Sheets made from lignin-rich fiber raw materials can be bonded by hot pressing without external binders. This paper explores how air-laid, foam-laid, and water-laid web formation methods, initial sheet moisture content, as well as hot-pressing conditions (5 MPa, 100–260 °C, 1–60 s), impact the physical properties of board-like materials made of chemi-thermomechanical softwood fibers. In addition to the structural characterization of the hot-pressed materials by X-ray microtomography, air permeance, water contact angle, dry and wet tensile strength, and in-plane compression properties were measured. Despite the significant structural densification, characteristics of the forming method were retained after hot pressing in the final sheet properties. The compressed air-laid sheets had the highest air permeance and the smallest mean pore size, which could be beneficial for particle filtering. At moderate pressing temperatures and times, the significant proportion of large pores in the foam-laid sheets made them weaker than the corresponding water-laid sheets. However, under extreme pressing conditions, the foam- and water-laid sheets reached similar values of high tensile and in-plane compression strength. This suggests that polymer interdiffusion becomes the dominant factor for material strength under these conditions, superimposing the hydrogen bonding created during aqueous forming.