Metsä Board Oyj : January–March 2026 Investor presentation

About this update from Metsa Board Oyj Class A

Metsä Board Investor presentation 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 Metsä Group a strengthened and competitive industrial platform 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 METSÄ GROUP Sales EUR 5.8 billion│ Personnel 8,800 Parent company: METSÄLIITTO COOPERATIVE owned by over 90,000 Finnish forest-owners METSÄ FIBRE METSÄ BOARD METSÄ TISSUE METSÄ WOOD METSÄ FOREST PULP AND SAWN TIMBER PAPERBOARD TISSUE AND GREASEPROOF PAPERS WOOD PRODUCTS WOOD SUPPLY AND FOREST SERVICES Sales EUR 2.6 bn Sales EUR 1.8 bn Sales EUR 1.1 bn Sales EUR 0.5 bn Sales EUR 2.5 bn Personnel 1,400 Personnel 2,000 Personnel 2,400 Personnel 1,600 Personnel 600 Holding: Holding: Holding: Holding: Holding: Metsäliitto Cooperative 55.2% Metsäliitto Cooperative 52% Metsäliitto Cooperative 100% Metsäliitto Cooperative 100% Metsäliitto Cooperative 100% Itochu Corporation 19.9% Metsä Board 24.9% Listed in Nasdaq Helsinki METSÄ SPRING, Innovation company Metsä Spring invests and supports potential sustainable innovations and technologies that find new purposes and higher value for Nordic wood 4 Metsä Board | Investment highlights Premium paperboards built on deep expertise High level ambition in ESG Ongoing transformation to enhance value creation Driving returns from completed investments Recyclable and lightweight packaging materials providing alternative to plastics Focus in food and pharma packaging with long-term customer relationships Strong market position Helps customer to improve their sustainability performance Packaging materials that meet the requirements of regulation: PPWR, EUDR High self-sufficiency in fossil-free energy Transformation programme focused on cost savings, commercial excellence and simplifying operations Targeted annual EBITDA improvement EUR +200 million by end of 2027 combined with more efficient use of capital Major capacity and quality investments are completed, shifting focus to full value capture Priority is maximizing utilization, efficiency and commercial impact 5 Metsä Board in figures Sales split by product Other operations Sales split by region Emerging markets Comparable operating result 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 Comparable operating result, EURm 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 Consumer packaging Targeting organic and inorganic growth 56% Retail packaging Improving profitability and value creation through partnerships 26% Market pulp From high exposure to more stable cash flow 12% Folding boxboards Foodservice boards White kraftliners Softwood pulp Hardwood pulp BCTMP 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 Consumer Packaging Retail Packaging 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 30 % 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 Regional focus on key demand drivers Consumer behaviour, sustainability and regulation are shaping the packaging market 84% OF CONSUMERS in Europe prefer paperboard over plastic Growing demand for renewable, plastic-free packaging solutions, driven by climate and waste concerns BRAND OWNERS are committed to climate targets, recyclability and plastic reduction. Packaging is key in Scope 3 emissions reduction. PPWR 2026 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 Fit for Growth (starting 2026) 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 >4% revenue growth (CAGR) in Consumer Packaging ROCE* >8% (2027-2028) ROCE* >12% (2029) Net debt / EBITDA* <2.5 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 pulp 1 1,320,000 t/a pulp 2 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 pulp 2 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 driving profitability and reliability 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 Metsä Fibre is globally #1 producer in softwood market pulp (NBSK) Chemical pulp capacity ~4 million tonnes/year (80% SW, 20% HW) Sawn timber capacity 2.1 million m 3 /year (40% spruce, 60% pine) Annual electricity production roughly 4TWh with ~200% self-sufficiency Metsä Board owns 24.9% of Metsä Fibre 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 Total 1.8 TWh 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 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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