Cardboard company Forest Board announced its interim report for the last quarter of 2025 on Thursday afternoon.
The company’s comparable operating loss in October–December was EUR 34.7 million. The loss was clearly more than in the comparison period, when the loss was 3.6 million euros, but still less than expected.
Metsä Board’s share was clearly on the rise throughout the day and ended up 8.6 percent higher at 2.98 euros.
Inderes chief analyst following forest companies Antti Viljakainen estimates that the price increase following the results announcement may be explained by a few things classified as positive in the financial statements report.
“The result was slightly less heavy than consensus expectations. Cash flow was good or even strong. There are no other major drivers or surprises in the report to explain the price increase,” says Viljakainen.
Viljakainen says that he hasn’t noticed any market news either, which could specifically explain the price increase after Metsä Board’s earnings announcement.
Costs coming down
Information service by Vara Research the consensus forecast of eight analysts predicts a comparable operating loss of 39.7 million euros in October–December, i.e. five million euros higher than the realized loss.
The net cash flow from operations in October–December was 155.6 million euros, compared to 49.7 million euros at the same time last year.
Although the demand for pulp and paperboard has not shown clear signs of pick-up so far, there are a few points in the report that can support profitability development in the beginning of the year.
Metsä Board says that it expects variable costs to fall clearly. The development is accelerated by the decrease in the price of softwood and the measures implemented in accordance with the company’s change program.
In addition, reduced personnel and ict costs lighten fixed costs. However, according to the company, geopolitical uncertainty still makes it difficult to assess more precise prospects.
Fact
Domestic cardboard manufacturer
Metsä Board is a Finnish cardboard manufacturer that is part of the Metsä Group.
The company’s products include folding cardboard (e.g. food packaging), serving packaging cardboard and white kraft liners (corrugated cardboard surface material).
The company’s CEO has been Esa Kaikkonen since April 2025.
Metsä Board’s turnover for the entire year 2025 was EUR 1,775.7 million. In 2024, the turnover was 1,938.6 million euros.
The comparable operating loss for 2025 was 80.2 million euros. In 2024, the company still made a comparable operating profit of 69 million euros.