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Metsä Board (METSB) investor relations material

Metsä Board Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Q2 2025 operating result was -€22.7M, significantly weaker than Q1 and Q2 2024, driven by weak pulp markets, lower paperboard demand, and production curtailments.

  • Cash flow remained negative, impacted by inventory build-up and weak earnings, with improvement anticipated in H2 2025.

  • A transformation program was launched, targeting €200M annual EBITDA improvement by 2027 and at least €150M working capital release by end-2025.

  • Permanent closure of Tako board mill, with production transferred to Kyro/Kura, is expected to improve annual EBITDA by €30M from Q4.

  • Leadership team reshaped, including new CEO and Board Chair appointments, to support transformation and strategic priorities.

Financial highlights

  • Q2 2025 sales were €460M, down 10% year-over-year; H1 2025 sales were €941M, down 5% from H1 2024.

  • Q2 2025 comparable operating result was €-22.7M (Q2 2024: €-0.8M); H1 2025: €0.1M (H1 2024: €30.7M).

  • Q2 2025 EBITDA was €7.1M, down 77% year-over-year.

  • Net debt at end of Q2 2025 was €430M, up 46% year-over-year; interest-bearing liabilities totaled €664M.

  • Net cash flow from operations H1 2025 was €-38.1M (H1 2024: €-16.5M).

Outlook and guidance

  • Comparable operating result for Q3 2025 is expected to be weaker than Q2 2025 (€-22.7M).

  • Paperboard delivery volumes in Q3 2025 expected to remain at Q2 levels; more maintenance and investment shutdowns planned.

  • CapEx guidance for 2025 lowered to €100M; major investment projects largely completed.

  • Operating cash flow anticipated to turn positive in H2 2025 due to working capital measures.

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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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