Mayr-melnhof Karton Ag · VIE:MMK
Mayr-melnhof Karton — Investor Presentation (August 2026)
40 slides from Mayr-melnhof Karton's investor presentation, August 2026
Slide 1: MM Group - Investor Presentation
August 2026 incl. HY 2026 MM Group - Investor Presentation
Slide 2: MM Group Overview
1 MM Group Overview MM
Slide 3: MM Group is a large-scale, diversified global packaging platform
MM Group is a large-scale, diversified global packaging platform managed in 3 divisions 3.1m 3.1bn €3.8 BILLION €421 MILLION tonnes / annum m² of packaging SALES (2025A) LFL Transactional EBITDA1 (2025A) cartonboard, paper produced & pulp produced 36% 49% 48% Food & Premium 32% Food & Premium Board
Slide 4: Well-invested and efficient global footprint
Well-invested and efficient global footprint 60 16 130+ ~3,500 €900m+ Sales offices Countries with sales Invested since Production facilities Customers globally in 15 countries presence 2021-25A 11% Americas Americas 78% Europe 11% Middle East & Asia % Sales 2025A Food & Premium Packaging (29 plants
Slide 5: European packaging leader with strong global presence
European packaging leader with strong global presence 71% of sales 29% of sales FOOD & PREMIUM PHARMA & HEALTHCARE DIVISION DIVISION Food, non-food, beauty & Secondary packaging, personal care, household care & cigarettes leaflets and labels 53 3.1 billion RoW, 16% Production sites m2 of packaging s
Slide 6: European Cartonboard leader delivering sustainable, high quality and reliable solutions globally
European Cartonboard leader delivering sustainable, high quality and reliable solutions globally 6 Cartonboard & Paper Mills 1 Mechanical pulp facility 10 Cartonboard & Paper machines 3.1 m >2.1 m RoW, 6% Tonnes cartonboard, Tonnes of recycled and Americas, 4% paper & pulp produced virgin fibre proc
Slide 7: Deep vertical integration across the value chain
Deep vertical integration across the value chain MM Board & Paper MM Packaging ~1.7 mt ~380 kt Food & Premium ~1.1 mt Cartonboard Virgin/recycled Packaging Recycled fibres WLC, LIN, FBB Cartonboard ~2.2bn m2 Primarily SBB, SBS, specialty paper ~500 kt ~265 kt Paper 15% 40% FBB UFP, SKP WLC LIN Pharm
Slide 8: Supplier-of-choice serving a globally diverse and sticky blue-chip customer base
Supplier-of-choice serving a globally diverse and sticky blue-chip customer base Revenue 2025A by client RoW Pharma 11% 15% MM Packaging Global scale and reach (Food & Premium, Americas 11% Pharma & Healthcare) MM Board & Paper High supply security via multi-mill concept Client 1 8% Top 5 Client
Slide 9: Advantageous cost position in Europe due to a well-invested, right-sized asset base
Advantageous cost position in Europe due to a well- invested, right-sized asset base FBB: Age vs. Capacity / Asset Benchmark Europe % of capacity on cost curve 3 high-capacity mills are either Weighted average technical age 800 underutilized, not fully ramped up or majorly cater to the US market Gra
Slide 10: Deep Dive MM Board & Paper on capacity utilisation, sales structure, operational excellence
Deep Dive MM Board & Paper on capacity utilisation, sales structure, operational excellence • Strong positions on cost curves with well invested mills. • Capacity utilisation has improved step by step since 2023, reaching 87 % in HY1/26 • MM Board & Paper has more than 90 % of its global sales of fo
Slide 11: R&D pioneer through disciplined innovation and with circularity in the Group's DNA
R&D pioneer through disciplined innovation and with circularity in the Group’s DNA Established ESG Pioneer in R&D Over-achieving consistently vs. ESG targets credibility 1 2025 Target Lightweighting, barrier Scope 1 & 2 performance emission reduction 59% (2031) 50% 1 Renewable electricity sourcing
Slide 12: Key Investment Highlights
MM Key Investment Highlights
Slide 13: MM presents a highly compelling investment story (1/2)
MM presents a highly compelling investment story (1/2) Leading integrated European platform in fibre-based consumer packaging 1 Strong exposure to defensive end markets benefitting from acceleration in sustainability driven secular trends 2 Well-invested and efficient global footprint with an advant
Slide 14: MM presents a highly compelling investment story (2/2)
MM presents a highly compelling investment story (2/2) Sustainability-focused leader with circularity in the Group’s DNA 6 Solid financial profile with leading through-the-cycle margins and substantial recovery upside 7 8 Clear roadmap underpinning the next phase of strategic growth and value creati
Slide 15: Strategic Positioning
3 Strategic Positioning MM
Slide 16: Food & Premium Packaging
MM 3.1 Food & Premium Packaging
Slide 17: Leading European Food & Premium packaging platform
Leading European Food & Premium packaging platform … Leading position in attractive markets Well invested asset base bolstering global presence 1 2 29 14 ~5.7k Production Countries with FTEs Europe, in Food Europe, Beauty & Personal sites1 operational footprint (excl. Beverages) Care, Household & Ci
Slide 18: … with a highly diversified and resilient financial profile
… with a highly diversified and resilient financial profile €1,450m Revenues 2025A STRONG REGIONAL DIVERSIFICATION LOW CUSTOMER CONCENTRATION DIVERSE MIX OF END MARKETS RoW Client 1 19% 11% Client 2 9% Americas Food 7% Other Client 3 49% 44% 8% Premium Client 4 51% 7% Europe Client 5 74% 5% Clients
Slide 19: Food & Premium Strategy
Food & Premium Strategy Selective D acquisitions C Productivity Ukraine improvement and bounce-back cost reduction B Footprint Untapped rationalization A markets Organic growth & market share gains Regulations Plastic substitution Fit-for-Future & Strategic projects M&A & Organic growth upsides 19 S
Slide 20: Pharma & Healthcare Packaging
3.2 Pharma & Healthcare Packaging
Slide 21: MM is the clear market leader in pharma packaging
MM is the clear market leader in pharma packaging … Leading position in attractive markets Well invested asset base bolstering global presence Global Europe Americas 1 1 2 1 2 24 11 ~3.5k Production Countries with FTEs GLP-1 Folding Folding sites1 operational footprint Leaflets Leaflets Packaging Ca
Slide 22: … with a highly diversified and resilient financial profile
… with a highly diversified and resilient financial profile €618m Revenues 2025A STRONG REGIONAL DIVERSIFICATION LOW CUSTOMER CONCENTRATION COMPREHENSIVE PRODUCT OFFERING Central Europe Client 1 Other 5% Other <1% 8% Labels 4% Nordics Others Client 2, 6% 9% 12% 54% Client 3, 5% Client 4, 4% Americas
Slide 23: Pharma and Healthcare Strategy
Pharma and Healthcare Strategy D Bolt-on M&A C B Focus on improving operational A Through a focus on productivity and reducing personnel pricing excellence, costs Capture and innovation, service penetrate high and quality market growth in US while focusing on reshoring in Europe Inorganic Organic gr
Slide 24: Board & Paper
3.3 Board & Paper MM
Slide 25: Leading European Board & Paper platform
Leading European Board & Paper platform … Leading position in attractive markets Well invested asset base bolstering global presence Europe Europe + NA 1 3 1 7 16 ~4k WLC (incl. Coated White Top Production sites Sales offices FTEs FBB producer1 SKP producer Testliner) producer Key figures (2025A) €1
Slide 26: … with a highly diversified and resilient financial profile
… with a highly diversified and resilient financial profile STRONG REGIONAL DIVERSIFICATION LOW CUSTOMER CONCENTRATION RoW 6% Europe: 90% Top 5 Clients 1 Americas 4% 14% Germany 20% Top 6-10 Clients 1 4% Rest of Europe 25% Top 11-20 Clients 1 Poland 19% Rest 5% 77% Converters: Italy 9% 72% UK 9% Fra
Slide 27: Board and Paper Strategy
Board and Paper Strategy Selective C acquisitions & potential mergers B Cost reduction with focus A on operational Increase market share to excellence, fixed costs Well-advanced drive higher plant and procurement savings targeted investments utilization, thus improving to increase plant operating le
Slide 28: Half-year Results 2026
4 Half-year Results 2026 MM
Slide 29: HY 1 / 2026 MM Group Highlights
HY 1 / 2026 MM Group Highlights • Adj. EBITDA almost matches prior-year level (like-for-like, excl. TANN) with clear sequential improvement over HY2/2025 - €105mn Fit-For-Future programme contribution in HY1/2026 mitigated mainly for lower prices in Board & Paper - Adj. EBITDA Pharma & Healthcare Pa
Slide 30: Historical Financials
5 Historical Financials MM
Slide 31: Strong track record of long-term topline improvement via organic growth as well as via M&A
Strong track record of long-term topline improvement via organic growth as well as via M&A Net revenues and Adj. EBITDA evolution 2015A – 2025A (€m) Revenue (€m) Adj. EBITDA (€m) Acquisition of Eson Pac and Essentra x% Adj. EBITDA margin – Group Acquisition of Divestment of Russian packaging busines
Slide 32: MM Group 2025 Results (excl. TANN)
MM Group 2025 Results (excl. TANN) (consolidated in mEUR, IFRS) 2025 2024 +/- Sales 3,796.6 3,866.0 - 1.8 % Adjusted EBITDA1) 395.4 366.5 + 7.9 % Adjusted EBITDA margin (%) 10.4 % 9.5 % + 93 bp Adjusted operating profit1) 172.5 150.1 + 15.0 % Adjusted operating margin (%) 4.5 % 3.9 % + 66 bp Adjuste
Slide 33: MM Group 2025 Results
MM Group 2025 Results (consolidated in mEUR, IFRS) 2025 2024 +/- Sales 3,885.3 4,079.6 - 4.8 % Adjusted EBITDA1) 418.2 418.5 - 0.1 % Adjusted EBITDA margin (%) 10.8 % 10.3 % + 51 bp Adjusted operating profit1) 195.4 190.0 + 2.8 % Adjusted operating margin (%) 5.0 % 4.7 % + 37 bp 2) Adjusted return o
Slide 34: MM Consolidated Balance Sheet
MM Consolidated Balance Sheet (consolidated in mEUR, IFRS) Dec. 31, 2025 Dec. 31, 2024 Non-current assets 2,942.9 3,013.2 Current assets 1,534.9 1,849.9 Total assets 4,477.8 4,863.1 Equity 2,103.6 2,128.7 Liabilities 2,374.2 2,734.4 Total equity and liabilities 4,477.8 4,863.1 Total funds available
Slide 35: MM Food & Premium Packaging 2025 Results
MM Food & Premium Packaging 2025 Results (excl. TANN Group) (consolidated in mEUR, IFRS) 2025 2024 +/- Sales1) 1,449.7 1,488.7 - 2.6 % Adjusted EBITDA2) 205.4 206.2 - 0.4 % Adjusted operating profit2) 134.5 139.4 - 3.5 % Adjusted operating margin (%) 9.3 % 9.4 % - 9 bp Adjusted return on capital emp
Slide 36: MM Food & Premium Packaging 2025 Results
MM Food & Premium Packaging 2025 Results (consolidated in mEUR, IFRS) 2025 2024 +/- Sales1) 1,538.4 1,702.4 - 9.6 % Adjusted EBITDA2) 228.2 258.3 - 11.6 % Adjusted operating profit2) 157.3 179.4 - 12.3 % Adjusted operating margin (%) 10.2 % 10.5 % - 31 bp 3) Adjusted return on capital employed (%) 1
Slide 37: MM Pharma & Healthcare Packaging 2025 Results
MM Pharma & Healthcare Packaging 2025 Results (consolidated in mEUR, IFRS) 2025 2024 +/- Sales1) 618.3 615.7 + 0.4 % Adjusted EBITDA2) 77.7 69.9 + 11.2 % Adjusted operating profit2) 37.2 29.8 + 24.9 % Adjusted operating margin (%) 6.0 % 4.8 % + 118 bp Adjusted return on capital employed (%) 8.3 % 7.
Slide 38: MM Board & Paper 2025 Results
MM Board & Paper 2025 Results (consolidated in mEUR, IFRS) 2025 2024 +/- Sales1) 1,930.2 1, 954.3 - 1.2 % Adjusted EBITDA2) 115.0 90.3 + 27.2 % Adjusted operating profit2) 3.4 (19.2) n.m. Adjusted operating margin (%) 0.2 % -1.0 % + 116 bp Adjusted return on capital employed (%) 0.2 % -1.1 % + 124 b
Slide 39: Contact
Contact MM Group Brahmsplatz 6 1040 Wien / Austria Tel: +43 (0)1 501 36 – 0 investor.relations@mm.group www.mm.group 39
Slide 40: Disclaimer
Disclaimer Mayr-Melnhof Karton Aktiengesellschaft and its Group companies (hereinafter collectively or individually “MM”) expressly disclaim any warranty or liability as to accuracy or completeness of the information provided in this presentation. This presentation contains forward-looking statement
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