Metsa Board Oyj Class A · OMXHEX:METSA
Metsa Board Oyj Class A — Q3 2025 Earnings Presentation
33 slides from Metsa Board Oyj Class A's earnings presentation, Oct 23, 2025
Slide 1: Results for January–September 2025
Metsä Board Results for January–September 2025 Presentation material 23 October 2025
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: Adapting and acting for a stronger future
Adapting and acting for a stronger future Challenging market environment persists Unsatisfactory financial results highlight need for action Cost savings and profitability improvement programme with 350 initiatives launched Cash flow focus paying off – operating cash flow at EUR 122 million in Q3 St
Slide 4: 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 5: Interim report: January–September 2025
Interim report: January–September 2025
Slide 6: Negative result development highlights need for action
Negative result development highlights need for action Comparable EBITDA Q3 2025 in brief EUR million • Profitability hit by low pulp prices, major maintenance 225 216 and investment shutdowns and market-driven 200 production curtailments 175 • Paperboard deliveries decreased compared to Q2 175 • Tr
Slide 7: Consumer board
Consumer board 57% Metsä Board’s FBB delivery volumes of total sales in Q1–Q3’25 1 000 Folding boxboard (FBB) 800 Q1–Q3’24: 770kt Q1–Q3’25: 703kt 1,000 tonnes 600 • In Europe, subdued demand and increased supply 400 keep capacity utilization below long-term average 200 906 992 242 260 268 222 248 24
Slide 8: Containerboard
Containerboard 25% Metsä Board’s WKL delivery volumes of total sales in Q1–Q3’25 500 400 White kraftlainer (WKL) Q1–Q3’24: 360kt Q1–Q3’24: 356kt 1,000 tonnes 300 • In Europe, stable but moderate demand for both coated 200 and uncoated kraftliners 100 467 480 123 117 120 120 119 120 116 0 FY'23 FY'24
Slide 9: Market pulp
Market pulp 12% Market pulp delivery volumes, Metsä Board (left) and Metsä Fibre (right) of total METSÄ METSÄ FIBRE sales1) in BOARD Q1–Q3’25 500 2747 3000 2484 Softwood pulp (NBSK) 400 Q1–Q3’24: Q1–Q3’25: 2500 Metsä Board 313kt Metsä Board 280kt 1,000 tonnes 2000 300 Metsä Fibre 1,758kt Metsä Fibre
Slide 10: YTD sales EUR 1.4 billion, profitability unsatisfactory
YTD sales EUR 1.4 billion, profitability unsatisfactory Sales, quarterly Comparable operating result, quarterly EUR million EUR million and % of sales FY 2023: FY 2024: Q1–Q3’25: FY 2023: FY 2024: Q1–Q3’25: EUR 122m EUR 69m EUR -45m EUR 1,942m EUR 1,939m EUR 1,382m margin 6.3% margin 3.6% margin -3.
Slide 11: Operating result comparison
Operating result comparison Q3 2024 vs Q3 2025 Q1–Q3 2024 vs Q1–Q3 2025 80 50 40 60 30 40 EUR 73 EUR 42* million 20 million 20 10 Q3/2025 Q1–Q3/2025 0 0 Q3/2024 Q1–Q3/2024 -10 -20 EUR -46 -20 EUR -45 million million -40 -30 -40 Positives: Positives: -60 -50 FX impact including hedges Paperboard
Slide 12: Cash flow enhanced through inventory optimisation
Cash flow enhanced through inventory optimisation Cash flow from operations and after investing, Q3 2025 cash flow break-down EUR million EUR million 140 400 400 8 122 120 131 300 300 100 94 Target is to release -29 80 45 working 200 200 capital by EUR 150 126 60 million in 124 122 89 94 H2/2025-38
Slide 13: Solid financial standing despite leverage growth – Net debt decreased
Solid financial standing despite leverage growth – Net debt decreased September 2025 Net debt, MEUR and leverage 600 6,0 • Total interest-bearing debt was EUR 551 million, 5,3 and net debt was EUR 338 million – clearly down from 500 5,0 H1’25 levels • Liquidity totals EUR 413 million: Liquid assets
Slide 14: Major investments are now completed
Major investments are now completed Year 2025 • Total YTD investments were EUR 64 million • FY 2025 estimated investments roughly EUR 100 million, depreciation at the level of 2024 Investments and depreciation 2020–YTD2025 • Simpele modernisation investment ~EUR 60 million completed 300 Years 2026-2
Slide 15: Outlook
Outlook Outlook for operating environment, 3–6 months Metsä Board specific outlook for Q4’25 (compared to Q3’25) Paperboard • Weak consumer sentiment and U.S tariffs weaken the • Cash flow-based steering continues; market-driven predictability of sales development production curtailments expected to
Slide 16: Strategic direction remains, now focus on cash flow and profitability improvement
Strategic direction remains, now focus on cash flow and profitability improvement STRATEGIC DIRECTION COST SAVINGS AND PROFITABILITY IMPROVEMENT PROGRAMME Growth in fresh fibre-based packaging Targeted EUR 200 million annual EBITDA run-rate increase by end of 2027 Work started to update strategy – P
Slide 17: Cost savings and profit improvement programme underway
Cost savings and profit improvement programme underway 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 • Up to 315 FTE reduction planned in
Slide 18: Strong performance in working capital release and cash flow improvement in Q3’25
Strong performance in working capital release and cash flow improvement in Q3’25 Operating net working capital, MEUR Cash flow from operations and after investments, MEUR -120M€ FY Q1/25 Q2/25 Q3/25 480 2024 360 EBITDA 176 44 7 -17 490 -90 M€ 400 Inventories Adjustments, net financials -41 -10 -1 8
Slide 19: Summary / Focus next
Summary Focus next • Market environment remains • Cash flow and customer centric challenging business steering continues • Profitability is unsatisfactory, but the • Driving transformation forward with financial position is strong strong momentum and commitment – • Transformation is delivering repor
Slide 20: Appendix
Appendix a Metsa
Slide 21: Key financials
Key financials Change Change Q3’25 Q3’24 Q3’25 vs Q1–Q3’25 Q1–Q3’24 Q1–Q3’25 vs FY’24 Q3’24 Q1–Q3’24 Sales EUR, m 441 499 -12% 1,382 1,493 -7% 1,939 EBITDA* EUR, m -18 66 - 39 150 -74% 175 Operating result* EUR, m -46 42 - -45 73 - 69 % of sales* % -10.3 8.4 - -3.3 4.9 - 3.6 Metsä Fibre’s share of E
Slide 22: Financial targets and dividend policy
Financial targets and dividend policy IB net debt/comparable Dividend policy Comparable ROCE, % EBITDA Dividend/net result, % 98 5,3 94 Target: 21 Pay-out ratio 19 Target > 12% at least 50% 54 50 50 2 Target < 2.5x 5 3 0,7 0,2 2020 2021 2022 2023 2024 -0,2 -2 2021 2022 2023 2024 09/2025 2021 2022 20
Slide 23: Cost development and structure
Cost development and structure Metsä Board’s cost structure in 2024 Q1–Q3’25 (vs Q1–Q3’24) Total costs EUR 1.8 billion (1.7) • Lower chemical costs, but higher wood and logistics costs Other fixed 10% Wood • More costs related to maintenance and 20% investment shutdowns at mills Personnel 11% • Cost
Slide 24: Interest-bearing debt and liquidity
Interest-bearing debt and liquidity 30 September 2025 Interest-bearing debt Liquidity EUR 551 million EUR 413 million Financial leases Loans from and other loans financial institutions Syndicated credit 8 facility (RCF) Liquid assets and investments 95 448 200 213 Bonds Liquidity is complemented by:
Slide 25: Debt maturity and credit ratings
Debt maturity and credit ratings Maturity of interest-bearing debt 30 September 2025 Total EUR 551 million • Total interest-bearing debt was EUR 551 million, and EUR million net debt was EUR 338 million 300 • The average interest rate on loans at the end of the 200 review period was 2.9%, and the av
Slide 26: Key sustainability figures
Key sustainability figures Accidents at work Certified wood fibre TARGET TRIF, TARGET 0 TARGET 100% set for 2030 ACTUAL 5.0 ACTUAL 90% ACTUAL Q3 2024: 4.5 Q3 2024: 93 Q3 2025 FY2024: 3.4 FY2024: 92 Fossil-based CO2 Process water use2) Energy efficiency2) emissions1) Scopes 1 & 2 TARGET -35% TARGET +
Slide 27: External assessments and own commitments
External 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 and is placed on achieved the highest rating level every year Link to
Slide 28: 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 30 September 2025 % Foreign owners EUR million 3 500 25 6% 3 000 Domestic private 20 owners 2 500 23% 2 000 15 1 500 10 Metsäliitto 1
Slide 29: Price development of folding boxboard and white kraftliner in Europe
Price development of folding boxboard and white kraftliner in Europe EUR/tonne EUR/tonne 1 600 1 600 1 500 1 500 1 400 1 400 1 300 1 300 Folding boxboard 1 200 1 200 1 100 1 100 1 000 1 000 900 900 White top kraftliner 800 800 700 700 600 600 500 500 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 30: 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 31: 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 2017 2010 2011 2012 2013 2014 201
Slide 32: FX rates development: EUR/USD and EUR/SEK
FX rates development: EUR/USD and EUR/SEK EUR/USD EUR/SEK 1,25 12,00 1,20 11,50 1,15 11,00 1,10 10,50 1,05 10,00 1,00 0,95 9,50 30.9.2020 30.9.2021 30.9.2022 30.9.2023 30.9.2024 30.9.2025 30.9.2020 30.9.2021 30.9.2022 30.9.2023 30.9.2024 30.9.2025
Slide 33: Katri Sundström, Vice President, Investor relations
Katri Sundström Vice President, Investor relations +358 10 462 0101 katri.sundstrom@metsagroup.com