Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Non-Deal Roadshow (March 2025)
97 slides from Huhtamaki Oyj's roadshow presentation, March 2025
Slide 1: Becoming the first choice in sustainable packaging solutions
Becoming the first choice in sustainable packaging solutions Roadshow presentation February-March 2025 1 Feb-Mar, 2025
Slide 2: Contents
Contents I. Overview II. Strategy III. Segments IV. Financials V. Sustainability and role of packaging VI. Other VII. Latest quarterly report 2 Feb-Mar, 2025
Slide 3: Overview
1 Overview 3 Feb-Mar, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024
Slide 4: This is Huhtamaki
THIS IS NET SALES 4,800 3,600 Global market and innovation leader in sustainable 2,400 packaging for food-on-the-go, food-on-the shelf 1,200 and everyday necessities. 0 Driving profitable growth through scaling core 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 5: A strong local presence, delivering for our customers, globally
A strong local presence, delivering for NET SALES our customers, globally €4.1B ADJUSTED EBIT MARGIN 10.1% OPERATING LOCATIONS 101 OPERATING COUNTRIES 36 EMPLOYEES 17,794 Manufacturing unit Sales unit Distribution center Head office All figures as on Dec 31, 2024 5 Feb-Mar, 2025 OVERVIEW | STRATEGY
Slide 6: Huhtamaki in figures
Net debt and Net debt/ Adjusted EBITDA Adjusted return on Huhtamäki EUR million investment and equity in figures 3.1 2.5 % 14.8 15.1 14.9 2.2 2.0 13.2 13.4 1.8 12.1 11.7 11.3 11.2 11.0 Circularity Operations 867 1,520 1,471 1,288 1,216 66.1% 79.4% 2020 2021 2022 2023 2024 2020 2021 2022 2023 Adjuste
Slide 7: Providing packaging for food and everyday necessities
Providing packaging for food and everyday necessities Food service FMCG Retail Healthcare Customers Food packaging Packaging for everyday necessities Products Paperboard Fiber Flexibles Packaging technology Non-integrated Global Leader Global Leader Global Category Leader 7 Feb-Mar, 2025 OVERVIEW |
Slide 8: Segments overview: products, customers, competitors
Fiber Packaging Foodservice E-A-O North America Flexible Packaging Net sales EUR 363 million EUR 990 million EUR 1,460 million EUR 1,323 million and split Europe Western Europe & UK Retail Europe Rest of world Central & Eastern Europe Foodservice Asia Rest of world Consumer goods Middle East and Afr
Slide 9: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop blueloop Drive world-class core businesses sustainable innovation competitiveness in partnership with our customers Smart, fit-for purpose sustainable packaging solutions Powered by strategic capabilities Safety Sustainability Innovatio
Slide 10: Our long-term financial ambitions
Our long-term financial ambitions Group Segments Comparable Adj. EBIT Absolute EPS growth growth margin Adj. RONA Foodservice E-A-O 4-5% 10-12% 13-15% 5-6% 10-12% 13-15% 2-3x North America 5-6% 11-12% 15-17% Net debt / Comparable Adjusted EBIT Adjusted Adjusted growth margin ROI EBITDA Flexible Pack
Slide 11: Our 2030 sustainability ambition
Our 2030 100% 100% Carbon neutral sustainability of products designed of fiber from recycled production ambition to be recyclable, compostable or or certified sources and science-based emission target reusable First choice in sustainable packaging solutions >80% 100% >90% renewable or renewable ener
Slide 12: Huhtamaki as an investment
Huhtamaki as an investment Huhtamaki is a market and technology innovation leader for essential packaging, creating value through: • Attractive portfolio of sustainable core businesses to capture strong underlying market growth • Technology innovation to capture value- added sustainable innovation o
Slide 13: Strategy
2 Strategy 13 Feb-Mar, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024
Slide 14: Protecting what matters: packaging is essential for food and daily necessities
Protecting what matters: A shift in consumers’ packaging needs and Packaging is essential for demands creates profitable growth opportunities for Huhtamaki food and daily necessities Sustainability is driving industry • Packaging supports food from farm to fork, transformation, creating opportunitie
Slide 15: Our leadership in three key packaging technologies
Our leadership in three key packaging technologies uniquely positions us to capture innovation opportunities Fiber Paperboard Flexibles Global Leader Non-integrated Leader Global Category Leader Fiber Flexibles Huhtamaki Proprietary high- Application and barrier Recyclable mono- net sales by precisi
Slide 16: Our 2030 North Star
Our 2030 North Star Be the first choice in sustainable packaging solutions, driven by innovation and operational performance 16 Feb-Mar, 2025
Slide 17: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop blueloop Drive world-class core businesses sustainable innovation competitiveness in partnership with our customers Smart, fit-for purpose sustainable packaging solutions Powered by strategic capabilities Safety Sustainability Innovatio
Slide 18: We continue to invest in profitable core businesses and transformative innovation
We continue to invest in profitable core businesses and transformative innovation Profitable growth opportunities in our core businesses and in Balanced investments in core and transformative sustainable innovation innovation Healthcare FMCG Foodservice Retail Investing in scaling up profitable core
Slide 19: Our focus is on development and scaling of blueloop innovation
Our focus is on development and scaling of blueloop innovation Leveraging sustainable technology to drive core business and innovation development Retail Foodservice FMCG Smooth Molded Fiber Proprietary forming New Newgrowth growth New Newgrowth growth technologies and barrier Core Corebusiness busi
Slide 20: New sustainable blueloop solutions in partnership with customers
We are introducing new sustainable blueloop solutions, many in partnership with our customers Recyclable solutions ICON ice-cream packaging Mono-PET PushTab blister lids technology with repulpable that run on existing lines coating without speed loss Lowers carbon footprint Provides recyclable and e
Slide 21: Stepping up structural and operational efficiencies
We are also stepping up structural and operational efficiencies Structural performance Operational performance improvement improvement World class operational Productivity measures Manufacturing excellence: continuous performance program operational improvement and Process automation digitalization
Slide 22: Operating model
Operating model 22 Feb-Mar, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024
Slide 23: Segments
3 Segments 23 Feb-Mar, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024
Slide 24: Foodservice E-A-O - Overview
Foodservice E-A-O - Overview Global Fiber leader Global paperboard conversion* leader Foodservice E-A-O Fiber Packaging Net sales 990 MEUR Net sales 363 MEUR Adj. EBIT margin 9.2% Adj. EBIT margin 12.0% Recovered growth and improved profitability Net sales and adj. EBIT margin 1,200 14% 12.2 % 11.6
Slide 25: Investing in sustainable innovation across technology platforms
We are investing in Paperboard conversion Invest in new sustainable solutions for FMCG sector sustainable Optimize core Foodservice network, address innovation across operational performance where necessary Scale circular system initiatives our technology platforms, and Unlock capacity and increase
Slide 26: Fiber Foodservice - Long-term ambitions
Fiber Packaging Foodservice E-A-O Fiber Foodservice - Long-term 3-4% 4-5% ambitions Comparable Comparable growth growth How we get there Core businesses Further improve productivity and operational performance in legacy Paperboard operations 11-12% 10-12% Expand in RMF through incremental innovation
Slide 27: North America - Overview
North America - Overview Global Fiber leader Global paperboard conversion* leader Net sales 1,460 MEUR Adj. EBIT margin 13.9% We are delivering strong financial performance Net sales and adj. EBIT margin 1,800 16% 13.9 % 1,600 12.9 % 14% 12.0 % 12.0 % 11.7 % 1,400 12% 1,200 9.7 % 10% 1,000 7.3 % Ret
Slide 28: We will continue to develop our core businesses
We will continue to Building on historic strengths and Driving growth through sustainable enhancing strategic capabilities solutions across all our businesses develop our core Building on our continuous Retail – Partnering with retailers to businesses, improvement methodology and create the future o
Slide 29: Regulatory landscape in North America
Regulatory landscape in North America is less stringent than in Europe, but regulation is increasing and is scattered State of US State Policy Areas (2024) Extended Producer Responsibility (EPR) Other* 17% 24% Labeling 9% Recovery 5% 9% 9% Municipal Foam / PS Bans 27% Chemicals / Toxic In absence of
Slide 30: Regulation and consumer preferences create additional growth opportunities
Regulation and Retail Tableware consumer preferences 17 states in the US have Significant investments in Smooth introduced varying levels Molded Fiber capacities for create additional growth of foam packaging bans Chinet® plate opportunities for us 2x higher preference for Investment in pressed pape
Slide 31: Significant expansion projects ongoing
Significant expansion projects ongoing Egg cartons / Hammond Foodservice / Paris, Texas • USD 100 million project announced in • Approximately USD 30 million investment June 2022, ramp-up ongoing for expansion of folding carton manufacturing capacity and • New capability – previously only consolidat
Slide 32: North America - Long-term ambitions
North America - Long-term 5-6% ambitions Comparable growth How we get there Partner with strategic customers to continue to introduce new products and systems and help them achieve sustainable solutions 11-12% Build on our continuous improvement culture Adjusted EBIT margin to achieve World-Class op
Slide 33: Flexible Packaging - Overview
Flexible Packaging - Overview Global category leader Net sales 1,323 MEUR Adj. EBIT margin 7.1% We are delivering growth, but need to address profitability Net sales and adj. EBIT margin 1,800 8.1 % 9% 7.7 % 1,600 7.1 % 7.1 % 8% 6.8 % 1,400 6.3 % 6.6 % 7% 1,200 6% 1,000 5% Food & beverage Home & per
Slide 34: Rolling out blueloop flexibles mono-material solutions
We are rolling out our blueloop flexibles proprietary mono-material solutions to support brands in achieving their 2025 pledges blueloop flexibles value proposition blueloop market opportunity Cost-effective solutions in mono-material blueloop flexibles opens a market PP, PE, PET and Paper structure
Slide 35: Flexibles blueloop: protection, recyclability, affordability
Our Flexibles blueloop innovation uniquely combines the power of three: protection, recyclability, and affordability. RECYCLA B I LI T Y • Recycling of flexible packaging PROTECTION made possible, complex structures made simple – • Protection and shelf life – highest level of mono-material no compro
Slide 36: Flexible Packaging - Long-term ambitions
Flexible Packaging - Long-term 6-7% ambitions Comparable growth How we get there Operations Improve productivity, reduce waste, optimize network 9-11% Complete Elif integration Adjusted EBIT margin Capabilities Improve commercial and operational capabilities blueloopTM Bringing transformative, recyc
Slide 37: Financials
4 Financials 37 Feb-Mar, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024
Slide 38: Group financials 2015-2024
Group financials 2015-2024 2015 2016 2017 20182 2019 2020 2021 2022 2023 2024 Net sales MEUR 2,726 2,865 2,989 3,104 3,399 3,302 3,575 4,479 4,169 4,126 Comparable growth3 4% 4% 3% 5% 6% -2% 7% 15% -2% -0% Adjusted EBITDA4 MEUR 342 382 390 399 456 473 488 597 590 622 Margin4 12.5% 13.3% 13.0% 12.8%
Slide 39: Segment key figures (1/2)
Segment key figures (1/2) Foodservice Europe-Asia-Oceania Key figures (MEUR) 2017 20181 2019 2020 2021 2022 2023 2024 Long-term ambition Net sales 807.5 881.7 956.7 829.1 941.8 1,110.7 1,037.2 959.6 Comparable growth 4% 4% 4% -10% 11% 18% 2% -5% 4-5% Adjusted EBIT 70.1 77.1 85.7 60.9 77.8 105.7 98.0
Slide 40: Segment key figures (2/2)
Segment key figures (2/2) North America Key figures (MEUR) 2017 20181 2019 2020 2021 2022 2023 2024 Long-term ambition Net sales 1,000.4 1,002.7 1,152.7 1,138.9 1,160.3 1,468.3 1,457.9 1460.1 Comparable growth 2% 5% 9% 1% 6% 14% 2% 0% 5-6% Adjusted EBIT 104.1 73.0 111.4 136.6 139.1 171.6 187.9 203.4
Slide 41: Comparable net sales growth by business segment
Comparable net sales growth by business segment Quarterly Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Foodservice E-A-O -2% 40% 2% 12% 18% 18% 22% 15% 11% 5% -3% -5% -5% -6% -6% -6% North America -2% 9% 5% 11% 24% 14% 10% 10% 2% 1% 1% 4% -3% -2% -2
Slide 42: Investments have built capabilities and technologies for the future
Our investments have enabled us to build capabilities and technologies for the future Key expansion areas in the next years UAE, Malaysia Ireland Segment Area Foodservice EAO SMF products Short-run Huhtamaki North America Paris, Texas folded carton flexible blueloop packaging, Expand SMF capacity Ea
Slide 43: Organic investments will drive profitable growth and portfolio differentiation
Our organic investments will drive our profitable growth and portfolio differentiation Investment profile changing (illustrative) Capex is focused on scaling our core, while investing in innovation (MEUR) Paperboard conversion Fiber 318 318 <2.0x >10% 224 259 248 199 215 197 204 X = 13-15% 147 <10%
Slide 44: Efficient use of capital to create shareholder value
We will continue our efficient use of capital to create shareholder value Sources Uses Profit improvement Capex for organic growth Cash flow Working capital Investments Acquisitions to gain scale and efficiency capabilities Predictable and growing Leverage Net debt / adj. EBITDA Payout dividends - a
Slide 45: Driving long-term profitable growth
We will continue to drive Long-term long-term profitable growth ambition 10-12% Adj. EBIT margin Key drivers for profitability improvement Adj. EBIT margin 12% Commercial excellence Value add of innovative 11% Upgrading commercial technologies 10.10% practices and digitalization Margin accretion thr
Slide 46: Free cash flow and change in working capital
Free cash flow and change in working capital MEUR 2019 2020 2021 2022 2023 2024 150 128 122 109 104 100 83 71 71 68 52 57 54 56 50 43 38 29 28 7 6 0 -7 -18 -20 -25 -50 -46 -54 -100 -150 Q1 2019 Q3 2019 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Free Cash Flow Cha
Slide 47: Net debt to adjusted EBITDA stable at 2.0x
Net debt to adjusted EBITDA stable at 2.0x Net debt, net debt/adj. EBITDA and gearing Covenant level 3.75 • Net debt/Adj. EBITDA at 2.0 2.4 2.5 Ambition • At the end of Q4 2024: 2.3 2.2 • Cash and cash equivalents 2.1 1,426 1,453 2.0 2.0 2.0 2–3 EUR 317 million 1,332 1,288 1,249 1,255 1,220 1,216 Ne
Slide 48: Loan maturities
Loan maturities Debt maturity structure December 31, 2024 (EUR million) 600 500 • Average maturity 3.1 years 400 at the end of 2024 300 (2.9 at the end of 2023) 200 100 0 2025 2026 2027 2028 2029 Later Lease liabilities Available unused committed facilities Drawn committed credit facilities Commerci
Slide 49: 16 years of continuous dividend growth
16 years of continuous dividend growth • 1.2 BEUR paid since 2008 • Dividend growth CAGR 8% since 2008 1.00 1.05 1.10 • EPS growth to allow for 0.89 0.92 0.94 0.80 0.84 continued predictable 0.73 0.56 0.57 0.60 0.66 dividend payout 0.44 0.46 0.34 0.38 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 50: Sustainability and role of packaging
Sustainability 5 and role of packaging 50 Feb-Mar, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024
Slide 51: Small share of CO2 emissions of a latte on-the-go
Only a small share of CO2 emissions of a latte on-the-go Energy to make the latte 4% come from the cup, Cup & lid 9% and these can be Coffee production 14% halved by increasing Milk production 73% recycling CO2 of a latte on The CO2 emissions of the go paper cups can be halved by recycling all cups
Slide 52: Changing consumer expectations
Changing consumer expectations – increased focus on making packaging sustainable, affordable and adaptable Sustainable Affordable Adaptable Consumers expect businesses to Consumers around the world are Consumers have adopted a more play bigger role protecting climate adjusting purchasing patterns to
Slide 53: Recycling infrastructure and consumer awareness
In addition to recyclable packaging, Recyclable Collection, sorting Consumer Less waste in the consumer awareness packaging and recycling behaviour environment infrastructure and an efficient collection, sorting and recycling Recycling rates vary – significant potential to utilize valuable materials
Slide 54: Our approach to sustainability
Our approach to sustainability Environment Social Governance Approach • Design for circularity • Ensuring good working conditions for our • Ethics and compliance • Climate action employees and workers in the value chain • Global Code of Conduct • Biodiversity • Safe, engaging and inclusive work envi
Slide 55: Recognized by the ESG ratings agencies
Our journey is recognized by the ESG ratings agencies CDP Ecovadis MSCI Sustainalytics Score 2024 Management (B) (2023) 75 / 100 A (2024) Low risk (2023) Score 2023 Management (B) (2022) 71 / 100 A (2023) Low risk (2022) Performance N/A 97th percentile # 6-7 / 10 #19 / 38 vs. industry Our strengths
Slide 56: Sustainability Dashboard - progress towards 2030 targets
Sustainability Dashboard – Good progress towards our 2030 targets 56 Feb-Mar, 2025
Slide 57: Food is a major contributor to climate change
Food is a major contributor to Food production climate change 80% approx. 25% Global GHG emissions of global GHG emissions come from food systems 15% Transport and distribution 1/3 of the 10% food produced is lost or of global GHG emissions wasted come from wasted or 5% Packaging lost food 57 Feb-Ma
Slide 58: We play to win by making packaging that is fit-for-purpose and sustainable
We play to win by making packaging that is: Fit-for-purpose A sustainable solution Our packaging is engineered to provide the We offer the most sustainable available right functionality to protect each product alternative We choose the right material for each We want to be the partner of choice to o
Slide 59: Game-changing alternative sustainable packaging solutions
In practice this means we develop game-changing alternative sustainable packaging solutions Material positive Material / resource efficient Fully fiber-based cup and lid, Paper-based pushtab blister, Paper-based yogurt cup, replacing coated replacing aluminium replacing plastic-based paperboard and
Slide 60: Other
6 Other 60 Feb-Mar, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024
Slide 61: Largest shareholders and split of shareholding
Largest shareholders and split of shareholding Top 10 shareholders – Finnish only Split of shareholding Sha rehol der Number of s ha res % of total s ha res Cha nge Cha nge % 1. Fi nni s h Cul tura l Founda tion 11,319,080 10.50 % 0 0.00 % 2. Va rma Mutua l Pens i on Ins ura nce Compa ny 4,975,720 4
Slide 62: Foreign shareholding and distribution by geography
Foreign shareholding and distribution by geography 60,000 52% 55,000 50% 50,000 48% 45,000 40,000 46% 35,000 44% 30,000 42% 25,000 20,000 40% 01/2018 04/2018 07/2018 10/2018 01/2019 04/2019 07/2019 10/2019 01/2020 04/2020 07/2020 10/2020 01/2021 04/2021 07/2021 10/2021 01/2022 04/2022 07/2022 10/202
Slide 63: Global Executive Team
Global Executive Team Ralf K. Wunderlich Salla Ahonen Fredrik Davidsson Thomas Geust President and CEO EVP, Sustainability & President, Fiber Foodservice CFO Communications EAO Ann O’Hara Sami Pauni Johan Rabe Ingolf Thom Wilhelm Wolff President, North America EVP, Corporate Affairs and EVP, Digital
Slide 64: Board of Directors
Board of Directors Pekka Vauramo Kerttu Tuomas Mercedes Alonso Doug Baillie Robert K. Chairman of the Vice-Chairman Beckler Board HR AC AC HR AC Born 1957, Finnish citizen Born 1957, Finnish citizen Born 1966, Spanish and Swiss citizen Born 1955, U.K. citizen Born 1961, U.S. citizen Starting date: A
Slide 65: CEO variable remuneration earning opportunity and performance measures
CEO variable remuneration earning opportunity and performance measures Short-term incentive plan 2024 (max. 150% of annual base salary) Criteria weighting Adjusted EBIT 50% Criteria Free Cash Flow 30% Global Sustainability and Safety Index 20% Long-term incentive plan Maximum earning Performance Pay
Slide 66: 2024 results presentation
2024 results 7 presentation 66 Feb-Mar, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024
Slide 67: Solid year in a gradually improved market
Solid year in a gradually improved market Results 2024 Ralf K. Wunderlich President and CEO Thomas Geust CFO 67 Feb-Mar, 2025
Slide 68: Ralf K. Wunderlich appointed CEO of Huhtamaki
Ralf K. Wunderlich appointed CEO of Huhtamaki as of Jan 15 • Born 1966, German citizen • Education: B.Sc. (Business Administration) • Main occupation: Senior Adviser, Independent Consultant and Operating Partner to private equity companies • Member of various Boards of both listed and privately owne
Slide 69: Separating Fiber Packaging and Foodservice E-A-O
Separating Fiber Packaging and Foodservice E-A-O Sara Engber appointed President, Fiber Packaging Fiber Foodservice separated into two distinct Sara Engber appointed President, Fiber Packaging business segments • Aiming to increase speed of execution and to empower • Appointed President, the teams t
Slide 70: Solid year in a gradually improved market
Q4 2024 Solid year in a gradually improved market Market trends − Gradual market improvement continued, partly supported by customers’ promotional activities − Market environment still impacted by the inflation pressure and the boycotts on some customers due to the conflict in the Middle East − Raw
Slide 71: Efficiency program contributed significantly to profitability improvement
Efficiency program contributed significantly to profitability improvement Original program timeline, targets and costs Progress and updated timeline Sourcing Direct and Efficiency program launched in November 2023, leading to By the end of 2024, the program has generated EUR 76 indirect spend saving
Slide 72: Sustainability Dashboard - progress towards 2030 targets
Sustainability Dashboard – Good progress towards our 2030 targets 72 Feb-Mar, 2025
Slide 73: Sustainability results call on March 24
Stepping up our sustainability communication with a results call on March 24 • As we aim to improve our sustainability communications, we are launching a new concept of an annual sustainability results call • Call hosted by Salla Ahonen, Executive Vice President, Sustainability and Communications •
Slide 74: Business performance
01 Business performance 74 Feb-Mar, 2025
Slide 75: Q4 2024: Comparable net sales supported by volume growth
Q4 2024: Comparable net sales supported by volume growth Development of net sales in Q4 2024 Net sales increased 2% in Q4 2024 (EUR million) • Comparable net sales +3% No impact No impact -2 (-0% in emerging markets). Sales volumes growing, pricing flat • 0% from acquisitions and 1 1 divestments • C
Slide 76: 2024: Pricing weighing on comparable net sales, volumes slightly positive
2024: Pricing weighing on comparable net sales development, volumes slightly positive Development of net sales in Q1-Q4 2024 Net sales decreased 1% in 2024 (EUR million) • Comparable net sales growth flat No impact No impact (-2% in emerging markets). Slightly positive sales volumes, pricing impact
Slide 77: Comparable net sales trend improving
Comparable net sales trend improving Long-term Comparable net sales growth Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 2023 2024 ambitions Foodservice E-A-O -5% -5% -6% -7% -1% 2% -5% 4-5% North America 4% -3% -2% 3% 2% 2% 0% 5-6% Flexible Packaging -9% -1% 2% -0% 5% -9% 1% 6-7% Fiber Packaging 2% 1% 3% 8% 12% 7%
Slide 78: EBIT margin continued at double-digit level in Q4 and 2024
EBIT margin continued at double-digit level in Q4 and 2024 MEUR Q4 24 Q4 23 Change 2024 2023 Change Net sales 1,058.7 1,032.9 2% 4,126.3 4,168.9 -1% Adjusted EBIT1 110.3 107.5 3% 416.9 392.6 6% Margin 10.4% 10.4% 10.1% 9.4% Adjusted EPS, EUR2 0.68 0.68 -1% 2.48 2.32 7% Capital expenditure 113.8 114.
Slide 79: Business segment review
02 Business segment review 79 Feb-Mar, 2025
Slide 80: Foodservice E-A-O: Cautious signs of improvement
Foodservice E-A-O: Cautious signs of improvement Key figures, MEUR Q4 24 Q4 23 Change Net sales, growth and comparable growth (EUR million & %) Net sales 249.2 250.2 -0% Comparable growth -1% -5% 256 271 260 241 252 247 250 249 1% -6% -14% -6% -7% -5% -6% -0% Adjusted EBIT1 24.7 25.0 -1% 2023 Margin
Slide 81: North America: Continued strong performance
North America: Continued strong performance Key figures, MEUR Q4 24 Q4 23 Change Net sales, growth and comparable growth (EUR million & %) Net sales 386.5 378.1 2% Comparable growth 2% 4% 373 370 378 386 358 344 348 359 -0% -1% -1% 2% 2023 Adjusted EBIT1 52.9 54.1 -2% 6% -4% -6% 3% 2024 Margin 13.7%
Slide 82: Flexible Packaging: Profitability improved as demand recovered
Flexible Packaging: Profitability improved as demand continued to recover Key figures, MEUR Q4 24 Q4 23 Change Net sales, growth and comparable growth (EUR million & %) Net sales 327.5 319.8 2% Comparable growth 5% -9% 349 335 328 344 334 327 326 320 -8% -4% -16% -1% -18% -3% 2% Adjusted EBIT1 27.4
Slide 83: Fiber Packaging: Strong rebound after soft Q3
Fiber Packaging: Strong rebound after the soft Q3 profitability level Key figures, MEUR Q4 24 Q4 23 Change Net sales, growth and comparable growth (EUR million & %) Net sales 98.5 88.8 11% Comparable growth 12% 2% 99 87 86 92 88 89 85 81 11% Adjusted EBIT1 15.0 9.7 55% -4% 7% 8% 2% 2023 -2% -10% -9%
Slide 84: Financial review
03 Financial review 84 Feb-Mar, 2025
Slide 85: Higher sales and improved profitability driving earnings
Higher sales and improved profitability driving earnings MEUR Q4 24 Q4 23 Change 2024 2023 Change Q4 commentary: Net sales 1,058.7 1,032.9 2% 4,126.3 4,168.9 -1% Adjusted EBITDA 1 163.7 159.5 3% 622.2 590.1 5% • Reported sales growth 2%, 1 comparable growth 3% Margin 15.5% 15.4% 15.1% 14.2% Adjusted
Slide 86: Currency impact turned neutral
Currency impact turned neutral Average Average Change in Change in Closing rates rate rate average closing 2023 2024 rate Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 rate (YoY) (YoY) USD 1.08 1.08 0% 1.11 1.08 1.07 1.12 1.04 6% Foreign currency INR 89.31 90.55 -1% 92.45 90.13 89.24 93.38 89.27 3% translation impa
Slide 87: Net debt to adjusted EBITDA stable at 2.0
Net debt to adjusted EBITDA stable at 2.0 Net debt, net debt/adj. EBITDA and gearing Covenant level 3.75 • Net debt/Adj. EBITDA at 2.0 2.5 • At the end of Q4 2024: 2.4 Ambition 2.3 • Cash and cash equivalents 2.2 2.1 1,426 1,453 2.0 2.0 2.0 2–3 EUR 317 million 1,332 1,288 1,249 1,255 1,220 1,216 • U
Slide 88: Loan maturities
Loan maturities Debt maturity structure December 31, 2024 (EUR million) • Average maturity 3.1 years at the 600 end of 2024 (2.9 at the end of 500 2023) 400 • EUR 100 million bond was repaid 300 in October 2024 with existing cash 200 • EUR 450 million, 5-year, multi- currency revolving credit facili
Slide 89: Cash flow behind the 2023 level, driven by working capital
Cash flow behind the 2023 level, driven by the change in working capital Free cash flow bridge (EUR million) Cash flow supported by lower capex 596 621 Strong comparison period figures 321 in 2023 due to 216 • change in working capital, driven by 144 62 raw material prices 3 31 • proceeds from selli
Slide 90: Financial position continued to improve
Financial position continued to improve MEUR Dec 2024 Dec 2023 Total assets 4,894 4,665 • Working capital down Working capital 546 570 • Net debt and gearing decreased Net debt 1,216 1,288 • Adjusted ROI improved Equity & non-controlling interest 2,124 1,925 Gearing 0.57 0.67 Adjusted ROI1 12.1% 11.
Slide 91: Board dividend proposal: consecutive year of dividend growth
The Board of Directors’ dividend proposal would mean the 1 th consecutive year of dividend growth 2024* 2023 Change Adjusted EPS 2.48 2.32 7% Dividend per 1.10 1.05 5% share 1.05 1.10 Payout ratio 44% 45% 0.94 1.00 0.89 0.92 0.80 0.84 0.73 0.60 0.66 0.56 0.57 0.44 0.46 Share price on 0.34 0.38 34.18
Slide 92: Progress towards long-term financial ambitions
Progress towards long-term financial ambitions Long-term 2017 2018 2019 2020 2021 2022 2023 2024 ambition Comparable net sales growth 3% 5% 6% -2% 7% 15% -2% -0% 5-6% Adjusted EBIT margin 9.0% 8.1% 8.6% 9.1% 8.8% 8.8% 9.4% 10.1% 10-12% Adj. ROI 13.6% 11.6% 12.3% 11.7% 11.3% 11.0% 11.2% 12.1% 13-15%
Slide 93: Looking forward
04 Looking forward 93 Feb-Mar, 2025
Slide 94: Outlook for 2025 and short-term risks and uncertainties
Outlook for 2025 and short-term risks and uncertainties Outlook for 2025 Short-term risks and uncertainties The Group’s tradin conditions are expected to remain Decline in consumer demand, inflation in key cost items relatively stable during 2025. The good financial position (including raw materials
Slide 95: Upcoming events
Week commencing March 10, 2025 Annual Report 2024 Upcoming March 24, 2025 events Sustainability results 2024 call April 24, 2025 Q1 Interim Report AGM 95 Feb-Mar, 2025 95 February 14, 2025 Results 2024
Slide 96: 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, includin , but not limited to, strategic plans, potential growth, expe
Slide 97: Thank You
Thank You ir@huhtamaki.com OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | RESULTS 2024