Metsä Board Oyj : January-March 2021 Investor presentation

Investor presentation January-June 2021

Metsä Board

28 July 2021

Disclaimer

This presentation includes forward-looking statements. The words "believe," "expect," "anticipate," "intend," "may," "plan," "estimate," "will," "should," "could," "aim," "target," "might," or, in each case, their negative, or any similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. By their nature, forward- looking statements are subject to assumptions, risks and uncertainties. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual results may differ, even materially, from those expressed or implied by these forward- looking statements. We urge presentation participants not to place undue reliance on such statements.

The information and views contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Metsä Board does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

Viewers should understand that this presentation does not constitute, and should not be construed as, an offer to buy or subscribe for Metsä Board's securities anywhere in the world or an inducement to enter into any investment activity relating to the same. No part of this presentation should form the basis of, or be relied on in connection with, any contract or commitment or decision to invest in Metsä Board securities whatsoever. Potential investors are instructed to acquaint themselves with Metsä Board's annual accounts, interim reports and stock exchange releases as well as other information published by Metsä Board to form a comprehensive picture of the company and its securities.

Metsä Board publishes inside information according to Market Abuse Regulation (MAR) and rules of the Nasdaq Helsinki.

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Contents

This is Metsä Board	4
Investments in sustainable growth	13
H1 2021 results	19
Profit drivers and cost structure	32
Operating environment	41
Sustainability - our approach	51
Innovation and R&D	66
Owners, management and contacts	72

Metsä Board - Investment highlights

Focus on sustainable	Strong position in a	Aiming for a fossil free	We are part of Metsä Group
fresh fibre paperboards	growing market	future

• Premium paperboards
  for consumer and retail packaging
• Support the circular economy and provide alternative to plastics

• #1 in folding boxboard in Europe
• #1 in white kraftliners in Europe
• #1 in coated white kraftliners globally

• Fossil free production and products by 2030
• Low carbon footprint of paperboards

• An uninterrupted production chain from forests to the end product
• Enables a high availability of Nordic fibres and pulps

Mission, vision and strategiczcornerstones

V I S I O N

Preferred supplierzof innovative and sustainable fibre-based packaging solutions, creating value

for customers globally

M I S S I O N

Packaging solutions that respect nature

FOCUS

We are the leader in sustainability, focusing on premium fresh fibre products for consumer and retail packaging. The high performance of our products is based on technical excellence and tailor-made,high-quality, Nordic pulps.

GROWTH

We grow globally togetherzwith our existing and new customers by offering sustainable, safe and high- performing products. Our growth is based on skilled people, industry-leading products and innovative packaging solutions.

PROFITABILITY

Our profitability is based on the efficiency of our operations and prioritisation of businesses that benefit from the high performance of our products and services.