Slide 1: Investor presentation: Results for January–December 2025
Investor presentation Results for January–December 2025 Metsä Board
Slide 2: Disclaimer
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-lookin
Slide 3: Contents
Contents This is Metsä Board 4 Cost structure and profit drivers 14 Results for FY2025 and financial position 23 Transformation programme 37 Operating environment and regulation 44 ESG 53 Owners and management 66
Slide 4: Investment highlights
Investment highlights Premium paperboards Ongoing transformation to High level ambition in ESG Driving returns from built on deep expertise enhance value creation completed investments • Recyclable and lightweight packaging • Focus on customer centricity • Helps customer to improve their • Major cap
Slide 5: Metsä Board is part of Metsä Group
Metsä Board is part of Metsä Group Metsä Group’s aim is to enhance the value of its owner-members’ forests into high-value and sustainable end-products All figures based on FY2025 METSÄ GROUP Sales EUR 5.8 billion │ Operating margin: -1.5% │ Personnel 8,800 Parent company: METSÄLIITTO COOPERATIVE ow
Slide 6: Company in figures
Company in figures Sales split by product Sales split by region Other Emerging Comparable operating result operations markets FY2025: EUR -80.2 million or -4.5% of sales Market 6% 6% pulp 600 25 12% Americas 500 20 27% 400 15 300 10 FY 2025 SALES FY 2025 SALES 200 EUR 1.8bn EUR 1.8bn 100 5 0 0 -100
Slide 7: Focus on premium and recyclable fresh fibre paperboards
Focus on premium and recyclable fresh fibre paperboards, end-uses mainly in consumer products Graphics e-Commerce Other consumer products Applications for Folding consumer goods White packaging boxboard kraftliners 1.4mton 0.7mton* Applications for retail packaging Healthcare Food packaging packagin
Slide 8: Metsä Board's main markets are Europe and North America
Metsä Board’s main markets are Europe and North America Total paperboard deliveries in 2025 were 1.36 million tonnes Regional focus on key demand drivers EUROPE Sharpening focus and strengthen market position in 55% EUROPE • Environmental awareness and regulatory requirements support recyclable pack
Slide 9: Metsä Board's production is close to the main raw material – northern wood
Metsä Board’s production is close to Total paperboard capacity: Folding boxboard (FBB): 1,360,000 t/a White kraftliner (WKL): 715,000 t/a the main raw material – northern wood Total pulp / BCTMP capacity: BCTMP: 750,000 t/a Chemical pulp: 910,000 t/a 24.9% ownership in Metsä Fibre, total pulp capaci
Slide 10: Major investments are now completed
Major investments are now completed Year 2025 • Total investments were EUR 140 million • Depreciation EUR 107 million Investments and depreciation 2020–2025 • Simpele modernisation ~EUR 60 million completed 300 Years 2026-2028, estimated • In 2026, estimated investments clearly below EUR 100 million
Slide 11: Self-sufficiency in pulp is secured through ownership of Metsä Fibre
Self-sufficiency in pulp is secured Metsä Fibre’s pulp sales split by region 2025 MEA&Americas through ownership of Metsä Fibre 14% APAC 42% Europe 44% Metsä Fibre is globally #1 producer in softwood market pulp (NBSK) • Chemical pulp capacity ~4 million tonnes/year (80% SW, 20% HW) Metsä Fibre’s pu
Slide 12: Global need for packaging is growing
Global need for packaging is growing Global packaging market value is USD 1.175 billion and it is growing by 3.9% per year Paperboard is growing faster than all packaging Folding boxboard and foodservice board have materials on average fastest growth rates of all cartonboards +2.8%/a 2023–2028 70 00
Slide 13: Urbanisation and climate change are megatrends driving demand
Urbanisation and climate change are megatrends driving demand for fresh fibre paperboards Population growth, Regulation and Brand owners’ Availability of high- urbanisation and rising consumer preferences commitments to quality recycled fibre living standards drive favour fossil-free recyclable pack
Slide 14: Cost structure and profit drivers
Cost structure and profit drivers
Slide 15: Cost development and structure
Cost development and structure Metsä Board’s cost structure in 2025 Year 2025 (2024) Total costs EUR 1.7 billion (1.9) • In variable costs, wood costs increased and energy costs decreased Other fixed 15% Wood • Reduced fixed costs due lower use of external 20% and shared services and decreased emplo
Slide 16: Main profit drivers and sensitivities
Main profit drivers and sensitivities Impact on EBIT, Component Unit Change1) approximately Folding boxboard Price / tonne +10% ~EUR +100 million White kraftliners Price / tonne +10% ~EUR +50 million FX USD/EUR +10% EUR +50 million SEK/EUR +10% EUR -40 million Pulp2) PIX price of SW/HW per tonne +10
Slide 17: Price development of folding boxboard and white kraftliners in Europe
Price development of folding boxboard and white kraftliners in Europe EUR/tonne EUR/tonne 1 600 1 600 1 500 1 500 1 400 1 400 1 300 *Folding boxboard 1 300 1 200 1 200 1 100 1 100 1 000 1 000 900 900 White top kraftliners 800 800 700 700 600 600 500 500 2021 2022 2023 2024 2025 *Fastmarkets launched
Slide 18: Impacts of FX
Impacts of FX Annual FX transaction exposure total EUR 1.1 billion Other GBP 4% • Impact, including hedges, actual 9% USD – FY 2025 vs FY 2024: EUR +6 million 55% SEK 32% • Estimated future impacts, including hedges The foreign currency transaction exposure consists of – Overall negative impact in F
Slide 19: FX rates development: EUR/USD and EUR/SEK
FX rates development: EUR/USD and EUR/SEK EUR/USD EUR/SEK 1,25 12 1,2 11,5 1,15 11 1,1 10,5 1,05 10 1 0,95 9,5 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025
Slide 20: Price development of pulp (PIX)
Price development of pulp (PIX) Long-fibre (SW) and short-fibre (HW) pulp 1 700 1 700 1 600 1 600 1 500 Long-fibre Europe, USD 1 500 1 400 1 400 1 300 1 300 1 200 Short-fibre Europe, USD 1 200 USD or EUR USD or EUR 1 100 1 100 1 000 1 000 900 900 800 800 700 700 600 600 500 500 400 Short-fibre Europ
Slide 21: Wood is Metsä Board's main raw material
Wood is Metsä Board’s main raw material Wood usage • In 2025, Metsä Board used1) 6.0 million m3 wood for its products, of which 92% was certified (PEFC, FSC®) • Wood1) represents roughly 30% of Metsä Board’s total costs Wood supply • Metsä Group is responsible for Metsä Board’s wood sourcing • Metsä
Slide 22: Price development of pulpwood in Finland and Sweden
Price development of pulpwood in Finland and Sweden Price (delivery at roadside, on bark) of pulpwood Price (delivery at roadside, under bark) of pulpwood in Finland, EUR/m3 in Sweden, SEK/m3 60 750 700 55 650 50 600 45 550 500 40 450 35 400 30 350 300 25 250 20 200 2013 2013 2010 2011 2012 2014 201
Slide 23: Results for FY2025 and financial position
Results for FY2025 and financial position
Slide 24: Key financials
Key financials Change Change Q4’25 Q4’24 Q4’25 vs FY/25 FY/24 Q1–Q4’25 vs Q4’24 Q1–Q4’24 Sales EUR, m 394 446 -12% 1,776 1 939 -8% EBITDA* EUR, m -9 25 -138% 30 175 -83% Operating result* EUR, m -35 -4 871 -80 69 -216% % of sales* % -8.8 -0.8 - -4.5 3.6 - Metsä Fibre’s share of EUR, m -13 -3 - -33 -
Slide 25: Financial targets and dividend policy
Financial targets and dividend policy IB net debt/comparable Dividend policy Comparable ROCE, % EBITDA Dividend/net result, % 98 94 8,6 21 19 54 Target: Target > 12% 50 50 Pay-out ratio Target < 2.5x at least 50% 5 3 0,7 0,2 0 -0,2 2020 2021 2022 2023 2024 2025* -3 2021 2022 2023 2024 2025 2021 2022
Slide 26: Profitability still challenged – Corrective actions underway
Profitability still challenged – Corrective actions underway Comparable EBITDA Q4 2025 in brief EUR million • Seasonality affected paperboard volumes with 200 stable prices. Market-related shutdowns continued. 175 175 • Lower fixed costs compared to last year • Strong operating cash flow EUR 156 mil
Slide 27: Consumer board
Consumer board 56% Metsä Board’s FBB delivery volumes of total sales in FY’25 1 000 Folding boxboard (FBB) 800 1,000 tonnes 600 • In Europe, subdued demand and increased supply kept 400 capacity utilization below long-term average 200 992 890 242 260 268 222 248 240 216 187 0 • In U.S., FBB sales im
Slide 28: Containerboard
Containerboard 26% Metsä Board’s WKL delivery volumes of total sales in FY’25 500 400 White kraftliner (WKL) 1,000 tonnes 300 • In Europe, stable but moderate demand for 200 both coated and uncoated kraftliners 100 480 474 123 117 120 120 119 120 116 118 0 FY'24 FY'25 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q
Slide 29: Market pulp
Market pulp 12% of total METSÄ Market pulp delivery volumes, Metsä Board (left) and Metsä Fibre (right) METSÄ FIBRE sales1) in BOARD 2893 FY’25 500 3000 2484 400 2500 1,000 tonnes 2000 300 1500 200 • Weak consumer sentiment continues to weigh on 100 1000 500 market pulp demand in Europe and China 0
Slide 30: 2025 sales declined 8% with negative profitability
2025 sales declined 8% with negative profitability Sales, quarterly Comparable operating result, quarterly EUR million EUR million and % of sales FY 2023: FY 2024: FY 2025: FY 2023: FY 2024: FY 2025: EUR 122m EUR 69m EUR -80m EUR 1,942m EUR 1,939m EUR 1,776m margin 6.3% margin 3.6% margin -4.5% 600
Slide 31: Operating result comparison
Operating result comparison Q4 2024 vs Q4 2025 FY2024 vs FY2025 80 60 Q4/2024 Q4/2025 0 40 EUR 69 million EUR -4* 20 -10 million FY2025 EUR -35 0 FY2024 -20 million -20 EUR -80 -40 million -30 -60 -40 -80 Positives: -100 Positives: -50 FX impact including hedges FX impact including hedges Lowe
Slide 32: Strong H2 cash flow backed by working capital efficiency
Strong H2 cash flow backed by working capital efficiency Cash flow from operations and after investing, Q4 2025 cash flow break-down EUR million EUR million 200 400 400 172 156 300 300 150 200 200 45 156 126 124 100 122 94 85 89 85 100 77 69 100 -38 -71 50 -60 38 16 5 50 -38 0 0 -12 -8 -9 -9 -10 -25
Slide 33: Solid financial position despite leverage growth
Solid financial position despite leverage growth – Net debt kept decreasing December 2025 Net debt, MEUR and leverage 500 10,0 • Total interest-bearing debt was EUR 565 million, and net debt was EUR 255 million 8,6 • Liquidity totals EUR 560 million: Liquid assets and 400 8,0 investments EUR 310 mil
Slide 34: Interest-bearing debt and liquidity
Interest-bearing debt and liquidity 31 December 2025 Interest-bearing debt Liquidity EUR 564 million EUR 559 million Financial leases and other loans Syndicated credit facility (RCF) Loans from financial 65 Liquid assets and investments institutions 52 447 250 309 Bonds Liquidity is complemented by:
Slide 35: Debt maturity and credit ratings
Debt maturity and credit ratings Maturity of interest-bearing debt 31 December 2025 Total EUR 564 million • Total interest-bearing debt was EUR 564 million, and EUR million net debt was EUR 255 million 300 • The average interest rate on loans at the end of the 200 review period was 2.9 %, and the av
Slide 36: Outlook
Outlook Outlook for operating environment, 3–6 months Metsä Board specific outlook for Q1’26 (compared to Q4’25) Paperboard • Soft consumer sentiment and U.S tariffs weaken the • Cash-flow-based operational steering continues; predictability of sales development market-driven production curtailments
Slide 37: Transformation programme towards profitability and focused value creation
Transformation programme towards profitability and focused value creation In a volatile operating environment, we strengthen our profitability and competitiveness by sharpening our focus on commercial excellence, optimising costs and leveraging our strong competitive advantages.
Slide 38: Challenging market situation demands new thinking
Consumers’ cautious Intensified competition purchasing behaviour Challenging market situation demands new thinking Geopolitical instability and High wood raw material US tariffs costs
Slide 39: Leveraging our core strengths
Committed and Long-term Premium A high level of highly skilled customer paperboards sustainability personnel relationships built on deep supported by a expertise unique value chain Leveraging our core strengths
Slide 40: We strengthen our position in Europe
We strengthen our position in Europe. Our goal in U.S. remains to maintain a strong market position and grow with our existing customers. Driving growth Key target segments are food, through foodservice, healthcare, and other consistent strongest growing brand segments. value delivery Regulation end
Slide 41: Transformation required to recover profitability and ensure sustainable growth
Transformation required to recover profitability and ensure sustainable growth EUR 150 million • Inventory reduction through tighter commercial steering and release in Cash release inventory planning working capital • Optimization of payables and receivables “FIT FOR During H2 2025 THE Personnel • H
Slide 42: Strong start in transformation fuels confidence in target execution
Strong start in transformation fuels confidence in target execution EBITDA impact (run-rate) of the actions implemented EUR million Main actions implemented in Q4’25: Target 250 EUR 200 • Actions to improve competitiveness million especially in Husum 200 • New focused commercial strategy • Headcount
Slide 43: Strong performance in working capital release and cash flow improvement in H2'25
Strong performance in working capital release and cash flow improvement in H2’25 Operating net working capital, MEUR Cash flow from operations and after investments, MEUR -310M€ FY H1 H2 FY 480 2024 2025 2025 2025 170 EBITDA 176 51 -55 -4 490 -115 M€ 375 Inventories Adjustments, net financials -41 -
Slide 44: Operating environment and regulation
Operating environment and regulation
Slide 45: Global annual demand for cartonboards
Global annual demand for cartonboards SBB = solid bleached board WLC FBB CUK = coated unbleached SBB CUK kraftboard white-lined chipboard folding boxboard 20 Mt 3 Mt 3 Mt FSB = foodservice board 14 Mt LPB = liquid packaging board Grey board Folding graphic boards FSB LPB 8 Mt 40 Mt 5 Mt 5 Mt Cartonb
Slide 46: Global annual demand for containerboards
Global annual demand for containerboards Metsä Board’s linerboards are at the top of the quality pyramid – in a very niche market Coated white Uncoated white fresh fibre fresh fibre linerboard* linerboard <1 Mt 3.5 Mt White fresh fibre linerboard* White recycled Brown kraftliner Brown testliner line
Slide 47: Global demand for folding cartonboard
Global demand for folding cartonboard* Europe (excl. Russia & Belarus) total 6.8 million tonnes Asia total 26.5 million tonnes Americas 10 million tonnes FBB WLC 32% 46% FBB FBB 10 % SBS/CUK WLC 40 % WLC FSB 14% 46 % 28 % 8% SBS/CUK 42 % SBS/CUK FSB FSB 5% 20 % 9% FSB = food service board FBB = fold
Slide 48: Folding boxboard and white kraftliner capacity in Europe
Folding boxboard and white kraftliner capacity in Europe (excluding Russian and Belarusian producers) FBB producers in Europe WKL producers in Europe Total capacity 4.2 million tonnes Total capacity 2.3 million tonnes 1 400 800 1 200 700 600 1 000 ’000 metric tonnes ’000 metric tonnes 500 800 182 19
Slide 49: Recyclable packaging is strongly driven by regulation and brand owners' commitments
Recyclable packaging is strongly driven by regulation and brand owners’ commitments All packaging shall be recyclable by 2030 • EU Packaging and Packaging Waste Regulation sets further REGULATION (EU) 2025/40 requirements – All packaging recyclable by 2030, including reusables – Packaging waste redu
Slide 50: Packaging and packaging waste regulation (PPWR)
Packaging and packaging waste regulation (PPWR) Metsä Board’s approach • Metsä Board’s paperboards are well aligned with PPWR, which emphasizes – plastic reduction, packaging minimization and lightweighting, recyclability and compostability • Metsä Board’s packaging design service supports customers
Slide 51: Regulation on Deforestation-free products (EUDR)
Regulation on Deforestation-free products (EUDR) Metsä Board’s / Metsä Group’s approach • Metsä Group fully supports the objectives of the EUDR • Metsä Group’s reporting system and internal due diligence system will be finalised to be ready when the reporting obligations start to apply EUDR in a nut
Slide 52: Nature Restoration Regulation
Nature Restoration Regulation Metsä Board’s / Metsä Group’s approach • Metsä Group's principles of regenerative land use aim to improve the state of nature • Metsä Group Plus -management model for owner-members focus especially on forest biodiversity Main objectives and status • Aims to ensure recov
Slide 53: ESG
ESG
Slide 54: Key sustainability figures
Key sustainability figures Accidents at work Certified wood fibre TARGET TRIF, TARGET 0 TARGET 100% set for 2030 ACTUAL 4.8 ACTUAL 92% ACTUAL FY2024: 3.4 FY2024: 92% FY2025 Fossil-based CO2 Process water use2) Energy efficiency2) emissions1) Scopes 1 & 2 TARGET -35% TARGET +10% TARGET 0 ACTUAL: Scop
Slide 55: Forest management plan as part of Metsä Group's regenerative forestry
Forest management plan as part of Metsä Group’s regenerative forestry Forest management plan for typical forest Forest management plan at stands biodiversity hot spot* 1 2 3 4 5 More diverse Increased dead More diverse Protected valuable Habitat restoration tree species wood volumes forest structure
Slide 56: Zero fossil CO2 emissions
Metsä Board’s 1.5°C aligned Science Based target ZERO FOSSIL CO2 EMISSIONS Fossil-free production by 2030* *including Scope 1 and Scope 2 market-based
Slide 57: Our self-sufficiency in energy is roughly 90%
Our self-sufficiency in energy is roughly 90% Energy consumption by sourcing method in 2025 Electricity Fuels (Heat) Total 1.8 TWh Total 5.3 TWh Sourced Gas, oil, waste, peat, from market sourced from market 13% Own Biomass, 5% Biomass, generation sourced from own 28% Metsä Fibre generation Sourced
Slide 58: 93% of total energy use is fossil-free
93% of total energy use is fossil-free Total energy consumed in 2025 Fuel consumption in 2025 Total 7.0 TWh Total 5.0 TWh Fossil-based Oil Waste fuels 3% 1% Gas 7% 6% Renewable Wood-based Nuclear power energy, mainly renewable 18 % wood-based side fuels streams 90 % 75 % • Coal accounts for 0% of Me
Slide 59: Metsä Board has reduced its fossil-based CO2 emissions by 79% since 2018
Metsä Board has reduced its fossil-based CO2 emissions by 79% since 2018 The goal is to phase out the use of fossil-based energy in production by 2030 Fossil-based CO2 emissions, Scope 1+2 Emission allowances t CO2 Kg CO2 / t • Metsä Board has received emission allowances in 700 000 200 accordance w
Slide 60: Metsä Board's goal is to phase out the use of fossil energy by 2030
Metsä Board’s goal is to phase out the use of fossil energy in production by 2030 Scope 1 and 2 fossil-based CO₂ emissions, tCO2 600 000 577 875 500 000 400 000 The reduction level aligned with 300 000 the Paris Agreement 1.5°C pathway 200 000 121 252 100 000 0 0 Emissions in Sourcing of Power plant
Slide 61: Our R&D work aims to resource efficiency and reduce carbon footprint
Our R&D work aims to resource efficiency and reduce carbon footprint of packaging material Light and resource efficient Developing barrier boards as paperboards an alternative to plastics 61
Slide 62: High-yield pulp makes the difference between folding boxboard and other grades
High-yield pulp makes the difference between folding boxboard and other grades Benefits of lightweighting: Lightweight yet Improved Improved strong and stiff yield sustainability = = = paperboard for cost-efficient, more cartons per tonne less natural resources used, sustainable and sturdy lower car
Slide 63: The carbon footprint of paperboard packaging depends in particular on
The carbon footprint (CO2) of paperboard packaging depends in particular on: Energy used in Material and resource production efficiency Metsä Board uses Lightweighting reduces the 93% fossil-free energy use of fibre, energy and water in its production and generates less waste More information: The t
Slide 64: Roughly 2 million tonnes global potential for cartonboard from plastic reduction
Roughly 2 million tonnes global potential for cartonboard* from plastic reduction in selected food categories *excluding liquid packaging board and cupstock Fruit, vegetables, bakery, confectionery total size 2.5Mt1) Potential plastic replacement in selected food categories Plastic represents roughl
Slide 65: External ESG assessments and own commitments
External ESG assessments and own commitments Metsä Board has an “A” score in the Climate, Total score 91/100. Metsä Board has Latest full ratings update in August 2025. Latest full ratings update in May 2025. Forests and Water rating. achieved the highest rating level every year Link to ISS website
Slide 66: Owners and management
3 » Owners and management
Slide 67: Market cap and ownership distribution
Market cap and ownership distribution Metsä Board has over 70,000 shareholders, combined amount of A and B shares Market cap and foreign owners Ownership distribution 31 December 2025 % Foreign owners EUR million 3 500 25 7% 3 000 20 Domestic private 2 500 owners 22% 2 000 15 1 500 10 Metsäliitto 1
Slide 68: Metsä Board's Corporate Leadership Team
Metsä Board’s Corporate Leadership Team Esa Kaikkonen Minna Björkman Erja Hyrsky CEO SVP, Containerboard SVP, Commercial Operations Chair of CLT since 2025 Member of CLT since 2026 Member of CLT since 2025 Laura Remes Anssi Tammiehto Camilla Wikström SVP, Production and Supply Chain CFO SVP, HR Memb
Slide 69: Katri Sundström, Vice President, IR
Katri Sundström Vice President, IR +358 10 462 0101 katri.sundstrom@metsagroup.com