Metsä Board (METSB) Investor presentation summary

Strategic focus and market position

• Specializes in premium, recyclable fresh fibre paperboards, mainly for food and pharma packaging, offering alternatives to plastics.

• Holds leading positions in folding boxboard and white kraftliners in Europe, with #1 global ranking in coated white kraftliners.

• Main markets are Europe and North America, with growing demand driven by regulation, sustainability, and e-commerce trends.

• Part of a vertically integrated group, ensuring high self-sufficiency in pulp and energy.

Financial performance and outlook

• H1 2025 sales were EUR 941 million, down 5% year-on-year; comparable operating result was EUR 0 million.

• Q2 2025 operating result weakened due to a soft pulp market and lower paperboard orders, especially in the US.

• Paperboard deliveries in H1 2025 were 727,000 tonnes, a 2% decrease from H1 2024.

• Net debt increased to EUR 430 million, with leverage rising but financial standing remains solid.

• Q3 2025 outlook expects continued weak results due to cautious consumer behavior, US tariffs, and ongoing market-related shutdowns.

Investments and transformation

• Recent major investments include capacity expansions at Kemi and Husum mills, and a paperboard machine renewal at Simpele.

• Ongoing transformation program targets EUR 200 million annual EBITDA growth and EUR 150 million working capital release.

• Cost savings and profitability improvement initiatives are underway, with full impact expected by end of 2027.

• Strategy and financial targets to be updated in early 2026.