Metsa Board Oyj

XMUN:MSRB

Profitability: Metsa Board swung back to a comparable operating profit of EUR 3 million in Q2, versus a loss of EUR 23 million a year ago and EUR 11 million in Q1, helped by stronger volumes and better pricing.

Transformation: Management said the transformation program is delivering, with an EBITDA run rate of EUR 135 million and cumulative P&L impact of EUR 45 million after four quarters.

Demand: Paperboard demand improved, especially in Europe, and the company said it gained market share in European folding boxboard; pulp demand stayed weak in Europe and China.

Outlook: Q3 will be pressured by the long Husum shutdown and weak pulp markets, but management expects paperboard deliveries to stay broadly stable and sees improving market conditions in H2.

Cash & Balance Sheet: Cash flow turned positive, free cash flow was EUR 5 million, liquidity remained strong at EUR 547 million, and net debt was EUR 341 million.

Cost Pressure: The company still faces higher logistics and raw material costs from the Middle East conflict, while wood costs have come down from their peak but remain above pre-crisis levels.