Metsä Board's Half-year financial report 2026: Profitability improvement on track
Metsä Board Corporation Half-year financial report 6 August 2026 at 12:00 noon EEST
January–June 2026 (compared to 1–6/2025)
- Sales were EUR 825.6 million (940.9).
- The comparable EBITDA was EUR 47.0 million (57.3), or 5.7% of sales (6.1). EBITDA was EUR 39.8 million (50.9).
- The comparable operating result was EUR -7.7 million (0.1), or -0.9% of sales (0.0). Operating result was EUR -14.8 million (-25.5).
- Comparable earnings per share were EUR -0.04 (-0.02), and earnings per share were EUR -0.06 (-0.08).
- Comparable return on capital employed was -0.4% (0.2).
- Net cash flow from operations was EUR -61.8 million (-38.1).
April–June 2026 (compared to 4–6/2025)
- Sales were EUR 431.9 million (460.1).
- The comparable EBITDA was EUR 30.3 million (6.1), or 7.0% (1.3) of sales. EBITDA was EUR 26.9 million (7.1).
- The comparable operating result was EUR 3.1 million (-22.7), or 0.7% (-4.9) of sales. Operating result was EUR -0.3 million (-21.7).
- Comparable earnings per share were EUR -0.01 (-0.06), and earnings per share were EUR -0.02 (-0.06).
- Comparable return on capital employed was 0.8% (-3.3).
- Net cash flow from operations was EUR 8.7 million (-10.1).
Events in April–June 2026
- Comparable operating result turned positive for the first time since early 2025. The Husum integrated mill remained loss-making.
- Delivery volumes of paperboard increased compared with Q1/2026.
- Seasonality and preparations for upcoming major shutdowns at the Husum and Kemi integrated mills increased paperboard production volumes.
- By 30 June 2026, the transformation programme had delivered an annual run-rate EBITDA improvement of approximately EUR 135 million, with approximately EUR 45 million realised in reported EBITDA.
- The rise in oil prices caused by the conflict in Iran led to increased logistics costs in particular.
- Cash flow from operations took a positive turn from the previous quarter, and working capital management remained a key focus of operational control.
- Metsä Board concluded a binding loan agreement to secure the refinancing of its EUR 250 million bond maturing in September 2027.
- Demand for market pulp and price levels remained subdued in Europe and China. The market-driven production curtailment at Metsä Fibre’s Joutseno mill continued throughout the second quarter.
- Metsä Board expanded its climate targets to include emissions from the end of its products’ life cycle and received SBTi validation for its targets.
Metsä Board’s CEO Esa Kaikkonen:
“Our profitability continued to improve in Q2/2026. Comparable operating result returned to a positive level for the first time since Q1/2025, amounting to EUR 3.1 million (Q2/2025: EUR -22.7 million). The result was supported by growing paperboard volumes and the systematic implementation of efficiency improvement and cost-saving measures. The Husum integrated mill continued to make a loss in the second quarter, and improving its profitability remains one of our top priorities.
Demand for paperboard strengthened in Q2 compared with Q1, reflected in higher delivery volumes in both the Consumer Packaging and Retail Packaging businesses. At the same time, our market share in folding boxboard increased slightly in Europe. The order inflow for both businesses at our Finnish mills was stronger than last year. Average prices for both folding boxboard and white kraftliners began to rise towards the end of the review period, which is a positive trend.
Our transformation programme is making good progress. By the end of June, the measures taken had resulted in an annual improvement in EBITDA (run-rate) of approximately EUR 135 million, which already represents a significant portion of the EUR 200 million target for 2027. The effects of the programme’s commercial development projects are expected to begin showing gradually in the second half of the year.
The cost environment during the second quarter was affected by rising oil prices resulting from the conflict in Iran, which led to an increase in logistics costs in particular. The impact was broadly in line with our earlier expectations, excluding the effect of the commercial measures implemented. However, our high level of energy self-sufficiency and rigorous cost control supported our competitiveness even in this operating environment.
Cash flow from operations strengthened, amounting to EUR 8.7 million in the second quarter (Q1/2026: -70.5; Q2/2025: -10.1). Effective management of working capital remained a key focus of our operational management, and we expect the release of working capital to support cash flow in the second half of the year as well.
Global demand for long-fibre market pulp and its price level have remained weak this year. The weak market conditions were also evident at Metsä Fibre’s Joutseno pulp mill, where production has been at a standstill since the end of March due to market conditions. Although the recovery in demand still appears to take time, production cuts and capacity closures in Europe may gradually help strengthen the market balance in the second half of the year.
The outlook for the rest of the year is affected by long shutdown periods at the Husum and Kemi integrated mills, Metsä Fibre’s low utilisation rates and the continued weak development of the pulp market. In addition, the effects of the conflict in Iran are placing upward pressure on logistics and chemical costs in particular. These factors are key to the company’s result development in the second half of the year.
In the long term, the growing need for renewable and recyclable packaging solutions among consumers and brand owners, as well as increasingly stringent regulations, will support demand for fibre-based packaging. We are strengthening our competitive position by working even closer with our customers and developing our supply chain, service capabilities and packaging innovations to better meet their needs. Examples include our new sheeting capacity in the Netherlands and packaging design studio in Milan. These measures are expected to strengthen our market share and competitive position, as well as support long-term profitable growth in line with our Lead the Pack strategy.”
Near-term outlook
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 third-quarter 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 third-quarter 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.
| Key figures | |||||
| 2026 | 2025 | 2026 | 2025 | 2025 | |
| Q2 | Q2 | Q1–Q2 | Q1–Q2 | Q1–Q4 | |
| Sales, EUR million | 431.9 | 460.1 | 825.6 | 940.9 | 1,775.7 |
| EBITDA, EUR million | 26.9 | 7.1 | 39.8 | 50.9 | -3.9 |
| comparable, EUR million | 30.3 | 6.1 | 47.0 | 57.3 | 29.6 |
| EBITDA, % of sales | 6.2 | 1.5 | 4.8 | 5.4 | -0.2 |
| comparable, % of sales | 7.0 | 1.3 | 5.7 | 6.1 | 1.7 |
| Operating result, EUR million | -0.3 | -21.7 | -14.8 | -25.5 | -169.5 |
| comparable, EUR million | 3.1 | -22.7 | -7.7 | 0.1 | -80.2 |
| Operating result, % of sales | -0.1 | -4.7 | -1.8 | -2.7 | -9.5 |
| comparable, % of sales | 0.7 | -4.9 | -0.9 | 0.0 | -4.5 |
| Result before taxes, EUR million | -5.0 | -26.3 | -24.4 | -33.6 | -186.9 |
| comparable, EUR million | -1.7 | -27.2 | -17.2 | -7.9 | -97.5 |
| Result for the period, EUR million | -5.6 | -22.4 | -22.3 | -27.3 | -164.6 |
| comparable, EUR million | -2.7 | -23.2 | -16.3 | -6.7 | -92.2 |
| Earnings per share, EUR | -0.02 | -0.06 | -0.06 | -0.08 | -0.44 |
| comparable, EUR | -0.01 | -0.06 | -0.04 | -0.02 | -0.24 |
| Return on equity, % | -1.4 | -4.6 | -2.6 | -2.8 | -9.0 |
| comparable, % | -0.6 | -4.8 | -1.9 | -0.7 | -5.0 |
| Return on capital employed, % | 0.2 | -3.2 | -1.0 | -1.8 | -6.9 |
| comparable, % | 0.8 | -3.3 | -0.4 | 0.2 | -3.1 |
| Equity ratio ¹⁾, % | 58 | 63 | 58 | 63 | 60 |
| Net gearing ¹⁾, % | 21 | 22 | 21 | 22 | 15 |
| Interest-bearing net liabilities/comparable EBITDA, 12 months rolling | 17.7 | 2.9 | 17.7 | 2.9 | 8.6 |
| Shareholders’ equity per share ¹⁾, EUR | 4.18 | 4.94 | 4.18 | 4.94 | 4.48 |
| Interest-bearing net liabilities ¹⁾, EUR million | 340.8 | 429.8 | 340.8 | 429.8 | 254.8 |
| Total investment, EUR million | 10.7 | 19.0 | 24.3 | 35.1 | 139.5 |
| Net cash flow from operations, EUR million | 8.7 | -10.1 | -61.8 | -38.1 | 239.6 |
| Personnel ¹⁾ | 1,961 | 2,374 | 1,961 | 2,374 | 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 6 August 2026 at 3:00 p.m. EEST. 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-q2.
Participation in the conference call requires registration through the following link: https://events.inderes.com/metsaboard/2026-q2/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/.
Metsä Board
metsagroup.com/metsaboard
Metsä Board is a producer of lightweight and high-quality folding boxboards, foodservice boards and white kraftliners. The fresh wood fibres we use in our products are a renewable and recyclable resource that can be traced back to Northern European forests. We aim to phase out the use of fossil energy in our production by 2030. We promote a culture of diversity, equality and inclusion. Metsä Board’s shares are listed on the Nasdaq Helsinki.
In 2025, our sales totalled EUR 1.8 billion, and we employ about 1,900 people. Metsä Board is part of Metsä Group, whose parent company Metsäliitto Cooperative is owned by approximately 90,000 Finnish forest owners. Total sales of Metsä Group were EUR 5.8 billion.
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