Q2 2026 Metsa Board Oyj Earnings Call Transcript
Key Points
- Metsa Board Oyj (OHEL:METSA) swung back to a comparable operating profit of EUR3 million in Q2 2026, a significant improvement from a EUR23 million loss in the same period last year and an EUR11 million loss in Q1 2026.
- The company's transformation program is delivering tangible results, achieving an EBITDA run rate improvement of EUR135 million by the end of Q2, with a cumulative P&L impact of EUR45 million.
- Metsa Board Oyj (OHEL:METSA) gained market share in the European folding boxboard market during the first half of the year, driven by improved service capabilities, innovation, and customer proximity.
- Paperboard deliveries increased from Q1, and pricing started to move in the right direction towards the end of the period, with order inflow strengthening across both Consumer Packaging and Retail Packaging segments.
- The company generated positive free cash flow of EUR5 million in Q2, supported by improved EBITDA and strict working capital management, and secured refinancing of its EUR250 million bond maturing in 2027, maintaining strong liquidity of EUR547 million.
- Capital expenditure is expected to remain clearly below EUR100 million annually, with the big spending phase now behind the company, freeing up cash for future operations.
- Husum mill remained loss-making during the quarter, and its profitability is expected to be significantly affected in Q3 due to a long maintenance shutdown and continued market-related downtime.
- Pulp markets remained weak, with demand soft in both Europe and China, and Metsa Fibre's Joutseno mill remained shut throughout the quarter, leading to lower delivery volumes.
- The Iran conflict continued to add pressure on logistics, energy, and raw material costs, with a similar negative impact expected in Q3 as seen in Q2.
- Metsa Fibre's result contribution is expected to remain negative in Q3 due to extensive maintenance activity and continued low pulp production utilization rates.
- Leverage remained elevated due to weak last-12-month EBITDA, and the company's credit ratings from Moody's and S&P remain on negative outlook.
- Year-on-year volumes were still lower, particularly in the Americas, and the company faces ongoing challenges from tariffs and price competition in the US market.
Good afternoon, everyone, and thanks for joining us for Metsa Board's half-year results. My name is Katri Sundstrom. I'm responsible for Metsa Board's Investor Relations. With me, I have Esa Kaikkonen, our CEO, and Anssi Tammilehto, our CFO, who will be presenting the results today. At the very end, we open the lines for you for your questions. Remember that you can also send questions via the chat function, which I will then present to Esa and Anssi here.
Before we get into the results, a quick reminder that today's presentation includes forward-looking statements and the usual disclaimer applies. With that, I hand over to Esa.
Thanks, Katri. And good afternoon, everyone. Let me first give you the headlines. We are improving. We are getting sharper about where we focus. On the areas where we can really add value. That's what our strategy Lead the Pack is all about. We believe that the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
