Metsa Board Oyj Class A · OMXHEX:METSA
Metsa Board Oyj Class A — Q1 2026 Earnings Presentation
60 slides from Metsa Board Oyj Class A's earnings presentation, Apr 29, 2026
Slide 1: Slide 1
Slide 2: Metsä Board's Q1'26 Result and Strategy
Metsä Board’s Q1’26 Result and Strategy 29 April 2026
Slide 3: Q1'26 Result and Strategy update
Q1’26 Result and Strategy update 15.00 Q1’26 Result presentation and Q&A / Conference call CEO Esa Kaikkonen and CFO Anssi Tammilehto 15.35 Lead the Pack strategy and Q&A / Conference call CEO Esa Kaikkonen SVP, Production and Supply Chain, Laura Remes SVP, Commercial Operations, Erja Hyrsky CFO Ans
Slide 4: 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 5: Results for January–March 2026
Metsä Board Results for January–March 2026 29 April 2026
Slide 6: Turnaround proceeding and new strategy launched
Results for January–March 2026 Turnaround proceeding and new strategy launched Our new strategy Transformation Higher activity Operational sharpens business programme levels at the beginning steering remains focus and provides progressing well, with of the year impacted cash-flow driven, a solid pla
Slide 7: Actions continued to improve profitability
Actions continued to improve profitability 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, lower EUR paperboard prices and low
Slide 8: 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 9: 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 10: Q1 2025 vs Q1 2026 results
Q1 2025 vs Q1 2026 results Positive contribution from own actions – Challenging market conditions impacted sales development Comparable operating profit 30 20 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 10
Slide 11: Q4 2025 vs Q1 2026 results
Q4 2025 vs Q1 2026 results Positive contribution from own actions and volumes Comparable operating profit 5 0 EUR -5 -11 million -10 EUR -15 -35 million EUR -20 -11 million -25 -30 -35 -40 Q4'25 Volume Price FX Variable cost Fixed cost Metsä Fibre Other Q1'26 11
Slide 12: Strengthening confidence in transformation execution
Strengthening confidence in transformation execution EBITDA impact (run-rate) of the actions implemented Main actions implemented EUR million Target EUR in Q1’26: 200 million 200 • Improved mill efficiency and 150 raw material optimization • Reengineered supplier 100 contracts and commercial 50 mode
Slide 13: 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 45 200 200 156 -20 126 124 122 89 94 -30 100 85 100 77 69 -38 38 50 -40 -60 16 5 -38 0 0 -50 -12 -8 -9 -9 -10 -25 -2
Slide 14: 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 15: 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 16: 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 the transformation programme Sensitivit
Slide 17: Summary Focus next
Summary Focus next • 2026 started actively with a new strategy • Customer centric and cash flow based and financial targets business steering continues • Sales down YoY, mainly driven by U.S. • Husum continues to be a key focus area tariffs, FX and pricing • Middle East conflict expected to increase
Slide 18: Q&A
uy! Metsa Q&A
Slide 19: Slide 19
Slide 20: Metsä Board's new Lead the Pack strategy
Metsä Board’s new Lead the Pack strategy Capital markets update 29 April 2026
Slide 21: Content and Presentors
Content and Presentors 01 How to win in permanently changing world? CEO Esa Kaikkonen 02 Well-invested assets and agile supply for long-term partnerships SVP, Production and Supply Chain, Laura Remes 03 Growth with consumer packaging – increasing customer value SVP, Commercial Operations, Erja Hyrsk
Slide 22: How to win in permanently changing world?
How to win in permanently changing world? Esa Kaikkonen, CEO
Slide 23: Metsä Board is part of Metsä Group – A strengthened, focused and competitive industrial platform
Metsä Board is part of Metsä Group – A strengthened, focused and competitive industrial platform Metsä Board within Metsä Board’s revenue split by Metsä Group business area and geography (2025) Market Other Consumer Europe • Metsä Board owns 24.9% of Metsä Fibre, the 6% packaging Emerging 60% pulp w
Slide 24: Our profitability has been under pressure
Our profitability has been under pressure Comparable operating result and margin In 2025, corrective actions were implemented … EUR million % • transformation programme was launched, 150 8 • working capital management tightened, • investment programmes discontinued, 6 100 • commercial strategy renew
Slide 25: Uncertainty in the operating environment continues, and global trade relations remain unpredictable
Uncertainty in the operating environment continues, and global trade relations remain unpredictable RUSSIA ? EUROPE ? UNITES ? STATES CHINA 25
Slide 26: Our strengths
Our strengths | People, customers, know-how and sustainability Committed and highly Long-term customer Premium paperboards A high level of skilled personnel relationships build on deep expertise sustainability supported and recent investments by a unique value chain 26
Slide 27: 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 28: 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 29: 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 30: Executing the strategy
Executing the Safety first culture Courage to Customer centricity Profitability lead & transform and growth turnaround and Forerunner in continuous sustainability improvement and quality TRIF People Power CAGR in selected EBITDA improvement ESG Index end-uses OEE NPS for key accounts ONWC 30
Slide 31: Well-invested assets and agile supply for long-term partnerships
Well-invested assets and agile supply for long-term partnerships Laura Remes, SVP, Production and Supply Chain
Slide 32: Strong production fundamentals ready to scale performance
Strong production fundamentals ready to scale performance Investments, EUR million Actual in 2021-2025, estimated in 2026-2030 Safety first culture Profitability 304 turnaround and Forerunner in 220 229 continuous 175 <100 sustainability improvement 140 p.a. and quality 2021 2022 2023 2024 2025 2026
Slide 33: Minimal fossil fuel exposure reduces volatility and operational risk
Minimal fossil fuel exposure reduces volatility and operational risk: 93% of Metsä Board’s energy use is fossil-free Metsä Board’s fossil-based CO₂ emissions (Scopes 1&2) Metsä Board’s fossil-based CO₂ emissions decreased by 79% between 2018 and 2025, while the Paris 700,000 CO₂ tonnes Agreement–ali
Slide 34: 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 Total paperboard capacity: Folding boxboard (FBB): 1,360,000 t/a Loading / Discharge ports White kr
Slide 35: Metsä Board well positioned within cartonboard mills
Metsä Board well positioned within cartonboard mills – reframing competitiveness towards customers Capacity 700 Metsä Board FBB WLC closed 600 Husum In the past 5 years 500 ~700kt of WLC ~230kt of FBB 400 Metsä Board Äänekoski capacity has been closed in Europe 300 Metsä Board Metsä Board Tako BM1 T
Slide 36: Winning where protection and promotion matter most
Winning where protection and promotion matter most – Full spectrum of opportunities with lightweighting MetsäBoard Prime FBB Bright MetsäBoard Pro FBB Bright SBS PROMOTION (Br ightnes s) (Solid bleached board) FBB MetsäBoard (folding Classic FBB boxboard) MetsäBoard WLC MetsäBoard Natural FBB (White
Slide 37: Growth with consumer packaging – increasing customer value
Growth with consumer packaging – increasing customer value Erja Hyrsky, SVP, Commercial Operations
Slide 38: Executing the strategy
Executing the Safety first culture Courage to Customer centricity Profitability lead & transform and growth turnaround and Forerunner in continuous sustainability improvement and quality TRIF People Power CAGR in selected EBITDA improvement ESG Index end-uses OEE NPS for key accounts ONWC 38
Slide 39: 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 ~4%/a TA ◼ Roughly 15% (~9Mt) RG ◼ FBB has clear E of rigid plastic packaging share-gain potential
Slide 40: Winning with key customers in structurally growing segments
Winning with key customers in structurally growing segments Focus categories of Foods, Food Service and Health care with long-term growth potential +2.1%/a through key customers 8.6 7.3 7.6 +2.9%/a +3.2%/a 2.7 2.3 2.2 1.6 1.9 1.5 1.5 1.5 1.4 0.7 0.9 0.9 Packaged Food Food Service* Cigarettes*** (glo
Slide 41: Europe at the core, growth varies by market
Europe at the core, growth varies by market Winschoten Europe: Sheeting Hub: Strong growth with our Faster sheet deliveries 59% packaging solutions and to Europe from Husum renewed service capability Milan Design Studio: Americas: Accelerating Growth in premium co-creation and 22% segments innovatio
Slide 42: A resilient operational foundation for value creation
A resilient operational foundation for value creation Scale & security Climate leadership Quality, services A regulatory through upstream and fossil-free energy and operational readiness and EPR control excellence alignment Business continuity and Advancing’ Enhancing premium brand Reducing complian
Slide 43: Global Snacking Leader
Global Snacking Leader #1 global position in biscuits #2 in chocolate
Slide 44: Where Metsä Board creates value at scale
Where Metsä Board creates value at scale Metsä Board supports Mondelēz’s long-term growth by strengthening supply-chain resilience, enabling packaging reduction and lightweighting, supporting Scope 3 emissions progress, and improving material efficiency at scale Supply chain security Operational eff
Slide 45: Sharpening profitability through partnerships with competitive products
Sharpening profitability through partherships with competitive products Minna Björkman, SVP, Containerboard
Slide 46: Executing the strategy
Executing the Safety first culture Courage to Customer centricity Profitability lead & transform and growth turnaround and Forerunner in continuous sustainability improvement and quality TRIF People Power CAGR in selected EBITDA improvement ESG Index end-uses OEE NPS for key accounts ONWC 46
Slide 47: Winning in premium containerboard as corrugated packaging becomes part of the brand
Winning in premium containerboard as corrugated packaging becomes part of the brand Metsä Board has a market leadership in the ~4.5MT premium white kraftliner niche of the global containerboard market (whole market 200mt) Premium white kraftliners vs. commodity containerboard 47
Slide 48: 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 49: Executing premium growth across the value chain
Executing premium growth across the value chain Metsä Board – Strategic partnership Brand owners Premium material with Converters and Retail Scaling through fully dedicated Route to Demand pull white-top kraftliner production market for performance and higher margins 49
Slide 50: A profitability turnaround and solid balance sheet enabling future transformation
A profitability turnaround and solid balance sheet enabling future transformation Anssi Tammilehto, CFO
Slide 51: 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 *) comparable Dividend policy: Target is to distribute a dividend of at least 5
Slide 52: 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 53: Strengthening confidence in transformation execution
Strengthening confidence in transformation execution EBITDA impact (run-rate) of the actions implemented Main actions implemented: EUR million Target EUR 200 million • Actions to improve competitiveness 200 especially in Husum 150 • Headcount reductions, including the impact through Metsä Group’s sh
Slide 54: 2021-2025: Strong cash flow funded growth investments while keeping leverage moderate
2021-2025: Strong cash flow funded growth investments while keeping leverage moderate Actual capital allocation 2021–2025: Operating cash flow Investments • Strong operative cash flow, EUR 1.2 billion EUR ~1 billion favourable market conditions • No major incremental debt • Investments on long-term
Slide 55: Capital allocation 2026-2030: Cash focused strategy and value creation
Capital allocation 2026-2030: Cash focused strategy and value creation without large new capex Operating cash flow: Capex: Transformation programme to maximize cash flow Focus mainly on High focus on working capital continues maintenance EUR ~50 million/year 304 < EUR 100 220 229 million/year Strate
Slide 56: Solid financial base and resilient funding structure
Solid financial base and resilient funding structure Liquidity Interest-bearing debt EUR 514 million Total EUR 606 million Bond Loans from financial institutions Other 300 EUR million Syndicated 250 credit facility Liquid assets (RCF) and investments 200 EUR 264m 150 EUR 250m 100 50 0 2026 2027 2028
Slide 57: The platform is built – TSR upside unlocked through execution
The platform is built – TSR upside unlocked through execution TSR history 2026-2030: shareholder returns driven (beginning of 2021 = 100) by transformation, discipline and growth 20 EBITDA improvement through commercial excellence and streamlining operations 10 Potential for upside 0 of improved mar
Slide 58: Q&A
uy! Metsa Q&A
Slide 59: Leading partner for premium consumer brand packaging
Our vision: Our purpose: Leading partner for premium Packaging a positive future consumer brand packaging Category leader Quality leader We partner with consumer brands that We drive the shift to renewable and want premium packaging. They know recyclable materials with high-quality their products —
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