Metsä Board (METSB) investor relations material

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.