Slide 1: Metsä Board Results for January–March 2026
Metsä Board Results for January–March 2026 Presentation material 29 April 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: 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 4: 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 5: 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 6: 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 7: 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 8: Market pulp
Market pulp 11% of total METSÄ Market pulp delivery volumes, Metsä Board (left) and Metsä Fibre (right) METSÄ FIB RE sales1) in BO ARD 2893 Q1’26 500 2484 300 0 400 250 0 1,000 tonnes 200 0 300 Challenging market conditions continued 150 0 200 886 735 677 727 100 0 595 • Weak consumer sentiment cont
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: Positive contribution from own actions – 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: Positive contribution from own actions and volumes – Q4 2025 vs Q1 2026
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: 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 13: 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 14: Major investment phase completed – Structurally lower capex ahead
Major investment phase completed – Structurally lower capex ahead Capex and depreciation 2020–2025A and 2026-2030E 2026−2030, estimated 300 • Total annual capex clearly below EUR 100 million, out of which EUR MILLION 200 254 EUR • annual maintenance at EUR ~50 million 170 <100 million 124 172 p.a. •
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: 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 17: 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 optimisation • Reengineered supplier 100 contracts and commercial 50 mode
Slide 18: 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 19: 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 20: Appendix
Appendix
Slide 21: 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 22: 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 23: Impacts of FX
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, including hedge
Slide 24: 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 25: 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 26: 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 27: External assessments and own commitments
External assessments and own commitments A black and red rectangular A white circle with black text object with white text and green text AI-generated content may AI-generated content may be be incorrect. incorrect. Metsä Board has an “A” score in the Climate, Total score 91/100. Metsä Board has Lat
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 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 29: Price development of FBB, WKL and market pulp
Price development of FBB, WKL and market pulp Price development of folding boxboard and Price development of market pulp in Europe and white-top kraftliners in Europe China, PIX EUR USD 1,600 Softwood pulp Europe 1,700 1,500 Hardwood pulp Europe 1,400 1,500 1,300 Folding boxboard 1,300 1,200 1,100 1
Slide 30: 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 70 700 60 600 50 500 40 400 30 300 20 200 Q2 Q3 Q2 Q4 Q3 2025-Q1 Q4 2021-Q1 Q3 Q4 2022-Q1 Q2 Q4 2023-Q1 Q3
Slide 31: Katri Sundström, Vice President, Investor relations
Katri Sundström Vice President, Investor relations +358 10 462 0101 katri.sundstrom@metsagroup.com