Near term outlook
Source: Interim report 1-9/2026
Outlook for the operating environment,
next 3–6 months
Paperboard market balance has improved, supporting
the pricing environment.
Softwood market pulp demand is expected to remain
subdued, while production curtailments and capacity
closures support a gradual improvement in market balance.
Tensions in the Middle East and the approaching winter
season are expected to put upward pressure particularly on energy, logistics and chemical costs.
Taking hedges into account, currency movements are
expected to have a clearly negative impact on earnings
in 2026 compared with 2025. In the coming months, the
currency impact is expected to be limited.
Company-specific outlook for October-December 2026 (compared to 7-9/2026)
Cash flow and working capital management remain key
priorities in Metsä Board’s operational steering. Marketrelated production adjustments will continue as necessary in line with demand.
Operating cash flow is expected to decrease from the
previous quarter.
Paperboard delivery volumes are expected to decrease
seasonally from the previous quarter. Earlier implemented price increases are expected to support profitability.
Energy costs are expected to increase from the previous quarter. The third-quarter result included tariff refunds that will not recur in the fourth quarter.
Mill maintenance costs are expected to decrease from
the previous quarter, while other fixed costs, particularly
personnel costs, are expected to increase.
Metsä Fibre’s result is expected to improve from the
previous quarter