Metsä Group (METS) Q3 2026 earnings summary

Executive summary

• Q1–Q3 sales were €4,008.2m; comparable EBITDA was €356.5m vs €304.5m, and comparable operating loss narrowed to €11.0m from €27.2m.

• Q3 comparable EBITDA rose to €99.8m from €39.5m; comparable operating loss narrowed to €4.0m from €71.5m, though all businesses remained below profitability targets.

• Cost-saving programme reached its €200m 2026 result-impact target at the start of Q4, ahead of schedule.

Financial highlights

• Q1–Q3 sales fell by €500.0m YoY, mainly due to lower sales prices; sales were €4,008.2m vs €4,508.2m.

• Q1–Q3 EBITDA was €327.7m vs €314.0m; net loss was €113.0m vs €91.6m, and reported operating loss was €74.8m vs €63.0m.

• Q3 sales were €1,267.2m vs €1,439.6m; EBITDA was €96.5m vs €64.4m and net loss was €50.8m vs €70.2m.

• Hedged FX movements reduced Q1–Q3 operating result by €117m YoY; comparable-result adjustments included €19.9m of programme costs and €15.7m for Kemi wood-yard reorganisation.

Outlook and guidance

• Cost programme target of €200m 2026 result impact was reached at the start of Q4; oil, diesel and gas cost pressures were forecast to persist through year-end and peak around the year turn.

• 2026–2030 strategy focuses on renewing, competitiveness and customer centricity.

• Softwood pulp demand remains subdued; paperboard market balance improved, while sawn timber demand is expected to stay weak in Q4. Longer-than-usual Kemi maintenance shutdown is scheduled for Q4.