January–March 2026 Investor presentation

Metsä Board

Results for January-March 2026

Contents

Company highlights, strategy and

demand drivers 4

Capex, production and supply chain 14

Cost structure, profit drivers and sensitivities 20

Q1 results, financial position and transformation programme 29

Operating environment and regulation 47

ESG and R&D 58

Owners and management 69

Metsä Board is part of Metsä Group

• EUR >6bn investments since 2015 to expand capacity and improve competitiveness & environmental performance

• Secured wood supply at scale: ~30 million m³ sourced in 2025

• Value creation from forests: Owner-members' wood converted into high-value, sustainable end products

4

Metsä Board | Investment highlights

5

Other operations

Emerging markets

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

Market pulp 12%

Retail Packaging 26%

6%

FY 2025 SALES

EUR 1.8bn

Consumer Packaging 56%

Americas 27%

6%

FY 2025 SALES

EUR 1.8bn

Europe 67%

600

500

400

300

200

100

0

-100

25

20

15

10

5

0

-5

2021 2022 2023 2024 2025

2.1

million

Paperboard capacity tonnes/year

1.7

million

Pulp and BCTMP capacity tonnes/year

24.9

%

Ownership in Metsä Fibre*

secures self-sufficiency in pulp

Long-term customer relationships

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

6

A clear portfolio focus and related targets

Shares reflect the 2025 sales split. Other operations account for the remaining 6%.

7

Focus on premium and recyclable fresh fibre paperboards, end-uses mainly in consumer products

Other consumer products

Healthcare packaging

Graphics

Folding boxboard

1.4mton

Food packaging

Applications for consumer goods packaging

e-Commerce

White kraftliners

0.7mton*

Applications for retail packaging

* of which 2/3 is coated WKL

Source: Metsä Board's own estimate 8

Main markets are Europe and North America

EUROPE

55%

521,000t FBB

256,000t WKL

AMERICAS

197,000t FBB

203,000t WKL

Emerging

markets

15%

172,000t FBB

9

Total paperboard deliveries in 2025 were 1.36 million tonnes

Sharpening focus and strengthen market position in EUROPE

• Environmental awareness and regulatory requirements support recyclable packaging materials

• Trend towards material reduction and lightweighting favours folding boxboard

• Food safety requirements favour pure fresh fibre paperboards

• Weakened availability of high-quality recycled paper

  Maintain a foothold in a long-established market in NORTH AMERICA

• Limited local availability of high-quality lightweight paperboards

• Growth in sustainable packaging for food and food service

• Product brand promotion and personalization in growing e-commerce

Exploring new growth opportunities in EMERGING MARKETS

Consumer behaviour, sustainability and regulation

are shaping the packaging market

in Europe prefer paperboard over plastic Growing demand for renewable,

plastic-free packaging solutions, driven by climate and waste concerns

are committed to climate targets, recyclability and plastic reduction.

Packaging is key in Scope 3 emissions reduction.

PPWR starts to apply across the EU.

Drives shift to fibre-based, recyclable packaging.

EPR fees increasingly favour recyclable and material-efficient solutions.

(Pro Carton | Consumer Survey 2026)

Major brands covering

20% of plastic packaging commit to cut use of plastic (EMF Global Commitment)

PPWR: All packaging recyclable by 2030; deforestation-free fibre sourcing

EPR: Extended Producer Responsibility

10

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 packaging

• Roughly 15% (~9Mt) of rigid plastic packaging could be replaced with FBB or FSB

  Rigid plastic*

  62Mt

  ~3.5%/a

  *) for consumer packaging applications

  Source: Metsä Board estimates based on several sources including AFRY, Smithers, Euromonitor, Material Economics.

  FBB 14Mt

  ~4%/a

  FSB 5Mt

  ~4%/a

  WLC 19Mt

  ~1%/a

  SBS 3Mt

  ~0%/a

  CUK 3Mt

  ~2%/a

  LPB 5Mt

  ~1.5%/a

• FBB has clear share-gain potential vs. WLC in demanding end-uses, especially food

11

Our new ambition is to

Lead the Pack

• Future transformation

12

Make an immediate profitability turnaround with future transformation toward a premium packaging solutions company

Immediate turnaround

Profitability turnaround

- Stable performance and cashflow.

Profitable Growth (~2030)

Premium packaging solutions company

- Leading partner for premium consumer brand packaging.

Financial targets and dividend policy support long-term business development and shareholder value creation

in Consumer Packaging

(2027-2028)

(2029)

Dividend policy:

Target is to distribute a dividend of at least 50% of the result for the financial period over time, taking into account investment and development needs

13

Capex, production and supply chain

Major investment phase completed - Structurally lower capex ahead

Growth and development capex

Maintenance capex Depreciation

2026-

2030E

2025

2024

2023

2022

2021

0

59

51

59

50

48

100 81

EUR

<100 million p.a.

124

170

172

254

200

300

Capex and depreciation

2020-2025A and 2026-2030E

2021-2025

• Roughly EUR 1 billion investments strengthening growth, competitiveness and energy efficiency

  EUR MILLION

• Backed by associated company Metsä Fibre's investments in pulp

  2026−2030, estimated

• Total annual capex clearly below EUR 100 million, out of which

  • annual maintenance at EUR ~50 million

• Carefully selected mill-specific investments possible to support long-term value creation

15

Our production is close to the main raw material - northern wood

Husum, Sweden

600,000 t/a FBB

250,000 t/a WKL

730,000 t/a pulp

Kemi

465,000 t/a WKL

180,000 t/a pulp1

1,320,000 t/a pulp2

Kyro

190,000 t/a FBB

Äänekoski

260,000 t/a FBB

Simpele

300,000 t/a FBB

Total paperboard capacity:

Folding boxboard (FBB): 1,360,000 t/a White kraftliner (WKL): 715,000 t/a

Total pulp / BCTMP capacity:

BCTMP: 750,000 t/a

Chemical pulp: 910,000 t/a 24.9% ownership in Metsä Fibre, total pulp capacity ~4Mt

Kaskinen

390,000 t/a BCTMP

Joutseno

360,000 t/a BCTMP

690,000 t/a pulp2

• Mill integrated in chemical pulp

• Mill non-integrated in chemical pulp

Wood sourced from

Finland, Sweden and Baltics.

1) Unbleached pulp production, fully used in Metsä Board's kraftliner production, integrated to Metsä Fibre's bioproduct mill 2) Metsä Fibre's mill

16

Operational service excellence

OEE

improvement

On-time-in-full

(OTIF) delivery model

Improved European supply chain agility

Local and fast service to US customers

Loading / Discharge ports Inland Warehouse

FastTrack / Converting location

17

Self-sufficiency in pulp secured through ownership of Metsä Fibre

Chemical pulp capacity ~4 million tonnes/year (80% SW, 20% HW)

Sawn timber capacity 2.1 million m3/year (40% spruce, 60% pine)

Annual electricity production roughly 4TWh with ~200% self-sufficiency

Other owners Metsäliitto Cooperative 55.2% and Itochu Corporation 19.9%

Metsä Board consolidates 24.9% of Metsä Fibre's net result into its EBITDA. The annual dividend by Metsä Fibre is typically paid at the end of Q1

Taking into account the ownership in Metsä Fibre, +/- 10% change in market pulp price has an +/- EUR 40 million impact on Metsä Board's annual operating result

Metsä Fibre's pulp sales split by region 2025

Metsä Fibre's pulp sales split by end-use 2025

Metsä Fibre's sales (EURm) and operating margin (%)

• Sales

• Operating margin

  EURm %

  • APAC 44%

  • Europe 37%

  • MEA &

    Americas 13%

  • Tissue 34%

  • Paperboard 25%

  • Printing paper 26%

  • Specialty papers 14%

4,000

3,000

2,000

1,000

0

2018 2019 2020 2021 2022 2023 2024 2025

30

20

10

0

-10

NOTE! Production and sensitivity based on assumption of full utilisation

18

Our self-sufficiency in energy is roughly 90%

Energy consumption by sourcing method in 2025

Electricity

Sourced from market

Fuels (Heat)

Total 5.3 TWh

Gas, oil, waste, peat, sourced from market

Sourced from

Metsä Fibre 14%

13%

Own

generation 28%

Biomass, 5%

sourced from Metsä Fibre 14%*

Biomass, own generation 81%

Sourced from PVO at cost price

46%

* In addition, fossil-based heat (0.2%) sourced from Metsä Fibre.

Cost structure and profit drivers