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Metsä Board
Metsä Board (METSB) investor relations material
Metsä Board Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Profitability remained under pressure in 2025, with sales declining to EUR 1,775.7 million and a comparable operating result of EUR -80.2 million, but strong operating cash flow and a solid financial position provided stability despite market headwinds.
Transformation programme delivered EUR 52 million in annualised cost savings by year-end, with a target of EUR 200 million by 2027.
Major investment phase ended with the completion of the Simpele mill modernization.
No dividend proposed for 2025 due to notable losses.
Financial highlights
2025 sales: EUR 1.78 billion, down 8% year-over-year; Q4 sales: EUR 394 million.
Comparable operating result: EUR -80.2 million (-4.5% margin); earnings per share: EUR -0.44.
Strong operating cash flow of EUR 240 million, up 534% year-over-year, driven by working capital release.
Significant non-recurring items: EUR 27 million Tako Mill impairment, EUR 21 million transformation costs, EUR 35 million ERP project impairment.
Q4 included EUR 40 million insurance compensation related to Kemi Bioproduct Mill incident.
Outlook and guidance
Folding boxboard delivery volumes expected to improve from Q4 lows in Q1 2026; variable costs to decline due to lower wood prices and transformation actions.
FX headwinds expected to negatively impact Q1 by EUR 20 million versus Q4.
Overcapacity in Europe, soft consumer sentiment, and U.S. tariffs to continue impacting sales.
No major new investments planned; annual maintenance CapEx to remain at EUR 40–50 million for 2026–2028.
Working capital will increase seasonally in Q1 2026.
Expected 2026 EBITDA impact from transformation?
Husum mill's path to positive operating result?
ERP project reassessment timeline and implications?
Husum profitability restoration plan
Working capital release sustainability
U.S. tariffs: FBB volume recovery strategy
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Next Metsä Board earnings date
Q1 202629 Apr, 2026
Metsä Board
Next Metsä Board earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Metsä Board Oyj engages in the manufacturing of folding carton boxboard products, fresh fibre linerboard, and market pulp business. It operates in three segments: Folding Carton Products, Fresh Fibre Linerboard and Market Pulp Products. The Folding Carton Products segment manufactures folding carton boxboards. The Fresh Fibre Linerboard segment produces paper for corrugated board. The Market Pulp Products segment produces newsprint paper, magazines and daily newspapers as well as kraftliner, linerboard and market pulp. Metsä Board Oyj was founded in 1986 and is based in Espoo, Finland.
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