Metsä Board Corporation Interim report 29 October 2026 at 12:00 noon EET
January–September 2026 (compared to 1–9/2025)
- Sales were EUR 1,227.9 million (1,382.2).
- The comparable EBITDA was EUR 77.0 million (39.0), or 6.3% of sales (2.8). EBITDA was EUR 65.5 million (33.4).
- The comparable operating result was EUR -2.2 million (-45.5), or -0.2% of sales (-3.3). Operating result was EUR -13.7 million (-70.3).
- Comparable earnings per share were EUR -0.04 (-0.13), and earnings per share were EUR -0.07 (-0.19).
- Comparable return on capital employed was 0.2% (-2.3).
- Net cash flow from operations was EUR -39.5 million (83.9).
July–September 2026 (compared to 7–9/2025)
- Sales were EUR 402.3 million (441.2).
- The comparable EBITDA was EUR 30.1 million (-18.2), or 7.5% (-4.1) of sales. EBITDA was EUR 25.6 million (-17.4).
- The comparable operating result was EUR 5.5 million (-45.6), or 1.4% (-10.3) of sales. Operating result was EUR 1.1 million (-44.8).
- Comparable earnings per share were EUR 0.01 (-0.11), and earnings per share were EUR -0.01 (-0.11).
- Comparable return on capital employed was 1.4% (-7.1).
- Net cash flow from operations was EUR 22.3 million (122.0).
Events in July–September 2026
- Comparable operating result improved for the fourth consecutive quarter and amounted to EUR 5.5 million (Q3/2025: EUR -45.6 million).
- Paperboard delivery volumes remained stable, while average prices increased slightly from the previous quarter.
- Major annual maintenance shutdowns and a long market-related production shutdown at Husum reduced production volumes and had a negative impact on profitability.
- Approximately EUR 10 million impact from tariff refunds offset high logistics costs and improved the result for July–September.
- Market pulp demand and prices remained subdued, and the production shutdown at Metsä Fibre’s Joutseno mill continued.
- At the end of September, the transformation programme’s annual EBITDA run-rate improvement was approximately EUR 148 million, of which around EUR 99 million had been realised in reported EBITDA.
- A new packaging design studio was opened in Milan to strengthen customer collaboration and packaging innovation.
- Production at the Winschoten sheeting facility reached the planned level and supports the gradual increase in Husum’s folding boxboard production volumes.
Metsä Board’s CEO Esa Kaikkonen:
“Our comparable operating result improved for the fourth consecutive quarter in July–September and amounted to EUR 5.5 million (Q2/26: EUR 3.1 million; Q3/25: EUR -45.6 million). Paperboard delivery volumes remained at the previous quarter’s level, while the upward trend in average prices continued.
Demand at the Finnish paperboard mills was good, with stronger order books supporting higher operating rates. At Husum, however, operating rates remained low, and despite the measures taken, the mill integrate continued to be loss-making.
The third quarter was burdened by major annual maintenance shutdowns at the mills and a long market-related production shutdown at Husum in July. At the same time, the positive impact from tariff refunds offset high logistics costs and supported the quarterly result.
Cash flow from operations was stronger than expected in July–September, at EUR 22 million. Strengthening cash flow and efficient working capital management remain a key element of our operational management.
During the year, paperboard market conditions have gradually improved, and our own measures have supported earnings development. However, the comparable operating margin and return on capital employed for the review period remained close to zero, meaning that our profitability is still clearly below our target level. We continue to take determined action to improve it.
Our transformation programme has progressed as planned, and its earnings impact is already clearly visible. By the end of September, the measures implemented had generated an annualised EBITDA run-rate improvement of EUR 148 million. We have also made progress in our commercial initiatives related to pricing, customer segmentation and service models, and we expect their earnings impact to strengthen next year.
In the Consumer Packaging business, we continued active commercial measures to capture new business opportunities and strengthen our market position. The new packaging design studio opened in Milan deepens our collaboration particularly with brand owners, while higher sheeting volumes at Winschoten support a gradual increase in Husum’s production volumes.
Based on market statistics, our market position in folding boxboard in Europe strengthened from the previous quarter. (Source: Pro Carton, Metsä Board)
The EU Packaging and Packaging Waste Regulation began to apply in August. We already provide our customers with documentation supporting regulatory compliance, which has received positive feedback. As the requirements gradually become stricter towards 2030, our material-efficient and recyclable paperboards and service solutions are well aligned with the objectives of the regulation, strengthening our competitiveness and supporting our long-term growth opportunities. This development is also supported by consumer preferences for fibre-based packaging.
The improved market balance for paperboards supports price development and provides a better basis for the annual negotiations towards the end of the year. Despite the gradual improvement in market conditions, uncertainty around the demand outlook remains, while cost pressures are increasing, particularly in energy, logistics and chemicals. We expect the pulp market balance to improve towards year-end as pro-duction curtailments and low wood procurement volumes tighten market pulp supply.
We continue to implement our Lead the Pack strategy with determination. In the first phase, our focus is on improving profitability and competitiveness. At the same time, we are building the foundation for the next phase and profitable growth in material-efficient and recyclable packaging solutions, while strengthening our position as a partner to brand owners.”
Near-term outlook
Operating environment for the 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 for October–December 2026 (compared with 7–9/2026)
Cash flow and working capital management remain key priorities in Metsä Board’s operational steering. Market-related 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.
| Key figures | ||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||
| Q3 | Q3 | Q1–Q3 | Q1–Q3 | Q1–Q4 | ||
| Sales, EUR million | 402.3 | 441.2 | 1,227.9 | 1,382.2 | 1,775.7 | |
| EBITDA, EUR million | 25.6 | -17.4 | 65.5 | 33.4 | -3.9 | |
| comparable, EUR million | 30.1 | -18.2 | 77.0 | 39.0 | 29.6 | |
| EBITDA, % of sales | 6.4 | -4.0 | 5.3 | 2.4 | -0.2 | |
| comparable, % of sales | 7.5 | -4.1 | 6.3 | 2.8 | 1.7 | |
| Operating result, EUR million | 1.1 | -44.8 | -13.7 | -70.3 | -169.5 | |
| comparable, EUR million | 5.5 | -45.6 | -2.2 | -45.5 | -80.2 | |
| Operating result, % of sales | 0.3 | -10.2 | -1.1 | -5.1 | -9.5 | |
| comparable, % of sales | 1.4 | -10.3 | -0.2 | -3.3 | -4.5 | |
| Result before taxes, EUR million | -4.2 | -48.3 | -28.6 | -81.9 | -186.9 | |
| comparable, EUR million | 0.2 | -49.1 | -17.0 | -57.0 | -97.5 | |
| Result for the period, EUR million | -5.6 | -42.5 | -27.9 | -69.8 | -164.6 | |
| comparable, EUR million | -1.4 | -43.5 | -17.6 | -50.2 | -92.2 | |
| Earnings per share, EUR | -0.01 | -0.11 | -0.07 | -0.19 | -0.44 | |
| comparable, EUR | 0.01 | -0.11 | -0.04 | -0.13 | -0.24 | |
| Return on equity, % | -1.4 | -9.0 | -2.2 | -4.9 | -9.0 | |
| comparable, % | -0.3 | -9.2 | -1.4 | -3.6 | -5.0 | |
| Return on capital employed, % | 0.6 | -7.0 | -0.5 | -3.7 | -6.9 | |
| comparable, % | 1.4 | -7.1 | 0.2 | -2.3 | -3.1 | |
| Equity ratio ¹⁾, % | 59 | 65 | 59 | 65 | 60 | |
| Net gearing ¹⁾, % | 19 | 18 | 19 | 18 | 15 | |
| Interest-bearing net liabilities/comparable EBITDA, 12 months rolling | 4.6 | 5.3 | 4.6 | 5.3 | 8.6 | |
| Shareholders’ equity per share ¹⁾, EUR | 4.15 | 4.77 | 4.15 | 4.77 | 4.48 | |
| Interest-bearing net liabilities ¹⁾, EUR million | 311.5 | 338.0 | 311.5 | 338.0 | 254.8 | |
| Total investment, EUR million | 2.6 | 28.7 | 26.8 | 63.7 | 139.5 | |
| Net cash flow from operations, EUR million | 22.3 | 122.0 | -39.5 | 83.9 | 239.6 | |
| Personnel ¹⁾ | 1,867 | 2,150 | 1,867 | 2,150 | 1,939 | |
| ¹⁾ at the end of the period |
METSÄ BOARD CORPORATION
Further information:
Anssi Tammilehto, CFO, tel. +358 10 465 4913
Katri Sundström, VP, Investor Relations, tel. +358 10 462 0101
Webcast and conference call
The webcast and the conference call for analysts and investors in English will be held on 29 October 2026 at 3:00 p.m. EET. CEO Esa Kaikkonen and CFO Anssi Tammilehto will present the results. The webcast and conference call can be followed online on the company’s website at https://metsaboard.events.inderes.com/2026-q3.
Participation in the conference call requires registration through the following link: https://events.inderes.com/metsaboard/2026-q3/dial-in.
After the registration, the participant will be provided with a phone number, a User ID and a Conference ID to access the conference. By participating in the conference call, the participant agrees that personal information such as name and company name can be collected.
The webcast presentation and conference call will be recorded and archived on the company’s website at https://www.metsagroup.com/metsaboard/investors/.