Metsä Board (METSB) Investor presentation summary

Strategic transformation and business focus

• Launched a new strategy for 2026–2030, sharpening business focus and supporting future growth.

• Transformation programme achieved ~50% of targeted €200m EBITDA improvement on a run-rate basis by Q1'26.

• EUR 100m in annual cost savings (run-rate) realized, mainly from reduced fixed and variable costs.

• Structural measures included the closure of the Tako mill and acquisition of sheeting capacity in the Netherlands.

• Operational steering remains cash-flow driven with tight capital discipline.

Financial performance and profitability

• Q1 2026 sales declined 18% YoY to €394m, with comparable EBITDA down 67% to €17m.

• Operating result was -€11m, with a margin of -2.7%, impacted by lower volumes, adverse FX, and pricing.

• Cash flow from operations was -€71m, mainly due to increased working capital and no dividend from Metsä Fibre.

• Net debt at end of Q1'26 was €341m; liquidity stood at €514m.

• Major investment phase completed; annual capex expected to remain below €100m going forward.

Segment and market developments

• Folding boxboard (FBB) volumes fell 17% YoY, mainly due to U.S. tariffs and weaker demand; average sales price in euros declined.

• White kraftliner (WKL) volumes remained stable, but average sales price declined due to FX; tariff impacts were largely passed on in the U.S.

• Market pulp deliveries dropped 22% YoY amid weak demand in Europe and China; hardwood pulp outperformed softwood.

• Husum integrated mill remains highly sensitive to FX, pulp, and wood prices, with profitability weighed down by U.S. tariffs and weak pulp market.