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