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Metsä Board (METSB) investor relations material
Metsä Board Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Market environment remains challenging, with weak demand, low pulp prices, and U.S. tariffs impacting profitability and volumes, especially at the Husum mill.
A comprehensive transformation and cost-saving program with 350 initiatives has been launched, targeting a €200 million annual EBITDA run-rate increase by end of 2027 and €150 million working capital release.
Operating cash flow improved significantly in Q3, reaching €122 million, mainly through inventory reductions and working capital release.
Change negotiations may lead to up to 315 job reductions, including 155 in Finland, to align cost structure with market realities.
Strategy update underway, with a focus on long-term growth and value creation, to be released in Q1 2026.
Financial highlights
Q3 2025 sales were €441.2 million, with year-to-date sales at €1,382.2 million, down 7% year-over-year.
Comparable operating result for Q1–Q3 2025 was €-45.5 million, down from €72.6 million in 2024.
Comparable EBITDA for Q1–Q3 2025 was €39 million, a 74% decrease year-over-year.
Operating cash flow in Q3 2025 was €122 million, driven by working capital release.
Net debt at period end was €338 million, with liquidity of over €412 million.
Outlook and guidance
No operating result guidance provided due to market volatility.
Paperboard demand remains weak in both Europe and North America, with overcapacity and U.S. tariffs adding pressure.
Global pulp demand is stagnant; lower wood costs in Finland and Sweden expected to support profitability from 2026.
Market-driven production curtailments expected to continue at all mills, especially at Husum, negatively impacting profitability.
Paperboard delivery volumes expected to decline in Q4 2025 due to seasonality.
Update on €200M EBITDA program actions
Path to target net debt/EBITDA ratio?
Addressing US tariffs and market overcapacity?
Husum capacity strategy given US tariffs?
Key focus areas for Q1 2026 strategy update?
Further working capital release potential?
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Next Metsä Board earnings date
Q4 20255 Feb, 2026
Next Metsä Board earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Metsä Board Oyj engages in the manufacturing of folding carton boxboard products, fresh fibre linerboard, and market pulp business. It operates in three segments: Folding Carton Products, Fresh Fibre Linerboard and Market Pulp Products. The Folding Carton Products segment manufactures folding carton boxboards. The Fresh Fibre Linerboard segment produces paper for corrugated board. The Market Pulp Products segment produces newsprint paper, magazines and daily newspapers as well as kraftliner, linerboard and market pulp. Metsä Board Oyj was founded in 1986 and is based in Espoo, Finland.
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