Near term outlook
Source: Half-year financial report 1–6/2026
Outlook for the operating environment, next 3–6 months
Paperboard pricing and demand improved towards the end of H1 2026, providing support for the operating environment in H2 2026.
Global demand for market pulp continues to be constrained by low utilisation rates in the paper and paperboard industry. In Europe, previous production curtailments may contribute to a gradual rebalancing of the market towards the end of 2026.
Higher oil and natural gas prices resulting from the conflict in Iran are increasing pressure on logistics and chemical costs in particular. The impact on the thirdquarter operating result is expected to be broadly in line with the second quarter, although commercial measures may partly mitigate the effect.
Exchange rate fluctuations, including hedging, are expected to have a clearly negative effect on the result in 2026 compared with the previous year. In July–September, the impact is expected to be slightly negative compared with April–June.
Company-specific outlook for July–September 2026 (compared to 4–6/2026)
Cash flow and working capital management will remain key priorities in Metsä Board’s operational management. Market-driven production adjustments will continue as necessary, depending on demand.
Cash flow from operations is expected to remain at the second-quarter level.
Paperboard delivery volumes are expected to remain at the second-quarter level. The gradually improving pricing environment towards the end of the H1 is expected to support profitability.
The extensive market-related shutdown in Husum in July will have a significant negative impact on the thirdquarter operating result.
Planned maintenance activity will be significantly higher than in the previous quarter.
Measures implemented under Metsä Board’s transformation programme are expected to further improve the company’s cost efficiency and streamline its cost structure.
Metsä Fibre’s share of the result is expected to remain negative, reflecting extensive maintenance activity and continued low pulp production utilisation rates.