Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Q1 2026 Earnings Presentation
24 slides from Huhtamaki Oyj's earnings presentation, Apr 29, 2026
Slide 1: Comparable net sales growth in a challenging market
Comparable net sales growth in a challenging market Interim Report Q1 2026 Ralf K. Wunderlich President and CEO Thomas Geust CFO 1 April 29, 2026 Interim Report Q1 2026
Slide 2: Comparable net sales growth in a challenging market
Comparable net sales growth in a challenging market • Comparable sales increased, supported by volume growth • Negative currency impact continued • Adj. EBIT margin increased • Focused capital discipline drove strong cash flow delivery • Navigating challenges from the war in the Middle East • Strong
Slide 3: Macroeconomic and geopolitical uncertainty from the war in the Middle East
Macroeconomic and geopolitical uncertainty from the war in the Middle East Situation: Actions: • Operations in the region • Safety and security of our coworkers highest priority • Two factories in Dubai (Flexibles) • Our three sites in the region are all operating • One in Saudi Arabia (Foodservice)
Slide 4: Actions taken in our value drivers
Actions taken in our value drivers Profitable growth Disciplined capital Accountability and 1 supported by all levers 2 allocation 3 speed of execution Organic growth Capex moderated but still above depreciation Empower segments with clear accountability to • Focused approach to enable our customers
Slide 5: Business performance
01 Business performance 5 April 29, 2026 Interim Report Q1 2026
Slide 6: Comparable net sales increased supported by volume growth
Comparable net sales increased supported by volume growth Net sales development in Q1 2026 Comparable net sales +1% (EUR million) 3 4 0 Positive sales volumes -63 Positive development in North 1,002 America and Fiber Packaging 947 Q1 2025 Organic Acquisitions Divestments Currency Q1 2026 Comparable
Slide 7: Adjusted EBIT margin increased
Adjusted EBIT margin increased MEUR Q1 26 Q1 25 Change Adj. EBIT increased by 1% Net sales 946.8 1,001.6 -5 % when excluding the EUR Adjusted EBIT1 94.5 98.5 -4 % -4.8 million currency Margin 10.0% 9.8% impact Adjusted EPS, EUR2 0.56 0.59 -5 % Capital expenditure 27.0 30.1 -10 % Free Cash Flow 10.0
Slide 8: Foodservice Packaging: Good cash flow delivery in adverse market conditions
Foodservice Packaging: Good cash flow delivery in adverse market conditions Key figures, EUR million Q1 26 Q1 25 Change Net sales (EUR million) Net sales 209.6 234.2 -11% Comparable growth -8% -4% 239 240 234 223 Adjusted EBIT 1 16.7 19.8 -16% 210 2025 Margin 8.0% 8.5% 2026 Adjusted RONA 10.3% 9.9%
Slide 9: North America: Net sales increased despite challenging weather conditions
North America: Net sales increased despite challenging weather conditions Key figures, EUR million Q1 26 Q1 25 Change Net sales (EUR million) Net sales 340.6 345.6 -1% 346 366 362 Comparable growth 8% -3% 341 331 1 Adjusted EBIT 34.0 40.5 -16% 2025 Margin 10.0% 11.7% 2026 Adjusted RONA 14.6% 18.5% C
Slide 10: Flexible Packaging: Margin improvement trend continued
Flexible Packaging: Margin improvement trend continued Key figures, EUR million Q1 26 Q1 25 Change Net sales (EUR million) Net sales 301.7 328.7 -8% 329 311 310 Comparable growth -3% -2% 302 300 Adjusted EBIT1 28.6 26.6 7% 2025 Margin 9.5% 8.1% 2026 Adjusted RONA 9.4% 7.5% Capital expenditure 5.9 5.
Slide 11: Fiber Packaging: Continued strong profitable growth
Fiber Packaging: Continued strong profitable growth Key figures, EUR million Q1 26 Q1 25 Change Net sales (EUR million) Net sales 96.8 95.8 1% Comparable growth 5% 10% 96 97 97 94 92 1 Adjusted EBIT 14.7 12.3 20% 2025 Margin 15.2% 12.8% 2026 Adjusted RONA 18.8% 15.9% Capital expenditure 7.4 7.4 0% O
Slide 12: Financial review
02 Financial review 12 April 29, 2026 Interim Report Q1 2026
Slide 13: Currency impact still negative due to weak USD
Currency impact still negative due to weak USD Average Average Change in Change in Closing rates rate rate average closing Q1 25 Q1 26 rate Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 rate (YoY) Foreign currency USD 1.05 1.17 -11% 1.08 1.17 1.17 1.18 1.15 -6% translation impact INR 91.12 107.10 -18% 92.35 100.08
Slide 14: Currency headwinds weighing on reported figures
Currency headwinds weighing on reported figures EUR million Q1 26 Q1 25 Change • Comparable sales impacted by negative currency movements Net sales 946.8 1,001.6 -5 % Adjusted EBITDA 1 144.0 152.0 -5 % • Improved adj. EBIT margin 1 Margin 15.2% 15.2% 2 Adjusted EBIT 94.5 98.5 -4 % Margin 2 10.0% 9.8
Slide 15: Disciplined capital allocation drove improved cash flow generation
Disciplined capital allocation drove improved cash flow generation Free cash flow increased Free cash flow bridge Q1 2026 • Supported lower working capital (EUR million) impact and decreased capex • Lower reported EBITDA 150 134 0 1 2 1 10 -4 -3 -2 -17 -22 -30 -27 -78 -138 Reported Change in Net fin
Slide 16: Net debt to adjusted EBITDA at 1.9
Net debt to adjusted EBITDA at 1.9 • Net debt/adj. EBITDA at 1.9 Net debt, net debt/adj. EBITDA and gearing • At the end of Q1 2026: Covenant level 3.75 • Cash and cash equivalents EUR 283 million • Unused committed credit Ambition facilities available EUR 450 2–3 million • Net debt decreased to EUR
Slide 17: Loan maturities
Loan maturities Debt maturity structure March 31, 2026 • Average maturity 3.6 years at the end (EUR million) of Q1 2026 (2.9 at the end of Q1 2025) 700 600 500 400 300 200 100 0 2026 2027 2028 2029 2030 Later Bonds Other loans from financial institutions Commercial paper program Drawn committed cred
Slide 18: Stable financial position
Stable financial position EUR million Mar 2026 Mar 2025 • Lower level of working capital Total assets 4,578 4,838 • Net debt decreased Working capital 620 669 • Equity impacted by translation Net debt 1,179 1,252 differences Equity & non-controlling interest 2,010 2,110 Gearing 0.59 0.59 Adjusted RO
Slide 19: Progress towards long-term financial ambitions
Progress towards long-term financial ambitions Long-term 2019 2020 2021 2022 2023 2024 2025 Q1 26 ambition Comparable net sales growth 6% -2% 7% 15% -2% 0% -1% 1% 5-6% Adjusted EBIT margin 8.6% 9.1% 8.8% 8.8% 9.4% 10.1% 10.2% 10.0% 10-12% Adj. ROI 12.3% 11.7% 11.3% 11.0% 11.2% 12.1% 11.8% 11.9% 13-1
Slide 20: Looking forward
03 Looking forward 20 April 29, 2026 Interim Report Q1 2026
Slide 21: Outlook for 2026 and short-term risks and uncertainties
Outlook for 2026 and short-term risks and uncertainties Outlook for 2026 (unchanged) Short-term risks and uncertainties The Group’s trading conditions are expected to Decline in consumer demand, inflation in key cost remain relatively stable during 2026. The good items (including raw materials, labo
Slide 22: Upcoming events
Upcoming July 12, 2026 events Interim Report Q2 22 April 29, 2026 Interim Report Q1 2026
Slide 23: Disclaimer
Disclaimer Information presented herein contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or Huhtamäki Oyj’s or its affiliates’ (“Huhtamaki”) future financial performance, including, but not limited to, strategic plans, potential growth, expe
Slide 24: Thank you.
Thank you. Contact us at ir@huhtamaki.com