contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


metsa-board-oyj-metsa-boards-financial-reporting-and-annual-general-meeting-in-2027

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Metsä Board is a manufacturing company active in the paper and pulp industry. The company is a manufacturer of cartons made of forest fiber. The products are used for consumer and food products. In addition to the production of cartons, the company offers services related to technical analysis and design development. The company is most active in the European market. Metsä Board´s head office is located in Espoo, Finland.

This was exactly the point in bringing up Borregaard as an example; they are conducting very profitable business in the area that UPM is only now aiming for. Borregaard hasn’t needed this regulation to push itself forward. Consequently, it is more likely that UPM simply lacks the equivalent capability to operate in the sector at the moment, and it remains just an efficient producer of pulp and paper. Money is being burned, even though the primary purpose is just positive communication within the company itself, to the media, and to investors.  Agreed – and I see better realization potential in bio-based products than in biofuels, which is a too highly politicized topic. If regulation is used to steer things toward, for example, bio-based packaging, voters won’t be heading to the barricades over it. The additional cost of more expensive packaging is quite marginal in the total price of a product and much harder to target. Biofuels, on the other hand, are a central political issue that can be marketed to voters. Examples include the cuts to Sweden’s reduction mandate, which will by no means be the last setback related to biofuel regulation in the Western world.

Here is the company report from Antiilta following Metsä Board’s Q2 results   We reiterate our “reduce” recommendation for Metsä Board and our target price of 3.00 euros. The overall picture of the company’s market situation remains difficult, even though there have been some slight positive signals in the recent news flow. Macroeconomic repercussions of the war in Iran are also acting as a brake, although the massive efficiency measures currently underway and progressing well, along with the decline in wood prices, should turn the company’s earnings to roughly break-even this year. We still do not see Metsä Board’s return expectation as attractive, considering the time-consuming earnings turnaround and the potentially structurally weakened operating environment.                    Inderes              Metsä Board Q2'26: Operatiivinen kannattavuusraja ylittyi niukasti - Inderes    Toistamme Metsä Boardin vähennä-suosituksemme ja 3,00 euron tavoitehintamme. Yhtiön markkinatilanteen kokonaiskuva on yhä vaikea, vaikka viime aikojen uutisvirrasta on tullut myös lieviä positiivisia signaaleja. Iranin sodan makroheijasteet ovat myös...

That is indeed how it is. On the other hand, few products or packaging materials circulate for very long before ending up in the atmosphere via a waste-to-energy plant. The carbon cycle should be extended, but the solution here is circular economy—rather than bioeconomy. At a systemic level, however, I think it is clear that the fewer fossil fuels are used, the less carbon dioxide ends up in the atmosphere, assuming that the replacement of fossil fuels happens with genuinely renewable raw materials and energy—and that, for example, deforestation or the use of lignite is not triggered elsewhere. The fact is that by drawing the system boundary where you want in these analyses, you can get the results you want. When you draw the system boundary around the entire Earth and look at the situation over a timeframe of, say, 10, 100, or 1000 years, the results are quite easy to interpret, and when it comes to climate change, it is the only correct system boundary. Things usually go wrong if you draw the system boundary around a tree, a forest, a factory, a country, or a continent.  Roughly 5% of consumers fall into the “prosumer” category, who are willing to pay more for a product that is green or environmentally sustainable. It is easier and cheaper to serve this “prosumer” customer base through marketing means than by relying on scientific facts. A marginal portion of “prosumer” consumers understands environmental science at a level that would allow them to make a scientifically sound purchasing choice. In my opinion, regulation is the only way to ensure that genuinely green but more expensive products gain wider demand. For packaging, an additional problem from the “prosumer” perspective is that the packaging itself is not the actual final product that the customer makes a purchasing decision based on. Green “prosumer” consumers, for example, will not buy beef even if it were packaged in the world’s most environmentally friendly packaging.  There is often a long road from research, testing, and first-of-a-kind demos to profitable business. The timeline for Neste’s HVO has been roughly as follows: 1996: First studies and patents  2007: Demonstration starts in Porvoo  2010: First commercial plant starts up  2012: First reported positive result In the case of UPM’s Leuna, they are 15 years behind this schedule. UPM has had more challenges in the project than Neste did back in the day. It remains to be seen when that machine will produce results, but hopefully, it will be before 2030. Regulation is not pushing UPM’s Leuna products onto the market very strongly, and UPM would need to find those “prosumers” in the market who also believe that cutting down a German beech forest is an environmental act.

It is interesting to compare the figures for UPM Fibres North and Metsä Fibre now that Metsä Group has also released its Q2 results. Let’s compare them at the 1H level, however, so that the impact of maintenance shutdowns and similar factors is diluted: UPM Fibres North 1H  Comparable EBITDA 7.0% of revenue Comparable operating profit 2.6% of revenue  Metsä Fibre 1H  Comparable EBITDA 10.8% of revenue Comparable operating profit -2.0% of revenue  So, based on EBITDA, Metsä Fibre’s pulp mills are more efficient, given that the mill network includes the brand-new Kemi and Äänekoski plants. However, the new mills have high depreciation, which drags the result into the red. UPM’s pulp mills in Finland have already been depreciated, and only minor maintenance investments have been made in them over the last 10 years (assuming a significant investment threshold of 100 ME per investment). The following is written in Metsä Group’s Q2 report (page 11):  “Demand for market softwood pulp was weakened by general economic uncertainty that reduced the demand for paper and board products, the structural decline in the demand for printing and writing paper in Europe and North America, and the substitution of softwood pulp with hardwood pulp in various end products. At the same time, the supply of market softwood pulp was constrained by continued capacity closures, particularly in North America. However, there is still an oversupply in the softwood pulp market relative to demand.” So, we wait with interest to see: will the Joutseno pulp mill, which has now been idle for 4 months, ever restart?

Mikael usually conducts the MB interviews for the recent quarters, but I stepped in to cover for him today, so here is the Q2 interview with Esa Kaikkonen!    Topics:  00:00 Introduction  00:11 Q2 highlights  01:03 Underlying demand for folding boxboard  02:18 Competitive situation in the European market  06:12 Growth in the US linerboard market  08:16 Market overview of pulp  09:29 Status of the savings and efficiency program

It’s refreshing to see the discussion surrounding the forest industry beginning to liven up a bit. In my opinion, the sector is still viewed too much through the lens of “Finnish” players when discussing more advanced products and the direction of the industry in that regard. As I have stated before, the Norwegian company Borregaard produces exclusively these more advanced, higher-value products. From lignin, they produce binders for construction, agricultural chemicals, batteries, and other industrial applications. For instance, in the case of concrete, lignin derivatives can reduce the water requirement. My understanding is that in fertilizers and feed, the primary benefit comes from improving the structure. They also produce vanillin from lignin, which replaces expensive natural vanilla as a flavoring, but more importantly, it replaces oil-based vanillin flavorings. From cellulose, they manufacture products utilized in the food industry, pharmaceuticals, cosmetics, hygiene products, acetate filters, films (bio-based), yarns (bio-based), and bio-based coatings. What remains is sugar, from which they produce bioethanol. It should be noted that bioethanol is, more or less, an end product made from a side stream. It is by no means a target product segment in itself, but rather accompanies the two more central raw material lines so that the entire tree can be utilized as efficiently as possible. Therefore, bio-based fuels should not be an end in itself for UPM either, but merely a way to utilize a side stream while the rest of the tree is used for higher-value products. If we consider the green transition and the climate, the atmosphere doesn’t really care whether the carbon dioxide ending up there comes from burning fossil fuels or burning bio-based fuels. This fact is often forgotten when, for example, Neste’s bio-based fuels are celebrated, as those fuels themselves are not particularly “green”; they are simply energy-dense compounds suitable for combustion reactions, just like any others. From the atmosphere’s perspective, the positive impact of bio-based fuels is based more on production costs that are higher than those of fossil fuels, making them more expensive to use. The benefits of bio-based fuel are thus based almost exclusively on its scarcity (price), and only through regulation can this be harnessed. Businesses dependent on politics are risky in the long term. Fuels are a highly politicized topic, so I expect a lot of back-and-forth on that front over the next few decades. Conversely, replacing oil with bio-based products is significantly less politicized, which significantly increases the chances of the bio-transition materializing. In the applications described above, the demand for bio-based alternatives will likely rise through both regulation and genuine consumer demand. Voters (consumers) rarely take to the barricades to insist that they absolutely want their food and medicine from oil-based raw materials rather than bio-based ones. The world of plastic-based packaging is also constantly evolving toward bio-based solutions, and “Finnish” forest companies are, of course, active in this segment as well. Development has been somewhat obscured by the K-shaped economy and the soft consumer demand of recent years, but long-term demand growth is definitely still there in the background. Packaging products are also constantly evolving, and I imagine bio-based packaging will be excellent in terms of functionality in a few decades’ time. It is therefore very likely that there will be growing demand for bio-based products that replace oil. However, that does not mean that an individual company will be able to run a particularly impressive business if its competitive position is weak. In more advanced products, it is more likely to achieve a competitive position that enables high returns on capital, whereas in the more traditional forest industry products, only operational efficiency matters. I don’t know all the global forest industry companies very well, but I have followed the Nordic ones. Borregaard is a leading player, even on a global scale, in highly processed wood-based products. UPM and, to some extent, Stora Enso have aimed for this space, but with very poor success. I cannot say whether UPM has the ability to become a genuinely significant player in Borregaard’s territory. Borregaard is a very small player in relation to these forest giants, but the company has a long track record of successful business and innovation (not just in products, but also in processes). Ultimately, there are very few similarities between UPM’s core businesses and the production of these higher-value products. A genuinely profitable facility would probably use the whole tree itself, meaning its supply chain is independent, and in that case, the businesses don’t really have anything in common other than the parent company’s name. Personally, I wouldn’t buy the UPM story regarding high-value products at this moment, but rather the company’s extremely high efficiency in pulp production, and of course, traditional papers and stickers/labels will continue to generate cash flow far into the future. So far, as far as Finnish players are concerned, high-value products have been nothing more than marketing and sunk costs. However, this does not mean there is no demand for them at all, or that they are just some future promises of the industry. The industry has a proven player that is already making highly profitable business with these “future visions.” Edit: Let’s add a note on biofuels before I get angry comments from Neste shareholders: obviously, in reality, bio-based fuel is better than fossil fuel, and especially in the case of SAF (Sustainable Aviation Fuel), it makes sense when there are no alternatives like electricity for the fleet. However, in the big picture, from the atmosphere’s point of view, the difference between different fuels is largely as I described. The biggest positive impact on the climate comes from price elasticity.

Just a small addition to this. There is already a Finnish listed company, named after a village that remained in Russia, which manufactures engines. It builds and supplies engine power plants that can burn almost anything, from gases to liquids. The challenge has been energy density, but as the production side of the power grid becomes more diverse, it will lead to a need for balancing power plants, and wood-based gasoline (puubensa) could perhaps be a good option for them. Earnings are based on SPOT electricity price spikes. However, right now, natural gas and dinosaur juice (fossil fuels) are too cheap and easily available.

Metsä Board

Metsä Board Corporation Stock exchange release 6 August 2026 at 14:00 EESTMetsä Board Corporation will publish the following financial reports in 2027: Financial Statements Release for 2026 ...

<div class="abstract"><p>Metsä Board Corporation Stock exchange release 6 August 2026 at 14:00 EEST</p></div><p>Metsä Board Corporation will publish the following financial reports in 2027:</p><ul>	<li>Financial Statements Release for 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 February 2027</li>	<li>Interim Report for January-March 2027&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;29 April 2027</li>	<li>Half-Year Financial Report January-June 2027 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 August 2027</li>	<li>Interim Report for January-September 2027&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;28 October 2027</li></ul><p><br>Metsä Board's Annual Review 2026, which includes the Report of the Board of Directors and the Financial statements, will be published in English and Finnish on the company's website at <a href="https://www.metsagroup.com/metsaboard/investors">https://www.metsagroup.com/metsaboard/investors</a> during week 8 of 2027.</p><p>Metsä Board's Annual General Meeting is planned to be held on 22 March 2027. The Board of Directors will convene the meeting at a later date.</p><p>METSÄ BOARD CORPORATION<br>&nbsp;</p><p></p><div></div>

Metsä Board Oyj: Metsä Board's financial reporting and Annual General Meeting in 2027

Metsä Board Oyj: Metsä Board's financial reporting and Annual General Meeting in 2027