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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%
18.7% in 2021
Interest bearing net debt / comparable EBITDA
maximum of 2.5
-0.2 in 2021
Dividend pay-out ratio
at least 50% of net result
50% in 2021







Other key figures 2021 2020 2019 Target level by 2030
Paperboard deliveries, 1,000 tonnes 1,923 1,810 1,792  
Market pulp deliveries, 1,000 tonnes 496 521 460  
Share of fossil free energy of total energy use, % 85 83 83 100%
Energy efficiency improvement 1) , % +4.3 +4.4 +1.7 +10%
Reduction in process water use 1) , % -12.6 -7.5 -10.9 -30%
Share of certified wood of total wood procurement, % 83 80 76 >90%

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

Metsä Board A 12/08/2022 Metsä Board B 12/08/2022
Previous Close 9.94 Previous Close 8.88
Change (%) 0.40 Change (%) 1.60
Volume (shares) 579 Volume (shares) 180,193
Number of Shares 32,802,175 Number of Shares 322,710,571
Market Cap (€ million) 326.05 Market Cap (€ million) 2,865.67
Metsä Board A 12/08/2022
Previous Close 9.94
Change (%) 1.60
Volume (shares) 180,193
Number of Shares 32,802,175
Market Cap ( € million) 326.05
Metsä Board B 12/08/2022
Previous Close 8.88
Change (%) 1.60
Volume (shares) 180,193
Number of Shares 322,710,571
Market Cap ( € million) 2,865.67
Major Shareholders (31/07/2022) Shares % of Total
Metsäliitto Cooperative 172,380,595 48.49
Varma Mutual Pension Insurance Company 17,245,029 4.85
Ilmarinen Mutual Pension Insurance Company 12,291,394 3.46
Etola Erkki Olavi 6,000,000 1.69
Elo Mutual Pension Insurance Company 3,986,190 1.12
The State Pension Fund 3,000,000 0.84
OP-Finland 2,123,891 0.60
Evli Finnish Small Cap Fund 2,100,000 0.59
OP-Finland Small Firms Fund 1,427,501 0.40
Danske Invest Finnish Equity Fund 1,382,643 0.39
10 largest owners total 221,937,243 62.43
Number of shares total 355,512,746 100.00

Upcoming events
22/09/2022Roadshow Paris
27/10/2022Interim Report for January–September 2022
27/10/2022Q3 2022 earnings call with investors and analysts
10/11/2022Capital Markets Day 2022
Latest news
28/07/2022 Metsä Board’s comparable operating result in January–June 2022 was EUR 267 million
14/07/2022 Invitation to conference call and webcast presentation of Metsä Board's Half-year financial report for January–June 2022 on 28 July 2022
13/07/2022 Better with Less – Design Challenge announces new jury members
21/06/2022 Metsä Board's financial reporting and Annual General Meeting in 2023
15/06/2022 Metsä Board among the best of the best in EcoVadis 2022 rating