Metsä Board lifts Q3 comparable operating profit to EUR 5.5m, fourth straight quarterly improvement

Metsä Board's comparable operating profit rose to EUR 5.5m in the third quarter of 2026 from a loss of EUR 45.6m a year earlier, its fourth consecutive quarterly improvement. The net loss narrowed to EUR 5.6m. Sales fell to EUR 402.3m from EUR 441.2m; paperboard prices rose slightly, while the Husum mill ran at low rates and remained loss-making. The company expects seasonally lower deliveries in the fourth quarter, and the third quarter's tariff refunds of about EUR 10m will not recur.

Why this mattersCost measures and modest price gains are lifting earnings, but profitability remains clearly below target and Husum continues to lose money.

• Q3 2026 comparable operating profit was EUR 5.5 million, versus a loss of EUR 45.6 million a year earlier
• Q3 sales fell to EUR 402.3 million from EUR 441.2 million
• Comparable EBITDA margin rose to 7.5% from -4.1%, with EBITDA of EUR 30.1 million versus a loss of EUR 18.2 million
• Transformation programme reached an annualised EBITDA run-rate improvement of approximately EUR 148 million by end-September, with EUR 99 million realised
• Tariff refunds of approximately EUR 10 million offset high logistics costs in the quarter
• Husum integrated mill continued to operate at low rates and make a loss; nine-month net loss narrowed to EUR 27.9 million from EUR 69.8 million

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