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Market: NASDAQ Helsinki Industry: Materials, Forest & Paper Products ISIN: METSA: FI0009000640 / METSB: FI0009000665

Metsä Board is a leading European producer of premium fresh fibre paperboards and a forerunner in sustainability. Company focuses on lightweight folding boxboards and white kraftliners for consumer, retail and food service packaging.

Metsä Board has eight production units in Finland and Sweden, and sales to over 100 countries. Company employs around 2,400 people.

Metsä Board is part of profitable Metsä Group, which parent company Metsäliitto Cooperative holds 48% of Metsä Board’s shares and 67% of votes. Metsä Board owns 24.9% of its associated company Metsä Fibre, a leading producer of softwood market pulp globally.

Metsä Board has two share series, both listed in Nasdaq Helsinki.


Financial targets and dividend policy
Comparable ROCE
at least 12%
20.9% in 2022
Interest bearing net debt / comparable EBITDA
maximum of 2.5
0.2 in 2022
Dividend pay-out ratio
at least 50% of net result
50% in 2022







Other key figures 2022 2021 2020 Target level by 2030
Paperboard deliveries, 1,000 tonnes 1,817 1,922 1,810  
Market pulp deliveries, 1,000 tonnes 503 496 521  
Share of fossil free energy of total energy use, % 88 85 83 100%
Energy efficiency improvement 1) , % +2.7 +4.3 +4.4 +10%
Reduction in process water use 1) , % -12.2 -12.6 -7.5 -30%
Share of certified wood of total wood procurement, % 83 83 80 >90%

1) Change from the base year of 2018, per tonne produced, rolling 12 months

Metsä Board A 27/03/2023 Metsä Board B 27/03/2023
Previous Close 11.50 Previous Close 7.28
Change (%) 0.00 Change (%) -0.34
Volume (shares) 919 Volume (shares) 469,601
Number of Shares 32,802,175 Number of Shares 322,710,571
Market Cap (€ million) 377.23 Market Cap (€ million) 2,347.72
Metsä Board A 27/03/2023
Previous Close 11.50
Change (%) -0.34
Volume (shares) 469,601
Number of Shares 32,802,175
Market Cap ( € million) 377.23
Metsä Board B 27/03/2023
Previous Close 7.28
Change (%) -0.34
Volume (shares) 469,601
Number of Shares 322,710,571
Market Cap ( € million) 2,347.72
Major Shareholders (28/02/2023) Shares % of Total
Metsäliitto Cooperative 177,339,302 49.88
Varma Mutual Pension Insurance Company 17,245,029 4.85
Ilmarinen Mutual Pension Insurance Company 10,847,000 3.05
Etola Erkki Olavi 5,500,000 1.55
Elo Mutual Pension Insurance Company 4,665,000 1.31
The State Pension Fund 3,400,000 0.96
Evli Finnish Small Cap Fund 1,533,000 0.43
Etola Markus Eeriki 1,250,000 0.35
OP-Finland Small Firms Fund 1,243,629 0.35
OP-Finland 1,212,887 0.34
10 largest owners total 224,235,847 63.07
Number of shares total 355,512,746 100.00

Upcoming events
27/04/2023Interim report for January-March 2023
27/04/2023Earnings call with investors and analysts
04/05/2023Group Investor call with Metsä Board and Metsä Fibre hosted by Santander
09/05/2023UBS Pan European Small and Mid-Cap Conference
Latest news
23/03/2023 Resolutions of Metsä Board Corporation’s Annual General Meeting
22/03/2023 Metsä Board on the 2022 CDP Supplier Engagement Leaderboard
16/03/2023 Metsä Board Corporation: Managers’ transactions (Joukio, Mika)
15/03/2023 Transfer of Metsä Board Corporation's own shares to pay the rewards under the incentive scheme for the performance period 2020–2022
23/02/2023 Notice of the Annual General Meeting of Metsä Board