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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.
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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