Metsä Board Annual review 2023

Management Team of Metsä Board Members of the Company’s Management Team:

METSÄ BOARD Annual review 2023

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

MIKA JOUKIO 1964 Chief Executive Officer M.Sc. (Tech.), MBA

MARKKU LESKELÄ 1962 Senior Vice President, Development PhD

HARRI PIHLAJANIEMI 1970 Senior Vice President, Production and Technology M.Sc. (Tech.)

CAMILLA WIKSTRÖM 1970 Senior Vice President, Human Resources M.Sc. (Eng.)

Strategy and financial targets

8

Value creation

Metsä Group employee since 1990. Metsä Board Corporation’s Chief Executive Officer since 2014.

Metsä Group employee since 2017. Metsä Board Corporation’s Senior Vice President, Production and Technology since 2023.

Metsä Group employee since 2016. Metsä Board Corporation’s Senior Vice President, Development since 2021.

Metsä Group employee since 2002. Metsä Board Corporation’s Senior Vice President, Human Resources since 2019.

Financial development 10 Key figures 12

Main positions: Metsä Tissue Corporation , CEO (2012–2014)

Main positions: Metsä Board Corporation , Senior Vice President, Production and Techno- logy (2023–) Metsä Board Corporation , Senior Vice President, Production (2017–2023) Stora Enso Corporation , Vice President, Operations Excellence & Investments (2012–2017) Stora Enso Corporation , Mill Director, Publication Paper, Veitsiluoto mill (2011–2012) Stora Enso Corporation , Production Director, Oulu paper mill (2008–2011) Stora Enso Corporation , Production Manager PM 6, Oulu mill (2006–2007) Stora Enso Corporation , Production Manager PM 7, Oulu mill (2004–2005) Metsä Board Corporation , Production Manager PM 3, Kirkniemi mill (2001–2004)

Main positions: Metsä Board Corporation , Senior Vice President, Development (2021–) Metsä Board Corporation , Vice President, Research and Product Develop- ment (2016–2021) CLIC Innovation Ltd , Chief Technology Officer (2012–2015) Paperra Oy , Partner (2010–2012) Metsä Wood , Vice President, R&D (2009–2010) Metsä Board Corporation , Vice President, R&D (2007–2009) M etsä Board Corporation , Vice President, R&D, Head of Technology Centre Kirkniemi (2001–2007) Metsä Board Corporation , various positions in R&D (1991–2001) ESPRI/State University of New York , Syracuse, Visiting Scientist (1990–1991) University of Oulu , Department of Biophysics, Research Scientist (1987–1990)

Main positions: Metsä Board Corporation , Senior Vice President, Human Resources (2019–)

Report of the Board of Directors

Metsä Board Corporation , Head of Consumer Packaging (2006–2012) Metsä Board Corporation , Vice President and Mill Manager, Metsä Board Kyro and Metsä Board Tako (2006) Metsä Board Corporation , Vice President and Mill Manager, Metsä Board Kyro (2005–2006) Metsä Board Corporation , Senior Vice President, Corporate Logistics and Supply Chain (2004–2005) Metsä Board Corporation , Vice President and Mill Manager, Metsä Board Äänekoski (2001–2004) Various management positions in Metsä Board Corporation since 1990 .

20 72

• Sustainability statement • Sustainability statement assurance report

Metsä Fibre Oy , SVP Production, pulp (2018–2019) Metsä Fibre Oy , VP, Äänekoski Mill (2009–2017)

Oy Metsä Botnia Ab (now Metsä Fibre Oy) , various positions (2002–2008) Herkules Ab , various positions in sales and customer service (1995–2002) Botnia Mill Service Oy , board member (2018–2019)

74

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

Shares owned: 25,015 B shares

No controlling entities of the members of the Corporate Management Team own shares in the Company.

Positions of trust: Husum Pulp AB , Chair of the Board (2021–) Metsä Fibre Oy , Board of Directors, member (2014–)

Shares owned: 60,081 B shares

Shares owned: 23,175 B shares

Atria Plc , Member of the Board (2022–) Finnish Forest Industries , Trade Policy Committee, Chair (2022–) Varma Mutual Pension Insurance Company , Member of the Supervisory Board (2019–)

HENRI SEDERHOLM 1978 Chief Financial Officer M.Sc. (Econ.)

JUSSI NOPONEN 1975 Senior Vice President, Sales and Supply Chain M.Sc. (Tech.)

Shares owned: 315,173 B shares

Metsä Group employee since 2003. Metsä Board Corporation’s Chief Financial Officer since 2021.

Metsä Group employee since 2000. Metsä Board Corporation’s Senior Vice President, Sales and Supply since 2021.

Main positions: Metsä Board Corporation , Chief Financial Officer (2021–) Metsä Group , Senior Vice President, Group Finance (2016–2021) Metsä Wood , Chief Financial Officer (2015–2016) Metsä Board Corporation , Vice President, Finance & Control (2009–2015) Metsä Group Treasury , Long-term Funding (2003–2009)

Main positions: Metsä Board Corporation , Senior Vice President, Sales and Supply (2021–) Metsä Board Corporation , CFO (2016–2021) Metsä Group , Senior Vice President, Group Finance (2009–2016) Metsä Board Corporation , Senior Vice President, Business Control, Graphic Papers (2008) Metsä Board Corporation , Vice President, Group Business Control (2006–2008) Metsä Board Corporation , Business Controller, Folding Cartons (2003–2006) Nokia Corporation (1999–2000) and Metsä Group (2000–2003), SAP system implementation projects in finance

170 Remuneration report 174 Investor relations and investor information

Shares owned: 50,000 B shares

Shares owned: 90,000 B shares

168

169

Corporate governance statement | METSÄ BOARD ANNUAL REVIEW 2023

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