Metsä Board Annual review 2023

Board of Directors of Metsä Board The Annual General Meeting 2023 elected the following persons as members of the Board of Directors:

METSÄ BOARD Annual review 2023

Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6

HANNU ANTTILA 1955 M.Sc. (Econ), Teollisuusneuvos (Finnish honorary title) Member of the Board since 2018

RAIJA-LEENA HANKONEN-NYBOM 1960 M.Sc. (Econ.), Authorised Public Accountant degree Member of the Board since 2021

ERJA HYRSKY 1979 M.Sc. (Econ.) Member of the Board since 2021

ILKKA HÄMÄLÄ 1961 M.Sc. (Engineering) Vuorineuvos, (Finnish honorary title) Chair of the Board since 2018

Strategy and financial targets

Value creation

Financial development 10 Key figures 12

Independent of the Company and its significant shareholder

Not independent of the company or its significant shareholder

Report of the Board of Directors

Primary working experience: Unilever Nordics , Ice Cream Lead, Nordics (2021–) Unilever PLC , Strategy Director, Global Markets (2019–2021)

Primary working experience: Metsä Group , Executive Vice President, Strategy (2006–2017) M-real Corporation (now Metsä Board Corporation), CEO (2005–2006) Metsäliitto Group , Chief Financial Officer (2003–2004) Metsä Tissue Corporation , CEO, (1998–2003) Oy Metsä-Botnia Ab and Metsä Serla Corporation (now Metsä Fibre Oy and Metsä Board Corporation), various management positions

Primary working experience: KPMG Oy Ab : Chair of the Board (2016–2018) CEO (2010–2016) Lead Audit Partner of Large Corporates in Financial Services, Manufactur- ing and Retail Industry (2006–2019) Head of Audit (2006–2010) Various audit and IFRS client engagements in Finland and abroad (1987–2005) Positions of trust: Cargotec Corporation , Member of the Board and Chair of the Audit and Risk Management Committee (2023–) Danske Bank A/S , Chair of the Audit Committee (2021–), Member of the Board (2020–) and Member of Remuneration Committee (2020–2021) Posti Group Oyj , Member of the Board and Chair of the Audit, Risk and Sustainability Committee (2020–) Helsinki Deaconess Institute Foundation sr , Member of the Board (2020–) and Chair of the Audit Committee (2022–) Directors’ Institute Finland ry , Member of the Board (2021–) Savonlinna Opera Festival Support Association ry , Member of the Board (2018–) Jalmari and Rauha Ahokas Medical Foundation sr , Chair of the Supervisory Board (2018–2022), Member of the Supervisory Board (2013–2017), Chair of the Board (2008–2012), Member of the Board (2005–2007), Member of the Delegation (1999–2004)

Primary working experience: Metsä Group , CEO and President (2018–) Metsäliitto Cooperative , CEO (2018–) Metsä Fibre Oy , CEO (2008–2017) Oy Metsä-Botnia Ab (now Metsä Fibre Oy), previously various management positions

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• Sustainability statement • Sustainability statement assurance report

Unilever Finland Oy , Managing Director, Sales Director (2013–2019) Procter & Gamble Oy , various managerial positions in sales (2006–2013) Hewlett Packard Oy , various positions in sales and marketing (2004–2006) Positions of trust: Finnish Food and Drink Industries’ Federation (ETL) , Member of the Board (2016–2019) Polaris Pension Fund , Chair of the Board (2016–2019)

Consolidated financial statements

78 Notes to the consolidated financial statements 126 Parent company financial statements 129 Notes to the parent company financial statements 142 The Board’s proposal to the Annual General Meeting for the distribution of funds 143 Auditor’s Report 147 Shares and shareholders 151 Ten years in figures 152 Taxes 153 Production capacities 155 Calculation of key ratios and comparable performance measures Corporate governance 157 Corporate governance statement 165 • Board of Directors of Metsä Board 168 • Corporate Management Team of Metsä Board

Positions of trust: Metsä Fibre Oy , Chair of the Board (2018–) Metsä Spring Oy , Chair of the Board (2018–) Metsä Tissue Corporation , Chair of the Board (2018–)

Positions of trust: Metsä Tissue Corporation , Member of the Board (2004–2018) Metsä Fibre Oy , Member of the Board (2004–2017)

Pohjolan Voima Oy j, Member of the Board (2007–2017) Teollisuuden Voima Oyj , Member of the Board (2007–2017)

Finnish-Swedish Chamber of Commerce , Member of the Council (2023–) China Office of Finnish Industries Oy , Member of the Board (2022–) Confederation of European Paper Industries (CEPI) , Member of the Steer- ing Committee (2020–), Member of the Board (2018–) Finnish Forest Industries Federation , Vice Chair of the Board and the Board’s Working Committee (2021–), Chair of the Election Committee (2021–), Member of the Board (2012–), Ilmarinen Mutual Pension Insurance Company , Chair of the Supervisory Board (2021–), Member of the Supervisory Board (2009–), Finnish Business and Policy Forum EVA , Member of the Board (2021–) ETLA Economic Research , Member of the Board (2021–) Jyväskylän yliopiston varainhallintatoimikunta , member (2021–) Finnish Chambers of Commerce , Member of the Delegation (2018–) Helsinki Region Chamber of Commerce , Member of the Delegation (2018–) Finnish Quality Association , Chair of the Board (2020–), Member of the

Shares owned: 14,508 B shares

Shares owned: 52,627 B shares

Shares owned: 13,131 B shares

Board (2018–), Member of the Advisory Board (2008–) Pohjolan Voima Oyj , Deputy Member of the Board (2009–)

170 Remuneration report 174 Investor relations and investor information

Shares owned: 294,814 B shares

164

165

Corporate governance statement | METSÄ BOARD ANNUAL REVIEW 2023