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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. Metsä Board has sales to around 100 countries and has approximately 2,250 employees in 17 countries.

Metsä Board is part of profitable Metsä Group, which parent company Metsäliitto Cooperative holds 50.1% of Metsä Board’s shares and 68.2% 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, %	87	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	26/09/2023	Metsä Board B	26/09/2023
Previous Close	8.84	Previous Close	7.48
Change (%)	-0.23	Change (%)	-1.12
Volume (shares)	2,385	Volume (shares)	339,257
Number of Shares	32,802,175	Number of Shares	322,710,571
Market Cap (€ million)	289.97	Market Cap (€ million)	2,412.26

Metsä Board A	26/09/2023
Previous Close	8.84
Change (%)	-1.12
Volume (shares)	339,257
Number of Shares	32,802,175
Market Cap ( € million)	289.97
Metsä Board B	26/09/2023
Previous Close	7.48
Change (%)	-1.12
Volume (shares)	339,257
Number of Shares	322,710,571
Market Cap ( € million)	2,412.26

Major Shareholders (31/08/2023)	Shares	% of Total
Metsäliitto Cooperative	184,267,302	51.83
Varma Mutual Pension Insurance Company	17,245,029	4.85
Ilmarinen Mutual Pension Insurance Company	9,770,635	2.75
Etola Erkki Olavi	5,500,000	1.55
Elo Mutual Pension Insurance Company	4,778,000	1.34
The State Pension Fund	3,400,000	0.96
OP-Finland Small Firms Fund	2,358,629	0.66
Evli Finnish Small Cap Fund	2,262,000	0.64
OP-Finland	1,984,624	0.56
OP-Henkivakuutus Ltd.	1,388,110	0.39
10 largest owners total	232,954,329	65.53
Number of shares total	355,512,746	100.00

Upcoming events

27/09/2023	Roadshow UK
26/10/2023	Interim Report for January-September 2023
26/10/2023	Earnings call with analysts and investors
07/11/2023	Roadshow USA

Latest news
26/09/2023	The environmental impact assessment procedure for Metsä Board’s Kaskinen paperboard mill project has been completed
22/09/2023	Metsä Board's Kemi mill development programme completed
04/09/2023	Metsä Group to train 80 new professionals – apprenticeship is an excellent path into the field
26/07/2023	Metsä Board achieves A- in Circulytics® assessment
13/07/2023	Invitation to conference call and webcast presentation of Metsä Board Corporation's half-year financial report