METSBNasdaq HelsinkiPackaging & ContainersIFRS · EUR

Metsä Board Oyj

Metsä Board is a Finnish company specializing in the production of premium, lightweight fresh fibre paperboards. These paperboards are primarily used in consumer and retail packaging solutions and are made from renewable wood fibre. The company is Europe's largest producer of folding boxboard and white kraftliners, with a focus on sustainability and reducing the carbon footprint of packaging materials. Metsä Board operates production units in Finland and Sweden, leveraging high self-sufficiency in pulp and energy to ensure operational reliability.

Revenue1,776m EUR
−8.4 %y/y
Operating profit (EBIT)-170m EUR
−372.1 %y/y
EBIT margin-9.5%
−12.8 ppy/y
Net income-165m EUR
−517.8 %y/y
Free cash flow124m EUR
+257.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1,00001,0002,0003,000m EUR2021: 2,084 m EUR2021: EBIT 376 m EUR20212022: 2,480 m EUR2022: EBIT 532 m EUR20222023: 1,942 m EUR2023: EBIT 121 m EUR20232024: 1,939 m EUR2024: EBIT 62 m EUR20242025: 1,776 m EUR2025: EBIT -170 m EUR20251,776-170
RevenueOperating profit (EBIT)

Business

Share of revenue
Folding Boxboard40 %

Used mainly in food and pharmaceutical packaging.

White Kraftliners30 %

Used in retail packaging.

Chemical Pulp15 %

Produced for own use and market sales.

Bleached High-Yield Pulp (BCTMP)15 %

Produced for own use and market sales.

Customers

Metsä Board serves a diverse range of customers primarily in the consumer and retail packaging sectors. Their products are used by companies looking to reduce plastic usage and enhance sustainability in packaging. Major customer segments include food and pharmaceutical companies that require safe, recyclable packaging solutions. The company also caters to international brand owners committed to ambitious packaging and climate goals. With a strong focus on sustainability, Metsä Board helps its customers achieve their own environmental objectives.

Food Packaging

Buys folding boxboard for safe, recyclable packaging.

Pharmaceutical Packaging

Uses folding boxboard for compliance and safety.

Retail Packaging

Uses white kraftliners for sustainable retail solutions.

Sustainability-focused Brands

Seeks to reduce plastic usage and carbon footprint.

Strategy

Metsä Board's strategic priorities focus on achieving profitable and sustainable growth through a transformation program aimed at creating a leaner cost structure. The company is committed to reducing its carbon footprint and enhancing its product offerings to replace plastics. Strengthening commercial excellence and streamlining operations are key to maintaining competitiveness in a challenging market environment. The strategy aligns with long-term growth potential driven by global trends such as urbanization and the reduction of plastic waste.

Sustainable GrowthLong term

To align with global trends and regulations.

Cost Structure OptimizationMedium term

To maintain competitiveness in a challenging market.

Commercial ExcellenceShort term

To strengthen market position and customer relationships.

Geography

Q1/2025

Metsä Board operates primarily in Europe and North America, with production facilities located in Finland and Sweden. The company's strategic location near high-quality northern wood fibre sources ensures a stable supply chain. Europe remains the largest market, driven by stringent EU regulations on packaging materials. North America is another key market, influenced by consumer demand for sustainable packaging solutions. The company exports to around 90 countries, leveraging its strong production capabilities and self-sufficiency in pulp and energy.

Europe, Middle East and Africa68 %
Americas27 %
Asia Pacific4.8 %

Share of the revenue the company reports by geography.

Risks

Metsä Board faces several risks, including market volatility due to weak consumer demand and import tariffs, particularly from the United States. The company is also exposed to geopolitical risks, especially in China, where market uncertainty can affect demand for its products. Environmental regulations and sustainability requirements pose additional challenges, as they necessitate continuous innovation and adaptation. Furthermore, operational risks such as supply chain disruptions and production inefficiencies could impact profitability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Geopolitical Risks1Market Volatility2Environmental Regulations3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Geopolitical RisksImpact: CriticalLikelihood: High

    Uncertainty in China affecting demand.

  2. Market VolatilityImpact: HighLikelihood: High

    Weak consumer demand and import tariffs.

  3. Environmental RegulationsImpact: HighLikelihood: Medium

    Need for continuous innovation and adaptation.

Accounting

Judgemental items
Impairment Testing

To assess recoverable amounts of assets.

Impact: high

Hedge Accounting

Affects valuation of financial instruments.

Impact: medium

Revenue Recognition

Fluctuations due to market conditions and seasonality.

Impact: high

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Metsä Board Oyj (METSB) Revenue, Earnings & Financials 2025 – Clarifo