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Metsä Board Oyj

Sector unknown·METSB · Nasdaq Helsinki·Fiscal year to 31/12/2025

Automation and roboticsEnergy efficiencyWood and timberGrain and agricultural commoditiesConsumer spending

Exposure profile

Raw materials and inputsMacroTechnologyRegulationEnd marketsGeography
Raw materials and inputs Wood and timber, Grain and agricultural commodities, Natural gas, Sea freight and freight rates
Macro Consumer spending, Tariffs and trade policy, Global trade volumes, Business cycle and GDP growth
Technology Automation and robotics, Energy efficiency
Regulation EU climate and energy policy, ESG and sustainability reporting, Packaging regulation and deposit schemes, Carbon tax and ETS prices
End markets Consumer preference shifts, Industrial manufacturing, Shipping and logistics
Geography China, Europe, United States, Denmark

Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.

In their own words

Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.

Europe

Geography

DriverNegative impact: weakens

“In Metsä Board’s most important growth market in Europe, demand for paperboard was sluggish in 2025 due to cautious consumer purchasing behaviour. Market balance was weakened by increased paperboard imports from China and capacity growth in Europe.”

Annual report 2025A · The company itself

Market

“Strong market position with growth opportunities We are Europe’s largest producer of folding boxboard and white kraftliners. Our market leadership offers a strong platform to benefit from the growing global demand for paperboards.”

Annual report 2025A · The company itself

Geography

“By market area, 60% (58) of sales came from Europe, 25% (27%) from the Americas, and 15% (15) from Emerging markets.”

Annual report 2025A · The company itself

Geography

“Development of business operations Consumerboard (folding boxboard) In 2025, folding boxboard deliveries amounted to 890,000 tonnes (992,000), of which 59% (56) was delivered to Europe, 22% (24) to the Americas, and 19% (20) to developing markets.”

Annual report 2025A · The company itself

Geography

“Containerboard (white kraftliner) In 2025, total white kraftliner deliveries were 474,000 tonnes (480,000), of which 54% (52) was delivered to Europe, 43% (45) to the Americas, and 3% (3) to developing markets.”

Annual report 2025A · The company itself

EU climate and energy policy

Regulation

DriverPositive impact: strengthens

“Premium fresh fibre paperboards are safe in food contact, lightweight and fully recyclable, making them compliant with strict EU regulations.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“The carbon footprint of material-efficient fresh fibre paperboards mainly produced with fossil-free energy is also much smaller than that of many other packaging materials.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“We help customers navigat e the changing regulatory enviro nment Metsä Board has introduced a comprehensive circular economy statement that presents key material information and guidance on the recyclability and end-oflife treatment of its packaging materials. The statement helps customers comply with key international legislation and standards on packaging and packaging waste, and addresses extended producer responsibility (EPR) in the UK and recyclability claims in the US.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Sustainability lies at the core of our business as we develop solutions to replace fossil-based packaging in close cooperation with customers. The changing market environment requires renewal and sharpening our competitiveness to ensure long-term growth and restore profitability to our targeted level.”

Annual report 2025A · The company itself

Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency

Circular economy and recycling

Regulation

StrategyPositive impact: strengthens

“Solutions for reducing the carbon footprint Our products help customers reduce their use of plastics and promote the circular economy while supporting their own sustainability goals. Case studies 1) based on life-cycle assessments show that lightweight paperboards produced resource-efficiently and primarily with fossil-free energy reduce the carbon footprint of packaging.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Sustainability lies at the core of our business as we develop solutions to replace fossil-based packaging in close cooperation with customers. The changing market environment requires renewal and sharpening our competitiveness to ensure long-term growth and restore profitability to our targeted level.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“The first study compared berry packaging made of dispersion-coated paperboard with PET plastic packaging, and another compared takeaway food packaging made of PE-coated paperboard with fossil-based PP plastic packaging. Technical reports on the studies and third-party assessments are available on Metsä Board’s website.”

Annual report 2025A · The company itself

Chains in: EU climate and energy policy strengthens

Grain and agricultural commodities

Raw materials and inputs

DriverNegative impact: weakens

“Low operating rates in paper and board production have reduced demand for long fibre pulp in both Europe and China.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Our self-sufficiency in pulp is based on our 24.9% ownership in Metsä Fibre, the world’s leading producer of softwood market pulp with an annual production capacity of approximately 4 million tonnes .”

Annual report 2025A · The company itself

Market

“In addition, the company produces chemical pulp and bleached high-yield pulp (BCTMP) for its own production and to be sold as market pulp.”

Annual report 2025A · The company itself

Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production

Packaging

Raw materials and inputs

Market

“Metsä Group Annual Review 2025 1 Premium lightweight fresh fibre paperboards We focus on premium, lightweight paperboards made from renewable wood fibre. Fully recyclable, these paperboards are primarily used in consumer and retail packaging solutions.”

Annual report 2025A · The company itself

Market

“Development of business operations Consumerboard (folding boxboard) In 2025, folding boxboard deliveries amounted to 890,000 tonnes (992,000), of which 59% (56) was delivered to Europe, 22% (24) to the Americas, and 19% (20) to developing markets.”

Annual report 2025A · The company itself

Market

“Containerboard (white kraftliner) In 2025, total white kraftliner deliveries were 474,000 tonnes (480,000), of which 54% (52) was delivered to Europe, 43% (45) to the Americas, and 3% (3) to developing markets.”

Annual report 2025A · The company itself

Chains out: this weakens Beer and beverages

Retail

End markets

Market

“Metsä Group Annual Review 2025 1 Premium lightweight fresh fibre paperboards We focus on premium, lightweight paperboards made from renewable wood fibre. Fully recyclable, these paperboards are primarily used in consumer and retail packaging solutions.”

Annual report 2025A · The company itself

Market

“Folding boxboard is mainly used in food and pharmaceutical packaging, while kraftliner is used in retail packaging.”

Annual report 2025A · The company itself

Market

“Development of business operations Consumerboard (folding boxboard) In 2025, folding boxboard deliveries amounted to 890,000 tonnes (992,000), of which 59% (56) was delivered to Europe, 22% (24) to the Americas, and 19% (20) to developing markets.”

Annual report 2025A · The company itself

Chains in: Consumer spending strengthens

Agriculture and food production

End markets

Market

“Market pulp and BCTMP Metsä Board’s market pulp deliveries (including BCTMP) were 368,000 tonnes (400,000) in January–December. Europe’s share of the deliveries was 67% (72), and developing markets accounted for 33% (28).”

Annual report 2025A · The company itself

Market

“Folding boxboard is mainly used in food and pharmaceutical packaging, while kraftliner is used in retail packaging.”

Annual report 2025A · The company itself

Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens

Automation and robotics

Technology

StrategyPositive impact: strengthens

“The programme includes cost savings, a refocus of sales, streamlining of the supply chain, and improved efficiency.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“CEO’s review | Metsä Board Annual review 2025 Leveraging investments and growth drivers In recent years, we have invested heavily in expanding production capacity, modernising mills, and improving product quality and carbon footprint. We now concentrate on ensuring that these investments are fully utilised.”

Annual report 2025A · The company itself

Energy efficiency

Technology

StrategyPositive impact: strengthens

“CEO’s review | Metsä Board Annual review 2025 Leveraging investments and growth drivers In recent years, we have invested heavily in expanding production capacity, modernising mills, and improving product quality and carbon footprint. We now concentrate on ensuring that these investments are fully utilised.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“In 2025, an investment in the renewal of the folding boxboard machine in Simpele was completed, significantly improving the quality and performance of the board. At the same time, the mill’s annual production capacity grew by 10,000 tonnes. The introduction of the new technology increased the share of fossil free energy used in production at the Simpele mill to 98%.”

Annual report 2025A · The company itself

Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens

Beer and beverages

End markets

Market

“Development of business operations Consumerboard (folding boxboard) In 2025, folding boxboard deliveries amounted to 890,000 tonnes (992,000), of which 59% (56) was delivered to Europe, 22% (24) to the Americas, and 19% (20) to developing markets.”

Annual report 2025A · The company itself

Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens

Healthcare and hospitals

End markets

Market

“Folding boxboard is mainly used in food and pharmaceutical packaging, while kraftliner is used in retail packaging.”

Annual report 2025A · The company itself

Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect

Hospitality and leisure

End markets

Market

“Development of business operations Consumerboard (folding boxboard) In 2025, folding boxboard deliveries amounted to 890,000 tonnes (992,000), of which 59% (56) was delivered to Europe, 22% (24) to the Americas, and 19% (20) to developing markets.”

Annual report 2025A · The company itself

Chains in: Consumer spending strengthens

Plastics and polymers

Raw materials and inputs

StrategyPositive impact: strengthens

“The first study compared berry packaging made of dispersion-coated paperboard with PET plastic packaging, and another compared takeaway food packaging made of PE-coated paperboard with fossil-based PP plastic packaging. Technical reports on the studies and third-party assessments are available on Metsä Board’s website.”

Annual report 2025A · The company itself

Chains in: Oil strengthens

Wood and timber

Raw materials and inputs

InputNegative impact: weakens

“In addition, high wood raw material costs particularly weakened the competitiveness of Nordic operators.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“In addition, the competitiveness of European producers was impacted by the high price of wood fibre, which nevertheless turned into a clear decline after the summer.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“In addition, the competitiveness of European pulp producers was weakened by the continued high pulpwood price and the depreciation of the US dollar against the euro.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“In 2025, Metsä Group bought around 30 million cubic metres of wood.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Chemicals costs decreased, while wood and logistics costs increased.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Wood costs were also higher than in the previous year.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“The end of Russian wood supply and increased energy use of pulpwood have tightened the wood market in recent years and raised price levels. Although raw wood prices began to decline in the summer of 2025, the cost level remains high. An increase in demand for wood or a decline in its availability could push prices up again, which would reduce profitability and jeopardise the continuity of production.”

Annual report 2025A · The company itself

United States

Geography

DriverNegative impact: weakens

“The 15% tariffs imposed by the United States significantly weakened Metsä Board’s sales of paperboard in the region. Folding boxboard deliveries to the United States fell by 17% from the previous year. The impact of tariffs has only been partly passed on to prices, as substitute products have been available on the market.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The 15% import tariffs imposed by the United States have weakened the competitiveness of Metsä Board’s products in the US. Any additional tariffs and changes in the administration’s policies may increase economic uncertainty, weaken global trade and increase the volatility of financial markets. In 2025, around 20% of Metsä Board’s sales came from the US.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Demographic challenges and geopolitical tensions, particularly between China and the United States, are weakening the outlook. A deterioration in EU-China relations or a continued decline in demand could reduce demand for pulp and paperboard.”

Annual report 2025A · The company itself

Geography

“By market area, 60% (58) of sales came from Europe, 25% (27%) from the Americas, and 15% (15) from Emerging markets.”

Annual report 2025A · The company itself

Geography

“However, the company aims to maintain its strong market position and customer relationships in the United States, where the performance of Metsä Board’s paperboard and the company’s service offering are highly valued.”

Annual report 2025A · The company itself

Chains in: USD vs DKK/EUR mixed effect

China

Geography

DriverNegative impact: weakens

“Market dynamics were also shaped by the growing imports of paperboard from China, and increasing capacity in Europe.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Metsä Fibre’s comparable operating result was particularly affected by the decline in market pulp prices in China.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Impact of the Chinese economy China is a key market area especially for Metsä Fibre. The country’s economic growth is being slowed down by problems in the real estate market, strict regulations, and weak domestic demand, and economic stimulus has not reversed the trend. The prolonged weakness of China’s economic growth and developments in its own pulp production could affect demand for Metsä Fibre’s products, especially in China.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Demographic challenges and geopolitical tensions, particularly between China and the United States, are weakening the outlook. A deterioration in EU-China relations or a continued decline in demand could reduce demand for pulp and paperboard.”

Annual report 2025A · The company itself

Tariffs and trade policy

Macro

DriverPositive impact: strengthens

“We operate in a market with strong long-term growth potential, driven in particular by the replacement of plastics and tightening regulation.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Weak consumer demand and import tariffs imposed by the United States affected the demand for paperboard.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The 15% tariffs imposed by the United States significantly weakened Metsä Board’s sales of paperboard in the region. Folding boxboard deliveries to the United States fell by 17% from the previous year. The impact of tariffs has only been partly passed on to prices, as substitute products have been available on the market.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The 15% import tariffs imposed by the United States have weakened the competitiveness of Metsä Board’s products in the US. Any additional tariffs and changes in the administration’s policies may increase economic uncertainty, weaken global trade and increase the volatility of financial markets. In 2025, around 20% of Metsä Board’s sales came from the US.”

Annual report 2025A · The company itself

Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes

Consumer spending

Macro

DriverPositive impact: strengthens

“Consumers want packaging solutions that reduce the use of plastics, and many international brand owners have committed to ambitious packaging and climate goals. Premium fresh fibre paperboards are safe in food contact, lightweight and fully recyclable, making them compliant with strict EU regulations.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Weak consumer demand and import tariffs imposed by the United States affected the demand for paperboard.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In Metsä Board’s most important growth market in Europe, demand for paperboard was sluggish in 2025 due to cautious consumer purchasing behaviour. Market balance was weakened by increased paperboard imports from China and capacity growth in Europe.”

Annual report 2025A · The company itself

Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label

USD vs DKK/EUR

Macro

DriverMixed impact: mixed

“Exchange rate risks Metsä Board sells its products in several countries and is therefore susceptible to fluctuations in exchange rates. Changes in exchange rates can have a significant impact on the company’s operating result. A 10% appreciation of the US dollar against the euro would increase annual operating profit by approximately EUR 50 million. A corresponding strengthening of the Swedish krona would weaken the result by approximately EUR 40 million, and a strengthening of the British pound would increase the result by approximately EUR 15 million.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“In addition, the competitiveness of European pulp producers was weakened by the continued high pulpwood price and the depreciation of the US dollar against the euro.”

Annual report 2025A · The company itself

Chains out: this mixed effect United States

Business cycle and GDP growth

Macro

DriverNegative impact: weakens

“Impact of the Chinese economy China is a key market area especially for Metsä Fibre. The country’s economic growth is being slowed down by problems in the real estate market, strict regulations, and weak domestic demand, and economic stimulus has not reversed the trend. The prolonged weakness of China’s economic growth and developments in its own pulp production could affect demand for Metsä Fibre’s products, especially in China.”

Annual report 2025A · The company itself

Chains out: this strengthens Global trade volumes, strengthens Construction

Consumer preference shifts

End markets

DriverPositive impact: strengthens

“Consumers want packaging solutions that reduce the use of plastics, and many international brand owners have committed to ambitious packaging and climate goals.”

Annual report 2025A · The company itself

Chains out: this mixed effect Beer and beverages

ESG and sustainability reporting

Regulation

DriverPositive impact: strengthens

“With a strong focus on sustainability, Metsä Board supports its customers’ goals and strengthens their competitiveness In July, Metsä Board achieved the highest level, Platinum, in Ecovadis’s sustainability assessment for 2025. In December , the environmental non-profit organisation CDP awarded Metsä Board the highest triple A score for its annual climate change, forests and water security disclosure.”

Annual report 2025A · The company itself

Global trade volumes

Macro

DriverNegative impact: weakens

“Market dynamics were also shaped by the growing imports of paperboard from China, and increasing capacity in Europe.”

Annual report 2025A · The company itself

Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics

Packaging regulation and deposit schemes

Regulation

DriverPositive impact: strengthens

“We help customers navigat e the changing regulatory enviro nment Metsä Board has introduced a comprehensive circular economy statement that presents key material information and guidance on the recyclability and end-oflife treatment of its packaging materials. The statement helps customers comply with key international legislation and standards on packaging and packaging waste, and addresses extended producer responsibility (EPR) in the UK and recyclability claims in the US.”

Annual report 2025A · The company itself

Nordics

Geography

InputNegative impact: weakens

“Concentration of operations in a limited geographical area Metsä Board’s production units are mainly located in Finland, with one in Sweden. Labour disputes in the forest industry and the distribution chain in these countries may disrupt production and customer deliveries, weakening the company’s competitiveness and profitability.”

Annual report 2025A · The company itself

Geography

“Our main market areas are Europe and North America.”

Annual report 2025A · The company itself

Geography

“Metsä Board’s production is located in Finland and Sweden, near the source of high-quality northern wood fibre.”

Annual report 2025A · The company itself

Electricity

Raw materials and inputs

InputNegative impact: weakens

“The company covers its energy consumption mostly with its own production and supplements it with purchases from the market.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Fluctuations in the prices of electricity, natural gas, and chemicals, or problems with availability, could reduce profitability.”

Annual report 2025A · The company itself

Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion

Labour and wages

Raw materials and inputs

InputNegative impact: weakens

“As part of the transformation programme, we conducted extensive change negotiations, which resulted in approximately 310 positions being terminated at Metsä Board.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Concentration of operations in a limited geographical area Metsä Board’s production units are mainly located in Finland, with one in Sweden. Labour disputes in the forest industry and the distribution chain in these countries may disrupt production and customer deliveries, weakening the company’s competitiveness and profitability.”

Annual report 2025A · The company itself

Natural gas

Raw materials and inputs

DriverNegative impact: weakens

“The escalation of the Middle East conflict could cause oil and natural gas prices to rise.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Fluctuations in the prices of electricity, natural gas, and chemicals, or problems with availability, could reduce profitability.”

Annual report 2025A · The company itself

Sea freight and freight rates

Raw materials and inputs

InputNegative impact: weakens

“Chemicals costs decreased, while wood and logistics costs increased.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Risks related to the availability of transport capacity, unstable conditions on key transit routes, and significant increases in market prices have the potential to hamper the product transport operations of Metsä Board and its associated company Metsä Fibre, thereby weakening profitability.”

Annual report 2025A · The company itself

Chains in: Geopolitical uncertainty strengthens

Air freight

Raw materials and inputs

InputNegative impact: weakens

“Risks related to the availability of transport capacity, unstable conditions on key transit routes, and significant increases in market prices have the potential to hamper the product transport operations of Metsä Board and its associated company Metsä Fibre, thereby weakening profitability.”

Annual report 2025A · The company itself

Carbon tax and ETS prices

Regulation

DriverPositive impact: strengthens

“The carbon footprint of material-efficient fresh fibre paperboards mainly produced with fossil-free energy is also much smaller than that of many other packaging materials.”

Annual report 2025A · The company itself

Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials

Chemicals and specialty chemicals

Raw materials and inputs

InputNegative impact: weakens

“Fluctuations in the prices of electricity, natural gas, and chemicals, or problems with availability, could reduce profitability.”

Annual report 2025A · The company itself

Climate change and extreme weather

Macro

DriverNegative impact: weakens

“Continuity risks Production continuity can be affected by serious disruptions such as fires, explosions, significant machine breakdowns, extreme weather events, environmental damage, labour disputes, cyberattacks, infectious diseases, problems with the availability of raw materials and energy, and disruptions in the supply chain.”

Annual report 2025A · The company itself

Chains out: this weakens Agriculture and food production

Cyber attacks and IT security risk

Macro

DriverNegative impact: weakens

“Continuity risks Production continuity can be affected by serious disruptions such as fires, explosions, significant machine breakdowns, extreme weather events, environmental damage, labour disputes, cyberattacks, infectious diseases, problems with the availability of raw materials and energy, and disruptions in the supply chain.”

Annual report 2025A · The company itself

Chains out: this strengthens Cybersecurity (products and services)

Denmark

Geography

InputNegative impact: weakens

“Concentration of operations in a limited geographical area Metsä Board’s production units are mainly located in Finland, with one in Sweden. Labour disputes in the forest industry and the distribution chain in these countries may disrupt production and customer deliveries, weakening the company’s competitiveness and profitability.”

Annual report 2025A · The company itself

Geopolitical uncertainty

Macro

DriverNegative impact: weakens

“Demographic challenges and geopolitical tensions, particularly between China and the United States, are weakening the outlook. A deterioration in EU-China relations or a continued decline in demand could reduce demand for pulp and paperboard.”

Annual report 2025A · The company itself

Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine

Industrial manufacturing

End markets

InputNegative impact: weakens

“These actions are expected to improve Metsä Board’s annual EBITDA by approximately EUR 30 million.”

Annual report 2025A · The company itself

Pandemics and outbreaks

Macro

DriverNegative impact: weakens

“Continuity risks Production continuity can be affected by serious disruptions such as fires, explosions, significant machine breakdowns, extreme weather events, environmental damage, labour disputes, cyberattacks, infectious diseases, problems with the availability of raw materials and energy, and disruptions in the supply chain.”

Annual report 2025A · The company itself

Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)

Shipping and logistics

End markets

InputNegative impact: weakens

“Risks related to the availability of transport capacity, unstable conditions on key transit routes, and significant increases in market prices have the potential to hamper the product transport operations of Metsä Board and its associated company Metsä Fibre, thereby weakening profitability.”

Annual report 2025A · The company itself

Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens

Asia and emerging markets

Geography

Geography

“By market area, 60% (58) of sales came from Europe, 25% (27%) from the Americas, and 15% (15) from Emerging markets.”

Annual report 2025A · The company itself

Geography

“Development of business operations Consumerboard (folding boxboard) In 2025, folding boxboard deliveries amounted to 890,000 tonnes (992,000), of which 59% (56) was delivered to Europe, 22% (24) to the Americas, and 19% (20) to developing markets.”

Annual report 2025A · The company itself

Geography

“Containerboard (white kraftliner) In 2025, total white kraftliner deliveries were 474,000 tonnes (480,000), of which 54% (52) was delivered to Europe, 43% (45) to the Americas, and 3% (3) to developing markets.”

Annual report 2025A · The company itself

Currency exposure

Macro

DriverNegative impact: weakens

“These risks are mainly managed by making long-term supply agreements and related derivatives contracts.”

Annual report 2025A · The company itself

Oil

Raw materials and inputs

DriverNegative impact: weakens

“The escalation of the Middle East conflict could cause oil and natural gas prices to rise.”

Annual report 2025A · The company itself

Chains out: this strengthens Plastics and polymers

Competitors mentioned in the report

No named competitors in the report.

Financial figures

Revenue
latest fiscal year
1.78 bn EUR
Revenue growth
vs. the year before, same method
-8.4 %
EBITDA
reported by the company
N/A
Net debt
debt incl. leasing minus cash
N/A
Diluted EPS
per share
-0.44 EUR

Source: annual report (ESEF) A. See the report

Criteria

Profit✗
Growing✗
Healthy balance sheetN/A

Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.

Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.

This page describes what the company itself writes. It isn't an assessment and isn't a recommendation. Run an analysis to see how the company connects to your view.