Mets\u00e4 Board Group
Mets\u00e4 Board Corporation and its subsidiaries comprise a forest industry group (\u201dMets\u00e4 Board\u201d or \u201dthe Group\u201d). Mets\u00e4 Board\u2019s business operations consist solely of folding boxboard, fresh fibre linerboard and market pulpbusinesses. Mets\u00e4 Board reports on its financial performance in one reporting segment.
Mets\u00e4 Board Corporation is Group\u2019s parent company, which is domiciled in Helsinki. The registered address of the company is Revontulenpuisto 2, 02100 Espoo Finland. The parent company is listed on Nasdaq Helsinki Ltd. At the end of 2025 Mets\u00e4liitto Cooperative owned 51.83 per cent of the shares, and the voting rights conferred by these shares were 68.85 per cent.
A copy of the annual report can be obtained from Mets\u00e4 Board\u2019s website www.metsagroup.com/metsaboard/ or parent company\u2019s head office at Revontulenpuisto 2, 02100 Espoo Finland.
Mets\u00e4 Board Corporation\u2019s consolidated financial statements have been prepared in accordance with the International Financial Reporting Stand-ards (IFRS) effective and approved by the EU at the date of the financial statements 31 December 2025. The notes to the consolidated financial statements also comply with the requirements of Finnish accounting and company legislation supplementing the IFRS regulations.Impact of Climate-Related Matters on Financial Statements
At the core of Mets\u00e4 Board\u2019s sustainability targets are the transition to fully fossil-free energy use in production, phasing out fossil-based raw materials, improving energy and water efficiency, and implementing regenerative forestry measures to ensure strong forest growth and carbon sequestration. The Group\u2019s goal is fossil-free production, meaning reduc-ing fossil-based scope 1 and 2 carbon dioxide emissions to zero by the end of 2030. Achieving these targets requires investments, development of operations and product portfolio, and utilization of the best available technology. In the recognition and measurement of the Group\u2019s assets and liabilities, the potential impact of climate-related targets on consolidated financial statement items is considered, including physical climate risks and transition risks affecting assets.
The Climate-related matters particularly affect the following items in the financial statements:
Intangible assets: Used in determining future cash flow forecasts in connection with goodwill impairment testing. (Note 4.1)
Property, plant and equipment: Climate targets may affect the carrying amounts and useful lives of fixed assets. At the end of the reporting period, climate-related matters had no material impact on the esti-mated useful lives or impairments of assets. (Note 4.2)
Interest-bearing liabilities: In 2025, Mets\u00e4 Board issued a green unsecu-red bond of EUR 200 million maturing in 2031. In addition, Mets\u00e4 Board agreed on a EUR 250 million revolving credit facility, the margin of which is linked to long-term climate and energy efficiency targets. (Note 5.5)
Remuneration: Short-term incentives include performance criteria tied to climate targets. (Note 3.2)
Intangible assets and other operating expenses and income: Known or reasonably expected cost increases include the end of free emission allowances after 2025 for mills whose fossil emissions account for less than 5% of total CO2emissions. The EU Emissions Trading System is currently being updated, and based on current information, free allowances will end after 2030. (Notes 2.3, 2.4 and 4.1)
Further information on climate-related matters is available in the sustaina-bility report included in the Board of Directors\u2019 report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__5": { "value": "Mets\u00e4 Board Corporation ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__6": { "value": "Mets\u00e4 Board Corporation ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__7": { "value": "folding boxboard, fresh fibre linerboard and market pulpbusinesses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__9": { "value": "Revontulenpuisto 2, 02100 Espoo Finland. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__11": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__10": { "value": "Mets\u00e4liitto Cooperative ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__13": { "value": "The Group consolidated financial statements were authorised for issue by the Board of Directors on 5 February 2026. According to Finnish Companies Act shareholders can accept or reject the financial statements in General Meeting of shareholders after date of publication. General Meeting of shareholders also have possibility to decide to change financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__17": { "value": "Accounting principles
Mets\u00e4 Board Corporation\u2019s consolidated financial statements have been prepared in accordance with the International Financial Reporting Stand-ards (IFRS) effective and approved by the EU at the date of the financial statements 31 December 2025. The notes to the consolidated financial statements also comply with the requirements of Finnish accounting and company legislation supplementing the IFRS regulations.
The consolidated financial statements are presented in millions of euros, unless otherwise noted.
The consolidated financial statements have been prepared based on original acquisition costs, excluding financial assets recognised at fair value, hedged items in fair value hedging, assets and obligations related to defined benefit plans and share-based payments measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__14": { "value": "Mets\u00e4 Board Corporation\u2019s consolidated financial statements have been prepared in accordance with the International Financial Reporting Stand-ards (IFRS) effective and approved by the EU at the date of the financial statements 31 December 2025. The notes to the consolidated financial statements also comply with the requirements of Finnish accounting and company legislation supplementing the IFRS regulations.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__16": { "value": "The consolidated financial statements are presented in millions of euros, unless otherwise noted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__18-1": { "value": "The impact of Russia\u2019s military aggression
Due to the discontinuation of Russian business operations, the Group rec-ognised an impairment of EUR 0.3 million for owned and leased property. The Group also recognised a loss of EUR 0.7 million in other operating expenses mostly related to accumulated Russian ruble-denominated translation differences. On 13 May 2024, Mets\u00e4 Board completed a corporate restructuring in which control of the Russian subsidiary Mets\u00e4 Board Rus LLC was transferred to the VLP Group. After the transaction, the
Group has no holdings in Russia. The restructuring resulted in a loss of EUR 0.5 million. Further information can be found in the notes: 2.4. Operating expenses, 4.2. Property, plant and equipment, 5.1. Equity, translation differences, and 5.2. Exchange rate differences, financial income and expenses.
Other accounting principles
Other accounting principles are presented as part of the relevant Notes.
8.1 Contingent liabilities, assets and commitments
Key estimates and judgements
Disputes and claims
Mets\u00e4 Board companies have been sellers in several share trans-actions in recent years. In these divestments, the companies have issued regular seller\u2019s assurances. Claims presented against Mets\u00e4 Board companies and costs incurred by the companies due to these assurances cannot be ruled out.
Commitments
EUR million | 2025 | 2024 |
Commitments given on behalf of the parent company and its subsidiaries | 5.0 | 0.7 |
Total | 5.0 | 0.7 |
Commitments include granted pledges, mortgages and floating charges as well as guarantees.
Investment commitments
EUR million | 2025 | 2024 |
Payments due in following 12 months | 0.9 | 1.4 |
Payments due later | 0.6 | 0.4 |
Total | 1.5 | 1.8 |
Other information
Mets\u00e4 Board has investment grade credit ratings from S&P Global and Moody\u2019s Investor Service. S&P Glob-al\u2019s rating for the company is BBB\u2013 with a negative outlook. Moody\u2019s rating is Baa3 with a negative out-look; the outlook was revised from stable to negative in November.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__19": { "value": "Impact of Climate-Related Matters on Financial Statements
At the core of Mets\u00e4 Board\u2019s sustainability targets are the transition to fully fossil-free energy use in production, phasing out fossil-based raw materials, improving energy and water efficiency, and implementing regenerative forestry measures to ensure strong forest growth and carbon sequestration. The Group\u2019s goal is fossil-free production, meaning reduc-ing fossil-based scope 1 and 2 carbon dioxide emissions to zero by the end of 2030. Achieving these targets requires investments, development of operations and product portfolio, and utilization of the best available technology. In the recognition and measurement of the Group\u2019s assets and liabilities, the potential impact of climate-related targets on consolidated financial statement items is considered, including physical climate risks and transition risks affecting assets.
The Climate-related matters particularly affect the following items in the financial statements:
Intangible assets: Used in determining future cash flow forecasts in connection with goodwill impairment testing. (Note 4.1)
Property, plant and equipment: Climate targets may affect the carrying amounts and useful lives of fixed assets. At the end of the reporting period, climate-related matters had no material impact on the esti-mated useful lives or impairments of assets. (Note 4.2)
Interest-bearing liabilities: In 2025, Mets\u00e4 Board issued a green unsecu-red bond of EUR 200 million maturing in 2031. In addition, Mets\u00e4 Board agreed on a EUR 250 million revolving credit facility, the margin of which is linked to long-term climate and energy efficiency targets. (Note 5.5)
Remuneration: Short-term incentives include performance criteria tied to climate targets. (Note 3.2)
Intangible assets and other operating expenses and income: Known or reasonably expected cost increases include the end of free emission allowances after 2025 for mills whose fossil emissions account for less than 5% of total CO2emissions. The EU Emissions Trading System is currently being updated, and based on current information, free allowances will end after 2030. (Notes 2.3, 2.4 and 4.1)
Further information on climate-related matters is available in the sustaina-bility report included in the Board of Directors\u2019 report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__20-1": { "value": "Impact of Climate-Related Matters on Financial Statements
At the core of Mets\u00e4 Board\u2019s sustainability targets are the transition to fully fossil-free energy use in production, phasing out fossil-based raw materials, improving energy and water efficiency, and implementing regenerative forestry measures to ensure strong forest growth and carbon sequestration. The Group\u2019s goal is fossil-free production, meaning reduc-ing fossil-based scope 1 and 2 carbon dioxide emissions to zero by the end of 2030. Achieving these targets requires investments, development of operations and product portfolio, and utilization of the best available technology. In the recognition and measurement of the Group\u2019s assets and liabilities, the potential impact of climate-related targets on consolidated financial statement items is considered, including physical climate risks and transition risks affecting assets.
The Climate-related matters particularly affect the following items in the financial statements:
Intangible assets: Used in determining future cash flow forecasts in connection with goodwill impairment testing. (Note 4.1)
Property, plant and equipment: Climate targets may affect the carrying amounts and useful lives of fixed assets. At the end of the reporting period, climate-related matters had no material impact on the esti-mated useful lives or impairments of assets. (Note 4.2)
Interest-bearing liabilities: In 2025, Mets\u00e4 Board issued a green unsecu-red bond of EUR 200 million maturing in 2031. In addition, Mets\u00e4 Board agreed on a EUR 250 million revolving credit facility, the margin of which is linked to long-term climate and energy efficiency targets. (Note 5.5)
Remuneration: Short-term incentives include performance criteria tied to climate targets. (Note 3.2)
Intangible assets and other operating expenses and income: Known or reasonably expected cost increases include the end of free emission allowances after 2025 for mills whose fossil emissions account for less than 5% of total CO2emissions. The EU Emissions Trading System is currently being updated, and based on current information, free allowances will end after 2030. (Notes 2.3, 2.4 and 4.1)
Further information on climate-related matters is available in the sustaina-bility report included in the Board of Directors\u2019 report.
Accounting principles
Property, plant and equipment are measured at acquisition cost less accumulated depreciation and impairment losses.
The acquisition cost includes costs that are directly incurred in the acquisition of an item of property, plant or equipment. Qualifying external borrowing costs resulting directly from the acquisition, con-struction or manufacture of an item of property, plant or equipment are capitalised as part of the acquisition cost of property, plant and equipment.
If a piece of property, plant or equipment consists of several com-ponents with differing useful lives, each component is handled as a separate item. In that case, the expenses related to replacing the component are capitalised, and any book value remaining at the time of replacement is derecognised on the balance sheet.
Spare parts, spare equipment and maintenance supplies are recog-nised in property, plant and equipment when they fulfill the criteria for recognition of property, plant and equipment. Otherwise, such commodities are classified as inventories.
Significant investments in refurbishments and improvements are capitalised on the balance sheet and depreciated over the remaining useful life of the main asset related to such investments.
Repair and maintenance costs are recognised as expenses when they are incurred.
Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives. Depreciation is not recognised for owned land and water.
Estimated useful lives
Buildings and constructions20\u201340 years
Machinery and equipment
Heavy power plant machinery 20\u201340 years
Other heavy machinery15\u201320 years
Lightweight machinery and equipment5\u201315 years
Other tangible assets5\u201320 years
The residual value of an asset, the financial useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.
Gains and losses arising from the sale and decommissioning of items of property, plant and equipment are recognised in other operating income and expenses. Sales gains or losses are calculated as the difference between the sales price and the remaining acquisition cost.
Government grants related to the acquisition of assets are presented as adjustments of the acquisition cost on the balance sheet and recog-nised as income in the form of lower depreciation during the useful life of the asset.
Leases
The Group has leased various land areas, properties, equipment and vehicles. When the leased asset is available for the Group\u2019s use, A fixed
asset item and a corresponding liability of the lease is recognised. Paid rents are divided into liabilities and finance costs. The finance cost is included in profit or loss over the lease term in such a way that the interest rate of the remaining debt balance is the same during each period. The leased fixed asset is subject to straight-line depreciations over the asset\u2019s economic life or the lease term, depending on which of them is shorter.
Assets and liabilities arising from leases are initially measured at the present value. Lease liabilities include fixed payments, less any lease incentives receivable; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incre-mental borrowing rate. The leased fixed assets are measured at cost, which includes the amount of the initial measurement of the lease lia-bility; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred; and any costs incurred by restoring the site on which it is located.
Some of the leases include options to extend or terminate, which are largely available only for the Group, not the lessor.
Payments related to short-term leases or leases where the value of the underlying asset is low are recognised as costs on a straight-line basis. A lease with a lease term of 12 months or less is considered a short-term lease. Assets of a low value include mainly ICT and office equipment.
Key estimates and judgments
Property, plant and equipment
Estimates concerning the residual value and useful life of property, plant and equipment, as well as the selection of the depreciation method, require significant management judgement. For the annual goodwill impairment testing and for testing tangible assets with indef-inite useful lives, determining fair value based on the use of valuation models requires the exercise of judgment in selecting the applicable method and the valuation inputs required by the chosen method.
Leases
When determining the lease term, the management accounts for all relevant facts and circumstances that create an economic incentive to exercise the option to extend the lease, or not to exercise the option to terminate the lease. Options to extend the lease (or the time sub-sequent to an option to terminate) are accounted for in the lease term only if the extension of the lease (or the decision not to terminate the lease) is reasonably certain. The possible future cash flows of EUR 5.0 million have not been included in the lease liability because the exten-sion of the lease (or the decision not to terminate it) is not reasonably certain. The Group will conduct a reassessment upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee and affects the assessment.
Property, plant and equipment 2025
Land and water areas | Buildings and constructions | Machinery and equipment | ||||
EUR million | Owned | Leased | Owned | Leased | Owned | Leased |
Acquisition cost, 1 Jan. | 16.0 | 1.6 | 521.0 | 12.4 | 3,084.8 | 20.2 |
Translation differences | 0.1 | 9.3 | -0.3 | 77.2 | 0.6 | |
Additions | 0.0 | -0.4 | 11.7 | -0.6 | 62.3 | 4.0 |
Decrease | -0.5 | -1.3 | -89.9 | -3.4 | -918.8 | -5.3 |
Transfers between items | 0.0 | 4.7 | 18.9 | |||
Acquisition cost, 31 Dec. | 15.6 | 456.7 | 8.1 | 2,324.3 | 19.4 | |
Accumulated depreciation and impairment charges 1 Jan. | -0.4 | -0.9 | -297.9 | -7.3 | -2,139.0 | -9.2 |
Translation differences | 0.0 | -3.5 | 0.2 | -40.5 | -0.2 | |
Accumulated depreciation on deductions and transfers | 0.0 | 1.1 | 89.4 | 3.4 | 917.6 | 5.1 |
Depreciation for the period | -0.1 | -11.9 | -2.0 | -88.8 | -4.5 | |
Impairments | -0.1 | 0.0 | -0.1 | -20.4 | ||
Accumulated depreciation and impairment charges 31 Dec. | -0.5 | -224.0 | -5.8 | -1,371.1 | -8.8 | |
Book value, 1 Jan. | 15.5 | 0.7 | 223.0 | 5.1 | 945.8 | 11.0 |
Book value, 31 Dec. | 15.2 | 232.8 | 2.3 | 953.2 | 10.7 |
The impairment losses mainly relate to the closure of the Tako mill.
Other tangible assets | Construction in progress | Total | Total | ||
EUR million | Owned | Owned | Owned | Leased | Total |
Acquisition cost, 1 Jan. | 31.7 | 32.0 | 3,685.5 | 34.2 | 3,719.7 |
Translation differences | 0.8 | 0.6 | 87.9 | 0.3 | 88.2 |
Additions | 2.2 | 25.8 | 101.9 | 3.1 | 105.0 |
Decrease | -5.9 | -0.2 | -1,015.3 | -10.0 | -1,025.3 |
Transfers between items | 0.3 | -23.9 | |||
Acquisition cost, 31 Dec. | 29.1 | 34.3 | 2,860.0 | 27.5 | 2,887.5 |
Accumulated depreciation and impairment charges 1 Jan. | -16.4 | -2,453.8 | -17.4 | -2,471.3 | |
Translation differences | -0.3 | -44.3 | 0.0 | -44.3 | |
Accumulated depreciation on deduction and transfers | 5.9 | 1,012.9 | 9.6 | 1,022.5 | |
Depreciation for the period | -1.1 | -101.8 | -6.6 | -108.3 | |
Impairments | -20.4 | -0.2 | -20.6 | ||
Accumulated depreciation and impairment charges 31 Dec. | -11.9 | -1,607.4 | -14.6 | -1,622.0 | |
Book value, 1 Jan. | 15.3 | 32.0 | 1,231.7 | 16.8 | 1,248.4 |
Book value, 31 Dec. | 17.2 | 34.3 | 1,252.5 | 12.9 | 1,265.5 |
Property, plant and equipment 2024
Land and water areas | Buildings and constructions | Machinery and equipment | ||||
EUR million | Owned | Leased | Owned | Leased | Owned | Leased |
Acquisition cost, 1 Jan. | 16.1 | 1.1 | 504.9 | 9.9 | 2,997.6 | 16.9 |
Translation differences | 0.0 | -6.0 | 0.3 | -51.8 | -0.2 | |
Additions | 0.5 | 17.8 | 2.6 | 98.2 | 8.5 | |
Decrease | -0.1 | 2.1 | -0.3 | -9.3 | -4.9 | |
Transfers between items | 0.0 | 2.1 | 50.1 | |||
Acquisition cost, 31 Dec. | 16.0 | 1.6 | 521.0 | 12.4 | 3,084.8 | 20.2 |
Accumulated depreciation and impairment charges 1 Jan. | -0.4 | -0.8 | -290.4 | -5.3 | -2,092.9 | -9.4 |
Translation differences | 0.0 | 2.9 | -0.1 | 31.3 | 0.1 | |
Accumulated depreciation on deductions and transfers | 0.3 | 0.3 | 8.3 | 4.5 | ||
Depreciation for the period | -0.2 | -10.8 | -2.2 | -85.7 | -4.4 | |
Accumulated depreciation and impairment charges 31 Dec. | -0.4 | -0.9 | -297.9 | -7.3 | -2,139.0 | -9.2 |
Book value, 1 Jan. | 15.7 | 0.4 | 214.6 | 4.5 | 904.7 | 7.4 |
Book value, 31 Dec. | 15.5 | 0.7 | 223.0 | 5.1 | 945.8 | 11.0 |
Other tangible assets | Construction in progress | Total | Total | ||
EUR million | Owned | Owned | Owned | Leased | Total |
Acquisition cost, 1 Jan. | 27.5 | 71.4 | 3,617.5 | 27.8 | 3,645.3 |
Translation differences | -0.4 | -0.8 | -59.0 | 0.0 | -59.0 |
Additions | 3.2 | 16.8 | 136.0 | 11.6 | 147.6 |
Decrease | 1.1 | -2.8 | -9.0 | -5.3 | -14.3 |
Transfers between items | 0.3 | -52.6 | |||
Acquisition cost, 31 Dec. | 31.7 | 32.0 | 3,685.5 | 34.2 | 3,719.7 |
Accumulated depreciation and impairment charges 1 Jan. | -15.7 | -2,399.4 | -15.5 | -2,414.9 | |
Translation differences | 0.2 | 34.5 | 0.0 | 34.4 | |
Accumulated depreciation on deduction and transfers | 0.0 | 8.6 | 4.9 | 13.4 | |
Depreciation for the period | -1.0 | -97.5 | -6.8 | -104.2 | |
Accumulated depreciation and impairment charges 31 Dec. | -16.4 | -2,453.8 | -17.4 | -2,471.3 | |
Book value, 1 Jan. | 11.8 | 71.4 | 1,218.1 | 12.3 | 1,230.4 |
Book value, 31 Dec. | 15.3 | 32.0 | 1,231.7 | 16.8 | 1,248.4 |
Leases
EUR million | 2025 | 2024 |
Costs related to short-term leases | -0.4 | -0.3 |
Costs of leases in which the underlying asset is of low value | -4.1 | -3.6 |
Interest expenses | -0.5 | -0.5 |
Cash outflow for leases | -7.2 | -7.3 |
Disclosures on lease liabilities are presented in Note 5.5 (Financial liabili-ties) and 5.6 (Management of financial risks).
Impairments
In 2025, the impairment losses include EUR\u00a0-35.0\u00a0million related to the impairment of the ERP renewal project and EUR\u00a0-18.3\u00a0million of impairment losses related to the closure of the Tako mill. In 2024, the impairment losses include EUR -7.6 million from the write-down of the Kaskinen folding boxboard mill\u2019s preliminary study.
Borrowing costs
Borrowing costs have not been capitalised during financial periods.
New and amended standards to be applied during future financial periods
Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclo-sures* (effective for financial years beginning on or after 1 January 2026, early application is permitted)
The amendments clarify that an entity is required to apply settlement date accounting when derecognising a financial asset or a financial liability; and to permit an entity to deem a financial liability that is settled using an electronic payment system to be discharged before the settlement date if specified criteria are met. The amendments clarify the application guidance for assessing the contractual cash flow characteristics of financial assets, including financial assets with contractual terms that could change the timing or amount of contractual cash flows, for example, those with environmental, social and governance (ESG)-linked features, financial assets with non-recourse features and financial assets that are contractually linked instruments.
IFRS 18 Presentation and Disclosure in Financial Statements*(effective for financial years beginning on or after 1 January 2027, early application is permitted)
IFRS 18 will replace IAS 1 Presentation of Financial Statements. The key new requirements are as follows:
Income and expenses in the income statement to be classified into three new defined categories\u2014operating, investing and financing\u2014and two new subtotals\u2014\u201cOperating profit or loss\u201d and \u201cProfit or loss before financing and income tax\u201d.
Disclosures about management-defined performance measures (MPMs) in the financial statements. MPMs are subtotals of income and expenses used in public communications to communicate manage-ment\u2019s view of the company\u2019s financial performance.
Disclosure of information based on enhanced general requirements on aggregation and disaggregation. In addition, specific requirements to disaggregate certain expenses, in the notes, will be required for companies that present operating expenses by function in the income statement.
* = Amendment has not been approved to be applied by the EU by 31.12.2025.
Other standard changes do not have a significant impact on the group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__23-1": { "value": "Amendments to standards applied during the 2025 financial period Standard changes do not have a significant impact on the group\u2019s financial statements.New and amended standards to be applied during future financial periods
Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclo-sures* (effective for financial years beginning on or after 1 January 2026, early application is permitted)
The amendments clarify that an entity is required to apply settlement date accounting when derecognising a financial asset or a financial liability; and to permit an entity to deem a financial liability that is settled using an electronic payment system to be discharged before the settlement date if specified criteria are met. The amendments clarify the application guidance for assessing the contractual cash flow characteristics of financial assets, including financial assets with contractual terms that could change the timing or amount of contractual cash flows, for example, those with environmental, social and governance (ESG)-linked features, financial assets with non-recourse features and financial assets that are contractually linked instruments.
IFRS 18 Presentation and Disclosure in Financial Statements*(effective for financial years beginning on or after 1 January 2027, early application is permitted)
IFRS 18 will replace IAS 1 Presentation of Financial Statements. The key new requirements are as follows:
Income and expenses in the income statement to be classified into three new defined categories\u2014operating, investing and financing\u2014and two new subtotals\u2014\u201cOperating profit or loss\u201d and \u201cProfit or loss before financing and income tax\u201d.
Disclosures about management-defined performance measures (MPMs) in the financial statements. MPMs are subtotals of income and expenses used in public communications to communicate manage-ment\u2019s view of the company\u2019s financial performance.
Disclosure of information based on enhanced general requirements on aggregation and disaggregation. In addition, specific requirements to disaggregate certain expenses, in the notes, will be required for companies that present operating expenses by function in the income statement.
* = Amendment has not been approved to be applied by the EU by 31.12.2025.
Other standard changes do not have a significant impact on the group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__26": { "value": "Translations in foreign currency
The items included in the financial statements of Subsidiaries, joint operations, joint ventures and associated companies are presented in the currency that is used in each company\u2019s primary operating environment. The consolidated financial statements are presented in euros, which is the parent company\u2019s functional and presentation currency.
Business transactions denominated in foreign currencies are recognised in the operating currency using the exchange rate on the transaction date. At the end of the financial period, open receivables and liabilities denom-inated in foreign currencies are translated into the functional currency using the exchange rate on the balance sheet date. Since March 2025, the rate used for the Russian ruble is the closing rate for EUR/RUB published by Refinitiv, which management considers to best represent the market rate for the time. Any gains or losses resulting from transactions in foreign currencies and from the translation of monetary items are recognised in exchange rate differences in financial items.
Changes in the fair value of the effective portion of derivative instru-ments that meet the criteria for cash flow hedging are recognised in other items of comprehensive income. The gains and losses recognised in equity are transferred to the income statement when the forecast sale or purchase is realised, and are recognised as an adjustment to the hedged item.
Derivatives not subject to hedge accounting, as well as the ineffective portion of derivatives subject to hedge accounting, are measured at fair value, and changes in the value of interest rate and currency derivatives are recognised in financial items, and changes in the value of commodity derivatives are recognised in other income and expenses. Information about interest and currency hedging is provided in Note 5.6 Management of financial risks.
The income statements of companies whose functional currency is not the euro are translated into euros using the average exchange rates of the financial period, and their balance sheets are translated using the exchange rates on the balance sheet date. Changes in translation differences arising from the translation of companies\u2019 income statements and balance sheets and from the translation of net investments in foreign entities are recog-nised in other comprehensive income. In conjunction with divestments of Group companies, either by selling or by dissolving , translation differences accumulated by the time of the divestment are recognised in the income statement as part of the gain or loss from the divestment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__27": { "value": "Earnings per share
Undiluted earnings per share are calculated using the weighted average number of shares during the reporting period, where the own shares held by the group have been deducted. In calculating earnings per share adjusted for the effect of dilution, the average number of shares is adjusted for the dilution effect of any equity instruments that have been issued. In calculating earnings per share, earnings are taken to be the reported earnings attributable to the parent company\u2019s shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29-1": { "value": "Key estimates and judgements
The preparation of financial statements requires the use of the manage-ment\u2019s estimates, assumptions and judgement-based decisions that affect the amount of assets and liabilities, the presentation of contingent assets and liabilities in the financial statements, and the amount of income and expenses. Even though such estimates and assumptions are based on the management\u2019s best knowledge at the time they were made, it is possible that the actual values differ from those used in the financial statements. In terms of the financial statements, the key areas that involve the man-agement\u2019s estimates and judgement-based decisions are presented in the following notes:
Management\u2019s judgement-based decisions
Management\u2019s judgement-based decisions that were made when applying the accounting principles and that have the greatest impact on the figures of the consolidated financial statements concern the following areas:
Item | Note | Nature of management\u2019s judgement-based decisions |
Property, plant and equipment and lease | 4.1 and 4.2 Intangible assets and Proper-ty, plant and equipment | Valuation model applied in impairment tests |
Financial instruments measured at fair value | 4.3 Other investments | Accounting principle and valuation model applied to the shares of Pohjolan Voima Oyj |
Estimates and assumptions
The Group\u2019s key uncertainties related to assumptions and estimates that carry a significant risk of the book values of assets and liabilities changing during the following financial period include the following:
Item | Note | Nature of estimates and assumptions |
Intangible assets, Property, plant and equipment and leases | 4.1 and 4.2 Intangible assets and Proper-ty, plant and equipment | Estimates of key factors affecting cash flows in the valuation and expectations of economic benefits |
Property, plant and equipment and leases | 4.2 Property, plant and equipment | Estimates of the useful lives of property, plant and equipment, and of lease extension options |
Fair value measurement | 4.3 Other investments | Estimates of key factors affecting cash flows in the valuation of Pohjolan Voima Oyj |
Inventories | 4.4 Inventories | Estimates of the sales prices of products measured at net realisable value, the costs of comple-tion and the costs necessary for making the sale |
Income taxes | 6. Income taxes | Estimates of the date and amount of tax liabilities arising in tax audits and deferred tax assets recognised for losses |
Legal obligations | 8.1 Commitments and contingencies | Estimates of the date and amount of costs from obligations related to disputes and legal proceedings |
Key estimates and judgements
The determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.
Key estimates and judgements
Intangible assets
When performing the annual goodwill impairment test and testing intangible assets with indefinite useful lives, determining fair value using valuation models requires the exercise of judgment in selecting the applicable method and the valuation inputs required by the chosen method.
Key estimates and judgments
Property, plant and equipment
Estimates concerning the residual value and useful life of property, plant and equipment, as well as the selection of the depreciation method, require significant management judgement. For the annual goodwill impairment testing and for testing tangible assets with indef-inite useful lives, determining fair value based on the use of valuation models requires the exercise of judgment in selecting the applicable method and the valuation inputs required by the chosen method.
Leases
When determining the lease term, the management accounts for all relevant facts and circumstances that create an economic incentive to exercise the option to extend the lease, or not to exercise the option to terminate the lease. Options to extend the lease (or the time sub-sequent to an option to terminate) are accounted for in the lease term only if the extension of the lease (or the decision not to terminate the lease) is reasonably certain. The possible future cash flows of EUR 5.0 million have not been included in the lease liability because the exten-sion of the lease (or the decision not to terminate it) is not reasonably certain. The Group will conduct a reassessment upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee and affects the assessment.
Key estimates and judgements
Fair value measurement
The application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj.
The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first five years. Subsequent prices are based on a long-term market price forecast.
The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 184.8 million (218.3) on the balance sheet on 31 December 2025. The carrying value of other investments is estimated to change by EUR -6.5 million (-8.1) and EUR 6.8 million (8.5) should the rate used for discounting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 48.7 million (55.6) should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management.
Key estimates and judgements
The Group regularly reviews its inventories for situations where the inventories contain non-marketable items or items with net realisable value below the acquisition cost. When necessary, the Group reduces the book value of the inventories accordingly. This review requires the management\u2019s estimates of the sales prices of products, the cost of completion and the costs necessary to make the sale. Any changes in these estimates might lead to an adjustment in the book value of the inventories in future periods.
Key estimates and judgements
The determination of the criteria for the recognition of provisions involves the management\u2019s judgement. The amounts recognised as provisions are based on the management\u2019s best assessment of the expenses required to handle the obligation. As the timing and amount of these expenses are not fully certain, the actual expenses may differ significantly from the original estimate. The book value of provisions is regularly reviewed and adjusted as required, taking into account changes in cost assessments, regulation, technology and conditions.
Key estimates and judgements
The management\u2019s judgement is required for determining the taxes based on the result for the period, deferred tax assets and liabilities, and the extent to which deferred tax assets are recorded. Management assesses the recognition criteria for deferred tax assets by considering the factors underlying the losses and their recurrence, as well as by evaluating profit fore-casts and historical profitability. The recognition of deferred tax assets is further supported by the expected realization of taxable temporary differences in the future. The assumptions used in the assessment are consistent with those applied elsewhere in the financial statements. The Group is subject to income taxation in several countries, and the final amount of tax is uncertain for sev-eral business operations and calculations. The Group anticipates future tax audits and recognises liabilities based on estimates of whether further taxes will need to be paid. If the associated final tax differs from the originally recorded amounts, the difference has an effect on both the taxes based on the taxable income for the period, and on deferred tax receivables and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__30": { "value": "2.1 Segment information
Accounting principles
The Corporate Management Team is the chief operational decision-maker monitoring business operations performance based on the operating segments.
Mets\u00e4 Board\u2019s business operations consist solely of folding boxboard, fresh fibre linerboard and market pulp businesses. Mets\u00e4 Board reports on its financial performance in one reporting segment.
Geographical sales are reported based on the location of the customer and assets and capital expenditure based on the location of the assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__38": { "value": "Geographical areas
External sales by location of customer | Non-current assets | Capital expenditure | ||||
EUR million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Germany | 147.6 | 136.4 | 0.2 | 0.2 | 0.1 | 0.2 |
Italy | 124.5 | 125.3 | 0.2 | 0.1 | 0.3 | 0.0 |
Sweden | 76.4 | 124.9 | 773.5 | 761.2 | 23.4 | 54.2 |
Finland | 134.3 | 94.9 | 1,207.4 | 1,267.2 | 115.2 | 119.9 |
Spain | 89.2 | 94.8 | 0.1 | 0.1 | 0.0 | 0.0 |
France | 77.6 | 75.9 | 0.3 | 0.3 | 0.1 | 0.0 |
Poland | 104.0 | 107.3 | 0.9 | 1.1 | 0.2 | 0.1 |
The Netherlands | 59.3 | 52.1 | ||||
Belgium | 13.6 | 20.8 | 0.6 | 0.8 | 0.0 | 0.7 |
Other EU | 130.5 | 167.7 | ||||
EU total | 957.1 | 1,000.1 | 1,983.2 | 2,030.9 | 139.3 | 175.1 |
Turkey | 76.0 | 90.7 | 0.0 | 0.0 | 0.0 | 0.0 |
United Kingdom | 92.3 | 96.2 | 0.0 | 0.8 | 0.0 | 0.1 |
Norway | 0.2 | 0.5 | ||||
Other Europe and Middle East | 28.7 | 35.5 | ||||
USA | 356.3 | 432.2 | 1.2 | 1.7 | 0.3 | |
Canada | 38.6 | 45.6 | ||||
Asia | 74.8 | 97.1 | 0.2 | 0.3 | 0.1 | 0.0 |
Other countries | 151.7 | 140.6 | 0.0 | 0.0 | 0.0 | 0.0 |
Total | 1,775.7 | 1,938.6 | 1,984.8 | 2,033.7 | 139.5 | 175.4 |
Non-current assets include all non-current assets with the exception of derivative financial instruments, deferred tax assets and assets related to defined benefit pension plans. Total investments include investments in owned and leased property, plant and equipment as well as acquired businesses.
Personnel at year end
By country | 2025 | 2024 |
Finland | 1,002 | 1,267 |
Sweden | 700 | 740 |
Poland | 103 | 121 |
USA | 61 | 75 |
Belgium | 14 | 17 |
Germany | 16 | 17 |
Other countries | 45 | 53 |
Total | 1,939 | 2,290 |
Personnel average
By country | 2025 | 2024 |
Finland | 1,226 | 1,318 |
Sweden | 733 | 748 |
Poland | 116 | 114 |
USA | 72 | 73 |
Belgium | 16 | 17 |
Germany | 17 | 17 |
Other countries | 50 | 52 |
Total | 2,230 | 2,339 |
Personnel at year end
By country | 2025 | 2024 |
Finland | 1,002 | 1,267 |
Sweden | 700 | 740 |
Poland | 103 | 121 |
USA | 61 | 75 |
Belgium | 14 | 17 |
Germany | 16 | 17 |
Other countries | 45 | 53 |
Total | 1,939 | 2,290 |
Personnel average
By country | 2025 | 2024 |
Finland | 1,226 | 1,318 |
Sweden | 733 | 748 |
Poland | 116 | 114 |
USA | 72 | 73 |
Belgium | 16 | 17 |
Germany | 17 | 17 |
Other countries | 50 | 52 |
Total | 2,230 | 2,339 |
Information on most important customers
There were no customers with revenue exceeding 10% of total
Group revenue in 2025 and 2024.
2.2 Sales
Accounting principles
Mets\u00e4 Board\u2019s sales are mainly generated from the sale of forest industry goods, such as the sale of folding boxboard and white kraftliners to branded product manufacturers, packaging proces-sors and wholesalers, as well as the sale of pulp to manufacturers of cardboard, tissue, printing and specialty papers.
Performance obligations arising from the Group\u2019s sales contracts are mainly order-driven customer deliveries related to the sale of forest industry goods. Services mostly have an ancillary role in the Group\u2019s business operations, or they complement deliveries of goods.
The transaction price is the amount that the Group expects to receive in exchange for a fulfilled performance obligation. This amount, less sales-based value added taxes and sales taxes, is presented as the Group\u2019s sales. The prices received by the Group are divided into a fixed part and a variable part. The variable part consists of various discounts based on, among other things, payment terms and purchased quantities, and is allocated by the Group as deductions from sales revenue in line with estimates of the extent of the discount the customer is deemed to be entitled to. The Group\u2019s sales contracts mostly include obligations solely related to deliveries of goods, to which the allocation of the trans-action price is uncomplicated. The terms of payment applied in the Group\u2019s sales invoicing vary to some degree geographically and in different business areas, but the term of payment provided is nonetheless always clearly less than a year, when the financing component does not need to be separated.
The Group recognises revenue from the sale of goods in the period during which the control of the delivered products passes to the customer, i.e. when the risks and benefits related to the sold products transfer to the customer. Services are recognised as income over time.
Control to products transfers at the point of time when the products have been delivered in accordance with the agreed term of delivery. The Incoterms 2010 delivery terms most commonly applied by the Group and the corresponding times of sales income recognition are:
D terms:\tDelivery of goods to the buyer at the agreed destina-tion at the agreed time
C terms:\tHanding over the goods to be transported to the agreed destination by a carrier arranged for by the seller
F terms:\tHanding over the goods to a carrier arranged for by the buyer
The Group sees geographical distribution of sales as describing best the nature, amount, timing and uncertainty of sales revenue. Sales by geographical regions is presented below based on the location of customers.
Geographical distribution of sales
EUR million | 2025 | 2024 |
Germany | 147.6 | 136.4 |
Italy | 124.5 | 125.3 |
Sweden | 76.4 | 124.9 |
Finland | 134.3 | 94.9 |
United Kingdom | 92.3 | 96.2 |
Spain | 89.2 | 94.8 |
France | 77.6 | 75.9 |
Poland | 104.0 | 107.3 |
The Netherlands | 59.3 | 52.1 |
Belgium | 13.6 | 20.8 |
Rest of Europe | 145.3 | 187.2 |
Europe | 1,064.1 | 1,115.8 |
USA | 356.3 | 432.2 |
Canada | 38.6 | 45.6 |
Rest of Americas | 53.4 | 51.1 |
Americas | 448.3 | 528.8 |
Emerging markets | 263.3 | 294.0 |
Total | 1,775.7 | 1,938.6 |
2.2 Sales
Accounting principles
Mets\u00e4 Board\u2019s sales are mainly generated from the sale of forest industry goods, such as the sale of folding boxboard and white kraftliners to branded product manufacturers, packaging proces-sors and wholesalers, as well as the sale of pulp to manufacturers of cardboard, tissue, printing and specialty papers.
Performance obligations arising from the Group\u2019s sales contracts are mainly order-driven customer deliveries related to the sale of forest industry goods. Services mostly have an ancillary role in the Group\u2019s business operations, or they complement deliveries of goods.
The transaction price is the amount that the Group expects to receive in exchange for a fulfilled performance obligation. This amount, less sales-based value added taxes and sales taxes, is presented as the Group\u2019s sales. The prices received by the Group are divided into a fixed part and a variable part. The variable part consists of various discounts based on, among other things, payment terms and purchased quantities, and is allocated by the Group as deductions from sales revenue in line with estimates of the extent of the discount the customer is deemed to be entitled to. The Group\u2019s sales contracts mostly include obligations solely related to deliveries of goods, to which the allocation of the trans-action price is uncomplicated. The terms of payment applied in the Group\u2019s sales invoicing vary to some degree geographically and in different business areas, but the term of payment provided is nonetheless always clearly less than a year, when the financing component does not need to be separated.
The Group recognises revenue from the sale of goods in the period during which the control of the delivered products passes to the customer, i.e. when the risks and benefits related to the sold products transfer to the customer. Services are recognised as income over time.
Control to products transfers at the point of time when the products have been delivered in accordance with the agreed term of delivery. The Incoterms 2010 delivery terms most commonly applied by the Group and the corresponding times of sales income recognition are:
D terms:\tDelivery of goods to the buyer at the agreed destina-tion at the agreed time
C terms:\tHanding over the goods to be transported to the agreed destination by a carrier arranged for by the seller
F terms:\tHanding over the goods to a carrier arranged for by the buyer
The Group sees geographical distribution of sales as describing best the nature, amount, timing and uncertainty of sales revenue. Sales by geographical regions is presented below based on the location of customers.
2.3 Other operating income
EUR million | 2025 | 2024 |
Gains on disposal | 10.4 | 35.2 |
Rental income | 1.3 | 1.3 |
Service revenue | 9.1 | 5.1 |
Government grants and allowances | 21.7 | 30.2 |
Scrap and waste sale | 1.1 | 0.3 |
Other | 4.4 | 5.7 |
Total | 48.1 | 77.8 |
Gains on disposal
EUR million | 2025 | 2024 |
Emission rights | 10.0 | 35.0 |
Other | 0.4 | 0.2 |
Total | 10.4 | 35.2 |
The government grants and compensation relate to the compensation for training, healthcare and research costs, insurance indemnities and energy aid. For more information on government grants, see Note 4.2 and information on emission allowances, see Note 4.1.
In 2025, The government grants and compensationinclude insurance compensations received related to the explosion at the Kemi bioproduct mill for a total of EUR 8.4 (17.5) million.
2.3 Other operating income
EUR million | 2025 | 2024 |
Gains on disposal | 10.4 | 35.2 |
Rental income | 1.3 | 1.3 |
Service revenue | 9.1 | 5.1 |
Government grants and allowances | 21.7 | 30.2 |
Scrap and waste sale | 1.1 | 0.3 |
Other | 4.4 | 5.7 |
Total | 48.1 | 77.8 |
Gains on disposal
EUR million | 2025 | 2024 |
Emission rights | 10.0 | 35.0 |
Other | 0.4 | 0.2 |
Total | 10.4 | 35.2 |
The government grants and compensation relate to the compensation for training, healthcare and research costs, insurance indemnities and energy aid. For more information on government grants, see Note 4.2 and information on emission allowances, see Note 4.1.
In 2025, The government grants and compensationinclude insurance compensations received related to the explosion at the Kemi bioproduct mill for a total of EUR 8.4 (17.5) million.
2.4 Operating expenses
EUR million | 2025 | 2024 |
Materials and services | ||
Raw materials and consumables | ||
Purchases during the financial year | -968.8 | -1,179.7 |
Change in inventories | -34.0 | 50.6 |
External services | ||
Logistics cost | -255.4 | -269.8 |
Other external services | -94.8 | -92.8 |
Total | -1,353.0 | -1,491.7 |
Depreciation, amortisation and impairment charges total | -165.6 | -113.6 |
Employee costs total | -214.5 | -201.6 |
Other operating expenses | ||
Rents and other real estate expenses | -21.8 | -19.3 |
Purchased services | -96.0 | -94.8 |
Losses on sale of non-current assets | -0.7 | -2.0 |
Other operating expenses | -44.4 | -45.1 |
Total | -163.0 | -161.3 |
Employee costs are reported in Note 3.1, and nformation on depreciation, amortisation and impairment charges in Notes 4.1 and 4.2. For more infor-mation on research and development costs, see Note 4.1.
Other operating expenses include e.g. energy costs, real estate costs, marketing and advertising costs and administrative costs.
Research and development expenses excluding depreciations were EUR -6.3 (-7.4) million.
Auditor fees
The fees of the group\u2019s auditor KPMG
EUR million | 2025 | 2024 |
Audit | -0.5 | -0.5 |
Sustainability audit | -0.1 | -0.1 |
Auditors' opinions | 0.0 | 0.0 |
Tax services | ||
Other services | 0.0 | |
Total | -0.6 | -0.7 |
Non-auditing services for KPMG were EUR 0.0 (0.0) million.
2.3 Other operating income
EUR million | 2025 | 2024 |
Gains on disposal | 10.4 | 35.2 |
Rental income | 1.3 | 1.3 |
Service revenue | 9.1 | 5.1 |
Government grants and allowances | 21.7 | 30.2 |
Scrap and waste sale | 1.1 | 0.3 |
Other | 4.4 | 5.7 |
Total | 48.1 | 77.8 |
Gains on disposal
EUR million | 2025 | 2024 |
Emission rights | 10.0 | 35.0 |
Other | 0.4 | 0.2 |
Total | 10.4 | 35.2 |
The government grants and compensation relate to the compensation for training, healthcare and research costs, insurance indemnities and energy aid. For more information on government grants, see Note 4.2 and information on emission allowances, see Note 4.1.
In 2025, The government grants and compensationinclude insurance compensations received related to the explosion at the Kemi bioproduct mill for a total of EUR 8.4 (17.5) million.
2.4 Operating expenses
EUR million | 2025 | 2024 |
Materials and services | ||
Raw materials and consumables | ||
Purchases during the financial year | -968.8 | -1,179.7 |
Change in inventories | -34.0 | 50.6 |
External services | ||
Logistics cost | -255.4 | -269.8 |
Other external services | -94.8 | -92.8 |
Total | -1,353.0 | -1,491.7 |
Depreciation, amortisation and impairment charges total | -165.6 | -113.6 |
Employee costs total | -214.5 | -201.6 |
Other operating expenses | ||
Rents and other real estate expenses | -21.8 | -19.3 |
Purchased services | -96.0 | -94.8 |
Losses on sale of non-current assets | -0.7 | -2.0 |
Other operating expenses | -44.4 | -45.1 |
Total | -163.0 | -161.3 |
Employee costs are reported in Note 3.1, and nformation on depreciation, amortisation and impairment charges in Notes 4.1 and 4.2. For more infor-mation on research and development costs, see Note 4.1.
Other operating expenses include e.g. energy costs, real estate costs, marketing and advertising costs and administrative costs.
Research and development expenses excluding depreciations were EUR -6.3 (-7.4) million.
Auditor fees
The fees of the group\u2019s auditor KPMG
EUR million | 2025 | 2024 |
Audit | -0.5 | -0.5 |
Sustainability audit | -0.1 | -0.1 |
Auditors' opinions | 0.0 | 0.0 |
Tax services | ||
Other services | 0.0 | |
Total | -0.6 | -0.7 |
Non-auditing services for KPMG were EUR 0.0 (0.0) million.
2.4 Operating expenses
EUR million | 2025 | 2024 |
Materials and services | ||
Raw materials and consumables | ||
Purchases during the financial year | -968.8 | -1,179.7 |
Change in inventories | -34.0 | 50.6 |
External services | ||
Logistics cost | -255.4 | -269.8 |
Other external services | -94.8 | -92.8 |
Total | -1,353.0 | -1,491.7 |
Depreciation, amortisation and impairment charges total | -165.6 | -113.6 |
Employee costs total | -214.5 | -201.6 |
Other operating expenses | ||
Rents and other real estate expenses | -21.8 | -19.3 |
Purchased services | -96.0 | -94.8 |
Losses on sale of non-current assets | -0.7 | -2.0 |
Other operating expenses | -44.4 | -45.1 |
Total | -163.0 | -161.3 |
Research and development expenses excluding depreciations were EUR -6.3 (-7.4) million.
Auditor fees
The fees of the group\u2019s auditor KPMG
EUR million | 2025 | 2024 |
Audit | -0.5 | -0.5 |
Sustainability audit | -0.1 | -0.1 |
Auditors' opinions | 0.0 | 0.0 |
Tax services | ||
Other services | 0.0 | |
Total | -0.6 | -0.7 |
Non-auditing services for KPMG were EUR 0.0 (0.0) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__46": { "value": "Other operating expenses include e.g. energy costs, real estate costs, marketing and advertising costs and administrative costs.
Research and development expenses excluding depreciations were EUR -6.3 (-7.4) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__47": { "value": "Research and development expenses excluding depreciations were EUR -6.3 (-7.4) million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__48": { "value": "Auditor fees
The fees of the group\u2019s auditor KPMG
EUR million | 2025 | 2024 |
Audit | -0.5 | -0.5 |
Sustainability audit | -0.1 | -0.1 |
Auditors' opinions | 0.0 | 0.0 |
Tax services | ||
Other services | 0.0 | |
Total | -0.6 | -0.7 |
Non-auditing services for KPMG were EUR 0.0 (0.0) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__49": { "value": "3. Remuneration
Accounting principles
Short-term employee benefitsLiabilities related to wages, including annual leave wages, which are expected to be paid in full within 12 months from the end of the period during which the work that is the basis for them is performed, are recorded for the work performed by the end of the reporting period and are valued at the amount that is expected to be paid. Liabilities are presented in the balance sheet as short-term obligations arising from employment benefits.
The principles for preparing share-based payments are presented in note 3.3 and retirement benefit obligations in note 3.4.
3.1 Employee costs
EUR million | 2025 | 2024 |
Short-term employee benefits | -133.7 | -122.9 |
Share-based payments | -1.0 | -1.5 |
Pension costs | ||
Defined benefit plans | -0.4 | -0.4 |
Defined contribution plans | -24.4 | -24.1 |
Other social security costs | -55.0 | -52.7 |
Social security costs total | -79.8 | -77.2 |
Total | -214.5 | -201.6 |
3.2 The management\u2019s salaries, remuneration and pension expenses
Key management includes members of the Board of Directors as well as Corporate Leadership Team. The salaries and bonuses of key management personnel are presented on an accrual basis.
The management\u2019s salaries, remuneration and pension expenses
EUR million | 2025 | 2024 |
Short-term employee benefits | 2.7 | 1.8 |
Share-based payments (long-term remuneration) | 0.8 | 0.9 |
Pension costs | ||
Defined benefit plans | 0.4 | 0.6 |
Defined contribution plans | 0.5 | 0.3 |
Total | 4.4 | 3.6 |
Remuneration paid to the members of the Board of Directors of the parent company and their shareholding
Shareholdingshares | Remuneration | Remuneration | Pensions, Defined contribution | Pensions, Defined contribution | |
EUR thousand | 2025 | 2025 | 2024 | 2025 | 2024 |
Jussi Vanhanen (from 20 March 2025) | 17,788 | 101 | 17 | ||
Ilkka H\u00e4m\u00e4l\u00e4 (until 1 July 2025) | 38 | 115 | 7 | 21 | |
Jussi Linnaranta | 55,267 | 101 | 102 | 17 | 19 |
Hannu Anttila (until 26 March 2024) | 6 | ||||
Leena Craelius (from 26 March 2024) | 15,020 | 84 | 78 | 14 | 14 |
Raija-Leena Hankonen-Nybom | 28,151 | 87 | 83 | 16 | 15 |
Erja Hyrsky (until 1 August 2025) | 79 | 83 | 15 | 15 | |
Jukka Moisio | 32,303 | 85 | 83 | 16 | 14 |
Mari Kiviniemi | 23,705 | 87 | 84 | 15 | 14 |
Mikko M\u00e4kimattila | 20,072 | 83 | 84 | 14 | 15 |
Juha Vanhainen | 24,480 | 87 | 84 | 16 | 15 |
Total | 216,786 | 832 | 802 | 146 | 142 |
Mets\u00e4 Board\u2019s Annual General Meeting 2025 decided, that about one half of the remuneration will be paid in cash while the other half is paid in company\u2019s B shares.
The remuneration of the Management Team consists of a fixed monthly salary and remuneration based on short-term and long-term remuneration schemes. In addition, CEO Kaikkonen is covered by covered by a defined contribution supplementary pension scheme. CEO Joukio was also covered by a defined benefit pension scheme.
Salaries and remuneration to the CEO and other members of the Corporate Management Team
CEO Esa Kaikkonen | CEO Mika Joukio | CEO Mika Joukio | Other Management Team | Other Management Team | |
EUR thousand | 2025 | 2025 | 2024 | 2025 | 2024 |
Salaries and remuneration 1) and 2 | |||||
Basic salary including fringe benefits | 434 | 472 | 563 | 1,188 | 1,170 |
Short-term performance bonus 3) | 43 | ||||
Other compensation 4) | 653 | ||||
Long-term share-based incentive 5) | 413 | 442 | 342 | 439 | |
Total | 434 | 1,538 | 1,005 | 1,530 | 1,652 |
Pension Costs | |||||
Supplemental defined benefit pension plan | 442 | 642 | |||
Defined contribution plans | 152 | 80 | 87 | 220 | 190 |
Total | 152 | 522 | 729 | 220 | 190 |
Salaries and remuneration as well as pension costs in total | 586 | 2,060 | 1,734 | 1,751 | 1,843 |
1)\tIncludes Esa Kaikkonen\u2019s salaries and remuneration for the period 7 April\u201331 December 2025.
2)\tIncludes Mika Joukio\u2019s salaries and remuneration for the period 1 January\u20137 October 2025.
3)The 2025 amount relates to performance in 2025; the 2024 amount relates to performance in 2024.
4)Includes severance pay
5)Includes the expense impact for the financial year arising from several different programmes. Further information is provided in Note 3.3 - Share-based payments.
Mika Joukio served as the company\u2019s CEO until 6 April 2025, and Esa Kai-kkonen has served as CEO as of 7 April 2025. CEO Mika Joukio\u2019s monthly salary was EUR 45,378, which included a company car benefit, mobile phone benefit and insurance coverage. Esa Kaikkonen\u2019s monthly salary is EUR 46,070, and it includes a company car benefit, mobile phone benefit and insurance coverage. In 2024 and 2025, the reward option for the CEO\u2019s short-term compensation plan was at the target level of 30% and at the maximum level of 75% of the fixed annual salary.
In 2024 and 2025, the reward option for the short-term compensation plan for members of the Management Team was at the target level of 20 or 25% and at the maximum level of 50 or 62.5% of the fixed annual salary.
The Board of Directors decides on the criteria of the short-term remu-neration system. Remuneration is based on defined financial criteria and targets supporting strategy.
No short-term incentive was paid to the CEO for 2024, as the threshold metric of the short-term incentive scheme (Mets\u00e4 Group\u2019s operating result) fell below the threshold level. For 2025, no short-term incentives will be paid to the CEO or to the Executive Management Team, as the threshold metric of the short-term incentive scheme (Mets\u00e4 Group\u2019s operating result) fell below the threshold level.
Share based incentive schemes and the shareholding programme for Corporate Management Team are presented in Note 3.3.
The CEO\u2019s mutual term of notice is six months. In case the CEO contract is terminated by the Board of Directors, the CEO is entitled to receive discharge compensation equal to his 12-month salary.
The period of notice for other members of Corporate Management Team is six months. Some Corporate Management Team members are entitled to additional mainly severance compensation of six month salary in case of employment termination on grounds not related to the affected Management Team member.
The CEO is covered by statutory employee pension scheme. This offers pension benefits based on term of service and renumeration earned as prescribed in applicable legislation. CEO Kaikkonen is also covered by a defined-contribution supplementary pension scheme, under which he is entitled to retire at the age of 62. The annual supplementary pension contribution is 20 percent of the CEO\u2019s total remuneration, including short-term incentives. If the CEO\u2019s employment with the Group ends before the retirement age, he is entitled to a paid-up pension policy.
CEO Joukio has been covered by a defined-benefit supplementary pension scheme, under which he is entitled to retire at the age of 62. Under the supplementary pension scheme, the CEO\u2019s pension level is capped at a maximum of 60 percent of the total salary under the Employees Pensions Act, calculated based on the five-year period preceding retirement. If the CEO\u2019s employment with the Group ends before the retirement age, he is entitled to a paid-up pension policy.
The Corporate Management Team members have no pension arrange-ments differing from statutory pensions. The Group has no off balance sheet pension liabilities on behalf of management.
Key management had no loans outstanding from the company or its subsidiares and there were no guarantees given on behalf of key management.
3.3 Share-based payments
Accounting principles
Share-based incentive programmes in which the payments are made with equity instruments and cash have been established for the company\u2019s top executives. The Group\u2019s share-based incentive schemes have been treated in full as arrangements settled in shares. The incentives granted are measured at fair value on the grant date, and recognised as expenses in the income statement and equity evenly over the vesting period.
The effect on profit of the incentive programmes is presented under employee costs.
During the review period, Mets\u00e4 Board had four active share-based incentive schemes: Performance and committing based share incentive schemes 2021\u20132025 which the company Board of Directors decided to adopt on 12 December 2020, Performance and committing based share incentive schemes 2023\u20132027 of which the company Board of Directors decided to adopt on 15 December 2022 ,as part of company\u2019s incentive and key personnel retention programme.
The effect on consolidated income statement of share-based incentive schemes amounted to EUR -1,035,581 (-1,481,115) in 2025.
Performance based share incentive scheme 2020\u20132024 and Performance based share incentive scheme 2023\u20132027
The schemes offer the participants the possibility to be awarded Mets\u00e4 Board Corporation\u2019s B shares for achieving set goals for three-year periods. Incentive periods are the calendar years 2020\u20132022, 2021\u20132023, 2022\u20132024, 2023\u20132025, 2024\u20132026 and 2025\u20132027. The number of shares allocated includes both the share and the cash portion. Accordingly, the reward is paid partly in shares and partly in cash and the cash portion is intended to cover taxes and tax-like payments. The bonus is not paid if the person\u2019s employment ends before the end of the earning period. The
systems have a salary proportional ceiling and the part exceeding it is cut and not paid at all. The scheme includes a two-year commitment period. If the key employee\u2019s employment ends during the commitment period, the key person must, as a rule, return the delivered shares to the Company free of charge.
Based on the fulfillment of the criteria for the earning period 2022\u20132024, 124,790 Mets\u00e4 Board Oyj B shares and a cash contribution were paid to cover taxes and tax-like payments arising from the reward at the time of the transfer of the shares. During the financial year, the company received back 8,358 shares that had previously been delivered under the earning periods 2021\u20132023 and 2022\u20132024.
Committing-based share incentive scheme 2020\u20132024 and Committing-based share incentive scheme 2023\u20132027
The scheme offers key employees in the target group the opportunity to receive Mets\u00e4 Board Corporation\u2019s B-series shares, provided that the par-ticipant\u2019s employment relationship remains in force and continues in force until the end of the restriction period. The scheme has restriction periods of 12 to 36 months. The reward is paid partly in shares and partly in cash and the cash portion is intended to cover taxes and tax-like payments. As a rule, rewards are not paid if the participant\u2019s employment relationship ends during the restriction period.
Key characteristics of Performance based share incentive scheme 2020\u20132024 are summarised in the table below:
Performance basedshare incentive scheme 2020\u20132024 | |||
31.12.2025 | 2021\u20132023 | 2022\u20132024 | Total |
Key characteristics | |||
Shares allocated to the scheme, shares | 453,650 | 437,545 | 891,195 |
Grant date(s) | 27.1.2021, 18.6.2021, 13.1.2022 | 31.1.2022, 8.11.2022, 28.2.2024 | |
Criteria | Equity ratio, ROCE, EBIT and employ-ment obligation | Equity ratio, ROCE, EBIT and employ-ment obligation | |
Personnel (31 December 2025) | 21 | ||
Factors used to determine fair value (EUR) 1) | |||
Share price at grant date | 8.93 | 9.44 | |
Share fair value at grant date | 8.15 | 8.21 | |
Annual dividend assumption in fair value measurement | 0.27 | 0.41 | |
Share price at payment date / balance sheet date | 7.09 | 3.89 | |
Fair value on balance sheet date | - | 1,784,221 | 1,784,221 |
Effect on result and financial position (EUR) | |||
Expense in 2025, share-based payments settled as equity | 566,197 | 448,993 | 1,015,191 |
Share-based payments settled in cash, unpaid part, estimate | 448,518 | 448,518 | |
Number of shares 1 January 2025\u00a02) | |||
Outstanding at the beginning of the period | 378,813 | 415,508 | 794,321 |
Changes during the year | |||
Shares forfeited | 9,776 | 5,143 | 14,919 |
Shares exercised | 369,037 | 99,666 | 468,703 |
Shares expired | 196,323 | 196,323 | |
Number of shares 31 December 2025 | |||
Outstanding at the end of the period | 114,376 | 114,376 |
1)The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.
2)The amounts in the table represent brutto amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled compo-nent used to cover taxes and tax-like charges.
Key characteristics of Performance based share incentive scheme 2023\u20132027 are summarised in the table below:
Performance basedshare incentive scheme 2023\u20132027 | Committed share incentive plan | ||||
31 Dec 2025 | 2023\u20132025 | 2024\u20132026 | 2025\u20132027 | 2025\u20132027 | Total |
Key characteristics | |||||
Shares allocated to the scheme, shares | 432,163 | 564,891 | 953,631 | 35,000 | 1,985,685 |
Grant date(s) | |||||
30.1.2023, 6.9.2023, 28.2.2024, 7.4.2025 | 30.1.2024, 28.2.2024, 13.5.2024, 4.9.2024, 7.4.2025 | 31.1.2025, 7.4.2025, 9.4.2025, 21.8.2025 | 21.8.2025 | ||
Criteria | Equity ratio, ROCE, EBIT and em-ployment obligation | Equity ratio, ROCE, EBIT and em-ployment obligation | Equity ratio, ROCE and employ-ment obligation | employment obligation | |
Personnel (31 December 2025) | 31 | ||||
Factors used to determine fair value (EUR) 1) | |||||
Share price at grant date | 8.34 | 7.46 | 4.30 | 3.25 | |
Share fair value at grant date | 6.90 | 6.57 | 3.52 | 3.11 | |
Annual dividend assumption in fair value measurement | 0.48 | 0.30 | 0.07 | 0.07 | |
Share price at payment date / balance sheet date | 3.11 | 3.11 | 3.11 | 3.11 | |
Fair value on balance sheet date | 108,850 | 108,850 | |||
Effect on result and financial position (EUR) | |||||
Expense in 2025, share-based payments settled as equity | 20,390 | 20,390 | |||
Share-based payments settled in cash, unpaid part, estimate | 57,695 | 57,695 | |||
Number of shares 1 January 2025\u00a02) | |||||
Outstanding at the beginning of the period | 426,377 | 564,891 | 991,268 | ||
Changes during the year | |||||
Shares granted | 33,822 | 97,147 | 1,256,229 | 35,000 | 1,422,198 |
Number of shares 31 December 2025 | |||||
Outstanding at the end of the period | 432,352 | 512,925 | 921,239 | 35,000 | 1,901,516 |
1)The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.
2)The amounts in the table represent brutto amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled compo-nent used to cover taxes and tax-like charges.
3.4 Retirement benefit obligations
Accounting principles
The Group\u2019s arrangements concerning benefits following the termination of employment are either defined benefit pension plans or defined contribution pension plans. A defined contribu-tion plan is a pension arrangement in which fixed contributions are made to a separate unit, and the Group does not have legal or constructive obligations to make additional contributions if the fund has insufficient funds to pay all benefits to all employees in accordance with its obligations in the future. All arrangements that do not meet these requirements are considered to be defined benefit plans. A defined benefit plan defines the pension benefit that the employee will receive upon retiring , the amount of which depends on factors including the employee\u2019s age, years of service and salary level, for example.
With defined benefit plans, the current value of the obligations on the end date of the reporting period, less the fair value of the assets included in the arrangement, is recognised on the balance sheet as a liability. The amount of the obligation arising from the plan is based on annual calculations by independent actuaries using the projected unit credit method. The current value of the obligation is determined using the interest rate equalling the interest rate of high-quality bonds issued by the companies as the discount rate for the estimated future cash flows. The bonds used in determining the interest rate have been issued in the same currency as the benefits to be paid, and their maturity is approxi-mately the same as that of the corresponding pension obligation.
Actuarial gains and losses from experience verifications and changes in actuarial assumptions are recognised through items of other comprehensive income as a reimbursement or charge in equity for the period during which they have been incurred. Past service costs are recognised immediately through profit and loss.
Apart from contributions related to pension insurance, the Group does not have any other payment obligations in defined contribu-tion plans. Obligation-based payments are allocated as expenses in accordance with accrual accounting.
Key estimates and judgements
The determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.
Post-employment benefits
EUR million | 2025 | 2024 |
Liabilities recognised in balance sheet | ||
Defined benefit pension plans | 7.0 | 7.2 |
Defined contribution pension plans | 1.7 | 0.9 |
Total | 8.7 | 8.1 |
Surplus of funded plans in other long-term assets (note 5.3) | -2.3 | -3.4 |
Defined benefit pension plans
The most significant defined benefit pension plans are in Germany and United Kingdom.
Group\u2019s German defined benefit pension plans grant old-age pensions, disability pensions and family pensions exceeding the statutory pension level to eligible officials and senior management. The retirement age is usu-ally 67 years, and the amount of pension depends on the length of service. Officials and senior management are required to have a service history of 25\u201330 years to receive a full pension. Some of the pension arrangements are closed. The defined benefit plans in Germany are unfunded.
The defined benefits plans in United Kingdom guarantee participants of the plan a pension, the amount of which is based on the length of service and the salary in the most recent working years. The arrangement is closed to new members. The UK pension scheme operates under an independent foundation separate from the Group.
The Group also has defined benefit plans in Finland, Belgium and Italy.
Amounts in balance sheet
EUR million | 2025 | 2024 |
Present value of funded obligations | 38.7 | 43.4 |
Fair value of plan assets | -34.7 | -40.2 |
Deficit (+) / surplus (-) | 4.0 | 3.2 |
Present value of unfunded obligations | 0.6 | 0.7 |
Deficit (+) / surplus (-) of defined benefit pension plans, total | 4.7 | 3.8 |
Defined benefit-based pension liabilities on the balance sheet, net | 7.0 | 7.2 |
Defined benefit-based pension assets on the balance sheet, net | -2.3 | -3.4 |
Change in defined benefit pension obligations in 2025
EUR million | Present value of obligation | Fair value of plan assets | Total |
1 Jan 2025 | 44.0 | -40.2 | 3.8 |
Current service cost | 0.4 | 0.4 | |
Interest expense (+) or interest income (-) | 1.8 | -1.8 | 0.0 |
Total amount recognised in profit and loss | 2.3 | -1.8 | 0.5 |
Remeasurements in other comprehensive income | |||
Return on plan assets, excluding amounts included in interest income or expense\t | 1.9 | 1.9 | |
Gains (-) and losses (+) from change in demographic assumptions | 0.2 | 0.2 | |
Gains (-) and losses (+) from change in financial assumptions | -1.5 | -1.5 | |
Experience gains (-) and losses (+) | 0.1 | 0.1 | |
Total remeasurements in other comprehensive income | -1.2 | 1.9 | 0.6 |
Translation differences | -1.3 | 1.4 | 0.2 |
Contributions | |||
Employers | -0.1 | -0.1 | |
Plan participants | 0.0 | 0.0 | |
Payments from plans | |||
Benefit payments | -3.1 | 2.7 | -0.4 |
31 Dec 2025 | 39.4 | -34.7 | 4.7 |
Change in defined benefit pension obligations in 2024
EUR million | Present value of obligation | Fair value of plan assets | Total |
1 Jan 2024 | 43.8 | -37.3 | 6.5 |
Current service cost | 0.4 | 0.4 | |
Interest expense (+) or interest income (-) | 1.7 | -1.7 | 0.0 |
Total amount recognised in profit and loss | 2.2 | -1.7 | 0.5 |
Remeasurements in other comprehensive income | |||
Return on plan assets, excluding amounts included in interest income or expense\t | -2.1 | -2.1 | |
Gains (-) and losses (+) from change in demographic assumptions | -0.1 | -0.1 | |
Gains (-) and losses (+) from change in financial assumptions | -0.3 | -0.3 | |
Experience gains (-) and losses (+) | 0.6 | 0.6 | |
Total remeasurements in other comprehensive income | 0.2 | -2.1 | -1.9 |
Translation differences | 1.2 | -1.4 | -0.2 |
Contributions | |||
Employers | -0.6 | -0.6 | |
Plan participants | 0.0 | 0.0 | 0.0 |
Payments from plans | |||
Benefit payments | -3.3 | 2.9 | -0.5 |
31 Dec 2024 | 44.0 | -40.2 | 3.8 |
Defined benefit pension obligation and plan assets by country in 2025
EUR million | Germany | United Kingdom | Finland | Other countries | Total |
Present value of obligation | 7.4 | 21.0 | 7.2 | 3.8 | 39.4 |
Fair value of plan assets | -2.1 | -23.3 | -6.3 | -2.9 | -34.7 |
Total | 5.2 | -2.3 | 0.8 | 0.9 | 4.7 |
Defined benefit pension obligation and plan assets by country in 2024
EUR million | Germany | United Kingdom | Finland | Other countries | Total |
Present value of obligation | 7.9 | 24.9 | 7.8 | 3.4 | 44.0 |
Fair value of plan assets | -2.4 | -28.3 | -6.8 | -2.7 | -40.2 |
Total | 5.6 | -3.4 | 1.0 | 0.7 | 3.8 |
Significant actuarial assumptions 2025
Germany | United Kingdom | Finland | Belgium | |
Discount rate, % | 3.72 | 5.35 | 3.62 | 3.20 |
Salary growth rate, % | 3.00 | 4.00 | ||
Pension growth rate, % | 2.00 | 2.75 | 2.16 | 2.00 |
Significant actuarial assumptions 2024
Germany | United Kingdom | Finland | Belgium | |
Discount rate, % | 3.30 | 5.15 | 3.26 | 3.00 |
Salary growth rate, % | 3.00 | 3.10 | ||
Pension growth rate, % | 2.00 | 3.05 | 2.21 | 2.10 |
Sensitivity of benefit obligation to changes in essential weighted assumptions 2025
Impact on benefit obligation, % | ||||
Increase 2025 | Decrease 2025 | Increase 2024 | Decrease 2024 | |
Discount rate, 0.5%-points | -4.1 | 4.2 | -4.2 | 4.3 |
Salary growth rate, 0.5%-points | 0.3 | -0.3 | 0.3 | -0.2 |
Pension growth rate, 0.5%-points | 3.7 | -3.6 | 3.9 | -3.8 |
Life expectancy, 1 year | 3.3 | -3.3 | 3.4 | -3.4 |
The aforementioned sensitivity analyses are based on a situation where all other assumptions remain unchanged when one assumption changes. The sensitivity of a defined benefit obligation to changes in significant actuarial assumptions has been calculated using the same method as is used in calculating the pension obligation recognised in the balance sheet.
Plan assets are comprised as follows:
2025EUR million | 2025 % | 2024EUR million | 2024 % | |
Qualifying insurance policies | 34.2 | 99% | 39.6 | 99% |
Cash and cash equivalents | 0.3 | 1% | 0.3 | 1% |
Investment funds | 0.2 | 1% | 0.3 | 1% |
Total | 34.7 | 100% | 40.2 | 100% |
The most considerable risks related to Defined benefit plans are as follows:
Changes in the return on bonds
Liabilities arising from the arrangements have been calculated using a dis-count rate based on the return on high-quality corporate bonds. A decline in the discount rate increases the arrangements\u2019 liabilities.
Inflation risk
The plan\u2019s benefit obligations are linked to inflation and a higher inflation will lead to increased obligation.
Life expectancy
The majority of the arrangement obligations arises from generating life-time benefits for members, so the expected increase in life expectancy will increase the arrangement obligations.
The contribution made to post-employment defined benefit plans is expected to be EUR -0.8 million in 2026. The weighted average duration of the defined benefit obligation is 10.3 years (10.6).
Accounting principles
Short-term employee benefitsLiabilities related to wages, including annual leave wages, which are expected to be paid in full within 12 months from the end of the period during which the work that is the basis for them is performed, are recorded for the work performed by the end of the reporting period and are valued at the amount that is expected to be paid. Liabilities are presented in the balance sheet as short-term obligations arising from employment benefits.
The principles for preparing share-based payments are presented in note 3.3 and retirement benefit obligations in note 3.4.
Accounting principles
The Group\u2019s arrangements concerning benefits following the termination of employment are either defined benefit pension plans or defined contribution pension plans. A defined contribu-tion plan is a pension arrangement in which fixed contributions are made to a separate unit, and the Group does not have legal or constructive obligations to make additional contributions if the fund has insufficient funds to pay all benefits to all employees in accordance with its obligations in the future. All arrangements that do not meet these requirements are considered to be defined benefit plans. A defined benefit plan defines the pension benefit that the employee will receive upon retiring , the amount of which depends on factors including the employee\u2019s age, years of service and salary level, for example.
With defined benefit plans, the current value of the obligations on the end date of the reporting period, less the fair value of the assets included in the arrangement, is recognised on the balance sheet as a liability. The amount of the obligation arising from the plan is based on annual calculations by independent actuaries using the projected unit credit method. The current value of the obligation is determined using the interest rate equalling the interest rate of high-quality bonds issued by the companies as the discount rate for the estimated future cash flows. The bonds used in determining the interest rate have been issued in the same currency as the benefits to be paid, and their maturity is approxi-mately the same as that of the corresponding pension obligation.
Actuarial gains and losses from experience verifications and changes in actuarial assumptions are recognised through items of other comprehensive income as a reimbursement or charge in equity for the period during which they have been incurred. Past service costs are recognised immediately through profit and loss.
Apart from contributions related to pension insurance, the Group does not have any other payment obligations in defined contribu-tion plans. Obligation-based payments are allocated as expenses in accordance with accrual accounting.
Key estimates and judgements
The determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__51": { "value": "3.2 The management\u2019s salaries, remuneration and pension expenses
Key management includes members of the Board of Directors as well as Corporate Leadership Team. The salaries and bonuses of key management personnel are presented on an accrual basis.
The management\u2019s salaries, remuneration and pension expenses
EUR million | 2025 | 2024 |
Short-term employee benefits | 2.7 | 1.8 |
Share-based payments (long-term remuneration) | 0.8 | 0.9 |
Pension costs | ||
Defined benefit plans | 0.4 | 0.6 |
Defined contribution plans | 0.5 | 0.3 |
Total | 4.4 | 3.6 |
Remuneration paid to the members of the Board of Directors of the parent company and their shareholding
Shareholdingshares | Remuneration | Remuneration | Pensions, Defined contribution | Pensions, Defined contribution | |
EUR thousand | 2025 | 2025 | 2024 | 2025 | 2024 |
Jussi Vanhanen (from 20 March 2025) | 17,788 | 101 | 17 | ||
Ilkka H\u00e4m\u00e4l\u00e4 (until 1 July 2025) | 38 | 115 | 7 | 21 | |
Jussi Linnaranta | 55,267 | 101 | 102 | 17 | 19 |
Hannu Anttila (until 26 March 2024) | 6 | ||||
Leena Craelius (from 26 March 2024) | 15,020 | 84 | 78 | 14 | 14 |
Raija-Leena Hankonen-Nybom | 28,151 | 87 | 83 | 16 | 15 |
Erja Hyrsky (until 1 August 2025) | 79 | 83 | 15 | 15 | |
Jukka Moisio | 32,303 | 85 | 83 | 16 | 14 |
Mari Kiviniemi | 23,705 | 87 | 84 | 15 | 14 |
Mikko M\u00e4kimattila | 20,072 | 83 | 84 | 14 | 15 |
Juha Vanhainen | 24,480 | 87 | 84 | 16 | 15 |
Total | 216,786 | 832 | 802 | 146 | 142 |
Mets\u00e4 Board\u2019s Annual General Meeting 2025 decided, that about one half of the remuneration will be paid in cash while the other half is paid in company\u2019s B shares.
The remuneration of the Management Team consists of a fixed monthly salary and remuneration based on short-term and long-term remuneration schemes. In addition, CEO Kaikkonen is covered by covered by a defined contribution supplementary pension scheme. CEO Joukio was also covered by a defined benefit pension scheme.
Salaries and remuneration to the CEO and other members of the Corporate Management Team
CEO Esa Kaikkonen | CEO Mika Joukio | CEO Mika Joukio | Other Management Team | Other Management Team | |
EUR thousand | 2025 | 2025 | 2024 | 2025 | 2024 |
Salaries and remuneration 1) and 2 | |||||
Basic salary including fringe benefits | 434 | 472 | 563 | 1,188 | 1,170 |
Short-term performance bonus 3) | 43 | ||||
Other compensation 4) | 653 | ||||
Long-term share-based incentive 5) | 413 | 442 | 342 | 439 | |
Total | 434 | 1,538 | 1,005 | 1,530 | 1,652 |
Pension Costs | |||||
Supplemental defined benefit pension plan | 442 | 642 | |||
Defined contribution plans | 152 | 80 | 87 | 220 | 190 |
Total | 152 | 522 | 729 | 220 | 190 |
Salaries and remuneration as well as pension costs in total | 586 | 2,060 | 1,734 | 1,751 | 1,843 |
1)\tIncludes Esa Kaikkonen\u2019s salaries and remuneration for the period 7 April\u201331 December 2025.
2)\tIncludes Mika Joukio\u2019s salaries and remuneration for the period 1 January\u20137 October 2025.
3)The 2025 amount relates to performance in 2025; the 2024 amount relates to performance in 2024.
4)Includes severance pay
5)Includes the expense impact for the financial year arising from several different programmes. Further information is provided in Note 3.3 - Share-based payments.
Mika Joukio served as the company\u2019s CEO until 6 April 2025, and Esa Kai-kkonen has served as CEO as of 7 April 2025. CEO Mika Joukio\u2019s monthly salary was EUR 45,378, which included a company car benefit, mobile phone benefit and insurance coverage. Esa Kaikkonen\u2019s monthly salary is EUR 46,070, and it includes a company car benefit, mobile phone benefit and insurance coverage. In 2024 and 2025, the reward option for the CEO\u2019s short-term compensation plan was at the target level of 30% and at the maximum level of 75% of the fixed annual salary.
In 2024 and 2025, the reward option for the short-term compensation plan for members of the Management Team was at the target level of 20 or 25% and at the maximum level of 50 or 62.5% of the fixed annual salary.
The Board of Directors decides on the criteria of the short-term remu-neration system. Remuneration is based on defined financial criteria and targets supporting strategy.
No short-term incentive was paid to the CEO for 2024, as the threshold metric of the short-term incentive scheme (Mets\u00e4 Group\u2019s operating result) fell below the threshold level. For 2025, no short-term incentives will be paid to the CEO or to the Executive Management Team, as the threshold metric of the short-term incentive scheme (Mets\u00e4 Group\u2019s operating result) fell below the threshold level.
Share based incentive schemes and the shareholding programme for Corporate Management Team are presented in Note 3.3.
The CEO\u2019s mutual term of notice is six months. In case the CEO contract is terminated by the Board of Directors, the CEO is entitled to receive discharge compensation equal to his 12-month salary.
The period of notice for other members of Corporate Management Team is six months. Some Corporate Management Team members are entitled to additional mainly severance compensation of six month salary in case of employment termination on grounds not related to the affected Management Team member.
The CEO is covered by statutory employee pension scheme. This offers pension benefits based on term of service and renumeration earned as prescribed in applicable legislation. CEO Kaikkonen is also covered by a defined-contribution supplementary pension scheme, under which he is entitled to retire at the age of 62. The annual supplementary pension contribution is 20 percent of the CEO\u2019s total remuneration, including short-term incentives. If the CEO\u2019s employment with the Group ends before the retirement age, he is entitled to a paid-up pension policy.
CEO Joukio has been covered by a defined-benefit supplementary pension scheme, under which he is entitled to retire at the age of 62. Under the supplementary pension scheme, the CEO\u2019s pension level is capped at a maximum of 60 percent of the total salary under the Employees Pensions Act, calculated based on the five-year period preceding retirement. If the CEO\u2019s employment with the Group ends before the retirement age, he is entitled to a paid-up pension policy.
The Corporate Management Team members have no pension arrange-ments differing from statutory pensions. The Group has no off balance sheet pension liabilities on behalf of management.
Key management had no loans outstanding from the company or its subsidiares and there were no guarantees given on behalf of key management.
3.3 Share-based payments
Accounting principles
Share-based incentive programmes in which the payments are made with equity instruments and cash have been established for the company\u2019s top executives. The Group\u2019s share-based incentive schemes have been treated in full as arrangements settled in shares. The incentives granted are measured at fair value on the grant date, and recognised as expenses in the income statement and equity evenly over the vesting period.
The effect on profit of the incentive programmes is presented under employee costs.
During the review period, Mets\u00e4 Board had four active share-based incentive schemes: Performance and committing based share incentive schemes 2021\u20132025 which the company Board of Directors decided to adopt on 12 December 2020, Performance and committing based share incentive schemes 2023\u20132027 of which the company Board of Directors decided to adopt on 15 December 2022 ,as part of company\u2019s incentive and key personnel retention programme.
The effect on consolidated income statement of share-based incentive schemes amounted to EUR -1,035,581 (-1,481,115) in 2025.
Performance based share incentive scheme 2020\u20132024 and Performance based share incentive scheme 2023\u20132027
The schemes offer the participants the possibility to be awarded Mets\u00e4 Board Corporation\u2019s B shares for achieving set goals for three-year periods. Incentive periods are the calendar years 2020\u20132022, 2021\u20132023, 2022\u20132024, 2023\u20132025, 2024\u20132026 and 2025\u20132027. The number of shares allocated includes both the share and the cash portion. Accordingly, the reward is paid partly in shares and partly in cash and the cash portion is intended to cover taxes and tax-like payments. The bonus is not paid if the person\u2019s employment ends before the end of the earning period. The
systems have a salary proportional ceiling and the part exceeding it is cut and not paid at all. The scheme includes a two-year commitment period. If the key employee\u2019s employment ends during the commitment period, the key person must, as a rule, return the delivered shares to the Company free of charge.
Based on the fulfillment of the criteria for the earning period 2022\u20132024, 124,790 Mets\u00e4 Board Oyj B shares and a cash contribution were paid to cover taxes and tax-like payments arising from the reward at the time of the transfer of the shares. During the financial year, the company received back 8,358 shares that had previously been delivered under the earning periods 2021\u20132023 and 2022\u20132024.
Committing-based share incentive scheme 2020\u20132024 and Committing-based share incentive scheme 2023\u20132027
The scheme offers key employees in the target group the opportunity to receive Mets\u00e4 Board Corporation\u2019s B-series shares, provided that the par-ticipant\u2019s employment relationship remains in force and continues in force until the end of the restriction period. The scheme has restriction periods of 12 to 36 months. The reward is paid partly in shares and partly in cash and the cash portion is intended to cover taxes and tax-like payments. As a rule, rewards are not paid if the participant\u2019s employment relationship ends during the restriction period.
Key characteristics of Performance based share incentive scheme 2020\u20132024 are summarised in the table below:
Performance basedshare incentive scheme 2020\u20132024 | |||
31.12.2025 | 2021\u20132023 | 2022\u20132024 | Total |
Key characteristics | |||
Shares allocated to the scheme, shares | 453,650 | 437,545 | 891,195 |
Grant date(s) | 27.1.2021, 18.6.2021, 13.1.2022 | 31.1.2022, 8.11.2022, 28.2.2024 | |
Criteria | Equity ratio, ROCE, EBIT and employ-ment obligation | Equity ratio, ROCE, EBIT and employ-ment obligation | |
Personnel (31 December 2025) | 21 | ||
Factors used to determine fair value (EUR) 1) | |||
Share price at grant date | 8.93 | 9.44 | |
Share fair value at grant date | 8.15 | 8.21 | |
Annual dividend assumption in fair value measurement | 0.27 | 0.41 | |
Share price at payment date / balance sheet date | 7.09 | 3.89 | |
Fair value on balance sheet date | - | 1,784,221 | 1,784,221 |
Effect on result and financial position (EUR) | |||
Expense in 2025, share-based payments settled as equity | 566,197 | 448,993 | 1,015,191 |
Share-based payments settled in cash, unpaid part, estimate | 448,518 | 448,518 | |
Number of shares 1 January 2025\u00a02) | |||
Outstanding at the beginning of the period | 378,813 | 415,508 | 794,321 |
Changes during the year | |||
Shares forfeited | 9,776 | 5,143 | 14,919 |
Shares exercised | 369,037 | 99,666 | 468,703 |
Shares expired | 196,323 | 196,323 | |
Number of shares 31 December 2025 | |||
Outstanding at the end of the period | 114,376 | 114,376 |
1)The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.
2)The amounts in the table represent brutto amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled compo-nent used to cover taxes and tax-like charges.
Key characteristics of Performance based share incentive scheme 2023\u20132027 are summarised in the table below:
Performance basedshare incentive scheme 2023\u20132027 | Committed share incentive plan | ||||
31 Dec 2025 | 2023\u20132025 | 2024\u20132026 | 2025\u20132027 | 2025\u20132027 | Total |
Key characteristics | |||||
Shares allocated to the scheme, shares | 432,163 | 564,891 | 953,631 | 35,000 | 1,985,685 |
Grant date(s) | |||||
30.1.2023, 6.9.2023, 28.2.2024, 7.4.2025 | 30.1.2024, 28.2.2024, 13.5.2024, 4.9.2024, 7.4.2025 | 31.1.2025, 7.4.2025, 9.4.2025, 21.8.2025 | 21.8.2025 | ||
Criteria | Equity ratio, ROCE, EBIT and em-ployment obligation | Equity ratio, ROCE, EBIT and em-ployment obligation | Equity ratio, ROCE and employ-ment obligation | employment obligation | |
Personnel (31 December 2025) | 31 | ||||
Factors used to determine fair value (EUR) 1) | |||||
Share price at grant date | 8.34 | 7.46 | 4.30 | 3.25 | |
Share fair value at grant date | 6.90 | 6.57 | 3.52 | 3.11 | |
Annual dividend assumption in fair value measurement | 0.48 | 0.30 | 0.07 | 0.07 | |
Share price at payment date / balance sheet date | 3.11 | 3.11 | 3.11 | 3.11 | |
Fair value on balance sheet date | 108,850 | 108,850 | |||
Effect on result and financial position (EUR) | |||||
Expense in 2025, share-based payments settled as equity | 20,390 | 20,390 | |||
Share-based payments settled in cash, unpaid part, estimate | 57,695 | 57,695 | |||
Number of shares 1 January 2025\u00a02) | |||||
Outstanding at the beginning of the period | 426,377 | 564,891 | 991,268 | ||
Changes during the year | |||||
Shares granted | 33,822 | 97,147 | 1,256,229 | 35,000 | 1,422,198 |
Number of shares 31 December 2025 | |||||
Outstanding at the end of the period | 432,352 | 512,925 | 921,239 | 35,000 | 1,901,516 |
1)The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.
2)The amounts in the table represent brutto amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled compo-nent used to cover taxes and tax-like charges.
Accounting principles
Share-based incentive programmes in which the payments are made with equity instruments and cash have been established for the company\u2019s top executives. The Group\u2019s share-based incentive schemes have been treated in full as arrangements settled in shares. The incentives granted are measured at fair value on the grant date, and recognised as expenses in the income statement and equity evenly over the vesting period.
The effect on profit of the incentive programmes is presented under employee costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__54": { "value": "3.4 Retirement benefit obligations
Accounting principles
The Group\u2019s arrangements concerning benefits following the termination of employment are either defined benefit pension plans or defined contribution pension plans. A defined contribu-tion plan is a pension arrangement in which fixed contributions are made to a separate unit, and the Group does not have legal or constructive obligations to make additional contributions if the fund has insufficient funds to pay all benefits to all employees in accordance with its obligations in the future. All arrangements that do not meet these requirements are considered to be defined benefit plans. A defined benefit plan defines the pension benefit that the employee will receive upon retiring , the amount of which depends on factors including the employee\u2019s age, years of service and salary level, for example.
With defined benefit plans, the current value of the obligations on the end date of the reporting period, less the fair value of the assets included in the arrangement, is recognised on the balance sheet as a liability. The amount of the obligation arising from the plan is based on annual calculations by independent actuaries using the projected unit credit method. The current value of the obligation is determined using the interest rate equalling the interest rate of high-quality bonds issued by the companies as the discount rate for the estimated future cash flows. The bonds used in determining the interest rate have been issued in the same currency as the benefits to be paid, and their maturity is approxi-mately the same as that of the corresponding pension obligation.
Actuarial gains and losses from experience verifications and changes in actuarial assumptions are recognised through items of other comprehensive income as a reimbursement or charge in equity for the period during which they have been incurred. Past service costs are recognised immediately through profit and loss.
Apart from contributions related to pension insurance, the Group does not have any other payment obligations in defined contribu-tion plans. Obligation-based payments are allocated as expenses in accordance with accrual accounting.
Key estimates and judgements
The determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.
Post-employment benefits
EUR million | 2025 | 2024 |
Liabilities recognised in balance sheet | ||
Defined benefit pension plans | 7.0 | 7.2 |
Defined contribution pension plans | 1.7 | 0.9 |
Total | 8.7 | 8.1 |
Surplus of funded plans in other long-term assets (note 5.3) | -2.3 | -3.4 |
Defined benefit pension plans
The most significant defined benefit pension plans are in Germany and United Kingdom.
Group\u2019s German defined benefit pension plans grant old-age pensions, disability pensions and family pensions exceeding the statutory pension level to eligible officials and senior management. The retirement age is usu-ally 67 years, and the amount of pension depends on the length of service. Officials and senior management are required to have a service history of 25\u201330 years to receive a full pension. Some of the pension arrangements are closed. The defined benefit plans in Germany are unfunded.
The defined benefits plans in United Kingdom guarantee participants of the plan a pension, the amount of which is based on the length of service and the salary in the most recent working years. The arrangement is closed to new members. The UK pension scheme operates under an independent foundation separate from the Group.
The Group also has defined benefit plans in Finland, Belgium and Italy.
Amounts in balance sheet
EUR million | 2025 | 2024 |
Present value of funded obligations | 38.7 | 43.4 |
Fair value of plan assets | -34.7 | -40.2 |
Deficit (+) / surplus (-) | 4.0 | 3.2 |
Present value of unfunded obligations | 0.6 | 0.7 |
Deficit (+) / surplus (-) of defined benefit pension plans, total | 4.7 | 3.8 |
Defined benefit-based pension liabilities on the balance sheet, net | 7.0 | 7.2 |
Defined benefit-based pension assets on the balance sheet, net | -2.3 | -3.4 |
Change in defined benefit pension obligations in 2025
EUR million | Present value of obligation | Fair value of plan assets | Total |
1 Jan 2025 | 44.0 | -40.2 | 3.8 |
Current service cost | 0.4 | 0.4 | |
Interest expense (+) or interest income (-) | 1.8 | -1.8 | 0.0 |
Total amount recognised in profit and loss | 2.3 | -1.8 | 0.5 |
Remeasurements in other comprehensive income | |||
Return on plan assets, excluding amounts included in interest income or expense\t | 1.9 | 1.9 | |
Gains (-) and losses (+) from change in demographic assumptions | 0.2 | 0.2 | |
Gains (-) and losses (+) from change in financial assumptions | -1.5 | -1.5 | |
Experience gains (-) and losses (+) | 0.1 | 0.1 | |
Total remeasurements in other comprehensive income | -1.2 | 1.9 | 0.6 |
Translation differences | -1.3 | 1.4 | 0.2 |
Contributions | |||
Employers | -0.1 | -0.1 | |
Plan participants | 0.0 | 0.0 | |
Payments from plans | |||
Benefit payments | -3.1 | 2.7 | -0.4 |
31 Dec 2025 | 39.4 | -34.7 | 4.7 |
Change in defined benefit pension obligations in 2024
EUR million | Present value of obligation | Fair value of plan assets | Total |
1 Jan 2024 | 43.8 | -37.3 | 6.5 |
Current service cost | 0.4 | 0.4 | |
Interest expense (+) or interest income (-) | 1.7 | -1.7 | 0.0 |
Total amount recognised in profit and loss | 2.2 | -1.7 | 0.5 |
Remeasurements in other comprehensive income | |||
Return on plan assets, excluding amounts included in interest income or expense\t | -2.1 | -2.1 | |
Gains (-) and losses (+) from change in demographic assumptions | -0.1 | -0.1 | |
Gains (-) and losses (+) from change in financial assumptions | -0.3 | -0.3 | |
Experience gains (-) and losses (+) | 0.6 | 0.6 | |
Total remeasurements in other comprehensive income | 0.2 | -2.1 | -1.9 |
Translation differences | 1.2 | -1.4 | -0.2 |
Contributions | |||
Employers | -0.6 | -0.6 | |
Plan participants | 0.0 | 0.0 | 0.0 |
Payments from plans | |||
Benefit payments | -3.3 | 2.9 | -0.5 |
31 Dec 2024 | 44.0 | -40.2 | 3.8 |
Defined benefit pension obligation and plan assets by country in 2025
EUR million | Germany | United Kingdom | Finland | Other countries | Total |
Present value of obligation | 7.4 | 21.0 | 7.2 | 3.8 | 39.4 |
Fair value of plan assets | -2.1 | -23.3 | -6.3 | -2.9 | -34.7 |
Total | 5.2 | -2.3 | 0.8 | 0.9 | 4.7 |
Defined benefit pension obligation and plan assets by country in 2024
EUR million | Germany | United Kingdom | Finland | Other countries | Total |
Present value of obligation | 7.9 | 24.9 | 7.8 | 3.4 | 44.0 |
Fair value of plan assets | -2.4 | -28.3 | -6.8 | -2.7 | -40.2 |
Total | 5.6 | -3.4 | 1.0 | 0.7 | 3.8 |
Significant actuarial assumptions 2025
Germany | United Kingdom | Finland | Belgium | |
Discount rate, % | 3.72 | 5.35 | 3.62 | 3.20 |
Salary growth rate, % | 3.00 | 4.00 | ||
Pension growth rate, % | 2.00 | 2.75 | 2.16 | 2.00 |
Significant actuarial assumptions 2024
Germany | United Kingdom | Finland | Belgium | |
Discount rate, % | 3.30 | 5.15 | 3.26 | 3.00 |
Salary growth rate, % | 3.00 | 3.10 | ||
Pension growth rate, % | 2.00 | 3.05 | 2.21 | 2.10 |
Sensitivity of benefit obligation to changes in essential weighted assumptions 2025
Impact on benefit obligation, % | ||||
Increase 2025 | Decrease 2025 | Increase 2024 | Decrease 2024 | |
Discount rate, 0.5%-points | -4.1 | 4.2 | -4.2 | 4.3 |
Salary growth rate, 0.5%-points | 0.3 | -0.3 | 0.3 | -0.2 |
Pension growth rate, 0.5%-points | 3.7 | -3.6 | 3.9 | -3.8 |
Life expectancy, 1 year | 3.3 | -3.3 | 3.4 | -3.4 |
The aforementioned sensitivity analyses are based on a situation where all other assumptions remain unchanged when one assumption changes. The sensitivity of a defined benefit obligation to changes in significant actuarial assumptions has been calculated using the same method as is used in calculating the pension obligation recognised in the balance sheet.
Plan assets are comprised as follows:
2025EUR million | 2025 % | 2024EUR million | 2024 % | |
Qualifying insurance policies | 34.2 | 99% | 39.6 | 99% |
Cash and cash equivalents | 0.3 | 1% | 0.3 | 1% |
Investment funds | 0.2 | 1% | 0.3 | 1% |
Total | 34.7 | 100% | 40.2 | 100% |
The most considerable risks related to Defined benefit plans are as follows:
Changes in the return on bonds
Liabilities arising from the arrangements have been calculated using a dis-count rate based on the return on high-quality corporate bonds. A decline in the discount rate increases the arrangements\u2019 liabilities.
Inflation risk
The plan\u2019s benefit obligations are linked to inflation and a higher inflation will lead to increased obligation.
Life expectancy
The majority of the arrangement obligations arises from generating life-time benefits for members, so the expected increase in life expectancy will increase the arrangement obligations.
The contribution made to post-employment defined benefit plans is expected to be EUR -0.8 million in 2026. The weighted average duration of the defined benefit obligation is 10.3 years (10.6).
4.1 Intangible assets
Accounting principles
Goodwill
Goodwill arising from the merging of business operations is recognised as the amount by which the sum of the consideration paid, the non-controlling interests\u2019 share in the object of the acquisition and the previous holding exceed the fair value of the acquired net assets.
Goodwill is not amortised. Instead, it is tested for impairment annually and always when there is an indication of a decrease in value. Goodwill is therefore allocated to cash-generating units for impairment testing. Goodwill is recognised at original acquisition cost less accumulated impairment losses.
Other intangible assets
Intangible assets are initially recognised at their original acqui-sition cost on the balance sheet if the acquisition cost can be determined reliably and it is probable that the expected financial benefit from the asset will be to the benefit of the Group.
Intangible assets with limited useful lives are recognised as expenses over their known or estimated useful lives, using the straight-line depreciation method. Intangible assets for which no definite useful life can be determined, such as brands and trade-marks acquired in business combinations, or those not yet ready for use, are not amortized but are tested annually for impairment.
The residual value of an asset, the useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.\u00a0Manage-ment has assessed that intangible assets have no residual value.
Research and development costs
Research costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate finan-cial benefits and the costs can be measured reliably. Expensed research and development costs are disclosed in Note 2.4, Oper-ating expenses. Mets\u00e4 Board has not capitalised development costs.
Computer software
Costs arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Main-tenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.
Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.
Patents, licences and trademarks
The cost of patents, licences and trademarks with finite useful lives are capitalised on the balance sheet under intangible assets and depreciated on a straight-line basis over their useful lives of 5\u201310 years.
Key estimates and judgements
Intangible assets
When performing the annual goodwill impairment test and testing intangible assets with indefinite useful lives, determining fair value using valuation models requires the exercise of judgment in selecting the applicable method and the valuation inputs required by the chosen method.
Emission allowances
The Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acquisition cost of emission allowances received without con-sideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income.\u00a0If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, the Group purchases additional allowances from the market.
The allowances purchased are recognised in intangible rights at the fair value on the acquisition date. The provision to fulfil the obligation to return the emission allowances is recognised at fair value on the closing date of the reporting period if the emission allowances received without consideration and purchased are not sufficient to cover the amount of the actual emissions.
Intangible assets 2025
EUR million | Goodwill | Other intangible assets | Construction in progress | Total |
Acquisition cost, 1 Jan | 12.2 | 68.7 | 28.3 | 109.2 |
Translation differences | 0.3 | 0.0 | 0.3 | |
Increases | 0.8 | 33.7 | 34.5 | |
Decreases | -3.5 | -35.0 | -38.5 | |
Transfers between asset categories | 0.0 | 0.0 | ||
Acquisition cost, 31 Dec | 12.2 | 66.3 | 27.0 | 105.5 |
Accumulated amortisation and impairment charges, 1 Jan | -62.0 | -62.0 | ||
Translation differences | -0.2 | -0.2 | ||
Accumulated amortisation on decreases and transfers | 3.4 | 35.0 | 38.5 | |
Amortisation for the period | -1.6 | -1.6 | ||
Impairments | 0.0 | -35.0 | -35.1 | |
Accumulated amortisation and impairment charges, 31 Dec | -60.5 | -60.5 | ||
Book value, 1 Jan | 12.2 | 6.7 | 28.3 | 47.2 |
Book value, 31 Dec | 12.2 | 5.8 | 27.0 | 45.0 |
Research and product development expenses recorded as expenses are presented in note 2.4 Operating expenses. Impairments include a write-down related to the renewal project of the enterprise resource planning (ERP) system EUR -35.0 million.
Intangible assets 2024
EUR million | Goodwill | Other intangible assets | Construction in progress | Total |
Acquisition cost, 1 Jan | 12.2 | 60.7 | 8.3 | 81.1 |
Translation differences | -0.2 | 0.0 | -0.2 | |
Increases | 0.8 | 27.1 | 27.8 | |
Decreases | 0.4 | 0.4 | ||
Transfers between asset categories | 7.0 | -7.0 | ||
Acquisition cost, 31 Dec | 12.2 | 68.7 | 28.3 | 109.2 |
Accumulated amortisation and impairment charges, 1 Jan | -52.8 | -52.8 | ||
Translation differences | 0.2 | 0.2 | ||
Accumulated amortisation on decreases and transfers | 0.0 | 0.0 | ||
Amortisation for the period | -1.7 | -1.7 | ||
Impairments | -7.6 | -7.6 | ||
Accumulated amortisation and impairment charges, 31 Dec | -62.0 | -62.0 | ||
Book value, 1 Jan | 12.2 | 7.8 | 8.3 | 28.3 |
Book value, 31 Dec | 12.2 | 6.7 | 28.3 | 47.2 |
Impairments include the write-down of Kaskinen folding boxboard mill\u2019s preliminary study EUR -7.6 million.
The Group received 363 thousand tonnes of emission allowances free of charge (385). In addition the Group has sold 138 thousand tonnes to the market (537). At balance closing date the group had emission allowances of 411 thousand tonnes (353). Emissions during the reporting period fell below the amount of emission allowances received free of charge and consequently emissions during the year did not have an impact on income statement or balance sheet. In addition, at the end of 2025 the Group had
an estimated 90 thousand tonnes of 2025 emission allowances that had not yet been recorded in the emissions registry as of 31 December 2025 due to a delay in allocation.
Capital gains from the sale of emission allowances recognised in other operating income totalled EUR 10.0 million (35.0). On the balance sheet date, the fair market value of an emission right was EUR 85.12 per tonne (69.90) and total value of owned rights EUR 35.0 million (24.7).
Impairment testing
Depreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.
Cash-generating units are reporting segments or smaller units for which a utility value can be defined.
The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evalu-ated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to deter-mine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any cir-cumstances. Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.
Impairment testing 2025
In 2025, impairment losses were recorded in the Group\u2019s operating result in the final quarter based on impairment testing of intangible assets under devel-opment. The renewal project of Mets\u00e4 Group\u2019s enterprise resource planning (ERP) system, which also covers Mets\u00e4 Board, has been suspended for the time being. In connection with the project, Mets\u00e4 Board will recognise an impairment loss of EUR\u00a0-35\u00a0million in the income statement under depreciation and impairment. The continuation, scope, and implementation method of the project will be reassessed at a later stage.
The value-in-use calculation is highly sensitive to changes in the discount rate, sales prices and delivery volumes. A sensitivity analysis was used to determine the changes in key assumptions required for the recoverable amount of the unit to equal its carrying amount. Cash flow forecasts have weakened compared to previous estimates due to the deteriorated market situation and outlook.
The group\u2019s key impairment testing, key assumptions and sensitivity analysis
Cash-generating unit | |||||||||||
Impairment test | Sensitivity analysis | ||||||||||
Goodwill | Brand | Discount rate after taxes | Long-term growth rate | Carrying amount | |||||||
The amount exceeds the carrying amount | Change in the recoverable amount would would equal the book value | ||||||||||
EUR million | EUR million | 2025 (%) | 2024 (%) | 2025 (%) | 2024 (%) | EUR million | EUR million | Discount rate | Deliveries | Sale prices | |
Paperboard industry | |||||||||||
Folding boxboard 1) | 35.4 | 3.1 | 8.4 | 6.8 | 2.0 | 2.0 | 1,092.9 | 442.2 | 1.9% | -7.8% | -3.0% |
Liner 1) | 22.0 | 1.9 | 8.4 | 6.8 | 2.0 | 2.0 | 437.7 | 179.4 | 1.7% | -8.6% | -2.5% |
Market pulp 1) | 8.4 | 6.8 | 2.0 | 2.0 | 204.9 | 37.1 | 1.0% | -3.9% | -1.2% |
1)Mets\u00e4 Board\u2019s share of Mets\u00e4 Fibre\u2019s recoverable cash flow and the carrying amount of the associate in the consolidated balance sheet \u2014 including goodwill of EUR\u00a045.2\u00a0million and other intangible assets with indefinite useful lives amounting to EUR\u00a05.6\u00a0million \u2014 is allocated to the cash-generating units in proportion to their pulp purchases.
The recoverable amounts of cash-generating units are based on calculations of value in use. The management\u2019s key estimates in the calculations concern the development of delivery volumes and sales prices, the development of costs related to key raw material costs and other costs, as well as the discount rate and the long-term growth rate.The recoverable cash flows are based on five-year forecasts and the steadily growing cash flows thereafter. The starting point for the key assumptions for cash flows beyond the forecast period is the value of the fifth year of the forecast. The key testing assumptions represent management\u2019s estimates.
The discount rate used is the weighted average cost of capital (WACC). When calculating the WACC, the cost of debt takes into account the market-based view of the credit risk premium. The discount rate has increased due to the rise in the required return on equity as well as the general increase in interest rates.
Impairments in the value of intangible assets and property, plant and equipment are presented in notes 4.1 and 4.2.
4.1 Intangible assets
Accounting principles
Goodwill
Goodwill arising from the merging of business operations is recognised as the amount by which the sum of the consideration paid, the non-controlling interests\u2019 share in the object of the acquisition and the previous holding exceed the fair value of the acquired net assets.
Goodwill is not amortised. Instead, it is tested for impairment annually and always when there is an indication of a decrease in value. Goodwill is therefore allocated to cash-generating units for impairment testing. Goodwill is recognised at original acquisition cost less accumulated impairment losses.
Other intangible assets
Intangible assets are initially recognised at their original acqui-sition cost on the balance sheet if the acquisition cost can be determined reliably and it is probable that the expected financial benefit from the asset will be to the benefit of the Group.
Intangible assets with limited useful lives are recognised as expenses over their known or estimated useful lives, using the straight-line depreciation method. Intangible assets for which no definite useful life can be determined, such as brands and trade-marks acquired in business combinations, or those not yet ready for use, are not amortized but are tested annually for impairment.
The residual value of an asset, the useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.\u00a0Manage-ment has assessed that intangible assets have no residual value.
Research and development costs
Research costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate finan-cial benefits and the costs can be measured reliably. Expensed research and development costs are disclosed in Note 2.4, Oper-ating expenses. Mets\u00e4 Board has not capitalised development costs.
Computer software
Costs arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Main-tenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.
Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.
Patents, licences and trademarks
The cost of patents, licences and trademarks with finite useful lives are capitalised on the balance sheet under intangible assets and depreciated on a straight-line basis over their useful lives of 5\u201310 years.
Key estimates and judgements
Intangible assets
When performing the annual goodwill impairment test and testing intangible assets with indefinite useful lives, determining fair value using valuation models requires the exercise of judgment in selecting the applicable method and the valuation inputs required by the chosen method.
Emission allowances
The Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acquisition cost of emission allowances received without con-sideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income.\u00a0If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, the Group purchases additional allowances from the market.
The allowances purchased are recognised in intangible rights at the fair value on the acquisition date. The provision to fulfil the obligation to return the emission allowances is recognised at fair value on the closing date of the reporting period if the emission allowances received without consideration and purchased are not sufficient to cover the amount of the actual emissions.
Intangible assets 2025
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__58": { "value": "Goodwill
Goodwill arising from the merging of business operations is recognised as the amount by which the sum of the consideration paid, the non-controlling interests\u2019 share in the object of the acquisition and the previous holding exceed the fair value of the acquired net assets.
Goodwill is not amortised. Instead, it is tested for impairment annually and always when there is an indication of a decrease in value. Goodwill is therefore allocated to cash-generating units for impairment testing. Goodwill is recognised at original acquisition cost less accumulated impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__60": { "value": "Other intangible assets
Intangible assets are initially recognised at their original acqui-sition cost on the balance sheet if the acquisition cost can be determined reliably and it is probable that the expected financial benefit from the asset will be to the benefit of the Group.
Intangible assets with limited useful lives are recognised as expenses over their known or estimated useful lives, using the straight-line depreciation method. Intangible assets for which no definite useful life can be determined, such as brands and trade-marks acquired in business combinations, or those not yet ready for use, are not amortized but are tested annually for impairment.
The residual value of an asset, the useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.\u00a0Manage-ment has assessed that intangible assets have no residual value.
Research and development costs
Research costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate finan-cial benefits and the costs can be measured reliably. Expensed research and development costs are disclosed in Note 2.4, Oper-ating expenses. Mets\u00e4 Board has not capitalised development costs.
Computer software
Costs arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Main-tenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.
Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.
Patents, licences and trademarks
The cost of patents, licences and trademarks with finite useful lives are capitalised on the balance sheet under intangible assets and depreciated on a straight-line basis over their useful lives of 5\u201310 years.
Key estimates and judgements
Intangible assets
When performing the annual goodwill impairment test and testing intangible assets with indefinite useful lives, determining fair value using valuation models requires the exercise of judgment in selecting the applicable method and the valuation inputs required by the chosen method.
Emission allowances
The Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acquisition cost of emission allowances received without con-sideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income.\u00a0If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__61": { "value": "Research and development costs
Research costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate finan-cial benefits and the costs can be measured reliably. Expensed research and development costs are disclosed in Note 2.4, Oper-ating expenses. Mets\u00e4 Board has not capitalised development costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__62": { "value": "Computer software
Costs arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Main-tenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.
Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__63": { "value": "Emission allowances
The Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acquisition cost of emission allowances received without con-sideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income.\u00a0If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, the Group purchases additional allowances from the market.
The allowances purchased are recognised in intangible rights at the fair value on the acquisition date. The provision to fulfil the obligation to return the emission allowances is recognised at fair value on the closing date of the reporting period if the emission allowances received without consideration and purchased are not sufficient to cover the amount of the actual emissions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__64": { "value": "Intangible assets 2025
EUR million | Goodwill | Other intangible assets | Construction in progress | Total |
Acquisition cost, 1 Jan | 12.2 | 68.7 | 28.3 | 109.2 |
Translation differences | 0.3 | 0.0 | 0.3 | |
Increases | 0.8 | 33.7 | 34.5 | |
Decreases | -3.5 | -35.0 | -38.5 | |
Transfers between asset categories | 0.0 | 0.0 | ||
Acquisition cost, 31 Dec | 12.2 | 66.3 | 27.0 | 105.5 |
Accumulated amortisation and impairment charges, 1 Jan | -62.0 | -62.0 | ||
Translation differences | -0.2 | -0.2 | ||
Accumulated amortisation on decreases and transfers | 3.4 | 35.0 | 38.5 | |
Amortisation for the period | -1.6 | -1.6 | ||
Impairments | 0.0 | -35.0 | -35.1 | |
Accumulated amortisation and impairment charges, 31 Dec | -60.5 | -60.5 | ||
Book value, 1 Jan | 12.2 | 6.7 | 28.3 | 47.2 |
Book value, 31 Dec | 12.2 | 5.8 | 27.0 | 45.0 |
Research and product development expenses recorded as expenses are presented in note 2.4 Operating expenses. Impairments include a write-down related to the renewal project of the enterprise resource planning (ERP) system EUR -35.0 million.
Intangible assets 2024
EUR million | Goodwill | Other intangible assets | Construction in progress | Total |
Acquisition cost, 1 Jan | 12.2 | 60.7 | 8.3 | 81.1 |
Translation differences | -0.2 | 0.0 | -0.2 | |
Increases | 0.8 | 27.1 | 27.8 | |
Decreases | 0.4 | 0.4 | ||
Transfers between asset categories | 7.0 | -7.0 | ||
Acquisition cost, 31 Dec | 12.2 | 68.7 | 28.3 | 109.2 |
Accumulated amortisation and impairment charges, 1 Jan | -52.8 | -52.8 | ||
Translation differences | 0.2 | 0.2 | ||
Accumulated amortisation on decreases and transfers | 0.0 | 0.0 | ||
Amortisation for the period | -1.7 | -1.7 | ||
Impairments | -7.6 | -7.6 | ||
Accumulated amortisation and impairment charges, 31 Dec | -62.0 | -62.0 | ||
Book value, 1 Jan | 12.2 | 7.8 | 8.3 | 28.3 |
Book value, 31 Dec | 12.2 | 6.7 | 28.3 | 47.2 |
Impairments include the write-down of Kaskinen folding boxboard mill\u2019s preliminary study EUR -7.6 million.
The Group received 363 thousand tonnes of emission allowances free of charge (385). In addition the Group has sold 138 thousand tonnes to the market (537). At balance closing date the group had emission allowances of 411 thousand tonnes (353). Emissions during the reporting period fell below the amount of emission allowances received free of charge and consequently emissions during the year did not have an impact on income statement or balance sheet. In addition, at the end of 2025 the Group had
an estimated 90 thousand tonnes of 2025 emission allowances that had not yet been recorded in the emissions registry as of 31 December 2025 due to a delay in allocation.
Capital gains from the sale of emission allowances recognised in other operating income totalled EUR 10.0 million (35.0). On the balance sheet date, the fair market value of an emission right was EUR 85.12 per tonne (69.90) and total value of owned rights EUR 35.0 million (24.7).
Impairment testing
Depreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.
Cash-generating units are reporting segments or smaller units for which a utility value can be defined.
The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evalu-ated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to deter-mine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any cir-cumstances. Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.
Depreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.
Cash-generating units are reporting segments or smaller units for which a utility value can be defined.
The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evalu-ated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to deter-mine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any cir-cumstances. Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__66": { "value": "Depreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.
Cash-generating units are reporting segments or smaller units for which a utility value can be defined.
The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evalu-ated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to deter-mine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any cir-cumstances. Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__67-1": { "value": "Depreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.
Cash-generating units are reporting segments or smaller units for which a utility value can be defined.
The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evalu-ated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to deter-mine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any cir-cumstances. Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.
Impairment testing 2025
In 2025, impairment losses were recorded in the Group\u2019s operating result in the final quarter based on impairment testing of intangible assets under devel-opment. The renewal project of Mets\u00e4 Group\u2019s enterprise resource planning (ERP) system, which also covers Mets\u00e4 Board, has been suspended for the time being. In connection with the project, Mets\u00e4 Board will recognise an impairment loss of EUR\u00a0-35\u00a0million in the income statement under depreciation and impairment. The continuation, scope, and implementation method of the project will be reassessed at a later stage.
The value-in-use calculation is highly sensitive to changes in the discount rate, sales prices and delivery volumes. A sensitivity analysis was used to determine the changes in key assumptions required for the recoverable amount of the unit to equal its carrying amount. Cash flow forecasts have weakened compared to previous estimates due to the deteriorated market situation and outlook.
The group\u2019s key impairment testing, key assumptions and sensitivity analysis
Cash-generating unit | |||||||||||
Impairment test | Sensitivity analysis | ||||||||||
Goodwill | Brand | Discount rate after taxes | Long-term growth rate | Carrying amount | |||||||
The amount exceeds the carrying amount | Change in the recoverable amount would would equal the book value | ||||||||||
EUR million | EUR million | 2025 (%) | 2024 (%) | 2025 (%) | 2024 (%) | EUR million | EUR million | Discount rate | Deliveries | Sale prices | |
Paperboard industry | |||||||||||
Folding boxboard 1) | 35.4 | 3.1 | 8.4 | 6.8 | 2.0 | 2.0 | 1,092.9 | 442.2 | 1.9% | -7.8% | -3.0% |
Liner 1) | 22.0 | 1.9 | 8.4 | 6.8 | 2.0 | 2.0 | 437.7 | 179.4 | 1.7% | -8.6% | -2.5% |
Market pulp 1) | 8.4 | 6.8 | 2.0 | 2.0 | 204.9 | 37.1 | 1.0% | -3.9% | -1.2% |
1)Mets\u00e4 Board\u2019s share of Mets\u00e4 Fibre\u2019s recoverable cash flow and the carrying amount of the associate in the consolidated balance sheet \u2014 including goodwill of EUR\u00a045.2\u00a0million and other intangible assets with indefinite useful lives amounting to EUR\u00a05.6\u00a0million \u2014 is allocated to the cash-generating units in proportion to their pulp purchases.
The recoverable amounts of cash-generating units are based on calculations of value in use. The management\u2019s key estimates in the calculations concern the development of delivery volumes and sales prices, the development of costs related to key raw material costs and other costs, as well as the discount rate and the long-term growth rate.The recoverable cash flows are based on five-year forecasts and the steadily growing cash flows thereafter. The starting point for the key assumptions for cash flows beyond the forecast period is the value of the fifth year of the forecast. The key testing assumptions represent management\u2019s estimates.
The discount rate used is the weighted average cost of capital (WACC). When calculating the WACC, the cost of debt takes into account the market-based view of the credit risk premium. The discount rate has increased due to the rise in the required return on equity as well as the general increase in interest rates.
Impairments in the value of intangible assets and property, plant and equipment are presented in notes 4.1 and 4.2.
Impairments
In 2025, the impairment losses include EUR\u00a0-35.0\u00a0million related to the impairment of the ERP renewal project and EUR\u00a0-18.3\u00a0million of impairment losses related to the closure of the Tako mill. In 2024, the impairment losses include EUR -7.6 million from the write-down of the Kaskinen folding boxboard mill\u2019s preliminary study.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__70-1": { "value": "Accounting principles
Property, plant and equipment are measured at acquisition cost less accumulated depreciation and impairment losses.
The acquisition cost includes costs that are directly incurred in the acquisition of an item of property, plant or equipment. Qualifying external borrowing costs resulting directly from the acquisition, con-struction or manufacture of an item of property, plant or equipment are capitalised as part of the acquisition cost of property, plant and equipment.
If a piece of property, plant or equipment consists of several com-ponents with differing useful lives, each component is handled as a separate item. In that case, the expenses related to replacing the component are capitalised, and any book value remaining at the time of replacement is derecognised on the balance sheet.
Spare parts, spare equipment and maintenance supplies are recog-nised in property, plant and equipment when they fulfill the criteria for recognition of property, plant and equipment. Otherwise, such commodities are classified as inventories.
Significant investments in refurbishments and improvements are capitalised on the balance sheet and depreciated over the remaining useful life of the main asset related to such investments.
Repair and maintenance costs are recognised as expenses when they are incurred.
Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives. Depreciation is not recognised for owned land and water.
Estimated useful lives
Buildings and constructions20\u201340 years
Machinery and equipment
Heavy power plant machinery 20\u201340 years
Other heavy machinery15\u201320 years
Lightweight machinery and equipment5\u201315 years
Other tangible assets5\u201320 years
The residual value of an asset, the financial useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.
Gains and losses arising from the sale and decommissioning of items of property, plant and equipment are recognised in other operating income and expenses. Sales gains or losses are calculated as the difference between the sales price and the remaining acquisition cost.
Government grants related to the acquisition of assets are presented as adjustments of the acquisition cost on the balance sheet and recog-nised as income in the form of lower depreciation during the useful life of the asset.
Key estimates and judgments
Property, plant and equipment
Estimates concerning the residual value and useful life of property, plant and equipment, as well as the selection of the depreciation method, require significant management judgement. For the annual goodwill impairment testing and for testing tangible assets with indef-inite useful lives, determining fair value based on the use of valuation models requires the exercise of judgment in selecting the applicable method and the valuation inputs required by the chosen method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__69": { "value": "Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives. Depreciation is not recognised for owned land and water.
Estimated useful lives
Buildings and constructions20\u201340 years
Machinery and equipment
Heavy power plant machinery 20\u201340 years
Other heavy machinery15\u201320 years
Lightweight machinery and equipment5\u201315 years
Other tangible assets5\u201320 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__73-1": { "value": "Leases
The Group has leased various land areas, properties, equipment and vehicles. When the leased asset is available for the Group\u2019s use, A fixed
asset item and a corresponding liability of the lease is recognised. Paid rents are divided into liabilities and finance costs. The finance cost is included in profit or loss over the lease term in such a way that the interest rate of the remaining debt balance is the same during each period. The leased fixed asset is subject to straight-line depreciations over the asset\u2019s economic life or the lease term, depending on which of them is shorter.
Assets and liabilities arising from leases are initially measured at the present value. Lease liabilities include fixed payments, less any lease incentives receivable; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incre-mental borrowing rate. The leased fixed assets are measured at cost, which includes the amount of the initial measurement of the lease lia-bility; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred; and any costs incurred by restoring the site on which it is located.
Some of the leases include options to extend or terminate, which are largely available only for the Group, not the lessor.
Payments related to short-term leases or leases where the value of the underlying asset is low are recognised as costs on a straight-line basis. A lease with a lease term of 12 months or less is considered a short-term lease. Assets of a low value include mainly ICT and office equipment.
Leases
When determining the lease term, the management accounts for all relevant facts and circumstances that create an economic incentive to exercise the option to extend the lease, or not to exercise the option to terminate the lease. Options to extend the lease (or the time sub-sequent to an option to terminate) are accounted for in the lease term only if the extension of the lease (or the decision not to terminate the lease) is reasonably certain. The possible future cash flows of EUR 5.0 million have not been included in the lease liability because the exten-sion of the lease (or the decision not to terminate it) is not reasonably certain. The Group will conduct a reassessment upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee and affects the assessment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__75": { "value": "Property, plant and equipment 2025
Land and water areas | Buildings and constructions | Machinery and equipment | ||||
EUR million | Owned | Leased | Owned | Leased | Owned | Leased |
Acquisition cost, 1 Jan. | 16.0 | 1.6 | 521.0 | 12.4 | 3,084.8 | 20.2 |
Translation differences | 0.1 | 9.3 | -0.3 | 77.2 | 0.6 | |
Additions | 0.0 | -0.4 | 11.7 | -0.6 | 62.3 | 4.0 |
Decrease | -0.5 | -1.3 | -89.9 | -3.4 | -918.8 | -5.3 |
Transfers between items | 0.0 | 4.7 | 18.9 | |||
Acquisition cost, 31 Dec. | 15.6 | 456.7 | 8.1 | 2,324.3 | 19.4 | |
Accumulated depreciation and impairment charges 1 Jan. | -0.4 | -0.9 | -297.9 | -7.3 | -2,139.0 | -9.2 |
Translation differences | 0.0 | -3.5 | 0.2 | -40.5 | -0.2 | |
Accumulated depreciation on deductions and transfers | 0.0 | 1.1 | 89.4 | 3.4 | 917.6 | 5.1 |
Depreciation for the period | -0.1 | -11.9 | -2.0 | -88.8 | -4.5 | |
Impairments | -0.1 | 0.0 | -0.1 | -20.4 | ||
Accumulated depreciation and impairment charges 31 Dec. | -0.5 | -224.0 | -5.8 | -1,371.1 | -8.8 | |
Book value, 1 Jan. | 15.5 | 0.7 | 223.0 | 5.1 | 945.8 | 11.0 |
Book value, 31 Dec. | 15.2 | 232.8 | 2.3 | 953.2 | 10.7 |
The impairment losses mainly relate to the closure of the Tako mill.
Other tangible assets | Construction in progress | Total | Total | ||
EUR million | Owned | Owned | Owned | Leased | Total |
Acquisition cost, 1 Jan. | 31.7 | 32.0 | 3,685.5 | 34.2 | 3,719.7 |
Translation differences | 0.8 | 0.6 | 87.9 | 0.3 | 88.2 |
Additions | 2.2 | 25.8 | 101.9 | 3.1 | 105.0 |
Decrease | -5.9 | -0.2 | -1,015.3 | -10.0 | -1,025.3 |
Transfers between items | 0.3 | -23.9 | |||
Acquisition cost, 31 Dec. | 29.1 | 34.3 | 2,860.0 | 27.5 | 2,887.5 |
Accumulated depreciation and impairment charges 1 Jan. | -16.4 | -2,453.8 | -17.4 | -2,471.3 | |
Translation differences | -0.3 | -44.3 | 0.0 | -44.3 | |
Accumulated depreciation on deduction and transfers | 5.9 | 1,012.9 | 9.6 | 1,022.5 | |
Depreciation for the period | -1.1 | -101.8 | -6.6 | -108.3 | |
Impairments | -20.4 | -0.2 | -20.6 | ||
Accumulated depreciation and impairment charges 31 Dec. | -11.9 | -1,607.4 | -14.6 | -1,622.0 | |
Book value, 1 Jan. | 15.3 | 32.0 | 1,231.7 | 16.8 | 1,248.4 |
Book value, 31 Dec. | 17.2 | 34.3 | 1,252.5 | 12.9 | 1,265.5 |
Property, plant and equipment 2024
Land and water areas | Buildings and constructions | Machinery and equipment | ||||
EUR million | Owned | Leased | Owned | Leased | Owned | Leased |
Acquisition cost, 1 Jan. | 16.1 | 1.1 | 504.9 | 9.9 | 2,997.6 | 16.9 |
Translation differences | 0.0 | -6.0 | 0.3 | -51.8 | -0.2 | |
Additions | 0.5 | 17.8 | 2.6 | 98.2 | 8.5 | |
Decrease | -0.1 | 2.1 | -0.3 | -9.3 | -4.9 | |
Transfers between items | 0.0 | 2.1 | 50.1 | |||
Acquisition cost, 31 Dec. | 16.0 | 1.6 | 521.0 | 12.4 | 3,084.8 | 20.2 |
Accumulated depreciation and impairment charges 1 Jan. | -0.4 | -0.8 | -290.4 | -5.3 | -2,092.9 | -9.4 |
Translation differences | 0.0 | 2.9 | -0.1 | 31.3 | 0.1 | |
Accumulated depreciation on deductions and transfers | 0.3 | 0.3 | 8.3 | 4.5 | ||
Depreciation for the period | -0.2 | -10.8 | -2.2 | -85.7 | -4.4 | |
Accumulated depreciation and impairment charges 31 Dec. | -0.4 | -0.9 | -297.9 | -7.3 | -2,139.0 | -9.2 |
Book value, 1 Jan. | 15.7 | 0.4 | 214.6 | 4.5 | 904.7 | 7.4 |
Book value, 31 Dec. | 15.5 | 0.7 | 223.0 | 5.1 | 945.8 | 11.0 |
Other tangible assets | Construction in progress | Total | Total | ||
EUR million | Owned | Owned | Owned | Leased | Total |
Acquisition cost, 1 Jan. | 27.5 | 71.4 | 3,617.5 | 27.8 | 3,645.3 |
Translation differences | -0.4 | -0.8 | -59.0 | 0.0 | -59.0 |
Additions | 3.2 | 16.8 | 136.0 | 11.6 | 147.6 |
Decrease | 1.1 | -2.8 | -9.0 | -5.3 | -14.3 |
Transfers between items | 0.3 | -52.6 | |||
Acquisition cost, 31 Dec. | 31.7 | 32.0 | 3,685.5 | 34.2 | 3,719.7 |
Accumulated depreciation and impairment charges 1 Jan. | -15.7 | -2,399.4 | -15.5 | -2,414.9 | |
Translation differences | 0.2 | 34.5 | 0.0 | 34.4 | |
Accumulated depreciation on deduction and transfers | 0.0 | 8.6 | 4.9 | 13.4 | |
Depreciation for the period | -1.0 | -97.5 | -6.8 | -104.2 | |
Accumulated depreciation and impairment charges 31 Dec. | -16.4 | -2,453.8 | -17.4 | -2,471.3 | |
Book value, 1 Jan. | 11.8 | 71.4 | 1,218.1 | 12.3 | 1,230.4 |
Book value, 31 Dec. | 15.3 | 32.0 | 1,231.7 | 16.8 | 1,248.4 |
Leases
EUR million | 2025 | 2024 |
Costs related to short-term leases | -0.4 | -0.3 |
Costs of leases in which the underlying asset is of low value | -4.1 | -3.6 |
Interest expenses | -0.5 | -0.5 |
Cash outflow for leases | -7.2 | -7.3 |
Disclosures on lease liabilities are presented in Note 5.5 (Financial liabili-ties) and 5.6 (Management of financial risks).
4.3 Other investments
Accounting principles
Other investments consist of unlisted equity investments. The most significant of these is the Group\u2019s holding in Pohjolan Voima. This investment is unlisted and strategic in nature, serving the Group\u2019s long-term energy sourcing needs. This being the case, the Group classifies its shares in Pohjolan Voima as financial assets at fair value recognised under other items of comprehen-sive income. Changes in their fair value are presented in the fair value reserve, accounting for the tax effect. When the investment is abandoned, the fair value changes accumulated in the equity are transferred to the retained earnings from the fair value fund.
The Group classifies its other equity financial assets as financial assets at fair value to be recognised as financial assets through profit and loss.
The fair values of shares other than listed shares are determined using various valuation models, such as the price levels of recent transactions and valuation methods based on the present value of discounted cash flows. As far as possible, the valuation methods are founded on market-based valuation factors. Unlisted shares are classified in level 3 of the fair value hierarchy. The levels of the fair value hierarchy are presented in note 5.7.
Key estimates and judgements
Fair value measurement
The application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj.
The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first five years. Subsequent prices are based on a long-term market price forecast.
The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 184.8 million (218.3) on the balance sheet on 31 December 2025. The carrying value of other investments is estimated to change by EUR -6.5 million (-8.1) and EUR 6.8 million (8.5) should the rate used for discounting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 48.7 million (55.6) should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management.
EUR million | 2025 | 2024 |
Pohjolan Voima Oyj | 184.8 | 218.3 |
Other unlisted shareholdings | 1.4 | 1.4 |
Other investments total | 186.2 | 219.7 |
The most important unlisted shareholding under other investments consists of a 2.8% stake in Finnish energy company Pohjolan Voima Oyj, which produces electricity and heat for its shareholders in Finland. Pohjolan Voima trades with its shareholders at prices based on production costs, which generally are lower than market prices. The Group is entitled, through the B shares of Pohjolan Voima, to a share of approximately 9.1% of the energy generated by the Olkiluoto 1 and Olkiluoto 2 nuclear power plants and, through the B2 shares of Pohjolan Voima, to a share of 2.5% of the energy generated by the Olkiluoto 3 nuclear power plant, now being deployed.
The ownership is measured quarterly at fair value on share series basis by using the average of discounted cash flow method and valuation based on earlier transactions. The weighted average cost of capital used was 6.48 (5.51) %. The acquisition cost of shares in Pohjolan Voima Oyj is EUR 28.2 million (28.2) and the fair value EUR 184.8 million (218.3). The change in fair value was due to an updated long-term price forecast for the electricity used in the shares\u2019 valuation model.
Shareholder agreement restricts sale of shares of Pohjolan Voima to buyers that are not existing shareholders.
5.7 Classification and fair values of financial assets and liabilities
Classification and fair values of financial assets and liabilities 2025
EUR million | Note | Fair value through profit and loss | Fair value through other comprehensive income | Amortised cost | Total carrying amount |
Financial assets | |||||
Other non-current investments | 4.3 | 1.4 | 184.8 | 186.2 | |
Other non-current financial assets | 5.3 | 1.0 | 1.0 | ||
Trade receivables and other receivables | 4.5 | 202.1 | 202.1 | ||
Cash and cash equivalents | 5.4 | 309.3 | 309.3 | ||
Derivative financial instruments | 5.7 | 0.7 | 7.6 | 8.3 | |
Total carrying amount | 2.2 | 192.4 | 512.5 | 707.0 | |
Total fair value | 2.2 | 192.4 | 512.5 | 707.0 | |
Financial liabilities | |||||
Non-current interest-bearing financial liabilities | 5.5 | 495.7 | 495.7 | ||
Current interest-bearing financial liabilities | 5.5 | 68.8 | 68.8 | ||
Trade payables and other liabilities | 4.7 | 413.7 | 413.7 | ||
Derivative financial instruments | 5.7 | 0.6 | 6.0 | 6.7 | |
Total carrying amount | 0.6 | 6.0 | 978.2 | 984.8 | |
Total fair value | 0.6 | 6.0 | 970.6 | 977.3 |
Classification and fair values of financial assets and liabilities 2024
EUR million | Note | Fair value through profit and loss | Fair value through other comprehensive income | Amortised cost | Total carrying amount |
Financial assets | |||||
Other non-current investments | 4.3 | 1.4 | 218.3 | 219.7 | |
Other non-current financial assets | 5.3 | 0.7 | 0.7 | ||
Trade receivables and other receivables | 4.5 | 240.0 | 240.0 | ||
Cash and cash equivalents | 5.4 | 182.6 | 182.6 | ||
Derivative financial instruments | 5.7 | 1.2 | 8.0 | 9.2 | |
Total carrying amount | 2.7 | 226.3 | 423.2 | 652.1 | |
Total fair value | 2.7 | 226.3 | 423.2 | 652.1 | |
Financial liabilities | |||||
Non-current interest-bearing financial liabilities | 5.5 | 411.9 | 411.9 | ||
Current interest-bearing financial liabilities | 5.5 | 115.5 | 115.5 | ||
Trade payables and other liabilities | 4.7 | 322.6 | 322.6 | ||
Derivative financial instruments | 5.7 | 3.1 | 26.6 | 29.7 | |
Total carrying amount | 3.1 | 26.6 | 850.0 | 879.7 | |
Total fair value | 3.1 | 26.6 | 849.1 | 878.8 |
Trade receivables and other receivables do not include VAT receivables and prepayments and accrued income. Trade payables and other financial liabilities do not include advance payments, VAT payables and accruals and deferred income.
In Mets\u00e4 Board, all interest-bearing liabilities are valued in the balance sheet at amortised cost based on effective interest method. Fair values are
based on present value of cash flow of each liability or assets calculated by market rate. The discount rates applied are between 1.4\u20134.1% (1.7\u20133.6). The fair values of accounts and other receivables and trade payables and other liabilities do not materially deviate from their carrying amounts in the balance sheet.
Fair value hierarchy of financial assets and liabilities
Accounting principles
Financial assets and liabilities measured at fair value have been categorised as follows:
Level 1\tFair value is based on quoted prices in active markets.
Level 2\tFair value is determined by using valuation techniques that use observable price information from market.
Level 3\tFair value are not based on observable market data, but on company\u2019s own assumptions.
Fair value hierarchy of financial assets and liabilities 2025
31 Dec 2025 | |||||
EUR million | Note | Level 1 | Level 2 | Level 3 | Total |
Financial assets at fair value | |||||
Other non-current investments | 4.3 | 186.2 | 186.2 | ||
Derivative financial assets | 5.7 | 8.3 | 8.3 | ||
Financial liabilities measured at fair value | |||||
Derivative financial liabilities | 5.7 | 1.9 | 4.8 | 6.7 | |
Financial assets not measured at fair value | |||||
Cash and cash equivalents | 5.4 | 309.3 | 309.3 | ||
Financial liabilities not measured at fair value | |||||
Non-current interest-bearing financial liabilities | 5.5 | 488.3 | 488.3 | ||
Current interest-bearing financial liabilities | 5.5 | 68.6 | 68.6 |
Fair value hierarchy of financial assets and liabilities 2024
31 Dec 2024 | |||||
EUR million | Note | Level 1 | Level 2 | Level 3 | Total |
Financial assets at fair value | |||||
Other non-current investments | 4.3 | 219.7 | 219.7 | ||
Derivative financial assets | 5.7 | 3.8 | 5.5 | 9.2 | |
Financial liabilities measured at fair value | |||||
Derivative financial liabilities | 5.7 | 0.2 | 29.5 | 29.7 | |
Financial assets not measured at fair value | |||||
Cash and cash equivalents | 5.4 | 182.6 | 182.6 | ||
Financial liabilities not measured at fair value | |||||
Non-current interest-bearing financial liabilities | 5.5 | 411.2 | 411.2 | ||
Current interest-bearing financial liabilities | 5.5 | 115.2 | 115.2 |
Other non-current investments measured at fair value based on level 3 valuation
EUR million | 2025 | 2024 |
Value 1 Jan | 219.7 | 254.4 |
Total gains and losses in other comprehensive income | -33.5 | -34.6 |
Purchases | 0.0 | |
Sales | 0.0 | -0.1 |
Value Dec 31. | 186.2 | 219.7 |
4.3 Other investments
Accounting principles
Other investments consist of unlisted equity investments. The most significant of these is the Group\u2019s holding in Pohjolan Voima. This investment is unlisted and strategic in nature, serving the Group\u2019s long-term energy sourcing needs. This being the case, the Group classifies its shares in Pohjolan Voima as financial assets at fair value recognised under other items of comprehen-sive income. Changes in their fair value are presented in the fair value reserve, accounting for the tax effect. When the investment is abandoned, the fair value changes accumulated in the equity are transferred to the retained earnings from the fair value fund.
The Group classifies its other equity financial assets as financial assets at fair value to be recognised as financial assets through profit and loss.
The fair values of shares other than listed shares are determined using various valuation models, such as the price levels of recent transactions and valuation methods based on the present value of discounted cash flows. As far as possible, the valuation methods are founded on market-based valuation factors. Unlisted shares are classified in level 3 of the fair value hierarchy. The levels of the fair value hierarchy are presented in note 5.7.
Key estimates and judgements
Fair value measurement
The application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj.
The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first five years. Subsequent prices are based on a long-term market price forecast.
The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 184.8 million (218.3) on the balance sheet on 31 December 2025. The carrying value of other investments is estimated to change by EUR -6.5 million (-8.1) and EUR 6.8 million (8.5) should the rate used for discounting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 48.7 million (55.6) should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management.
4.4 Inventories
Accounting principles
Inventories are measured at the lower of acquisition cost or net realisable value. In measuring inventories, the FIFO principle is observed or, alternatively, the weighted average price method, depending on the nature of the inventories. The acquisition cost of finished products acquired comprises all purchase costs, including direct transport, handling and other expenses. The acquisition cost of finished and semi-finished products of own manufacture includes raw materials, direct production costs, and the systematically allocated portion of variable manufacturing overheads and fixed overheads at the normal level of operation. Borrowing cost is not included in the acquisition cost.
Net realisable value is the estimated sales price in ordinary business operations less the estimated cost of completion and the necessary sales costs.
Key estimates and judgements
The Group regularly reviews its inventories for situations where the inventories contain non-marketable items or items with net realisable value below the acquisition cost. When necessary, the Group reduces the book value of the inventories accordingly. This review requires the management\u2019s estimates of the sales prices of products, the cost of completion and the costs necessary to make the sale. Any changes in these estimates might lead to an adjustment in the book value of the inventories in future periods.
EUR million | 2025 | 2024 |
Raw materials and consumables | 189.4 | 232.9 |
Finished goods | 184.7 | 239.7 |
Inventories total | 374.1 | 472.6 |
In 2025, inventory impairments of EUR\u00a0-11.8\u00a0million were recognised to reflect net realisable value, and reversals of impairments amounted to EUR\u00a00.1\u00a0million. Of the expenses, EUR\u00a0-5.9\u00a0million relate to the closure of the Tako paperboard mill. In 2024, reversals of write-downs on inventories amounted to EUR 1.0 million.
4.4 Inventories
Accounting principles
Inventories are measured at the lower of acquisition cost or net realisable value. In measuring inventories, the FIFO principle is observed or, alternatively, the weighted average price method, depending on the nature of the inventories. The acquisition cost of finished products acquired comprises all purchase costs, including direct transport, handling and other expenses. The acquisition cost of finished and semi-finished products of own manufacture includes raw materials, direct production costs, and the systematically allocated portion of variable manufacturing overheads and fixed overheads at the normal level of operation. Borrowing cost is not included in the acquisition cost.
Net realisable value is the estimated sales price in ordinary business operations less the estimated cost of completion and the necessary sales costs.
Key estimates and judgements
The Group regularly reviews its inventories for situations where the inventories contain non-marketable items or items with net realisable value below the acquisition cost. When necessary, the Group reduces the book value of the inventories accordingly. This review requires the management\u2019s estimates of the sales prices of products, the cost of completion and the costs necessary to make the sale. Any changes in these estimates might lead to an adjustment in the book value of the inventories in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__85": { "value": "4.5 Trade receivables and other receivables
Accounting principles
Trade receivables are initially measured at fair value and later at amortised cost, taking into account impairment.
Expected credit losses on trade receivables are calculated using a provision matrix. The expected credit loss expense is recognised by applying expected credit loss percentages based on five-year historic losses \u2013 net of credit insurance \u2013 on trade receivables from external debtors outstanding at the end of the period. The expected credit loss percent-ages used in the matrix are 0.0 (2024: 0.1). A credit loss is recognised when a customer enters legal bankruptcy or becomes past due for more than 180 days without a valid payment plan or other valid reasons.
Trade receivables and other non-interest bearing receivables
EUR million | 2025 | 2024 |
From Group companies | ||
Trade receivables | 23.2 | 17.9 |
Prepayments and accrued income | 1.4 | 0.5 |
Total | 24.6 | 18.3 |
From associated companies and joint ventures | ||
Trade receivables | 0.1 | |
From others | ||
Trade receivables | 178.2 | 215.9 |
Impairment | -0.1 | -0.3 |
Total | 178.1 | 215.5 |
Other receivables | 34.1 | 40.8 |
Prepayments and accrued income | 1.9 | 3.5 |
From others total | 214.1 | 259.9 |
Trade receivables and other receivables total | 238.7 | 278.3 |
Receivables from Group companies are receivables from parent company Mets\u00e4liitto Cooperative and from other subsidiaries of the parent company. Derivative receivables are from Mets\u00e4 Group Treasury Oy, a wholly owned subsidiary of Mets\u00e4liitto Cooperative.
Expected credit losses on trade receivables
EUR million | 2025 | 2024 |
Value 1 Jan | -0.3 | -0.6 |
Increase | -0.1 | -0.1 |
Decrease | 0.3 | 0.4 |
Value 31 Dec | -0.1 | -0.3 |
Credit losses recognised were EUR -0.2 million (0.0).
Age distribution of trade receivables
EUR million | 2025 | 2024 |
Not overdue | 139.3 | 174.4 |
Overdue | ||
Less than 30 days | 27.9 | 28.4 |
Between 31 and 60 days | 10.3 | 9.7 |
Between 61 and 90 days | 0.7 | 2.6 |
Between 91 and 180 days | -0.5 | 0.6 |
Over 180 days | 0.4 | -0.1 |
Total | 178.1 | 215.5 |
Accounting principles
Trade receivables are initially measured at fair value and later at amortised cost, taking into account impairment.
Expected credit losses on trade receivables are calculated using a provision matrix. The expected credit loss expense is recognised by applying expected credit loss percentages based on five-year historic losses \u2013 net of credit insurance \u2013 on trade receivables from external debtors outstanding at the end of the period. The expected credit loss percent-ages used in the matrix are 0.0 (2024: 0.1). A credit loss is recognised when a customer enters legal bankruptcy or becomes past due for more than 180 days without a valid payment plan or other valid reasons.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__86": { "value": "Expected credit losses on trade receivables
EUR million | 2025 | 2024 |
Value 1 Jan | -0.3 | -0.6 |
Increase | -0.1 | -0.1 |
Decrease | 0.3 | 0.4 |
Value 31 Dec | -0.1 | -0.3 |
Credit losses recognised were EUR -0.2 million (0.0).
Age distribution of trade receivables
EUR million | 2025 | 2024 |
Not overdue | 139.3 | 174.4 |
Overdue | ||
Less than 30 days | 27.9 | 28.4 |
Between 31 and 60 days | 10.3 | 9.7 |
Between 61 and 90 days | 0.7 | 2.6 |
Between 91 and 180 days | -0.5 | 0.6 |
Over 180 days | 0.4 | -0.1 |
Total | 178.1 | 215.5 |
4.6 Other non-current liabilities
EUR million | 2025 | 2024 |
Advance payments received | 2.9 | 5.6 |
Total | 2.9 | 5.6 |
4.6 Other non-current liabilities
EUR million | 2025 | 2024 |
Advance payments received | 2.9 | 5.6 |
Total | 2.9 | 5.6 |
4.7 Trade payables and other liabilities
Accounting principles
With financing banks, Mets\u00e4 Group has established Supply Chain Finance (SCF) schemes aimed at a few key suppliers for purscase of pulp and wood. In the schemes, the suppliers are offered the option of selling their Mets\u00e4 Group receivables to a bank providing the SCF scheme. The SCF schemes partly replace the earlier advance payment arrangements, and their aim is not to cause a significant deviation from Mets\u00e4 Group\u2019s normal payment terms.
EUR million | 2025 | 2024 |
Advance payments received | 2.2 | 5.1 |
Trade payables | 236.3 | 226.4 |
Trade payables, Supply Chain Finance schemes | 130.1 | 50.1 |
Other liabilities | 6.1 | 6.2 |
Accruals and deferred income | ||
Customer discounts | 18.2 | 19.4 |
Purchase-related items | 23.0 | 20.6 |
Employee costs | 28.1 | 30.1 |
Other accrued expenses | 45.2 | 32.8 |
Total | 489.2 | 390.6 |
Supplier finance arrangements
EUR million | 2025 | 2024 |
Supplier finance arrangements, carrying amount of trade payables | ||
Purchase of pulp | 38.4 | 50.1 |
Purchase of wood | 91.6 | |
Total | 130.1 | 50.1 |
Of which suppliers have received payment | 130.1 | 50.1 |
Payment period, days from the invoice date | ||
Liabilities that are part of the arrangement | ||
Purchase of pulp | 63 | 63 |
Purchase of wood | 93 | 0 |
Comparable trade payables that are not part of the arrangement | ||
Purchase of pulp | 30 | 30 |
Purchase of wood | 30 | 0 |
4.7 Trade payables and other liabilities
Accounting principles
With financing banks, Mets\u00e4 Group has established Supply Chain Finance (SCF) schemes aimed at a few key suppliers for purscase of pulp and wood. In the schemes, the suppliers are offered the option of selling their Mets\u00e4 Group receivables to a bank providing the SCF scheme. The SCF schemes partly replace the earlier advance payment arrangements, and their aim is not to cause a significant deviation from Mets\u00e4 Group\u2019s normal payment terms.
EUR million | 2025 | 2024 |
Advance payments received | 2.2 | 5.1 |
Trade payables | 236.3 | 226.4 |
Trade payables, Supply Chain Finance schemes | 130.1 | 50.1 |
Other liabilities | 6.1 | 6.2 |
Accruals and deferred income | ||
Customer discounts | 18.2 | 19.4 |
Purchase-related items | 23.0 | 20.6 |
Employee costs | 28.1 | 30.1 |
Other accrued expenses | 45.2 | 32.8 |
Total | 489.2 | 390.6 |
Supplier finance arrangements
EUR million | 2025 | 2024 |
Supplier finance arrangements, carrying amount of trade payables | ||
Purchase of pulp | 38.4 | 50.1 |
Purchase of wood | 91.6 | |
Total | 130.1 | 50.1 |
Of which suppliers have received payment | 130.1 | 50.1 |
Payment period, days from the invoice date | ||
Liabilities that are part of the arrangement | ||
Purchase of pulp | 63 | 63 |
Purchase of wood | 93 | 0 |
Comparable trade payables that are not part of the arrangement | ||
Purchase of pulp | 30 | 30 |
Purchase of wood | 30 | 0 |
4.8 Provisions
Accounting principles
A provision is recognised when, as a result of an earlier event, the Group has a legal or actual obligation, the realisation of a payment obligation is likely, and the amount of the obligation can be reliably estimated. Any reimbursement from a third party is presented as an asset separate from the provision if it is practically certain that reimbursement will be received.
Restructuring
A restructuring provision is recorded when the Group has incurred a legal or constructive obligation to make a payment. Termination payments are recorded when a detailed plan has been made for the restructuring and the Group has raised valid expectations in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. If the Group makes an offer to employees concerning voluntary resignation against benefits determined in the offer, the liability arising from this is recorded when the Group can no longer withdraw its offer. The obligation arising from such an offer is based on the number of employees that the Group expects to accept the offer. Benefits falling due in twelve months\u2019 time or later are measured at their present value.
Environmental obligations
Costs arising from environmental remediation that do not increase present or future revenue are recorded as expenses. An environmen-tal obligation is recognised if, based on the current interpretation of environmental legislation, an obligation has likely arisen and its amount can be reliably estimated. The obligation is recorded at the current value of estimated future expenses. A sum corresponding to the obligation is also recognised in property, plant and equipment.
Other provisions
Other provisions mainly consist of provisions arising from estimated cost of future restoration of leased sites.
Key estimates and judgements
The determination of the criteria for the recognition of provisions involves the management\u2019s judgement. The amounts recognised as provisions are based on the management\u2019s best assessment of the expenses required to handle the obligation. As the timing and amount of these expenses are not fully certain, the actual expenses may differ significantly from the original estimate. The book value of provisions is regularly reviewed and adjusted as required, taking into account changes in cost assessments, regulation, technology and conditions.
4.8 Provisions
Accounting principles
A provision is recognised when, as a result of an earlier event, the Group has a legal or actual obligation, the realisation of a payment obligation is likely, and the amount of the obligation can be reliably estimated. Any reimbursement from a third party is presented as an asset separate from the provision if it is practically certain that reimbursement will be received.
Restructuring
A restructuring provision is recorded when the Group has incurred a legal or constructive obligation to make a payment. Termination payments are recorded when a detailed plan has been made for the restructuring and the Group has raised valid expectations in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. If the Group makes an offer to employees concerning voluntary resignation against benefits determined in the offer, the liability arising from this is recorded when the Group can no longer withdraw its offer. The obligation arising from such an offer is based on the number of employees that the Group expects to accept the offer. Benefits falling due in twelve months\u2019 time or later are measured at their present value.
Environmental obligations
Costs arising from environmental remediation that do not increase present or future revenue are recorded as expenses. An environmen-tal obligation is recognised if, based on the current interpretation of environmental legislation, an obligation has likely arisen and its amount can be reliably estimated. The obligation is recorded at the current value of estimated future expenses. A sum corresponding to the obligation is also recognised in property, plant and equipment.
Other provisions
Other provisions mainly consist of provisions arising from estimated cost of future restoration of leased sites.
Key estimates and judgements
The determination of the criteria for the recognition of provisions involves the management\u2019s judgement. The amounts recognised as provisions are based on the management\u2019s best assessment of the expenses required to handle the obligation. As the timing and amount of these expenses are not fully certain, the actual expenses may differ significantly from the original estimate. The book value of provisions is regularly reviewed and adjusted as required, taking into account changes in cost assessments, regulation, technology and conditions.
Provisions
EUR million | Restructuring | Environmental | Other | Total |
1 Jan 2025 | 1.7 | 0.0 | 1.7 | |
Translation differences | 0.0 | 0.0 | ||
Increases | 2.1 | 2.5 | 4.6 | |
Utilised during the year | -1.3 | -1.3 | ||
Reversals of unutilised provisions | -1.0 | -1.0 | ||
31 Dec 2025 | 0.8 | 0.7 | 2.6 | 4.1 |
Non-current | 0.7 | 0.0 | 0.7 | |
Current | 0.8 | 2.5 | 3.3 | |
Total | 0.8 | 0.7 | 2.6 | 4.1 |
1 Jan 2024 | 1.1 | 2.0 | 0.0 | 3.2 |
Translation differences | 0.0 | 0.0 | 0.0 | |
Utilised during the year | -1.1 | -0.3 | -1.4 | |
31 Dec 2024 | 1.7 | 0.0 | 1.7 | |
Non-current | 1.7 | 0.0 | 1.7 | |
Total | 1.7 | 0.0 | 1.7 |
Provisions are estimated to be utilised within five years. The increases in provisions, totaling EUR\u00a04.6\u00a0million, relate to items associated with energy taxes in Sweden EUR\u00a02.5\u00a0million, the closure of the Tako paperboard mill EUR\u00a01.5\u00a0million, and the cost-saving and performance improvement programme EUR\u00a00.6\u00a0million.
The Group companies have environmental responsibilities related to former industrial activities at sites that have since been closed, sold or leased, and from decommissioned landfill sites. Provisions for the costs of land rehabilitation work have been made in cases where it has been possible to measure the Group\u2019s liability for land contamination and any post-treatment obligations.
Environmental obligations
Costs arising from environmental remediation that do not increase present or future revenue are recorded as expenses. An environmen-tal obligation is recognised if, based on the current interpretation of environmental legislation, an obligation has likely arisen and its amount can be reliably estimated. The obligation is recorded at the current value of estimated future expenses. A sum corresponding to the obligation is also recognised in property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__95": { "value": "5.1 Shareholders\u2019 equity
Changes in share capital
Share capital | |||
EUR million | Series A | Series B | Total |
1 Jan 2024 | 51.5 | 506.4 | 557.9 |
Conversion of A shares into B shares | |||
31 Dec 2024 | 51.5 | 506.4 | 557.9 |
Conversion of A shares into B shares | |||
31 Dec 2025 | 51.5 | 506.4 | 557.9 |
Each series A share confers to its holder twenty (20) votes at the General Meeting of Shareholders, and each series B share confers to the holder one (1) vote. All shares carry the same right to receive a dividend. Mets\u00e4 Board\u2019s A shares can be converted to B shares if shareholder or representative of the nominee registered shares makes a written request for the conversion to the company. No monetary consideration is paid for the conversion.
Number of shares
Outstanding shares | Treasury shares | Total | |||
shares | Series A | Series B | Total | Series B | |
1 Jan 2024 | 32,802,175 | 322,009,356 | 354,811,531 | 701,215 | 355,512,746 |
Disposal of treasury shares | 234,719 | 234,719 | -234,719 | ||
31 Dec 2024 | 32,802,175 | 322,244,075 | 355,046,250 | 466,496 | 355,512,746 |
Disposal of treasury shares | 105,694 | 105,694 | -105,694 | ||
31 Dec 2025 | 32,802,175 | 322,349,769 | 355,151,944 | 360,802 | 355,512,746 |
The share has no nominal value. All shares have been paid in full. The weighted average number of shares, which does not include Mets\u00e4 Board Oyj\u2019s treas-ury shares, is 355,142,201 (354,991,386) pieces.
Translation differences
Translation differences include translation differences arising from trans-lation of subsidiaries in other currencies than euro and gains and losses arising on hedging of net investments in these subsidiaries less deferred tax, when requirements of hedge accounting have been fulfilled. Net invest-ments were not hedged in Mets\u00e4 Board Group in 2025 or in 2024.
Cumulative translation | Translation differences in other comprehensive income | |||
EUR million | 2025 | 2024 | 2025 | 2024 |
SEK | -56.8 | -98.5 | 41.7 | -23.8 |
USD | 4.4 | 14.9 | -10.6 | 6.6 |
GBP | -0.5 | 0.0 | -0.5 | 0.5 |
Others | 0.8 | 0.8 | 0.0 | 0.0 |
Total | -52.2 | -82.7 | 30.5 | -16.7 |
Since March 2023, the rate used for the Russian ruble is the closing rate for EUR/ RUB published by Refinitiv. The Russian ruble-denominated translation differences accumulated since June 2023 have been reported in the financial items in the income statement. On 13 May 2025, Mets\u00e4 Board completed a corporate re-structuring in which control of the Russian subsidiaries was transferred outside the Group.
Fair value and other reserves
EUR million | 2025 | 2024 |
Fair value reserve | 133.0 | 135.7 |
Legal reserve and reserves stipulated by the Articles of Association | 1.6 | 1.7 |
Total | 134.6 | 137.4 |
Fair value reserve
Fair value changes in derivatives designated as cash flow hedges are recorded to fair value reserve deducted by deferred tax effect. Additionally, the fair value change of Pohjolan Voima Oyj shares recognised by the Group as other investments is moved to the reserve with deferred tax effect deducted.
Legal reserve and reserves stipulated by the Articles of Association
Legal reserve and reserves stipulated by the Articles of Association have been created and accumulated on resolutions by the General Meeting of Shareholders.
Reserve for invested unrestricted equity
The reserve for invested unrestricted equity fund includes other invest-ments of an equity nature and the subscription price of the shares to the extent that it is not recognised to the share capital according to the specific decision.
EUR million | 2025 | 2024 |
Reserve for invested unrestricted equity | 208.9 | 208.9 |
Treasury shares
Accounting principles
When treasury shares are acquired, the equity belonging to the owners of the parent company is reduced by an amount that consists of the consideration paid, including immediate transac-tion costs after taxes, until the treasury shares are canceled or reissued. If the purchased treasury shares are reissued, the con-sideration received, less transaction costs after taxes, is recorded in the equity belonging to the owners of the parent company.
At the end of the year, the group held 360,802 treasury shares (466,496), which corresponds to 0.1% (0.1) of the number of shares. The average purchase price of the shares was 7.82 euros (7.82) per share.
Shares | Shares | |||
EUR million | 2025 | 2025 | 2024 | 2024 |
Treasury shares 1.1. | -3.7 | 466,496 | -5.5 | 701,215 |
Disposal of treasury shares | 0.9 | -105,694 | 1.8 | -234,719 |
Treasury shares 31.12. | -2.8 | 360,802 | -3.7 | 466,496 |
Dividend
Dividends payable by the company are recorded as deductions to equi-ty in the period during which the shareholders in a general meeting have declared the dividend.
The Board of Directors has proposed that no dividend is paid for the 2025 financial year.
Other comprehensive income after taxes 2025
Equity attributable to members of parent company | ||||||
EUR million | Translation differences | Fair value and other reserves | Retained earnings | Total | Non-con-trolling interest | Total equity |
Items that will not be reclassified to profit or loss\t | ||||||
Actuarial gains/losses on defined benefit pension plans | -0.4 | -0.4 | -0.4 | |||
Financial assets at fair value through other comprehensive income | -33.5 | -33.5 | -33.5 | |||
Share of profit from other comprehensive income of associated company | ||||||
Income tax relating to items that will not be reclassified | 6.7 | 0.9 | 7.6 | 7.6 | ||
Total | -26.8 | 0.5 | -26.3 | -26.3 | ||
Items that may be reclassified to profit or loss | ||||||
Cash flow hedges | ||||||
Currency hedges | ||||||
Gains and losses recorded in equity | 70.0 | 70.0 | 70.0 | |||
Transferred to adjust Sales | -42.8 | -42.8 | -42.8 | |||
Interest hedges | ||||||
Gains and losses recorded in equity | -0.3 | -0.3 | -0.3 | |||
Commodity hedges | ||||||
Gains and losses recorded in equity | -5.1 | -5.1 | 0.0 | -5.1 | ||
Transferred to adjust purchases | -0.3 | -0.3 | 0.0 | -0.3 | ||
Share of profit from other comprehensive income of associated company | 6.8 | 6.8 | 6.8 | |||
Cash flow hedges total | 28.4 | 28.4 | 28.4 | |||
Translation differences | 30.5 | 30.5 | 9.5 | 40.0 | ||
Translation differences total | 30.5 | 30.5 | 9.5 | 40.0 | ||
Income tax relating to items that may be reclassified\t | -4.3 | -4.3 | -4.3 | |||
Total | 30.5 | 24.1 | 54.5 | 9.5 | 64.0 | |
Other comprehensive income, net of tax | 30.5 | -2.7 | 0.5 | 28.2 | 9.5 | 37.8 |
Other comprehensive income after taxes 2024
Equity attributable to members of parent company | ||||||
EUR million | Translation differences | Fair value and other reserves | Retained earnings | Total | Non-con-trolling interest | Total equity |
Items that will not be reclassified to profit or loss\t | ||||||
Actuarial gains/losses on defined benefit pension plans | -0.9 | -0.9 | -0.9 | |||
Financial assets at fair value through other comprehensive income | -35.4 | -35.4 | -35.4 | |||
Share of profit from other comprehensive income of associated company | ||||||
Income tax relating to items that will not be reclassified | 6.9 | 0.5 | 7.4 | 7.4 | ||
Total | -28.5 | -0.4 | -28.9 | -28.9 | ||
Items that may be reclassified to profit or loss | ||||||
Cash flow hedges | ||||||
Currency hedges | ||||||
Gains and losses recorded in equity | -47.6 | -47.6 | -47.6 | |||
Transferred to adjust Sales | 2.2 | 2.2 | 2.2 | |||
Interest hedges | ||||||
Gains and losses recorded in equity | -1.3 | -1.3 | -1.3 | |||
Commodity hedges | ||||||
Gains and losses recorded in equity | 5.5 | 5.5 | 0.0 | 5.6 | ||
Transferred to adjust purchases | 2.0 | 2.0 | 0.0 | 2.0 | ||
Share of profit from other comprehensive income of associated company | -13.8 | -13.8 | -13.8 | |||
Cash flow hedges total | -52.9 | -52.9 | -52.9 | |||
Translation differences | -16.7 | -16.7 | -5.0 | -21.7 | ||
Translation differences total | -16.7 | -16.7 | -5.0 | -21.7 | ||
Income tax relating to items that may be reclassified\t | 7.8 | 7.8 | 7.8 | |||
Total | -16.7 | -45.1 | -61.8 | -5.0 | -66.8 | |
Other comprehensive income, net of tax | -16.7 | -73.6 | -0.4 | -90.7 | -5.0 | -95.7 |
Number of shares
Outstanding shares | Treasury shares | Total | |||
shares | Series A | Series B | Total | Series B | |
1 Jan 2024 | 32,802,175 | 322,009,356 | 354,811,531 | 701,215 | 355,512,746 |
Disposal of treasury shares | 234,719 | 234,719 | -234,719 | ||
31 Dec 2024 | 32,802,175 | 322,244,075 | 355,046,250 | 466,496 | 355,512,746 |
Disposal of treasury shares | 105,694 | 105,694 | -105,694 | ||
31 Dec 2025 | 32,802,175 | 322,349,769 | 355,151,944 | 360,802 | 355,512,746 |
The share has no nominal value. All shares have been paid in full. The weighted average number of shares, which does not include Mets\u00e4 Board Oyj\u2019s treas-ury shares, is 355,142,201 (354,991,386) pieces.
Number of shares
Outstanding shares | Treasury shares | Total | |||
shares | Series A | Series B | Total | Series B | |
1 Jan 2024 | 32,802,175 | 322,009,356 | 354,811,531 | 701,215 | 355,512,746 |
Disposal of treasury shares | 234,719 | 234,719 | -234,719 | ||
31 Dec 2024 | 32,802,175 | 322,244,075 | 355,046,250 | 466,496 | 355,512,746 |
Disposal of treasury shares | 105,694 | 105,694 | -105,694 | ||
31 Dec 2025 | 32,802,175 | 322,349,769 | 355,151,944 | 360,802 | 355,512,746 |
The share has no nominal value. All shares have been paid in full. The weighted average number of shares, which does not include Mets\u00e4 Board Oyj\u2019s treas-ury shares, is 355,142,201 (354,991,386) pieces.
Treasury shares
Accounting principles
When treasury shares are acquired, the equity belonging to the owners of the parent company is reduced by an amount that consists of the consideration paid, including immediate transac-tion costs after taxes, until the treasury shares are canceled or reissued. If the purchased treasury shares are reissued, the con-sideration received, less transaction costs after taxes, is recorded in the equity belonging to the owners of the parent company.
At the end of the year, the group held 360,802 treasury shares (466,496), which corresponds to 0.1% (0.1) of the number of shares. The average purchase price of the shares was 7.82 euros (7.82) per share.
Shares | Shares | |||
EUR million | 2025 | 2025 | 2024 | 2024 |
Treasury shares 1.1. | -3.7 | 466,496 | -5.5 | 701,215 |
Disposal of treasury shares | 0.9 | -105,694 | 1.8 | -234,719 |
Treasury shares 31.12. | -2.8 | 360,802 | -3.7 | 466,496 |
Translation differences
Translation differences include translation differences arising from trans-lation of subsidiaries in other currencies than euro and gains and losses arising on hedging of net investments in these subsidiaries less deferred tax, when requirements of hedge accounting have been fulfilled. Net invest-ments were not hedged in Mets\u00e4 Board Group in 2025 or in 2024.
Cumulative translation | Translation differences in other comprehensive income | |||
EUR million | 2025 | 2024 | 2025 | 2024 |
SEK | -56.8 | -98.5 | 41.7 | -23.8 |
USD | 4.4 | 14.9 | -10.6 | 6.6 |
GBP | -0.5 | 0.0 | -0.5 | 0.5 |
Others | 0.8 | 0.8 | 0.0 | 0.0 |
Total | -52.2 | -82.7 | 30.5 | -16.7 |
Since March 2023, the rate used for the Russian ruble is the closing rate for EUR/ RUB published by Refinitiv. The Russian ruble-denominated translation differences accumulated since June 2023 have been reported in the financial items in the income statement. On 13 May 2025, Mets\u00e4 Board completed a corporate re-structuring in which control of the Russian subsidiaries was transferred outside the Group.
Fair value and other reserves
EUR million | 2025 | 2024 |
Fair value reserve | 133.0 | 135.7 |
Legal reserve and reserves stipulated by the Articles of Association | 1.6 | 1.7 |
Total | 134.6 | 137.4 |
Fair value reserve
Fair value changes in derivatives designated as cash flow hedges are recorded to fair value reserve deducted by deferred tax effect. Additionally, the fair value change of Pohjolan Voima Oyj shares recognised by the Group as other investments is moved to the reserve with deferred tax effect deducted.
Legal reserve and reserves stipulated by the Articles of Association
Legal reserve and reserves stipulated by the Articles of Association have been created and accumulated on resolutions by the General Meeting of Shareholders.
Reserve for invested unrestricted equity
The reserve for invested unrestricted equity fund includes other invest-ments of an equity nature and the subscription price of the shares to the extent that it is not recognised to the share capital according to the specific decision.
EUR million | 2025 | 2024 |
Reserve for invested unrestricted equity | 208.9 | 208.9 |
Accounting principles
When treasury shares are acquired, the equity belonging to the owners of the parent company is reduced by an amount that consists of the consideration paid, including immediate transac-tion costs after taxes, until the treasury shares are canceled or reissued. If the purchased treasury shares are reissued, the con-sideration received, less transaction costs after taxes, is recorded in the equity belonging to the owners of the parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__101": { "value": "Dividends payable by the company are recorded as deductions to equi-ty in the period during which the shareholders in a general meeting have declared the dividend.
The Board of Directors has proposed that no dividend is paid for the 2025 financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__102": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s6__6__103": { "value": "Other comprehensive income after taxes 2025
Equity attributable to members of parent company | ||||||
EUR million | Translation differences | Fair value and other reserves | Retained earnings | Total | Non-con-trolling interest | Total equity |
Items that will not be reclassified to profit or loss\t | ||||||
Actuarial gains/losses on defined benefit pension plans | -0.4 | -0.4 | -0.4 | |||
Financial assets at fair value through other comprehensive income | -33.5 | -33.5 | -33.5 | |||
Share of profit from other comprehensive income of associated company | ||||||
Income tax relating to items that will not be reclassified | 6.7 | 0.9 | 7.6 | 7.6 | ||
Total | -26.8 | 0.5 | -26.3 | -26.3 | ||
Items that may be reclassified to profit or loss | ||||||
Cash flow hedges | ||||||
Currency hedges | ||||||
Gains and losses recorded in equity | 70.0 | 70.0 | 70.0 | |||
Transferred to adjust Sales | -42.8 | -42.8 | -42.8 | |||
Interest hedges | ||||||
Gains and losses recorded in equity | -0.3 | -0.3 | -0.3 | |||
Commodity hedges | ||||||
Gains and losses recorded in equity | -5.1 | -5.1 | 0.0 | -5.1 | ||
Transferred to adjust purchases | -0.3 | -0.3 | 0.0 | -0.3 | ||
Share of profit from other comprehensive income of associated company | 6.8 | 6.8 | 6.8 | |||
Cash flow hedges total | 28.4 | 28.4 | 28.4 | |||
Translation differences | 30.5 | 30.5 | 9.5 | 40.0 | ||
Translation differences total | 30.5 | 30.5 | 9.5 | 40.0 | ||
Income tax relating to items that may be reclassified\t | -4.3 | -4.3 | -4.3 | |||
Total | 30.5 | 24.1 | 54.5 | 9.5 | 64.0 | |
Other comprehensive income, net of tax | 30.5 | -2.7 | 0.5 | 28.2 | 9.5 | 37.8 |
Other comprehensive income after taxes 2024
Equity attributable to members of parent company | ||||||
EUR million | Translation differences | Fair value and other reserves | Retained earnings | Total | Non-con-trolling interest | Total equity |
Items that will not be reclassified to profit or loss\t | ||||||
Actuarial gains/losses on defined benefit pension plans | -0.9 | -0.9 | -0.9 | |||
Financial assets at fair value through other comprehensive income | -35.4 | -35.4 | -35.4 | |||
Share of profit from other comprehensive income of associated company | ||||||
Income tax relating to items that will not be reclassified | 6.9 | 0.5 | 7.4 | 7.4 | ||
Total | -28.5 | -0.4 | -28.9 | -28.9 | ||
Items that may be reclassified to profit or loss | ||||||
Cash flow hedges | ||||||
Currency hedges | ||||||
Gains and losses recorded in equity | -47.6 | -47.6 | -47.6 | |||
Transferred to adjust Sales | 2.2 | 2.2 | 2.2 | |||
Interest hedges | ||||||
Gains and losses recorded in equity | -1.3 | -1.3 | -1.3 | |||
Commodity hedges | ||||||
Gains and losses recorded in equity | 5.5 | 5.5 | 0.0 | 5.6 | ||
Transferred to adjust purchases | 2.0 | 2.0 | 0.0 | 2.0 | ||
Share of profit from other comprehensive income of associated company | -13.8 | -13.8 | -13.8 | |||
Cash flow hedges total | -52.9 | -52.9 | -52.9 | |||
Translation differences | -16.7 | -16.7 | -5.0 | -21.7 | ||
Translation differences total | -16.7 | -16.7 | -5.0 | -21.7 | ||
Income tax relating to items that may be reclassified\t | 7.8 | 7.8 | 7.8 | |||
Total | -16.7 | -45.1 | -61.8 | -5.0 | -66.8 | |
Other comprehensive income, net of tax | -16.7 | -73.6 | -0.4 | -90.7 | -5.0 | -95.7 |
5.2 Exchange differences and financial income and expenses
Accounting principles
Interest income and expenses are recognised using the effective interest rate method.
Dividend income is recognised when the right to receive a pay-ment is established.
Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of intangible asset or property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset\u2019s acquisition cost.
The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__105": { "value": "Accounting principles
Interest income and expenses are recognised using the effective interest rate method.
Dividend income is recognised when the right to receive a pay-ment is established.
Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of intangible asset or property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset\u2019s acquisition cost.
The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses.
The accounting principles for foreign-exchange differences are presented in Note\u00a01, General accounting policies.
Exchange differences and financial income and expenses
EUR million | 2025 | 2024 |
Exchange differences | ||
Commercial items | -12.6 | 5.0 |
Hedging, hedge accounting not applied | 11.4 | -7.8 |
Other items | 0.0 | 0.0 |
Total | -1.2 | -2.8 |
Financial income | ||
Other interest and financial income | 0.1 | |
Interest income from financial assets measured at fair value through profit or loss | -0.5 | -0.5 |
Interest income from financial assets measured at amortised cost and from other receivables | 5.8 | 9.6 |
Dividend income | 0.1 | 0.1 |
Total\t | 5.4 | 9.3 |
Valuation of financial assets and liabilities | ||
Income and expense related to valuation of financial assets and liabilities | 0.0 | |
Total | 0.0 | |
Interest expenses from financial assets measured at amortised cost and from other receivables | -19.5 | -15.2 |
Interest expenses from leases | -0.5 | -0.5 |
Other financial expense items | -1.4 | -1.6 |
Total | -21.5 | -17.3 |
Valuation of financial assets and liabilities and interest and other financial expenses, total | -17.3 | -10.8 |
As a result of the discontinuation of the Russian operations, foreign exchange differences denominated in Russian roubles accumulated after June 2022 have been reported in other exchange differences in the income statement. On 13 May 2024, Mets\u00e4 Board implemented a corporate restructuring as a result of which control over the Russian subsidiaries was transferred outside the Group. In 2024, expenses of EUR 0.0 million were reported in other exchange differences. Interest expenses recognised through profit or loss have been capitalised as part of the cost of invest-ments in the amount of EUR 0.0 million (0.0).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__106": { "value": "Accounting principles
Interest income and expenses are recognised using the effective interest rate method.
Dividend income is recognised when the right to receive a pay-ment is established.
Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of intangible asset or property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset\u2019s acquisition cost.
The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses.
The accounting principles for foreign-exchange differences are presented in Note\u00a01, General accounting policies.
Exchange differences and financial income and expenses
EUR million | 2025 | 2024 |
Exchange differences | ||
Commercial items | -12.6 | 5.0 |
Hedging, hedge accounting not applied | 11.4 | -7.8 |
Other items | 0.0 | 0.0 |
Total | -1.2 | -2.8 |
Financial income | ||
Other interest and financial income | 0.1 | |
Interest income from financial assets measured at fair value through profit or loss | -0.5 | -0.5 |
Interest income from financial assets measured at amortised cost and from other receivables | 5.8 | 9.6 |
Dividend income | 0.1 | 0.1 |
Total\t | 5.4 | 9.3 |
Valuation of financial assets and liabilities | ||
Income and expense related to valuation of financial assets and liabilities | 0.0 | |
Total | 0.0 | |
Interest expenses from financial assets measured at amortised cost and from other receivables | -19.5 | -15.2 |
Interest expenses from leases | -0.5 | -0.5 |
Other financial expense items | -1.4 | -1.6 |
Total | -21.5 | -17.3 |
Valuation of financial assets and liabilities and interest and other financial expenses, total | -17.3 | -10.8 |
As a result of the discontinuation of the Russian operations, foreign exchange differences denominated in Russian roubles accumulated after June 2022 have been reported in other exchange differences in the income statement. On 13 May 2024, Mets\u00e4 Board implemented a corporate restructuring as a result of which control over the Russian subsidiaries was transferred outside the Group. In 2024, expenses of EUR 0.0 million were reported in other exchange differences. Interest expenses recognised through profit or loss have been capitalised as part of the cost of invest-ments in the amount of EUR 0.0 million (0.0).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__107": { "value": "Accounting principles
Interest income and expenses are recognised using the effective interest rate method.
Dividend income is recognised when the right to receive a pay-ment is established.
Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of intangible asset or property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset\u2019s acquisition cost.
The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses.
The accounting principles for foreign-exchange differences are presented in Note\u00a01, General accounting policies.
Exchange differences and financial income and expenses
EUR million | 2025 | 2024 |
Exchange differences | ||
Commercial items | -12.6 | 5.0 |
Hedging, hedge accounting not applied | 11.4 | -7.8 |
Other items | 0.0 | 0.0 |
Total | -1.2 | -2.8 |
Financial income | ||
Other interest and financial income | 0.1 | |
Interest income from financial assets measured at fair value through profit or loss | -0.5 | -0.5 |
Interest income from financial assets measured at amortised cost and from other receivables | 5.8 | 9.6 |
Dividend income | 0.1 | 0.1 |
Total\t | 5.4 | 9.3 |
Valuation of financial assets and liabilities | ||
Income and expense related to valuation of financial assets and liabilities | 0.0 | |
Total | 0.0 | |
Interest expenses from financial assets measured at amortised cost and from other receivables | -19.5 | -15.2 |
Interest expenses from leases | -0.5 | -0.5 |
Other financial expense items | -1.4 | -1.6 |
Total | -21.5 | -17.3 |
Valuation of financial assets and liabilities and interest and other financial expenses, total | -17.3 | -10.8 |
As a result of the discontinuation of the Russian operations, foreign exchange differences denominated in Russian roubles accumulated after June 2022 have been reported in other exchange differences in the income statement. On 13 May 2024, Mets\u00e4 Board implemented a corporate restructuring as a result of which control over the Russian subsidiaries was transferred outside the Group. In 2024, expenses of EUR 0.0 million were reported in other exchange differences. Interest expenses recognised through profit or loss have been capitalised as part of the cost of invest-ments in the amount of EUR 0.0 million (0.0).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__108-1": { "value": "5.3 Other long-term assets
EUR million | 2025 | 2024 |
Loan receivables | 0.4 | 0.0 |
Defined benefit pension plans (Note 3.5) | 2.3 | 3.4 |
Other receivables and accrued income | 0.8 | 1.0 |
Total | 3.5 | 4.4 |
Interest-bearing assets
EUR million | 2025 | 2024 |
Non-current interest-bearing financial assets | ||
Loan and other receivables | 0.4 | 0.0 |
Current interest-bearing financial assets | ||
Cash at hand and in bank | 1.8 | 3.4 |
Deposits to Mets\u00e4 Group Treasury Oy | 307.5 | 179.2 |
Total | 309.3 | 182.6 |
Interest-bearing financial assets total | 309.7 | 182.6 |
Interest-bearing net debt | 254.8 | 344.9 |
Mets\u00e4 Board has classified interest-bearing receivables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy as Cash and cash equivalents.
5.3 Other long-term assets
EUR million | 2025 | 2024 |
Loan receivables | 0.4 | 0.0 |
Defined benefit pension plans (Note 3.5) | 2.3 | 3.4 |
Other receivables and accrued income | 0.8 | 1.0 |
Total | 3.5 | 4.4 |
5.4 Cash and cash equivalents
Accounting principles
In addition to cash and bank accounts, cash and cash equivalents include liquid financial assets recorded at amortised cost that mature within less than 6 months from the acquisition date. Cash and cash equivalents also include interest-bearing, immediately withdrawable deposits held in Mets\u00e4 Group\u2019s internal bank, Mets\u00e4 Group Treasury Oy.
When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months.
EUR million | 2025 | 2024 |
Cash at hand and in bank | 1.8 | 3.4 |
Deposits to Mets\u00e4 Group Treasury Oy | 307.5 | 179.2 |
Total | 309.3 | 182.6 |
Accounting principles
In addition to cash and bank accounts, cash and cash equivalents include liquid financial assets recorded at amortised cost that mature within less than 6 months from the acquisition date. Cash and cash equivalents also include interest-bearing, immediately withdrawable deposits held in Mets\u00e4 Group\u2019s internal bank, Mets\u00e4 Group Treasury Oy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__113": { "value": "Accounting principles
In addition to cash and bank accounts, cash and cash equivalents include liquid financial assets recorded at amortised cost that mature within less than 6 months from the acquisition date. Cash and cash equivalents also include interest-bearing, immediately withdrawable deposits held in Mets\u00e4 Group\u2019s internal bank, Mets\u00e4 Group Treasury Oy.
When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__111": { "value": "When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__114": { "value": "5.5 Borrowings and net debt
Accounting principles
Financial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under \u201cAmortised cost\u201d. Trans-action costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.
5.5 Borrowings and net debt
Accounting principles
Financial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under \u201cAmortised cost\u201d. Trans-action costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.
Interest-bearing Liabilities
EUR million | 2025 | 2024 |
Non-current interest-bearing financial liabilities | ||
Bonds | 446.9 | 249.4 |
Loans from financial institutions | 40.3 | 152.6 |
Lease liabilities | 8.6 | 9.9 |
Total | 495.7 | 411.9 |
Current interest-bearing financial liabilities | ||
Commercial papers | 29.7 | |
Current portion of non-current debt | 16.6 | 19.1 |
Current liabilities to group companies | 52.1 | 66.7 |
Total | 68.8 | 115.5 |
Current interest-bearing financial liabilities | 564.5 | 527.4 |
Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2025
Non-cash changes | |||||||
EUR million | 1 Jan 2025 | Cash flows | Acquired / Sold businesses | Changes in foreign exchange rates | New finance leases | Other changes | 31 Dec 2025 |
Non-current interest-bearing liabilities incl. Current portion | |||||||
Bonds | 249.4 | 197.1 | 0.3 | 446.9 | |||
Loans from financial institutions | 164.4 | -112.6 | 0.3 | 52.1 | |||
Finance lease liabilities | 17.2 | -6.7 | 0.2 | 2.7 | 13.4 | ||
Other | 0.0 | 0.0 | 0.0 | 0.0 | |||
Total | 431.0 | 77.8 | 0.2 | 2.7 | 0.6 | 512.3 | |
Non-current non-interest bearing liabilities | 5.6 | -2.7 | 1.3 | 4.2 | |||
Current interest-bearing liabilities | 96.4 | -47.6 | 3.3 | 52.1 | |||
Total | 533.0 | 27.5 | 3.6 | 2.7 | 2.0 | 568.7 |
Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2024
Non-cash changes | |||||||
EUR million | 1 Jan 2024 | Cash flows | Acquired / Sold businesses | Changes in foreign exchange rates | New finance leases | Other changes | 31 Dec 2024 |
Non-current interest-bearing liabilities incl. Current portion | |||||||
Bonds | 249.2 | 0.2 | 249.4 | ||||
Loans from financial institutions | 176.1 | -12.0 | 0.2 | 164.4 | |||
Finance lease liabilities | 12.8 | -6.7 | 0.0 | 11.2 | 17.2 | ||
Other | 0.0 | 0.0 | 0.0 | ||||
Total | 438.1 | -18.7 | 0.0 | 11.2 | 0.4 | 431.0 | |
Non-current non-interest bearing liabilities | 8.7 | -3.1 | 0.0 | 5.6 | |||
Current interest-bearing liabilities | 95.8 | 0.7 | 96.4 | ||||
Total | 446.8 | 73.9 | 0.7 | 11.2 | 0.4 | 533.0 |
Bonds
EUR million | Interest % | 2025 | 2024 |
2017\u20132027 | 2.750 | 249.9 | 249.4 |
2025\u20132031 | 3.875 | 197.2 | |
Total | 447.1 | 249.4 |
In September 2017, Mets\u00e4 Board Corporation issued a bond amounting to EUR 250 million, and in May 2025, a green bond (Green Bond) amounting to EUR 200 million. Both bonds are senior unsecured obligations.
5.5 Borrowings and net debt
Accounting principles
Financial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under \u201cAmortised cost\u201d. Trans-action costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.
Interest-bearing Liabilities
EUR million | 2025 | 2024 |
Non-current interest-bearing financial liabilities | ||
Bonds | 446.9 | 249.4 |
Loans from financial institutions | 40.3 | 152.6 |
Lease liabilities | 8.6 | 9.9 |
Total | 495.7 | 411.9 |
Current interest-bearing financial liabilities | ||
Commercial papers | 29.7 | |
Current portion of non-current debt | 16.6 | 19.1 |
Current liabilities to group companies | 52.1 | 66.7 |
Total | 68.8 | 115.5 |
Current interest-bearing financial liabilities | 564.5 | 527.4 |
Interest-bearing assets
EUR million | 2025 | 2024 |
Non-current interest-bearing financial assets | ||
Loan and other receivables | 0.4 | 0.0 |
Current interest-bearing financial assets | ||
Cash at hand and in bank | 1.8 | 3.4 |
Deposits to Mets\u00e4 Group Treasury Oy | 307.5 | 179.2 |
Total | 309.3 | 182.6 |
Interest-bearing financial assets total | 309.7 | 182.6 |
Interest-bearing net debt | 254.8 | 344.9 |
Mets\u00e4 Board has classified interest-bearing receivables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy as Cash and cash equivalents.
Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2025
Non-cash changes | |||||||
EUR million | 1 Jan 2025 | Cash flows | Acquired / Sold businesses | Changes in foreign exchange rates | New finance leases | Other changes | 31 Dec 2025 |
Non-current interest-bearing liabilities incl. Current portion | |||||||
Bonds | 249.4 | 197.1 | 0.3 | 446.9 | |||
Loans from financial institutions | 164.4 | -112.6 | 0.3 | 52.1 | |||
Finance lease liabilities | 17.2 | -6.7 | 0.2 | 2.7 | 13.4 | ||
Other | 0.0 | 0.0 | 0.0 | 0.0 | |||
Total | 431.0 | 77.8 | 0.2 | 2.7 | 0.6 | 512.3 | |
Non-current non-interest bearing liabilities | 5.6 | -2.7 | 1.3 | 4.2 | |||
Current interest-bearing liabilities | 96.4 | -47.6 | 3.3 | 52.1 | |||
Total | 533.0 | 27.5 | 3.6 | 2.7 | 2.0 | 568.7 |
Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2024
Non-cash changes | |||||||
EUR million | 1 Jan 2024 | Cash flows | Acquired / Sold businesses | Changes in foreign exchange rates | New finance leases | Other changes | 31 Dec 2024 |
Non-current interest-bearing liabilities incl. Current portion | |||||||
Bonds | 249.2 | 0.2 | 249.4 | ||||
Loans from financial institutions | 176.1 | -12.0 | 0.2 | 164.4 | |||
Finance lease liabilities | 12.8 | -6.7 | 0.0 | 11.2 | 17.2 | ||
Other | 0.0 | 0.0 | 0.0 | ||||
Total | 438.1 | -18.7 | 0.0 | 11.2 | 0.4 | 431.0 | |
Non-current non-interest bearing liabilities | 8.7 | -3.1 | 0.0 | 5.6 | |||
Current interest-bearing liabilities | 95.8 | 0.7 | 96.4 | ||||
Total | 446.8 | 73.9 | 0.7 | 11.2 | 0.4 | 533.0 |
Bonds
EUR million | Interest % | 2025 | 2024 |
2017\u20132027 | 2.750 | 249.9 | 249.4 |
2025\u20132031 | 3.875 | 197.2 | |
Total | 447.1 | 249.4 |
In September 2017, Mets\u00e4 Board Corporation issued a bond amounting to EUR 250 million, and in May 2025, a green bond (Green Bond) amounting to EUR 200 million. Both bonds are senior unsecured obligations.
Interest-bearing Liabilities
EUR million | 2025 | 2024 |
Non-current interest-bearing financial liabilities | ||
Bonds | 446.9 | 249.4 |
Loans from financial institutions | 40.3 | 152.6 |
Lease liabilities | 8.6 | 9.9 |
Total | 495.7 | 411.9 |
Current interest-bearing financial liabilities | ||
Commercial papers | 29.7 | |
Current portion of non-current debt | 16.6 | 19.1 |
Current liabilities to group companies | 52.1 | 66.7 |
Total | 68.8 | 115.5 |
Current interest-bearing financial liabilities | 564.5 | 527.4 |
Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2025
Non-cash changes | |||||||
EUR million | 1 Jan 2025 | Cash flows | Acquired / Sold businesses | Changes in foreign exchange rates | New finance leases | Other changes | 31 Dec 2025 |
Non-current interest-bearing liabilities incl. Current portion | |||||||
Bonds | 249.4 | 197.1 | 0.3 | 446.9 | |||
Loans from financial institutions | 164.4 | -112.6 | 0.3 | 52.1 | |||
Finance lease liabilities | 17.2 | -6.7 | 0.2 | 2.7 | 13.4 | ||
Other | 0.0 | 0.0 | 0.0 | 0.0 | |||
Total | 431.0 | 77.8 | 0.2 | 2.7 | 0.6 | 512.3 | |
Non-current non-interest bearing liabilities | 5.6 | -2.7 | 1.3 | 4.2 | |||
Current interest-bearing liabilities | 96.4 | -47.6 | 3.3 | 52.1 | |||
Total | 533.0 | 27.5 | 3.6 | 2.7 | 2.0 | 568.7 |
Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2024
Non-cash changes | |||||||
EUR million | 1 Jan 2024 | Cash flows | Acquired / Sold businesses | Changes in foreign exchange rates | New finance leases | Other changes | 31 Dec 2024 |
Non-current interest-bearing liabilities incl. Current portion | |||||||
Bonds | 249.2 | 0.2 | 249.4 | ||||
Loans from financial institutions | 176.1 | -12.0 | 0.2 | 164.4 | |||
Finance lease liabilities | 12.8 | -6.7 | 0.0 | 11.2 | 17.2 | ||
Other | 0.0 | 0.0 | 0.0 | ||||
Total | 438.1 | -18.7 | 0.0 | 11.2 | 0.4 | 431.0 | |
Non-current non-interest bearing liabilities | 8.7 | -3.1 | 0.0 | 5.6 | |||
Current interest-bearing liabilities | 95.8 | 0.7 | 96.4 | ||||
Total | 446.8 | 73.9 | 0.7 | 11.2 | 0.4 | 533.0 |
Bonds
EUR million | Interest % | 2025 | 2024 |
2017\u20132027 | 2.750 | 249.9 | 249.4 |
2025\u20132031 | 3.875 | 197.2 | |
Total | 447.1 | 249.4 |
In September 2017, Mets\u00e4 Board Corporation issued a bond amounting to EUR 250 million, and in May 2025, a green bond (Green Bond) amounting to EUR 200 million. Both bonds are senior unsecured obligations.
Maturity of financial liabilities and related financial expenses 2025
EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031\u2013 | Total |
Bonds | 250.0 | 200.0 | 450.0 | ||||
Loans from financial institutions | 11.8 | 11.8 | 11.8 | 11.8 | 5.0 | 52.1 | |
Finance lease liabilities | 5.3 | 3.8 | 2.5 | 1.6 | 0.8 | 0.3 | 14.3 |
Non-current interest-bearing liabilities total | 17.1 | 265.6 | 14.2 | 13.4 | 5.8 | 200.3 | 516.4 |
Current interest-bearing liabilities | 52.1 | 52.1 | |||||
Trade payables ja other liabilities | 413.7 | 413.7 | |||||
Financial liabilities total | 482.9 | 265.6 | 14.2 | 13.4 | 5.8 | 200.3 | 982.2 |
Financial expenses total | 15.1 | 15.0 | 8.0 | 7.9 | 7.8 | 7.8 | 61.6 |
Financial liabilities and expenses total | 498.1 | 280.6 | 22.3 | 21.3 | 13.6 | 208.1 | 1,043.9 |
Guarantee agreements | 0.1 | 0.4 | 0.3 | 0.7 | |||
Derivatives | |||||||
Currency derivative, liabilities | 936.7 | 936.7 | |||||
Currency derivative, receivables | -941.5 | -941.5 | |||||
Interest rate swaps | -0.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.2 | 1.3 |
Commodity derivatives | 1.9 | 1.9 | |||||
Derivatives, net | -3.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.2 | -1.7 |
Maturity of financial liabilities and related financial expenses 2024
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030\u2013 | Total |
Bonds | 250.0 | 250.0 | |||||
Loans from financial institutions | 11.8 | 111.8 | 11.8 | 11.8 | 11.8 | 5.9 | 164.7 |
Finance lease liabilities | 6.7 | 4.5 | 3.2 | 1.7 | 1.2 | 1.2 | 18.5 |
Non-current interest-bearing liabilities total | 18.4 | 116.3 | 265.0 | 13.5 | 13.0 | 7.0 | 433.2 |
Current interest-bearing liabilities | 96.4 | 96.4 | |||||
Trade payables ja other liabilities | 322.6 | 322.6 | |||||
Financial liabilities total | 437.5 | 116.3 | 265.0 | 13.5 | 13.0 | 7.0 | 852.2 |
Financial expenses total | 11.4 | 10.3 | 7.3 | 0.3 | 0.2 | 0.0 | 29.4 |
Financial liabilities and expenses total | 448.8 | 126.6 | 272.2 | 13.8 | 13.1 | 7.1 | 881.6 |
Guarantee agreements | 0.1 | 0.4 | 0.3 | 0.7 | |||
Derivatives | |||||||
Currency derivative, liabilities | 1,356.5 | 1,356.5 | |||||
Currency derivative, receivables | -1,332.2 | -1,332.2 | |||||
Interest rate swaps | -0.3 | -0.3 | |||||
Commodity derivatives | -3.6 | -3.6 | |||||
Derivatives, net | 20.5 | 20.5 |
The balance sheet value of lease liabilities was EUR 13.4 million (17.2). The balance sheet value of foreign currency derivative liabilities was EUR 6.7 million (29.5) and the balance sheet value of foreign currency derivative assets was EUR 8.3 million (5.2).
5.6 Management of financial risks
The financial risks inherent in the business are managed in accordance with the financial policy endorsed by the Board of Directors and the senior management of the company. The purpose is to protect the company profitability and stability, ensure cost efficient financing and effectively manage financial and commodity risks, thereby reduce uncertainty and improve predictability.
Mets\u00e4 Group Treasury Oy, a wholly owned subsidiary of Mets\u00e4liitto Cooperative, is responsible for the Group\u2019s financial services and the management of financial risks.
Foreign currency risk
Mets\u00e4 Board\u2019s foreign currency exposure consists of the risks associated with foreign currency flows, translation risk of net investments in foreign entities and economic currency exposure. Most of the company\u2019s costs are incurred in the euro zone and to some extent in Sweden, but a significant part of the sales is received or priced in other currencies. The exposure is formed by foreign currency denominated balance sheet exposure consist-ing of trade receivables and trade payables and 50 per cent share of the annual contracted or estimated net currency cash flow.
The main currencies of the Mets\u00e4 Board\u2019s foreign currency transaction exposure are the US dollar, the Swedish krona and the British pound. The share of dollar is 47 per cent (2024: 54), share of Swedish krona is 37 per cent (36) and share of pound is 12 per cent (8). A strengthening of the dollar and the pound has a positive impact on the financial result while a weakening has a negative impact. A weakening of the Swedish krona has a positive impact on the company\u2019s result. From other currencies Mets\u00e4 Board is hedging also Canadian dollar. The hedging policy is to keep the balance sheet exposure and 50 per cent of annual cash flow of contracted or estimated currency flows consistently hedged. The transaction expo-sure is mainly hedged by forward contracts but foreign currency loans and currency options are also used.
At the end of the financial period, the foreign exchange transaction exposure had been hedged 6.4 months on average (7.9) being 106 per cent of the hedging norm (132). During the financial period, the hedging level has varied between 6 and 8 months (7-8) being between 105 and 131 per cent of the norm (120-132). The dollar\u2019s hedging level was 6.2 months (7.8) being 103 per cent of the norm (130). The Swedish krona\u2019s hedging level was 7.2 months (8.4) being 120 per cent of the norm (139). The pound\u2019s hedging level was 4.8 months (7.2) being 80 per cent of the norm (120). Hedge accounting has been applied to hedging of transaction exposure and forwards and options allocated to hedge accounting have been used to hedge the portion of highly probable forecast sales of the currency transaction exposure.
The translation risk of a net investment in a foreign entity is generated from the consolidation of the equity of subsidiaries outside the euro area into euros in the consolidated financial statements. Mets\u00e4 Board does not hedge its equity.
Interest rate risk
The interest rate risk is related in the interest bearing receivables and loans, working capital financing and currency hedging. The most signifi-cant currencies in risk management are the euro, the US dollar, the Swe-dish krona and British pound. The objective of the interest rate risk policy is to minimise the negative impact of interest rate changes on the company\u2019s result and the financial position, and to optimise financing costs within the framework of risk limits. The effect of interest rate changes on financial costs depends on the average interest fixing time of interest bearing assets and liabilities, which is measured in the company by duration. As duration is lengthening the rise of interest rates affects more slowly the interest expenses of financial liabilities. The maturity of the loan portfolio can be influenced by adjusting between floating-rate and fixed-rate loans and by using interest rate swaps.
According to the Treasury Policy, the norm for the duration is 24 months. The duration can, however, deviate between 6 to 36 months from the norm and the decision of a larger deviation has to be made by the Board of Directors. At the end of the year the average duration of loans was 18.3 months (19.8). During the reporting period duration has varied between 15 and 24 months (20-29). Of interest-bearing liabilities 30 per cent (41) is subjected to variable interest rate and the rest to fixed rates and the aver-age interest rate at the end of 2025 is 2.9 per cent (2.4). At the end of 2025, an increase of one per cent point in interest rates would, on a calculated basis, decrease net interest rate costs of the next 12 months by 0.9 million euros (decrease 0.5).
Company applies fair value hedge accounting to the interest rate swaps through which half of the fixed-rate green bond issued in May 2025 has been converted to floating-rate financing. The gross nominal volume of interest rate swap at the time of financial statements is EUR 100.0 million and it matures in 2031.
Commodity risk
In the hedging of commodity risks company applies risk management policies defined separately for each selected commodity. According to the policy, the management of commodity risks with regard to financial hedges is accomplished centralized by Mets\u00e4 Group Treasury based on the strat-egy approved by Board of Directors of Mets\u00e4 Board. Hedge accounting has been applied to all commodity hedging.
Mets\u00e4 Board is hedging the price risk of natural gas purchases by using financial hedges. Mets\u00e4 Board is hedging also the gas oil, heavy fuel oil and marine fuel oil price risk related to logistics costs (sea freights) based on commodity risk policy by using financial hedges. Mets\u00e4 Board is not hedging its pulp price risk.
Liquidity risk
Liquidity risk is defined as the risk that funds and available funding become insufficient to meet business needs, or costs that are incurred in arranging the necessary financing are unreasonable high. Liquidity risk is monitored by estimating the need for liquidity needs 12 \u2013 24 months ahead and ensu-ring that the total liquidity available will cover a main part of this need.
Liquidity risk is also managed by diversifying the use of capital and money markets to decrease dependency on any single financing source and by optimising the maturity structure of loans. Mets\u00e4 Board is using short-term working capital financing related to trade receivables and trade payables. Programs does not aim markable diversification of normal payment terms. Supplier Finance Arrangements (SFA) and the size of programs are presented in Note 4.8.
At the end of the financial period, Mets\u00e4 Board\u2019s available liquidity was EUR 559.3 million (382.6), consisting of following items: liquid assets and investments of EUR 309.3 million (182.6), a committed syndicated credit facility (revolving credit facility) of EUR 250.0 million (200.0). Of the liquid assets, EUR 307.5 million consisted of short-term deposits with Mets\u00e4 Group Treasury (179.2), and EUR 1.8 million were cash funds and investments (3.4). Other interest-bearing receivables amounted to EUR 0.4 million (0.0). In addition, Mets\u00e4 Board\u2019s liquidity reserve is complemented by Mets\u00e4 Board commercial paper program of EUR 200 million, Mets\u00e4 Group\u2019s internal undrawn short-term credit facility of EUR 150.0 million (150.0). Of long-term loans and credit facilities 2 per cent (3) fall due in a 12 month period and 27 per cent (3) have a maturity of over four years. The average maturity of long-term loans is 3.1 years (2.2). The share of short-term financing of the company\u2019s interest bearing liabilities is 8.5 per cent (21.7).
Counterparty risk
Financial instruments carry the risk that the company may incur losses should the counterparty be unable to meet its commitments. Company is managing this risk by entering into financial transactions only with most creditworthy counterparties and within pre-determined limits. During the reporting period, credit risks of financial instruments did not result in any losses. Most of the investment related credit risks are in the balance sheet of Mets\u00e4 Group Treasury, not directly on the balance sheet of Mets\u00e4 Board. Company has applied expected credit loss model to calculate the impairment of financial assets.
The management of credit risks related to commercial operations is the responsibility of Mets\u00e4 Board\u2019s executive management and Mets\u00e4 Group\u2019s centralized credit control. Management determines the limits on credit extended to customers and the applicable term of payment in cooperation with credit control. Credit control monitors the status of trade receivables and reports monthly to the company\u2019s Customer credit & Compliance Committee and management.Customer creditworthiness is assessed regularly based on customers\u2019 financial statements, payment behaviour, and information provided by rating agencies. The credit limits of individual customers are reviewed at least once a year. Credit insurance generally covers almost all credit risks, and customer credit risk was at a normal level in 2025. The main principles of credit management are defined in Mets\u00e4 Group\u2019s centralized credit control guidelines.
Trade receivables are spread across a wide geographical area reflecting the external sales structure presented in the Segment information. The largest sources of credit risk are USA, Italy, United Kingdom, Poland, Germany, Spain, Sweden, Mexico, Netherlands and Turkey. The top ten countries represent around 67 % of external trade receivables (71). At the end of 2025 the credit risk exposure for Mets\u00e4 Board\u2019s largest individual customer (an individual companies or groups of companies under common ownership) was 7,5 % (7) of total trade receivables. The ten largest customer group\u2019s (individual companies or groups of companies under common ownership) accounted for 39 % (41) of trade receivables. At the end of 2025 there was under 1.0 % (<1.0) shortfall of credit insurance limits beyond usual credit control guidelines deductibles and exclusions.
Expected credit losses on trade receivables and the age distribution of trade receivables are presented in note 4.5.
Managing the capital
In managing its capital structure, Mets\u00e4 Board aims at maintaining an effi-cient capital structure that ensures the company\u2019s operational conditions in financial and capital markets in all circumstances. Mets\u00e4 Board has a credit rating for its long-term financing (from Moody\u2019s Investor Service ja S&P Global). No target level has been defined for the credit rating.
Mets\u00e4 Board\u00b4s long-term financial target for the comparable return on capital employed is minimum 12 per cent. Additionally the company\u00b4s tar-gets, that the ratio of interest-bearing net liabilities to comparable EBITDA (last 12 months) is a maximum of 2.5. In 2025 the long-term financial targets have been kept constant.
The key ratios describing the capital structure and the capital amounts used for the calculation of the key ratios were the following:
EUR million | 2025 | 2024 |
Interest-bearing net liabilities/comparable EBITDA | 8.6 | 2.0 |
Net gearing ratio, %1) | 15 | 18 |
Interest-bearing borrowings | 564.5 | 527.4 |
./. Liquid funds | 309.3 | 182.6 |
./.Interest-bearing receivables | 0.4 | 0.0 |
Net interest bearing liabilities | 254.8 | 344.9 |
Equity attributable to shareholders of parent company | 1,590.4 | 1,743.0 |
+ Non-controlling interest | 166.3 | 164.7 |
Total Equity | 1,756.7 | 1,907.7 |
Operating profit | -169.5 | 62.3 |
Depreciations and impairments | 165.6 | 113.6 |
EBITDA | -3.9 | 175.9 |
Other operating income | 5.8 | |
Employee costs | 15.0 | |
Share of result | 4.4 | 1.4 |
Other operating expenses | 8.3 | 0.5 |
Comparable EBITDA | 29.6 | 175.0 |
1)Net gearing ratio = Interest-bearing net liabilities / Shareholders\u2019 equity
Financial covenants of external loans
Mets\u00e4 Board loan agreements and credit facility agreement include a financial covenant that is related to net gearing. Mets\u00e4 Board has been in compliance with its covenant during the financial periods 2025 and 2024.
Hedging of foreign exchange transaction exposure 31.12.2025
Annual transaction exposure | ||||||||
EUR million | USD | GBP | SEK | AUD | CAD | Other long | Other short | Total |
Transaction exposure, net (mill. currency units) | 601 | 112 | -4,314 | 3 | 60 | |||
Transaction exposure, net (EUR million) | 512 | 129 | -399 | 2 | 37 | 2 | -1 | 1,081 |
Transaction exposure hedging (EUR million) | -264 | -51 | 239 | -19 | -573 | |||
Hedging at the end of the year (months) | 6.2 | 4.8 | 7.2 | 6.0 | 6.4 | |||
Average hedging in 2025 (months) | 6.7 | 5.9 | 7.4 | 6.0 | 6.8 | |||
Average rate of hedging at the end of the year | 1.1783 | 0.8787 | 11.0346 |
Hedging of foreign exchange transaction exposure 31.12.2024
Annual transaction exposure | ||||||||
EUR million | USD | GBP | SEK | AUD | CAD | Other long | Other short | Total |
Transaction exposure, net (mill. currency units) | 888 | 99 | -6,569 | 5 | 45 | |||
Transaction exposure, net (EUR million) | 855 | 119 | -573 | 3 | 30 | 2 | -2 | 1,584 |
Transaction exposure hedging (EUR million) | -557 | -72 | 399 | -15 | -1,043 | |||
Hedging at the end of the year (months) | 7.8 | 7.2 | 8.4 | 6.0 | 7.9 | |||
Average hedging in 2025 (months) | 7.1 | 6.3 | 8.4 | 6.0 | 7.4 | |||
Average rate of hedging at the end of the year | 1.0931 | 0.8485 | 11.4789 |
Net investments in a foreign entity 31.12.2025
Equity exposure | |||||
EUR million | USD | GBP | SEK | Others | Total |
Equity (million currency units) | 122 | 5 | 7,648 | ||
Equity (EUR million) | 104 | 6 | 707 | 2 | 818 |
Net investments in a foreign entity 31.12.2024
Equity exposure | |||||
EUR million | USD | GBP | SEK | Others | Total |
Equity (million currency units) | 100 | 5 | 8,661 | ||
Equity (EUR million) | 96 | 6 | 756 | 2 | 860 |
Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.2025
Loan amount (EUR million) | Duration (months) | Average interest rate (%) | Interest rate sensitivity 1) (EUR million) | Re-pricing structure of interest rates of loans | ||||||
1\u20134/2026 | 5\u20138/2026 | 9\u201312/2026 | 2027 | 2028 | 2029 | >2029 | ||||
564 | 18.3 | 2.9 | -0.9 | -55 | -107 | -7 | -264 | -12 | -17 | -103 |
Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.2024
Loan amount (EUR million) | Duration (months) | Average interest rate (%) | Interest rate sensitivity 1) (EUR million) | Re-pricing structure of interest rates of loans | ||||||
1\u20134/2025 | 5\u20138/2025 | 9\u201312/2025 | 2026 | 2027 | 2028 | >2028 | ||||
528 | 19.8 | 2.7 | -0.5 | -200 | -8 | -8 | -12 | -265 | -15 | -21 |
1)Interest rate sensitivity is an estimate of the effect of an interest rate change of one percent in one direction on net interest cost based on year end exposure
Hedging of natural gas price risk exposure
Tons | 31 Dec 2025 | 31 Dec 2024 |
Natural Gas exposure, net | 158 | 377 |
Natural Gas hedging | 96 | 307 |
Hedging at the end of the year (%) | 61 | 81 |
Average price of hedging at the end of the year (\u20ac/tons) | 30.72 | 36.32 |
Natural Gas price risk is hedged based on defined risk management policy by financial contracts. Mets\u00e4 Board position is hedged using TTF financial contracts.
Hedging of logistics oil price risk exposure
Tons | 31 Dec 2025 | 31 Dec 2024 |
Oil exposure, net | 46,870 | 51,072 |
Oil hedging | 30,962 | 36,119 |
Hedging at the end of the year (%) | 66 | 71 |
Average price of hedging at the end of the year (\u20ac/tons) | 411.43 | 467.13 |
Logistic oil price risk is hedged based on defined risk management policy by financial contracts. Mets\u00e4 Board logistic oil exposure includes positions with bunker clause. Mets\u00e4 Board is hedging fuel price risks in maritime transport.
Market risk sensitivity 2025
Impact on equity exposure and annual transaction exposure | ||||
MEUR | Impact on financial assets and liabilities | Impact on net equity of foreign entities | Impact on annual transaction expo- sure (cash flow) | Impact on annual transaction expo- sure (cash flow) incl. hedging |
Interest rate risk (100 bp rise in interest rates) | ||||
Effect on profit | -1.7 | 0.9 | -0.8 | |
Effect on other change in equity | ||||
Commodity risk (electricity price + 20%) | ||||
Effect on profit | -4.3 | -1.5 | ||
Effect on other change in equity | 2.8 | |||
FX risk (USD - 10%) | ||||
Effect on profit | -0.8 | -51.2 | -24.7 | |
Effect on other change in equity | 24.7 | -10.4 | ||
FX risk (GBP - 10%) | ||||
Effect on profit | -12.9 | -7.7 | ||
Effect on other change in equity | 4.6 | -0.6 | ||
FX risk (SEK - 10%) | ||||
Effect on profit | -0.9 | 39.9 | 16.0 | |
Effect on other change in equity | -21.6 | -70.7 |
Market risk sensitivity 2024
Impact on equity exposure and annual transaction exposure | ||||
MEUR | Impact on financial assets and liabilities | Impact on net equity of foreign entities | Impact on annual transaction expo- sure (cash flow) | |
Impact on annual transaction expo- sure (cash flow) incl. hedging | ||||
Interest rate risk (100 bp rise in interest rates) | ||||
Effect on profit | -0.5 | -0.5 | -0.7 | |
Effect on other change in equity | 0.3 | |||
Commodity risk (electricity price + 20%) | ||||
Effect on profit | -8.2 | -1.9 | ||
Effect on other change in equity | 6.3 | |||
FX risk (USD - 10%) | ||||
Effect on profit | 1.3 | -85.5 | -29.8 | |
Effect on other change in equity | 48.0 | -9.6 | ||
FX risk (GBP - 10%) | ||||
Effect on profit | 0.1 | -11.9 | -4.8 | |
Effect on other change in equity | 6.4 | -0.6 | ||
FX risk (SEK - 10%) | ||||
Effect on profit | -1.3 | 57.3 | 17.4 | |
Effect on other change in equity | -36.0 | -75.6 |
Items with + sign = positive effect = increase of assets / decrease of liabilities / increase of cash flow\t
Items with - sign = negative effect = decrease of assets / increase of liabilities / decrease of cash flow
An entity to required to disclose a sensitivity analysis for each type of market risk to which the entity is exposed at the reporting date, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. The Group has recognised interest rates, electricity prices and foreign exchange rates as its key market risks and has set 1% interest rate rise, 20% rise in electricity price and 10% weakening of USD, GBP and SEK as reasonably possible risk variables. These currencies represent over 96% of Group\u2019s annual transaction exposure. The nature of the market price risk is relatively linear so that the size of effects of opposite market price changes do not essentially differ from the presented figures. The scenarios have been calculated by using regular principles of calculating market values of financial instruments described in the Group Accounting policies. Figures at the reporting date reflect quite well the average market risk conditions throughout the reporting period.
Additionally the Group is presenting figures describing the effects of the risk variables to its equity and annual transaction exposure (cash flow) to present a broader picture about market risks of interest rates, electricity prices and foreign exchange rates. Annual cash flows are based on esti-mates, and not not existing commercial contracts. The weakening of USD and GBP has a negative impact on annual cash flow and the weakening of SEK has a positive impact. Hedges reduce this impact depending on hedging strategy. The impact on equity of foreign entities is arising from the consolidation of subsidiaries to the Group consolidated accounts. The rise of electricity price has a negative impact on cash flow. As according to hedging policy the electricity price risk of the nearest year has mostly been hedged, the impact including hedges remains minor.
Maturity of financial liabilities and related financial expenses 2025
EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031\u2013 | Total |
Bonds | 250.0 | 200.0 | 450.0 | ||||
Loans from financial institutions | 11.8 | 11.8 | 11.8 | 11.8 | 5.0 | 52.1 | |
Finance lease liabilities | 5.3 | 3.8 | 2.5 | 1.6 | 0.8 | 0.3 | 14.3 |
Non-current interest-bearing liabilities total | 17.1 | 265.6 | 14.2 | 13.4 | 5.8 | 200.3 | 516.4 |
Current interest-bearing liabilities | 52.1 | 52.1 | |||||
Trade payables ja other liabilities | 413.7 | 413.7 | |||||
Financial liabilities total | 482.9 | 265.6 | 14.2 | 13.4 | 5.8 | 200.3 | 982.2 |
Financial expenses total | 15.1 | 15.0 | 8.0 | 7.9 | 7.8 | 7.8 | 61.6 |
Financial liabilities and expenses total | 498.1 | 280.6 | 22.3 | 21.3 | 13.6 | 208.1 | 1,043.9 |
Guarantee agreements | 0.1 | 0.4 | 0.3 | 0.7 | |||
Derivatives | |||||||
Currency derivative, liabilities | 936.7 | 936.7 | |||||
Currency derivative, receivables | -941.5 | -941.5 | |||||
Interest rate swaps | -0.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.2 | 1.3 |
Commodity derivatives | 1.9 | 1.9 | |||||
Derivatives, net | -3.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.2 | -1.7 |
Maturity of financial liabilities and related financial expenses 2024
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030\u2013 | Total |
Bonds | 250.0 | 250.0 | |||||
Loans from financial institutions | 11.8 | 111.8 | 11.8 | 11.8 | 11.8 | 5.9 | 164.7 |
Finance lease liabilities | 6.7 | 4.5 | 3.2 | 1.7 | 1.2 | 1.2 | 18.5 |
Non-current interest-bearing liabilities total | 18.4 | 116.3 | 265.0 | 13.5 | 13.0 | 7.0 | 433.2 |
Current interest-bearing liabilities | 96.4 | 96.4 | |||||
Trade payables ja other liabilities | 322.6 | 322.6 | |||||
Financial liabilities total | 437.5 | 116.3 | 265.0 | 13.5 | 13.0 | 7.0 | 852.2 |
Financial expenses total | 11.4 | 10.3 | 7.3 | 0.3 | 0.2 | 0.0 | 29.4 |
Financial liabilities and expenses total | 448.8 | 126.6 | 272.2 | 13.8 | 13.1 | 7.1 | 881.6 |
Guarantee agreements | 0.1 | 0.4 | 0.3 | 0.7 | |||
Derivatives | |||||||
Currency derivative, liabilities | 1,356.5 | 1,356.5 | |||||
Currency derivative, receivables | -1,332.2 | -1,332.2 | |||||
Interest rate swaps | -0.3 | -0.3 | |||||
Commodity derivatives | -3.6 | -3.6 | |||||
Derivatives, net | 20.5 | 20.5 |
The balance sheet value of lease liabilities was EUR 13.4 million (17.2). The balance sheet value of foreign currency derivative liabilities was EUR 6.7 million (29.5) and the balance sheet value of foreign currency derivative assets was EUR 8.3 million (5.2).
Foreign currency risk
Mets\u00e4 Board\u2019s foreign currency exposure consists of the risks associated with foreign currency flows, translation risk of net investments in foreign entities and economic currency exposure. Most of the company\u2019s costs are incurred in the euro zone and to some extent in Sweden, but a significant part of the sales is received or priced in other currencies. The exposure is formed by foreign currency denominated balance sheet exposure consist-ing of trade receivables and trade payables and 50 per cent share of the annual contracted or estimated net currency cash flow.
The main currencies of the Mets\u00e4 Board\u2019s foreign currency transaction exposure are the US dollar, the Swedish krona and the British pound. The share of dollar is 47 per cent (2024: 54), share of Swedish krona is 37 per cent (36) and share of pound is 12 per cent (8). A strengthening of the dollar and the pound has a positive impact on the financial result while a weakening has a negative impact. A weakening of the Swedish krona has a positive impact on the company\u2019s result. From other currencies Mets\u00e4 Board is hedging also Canadian dollar. The hedging policy is to keep the balance sheet exposure and 50 per cent of annual cash flow of contracted or estimated currency flows consistently hedged. The transaction expo-sure is mainly hedged by forward contracts but foreign currency loans and currency options are also used.
At the end of the financial period, the foreign exchange transaction exposure had been hedged 6.4 months on average (7.9) being 106 per cent of the hedging norm (132). During the financial period, the hedging level has varied between 6 and 8 months (7-8) being between 105 and 131 per cent of the norm (120-132). The dollar\u2019s hedging level was 6.2 months (7.8) being 103 per cent of the norm (130). The Swedish krona\u2019s hedging level was 7.2 months (8.4) being 120 per cent of the norm (139). The pound\u2019s hedging level was 4.8 months (7.2) being 80 per cent of the norm (120). Hedge accounting has been applied to hedging of transaction exposure and forwards and options allocated to hedge accounting have been used to hedge the portion of highly probable forecast sales of the currency transaction exposure.
The translation risk of a net investment in a foreign entity is generated from the consolidation of the equity of subsidiaries outside the euro area into euros in the consolidated financial statements. Mets\u00e4 Board does not hedge its equity.
Interest rate risk
The interest rate risk is related in the interest bearing receivables and loans, working capital financing and currency hedging. The most signifi-cant currencies in risk management are the euro, the US dollar, the Swe-dish krona and British pound. The objective of the interest rate risk policy is to minimise the negative impact of interest rate changes on the company\u2019s result and the financial position, and to optimise financing costs within the framework of risk limits. The effect of interest rate changes on financial costs depends on the average interest fixing time of interest bearing assets and liabilities, which is measured in the company by duration. As duration is lengthening the rise of interest rates affects more slowly the interest expenses of financial liabilities. The maturity of the loan portfolio can be influenced by adjusting between floating-rate and fixed-rate loans and by using interest rate swaps.
According to the Treasury Policy, the norm for the duration is 24 months. The duration can, however, deviate between 6 to 36 months from the norm and the decision of a larger deviation has to be made by the Board of Directors. At the end of the year the average duration of loans was 18.3 months (19.8). During the reporting period duration has varied between 15 and 24 months (20-29). Of interest-bearing liabilities 30 per cent (41) is subjected to variable interest rate and the rest to fixed rates and the aver-age interest rate at the end of 2025 is 2.9 per cent (2.4). At the end of 2025, an increase of one per cent point in interest rates would, on a calculated basis, decrease net interest rate costs of the next 12 months by 0.9 million euros (decrease 0.5).
Company applies fair value hedge accounting to the interest rate swaps through which half of the fixed-rate green bond issued in May 2025 has been converted to floating-rate financing. The gross nominal volume of interest rate swap at the time of financial statements is EUR 100.0 million and it matures in 2031.
Commodity risk
In the hedging of commodity risks company applies risk management policies defined separately for each selected commodity. According to the policy, the management of commodity risks with regard to financial hedges is accomplished centralized by Mets\u00e4 Group Treasury based on the strat-egy approved by Board of Directors of Mets\u00e4 Board. Hedge accounting has been applied to all commodity hedging.
Mets\u00e4 Board is hedging the price risk of natural gas purchases by using financial hedges. Mets\u00e4 Board is hedging also the gas oil, heavy fuel oil and marine fuel oil price risk related to logistics costs (sea freights) based on commodity risk policy by using financial hedges. Mets\u00e4 Board is not hedging its pulp price risk.
Hedging of natural gas price risk exposure
Tons | 31 Dec 2025 | 31 Dec 2024 |
Natural Gas exposure, net | 158 | 377 |
Natural Gas hedging | 96 | 307 |
Hedging at the end of the year (%) | 61 | 81 |
Average price of hedging at the end of the year (\u20ac/tons) | 30.72 | 36.32 |
Natural Gas price risk is hedged based on defined risk management policy by financial contracts. Mets\u00e4 Board position is hedged using TTF financial contracts.
Hedging of logistics oil price risk exposure
Tons | 31 Dec 2025 | 31 Dec 2024 |
Oil exposure, net | 46,870 | 51,072 |
Oil hedging | 30,962 | 36,119 |
Hedging at the end of the year (%) | 66 | 71 |
Average price of hedging at the end of the year (\u20ac/tons) | 411.43 | 467.13 |
Logistic oil price risk is hedged based on defined risk management policy by financial contracts. Mets\u00e4 Board logistic oil exposure includes positions with bunker clause. Mets\u00e4 Board is hedging fuel price risks in maritime transport.
Market risk sensitivity 2025
Impact on equity exposure and annual transaction exposure | ||||
MEUR | Impact on financial assets and liabilities | Impact on net equity of foreign entities | Impact on annual transaction expo- sure (cash flow) | Impact on annual transaction expo- sure (cash flow) incl. hedging |
Interest rate risk (100 bp rise in interest rates) | ||||
Effect on profit | -1.7 | 0.9 | -0.8 | |
Effect on other change in equity | ||||
Commodity risk (electricity price + 20%) | ||||
Effect on profit | -4.3 | -1.5 | ||
Effect on other change in equity | 2.8 | |||
FX risk (USD - 10%) | ||||
Effect on profit | -0.8 | -51.2 | -24.7 | |
Effect on other change in equity | 24.7 | -10.4 | ||
FX risk (GBP - 10%) | ||||
Effect on profit | -12.9 | -7.7 | ||
Effect on other change in equity | 4.6 | -0.6 | ||
FX risk (SEK - 10%) | ||||
Effect on profit | -0.9 | 39.9 | 16.0 | |
Effect on other change in equity | -21.6 | -70.7 |
Market risk sensitivity 2024
Impact on equity exposure and annual transaction exposure | ||||
MEUR | Impact on financial assets and liabilities | Impact on net equity of foreign entities | Impact on annual transaction expo- sure (cash flow) | |
Impact on annual transaction expo- sure (cash flow) incl. hedging | ||||
Interest rate risk (100 bp rise in interest rates) | ||||
Effect on profit | -0.5 | -0.5 | -0.7 | |
Effect on other change in equity | 0.3 | |||
Commodity risk (electricity price + 20%) | ||||
Effect on profit | -8.2 | -1.9 | ||
Effect on other change in equity | 6.3 | |||
FX risk (USD - 10%) | ||||
Effect on profit | 1.3 | -85.5 | -29.8 | |
Effect on other change in equity | 48.0 | -9.6 | ||
FX risk (GBP - 10%) | ||||
Effect on profit | 0.1 | -11.9 | -4.8 | |
Effect on other change in equity | 6.4 | -0.6 | ||
FX risk (SEK - 10%) | ||||
Effect on profit | -1.3 | 57.3 | 17.4 | |
Effect on other change in equity | -36.0 | -75.6 |
Items with + sign = positive effect = increase of assets / decrease of liabilities / increase of cash flow\t
Items with - sign = negative effect = decrease of assets / increase of liabilities / decrease of cash flow
An entity to required to disclose a sensitivity analysis for each type of market risk to which the entity is exposed at the reporting date, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. The Group has recognised interest rates, electricity prices and foreign exchange rates as its key market risks and has set 1% interest rate rise, 20% rise in electricity price and 10% weakening of USD, GBP and SEK as reasonably possible risk variables. These currencies represent over 96% of Group\u2019s annual transaction exposure. The nature of the market price risk is relatively linear so that the size of effects of opposite market price changes do not essentially differ from the presented figures. The scenarios have been calculated by using regular principles of calculating market values of financial instruments described in the Group Accounting policies. Figures at the reporting date reflect quite well the average market risk conditions throughout the reporting period.
Additionally the Group is presenting figures describing the effects of the risk variables to its equity and annual transaction exposure (cash flow) to present a broader picture about market risks of interest rates, electricity prices and foreign exchange rates. Annual cash flows are based on esti-mates, and not not existing commercial contracts. The weakening of USD and GBP has a negative impact on annual cash flow and the weakening of SEK has a positive impact. Hedges reduce this impact depending on hedging strategy. The impact on equity of foreign entities is arising from the consolidation of subsidiaries to the Group consolidated accounts. The rise of electricity price has a negative impact on cash flow. As according to hedging policy the electricity price risk of the nearest year has mostly been hedged, the impact including hedges remains minor.
Liquidity risk
Liquidity risk is defined as the risk that funds and available funding become insufficient to meet business needs, or costs that are incurred in arranging the necessary financing are unreasonable high. Liquidity risk is monitored by estimating the need for liquidity needs 12 \u2013 24 months ahead and ensu-ring that the total liquidity available will cover a main part of this need.
Liquidity risk is also managed by diversifying the use of capital and money markets to decrease dependency on any single financing source and by optimising the maturity structure of loans. Mets\u00e4 Board is using short-term working capital financing related to trade receivables and trade payables. Programs does not aim markable diversification of normal payment terms. Supplier Finance Arrangements (SFA) and the size of programs are presented in Note 4.8.
At the end of the financial period, Mets\u00e4 Board\u2019s available liquidity was EUR 559.3 million (382.6), consisting of following items: liquid assets and investments of EUR 309.3 million (182.6), a committed syndicated credit facility (revolving credit facility) of EUR 250.0 million (200.0). Of the liquid assets, EUR 307.5 million consisted of short-term deposits with Mets\u00e4 Group Treasury (179.2), and EUR 1.8 million were cash funds and investments (3.4). Other interest-bearing receivables amounted to EUR 0.4 million (0.0). In addition, Mets\u00e4 Board\u2019s liquidity reserve is complemented by Mets\u00e4 Board commercial paper program of EUR 200 million, Mets\u00e4 Group\u2019s internal undrawn short-term credit facility of EUR 150.0 million (150.0). Of long-term loans and credit facilities 2 per cent (3) fall due in a 12 month period and 27 per cent (3) have a maturity of over four years. The average maturity of long-term loans is 3.1 years (2.2). The share of short-term financing of the company\u2019s interest bearing liabilities is 8.5 per cent (21.7).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__124": { "value": "Counterparty risk
Financial instruments carry the risk that the company may incur losses should the counterparty be unable to meet its commitments. Company is managing this risk by entering into financial transactions only with most creditworthy counterparties and within pre-determined limits. During the reporting period, credit risks of financial instruments did not result in any losses. Most of the investment related credit risks are in the balance sheet of Mets\u00e4 Group Treasury, not directly on the balance sheet of Mets\u00e4 Board. Company has applied expected credit loss model to calculate the impairment of financial assets.
The management of credit risks related to commercial operations is the responsibility of Mets\u00e4 Board\u2019s executive management and Mets\u00e4 Group\u2019s centralized credit control. Management determines the limits on credit extended to customers and the applicable term of payment in cooperation with credit control. Credit control monitors the status of trade receivables and reports monthly to the company\u2019s Customer credit & Compliance Committee and management.Customer creditworthiness is assessed regularly based on customers\u2019 financial statements, payment behaviour, and information provided by rating agencies. The credit limits of individual customers are reviewed at least once a year. Credit insurance generally covers almost all credit risks, and customer credit risk was at a normal level in 2025. The main principles of credit management are defined in Mets\u00e4 Group\u2019s centralized credit control guidelines.
Trade receivables are spread across a wide geographical area reflecting the external sales structure presented in the Segment information. The largest sources of credit risk are USA, Italy, United Kingdom, Poland, Germany, Spain, Sweden, Mexico, Netherlands and Turkey. The top ten countries represent around 67 % of external trade receivables (71). At the end of 2025 the credit risk exposure for Mets\u00e4 Board\u2019s largest individual customer (an individual companies or groups of companies under common ownership) was 7,5 % (7) of total trade receivables. The ten largest customer group\u2019s (individual companies or groups of companies under common ownership) accounted for 39 % (41) of trade receivables. At the end of 2025 there was under 1.0 % (<1.0) shortfall of credit insurance limits beyond usual credit control guidelines deductibles and exclusions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__126-1": { "value": "Managing the capital
In managing its capital structure, Mets\u00e4 Board aims at maintaining an effi-cient capital structure that ensures the company\u2019s operational conditions in financial and capital markets in all circumstances. Mets\u00e4 Board has a credit rating for its long-term financing (from Moody\u2019s Investor Service ja S&P Global). No target level has been defined for the credit rating.
Mets\u00e4 Board\u00b4s long-term financial target for the comparable return on capital employed is minimum 12 per cent. Additionally the company\u00b4s tar-gets, that the ratio of interest-bearing net liabilities to comparable EBITDA (last 12 months) is a maximum of 2.5. In 2025 the long-term financial targets have been kept constant.
The key ratios describing the capital structure and the capital amounts used for the calculation of the key ratios were the following:
EUR million | 2025 | 2024 |
Interest-bearing net liabilities/comparable EBITDA | 8.6 | 2.0 |
Net gearing ratio, %1) | 15 | 18 |
Interest-bearing borrowings | 564.5 | 527.4 |
./. Liquid funds | 309.3 | 182.6 |
./.Interest-bearing receivables | 0.4 | 0.0 |
Net interest bearing liabilities | 254.8 | 344.9 |
Equity attributable to shareholders of parent company | 1,590.4 | 1,743.0 |
+ Non-controlling interest | 166.3 | 164.7 |
Total Equity | 1,756.7 | 1,907.7 |
Operating profit | -169.5 | 62.3 |
Depreciations and impairments | 165.6 | 113.6 |
EBITDA | -3.9 | 175.9 |
Other operating income | 5.8 | |
Employee costs | 15.0 | |
Share of result | 4.4 | 1.4 |
Other operating expenses | 8.3 | 0.5 |
Comparable EBITDA | 29.6 | 175.0 |
1)Net gearing ratio = Interest-bearing net liabilities / Shareholders\u2019 equity
Financial covenants of external loans
Mets\u00e4 Board loan agreements and credit facility agreement include a financial covenant that is related to net gearing. Mets\u00e4 Board has been in compliance with its covenant during the financial periods 2025 and 2024.
Hedging of foreign exchange transaction exposure 31.12.2025
Annual transaction exposure | ||||||||
EUR million | USD | GBP | SEK | AUD | CAD | Other long | Other short | Total |
Transaction exposure, net (mill. currency units) | 601 | 112 | -4,314 | 3 | 60 | |||
Transaction exposure, net (EUR million) | 512 | 129 | -399 | 2 | 37 | 2 | -1 | 1,081 |
Transaction exposure hedging (EUR million) | -264 | -51 | 239 | -19 | -573 | |||
Hedging at the end of the year (months) | 6.2 | 4.8 | 7.2 | 6.0 | 6.4 | |||
Average hedging in 2025 (months) | 6.7 | 5.9 | 7.4 | 6.0 | 6.8 | |||
Average rate of hedging at the end of the year | 1.1783 | 0.8787 | 11.0346 |
Hedging of foreign exchange transaction exposure 31.12.2024
Annual transaction exposure | ||||||||
EUR million | USD | GBP | SEK | AUD | CAD | Other long | Other short | Total |
Transaction exposure, net (mill. currency units) | 888 | 99 | -6,569 | 5 | 45 | |||
Transaction exposure, net (EUR million) | 855 | 119 | -573 | 3 | 30 | 2 | -2 | 1,584 |
Transaction exposure hedging (EUR million) | -557 | -72 | 399 | -15 | -1,043 | |||
Hedging at the end of the year (months) | 7.8 | 7.2 | 8.4 | 6.0 | 7.9 | |||
Average hedging in 2025 (months) | 7.1 | 6.3 | 8.4 | 6.0 | 7.4 | |||
Average rate of hedging at the end of the year | 1.0931 | 0.8485 | 11.4789 |
Net investments in a foreign entity 31.12.2025
Equity exposure | |||||
EUR million | USD | GBP | SEK | Others | Total |
Equity (million currency units) | 122 | 5 | 7,648 | ||
Equity (EUR million) | 104 | 6 | 707 | 2 | 818 |
Net investments in a foreign entity 31.12.2024
Equity exposure | |||||
EUR million | USD | GBP | SEK | Others | Total |
Equity (million currency units) | 100 | 5 | 8,661 | ||
Equity (EUR million) | 96 | 6 | 756 | 2 | 860 |
Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.2025
Loan amount (EUR million) | Duration (months) | Average interest rate (%) | Interest rate sensitivity 1) (EUR million) | Re-pricing structure of interest rates of loans | ||||||
1\u20134/2026 | 5\u20138/2026 | 9\u201312/2026 | 2027 | 2028 | 2029 | >2029 | ||||
564 | 18.3 | 2.9 | -0.9 | -55 | -107 | -7 | -264 | -12 | -17 | -103 |
Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.2024
Loan amount (EUR million) | Duration (months) | Average interest rate (%) | Interest rate sensitivity 1) (EUR million) | Re-pricing structure of interest rates of loans | ||||||
1\u20134/2025 | 5\u20138/2025 | 9\u201312/2025 | 2026 | 2027 | 2028 | >2028 | ||||
528 | 19.8 | 2.7 | -0.5 | -200 | -8 | -8 | -12 | -265 | -15 | -21 |
1)Interest rate sensitivity is an estimate of the effect of an interest rate change of one percent in one direction on net interest cost based on year end exposure
Hedging of natural gas price risk exposure
Tons | 31 Dec 2025 | 31 Dec 2024 |
Natural Gas exposure, net | 158 | 377 |
Natural Gas hedging | 96 | 307 |
Hedging at the end of the year (%) | 61 | 81 |
Average price of hedging at the end of the year (\u20ac/tons) | 30.72 | 36.32 |
Natural Gas price risk is hedged based on defined risk management policy by financial contracts. Mets\u00e4 Board position is hedged using TTF financial contracts.
Hedging of logistics oil price risk exposure
Tons | 31 Dec 2025 | 31 Dec 2024 |
Oil exposure, net | 46,870 | 51,072 |
Oil hedging | 30,962 | 36,119 |
Hedging at the end of the year (%) | 66 | 71 |
Average price of hedging at the end of the year (\u20ac/tons) | 411.43 | 467.13 |
Logistic oil price risk is hedged based on defined risk management policy by financial contracts. Mets\u00e4 Board logistic oil exposure includes positions with bunker clause. Mets\u00e4 Board is hedging fuel price risks in maritime transport.
Financial derivatives and hedge accounting
Accounting principles
Derivative contracts are initially recognised on the balance sheet at fair value at cost, and thereafter during their term-to-maturity revalued at their fair value at each reporting date. The fair value of derivatives is presented in non-interest-bearing receivables or liabilities. Gains and losses resulting from recognition at fair value are treated in accounting as required with regard to the intended use of the derivative contract in question. Derivatives are initially classified as either
Hedges of the exposure to changes in the fair value of receivables, liabilities or firm commitments;
Hedges of the cash flow from a highly probable forecast transaction;
Hedges of a net investment in a foreign entity, or
Derivatives to which it has been decided not to apply hedge accounting.
Mets\u00e4 Board currently applies hedge accounting for both cash flow and fair value hedges. When applying hedge accounting at the inception of a hedging relationship, the Group has documented the relationship between the hedged item and the hedging instruments, as well as the hedging strategy observed. To meet the requirements of hedge accounting, the Group has also continuously carried out effectiveness testing to verify that changes in the fair value of the hedging instrument for each hedging relationship cover any changes in the fair value of the hedged item effectively enough, with respect to the hedged risk. Changes in the fair value of the effective portion of derivative instruments that meet the criteria for cash flow hedging are recognised in other items of comprehensive income. The gains and losses recognised in equity are transferred to the income statement when the forecast sale or purchase is realised, and are recognised as an adjustment to the hedged item. If the forecast transaction is no longer expected to occur, the gain or loss accrued in equity is recog-nised immediately in the income statement.
Derivatives not subject to hedge accounting, as well as the ineffective portion of derivatives subject to hedge accounting, are measured at fair value, and changes in the value of interest rate and currency deriv-atives are recognised in financial items and changes in the value of commodity derivatives are recognised in other income and expenses.
Hedge accounting is applied as cash flow hedging to highly probable cash flows from sales denominated in foreign currencies and contractual cash flows from floating interest rates of loans. In the management of price risks related to commodities, hedge accounting is applied to cash flows from highly probable purchases of electricity, liquefied natural gas (LNG), natural gas, propane, light, heavy and 0.5% fuel oil.
In fair value hedging, the change in fair value of the effective portion of qualifying derivative instruments is recognized in the income statement under financial items together with the change in fair value of the hedged loan or the relevant portion thereof. Hedge accounting is applied as a fair value hedge for the contractual fixed interest cash flows of a fixed-rate loan.
The fair values of forward foreign exchange contracts are based on the forward prices prevailing on the balance sheet date based on the pres-ent value of cash flows calculated using market data, Currency options are measured at fair value in accordance with the Black\u2013Scholes model (Level 2). Interest rate swaps are measured at the current value of cash flows, with the calculation being based on the market interest rate yield curve (Level 2). The fair values of derivatives are measured on the basis of publicly quoted market prices (Level 1).
Management of financial risks and hedge effectiveness
The management of the Group\u2019s currency, interest rate and com-modity risks is described in more detail in Note 5.6, Management of financial risks. Note 5.7., Fair values of financial assets and liabilities, includes the fair values and grouping of derivatives. Note 5.1, Equity, includes itemisations of hedge accounting entries in the fair value reserve.
The hedging of the currency flow position is effective, given that there is a direct financial relationship between the hedged sale and the hedging derivative. The spot rate component of a forward contract or the reference value component of a currency option has been determined as the hedged item, and the forward points or the option\u2019s time value are treated as hedging costs subject to amortisation based on the period. Currency flow forecasts are fairly stable, invoicing steady within quarters and months, and forward deals are allocated to each month, due to which the ineffectiveness of hedging usually remains very low. Changes in production or the structure of sales may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly.
The hedge accounting of the cash flow from interest rates is primarily effective, given that there is a direct financial relationship between the long-term loans subject to hedging and the hedging interest rate swaps. Ineffectiveness in the hedge relationship derives from any possible differences between the loans and the swaps\u2019 interest rate periods as well as from differences in the reference rates of contract terms. The ineffective portion of interest rate hedging is recognised through profit and loss. Premature loan withdrawals or premature repayment of loans may result in a state of ineffectiveness, in which case the hedging interest rate swaps are reversed or derecognised from hedge accounting, and the change in fair value is recognised in financial items under income.
The hedging of commodity purchases is effective, given that, in lieu of the total purchase price, the hedged item is the same, identical risk component of pricing applied in the hedging derivative. In the hedging of the price risk of electricity, the hedged item is what is referred to as the portion of the system price and the hedging takes place with a sys-tem-priced electricity swap. Correspondingly, the price components of the purchases and the hedging derivative in the hedging of natural gas, propane and fuel oil are identical or nearly identical, in which case the correspondence is monitored by correlation calculations. Commodity purchases are fairly steady and hedges are allocated to each month, due to which the ineffectiveness of the hedging usually remains low. Changes in the use of various commodities may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly.
Derivatives 2025
Nominal value | Fair value | |||||
EUR million | Derivative assets | Derivative liabilities | Fair value net | Fair value through profit and loss | Fair value through other comprehensive income | |
Interest rate swaps | 100.0 | 1.3 | -1.3 | -1.3 | ||
Interest rate derivatives\t | 100.0 | 1.3 | -1.3 | -1.3 | ||
Currency forward contracts | 933.2 | 8.2 | 3.4 | 4.8 | 0.1 | 4.7 |
Currency option contracts | 51.6 | 0.2 | 0.1 | 0.1 | 0.1 | |
Currency derivatives | 984.8 | 8.3 | 3.4 | 4.9 | 0.1 | 4.8 |
Oil derivatives | 12.8 | 1.6 | -1.6 | -1.6 | ||
Natural gas and propane derivatives\t | 3.0 | 0.3 | -0.3 | -0.3 | ||
Commodity derivatives | 15.8 | 1.9 | -1.9 | -1.9 | ||
Derivatives total | 1,100.6 | 8.3 | 6.7 | 1.7 | -1.2 | 2.9 |
Derivatives 2024
Nominal value | Fair value | |||||
EUR million | Derivative assets | Derivative liabilities | Fair value net | Fair value through profit and loss | ||
Fair value through other comprehensive income | ||||||
Interest rate swaps | 50.0 | 0.3 | 0.3 | 0.3 | ||
Interest rate derivatives\t | 50.0 | 0.3 | 0.3 | 0.3 | ||
Currency forward contracts | 1,327.0 | 5.2 | 25.4 | -20.3 | -1.9 | -18.4 |
Currency option contracts | 496.6 | 0.0 | 4.1 | -4.0 | -4.0 | |
Currency derivatives | 1,823.6 | 5.2 | 29.5 | -24.3 | -1.9 | -22.5 |
Oil derivatives | 16.8 | 0.8 | 0.2 | 0.7 | 0.7 | |
Natural gas and propane derivatives\t | 11.1 | 2.9 | 2.9 | 2.9 | ||
Commodity derivatives | 28.0 | 3.8 | 0.2 | 3.6 | 3.6 | |
Derivatives total | 1,901.6 | 9.2 | 29.7 | -20.5 | -1.9 | -18.6 |
Changes in the value of hedge accounting and the effects on profit or loss are presented in Note 5.1 Equity.
Economic effect of the net settlement of instruments under master netting agreements executed
2025 | 2024 | |||||
Financial derivatives on-balance sheet | ||||||
Assets and liabilities related to master netting agreements | Net risk | Financial derivatives on-balance sheet | ||||
Assets and liabilities related to master netting agreements | Net risk | |||||
Derivative assets | 9.2 | 9.2 | 9.2 | 9.2 | ||
Derivative liabilities | -29.7 | -29.7 | -29.7 | -29.7 |
Mets\u00e4 Board enters into derivative contracts only with Mets\u00e4 Group Treasury Oy.\t
Derivative maturities 2025
EUR million | 1\u20136 months | 7\u201312 months | 1\u20135 years | over 5 years | Hedged cash flow total |
Interest rate derivatives, hedge accounting, cash flow hedge | 100.0 | 100.0 | |||
Currency rate derivatives, hedge accounting, cash flow hedge | 473.8 | 99.6 | 573.4 | ||
Currency derivatives, no hedge accounting | 72.1 | 72.1 | |||
Commodity derivatives, hedge accounting, cash flow hedge | 7.9 | 7.9 | 15.8 |
Derivative maturities 2024
EUR million | 1\u20136 months | 7\u201312 months | 1\u20135 years | over 5 years | Hedged cash flow total |
Interest rate derivatives, hedge accounting, cash flow hedge | 50.0 | 50.0 | |||
Currency rate derivatives, hedge accounting, cash flow hedge | 704.7 | 290.7 | 995.4 | ||
Currency derivatives, no hedge accounting | 164.7 | 164.7 | |||
Commodity derivatives, hedge accounting, cash flow hedge | 14.0 | 14.0 | 28.0 |
Maturity of financial liabilities and related financial expenses 2025
EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031\u2013 | Total |
Bonds | 250.0 | 200.0 | 450.0 | ||||
Loans from financial institutions | 11.8 | 11.8 | 11.8 | 11.8 | 5.0 | 52.1 | |
Finance lease liabilities | 5.3 | 3.8 | 2.5 | 1.6 | 0.8 | 0.3 | 14.3 |
Non-current interest-bearing liabilities total | 17.1 | 265.6 | 14.2 | 13.4 | 5.8 | 200.3 | 516.4 |
Current interest-bearing liabilities | 52.1 | 52.1 | |||||
Trade payables ja other liabilities | 413.7 | 413.7 | |||||
Financial liabilities total | 482.9 | 265.6 | 14.2 | 13.4 | 5.8 | 200.3 | 982.2 |
Financial expenses total | 15.1 | 15.0 | 8.0 | 7.9 | 7.8 | 7.8 | 61.6 |
Financial liabilities and expenses total | 498.1 | 280.6 | 22.3 | 21.3 | 13.6 | 208.1 | 1,043.9 |
Guarantee agreements | 0.1 | 0.4 | 0.3 | 0.7 | |||
Derivatives | |||||||
Currency derivative, liabilities | 936.7 | 936.7 | |||||
Currency derivative, receivables | -941.5 | -941.5 | |||||
Interest rate swaps | -0.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.2 | 1.3 |
Commodity derivatives | 1.9 | 1.9 | |||||
Derivatives, net | -3.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.2 | -1.7 |
Maturity of financial liabilities and related financial expenses 2024
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030\u2013 | Total |
Bonds | 250.0 | 250.0 | |||||
Loans from financial institutions | 11.8 | 111.8 | 11.8 | 11.8 | 11.8 | 5.9 | 164.7 |
Finance lease liabilities | 6.7 | 4.5 | 3.2 | 1.7 | 1.2 | 1.2 | 18.5 |
Non-current interest-bearing liabilities total | 18.4 | 116.3 | 265.0 | 13.5 | 13.0 | 7.0 | 433.2 |
Current interest-bearing liabilities | 96.4 | 96.4 | |||||
Trade payables ja other liabilities | 322.6 | 322.6 | |||||
Financial liabilities total | 437.5 | 116.3 | 265.0 | 13.5 | 13.0 | 7.0 | 852.2 |
Financial expenses total | 11.4 | 10.3 | 7.3 | 0.3 | 0.2 | 0.0 | 29.4 |
Financial liabilities and expenses total | 448.8 | 126.6 | 272.2 | 13.8 | 13.1 | 7.1 | 881.6 |
Guarantee agreements | 0.1 | 0.4 | 0.3 | 0.7 | |||
Derivatives | |||||||
Currency derivative, liabilities | 1,356.5 | 1,356.5 | |||||
Currency derivative, receivables | -1,332.2 | -1,332.2 | |||||
Interest rate swaps | -0.3 | -0.3 | |||||
Commodity derivatives | -3.6 | -3.6 | |||||
Derivatives, net | 20.5 | 20.5 |
The balance sheet value of lease liabilities was EUR 13.4 million (17.2). The balance sheet value of foreign currency derivative liabilities was EUR 6.7 million (29.5) and the balance sheet value of foreign currency derivative assets was EUR 8.3 million (5.2).
5.7 Classification and fair values of financial assets and liabilities
Classification and fair values of financial assets and liabilities 2025
EUR million | Note | Fair value through profit and loss | Fair value through other comprehensive income | Amortised cost | Total carrying amount |
Financial assets | |||||
Other non-current investments | 4.3 | 1.4 | 184.8 | 186.2 | |
Other non-current financial assets | 5.3 | 1.0 | 1.0 | ||
Trade receivables and other receivables | 4.5 | 202.1 | 202.1 | ||
Cash and cash equivalents | 5.4 | 309.3 | 309.3 | ||
Derivative financial instruments | 5.7 | 0.7 | 7.6 | 8.3 | |
Total carrying amount | 2.2 | 192.4 | 512.5 | 707.0 | |
Total fair value | 2.2 | 192.4 | 512.5 | 707.0 | |
Financial liabilities | |||||
Non-current interest-bearing financial liabilities | 5.5 | 495.7 | 495.7 | ||
Current interest-bearing financial liabilities | 5.5 | 68.8 | 68.8 | ||
Trade payables and other liabilities | 4.7 | 413.7 | 413.7 | ||
Derivative financial instruments | 5.7 | 0.6 | 6.0 | 6.7 | |
Total carrying amount | 0.6 | 6.0 | 978.2 | 984.8 | |
Total fair value | 0.6 | 6.0 | 970.6 | 977.3 |
Classification and fair values of financial assets and liabilities 2024
EUR million | Note | Fair value through profit and loss | Fair value through other comprehensive income | Amortised cost | Total carrying amount |
Financial assets | |||||
Other non-current investments | 4.3 | 1.4 | 218.3 | 219.7 | |
Other non-current financial assets | 5.3 | 0.7 | 0.7 | ||
Trade receivables and other receivables | 4.5 | 240.0 | 240.0 | ||
Cash and cash equivalents | 5.4 | 182.6 | 182.6 | ||
Derivative financial instruments | 5.7 | 1.2 | 8.0 | 9.2 | |
Total carrying amount | 2.7 | 226.3 | 423.2 | 652.1 | |
Total fair value | 2.7 | 226.3 | 423.2 | 652.1 | |
Financial liabilities | |||||
Non-current interest-bearing financial liabilities | 5.5 | 411.9 | 411.9 | ||
Current interest-bearing financial liabilities | 5.5 | 115.5 | 115.5 | ||
Trade payables and other liabilities | 4.7 | 322.6 | 322.6 | ||
Derivative financial instruments | 5.7 | 3.1 | 26.6 | 29.7 | |
Total carrying amount | 3.1 | 26.6 | 850.0 | 879.7 | |
Total fair value | 3.1 | 26.6 | 849.1 | 878.8 |
Trade receivables and other receivables do not include VAT receivables and prepayments and accrued income. Trade payables and other financial liabilities do not include advance payments, VAT payables and accruals and deferred income.
In Mets\u00e4 Board, all interest-bearing liabilities are valued in the balance sheet at amortised cost based on effective interest method. Fair values are
based on present value of cash flow of each liability or assets calculated by market rate. The discount rates applied are between 1.4\u20134.1% (1.7\u20133.6). The fair values of accounts and other receivables and trade payables and other liabilities do not materially deviate from their carrying amounts in the balance sheet.
Fair value hierarchy of financial assets and liabilities
Accounting principles
Financial assets and liabilities measured at fair value have been categorised as follows:
Level 1\tFair value is based on quoted prices in active markets.
Level 2\tFair value is determined by using valuation techniques that use observable price information from market.
Level 3\tFair value are not based on observable market data, but on company\u2019s own assumptions.
Fair value hierarchy of financial assets and liabilities 2025
31 Dec 2025 | |||||
EUR million | Note | Level 1 | Level 2 | Level 3 | Total |
Financial assets at fair value | |||||
Other non-current investments | 4.3 | 186.2 | 186.2 | ||
Derivative financial assets | 5.7 | 8.3 | 8.3 | ||
Financial liabilities measured at fair value | |||||
Derivative financial liabilities | 5.7 | 1.9 | 4.8 | 6.7 | |
Financial assets not measured at fair value | |||||
Cash and cash equivalents | 5.4 | 309.3 | 309.3 | ||
Financial liabilities not measured at fair value | |||||
Non-current interest-bearing financial liabilities | 5.5 | 488.3 | 488.3 | ||
Current interest-bearing financial liabilities | 5.5 | 68.6 | 68.6 |
Fair value hierarchy of financial assets and liabilities 2024
31 Dec 2024 | |||||
EUR million | Note | Level 1 | Level 2 | Level 3 | Total |
Financial assets at fair value | |||||
Other non-current investments | 4.3 | 219.7 | 219.7 | ||
Derivative financial assets | 5.7 | 3.8 | 5.5 | 9.2 | |
Financial liabilities measured at fair value | |||||
Derivative financial liabilities | 5.7 | 0.2 | 29.5 | 29.7 | |
Financial assets not measured at fair value | |||||
Cash and cash equivalents | 5.4 | 182.6 | 182.6 | ||
Financial liabilities not measured at fair value | |||||
Non-current interest-bearing financial liabilities | 5.5 | 411.2 | 411.2 | ||
Current interest-bearing financial liabilities | 5.5 | 115.2 | 115.2 |
Other non-current investments measured at fair value based on level 3 valuation
EUR million | 2025 | 2024 |
Value 1 Jan | 219.7 | 254.4 |
Total gains and losses in other comprehensive income | -33.5 | -34.6 |
Purchases | 0.0 | |
Sales | 0.0 | -0.1 |
Value Dec 31. | 186.2 | 219.7 |
Fair value hierarchy of financial assets and liabilities
Accounting principles
Financial assets and liabilities measured at fair value have been categorised as follows:
Level 1\tFair value is based on quoted prices in active markets.
Level 2\tFair value is determined by using valuation techniques that use observable price information from market.
Level 3\tFair value are not based on observable market data, but on company\u2019s own assumptions.
Other non-current investments measured at fair value based on level 3 valuation
EUR million | 2025 | 2024 |
Value 1 Jan | 219.7 | 254.4 |
Total gains and losses in other comprehensive income | -33.5 | -34.6 |
Purchases | 0.0 | |
Sales | 0.0 | -0.1 |
Value Dec 31. | 186.2 | 219.7 |
Financial derivatives and hedge accounting
Accounting principles
Derivative contracts are initially recognised on the balance sheet at fair value at cost, and thereafter during their term-to-maturity revalued at their fair value at each reporting date. The fair value of derivatives is presented in non-interest-bearing receivables or liabilities. Gains and losses resulting from recognition at fair value are treated in accounting as required with regard to the intended use of the derivative contract in question. Derivatives are initially classified as either
Hedges of the exposure to changes in the fair value of receivables, liabilities or firm commitments;
Hedges of the cash flow from a highly probable forecast transaction;
Hedges of a net investment in a foreign entity, or
Derivatives to which it has been decided not to apply hedge accounting.
Mets\u00e4 Board currently applies hedge accounting for both cash flow and fair value hedges. When applying hedge accounting at the inception of a hedging relationship, the Group has documented the relationship between the hedged item and the hedging instruments, as well as the hedging strategy observed. To meet the requirements of hedge accounting, the Group has also continuously carried out effectiveness testing to verify that changes in the fair value of the hedging instrument for each hedging relationship cover any changes in the fair value of the hedged item effectively enough, with respect to the hedged risk. Changes in the fair value of the effective portion of derivative instruments that meet the criteria for cash flow hedging are recognised in other items of comprehensive income. The gains and losses recognised in equity are transferred to the income statement when the forecast sale or purchase is realised, and are recognised as an adjustment to the hedged item. If the forecast transaction is no longer expected to occur, the gain or loss accrued in equity is recog-nised immediately in the income statement.
Derivatives not subject to hedge accounting, as well as the ineffective portion of derivatives subject to hedge accounting, are measured at fair value, and changes in the value of interest rate and currency deriv-atives are recognised in financial items and changes in the value of commodity derivatives are recognised in other income and expenses.
Hedge accounting is applied as cash flow hedging to highly probable cash flows from sales denominated in foreign currencies and contractual cash flows from floating interest rates of loans. In the management of price risks related to commodities, hedge accounting is applied to cash flows from highly probable purchases of electricity, liquefied natural gas (LNG), natural gas, propane, light, heavy and 0.5% fuel oil.
In fair value hedging, the change in fair value of the effective portion of qualifying derivative instruments is recognized in the income statement under financial items together with the change in fair value of the hedged loan or the relevant portion thereof. Hedge accounting is applied as a fair value hedge for the contractual fixed interest cash flows of a fixed-rate loan.
The fair values of forward foreign exchange contracts are based on the forward prices prevailing on the balance sheet date based on the pres-ent value of cash flows calculated using market data, Currency options are measured at fair value in accordance with the Black\u2013Scholes model (Level 2). Interest rate swaps are measured at the current value of cash flows, with the calculation being based on the market interest rate yield curve (Level 2). The fair values of derivatives are measured on the basis of publicly quoted market prices (Level 1).
Management of financial risks and hedge effectiveness
The management of the Group\u2019s currency, interest rate and com-modity risks is described in more detail in Note 5.6, Management of financial risks. Note 5.7., Fair values of financial assets and liabilities, includes the fair values and grouping of derivatives. Note 5.1, Equity, includes itemisations of hedge accounting entries in the fair value reserve.
The hedging of the currency flow position is effective, given that there is a direct financial relationship between the hedged sale and the hedging derivative. The spot rate component of a forward contract or the reference value component of a currency option has been determined as the hedged item, and the forward points or the option\u2019s time value are treated as hedging costs subject to amortisation based on the period. Currency flow forecasts are fairly stable, invoicing steady within quarters and months, and forward deals are allocated to each month, due to which the ineffectiveness of hedging usually remains very low. Changes in production or the structure of sales may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly.
The hedge accounting of the cash flow from interest rates is primarily effective, given that there is a direct financial relationship between the long-term loans subject to hedging and the hedging interest rate swaps. Ineffectiveness in the hedge relationship derives from any possible differences between the loans and the swaps\u2019 interest rate periods as well as from differences in the reference rates of contract terms. The ineffective portion of interest rate hedging is recognised through profit and loss. Premature loan withdrawals or premature repayment of loans may result in a state of ineffectiveness, in which case the hedging interest rate swaps are reversed or derecognised from hedge accounting, and the change in fair value is recognised in financial items under income.
The hedging of commodity purchases is effective, given that, in lieu of the total purchase price, the hedged item is the same, identical risk component of pricing applied in the hedging derivative. In the hedging of the price risk of electricity, the hedged item is what is referred to as the portion of the system price and the hedging takes place with a sys-tem-priced electricity swap. Correspondingly, the price components of the purchases and the hedging derivative in the hedging of natural gas, propane and fuel oil are identical or nearly identical, in which case the correspondence is monitored by correlation calculations. Commodity purchases are fairly steady and hedges are allocated to each month, due to which the ineffectiveness of the hedging usually remains low. Changes in the use of various commodities may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly.
6. Income taxes
Accounting principles
Tax expenses in the income statement consist of taxes based on the taxable income for the period, taxes for previous periods, and deferred tax assets and liabilities. The tax effect related to the items recorded in the comprehensive income statement is recognised in the comprehensive income statement. Taxes based on the taxable income for the period are calculated based on taxable income in accordance with the tax rate as it stands in each country at that time.
Deferred tax assets and liabilities are calculated on the temporary differences between the carrying amount and the tax base in accordance with the tax rates enacted as at the balance sheet date.
No deferred taxes are recognised for non-deductible goodwill, and no deferred taxes are recognised for subsidiaries\u2019 undistrib-uted profits to the extent that the difference will not likely realise in the predictable future. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which a deductible temporary difference can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes are related to the same taxation authority.
The most significant temporary differences arise from depre-ciation of property, plant and equipment; the measurement of other investments and derivatives contracts at fair value; defined benefit plans; unused tax losses; and measurement at fair value in conjunction with acquisitions of business operations.
Key estimates and judgements
The management\u2019s judgement is required for determining the taxes based on the result for the period, deferred tax assets and liabilities, and the extent to which deferred tax assets are recorded. Management assesses the recognition criteria for deferred tax assets by considering the factors underlying the losses and their recurrence, as well as by evaluating profit fore-casts and historical profitability. The recognition of deferred tax assets is further supported by the expected realization of taxable temporary differences in the future. The assumptions used in the assessment are consistent with those applied elsewhere in the financial statements. The Group is subject to income taxation in several countries, and the final amount of tax is uncertain for sev-eral business operations and calculations. The Group anticipates future tax audits and recognises liabilities based on estimates of whether further taxes will need to be paid. If the associated final tax differs from the originally recorded amounts, the difference has an effect on both the taxes based on the taxable income for the period, and on deferred tax receivables and liabilities.
EUR million | 2025 | 2024 |
Income taxes for the financial period | -6.8 | -4.6 |
Income taxes from previous periods | -0.5 | -0.2 |
Deferred taxes | 29.6 | -7.3 |
Income taxes total | 22.3 | -12.0 |
Income tax reconciliation
EUR million | 2025 | 2024 |
Result before tax | -186.9 | 51.4 |
Calculated tax at Finnish statutory rate of 20.0% | 37.4 | -10.3 |
Effects of differences between Finnish and non-Finnish tax rates | -0.4 | -0.7 |
Tax exempt income | 0.7 | 0.9 |
Non-deductible expenses | -0.6 | -0.4 |
Reassessment of deferred taxes | -7.3 | 0.4 |
Use of unrecognised tax losses | 0.2 | 0.3 |
Share of result from associate companies and joint ventures | -7.5 | -1.8 |
Income taxes from previous periods | -0.5 | -0.2 |
Other | 0.2 | -0.4 |
Income taxes total | 22.3 | -12.0 |
Effective tax rate, % | 11.9 | 23.3 |
The income tax expense for the financial period was increased by a EUR 6.8 million write-down of a deferred tax asset related to the non-deductible interest expenses of Mets\u00e4 Board Sverige Ab. Taxes reported in other comprehensive income are specified in Note 5.1.
The OECD Pillar II provisions on a global minimum tax rate on the income of international corporations have applied to Mets\u00e4 Board since 1 January 2024. According to the provisions, if in any of a group\u2019s operating countries, the aggregate effective tax rate, calculated in accordance with the provisions concerning minimum taxation, remains below 15%, a top-up tax is imposed to raise the effective tax rate in the country in question to 15%. Mets\u00e4 Board has not recognised a top-up tax based on the minimum tax provisions for any operating country in the 2024 or 2025 financial state-ments. Board applies the exception under IAS 12, and has not recognised or disclosed information about the deferred tax assets or liabilities related to Pillar II income taxes.
6. Income taxes
Accounting principles
Tax expenses in the income statement consist of taxes based on the taxable income for the period, taxes for previous periods, and deferred tax assets and liabilities. The tax effect related to the items recorded in the comprehensive income statement is recognised in the comprehensive income statement. Taxes based on the taxable income for the period are calculated based on taxable income in accordance with the tax rate as it stands in each country at that time.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__142": { "value": "Deferred tax assets and liabilities are calculated on the temporary differences between the carrying amount and the tax base in accordance with the tax rates enacted as at the balance sheet date.
No deferred taxes are recognised for non-deductible goodwill, and no deferred taxes are recognised for subsidiaries\u2019 undistrib-uted profits to the extent that the difference will not likely realise in the predictable future. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which a deductible temporary difference can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes are related to the same taxation authority.
The most significant temporary differences arise from depre-ciation of property, plant and equipment; the measurement of other investments and derivatives contracts at fair value; defined benefit plans; unused tax losses; and measurement at fair value in conjunction with acquisitions of business operations.
Key estimates and judgements
The management\u2019s judgement is required for determining the taxes based on the result for the period, deferred tax assets and liabilities, and the extent to which deferred tax assets are recorded. Management assesses the recognition criteria for deferred tax assets by considering the factors underlying the losses and their recurrence, as well as by evaluating profit fore-casts and historical profitability. The recognition of deferred tax assets is further supported by the expected realization of taxable temporary differences in the future. The assumptions used in the assessment are consistent with those applied elsewhere in the financial statements. The Group is subject to income taxation in several countries, and the final amount of tax is uncertain for sev-eral business operations and calculations. The Group anticipates future tax audits and recognises liabilities based on estimates of whether further taxes will need to be paid. If the associated final tax differs from the originally recorded amounts, the difference has an effect on both the taxes based on the taxable income for the period, and on deferred tax receivables and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__139": { "value": "Deferred tax assets and liabilities 2025
EUR million | 1 Jan 2025 | Charged to income statement | Charged to other comprehensive income | Translation differences | 31 Dec 2025 |
Deferred tax assets | |||||
Inventories | 2.6 | -0.5 | 0.0 | 2.1 | |
Pension obligations and provisions | 3.1 | 0.0 | 0.2 | 0.2 | 3.5 |
Lease liabilities | 2.1 | -1.6 | 0.0 | 0.5 | |
Unused tax losses and credits | 25.5 | 44.8 | 2.0 | 72.3 | |
Financial instruments | 5.6 | -5.8 | 0.2 | ||
Other temporary differences | 2.5 | 0.8 | -0.2 | 3.1 | |
Total | 41.4 | 37.7 | 0.2 | 2.2 | 81.5 |
Netting against liabilities | -36.2 | -37.7 | -1.7 | -75.6 | |
Deferred tax assets in balance sheet | 5.2 | 0.0 | 0.2 | 0.5 | 6.0 |
Deferred tax liabilities | |||||
Intangible and tangible assets (excluding leases) | 119.6 | 7.5 | 4.5 | 131.6 | |
Lease agreements | 2.7 | -0.5 | -0.1 | 2.0 | |
Other investments | 37.8 | -6.7 | 31.1 | ||
Pensions | 0.4 | 0.4 | -0.7 | 0.2 | 0.4 |
Financial instruments | -1.6 | 1.2 | 4.3 | -0.7 | 3.2 |
Other temporary differences | 0.5 | -0.5 | 0.1 | -0.1 | 0.0 |
Total | 159.4 | 8.1 | -2.9 | 3.7 | 168.3 |
Netting against receivables | -36.2 | -37.7 | -1.7 | -75.6 | |
Deferred tax liabilities in balance sheet | 123.2 | -29.6 | -2.9 | 2.0 | 92.8 |
Deferred tax assets and liabilities 2024
EUR million | 1 Jan 2024 | Charged to income statement | Charged to other comprehensive income | Translation differences | 31 Dec 2024 |
Deferred tax assets | |||||
Inventories | 4.8 | -2.8 | 0.1 | 2.1 | |
Pension obligations and provisions | 3.5 | -0.8 | 0.1 | 0.3 | 3.1 |
Lease liabilities | 4.1 | -1.5 | 0.0 | 2.6 | |
Financial instruments | 5.6 | 0.0 | 5.6 | ||
Unused tax losses and credits | 29.7 | -3.3 | -0.9 | 25.5 | |
Other temporary differences | 3.8 | -1.0 | -0.3 | 2.5 | |
Total | 45.9 | -3.8 | 0.1 | -0.8 | 41.4 |
Netting against liabilities | -36.4 | 0.9 | -0.7 | -36.2 | |
Deferred tax assets in balance sheet | 9.5 | -2.9 | 0.1 | -1.5 | 5.2 |
Deferred tax liabilities | |||||
Intangible and tangible assets (excluding leases) | 119.3 | 2.9 | -2.6 | 119.6 | |
Lease agreements | 3.9 | -1.2 | 0.0 | 2.7 | |
Other investments | 44.7 | -6.9 | 37.8 | ||
Pensions | 0.3 | 0.1 | -0.3 | 0.4 | 0.4 |
Financial instruments | 5.9 | 0.5 | -7.8 | -0.2 | -1.6 |
Other temporary differences | 1.4 | 1.1 | -2.1 | 0.5 | |
Total | 175.5 | 3.4 | -15.1 | -4.5 | 159.4 |
Netting against receivables | -36.4 | 0.9 | -0.7 | -36.2 | |
Deferred tax liabilities in balance sheet | 139.2 | 4.3 | -15.1 | -5.1 | 123.2 |
The Group has recognised deferred tax assets from tax losses of EUR 53.8 million (22.6) in Sweden, EUR 17.6 million (2.2) in Finland and EUR 0.9 million (0.9) in other countries. Management estimates that the Group will accrue taxable income in the coming years, from which losses can be deducted. Tax losses do not expire except in Finland, where the expiration period is 10 years.
The tax losses whose amount or usability is uncertain, and for which deferred tax assets have therefore not been recognized, totaled approximately EUR 125 (90) million in Germany, Sweden and the United Kingdom. The unrecognized deferred tax asset relating to these tax losses amounts to approximately EUR 36 (29) million. Of the tax losses, EUR 91 million do not expire, while EUR 34 million will expire within five years.
Deferred tax assets and liabilities 2025
EUR million | 1 Jan 2025 | Charged to income statement | Charged to other comprehensive income | Translation differences | 31 Dec 2025 |
Deferred tax assets | |||||
Inventories | 2.6 | -0.5 | 0.0 | 2.1 | |
Pension obligations and provisions | 3.1 | 0.0 | 0.2 | 0.2 | 3.5 |
Lease liabilities | 2.1 | -1.6 | 0.0 | 0.5 | |
Unused tax losses and credits | 25.5 | 44.8 | 2.0 | 72.3 | |
Financial instruments | 5.6 | -5.8 | 0.2 | ||
Other temporary differences | 2.5 | 0.8 | -0.2 | 3.1 | |
Total | 41.4 | 37.7 | 0.2 | 2.2 | 81.5 |
Netting against liabilities | -36.2 | -37.7 | -1.7 | -75.6 | |
Deferred tax assets in balance sheet | 5.2 | 0.0 | 0.2 | 0.5 | 6.0 |
Deferred tax liabilities | |||||
Intangible and tangible assets (excluding leases) | 119.6 | 7.5 | 4.5 | 131.6 | |
Lease agreements | 2.7 | -0.5 | -0.1 | 2.0 | |
Other investments | 37.8 | -6.7 | 31.1 | ||
Pensions | 0.4 | 0.4 | -0.7 | 0.2 | 0.4 |
Financial instruments | -1.6 | 1.2 | 4.3 | -0.7 | 3.2 |
Other temporary differences | 0.5 | -0.5 | 0.1 | -0.1 | 0.0 |
Total | 159.4 | 8.1 | -2.9 | 3.7 | 168.3 |
Netting against receivables | -36.2 | -37.7 | -1.7 | -75.6 | |
Deferred tax liabilities in balance sheet | 123.2 | -29.6 | -2.9 | 2.0 | 92.8 |
Deferred tax assets and liabilities 2024
EUR million | 1 Jan 2024 | Charged to income statement | Charged to other comprehensive income | Translation differences | 31 Dec 2024 |
Deferred tax assets | |||||
Inventories | 4.8 | -2.8 | 0.1 | 2.1 | |
Pension obligations and provisions | 3.5 | -0.8 | 0.1 | 0.3 | 3.1 |
Lease liabilities | 4.1 | -1.5 | 0.0 | 2.6 | |
Financial instruments | 5.6 | 0.0 | 5.6 | ||
Unused tax losses and credits | 29.7 | -3.3 | -0.9 | 25.5 | |
Other temporary differences | 3.8 | -1.0 | -0.3 | 2.5 | |
Total | 45.9 | -3.8 | 0.1 | -0.8 | 41.4 |
Netting against liabilities | -36.4 | 0.9 | -0.7 | -36.2 | |
Deferred tax assets in balance sheet | 9.5 | -2.9 | 0.1 | -1.5 | 5.2 |
Deferred tax liabilities | |||||
Intangible and tangible assets (excluding leases) | 119.3 | 2.9 | -2.6 | 119.6 | |
Lease agreements | 3.9 | -1.2 | 0.0 | 2.7 | |
Other investments | 44.7 | -6.9 | 37.8 | ||
Pensions | 0.3 | 0.1 | -0.3 | 0.4 | 0.4 |
Financial instruments | 5.9 | 0.5 | -7.8 | -0.2 | -1.6 |
Other temporary differences | 1.4 | 1.1 | -2.1 | 0.5 | |
Total | 175.5 | 3.4 | -15.1 | -4.5 | 159.4 |
Netting against receivables | -36.4 | 0.9 | -0.7 | -36.2 | |
Deferred tax liabilities in balance sheet | 139.2 | 4.3 | -15.1 | -5.1 | 123.2 |
The Group has recognised deferred tax assets from tax losses of EUR 53.8 million (22.6) in Sweden, EUR 17.6 million (2.2) in Finland and EUR 0.9 million (0.9) in other countries. Management estimates that the Group will accrue taxable income in the coming years, from which losses can be deducted. Tax losses do not expire except in Finland, where the expiration period is 10 years.
The tax losses whose amount or usability is uncertain, and for which deferred tax assets have therefore not been recognized, totaled approximately EUR 125 (90) million in Germany, Sweden and the United Kingdom. The unrecognized deferred tax asset relating to these tax losses amounts to approximately EUR 36 (29) million. Of the tax losses, EUR 91 million do not expire, while EUR 34 million will expire within five years.
7.1 Group companies
Accounting principles
Subsidiaries
The financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi-nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group\u2019s principles.
The parent company\u2019s owners\u2019 and non-controlling interests\u2019 shares of the result for the period and comprehensive income are presented in
the income statement and the distribution of comprehensive income in the statement of comprehensive income. The non-controlling interests\u2019 share of equity is presented as a separate item under equity on the balance sheet.
Joint operations
A joint operation is a joint arrangement in which parties who have joint control in the arrangement have rights concerning the assets related to the arrangement and obligations concerning liabilities. The Group consolidates its proportion of the assets, liabilities, income and expenses of the joint operation in its financial statements.
Subsidiaries and joint operations 31 December 2025
Mets\u00e4 Board Plc holdings in Group companies
Country | Holding, % | Number of shares | Book value EUR | |
Holdings in parent company | ||||
Mets\u00e4liitto Cooperative | Finland | - | 753,621 | 753,620.71 |
Subsidiary shares | ||||
In Finland | ||||
Mets\u00e4 Board International Oy | Finland | 100.00 | 10,000 | 23,347,464.13 |
in other countries | ||||
Metsa Board Americas Corporation 1) | USA | 100.00 | 18,000 | 12,494,018.39 |
Mets\u00e4 Board Benelux n.v./s.a 1) | Belgium | 0.08 | 2 | 0.00 |
Mets\u00e4 Board Deutschland GmbH | Germany | 100.00 | 1 | 0.00 |
Metsa Board Ib\u00e9ria S.A.1) | Spain | 1.00 | 100 | 1,561.63 |
Mets\u00e4 Board Sverige Ab | Sweden | 100.00 | 10,000,000 | 750,358,228.09 |
Subsidiary shares total | 786,201,272.24 | |||
Shares and holdings in Group companies | 786,954,892.95 |
1) Total Group holding 100.0%
Subgroup in Finland | ||||
Mets\u00e4 Board International Oy | ||||
Mets\u00e4 Board Benelux n.v./s.a 1) | Belgium | 99.92 | 2,919 | 140,001.71 |
Mets\u00e4 Board France SAS | France | 100.00 | 8,211 | 418,951.75 |
Metsa Board Ib\u00e9ria S.A. 1) | Spain | 99.00 | 147,771 | 155,316.78 |
Metsa Board Italia S.r.l. | Italy | 100.00 | 100,000 | 1,250,691.84 |
Mets\u00e4 Board Polska Sp. Z o.o. | Poland | 100.00 | 232 | 54,458.58 |
Metsa Board Singapore Pte Ltd | Singapore | 100.00 | 10,000 | 4,036.51 |
Metsa Board Singapore Pte Ltd Indian Branch | India | 100.00 | - | - |
Metsa Board Turkey LLC | Turkey | 100.00 | 400 | 2,303.66 |
Metsa Board UK Ltd | United Kingdom | 100.00 | 2,400 | 264,172.02 |
Metsa Board Australia and New Zealand Pty Ltd | Australia | 100.00 | 1 | 41,827.54 |
Total | 2,331,760.39 |
1) Total Group holding 100.0%
Country | Holding, % | Number of shares | Book value EUR | |
Subgroup in other countries | ||||
Mets\u00e4 Board Sverige Ab | ||||
Husum Pulp Ab | Sweden | 70.00 | 85,664 | 195,525,591.67 |
Material subsidiaries
Mets\u00e4 Board has two material subsidiaries:
Mets\u00e4 Board Sverige AB
Mets\u00e4 Board Sverige AB is located in \u00d6rnsk\u00f6ldsvik, Sweden. Mets\u00e4 Board Sverige AB produces folding boxboard and kraftliner. Mets\u00e4 Board Sverige AB\u2019s sales were EUR 373 million (437). The company\u2019s capacity is 250,000 tonnes of liner and 600,000 tonnes of folding boxboard.
Husum Pulp AB
Husum Pulp AB produces pulp for Mets\u00e4 Board Sverige Ab and to the market. The company\u2019s sales were EUR 362 million (463) and capacity 730,000 tonnes of chemical pulp.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__145": { "value": "7.1 Group companies
Accounting principles
Subsidiaries
The financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi-nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group\u2019s principles.
The parent company\u2019s owners\u2019 and non-controlling interests\u2019 shares of the result for the period and comprehensive income are presented in
the income statement and the distribution of comprehensive income in the statement of comprehensive income. The non-controlling interests\u2019 share of equity is presented as a separate item under equity on the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__8": { "value": "Plc ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__148": { "value": "7.2 Non-controlling interest\u2019s shares
Accounting principles
Changes in the parent company\u2019s ownership interest in a subsidiary that do not result in a loss of control are treated as equity transactions.
Non-controlling interest\u2019s shares
Principal non-controlling interest\u2019s shares
Non-controlling interest Holding, % | Non-controlling interest Share of result, EUR million | Non-controlling interest Share of equity, EUR million | |||||
EUR million | Country | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Husum Pulp AB | Sweden | 30.0% | 30.0% | -7.9 | 14.1 | 166.3 | 164.7 |
7.3 Associate companies and joint ventures
Accounting principles
Associated companies include all companies over which the Group has considerable influence but no control. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to its net assets. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. The Group\u2019s shares in associated companies and joint ventures also include the goodwill measured at the time of acquisition, less any impairment.
The Group\u2019s share of the profits or losses of associated compa-nies and joint ventures is recognised in the income statement as a separate line item above the operating result in case of associate company Mets\u00e4 Fibre and below the operating result in case of other associate companies. Correspondingly, the Group\u2019s share of other comprehensive income in associated companies and joint ventures is recognised in its items of other comprehensive income. A proportion corresponding to the Group\u2019s shareholding is eliminated from unrealised profits between the Group and its associate companies and joint ventures. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by associated companies and joint ventures have been adjusted to comply with the Group\u2019s principles.
Investments in associate companies and joint ventures
EUR million | 2025 | 2024 |
Value 1 Jan | 517.5 | 549.9 |
Share of results from associated companies and joint ventures | ||
Share of result from Mets\u00e4 Fibre | -37.4 | -8.8 |
Share of results from other associated companies and joint ventures | 0.0 | 0.0 |
Dividends received | -9.8 | |
Share of other comprehensive income from associated companies and joint ventures | ||
Translation differences and other changes in equity | 6.7 | -13.8 |
Investments in associated companies and joint ventures 31 Dec | 486.8 | 517.5 |
Amounts recognised in income statement\t
EUR million | 2025 | 2024 |
Associate companies | -37.4 | -8.8 |
Amounts recognised in income statement total\t | -37.4 | -8.8 |
Amounts recognised in balance sheet\t
EUR million | 2025 | 2024 |
Associate companies | 486.8 | 517.5 |
Amounts recognised in balance sheet total | 486.8 | 517.5 |
The carrying amount of associated companies at 31 December 2025 includes goodwill of EUR 45.2 million (45.2). None of the associate com-panies or joint ventures are listed companies. Transactions with associate companies and joint ventures are detailed in Note 7.3.
Financial information summary of essential associated companies\t
According to management\u2019s view, the only essential associated company is Mets\u00e4 Fibre Group, which produces chemical pulp and sawn timber. Mets\u00e4 Board owns 24.9% of Mets\u00e4 Fibre. Mets\u00e4 Board\u2019s parent company, Mets\u00e4liitto Cooperative, owns 50.1%, and Itochu Corporation from Japan owns 25.0%. Mets\u00e4 Fibre has operations primarily in Finland, and its production capacity is approximately 4.1 million tonnes of chemical pulp. In Addition Mets\u00e4 Fibre has four sawmills in Finland.
Summarised financial information for Mets\u00e4 Fibre
Mets\u00e4 Fibre Group
EUR million | 2025 | 2024 |
Sales | 2,578.1 | 2,328.3 |
Result for the period | -153.6 | -35.2 |
Other comprehensive income\t | 27.5 | -55.5 |
Total comprehensive income for the period | -126.1 | -90.7 |
Dividend received | 9.8 | |
Non-current assets | 3,101.8 | 3,270.6 |
Current assets | 786.7 | 982.2 |
Non-current liabilities | 1,025.6 | 1,278.1 |
Current liabilities | 1,103.7 | 1,089.2 |
Net assets | 1,759.3 | 1,885.4 |
Reconciliation of financial information for Mets\u00e4 Fibre to the value recognised in consolidated balance sheet\t
EUR million | 2025 | 2024 |
Group's share of net assets | 438.1 | 469.5 |
Goodwill | 45.2 | 45.2 |
Other purchase price allocations at acquisition\t | 3.8 | 3.9 |
Other adjustments | -0.3 | -1.3 |
Carrying value of associated company in consolidated balance sheet | 486.8 | 517.3 |
Mets\u00e4 Fibre has been consolidated according to equity method based on its consolidated financial statements prepared under IFRS.
Financial information summary of other than essential associated companies
EUR million | 2025 | 2024 |
Share of result from other associated compa-nies\t | 0.0 | 0.0 |
Carrying value in consolidated balance sheet\t | 0.2 |
In December 2025, the Group sold its 19% ownership in Simpeleen L\u00e4mp\u00f6 Oy at carrying value.
Associated companies include all companies over which the Group has considerable influence but no control. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to its net assets. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. The Group\u2019s shares in associated companies and joint ventures also include the goodwill measured at the time of acquisition, less any impairment.
The Group\u2019s share of the profits or losses of associated compa-nies and joint ventures is recognised in the income statement as a separate line item above the operating result in case of associate company Mets\u00e4 Fibre and below the operating result in case of other associate companies. Correspondingly, the Group\u2019s share of other comprehensive income in associated companies and joint ventures is recognised in its items of other comprehensive income. A proportion corresponding to the Group\u2019s shareholding is eliminated from unrealised profits between the Group and its associate companies and joint ventures. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by associated companies and joint ventures have been adjusted to comply with the Group\u2019s principles.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__147": { "value": "Associated companies include all companies over which the Group has considerable influence but no control. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to its net assets. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. The Group\u2019s shares in associated companies and joint ventures also include the goodwill measured at the time of acquisition, less any impairment.
The Group\u2019s share of the profits or losses of associated compa-nies and joint ventures is recognised in the income statement as a separate line item above the operating result in case of associate company Mets\u00e4 Fibre and below the operating result in case of other associate companies. Correspondingly, the Group\u2019s share of other comprehensive income in associated companies and joint ventures is recognised in its items of other comprehensive income. A proportion corresponding to the Group\u2019s shareholding is eliminated from unrealised profits between the Group and its associate companies and joint ventures. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by associated companies and joint ventures have been adjusted to comply with the Group\u2019s principles.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__150": { "value": "7.4 Acquisitions and operations disposed of
Accounting principles
Acquired business operations are consolidated from the time when control is transferred to the Group, and divested operations are consolidated until the time when control is transferred away-from the Group.
The consideration paid, including the contingent sales price and the identifiable assets and liabilities of the acquired business operations, are measured at fair value at the time of acquisition. Expenses related to acquisitions are recognised as costs. Depending on the acquisition, the non-controlling interests\u2019 share in the object of the acquisition is recognised at fair value or the amount that corresponds to the non-controlling interests\u2019 propor-tion of the net assets of the object of the acquisition
The amount by which the sum of the consideration paid, the fair value of the non-controlling interests\u2019 share and the fair value of the assets previously owned in the object of the acquisition exceed the fair value of the identifiable net assets is recognised as goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__151": { "value": "7.4 Acquisitions and operations disposed of
Accounting principles
Acquired business operations are consolidated from the time when control is transferred to the Group, and divested operations are consolidated until the time when control is transferred away-from the Group.
The consideration paid, including the contingent sales price and the identifiable assets and liabilities of the acquired business operations, are measured at fair value at the time of acquisition. Expenses related to acquisitions are recognised as costs. Depending on the acquisition, the non-controlling interests\u2019 share in the object of the acquisition is recognised at fair value or the amount that corresponds to the non-controlling interests\u2019 propor-tion of the net assets of the object of the acquisition
The amount by which the sum of the consideration paid, the fair value of the non-controlling interests\u2019 share and the fair value of the assets previously owned in the object of the acquisition exceed the fair value of the identifiable net assets is recognised as goodwill.
Divested operations
Mets\u00e4 Board sold its Russian sales company to VLP Group on 13 May 2025 and recognised a loss of EUR -0,5 million. Mets\u00e4 Board discontinued busi-ness operations in Russia in 2023. Since the completion of the transaction, the Mets\u00e4 Board no longer owns anything in Russia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__152": { "value": "7.5 Related party transactions\t
Related parties include Mets\u00e4 Board\u2019s ultimate parent company Mets\u00e4liitto Cooperative, which owns 51.83% of Mets\u00e4 Board\u2019s shares and 68.85% of the voting rights, other subsidiaries of Mets\u00e4liitto, associated companies and joint ventures. The members of the Board of Directors, Mets\u00e4 Group\u2019s Executive Management Team and Mets\u00e4 Board\u2019s Corporate Management Team as well as their close family members are also included in related parties.
The management\u2019s salaries, remuneration and pension expenses are presented in Note 3.2.
The most significant subsidiaries of Mets\u00e4liitto, with which Mets\u00e4 Board has business transactions, are as follows:
Mets\u00e4 Tissue Group
Mets\u00e4 Fibre Group
Mets\u00e4 Forest Sverige Ab
Mets\u00e4 Fibre has been consolidated by using equity method according to Investments in associates standard (IAS 28). Related party transactions with Mets\u00e4 Fibre are presented as transactions with sister companies.
Financial operations of the Group have been centralised to Mets\u00e4 Group Treasury Oy, which is a wholly-owned subsidiary of Mets\u00e4liitto Cooperative and in charge of managing the Group companies\u2019 financial positions according to the strategy and financial policy defined by the Group, providing necessary financial services and acting as a competence center in financial matters. Financial transactions with Mets\u00e4 Group Treasury Oy are carried out at market prices.
The value of wood purchases from Mets\u00e4liitto Cooperative was EUR 187.5 million (201.2) and pulp purchases from Mets\u00e4 Fibre Oy EUR 199.7 million (276.8). The purchases were carried out at market prices.
Mets\u00e4 Board is participating in the supplementary pension arrangement of Mets\u00e4 Group executives. Payments to the arrangement amounted to EUR -0.5 (-0.6) million in 2025.
Transactions with parent company and sister companies
Transactions with parent company | Transactions with sister companies | |||
EUR million | 2025 | 2024 | 2025 | 2024 |
Sales | 2.7 | 3.6 | 107.3 | 116.0 |
Other operating income | 4.9 | 4.9 | 4.3 | 0.9 |
Purchases | -259.3 | -264.8 | -431.8 | -557.9 |
Share of result from asso-ciated companies | -37.4 | -8.8 | ||
Interest income | 4.6 | 8.4 | ||
Interest expense | -1.6 | -1.2 | ||
Investments | -42.1 | |||
Receivables | ||||
Trade receivables and other receivables | 0.8 | 0.7 | 30.5 | 26.6 |
Cash equivalents | 307.5 | 179.2 | ||
Liabilities | ||||
Trade payables and other liabilities | 63.0 | 51.8 | 85.3 | 139.6 |
Transactions with associated companies and joint ventures
EUR million | 2025 | 2024 |
Sales | 0.6 | 0.7 |
Receivables | ||
Trade receivables and other receivables | 0.1 |
Mets\u00e4 Board has classified interest-bearing receivables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy as Cash and cash equivalents.
The receivables from group companies do not include doubtful receiv-ables, and no bad debt was recognised during the period. No security or collateral has been provided for group liabilities.
8.1 Contingent liabilities, assets and commitments
Key estimates and judgements
Disputes and claims
Mets\u00e4 Board companies have been sellers in several share trans-actions in recent years. In these divestments, the companies have issued regular seller\u2019s assurances. Claims presented against Mets\u00e4 Board companies and costs incurred by the companies due to these assurances cannot be ruled out.
Commitments
EUR million | 2025 | 2024 |
Commitments given on behalf of the parent company and its subsidiaries | 5.0 | 0.7 |
Total | 5.0 | 0.7 |
Commitments include granted pledges, mortgages and floating charges as well as guarantees.
Investment commitments
EUR million | 2025 | 2024 |
Payments due in following 12 months | 0.9 | 1.4 |
Payments due later | 0.6 | 0.4 |
Total | 1.5 | 1.8 |
Commitments
EUR million | 2025 | 2024 |
Commitments given on behalf of the parent company and its subsidiaries | 5.0 | 0.7 |
Total | 5.0 | 0.7 |
Commitments include granted pledges, mortgages and floating charges as well as guarantees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:743700KKB8Q035K38488", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__155": { "value": "8.2 Events after the financial period
23 January 2026: Mets\u00e4 Board agreed to acquire the Winschoten Sheeting and Distribution Hub in the Netherlands owned by Konvertia Group. The transaction is expected to be completed in February 2026. The parties have mutually agreed not to disclose the acquisition price.
15 January 2026: Changes in the Corporate Leadership Team: Mets\u00e4 Board\u2019s SVP, Production and Supply Chain, Jussi Noponen, has been appointed EVP of Mets\u00e4 Wood. Laura Remes, who has previously served as the company\u2019s SVP, Business Transformation, has been appointed as his successor as SVP, Production and Supply Chain. Anssi Tammilehto, in addition to his CFO responsibilities, will assume the transformation duties previously held by Remes. The changes will take effect on 1 March 2026, after which Mets\u00e4 Board\u2019s Corporate Leadership Team will consist of the following members: Esa Kaikkonen, CEO; Minna Bj\u00f6rkman, SVP, Containerboard; Erja Hyrsky, SVP, Commercial Operations; Laura Remes, SVP, Production and Sup-ply Chain; Anssi Tammilehto, CFO; and Camilla Wikstr\u00f6m, SVP, Human Resources.