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Metsä Board
Metsä Board (METSB) investor relations material
Metsä Board Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
Profitability improved in Q2 2026, with a swing to a EUR 3 million operating profit, reversing prior losses and supported by higher paperboard volumes and efficiency measures.
Transformation program delivered an annual EBITDA run rate improvement of EUR 135 million by Q2 2026, with EUR 45 million realized in reported EBITDA and about 67% of the EUR 200 million target achieved.
Market share in European folding boxboard increased, driven by stronger volumes, improved pricing, and service-led growth.
Husum mill remains loss-making and is a key focus for future profitability improvements, with turnaround efforts ongoing.
Sales for H1 2026 were EUR 825.6 million, down from EUR 940.9 million year-over-year, mainly due to lower folding boxboard deliveries and prices.
Financial highlights
Comparable operating profit reached EUR 3 million in Q2 2026, compared to a EUR 23 million loss a year ago and EUR 11 million loss in Q1.
Q2 2026 sales were EUR 431.9 million, down from EUR 460.1 million in Q2 2025; H1 2026 sales were EUR 825.6 million, down 12% year-over-year.
Comparable EBITDA in Q2 2026 was EUR 30.3 million, up from EUR 6.1 million in Q2 2025.
Free cash flow was EUR +5 million in Q2 2026, supported by low investment levels and improved working capital management.
Liquidity stood at EUR 547 million; net debt at EUR 341 million, unchanged from Q1.
Outlook and guidance
Paperboard pricing and demand improved towards the end of H1 2026, expected to support H2 profitability.
Q3 will be significantly affected by a long Husum shutdown and negative contribution from Metsä Fibre due to maintenance and weak pulp markets.
Paperboard delivery volumes and operating cash flow expected to remain at Q2 levels in Q3 2026.
Transformation programme measures continue to ease cost structure and improve efficiency.
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Latest events from Metsä Board
- AGM approved a €0.29-per-share distribution and elected a nine-member Board.METSB
AGM 2019 - Weak demand cut FY earnings, but cash flow strengthened and Q1 results are expected to improve.METSBQ4 2023
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- Q3 profit rebounded on insurance gains, but full-year outlook remains subdued amid rising costs.METSBQ3 2024
Next Metsä Board earnings date
Q3 202629 Oct, 2026
Metsä Board
Next Metsä Board earnings date
Q3 202629 Oct, 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.