Interim report
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Metsä Board Interim report 1.1.–30.9.2026
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Page 1/31 Interim report 1 January–30 September 2026 Profitability supported by own actions and improved market balance January–September 2026 (compared to 1–9/2025) • Sales were EUR 1,227.9 million (1,382.2). • The comparable EBITDA was EUR 77.0 million (39.0), or 6.3% of sales (2.8). EBITDA was EUR 65.5 million (33.4). • The comparable operating result was EUR -2.2 mil- lion (-45.5), or -0.2% of sales (-3.3). Operating re- sult was EUR -13.7 million (-70.3). • Comparable earnings per share were EUR -0.04 (-0.13), and earnings per share were EUR -0.07 (-0.19). • Comparable return on capital employed was 0.2% (-2.3). • Net cash flow from operations was EUR -39.5 mil- lion (83.9). July–September 2026 (compared to 7–9/2025) • Sales were EUR 402.3 million (441.2). • The comparable EBITDA was EUR 30.1 million (-18.2), or 7.5% (-4.1) of sales. EBITDA was EUR 25.6 million (-17.4). • The comparable operating result was EUR 5.5 mil- lion (-45.6), or 1.4% (-10.3) of sales. Operating re- sult was EUR 1.1 million (-44.8). • Comparable earnings per share were EUR 0.01 (-0.11), and earnings per share were EUR -0.01 (-0.11). • Comparable return on capital employed was 1.4% (-7.1). • Net cash flow from operations was EUR 22.3 mil- lion (122.0). Events in July–September 2026 • Comparable operating result improved for the fourth consecutive quarter and amounted to EUR 5.5 million (Q3/2025: EUR -45.6 million). • Paperboard delivery volumes remained stable, while average prices increased slightly from the previous quarter. • Major annual maintenance shutdowns and a long market-related production shutdown at Husum re- duced production volumes and had a negative im- pact on profitability. • Approximately EUR 10 million impact from tariff re- funds offset high logistics costs and improved the result for July–September. • Market pulp demand and prices remained subdued, and the production shutdown at Metsä Fibre’s Joutseno mill continued. • At the end of September, the transformation pro- gramme’s annual EBITDA run-rate improvement was approximately EUR 148 million, of which around EUR 99 million had been realised in re- ported EBITDA. • A new packaging design studio was opened in Milan to strengthen customer collaboration and packaging innovation. • Production at the Winschoten sheeting facility reached the planned level and supports the gradual increase in Husum’s folding boxboard production volumes. Market development Demand for folding boxboard remained stable during the year. However, capacity closures in Europe and North America improved the balance between supply and demand, partly offsetting the impact of previously increased supply. The persistently high cost level, to- gether with the improved market balance, supported price increases for cartonboards. Market conditions for white kraftliners strengthened dur- ing the review period. In North America, containerboard capacity closures have tightened supply, gradually also supporting white kraftliner price increases. Reduced supply has also affected the European market, where cost pressures have further supported price increases. In the pulp market, capacity closures, annual mainte- nance shutdowns and market-related production curtail- ments tightened the global supply of softwood pulp. Wood purchasing volumes also remained low. Supply was therefore tighter than a year earlier, but the impact on softwood market pulp prices remained limited.
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Page 2/31 Interim report 1 January–30 September 2026 Metsä Board’s CEO Esa Kaikkonen: “Our comparable operating result improved for the fourth consecutive quarter in July–September and amounted to EUR 5.5 million (Q2/26: EUR 3.1 million; Q3/25: EUR -45.6 million). Paperboard delivery vol- umes remained at the previous quarter’s level, while the upward trend in average prices continued. Demand at the Finnish paperboard mills was good, with stronger order books supporting higher operating rates. At Husum, however, operating rates remained low, and despite the measures taken, the mill integrate contin- ued to be loss-making. The third quarter was burdened by major annual maintenance shutdowns at the mills and a long market- related production shutdown at Husum in July. At the same time, the positive impact from tariff refunds offset high logistics costs and supported the quarterly result. Cash flow from operations was stronger than expected in July–September, at EUR 22 million. Strengthening cash flow and efficient working capital management re- main a key element of our operational management. During the year, paperboard market conditions have gradually improved, and our own measures have sup- ported earnings development. However, the compara- ble operating margin and return on capital employed for the review period remained close to zero, meaning that our profitability is still clearly below our target level. We continue to take determined action to improve it. Our transformation programme has progressed as planned, and its earnings impact is already clearly visi- ble. By the end of September, the measures imple- mented had generated an annualised EBITDA run-rate improvement of EUR 148 million. We have also made progress in our commercial initiatives related to pricing, customer segmentation and service models, and we ex- pect their earnings impact to strengthen next year. In the Consumer Packaging business, we continued ac- tive commercial measures to capture new business op- portunities and strengthen our market position. The new packaging design studio opened in Milan deepens our collaboration particularly with brand owners, while higher sheeting volumes at Winschoten support a grad- ual increase in Husum’s production volumes. Based on market statistics, our market position in fold- ing boxboard in Europe strengthened from the previous quarter. (Source: Pro Carton, Metsä Board) The EU Packaging and Packaging Waste Regulation began to apply in August. We already provide our cus- tomers with documentation supporting regulatory com- pliance, which has received positive feedback. As the requirements gradually become stricter towards 2030, our material-efficient and recyclable paperboards and service solutions are well aligned with the objectives of the regulation, strengthening our competitiveness and supporting our long-term growth opportunities. This de- velopment is also supported by consumer preferences for fibre-based packaging. The improved market balance for paperboards supports price development and provides a better basis for the annual negotiations towards the end of the year. De- spite the gradual improvement in market conditions, un- certainty around the demand outlook remains, while cost pressures are increasing, particularly in energy, lo- gistics and chemicals. We expect the pulp market bal- ance to improve towards year-end as production curtail- ments and low wood procurement volumes tighten mar- ket pulp supply. We continue to implement our Lead the Pack strategy with determination. In the first phase, our focus is on improving profitability and competitiveness. At the same time, we are building the foundation for the next phase and profitable growth in material-efficient and recyclable packaging solutions, while strengthening our position as a partner to brand owners.”
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Interim report 1 January–30 September 2026 Page 3/31 Key figures 2026 2025 2026 2025 2025 Q3 Q3 Q1–Q3 Q1–Q3 Q1–Q4 Sales, EUR million 402.3 441.2 1,227.9 1,382.2 1,775.7 EBITDA, EUR million 25.6 -17.4 65.5 33.4 -3.9 comparable, EUR million 30.1 -18.2 77.0 39.0 29.6 EBITDA, % of sales 6.4 -4.0 5.3 2.4 -0.2 comparable, % of sales 7.5 -4.1 6.3 2.8 1.7 Operating result, EUR million 1.1 -44.8 -13.7 -70.3 -169.5 comparable, EUR million 5.5 -45.6 -2.2 -45.5 -80.2 Operating result, % of sales 0.3 -10.2 -1.1 -5.1 -9.5 comparable, % of sales 1.4 -10.3 -0.2 -3.3 -4.5 Result before taxes, EUR million -4.2 -48.3 -28.6 -81.9 -186.9 comparable, EUR million 0.2 -49.1 -17.0 -57.0 -97.5 Result for the period, EUR million -5.6 -42.5 -27.9 -69.8 -164.6 comparable, EUR million -1.4 -43.5 -17.6 -50.2 -92.2 Earnings per share, EUR -0.01 -0.11 -0.07 -0.19 -0.44 comparable, EUR 0.01 -0.11 -0.04 -0.13 -0.24 Return on equity, % -1.4 -9.0 -2.2 -4.9 -9.0 comparable, % -0.3 -9.2 -1.4 -3.6 -5.0 Return on capital employed, % 0.6 -7.0 -0.5 -3.7 -6.9 comparable, % 1.4 -7.1 0.2 -2.3 -3.1 Equity ratio ¹⁾, % 59 65 59 65 60 Net gearing ¹⁾, % 19 18 19 18 15 Interest-bearing net liabilities/comparable EBITDA, 12 months roll- ing 4.6 5.3 4.6 5.3 8.6 Shareholders’ equity per share ¹⁾, EUR 4.15 4.77 4.15 4.77 4.48 Interest-bearing net liabilities ¹⁾, EUR million 311.5 338.0 311.5 338.0 254.8 Total investment, EUR million 2.6 28.7 26.8 63.7 139.5 Net cash flow from operations, EUR million 22.3 122.0 -39.5 83.9 239.6 Personnel ¹⁾ 1,867 2,150 1,867 2,150 1,939 ¹⁾ at the end of the period
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Interim report 1 January–30 September 2026 Page 4/31 Sales and operating result July–September 2026 (compared with 7–9/2025) Sales for July–September 2026 were EUR 402.3 million (441.2). Folding boxboard accounted for 57% (54) of the sales, while 29% (26) came from white kraftliner, 11% (12) from market pulp, and 3% (8) from other oper- ations. The comparable operating result improved considerably and was EUR 5.5 million (-45.6), while the operating re- sult was EUR 1.1 million (-44.8). Items affecting compa- rability totalled EUR -4.4 million. A more detailed break- down of these items can be found on page 22 of this in- terim report. Higher production and delivery volumes of paperboards contributed to the improvement in comparable operat- ing result. However, average prices for paperboards re- mained lower than in the comparison period, with the sharpest fall seen in folding boxboard. Exchange rate fluctuations, including hedges, had a negative impact of around EUR 25 million on the oper- ating result. The measures under the transformation programme re- duced both variable and fixed costs. The variable costs that fell the most were those of wood, chemicals and energy. Rising fuel prices increased logistics costs, but this was offset by an approximately EUR 10 million pos- itive impact from tariff refunds. Unused emissions allowances were sold for a total of approximately EUR 10 million (0). The associated company Metsä Fibre’s share of Metsä Board’s comparable operating result in July–September was EUR -7.1 million (-17.0). Metsä Fibre’s profit devel- opment was affected by lower wood costs, profitability improvement measures and the lower price of market pulp, among other things. Financial income and expenses totalled EUR -5.3 mil- lion (-3.5), including the impact of exchange rate differ- ences and the revaluation of currency hedges amount- ing to EUR -0.7 million (0.2). July–September 2026 in brief (compared with 4–6/2026) Sales in July–September were EUR 402.3 million (431.9), and the comparable operating result was EUR 5.5 million (3.1). The comparable operating result was affected by signif- icant annual maintenance shutdowns at the mills and a long market-driven production shutdown in Husum. Av- erage prices of paperboards increased. The result was improved by tariff refunds, a seasonal decline in per- sonnel costs and the sale of emissions allowances, which increased by EUR 5 million from the previous quarter.
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Page 5/31 Interim report 1 January–30 September 2026 The associated company Metsä Fibre’s share of Metsä Board’s comparable operating result in July–September was EUR -7.1 million (-5.5). January–September 2026 (compared with 1–9/2025) Metsä Board’s sales were EUR 1,227.9 million (1,382.2). Folding boxboard accounted for 55% (57) of sales, while 30% (25) came from white kraftliner, 11% (12) from market pulp, and 4% (6) from other opera- tions. The decline in sales was due to lower delivery volumes and average prices of folding boxboard, as well as a negative currency effect. The comparable operating result was EUR -2.2 million (-45.5), and the operating result was EUR -13.7 million (-70.3). Items affecting comparability totalled EUR -11.6 million in the review period. A more detailed breakdown of these items can be found on page 22 of this interim report. Total paperboard deliveries in January–September were 1,028,000 tonnes (1,059,000), of which 60% (57) was delivered to Europe, 26% (29) to the Americas, and 13% (13) to emerging markets. Market pulp deliver- ies totalled 244,000 tonnes (280,000), of which 65% (66) was delivered to Europe, and 35% (34) to emerg- ing markets. The comparable operating result for the review period was particularly affected by lower delivery volumes and average prices of folding boxboard. The impact was greatest in the United States, where import tariffs weak- ened demand. In contrast, delivery volumes of white kraftliners increased. Market pulp delivery volumes and average prices also declined. Exchange rate fluctuations, taking hedging into ac- count, had a negative impact of approximately EUR 50 million on the operating result compared with the com- parison period. The most significant improvement in the result came from lower costs, supported by measures under the transformation programme. Among variable costs, wood and chemical costs declined in particular. Higher fuel prices increased logistics costs, partly offset by the positive impact from tariff refunds. The closure of the Tako mill also reduced fixed costs. Mill maintenance costs were lower than in the compari- son period. Unused emissions allowances were sold for approxi- mately EUR 20 million (10). The associated company Metsä Fibre’s share of Metsä Board’s comparable result in January–September was EUR -17.8 million (-20.3). Metsä Fibre’s profit develop- ment was affected by lower wood and chemical costs, profitability improvement measures, and the lower price of market pulp, among other things. Financial income and expenses totalled EUR -14.9 mil- lion (-11.5), including the impact of exchange rate differ- ences and the revaluation of currency hedges amount- ing to EUR -2.1 million (-1.1). Cost savings and profitability improvement (Transformation programme) On 31 July 2025, Metsä Board launched a transfor- mation programme aimed at increasing annual EBITDA by EUR 200 million on a run-rate basis by the end of 2027. In addition to cost savings, the programme fo- cuses on strengthening commercial capabilities as well as simplifying and improving operational efficiency. By 30 September 2026, the measures implemented un- der the transformation programme had achieved a com- bined annual run-rate EBITDA improvement of approxi- mately EUR 148 million, of which approximately EUR 99 million was reflected in reported EBITDA. The improvements have primarily resulted from stream- lining mill cost structures, enhancing procurement effi- ciency, reducing logistics costs and permanently reduc- ing the number of work tasks. The impact is further sup- ported by profitability improvement measures at the as- sociated company Metsä Fibre and efficiency improve- ments in Metsä Group’s shared services. Commercial development initiatives are progressing according to plan, and their effects are expected to become gradu- ally visible in 2027, particularly through improvements in pricing, customer segmentation and service models. Annual cost savings are measured against the average cost structure of the period H2/2024–H1/2025. Profita- bility improvement is measured based on annualised EBITDA, calculated from the actual figures of the sec- ond and third quarters of 2025.
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Page 6/31 Interim report 1 January–30 September 2026 Cash flow and investments 2026 2025 2026 2025 2025 EUR million Q3 Q3 Q1–Q3 Q1–Q3 Q1–Q4 EBITDA 25.6 -17.4 65.5 33.4 -3.9 Adjustments, net financials and income taxes -14.5 8.4 -25.2 -2.6 12.2 Change in NWC 11.2 131.0 -79.7 53.0 231.3 Cash flow from operations 22.3 122.0 -39.5 83.9 239.6 Investments, disposals and other items 10.0 -28.4 -4.0 -50.7 -121.7 Cash flow after investing 32.3 93.6 -43.5 33.2 117.9 Net cash flow from operating activities in January–Sep- tember 2026 was EUR -39.5 million (1–9/2025: 83.9). In January–September, cash flow from operating activi- ties was weakened particularly by an increase in work- ing capital of around EUR 80 million, which mostly took place in the early part of the year due to increased busi- ness activity and a rise in stock levels. In the third quar- ter, working capital was released, and cash flow from operating activities improved to EUR 22.3 million. In the second half of 2025, EUR 300 million in working capital was freed up as part of the transformation pro- gramme. The management of cash flow and working capital remains a key priority, and production will be ad- justed as necessary to meet demand. Investments In January–September 2026, total investments were EUR 26.8 million (1–9/2025: 63.7). Development invest- ments, including business acquisitions, accounted for approximately 22%, while maintenance investments ac- counted for approximately 78%. Of total investments, the company’s own property, plant and equipment amounted to EUR 13.0 million (63.0), and leased prop- erty, plant and equipment to EUR 13.8 million (0.8). In 2021–2025, Metsä Board invested approximately one billion euros to strengthen its growth, competitive- ness and environmental efficiency. In line with its strat- egy, the company is now focusing on fully leveraging its investments, and no significant growth investments are expected during the current strategy period. Balance sheet and financing At the end of the review period, Metsä Board’s equity ratio was 59% (31 December 2025: 60) and the net gearing ratio was 19% (15). The ratio of interest-bear- ing net liabilities to comparable EBITDA in the previous 12 months was 4.6 (8.6). Interest-bearing debt totalled EUR 607.7 million at the end of the period (31 December 2025: 564.5). Of the to- tal, 35% consisted of floating-rate debt and 65% of fixed-rate debt. The average interest rate on liabilities was 3.0% (2.9), and the average maturity of non-cur- rent liabilities was 2.4 years (3.1). The interest rate ma- turity of loans was 13.2 months (18.3). Interest-bearing net liabilities totalled EUR 311.5 million (31 December 2025: 254.8). The available liquidity was EUR 545.8 million (31 De- cember 2025: 559.3), consisting of liquid assets and in- vestments of EUR 295.8 million and a syndicated credit facility (revolving credit facility) of EUR 250.0 million. Of the liquid assets, EUR 294.3 million consisted of short- term deposits with Metsä Group Treasury, and EUR 1.5 million consisted of cash funds and investments. In addition to items reported as liquidity, the liquidity re- serve is complemented by Metsä Group’s internal short-term credit facility of EUR 150 million and a EUR 200 million commercial paper programme currently un- used. The fair value of other non-current investments was EUR 111.3 million (31 December 2025: 186.2). The change in value was related to the change in the fair value of Pohjolan Voima Oyj’s shares. An average of 8.3 months of the net foreign currency exposure was hedged, including the hedging of the bal- ance sheet position of trade receivables and trade pay- ables. Metsä Board’s credit rating from Moody’s is Baa3 with a negative outlook. During the review period, Metsä Board discontinued its credit rating from S&P Global for cost reasons and because one credit rating is sufficient for the company. At the time of discontinuation, S&P Global’s credit rating was BBB- with a negative outlook.
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Page 7/31 Interim report 1 January–30 September 2026 Business development Metsä Board produces high-quality and recyclable fresh fibre paperboards for consumer and retail packaging. The company’s products support customers’ sustaina- bility targets and meet the regulatory requirements for packaging. In addition, Metsä Board produces chemical pulp and bleached chemi-thermomechanical pulp (BCTMP) for its own use and for sale as market pulp. Metsä Board’s business areas are Consumer Packag- ing (folding boxboard), Retail Packaging (white kraft- liner) and Market Pulp (chemical pulp and BCTMP). The company’s main market areas are Europe and North America. Metsä Board is part of Metsä Group and owns 24.9% of Metsä Fibre. Delivery and production volumes 2026 2025 2026 2026 2025 2025 1,000 tonnes Q3 Q3 Q2 Q1–Q3 Q1–Q3 Q1–Q4 Delivery volumes Consumer Packaging (Folding boxboard) 221 216 222 648 704 890 Retail Packaging (White kraftliner) 120 116 138 380 356 474 Market pulp (incl. BCTMP) 75 94 91 244 280 368 Metsä Fibre’s pulp deliveries 686 735 726 2,139 2,216 2,893 Production volumes Consumer Packaging (Folding boxboard) 215 172 246 685 684 856 Retail Packaging (White kraftliner) 141 100 166 421 336 464 Metsä Board’s pulp production (incl. BCTMP) 149 196 253 688 759 948 Metsä Fibre’s pulp production 664 598 689 2,181 2,145 2,789 Consumer Packaging business Metsä Board’s folding boxboard deliveries in January– September were 648,000 tonnes (704,000), of which 63% (58) was delivered to Europe, 17% (23) to the Americas, and 20% (19) to emerging markets. Deliveries of folding boxboard to Europe remained at the same level as in the comparison period. Relatively stable demand, together with capacity closures, helped stabilise the European paperboard market towards the end of the period. Metsä Board continued to take active commercial measures to capitalise on new business opportunities and strengthen its market position. In July, the company opened a new design studio in Milan to strengthen its cooperation with brand owners in particu- lar. Packaging made from Metsä Board’s paperboards won the top prize (Carton of the Year) at the European Car- ton Excellence Awards 2026 for the second year run- ning, as well as two other awards. The market balance in North America improved after the summer as a result of capacity cuts. However, de- liveries of folding boxboard to the Americas region were lower than in the comparison period due to weaker de- mand caused by U.S. import tariffs. With the exception of the Husum mill, the utilisation rates of the paperboard mills remained good during the review period. Increased sheeting volumes at the Winschoten unit are supporting the gradual ramp-up of production at Husum. Average prices for folding boxboard increased. How- ever, the average price during the review period re- mained lower than in the comparison period, partly due to the weakening of the U.S. dollar against the euro. Retail Packaging business In January–September, total white kraftliner deliveries were 380,000 tonnes (356,000), of which 56% (56) was delivered to Europe, 41% (42) to the Americas, and 3% (2) to emerging markets. During the review period, deliveries of white kraftliner increased from the comparison period in both Europe and the Americas. In North America, Metsä Board’s coated white kraftliner holds a strong market position in a segment where there are few alternative products. Closures of lower- grade liner capacity have also shifted demand towards high-quality white kraftliners. Average prices for white kraftliners increased. However, the average price of white kraftliners were lower than in the comparison period, partly due to the weakening of the U.S. dollar against the euro.
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Page 8/31 Interim report 1 January–30 September 2026 Market Pulp business Metsä Board’s market pulp deliveries (including BCTMP) totalled 244,000 tonnes (280,000) in January– September. Europe’s share of the deliveries was 65% (66), while emerging markets accounted for 35% (34). The associated company Metsä Fibre’s total pulp deliv- eries amounted to 2,139,000 tonnes (2,216,000). Demand and price development for market pulp re- mained subdued in both Europe and China. In Europe, several production curtailments, low wood purchasing volumes and capacity closures tightened the supply of market pulp. The market-driven production curtailment at Metsä Fibre’s Joutseno mill, which began at the end of March, continued due to weak market conditions and a low order book in Asia. Key market indicators Q3/26 vs Q3/25 Q3/26 vs Q2/26 Q1–Q3/26 vs Q1–Q3/25 Paperboard deliveries, European producers Folding boxboard, Europe decreased significantly decreased significantly decreased White kraftliner, Europe increased increased stable Sources: Pro carton, Containerboard Europe Market price of paperboard in local currencies Folding boxboard, Europe decreased increased decreased significantly White kraftliner, Europe increased significantly increased significantly increased Solid bleached board, USA decreased significantly increased significantly decreased significantly -1% < stable < +1%, increased (decreased): +1…+3% (-1%...-3%), increased significantly (decreased significantly): > +3% (< -3%) Sources: Fastmarkets FOEX, Fastmarkets RISI Market prices of pulp, PIX¹⁾, USD Long-fibre pulp, Europe, gross, % 9 -1 6 Short-fibre pulp, Europe, gross, % 32 0 21 Long-fibre pulp, China, net, % -7 -2 -11 Short-fibre pulp, China, net, % 14 -5 8 ¹⁾ European PIX price changes are based on gross prices and do not reflect period -specific discounts, which impact realised net price development. Therefore, net price development may differ from that of gross prices. Source: Fastmarkets FOEX Strategy and financial targets 2026–2030 The Lead the Pack strategy aims to strengthen Metsä Board’s position as a leading partner in packaging solu- tions for consumer brands. The strategy focuses first on improving profitability and competitiveness, followed by growth in regulatory-compliant, material-efficient and re- cyclable packaging solutions. Financial targets for growth, return on capital and leverage have been set for the strategy period. The aim is to reduce the com- pany’s exposure to market pulp and increase sales in the Consumer Packaging business. Strategy execution The implementation of the strategy is guided by four strategic pillars: Safe, Shift, Scale and Streamline. Pro- gress is measured using indicators for safety (TRIF), competence development and organisational renewal (People Power Index), customer-focused growth (NPS and growth in the Consumer Packaging business), and operational efficiency and profitability (OEE and ONWC).
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Page 9/31 Interim report 1 January–30 September 2026 Strategy KPIs and financial targets for 2026–2030, and actuals for the reporting period Actual Q1-Q3 2026 Actual Q1-Q3 2025 Actual FY2025 Target for the strategy period Key strategic KPI’s Total recordable incident frequency TRIF 5.9 4.1 4.8 0 People Power index (PPI)¹⁾ - - 69 78 Net promoter score (NPS) 43 45 45 55 OEE-%, paperboard production ²⁾ 71 72 71 85 Operating working capital, ONWC, EUR million ³⁾ 262 358 168 200 Financial targets Annual revenue growth (CAGR) of the Consumer Packaging business, % -14 - -11 > 4% a year Comparable return on invested capital, % 0.2 -2.3 -3.1 >8% in 2027–2028 and >12% from 2029 Net debt to comparable EBITDA (last 12 months), ³⁾ 4.6 5.3 8.6 < 2.5 ¹⁾ reported annually ²⁾ OEE % = Time Efficiency % x Speed Efficiency % x Material Efficiency % ³⁾ end of period Personnel At the end of September 2026, Metsä Board had 1,867 employees (30 September 2025: 2,150), of whom 961 (1,174) were based in Finland. In January–September, the company employed 1,910 people on average (1– 9/2025: 2,301). Personnel expenses in January–Sep- tember totalled EUR 132.8 million (152.6). The decrease in the number of employees compared with the comparison period is a result of structural changes implemented during 2025. As a result of the closure of the Tako mill and the transformation pro- gramme, a total of more than 500 jobs ended, but some of the affected employees transferred to other roles within Metsä Board and Metsä Group. Due to weak market demand, production will be ad- justed as necessary, which may lead to temporary layoffs at mills in Finland. Changes in Corporate Leadership Team Maarten Florizoone was appointed SVP, Sales as of 4 September 2026. Erja Hyrsky continues as SVP, Commercial Operations. Florizoone and Hyrsky are members of the Metsä Board Leadership Team and report to CEO Esa Kaikkonen. Shares and trading Metsä Board has two series of shares. Each series A share entitles its holder to twenty (20) votes at a General Meeting of Shareholders, and each series B share entitles the holder to one (1) vote. All shares carry the same right to receive a dividend. Metsä Board’s shares are listed on the Nasdaq Helsinki. At the end of September 2026, closing price of Metsä Board’s B share on the Nasdaq Helsinki was EUR 3.30. The share’s highest and lowest prices were EUR 3.62 and EUR 2.51, respectively. Correspondingly, the clos- ing price of the A share was EUR 4.21; the share’s highest and lowest prices were EUR 5.72 and EUR 3.96, respectively. In January–September, the average daily trading vol- umes of the B and A shares on the Nasdaq Helsinki were around 391,900 shares and around 2,900 shares respectively. The total trading volume of the B share was EUR 218 million, and the total trading volume of the A share was EUR 3 million. At the end of September 2026, the market value of all Metsä Board shares was EUR 1.2 billion, of which the market value of the B shares and the A shares ac- counted for EUR 1.1 billion and EUR 0.1 billion respec- tively. Metsä Board’s major shareholder Metsäliitto Coopera- tive holds approximately 52% of Metsä Board’s shares and approximately 69% of votes. As Metsä Board is an entity controlled by Metsäliitto Cooperative, Metsäliitto Cooperative's ownership also includes the 360,802 own shares held by Metsä Board. International and nominee-registered investors held ap- proximately 8% of all shares. (Source: Euroland)
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Interim report 1 January–30 September 2026 Page 10/31 Sustainability Key sustainability figures 2026 2025 2026 2025 2025 Target Q3 Q3 Q1–Q3 Q1–Q3 Q1–Q4 2030 Total recordable incident frequency TRIF 5.9 3.8 5.9 4.1 4.8 0 Women in leadership roles, % 26 25 26 25 25 >35 Share of certified wood fibre, % 92 90 91 92 92 100 Share of fossil free energy of total energy consump- tion, % - - - - 93 100 Direct fossil-based CO₂ emissions, tonnes (Scope 1) 18,935 14,395 77,448 102,078 121,041 0 Indirect fossil-based CO₂ emissions, tonnes (Scope 2) - - - - 211 0 Energy efficiency improvement, % -4.0 -5.7 - - -7.2 +10 Reduction in process water use, % -12 -8.3 - - -8.0 -35 TRIF is reported per million hours worked. Scope 2 is market-based. Energy and water use / tonne (rolling 12 months) are measured against a 2018 baseline. Previously reported figures have been revised where necessary. All sustainability targets and reporting principles for metrics are presented in the Metsä Board Sustainability Statement 2025. Occupational safety and diversity Continuous improvement in occupational safety is a strategic objective for Metsä Board, and progress is measured by the TRIF rate. Proactive safety work and common operating practices support this objective. Di- versity, equity and inclusion are promoted in line with the Metsä for All vision and the targets set. Greenhouse gas emissions The company’s emission reduction targets have been approved by the Science Based Targets initiative (SBTi) and are aligned with the 1.5°C goal of the Paris Agreement. For the value chain, the targets cover key emissions from the supply chain and the end-of-life treatment of products. Wood procurement The wood used by Metsä Board originates from North- ern European forests. The company’s wood sourcing is managed by Metsä Group, which is committed to pro- moting sustainable forest management and biodiversity in accordance with the principles of regenerative for- estry. Metsä Board has prepared for compliance with the EU Deforestation Regulation (EUDR) and will meet its requirements when they enter into force. PPWR The EU Packaging and Packaging Waste Regulation (PPWR) began to apply in August with requirements concerning conformity assessment and documentation, which Metsä Board addresses through comprehensive documentation. The requirements will increase gradu- ally towards 2030, including those related to packaging minimisation and recyclability. Metsä Board’s material- efficient and recyclable paperboards are well aligned with the objectives of the regulation and strengthen the company’s competitiveness. External ratings ESG rating Score (lowest-highest) CDP Climate A, Forests A, Water A (D−A) EcoVadis Platinum, 90/100 (platinum is the highest, 0−100) ISS STOXX Corporate Rating Prime, B- (D- − A+) ISS STOXX QualityScore Environment 1, Social 2, Governance 7 (10−1) MSCI ESG Rating A (CCC−AAA) Sustainalytics ESG Risk Rating Low risk, 15.9 (100−0)
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Interim report 1 January–30 September 2026 Page 11/31 Near-term risks and uncertainties Uncertainty related to the geopolitical operating envi- ronment is expected to continue, which may affect global trade, increase economic uncertainty and heighten volatility in the financial markets. A prolongation or escalation of the conflict in the Middle East could cause further disruptions to international supply chains, increase the costs of energy, logistics and certain raw materials, and add to inflationary pres- sures. Rising interest rates or accelerating inflation could weaken consumer confidence and negatively af- fect demand for end products. The continuing war against Ukraine maintains uncer- tainty, affects the wood market in the Baltic Sea region and may add upward pressure on energy, fuel and lo- gistics costs. The tightening of U.S. trade policy and a potential in- crease in protectionism may weaken the competitive- ness of Metsä Board’s products in the United States and negatively affect paperboard sales. Changes in the balance between wood supply and de- mand, combined with low wood inventories, could in- crease risks related to wood cost and availability, partic- ularly in unfavourable harvesting conditions. Imbalances between supply and demand in the paper- board and pulp markets could weaken demand and pricing for Metsä Board’s products. Competition is in- tensified particularly by paperboard imports from China to the EMEA region, the ramp-up of new capacity and the potential redirection of deliveries from other markets to Europe. Metsä Board has a pulp surplus through its 24.9% own- ership in Metsä Fibre. Structural changes in the global pulp market, such as new capacity, the partial substitu- tion of softwood pulp with lower-cost pulp grades and the increase in China’s domestic pulp production, could weaken demand and price development for softwood market pulp. Efficiency and transformation programmes as well as development projects involve execution risks, such as potential cost overruns, delays and risks related to the successful implementation of technological changes in production processes. Growth in the paperboard busi- ness and new products involve risks related to the ramp-up of sales and production. A concentrated prod- uct portfolio increases exposure to fluctuations in de- mand and changes in the market environment. Tightening regulatory and sustainability requirements, as well as changes in customers’ certification require- ments, could affect the competitiveness of fibre-based products. Disruptions in labour markets, logistics and supply chains could adversely affect production, deliv- ery reliability and profitability. In addition, serious acci- dents, disruptions to information systems and cyberat- tacks could interrupt operations and cause significant fi- nancial losses. There are also uncertainties related to the coverage, availability and cost of insurance. Significant or prolonged changes in market conditions could lead to impairments of long-term balance sheet items. Changes in the business outlook or credit ratings could affect the availability and cost of financing. In ad- dition, a deterioration in customers’ financial position could increase the risk of credit losses. Sensitivity analyses The sensitivity analyses illustrate the impact of changes in wood and market pulp prices as well as exchange rates of the main currencies on Metsä Board’s annual operating result. The sensitivity analyses for wood and market pulp prices include Metsä Board’s 24.9% owner- ship in Metsä Fibre and the resulting indirect impact on the company’s earnings. The foreign exchange sensitivity analysis is presented against the euro and does not include the effects of hedging. Price increase of +10% Impact on operating result Wood EUR -60 million Market pulp EUR +40 million Currency appreciation of +10% Impact on operating result USD/EUR EUR +50 million SEK/EUR EUR -40 million GBP/EUR EUR +10 million The forward-looking statements included in this interim report are based on current plans and estimates and in- volve risks and uncertainties that may cause actual re- sults to differ materially from those expressed in such statements. Further information on longer-term risks is available on pages 19–21 of Metsä Board’s Annual Report 2025 and in the listing prospectus (in English) for the bond issued in 2025. Climate-related and other sustainability risks are described in more detail in the sustainability report included in the Annual Report.
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Interim report 1 January–30 September 2026 Page 12/31 Near-term outlook Operating environment for the next 3–6 months Paperboard market balance has improved, supporting the pricing environment. Softwood market pulp demand is expected to remain subdued, while production curtailments and capacity closures support a gradual improvement in market bal- ance. Tensions in the Middle East and the approaching winter season are expected to put upward pressure particu- larly on energy, logistics and chemical costs. Taking hedges into account, currency movements are expected to have a clearly negative impact on earnings in 2026 compared with 2025. In the coming months, the currency impact is expected to be limited. Company-specific for October– December 2026 (compared with 7– 9/2026) Cash flow and working capital management remain key priorities in Metsä Board’s operational steering. Market- related production adjustments will continue as neces- sary in line with demand. Operating cash flow is expected to decrease from the previous quarter. Paperboard delivery volumes are expected to decrease seasonally from the previous quarter. Earlier imple- mented price increases are expected to support profita- bility. Energy costs are expected to increase from the previ- ous quarter. The third-quarter result included tariff re- funds that will not recur in the fourth quarter. Mill maintenance costs are expected to decrease from the previous quarter, while other fixed costs, particularly personnel costs, are expected to increase. Metsä Fibre’s result is expected to improve from the previous quarter. Annual maintenance shutdowns in 2026 The annual maintenance shutdown at Kemi in the fourth quarter will be longer than usual due to the re- newal of the cooking process at Metsä Fibre’s Kemi bioproduct mill. As part of the renewal, Metsä Fibre has selected Andritz as the technology supplier for the wood chip feeding process to ensure the mill’s full pro- duction capacity also in the future. Metsä Board’s pro- duction of white kraftliners will be suspended for the du- ration of the shutdown. As part of the transformation programme, Metsä Board has also implemented cost-saving and efficiency measures related to annual maintenance shutdowns. The financial impact of annual maintenance shutdowns in 2026 is expected to be clearly lower than in the previ- ous year. Major annual maintenance shutdowns 2026 Q1'2026 No planned annual maintenance Q2'2026 several Metsä Board’s mills in Finland Q3'2026 Husum integrated mill, Metsä Fibre’s Rauma and Äänekoski mills Q4'2026 Kemi integrated mill
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Interim report 1 January–30 September 2026 Page 13/31 METSÄ BOARD CORPORATION Espoo, 29 October 2026 BOARD OF DIRECTORS Further information: Anssi Tammilehto, CFO, tel. +358 10 465 4913 Katri Sundström, VP, Investor Relations, tel. +358 10 462 0101 Webcast and conference call The webcast and the conference call for analysts and investors in English will be held on 29 October 2026 at 3:00 p.m. EET. CEO Esa Kaikkonen and CFO Anssi Tammilehto will present the results. The webcast and conference call can be followed online on the com- pany’s website at https://metsaboard.events.in- deres.com/2026-q3. Participation in the conference call requires registration through the following link: https://events.in- deres.com/metsaboard/2026-q3/dial-in. After the registration, the participant will be provided with a phone number, a User ID and a Conference ID to access the conference. By participating in the confer- ence call, the participant agrees that personal infor- mation such as name and company name can be col- lected. The webcast presentation and conference call will be recorded and archived on the company’s website at https://www.metsagroup.com/metsaboard/investors/. Financial reporting in 2027 Financial Statements Release for 2026: 4 February 2027 Interim Report for January–March 2027: 29 April 2027 Half-Year Financial Report January–June 2027: 5 August 2027 Interim Report for January–September 2027: 28 October 2027
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Interim report 1 January–30 September 2026 Page 14/31 Calculation of key ratios Operating result = Result before income tax, financial income and expenses, exchange gains and losses, and share of results from associated companies and joint ven- tures EBITDA = Operating result before depreciation, amortisation and impairment losses Return on equity (%) = (Result before income tax – income taxes) per (Shareholder’s equity (aver- age)) Return on capital employed (%) = (Result before income taxes + net exchange differences and other financial expenses) per (Balance total – non-interest bearing liabilities (average)) Equity ratio (%) = (Shareholder’s equity) per (Balance total – advance payments received) Net gearing ratio (%) = (Interest-bearing net liabilities) per (Shareholder’s equity) Interest-bearing net liabilities = Interest-bearing liabilities – cash and cash equivalents and interest-bearing re- ceivables Total investments = Investments in owned and leased fixed assets and investments in business combinations Earnings per share = (Profit attributable to shareholders of parent company) per (Adjusted number of shares (average)) Shareholders’ equity per share = (Equity attributable to shareholders of parent company) per (Adjusted number of shares at the end of the period) Adjusted average share price = (Total traded volume per share (EUR)) per (Average adjusted number of shares traded during the financial year) Market capitalisation = (Number of shares) x (market price at the end of period) Comparable key ratios According to the guidelines of the European Securities and Markets Authority (ESMA), alternative performance measures are key figures concerning historical or future financial performance, financial standing, or cash flows that are not determined by the financial reporting frame- work applied by the company. Metsä Board’s financial reporting framework consists of the IFRS standards in the form in which they were adopted by the EU in line with Regulation (EC) No. 1606/2002. With the excep- tion of earnings per share, which have been defined in standard IAS 33 (Earnings per Share), the key figures presented in this financial report meet the ESMA’s crite- ria for alternative performance measures. Metsä Board believes that the presentation of alterna- tive performance measures provides users of financial statements with a better understanding of the com- pany’s financial performance and standing, including its use of equity, operational profitability and ability to ser- vice debt. The reconciliation of the comparable key figures is pre- sented in this financial report. Metsä Board considers that the key figures derived in this manner improve the comparability of reporting periods. None of these key figures with items affecting compara- bility eliminated is a key figure used in IFRS reporting, and they cannot be compared to other companies’ key figures identified by the same names. Items affecting comparability include material gains and losses on dis- posals of assets, impairment and impairment reversals in accordance with IAS 36 “Impairment of Assets”, cor- porate divestments and acquisitions, adjustment measures and other restructuring measures and their adjustments, costs arising from extensive and unfore- seeable interruptions in production, and the compensa- tion received for them as well as items arising from le- gal proceedings. Metsä Board considers comparable key figures to bet- ter reflect its operational performance, as they eliminate the effect on the result of items and business transac- tions arising outside normal business operations.
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Page 15/31 Interim report 1 January–30 September 2026 Unaudited condensed consolidated statement of profit and loss 2026 2025 2026 2025 2025 EUR million Note Q3 Q3 Q1–Q3 Q1–Q3 Q1–Q4 Sales 2, 6 402.3 441.2 1,227.9 1,382.2 1,775.7 Change in stocks of finished goods and work in pro- gress -23.0 -48.5 14.9 -26.1 -59.9 Other operating income 2, 6 14.8 4.9 37.4 25.9 48.1 Material and services 6 -287.9 -321.2 -955.2 -1,061.3 -1,353.0 Employee costs -39.4 -42.8 -132.8 -152.6 -214.5 Share of result of associated company 6 -10.4 -15.4 -22.7 -18.7 -37.4 Depreciation, amortisation and impairment losses -24.6 -27.4 -79.2 -103.8 -165.6 Other operating expenses -30.7 -35.5 -104.1 -115.9 -163.0 Operating result 2 1.1 -44.8 -13.7 -70.3 -169.5 Share of results of associated companies and joint ven- tures 0.0 0.0 Net exchange gains and losses -0.7 0.2 -2.1 -1.1 -1.2 Net financial items 2, 6 -4.6 -3.6 -12.8 -10.4 -16.1 Result before income tax -4.2 -48.3 -28.6 -81.9 -186.9 Income taxes 3 -1.4 5.8 0.7 12.1 22.3 Result for the period -5.6 -42.5 -27.9 -69.8 -164.6 Result for the period attributable to Shareholders of parent company -2.4 -38.0 -23.2 -66.7 -156.6 Non-controlling interests -3.2 -4.5 -4.6 -3.1 -7.9 Total -5.6 -42.5 -27.9 -69.8 -164.6
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Page 16/31 Interim report 1 January–30 September 2026 Consolidated statement of comprehensive in- come 2026 2025 2026 2025 2025 EUR million Note Q3 Q3 Q1–Q3 Q1–Q3 Q1–Q4 Items that will not be reclassified to profit or loss Actuarial gains/losses on defined pension plans 0.3 0.2 0.2 0.6 -0.4 Financial assets valued at fair value through other com- prehensive income 8 -2.0 -5.3 -74.9 -22.3 -33.5 Income tax relating to items that will not be reclassified 0.3 1.6 14.7 4.9 7.6 Total -1.5 -3.6 -60.0 -16.8 -26.3 Items that may be reclassified to profit or loss Cash flow hedges 4.2 -16.7 -9.1 42.2 21.5 Translation differences -15.7 6.9 -32.9 22.6 40.0 Share of other comprehensive income of associated company 2.4 -6.9 -1.9 11.9 6.8 Income tax relating to components of other comprehen- sive income -0.8 1.8 -11.8 -4.3 Total -9.9 -16.6 -42.1 64.9 64.0 Other comprehensive income, net of tax -11.3 -20.2 -102.1 48.1 37.8 Total comprehensive income for the period -16.9 -62.7 -130.0 -21.6 -126.8 Total comprehensive income for the period attributable to Shareholders of parent company -10.5 -59.6 -118.0 -24.5 -128.4 Non-controlling interests -6.5 -3.1 -11.9 2.9 1.6 Total -16.9 -62.7 -130.0 -21.6 -126.8 Earnings per share for result attributable to share- holders of parent company (EUR/share) -0.01 -0.11 -0.07 -0.19 -0.44
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Page 17/31 Interim report 1 January–30 September 2026 Unaudited condensed balance sheet EUR million Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 19.4 12.2 12.2 Other intangible assets 32.1 38.0 32.8 Tangible assets 4 1,180.5 1,231.1 1,265.5 Investments in associated companies and joint ventures 462.1 510.7 486.8 Other investments 8 111.3 197.5 186.2 Other non-current assets 6, 8 5.5 4.2 3.5 Deferred tax receivables 2 5.8 8.0 6.0 1,816.7 2,001.7 1,993.1 Current assets Inventories 419.8 398.0 374.1 Trade receivables and other receivables 6, 8 256.6 278.7 249.3 Cash and cash equivalents 6, 8 295.8 212.7 309.3 972.2 889.3 932.7 Total assets 2,788.9 2,891.0 2,925.8 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders' equity Equity attributable to shareholders of parent company 1,472.9 1,694.2 1,590.4 Non-controlling interests 154.4 167.7 166.3 Total equity 1,627.2 1,861.8 1,756.7 Non-current liabilities Deferred tax liabilities 68.0 115.8 92.8 Post-employment benefit obligations 2 7.0 7.9 8.7 Provisions 5 0.7 0.7 0.7 Borrowings 8 493.4 502.7 495.7 Other non-current liabilities 8 6.2 4.3 4.2 575.3 631.4 602.2 Current liabilities Provisions 5 0.7 3.3 Current borrowings 6, 8 114.3 48.0 68.8 Trade payables and other liabilities 6, 8 472.1 349.1 494.8 586.4 397.8 566.9 Total liabilities 1,161.7 1,029.2 1,169.1 Total shareholders’ equity and liabilities 2,788.9 2,891.0 2,925.8
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Page 18/31 Interim report 1 January–30 September 2026 Unaudited consolidated statement of changes in shareholders’ equity EUR million Share capital Trans- lation diffe- rences Fair value and other reserves Reserve for in- vested unres- tricted equity Own shares Retained earnings Total Non-con- trolling interests Equity total Shareholders’ equity 1 Jan- uary 2025 557.9 -82.7 137.4 208.9 -3.7 925.2 1,742.9 164.7 1,907.7 Comprehensive income for the period Result for the period -66.7 -66.7 -3.1 -69.8 Other comprehensive in- come net of tax total 16.6 24.5 1.0 42.1 6.0 48.1 Comprehensive income total 16.6 24.5 -65.6 -24.5 2.9 -21.6 Related party transac- tions Dividend -24.9 -24.9 -24.9 Disposal of own shares 1.0 -1.0 Share based payments 0.6 0.6 0.6 Shareholders’ equity 30 Septermber 2025 557.9 -66.1 161.9 208.9 -2.8 834.4 1,694.2 167.7 1,861.8 EUR million Share capital Trans- lation diffe- rences Fair value and other reserves Reserve for in- vested unres- tricted equity Own shares Retained earnings Total Non-con- trolling interests Equity total Shareholders’ equity 1 Jan- uary 2026 557.9 -52.2 134.6 208.9 -2.8 744.0 1,590.4 166.3 1,756.7 Comprehensive income for the period Result for the period -23.2 -23.2 -4.6 -27.9 Other comprehensive in- come net of tax total -25.6 -69.2 -0.1 -94.8 -7.3 -102.1 Comprehensive income total -25.6 -69.2 -23.3 -118.0 -11.9 -130.0 Share based payments 0.5 0.5 0.5 Shareholders’ equity 30 September 2026 557.9 -77.7 65.4 208.9 -2.8 721.2 1,472.9 154.4 1,627.2
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Page 19/31 Interim report 1 January–30 September 2026 Unaudited condensed consolidated cash flow statement 2026 2025 2025 2026 EUR million Note Q1–Q3 Q1–Q3 Q1–Q4 Q3 Result for the period -27.9 -69.8 -164.6 -5.6 Total adjustments 7 91.7 112.8 192.5 31.0 Change in working capital -79.7 53.0 231.3 11.2 Net financial items 7 -17.8 -15.8 -19.4 -10.7 Income taxes paid -5.7 3.6 -0.2 -3.6 Net cash flow from operations -39.5 83.9 239.6 22.3 Business acquisitions 7 -9.3 0.0 Investments in intangible and tangible assets -12.0 -62.9 -136.0 1.9 Disposals and other items 6, 7 17.3 12.2 14.3 8.1 Net cash flow from investing -4.0 -50.7 -121.7 10.0 Changes in non-current loans and in other financial items 6 37.4 18.8 27.5 -29.8 Paid dividend 7 -24.9 -24.9 Net cash flow from financing 37.4 -6.1 2.7 -29.8 Changes in cash and cash equivalents -6.1 27.2 120.5 2.5 Cash and cash equivalents at beginning of period 6 309.3 182.6 182.6 296.5 Translation difference in cash and cash equivalents -7.5 3.0 6.2 -3.2 Changes in cash and cash equivalents -6.1 27.2 120.5 2.5 Cash and cash equivalents at end of period 6 295.8 212.7 309.3 295.8
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Page 20/31 Interim report 1 January–30 September 2026 Appendices to unaudited report Note 1 – Background and basis of prepa- ration Metsä Board Corporation and its subsidiaries comprise a forest industry group whose main product areas are fresh fibre cartonboards and linerboards. Metsä Board Corporation, the parent company, is domiciled in Hel- sinki and the company’s registered address is Revontu- lenpuisto 2, 02100 Espoo, Finland. Metsä Board’s ulti- mate parent company is Metsäliitto Cooperative. This financial report has been prepared in accordance with IAS 34, Interim Financial Reporting, and it should be read in conjunction with the 2025 IFRS financial statements. The effects of foreign exchange changes on the review period operating result vis-à-vis the com- parison period result have been calculated based on estimated review period net cash flows in relevant cur- rencies and taking the realised effects of foreign ex- change hedges into account. The same accounting policies have been applied as in the 2025 IFRS financial statements with the following exception: Depreciation of machinery and equipment during the fi- nancial year has been adjusted between the quarters when applicable to correspond with the distribution of the economic benefit of the asset between quarters. The standard changes applied in the 2026 financial year will not have a significant impact on the Group's fi- nancial statements. All amounts in the financial report are presented in mil- lions of euros, unless otherwise stated. This financial report was authorised for issue by the Board of Directors of Metsä Board on 29 October 2026. Key estimates and judgements The preparation of financial report requires the use of the management’s estimates, assumptions and judgement-based decisions that affect the amount of assets and liabilities, the presentation of contingent assets and liabilities in the finan- cial report, and the amount of income and expenses. Even though such estimates and assumptions are based on the management’s best knowledge at the time they were made, it is possible that the actual values differ from those used in the financial report. Management’s judgement-based decisions Item Nature of management’s judgement-based decisions Intangible assets, property, plant and equip- ment and leases Valuation model applied in impairment tests Financial instruments measured at fair value Accounting principle and valuation model applied to the shares of Pohjolan Voima Oyj
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Interim report 1 January–30 September 2026 Page 21/31 Estimates and assumptions Item Nature of estimates and assumptions Intangible assets, property, plant and equip- ment and leases Estimates of key factors affecting cash flows in the valuation and expec- tations of economic benefits Property, plant and equipment and leases Estimates of the useful lives of property, plant and equipment Other investments / fair value measurement Estimates of key factors affecting cash flows in the valuation of Pohjolan Voima Oyj Inventories Estimates of the sales prices of products measured at net realisable value, the costs of completion and the costs necessary for making the sale Income taxes Estimates of the date and amount of tax liabilities arising in tax audits and deferred tax assets recognised for losses Note 2 – Segment information The Corporate Management Team is the chief opera- tional decision maker monitoring business operations performance based on the operating segments. Metsä Board’s business operations consist of Consumer Packaging, Retail Packaging and Market Pulp busi- nesses. Metsä Board reports on its financial perfor- mance in one reporting segment. Geographical distribution of sales 2026 2025 2026 2025 2025 EUR million Q3 Q3 Q1–Q3 Q1–Q3 Q1–Q4 Europe 247.0 271.6 750.8 821.0 1,064.1 Americas 95.5 111.8 294.6 355.5 448.3 Emerging markets 59.8 57.9 182.4 205.7 263.3 Total 402.3 441.2 1,227.9 1,382.2 1,775.7
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Interim report 1 January–30 September 2026 Page 22/31 Reconciliation of comparable figures 2026 2025 2026 2025 2025 EUR million Q3 Q3 Q1–Q3 Q1–Q3 Q1–Q4 Operating result 1.1 -44.8 -13.7 -70.3 -169.5 Depreciation, amortisation and impairment losses 24.6 27.4 79.2 103.8 165.6 EBITDA 25.6 -17.4 65.5 33.4 -3.9 Items affecting comparability: Other operating income 0.0 -0.8 0.0 Write down of inventory -0.1 5.8 5.8 Employee benefits 0.5 0.3 1.2 0.8 15.0 Share of results of associated companies 3.3 -1.6 4.9 -1.6 4.4 Other operating expenses 0.7 0.6 6.2 0.6 8.3 Total 4.4 -0.8 11.6 5.6 33.5 EBITDA, comparable 30.1 -18.2 77.0 39.0 29.6 Depreciation, amortisation and impairment losses -24.6 -27.4 -79.2 -103.8 -165.6 Items affecting comparability: Depreciation on property, plant and equipment 0.0 Impairment charges and reversals of impairments 19.3 55.9 Operating result, comparable 5.5 -45.6 -2.2 -45.5 -80.2 Share of results of associated companies and joint ven- tures 0.0 0.0 Net financial items -5.3 -3.5 -14.9 -11.5 -17.3 Items affecting comparability: Financial items 0.0 Result before income tax, comparable 0.2 -49.1 -17.0 -57.0 -97.5 Income taxes -1.4 5.8 0.7 12.1 22.3 Income taxes related to items affecting comparability -0.2 -0.2 -1.3 -5.3 -17.1 Result for the period, comparable -1.4 -43.5 -17.6 -50.2 -92.2 Additional information about the reconciliation “+” sign items = expense affecting comparability ”-” sign items = income affecting comparability Items Q3/2026: Totalled EUR -4.4 million. The items consisted of the cost savings and profitability improve- ment programme EUR -1.1 million and items related to the operations of the associated company Metsä Fibre EUR -3.3 million. Q1–Q3/2026: Totalled EUR -11.6 million. The items consisted of the cost savings and profitability improve- ment programme EUR -6.0 million, items related to the closure of the Tako mill EUR -0.7 million, and items re- lated to the operations of the associated company Metsä Fibre EUR -4.9 million. Q1–Q4/2025: Totalled EUR -89.4 million. The items consisted of EUR -27.3 million related to the impairment of the Tako mill, items of EUR -21 million related to the cost savings and performance improvement pro- gramme, EUR -35.0 million impairment of the renewal project of the enterprise resource planning (ERP) sys- tem, items related to the business of the associated company Metsä Fibre of EUR -4.4 million, and other items of EUR -1.7 million.
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Page 23/31 Interim report 1 January–30 September 2026 Note 3 – Income taxes 2026 2025 2025 EUR million Q1–Q3 Q1–Q3 Q1–Q4 Taxes for the current period -5.8 -1.5 -6.8 Taxes for the prior periods 0.0 0.0 -0.5 Change in deferred taxes 6.5 13.6 29.6 Total income taxes 0.7 12.1 22.3 Note 4 – Changes in property, plant and equipment 2026 2025 2025 EUR million Q1–Q3 Q1–Q3 Q1–Q4 Carrying value at beginning of period 1,265.5 1,248.4 1,248.4 Investments in owned property, plant and equipment 15.5 58.6 101.9 Investments in leased property, plant and equipment 10.8 0.8 3.1 Decreases -0.1 -1.5 -2.3 Depreciation, amortisation and impairment losses -78.0 -102.5 -129.0 Translation difference -33.2 27.3 43.4 Carrying value at end of period 1,180.5 1,231.1 1,265.5 The acquired businesses comprise the tangible fixed assets of the archiving and distribution centre located in Winschoten, the Netherlands. Note 5 – Provisions EUR million Restructuring Environmental obligations Other provisions Total 1 January 2026 0.8 0.7 2.6 4.1 Translation differences -0.2 -0.1 -0.4 Additions 0.0 0.0 Utilised during the year -0.3 -2.5 -2.8 Unused amounts reversed -0.2 -0.2 30 September 2026 0.0 0.7 0.0 0.7 Non-current 0.7 0.0 0.7 Current Total 0.7 0.0 0.7 Non-current provisions are expected to be utilised within five years.
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Page 24/31 Interim report 1 January–30 September 2026 Note 6 – Related party transactions Related parties include Metsä Board’s ultimate parent company Finnish Metsäliitto Cooperative, other subsidi- aries of Metsäliitto, associated companies and joint ventures. The members of the Board of Directors and Metsä Group’s Executive Management Team and Metsä Board’s Corporate Management Team as well as their close family members are also included in related parties. Metsä Board enters into a significant number of trans- actions with related parties for the purchases of inven- tories, sale of goods, corporate services and financial transactions. Arm’s length pricing has been followed in product and service transactions undertaken, and inter- est rates set between Metsä Board and the related par- ties. Transactions of Metsä Board and its subsidiaries with Metsäliitto Cooperative and its subsidiaries, as well as with associated companies and joint ventures, are presented below. Transactions with parent and sister companies 2026 2025 2025 EUR million Q1–Q3 Q1–Q3 Q1–Q4 Sales 85.0 80.2 110.0 Other operating income 3.4 6.1 9.2 Purchases -530.3 -504.8 -691.0 Share of result from associated company -22.7 -18.7 -37.4 Interest income 0.0 3.2 4.6 Interest expenses -1.4 -1.4 -1.6 Investments Trade receivables and other receivables 29.0 49.0 31.3 Cash and cash equivalents 294.3 210.5 307.5 Trade payables and other liabilities 179.7 91.5 148.2 Metsä Fibre’s net result is included in the “Share of re- sult from associated company” operating result line item, and transactions with Metsä Fibre are included in transactions with sister companies. Cash and cash equivalents include interest-bearing re- ceivables comparable to cash funds and available from Metsä Group’s internal bank Metsä Group Treasury Oy. Transactions with associated companies and joint ventures 2026 2025 2025 EUR million Q1–Q3 Q1–Q3 Q1–Q4 Sales 0.5 0.6
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Page 25/31 Interim report 1 January–30 September 2026 Note 7 – Notes to the consolidated cash flow statement Adjustments 2026 2025 2025 EUR million Q1–Q3 Q1–Q3 Q1–Q4 Taxes -0.7 -12.1 -22.3 Depreciation, amortisation and impairment charges 79.2 103.8 165.6 Share of result from associated companies and joint ventures 22.7 18.7 37.4 Gains and losses on sale of fixed assets -20.3 -9.5 -9.7 Finance costs, net 14.9 11.5 17.3 Pension liabilities and provisions -4.6 -0.6 3.1 Other adjustments 0.5 1.0 1.0 Total 91.7 112.8 192.5 Disposals and other items Disposals and other items reported in 2026 were EUR 17.3 million in total. They consisted of proceeds amounting to EUR 20.0 million from emission right sales and other items amounting to EUR -2.7 million. Disposals and other items reported in 2025 were EUR 14.3 million in total. They consisted of proceeds amounting to EUR 10.0 million from emission right sales and other items amounting to EUR 4.3 million. Paid dividend The paid dividend in 2026 was EUR 0.0 million. The paid dividend in 2025 included dividends paid by the parent company of EUR -24.9 million. Note 8 – Acquired businesses Metsä Board acquired the Winschoten sheeting and distribution center’s entire share capital (now: Metsä Board Winschoten B.V.) in the Netherlands from Konvertia Group on 5 February 2026. The Winschoten sheeting and distribution centre is one of the largest and most modern facilities of its kind in Europe, with an annual capacity of approximately 100,000 tonnes, and employs around 20 people. The acquired entity’s prop- erty, plant and equipment and other balance sheet items are not significant. Based on a preliminary calcu- lation, the acquisition is expected to result in the recog- nition of goodwill amounting to EUR 7.2 million in Metsä Board’s consolidated balance sheet.
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Interim report 1 January–30 September 2026 Page 26/31 Note 9 – Financial instruments Classification of financial assets and liabilities and their fair values Financial assets 30 September 2026 EUR million Fair value through profit and loss Fair value through other comprehen- sive income Amortised cost Total carrying amount Other non-current investments 1.5 109.9 111.3 Other non-current financial assets 1.1 1.1 Trade receivables and other receivables 214.0 214.0 Cash and cash equivalents 295.8 295.8 Derivative financial instruments 0.0 9.9 9.9 Total carrying amount 1.5 119.7 511.0 632.2 Total fair value 1.5 119.7 511.0 632.2 Financial liabilities 30 September 2026 EUR million Fair value through profit and loss Fair value through other comprehen- sive income Amortised cost Total carrying amount Non-current interest-bearing financial liabilities 493.4 493.4 Current interest-bearing financial liabilities 114.3 114.3 Trade payables and other financial liabilities 379.1 379.1 Derivative financial instruments 6.4 16.1 22.5 Total carrying amount 6.4 16.1 986.8 1,009.3 Total fair value 6.4 16.1 971.7 994.3
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Interim report 1 January–30 September 2026 Page 27/31 Classification of financial assets and liabilities and their fair values Financial assets 30 September 2025 EUR million Fair value through profit and loss Fair value through other comprehen- sive income Amortised cost Total carrying amount Other non-current investments 1.4 196.0 197.5 Other non-current financial assets 0.7 0.7 Trade receivables and other receivables 214.8 214.8 Cash and cash equivalents 212.7 212.7 Derivative financial instruments 0.4 29.8 30.2 Total carrying amount 1.8 225.9 428.2 655.9 Total fair value 1.8 225.9 428.2 655.9 Financial liabilities 30 September 2025 EUR million Fair value through profit and loss Fair value through other comprehen- sive income Amortised cost Total carrying amount Non-current interest-bearing financial liabilities 502.7 502.7 Current interest-bearing financial liabilities 48.0 48.0 Trade payables and other financial liabilities 260.8 260.8 Derivative financial instruments 0.7 10.4 11.1 Total carrying amount 0.7 10.4 811.6 822.7 Total fair value 0.7 10.4 804.7 815.9 Trade receivables and other receivables do not include VAT receivables and prepayments and accrued in- come. Trade payable and other financial liabilities do not in- clude advance payments, VAT payables and accruals and deferred income. In Metsä Board, all interest-bearing liabilities are valued in the balance sheet at amortised cost based on the ef- fective interest method. Fair values in the table are based on the present value of the cash flow of each liability or assets calculated by market rate. The discount rates applied are between 1.1% and 5.2% (1.6 and 3.9). The fair values of trade receivables and other receivables and trade payables and other financial liabilities do not materially deviate from their carrying amounts in the balance sheet.
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Page 28/31 Interim report 1 January–30 September 2026 Other non-current investments at fair value based on Level 3 2026 2025 2025 EUR million Q1–Q3 Q1–Q3 Q1–Q4 Carrying value at beginning of period 186.2 219.7 219.7 Total gains and losses in other comprehensive income Investments held as at reporting date -74.9 -22.3 -33.5 Purchases 0.0 0.0 0.0 Disposals 0.0 0.0 Carrying value at end of the period 111.3 197.5 186.2 Financial assets and liabilities measured at fair value have been categorized: Level 1 Fair value is based on quoted prices in active markets. Level 2 Fair value is determined using valuation techniques that use market information. Level 3 Fair value is not based on observable market data, but on the company’s own assumptions. The fair values of natural gas and fuel oil derivatives are determined using public price quotations in an ac- tive market (Level 1). The fair values of currency forwards and options as well as interest rate swaps are determined using the present value of expected payments supported by market inter- est rates and other market data on the closing date of the reporting period (Level 2). For financial instruments not traded on an active mar- ket, the fair value is determined by valuation tech- niques. Judgement is used when choosing the different techniques and making assumptions, which are mainly based on the circumstances prevailing in the markets on each closing date of the reporting period (Level 3). The valuation and measurement principles are de- scribed in more detail in the Annual Report. The most significant asset at fair value not traded on an active market is the investment in Pohjolan Voima Oyj shares classified as a financial asset at fair value through other comprehensive income. The value of the investment is determined based on the present value of discounted cash flows. The WACC used in the Pohjolan Voima Oyj share valu- ation was 6.81% (31 December 2025: 6.48). The acqui- sition cost of shares in Pohjolan Voima Oyj is EUR 28.2 million (28.2) and fair value EUR 109.9 million (184.8). The decrease in fair value was mainly due to the up- date of the new long-term electricity price forecast and Pohjolan Voima Oyj’s cost assumptions. The carrying value of other investments is expected to change by EUR -6.1 million (-6.5) and EUR 7.1 million (6.8) should the rate used for discounting the cash flows change by 0.5 percentage points from the rate es- timated by management. The carrying value of other in- vestments is expected to change by EUR 46.0 million (48.7) should the energy prices used in calculating the fair value differ by 10% from the prices estimated by management.
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Interim report 1 January–30 September 2026 Page 29/31 Fair value hierarchy of financial assets and liabilities as of 30 September 2026 EUR million Level 1 Level 2 Level 3 Total Financial assets at fair value Other non-current investments 111.3 111.3 Derivative financial assets 9.0 0.9 9.9 Financial liabilities measured at fair value Financial assets not measured at fair value Cash and cash equivalent 295.8 295.8 Financial liabilities not measured at fair value Non-current interest-bearing financial liabilities 478.4 478.4 Current interest-bearing financial liabilities 114.3 114.3 Fair value hierarchy of financial assets and liabilities as of 30 September 2025 EUR million Level 1 Level 2 Level 3 Total Financial assets at fair value Other non-current investments 197.5 197.5 Derivative financial assets 0.3 29.9 30.2 Financial liabilities measured at fair value Derivative financial liabilities 1.6 9.6 11.1 Financial assets not measured at fair value Cash and cash equivalent 212.7 212.7 Financial liabilities not measured at fair value Non-current interest-bearing financial liabilities 496.0 496.0 Current interest-bearing financial liabilities 47.9 47.9
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Interim report 1 January–30 September 2026 Page 30/31 Derivatives 30 September 2026 EUR million Nominal value Fair value Fair value Derivative assets Derivative labilities Fair value net Fair value through profit and loss Fair value through other com- prehen- sive income Interest rate swaps 100.0 5.4 -5.4 -5.4 Interest rate derivatives 100.0 5.4 -5.4 -5.4 Currency forward contracts 763.4 0.9 17.0 -16.1 -1.0 -15.1 Currency option contracts 60.4 0.1 -0.1 -0.1 Currency derivatives 823.8 0.9 17.2 -16.2 -1.0 -15.2 Oil derivatives 15.1 6.0 6.0 6.0 Natural gas derivatives 2.9 2.9 2.9 2.9 Commodity derivatives 18.0 9.0 9.0 9.0 Derivatives total 941.8 9.9 22.5 -12.6 -6.4 -6.2 Derivatives 30 September 2025 EUR million Nominal value Fair value Fair value Derivative assets Derivative labilities Fair value net Fair value through profit and loss Fair value through other com- prehen- sive income Interest rate swaps 100.0 0.5 -0.5 -0.5 Interest rate derivatives 100.0 0.5 -0.5 -0.5 Currency forward contracts 1,306.0 25.8 9.1 16.7 0.0 16.8 Currency option contracts 169.1 4.1 4.1 4.1 Currency derivatives 1,475.0 29.9 9.1 20.8 0.0 20.9 Oil derivatives 15.8 0.0 1.2 -1.2 -1.2 Natural gas derivatives 2.8 0.3 0.3 0.0 0.2 -0.2 Commodity derivatives 18.6 0.3 1.6 -1.3 0.2 -1.5 Derivatives total 1,593.6 30.2 11.1 19.1 -0.3 19.4
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Interim report 1 January–30 September 2026 Page 31/31 Note 10 – Commitments and guarantees EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Guarantees and counterindemnities 7.3 5.4 5.0 Total 7.3 5.4 5.0 Purchase commitments related to intangible assets and property, plant and equipment EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Payments due in following 12 months 0.5 0.9 Payments due later 0.0 0.6 Total 0.5 1.5