5 February 2026
Metsä Group’s sales for 2025 increased by 1.5% compared to the previous year due to higher pulp and sawn timber volumes. The lower delivery volumes for paperboard and the poor performance of the wood product distribution business had a negative impact on sales.
The Group’s comparable operating result was a loss of EUR 85 million, largely due to the lower sales prices and higher fixed costs. Ensuring cost competitiveness therefore became a key focus for the second half of the year. In July, we announced we were seeking annual savings of EUR 300 million in stages from 2026 onwards. As part of the cost savings and profit improvement programme, we initiated change negotiations, resulting in the termination of around 790 permanent positions.
However, most of the cost savings will come from variable costs. Hundreds of our employees are working with these projects every day. We are making good progress in reaching the target. Based on the current outlook, two thirds of the planned savings will be realised in our result for 2026. Our result for 2026 will also be supported by lower wood prices, as they began to decrease in the summer of 2025. The prices will also be realised in the result in stages as the felling sites purchased before the summer of 2025 are harvested.
The highlight of 2025 was a very strong operational cash flow of over half a billion euros. This is a result of matters such as the systematic storage and working capital optimisations in the second half of the year. The Group’s investments similarly amounted to slightly more than half a billion euros, so our financing position remained stable. In 2026, our investments will decrease significantly, as the only notable new investment of the Äänekoski Kerto® LVL mill will start up.
Another important milestone I wish to highlight is the development of our occupational safety. Our years of systematic work are bearing fruit, as in 2025, we reached an all-time low accident frequency of 4.0 accidents per million hours worked. I wish to thank all our employees for always keeping occupational safety as a core pillar of our work. Of course, this work will also continue this year.
What will 2026 bring? The year began with yet another escalation of the geopolitical situation, as well as new tariff threats. We need to be prepared for more dramatic news in the future. This will inevitably be reflected in the consumers’ outlook of the future. It is vitally important that we always adjust our cost levels to match the price levels that the global markets allow.
At the strategic level, we are ready to focus more than ever on business operations with profitable growth opportunities in the future.
Jussi Vanhanen
President and CEO
Metsä Group
