Core Insights - Metsä Board reported a comparable operating loss of €45.6 million in Q3 2025, a significant decline from a profit of €41.9 million in Q3 2024 [1] - Sales decreased to €441.2 million in Q3 2025, down from €499 million in the same quarter of the previous year [1] - The company achieved a net cash flow from operations of €122 million in Q3 2025, a substantial increase from €4.6 million in Q3 2024 [1] Financial Performance - Working capital releases in Q3 2025 totaled approximately €120 million, with a target of an additional €150 million release by the end of 2025 [2] - Paperboard deliveries fell to 332,000 tonnes in Q3 2025, down from 388,000 tonnes in Q3 2024 [2] - Average paperboard prices remained stable compared to the previous quarter [2] Market Conditions - The paperboard market is described as challenging due to weak consumer demand, US tariffs, and overcapacity [3] - Production of paperboard, BCTMP, and pulp has been curtailed to manage market conditions and free up working capital [3] - The annual maintenance shutdown at the Husum integrated mill and an investment shutdown at the Simpele paperboard machine significantly impacted production volumes and profitability [3] Pulp Market Dynamics - Demand for market pulp has been weak in Europe and China, leading to a decline in pulp prices [4] - Pulp production at Metsä Fibre's Joutseno mill has been paused for four months since June [4] - The overall impact of pulp on Metsä Board's performance in Q3 2025 was "clearly negative" [5] Strategic Initiatives - The company has initiated a cost savings and profitability improvement program aimed at increasing its EBITDA run-rate by €200 million by the end of 2027 [5] - The program is progressing as planned in Q3 2025 [5] Future Outlook - No specific operating result guidance was provided for upcoming quarters, but the company expects positive cash flow from operations [6] - A slight seasonal decrease in paperboard delivery volumes is anticipated from the previous quarter [6] - Results for Q4 2025 may include insurance claims related to past incidents at Metsä Fibre's bioproduct mill [6] External Factors - Falling pulpwood prices in Finland and Sweden are expected to support profitability from 2026 [7] - Exchange rate movements, including hedge effects, are projected to negatively impact Q4 2025 and Q1 2026 [7] - The CEO highlighted that high pulpwood prices and a weak dollar are affecting the competitiveness of European paperboard and pulp producers [8]