Metsä Board Annual and sustainability report 2022

BUSINESS OPERATIONS AND VALUE CREATION

SUSTAINABILITY REPORT

FINANCIAL DEVELOPMENT

GOVERNANCE

Key figures

SALES

PAPERBOARD DELIVERIES

METSÄ BOARD’S MARKET PULP DELIVERIES 1) 1,000 tonnes

EUR million

1,000 tonnes

2,500 2,000 1,500 1,000 500 0

2,000

600 500 400 300 200 100 0

1,500

1,000

500

1) includes chemical pulp and high-yield pulp (BCTMP)

0

18 19 20 21 22

18 19 20 21 22

18 19 20 21 22

COMPARABLE EBITDA EUR million, % of sales

COMPARABLE OPERATING RESULT EUR million, % of sales

CAPITAL EMPLOYED, EUR million RETURN ON CAPITAL EMPLOYED, %

25 20 15 10 5 0

30 25 20 15 10 5 0

600 500 400 300 200 100 0

2,500 2,000 1,500 1,000 500 0

30 25 20 15 10 5 0

600 500 400 300 200 100 0

18 19 20 21 22

18 19 20 21 22

18 19 20 21 22

CASH FLOW FROM OPERATIONS

TOTAL INVESTMENTS

INTEREST-BEARING NET DEBT, EUR million INTEREST-BEARING NET DEBT / EBITDA, COMPARABLE

EUR million

EUR million

400 300 200 100 0 -100

350 300 250 200 150 100 50 0

350 300 250 200 150 100 50 0

2.0 1.5 1.0 0.5 0 -0.5

18 19 20 21 22

18 19 20 21 22

18 19 20 21 22

TOTAL COSTS 2022

PERSONNEL AT THE END OF PERIOD

TOTAL RECORDABLE INJURY FREQUENCY (TRIF) per million hours worked

EUR 2.1 billion

2,500 2,000 1,500 1,000 500 0

15 12

Wood ����������������������������� 14% Pulp * ���������������������������� 20% Logistics ���������������������� 15% Personnel �������������������� 10% Chemicals �������������������� 15% Energy �������������������������� 18% Other ����������������������������� 8%

9 6 3 0

18 19 20 21 22

18 19 20 21 22

*) Pulp: Metsä Board purchases all external pulp from its associated company Metsä Fibre, of which Metsä Board owns 24.9%. Metsä Fibre’s pulp cost structure in 2022: wood 51%, chemicals 15%, logistics 12%, personnel 5%, other 17%.

Development of key figures per share can be found on page 164.

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