, 2026 Paperboard is growing faster than all packaging materials on average with highest absolute value growth to 2030 Folding boxboard and foodservice board have fastest growth rates of all cartonboards9 % 11 % 11 % 12 % 25 % 29 % 31 % 33 %7 % 6 % 5 % 5 % 7 % 7 % 7 % 7 %42 % 38 % 36 % 34 %10 % 10 % 9 % 9 % 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2020 2025 2030 2035 1000 metric tonnes LPB 1.6% WLC 1.2% CUK 2.6% SBS 0.3% FBB 3.9% FSB 3.8% CAGR % 2025-2030
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50 Half of the folding and graphic boards market is supplied by fresh fiber based boards and the share if growing Cartonboard total 59 Mt Folding & graphic boards 41 Mt LPB 5 Mt FSB 5 Mt Grey board 8 Mt WLC white-lined chipboard 20 Mt FBB folding boxboard 15 Mt SBB 3 Mt CUK 3 Mt Source: Metsä Board’s own estimate based on several sources Global annual demand for cartonboards FSB = food service board FBB = folding boxboard, SBS & CUK = other fresh fibre grades WLC = recycled grades
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Global demand for folding cartonboard* 51 FSB = food service board FBB = folding boxboard, SBS & CUK = other fresh fibre grades WLC = recycled grades Source: AFRY, May 2026*) including food service board, excluding liquid packaging board and grey board FBB 41 % SBS/CUK 4 %FSB 9 % WLC 46 % Asia & Pacific 27.7 million tonnes FBB 34 % SBS/CUK 16 %FSB 8 % WLC 42 % Europe 5.6 million tonnes FBB 8 % SBS/CUK 42 % FSB 22 % WLC 28 % Americas 9.8 million tonnes FBB 25 % SBS/CUK 5 % FSB 9 % WLC 61 % Middle East & Africa 3 million tonnes
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Metsä Board’s linerboards are at the top of the quality pyramid – in a very niche market Global annual demand for cartonboards Containerboard* total 199 million tonnes Coated white fresh fibre linerboard* <1 Mt Uncoated white fresh fibre linerboard 3.5 Mt White fresh fibre linerboard* 4.5 Mt White recycled linerboard* 9Mt Brown kraftliner 26 Mt Brown testliner 74 Mt Linerboard 113.5Mt Fluting 85.5 Mt White linerboard* 13.5Mt Brown linerboard 100 Mt Fresh fibre fluting 7.5 Mt Recycled fluting 78 Mt Source: Metsä Board’s own estimate based on several sources * Estimates include cartonboard for litholamination
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Metsä Board is a leading European* producer 32% of folding boxboard, 32% of white kraftliner capacity FBB producers in Europe Total capacity 4.2 million tonnes 53 WKL producers in Europe Total capacity 2.3 million tonnes 194 249182 0 200 400 600 800 1,000 1,200 1,400’000 metric tonnes 0 100 200 300 400 500 600 700 800 32% 29% 18% 6% 5% 4% 32% 23% 14% 12% 10% 9% Sources: AFRY Management Consulting *Europe excl. Russia & Belarus **The subsidiaries of FOLBB Baiersbronn Frischfaser Karton & Folding Boxboard Eerbeek have filed for the initiation of insolvency proceedings & a suspension of payments ’000 metric tonnes
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Structural trends drive growth in premium white kraftliner applications Steady demand growth in Europe Brand-led packaging visual impact & sustainability drive premiumisation Retail-ready & in-store efficiency faster growth vs commodity grades, discounters in Europe and clubstores in US 1.1 1.2 2025 2030 Slightly higher demand growth in US 1.5 1.6 2025 2030Source: Containerboard & white liner demand (AFRY); end-uses Smithers CAGR 2025-2030 1.3% CAGR 2025-2030 0.9% 54
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• EU Packaging and Packaging Waste Regulation sets further requirements – All packaging recyclable by 2030, including reusables – Packaging waste reduction, focus on plastic – Mandatory recycled content in plastic packaging – Limits for substances in packaging • Ellen MacArthur Foundation’s New Plastics Economy inspired brand owners to commit to 2025 targets – 100% reusable, recyclable or compostable packaging – Multiple companies have now revised their targets, due slower than expected development in plastic recycling 06/08/2026 Presentation name / Author Recyclable packaging is strongly driven by regulation and brand owners’ commitments >1,000 organisations across the world have set ambitious 2025 targets Ellen MacArthur Foundation, The Global Commitment Progress Report (2024) All packaging shall be recyclable by 2030 REGULATION (EU) 2025/40
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Packaging and packaging waste regulation (PPWR) Metsä Board’s approach • Metsä Board’s paperboards are well aligned with PPWR, which emphasizes – plastic reduction, packaging minimization and lightweighting, recyclability and compostability • Metsä Board’s packaging design service supports customers to meet requirements of PPWR PPWR in a nutshell • Aims to reduce the amount of packaging waste generated in the EU, and promote reusable and recyclable packaging solutions. All packaging has to be recyclable by 2030 • Entered into force in 02/2025 and application starts on 08/2026
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Regulation on Deforestation-free products (EUDR) Metsä Board’s / Metsä Group’s approach • Metsä Group fully supports the objectives of the EUDR • Metsä Group’s reporting system and internal due diligence system will be finalised to be ready when the reporting obligations start to apply EUDR in a nutshell • Aims to combat deforestation and forest degradation globally • Ensures that commodities* placed on or exported from EU market do not cause deforestation or forest degradation • Creates a reporting obligation to operators to ensure that they comply with the requirements • Entered into force in 2023. The rules start to apply on 30 December 2026 for large and medium-sized operators, when they will replace the EU timber regulation (EUTR). The European Commission is still required to carry out a simplification review of the regulation by 30 April 2026. • *) selected commodities and their production: cocoa, coffee, oil palm, rubber, soya, cattle and wood
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Nature Restoration Regulation Metsä Board’s / Metsä Group’s approach • Metsä Group's principles of regenerative land use aim to improve the state of nature • Metsä Group Plus -management model for owner-members focus especially on forest biodiversity Main objectives and status • Aims to ensure recovery of biodiverse and resilient nature across EU • Introduces indicators for forest ecosystems to support nature restoration objectives • Entered into force on 08/2024 • Member States must prepare national restoration plans. Finland’s draft plan expected to be ready by 08/2026 • The Commission reviews the draft plans and can give further guidance. Member states should have the final restoration plans in place in 08/2027 at the latest More information: https://www.metsagroup.com/regenerativeforestry https://www.metsagroup.com/metsaforest/sustainability/regenerative-forestry/metsa-group-plus/
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ESG and R&D
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Key sustainability figures Accidents at work TRIF, TARGET 0TARGET set for 2030 ACTUAL H1 2026 ACTUAL: 5.8 FY2025: 4.8 Energy efficiency2) TARGET +10% Process water use2) TARGET -35% Certified wood fibre TARGET 100% ACTUAL -8.9% FY2025: -7.2% ACTUAL -7.7% FY2025: -8.0% ACTUAL 90% FY2025: 92% TRIF = Total Recordable Injury Frequency per million hours worked 1) Scope 2 emissions are reported only annually 2) per tonne produced, rolling 12 months, change from the base year of 2018 Fossil-based CO2 emissions1) TARGET0 ACTUAL: Scope 1: 59kt FY2025: 121kt Scope 2: FY2025: 211t 60
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Forest management plan as part of Metsä Group’s regenerative forestry More diverse tree species composition • Increasing the proportion of broadleaved trees • Mixed forests • 80% of tree species outside purchase Increased dead wood volumes • Retention trees and tree groups • Buffer zones • Biodiversity stumps More diverse forest structure • Continuous cover harvesting • Retention tree groups • Valuable habitats • Protective thickets Protected valuable habitats e.g. • Brooks • Springs • Fertile bogs • Cliffs • Flood habitats Habitat restoration at threatened species hot spots • Herb-rich forests • Esker sunny slopes • Fire habitats 1 2 3 4 5 Forest management plan at biodiversity hot spot* Forest management plan for typical forest stands * Biodiversity hot spots are ecologically unique regions that are exceptionally rich in species, and are thus priority targets for nature conservation
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We aim to phase out fossil energy in production by 2030.
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93% of total energy use is fossil-free • Fuel consumption includes fuels used in own energy generation and process fuels used in the mills Renewable energy, mainly wood-based side streams 75 % Nuclear power 18 % Fossil-based fuels 7 % Total energy consumed in 2025 Total 7.0 TWh Wood-based renewable fuels 90 % Gas 6 % Oil 3 % Waste 1 % Fuel consumption in 2025 Total 5.0 TWh • Coal accounts for 0% of Metsä Board’s total energy consumption. Metsä Board do not use coal in its own energy generation, and in 2025, none of the purchased electricity was coal-based.
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Metsä Board has reduced its fossil-based CO2 emissions by 79% since 2018 0 50 100 150 200 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2018 2019 2020 2021 2022 2023 2024 2025 Scope 2 market-based, t CO2 Scope 1, t CO2 Kg CO2 per produced tonne (Scope 1+2 market-based) Emission allowances • Metsä Board has received emission allowances in accordance with the EU Emissions Trading System • During the past years, the number of free allowances received have exceeded the company's annual fossil- based CO2 emissions. The surplus have been partly sold to the market • Unused emission allowances do not have an impact on income statement or balance sheet. Metsä Board discloses the possible sales of emission allowances in its interim reports • Known or reasonably foreseeable increases in costs include the end of free emission allowances after 2025 for mills where biomass accounted for over 95% of emissions during 2019–2023. Free emission allowances are expected to end entirely after 2030 due to the ongoing update of the EU Emissions Trading System. Fossil-based CO2 emissions, Scope 1+2 The goal is to phase out the use of fossil-based energy in production by 2030 t CO2 Kg CO2 / t Fossil-based CO2 emissions accounted for approximately 95% of the company’s total Scope 1 and 2 greenhouse gas emissions in the 2018 base year.
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577,875 121,252 0 0 100,000 200,000 300,000 400,000 500,000 600,000 Emissions in the base year 2018 Emissions in 2025 2030 target 65 Metsä Board’s goal is to phase out the use of fossil energy in production by 2030 Metsä Board’s 2030 target covers fossil-based carbon dioxide emissions, which accounted for approximately 95% of the company’s total Scope 1 and 2 greenhouse gas emissions in the 2018 base year. The category “Other” includes, among other things, the impact of the closure of the Tako paperboard mill and energy efficiency measures. The reduction level in line with the Paris Agreement is based on the IPCC estimate of a 48% decrease in global fossil-based CO₂ emissions between 2019 and 2030, corresponding to a 52.4% reduction when applied linearly from 2018. Some of the future projects still lack a final investment decision and the future emissions reductions shown are indicative Scope 1 and 2 fossil-based CO₂ emissions, tCO2 The reduction level aligned with the Paris Agreement 1.5°C pathway Sourcing of fossil-free heat and electricity Power plants: switching to renewable fuels Process fuels: switching to renewable fuels or electrification Other Power plants: switching to renewable fuels Process fuels: switching to renewable fuels or electrification Other
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66 Our R&D work aims to resource efficiency and reduce carbon footprint of packaging material Light and resource efficient paperboards Developing barrier boards as an alternative to plastics
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Lightweight yet strong and stiff = paperboard for cost-efficient, sustainable and sturdy packaging Improved yield = more cartons per tonne Improved sustainability = less natural resources used, lower carbon footprint High-yield pulp makes the difference between folding boxboard and other grades Benefits of lightweighting: 67
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The carbon footprint (CO2) of paperboard packaging depends in particular on: Energy used in production Material and resource efficiency Lightweighting reduces the use of fibre, energy and water and generates less waste More information: The technical background report verified by IVL Swedish Environmental Research Institute Metsä Board uses 93% fossil-free energy in its production
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External assessments and own commitments 69 Total score 90/100. Metsä Board has achieved the highest rating level every year since 2017. Metsä Board has an “A” score in the Climate, Forests, Water, and Supplier Engagement Assessment. As part of Metsä Group, Metsä Board is committed to the UN Global Compact corporate responsibility initiative and its principles in the areas of human rights, labour, the environment and anti-corruption. Metsä Board also supports the UN’s Sustainable Development Goals, the SDGs. Latest full ratings update in August 2025. Metsä Board’s GHG emission reduction targets are validated by the Science Based Targets initiative. Read more about Metsä Board’s ESG ratings on the sustainability website.
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Owners and management
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Market cap and ownership distribution Metsä Board has over 70,000 shareholders, combined amount of A and B shares Market cap and foreign owners 71 Ownership distribution 30 June 2026 0 5 10 15 20 25 30 35 0 500 1,000 1,500 2,000 2,500 3,000 3,500 12/2022 12/2023 12/2024 12/2025 06/2026 Market cap, EUR million Share of foreign owners Metsäliitto Cooperative 52% Foreign owners 7% Domestic private owners 22% Domestic institutional investors 19% EUR million %
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Metsä Board’s Corporate Leadership Team Esa Kaikkonen CEO Chair of CLT since 2025 Anssi Tammiehto CFO Member of CLT since 2026 Laura Remes SVP, Production and Supply Chain Member of CLT since 2025 Camilla Wikström SVP, HR Member of CLT since 2019 Minna Björkman SVP, Containerboard Member of CLT since 2026 72 Erja Hyrsky SVP, Commercial Operations Member of CLT since 2025
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Katri Sundström Vice President, IR +358 10 462 0101 katri.sundstrom@metsagroup.com