Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Q3 2025 Earnings Presentation
23 slides from Huhtamaki Oyj's earnings presentation, Oct 23, 2025
Slide 1: Underlying profit improvements offset by adverse currency impact
Underlying profit improvements offset by adverse currency impact Interim Report Q3 2025 Ralf K. Wunderlich President and CEO Thomas Geust CFO
Slide 2: Underlying profit improvements offset by adverse currency impact
Underlying profit improvements offset by adverse currency impact • Market conditions similar to H1 • Volume growth in two segments • Financial performance negatively impacted by currencies, particularly the weakened USD • Adj. EBIT margin improved to 10.3%, with variations by segment • Notable progr
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: Business performance
01 Business performance 4 October 23, 2025 Interim Report Q3 2025
Slide 5: Q3 net sales weighted on by significant currency movements, particularly the weak USD
Q3 net sales weighted on by significant currency movements, particularly the weak USD Development of net sales in Q3 2025 Development of net sales in Q1-Q3 2025 (EUR million) (EUR million) -29 8 0 -66 -17 5 0 -44 3,068 2,980 1,026 971 Q3 2024 Organic Acquisitions Divestments Currency Q3 2025 Q1-Q3 2
Slide 6: Q3 adjusted EBIT impacted by EUR 4 million in negative FX
Q3 adjusted EBIT impacted by EUR 4 million in negative FX MEUR Q3 25 Q3 24 Change Q1-Q3 25 Q1-Q3 24 Change Net sales 970.6 1,026.2 -5 % 2,979.6 3,067.6 -3 % Adjusted EBIT1 100.3 102.4 -2 % 301.8 306.7 -2 % Margin 10.3% 10.0% 10.1% 10.0% Adjusted EPS, EUR2 0.62 0.63 -2 % 1.83 1.80 2% Capital expendit
Slide 7: Foodservice Packaging: Solid margin performance with strong cash flow delivery
Foodservice Packaging: Solid margin performance with strong cash flow delivery Key figures, EUR million Q3 25 Q3 24 Change Net sales (EUR million) Net sales 240.0 246.9 -3% Comparable growth 0% -7 % 241 252 239 247 240 249 234 2024 Adjusted EBIT1 22.1 21.1 5% 2025 Margin 9.2% 8.5% Capital expenditur
Slide 8: North America: Volume growth overshadowed by a weaker dollar and decreased sales prices
North America: Volume growth overshadowed by a weaker dollar and decreased sales prices Key figures, EUR million Q3 25 Q3 24 Change Net sales (EUR million) Net sales 331.2 359.3 -8% Comparable growth -3% 3% 386 344 346 370 366 359 331 2024 Adjusted EBIT1 34.2 49.7 -31% 2025 Margin 10.3% 13.8% Capita
Slide 9: Flexible Packaging: Mix improvement and turnarounds progressing well
Flexible Packaging: Mix improvement and turnarounds progressing well Key figures, EUR million Q3 25 Q3 24 Change Net sales (EUR million) Net sales 309.8 333.9 -7% Comparable growth -3 % 0% 335 329 326 334 327 311 310 2024 Adjusted EBIT1 31.0 24.3 28% 2025 Margin 10.0% 7.3% Capital expenditure 6.3 12
Slide 10: Fiber Packaging: Sustained growth and margin improvement through volumes and pricing
Fiber Packaging: Sustained growth and margin improvement through volumes and pricing Key figures, EUR million Q3 25 Q3 24 Change Net sales (EUR million) Net sales 92.4 87.9 5% Comparable growth 9% 8% 96 94 92 99 92 88 85 2024 Adjusted EBIT1 11.6 8.1 43% 2025 Margin 12.6% 9.2% Capital expenditure 14.
Slide 11: Financial review
02 Financial review 11 October 23, 2025 Interim Report Q3 2025
Slide 12: Currency impact clearly negative due to weak USD
Currency impact clearly negative due to weak USD Average Average Change in Change in Closing rates rate rate average closing Q1-Q3 24 Q1-Q3 25 rate Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 rate (YoY) Foreign currency USD 1.09 1.12 -3 % 1.12 1.04 1.08 1.17 1.17 -5% translation impact INR 90.66 96.65 -7 % 93.38
Slide 13: Profitability improved in a challenging market
Profitability improved in a challenging market EUR million Q3 25 Q3 24 Change Q1-Q3 25 Q1-Q3 24 Change • Comparable sales impacted by negative currency movements Net sales 970.6 1,026.2 -5 % 2,979.6 3,067.6 -3 % Adjusted EBITDA 1 151.7 153.1 -1 % 458.2 458.5 0% • Improved EBIT and EBITDA Margin 1 15
Slide 14: Capex decreased in line with our focus on disciplined capital allocation
Capex decreased in line with our focus on disciplined capital allocation Free cash flow decreased YTD but Free cash flow bridge Q1-Q3 2025 increased in Q3 (EUR million) • YTD higher reported EBITDA and decreased capex 471 444 • Negative impact form increase in working capital Capital expenditure was
Slide 15: Net debt to adjusted EBITDA at 2.0
Net debt to adjusted EBITDA at 2.0 • Net debt/adj. EBITDA at 2.0 Net debt, net debt/adj. EBITDA and gearing • At the end of Q3 2025: Covenant level 3.75 • Cash and cash equivalents 1,298 EUR 328 million 1,249 1,255 1,252 1,220 1,216 1,219 • Unused committed credit Ambition 2.1 2.1 facilities availab
Slide 16: Loan maturities
Loan maturities Debt maturity structure September 30, 2025 • Average maturity 3.6 years at the end (EUR million) of Q3 2025 (2.3 at the end of Q3 2024) 600 • EMTN programme launched in August 500 • Refinancing in 2025: 400 • In June, signed a EUR 150 million freely transferable loan agreement 300 (S
Slide 17: Stable financial position
Stable financial position EUR million Sep 2025 Sep 2024 • Working capital increased vs Total assets 4,629 4,824 year-end, impacted mainly by increased operating working Working capital 656 589 capital Net debt 1,219 1,220 • Equity impacted by MEUR 232 of Equity & non-controlling interest 1,886 1,952
Slide 18: Progress towards long-term financial ambitions
Progress towards long-term financial ambitions Long-term 2018 2019 2020 2021 2022 2023 2024 Q1-Q3 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% 10.1% 10-12% Adj. ROI 11.6% 12.3% 11.7% 11.3% 11.0% 11.2% 12.1% 11.9%
Slide 19: Looking forward
03 Looking forward 19 October 23, 2025 Interim Report Q3 2025
Slide 20: 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 Decline in consumer demand, inflation in key cost remain relatively stable during 2025. The good items (including raw materials, labo
Slide 21: Upcoming events
February 13, 2026 Upcoming Results 2025 events Week commencing March 2 Annual report 2025 21 October 23, 2025 Interim Report Q3 2025
Slide 22: 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 23: Thank you.
Thank you. Contact us at ir@huhtamaki.com