Metsa Q1 Report 2023

January–March 2023 (1–3/2022)

• Sales were EUR 1,634 million (1,594).
• Operating result was EUR 276 million (341). Comparable operating result was EUR 276 million (244).
• Result before taxes was EUR 271 million (330). Comparable result before taxes was EUR 272 million (232).
• Comparable return on capital employed was 15.3% (15.8).
• Net cash flow from operations was EUR 38 million (135).

Events during the first quarter of 2023

• The average sales prices for Metsä Group’s long-fibre pulp decreased compared to the previous quarter.
• Metsä Board adjusted its production to match demand. The demand for paperboard declined due to the decreasing demand for consumer products and the adjustments made to inventories in the value chain.
• The average prices for Metsä Board’s paperboards increased.
• In February, Metsä Tissue decided to invest in its Mariestad tissue paper mill in Sweden. The value of the investment is approximately EUR 370 million.
• Metsä Group adopted regenerative forestry principles,
  the goal of which is to ensure that Finnish forest assets are transferred in a more vibrant, diverse and climate-resilient condition from one generation and owner to the next.
• Metsä Group and Fortum initiated cooperation aimed at utilising wood-based carbon dioxide generated in
  the forest industry as a raw material for the chemical industry.
• Metsä Group revised its 2030 sustainability targets.
• Metsä Spring invested in Fiberwood, a start-up that develops new kinds of thermal insulation materials from the forest industry’s side streams.