Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Q4 2025 Earnings Presentation
27 slides from Huhtamaki Oyj's earnings presentation, Feb 13, 2026
Slide 1: Solid performance despite adverse currency impacts
Solid performance despite adverse currency impacts Results 2025 Ralf K. Wunderlich President and CEO Thomas Geust CFO
Slide 2: Solid performance despite adverse currency impacts
Solid performance despite adverse currency impacts • Market conditions unchanged in Q4 • Volume growth in two segments in Q4 and 2025 • Negative currency impact increased towards the end of the year • Adj. EBIT margin improved in Q4 and 2025 • Stable full-year adj. EPS • Focused capital discipline d
Slide 3: Actions taken in our value drivers
Actions taken in our value drivers Profitable growth Disciplined capital Accountability and 1 supported by all levers 2 allocation 3 speed of execution Organic growth Capex moderated while allowing for growth Empower segments with clear accountability to • Focused approach to enable our customers dr
Slide 4: Our Global Executive Team
Our Global Executive Team Ralf K. Wunderlich Fredrik Davidsson Sara Engber Thomas Geust President and CEO President, Foodservice President, Fiber Packaging CFO Packaging Axel Glade Katariina Kravi Ann O’Hara Riikka Tieaho* Changsheng Wu President, Flexible EVP, HR, Safety and President, North Americ
Slide 5: Good progress in our sustainability performance
Good progress in our sustainability performance YTD December 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 67.9 60.6 84.6 LTIFR TRIR 0 100 0 100 0 100 1,23 2,5
Slide 6: Sustainability results call on March 23
Sustainability results call on March 23 • Deep-dive into sustainability performance and new ambition, including updated greenhouse gas reduction targets • Event to be held on Monday, March 23 at 15:00 EET, after releasing our Annual Report 2025 • Details to be published at a later date Speaker Rahul
Slide 7: Business performance
01 Business performance 7 February 13, 2026 Results 2025
Slide 8: Currency movement impact increased in Q4
Currency movement impact increased in Q4 Development of net sales in Q4 2025 Development of net sales in 2025 (EUR million) (EUR million) -53 12 0 -125 -24 4 0 -59 1,059 4,126 3,960 981 Q4 2024 Organic Acquisitions Divestments Currency Q4 2025 2024 Organic Acquisitions Divestments Currency 2025 Comp
Slide 9: Q4 adjusted EBIT impacted by EUR 4 million in negative FX
Q4 adjusted EBIT impacted by EUR 4 million in negative FX MEUR Q4 25 Q4 24 Change 2025 2024 Change Net sales 980.5 1,058.7 -7% 3,960.2 4,126.3 -4% Adjusted EBIT1 103.2 110.3 -6% 405.1 416.9 -3% Margin 10.5% 10.4% 10.2% 10.1% Adjusted EPS, EUR2 0.65 0.68 -4% 2.48 2.48 0% Capital expenditure 62.2 113.
Slide 10: Foodservice Packaging: Solid margin performance with strong cash flow delivery
Foodservice Packaging: Solid margin performance with strong cash flow delivery Key figures, EUR million Q4 25 Q4 24 Change Net sales (EUR million) Net sales 223.0 249.2 -11% Comparable growth -7% -1% 241 252 239 247 240 249 234 223 2024 Adjusted EBIT1 21.9 24.7 -11% 2025 Margin 9.8% 9.9% Capital exp
Slide 11: North America: Volume growth continued, main headwind from currencies
North America: Volume growth continued, main headwind from currencies Key figures, EUR million Q4 25 Q4 24 Change Net sales (EUR million) Net sales 362.1 386.5 -6% Comparable growth 0% 2% 386 344 346 370 366 359 362 1 331 2024 Adjusted EBIT 43.7 52.9 -17% 2025 Margin 12.1% 13.7% Capital expenditure
Slide 12: Flexible Packaging: Significant margin improvement
Flexible Packaging: Significant margin improvement Key figures, EUR million Q4 25 Q4 24 Change Net sales (EUR million) Net sales 300.3 327.5 -8% Comparable growth -3% 5% 335 329 326 334 327 311 310 300 2024 Adjusted EBIT1 31.3 27.4 14% 2025 Margin 10.4% 8.4% Capital expenditure 15.8 31.4 -50% Operat
Slide 13: Fiber Packaging: Strong profitability performance
Fiber Packaging: Strong profitability performance Key figures, EUR million Q4 25 Q4 24 Change Net sales (EUR million) Net sales 97.2 98.5 -1% Comparable growth 4% 12% 96 94 92 99 97 92 88 85 2024 Adjusted EBIT1 15.4 15.0 3% 2025 Margin 15.9% 15.2% Capital expenditure 18.4 20.3 -9% Operating cash flo
Slide 14: Financial review
02 Financial review 14 February 13, 2026 Results 2025
Slide 15: Currency impact still negative due to weak USD
Currency impact still negative due to weak USD Average Average Change in Change in Closing rates rate rate average closing 2024 2025 rate Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 rate (YoY) Foreign currency USD 1.08 1.13 -4% 1.04 1.08 1.17 1.17 1.18 (YoY) -13% translation impact INR 90.55 98.39 -9% 89.27 92.35
Slide 16: Stable adjusted EPS in 2025 despite headwinds
Stable adjusted EPS in 2025 despite headwinds EUR million Q4 25 Q4 24 Change 2025 2024 Change • Comparable sales impacted by negative currency movements Net sales 980.5 1,058.7 -7% 3,960.2 4,126.3 -4% Adjusted EBITDA 1 154.7 163.7 -5% 613.0 622.2 -1% • Improved adj. EBIT and adj. Margin 1 15.8% 15.5
Slide 17: Disciplined capital allocation drove strong cash flow generation
Disciplined capital allocation drove strong cash flow generation Free cash flow increased Free cash flow bridge Q1-Q4 2025 significantly in 2025 (EUR million) • Higher reported EBITDA and decreased capex 596 613 • Negative impact form increase in working capital 311 216 3 31 6 -24 -39 -15 -14 -63 -5
Slide 18: Net debt to adjusted EBITDA at 1.9
Net debt to adjusted EBITDA at 1.9 • Net debt/adj. EBITDA at 1.9 Net debt, net debt/adj. EBITDA and gearing • At the end of Q4 2025: Covenant level 3.75 • Cash and cash equivalents 1,298 EUR 379 million 1,249 1,255 1,252 1,220 1,216 1,219 • Unused committed credit 1,177 Ambition facilities available
Slide 19: Loan maturities
Loan maturities • Average maturity 3.6 years at the end of Q4 2025 (3.1 at the end of Q4 2024) Debt maturity structure December 31, 2025 (EUR million) • EMTN programme launched in August • Refinancing in 2025: • In June, signed a EUR 150 million freely transferable loan agreement (Schuldschein) • EU
Slide 20: Stable financial position
Stable financial position EUR million Dec 2025 Dec 2024 • Working capital level stable Total assets 4,566 4,894 • Equity impacted by EUR 246 Working capital 546 546 million of negative translation Net debt 1,177 1,216 differences (mainly from USD) Equity & non-controlling interest 1,930 2,124 Gearin
Slide 21: The Board of Directors' dividend proposal would mean the 17th consecutive year of dividend growth
The Board of Directors’ dividend proposal would mean the 17th consecutive year of dividend growth Dividend per share, EUR • 17 consecutive years* with increasing dividend • With proposed EUR 1.14 dividend per share, payout 1.10 1.14 ratio would be 46% 1.00 1.05 0.89 0.92 0.94 0.80 0.84 0.73 0.60 0.6
Slide 22: Progress towards long-term financial ambitions
Progress towards long-term financial ambitions Long-term 2018 2019 2020 2021 2022 2023 2024 2025 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% 10.2% 10-12% Adj. ROI 11.6% 12.3% 11.7% 11.3% 11.0% 11.2% 12.1% 11.8% 13
Slide 23: Looking forward
03 Looking forward 23 February 13, 2026 Results 2025
Slide 24: Outlook for 2026 and short-term risks and uncertainties
Outlook for 2026 and short-term risks and uncertainties Outlook for 2026 Short-term risks and uncertainties The Group’s trading conditions are expected to Decline in consumer demand, inflation in key cost remain relatively stable during 2026. The good items (including raw materials, labor, distribut
Slide 25: Upcoming events
Week commencing March 2, 2026 Annual report 2025 Upcoming March 23, 2026 events Sustainability results call April 29, 2026 AGM & Interim Report Q1 2026 25 February 13, 2026 Results 2025
Slide 26: 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 27: Thank you.
Thank you. Contact us at ir@huhtamaki.com