Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Q2 2025 Earnings Presentation
25 slides from Huhtamaki Oyj's earnings presentation, Jul 24, 2025
Slide 1: Continued stable operational performance in a volatile environment
Continued stable operational performance in a volatile environment Half-yearly Report H1 2025 Ralf K. Wunderlich President and CEO Thomas Geust CFO
Slide 2: Continued stable operational performance in a volatile environment
H1 2025 Continued stable operational performance in a volatile environment • Market uncertainty - consumers’ cautiousness, geopolitical tensions, the US tariffs situation and a weakening US dollar • Financial performance in line with previous year • S&P upgraded Huhtamaki’s credit rating to Investme
Slide 3: Actions taken in our focus areas
Actions taken in our focus areas 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 a
Slide 4: Three-year program to accelerate strategy implementation
Three-year program to accelerate strategy implementation EUR 100 million savings program completed Key actions during Q2 • Savings program announced in November 2023 • Continued cost reduction was concluded in Q2 2025, ahead of the schedule • Restructuring of production in the Foodservice Packaging
Slide 5: Huhtamaki H1 sustainability dashboard
Huhtamaki H1 sustainability dashboard YTD June 2025 Renewable or recycled materials [%] Renewable electricity [%] Non-hazardous waste recycled [%] Occupational Health & Safety 2030 ambition 80 100 90 12-month rolling 12-month rolling 66.6 62.2 85.8 LTIFR TRIR 0 100 0 100 0 100 1,28 2,78 YTD Performa
Slide 6: Business performance
01 Business performance 6 July 24, 2025 H1 2025
Slide 7: Q2 net sales showed positive organic growth and support from acquisition, FX main drag
Q2 net sales showed positive organic growth and support from acquisition, FX main drag Development of net sales in Q2 2025 Development of net sales in H1 2025 (EUR million) (EUR million) Organic c uisi ons i estments Currenc H Organic c uisi ons i estments Currenc H Comparable net sales growth is gr
Slide 8: Excluding the negative impact of FX, key financials in line with prior year in Q2
Excluding the negative impact of FX, key financials in line with prior year in Q2 MEUR Q2 25 Q2 24 Change H1 25 H1 24 Change Net sales 1,007.5 1,037.5 -3 % 2,009.1 2,041.4 -2 % 1 Adjusted EBIT 103.1 105.5 -2 % 201.5 204.3 -1 % Margin 10.2% 10.2% 10.0% 10.0% 2 Adjusted EPS, EUR 0.63 0.63 0% 1.21 1.17
Slide 9: Foodservice Packaging: Market softness weighing on performance
Foodservice Packaging: Market softness weighing on performance Key figures, EUR million Q2 25 Q2 24 Change Net sales (EUR million) Net sales 239.0 252.3 -5% Comparable growth -4% -6% 241 252 239 247 249 234 2024 Adjusted EBIT1 22.9 23.2 -1% 2025 Margin 9.6% 9.2% Capital expenditure 11.2 12.9 -13% Op
Slide 10: North America: Net sales supported by volume growth, while a weaker dollar had a negative impact
North America: Net sales supported by volume growth, while a weaker dollar had a negative impact Key figures, EUR million Q2 25 Q2 24 Change Net sales (EUR million) Net sales 366.4 370.2 -1% Comparable growth 3% -2% 386 344 346 370 366 359 2024 Adjusted EBIT1 44.7 53.0 -16% 2025 Margin 12.2% 14.3% C
Slide 11: Flexible Packaging: Continued profitability improvement
Flexible Packaging: Continued profitability improvement Key figures, EUR million Q2 25 Q2 24 Change Net sales (EUR million) Net sales 310.7 325.9 -5% Comparable growth -2% 2% 335 329 326 334 327 311 2024 Adjusted EBIT1 26.2 20.9 25% 2025 Margin 8.4% 6.4% Capital expenditure 6.6 12.3 -46% Q1 Q2 Q3 Q4
Slide 12: Fiber Packaging: Solid sales growth driven by volumes and pricing
Fiber Packaging: Solid sales growth driven by volumes and pricing Key figures, EUR million Q2 25 Q2 24 Change Net sales (EUR million) Net sales 94.3 91.7 3% Comparable growth 10% 3% 96 94 99 92 88 85 2024 Adjusted EBIT1 11.1 11.9 -6% 2025 Margin 11.8% 12.9% Capital expenditure 12.2 5.8 >100% Operati
Slide 13: Financial review
02 Financial review 13 July 24, 2025 H1 2025
Slide 14: Currency impact clearly negative due to weaker USD
Currency impact clearly negative due to weaker USD Average Average Change in Change in Closing rates rate rate average closing H1 24 H1 25 rate Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 rate (YoY) Foreign currency USD 1.08 1.09 -1 % 1.07 1.12 1.04 1.08 1.17 (YoY) -9% translation impact INR 90.01 94.00 -4 % 89.2
Slide 15: Adj. EPS at previous year’s level
Adj. EPS at previous year’s level EUR million Q2 25 Q2 24 Change H1 25 H1 24 Change Net sales 1,007.5 1,037.5 -3 % 2,009.1 2,041.4 -2 % Q2 commentary: Adjusted EBITDA 1 154.6 156.4 -1 % 306.6 305.4 0% • Comparable sales remained Margin 1 15.3% 15.1% 15.3% 15.0% close to pre ious ear’s Adjusted EBIT
Slide 16: Net debt to adjusted EBITDA at 2.1
Net debt to adjusted EBITDA at 2.1 • Net debt/adj. EBITDA at 2.1 Net debt, net debt/adj. EBITDA and gearing • At the end of Q2 2025: Covenant level 3.75 • Cash and cash equivalents 1,298 EUR 444 million 1,249 1,255 1,252 1,220 1,216 • Unused committed credit Ambition facilities available EUR 407 2.1
Slide 17: Loan maturities
Loan maturities Debt maturity structure June 30, 2025 (EUR million) • Average maturity 2.9 years at the 600 end of Q2 2025 (2.4 at the end of Q2 2024) 500 400 • On June 18, Huhtamaki, signed a EUR 150 million freely transferable 300 loan agreement (Schuldschein) 200 • Maturities of 5 and 7 years 100
Slide 18: Free cash flow improved in Q2
Free cash flow improved in Q2 Free cash flow bridge H1 2025 (EUR million) Free cash flow improved in Q2 (EUR 86 million vs. 54 million) 326 For H1, free cash flow decreased to 296 EUR 63 million from 92 million in H1 2024 92 • Increase in working capital 63 29 3 • Positive impact from lower capital
Slide 19: Stable financial position
Stable financial position EUR million Jun 2025 Jun 2024 • Equity impacted by EUR 223 Total assets 4,787 4,767 million of negative translation differences (mainly from USD) Working capital 649 593 Net debt 1,298 1,255 • Working capital increased • increased inventory Equity & non-controlling interest
Slide 20: Progress towards long-term financial ambitions
Progress towards long-term financial ambitions Long-term 2018 2019 2020 2021 2022 2023 2024 H1 25 ambition Comparable net sales growth 5% 6% -2 % 7% 15 % -2 % 0% -1% 5-6% Adjusted EBIT margin 8.1% 8.6% 9.1% 8.8% 8.8% 9.4% 10.1% 10.0% 10-12% Adj. ROI 11.6% 12.3% 11.7% 11.3% 11.0% 11.2% 12.1% 11.9% 13
Slide 21: Looking forward
03 Looking forward 21 July 24, 2025 H1 2025
Slide 22: Outlook for 2025 and short-term risks and uncertainties
Outlook for 2025 and short-term risks and uncertainties Outlook for 2025 (unchanged) Short-term risks and uncertainties The Group’s trading conditions are expected to remain Decline in consumer demand, inflation in key cost items relatively stable during 2025. The good financial position (including
Slide 23: Upcoming events
September 22-23, 2025 Site visit to Istanbul Upcoming events October 23, 2025 Q3 Interim Report 23 July 24, 2025 H1 2025
Slide 24: Disclaimer
Disclaimer Information presented herein contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or Huhtamäki O j’s or its affiliates’ (“Huhtamaki”) future financial performance, including, but not limited to, strategic plans, potential growth, expe
Slide 25: Thank you.
Thank you. Contact us at ir@huhtamaki.com