Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Non-Deal Roadshow (September 2025)
81 slides from Huhtamaki Oyj's roadshow presentation, September 2025
Slide 1: Becoming the first choice in sustainable packaging solutions
Becoming the first choice in sustainable packaging solutions Roadshow presentation August-September 2025
Slide 2: Contents
Contents Overview Strategy Segments Financials Sustainability Other Q2 2025 report 2 August-September 2025
Slide 3: Overview
1 Overview 3 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 4: This is Huhtamaki
THIS IS NET SALES EUR million 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 20
Slide 5: A strong local presence, delivering for our customers, globally
NET SALES A strong local presence, €4.1B delivering for our ADJUSTED EBIT customers, globally M€ 416.9 ADJUSTED EBIT MARGIN 10.1% OPERATING COUNTRIES 36 OPERATING LOCATIONS 102 EMPLOYEES 17,794 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025 5 August-September 2025
Slide 6: Huhtamaki in figures
Net debt and Net debt/ Adjusted EBITDA Adjusted return on Huhtamaki 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 Environment Social 867 1,520 1,471 1,288 1,216 99% 85% 2020 2021 2022 2023 2024 2020 2021 2022 2023 Adjusted return
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 August-September 2025 OVE
Slide 8: Segment overview: sales, products, customers, competitors
Foodservice Packaging North America Flexible Packaging Fiber Packaging Net sales EUR 990 million EUR 1,460 million EUR 1,323 million EUR 363 million and split Europe Western Europe & UK Retail Europe Central & Eastern Europe Foodservice Asia Rest of world Rest of world Consumer goods Middle East and
Slide 9: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop sustainable Operational core businesses innovation in excellence partnership with our customers With a focus on: 1 • Profitable growth supported by all levers Organic growth 2• Disciplined capital allocation Reduced capex, still above 3
Slide 10: Our long-term financial ambitions
Our long-term financial ambitions Group Segments Comparable Adj. EBIT Absolute EPS growth Adj. RONA growth margin Foodservice 4-5% 10-12% 13-15% Packaging 5-6% 10-12% 13-15% 2-3x Net debt / North America 5-6% 11-12% 15-17% Comparable Adjusted EBIT Adjusted Adjusted growth margin ROI EBITDA Flexible
Slide 11: Clear steps to drive value creation
Clear steps to drive value creation Profitable growth; ambition of 5-6% annual Solid cash flow growth and 10-12% adj. EBIT margin • Capex for organic growth • Profitable growth • Bolt-on acquisitions for inorganic growth • Improved working capital • Disciplined capital allocation Return capital to s
Slide 12: Huhtamaki as an investment
Huhtamaki as an investment Huhtamaki is a market and technology leader for essential packaging, creating value through: • Attractive portfolio of sustainable core businesses to capture strong underlying market growth • Step-up in operational performance to secure competitiveness in short and long te
Slide 13: 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 14: 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 15: Strategy
2 Strategy 15 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 16: 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 17: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop blueloop Operational core businesses sustainable innovation excellence in partnership with our customers With a focus on: 1 • Profitable growth supported by all levers Organic growth 2• Disciplined capital allocation Reduced capex, stil
Slide 18: 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 19: Operating model
Operating model 19 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 20: Segments
3 Segments 20 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 21: Foodservice Packaging
Foodservice Packaging From paper cups for beverages and containers for food-on-the-go ProDairy to customized solutions for food packaging recyclable single coated paper cups for yogurt & dairy with less than 10% Financial ambitions plastic content across its full product range, it is fully recyclabl
Slide 22: North America
North America Consumer goods packaging, foodservice products, and the Chinet® CHINET® line of premium single-use tableware Retailers and consumers alike have made our Chinet® brand plates, bowls, Financial ambitions cups and napkins America's number one premium single-use tableware 5-6% 11-12% 15-17
Slide 23: Acquisition of Zellwin Farms
Acquisition of Zellwin Farms • Privately-owned manufacturer of molded fiber egg flats and cartons Attractive transaction supporting • One factory in Florida, US Huhtamaki’s strategy and growth ambitions • EV USD 18 million • Net sales (2024) USD ~20 million • Value and margin accretive transaction f
Slide 24: 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 25: 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 26: Flexible Packaging
Flexible Packaging State-of-the-art solutions for food, beverage, petfood, blueloop PE health care, personal care, and industrial market segments best-in-class mono-material purity with a wide range of options in both barrier Financial ambitions properties and aesthetics. Designed to support the cir
Slide 27: Leading the change for recyclable flexible packaging
Leading the change for recyclable flexible packaging From To mono-material solutions complex and non-recyclable designed to be recycled Complex Simple Multi-layer Mono-material Non-recyclable Weight reduction CO2 reduction All solutions are fit for recycling streams Recyclable following blueloop cir
Slide 28: Flexibles blueloop innovation combines protection, recyclability, and affordability
Our Flexibles blueloop innovation uniquely combines the power of three: protection, recyclability, and affordability. RECYCLA B I LI T Y PROTECTION • Recycling of flexible packaging made possible, complex • Protection and shelf life – structures made simple – no compromise on protecting food highest
Slide 29: Fiber Packaging
Fiber Packaging High-quality molded fiber packaging solutions for eggs, fruit and Egg packaging wine globally designed with sustainability, quality, and functionality in mind. Our egg packaging is Financial ambitions made from 100% recovered paper. We have a wide selection of egg cartons with hinged
Slide 30: Financials
4 Financials 30 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 31: Group financials 2015-2024
Group financials 2015-2024 2015 2016 2017 20181 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 growth2 4% 4% 3% 5% 6% -2% 7% 15% -2% -0% Adjusted EBITDA3 MEUR 342 382 390 399 456 473 488 597 590 622 Margin3 12.5% 13.3% 13.0% 12.8%
Slide 32: 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 33: 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 34: Comparable net sales growth by business segment
Comparable net sales growth by business segment Quarterly Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Foodservice Packaging 18% 18% 22% 15% 11% 5% -3% -5% -5% -6% -6% -6% -4% -4% North America 24% 14% 10% 10% 2% 1% 1% 4% -3% -2% -2% -2% -3% 3% Flexible Packagi
Slide 35: Our investments have enabled us to build 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 SMF products Short-run Huhtamaki Packaging flexible blueloop North America Paris, Texas folded carton packaging, Eastern Europe P
Slide 36: Our 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% 259 248 215 224 X = 13-15% 199 197 204 147 <10%
Slide 37: 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 38: We will continue to drive 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 10.1 % practices and digitalization Margin accretion thr
Slide 39: Free cash flow and change in working capital
Free cash flow and change in working capital MEUR 2019 2020 2021 2022 2023 2024 2025 150 122 128 109 104 100 83 71 71 68 52 57 54 56 50 43 38 40 29 28 7 6 0 -7 -18 -20 -23 -25 -50 -46 -54 -100 -150 -200 Q1 2019 Q3 2019 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q
Slide 40: 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 41: 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 42: 16 years of continuous dividend growth
16 years of continuous dividend growth • 1.2 BEUR paid in dividends (for the years 2008-2023) • 16 consecutive years with increasing dividend 1.05 1.10 0.94 1.00 0.92 0.80 0.84 0.89 • Dividend growth CAGR 8% 0.73 0.56 0.57 0.60 0.66 since 2008 0.44 0.46 0.34 0.38 • EPS growth to allow for continued
Slide 43: Sustainability and role of packaging
Sustainability 5 and role of packaging 43 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 44: Only a 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 45: Changing consumer expectations: sustainable, affordable and adaptable
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 46: Recyclable packaging and collection, sorting and recycling infrastructure
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 47: 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 48: Our journey is recognized by the ESG ratings agencies
Our journey is recognized by the ESG ratings agencies CDP Ecovadis MSCI Climate (A-) 79 / 100 (2025) A (2024) Water and Forest (B) (2024) Management (B) (2023) 75 / 100 (2024) A (2023) Performance vs. N/A 97th percentile # 6-7 / 10 industry Our strengths • Climate targets • Environmental policy • Co
Slide 49: 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 50: Other
6 Other 50 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 51: Largest shareholders and split of shareholding
Largest shareholders and split of shareholding Top 10 shareholders – Finnish only Split of shareholding Shareholder Number of shares % of total shares Change Change % 1. Suomen Kulttuurirahasto 11,319,263 10.50% 0 0.00% 2. Keskinäinen työeläkevakuutusyhtiö Varma 4,975,720 4.62% 0 0.00% 3. Keskinäine
Slide 52: Foreign shareholding
Foreign shareholding 6 6 4 4 46 4 44 4 4 19 1 19 19 19 1 1 1 4 4 4 4 1 1 1 1 1 4 1 4 1 4 1 4 4 1 1 4 1 4 1 4 1 1 1 1 1 1 1 52 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 53: Our Global Executive Team
Our Global Executive Team Ralf K. Wunderlich Fredrik Davidsson Sara Engber Thomas Geust Axel Glade President and CEO President, Foodservice President, Fiber Packaging CFO President, Flexible Packaging Packaging A O’H Sami Pauni1 Johan Rabe2 Ingolf Thom3 Changsheng Wu President, North America EVP, Su
Slide 54: Board of Directors
Board of Directors Pekka Vauramo Kerttu Tuomas Mercedes Alonso Doug Baillie Robert K. Chairman of the Vice-Chairman Beckler Board IC HR HR AC HR IC 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
Slide 55: CEO variable remuneration earning opportunity and performance measures
CEO variable remuneration earning opportunity and performance measures Short-term incentive plan 2025 (max. 150% of annual base salary) Criteria weighting Adjusted EBIT 50% Criteria Free Cash Flow 20% Global Sustainability and Safety Index 10% Personal targetts 20% Long-term incentive plan Maximum e
Slide 56: H1 2025 presentation
H1 2025 7 presentation 56 August-September 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 57: 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 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 58: 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 59: 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 60: 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 61: 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 62: Business performance
01 Business performance 62 July 24, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 63: Q2 net sales showed positive organic growth, 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) 1 4 1 1 41 1 9 Organic Acquisi ons i estments Currency H Organic Acquisi ons i estments Currency H Comparable net
Slide 64: Excluding negative 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 65: 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 66: North America: Net sales supported by volume growth, weaker dollar negative
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 67: 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 68: 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 69: Financial review
02 Financial review 69 July 24, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 70: 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 71: Adjusted EPS income statement summary
A j. EPS p v y ’ v 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 year’s Adjusted EBIT 2 103.1 105.5
Slide 72: 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 73: 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 74: 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 75: 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 76: 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 77: Looking forward
03 Looking forward 77 July 24, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 78: 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 79: Upcoming events
September 22-23, 2025 Site visit to Istanbul Upcoming Register events October 23, 2025 Q3 Interim Report 79 July 24, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1 2025
Slide 80: 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 81: Thank you
Thank you If you have questions, please contact us at ir@huhtamaki.com