Metsä Group posts comparable EBITDA EUR 357m YTD; Q3 comparable EBITDA EUR 100m
- Sales Jan–Sep were EUR 4,008 million and comparable EBITDA was EUR 357 million.
- Q3 comparable EBITDA rose to EUR 100 million from EUR 39 million a year earlier.
- The EUR 300 million cost-savings programme achieved a EUR 200 million profit impact by the start of Q4.
- Metsä will invest ~EUR 25 million in Muoto fibre-based packaging (operations due 2028) and the Rauma CO2 capture project received EUR 21 million in investment aid.
Key figures
For January–September 2026 Metsä reported sales of EUR 4,008 million, EBITDA EUR 328 million and comparable EBITDA EUR 357 million; net cash flow from operations was EUR 91 million.
In July–September 2026 sales were EUR 1,267 million, EBITDA EUR 96 million and comparable EBITDA EUR 100 million; net cash flow from operations was EUR 128 million.
Q3 developments
Demand for market pulp and price levels remained subdued; average softwood pulp prices fell 1% in Europe and 3% in China quarter-on-quarter. Paperboard delivery volumes stayed stable while average prices rose slightly. Annual maintenance and market-driven shutdowns at the Husum and Joutseno mills reduced production volumes and weakened profitability. Logistics costs stayed high due to the conflict in the Middle East, with higher oil and diesel prices reducing the third-quarter result by approximately EUR 47 million; US customs tariff refunds improved the bottom line.
Cost savings and investments
The EUR 300 million cost-savings and profit-improvement programme launched in July 2025 delivered a EUR 200 million profit impact by the start of the fourth quarter. Metsä decided to invest about EUR 25 million in Muoto™ fibre-based packaging production in Äänekoski, with the new line scheduled to begin operations in 2028, and abandoned plans to invest in the Kuura™ textile fibre mill. A wood-based CO2 capture plant planned for Rauma was awarded EUR 21 million in investment aid by the Ministry of Economic Affairs and Employment.
Outlook
Geopolitical tensions are creating economic uncertainty and upward pressure on energy, logistics and chemical costs. Softwood pulp demand is expected to remain subdued, although production cuts and capacity shutdowns should gradually improve market balance. The Kemi bioproduct mill will have a longer-than-usual annual maintenance shutdown in Q4 due to a cooking process upgrade. Paperboard market balance has improved, supporting pricing, while demand for tissue and greaseproof paper is expected to grow. Wood trading in Finland has picked up, with continued interest in FSC-certified material.
Source: Metsä