Baader Bank Ag · XETR:BWB
Baader Bank — MM Group — Investor Presentation (August 2026)
50 slides from Baader Bank'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 managed in 3 divisions
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 53 3.1 billion Food, non-food, beauty & Secondary packaging, personal care, household care & cigarettes leaflets and labels 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 3.1 m >2.1 m 10 Cartonboard & Paper machines 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 700
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 59% 50% performance emission reduction (2031) 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 Organic growth & markets 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: Successful Fit-For-Future Programme
Successful Fit-For-Future Programme P&L effects - €105mn yoy in HY 1/2026 well above expectation The FFF Programme: - Expect > €100mn yoy in HY2/2026 • Focused on on improving productivity, - Expect > €60mn in 2027 yoy sustainable cost reductions and also topline growth. - Expect > €330mn accumulate
Slide 31: MM Group – HY1 / 2026 Results like-for-like (excl. TANN)
MM Group – HY1 / 2026 Results like-for-like (excl. TANN) (consolidated in €mn, IFRS) HY1/2026 HY1/2025 pro forma +/- HY2/2025 +/- • Topline foremost impacted by lower pricing Sales 1,849.3 1,941.3 - 4.7 % 1,855.3 - 0.3 % environment. Adjusted EBITDA 200.2 207.4 - 3.5 % 188.0 + 6.5 % • Adj. EBITDA an
Slide 32: MM Group – HY1 / 2026 Key Indicators
MM Group – HY1 / 2026 Key Indicators Jun. 30, Dec. 31, 2026 2025 • Stable equity ratio at 47 % Equity ratio (%) 46.9 % 47.0 % Capital Employed (LTM) (in €mn) 3,200.0 3,357.3 • Slight increase in net debt following the dividend payment in Q2 Net debt (in €mn) 945.2 913.7 Net debt/adj. EBITDA1) 2.4 2.
Slide 33: MM Food & Premium Packaging – European Leader in Food Folding Carton Packaging
MM Food & Premium Packaging – European Leader in Food Folding Carton Packaging (consolidated in €mn, IFRS HY1/2026 HY1/2025 +/- HY2/2025 +/- • Adj. EBITDA increased yoy by 0,9 % to €97.9mn excl. TANN) pro forma (like-for-like). Sales1) 684.0 724.6 - 5.6 % 725.1 - 5.7 % Adjusted EBITDA 97.9 97.0 + 0.
Slide 34: MM Pharma and Healthcare Packaging – Global Leader in secondary fibre-based pharma packaging
MM Pharma and Healthcare Packaging – Global Leader in secondary fibre-based pharma packaging (consolidated in €mn, IFRS) HY1/2026 HY1/2025 +/- HY2/2025 +/- • Adj. EBITDA increased yoy by 14 % to €45.6mn. Sales1) 318.8 320.8 - 0.6 % 297.5 + 7.2 % • Adj. EBITDA margin improved yoy by 180 bp to Adjuste
Slide 35: Innovation with plastic replacement
Innovation with plastic replacement • y Solutions from cartonboard intelligently replacing plastic Moulded pulp solutions successfully Anti-counterfeiting labels featuring highly effective replacing plastic and metal micro-optics technology MM Group I Half-Year Presentation 35
Slide 36: MM Board & Paper – European Folding Cartonboard Leader
MM Board & Paper – European Folding Cartonboard Leader (consolidated in €mn, IFRS) HY1/2026 HY1/2025 +/- HY2/2025 +/- • Adj. EBITDA decreased yoy by 19 % to €56.8mn, Sales1) 940.4 1,000.1 - 6.0 % 930.1 + 1.1 % but sequentially up by 27 %. Adjusted EBITDA 56.8 70.3 - 19.3 % 44.7 + 27.2 % • Adj. EBITD
Slide 37: MM Board & Paper – European Folding Cartonboard Leader
MM Board & Paper – European Folding Cartonboard Leader Top-Line (consolidated in €mn, IFRS) HY1/2026 HY1/2025 +/- HY2/2025 +/- Sales1) 940.4 1,000.1 - 6.0 % 930.1 + 1.1 % • FBB and WLC volumes improved nicely with Adjusted EBITDA 56.8 70.3 - 19.3 % 44.7 + 27.2 % market share gains in Europe, whilst
Slide 38: Outlook
Outlook Outlook for HY2/2026: - Annual maintenance standstills in MM Kwidzyn and MM Kotkamills to impact Q3 Operating Profit by ~ €35mn - Higher transport, energy, chemical, wood and paper for recycling costs - Subdued consumer demand + However, in Packaging volumes for GLP-1 products, beauty, bever
Slide 39: Outlook
Outlook Outlook 2027: + Agreement to acquire Reno de Medici’s Arnsberg mill has high synergy potentials for 2027 and 2028 (transaction subject to external approvals) + Capex in autumn 2026 at MM Kwidzyn (aggregated ~ €100mn) to substantially boost Operating profit by about €30mn p.a. from 2027 on •
Slide 40: Historical Financials
5 Historical Financials MM
Slide 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: Contact
Contact MM Group Brahmsplatz 6 1040 Wien / Austria Tel: +43 (0)1 501 36 – 0 investor.relations@mm.group www.mm.group 49
Slide 50: 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