Metsa Q1 Report 2022

JANUARY–MARCH 2022 (1–3/2021)

• Metsä Group’s sales in January–March 2022 were EUR 1,593.8 million (1–3/2021: 1,399.6). Sales increased,
  mainly due to the sales prices of pulp, which were higher than in the previous year.
• The comparable operating result was EUR 244.2 million (173.9), or 15.3% (12.4) of sales. The increase in the
  operating result is explained by the rise in the sales prices of pulp, among other things.
• Result before taxes was EUR 330 million (121).
  Comparable result before taxes was EUR 232 million (160).
• Comparable return on capital employed was 15.8% (12.6).
• Net cash flow from operations was EUR 135 million (95).

EVENTS DURING THE FIRST QUARTER OF 2022

• The average sales prices of softwood market pulp were roughly at the level of the previous quarter in Europe, while prices in China increased.
• Demand for Metsä Board’s paperboards remained strong. The average prices of paperboards increased from the previous quarter, especially in Europe.
• Metsäliitto Cooperative divested its holding in Finsilva Oyj, which owns approximately 130,000 hectares of
  forest.
• Metsä Board sold the entire share capital of Oy Hangö Stevedoring Ab to Euroports Finland Oy.
• Metsä Fibre and Veolia signed a cooperation agreement, under which Veolia will construct a crude methanol refinery in connection with the Äänekoski bioproduct mill.