Metsä Board Oyj : January–March 2026 ESG presentation

About this update from Metsa Board Oyj Class A

Metsä Board ESG Presentation January-March 2026 Contents Company i n brief Mets ä Board' s products in a circula r economy 203 0 sustainabilit y target s and progress Environment Social responsibility Governance Contacts Investment highlights Premium paperboards built on deep expertise Recyclable and lightweight paperboards from renewable raw materials Focus in food and pharma packaging with several long-term customer relationships Packaging materials providing an alternative to plastics Ongoing transformation to improve profitability Transformation programme focused on cost savings, commercial excellence and simplifying operations Focus on customer centricity and more efficient use of capital High level ambition in ESG Helps customer to improve their sustainability performance Packaging materials that meet the requirements of tightened regulation. PPWR, EUDR Aiming for fossil-free energy in production by 2030 Driving returns from recent investments Large-scale investments to increase capacity and improve product quality are now completed Continuous smaller improvements in competitiveness of mills and products Metsä Board is part of Metsä Group Group structure ensures high availability of Nordic fibres and enhances Metsä Board's high self-sufficiency in pulp and energy 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 Parent company: METSÄLIITTO COOPERATIVE owned by over 90,000 Finnish forest-owners 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 CO 2 eq/FMT CO 2 eq = 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 (CO 2 ) 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 m 3 of wood per tonne of pulp Solid bleached board (100% chemical pulp) 5 m 3 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 The estimate is based on Metsä Board's annual folding boxboard capacity, which is ca. 1.4 million tonnes. This corresponds to roughly 160 million packages of 19 grammes every day. 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 R ecycling 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. kgCO 2 e / 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 kgCO 2 e / 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 2.5Mt 1) 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 5Mt 1) Plastic represents roughly 3Mt, of which ~40% could be replaced with cartonboard Ready meals total size 1.0Mt 1) Plastic represents roughly 0.5 Mt, of which ~20% could be replaced with cartonboard Fruit, vegetables, bakery, confectionery - light barrier Ready meals -high barrier ~0.1Mt ~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 Mitigating climate change and adapting to it Continuous improvement in resource-efficiency Enhancing the state of forest nature Promoting diversity, equality and inclusion Continuous improvement in engagement and wellbeing of employees Accident-free work environment Social Governance Promoting sustainable and ethical practices in our supply chain Promoting ethical corporate culture 20

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