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FRESH BERRIES " Y " Metsä Metsä Board Results for January - June 2026 Presentation material 6 August 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 part of 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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Improving performance and executing the Lead the Pack strategy Results for January–June 2026 A clear strategic focus on the areas where we can create the most value Market share increased in Europe and profitability continued to improve in Q2 Profitability improvement and Husum turnaround remain key priorities Building competitive advantage through service, innovation and customer proximity 06 August 2026 3
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4 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 7 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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8 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 9 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 10 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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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 1111
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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 12 20 45 Note: Q1'26 cumulative EBITDA impact revised to EUR 25 million (previously EUR 30 million)
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13 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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14 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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15 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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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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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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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 18 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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• We expect service excellence, innovation and customer proximity to drive further market share gains and profitability in our core markets, Europe and North America • Investments in new sheeting capacity in Winschoten and our Milan design studio strengthen our customer offering • Metsä Board gained market share in European FBB, with prices improving slightly towards the end of H1 Gaining market share through service excellence 06 August 2026
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Summary • Higher volumes supported profitability • Positive pricing trend towards the end of the quarter • Husum and weak pulp market remained the main headwinds • Transformation on track, ~67% of run-rate target achieved Focus next • Cash flow and working capital discipline • Improving Husum profitability • Service-led growth, market share gains and commercial actions • Execution of Lead the Pack strategy 06 August 2026 20
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Q&A
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Appendix
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23 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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Cost development and structure 24 Metsä Board’s cost structure in 2025 Total costs EUR 1.7 billion (1.9) 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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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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Interest-bearing debt and liquidity 30 June 2026 Interest-bearing debt EUR 638 million 26 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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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 28
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External assessments and own commitments 29 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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Market cap and ownership distribution Metsä Board has over 70,000 shareholders, combined amount of A and B shares Market cap and foreign owners 30 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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Price development of FBB, WKL and market pulp Price development of folding boxboard & white kraftliners in Europe 31 500 600 700 800 900 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 Source: Fastmarkets RISI & Fastmarkets FOEX EUR/tonne Price (PIX) development of market pulp in Europe (gross) and China (net) Source: 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 NOTE! European PIX prices are based on gross prices and do not reflect period-specific discounts that affect the development of realised net prices.
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Price development of pulpwood in Finland and Sweden Price (delivery at roadside, on bark) of pulpwood in Finland, EUR/m3 32 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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Katri Sundström Vice President, Investor relations +358 10 462 0101 katri.sundstrom@metsagroup.com