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Metsä Board Results for January–September 2026 Profitability supported by own actions and improved market balance 29 October 2026
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Disclaimer 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 MetsäBoard, 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.
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Profitability improving with stronger commercial momentum Q3 profitability improved despite extensive shutdowns and cost pressures Improved market balance supported pricing Transformation continued to drive competitiveness and earnings Commercial momentum strengthened our market position
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Consumer packaging Foldingboxboard Retail packaging White kraftliners Paperboardmarket balancehas improved 29% (Q2 2026: 25%) Market conditions strengthened during 2026 Capacity closures tightened supply in North America, driving significant containerboard price increases Demand improved and supply tightened in Europe, while cost pressures also supported prices 4 Metsä Board’sEuropean FBB market share, September2026 2 Source: Pro Carton, Metsä Board Demand remained roughly stable during the year Capacity closures in Europe and North America supported a better supply-demand balance Improved market balance and high costs supported price increases
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5 Q3’26: Continued progress in profitability and transformation Q3 2026 in brief • Paperboard deliveries remained stable and average selling prices increased from Q2 • Strong order books supported higher operating rates at Finnish paperboard mills • Extensive maintenance shutdowns and market-related downtime at Husum weighed on Q3 profitability • Comparable EBIT improved for the fourth consecutive quarter to EUR 6 million (Q2: 3), comparable EBITDA remained at EUR 30 million • Transformation programme progressed, reaching an annual EBITDA run rate improvement of EUR 148 million • Commercial actions supported market position -18 -9 17 30 30 -20 -10 0 10 20 30 40 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Comparable EBITDA EUR million
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• Q3 volumes remained stable y-on-y and q-on-q • YTD European deliveries remained stable, while the share of Europe increased • U.S. tariffs continued to weigh on deliveries, with the YTD decline concentrated in Americas • Main impact on the Husum integrated mill • Average selling prices increased Consumer packaging Folding boxboard (FBB) 992 890 248 240 216 187 205 222 221 0 200 400 600 800 1,000 FY'24 FY'25 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 1-9’26 vs 1-9’25: -56kt (-8%) 1,000 tonnes Europe 63% (58) Americas 17% (23) Emerging markets 20% (19) Metsä Board’s FBB deliveries by region 1-9’26 (1-9’25) Metsä Board’s FBB delivery volumes55% of total sales in 1-9’26 NOTE: Metsä Board closed Tako paperboard mill (FBB capacity 210kt/year) in June 2025 Stronger European mix
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• YTD white kraftliner deliveries up 7%, with growth in both Europe and the Americas • Strong position in coated WKL in North America, with limited substitution alternatives. The share of coated WKL sales is also growing in Europe. • Average selling prices increased Retail packaging White kraftliner (WKL) 480 474 119 120 116 118 122 138 120 0 100 200 300 400 500 FY'24 FY'25 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 1,000 tonnes Europe 56% (56) Americas 41% (42) Emerging markets 3% (2) Metsä Board’s WKL deliveries by region 1-9’26 (1-9’25) Metsä Board’s WKL delivery volumes30% of total sales in 1-9’26 Solid volumes across the markets 1-9’26 vs 1-9’25: +24kt (+7%)
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Market pulp Softwood pulp (SW) and BCTMP 8 1,000 tonnes Market pulp delivery volumes, Metsä Board (left) and Metsä Fibre (right) 400 368 100 86 94 87 78 91 75 2484 2893 886 595 735 677 727 727 686 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 Q3'26 Metsä Board's deliveries Metsä Fibre's deliveries Europe 65% (66) Emerging markets 35% (34) Market pulp deliveries by region Europe 44% (38)APAC 42% (52) MEA&Americas 14% (10) Metsä Board 1-9’26 (1-9’25) Metsä Fibre* 1-9’26 (1-9’25) 11% of total sales1) in 1-9’26 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. • Demand and prices remained subdued in Europe and China • Production curtailments and capacity closures have tightened softwood market pulp supply • Market-related production curtailment at Joutseno continued • YTD deliveries: Metsä Board -13%, Metsä Fibre -3% • NBSK prices: Europe (gross) +6%, China (net) -11% Soft demand, but tighter supply *) Metsä Fibre’s delivery split reported only on annual basis
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9 Profitability continued to improve despite lower sales Sales EUR million Comparable operating result EUR million and % of sales 481 394 460 432441 402394 0 100 200 300 400 500 600 2025 2026 23 -11 -23 3 -46 6 -35 -60 -40 -20 0 20 40 60 2025 2026 FY 2025: EUR 1,776m FY 2025: EUR -80m margin -4.5% 1-9’26 (1-9’25): EUR -2m (-45) margin -0.2% (-3.3) 1-9’26 (1-9’25): EUR 1,228m (1,382)
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Q1-Q3'25 Volume Price FX Variable cost Fixed cost Metsä Fibre Other Q1-Q3'26 0 -20 -40 -60 -80 -100 -120 -140 -160 10 Strong cost improvements drove a significant earnings recovery EUR -45 million EUR -11 million Comparable operating profit 1-9’25: EUR -45.5 million → 1-9’26: EUR -2.2 million Q1-Q3’2025 vs Q1-Q3’2026 EUR -2 million
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Q2'26 Volume Price FX Variable cost Fixed cost Metsä Fibre Other Q3'26 -20 -15 -10 -5 0 5 10 11 Q3’26: Transformation benefits supported improved earnings EUR -11 million Q3’25 vs Q3’26 and Q2’26 vs Q3’26 Q3'25 Volume Price FX Variable cost Fixed cost Metsä Fibre Other Q3'26 -80 -70 -60 -50 -40 -30 -20 -10 0 10 EUR -45.6 million EUR +5.5 million EUR -10.8m EUR +3.1m Comparable operating profit Q3’25: EUR -45.6million → Q3’26: EUR +5.5million Comparable operating profit Q2’26: EUR +3.1million → Q3’26: EUR +5.5million EUR +3.1 million EUR +5.5 million
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Transformation programme delivering increasing earnings benefits Run-rate EBITDA impact of implemented actions Target EUR 200 million Key progress in Q3’26: • Continued reductions in variable and fixed costs across mills • Further efficiency improvements in sourcing and logistics • Commercial actions progressing, with earnings impact expected to build gradually TARGET 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 54 99 EUR million
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13 Earnings recovery supported cash generation in Q3’26 5 50 -28 -10 122 156 -70 9 22 -9 -32 -38 -23 94 85 -80 5 32 -150 -100 -50 0 50 100 150 200 250 -150 -100 -50 0 50 100 150 200 250 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 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 30 -19 11 10 22 32 0 5 10 15 20 25 30 35 Q3 2026 cash flow break-down EUR million -38
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14 Strong liquidity and improving leverage support financial flexibility September 2026 • Strong liquidity position of EUR 546 million, including EUR 250 million undrawn RCF • Interest-bearing debt at EUR 608 million. Net debt decreased to EUR 312 million • Net debt / comparable EBITDA improved to 4.6x (Q2’26: 17.7x) • Moody’s investment-grade rating maintained at Baa3 with negative outlook 348 345 402 430 338 255 341 341 312 0 100 200 300 400 500 9/2024 12/2024 3/2025 6/2025 9/2025 12/2025 3/2026 6/2026 9/2026 Net debtEUR million
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Husum’s performance is improving 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 Performance improving • Transformation programme together with lower wood cost support profitability • Sheeting capacity in Winschoten supports higher utilisation of Husum’s FBB capacity in Europe • Commercial actions improve pricing and product mix Further improvement potential remains significant • Higher production and delivery volumes • Further transformation programme benefits and operational efficiencies • Improved paperboard market balance supports pricing environment
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Operating environment, 3−6 months PAPERBOARD Improved market balance expected to support pricing environment MARKET PULP Softwood pulp demand subdued; supply reductions support rebalancing COSTS Energy, logistics and chemical costs face upward pressure FX Significant negative impact in 2026 vs 2025; limited near-term effect Near-term outlook Metsä Board specific, Q4’26 (vs. Q3’26) • Operating cash flow is expected to decrease • Seasonally lower paperboard volumes; implemented price increases expected to support profitability • Higher energy costs; Q3 tariff refunds will not recur • Lower maintenance costs but higher fixed costs, particularly personnel costs • Extended annual maintenance shutdown at Kemi to impact white kraftliner production • Metsä Fibre’s result expected to improve
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Pillar Strategic focus KPI Q1-Q3 2026 Q1-Q3 2025 FY 2025 Target 2030 SAFE Safety, quality and sustainability TRIF 5.9 4.1 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 -14 – -11 >4% annually STREAMLINE Improve profitability and operational efficiency Paperboard production OEE%2 71% 72% 71% 85% Operating NWC3, EURm 262 358 168 EUR 200 million EBITDA improvement, run-rate 148 – 52 EUR 200 million4 17 Executing the 4Strategy 1) reported annually 2) OEE % = Time Efficiency % x Speed Efficiency % x Material Efficiency % 3) at the end of period 4) run-rate improvement by the end of 2027
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Closer brand collaboration and recognised packaging excellence 18 Metsä Board’s stronger position in European folding boxboard Closer collaboration with brand owners Expanded service offering in Europe Recognised packaging excellence
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Summary • Q3 profitability improved despite major shutdowns • Paperboard market balance and pricing improved • Husum and market pulp remained key headwinds • Transformation progressed and cash flow strengthened Focus next • Cash flow and working capital discipline • Improving Husum profitability • Capturing commercial opportunities • Disciplined execution of Lead the Pack
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Appendix
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Q3/26 Q3/25 Change Q3/26 vs Q3/25 Q1-Q3/26 Q1-Q3/25 Change Q1-Q3/26 vs Q1-Q3/25 FY/25 Sales EURm 402 441 -9% 1,228 1,382 -11% 1,776 EBITDA* EURm 30 -18 77 39 97% 30 Operating result* EURm 6 -46 -2 -45 95% -80 % of sales* % 1.4 -10.3 -0.2 -3.3 -4.5 Metsä Fibre’s share of operating result* EURm -7 -17 -18 -20 -33 Earnings per share EUR -0.01 -0.11 94% -0.07 -0.19 65% -0.44 ROCE* % 1.4 -7.1 0.2 -2.3 -3.1 Total investments EURm 3 29 -91% 27 64 -58% 140 Cash flow from operations EURm 22 122 -82% -40 84 240 IB Net debt at end of period EURm 312 338 312 338 255 21 Key financials *comparable
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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 and Q3 cash flows positive Target by the end of 2027: EUR 200 million improvement in EBITDA (run rate) Achieved by the end of Q3’26: EUR 148 million improvement in EBITDA (run rate) Mill productivity Optimising raw material and energy use Streamlining operations and offering 2222
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Cost base improving through own actions 23 Metsä Board’s cost structure in 2025 Total costs EUR 1.7 billion (1.9) Topical at the end of Q3’26 • Transformation programme • EUR 148m annual run-rate EBITDA improvement achieved; EUR 99m already reflected in reported EBITDA • Lower variable and fixed costs through mill efficiency, procurement, logistics and structural measures • Cost development (Q1-Q3’26 vs. Q1-Q3’25) • Total costs down ~2% YoY, driven by lower wood and chemical costs, logistics up (Q3 including tariff refunds EUR ~10m) • Structural measures • Tako mill closure to improve annual EBITDA by ~EUR 30m (total impact by end of Q1’27) • Cost outlook • Wood availability and prices depend on harvesting conditions; geopolitics may pressure energy and fuel 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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24 FX impact and exposure FX sensitivities, excluding hedges Annual FX transaction exposure total EUR 1.0 billion USD, 51%SEK , 35% GBP, 10% Other currencies, 4% The foreign currency transaction exposure consists of foreign- currency-denominated sales and costs. Actual impact, including hedges • Q1-Q3’26 vs Q1-Q3’25: EUR -50 million, of which EUR -30m from USD • Q3’26 vs Q2’26: flat Estimated future impacts, including hedges • Overall negative impact in FY’26 vs FY’25 • Next 3-6 months impacts are limited 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 Q3’26, 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 annual EBIT Currency Next 12 months USD, $ EUR +50 million SEK, kr EUR -40 million GBP, £ EUR +10 million
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25 Major investment phase completed – Focus now on leveraging investments Major investment phase completed • Around EUR 1 billion invested in 2021–2025 to strengthen growth, competitiveness and environmental efficiency • Focus now on fully leveraging the investments made • No significant growth investments expected during the current strategy period Capital discipline supports cash generation • Annual capex 2026-2030 expected to remain clearly below EUR 100 million • Maintenance and replacement capex around EUR 40–50 million • Selective mill-specific investments to support long-term value creation 0 50 100 150 200 250 300 2021 2022 2023 2024 2025 1-9'2026 2026- 2030E Investments Depreciation Estimated at EUR <100 million p.a. EUR MILLION Capex and depreciation 2020–2025A and 2026–2030E
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Strong liquidity and balanced debt structure 30 September 2026 Interest-bearing debt EUR 608 million 26 Liquidity EUR 546 million 145 447 47 250 296 Financial leases and other loans Loans from financial institutions Bonds Syndicated credit facility (RCF) Liquid assets and investments Metsä Board has two outstanding bonds: • Bond 2017: EUR 250 million, maturing on 2027, not rated, refinancing secured through a committed credit facility maturing on 2029 • Green bond 2025: EUR 200 million, maturing on 2031, rated by Moody’s Liquidity is complemented by: • Commercial paper programme of EUR 200 million • Metsä Group’s internal undrawn short-term credit facility of EUR 150 million
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Well-managed debt maturity profile Topical at the end of Q3’26 • Interest-bearing debt EUR 608m and net debt EUR 312m • Average interest rate 3.0%; average maturity of non-current debt 2.4 years • Moody’s credit rating Baa3 with negative outlook • S&P credit rating discontinued during Q3 Maturity of interest-bearing debt Total EUR 608 million EUR million 0 50 100 150 200 250 300 2026 2027 2028-2030* 2031 Other Bank loans Bond *) 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 Q1−Q3 2026 ACTUAL: 5.9 FY2025: 4.8 Energy efficiency2) TARGET +10% Process water use2) TARGET -35% Certified wood fibre TARGET 100% ACTUAL -4.0% FY2025: -7.2% ACTUAL -12% FY2025: -8.0% ACTUAL 91% 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) TARGET 0 ACTUAL: Scope 1: 77kt FY2025: 121kt Scope 2: FY2025: 211t 28
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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 2026. 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. Strong ESG performance recognised by leading external assessments
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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 September 2026 0 5 10 15 20 25 30 35 0 500 1,000 1,500 2,000 2,500 3,000 3,500 12/2023 12/2024 12/2025 06/2026 09/2026 Market cap, EUR million Share of foreign owners Metsäliitto Cooperative 52% Foreign owners 8% Domestic private owners 21% Domestic institutional investors 19% EUR million %
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Price development of FBB, WKL and market pulp 31 Source: Fastmarkets RISI & Fastmarkets FOEX Price developmentof Pulp(PIX) 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 Hardwood 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. Softwood pulp China (net), USD Price development of Folding boxboard & White-top kraftliner in Europe 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 2021 2022 2023 2024 2025 2026 Folding boxboard White-top kraftliner EUR/tonne
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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/m3 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 Q2** 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 Q3 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) • ** Preliminary figure
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Katri Sundström Vice President, Investor relations +358 10 462 0101 katri.sundstrom@metsagroup.com