Metsä Board Corporation's long-term CEO Mika Joukio has decided to step down from his CEO position as of 7 April 2025 in accordance with the agreement he has made today with the Board of Directors of the company. The Board of Directors of Metsä Board Corporation has appointed Metsä Group's EVP, Strategy, Esa Kaikkonen (LLM, trained on the bench), as the new CEO of the company as of 7 April 2025.

Joukio will continue with Metsä Board until the beginning of October 2025 and support Kaikkonen during the transition period.

Ilkka Hämälä, Chair of the Board of Directors: "Mika Joukio has had a long and successful career in Metsä Board's paperboard business. His career began 35 years ago at company's Tako board mill and he advanced to become the CEO of Metsä Board in 2014 through leadership responsibilities at various mills and businesses. Mika is renowned for his strong expertise regarding clients, products and paperboard business as well as for leadership that is clear, straightforward and inspiring for his organization. Over the last few years, Metsä Board has made significant investments, among others, at Husum pulp and paperboard mills and Kemi linerboard mill. In addition to these completed investments, the first investment phase of a remarkable modernisation project of Simpele paperboard is ongoing. Also the industrial structure of the company, especially at its Pirkanmaa mills, has been substantially developed. The company is now at a stage of development where it is a good time to transfer leadership to a new CEO. On behalf of the Board of Directors, I would like to warmly thank Mika for his achievements and significant contributions for the company."

Esa Kaikkonen has 27 years of experience in various roles within Metsä Group. Prior to his current role as EVP, Strategy of Metsä Group, he has acted, among other things, as the CEO of Metsä Tissue Corporation (2018-2025), EVP of Metsä Wood (2013-2018) and Group General Counsel (2003-2013). Esa Kaikkonen's productive performance in various leadership roles creates a strong foundation for the successful performance of the new role.

CV and a photo of Esa Kaikkonen are attached to this release.

Link to photos: https://databank.metsagroup.com/l/Qgghx75ndBkN

METSÄ BOARD CORPORATION

Board of Directors