Mayr-melnhof Karton Ag · VIE:MMK
Mayr-melnhof Karton — Investor Presentation (November 2025)
44 slides from Mayr-melnhof Karton's investor presentation, November 2025
Slide 1: MM Group – Leading in Consumer Packaging
MM Group – (incl. Q1-3 Results) MM Group Leading in Consumer Packaging
Slide 2: MM Group - Divisions
MM Group - Divisions MM Food & Premium MM Pharma & MM Board & Paper Packaging Healthcare Packaging 2
Slide 3: International footprint close to our customers
International footprint close to our customers Sales by regions Rest of World 11 % Americas 11 % Europe 78 % Values LTM 29 food & premium packaging plants 24 pharma & healthcare packaging plants 6 cartonboard and paper mills 1 mechanical pulp (CTMP/BCTMP) plant ~ 4.000 customers MM Food & Premium MM
Slide 4: MM Group in facts and figures
MM Group in facts and figures We are a leading global producer of folding cartons and cartonboard with an attractive offer in kraft and uncoated fine papers, operating in three divisions % ADJ. EBITDA EUR 4.0 BILLION % SALES SALES Food & Premium 443 adj EBITDA 6.3 adj ROCE Board & Paper (in millions
Slide 5: Operating as independent divisions
Operating as independent divisions MM Board & Paper sells 85 % of cartonboard to external customers sold to 15% MM Food & Premium Packaging & MM Pharma Packaging 39% (at arm’s length) MM Board & Paper MM Food & Premium Packaging produces 1.8 million tonnes of cartonboard and MM Pharma & Healthcare P
Slide 6: MM Group – Leading in Consumer Packaging
MM Group – Leading in Consumer Packaging A global leader in fibre-based consumer packaging (folding cartons, cartonboard) Operating in 28 countries with 60 production sites Focused on consumer goods: food & premium, pharma & healthcare Trusted by leading brands in FMCG, pharma, and retail
Slide 7: Investment Story
Investment Story Market Market leaderleader basedin cost, technological onresilient and innovation fiber-based consumer leadership packaging Drive efficiency Growthand innovation organically and increaseacquisitions to through market share in sustainable (continuous folding market cartons and papers
Slide 8: Future-oriented transformation in a challenging environment (2020-2025)
Future-oriented transformation in a challenging environment (2020-2025) Expansion into growing markets of virgin fibre-based cartonboard and pharma packaging Divestment/closure of low performing assets and none-core business (TANN-Group Q2 2025) €1.2 bn investment in efficiency, quality, sustainabil
Slide 9: Long-Term Financial Performance
Long-Term Financial Performance Year-on-Year comparison in mEUR Sales/Operating margin in mEUR CAPEX 5.000 12% 500 11% 4.500 10% 400 4.000 9% 8% 3.500 300 7% 3.000 6% 5% 200 2.500 4% 2.000 3% 100 1.500 2% 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales Operating ma
Slide 10: Solid Group balance sheet
Solid Group balance sheet Year-on-Year comparison in mEUR Net liquidity/Net debt Equity ratio 400 100% 200 90% 0 80% -200 70% -400 60% 50% -600 40% -800 30% -1.000 20% -1.200 10% -1.400 0% -1.600 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2010 2011 2012 2013 2014 2015
Slide 11: Goals and challenges 2025 and beyond
Goals and challenges 2025 and beyond Focus on cash generation - enhancing earnings 2024 cost reduction and productivity enhancement measures evident in 2025 Group-wide Fit-For-Future Programme - to generate more than EUR 150 million structural sustainable profit improvements by 2027 (vs. 2024 excl.
Slide 12: Business Structure
2 Business Structure
Slide 13: Business Structure
Business Structure Cartonboard Paper production production Food ~ 1,763,000 ~ 497,000 & Premium tonnes tonnes Packaging (1) Recycled fibres ~ 1,091,000 tonnes 3,103 million m2 265,000 tonnes Volume of Internal cartonboard sales to packaging MM Food & Premium Packaging + produced MM Pharma & Healthca
Slide 14: Development Q1-3/2025
3 Development Q1-3/2025
Slide 15: Q1-3/2025 MM Group Highlights
Q1-3/2025 MM Group Highlights • Successful ramp-up of the Group-wide “Fit-For-Future” (FFF) programme towards sustainable earnings improvement • Adjusted operating profit up by 20 % (pro forma excl. TANN up by 32 %) • Ongoing difficult conditions due to soft consumer demand and market overcapacity •
Slide 16: MM Group Q1-3/2025 Results
MM Group Q1-3/2025 Results (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales 2,979.5 3,068.8 - 2.9 % Adjusted EBITDA1) 320.3 295.7 + 8.3 % Adjusted EBITDA margin (%) 10.7 % 9.6 % + 111 bp Adjusted operating profit1) 151.9 126.3 + 20.3 % Adjusted operating margin (%) 5.1 % 4.1 % + 99 bp 2) A
Slide 17: MM Group Q1-3/2025 Results (excl. TANN)
MM Group Q1-3/2025 Results (excl. TANN) (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales 2,890.8 2,909.8 - 0.7 % Adjusted EBITDA1) 297.4 257.6 + 15.5 % Adjusted EBITDA margin (%) 10.3 % 8.9 % + 144 bp Adjusted operating profit1) 129.1 97.5 + 32.4 % Adjusted operating margin (%) 4.5 % 3.4 %
Slide 18: MM Group Quarterly Overview
MM Group Quarterly Overview Sales Adj. operating profit Cash flow in mEUR in mEUR in mEUR 14% 500 70 64 1.250 61 400 349 1.043 12% 1.025 1.011 987 60 56 950 300 1.000 10% 50 200 750 8% 83 40 36 35 100 25 500 6% 0 30 -100 -33 -30 4% -46 -56 -50 -58 250 20 -200 -128 10 2% 0 -300 Q3/24 Q4/24 Q1/25 Q2/2
Slide 19: MM Consolidated Balance Sheet
MM Consolidated Balance Sheet (consolidated in mEUR, IFRS) Sep. 30, 2025 Dec. 31, 2024 Non-current assets 2,997.6 3,013.2 Current assets 1,476.7 1,849.9 Total assets 4,474.3 4,863.1 Equity 2,187.7 2,128.7 Liabilities 2,286.6 2,734.4 Total equity and liabilities 4,474.3 4,863.1 Total funds available
Slide 20: Solid Group balance sheet
Solid Group balance sheet Net debt Equity ratio 2.000 80% 50% 70% 1.500 60% 45% 50% 1.000 40% 40% 30% 500 20% 35% 10% 0 0% 30% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Net debt Net debt/Equity Equity ratio MM Group Investor presentation November 2025 (incl. Q1-3 Results) 20
Slide 21: MM Group Corporate Carbon Footprint
MM Group Corporate Carbon Footprint In mn t CO2e • Continuous emission reduction in line with -5% MM’s SBTi* targets 0.04 0,07 • Scope 1 and 2 (market-based) emissions reduced by 5% from 0.51 mn t CO2e in H1/24 to 0.48 mn t CO2e in H1/25 • Key measures include: 0,47 0,41 • Switch to renewable/low ca
Slide 22: MM Group environmental targets
MM Group environmental targets Climate Change Water** Resource use • Reduce absolute scope 1 and 2 greenhouse • Improve water efficiency by 35 % by 2030 vs. • Purchase all wood from certified or gas (GHG) emissions by 50.4 % by 2031* and 2019 controlled responsible sources** 100% by 2050 vs. 2019 •
Slide 23: MM Food & Premium Packaging
Leading in Consumer Packaging MM Food & Premium Packaging1) 1) Food & Specialities, Beauty & Personal Care, Cigarettes
Slide 24: Leading global producer of folding cartons
Leading global producer of folding cartons We continuously work towards enhancing and innovating our range of fibre-based products, aiming to surpass our customers' expectations by providing sustainable packaging solutions for their products. 41 % of Group sales #1 29 Producer of folding production
Slide 25: MM Food & Premium Packaging Q1-3/2025 Results
MM Food & Premium Packaging Q1-3/2025 Results (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales1) 1,187.6 1,267.5 - 6.3 % Adjusted EBITDA2) 172.9 189.6 - 8.8 % Adjusted operating profit2) 118.9 130.6 - 9.1 % Adjusted operating margin (%) 10.0 % 10.3 % - 30 bp 3) Adjusted return on capital e
Slide 26: MM Food & Premium Packaging Q1-3/2025 Results (excl. TANN Group)
MM Food & Premium Packaging Q1-3/2025 Results (excl. TANN Group) (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales1) 1,098.9 1,108.6 - 0.9 % Adjusted EBITDA 150.0 151.4 - 0.9 % Adjusted operating profit 96.0 101.8 - 5.7 % Adjusted operating margin (%) 8.7 % 9.2 % - 45 bp 2) Adjusted return
Slide 27: MM Food & Premium Packaging Quarterly Overview
MM Food & Premium Packaging Quarterly Overview Sales/Produced volume Adj. operating profit in mEUR in mEUR in millions of m2 80 20% 500 432 435 800 422 392 374 60 15% 400 48 49 46 600 300 37 36 40 10% 400 200 20 5% 100 200 0 0 0 0% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Sales Pr
Slide 28: MM Pharma & Healthcare Packaging
Leading in Consumer Packaging MM Pharma & Healthcare Packaging
Slide 29: Leading producer of secondary pharma packaging
Leading producer of secondary pharma packaging MM Pharma & Healthcare Packaging is a market leader in Europe and US with strong position in GLP-1 analoga Our offering from a global production network includes folding cartons, leaflets and labels. 15 % of Group sales #1 24 producer of secondary produ
Slide 30: MM Pharma & Healthcare Packaging Q1-3/2025 Results
MM Pharma & Healthcare Packaging Q1-3/2025 Results (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales1) 469.3 470.2 - 0.2 % Adjusted EBITDA2) 60.5 55.9 + 8.3 % Adjusted operating profit2) 29.2 26.8 + 9.4 % Adjusted operating margin (%) 6.2 % 5.7 % + 55 bp 3) Adjusted return on capital employ
Slide 31: MM Pharma & Healthcare Packaging Quarterly Overview
MM Pharma & Healthcare Packaging Quarterly Overview Sales/Produced volume Adj. operating profit in mEUR in millions of m2 in mEUR 200 300 15 20% 163 157 149 146 149 150 10 10 15% 200 10 9 8 100 10% 100 5 50 3 5% 0 0 0 0% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Sales Produced volu
Slide 32: MM Board & Paper
Leading in Consumer Packaging MM Board & Paper
Slide 33: Europe's largest cartonboard producer
Europe's largest cartonboard producer We produce virgin fibre cartonboard, recycled cartonboard, packaging papers, saturating kraft, liner, barrier cartonboard, uncoated fine paper and pulp. 6 1 10 cartonboard mills mechanical board & paper in 5 countries pulp mill machines 3.2 million ≈110 4,167 to
Slide 34: MM Board & Paper Q1-3/2025 Results
MM Board & Paper Q1-3/2025 Results (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales1) 1,479.6 1,477.3 + 0.2 % Adjusted EBITDA 86.9 50.2 + 73.0 % Adjusted operating profit 3.8 (31.1) n.m. Adjusted operating margin (%) 0.3 % -2.1 % + 236 bp 2) Adjusted return on capital employed (LTM) (%) 0.
Slide 35: MM Board & Paper Quarterly Overview
MM Board & Paper Quarterly Overview Sales/Tonnage produced Adj. operating profit in mEUR in mEUR in thous of tonnes 20 10% 800 12 600 9 491 510 490 10 6 477 480 5% 500 600 400 0 0% 300 400 -10 200 -11 200 -5% -20 100 -20 0 0 -30 -10% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Sales
Slide 36: Outlook
5 Outlook
Slide 37: Outlook
Outlook • Currently no indications of an easing in market conditions due to persistently soft demand and ongoing overcapacity • Focus on enhancing competitiveness and implementing measures to achieve a sustainable improvement in earnings performance • Successfull ramp-up of the Group-wide “ Fit-For-
Slide 38: Appendix
6 Appendix
Slide 39: MM Group Quarterly Overview
MM Group Quarterly Overview (consolidated in mEUR, IFRS) Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Sales 1,025.0 1,018.9 1,024.9 1,010.8 1,042.6 987.4 949.5 Adjusted EBITDA1) 94.5 107.2 94.0 122.8 119.3 111.2 89.8 Adjusted EBITDA margin (%) 9.2 % 10.5 % 9.2 % 12.2 % 11.4 % 11.3% 9.5 %
Slide 40: MM Food & Premium Packaging Quarterly Overview
MM Food & Premium Packaging Quarterly Overview (consolidated in mEUR, IFRS) Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Sales1) 428.9 407.0 431.6 434.9 421.5 391.8 374.3 Adjusted EBITDA2) 60.1 61.3 68.2 68.7 65.9 54.2 52.8 Adjusted operating profit2) 40.8 41.6 48.2 48.8 46.3 36.7 35.9 Ad
Slide 41: MM Pharma & Healthcare Packaging Quarterly Overview
MM Pharma & Healthcare Packaging Quarterly Overview (consolidated in mEUR, IFRS) Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Sales1) 164.8 156.8 148.6 145.5 163.4 157.4 148.5 Adjusted EBITDA2) 21.0 16.6 18.3 14.0 19.6 20.5 20.4 Adjusted operating profit2) 12.1 7.2 7.5 3.0 8.8 10.1 10.3 A
Slide 42: MM Board & Paper Quarterly Overview
MM Board & Paper Quarterly Overview (consolidated in mEUR, IFRS) Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Sales1) 483.5 502.7 491.1 477.0 510.0 490.1 479.5 Adjusted EBITDA 13.4 29.3 7.5 40.1 33.8 36.5 16.6 Adjusted operating profit (13.3) 2.2 (20.0) 11.9 5.9 8.9 (11.0) Adjusted operat
Slide 43: Contact
Contact MM Group Brahmsplatz 6 1040 Wien / Austria Tel: +43 (0)1 501 36 – 0 investor.relations@mm.group www.mm.group 43
Slide 44: 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
Mayr-Melnhof Karton — Investor Presentation (November 2025) on 6ix