Slide 1: Metsä Board Results for January–December 2025
Metsä Board Results for January–December 2025 Presentation material 5 February 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: Building momentum through focused execution
Building momentum through focused execution Driving commercial success in a challenging operating environment Transformation programme delivering promising results Strong cash flow and solid financial position provides stability and enables future development Ongoing strategy work sharpens our focus
Slide 4: Results for January–December 2025
Results for January–December 2025
Slide 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: Solid financial position despite leverage growth – Net debt kept decreasing
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 13: 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 14: 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 15: Transformation programme
Transformation programme My! Metsa
Slide 16: 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 17: 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 18: 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 19: Husum integrated mill: Short-term headwinds, long-term potential
Husum integrated mill: Short-term headwinds, long-term potential Profitability is heavily impacted by U.S. tariffs and the weak pulp market High sensitivity to changes in FX, paperboard demand, and market pulp prices Clear upside potential from cost-savings initiatives under the transformation progr
Slide 20: Summary / Focus next
Summary Focus next • Result in red mainly due to market • Customer centric business steering headwinds – strongest impact in continues Husum integrate • Husum continues to be in focus • Transformation actions showing • Strategy update in progress, release promising progress planned for Q1 2026 • Sol
Slide 21: Appendix
Appendix a Metsa
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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: Sco
Slide 29: 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 30: 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 31: 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 launch
Slide 32: 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 33: 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 34: 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 35: Katri Sundström, Vice President, Investor relations
Katri Sundström Vice President, Investor relations +358 10 462 0101 katri.sundstrom@metsagroup.com