Slide 1: Metsä Board Investor presentation
Metsä Board Investor presentation Results for January–March 2026
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 Company highlights, strategy and demand drivers 4 Capex, production and supply chain 14 Cost structure, profit drivers and sensitivities 20 Q1 results, financial position and transformation programme 29 Operating environment and regulation 47 ESG and R&D 58 Owners and management 69
Slide 4: Metsä Group | A strengthened and competitive industrial platform
Metsä Board is part of Metsä Group Metsä Group | A strengthened and competitive industrial platform • EUR >6bn investments since 2015 to expand capacity and improve competitiveness & environmental performance • Secured wood supply at scale: ~30 million m³ sourced in 2025 • Value creation from forest
Slide 5: Metsä Board | Investment highlights
Metsä Board | Investment highlights Premium paperboards Growing demand in Ongoing transformation Driving returns from built on deep expertise packaging to enhance value completed investments creation Recyclable and lightweight packaging 84% of consumers in Europe prefer materials providing alternati
Slide 6: Metsä Board in figures
Metsä Board in figures Sales split by product Sales split by region Comparable operating result FY2025: EUR -80.2 million or -4.5% of sales Other Emerging operations markets Market 6% 600 25 6% pulp Consumer 500 20 12% Packaging Americas Europe 56% 400 27% 67% 15 300 10 200 5 100 FY 2025 SALES FY 20
Slide 7: A clear portfolio focus and related targets
A clear portfolio focus and related targets Consumer packaging Retail packaging Market pulp Targeting organic Improving profitability and value From high exposure to more and inorganic growth creation through partnerships stable cash flow 56% 26% 12% Folding boxboards White kraftliners Softwood pulp
Slide 8: Focus on premium and recyclable fresh fibre paperboards
Focus on premium and recyclable fresh fibre paperboards, end-uses mainly in consumer products Consumer Packaging Retail Packaging Graphics e-Commerce Other consumer products Applications for Folding consumer goods White packaging boxboard kraftliners 1.4mton 0.7mton* Applications for retail packagin
Slide 9: Main markets are Europe and North America
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 packaging material
Slide 10: Consumer behaviour, sustainability and regulation are shaping the packaging market
Consumer behaviour, sustainability and regulation are shaping the packaging market 84% OF CONSUMERS BRAND OWNERS PPWR 2026 in Europe prefer paperboard over plastic are committed to climate targets, PPWR starts to apply across the EU. Growing demand for renewable, recyclability and plastic reduction.
Slide 11: Expanded share-gain opportunity as fresh fibre replaces rigid plastics and WLC
Expanded share-gain opportunity as fresh fibre replaces rigid plastics and WLC Global demand (Mt) and estimated CAGR (%) for 2024-2030 for cartonboard and rigid plastic FBB 14Mt packaging ~4%/a FSB 5Mt ◼ FBB well TA ~4%/a positioned to gain ◼ Roughly 15% or 9Mt R G share from WLC of rigid plastic* p
Slide 12: Our new ambition is to Lead the Pack
Our new ambition is to Lead the Pack Make an immediate profitability turnaround Profitable • Future Growth (~2030) transformation with future transformation toward a premium Premium packaging solutions company packaging solutions company – Leading partner for premium consumer brand packaging. Immedi
Slide 13: Financial targets and dividend policy support long-term business development
Financial targets and dividend policy support long-term business development and shareholder value creation >4% revenue ROCE* >8% growth (CAGR) (2027–2028) Net debt / in Consumer ROCE* >12% EBITDA* Packaging (2029→) <2.5 Dividend policy: Target is to distribute a dividend of at least 50% of the resu
Slide 14: Capex, production and supply chain
Capex, production and supply chain
Slide 15: Major investment phase completed – Structurally lower capex ahead
Major investment phase completed – Structurally lower capex ahead 2021–2025 Capex and depreciation 2020–2025A and 2026-2030E • Roughly EUR 1 billion investments strengthening growth, competitiveness and energy efficiency • Backed by associated company Metsä Fibre’s 300 investments in pulp EUR MILLIO
Slide 16: Our production is close to the main raw material – northern wood
Our production is close to the main raw material – northern wood Kyro Kemi 190,000 t/a FBB 465,000 t/a WKL 180,000 t/a pulp1 1,320,000 t/a pulp2 Äänekoski 260,000 t/a FBB Husum, Sweden 600,000 t/a FBB 250,000 t/a WKL 730,000 t/a pulp Simpele 300,000 t/a FBB Total paperboard capacity: Folding boxboar
Slide 17: Operational service excellence driving profitability and reliability
Operational service excellence driving profitability and reliability OEE improvement On-time-in-full (OTIF) delivery model Improved European supply chain agility Local and fast service to US customers Loading / Discharge ports Inland Warehouse FastTrack / Converting location 17
Slide 18: Self-sufficiency in pulp secured through ownership of Metsä Fibre
Self-sufficiency in pulp secured through ownership of Metsä Fibre Metsä Fibre is globally #1 producer Metsä Board owns 24.9% of Metsä Fibre in softwood market pulp (NBSK) Chemical pulp capacity ~4 million tonnes/year Other owners Metsäliitto Cooperative 55.2% and Itochu Corporation 19.9% (80% SW, 20
Slide 19: 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 20: Cost structure and profit drivers
Cost structure and profit drivers
Slide 21: Cost development and structure
Cost development and structure Topical at the end of Q1’26 Metsä Board’s cost structure in 2025 Total costs EUR 1.7 billion (1.9) • Transformation programme – EUR 100m annual run-rate EBITDA improvement achieved (value of implemented actions) by Other fixed Wood end-Q1’26, ~50% of the EUR 200m targe
Slide 22: 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 23: Market price and estimated demand of folding boxboard and white kraftliners in Europe
Market price and estimated demand of folding boxboard and white kraftliners in Europe Actual price development of folding boxboard Estimated demand for folding boxboard & white kraftliners in Europe & white kraftliners in Europe 1 500 3 500 1 400 3 000 1 300 Folding boxboard 2 500 1 200 1,000 Tonnes
Slide 24: Metsä Board: Impacts of FX
Metsä Board: Impacts of FX Annual FX transaction exposure total EUR 1.0 billion Other GBP 5% • Impact, including hedges, actual 11% USD – Q1’26 vs Q1’25: EUR -13 million 46% – Q1’26 vs Q4’25: EUR -19 million SEK 38% The foreign currency transaction exposure consists of • Estimated future impacts, in
Slide 25: FX rates development: EUR/USD and EUR/SEK
1 0,95 1,05 1,1 1,15 1,2 1,25 31.3.2021 31.3.2022 EUR/USD 31.3.2023 31.3.2024 31.3.2025 31.3.2026 10,0 10,5 11,0 11,5 12,0 9,5 31.3.2021 EUR/SEK 31.3.2022 31.3.2023 FX rates development: EUR/USD and EUR/SEK 31.3.2024 31.3.2025 31.3.2026 25
Slide 26: Market price (PIX) development of pulp and estimated demand for bleached kraft market pulp
Market price (PIX) development of pulp and estimated demand for bleached kraft market pulp Pulp price (PIX) in Europe and China (PIX, USD) Global bleached kraft market pulp demand, actual and estimated 1 700 Softwood pulp Europe 55 1 500 50 Hardwood pulp Europe 1 300 45 USD or EUR 1 100 40 Million t
Slide 27: 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 28: Price development of pulpwood in Finland and Sweden
Price development of pulpwood in Finland and Sweden Price (delivery at roadside, on bark) Price (delivery at roadside, under bark) of pulpwood in Finland, EUR/m3 of pulpwood in Sweden*, SEK/m3 EUR SEK 70 700 60 600 50 500 40 400 30 300 20 200 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 2021-Q1 2024
Slide 29: Results for Q1 2026, financial position and transformation programme
Results for Q1 2026, financial position and transformation programme
Slide 30: Key financials
Key financials Change Q1/26 Q1/26 Q1/25 Q4/25 FY/25 vs Q1/25 Sales EURm 394 481 -18% 394 1,776 EBITDA* EURm 17 51 -67% -9 30 Operating result* EURm -11 23 -147% -35 -80 % of sales* % -2.7 4.7 -8.8 -4.5 Metsä Fibre’s share of EURm -5 6 -13 -33 operating result* Earnings per share EUR -0.04 -0.02 -111
Slide 31: Actions delivering profitability improvement continued
Actions delivering profitability improvement continued Comparable EBITDA Q1 2026 in brief EUR million • New strategy and financial targets for 2026−2030 200 launched 175 • Top-line and profitability in Q1 were burdened by lower 175 FBB volumes to the U.S., adverse FX effects and lower EUR paperboard
Slide 32: Middle East (Iran) conflict – Cost implications and mitigating measures
Middle East (Iran) conflict – Cost implications and mitigating measures Q1 impact Mitigating factors and competitive positioning • Limited direct P&L impact in Q1 • Commercial considerations, curtailments and • No material disruptions to production or further cost cutting deliveries • High energy se
Slide 33: Consumer packaging
Consumer packaging 54% Metsä Board’s FBB delivery volumes Folding boxboard (FBB) of total sales in Q1’26 1 000 800 1,000 tonnes 600 Impacted by operating environment pressures led by the U.S. Q1’26 vs Q1’25: -43kt (-17%) 400 • In Europe, demand remained subdued but increased 200 992 890 248 240 216
Slide 34: Retail packaging
Retail packaging 30% Metsä Board’s WKL delivery volumes White kraftliner (WKL) of total sales in Q1’26 500 400 1,000 tonnes 300 Stable volumes and solid pricing 200 • Both in Europe and the U.S., demand for white 100 480 474 119 120 116 118 122 0 kraftliner has remained relatively stable FY'24 FY'25
Slide 35: Market pulp
Market pulp 11% of total METSÄ Market pulp delivery volumes, Metsä Board (left) and Metsä Fibre (right) METSÄ FIBRE sales1) in BOARD 2893 Q1’26 500 2484 3000 400 2500 1,000 tonnes 2000 300 Challenging market conditions continued 1500 200 886 735 677 727 1000 595 • Weak consumer sentiment continues t
Slide 36: Q1'2026 sales impacted by lower volumes, adverse FX and prices
Q1’2026 sales impacted by lower volumes, adverse FX and prices Sales, quarterly Comparable operating result, quarterly EUR million EUR million and % of sales FY 2024: FY 2025: Q1 2026: FY 2024: FY 2025: EUR 69m EUR -80m EUR -11m EUR 1,939m EUR 1,776m margin 3.6% margin -4.5% margin -2,7% 600 160 510
Slide 37: Positive contribution from own actions – Challenging market conditions impacted sales development
Positive contribution from own actions – Challenging market conditions impacted sales development Comparable operating profit comparison Q1’26 vs Q1’25 30 EUR 20 -12m EUR 10 +23 million 0 EUR -11 million -10 -20 -30 Q1'25 Volume Price FX Variable cost Fixed cost Metsä Fibre Other Q1'26 37
Slide 38: Q1 cash flow impacted by increased working capital
Q1 cash flow impacted by increased working capital Cash flow from operations and after investing Q1 2026 cash flow break-down EUR million EUR million 20 400 400 13 10 -4 300 300 0 -10 200 200 45 156 -20 126 124 122 89 94 -30 85 100 77 69 100 -38 38 50 -40 -60 16 5 -38 0 0 -50 -12 -8 -9 -9 -10 -25 -2
Slide 39: Solid balance sheet – Leverage development largely driven by weak profitability
Solid balance sheet – Leverage development largely driven by weak profitability March 2026 EUR million Net debt and leverage n.a. 500 10,0 • Net debt / EBITDA not reported (n.a.) due to negative EBITDA 8,6 • Total interest-bearing debt was EUR 606 million, 400 8,0 and net debt was EUR 341 million •
Slide 40: Interest-bearing debt and liquidity
Interest-bearing debt and liquidity 31 March 2026 Interest-bearing debt Liquidity EUR 606 million EUR 514 million Financial leases and other loans Syndicated credit Loans from financial 108 facility (RCF) institutions Liquid assets and investments 52 250 264 446 Bonds Liquidity is complemented by: •
Slide 41: Debt maturity and credit ratings
Debt maturity and credit ratings Maturity of interest-bearing debt Topical at the end of Q1’26 Total EUR 606 million • Total interest-bearing debt was EUR 606 million, EUR million and net debt was EUR 341 million 300 • The average interest rate on loans at the end 200 of the review period was 2.9%,
Slide 42: Near-term outlook
Near-term outlook Operating environment Metsä Board specific outlook for Q2’26 PACKAGING DEMAND (compared to Q1’26) • Weak consumer sentiment continues to weigh on • Cash flow-based operational steering remains a priority: packaging demand and sales visibility Operative cash flow estimated to streng
Slide 43: 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 44: Profitability turnaround supported by transformation programme
Profitability turnaround supported by transformation programme Cash release ◼ Working capital release through inventory, receivables and EUR 300 million working capital payables optimization released in H2’25 - Cash driven ◼ Reduced capex operational steering continues Personnel costs ◼ Personnel re
Slide 45: Continued focus on the Husum integrated mill
Continued focus on the Husum integrated mill Profitability is heavily impacted by U.S. tariffs and the weak pulp market High sensitivity to changes in paperboard demand, FX, wood and market pulp prices Clear upside potential from cost-savings initiatives under Sensitivity analysis of Husum integrate
Slide 46: Strengthening confidence in transformation execution
Strengthening confidence in transformation execution EBITDA impact (run-rate) of the actions implemented Main actions implemented EUR million in Q1’26: Target EUR 200 million 200 • Improved mill efficiency and 150 raw material optimisation • Reengineered supplier 100 contracts and commercial 50 mode
Slide 47: Operating environment and regulation
Operating environment and regulation
Slide 48: Global need for packaging is growing
Global need for packaging is growing Global packaging market value is USD 1.176 billion and it is growing by 3.5% per year Paperboard is growing faster than all packaging materials Folding boxboard and foodservice board on average with highest absolute value growth to 2030 have fastest growth rates
Slide 49: Half of the folding and graphic boards market is supplied by fresh fibre based boards
Half of the folding and graphic boards market is supplied by fresh fibre based boards Global annual demand for cartonboards WLC FBB SBB CUK white-lined chipboard folding boxboard 3 Mt 3 Mt 20 Mt 14 Mt Grey board Folding & graphic boards FSB LPB 8 Mt 40 Mt 5 Mt 5 Mt Cartonboard total 58 Mt FSB = food
Slide 50: Global demand for folding cartonboard
Global demand for folding cartonboard* Europe (excl. Russia & Belarus) total 7 million tonnes Asia total 27 million tonnes Americas FBB 10 million tonnes WLC 32% 46% FBB FBB 10% WLC 40% WLC FSB SBS/CUK 29% 14% 47% 8% SBS/CUK 42% SBS/CUK FSB FSB 5% 20% 9% FSB = food service board FBB = folding boxboa
Slide 51: Metsä Board's linerboards are at the top of the quality pyramid
Metsä Board’s linerboards are at the top of the quality pyramid – in a very niche market Global annual demand for linerboards Coated white Uncoated white fresh fibre fresh fibre linerboard* linerboard <1 Mt 3.5 Mt White recycled White fresh fibre linerboard* Brown kraftliner Brown testliner linerboa
Slide 52: Structural trends drive growth in premium white kraftliner applications
Structural trends drive growth in premium white kraftliner applications Brand-led packaging Steady demand growth Structurally higher growth → visual impact & sustainability in Europe in US drive premiumisation CAGR 2024-2030 CAGR 2024-2030 Retail-ready & 0.8% 2.7% in-store efficiency → faster growth
Slide 53: Metsä Board is a leading European producer of folding boxboard and white kraftliner
Metsä Board is a leading European* producer of folding boxboard and white kraftliner 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 500 800 182 400 194 600 249 300
Slide 54: 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 55: 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 56: 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 57: 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 58: ESG and R&D
a? 1d R&D an ESG
Slide 59: Key sustainability figures
Key sustainability figures Accidents at work Certified wood fibre TARGET TRIF, TARGET 0 TARGET 100% set for 2030 ACTUAL: 6.7 ACTUAL 90% ACTUAL FY2025: 4.8 FY2025: 92% Q1 2026 Fossil-based CO2 Process water use2) Energy efficiency2) emissions1) Scopes 1 & 2 TARGET -35% TARGET +10% TARGET 0 ACTUAL: Sc
Slide 60: 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 61: Zero fossil CO2 emissions
Metsä Board’s 1.5°C aligned Science Based target ZERO FOSSIL CO2 EMISSIONS Fossil-free energy in production by 2030* *including Scope 1 and Scope 2 market-based
Slide 62: 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 63: 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 64: Metsä Board's goal is to phase out the use of fossil energy in production 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 65: Our R&D work aims to resource efficiency and reduce carbon footprint of packaging material
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 65
Slide 66: 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 67: 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 68: External assessments and own commitments
External assessments and own commitments A black and red rectangular object with white text A white circle with black text and green text AI-generated content may be incorrect. AI-generated content may be incorrect. Metsä Board has an “A” score in the Climate, Total score 91/100. Metsä Board has Lat
Slide 69: Owners and management
¥ . » Owners and management
Slide 70: 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 March 2026 3 500 35 Foreign owners 7% 3 000 30 Domestic private Metsäliitto 2 500 25 owners 22% Cooperative 52% EUR million 2 000
Slide 71: 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 72: Katri Sundström Vice President, IR
Katri Sundström Vice President, IR +358 10 462 0101 katri.sundstrom@metsagroup.com