Sensitivities

Sales prices of paperboards and FX impact

Metsä Board sells its paperboards worldwide. A large proportion of sales are made in currencies other than euros. Not only changes in the sales prices of paperboards, but also changes in foreign exchange rates have an impact on Metsä Board's result.

Sales prices of market pulp

Changes in the market pulp prices have a significant impact on Metsä Board's profitability. Metsä Board's annual pulp capacity is roughly 1.7 million tonnes, which is used for own paperboard production and partly sold to the market. In addition, the company owns 24.9% of Metsä Fibre, which has an annual pulp capacity of around 4 million tonnes.  

Price of raw wood

In 2025, Metsä Board’s wood use totalled 6.0 million cubic metres. This includes the wood used in Metsä Board’s own pulp/CTMP production  as well as the wood used in the pulp purchased from Metsä Fibre. Wood cost accounts more around 20% of Metsä Board's total costs.

Market prices of paperboards, pulp and pulpwood can be found in Metsä Board's IR-presentation updated quarterly.  (Sources: Fastmarkets RISI, Fastmarkets FOEX, Luke, Skogstyrelsen) Sensitivities are also updated quarterly and can be found in IR-presentations.

See IR presentations in here. 

The most significant factors affecting Metsä Board's annual operating result and their price sensitivities are described below. Situation as per 31 Dcember 2025. A negative impact would have the opposite effect.

^*) sensitivities take into account Metsä Board's 24.9% ownership in Metsä Fibre