Metsa Half-Year Report 2023

January–June 2023 (1–6/2022)

• Sales were EUR 3,116 million (3,416).
•  Operating result was EUR 402 million (589). Comparable operating result was EUR 380 million (574).
• Result before taxes was EUR 389 million (564). Comparable result before taxes was EUR 370 million (550).
• Comparable return on capital employed was 10.7% (18.3).
• Net cash flow from operations was EUR 18 million (456). April–June 2023 (4–6/2022)
• Sales were EUR 1.481 million (1.822).
• Operating result was EUR 127 million (248). Comparable operating result was EUR 104 million (330).
• Result before taxes was EUR 119 million (235). Comparable operating result before taxes was EUR 98 million (317).
• Comparable return on capital employed was 5,9 % (20,5).
• Net cash flow from operations was EUR -19 million (321).

Events during the second quarter of 2023

• The average sales prices for Metsä Group’s long-fibre pulp decreased compared to the previous quarter.
• The average prices for Metsä Board’s paperboards remained stable compared to the previous quarter.
• Metsä Board adjusted its production to meet demand.
  The demand for paperboard declined due to the decreasing demand for consumer products and the adjustments made to inventories in the value chain. Metsä Fibre also adjusted its pulp production.
• In June, Metsä Wood decided to construct a new LVL mill in Äänekoski. The value of the investment is EUR
  300 million.
• Metsä Fibre is planning a demonstration plant for a modified lignin product in cooperation with Andritz.
• In June, Metsä Group introduced the Metsä Group Plus forest management model, which pays closer attention to forest nature in the implementation of forest work.
• The European Commission ended its antitrust investigation into the wood pulp sector in June, having concluded that there were no grounds for continuing the
  investigation.