January–March 2026 ESG presentation

Metsä Board

ESG Presentation

January-March 2026

Contents

• Company in brief

• Metsä Board's products in a circular economy

• 2030 sustainability targets and progress

  • Environment

  • Social responsibility

  • Governance

• Contacts

Investment highlights

3

Company in figures

Sales split by product Sales split by region

Market pulp 12%

White kraftliners 26%

Other operations 6%

FY 2025 SALES

EUR 1.8bn

Folding boxboard 56%

Americas 27%

Emerging markets 6%

FY 2025 SALES

EUR 1.8bn

Europe 67%

Comparable operating result

FY2025: EUR -80.2 million or -4.5% of sales

600 25

500 20

400 15

300

10

200

100 5

0 0

-100 -5

2021 2022 2023 2024 2025

Comparable operating result, EURm Comparable operating margin, %

Paperboard capacity

2.1 million

tonnes/year

Pulp and BCTMP capacity

1.7 million

tonnes/year

Ownership in Metsä Fibre*

24.9%

secures self-sufficiency in pulp

Long-term customerships

Diversified customer base in around 90 countries including brand owners, converters, manufacturers of corrugated products and merchants

4

‌Metsä Board is part of Metsä Group

Metsä Group's aim is to enhance the value of its owner-members' forests into high-value and sustainable end-products

All figures based on FY2025

Sales EUR 5.8 billion │ Operating margin: -1.5% │ Personnel 8,800

METSÄ GROUP

METSÄ FIBRE

PULP AND SAWN TIMBER

Sales EUR 2.6 bn Personnel 1,400

Holding:

Metsäliitto Cooperative 50.1%

Itochu Corporation 25.0%

Metsä Board 24.9%

METSÄ BOARD

PAPERBOARD

Sales EUR 1.8 bn Personnel 1,900

Holding:

Listed in Nasdaq Helsinki

Metsäliitto Cooperative 52%

METSÄ TISSUE

TISSUE AND GREASEPROOF PAPERS

Sales EUR 1.1 bn Personnel 2,400

Holding:

Metsäliitto Cooperative 100%

METSÄ WOOD

WOOD PRODUCTS

Sales EUR 0.5 bn Personnel 1,600

Holding:

Metsäliitto Cooperative 100%

METSÄ FOREST

WOOD SUPPLY AND FOREST SERVICES

Sales EUR 2.5 bn Personnel 600

Holding:

Metsäliitto Cooperative 100%

METSÄ SPRING INNOVATION COMPANY

Metsä Spring invests and supports potential sustainable innovations and technologies that find new purposes and higher value for Nordic wood

5

External assessments and own commitments

Metsä Board has an "A" score in the Climate, Forests and Water rating.

As part of Metsä Group, Metsä Board is committed to the UN Global Compact corporate responsibility initiative and its principles in the areas of human rights, labour, the environment and anti-corruption. Metsä Board also supports the UN's Sustainable Development Goals, the SDGs.

Latest full ratings update in August 2025.

Link to ISS website

Total score 91/100. Metsä Board has achieved the highest rating level every year since 2017.

Metsä Board's GHG emission reduction targets are approved by the Science Based Targets initiative.

6

‌Metsä Board's paperboards contribute to the bio-based circular economy

Our goal is to phase out the use of fossil-based energy in our production by 2030 while using natural resources as efficiently as possible in accordance with the principles of the circular economy.

This reduces the climate and environmental footprints of our products.

Strong commitment from brand owners and retailers to improve sustainability

• Increasing the use of renewable packaging materials

• Reducing material use

• Sustainable supply chain

• Ensuring recycling

• Reducing the carbon footprint of products

  
  
  

  Several international brand owners have set a target of

  100%

  reusable, recyclable or compostable packaging

  
  
  

  The circular economy at Metsä Board

  Recyclable and compostable paperboard that can be processed using existing collection and recycling

  infrastructure

  Fresh fibres are strong and can be recycled several

  times

  Keep recycling loops going

  Renewable wood-based raw material

  Ensuring that more wood grows than is harvested

  Enhancing biodiversity

  Using every single part of the tree in the best possible way

  Pure and safe paperboard Circular paperboard solutions

  Smartly designed packaging that is

  made of less raw material Reduced use of plastics

  Resource-efficient production

  Energy and material efficiency

  Transition plan to fossil-free mills

  Smart, efficient use of side streams together with partners

  
  
  

  Fresh fibre paperboards support the circular economy

  • Packaging is needed to protect the product and to reduce wastage

  • Packaging accounts for only few percent of the total environmental impact of a food product's entire life cycle

  • Paperboard is widely collected for recycling and thus returned to the recycling loop

  • Fresh fibres are needed to keep the recycling loop ongoing

87%

of paper and paperboard packaging is recycled*

Ellen Mc Arthur -foundation

*Europe (EU27), Source: Eurostat, 2023

CO2 REDUCTION

Carbon footprints of European cartonboard producers - FBB, SBB and WLC

Total Carbon Emission per Tonne*, delivered to Frankfurt am Main, Germany

Source: FisherSolve Carbon Benchmark, Q3/2025

1.400

1.200

1.000

0.800

0.600

0.400

0.200

0.000

• Cradle-to-gate (incl. raw materials, purchased energy, on-site fuel combustion)

• Transportation

* Measured as CO2eq/FMT

CO2eq = Carbon Dioxide Equivalent, FMT = Finished Metric Ton

Metsä Board ranked among the top three lowest-carbon producers in the FisherSolve Carbon Benchmark for climate performance. Read more on metsaboard.com.

The carbon footprint (CO2) of paperboard packaging depends in particular on:

Energy used in production

Metsä Board uses

93% fossil-free energy

in its production

Material and resource efficiency

Lightweighting reduces the use of fibre, energy and water and generates less waste

More information: The technical background report verified by IVL Swedish Environmental Research Institute

Switching from WLC, SBB or market FBB to Metsä Board's folding

boxboard can reduce carbon footprint by ~50−60%

Third-party verified healthcare packaging study:

• Carbon footprint (cradle-to-gate + end-of-life) of a carton made of Metsä Board's FBB is 48−63% lower than that of a

  carton made of WLC, SBB or market FBB

• Main reasons for this are the lightweight of Metsä Board's paperboard and a high share of fossil free energy used in Metsä Board's paperboard production

  29/04/2026

  
  
  

• The technical background report, verified by IVL Swedish Environmental Research Institute, is available on our website

13

Production of folding boxboard needs less wood compared to other grades

=

Metsä Board folding boxboard

(70% BCTMP, 30% chemical pulp)

3.4 m3 of wood per tonne of pulp

Solid bleached board

(100% chemical pulp)

5 m3 of wood per tonne of pulp

Every day consumers use ~160 million packages made of Metsä Board's folding boxboard By reducing paperboard weight by 1%, material savings equivalent to

1.6 million packages per day can be achieved

Three key factors making the difference in carbon footprints between plastic and paperboard packaging

1

2

3

Biogenic vs fossil carbon

Both plastic and paperboard release carbon when incinerated at the end of their life cycles.

The highest total carbon footprint benefit is achieved when the packaging fulfils its primary function to protect the product inside.

However, paperboard's emissions are balanced by the carbon absorbed during tree growth, while fossil plastic adds new carbon to the atmosphere.

Fossil-free or fossil energy

Nordic fresh fibre paperboard production mainly uses renewable and fossil-free energy.

For plastics, these energy sources are not usually available to the same extent.

Recycling rates

Recycling rates for paperboard packaging are generally higher than for plastic packaging

Recycling delays the release of carbon to the atmosphere.

The carbon footprint of a berry tray made of MetsäBoard Prime FBB EB was negative for the studied life cycle

End-of-life scenario: Recycling in Europe

• The climate impact of the tray made from MetsäBoard Prime FBB EB, stayed negative throughout the studied life cycle, performing significantly better than a tray made from either virgin or recycled PET. This is due to:

  • More carbon is bound in the fibres of the paperboard than is released during its life cycle

  • A high recycling rate of 82.5%,

    0.08

    0.07

    0.06

    0.05

    0.04

    0.03

    0.02

    0.01

    0.00

    -0.01

    -0.02

    -0.03

    Climate Change**

    Raw materials & production Coating, converting, & forming EoL (Eurostat 2021) TOTAL
    
    
    
    

    compared to 40.7% for plastics*. The remaining

    is either incinerated or landfilled.

    kgCO2e / tray

    PET tray r-PET tray MetsäBoard Prime FBB EB

    The technical background report, verified by two independent reviewers from RISE Research Institutes of Sweden & SimaPro UK, is available on our website

    
    
    
    
    
    
    
    
    

    *Eurostat 2021

    **IPCC GWP 100 incl. Biogenic CO2, Land use change 17

    The carbon footprint of a berry tray made of MetsäBoard Prime FBB EB is 87-91 % lower than that of a tray made of R-PET or PET

    End-of-life scenario: 100% incineration

• In the case of incineration, all the carbon bound in the material is released into the atmosphere

  • For bio-based materials, the carbon emissions released are balanced by the carbon that trees sequestered when they grew. For fossil materials, all the carbon released is new to the atmosphere.

  • Additionally, PET contains more carbon per mass unit than paperboard due to its molecular structure contributing to higher emissions during incineration.

    0.12

    0.10

    0.08

    0.06

    0.04

    0.02

    0.00

    -0.02

    -0.04

    Climate Change*

    Raw materials & production

    Coating, converting, & forming EoL (100% incineration) TOTAL
    
    

    -91%

    -87%

    
    
    

• The incineration scenario helps understand the

difference between carbon dynamics of fossil-based and bio-based materials

kgCO2e / tray

PET tray r-PET tray MetsäBoard Prime FBB EB

The technical background report, verified by two independent reviewers from RISE Research Institutes of Sweden & SimaPro UK, is available on our website

*IPCC GWP 100 incl. Biogenic CO2, Land use change 18

Roughly 2 million tonnes global potential for cartonboard* from plastic reduction in selected food categories

*excluding liquid packaging board and cupstock

Fruit, vegetables, bakery, confectionery

total size 2.5Mt1)

Plastic represents roughly 1.5 Mt, of which

~60% could be replaced with cartonboard

Potential plastic replacement in selected food categories and barrier requirement

Ice cream, frozen food, take away

total size 5Mt1)

Plastic represents roughly 3Mt, of which ~40% could be replaced with cartonboard

Ready meals

total size 1.0Mt1)

Plastic represents roughly 0.5 Mt, of which ~20% could be replaced with cartonboard

Fruit, vegetables, bakery, confectionery - light barrier

~0.9Mt

Ice cream, frozen food, take away -medium barrier

~1.2Mt

1) includes rigid plastic and folding cartons

Sources: Metsä Board estimates based on Euromonitor International Ltd, Smithers Information Ltd, ECMA 19

‌Our 2030 sustainability targets

We are committed to enhancing biodiversity, mitigating climate change, using natural resources sustainably and operating ethically.

Environment

Social

Governance

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