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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 2,290 employees in 17 countries.

Metsä Board is part of profitable Metsä Group, which parent company Metsäliitto Cooperative holds 52% of Metsä Board’s shares and 69% 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%

3.2% in 2024

Interest bearing net debt / comparable EBITDA

maximum of 2.5

2.0 in 2024

Dividend pay-out ratio

at least 50% of net result

98% in 2024

Other key figures	2024	2023	2022	Target level by 2030
Paperboard deliveries, 1,000 tonnes	1,472	1,373	1,817
Market pulp deliveries, 1,000 tonnes	400	394	503
Share of fossil free energy of total energy use, %	89	90	87	100%
Energy efficiency improvement ¹⁾ , %	+0.9	-5.8	+2.7	+10%
Reduction in process water use ¹⁾ , %	-11	+3.5	-12.2	-35%
Share of certified wood of total wood procurement, %	92	91	83	>90%

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

Metsä Board A	16/04/2025	Metsä Board B	16/04/2025
Previous Close	5.77	Previous Close	3.14
Change (%)	-0.52	Change (%)	-1.13
Volume (shares)	1,442	Volume (shares)	366,373
Number of Shares	32,802,175	Number of Shares	322,710,571
Market Cap (€ million)	189.27	Market Cap (€ million)	1,013.31

Metsä Board A	16/04/2025
Previous Close	5.77
Change (%)	-1.13
Volume (shares)	366,373
Number of Shares	32,802,175
Market Cap ( € million)	189.27
Metsä Board B	16/04/2025
Previous Close	3.14
Change (%)	-1.13
Volume (shares)	366,373
Number of Shares	322,710,571
Market Cap ( € million)	1,013.31

Major Shareholders (31/03/2025)	Shares	% of Total
Metsäliitto Cooperative	184,269,752	51.83
Varma Mutual Pension Insurance Company	17,245,029	4.85
Ilmarinen Mutual Pension Insurance Company	10,283,635	2.89
Elo Mutual Pension Insurance Company	5,658,000	1.59
Etola Erkki Olavi	4,800,000	1.35
The State Pension Fund	3,400,000	0.96
Evli Finnish Small Cap Fund	2,050,000	0.58
Etola Markus Eeriki	1,600,000	0.45
Etola Mikael Kristian	1,550,000	0.44
Säästöpankki Small Cap Mutual Fund	1,329,211	0.37
10 largest owners total	232,185,627	65.31
Number of shares total	355,512,746	100.00

Upcoming events

29/04/2025	Interim Report for January–March 2025
29/04/2025	Earnings call with analysts and investors
06/05/2025	Roadshow Benelux
18/06/2025	Roadshow Switzerland

Latest news
03/04/2025	MetsäBoard Classic FBB leads the pack with better printability and a smaller CO2 footprint
18/03/2025	Verified study shows that Metsä Board paperboard can reduce carbon footprint of food packaging by over 60%
10/03/2025	Metsä Board has concluded change negotiations and Tako mill will be closed
25/02/2025	Metsä Board updates its sustainability targets
07/02/2025	CDP recognises Metsä Board with a triple ‘A’ score for leadership on climate change, forests and water security