Metsä Board's Profitability Improves in H1, But Husum Mill Remains Loss-Making
Metsä Board reported a positive comparable operating result of EUR 3.1 million in the second quarter, up from a loss of EUR 22.7 million a year prior. However, the company's Husum mill continued to incur losses as it implements cost-saving measures.
Helsinki – Metsä Board announced on August 6, 2026, that its comparable operating result turned positive in the second quarter, reaching EUR 3.1 million compared to a loss of EUR 22.7 million in the same period of 2025. Total sales for the first half of the year decreased to EUR 825.6 million from EUR 940.9 million in the previous year, with comparable EBITDA standing at EUR 47.0 million, down from EUR 57.3 million a year ago.
CEO Esa Kaikkonen stated that the improved result was supported by growing paperboard delivery volumes and the systematic implementation of efficiency and cost-saving measures. "The Husum integrated mill continued to make a loss in the second quarter, and improving its profitability remains one of our top priorities," Kaikkonen commented.
The company's transformation program is progressing as planned. By the end of June, the measures taken had resulted in an annual run-rate EBITDA improvement of approximately EUR 135 million, a significant portion of the EUR 200 million target set for 2027. The effects of the program's commercial development projects are expected to gradually materialize in the second half of the year.
Logistics costs increased due to rising oil prices resulting from the conflict in Iran. However, the company's high level of energy self-sufficiency and rigorous cost control supported its competitiveness. Working capital management remained a key focus, and cash flow from operations strengthened in the second quarter to EUR 8.7 million from a negative result in the previous quarter.
Demand and price levels for market pulp remained weak in Europe and China. Long production shutdowns are expected to impact results for the remainder of the year, alongside low utilization rates at Metsä Fibre's Joutseno mill and potential cost increases due to the conflict in Iran.