Metsä Board reports improved operating result for fourth consecutive quarter

Metsä Board has seen a gradual recovery in its financial performance throughout the first nine months of 2026. The company’s comparable operating result for the third quarter reached 5.5 million euros, marking the fourth consecutive quarter of improvement. For the period of January through September, the comparable operating result stood at -2.2 million euros, compared to -45.5 million euros in the same period last year.

CEO Esa Kaikkonen noted that while paperboard delivery volumes remained stable, there was a slight uptick in average pricing. However, profitability for the third quarter was hampered by major annual maintenance shutdowns and market-related production pauses at the Husum mill. These negative impacts were partially offset by approximately 10 million euros in tariff refunds, which helped mitigate rising logistics costs.

The company’s transformation program continues to impact the bottom line, with an annual EBITDA run-rate improvement of 148 million euros recorded by the end of September. Additionally, the opening of a packaging design studio in Milan underscores a strategic shift toward deepening collaboration with brand owners and improving service models.

Despite the positive trend in market balance, current profitability remains below target levels. The outlook for the remainder of the year remains cautious, as the company faces continued uncertainty regarding demand and rising costs for energy and logistics.